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 COM 015271109 6,755 68,900 SH   SOLE   58,500 0 10,400
ALLSCRIPTS HEALTHCARE SOLUTNS COM 01988P108 2,194 183,450 SH   SOLE   183,450 0 0
AMERICAN AXLE & MFG HLDGS INC COM 024061103 5,513 213,450 SH   SOLE   213,450 0 0
AMERICAN CAMPUS COMMUNITIES COM 024835100 23,034 537,300 SH   SOLE   485,300 0 52,000
AMERICAN HOMES 4 RENT - CL A COM 02665T306 16,509 997,500 SH   SOLE   689,000 0 308,500
AMERICAN INTL GROUP COM COM 026874107 3,674 67,050 SH   SOLE   67,050 0 0
AMERICAN RESIDENTIAL PPTY COM 02927E303 691 38,400 SH   SOLE   34,800 0 3,600
AVALONBAY CMNTYS INC COM COM 053484101 1,394 8,000 SH   SOLE   2,100 0 5,900
BABCOCK & WILCOX CO NEW COM COM 05615F102 2,254 70,250 SH   SOLE   70,250 0 0
BARRICK GOLD CORP COM 067901108 2,122 193,600 SH   SOLE   193,600 0 0
BED BATH & BEYOND INC COM COM 075896100 3,071 40,000 SH   SOLE   40,000 0 0
BOSTON PROPERTIES INC COM COM 101121101 28,826 205,200 SH   SOLE   173,500 0 31,700
CAMDEN PPTY TR SH BEN INT COM 133131102 3,219 41,200 SH   SOLE   38,200 0 3,000
CHESAPEAKE LODGING TRUST COM 165240102 2,706 80,000 SH   SOLE   74,800 0 5,200
CITIZENS FINL GROUP INC COM COM 174610105 3,386 140,340 SH   SOLE   140,340 0 0
COLONY FINL INC COM COM 19624R106 114 4,400 SH   SOLE   0 0 4,400
CUBESMART COM COM 229663109 48 2,000 SH   SOLE   0 0 2,000
DCT INDUSTRIAL TRUST INC COM COM 233153204 825 23,800 SH   SOLE   23,800 0 0
DENBURY RES INC COM NEW COM 247916208 1,586 217,600 SH   SOLE   217,600 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,984 140,400 SH   SOLE   140,400 0 0
EMULEX CORP COM NEW COM 292475209 3,172 398,050 SH   SOLE   398,050 0 0
EQUITY ONE COM COM 294752100 11,325 424,331 SH   SOLE   377,574 0 46,757
EQUITY RESIDENTIAL SH BEN IN COM 29476L107 38,276 491,600 SH   SOLE   430,100 0 61,500
ESSEX PPTY TR INC COM COM 297178105 29,893 130,025 SH   SOLE   115,434 0 14,591
EXCEL TRUST INC COM 30068C109 59 4,200 SH   SOLE   0 0 4,200
EXPRESS INC COM COM 30219E103 2,931 177,300 SH   SOLE   177,300 0 0
FEDERAL REALTY INVT TR COM 313747206 18,401 125,000 SH   SOLE   107,000 0 18,000
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 3,351 91,150 SH   SOLE   91,150 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R402 1,771 125,612 SH   SOLE   125,612 0 0
GENERAL GROWTH PPTYS COM 370023103 4,134 139,900 SH   SOLE   117,100 0 22,800
GENERAL MTRS CO COM COM 37045V100 3,915 104,400 SH   SOLE   104,400 0 0
HCP INC COM COM 40414L109 553 12,800 SH   SOLE   0 0 12,800
HEALTH CARE REIT INC COM COM 42217K106 31,609 408,600 SH   SOLE   372,000 0 36,600
HEALTHCARE RLTY TR COM COM 421946104 1,825 65,700 SH   SOLE   65,700 0 0
HOME PPTYS N Y INC COM COM 437306103 4,033 58,200 SH   SOLE   54,500 0 3,700
