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 46,045 1,531,251 SH   SOLE   98,392 0 1,432,859
AMERICAN ASSETS TRUST COMM STK 024013104 30,316 741,960 SH   SOLE   47,348 0 694,612
AMERICAN CAMPUS COMMUNITIES INC COMM STK 024835100 157,603 4,348,882 SH   SOLE   259,660 0 4,089,222
AMERICAN TOWER CORP COMM STK 03027X100 311,760 3,543,528 SH   SOLE   326,240 0 3,217,288
AVALONBAY COMMUNITIES INC COMM STK 053484101 516,490 2,954,413 SH   SOLE   227,429 0 2,726,984
BIOMED REALTY TRUST INC COMM STK 09063H107 92,596 4,634,434 SH   SOLE   269,758 0 4,364,676
BOSTON PROPERTIES INC COMM STK 101121101 390,971 3,302,120 SH   SOLE   263,069 0 3,039,051
BRIXMOR PROPERTY GROUP INC COMM STK 11120U105 111,724 4,758,249 SH   SOLE   252,404 0 4,505,845
CAMDEN PROPERTY TRUST COMM STK 133131102 392,607 5,312,683 SH   SOLE   302,650 0 5,010,033
CARE CAPITAL PROPERTIES INC COMM STK 141624106 79,679 2,419,645 SH   SOLE   156,245 0 2,263,400
CBL & ASSOCIATES PROPERTIES INC COMM STK 124830100 144,242 10,490,311 SH   SOLE   515,943 0 9,974,368
COLUMBIA PROPERTY TRUST INC COMM STK 198287203 23,465 1,011,404 SH   SOLE   128,124 0 883,280
CORPORATE OFFICE PROPERTIES COMM STK 22002T108 115,134 5,474,743 SH   SOLE   299,070 0 5,175,673
CUBESMART COMM STK 229663109 114,864 4,221,401 SH   SOLE   240,343 0 3,981,058
DDR CORP COMM STK 23317H102 120,956 7,864,518 SH   SOLE   388,378 0 7,476,140
DOUGLAS EMMETT INC COMM STK 25960P109 2,456 85,514 SH   SOLE   85,514 0 0
DUKE REALTY CORP COMM STK 264411505 193,399 10,152,191 SH   SOLE   664,998 0 9,487,193
DUPONT FABROS TECHNOLOGY INC COMM STK 26613Q106 40,935 1,581,722 SH   SOLE   74,400 0 1,507,322
EASTERLY GOVERNMENT PPTYS INC COMM STK 27616P103 414 25,941 SH   SOLE   25,941 0 0
EASTGROUP PROPERTIES INC COMM STK 277276101 40,774 752,573 SH   SOLE   44,467 0 708,106
EQUITY ONE INC COMM STK 294752100 444 18,237 SH   SOLE   18,237 0 0
EQUITY RESIDENTIAL COMM STK 29476L107 802,761 10,686,378 SH   SOLE   629,293 0 10,057,085
ESSEX PROPERTY TRUST INC COMM STK 297178105 7,641 34,200 SH   SOLE   34,200 0 0
FEDERAL REALTY INVESTMENT TRUST COMM STK 313747206 7,227 52,962 SH   SOLE   36,551 0 16,411
GENERAL GROWTH PROPERTIES INC COMM STK 370023103 150,736 5,804,238 SH   SOLE   366,865 0 5,437,373
HCP INC COMM STK 40414L109 2,027 54,407 SH   SOLE   54,407 0 0
HEALTHCARE REALTY TRUST COMM STK 421946104 1,127 45,350 SH   SOLE   0 0 45,350
HEALTHCARE TRUST OF AMERICA COMM STK 42225P501 1,528 62,322 SH   SOLE   0 0 62,322
HOST HOTELS & RESORTS INC COMM STK 44107P104 98,625 6,238,172 SH   SOLE   273,758 0 5,964,414
HUDSON PACIFIC PROPERTIES INC COMM STK 444097109 108,558 3,770,685 SH   SOLE   188,917 0 3,581,768
KILROY REALTY CORP COMM STK 49427F108 2,300 35,300 SH   SOLE   35,300 0 0
