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
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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
Alexandria Real Estate Equities, Inc COM 015271109 1,762 39,500 SH   SOLE   39,500 0 0
AMB Property Corporation COM 019841103 5,088 185,000 SH   SOLE   185,000 0 0
Apartment Investment & Management Co CL A 03748R101 4,837 100,000 SH   SOLE   100,000 0 0
Archstone-Smith Trust COM 039583109 8,314 310,325 SH   SOLE   310,325 0 0
Avalonbay Communities, Inc COM 053484901 5,812 116,700 SH   SOLE   116,700 0 0
Boston Properties, Inc COM 101121101 12,064 305,800 SH   SOLE   305,800 0 0
Centerpoint Properties Corp SH BEN INT 151895109 1,989 36,800 SH   SOLE   36,800 0 0
Chateau Communities, Inc COM 161726104 4,726 164,500 SH   SOLE   164,500 0 0
Corporate Office Properties Trust, Inc SH BEN INT 22002T108 1,179 90,000 SH   SOLE   90,000 0 0
Cousins Properties, Inc COM 222795106 5,650 216,900 SH   SOLE   216,900 0 0
Duke Realty Corp COM NEW 264411505 5,884 226,300 SH   SOLE   226,300 0 0
Equity Office Properties Trust COM 294741103 13,356 445,333 SH   SOLE   445,333 0 0
Equity Residential Properties Trust Co SH BEN INT 29476L107 9,151 318,400 SH   SOLE   318,400 0 0
Hilton Hotels Corp COM 432848109 1,640 114,700 SH   SOLE   114,700 0 0
Host Marriott Corp COM 44107P104 2,662 222,800 SH   SOLE   222,800 0 0
Kilroy Realty Corp COM 49427F108 1,047 37,100 SH   SOLE   37,100 0 0
Kimco Realty Corp COM 49446R109 5,093 155,750 SH   SOLE   155,750 0 0
Manufactured Home Communities, Inc COM 564682102 1,059 32,100 SH   SOLE   32,100 0 0
Mission West Properties Inc COM 605203108 3,151 240,500 SH   SOLE   240,500 0 0
Prologis Trust SH BEN INT 743410102 5,641 241,600 SH   SOLE   241,600 0 0
Public Storage, Inc COM 74460D109 1,318 35,600 SH   SOLE   35,600 0 0
Reckson Associates Realty Corp COM 75621K106 4,039 163,800 SH   SOLE   163,800 0 0
Rouse Co COM 779273101 6,199 200,100 SH   SOLE   200,100 0 0
Simon Property Group, Inc COM 828806109 6,066 185,900 SH   SOLE   185,900 0 0
Starwood Hotels & Resorts Worldwide Paired CTF 85590A203 1,429 38,000 SH   SOLE   38,000 0 0
Sun Communities, Inc COM 866674104 1,478 37,600 SH   SOLE   37,600 0 0