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 1,065 18,200 SH   SOLE   18,200 0 0
ABERCROMBIE & FITCH CO CL A CL A 002896207 80 3,651 SH   SOLE   3,651 0 0
AGCO CORP COM COM 001084102 101 2,119 SH   SOLE   2,119 0 0
ALEXANDRIA REAL ESTATE EQ IN COM COM 15271109 1,785 18,207 SH   SOLE   18,207 0 0
ALTRIA GROUP INC COM COM 02209S103 12,219 244,267 SH   SOLE   234,817 0 9,450
AMERICAN FINL GROUP INC OHIO COM COM 25932104 85 1,330 SH   SOLE   1,330 0 0
AMERICAN VANGUARD CORP COM COM 30371108 36 3,423 SH   SOLE   3,423 0 0
AMERICAN CAMPUS CMNTYS INC COM COM 24835100 1,267 29,561 SH   SOLE   29,561 0 0
AMERICAN RLTY CAP PPTYS INC COM COM 02917T104 745 75,635 SH   SOLE   75,635 0 0
APARTMENT INVT & MGMT CO CL A CL A 03748R101 2,366 60,105 SH   SOLE   60,105 0 0
ARCTIC CAT INC COM COM 39670104 108 2,974 SH   SOLE   2,974 0 0
ARES CAP CORP COM COM 04010L103 20,535 1,196,000 SH   SOLE   1,152,850 0 43,150
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 44103109 802 83,412 SH   SOLE   83,412 0 0
ATWOOD OCEANICS INC COM COM 50095108 46 1,627 SH   SOLE   1,627 0 0
AVALONBAY CMNTYS INC COM COM 53484101 3,239 18,588 SH   SOLE   18,588 0 0
AVON PRODS INC COM COM 54303102 35 4,423 SH   SOLE   4,423 0 0
BIOMED REALTY TRUST INC COM COM 09063H107 29,100 1,284,191 SH   SOLE   1,241,081 0 43,110
BOSTON PROPERTIES INC COM COM 101121101 5,010 35,669 SH   SOLE   35,669 0 0
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 1,087 68,050 SH   SOLE   68,050 0 0
CA INC COM COM 12673P105 25,648 786,500 SH   SOLE   756,500 0 30,000
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 1,698 21,732 SH   SOLE   21,732 0 0
CBL & ASSOC PPTYS INC COM COM 124830100 1,964 99,212 SH   SOLE   99,212 0 0
CHART INDS INC COM PAR $0.01 COM PAR $0.01 16115Q308 119 3,392 SH   SOLE   3,392 0 0
CONOCOPHILLIPS COM COM 20825C104 28,234 453,500 SH   SOLE   436,950 0 16,550
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 1,031 35,094 SH   SOLE   35,094 0 0
CPFL ENERGIA S A SPONSORED ADR SPONSORED ADR 126153105 12,931 1,016,599 SH   SOLE   975,449 0 41,150
CUBESMART COM COM 229663109 369 15,284 SH   SOLE   15,284 0 0
DDR CORP COM COM 23317H102 1,403 75,338 SH   SOLE   75,338 0 0
DIGITAL RLTY TR INC COM COM 253868103 2,818 42,725 SH   SOLE   42,725 0 0
DOUGLAS EMMETT INC COM COM 25960P109 1,794 60,170 SH   SOLE   60,170 0 0
DUKE REALTY CORP COM NEW COM NEW 264411505 2,520 115,769 SH   SOLE   115,769 0 0
EASTGROUP PPTY INC COM COM 277276101 277 4,612 SH   SOLE   4,612 0 0
ENTRAVISION COMMUNICATIONS C CL A CL A 29382R107 66 10,500 SH   SOLE   10,500 0 0
EPR PPTYS COM SH BEN INT SH BEN INT 26884U109 1,058 17,623 SH   SOLE   17,623 0 0
EQUITY COMWLTH COM SH BEN INT SH BEN INT 294628102 2,345 88,347 SH   SOLE   88,347 0 0
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 1,256 22,866 SH   SOLE   22,866 0 0
EQUITY ONE COM COM 294752100 836 31,328 SH   SOLE   31,328 0 0
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 7,115 91,378 SH   SOLE   91,378 0 0
ESSEX PPTY TR INC COM COM 297178105 1,684 7,326 SH   SOLE   7,326 0 0
EXTRA SPACE STORAGE INC COM COM 30225T102 1,346 19,930 SH   SOLE   19,930 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 2,145 14,575 SH   SOLE   14,575 0 0
FELCOR LODGING TR INC COM COM 31430F101 889 77,366 SH   SOLE   77,366 0 0
