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
AMERICAN RLTY CAP PPTYS INC COM 02917T104 7,501 598,637 SH   SOLE   598,637 0 0
BOSTON PROPERTIES INC COM 101121101 9,093 76,942 SH   SOLE   76,942 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 6,317 208,975 SH   SOLE   208,975 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 3,979 143,093 SH   SOLE   143,093 0 0
CROWN CASTLE INTL CORP COM 228227104 12,477 168,017 SH   SOLE   168,017 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 4,874 180,772 SH   SOLE   180,772 0 0
EPR PPTYS COM SH BEN INT 26884U109 7,242 129,616 SH   SOLE   129,616 0 0
ESSEX PPTY TR INC COM 297178105 10,769 58,241 SH   SOLE   58,241 0 0
EXTRA SPACE STORAGE INC COM 30225T102 7,406 139,087 SH   SOLE   139,087 0 0
HOME PROPERTIES INC COM 437306103 5,729 89,569 SH   SOLE   89,569 0 0
KIMCO RLTY CORP COM 49446R109 6,403 278,639 SH   SOLE   278,639 0 0
LIBERTY PPTY TR SH BEN INT 531172104 6,270 165,299 SH   SOLE   165,299 0 0
LTC PPTYS INC COM 502175102 7,709 197,459 SH   SOLE   197,459 0 0
MID-AMER APT CMNTYS INC COM 59522J103 5,427 74,291 SH   SOLE   74,291 0 0
POTLATCH CORP NEW COM 737630103 3,996 96,510 SH   SOLE   96,510 0 0
PROLOGIS INC COM 74340W103 10,351 251,900 SH   SOLE   251,900 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 4,049 243,614 SH   SOLE   243,614 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 4,453 283,072 SH   SOLE   283,072 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 7,300 254,261 SH   SOLE   254,261 0 0
SIMON PPTY GROUP INC NEW COM 828806109 22,401 134,720 SH   SOLE   134,720 0 0
SL GREEN RLTY CORP COM 78440X101 6,683 61,083 SH   SOLE   61,083 0 0
SOVRAN SELF STORAGE INC COM 84610H108 5,268 68,200 SH   SOLE   68,200 0 0
STAG INDL INC COM 85254J102 6,475 269,697 SH   SOLE   269,697 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 3,382 41,847 SH   SOLE   41,847 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 6,558 560,033 SH   SOLE   560,033 0 0
UDR INC COM 902653104 8,664 302,629 SH   SOLE   302,629 0 0
VENTAS INC COM 92276F100 11,333 176,806 SH   SOLE   176,806 0 0
W P CAREY INC COM 92936U109 5,494 85,317 SH   SOLE   85,317 0 0
WASHINGTON PRIME GROUP INC COM 939647103 6,083 324,594 SH   SOLE   324,594 0 0
WEYERHAEUSER CO COM 962166104 12,130 366,563 SH   SOLE   366,563 0 0