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 23,921 329,900 SH   SOLE   329,900 0 0
ABERCROMBIE & FITCH CO CL A CL A 002896207 1,471 118,264 SH   SOLE   118,264 0 0
ALEXANDRIA REAL ESTATE EQ IN COM COM 015271109 3,520 29,224 SH   SOLE   29,224 0 0
ALLEGION PUB LTD CO ORD SHS ORD SHS G0176J109 3,018 37,200 SH   SOLE   37,200 0 0
ALPHABET INC CAP STK CL C CAP STK CL C 02079K107 3,029 3,333 SH   SOLE   3,333 0 0
AMERICAN EAGLE OUTFITTERS NE COM COM 02553E106 2,414 200,300 SH   SOLE   200,300 0 0
AMERICAN EQTY INVT LIFE HLD COM COM 025676206 2,192 83,393 SH   SOLE   83,393 0 0
AMERICAN FINL GROUP INC OHIO COM COM 025932104 1,321 13,298 SH   SOLE   13,298 0 0
AMERICAN CAMPUS CMNTYS INC COM COM 024835100 2,077 43,906 SH   SOLE   43,906 0 0
APARTMENT INVT & MGMT CO CL A CL A 03748R101 2,954 68,744 SH   SOLE   68,744 0 0
APPLE HOSPITALITY REIT INC COM NEW COM NEW 03784Y200 2,080 111,172 SH   SOLE   111,172 0 0
APPLIED MATLS INC COM COM 038222105 3,260 78,914 SH   SOLE   78,914 0 0
ARES CAP CORP COM COM 04010L103 24,054 1,468,525 SH   SOLE   1,468,525 0 0
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 044103109 1,641 269,984 SH   SOLE   269,984 0 0
AVALONBAY CMNTYS INC COM COM 053484101 7,426 38,642 SH   SOLE   38,642 0 0
BOSTON PROPERTIES INC COM COM 101121101 11,312 91,961 SH   SOLE   91,961 0 0
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 1,596 91,040 SH   SOLE   91,040 0 0
BRIXMOR PPTY GROUP INC COM COM 11120U105 3,026 169,223 SH   SOLE   169,223 0 0
BRUNSWICK CORP COM COM 117043109 2,890 46,077 SH   SOLE   46,077 0 0
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 26,465 309,488 SH   SOLE   309,488 0 0
CAPELLA EDUCATION COMPANY COM COMPANY COM 139594105 839 9,807 SH   SOLE   9,807 0 0
CBL & ASSOC PPTYS INC COM COM 124830100 2,930 347,616 SH   SOLE   347,616 0 0
CHART INDS INC COM PAR $0.01 COM PAR $0.01 16115Q308 1,745 50,248 SH   SOLE   50,248 0 0
CISCO SYS INC COM COM 17275R102 25,827 825,174 SH   SOLE   825,174 0 0
COLUMBIA PPTY TR INC COM NEW COM NEW 198287203 1,691 75,557 SH   SOLE   75,557 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 1,562 44,592 SH   SOLE   44,592 0 0
COUSINS PPTYS INC COM COM 222795106 1,239 140,971 SH   SOLE   140,971 0 0
CUBESMART COM COM 229663109 28,430 1,182,549 SH   SOLE   1,182,549 0 0
DCT INDUSTRIAL TRUST INC COM NEW COM NEW 233153204 1,195 22,363 SH   SOLE   22,363 0 0
DDR CORP COM COM 23317H102 2,748 303,038 SH   SOLE   303,038 0 0
DEERE & CO COM COM 244199105 2,880 23,300 SH   SOLE   23,300 0 0
DEL FRISCOS RESTAURANT GROUP COM COM 245077102 4,869 302,407 SH   SOLE   302,407 0 0
DELEK US HLDGS INC COM COM 246647101 3,329 125,891 SH   SOLE   125,891 0 0
DIAMONDROCK HOSPITALITY CO COM COM 252784301 1,642 149,996 SH   SOLE   149,996 0 0
DIGITAL RLTY TR INC COM COM 253868103 5,261 46,581 SH   SOLE   46,581 0 0
DOUGLAS EMMETT INC COM COM 25960P109 1,765 46,203 SH   SOLE   46,203 0 0
DUKE REALTY CORP COM NEW COM NEW 264411505 3,070 109,826 SH   SOLE   109,826 0 0
DUPONT FABROS TECHNOLOGY INC COM COM 26613Q106 2,841 46,433 SH   SOLE   46,433 0 0
