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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 22,571 353,500 SH   SOLE   353,500 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 17,078 500,100 SH   SOLE   500,100 0 0
BIOMED REALTY TRUST INC COM 09063H107 3,471 186,700 SH   SOLE   186,700 0 0
BOSTON PROPERTIES INC COM 101121101 29,269 273,800 SH   SOLE   273,800 0 0
CAMDEN PPTY TR SH BEN INT 133131102 2,310 37,600 SH   SOLE   37,600 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 1,127 48,800 SH   SOLE   48,800 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 1,897 263,800 SH   SOLE   263,800 0 0
DDR CORP COM 23317H102 22,325 1,421,050 SH   SOLE   1,421,050 0 0
DIGITAL RLTY TR INC COM 253868103 2,979 56,100 SH   SOLE   56,100 0 0
EPR PPTYS COM SH BEN INT 26884U109 3,675 75,400 SH   SOLE   75,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 47,360 884,086 SH   SOLE   884,086 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 16,260 858,500 SH   SOLE   858,500 0 0
HOME PROPERTIES INC COM 437306103 3,199 55,400 SH   SOLE   55,400 0 0
HOST HOTELS & RESORTS INC COM 44107P104 27,577 1,560,684 SH   SOLE   1,560,684 0 0
ISHARES U.S. REAL ES ETF 464287739 1,977 31,000 SH Put SOLE   31,000 0 0
LIBERTY PPTY TR SH BEN INT 531172104 2,620 73,600 SH   SOLE   73,600 0 0
MID-AMER APT CMNTYS INC COM 59522J103 17,406 278,500 SH   SOLE   278,500 0 0
PROLOGIS INC COM 74340W103 27,918 742,100 SH   SOLE   742,100 0 0
SIMON PPTY GROUP INC NEW COM 828806109 65,132 439,400 SH   SOLE   439,400 0 0
TAUBMAN CTRS INC COM 876664103 21,203 315,000 SH   SOLE   315,000 0 0
VENTAS INC COM 92276F100 22,337 363,200 SH   SOLE   363,200 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 2,332 92,300 SH   SOLE   92,300 0 0