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 32,233 751,700 SH   SOLE   751,700 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 15,093 356,800 SH   SOLE   356,800 0 0
AVALONBAY CMNTYS INC COM 053484101 93,336 543,000 SH   SOLE   543,000 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 3,234 191,600 SH   SOLE   191,600 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 41,478 2,379,700 SH   SOLE   2,379,700 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 18,304 806,000 SH   SOLE   806,000 0 0
CUBESMART COM 229663109 42,173 1,308,900 SH   SOLE   1,308,900 0 0
DDR CORP COM 23317H854 1,766 98,650 SH   SOLE   98,650 0 0
DIGITAL RLTY TR INC COM 253868103 39,689 355,700 SH   SOLE   355,700 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,083 32,700 SH   SOLE   32,700 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 21,488 169,800 SH   SOLE   169,800 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 3,229 90,200 SH   SOLE   90,200 0 0
GGP INC COM 36174X101 36,502 1,786,700 SH   SOLE   1,786,700 0 0
HEALTHCARE RLTY TR COM 421946104 1,579 54,300 SH   SOLE   54,300 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 47,509 1,762,200 SH   SOLE   1,762,200 0 0
HUDSON PAC PPTYS INC COM 444097109 61,949 1,748,500 SH   SOLE   1,748,500 0 0
INVITATION HOMES INC COM 46187W107 42,732 1,853,100 SH   SOLE   1,853,100 0 0
ISHARES TR U.S. REAL ES ETF 464287739 3,989 49,500 SH Put SOLE   49,500 0 0
KIMCO RLTY CORP COM 49446R109 1,318 77,600 SH   SOLE   77,600 0 0
KITE RLTY GROUP TR COM NEW 49803T300 1,819 106,500 SH   SOLE   106,500 0 0
MACERICH CO COM 554382101 1,944 34,200 SH   SOLE   34,200 0 0
PARAMOUNT GROUP INC COM 69924R108 66,322 4,306,600 SH   SOLE   4,306,600 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 27,535 2,505,500 SH   SOLE   2,505,500 0 0
PROLOGIS INC COM 74340W103 85,088 1,295,300 SH   SOLE   1,295,300 0 0
SIMON PPTY GROUP INC NEW COM 828806109 47,211 277,400 SH   SOLE   277,400 0 0
SL GREEN RLTY CORP COM 78440X101 13,933 138,600 SH   SOLE   138,600 0 0
STORE CAP CORP COM 862121100 2,271 82,900 SH   SOLE   82,900 0 0
VENTAS INC COM 92276F100 3,759 66,000 SH   SOLE   66,000 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,600 84,400 SH   SOLE   84,400 0 0
WELLTOWER INC COM 95040Q104 41,915 668,600 SH   SOLE   668,600 0 0