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 1,586 21,500 SH   SOLE   21,500 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 2,059 56,500 SH   SOLE   56,500 0 0
AVALONBAY CMNTYS COM 053484101 1,128 8,000 SH   SOLE   8,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 1,398 69,200 SH   SOLE   69,200 0 0
DIGITAL RLTY TR INC COM 253868103 1,167 18,700 SH   SOLE   18,700 0 0
DUKE REALTY CORP COM NEW 264411505 1,194 69,500 SH   SOLE   69,500 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 595 22,000 SH   SOLE   22,000 0 0
EQUITY COMWLTH CUM PFD E 7.25% 294628409 8,237 320,000 SH   SOLE   320,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 308 5,000 SH   SOLE   5,000 0 0
ESSEX PPTY TR INC COM 297178105 2,376 13,290 SH   SOLE   13,290 0 0
FIRST POTOMAC RLTY TR COM 33610F109 435 37,000 SH   SOLE   37,000 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 682 107,000 SH   SOLE   107,000 0 0
LEXINGTON REALTY TRUST COM 529043101 2,105 215,000 SH   SOLE   215,000 0 0
LIBERTY PPTY TR SH BEN INT 531172104 885 26,600 SH   SOLE   26,600 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 354 4,650 SH   SOLE   4,650 0 0
SAUL CTRS INC COM 804395101 271 5,800 SH   SOLE   5,800 0 0
SIMON PPTY GROUP INC NEW COM 828806109 411 2,500 SH   SOLE   2,500 0 0
WASHINGTON PRIME GROUP INC COM 939647103 22 1,250 SH   SOLE   1,250 0 0