FINISH LINE INC CL A CL A 317923100 77 3,150 SH   SOLE   3,150 0 0
FIRST SOLAR INC COM COM 336433107 109 1,824 SH   SOLE   1,824 0 0
FOREST CITY ENTERPRISES INC CL A CL A 345550107 2,062 80,792 SH   SOLE   80,792 0 0
GENERAL ELECTRIC CO COM COM 369604103 30,071 1,212,049 SH   SOLE   1,171,049 0 41,000
GENERAL MTRS CO COM COM 37045V100 30,432 811,500 SH   SOLE   784,200 0 27,300
HASBRO INC COM COM 418056107 1,107 17,500 SH   SOLE   17,500 0 0
HCP INC COM COM 40414L109 4,719 109,201 SH   SOLE   109,201 0 0
HEALTH CARE REIT INC COM COM 42217K106 4,574 59,121 SH   SOLE   59,121 0 0
HEALTHCARE RLTY TR COM COM 421946104 787 28,321 SH   SOLE   28,321 0 0
HEALTHCARE TR AMER INC CL A NEW ADDED CL A NEW ADDED 42225P501 592 21,252 SH   SOLE   21,252 0 0
HIGHWOODS PPTYS INC COM COM 431284108 1,310 28,616 SH   SOLE   28,616 0 0
HOME PROPERTIES INC COM COM 437306103 1,800 25,976 SH   SOLE   25,976 0 0
HOSPITALITY PPTYS TR COM SH BEN INT SH BEN INT 44106M102 12,146 368,159 SH   SOLE   355,159 0 13,000
HOST HOTELS & RESORTS INC COM COM 44107P104 558 27,661 SH   SOLE   27,661 0 0
HYSTER YALE MATLS HANDLING I CL A CL A 449172105 73 1,000 SH   SOLE   1,000 0 0
INGRAM MICRO INC CL A CL A 457153104 122 4,872 SH   SOLE   4,872 0 0
INTEGRYS ENERGY GROUP INC COM COM 45822P105 26,511 368,100 SH   SOLE   354,950 0 13,150
INTEL CORP COM COM 458140100 1,104 35,300 SH   SOLE   35,300 0 0
JABIL CIRCUIT INC COM COM 466313103 87 3,737 SH   SOLE   3,737 0 0
KAISER ALUMINUM CORP COM PAR $0.01 COM PAR $0.01 483007704 125 1,628 SH   SOLE   1,628 0 0
KILROY RLTY CORP COM COM 49427F108 1,044 13,702 SH   SOLE   13,702 0 0
KIMCO RLTY CORP COM COM 49446R109 3,142 117,017 SH   SOLE   117,017 0 0
KKR & CO L P DEL COM UNITS COM UNITS 48248M102 18,371 805,350 SH   SOLE   774,850 0 30,500
LEXINGTON REALTY TRUST COM COM 529043101 789 80,224 SH   SOLE   80,224 0 0
LEXMARK INTL NEW CL A CL A 529771107 19,899 469,950 SH   SOLE   454,200 0 15,750
LHC GROUP INC COM COM 50187A107 127 3,859 SH   SOLE   3,859 0 0
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 1,602 44,862 SH   SOLE   44,862 0 0
LORILLARD INC COM COM 544147101 12,281 187,918 SH   SOLE   181,568 0 6,350
LUXFER HLDGS PLC SPONSORED ADR SPONSORED ADR 550678106 55 4,100 SH   SOLE   4,100 0 0
MACERICH CO COM COM 554382101 3,843 45,576 SH   SOLE   45,576 0 0
MACK CALI RLTY CORP COM COM 554489104 1,342 69,622 SH   SOLE   69,622 0 0
MANTECH INTL CORP CL A CL A 564563104 48 1,427 SH   SOLE   1,427 0 0
MATTEL INC COM COM 577081102 29,275 1,281,187 SH   SOLE   1,237,287 0 43,900
MAXIM INTEGRATED PRODS INC COM COM 57772K101 31,019 891,100 SH   SOLE   861,900 0 29,200
MCDONALDS CORP COM COM 580135101 31,015 318,300 SH   SOLE   307,450 0 10,850
MID-AMER APT CMNTYS INC COM COM 59522J103 19,600 253,658 SH   SOLE   245,558 0 8,100
NATIONAL RETAIL PPTYS INC COM COM 637417106 1,896 46,290 SH   SOLE   46,290 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART COM UN REPR PART 665826103 12,193 481,200 SH   SOLE   464,100 0 17,100
OMEGA HEALTHCARE INVS INC COM COM 681936100 1,184 29,176 SH   SOLE   29,176 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT SH BEN INT 709102107 885 38,085 SH   SOLE   38,085 0 0
PFIZER INC COM COM 717081103 32,289 928,091 SH   SOLE   897,491 0 30,600