KIMCO REALTY CORP COMM STK 49446R109 2,289 93,700 SH   SOLE   93,700 0 0
LASALLE HOTEL PROPERTIES COMM STK 517942108 193,904 6,830,025 SH   SOLE   374,105 0 6,455,920
MACK-CALI REALTY CORP COMM STK 554489104 16,893 894,774 SH   SOLE   0 0 894,774
MEDICAL PROPERTIES TRUST INC COMM STK 58463J304 65,929 5,961,063 SH   SOLE   265,120 0 5,695,943
NATIONAL HEALTH INVESTORS INC COMM STK 63633D104 44,802 779,309 SH   SOLE   43,043 0 736,266
NATIONAL RETAIL PROPERTIES INC COMM STK 637417106 364 10,027 SH   SOLE   10,027 0 0
NEW YORK REIT INC COMM STK 64976L109 76,725 7,626,709 SH   SOLE   466,144 0 7,160,565
PARAMOUNT GROUP INC COMM STK 69924R108 99,469 5,920,752 SH   SOLE   394,397 0 5,526,355
PHYICIANS REALTY TRUST COMM STK 71943U104 198 13,144 SH   SOLE   13,144 0 0
POST PROPERTIES COMM STK 737464107 1,010 17,320 SH   SOLE   17,320 0 0
PROLOGIS INC COMM STK 74340W103 389,217 10,005,571 SH   SOLE   667,426 0 9,338,145
PUBLIC STORAGE COMM STK 74460D109 480,403 2,270,015 SH   SOLE   192,757 0 2,077,258
RAMCO-GERSHENSON PROPERTIES TRUST COMM STK 751452202 64,904 4,324,046 SH   SOLE   226,790 0 4,097,256
REGENCY CENTERS CORP COMM STK 758849103 3,785 60,900 SH   SOLE   60,900 0 0
RETAIL PROPERTIES OF AMERICA COMM STK 76131V202 91,633 6,503,404 SH   SOLE   314,893 0 6,188,511
RLJ LODGING TRUST COMM STK 74965L101 127,081 5,028,917 SH   SOLE   273,292 0 4,755,625
SENIOR HOUSING PROPERTIES TRUST COMM STK 81721M109 85,512 5,278,505 SH   SOLE   277,448 0 5,001,057
SIMON PROPERTY GROUP INC COMM STK 828806109 1,166,237 6,347,904 SH   SOLE   413,382 0 5,934,522
SL GREEN REALTY CORP COMM STK 78440X101 127,978 1,183,232 SH   SOLE   60,002 0 1,123,230
SPIRIT REALTY CAPITAL INC COMM STK 84860W102 90,189 9,867,467 SH   SOLE   462,966 0 9,404,501
ST JOE CO COMM STK 790148100 418 21,833 SH   SOLE   21,833 0 0
SUNSTONE HOTEL INVESTORS INC COMM STK 867892101 152,255 11,508,335 SH   SOLE   503,032 0 11,005,303
TANGER FACTORY OUTLET CENTERS COMM STK 875465106 1,777 53,900 SH   SOLE   53,900 0 0
TAUBMAN CENTERS COMM STK 876664103 227,713 3,296,371 SH   SOLE   259,892 0 3,036,479
TERRENO REALTY CORP COMM STK 88146M101 11,680 594,711 SH   SOLE   8,255 0 586,456
URBAN EDGE PROPERTIES COMM STK 91704F104 643 29,800 SH   SOLE   29,800 0 0
VENTAS INC COMM STK 92276F100 292,906 5,224,868 SH   SOLE   376,814 0 4,848,054
VORNADO REALTY TRUST COMM STK 929042109 318,096 3,517,985 SH   SOLE   247,467 0 3,270,518
WASHINGTON REAL ESTATE INVESTMENT TRUST COMM STK 939653101 1,754 70,377 SH   SOLE   14,938 0 55,439
WELLTOWER INC COMM STK 95040Q104 221,685 3,273,546 SH   SOLE   169,906 0 3,103,640
WEYERHAEUSER CO COMM STK 962166104 33,502 1,225,369 SH   SOLE   204,984 0 1,020,385