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
ABERCROMBIE & FITCH CO CL A CL A 2896207 238 7,543 SH   SOLE   7,543 0 0
ALEXANDRIA REAL ESTATE EQ IN COM COM 15271109 3,103 34,137 SH   SOLE   34,137 0 0
AMERICAN EAGLE OUTFITTERS NE COM COM 02553E106 203 12,179 SH   SOLE   12,179 0 0
AMERICAN FINL GROUP INC OHIO COM COM 25932104 361 5,130 SH   SOLE   5,130 0 0
AMERICAN CAMPUS CMNTYS INC COM COM 24835100 1,530 32,498 SH   SOLE   32,498 0 0
APARTMENT INVT & MGMT CO CL A CL A 03748R101 2,516 60,156 SH   SOLE   60,156 0 0
ARCTIC CAT INC COM COM 39670104 166 9,883 SH   SOLE   9,883 0 0
ARES CAP CORP COM COM 04010L103 22,345 1,505,750 SH   SOLE   1,505,750 0 0
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 44103109 826 129,348 SH   SOLE   129,348 0 0
AVALONBAY CMNTYS INC COM TYS INC COM 53484101 5,870 30,858 SH   SOLE   30,858 0 0
BOSTON PROPERTIES INC COM COM 101121101 7,248 57,035 SH   SOLE   57,035 0 0
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 1,240 88,374 SH   SOLE   88,374 0 0
BRIXMOR PPTY GROUP INC COM COM 11120U105 2,397 93,544 SH   SOLE   93,544 0 0
BRUNSWICK CORP COM COM 117043109 381 7,946 SH   SOLE   7,946 0 0
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 24,452 290,790 SH   SOLE   290,790 0 0
CAPELLA EDUCATION COMPANY COM COMPANY COM 139594105 282 5,354 SH   SOLE   5,354 0 0
CARE CAP PPTYS INC COM COM 141624106 823 30,653 SH   SOLE   30,653 0 0
CBL & ASSOC PPTYS INC COM COM 124830100 1,472 123,687 SH   SOLE   123,687 0 0
CHART INDS INC COM PAR $0.01 COM PAR $0.01 16115Q308 371 17,067 SH   SOLE   17,067 0 0
CISCO SYS INC COM COM 17275R102 22,277 782,500 SH   SOLE   782,500 0 0
COLUMBIA PPTY TR INC COM NEW COM NEW 198287203 1,224 55,651 SH   SOLE   55,651 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 1,122 42,769 SH   SOLE   42,769 0 0
CULLEN FROST BANKERS INC COM COM 229899109 21,231 385,250 SH   SOLE   385,250 0 0
DDR CORP COM COM 23317H102 1,917 107,744 SH   SOLE   107,744 0 0
DEL FRISCOS RESTAURANT GROUP COM COM 245077102 584 35,242 SH   SOLE   35,242 0 0
DIGITAL RLTY TR INC COM COM 253868103 4,524 51,122 SH   SOLE   51,122 0 0
DOUGLAS EMMETT INC COM COM 25960P109 2,872 95,356 SH   SOLE   95,356 0 0
DUKE REALTY CORP COM NEW COM NEW 264411505 2,732 121,218 SH   SOLE   121,218 0 0
EASTGROUP PPTY INC COM COM 277276101 1,006 16,668 SH   SOLE   16,668 0 0
ENTRAVISION COMMUNICATIONS C CL A CL A 29382R107 338 45,394 SH   SOLE   45,394 0 0
EPR PPTYS COM SH BEN INT SH BEN INT 26884U109 1,443 21,659 SH   SOLE   21,659 0 0
EQUITY COMWLTH COM SH BEN INT SH BEN INT 294628102 2,601 92,173 SH   SOLE   92,173 0 0
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 1,652 22,719 SH   SOLE   22,719 0 0
EQUITY ONE COM COM 294752100 998 34,818 SH   SOLE   34,818 0 0
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 10,435 139,081 SH   SOLE   139,081 0 0
ESSEX PPTY TR INC COM COM 297178105 2,926 12,515 SH   SOLE   12,515 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B UNIT 99/99/9999B 30224P200 1,124 68,959 SH   SOLE   68,959 0 0
EXTRA SPACE STORAGE INC COM COM 30225T102 3,460 37,014 SH   SOLE   37,014 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 2,075 13,293 SH   SOLE   13,293 0 0
FELCOR LODGING TR INC COM COM 31430F101 678 83,451 SH   SOLE   83,451 0 0
FINISH LINE INC CL A CL A 317923100 209 9,918 SH   SOLE   9,918 0 0
FIRST SOLAR INC COM COM 336433107 353 5,155 SH   SOLE   5,155 0 0
FOREST CITY RLTY TR INC COM CL A ADDED CL A ADDED 345605109 1,487 70,536 SH   SOLE   70,536 0 0