HOST HOTELS & RESORTS INC COM COM 44107P104 25,564 1,266,812 SH   SOLE   1,111,250 0 155,562
HUDSON PACIFIC PROPERTIES COM 444097109 21,527 648,600 SH   SOLE   605,100 0 43,500
INGRAM MICRO INC CL A COM 457153104 1,927 76,700 SH   SOLE   76,700 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,990 12,400 SH   SOLE   12,400 0 0
INVESTORS BANCORP INC NEW COM COM 46146L101 3,018 257,500 SH   SOLE   257,500 0 0
KILROY RLTY CORP COM 49427F108 46 600 SH   SOLE   0 0 600
KIMCO RLTY CORP COM COM 49446R109 54 2,000 SH   SOLE   0 0 2,000
KITE REALTY GROUP TRUST COM 49803T300 2,544 90,300 SH   SOLE   81,800 0 8,500
KOHLS CORP COM 500255104 3,144 40,180 SH   SOLE   40,180 0 0
KULICKE & SOFFA INDS INC COM COM 501242101 5,233 334,800 SH   SOLE   334,800 0 0
LASALLE HOTEL PROPERTY COM 517942108 2,728 70,200 SH   SOLE   63,900 0 6,300
LIBERTY PPTY TR COM 531172104 2,674 74,909 SH   SOLE   56,516 0 18,393
LOEWS CORP COM COM 540424108 2,607 63,850 SH   SOLE   63,850 0 0
MACERICH CO COM COM 554382101 16,006 189,800 SH   SOLE   168,500 0 21,300
MEADWESTVACO CORP COM COM 583334107 2,661 53,350 SH   SOLE   53,350 0 0
MID AMER APT COMM COM 59522J103 765 9,900 SH   SOLE   9,900 0 0
NATIONAL HEALTH INVS COM 63633D104 4,545 64,000 SH   SOLE   64,000 0 0
NATIONAL RETAIL PPTYS COM COM 637417106 197 4,800 SH   SOLE   0 0 4,800
NOBLE CORP PLC SHS USD COM G65431101 1,431 100,200 SH   SOLE   100,200 0 0
PARAGON OFFSHORE PLC SHS COM G6S01W108 594 456,970 SH   SOLE   456,970 0 0
PARAMOUNT GROUP INC COM COM 69924R108 32,617 1,690,000 SH   SOLE   1,536,100 0 153,900
PARKWAY PPTYS INC COM COM 70159Q104 1,685 97,100 SH   SOLE   88,100 0 9,000
PLUM CREEK TIMBER CO COM COM 729251108 7,165 164,900 SH   SOLE   135,600 0 29,300
PROLOGIS INC COM COM 74340W103 41,152 944,722 SH   SOLE   825,265 0 119,457
PUBLIC STORAGE COM COM 74460D109 8,628 43,764 SH   SOLE   0 0 43,764
QUALITY DISTR INC FLA COM COM 74756M102 2,213 214,230 SH   SOLE   214,230 0 0
QUANTUM CORP COM DSSG COM 747906204 2,026 1,266,365 SH   SOLE   1,266,365 0 0
RAMCO-GERSHENSON PPTYS TR COM COM 751452202 824 44,300 SH   SOLE   44,300 0 0
RAYONIER INC COM COM 754907103 3,030 112,400 SH   SOLE   0 0 112,400
REALTY INCOME CORP COM COM 756109104 160 3,100 SH   SOLE   0 0 3,100
REMY INTL INC NEW COM COM 75971M108 499 22,458 SH   SOLE   22,458 0 0
REXFORD INDL RLTY INC COM COM 76169C100 2,428 153,570 SH   SOLE   141,570 0 12,000
SIMON PPTY GROUP INC NEW COM COM 828806109 63,508 324,616 SH   SOLE   284,368 0 40,248
SOVRAN SELF STORAGE INC COM 84610H108 7,111 75,700 SH   SOLE   25,000 0 50,700
SP PLUS CORP COM COM 78469C103 2,884 131,985 SH   SOLE   131,985 0 0
