Pensionfund Sabic 13F-HR Quarterly holdings report by institutional manager

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

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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
3M CO	COMMON STOCK	88579Y101	2,763	13,300	SH		SOLE	0	0	0	13,300
A SITE CENTER REIT	COMMON STOCK	23317H854	504	37,000	SH		SOLE	0	0	0	37,000
AFLAC INC	COMMON STOCK	001055102	1,795	35,900	SH		SOLE	0	0	0	35,900
AGILENT TECHNOLOGIES INC	COMMON STOCK	00846U101	1,608	20,000	SH		SOLE	0	0	0	20,000
AGNC INVESTMENT CORP	COMMON STOCK	00123Q104	1,476	82,000	SH		SOLE	0	0	0	82,000
ALEXANDRIA REAL ESTATE EQUIT	COMMON STOCK	015271109	1,219	8,550	SH		SOLE	0	0	0	8,550
ALLEGHANY CORP	COMMON STOCK	017175100	1,531	2,500	SH		SOLE	0	0	0	2,500
ALLSTATE CORP	COMMON STOCK	020002101	1,846	19,600	SH		SOLE	0	0	0	19,600
ALTRIA GROUP INC	COMMON STOCK	02209S103	2,849	49,600	SH		SOLE	0	0	0	49,600
AMERICAN CAMPUS COMMUNITIES	COMMON STOCK	024835100	1,047	22,000	SH		SOLE	0	0	0	22,000
AMERICAN HOMES 4 RENT- A	COMMON STOCK	02665T306	568	25,000	SH		SOLE	0	0	0	25,000
AMERIPRISE FINANCIAL INC	COMMON STOCK	03076C106	1,704	13,300	SH		SOLE	0	0	0	13,300
AMGEN INC	COMMON STOCK	031162100	2,755	14,500	SH		SOLE	0	0	0	14,500
AMPHENOL CORP-CL A	COMMON STOCK	032095101	1,747	18,500	SH		SOLE	0	0	0	18,500
ANTHEM INC	COMMON STOCK	036752103	2,009	7,000	SH		SOLE	0	0	0	7,000
APARTMENT INVT and MGMT CO -A	COMMON STOCK	03748R754	1,031	20,509	SH		SOLE	0	0	0	20,509
APPLE HOSPITALITY REIT INC	COMMON STOCK	03784Y200	212	13,000	SH		SOLE	0	0	0	13,000
APPLE INC	COMMON STOCK	037833100	7,921	41,700	SH		SOLE	0	0	0	41,700
ARCHER-DANIELS-MIDLAND CO	COMMON STOCK	039483102	1,488	34,500	SH		SOLE	0	0	0	34,500
ARMADA HOFFLER PROPERTIES IN	COMMON STOCK	04208T108	360	23,101	SH		SOLE	0	0	0	23,101
AUTOMATIC DATA PROCESSING	COMMON STOCK	053015103	2,316	14,500	SH		SOLE	0	0	0	14,500
AUTOZONE INC	COMMON STOCK	053332102	1,946	1,900	SH		SOLE	0	0	0	1,900
AVALONBAY COMMUNITIES INC	COMMON STOCK	053484101	2,068	10,302	SH		SOLE	0	0	0	10,302
AVERY DENNISON CORP	COMMON STOCK	053611109	1,684	14,900	SH		SOLE	0	0	0	14,900
BBandT CORP	COMMON STOCK	054937107	1,629	35,000	SH		SOLE	0	0	0	35,000
BEST BUY CO INC	COMMON STOCK	086516101	1,698	23,900	SH		SOLE	0	0	0	23,900
BIOGEN INC	COMMON STOCK	09062X103	1,442	6,100	SH		SOLE	0	0	0	6,100
