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
ALEXANDRIA REAL ESTATE EQ IN COM COM 15271109 1,293 14,568 SH   SOLE   14,568 0 0
AMERICAN CAMPUS CMNTYS INC COM COM 24835100 899 21,746 SH   SOLE   21,746 0 0
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 44103109 810 77,300 SH   SOLE   77,300 0 0
AVALONBAY CMNTYS INC COM COM 53484101 3,032 18,556 SH   SOLE   18,556 0 0
BOSTON PROPERTIES INC COM COM 101121101 4,368 33,941 SH   SOLE   33,941 0 0
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 1,005 62,893 SH   SOLE   62,893 0 0
CBL & ASSOC PPTYS INC COM COM 124830100 1,797 92,509 SH   SOLE   92,509 0 0
CPFL ENERGIA S A SPONSORED ADR SPONSORED ADR 126153105 18,445 1,359,199 SH   SOLE   1,246,799 0 112,400
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 1,503 20,357 SH   SOLE   20,357 0 0
DIGITAL RLTY TR INC COM COM 253868103 2,644 39,874 SH   SOLE   39,874 0 0
DUKE REALTY CORP COM NEW COM NEW 264411505 2,171 107,451 SH   SOLE   107,451 0 0
EQUITY ONE COM COM 294752100 736 29,033 SH   SOLE   29,033 0 0
ESSEX PPTY TR INC COM COM 297178105 1,431 6,927 SH   SOLE   6,927 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 1,987 14,891 SH   SOLE   14,891 0 0
FOREST CITY ENTERPRISES INC CL A CL A 345550107 1,607 75,468 SH   SOLE   75,468 0 0
GENERAL ELECTRIC CO COM COM 369604103 31,734 1,255,849 SH   SOLE   1,162,549 0 93,300
HASBRO INC COM COM 418056107 27,204 494,700 SH   SOLE   459,350 0 35,350
HEALTHCARE RLTY TR COM COM 421946104 717 26,246 SH   SOLE   26,246 0 0
HIGHWOODS PPTYS INC COM COM 431284108 1,174 26,520 SH   SOLE   26,520 0 0
HOME PROPERTIES INC COM COM 437306103 1,688 25,723 SH   SOLE   25,723 0 0
INTEL CORP COM COM 458140100 1,147 31,600 SH   SOLE   31,600 0 0
LEXINGTON REALTY TRUST COM COM 529043101 816 74,345 SH   SOLE   74,345 0 0
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 1,561 41,492 SH   SOLE   41,492 0 0
LORILLARD INC COM COM 544147101 12,366 196,468 SH   SOLE   181,568 0 14,900
MACERICH CO COM COM 554382101 3,843 46,083 SH   SOLE   46,083 0 0
MACK CALI RLTY CORP COM COM 554489104 1,222 64,102 SH   SOLE   64,102 0 0
MATTEL INC COM COM 577081102 30,848 996,887 SH   SOLE   921,837 0 75,050
NATIONAL RETAIL PPTYS INC COM COM 637417106 1,429 36,313 SH   SOLE   36,313 0 0
OMEGA HEALTHCARE INVS INC COM COM 681936100 1,056 27,038 SH   SOLE   27,038 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT SH BEN INT 709102107 828 35,295 SH   SOLE   35,295 0 0
PFIZER INC COM COM 717081103 28,475 914,091 SH   SOLE   844,891 0 69,200
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 1,282 68,032 SH   SOLE   68,032 0 0
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 24,952 602,554 SH   SOLE   556,154 0 46,400
REALTY INCOME CORP COM COM 756109104 1,731 36,281 SH   SOLE   36,281 0 0
REGENCY CTRS CORP COM COM 758849103 1,281 20,091 SH   SOLE   20,091 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 9,727 53,416 SH   SOLE   53,416 0 0
SOUTHERN CO COM COM 842587107 24,999 509,050 SH   SOLE   471,300 0 37,750
SPECTRA ENERGY CORP COM COM 847560109 1,065 29,327 SH   SOLE   29,327 0 0
SYSCO CORP COM COM 871829107 1,230 31,000 SH   SOLE   31,000 0 0
TAUBMAN CTRS INC COM COM 876664103 1,586 20,754 SH   SOLE   20,754 0 0
UDR INC COM COM 902653104 28,787 934,036 SH   SOLE   868,686 0 65,350
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 5,852 49,709 SH   SOLE   49,709 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT SH BEN INT 939653101 797 28,807 SH   SOLE   28,807 0 0
