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

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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 3,236 126,343 SH   SOLE 126,343 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 2,723 26,785 SH   SOLE 26,785 0 0
AMB PROPERTY CORP COM 00163T109 4,576 79,494 SH   SOLE 79,494 0 0
AVALONBAY CMNTYS INC COM 053484101 2,182 23,175 SH   SOLE 23,175 0 0
BOSTON PROPERTIES INC COM 101121101 19,428 211,611 SH   SOLE 211,611 0 0
BRE PROPERTIES INC CL A 05564E106 9,506 234,553 SH   SOLE 221,573 0 12,980
ESSEX PPTY TR INC COM 297178105 390 4,000 SH   SOLE 4,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 15,770 191,965 SH   SOLE 191,965 0 0
HOME PROPERTIES INC COM 437306103 1,533 34,174 SH   SOLE 34,174 0 0
HOST HOTELS & RESORTS INC COM 44107P104 9,032 530,049 SH   SOLE 530,049 0 0
KILROY RLTY CORP COM 49427F108 2,438 44,352 SH   SOLE 44,352 0 0
KIMCO REALTY CORP COM 49446R109 1,459 40,073 SH   SOLE 40,073 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 1,390 43,567 SH   SOLE 43,567 0 0
MACK CALI RLTY CORP COM 554489104 1,458 42,892 SH   SOLE 42,892 0 0
PROLOGIS SH BEN INT 743410102 4,242 73,692 SH   SOLE 73,692 0 0
PUBLIC STORAGE COM 74460D109 12,170 165,788 SH   SOLE 165,788 0 0
REGENCY CTRS CORP COM 758849103 3,153 48,897 SH   SOLE 48,897 0 0
SIMON PPTY GROUP INC NEW COM 828806109 16,575 190,819 SH   SOLE 171,319 0 19,500
SL GREEN RLTY CORP COM 78440X101 18,321 196,030 SH   SOLE 196,030 0 0
VORNADO RLTY TR SH BEN INT 929042109 13,063 148,522 SH   SOLE 148,522 0 0