Forward Management as of March 31, 2013
Portfolio Holdings for Forward Management
Forward Management holds 0 positions in its portfolio as reported in the March 2013 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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
21VIANET GROUP INC SPONSORED ADR 90138A103 188 20000 SH SOLE 20000 0 0
3M CO COM 88579Y101 2048 19264 SH SOLE 19264 0 0
ACTUANT CORP CL A NEW 00508X203 306 10000 SH SOLE 10000 0 0
ADVISORY BRD CO COM 00762W107 405 7715 SH SOLE 7715 0 0
AEGERION PHARMACEUTICALS INC COM 00767E102 1440 40800 SH SOLE 40800 0 0
AES CORP COM 00130H105 1257 100000 SH SOLE 100000 0 0
AFC ENTERPRISES INC COM 00104Q107 890 24500 SH SOLE 24500 0 0
AIR METHODS CORP COM PAR $.06 009128307 724 15000 SH SOLE 15000 0 0
ALBEMARLE CORP COM 012653101 739 11819 SH SOLE 11819 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1175 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
AMC NETWORKS INC CL A 00164V103 316 5000 SH SOLE 5000 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 2452 117000 SH SOLE 117000 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 916 20200 SH SOLE 20200 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 817 54792 SH SOLE 54792 0 0
AMERICAN EXPRESS CO COM 025816109 399 5919 SH SOLE 5919 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 464 12000 SH SOLE 12000 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 132 9813 SH SOLE 9813 0 0
AMERICAN TOWER CORP NEW COM 03027X100 2208 28700 SH SOLE 28700 0 0
AMREIT INC NEW CL B 03216B208 16055 825000 SH SOLE 825000 0 0
ANIXTER INTL INC COM 035290105 350 5000 SH SOLE 5000 0 0
ANNIES INC COM 03600T104 230 6000 SH SOLE 6000 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 981 32000 SH SOLE 32000 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 500 29634 SH SOLE 29634 0 0
APPLE INC COM 037833100 538 1100 SH SOLE 1100 0 0
ARBOR RLTY TR INC COM 038923108 1711 261483 SH SOLE 261483 0 0
ARCTIC CAT INC COM 039670104 219 5000 SH SOLE 5000 0 0
ARES COML REAL ESTATE CORP COM 04013V108 4145 245000 SH SOLE 245000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 505 75000 SH SOLE 75000 0 0
ARRAY BIOPHARMA INC COM 04269X105 105 27200 SH SOLE 27200 0 0
ARUBA NETWORKS INC COM 043176106 124 5000 SH SOLE 5000 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 19945 725897 SH SOLE 725897 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 15111 810654 SH SOLE 810654 0 0
AT^T INC COM 00206R102 1140 31047 SH SOLE 31047 0 0
AUTODESK INC COM 052769106 602 15500 SH SOLE 15500 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 1208 18571 SH SOLE 18571 0 0
AVALONBAY CMNTYS INC COM 053484101 6019 47510 SH SOLE 47510 0 0
AXIALL CORP COM 05463D100 622 10000 SH SOLE 10000 0 0
BANK NOVA SCOTIA HALIFAX COM 064149107 2144 38200 SH SOLE 38200 0 0
BARCLAYS BK PLC IPATH S^P500 VIX 06740C188 274 13500 SH SOLE 13500 0 0
BARCLAYS PLC ADR 06738E204 9 510 SH SOLE 510 0 0
BECTON DICKINSON & CO COM 075887109 795 8320 SH SOLE 8320 0 0
BEMIS INC COM 081437105 1069 26477 SH SOLE 26477 0 0
BHP BILLITON PLC SPONSORED ADR 05545E209 11 190 SH SOLE 190 0 0
BIOMED REALTY TRUST INC COM 09063H107 17496 810000 SH SOLE 810000 0 0
BLACKROCK INC COM 09247X101 1892 7364 SH SOLE 7364 0 0
BOSTON PROPERTIES INC COM 101121101 4936 48845 SH SOLE 48845 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 383 25800 SH SOLE 25800 0 0
