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 1,434 55,000 SH   SOLE 55,000 0 0
AMB PROPERTY CORP COM 00163T109 4,309 73,294 SH   SOLE 73,294 0 0
ARCHSTONE SMITH TR COM 039583109 1,513 27,867 SH   SOLE 27,867 0 0
AVALONBAY CMNTYS INC COM 053484101 780 6,000 SH   SOLE 6,000 0 0
BOSTON PROPERTIES INC COM 101121101 23,001 195,924 SH   SOLE 180,084 0 15,840
BRE PROPERTIES INC CL A 05564E106 19,133 302,984 SH   SOLE 262,984 0 40,000
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 21,724 239,724 SH   SOLE 231,400 0 8,324
GENERAL GROWTH PPTYS INC COM 370021107 1,690 26,180 SH   SOLE 26,180 0 0
HOST HOTELS & RESORTS INC COM 44107P104 12,428 472,357 SH   SOLE 389,493 0 82,864
KILROY RLTY CORP COM 49427F108 3,732 50,598 SH   SOLE 50,598 0 0
KIMCO REALTY CORP COM 49446R109 6,400 131,313 SH   SOLE 131,313 0 0
MACERICH CO COM 554382101 1,790 19,379 SH   SOLE 19,379 0 0
PROLOGIS SH BEN INT 743410102 19,081 293,868 SH   SOLE 267,960 0 25,908
REGENCY CTRS CORP COM 758849103 6,898 82,565 SH   SOLE 82,565 0 0
SIMON PPTY GROUP INC NEW COM 828806109 2,459 22,100 SH   SOLE 22,100 0 0
SL GREEN RLTY CORP COM 78440X101 37,673 274,626 SH   SOLE 250,450 0 24,176
VORNADO RLTY TR SH BEN INT 929042109 6,263 52,483 SH   SOLE 52,483 0 0