Forward Management as of Dec. 31, 2012
Portfolio Holdings for Forward Management
Forward Management holds 0 positions in its portfolio as reported in the December 2012 quarterly 13F filing
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FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3M CO COM 88579Y101 1817 19555 SH SOLE 19555 0 0
ADVISORY BRD CO COM 00762W107 254 5446 SH SOLE 5446 0 0
AES CORP COM 00130H105 1070 100000 SH SOLE 100000 0 0
ALBEMARLE CORP COM 012653101 282 4544 SH SOLE 4544 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1147 16550 SH SOLE 16550 0 0
ALPINE GLOBAL DYNAMIC DIVD F COM 02082E106 2 450 SH SOLE 450 0 0
ALPINE TOTAL DYNAMIC DIVID F COM SBI 021060108 2 480 SH SOLE 480 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 752 16300 SH SOLE 16300 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 207 16949 SH SOLE 16949 0 0
AMERICAN EXPRESS CO COM 025816109 660 11484 SH SOLE 11484 0 0
AMERICAN TOWER CORP NEW COM 03027X100 2218 28700 SH SOLE 28700 0 0
AMREIT INC NEW CL B 03216B208 14149 825000 SH SOLE 825000 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 271 10000 SH SOLE 10000 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 110 6769 SH SOLE 6769 0 0
APPLE INC COM 037833100 160 300 SH SOLE 300 0 0
ARBOR RLTY TR INC COM 038923108 810 135300 SH SOLE 135300 0 0
ARES COML REAL ESTATE CORP COM 04013V108 4023 245000 SH SOLE 245000 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 18304 683000 SH SOLE 683000 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 19831 1230254 SH SOLE 1230254 0 0
AT^T INC COM 00206R102 1421 42125 SH SOLE 42125 0 0
AUTODESK INC COM 052769106 194 5500 SH SOLE 5500 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 1079 18941 SH SOLE 18941 0 0
AVALONBAY CMNTYS INC COM 053484101 3769 27800 SH SOLE 27800 0 0
BANK NOVA SCOTIA HALIFAX COM 064149107 2133 38200 SH SOLE 38200 0 0
BARCLAYS BK PLC IPATH S^P500 VIX 06740C188 318 10000 SH SOLE 10000 0 0
BARCLAYS PLC ADR 06738E204 9 510 SH SOLE 510 0 0
BECTON DICKINSON & CO COM 075887109 968 12389 SH SOLE 12389 0 0
BEMIS INC COM 081437105 1010 30189 SH SOLE 30189 0 0
BHP BILLITON PLC SPONSORED ADR 05545E209 13 190 SH SOLE 190 0 0
BIOMED REALTY TRUST INC COM 09063H107 14498 750000 SH SOLE 750000 0 0
BLACKROCK INC COM 09247X101 1611 7791 SH SOLE 7791 0 0
BOSTON PROPERTIES INC COM 101121101 2332 22045 SH SOLE 22045 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 315 25800 SH SOLE 25800 0 0
BRE PROPERTIES INC CL A 05564E106 234 4600 SH SOLE 4600 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 214 9330 SH SOLE 9330 0 0
BROOKFIELD CDA OFFICE PPTYS TR UNIT 112823109 1624 55180 SH SOLE 55180 0 0
CAMDEN PPTY TR SH BEN INT 133131102 1666 24433 SH SOLE 24433 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 4882 398231 SH SOLE 398231 0 0
CAPSTEAD MTG CORP PFD B CV $1.26 14067E308 315 21999 SH SOLE 21999 0 0
CARDINAL HEALTH INC COM 14149Y108 1614 39191 SH SOLE 39191 0 0
CASEYS GEN STORES INC COM 147528103 222 4185 SH SOLE 4185 0 0
