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 22,752 308,500 SH   SOLE   308,500 0 0
BIOMED REALTY TRUST INC COM 09063H107 3,717 184,000 SH   SOLE   184,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 25,904 378,000 SH   SOLE   378,000 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 19,733 826,700 SH   SOLE   826,700 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 2,199 85,500 SH   SOLE   85,500 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 22,082 2,940,300 SH   SOLE   2,940,300 0 0
DDR CORP COM 23317H102 35,835 2,141,950 SH   SOLE   2,141,950 0 0
EPR PPTYS COM SH BEN INT 26884U109 3,228 63,700 SH   SOLE   63,700 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 25,971 613,100 SH   SOLE   613,100 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,402 39,000 SH   SOLE   39,000 0 0
ESSEX PPTY TR INC COM 297178105 34,320 192,000 SH   SOLE   192,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 29,219 1,493,800 SH   SOLE   1,493,800 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 69,371 2,945,700 SH   SOLE   2,945,700 0 0
HCP INC COM 40414L109 40,187 1,012,000 SH   SOLE   1,012,000 0 0
HEALTHCARE TR AMER INC CL A 42225P105 2,124 183,100 SH   SOLE   183,100 0 0
HOME PROPERTIES INC COM 437306103 1,782 30,600 SH   SOLE   30,600 0 0
HOST HOTELS & RESORTS INC COM 44107P104 39,368 1,845,684 SH   SOLE   1,845,684 0 0
HUDSON PAC PPTYS INC COM 444097109 22,344 906,100 SH   SOLE   906,100 0 0
ISHARES TR U.S. REAL ES ETF 464287739 3,460 50,000 SH Put SOLE   50,000 0 0
KIMCO RLTY CORP COM 49446R109 1,293 59,000 SH   SOLE   59,000 0 0
KITE RLTY GROUP TR COM NEW 49803T300 28,983 1,195,675 SH   SOLE   1,195,675 0 0
MACERICH CO COM 554382101 2,138 33,500 SH   SOLE   33,500 0 0
MID-AMER APT CMNTYS INC COM 59522J103 2,738 41,700 SH   SOLE   41,700 0 0
PROLOGIS INC COM 74340W103 33,538 889,600 SH   SOLE   889,600 0 0
REALTY INCOME CORP COM 756109104 2,011 49,300 SH   SOLE   49,300 0 0
SIMON PPTY GROUP INC NEW COM 828806109 3,979 24,200 SH   SOLE   24,200 0 0
VENTAS INC COM 92276F100 2,212 35,700 SH   SOLE   35,700 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 554 17,600 SH   SOLE   17,600 0 0