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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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 5,635 434,108 SH   SOLE   434,108 0 0
AVALONBAY CMNTYS INC COM 053484101 20,559 132,945 SH   SOLE   132,945 0 0
BOSTON PPTYS LTD PARTNERSHIP COM 101121101 15,726 174,000 SH   SOLE   174,000 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898 86 9,000 SH   SOLE   9,000 0 0
DOUGLAS EMMETT INC COM 25960P109 9,685 315,900 SH   SOLE   315,900 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 26,220 445,759 SH   SOLE   445,759 0 0
ESSEX PPTY TR INC COM 297178105 10,560 46,079 SH   SOLE   46,079 0 0
KILROY RLTY CORP COM 49427F108 11,775 200,600 SH   SOLE   200,600 0 0
PARAMOUNT GROUP INC COM 69924R108 8,786 1,139,536 SH   SOLE   1,139,536 0 0
PROLOGIS INC. COM 74340W103 34,928 374,241 SH   SOLE   374,241 0 0
SIMON PPTY GROUP INC NEW COM 828806109 12,109 177,088 SH   SOLE   177,088 0 0
SL GREEN RLTY CORP COM 78440X101 10,005 202,977 SH   SOLE   202,977 0 0
TAUBMAN CTRS INC COM 876664103 5,064 134,100 SH   SOLE   134,100 0 0