Spirit Of America Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ACCESS MIDSTREAM PRTN LP	STOCK	00434L109	1,193	25,000	SH		SOLE		25,000	0	0
AMERICAN REALTY CAP PROP	STOCK	02917T104	1,526	100,000	SH		SOLE		100,000	0	0
APARTMENT INVEST	STOCK	03748R101	2,253	75,000	SH		SOLE		75,000	0	0
ASHFORD HOSPITAL	STOCK	044103109	1,202	105,000	SH		SOLE		105,000	0	0
ASHFORD HOSPITALITY TRUS	STOCK	044103505	527	20,000	SH		SOLE		20,000	0	0
ASSOC ESTATES	STOCK	045604105	4,020	250,000	SH		SOLE		250,000	0	0
ATLAS PIPELINE P	STOCK	049392103	1,146	30,000	SH		SOLE		30,000	0	0
ATLAS RESOURCE PTNR LP	STOCK	04941A101	1,643	75,000	SH		SOLE		75,000	0	0
BRE PROPERTIES	STOCK	05564E106	1,851	37,000	SH		SOLE		37,000	0	0
BIOMED REALTY TRUST INC	STOCK	09063H107	2,225	110,000	SH		SOLE		110,000	0	0
BOARDWALK PIPELINE PART	STOCK	096627104	302	10,000	SH		SOLE		10,000	0	0
BOSTON PROPERTIE	STOCK	101121101	5,274	50,000	SH		SOLE		50,000	0	0
CBL & ASSOC PROP	STOCK	124830100	2,142	100,000	SH		SOLE		100,000	0	0
CBL & ASSOCIATES PROP	STOCK	124830803	497	20,000	SH		SOLE		20,000	0	0
CALUMET SPECIALTY PRODUCT	STOCK	131476103	3,274	90,000	SH		SOLE		90,000	0	0
CAMDEN PROP TR	STOCK	133131102	2,766	40,000	SH		SOLE		40,000	0	0
CHESAPEAKE LODGING TRUST	STOCK	165240102	505	24,300	SH		SOLE		24,300	0	0
CHESAPEAKE LODGING TRUST	STOCK	165240201	257	10,000	SH		SOLE		10,000	0	0
CORESITE REALTY	STOCK	21870Q105	795	25,000	SH		SOLE		25,000	0	0
CUBESMART	STOCK	229663109	639	40,000	SH		SOLE		40,000	0	0
DDR CORP	STOCK	23317H102	1,249	75,000	SH		SOLE		75,000	0	0
DDR 6.5 12/31/49 PFD	STOCK	23317H607	103	4,263	SH		SOLE		4,263	0	0
DDR 6.25 12/31/49	STOCK	23317H805	166	7,000	SH		SOLE		7,000	0	0
DIAMONDROCK HOSP	STOCK	252784301	886	95,103	SH		SOLE		95,103	0	0
DIGITAL REALTY	STOCK	253868103	4,880	80,000	SH		SOLE		80,000	0	0
DIGITAL REALTY TRUST PFD	STOCK	253868889	324	14,400	SH		SOLE		14,400	0	0
DOUGLAS EMMETT	STOCK	25960P109	499	20,000	SH		SOLE		20,000	0	0
DUPONT FABROS TE	STOCK	26613Q106	4,340	179,700	SH		SOLE		179,700	0	0
DUPONT FABROS TECHNOLOGY	STOCK	26613Q304	199	7,800	SH		SOLE		7,800	0	0
EAGLE ROCK ENERGY PTN	STOCK	26985R104	394	50,000	SH		SOLE		50,000	0	0
ENTERPRISE PRODUCTS	STOCK	293792107	1,967	31,649	SH		SOLE		31,649	0	0
EQUITY ONE INC	STOCK	294752100	679	30,000	SH		SOLE		30,000	0	0
EQUITY RESIDENTI	STOCK	29476L107	4,355	75,000	SH		SOLE		75,000	0	0
ESSEX PROPERTY	STOCK	297178105	1,589	10,000	SH		SOLE		10,000	0	0
FED REALTY INVS	STOCK	313747206	2,592	25,000	SH		SOLE		25,000	0	0
FELCOR LODGING	STOCK	31430F101	3,703	626,527	SH		SOLE		626,527	0	0
