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 1,669 24,700 SH   SOLE   24,700 0 0
AGREE RLTY CORP COM 008492100 223 3,297 SH   DFND 1 3,297 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 456 3,254 SH   DFND 1 3,254 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 5,467 39,000 SH   SOLE   39,000 0 0
AVALONBAY CMNTYS INC COM 053484101 622 3,377 SH   DFND 1 3,377 0 0
AVALONBAY CMNTYS INC COM 053484101 7,331 39,800 SH   SOLE   39,800 0 0
BOSTON PROPERTIES INC COM 101121101 3,614 48,200 SH   SOLE   48,200 0 0
BOSTON PROPERTIES INC COM 101121101 301 4,020 SH   DFND 1 4,020 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 3,744 202,700 SH   SOLE   202,700 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 313 16,959 SH   DFND 1 16,959 0 0
COUSINS PPTYS INC COM NEW 222795502 1,863 79,800 SH   SOLE   79,800 0 0
COUSINS PPTYS INC COM NEW 222795502 156 6,663 SH   DFND 1 6,663 0 0
CROWN CASTLE INC COM 22822V101 5,059 35,000 SH   SOLE   35,000 0 0
CROWN CASTLE INC COM 22822V101 416 2,880 SH   DFND 1 2,880 0 0
DUKE REALTY CORP COM NEW 264411505 9,529 197,700 SH   SOLE   197,700 0 0
DUKE REALTY CORP COM NEW 264411505 802 16,647 SH   DFND 1 16,647 0 0
EQUINIX INC COM 29444U700 11,824 20,787 SH   SOLE   20,787 0 0
EQUINIX INC COM 29444U700 986 1,734 SH   DFND 1 1,734 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 2,759 43,900 SH   SOLE   43,900 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 474 7,548 SH   DFND 1 7,548 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 12,375 184,100 SH   SOLE   184,100 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,034 15,378 SH   DFND 1 15,378 0 0
FIRST INDL RLTY TR INC COM 32054K103 4,302 96,000 SH   SOLE   96,000 0 0
FIRST INDL RLTY TR INC COM 32054K103 367 8,190 SH   DFND 1 8,190 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 9,670 421,900 SH   SOLE   421,900 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 840 36,636 SH   DFND 1 36,636 0 0
HOST HOTELS & RESORTS INC COM 44107P104 5,307 334,200 SH   SOLE   334,200 0 0
HOST HOTELS & RESORTS INC COM 44107P104 437 27,500 SH   DFND 1 27,500 0 0
INVITATION HOMES INC COM 46187W107 8,182 242,300 SH   SOLE   242,300 0 0
INVITATION HOMES INC COM 46187W107 678 20,074 SH   DFND 1 20,074 0 0
KILROY RLTY CORP COM 49427F108 2,282 54,200 SH   SOLE   54,200 0 0
KILROY RLTY CORP COM 49427F108 191 4,535 SH   DFND 1 4,535 0 0
LIFE STORAGE INC COM 53223X107 5,527 49,900 SH   SOLE   49,900 0 0
LIFE STORAGE INC COM 53223X107 460 4,154 SH   DFND 1 4,154 0 0
MID-AMER APT CMNTYS INC COM 59522J103 5,024 32,400 SH   SOLE   32,400 0 0
MID-AMER APT CMNTYS INC COM 59522J103 417 2,692 SH   DFND 1 2,692 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 3,804 129,000 SH   SOLE   129,000 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 311 10,539 SH   DFND 1 10,539 0 0
PROLOGIS INC. COM 74340W103 12,389 121,937 SH   SOLE   121,937 0 0
PROLOGIS INC. COM 74340W103 737 7,254 SH   DFND 1 7,254 0 0
PUBLIC STORAGE COM 74460D109 13,001 44,400 SH   SOLE   44,400 0 0
PUBLIC STORAGE COM 74460D109 1,082 3,694 SH   DFND 1 3,694 0 0
REALTY INCOME CORP COM 756109104 869 14,937 SH   DFND 1 14,937 0 0
REALTY INCOME CORP COM 756109104 10,092 173,400 SH   SOLE   173,400 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 3,126 227,200 SH   SOLE   227,200 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 256 18,619 SH   DFND 1 18,619 0 0
REXFORD INDL RLTY INC COM 76169C100 3,302 63,500 SH   SOLE   63,500 0 0
REXFORD INDL RLTY INC COM 76169C100 578 11,112 SH   DFND 1 11,112 0 0
RLJ LODGING TR COM 74965L101 3,307 326,800 SH   SOLE   326,800 0 0
RLJ LODGING TR COM 74965L101 276 27,318 SH   DFND 1 27,318 0 0
SIMON PPTY GROUP INC NEW COM 828806109 845 9,418 SH   DFND 1 9,418 0 0
SIMON PPTY GROUP INC NEW COM 828806109 10,079 112,300 SH   SOLE   112,300 0 0
STORE CAP CORP COM 862121100 1,861 59,400 SH   SOLE   59,400 0 0
STORE CAP CORP COM 862121100 0 0 SH   DFND 1 0 0 0
SUN CMNTYS INC COM 866674104 285 2,106 SH   DFND 1 2,106 0 0
SUN CMNTYS INC COM 866674104 6,239 46,100 SH   SOLE   46,100 0 0
VICI PPTYS INC COM 925652109 775 25,960 SH   DFND 1 25,960 0 0
VICI PPTYS INC COM 925652109 9,265 310,378 SH   SOLE   310,378 0 0
WELLTOWER INC COM 95040Q104 7,017 109,100 SH   SOLE   109,100 0 0
WELLTOWER INC COM 95040Q104 563 8,750 SH   DFND 1 8,750 0 0
WP CAREY INC COM 92936U109 3,378 48,400 SH   SOLE   48,400 0 0
WP CAREY INC COM 92936U109 304 4,350 SH   DFND 1 4,350 0 0