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 1,424 21,200 SH   SOLE   21,200 0 0
ABERCROMBIE & FITCH CO CL A CL A 2896207 107 4,971 SH   SOLE   4,971 0 0
AGCO CORP COM COM 1084102 120 2,119 SH   SOLE   2,119 0 0
ALEXANDRIA REAL ESTATE EQ IN COM COM 15271109 1,698 19,415 SH   SOLE   19,415 0 0
ALTRIA GROUP INC COM COM 02209S103 11,946 244,267 SH   SOLE   234,817 0 9,450
AMERICAN EAGLE OUTFITTERS NE COM COM 02553E106 62 3,581 SH   SOLE   3,581 0 0
AMERICAN FINL GROUP INC OHIO COM COM 25932104 123 1,884 SH   SOLE   1,884 0 0
AMERICAN CAMPUS CMNTYS INC COM COM 24835100 1,104 29,280 SH   SOLE   29,280 0 0
AMERICAN RLTY CAP PPTYS INC COM COM 02917T104 1,010 124,186 SH   SOLE   124,186 0 0
APARTMENT INVT & MGMT CO CL A CL A 03748R101 1,998 54,111 SH   SOLE   54,111 0 0
ARCTIC CAT INC COM COM 39670104 157 4,716 SH   SOLE   4,716 0 0
ARES CAP CORP COM COM 04010L103 20,981 1,274,650 SH   SOLE   1,231,500 0 43,150
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 44103109 906 107,141 SH   SOLE   107,141 0 0
ATWOOD OCEANICS INC COM COM 50095108 86 3,263 SH   SOLE   3,263 0 0
AVALONBAY CMNTYS INC COM COM 53484101 3,620 22,642 SH   SOLE   22,642 0 0
BIOMED REALTY TRUST INC COM COM 09063H107 25,002 1,292,809 SH   SOLE   1,249,699 0 43,110
BOSTON PROPERTIES INC COM COM 101121101 4,909 40,556 SH   SOLE   40,556 0 0
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 1,054 79,401 SH   SOLE   79,401 0 0
BRIXMOR PPTY GROUP INC COM COM 11120U105 1,951 84,356 SH   SOLE   84,356 0 0
BRUNSWICK CORP COM COM 117043109 187 3,679 SH   SOLE   3,679 0 0
CA INC COM COM 12673P105 22,761 777,050 SH   SOLE   747,050 0 30,000
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 1,704 22,942 SH   SOLE   22,942 0 0
CAPELLA EDUCATION COMPANY COM COMPANY COM 139594105 241 4,491 SH   SOLE   4,491 0 0
CBL & ASSOC PPTYS INC COM COM 124830100 1,792 110,605 SH   SOLE   110,605 0 0
CHART INDS INC COM PAR $0.01 COM PAR $0.01 16115Q308 154 4,309 SH   SOLE   4,309 0 0
COLUMBIA PPTY TR INC COM NEW COM NEW 198287203 1,223 49,833 SH   SOLE   49,833 0 0
CONOCOPHILLIPS COM COM 20825C104 27,472 447,350 SH   SOLE   430,800 0 16,550
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 898 38,155 SH   SOLE   38,155 0 0
CPFL ENERGIA S A SPONSORED ADR SPONSORED ADR 126153105 11,495 938,387 SH   SOLE   895,923 0 42,464
CUBESMART COM COM 229663109 354 15,284 SH   SOLE   15,284 0 0
DDR CORP COM COM 23317H102 1,498 96,894 SH   SOLE   96,894 0 0
DIGITAL RLTY TR INC COM COM 253868103 3,045 45,661 SH   SOLE   45,661 0 0
DOUGLAS EMMETT INC COM COM 25960P109 1,402 52,045 SH   SOLE   52,045 0 0
DUKE REALTY CORP COM NEW COM NEW 264411505 2,013 108,401 SH   SOLE   108,401 0 0
EASTGROUP PPTY INC COM COM 277276101 259 4,612 SH   SOLE   4,612 0 0