FELCOR LODGING TRUST INC	STOCK	31430F507	747	30,000	SH		SOLE		30,000	0	0
FIRST IND REALTY	STOCK	32054K103	455	30,000	SH		SOLE		30,000	0	0
Genesis Energy LP	STOCK	371927104	1,037	20,000	SH		SOLE		20,000	0	0
GLIMCHER REALTY TRUST	STOCK	379302102	546	50,000	SH		SOLE		50,000	0	0
HCP INC	STOCK	40414L109	6,816	150,000	SH		SOLE		150,000	0	0
HANNON ARMSTRONG	STOCK	41068X100	416	35,000	SH		SOLE		35,000	0	0
HEALTHCARE RLTY	STOCK	421946104	2,167	84,994	SH		SOLE		84,994	0	0
HEALTH CARE REIT	STOCK	42217K106	2,299	34,300	SH		SOLE		34,300	0	0
HERSHA HOSPITALITY TRUST	STOCK	427825104	451	79,980	SH		SOLE		79,980	0	0
HERSHA HOSPITALITY TRUST	STOCK	427825302	77	3,000	SH		SOLE		3,000	0	0
HERSHA HOSPITALITY TRUST	STOCK	427825401	243	10,000	SH		SOLE		10,000	0	0
HOME PROPERTIES	STOCK	437306103	2,680	41,000	SH		SOLE		41,000	0	0
HOST HOTELS & RE	STOCK	44107P104	3,444	204,150	SH		SOLE		204,150	0	0
HUDSON PACIFIC PROP	STOCK	444097109	553	26,000	SH		SOLE		26,000	0	0
KILROY REALTY	STOCK	49427F108	530	10,000	SH		SOLE		10,000	0	0
KILROY REALTY CORP	STOCK	49427F801	337	13,985	SH		SOLE		13,985	0	0
KIMCO REALTY	STOCK	49446R109	2,143	100,000	SH		SOLE		100,000	0	0
KINDER MORGAN ENERGY	STOCK	494550106	854	10,000	SH		SOLE		10,000	0	0
LASALLE HOTEL PROPERTIES	STOCK	517942108	618	25,000	SH		SOLE		25,000	0	0
LASALLE HOTEL PROPERTIES	STOCK	517942801	230	10,000	SH		SOLE		10,000	0	0
LEXINGTON REALTY	STOCK	529043101	1,168	100,000	SH		SOLE		100,000	0	0
MACERICH CO	STOCK	554382101	2,439	40,000	SH		SOLE		40,000	0	0
MARKWEST ENERGY PRTN	STOCK	570759100	1,985	29,700	SH		SOLE		29,700	0	0
MID-AMERICA APPT COMM	STOCK	59522J103	1,755	25,900	SH		SOLE		25,900	0	0
MID-CON ENERGY PARTNERS	STOCK	59560V109	451	20,000	SH		SOLE		20,000	0	0
NATL HEALTH INVESTORS	STOCK	63633D104	3,005	50,200	SH		SOLE		50,200	0	0
NATIONAL RETAIL	STOCK	637417106	86	2,500	SH		SOLE		2,500	0	0
PEBBLEBROOK HOTEL TRUST	STOCK	70509V100	259	10,000	SH		SOLE		10,000	0	0
PEBBLEBROOK HOTEL TRUST	STOCK	70509V308	1,041	40,000	SH		SOLE		40,000	0	0
PENN REAL ESTATE INVEST	STOCK	709102404	106	4,000	SH		SOLE		4,000	0	0
PROLOGIS INC	STOCK	74340W103	3,206	85,000	SH		SOLE		85,000	0	0
RLJ LODGING TRUST	STOCK	74965L101	112	5,000	SH		SOLE		5,000	0	0
REGENCY CENTERS	STOCK	758849103	1,016	20,000	SH		SOLE		20,000	0	0
SL GREEN REALTY	STOCK	78440X101	1,764	20,000	SH		SOLE		20,000	0	0
SIMON PROPERTY	STOCK	828806109	9,475	60,000	SH		SOLE		60,000	0	0
SOVRAN SELF STORAGE INC	STOCK	84610H108	3,306	51,027	SH		SOLE		51,027	0	0
SPECTRA ENERGY	STOCK	84756N109	2,300	50,000	SH		SOLE		50,000	0	0
STRATEGIC HOTELS	STOCK	86272T106	665	75,000	SH		SOLE		75,000	0	0
