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 9,445 419,013 SH   SOLE 419,013 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 9,757 133,417 SH   SOLE 133,417 0 0
AVALONBAY CMNTYS INC COM 053484101 34,650 245,135 SH   SOLE 245,135 0 0
BOSTON PROPERTIES INC COM 101121101 6,631 63,160 SH   SOLE 63,160 0 0
BRE PROPERTIES INC CL A 05564E106 13,409 265,253 SH   SOLE 265,253 0 0
CUBESMART COM 229663109 3,421 287,479 SH   SOLE 287,479 0 0
DDR CORP COM 23317H102 2,658 182,060 SH   SOLE 182,060 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 8,051 329,279 SH   SOLE 329,279 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 5,595 160,445 SH   SOLE 160,445 0 0
EQUITY ONE COM 294752100 4,044 200,000 SH   SOLE 200,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 4,871 50,326 SH   SOLE 50,326 0 0
HOME PROPERTIES INC COM 437306103 18,916 310,045 SH   SOLE 310,045 0 0
HOST HOTELS & RESORTS INC COM 44107P104 31,429 1,914,086 SH   SOLE 1,914,086 0 0
KILROY RLTY CORP COM 49427F108 15,783 338,625 SH   SOLE 338,625 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 16,061 570,743 SH   SOLE 570,743 0 0
PROLOGIS INC COM 74340W103 23,586 654,798 SH   SOLE 654,798 0 0
SIMON PPTY GROUP INC NEW COM 828806109 38,108 278,211 SH   SOLE 278,211 0 0
SL GREEN RLTY CORP COM 78440X101 19,635 253,188 SH   SOLE 253,188 0 0
TAUBMAN CTRS INC COM 876664103 10,812 148,207 SH   SOLE 148,207 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,953 23,195 SH   SOLE 23,195 0 0