ENERSYS COM COM 29275Y102 2,457 33,909 SH   SOLE   33,909 0 0
EPR PPTYS COM SH BEN INT SH BEN INT 26884U109 1,825 25,399 SH   SOLE   25,399 0 0
EQUITY COMWLTH COM SH BEN INT SH BEN INT 294628102 3,389 107,230 SH   SOLE   107,230 0 0
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 1,891 21,894 SH   SOLE   21,894 0 0
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 12,379 188,039 SH   SOLE   188,039 0 0
ESSEX PPTY TR INC COM COM 297178105 3,371 13,104 SH   SOLE   13,104 0 0
LAUDER ESTEE COS INC CL A CL A 518439104 3,189 33,221 SH   SOLE   33,221 0 0
EXELON CORP COM COM 30161N101 23,332 646,850 SH   SOLE   646,850 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B UNIT 99/99/9999B 30224P200 2,406 124,288 SH   SOLE   124,288 0 0
EXTRA SPACE STORAGE INC COM COM 30225T102 2,468 31,633 SH   SOLE   31,633 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 2,372 18,765 SH   SOLE   18,765 0 0
FELCOR LODGING TR INC COM COM 31430F101 1,187 164,530 SH   SOLE   164,530 0 0
FIRST SOLAR INC COM COM 336433107 3,986 99,939 SH   SOLE   99,939 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM COM 31620R303 24,082 537,200 SH   SOLE   537,200 0 0
FOREST CITY RLTY TR INC COM CL A CL A 345605109 1,724 71,341 SH   SOLE   71,341 0 0
GENERAL MTRS CO COM COM 37045V100 23,986 686,680 SH   SOLE   686,680 0 0
GGP INC COM COM 36174X101 8,345 354,200 SH   SOLE   354,200 0 0
GNC HLDGS INC COM CL A CL A 36191G107 1,012 120,000 SH   SOLE   120,000 0 0
GRAMERCY PPTY TR COM NEW COM NEW 385002308 1,223 41,160 SH   SOLE   41,160 0 0
HCP INC COM COM 40414L109 8,435 263,904 SH   SOLE   263,904 0 0
HEALTHCARE RLTY TR COM COM 421946104 1,334 39,076 SH   SOLE   39,076 0 0
HEALTHCARE TR AMER INC CL A NEW CL A NEW 42225P501 5,274 169,519 SH   SOLE   169,519 0 0
HIGHWOODS PPTYS INC COM COM 431284108 1,927 37,992 SH   SOLE   37,992 0 0
HOLLYFRONTIER CORP COM COM 436106108 24,366 887,000 SH   SOLE   887,000 0 0
HOPE BANCORP INC COM COM 43940T109 1,700 91,173 SH   SOLE   91,173 0 0
HOST HOTELS & RESORTS INC COM COM 44107P104 2,716 148,621 SH   SOLE   148,621 0 0
INTEL CORP COM COM 458140100 1,871 55,459 SH   SOLE   55,459 0 0
JABIL INC COM COM 466313103 2,459 84,246 SH   SOLE   84,246 0 0
JPMORGAN CHASE & CO COM COM 46625H100 3,206 35,079 SH   SOLE   35,079 0 0
KAISER ALUMINUM CORP COM PAR $0.01 COM PAR $0.01 483007704 2,155 24,347 SH   SOLE   24,347 0 0
KILROY RLTY CORP COM COM 49427F108 1,827 24,313 SH   SOLE   24,313 0 0
KIMCO RLTY CORP COM COM 49446R109 4,198 228,774 SH   SOLE   228,774 0 0
KKR & CO L P DEL COM UNITS COM UNITS 48248M102 13,020 700,048 SH   SOLE   700,048 0 0
KRONOS WORLDWIDE INC COM COM 50105F105 1,611 88,441 SH   SOLE   88,441 0 0
L BRANDS INC COM COM 501797104 24,078 446,800 SH   SOLE   446,800 0 0
LA QUINTA HLDGS INC COM COM 50420D108 1,495 101,223 SH   SOLE   101,223 0 0
LEXINGTON REALTY TRUST COM COM 529043101 1,681 169,603 SH   SOLE   169,603 0 0
LHC GROUP INC COM COM 50187A107 4,454 65,605 SH   SOLE   65,605 0 0
