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
ACADIA RLTY TR COM SH BEN INT 004239109 3,349 134,862 SH   SOLE   134,862 0 0
AGREE REALTY CORP COM 008492100 982 33,840 SH   SOLE   33,840 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 18,832 399,143 SH   SOLE   399,143 0 0
ALEXANDERS INC COM 014752109 1,666 5,049 SH   SOLE   5,049 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 11,131 174,957 SH   SOLE   174,957 0 0
AMERICAN ASSETS TR INC COM 024013104 2,733 86,953 SH   SOLE   86,953 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 8,246 256,019 SH   SOLE   256,019 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 1,863 114,990 SH   SOLE   114,990 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 786 45,810 SH   SOLE   45,810 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 5,804 451,330 SH   SOLE   451,330 0 0
AMERICAN TOWER CORP NEW COM 03027X100 77,369 969,299 SH   SOLE   969,299 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 9,212 355,553 SH   SOLE   355,553 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 441 47,530 SH   SOLE   47,530 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 568 31,236 SH   SOLE   31,236 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,293 156,183 SH   SOLE   156,183 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 2,299 143,225 SH   SOLE   143,225 0 0
AVALONBAY CMNTYS INC COM 053484101 37,409 316,410 SH   SOLE   316,410 0 0
AVIV REIT INC MD COM 05381L101 605 25,510 SH   SOLE   25,510 0 0
BIOMED REALTY TRUST INC COM 09063H107 8,532 470,857 SH   SOLE   470,857 0 0
BOSTON PROPERTIES INC COM 101121101 37,207 370,695 SH   SOLE   370,695 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,442 386,249 SH   SOLE   386,249 0 0
BRE PROPERTIES INC CL A 05564E106 10,268 187,688 SH   SOLE   187,688 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 2,057 101,190 SH   SOLE   101,190 0 0
CALPINE CORP COM NEW 131347304 43,472 2,228,216 SH   SOLE   2,228,216 0 0
CAMDEN PPTY TR SH BEN INT 133131102 11,805 207,546 SH   SOLE   207,546 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 1,523 161,828 SH   SOLE   161,828 0 0
CBL & ASSOC PPTYS INC COM 124830100 7,466 415,687 SH   SOLE   415,687 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 1,147 183,285 SH   SOLE   183,285 0 0
CHAMBERS STR PPTYS COM 157842105 4,429 578,960 SH   SOLE   578,960 0 0
CHATHAM LODGING TR COM 16208T102 1,181 57,737 SH   SOLE   57,737 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 3,129 123,712 SH   SOLE   123,712 0 0
CIT GROUP INC COM NEW 125581801 2,828 54,250 SH   SOLE   54,250 0 0
COLE REAL ESTATE INVTS INC COM 19329V105 16,101 1,146,830 SH   SOLE   1,146,830 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 6,751 270,050 SH   SOLE   270,050 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 6,756 289,848 SH   SOLE   289,848 0 0
CORESITE RLTY CORP COM 21870Q105 1,695 52,653 SH   SOLE   52,653 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 4,771 201,393 SH   SOLE   201,393 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 8,717 271,810 SH   SOLE   271,810 0 0
COTY INC COM CL A 222070203 519 34,049 SH   SOLE   34,049 0 0
COUSINS PPTYS INC COM 222795106 4,487 435,676 SH   SOLE   435,676 0 0
CUBESMART COM 229663109 5,366 336,620 SH   SOLE   336,620 0 0
CYRUSONE INC COM 23283R100 990 44,330 SH   SOLE   44,330 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 5,518 773,940 SH   SOLE   773,940 0 0
DDR CORP COM 23317H102 11,501 748,278 SH   SOLE   748,278 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 5,539 479,587 SH   SOLE   479,587 0 0
DIGITAL RLTY TR INC COM 253868103 15,411 313,752 SH   SOLE   313,752 0 0
DOUGLAS EMMETT INC COM 25960P109 7,606 326,594 SH   SOLE   326,594 0 0
DUKE REALTY CORP COM NEW 264411505 11,967 795,686 SH   SOLE   795,686 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 3,981 161,116 SH   SOLE   161,116 0 0
EASTGROUP PPTY INC COM 277276101 4,290 74,049 SH   SOLE   74,049 0 0
EDUCATION RLTY TR INC COM 28140H104 2,481 281,251 SH   SOLE   281,251 0 0
EMPIRE ST RLTY TR INC CL A 292104106 2,817 184,140 SH   SOLE   184,140 0 0
