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 1,051 31,100 SH   SOLE 31,100 0 0
AVALONBAY CMNTYS INC COM 053484101 4,484 35,600 SH   SOLE 35,600 0 0
BRE PROPERTIES INC CL A 05564E106 9,794 194,286 SH   SOLE 194,286 0 0
BROOKDALE SR LIVING INC COM 112463104 3,945 150,000 SH   SOLE 150,000 0 0
CBL & ASSOC PPTYS INC COM 124830100 7,366 390,900 SH   SOLE 390,900 0 0
CBRE GROUP INC CL A 12504L109 4,008 173,300 SH   SOLE 173,300 0 0
CROWN CASTLE INTL CORP COM 228227104 1,030 14,100 SH   SOLE 14,100 0 0
DDR CORP COM 23317H102 280 18,000 SH   SOLE 18,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 6,852 646,900 SH   SOLE 646,900 0 0
DUKE REALTY CORP COM NEW 264411505 805 52,700 SH   SOLE 52,700 0 0
ESSEX PPTY TR INC COM 297178105 996 6,800 SH   SOLE 6,800 0 0
EXTRA SPACE STORAGE INC COM 30225T102 4,099 90,450 SH   SOLE 90,450 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 5,089 314,300 SH   SOLE 314,300 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 3,992 209,700 SH   SOLE 209,700 0 0
HEALTH CARE REIT INC COM 42217K106 542 8,800 SH   SOLE 8,800 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 794 29,000 SH   SOLE 29,000 0 0
JONES LANG LASALLE INC COM 48020Q107 3,649 41,900 SH   SOLE 41,900 0 0
KILROY RLTY CORP COM 49427F108 7,207 145,286 SH   SOLE 145,286 0 0
LAS VEGAS SANDS CORP COM 517834107 7,716 116,700 SH   SOLE 116,700 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 794 28,100 SH   SOLE 28,100 0 0
MELCO CROWN ENTMT LTD ADR 585464100 5,500 172,800 SH   SOLE 172,800 0 0
MERITAGE HOMES CORP COM 59001A102 5,522 128,568 SH   SOLE 128,568 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 6,198 217,000 SH   SOLE 217,000 0 0
PROLOGIS INC COM 74340W103 5,077 136,000 SH   SOLE 136,000 0 0
RYLAND GROUP INC COM 783764103 6,282 155,200 SH   SOLE 155,200 0 0
SBA COMMUNICATIONS CORP COM 78388J106 7,622 94,725 SH   SOLE 94,725 0 0
SL GREEN RLTY CORP COM 78440X101 3,667 41,500 SH   SOLE 41,500 0 0