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
ACADIA REALTY TRUST COM SH BEN INT 004239109 859 30,000 SH   SOLE   30,000 0 0
AGREE REALTY CORP COM 008492100 948 19,309 SH   SOLE   19,309 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 4,676 39,300 SH   SOLE   39,300 0 0
AMERICAN CAMPUS COMMUNITIES INC COM 024835100 1,188 26,900 SH   SOLE   26,900 0 0
ANNALY CAPITAL MANAGEMENT INC COM 035710409 1,036 85,000 SH   SOLE   85,000 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 1,699 38,745 SH   SOLE   38,745 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 189 10,000 SH   SOLE   10,000 0 0
ARMADA HOFFLER PROPERTIES INC COM 04208T108 1,036 75,000 SH   SOLE   75,000 0 0
ASHFORD HOSPITALITY PRIME INC COM 044102101 704 74,097 SH   SOLE   74,097 0 0
ASHFORD HOSPITALITY TRUST INC COM SHS 044103109 1,234 185,000 SH   SOLE   185,000 0 0
ASHFORD HOSPITALITY PRIM PFD CV SER B 044102507 506 25,000 SH   SOLE   25,000 0 0
AVALONBAY COMMUNITIES INC COM 053484101 5,598 31,375 SH   SOLE   31,375 0 0
BLACKROCK CR ALLCTN INC TR COM 092508100 264 19,451 SH   SOLE   19,451 0 0
BLACKSTONE MORTGAGE TRU INC COM CL A 09257W100 497 16,000 SH   SOLE   16,000 0 0
BLUEROCK RESIDENTIAL GROWTH REIT IN COM CL A 09627J102 3,539 320,000 SH   SOLE   320,000 0 0
BOSTON PROPERTIES INC COM 101121101 3,330 27,100 SH   SOLE   27,100 0 0
BRANDYWINE REALTY TRUST SH BEN INT NEW 105368203 2,891 165,300 SH   SOLE   165,300 0 0
CAMDEN PROPERTY TRUST SH BEN INT 133131102 576 6,300 SH   SOLE   6,300 0 0
CBL & ASSOCIATES PROPERTIES INC COM 124830100 1,124 134,000 SH   SOLE   134,000 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 582 103,627 SH   SOLE   103,627 0 0
CHATHAM LODGING TRUST COM 16208T102 981 46,000 SH   SOLE   46,000 0 0
CHESAPEAKE LODGING TRUST SH BEN INT 165240102 1,912 70,900 SH   SOLE   70,900 0 0
CITY OFFICE REIT INC COM 178587101 2,177 158,115 SH   SOLE   158,115 0 0
COHEN & STEERS QUALITY REALTY COM 19247L106 1,260 100,297 SH   SOLE   100,297 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 691 54,980 SH   SOLE   54,980 0 0
CONDOR HOSPITALITY TRUST INC COM NEW 20676Y403 621 59,420 SH   SOLE   59,420 0 0
CORPORATE OFFICE PROPERTIES TR SH BEN INT 22002T108 2,741 83,500 SH   SOLE   83,500 0 0
CORENERGY INFRASTRUCTURE DEP SHS REPSTG 21870U304 645 24,800 SH   SOLE   24,800 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 250 2,500 SH   SOLE   2,500 0 0
CUBESMART COM 229663109 1,168 15,000 SH   SOLE   15,000 0 0
CYRUSONE INC COM 23283R100 1,355 23,000 SH   SOLE   23,000 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 1,382 23,862 SH   SOLE   23,862 0 0
DDR CORP COM 23317H102 568 62,000 SH   SOLE   62,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,047 95,603 SH   SOLE   95,603 0 0
DIGITAL REALTY TRUST INC COM 253868103 4,733 40,000 SH   SOLE   40,000 0 0
DOUGLAS EMMETT INC COM 25960P109 2,023 51,322 SH   SOLE   51,322 0 0
DUKE REALTY CORP COM NEW 264411505 1,040 36,100 SH   SOLE   36,100 0 0
EATON VANCE ENHANCED EQUITY INC FD COM 278277108 526 35,188 SH   SOLE   35,188 0 0
