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 3,352 138,803 SH   SOLE 138,803 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 6,171 66,555 SH   SOLE 66,555 0 0
AMB PROPERTY CORP COM 00163T109 5,417 99,538 SH   SOLE 88,022 0 11,516
AVALONBAY CMNTYS INC COM 053484101 4,821 49,950 SH   SOLE 49,950 0 0
BOSTON PROPERTIES INC COM 101121101 19,564 212,491 SH   SOLE 197,964 0 14,527
BRE PROPERTIES INC CL A 05564E106 10,352 227,225 SH   SOLE 227,225 0 0
ESSEX PPTY TR INC COM 297178105 2,017 17,692 SH   SOLE 14,300 0 3,392
EXTRA SPACE STORAGE INC COM 30225T102 1,050 64,856 SH   SOLE 64,856 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 25,990 333,414 SH   SOLE 321,216 0 12,198
HOME PROPERTIES INC COM 437306103 1,328 27,674 SH   SOLE 27,674 0 0
HOST HOTELS & RESORTS INC COM 44107P104 6,465 406,109 SH   SOLE 406,109 0 0
KILROY RLTY CORP COM 49427F108 2,747 55,932 SH   SOLE 55,932 0 0
KIMCO REALTY CORP COM 49446R109 2,088 53,299 SH   SOLE 53,299 0 0
MACK CALI RLTY CORP COM 554489104 2,734 76,548 SH   SOLE 76,548 0 0
PROLOGIS SH BEN INT 743410102 3,817 70,142 SH   SOLE 70,142 0 0
PUBLIC STORAGE COM 74460D109 18,369 207,281 SH   SOLE 185,281 0 22,000
REGENCY CTRS CORP COM 758849103 3,167 48,897 SH   SOLE 48,897 0 0
SIMON PPTY GROUP INC NEW COM 828806109 23,950 257,779 SH   SOLE 257,779 0 0
SL GREEN RLTY CORP COM 78440X101 8,870 108,875 SH   SOLE 108,875 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,932 57,209 SH   SOLE 57,209 0 0