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 51,556 1,869,338 SH   SOLE   123,608 0 1,745,730
ALEXANDRIA REAL ESTATE EQUITIES INC COMM STK 015271109 101,444 1,375,519 SH   SOLE   90,892 0 1,284,627
AMERICAN CAMPUS COMMUNITIES INC COMM STK 024835100 543 14,889 SH   SOLE   14,889 0 0
AMERICAN HOMES 4 RENT COMM STK 02665T306 1,002 59,345 SH   SOLE   59,345 0 0
AMERICAN TOWER CORP COMM STK 03027X100 245,862 2,625,885 SH   SOLE   304,448 0 2,321,437
AVALONBAY COMMUNITIES INC COMM STK 053484101 614,259 4,357,375 SH   SOLE   335,658 0 4,021,717
BIOMED REALTY TRUST INC COMM STK 09063H107 76,400 3,782,181 SH   SOLE   217,865 0 3,564,316
BOSTON PROPERTIES INC COMM STK 101121101 616,691 5,327,321 SH   SOLE   417,527 0 4,909,794
CAMDEN PROPERTY TRUST COMM STK 133131102 251,374 3,668,085 SH   SOLE   229,908 0 3,438,177
CBL & ASSOCIATES PROPERTIES INC COMM STK 124830100 143,186 7,999,203 SH   SOLE   514,087 0 7,485,116
CUBESMART COMM STK 229663109 83,868 4,664,542 SH   SOLE   276,225 0 4,388,317
DDR CORP COMM STK 23317H102 116,296 6,951,329 SH   SOLE   414,750 0 6,536,579
DIAMONDROCK HOSPITALITY CO COMM STK 252784301 73,148 5,768,788 SH   SOLE   381,954 0 5,386,834
DOUGLAS EMMETT INC COMM STK 25960P109 2,195 85,514 SH   SOLE   85,514 0 0
DUKE REALTY CORP COMM STK 264411505 108,106 6,292,544 SH   SOLE   476,383 0 5,816,161
EASTGROUP PROPERTIES INC COMM STK 277276101 1,233 20,356 SH   SOLE   6,013 0 14,343
EQUITY ONE INC COMM STK 294752100 276 12,741 SH   SOLE   12,741 0 0
EQUITY RESIDENTIAL COMM STK 29476L107 552,821 8,977,289 SH   SOLE   635,576 0 8,341,713
ESSEX PROPERTY TRUST INC COMM STK 297178105 6,113 34,200 SH   SOLE   34,200 0 0
FEDERAL REALTY INVESTMENT TRUST COMM STK 313747206 276,625 2,335,177 SH   SOLE   183,695 0 2,151,482
GENERAL GROWTH PROPERTIES INC COMM STK 370023103 158,988 6,751,070 SH   SOLE   433,927 0 6,317,143
HCP INC COMM STK 40414L109 356,473 8,976,914 SH   SOLE   603,140 0 8,373,774
HEALTHCARE TRUST OF AMERICA COMM STK 42225P105 1,849 159,367 SH   SOLE   23,601 0 135,766
KILROY REALTY CORP COMM STK 49427F108 2,098 35,300 SH   SOLE   35,300 0 0
KIMCO REALTY CORP COMM STK 49446R109 2,053 93,700 SH   SOLE   93,700 0 0
LASALLE HOTEL PROPERTIES COMM STK 517942108 214,102 6,252,972 SH   SOLE   407,251 0 5,845,721
MACERICH CO/THE COMM STK 554382101 634 9,926 SH   SOLE   9,926 0 0
PROLOGIS INC COMM STK 74340W103 233,815 6,202,002 SH   SOLE   500,523 0 5,701,479
PUBLIC STORAGE COMM STK 74460D109 426,504 2,571,778 SH   SOLE   234,460 0 2,337,318
RAMCO-GERSHENSON PROPERTIES TRUST COMM STK 751452202 25,724 1,583,036 SH   SOLE   91,298 0 1,491,738
RAYONIER INC COMM STK 754907103 8,750 280,992 SH   SOLE   48,123 0 232,869
REGENCY CENTERS CORP COMM STK 758849103 3,278 60,900 SH   SOLE   60,900 0 0
RLJ LODGING TRUST COMM STK 74965L101 157,454 5,530,514 SH   SOLE   353,589 0 5,176,925
SENIOR HOUSING PROPERTIES TRUST COMM STK 81721M109 50,902 2,433,175 SH   SOLE   153,938 0 2,279,237
SIMON PROPERTY GROUP INC COMM STK 828806109 1,054,225 6,411,780 SH   SOLE   456,718 0 5,955,062
TANGER FACTORY OUTLET CENTERS COMM STK 875465106 1,764 53,900 SH   SOLE   53,900 0 0
TAUBMAN CENTERS COMM STK 876664103 195,538 2,678,607 SH   SOLE   243,475 0 2,435,132
TERRENO REALTY CORP COMM STK 88146M101 18,276 970,553 SH   SOLE   89,564 0 880,989
VENTAS INC COMM STK 92276F100 384,806 6,211,550 SH   SOLE   486,885 0 5,724,665
VORNADO REALTY TRUST COMM STK 929042109 359,007 3,591,506 SH   SOLE   274,996 0 3,316,510
WASHINGTON REAL ESTATE INVESTMENT TRUST COMM STK 939653101 1,670 65,798 SH   SOLE   14,603 0 51,195
WEINGARTEN REALTY INVESTORS COMM STK 948741103 7,994 253,784 SH   SOLE   14,248 0 239,536
WEYERHAEUSER CO COMM STK 962166104 38,812 1,218,209 SH   SOLE   209,943 0 1,008,266