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

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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 4,358 333,922 SH   SOLE 333,922 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 2,248 62,799 SH   SOLE 62,799 0 0
AMB PROPERTY CORP COM 00163T109 1,337 165,941 SH   SOLE 165,941 0 0
AVALONBAY CMNTYS INC COM 053484101 6,107 109,172 SH   SOLE 109,172 0 0
BOSTON PROPERTIES INC COM 101121101 6,920 145,079 SH   SOLE 145,079 0 0
DOUGLAS EMMETT INC COM 25960P109 2,374 264,029 SH   SOLE 264,029 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 1,604 170,326 SH   SOLE 170,326 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,781 125,082 SH   SOLE 125,082 0 0
ESSEX PPTY TR INC COM 297178105 3,651 58,672 SH   SOLE 58,672 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 16,672 323,606 SH   SOLE 323,606 0 0
HOME PROPERTIES INC COM 437306103 5,013 147,000 SH   SOLE 147,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 4,049 482,550 SH   SOLE 482,550 0 0
KILROY RLTY CORP COM 49427F108 1,594 77,592 SH   SOLE 77,592 0 0
KIMCO REALTY CORP COM 49446R109 2,246 223,515 SH   SOLE 223,515 0 0
MACERICH CO COM 554382101 894 50,767 SH   SOLE 50,767 0 0
PUBLIC STORAGE COM 74460D109 8,206 125,322 SH   SOLE 125,322 0 0
REGENCY CTRS CORP COM 758849103 8,216 235,353 SH   SOLE 235,353 0 0
SIMON PPTY GROUP INC NEW COM 828806109 32,669 675,595 SH   SOLE 662,999 0 12,596
SL GREEN RLTY CORP COM 78440X101 7,882 343,585 SH   SOLE 343,585 0 0
VORNADO RLTY TR SH BEN INT 929042109 12,352 274,295 SH   SOLE 274,295 0 0