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 13,836 124,500 SH   SOLE 124,500 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 13,362 294,000 SH   SOLE 294,000 0 0
AVALONBAY CMNTYS INC COM 053484101 9,212 52,000 SH   SOLE 52,000 0 0
BMC STK HLDGS INC COM 05591B109 3,286 168,500 SH   SOLE 168,500 0 0
BROOKDALE SR LIVING INC COM 112463104 3,788 305,000 SH   SOLE 305,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 3,092 36,780 SH   SOLE 36,780 0 0
CUBESMART COM 229663109 5,493 205,176 SH   SOLE 205,176 0 0
DDR CORP COM 23317H102 4,097 268,280 SH   SOLE 268,280 0 0
DUKE REALTY CORP COM NEW 264411505 5,505 207,250 SH   SOLE 207,250 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 6,466 45,500 SH   SOLE 45,500 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 11,886 579,250 SH   SOLE 579,250 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 5,166 206,804 SH   SOLE 206,804 0 0
HOME DEPOT INC COM 437076102 2,828 21,090 SH   SOLE 21,090 0 0
HUDSON PAC PPTYS INC COM 444097109 16,437 472,600 SH   SOLE 472,600 0 0
ISTAR INC COM 45031U101 11,865 959,177 SH   SOLE 959,177 0 0
KILROY RLTY CORP COM 49427F108 6,546 89,400 SH   SOLE 89,400 0 0
MARRIOTT INTL INC NEW CL A 571903202 3,266 39,500 SH   SOLE 39,500 0 0
MASCO CORP COM 574599106 3,620 114,500 SH   SOLE 114,500 0 0
RETAIL PPTYS AMER INC CL A 76131V202 5,825 380,000 SH   SOLE 380,000 0 0
REXFORD INDL RLTY INC COM 76169C100 6,147 265,085 SH   SOLE 265,085 0 0
SL GREEN RLTY CORP COM 78440X101 16,240 150,995 SH   SOLE 150,995 0 0
STAG INDL INC COM 85254J102 4,103 171,907 SH   SOLE 171,907 0 0
STORE CAP CORP COM 862121100 3,763 152,300 SH   SOLE 152,300 0 0
SUN CMNTYS INC COM 866674104 15,391 200,900 SH   SOLE 200,900 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 4,570 439,000 SH   SOLE 439,000 0 0