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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN REALTY CAPITAL PROP COM 02917T104   2 132 SH   SOLE   0 0 0
ALEXANDRIA REAL ESTATE EQUITY COM 015271109   801 11,037 SH   SOLE   0 0 11,037
ANNALY CAPITAL MANAGEMENT INC COM 035710409   99 9,045 SH   SOLE   0 0 0
APOLLO COMMERCIAL REAL ESTATE COM 03762U105   446 26,819 SH   SOLE   0 0 0
AVALONBAY COMMUNITIES INC COM 053484101   1,535 11,691 SH   SOLE   0 0 11,148
AVIV REIT INC COM 05381L101   840 34,349 SH   SOLE   0 0 16,101
BOSTON PROPERTIES INC COM 101121101   2,430 21,218 SH   SOLE   0 0 20,286
CAMPUS CREST COMMUNITIES INC COM 13466Y105   392 45,188 SH   SOLE   0 0 0
CBS OUTDOOR AMERICAS INC COM 14987J106   6 200 SH   SOLE   0 0 200
CHATHAM LODGING TRUST COM 16208T102   131 6,500 SH   SOLE   0 0 0
CORPORATE OFFICE PROPERTIES COM 22002T108   405 15,200 SH   SOLE   0 0 15,200
CUBESMART COM 229663109   686 40,000 SH   SOLE   0 0 40,000
DDR CORP COM 23317H102   822 49,900 SH   SOLE   0 0 49,900
DIGITAL REALTY TRUST INC COM 253868103   1,402 26,407 SH   SOLE   0 0 20,230
DOUGLAS EMMETT INC COM 25960P109   45 1,642 SH   SOLE   0 0 0
EPR PROPERTIES COM 26884U109   440 8,238 SH   SOLE   0 0 0
EQUITY ONE INC COM 294752100   496 22,200 SH   SOLE   0 0 22,200
EQUITY RESIDENTIAL COM 29476L107   1,038 17,906 SH   SOLE   0 0 17,178
ESSEX PROPERTY TRUST INC COM 297178105   1,343 7,895 SH   SOLE   0 0 7,476
EXTENDED STAY AMERICA INC COM 30224P200   148 6,500 SH   SOLE   0 0 6,500
EXTRA SPACE STORAGE INC COM 30225T102   885 18,244 SH   SOLE   0 0 17,257
GENERAL GROWTH PROPERTIES COM 370023103   1,231 55,942 SH   SOLE   0 0 53,602
GLIMCHER REALTY TRUST COM 379302102   748 74,606 SH   SOLE   0 0 74,606
HCP INC COM 40414L109   2,273 58,601 SH   SOLE   0 0 57,465
HILTON WORLDWIDE HOLDINGS INC COM 43300A104   216 9,700 SH   SOLE   0 0 9,700
HOST HOTELS & RESORTS INC COM 44107P104   636 31,416 SH   SOLE   0 0 31,416
HUDSON PACIFIC PROPERTIES INC COM 444097109   441 19,100 SH   SOLE   0 0 19,100
KILROY REALTY CORP COM 49427F108   970 16,563 SH   SOLE   0 0 15,978
KIMCO REALTY CORP COM 49446R109   1,026 46,886 SH   SOLE   0 0 46,886
LASALLE HOTEL PROPERTIES COM 517942108   37 1,178 SH   SOLE   0 0 0
MACERICH CO/THE COM 554382101   1,163 18,651 SH   SOLE   0 0 18,001
MACK-CALI REALTY CORP COM 554489104   1,523 73,273 SH   SOLE   0 0 54,400
OMEGA HEALTHCARE INVESTORS COM 681936100   411 12,252 SH   SOLE   0 0 0
PROLOGIS INC COM 74340W103   2,244 54,963 SH   SOLE   0 0 53,134
PUBLIC STORAGE COM 74460D109   1,168 6,933 SH   SOLE   0 0 6,509
