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 1,261 53,300 SH   SOLE   53,300 0 0
AFFORDABLE RESIDENTIAL CMTYS COM 008273104 932 86,700 SH   SOLE   86,700 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 4,248 47,900 SH   SOLE   47,900 0 0
AMB PROPERTY CORP COM 00163T109 8,269 163,585 SH   SOLE   163,585 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 746 30,000 SH   SOLE   30,000 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 7,864 181,000 SH   SOLE   181,000 0 0
ARCHSTONE SMITH TR COM 039583109 20,307 399,200 SH   SOLE   399,200 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,262 100,000 SH   SOLE   100,000 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 413 33,300 SH   SOLE   33,300 0 0
AVALONBAY CMNTYS INC COM 053484101 15,299 138,300 SH   SOLE   138,300 0 0
BIOMED REALTY TRUST INC COM 09063H107 3,084 103,000 SH   SOLE   103,000 0 0
BOSTON PROPERTIES INC COM 101121101 19,092 211,200 SH   SOLE   211,200 0 0
BOYKIN LODGING CO COM 103430104 321 29,500 SH   SOLE   29,500 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,189 161,300 SH   SOLE   161,300 0 0
BRE PROPERTIES INC CL A 05564E106 4,956 90,100 SH   SOLE   90,100 0 0
BROOKFIELD PPTYS CORP COM 112900105 14,135 439,400 SH   SOLE   439,400 0 0
CAMDEN PPTY TR SH BEN INT 133131102 7,737 105,200 SH   SOLE   105,200 0 0
CARRAMERICA RLTY CORP COM 144418100 4,589 103,000 SH   SOLE   103,000 0 0
CBL & ASSOC PPTYS INC COM 124830100 4,477 115,000 SH   SOLE   115,000 0 0
CEDAR SHOPPING CTRS INC COM NEW 150602209 957 65,000 SH   SOLE   65,000 0 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 3,903 79,000 SH   SOLE   79,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 2,962 70,400 SH   SOLE   70,400 0 0
COUSINS PPTYS INC COM 222795106 2,784 90,000 SH   SOLE   90,000 0 0
CRESCENT REAL ESTATE EQUITIE COM 225756105 3,322 179,000 SH   SOLE   179,000 0 0
DEVELOPERS DIVERSIFIED RLTY COM 251591103 10,645 204,000 SH   SOLE   204,000 0 0
DIGITAL RLTY TR INC COM 253868103 1,200 48,600 SH   SOLE   48,600 0 0
DUKE REALTY CORP COM NEW 264411505 8,861 252,100 SH   SOLE   252,100 0 0
EASTGROUP PPTY INC COM 277276101 2,101 45,000 SH   SOLE   45,000 0 0
EDUCATION RLTY TR INC COM 28140H104 831 49,900 SH   SOLE   49,900 0 0
EQUITY INNS INC COM 294703103 1,487 89,800 SH   SOLE   89,800 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 1,701 38,800 SH   SOLE   38,800 0 0
EQUITY OFFICE PROPERTIES TRU COM 294741103 25,447 697,000 SH   SOLE   697,000 0 0
EQUITY ONE COM 294752100 2,654 127,000 SH   SOLE   127,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 24,400 545,500 SH   SOLE   545,500 0 0
ESSEX PPTY TR INC COM 297178105 4,578 41,000 SH   SOLE   41,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 6,510 93,000 SH   SOLE   93,000 0 0
FELCOR LODGING TR INC COM 31430F101 2,196 101,000 SH   SOLE   101,000 0 0
FELDMAN MALL PPTYS INC COM 314308107 12,704 1,159,100 SH   SOLE   1,159,100 0 0
FIRST POTOMAC RLTY TR COM 33610F109 1,239 41,600 SH   SOLE   41,600 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 2,978 78,500 SH   SOLE   78,500 0 0
GENERAL GROWTH PPTYS INC COM 370021107 20,038 444,700 SH   SOLE   444,700 0 0
GLENBOROUGH RLTY TR INC COM 37803P105 1,373 63,750 SH   SOLE   63,750 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 1,496 60,300 SH   SOLE   60,300 0 0
GMH CMNTYS TR COM 36188G102 973 73,800 SH   SOLE   73,800 0 0
