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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,933 24,900 SH   SOLE   24,900 0 0
AMERICAN CAMPUS CMTYS INC COM 024835100 2,436 63,700 SH   SOLE   63,700 0 0
AVALONBAY CMTYS INC COM 053484101 1,422 10,000 SH   SOLE   10,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 2,314 106,000 SH   SOLE   106,000 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 372 43,000 SH   SOLE   43,000 0 0
COMMONWEALTH REIT CV PFD-E 7.25% 203233606 8,443 327,500 SH   SOLE   327,500 0 0
DIGITAL RLTY TR INC COM 253868103 1,505 25,800 SH   SOLE   25,800 0 0
DUKE REALTY CORP COM NEW 264411505 1,262 69,500 SH   SOLE   69,500 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 593 22,000 SH   SOLE   22,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 315 5,000 SH   SOLE   5,000 0 0
ESSEX PPTY TR INC COM 297178105 2,721 14,716 SH   SOLE   14,716 0 0
FIRST POTOMAC RLTY TR COM 33610F109 485 37,000 SH   SOLE   37,000 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 718 107,000 SH   SOLE   107,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 388 11,000 SH   SOLE   11,000 0 0
LEXINGTON REALTY TRUST COM 529043101 2,684 243,800 SH   SOLE   243,800 0 0
LIBERTY PPTY TR SH BEN INT 531172104 1,502 39,600 SH   SOLE   39,600 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 388 4,650 SH   SOLE   4,650 0 0
SAUL CTRS INC COM 804395101 282 5,800 SH   SOLE   5,800 0 0
SIMON PPTY GROUP INC NEW COM 828806109 416 2,500 SH   SOLE   2,500 0 0
WASHINGTON PRIME GROUP INC COM 939647103 23 1,250 SH   SOLE   1,250 0 0