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 21,435 342,300 SH   SOLE   342,300 0 0
ALEXANDRIA REAL ESTATE EQ IN COM COM 015271109 2,331 20,972 SH   SOLE   20,972 0 0
AMERICAN EAGLE OUTFITTERS NE COM COM 02553E106 428 28,208 SH   SOLE   28,208 0 0
AMERICAN EQTY INVT LIFE HLD COM COM 025676206 1,058 46,926 SH   SOLE   46,926 0 0
AMERICAN FINL GROUP INC OHIO COM COM 025932104 807 9,157 SH   SOLE   9,157 0 0
AMERICAN CAMPUS CMNTYS INC COM COM 024835100 1,730 34,757 SH   SOLE   34,757 0 0
APARTMENT INVT & MGMT CO CL A CL A 03748R101 2,802 61,635 SH   SOLE   61,635 0 0
ARES CAP CORP COM COM 04010L103 21,282 1,290,625 SH   SOLE   1,290,625 0 0
ASHFORD HOSPITALITY TR INC COM SHS COM SHS 044103109 1,827 235,446 SH   SOLE   235,446 0 0
AVALONBAY CMNTYS INC COM COM 053484101 6,309 35,616 SH   SOLE   35,616 0 0
BOSTON PROPERTIES INC COM COM 101121101 8,523 67,758 SH   SOLE   67,758 0 0
BRANDYWINE RLTY TR SH BEN INT NEW SH BEN INT NEW 105368203 1,545 93,585 SH   SOLE   93,585 0 0
BRIXMOR PPTY GROUP INC COM COM 11120U105 2,486 101,765 SH   SOLE   101,765 0 0
BRUNSWICK CORP COM COM 117043109 791 14,500 SH   SOLE   14,500 0 0
CAMDEN PPTY TR SH BEN INT SH BEN INT 133131102 24,319 289,261 SH   SOLE   289,261 0 0
CAPELLA EDUCATION COMPANY COM COMPANY COM 139594105 435 4,954 SH   SOLE   4,954 0 0
CBL & ASSOC PPTYS INC COM COM 124830100 2,622 227,996 SH   SOLE   227,996 0 0
CHART INDS INC COM PAR $0.01 COM PAR $0.01 16115Q308 504 13,995 SH   SOLE   13,995 0 0
CISCO SYS INC COM COM 17275R102 22,722 751,874 SH   SOLE   751,874 0 0
COLUMBIA PPTY TR INC COM NEW COM NEW 198287203 1,674 77,495 SH   SOLE   77,495 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT SH BEN INT 22002T108 1,563 50,064 SH   SOLE   50,064 0 0
CUBESMART COM COM 229663109 2,319 86,646 SH   SOLE   86,646 0 0
DCT INDUSTRIAL TRUST INC COM NEW COM NEW 233153204 1,079 22,523 SH   SOLE   22,523 0 0
DDR CORP COM COM 23317H102 2,000 130,918 SH   SOLE   130,918 0 0
DEERE & CO COM COM 244199105 1,958 19,000 SH   SOLE   19,000 0 0
DEL FRISCOS RESTAURANT GROUP COM COM 245077102 1,201 70,638 SH   SOLE   70,638 0 0
DIAMONDROCK HOSPITALITY CO COM COM 252784301 1,825 158,280 SH   SOLE   158,280 0 0
DIGITAL RLTY TR INC COM COM 253868103 4,424 45,035 SH   SOLE   45,035 0 0
DOUGLAS EMMETT INC COM COM 25960P109 1,630 44,597 SH   SOLE   44,597 0 0
DUKE REALTY CORP COM NEW COM NEW 264411505 3,030 114,075 SH   SOLE   114,075 0 0
DUPONT FABROS TECHNOLOGY INC COM COM 26613Q106 2,011 45,767 SH   SOLE   45,767 0 0
EASTGROUP PPTY INC COM COM 277276101 1,048 14,194 SH   SOLE   14,194 0 0
ENERSYS COM COM 29275Y102 529 6,779 SH   SOLE   6,779 0 0
ENTRAVISION COMMUNICATIONS C CL A CL A 29382R107 564 80,557 SH   SOLE   80,557 0 0
