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
VEREIT INC COM 92339V100 228 28,753 SH   SOLE   28,753 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 584 33,913 SH   SOLE   33,913 0 0
AVALONBAY CMNTYS INC COM 053484101 1,450 7,876 SH   SOLE   7,876 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 350 29,494 SH   SOLE   29,494 0 0
BOSTON PROPERTIES INC COM 101121101 1,509 11,829 SH   SOLE   11,829 0 0
BROOKDALE SR LIVING INC COM 112463104 596 32,301 SH   SOLE   32,301 0 0
CAMDEN PPTY TR SH BEN INT 133131102 929 12,100 SH   SOLE   12,100 0 0
CHATHAM LODGING TR COM 16208T102 441 21,541 SH   SOLE   21,541 0 0
CUBESMART COM 229663109 682 22,273 SH   SOLE   22,273 0 0
DDR CORP COM 23317H102 634 37,669 SH   SOLE   37,669 0 0
DIGITAL RLTY TR INC COM 253868103 1,758 23,250 SH   SOLE   23,250 0 0
DOUGLAS EMMETT INC COM 25960P109 57 1,837 SH   SOLE   1,837 0 0
EPR PPTYS COM SH BEN INT 26884U109 1,259 21,543 SH   SOLE   21,543 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 54 659 SH   SOLE   659 0 0
ESSEX PPTY TR INC COM 297178105 1,296 5,415 SH   SOLE   5,415 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 561 35,268 SH   SOLE   35,268 0 0
EXTRA SPACE STORAGE INC COM 30225T102 63 717 SH   SOLE   717 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 74 2,713 SH   SOLE   2,713 0 0
GEO GROUP INC NEW COM 36162J106 418 14,454 SH   SOLE   14,454 0 0
HCP INC COM 40414L109 68 1,767 SH   SOLE   1,767 0 0
HONGKONG LAND HOLDINGS COM 4587L1090 103 14,700 SH   SOLE   14,700 0 0
HUDSON PAC PPTYS INC COM 444097109 240 8,541 SH   SOLE   8,541 0 0
KILROY RLTY CORP COM 49427F108 57 896 SH   SOLE   896 0 0
LEXINGTON REALTY TRUST COM 529043101 556 69,464 SH   SOLE   69,464 0 0
LIBERTY PPTY TR SH BEN INT 531172104 872 28,009 SH   SOLE   28,009 0 0
MACERICH CO COM 554382101 193 2,392 SH   SOLE 3 2,392 0 0
MACK CALI RLTY CORP COM 554489104 1,004 43,013 SH   SOLE 1 43,013 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 1,008 28,816 SH   SOLE 1 28,816 0 0
OUTFRONT MEDIA INC COM 69007J106 268 12,278 SH   SOLE 1 12,278 0 0
PARKWAY PPTYS INC COM 70159Q104 128 8,192 SH   SOLE 3 8,192 0 0
PROLOGIS INC COM 74340W103 95 2,218 SH   SOLE 1 2,218 0 0
PUBLIC STORAGE COM 74460D109 87 351 SH   SOLE 3 351 0 0
QTS RLTY TR INC COM CL A 74736A103 300 6,641 SH   SOLE 1 6,641 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 73 4,104 SH   SOLE 1 4,104 0 0
RMR GROUP INC CL A 74967R106 3 188 SH   SOLE 1 188 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 371 18,317 SH   SOLE 1 18,317 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 377 25,377 SH   SOLE 1 25,377 0 0
SIMON PPTY GROUP INC NEW COM 828806109 152 783 SH   SOLE 1 783 0 0
SL GREEN RLTY CORP COM 78440X101 218 1,929 SH   SOLE 1 1,929 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 444 44,273 SH   SOLE 1 44,273 0 0
STAG INDL INC COM 85254J102 360 19,494 SH   SOLE 1 19,494 0 0
