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 2,690 116,057 SH   SOLE 116,057 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 5,282 72,632 SH   SOLE 72,632 0 0
AVALONBAY CMNTYS INC COM 053484101 38,036 268,845 SH   SOLE 268,845 0 0
BOSTON PROPERTIES INC COM 101121101 1,334 12,307 SH   SOLE 12,307 0 0
BRE PROPERTIES INC CL A 05564E106 13,858 277,053 SH   SOLE 277,053 0 0
CUBESMART COM 229663109 4,935 422,879 SH   SOLE 422,879 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 7,339 212,825 SH   SOLE 212,825 0 0
EQUITY ONE COM 294752100 8,724 411,530 SH   SOLE 411,530 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 5,389 51,776 SH   SOLE 51,776 0 0
HOME PROPERTIES INC COM 437306103 22,433 365,595 SH   SOLE 365,595 0 0
HOST HOTELS & RESORTS INC COM 44107P104 20,142 1,273,219 SH   SOLE 1,273,219 0 0
KILROY RLTY CORP COM 49427F108 24,230 500,516 SH   SOLE 500,516 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 15,221 522,353 SH   SOLE 522,353 0 0
PROLOGIS INC COM 74340W103 11,722 352,748 SH   SOLE 352,748 0 0
SIMON PPTY GROUP INC NEW COM 828806109 39,041 266,749 SH   SOLE 266,749 0 0
SL GREEN RLTY CORP COM 78440X101 19,152 238,681 SH   SOLE 238,681 0 0
TAUBMAN CTRS INC COM 876664103 12,701 164,607 SH   SOLE 164,607 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,948 23,195 SH   SOLE 23,195 0 0