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
ALEXANDER & BALDWIN INC COM 014491104 284 11,331 SH   DFND   0 0 11,331
ALEXANDRIA REAL ESTATE EQ INC COM 015271109 5,426 24,334 SH   DFND   0 0 24,334
AMERICAN ASSETS TR INC COM 024013104 304 8,113 SH   DFND   0 0 8,113
AMERICAN TOWER CORP COM 03027X100 8,768 29,975 SH   DFND   0 0 29,975
AMERICOLD RLTY TR COM 03064D108 1,407 42,919 SH   DFND   0 0 42,919
AVALONBAY CMNTYS INC COM 053484101 5,724 22,661 SH   DFND   0 0 22,661
BOSTON PROPERTIES INC COM 101121101 2,808 24,381 SH   DFND   0 0 24,381
BRANDYWINE RLTY TR SH BEN INT 105368203 313 23,288 SH   DFND   0 0 23,288
DIAMONDROCK HOSPITALITY CO COM 252784301 319 33,175 SH   DFND   0 0 33,175
DIGITAL RLTY TR INC COM 253868103 8,283 46,833 SH   DFND   0 0 46,833
DUKE REALTY CORP COM 264411505 4,122 62,804 SH   DFND   0 0 62,804
EMPIRE ST RLTY TR INC CL A 292104106 167 18,801 SH   DFND   0 0 18,801
EQUINIX INC COM 29444U700 8,461 10,003 SH   DFND   0 0 10,003
EQUITY LIFESTYLE PPTYS INC COM 29472R108 2,446 27,907 SH   DFND   0 0 27,907
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,328 58,875 SH   DFND   0 0 58,875
ESSEX PPTY TR INC COM 297178105 3,785 10,747 SH   DFND   0 0 10,747
EXTRA SPACE STORAGE INC COM 30225T102 5,038 22,220 SH   DFND   0 0 22,220
FEDERAL RLTY INVT TR SH BEN INT 313747206 1,520 11,153 SH   DFND   0 0 11,153
FRANKLIN STR PPTYS CORP COM 35471R106 89 14,960 SH   DFND   0 0 14,960
HANNON ARMSTRONG SUST INFR CAP COM 41068X100 703 13,229 SH   DFND   0 0 13,229
HEALTHPEAK PROPERTIES INC. COM 42250P103 3,198 88,610 SH   DFND   0 0 88,610
HOST HOTELS & RESORTS INC COM 44107P104 2,030 116,752 SH   DFND   0 0 116,752
HUDSON PAC PPTYS INC COM 444097109 611 24,742 SH   DFND   0 0 24,742
IRON MTN INC COM 46284V101 2,526 48,266 SH   DFND   0 0 48,266
JBG SMITH PPTYS COM 46590V100 502 17,498 SH   DFND   0 0 17,498
KILROY RLTY CORP COM 49427F108 1,126 16,938 SH   DFND   0 0 16,938
KIMCO RLTY CORP COM 49446R109 2,377 96,423 SH   DFND   0 0 96,423
MACERICH CO COM 554382101 607 35,154 SH   DFND   0 0 35,154
NEXPOINT RESIDENTIAL TR INC COM 65341D102 322 3,843 SH   DFND   0 0 3,843
PARAMOUNT GROUP INC COM 69924R108 231 27,670 SH   DFND   0 0 27,670
PEBBLEBROOK HOTEL TR COM 70509V100 408 18,241 SH   DFND   0 0 18,241
PHYSICIANS RLTY TR COM 71943U104 677 35,973 SH   DFND   0 0 35,973
PROLOGIS INC. COM 74340W103 8,398 49,880 SH   DFND   0 0 49,880
REGENCY CTRS CORP COM 758849103 1,895 25,150 SH   DFND   0 0 25,150
REXFORD INDL RLTY INC COM 76169C100 1,953 24,081 SH   DFND   0 0 24,081
RLJ LODGING TR COM 74965L101 379 27,209 SH   DFND   0 0 27,209
SIMON PPTY GROUP INC COM 828806109 8,479 53,071 SH   DFND   0 0 53,071
SL GREEN RLTY CORP COM 78440X804 778 10,856 SH   DFND   0 0 10,856
STAG INDL INC COM 85254J102 1,342 27,985 SH   DFND   0 0 27,985
SUN CMNTYS INC COM 866674104 4,144 19,738 SH   DFND   0 0 19,738
UDR INC COM 902653104 3,049 50,829 SH   DFND   0 0 50,829
UMH PPTYS INC COM 903002103 225 8,227 SH   DFND   0 0 8,227
VENTAS INC COM 92276F100 3,377 66,052 SH   DFND   0 0 66,052
VORNADO RLTY TR SH BEN INT 929042109 1,099 26,254 SH   DFND   0 0 26,254
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 291 11,265 SH   DFND   0 0 11,265
WELLTOWER INC COM 95040Q104 6,176 72,001 SH   DFND   0 0 72,001