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 2,445 76,350 SH   SOLE   55,340 0 21,010
Alexandria Real Estate Equit COM 015271109 54,948 619,205 SH   SOLE   257,109 0 362,096
American Assets Trust COM 024013104 35,482 891,298 SH   SOLE   212,907 0 678,391
American Tower Corp. COM 03027X100 53,539 541,615 SH   SOLE   277,826 0 263,789
Apartment Investment & Manag COM 03748R101 1,771 47,667 SH   SOLE   47,406 0 261
AvalonBay Communities, Inc. COM 053484101 89,971 550,653 SH   SOLE   116,486 0 434,167
Boston Properties, Inc. COM 101121101 98,444 764,974 SH   SOLE   295,080 0 469,894
Brixmor Property Group COM 11120U105 38,353 1,544,010 SH   SOLE   347,494 0 1,196,516
Brookdale Senior Living COM 112463104 28,614 780,310 SH   SOLE   350,899 0 429,411
Camden Property Trust COM 133131102 22,359 302,800 SH   SOLE   215,500 0 87,300
Chesapeake Lodging Trust COM 165240102 25,041 672,965 SH   SOLE   129,326 0 543,639
CoreSite Realty Corp. COM 21870Q105 38,778 993,051 SH   SOLE   352,603 0 640,448
Cousins Properties, Inc. COM 222795106 38,027 3,329,915 SH   SOLE   702,891 0 2,627,024
Douglas Emmett Inc. COM 25960P109 62,501 2,200,767 SH   SOLE   717,960 0 1,482,807
Duke Realty Corporation COM 264411505 61,989 3,068,743 SH   SOLE   1,050,826 0 2,017,917
Equity Lifestyle Properties COM 29472R108 23,107 448,244 SH   SOLE   107,159 0 341,085
Equity Residential COM 29476L107 152,353 2,120,730 SH   SOLE   815,177 0 1,305,553
Essex Property Trust, Inc. COM 297178105 95,172 460,658 SH   SOLE   180,680 0 279,978
Extra Space Storage, Inc COM 30225T102 41,714 711,368 SH   SOLE   267,655 0 443,713
Federal Realty Investment Tr COM 313747206 54,235 406,380 SH   SOLE   127,526 0 278,854
General Growth Properties COM 370023103 78,679 2,796,984 SH   SOLE   1,027,328 0 1,769,656
HCP Inc. COM 40414L109 71,099 1,614,782 SH   SOLE   643,110 0 971,672
Health Care REIT Com COM 42217K106 127,088 1,679,503 SH   SOLE   632,739 0 1,046,764
Healthcare Trust of America COM 42225P501 30,634 1,137,115 SH   SOLE   262,934 0 874,181
Kilroy Realty COM 49427F108 39,286 568,782 SH   SOLE   236,034 0 332,748
LaSalle Hotel Properties COM 517942108 20,049 495,400 SH   SOLE   79,100 0 416,300
Marriott International-CL A COM 571903202 61,600 789,449 SH   SOLE   388,270 0 401,179
Paramount Group Inc COM 69924R108 45,604 2,453,154 SH   SOLE   986,306 0 1,466,848
ProLogis Inc. COM 74340W103 90,818 2,110,579 SH   SOLE   888,808 0 1,221,771
Public Storage COM 74460D109 98,142 530,929 SH   SOLE   201,386 0 329,543
Retail Opportunity Investmen COM 76131N101 50,620 3,014,891 SH   SOLE   1,278,496 0 1,736,395
Simon Property Group, Inc. COM 828806109 212,788 1,168,458 SH   SOLE   424,230 0 744,228
Starwood Hotels & Resorts Wo COM 85590A401 48,163 594,097 SH   SOLE   262,114 0 331,983
Store Capital Corp. COM 862121100 33,498 1,550,131 SH   SOLE   583,791 0 966,340
Strategic Hotels & Resorts COM 86272T106 57,966 4,381,417 SH   SOLE   1,443,122 0 2,938,295
Taubman Centers, Inc. COM 876664103 65,433 856,231 SH   SOLE   312,933 0 543,298
Terreno Realty Corp COM 88146M101 22,792 1,104,777 SH   SOLE   209,255 0 895,522
W P Carey Inc COM 92936U109 56 801 SH   SOLE   801 0 0