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 2,809 68,993 SH   SOLE   68,993 0 0
LIFE STORAGE INC COM COM 53223X107 23,193 313,000 SH   SOLE   313,000 0 0
LUXFER HLDGS PLC SPONSORED ADR SPONSORED ADR 550678106 2,875 224,819 SH   SOLE   224,819 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - SHS -A- N53745100 35,218 417,318 SH   SOLE   417,318 0 0
MACERICH CO COM COM 554382101 4,871 83,913 SH   SOLE   83,913 0 0
MACK CALI RLTY CORP COM COM 554489104 1,651 60,808 SH   SOLE   60,808 0 0
MARSH & MCLENNAN COS INC COM COM 571748102 3,236 41,509 SH   SOLE   41,509 0 0
MASTERCARD INCORPORATED CL A CL A 57636Q104 2,463 20,277 SH   SOLE   20,277 0 0
MATTEL INC COM COM 577081102 2,166 100,599 SH   SOLE   100,599 0 0
MEDICAL PPTYS TRUST INC COM COM 58463J304 1,285 99,885 SH   SOLE   99,885 0 0
MERCK & CO INC COM COM 58933Y105 2,833 44,209 SH   SOLE   44,209 0 0
MICROSOFT CORP COM COM 594918104 3,030 43,959 SH   SOLE   43,959 0 0
MID AMER APT CMNTYS INC COM COM 59522J103 5,628 53,408 SH   SOLE   53,408 0 0
MRC GLOBAL INC COM COM 55345K103 2,047 123,890 SH   SOLE   123,890 0 0
NATIONAL RETAIL PPTYS INC COM COM 637417106 2,292 58,629 SH   SOLE   58,629 0 0
NEW YORK CMNTY BANCORP INC COM COM 649445103 26,527 2,020,282 SH   SOLE   2,020,282 0 0
OMEGA HEALTHCARE INVS INC COM COM 681936100 2,544 77,020 SH   SOLE   77,020 0 0
PARAMOUNT GROUP INC COM COM 69924R108 1,440 89,968 SH   SOLE   89,968 0 0
PBF ENERGY INC CL A CL A 69318G106 12,931 580,920 SH   SOLE   580,920 0 0
PEPSICO INC COM COM 713448108 3,343 28,946 SH   SOLE   28,946 0 0
PHILIP MORRIS INTL INC COM COM 718172109 12,424 105,780 SH   SOLE   105,780 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 1,697 80,535 SH   SOLE   80,535 0 0
PLDT INC SPONSORED ADR SPONSORED ADR 69344D408 12,096 342,568 SH   SOLE   342,568 0 0
POTASH CORP SASK INC COM COM 73755L107 23,534 1,443,804 SH   SOLE   1,443,804 0 0
PPG INDS INC COM COM 693506107 2,931 26,656 SH   SOLE   26,656 0 0
PRICELINE GRP INC COM NEW COM NEW 741503403 1,206 645 SH   SOLE   645 0 0
PRINCIPAL FINL GROUP INC COM COM 74251V102 2,675 41,748 SH   SOLE   41,748 0 0
PROCTER AND GAMBLE CO COM COM 742718109 2,484 28,500 SH   SOLE   28,500 0 0
PROLOGIS INC COM COM 74340W103 12,390 211,296 SH   SOLE   211,296 0 0
PRUDENTIAL FINL INC COM COM 744320102 789 7,300 SH   SOLE   7,300 0 0
PS BUSINESS PKS INC CALIF COM COM 69360J107 1,362 10,286 SH   SOLE   10,286 0 0
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 23,360 543,126 SH   SOLE   543,126 0 0
PUBLIC STORAGE COM COM 74460D109 10,389 49,820 SH   SOLE   49,820 0 0
QUALCOMM INC COM COM 747525103 23,205 420,236 SH   SOLE   420,236 0 0
QUALITY CARE PPTYS INC COM COM 747545101 1,087 59,375 SH   SOLE   59,375 0 0
QUINTILES IMS HOLDINGS INC COM COM 74876Y101 1,635 18,270 SH   SOLE   18,270 0 0
REALTY INCOME CORP COM COM 756109104 4,131 74,855 SH   SOLE   74,855 0 0
REDWOOD TR INC COM COM 758075402 12,713 746,084 SH   SOLE   746,084 0 0
REGENCY CTRS CORP COM COM 758849103 4,642 74,114 SH   SOLE   74,114 0 0
RETAIL PPTYS AMER INC CL A CL A 76131V202 14,689 1,203,126 SH   SOLE   1,203,126 0 0
