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 1,635 63,000 SH   SOLE 63,000 0 0
AMB PROPERTY CORP COM 00163T109 4,168 76,994 SH   SOLE 76,994 0 0
AVALONBAY CMNTYS INC COM 053484101 1,930 16,235 SH   SOLE 16,235 0 0
BOSTON PROPERTIES INC COM 101121101 20,255 198,324 SH   SOLE 182,484 0 15,840
BRE PROPERTIES INC CL A 05564E106 27,636 466,115 SH   SOLE 420,680 0 45,435
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 17,924 232,000 SH   SOLE 232,000 0 0
GENERAL GROWTH PPTYS INC COM 370021107 1,569 29,638 SH   SOLE 29,638 0 0
HOME PROPERTIES INC COM 437306103 838 16,129 SH   SOLE 16,129 0 0
HOST HOTELS & RESORTS INC COM 44107P104 20,214 874,291 SH   SOLE 791,427 0 82,864
KILROY RLTY CORP COM 49427F108 3,584 50,598 SH   SOLE 50,598 0 0
KIMCO REALTY CORP COM 49446R109 3,458 90,843 SH   SOLE 90,843 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 1,032 23,757 SH   SOLE 23,757 0 0
MACERICH CO COM 554382101 1,003 12,175 SH   SOLE 12,175 0 0
PROLOGIS SH BEN INT 743410102 17,477 307,154 SH   SOLE 281,246 0 25,908
REGENCY CTRS CORP COM 758849103 5,440 77,158 SH   SOLE 77,158 0 0
SIMON PPTY GROUP INC NEW COM 828806109 2,056 22,100 SH   SOLE 22,100 0 0
SL GREEN RLTY CORP COM 78440X101 36,778 296,862 SH   SOLE 272,686 0 24,176
VORNADO RLTY TR SH BEN INT 929042109 16,502 150,238 SH   SOLE 143,433 0 6,805