EPR PPTYS COM SH BEN INT SH BEN INT 26884U109 1,509 21,026 SH   SOLE   21,026 0 0
EQUITY COMWLTH COM SH BEN INT SH BEN INT 294628102 3,818 126,257 SH   SOLE   126,257 0 0
EQUITY LIFESTYLE PPTYS INC COM COM 29472R108 1,775 24,622 SH   SOLE   24,622 0 0
EQUITY ONE COM COM 294752100 1,075 35,040 SH   SOLE   35,040 0 0
EQUITY RESIDENTIAL SH BEN INT SH BEN INT 29476L107 11,012 171,110 SH   SOLE   171,110 0 0
ESSEX PPTY TR INC COM COM 297178105 4,248 18,268 SH   SOLE   18,268 0 0
EXELON CORP COM COM 30161N101 21,062 593,450 SH   SOLE   593,450 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B UNIT 99/99/9999B 30224P200 2,084 129,096 SH   SOLE   129,096 0 0
EXTRA SPACE STORAGE INC COM COM 30225T102 1,320 17,088 SH   SOLE   17,088 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW SH BEN INT NEW 313747206 1,900 13,368 SH   SOLE   13,368 0 0
FELCOR LODGING TR INC COM COM 31430F101 1,141 142,353 SH   SOLE   142,353 0 0
FIRST SOLAR INC COM COM 336433107 1,131 35,240 SH   SOLE   35,240 0 0
FOREST CITY RLTY TR INC COM CL A CL A 345605109 1,508 72,382 SH   SOLE   72,382 0 0
GENERAL MTRS CO COM COM 37045V100 19,788 567,980 SH   SOLE   567,980 0 0
GENERAL GROWTH PPTYS INC NEW COM COM 370023103 7,385 295,590 SH   SOLE   295,590 0 0
HCP INC COM COM 40414L109 5,468 183,995 SH   SOLE   183,995 0 0
HEALTHCARE RLTY TR COM COM 421946104 1,063 35,062 SH   SOLE   35,062 0 0
HEALTHCARE TR AMER INC CL A NEW CL A NEW 42225P501 3,181 109,230 SH   SOLE   109,230 0 0
HIGHWOODS PPTYS INC COM COM 431284108 1,797 35,227 SH   SOLE   35,227 0 0
HOPE BANCORP INC COM COM 43940T109 1,074 49,048 SH   SOLE   49,048 0 0
HOST HOTELS & RESORTS INC COM COM 44107P104 935 49,629 SH   SOLE   49,629 0 0
INTERNATIONAL BUSINESS MACHS COM COM 459200101 22,896 137,932 SH   SOLE   137,932 0 0
INTEL CORP COM COM 458140100 1,777 49,000 SH   SOLE   49,000 0 0
JABIL CIRCUIT INC COM COM 466313103 1,073 45,344 SH   SOLE   45,344 0 0
KAISER ALUMINUM CORP COM PAR $0.01 COM PAR $0.01 483007704 663 8,540 SH   SOLE   8,540 0 0
KILROY RLTY CORP COM COM 49427F108 2,931 40,021 SH   SOLE   40,021 0 0
KIMCO RLTY CORP COM COM 49446R109 3,342 132,825 SH   SOLE   132,825 0 0
KIRBY CORP COM COM 497266106 529 7,959 SH   SOLE   7,959 0 0
KKR & CO L P DEL COM UNITS COM UNITS 48248M102 10,112 657,048 SH   SOLE   657,048 0 0
KRONOS WORLDWIDE INC COM COM 50105F105 1,061 88,840 SH   SOLE   88,840 0 0
LA QUINTA HLDGS INC COM COM 50420D108 1,459 102,692 SH   SOLE   102,692 0 0
LEXINGTON REALTY TRUST COM COM 529043101 1,590 147,240 SH   SOLE   147,240 0 0
LHC GROUP INC COM COM 50187A107 1,401 30,653 SH   SOLE   30,653 0 0
LIBERTY PPTY TR SH BEN INT SH BEN INT 531172104 2,656 67,241 SH   SOLE   67,241 0 0
