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
ABERDEEN GLOBAL PREMIER PPTY COM SH BEN INT 00302L108 980 196,826 SH   SOLE   196,826 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 713 30,000 SH   SOLE   30,000 0 0
AGREE REALTY CORP COM 008492100 1,142 19,309 SH   SOLE   19,309 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 4,529 39,300 SH   SOLE   39,300 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,113 26,900 SH   SOLE   26,900 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 320 16,100 SH   SOLE   16,100 0 0
AMERICAN TOWER CORP NEW COM 03027X100 506 3,200 SH   SOLE   3,200 0 0
ANNALY CAP MGMT INC COM 035710409 2,651 269,998 SH   SOLE   269,998 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 1,152 26,245 SH   SOLE   26,245 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 1,018 71,400 SH   SOLE   71,400 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 2,013 143,203 SH   SOLE   143,203 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 420 105,000 SH   SOLE   105,000 0 0
AVALONBAY CMNTYS INC COM 053484101 5,983 34,375 SH   SOLE   34,375 0 0
BLACKROCK CR ALLCTN INC TR COM 092508100 104 9,274 SH   SOLE   9,274 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,295 72,030 SH   SOLE   72,030 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 3,666 406,415 SH   SOLE   406,415 0 0
BOSTON PROPERTIES INC COM 101121101 3,050 27,100 SH   SOLE   27,100 0 0
BRAEMAR HOTELS & RESORTS INC COM 10482B101 998 111,762 SH   SOLE   111,762 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200 429 25,000 SH   SOLE   25,000 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 2,127 165,300 SH   SOLE   165,300 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 555 37,775 SH   SOLE   37,775 0 0
BRT APARTMENTS CORP COM 055645303 205 17,887 SH   SOLE   17,887 0 0
CAMDEN PPTY TR SH BEN INT 133131102 995 11,300 SH   SOLE   11,300 0 0
CBL & ASSOC PPTYS INC COM 124830100 1,015 528,694 SH   SOLE   528,694 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 325 103,627 SH   SOLE   103,627 0 0
CHATHAM LODGING TR COM 16208T102 1,715 97,000 SH   SOLE   97,000 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 1,726 70,900 SH   SOLE   70,900 0 0
CITY OFFICE REIT INC COM 178587101 2,341 228,427 SH   SOLE   228,427 0 0
COHEN & STEERS QUALITY RLTY COM 19247L106 1,039 100,297 SH   SOLE   100,297 0 0
COLONY CAP INC NEW CL A COM 19626G108 491 104,980 SH   SOLE   104,980 0 0
CONDOR HOSPITALITY TR INC COM NEW 20676Y403 409 59,420 SH   SOLE   59,420 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 1,756 83,500 SH   SOLE   83,500 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 1,086 10,000 SH   SOLE   10,000 0 0
CUBESMART COM 229663109 717 15,000 SH   SOLE   15,000 0 0
CYRUSONE INC COM 23283R100 3,067 58,000 SH   SOLE   58,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 868 95,603 SH   SOLE   95,603 0 0
DIGITAL RLTY TR INC COM 253868103 4,155 39,000 SH   SOLE   39,000 0 0
DOUGLAS EMMETT INC COM 25960P109 1,752 51,322 SH   SOLE   51,322 0 0
DUKE REALTY CORP COM NEW 264411505 1,892 73,059 SH   SOLE   73,059 0 0
EATON VANCE ENH EQTY INC FD COM 278277108 516 35,188 SH   SOLE   35,188 0 0
EPR PPTYS COM SH BEN INT 26884U109 7,342 114,660 SH   SOLE   114,660 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 558 16,400 SH   SOLE   16,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,555 69,000 SH   SOLE   69,000 0 0
ESSEX PPTY TR INC COM 297178105 4,046 16,500 SH   SOLE   16,500 0 0
EXTRA SPACE STORAGE INC COM 30225T102 716 7,910 SH   SOLE   7,910 0 0
FARMLAND PARTNERS INC COM 31154R109 496 109,344 SH   SOLE   109,344 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 475 76,269 SH   SOLE   76,269 0 0
GLADSTONE COML CORP COM 376536108 1,588 88,611 SH   SOLE   88,611 0 0
GLADSTONE LD CORP COM 376549101 402 35,000 SH   SOLE   35,000 0 0
GLOBAL MED REIT INC COM NEW 37954A204 3,894 437,967 SH   SOLE   437,967 0 0
GLOBAL NET LEASE INC COM NEW 379378201 1,975 112,082 SH   SOLE   112,082 0 0
HCP INC COM 40414L109 3,183 113,965 SH   SOLE   113,965 0 0
HEALTHCARE RLTY TR COM 421946104 1,448 50,897 SH   SOLE   50,897 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 1,215 48,000 SH   SOLE   48,000 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 2,113 120,475 SH   SOLE   120,475 0 0
HIGHWOODS PPTYS INC COM 431284108 1,924 49,723 SH   SOLE   49,723 0 0
HOST HOTELS & RESORTS INC COM 44107P104 1,117 67,000 SH   SOLE   67,000 0 0
