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 1,268 14,500 SH   SOLE   14,500 0 0
BIOMED REALTY TRUST INC COM 09063H107 3,040 157,200 SH   SOLE   157,200 0 0
CAMDEN PPTY TR SH BEN INT 133131102 36,122 486,300 SH   SOLE   486,300 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 25,561 1,041,200 SH   SOLE   1,041,200 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 1,040 44,200 SH   SOLE   44,200 0 0
CUBESMART COM 229663109 29,059 1,254,700 SH   SOLE   1,254,700 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 1,747 55,575 SH   SOLE   55,575 0 0
DDR CORP COM 23317H102 2,671 172,750 SH   SOLE   172,750 0 0
DIGITAL RLTY TR INC COM 253868103 2,034 30,500 SH   SOLE   30,500 0 0
EPR PPTYS COM SH BEN INT 26884U109 3,572 65,200 SH   SOLE   65,200 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,270 18,100 SH   SOLE   18,100 0 0
ESSEX PPTY TR INC COM 297178105 37,995 178,800 SH   SOLE   178,800 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 27,667 216,000 SH   SOLE   216,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 33,526 1,517,000 SH   SOLE   1,517,000 0 0
HCP INC COM 40414L109 35,215 965,600 SH   SOLE   965,600 0 0
HOME PROPERTIES INC COM 437306103 1,264 17,300 SH   SOLE   17,300 0 0
HUDSON PAC PPTYS INC COM 444097109 23,377 824,000 SH   SOLE   824,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 3,173 44,500 SH Put SOLE   44,500 0 0
KIMCO RLTY CORP COM 49446R109 1,014 45,000 SH   SOLE   45,000 0 0
KITE RLTY GROUP TR COM NEW 49803T300 29,987 1,225,475 SH   SOLE   1,225,475 0 0
LIBERTY PPTY TR SH BEN INT 531172104 1,959 60,800 SH   SOLE   60,800 0 0
MID-AMER APT CMNTYS INC COM 59522J103 2,359 32,400 SH   SOLE   32,400 0 0
PARAMOUNT GROUP INC COM 69924R108 21,141 1,232,000 SH   SOLE   1,232,000 0 0
PROLOGIS INC COM 74340W103 43,763 1,179,600 SH   SOLE   1,179,600 0 0
SIMON PPTY GROUP INC NEW COM 828806109 68,897 398,200 SH   SOLE   398,200 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 38,116 2,539,393 SH   SOLE   2,539,393 0 0
VENTAS INC COM 92276F100 1,068 17,200 SH   SOLE   17,200 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,050 62,700 SH   SOLE   62,700 0 0