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
BROOKFIELD PPTYS CORP COM 112900105 6,597 341,650 SH   SOLE   341,650 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 1,236 51,200 SH   SOLE   51,200 0 0
ALEXANDERS INC COM 014752109 1,170 3,300 SH   SOLE   3,300 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 4,923 53,100 SH   SOLE   53,100 0 0
AMB PROPERTY CORP COM 00163T109 8,957 164,585 SH   SOLE   164,585 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,234 45,100 SH   SOLE   45,100 0 0
AMERICAN FINL RLTY TR COM 02607P305 1,704 214,600 SH   SOLE   214,600 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 5,720 159,721 SH   SOLE   159,721 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,136 200,000 SH   SOLE   200,000 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 315 27,500 SH   SOLE   27,500 0 0
AVALONBAY CMNTYS INC COM 053484101 12,384 128,300 SH   SOLE   128,300 0 0
BIOMED REALTY TRUST INC COM 09063H107 2,606 109,100 SH   SOLE   109,100 0 0
BOSTON PROPERTIES INC COM 101121101 18,285 198,600 SH   SOLE   198,600 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 2,512 148,100 SH   SOLE   148,100 0 0
BRE PROPERTIES INC CL A 05564E106 3,886 85,300 SH   SOLE   85,300 0 0
CAMDEN PPTY TR SH BEN INT 133131102 4,413 87,900 SH   SOLE   87,900 0 0
CBL & ASSOC PPTYS INC COM 124830100 2,609 110,900 SH   SOLE   110,900 0 0
CEDAR SHOPPING CTRS INC COM NEW 150602209 875 74,900 SH   SOLE   74,900 0 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 1,813 75,400 SH   SOLE   75,400 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 2,672 79,500 SH   SOLE   79,500 0 0
COUSINS PPTYS INC COM 222795106 1,705 69,000 SH   SOLE   69,000 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 2,800 281,100 SH   SOLE   281,100 0 0
DEVELOPERS DIVERSIFIED RLTY COM 251591103 8,351 199,400 SH   SOLE   199,400 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,989 157,000 SH   SOLE   157,000 0 0
DIGITAL RLTY TR INC COM 253868103 3,515 99,000 SH   SOLE   99,000 0 0
DOUGLAS EMMETT INC COM 25960P109 3,964 179,700 SH   SOLE   179,700 0 0
DUKE REALTY CORP COM NEW 264411505 5,543 243,000 SH   SOLE   243,000 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 975 59,100 SH   SOLE   59,100 0 0
EASTGROUP PPTY INC COM 277276101 1,831 39,400 SH   SOLE   39,400 0 0
EDUCATION RLTY TR INC COM 28140H104 627 49,900 SH   SOLE   49,900 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 1,842 37,300 SH   SOLE   37,300 0 0
EQUITY ONE COM 294752100 1,457 60,800 SH   SOLE   60,800 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 18,766 452,300 SH   SOLE   452,300 0 0
ESSEX PPTY TR INC COM 297178105 4,787 42,000 SH   SOLE   42,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,760 108,700 SH   SOLE   108,700 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 7,647 98,100 SH   SOLE   98,100 0 0
FELCOR LODGING TR INC COM 31430F101 1,219 101,300 SH   SOLE   101,300 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 2,240 72,500 SH   SOLE   72,500 0 0
FIRST POTOMAC RLTY TR COM 33610F109 639 41,600 SH   SOLE   41,600 0 0
GENERAL GROWTH PPTYS INC COM 370021107 14,676 384,500 SH   SOLE   384,500 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 750 62,700 SH   SOLE   62,700 0 0
GMH CMNTYS TR COM 36188G102 557 64,200 SH   SOLE   64,200 0 0
