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
AGREE RLTY CORP COM 008492100 1,782 24,700 SH   SOLE   24,700 0 0
AGREE RLTY CORP COM 008492100 0 0 SH   DFND 1 0 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 466 3,210 SH   DFND 1 3,210 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 5,656 39,000 SH   SOLE   39,000 0 0
AVALONBAY CMNTYS INC COM 053484101 882 4,540 SH   DFND 1 4,540 0 0
AVALONBAY CMNTYS INC COM 053484101 10,645 54,800 SH   SOLE   54,800 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 335 16,596 SH   DFND 1 16,596 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 4,097 202,700 SH   SOLE   202,700 0 0
COUSINS PPTYS INC COM NEW 222795502 276 9,426 SH   DFND 1 9,426 0 0
COUSINS PPTYS INC COM NEW 222795502 3,154 107,900 SH   SOLE   107,900 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 5,321 31,600 SH   SOLE   31,600 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 433 2,573 SH   DFND 1 2,573 0 0
DIGITAL RLTY TR INC COM 253868103 627 4,830 SH   DFND 1 4,830 0 0
DIGITAL RLTY TR INC COM 253868103 7,595 58,500 SH   SOLE   58,500 0 0
DUKE REALTY CORP COM NEW 264411505 10,864 197,700 SH   SOLE   197,700 0 0
DUKE REALTY CORP COM NEW 264411505 902 16,423 SH   DFND 1 16,423 0 0
EQUINIX INC COM 29444U700 561 854 SH   DFND 1 854 0 0
EQUINIX INC COM 29444U700 6,824 10,387 SH   SOLE   10,387 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 524 7,438 SH   DFND 1 7,438 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 3,094 43,900 SH   SOLE   43,900 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,276 17,671 SH   DFND 1 17,671 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 15,506 214,700 SH   SOLE   214,700 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 828 31,972 SH   DFND 1 31,972 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 9,711 374,800 SH   SOLE   374,800 0 0
INVITATION HOMES INC COM 46187W107 8,621 242,300 SH   SOLE   242,300 0 0
INVITATION HOMES INC COM 46187W107 705 19,811 SH   DFND 1 19,811 0 0
KILROY RLTY CORP COM 49427F108 264 5,040 SH   DFND 1 5,040 0 0
KILROY RLTY CORP COM 49427F108 3,213 61,400 SH   SOLE   61,400 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 233 5,416 SH   DFND 1 5,416 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 0 0 SH   SOLE   0 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 7,946 158,700 SH   SOLE   158,700 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 650 12,988 SH   DFND 1 12,988 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 293 10,397 SH   DFND 1 10,397 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 3,637 129,000 SH   SOLE   129,000 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 2,514 191,600 SH   SOLE   191,600 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 185 14,088 SH   DFND 1 14,088 0 0
PROLOGIS INC. COM 74340W103 841 7,149 SH   DFND 1 7,149 0 0
PROLOGIS INC. COM 74340W103 14,346 121,937 SH   SOLE   121,937 0 0
PUBLIC STORAGE COM 74460D109 11,412 36,500 SH   SOLE   36,500 0 0
PUBLIC STORAGE COM 74460D109 932 2,980 SH   DFND 1 2,980 0 0
REALTY INCOME CORP COM 756109104 1,006 14,735 SH   DFND 1 14,735 0 0
REALTY INCOME CORP COM 756109104 11,836 173,400 SH   SOLE   173,400 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 4,226 267,800 SH   SOLE   267,800 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 344 21,775 SH   DFND 1 21,775 0 0
REXFORD INDL RLTY INC COM 76169C100 630 10,945 SH   DFND 1 10,945 0 0
REXFORD INDL RLTY INC COM 76169C100 3,657 63,500 SH   SOLE   63,500 0 0
RLJ LODGING TR COM 74965L101 297 26,912 SH   DFND 1 26,912 0 0
RLJ LODGING TR COM 74965L101 3,605 326,800 SH   SOLE   326,800 0 0
SIMON PPTY GROUP INC NEW COM 828806109 782 8,243 SH   DFND 1 8,243 0 0
SIMON PPTY GROUP INC NEW COM 828806109 9,492 100,000 SH   SOLE   100,000 0 0
STORE CAP CORP COM 862121100 0 0 SH   DFND 1 0 0 0
STORE CAP CORP COM 862121100 1,549 59,400 SH   SOLE   59,400 0 0
SUN CMNTYS INC COM 866674104 7,346 46,100 SH   SOLE   46,100 0 0
SUN CMNTYS INC COM 866674104 331 2,075 SH   DFND 1 2,075 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 4,459 449,500 SH   SOLE   449,500 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 368 37,080 SH   DFND 1 37,080 0 0
TERRENO RLTY CORP COM 88146M101 4,581 82,200 SH   SOLE   82,200 0 0
TERRENO RLTY CORP COM 88146M101 378 6,790 SH   DFND 1 6,790 0 0
VICI PPTYS INC COM 925652109 765 25,665 SH   DFND 1 25,665 0 0
VICI PPTYS INC COM 925652109 9,246 310,378 SH   SOLE   310,378 0 0
WELLTOWER INC COM 95040Q104 821 9,971 SH   DFND 1 9,971 0 0
WELLTOWER INC COM 95040Q104 10,228 124,200 SH   SOLE   124,200 0 0
WP CAREY INC COM 92936U109 355 4,288 SH   DFND 1 4,288 0 0
WP CAREY INC COM 92936U109 4,010 48,400 SH   SOLE   48,400 0 0