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 4,286 154,357 SH   SOLE 154,357 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 3,059 43,103 SH   SOLE 43,103 0 0
AVALONBAY CMNTYS INC COM 053484101 73,602 581,050 SH   SOLE 581,050 0 0
BIOMED REALTY TRUST INC COM 09063H107 30,175 1,397,000 SH   SOLE 1,397,000 0 0
BRE PROPERTIES INC CL A 05564E106 23,299 478,609 SH   SOLE 478,609 0 0
CUBESMART COM 229663109 12,051 762,716 SH   SOLE 762,716 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 19,760 514,575 SH   SOLE 514,575 0 0
EQUITY ONE COM 294752100 34,263 1,429,430 SH   SOLE 1,429,430 0 0
ESSEX PPTY TR INC COM 297178105 8,430 55,985 SH   SOLE 55,985 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 16,077 148,806 SH   SOLE 148,806 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 6,044 304,000 SH   SOLE 304,000 0 0
HOME PROPERTIES INC COM 437306103 40,462 637,995 SH   SOLE 637,995 0 0
HOST HOTELS & RESORTS INC COM 44107P104 51,563 2,948,156 SH   SOLE 2,948,156 0 0
KILROY RLTY CORP COM 49427F108 64,379 1,228,616 SH   SOLE 1,228,616 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 1,734 68,305 SH   SOLE 68,305 0 0
PROLOGIS INC COM 74340W103 47,391 1,185,368 SH   SOLE 1,185,368 0 0
SIMON PPTY GROUP INC NEW COM 828806109 109,060 731,534 SH   SOLE 731,534 0 0
SL GREEN RLTY CORP COM 78440X101 55,519 644,743 SH   SOLE 640,943 0 3,800
TAUBMAN CTRS INC COM 876664103 37,967 488,885 SH   SOLE 488,885 0 0