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
ACADIA RLTY TR COM SH BEN INT 004239109 3,451 139,832 SH   SOLE   139,832 0 0
AGREE REALTY CORP COM 008492100 1,021 33,840 SH   SOLE   33,840 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 20,635 399,143 SH   SOLE   399,143 0 0
ALEXANDERS INC COM 014752109 1,445 5,049 SH   SOLE   5,049 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 11,403 178,587 SH   SOLE   178,587 0 0
AMERICAN ASSETS TR INC COM 024013104 2,653 86,953 SH   SOLE   86,953 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 8,962 262,419 SH   SOLE   262,419 0 0
AMERICAN HOMES 4 RENT CL A ADDED 02665T306 1,857 114,990 SH   SOLE   114,990 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 807 45,810 SH   SOLE   45,810 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 5,579 457,300 SH   SOLE   457,300 0 0
AMERICAN TOWER CORP NEW COM 03027X100 73,093 986,009 SH   SOLE   986,009 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 10,148 363,223 SH   SOLE   363,223 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 471 47,530 SH   SOLE   47,530 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,927 156,183 SH   SOLE   156,183 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 1,912 128,225 SH   SOLE   128,225 0 0
AUL CTRS INC COM 804395101 1,514 32,736 SH   SOLE   32,736 0 0
AVALONBAY CMNTYS INC COM 053484101 40,845 321,390 SH   SOLE   321,390 0 0
AVIV REIT INC MD COM 05381L101 666 29,210 SH   SOLE   29,210 0 0
BIOMED REALTY TRUST INC COM 09063H107 8,964 482,177 SH   SOLE   482,177 0 0
BOSTON PROPERTIES INC COM 101121101 40,268 376,685 SH   SOLE   376,685 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,217 395,829 SH   SOLE   395,829 0 0
BRE PROPERTIES INC CL A 05564E106 9,615 189,418 SH   SOLE   189,418 0 0
CALPINE CORP COM NEW 131347304 43,294 2,228,216 SH   SOLE   2,228,216 0 0
CAMDEN PPTY TR SH BEN INT 133131102 13,040 212,246 SH   SOLE   212,246 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 1,748 161,828 SH   SOLE   161,828 0 0
CAPLEASE INC COM 140288101 1,802 212,259 SH   SOLE   212,259 0 0
CBL & ASSOC PPTYS INC COM 124830100 8,146 426,477 SH   SOLE   426,477 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 949 183,285 SH   SOLE   183,285 0 0
CHAMBERS STR PPTYS COM 157842105 4,846 551,900 SH   SOLE   551,900 0 0
CHATHAM LODGING TR COM 16208T102 1,031 57,737 SH   SOLE   57,737 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 2,912 123,712 SH   SOLE   123,712 0 0
CIT GROUP INC COM NEW 125581801 2,645 54,249 SH   SOLE   54,249 0 0
COLE REAL ESTATE INVTS INC COM ADDED 19329V105 14,397 1,174,270 SH   SOLE   1,174,270 0 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 4,512 200,614 SH   SOLE   200,614 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 6,451 294,418 SH   SOLE   294,418 0 0
CORESITE RLTY CORP COM 21870Q105 1,873 55,183 SH   SOLE   55,183 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 4,792 207,453 SH   SOLE   207,453 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 9,595 277,710 SH   SOLE   277,710 0 0
COUSINS PPTYS INC COM 222795106 4,483 435,676 SH   SOLE   435,676 0 0
CUBESMART COM 229663109 6,005 336,620 SH   SOLE   336,620 0 0
CYRUSONE INC COM 23283R100 841 44,330 SH   SOLE   44,330 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 5,734 797,530 SH   SOLE   797,530 0 0
DDR CORP COM 23317H102 9,955 633,688 SH   SOLE   633,688 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 5,226 489,827 SH   SOLE   489,827 0 0
DIGITAL RLTY TR INC COM 253868103 17,038 320,872 SH   SOLE   320,872 0 0
DOUGLAS EMMETT INC COM 25960P109 7,665 326,594 SH   SOLE   326,594 0 0
DUKE REALTY CORP COM NEW 264411505 12,496 809,306 SH   SOLE   809,306 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 4,152 161,116 SH   SOLE   161,116 0 0
EASTGROUP PPTY INC COM 277276101 4,384 74,049 SH   SOLE   74,049 0 0
EDUCATION RLTY TR INC COM 28140H104 2,672 293,651 SH   SOLE   293,651 0 0
EPR PPTYS COM SH BEN INT 26884U109 5,714 117,232 SH   SOLE   117,232 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 6,398 187,246 SH   SOLE   187,246 0 0
