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 835 196,826 SH   SOLE   196,826 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 372 30,000 SH   SOLE   30,000 0 0
AGREE REALTY CORP COM 008492100 1,195 19,309 SH   SOLE   19,309 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 5,386 39,300 SH   SOLE   39,300 0 0
AMERICAN HOMES 4 RENT A COM 02665T306 464 20,000 SH   SOLE   20,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 5,616 25,791 SH   SOLE   25,791 0 0
AMERICOLD RLTY TR COM 03064D108 1,532 45,000 SH   SOLE   45,000 0 0
ANNALY CAPITAL MANAGEMENT COM 035710409 1,622 319,998 SH   SOLE   319,998 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 895 25,451 SH   SOLE   25,451 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 655 71,400 SH   SOLE   71,400 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 1,658 154,953 SH   SOLE   154,953 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 78 105,000 SH   SOLE   105,000 0 0
AVALONBAY CMNTYS INC COM 053484101 5,059 34,375 SH   SOLE   34,375 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 2,259 405,557 SH   SOLE   405,557 0 0
BOSTON PROPERTIES INC COM 101121101 2,499 27,100 SH   SOLE   27,100 0 0
BRAEMAR HOTELS & RESORTS INC COM 10482B101 190 111,762 SH   SOLE   111,762 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200 139 25,000 SH   SOLE   25,000 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 1,739 165,300 SH   SOLE   165,300 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 359 37,775 SH   SOLE   37,775 0 0
CAMDEN PPTY TR SH BEN INT 133131102 895 11,300 SH   SOLE   11,300 0 0
CBL & ASSOC PPTYS INC COM 124830100 106 528,694 SH   SOLE   528,694 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 97 103,627 SH   SOLE   103,627 0 0
CHATHAM LODGING TR COM 16208T102 576 97,000 SH   SOLE   97,000 0 0
CITY OFFICE REIT INC COM 178587101 1,043 144,253 SH   SOLE   144,253 0 0
COHEN & STEERS QUALITY INCOM COM 19247L106 847 93,729 SH   SOLE   93,729 0 0
COLONY CAP INC NEW CL A COM 19626G108 184 104,980 SH   SOLE   104,980 0 0
CONDOR HOSPITALITY TR INC COM NEW 20676Y403 244 59,420 SH   SOLE   59,420 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 1,848 83,500 SH   SOLE   83,500 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 2,022 14,000 SH   SOLE   14,000 0 0
CUBESMART COM 229663109 1,072 15,000 SH   SOLE   15,000 0 0
CYRUSONE INC COM 23283R100 4,021 65,119 SH   SOLE   65,119 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 308 60,603 SH   SOLE   60,603 0 0
DIGITAL RLTY TR INC COM 253868103 3,501 25,200 SH   SOLE   25,200 0 0
DOUGLAS EMMETT INC COM 25960P109 1,566 51,322 SH   SOLE   51,322 0 0
DUKE REALTY CORP COM NEW 264411505 1,113 34,370 SH   SOLE   34,370 0 0
EATON VANCE ENH EQTY INC FD COM 278277108 488 35,188 SH   SOLE   35,188 0 0
EPR PPTYS COM SH BEN INT 26884U109 2,777 114,660 SH   SOLE   114,660 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 353 16,400 SH   SOLE   16,400 0 0
EQUINIX INC COM 29444U700 2,812 4,502 SH   SOLE   4,502 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,258 69,000 SH   SOLE   69,000 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 327 25,000 SH   SOLE   25,000 0 0
ESSEX PPTY TR INC COM 297178105 3,634 16,500 SH   SOLE   16,500 0 0
EXTRA SPACE STORAGE INC COM 30225T102 757 7,910 SH   SOLE   7,910 0 0
FARMLAND PARTNERS INC COM 31154R109 664 109,344 SH   SOLE   109,344 0 0
FRANKLIN STR PPTYS CORP COM 35471R106 437 76,269 SH   SOLE   76,269 0 0
GLADSTONE COMMERCIAL CORP COM 376536108 1,272 88,611 SH   SOLE   88,611 0 0
GLADSTONE LD CORP COM 376549101 415 35,000 SH   SOLE   35,000 0 0
GLOBAL MED REIT INC COM NEW 37954A204 5,419 535,467 SH   SOLE   535,467 0 0
GLOBAL NET LEASE INC COM NEW 379378201 1,499 112,082 SH   SOLE   112,082 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 2,718 113,965 SH   SOLE   113,965 0 0
HEALTHCARE RLTY TR COM 421946104 1,081 38,697 SH   SOLE   38,697 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 1,165 48,000 SH   SOLE   48,000 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 474 132,475 SH   SOLE   132,475 0 0
HIGHWOODS PPTYS INC COM 431284108 1,761 49,723 SH   SOLE   49,723 0 0
HOST HOTELS & RESORTS INC COM 44107P104 740 67,000 SH   SOLE   67,000 0 0
