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
ABBOTT LABS COM 002824100 2,848 49,900 SH   SOLE   49,900 0 0
ABBVIE INC COM 00287Y109 3,994 41,300 SH   SOLE   41,300 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 536 4,105 SH   SOLE   4,105 0 0
ALPHABET INC CAP STK CL C 02079K107 4,290 4,100 SH   SOLE   4,100 0 0
ALTRIA GROUP INC COM 02209S103 4,720 66,100 SH   SOLE   66,100 0 0
AMERICAN EXPRESS CO COM 025816109 2,582 26,000 SH   SOLE   26,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 431 19,725 SH   SOLE   19,725 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 343 7,850 SH   SOLE   7,850 0 0
APPLE INC COM 037833100 10,898 64,400 SH   SOLE   64,400 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 1,758 15,000 SH   SOLE   15,000 0 0
AVALONBAY CMNTYS INC COM 053484101 968 5,428 SH   SOLE   5,428 0 0
BLACKROCK INC COM 09247X101 3,082 6,000 SH   SOLE   6,000 0 0
BOSTON PROPERTIES INC COM 101121101 553 4,250 SH   SOLE   4,250 0 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 1,876 28,000 SH   SOLE   28,000 0 0
CANADIAN PAC RY LTD COM 13645T100 3,107 17,000 SH   SOLE   17,000 0 0
CHEVRON CORP NEW COM 166764100 4,482 35,800 SH   SOLE   35,800 0 0
COCA COLA CO COM 191216100 4,657 101,500 SH   SOLE   101,500 0 0
COMCAST CORP NEW CL A 20030N101 2,227 55,600 SH   SOLE   55,600 0 0
CONOCOPHILLIPS COM 20825C104 2,042 37,200 SH   SOLE   37,200 0 0
CORESITE RLTY CORP COM 21870Q105 436 3,825 SH   SOLE   3,825 0 0
CUBESMART COM 229663109 302 10,450 SH   SOLE   10,450 0 0
CYRUSONE INC COM 23283R100 208 3,500 SH   SOLE   3,500 0 0
DDR CORP COM 23317H102 209 23,330 SH   SOLE   23,330 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 3,519 24,100 SH   SOLE   24,100 0 0
DIGITAL RLTY TR INC COM 253868103 416 3,650 SH   SOLE   3,650 0 0
DISNEY WALT CO COM DISNEY 254687106 2,419 22,500 SH   SOLE   22,500 0 0
DOUGLAS EMMETT INC COM 25960P109 420 10,235 SH   SOLE   10,235 0 0
EQUINIX INC COM PAR $0.001 29444U700 929 2,050 SH   SOLE   2,050 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 797 12,505 SH   SOLE   12,505 0 0
ESSEX PPTY TR INC COM 297178105 446 1,848 SH   SOLE   1,848 0 0
EXTRA SPACE STORAGE INC COM 30225T102 210 2,400 SH   SOLE   2,400 0 0
EXXON MOBIL CORP COM 30231G102 5,097 60,942 SH   SOLE   60,942 0 0
FACEBOOK INC CL A 30303M102 7,041 39,900 SH   SOLE   39,900 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 232 1,750 SH   SOLE   1,750 0 0
GGP INC COM 36174X101 246 10,505 SH   SOLE   10,505 0 0
HCP INC COM 40414L109 507 19,450 SH   SOLE   19,450 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 152 5,100 SH   SOLE   5,100 0 0
HOST HOTELS & RESORTS INC COM 44107P104 540 27,220 SH   SOLE   27,220 0 0
HUDSON PAC PPTYS INC COM 444097109 402 11,750 SH   SOLE   11,750 0 0
IMPERIAL OIL LTD COM NEW 453038408 1,107 35,500 SH   SOLE   35,500 0 0
INVITATION HOMES INC COM 46187W107 210 8,900 SH   SOLE   8,900 0 0
JPMORGAN CHASE & CO COM 46625H100 5,668 53,000 SH   SOLE   53,000 0 0
JOHNSON & JOHNSON COM 478160104 1,886 13,500 SH   SOLE   13,500 0 0
KILROY RLTY CORP COM 49427F108 306 4,100 SH   SOLE   4,100 0 0
KIMCO RLTY CORP COM 49446R109 298 16,400 SH   SOLE   16,400 0 0