BOOKING HOLDINGS INC	COMMON STOCK	741503403	2,268	1,300	SH		SOLE	0	0	0	1,300
BOSTON PROPERTIES INC	COMMON STOCK	101121101	778	5,814	SH		SOLE	0	0	0	5,814
BRANDYWINE REALTY TRUST	COMMON STOCK	105368203	1,134	71,500	SH		SOLE	0	0	0	71,500
BRISTOL-MYERS SQUIBB CO	COMMON STOCK	110122108	2,242	47,000	SH		SOLE	0	0	0	47,000
BRIXMOR PROPERTY GROUP INC	COMMON STOCK	11120U105	766	41,711	SH		SOLE	0	0	0	41,711
BROADRIDGE FINANCIAL SOLUTIO	COMMON STOCK	11133T103	1,524	14,700	SH		SOLE	0	0	0	14,700
C.H. ROBINSON WORLDWIDE INC	COMMON STOCK	12541W209	1,392	16,000	SH		SOLE	0	0	0	16,000
CAMDEN PROPERTY TRUST	COMMON STOCK	133131102	1,241	12,231	SH		SOLE	0	0	0	12,231
CBL and ASSOCIATES PROPERTIES	COMMON STOCK	124830100	50	32,000	SH		SOLE	0	0	0	32,000
CBS CORP-CLASS B NON VOTING	COMMON STOCK	124857202	1,521	32,000	SH		SOLE	0	0	0	32,000
CDK GLOBAL INC	COMMON STOCK	12508E101	1,718	29,200	SH		SOLE	0	0	0	29,200
CDW CORP/DE	COMMON STOCK	12514G108	1,735	18,000	SH		SOLE	0	0	0	18,000
CELGENE CORP	COMMON STOCK	151020104	2,170	23,000	SH		SOLE	0	0	0	23,000
CHATHAM LODGING TRUST	COMMON STOCK	16208T102	173	9,000	SH		SOLE	0	0	0	9,000
CHESAPEAKE LODGING TRUST	COMMON STOCK	165240102	403	14,500	SH		SOLE	0	0	0	14,500
CIGNA ORD	COMMON STOCK	125509109	1,721	10,700	SH		SOLE	0	0	0	10,700
CINTAS CORP	COMMON STOCK	172908105	1,758	8,700	SH		SOLE	0	0	0	8,700
CISCO SYSTEMS INC	COMMON STOCK	17275R102	4,157	77,000	SH		SOLE	0	0	0	77,000
CITRIX SYSTEMS INC	COMMON STOCK	177376100	1,495	15,000	SH		SOLE	0	0	0	15,000
COGNIZANT TECH SOLUTIONS-A	COMMON STOCK	192446102	1,891	26,100	SH		SOLE	0	0	0	26,100
COLUMBIA PROPERTY TRUST INC	COMMON STOCK	198287203	675	30,000	SH		SOLE	0	0	0	30,000
CORPORATE OFFICE PROPERTIES	COMMON STOCK	22002T108	1,106	40,500	SH		SOLE	0	0	0	40,500
COUSINS PROPERTIES INC	COMMON STOCK	222795106	570	59,000	SH		SOLE	0	0	0	59,000
CSX CORP	COMMON STOCK	126408103	2,245	30,000	SH		SOLE	0	0	0	30,000
CUBESMART	COMMON STOCK	229663109	545	17,000	SH		SOLE	0	0	0	17,000
CVS HEALTH CORP	COMMON STOCK	126650100	1,819	33,729	SH		SOLE	0	0	0	33,729
CYRUSONE INC	COMMON STOCK	23283R100	902	17,200	SH		SOLE	0	0	0	17,200
Colony Capital Inc	COMMON STOCK	19625W104	677	127,286	SH		SOLE	0	0	0	127,286
DARDEN RESTAURANTS INC	COMMON STOCK	237194105	1,676	13,800	SH		SOLE	0	0	0	13,800
DIAMONDROCK HOSPITALITY CO	COMMON STOCK	252784301	162	15,000	SH		SOLE	0	0	0	15,000
