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
ALLSCRIPTS HEALTHCARE SOLUTNS COM 01988P108 2,275 183,450 SH   SOLE   183,450 0 0
AMERICAN CAMPUS COMMUNITIES COM 024835100 18,845 520,000 SH   SOLE   470,100 0 49,900
AMERICAN INTL GROUP COM COM 026874107 3,810 67,050 SH   SOLE   67,050 0 0
ATWOOD OCEANICS INC COM COM 050095108 899 60,700 SH   SOLE   60,700 0 0
AVALONBAY CMNTYS INC COM COM 053484101 1,224 7,000 SH   SOLE   1,100 0 5,900
BABCOCK & WILCOX ENTERPRIS INC COM 05614L100 590 35,125 SH   SOLE   35,125 0 0
BARRICK GOLD CORP COM 067901108 1,610 253,100 SH   SOLE   253,100 0 0
BED BATH & BEYOND INC COM COM 075896100 2,720 47,700 SH   SOLE   47,700 0 0
BOSTON PROPERTIES INC COM COM 101121101 33,484 282,800 SH   SOLE   245,000 0 37,800
BWX TECHNOLOGIES INC COM COM 05605H100 1,852 70,250 SH   SOLE   70,250 0 0
CAMDEN PPTY TR SH BEN INT COM 133131102 4,877 66,000 SH   SOLE   61,600 0 4,400
CITIZENS FINL GROUP INC COM COM 174610105 3,349 140,340 SH   SOLE   140,340 0 0
COLONY FINL INC COM COM 19624R106 86 4,400 SH   SOLE   0 0 4,400
DCT INDUSTRIAL TRUST INC COM COM 233153204 12,007 356,700 SH   SOLE   320,600 0 36,100
DENBURY RES INC COM NEW COM 247916208 524 214,600 SH   SOLE   214,600 0 0
DEVRY ED GROUP INC COM COM 251893103 2,196 80,700 SH   SOLE   80,700 0 0
EQUITY ONE COM COM 294752100 21,106 867,131 SH   SOLE   777,874 0 89,257
EQUITY RESIDENTIAL SH BEN IN COM 29476L107 47,258 629,100 SH   SOLE   553,200 0 75,900
ERA GROUP INC COM COM 26885G109 2,506 167,380 SH   SOLE   167,380 0 0
ESSEX PPTY TR INC COM COM 297178105 34,837 155,925 SH   SOLE   140,534 0 15,391
FEDERAL REALTY INVT TR COM 313747206 3,671 26,900 SH   SOLE   19,000 0 7,900
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 3,233 91,150 SH   SOLE   91,150 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R402 1,472 125,612 SH   SOLE   125,612 0 0
FOREST CITY ENTERPRISES-CL A COM 345550107 1,238 61,500 SH   SOLE   55,700 0 5,800
GENERAL GROWTH PPTYS COM 370023103 38,469 1,481,300 SH   SOLE   1,314,800 0 166,500
GENERAL MTRS CO COM COM 37045V100 4,216 140,450 SH   SOLE   140,450 0 0
HCP INC COM COM 40414L109 477 12,800 SH   SOLE   0 0 12,800
HEALTHCARE RLTY TR COM COM 421946104 3,243 130,500 SH   SOLE   130,500 0 0
HILTON WORLDWIDE HLDGS INC COM COM 43300A104 8,274 360,700 SH   SOLE   321,200 0 39,500
HOST HOTELS & RESORTS INC COM COM 44107P104 9,883 625,112 SH   SOLE   537,450 0 87,662
HUDSON PACIFIC PROPERTIES COM 444097109 19,747 685,900 SH   SOLE   621,300 0 64,600
INGRAM MICRO INC CL A COM 457153104 4,714 173,050 SH   SOLE   173,050 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2,233 15,400 SH   SOLE   15,400 0 0
INVESTORS BANCORP INC NEW COM COM 46146L101 3,178 257,500 SH   SOLE   257,500 0 0
KIMCO RLTY CORP COM COM 49446R109 173 7,100 SH   SOLE   0 0 7,100
KOHLS CORP COM 500255104 1,861 40,180 SH   SOLE   40,180 0 0
KULICKE & SOFFA INDS INC COM COM 501242101 4,110 447,745 SH   SOLE   447,745 0 0
LASALLE HOTEL PROPERTY COM 517942108 108 3,800 SH   SOLE   3,800 0 0
LIBERTY PPTY TR COM 531172104 312 9,900 SH   SOLE   0 0 9,900
LOEWS CORP COM COM 540424108 2,308 63,850 SH   SOLE   63,850 0 0