CF INDS HLDGS INC COM 125269100 1788 8800 SH SOLE 8800 0 0
CHATHAM LODGING TR COM 16208T102 14189 922507 SH SOLE 922507 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 1225 58700 SH SOLE 58700 0 0
CHEVRON CORP NEW COM 166764100 2728 25234 SH SOLE 25234 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 1500 13050 SH SOLE 13050 0 0
CHINA YUCHAI INTL LTD COM G21082105 3615 229247 SH SOLE 229247 0 0
CIRRUS LOGIC INC COM 172755100 125 4300 SH SOLE 4300 0 0
CISCO SYS INC COM 17275R102 590 30000 SH SOLE 30000 0 0
CITY NATL CORP COM 178566105 206 4160 SH SOLE 4160 0 0
CLAYMORE EXCHANGE TRD FD TR GUGG CRP BD 2013 18383M589 6968 335000 SH SOLE 335000 0 0
CME GROUP INC COM 12572Q105 1172 23134 SH SOLE 23134 0 0
COCA COLA CO COM 191216100 931 25678 SH SOLE 25678 0 0
COLONY FINL INC COM 19624R106 4193 215000 SH SOLE 215000 0 0
COMCAST CORP NEW CL A 20030N101 2150 57531 SH SOLE 57531 0 0
COMMONWEALTH REIT 6.50% PFD CUM CO 203233408 21025 910982 SH SOLE 910982 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 41769 2636906 SH SOLE 2636906 0 0
COMMONWEALTH REIT CV PFD-E 7.25% 203233606 218 8628 SH SOLE 8628 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 630 15000 SH SOLE 15000 0 0
CONOCOPHILLIPS COM 20825C104 1394 24034 SH SOLE 24034 0 0
COOPER COS INC COM NEW 216648402 199 2155 SH SOLE 2155 0 0
CORPBANCA SPONSORED ADR 21987A209 334 16500 SH SOLE 16500 0 0
COUSINS PPTYS INC COM 222795106 741 88800 SH SOLE 88800 0 0
CREDICORP LTD COM G2519Y108 674 4600 SH SOLE 4600 0 0
CREXUS INVT CORP COM 226553105 123 10000 SH SOLE 10000 0 0
CSX CORP COM 126408103 789 40000 SH SOLE 40000 0 0
CUMMINS INC COM 231021106 346 3200 SH SOLE 3200 0 0
DDR CORP COM 23317H102 548 35000 SH SOLE 35000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1617 179700 SH SOLE 179700 0 0
DIGITAL RLTY TR INC COM 253868103 3136 46200 SH SOLE 46200 0 0
DIREXION SHS ETF TR DLY R/E BEAR3X 25459Y660 414 20000 SH SOLE 20000 0 0
DOUGLAS EMMETT INC COM 25960P109 571 24500 SH SOLE 24500 0 0
DST SYS INC DEL COM 233326107 213 3510 SH SOLE 3510 0 0
EATON CORP PLC SHS G29183103 2485 45833 SH SOLE 45833 0 0
EMAGIN CORP COM NEW 29076N206 54 15335 SH SOLE 15335 0 0
EMERSON ELEC CO COM 291011104 1213 22895 SH SOLE 22895 0 0
ENERGEN CORP COM 29265N108 2131 47263 SH SOLE 47263 0 0
ENERSIS S A SPONSORED ADR 29274F104 1275 70000 SH SOLE 70000 0 0
ENSCO PLC SHS CLASS A G3157S106 3497 59000 SH SOLE 59000 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 20418 688601 SH SOLE 688601 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 3264 148700 SH SOLE 148700 0 0
EQUIFAX INC COM 294429105 216 4000 SH SOLE 4000 0 0
EQUINIX INC COM NEW 29444U502 1238 6000 SH SOLE 6000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 3440 60700 SH SOLE 60700 0 0
ESSEX PPTY TR INC COM 297178105 733 5000 SH SOLE 5000 0 0
EXCEL TR INC COM 30068C109 16917 1335198 SH SOLE 1335198 0 0
EXPEDITORS INTL WASH INC COM 302130109 283 7155 SH SOLE 7155 0 0
