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 915 22,500 SH   SOLE 22,500 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,039 14,200 SH   SOLE 14,200 0 0
AVALONBAY CMNTYS INC COM 053484101 5,167 38,300 SH   SOLE 38,300 0 0
BRE PROPERTIES INC CL A 05564E106 7,892 157,786 SH   SOLE 157,786 0 0
BROOKDALE SR LIVING INC COM 112463104 4,577 173,100 SH   SOLE 173,100 0 0
CAMDEN PPTY TR SH BEN INT 133131102 5,911 85,500 SH   SOLE 85,500 0 0
CBL & ASSOC PPTYS INC COM 124830100 5,229 244,100 SH   SOLE 244,100 0 0
CORESITE RLTY CORP COM 21870Q105 5,435 170,846 SH   SOLE 170,846 0 0
DUKE REALTY CORP COM NEW 264411505 692 44,400 SH   SOLE 44,400 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 7,037 354,175 SH   SOLE 354,175 0 0
HCP INC COM 40414L109 477 10,500 SH   SOLE 10,500 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 809 30,800 SH   SOLE 30,800 0 0
HOST HOTELS & RESORTS INC COM 44107P104 6,838 405,345 SH   SOLE 405,345 0 0
JONES LANG LASALLE INC COM 48020Q107 421 4,615 SH   SOLE 4,615 0 0
KILROY RLTY CORP COM 49427F108 4,378 82,586 SH   SOLE 82,586 0 0
KIMCO RLTY CORP COM 49446R109 4,463 210,300 SH   SOLE 210,300 0 0
LAS VEGAS SANDS CORP COM 517834107 7,474 141,200 SH   SOLE 141,200 0 0
MACERICH CO COM 554382101 4,585 75,200 SH   SOLE 75,200 0 0
MELCO CROWN ENTMT LTD ADR 585464100 4,981 222,745 SH   SOLE 222,745 0 0
MERITAGE HOMES CORP COM 59001A102 1,933 44,575 SH   SOLE 44,575 0 0
MID-AMER APT CMNTYS INC COM 59522J103 1,030 15,200 SH   SOLE 15,200 0 0
PROLOGIS INC COM 74340W103 4,489 119,000 SH   SOLE 119,000 0 0
PUBLIC STORAGE COM 74460D109 153 1,000 SH   SOLE 1,000 0 0
REALOGY HLDGS CORP COM 75605Y106 2,487 51,764 SH   SOLE 51,764 0 0
RYLAND GROUP INC COM 783764103 5,589 139,385 SH   SOLE 139,385 0 0
SBA COMMUNICATIONS CORP COM 78388J106 6,984 94,225 SH   SOLE 94,225 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 5,485 86,805 SH   SOLE 86,805 0 0