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 19,889 315,350 SH   SOLE   315,350 0 0
ABERCROMBIE & FITCH CO CL A CL A 2896207 257 16,193 SH   SOLE   16,193 0 0
ALEXANDRIA REAL ESTATE EQ IN COM COM 15271109 4,260 39,165 SH   SOLE   39,165 0 0
AMERICAN EQTY INVT LIFE HLD COM COM 25676206 484 27,279 SH   SOLE   27,279 0 0
AMERICAN FINL GROUP INC OHIO COM COM 25932104 403 5,377 SH   SOLE   5,377 0 0
AMERICAN ASSETS TR INC COM COM 24013104 698 16,079 SH   SOLE   16,079 0 0
AMERICAN CAMPUS CMNTYS INC COM COM 24835100 1,772 34,831 SH   SOLE   34,831 0 0
APARTMENT INVT & MGMT CO CL A CL A 03748R101 2,856 62,205 SH   SOLE   62,205 0 0
ARCTIC CAT INC COM COM 39670104 304 19,641 SH   SOLE   19,641 0 0
ARES CAP CORP COM COM 04010L103 19,852 1,280,775 SH   SOLE   1,280,775 0 0
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 44103109 1,388 235,649 SH   SOLE   235,649 0 0
AVALONBAY CMNTYS INC COM COM 53484101 5,790 32,555 SH   SOLE   32,555 0 0
BOSTON PROPERTIES INC COM COM 101121101 9,167 67,271 SH   SOLE   67,271 0 0
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 1,463 93,664 SH   SOLE   93,664 0 0
BRIXMOR PPTY GROUP INC COM COM 11120U105 2,832 101,930 SH   SOLE   101,930 0 0
BRUNSWICK CORP COM COM 117043109 487 9,974 SH   SOLE   9,974 0 0
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 21,509 256,850 SH   SOLE   256,850 0 0
CAPELLA EDUCATION COMPANY COM COM 139594105 375 6,454 SH   SOLE   6,454 0 0
CBL & ASSOC PPTYS INC COM COM 124830100 2,766 227,824 SH   SOLE   227,824 0 0
CHART INDS INC COM PAR $0.01 PAR $0.01 16115Q308 252 7,681 SH   SOLE   7,681 0 0
CISCO SYS INC COM COM 17275R102 22,205 700,024 SH   SOLE   700,024 0 0
COLUMBIA PPTY TR INC COM NEW COM NEW 198287203 1,733 77,436 SH   SOLE   77,436 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 1,410 49,735 SH   SOLE   49,735 0 0
CUBESMART COM COM 229663109 1,629 59,770 SH   SOLE   59,770 0 0
CULLEN FROST BANKERS INC COM COM 229899109 1,083 15,050 SH   SOLE   15,050 0 0
DCT INDUSTRIAL TRUST INC COM NEW COM NEW 233153204 1,084 22,346 SH   SOLE   22,346 0 0
DDR CORP COM COM 23317H102 2,267 130,022 SH   SOLE   130,022 0 0
DEL FRISCOS RESTAURANT GROUP COM COM 245077102 645 47,911 SH   SOLE   47,911 0 0
DIAMONDROCK HOSPITALITY CO COM COM 252784301 1,109 121,859 SH   SOLE   121,859 0 0
DIGITAL RLTY TR INC COM COM 253868103 4,385 45,147 SH   SOLE   45,147 0 0
DOUGLAS EMMETT INC COM COM 25960P109 1,639 44,733 SH   SOLE   44,733 0 0
DUKE REALTY CORP COM NEW COM NEW 264411505 3,124 114,324 SH   SOLE   114,324 0 0
DUPONT FABROS TECHNOLOGY INC COM COM 26613Q106 912 22,127 SH   SOLE   22,127 0 0
EASTGROUP PPTY INC COM COM 277276101 1,264 17,186 SH   SOLE   17,186 0 0
ENERSYS COM COM 29275Y102 348 5,024 SH   SOLE   5,024 0 0
