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 429 33,051 SH   SOLE   33,051 0 0
AGREE REALTY CORP COM 008492100 6,077 92,488 SH   SOLE   92,488 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 321 26,366 SH   SOLE   26,366 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 19,551 120,504 SH   SOLE   120,504 0 0
AMERICAN ASSETS TR INC COM 024013104 539 19,373 SH   SOLE   19,373 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,852 53,000 SH   SOLE   53,000 0 0
AMERICAN FIN TR INC COM CLASS A 02607T109 326 41,166 SH   SOLE   41,166 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 9,958 370,201 SH   SOLE   370,201 0 0
AMERICAN TOWER CORP NEW COM 03027X100 87,422 338,141 SH   SOLE   338,141 0 0
AMERICOLD RLTY TR COM 03064D108 7,969 219,534 SH   SOLE   219,534 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 2,167 57,574 SH   SOLE   57,574 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 783 81,095 SH   SOLE   81,095 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 219 22,044 SH   SOLE   22,044 0 0
AVALONBAY CMNTYS INC COM 053484101 15,538 100,484 SH   SOLE   100,484 0 0
BLACKSTONE GROUP INC COM CL A 09260D107 3,116 55,000 SH   SOLE   55,000 0 0
BOSTON PPTYS LTD PARTNERSHIP COM 101121101 10,871 120,292 SH   SOLE   120,292 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 726 66,738 SH   SOLE   66,738 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,913 149,234 SH   SOLE   149,234 0 0
BROOKFIELD PPTY REIT INC CL A 11282X103 219 22,062 SH   SOLE   22,062 0 0
CAMDEN PPTY TR SH BEN INT 133131102 5,963 65,377 SH   SOLE   65,377 0 0
CARETRUST REIT INC COM 14174T107 630 36,764 SH   SOLE   36,764 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 168 19,068 SH   SOLE   19,068 0 0
CHATHAM LODGING TR COM 16208T102 109 17,845 SH   SOLE   17,845 0 0
CITY OFFICE REIT INC COM 178587101 181 18,065 SH   SOLE   18,065 0 0
COLONY CAP INC NEW CL A COM 19626G108 444 185,388 SH   SOLE   185,388 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 568 43,247 SH   SOLE   43,247 0 0
COMMUNITY HEALTHCARE TR INC COM 20369C106 331 8,112 SH   SOLE   8,112 0 0
CORECIVIC INC COM 21871N101 430 46,041 SH   SOLE   46,041 0 0
COREPOINT LODGING INC COM 21872L104 69 16,534 SH   SOLE   16,534 0 0
CORESITE RLTY CORP COM 21870Q105 1,898 15,685 SH   SOLE   15,685 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 1,101 43,459 SH   SOLE   43,459 0 0
COUSINS PPTYS INC COM NEW 222795502 1,704 57,140 SH   SOLE   57,140 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 47,891 286,176 SH   SOLE   286,176 0 0
CUBESMART COM 229663109 2,025 75,054 SH   SOLE   75,054 0 0
CYRUSONE INC COM 23283R100 6,294 86,520 SH   SOLE   86,520 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 432 78,263 SH   SOLE   78,263 0 0
DIGITAL RLTY TR INC COM 253868103 26,089 183,589 SH   SOLE   183,589 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107 403 91,291 SH   SOLE   91,291 0 0
DOUGLAS EMMETT INC COM 25960P109 1,982 64,649 SH   SOLE   64,649 0 0
DUKE REALTY CORP COM NEW 264411505 9,826 277,676 SH   SOLE   277,676 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 686 29,684 SH   SOLE   29,684 0 0
EASTGROUP PPTY INC COM 277276101 5,339 45,015 SH   SOLE   45,015 0 0
EMPIRE ST RLTY TR INC CL A 292104106 405 57,899 SH   SOLE   57,899 0 0
EPR PPTYS COM SH BEN INT 26884U109 998 30,148 SH   SOLE   30,148 0 0
EQUINIX INC COM 29444U700 50,982 72,593 SH   SOLE   72,593 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 19,843 317,599 SH   SOLE   317,599 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 15,727 267,389 SH   SOLE   267,389 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 784 52,836 SH   SOLE   52,836 0 0
ESSEX PPTY TR INC COM 297178105 9,111 39,758 SH   SOLE   39,758 0 0
EXTRA SPACE STORAGE INC COM 30225T102 8,683 94,007 SH   SOLE   94,007 0 0
FARMLAND PARTNERS INC COM 31154R109 68 10,050 SH   SOLE   10,050 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 2,481 29,121 SH   SOLE   29,121 0 0
