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
ABBVIE INC COM COM 00287Y109 1,045 19,200 SH   SOLE   19,200 0 0
ABERCROMBIE & FITCH CO CL A CL A 2896207 144 6,806 SH   SOLE   6,806 0 0
AGCO CORP COM COM 1084102 99 2,119 SH   SOLE   2,119 0 0
ALEXANDRIA REAL ESTATE EQ IN COM COM 15271109 1,720 20,318 SH   SOLE   20,318 0 0
AMERICAN EAGLE OUTFITTERS NE COM COM 02553E106 86 5,492 SH   SOLE   5,492 0 0
AMERICAN FINL GROUP INC OHIO COM COM 25932104 165 2,390 SH   SOLE   2,390 0 0
AMERICAN CAMPUS CMNTYS INC COM COM 24835100 1,121 30,933 SH   SOLE   30,933 0 0
APARTMENT INVT & MGMT CO CL A CL A 03748R101 2,162 58,388 SH   SOLE   58,388 0 0
ARCTIC CAT INC COM COM 39670104 128 5,762 SH   SOLE   5,762 0 0
ARES CAP CORP COM COM 04010L103 21,015 1,451,250 SH   SOLE   1,451,250 0 0
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 44103109 747 122,435 SH   SOLE   122,435 0 0
ATWOOD OCEANICS INC COM COM 50095108 48 3,263 SH   SOLE   3,263 0 0
AVALONBAY CMNTYS INC COM COM 53484101 4,422 25,292 SH   SOLE   25,292 0 0
BIOMED REALTY TRUST INC COM COM 09063H107 22,281 1,115,181 SH   SOLE   1,115,181 0 0
BOSTON PROPERTIES INC COM COM 101121101 5,248 44,323 SH   SOLE   44,323 0 0
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 1,038 84,270 SH   SOLE   84,270 0 0
BRIXMOR PPTY GROUP INC COM COM 11120U105 2,103 89,550 SH   SOLE   89,550 0 0
BRUNSWICK CORP COM COM 117043109 176 3,679 SH   SOLE   3,679 0 0
CA INC COM COM 12673P105 1,207 44,200 SH   SOLE   44,200 0 0
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 1,799 24,350 SH   SOLE   24,350 0 0
CAPELLA EDUCATION COMPANY COM COMPANY COM 139594105 274 5,525 SH   SOLE   5,525 0 0
CARE CAP PPTYS INC COM ADDED COM ADDED 141624106 1,086 33,004 SH   SOLE   33,004 0 0
CBL & ASSOC PPTYS INC COM COM 124830100 1,604 116,679 SH   SOLE   116,679 0 0
CHART INDS INC COM PAR $0.01 COM PAR $0.01 16115Q308 169 8,798 SH   SOLE   8,798 0 0
COLUMBIA PPTY TR INC COM NEW COM NEW 198287203 1,242 53,546 SH   SOLE   53,546 0 0
CONOCOPHILLIPS COM COM 20825C104 1,089 22,700 SH   SOLE   22,700 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 855 40,651 SH   SOLE   40,651 0 0
DDR CORP COM COM 23317H102 1,596 103,775 SH   SOLE   103,775 0 0
DIGITAL RLTY TR INC COM COM 253868103 3,216 49,239 SH   SOLE   49,239 0 0
DOUGLAS EMMETT INC COM COM 25960P109 1,162 40,452 SH   SOLE   40,452 0 0
DUKE REALTY CORP COM NEW COM NEW 264411505 2,213 116,158 SH   SOLE   116,158 0 0
EASTGROUP PPTY INC COM COM 277276101 250 4,612 SH   SOLE   4,612 0 0
ENTRAVISION COMMUNICATIONS C CL A CL A 29382R107 115 17,343 SH   SOLE   17,343 0 0
EPR PPTYS COM SH BEN INT SH BEN INT 26884U109 1,069 20,722 SH   SOLE   20,722 0 0
EQUITY COMWLTH COM SH BEN INT SH BEN INT 294628102 1,854 68,050 SH   SOLE   68,050 0 0
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 1,288 21,997 SH   SOLE   21,997 0 0
EQUITY ONE COM COM 294752100 811 33,322 SH   SOLE   33,322 0 0
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 7,114 94,704 SH   SOLE   94,704 0 0
ESSEX PPTY TR INC COM COM 297178105 2,158 9,658 SH   SOLE   9,658 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B UNIT 99/99/9999B 30224P200 1,101 65,614 SH   SOLE   65,614 0 0
EXTRA SPACE STORAGE INC COM COM 30225T102 1,995 25,857 SH   SOLE   25,857 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 1,759 12,888 SH   SOLE   12,888 0 0
FELCOR LODGING TR INC COM COM 31430F101 571 80,813 SH   SOLE   80,813 0 0
FINISH LINE INC CL A CL A 317923100 119 6,150 SH   SOLE   6,150 0 0
FIRST SOLAR INC COM COM 336433107 182 4,269 SH   SOLE   4,269 0 0
