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 1,193 196,826 SH   SOLE   196,826 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 841 30,000 SH   SOLE   30,000 0 0
AGREE REALTY CORP COM 008492100 1,026 19,309 SH   SOLE   19,309 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 4,944 39,300 SH   SOLE   39,300 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,107 26,900 SH   SOLE   26,900 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 352 16,100 SH   SOLE   16,100 0 0
AMERICAN TOWER CORP NEW COM 03027X100 465 3,200 SH   SOLE   3,200 0 0
ANNALY CAP MGMT INC COM 035710409 2,762 269,998 SH   SOLE   269,998 0 0
APARTMENT INVT MGMT CO CL A 03748R101 1,158 26,245 SH   SOLE   26,245 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 1,249 71,400 SH   SOLE   71,400 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 2,164 143,203 SH   SOLE   143,203 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 671 105,000 SH   SOLE   105,000 0 0
AVALONBAY CMNTYS INC COM 053484101 6,227 34,375 SH   SOLE   34,375 0 0
BLACKROCK CR ALLCTN INC TR COM 092508100 114 9,274 SH   SOLE   9,274 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,414 72,030 SH   SOLE   72,030 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 3,983 406,415 SH   SOLE   406,415 0 0
BOSTON PROPERTIES INC COM 101121101 3,336 27,100 SH   SOLE   27,100 0 0
BRAEMAR HOTELS RESORTS INC COM 10482B101 1,315 111,762 SH   SOLE   111,762 0 0
BRAEMAR HOTELS RESORTS INC 5.5 CUM CV PFD 10482B200 474 25,000 SH   SOLE   25,000 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 2,599 165,300 SH   SOLE   165,300 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 661 37,775 SH   SOLE   37,775 0 0
BRT APARTMENTS CORP COM 055645303 215 17,887 SH   SOLE   17,887 0 0
CAMDEN PPTY TR SH BEN INT 133131102 1,057 11,300 SH   SOLE   11,300 0 0
CBL ASSOC PPTYS INC COM 124830100 2,109 528,694 SH   SOLE   528,694 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 483 103,627 SH   SOLE   103,627 0 0
CHATHAM LODGING TR COM 16208T102 2,026 97,000 SH   SOLE   97,000 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 2,274 70,900 SH   SOLE   70,900 0 0
CITY OFFICE REIT INC COM 178587101 2,883 228,427 SH   SOLE   228,427 0 0
COHEN STEERS QUALITY RLTY COM 19247L106 1,229 100,297 SH   SOLE   100,297 0 0
COLONY CAP INC NEW CL A COM 19626G108 639 104,980 SH   SOLE   104,980 0 0
CONDOR HOSPITALITY TR INC COM NEW 20676Y403 635 59,420 SH   SOLE   59,420 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 2,491 83,500 SH   SOLE   83,500 0 0
CUBESMART COM 229663109 713 15,000 SH   SOLE   15,000 0 0
CYRUSONE INC COM 23283R100 3,043 48,000 SH   SOLE   48,000 0 0
DDR CORP COM 23317H854 917 68,500 SH   SOLE   68,500 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,116 95,603 SH   SOLE   95,603 0 0
DIGITAL RLTY TR INC COM 253868103 4,387 39,000 SH   SOLE   39,000 0 0
DOUGLAS EMMETT INC COM 25960P109 1,936 51,322 SH   SOLE   51,322 0 0
DUKE REALTY CORP COM NEW 264411505 2,073 73,059 SH   SOLE   73,059 0 0
EATON VANCE ENH EQTY INC FD COM 278277108 621 35,188 SH   SOLE   35,188 0 0
EPR PPTYS COM SH BEN INT 26884U109 7,844 114,660 SH   SOLE   114,660 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 589 16,400 SH   SOLE   16,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,572 69,000 SH   SOLE   69,000 0 0
ESSEX PPTY TR INC COM 297178105 4,071 16,500 SH   SOLE   16,500 0 0
EXTRA SPACE STORAGE INC COM 30225T102 685 7,910 SH   SOLE   7,910 0 0
FARMLAND PARTNERS INC COM 31154R109 733 109,344 SH   SOLE   109,344 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 514 20,000 SH   SOLE   20,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 609 76,269 SH   SOLE   76,269 0 0
GETTY RLTY CORP NEW COM 374297109 585 20,500 SH   SOLE   20,500 0 0
GLADSTONE COML CORP COM 376536108 1,697 88,611 SH   SOLE   88,611 0 0
GLOBAL MED REIT INC COM NEW 37954A204 4,126 437,967 SH   SOLE   437,967 0 0
GLOBAL NET LEASE INC COM NEW 379378201 1,816 87,082 SH   SOLE   87,082 0 0
GRAMERCY PPTY TR COM NEW 385002308 2,186 79,681 SH   SOLE   79,681 0 0
HCP INC COM 40414L109 3,000 113,965 SH   SOLE   113,965 0 0
HEALTHCARE RLTY TR COM 421946104 1,489 50,897 SH   SOLE   50,897 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 1,280 48,000 SH   SOLE   48,000 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 2,731 120,475 SH   SOLE   120,475 0 0
HIGHWOODS PPTYS INC COM 431284108 2,350 49,723 SH   SOLE   49,723 0 0
HOST HOTELS RESORTS INC COM 44107P104 1,414 67,000 SH   SOLE   67,000 0 0
