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 1,390 53,300 SH   SOLE   53,300 0 0
AFFORDABLE RESIDENTIAL CMTYS COM 008273104 1,035 85,325 SH   SOLE   85,325 0 0
ALEXANDERS INC COM 014752109 1,564 3,800 SH   SOLE   3,800 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 5,370 53,500 SH   SOLE   53,500 0 0
AMB PROPERTY CORP COM 00163T109 10,564 179,685 SH   SOLE   179,685 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,287 42,500 SH   SOLE   42,500 0 0
AMERICAN FINL RLTY TR COM 02607P305 2,364 234,500 SH   SOLE   234,500 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 10,298 178,500 SH   SOLE   178,500 0 0
ARCHSTONE SMITH TR COM 039583109 21,815 401,900 SH   SOLE   401,900 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,415 118,500 SH   SOLE   118,500 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 387 27,500 SH   SOLE   27,500 0 0
AVALONBAY CMNTYS INC COM 053484101 18,837 144,900 SH   SOLE   144,900 0 0
BIOMED REALTY TRUST INC COM 09063H107 3,219 122,400 SH   SOLE   122,400 0 0
BOSTON PROPERTIES INC COM 101121101 25,264 215,200 SH   SOLE   215,200 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,459 163,400 SH   SOLE   163,400 0 0
BRE PROPERTIES INC CL A 05564E106 5,835 92,400 SH   SOLE   92,400 0 0
BROOKFIELD PPTYS CORP COM 112900105 9,664 239,800 SH   SOLE   239,800 0 0
CAMDEN PPTY TR SH BEN INT 133131102 7,270 103,400 SH   SOLE   103,400 0 0
CBL & ASSOC PPTYS INC COM 124830100 5,345 119,200 SH   SOLE   119,200 0 0
CEDAR SHOPPING CTRS INC COM NEW 150602209 1,213 74,900 SH   SOLE   74,900 0 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 3,923 85,900 SH   SOLE   85,900 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 3,613 79,100 SH   SOLE   79,100 0 0
COUSINS PPTYS INC COM 222795106 2,481 75,500 SH   SOLE   75,500 0 0
CRESCENT REAL ESTATE EQUITIE COM 225756105 3,591 179,000 SH   SOLE   179,000 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 3,549 300,000 SH   SOLE   300,000 0 0
DEVELOPERS DIVERSIFIED RLTY COM 251591103 12,605 200,400 SH   SOLE   200,400 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 3,120 164,200 SH   SOLE   164,200 0 0
DIGITAL RLTY TR INC COM 253868103 3,986 99,900 SH   SOLE   99,900 0 0
DOUGLAS EMMETT INC COM 25960P109 3,153 123,500 SH   SOLE   123,500 0 0
DUKE REALTY CORP COM NEW 264411505 10,711 246,400 SH   SOLE   246,400 0 0
EASTGROUP PPTY INC COM 277276101 2,189 42,900 SH   SOLE   42,900 0 0
EDUCATION RLTY TR INC COM 28140H104 738 49,900 SH   SOLE   49,900 0 0
EQUITY INNS INC COM 294703103 1,694 103,400 SH   SOLE   103,400 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 2,096 38,800 SH   SOLE   38,800 0 0
EQUITY ONE COM 294752100 1,852 69,900 SH   SOLE   69,900 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 26,039 539,900 SH   SOLE   539,900 0 0
ESSEX PPTY TR INC COM 297178105 5,529 42,700 SH   SOLE   42,700 0 0
EXTRA SPACE STORAGE INC COM 30225T102 2,277 120,200 SH   SOLE   120,200 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 9,198 101,500 SH   SOLE   101,500 0 0
FELCOR LODGING TR INC COM 31430F101 2,994 115,300 SH   SOLE   115,300 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 3,665 80,900 SH   SOLE   80,900 0 0
FIRST POTOMAC RLTY TR COM 33610F109 1,189 41,600 SH   SOLE   41,600 0 0