QTS REALTY TRUST INC-CL A COM 74736A103   879 35,044 SH   SOLE   0 0 26,050
RETAIL OPPORTUNITY INVESTMENT COM 76131N101   782 52,363 SH   SOLE   0 0 48,600
SABRA HEALTH CARE REIT INC COM 78573L106   351 12,596 SH   SOLE   0 0 0
SIMON PROPERTY GROUP INC COM 828806109   4,616 28,144 SH   SOLE   0 0 27,415
SL GREEN REALTY CORP COM 78440X101   1,087 10,799 SH   SOLE   0 0 10,037
SPIRIT REALTY CAPITAL INC COM 84860W102   366 33,378 SH   SOLE   0 0 0
STAG INDUSTRIAL INC COM 85254J102   1,332 55,250 SH   SOLE   0 0 38,183
STARWOOD HOTELS & RESORTS COM 85590A401   674 8,473 SH   SOLE   0 0 8,473
STARWOOD PROPERTY TRUST INC COM 85571B105   514 21,769 SH   SOLE   0 0 0
STARWOOD WAYPOINT RESIDENTIAL COM 85571W109   94 3,279 SH   SOLE   0 0 0
STRATEGIC HOTELS & RESORTS INC COM 86272T106   841 82,500 SH   SOLE   0 0 82,500
SUNSTONE HOTEL INVESTORS INC COM 867892101   602 43,872 SH   SOLE   0 0 43,872
TAUBMAN CENTERS INC COM 876664103   60 854 SH   SOLE   0 0 0
TERRENO REALTY CORP COM 88146M101   1,047 55,374 SH   SOLE   0 0 55,374
UDR INC COM 902653104   532 20,600 SH   SOLE   0 0 20,600
VENTAS INC COM 92276F100   2,004 33,083 SH   SOLE   0 0 31,507
VORNADO REALTY TRUST COM 929042109   1,088 11,041 SH   SOLE   0 0 11,041
WASHINGTON REIT COM 939653101   134 5,600 SH   SOLE   0 0 0
ALEXANDRIA REAL ESTATE EQUITY COM 015271109   1,737 23,934 SH   OTR 1 23,934 0 0
APOLLO COMMERCIAL REAL ESTATE COM 03762U105   455 27,379 SH   OTR 1 27,379 0 0
AVALONBAY COMMUNITIES INC COM 053484101   6,376 48,555 SH   OTR 2 33,593 14,962 0
AVIV REIT INC COM 05381L101   1,278 52,280 SH   OTR 2 52,280 0 0
BOSTON PROPERTIES INC COM 101121101   8,711 76,056 SH   OTR 2 55,728 20,328 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105   419 48,298 SH   OTR 1 48,298 0 0
CBS OUTDOOR AMERICAS INC COM 14987J106   24 800 SH   OTR 2 500 300 0
CHATHAM LODGING TRUST COM 16208T102   181 8,937 SH   OTR 1 8,937 0 0
CORPORATE OFFICE PROPERTIES COM 22002T108   1,647 61,800 SH   OTR 2 43,600 18,200 0
CUBESMART COM 229663109   3,056 178,100 SH   OTR 2 121,100 57,000 0
DDR CORP COM 23317H102   3,389 205,645 SH   OTR 2 142,545 63,100 0
DIGITAL REALTY TRUST INC COM 253868103   4,968 93,607 SH   OTR 2 65,197 28,410 0
EPR PROPERTIES COM 26884U109   435 8,150 SH   OTR 1 8,150 0 0
EQUITY ONE INC COM 294752100   2,392 107,076 SH   OTR 2 70,924 36,152 0
EQUITY RESIDENTIAL COM 29476L107   2,139 36,894 SH   OTR 1 36,894 0 0
ESSEX PROPERTY TRUST INC COM 297178105   5,313 31,242 SH   OTR 2 21,753 9,489 0
EXTENDED STAY AMERICA INC COM 30224P200   664 29,190 SH   OTR 2 19,690 9,500 0
