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
AMERICAN CAMPUS CMNTYS INC COM 024835100 50,124 1,059,700 SH   SOLE   1,059,700 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 59,273 1,379,400 SH   SOLE   1,379,400 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 3,110 177,400 SH   SOLE   177,400 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 8,999 402,100 SH   SOLE   402,100 0 0
CUBESMART COM 229663109 52,696 2,192,000 SH   SOLE   2,192,000 0 0
DDR CORP COM 23317H102 1,972 217,450 SH   SOLE   217,450 0 0
DIGITAL RLTY TR INC COM 253868103 32,586 288,500 SH   SOLE   288,500 0 0
EPR PPTYS COM SH BEN INT 26884U109 3,845 53,500 SH   SOLE   53,500 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,034 30,900 SH   SOLE   30,900 0 0
ESSEX PPTY TR INC COM 297178105 32,956 128,100 SH   SOLE   128,100 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 31,016 245,400 SH   SOLE   245,400 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 4,955 205,000 SH   SOLE   205,000 0 0
GGP INC COM 36174X101 29,556 1,254,482 SH   SOLE   1,254,482 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 51,173 1,644,900 SH   SOLE   1,644,900 0 0
HUDSON PAC PPTYS INC COM 444097109 56,810 1,661,600 SH   SOLE   1,661,600 0 0
INVITATION HOMES INC COM 46187W107 4,038 186,700 SH   SOLE   186,700 0 0
KIMCO RLTY CORP COM 49446R109 1,474 80,300 SH   SOLE   80,300 0 0
KITE RLTY GROUP TR COM NEW 49803T300 20,264 1,070,475 SH   SOLE   1,070,475 0 0
MACERICH CO COM 554382101 2,462 42,400 SH   SOLE   42,400 0 0
PARAMOUNT GROUP INC COM 69924R108 52,038 3,252,400 SH   SOLE   3,252,400 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 5,052 446,300 SH   SOLE   446,300 0 0
PROLOGIS INC COM 74340W103 80,589 1,374,300 SH   SOLE   1,374,300 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 24,785 387,200 SH   SOLE   387,200 0 0
SIMON PPTY GROUP INC NEW COM 828806109 60,108 371,585 SH   SOLE   371,585 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 4,911 304,634 SH   SOLE   304,634 0 0
TAUBMAN CTRS INC COM 876664103 2,180 36,600 SH   SOLE   36,600 0 0
VENTAS INC COM 92276F100 2,064 29,700 SH   SOLE   29,700 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,878 95,600 SH   SOLE   95,600 0 0
WELLTOWER INC COM 95040Q104 38,623 516,000 SH   SOLE   516,000 0 0