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 |
ACADIA REALTY TRUST | COM SH BEN INT | 00423910 | 987 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
AGREE REALTY CORP | COM | 00849210 | 3,924 | 130,000 | SH | | SOLE | | 130,000 | 0 | 0 |
ALEXANDRIA REAL ESTATE EQUIT | COM | 01527110 | 1,052 | 16,475 | SH | | SOLE | | 16,475 | 0 | 0 |
AMERICAN ASSETS TRUST INC | COM | 02401310 | 5,645 | 185,000 | SH | | SOLE | | 185,000 | 0 | 0 |
AMERICAN CAMPUS COMMUNITIES | COM | 02483510 | 3,347 | 98,000 | SH | | SOLE | | 98,000 | 0 | 0 |
AMERICAN RESIDENTIAL PROPERT | COM | 02927E30 | 8,805 | 500,000 | SH | | SOLE | | 500,000 | 0 | 0 |
AMERICAN TOWER CORP | COM | 03027X10 | 2,743 | 37,000 | SH | | SOLE | | 37,000 | 0 | 0 |
ARES COMMERCIAL REAL ESTATE | COM | 04013V10 | 7,767 | 624,875 | SH | | SOLE | | 624,875 | 0 | 0 |
ASSOCIATED ESTATES REALTY CP | COM | 04560410 | 2,386 | 160,000 | SH | | SOLE | | 160,000 | 0 | 0 |
AVALONBAY COMMUNITIES INC | COM | 05348410 | 1,970 | 15,500 | SH | | SOLE | | 15,500 | 0 | 0 |
AVIV REIT INC | COM | 05381L10 | 1,254 | 55,000 | SH | | SOLE | | 55,000 | 0 | 0 |
BARRICK GOLD CORP | COM | 06790110 | 11,172 | 600,000 | SH | | SOLE | | 600,000 | 0 | 0 |
BLACKSTONE MORTGAGE TRU CL A | COM CL A | 09257W10 | 12,998 | 516,000 | SH | | SOLE | | 516,000 | 0 | 0 |
BOSTON PROPERTIES INC | COM | 10112110 | 4,329 | 40,500 | SH | | SOLE | | 40,500 | 0 | 0 |
BRANDYWINE REALTY TRUST | SH BEN INT NEW | 10536820 | 1,186 | 90,000 | SH | | SOLE | | 90,000 | 0 | 0 |
BRE PROPERTIES INC | CL A | 05564E10 | 1,117 | 22,000 | SH | | SOLE | | 22,000 | 0 | 0 |
BROOKFIELD ASSET MANAGE CL A | CL A LTD VT SH | 11258510 | 3,843 | 102,746 | SH | | SOLE | | 102,746 | 0 | 0 |
CAMDEN PROPERTY TRUST | SH BEN INT | 13313110 | 1,597 | 26,000 | SH | | SOLE | | 26,000 | 0 | 0 |
CAPITAL SENIOR LIVING CORP | COM | 14047510 | 1,058 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
CATERPILLAR INC | COM | 14912310 | 5,002 | 60,000 | SH | | SOLE | | 60,000 | 0 | 0 |
CF INDUSTRIES HOLDINGS INC | COM | 12526910 | 2,846 | 13,500 | SH | | SOLE | | 13,500 | 0 | 0 |
CHENIERE ENERGY PARTNERS LP | COM UNIT | 16411Q10 | 1,858 | 70,484 | SH | | SOLE | | 70,484 | 0 | 0 |
CHESAPEAKE LODGING TRUST | SH BEN INT | 16524010 | 3,531 | 150,000 | SH | | SOLE | | 150,000 | 0 | 0 |
COLE REAL ESTATE INVESTMENT | COM | 19329V10 | 4,655 | 379,663 | SH | | SOLE | | 379,663 | 0 | 0 |
CUBESMART | COM | 22966310 | 6,368 | 357,000 | SH | | SOLE | | 357,000 | 0 | 0 |
DDR CORP | COM | 23317H10 | 4,195 | 267,000 | SH | | SOLE | | 267,000 | 0 | 0 |
DOUGLAS EMMETT INC | COM | 25960P10 | 1,720 | 73,303 | SH | | SOLE | | 73,303 | 0 | 0 |
DUPONT FABROS TECHNOLOGY | COM | 26613Q10 | 1,180 | 45,800 | SH | | SOLE | | 45,800 | 0 | 0 |
EQUITY LIFESTYLE PROPERTIES | COM | 29472R10 | 1,367 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
EQUITY RESIDENTIAL | SH BEN INT | 29476L10 | 536 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
ESSEX PROPERTY TRUST INC | COM | 29717810 | 3,250 | 22,000 | SH | | SOLE | | 22,000 | 0 | 0 |
FELCOR LODGING TRUST INC | COM | 31430F10 | 1,170 | 190,000 | SH | | SOLE | | 190,000 | 0 | 0 |
FOREST CITY ENTERPRISES CL A | CL A | 34555010 | 3,172 | 167,480 | SH | | SOLE | | 167,480 | 0 | 0 |
GAZIT GLOBE LTD | SHS | M4793C10 | 1,900 | 142,500 | SH | | SOLE | | 142,500 | 0 | 0 |
GENERAL GROWTH PROPERTIES | COM | 37002310 | 4,957 | 257,000 | SH | | SOLE | | 257,000 | 0 | 0 |
GLADSTONE COMMERCIAL CORP | COM | 37653610 | 898 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
GLADSTONE LAND CORP | COM | 37654910 | 2,121 | 140,000 | SH | | SOLE | | 140,000 | 0 | 0 |
