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 706 24,729 SH   SOLE   24,729 0 0
AGREE REALTY CORP COM 008492100 5,648 77,213 SH   SOLE   77,213 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 500 20,424 SH   SOLE   20,424 0 0
ALEXANDERS INC COM 014752109 221 635 SH   SOLE   635 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 17,625 114,421 SH   SOLE   114,421 0 0
AMERICAN ASSETS TR INC COM 024013104 672 14,387 SH   SOLE   14,387 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,966 40,898 SH   SOLE   40,898 0 0
AMERICAN FIN TR INC COM CLASS A 02607T109 444 31,822 SH   SOLE   31,822 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 6,263 241,918 SH   SOLE   241,918 0 0
AMERICAN TOWER CORP NEW COM 03027X100 63,312 286,313 SH   SOLE   286,313 0 0
AMERICOLD RLTY TR COM 03064D108 10,279 277,312 SH   SOLE   277,312 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 2,304 44,204 SH   SOLE   44,204 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 1,041 62,827 SH   SOLE   62,827 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 283 15,666 SH   SOLE   15,666 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 88 26,793 SH   SOLE   26,793 0 0
AVALONBAY CMNTYS INC COM 053484101 22,975 106,700 SH   SOLE   106,700 0 0
BOSTON PROPERTIES INC COM 101121101 14,301 110,302 SH   SOLE   110,302 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 789 52,132 SH   SOLE   52,132 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,801 88,801 SH   SOLE   88,801 0 0
BROOKFIELD PROPERTY REIT INC CL A 11282X103 449 22,065 SH   SOLE   22,065 0 0
CAMDEN PPTY TR SH BEN INT 133131102 3,101 27,938 SH   SOLE   27,938 0 0
CARETRUST REIT INC COM 14174T107 668 28,420 SH   SOLE   28,420 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 155 14,592 SH   SOLE   14,592 0 0
CBL & ASSOC PPTYS INC COM 124830100 65 50,454 SH   SOLE   50,454 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 76 25,522 SH   SOLE   25,522 0 0
CHATHAM LODGING TR COM 16208T102 247 13,659 SH   SOLE   13,659 0 0
CITY OFFICE REIT INC COM 178587101 166 11,538 SH   SOLE   11,538 0 0
COLONY CAP INC NEW CL A COM 19626G108 2,967 492,974 SH   SOLE   492,974 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 736 34,825 SH   SOLE   34,825 0 0
COMMUNITY HEALTHCARE TR INC COM 20369C106 244 5,492 SH   SOLE   5,492 0 0
CORECIVIC INC COM 21871N101 612 35,462 SH   SOLE   35,462 0 0
COREPOINT LODGING INC COM 21872L104 120 11,903 SH   SOLE   11,903 0 0
CORESITE RLTY CORP COM 21870Q105 1,336 10,972 SH   SOLE   10,972 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 997 33,505 SH   SOLE   33,505 0 0
COUSINS PPTYS INC COM NEW 222795502 1,637 43,565 SH   SOLE   43,565 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 34,377 247,302 SH   SOLE   247,302 0 0
CUBESMART COM 229663109 2,005 57,474 SH   SOLE   57,474 0 0
CYRUSONE INC COM 23283R100 8,185 103,485 SH   SOLE   103,485 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 614 59,944 SH   SOLE   59,944 0 0
DIGITAL RLTY TR INC COM 253868103 14,308 110,225 SH   SOLE   110,225 0 0
DOUGLAS EMMETT INC COM 25960P109 2,125 49,622 SH   SOLE   49,622 0 0
DUKE REALTY CORP COM NEW 264411505 8,240 242,591 SH   SOLE   242,591 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 498 23,426 SH   SOLE   23,426 0 0
EASTGROUP PPTY INC COM 277276101 5,131 41,045 SH   SOLE   41,045 0 0
EMPIRE ST RLTY TR INC CL A 292104106 631 44,235 SH   SOLE   44,235 0 0
EPR PPTYS COM SH BEN INT 26884U109 1,769 23,023 SH   SOLE   23,023 0 0
EQUINIX INC COM 29444U700 34,966 60,621 SH   SOLE   60,621 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 18,161 135,941 SH   SOLE   135,941 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 24,114 279,559 SH   SOLE   279,559 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 4,298 187,627 SH   SOLE   187,627 0 0
ESSEX PPTY TR INC COM 297178105 20,446 62,593 SH   SOLE   62,593 0 0