SPIRIT REALTY CAPITAL INC COM 84860W102 6,309 522,301 SH   SOLE   484,501 0 37,800
STAG INDL INC COM COM 85254J102 2,089 88,800 SH   SOLE   88,800 0 0
STARWOOD HOTELS AND RESORTS COM 85590A401 5,202 62,300 SH   SOLE   51,900 0 10,400
SYMANTEC CORP COM COM 871503108 2,526 108,100 SH   SOLE   108,100 0 0
TAUBMAN CTRS INC COM 876664103 12,934 167,695 SH   SOLE   150,295 0 17,400
TELEPHONE & DATA SYS INC COM COM 879433829 2,658 106,750 SH   SOLE   106,750 0 0
UNIVERSAL AMERN CORP NEW COM COM 91338E101 3,605 337,540 SH   SOLE   337,540 0 0
URBAN EDGE PPTYS COM COM 91704F104 10,619 448,058 SH   SOLE   407,645 0 40,413
URSTADT BIDDLE PPTYS INS CL A COM 917286205 6,473 280,700 SH   SOLE   0 0 280,700
VECTRUS INC COM COM 92242T101 2,595 101,820 SH   SOLE   101,820 0 0
VENTAS INC COM COM 92276F100 28,204 386,245 SH   SOLE   344,666 0 41,579
VORNADO RLTY TR COM 929042109 29,658 264,800 SH   SOLE   228,800 0 36,000
WALTER INVT MGMT CORP COM COM 93317W102 1,913 118,430 SH   SOLE   118,430 0 0
WEINGARTEN RLTY INVS SH BEN IN COM 948741103 205 5,700 SH   SOLE   0 0 5,700
WP GLIMCHER INC COM 92939N102 2,304 138,520 SH   SOLE   121,546 0 16,974
XL GROUP PLC SHS COM G98290102 3,702 100,600 SH   SOLE   100,600 0 0
YAMANA GOLD INC COM COM 98462Y100 1,905 530,750 SH   SOLE   530,750 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD 015271505 195 6,600 SH   SOLE   3,000 0 3,600
HEALTH CARE REIT INC PFD PER C PFD 42217K601 175 2,600 SH   SOLE   1,000 0 1,600
RAMCO-GERSHENSON PPTYS TR PFD PFD 751452608 1,107 16,600 SH   SOLE   16,600 0 0
APOLLO COML REAL EST SERIES A PFD 03762U402 1,433 54,100 SH   SOLE   54,100 0 0
BOSTON PROPERTIES INC DEP 1/10 PFD 101121408 78 3,200 SH   SOLE   0 0 3,200
CBL & ASSOC PPTYS INC PFD 1/10 PFD 124830605 678 26,800 SH   SOLE   26,800 0 0
COLONY FINL INC PFD SER A 8. PFD 19624R205 2,123 79,800 SH   SOLE   79,800 0 0
CORPORATE OFFICE PPTYS TR PFD PFD 22002T884 651 24,914 SH   SOLE   24,914 0 0
CUBESMART 7.75% RED PFD SH PFD 229663208 269 10,000 SH   SOLE   10,000 0 0
DDR CORP DEPSHS1/20 CLJ PFD 23317H607 537 21,000 SH   SOLE   21,000 0 0
DIGITAL RLTY TR INC PFD-F PFD 253868806 91 3,500 SH   SOLE   0 0 3,500
EPR PROPERTIES PFD C 5.75% PFD 26884U208 549 22,700 SH   SOLE   22,700 0 0
EPR PROPERTIES PFD SER F 6.625 PFD 26884U406 2,110 81,153 SH   SOLE   76,753 0 4,400
EQUITY LIFESTYLE PPTYS INC C 6 PFD 29472R405 248 9,415 SH   SOLE   9,415 0 0
ESSEX PPTY TR INC PFD SER H PFD 297178402 488 18,391 SH   SOLE   18,391 0 0
GENERAL GROWTH PPTYS INC NEW P PFD 370023202 1,112 43,600 SH   SOLE   43,600 0 0
HEALTH CARE REIT INC PFD SER J PFD 42217K700 761 28,200 SH   SOLE   28,200 0 0
HERSHA HOSPITALITY TR PFD C 6. PFD 427825401 884 34,200 SH   SOLE   34,200 0 0
