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 27,186 249,939 SH   SOLE   191,433 0 58,506
American Assets Trust COM 024013104 29,300 675,422 SH   SOLE   169,925 0 505,497
American Tower Corp. COM 03027X100 54,356 479,627 SH   SOLE   284,254 0 195,373
Apartment Investment & Manag COM 03748R101 75,530 1,645,184 SH   SOLE   662,589 0 982,595
AvalonBay Communities, Inc. COM 053484101 32,773 184,285 SH   SOLE   37,585 0 146,700
Boston Properties, Inc. COM 101121101 113,415 832,166 SH   SOLE   312,327 0 519,839
Brookdale Senior Living COM 112463104 24,026 1,376,869 SH   SOLE   553,020 0 823,849
Chesapeake Lodging Trust COM 165240102 44,640 1,949,333 SH   SOLE   637,996 0 1,311,337
Colony Starwood Homes COM 19625X102 3,991 139,050 SH   SOLE   21,160 0 117,890
DCT Industrial Trust COM 233153204 44,766 922,060 SH   SOLE   355,640 0 566,420
DDR Corp. COM 23317H102 41,459 2,378,618 SH   SOLE   435,165 0 1,943,453
Duke Realty Corporation COM 264411505 3,641 133,202 SH   SOLE   114,903 0 18,299
Dupont Fabros Technology COM 26613Q106 41,724 1,011,509 SH   SOLE   417,856 0 593,653
Equinix Inc. COM 29444U700 48,555 134,782 SH   SOLE   59,212 0 75,570
Equity Residential COM 29476L107 101,440 1,576,871 SH   SOLE   759,647 0 817,224
Essex Property Trust, Inc. COM 297178105 127,732 573,560 SH   SOLE   251,114 0 322,446
Extra Space Storage, Inc COM 30225T102 59,993 755,484 SH   SOLE   334,300 0 421,184
Federal Realty Investment Tr COM 313747206 15,610 101,408 SH   SOLE   78,056 0 23,352
Four Corners Property Trust COM 35086T109 16,046 752,276 SH   SOLE   164,799 0 587,477
General Growth Properties COM 370023103 44,210 1,601,800 SH   SOLE   604,683 0 997,117
Healthcare Trust of America COM 42225P501 47,045 1,442,193 SH   SOLE   540,203 0 901,990
Highwoods Properties, Inc. COM 431284108 23,321 447,448 SH   SOLE   92,675 0 354,773
Hilton Worldwide Holdings COM 43300A104 39,291 1,713,489 SH   SOLE   351,855 0 1,361,634
Interxion Holdings COM N47279109 2,776 76,630 SH   SOLE   58,870 0 17,760
Kilroy Realty COM 49427F108 84,424 1,217,357 SH   SOLE   446,862 0 770,495
Kimco Realty Corp. COM 49446R109 62,500 2,158,897 SH   SOLE   859,449 0 1,299,448
Liberty Property Trust COM 531172104 1,060 26,271 SH   SOLE   26,157 0 114
Marriott International-CL A COM 571903202 31,758 471,687 SH   SOLE   357,658 0 114,029
National Retail Properties, COM 637417106 13,196 259,508 SH   SOLE   204,961 0 54,547
Omega Healthcare Investors COM 681936100 15,955 450,069 SH   SOLE   104,058 0 346,011
Paramount Group Inc COM 69924R108 24,951 1,522,325 SH   SOLE   496,710 0 1,025,615
Post Properties, Inc. COM 737464107 9,339 141,225 SH   SOLE   21,575 0 119,650
ProLogis Inc. COM 74340W103 121,117 2,262,163 SH   SOLE   1,004,823 0 1,257,340
Public Storage COM 74460D109 134,249 601,636 SH   SOLE   248,537 0 353,099
Realty Income COM 756109104 12,679 189,430 SH   SOLE   46,740 0 142,690
Regency Centers Corp. COM 758849103 52,364 675,751 SH   SOLE   162,193 0 513,558
Retail Opportunity Investmen COM 76131N101 23,770 1,082,405 SH   SOLE   809,945 0 272,460
SL Green Realty Corp. COM 78440X101 17,669 163,455 SH   SOLE   24,935 0 138,520
Simon Property Group, Inc. COM 828806109 262,852 1,269,751 SH   SOLE   515,543 0 754,208
Store Capital Corp. COM 862121100 1,257 42,655 SH   SOLE   30,330 0 12,325
Sun Communities, Inc. COM 866674104 30,893 393,638 SH   SOLE   83,645 0 309,993
Vanguard REIT VIPERs COM 922908553 1,119 12,895 SH   SOLE   0 0 12,895
Ventas, Inc. COM 92276F100 37,715 533,975 SH   SOLE   399,300 0 134,675
Washington Prime Group COM 93964W108 8,289 669,551 SH   SOLE   153,623 0 515,928
Welltower Inc. COM 95040Q104 121,754 1,628,374 SH   SOLE   629,581 0 998,793