BRE PROPERTIES INC CL A 05564E106 224 4600 SH SOLE 4600 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 788 31762 SH SOLE 31762 0 0
BROOKDALE SR LIVING INC COM 112463104 14765 529600 SH SOLE 529600 0 0
BROOKFIELD CDA OFFICE PPTYS TR UNIT 112823109 2075 74580 SH SOLE 74580 0 0
CALIFORNIA WTR SVC GROUP COM 130788102 100 5000 SH SOLE 5000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 1679 24433 SH SOLE 24433 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 27086 1948631 SH SOLE 1948631 0 0
CAPSTEAD MTG CORP PFD B CV $1.26 14067E308 324 23100 SH SOLE 23100 0 0
CARDINAL HEALTH INC COM 14149Y108 1394 33463 SH SOLE 33463 0 0
CASEYS GEN STORES INC COM 147528103 715 12252 SH SOLE 12252 0 0
CEPHEID COM 15670R107 2089 55500 SH SOLE 55500 0 0
CF INDS HLDGS INC COM 125269100 2589 13600 SH SOLE 13600 0 0
CHATHAM LODGING TR COM 16208T102 20675 1174007 SH SOLE 1174007 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 1092 47600 SH SOLE 47600 0 0
CHEVRON CORP NEW COM 166764100 2707 22782 SH SOLE 22782 0 0
CHIMERA INVT CORP COM 16934Q109 13606 4275000 SH SOLE 4275000 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 1222 10450 SH SOLE 10450 0 0
CHINA YUCHAI INTL LTD COM G21082105 4191 263864 SH SOLE 263864 0 0
CHRISTOPHER & BANKS CORP COM 171046105 450 70000 SH SOLE 70000 0 0
CIENA CORP COM NEW 171779309 290 18000 SH SOLE 18000 0 0
CIRRUS LOGIC INC COM 172755100 142 4300 SH SOLE 4300 0 0
CITY NATL CORP COM 178566105 370 6283 SH SOLE 6283 0 0
CLAYMORE EXCHANGE TRD FD TR GUGG CRP BD 2013 18383M589 7030 335000 SH SOLE 335000 0 0
CLOVIS ONCOLOGY INC COM 189464100 1118 45650 SH SOLE 45650 0 0
CME GROUP INC COM 12572Q105 1244 20252 SH SOLE 20252 0 0
COCA COLA CO COM 191216100 687 16998 SH SOLE 16998 0 0
COLFAX CORP COM 194014106 465 10000 SH SOLE 10000 0 0
COLONY FINL INC COM 19624R106 863 42700 SH SOLE 42700 0 0
COMCAST CORP NEW CL A 20030N101 2175 51779 SH SOLE 51779 0 0
COMMONWEALTH REIT 6.50% PFD CUM CO 203233408 21800 910982 SH SOLE 910982 0 0
COMMUNITY BK SYS INC COM 203607106 296 10000 SH SOLE 10000 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 635 15000 SH SOLE 15000 0 0
CONNECTICUT WTR SVC INC COM 207797101 444 15201 SH SOLE 15201 0 0
CONOCOPHILLIPS COM 20825C104 1439 23939 SH SOLE 23939 0 0
COOPER COS INC COM NEW 216648402 629 5834 SH SOLE 5834 0 0
CORPBANCA SPONSORED ADR 21987A209 571 27300 SH SOLE 27300 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 3335 125000 SH SOLE 125000 0 0
COUSINS PPTYS INC COM 222795106 774 72400 SH SOLE 72400 0 0
CREDICORP LTD COM G2519Y108 5118 31097 SH SOLE 31097 0 0
CSX CORP COM 126408103 1847 75000 SH SOLE 75000 0 0
DANA HLDG CORP COM 235825205 357 20000 SH SOLE 20000 0 0
DDR CORP COM 23317H102 610 35000 SH SOLE 35000 0 0
DECKERS OUTDOOR CORP COM 243537107 557 10000 SH SOLE 10000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1801 193500 SH SOLE 193500 0 0
DIGITAL RLTY TR INC COM 253868103 19484 291200 SH SOLE 291200 0 0
DOMINOS PIZZA INC COM 25754A201 772 15000 SH SOLE 15000 0 0
DOUGLAS EMMETT INC COM 25960P109 389 15600 SH SOLE 15600 0 0
DST SYS INC DEL COM 233326107 370 5193 SH SOLE 5193 0 0
DSW INC CL A 23334L102 514 8063 SH SOLE 8063 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 777 31985 SH SOLE 31985 0 0
DYNAVAX TECHNOLOGIES CORP COM 268158102 875 384200 SH SOLE 384200 0 0
EATON CORP PLC SHS G29183103 3181 51939 SH SOLE 51939 0 0
EBAY INC COM 278642103 483 9000 SH SOLE 9000 0 0