SUN COMMUNITIES INC	STOCK	866674104	2,239	45,000	SH		SOLE		45,000	0	0
SUNSTONE HOTEL INVESTORS	STOCK	867892101	906	75,000	SH		SOLE		75,000	0	0
SUNSTONE HOTEL INVESTORS	STOCK	867892507	838	31,934	SH		SOLE		31,934	0	0
TC PIPELINES LP	STOCK	87233Q108	483	10,000	SH		SOLE		10,000	0	0
TANGER FACTORY	STOCK	875465106	1,702	50,858	SH		SOLE		50,858	0	0
TARGA RESOURCES PARTNERS	STOCK	87611X105	2,523	50,000	SH		SOLE		50,000	0	0
TAUBMAN CENTERS	STOCK	876664103	1,353	18,000	SH		SOLE		18,000	0	0
TAUBMAN CENTERS INC	STOCK	876664608	497	20,000	SH		SOLE		20,000	0	0
UDR INC	STOCK	902653104	3,979	156,091	SH		SOLE		156,091	0	0
VNR 7.875 12/31/49	STOCK	92205F205	504	20,000	SH		SOLE		20,000	0	0
VENTAS INC	STOCK	92276F100	1,737	25,000	SH		SOLE		25,000	0	0
VORNADO RLTY TST	STOCK	929042109	2,486	30,000	SH		SOLE		30,000	0	0
VORNADO REALTY TRUST	STOCK	929042844	448	20,000	SH		SOLE		20,000	0	0
WEINGARTEN RLTY	STOCK	948741103	769	25,000	SH		SOLE		25,000	0	0
WESTERN GAS PARTNERS LP	STOCK	958254104	1,298	20,000	SH		SOLE		20,000	0	0
WILLIAMS PARTNER	STOCK	96950F104	1,032	20,000	SH		SOLE		20,000	0	0
AT&T INC	STOCK	00206R102	897	25,350	SH		SOLE		25,350	0	0
ABBOTT LABS	STOCK	002824100	255	7,300	SH		SOLE		7,300	0	0
ABBVIE INC	STOCK	00287Y109	302	7,300	SH		SOLE		7,300	0	0
ACTAVIS INC	STOCK	00507K103	776	6,150	SH		SOLE		6,150	0	0
ADOBE SYS INC	STOCK	00724F101	191	4,200	SH		SOLE		4,200	0	0
AEGON NV	STOCK	007924301	123	5,000	SH		SOLE		5,000	0	0
AEGON NV	STOCK	007924608	83	3,000	SH		SOLE		3,000	0	0
ALTRIA GROUP INC	STOCK	02209S103	899	25,700	SH		SOLE		25,700	0	0
AMERICAN EXPRESS	STOCK	025816109	748	10,000	SH		SOLE		10,000	0	0
AMERICAN FINANCIAL GROUP	STOCK	025932401	128	5,000	SH		SOLE		5,000	0	0
AMERICAN REALTY CAP PROP	STOCK	02917T104	53	3,500	SH		SOLE		3,500	0	0
AMERICAN TOWER-A	STOCK	03027X100	296	4,050	SH		SOLE		4,050	0	0
APACHE CORP	STOCK	037411105	251	3,000	SH		SOLE		3,000	0	0
APPLE INC	STOCK	037833100	1,505	3,800	SH		SOLE		3,800	0	0
ARBOR RLTY 7.75 12/31/49	STOCK	038923702	49	2,000	SH		SOLE		2,000	0	0
ARLINGTON ASSET	STOCK	041356304	96	4,000	SH		SOLE		4,000	0	0
BGC PARTNERS INC	STOCK	05541T408	133	5,000	SH		SOLE		5,000	0	0
BANK OF AMERICA	STOCK	060505104	683	53,100	SH		SOLE		53,100	0	0
CR BARD INC	STOCK	067383109	326	3,000	SH		SOLE		3,000	0	0
BLACKSTONE GROUP	STOCK	09253U108	105	5,000	SH		SOLE		5,000	0	0
BOEING CO	STOCK	097023105	986	9,630	SH		SOLE		9,630	0	0
BRISTOL-MYER SQB	STOCK	110122108	223	5,000	SH		SOLE		5,000	0	0
BROADCOM CORP-A	STOCK	111320107	101	3,000	SH		SOLE		3,000	0	0
CSX CORP	STOCK	126408103	991	42,750	SH		SOLE		42,750	0	0
CST BRANDS	STOCK	12646R105	30	966	SH		SOLE		966	0	0