HUDSON PAC PPTYS INC COM 444097109 851 26,000 SH   SOLE   26,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 5,395 512,361 SH   SOLE   512,361 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 965 20,000 SH   SOLE   20,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 553 34,926 SH   SOLE   34,926 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 376 62,810 SH   SOLE   62,810 0 0
INVITATION HOMES INC COM 46187W107 518 22,596 SH   SOLE   22,596 0 0
IRON MTN INC NEW COM 46284V101 1,036 30,000 SH   SOLE   30,000 0 0
JERNIGAN CAP INC COM 476405105 1,956 101,421 SH   SOLE   101,421 0 0
KILROY RLTY CORP COM 49427F108 2,552 35,600 SH   SOLE   35,600 0 0
KIMCO RLTY CORP COM 49446R109 2,879 172,000 SH   SOLE   172,000 0 0
KITE RLTY GROUP TR COM NEW 49803T300 2,083 125,125 SH   SOLE   125,125 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 1,781 51,500 SH   SOLE   51,500 0 0
LEXINGTON REALTY TRUST COM 529043101 4,263 513,638 SH   SOLE   513,638 0 0
LIBERTY PPTY TR SH BEN INT 531172104 3,576 84,637 SH   SOLE   84,637 0 0
LIFE STORAGE INC COM 53223X107 1,142 12,000 SH   SOLE   12,000 0 0
LTC PPTYS INC COM 502175102 3,309 75,021 SH   SOLE   75,021 0 0
MACERICH CO COM 554382101 2,597 46,970 SH   SOLE   46,970 0 0
MACK CALI RLTY CORP COM 554489104 1,659 78,030 SH   SOLE   78,030 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 6,167 413,609 SH   SOLE   413,609 0 0
MID AMER APT CMNTYS INC COM 59522J103 2,972 29,671 SH   SOLE   29,671 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 2,731 163,358 SH   SOLE   163,358 0 0
NATIONAL HEALTH INVS INC COM 63633D104 4,891 64,709 SH   SOLE   64,709 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 6,122 136,600 SH   SOLE   136,600 0 0
NEW SR INVT GROUP INC COM 648691103 614 104,121 SH   SOLE   104,121 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 839 25,267 SH   SOLE   25,267 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 2,173 66,298 SH   SOLE   66,298 0 0
ONE LIBERTY PPTYS INC COM 682406103 1,305 46,976 SH   SOLE   46,976 0 0
PARK HOTELS RESORTS INC COM 700517105 470 14,328 SH   SOLE   14,328 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 1,568 43,100 SH   SOLE   43,100 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 1,917 202,628 SH   SOLE   202,628 0 0
PHYSICIANS RLTY TR COM 71943U104 3,031 179,791 SH   SOLE   179,791 0 0
PLYMOUTH INDL REIT INC COM 729640102 930 60,000 SH   SOLE   60,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 641 36,479 SH   SOLE   36,479 0 0
PROLOGIS INC COM 74340W103 7,240 106,807 SH   SOLE   106,807 0 0
PUBLIC STORAGE COM 74460D109 3,166 15,700 SH   SOLE   15,700 0 0
QTS RLTY TR INC COM CL A 74736A103 427 10,000 SH   SOLE   10,000 0 0
RAMCO GERSHENSON PPTYS TR COM SH BEN IT 751452202 1,118 82,220 SH   SOLE   82,220 0 0
REALTY INCOME CORP COM 756109104 3,408 59,900 SH   SOLE   59,900 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 653 35,000 SH   SOLE   35,000 0 0
REXFORD INDL RLTY INC COM 76169C100 1,252 39,176 SH   SOLE   39,176 0 0
RLJ LODGING TR COM 74965L101 1,513 68,688 SH   SOLE   68,688 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 2,497 96,117 SH   SOLE   96,117 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,616 113,154 SH   SOLE   113,154 0 0
SIMON PPTY GROUP INC NEW COM 828806109 8,400 47,527 SH   SOLE   47,527 0 0
SL GREEN RLTY CORP COM 78440X101 2,721 27,900 SH   SOLE   27,900 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 775 96,200 SH   SOLE   96,200 0 0
STAG INDL INC COM 85254J102 6,372 231,693 SH   SOLE   231,693 0 0
STARWOOD PPTY TR INC COM 85571B105 2,778 129,100 SH   SOLE   129,100 0 0
STORE CAP CORP COM 862121100 1,112 40,000 SH   SOLE   40,000 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 855 63,203 SH   SOLE   63,203 0 0
SUN CMNTYS INC COM 866674104 7,398 72,856 SH   SOLE   72,856 0 0
UDR INC COM 902653104 2,102 52,000 SH   SOLE   52,000 0 0
UMH PPTYS INC COM 903002103 2,683 171,571 SH   SOLE   171,571 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 639 30,000 SH   SOLE   30,000 0 0
VENTAS INC COM 92276F100 5,340 98,200 SH   SOLE   98,200 0 0
VEREIT INC COM 92339V100 2,060 283,716 SH   SOLE   283,716 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,908 39,835 SH   SOLE   39,835 0 0
W P CAREY INC COM 92936U109 946 14,700 SH   SOLE   14,700 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 2,417 331,148 SH   SOLE   331,148 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,715 91,225 SH   SOLE   91,225 0 0
WELLTOWER INC COM 95040Q104 2,200 34,200 SH   SOLE   34,200 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 1,497 71,354 SH   SOLE   71,354 0 0
WHITESTONE REIT COM 966084204 1,729 124,535 SH   SOLE   124,535 0 0
XENIA HOTELS RESORTS INC COM 984017103 192 8,100 SH   SOLE   8,100 0 0