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

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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   1,850,537 28,300 SH   SOLE   28,300 0 0
AGREE RLTY CORP COM 008492100   288,828 4,417 SH   DFND 1 4,417 0 0
AVALONBAY CMNTYS INC COM 053484101   6,908,355 36,500 SH   SOLE   36,500 0 0
AVALONBAY CMNTYS INC COM 053484101   860,800 4,548 SH   DFND 1 4,548 0 0
BOSTON PROPERTIES INC COM 101121101   3,415,087 59,300 SH   SOLE   59,300 0 0
BOSTON PROPERTIES INC COM 101121101   423,574 7,355 SH   DFND 1 7,355 0 0
COUSINS PPTYS INC COM NEW 222795502   2,430,480 106,600 SH   SOLE   106,600 0 0
COUSINS PPTYS INC COM NEW 222795502   300,755 13,191 SH   DFND 1 13,191 0 0
DIGITAL RLTY TR INC COM 253868103   4,645,896 40,800 SH   SOLE   40,800 0 0
DIGITAL RLTY TR INC COM 253868103   578,232 5,078 SH   DFND 1 5,078 0 0
EQUINIX INC COM 29444U700   11,874,339 15,147 SH   SOLE   15,147 0 0
EQUINIX INC COM 29444U700   1,400,117 1,786 SH   DFND 1 1,786 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   7,626,132 115,600 SH   SOLE   115,600 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   961,579 14,576 SH   DFND 1 14,576 0 0
EXTRA SPACE STORAGE INC COM 30225T102   8,372,813 56,250 SH   SOLE   56,250 0 0
EXTRA SPACE STORAGE INC COM 30225T102   1,009,798 6,784 SH   DFND 1 6,784 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101   2,874,069 29,700 SH   SOLE   29,700 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101   368,887 3,812 SH   DFND 1 3,812 0 0
FIRST INDL RLTY TR INC COM 32054K103   5,464,032 103,800 SH   SOLE   103,800 0 0
FIRST INDL RLTY TR INC COM 32054K103   672,950 12,784 SH   DFND 1 12,784 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   6,980,730 347,300 SH   SOLE   347,300 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   856,019 42,588 SH   DFND 1 42,588 0 0
HIGHWOODS PPTYS INC COM 431284108   2,632,491 110,100 SH   SOLE   110,100 0 0
HIGHWOODS PPTYS INC COM 431284108   327,471 13,696 SH   DFND 1 13,696 0 0
HOST HOTELS & RESORTS INC COM 44107P104   3,441,735 204,500 SH   SOLE   204,500 0 0
HOST HOTELS & RESORTS INC COM 44107P104   428,122 25,438 SH   DFND 1 25,438 0 0
INVITATION HOMES INC COM 46187W107   6,491,280 188,700 SH   SOLE   188,700 0 0
INVITATION HOMES INC COM 46187W107   812,218 23,611 SH   DFND 1 23,611 0 0
MID-AMER APT CMNTYS INC COM 59522J103   4,145,778 27,300 SH   SOLE   27,300 0 0
MID-AMER APT CMNTYS INC COM 59522J103   486,559 3,204 SH   DFND 1 3,204 0 0
PARK HOTELS & RESORTS INC COM 700517105   2,219,142 173,100 SH   SOLE   173,100 0 0
PARK HOTELS & RESORTS INC COM 700517105   274,540 21,415 SH   DFND 1 21,415 0 0
PROLOGIS INC. COM 74340W103   12,354,237 100,744 SH   SOLE   100,744 0 0
PROLOGIS INC. COM 74340W103   1,544,770 12,597 SH   DFND 1 12,597 0 0
PUBLIC STORAGE COM 74460D109   5,283,028 18,100 SH   SOLE   18,100 0 0
PUBLIC STORAGE COM 74460D109   674,243 2,310 SH   DFND 1 2,310 0 0
REALTY INCOME CORP COM 756109104   7,150,884 119,600 SH   SOLE   119,600 0 0
REALTY INCOME CORP COM 756109104   901,514 15,078 SH   DFND 1 15,078 0 0
REGENCY CTRS CORP COM 758849103   2,801,270 45,350 SH   SOLE   45,350 0 0
REGENCY CTRS CORP COM 758849103   346,283 5,606 SH   DFND 1 5,606 0 0
REXFORD INDL RLTY INC COM 76169C100   6,532,722 125,100 SH   SOLE   125,100 0 0
REXFORD INDL RLTY INC COM 76169C100   800,272 15,325 SH   DFND 1 15,325 0 0
SABRA HEALTH CARE REIT INC COM 78573L106   3,900,578 331,400 SH   SOLE   331,400 0 0
SABRA HEALTH CARE REIT INC COM 78573L106   487,207 41,394 SH   DFND 1 41,394 0 0
SIMON PPTY GROUP INC NEW COM 828806109   9,186,434 79,550 SH   SOLE   79,550 0 0
SIMON PPTY GROUP INC NEW COM 828806109   1,138,402 9,858 SH   DFND 1 9,858 0 0
SUN CMNTYS INC COM 866674104   4,135,582 31,700 SH   SOLE   31,700 0 0
SUN CMNTYS INC COM 866674104   514,273 3,942 SH   DFND 1 3,942 0 0
VICI PPTYS INC COM 925652109   6,228,735 198,178 SH   SOLE   198,178 0 0
VICI PPTYS INC COM 925652109   768,369 24,447 SH   DFND 1 24,447 0 0
WELLTOWER INC COM 95040Q104   3,850,364 47,600 SH   SOLE   47,600 0 0
WELLTOWER INC COM 95040Q104   482,752 5,968 SH   DFND 1 5,968 0 0
WP CAREY INC COM 92936U109   2,790,228 41,300 SH   SOLE   41,300 0 0
WP CAREY INC COM 92936U109   277,469 4,107 SH   DFND 1 4,107 0 0