FIRST INDL RLTY TR INC COM 32054K103 1,886 49,077 SH   SOLE   49,077 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 678 27,799 SH   SOLE   27,799 0 0
FRANKLIN STR PPTYS CORP COM 35471R106 200 39,353 SH   SOLE   39,353 0 0
FRONT YD RESIDENTIAL CORP COM 35904G107 165 19,073 SH   SOLE   19,073 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 8,711 251,777 SH   SOLE   251,777 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 5,974 75,000 SH   SOLE   75,000 0 0
GEO GROUP INC NEW COM 36162J106 536 45,345 SH   SOLE   45,345 0 0
GETTY RLTY CORP NEW COM 374297109 375 12,666 SH   SOLE   12,666 0 0
GLADSTONE COMMERCIAL CORP COM 376536108 242 12,950 SH   SOLE   12,950 0 0
GLOBAL MED REIT INC COM NEW 37954A204 169 14,936 SH   SOLE   14,936 0 0
GLOBAL NET LEASE INC COM NEW 379378201 578 34,574 SH   SOLE   34,574 0 0
HEALTHCARE RLTY TR COM 421946104 1,507 51,455 SH   SOLE   51,455 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 3,684 138,942 SH   SOLE   138,942 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 14,437 523,872 SH   SOLE   523,872 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 75 13,107 SH   SOLE   13,107 0 0
HIGHWOODS PPTYS INC COM 431284108 2,805 75,166 SH   SOLE   75,166 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,248 17,000 SH   SOLE   17,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 4,539 420,712 SH   SOLE   420,712 0 0
HUDSON PAC PPTYS INC COM 444097109 1,463 58,148 SH   SOLE   58,148 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 419 36,482 SH   SOLE   36,482 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 513 24,990 SH   SOLE   24,990 0 0
INVESTORS REAL ESTATE TRUST SH BEN INT 461730509 340 4,837 SH   SOLE   4,837 0 0
INVITATION HOMES INC COM 46187W107 19,293 700,807 SH   SOLE   700,807 0 0
IRON MTN INC NEW COM 46284V101 2,897 111,023 SH   SOLE   111,023 0 0
ISHARES TR U.S. REAL ES ETF 464287739 5,910 75,000 SH   SOLE   75,000 0 0
JBG SMITH PPTYS COM 46590V100 1,413 47,791 SH   SOLE   47,791 0 0
KILROY RLTY CORP COM 49427F108 5,076 86,482 SH   SOLE   86,482 0 0
KIMCO RLTY CORP COM 49446R109 2,071 161,366 SH   SOLE   161,366 0 0
KITE RLTY GROUP TR COM NEW 49803T300 364 31,614 SH   SOLE   31,614 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 3,753 56,218 SH   SOLE   56,218 0 0
LAS VEGAS SANDS CORP COM 517834107 1,366 30,000 SH   SOLE   30,000 0 0
LEXINGTON REALTY TRUST COM 529043101 1,039 98,527 SH   SOLE   98,527 0 0
LIFE STORAGE INC COM 53223X107 1,724 18,167 SH   SOLE   18,167 0 0
LTC PPTYS INC COM 502175102 567 15,071 SH   SOLE   15,071 0 0
MACERICH CO COM 554382101 983 109,626 SH   SOLE   109,626 0 0
MACK CALI RLTY CORP COM 554489104 535 35,012 SH   SOLE   35,012 0 0
MARRIOTT INTL INC NEW CL A 571903202 1,028 12,000 SH   SOLE   12,000 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 5,101 271,367 SH   SOLE   271,367 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 2,721 100,000 SH   SOLE   100,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 1,428 85,000 SH   SOLE   85,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 13,675 119,258 SH   SOLE   119,258 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 543 37,474 SH   SOLE   37,474 0 0
NATIONAL HEALTH INVS INC COM 63633D104 991 16,334 SH   SOLE   16,334 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 2,370 66,810 SH   SOLE   66,810 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 679 23,725 SH   SOLE   23,725 0 0
NEW SR INVT GROUP INC COM 648691103 114 31,544 SH   SOLE   31,544 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 292 8,263 SH   SOLE   8,263 0 0
OFFICE PPTYS INCOME TR COM SHS BEN INT 67623C109 473 18,251 SH   SOLE   18,251 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 5,116 172,112 SH   SOLE   172,112 0 0
OUTFRONT MEDIA INC COM 69007J106 1,416 99,973 SH   SOLE   99,973 0 0
PARAMOUNT GROUP INC COM 69924R108 574 74,454 SH   SOLE   74,454 0 0
