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
ALEXANDER & BALDWIN INC NEW COM 014491104   290,409 15,505 SH   DFND   0 0 15,505
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   5,107,482 35,062 SH   DFND   0 0 35,062
AMERICAN ASSETS TR INC COM 024013104   266,537 10,058 SH   DFND   0 0 10,058
AMERICAN TOWER CORP NEW COM 03027X100   8,313,175 39,239 SH   DFND   0 0 39,239
AMERICOLD REALTY TRUST INC COM 03064D108   1,729,146 61,079 SH   DFND   0 0 61,079
AVALONBAY CMNTYS INC COM 053484101   5,308,839 32,868 SH   DFND   0 0 32,868
BOSTON PROPERTIES INC COM 101121101   2,249,941 33,293 SH   DFND   0 0 33,293
BRANDYWINE RLTY TR SH BEN INT NEW 105368203   189,420 30,800 SH   DFND   0 0 30,800
DIAMONDROCK HOSPITALITY CO COM 252784301   424,054 51,777 SH   DFND   0 0 51,777
DIGITAL RLTY TR INC COM 253868103   6,483,960 64,665 SH   DFND   0 0 64,665
EMPIRE ST RLTY TR INC CL A 292104106   178,468 26,479 SH   DFND   0 0 26,479
EQUINIX INC COM 29444U700   8,495,739 12,970 SH   DFND   0 0 12,970
EQUITY LIFESTYLE PPTYS INC COM 29472R108   2,661,778 41,204 SH   DFND   0 0 41,204
EQUITY RESIDENTIAL SH BEN INT 29476L107   4,936,353 83,667 SH   DFND   0 0 83,667
ESSEX PPTY TR INC COM 297178105   3,141,078 14,822 SH   DFND   0 0 14,822
EXTRA SPACE STORAGE INC COM 30225T102   4,312,080 29,298 SH   DFND   0 0 29,298
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101   1,645,335 16,284 SH   DFND   0 0 16,284
FRANKLIN STR PPTYS CORP COM 35471R106   50,551 18,517 SH   DFND   0 0 18,517
HANNON ARMSTRONG SUST INFR C COM 41068X100   575,050 19,843 SH   DFND   0 0 19,843
HEALTHPEAK PROPERTIES INC COM 42250P103   3,079,850 122,850 SH   DFND   0 0 122,850
HOST HOTELS & RESORTS INC COM 44107P104   2,637,914 164,356 SH   DFND   0 0 164,356
HUDSON PAC PPTYS INC COM 444097109   353,783 36,360 SH   DFND   0 0 36,360
IRON MTN INC DEL COM 46284V101   3,273,600 65,669 SH   DFND   0 0 65,669
JBG SMITH PPTYS COM 46590V100   371,192 19,557 SH   DFND   0 0 19,557
KILROY RLTY CORP COM 49427F108   853,950 22,083 SH   DFND   0 0 22,083
KIMCO RLTY CORP COM 49446R109   3,023,127 142,735 SH   DFND   0 0 142,735
MACERICH CO COM 554382101   459,397 40,799 SH   DFND   0 0 40,799
PARAMOUNT GROUP INC COM 69924R108   282,441 47,549 SH   DFND   0 0 47,549
PROLOGIS INC. COM 74340W103   8,340,667 73,988 SH   DFND   0 0 73,988
REGENCY CTRS CORP COM 758849103   2,233,438 35,735 SH   DFND   0 0 35,735
REXFORD INDL RLTY INC COM 76169C100   2,403,176 43,982 SH   DFND   0 0 43,982
RLJ LODGING TR COM 74965L101   329,296 31,095 SH   DFND   0 0 31,095
SIMON PPTY GROUP INC NEW COM 828806109   8,584,734 73,074 SH   DFND   0 0 73,074
SL GREEN RLTY CORP COM 78440X887   411,924 12,216 SH   DFND   0 0 12,216
SUN CMNTYS INC COM 866674104   4,066,491 28,437 SH   DFND   0 0 28,437
SUNSTONE HOTEL INVS INC NEW COM 867892101   441,056 45,658 SH   DFND   0 0 45,658
UDR INC COM 902653104   2,887,631 74,558 SH   DFND   0 0 74,558
UMH PPTYS INC COM 903002103   202,007 12,547 SH   DFND   0 0 12,547
VENTAS INC COM 92276F100   3,960,661 87,917 SH   DFND   0 0 87,917
VORNADO RLTY TR SH BEN INT 929042109   842,202 40,471 SH   DFND   0 0 40,471
WELLTOWER INC COM 95040Q104   6,910,740 105,427 SH   DFND   0 0 105,427