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 25,275 227,439 SH   SOLE   173,966 0 53,473
American Assets Trust COM 024013104 24,225 562,322 SH   SOLE   135,668 0 426,654
American Tower Corp. COM 03027X100 42,940 406,322 SH   SOLE   238,444 0 167,878
Apartment Investment & Manag COM 03748R101 94,683 2,083,229 SH   SOLE   796,866 0 1,286,363
Boston Properties, Inc. COM 101121101 60,245 478,971 SH   SOLE   228,806 0 250,165
Chesapeake Lodging Trust COM 165240102 31,101 1,202,653 SH   SOLE   429,565 0 773,088
Colony Starwood Homes COM 19625X102 21,315 739,853 SH   SOLE   258,140 0 481,713
Corporate Office Properties COM 22002T108 16,493 528,300 SH   SOLE   151,535 0 376,765
DCT Industrial Trust COM 233153204 50,907 1,063,225 SH   SOLE   412,859 0 650,366
DDR Corp. COM 23317H102 24,751 1,620,937 SH   SOLE   261,018 0 1,359,919
Duke Realty Corporation COM 264411505 19,551 736,115 SH   SOLE   232,245 0 503,870
Dupont Fabros Technology COM 26613Q106 48,749 1,109,703 SH   SOLE   466,966 0 642,737
Equinix Inc. COM 29444U700 50,475 141,223 SH   SOLE   61,464 0 79,759
Equity Residential COM 29476L107 113,531 1,763,998 SH   SOLE   732,830 0 1,031,168
Essex Property Trust, Inc. COM 297178105 86,216 370,821 SH   SOLE   162,756 0 208,065
Extra Space Storage, Inc COM 30225T102 58,167 753,070 SH   SOLE   349,055 0 404,015
Four Corners Property Trust COM 35086T109 16,269 792,824 SH   SOLE   166,551 0 626,273
General Growth Properties COM 370023103 49,262 1,972,068 SH   SOLE   727,814 0 1,244,254
Healthcare Trust of America COM 42225P501 52,438 1,801,350 SH   SOLE   680,544 0 1,120,806
Highwoods Properties, Inc. COM 431284108 32,903 645,024 SH   SOLE   136,686 0 508,338
Hilton Grand Vacations COM 43283X105 1,078 41,449 SH   SOLE   31,249 0 10,200
Hilton Worldwide Holdings COM 43300A203 53,041 1,950,023 SH   SOLE   395,476 0 1,554,547
Interxion Holdings COM N47279109 1,991 56,765 SH   SOLE   47,035 0 9,730
Ishares Trust DJ US Real Est COM 464287739 1,078 14,010 SH   SOLE   13,649 0 361
Kilroy Realty COM 49427F108 79,518 1,086,005 SH   SOLE   429,167 0 656,838
Kimco Realty Corp. COM 49446R109 68,021 2,703,556 SH   SOLE   1,057,814 0 1,645,742
Marriott International-CL A COM 571903202 33,722 407,857 SH   SOLE   311,302 0 96,555
National Retail Properties, COM 637417106 16,450 372,189 SH   SOLE   288,562 0 83,627
Omega Healthcare Investors COM 681936100 10,743 343,671 SH   SOLE   76,459 0 267,212
Paramount Group Inc COM 69924R108 4,542 284,079 SH   SOLE   211,474 0 72,605
ProLogis Inc. COM 74340W103 98,841 1,872,333 SH   SOLE   905,341 0 966,992
Public Storage COM 74460D109 126,704 566,909 SH   SOLE   228,272 0 338,637
Realty Income COM 756109104 23,818 414,365 SH   SOLE   78,910 0 335,455
Regency Centers Corp. COM 758849103 78,129 1,133,124 SH   SOLE   412,665 0 720,459
Retail Opportunity Investmen COM 76131N101 28,502 1,348,885 SH   SOLE   1,029,463 0 319,422
SL Green Realty Corp. COM 78440X101 24,077 223,870 SH   SOLE   34,815 0 189,055
Simon Property Group, Inc. COM 828806109 219,353 1,234,606 SH   SOLE   501,417 0 733,189
Sun Communities, Inc. COM 866674104 33,513 437,438 SH   SOLE   99,515 0 337,923
Sunstone Hotel Investors, In COM 867892101 10,059 659,638 SH   SOLE   102,585 0 557,053
Vanguard REIT VIPERs COM 922908553 570 6,905 SH   SOLE   0 0 6,905
Ventas, Inc. COM 92276F100 32,602 521,460 SH   SOLE   391,270 0 130,190
Vornado Realty Trust COM 929042109 43,780 419,474 SH   SOLE   99,831 0 319,643
Welltower Inc. COM 95040Q104 107,401 1,604,684 SH   SOLE   613,344 0 991,340