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 493 29,307 SH   SOLE 29,307 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 9,021 142,359 SH   SOLE 142,359 0 0
AMB PROPERTY CORP COM 00163T109 2,887 284,969 SH   SOLE 284,969 0 0
AVALONBAY CMNTYS INC COM 053484101 6,717 71,935 SH   SOLE 71,935 0 0
BOSTON PROPERTIES INC COM 101121101 7,439 104,272 SH   SOLE 104,272 0 0
DOUGLAS EMMETT INC COM 25960P109 3,722 261,769 SH   SOLE 261,769 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 8,465 203,299 SH   SOLE 203,299 0 0
ESSEX PPTY TR INC COM 297178105 15,188 155,715 SH   SOLE 155,715 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 14,412 205,095 SH   SOLE 205,095 0 0
HOME PROPERTIES INC COM 437306103 18,137 402,417 SH   SOLE 393,077 0 9,340
HOST HOTELS & RESORTS INC COM 44107P104 3,437 254,989 SH   SOLE 254,989 0 0
KILROY RLTY CORP COM 49427F108 4,219 141,920 SH   SOLE 141,920 0 0
KIMCO REALTY CORP COM 49446R109 2,375 176,720 SH   SOLE 176,720 0 0
PUBLIC STORAGE COM 74460D109 4,243 48,260 SH   SOLE 48,260 0 0
SIMON PPTY GROUP INC NEW COM 828806109 34,958 460,435 SH   SOLE 460,435 0 0
SL GREEN RLTY CORP COM 78440X101 14,305 259,910 SH   SOLE 259,910 0 0
VORNADO RLTY TR SH BEN INT 929042109 14,228 195,043 SH   SOLE 195,043 0 0