EPR PPTYS COM SH BEN INT 26884U109 6,125 124,602 SH   SOLE   124,602 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 6,648 183,486 SH   SOLE   183,486 0 0
EQUITY ONE COM 294752100 3,230 143,936 SH   SOLE   143,936 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 45,205 871,504 SH   SOLE   871,504 0 0
ESSEX PPTY TR INC COM 297178105 13,319 92,809 SH   SOLE   92,809 0 0
EVERBANK FINL CORP COM 29977G102 5,182 282,527 SH   SOLE   282,527 0 0
EXCEL TR INC COM 30068C109 1,270 111,535 SH   SOLE   111,535 0 0
EXTRA SPACE STORAGE INC COM 30225T102 11,797 280,022 SH   SOLE   280,022 0 0
FEDERAL MOGUL CORP COM 313549404 41,683 2,118,016 SH   SOLE   2,118,016 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 16,270 160,436 SH   SOLE   160,436 0 0
FELCOR LODGING TR INC COM 31430F101 2,454 300,775 SH   SOLE   300,775 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 4,780 273,923 SH   SOLE   273,923 0 0
FIRST POTOMAC RLTY TR COM 33610F109 1,680 144,421 SH   SOLE   144,421 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 2,597 217,299 SH   SOLE   217,299 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 25,494 1,270,239 SH   SOLE   1,270,239 0 0
GENERAL MTRS CO COM 37045V100 498 12,175 SH   SOLE   12,175 0 0
GEO GROUP INC COM 36159R103 5,447 169,050 SH   SOLE   169,050 0 0
GETTY RLTY CORP NEW COM 374297109 1,167 63,548 SH   SOLE   63,548 0 0
GLADSTONE COML CORP COM 376536108 611 34,020 SH   SOLE   34,020 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 3,374 360,422 SH   SOLE   360,422 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 3,388 136,327 SH   SOLE   136,327 0 0
GRAMERCY PPTY TR INC COM 38489R100 734 127,720 SH   SOLE   127,720 0 0
HCP INC COM 40414L109 40,218 1,107,319 SH   SOLE   1,107,319 0 0
HEALTH CARE REIT INC COM 42217K106 37,249 695,326 SH   SOLE   695,326 0 0
HEALTHCARE RLTY TR COM 421946104 5,066 237,712 SH   SOLE   237,712 0 0
HEALTHCARE TR AMER INC CL A 42225P105 5,702 579,520 SH   SOLE   579,520 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 2,377 426,743 SH   SOLE   426,743 0 0
HIGHWOODS PPTYS INC COM 431284108 7,953 219,889 SH   SOLE   219,889 0 0
HOME PROPERTIES INC COM 437306103 7,518 140,210 SH   SOLE   140,210 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 9,916 366,850 SH   SOLE   366,850 0 0
HOST HOTELS & RESORTS INC COM 44107P104 35,437 1,822,914 SH   SOLE   1,822,914 0 0
HUDSON PAC PPTYS INC COM 444097109 2,325 106,312 SH   SOLE   106,312 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 2,273 216,059 SH   SOLE   216,059 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 2,201 256,491 SH   SOLE   256,491 0 0
ISHARES U.S. REAL ES ETF 464287739 94,635 1,500,000 SH   SOLE   1,500,000 0 0
KILROY RLTY CORP COM 49427F108 10,091 201,093 SH   SOLE   201,093 0 0
KIMCO RLTY CORP COM 49446R109 19,618 993,333 SH   SOLE   993,333 0 0
KITE RLTY GROUP TR COM 49803T102 2,112 321,483 SH   SOLE   321,483 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 7,852 254,432 SH   SOLE   254,432 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 13,903 419,142 SH   SOLE   419,142 0 0
LEXINGTON REALTY TRUST COM 529043101 5,553 543,895 SH   SOLE   543,895 0 0
LIBERTY PPTY TR SH BEN INT 531172104 12,034 355,290 SH   SOLE   355,290 0 0
LTC PPTYS INC COM 502175102 3,002 84,816 SH   SOLE   84,816 0 0
MACERICH CO COM 554382101 20,249 343,852 SH   SOLE   343,852 0 0
MACK CALI RLTY CORP COM 554489104 4,663 217,063 SH   SOLE   217,063 0 0
MARKEL CORP COM 570535104 18,916 32,594 SH   SOLE   32,594 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 4,831 395,297 SH   SOLE   395,297 0 0
MID-AMER APT CMNTYS INC COM 59522J103 11,037 181,705 SH   SOLE   181,705 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 936 102,977 SH   SOLE   102,977 0 0
NATIONAL HEALTH INVS INC COM 63633D104 4,056 72,294 SH   SOLE   72,294 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 8,996 296,600 SH   SOLE   296,600 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 1,366 89,850 SH   SOLE   89,850 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 8,918 299,263 SH   SOLE   299,263 0 0
ONE LIBERTY PPTYS INC COM 682406103 631 31,357 SH   SOLE   31,357 0 0
