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 RLTY TR COM SH BEN INT 004239109 3,452 139,832 SH   SOLE   139,832 0 0
AGREE REALTY CORP COM 008492100 999 33,840 SH   SOLE   33,840 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 16,984 399,143 SH   SOLE   399,143 0 0
ALEXANDERS INC COM 014752109 1,483 5,049 SH   SOLE   5,049 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 11,737 178,587 SH   SOLE   178,587 0 0
AMERICAN ASSETS TR INC COM 024013104 2,683 86,953 SH   SOLE   86,953 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 10,872 267,389 SH   SOLE   267,389 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 5,450 357,150 SH   SOLE   357,150 0 0
AMERICAN TOWER CORP NEW COM 03027X100 74,114 1,012,899 SH   SOLE   1,012,899 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 11,231 373,883 SH   SOLE   373,883 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,579 137,883 SH   SOLE   137,883 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 2,062 128,225 SH   SOLE   128,225 0 0
AVALONBAY CMNTYS INC COM 053484101 44,545 330,180 SH   SOLE   330,180 0 0
AVIV REIT INC MD COM 05381L101 847 33,500 SH   SOLE   33,500 0 0
BIOMED REALTY TRUST INC COM 09063H107 9,995 494,067 SH   SOLE   494,067 0 0
BOSTON PROPERTIES INC COM 101121101 40,811 386,945 SH   SOLE   386,945 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,485 405,669 SH   SOLE   405,669 0 0
BRE PROPERTIES INC CL A 05564E106 9,789 195,698 SH   SOLE   195,698 0 0
CALPINE CORP COM NEW 131347304 47,305 2,228,216 SH   SOLE   2,228,216 0 0
CAMDEN PPTY TR SH BEN INT 133131102 15,043 217,566 SH   SOLE   217,566 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 1,867 161,828 SH   SOLE   161,828 0 0
CAPLEASE INC COM 140288101 1,983 234,969 SH   SOLE   234,969 0 0
CBL & ASSOC PPTYS INC COM 124830100 8,976 419,037 SH   SOLE   419,037 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 949 183,285 SH   SOLE   183,285 0 0
CHATHAM LODGING TR COM 16208T102 726 42,257 SH   SOLE   42,257 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 2,572 123,712 SH   SOLE   123,712 0 0
CIT GROUP INC COM NEW 125581801 2,530 54,250 SH   SOLE   54,250 0 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 4,955 205,434 SH   SOLE   205,434 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 6,904 298,598 SH   SOLE   298,598 0 0
CORESITE RLTY CORP COM 21870Q105 1,755 55,183 SH   SOLE   55,183 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 5,290 207,453 SH   SOLE   207,453 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 9,406 277,710 SH   SOLE   277,710 0 0
COUSINS PPTYS INC COM 222795106 2,816 278,766 SH   SOLE   278,766 0 0
CUBESMART COM 229663109 5,494 343,800 SH   SOLE   343,800 0 0
CYRUSONE INC COM 23283R100 919 44,330 SH   SOLE   44,330 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 5,387 753,390 SH   SOLE   753,390 0 0
DDR CORP COM 23317H102 10,765 646,568 SH   SOLE   646,568 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 4,565 489,827 SH   SOLE   489,827 0 0
DIGITAL RLTY TR INC COM 253868103 19,938 326,852 SH   SOLE   326,852 0 0
DOUGLAS EMMETT INC COM 25960P109 8,443 338,384 SH   SOLE   338,384 0 0
DUKE REALTY CORP COM NEW 264411505 12,869 825,456 SH   SOLE   825,456 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 3,994 165,376 SH   SOLE   165,376 0 0
EASTGROUP PPTY INC COM 277276101 4,417 78,499 SH   SOLE   78,499 0 0
EDUCATION RLTY TR INC COM 28140H104 2,873 280,861 SH   SOLE   280,861 0 0
EPR PPTYS COM SH BEN INT 26884U109 6,014 119,632 SH   SOLE   119,632 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 7,537 95,898 SH   SOLE   95,898 0 0
EQUITY ONE COM 294752100 3,380 149,366 SH   SOLE   149,366 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 52,712 907,884 SH   SOLE   907,884 0 0
ESSEX PPTY TR INC COM 297178105 15,480 97,409 SH   SOLE   97,409 0 0
EVERBANK FINL CORP COM 29977G102 4,679 282,527 SH   SOLE   282,527 0 0