EXXON MOBIL CORP COM 30231G102 740 8547 SH SOLE 8547 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 2136 20535 SH SOLE 20535 0 0
FELCOR LODGING TR INC COM 31430F101 1263 270424 SH SOLE 270424 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 30449 1255088 SH SOLE 1255088 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 1377 97800 SH SOLE 97800 0 0
FIRST LONG IS CORP COM 320734106 196 6901 SH SOLE 6901 0 0
FIRST POTOMAC RLTY TR COM 33610F109 253 20500 SH SOLE 20500 0 0
FLUOR CORP NEW COM 343412102 352 6000 SH SOLE 6000 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 2890 28700 SH SOLE 28700 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 1975 122307 SH SOLE 122307 0 0
FOSTER WHEELER AG COM H27178104 851 35000 SH SOLE 35000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1967 57500 SH SOLE 57500 0 0
FUSION-IO INC COM 36112J107 34 1500 SH SOLE 1500 0 0
GARDNER DENVER INC COM 365558105 1165 17000 SH SOLE 17000 0 0
GENERAL DYNAMICS CORP COM 369550108 934 13475 SH SOLE 13475 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 4898 390044 SH SOLE 390044 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 1711 71400 SH SOLE 71400 0 0
GRAMERCY CAP CORP COM 384871109 207 70400 SH SOLE 70400 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 399 3500 SH SOLE 3500 0 0
GSV CAP CORP COM 36191J101 51 6000 SH SOLE 6000 0 0
HCP INC COM 40414L109 3501 77500 SH SOLE 77500 0 0
HEALTH CARE REIT INC COM 42217K106 2201 35900 SH SOLE 35900 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 533 106500 SH SOLE 106500 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 407 25000 SH SOLE 25000 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 1909 101003 SH SOLE 101003 0 0
HOME PROPERTIES INC COM 437306103 1821 29700 SH SOLE 29700 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 39814 1700000 SH SOLE 1700000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 2491 158973 SH SOLE 158973 0 0
HOUSTON WIRE & CABLE CO COM 44244K109 211 17224 SH SOLE 17224 0 0
HOWARD HUGHES CORP COM 44267D107 73 1000 SH SOLE 1000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 1150 21670 SH SOLE 21670 0 0
HUDSON PAC PPTYS INC COM 444097109 10090 479115 SH SOLE 479115 0 0
INGREDION INC COM 457187102 249 3854 SH SOLE 3854 0 0
INTEL CORP COM 458140100 1679 81434 SH SOLE 81434 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1355 7076 SH SOLE 7076 0 0
INVESCO LTD SHS G491BT108 753 28838 SH SOLE 28838 0 0
ISHARES INC MSCI S KOREA 464286772 332 7250 SH SOLE 7250 0 0
ISHARES INC MSCI TURKEY FD 464286715 17 250 SH SOLE 250 0 0
ISHARES TR BARCLYS GOVT CR 464288596 83 725 SH SOLE 725 0 0
ISHARES TR BARCLYS INTER CR 464288638 4184 37604 SH SOLE 37604 0 0
ISHARES TR BARCLYS MBS BD 464288588 1458 13497 SH SOLE 13497 0 0
ISHARES TR BARCLYS TIPS BD 464287176 9980 82200 SH SOLE 82200 0 0
ISHARES TR CORE S^P500 ETF 464287200 87 608 SH SOLE 608 0 0
ISHARES TR DJ US REAL EST 464287739 6123 94600 SH SOLE 94600 0 0
ISHARES TR EPRA/NAR DEV ASI 464288463 1111 33000 SH SOLE 33000 0 0
