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 11,638 407,208 SH   SOLE   407,208 0 0
AVALONBAY CMNTYS INC COM 053484101 28,627 132,945 SH   SOLE   132,945 0 0
BOSTON PROPERTIES INC COM 101121101 22,561 174,000 SH   SOLE   174,000 0 0
DOUGLAS EMMETT INC COM 25960P109 10,236 239,000 SH   SOLE   239,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 38,451 445,759 SH   SOLE   445,759 0 0
ESSEX PPTY TR INC COM 297178105 14,333 43,879 SH   SOLE   43,879 0 0
KILROY RLTY CORP COM 49427F108 13,163 169,000 SH   SOLE   169,000 0 0
PARAMOUNT GROUP INC COM 69924R108 12,319 922,736 SH   SOLE   922,736 0 0
PROLOGIS INC COM 74340W103 30,512 358,041 SH   SOLE   358,041 0 0
SL GREEN RLTY CORP COM 78440X101 16,593 202,977 SH   SOLE   202,977 0 0
SIMON PPTY GROUP INC NEW COM 828806109 25,447 163,488 SH   SOLE   163,488 0 0
TAUBMAN CTRS INC COM 876664103 18,680 457,500 SH   SOLE   457,500 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 67 9,000 SH   SOLE   9,000 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 358 27,631 SH   SOLE   27,631 0 0