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 4,324 186,803 SH   SOLE 186,803 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 5,067 52,055 SH   SOLE 52,055 0 0
AMB PROPERTY CORP COM 00163T109 1,275 25,308 SH   SOLE 25,308 0 0
AVALONBAY CMNTYS INC COM 053484101 4,454 49,950 SH   SOLE 49,950 0 0
BOSTON PROPERTIES INC COM 101121101 13,622 150,991 SH   SOLE 150,991 0 0
BRE PROPERTIES INC CL A 05564E106 5,321 122,937 SH   SOLE 122,937 0 0
ESSEX PPTY TR INC COM 297178105 1,818 17,066 SH   SOLE 14,300 0 2,766
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 23,093 334,684 SH   SOLE 324,216 0 10,468
HOME PROPERTIES INC COM 437306103 7,092 147,568 SH   SOLE 147,568 0 0
HOST HOTELS & RESORTS INC COM 44107P104 4,647 340,431 SH   SOLE 340,431 0 0
KILROY RLTY CORP COM 49427F108 2,390 50,818 SH   SOLE 50,818 0 0
KIMCO REALTY CORP COM 49446R109 1,564 45,299 SH   SOLE 45,299 0 0
MACK CALI RLTY CORP COM 554489104 1,313 38,434 SH   SOLE 38,434 0 0
PROLOGIS SH BEN INT 743410102 6,920 137,358 SH   SOLE 137,358 0 0
PUBLIC STORAGE COM 74460D109 13,141 162,651 SH   SOLE 150,976 0 11,675
REGENCY CTRS CORP COM 758849103 2,240 37,897 SH   SOLE 37,897 0 0
SIMON PPTY GROUP INC NEW COM 828806109 19,074 212,193 SH   SOLE 212,193 0 0
SL GREEN RLTY CORP COM 78440X101 9,006 108,875 SH   SOLE 108,875 0 0
VORNADO RLTY TR SH BEN INT 929042109 6,218 70,659 SH   SOLE 70,659 0 0