ISHARES TR JPMORGAN USD 464288281 1302 10600 SH SOLE 10600 0 0
ISHARES TR MSCI EMERG MKT 464287234 78628 1772926 SH SOLE 796558 0 976368
ISHARES TR S^P NTL AMTFREE 464288414 29 265 SH SOLE 265 0 0
ISTAR FINL INC COM 45031U101 1961 240582 SH SOLE 240582 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 2616 158991 SH SOLE 158991 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 221 12447 SH SOLE 12447 0 0
JOHNSON & JOHNSON COM 478160104 321 4580 SH SOLE 4580 0 0
JPMORGAN CHASE & CO COM 46625H100 836 19028 SH SOLE 19028 0 0
KBR INC COM 48242W106 1786 59700 SH SOLE 59700 0 0
KILROY RLTY CORP COM 49427F108 530 11200 SH SOLE 11200 0 0
KIMCO RLTY CORP COM 49446R109 2355 121900 SH SOLE 121900 0 0
KKR FINANCIAL HLDGS LLC COM 48248A306 499 47200 SH SOLE 47200 0 0
KLA-TENCOR CORP COM 482480100 1103 23098 SH SOLE 23098 0 0
LEXINGTON REALTY TRUST COM 529043101 9768 934700 SH SOLE 934700 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 15538 326023 SH SOLE 326023 0 0
LITTELFUSE INC COM 537008104 270 4385 SH SOLE 4385 0 0
LOCKHEED MARTIN CORP COM 539830109 425 4600 SH SOLE 4600 0 0
MACERICH CO COM 554382101 2676 45900 SH SOLE 45900 0 0
MACK CALI RLTY CORP COM 554489104 11609 444600 SH SOLE 444600 0 0
MARATHON OIL CORP COM 565849106 107 3500 SH SOLE 3500 0 0
MARTIN MARIETTA MATLS INC COM 573284106 248 2633 SH SOLE 2633 0 0
MCCORMICK & CO INC COM NON VTG 579780206 409 6443 SH SOLE 6443 0 0
MCDERMOTT INTL INC COM 580037109 1929 175000 SH SOLE 175000 0 0
MCDONALDS CORP COM 580135101 2695 30557 SH SOLE 30557 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 19654 1643300 SH SOLE 1643300 0 0
MET PRO CORP COM 590876306 31 3151 SH SOLE 3151 0 0
METLIFE INC COM 59156R108 717 21784 SH SOLE 21784 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 615 18857 SH SOLE 18857 0 0
MICROS SYS INC COM 594901100 185 4367 SH SOLE 4367 0 0
MICROSOFT CORP COM 594918104 1543 57760 SH SOLE 57760 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 3673 112925 SH SOLE 112925 0 0
MISSION WEST PPTYS INC COM 605203108 918 100686 SH SOLE 100686 0 0
MONSANTO CO NEW COM 61166W101 984 10400 SH SOLE 10400 0 0
MPG OFFICE TR INC COM 553274101 2497 810672 SH SOLE 810672 0 0
NATIONAL FUEL GAS CO N J COM 636180101 2484 49000 SH SOLE 49000 0 0
NEENAH PAPER INC COM 640079109 243 8516 SH SOLE 8516 0 0
NEW JERSEY RES COM 646025106 8 213 SH SOLE 213 0 0
NEWMONT MINING CORP COM 651639106 380 8180 SH SOLE 8180 0 0
NORDSON CORP COM 655663102 234 3704 SH SOLE 3704 0 0
NORFOLK SOUTHERN CORP COM 655844108 2513 40650 SH SOLE 40650 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 246 35000 SH SOLE 35000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 2935 46364 SH SOLE 46364 0 0
NYSE EURONEXT COM 629491101 1743 55239 SH SOLE 55239 0 0
OIL STS INTL INC COM 678026105 2218 31000 SH SOLE 31000 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 17119 717751 SH SOLE 717751 0 0
OMNICOM GROUP INC COM 681919106 812 16243 SH SOLE 16243 0 0
