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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGREE RLTY CORP COM 008492100   302,982 4,416 SH   DFND 1 4,416 0 0
AGREE RLTY CORP COM 008492100   1,619,196 23,600 SH   SOLE   23,600 0 0
AVALONBAY CMNTYS INC COM 053484101   547,708 3,259 SH   DFND 1 3,259 0 0
AVALONBAY CMNTYS INC COM 053484101   4,470,396 26,600 SH   SOLE   26,600 0 0
BOSTON PROPERTIES INC COM 101121101   3,279,672 60,600 SH   SOLE   60,600 0 0
BOSTON PROPERTIES INC COM 101121101   398,161 7,357 SH   DFND 1 7,357 0 0
COUSINS PPTYS INC COM NEW 222795502   1,212,246 56,700 SH   SOLE   56,700 0 0
DIGITAL RLTY TR INC COM 253868103   499,710 5,083 SH   DFND 1 5,083 0 0
DIGITAL RLTY TR INC COM 253868103   4,099,527 41,700 SH   SOLE   41,700 0 0
EQUINIX INC COM 29444U700   1,366,371 1,895 SH   DFND 1 1,895 0 0
EQUINIX INC COM 29444U700   11,166,746 15,487 SH   SOLE   15,487 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   7,092,000 118,200 SH   SOLE   118,200 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   874,800 14,580 SH   DFND 1 14,580 0 0
EXTRA SPACE STORAGE INC COM 30225T102   5,132,295 31,500 SH   SOLE   31,500 0 0
EXTRA SPACE STORAGE INC COM 30225T102   628,910 3,860 SH   DFND 1 3,860 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101   3,004,432 30,400 SH   SOLE   30,400 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101   376,147 3,806 SH   DFND 1 3,806 0 0
FIRST INDL RLTY TR INC COM 32054K103   370,644 6,967 SH   DFND 1 6,967 0 0
FIRST INDL RLTY TR INC COM 32054K103   3,032,400 57,000 SH   SOLE   57,000 0 0
HEALTHCARE RLTY TR CL A COM 42226K105   2,822,180 146,000 SH   SOLE   146,000 0 0
HEALTHCARE RLTY TR CL A COM 42226K105   347,012 17,952 SH   DFND 1 17,952 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   450,165 20,490 SH   DFND 1 20,490 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   3,493,230 159,000 SH   SOLE   159,000 0 0
HIGHWOODS PPTYS INC COM 431284108   454,083 19,581 SH   DFND 1 19,581 0 0
HIGHWOODS PPTYS INC COM 431284108   2,613,513 112,700 SH   SOLE   112,700 0 0
HOST HOTELS & RESORTS INC COM 44107P104   4,836,517 293,300 SH   SOLE   293,300 0 0
HOST HOTELS & RESORTS INC COM 44107P104   582,773 35,341 SH   DFND 1 35,341 0 0
INVITATION HOMES INC COM 46187W107   5,674,491 181,700 SH   SOLE   181,700 0 0
INVITATION HOMES INC COM 46187W107   696,710 22,309 SH   DFND 1 22,309 0 0
KILROY RLTY CORP COM 49427F108   1,237,680 38,200 SH   SOLE   38,200 0 0
KILROY RLTY CORP COM 49427F108   169,646 5,236 SH   DFND 1 5,236 0 0
MID-AMER APT CMNTYS INC COM 59522J103   4,742,656 31,400 SH   SOLE   31,400 0 0
MID-AMER APT CMNTYS INC COM 59522J103   584,223 3,868 SH   DFND 1 3,868 0 0
PROLOGIS INC. COM 74340W103   2,119,842 16,990 SH   DFND 1 16,990 0 0
PROLOGIS INC. COM 74340W103   18,458,973 147,944 SH   SOLE   147,944 0 0
PUBLIC STORAGE COM 74460D109   9,411,661 31,150 SH   SOLE   31,150 0 0
PUBLIC STORAGE COM 74460D109   1,155,686 3,825 SH   DFND 1 3,825 0 0
REALTY INCOME CORP COM 756109104   7,744,036 122,300 SH   SOLE   122,300 0 0
REALTY INCOME CORP COM 756109104   955,499 15,090 SH   DFND 1 15,090 0 0
REGENCY CTRS CORP COM 758849103   2,838,752 46,400 SH   SOLE   46,400 0 0
REGENCY CTRS CORP COM 758849103   343,220 5,610 SH   DFND 1 5,610 0 0
REXFORD INDL RLTY INC COM 76169C100   3,423,910 57,400 SH   SOLE   57,400 0 0
REXFORD INDL RLTY INC COM 76169C100   545,201 9,140 SH   DFND 1 9,140 0 0
SIMON PPTY GROUP INC NEW COM 828806109   1,103,352 9,854 SH   DFND 1 9,854 0 0
SIMON PPTY GROUP INC NEW COM 828806109   9,114,358 81,400 SH   SOLE   81,400 0 0
SUN CMNTYS INC COM 866674104   555,490 3,943 SH   DFND 1 3,943 0 0
SUN CMNTYS INC COM 866674104   4,564,512 32,400 SH   SOLE   32,400 0 0
VICI PPTYS INC COM 925652109   911,077 27,930 SH   DFND 1 27,930 0 0
VICI PPTYS INC COM 925652109   7,420,332 227,478 SH   SOLE   227,478 0 0
WELLTOWER INC COM 95040Q104   8,488,096 118,400 SH   SOLE   118,400 0 0
WELLTOWER INC COM 95040Q104   1,025,382 14,303 SH   DFND 1 14,303 0 0
WP CAREY INC COM 92936U109   3,516,230 45,400 SH   SOLE   45,400 0 0
WP CAREY INC COM 92936U109   318,397 4,111 SH   DFND 1 4,111 0 0