ENTRAVISION COMMUNICATIONS C CL A CL A 29382R107 270 35,394 SH   SOLE   35,394 0 0
EPR PPTYS COM SH BEN INT SH BEN INT 26884U109 1,644 20,873 SH   SOLE   20,873 0 0
EQUITY COMWLTH COM SH BEN INT SH BEN INT 294628102 3,098 102,525 SH   SOLE   102,525 0 0
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 1,572 20,368 SH   SOLE   20,368 0 0
EQUITY ONE COM COM 294752100 1,061 34,681 SH   SOLE   34,681 0 0
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 10,732 166,814 SH   SOLE   166,814 0 0
ESSEX PPTY TR INC COM COM 297178105 4,403 19,774 SH   SOLE   19,774 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B UNIT 99/99/9999B 30224P200 1,831 128,947 SH   SOLE   128,947 0 0
EXTRA SPACE STORAGE INC COM COM 30225T102 1,362 17,145 SH   SOLE   17,145 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 2,066 13,420 SH   SOLE   13,420 0 0
FELCOR LODGING TR INC COM COM 31430F101 907 141,111 SH   SOLE   141,111 0 0
FINISH LINE INC CL A CL A 317923100 164 7,118 SH   SOLE   7,118 0 0
FIRST SOLAR INC COM COM 336433107 745 18,874 SH   SOLE   18,874 0 0
FOREST CITY RLTY TR INC COM CL A CL A 345605109 1,683 72,769 SH   SOLE   72,769 0 0
GENERAL GROWTH PPTYS INC NEW COM COM 370023103 7,951 288,047 SH   SOLE   288,047 0 0
GENERAL MTRS CO COM COM 37045V100 20,030 630,480 SH   SOLE   630,480 0 0
GNC HLDGS INC COM CL A CL A 36191G107 204 10,000 SH   SOLE   10,000 0 0
GRAMERCY PPTY TR COM COM 385002100 1,028 106,633 SH   SOLE   106,633 0 0
HCP INC COM COM 40414L109 8,702 229,288 SH   SOLE   229,288 0 0
HEALTHCARE RLTY TR COM COM 421946104 1,188 34,878 SH   SOLE   34,878 0 0
HEALTHCARE TR AMER INC CL A NEW CL A NEW 42225P501 3,157 96,777 SH   SOLE   96,777 0 0
HIGHWOODS PPTYS INC COM COM 431284108 1,839 35,293 SH   SOLE   35,293 0 0
HOST HOTELS & RESORTS INC COM COM 44107P104 711 45,651 SH   SOLE   45,651 0 0
INTERNATIONAL BUSINESS MACHS COM COM 459200101 22,563 142,032 SH   SOLE   142,032 0 0
INTEL CORP COM COM 458140100 1,869 49,500 SH   SOLE   49,500 0 0
JABIL CIRCUIT INC COM COM 466313103 574 26,295 SH   SOLE   26,295 0 0
JOHNSON & JOHNSON COM COM 478160104 1,654 14,000 SH   SOLE   14,000 0 0
KAISER ALUMINUM CORP COM PAR $0.01 PAR $0.01 483007704 316 3,648 SH   SOLE   3,648 0 0
KILROY RLTY CORP COM COM 49427F108 3,526 50,845 SH   SOLE   50,845 0 0
KIMCO RLTY CORP COM COM 49446R109 3,851 133,004 SH   SOLE   133,004 0 0
KIRBY CORP COM COM 497266106 252 4,050 SH   SOLE   4,050 0 0
KKR & CO L P DEL COM UNITS UNITS 48248M102 10,826 759,198 SH   SOLE   759,198 0 0
KRONOS WORLDWIDE INC COM COM 50105F105 851 102,605 SH   SOLE   102,605 0 0
LA QUINTA HLDGS INC COM COM 50420D108 1,148 102,689 SH   SOLE   102,689 0 0
LASALLE HOTEL PPTYS COM SH BEN INT SH BEN INT 517942108 308 12,895 SH   SOLE   12,895 0 0
