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
ACADIA REALTY TRUST COM 004239109 5,612 158,000 SH   SOLE   141,900 0 16,100
ALLISON TRANSMISSION HLDGS INC COM 01973R101 1,550 54,890 SH   SOLE   54,890 0 0
AMERICAN HOMES 4 RENT CL A COM 02665T306 2,984 145,700 SH   SOLE   145,700 0 0
AMERICAN INTL GROUP COM COM 026874107 2,674 50,550 SH   SOLE   50,550 0 0
AVALONBAY CMNTYS INC COM COM 053484101 992 5,500 SH   SOLE   0 0 5,500
BED BATH & BEYOND INC COM COM 075896100 1,561 36,110 SH   SOLE   36,110 0 0
BLUE BIRD CORP COM COM 095306106 2,922 245,580 SH   SOLE   245,580 0 0
BOSTON PROPERTIES INC COM COM 101121101 10,090 76,500 SH   SOLE   63,800 0 12,700
CALPINE CORP COM NEW COM 131347304 1,260 85,430 SH   SOLE   85,430 0 0
CARE CAP PPTYS INC COM COM 141624106 5,182 197,700 SH   SOLE   175,600 0 22,100
CITIZENS FINL GROUP INC COM COM 174610105 2,130 106,600 SH   SOLE   106,600 0 0
DDR CORP COM COM 23317H102 314 17,300 SH   SOLE   0 0 17,300
DEVRY ED GROUP INC COM COM 251893103 2,218 124,320 SH   SOLE   124,320 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 5,467 605,400 SH   SOLE   548,400 0 57,000
DIGITAL REALTY TRUST INC COM 253868103 2,376 21,800 SH   SOLE   21,800 0 0
EQUINIX INC COM PAR $0.001 COM 29444U700 3,877 10,000 SH   SOLE   10,000 0 0
EQUITY COMWLTH COM SH BEN INT COM 294628102 1,692 58,100 SH   SOLE   58,100 0 0
EQUITY ONE COM COM 294752100 7,087 220,224 SH   SOLE   197,389 0 22,835
EQUITY RESIDENTIAL SH BEN IN COM 29476L107 13,590 197,300 SH   SOLE   165,800 0 31,500
ERA GROUP INC COM COM 26885G109 1,509 160,560 SH   SOLE   160,560 0 0
ESSEX PPTY TR INC COM COM 297178105 11,194 49,079 SH   SOLE   43,285 0 5,794
EXTRA SPACE STORAGE INC COM 30225T102 10,041 108,500 SH   SOLE   97,700 0 10,800
FEDERAL REALTY INVT TR COM 313747206 596 3,600 SH   SOLE   0 0 3,600
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 2,546 67,890 SH   SOLE   67,890 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R402 1,212 105,642 SH   SOLE   105,642 0 0
FOREST CITY REALTY TRUST-CL A COM 345605109 2,171 97,300 SH   SOLE   97,300 0 0
GENERAL GROWTH PPTYS COM 370023103 12,823 430,000 SH   SOLE   366,000 0 64,000
GENERAL MTRS CO COM COM 37045V100 3,433 121,290 SH   SOLE   121,290 0 0
GNC HLDGS INC COM CL A COM 36191G107 2,129 87,640 SH   SOLE   87,640 0 0
HILTON WORLDWIDE HLDGS INC COM COM 43300A104 1,016 45,100 SH   SOLE   45,100 0 0
HOST HOTELS & RESORTS INC COM COM 44107P104 438 27,000 SH   SOLE   0 0 27,000
HUDSON PACIFIC PROPERTIES COM 444097109 8,062 276,300 SH   SOLE   248,200 0 28,100
INGRAM MICRO INC CL A COM 457153104 4,672 134,330 SH   SOLE   134,330 0 0
INVESTORS BANCORP INC NEW COM COM 46146L101 2,145 193,550 SH   SOLE   193,550 0 0
KILROY RLTY CORP COM 49427F108 152 2,300 SH   SOLE   0 0 2,300
KIMCO RLTY CORP COM COM 49446R109 144 4,600 SH   SOLE   0 0 4,600
KLX INC COM COM 482539103 1,293 41,700 SH   SOLE   41,700 0 0
KULICKE & SOFFA INDS INC COM COM 501242101 4,270 350,885 SH   SOLE   350,885 0 0
