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 11,694 410,857 SH   SOLE 410,857 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 27,883 356,159 SH   SOLE 356,159 0 0
AVALONBAY CMNTYS INC COM 053484101 83,253 587,597 SH   SOLE 578,047 0 9,550
BRIXMOR PPTY GROUP INC COM 11120U105 11,450 497,554 SH   SOLE 497,554 0 0
CUBESMART COM 229663109 15,609 843,095 SH   SOLE 843,095 0 0
DOUGLAS EMMETT INC COM 25960P109 25,849 882,759 SH   SOLE 882,759 0 0
EMPIRE ST RLTY TR INC CL A 292104106 42,503 2,607,146 SH   SOLE 2,607,146 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 59,845 1,364,504 SH   SOLE 1,334,504 0 30,000
EQUITY ONE COM 294752100 693 28,759 SH   SOLE 28,759 0 0
ESSEX PPTY TR INC COM 297178105 23,009 125,407 SH   SOLE 125,407 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 31,568 255,047 SH   SOLE 255,047 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 23,305 981,816 SH   SOLE 981,816 0 0
HOME PROPERTIES INC COM 437306103 24,331 375,105 SH   SOLE 375,105 0 0
HOST HOTELS & RESORTS INC COM 44107P104 72,682 3,328,306 SH   SOLE 3,328,306 0 0
HUDSON PAC PPTYS INC COM 444097109 29,866 1,199,897 SH   SOLE 1,199,897 0 0
KILROY RLTY CORP COM 49427F108 82,043 1,298,087 SH   SOLE 1,286,517 0 11,570
MACERICH CO COM 554382101 14,921 221,880 SH   SOLE 221,880 0 0
PROLOGIS INC COM 74340W103 117,214 2,660,782 SH   SOLE 2,598,047 0 62,735
PUBLIC STORAGE COM 74460D109 8,871 48,800 SH   SOLE 48,800 0 0
SIMON PPTY GROUP INC NEW COM 828806109 114,050 644,554 SH   SOLE 644,554 0 0
SL GREEN RLTY CORP COM 78440X101 112,886 1,039,835 SH   SOLE 1,008,241 0 31,594
TERRENO RLTY CORP COM 88146M101 1,084 53,126 SH   SOLE 53,126 0 0
VENTAS INC COM 92276F100 51,514 788,271 SH   SOLE 788,271 0 0