GENERAL GROWTH PPTYS INC NEW COM COM 370023103 7,454 250,716 SH   SOLE   250,716 0 0
GENERAL MTRS CO COM COM 37045V100 22,259 708,200 SH   SOLE   708,200 0 0
GNC HLDGS INC COM CL A CL A 36191G107 255 8,018 SH   SOLE   8,018 0 0
HANCOCK HLDG CO COM COM 410120109 10,849 472,510 SH   SOLE   472,510 0 0
HCP INC COM COM 40414L109 5,172 158,746 SH   SOLE   158,746 0 0
HEALTHCARE RLTY TR COM COM 421946104 1,117 36,177 SH   SOLE   36,177 0 0
HEALTHCARE TR AMER INC CL A NEW CL A NEW 42225P501 2,427 82,508 SH   SOLE   82,508 0 0
HIGHWOODS PPTYS INC COM COM 431284108 1,645 34,400 SH   SOLE   34,400 0 0
HOST HOTELS & RESORTS INC COM COM 44107P104 730 43,686 SH   SOLE   43,686 0 0
INTERNATIONAL BUSINESS MACHS COM COM 459200101 23,611 155,900 SH   SOLE   155,900 0 0
INGRAM MICRO INC CL A CL A 457153104 166 4,612 SH   SOLE   4,612 0 0
INTEL CORP COM COM 458140100 1,106 34,200 SH   SOLE   34,200 0 0
JABIL CIRCUIT INC COM COM 466313103 354 18,395 SH   SOLE   18,395 0 0
JOHNSON & JOHNSON COM COM 478160104 1,244 11,500 SH   SOLE   11,500 0 0
KAISER ALUMINUM CORP COM PAR $0.01 COM PAR $0.01 483007704 252 2,978 SH   SOLE   2,978 0 0
KILROY RLTY CORP COM COM 49427F108 984 15,906 SH   SOLE   15,906 0 0
KIMCO RLTY CORP COM COM 49446R109 4,389 152,486 SH   SOLE   152,486 0 0
KIRBY CORP COM COM 497266106 145 2,398 SH   SOLE   2,398 0 0
KKR & CO L P DEL COM UNITS COM UNITS 48248M102 11,867 807,850 SH   SOLE   807,850 0 0
KRONOS WORLDWIDE INC COM COM 50105F105 598 104,492 SH   SOLE   104,492 0 0
LASALLE HOTEL PPTYS COM SH BEN INT SH BEN INT 517942108 11,896 470,056 SH   SOLE   470,056 0 0
LEXINGTON REALTY TRUST COM COM 529043101 1,097 127,558 SH   SOLE   127,558 0 0
LEXMARK INTL INC CL A CL A 529771107 13,003 388,968 SH   SOLE   388,968 0 0
LHC GROUP INC COM COM 50187A107 472 13,261 SH   SOLE   13,261 0 0
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 2,057 61,453 SH   SOLE   61,453 0 0
LUXFER HLDGS PLC SPONSORED ADR SPONSORED ADR 550678106 293 27,600 SH   SOLE   27,600 0 0
MACERICH CO COM COM 554382101 3,230 40,755 SH   SOLE   40,755 0 0
MACK CALI RLTY CORP COM COM 554489104 2,096 89,214 SH   SOLE   89,214 0 0
MATTEL INC COM COM 577081102 24,384 725,287 SH   SOLE   725,287 0 0
MAXIM INTEGRATED PRODS INC COM COM 57772K101 12,441 338,250 SH   SOLE   338,250 0 0
MERCK & CO INC NEW COM COM 58933Y105 22,907 432,950 SH   SOLE   432,950 0 0
MID-AMER APT CMNTYS INC COM COM 59522J103 2,458 24,044 SH   SOLE   24,044 0 0
MRC GLOBAL INC COM COM 55345K103 111 8,485 SH   SOLE   8,485 0 0
NATIONAL RETAIL PPTYS INC COM COM 637417106 2,868 62,079 SH   SOLE   62,079 0 0
NATIONAL OILWELL VARCO INC COM COM 637071101 22,434 721,350 SH   SOLE   721,350 0 0
NEW YORK CMNTY BANCORP INC COM COM 649445103 23,390 1,471,063 SH   SOLE   1,471,063 0 0
OMEGA HEALTHCARE INVS INC COM COM 681936100 1,453 41,183 SH   SOLE   41,183 0 0
PARAMOUNT GROUP INC COM COM 69924R108 761 47,687 SH   SOLE   47,687 0 0
PBF ENERGY INC CL A CL A 69318G106 23,514 708,279 SH   SOLE   708,279 0 0
PHILIP MORRIS INTL INC COM COM 718172109 21,888 223,100 SH   SOLE   223,100 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 1,763 86,807 SH   SOLE   86,807 0 0
PLEXUS CORP COM COM 729132100 139 3,509 SH   SOLE   3,509 0 0
POSCO SPONSORED ADR SPONSORED ADR 693483109 22,782 481,350 SH   SOLE   481,350 0 0
POST PPTYS INC COM COM 737464107 848 14,188 SH   SOLE   14,188 0 0
POTASH CORP SASK INC COM COM 73755L107 21,088 1,239,050 SH   SOLE   1,239,050 0 0
PROCTER & GAMBLE CO COM COM 742718109 22,993 279,350 SH   SOLE   279,350 0 0
