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 72,415 601,109 SH   SOLE   355,851 0 245,258
American Assets Trust COM 024013104 14,868 377,455 SH   SOLE   94,718 0 282,737
American Tower Corp. COM 03027X100 41,135 310,875 SH   SOLE   222,658 0 88,217
Apartment Investment & Manag COM 03748R101 66,903 1,556,964 SH   SOLE   709,290 0 847,674
Boston Properties, Inc. COM 101121101 18,734 152,286 SH   SOLE   152,196 0 90
Brookdale Senior Living COM 112463104 18,856 1,281,830 SH   SOLE   545,615 0 736,215
Colony Starwood Homes COM 19625X102 33,159 966,454 SH   SOLE   465,061 0 501,393
Corporate Office Properties COM 22002T108 27,731 791,620 SH   SOLE   227,806 0 563,814
DCT Industrial Trust COM 233153204 53,860 1,007,855 SH   SOLE   439,336 0 568,519
DDR Corp. COM 23317H102 6,207 684,365 SH   SOLE   115,435 0 568,930
Duke Realty Corporation COM 264411505 1,134 40,590 SH   SOLE   34,385 0 6,205
Dupont Fabros Technology COM 26613Q106 41,547 679,305 SH   SOLE   376,162 0 303,143
Equinix Inc. COM 29444U700 60,544 141,076 SH   SOLE   81,658 0 59,418
Equity Residential COM 29476L107 99,202 1,506,945 SH   SOLE   701,140 0 805,805
Essex Property Trust, Inc. COM 297178105 64,332 250,057 SH   SOLE   125,080 0 124,977
Extra Space Storage, Inc COM 30225T102 65,155 835,320 SH   SOLE   411,145 0 424,175
Four Corners Property Trust COM 35086T109 12,070 480,709 SH   SOLE   108,917 0 371,792
General Growth Properties COM 36174X101 32,281 1,370,169 SH   SOLE   649,246 0 720,923
Healthcare Trust of America COM 42225P501 53,169 1,709,075 SH   SOLE   825,348 0 883,727
Highwoods Properties, Inc. COM 431284108 36,953 728,705 SH   SOLE   157,120 0 571,585
Hilton Grand Vacations COM 43283X105 21,125 585,826 SH   SOLE   310,239 0 275,587
Hilton, Inc. COM 43300A203 26,783 433,040 SH   SOLE   104,800 0 328,240
Interxion Holdings COM N47279109 2,569 56,120 SH   SOLE   47,420 0 8,700
Kilroy Realty COM 49427F108 62,149 827,000 SH   SOLE   403,272 0 423,728
Kimco Realty Corp. COM 49446R109 42,579 2,320,364 SH   SOLE   1,182,656 0 1,137,708
Marriott International-CL A COM 571903202 53,430 532,648 SH   SOLE   324,660 0 207,988
National Retail Properties, COM 637417106 10,687 273,333 SH   SOLE   271,168 0 2,165
Omega Healthcare Investors COM 681936100 685 20,739 SH   SOLE   20,628 0 111
ProLogis Inc. COM 74340W103 105,158 1,793,285 SH   SOLE   922,333 0 870,952
Public Storage COM 74460D109 77,141 369,929 SH   SOLE   168,589 0 201,340
Realty Income COM 756109104 13,666 247,665 SH   SOLE   56,555 0 191,110
Regency Centers Corp. COM 758849103 79,478 1,268,801 SH   SOLE   522,347 0 746,454
Retail Opportunity Investmen COM 76131N101 21,128 1,100,951 SH   SOLE   1,085,956 0 14,995
Simon Property Group, Inc. COM 828806109 174,053 1,075,998 SH   SOLE   506,454 0 569,544
Sun Communities, Inc. COM 866674104 34,466 393,041 SH   SOLE   100,622 0 292,419
Sunstone Hotel Investors, In COM 867892101 7,033 436,268 SH   SOLE   82,920 0 353,348
Terreno Realty Corp COM 88146M101 14,278 424,185 SH   SOLE   72,250 0 351,935
Vanguard REIT VIPERs COM 922908553 1,247 14,980 SH   SOLE   0 0 14,980
Ventas, Inc. COM 92276F100 26,361 379,400 SH   SOLE   374,755 0 4,645
Vornado Realty Trust COM 929042109 75,364 802,600 SH   SOLE   283,162 0 519,438
Welltower Inc. COM 95040Q104 96,773 1,292,894 SH   SOLE   534,319 0 758,575