EXTRA SPACE STORAGE INC COM 30225T102   4,738 97,676 SH   OTR 2 64,443 33,233 0
GENERAL GROWTH PROPERTIES COM 370023103   5,216 237,072 SH   OTR 2 159,531 77,541 0
GLIMCHER REALTY TRUST COM 379302102   3,686 367,487 SH   OTR 2 241,038 126,449 0
HCP INC COM 40414L109   4,756 122,603 SH   OTR 1 122,603 0 0
HILTON WORLDWIDE HOLDINGS INC COM 43300A104   1,007 45,300 SH   OTR 2 30,100 15,200 0
HOST HOTELS & RESORTS INC COM 44107P104   2,539 125,467 SH   OTR 2 87,962 37,505 0
HUDSON PACIFIC PROPERTIES INC COM 444097109   1,813 78,600 SH   OTR 2 53,900 24,700 0
KILROY REALTY CORP COM 49427F108   3,833 65,423 SH   OTR 2 46,000 19,423 0
KIMCO REALTY CORP COM 49446R109   2,205 100,761 SH   OTR 1 100,761 0 0
LTC PROPERTIES INC COM 502175102   712 18,940 SH   OTR 2 6,942 11,998 0
MACERICH CO/THE COM 554382101   5,166 82,867 SH   OTR 2 56,001 26,866 0
MACK-CALI REALTY CORP COM 554489104   5,317 255,711 SH   OTR 2 178,611 77,100 0
OMEGA HEALTHCARE INVESTORS COM 681936100   364 10,854 SH   OTR 1 10,854 0 0
PROLOGIS INC COM 74340W103   8,180 200,350 SH   OTR 2 146,954 53,396 0
PUBLIC STORAGE COM 74460D109   3,808 22,603 SH   OTR 2 17,176 5,427 0
QTS REALTY TRUST INC-CL A COM 74736A103   3,201 127,572 SH   OTR 2 88,672 38,900 0
RETAIL OPPORTUNITY INVESTMENT COM 76131N101   3,162 211,663 SH   OTR 2 149,163 62,500 0
SABRA HEALTH CARE REIT INC COM 78573L106   3,667 13,150 SH   OTR 1 13,150 0 0
SIMON PROPERTY GROUP INC COM 828806109   17,006 103,695 SH   OTR 2 75,632 28,063 0
SL GREEN REALTY CORP COM 78440X101   4,084 40,590 SH   OTR 2 28,534 12,056 0
SPIRIT REALTY CAPITAL INC COM 84860W102   276 25,181 SH   OTR 1 25,181 0 0
STAG INDUSTRIAL INC COM 85254J102   5,264 218,418 SH   OTR 3 149,527 68,891 0
STARWOOD HOTELS & RESORTS COM 85590A401   2,197 39,075 SH   OTR 2 26,333 12,742 0
STARWOOD PROPERTY TRUST INC COM 85571B105   546 23,144 SH   OTR 1 23,144 0 0
STARWOOD WAYPOINT RESIDENTIAL COM 85571W109   92 3,185 SH   OTR 1 3,185 0 0
STRATEGIC HOTELS & RESORTS INC COM 86272T106   3,261 320,048 SH   OTR 2 230,648 89,400 0
SUNSTONE HOTEL INVESTORS INC COM 867892101   2,339 170,350 SH   OTR 2 123,587 46,763 0
TAUBMAN CENTERS INC COM 876664103   320 4,520 SH   OTR 1 4,520 0 0
TERRENO REALTY CORP COM 88146M101   4,380 231,631 SH   OTR 2 156,131 75,500 0
UDR INC COM 902653104   1,209 46,800 SH   OTR 1 46,800 0 0
VENTAS INC COM 92276F100   3,047 50,303 SH   OTR 2 18,751 31,552 0
VORNADO REALTY TRUST COM 929042109   2,340 23,744 SH   OTR 1 23,744 0 0
WASHINGTON REIT COM 939653101   180 7,522 SH   OTR 1 7,522 0 0