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 3,065 33,721 SH   SOLE   33,721 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 4,460 106,639 SH   SOLE   106,639 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 946 84,130 SH   SOLE   84,130 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 1,166 43,402 SH   SOLE   43,402 0 0
BOSTON PROPERTIES INC COM 101121101 2,172 17,095 SH   SOLE   17,095 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 2,422 172,597 SH   SOLE   172,597 0 0
CAMDEN PPTY TR SH BEN INT 133131102 3,901 46,386 SH   SOLE   46,386 0 0
CBRE GROUP INC CL A 12504L109 3,306 114,724 SH   SOLE   114,724 0 0
COLONY STARWOOD HOMES COM 19625X102 4,608 186,172 SH   SOLE   186,172 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 1,587 60,491 SH   SOLE   60,491 0 0
EMPIRE ST RLTY TR INC CL A 292104106 2,462 140,469 SH   SOLE   140,469 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 1,663 58,914 SH   SOLE   58,914 0 0
FIRST POTOMAC RLTY TR COM 33610F109 700 77,248 SH   SOLE   77,248 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 3,138 105,541 SH   SOLE   105,541 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 3,151 139,940 SH   SOLE   139,940 0 0
HOME DEPOT INC COM 437076102 3,203 24,004 SH   SOLE   24,004 0 0
LOWES COS INC COM 548661107 3,101 40,931 SH   SOLE   40,931 0 0
POST PPTYS INC COM 737464107 2,183 36,547 SH   SOLE   36,547 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 3,645 158,125 SH   SOLE   158,125 0 0
SIMON PPTY GROUP INC NEW COM 828806109 3,382 16,283 SH   SOLE   16,283 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 3,233 287,386 SH   SOLE   287,386 0 0
TAUBMAN CTRS INC COM 876664103 2,462 34,564 SH   SOLE   34,564 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,761 29,243 SH   SOLE   29,243 0 0