EQUITY ONE COM 294752100 3,146 143,936 SH   SOLE   143,936 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 47,499 886,664 SH   SOLE   886,664 0 0
ESSEX PPTY TR INC COM 297178105 13,895 94,079 SH   SOLE   94,079 0 0
EVERBANK FINANCIAL CORP COM 29977G102 4,232 282,526 SH   SOLE   282,526 0 0
EXCEL TR INC COM 30068C109 1,430 119,155 SH   SOLE   119,155 0 0
EXTRA SPACE STORAGE INC COM 30225T102 11,804 258,002 SH   SOLE   258,002 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 16,513 162,766 SH   SOLE   162,766 0 0
FEDERAL-MOGUL CORP COM 313549404 35,561 2,118,016 SH   SOLE   2,118,016 0 0
FELCOR LODGING TR INC COM 31430F101 1,853 300,775 SH   SOLE   300,775 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 4,457 273,923 SH   SOLE   273,923 0 0
FIRST POTOMAC RLTY TR COM 33610F109 1,910 151,941 SH   SOLE   151,941 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 2,869 225,189 SH   SOLE   225,189 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 26,527 1,375,179 SH   SOLE   1,375,179 0 0
GENERAL MOTORS CO COM 37045V100 207 5,774 SH   SOLE   5,774 0 0
GEO GROUP INC COM 36159R103 5,702 171,490 SH   SOLE   171,490 0 0
GETTY RLTY CORP NEW COM 374297109 1,235 63,548 SH   SOLE   63,548 0 0
GLADSTONE COML CORP COM 376536108 611 34,020 SH   SOLE   34,020 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 3,514 360,422 SH   SOLE   360,422 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 3,341 139,597 SH   SOLE   139,597 0 0
HCP INC COM 40414L109 46,221 1,128,719 SH   SOLE   1,128,719 0 0
HEALTH CARE REIT INC COM 42217K106 44,225 708,958 SH   SOLE   708,958 0 0
HEALTHCARE RLTY TR COM 421946104 5,587 241,762 SH   SOLE   241,762 0 0
HEALTHCARE TR AMER INC CL A 42225P105 1,156 109,880 SH   SOLE   109,880 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 2,470 441,823 SH   SOLE   441,823 0 0
HIGHWOODS PPTYS INC COM 431284108 7,928 224,539 SH   SOLE   224,539 0 0
HOME PROPERTIES INC COM 437306103 8,097 140,210 SH   SOLE   140,210 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 9,915 350,350 SH   SOLE   350,350 0 0
HOST HOTELS & RESORTS INC COM 44107P104 32,818 1,857,264 SH   SOLE   1,857,264 0 0
HUDSON PAC PPTYS INC COM 444097109 2,068 106,312 SH   SOLE   106,312 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 2,210 216,059 SH   SOLE   216,059 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 2,116 256,491 SH   SOLE   256,491 0 0
ISHARES U.S. REAL ES ETF 464287739 95,640 1,500,000 SH   SOLE   1,500,000 0 0
KILROY RLTY CORP COM 49427F108 9,453 189,243 SH   SOLE   189,243 0 0
KIMCO RLTY CORP COM 49446R109 20,452 1,013,463 SH   SOLE   1,013,463 0 0
KITE RLTY GROUP TR COM 49803T102 1,438 242,483 SH   SOLE   242,483 0 0
LAREDO PETROLEUM HOLDINGS COM 516806106 742 25,000 SH   SOLE   25,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 6,782 237,792 SH   SOLE   237,792 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 11,186 419,142 SH   SOLE   419,142 0 0
LEXINGTON REALTY TRUST COM 529043101 6,108 543,895 SH   SOLE   543,895 0 0
LIBERTY PPTY TR SH BEN INT 531172104 12,729 357,550 SH   SOLE   357,550 0 0
LTC PPTYS INC COM 502175102 3,338 87,896 SH   SOLE   87,896 0 0
MACERICH CO COM 554382101 19,809 350,982 SH   SOLE   350,982 0 0
MACK CALI RLTY CORP COM 554489104 4,847 220,933 SH   SOLE   220,933 0 0
MARKEL CORP COM 570535104 16,876 32,594 SH   SOLE   32,594 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 4,965 407,967 SH   SOLE   407,967 0 0
MID-AMER APT CMNTYS INC COM 59522J103 6,574 105,184 SH   SOLE   105,184 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 934 102,977 SH   SOLE   102,977 0 0
MPG OFFICE TR INC COM 553274101 444 141,919 SH   SOLE   141,919 0 0
NATIONAL HEALTH INVS INC COM 63633D104 3,515 61,794 SH   SOLE   61,794 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 9,672 303,970 SH   SOLE   303,970 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 1,678 89,850 SH   SOLE   89,850 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 8,708 291,533 SH   SOLE   291,533 0 0
ONE LIBERTY PPTYS INC COM 682406103 636 31,357 SH   SOLE   31,357 0 0