CA INC	STOCK	12673P105	186	6,500	SH		SOLE		6,500	0	0
CPE 10 12/31/49 PFD	STOCK	13123X409	225	5,000	SH		SOLE		5,000	0	0
CALUMET SPECIALTY PRODUCT	STOCK	131476103	109	3,000	SH		SOLE		3,000	0	0
CAPITAL ONE FINA	STOCK	14040H105	157	2,500	SH		SOLE		2,500	0	0
CATERPILLAR INC	STOCK	149123101	495	6,000	SH		SOLE		6,000	0	0
CENTURYLINK INC	STOCK	156700106	64	1,800	SH		SOLE		1,800	0	0
CHEVRON CORP	STOCK	166764100	473	4,000	SH		SOLE		4,000	0	0
CISCO SYSTEMS	STOCK	17275R102	450	18,500	SH		SOLE		18,500	0	0
CITIGROUP INC	STOCK	172967424	696	14,500	SH		SOLE		14,500	0	0
CONAGRA FOODS	STOCK	205887102	87	2,500	SH		SOLE		2,500	0	0
CONOCOPHILLIPS	STOCK	20825C104	914	15,100	SH		SOLE		15,100	0	0
CONS EDISON INC	STOCK	209115104	274	4,700	SH		SOLE		4,700	0	0
DEVON ENERGY CO	STOCK	25179M103	265	5,100	SH		SOLE		5,100	0	0
WALT DISNEY CO	STOCK	254687106	1,522	24,100	SH		SOLE		24,100	0	0
DOW CHEMICAL	STOCK	260543103	278	8,650	SH		SOLE		8,650	0	0
DU PONT (EI)	STOCK	263534109	709	13,500	SH		SOLE		13,500	0	0
DUKE ENERGY CORP	STOCK	26441C204	74	1,100	SH		SOLE		1,100	0	0
DUKE ENERGY CORP	STOCK	26441C303	49	2,000	SH		SOLE		2,000	0	0
EMC CORP/MASS	STOCK	268648102	243	10,300	SH		SOLE		10,300	0	0
ENTERPRISE PRODUCTS	STOCK	293792107	208	3,348	SH		SOLE		3,348	0	0
EQUITY RESIDENTI	STOCK	29476L107	372	6,400	SH		SOLE		6,400	0	0
EXPRESS SCRIPT	STOCK	30219G108	288	4,668	SH		SOLE		4,668	0	0
EXXON MOBIL CORP	STOCK	30231G102	1,450	16,050	SH		SOLE		16,050	0	0
FORD MOTOR CO	STOCK	345370860	39	2,500	SH		SOLE		2,500	0	0
GENERAL ELECTRIC	STOCK	369604103	1,168	50,381	SH		SOLE		50,381	0	0
GE 4.7% PFD	STOCK	369622394	80	3,500	SH		SOLE		3,500	0	0
GOLDMAN SACHS GP	STOCK	38141G104	698	4,615	SH		SOLE		4,615	0	0
GOLDMAN SACHS GROUP INC	STOCK	38145G209	74	3,000	SH		SOLE		3,000	0	0
GOLDMAN SACHS GROUP INC	STOCK	38145X111	51	2,000	SH		SOLE		2,000	0	0
HCA HOLDINGS INC	STOCK	40412C101	162	4,500	SH		SOLE		4,500	0	0
HALLIBURTON CO	STOCK	406216101	296	7,100	SH		SOLE		7,100	0	0
HARTFORD FINL SV	STOCK	416515104	232	7,500	SH		SOLE		7,500	0	0
HELMERICH & PAYN	STOCK	423452101	100	1,600	SH		SOLE		1,600	0	0
HERSHEY CO/THE	STOCK	427866108	312	3,500	SH		SOLE		3,500	0	0
HEWLETT-PACKARD	STOCK	428236103	198	8,000	SH		SOLE		8,000	0	0
HOME DEPOT INC	STOCK	437076102	1,549	20,000	SH		SOLE		20,000	0	0
INTEL CORP	STOCK	458140100	639	26,400	SH		SOLE		26,400	0	0
IBM	STOCK	459200101	833	4,358	SH		SOLE		4,358	0	0
JPMORGAN CHASE	STOCK	46625H100	1,210	22,927	SH		SOLE		22,927	0	0
JOHNSON&JOHNSON	STOCK	478160104	902	10,510	SH		SOLE		10,510	0	0
KKR FINANCIAL HOLDINGS	STOCK	48248A603	78	3,000	SH		SOLE		3,000	0	0