ENTRAVISION COMMUNICATIONS C CL A CL A 29382R107 143 17,343 SH   SOLE   17,343 0 0
EPR PPTYS COM SH BEN INT SH BEN INT 26884U109 1,073 19,583 SH   SOLE   19,583 0 0
EQUITY COMWLTH COM SH BEN INT SH BEN INT 294628102 1,978 77,049 SH   SOLE   77,049 0 0
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 1,085 20,626 SH   SOLE   20,626 0 0
EQUITY ONE COM COM 294752100 726 31,088 SH   SOLE   31,088 0 0
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 6,387 91,018 SH   SOLE   91,018 0 0
ESSEX PPTY TR INC COM COM 297178105 1,529 7,195 SH   SOLE   7,195 0 0
EXPRESS INC COM COM 30219E103 84 4,664 SH   SOLE   4,664 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B UNIT 99/99/9999B 30224P200 1,154 61,495 SH   SOLE   61,495 0 0
EXTRA SPACE STORAGE INC COM COM 30225T102 1,359 20,832 SH   SOLE   20,832 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 1,533 11,970 SH   SOLE   11,970 0 0
FELCOR LODGING TR INC COM COM 31430F101 738 74,729 SH   SOLE   74,729 0 0
FINISH LINE INC CL A CL A 317923100 88 3,150 SH   SOLE   3,150 0 0
FIRST SOLAR INC COM COM 336433107 168 3,568 SH   SOLE   3,568 0 0
FOREST CITY ENTERPRISES INC CL A CL A 345550107 1,423 64,384 SH   SOLE   64,384 0 0
GENERAL ELECTRIC CO COM COM 369604103 29,391 1,106,199 SH   SOLE   1,065,199 0 41,000
GENERAL GROWTH PPTYS INC NEW COM COM 370023103 4,580 178,464 SH   SOLE   178,464 0 0
GENERAL MTRS CO COM COM 37045V100 27,119 813,650 SH   SOLE   784,200 0 29,450
HCP INC COM COM 40414L109 5,138 140,870 SH   SOLE   140,870 0 0
HEALTH CARE REIT INC COM COM 42217K106 4,454 67,866 SH   SOLE   67,866 0 0
HEALTHCARE RLTY TR COM COM 421946104 753 32,384 SH   SOLE   32,384 0 0
HEALTHCARE TR AMER INC CL A NEW CL A NEW 42225P501 1,444 60,304 SH   SOLE   60,304 0 0
HIGHWOODS PPTYS INC COM COM 431284108 1,223 30,616 SH   SOLE   30,616 0 0
HOME PROPERTIES INC COM COM 437306103 1,393 19,075 SH   SOLE   19,075 0 0
HOSPITALITY PPTYS TR COM SH BEN INT SH BEN INT 44106M102 9,525 330,459 SH   SOLE   317,459 0 13,000
HOST HOTELS & RESORTS INC COM COM 44107P104 549 27,661 SH   SOLE   27,661 0 0
INTERNATIONAL BUSINESS MACHS COM COM 459200101 4,417 27,150 SH   SOLE   27,150 0 0
INGRAM MICRO INC CL A CL A 457153104 149 5,941 SH   SOLE   5,941 0 0
INTEL CORP COM COM 458140100 1,253 41,200 SH   SOLE   41,200 0 0
JABIL CIRCUIT INC COM COM 466313103 141 6,639 SH   SOLE   6,639 0 0
KAISER ALUMINUM CORP COM PAR $0.01 COM PAR $0.01 483007704 195 2,346 SH   SOLE   2,346 0 0
KILROY RLTY CORP COM COM 49427F108 972 14,474 SH   SOLE   14,474 0 0
KIMCO RLTY CORP COM COM 49446R109 3,125 138,624 SH   SOLE   138,624 0 0
KKR & CO L P DEL COM UNITS COM UNITS 48248M102 18,402 805,350 SH   SOLE   774,850 0 30,500
LASALLE HOTEL PPTYS COM SH BEN INT SH BEN INT 517942108 3,348 94,400 SH   SOLE   94,400 0 0
