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
Expires: July 31, 2015
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
DIGITAL RLTY TR INC COM 253868103 12,018,385 66,691 SH SOLE 0 9,800 56,891
EQUINIX INC COM 29444U700 22,408,286 22,860 SH SOLE 0 3,359 19,501
IRON MTN INC DEL COM 46284V101 11,895,939 116,467 SH SOLE 0 17,020 99,447
AMERICAN HEALTHCARE REIT INC COM SHS 398182303 11,779,153 249,770 SH SOLE 0 31,420 218,350
CARETRUST REIT INC COM 14174T107 11,211,235 305,900 SH SOLE 0 28,800 277,100
WELLTOWER INC COM 95040Q104 34,867,740 176,358 SH SOLE 0 30,120 146,238
PROLOGIS INC. COM 74340W103 43,979,062 332,721 SH SOLE 0 46,459 286,262
AMERICAN TOWER CORP NEW COM 03027X100 26,488,959 153,488 SH SOLE 0 0 153,488
COUSINS PPTYS INC COM 222795502 3,675,073 162,830 SH SOLE 0 21,370 141,460
SL GREEN RLTY CORP COM 78440X887 3,860,230 104,500 SH SOLE 0 13,000 91,500
CBRE GROUP INC CL A 12504L109 467,337 3,450 SH SOLE 0 3,450 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,189,770 185,880 SH SOLE 0 23,430 162,450
AVALONBAY CMNTYS INC COM 053484101 11,194,376 68,530 SH SOLE 0 8,830 59,700
EQUITY LIFESTYLE PPTYS INC COM 29472R108 7,772,663 124,522 SH SOLE 0 14,732 109,790
INDEPENDENCE RLTY TR INC COM 45378A106 4,384,509 294,460 SH SOLE 0 45,480 248,980
MID-AMER APT CMNTYS INC COM 59522J103 7,354,677 60,225 SH SOLE 0 9,935 50,290
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 8,539,782 281,284 SH SOLE 0 33,900 247,384
FOUR CORNERS PPTY TR INC COM 35086T109 8,543,255 361,237 SH SOLE 0 44,130 317,107
INVENTRUST PPTYS CORP COM 46124J201 9,450,215 310,250 SH SOLE 0 35,500 274,750
MACERICH CO COM 554382101 4,237,985 224,232 SH SOLE 0 23,532 200,700
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 10,400,178 277,931 SH SOLE 0 35,068 242,863
SIMON PPTY GROUP INC NEW COM 828806109 12,942,384 69,385 SH SOLE 0 9,445 59,940
PUBLIC STORAGE OPER CO COM 74460D109 20,153,472 74,400 SH SOLE 0 10,600 63,800
VICI PPTYS INC COM 925652109 1,258,359 46,060 SH SOLE 0 46,060 0