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 1,183 196,826 SH   SOLE   196,826 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 818 30,000 SH   SOLE   30,000 0 0
AGREE REALTY CORP COM 008492100 1,339 19,309 SH   SOLE   19,309 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 5,603 39,300 SH   SOLE   39,300 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,280 26,900 SH   SOLE   26,900 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 366 16,100 SH   SOLE   16,100 0 0
AMERICAN TOWER CORP NEW COM 03027X100 631 3,200 SH   SOLE   3,200 0 0
AMERICOLD RLTY TRUST COM 03064D108 305 10,000 SH   SOLE   10,000 0 0
ANNALY CAP MGMT INC COM 035710409 3,197 319,998 SH   SOLE   319,998 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 1,280 25,451 SH   SOLE   25,451 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 1,164 71,400 SH   SOLE   71,400 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 2,734 175,353 SH   SOLE   175,353 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 499 105,000 SH   SOLE   105,000 0 0
AVALONBAY CMNTYS INC COM 053484101 6,900 34,375 SH   SOLE   34,375 0 0
BLACKROCK CR ALLCTN INC TR COM 092508100 115 9,274 SH   SOLE   9,274 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 4,372 405,557 SH   SOLE   405,557 0 0
BOSTON PROPERTIES INC COM 101121101 3,628 27,100 SH   SOLE   27,100 0 0
BRAEMAR HOTELS & RESORTS INC COM 10482B101 1,365 111,762 SH   SOLE   111,762 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200 499 25,000 SH   SOLE   25,000 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 2,622 165,300 SH   SOLE   165,300 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 694 37,775 SH   SOLE   37,775 0 0
BRT APARTMENTS CORP COM 055645303 47 3,354 SH   SOLE   3,354 0 0
CAMDEN PPTY TR SH BEN INT 133131102 1,147 11,300 SH   SOLE   11,300 0 0
CBL & ASSOC PPTYS INC COM 124830100 819 528,694 SH   SOLE   528,694 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 352 103,627 SH   SOLE   103,627 0 0
CHATHAM LODGING TR COM 16208T102 1,866 97,000 SH   SOLE   97,000 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 1,972 70,900 SH   SOLE   70,900 0 0
CITY OFFICE REIT INC COM 178587101 1,332 117,783 SH   SOLE   117,783 0 0
COHEN & STEERS QUALITY RLTY COM 19247L106 1,155 90,197 SH   SOLE   90,197 0 0
COLONY CAP INC NEW CL A COM 19626G108 558 104,980 SH   SOLE   104,980 0 0
CONDOR HOSPITALITY TR INC COM NEW 20676Y403 535 59,420 SH   SOLE   59,420 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 2,280 83,500 SH   SOLE   83,500 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 1,280 10,000 SH   SOLE   10,000 0 0
CUBESMART COM 229663109 801 15,000 SH   SOLE   15,000 0 0
CYRUSONE INC COM 23283R100 3,566 68,000 SH   SOLE   68,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 656 60,603 SH   SOLE   60,603 0 0
DIGITAL RLTY TR INC COM 253868103 4,998 42,000 SH   SOLE   42,000 0 0
DOUGLAS EMMETT INC COM 25960P109 2,074 51,322 SH   SOLE   51,322 0 0
DUKE REALTY CORP COM NEW 264411505 2,234 73,059 SH   SOLE   73,059 0 0
EATON VANCE ENH EQTY INC FD COM 278277108 580 35,188 SH   SOLE   35,188 0 0
EPR PPTYS COM SH BEN INT 26884U109 8,817 114,660 SH   SOLE   114,660 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 621 16,400 SH   SOLE   16,400 0 0
EQUINIX INC COM 29444U700 453 1,000 SH   SOLE   1,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,197 69,000 SH   SOLE   69,000 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 98 5,000 SH   SOLE   5,000 0 0
ESSEX PPTY TR INC COM 297178105 4,772 16,500 SH   SOLE   16,500 0 0
EXTRA SPACE STORAGE INC COM 30225T102 806 7,910 SH   SOLE   7,910 0 0
FARMLAND PARTNERS INC COM 31154R109 700 109,344 SH   SOLE   109,344 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 548 76,269 SH   SOLE   76,269 0 0
GLADSTONE COML CORP COM 376536108 1,840 88,611 SH   SOLE   88,611 0 0
GLADSTONE LD CORP COM 376549101 443 35,000 SH   SOLE   35,000 0 0
GLOBAL MED REIT INC COM NEW 37954A204 4,865 495,467 SH   SOLE   495,467 0 0
GLOBAL NET LEASE INC COM NEW 379378201 2,118 112,082 SH   SOLE   112,082 0 0
HCP INC COM 40414L109 3,567 113,965 SH   SOLE   113,965 0 0
HEALTHCARE RLTY TR COM 421946104 1,243 38,697 SH   SOLE   38,697 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 1,372 48,000 SH   SOLE   48,000 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 2,271 132,475 SH   SOLE   132,475 0 0
HIGHWOODS PPTYS INC COM 431284108 2,326 49,723 SH   SOLE   49,723 0 0
HOST HOTELS & RESORTS INC COM 44107P104 1,266 67,000 SH   SOLE   67,000 0 0