P T TELEKOMUNIKASI INDONESIA SPONSORED ADR 715684106 1810 48994 SH SOLE 48994 0 0
PARKER HANNIFIN CORP COM 701094104 2348 27600 SH SOLE 27600 0 0
PARKWAY PPTYS INC COM 70159Q104 280 20000 SH SOLE 20000 0 0
PEABODY ENERGY CORP COM 704549104 2714 102000 SH SOLE 102000 0 0
PFIZER INC COM 717081103 2380 94941 SH SOLE 94941 0 0
PHILIP MORRIS INTL INC COM 718172109 4748 56403 SH SOLE 56403 0 0
PHILLIPS 66 COM 718546104 970 18265 SH SOLE 18265 0 0
POTASH CORP SASK INC COM 73755L107 1383 34000 SH SOLE 34000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 180486 2771170 SH SOLE 658434 0 2112736
PRAXAIR INC COM 74005P104 22 200 SH SOLE 200 0 0
PRECISION CASTPARTS CORP COM 740189105 758 4000 SH SOLE 4000 0 0
PROCTER & GAMBLE CO COM 742718109 1316 19387 SH SOLE 19387 0 0
PROLOGIS INC COM 74340W103 3315 90852 SH SOLE 90852 0 0
PROSHARES TR REAL EST NEW 11 74348A871 26201 1080000 SH SOLE 1080000 0 0
PUBLIC STORAGE COM 74460D109 3829 26423 SH SOLE 26423 0 0
QUALCOMM INC COM 747525103 4511 72841 SH SOLE 72841 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 865 153066 SH SOLE 153066 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 313 23492 SH SOLE 23492 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 13233 245700 SH SOLE 245700 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 247 6433 SH SOLE 6433 0 0
RENTECH INC COM 760112102 67 25300 SH SOLE 25300 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 1071 83300 SH SOLE 83300 0 0
RETAIL PPTYS AMER INC CL A 76131V202 20050 1675000 SH SOLE 1675000 0 0
ROBERT HALF INTL INC COM 770323103 315 9895 SH SOLE 9895 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 9 128 SH SOLE 128 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 4503 65295 SH SOLE 65295 0 0
RUCKUS WIRELESS INC COM 781220108 56 2500 SH SOLE 2500 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 18462 850000 SH SOLE 850000 0 0
SANOFI SPONSORED ADR 80105N105 2200 46422 SH SOLE 46422 0 0
SBA COMMUNICATIONS CORP COM 78388J106 568 8000 SH SOLE 8000 0 0
SCHLUMBERGER LTD COM 806857108 243 3500 SH SOLE 3500 0 0
SCOTTS MIRACLE GRO CO CL A 810186106 205 4667 SH SOLE 4667 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 1972 83384 SH SOLE 83384 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 503 21888 SH SOLE 21888 0 0
SIEMENS A G SPONSORED ADR 826197501 15 139 SH SOLE 139 0 0
SIMON PPTY GROUP INC NEW COM 828806109 7050 44594 SH SOLE 44594 0 0
SL GREEN RLTY CORP COM 78440X101 2131 27800 SH SOLE 27800 0 0
SOLAZYME INC COM 83415T101 16 2000 SH SOLE 2000 0 0
SOUTHWESTERN ENERGY CO COM 845467109 100 3000 SH SOLE 3000 0 0
SOVRAN SELF STORAGE INC COM 84610H108 329 5300 SH SOLE 5300 0 0
SPDR INDEX SHS FDS DJ INTL RL ETF 78463X863 7170 173400 SH SOLE 173400 0 0
SPDR S^P 500 ETF TR TR UNIT 78462F103 111417 782368 SH SOLE 349254 0 433231
SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 159660 3485271 SH SOLE 0 0 3485271
SPIRIT RLTY CAP INC COM 84860F109 21336 1200000 SH SOLE 1200000 0 0
