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 232 12,941 SH   DFND   0 0 12,941
ALEXANDRIA REAL ESTATE EQ INC COM 015271109 4,308 29,703 SH   DFND   0 0 29,703
AMERICAN ASSETS TR INC COM 024013104 281 9,461 SH   DFND   0 0 9,461
AMERICAN TOWER CORP COM 03027X100 9,193 35,969 SH   DFND   0 0 35,969
AMERICOLD REALTY TRUST INC COM 03064D108 1,490 49,613 SH   DFND   0 0 49,613
AVALONBAY CMNTYS INC COM 053484101 5,196 26,748 SH   DFND   0 0 26,748
BOSTON PROPERTIES INC COM 101121101 2,511 28,219 SH   DFND   0 0 28,219
DIAMONDROCK HOSPITALITY CO COM 252784301 320 39,023 SH   DFND   0 0 39,023
DIGITAL RLTY TR INC COM 253868103 7,239 55,757 SH   DFND   0 0 55,757
DUKE REALTY CORP COM 264411505 4,129 75,147 SH   DFND   0 0 75,147
EMPIRE ST RLTY TR INC CL A 292104106 188 26,704 SH   DFND   0 0 26,704
EQUINIX INC COM 29444U700 8,046 12,246 SH   DFND   0 0 12,246
EQUITY LIFESTYLE PPTYS INC COM 29472R108 2,362 33,511 SH   DFND   0 0 33,511
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,996 69,172 SH   DFND   0 0 69,172
EXTRA SPACE STORAGE INC COM 30225T102 4,389 25,801 SH   DFND   0 0 25,801
FEDERAL RLTY INVT TR SH BEN INT 313745101 1,284 13,408 SH   DFND   0 0 13,408
FRANKLIN STR PPTYS CORP COM 35471R106 77 18,517 SH   DFND   0 0 18,517
HANNON ARMSTRONG SUST INFR CAP COM 41068X100 620 16,367 SH   DFND   0 0 16,367
HEALTHPEAK PROPERTIES INC. COM 42250P103 2,650 102,263 SH   DFND   0 0 102,263
HOST HOTELS & RESORTS INC COM 44107P104 2,158 137,636 SH   DFND   0 0 137,636
HUDSON PAC PPTYS INC COM 444097109 399 26,874 SH   DFND   0 0 26,874
IRON MTN INC DEL COM 46284V101 2,676 54,964 SH   DFND   0 0 54,964
JBG SMITH PPTYS COM 46590V100 490 20,740 SH   DFND   0 0 20,740
KILROY RLTY CORP COM 49427F108 1,030 19,682 SH   DFND   0 0 19,682
KIMCO RLTY CORP COM 49446R109 2,420 122,418 SH   DFND   0 0 122,418
MACERICH CO COM 554382101 337 38,663 SH   DFND   0 0 38,663
PARAMOUNT GROUP INC COM 69924R108 214 29,570 SH   DFND   0 0 29,570
PEBBLEBROOK HOTEL TR COM 70509V100 395 23,853 SH   DFND   0 0 23,853
PHYSICIANS RLTY TR COM 71943U104 719 41,229 SH   DFND   0 0 41,229
PROLOGIS INC. COM 74340W103 7,393 62,835 SH   DFND   0 0 62,835
REGENCY CTRS CORP COM 758849103 1,825 30,770 SH   DFND   0 0 30,770
REXFORD INDL RLTY INC COM 76169C100 1,803 31,300 SH   DFND   0 0 31,300
RLJ LODGING TR COM 74965L101 339 30,743 SH   DFND   0 0 30,743
SIMON PPTY GROUP INC COM 828806109 6,091 64,168 SH   DFND   0 0 64,168
SL GREEN RLTY CORP COM 78440X887 552 11,965 SH   DFND   0 0 11,965
STAG INDL INC COM 85254J102 1,043 33,765 SH   DFND   0 0 33,765
SUN CMNTYS INC COM 866674104 3,686 23,128 SH   DFND   0 0 23,128
UDR INC COM 902653104 2,870 62,344 SH   DFND   0 0 62,344
VENTAS INC COM 92276F100 3,920 76,229 SH   DFND   0 0 76,229
VORNADO RLTY TR SH BEN INT 929042109 866 30,287 SH   DFND   0 0 30,287
WELLTOWER INC COM 95040Q104 7,283 88,439 SH   DFND   0 0 88,439