EMERSON ELEC CO COM 291011104 844 15103 SH SOLE 15103 0 0
ENERGEN CORP COM 29265N108 1040 20000 SH SOLE 20000 0 0
ENERSIS S A SPONSORED ADR 29274F104 1982 103000 SH SOLE 103000 0 0
ENSCO PLC SHS CLASS A G3157S106 8652 143685 SH SOLE 143685 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 21973 687601 SH SOLE 687601 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 5713 248700 SH SOLE 248700 0 0
EQUINIX INC COM NEW 29444U502 657 3600 SH SOLE 3600 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 12647 229700 SH SOLE 229700 0 0
ESSEX PPTY TR INC COM 297178105 1205 8000 SH SOLE 8000 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 416 10000 SH SOLE 10000 0 0
EXCEL TR INC COM 30068C109 18226 1335198 SH SOLE 1335198 0 0
EXPEDITORS INTL WASH INC COM 302130109 736 20590 SH SOLE 20590 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 412 7300 SH SOLE 7300 0 0
EXXON MOBIL CORP COM 30231G102 554 6137 SH SOLE 6137 0 0
FACEBOOK INC CL A 30303M102 194 6750 SH SOLE 6750 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 2369 21935 SH SOLE 21935 0 0
FEI CO COM 30241L109 484 7500 SH SOLE 7500 0 0
FELCOR LODGING TR INC COM 31430F101 1531 257324 SH SOLE 257324 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 31145 1255088 SH SOLE 1255088 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 1675 97800 SH SOLE 97800 0 0
FIRST LONG IS CORP COM 320734106 306 10319 SH SOLE 10319 0 0
FIRST POTOMAC RLTY TR COM 33610F109 304 20500 SH SOLE 20500 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 4216 37147 SH SOLE 37147 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 2380 133907 SH SOLE 133907 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 3360 101500 SH SOLE 101500 0 0
FREESCALE SEMICONDUCTOR LTD SHS G3727Q101 298 20000 SH SOLE 20000 0 0
GENERAL DYNAMICS CORP COM 369550108 544 7710 SH SOLE 7710 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 1240 62400 SH SOLE 62400 0 0
GENESEE & WYO INC CL A 371559105 931 10000 SH SOLE 10000 0 0
GILEAD SCIENCES INC COM 375558103 434 10700 SH SOLE 10700 0 0
GLACIER BANCORP INC NEW COM 37637Q105 569 30000 SH SOLE 30000 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 3490 421173 SH SOLE 421173 0 0
GOOGLE INC CL A 38259P508 1290 1650 SH SOLE 1650 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 1292 50200 SH SOLE 50200 0 0
GRAMERCY CAP CORP COM 384871109 283 96000 SH SOLE 96000 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 135 20000 SH SOLE 20000 0 0
GSV CAP CORP COM 36191J101 95 6000 SH SOLE 6000 0 0
HCA HOLDINGS INC COM 40412C101 416 11200 SH SOLE 11200 0 0
HCP INC COM 40414L109 3865 77500 SH SOLE 77500 0 0
HEALTH CARE REIT INC COM 42217K106 2657 39400 SH SOLE 39400 0 0
HEALTHCARE RLTY TR COM 421946104 7098 250000 SH SOLE 250000 0 0
HEARTWARE INTL INC COM 422368100 1489 16800 SH SOLE 16800 0 0
HECLA MNG CO COM 422704106 988 250000 SH SOLE 250000 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 622 106500 SH SOLE 106500 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 569 30000 SH SOLE 30000 0 0
HEXCEL CORP NEW COM 428291108 1160 40000 SH SOLE 40000 0 0
HMS HLDGS CORP COM 40425J101 938 34300 SH SOLE 34300 0 0
HOME PROPERTIES INC COM 437306103 2010 31700 SH SOLE 31700 0 0
HORSEHEAD HLDG CORP COM 440694305 326 30000 SH SOLE 30000 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 46648 1700000 SH SOLE 1700000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 2998 171373 SH SOLE 171373 0 0
