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 1,037 37,300 SH   SOLE   32,900 0 4,400
AFFILIATED MANAGERS GROUP COM COM 008252108 2,654 16,000 SH   SOLE   16,000 0 0
ALLISON TRANSMISSION HLDGS INC COM 01973R101 1,611 42,940 SH   SOLE   42,940 0 0
AMAG PHARMACEUTICALS INC COM COM 00163U106 1,557 84,600 SH   SOLE   84,600 0 0
AMERICAN CAMPUS COMMUNITIES COM 024835100 6,958 147,100 SH   SOLE   140,600 0 6,500
AMERICAN INTL GROUP COM COM 026874784 3,210 51,350 SH   SOLE   51,350 0 0
ARDMORE SHIPPING CORP COM COM Y0207T100 2,670 327,560 SH   SOLE   327,560 0 0
ARRIS INTL INC SHS COM G0551A103 3,325 118,675 SH   SOLE   118,675 0 0
AVALONBAY CMNTYS INC COM COM 053484101 1,230 6,400 SH   SOLE   1,900 0 4,500
B & G FOODS INC NEW COM COM 05508R106 1,711 48,070 SH   SOLE   48,070 0 0
BABCOCK & WILCOX ENTERPRIS INC COM 05614L100 1,495 127,150 SH   SOLE   127,150 0 0
BLUE BIRD CORP COM COM 095306106 4,175 245,580 SH   SOLE   245,580 0 0
BOSTON PROPERTIES INC COM COM 101121101 3,814 31,000 SH   SOLE   24,600 0 6,400
BRANDYWINE RLTY TR COM 105368203 4,838 276,000 SH   SOLE   260,800 0 15,200
CALPINE CORP COM NEW COM 131347304 2,597 191,930 SH   SOLE   191,930 0 0
CHICAGO BRIDGE & IRON CO N V C COM 167250109 1,429 72,450 SH   SOLE   72,450 0 0
CINCINNATI BELL INC NEW COM NE COM 171871502 2,943 150,550 SH   SOLE   150,550 0 0
CITIGROUP INC COM 172967424 2,699 40,360 SH   SOLE   40,360 0 0
DDR CORP COM COM 23317H102 1,279 141,000 SH   SOLE   122,500 0 18,500
DIAMONDROCK HOSPITALITY CO COM 252784301 3,563 325,400 SH   SOLE   320,700 0 4,700
DIGITAL REALTY TRUST INC COM 253868103 2,496 22,100 SH   SOLE   22,100 0 0
EQUINIX INC COM 29444U700 4,163 9,700 SH   SOLE   9,700 0 0
EQUITY RESIDENTIAL SH BEN IN COM 29476L107 12,745 193,600 SH   SOLE   172,900 0 20,700
ERA GROUP INC COM COM 26885G109 183 19,313 SH   SOLE   19,313 0 0
ESSEX PPTY TR INC COM COM 297178105 8,821 34,285 SH   SOLE   32,685 0 1,600
EXPRESS INC COM COM 30219E103 1,185 175,550 SH   SOLE   175,550 0 0
EXTRA SPACE STORAGE INC COM 30225T102 8,354 107,100 SH   SOLE   103,100 0 4,000
FEDERAL REALTY INVT TR COM 313747206 8,266 65,400 SH   SOLE   59,200 0 6,200
FELCOR LODGING TR COM 31430f101 1,087 150,700 SH   SOLE   133,500 0 17,200
FERROGLOBE PLC SHS COM G33856108 1,307 109,410 SH   SOLE   109,410 0 0
FIDELITY NATIONAL FINANCIAL IN COM 31620R303 2,627 58,590 SH   SOLE   58,590 0 0
FIRST INDUSTRIAL RLTY COM 32054K103 8,434 294,700 SH   SOLE   282,300 0 12,400
FOREST CITY REALTY TRUST-CL A COM 345605109 1,663 68,800 SH   SOLE   68,800 0 0
GENERAL COMMUNICATION INC CL A COM 369385109 4,745 129,500 SH   SOLE   129,500 0 0
GENERAL MTRS CO COM COM 37045V100 3,678 105,290 SH   SOLE   105,290 0 0
