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 53,220 608,511 SH   SOLE 0 435,290 0 173,221
APARTMENT INVT & MGMT CO -A COMMON 03748R101 67,939 1,839,676 SH   SOLE 0 1,112,210 0 727,466
APARTMENT INVT & MGMT CO PREFERRED 03748R762 73,469 2,717,050 SH   SOLE 0 0 0 0
ASHFORD HOSPITALITY TR INC PREFERRED 044103505 6,319 240,000 SH   SOLE 0 0 0 0
AVALONBAY COMMUNITIES INC COMMON 053484101 96,980 606,621 SH   SOLE 0 409,240 0 197,381
BIOMED REALTY TRUST INC COMMON 09063H107 161,007 8,325,091 SH   SOLE 0 6,413,081 0 1,912,010
BOSTON PROPERTIES INC COMMON 101121101 57,726 476,918 SH   SOLE 0 328,077 0 148,841
BRIXMOR PROPERTY GROUP INC COMMON 11120U105 97,721 4,224,875 SH   SOLE 0 3,167,325 0 1,057,550
CAMDEN PROPERTY TRUST COMMON 133131102 24,615 331,384 SH   SOLE 0 229,084 0 102,300
COLUMBIA PROPERTY TRUST INC COMMON 198287203 21,591 879,457 SH   SOLE 0 561,757 0 317,700
CUBESMART COMMON 229663109 51,678 2,231,359 SH   SOLE 0 1,622,759 0 608,600
DCT INDUSTRIAL TRUST INC COMMON 233153204 30,780 979,010 SH   SOLE 0 660,230 0 318,780
DDR CORP COMMON 23317H102 80,970 5,237,362 SH   SOLE 0 3,984,912 0 1,252,450
DOUGLAS EMMETT INC COMMON 25960P109 90,945 3,375,825 SH   SOLE 0 2,490,738 0 885,087
DUKE REALTY CORP COMMON 264411505 64,757 3,487,180 SH   SOLE 0 2,357,963 0 1,129,217
EASTGROUP PROPERTIES INC COMMON 277276101 20,788 369,700 SH   SOLE 0 300,300 0 69,400
COMMONWEALTH REIT PREFERRED 294628409 53,918 2,113,590 SH   SOLE 0 0 0 0
EQUITY LIFESTYLE PROPERTIES COMMON 29472R108 24,686 469,499 SH   SOLE 0 335,299 0 134,200
EQUITY RESIDENTIAL COMMON 29476L107 98,852 1,408,747 SH   SOLE 0 948,359 0 460,388
ESSEX PROPERTY TRUST INC COMMON 297178105 38,028 178,956 SH   SOLE 0 119,967 0 58,989
EXTRA SPACE STORAGE INC COMMON 30225T102 23,014 352,873 SH   SOLE 0 236,923 0 115,950
FEDERAL REALTY INVS TRUST COMMON 313747206 2,785 21,739 SH   SOLE 0 9,075 0 12,664
FIRST INDUSTRIAL REALTY TR COMMON 32054K103 32,063 1,711,850 SH   SOLE 0 1,293,600 0 418,250
GENERAL GROWTH PROPERTIES COMMON 370023103 51,862 2,021,124 SH   SOLE 0 1,340,574 0 680,550
HCP INC COMMON 40414L109 52,633 1,443,188 SH   SOLE 0 961,488 0 481,700
HEALTH CARE REIT INC COMMON 42217K106 129,299 1,970,118 SH   SOLE 0 1,438,463 0 531,655
HOST HOTELS & RESORTS INC COMMON 44107P104 50,027 2,522,790 SH   SOLE 0 1,826,062 0 696,728
HYATT HOTELS CORP - CL A COMMON 448579102 18,302 322,847 SH   SOLE 0 232,497 0 90,350
INLAND REAL ESTATE CORP PFD PREFERRED 457461507 40,115 1,542,900 SH   SOLE 0 0 0 0
KILROY REALTY CORP COMMON 49427F108 1,500 22,342 SH   SOLE 0 9,311 0 13,031
KIMCO REALTY CORP COMMON 49446R109 35,446 1,572,575 SH   SOLE 0 1,116,455 0 456,120
KITE REALTY GROUP TRUST COMMON 49803T300 27,952 1,142,306 SH   SOLE 0 805,456 0 336,850
LASALLE HOTEL PROPERTIES COMMON 517942108 27,488 775,176 SH   SOLE 0 571,526 0 203,650
LIBERTY PROPERTY TRUST COMMON 531172104 22,284 691,630 SH   SOLE 0 468,880 0 222,750
MACERICH CO/THE COMMON 554382101 107,838 1,445,544 SH   SOLE 0 997,465 0 448,079
MID-AMERICA APARTMENT COMM COMMON 59522J103 19,112 262,498 SH   SOLE 0 190,398 0 72,100
MONOGRAM RESIDENTIAL TRUST I COMMON 60979P105 48,661 5,394,800 SH   SOLE 0 3,887,050 0 1,507,750
NATIONAL STORAGE AFFILIATES COMMON 637870106 5,868 473,200 SH   SOLE 0 404,938 0 68,262
PARAMOUNT GROUP INC COMMON 69924R108 21,486 1,252,097 SH   SOLE 0 824,112 0 427,985
PIEDMONT OFFICE REALTY TRU-A COMMON 720190206 22,269 1,266,000 SH   SOLE 0 815,850 0 450,150
PROLOGIS INC COMMON 74340W103 143,259 3,861,420 SH   SOLE 0 2,806,399 0 1,055,021
PUBLIC STORAGE COMMON 74460D109 102,016 553,320 SH   SOLE 0 367,259 0 186,061
RLJ LODGING TRUST COMMON 74965L101 29,065 975,998 SH   SOLE 0 710,948 0 265,050
REGENCY CENTERS CORP COMMON 758849103 28,220 478,468 SH   SOLE 0 333,908 0 144,560
RETAIL OPPORTUNITY INVESTMEN COMMON 76131N101 18,599 1,190,725 SH   SOLE 0 871,825 0 318,900
REXFORD INDUSTRIAL REALTY IN COMMON 76169C100 76,595 5,253,450 SH   SOLE 0 5,177,450 0 76,000
SL GREEN REALTY CORP COMMON 78440X101 37,934 345,204 SH   SOLE 0 242,049 0 103,155
SAUL CENTERS INC COMMON 804395101 16,102 327,350 SH   SOLE 0 253,650 0 73,700
SENIOR HOUSING PROP TRUST COMMON 81721M109 98,838 5,631,789 SH   SOLE 0 3,832,889 0 1,798,900
SIMON PROPERTY GROUP INC COMMON 828806109 175,170 1,012,426 SH   SOLE 0 695,196 0 317,230
STARWOOD HOTELS & RESORTS COMMON 85590A401 28,390 350,106 SH   SOLE 0 255,606 0 94,500
SUNSTONE HOTEL INVS INC NEW PREFERRED 867892507 23,846 908,085 SH   SOLE 0 0 0 0
TAUBMAN CENTERS INC COMMON 876664103 43,058 619,537 SH   SOLE 0 387,390 0 232,147
UDR INC COMMON 902653104 50,058 1,562,861 SH   SOLE 0 1,114,868 0 447,993
URSTADT BIDDLE PROPERTIES INC PREFERRED 917286809 25,386 958,700 SH   SOLE 0 0 0 0
VENTAS INC COMMON 92276F100 58,975 949,831 SH   SOLE 0 677,185 0 272,646
VORNADO REALTY TRUST COMMON 929042109 61,260 645,320 SH   SOLE 0 439,194 0 206,126