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
ACADIA RLTY TR COM SH BEN INT 004239109 2,031 74,510 SH   SOLE   74,510 0 0
AGREE REALTY CORP COM 008492100 2,149 30,997 SH   SOLE   30,997 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 1,606 63,163 SH   SOLE   63,163 0 0
ALEXANDERS INC COM 014752109 740 1,969 SH   SOLE   1,969 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 14,787 103,730 SH   SOLE   103,730 0 0
AMERICAN ASSETS TR INC COM 024013104 1,632 35,601 SH   SOLE   35,601 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 6,029 126,729 SH   SOLE   126,729 0 0
AMERICAN FIN TR INC COM CLASS A 02607T109 540 50,000 SH   SOLE   50,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,465 240,548 SH   SOLE   240,548 0 0
AMERICAN TOWER CORP NEW COM 03027X100 80,525 408,632 SH   SOLE   408,632 0 0
AMERICOLD RLTY TR COM 03064D108 3,586 117,549 SH   SOLE   117,549 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 7,292 145,007 SH   SOLE   145,007 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 3,284 201,523 SH   SOLE   201,523 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 711 45,656 SH   SOLE   45,656 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 404 85,255 SH   SOLE   85,255 0 0
AVALONBAY CMNTYS INC COM 053484101 25,801 128,539 SH   SOLE   128,539 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 238 22,100 SH   SOLE   22,100 0 0
BOSTON PROPERTIES INC COM 101121101 19,252 143,804 SH   SOLE   143,804 0 0
BRAEMAR HOTELS & RESORTS INC COM 10482B101 330 27,054 SH   SOLE   27,054 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 2,591 163,372 SH   SOLE   163,372 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 5,155 280,637 SH   SOLE   280,637 0 0
BROOKFIELD PROPERTY REIT INC CL A 11282X103 2,392 116,745 SH   SOLE   116,745 0 0
CAMDEN PPTY TR SH BEN INT 133131102 8,384 82,610 SH   SOLE   82,610 0 0
CARETRUST REIT INC COM 14174T107 1,806 76,997 SH   SOLE   76,997 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 477 48,578 SH   SOLE   48,578 0 0
CBL & ASSOC PPTYS INC COM 124830100 242 156,619 SH   SOLE   156,619 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 278 81,807 SH   SOLE   81,807 0 0
CHATHAM LODGING TR COM 16208T102 816 42,430 SH   SOLE   42,430 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 1,525 54,866 SH   SOLE   54,866 0 0
CITY OFFICE REIT INC COM 178587101 433 38,317 SH   SOLE   38,317 0 0
CLIPPER RLTY INC COM 18885T306 184 13,745 SH   SOLE   13,745 0 0
COLONY CAP INC NEW CL A COM 19626G108 2,379 447,263 SH   SOLE   447,263 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 2,477 110,056 SH   SOLE   110,056 0 0
COMMUNITY HEALTHCARE TR INC COM 20369C106 589 16,427 SH   SOLE   16,427 0 0
CORECIVIC INC COM 21871N101 2,136 109,859 SH   SOLE   109,859 0 0
CORENERGY INFRASTRUCTURE TR COM NEW 21870U502 434 11,827 SH   SOLE   11,827 0 0
COREPOINT LODGING INC COM 21872L104 427 38,264 SH   SOLE   38,264 0 0
CORESITE RLTY CORP COM 21870Q105 3,622 33,851 SH   SOLE   33,851 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 2,621 96,020 SH   SOLE   96,020 0 0
COUSINS PPTYS INC COM 222795106 3,757 388,959 SH   SOLE   388,959 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 49,375 385,746 SH   SOLE   385,746 0 0
CUBESMART COM 229663109 5,526 172,478 SH   SOLE   172,478 0 0
CYRUSONE INC COM 23283R100 5,106 97,375 SH   SOLE   97,375 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 2,076 191,753 SH   SOLE   191,753 0 0
DIGITAL RLTY TR INC COM 253868103 22,775 191,388 SH   SOLE   191,388 0 0
DOUGLAS EMMETT INC COM 25960P109 6,039 149,410 SH   SOLE   149,410 0 0
DUKE REALTY CORP COM NEW 264411505 10,152 331,989 SH   SOLE   331,989 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 1,008 55,989 SH   SOLE   55,989 0 0
EASTGROUP PPTY INC COM 277276101 3,632 32,538 SH   SOLE   32,538 0 0
EMPIRE ST RLTY TR INC CL A 292104106 2,083 131,890 SH   SOLE   131,890 0 0
EPR PPTYS COM SH BEN INT 26884U109 5,275 68,597 SH   SOLE   68,597 0 0
EQUINIX INC COM 29444U700 34,925 77,071 SH   SOLE   77,071 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 9,104 79,653 SH   SOLE   79,653 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 25,168 334,150 SH   SOLE   334,150 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 660 33,846 SH   SOLE   33,846 0 0
