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
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
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 6,470 8,000,000 SH   SOLE   8,000,000 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 3,527 133,682 SH   SOLE   133,682 0 0
AGREE REALTY CORP COM 008492100 1,029 33,840 SH   SOLE   33,840 0 0
AMERICAN ASSETS TR INC COM 024013104 2,852 84,533 SH   SOLE   84,533 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 9,495 254,209 SH   SOLE   254,209 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,366 321,130 SH   SOLE   321,130 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 824 45,810 SH   SOLE   45,810 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 25,413 1,812,637 SH   SOLE   1,812,637 0 0
AMERICAN TOWER CORP NEW COM 03027X100 78,419 957,849 SH   SOLE   957,849 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 10,588 350,363 SH   SOLE   350,363 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 477 47,530 SH   SOLE   47,530 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 620 40,976 SH   SOLE   40,976 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,694 150,323 SH   SOLE   150,323 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 2,353 138,915 SH   SOLE   138,915 0 0
AVALONBAY CMNTYS INC COM 053484101 41,003 312,240 SH   SOLE   312,240 0 0
AVIV REIT INC MD COM 05381L101 624 25,510 SH   SOLE   25,510 0 0
BIOMED REALTY TRUST INC COM 09063H107 9,577 467,397 SH   SOLE   467,397 0 0
BOSTON PROPERTIES INC COM 101121101 41,976 366,505 SH   SOLE   366,505 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,454 377,179 SH   SOLE   377,179 0 0
BRE PROPERTIES INC CL A 05564E106 11,662 185,758 SH   SOLE   185,758 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 2,158 101,190 SH   SOLE   101,190 0 0
CAMDEN PPTY TR SH BEN INT 133131102 13,835 205,456 SH   SOLE   205,456 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 1,357 156,348 SH   SOLE   156,348 0 0
CBL & ASSOC PPTYS INC COM 124830100 7,270 409,597 SH   SOLE   409,597 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 1,166 190,845 SH   SOLE   190,845 0 0
CHAMBERS STR PPTYS COM 157842105 4,469 575,100 SH   SOLE   575,100 0 0
CHATHAM LODGING TR COM 16208T102 1,276 63,127 SH   SOLE   63,127 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 3,158 122,752 SH   SOLE   122,752 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 8,204 301,070 SH   SOLE   301,070 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 7,459 283,628 SH   SOLE   283,628 0 0
CORESITE RLTY CORP COM 21870Q105 1,632 52,653 SH   SOLE   52,653 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 5,321 199,743 SH   SOLE   199,743 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 8,335 266,110 SH   SOLE   266,110 0 0
COUSINS PPTYS INC COM 222795106 4,920 428,916 SH   SOLE   428,916 0 0
CROWN CASTLE INTL CORP COM 228227104 59,494 806,370 SH   SOLE   806,370 0 0
CUBESMART COM 229663109 5,807 338,420 SH   SOLE   338,420 0 0
CYRUSONE INC COM 23283R100 923 44,330 SH   SOLE   44,330 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 6,062 769,310 SH   SOLE   769,310 0 0
DDR CORP COM 23317H102 12,186 739,428 SH   SOLE   739,428 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 5,575 474,497 SH   SOLE   474,497 0 0
DIGITAL RLTY TR INC COM 253868103 16,507 310,982 SH   SOLE   310,982 0 0
DOUGLAS EMMETT INC COM 25960P109 8,652 318,784 SH   SOLE   318,784 0 0
DUKE REALTY CORP COM NEW 264411505 13,288 787,186 SH   SOLE   787,186 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 3,799 157,836 SH   SOLE   157,836 0 0
EASTGROUP PPTY INC COM 277276101 4,704 74,769 SH   SOLE   74,769 0 0
EDUCATION RLTY TR INC COM 28140H104 2,744 278,001 SH   SOLE   278,001 0 0
EMPIRE ST RLTY TR INC CL A 292104106 2,782 184,140 SH   SOLE   184,140 0 0
EPR PPTYS COM SH BEN INT 26884U109 6,741 126,262 SH   SOLE   126,262 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 7,439 183,006 SH   SOLE   183,006 0 0
EQUITY ONE COM 294752100 3,214 143,846 SH   SOLE   143,846 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 49,902 860,534 SH   SOLE   860,534 0 0
ESSEX PPTY TR INC COM 297178105 15,864 93,289 SH   SOLE   93,289 0 0
EXCEL TR INC COM 30068C109 1,414 111,535 SH   SOLE   111,535 0 0
