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 Equit COM 015271109 33,720 325,735 SH   SOLE   252,380 0 73,355
American Assets Trust COM 024013104 33,267 783,874 SH   SOLE   176,946 0 606,928
American Tower Corp. COM 03027X100 51,427 452,671 SH   SOLE   282,078 0 170,593
Apartment Investment & Manag COM 03748R101 41,863 947,977 SH   SOLE   203,184 0 744,793
AvalonBay Communities, Inc. COM 053484101 98,553 546,332 SH   SOLE   244,325 0 302,007
Boston Properties, Inc. COM 101121101 119,005 902,243 SH   SOLE   375,178 0 527,065
Brookdale Senior Living COM 112463104 22,992 1,489,129 SH   SOLE   640,901 0 848,228
Chesapeake Lodging Trust COM 165240102 41,773 1,796,710 SH   SOLE   602,420 0 1,194,290
DCT Industrial Trust COM 233153204 44,094 917,873 SH   SOLE   349,625 0 568,248
DDR Corp. COM 23317H102 48,558 2,676,866 SH   SOLE   484,470 0 2,192,396
Duke Realty Corporation COM 264411505 2,838 106,470 SH   SOLE   88,988 0 17,482
Dupont Fabros Technology COM 26613Q106 9,130 192,039 SH   SOLE   149,640 0 42,399
Equinix Inc. COM 29444U700 59,006 152,184 SH   SOLE   71,131 0 81,053
Equity Residential COM 29476L107 103,395 1,501,080 SH   SOLE   728,862 0 772,218
Essex Property Trust, Inc. COM 297178105 132,640 581,523 SH   SOLE   273,925 0 307,598
Extra Space Storage, Inc COM 30225T102 86,104 930,450 SH   SOLE   375,052 0 555,398
Federal Realty Investment Tr COM 313747206 69,096 417,376 SH   SOLE   172,368 0 245,008
Four Corners Property Trust COM 35086T109 15,813 768,006 SH   SOLE   180,568 0 587,438
General Growth Properties COM 370023103 40,692 1,364,581 SH   SOLE   601,494 0 763,087
Healthcare Trust of America COM 42225P501 31,280 967,225 SH   SOLE   274,816 0 692,409
Highwoods Properties, Inc. COM 431284108 12,437 235,542 SH   SOLE   55,199 0 180,343
Hilton Worldwide Holdings COM 43300A104 9,131 405,275 SH   SOLE   66,110 0 339,165
Interxion Holdings COM N47279109 3,167 85,860 SH   SOLE   57,685 0 28,175
Kilroy Realty COM 49427F108 74,890 1,129,733 SH   SOLE   430,369 0 699,364
Kimco Realty Corp. COM 49446R109 21,050 670,800 SH   SOLE   500,100 0 170,700
Marriott International-CL A COM 571903202 22,298 335,523 SH   SOLE   256,271 0 79,252
Monogram Residential Trust COM 60979P105 13,647 1,336,615 SH   SOLE   417,874 0 918,741
National Retail Properties, COM 637417106 2,307 44,568 SH   SOLE   44,457 0 111
Paramount Group Inc COM 69924R108 48,255 3,027,294 SH   SOLE   1,059,841 0 1,967,453
Pebblebrook Hotel Trust COM 70509V100 15,484 589,871 SH   SOLE   96,641 0 493,230
ProLogis Inc. COM 74340W103 111,518 2,274,014 SH   SOLE   977,986 0 1,296,028
Public Storage COM 74460D109 137,671 538,640 SH   SOLE   251,656 0 286,984
Realty Income COM 756109104 18,653 268,930 SH   SOLE   62,820 0 206,110
Regency Centers Corp. COM 758849103 43,494 519,448 SH   SOLE   122,357 0 397,091
Retail Opportunity Investmen COM 76131N101 23,378 1,078,805 SH   SOLE   812,265 0 266,540
SL Green Realty Corp. COM 78440X101 17,167 161,240 SH   SOLE   25,905 0 135,335
Simon Property Group, Inc. COM 828806109 270,512 1,247,176 SH   SOLE   489,805 0 757,371
Starwood Hotels & Resorts Wo COM 85590A401 44,844 606,408 SH   SOLE   249,038 0 357,370
Store Capital Corp. COM 862121100 17,980 610,513 SH   SOLE   459,053 0 151,460
Sun Communities, Inc. COM 866674104 23,061 300,906 SH   SOLE   72,046 0 228,860
Terreno Realty Corp COM 88146M101 3,649 141,065 SH   SOLE   47,790 0 93,275
Vanguard REIT VIPERs COM 922908553 1,249 14,085 SH   SOLE   0 0 14,085
WP Glimcher, Inc. COM 92939N102 18,751 1,675,638 SH   SOLE   316,466 0 1,359,172
Welltower Inc. COM 95040Q104 130,787 1,717,047 SH   SOLE   622,738 0 1,094,309