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 EQUIT COM 015271109 964 9,837 SH   SOLE   0 0 9,837
APOLLO COMMERCIAL REAL ESTAT COM 03762U105 810 47,168 SH   SOLE   47,168 0 0
AVALONBAY COMMUNITIES INC COM 053484101 1,823 10,460 SH   SOLE   666 0 9,794
AVIV REIT INC COM 05381L101 1,286 35,242 SH   SOLE   24,666 0 10,576
STRATEGIC HOTELS & RESORTS I COM 86272T106 690 55,500 SH   SOLE   0 0 55,500
BLUEROCK RESIDENTIAL GROWTH COM 09627J102 485 36,400 SH   SOLE   36,400 0 0
BOSTON PROPERTIES INC COM 101121101 2,498 17,783 SH   SOLE   1,187 0 16,596
CAMPUS CREST COMMUNITIES INC COM 13466Y105 709 99,025 SH   SOLE   99,025 0 0
CHATHAM LODGING TRUST COM 16208T102 1,288 43,800 SH   SOLE   13,583 0 30,217
MACK-CALI REALTY CORP COM 554489104 1,839 95,401 SH   SOLE   37,501 0 57,900
CAMDEN PROPERTY TRUST COM 133131102 906 11,600 SH   SOLE   900 0 10,700
CUBESMART COM 229663109 757 31,350 SH   SOLE   0 0 31,350
DDR CORP COM 23317H102 808 43,400 SH   SOLE   0 0 43,400
DOUGLAS EMMETT INC COM 25960P109 69 2,300 SH   SOLE   2,300 0 0
DIGITAL REALTY TRUST INC COM 253868103 1,595 24,175 SH   SOLE   8,245 0 15,930
EPR PROPERTIES COM 26884U109 926 15,421 SH   SOLE   15,421 0 0
EQUITY RESIDENTIAL COM 29476L107 1,246 15,999 SH   SOLE   821 0 15,178
EQUITY ONE INC COM 294752100 558 20,900 SH   SOLE   0 0 20,900
ESSEX PROPERTY TRUST INC COM 297178105 1,297 5,643 SH   SOLE   449 0 5,194
EXTRA SPACE STORAGE INC COM 30225T102 942 13,947 SH   SOLE   1,090 0 12,857
GENERAL GROWTH PROPERTIES COM 370023103 1,430 48,403 SH   SOLE   3,016 0 45,387
HCP INC COM 40414L109 2,369 54,814 SH   SOLE   1,799 0 53,015
STARWOOD HOTELS & RESORTS COM 85590A401 616 7,373 SH   SOLE   0 0 7,373
HUDSON PACIFIC PROPERTIES IN COM 444097109 1,427 42,994 SH   SOLE   2,994 0 40,000
HOST HOTELS & RESORTS INC COM 44107P104 798 39,566 SH   SOLE   0 0 39,566
KIMCO REALTY CORP COM 49446R109 1,111 41,386 SH   SOLE   0 0 41,386
KILROY REALTY CORP COM 49427F108 1,144 15,024 SH   SOLE   946 0 14,078
MACERICH CO/THE COM 554382101 936 11,101 SH   SOLE   0 0 11,101
CORPORATE OFFICE PROPERTIES COM 22002T108 403 13,700 SH   SOLE   0 0 13,700
OMEGA HEALTHCARE INVESTORS COM 681936100 364 8,977 SH   SOLE   8,977 0 0
OUTFRONT MEDIA INC COM 69007J106 1,219 40,733 SH   SOLE   11,310 0 29,423
PROLOGIS INC COM 74340W103 2,415 55,438 SH   SOLE   2,604 0 52,834
PUBLIC STORAGE COM 74460D109 1,302 6,603 SH   SOLE   583 0 6,020
QTS REALTY TRUST INC-CL A COM 74736A103 1,279 35,120 SH   SOLE   10,770 0 24,350
RETAIL OPPORTUNITY INVESTMEN COM 76131N101 953 52,063 SH   SOLE   5,163 0 46,900
SABRA HEALTH CARE REIT INC COM 78573L106 536 16,176 SH   SOLE   16,176 0 0
SUNSTONE HOTEL INVESTORS INC COM 867892101 647 38,823 SH   SOLE   0 0 38,823
SL GREEN REALTY CORP COM 78440X101 1,139 8,872 SH   SOLE   1,035 0 7,837
SIMON PROPERTY GROUP INC COM 828806109 4,508 23,044 SH   SOLE   971 0 22,073
SPIRIT REALTY CAPITAL INC COM 84860W102 639 52,919 SH   SOLE   52,919 0 0
STAG INDUSTRIAL INC COM 85254J102 1,387 58,960 SH   SOLE   22,949 0 36,011
EXTENDED STAY AMERICA INC COM 30224P200 625 32,000 SH   SOLE   0 0 32,000
STARWOOD PROPERTY TRUST INC COM 85571B105 940 38,690 SH   SOLE   38,690 0 0
STARWOOD WAYPOINT RESIDE COM 85571W109 1 40 SH   SOLE   40 0 0
TAUBMAN CENTERS INC COM 876664103 99 1,281 SH   SOLE   1,281 0 0