LIFE STORAGE INC COM COM 53223X107 20,884 244,950 SH   SOLE   244,950 0 0
LUXFER HLDGS PLC SPONSORED ADR SPONSORED ADR 550678106 928 85,200 SH   SOLE   85,200 0 0
MACERICH CO COM COM 554382101 3,719 52,503 SH   SOLE   52,503 0 0
MACK CALI RLTY CORP COM COM 554489104 1,864 64,252 SH   SOLE   64,252 0 0
MATTEL INC COM COM 577081102 21,266 771,921 SH   SOLE   771,921 0 0
MEDICAL PPTYS TRUST INC COM COM 58463J304 854 69,408 SH   SOLE   69,408 0 0
MERCK & CO INC COM COM 58933Y105 1,622 27,550 SH   SOLE   27,550 0 0
MID AMER APT CMNTYS INC COM COM 59522J103 3,303 33,731 SH   SOLE   33,731 0 0
MRC GLOBAL INC COM COM 55345K103 344 16,985 SH   SOLE   16,985 0 0
NATIONAL RETAIL PPTYS INC COM COM 637417106 3,156 71,392 SH   SOLE   71,392 0 0
NATIONAL OILWELL VARCO INC COM COM 637071101 1,720 45,950 SH   SOLE   45,950 0 0
NEW YORK CMNTY BANCORP INC COM COM 649445103 21,810 1,370,782 SH   SOLE   1,370,782 0 0
OMEGA HEALTHCARE INVS INC COM COM 681936100 1,825 58,371 SH   SOLE   58,371 0 0
PARAMOUNT GROUP INC COM COM 69924R108 1,171 73,274 SH   SOLE   73,274 0 0
PBF ENERGY INC CL A CL A 69318G106 13,698 491,320 SH   SOLE   491,320 0 0
PHILIP MORRIS INTL INC COM COM 718172109 11,005 120,280 SH   SOLE   120,280 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A CL A 720190206 1,748 83,551 SH   SOLE   83,551 0 0
PLDT INC SPONSORED ADR SPONSORED ADR 69344D408 11,328 411,150 SH   SOLE   411,150 0 0
POSCO SPONSORED ADR SPONSORED ADR 693483109 10,338 196,724 SH   SOLE   196,724 0 0
POTASH CORP SASK INC COM COM 73755L107 20,583 1,137,804 SH   SOLE   1,137,804 0 0
PRINCIPAL FINL GROUP INC COM COM 74251V102 12,585 217,502 SH   SOLE   217,502 0 0
PROCTER AND GAMBLE CO COM COM 742718109 1,606 19,100 SH   SOLE   19,100 0 0
PROLOGIS INC COM COM 74340W103 8,934 169,235 SH   SOLE   169,235 0 0
PRUDENTIAL FINL INC COM COM 744320102 1,748 16,800 SH   SOLE   16,800 0 0
PS BUSINESS PKS INC CALIF COM COM 69360J107 1,388 11,913 SH   SOLE   11,913 0 0
PUBLIC SVC ENTERPRISE GROUP COM COM 744573106 21,485 489,626 SH   SOLE   489,626 0 0
PUBLIC STORAGE COM COM 74460D109 7,779 34,806 SH   SOLE   34,806 0 0
QUALCOMM INC COM COM 747525103 21,664 332,286 SH   SOLE   332,286 0 0
REALTY INCOME CORP COM COM 756109104 2,855 49,671 SH   SOLE   49,671 0 0
REDWOOD TR INC COM COM 758075402 11,278 741,484 SH   SOLE   741,484 0 0
REGENCY CTRS CORP COM COM 758849103 3,140 45,554 SH   SOLE   45,554 0 0
RETAIL PPTYS AMER INC CL A CL A 76131V202 14,099 919,722 SH   SOLE   919,722 0 0
RLJ LODGING TR COM COM 74965L101 1,895 77,404 SH   SOLE   77,404 0 0
SANDERSON FARMS INC COM COM 800013104 256 2,716 SH   SOLE   2,716 0 0
SELECT COMFORT CORP COM COMFORT CORP COM 81616X103 1,007 44,523 SH   SOLE   44,523 0 0
