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 COMMON 015271109 90,650 1,229,147 SH   SOLE 0 1,002,821 0 226,326
APARTMENT INVT & MGMT CO -A COMMON 03748R101 54,659 1,717,745 SH   SOLE 0 1,153,929 0 563,816
ASHFORD HOSPITALITY TR INC PREFERRED 044103505 6,882 253,000 SH   SOLE 0 0 0 0
AVALONBAY CMNTYS INC COMMON 053484101 85,247 604,716 SH   SOLE 0 417,497 0 187,219
BIOMED RLTY TR INC COMMON 09063H107 114,237 5,655,279 SH   SOLE 0 4,765,619 0 889,660
BOSTON PROPERTIES INC COMMON 101121101 69,737 602,425 SH   SOLE 0 415,406 0 187,019
BRANDYWINE REALTY TRUST COMMON 105368203 29,938 2,127,791 SH   SOLE 0 1,351,791 0 776,000
BRIXMOR PROPERTY GROUP COMMON 11120U105 42,170 1,894,441 SH   SOLE 0 1,603,091 0 291,350
CUBESMART COMMON 229663109 43,751 2,433,287 SH   SOLE 0 1,798,937 0 634,350
DDR CORP COMMON 23317H102 41,686 2,491,667 SH   SOLE 0 1,642,717 0 848,950
DOUGLAS EMMETT INC COMMON 25960P109 27,926 1,087,881 SH   SOLE 0 691,328 0 396,553
DUKE REALTY CORP COMMON 264411505 52,429 3,051,737 SH   SOLE 0 2,119,520 0 932,217
EQUITY COMMONWEALTH PREFERRED 294628409 40,903 1,589,090 SH   SOLE 0 0 0 0
EQUITY LIFESTYLE PROPERTIES COMMON 29472R108 35,908 847,683 SH   SOLE 0 554,183 0 293,500
EQUITY RESIDENTIAL PROPS TR COMMON 29476L107 91,632 1,488,009 SH   SOLE 0 1,019,308 0 468,701
ESSEX PROPERTY TRUST INC COMMON 297178105 34,278 191,765 SH   SOLE 0 132,766 0 58,999
EXTRA SPACE STORAGE INC COMMON 30225T102 10,664 206,785 SH   SOLE 0 152,935 0 53,850
FEDERAL REALTY INVS TRUST COMMON 313747206 23,170 195,592 SH   SOLE 0 128,895 0 66,697
GENERAL GROWTH PROPERTIE-W/I COMMON 370023103 32,096 1,362,873 SH   SOLE 0 991,764 0 371,109
HCP INC COMMON 40414L109 103,411 2,604,150 SH   SOLE 0 1,980,593 0 623,557
HEALTH CARE REIT INC COMMON 42217K106 107,842 1,729,072 SH   SOLE 0 1,241,722 0 487,350
HOST MARRIOTT CORP-W/I COMMON 44107P104 61,837 2,899,065 SH   SOLE 0 2,035,567 0 863,498
HYATT HOTELS CORP COMMON 448579102 26,686 440,943 SH   SOLE 0 308,193 0 132,750
KILROY RLTY CORP COMMON 49427F108 16,957 285,273 SH   SOLE 0 198,794 0 86,479
KIMCO RLTY CORP COMMON 49446R109 61,420 2,803,299 SH   SOLE 0 1,838,429 0 964,870
LA QUINTA HOLDINGS INC COMMON 50420D108 14,239 749,800 SH   SOLE 0 749,800 0 0
LASALLE HOTEL PROPERTIES COMMON 517942108 22,225 649,091 SH   SOLE 0 478,341 0 170,750
LIBERTY PROPERTY TRUST COMMON 531172104 17,698 532,116 SH   SOLE 0 364,271 0 167,845
MACERICH CO/THE COMMON 554382101 89,414 1,400,821 SH   SOLE 0 996,448 0 404,373
POST PROPERTIES INC COMMON 737464107 5,812 113,200 SH   SOLE 0 76,500 0 36,700
PROLOGIS COMMON 74340W103 176,315 4,676,778 SH   SOLE 0 3,548,468 0 1,128,310
PUBLIC STORAGE COMMON 74460D109 115,264 695,031 SH   SOLE 0 458,320 0 236,711
RLJ LODGING TRUST COMMON 74965L101 46,177 1,621,936 SH   SOLE 0 1,154,736 0 467,200
REGENCY CENTERS CORP COMMON 758849103 28,713 533,406 SH   SOLE 0 369,526 0 163,880
RETAIL OPPORTUNITY INVESTMENTS COMMON 76131N101 17,455 1,187,448 SH   SOLE 0 693,898 0 493,550
REXFORD INDL RLTY INC COMMON 76169C100 62,757 4,534,500 SH   SOLE 0 4,221,500 0 313,000
SL GREEN REALTY CORP COMMON 78440X101 36,727 362,488 SH   SOLE 0 252,174 0 110,314
SAUL CENTERS INC COMMON 804395101 3,594 76,900 SH   SOLE 0 36,050 0 40,850
SENIOR HOUSING PROP TRUST COMMON 81721M109 15,155 724,450 SH   SOLE 0 724,450 0 0
SIMON PPTY GROUP INC NEW COMMON 828806109 197,833 1,203,215 SH   SOLE 0 832,546 0 370,669
STARWOOD HOTELS & RESORTS COMMON 85590A401 14,024 168,538 SH   SOLE 0 120,088 0 48,450
SUNSTONE HOTEL INVS INC NEW PREFERRED 867892507 13,416 502,291 SH   SOLE 0 0 0 0
TAUBMAN CENTERS INC COMMON 876664103 47,540 651,231 SH   SOLE 0 417,330 0 233,901
UDR INC COMMON 902653104 48,258 1,770,948 SH   SOLE 0 1,218,927 0 552,021
VENTAS INC COMMON 92276F100 70,128 1,132,003 SH   SOLE 0 800,844 0 331,159
VORNADO REALTY TRUST COMMON 929042109 73,297 733,266 SH   SOLE 0 506,152 0 227,114
WEINGARTEN REALTY INVESTORS COMMON 948741103 14,083 447,093 SH   SOLE 0 315,343 0 131,750