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
APOLLO COMMERCIAL REAL ESTAT COM 03762U105 6 337 SH   SOLE   337 0 0
AVALONBAY COMMUNITIES INC COM 053484101 1,355 8,476 SH   SOLE   0 8,476 0
BOSTON PROPERTIES INC COM 101121101 1,383 11,429 SH   SOLE   0 11,429 0
BROOKDALE SENIOR LIVING INC COM 112463104 1,616 46,582 SH   SOLE   0 17,304 29,278
CAMDEN PROPERTY TRUST COM 133131102 2,429 32,700 SH   SOLE   0 12,100 20,600
CAMPUS CREST COMMUNITIES INC COM 13466Y105 2 299 SH   SOLE   299 0 0
CUBESMART COM 229663109 1,644 70,973 SH   SOLE   0 25,473 45,500
DDR CORP COM 23317H102 1,570 101,521 SH   SOLE   0 37,669 63,852
DIGITAL REALTY TRUST INC COM 253868103 2,793 41,881 SH   SOLE   52 15,419 26,410
EPR PROPERTIES COM 26884U109 5 95 SH   SOLE   95 0 0
ESSEX PROPERTY TRUST INC COM 297178105 3,008 14,157 SH   SOLE   0 5,253 8,904
EXTENDED STAY AMERICA INC COM 30224P200 1,783 94,968 SH   SOLE   0 35,268 59,700
EXTRA SPACE STORAGE INC COM 30225T102 2,540 38,939 SH   SOLE   0 14,481 24,458
GENERAL GROWTH PROPERTIES COM 370023103 2,945 114,768 SH   SOLE   0 42,860 71,908
HUDSON PACIFIC PROPERTIES IN COM 444097109 1,294 45,600 SH   SOLE   0 45,600 0
KILROY REALTY CORP COM 49427F108 2,081 30,988 SH   SOLE   0 11,565 19,423
MACERICH CO/THE COM 554382101 1,738 23,300 SH   SOLE   0 23,300 0
MACK-CALI REALTY CORP COM 554489104 3,021 163,907 SH   SOLE   100 60,700 103,107
OMEGA HEALTHCARE INVESTORS COM 681936100 10 294 SH   SOLE   294 0 0
OUTFRONT MEDIA INC COM 69007J106 2,918 115,617 SH   SOLE   0 40,394 75,223
PARKWAY PROPERTIES INC COM 70159Q104 3,221 184,675 SH   SOLE   0 68,520 116,155
PROLOGIS INC COM 74340W103 1,407 37,928 SH   SOLE   0 37,928 0
QTS REALTY TRUST INC-CL A COM 74736A103 1,893 51,945 SH   SOLE   134 19,257 32,554
RETAIL OPPORTUNITY INVESTMEN COM 76131N101 1,300 83,246 SH   SOLE   0 30,946 52,300
SABRA HEALTH CARE REIT INC COM 78573L106 4 140 SH   SOLE   140 0 0
SIMON PROPERTY GROUP INC COM 828806109 2,389 13,805 SH   SOLE   0 13,805 0
SL GREEN REALTY CORP COM 78440X101 2,025 18,424 SH   SOLE   0 6,868 11,556
SPIRIT REALTY CAPITAL INC COM 84860W102 3 273 SH   SOLE   273 0 0
STAG INDUSTRIAL INC COM 85254J102 1,732 86,598 SH   SOLE   230 32,046 54,322
STARWOOD HOTELS & RESORTS COM 85590A401 1,654 20,398 SH   SOLE   0 7,556 12,842
STARWOOD PROPERTY TRUST INC COM 85571B105 4 200 SH   SOLE   200 0 0
STARWOOD WAYPOINT RESIDE COM 85571W109 1 40 SH   SOLE   40 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 2,407 198,591 SH   SOLE   0 73,684 124,907
SUNSTONE HOTEL INVESTORS INC COM 867892101 6 427 SH   SOLE   0 0 427
TERRENO REALTY CORP COM 88146M101 2,889 146,650 SH   SOLE   0 54,050 92,600
URBAN EDGE PROPERTIES COM 91704F104 3,162 152,085 SH   SOLE   0 56,428 95,657