EXCEL TR INC COM 30068C109 1,327 103,605 SH   SOLE   103,605 0 0
EXTRA SPACE STORAGE INC COM 30225T102 11,187 266,792 SH   SOLE   266,792 0 0
FEDERAL MOGUL CORP COM 313549404 21,625 2,118,016 SH   SOLE   2,118,016 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 17,171 165,616 SH   SOLE   165,616 0 0
FELCOR LODGING TR INC COM 31430F101 1,778 300,775 SH   SOLE   300,775 0 0
FIESTA RESTAURANT GROUP INC COM 31660B101 13,849 403,093 SH   SOLE   403,093 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 4,231 278,903 SH   SOLE   278,903 0 0
FIRST POTOMAC RLTY TR COM 33610F109 1,853 141,891 SH   SOLE   141,891 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 2,972 225,189 SH   SOLE   225,189 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 27,960 1,407,139 SH   SOLE   1,407,139 0 0
GEO GROUP INC COM 36159R103 5,942 175,030 SH   SOLE   175,030 0 0
GETTY RLTY CORP NEW COM 374297109 1,312 63,548 SH   SOLE   63,548 0 0
GLADSTONE COML CORP COM 376536108 509 27,330 SH   SOLE   27,330 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 3,936 360,422 SH   SOLE   360,422 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 3,521 139,597 SH   SOLE   139,597 0 0
HCP INC COM 40414L109 52,505 1,155,479 SH   SOLE   1,155,479 0 0
HEALTH CARE REIT INC COM 42217K106 48,716 726,780 SH   SOLE   726,780 0 0
HEALTHCARE RLTY TR COM 421946104 5,957 233,602 SH   SOLE   233,602 0 0
HEALTHCARE TR AMER INC CL A 42225P105 1,234 109,880 SH   SOLE   109,880 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 2,353 417,113 SH   SOLE   417,113 0 0
HIGHWOODS PPTYS INC COM 431284108 7,345 206,249 SH   SOLE   206,249 0 0
HOME PROPERTIES INC COM 437306103 8,789 134,450 SH   SOLE   134,450 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 9,396 357,550 SH   SOLE   357,550 0 0
HOST HOTELS & RESORTS INC COM 44107P104 32,023 1,898,204 SH   SOLE   1,898,204 0 0
HUDSON PAC PPTYS INC COM 444097109 2,383 111,982 SH   SOLE   111,982 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 2,208 216,059 SH   SOLE   216,059 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 2,206 256,491 SH   SOLE   256,491 0 0
ISHARES TR DJ US REAL EST 464287739 99,585 1,500,000 SH   SOLE   1,500,000 0 0
KILROY RLTY CORP COM 49427F108 10,260 193,543 SH   SOLE   193,543 0 0
KIMCO RLTY CORP COM 49446R109 22,178 1,034,883 SH   SOLE   1,034,883 0 0
KITE RLTY GROUP TR COM 49803T102 1,346 223,163 SH   SOLE   223,163 0 0
LAREDO PETE HLDGS INC COM 516806106 514 25,000 SH   SOLE   25,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 5,941 240,542 SH   SOLE   240,542 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 8,836 419,142 SH   SOLE   419,142 0 0
LEXINGTON REALTY TRUST COM 529043101 6,353 543,895 SH   SOLE   543,895 0 0
LIBERTY PPTY TR SH BEN INT 531172104 11,391 308,210 SH   SOLE   308,210 0 0
LTC PPTYS INC COM 502175102 3,432 87,896 SH   SOLE   87,896 0 0
MACERICH CO COM 554382101 21,325 349,762 SH   SOLE   349,762 0 0
MACK CALI RLTY CORP COM 554489104 5,411 220,933 SH   SOLE   220,933 0 0
MARKEL CORP COM 570535104 17,175 32,594 SH   SOLE   32,594 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 5,542 387,017 SH   SOLE   387,017 0 0
MID-AMER APT CMNTYS INC COM 59522J103 7,330 108,154 SH   SOLE   108,154 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 905 91,727 SH   SOLE   91,727 0 0
MPG OFFICE TR INC COM 553274101 446 141,919 SH   SOLE   141,919 0 0
NATIONAL HEALTH INVS INC COM 63633D104 3,806 63,584 SH   SOLE   63,584 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 10,319 299,960 SH   SOLE   299,960 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 9,245 298,033 SH   SOLE   298,033 0 0
ONE LIBERTY PPTYS INC COM 682406103 807 36,747 SH   SOLE   36,747 0 0
PARKWAY PPTYS INC COM 70159Q104 1,873 111,749 SH   SOLE   111,749 0 0
