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 272 15,725 SH   SOLE   15,725 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 11,146 370,808 SH   SOLE   370,808 0 0
AVALONBAY CMNTYS INC COM 053484101 18,947 103,195 SH   SOLE   103,195 0 0
BOSTON PROPERTIES INC COM 101121101 17,253 130,300 SH   SOLE   130,300 0 0
DOUGLAS EMMETT DL -,01 COM 25960P109 9,178 239,000 SH   SOLE   239,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 23,311 374,659 SH   SOLE   374,659 0 0
ESSEX PPTY TR INC COM 297178105 10,159 43,879 SH   SOLE   43,879 0 0
KILROY REALTY CORP.DL-,01 COM 49427F108 11,172 155,000 SH   SOLE   155,000 0 0
NATIONAL RETAIL PPTYS COM 637417106 2,879 66,000 SH   SOLE   66,000 0 0
PARAMOUNT GROUP INC COM 69924R108 13,666 843,036 SH   SOLE   843,036 0 0
PROLOGIS INC COM 74340W103 18,575 358,041 SH   SOLE   358,041 0 0
SL GREEN REALTY DL-,01 COM 78440X101 21,641 202,977 SH   SOLE   202,977 0 0
SIMON PPTY GROUP INC COM 828806109 23,239 135,088 SH   SOLE   135,088 0 0
TAUBMAN CTRS INC COM 876664103 15,634 236,800 SH   SOLE   236,800 0 0
CNH INDL N V SHS N20944109 170 17,618 SH   SOLE   17,618 0 0