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
ARCH CAP GROUP LTD ORD G0450A105 20,617 491,115 SH   SOLE   491,115 0 0
ALLIANCE DATA SYSTEMS CORP COM 018581108 13,237 103,310 SH   SOLE   103,310 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 35,776 642,302 SH   SOLE   642,302 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 8,251 158,253 SH   SOLE   158,253 0 0
ASSURANT INC COM 04621X108 29,694 236,003 SH   SOLE   236,003 0 0
ALLY FINL INC COM 02005N100 15,366 463,384 SH   SOLE   463,384 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,435 209,944 SH   SOLE   209,944 0 0
AON PLC SHS CL A G0408V102 51,420 265,641 SH   SOLE   265,641 0 0
ARES CAP CORP COM 04010L103 6,533 350,598 SH   SOLE   350,598 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 5,594 36,316 SH   SOLE   36,316 0 0
ASSOCIATED BANC CORP COM 045487105 4,965 245,161 SH   SOLE   245,161 0 0
ATHENE HLDG LTD CL A G0684D107 21,867 519,897 SH   SOLE   519,897 0 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 26,834 402,182 SH   SOLE   402,182 0 0
BB&T CORP COM 054937107 64,104 1,201,126 SH   SOLE   1,201,126 0 0
BAIN CAP SPECIALTY FIN INC COM 05684B107 1,882 99,225 SH   SOLE   99,225 0 0
BANK NEW YORK MELLON CORP COM 064058100 18,031 398,829 SH   SOLE   398,829 0 0
CITIZENS FINL GROUP INC COM 174610105 38,798 1,096,925 SH   SOLE   1,096,925 0 0
CUBESMART COM 229663109 939 26,898 SH   SOLE   26,898 0 0
DOUGLAS EMMETT INC COM 25960P109 1,387 32,393 SH   SOLE   32,393 0 0
DISCOVER FINL SVCS COM 254709108 7,521 92,751 SH   SOLE   92,751 0 0
AXA EQUITABLE HLDGS INC COM 054561105 10,112 456,334 SH   SOLE   456,334 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,436 74,616 SH   SOLE   74,616 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 18,476 422,898 SH   SOLE   422,898 0 0
EXTRA SPACE STORAGE INC COM 30225T102 5,620 48,107 SH   SOLE   48,107 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 4,607 123,359 SH   SOLE   123,359 0 0
FIRST HORIZON NATL CORP COM 320517105 3,952 243,935 SH   SOLE   243,935 0 0
FEDERATED INVS INC PA CL B 314211103 8,666 267,402 SH   SOLE   267,402 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 14,875 112,042 SH   SOLE   112,042 0 0
FIFTH THIRD BANCORP COM 316773100 17,052 622,777 SH   SOLE   622,777 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 7,414 166,952 SH   SOLE   166,952 0 0
HIGHWOODS PPTYS INC COM 431284108 6,838 152,158 SH   SOLE   152,158 0 0
HERITAGE INS HLDGS INC COM 42727J102 3,402 227,541 SH   SOLE   227,541 0 0
HOST HOTELS & RESORTS INC COM 44107P104 8,548 494,405 SH   SOLE   494,405 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 1,456 38,027 SH   SOLE   38,027 0 0
IBERIABANK CORP COM 450828108 19,635 259,933 SH   SOLE   259,933 0 0
INVITATION HOMES INC COM 46187W107 2,948 99,568 SH   SOLE   99,568 0 0
KILROY RLTY CORP COM 49427F108 6,275 80,559 SH   SOLE   80,559 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 8,412 159,345 SH   SOLE   159,345 0 0
LINCOLN NATL CORP IND COM 534187109 22,205 368,126 SH   SOLE   368,126 0 0
LPL FINL HLDGS INC COM 50212V100 5,511 67,291 SH   SOLE   67,291 0 0
LIBERTY PPTY TR SH BEN INT 531172104 12,331 240,221 SH   SOLE   240,221 0 0
M & T BK CORP COM 55261F104 10,989 69,563 SH   SOLE   69,563 0 0
NVR INC COM 62944T105 1,595 429 SH   SOLE   429 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 4,567 153,359 SH   SOLE   153,359 0 0
ONEMAIN HLDGS INC COM 68268W103 8,765 238,964 SH   SOLE   238,964 0 0
PEOPLES UTD FINL INC COM 712704105 13,666 874,051 SH   SOLE   874,051 0 0
PNC FINL SVCS GROUP INC COM 693475105 67,028 478,223 SH   SOLE   478,223 0 0
REINSURANCE GRP OF AMERICA I COM NEW 759351604 7,532 47,109 SH   SOLE   47,109 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 9,847 50,904 SH   SOLE   50,904 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 4,520 196,848 SH   SOLE   196,848 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 13,984 548,158 SH   SOLE   548,158 0 0
THE CHARLES SCHWAB CORPORATI COM 808513105 23,473 561,144 SH   SOLE   561,144 0 0
SITE CENTERS CORP COM 82981J109 6,399 423,488 SH   SOLE   423,488 0 0
SVB FINL GROUP COM 78486Q101 6,781 32,451 SH   SOLE   32,451 0 0
SOLAR CAP LTD COM 83413U100 2,472 119,726 SH   SOLE   119,726 0 0
SYNOVUS FINL CORP COM NEW 87161C501 16,584 463,761 SH   SOLE   463,761 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 2,012 42,035 SH   SOLE   42,035 0 0
STERLING BANCORP DEL COM 85917A100 19,214 957,819 SH   SOLE   957,819 0 0
STORE CAP CORP COM 862121100 3,877 103,628 SH   SOLE   103,628 0 0
SYNCHRONY FINL COM 87165B103 16,223 475,894 SH   SOLE   475,894 0 0
HANOVER INS GROUP INC COM 410867105 21,670 159,876 SH   SOLE   159,876 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 7,535 290,483 SH   SOLE   290,483 0 0
TPG SPECIALTY LENDING INC COM 87265K102 5,750 274,072 SH   SOLE   274,072 0 0
VICI PPTYS INC COM 925652109 6,987 308,488 SH   SOLE   308,488 0 0
VOYA FINL INC COM 929089100 57,805 1,061,815 SH   SOLE   1,061,815 0 0
WESTERN ALLIANCE BANCORP COM 957638109 9,830 213,325 SH   SOLE   213,325 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 55,361 286,890 SH   SOLE   286,890 0 0
BERKLEY W R CORP COM 084423102 20,386 282,241 SH   SOLE   282,241 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 7,273 249,675 SH   SOLE   249,675 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 57,763 2,062,953 SH   SOLE   2,062,953 0 0
ALLEGHANY CORP DEL COM 017175100 19,308 24,203 SH   SOLE   24,203 0 0
OPORTUN FINL CORP COM 68376D104 1,751 107,943 SH   SOLE   107,943 0 0
HCP INC COM 40414L109 7,203 202,168 SH   SOLE   202,168 0 0