DIGITAL REALTY TRUST INC	COMMON STOCK	253868103	1,719	14,447	SH		SOLE	0	0	0	14,447
DOLLAR GENERAL CORP	COMMON STOCK	256677105	1,754	14,700	SH		SOLE	0	0	0	14,700
DOMINION ENERGY INC	COMMON STOCK	25746U109	2,070	27,000	SH		SOLE	0	0	0	27,000
DUKE REALTY CORP	COMMON STOCK	264411505	480	15,707	SH		SOLE	0	0	0	15,707
EASTGROUP PROPERTIES INC	COMMON STOCK	277276101	349	3,122	SH		SOLE	0	0	0	3,122
EMERSON ELECTRIC CO	COMMON STOCK	291011104	1,945	28,400	SH		SOLE	0	0	0	28,400
EMPIRE STATE REALTY TRUST-A	COMMON STOCK	292104106	269	17,000	SH		SOLE	0	0	0	17,000
EPR PROPERTIES	COMMON STOCK	26884U109	1,154	15,000	SH		SOLE	0	0	0	15,000
EQUITY RESIDENTIAL	COMMON STOCK	29476L107	1,804	23,953	SH		SOLE	0	0	0	23,953
ESSEX PROPERTY TRUST INC	COMMON STOCK	297178105	868	3,000	SH		SOLE	0	0	0	3,000
EXELON CORP	COMMON STOCK	30161N101	2,005	40,000	SH		SOLE	0	0	0	40,000
EXPEDITORS INTL WASH INC	COMMON STOCK	302130109	1,579	20,800	SH		SOLE	0	0	0	20,800
EXXON MOBIL CORP	COMMON STOCK	30231G102	5,252	65,000	SH		SOLE	0	0	0	65,000
F5 NETWORKS INC	COMMON STOCK	315616102	1,459	9,300	SH		SOLE	0	0	0	9,300
FARMLAND PARTNERS INC	COMMON STOCK	31154R109	109	17,000	SH		SOLE	0	0	0	17,000
FASTENAL CO	COMMON STOCK	311900104	1,640	25,500	SH		SOLE	0	0	0	25,500
FIRSTENERGY CORP	COMMON STOCK	337932107	1,664	40,000	SH		SOLE	0	0	0	40,000
FISERV INC	COMMON STOCK	337738108	1,757	19,900	SH		SOLE	0	0	0	19,900
FRANKLIN STREET PROPERTIES C	COMMON STOCK	35471R106	144	20,000	SH		SOLE	0	0	0	20,000
GAMING AND LEISURE PROPERTIE	COMMON STOCK	36467J108	1,176	30,500	SH		SOLE	0	0	0	30,500
GLOBAL NET LEASE INC	COMMON STOCK	379378201	567	29,992	SH		SOLE	0	0	0	29,992
HCP INC	COMMON STOCK	40414L109	1,033	33,007	SH		SOLE	0	0	0	33,007
HEALTHCARE REALTY TRUST INC	COMMON STOCK	421946104	131	4,082	SH		SOLE	0	0	0	4,082
HEALTHCARE TRUST OF AME-CL A	COMMON STOCK	42225P501	943	33,000	SH		SOLE	0	0	0	33,000
HERSHA HOSPITALITY TRUST	COMMON STOCK	427825500	137	8,000	SH		SOLE	0	0	0	8,000
HERSHEY CO/THE	COMMON STOCK	427866108	1,677	14,600	SH		SOLE	0	0	0	14,600
HIGHWOODS PROPERTIES INC	COMMON STOCK	431284108	790	16,898	SH		SOLE	0	0	0	16,898
HOME DEPOT INC	COMMON STOCK	437076102	3,723	19,400	SH		SOLE	0	0	0	19,400
HOSPITALITY PROPERTIES TRUST	COMMON STOCK	44106M102	717	27,266	SH		SOLE	0	0	0	27,266