EPR PROPERTIES COM SH BEN INT 26884U109 7,127 102,194 SH   SOLE   102,194 0 0
EPR PROPERTIES CONV PFD 9% SR E 26884U307 588 16,400 SH   SOLE   16,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,538 84,000 SH   SOLE   84,000 0 0
ESSEX PROPERTY TRUST INC COM 297178105 3,480 13,700 SH   SOLE   13,700 0 0
EXTRA SPACE STORAGE INC COM 30225T102 990 12,390 SH   SOLE   12,390 0 0
FARMLAND PARTNERS INC COM 31154R109 988 109,344 SH   SOLE   109,344 0 0
FIRST POTOMAC REALTY TRUST COM 33610F109 1,096 98,364 SH   SOLE   98,364 0 0
FOUR CORNERS PROPERTY TRUST INC COM 35086T109 498 20,000 SH   SOLE   20,000 0 0
FRANKLIN STREET PROPERTIES CORP COM 35471R106 810 76,269 SH   SOLE   76,269 0 0
GGP INC COM 36174X101 677 32,591 SH   SOLE   32,591 0 0
GLADSTONE COMMERCIAL CORP COM 376536108 506 22,742 SH   SOLE   22,742 0 0
GLADSTONE LAND CORP COM 376549101 272 20,000 SH   SOLE   20,000 0 0
GLOBAL MEDICAL REIT INC COM NEW 37954A204 1,153 128,387 SH   SOLE   128,387 0 0
GRAMERCY PROPERTY TRUST COM NEW 385002308 2,410 79,681 SH   SOLE   79,681 0 0
HCP INC COM 40414L109 3,229 116,029 SH   SOLE   116,029 0 0
HEALTHCARE REALTY TRUST COM 421946104 1,646 50,897 SH   SOLE   50,897 0 0
HEALTHCARE TRUST OF AMER INC CL A NEW 42225P501 834 28,000 SH   SOLE   28,000 0 0
HERSHA HOSPITALITY TRUST PR SHS BEN INT 427825500 2,249 120,475 SH   SOLE   120,475 0 0
HIGHWOODS PROPERTIES INC COM 431284108 2,605 50,000 SH   SOLE   50,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 814 44,000 SH   SOLE   44,000 0 0
HUDSON PACIFIC PROPERTIES IN COM 444097109 34 1,000 SH   SOLE   1,000 0 0
INDEPENDENCE REALTY TRUST INC COM 45378A106 4,405 433,161 SH   SOLE   433,161 0 0
INVESTORS REAL ESTATE TRUST SH BEN INT 461730103 384 62,810 SH   SOLE   62,810 0 0
JBG SMITH PROPERTIES COM 46590V100 767 22,417 SH   SOLE   22,417 0 0
JERNIGAN CAPITAL INC COM 476405105 221 10,721 SH   SOLE   10,721 0 0
KILROY REALTY CORP COM 49427F108 2,532 35,600 SH   SOLE   35,600 0 0
KIMCO REALTY CORP COM 49446R109 2,151 110,000 SH   SOLE   110,000 0 0
KITE REALTY GROUP TRUST COM NEW 49803T300 1,116 55,125 SH   SOLE   55,125 0 0
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 871 30,000 SH   SOLE   30,000 0 0
LEXINGTON REALTY TRUST COM 529043101 4,078 399,058 SH   SOLE   399,058 0 0
LIBERTY PROPERTY TRUST SH BEN INT 531172104 2,658 64,737 SH   SOLE   64,737 0 0
LIFE STORAGE INC COM 53223X107 1,227 15,000 SH   SOLE   15,000 0 0
LTC PROPERTIES INC COM 502175102 2,297 48,897 SH   SOLE   48,897 0 0
MACERICH CO COM 554382101 1,565 28,470 SH   SOLE   28,470 0 0
MACK CALI REALTY CORP COM 554489104 1,850 78,030 SH   SOLE   78,030 0 0
MARRIOTT INTERNATIONAL INC NEW CL A 571903202 882 8,000 SH   SOLE   8,000 0 0
MEDICAL PROPERTIES TRUST INC COM 58463J304 5,059 385,320 SH   SOLE   385,320 0 0
MID-AMERICA APARTMENT CMNTYS INC COM 59522J103 2,690 25,171 SH   SOLE   25,171 0 0
MONMOUTH REAL ESTATE INV CO CL A 609720107 1,861 114,962 SH   SOLE   114,962 0 0
NATIONAL RETAIL PROPERTIES INC COM 637417106 4,712 113,100 SH   SOLE   113,100 0 0
