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 3,428 126,343 SH   SOLE 126,343 0 0
AMB PROPERTY CORP COM 00163T109 10,914 182,475 SH   SOLE 182,475 0 0
AVALONBAY CMNTYS INC COM 053484101 2,924 24,766 SH   SOLE 24,766 0 0
BOSTON PROPERTIES INC COM 101121101 21,322 205,221 SH   SOLE 192,241 0 12,980
BRE PROPERTIES INC CL A 05564E106 19,269 344,528 SH   SOLE 309,303 0 35,225
ESSEX PPTY TR INC COM 297178105 470 4,000 SH   SOLE 4,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 23,844 269,114 SH   SOLE 269,114 0 0
HOME PROPERTIES INC COM 437306103 1,019 19,529 SH   SOLE 19,529 0 0
HOST HOTELS & RESORTS INC COM 44107P104 12,254 546,076 SH   SOLE 546,076 0 0
KILROY RLTY CORP COM 49427F108 2,298 37,898 SH   SOLE 37,898 0 0
KIMCO REALTY CORP COM 49446R109 3,797 83,990 SH   SOLE 83,990 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 2,100 49,904 SH   SOLE 49,904 0 0
MACK CALI RLTY CORP COM 554489104 1,060 25,791 SH   SOLE 25,791 0 0
PROLOGIS SH BEN INT 743410102 13,215 220,942 SH   SOLE 220,942 0 0
PUBLIC STORAGE COM 74460D109 1,132 14,393 SH   SOLE 14,393 0 0
REGENCY CTRS CORP COM 758849103 3,753 48,897 SH   SOLE 48,897 0 0
SIMON PPTY GROUP INC NEW COM 828806109 5,979 59,790 SH   SOLE 59,790 0 0
SL GREEN RLTY CORP COM 78440X101 26,849 229,930 SH   SOLE 218,397 0 11,533
VORNADO RLTY TR SH BEN INT 929042109 19,205 175,631 SH   SOLE 175,631 0 0