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 1,522 20,989 SH   SOLE   0 0 20,989
AMERICAN CAMPUS CMNTYS INC COM COM 24835100 923 24,735 SH   SOLE   0 0 24,735
AMERICAN INTL GROUP INC *W EXP 01/19/202 *W EXP 01/19/202 26874156 2 108 SH   SOLE   0 0 108
AMERICAN INTL GROUP INC COM NEW COM NEW 26874784 337 6,754 SH   SOLE   0 0 6,754
APPLE INC COM COM 37833100 442 825 SH   SOLE   0 0 825
ASHFORD HOSPITALITY PRIME IN COM COM 44102101 242 16,011 SH   SOLE   0 0 16,011
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 44103109 1,659 147,277 SH   SOLE   0 0 147,277
AVALONBAY CMNTYS INC COM COM 53484101 3,372 25,684 SH   SOLE   0 0 25,684
BOSTON PROPERTIES INC COM COM 101121101 6,244 54,525 SH   SOLE   0 0 54,525
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 1,460 101,019 SH   SOLE   0 0 101,019
CBL & ASSOC PPTYS INC COM COM 124830100 1,827 102,973 SH   SOLE   0 0 102,973
CPFL ENERGIA S A SPONSORED ADR SPONSORED ADR 126153105 27,267 1,669,788 SH   SOLE   0 0 1,669,788
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 1,824 27,095 SH   SOLE   0 0 27,095
CHEVRON CORP NEW COM COM 166764100 390 3,288 SH   SOLE   0 0 3,288
COMMONWEALTH REIT COM SH BEN INT SH BEN INT 203233101 3,703 140,809 SH   SOLE   0 0 140,809
DCT INDUSTRIAL TRUST INC COM COM 233153105 862 109,397 SH   SOLE   0 0 109,397
DARDEN RESTAURANTS INC COM COM 237194105 802 15,800 SH   SOLE   0 0 15,800
DIGITAL RLTY TR INC COM COM 253868103 2,307 43,480 SH   SOLE   0 0 43,480
DOW CHEM CO COM COM 260543103 1,155 23,780 SH   SOLE   0 0 23,780
DUKE REALTY CORP COM NEW COM NEW 264411505 2,841 168,350 SH   SOLE   0 0 168,350
EQUITY ONE COM COM 294752100 880 39,400 SH   SOLE   0 0 39,400
ESSEX PPTY TR INC COM COM 297178105 1,768 10,399 SH   SOLE   0 0 10,399
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 1,938 16,899 SH   SOLE   0 0 16,899
FOREST CITY ENTERPRISES INC CL A CL A 345550107 2,224 116,476 SH   SOLE   0 0 116,476
GENERAL ELECTRIC CO COM COM 369604103 42,315 1,634,439 SH   SOLE   0 0 1,634,439
HASBRO INC COM COM 418056107 35,057 630,300 SH   SOLE   0 0 630,300
HEALTHCARE RLTY TR COM COM 421946104 779 32,290 SH   SOLE   0 0 32,290
HIGHWOODS PPTYS INC COM COM 431284108 1,597 41,602 SH   SOLE   0 0 41,602
HOME PROPERTIES INC COM COM 437306103 1,608 26,751 SH   SOLE   0 0 26,751
INTEL CORP COM COM 458140100 35,814 1,387,608 SH   SOLE   0 0 1,387,608
INTERNATIONAL BUSINESS MACHS COM COM 459200101 673 3,500 SH   SOLE   0 0 3,500
ISHARES U.S. REAL ES ETF U.S. REAL ES ETF 464287739 1,133 16,750 SH   SOLE   0 0 16,750
LEXINGTON REALTY TRUST COM COM 529043101 1,223 112,105 SH   SOLE   0 0 112,105
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 2,173 58,817 SH   SOLE   0 0 58,817
LILLY ELI & CO COM COM 532457108 517 8,800 SH   SOLE   0 0 8,800
LORILLARD INC COM COM 544147101 16,054 296,868 SH   SOLE   0 0 296,868
MACERICH CO COM COM 554382101 37,459 600,984 SH   SOLE   0 0 600,984
MACK CALI RLTY CORP COM COM 554489104 1,659 79,808 SH   SOLE   0 0 79,808
MATTEL INC COM COM 577081102 42,810 1,067,337 SH   SOLE   0 0 1,067,337
NATIONAL RETAIL PPTYS INC COM COM 637417106 1,135 33,086 SH   SOLE   0 0 33,086
OMEGA HEALTHCARE INVS INC COM COM 681936100 1,323 39,481 SH   SOLE   0 0 39,481
PENNSYLVANIA RL ESTATE INVT SH BEN INT SH BEN INT 709102107 825 45,731 SH   SOLE   0 0 45,731
PFIZER INC COM COM 717081103 34,947 1,088,041 SH   SOLE   0 0 1,088,041
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 1,851 107,948 SH   SOLE   0 0 107,948
PROCTER & GAMBLE CO COM COM 742718109 970 12,040 SH   SOLE   0 0 12,040
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 41,994 1,101,054 SH   SOLE   0 0 1,101,054
REALTY INCOME CORP COM COM 756109104 1,680 41,126 SH   SOLE   0 0 41,126
REGENCY CTRS CORP COM COM 758849103 1,584 31,024 SH   SOLE   0 0 31,024
