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 COMM STK 004239109 118 4,054 SH   SOLE   4,054 0 0
AMERICAN CAMPUS COMMUNITIES INC COMM STK 024835100 885 23,471 SH   SOLE   23,471 0 0
AMERICAN HOMES 4 RENT COMM STK 02665T306 481 29,971 SH   SOLE   29,971 0 0
AMERICAN TOWER CORP COMM STK 03027X100 320,679 3,437,443 SH   SOLE   323,848 0 3,113,595
AVALONBAY COMMUNITIES INC COMM STK 053484101 584,838 3,658,209 SH   SOLE   277,695 0 3,380,514
BIOMED REALTY TRUST INC COMM STK 09063H107 131,666 6,807,967 SH   SOLE   428,437 0 6,379,530
BOSTON PROPERTIES INC COMM STK 101121101 379,794 3,137,756 SH   SOLE   261,815 0 2,875,941
BRIXMOR PROPERTY GROUP INC COMM STK 11120U105 108,770 4,702,560 SH   SOLE   238,957 0 4,463,603
CAMDEN PROPERTY TRUST COMM STK 133131102 404,289 5,442,774 SH   SOLE   302,209 0 5,140,565
CBL & ASSOCIATES PROPERTIES INC COMM STK 124830100 159,570 9,850,009 SH   SOLE   545,042 0 9,304,967
CORPORATE OFFICE PROPERTIES COMM STK 22002T108 74,452 3,162,785 SH   SOLE   182,473 0 2,980,312
CUBESMART COMM STK 229663109 1,755 75,782 SH   SOLE   0 0 75,782
DIGITAL REALTY TRUST INC COMM STK 253868103 108,590 1,628,523 SH   SOLE   76,106 0 1,552,417
DOUGLAS EMMETT INC COMM STK 25960P109 2,304 85,514 SH   SOLE   85,514 0 0
DUKE REALTY CORP COMM STK 264411505 157,927 8,504,393 SH   SOLE   599,371 0 7,905,022
EASTERLY GOVERNMENT PPTYS INC COMM STK 27616P103 413 25,941 SH   SOLE   25,941 0 0
EASTGROUP PROPERTIES INC COMM STK 277276101 42,175 750,040 SH   SOLE   44,604 0 705,436
EQUITY ONE INC COMM STK 294752100 439 18,792 SH   SOLE   18,792 0 0
EQUITY RESIDENTIAL COMM STK 29476L107 684,974 9,761,642 SH   SOLE   629,196 0 9,132,446
ESSEX PROPERTY TRUST INC COMM STK 297178105 7,268 34,200 SH   SOLE   34,200 0 0
FEDERAL REALTY INVESTMENT TRUST COMM STK 313747206 285,906 2,232,071 SH   SOLE   156,376 0 2,075,695
GENERAL GROWTH PROPERTIES INC COMM STK 370023103 195,777 7,629,643 SH   SOLE   388,225 0 7,241,418
HCP INC COMM STK 40414L109 69,203 1,897,545 SH   SOLE   142,475 0 1,755,070
HEALTH CARE REIT INC COMM STK 42217K106 162,679 2,478,727 SH   SOLE   133,875 0 2,344,852
HEALTHCARE REALTY TRUST COMM STK 421946104 1,055 45,350 SH   SOLE   0 0 45,350
HEALTHCARE TRUST OF AMERICA COMM STK 42225P105 1,651 68,922 SH   SOLE   0 0 68,922
HUDSON PACIFIC PROPERTIES INC COMM STK 444097109 107,909 3,803,640 SH   SOLE   211,654 0 3,591,986
KILROY REALTY CORP COMM STK 49427F108 2,370 35,300 SH   SOLE   35,300 0 0
KIMCO REALTY CORP COMM STK 49446R109 2,112 93,700 SH   SOLE   93,700 0 0
LASALLE HOTEL PROPERTIES COMM STK 517942108 219,628 6,193,675 SH   SOLE   334,801 0 5,858,874
MACERICH CO/THE COMM STK 554382101 777 10,416 SH   SOLE   10,416 0 0
MACK-CALI REALTY CORP COMM STK 554489104 30,816 1,672,067 SH   SOLE   87,766 0 1,584,301
NEW YORK REIT INC COMM STK 64976L109 75,846 7,622,674 SH   SOLE   484,116 0 7,138,558
PARAMOUNT GROUP INC COMM STK 69924R108 95,896 5,588,328 SH   SOLE   386,566 0 5,201,762
POST PROPERTIES COMM STK 737464107 982 18,062 SH   SOLE   18,062 0 0
PROLOGIS INC COMM STK 74340W103 339,460 9,149,873 SH   SOLE   637,567 0 8,512,306
PUBLIC STORAGE COMM STK 74460D109 509,443 2,763,153 SH   SOLE   229,977 0 2,533,176
RAMCO-GERSHENSON PROPERTIES TRUST COMM STK 751452202 64,937 3,978,977 SH   SOLE   225,762 0 3,753,215
REGENCY CENTERS CORP COMM STK 758849103 3,592 60,900 SH   SOLE   60,900 0 0
RETAIL PROPERTIES OF AMERICA COMM STK 76131V202 76,925 5,522,262 SH   SOLE   278,406 0 5,243,856
RLJ LODGING TRUST COMM STK 74965L101 171,125 5,746,309 SH   SOLE   282,573 0 5,463,736
SENIOR HOUSING PROPERTIES TRUST COMM STK 81721M109 85,455 4,869,236 SH   SOLE   283,632 0 4,585,604
SIMON PROPERTY GROUP INC COMM STK 828806109 1,182,197 6,832,721 SH   SOLE   437,321 0 6,395,400
SL GREEN REALTY CORP COMM STK 78440X101 126,600 1,152,062 SH   SOLE   61,780 0 1,090,282
SPIRIT REALTY CAPITAL INC COMM STK 84860W102 89,313 9,236,082 SH   SOLE   450,215 0 8,785,867
SUNSTONE HOTEL INVESTORS INC COMM STK 867892101 153,552 10,229,983 SH   SOLE   485,990 0 9,743,993
TANGER FACTORY OUTLET CENTERS COMM STK 875465106 1,709 53,900 SH   SOLE   53,900 0 0
TAUBMAN CENTERS COMM STK 876664103 218,138 3,138,682 SH   SOLE   253,828 0 2,884,854
TERRENO REALTY CORP COMM STK 88146M101 21,686 1,100,828 SH   SOLE   94,898 0 1,005,930
URBAN EDGE PROPERTIES COMM STK 91704F104 619 29,800 SH   SOLE   29,800 0 0
VENTAS INC COMM STK 92276F100 431,685 6,952,575 SH   SOLE   490,890 0 6,461,685
VORNADO REALTY TRUST COMM STK 929042109 318,187 3,351,812 SH   SOLE   246,062 0 3,105,750
WASHINGTON REAL ESTATE INVESTMENT TRUST COMM STK 939653101 2,490 95,963 SH   SOLE   20,770 0 75,193
WEYERHAEUSER CO COMM STK 962166104 38,090 1,209,194 SH   SOLE   200,928 0 1,008,266