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 1,359 53,300 SH   SOLE   53,300 0 0
AFFORDABLE RESIDENTIAL CMTYS COM 008273104 666 68,700 SH   SOLE   68,700 0 0
ALEXANDERS INC COM 014752109 900 2,900 SH   SOLE   2,900 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 4,493 47,900 SH   SOLE   47,900 0 0
AMB PROPERTY CORP COM 00163T109 9,015 163,585 SH   SOLE   163,585 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 765 30,000 SH   SOLE   30,000 0 0
AMERICAN FINL RLTY TR COM 02607P305 2,239 200,600 SH   SOLE   200,600 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 10,109 185,800 SH   SOLE   185,800 0 0
ARCHSTONE SMITH TR COM 039583109 22,168 407,200 SH   SOLE   407,200 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,193 100,000 SH   SOLE   100,000 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 515 33,300 SH   SOLE   33,300 0 0
AVALONBAY CMNTYS INC COM 053484101 17,013 141,300 SH   SOLE   141,300 0 0
BIOMED REALTY TRUST INC COM 09063H107 3,125 103,000 SH   SOLE   103,000 0 0
BOSTON PROPERTIES INC COM 101121101 22,445 217,200 SH   SOLE   217,200 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,250 161,300 SH   SOLE   161,300 0 0
BRE PROPERTIES INC CL A 05564E106 5,382 90,100 SH   SOLE   90,100 0 0
BROOKFIELD PPTYS CORP COM 112900105 8,629 244,300 SH   SOLE   244,300 0 0
CAMDEN PPTY TR SH BEN INT 133131102 7,996 105,200 SH   SOLE   105,200 0 0
CBL & ASSOC PPTYS INC COM 124830100 4,820 115,000 SH   SOLE   115,000 0 0
CEDAR SHOPPING CTRS INC COM NEW 150602209 957 59,200 SH   SOLE   59,200 0 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 3,777 79,000 SH   SOLE   79,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 3,151 70,400 SH   SOLE   70,400 0 0
COUSINS PPTYS INC COM 222795106 3,079 90,000 SH   SOLE   90,000 0 0
CRESCENT REAL ESTATE EQUITIE COM 225756105 3,904 179,000 SH   SOLE   179,000 0 0
DEVELOPERS DIVERSIFIED RLTY COM 251591103 11,375 204,000 SH   SOLE   204,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,595 96,000 SH   SOLE   96,000 0 0
DIGITAL RLTY TR INC COM 253868103 2,086 66,600 SH   SOLE   66,600 0 0
DUKE REALTY CORP COM NEW 264411505 9,416 252,100 SH   SOLE   252,100 0 0
EASTGROUP PPTY INC COM 277276101 2,139 42,900 SH   SOLE   42,900 0 0
EDUCATION RLTY TR INC COM 28140H104 737 49,900 SH   SOLE   49,900 0 0
EQUITY INNS INC COM 294703103 1,430 89,800 SH   SOLE   89,800 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 1,774 38,800 SH   SOLE   38,800 0 0
EQUITY OFFICE PROPERTIES TRU COM 294741103 27,148 682,800 SH   SOLE   682,800 0 0
EQUITY ONE COM 294752100 3,044 127,000 SH   SOLE   127,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 28,249 558,500 SH   SOLE   558,500 0 0
ESSEX PPTY TR INC COM 297178105 4,977 41,000 SH   SOLE   41,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,316 76,000 SH   SOLE   76,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 7,356 99,000 SH   SOLE   99,000 0 0
FELCOR LODGING TR INC COM 31430F101 2,025 101,000 SH   SOLE   101,000 0 0
FELDMAN MALL PPTYS INC COM 314308107 6,569 595,580 SH   SOLE   595,580 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 3,454 78,500 SH   SOLE   78,500 0 0
FIRST POTOMAC RLTY TR COM 33610F109 1,257 41,600 SH   SOLE   41,600 0 0
GENERAL GROWTH PPTYS INC COM 370021107 20,890 438,400 SH   SOLE   438,400 0 0
GLENBOROUGH RLTY TR INC COM 37803P105 1,640 63,750 SH   SOLE   63,750 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 1,494 60,300 SH   SOLE   60,300 0 0
