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
AMERICAN TOWER CORP NEW COM 03027X100 7,324 69,300 SH   SOLE   69,300 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 2,495 54,900 SH   SOLE   54,900 0 0
CORESITE RLTY CORP COM 21870Q105 246 3,100 SH   SOLE   3,100 0 0
CUBESMART COM 229663109 982 36,700 SH   SOLE   36,700 0 0
DDR CORP COM 23317H102 2,498 163,600 SH   SOLE   163,600 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 3,476 301,500 SH   SOLE   301,500 0 0
DUKE REALTY CORP COM NEW 264411505 6,242 235,000 SH   SOLE   235,000 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 2,507 82,900 SH   SOLE   82,900 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 8,154 126,700 SH   SOLE   126,700 0 0
ESSEX PPTY TR INC COM 297178105 5,324 22,900 SH   SOLE   22,900 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 5,386 37,900 SH   SOLE   37,900 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 12,647 506,300 SH   SOLE   506,300 0 0
KILROY RLTY CORP COM 49427F108 4,635 63,300 SH   SOLE   63,300 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 614 13,900 SH   SOLE   13,900 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 2,917 93,300 SH   SOLE   93,300 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 1,166 61,500 SH   SOLE   61,500 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 2,099 100,400 SH   SOLE   100,400 0 0
PUBLIC STORAGE COM 74460D109 6,705 30,000 SH   SOLE   30,000 0 0
RETAIL PPTYS AMER INC CL A 76131V202 1,930 125,900 SH   SOLE   125,900 0 0
RLJ LODGING TR COM 74965L101 4,614 188,400 SH   SOLE   188,400 0 0
SL GREEN RLTY CORP COM 78440X101 7,410 68,900 SH   SOLE   68,900 0 0
STORE CAP CORP COM 862121100 8,510 344,400 SH   SOLE   344,400 0 0
SUN CMNTYS INC COM 866674104 1,678 21,900 SH   SOLE   21,900 0 0