EXTRA SPACE STORAGE INC COM 30225T102 12,500 107,005 SH   SOLE   107,005 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 9,711 71,336 SH   SOLE   71,336 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 1,485 37,538 SH   SOLE   37,538 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 576 20,389 SH   SOLE   20,389 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 261 30,896 SH   SOLE   30,896 0 0
FRONT YD RESIDENTIAL CORP COM 35904G107 170 14,739 SH   SOLE   14,739 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 6,903 180,543 SH   SOLE   180,543 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 2,204 55,000 SH   SOLE   55,000 0 0
GEO GROUP INC NEW COM 36162J106 614 35,427 SH   SOLE   35,427 0 0
GETTY RLTY CORP NEW COM 374297109 318 9,933 SH   SOLE   9,933 0 0
GLADSTONE COML CORP COM 376536108 214 9,121 SH   SOLE   9,121 0 0
GLOBAL NET LEASE INC COM NEW 379378201 489 25,120 SH   SOLE   25,120 0 0
HCP INC COM 40414L109 16,826 472,248 SH   SOLE   472,248 0 0
HEALTHCARE RLTY TR COM 421946104 1,275 38,088 SH   SOLE   38,088 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 1,790 60,957 SH   SOLE   60,957 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 154 10,385 SH   SOLE   10,385 0 0
HIGHWOODS PPTYS INC COM 431284108 1,372 30,535 SH   SOLE   30,535 0 0
HOST HOTELS & RESORTS INC COM 44107P104 10,833 626,604 SH   SOLE   626,604 0 0
HUDSON PAC PPTYS INC COM 444097109 9,216 275,440 SH   SOLE   275,440 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 383 26,784 SH   SOLE   26,784 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 409 19,292 SH   SOLE   19,292 0 0
INTERXION HOLDING N.V SHS N47279109 3,258 40,000 SH   SOLE   40,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730509 258 3,467 SH   SOLE   3,467 0 0
INVITATION HOMES INC COM 46187W107 15,478 522,733 SH   SOLE   522,733 0 0
IRON MTN INC NEW COM 46284V101 2,762 85,292 SH   SOLE   85,292 0 0
ISHARES TR U.S. REAL ES ETF 464287739 34,649 370,420 SH   SOLE   370,420 0 0
JBG SMITH PPTYS COM 46590V100 1,433 36,559 SH   SOLE   36,559 0 0
KILROY RLTY CORP COM 49427F108 7,369 94,618 SH   SOLE   94,618 0 0
KIMCO RLTY CORP COM 49446R109 2,522 120,796 SH   SOLE   120,796 0 0
KITE RLTY GROUP TR COM NEW 49803T300 398 24,663 SH   SOLE   24,663 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 2,085 25,456 SH   SOLE   25,456 0 0
LEXINGTON REALTY TRUST COM 529043101 698 68,192 SH   SOLE   68,192 0 0
LIBERTY PPTY TR SH BEN INT 531172104 2,391 46,597 SH   SOLE   46,597 0 0
LIFE STORAGE INC COM 53223X107 1,463 13,885 SH   SOLE   13,885 0 0
LTC PPTYS INC COM 502175102 600 11,718 SH   SOLE   11,718 0 0
MACERICH CO COM 554382101 1,335 42,266 SH   SOLE   42,266 0 0
MACK CALI RLTY CORP COM 554489104 558 25,783 SH   SOLE   25,783 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 2,591 132,480 SH   SOLE   132,480 0 0
MID AMER APT CMNTYS INC COM 59522J103 12,870 98,997 SH   SOLE   98,997 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 396 27,502 SH   SOLE   27,502 0 0
NATIONAL HEALTH INVS INC COM 63633D104 1,026 12,460 SH   SOLE   12,460 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 2,735 48,498 SH   SOLE   48,498 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 589 17,663 SH   SOLE   17,663 0 0
NEW SR INVT GROUP INC COM 648691103 166 24,918 SH   SOLE   24,918 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 263 5,632 SH   SOLE   5,632 0 0
OFFICE PPTYS INCOME TR COM SHS BEN INT 67623C109 435 14,200 SH   SOLE   14,200 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 2,671 63,931 SH   SOLE   63,931 0 0
OUTFRONT MEDIA INC COM 69007J106 1,186 42,727 SH   SOLE   42,727 0 0
PARAMOUNT GROUP INC COM 69924R108 804 60,247 SH   SOLE   60,247 0 0
PARK HOTELS RESORTS INC COM 700517105 1,781 71,359 SH   SOLE   71,359 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 4,415 158,713 SH   SOLE   158,713 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 118 20,665 SH   SOLE   20,665 0 0
