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 231 8,775 SH   SOLE   8,775 0 0
Alexandria Real Estate Equit COM 015271109 16,619 229,039 SH   SOLE   50,694 0 178,345
American Assets Trust, Inc. COM 024013104 372 11,013 SH   SOLE   10,932 0 81
American Residential Propert COM 02927E303 11,112 617,988 SH   SOLE   215,404 0 402,584
American Tower Corp. COM 03027X100 46,881 572,622 SH   SOLE   285,538 0 287,084
Apartment Investment & Manag COM 03748R101 36,917 1,221,607 SH   SOLE   394,561 0 827,046
AvalonBay Communities, Inc. COM 053484101 99,178 755,238 SH   SOLE   289,153 0 466,085
Boston Properties, Inc. COM 101121101 89,470 781,190 SH   SOLE   302,234 0 478,956
Brixmor Property Group COM 11120U105 37,319 1,749,617 SH   SOLE   693,845 0 1,055,772
Chesapeake Lodging Trust COM 165240102 40,856 1,587,880 SH   SOLE   616,597 0 971,283
CoreSite Realty Corp. COM 21870Q105 23,406 755,036 SH   SOLE   220,004 0 535,032
Cousins Properties, Inc. COM 222795106 38,552 3,361,068 SH   SOLE   1,149,482 0 2,211,586
DiamondRock Hospitality COM 252784301 5,589 475,702 SH   SOLE   348,437 0 127,265
Duke Realty Corporation COM 264411505 19,849 1,175,894 SH   SOLE   466,390 0 709,504
Equity Lifestyle Properties COM 29472R108 17,522 431,048 SH   SOLE   100,755 0 330,293
Equity One COM 294752100 23,579 1,055,441 SH   SOLE   232,052 0 823,389
Equity Residential COM 29476L107 120,711 2,081,575 SH   SOLE   832,032 0 1,249,543
Essex Property Trust, Inc. COM 297178105 70,335 413,611 SH   SOLE   174,942 0 238,669
Extra Space Storage, Inc COM 30225T102 51,528 1,062,214 SH   SOLE   452,370 0 609,844
Federal Realty Investments T COM 313747206 564 4,913 SH   SOLE   4,877 0 36
General Growth Properties COM 370023103 75,098 3,413,553 SH   SOLE   1,364,252 0 2,049,301
HCP Inc. COM 40414L109 96,068 2,476,625 SH   SOLE   958,618 0 1,518,007
Healthcare Trust of America COM 42225P105 24,001 2,107,147 SH   SOLE   487,230 0 1,619,917
Hyatt Hotels COM 448579102 25,839 480,198 SH   SOLE   104,811 0 375,387
Kilroy Realty COM 49427F108 45,208 771,736 SH   SOLE   297,083 0 474,653
Kimco Realty Corp. COM 49446R109 11,334 518,000 SH   SOLE   379,400 0 138,600
Kite Realty Group Trust COM 49803T102 20,541 3,423,540 SH   SOLE   759,207 0 2,664,333
Mack-Cali Realty Corporation COM 554489104 12,347 593,900 SH   SOLE   115,300 0 478,600
Marriott International-CL A COM 571903202 51,463 918,664 SH   SOLE   443,490 0 475,174
ProLogis Inc. COM 74340W103 83,281 2,039,684 SH   SOLE   820,827 0 1,218,857
Public Storage COM 74460D109 88,651 526,152 SH   SOLE   213,503 0 312,649
RLJ Lodging Trust COM 74965L101 33,486 1,252,284 SH   SOLE   281,868 0 970,416
Retail Opportunity Investmen COM 76131N101 37,407 2,503,765 SH   SOLE   1,240,684 0 1,263,081
SL Green Realty Corp. COM 78440X101 67,054 666,408 SH   SOLE   252,903 0 413,505
Saul Centers, Inc. COM 804395101 13,764 290,621 SH   SOLE   56,151 0 234,470
Simon Property Group, Inc. COM 828806109 199,940 1,219,150 SH   SOLE   471,986 0 747,164
Starwood Hotels & Resorts Wo COM 85590A401 13,161 165,338 SH   SOLE   81,102 0 84,236
Taubman Centers, Inc. COM 876664103 55,832 788,697 SH   SOLE   309,905 0 478,792
Terreno Realty Corp COM 88146M101 18,611 984,172 SH   SOLE   197,169 0 787,003
Ventas, Inc. COM 92276F100 91,929 1,517,727 SH   SOLE   619,473 0 898,254