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 1,686 19,000 SH   SOLE   19,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 3,963 184,000 SH   SOLE   184,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 29,433 398,600 SH   SOLE   398,600 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 24,080 949,900 SH   SOLE   949,900 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 2,426 85,500 SH   SOLE   85,500 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 24,984 700,625 SH   SOLE   700,625 0 0
DDR CORP COM 23317H102 37,551 2,045,250 SH   SOLE   2,045,250 0 0
EPR PPTYS COM SH BEN INT 26884U109 4,247 73,700 SH   SOLE   73,700 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 29,981 581,600 SH   SOLE   581,600 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,802 39,000 SH   SOLE   39,000 0 0
ESSEX PPTY TR INC COM 297178105 39,605 191,700 SH   SOLE   191,700 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 30,214 1,418,500 SH   SOLE   1,418,500 0 0
HCP INC COM 40414L109 44,809 1,017,700 SH   SOLE   1,017,700 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 1,233 45,750 SH   SOLE   45,750 0 0
HOME PROPERTIES INC COM 437306103 2,007 30,600 SH   SOLE   30,600 0 0
HUDSON PAC PPTYS INC COM 444097109 25,879 860,900 SH   SOLE   860,900 0 0
ISHARES TR U.S. REAL ES ETF 464287739 3,481 45,300 SH Put SOLE   45,300 0 0
KIMCO RLTY CORP COM 49446R109 1,483 59,000 SH   SOLE   59,000 0 0
KITE RLTY GROUP TR COM NEW 49803T300 32,751 1,139,575 SH   SOLE   1,139,575 0 0
MID-AMER APT CMNTYS INC COM 59522J103 3,114 41,700 SH   SOLE   41,700 0 0
PARAMOUNT GROUP INC COM 69924R108 13,511 726,800 SH   SOLE   726,800 0 0
PROLOGIS INC COM 74340W103 38,262 889,200 SH   SOLE   889,200 0 0
REALTY INCOME CORP COM 756109104 1,994 41,800 SH   SOLE   41,800 0 0
SIMON PPTY GROUP INC NEW COM 828806109 77,779 427,100 SH   SOLE   427,100 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 44,565 2,699,300 SH   SOLE   2,699,300 0 0
VENTAS INC COM 92276F100 1,620 22,600 SH   SOLE   22,600 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 615 17,600 SH   SOLE   17,600 0 0