LEXINGTON REALTY TRUST COM COM 529043101 1,520 147,554 SH   SOLE   147,554 0 0
LHC GROUP INC COM COM 50187A107 444 12,027 SH   SOLE   12,027 0 0
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 2,735 67,789 SH   SOLE   67,789 0 0
LUXFER HLDGS PLC SPONSORED ADR SPONSORED ADR 550678106 443 38,200 SH   SOLE   38,200 0 0
MACERICH CO COM COM 554382101 4,248 52,522 SH   SOLE   52,522 0 0
MACK CALI RLTY CORP COM COM 554489104 1,755 64,456 SH   SOLE   64,456 0 0
MATTEL INC COM COM 577081102 20,982 692,921 SH   SOLE   692,921 0 0
MEDICAL PPTYS TRUST INC COM COM 58463J304 1,020 69,084 SH   SOLE   69,084 0 0
MERCK & CO INC COM COM 58933Y105 1,825 29,250 SH   SOLE   29,250 0 0
MID-AMER APT CMNTYS INC COM COM 59522J103 2,116 22,518 SH   SOLE   22,518 0 0
MRC GLOBAL INC COM COM 55345K103 139 8,485 SH   SOLE   8,485 0 0
NATIONAL RETAIL PPTYS INC COM COM 637417106 3,552 69,853 SH   SOLE   69,853 0 0
NATIONAL OILWELL VARCO INC COM COM 637071101 1,556 42,350 SH   SOLE   42,350 0 0
NEW YORK CMNTY BANCORP INC COM COM 649445103 21,475 1,509,132 SH   SOLE   1,509,132 0 0
OMEGA HEALTHCARE INVS INC COM COM 681936100 2,056 57,982 SH   SOLE   57,982 0 0
PARAMOUNT GROUP INC COM COM 69924R108 1,197 73,013 SH   SOLE   73,013 0 0
PBF ENERGY INC CL A CL A 69318G106 12,997 574,128 SH   SOLE   574,128 0 0
PHILIP MORRIS INTL INC COM COM 718172109 10,474 107,730 SH   SOLE   107,730 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 1,821 83,610 SH   SOLE   83,610 0 0
POSCO SPONSORED ADR SPONSORED ADR 693483109 20,811 407,424 SH   SOLE   407,424 0 0
POST PPTYS INC COM COM 737464107 1,043 15,768 SH   SOLE   15,768 0 0
POTASH CORP SASK INC COM COM 73755L107 20,430 1,251,854 SH   SOLE   1,251,854 0 0
PRINCIPAL FINL GROUP INC COM COM 74251V102 22,175 430,502 SH   SOLE   430,502 0 0
PROCTER AND GAMBLE CO COM COM 742718109 1,804 20,100 SH   SOLE   20,100 0 0
PROLOGIS INC COM COM 74340W103 9,010 168,272 SH   SOLE   168,272 0 0
PRUDENTIAL FINL INC COM COM 744320102 12,394 151,797 SH   SOLE   151,797 0 0
PS BUSINESS PKS INC CALIF COM COM 69360J107 1,357 11,945 SH   SOLE   11,945 0 0
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 19,613 468,426 SH   SOLE   468,426 0 0
PUBLIC STORAGE COM COM 74460D109 7,755 34,751 SH   SOLE   34,751 0 0
QUALCOMM INC COM COM 747525103 23,748 346,686 SH   SOLE   346,686 0 0
REALTY INCOME CORP COM COM 756109104 3,326 49,693 SH   SOLE   49,693 0 0
REDWOOD TR INC COM COM 758075402 10,499 741,484 SH   SOLE   741,484 0 0
REGENCY CTRS CORP COM COM 758849103 2,533 32,699 SH   SOLE   32,699 0 0
RETAIL PPTYS AMER INC CL A CL A 76131V202 14,287 850,421 SH   SOLE   850,421 0 0
RLJ LODGING TR COM COM 74965L101 1,630 77,515 SH   SOLE   77,515 0 0
SANDERSON FARMS INC COM COM 800013104 158 1,638 SH   SOLE   1,638 0 0
