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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ALEXANDRIA REAL ESTATE EQ INCOM01527110922,752308,500SH SOLE 308,50000
BIOMED REALTY TRUST INCCOM09063H1073,717184,000SH SOLE 184,00000
CAMDEN PPTY TRSH BEN INT13313110225,904378,000SH SOLE 378,00000
COLUMBIA PPTY TR INCCOM NEW19828720319,733826,700SH SOLE 826,70000
CORPORATE OFFICE PPTYS TRSH BEN INT22002T1082,19985,500SH SOLE 85,50000
DCT INDUSTRIAL TRUST INCCOM23315310522,0822,940,300SH SOLE 2,940,30000
DDR CORPCOM23317H10235,8352,141,950SH SOLE 2,141,95000
EPR PPTYSCOM SH BEN INT26884U1093,22863,700SH SOLE 63,70000
EQUITY LIFESTYLE PPTYS INCCOM29472R10825,971613,100SH SOLE 613,10000
EQUITY RESIDENTIALSH BEN INT29476L1072,40239,000SH SOLE 39,00000
ESSEX PPTY TR INCCOM29717810534,320192,000SH SOLE 192,00000
FOREST CITY ENTERPRISES INCCL A34555010729,2191,493,800SH SOLE 1,493,80000
GENERAL GROWTH PPTYS INC NEWCOM37002310369,3712,945,700SH SOLE 2,945,70000
HCP INCCOM40414L10940,1871,012,000SH SOLE 1,012,00000
HEALTHCARE TR AMER INCCL A42225P1052,124183,100SH SOLE 183,10000
HOME PROPERTIES INCCOM4373061031,78230,600SH SOLE 30,60000
HOST HOTELS & RESORTS INCCOM44107P10439,3681,845,684SH SOLE 1,845,68400
HUDSON PAC PPTYS INCCOM44409710922,344906,100SH SOLE 906,10000
ISHARES TRU.S. REAL ES ETF4642877393,46050,000SHPutSOLE 50,00000
KIMCO RLTY CORPCOM49446R1091,29359,000SH SOLE 59,00000
KITE RLTY GROUP TRCOM NEW49803T30028,9831,195,675SH SOLE 1,195,67500
MACERICH COCOM5543821012,13833,500SH SOLE 33,50000
MID-AMER APT CMNTYS INCCOM59522J1032,73841,700SH SOLE 41,70000
PROLOGIS INCCOM74340W10333,538889,600SH SOLE 889,60000
REALTY INCOME CORPCOM7561091042,01149,300SH SOLE 49,30000
SIMON PPTY GROUP INC NEWCOM8288061093,97924,200SH SOLE 24,20000
VENTAS INCCOM92276F1002,21235,700SH SOLE 35,70000
WEINGARTEN RLTY INVSSH BEN INT94874110355417,600SH SOLE 17,60000