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 246 14,841 SH   DFND   0 0 14,841
ALEXANDRIA REAL ESTATE EQ INC COM 015271109 4,710 33,598 SH   DFND   0 0 33,598
AMERICAN ASSETS TR INC COM 024013104 287 11,161 SH   DFND   0 0 11,161
AMERICAN TOWER CORP COM 03027X100 7,723 35,969 SH   DFND   0 0 35,969
AMERICOLD REALTY TRUST INC COM 03064D108 1,392 56,585 SH   DFND   0 0 56,585
AVALONBAY CMNTYS INC COM 053484101 5,543 30,094 SH   DFND   0 0 30,094
BOSTON PROPERTIES INC COM 101121101 2,383 31,781 SH   DFND   0 0 31,781
DIAMONDROCK HOSPITALITY CO COM 252784301 293 39,023 SH   DFND   0 0 39,023
DIGITAL RLTY TR INC COM 253868103 6,182 62,328 SH   DFND   0 0 62,328
DUKE REALTY CORP COM 264411505 4,070 84,433 SH   DFND   0 0 84,433
EMPIRE ST RLTY TR INC CL A 292104106 175 26,704 SH   DFND   0 0 26,704
EQUINIX INC COM 29444U700 7,435 13,071 SH   DFND   0 0 13,071
EQUITY LIFESTYLE PPTYS INC COM 29472R108 2,455 39,064 SH   DFND   0 0 39,064
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,210 77,502 SH   DFND   0 0 77,502
EXTRA SPACE STORAGE INC COM 30225T102 5,112 29,600 SH   DFND   0 0 29,600
FEDERAL RLTY INVT TR SH BEN INT 313745101 1,413 15,678 SH   DFND   0 0 15,678
FRANKLIN STR PPTYS CORP COM 35471R106 49 18,517 SH   DFND   0 0 18,517
HANNON ARMSTRONG SUST INFR CAP COM 41068X100 570 19,057 SH   DFND   0 0 19,057
HEALTHPEAK PROPERTIES INC COM 42250P103 2,714 118,418 SH   DFND   0 0 118,418
HOST HOTELS & RESORTS INC COM 44107P104 2,393 150,721 SH   DFND   0 0 150,721
HUDSON PAC PPTYS INC COM 444097109 332 30,313 SH   DFND   0 0 30,313
IRON MTN INC DEL COM 46284V101 2,775 63,104 SH   DFND   0 0 63,104
JBG SMITH PPTYS COM 46590V100 424 22,840 SH   DFND   0 0 22,840
KILROY RLTY CORP COM 49427F108 948 22,521 SH   DFND   0 0 22,521
KIMCO RLTY CORP COM 49446R109 2,426 131,772 SH   DFND   0 0 131,772
MACERICH CO COM 554382101 385 48,468 SH   DFND   0 0 48,468
PARAMOUNT GROUP INC COM 69924R108 226 36,338 SH   DFND   0 0 36,338
PEBBLEBROOK HOTEL TR COM 70509V100 384 26,450 SH   DFND   0 0 26,450
PHYSICIANS RLTY TR COM 71943U104 709 47,134 SH   DFND   0 0 47,134
PROLOGIS INC COM 74340W103 7,093 69,811 SH   DFND   0 0 69,811
REGENCY CTRS CORP COM 758849103 1,802 33,472 SH   DFND   0 0 33,472
REXFORD INDL RLTY INC COM 76169C100 1,859 35,753 SH   DFND   0 0 35,753
RLJ LODGING TR COM 74965L101 392 38,748 SH   DFND   0 0 38,748
SIMON PPTY GROUP INC COM 828806109 6,423 71,568 SH   DFND   0 0 71,568
SL GREEN RLTY CORP COM 78440X887 559 13,926 SH   DFND   0 0 13,926
STAG INDL INC COM 85254J102 1,070 37,633 SH   DFND   0 0 37,633
SUN CMNTYS INC COM 866674104 3,664 27,072 SH   DFND   0 0 27,072
UDR INC COM 902653104 2,927 70,176 SH   DFND   0 0 70,176
VENTAS INC COM 92276F100 3,450 85,874 SH   DFND   0 0 85,874
VORNADO RLTY TR SH BEN INT 929042109 827 35,725 SH   DFND   0 0 35,725
WELLTOWER INC COM 95040Q104 6,475 100,662 SH   DFND   0 0 100,662