KITE RLTY GROUP TR COM NEW 49803T300 205 10,450 SH   SOLE   10,450 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 179 6,375 SH   SOLE   6,375 0 0
LAUDER ESTEE COS INC CL A 518439104 2,545 20,000 SH   SOLE   20,000 0 0
LIBERTY PPTY TR SH BEN INT 531172104 562 13,075 SH   SOLE   13,075 0 0
LIFE STORAGE INC COM 53223X107 450 5,050 SH   SOLE   5,050 0 0
MACERICH CO COM 554382101 541 8,235 SH   SOLE   8,235 0 0
MCDONALDS CORP COM 580135101 3,305 19,200 SH   SOLE   19,200 0 0
MICROSOFT CORP COM 594918104 7,331 85,700 SH   SOLE   85,700 0 0
MONDELEZ INTL INC CL A 609207105 1,296 30,278 SH   SOLE   30,278 0 0
NOVARTIS A G SPONSORED ADR 66987V109 2,351 28,000 SH   SOLE   28,000 0 0
NOVO-NORDISK A S ADR 670100205 4,138 77,100 SH   SOLE   77,100 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 2,431 33,000 SH   SOLE   33,000 0 0
PARK HOTELS RESORTS INC COM 700517105 173 6,012 SH   SOLE   6,012 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 256 6,900 SH   SOLE   6,900 0 0
PEPSICO INC COM 713448108 2,938 24,500 SH   SOLE   24,500 0 0
PHILIP MORRIS INTL INC COM 718172109 8,357 79,100 SH   SOLE   79,100 0 0
PHILLIPS 66 COM 718546104 860 8,500 SH   SOLE   8,500 0 0
PRAXAIR INC COM 74005P104 2,243 14,500 SH   SOLE   14,500 0 0
PROCTER AND GAMBLE CO COM 742718109 1,975 21,500 SH   SOLE   21,500 0 0
PROLOGIS INC COM 74340W103 1,382 21,423 SH   SOLE   21,423 0 0
PUBLIC STORAGE COM 74460D109 950 4,545 SH   SOLE   4,545 0 0
REGENCY CTRS CORP COM 758849103 403 5,820 SH   SOLE   5,820 0 0
S&P GLOBAL INC COM 78409V104 4,066 24,000 SH   SOLE   24,000 0 0
SL GREEN RLTY CORP COM 78440X101 204 2,025 SH   SOLE   2,025 0 0
SPDR SERIES TRUST BLOOMBERG BRCLYS 78464A417 5,104 139,000 SH   SOLE   139,000 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 341 17,819 SH   SOLE   17,819 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,425 8,297 SH   SOLE   8,297 0 0
STATE STR CORP COM 857477103 2,538 26,000 SH   SOLE   26,000 0 0
SUN CMNTYS INC COM 866674104 257 2,775 SH   SOLE   2,775 0 0
TAUBMAN CTRS INC COM 876664103 186 2,850 SH   SOLE   2,850 0 0
TEXAS INSTRS INC COM 882508104 4,543 43,500 SH   SOLE   43,500 0 0
TOTAL S A SPONSORED ADR 89151E109 2,018 36,500 SH   SOLE   36,500 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 2,079 60,200 SH   SOLE   60,200 0 0
UDR INC COM 902653104 353 9,175 SH   SOLE   9,175 0 0
UNION PAC CORP COM 907818108 2,146 16,000 SH   SOLE   16,000 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,697 13,300 SH   SOLE   13,300 0 0
VENTAS INC COM 92276F100 563 9,375 SH   SOLE   9,375 0 0
VISA INC COM CL A 92826C839 3,660 32,100 SH   SOLE   32,100 0 0
VORNADO RLTY TR SH BEN INT 929042109 526 6,725 SH   SOLE   6,725 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 1,917 26,400 SH   SOLE   26,400 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 497 15,125 SH   SOLE   15,125 0 0
WELLTOWER INC COM 95040Q104 660 10,344 SH   SOLE   10,344 0 0
CHUBB LIMITED COM H1467J104 3,653 25,000 SH   SOLE   25,000 0 0
ASML HOLDING N V N Y REGISTRY SHS N07059210 2,694 15,500 SH   SOLE   15,500 0 0
APARTMENT INVT & MGMT CO PFD CL A 6.875% 03748R762 466 16,925 SH   SOLE   16,925 0 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 202 7,700 SH   SOLE   7,700 0 0