STAG INDL INC COM 85254J102 36238 2016624 SH SOLE 2016624 0 0
STANLEY BLACK & DECKER INC COM 854502101 1308 17678 SH SOLE 17678 0 0
STEINER LEISURE LTD ORD P8744Y102 180 3730 SH SOLE 3730 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 80 12500 SH SOLE 12500 0 0
SUMMIT HOTEL PPTYS COM 866082100 18440 1941102 SH SOLE 1941102 0 0
SUN CMNTYS INC COM 866674104 8975 225000 SH SOLE 225000 0 0
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 18561 727592 SH SOLE 727592 0 0
SYNGENTA AG SPONSORED ADR 87160A100 6714 83083 SH SOLE 83083 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 398 23208 SH SOLE 23208 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 537 15700 SH SOLE 15700 0 0
TARGA RES CORP COM 87612G101 1559 29500 SH SOLE 29500 0 0
TARGET CORP COM 87612E106 444 7500 SH SOLE 7500 0 0
TAUBMAN CTRS INC COM 876664103 252 3200 SH SOLE 3200 0 0
TECHNE CORP COM 878377100 352 5166 SH SOLE 5166 0 0
TELEFLEX INC COM 879369106 272 3826 SH SOLE 3826 0 0
TELUS CORP NON-VTG SHS 87971M202 3282 54090 SH SOLE 54090 0 0
TENARIS S A SPONSORED ADR 88031M109 1551 37000 SH SOLE 37000 0 0
TERRENO RLTY CORP COM 88146M101 1065 69000 SH SOLE 69000 0 0
TEXAS INSTRS INC COM 882508104 1151 37237 SH SOLE 37237 0 0
THOMAS PPTYS GROUP INC COM 884453101 1851 342198 SH SOLE 342198 0 0
TIFFANY & CO NEW COM 886547108 237 4146 SH SOLE 4146 0 0
TIME WARNER INC COM NEW 887317303 1529 31978 SH SOLE 31978 0 0
TRIMBLE NAVIGATION LTD COM 896239100 281 4714 SH SOLE 4714 0 0
U M H PROPERTIES INC CV RED PFD-A 903002202 17599 679746 SH SOLE 679746 0 0
UDR INC COM 902653104 2058 86508 SH SOLE 86508 0 0
UNILEVER PLC SPON ADR NEW 904767704 4109 106099 SH SOLE 106099 0 0
UNITED RENTALS INC COM 911363109 387 8500 SH SOLE 8500 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 3936 200000 SH SOLE 200000 0 0
VANGUARD SCOTTSDALE FDS MORTG-BACK SEC 92206C771 1619 31000 SH SOLE 31000 0 0
VANGUARD SCOTTSDALE FDS SHRT-TERM CORP 92206C409 1647 20500 SH SOLE 20500 0 0
VANGUARD SCOTTSDALE FDS SHTRM GVT BD ETF 92206C102 3252 53400 SH SOLE 53400 0 0
VARIAN MED SYS INC COM 92220P105 304 4323 SH SOLE 4323 0 0
VENTAS INC COM 92276F100 3172 48999 SH SOLE 48999 0 0
VORNADO RLTY TR SH BEN INT 929042109 3837 47909 SH SOLE 47909 0 0
W P CAREY INC COM 92936U109 15645 300000 SH SOLE 300000 0 0
WAL-MART STORES INC COM 931142103 1434 21012 SH SOLE 21012 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 643 24579 SH SOLE 24579 0 0
WASTE MGMT INC DEL COM 94106L109 777 23020 SH SOLE 23020 0 0
WATSCO INC COM 942622200 524 7000 SH SOLE 7000 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 650 24266 SH SOLE 24266 0 0
WHITESTONE REIT COM 966084204 9551 679788 SH SOLE 679788 0 0
WILLIAMS COS INC DEL COM 969457100 6347 193872 SH SOLE 193872 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 9758 883032 SH SOLE 883032 0 0
WORKDAY INC CL A 98138H101 137 2500 SH SOLE 2500 0 0
WORLD FUEL SVCS CORP COM 981475106 333 8076 SH SOLE 8076 0 0
WPP PLC ADR 92933H101 4677 64159 SH SOLE 64159 0 0