ESSEX PPTY TR INC COM 297178105 17,700 61,197 SH   SOLE   61,197 0 0
EXTRA SPACE STORAGE INC COM 30225T102 11,571 113,544 SH   SOLE   113,544 0 0
FARMLAND PARTNERS INC COM 31154R109 203 31,764 SH   SOLE   31,764 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 9,344 67,788 SH   SOLE   67,788 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 4,073 115,212 SH   SOLE   115,212 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 1,854 62,656 SH   SOLE   62,656 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 693 96,428 SH   SOLE   96,428 0 0
FRONT YD RESIDENTIAL CORP COM 35904G107 455 49,158 SH   SOLE   49,158 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 7,234 187,559 SH   SOLE   187,559 0 0
GEO GROUP INC NEW COM 36162J106 2,134 111,159 SH   SOLE   111,159 0 0
GETTY RLTY CORP NEW COM 374297109 970 30,292 SH   SOLE   30,292 0 0
GLADSTONE COML CORP COM 376536108 550 26,518 SH   SOLE   26,518 0 0
GLADSTONE LD CORP COM 376549101 188 14,877 SH   SOLE   14,877 0 0
GLOBAL MED REIT INC COM NEW 37954A204 206 21,044 SH   SOLE   21,044 0 0
GLOBAL NET LEASE INC COM NEW 379378201 1,338 70,838 SH   SOLE   70,838 0 0
HCP INC COM 40414L109 13,928 444,992 SH   SOLE   444,992 0 0
HEALTHCARE RLTY TR COM 421946104 3,682 114,689 SH   SOLE   114,689 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 5,485 191,882 SH   SOLE   191,882 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 564 32,932 SH   SOLE   32,932 0 0
HIGHWOODS PPTYS INC COM 431284108 4,423 94,566 SH   SOLE   94,566 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 3,983 151,402 SH   SOLE   151,402 0 0
HOST HOTELS & RESORTS INC COM 44107P104 12,883 681,682 SH   SOLE   681,682 0 0
HUDSON PAC PPTYS INC COM 444097109 4,935 143,396 SH   SOLE   143,396 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 889 82,483 SH   SOLE   82,483 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 1,205 59,771 SH   SOLE   59,771 0 0
INFRAREIT INC COM 45685L100 857 40,893 SH   SOLE   40,893 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730509 664 11,092 SH   SOLE   11,092 0 0
INVITATION HOMES INC COM 46187W107 7,738 318,068 SH   SOLE   318,068 0 0
IRON MTN INC NEW COM 46284V101 9,371 264,295 SH   SOLE   264,295 0 0
ISHARES TR U.S. REAL ES ETF 464287739 105,415 1,211,116 SH   SOLE   1,211,116 0 0
JBG SMITH PPTYS COM 46590V100 4,024 97,319 SH   SOLE   97,319 0 0
KILROY RLTY CORP COM 49427F108 6,981 91,904 SH   SOLE   91,904 0 0
KIMCO RLTY CORP COM 49446R109 6,998 378,323 SH   SOLE   378,323 0 0
KITE RLTY GROUP TR COM NEW 49803T300 1,223 76,531 SH   SOLE   76,531 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 6,221 78,494 SH   SOLE   78,494 0 0
LEXINGTON REALTY TRUST COM 529043101 1,777 196,197 SH   SOLE   196,197 0 0
LIBERTY PPTY TR SH BEN INT 531172104 6,643 137,198 SH   SOLE   137,198 0 0
LIFE STORAGE INC COM 53223X107 4,147 42,635 SH   SOLE   42,635 0 0
LTC PPTYS INC COM 502175102 1,666 36,387 SH   SOLE   36,387 0 0
MACERICH CO COM 554382101 5,485 126,543 SH   SOLE   126,543 0 0
MACK CALI RLTY CORP COM 554489104 1,857 83,688 SH   SOLE   83,688 0 0
MEDEQUITIES RLTY TR INC COM 58409L306 294 26,462 SH   SOLE   26,462 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 6,349 343,053 SH   SOLE   343,053 0 0
MID AMER APT CMNTYS INC COM 59522J103 11,538 105,542 SH   SOLE   105,542 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 1,087 82,477 SH   SOLE   82,477 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 8,162 147,365 SH   SOLE   147,365 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 1,492 52,362 SH   SOLE   52,362 0 0
NATIONAL HEALTH INVS INC COM 63633D104 2,970 37,821 SH   SOLE   37,821 0 0
NEW SR INVT GROUP INC COM 648691103 407 74,702 SH   SOLE   74,702 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 662 17,284 SH   SOLE   17,284 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 717 41,319 SH   SOLE   41,319 0 0
OFFICE PPTYS INCOME TR COM SHS BEN INT 67623C109 1,218 44,091 SH   SOLE   44,091 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 7,027 184,210 SH   SOLE   184,210 0 0
ONE LIBERTY PPTYS INC COM 682406103 406 14,028 SH   SOLE   14,028 0 0
OUTFRONT MEDIA INC COM 69007J106 3,016 128,924 SH   SOLE   128,924 0 0
PARAMOUNT GROUP INC COM 69924R108 2,699 190,256 SH   SOLE   190,256 0 0
