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 3,211 75,600 SH   SOLE   75,600 0 0
AMB Property Corporation COM 019841103 561 19,400 SH   SOLE   19,400 0 0
Apartment Investment & Management Co CL A 03748R101 8,159 210,000 SH   SOLE   210,000 0 0
Archstone-Smith Trust COM 039583109 8,008 335,325 SH   SOLE   335,325 0 0
Avalonbay Communities, Inc COM 053484901 5,254 125,700 SH   SOLE   125,700 0 0
Boston Properties, Inc COM 101121101 11,413 306,800 SH   SOLE   306,800 0 0
Carramerica Realty Corp COM 144418100 5,001 198,700 SH   SOLE   198,700 0 0
Centerpoint Properties Corp SH BEN INT 151895109 2,658 47,900 SH   SOLE   47,900 0 0
Chateau Communities, Inc COM 161726104 4,080 154,500 SH   SOLE   154,500 0 0
Cousins Properties, Inc COM 222795106 6,369 276,900 SH   SOLE   276,900 0 0
Duke Realty Corp COM NEW 264411505 2,740 111,300 SH   SOLE   111,300 0 0
Equity Office Properties Trust COM 294741103 17,953 695,333 SH   SOLE   695,333 0 0
Equity Residential Properties Trust Co SH BEN INT 29476L107 11,103 463,800 SH   SOLE   463,800 0 0
Federal Realty Investment Trust Co SH BEN INT NEW 313747206 2,700 100,000 SH   SOLE   100,000 0 0
Heritage Property Investment COM 42725M107 3,744 150,000 SH   SOLE   150,000 0 0
Hilton Hotels Corp COM 432848109 1,305 114,700 SH   SOLE   114,700 0 0
Host Marriott Corp COM 44107P104 2,068 222,800 SH   SOLE   222,800 0 0
IRT Property Co COM 450052105 1,056 89,887 SH   SOLE   89,887 0 0
ISTAR Financial, Inc COM 45031U101 10,641 381,128 SH   SOLE   381,128 0 0
Kilroy Realty Corp COM 49427F108 1,169 49,300 SH   SOLE   49,300 0 0
Kimco Realty Corp COM 49446R109 7,176 230,750 SH   SOLE   230,750 0 0
Manufactured Home Communities, Inc COM 564682102 812 22,483 SH   SOLE   22,483 0 0
Mills Corp COM 601148109 1,661 56,000 SH   SOLE   56,000 0 0
Mission West Properties Inc COM 605203108 3,213 290,000 SH   SOLE   290,000 0 0
Post Properties, Inc COM 737464107 4,676 180,000 SH   SOLE   180,000 0 0
Prologis Trust SH BEN INT 743410102 5,473 219,695 SH   SOLE   219,695 0 0
PS Business Parks, Inc COM 69360J107 5,100 150,000 SH   SOLE   150,000 0 0
Public Storage, Inc COM 74460D109 5,892 184,700 SH   SOLE   184,700 0 0
Ramco-Gershenson Properties COM SH BEN INT 751452202 1,187 60,398 SH   SOLE   60,398 0 0
Reckson Associates Realty Corp COM 75621K106 5,237 230,000 SH   SOLE   230,000 0 0
Rouse Co COM 779273101 4,313 135,000 SH   SOLE   135,000 0 0
Simon Property Group, Inc COM 828806109 5,749 160,900 SH   SOLE   160,900 0 0
SL Green Realty COM 78440X101 1,325 43,091 SH   SOLE   43,091 0 0
St JOE CO COM 790148100 2,346 85,000 SH   SOLE   85,000 0 0
Starwood Hotels & Resorts Worldwide Paired CTF 85590A203 847 38,000 SH   SOLE   38,000 0 0
Sun Communities, Inc COM 866674104 1,604 43,700 SH   SOLE   43,700 0 0