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 6,520 386,514 SH   SOLE 386,514 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 10,407 161,870 SH   SOLE 161,870 0 0
AMB PROPERTY CORP COM 00163T109 4,116 300,621 SH   SOLE 300,621 0 0
AVALONBAY CMNTYS INC COM 053484101 9,692 118,035 SH   SOLE 118,035 0 0
BOSTON PROPERTIES INC COM 101121101 14,398 214,668 SH   SOLE 214,668 0 0
DOUGLAS EMMETT INC COM 25960P109 5,467 383,637 SH   SOLE 383,637 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 3,150 175,114 SH   SOLE 175,114 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 8,697 257,456 SH   SOLE 257,456 0 0
ESSEX PPTY TR INC COM 297178105 13,848 165,542 SH   SOLE 165,542 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 14,615 215,822 SH   SOLE 215,822 0 0
HOME PROPERTIES INC COM 437306103 6,065 127,125 SH   SOLE 127,125 0 0
HOST HOTELS & RESORTS INC COM 44107P104 4,990 427,595 SH   SOLE 427,595 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 2,179 102,635 SH   SOLE 102,635 0 0
MACERICH CO COM 554382101 2,421 67,344 SH   SOLE 67,344 0 0
PUBLIC STORAGE COM 74460D109 4,338 53,260 SH   SOLE 53,260 0 0
REGENCY CTRS CORP COM 758849103 1,196 34,100 SH   SOLE 34,100 0 0
SIMON PPTY GROUP INC NEW COM 828806109 39,484 526,243 SH   SOLE 522,127 0 4,116
SL GREEN RLTY CORP COM 78440X101 25,498 507,532 SH   SOLE 501,382 0 6,150
VORNADO RLTY TR SH BEN INT 929042109 25,339 362,296 SH   SOLE 362,296 0 0