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,393 39,877 SH   SOLE   39,877 0 0
REDWOOD TR INC COM COM 758075402 12,400 629,450 SH   SOLE   582,250 0 47,200
TANGER FACTORY OUTLET CTRS I COM COM 875465106 1,080 29,225 SH   SOLE   29,225 0 0
WASHINGTON PRIME GROUP INC COM COM 939647103 846 49,139 SH   SOLE   49,139 0 0
AGCO CORP COM COM 1084102 96 2,119 SH   SOLE   2,119 0 0
ABERCROMBIE & FITCH CO CL A CL A 2896207 53 1,851 SH   SOLE   1,851 0 0
ALON USA ENERGY INC COM COM 20520102 67 5,324 SH   SOLE   5,324 0 0
AMERICAN FINL GROUP INC OHIO COM COM 25932104 81 1,330 SH   SOLE   1,330 0 0
AMERICAN VANGUARD CORP COM COM 30371108 67 5,723 SH   SOLE   5,723 0 0
ARCTIC CAT INC COM COM 39670104 106 2,974 SH   SOLE   2,974 0 0
ATWOOD OCEANICS INC COM COM 50095108 77 2,727 SH   SOLE   2,727 0 0
COOPER TIRE & RUBR CO COM COM 216831107 93 2,695 SH   SOLE   2,695 0 0
EQUITY COMWLTH COM SH BEN INT SH BEN INT 294628102 2,059 80,205 SH   SOLE   80,205 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 74 2,672 SH   SOLE   2,672 0 0
JABIL CIRCUIT INC COM COM 466313103 82 3,737 SH   SOLE   3,737 0 0
KAISER ALUMINUM CORP COM PAR $0.01 COM PAR $0.01 483007704 116 1,628 SH   SOLE   1,628 0 0
LEXMARK INTL NEW CL A CL A 529771107 66 1,600 SH   SOLE   1,600 0 0
LUXFER HLDGS PLC SPONSORED ADR SPONSORED ADR 550678106 61 4,100 SH   SOLE   4,100 0 0
MANTECH INTL CORP CL A CL A 564563104 81 2,677 SH   SOLE   2,677 0 0
MCDONALDS CORP COM COM 580135101 32,294 344,650 SH   SOLE   318,700 0 25,950
POST PPTYS INC COM COM 737464107 183 3,107 SH   SOLE   3,107 0 0
QLOGIC CORP COM COM 747277101 120 9,000 SH   SOLE   9,000 0 0
QUALITY SYS INC COM COM 747582104 77 4,911 SH   SOLE   4,911 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A CL A 848574109 100 2,328 SH   SOLE   2,328 0 0
STONE ENERGY CORP COM COM 861642106 73 4,297 SH   SOLE   4,297 0 0
STRAYER ED INC COM COM 863236105 112 1,506 SH   SOLE   1,506 0 0
TERADYNE INC COM COM 880770102 78 3,937 SH   SOLE   3,937 0 0
TIMKEN CO COM COM 887389104 69 1,616 SH   SOLE   1,616 0 0
VISHAY INTERTECHNOLOGY INC COM COM 928298108 71 4,985 SH   SOLE   4,985 0 0
WESTERN REFNG INC COM COM 959319104 73 1,939 SH   SOLE   1,939 0 0
ACADIA RLTY TR COM SH BEN INT SH BEN INT 4239109 120 3,759 SH   SOLE   3,759 0 0
AVON PRODS INC COM COM 54303102 74 7,873 SH   SOLE   7,873 0 0
CUBESMART COM COM 229663109 587 26,590 SH   SOLE   26,590 0 0
EASTGROUP PPTY INC COM COM 277276101 117 1,841 SH   SOLE   1,841 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 38 844 SH   SOLE   844 0 0
SUNSTONE HOTEL INVS INC NEW COM COM 867892101 576 34,862 SH   SOLE   34,862 0 0
TECO ENERGY INC COM COM 872375100 26,266 1,281,900 SH   SOLE   1,183,250 0 98,650
UMPQUA HLDGS CORP COM COM 904214103 27,506 1,617,050 SH   SOLE   1,497,150 0 119,900
PROLOGIS INC COM COM 74340W103 3,676 85,432 SH   SOLE   85,432 0 0
ALTRIA GROUP INC COM COM 02209S103 18,439 374,267 SH   SOLE   341,617 0 32,650
AMERICAN RLTY CAP PPTYS INC COM COM 02917T104 757 83,593 SH   SOLE   83,593 0 0
APARTMENT INVT & MGMT CO CL A CL A 03748R101 2,101 56,542 SH   SOLE   56,542 0 0
ARES CAP CORP COM COM 04010L103 19,189 1,229,650 SH   SOLE   1,136,500 0 93,150
BIOMED REALTY TRUST INC COM COM 09063H107 28,737 1,334,124 SH   SOLE   1,240,202 0 93,922
CA INC COM COM 12673P105 28,890 948,800 SH   SOLE   880,650 0 68,150