HOUSTON WIRE & CABLE CO COM 44244K109 338 26120 SH SOLE 26120 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 94 16965 SH SOLE 16965 0 0
HOVNANIAN ENTERPRISES INC UNIT 99/99/9999 44248W208 29 1000 SH SOLE 1000 0 0
HOWARD HUGHES CORP COM 44267D107 122 1700 SH SOLE 1700 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 1608 30128 SH SOLE 30128 0 0
HUDSON PAC PPTYS INC COM 444097109 2649 121815 SH SOLE 121815 0 0
ILLUMINA INC COM 452327109 435 8320 SH SOLE 8320 0 0
IMAX CORP COM 45245E109 905 34000 SH SOLE 34000 0 0
INGREDION INC COM 457187102 780 10784 SH SOLE 10784 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1242 5823 SH SOLE 5823 0 0
INVENSENSE INC COM 46123D205 374 35000 SH SOLE 35000 0 0
INVESCO LTD SHS G491BT108 311 10753 SH SOLE 10753 0 0
ISHARES INC MSCI FRNTR 100 464286145 3876 132000 SH SOLE 132000 0 0
ISHARES INC MSCI STH KOR CAP 464286772 332 7250 SH SOLE 7250 0 0
ISHARES INC MSCI TURKEY FD 464286715 18 250 SH SOLE 250 0 0
ISHARES TR CORE S^P500 ETF 464287200 28 180 SH SOLE 180 0 0
ISHARES TR DJ US REAL EST 464287739 1049 15100 SH SOLE 15100 0 0
ISHARES TR EPRA/NAR DEV ASI 464288463 609 17000 SH SOLE 17000 0 0
ISHARES TR INDL OFF CAP IDX 464288554 578 18400 SH SOLE 18400 0 0
ISTAR FINL INC COM 45031U101 2525 233082 SH SOLE 233082 0 0
JIVE SOFTWARE INC COM 47760A108 304 20000 SH SOLE 20000 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 360 17336 SH SOLE 17336 0 0
JOHNSON & JOHNSON COM 478160104 361 4430 SH SOLE 4430 0 0
JPMORGAN CHASE & CO COM 46625H100 887 18697 SH SOLE 18697 0 0
KBR INC COM 48242W106 1915 59700 SH SOLE 59700 0 0
KILROY RLTY CORP COM 49427F108 587 11200 SH SOLE 11200 0 0
KIMCO RLTY CORP COM 49446R109 2731 121900 SH SOLE 121900 0 0
KKR FINL HLDGS LLC COM 48248A306 678 68800 SH SOLE 68800 0 0
KLA-TENCOR CORP COM 482480100 1191 22579 SH SOLE 22579 0 0
KODIAK OIL & GAS CORP COM 50015Q100 727 80000 SH SOLE 80000 0 0
LAMAR ADVERTISING CO CL A 512815101 365 7500 SH SOLE 7500 0 0
LEXINGTON REALTY TRUST COM 529043101 34074 2887600 SH SOLE 2887600 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 15071 309423 SH SOLE 309423 0 0
LIBERTY PPTY TR SH BEN INT 531172104 5963 150000 SH SOLE 150000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 83 1600 SH SOLE 1600 0 0
LINKEDIN CORP COM CL A 53578A108 489 2900 SH SOLE 2900 0 0
LIONS GATE ENTMNT CORP COM NEW 535919203 238 10000 SH SOLE 10000 0 0
LITTELFUSE INC COM 537008104 442 6525 SH SOLE 6525 0 0
LUFKIN INDS INC COM 549764108 93 1400 SH SOLE 1400 0 0
MACERICH CO COM 554382101 3020 46900 SH SOLE 46900 0 0
MACK CALI RLTY CORP COM 554489104 13436 469600 SH SOLE 469600 0 0
MANHATTAN ASSOCS INC COM 562750109 743 10000 SH SOLE 10000 0 0
MARTIN MARIETTA MATLS INC COM 573284106 591 5790 SH SOLE 5790 0 0
MCCORMICK & CO INC COM NON VTG 579780206 766 10423 SH SOLE 10423 0 0
MCDERMOTT INTL INC COM 580037109 1923 175000 SH SOLE 175000 0 0
MCDONALDS CORP COM 580135101 2657 26654 SH SOLE 26654 0 0
MEDIVATION INC COM 58501N101 53 1200 SH SOLE 1200 0 0
MET PRO CORP COM 590876306 33 3151 SH SOLE 3151 0 0
METLIFE INC COM 59156R108 811 21315 SH SOLE 21315 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 430 11708 SH SOLE 11708 0 0
MICROS SYS INC COM 594901100 647 14206 SH SOLE 14206 0 0
MICROSOFT CORP COM 594918104 1142 39923 SH SOLE 39923 0 0