GGP INC COM COM 36174X101 9,228 391,700 SH   SOLE   358,000 0 33,700
GILEAD SCIENCES INC COM COM 375558103 2,463 34,800 SH   SOLE   34,800 0 0
HCP INC COM COM 40414L109 1,751 54,800 SH   SOLE   54,800 0 0
HOST HOTELS & RESORTS INC COM COM 44107P104 5,004 273,900 SH   SOLE   238,500 0 35,400
KILROY RLTY CORP COM 49427F108 9,311 123,900 SH   SOLE   112,100 0 11,800
KLX INC COM COM 482539103 1,555 31,100 SH   SOLE   31,100 0 0
KULICKE & SOFFA INDS INC COM COM 501242101 1,880 98,818 SH   SOLE   98,818 0 0
LAB CORP OF AMERICA COM 50540R409 2,799 18,160 SH   SOLE   18,160 0 0
LEUCADIA NATL CORP COM COM 527288104 3,626 138,600 SH   SOLE   138,600 0 0
LIBERTY PPTY TR COM 531172104 6,159 151,300 SH   SOLE   132,500 0 18,800
LIFE STORAGE INC COM COM 53223X107 4,409 59,500 SH   SOLE   58,100 0 1,400
M/I HOMES INC COM COM 55305B101 2,797 97,985 SH   SOLE   97,985 0 0
MACERICH CO COM COM 554382101 981 16,900 SH   SOLE   14,500 0 2,400
MCKESSON CORP COM COM 58155Q103 2,847 17,300 SH   SOLE   17,300 0 0
MID AMER APT COMM COM 59522J103 6,341 60,170 SH   SOLE   57,702 0 2,468
NATIONAL RETAIL PPTYS INC COM COM 637417106 5,525 141,300 SH   SOLE   133,300 0 8,000
OWENS ILL INC COM NEW COM 690768403 2,869 119,931 SH   SOLE   119,931 0 0
PARAMOUNT GROUP INC COM COM 69924R108 4,296 268,500 SH   SOLE   260,900 0 7,600
PERRIGO CO PLC SHS COM G97822103 2,655 35,150 SH   SOLE   35,150 0 0
PROLOGIS INC COM COM 74340W103 739 12,600 SH   SOLE   6,600 0 6,000
PUBLIC STORAGE COM COM 74460D109 792 3,800 SH   SOLE   0 0 3,800
QUANTUM CORP COM 747906501 1,447 185,337 SH   SOLE   185,337 0 0
REALTY INCOME CORP COM COM 756109104 2,406 43,600 SH   SOLE   31,900 0 11,700
REGENCY CTRS CORP COM COM 758849103 585 9,343 SH   SOLE   9,343 0 0
RETAIL PPTYS AMER INC CL A COM 76131V202 3,481 285,100 SH   SOLE   266,500 0 18,600
SIMON PPTY GROUP INC NEW COM COM 828806109 7,046 43,561 SH   SOLE   37,811 0 5,750
SL GREEN RLTY CORP COM COM 78440X101 3,428 32,400 SH   SOLE   28,900 0 3,500
SPIRIT REALTY CAPITAL INC COM 84860W102 1,885 254,401 SH   SOLE   254,401 0 0
STORE CAP CORP COM COM 862121100 6,881 306,500 SH   SOLE   297,200 0 9,300
TAUBMAN CTRS INC COM 876664103 2,763 46,400 SH   SOLE   42,700 0 3,700
VENTAS INC COM COM 92276F100 11,428 164,485 SH   SOLE   149,041 0 15,444
VOYA FINL INC COM COM 929089100 2,793 75,700 SH   SOLE   75,700 0 0
WELLTOWER INC COM 95040Q104 9,678 129,300 SH   SOLE   114,200 0 15,100
XL GROUP LTD COM G98294104 2,339 53,410 SH   SOLE   53,410 0 0
RAMCO-GERSHENSON PPTYS TR PFD PFD 751452608 860 16,600 SH   SOLE   16,600 0 0
AMERICAN HOMES 4 RENT CUM RED PFD 02665T884 1,052 42,000 SH   SOLE   42,000 0 0
AMERICAN HOMES 4 RENT RED PFD PFD 02665T702 841 32,500 SH   SOLE   32,500 0 0