MACERICH CO COM COM 554382101 330 4,300 SH   SOLE   0 0 4,300
NATIONAL RETAIL PPTYS COM COM 637417106 13,717 378,200 SH   SOLE   329,600 0 48,600
NRG ENERGY INC COM NEW COM 629377508 2,639 177,700 SH   SOLE   177,700 0 0
OWENS ILL INC COM NEW COM 690768403 2,696 130,121 SH   SOLE   130,121 0 0
PARAMOUNT GROUP INC COM COM 69924R108 21,319 1,269,000 SH   SOLE   1,135,100 0 133,900
PARKWAY PPTYS INC COM COM 70159Q104 1,430 91,900 SH   SOLE   83,100 0 8,800
PLUM CREEK TIMBER CO COM COM 729251108 233 5,900 SH   SOLE   0 0 5,900
PROLOGIS INC COM COM 74340W103 31,654 813,722 SH   SOLE   705,265 0 108,457
PUBLIC STORAGE COM COM 74460D109 529 2,500 SH   SOLE   0 0 2,500
QUANTUM CORP COM DSSG COM 747906204 1,659 2,378,965 SH   SOLE   2,378,965 0 0
RAMCO-GERSHENSON PPTYS TR COM COM 751452202 665 44,300 SH   SOLE   44,300 0 0
REALTY INCOME CORP COM COM 756109104 265 5,600 SH   SOLE   0 0 5,600
RETAIL PPTYS AMER INC CL A COM 76131V202 4,083 289,800 SH   SOLE   261,900 0 27,900
SIMON PPTY GROUP INC NEW COM COM 828806109 45,915 249,916 SH   SOLE   218,068 0 31,848
SOVRAN SELF STORAGE INC COM 84610H108 15,333 162,600 SH   SOLE   145,400 0 17,200
SP PLUS CORP COM COM 78469C103 1,622 70,045 SH   SOLE   70,045 0 0
SPIRIT REALTY CAPITAL INC COM 84860W102 3,704 405,201 SH   SOLE   374,201 0 31,000
STARWOOD HOTELS AND RESORTS COM 85590A401 7,133 107,300 SH   SOLE   94,000 0 13,300
SYMANTEC CORP COM COM 871503108 2,105 108,100 SH   SOLE   108,100 0 0
TELEPHONE & DATA SYS INC COM COM 879433829 2,664 106,750 SH   SOLE   106,750 0 0
UNIVERSAL AMERN CORP NEW COM COM 91338E101 2,625 383,740 SH   SOLE   383,740 0 0
URBAN EDGE PPTYS COM COM 91704F104 18,045 835,782 SH   SOLE   753,669 0 82,113
VECTRUS INC COM COM 92242T101 3,056 138,655 SH   SOLE   138,655 0 0
VENTAS INC COM COM 92276F100 17,970 320,545 SH   SOLE   284,566 0 35,979
VORNADO RLTY TR COM 929042109 26,285 290,700 SH   SOLE   250,600 0 40,100
WEINGARTEN RLTY INVS SH BEN IN COM 948741103 189 5,700 SH   SOLE   0 0 5,700
WELLTOWER INC COM 95040Q104 27,616 407,800 SH   SOLE   372,000 0 35,800
WESTROCK CO COM COM 96145D105 2,472 48,048 SH   SOLE   48,048 0 0
XL GROUP PLC SHS COM G98290102 3,654 100,600 SH   SOLE   100,600 0 0
YAMANA GOLD INC COM COM 98462Y100 902 530,750 SH   SOLE   530,750 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD 015271505 130 4,800 SH   SOLE   3,000 0 1,800
RAMCO-GERSHENSON PPTYS TR PFD PFD 751452608 924 16,600 SH   SOLE   16,600 0 0
WELLTOWER INC PFD PER CON I PFD 95040Q203 109 1,800 SH   SOLE   1,000 0 800
APOLLO COML REAL EST SERIES A PFD 03762U402 1,368 54,100 SH   SOLE   54,100 0 0
BOSTON PROPERTIES INC DEP 1/10 PFD 101121408 30 1,200 SH   SOLE   0 0 1,200
CBL & ASSOC PPTYS INC PFD 1/10 PFD 124830605 672 26,800 SH   SOLE   26,800 0 0
COLONY FINL INC PFD SER A 8. PFD 19624R205 2,040 79,800 SH   SOLE   79,800 0 0
CORPORATE OFFICE PPTYS TR PFD PFD 22002T884 634 24,914 SH   SOLE   24,914 0 0
CUBESMART 7.75% RED PFD SH PFD 229663208 262 10,000 SH   SOLE   10,000 0 0
DDR CORP DEPSHS1/20 CLJ PFD 23317H607 528 21,000 SH   SOLE   21,000 0 0
DIGITAL RLTY TR INC PFD-F PFD 253868806 44 1,750 SH   SOLE   0 0 1,750
