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
AMER RLTY CAP HEALTHCAR TR I COM 02917R108 175 14,675 SH   SOLE   14,675 0 0
AMERICAN TOWER CORP NEW COM 03027X100 17,109 173,078 SH   SOLE   173,078 0 0
BIOMED REALTY TRUST INC COM 09063H107 1,366 63,400 SH   SOLE   63,400 0 0
BOSTON PROPERTIES INC COM 101121101 11,613 90,242 SH   SOLE   90,242 0 0
BROOKDALE SR LIVING INC COM 112463104 2,410 65,727 SH   SOLE   65,727 0 0
CAMDEN PPTY TR SH BEN INT 133131102 13,001 176,068 SH   SOLE   176,068 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 7,531 202,402 SH   SOLE   202,402 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 5,397 190,236 SH   SOLE   190,236 0 0
DIGITAL RLTY TR INC COM 253868103 631 9,517 SH   SOLE   9,517 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 5,913 177,880 SH   SOLE   177,880 0 0
EPR PPTYS COM SH BEN INT 26884U109 5,925 102,811 SH   SOLE   102,811 0 0
EXTRA SPACE STORAGE INC COM 30225T102 11,328 193,172 SH   SOLE   193,172 0 0
HCP INC COM 40414L109 8,819 200,285 SH   SOLE   200,285 0 0
HYATT HOTELS CORP COM CL A 448579102 6,035 100,230 SH   SOLE   100,230 0 0
KIMCO RLTY CORP COM 49446R109 6,824 271,423 SH   SOLE   271,423 0 0
LTC PPTYS INC COM 502175102 5,417 125,476 SH   SOLE   125,476 0 0
MID-AMER APT CMNTYS INC COM 59522J103 11,402 152,675 SH   SOLE   152,675 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 6,703 170,267 SH   SOLE   170,267 0 0
NEW YORK REIT INC COM 64976L109 3,075 290,323 SH   SOLE   290,323 0 0
PROLOGIS INC COM 74340W103 11,160 259,344 SH   SOLE   259,344 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 5,292 282,407 SH   SOLE   282,407 0 0
REALTY INCOME CORP COM 756109104 7,812 163,749 SH   SOLE   163,749 0 0
REGENCY CTRS CORP COM 758849103 598 9,380 SH   SOLE   9,380 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 6,536 389,261 SH   SOLE   389,261 0 0
SIMON PPTY GROUP INC NEW COM 828806109 27,009 148,312 SH   SOLE   148,312 0 0
SL GREEN RLTY CORP COM 78440X101 9,032 75,887 SH   SOLE   75,887 0 0
SOVRAN SELF STORAGE INC COM 84610H108 9,363 107,351 SH   SOLE   107,351 0 0
STAG INDL INC COM 85254J102 7,131 291,079 SH   SOLE   291,079 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 6,398 483,584 SH   SOLE   483,584 0 0
UDR INC COM 902653104 11,630 377,367 SH   SOLE   377,367 0 0
VENTAS INC COM 92276F100 14,146 197,289 SH   SOLE   197,289 0 0
WASHINGTON PRIME GROUP INC COM 939647103 7,036 408,614 SH   SOLE   408,614 0 0
WEYERHAEUSER CO COM 962166104 10,483 292,086 SH   SOLE   292,086 0 0