HOST HOTELS and RESORTS INC	COMMON STOCK	44107P104	1,273	67,343	SH		SOLE	0	0	0	67,343
HUDSON PACIFIC PROPERTIES IN	COMMON STOCK	444097109	809	23,500	SH		SOLE	0	0	0	23,500
HUMANA INC	COMMON STOCK	444859102	1,596	6,000	SH		SOLE	0	0	0	6,000
HUNT (JB) TRANSPRT SVCS INC	COMMON STOCK	445658107	1,448	14,300	SH		SOLE	0	0	0	14,300
IDEX CORP	COMMON STOCK	45167R104	1,624	10,700	SH		SOLE	0	0	0	10,700
ILLINOIS TOOL WORKS	COMMON STOCK	452308109	1,952	13,600	SH		SOLE	0	0	0	13,600
INDUSTRIAL LOGISTICS PROPERT	COMMON STOCK	456237106	1,242	61,572	SH		SOLE	0	0	0	61,572
INFRAREIT INC	COMMON STOCK	45685L100	362	17,267	SH		SOLE	0	0	0	17,267
INGERSOLL-RAND PLC	COMMON STOCK	000000000	1,814	16,800	SH		SOLE	0	0	0	16,800
INTL BUSINESS MACHINES CORP	COMMON STOCK	459200101	2,723	19,300	SH		SOLE	0	0	0	19,300
INTUIT INC	COMMON STOCK	461202103	2,379	9,100	SH		SOLE	0	0	0	9,100
INVITATION HOMES INC	COMMON STOCK	46187W107	236	9,684	SH		SOLE	0	0	0	9,684
IRON MOUNTAIN INC	COMMON STOCK	46284V101	1,152	32,500	SH		SOLE	0	0	0	32,500
KENNEDY-WILSON HOLDINGS INC	COMMON STOCK	489398107	289	13,509	SH		SOLE	0	0	0	13,509
KILROY REALTY CORP	COMMON STOCK	49427F108	304	4,000	SH		SOLE	0	0	0	4,000
KIMBERLY-CLARK CORP	COMMON STOCK	494368103	2,057	16,600	SH		SOLE	0	0	0	16,600
KIMCO REALTY CORP	COMMON STOCK	49446R109	375	20,295	SH		SOLE	0	0	0	20,295
KITE REALTY GROUP TRUST	COMMON STOCK	49803T300	598	37,400	SH		SOLE	0	0	0	37,400
KLA-TENCOR CORP	COMMON STOCK	482480100	1,743	14,600	SH		SOLE	0	0	0	14,600
LENNOX INTERNATIONAL INC	COMMON STOCK	526107107	1,745	6,600	SH		SOLE	0	0	0	6,600
LIBERTY PROPERTY TRUST	COMMON STOCK	531172104	1,113	22,984	SH		SOLE	0	0	0	22,984
LOEWS CORP	COMMON STOCK	540424108	1,519	31,700	SH		SOLE	0	0	0	31,700
LOWE'S COS INC	COMMON STOCK	548661107	2,551	23,300	SH		SOLE	0	0	0	23,300
Life Storage Inc	COMMON STOCK	53223X107	486	5,000	SH		SOLE	0	0	0	5,000
MACERICH CO/THE	COMMON STOCK	554382101	358	8,266	SH		SOLE	0	0	0	8,266
MACK-CALI REALTY CORP	COMMON STOCK	554489104	622	28,000	SH		SOLE	0	0	0	28,000
MARSH and MCLENNAN COS	COMMON STOCK	571748102	2,038	21,700	SH		SOLE	0	0	0	21,700
MASCO CORP	COMMON STOCK	574599106	1,855	47,200	SH		SOLE	0	0	0	47,200
MASTERCARD INC - A	COMMON STOCK	57636Q104	3,861	16,400	SH		SOLE	0	0	0	16,400
MCDONALD'S CORP	COMMON STOCK	580135101	2,981	15,700	SH		SOLE	0	0	0	15,700