EXTRA SPACE STORAGE INC COM 30225T102 12,740 262,632 SH   SOLE   262,632 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 18,584 161,996 SH   SOLE   161,996 0 0
FELCOR LODGING TR INC COM 31430F101 2,719 300,775 SH   SOLE   300,775 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 5,167 267,453 SH   SOLE   267,453 0 0
FIRST POTOMAC RLTY TR COM 33610F109 1,810 140,121 SH   SOLE   140,121 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 2,684 212,979 SH   SOLE   212,979 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 26,756 1,216,169 SH   SOLE   1,216,169 0 0
GEO GROUP INC COM 36159R103 5,418 168,060 SH   SOLE   168,060 0 0
GETTY RLTY CORP NEW COM 374297109 1,201 63,598 SH   SOLE   63,598 0 0
GLADSTONE COML CORP COM 376536108 590 34,020 SH   SOLE   34,020 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 3,533 352,282 SH   SOLE   352,282 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 3,270 129,747 SH   SOLE   129,747 0 0
GRAMERCY PPTY TR INC COM 38489R100 719 139,420 SH   SOLE   139,420 0 0
HCP INC COM 40414L109 42,359 1,092,009 SH   SOLE   1,092,009 0 0
HEALTH CARE REIT INC COM 42217K106 41,725 700,079 SH   SOLE   700,079 0 0
HEALTHCARE RLTY TR COM 421946104 5,623 232,832 SH   SOLE   232,832 0 0
HEALTHCARE TR AMER INC CL A 42225P105 6,558 575,780 SH   SOLE   575,780 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 2,435 417,633 SH   SOLE   417,633 0 0
HIGHWOODS PPTYS INC COM 431284108 8,357 217,569 SH   SOLE   217,569 0 0
HOME PROPERTIES INC COM 437306103 8,204 136,460 SH   SOLE   136,460 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 10,291 358,310 SH   SOLE   358,310 0 0
HOST HOTELS & RESORTS INC COM 44107P104 36,367 1,796,784 SH   SOLE   1,796,784 0 0
HUDSON PAC PPTYS INC COM 444097109 3,059 132,582 SH   SOLE   132,582 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 2,116 200,569 SH   SOLE   200,569 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 2,254 251,031 SH   SOLE   251,031 0 0
ISHARES U.S. REAL ES ETF 464287739 101,505 1,500,000 SH   SOLE   1,500,000 0 0
KILROY RLTY CORP COM 49427F108 11,669 199,203 SH   SOLE   199,203 0 0
KIMCO RLTY CORP COM 49446R109 21,446 980,153 SH   SOLE   980,153 0 0
KITE RLTY GROUP TR COM 49803T102 1,872 311,933 SH   SOLE   311,933 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 7,915 252,802 SH   SOLE   252,802 0 0
LEXINGTON REALTY TRUST COM 529043101 6,011 551,005 SH   SOLE   551,005 0 0
LIBERTY PPTY TR SH BEN INT 531172104 13,019 352,240 SH   SOLE   352,240 0 0
LTC PPTYS INC COM 502175102 3,168 84,176 SH   SOLE   84,176 0 0
MACERICH CO COM 554382101 21,171 339,652 SH   SOLE   339,652 0 0
MACK CALI RLTY CORP COM 554489104 4,337 208,613 SH   SOLE   208,613 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 5,021 392,567 SH   SOLE   392,567 0 0
MID-AMER APT CMNTYS INC COM 59522J103 12,311 180,325 SH   SOLE   180,325 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 908 95,137 SH   SOLE   95,137 0 0
NATIONAL HEALTH INVS INC COM 63633D104 4,273 70,674 SH   SOLE   70,674 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 10,063 293,210 SH   SOLE   293,210 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 10,010 298,633 SH   SOLE   298,633 0 0
ONE LIBERTY PPTYS INC COM 682406103 610 28,607 SH   SOLE   28,607 0 0
PARKWAY PPTYS INC COM 70159Q104 3,120 170,969 SH   SOLE   170,969 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 5,261 155,777 SH   SOLE   155,777 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 2,873 159,145 SH   SOLE   159,145 0 0
PHYSICIANS RLTY TR COM 71943U104 667 47,950 SH   SOLE   47,950 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 6,334 369,322 SH   SOLE   369,322 0 0
PLUM CREEK TIMBER CO INC COM 729251108 17,965 427,327 SH   SOLE   427,327 0 0
POST PPTYS INC COM 737464107 6,424 130,833 SH   SOLE   130,833 0 0
POTLATCH CORP NEW COM 737630103 3,508 90,658 SH   SOLE   90,658 0 0
PROLOGIS INC COM 74340W103 49,141 1,203,551 SH   SOLE   1,203,551 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 4,070 48,670 SH   SOLE   48,670 0 0
PUBLIC STORAGE COM 74460D109 58,206 345,459 SH   SOLE   345,459 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 2,599 159,440 SH   SOLE   159,440 0 0
RAYONIER INC COM 754907103 14,023 305,439 SH   SOLE   305,439 0 0
REALTY INCOME CORP COM 756109104 20,499 501,694 SH   SOLE   501,694 0 0