NATL HEALTH INVESTORS INC COM 63633D104 5,001 64,709 SH   SOLE   64,709 0 0
NEW SENIOR INVESTMENT GROUP INC COM 648691103 219 23,900 SH   SOLE   23,900 0 0
NUVEEN REAL ESTATE INCOME FUND COM 67071B108 148 13,293 SH   SOLE   13,293 0 0
OMEGA HEALTHCARE INVESTORS INC COM 681936100 1,637 51,298 SH   SOLE   51,298 0 0
ONE LIBERTY PROPERTIES INC COM 682406103 686 28,177 SH   SOLE   28,177 0 0
PARK HOTELS & RESORTS INC COM 700517105 119 4,328 SH   SOLE   4,328 0 0
PEBBLEBROOK HOTEL TRUST COM 70509V100 1,558 43,100 SH   SOLE   43,100 0 0
PENN REAL ESTATE INVEST SH BEN INT 709102107 1,549 147,628 SH   SOLE   147,628 0 0
PHYSICIANS REALTY TRUST COM 71943U104 3,188 179,791 SH   SOLE   179,791 0 0
PROLOGIS INC COM 74340W103 3,115 49,088 SH   SOLE   49,088 0 0
PUBLIC STORAGE COM 74460D109 3,788 17,700 SH   SOLE   17,700 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 130 178,419 SH   SOLE   178,419 0 0
RAMCO GERSHENSON PROPERTIES TR COM SH BEN IT 751452202 419 32,220 SH   SOLE   32,220 0 0
REALTY INCOME CORP COM 756109104 3,426 59,900 SH   SOLE   59,900 0 0
REXFORD INDUSTRIAL REALTY INC COM 76169C100 1,121 39,176 SH   SOLE   39,176 0 0
RLJ LODGING TRUST COM 74965L101 1,511 68,688 SH   SOLE   68,688 0 0
RYMAN HOSPITALITY PROPERTIES COM 78377T107 500 8,000 SH   SOLE   8,000 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,914 87,254 SH   SOLE   87,254 0 0
SIMON PROPERTY GROUP INC NEW COM 828806109 7,475 46,427 SH   SOLE   46,427 0 0
SL GREEN REALTY CORP COM 78440X101 2,827 27,900 SH   SOLE   27,900 0 0
SPIRIT REALTY CAPITAL INC NEW COM 84860W102 514 60,000 SH   SOLE   60,000 0 0
STAG INDUSTRIAL INC COM 85254J102 4,936 179,693 SH   SOLE   179,693 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 652 30,000 SH   SOLE   30,000 0 0
STARWOOD WAYPOINT HOMES COM 85572F105 546 15,000 SH   SOLE   15,000 0 0
STORE CAPITAL CORP COM 862121100 995 40,000 SH   SOLE   40,000 0 0
SUMMIT HOTEL PROPERTIES COM 866082100 1,570 98,203 SH   SOLE   98,203 0 0
SUN COMMUNITIES INC COM 866674104 6,242 72,856 SH   SOLE   72,856 0 0
TANGER FACTORY OUTLET CENTERS I COM 875465106 107 4,400 SH   SOLE   4,400 0 0
UDR INC COM 902653104 1,483 39,000 SH   SOLE   39,000 0 0
UMH PROPERTIES INC COM 903002103 2,668 171,571 SH   SOLE   171,571 0 0
URSTADT BIDDLE PROPERTIES INC CL A 917286205 499 23,000 SH   SOLE   23,000 0 0
VENTAS INC COM 92276F100 5,211 80,000 SH   SOLE   80,000 0 0
VEREIT INC COM 92339V100 2,352 283,716 SH   SOLE   283,716 0 0
VORNADO REALTY TRUST SH BEN INT 929042109 3,447 44,835 SH   SOLE   44,835 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 1,493 179,148 SH   SOLE   179,148 0 0
WEINGARTEN REALTY INVESTORS SH BEN INT 948741103 2,428 76,500 SH   SOLE   76,500 0 0
WELLTOWER INC COM 95040Q104 2,404 34,200 SH   SOLE   34,200 0 0
WHEELER REAL ESTATE INVT. TR PFD CNV SER D 963025606 1,040 46,200 SH   SOLE   46,200 0 0
WHITESTONE REIT COM 966084204 1,416 108,502 SH   SOLE   108,502 0 0
WP CAREY INC COM 92936U109 485 7,200 SH   SOLE   7,200 0 0
XENIA HOTELS & RESORTS INC COM 984017103 371 17,600 SH   SOLE   17,600 0 0