GRAMERCY PROPERTY TRUST INC | COM | 38489R10 | 353 | 85,000 | SH | | SOLE | | 85,000 | 0 | 0 |
HCP INC | COM | 40414L10 | 2,048 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
HEALTH CARE REIT INC | COM | 42217K10 | 624 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
INDEPENDENCE REALTY TRUST IN | COM | 45378A10 | 1,449 | 175,000 | SH | | SOLE | | 175,000 | 0 | 0 |
ISHARES GOLD TRUST | ISHARES | 46428510 | 137,361 | 10,656,400 | SH | | SOLE | | 10,656,400 | 0 | 0 |
KILROY REALTY CORP | COM | 49427F10 | 1,249 | 25,000 | SH | | SOLE | | 25,000 | 0 | 0 |
LAREDO PETROLEUM HOLDINGS IN | COM | 51680610 | 2,374 | 80,000 | SH | | SOLE | | 80,000 | 0 | 0 |
MARKET VECTORS AGRIBUSINESS ET | AGRIBUS ETF | 57060U60 | 8,052 | 156,862 | SH | | SOLE | | 156,862 | 0 | 0 |
MARKET VECTORS GOLD MINERS ETF | GOLD MINER ETF | 57060U10 | 14,785 | 590,000 | SH | | SOLE | | 590,000 | 0 | 0 |
MARRIOTT INTERNATIONAL CL A | CL A | 57190320 | 1,052 | 25,000 | SH | | SOLE | | 25,000 | 0 | 0 |
PARKWAY PROPERTIES INC | COM | 70159Q10 | 2,337 | 131,500 | SH | | SOLE | | 131,500 | 0 | 0 |
POST PROPERTIES INC | COM | 73746410 | 1,936 | 43,000 | SH | | SOLE | | 43,000 | 0 | 0 |
POWERSHARES DB COMMODITY INDEX | UNIT BEN INT | 73935S10 | 133,318 | 5,175,400 | SH | | SOLE | | 5,175,400 | 0 | 0 |
PROLOGIS INC | COM | 74340W10 | 6,772 | 180,000 | SH | | SOLE | | 180,000 | 0 | 0 |
PUBLIC STORAGE | COM | 74460D10 | 2,970 | 18,500 | SH | | SOLE | | 18,500 | 0 | 0 |
RETAIL OPPORTUNITY INVESTMEN | COM | 76131N10 | 2,073 | 150,000 | SH | | SOLE | | 150,000 | 0 | 0 |
REXFORD INDUSTRIAL REALTY IN | COM | 76169C10 | 1,689 | 125,000 | SH | | SOLE | | 125,000 | 0 | 0 |
ROUSE PROPERTIES INC | COM | 77928710 | 1,441 | 70,000 | SH | | SOLE | | 70,000 | 0 | 0 |
SABRA HEALTH CARE REIT INC | COM | 78573L10 | 920 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
SELECT INCOME REIT | COM SH BEN INT | 81618T10 | 645 | 25,000 | SH | | SOLE | | 25,000 | 0 | 0 |
SIMON PROPERTY GROUP INC | COM | 82880610 | 12,370 | 83,450 | SH | | SOLE | | 83,450 | 0 | 0 |
SL GREEN REALTY CORP | COM | 78440X10 | 1,999 | 22,500 | SH | | SOLE | | 22,500 | 0 | 0 |
SPDR GOLD SHARES | GOLD SHS | 78463V10 | 56,395 | 440,000 | SH | | SOLE | | 440,000 | 0 | 0 |
STAG INDUSTRIAL INC | COM | 85254J10 | 1,710 | 85,000 | SH | | SOLE | | 85,000 | 0 | 0 |
STARWOOD HOTELS + RESORTS | COM | 85590A40 | 1,030 | 15,500 | SH | | SOLE | | 15,500 | 0 | 0 |
SUNSTONE HOTEL INVESTORS INC | COM | 86789210 | 1,147 | 90,000 | SH | | SOLE | | 90,000 | 0 | 0 |
TANGER FACTORY OUTLET CENTER | COM | 87546510 | 2,122 | 65,000 | SH | | SOLE | | 65,000 | 0 | 0 |
TAUBMAN CENTERS INC | COM | 87666410 | 1,010 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
TERRENO REALTY CORP | COM | 88146M10 | 1,421 | 80,000 | SH | | SOLE | | 80,000 | 0 | 0 |
TRADE STREET RESIDENTIAL INC | COM NEW | 89255N20 | 487 | 70,000 | SH | | SOLE | | 70,000 | 0 | 0 |
UMH PROPERTIES INC | COM | 90300210 | 993 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
VORNADO REALTY TRUST | SH BEN INT | 92904210 | 2,648 | 31,500 | SH | | SOLE | | 31,500 | 0 | 0 |
WEYERHAEUSER CO | PREF CONV SER A | 96216687 | 2,649 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
WHEELER REAL ESTATE INVESTME | COM | 96302510 | 107 | 25,000 | SH | | SOLE | | 25,000 | 0 | 0 |
WHITESTONE REIT | COM | 96608420 | 1,620 | 110,000 | SH | | SOLE | | 110,000 | 0 | 0 |
WP CAREY INC | COM | 92936U10 | 2,588 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
ZAIS FINANCIAL CORP | COM | 98886K10 | 6,914 | 398,500 | SH | | SOLE | | 398,500 | 0 | 0 |