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 4,216 169,857 SH   SOLE 169,857 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 6,538 88,932 SH   SOLE 88,932 0 0
AVALONBAY CMNTYS INC COM 053484101 70,397 517,660 SH   SOLE 517,660 0 0
BIOMED REALTY TRUST INC COM 09063H107 16,373 874,600 SH   SOLE 874,600 0 0
BRE PROPERTIES INC CL A 05564E106 23,265 496,153 SH   SOLE 496,153 0 0
CUBESMART COM 229663109 14,820 1,151,479 SH   SOLE 1,151,479 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 14,832 435,475 SH   SOLE 435,475 0 0
EQUITY ONE COM 294752100 22,432 1,065,130 SH   SOLE 1,065,130 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 13,797 131,026 SH   SOLE 131,026 0 0
HOME PROPERTIES INC COM 437306103 39,587 646,115 SH   SOLE 646,115 0 0
HOST HOTELS & RESORTS INC COM 44107P104 28,172 1,755,274 SH   SOLE 1,755,274 0 0
KILROY RLTY CORP COM 49427F108 50,533 1,128,466 SH   SOLE 1,128,466 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 15,881 595,003 SH   SOLE 595,003 0 0
PROLOGIS INC COM 74340W103 9,938 283,698 SH   SOLE 283,698 0 0
SIMON PPTY GROUP INC NEW COM 828806109 75,749 530,689 SH   SOLE 530,689 0 0
SL GREEN RLTY CORP COM 78440X101 35,238 440,091 SH   SOLE 440,091 0 0
TAUBMAN CTRS INC COM 876664103 33,562 437,405 SH   SOLE 437,405 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,557 19,216 SH   SOLE 19,216 0 0