KIMBERLY-CLARK	STOCK	494368103	311	3,200	SH		SOLE		3,200	0	0
KIMCO REALTY	STOCK	49446R109	255	11,890	SH		SOLE		11,890	0	0
KIM 5.625%	STOCK	49446R745	48	2,000	SH		SOLE		2,000	0	0
KRAFT FOODS GROUP INC	STOCK	50076Q106	307	5,499	SH		SOLE		5,499	0	0
LTS 8 12/31/49 PFD	STOCK	50575Q201	175	7,000	SH		SOLE		7,000	0	0
ESTEE LAUDER COMPANIES	STOCK	518439104	520	7,900	SH		SOLE		7,900	0	0
ELI LILLY & CO	STOCK	532457108	246	5,000	SH		SOLE		5,000	0	0
MARATHON OIL	STOCK	565849106	173	5,000	SH		SOLE		5,000	0	0
MASCO CORP	STOCK	574599106	97	5,000	SH		SOLE		5,000	0	0
MCDONALDS CORP	STOCK	580135101	929	9,380	SH		SOLE		9,380	0	0
MCKESSON CORP	STOCK	58155Q103	687	6,000	SH		SOLE		6,000	0	0
MERCK & CO	STOCK	58933Y105	818	17,600	SH		SOLE		17,600	0	0
METLIFE INC	STOCK	59156R108	315	6,875	SH		SOLE		6,875	0	0
MICROSOFT CORP	STOCK	594918104	882	25,550	SH		SOLE		25,550	0	0
MILLER ENERGY 10.75%	STOCK	600527204	105	5,000	SH		SOLE		5,000	0	0
MONDELEZ INTERNATIONAL	STOCK	609207105	471	16,500	SH		SOLE		16,500	0	0
NEXTERA ENERGY CAPITAL	STOCK	65339K605	24	1,000	SH		SOLE		1,000	0	0
NEXTERA ENERGY CAPITAL	STOCK	65339K704	119	5,000	SH		SOLE		5,000	0	0
NEXTERA ENERGY PREF	STOCK	65339K803	113	5,000	SH		SOLE		5,000	0	0
NUCOR CORP	STOCK	670346105	87	2,000	SH		SOLE		2,000	0	0
Oaktree Capital Group LLC	STOCK	674001201	105	2,000	SH		SOLE		2,000	0	0
ORACLE CORP	STOCK	68389X105	946	30,800	SH		SOLE		30,800	0	0
PACKAGING CORP OF AMER	STOCK	695156109	655	13,380	SH		SOLE		13,380	0	0
PEPSICO INC	STOCK	713448108	1,084	13,250	SH		SOLE		13,250	0	0
PFIZER INC	STOCK	717081103	793	28,300	SH		SOLE		28,300	0	0
PHILIP MORRIS	STOCK	718172109	1,039	12,000	SH		SOLE		12,000	0	0
PROCTER & GAMBLE	STOCK	742718109	762	9,900	SH		SOLE		9,900	0	0
PROLOGIS INC	STOCK	74340W103	286	7,588	SH		SOLE		7,588	0	0
PRUDENTL FINL	STOCK	744320102	219	3,000	SH		SOLE		3,000	0	0
PUBLIC STORAGE	STOCK	74460D125	51	2,000	SH		SOLE		2,000	0	0
PUBLIC STORAGE	STOCK	74460W404	62	2,500	SH		SOLE		2,500	0	0
QUALCOMM INC	STOCK	747525103	458	7,500	SH		SOLE		7,500	0	0
QWEST CORP	STOCK	74913G501	130	5,000	SH		SOLE		5,000	0	0
CTL 6 1/8 06/01/53	STOCK	74913G600	121	5,000	SH		SOLE		5,000	0	0
SCHLUMBERGER LTD	STOCK	806857108	901	12,575	SH		SOLE		12,575	0	0
SENIOR HOUSING PROP TRUS	STOCK	81721M208	120	5,000	SH		SOLE		5,000	0	0
SIMON PROPERTY	STOCK	828806109	680	4,309	SH		SOLE		4,309	0	0
STARWOOD PROPERT	STOCK	85571B105	290	11,700	SH		SOLE		11,700	0	0
SUNCOR ENERGY	STOCK	867224107	118	4,000	SH		SOLE		4,000	0	0
SYMANTEC CORP	STOCK	871503108	654	29,100	SH		SOLE		29,100	0	0
TARGET CORP	STOCK	87612E106	551	8,000	SH		SOLE		8,000	0	0