FOREST CITY ENTERPRISES INC CL A CL A 345550107 1,370 68,052 SH   SOLE   68,052 0 0
GENERAL ELECTRIC CO COM COM 369604103 25,118 995,949 SH   SOLE   995,949 0 0
GENERAL GROWTH PPTYS INC NEW COM COM 370023103 5,384 207,333 SH   SOLE   207,333 0 0
GENERAL MTRS CO COM COM 37045V100 25,727 857,000 SH   SOLE   857,000 0 0
HCP INC COM COM 40414L109 5,636 151,308 SH   SOLE   151,308 0 0
HEALTHCARE RLTY TR COM COM 421946104 848 34,124 SH   SOLE   34,124 0 0
HEALTHCARE TR AMER INC CL A NEW CL A NEW 42225P501 1,523 62,166 SH   SOLE   62,166 0 0
HIGHWOODS PPTYS INC COM COM 431284108 1,286 33,178 SH   SOLE   33,178 0 0
HOME PROPERTIES INC COM COM 437306103 1,514 20,254 SH   SOLE   20,254 0 0
HOST HOTELS & RESORTS INC COM COM 44107P104 437 27,661 SH   SOLE   27,661 0 0
INTERNATIONAL BUSINESS MACHS COM COM 459200101 23,210 160,100 SH   SOLE   160,100 0 0
INGRAM MICRO INC CL A CL A 457153104 162 5,941 SH   SOLE   5,941 0 0
INTEL CORP COM COM 458140100 1,341 44,500 SH   SOLE   44,500 0 0
JABIL CIRCUIT INC COM COM 466313103 131 5,852 SH   SOLE   5,852 0 0
JOHNSON & JOHNSON COM COM 478160104 22,404 240,000 SH   SOLE   240,000 0 0
KAISER ALUMINUM CORP COM PAR $0.01 COM PAR $0.01 483007704 220 2,742 SH   SOLE   2,742 0 0
KILROY RLTY CORP COM COM 49427F108 994 15,258 SH   SOLE   15,258 0 0
KIMCO RLTY CORP COM COM 49446R109 3,467 141,932 SH   SOLE   141,932 0 0
KKR & CO L P DEL COM UNITS COM UNITS 48248M102 11,456 682,700 SH   SOLE   682,700 0 0
LASALLE HOTEL PPTYS COM SH BEN INT SH BEN INT 517942108 11,905 419,334 SH   SOLE   419,334 0 0
LEXINGTON REALTY TRUST COM COM 529043101 980 120,985 SH   SOLE   120,985 0 0
LEXMARK INTL NEW CL A CL A 529771107 18,097 624,456 SH   SOLE   624,456 0 0
LHC GROUP INC COM COM 50187A107 59 1,311 SH   SOLE   1,311 0 0
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 1,839 58,351 SH   SOLE   58,351 0 0
LUXFER HLDGS PLC SPONSORED ADR SPONSORED ADR 550678106 166 15,400 SH   SOLE   15,400 0 0
MACERICH CO COM COM 554382101 4,221 54,947 SH   SOLE   54,947 0 0
MACK CALI RLTY CORP COM COM 554489104 1,617 85,626 SH   SOLE   85,626 0 0
MATTEL INC COM COM 577081102 24,329 1,155,237 SH   SOLE   1,155,237 0 0
MAXIM INTEGRATED PRODS INC COM COM 57772K101 26,886 805,000 SH   SOLE   805,000 0 0
MCDONALDS CORP COM COM 580135101 25,056 254,300 SH   SOLE   254,300 0 0
MID-AMER APT CMNTYS INC COM COM 59522J103 24,071 294,021 SH   SOLE   294,021 0 0
MRC GLOBAL INC COM COM 55345K103 74 6,664 SH   SOLE   6,664 0 0
NATIONAL RETAIL PPTYS INC COM COM 637417106 1,947 53,683 SH   SOLE   53,683 0 0
NATIONAL OILWELL VARCO INC COM COM 637071101 23,213 616,550 SH   SOLE   616,550 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART COM UN REPR PART 665826103 11,275 494,500 SH   SOLE   494,500 0 0
OMEGA HEALTHCARE INVS INC COM COM 681936100 1,369 38,952 SH   SOLE   38,952 0 0
PARAMOUNT GROUP INC COM COM 69924R108 771 45,903 SH   SOLE   45,903 0 0
PFIZER INC COM COM 717081103 25,843 822,791 SH   SOLE   822,791 0 0
PHILIP MORRIS INTL INC COM COM 718172109 24,430 307,950 SH   SOLE   307,950 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 1,492 83,378 SH   SOLE   83,378 0 0
PLEXUS CORP COM COM 729132100 82 2,132 SH   SOLE   2,132 0 0
POSCO SPONSORED ADR SPONSORED ADR 693483109 19,880 567,682 SH   SOLE   567,682 0 0
POST PPTYS INC COM COM 737464107 921 15,804 SH   SOLE   15,804 0 0
PROCTER & GAMBLE CO COM COM 742718109 21,622 300,550 SH   SOLE   300,550 0 0
PROLOGIS INC COM COM 74340W103 4,843 124,519 SH   SOLE   124,519 0 0
PS BUSINESS PKS INC CALIF COM COM 69360J107 1,014 12,777 SH   SOLE   12,777 0 0
