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
ACADIA RLTY TR COM SH BEN INT 004239109 11,145 407,208 SH   SOLE   407,208 0 0
AVALONBAY CMNTYS INC COM 053484101 27,012 132,945 SH   SOLE   132,945 0 0
BOSTON PROPERTIES INC COM 101121101 22,446 174,000 SH   SOLE   174,000 0 0
DOUGLAS EMMETT INC COM 25960P109 9,522 239,000 SH   SOLE   239,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 33,842 445,759 SH   SOLE   445,759 0 0
ESSEX PPTY TR INC COM 297178105 12,810 43,879 SH   SOLE   43,879 0 0
KILROY RLTY CORP COM 49427F108 12,474 169,000 SH   SOLE   169,000 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 1,590 30,000 SH   SOLE   30,000 0 0
PARAMOUNT GROUP INC COM 69924R108 12,928 922,736 SH   SOLE   922,736 0 0
PROLOGIS INC COM 74340W103 28,679 358,041 SH   SOLE   358,041 0 0
SL GREEN RLTY CORP COM 78440X101 16,313 202,977 SH   SOLE   202,977 0 0
SIMON PPTY GROUP INC NEW COM 828806109 26,119 163,488 SH   SOLE   163,488 0 0
TAUBMAN CTRS INC COM 876664103 17,479 428,100 SH   SOLE   428,100 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 69 9,000 SH   SOLE   9,000 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 59 4,231 SH   SOLE   4,231 0 0