LAB CORP OF AMERICA COM 50540R409 1,949 14,960 SH   SOLE   14,960 0 0
LEUCADIA NATL CORP COM COM 527288104 2,265 130,700 SH   SOLE   130,700 0 0
M/I HOMES INC COM COM 55305B101 1,288 68,400 SH   SOLE   68,400 0 0
MACERICH CO COM COM 554382101 205 2,400 SH   SOLE   0 0 2,400
NRG ENERGY INC COM NEW COM 629377508 2,382 158,890 SH   SOLE   158,890 0 0
OWENS ILL INC COM NEW COM 690768403 2,162 120,031 SH   SOLE   120,031 0 0
PARAMOUNT GROUP INC COM COM 69924R108 3,732 234,100 SH   SOLE   185,900 0 48,200
POST PPTYS INC COM 737464107 9,695 158,800 SH   SOLE   143,600 0 15,200
PROLOGIS INC COM COM 74340W103 11,625 237,057 SH   SOLE   201,220 0 35,837
PS BUSINESS PKS INC CALIF COM COM 69360J107 2,323 21,900 SH   SOLE   21,900 0 0
PUBLIC STORAGE COM COM 74460D109 4,217 16,500 SH   SOLE   10,400 0 6,100
QUANTUM CORP COM DSSG COM 747906204 1,332 3,172,120 SH   SOLE   3,172,120 0 0
RETAIL PPTYS AMER INC CL A COM 76131V202 9,712 574,700 SH   SOLE   508,300 0 66,400
SIMON PPTY GROUP INC NEW COM COM 828806109 24,318 112,116 SH   SOLE   94,768 0 17,348
SL GREEN RLTY CORP COM COM 78440X101 9,891 92,900 SH   SOLE   80,600 0 12,300
SOVRAN SELF STORAGE INC COM 84610H108 11,153 106,300 SH   SOLE   95,300 0 11,000
SPIRIT REALTY CAPITAL INC COM 84860W102 8,285 648,801 SH   SOLE   594,601 0 54,200
STORE CAP CORP COM COM 862121100 9,780 332,100 SH   SOLE   305,300 0 26,800
SUN COMMUNITIES COM 866674104 1,632 21,300 SH   SOLE   21,300 0 0
SYMANTEC CORP COM COM 871503108 1,661 80,880 SH   SOLE   80,880 0 0
TAUBMAN CTRS INC COM 876664103 794 10,700 SH   SOLE   10,700 0 0
TELEPHONE & DATA SYS INC COM COM 879433829 2,399 80,880 SH   SOLE   80,880 0 0
UNIVERSAL AMERN CORP NEW COM COM 91338E101 709 93,590 SH   SOLE   93,590 0 0
VECTRUS INC COM COM 92242T101 3,674 128,955 SH   SOLE   128,955 0 0
VENTAS INC COM COM 92276F100 9,793 134,488 SH   SOLE   112,591 0 21,897
WELLTOWER INC COM 95040Q104 11,479 150,700 SH   SOLE   130,000 0 20,700
WESTROCK CO COM COM 96145D105 1,427 36,718 SH   SOLE   36,718 0 0
WP GLIMCHER INC COM 92939N102 1,873 167,400 SH   SOLE   167,400 0 0
XL GROUP LTD COM G98294104 2,502 75,110 SH   SOLE   75,110 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD 015271505 102 3,000 SH   SOLE   3,000 0 0
RAMCO-GERSHENSON PPTYS TR PFD PFD 751452608 1,171 16,600 SH   SOLE   16,600 0 0
WELLTOWER INC PFD PER CON I PFD 95040Q203 68 1,000 SH   SOLE   1,000 0 0
AMERICAN HOMES 4 RENT RED PFD PFD 02665T702 709 27,000 SH   SOLE   27,000 0 0
APOLLO COML REAL EST SERIES A PFD 03762U402 1,371 54,100 SH   SOLE   54,100 0 0
CBL & ASSOC PPTYS INC PFD 1/10 PFD 124830605 661 26,800 SH   SOLE   26,800 0 0
COLONY FINL INC PFD SER A 8. PFD 19624R205 2,032 79,800 SH   SOLE   79,800 0 0
CORPORATE OFFICE PPTYS TR PFD PFD 22002T884 648 24,914 SH   SOLE   24,914 0 0
CUBESMART 7.75% RED PFD SH PFD 229663208 259 10,000 SH   SOLE   10,000 0 0
DDR CORP DEPSHS1/20 CLJ PFD 23317H607 550 21,000 SH   SOLE   21,000 0 0
