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

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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 EQ IN COM 015271109 172,758 1,499,119 SH   SOLE   1,407,826 0 91,293
AMERICAN CAMPUS CMNTYS INC COM 024835100 54,340 343,510 SH   SOLE   316,669 0 26,841
AMERICAN TOWER CORP NEW COM 03027X100 184,458 1,638,897 SH   SOLE   1,546,651 0 92,246
BOSTON PROPERTIES INC COM 101121101 77,322 6,007,941 SH   SOLE   5,634,943 0 372,998
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 79,536 903,309 SH   SOLE   850,009 0 53,300
DIAMONDROCK HOSPITALITY CO COM 252784301 49,148 5,412,828 SH   SOLE   5,117,486 0 295,342
DIGITAL RLTY TR INC COM 253868103 80,656 756,979 SH   SOLE   693,769 0 63,210
EMPIRE ST RLTY TR INC CL A 292104106 129,692 9,114,000 SH   SOLE   8,587,719 0 526,281
EQUITY COMWLTH COM SH BEN INT 294628102 69,405 2,312,713 SH   SOLE   2,177,813 0 134,900
EQUITY LIFESTYLE PPTYS INC COM 29472R108 109,266 1,124,942 SH   SOLE   1,060,912 0 64,030
EQUITY RESIDENTIAL SH BEN INT 29476L107 286,546 4,340,945 SH   SOLE   4,068,337 0 272,608
ESSEX PPTY TR INC COM 297178105 126,380 515,394 SH   SOLE   487,473 0 27,921
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 136,050 1,152,577 SH   SOLE   1,087,293 0 65,284
HCP INC COM 40414L109 177,144 6,342,425 SH   SOLE   5,992,346 0 350,079
HEALTHCARE RLTY TR COM 421946104 74,771 2,629,076 SH   SOLE   2,481,176 0 147,900
HOST HOTELS & RESORTS INC COM 44107P104 31,932 1,915,509 SH   SOLE   1,797,622 0 117,887
INTERXION HOLDING N.V SHS N47279109 47,122 870,048 SH   SOLE   870,048 0 0
KILROY RLTY CORP COM 49427F108 147,845 2,351,230 SH   SOLE   2,222,629 0 128,601
MONMOUTH REAL ESTATE INVT CO CL A 609720107 10,069 812,019 SH   SOLE   774,319 0 37,700
PROLOGIS INC COM 74340W103 301,116 5,127,997 SH   SOLE   4,764,156 0 363,841
RETAIL PPTYS AMER INC CL A 76131V202 43,391 3,999,193 SH   SOLE   3,786,593 0 212,600
SIMON PPTY GROUP INC NEW COM 828806109 292,186 1,739,305 SH   SOLE   1,640,583 0 98,722
TERRENO RLTY CORP COM 88146M101 69,998 1,990,286 SH   SOLE   1,883,441 0 106,845
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 17,701 769,611 SH   SOLE   726,172 0 43,439