HUDSON PAC PPTYS INC COM 444097109 895 26,000 SH   SOLE   26,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 5,281 489,429 SH   SOLE   489,429 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 2,246 27,500 SH   SOLE   27,500 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730509 376 6,281 SH   SOLE   6,281 0 0
INVITATION HOMES INC COM 46187W107 1,217 50,000 SH   SOLE   50,000 0 0
IRON MTN INC NEW COM 46284V101 1,064 30,000 SH   SOLE   30,000 0 0
JERNIGAN CAP INC COM 476405105 689 32,758 SH   SOLE   32,758 0 0
KILROY RLTY CORP COM 49427F108 2,704 35,600 SH   SOLE   35,600 0 0
KIMCO RLTY CORP COM 49446R109 3,649 197,226 SH   SOLE   197,226 0 0
KITE RLTY GROUP TR COM NEW 49803T300 2,001 125,125 SH   SOLE   125,125 0 0
LEXINGTON REALTY TRUST COM 529043101 4,654 513,638 SH   SOLE   513,638 0 0
LIBERTY PPTY TR SH BEN INT 531172104 4,098 84,637 SH   SOLE   84,637 0 0
LIFE STORAGE INC COM 53223X107 1,167 12,000 SH   SOLE   12,000 0 0
LTC PPTYS INC COM 502175102 3,436 75,021 SH   SOLE   75,021 0 0
MACERICH CO COM 554382101 2,036 46,970 SH   SOLE   46,970 0 0
MACK CALI RLTY CORP COM 554489104 1,732 78,030 SH   SOLE   78,030 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 7,656 413,609 SH   SOLE   413,609 0 0
MID AMER APT CMNTYS INC COM 59522J103 3,244 29,671 SH   SOLE   29,671 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 2,351 178,358 SH   SOLE   178,358 0 0
NATIONAL HEALTH INVS INC COM 63633D104 4,469 56,893 SH   SOLE   56,893 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 7,566 136,600 SH   SOLE   136,600 0 0
NEW SR INVT GROUP INC COM 648691103 567 104,121 SH   SOLE   104,121 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 809 21,102 SH   SOLE   21,102 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 2,529 66,298 SH   SOLE   66,298 0 0
ONE LIBERTY PPTYS INC COM 682406103 850 29,295 SH   SOLE   29,295 0 0
PARK HOTELS RESORTS INC COM 700517105 445 14,328 SH   SOLE   14,328 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 2,810 90,480 SH   SOLE   90,480 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 1,280 203,491 SH   SOLE   203,491 0 0
PHYSICIANS RLTY TR COM 71943U104 3,382 179,791 SH   SOLE   179,791 0 0
PLYMOUTH INDL REIT INC COM 729640102 1,009 60,000 SH   SOLE   60,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 837 56,479 SH   SOLE   56,479 0 0
PROLOGIS INC COM 74340W103 8,260 114,807 SH   SOLE   114,807 0 0
PUBLIC STORAGE COM 74460D109 3,419 15,700 SH   SOLE   15,700 0 0
QTS RLTY TR INC COM CL A 74736A103 675 15,000 SH   SOLE   15,000 0 0
REALTY INCOME CORP COM 756109104 4,406 59,900 SH   SOLE   59,900 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 607 35,000 SH   SOLE   35,000 0 0
RETAIL PROPERTIES OF AMER INC CL A 76131V202 164 13,446 SH   SOLE   13,446 0 0
REXFORD INDL RLTY INC COM 76169C100 1,403 39,176 SH   SOLE   39,176 0 0
RLJ LODGING TR COM 74965L101 1,207 68,688 SH   SOLE   68,688 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 2,418 96,117 SH   SOLE   96,117 0 0
RPT REALTY COM SH BEN IT 74971D101 987 82,220 SH   SOLE   82,220 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,203 113,154 SH   SOLE   113,154 0 0
SIMON PPTY GROUP INC NEW COM 828806109 8,660 47,527 SH   SOLE   47,527 0 0
SITE CENTERS CORP REIT COM 82981J109 933 68,500 SH   SOLE   68,500 0 0
SL GREEN RLTY CORP COM 78440X101 2,509 27,900 SH   SOLE   27,900 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 764 19,240 SH   SOLE   19,240 0 0
STAG INDL INC COM 85254J102 6,870 231,693 SH   SOLE   231,693 0 0
STARWOOD PPTY TR INC COM 85571B105 2,885 129,100 SH   SOLE   129,100 0 0
STORE CAP CORP COM 862121100 1,340 40,000 SH   SOLE   40,000 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 721 63,203 SH   SOLE   63,203 0 0
SUN CMNTYS INC COM 866674104 8,635 72,856 SH   SOLE   72,856 0 0
TAUBMAN CTRS INC COM 876664103 529 10,000 SH   SOLE   10,000 0 0
UDR INC COM 902653104 2,364 52,000 SH   SOLE   52,000 0 0
UMH PPTYS INC COM 903002103 2,757 195,796 SH   SOLE   195,796 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 640 31,000 SH   SOLE   31,000 0 0
VENTAS INC COM 92276F100 6,266 98,200 SH   SOLE   98,200 0 0
VEREIT INC COM 92339V100 2,375 283,716 SH   SOLE   283,716 0 0
VICI PPTYS INC COM 925652109 648 29,600 SH   SOLE   29,600 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,686 39,835 SH   SOLE   39,835 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 1,871 331,148 SH   SOLE   331,148 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,679 91,225 SH   SOLE   91,225 0 0
WELLTOWER INC COM 95040Q104 2,654 34,200 SH   SOLE   34,200 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 1,001 71,354 SH   SOLE   71,354 0 0
WHITESTONE REIT COM 966084204 1,497 124,535 SH   SOLE   124,535 0 0
XENIA HOTELS & RESORTS INC COM 984017103 178 8,100 SH   SOLE   8,100 0 0