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 35,283 388,196 SH   SOLE   294,131 0 94,065
American Assets Trust COM 024013104 37,373 936,189 SH   SOLE   215,612 0 720,577
American Tower Corp. COM 03027X100 55,638 543,496 SH   SOLE   319,097 0 224,399
Apartment Investment & Manag COM 03748R101 35,855 857,359 SH   SOLE   173,975 0 683,384
AvalonBay Communities, Inc. COM 053484101 91,430 480,703 SH   SOLE   210,616 0 270,087
Boston Properties, Inc. COM 101121101 85,268 670,984 SH   SOLE   293,381 0 377,603
Brixmor Property Group COM 11120U105 8,411 328,308 SH   SOLE   83,414 0 244,894
Brookdale Senrior Living COM 112463104 20,807 1,310,267 SH   SOLE   501,912 0 808,355
Care Capital Properties COM 141624106 21,057 784,508 SH   SOLE   180,979 0 603,529
Chesapeake Lodging Trust COM 165240102 45,791 1,730,560 SH   SOLE   539,900 0 1,190,660
DCT Industrial Trust COM 233153204 26,369 668,064 SH   SOLE   161,915 0 506,149
DDR Corp. COM 23317H102 58,385 3,281,910 SH   SOLE   1,030,793 0 2,251,117
Dupont Fabros Technology COM 26613Q106 1,848 45,594 SH   SOLE   45,525 0 69
Duke Realty Corporation COM 264411505 1,228 54,465 SH   SOLE   39,595 0 14,870
Equinix Inc. COM 29444U700 50,090 151,462 SH   SOLE   58,815 0 92,647
Equity Residential COM 29476L107 139,382 1,857,693 SH   SOLE   836,365 0 1,021,328
Essex Property Trust, Inc. COM 297178105 120,664 515,966 SH   SOLE   227,366 0 288,600
Extra Space Storage, Inc COM 30225T102 85,408 913,845 SH   SOLE   338,367 0 575,478
Federal Realty Investment Tr COM 313747206 74,111 474,917 SH   SOLE   194,231 0 280,686
General Growth Properties COM 370023103 49,819 1,675,715 SH   SOLE   594,175 0 1,081,540
Healthcare Trust of America COM 42225P501 26,139 888,489 SH   SOLE   247,813 0 640,676
Highwoods Properties, Inc. COM 431284108 12,971 271,295 SH   SOLE   45,010 0 226,285
Hilton Worldwide Holdings COM 43300A104 20,533 911,785 SH   SOLE   151,230 0 760,555
Interxion Holdings COM N47279109 2,056 59,465 SH   SOLE   43,025 0 16,440
Kilroy Realty COM 49427F108 62,120 1,004,052 SH   SOLE   402,334 0 601,718
Kimco Realty Corp. COM 49446R109 19,306 670,800 SH   SOLE   500,100 0 170,700
Marriott International-CL A COM 571903202 26,011 365,426 SH   SOLE   276,465 0 88,961
Monogram Residential Trust COM 60979P105 17,197 1,744,107 SH   SOLE   519,909 0 1,224,198
Paramount Group Inc COM 69924R108 52,246 3,275,615 SH   SOLE   1,164,093 0 2,111,522
Pebblebrook Hotel Trust COM 70509V100 19,959 686,589 SH   SOLE   172,364 0 514,225
ProLogis Inc. COM 74340W103 102,756 2,325,855 SH   SOLE   1,027,821 0 1,298,034
Public Storage COM 74460D109 117,494 425,965 SH   SOLE   219,821 0 206,144
Regency Centers Corp. COM 758849103 22,638 302,440 SH   SOLE   70,800 0 231,640
Retail Opportunity Investmen COM 76131N101 16,224 806,375 SH   SOLE   598,215 0 208,160
SL Green Realty Corp. COM 78440X101 35,381 365,206 SH   SOLE   75,860 0 289,346
Simon Property Group, Inc. COM 828806109 262,915 1,265,901 SH   SOLE   518,291 0 747,610
Starwood Hotels & Resorts Wo COM 85590A401 40,628 486,966 SH   SOLE   215,555 0 271,411
Store Capital Corp. COM 862121100 43,849 1,694,322 SH   SOLE   723,045 0 971,277
Sun Communities, Inc. COM 866674104 6,879 96,060 SH   SOLE   15,935 0 80,125
Vanguard REIT VIPERs COM 922908553 1,273 15,185 SH   SOLE   0 0 15,185
WP Glimcher, Inc. COM 92939N102 18,545 1,954,146 SH   SOLE   387,075 0 1,567,071
Welltower Inc. COM 95040Q104 124,634 1,797,437 SH   SOLE   718,022 0 1,079,415