EPR PROPERTIES PFD SER F 6.625 PFD 26884U406 2,027 76,753 SH   SOLE   76,753 0 0
EQUITY COMWLTH SR NT 5.75% PFD 294628508 462 18,000 SH   SOLE   18,000 0 0
EQUITY LIFESTYLE PPTYS INC C 6 PFD 29472R405 249 9,415 SH   SOLE   9,415 0 0
GENERAL GROWTH PPTYS INC NEW P PFD 370023202 1,161 43,600 SH   SOLE   43,600 0 0
HERSHA HOSPITALITY TR PFD C 6. PFD 427825401 889 34,200 SH   SOLE   34,200 0 0
HERSHA HOSPITALITY TR RED PFD PFD 427825609 617 24,400 SH   SOLE   24,400 0 0
KILROY RLTY CORP PFD H 6.375% PFD 49427F801 2,180 84,500 SH   SOLE   84,500 0 0
LASALLE HOTEL PPTYS PFD SER I PFD 517942801 810 31,800 SH   SOLE   31,800 0 0
NATIONAL RETAIL PPTYS INC DEP PFD 637417809 640 24,000 SH   SOLE   24,000 0 0
NATIONAL RETAIL PPTYS INC PFD PFD 637417601 1,046 40,000 SH   SOLE   40,000 0 0
NORTHSTAR RLTY FIN CORP PFD B PFD 66704R308 91 3,700 SH   SOLE   3,700 0 0
PEBBLEBROOK HOTEL TR PFD SER B PFD 70509V308 1,378 54,384 SH   SOLE   54,384 0 0
POST PPTYS INC PFD A 8.5% PFD 737464206 1,664 24,375 SH   SOLE   24,375 0 0
PROLOGIS INC PFD SER Q PFD 74340W202 528 7,700 SH   SOLE   7,700 0 0
PS BUSINESS PKS INC CALIF DEP PFD 69360J685 1,871 71,700 SH   SOLE   71,700 0 0
PS BUSINESS PKS INC CALIF S R1 PFD 69360J669 825 32,000 SH   SOLE   32,000 0 0
PUBLIC STORAGE DEP 1/1000 PFD PFD 74460W842 2,121 75,100 SH   SOLE   75,100 0 0
PUBLIC STORAGE PFD 1/1000 C PFD 74460W750 259 10,000 SH   SOLE   10,000 0 0
PUBLIC STORAGE PFD T 1/1000TH PFD 74460W404 16 600 SH   SOLE   600 0 0
REALTY INCOME CORP PFD CL F PFD 756109807 459 17,500 SH   SOLE   17,500 0 0
REGENCY CTRS CORP CUM RED PFD PFD 758849707 573 22,000 SH   SOLE   22,000 0 0
REGENCY CTRS CORP PFD SER 7 6 PFD 758849806 793 30,500 SH   SOLE   30,500 0 0
SL GREEN RLTY CORP PFD SER I PFD 78440X507 787 30,000 SH   SOLE   30,000 0 0
STAG INDL INC 9% CUM REDEEMABL PFD 85254J201 1,299 50,000 SH   SOLE   50,000 0 0
STAG INDL INC CUM PFD SER B PFD 85254J300 1,921 74,400 SH   SOLE   74,400 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 1,359 51,000 SH   SOLE   51,000 0 0
SUMMIT HOTEL PPTYS PFD SER C 7 PFD 866082407 496 18,900 SH   SOLE   18,900 0 0
SUN COMMUNITIES PFD A 7.125% PFD 866674203 113 4,300 SH   SOLE   4,300 0 0
TAUBMAN CTRS INC PFD-J PFD 876664608 2,727 104,828 SH   SOLE   104,828 0 0
TAUBMAN CTRS INC PFD SER K PFD 876664707 1,388 53,500 SH   SOLE   53,500 0 0
TERRENO RLTY CORP PFD SER A PFD 88146M200 376 14,300 SH   SOLE   14,300 0 0
URSTADT BIDDLE PPTYS INC PFD S PFD 917286700 884 33,000 SH   SOLE   33,000 0 0
URSTADT BIDDLE PPTYS INC PFD S PFD 917286809 1,741 63,300 SH   SOLE   63,300 0 0
VEREIT INC PFD SER F PFD 92339V209 672 26,000 SH   SOLE   26,000 0 0
VORNADO RLTY TR PFD SER K PFD 929042851 185 7,100 SH   SOLE   7,100 0 0
WELLTOWER INC PFD SER J 6.50% PFD 95040Q302 735 28,200 SH   SOLE   28,200 0 0
WP GLIMCHER IN PFD SER H PFD 92939N300 159 6,200 SH   SOLE   6,200 0 0
WP GLIMCHER IN PFD SER I PFD 92939N409 150 5,800 SH   SOLE   5,800 0 0