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 23,764 364,700 SH   SOLE   364,700 0 0
ALEXANDRIA REAL ESTATE EQ IN COM COM 015271109 3,518 31,829 SH   SOLE   31,829 0 0
AMERICAN EQTY INVT LIFE HLD COM COM 025676206 1,803 76,304 SH   SOLE   76,304 0 0
AMERICAN FINL GROUP INC OHIO COM COM 025932104 1,154 12,098 SH   SOLE   12,098 0 0
AMERICAN CAMPUS CMNTYS INC COM COM 024835100 3,023 63,496 SH   SOLE   63,496 0 0
APARTMENT INVT & MGMT CO CL A CL A 03748R101 4,254 95,923 SH   SOLE   95,923 0 0
ARES CAP CORP COM COM 04010L103 23,896 1,374,875 SH   SOLE   1,374,875 0 0
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 044103109 1,656 260,090 SH   SOLE   260,090 0 0
AVALONBAY CMNTYS INC COM COM 053484101 7,049 38,390 SH   SOLE   38,390 0 0
BOSTON PROPERTIES INC COM COM 101121101 9,660 72,962 SH   SOLE   72,962 0 0
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 1,669 102,879 SH   SOLE   102,879 0 0
BRIXMOR PPTY GROUP INC COM COM 11120U105 2,405 112,014 SH   SOLE   112,014 0 0
BRUNSWICK CORP COM COM 117043109 1,754 28,654 SH   SOLE   28,654 0 0
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 25,970 322,765 SH   SOLE   322,765 0 0
CAPELLA EDUCATION COMPANY COM COMPANY COM 139594105 744 8,754 SH   SOLE   8,754 0 0
CBL & ASSOC PPTYS INC COM COM 124830100 2,416 253,176 SH   SOLE   253,176 0 0
CHART INDS INC COM PAR $0.01 COM PAR $0.01 16115Q308 959 27,452 SH   SOLE   27,452 0 0
CISCO SYS INC COM COM 17275R102 26,239 776,324 SH   SOLE   776,324 0 0
COLUMBIA PPTY TR INC COM NEW COM NEW 198287203 1,896 85,197 SH   SOLE   85,197 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 1,820 55,003 SH   SOLE   55,003 0 0
CUBESMART COM COM 229663109 2,890 111,317 SH   SOLE   111,317 0 0
DCT INDUSTRIAL TRUST INC COM NEW COM NEW 233153204 1,189 24,722 SH   SOLE   24,722 0 0
DDR CORP COM COM 23317H102 1,809 144,421 SH   SOLE   144,421 0 0
DEERE & CO COM COM 244199105 2,536 23,300 SH   SOLE   23,300 0 0
DEL FRISCOS RESTAURANT GROUP COM COM 245077102 3,686 204,214 SH   SOLE   204,214 0 0
DIAMONDROCK HOSPITALITY CO COM COM 252784301 2,023 181,403 SH   SOLE   181,403 0 0
DIGITAL RLTY TR INC COM COM 253868103 5,273 49,561 SH   SOLE   49,561 0 0
DOUGLAS EMMETT INC COM COM 25960P109 1,879 48,906 SH   SOLE   48,906 0 0
DUKE REALTY CORP COM NEW COM NEW 264411505 3,291 125,276 SH   SOLE   125,276 0 0
DUPONT FABROS TECHNOLOGY INC COM COM 26613Q106 1,223 24,667 SH   SOLE   24,667 0 0
ENERSYS COM COM 29275Y102 1,522 19,277 SH   SOLE   19,277 0 0
ENTRAVISION COMMUNICATIONS C CL A CL A 29382R107 722 116,408 SH   SOLE   116,408 0 0
EPR PPTYS COM SH BEN INT SH BEN INT 26884U109 1,708 23,188 SH   SOLE   23,188 0 0
EQUITY COMWLTH COM SH BEN INT SH BEN INT 294628102 4,354 139,453 SH   SOLE   139,453 0 0
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 1,713 22,233 SH   SOLE   22,233 0 0
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 11,280 181,297 SH   SOLE   181,297 0 0
ESSEX PPTY TR INC COM COM 297178105 2,670 11,531 SH   SOLE   11,531 0 0
EXELON CORP COM COM 30161N101 23,755 660,250 SH   SOLE   660,250 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B UNIT 99/99/9999B 30224P200 2,265 142,086 SH   SOLE   142,086 0 0
EXTRA SPACE STORAGE INC COM COM 30225T102 1,404 18,867 SH   SOLE   18,867 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 3,346 25,062 SH   SOLE   25,062 0 0
FELCOR LODGING TR INC COM COM 31430F101 1,174 156,314 SH   SOLE   156,314 0 0