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 81721M109 2,580 136,286 SH   SOLE   136,286 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 17,449 98,209 SH   SOLE   98,209 0 0
SL GREEN RLTY CORP COM COM 78440X101 3,419 31,789 SH   SOLE   31,789 0 0
SPIRIT AIRLS INC COM COM 848577102 931 16,084 SH   SOLE   16,084 0 0
SPIRIT RLTY CAP INC NEW COM COM 84860W102 1,262 116,171 SH   SOLE   116,171 0 0
STRAYER ED INC COM COM 863236105 743 9,212 SH   SOLE   9,212 0 0
SUN CMNTYS INC COM COM 866674104 1,223 15,965 SH   SOLE   15,965 0 0
SYNAPTICS INC COM COM 87157D109 533 9,957 SH   SOLE   9,957 0 0
SYSCO CORP COM COM 871829107 1,910 34,500 SH   SOLE   34,500 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR SPONSORED ADR 874039100 21,791 757,960 SH   SOLE   757,960 0 0
TANGER FACTORY OUTLET CTRS I COM COM 875465106 1,073 29,980 SH   SOLE   29,980 0 0
TAUBMAN CTRS INC COM COM 876664103 2,706 36,600 SH   SOLE   36,600 0 0
TECH DATA CORP COM COM 878237106 559 6,599 SH   SOLE   6,599 0 0
TELEFONICA BRASIL SA SPONSORED ADR SPONSORED ADR 87936R106 23,985 1,792,624 SH   SOLE   1,792,624 0 0
TERADATA CORP DEL COM COM 88076W103 1,654 60,858 SH   SOLE   60,858 0 0
TERADYNE INC COM COM 880770102 1,093 43,047 SH   SOLE   43,047 0 0
TIMKEN CO COM COM 887389104 474 11,948 SH   SOLE   11,948 0 0
TRINITY INDS INC COM COM 896522109 833 30,017 SH   SOLE   30,017 0 0
TWO HBRS INVT CORP COM COM 90187B101 22,110 2,535,512 SH   SOLE   2,535,512 0 0
UBIQUITI NETWORKS INC COM COM 90347A100 422 7,304 SH   SOLE   7,304 0 0
UDR INC COM COM 902653104 24,938 683,602 SH   SOLE   683,602 0 0
URBAN EDGE PPTYS COM COM 91704F104 917 33,323 SH   SOLE   33,323 0 0
VALERO ENERGY CORP NEW COM COM 91913Y100 21,577 315,821 SH   SOLE   315,821 0 0
VENTAS INC COM COM 92276F100 8,199 131,144 SH   SOLE   131,144 0 0
VEREIT INC COM COM 92339V100 2,160 255,251 SH   SOLE   255,251 0 0
VERIZON COMMUNICATIONS INC COM COMMUNICATIONS INC COM 92343V104 23,500 440,255 SH   SOLE   440,255 0 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 7,579 72,615 SH   SOLE   72,615 0 0
WASHINGTON PRIME GROUP NEW COM COM 93964W108 3,454 331,716 SH   SOLE   331,716 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT SH BEN INT 939653101 1,102 33,742 SH   SOLE   33,742 0 0
WEINGARTEN RLTY INVS SH BEN INT SH BEN INT 948741103 1,621 45,301 SH   SOLE   45,301 0 0
WELLS FARGO & CO NEW COM COM 949746101 10,929 198,300 SH   SOLE   198,300 0 0
WELLTOWER INC COM COM 95040Q104 8,948 133,691 SH   SOLE   133,691 0 0
WESTERN REFNG INC COM COM 959319104 14,478 382,541 SH   SOLE   382,541 0 0
WOLVERINE WORLD WIDE INC COM COM 978097103 418 19,022 SH   SOLE   19,022 0 0
W P CAREY INC COM COM 92936U109 1,665 28,185 SH   SOLE   28,185 0 0