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
APOLLO COML REAL EST FIN INC COM 03762U105 5,360 279,629 SH   SOLE   279,629 0 0
BANK MONTREAL QUE COM 063671101 4,160 56,459 SH   SOLE   56,459 0 0
BANK N S HALIFAX COM 064149107 3,582 63,040 SH   SOLE   63,040 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 4,029 112,397 SH   SOLE   112,397 0 0
BOSTON PROPERTIES INC COM 101121101 15,085 116,340 SH   SOLE   116,340 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 16,857 830,791 SH   SOLE   830,791 0 0
CAMDEN PPTY TR SH BEN INT 133131102 7,073 63,714 SH   SOLE   63,714 0 0
CDN IMPERIAL BK COMM TORONTO COM 136069101 3,788 45,896 SH   SOLE   45,896 0 0
COLONY CAP INC NEW CL A COM 19626G108 9,218 1,531,196 SH   SOLE   1,531,196 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 14,964 107,645 SH   SOLE   107,645 0 0
CUBESMART COM 229663109 13,297 380,990 SH   SOLE   380,990 0 0
EQUINIX INC COM 29444U700 10,671 18,500 SH   SOLE   18,500 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 22,904 265,520 SH   SOLE   265,520 0 0
ESSEX PPTY TR INC COM 297178105 17,585 53,834 SH   SOLE   53,834 0 0
EXTRA SPACE STORAGE INC COM 30225T102 7,617 65,200 SH   SOLE   65,200 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 8,270 60,747 SH   SOLE   60,747 0 0
GRANITE PT MTG TR INC COM 38741L107 21,624 1,153,916 SH   SOLE   1,153,916 0 0
HCP INC COM 40414L109 24,996 701,553 SH   SOLE   701,553 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 21,152 719,941 SH   SOLE   719,941 0 0
HIGHWOODS PPTYS INC COM 431284108 4,152 92,400 SH   SOLE   92,400 0 0
HOST HOTELS & RESORTS INC COM 44107P104 4,933 285,305 SH   SOLE   285,305 0 0
HUDSON PAC PPTYS INC COM 444097109 17,639 527,173 SH   SOLE   527,173 0 0
INVITATION HOMES INC COM 46187W107 16,957 572,687 SH   SOLE   572,687 0 0
ISHARES TR U.S. REAL ES ETF 464287739 16,809 179,700 SH   SOLE   179,700 0 0
KKR REAL ESTATE FIN TR INC COM 48251K100 6,646 340,280 SH   SOLE   340,280 0 0
MACERICH CO COM 554382101 20,289 642,249 SH   SOLE   642,249 0 0
MANULIFE FINL CORP COM 56501R106 338 18,444 SH   SOLE   18,444 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 5,164 264,000 SH   SOLE   264,000 0 0
MFA FINL INC COM 55272X102 15,303 2,079,228 SH   SOLE   2,079,228 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 14,275 475,042 SH   SOLE   475,042 0 0
PARK HOTELS RESORTS INC COM 700517105 1,730 69,300 SH   SOLE   69,300 0 0
PROLOGIS INC COM 74340W103 14,021 164,524 SH   SOLE   164,524 0 0
QTS RLTY TR INC COM CL A 74736A103 16,570 322,320 SH   SOLE   322,320 0 0
RETAIL PPTYS AMER INC CL A 76131V202 2,774 225,182 SH   SOLE   225,182 0 0
REXFORD INDL RLTY INC COM 76169C100 15,753 357,866 SH   SOLE   357,866 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 5,071 62,485 SH   SOLE   62,485 0 0
SIMON PPTY GROUP INC NEW COM 828806109 6,957 44,695 SH   SOLE   44,695 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 4,288 89,600 SH   SOLE   89,600 0 0
STAG INDL INC COM 85254J102 5,371 182,176 SH   SOLE   182,176 0 0
STARWOOD PPTY TR INC COM 85571B105 28,461 1,175,122 SH   SOLE   1,175,122 0 0
STORE CAP CORP COM 862121100 5,705 152,500 SH   SOLE   152,500 0 0
SUN LIFE FINL INC COM 866796105 452 10,115 SH   SOLE   10,115 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 11,685 200,310 SH   SOLE   200,310 0 0
TPG RE FIN TR INC COM 87266M107 28,394 1,431,125 SH   SOLE   1,431,125 0 0
VENTAS INC COM 92276F100 11,327 155,100 SH   SOLE   155,100 0 0
VEREIT INC COM 92339V100 20,627 2,109,100 SH   SOLE   2,109,100 0 0
VICI PPTYS INC COM 925652109 21,612 954,159 SH   SOLE   954,159 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 4,390 150,700 SH   SOLE   150,700 0 0