PARK HOTELS RESORTS INC COM 700517105 5,811 186,993 SH   SOLE   186,993 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 3,730 120,096 SH   SOLE   120,096 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 433 68,908 SH   SOLE   68,908 0 0
PHYSICIANS RLTY TR COM 71943U104 3,178 168,960 SH   SOLE   168,960 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 2,433 116,727 SH   SOLE   116,727 0 0
POTLATCHDELTIC CORPORATION COM 737630103 2,317 61,330 SH   SOLE   61,330 0 0
PREFERRED APT CMNTYS INC COM 74039L103 592 39,991 SH   SOLE   39,991 0 0
PROLOGIS INC COM 74340W103 41,955 583,127 SH   SOLE   583,127 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 2,888 18,416 SH   SOLE   18,416 0 0
PUBLIC STORAGE COM 74460D109 30,098 138,208 SH   SOLE   138,208 0 0
QTS RLTY TR INC COM CL A 74736A103 2,120 47,123 SH   SOLE   47,123 0 0
RAYONIER INC COM 754907103 3,781 119,982 SH   SOLE   119,982 0 0
REALTY INCOME CORP COM 756109104 20,211 274,765 SH   SOLE   274,765 0 0
REGENCY CTRS CORP COM 758849103 9,540 141,366 SH   SOLE   141,366 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 1,801 103,907 SH   SOLE   103,907 0 0
RETAIL PPTYS AMER INC CL A 76131V202 2,439 200,102 SH   SOLE   200,102 0 0
RETAIL VALUE INC COM 76133Q102 442 14,197 SH   SOLE   14,197 0 0
REXFORD INDL RLTY INC COM 76169C100 3,056 85,350 SH   SOLE   85,350 0 0
RLJ LODGING TR COM 74965L101 2,825 160,837 SH   SOLE   160,837 0 0
RPT REALTY COM SH BEN INT 74971D101 881 73,375 SH   SOLE   73,375 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 3,402 41,372 SH   SOLE   41,372 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 3,203 164,557 SH   SOLE   164,557 0 0
SAUL CTRS INC COM 804395101 560 10,912 SH   SOLE   10,912 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 20,827 104,314 SH   SOLE   104,314 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 2,577 218,790 SH   SOLE   218,790 0 0
SIMON PPTY GROUP INC NEW COM 828806109 52,300 287,035 SH   SOLE   287,035 0 0
SITE CENTERS CORP COM 82981J109 1,933 141,975 SH   SOLE   141,975 0 0
SL GREEN RLTY CORP COM 78440X101 6,766 75,249 SH   SOLE   75,249 0 0
SPIRIT MTA REIT COM SHS BEN IN 84861U105 258 39,805 SH   SOLE   39,805 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 3,162 79,609 SH   SOLE   79,609 0 0
STAG INDL INC COM 85254J102 2,683 90,513 SH   SOLE   90,513 0 0
STORE CAP CORP COM 862121100 5,972 178,272 SH   SOLE   178,272 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 1,091 95,646 SH   SOLE   95,646 0 0
SUN CMNTYS INC COM 866674104 9,272 78,237 SH   SOLE   78,237 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 3,039 211,084 SH   SOLE   211,084 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 1,783 84,997 SH   SOLE   84,997 0 0
TAUBMAN CTRS INC COM 876664103 2,914 55,118 SH   SOLE   55,118 0 0
TERRENO RLTY CORP COM 88146M101 2,335 55,559 SH   SOLE   55,559 0 0
TIER REIT INC COM NEW 88650V208 1,421 49,608 SH   SOLE   49,608 0 0
UDR INC COM 902653104 11,560 254,297 SH   SOLE   254,297 0 0
UMH PPTYS INC COM 903002103 439 31,221 SH   SOLE   31,221 0 0
UNITI GROUP INC COM 91325V108 1,748 156,256 SH   SOLE   156,256 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 897 11,854 SH   SOLE   11,854 0 0
URBAN EDGE PPTYS COM 91704F104 1,922 101,189 SH   SOLE   101,189 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 564 27,344 SH   SOLE   27,344 0 0
VENTAS INC COM 92276F100 21,148 331,433 SH   SOLE   331,433 0 0
VEREIT INC COM 92339V100 7,552 902,354 SH   SOLE   902,354 0 0
VICI PPTYS INC COM 925652109 8,254 377,253 SH   SOLE   377,253 0 0
VORNADO RLTY TR SH BEN INT 929042109 10,820 160,452 SH   SOLE   160,452 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 976 172,881 SH   SOLE   172,881 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 2,100 74,011 SH   SOLE   74,011 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 3,263 111,105 SH   SOLE   111,105 0 0
WELLTOWER INC COM 95040Q104 26,895 346,587 SH   SOLE   346,587 0 0
WEYERHAEUSER CO COM 962166104 18,381 697,839 SH   SOLE   697,839 0 0
WHITESTONE REIT COM 966084204 424 35,300 SH   SOLE   35,300 0 0
W P CAREY INC COM 92936U109 11,590 147,964 SH   SOLE   147,964 0 0
XENIA HOTELS & RESORTS INC COM 984017103 2,283 104,221 SH   SOLE   104,221 0 0