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 2,755 21,600 SH   SOLE   21,600 0 0
CAMDEN PPTY TR SH BEN INT 133131102 36,745 478,700 SH   SOLE   478,700 0 0
CARE CAP PPTYS INC COM 141624106 17,375 568,375 SH   SOLE   568,375 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 28,383 1,208,800 SH   SOLE   1,208,800 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 1,670 76,500 SH   SOLE   76,500 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 1,417 37,925 SH   SOLE   37,925 0 0
DDR CORP COM 23317H102 2,909 172,750 SH   SOLE   172,750 0 0
DIGITAL RLTY TR INC COM 253868103 1,580 20,900 SH   SOLE   20,900 0 0
EPR PPTYS COM SH BEN INT 26884U109 3,571 61,100 SH   SOLE   61,100 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,477 18,100 SH   SOLE   18,100 0 0
ESSEX PPTY TR INC COM 297178105 37,396 156,200 SH   SOLE   156,200 0 0
EXTRA SPACE STORAGE INC COM 30225T102 38,874 440,699 SH   SOLE   440,699 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 26,605 182,100 SH   SOLE   182,100 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 39,704 1,810,500 SH   SOLE   1,810,500 0 0
HCP INC COM 40414L109 2,271 59,400 SH   SOLE   59,400 0 0
HUDSON PAC PPTYS INC COM 444097109 28,793 1,023,200 SH   SOLE   1,023,200 0 0
KIMCO RLTY CORP COM 49446R109 1,212 45,800 SH   SOLE   45,800 0 0
KITE RLTY GROUP TR COM NEW 49803T300 26,326 1,015,275 SH   SOLE   1,015,275 0 0
LIBERTY PPTY TR SH BEN INT 531172104 1,888 60,800 SH   SOLE   60,800 0 0
MACERICH CO COM 554382101 565 7,000 SH   SOLE   7,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 1,680 18,500 SH   SOLE   18,500 0 0
NATIONAL HEALTH INVS INC COM 63633D104 41,763 686,100 SH   SOLE   686,100 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 1,994 49,800 SH   SOLE   49,800 0 0
PARAMOUNT GROUP INC COM 69924R108 24,247 1,339,600 SH   SOLE   1,339,600 0 0
PROLOGIS INC COM 74340W103 61,753 1,438,800 SH   SOLE   1,438,800 0 0
SIMON PPTY GROUP INC NEW COM 828806109 84,348 433,800 SH   SOLE   433,800 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 30,020 2,403,492 SH   SOLE   2,403,492 0 0
VENTAS INC COM 92276F100 3,284 58,200 SH   SOLE   58,200 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,168 62,700 SH   SOLE   62,700 0 0