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 22,520 534,154 SH   SOLE   534,154 0 0
PUBLIC STORAGE COM COM 74460D109 7,399 34,960 SH   SOLE   34,960 0 0
QLOGIC CORP COM COM 747277101 180 17,589 SH   SOLE   17,589 0 0
QUALCOMM INC COM COM 747525103 23,319 434,000 SH   SOLE   434,000 0 0
REALTY INCOME CORP COM COM 756109104 2,358 49,756 SH   SOLE   49,756 0 0
REDWOOD TR INC COM COM 758075402 10,930 789,760 SH   SOLE   789,760 0 0
REGENCY CTRS CORP COM COM 758849103 1,622 26,092 SH   SOLE   26,092 0 0
RETAIL PPTYS AMER INC CL A CL A 76131V202 13,310 944,636 SH   SOLE   944,636 0 0
RLJ LODGING TR COM COM 74965L101 1,064 42,101 SH   SOLE   42,101 0 0
SANDERSON FARMS INC COM COM 800013104 149 2,168 SH   SOLE   2,168 0 0
SELECT COMFORT CORP COM COMFORT CORP COM 81616X103 231 10,538 SH   SOLE   10,538 0 0
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 1,530 94,435 SH   SOLE   94,435 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 12,410 67,550 SH   SOLE   67,550 0 0
SL GREEN RLTY CORP COM COM 78440X101 2,293 21,199 SH   SOLE   21,199 0 0
SPECTRA ENERGY CORP COM COM 847560109 1,104 42,027 SH   SOLE   42,027 0 0
SPIRIT RLTY CAP INC NEW COM COM 84860W102 775 84,803 SH   SOLE   84,803 0 0
STRAYER ED INC COM COM 863236105 201 3,659 SH   SOLE   3,659 0 0
SUN CMNTYS INC COM COM 866674104 866 12,774 SH   SOLE   12,774 0 0
SUNSTONE HOTEL INVS INC NEW COM COM 867892101 67 5,046 SH   SOLE   5,046 0 0
SYSCO CORP COM COM 871829107 1,668 42,800 SH   SOLE   42,800 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR SPONSORED ADR 874039100 22,603 1,089,300 SH   SOLE   1,089,300 0 0
TANGER FACTORY OUTLET CTRS I COM COM 875465106 883 26,779 SH   SOLE   26,779 0 0
TAUBMAN CTRS INC COM COM 876664103 1,953 28,272 SH   SOLE   28,272 0 0
TECO ENERGY INC COM COM 872375100 12,259 466,832 SH   SOLE   466,832 0 0
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 12,550 1,374,600 SH   SOLE   1,374,600 0 0
TERADATA CORP DEL COM COM 88076W103 275 9,501 SH   SOLE   9,501 0 0
TERADYNE INC COM COM 880770102 83 4,628 SH   SOLE   4,628 0 0
TIMKEN CO COM COM 887389104 125 4,555 SH   SOLE   4,555 0 0
TRUSTMARK CORP COM COM 898402102 12,226 527,650 SH   SOLE   527,650 0 0
TWO HBRS INVT CORP COM COM 90187B101 24,227 2,746,850 SH   SOLE   2,746,850 0 0
UBIQUITI NETWORKS INC COM COM 90347A100 139 4,100 SH   SOLE   4,100 0 0
UDR INC COM COM 902653104 24,342 705,968 SH   SOLE   705,968 0 0
UMPQUA HLDGS CORP COM COM 904214103 21,641 1,327,700 SH   SOLE   1,327,700 0 0
VENTAS INC COM COM 92276F100 5,293 94,421 SH   SOLE   94,421 0 0
VEREIT INC COM ADDED COM ADDED 92339V100 1,011 130,909 SH   SOLE   130,909 0 0
VERIZON COMMUNICATIONS INC COM COMMUNICATIONS INC COM 92343V104 25,832 593,700 SH   SOLE   593,700 0 0
VISHAY INTERTECHNOLOGY INC COM COM 928298108 76 7,803 SH   SOLE   7,803 0 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 6,011 66,477 SH   SOLE   66,477 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT SH BEN INT 939653101 821 32,942 SH   SOLE   32,942 0 0
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,454 43,922 SH   SOLE   43,922 0 0
WELLTOWER INC COM ADDED COM ADDED 95040Q104 4,927 72,754 SH   SOLE   72,754 0 0
WESTAR ENERGY INC COM COM 95709T100 22,048 573,550 SH   SOLE   573,550 0 0
WESTERN REFNG INC COM COM 959319104 207 4,700 SH   SOLE   4,700 0 0
WILSHIRE BANCORP INC COM COM 97186T108 139 13,239 SH   SOLE   13,239 0 0
W P CAREY INC COM COM 92936U109 1,090 18,863 SH   SOLE   18,863 0 0
WP GLIMCHER IN COM COM 92939N102 2,122 181,972 SH   SOLE   181,972 0 0