GENERAL GROWTH PPTYS INC COM 370021107 26,590 411,800 SH   SOLE   411,800 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 1,881 69,600 SH   SOLE   69,600 0 0
GMH CMNTYS TR COM 36188G102 737 73,800 SH   SOLE   73,800 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 701 59,500 SH   SOLE   59,500 0 0
HIGHLAND HOSPITALITY CORP COM 430141101 1,914 107,500 SH   SOLE   107,500 0 0
HIGHWOODS PPTYS INC COM 431284108 4,016 101,700 SH   SOLE   101,700 0 0
HOME PROPERTIES INC COM 437306103 3,253 61,600 SH   SOLE   61,600 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 7,858 167,900 SH   SOLE   167,900 0 0
HOST HOTELS & RESORTS INC COM 44107P104 25,067 952,770 SH   SOLE   952,770 0 0
HRPT PPTYS TR COM SH BEN INT 40426W101 4,764 387,300 SH   SOLE   387,300 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 2,017 110,000 SH   SOLE   110,000 0 0
INNKEEPERS USA TR COM 4576J0104 1,381 84,800 SH   SOLE   84,800 0 0
KILROY RLTY CORP COM 49427F108 4,381 59,400 SH   SOLE   59,400 0 0
KIMCO REALTY CORP COM 49446R109 19,312 396,221 SH   SOLE   396,221 0 0
KITE RLTY GROUP TR COM 49803T102 1,103 55,300 SH   SOLE   55,300 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 3,477 75,000 SH   SOLE   75,000 0 0
LIBERTY PPTY TR SH BEN INT 531172104 8,136 167,000 SH   SOLE   167,000 0 0
MACERICH CO COM 554382101 12,145 131,500 SH   SOLE   131,500 0 0
MACK CALI RLTY CORP COM 554489104 5,954 125,000 SH   SOLE   125,000 0 0
MAGUIRE PPTYS INC COM 559775101 2,383 67,000 SH   SOLE   67,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 2,475 44,000 SH   SOLE   44,000 0 0
NEW PLAN EXCEL RLTY TR INC COM 648053106 6,371 192,900 SH   SOLE   192,900 0 0
PARKWAY PPTYS INC COM 70159Q104 1,479 28,300 SH   SOLE   28,300 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 2,997 67,600 SH   SOLE   67,600 0 0
POST PPTYS INC COM 737464107 3,626 79,300 SH   SOLE   79,300 0 0
PROLOGIS SH BEN INT 743410102 29,037 447,200 SH   SOLE   447,200 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 2,130 30,200 SH   SOLE   30,200 0 0
PUBLIC STORAGE INC COM 74460D109 22,107 233,514 SH   SOLE   233,514 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 1,018 28,500 SH   SOLE   28,500 0 0
REGENCY CTRS CORP COM 758849103 10,402 124,500 SH   SOLE   124,500 0 0
SAUL CTRS INC COM 804395101 1,172 20,600 SH   SOLE   20,600 0 0
SIMON PPTY GROUP INC NEW COM 828806109 44,903 403,621 SH   SOLE   403,621 0 0
SL GREEN RLTY CORP COM 78440X101 14,995 109,307 SH   SOLE   109,307 0 0
SOVRAN SELF STORAGE INC COM 84610H108 2,022 36,500 SH   SOLE   36,500 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 3,188 139,400 SH   SOLE   139,400 0 0
SUN COMMUNITIES INC COM 866674104 959 30,900 SH   SOLE   30,900 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 2,890 106,000 SH   SOLE   106,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 2,274 56,300 SH   SOLE   56,300 0 0
TAUBMAN CTRS INC COM 876664103 5,613 96,800 SH   SOLE   96,800 0 0
UDR INC COM 902653104 7,508 245,200 SH   SOLE   245,200 0 0
U STORE IT TR COM 91274F104 1,771 88,000 SH   SOLE   88,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 31,124 260,800 SH   SOLE   260,800 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 3,106 83,000 SH   SOLE   83,000 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 6,910 145,300 SH   SOLE   145,300 0 0
WINSTON HOTELS INC COM 97563A102 813 54,100 SH   SOLE   54,100 0 0