FIRST SOLAR INC COM COM 336433107 2,586 95,439 SH   SOLE   95,439 0 0
FOREST CITY RLTY TR INC COM CL A CL A 345605109 1,726 79,252 SH   SOLE   79,252 0 0
GENERAL MTRS CO COM COM 37045V100 24,081 681,030 SH   SOLE   681,030 0 0
HCP INC COM COM 40414L109 6,349 202,974 SH   SOLE   202,974 0 0
HEALTHCARE RLTY TR COM COM 421946104 1,253 38,574 SH   SOLE   38,574 0 0
HEALTHCARE TR AMER INC CL A NEW CL A NEW 42225P501 4,335 137,779 SH   SOLE   137,779 0 0
HIGHWOODS PPTYS INC COM COM 431284108 1,922 39,127 SH   SOLE   39,127 0 0
HOPE BANCORP INC COM COM 43940T109 1,022 53,332 SH   SOLE   53,332 0 0
HOST HOTELS & RESORTS INC COM COM 44107P104 1,573 84,314 SH   SOLE   84,314 0 0
INTERNATIONAL BUSINESS MACHS COM COM 459200101 26,386 151,516 SH   SOLE   151,516 0 0
INTEL CORP COM COM 458140100 2,670 74,016 SH   SOLE   74,016 0 0
JABIL CIRCUIT INC COM COM 466313103 2,382 82,369 SH   SOLE   82,369 0 0
KAISER ALUMINUM CORP COM PAR $0.01 COM PAR $0.01 483007704 1,475 18,464 SH   SOLE   18,464 0 0
KILROY RLTY CORP COM COM 49427F108 3,910 54,234 SH   SOLE   54,234 0 0
KIMCO RLTY CORP COM COM 49446R109 3,230 146,192 SH   SOLE   146,192 0 0
KIRBY CORP COM COM 497266106 868 12,303 SH   SOLE   12,303 0 0
KKR & CO L P DEL COM UNITS COM UNITS 48248M102 12,762 700,048 SH   SOLE   700,048 0 0
KRONOS WORLDWIDE INC COM COM 50105F105 1,437 87,441 SH   SOLE   87,441 0 0
LA QUINTA HLDGS INC COM COM 50420D108 1,515 112,104 SH   SOLE   112,104 0 0
LEXINGTON REALTY TRUST COM COM 529043101 1,625 162,742 SH   SOLE   162,742 0 0
LHC GROUP INC COM COM 50187A107 3,104 57,597 SH   SOLE   57,597 0 0
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 2,859 74,170 SH   SOLE   74,170 0 0
LIFE STORAGE INC COM COM 53223X107 23,556 286,850 SH   SOLE   286,850 0 0
LUXFER HLDGS PLC SPONSORED ADR SPONSORED ADR 550678106 2,006 165,001 SH   SOLE   165,001 0 0
MACERICH CO COM COM 554382101 3,721 57,774 SH   SOLE   57,774 0 0
MACK CALI RLTY CORP COM COM 554489104 1,897 70,396 SH   SOLE   70,396 0 0
MATTEL INC COM COM 577081102 26,638 1,040,120 SH   SOLE   1,040,120 0 0
MEDICAL PPTYS TRUST INC COM COM 58463J304 990 76,830 SH   SOLE   76,830 0 0
MERCK & CO INC COM COM 58933Y105 2,809 44,209 SH   SOLE   44,209 0 0
MID AMER APT CMNTYS INC COM COM 59522J103 3,773 37,080 SH   SOLE   37,080 0 0
MRC GLOBAL INC COM COM 55345K103 973 53,071 SH   SOLE   53,071 0 0
NATIONAL RETAIL PPTYS INC COM COM 637417106 1,653 37,888 SH   SOLE   37,888 0 0
NEW YORK CMNTY BANCORP INC COM COM 649445103 25,501 1,825,482 SH   SOLE   1,825,482 0 0
OMEGA HEALTHCARE INVS INC COM COM 681936100 2,133 64,644 SH   SOLE   64,644 0 0
PARAMOUNT GROUP INC COM COM 69924R108 1,303 80,375 SH   SOLE   80,375 0 0
PBF ENERGY INC CL A CL A 69318G106 12,879 580,920 SH   SOLE   580,920 0 0
PHILIP MORRIS INTL INC COM COM 718172109 12,388 109,730 SH   SOLE   109,730 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 2,423 113,351 SH   SOLE   113,351 0 0
PLDT INC SPONSORED ADR SPONSORED ADR 69344D408 11,885 369,568 SH   SOLE   369,568 0 0
POTASH CORP SASK INC COM COM 73755L107 23,722 1,388,854 SH   SOLE   1,388,854 0 0
PRINCIPAL FINL GROUP INC COM COM 74251V102 15,143 239,950 SH   SOLE   239,950 0 0
PROCTER AND GAMBLE CO COM COM 742718109 2,561 28,500 SH   SOLE   28,500 0 0
PROLOGIS INC COM COM 74340W103 10,735 206,913 SH   SOLE   206,913 0 0
PRUDENTIAL FINL INC COM COM 744320102 779 7,300 SH   SOLE   7,300 0 0
PS BUSINESS PKS INC CALIF COM COM 69360J107 1,502 13,083 SH   SOLE   13,083 0 0