TAUBMAN CENTERS INC	STOCK	876664608	62	2,500	SH		SOLE		2,500	0	0
TELEPHONE & DATA SYSTEM	STOCK	879433837	103	4,000	SH		SOLE		4,000	0	0
TESORO CORP	STOCK	881609101	105	2,000	SH		SOLE		2,000	0	0
TEXAS INSTRUMENT	STOCK	882508104	520	14,925	SH		SOLE		14,925	0	0
THERMO FISHER	STOCK	883556102	229	2,700	SH		SOLE		2,700	0	0
3M CO	STOCK	88579Y101	1,022	9,350	SH		SOLE		9,350	0	0
TIME WARNER INC	STOCK	887317303	705	12,200	SH		SOLE		12,200	0	0
TRAVELERS COS IN	STOCK	89417E109	360	4,500	SH		SOLE		4,500	0	0
US BANCORP	STOCK	902973304	351	9,700	SH		SOLE		9,700	0	0
US AIRWAYS GROUP INC	STOCK	90341W108	69	4,200	SH		SOLE		4,200	0	0
UNITED PARCEL-B	STOCK	911312106	495	5,726	SH		SOLE		5,726	0	0
US CELLULAR CORP	STOCK	911684405	145	5,742	SH		SOLE		5,742	0	0
UNITED TECH CORP	STOCK	913017109	121	1,300	SH		SOLE		1,300	0	0
UNITEDHEALTH GRP	STOCK	91324P102	1,035	15,800	SH		SOLE		15,800	0	0
VALERO ENERGY	STOCK	91913Y100	302	8,700	SH		SOLE		8,700	0	0
VERIZON COMMUNIC	STOCK	92343V104	1,029	20,440	SH		SOLE		20,440	0	0
VISA INC-CLASS A	STOCK	92826C839	612	3,350	SH		SOLE		3,350	0	0
VORNADO REALTY TRUST	STOCK	929042851	118	5,000	SH		SOLE		5,000	0	0
VORNADO REALTY TRUST	STOCK	929042869	103	4,000	SH		SOLE		4,000	0	0
WAL-MART STORES	STOCK	931142103	479	6,424	SH		SOLE		6,424	0	0
WELLS FARGO & CO	STOCK	949746101	1,225	29,686	SH		SOLE		29,686	0	0
WELLS FARGO & COMPANY	STOCK	949746721	116	5,000	SH		SOLE		5,000	0	0
WELLS FARGO & COMPANY	STOCK	949746747	70	3,000	SH		SOLE		3,000	0	0
WILLIAMS PARTNER	STOCK	96950F104	258	5,000	SH		SOLE		5,000	0	0
WISCONSIN ENERGY CORP	STOCK	976657106	578	14,100	SH		SOLE		14,100	0	0
WYNDHAM WORLDWID	STOCK	98310W108	630	11,000	SH		SOLE		11,000	0	0
WARNER CHILCOT-A	STOCK	B446CM7	398	20,000	SH		SOLE		20,000	0	0
TYCO INTL LTD	STOCK	B64GC98	254	7,700	SH		SOLE		7,700	0	0
COVIDIEN PLC	STOCK	B68SQD2	672	10,700	SH		SOLE		10,700	0	0
Tsakos Engy 8 12/31/49	STOCK	B8DJHM0	49	2,000	SH		SOLE		2,000	0	0
PENTAIR LTD-REGISTERED	STOCK	B8DTTS0	107	1,847	SH		SOLE		1,847	0	0
ACCENTURE PLC-A	STOCK	G1151C101	626	8,700	SH		SOLE		8,700	0	0
AFLAC INC	STOCK	001055300	496	20,000	SH		SOLE		20,000	0	0
AEGON NV	STOCK	007924608	556	20,000	SH		SOLE		20,000	0	0
ALEXANDRIA REAL ESTATE E	STOCK	015271703	1,000	40,000	SH		SOLE		40,000	0	0
AMERICAN FINANCIAL GROUP	STOCK	025932401	256	10,000	SH		SOLE		10,000	0	0
AMERICAN FINANCIAL GROUP	STOCK	025932500	495	20,000	SH		SOLE		20,000	0	0
ATLAS PIPELINE P	STOCK	049392103	1,318	34,500	SH		SOLE		34,500	0	0
AVIVA PLC	STOCK	05382A203	549	20,100	SH		SOLE		20,100	0	0
BANK OF NEW YORK MELLON	STOCK	064058209	473	20,000	SH		SOLE		20,000	0	0