APOLLO COMMERCIAL REAL ESTAT COM 03762U105 3,049 185,552 SH   OTR 3 63,631 121,921 0
AVALONBAY COMMUNITIES INC COM 053484101 2,441 15,268 SH   OTR 2 806 0 14,462
BLUEROCK RESIDENTIAL GROWTH COM 09627J102 1,262 99,671 SH   OTR 3 49,371 50,300 0
BOSTON PROPERTIES INC COM 101121101 2,525 20,861 SH   OTR 2 1,533 0 19,328
CAMDEN PROPERTY TRUST COM 133131102 84 1,128 SH   OTR 1 1,128 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 1,646 297,102 SH   OTR 1 0 297,102 0
CHATHAM LODGING TRUST COM 16208T102 2,539 95,923 SH   OTR 1 19,991 75,932 0
DIGITAL REALTY TRUST INC COM 253868103 1,966 29,483 SH   OTR 1 11,292 18,191 0
DOUGLAS EMMETT INC COM 25960P109 74 2,737 SH   OTR 1 2,737 0 0
EPR PROPERTIES COM 26884U109 3,848 70,243 SH   OTR 3 22,537 47,706 0
EQUITY RESIDENTIAL COM 29476L107 72 1,032 SH   OTR 1 1,032 0 0
ESSEX PROPERTY TRUST INC COM 297178105 116 546 SH   OTR 3 546 0 0
EXTENDED STAY AMERICA INC COM 30224P200 1,160 61,807 SH   OTR 1 0 61,807 0
EXTRA SPACE STORAGE INC COM 30225T102 82 1,263 SH   OTR 1 1,263 0 0
GENERAL GROWTH PROPERTIES COM 370023103 101 3,953 SH   OTR 1 3,953 0 0
HCP INC COM 40414L109 86 2,367 SH   OTR 1 2,367 0 0
HUDSON PACIFIC PROPERTIES IN COM 444097109 4,044 142,530 SH   OTR 1 3,920 61,410 77,200
KILROY REALTY CORP COM 49427F108 80 1,196 SH   OTR 3 1,196 0 0
LEXINGTON REALTY TRUST COM 529043101 604 71,264 SH   OTR 1 71,264 0 0
LIBERTY PROPERTY TRUST COM 531172104 2,777 86,181 SH   OTR 1 25,815 60,366 0
MACERICH CO/THE COM 554382101 4,697 62,963 SH   OTR 1 1,413 22,000 39,550
MACK-CALI REALTY CORP COM 554489104 3,247 176,167 SH   OTR 1 54,428 121,739 0
OMEGA HEALTHCARE INVESTORS COM 681936100 1,047 30,512 SH   OTR 1 30,512 0 0
OUTFRONT MEDIA INC COM 69007J106 1,888 74,818 SH   OTR 1 18,755 56,063 0
PARKWAY PROPERTIES INC COM 70159Q104 2,064 118,320 SH   OTR 1 0 118,320 0
PROLOGIS INC COM 74340W103 2,511 67,676 SH   OTR 1 3,385 0 64,291
PUBLIC STORAGE COM 74460D109 133 722 SH   OTR 1 722 0 0
QTS REALTY TRUST INC-CL A COM 74736A103 1,460 40,062 SH   OTR 1 14,543 25,519 0
RETAIL OPPORTUNITY INVESTMEN COM 76131N101 102 6,527 SH   OTR 1 6,527 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,016 78,328 SH   OTR 1 27,590 50,738 0
SIMON PROPERTY GROUP INC COM 828806109 4,247 24,545 SH   OTR 1 1,186 0 23,359
SL GREEN REALTY CORP COM 78440X101 149 1,354 SH   OTR 1 1,354 0 0
SPIRIT REALTY CAPITAL INC COM 84860W102 2,522 260,812 SH   OTR 1 82,877 177,935 0
STAG INDUSTRIAL INC COM 85254J102 2,697 134,826 SH   OTR 1 36,413 98,413 0
STARWOOD PROPERTY TRUST INC COM 85571B105 3,989 184,952 SH   OTR 3 55,961 128,991 0
TAUBMAN CENTERS INC COM 876664103 1,540 22,152 SH   OTR 2 1,505 20,647 0
TERRENO REALTY CORP COM 88146M101 1,367 69,405 SH   OTR 2 13,110 56,295 0