HCP INC COM 40414L109 12,202 360,900 SH   SOLE   360,900 0 0
HEALTH CARE REIT INC COM 42217K106 6,657 147,500 SH   SOLE   147,500 0 0
HEALTHCARE RLTY TR COM 421946104 2,212 84,600 SH   SOLE   84,600 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 640 70,900 SH   SOLE   70,900 0 0
HIGHWOODS PPTYS INC COM 431284108 2,939 94,600 SH   SOLE   94,600 0 0
HOME PROPERTIES INC COM 437306103 2,606 54,300 SH   SOLE   54,300 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 5,300 155,800 SH   SOLE   155,800 0 0
HOST HOTELS & RESORTS INC COM 44107P104 13,836 869,070 SH   SOLE   869,070 0 0
HRPT PPTYS TR COM SH BEN INT 40426W101 2,526 375,400 SH   SOLE   375,400 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 1,450 95,300 SH   SOLE   95,300 0 0
KILROY RLTY CORP COM 49427F108 2,657 54,100 SH   SOLE   54,100 0 0
KIMCO REALTY CORP COM 49446R109 14,333 365,921 SH   SOLE   365,921 0 0
KITE RLTY GROUP TR COM 49803T102 666 47,600 SH   SOLE   47,600 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 1,913 66,600 SH   SOLE   66,600 0 0
LIBERTY PPTY TR SH BEN INT 531172104 4,726 151,900 SH   SOLE   151,900 0 0
MACERICH CO COM 554382101 8,503 121,000 SH   SOLE   121,000 0 0
MACK CALI RLTY CORP COM 554489104 3,900 109,200 SH   SOLE   109,200 0 0
MAGUIRE PPTYS INC COM 559775101 857 59,900 SH   SOLE   59,900 0 0
MID-AMER APT CMNTYS INC COM 59522J103 2,108 42,300 SH   SOLE   42,300 0 0
NATIONWIDE HEALTH PPTYS INC COM 638620104 5,366 159,000 SH   SOLE   159,000 0 0
PARKWAY PPTYS INC COM 70159Q104 939 25,400 SH   SOLE   25,400 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 1,607 65,900 SH   SOLE   65,900 0 0
POST PPTYS INC COM 737464107 2,788 72,200 SH   SOLE   72,200 0 0
PROLOGIS SH BEN INT 743410102 25,186 427,900 SH   SOLE   427,900 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 1,313 25,300 SH   SOLE   25,300 0 0
PUBLIC STORAGE COM 74460D109 19,019 214,614 SH   SOLE   214,614 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 665 31,500 SH   SOLE   31,500 0 0
REGENCY CTRS CORP COM 758849103 7,454 115,100 SH   SOLE   115,100 0 0
SAUL CTRS INC COM 804395101 970 19,300 SH   SOLE   19,300 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 3,716 156,800 SH   SOLE   156,800 0 0
SIMON PPTY GROUP INC NEW COM 828806109 34,620 372,621 SH   SOLE   372,621 0 0
SL GREEN RLTY CORP COM 78440X101 8,025 98,507 SH   SOLE   98,507 0 0
SOVRAN SELF STORAGE INC COM 84610H108 1,559 36,500 SH   SOLE   36,500 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 1,632 124,300 SH   SOLE   124,300 0 0
SUN COMMUNITIES INC COM 866674104 570 27,800 SH   SOLE   27,800 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 1,572 98,200 SH   SOLE   98,200 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 2,012 52,300 SH   SOLE   52,300 0 0
TAUBMAN CTRS INC COM 876664103 4,569 87,700 SH   SOLE   87,700 0 0
U STORE IT TR COM 91274F104 889 78,500 SH   SOLE   78,500 0 0
UDR INC COM 902653104 5,492 224,000 SH   SOLE   224,000 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 566 17,000 SH   SOLE   17,000 0 0
VENTAS INC COM 92276F100 10,307 229,500 SH   SOLE   229,500 0 0
VORNADO RLTY TR SH BEN INT 929042109 20,440 237,100 SH   SOLE   237,100 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 2,597 77,700 SH   SOLE   77,700 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 4,463 129,600 SH   SOLE   129,600 0 0