MEDICAL PROPERTIES TRUST INC	COMMON STOCK	58463J304	963	52,000	SH		SOLE	0	0	0	52,000
METTLER-TOLEDO INTERNATIONAL	COMMON STOCK	592688105	1,641	2,270	SH		SOLE	0	0	0	2,270
MICROSOFT CORP	COMMON STOCK	594918104	7,916	67,120	SH		SOLE	0	0	0	67,120
MID-AMERICA APARTMENT COMM	COMMON STOCK	59522J103	1,585	14,500	SH		SOLE	0	0	0	14,500
MID-AMERICA APARTMENT COMM	COMMON STOCK	59522J103	1,481	13,550	SH		SOLE	0	0	0	13,550
MONMOUTH REAL ESTATE INV COR	COMMON STOCK	609720107	685	52,000	SH		SOLE	0	0	0	52,000
MOTOROLA SOLUTIONS INC	COMMON STOCK	620076307	1,825	13,000	SH		SOLE	0	0	0	13,000
NATL HEALTH INVESTORS INC	COMMON STOCK	63633D104	746	9,500	SH		SOLE	0	0	0	9,500
NETAPP INC	COMMON STOCK	64110D104	1,664	24,000	SH		SOLE	0	0	0	24,000
NEW SENIOR INVESTMENT GROUP	COMMON STOCK	648691103	92	16,863	SH		SOLE	0	0	0	16,863
O'REILLY AUTOMOTIVE INC	COMMON STOCK	67103H107	1,864	4,800	SH		SOLE	0	0	0	4,800
OFFICE PROPERTIES INCOME TRUST	COMMON STOCK	67623C109	351	12,714	SH		SOLE	0	0	0	12,714
OLD DOMINION FREIGHT LINE	COMMON STOCK	679580100	1,516	10,500	SH		SOLE	0	0	0	10,500
OMNICOM GROUP	COMMON STOCK	681919106	1,511	20,700	SH		SOLE	0	0	0	20,700
PAYCHEX INC	COMMON STOCK	704326107	1,869	23,300	SH		SOLE	0	0	0	23,300
PEBBLEBROOK HOTEL TRUST	COMMON STOCK	70509V100	384	12,355	SH		SOLE	0	0	0	12,355
PEOPLE'S UNITED FINANCIAL	COMMON STOCK	712704105	1,480	90,000	SH		SOLE	0	0	0	90,000
PEPSICO INC	COMMON STOCK	713448108	3,395	27,700	SH		SOLE	0	0	0	27,700
PFIZER INC	COMMON STOCK	717081103	4,103	96,600	SH		SOLE	0	0	0	96,600
PHYSICIANS REALTY TRUST	COMMON STOCK	71943U104	828	44,000	SH		SOLE	0	0	0	44,000
PPG INDUSTRIES INC	COMMON STOCK	693506107	1,806	16,000	SH		SOLE	0	0	0	16,000
PPL CORP	COMMON STOCK	69351T106	1,673	52,700	SH		SOLE	0	0	0	52,700
PREFERRED APARTMENT COMMUN-A	COMMON STOCK	74039L103	445	30,000	SH		SOLE	0	0	0	30,000
PROCTER and GAMBLE CO/THE	COMMON STOCK	742718109	4,183	40,200	SH		SOLE	0	0	0	40,200
PROLOGIS INC	COMMON STOCK	74340W103	2,603	36,183	SH		SOLE	0	0	0	36,183
PUBLIC SERVICE ENTERPRISE GP	COMMON STOCK	744573106	1,907	32,100	SH		SOLE	0	0	0	32,100
PUBLIC STORAGE	COMMON STOCK	74460D109	1,919	8,813	SH		SOLE	0	0	0	8,813
QTS REALTY TRUST INC-CL A	COMMON STOCK	74736A103	360	8,000	SH		SOLE	0	0	0	8,000
REGENCY CENTERS CORP	COMMON STOCK	758849103	1,519	22,500	SH		SOLE	0	0	0	22,500
REGENERON PHARMACEUTICALS	COMMON STOCK	75886F107	1,642	4,000	SH		SOLE	0	0	0	4,000