LEXINGTON REALTY TRUST COM COM 529043101 978 115,385 SH   SOLE   115,385 0 0
LEXMARK INTL NEW CL A CL A 529771107 20,431 462,235 SH   SOLE   446,485 0 15,750
LHC GROUP INC COM COM 50187A107 90 2,361 SH   SOLE   2,361 0 0
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 1,765 54,784 SH   SOLE   54,784 0 0
LUXFER HLDGS PLC SPONSORED ADR SPONSORED ADR 550678106 126 9,700 SH   SOLE   9,700 0 0
MACERICH CO COM COM 554382101 3,870 51,880 SH   SOLE   51,880 0 0
MACK CALI RLTY CORP COM COM 554489104 1,488 80,757 SH   SOLE   80,757 0 0
MATTEL INC COM COM 577081102 31,971 1,244,487 SH   SOLE   1,200,587 0 43,900
MAXIM INTEGRATED PRODS INC COM COM 57772K101 31,378 907,550 SH   SOLE   878,350 0 29,200
MCDONALDS CORP COM COM 580135101 30,261 318,300 SH   SOLE   307,450 0 10,850
MID-AMER APT CMNTYS INC COM COM 59522J103 18,507 254,180 SH   SOLE   246,080 0 8,100
MRC GLOBAL INC COM COM 55345K103 103 6,664 SH   SOLE   6,664 0 0
NATIONAL RETAIL PPTYS INC COM COM 637417106 1,747 49,916 SH   SOLE   49,916 0 0
NATIONAL OILWELL VARCO INC COM COM 637071101 17,376 359,900 SH   SOLE   349,900 0 10,000
NORTHERN TIER ENERGY LP COM UN REPR PART COM UN REPR PART 665826103 11,438 481,200 SH   SOLE   464,100 0 17,100
OMEGA HEALTHCARE INVS INC COM COM 681936100 1,257 36,619 SH   SOLE   36,619 0 0
PARAMOUNT GROUP INC COM COM 69924R108 745 43,444 SH   SOLE   43,444 0 0
PBF ENERGY INC CL A CL A 69318G106 27,923 982,500 SH   SOLE   948,000 0 34,500
PFIZER INC COM COM 717081103 31,687 945,041 SH   SOLE   914,441 0 30,600
PHILIP MORRIS INTL INC COM COM 718172109 29,142 363,500 SH   SOLE   350,100 0 13,400
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 1,371 77,968 SH   SOLE   77,968 0 0
POSCO SPONSORED ADR SPONSORED ADR 693483109 4,349 88,600 SH   SOLE   88,600 0 0
POST PPTYS INC COM COM 737464107 1,337 24,588 SH   SOLE   24,588 0 0
PROLOGIS INC COM COM 74340W103 4,352 117,318 SH   SOLE   117,318 0 0
PS BUSINESS PKS INC CALIF COM COM 69360J107 870 12,059 SH   SOLE   12,059 0 0
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 25,779 656,304 SH   SOLE   633,304 0 23,000
PUBLIC STORAGE COM COM 74460D109 5,937 32,199 SH   SOLE   32,199 0 0
QLOGIC CORP COM COM 747277101 159 11,189 SH   SOLE   11,189 0 0
QUALITY SYS INC COM COM 747582104 81 4,911 SH   SOLE   4,911 0 0
REALTY INCOME CORP COM COM 756109104 2,067 46,563 SH   SOLE   46,563 0 0
REDWOOD TR INC COM COM 758075402 10,261 653,550 SH   SOLE   628,800 0 24,750
REGENCY CTRS CORP COM COM 758849103 1,371 23,252 SH   SOLE   23,252 0 0
REMY INTL INC NEW COM COM 75971M108 45 2,037 SH   SOLE   2,037 0 0
RETAIL PPTYS AMER INC CL A CL A 76131V202 13,042 936,269 SH   SOLE   909,569 0 26,700
REYNOLDS AMERICAN INC COM COM 761713106 129 1,731 SH   SOLE   0 0 1,731