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 1,367 73,478 SH   SOLE   73,478 0 0
POST PPTYS INC COM COM 737464107 201 3,531 SH   SOLE   3,531 0 0
PROLOGIS INC COM COM 74340W103 3,896 89,421 SH   SOLE   89,421 0 0
PS BUSINESS PKS INC CALIF COM COM 69360J107 764 9,199 SH   SOLE   9,199 0 0
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 27,512 656,304 SH   SOLE   633,304 0 23,000
PUBLIC STORAGE COM COM 74460D109 6,219 31,547 SH   SOLE   31,547 0 0
QLOGIC CORP COM COM 747277101 133 9,000 SH   SOLE   9,000 0 0
QUALITY SYS INC COM COM 747582104 78 4,911 SH   SOLE   4,911 0 0
REALTY INCOME CORP COM COM 756109104 2,021 39,174 SH   SOLE   39,174 0 0
REDWOOD TR INC COM COM 758075402 11,651 652,000 SH   SOLE   628,800 0 23,200
REGENCY CTRS CORP COM COM 758849103 1,451 21,322 SH   SOLE   21,322 0 0
RETAIL PPTYS AMER INC CL A CL A 76131V202 13,520 843,415 SH   SOLE   816,715 0 26,700
RLJ LODGING TR COM COM 74965L101 1,008 32,181 SH   SOLE   32,181 0 0
SANDERSON FARMS INC COM COM 800013104 44 550 SH   SOLE   550 0 0
SELECT COMFORT CORP COM COM 81616X103 131 3,795 SH   SOLE   3,795 0 0
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 1,314 59,214 SH   SOLE   59,214 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 11,060 56,533 SH   SOLE   56,533 0 0
SL GREEN RLTY CORP COM COM 78440X101 2,385 18,580 SH   SOLE   18,580 0 0
SPECTRA ENERGY CORP COM COM 847560109 1,202 33,227 SH   SOLE   33,227 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A CL A 848574109 62 1,178 SH   SOLE   1,178 0 0
STONE ENERGY CORP COM COM 861642106 63 4,297 SH   SOLE   4,297 0 0
STRAYER ED INC COM COM 863236105 111 2,081 SH   SOLE   2,081 0 0
SUNSTONE HOTEL INVS INC NEW COM COM 867892101 325 19,490 SH   SOLE   19,490 0 0
SYSCO CORP COM COM 871829107 1,200 31,800 SH   SOLE   31,800 0 0
TANGER FACTORY OUTLET CTRS I COM COM 875465106 1,184 33,670 SH   SOLE   33,670 0 0
TAUBMAN CTRS INC COM COM 876664103 1,752 22,704 SH   SOLE   22,704 0 0
TECO ENERGY INC COM COM 872375100 26,991 1,391,300 SH   SOLE   1,341,750 0 49,550
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 26,407 1,727,100 SH   SOLE   1,668,300 0 58,800
TERADYNE INC COM COM 880770102 74 3,937 SH   SOLE   3,937 0 0
TIMKEN CO COM COM 887389104 68 1,616 SH   SOLE   1,616 0 0
TWO HBRS INVT CORP COM COM 90187B101 32,123 3,024,750 SH   SOLE   2,926,450 0 98,300
UBIQUITI NETWORKS INC COM COM 90347A100 86 2,900 SH   SOLE   2,900 0 0
UDR INC COM COM 902653104 29,409 864,225 SH   SOLE   835,475 0 28,750
UMPQUA HLDGS CORP COM COM 904214103 27,527 1,602,300 SH   SOLE   1,546,800 0 55,500
VENTAS INC COM COM 92276F100 4,972 68,095 SH   SOLE   68,095 0 0
VERIZON COMMUNICATIONS INC COM COM 92343V104 31,274 643,100 SH   SOLE   621,850 0 21,250
VISHAY INTERTECHNOLOGY INC COM COM 928298108 69 4,985 SH   SOLE   4,985 0 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 5,819 51,951 SH   SOLE   51,951 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT SH BEN INT 939653101 839 30,368 SH   SOLE   30,368 0 0
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,526 42,410 SH   SOLE   42,410 0 0
WESTAR ENERGY INC COM COM 95709T100 27,698 714,600 SH   SOLE   689,550 0 25,050
WESTERN REFNG INC COM COM 959319104 180 3,650 SH   SOLE   3,650 0 0
W P CAREY INC COM COM 92936U109 758 11,141 SH   SOLE   11,141 0 0