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
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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 86,846 695,376 SH   SOLE   376,159 0 319,217
American Campus Communities COM 024835100 18,648 482,869 SH   SOLE   95,553 0 387,316
American Tower Corp. COM 03027X100 36,577 251,670 SH   SOLE   177,444 0 74,226
Apartment Investment & Manag COM 03748R101 55,844 1,370,421 SH   SOLE   615,043 0 755,378
Boston Properties Inc. COM 101121101 1,494 12,122 SH   SOLE   12,055 0 67
CoreSite Realty Corp. COM 21870Q105 1,136 11,330 SH   SOLE   9,950 0 1,380
Corporate Office Properties COM 22002T108 53,123 2,056,648 SH   SOLE   1,189,641 0 867,007
Cubesmart COM 229663109 24,802 879,503 SH   SOLE   215,172 0 664,331
DCT Industrial Trust COM 233153204 59,684 1,059,364 SH   SOLE   458,490 0 600,874
Digital Realty Trust COM 253868103 29,079 275,944 SH   SOLE   55,115 0 220,829
Equinix Inc. COM 29444U700 101,090 241,760 SH   SOLE   117,732 0 124,028
Equity Residential COM 29476L107 98,231 1,594,155 SH   SOLE   731,858 0 862,297
Essex Property Trust, Inc. COM 297178105 80,603 334,896 SH   SOLE   171,069 0 163,827
Extra Space Storage, Inc COM 30225T102 49,480 566,384 SH   SOLE   319,693 0 246,691
Four Corners Property Trust COM 35086T109 11,517 498,760 SH   SOLE   104,388 0 394,372
General Growth Properties COM 36174X101 29,719 1,452,543 SH   SOLE   508,627 0 943,916
Healthcare Trust of America COM 42225P501 49,303 1,864,031 SH   SOLE   909,223 0 954,808
Highwoods Properties, Inc. COM 431284108 30,420 694,189 SH   SOLE   129,295 0 564,894
Hilton Grand Vacations COM 43283X105 23,913 555,848 SH   SOLE   272,738 0 283,110
Hilton, Inc. COM 43300A203 8,765 111,280 SH   SOLE   41,363 0 69,917
Interxion Holdings COM N47279109 2,837 45,685 SH   SOLE   40,080 0 5,605
Invitation Homes Inc COM 46187W107 37,104 1,625,250 SH   SOLE   769,049 0 856,201
Kilroy Realty COM 49427F108 59,079 832,565 SH   SOLE   406,388 0 426,177
Kimco Realty Corp. COM 49446R109 34,883 2,422,456 SH   SOLE   1,066,654 0 1,355,802
LaSalle Hotel Properties COM 517942108 21,718 748,624 SH   SOLE   477,362 0 271,262
Marriott International-CL A COM 571903202 41,735 306,922 SH   SOLE   196,174 0 110,748
National Retail Properties, COM 637417106 10,035 255,614 SH   SOLE   255,496 0 118
ProLogis Inc. COM 74340W103 95,144 1,510,466 SH   SOLE   832,378 0 678,088
Public Storage COM 74460D109 37,152 185,394 SH   SOLE   38,199 0 147,195
Regency Centers Corp. COM 758849103 72,763 1,233,692 SH   SOLE   527,146 0 706,546
Retail Opportunity Investmen COM 76131N101 20,617 1,166,731 SH   SOLE   1,154,553 0 12,178
Simon Property Group, Inc. COM 828806109 149,689 969,804 SH   SOLE   453,176 0 516,628
Sun Communities, Inc. COM 866674104 30,501 333,819 SH   SOLE   84,567 0 249,252
Sunstone Hotel Investors, In COM 867892101 23,795 1,563,373 SH   SOLE   245,335 0 1,318,038
Terreno Realty Corp COM 88146M101 16,697 483,830 SH   SOLE   100,160 0 383,670
Ventas, Inc. COM 92276F100 5,251 106,025 SH   SOLE   106,025 0 0
Vici Properties COM 925652109 21,602 1,179,139 SH   SOLE   741,627 0 437,512
Vornado Realty Trust COM 929042109 64,377 956,566 SH   SOLE   412,245 0 544,321
Welltower Inc. COM 95040Q104 90,721 1,666,738 SH   SOLE   655,949 0 1,010,789