PARK HOTELS RESORTS INC COM 700517105 3,141 317,692 SH   SOLE   317,692 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 1,163 85,172 SH   SOLE   85,172 0 0
PHYSICIANS RLTY TR COM 71943U104 1,369 78,190 SH   SOLE   78,190 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 816 49,178 SH   SOLE   49,178 0 0
POTLATCHDELTIC CORPORATION COM 737630103 966 25,420 SH   SOLE   25,420 0 0
PREFERRED APT CMNTYS INC COM 74039L103 135 17,820 SH   SOLE   17,820 0 0
PROLOGIS INC. COM 74340W103 57,913 620,522 SH   SOLE   620,522 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 1,024 7,739 SH   SOLE   7,739 0 0
PUBLIC STORAGE COM 74460D109 18,886 98,424 SH   SOLE   98,424 0 0
QTS RLTY TR INC COM CL A 74736A103 2,956 46,125 SH   SOLE   46,125 0 0
RAYONIER INC COM 754907103 1,309 52,825 SH   SOLE   52,825 0 0
REALTY INCOME CORP COM 756109104 14,770 248,238 SH   SOLE   248,238 0 0
REGENCY CTRS CORP COM 758849103 9,402 204,883 SH   SOLE   204,883 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 502 44,354 SH   SOLE   44,354 0 0
RETAIL PPTYS AMER INC CL A 76131V202 614 83,972 SH   SOLE   83,972 0 0
REXFORD INDL RLTY INC COM 76169C100 15,740 379,935 SH   SOLE   379,935 0 0
RLJ LODGING TR COM 74965L101 613 64,936 SH   SOLE   64,936 0 0
RPT REALTY SH BEN INT 74971D101 209 30,156 SH   SOLE   30,156 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 660 19,088 SH   SOLE   19,088 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 3,298 228,570 SH   SOLE   228,570 0 0
SAFEHOLD INC COM 78645L100 382 6,656 SH   SOLE   6,656 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 26,467 88,840 SH   SOLE   88,840 0 0
SERVICE PPTYS TR COM SH BEN INT 81761L102 449 63,399 SH   SOLE   63,399 0 0
SIMON PPTY GROUP INC NEW COM 828806109 15,582 227,874 SH   SOLE   227,874 0 0
SITE CENTERS CORP COM 82981J109 1,604 198,076 SH   SOLE   198,076 0 0
SL GREEN RLTY CORP COM 78440X101 4,038 81,934 SH   SOLE   81,934 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 2,259 64,820 SH   SOLE   64,820 0 0
STAG INDL INC COM 85254J102 1,704 58,138 SH   SOLE   58,138 0 0
STORE CAP CORP COM 862121100 4,095 172,023 SH   SOLE   172,023 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 242 40,889 SH   SOLE   40,889 0 0
SUN CMNTYS INC COM 866674104 21,767 160,431 SH   SOLE   160,431 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 674 82,753 SH   SOLE   82,753 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 248 34,861 SH   SOLE   34,861 0 0
TAUBMAN CTRS INC COM 876664103 1,514 40,104 SH   SOLE   40,104 0 0
TERRENO RLTY CORP COM 88146M101 7,674 145,788 SH   SOLE   145,788 0 0
UDR INC COM 902653104 4,228 113,119 SH   SOLE   113,119 0 0
UMH PPTYS INC COM 903002103 178 13,835 SH   SOLE   13,835 0 0
UNITI GROUP INC COM 91325V108 1,355 144,924 SH   SOLE   144,924 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 391 4,923 SH   SOLE   4,923 0 0
URBAN EDGE PPTYS COM 91704F104 525 44,280 SH   SOLE   44,280 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 132 11,141 SH   SOLE   11,141 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 6,675 85,000 SH   SOLE   85,000 0 0
VENTAS INC COM 92276F100 12,252 334,574 SH   SOLE   334,574 0 0
VEREIT INC COM 92339V100 2,677 416,400 SH   SOLE   416,400 0 0
VICI PPTYS INC COM 925652109 9,792 485,023 SH   SOLE   485,023 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,773 124,936 SH   SOLE   124,936 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 60 71,816 SH   SOLE   71,816 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 705 31,762 SH   SOLE   31,762 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 882 46,617 SH   SOLE   46,617 0 0
WELLTOWER INC COM 95040Q104 18,733 361,994 SH   SOLE   361,994 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 10,766 479,370 SH   SOLE   479,370 0 0
WHITESTONE REIT COM 966084204 111 15,336 SH   SOLE   15,336 0 0
WP CAREY INC COM 92936U109 4,969 73,462 SH   SOLE   73,462 0 0
WYNN RESORTS LTD COM 983134107 1,117 15,000 SH   SOLE   15,000 0 0
XENIA HOTELS & RESORTS INC COM 984017103 406 43,615 SH   SOLE   43,615 0 0