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 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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 25,379 349,760 SH   SOLE   349,760 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 17,503 468,633 SH   SOLE   468,633 0 0
AVALONBAY CMNTYS INC COM 053484101 51,069 388,889 SH   SOLE   388,889 0 0
BOSTON PROPERTIES INC COM 101121101 17,901 156,300 SH   SOLE   156,300 0 0
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 26,427 1,260,237 SH   SOLE   1,260,237 0 0
CBRE GROUP INC CL A 12504L109 15,997 583,200 SH   SOLE   583,200 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 19,105 469,982 SH   SOLE   469,982 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 30,255 1,375,211 SH   SOLE   1,375,211 0 0
HEALTHCARE RLTY TR COM 421946104 2,223 92,049 SH   SOLE   92,049 0 0
HEALTHCARE TR AMER INC CL A 42225P105 7,696 675,702 SH   SOLE   675,702 0 0
HOST HOTELS & RESORTS INC COM 44107P104 23,640 1,168,000 SH   SOLE   1,168,000 0 0
HOWARD HUGHES CORP COM 44267D107 26,630 186,605 SH   SOLE   186,605 0 0
LENNAR CORP CL A 526057104 40,999 1,034,800 SH   SOLE   1,034,800 0 0
PARKWAY PPTYS INC COM 70159Q104 44,829 2,456,391 SH   SOLE   2,456,391 0 0
POST PPTYS INC COM 737464107 44,269 901,619 SH   SOLE   901,619 0 0
PROLOGIS INC COM 74340W103 30,995 759,117 SH   SOLE   759,117 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 22,848 1,529,334 SH   SOLE   1,529,334 0 0
RLJ LODGING TR COM 74965L101 19,307 722,030 SH   SOLE   722,030 0 0
ROUSE PPTYS INC COM 779287101 10,568 612,983 SH   SOLE   612,983 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 30,403 2,768,966 SH   SOLE   2,768,966 0 0
TOLL BROTHERS INC COM 889478103 12,461 347,100 SH   SOLE   347,100 0 0