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 10,213 539,788 SH   SOLE 539,788 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 14,632 187,663 SH   SOLE 187,663 0 0
AMB PROPERTY CORP COM 00163T109 8,507 532,325 SH   SOLE 532,325 0 0
BOSTON PROPERTIES INC COM 101121101 9,119 96,146 SH   SOLE 96,146 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 10,747 443,172 SH   SOLE 443,172 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,223 92,590 SH   SOLE 92,590 0 0
ESSEX PPTY TR INC COM 297178105 11,410 92,013 SH   SOLE 92,013 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 12,971 159,041 SH   SOLE 159,041 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 6,134 407,896 SH   SOLE 407,896 0 0
HOME PROPERTIES INC COM 437306103 25,881 439,037 SH   SOLE 439,037 0 0
HOST HOTELS & RESORTS INC COM 44107P104 13,855 786,777 SH   SOLE 786,777 0 0
KILROY RLTY CORP COM 49427F108 9,797 252,302 SH   SOLE 252,302 0 0
REGENCY CTRS CORP COM 758849103 3,985 91,644 SH   SOLE 91,644 0 0
SIMON PPTY GROUP INC NEW COM 828806109 34,872 346,105 SH   SOLE 346,105 0 0
SL GREEN RLTY CORP COM 78440X101 32,293 429,425 SH   SOLE 429,425 0 0
VORNADO RLTY TR SH BEN INT 929042109 10,294 117,642 SH   SOLE 117,642 0 0