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 9,937 358,057 SH   SOLE 358,057 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 31,667 445,309 SH   SOLE 445,309 0 0
AVALONBAY CMNTYS INC COM 053484101 66,941 506,545 SH   SOLE 506,545 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 10,861 477,959 SH   SOLE 477,959 0 0
CUBESMART COM 229663109 6,054 339,771 SH   SOLE 339,771 0 0
DOUGLAS EMMETT INC COM 25960P109 18,729 719,457 SH   SOLE 719,457 0 0
EMPIRE ST RLTY TR INC CL A 292104106 34,008 1,988,550 SH   SOLE 1,988,550 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 45,375 1,120,477 SH   SOLE 1,120,477 0 0
EQUITY ONE COM 294752100 27,733 1,105,655 SH   SOLE 1,105,655 0 0
ESSEX PPTY TR INC COM 297178105 19,435 121,157 SH   SOLE 121,157 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 14,745 130,082 SH   SOLE 130,082 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 44,536 1,985,252 SH   SOLE 1,985,252 0 0
HOME PROPERTIES INC COM 437306103 26,821 447,505 SH   SOLE 447,505 0 0
HOST HOTELS & RESORTS INC COM 44107P104 70,694 3,253,406 SH   SOLE 3,253,406 0 0
KILROY RLTY CORP COM 49427F108 71,004 1,265,916 SH   SOLE 1,265,916 0 0
MACERICH CO COM 554382101 10,795 164,000 SH   SOLE 164,000 0 0
PROLOGIS INC COM 74340W103 99,081 2,398,983 SH   SOLE 2,361,693 0 37,290
PUBLIC STORAGE COM 74460D109 19,415 115,400 SH   SOLE 115,400 0 0
REGENCY CTRS CORP COM 758849103 6,404 123,750 SH   SOLE 123,750 0 0
SIMON PPTY GROUP INC NEW COM 828806109 117,169 688,915 SH   SOLE 688,915 0 0
SL GREEN RLTY CORP COM 78440X101 78,911 764,211 SH   SOLE 748,104 0 16,107
VENTAS INC COM 92276F100 8,419 131,500 SH   SOLE 131,500 0 0