TERRENO REALTY CORP COM 88146M101 1,565 68,657 SH   SOLE   10,533 0 58,124
UDR INC COM 902653104 589 17,300 SH   SOLE   0 0 17,300
URBAN EDGE PROPERTIES COM 91704F104 155 6,520 SH   SOLE   0 0 6,520
VORNADO REALTY TRUST COM 929042109 1,461 13,041 SH   SOLE   0 0 13,041
APOLLO COMMERCIAL REAL ESTAT COM 03762U105 1,768 102,908 SH   OTR 1 0 102,908 0
AVALONBAY COMMUNITIES INC COM 053484101 3,997 22,938 SH   OTR 2 0 8,476 14,462
BLUEROCK RESIDENTIAL GROWTH COM 09627J102 670 50,300 SH   OTR 1 0 50,300 0
BOSTON PROPERTIES INC COM 101121101 4,321 30,757 SH   OTR 2 0 11,429 19,328
BROOKDALE SENIOR LIVING INC COM 112463104 1,759 46,582 SH   OTR 2 0 17,304 29,278
CAMDEN PROPERTY TRUST COM 133131102 2,555 32,700 SH   OTR 2 0 12,100 20,600
CAMPUS CREST COMMUNITIES INC COM 13466Y105 1,784 249,102 SH   OTR 1 0 249,102 0
CHATHAM LODGING TRUST COM 16208T102 1,247 42,386 SH   OTR 1 0 42,386 0
CORPORATE OFFICE PROPERTIES COM 22002T108 811 27,600 SH   OTR 2 0 9,400 18,200
CUBESMART COM 229663109 1,714 70,973 SH   OTR 2 0 25,473 45,500
DDR CORP COM 23317H102 1,618 86,900 SH   OTR 2 0 32,300 54,600
DIGITAL REALTY TRUST INC COM 253868103 3,695 56,020 SH   OTR 2 0 29,610 26,410
EPR PROPERTIES COM 26884U109 2,144 35,716 SH   OTR 1 0 35,716 0
EQUITY ONE INC COM 294752100 1,679 62,894 SH   OTR 2 0 23,442 39,452
ESSEX PROPERTY TRUST INC COM 297178105 3,372 14,667 SH   OTR 2 0 5,652 9,015
EXTENDED STAY AMERICA INC COM 30224P200 2,644 135,368 SH   OTR 2 0 75,668 59,700
EXTRA SPACE STORAGE INC COM 30225T102 2,631 38,939 SH   OTR 2 0 14,481 24,458
GENERAL GROWTH PROPERTIES COM 370023103 3,120 105,568 SH   OTR 2 0 39,160 66,408
HOST HOTELS & RESORTS INC COM 44107P104 1,207 59,800 SH   OTR 2 0 22,295 37,505
HUDSON PACIFIC PROPERTIES IN COM 444097109 5,349 161,159 SH   OTR 2 0 90,359 70,800
KILROY REALTY CORP COM 49427F108 2,360 30,988 SH   OTR 2 0 11,565 19,423
MACK-CALI REALTY CORP COM 554489104 4,998 259,214 SH   OTR 2 0 159,514 99,700
OUTFRONT MEDIA INC COM 69007J106 4,534 151,552 SH   OTR 2 0 80,002 71,550
PROLOGIS INC COM 74340W103 4,124 94,673 SH   OTR 2 0 34,477 60,196
PUBLIC STORAGE COM 74460D109 1,763 8,941 SH   OTR 2 0 3,314 5,627
QTS REALTY TRUST INC-CL A COM 74736A103 2,816 77,330 SH   OTR 2 0 44,776 32,554
RETAIL OPPORTUNITY INVESTMEN COM 76131N101 1,523 83,246 SH   OTR 2 0 30,946 52,300
SABRA HEALTH CARE REIT INC COM 78573L106 848 25,573 SH   OTR 1 0 25,573 0
SIMON PROPERTY GROUP INC COM 828806109 7,814 39,943 SH   OTR 2 0 14,549 25,394
SL GREEN REALTY CORP COM 78440X101 2,365 18,424 SH   OTR 2 0 6,868 11,556
SPIRIT REALTY CAPITAL INC COM 84860W102 1,482 122,679 SH   OTR 1 0 122,679 0
STAG INDUSTRIAL INC COM 85254J102 3,482 148,026 SH   OTR 2 0 98,601 49,425
STARWOOD HOTELS & RESORTS COM 85590A401 1,703 20,398 SH   OTR 2 0 7,556 12,842
STARWOOD PROPERTY TRUST INC COM 85571B105 2,486 102,291 SH   OTR 1 0 102,291 0
STARWOOD WAYPOINT RESIDE COM 85571W109 445 17,231 SH   OTR 1 0 17,231 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 1,461 117,548 SH   OTR 2 0 43,748 73,800
SUNSTONE HOTEL INVESTORS INC COM 867892101 1,272 76,330 SH   OTR 2 0 29,140 47,190
TAUBMAN CENTERS INC COM 876664103 955 12,379 SH   OTR 1 0 12,379 0
TERRENO REALTY CORP COM 88146M101 4,274 187,445 SH   OTR 2 0 94,845 92,600