MILLENNIAL MEDIA INC COM 60040N105 222 35000 SH SOLE 35000 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 5199 132908 SH SOLE 132908 0 0
MONSANTO CO NEW COM 61166W101 1576 16400 SH SOLE 16400 0 0
MOVADO GROUP INC COM 624580106 503 15000 SH SOLE 15000 0 0
MPG OFFICE TR INC COM 553274101 3502 1269399 SH SOLE 1269399 0 0
NATIONAL BEVERAGE CORP COM 635017106 211 15000 SH SOLE 15000 0 0
NATIONAL FUEL GAS CO N J COM 636180101 1871 30500 SH SOLE 30500 0 0
NATIONAL OILWELL VARCO INC COM 637071101 2016 28500 SH SOLE 28500 0 0
NEENAH PAPER INC COM 640079109 379 12328 SH SOLE 12328 0 0
NEOPHOTONICS CORP COM 64051T100 102 20000 SH SOLE 20000 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 1187 103500 SH SOLE 103500 0 0
NEW JERSEY RES COM 646025106 10 213 SH SOLE 213 0 0
NEW SOURCE ENERGY PARTNERS L CM UNT LTD PRT 64881E109 2651 130600 SH SOLE 130600 0 0
NEWCASTLE INVT CORP COM 65105M108 503 50000 SH SOLE 50000 0 0
NORDSON CORP COM 655663102 359 5444 SH SOLE 5444 0 0
NORFOLK SOUTHERN CORP COM 655844108 4021 52165 SH SOLE 52165 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 1003 130000 SH SOLE 130000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 3904 54800 SH SOLE 54800 0 0
NYSE EURONEXT COM 629491101 1718 44473 SH SOLE 44473 0 0
OIL STS INTL INC COM 678026105 2529 31000 SH SOLE 31000 0 0
OMNICOM GROUP INC COM 681919106 334 5678 SH SOLE 5678 0 0
OMNIVISION TECHNOLOGIES INC COM 682128103 413 30000 SH SOLE 30000 0 0
OPENTABLE INC COM 68372A104 787 12500 SH SOLE 12500 0 0
OREXIGEN THERAPEUTICS INC COM 686164104 620 101600 SH SOLE 101600 0 0
P T TELEKOMUNIKASI INDONESIA SPONSORED ADR 715684106 2425 53829 SH SOLE 53829 0 0
PARKER HANNIFIN CORP COM 701094104 2473 27000 SH SOLE 27000 0 0
PARKWAY PPTYS INC COM 70159Q104 371 20000 SH SOLE 20000 0 0
PDC ENERGY INC COM 69327R101 124 2500 SH SOLE 2500 0 0
PEABODY ENERGY CORP COM 704549104 3342 158000 SH SOLE 158000 0 0
PERRIGO CO COM 714290103 566 5400 SH SOLE 5400 0 0
PFIZER INC COM 717081103 2350 81409 SH SOLE 81409 0 0
PHH CORP COM NEW 693320202 329 15000 SH SOLE 15000 0 0
PHILIP MORRIS INTL INC COM 718172109 3749 40884 SH SOLE 40884 0 0
PHILLIPS 66 COM 718546104 598 8550 SH SOLE 8550 0 0
PIER 1 IMPORTS INC COM 720279108 230 10000 SH SOLE 10000 0 0
PIMCO ETF TR ENHAN SHRT MAT 72201R833 640 6300 SH SOLE 6300 0 0
POTASH CORP SASK INC COM 73755L107 2434 62000 SH SOLE 62000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 500 500 SH SOLE 500 0 0
PROCTER & GAMBLE CO COM 742718109 1123 14582 SH SOLE 14582 0 0
PROLOGIS INC COM 74340W103 3940 98552 SH SOLE 98552 0 0
PROSHARES TR REAL EST NEW 11 74348A871 14555 710000 SH SOLE 710000 0 0
PUBLIC STORAGE COM 74460D109 3696 24258 SH SOLE 24258 0 0
PUMA BIOTECHNOLOGY INC COM 74587V107 343 14650 SH SOLE 14650 0 0
QUALCOMM INC COM 747525103 4055 62315 SH SOLE 62315 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 1833 230000 SH SOLE 230000 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 563 33492 SH SOLE 33492 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 15387 245700 SH SOLE 245700 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 442 9573 SH SOLE 9573 0 0
REGAL ENTMT GROUP CL A 758766109 333 20000 SH SOLE 20000 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 11254 803300 SH SOLE 803300 0 0
RETAIL PPTYS AMER INC CL A 76131V202 24790 1675000 SH SOLE 1675000 0 0
RLJ LODGING TR COM 74965L101 644 28300 SH SOLE 28300 0 0