PROLOGIS INC COM COM 74340W103 6,506 147,256 SH   SOLE   147,256 0 0
PS BUSINESS PKS INC CALIF COM COM 69360J107 1,340 13,332 SH   SOLE   13,332 0 0
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 22,335 473,804 SH   SOLE   473,804 0 0
PUBLIC STORAGE COM COM 74460D109 10,515 38,120 SH   SOLE   38,120 0 0
QUALCOMM INC COM COM 747525103 23,693 463,300 SH   SOLE   463,300 0 0
REALTY INCOME CORP COM COM 756109104 3,251 52,005 SH   SOLE   52,005 0 0
REDWOOD TR INC COM COM 758075402 12,122 926,750 SH   SOLE   926,750 0 0
REGENCY CTRS CORP COM COM 758849103 2,981 39,832 SH   SOLE   39,832 0 0
RETAIL PPTYS AMER INC CL A CL A 76131V202 13,987 882,493 SH   SOLE   882,493 0 0
RLJ LODGING TR COM COM 74965L101 1,013 44,260 SH   SOLE   44,260 0 0
SANDERSON FARMS INC COM COM 800013104 87 962 SH   SOLE   962 0 0
SELECT COMFORT CORP COM COMFORT CORP COM 81616X103 627 32,323 SH   SOLE   32,323 0 0
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 1,811 101,249 SH   SOLE   101,249 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 18,084 87,073 SH   SOLE   87,073 0 0
SL GREEN RLTY CORP COM COM 78440X101 2,121 21,890 SH   SOLE   21,890 0 0
SPECTRA ENERGY CORP COM COM 847560109 1,580 51,627 SH   SOLE   51,627 0 0
SPIRIT RLTY CAP INC NEW COM COM 84860W102 1,918 170,514 SH   SOLE   170,514 0 0
STRAYER ED INC COM COM 863236105 565 11,597 SH   SOLE   11,597 0 0
SUN CMNTYS INC COM COM 866674104 959 13,392 SH   SOLE   13,392 0 0
SUNSTONE HOTEL INVS INC NEW COM COM 867892101 245 17,472 SH   SOLE   17,472 0 0
SYSCO CORP COM COM 871829107 1,523 32,600 SH   SOLE   32,600 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR SPONSORED ADR 874039100 23,701 904,650 SH   SOLE   904,650 0 0
TAL INTL GROUP INC COM COM 874083108 13,036 844,301 SH   SOLE   844,301 0 0
TANGER FACTORY OUTLET CTRS I COM COM 875465106 903 24,790 SH   SOLE   24,790 0 0
TAUBMAN CTRS INC COM COM 876664103 2,038 28,619 SH   SOLE   28,619 0 0
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 23,047 1,845,200 SH   SOLE   1,845,200 0 0
TERADATA CORP DEL COM COM 88076W103 596 22,725 SH   SOLE   22,725 0 0
TERADYNE INC COM COM 880770102 385 17,835 SH   SOLE   17,835 0 0
TIMKEN CO COM COM 887389104 254 7,585 SH   SOLE   7,585 0 0
TWO HBRS INVT CORP COM COM 90187B101 22,912 2,885,650 SH   SOLE   2,885,650 0 0
UBIQUITI NETWORKS INC COM COM 90347A100 316 9,513 SH   SOLE   9,513 0 0
UDR INC COM COM 902653104 24,967 647,985 SH   SOLE   647,985 0 0
UMPQUA HLDGS CORP COM COM 904214103 22,141 1,396,000 SH   SOLE   1,396,000 0 0
VENTAS INC COM COM 92276F100 6,463 102,651 SH   SOLE   102,651 0 0
VEREIT INC COM COM 92339V100 1,227 138,376 SH   SOLE   138,376 0 0
VERIZON COMMUNICATIONS INC COM COMMUNICATIONS INC COM 92343V104 23,525 435,000 SH   SOLE   435,000 0 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 5,668 60,027 SH   SOLE   60,027 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT SH BEN INT 939653101 1,011 34,595 SH   SOLE   34,595 0 0
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,714 45,672 SH   SOLE   45,672 0 0
WELLTOWER INC COM COM 95040Q104 5,275 76,083 SH   SOLE   76,083 0 0
WESTAR ENERGY INC COM COM 95709T100 22,446 452,450 SH   SOLE   452,450 0 0
WESTERN REFNG INC COM COM 959319104 22,065 758,536 SH   SOLE   758,536 0 0
WILSHIRE BANCORP INC COM COM 97186T108 361 35,032 SH   SOLE   35,032 0 0
WOLVERINE WORLD WIDE INC COM COM 978097103 253 13,722 SH   SOLE   13,722 0 0
W P CAREY INC COM COM 92936U109 1,235 19,842 SH   SOLE   19,842 0 0
WP GLIMCHER IN COM COM 92939N102 1,833 193,208 SH   SOLE   193,208 0 0