PARKWAY PPTYS INC COM 70159Q104 1,986 111,749 SH   SOLE   111,749 0 0
PARTNERRE LTD COM G6852T105 18,904 206,518 SH   SOLE   206,518 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 6,318 7,500,000 SH   SOLE   7,500,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 4,417 153,837 SH   SOLE   153,837 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 3,030 162,035 SH   SOLE   162,035 0 0
PHYSICIANS RLTY TR COM ADDED 71943U104 285 23,540 SH   SOLE   23,540 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 7,233 416,642 SH   SOLE   416,642 0 0
PLUM CREEK TIMBER CO INC COM 729251108 18,901 403,607 SH   SOLE   403,607 0 0
POST PPTYS INC COM 737464107 5,999 133,253 SH   SOLE   133,253 0 0
POTLATCH CORP NEW COM 737630103 3,660 92,248 SH   SOLE   92,248 0 0
PROLOGIS INC COM 74340W103 46,715 1,241,751 SH   SOLE   1,241,751 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 3,284 44,010 SH   SOLE   44,010 0 0
PUBLIC STORAGE COM 74460D109 57,038 355,269 SH   SOLE   355,269 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 2,313 150,090 SH   SOLE   150,090 0 0
RAYONIER INC COM 754907103 17,393 312,549 SH   SOLE   312,549 0 0
REALTY INCOME CORP COM 756109104 19,405 488,164 SH   SOLE   488,164 0 0
REGENCY CTRS CORP COM 758849103 10,950 226,468 SH   SOLE   226,468 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 2,468 178,566 SH   SOLE   178,566 0 0
RETAIL PPTYS AMER INC CL A 76131V202 6,439 468,255 SH   SOLE   468,255 0 0
REXFORD INDL RLTY INC COM ADDED 76169C100 537 39,760 SH   SOLE   39,760 0 0
RLJ LODGING TR COM 74965L101 7,173 305,364 SH   SOLE   305,364 0 0
ROUSE PPTYS INC COM 779287101 1,093 53,113 SH   SOLE   53,113 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 4,580 132,720 SH   SOLE   132,720 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,195 95,403 SH   SOLE   95,403 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 1,849 71,680 SH   SOLE   71,680 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 10,997 471,147 SH   SOLE   471,147 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 1,468 93,740 SH   SOLE   93,740 0 0
SIMON PPTY GROUP INC NEW COM 828806109 113,203 763,696 SH   SOLE   763,696 0 0
SL GREEN RLTY CORP COM 78440X101 20,179 227,135 SH   SOLE   227,135 0 0
SOVRAN SELF STORAGE INC COM 84610H108 5,956 78,699 SH   SOLE   78,699 0 0
SPIRIT RLTY CAP INC NEW COM ADDED 84860W102 8,128 885,451 SH   SOLE   885,451 0 0
STAG INDL INC COM 85254J102 2,112 104,960 SH   SOLE   104,960 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 3,621 417,139 SH   SOLE   417,139 0 0
SUMMIT HOTEL PPTYS COM 866082100 1,521 165,518 SH   SOLE   165,518 0 0
SUN CMNTYS INC COM 866674104 3,657 85,816 SH   SOLE   85,816 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 5,213 409,166 SH   SOLE   409,166 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 7,559 231,504 SH   SOLE   231,504 0 0
TAUBMAN CTRS INC COM 876664103 10,595 157,399 SH   SOLE   157,399 0 0
TERRENO RLTY CORP COM 88146M101 1,050 59,134 SH   SOLE   59,134 0 0
TIME WARNER CABLE INC COM 88732J207 22,871 204,939 SH   SOLE   204,939 0 0
TRONOX LTD SHS CL A Q9235V101 6,085 248,690 SH   SOLE   248,690 0 0
U M H PROPERTIES INC COM 903002103 315 31,724 SH   SOLE   31,724 0 0
UDR INC COM 902653104 14,828 625,661 SH   SOLE   625,661 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 1,331 31,798 SH   SOLE   31,798 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 1,170 58,833 SH   SOLE   58,833 0 0
VENTAS INC COM 92276F100 45,101 733,348 SH   SOLE   733,348 0 0
VORNADO RLTY TR SH BEN INT 929042109 34,973 416,053 SH   SOLE   416,053 0 0
W P CAREY INC COM 92936U109 9,400 145,290 SH   SOLE   145,290 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 4,150 164,207 SH   SOLE   164,207 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 8,010 273,110 SH   SOLE   273,110 0 0
WEYERHAEUSER CO COM 962166104 41,411 1,446,418 SH   SOLE   1,446,418 0 0
WHITESTONE REIT COM 966084204 677 45,930 SH   SOLE   45,930 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 894 80,257 SH   SOLE   80,257 0 0