HERITAGE PPTY INVT TR INC COM 42725M107 2,769 79,300 SH   SOLE   79,300 0 0
HIGHWOODS PPTYS INC COM 431284108 3,444 95,200 SH   SOLE   95,200 0 0
HOME PROPERTIES INC COM 437306103 3,109 56,000 SH   SOLE   56,000 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 5,617 127,900 SH   SOLE   127,900 0 0
HOST HOTELS & RESORTS INC COM 44107P104 21,351 976,270 SH   SOLE   976,270 0 0
HRPT PPTYS TR COM SH BEN INT 40426W101 4,239 366,700 SH   SOLE   366,700 0 0
INNKEEPERS USA TR COM 4576J0104 1,244 72,000 SH   SOLE   72,000 0 0
KILROY RLTY CORP COM 49427F108 4,292 59,400 SH   SOLE   59,400 0 0
KIMCO REALTY CORP COM 49446R109 16,271 445,900 SH   SOLE   445,900 0 0
KITE RLTY GROUP TR COM 49803T102 1,029 66,000 SH   SOLE   66,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 3,473 75,000 SH   SOLE   75,000 0 0
LIBERTY PPTY TR SH BEN INT 531172104 6,939 157,000 SH   SOLE   157,000 0 0
MACERICH CO COM 554382101 9,238 131,600 SH   SOLE   131,600 0 0
MACK CALI RLTY CORP COM 554489104 5,051 110,000 SH   SOLE   110,000 0 0
MAGUIRE PPTYS INC COM 559775101 2,849 81,000 SH   SOLE   81,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 2,063 37,000 SH   SOLE   37,000 0 0
MILLS CORP COM 601148109 2,680 100,200 SH   SOLE   100,200 0 0
NEW PLAN EXCEL RLTY TR INC COM 648053106 4,568 185,000 SH   SOLE   185,000 0 0
PAN PACIFIC RETAIL PPTYS INC COM 69806L104 4,995 72,000 SH   SOLE   72,000 0 0
PARKWAY PPTYS INC COM 70159Q104 1,142 25,100 SH   SOLE   25,100 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 2,519 62,400 SH   SOLE   62,400 0 0
POST PPTYS INC COM 737464107 3,142 69,300 SH   SOLE   69,300 0 0
PROLOGIS SH BEN INT 743410102 23,642 453,600 SH   SOLE   453,600 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 2,189 37,100 SH   SOLE   37,100 0 0
PUBLIC STORAGE INC COM 74460D109 18,497 243,700 SH   SOLE   243,700 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 768 28,500 SH   SOLE   28,500 0 0
RECKSON ASSOCS RLTY CORP COM 75621K106 6,083 147,000 SH   SOLE   147,000 0 0
REGENCY CTRS CORP COM 758849103 7,539 121,300 SH   SOLE   121,300 0 0
SAUL CTRS INC COM 804395101 1,166 28,600 SH   SOLE   28,600 0 0
SHURGARD STORAGE CTRS INC COM 82567D104 5,106 81,700 SH   SOLE   81,700 0 0
SIMON PPTY GROUP INC NEW COM 828806109 34,555 416,621 SH   SOLE   416,621 0 0
SL GREEN RLTY CORP COM 78440X101 8,790 80,300 SH   SOLE   80,300 0 0
SOVRAN SELF STORAGE INC COM 84610H108 1,478 29,100 SH   SOLE   29,100 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 2,794 134,700 SH   SOLE   134,700 0 0
SUN COMMUNITIES INC COM 866674104 1,005 30,900 SH   SOLE   30,900 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 2,906 100,000 SH   SOLE   100,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 1,693 52,300 SH   SOLE   52,300 0 0
TAUBMAN CTRS INC COM 876664103 3,534 86,400 SH   SOLE   86,400 0 0
TRIZEC PROPERTIES INC COM 89687P107 8,019 280,000 SH   SOLE   280,000 0 0
U STORE IT TR COM 91274F104 1,799 95,400 SH   SOLE   95,400 0 0
UNITED DOMINION REALTY TR IN COM 910197102 7,014 250,400 SH   SOLE   250,400 0 0
VORNADO RLTY TR SH BEN INT 929042109 25,656 263,000 SH   SOLE   263,000 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 2,734 74,500 SH   SOLE   74,500 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 6,109 159,600 SH   SOLE   159,600 0 0
WINSTON HOTELS INC COM 97563A102 548 44,700 SH   SOLE   44,700 0 0