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
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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
Agrium Inc COM 008916108 1,504 16,500 SH   SOLE 1 16,500 0 0
American Tower Corp COM 03027X100 9,900 135,303 SH   SOLE 1 135,303 0 0
Audience Inc COM 05070J102 2,109 159,673 SH   SOLE 1 159,673 0 0
AvalonBay Communities Inc COM 053484101 14,208 105,322 SH   SOLE 1 105,322 0 0
Axiall Corp COM 05463D100 2,100 49,342 SH   SOLE 1 49,342 0 0
B/E Aerospace Inc COM 073302101 4,219 66,894 SH   SOLE 1 66,894 0 0
Boston Properties Inc COM 101121101 6,883 65,263 SH   SOLE 1 65,263 0 0
Brookfield Office Properties I COM 112900105 12,934 739,560 SH   SOLE 1 739,560 0 0
Camden Property Trust COM 133131102 12,518 181,066 SH   SOLE 1 181,066 0 0
Capital One Financial Corp COM 14040H105 5,461 86,952 SH   SOLE 1 86,952 0 0
CarMax Inc COM 143130102 2,443 52,946 SH   SOLE 1 52,946 0 0
Caterpillar Inc COM 149123101 3,337 40,458 SH   SOLE 1 40,458 0 0
CBL & Associates Properties In COM 124830100 8,722 407,228 SH   SOLE 1 407,228 0 0
Comcast Corp COM 20030N101 2,312 55,392 SH   SOLE 1 55,392 0 0
Cooper Cos Inc/The COM 216648402 4,547 38,198 SH   SOLE 1 38,198 0 0
CSX Corp COM 126408103 4,751 204,901 SH   SOLE 1 204,901 0 0
CubeSmart COM 229663109 8,785 549,768 SH   SOLE 1 549,768 0 0
DDR Corp COM 23317H102 989 59,433 SH   SOLE 1 59,433 0 0
Digital Realty Trust Inc COM 253868103 10,500 172,140 SH   SOLE 1 172,140 0 0
DIRECTV COM 25490A309 1,047 17,000 SH   SOLE 1 17,000 0 0
Douglas Emmett Inc COM 25960P109 4,760 190,788 SH   SOLE 1 190,788 0 0
EastGroup Properties Inc COM 277276101 5,251 93,320 SH   SOLE 1 93,320 0 0
Equity Residential COM 29476L107 15,233 262,383 SH   SOLE 1 262,383 0 0
Essex Property Trust Inc COM 297178105 10,870 68,403 SH   SOLE 1 68,403 0 0
Extra Space Storage Inc COM 30225T102 9,362 223,300 SH   SOLE 1 223,300 0 0
Exxon Mobil Corp COM 30231G102 1,716 19,000 SH   SOLE 1 19,000 0 0
FMC Technologies Inc COM 30249U101 2,616 47,000 SH   SOLE 1 47,000 0 0
Franklin Resources Inc COM 354613101 874 19,287 SH   SOLE 1 19,287 0 0
General Electric Co COM 369604103 1,009 43,519 SH   SOLE 1 43,519 0 0
General GinfoTableth Properties Inc COM 370023103 10,915 549,354 SH   SOLE 1 549,354 0 0
General Motors Co COM 37045V100 5,464 164,062 SH   SOLE 1 164,062 0 0
Gilead Sciences Inc COM 375558103 4,758 92,814 SH   SOLE 1 92,814 0 0
Goldman Sachs Group Inc/The COM 38141G104 5,565 36,795 SH   SOLE 1 36,795 0 0
Google Inc COM 38259P508 6,528 7,416 SH   SOLE 1 7,416 0 0
Hanesbrands Inc COM 410345102 2,056 40,000 SH   SOLE 1 40,000 0 0
Headwaters Inc COM 42210P102 2,045 231,367 SH   SOLE 1 231,367 0 0
Host Hotels & Resorts Inc COM 44107P104 9,104 539,712 SH   SOLE 1 539,712 0 0
Intuit Inc COM 461202103 2,336 38,274 SH   SOLE 1 38,274 0 0
Kilroy Realty Corp COM 49427F108 5,326 100,480 SH   SOLE 1 100,480 0 0
Kimberly-Clark Corp COM 494368103 1,786 18,396 SH   SOLE 1 18,396 0 0
Kimco Realty Corp COM 49446R109 11,346 529,462 SH   SOLE 1 529,462 0 0
LaSalle Hotel Properties COM 517942108 4,379 177,315 SH   SOLE 1 177,315 0 0
Lowe's Cos Inc COM 548661107 5,930 145,000 SH   SOLE 1 145,000 0 0
LyondellBasell Industries NV COM N53745100 1,192 18,000 SH   SOLE 1 18,000 0 0
Macerich Co/The COM 554382101 8,380 137,460 SH   SOLE 1 137,460 0 0
Macy's Inc COM 55616P104 1,152 24,000 SH   SOLE 1 24,000 0 0
Michael Kors Holdings Ltd COM G60754101 2,108 34,000 SH   SOLE 1 34,000 0 0
Microsoft Corp COM 594918104 5,890 170,529 SH   SOLE 1 170,529 0 0
Mid-America Apartment Communit COM 59522J103 5,725 84,490 SH   SOLE 1 84,490 0 0
Noble Energy Inc COM 655044105 2,802 46,670 SH   SOLE 1 46,670 0 0
Occidental Petroleum Corp COM 674599105 2,167 24,293 SH   SOLE 1 24,293 0 0
Pennsylvania Real Estate Inves COM 709102107 3,148 166,754 SH   SOLE 1 166,754 0 0
PetSmart Inc COM 716768106 3,849 57,458 SH   SOLE 1 57,458 0 0
Philip Morris International In COM 718172109 1,917 22,135 SH   SOLE 1 22,135 0 0
Prologis Inc COM 74340W103 12,000 318,159 SH   SOLE 1 318,159 0 0
Ralph Lauren Corp COM 751212101 2,779 16,000 SH   SOLE 1 16,000 0 0
Shaw Communications Inc COM 82028K200 1,901 75,326 SH   SOLE 1 75,326 0 0
Simon Property Group Inc COM 828806109 34,425 217,995 SH   SOLE 1 217,995 0 0
SL Green Realty Corp COM 78440X101 10,268 116,441 SH   SOLE 1 116,441 0 0
Sovran Self Storage Inc COM 84610H108 8,595 132,662 SH   SOLE 1 132,662 0 0
Splunk Inc COM 848637104 2,144 46,261 SH   SOLE 1 46,261 0 0
Tanger Factory Outlet Centers COM 875465106 9,143 273,255 SH   SOLE 1 273,255 0 0
Taubman Centers Inc COM 876664103 12,906 171,743 SH   SOLE 1 171,743 0 0
Teva Pharmaceutical Industries SPONSORED ADR 881624209 1,509 38,499 SH   SOLE 1 38,499 0 0
Titan Machinery Inc COM 88830R101 1,781 90,755 SH   SOLE 1 90,755 0 0
Tractor Supply Co COM 892356106 3,257 27,714 SH   SOLE 1 27,714 0 0
US Silica Holdings Inc COM 90346E103 2,478 119,250 SH   SOLE 1 119,250 0 0