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 RLTY TR COM SH BEN INT 004239109 11,016 541,871 SH   SOLE 541,871 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 13,174 170,167 SH   SOLE 170,167 0 0
AVALONBAY CMNTYS INC COM 053484101 7,329 57,080 SH   SOLE 57,080 0 0
BOSTON PROPERTIES INC COM 101121101 13,777 129,775 SH   SOLE 129,775 0 0
BRE PROPERTIES INC CL A 05564E106 3,166 63,480 SH   SOLE 63,480 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 11,389 451,958 SH   SOLE 451,958 0 0
ESSEX PPTY TR INC COM 297178105 6,562 48,504 SH   SOLE 48,504 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 9,339 109,640 SH   SOLE 109,640 0 0
HOME PROPERTIES INC COM 437306103 24,134 396,418 SH   SOLE 396,418 0 0
HOST HOTELS & RESORTS INC COM 44107P104 13,811 814,828 SH   SOLE 814,828 0 0
KILROY RLTY CORP COM 49427F108 6,141 155,500 SH   SOLE 155,500 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 9,504 360,821 SH   SOLE 360,821 0 0
PROLOGIS INC COM 74340W103 18,919 527,884 SH   SOLE 527,884 0 0
SIMON PPTY GROUP INC NEW COM 828806109 34,370 314,507 SH   SOLE 314,507 0 0
SL GREEN RLTY CORP COM 78440X101 32,998 398,192 SH   SOLE 398,192 0 0
VORNADO RLTY TR SH BEN INT 929042109 10,589 113,642 SH   SOLE 113,642 0 0