BOARDWALK PIPELINE PART	STOCK	096627104	3,017	99,900	SH		SOLE		99,900	0	0
BUCKEYE PARTNERS LP	STOCK	118230101	2,245	32,000	SH		SOLE		32,000	0	0
CBL & ASSOCIATES PROP	STOCK	124830803	913	36,696	SH		SOLE		36,696	0	0
CALUMET SPECIALTY PRODUCT	STOCK	131476103	2,712	74,550	SH		SOLE		74,550	0	0
CITY NATIONAL CORP	STOCK	17800X202	467	20,000	SH		SOLE		20,000	0	0
COMMONWEALTH REIT	STOCK	203233507	1,673	80,565	SH		SOLE		80,565	0	0
COMMONWEALTH REIT	STOCK	203233705	221	10,000	SH		SOLE		10,000	0	0
CROSSTEX ENERGY LP	STOCK	22765U102	1,330	64,500	SH		SOLE		64,500	0	0
DDR 6.25 12/31/49	STOCK	23317H805	386	16,276	SH		SOLE		16,276	0	0
DTE ENERGY COMPANY	STOCK	233331701	239	10,000	SH		SOLE		10,000	0	0
DIGITAL REALTY TRUST INC	STOCK	253868707	1,024	40,000	SH		SOLE		40,000	0	0
DIGITAL REALTY TRUST INC	STOCK	253868806	500	20,000	SH		SOLE		20,000	0	0
DIGITAL REALTY TRUST PFD	STOCK	253868889	450	20,000	SH		SOLE		20,000	0	0
DUKE ENERGY CORP	STOCK	26441C303	491	20,000	SH		SOLE		20,000	0	0
EAGLE ROCK ENERGY PTN	STOCK	26985R104	1,890	240,187	SH		SOLE		240,187	0	0
ENBRIDGE ENERGY	STOCK	29250R106	2,558	83,900	SH		SOLE		83,900	0	0
ENERGY TRANSFER PARTNERS	STOCK	29273R109	3,639	72,000	SH		SOLE		72,000	0	0
ENTERGY NEW ORLEANS INC	STOCK	29364P509	452	20,000	SH		SOLE		20,000	0	0
ENTERGY LOUISIANA LLC	STOCK	29364W504	456	20,000	SH		SOLE		20,000	0	0
FIFTH STREET FINANCE COR	STOCK	31679B209	612	24,700	SH		SOLE		24,700	0	0
GENERAL ELEC CAP CORP	STOCK	369622428	240	10,000	SH		SOLE		10,000	0	0
HEALTH CARE REIT INC	STOCK	42217K700	1,018	40,000	SH		SOLE		40,000	0	0
HUDSON PACIFIC PROPERTIE	STOCK	444097208	529	20,000	SH		SOLE		20,000	0	0
JPM 5.45	STOCK	46637G124	238	10,000	SH		SOLE		10,000	0	0
KKR FINANCIAL HOLDINGS	STOCK	48248A405	832	30,000	SH		SOLE		30,000	0	0
KKR FINANCIAL HOLDINGS	STOCK	48248A504	266	10,000	SH		SOLE		10,000	0	0
KIM 5.625%	STOCK	49446R745	719	30,000	SH		SOLE		30,000	0	0
KIMCO REALTY CORP	STOCK	49446R778	1,872	78,200	SH		SOLE		78,200	0	0
KIMCO REALTY CORP	STOCK	49446R794	996	40,000	SH		SOLE		40,000	0	0
KIMCO REALTY CORP	STOCK	49446R828	256	10,000	SH		SOLE		10,000	0	0
KINDER MORGAN ENERGY	STOCK	494550106	3,523	41,250	SH		SOLE		41,250	0	0
NATL RETAIL PROPERTIES	STOCK	637417601	508	20,000	SH		SOLE		20,000	0	0
NEXTERA ENERGY CAPITAL	STOCK	65339K605	121	5,000	SH		SOLE		5,000	0	0
NEXTERA ENERGY CAPITAL	STOCK	65339K704	478	20,000	SH		SOLE		20,000	0	0
NEE 5%	STOCK	65339K886	339	15,000	SH		SOLE		15,000	0	0
PNC FINANCIAL SERVICES	STOCK	693475832	243	10,000	SH		SOLE		10,000	0	0
PNC FINANCIAL SERVICES	STOCK	693475857	255	9,500	SH		SOLE		9,500	0	0
