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

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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
DEUTSCHE BANK AG-REGISTERED NAMEN AKT D18190898 297 21,796 SH   SOLE   21,796 0 0
CNH INDUSTRIAL NV SHS N20944109 65 9,162 SH   SOLE   9,162 0 0
AVALONBAY CMNTYS INC COM 053484101 13,110 73,000 SH   SOLE   73,000 0 0
BOSTON PROPERTIES INC COM 101121101 13,835 105,000 SH   SOLE   105,000 0 0
DOUGLAS EMMETT DL -,01 COM 25960P109 8,427 239,000 SH   SOLE   239,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 18,499 270,059 SH   SOLE   270,059 0 0
ESSEX PPTY TR INC COM 297178105 8,071 35,549 SH   SOLE   35,549 0 0
KILROY REALTY CORP.DL-,01 COM 49427F108 10,234 155,000 SH   SOLE   155,000 0 0
NATIONAL RETAIL PPTYS COM 637417106 6,800 132,000 SH   SOLE   132,000 0 0
PARAMOUNT GROUP INC COM 69924R108 13,365 843,036 SH   SOLE   843,036 0 0
PROLOGIS INC COM 74340W103 14,434 295,408 SH   SOLE   295,408 0 0
SL GREEN REALTY DL-,01 COM 78440X101 21,386 202,977 SH   SOLE   202,977 0 0
SIMON PPTY GROUP INC COM 828806109 14,373 66,308 SH   SOLE   66,308 0 0
TAUBMAN CTRS INC COM 876664103 17,510 236,800 SH   SOLE   236,800 0 0