REINSURANCE GROUP OF AMERICA	COMMON STOCK	759351604	1,420	10,000	SH		SOLE	0	0	0	10,000
RETAIL VALUE INC	COMMON STOCK	76133Q102	3	99	SH		SOLE	0	0	0	99
RLJ LODGING TRUST	COMMON STOCK	74965L101	506	28,800	SH		SOLE	0	0	0	28,800
RMR GROUP INC/THE - A	COMMON STOCK	74967R106	65	1,069	SH		SOLE	0	0	0	1,069
ROBERT HALF INTL INC	COMMON STOCK	770323103	1,531	23,500	SH		SOLE	0	0	0	23,500
ROCKWELL AUTOMATION INC	COMMON STOCK	773903109	1,649	9,400	SH		SOLE	0	0	0	9,400
ROSS STORES INC	COMMON STOCK	778296103	1,750	18,800	SH		SOLE	0	0	0	18,800
RPT REALTY	COMMON STOCK	74971D101	542	45,100	SH		SOLE	0	0	0	45,100
SandP GLOBAL INC	COMMON STOCK	78409V104	2,042	9,700	SH		SOLE	0	0	0	9,700
SABRA HEALTH CARE REIT INC	COMMON STOCK	78573L106	1,010	51,874	SH		SOLE	0	0	0	51,874
SEI INVESTMENTS COMPANY	COMMON STOCK	784117103	1,463	28,000	SH		SOLE	0	0	0	28,000
SENIOR HOUSING PROP TRUST	COMMON STOCK	81721M109	661	56,100	SH		SOLE	0	0	0	56,100
SIMON PROPERTY GROUP INC	COMMON STOCK	828806109	1,913	10,500	SH		SOLE	0	0	0	10,500
SIMON PROPERTY GROUP INC	COMMON STOCK	828806109	4,465	24,506	SH		SOLE	0	0	0	24,506
SKYWORKS SOLUTIONS INC	COMMON STOCK	83088M102	1,501	18,200	SH		SOLE	0	0	0	18,200
SL GREEN REALTY CORP	COMMON STOCK	78440X101	1,349	15,000	SH		SOLE	0	0	0	15,000
SL GREEN REALTY CORP	COMMON STOCK	78440X101	653	7,257	SH		SOLE	0	0	0	7,257
SMITH (A.O.) CORP	COMMON STOCK	831865209	1,701	31,900	SH		SOLE	0	0	0	31,900
SNAP-ON INC	COMMON STOCK	833034101	1,409	9,000	SH		SOLE	0	0	0	9,000
SOUTHERN CO/THE	COMMON STOCK	842587107	2,041	39,500	SH		SOLE	0	0	0	39,500
SPIRIT REALTY CAPITAL INC	COMMON STOCK	84860W300	612	15,400	SH		SOLE	0	0	0	15,400
STAG INDUSTRIAL INC	COMMON STOCK	85254J102	756	25,500	SH		SOLE	0	0	0	25,500
STARBUCKS CORP	COMMON STOCK	855244109	2,490	33,500	SH		SOLE	0	0	0	33,500
STORE CAPITAL CORP	COMMON STOCK	862121100	536	16,000	SH		SOLE	0	0	0	16,000
STRYKER CORP	COMMON STOCK	863667101	2,252	11,400	SH		SOLE	0	0	0	11,400
SUMMIT HOTEL PROPERTIES INC	COMMON STOCK	866082100	213	18,700	SH		SOLE	0	0	0	18,700
SUNSTONE HOTEL INVESTORS INC	COMMON STOCK	867892101	187	13,000	SH		SOLE	0	0	0	13,000
SYNOPSYS INC	COMMON STOCK	871607107	1,958	17,000	SH		SOLE	0	0	0	17,000
SYSCO CORP	COMMON STOCK	871829107	1,649	24,700	SH		SOLE	0	0	0	24,700
TANGER FACTORY OUTLET CENTER	COMMON STOCK	875465106	598	28,500	SH		SOLE	0	0	0	28,500
