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 1,980 18,200 SH   SOLE   18,200 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 25,069 492,800 SH   SOLE   492,800 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 35,112 764,800 SH   SOLE   764,800 0 0
BOSTON PROPERTIES INC COM 101121101 2,889 21,200 SH   SOLE   21,200 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 2,691 172,300 SH   SOLE   172,300 0 0
CAMDEN PPTY TR SH BEN INT 133131102 3,760 44,900 SH   SOLE   44,900 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 3,793 169,400 SH   SOLE   169,400 0 0
CUBESMART COM 229663109 34,759 1,275,100 SH   SOLE   1,275,100 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 2,380 49,025 SH   SOLE   49,025 0 0
DDR CORP COM 23317H102 3,600 206,550 SH   SOLE   206,550 0 0
DIGITAL RLTY TR INC COM 253868103 23,212 239,000 SH   SOLE   239,000 0 0
EPR PPTYS COM SH BEN INT 26884U109 5,598 71,100 SH   SOLE   71,100 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,375 99,100 SH   SOLE   99,100 0 0
ESSEX PPTY TR INC COM 297178105 38,572 173,200 SH   SOLE   173,200 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 35,235 228,900 SH   SOLE   228,900 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 4,797 207,400 SH   SOLE   207,400 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 88,789 3,217,000 SH   SOLE   3,217,000 0 0
HUDSON PAC PPTYS INC COM 444097109 48,276 1,468,700 SH   SOLE   1,468,700 0 0
KIMCO RLTY CORP COM 49446R109 1,908 65,900 SH   SOLE   65,900 0 0
KITE RLTY GROUP TR COM NEW 49803T300 15,725 567,275 SH   SOLE   567,275 0 0
LIBERTY PPTY TR SH BEN INT 531172104 589 14,600 SH   SOLE   14,600 0 0
MACERICH CO COM 554382101 566 7,000 SH   SOLE   7,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 2,275 24,200 SH   SOLE   24,200 0 0
NATIONAL HEALTH INVS INC COM 63633D104 27,554 351,100 SH   SOLE   351,100 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 2,304 45,300 SH   SOLE   45,300 0 0
PARAMOUNT GROUP INC COM 69924R108 43,984 2,683,600 SH   SOLE   2,683,600 0 0
PROLOGIS INC COM 74340W103 61,041 1,140,100 SH   SOLE   1,140,100 0 0
SIMON PPTY GROUP INC NEW COM 828806109 4,865 23,500 SH   SOLE   23,500 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 37,724 2,830,000 SH   SOLE   2,830,000 0 0
STORE CAP CORP COM 862121100 1,188 40,300 SH   SOLE   40,300 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 25,413 1,986,973 SH   SOLE   1,986,973 0 0
TAUBMAN CTRS INC COM 876664103 1,957 26,300 SH   SOLE   26,300 0 0
VENTAS INC COM 92276F100 2,077 29,400 SH   SOLE   29,400 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,916 74,800 SH   SOLE   74,800 0 0
WELLTOWER INC COM 95040Q104 55,913 747,800 SH   SOLE   747,800 0 0