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 13,228 444,457 SH   SOLE 444,457 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 29,297 356,159 SH   SOLE 356,159 0 0
AVALONBAY CMNTYS INC COM 053484101 83,511 554,342 SH   SOLE 549,953 0 4,389
BOSTON PROPERTIES INC COM 101121101 8,389 67,000 SH   SOLE 67,000 0 0
CUBESMART COM 229663109 13,921 717,195 SH   SOLE 717,195 0 0
DOUGLAS EMMETT INC COM 25960P109 27,054 904,859 SH   SOLE 904,859 0 0
EMPIRE ST RLTY TR INC CL A 292104106 47,779 2,733,125 SH   SOLE 2,733,125 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 60,205 1,286,777 SH   SOLE 1,286,777 0 0
ESSEX PPTY TR INC COM 297178105 28,428 145,107 SH   SOLE 145,107 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 33,017 257,716 SH   SOLE 257,716 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 25,621 1,026,416 SH   SOLE 1,026,416 0 0
HOME PROPERTIES INC COM 437306103 26,124 385,505 SH   SOLE 385,505 0 0
HOST HOTELS & RESORTS INC COM 44107P104 86,377 3,704,087 SH   SOLE 3,704,087 0 0
HUDSON PAC PPTYS INC COM 444097109 25,336 943,697 SH   SOLE 943,697 0 0
KILROY RLTY CORP COM 49427F108 68,396 1,036,537 SH   SOLE 1,036,537 0 0
MACERICH CO COM 554382101 16,929 239,380 SH   SOLE 239,380 0 0
PROLOGIS INC COM 74340W103 123,202 2,829,982 SH   SOLE 2,771,371 0 58,611
PUBLIC STORAGE COM 74460D109 1,525 8,400 SH   SOLE 8,400 0 0
SIMON PPTY GROUP INC NEW COM 828806109 134,855 765,471 SH   SOLE 761,771 0 3,700
SL GREEN RLTY CORP COM 78440X101 103,936 896,623 SH   SOLE 879,549 0 17,074
TERRENO RLTY CORP COM 88146M101 18,065 882,058 SH   SOLE 882,058 0 0
VENTAS INC COM 92276F100 56,943 838,471 SH   SOLE 838,471 0 0