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 564 31,010 SH   SOLE   31,010 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 2,030 62,108 SH   SOLE   62,108 0 0
AVALONBAY CMNTYS INC COM 053484101 16,279 91,895 SH   SOLE   91,895 0 0
BOSTON PROPERTIES INC COM 101121101 16,389 130,300 SH   SOLE   130,300 0 0
DOUGLAS EMMETT DL -,01 COM 25960P109 8,738 239,000 SH   SOLE   239,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 19,994 310,659 SH   SOLE   310,659 0 0
ESSEX PPTY TR INC COM 297178105 10,202 43,879 SH   SOLE   43,879 0 0
KILROY REALTY CORP.DL-,01 COM 49427F108 11,349 155,000 SH   SOLE   155,000 0 0
NATIONAL RETAIL PPTYS COM 637417106 2,917 66,000 SH   SOLE   66,000 0 0
PARAMOUNT GROUP INC COM 69924R108 13,480 843,036 SH   SOLE   843,036 0 0
PROLOGIS INC COM 74340W103 15,595 295,408 SH   SOLE   295,408 0 0
SL GREEN REALTY DL-,01 COM 78440X101 21,830 202,977 SH   SOLE   202,977 0 0
SIMON PPTY GROUP INC COM 828806109 14,072 79,208 SH   SOLE   79,208 0 0
TAUBMAN CTRS INC COM 876664103 17,507 236,800 SH   SOLE   236,800 0 0