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 840 24,600 SH   SOLE 24,600 0 0
AVALONBAY CMNTYS INC COM 053484101 5,490 43,200 SH   SOLE 43,200 0 0
BRE PROPERTIES INC CL A 05564E106 9,862 194,286 SH   SOLE 194,286 0 0
BROOKDALE SR LIVING INC COM 112463104 2,604 99,000 SH   SOLE 99,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 848 13,800 SH   SOLE 13,800 0 0
CBL & ASSOC PPTYS INC COM 124830100 6,597 345,400 SH   SOLE 345,400 0 0
CORESITE RLTY CORP COM 21870Q105 3,859 113,696 SH   SOLE 113,696 0 0
CROWN CASTLE INTL CORP COM 228227104 1,052 14,400 SH   SOLE 14,400 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 6,220 582,900 SH   SOLE 582,900 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,936 54,800 SH   SOLE 54,800 0 0
EXTRA SPACE STORAGE INC COM 30225T102 4,220 92,250 SH   SOLE 92,250 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 7,349 380,975 SH   SOLE 380,975 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 877 31,000 SH   SOLE 31,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 5,238 296,445 SH   SOLE 296,445 0 0
KILROY RLTY CORP COM 49427F108 6,688 133,886 SH   SOLE 133,886 0 0
KIMCO RLTY CORP COM 49446R109 3,665 183,512 SH   SOLE 183,512 0 0
LAS VEGAS SANDS CORP COM 517834107 8,090 121,800 SH   SOLE 121,800 0 0
MACK CALI RLTY CORP COM 554489104 656 30,300 SH   SOLE 30,300 0 0
MERITAGE HOMES CORP COM 59001A102 4,235 98,600 SH   SOLE 98,600 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 4,363 151,963 SH   SOLE 151,963 0 0
PROLOGIS INC COM 74340W103 4,259 113,200 SH   SOLE 113,200 0 0
REALOGY HLDGS CORP COM 75605Y106 4,784 111,200 SH   SOLE 111,200 0 0
SBA COMMUNICATIONS CORP COM 78388J106 7,437 92,425 SH   SOLE 92,425 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 429 18,400 SH   SOLE 18,400 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 857 12,900 SH   SOLE 12,900 0 0