RLJ LODGING TR COM COM 74965L101 2,098 105,572 SH   SOLE   105,572 0 0
SANDERSON FARMS INC COM COM 800013104 1,326 11,462 SH   SOLE   11,462 0 0
SEAGATE TECHNOLOGY PLC SHS SHS G7945M107 11,444 295,332 SH   SOLE   295,332 0 0
SELECT COMFORT CORP COM COMFORT CORP COM 81616X103 3,373 95,041 SH   SOLE   95,041 0 0
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 2,894 141,567 SH   SOLE   141,567 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 22,282 137,744 SH   SOLE   137,744 0 0
SK TELECOM LTD SPONSORED ADR SPONSORED ADR 78440P108 23,868 929,800 SH   SOLE   929,800 0 0
SL GREEN RLTY CORP COM COM 78440X101 4,054 38,325 SH   SOLE   38,325 0 0
SPIRIT AIRLS INC COM COM 848577102 2,871 55,590 SH   SOLE   55,590 0 0
STORE CAP CORP COM COM 862121100 2,344 104,425 SH   SOLE   104,425 0 0
SUN CMNTYS INC COM COM 866674104 2,715 30,961 SH   SOLE   30,961 0 0
SYNAPTICS INC COM COM 87157D109 2,362 45,678 SH   SOLE   45,678 0 0
SYSCO CORP COM COM 871829107 2,683 53,300 SH   SOLE   53,300 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR SPONSORED ADR 874039100 25,764 736,960 SH   SOLE   736,960 0 0
TANGER FACTORY OUTLET CTRS I COM COM 875465106 1,228 47,237 SH   SOLE   47,237 0 0
TAUBMAN CTRS INC COM COM 876664103 2,452 41,188 SH   SOLE   41,188 0 0
TECH DATA CORP COM COM 878237106 2,065 20,441 SH   SOLE   20,441 0 0
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 23,508 1,742,574 SH   SOLE   1,742,574 0 0
TENNECO INC COM COM 880349105 1,464 25,308 SH   SOLE   25,308 0 0
TERADATA CORP DEL COM COM 88076W103 4,979 168,827 SH   SOLE   168,827 0 0
TERADYNE INC COM COM 880770102 2,833 94,349 SH   SOLE   94,349 0 0
THERMON GROUP HLDGS INC COM COM 88362T103 2,542 132,607 SH   SOLE   132,607 0 0
TRINITY INDS INC COM COM 896522109 3,390 120,925 SH   SOLE   120,925 0 0
TRITON INTL LTD CL A CL A G9078F107 12,404 370,939 SH   SOLE   370,939 0 0
TWO HBRS INVT CORP COM COM 90187B101 23,290 2,350,212 SH   SOLE   2,350,212 0 0
UBIQUITI NETWORKS INC COM COM 90347A100 3,364 64,721 SH   SOLE   64,721 0 0
UDR INC COM COM 902653104 3,156 80,989 SH   SOLE   80,989 0 0
VALERO ENERGY CORP NEW COM COM 91913Y100 24,260 359,621 SH   SOLE   359,621 0 0
VAREX IMAGING CORP COM COM 92214X106 1,346 39,821 SH   SOLE   39,821 0 0
VENTAS INC COM COM 92276F100 12,779 183,907 SH   SOLE   183,907 0 0
VEREIT INC COM COM 92339V100 1,245 152,951 SH   SOLE   152,951 0 0
VERIZON COMMUNICATIONS INC COM COM 92343V104 25,781 577,283 SH   SOLE   577,283 0 0
VISA INC COM CL A CL A 92826C839 1,247 13,302 SH   SOLE   13,302 0 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 9,538 101,573 SH   SOLE   101,573 0 0
WASHINGTON PRIME GROUP NEW COM COM 93964W108 3,694 441,246 SH   SOLE   441,246 0 0
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,843 61,257 SH   SOLE   61,257 0 0
WELLTOWER INC COM COM 95040Q104 10,124 135,262 SH   SOLE   135,262 0 0
WOLVERINE WORLD WIDE INC COM COM 978097103 1,328 47,402 SH   SOLE   47,402 0 0
W P CAREY INC COM COM 92936U109 2,751 41,668 SH   SOLE   41,668 0 0