CBL & ASSOC PPTYS INC PFD 1/10 PFD 124830605 623 26,800 SH   SOLE   26,800 0 0
COLONY NORTHSTAR INC PERP PFD PFD 19625W872 1,916 75,000 SH   SOLE   75,000 0 0
DDR CORP DEPSHS1/20 CLJ PFD 23317H607 526 21,000 SH   SOLE   21,000 0 0
EPR PROPERTIES PFD SER F 6.625 PFD 26884U406 1,952 76,753 SH   SOLE   76,753 0 0
EQUITY COMWLTH SR NT 5.75 PFD 294628508 911 36,000 SH   SOLE   36,000 0 0
EQUITY LIFESTYLE PPTYS INC C 6 PFD 29472R405 240 9,415 SH   SOLE   9,415 0 0
GGP INC PFD SER A 6.375 PFD 36174X200 1,108 43,600 SH   SOLE   43,600 0 0
HERSHA HOSPITALITY TR PFD C 6. PFD 427825401 864 34,200 SH   SOLE   34,200 0 0
HERSHA HOSPITALITY TR RED PFD PFD 427825609 616 24,400 SH   SOLE   24,400 0 0
KILROY RLTY CORP PFD H 6.375 PFD 49427F801 2,184 86,000 SH   SOLE   86,000 0 0
KIMCO RLTY CORP DEP 1/1000 PFD PFD 49446R778 251 10,000 SH   SOLE   10,000 0 0
KIMCO RLTY CORP DEP1/1000PFD K PFD 49446R745 250 10,000 SH   SOLE   10,000 0 0
LASALLE HOTEL PPTYS PFD SER I PFD 517942801 804 31,800 SH   SOLE   31,800 0 0
MID AMER APT CMNTYS INC PFD SE PFD 59522J889 1,543 24,375 SH   SOLE   24,375 0 0
NATIONAL RETAIL PPTYS INC DEP PFD 637417874 432 17,800 SH   SOLE   17,800 0 0
NATIONAL RETAIL PPTYS INC DEP PFD 637417809 823 32,399 SH   SOLE   32,399 0 0
PENNSYLVANIA RL ESTATE INVT TR PFD 709102602 1,544 57,500 SH   SOLE   57,500 0 0
PROLOGIS INC PFD SER Q PFD 74340W202 578 7,700 SH   SOLE   7,700 0 0
PS BUSINESS PKS INC CALIF DEP PFD 69360J685 1,807 71,700 SH   SOLE   71,700 0 0
PS BUSINESS PKS INC CALIF S R1 PFD 69360J669 805 32,000 SH   SOLE   32,000 0 0
PUBLIC STORAGE DEP 1/1000 PFD PFD 74460W842 2,043 75,100 SH   SOLE   75,100 0 0
PUBLIC STORAGE PFD 1/1000 C PFD 74460W750 252 10,000 SH   SOLE   10,000 0 0
PUBLIC STORAGE PFD BEN INT E PFD 74460W719 259 10,700 SH   SOLE   10,700 0 0
REGENCY CTRS CORP PFD SER 7 6 PFD 758849806 776 30,500 SH   SOLE   30,500 0 0
REXFORD INDL RLTY INC RED PFD PFD 76169C209 277 11,000 SH   SOLE   11,000 0 0
SL GREEN RLTY CORP PFD SER I PFD 78440X507 757 30,000 SH   SOLE   30,000 0 0
STAG INDL INC CUM PFD SER B PFD 85254J300 1,897 74,400 SH   SOLE   74,400 0 0
SUMMIT HOTEL PPTYS PFD B 7.875 PFD 866082308 1,318 51,000 SH   SOLE   51,000 0 0
SUMMIT HOTEL PPTYS PFD SER C 7 PFD 866082407 487 18,900 SH   SOLE   18,900 0 0
TAUBMAN CTRS INC PFD-J PFD 876664608 2,634 104,828 SH   SOLE   104,828 0 0
TAUBMAN CTRS INC PFD SER K PFD 876664707 1,355 53,500 SH   SOLE   53,500 0 0
URSTADT BIDDLE PPTYS INC PFD S PFD 917286700 853 33,000 SH   SOLE   33,000 0 0
URSTADT BIDDLE PPTYS INC PFD S PFD 917286809 1,670 63,300 SH   SOLE   63,300 0 0
VEREIT INC PFD SER F PFD 92339V209 689 26,000 SH   SOLE   26,000 0 0