STARWOOD PPTY TR INC COM 85571B105 643 31,298 SH   SOLE 1 31,298 0 0
COLONY STARWOOD HOMES COM 19625X102 536 26,133 SH   SOLE 1 26,133 0 0
TERRENO RLTY CORP COM 88146M101 480 14,106 SH   SOLE 1 14,106 0 0
TAUBMAN CTRS INC COM 876664103 193 8,511 SH   SOLE 1 8,511 0 0
VEREIT INC COM 92339V100 155 19,601 SH   OTR   0 19,601 0
APOLLO COML REAL EST FIN INC COM 03762U105 1,764 102,357 SH   OTR 5 0 102,357 0
AVALONBAY CMNTYS INC COM 053484101 94 511 SH   OTR   0 511 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 1,635 137,940 SH   OTR 2 0 137,940 0
BOSTON PROPERTIES INC COM 101121101 160 1,251 SH   OTR 2 0 1,251 0
CAMDEN PPTY TR SH BEN INT 133131102 64 828 SH   OTR 2 0 828 0
CAMPUS CREST CMNTYS INC COM 13466Y105 57 8,451 SH   OTR 2 0 8,451 0
CHATHAM LODGING TR COM 16208T102 2,160 105,447 SH   OTR 1 0 105,447 0
DIGITAL RLTY TR INC COM 253868103 4 52 SH   OTR   0 52 0
EPR PPTYS COM SH BEN INT 26884U109 2,402 41,101 SH   OTR 2 0 41,101 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 1,201 75,507 SH   OTR 2 0 75,507 0
EXTRA SPACE STORAGE INC COM 30225T102 875 9,917 SH   OTR   0 9,917 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 1,166 42,860 SH   OTR   0 42,860 0
HONGKONG LAND HOLDINGS COM 4587L1090 798 114,000 SH   OTR   0 114,000 0
HUDSON PAC PPTYS INC COM 444097109 3,494 124,155 SH   OTR 1 0 124,155 0
KILROY RLTY CORP COM 49427F108 732 11,565 SH   OTR   0 11,565 0
LIBERTY PPTY TR SH BEN INT 531172104 1,393 44,866 SH   OTR 1 0 44,866 0
MACERICH CO COM 554382101 3,762 46,623 SH   OTR 1 0 46,623 0
MACK CALI RLTY CORP COM 554489104 3,290 140,919 SH   OTR 1 0 140,919 0
OMEGA HEALTHCARE INVS INC COM 681936100 10 294 SH   OTR   0 294 0
OUTFRONT MEDIA INC COM 69007J106 2,398 109,857 SH   OTR 1 0 109,857 0
PARKWAY PPTYS INC COM 70159Q104 3,374 215,875 SH   OTR 1 0 215,875 0
PROLOGIS INC COM 74340W103 1,533 35,728 SH   OTR   0 35,728 0
QTS RLTY TR INC COM CL A 74736A103 2,107 46,710 SH   OTR 1 0 46,710 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 497 27,746 SH   OTR   0 27,746 0
RMR GROUP INC CL A 74967R106 16 1,119 SH   OTR 1 0 1,119 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,225 60,578 SH   OTR 1 0 60,578 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 1,497 100,900 SH   OTR 1 0 100,900 0
SIMON PPTY GROUP INC NEW COM 828806109 2,425 12,472 SH   OTR   0 12,472 0
SL GREEN RLTY CORP COM 78440X101 776 6,868 SH   OTR   0 6,868 0
SPIRIT RLTY CAP INC NEW COM 84860W102 1,518 151,484 SH   OTR 1 0 151,484 0
STAG INDL INC COM 85254J102 2,599 140,851 SH   OTR 2 0 140,851 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 572 8,256 SH   OTR 1 0 8,256 0
STARWOOD PPTY TR INC COM 85571B105 2,115 102,891 SH   OTR 2 0 102,891 0
COLONY STARWOOD HOMES COM 19625X102 1 28 SH   OTR 1 0 28 0
TAUBMAN CTRS INC COM 876664103 1,433 72,959 SH   OTR 1 0 72,959 0
TERRENO RLTY CORP COM 88146M101 2,954 77,397 SH   OTR 2 0 77,397 0
URBAN EDGE PPTYS COM 91704F104 1,295 57,259 SH   OTR   0 57,259 0