REGENCY CTRS CORP COM 758849103 11,268 220,678 SH   SOLE   220,678 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 2,571 172,106 SH   SOLE   172,106 0 0
RETAIL PPTYS AMER INC CL A 76131V202 6,058 447,385 SH   SOLE   447,385 0 0
REXFORD INDL RLTY INC COM 76169C100 564 39,760 SH   SOLE   39,760 0 0
RLJ LODGING TR COM 74965L101 7,985 298,624 SH   SOLE   298,624 0 0
ROUSE PPTYS INC COM 779287101 1,516 87,913 SH   SOLE   87,913 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 4,966 116,800 SH   SOLE   116,800 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,565 91,983 SH   SOLE   91,983 0 0
SAUL CTRS INC COM 804395101 1,446 30,526 SH   SOLE   30,526 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 1,956 64,630 SH   SOLE   64,630 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 10,172 452,687 SH   SOLE   452,687 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 1,429 92,060 SH   SOLE   92,060 0 0
SIMON PPTY GROUP INC NEW COM 828806109 124,351 758,236 SH   SOLE   758,236 0 0
SL GREEN RLTY CORP COM 78440X101 23,011 228,695 SH   SOLE   228,695 0 0
SOVRAN SELF STORAGE INC COM 84610H108 5,715 77,809 SH   SOLE   77,809 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 9,485 863,871 SH   SOLE   863,871 0 0
STAG INDL INC COM 85254J102 2,595 107,690 SH   SOLE   107,690 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 2,735 95,000 SH   SOLE   95,000 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 4,157 407,969 SH   SOLE   407,969 0 0
SUMMIT HOTEL PPTYS COM 866082100 1,852 199,598 SH   SOLE   199,598 0 0
SUN CMNTYS INC COM 866674104 4,216 93,496 SH   SOLE   93,496 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 6,102 444,456 SH   SOLE   444,456 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 7,995 228,434 SH   SOLE   228,434 0 0
TAUBMAN CTRS INC COM 876664103 10,841 153,149 SH   SOLE   153,149 0 0
TERRENO RLTY CORP COM 88146M101 1,118 59,134 SH   SOLE   59,134 0 0
U M H PROPERTIES INC COM 903002103 310 31,724 SH   SOLE   31,724 0 0
UDR INC COM 902653104 15,652 605,961 SH   SOLE   605,961 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 1,295 30,658 SH   SOLE   30,658 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 1,215 58,833 SH   SOLE   58,833 0 0
VENTAS INC COM 92276F100 43,048 710,718 SH   SOLE   710,718 0 0
VORNADO RLTY TR SH BEN INT 929042109 39,802 403,833 SH   SOLE   403,833 0 0
W P CAREY INC COM 92936U109 12,279 204,410 SH   SOLE   204,410 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 3,820 159,977 SH   SOLE   159,977 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 7,933 264,440 SH   SOLE   264,440 0 0
WEYERHAEUSER CO COM 962166104 41,270 1,406,138 SH   SOLE   1,406,138 0 0
WHITESTONE REIT COM 966084204 735 50,900 SH   SOLE   50,900 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 930 80,257 SH   SOLE   80,257 0 0
ALEXANDERS INC COM 014752109 1,823 5,049 SH   SOLE   5,049 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 12,494 172,187 SH   SOLE   172,187 0 0
CIT GROUP INC COM NEW 125581801 2,659 54,250 SH   SOLE   54,250 0 0
CALPINE CORP COM NEW 131347304 46,592 2,228,216 SH   SOLE   2,228,216 0 0
COTY INC COM CL A 222070203 1,285 85,796 SH   SOLE   85,796 0 0
FEDERAL MOGUL CORP COM 313549404 39,628 2,118,016 SH   SOLE   2,118,016 0 0
MARKEL CORP COM 570535104 19,429 32,594 SH   SOLE   32,594 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 23,234 399,143 SH   SOLE   399,143 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 10,784 294,650 SH   SOLE   294,650 0 0
BOISE CASCADE CO DEL COM 09739D100 1,361 47,538 SH   SOLE   47,538 0 0
EVERBANK FINL CORP COM 29977G102 5,574 282,527 SH   SOLE   282,527 0 0
GENERAL MTRS CO COM 37045V100 419 12,175 SH   SOLE   12,175 0 0
GRACE W R & CO DEL NEW COM 38388F108 8,214 82,824 SH   SOLE   82,824 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 16,405 419,142 SH   SOLE   419,142 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 1,543 89,850 SH   SOLE   89,850 0 0
TIME WARNER CABLE INC COM 88732J207 28,114 204,939 SH   SOLE   204,939 0 0
PARTNERRE LTD COM G6852T105 21,375 206,518 SH   SOLE   206,518 0 0
TRONOX LTD SHS CL A Q9235V101 5,911 248,690 SH   SOLE   248,690 0 0
RSP PERMIAN INC COM 74978Q105 312,492 10,816,626 SH   SOLE   10,816,626 0 0
TRIANGLE PETE CORP COM NEW 89600B201 93,524 11,350,000 SH   SOLE   11,350,000 0 0