HUDSON PAC PPTYS INC COM 444097109 756 26,000 SH   SOLE   26,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 4,703 512,361 SH   SOLE   512,361 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 1,248 27,500 SH   SOLE   27,500 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730509 308 6,281 SH   SOLE   6,281 0 0
INVITATION HOMES INC COM 46187W107 1,004 50,000 SH   SOLE   50,000 0 0
IRON MTN INC NEW COM 46284V101 972 30,000 SH   SOLE   30,000 0 0
JERNIGAN CAP INC COM 476405105 821 41,421 SH   SOLE   41,421 0 0
KILROY RLTY CORP COM 49427F108 2,239 35,600 SH   SOLE   35,600 0 0
KIMCO RLTY CORP COM 49446R109 2,520 172,000 SH   SOLE   172,000 0 0
KITE RLTY GROUP TR COM NEW 49803T300 1,763 125,125 SH   SOLE   125,125 0 0
LENNAR CORP CL A 526057104 392 10,000 SH   SOLE   10,000 0 0
LEXINGTON REALTY TRUST COM 529043101 4,217 513,638 SH   SOLE   513,638 0 0
LIBERTY PPTY TR SH BEN INT 531172104 3,545 84,637 SH   SOLE   84,637 0 0
LIFE STORAGE INC COM 53223X107 1,116 12,000 SH   SOLE   12,000 0 0
LTC PPTYS INC COM 502175102 3,127 75,021 SH   SOLE   75,021 0 0
MACERICH CO COM 554382101 2,033 46,970 SH   SOLE   46,970 0 0
MACK CALI RLTY CORP COM 554489104 1,529 78,030 SH   SOLE   78,030 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 6,651 413,609 SH   SOLE   413,609 0 0
MID AMER APT CMNTYS INC COM 59522J103 2,840 29,671 SH   SOLE   29,671 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 2,460 198,358 SH   SOLE   198,358 0 0
NATIONAL HEALTH INVS INC COM 63633D104 4,888 64,709 SH   SOLE   64,709 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 6,626 136,600 SH   SOLE   136,600 0 0
NEW SR INVT GROUP INC COM 648691103 429 104,121 SH   SOLE   104,121 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 886 25,267 SH   SOLE   25,267 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 2,330 66,298 SH   SOLE   66,298 0 0
ONE LIBERTY PPTYS INC COM 682406103 710 29,295 SH   SOLE   29,295 0 0
PARK HOTELS RESORTS INC COM 700517105 372 14,328 SH   SOLE   14,328 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 2,561 90,480 SH   SOLE   90,480 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 1,204 202,628 SH   SOLE   202,628 0 0
PHYSICIANS RLTY TR COM 71943U104 2,882 179,791 SH   SOLE   179,791 0 0
PLYMOUTH INDL REIT INC COM 729640102 757 60,000 SH   SOLE   60,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 513 36,479 SH   SOLE   36,479 0 0
PROLOGIS INC COM 74340W103 6,741 114,807 SH   SOLE   114,807 0 0
PUBLIC STORAGE COM 74460D109 3,178 15,700 SH   SOLE   15,700 0 0
QTS RLTY TR INC COM CL A 74736A103 371 10,000 SH   SOLE   10,000 0 0
REALTY INCOME CORP COM 756109104 3,776 59,900 SH   SOLE   59,900 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 556 35,000 SH   SOLE   35,000 0 0
REXFORD INDL RLTY INC COM 76169C100 1,155 39,176 SH   SOLE   39,176 0 0
RLJ LODGING TR COM 74965L101 1,126 68,688 SH   SOLE   68,688 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 2,382 96,117 SH   SOLE   96,117 0 0
RPT REALTY COM SH BEN IT 74971D101 983 82,220 SH   SOLE   82,220 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,865 113,154 SH   SOLE   113,154 0 0
SIMON PPTY GROUP INC NEW COM 828806109 7,984 47,527 SH   SOLE   47,527 0 0
SITE CENTERS CORP REIT COM 82981J109 758 68,500 SH   SOLE   68,500 0 0
SL GREEN RLTY CORP COM 78440X101 2,206 27,900 SH   SOLE   27,900 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 678 19,240 SH   SOLE   19,240 0 0
STAG INDL INC COM 85254J102 5,765 231,693 SH   SOLE   231,693 0 0
STARWOOD PPTY TR INC COM 85571B105 2,545 129,100 SH   SOLE   129,100 0 0
STORE CAP CORP COM 862121100 1,132 40,000 SH   SOLE   40,000 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 615 63,203 SH   SOLE   63,203 0 0
SUN CMNTYS INC COM 866674104 7,410 72,856 SH   SOLE   72,856 0 0
UDR INC COM 902653104 2,060 52,000 SH   SOLE   52,000 0 0
UMH PPTYS INC COM 903002103 2,318 195,796 SH   SOLE   195,796 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 577 30,000 SH   SOLE   30,000 0 0
VENTAS INC COM 92276F100 5,754 98,200 SH   SOLE   98,200 0 0
VEREIT INC COM 92339V100 2,029 283,716 SH   SOLE   283,716 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,471 39,835 SH   SOLE   39,835 0 0
W P CAREY INC COM 92936U109 72 1,100 SH   SOLE   1,100 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 1,608 331,148 SH   SOLE   331,148 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,263 91,225 SH   SOLE   91,225 0 0
WELLTOWER INC COM 95040Q104 2,373 34,200 SH   SOLE   34,200 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 688 71,354 SH   SOLE   71,354 0 0
WHITESTONE REIT COM 966084204 1,526 124,535 SH   SOLE   124,535 0 0
XENIA HOTELS & RESORTS INC COM 984017103 139 8,100 SH   SOLE   8,100 0 0