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 21,155 321,900 SH   SOLE   321,900 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 18,126 445,800 SH   SOLE   445,800 0 0
BIOMED REALTY TRUST INC COM 09063H107 3,951 195,300 SH   SOLE   195,300 0 0
BOSTON PROPERTIES INC COM 101121101 29,943 283,900 SH   SOLE   283,900 0 0
CAMDEN PPTY TR SH BEN INT 133131102 2,724 39,400 SH   SOLE   39,400 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 1,244 48,800 SH   SOLE   48,800 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 2,028 283,700 SH   SOLE   283,700 0 0
DDR CORP COM 23317H102 19,212 1,153,900 SH   SOLE   1,153,900 0 0
DIGITAL RLTY TR INC COM 253868103 24,129 395,550 SH   SOLE   395,550 0 0
EPR PPTYS COM SH BEN INT 26884U109 3,971 79,000 SH   SOLE   79,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 53,554 922,386 SH   SOLE   922,386 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 12,222 682,400 SH   SOLE   682,400 0 0
HOME PROPERTIES INC COM 437306103 22,755 348,100 SH   SOLE   348,100 0 0
HOST HOTELS & RESORTS INC COM 44107P104 27,295 1,617,984 SH   SOLE   1,617,984 0 0
ISHARES TR DJ US REAL EST 464287739 8,702 131,000 SH Put SOLE   131,000 0 0
LIBERTY PPTY TR SH BEN INT 531172104 2,920 79,000 SH   SOLE   79,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 19,619 289,500 SH   SOLE   289,500 0 0
PROLOGIS INC COM 74340W103 29,033 769,700 SH   SOLE   769,700 0 0
SIMON PPTY GROUP INC NEW COM 828806109 67,969 430,400 SH   SOLE   430,400 0 0
TAUBMAN CTRS INC COM 876664103 21,583 287,200 SH   SOLE   287,200 0 0
VENTAS INC COM 92276F100 1,028 14,800 SH   SOLE   14,800 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 2,597 96,500 SH   SOLE   96,500 0 0