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 Cmtys Inc COM 024835100 6,107 189,600 SH   SOLE   189,600 0 0
Alexandria Real Estate EQ IN COM 015271109 6,362 100,000 SH   SOLE   100,000 0 0
Avalonbay Cmtys Inc COM 053484101 2,128 18,000 SH   SOLE   18,000 0 0
Saul Ctrs Inc COM 804395101 2,733 57,250 SH   SOLE   57,250 0 0
Biomed Realty Trust Inc COM 09063H107 8,542 471,400 SH   SOLE   471,400 0 0
BRE Properties Inc CL A 05564E109 3,025 55,300 SH   SOLE   55,300 0 0
Boston Properties Inc COM 101121101 2,954 29,430 SH   SOLE   29,430 0 0
Campus Crest Cmntys Inc COM 13466Y105 1,421 151,000 SH   SOLE   151,000 0 0
Mack Cali Rlty Corp COM 554489104 4,133 192,400 SH   SOLE   192,400 0 0
Cubesmart COM 229663109 207 13,000 SH   SOLE   13,000 0 0
Dupont Fabros Technology Inc COM 26613Q106 2,132 86,300 SH   SOLE   86,300 0 0
Digital Rlty Tr Inc COM 253868103 4,997 101,730 SH   SOLE   101,730 0 0
Duke Realty Corp COM NEW 264411505 2,091 139,000 SH   SOLE   139,000 0 0
Dimondrock Hospitality Co COM 252784301 1,722 149,100 SH   SOLE   149,100 0 0
Eastgroup Ppty Inc COM 277276101 1,338 23,100 SH   SOLE   23,100 0 0
Equity Residential SH BEN INT 29476L107 1,893 36,500 SH   SOLE   36,500 0 0
Essex Ppty Tr Inc COM 297178105 2,504 17,450 SH   SOLE   17,450 0 0
First Potomac Rlty Tr COM 33610F109 996 85,600 SH   SOLE   85,600 0 0
Federal Realty Invt Tr SH BEN INT NEW 313747206 2,241 22,100 SH   SOLE   22,100 0 0
Host Hotels & Resorts Inc COM 44107P104 758 39,000 SH   SOLE   39,000 0 0
Hersha Hospitality Tr SH BEN INT A 427825104 1,782 320,000 SH   SOLE   320,000 0 0
Kilroy Rlty Corp COM 49427F108 1,844 36,750 SH   SOLE   36,750 0 0
Lasalle Hotel Pptys COM SH BEN INT 517942108 1,713 55,500 SH   SOLE   55,500 0 0
Liberty Ppty Tr SH BEN INT 531172104 4,945 146,000 SH   SOLE   146,000 0 0
Lexington Realty Trust COM 529043101 6,994 685,000 SH   SOLE   685,000 0 0
Mid-Amer Apt Cmtys Inc COM 59522J103 3,921 64,550 SH   SOLE   64,550 0 0
Northstar Rlty Fin Corp COM 66704R100 1,903 141,451 SH   SOLE   141,451 0 0
Corporate Office Pptys Tr SH BEN INT 22002T108 647 27,300 SH   SOLE   27,300 0 0
Public Storage COM 74460D109 1,882 12,500 SH   SOLE   12,500 0 0
PS Business Pks Inc Calif COM 69360J107 1,398 18,300 SH   SOLE   18,300 0 0
Simon Ppty Group Inc New COM 828806109 3,925 25,795 SH   SOLE   25,795 0 0
Commonwealth Reit CV PFD-E 7.25% 203233606 7,104 327,500 SH   SOLE   327,500 0 0