PARTNERRE LTD COM G6852T105 18,702 206,518 SH   SOLE   206,518 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 5,208 7,500,000 SH   SOLE   7,500,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 3,977 153,837 SH   SOLE   153,837 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 3,059 162,035 SH   SOLE   162,035 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 7,687 429,902 SH   SOLE   429,902 0 0
PLUM CREEK TIMBER CO INC COM 729251108 19,390 415,477 SH   SOLE   415,477 0 0
POST PPTYS INC COM 737464107 6,842 138,253 SH   SOLE   138,253 0 0
POTLATCH CORP NEW COM 737630103 3,868 95,648 SH   SOLE   95,648 0 0
PROLOGIS INC COM 74340W103 48,019 1,273,051 SH   SOLE   1,273,051 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 3,316 45,950 SH   SOLE   45,950 0 0
PUBLIC STORAGE COM 74460D109 55,993 365,179 SH   SOLE   365,179 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 2,295 147,780 SH   SOLE   147,780 0 0
RAYONIER INC COM 754907103 17,638 318,439 SH   SOLE   318,439 0 0
REALTY INCOME CORP COM 756109104 21,052 502,204 SH   SOLE   502,204 0 0
REGENCY CTRS CORP COM 758849103 11,861 233,448 SH   SOLE   233,448 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 2,352 169,226 SH   SOLE   169,226 0 0
RETAIL PPTYS AMER INC CL A 76131V202 6,687 468,255 SH   SOLE   468,255 0 0
RLJ LODGING TR COM 74965L101 7,024 312,314 SH   SOLE   312,314 0 0
ROUSE PPTYS INC COM 779287101 1,159 59,073 SH   SOLE   59,073 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 5,304 135,960 SH   SOLE   135,960 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,491 95,403 SH   SOLE   95,403 0 0
SAUL CTRS INC COM 804395101 1,455 32,736 SH   SOLE   32,736 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 1,189 42,400 SH   SOLE   42,400 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 12,516 482,667 SH   SOLE   482,667 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 1,650 99,630 SH   SOLE   99,630 0 0
SIMON PPTY GROUP INC NEW COM 828806109 123,793 783,896 SH   SOLE   783,896 0 0
SL GREEN RLTY CORP COM 78440X101 20,535 232,855 SH   SOLE   232,855 0 0
SOVRAN SELF STORAGE INC COM 84610H108 5,245 80,959 SH   SOLE   80,959 0 0
SPIRIT RLTY CAP INC COM 84860F109 3,559 200,825 SH   SOLE   200,825 0 0
STAG INDL INC COM 85254J102 2,192 109,870 SH   SOLE   109,870 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 3,859 435,509 SH   SOLE   435,509 0 0
SUMMIT HOTEL PPTYS COM 866082100 1,453 153,738 SH   SOLE   153,738 0 0
SUN CMNTYS INC COM 866674104 4,395 88,326 SH   SOLE   88,326 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 4,943 409,166 SH   SOLE   409,166 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 8,088 241,714 SH   SOLE   241,714 0 0
TARGA RES CORP COM 87612G101 1,279 19,875 SH   SOLE   19,875 0 0
TAUBMAN CTRS INC COM 876664103 12,214 162,529 SH   SOLE   162,529 0 0
TERRENO RLTY CORP COM 88146M101 828 44,684 SH   SOLE   44,684 0 0
TIME WARNER CABLE INC COM 88732J207 23,052 204,939 SH   SOLE   204,939 0 0
TRONOX LTD SHS CL A Q9235V101 5,011 248,690 SH   SOLE   248,690 0 0
U M H PROPERTIES INC COM 903002103 326 31,724 SH   SOLE   31,724 0 0
UDR INC COM 902653104 16,349 641,381 SH   SOLE   641,381 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 1,371 31,798 SH   SOLE   31,798 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 1,187 58,833 SH   SOLE   58,833 0 0
VENTAS INC COM 92276F100 52,216 751,738 SH   SOLE   751,738 0 0
VORNADO RLTY TR SH BEN INT 929042109 35,334 426,483 SH   SOLE   426,483 0 0
W P CAREY INC COM 92936U109 9,851 148,880 SH   SOLE   148,880 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 4,517 167,867 SH   SOLE   167,867 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 8,542 277,600 SH   SOLE   277,600 0 0
WEYERHAEUSER CO COM 962166104 39,376 1,382,088 SH   SOLE   1,382,088 0 0
WHITESTONE REIT COM 966084204 724 45,930 SH   SOLE   45,930 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 802 66,697 SH   SOLE   66,697 0 0