HUDSON PAC PPTYS INC COM 444097109 659 26,000 SH   SOLE   26,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 4,375 489,429 SH   SOLE   489,429 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730509 345 6,281 SH   SOLE   6,281 0 0
INVITATION HOMES INC COM 46187W107 1,069 50,000 SH   SOLE   50,000 0 0
IRON MTN INC NEW COM 46284V101 714 30,000 SH   SOLE   30,000 0 0
JERNIGAN CAP INC COM 476405105 330 30,140 SH   SOLE   30,140 0 0
KILROY RLTY CORP COM 49427F108 2,268 35,600 SH   SOLE   35,600 0 0
KIMCO RLTY CORP COM 49446R109 1,907 197,226 SH   SOLE   197,226 0 0
KITE RLTY GROUP TR COM NEW 49803T300 1,185 125,125 SH   SOLE   125,125 0 0
LEXINGTON REALTY TRUST COM 529043101 5,100 513,638 SH   SOLE   513,638 0 0
LIFE STORAGE INC COM 53223X107 1,135 12,000 SH   SOLE   12,000 0 0
LTC PPTYS INC COM 502175102 2,318 75,021 SH   SOLE   75,021 0 0
MACERICH CO COM 554382101 264 46,970 SH   SOLE   46,970 0 0
MACK CALI RLTY CORP COM 554489104 1,188 78,030 SH   SOLE   78,030 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 7,151 413,609 SH   SOLE   413,609 0 0
MID AMER APT CMNTYS INC COM 59522J103 3,057 29,671 SH   SOLE   29,671 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 2,149 178,358 SH   SOLE   178,358 0 0
NATIONAL RETAIL PROPERTIES COM 637417106 4,397 136,600 SH   SOLE   136,600 0 0
NEW SR INVT GROUP INC COM 648691103 267 104,121 SH   SOLE   104,121 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 532 21,102 SH   SOLE   21,102 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 1,760 66,298 SH   SOLE   66,298 0 0
ONE LIBERTY PPTYS INC COM 682406103 408 29,295 SH   SOLE   29,295 0 0
PARK HOTELS RESORTS INC COM 700517105 466 58,853 SH   SOLE   58,853 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 985 90,480 SH   SOLE   90,480 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 186 203,491 SH   SOLE   203,491 0 0
PHYSICIANS RLTY TR COM 71943U104 2,506 179,791 SH   SOLE   179,791 0 0
PLYMOUTH INDL REIT INC COM 729640102 1,927 172,697 SH   SOLE   172,697 0 0
PREFERRED APT CMNTYS INC COM 74039L103 406 56,479 SH   SOLE   56,479 0 0
PROLOGIS INC. COM 74340W103 13,818 171,936 SH   SOLE   171,936 0 0
PUBLIC STORAGE COM 74460D109 3,118 15,700 SH   SOLE   15,700 0 0
QTS RLTY TR INC COM CL A 74736A103 870 15,000 SH   SOLE   15,000 0 0
REALTY INCOME CORP COM 756109104 3,610 72,400 SH   SOLE   72,400 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 290 35,000 SH   SOLE   35,000 0 0
REXFORD INDL RLTY INC COM 76169C100 1,607 39,176 SH   SOLE   39,176 0 0
RLJ LODGING TR COM 74965L101 685 88,688 SH   SOLE   88,688 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 1,682 96,117 SH   SOLE   96,117 0 0
RPT REALTY SH BEN INT 74971D101 496 82,220 SH   SOLE   82,220 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,236 113,154 SH   SOLE   113,154 0 0
SIMON PPTY GROUP INC NEW COM 828806109 2,607 47,527 SH   SOLE   47,527 0 0
SITE CENTERS CORP COM 82981J109 357 68,500 SH   SOLE   68,500 0 0
SL GREEN RLTY CORP COM 78440X101 1,202 27,900 SH   SOLE   27,900 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 503 19,240 SH   SOLE   19,240 0 0
STAG INDL INC COM 85254J102 5,218 231,693 SH   SOLE   231,693 0 0
STARWOOD PPTY TR INC COM 85571B105 1,323 129,100 SH   SOLE   129,100 0 0
STORE CAP CORP COM 862121100 946 52,200 SH   SOLE   52,200 0 0
SUN CMNTYS INC COM 866674104 8,160 65,356 SH   SOLE   65,356 0 0
UDR INC COM 902653104 2,265 62,000 SH   SOLE   62,000 0 0
UMH PPTYS INC COM 903002103 2,126 195,796 SH   SOLE   195,796 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 571 40,500 SH   SOLE   40,500 0 0
VENTAS INC COM 92276F100 2,632 98,200 SH   SOLE   98,200 0 0
VEREIT INC COM 92339V100 1,387 283,716 SH   SOLE   283,716 0 0
VICI PPTYS INC COM 925652109 825 49,600 SH   SOLE   49,600 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,442 39,835 SH   SOLE   39,835 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 267 331,148 SH   SOLE   331,148 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 1,316 91,225 SH   SOLE   91,225 0 0
WELLTOWER INC COM 95040Q104 1,566 34,200 SH   SOLE   34,200 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 624 71,354 SH   SOLE   71,354 0 0
WHITESTONE REIT COM 966084204 772 124,535 SH   SOLE   124,535 0 0