EPR PROPERTIES PFD C 5.75% PFD 26884U208 503 22,700 SH   SOLE   22,700 0 0
EPR PROPERTIES PFD SER F 6.625 PFD 26884U406 1,941 78,753 SH   SOLE   76,753 0 2,000
EQUITY LIFESTYLE PPTYS INC C 6 PFD 29472R405 249 9,415 SH   SOLE   9,415 0 0
ESSEX PPTY TR INC PFD SER H PFD 297178402 475 18,391 SH   SOLE   18,391 0 0
GENERAL GROWTH PPTYS INC NEW P PFD 370023202 1,073 43,600 SH   SOLE   43,600 0 0
HERSHA HOSPITALITY TR PFD C 6. PFD 427825401 855 34,200 SH   SOLE   34,200 0 0
HERSHA HOSPITALITY TR PFD SER PFD 427825302 1,207 47,878 SH   SOLE   47,878 0 0
HUDSON PAC PPTYS INC CUM PFD B PFD 444097208 1,401 55,000 SH   SOLE   55,000 0 0
KILROY RLTY CORP PFD H 6.375% PFD 49427F801 2,174 87,000 SH   SOLE   84,500 0 2,500
KIMCO RLTY CORP PFD I 6% PFD 49446R794 45 1,750 SH   SOLE   0 0 1,750
KITE RLTY GROUP TR PERP PFD SE PFD 49803T201 333 13,000 SH   SOLE   13,000 0 0
LASALLE HOTEL PPTYS PFD SER I PFD 517942801 800 31,800 SH   SOLE   31,800 0 0
NATIONAL RETAIL PPTYS INC DEP PFD 637417809 590 24,000 SH   SOLE   24,000 0 0
NATIONAL RETAIL PPTYS INC PFD PFD 637417601 1,058 41,500 SH   SOLE   40,000 0 1,500
NORTHSTAR RLTY FIN CORP PFD B PFD 66704R308 87 3,700 SH   SOLE   3,700 0 0
PEBBLEBROOK HOTEL TR PFD SER B PFD 70509V308 1,399 54,384 SH   SOLE   54,384 0 0
POST PPTYS INC PFD A 8.5% PFD 737464206 1,617 24,775 SH   SOLE   24,375 0 400
PROLOGIS INC PFD SER Q PFD 74340W202 493 7,700 SH   SOLE   7,700 0 0
PS BUSINESS PKS INC CALIF DEP PFD 69360J685 2,346 94,150 SH   SOLE   91,500 0 2,650
PS BUSINESS PKS INC CALIF S R1 PFD 69360J669 763 32,000 SH   SOLE   32,000 0 0
PUBLIC STORAGE DEP 1/1000 PFD PFD 74460W842 1,958 75,100 SH   SOLE   75,100 0 0
PUBLIC STORAGE DEP1/1000THPFD PFD 74460W800 43 1,750 SH   SOLE   0 0 1,750
PUBLIC STORAGE PFD T 1/1000TH PFD 74460W404 35 1,400 SH   SOLE   600 0 800
REALTY INCOME CORP PFD CL F PFD 756109807 450 17,500 SH   SOLE   17,500 0 0
REGENCY CTRS CORP CUM RED PFD PFD 758849707 557 22,000 SH   SOLE   22,000 0 0
REGENCY CTRS CORP PFD SER 7 6 PFD 758849806 813 32,250 SH   SOLE   30,500 0 1,750
SL GREEN RLTY CORP PFD SER I PFD 78440X507 750 30,000 SH   SOLE   30,000 0 0
STAG INDL INC 9% CUM REDEEMABL PFD 85254J201 1,334 50,000 SH   SOLE   50,000 0 0
STAG INDL INC CUM PFD SER B PFD 85254J300 1,894 78,100 SH   SOLE   78,100 0 0
SUMMIT HOTEL PPTYS INC PFD-A PFD 866082209 21 800 SH   SOLE   800 0 0
SUMMIT HOTEL PPTYS PFD B 7.875 PFD 866082308 1,326 51,000 SH   SOLE   51,000 0 0
SUMMIT HOTEL PPTYS PFD SER C 7 PFD 866082407 474 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 2,668 106,578 SH   SOLE   104,828 0 1,750
TAUBMAN CTRS INC PFD SER K PFD 876664707 1,330 53,500 SH   SOLE   53,500 0 0
TERRENO RLTY CORP PFD SER A PFD 88146M200 370 14,300 SH   SOLE   14,300 0 0
URSTADT BIDDLE PPTYS INC PFD S PFD 917286700 874 33,000 SH   SOLE   33,000 0 0
URSTADT BIDDLE PPTYS INC PFD S PFD 917286809 1,623 63,300 SH   SOLE   63,300 0 0
VORNADO RLTY TR PFD SER K PFD 929042851 214 8,850 SH   SOLE   7,100 0 1,750
WELLTOWER INC PFD SER J 6.50% PFD 95040Q302 715 28,200 SH   SOLE   28,200 0 0
WP GLIMCHER IN PFD SER H PFD 92939N300 157 6,200 SH   SOLE   6,200 0 0
WP GLIMCHER IN PFD SER I PFD 92939N409 144 5,800 SH   SOLE   5,800 0 0