ROBERT HALF INTL INC COM 770323103 1055 28138 SH SOLE 28138 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 3565 54699 SH SOLE 54699 0 0
RUCKUS WIRELESS INC COM 781220108 86 4500 SH SOLE 4500 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 24659 850000 SH SOLE 850000 0 0
SANDISK CORP COM 80004C101 221 4000 SH SOLE 4000 0 0
SANOFI SPONSORED ADR 80105N105 1739 34036 SH SOLE 34036 0 0
SCHLUMBERGER LTD COM 806857108 291 3500 SH SOLE 3500 0 0
SCHNITZER STL INDS CL A 806882106 1640 61500 SH SOLE 61500 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 2763 102984 SH SOLE 102984 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 1099 44436 SH SOLE 44436 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 520 91924 SH SOLE 91924 0 0
SIEMENS A G SPONSORED ADR 826197501 15 139 SH SOLE 139 0 0
SIMON PPTY GROUP INC NEW COM 828806109 7769 48994 SH SOLE 48994 0 0
SL GREEN RLTY CORP COM 78440X101 2558 29700 SH SOLE 29700 0 0
SOLAZYME INC COM 83415T101 28 2000 SH SOLE 2000 0 0
SOTHEBYS COM 835898107 374 10000 SH SOLE 10000 0 0
SOVRAN SELF STORAGE INC COM 84610H108 342 5300 SH SOLE 5300 0 0
SPDR INDEX SHS FDS DJ INTL RL ETF 78463X863 1067 24800 SH SOLE 24800 0 0
SPDR S^P 500 ETF TR TR UNIT 78462F103 425553 2716232 SH SOLE 1227592 0 1488640
SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 110774 2418110 SH SOLE 0 0 2418110
SPIRIT RLTY CAP INC COM 84860F109 22800 1200000 SH SOLE 1200000 0 0
SPLUNK INC COM 848637104 1139 30900 SH SOLE 30900 0 0
STAG INDL INC COM 85254J102 47775 2246100 SH SOLE 2246100 0 0
STANLEY BLACK & DECKER INC COM 854502101 1400 17293 SH SOLE 17293 0 0
STEINER LEISURE LTD ORD P8744Y102 289 5975 SH SOLE 5975 0 0
STILLWATER MNG CO COM 86074Q102 388 30000 SH SOLE 30000 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 19578 2350400 SH SOLE 2350400 0 0
STRYKER CORP COM 863667101 203 3300 SH SOLE 3300 0 0
SUMMIT HOTEL PPTYS COM 866082100 24266 2321128 SH SOLE 2321128 0 0
SUN CMNTYS INC COM 866674104 20799 421613 SH SOLE 421613 0 0
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 19412 727592 SH SOLE 727592 0 0
SVB FINL GROUP COM 78486Q101 355 5000 SH SOLE 5000 0 0
SYNGENTA AG SPONSORED ADR 87160A100 8789 104947 SH SOLE 104947 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 796 46335 SH SOLE 46335 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 569 15700 SH SOLE 15700 0 0
TARGA RES CORP COM 87612G101 2005 29500 SH SOLE 29500 0 0
TARGACEPT INC COM 87611R306 509 117500 SH SOLE 117500 0 0
TAUBMAN CTRS INC COM 876664103 249 3200 SH SOLE 3200 0 0
TCF FINL CORP COM 872275102 374 25000 SH SOLE 25000 0 0
TECHNE CORP COM 878377100 358 5283 SH SOLE 5283 0 0
TELEFLEX INC COM 879369106 490 5795 SH SOLE 5795 0 0
TELUS CORP COM 87971M103 4182 64755 SH SOLE 64755 0 0
TENARIS S A SPONSORED ADR 88031M109 1509 37000 SH SOLE 37000 0 0
TERRENO RLTY CORP COM 88146M101 1536 85400 SH SOLE 85400 0 0
TEXAS INSTRS INC COM 882508104 798 22493 SH SOLE 22493 0 0
THERAVANCE INC COM 88338T104 108 4550 SH SOLE 4550 0 0
THERMON GROUP HLDGS INC COM 88362T103 333 15000 SH SOLE 15000 0 0
THOMAS PPTYS GROUP INC COM 884453101 1768 343803 SH SOLE 343803 0 0
TIFFANY & CO NEW COM 886547108 695 10001 SH SOLE 10001 0 0
TIME WARNER INC COM NEW 887317303 1466 25458 SH SOLE 25458 0 0
TRACTOR SUPPLY CO COM 892356106 833 8000 SH SOLE 8000 0 0
TRIMBLE NAVIGATION LTD COM 896239100 807 26934 SH SOLE 26934 0 0
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