SELECT COMFORT CORP COM COM 81616X103 698 32,323 SH   SOLE   32,323 0 0
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 3,080 135,632 SH   SOLE   135,632 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 19,530 94,342 SH   SOLE   94,342 0 0
SL GREEN RLTY CORP COM COM 78440X101 3,455 31,959 SH   SOLE   31,959 0 0
SPECTRA ENERGY CORP COM COM 847560109 1,166 27,277 SH   SOLE   27,277 0 0
SPIRIT AIRLS INC COM COM 848577102 516 12,135 SH   SOLE   12,135 0 0
SPIRIT RLTY CAP INC NEW COM COM 84860W102 1,119 83,915 SH   SOLE   83,915 0 0
STRAYER ED INC COM COM 863236105 731 15,662 SH   SOLE   15,662 0 0
SUN CMNTYS INC COM COM 866674104 1,247 15,891 SH   SOLE   15,891 0 0
SYNAPTICS INC COM COM 87157D109 309 5,276 SH   SOLE   5,276 0 0
SYSCO CORP COM COM 871829107 946 19,300 SH   SOLE   19,300 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR SPONSORED ADR 874039100 22,378 731,560 SH   SOLE   731,560 0 0
TANGER FACTORY OUTLET CTRS I COM COM 875465106 1,163 29,842 SH   SOLE   29,842 0 0
TAUBMAN CTRS INC COM COM 876664103 2,603 34,973 SH   SOLE   34,973 0 0
TECH DATA CORP COM COM 878237106 406 4,793 SH   SOLE   4,793 0 0
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 21,748 1,502,974 SH   SOLE   1,502,974 0 0
TERADATA CORP DEL COM COM 88076W103 941 30,364 SH   SOLE   30,364 0 0
TERADYNE INC COM COM 880770102 633 29,349 SH   SOLE   29,349 0 0
TIMKEN CO COM COM 887389104 267 7,585 SH   SOLE   7,585 0 0
TRINITY INDS INC COM COM 896522109 417 17,265 SH   SOLE   17,265 0 0
TWO HBRS INVT CORP COM COM 90187B101 21,205 2,486,012 SH   SOLE   2,486,012 0 0
UBIQUITI NETWORKS INC COM COM 90347A100 245 4,578 SH   SOLE   4,578 0 0
UDR INC COM COM 902653104 22,622 628,565 SH   SOLE   628,565 0 0
URBAN EDGE PPTYS COM COM 91704F104 928 32,953 SH   SOLE   32,953 0 0
VALERO ENERGY CORP NEW COM COM 91913Y100 19,153 361,371 SH   SOLE   361,371 0 0
VENTAS INC COM COM 92276F100 7,599 107,597 SH   SOLE   107,597 0 0
VEREIT INC COM COM 92339V100 2,653 255,857 SH   SOLE   255,857 0 0
VERIZON COMMUNICATIONS INC COM COM 92343V104 21,837 420,105 SH   SOLE   420,105 0 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 7,374 72,852 SH   SOLE   72,852 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT SH BEN INT 939653101 1,054 33,880 SH   SOLE   33,880 0 0
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,769 45,377 SH   SOLE   45,377 0 0
WELLS FARGO & CO NEW COM COM 949746101 18,979 428,600 SH   SOLE   428,600 0 0
WELLTOWER INC COM COM 95040Q104 8,547 114,304 SH   SOLE   114,304 0 0
WESTERN REFNG INC COM COM 959319104 21,754 822,141 SH   SOLE   822,141 0 0
WOLVERINE WORLD WIDE INC COM COM 978097103 289 12,548 SH   SOLE   12,548 0 0
W P CAREY INC COM COM 92936U109 1,821 28,234 SH   SOLE   28,234 0 0