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
BIOMED REALTY TRUST INC COM 09063H107 2,096 104,900 SH   SOLE   104,900 0 0
BOSTON PROPERTIES INC COM 101121101 4,606 38,900 SH   SOLE   38,900 0 0
CAMDEN PPTY TR SH BEN INT 133131102 39,130 529,500 SH   SOLE   529,500 0 0
CARE CAP PPTYS INC COM 141624106 19,273 585,275 SH   SOLE   585,275 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 25,146 1,083,900 SH   SOLE   1,083,900 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 930 44,200 SH   SOLE   44,200 0 0
CUBESMART COM 229663109 35,969 1,321,900 SH   SOLE   1,321,900 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 4,402 130,775 SH   SOLE   130,775 0 0
DDR CORP COM 23317H102 2,657 172,750 SH   SOLE   172,750 0 0
DIGITAL RLTY TR INC COM 253868103 1,992 30,500 SH   SOLE   30,500 0 0
EPR PPTYS COM SH BEN INT 26884U109 3,362 65,200 SH   SOLE   65,200 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 3,688 49,100 SH   SOLE   49,100 0 0
ESSEX PPTY TR INC COM 297178105 36,998 165,600 SH   SOLE   165,600 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 26,963 197,600 SH   SOLE   197,600 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 33,031 1,640,900 SH   SOLE   1,640,900 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 28,481 1,096,700 SH   SOLE   1,096,700 0 0
HCP INC COM 40414L109 29,267 785,700 SH   SOLE   785,700 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 2,724 120,200 SH   SOLE   120,200 0 0
HOME PROPERTIES INC COM 437306103 1,293 17,300 SH   SOLE   17,300 0 0
HUDSON PAC PPTYS INC COM 444097109 25,255 877,200 SH   SOLE   877,200 0 0
ISHARES TR U.S. REAL ES ETF 464287739 3,405 48,000 SH Put SOLE   48,000 0 0
KIMCO RLTY CORP COM 49446R109 1,476 60,400 SH   SOLE   60,400 0 0
KITE RLTY GROUP TR COM NEW 49803T300 23,617 991,875 SH   SOLE   991,875 0 0
LIBERTY PPTY TR SH BEN INT 531172104 1,916 60,800 SH   SOLE   60,800 0 0
MID-AMER APT CMNTYS INC COM 59522J103 1,515 18,500 SH   SOLE   18,500 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 4,142 114,200 SH   SOLE   114,200 0 0
PARAMOUNT GROUP INC COM 69924R108 21,858 1,301,100 SH   SOLE   1,301,100 0 0
PARKWAY PPTYS INC COM 70159Q104 739 47,500 SH   SOLE   47,500 0 0
PROLOGIS INC COM 74340W103 56,965 1,464,400 SH   SOLE   1,464,400 0 0
SIMON PPTY GROUP INC NEW COM 828806109 71,026 386,600 SH   SOLE   386,600 0 0
SUN CMNTYS INC COM 866674104 1,077 15,900 SH   SOLE   15,900 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 27,136 2,051,093 SH   SOLE   2,051,093 0 0
VENTAS INC COM 92276F100 3,179 56,700 SH   SOLE   56,700 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,076 62,700 SH   SOLE   62,700 0 0
WP GLIMCHER IN COM 92939N102 1,336 114,600 SH   SOLE   114,600 0 0