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 NAMEN AKT D18190898 246 21,546 SH   SOLE   21,546 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 11,414 407,208 SH   SOLE   407,208 0 0
AVALONBAY CMNTYS INC COM 053484101 21,647 119,495 SH   SOLE   119,495 0 0
BOSTON PROPERTIES INC COM 101121101 21,356 173,500 SH   SOLE   173,500 0 0
DOUGLAS EMMETT COM 25960P109 9,015 239,000 SH   SOLE   239,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 27,760 418,959 SH   SOLE   418,959 0 0
ESSEX PPTY TR INC COM 297178105 10,825 43,879 SH   SOLE   43,879 0 0
KILROY REALTY CORP COM 49427F108 12,116 169,000 SH   SOLE   169,000 0 0
NATIONAL RETAIL PPTYS COM 637417106 2,958 66,000 SH   SOLE   66,000 0 0
PARAMOUNT GROUP INC COM 69924R108 12,721 843,036 SH   SOLE   843,036 0 0
PROLOGIS INC COM 74340W103 24,272 358,041 SH   SOLE   358,041 0 0
SL GREEN RLTY CORP COM 78440X101 19,796 202,977 SH   SOLE   202,977 0 0
SIMON PPTY GROUP INC COM 828806109 28,296 160,088 SH   SOLE   160,088 0 0
TAUBMAN CTRS INC COM 876664103 22,855 382,000 SH   SOLE   382,000 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 132 7,520 SH   SOLE   7,520 0 0