CISCO SYS INC COM COM 17275R102 28,090 1,009,900 SH   SOLE   929,850 0 80,050
CONOCOPHILLIPS COM COM 20825C104 35,286 510,950 SH   SOLE   473,750 0 37,200
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 923 32,523 SH   SOLE   32,523 0 0
DDR CORP COM COM 23317H102 1,301 70,872 SH   SOLE   70,872 0 0
DIAMOND OFFSHORE DRILLING IN COM COM 25271C102 20,189 549,975 SH   SOLE   510,175 0 39,800
DOUGLAS EMMETT INC COM COM 25960P109 1,544 54,349 SH   SOLE   54,349 0 0
EDUCATION RLTY TR INC COM NEW ADDED COM NEW ADDED 28140H203 292 7,981 SH   SOLE   7,981 0 0
ENGILITY HLDGS INC COM COM 29285W104 86 2,016 SH   SOLE   2,016 0 0
ENTRAVISION COMMUNICATIONS C CL A CL A 29382R107 62 9,500 SH   SOLE   9,500 0 0
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 1,092 21,191 SH   SOLE   21,191 0 0
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 6,108 85,024 SH   SOLE   85,024 0 0
EXTRA SPACE STORAGE INC COM COM 30225T102 902 15,379 SH   SOLE   15,379 0 0
FELCOR LODGING TR INC COM COM 31430F101 771 71,281 SH   SOLE   71,281 0 0
GENERAL MTRS CO COM COM 37045V100 30,173 864,300 SH   SOLE   800,250 0 64,050
HCP INC COM COM 40414L109 4,448 101,030 SH   SOLE   101,030 0 0
HEALTH CARE REIT INC COM COM 42217K106 4,392 58,048 SH   SOLE   58,048 0 0
HEALTHCARE TR AMER INC CL A NEW ADDED CL A NEW ADDED 42225P501 678 25,139 SH   SOLE   25,139 0 0
HOSPITALITY PPTYS TR COM SH BEN INT SH BEN INT 44106M102 12,429 400,959 SH   SOLE   370,559 0 30,400
HOST HOTELS & RESORTS INC COM COM 44107P104 377 15,856 SH   SOLE   15,856 0 0
INTEGRYS ENERGY GROUP INC COM COM 45822P105 25,585 328,650 SH   SOLE   303,350 0 25,300
KKR & CO L P DEL COM UNITS COM UNITS 48248M102 19,274 830,400 SH   SOLE   765,700 0 64,700
KILROY RLTY CORP COM COM 49427F108 872 12,631 SH   SOLE   12,631 0 0
KIMCO RLTY CORP COM COM 49446R109 2,786 110,828 SH   SOLE   110,828 0 0
LHC GROUP INC COM COM 50187A107 81 2,586 SH   SOLE   2,586 0 0
MAXIM INTEGRATED PRODS INC COM COM 57772K101 32,899 1,032,300 SH   SOLE   957,450 0 74,850
MERCK & CO INC NEW COM COM 58933Y105 1,045 18,400 SH   SOLE   18,400 0 0
MID-AMER APT CMNTYS INC COM COM 59522J103 1,487 19,913 SH   SOLE   19,913 0 0
PS BUSINESS PKS INC CALIF COM COM 69360J107 683 8,586 SH   SOLE   8,586 0 0
PUBLIC STORAGE COM COM 74460D109 5,455 29,509 SH   SOLE   29,509 0 0
RLJ LODGING TR COM COM 74965L101 1,000 29,823 SH   SOLE   29,823 0 0
RETAIL PPTYS AMER INC CL A CL A 76131V202 1,481 88,703 SH   SOLE   88,703 0 0
SL GREEN RLTY CORP COM COM 78440X101 2,057 17,280 SH   SOLE   17,280 0 0
SELECT COMFORT CORP COM COMFORT CORP COM 81616X103 103 3,795 SH   SOLE   3,795 0 0
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 1,218 55,101 SH   SOLE   55,101 0 0
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 27,607 1,561,500 SH   SOLE   1,445,700 0 115,800
TWO HBRS INVT CORP COM COM 90187B101 31,542 3,147,850 SH   SOLE   2,920,650 0 227,200
VENTAS INC COM COM 92276F100 3,957 55,188 SH   SOLE   55,188 0 0
VERIZON COMMUNICATIONS INC COM COMMUNICATIONS INC COM 92343V104 32,335 691,200 SH   SOLE   640,450 0 50,750
W P CAREY INC COM COM 92936U109 721 10,283 SH   SOLE   10,283 0 0
WESTAR ENERGY INC COM COM 95709T100 28,225 684,400 SH   SOLE   633,650 0 50,750
PROSENSA HLDG N V SHS USD SHS USD N71546100 37,430 1,996,253 SH   SOLE   1,996,253 0 0
AMERICAN EAGLE OUTFITTERS NE COM COM 2553E106 50 3,581 SH   SOLE   3,581 0 0
EXPRESS INC COM COM 30219E103 69 4,664 SH   SOLE   4,664 0 0