PS BUSINESS PARKS 5.7	STOCK	69360J644	233	10,000	SH		SOLE		10,000	0	0
PS BUSINESS PARKS INC	STOCK	69360J685	1,345	54,900	SH		SOLE		54,900	0	0
PS BUSINESS PARKS INC	STOCK	69360J719	503	20,000	SH		SOLE		20,000	0	0
PITNEY BOWES INC	STOCK	724479506	253	10,000	SH		SOLE		10,000	0	0
PROTECTIVE LIFE CORP	STOCK	743674608	501	20,000	SH		SOLE		20,000	0	0
PUBLIC STORAGE	STOCK	74460D125	1,533	60,000	SH		SOLE		60,000	0	0
PUBLIC STORAGE	STOCK	74460D141	514	20,000	SH		SOLE		20,000	0	0
PUBLIC STORAGE	STOCK	74460W206	550	22,000	SH		SOLE		22,000	0	0
PUBLIC STORAGE	STOCK	74460W404	271	11,000	SH		SOLE		11,000	0	0
PUBLIC STORAGE	STOCK	74460W602	459	19,000	SH		SOLE		19,000	0	0
PUBLIC STORAGE	STOCK	74460W800	236	10,000	SH		SOLE		10,000	0	0
PUBLIC STORAGE	STOCK	74460W875	233	10,000	SH		SOLE		10,000	0	0
QWEST CORP	STOCK	74913G204	541	20,450	SH		SOLE		20,450	0	0
REGENCY CENTERS CORP	STOCK	758849707	1,323	52,000	SH		SOLE		52,000	0	0
REGENCY CENTERS CORP	STOCK	758849806	1,076	44,275	SH		SOLE		44,275	0	0
REGENCY ENERGY P	STOCK	75885Y107	2,158	80,000	SH		SOLE		80,000	0	0
SCE TRUST I	STOCK	78406T201	944	40,000	SH		SOLE		40,000	0	0
EIX 5.1	STOCK	78407R204	338	15,000	SH		SOLE		15,000	0	0
SENIOR HOUSING PROP TRUS	STOCK	81721M208	957	40,000	SH		SOLE		40,000	0	0
STANLEY BLACK & DECKER I	STOCK	854502705	978	40,000	SH		SOLE		40,000	0	0
STATE STREET CORP	STOCK	857477509	750	30,000	SH		SOLE		30,000	0	0
TC PIPELINES LP	STOCK	87233Q108	1,192	24,684	SH		SOLE		24,684	0	0
TARGA RESOURCES PARTNERS	STOCK	87611X105	2,270	45,000	SH		SOLE		45,000	0	0
TAUBMAN CENTERS INC	STOCK	876664608	1,005	40,462	SH		SOLE		40,462	0	0
TAUBMAN CENTERS PFD	STOCK	876664707	971	40,000	SH		SOLE		40,000	0	0
TELEPHONE & DATA SYSTEM	STOCK	879433795	240	10,000	SH		SOLE		10,000	0	0
US BANCORP	STOCK	902973817	178	6,500	SH		SOLE		6,500	0	0
US BANCORP	STOCK	902973833	281	10,000	SH		SOLE		10,000	0	0
US CELLULAR CORP	STOCK	911684405	486	19,200	SH		SOLE		19,200	0	0
VENTAS REALTY LP	STOCK	92276M204	236	10,000	SH		SOLE		10,000	0	0
VORNADO REALTY TRUST	STOCK	929042802	1,025	40,775	SH		SOLE		40,775	0	0
VORNADO REALTY TRUST	STOCK	929042844	448	20,000	SH		SOLE		20,000	0	0
VORNADO REALTY TRUST	STOCK	929042851	1,415	60,000	SH		SOLE		60,000	0	0
VORNADO REALTY TRUST	STOCK	929042869	516	20,000	SH		SOLE		20,000	0	0
VORNADO REALTY TRUST	STOCK	929042877	404	16,000	SH		SOLE		16,000	0	0
VORNADO REALTY LP	STOCK	929043602	1,088	41,159	SH		SOLE		41,159	0	0
WELLS FARGO & COMPANY	STOCK	949746747	936	40,000	SH		SOLE		40,000	0	0
WILLIAMS PARTNER	STOCK	96950F104	2,322	45,000	SH		SOLE		45,000	0	0