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 1,098 14,137 SH   SOLE   14,137 0 0
AMERICAN CAMPUS CMNTYS INC COM COM 24835100 796 20,811 SH   SOLE   20,811 0 0
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 44103109 832 72,134 SH   SOLE   72,134 0 0
AVALONBAY CMNTYS INC COM COM 53484101 2,425 17,057 SH   SOLE   17,057 0 0
BOSTON PROPERTIES INC COM COM 101121101 3,337 28,233 SH   SOLE   28,233 0 0
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 969 62,131 SH   SOLE   62,131 0 0
CBL & ASSOC PPTYS INC COM COM 124830100 1,725 90,782 SH   SOLE   90,782 0 0
CPFL ENERGIA S A SPONSORED ADR SPONSORED ADR 126153105 24,753 1,360,071 SH   SOLE   1,228,671 0 131,400
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 1,293 18,173 SH   SOLE   18,173 0 0
COMMONWEALTH REIT COM SH BEN INT SH BEN INT 203233101 1,739 66,075 SH   SOLE   66,075 0 0
DIGITAL RLTY TR INC COM COM 253868103 2,234 38,314 SH   SOLE   38,314 0 0
DUKE REALTY CORP COM NEW COM NEW 264411505 1,909 105,147 SH   SOLE   105,147 0 0
EQUITY ONE COM COM 294752100 656 27,818 SH   SOLE   27,818 0 0
ESSEX PPTY TR INC COM COM 297178105 1,146 6,198 SH   SOLE   6,198 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 1,300 10,747 SH   SOLE   10,747 0 0
FOREST CITY ENTERPRISES INC CL A CL A 345550107 1,479 74,426 SH   SOLE   74,426 0 0
GENERAL ELECTRIC CO COM COM 369604103 38,600 1,468,799 SH   SOLE   1,334,399 0 134,400
HASBRO INC COM COM 418056107 35,268 664,800 SH   SOLE   583,800 0 81,000
HEALTHCARE RLTY TR COM COM 421946104 639 25,123 SH   SOLE   25,123 0 0
HIGHWOODS PPTYS INC COM COM 431284108 1,094 26,080 SH   SOLE   26,080 0 0
HOME PROPERTIES INC COM COM 437306103 1,165 18,217 SH   SOLE   18,217 0 0
INTEL CORP COM COM 458140100 35,971 1,164,108 SH   SOLE   1,017,908 0 146,200
LEXINGTON REALTY TRUST COM COM 529043101 795 72,237 SH   SOLE   72,237 0 0
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 1,519 40,039 SH   SOLE   40,039 0 0
LORILLARD INC COM COM 544147101 15,125 248,068 SH   SOLE   224,568 0 23,500
MACERICH CO COM COM 554382101 36,410 545,465 SH   SOLE   482,815 0 62,650
MACK CALI RLTY CORP COM COM 554489104 1,362 63,387 SH   SOLE   63,387 0 0
MATTEL INC COM COM 577081102 40,084 1,028,587 SH   SOLE   934,837 0 93,750
NATIONAL RETAIL PPTYS INC COM COM 637417106 949 25,515 SH   SOLE   25,515 0 0
OMEGA HEALTHCARE INVS INC COM COM 681936100 972 26,380 SH   SOLE   26,380 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT SH BEN INT 709102107 634 33,690 SH   SOLE   33,690 0 0
PFIZER INC COM COM 717081103 35,079 1,181,891 SH   SOLE   1,032,241 0 149,650
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 1,253 66,131 SH   SOLE   66,131 0 0
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 41,480 1,016,904 SH   SOLE   921,954 0 94,950
REALTY INCOME CORP COM COM 756109104 1,560 35,109 SH   SOLE   35,109 0 0
REGENCY CTRS CORP COM COM 758849103 1,097 19,697 SH   SOLE   19,697 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 7,318 44,011 SH   SOLE   44,011 0 0
SOUTHERN CO COM COM 842587107 41,269 909,400 SH   SOLE   826,600 0 82,800
SPECTRA ENERGY CORP COM COM 847560109 1,335 31,427 SH   SOLE   0 0 31,427
SYSCO CORP COM COM 871829107 41,539 1,109,185 SH   SOLE   983,785 0 125,400
TAUBMAN CTRS INC COM COM 876664103 1,082 14,272 SH   SOLE   14,272 0 0
UDR INC COM COM 902653104 36,340 1,269,287 SH   SOLE   1,159,987 0 109,300
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 4,963 46,503 SH   SOLE   46,503 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT SH BEN INT 939653101 718 27,650 SH   SOLE   27,650 0 0
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,264 38,486 SH   SOLE   38,486 0 0
