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
BOSTON PROPERTIES INC COM 101121101 9,656 83,416 SH   SOLE   83,416 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 532 23,900 SH   SOLE   23,900 0 0
CAMDEN PPTY TR SH BEN INT 133131102 850 12,400 SH   SOLE   12,400 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 6,477 222,205 SH   SOLE   222,205 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 4,026 156,530 SH   SOLE   156,530 0 0
CROWN CASTLE INTL CORP COM 228227104 16,222 201,445 SH   SOLE   201,445 0 0
DIGITAL RLTY TR INC COM 253868103 512 8,200 SH   SOLE   8,200 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 4,584 169,539 SH   SOLE   169,539 0 0
EPR PPTYS COM SH BEN INT 26884U109 9,283 183,168 SH   SOLE   183,168 0 0
ESSEX PPTY TR INC COM 297178105 11,024 61,674 SH   SOLE   61,674 0 0
EXTRA SPACE STORAGE INC COM 30225T102 9,901 191,990 SH   SOLE   191,990 0 0
HYATT HOTELS CORP COM CL A 448579102 5,045 83,354 SH   SOLE   83,354 0 0
KIMCO RLTY CORP COM 49446R109 6,205 283,215 SH   SOLE   283,215 0 0
LIBERTY PPTY TR SH BEN INT 531172104 5,169 155,416 SH   SOLE   155,416 0 0
LTC PPTYS INC COM 502175102 5,540 150,169 SH   SOLE   150,169 0 0
MID-AMER APT CMNTYS INC COM 59522J103 9,709 147,887 SH   SOLE   147,887 0 0
PROLOGIS INC COM 74340W103 10,098 267,840 SH   SOLE   267,840 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 4,598 282,948 SH   SOLE   282,948 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 5,426 369,097 SH   SOLE   369,097 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 6,402 263,250 SH   SOLE   263,250 0 0
SIMON PPTY GROUP INC NEW COM 828806109 23,450 142,623 SH   SOLE   142,623 0 0
SL GREEN RLTY CORP COM 78440X101 6,881 67,909 SH   SOLE   67,909 0 0
SOVRAN SELF STORAGE INC COM 84610H108 7,805 104,957 SH   SOLE   104,957 0 0
STAG INDL INC COM 85254J102 8,099 391,073 SH   SOLE   391,073 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 5,791 497,083 SH   SOLE   497,083 0 0
UDR INC COM 902653104 10,344 379,601 SH   SOLE   379,601 0 0
VENTAS INC COM 92276F100 14,860 239,878 SH   SOLE   239,878 0 0
W P CAREY INC COM 92936U109 10,118 158,670 SH   SOLE   158,670 0 0
WASHINGTON PRIME GROUP INC COM 939647103 6,916 395,632 SH   SOLE   395,632 0 0
WEYERHAEUSER CO COM 962166104 10,745 337,258 SH   SOLE   337,258 0 0