TAUBMAN CENTERS INC	COMMON STOCK	876664103	317	6,000	SH		SOLE	0	0	0	6,000
TD AMERITRADE HOLDING CORP	COMMON STOCK	87236Y108	1,400	28,000	SH		SOLE	0	0	0	28,000
TEXAS INSTRUMENTS INC	COMMON STOCK	882508104	2,482	23,400	SH		SOLE	0	0	0	23,400
TIER REIT INC	COMMON STOCK	88650V208	573	20,000	SH		SOLE	0	0	0	20,000
TJX COMPANIES INC	COMMON STOCK	872540109	2,182	41,000	SH		SOLE	0	0	0	41,000
TORCHMARK CORP	COMMON STOCK	891027104	1,491	18,200	SH		SOLE	0	0	0	18,200
TRACTOR SUPPLY COMPANY	COMMON STOCK	892356106	1,613	16,500	SH		SOLE	0	0	0	16,500
TRAVELERS COS INC/THE	COMMON STOCK	89417E109	1,907	13,900	SH		SOLE	0	0	0	13,900
UDR INC	COMMON STOCK	902653104	1,206	26,519	SH		SOLE	0	0	0	26,519
UMH PROPERTIES INC	COMMON STOCK	903002103	352	25,000	SH		SOLE	0	0	0	25,000
UNION PACIFIC CORP	COMMON STOCK	907818108	2,742	16,400	SH		SOLE	0	0	0	16,400
UNITED PARCEL SERVICE-CL B	COMMON STOCK	911312106	2,374	21,250	SH		SOLE	0	0	0	21,250
UNITEDHEALTH GROUP INC	COMMON STOCK	91324P102	3,758	15,200	SH		SOLE	0	0	0	15,200
UNITI GROUP INC	COMMON STOCK	91325V108	179	16,000	SH		SOLE	0	0	0	16,000
URSTADT BIDDLE - CLASS A	COMMON STOCK	917286205	351	17,000	SH		SOLE	0	0	0	17,000
US BANCORP	COMMON STOCK	902973304	2,043	42,400	SH		SOLE	0	0	0	42,400
VENTAS INC	COMMON STOCK	92276F100	1,810	28,362	SH		SOLE	0	0	0	28,362
VEREIT INC	COMMON STOCK	92339V100	1,256	150,000	SH		SOLE	0	0	0	150,000
VERIZON COMMUNICATIONS INC	COMMON STOCK	92343V104	4,228	71,500	SH		SOLE	0	0	0	71,500
VISA INC-CLASS A SHARES	COMMON STOCK	92826C839	4,592	29,400	SH		SOLE	0	0	0	29,400
VORNADO REALTY TRUST	COMMON STOCK	929042109	758	11,237	SH		SOLE	0	0	0	11,237
WALT DISNEY CO/THE	COMMON STOCK	254687106	3,175	28,600	SH		SOLE	0	0	0	28,600
WASHINGTON REIT	COMMON STOCK	939653101	170	6,000	SH		SOLE	0	0	0	6,000
WASTE MANAGEMENT INC	COMMON STOCK	94106L109	2,005	19,300	SH		SOLE	0	0	0	19,300
WATERS CORP	COMMON STOCK	941848103	1,636	6,500	SH		SOLE	0	0	0	6,500
WEINGARTEN REALTY INVESTORS	COMMON STOCK	948741103	509	17,314	SH		SOLE	0	0	0	17,314
WELLTOWER INC	COMMON STOCK	95040Q104	1,882	24,247	SH		SOLE	0	0	0	24,247
WW GRAINGER INC	COMMON STOCK	384802104	1,535	5,100	SH		SOLE	0	0	0	5,100
YUM! BRANDS INC	COMMON STOCK	988498101	1,777	17,800	SH		SOLE	0	0	0	17,800
ZOETIS INC	COMMON STOCK	98978V103	2,134	21,200	SH		SOLE	0	0	0	21,200