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 6,274 248,200 SH   SOLE 248,200 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 4,648 41,315 SH   SOLE 41,315 0 0
AMB PROPERTY CORP COM 00163T109 1,283 31,085 SH   SOLE 31,085 0 0
AVALONBAY CMNTYS INC COM 053484101 6,349 64,505 SH   SOLE 64,505 0 0
BOSTON PROPERTIES INC COM 101121101 12,037 128,520 SH   SOLE 128,520 0 0
BRE PROPERTIES INC CL A 05564E106 5,289 107,937 SH   SOLE 107,937 0 0
ESSEX PPTY TR INC COM 297178105 5,540 46,820 SH   SOLE 46,820 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 38,361 448,142 SH   SOLE 440,417 0 7,725
HOME PROPERTIES INC COM 437306103 11,440 197,415 SH   SOLE 197,415 0 0
HOST HOTELS & RESORTS INC COM 44107P104 8,516 640,796 SH   SOLE 640,796 0 0
KILROY RLTY CORP COM 49427F108 1,186 24,818 SH   SOLE 24,818 0 0
KIMCO REALTY CORP COM 49446R109 2,264 61,284 SH   SOLE 61,284 0 0
PROLOGIS SH BEN INT 743410102 5,318 117,397 SH   SOLE 117,397 0 0
PUBLIC STORAGE COM 74460D109 17,383 175,572 SH   SOLE 175,572 0 0
REGENCY CTRS CORP COM 758849103 4,056 60,823 SH   SOLE 60,823 0 0
SIMON PPTY GROUP INC NEW COM 828806109 28,365 318,433 SH   SOLE 318,433 0 0
SL GREEN RLTY CORP COM 78440X101 4,971 76,708 SH   SOLE 76,708 0 0
VORNADO RLTY TR SH BEN INT 929042109 8,879 97,620 SH   SOLE 97,620 0 0