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
AMERICAN CAMPUS COMMUNITIES INC COMM STK 024835100 433 10,652 SH   SOLE   10,652 0 0
ALEXANDRIA REAL ESTATE EQUITIES INC COMM STK 015271109 134,916 2,052,896 SH   SOLE   148,484 0 1,904,412
AMERICAN TOWER CORP COMM STK 03027X100 93,505 1,277,913 SH   SOLE   175,257 0 1,102,656
AVALONBAY COMMUNITIES INC COMM STK 053484101 559,325 4,145,915 SH   SOLE   391,216 0 3,754,699
BIOMED REALTY TRUST INC COMM STK 09063H107 96,460 4,768,152 SH   SOLE   384,130 0 4,384,022
BOSTON PROPERTIES INC COMM STK 101121101 543,493 5,153,060 SH   SOLE   467,661 0 4,685,399
BRE PROEPRTIES INC COMM STK 05564E106 263 5,258 SH   SOLE   5,258 0 0
CBL & ASSOCIATES PROPERTIES INC COMM STK 124830100 144,355 6,739,266 SH   SOLE   557,403 0 6,181,863
DDR CORP COMM STK 23317H102 60,322 3,622,932 SH   SOLE   271,691 0 3,351,241
DOUGLAS EMMETT INC COMM STK 25960P109 76,866 3,080,793 SH   SOLE   357,658 0 2,723,135
DIGITAL REALTY TRUST INC COMM STK 253868103 49,337 808,797 SH   SOLE   71,102 0 737,695
DUKE REALTY CORP COMM STK 264411505 67,572 4,334,339 SH   SOLE   438,594 0 3,895,745
DIAMONDROCK HOSPITALITY CO COMM STK 252784301 73,321 7,867,087 SH   SOLE   779,202 0 7,087,885
EASTGROUP PROPERTIES INC COMM STK 277276101 321 5,697 SH   SOLE   5,697 0 0
EQUITY RESIDENTIAL COMM STK 29476L107 481,313 8,289,921 SH   SOLE   708,573 0 7,581,348
EQUITY ONE INC COMM STK 294752100 49,017 2,166,031 SH   SOLE   171,728 0 1,994,303
ESSEX PROPERTY TRUST INC COMM STK 297178105 5,435 34,200 SH   SOLE   34,200 0 0
EXTRA SPACE STORAGE INC COMM STK 30225T102 87,431 2,085,170 SH   SOLE   171,150 0 1,914,020
FEDERAL REALTY INVESTMENT TRUST COMM STK 313747206 217,012 2,093,095 SH   SOLE   194,354 0 1,898,741
GENERAL GROWTH PROPERTIES INC COMM STK 370023103 121,629 6,121,241 SH   SOLE   510,218 0 5,611,023
HCP INC COMM STK 40414L109 406,883 8,954,299 SH   SOLE   732,891 0 8,221,408
HOME PROPERTIES INC COMM STK 437306103 50,596 773,990 SH   SOLE   53,371 0 720,619
HOST HOTELS & RESORTS INC COMM STK 44107P104 214,912 12,739,273 SH   SOLE   900,501 0 11,838,772
KIMCO REALTY CORP COMM STK 49446R109 2,008 93,700 SH   SOLE   93,700 0 0
KILROY REALTY CORP COMM STK 49427F108 3,939 74,302 SH   SOLE   74,302 0 0
LASALLE HOTEL PROPERTIES COMM STK 517942108 108,312 4,385,096 SH   SOLE   349,717 0 4,035,379
CORPORATE OFFICE PROPERTIES TRUST COMM STK 22002T108 53,179 2,085,459 SH   SOLE   146,539 0 1,938,920
PROLOGIS INC COMM STK 74340W103 122,599 3,250,242 SH   SOLE   367,162 0 2,883,080
PUBLIC STORAGE COMM STK 74460D109 351,979 2,295,563 SH   SOLE   250,060 0 2,045,503
REGENCY CENTERS CORP COMM STK 758849103 3,094 60,900 SH   SOLE   60,900 0 0
RAYONIER INC COMM STK 754907103 8,597 155,210 SH   SOLE   30,382 0 124,828
TANGER FACTORY OUTLET CENTERS COMM STK 875465106 2,008 60,018 SH   SOLE   60,018 0 0
SL GREEN REALTY CORP COMM STK 78440X101 118,150 1,339,720 SH   SOLE   99,775 0 1,239,945
SIMON PROPERTY GROUP INC COMM STK 828806109 938,631 5,943,715 SH   SOLE   521,677 0 5,422,038
TAUBMAN CENTERS COMM STK 876664103 170,766 2,272,332 SH   SOLE   238,212 0 2,034,120
TERRENO REALTY CORP COMM STK 88146M101 14,446 779,599 SH   SOLE   92,140 0 687,459
UDR INC COMM STK 902653104 273,605 10,733,816 SH   SOLE   815,941 0 9,917,875
VORNADO REALTY TRUST COMM STK 929042109 303,133 3,658,821 SH   SOLE   342,697 0 3,316,124
VENTAS INC COMM STK 92276F100 353,250 5,085,656 SH   SOLE   505,049 0 4,580,607
WASHINGTON REAL ESTATE INVESTMENT TRUST COMM STK 939653101 11,831 439,669 SH   SOLE   39,009 0 400,660
WEINGARTEN REALTY INVESTORS COMM STK 948741103 63,989 2,079,583 SH   SOLE   155,205 0 1,924,378
WEYERHAEUSER CO COMM STK 962166104 26,769 939,571 SH   SOLE   183,656 0 755,915