RLJ LODGING TR COM COM 74965L101 1,180 39,620 SH   SOLE   39,620 0 0
SANDERSON FARMS INC COM COM 800013104 83 1,100 SH   SOLE   1,100 0 0
SELECT COMFORT CORP COM COM 81616X103 147 4,888 SH   SOLE   4,888 0 0
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 1,539 87,688 SH   SOLE   87,688 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 11,111 64,222 SH   SOLE   64,222 0 0
SL GREEN RLTY CORP COM COM 78440X101 2,185 19,888 SH   SOLE   19,888 0 0
SPECTRA ENERGY CORP COM COM 847560109 1,442 44,227 SH   SOLE   44,227 0 0
SPIRIT RLTY CAP INC NEW COM COM 84860W102 770 79,614 SH   SOLE   79,614 0 0
STONE ENERGY CORP COM COM 861642106 84 6,661 SH   SOLE   6,661 0 0
STRAYER ED INC COM COM 863236105 158 3,659 SH   SOLE   3,659 0 0
SUN CMNTYS INC COM COM 866674104 745 12,050 SH   SOLE   12,050 0 0
SUNSTONE HOTEL INVS INC NEW COM COM 867892101 336 22,408 SH   SOLE   22,408 0 0
SYSCO CORP COM COM 871829107 1,462 40,500 SH   SOLE   40,500 0 0
TANGER FACTORY OUTLET CTRS I COM COM 875465106 1,129 35,602 SH   SOLE   35,602 0 0
TAUBMAN CTRS INC COM COM 876664103 1,921 27,632 SH   SOLE   27,632 0 0
TECO ENERGY INC COM COM 872375100 24,570 1,391,300 SH   SOLE   1,341,750 0 49,550
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 19,920 1,430,000 SH   SOLE   1,371,200 0 58,800
TERADYNE INC COM COM 880770102 124 6,408 SH   SOLE   6,408 0 0
TIMKEN CO COM COM 887389104 91 2,502 SH   SOLE   2,502 0 0
TRUSTMARK CORP COM COM 898402102 12,600 504,400 SH   SOLE   486,450 0 17,950
TWO HBRS INVT CORP COM COM 90187B101 29,776 3,057,100 SH   SOLE   2,958,800 0 98,300
UBIQUITI NETWORKS INC COM COM 90347A100 93 2,900 SH   SOLE   2,900 0 0
UDR INC COM COM 902653104 27,955 872,774 SH   SOLE   842,324 0 30,450
UMPQUA HLDGS CORP COM COM 904214103 27,468 1,526,900 SH   SOLE   1,471,400 0 55,500
VENTAS INC COM COM 92276F100 5,557 89,507 SH   SOLE   89,507 0 0
VERIZON COMMUNICATIONS INC COM COMMUNICATIONS INC COM 92343V104 30,242 648,850 SH   SOLE   627,600 0 21,250
VISHAY INTERTECHNOLOGY INC COM COM 928298108 58 4,985 SH   SOLE   4,985 0 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 5,480 57,719 SH   SOLE   57,719 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT SH BEN INT 939653101 807 31,088 SH   SOLE   31,088 0 0
WEC ENERGY GROUP INC COM COM 92939U106 16,169 359,549 SH   SOLE   344,716 0 14,833
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,344 41,106 SH   SOLE   41,106 0 0
WESTAR ENERGY INC COM COM 95709T100 24,538 717,050 SH   SOLE   689,550 0 27,500
WESTERN REFNG INC COM COM 959319104 159 3,650 SH   SOLE   3,650 0 0
WILSHIRE BANCORP INC COM COM 97186T108 135 10,693 SH   SOLE   10,693 0 0
W P CAREY INC COM COM 92936U109 1,042 17,677 SH   SOLE   17,677 0 0
WP GLIMCHER IN COM COM 92939N102 2,289 169,192 SH   SOLE   169,192 0 0