PUBLIC STORAGE COM COM 74460D109 8,337 38,086 SH   SOLE   38,086 0 0
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 23,136 521,676 SH   SOLE   521,676 0 0
QUALCOMM INC COM COM 747525103 23,922 417,186 SH   SOLE   417,186 0 0
REALTY INCOME CORP COM COM 756109104 3,252 54,636 SH   SOLE   54,636 0 0
REDWOOD TR INC COM COM 758075402 12,611 759,284 SH   SOLE   759,284 0 0
REGENCY CTRS CORP COM COM 758849103 4,001 60,274 SH   SOLE   60,274 0 0
RETAIL PPTYS AMER INC CL A CL A 76131V202 14,803 1,026,576 SH   SOLE   1,026,576 0 0
RH COM COM 74967X103 2,017 43,597 SH   SOLE   43,597 0 0
RLJ LODGING TR COM COM 74965L101 2,007 85,358 SH   SOLE   85,358 0 0
SANDERSON FARMS INC COM COM 800013104 1,223 11,782 SH   SOLE   11,782 0 0
SELECT COMFORT CORP COM COMFORT CORP COM 81616X103 2,760 111,340 SH   SOLE   111,340 0 0
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 3,058 151,015 SH   SOLE   151,015 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 18,499 107,533 SH   SOLE   107,533 0 0
SL GREEN RLTY CORP COM COM 78440X101 3,721 34,903 SH   SOLE   34,903 0 0
SPIRIT AIRLS INC COM COM 848577102 2,124 40,023 SH   SOLE   40,023 0 0
SPIRIT RLTY CAP INC NEW COM COM 84860W102 1,939 191,393 SH   SOLE   191,393 0 0
STRAYER ED INC COM COM 863236105 848 10,531 SH   SOLE   10,531 0 0
SUN CMNTYS INC COM COM 866674104 1,410 17,549 SH   SOLE   17,549 0 0
SYNAPTICS INC COM COM 87157D109 1,799 36,330 SH   SOLE   36,330 0 0
SYSCO CORP COM COM 871829107 2,767 53,300 SH   SOLE   53,300 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR SPONSORED ADR 874039100 25,793 785,410 SH   SOLE   785,410 0 0
TANGER FACTORY OUTLET CTRS I COM COM 875465106 1,081 32,987 SH   SOLE   32,987 0 0
TAUBMAN CTRS INC COM COM 876664103 2,304 34,892 SH   SOLE   34,892 0 0
TECH DATA CORP COM COM 878237106 1,499 15,964 SH   SOLE   15,964 0 0
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 25,500 1,717,174 SH   SOLE   1,717,174 0 0
TERADATA CORP DEL COM COM 88076W103 3,671 117,956 SH   SOLE   117,956 0 0
TERADYNE INC COM COM 880770102 2,019 64,914 SH   SOLE   64,914 0 0
TRINITY INDS INC COM COM 896522109 2,380 89,656 SH   SOLE   89,656 0 0
TWO HBRS INVT CORP COM COM 90187B101 23,274 2,426,912 SH   SOLE   2,426,912 0 0
UBIQUITI NETWORKS INC COM COM 90347A100 1,790 35,610 SH   SOLE   35,610 0 0
UDR INC COM COM 902653104 26,495 730,676 SH   SOLE   730,676 0 0
URBAN EDGE PPTYS COM COM 91704F104 964 36,654 SH   SOLE   36,654 0 0
VALERO ENERGY CORP NEW COM COM 91913Y100 23,660 356,921 SH   SOLE   356,921 0 0
VENTAS INC COM COM 92276F100 10,512 161,635 SH   SOLE   161,635 0 0
VEREIT INC COM COM 92339V100 2,394 281,957 SH   SOLE   281,957 0 0
VERIZON COMMUNICATIONS INC COM COMMUNICATIONS INC COM 92343V104 26,024 533,833 SH   SOLE   533,833 0 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 8,005 79,806 SH   SOLE   79,806 0 0
WASHINGTON PRIME GROUP NEW COM COM 93964W108 3,214 369,930 SH   SOLE   369,930 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT SH BEN INT 939653101 1,166 37,268 SH   SOLE   37,268 0 0
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,666 49,886 SH   SOLE   49,886 0 0
WELLTOWER INC COM COM 95040Q104 8,259 116,619 SH   SOLE   116,619 0 0
WESTERN REFNG INC COM COM 959319104 668 19,043 SH   SOLE   19,043 0 0
WOLVERINE WORLD WIDE INC COM COM 978097103 879 35,190 SH   SOLE   35,190 0 0
W P CAREY INC COM COM 92936U109 1,939 31,154 SH   SOLE   31,154 0 0