ALTRIA GROUP INC COM COM 02209S103 32,932 785,217 SH   SOLE   712,867 0 72,350
APARTMENT INVT & MGMT CO CL A CL A 03748R101 1,783 55,251 SH   SOLE   55,251 0 0
BIOMED REALTY TRUST INC COM COM 09063H107 34,268 1,569,748 SH   SOLE   1,432,226 0 137,522
CISCO SYS INC COM COM 17275R102 33,406 1,344,300 SH   SOLE   1,214,300 0 130,000
CONOCOPHILLIPS COM COM 20825C104 35,398 412,900 SH   SOLE   360,100 0 52,800
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 876 31,501 SH   SOLE   31,501 0 0
DDR CORP COM COM 23317H102 1,210 68,608 SH   SOLE   68,608 0 0
DIAMOND OFFSHORE DRILLING IN COM COM 25271C102 34,536 695,875 SH   SOLE   607,475 0 88,400
DOUGLAS EMMETT INC COM COM 25960P109 860 30,476 SH   SOLE   30,476 0 0
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 916 20,745 SH   SOLE   20,745 0 0
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 4,389 69,665 SH   SOLE   69,665 0 0
EXTRA SPACE STORAGE INC COM COM 30225T102 712 13,368 SH   SOLE   13,368 0 0
FELCOR LODGING TR INC COM COM 31430F101 733 69,765 SH   SOLE   69,765 0 0
HOSPITALITY PPTYS TR COM SH BEN INT SH BEN INT 44106M102 16,377 538,709 SH   SOLE   488,459 0 50,250
INTEGRYS ENERGY GROUP INC COM COM 45822P105 39,452 554,650 SH   SOLE   502,900 0 51,750
KKR & CO L P DEL COM UNITS COM UNITS 48248M102 24,343 1,000,550 SH   SOLE   907,100 0 93,450
KILROY RLTY CORP COM COM 49427F108 787 12,631 SH   SOLE   12,631 0 0
KIMCO RLTY CORP COM COM 49446R109 2,173 94,550 SH   SOLE   94,550 0 0
MAXIM INTEGRATED PRODS INC COM COM 57772K101 1,187 35,100 SH   SOLE   0 0 35,100
MERCK & CO INC NEW COM COM 58933Y105 34,545 597,150 SH   SOLE   521,700 0 75,450
MID-AMER APT CMNTYS INC COM COM 59522J103 1,429 19,564 SH   SOLE   19,564 0 0
PUBLIC STORAGE COM COM 74460D109 4,925 28,743 SH   SOLE   28,743 0 0
RLJ LODGING TR COM COM 74965L101 851 29,447 SH   SOLE   29,447 0 0
SL GREEN RLTY CORP COM COM 78440X101 1,848 16,890 SH   SOLE   16,890 0 0
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 1,303 53,629 SH   SOLE   53,629 0 0
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 34,393 1,676,900 SH   SOLE   1,529,300 0 147,600
TWO HBRS INVT CORP COM COM 90187B101 34,943 3,334,250 SH   SOLE   2,944,400 0 389,850
VENTAS INC COM COM 92276F100 3,013 47,010 SH   SOLE   47,010 0 0
AMERICAN RLTY CAP PPTYS INC COM COM 02917T104 792 63,214 SH   SOLE   63,214 0 0
ARES CAP CORP COM COM 04010L103 16,758 938,300 SH   SOLE   852,500 0 85,800
CA INC COM COM 12673P105 33,767 1,174,900 SH   SOLE   1,070,000 0 104,900
REDWOOD TR INC COM COM 758075402 5,391 276,900 SH   SOLE   215,476 0 61,424
RETAIL PPTYS AMER INC CL A CL A 76131V202 1,029 66,897 SH   SOLE   66,897 0 0
TANGER FACTORY OUTLET CTRS I COM COM 875465106 585 16,725 SH   SOLE   16,725 0 0
VERIZON COMMUNICATIONS INC COM COMMUNICATIONS INC COM 92343V104 39,868 814,800 SH   SOLE   740,900 0 73,900
W P CAREY INC COM COM 92936U109 662 10,283 SH   SOLE   10,283 0 0
WASHINGTON PRIME GROUP INC COM ADDED COM ADDED 939647103 881 46,998 SH   SOLE   46,998 0 0
HCP INC COM COM 40414L109 4,049 97,857 SH   SOLE   97,857 0 0
HEALTH CARE REIT INC COM COM 42217K106 3,093 49,346 SH   SOLE   49,346 0 0
PS BUSINESS PKS INC CALIF COM COM 69360J107 693 8,298 SH   SOLE   8,298 0 0
DR PEPPER SNAPPLE GROUP INC COM COM 26138E109 937 16,000 SH   SOLE   0 0 16,000
PROLOGIS INC COM COM 74340W103 2,787 67,815 SH   SOLE   67,815 0 0
EPR PPTYS COM SH BEN INT SH BEN INT 26884U109 880 15,742 SH   SOLE   15,742 0 0
ABBVIE INC COM COM 00287Y109 36,928 654,292 SH   SOLE   575,792 0 78,500
PROSENSA HLDG N V SHS USD SHS USD N71546100 25,197 1,996,253 SH   SOLE   1,996,253 0 0