PHYSICIANS RLTY TR COM 71943U104 981 55,271 SH   SOLE   55,271 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 778 37,274 SH   SOLE   37,274 0 0
POTLATCHDELTIC CORPORATION COM 737630103 808 19,688 SH   SOLE   19,688 0 0
PREFERRED APT CMNTYS INC COM 74039L103 191 13,220 SH   SOLE   13,220 0 0
PROLOGIS INC COM 74340W103 40,323 473,166 SH   SOLE   473,166 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 1,084 5,958 SH   SOLE   5,958 0 0
PUBLIC STORAGE COM 74460D109 20,198 82,353 SH   SOLE   82,353 0 0
QTS RLTY TR INC COM CL A 74736A103 4,744 92,290 SH   SOLE   92,290 0 0
RAYONIER INC COM 754907103 1,092 38,741 SH   SOLE   38,741 0 0
REALTY INCOME CORP COM 756109104 14,977 195,329 SH   SOLE   195,329 0 0
REGENCY CTRS CORP COM 758849103 13,673 196,775 SH   SOLE   196,775 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 611 33,519 SH   SOLE   33,519 0 0
RETAIL PPTYS AMER INC CL A 76131V202 785 63,727 SH   SOLE   63,727 0 0
REXFORD INDL RLTY INC COM 76169C100 16,402 372,611 SH   SOLE   372,611 0 0
RLJ LODGING TR COM 74965L101 870 51,255 SH   SOLE   51,255 0 0
RPT REALTY SH BEN INT 74971D101 314 23,246 SH   SOLE   23,246 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 1,117 13,660 SH   SOLE   13,660 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,291 56,240 SH   SOLE   56,240 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 18,589 77,086 SH   SOLE   77,086 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 652 70,465 SH   SOLE   70,465 0 0
SERVICE PPTYS TR COM SH BEN INT 81761L102 1,256 48,715 SH   SOLE   48,715 0 0
SIMON PPTY GROUP INC NEW COM 828806109 31,301 201,101 SH   SOLE   201,101 0 0
SITE CENTERS CORP COM 82981J109 3,275 216,796 SH   SOLE   216,796 0 0
SL GREEN RLTY CORP COM 78440X101 8,222 100,577 SH   SOLE   100,577 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 1,282 26,804 SH   SOLE   26,804 0 0
STAG INDL INC COM 85254J102 1,123 38,100 SH   SOLE   38,100 0 0
STARWOOD PPTY TR INC COM 85571B105 3,875 160,000 SH   SOLE   160,000 0 0
STORE CAP CORP COM 862121100 8,531 228,060 SH   SOLE   228,060 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 357 30,813 SH   SOLE   30,813 0 0
SUN CMNTYS INC COM 866674104 19,966 134,502 SH   SOLE   134,502 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 918 66,821 SH   SOLE   66,821 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 421 27,198 SH   SOLE   27,198 0 0
TAUBMAN CTRS INC COM 876664103 1,611 39,475 SH   SOLE   39,475 0 0
TERRENO RLTY CORP COM 88146M101 7,112 139,208 SH   SOLE   139,208 0 0
UDR INC COM 902653104 4,210 86,844 SH   SOLE   86,844 0 0
UMH PPTYS INC COM 903002103 150 10,668 SH   SOLE   10,668 0 0
UNITI GROUP INC COM 91325V108 427 55,082 SH   SOLE   55,082 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 392 3,816 SH   SOLE   3,816 0 0
URBAN EDGE PPTYS COM 91704F104 678 34,264 SH   SOLE   34,264 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 208 8,803 SH   SOLE   8,803 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 10,257 110,000 SH   SOLE   110,000 0 0
VENTAS INC COM 92276F100 15,301 209,521 SH   SOLE   209,521 0 0
VEREIT INC COM 92339V100 3,091 316,093 SH   SOLE   316,093 0 0
VICI PPTYS INC COM 925652109 8,566 378,200 SH   SOLE   378,200 0 0
VORNADO RLTY TR SH BEN INT 929042109 3,293 51,735 SH   SOLE   51,735 0 0
W P CAREY INC COM 92936U109 4,528 50,601 SH   SOLE   50,601 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 230 55,611 SH   SOLE   55,611 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 653 23,876 SH   SOLE   23,876 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 1,054 36,198 SH   SOLE   36,198 0 0
WELLTOWER INC COM 95040Q104 25,779 284,389 SH   SOLE   284,389 0 0
WEYERHAEUSER CO COM 962166104 11,441 413,061 SH   SOLE   413,061 0 0
WHITESTONE REIT COM 966084204 156 11,404 SH   SOLE   11,404 0 0
XENIA HOTELS & RESORTS INC COM 984017103 712 33,741 SH   SOLE   33,741 0 0