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
AMERICAN CAMPUS CMNTYS INC COM 024835100 38 788 SH   DFND 1 788 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 44 3,677 SH   DFND 1 3,677 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 30 1,962 SH   DFND 1 1,962 0 0
CBL & ASSOC PPTYS INC COM 124830100 7 5,293 SH   DFND 1 5,293 0 0
CITY OFFICE REIT INC COM 178587101 44 2,997 SH   DFND 1 2,997 0 0
DIGITAL RLTY TR INC COM 253868103 43 330 SH   DFND 1 330 0 0
EPR PPTYS COM SH BEN INT 26884U109 56 726 SH   DFND 1 726 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 36 1,682 SH   DFND 1 1,682 0 0
ISHARES TR CORE INTL AGGR 46435G672 58 1,024 SH   DFND 1 1,024 0 0
JERNIGAN CAP INC COM 476405105 28 1,429 SH   DFND 1 1,429 0 0
KIMCO RLTY CORP COM 49446R109 42 1,990 SH   DFND 1 1,990 0 0
LEXINGTON REALTY TRUST COM 529043101 40 3,859 SH   DFND 1 3,859 0 0
LIFE STORAGE INC COM 53223X107 47 441 SH   DFND 1 441 0 0
MID AMER APT CMNTYS INC COM 59522J103 43 329 SH   DFND 1 329 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 60 1,435 SH   DFND 1 1,435 0 0
RETAIL VALUE INC COM 76133Q102 13 331 SH   DFND 1 331 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 47 566 SH   DFND 1 566 0 0
SPDR INDEX SHS FDS PORTFOLIO EMG MK 78463X509 30 873 SH   DFND 1 873 0 0
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 30 682 SH   DFND 1 682 0 0
SPDR INDEX SHS FDS PORTFOLIO DEVLPD 78463X889 129 4,391 SH   DFND 1 4,391 0 0
SPDR SERIES TRUST PORTFLI TIPS ETF 78464A656 53 1,837 SH   DFND 1 1,837 0 0
SPDR SERIES TRUST PORTFOLIO LR ETF 78464A854 231 6,625 SH   DFND 1 6,625 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 23 2,415 SH   DFND 1 2,415 0 0
SPIRIT MTA REIT COM SHS BEN IN 84861U105 4 464 SH   DFND 1 464 0 0
STAG INDL INC COM 85254J102 42 1,392 SH   DFND 1 1,392 0 0
VEREIT INC COM 92339V100 50 5,088 SH   DFND 1 5,088 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 19 4,369 SH   DFND 1 4,369 0 0
XENIA HOTELS & RESORTS INC COM 984017103 38 1,783 SH   DFND 1 1,783 0 0