GMH CMNTYS TR COM 36188G102 931 73,800 SH   SOLE   73,800 0 0
HERITAGE PPTY INVT TR INC COM 42725M107 3,154 86,500 SH   SOLE   86,500 0 0
HIGHLAND HOSPITALITY CORP COM 430141101 1,204 84,000 SH   SOLE   84,000 0 0
HIGHWOODS PPTYS INC COM 431284108 3,542 95,200 SH   SOLE   95,200 0 0
HOME PROPERTIES INC COM 437306103 3,658 64,000 SH   SOLE   64,000 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 6,037 127,900 SH   SOLE   127,900 0 0
HOST HOTELS & RESORTS INC COM 44107P104 22,959 1,001,270 SH   SOLE   1,001,270 0 0
HRPT PPTYS TR COM SH BEN INT 40426W101 4,382 366,700 SH   SOLE   366,700 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 1,559 89,000 SH   SOLE   89,000 0 0
INNKEEPERS USA TR COM 4576J0104 1,173 72,000 SH   SOLE   72,000 0 0
KILROY RLTY CORP COM 49427F108 4,475 59,400 SH   SOLE   59,400 0 0
KIMCO REALTY CORP COM 49446R109 18,181 424,100 SH   SOLE   424,100 0 0
KITE RLTY GROUP TR COM 49803T102 942 55,300 SH   SOLE   55,300 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 3,251 75,000 SH   SOLE   75,000 0 0
LIBERTY PPTY TR SH BEN INT 531172104 7,981 167,000 SH   SOLE   167,000 0 0
MACERICH CO COM 554382101 10,049 131,600 SH   SOLE   131,600 0 0
MACK CALI RLTY CORP COM 554489104 5,698 110,000 SH   SOLE   110,000 0 0
MAGUIRE PPTYS INC COM 559775101 3,300 81,000 SH   SOLE   81,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 2,694 44,000 SH   SOLE   44,000 0 0
MILLS CORP COM 601148109 1,674 100,200 SH   SOLE   100,200 0 0
NEW PLAN EXCEL RLTY TR INC COM 648053106 5,004 185,000 SH   SOLE   185,000 0 0
PAN PACIFIC RETAIL PPTYS INC COM 69806L104 4,998 72,000 SH   SOLE   72,000 0 0
PARKWAY PPTYS INC COM 70159Q104 1,167 25,100 SH   SOLE   25,100 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 2,656 62,400 SH   SOLE   62,400 0 0
POST PPTYS INC COM 737464107 3,768 79,300 SH   SOLE   79,300 0 0
PROLOGIS SH BEN INT 743410102 26,453 463,600 SH   SOLE   463,600 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 2,237 37,100 SH   SOLE   37,100 0 0
PUBLIC STORAGE INC COM 74460D109 21,791 253,414 SH   SOLE   253,414 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 911 28,500 SH   SOLE   28,500 0 0
RECKSON ASSOCS RLTY CORP COM 75621K106 6,720 157,000 SH   SOLE   157,000 0 0
REGENCY CTRS CORP COM 758849103 8,891 129,300 SH   SOLE   129,300 0 0
SAUL CTRS INC COM 804395101 1,287 28,600 SH   SOLE   28,600 0 0
SIMON PPTY GROUP INC NEW COM 828806109 38,298 422,621 SH   SOLE   422,621 0 0
SL GREEN RLTY CORP COM 78440X101 9,640 86,300 SH   SOLE   86,300 0 0
SOVRAN SELF STORAGE INC COM 84610H108 1,617 29,100 SH   SOLE   29,100 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 2,678 134,700 SH   SOLE   134,700 0 0
SUN COMMUNITIES INC COM 866674104 988 30,900 SH   SOLE   30,900 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 2,972 100,000 SH   SOLE   100,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 1,863 52,300 SH   SOLE   52,300 0 0
TAUBMAN CTRS INC COM 876664103 4,371 98,400 SH   SOLE   98,400 0 0
TRIZEC PROPERTIES INC COM 89687P107 8,323 287,900 SH   SOLE   287,900 0 0
UNITED DOMINION REALTY TR IN COM 910197102 7,562 250,400 SH   SOLE   250,400 0 0
U STORE IT TR COM 91274F104 2,047 95,400 SH   SOLE   95,400 0 0
VORNADO RLTY TR SH BEN INT 929042109 27,762 254,700 SH   SOLE   254,700 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 2,965 74,500 SH   SOLE   74,500 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 6,866 159,600 SH   SOLE   159,600 0 0
WINSTON HOTELS INC COM 97563A102 551 44,700 SH   SOLE   44,700 0 0