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 5,477 363,439 SH   SOLE 363,439 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 7,284 134,025 SH   SOLE 134,025 0 0
AMB PROPERTY CORP COM 00163T109 1,931 162,028 SH   SOLE 162,028 0 0
AVALONBAY CMNTYS INC COM 053484101 6,767 93,045 SH   SOLE 93,045 0 0
BOSTON PROPERTIES INC COM 101121101 13,213 201,570 SH   SOLE 201,570 0 0
DOUGLAS EMMETT INC COM 25960P109 3,337 271,714 SH   SOLE 271,714 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 1,854 139,121 SH   SOLE 139,121 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,540 213,017 SH   SOLE 213,017 0 0
ESSEX PPTY TR INC COM 297178105 9,243 116,145 SH   SOLE 116,145 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 11,960 194,877 SH   SOLE 194,877 0 0
HOME PROPERTIES INC COM 437306103 6,469 150,123 SH   SOLE 150,123 0 0
HOST HOTELS & RESORTS INC COM 44107P104 5,806 493,306 SH   SOLE 493,306 0 0
KILROY RLTY CORP COM 49427F108 458 16,524 SH   SOLE 16,524 0 0
KIMCO REALTY CORP COM 49446R109 1,572 120,561 SH   SOLE 120,561 0 0
PUBLIC STORAGE COM 74460D109 2,956 39,293 SH   SOLE 39,293 0 0
SIMON PPTY GROUP INC NEW COM 828806109 35,906 550,024 SH   SOLE 543,688 0 6,336
SL GREEN RLTY CORP COM 78440X101 20,293 462,786 SH   SOLE 456,636 0 6,150
VORNADO RLTY TR SH BEN INT 929042109 25,875 401,722 SH   SOLE 401,722 0 0