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
AMERICAN CAMPUS CMNTYS INC COM 024835100 28,064 589,700 SH   SOLE   589,700 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 39,848 898,500 SH   SOLE   898,500 0 0
BOSTON PROPERTIES INC COM 101121101 2,807 21,200 SH   SOLE   21,200 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 2,808 173,000 SH   SOLE   173,000 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 3,787 170,200 SH   SOLE   170,200 0 0
CUBESMART COM 229663109 38,130 1,468,800 SH   SOLE   1,468,800 0 0
DDR CORP COM 23317H102 2,369 189,050 SH   SOLE   189,050 0 0
DIGITAL RLTY TR INC COM 253868103 25,342 238,200 SH   SOLE   238,200 0 0
EPR PPTYS COM SH BEN INT 26884U109 4,963 67,400 SH   SOLE   67,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,689 107,500 SH   SOLE   107,500 0 0
ESSEX PPTY TR INC COM 297178105 38,156 164,800 SH   SOLE   164,800 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 33,388 250,100 SH   SOLE   250,100 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 4,691 215,400 SH   SOLE   215,400 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 3,977 119,000 SH   SOLE   119,000 0 0
GGP INC COM 36174X101 79,519 3,430,500 SH   SOLE   3,430,500 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 30,252 961,600 SH   SOLE   961,600 0 0
HUDSON PAC PPTYS INC COM 444097109 54,707 1,579,300 SH   SOLE   1,579,300 0 0
ISHARES TR U.S. REAL ES ETF 464287739 1,923 24,500 SH Put SOLE   24,500 0 0
KIMCO RLTY CORP COM 49446R109 1,774 80,300 SH   SOLE   80,300 0 0
KITE RLTY GROUP TR COM NEW 49803T300 18,161 844,675 SH   SOLE   844,675 0 0
MACERICH CO COM 554382101 2,731 42,400 SH   SOLE   42,400 0 0
NATIONAL HEALTH INVS INC COM 63633D104 4,234 58,300 SH   SOLE   58,300 0 0
PARAMOUNT GROUP INC COM 69924R108 50,022 3,085,900 SH   SOLE   3,085,900 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 1,350 89,200 SH   SOLE   89,200 0 0
PROLOGIS INC COM 74340W103 67,377 1,298,700 SH   SOLE   1,298,700 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 22,222 359,400 SH   SOLE   359,400 0 0
SIMON PPTY GROUP INC NEW COM 828806109 4,077 23,700 SH   SOLE   23,700 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 40,156 3,964,100 SH   SOLE   3,964,100 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 16,706 1,089,773 SH   SOLE   1,089,773 0 0
TAUBMAN CTRS INC COM 876664103 1,756 26,600 SH   SOLE   26,600 0 0
VENTAS INC COM 92276F100 1,932 29,700 SH   SOLE   29,700 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,514 75,300 SH   SOLE   75,300 0 0
WELLTOWER INC COM 95040Q104 49,857 704,000 SH   SOLE   704,000 0 0