SIMON PPTY GROUP INC NEW COM COM 828806109 11,587 70,658 SH   SOLE   0 0 70,658
SOUTHERN CO COM COM 842587107 42,586 969,200 SH   SOLE   0 0 969,200
SPECTRA ENERGY CORP COM COM 847560109 1,201 32,527 SH   SOLE   0 0 32,527
SYSCO CORP COM COM 871829107 34,120 944,385 SH   SOLE   0 0 944,385
TAUBMAN CTRS INC COM COM 876664103 1,228 17,359 SH   SOLE   0 0 17,359
UDR INC COM COM 902653104 34,771 1,346,173 SH   SOLE   0 0 1,346,173
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF TT WRLD ST ETF 922042742 2,714 45,500 SH   SOLE   0 0 45,500
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF F FTSE EUROPE ETF 922042874 9,998 169,606 SH   SOLE   0 0 169,606
VANGUARD INDEX FDS TOTAL STK MKT TOTAL STK MKT 922908769 14,367 147,400 SH   SOLE   0 0 147,400
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 8,938 90,689 SH   SOLE   0 0 90,689
WASHINGTON REAL ESTATE INVT SH BEN INT SH BEN INT 939653101 966 40,486 SH   SOLE   0 0 40,486
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,800 60,000 SH   SOLE   0 0 60,000
BRE PROPERTIES INC CL A CL A 05564E106 1,615 25,735 SH   SOLE   0 0 25,735
DR PEPPER SNAPPLE GROUP INC COM COM 26138E109 35,057 643,727 SH   SOLE   0 0 643,727
ALTRIA GROUP INC COM COM 02209S103 41,473 1,108,017 SH   SOLE   0 0 1,108,017
APARTMENT INVT & MGMT CO CL A CL A 03748R101 2,788 92,282 SH   SOLE   0 0 92,282
BIOMED REALTY TRUST INC COM COM 09063H107 34,306 1,674,327 SH   SOLE   0 0 1,674,327
CISCO SYS INC COM COM 17275R102 34,565 1,542,400 SH   SOLE   0 0 1,542,400
CONOCOPHILLIPS COM COM 20825C104 43,402 616,950 SH   SOLE   0 0 616,950
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 1,269 47,661 SH   SOLE   0 0 47,661
DDR CORP COM COM 23317H102 1,775 107,716 SH   SOLE   0 0 107,716
DIAMOND OFFSHORE DRILLING IN COM COM 25271C102 37,268 764,325 SH   SOLE   0 0 764,325
DOUGLAS EMMETT INC COM COM 25960P109 1,350 49,762 SH   SOLE   0 0 49,762
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 1,294 31,849 SH   SOLE   0 0 31,849
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 6,660 114,854 SH   SOLE   0 0 114,854
EXTRA SPACE STORAGE INC COM COM 30225T102 1,004 20,714 SH   SOLE   0 0 20,714
FELCOR LODGING TR INC COM COM 31430F101 2,007 222,080 SH   SOLE   0 0 222,080
HCP INC COM COM 40414L109 4,740 122,212 SH   SOLE   0 0 122,212
HEALTH CARE REIT INC COM COM 42217K106 3,363 56,441 SH   SOLE   0 0 56,441
HOSPITALITY PPTYS TR COM SH BEN INT SH BEN INT 44106M102 17,431 606,959 SH   SOLE   0 0 606,959
INTEGRYS ENERGY GROUP INC COM COM 45822P105 34,904 585,150 SH   SOLE   0 0 585,150
KKR & CO L P DEL COM UNITS COM UNITS 48248M102 23,309 1,020,550 SH   SOLE   0 0 1,020,550
KILROY RLTY CORP COM COM 49427F108 1,176 20,084 SH   SOLE   0 0 20,084
KIMCO RLTY CORP COM COM 49446R109 3,278 149,840 SH   SOLE   0 0 149,840
MARKET VECTORS ETF TR OIL SVCS ETF OIL SVCS ETF 57060U191 286 5,700 SH   SOLE   0 0 5,700
MAXIM INTEGRATED PRODS INC COM COM 57772K101 35,175 1,062,050 SH   SOLE   0 0 1,062,050
MERCK & CO INC NEW COM COM 58933Y105 42,066 741,000 SH   SOLE   0 0 741,000
MID-AMER APT CMNTYS INC COM COM 59522J103 2,202 32,256 SH   SOLE   0 0 32,256
PS BUSINESS PKS INC CALIF COM COM 69360J107 1,070 12,800 SH   SOLE   0 0 12,800
PUBLIC STORAGE COM COM 74460D109 8,065 47,870 SH   SOLE   0 0 47,870
RLJ LODGING TR COM COM 74965L101 1,148 42,962 SH   SOLE   0 0 42,962
SL GREEN RLTY CORP COM COM 78440X101 3,136 31,171 SH   SOLE   0 0 31,171
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 1,477 65,761 SH   SOLE   0 0 65,761
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 36,726 1,729,100 SH   SOLE   0 0 1,729,100
TWO HBRS INVT CORP COM COM 90187B101 33,728 3,290,550 SH   SOLE   0 0 3,290,550
VENTAS INC COM COM 92276F100 3,463 57,185 SH   SOLE   0 0 57,185
PROSENSA HLDG N V SHS USD SHS USD N71546100 11,239 1,996,253 SH   SOLE   1,996,253 0 0