PARKWAY PPTYS INC COM 70159Q104 2,570 133,229 SH   SOLE   133,229 0 0
PARTNERRE LTD COM G6852T105 21,773 206,518 SH   SOLE   206,518 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 5,930 7,500,000 SH   SOLE   7,500,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 4,732 153,837 SH   SOLE   153,837 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 3,075 162,035 SH   SOLE   162,035 0 0
PHYSICIANS RLTY TR COM 71943U104 611 47,950 SH   SOLE   47,950 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 6,771 409,892 SH   SOLE   409,892 0 0
PLUM CREEK TIMBER CO INC COM 729251108 20,100 432,157 SH   SOLE   432,157 0 0
POST PPTYS INC COM 737464107 6,027 133,253 SH   SOLE   133,253 0 0
POTLATCH CORP NEW COM 737630103 3,850 92,248 SH   SOLE   92,248 0 0
PROLOGIS INC COM 74340W103 45,014 1,218,251 SH   SOLE   1,218,251 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 3,784 49,510 SH   SOLE   49,510 0 0
PUBLIC STORAGE COM 74460D109 52,610 349,519 SH   SOLE   349,519 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 2,362 150,090 SH   SOLE   150,090 0 0
RAYONIER INC COM 754907103 12,976 308,209 SH   SOLE   308,209 0 0
REALTY INCOME CORP COM 756109104 18,676 500,294 SH   SOLE   500,294 0 0
REGENCY CTRS CORP COM 758849103 10,406 224,748 SH   SOLE   224,748 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 2,628 178,566 SH   SOLE   178,566 0 0
RETAIL PPTYS AMER INC CL A 76131V202 5,956 468,255 SH   SOLE   468,255 0 0
REXFORD INDL RLTY INC COM 76169C100 525 39,760 SH   SOLE   39,760 0 0
RLJ LODGING TR COM 74965L101 7,317 300,884 SH   SOLE   300,884 0 0
ROUSE PPTYS INC COM 779287101 1,179 53,113 SH   SOLE   53,113 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 4,910 117,520 SH   SOLE   117,520 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,404 91,983 SH   SOLE   91,983 0 0
SAUL CTRS INC COM 804395101 1,562 32,736 SH   SOLE   32,736 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 1,830 68,430 SH   SOLE   68,430 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 10,231 460,237 SH   SOLE   460,237 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 1,499 93,740 SH   SOLE   93,740 0 0
SIMON PPTY GROUP INC NEW COM 828806109 114,214 750,616 SH   SOLE   750,616 0 0
SL GREEN RLTY CORP COM 78440X101 21,455 232,245 SH   SOLE   232,245 0 0
SOVRAN SELF STORAGE INC COM 84610H108 5,129 78,699 SH   SOLE   78,699 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 8,536 868,341 SH   SOLE   868,341 0 0
STAG INDL INC COM 85254J102 2,140 104,960 SH   SOLE   104,960 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 3,942 417,139 SH   SOLE   417,139 0 0
SUMMIT HOTEL PPTYS COM 866082100 1,796 199,598 SH   SOLE   199,598 0 0
SUN CMNTYS INC COM 866674104 3,659 85,816 SH   SOLE   85,816 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 5,991 447,056 SH   SOLE   447,056 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 7,321 228,624 SH   SOLE   228,624 0 0
TAUBMAN CTRS INC COM 876664103 9,921 155,209 SH   SOLE   155,209 0 0
TERRENO RLTY CORP COM 88146M101 1,047 59,134 SH   SOLE   59,134 0 0
TIME WARNER CABLE INC COM 88732J207 27,769 204,939 SH   SOLE   204,939 0 0
TRONOX LTD SHS CL A Q9235V101 5,737 248,690 SH   SOLE   248,690 0 0
U M H PROPERTIES INC COM 903002103 299 31,724 SH   SOLE   31,724 0 0
UDR INC COM 902653104 14,303 612,561 SH   SOLE   612,561 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 1,274 31,798 SH   SOLE   31,798 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 1,085 58,833 SH   SOLE   58,833 0 0
VENTAS INC COM 92276F100 41,192 719,138 SH   SOLE   719,138 0 0
VORNADO RLTY TR SH BEN INT 929042109 36,379 409,723 SH   SOLE   409,723 0 0
W P CAREY INC COM 92936U109 8,682 141,520 SH   SOLE   141,520 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 3,836 164,207 SH   SOLE   164,207 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 7,305 266,400 SH   SOLE   266,400 0 0
WEYERHAEUSER CO COM 962166104 44,956 1,423,998 SH   SOLE   1,423,998 0 0
WHITESTONE REIT COM 966084204 614 45,930 SH   SOLE   45,930 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 887 80,257 SH   SOLE   80,257 0 0