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 HOMES 4 RENT CL A 02665T306 4,483 268,300 SH   SOLE 268,300 0 0
AVALONBAY CMNTYS INC COM 053484101 4,538 34,560 SH   SOLE 34,560 0 0
BIOMED REALTY TRUST INC COM 09063H107 307 15,000 SH   SOLE 15,000 0 0
BRE PROPERTIES INC CL A 05564E106 7,907 137,566 SH   SOLE 137,566 0 0
CBRE GROUP INC CL A 12504L109 6,051 220,610 SH   SOLE 220,610 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 312 11,700 SH   SOLE 11,700 0 0
D R HORTON INC COM 23331A109 5,289 244,300 SH   SOLE 244,300 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 7,668 652,570 SH   SOLE 652,570 0 0
EQUITY ONE COM 294752100 350 15,685 SH   SOLE 15,685 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 354 6,100 SH   SOLE 6,100 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 216 9,500 SH   SOLE 9,500 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 5,509 285,130 SH   SOLE 285,130 0 0
JONES LANG LASALLE INC COM 48020Q107 4,555 38,440 SH   SOLE 38,440 0 0
KILROY RLTY CORP COM 49427F108 5,260 89,796 SH   SOLE 89,796 0 0
LAS VEGAS SANDS CORP COM 517834107 4,447 55,050 SH   SOLE 55,050 0 0
MACK CALI RLTY CORP COM 554489104 9,782 477,400 SH   SOLE 477,400 0 0
MGM RESORTS INTERNATIONAL COM 552953101 7,219 279,145 SH   SOLE 279,145 0 0
MID-AMER APT CMNTYS INC COM 59522J103 351 5,200 SH   SOLE 5,200 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 2,674 165,700 SH   SOLE 165,700 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 352 19,500 SH   SOLE 19,500 0 0
RYLAND GROUP INC COM 783764103 5,317 133,270 SH   SOLE 133,270 0 0
SBA COMMUNICATIONS CORP COM 78388J106 8,260 90,805 SH   SOLE 90,805 0 0
SL GREEN RLTY CORP COM 78440X101 5,931 58,940 SH   SOLE 58,940 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 5,953 74,790 SH   SOLE 74,790 0 0