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 COM 024835100 4,941 132,282 SH   SOLE N/A 70,862 0 61,420
ASHFORD HOSPITALITY TRUST COM SHS 044103109 764 67,751 SH   SOLE N/A 33,585 0 34,166
APARTMENT INVT & MGMT CO -A CL A 03748R101 2,608 86,317 SH   SOLE N/A 46,817 0 39,500
ACADIA REALTY TRUST COM SH BEN INT 004239109 3,036 115,096 SH   SOLE N/A 62,077 0 53,019
ALEXANDRIA REAL ESTATE EQUIT COM 015271109 1,814 24,994 SH   SOLE N/A 13,294 0 11,700
BRANDYWINE REALTY TRUST SH BEN INT NEW 105368203 857 59,260 SH   SOLE N/A 29,470 0 29,790
BOSTON PROPERTIES INC COM 101121101 4,558 39,801 SH   SOLE N/A 21,321 0 18,480
CHESAPEAKE LODGING TRUST SH BEN INT 165240102 3,109 120,813 SH   SOLE N/A 72,563 0 48,250
CAPITAL SENIOR LIVING CORP COM 140475104 1,766 67,961 SH   SOLE N/A 36,231 0 31,730
CUBESMART COM 229663109 3,164 184,376 SH   SOLE N/A 96,816 0 87,560
COUSINS PROPERTIES INC COM 222795106 1,685 146,891 SH   SOLE N/A 78,591 0 68,300
DOUGLAS EMMETT INC COM 25960P109 3,356 123,669 SH   SOLE N/A 67,169 0 56,500
PHYSICIANS REALTY TRUST COM 71943U104 730 52,409 SH   SOLE N/A 28,649 0 23,760
DIAMONDROCK HOSPITALITY CO COM 252784301 856 72,831 SH   SOLE N/A 14,171 0 58,660
EDUCATION REALTY TRUST INC COM 28140H104 3,098 313,910 SH   SOLE N/A 169,510 0 144,400
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,416 76,149 SH   SOLE N/A 39,309 0 36,840
ESSEX PROPERTY TRUST INC COM 297178105 3,425 20,142 SH   SOLE N/A 10,712 0 9,430
EXTRA SPACE STORAGE INC COM 30225T102 4,056 83,610 SH   SOLE N/A 46,090 0 37,520
FELCOR LODGING TRUST INC COM 31430F101 1,966 217,526 SH   SOLE N/A 115,256 0 102,270
FIRST INDUSTRIAL REALTY TR COM 32054K103 2,097 108,546 SH   SOLE N/A 57,871 0 50,675
GENERAL GROWTH PROPERTIES COM 370023103 5,327 242,146 SH   SOLE N/A 135,383 0 106,763
GLIMCHER REALTY TRUST SH BEN INT 379302102 1,612 160,672 SH   SOLE N/A 84,922 0 75,750
HEALTH CARE REIT INC COM 42217K106 3,152 52,892 SH   SOLE N/A 26,282 0 26,610
HCP INC COM 40414L109 1,729 44,580 SH   SOLE N/A 23,060 0 21,520
HIGHWOODS PROPERTIES INC COM 431284108 4,222 109,921 SH   SOLE N/A 58,331 0 51,590
HUDSON PACIFIC PROPERTIES IN COM 444097109 877 38,028 SH   SOLE N/A 18,988 0 19,040
HOST HOTELS & RESORTS INC COM 44107P104 4,334 214,115 SH   SOLE N/A 109,872 0 104,243
HERSHA HOSPITALITY TRUST SH BEN INT A 427825104 1,172 201,109 SH   SOLE N/A 99,879 0 101,230
KIMCO REALTY CORP COM 49446R109 3,403 155,524 SH   SOLE N/A 84,044 0 71,480
KILROY REALTY CORP COM 49427F108 2,807 47,918 SH   SOLE N/A 26,135 0 21,783
KITE REALTY GROUP TRUST COM 49803T102 569 94,847 SH   SOLE N/A 47,067 0 47,780
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 1,947 62,200 SH   SOLE N/A 35,280 0 26,920
LEXINGTON REALTY TRUST COM 529043101 1,703 156,088 SH   SOLE N/A 77,538 0 78,550
NATL HEALTH INVESTORS INC COM 63633D104 605 10,013 SH   SOLE N/A 1,959 0 8,054
OMEGA HEALTHCARE INVESTORS COM 681936100 850 25,350 SH   SOLE N/A 12,590 0 12,760
PARKWAY PROPERTIES INC COM 70159Q104 862 47,230 SH   SOLE N/A 23,480 0 23,750
PROLOGIS INC COM 74340W103 8,557 209,582 SH   SOLE N/A 112,602 0 96,980
REGENCY CENTERS CORP COM 758849103 3,815 74,720 SH   SOLE N/A 40,010 0 34,710
RAMCO-GERSHENSON PROPERTIES COM SH BEN INT 751452202 2,052 125,915 SH   SOLE N/A 67,725 0 58,190
SABRA HEALTH CARE REIT INC COM 78573L106 1,377 49,390 SH   SOLE N/A 26,410 0 22,980
TANGER FACTORY OUTLET CENTER COM 875465106 2,365 67,579 SH   SOLE N/A 35,989 0 31,590
SIMON PROPERTY GROUP INC COM 828806109 15,314 93,381 SH   SOLE N/A 47,729 0 45,652
STAG INDUSTRIAL INC COM 85254J102 2,318 96,170 SH   SOLE N/A 57,395 0 38,775
VORNADO REALTY TRUST SH BEN INT 929042109 4,343 44,068 SH   SOLE N/A 23,487 0 20,581
VENTAS INC COM 92276F100 1,063 17,553 SH   SOLE N/A 3,421 0 14,132
STARWOOD PROPERTY TRUST INC COM 85571B105 722 30,620 SH   SOLE N/A 30,620 0 0
STARWOOD WAYPOINT RESIDE COM SHS 85571W109 171 5,948 SH   SOLE N/A 5,948 0 0
MARRIOTT INTERNATIONAL -CL A CL A 571903202 786 14,030 SH   SOLE N/A 14,030 0 0
MFA FINANCIAL INC COM 55272X102 281 36,310 SH   SOLE N/A 36,310 0 0
TWO HARBORS INVESTMENT CORP COM 90187B101 267 26,047 SH   SOLE N/A 26,047 0 0