HERSHA HOSPITALITY TR PFD SER PFD 427825302 1,247 47,878 SH   SOLE   47,878 0 0
HUDSON PAC PPTYS INC CUM PFD B PFD 444097208 1,438 55,000 SH   SOLE   55,000 0 0
KILROY RLTY CORP PFD H 6.375% PFD 49427F801 2,154 84,500 SH   SOLE   84,500 0 0
KIMCO RLTY CORP PFD I 6% PFD 49446R794 91 3,500 SH   SOLE   0 0 3,500
KITE RLTY GROUP TR PERP PFD SE PFD 49803T201 336 13,000 SH   SOLE   13,000 0 0
LASALLE HOTEL PPTYS PFD SER I PFD 517942801 801 31,800 SH   SOLE   31,800 0 0
NATIONAL RETAIL PPTYS INC DEP PFD 637417809 628 25,100 SH   SOLE   24,000 0 1,100
NATIONAL RETAIL PPTYS INC PFD PFD 637417601 1,132 43,000 SH   SOLE   40,000 0 3,000
NORTHSTAR RLTY FIN CORP PFD B PFD 66704R308 94 3,700 SH   SOLE   3,700 0 0
PEBBLEBROOK HOTEL TR PFD SER B PFD 70509V308 1,431 54,384 SH   SOLE   54,384 0 0
POST PPTYS INC PFD A 8.5% PFD 737464206 1,680 25,175 SH   SOLE   24,375 0 800
PROLOGIS INC PFD SER Q PFD 74340W202 534 7,700 SH   SOLE   7,700 0 0
PS BUSINESS PKS INC CALIF DEP PFD 69360J685 2,427 97,100 SH   SOLE   91,500 0 5,600
PS BUSINESS PKS INC CALIF S R1 PFD 69360J669 785 32,000 SH   SOLE   32,000 0 0
PUBLIC STORAGE DEP 1/1000 PFD PFD 74460W842 2,024 75,100 SH   SOLE   75,100 0 0
PUBLIC STORAGE DEP1/1000THPFD PFD 74460W800 84 3,500 SH   SOLE   0 0 3,500
PUBLIC STORAGE PFD T 1/1000TH PFD 74460W404 66 2,600 SH   SOLE   600 0 2,000
REALTY INCOME CORP PFD CL F PFD 756109807 462 17,500 SH   SOLE   17,500 0 0
REGENCY CTRS CORP CUM RED PFD PFD 758849707 581 22,000 SH   SOLE   22,000 0 0
REGENCY CTRS CORP PFD SER 7 6 PFD 758849806 850 34,000 SH   SOLE   30,500 0 3,500
SL GREEN RLTY CORP PFD SER I PFD 78440X507 788 30,000 SH   SOLE   30,000 0 0
STAG INDL INC 9% CUM REDEEMABL PFD 85254J201 1,375 50,000 SH   SOLE   50,000 0 0
STAG INDL INC CUM PFD SER B PFD 85254J300 1,998 78,100 SH   SOLE   78,100 0 0
SUMMIT HOTEL PPTYS INC PFD-A PFD 866082209 22 800 SH   SOLE   800 0 0
SUMMIT HOTEL PPTYS PFD B 7.875 PFD 866082308 1,362 51,000 SH   SOLE   51,000 0 0
SUMMIT HOTEL PPTYS PFD SER C 7 PFD 866082407 488 18,900 SH   SOLE   18,900 0 0
SUN COMMUNITIES PFD A 7.125% PFD 866674203 111 4,300 SH   SOLE   4,300 0 0
TAUBMAN CTRS INC PFD-J PFD 876664608 2,787 108,328 SH   SOLE   104,828 0 3,500
TAUBMAN CTRS INC PFD SER K PFD 876664707 1,351 53,500 SH   SOLE   53,500 0 0
TERRENO RLTY CORP PFD SER A PFD 88146M200 378 14,300 SH   SOLE   14,300 0 0
URSTADT BIDDLE PPTYS INC PFD S PFD 917286700 897 33,000 SH   SOLE   33,000 0 0
URSTADT BIDDLE PPTYS INC PFD S PFD 917286809 1,672 63,300 SH   SOLE   63,300 0 0
VORNADO RLTY TR PFD SER K PFD 929042851 264 10,600 SH   SOLE   7,100 0 3,500
WP GLIMCHER IN PFD SER H PFD 92939N300 164 6,200 SH   SOLE   6,200 0 0
WP GLIMCHER IN PFD SER I PFD 92939N409 156 5,800 SH   SOLE   5,800 0 0