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
Prologis COM 74340W103   12,940,021 103,711 SH   DFND   0 0 103,711
Simon Property Group COM 828806109   12,839,712 114,671 SH   DFND   0 0 114,671
American Tower Corp Class A COM 03027X100   12,756,538 62,428 SH   DFND   0 0 62,428
Equinix COM 29444U700   12,479,039 17,307 SH   DFND   0 0 17,307
Welltower COM 95040Q104   12,242,573 170,771 SH   DFND   0 0 170,771
Digital Realty Trust COM 253868103   10,553,087 107,345 SH   DFND   0 0 107,345
Extra Space Storage COM 30225T102   7,975,261 48,949 SH   DFND   0 0 48,949
Avalonbay Cmntys Inc COM 053484101   7,830,083 46,591 SH   DFND   0 0 46,591
Equity Residential SH BEN INT 29476L107   7,722,540 128,709 SH   DFND   0 0 128,709
Alexandria Real Estate EQ IN COM 015271109   6,842,771 54,485 SH   DFND   0 0 54,485
Iron Mountain COM 46284V101   5,714,650 108,007 SH   DFND   0 0 108,007
Sun Communities COM 866674104   5,630,410 39,966 SH   DFND   0 0 39,966
Ventas COM 92276F100   5,391,613 124,374 SH   DFND   0 0 124,374
UDR COM 902653104   4,582,583 111,607 SH   DFND   0 0 111,607
Healthpeak Properties COM 42250P103   4,359,947 198,450 SH   DFND   0 0 198,450
Kimco Realty Corp COM 49446R109   4,284,374 219,374 SH   DFND   0 0 219,374
Essex Property Trust COM 297178105   3,960,693 18,938 SH   DFND   0 0 18,938
Rexford Industrial Realty COM 76169C100   3,888,405 65,187 SH   DFND   0 0 65,187
Equity Lifestyle Properties COM 29472R108   3,872,193 57,682 SH   DFND   0 0 57,682
Host Hotels & Resorts COM 44107P104   3,825,499 231,989 SH   DFND   0 0 231,989
Regency Centers Corp COM 758849103   3,431,341 56,086 SH   DFND   0 0 56,086
Boston Properties COM 101121101   2,645,223 48,877 SH   DFND   0 0 48,877
Federal Realty Invs Trust SH BEN INT NEW 313745101   2,553,668 25,839 SH   DFND   0 0 25,839
Americold Realty Trust COM 03064D108   2,519,390 88,555 SH   DFND   0 0 88,555
Kilroy Realty Corp COM 49427F108   1,120,165 34,573 SH   DFND   0 0 34,573
Vornado Realty Trust SH BEN INT 929042109   925,643 60,224 SH   DFND   0 0 60,224
Hannon Armstrong Sustainable Infrastructure Capital COM 41068X100   853,967 29,859 SH   DFND   0 0 29,859
Macerich Co COM 554382101   747,777 70,545 SH   DFND   0 0 70,545
Sunstone Hotel Investors COM 867892101   617,391 62,489 SH   DFND   0 0 62,489
Diamondrock Hospitality Co COM 252784301   558,938 68,750 SH   DFND   0 0 68,750
Alexander & Baldwin COM 014491104   527,910 27,917 SH   DFND   0 0 27,917
JBG Smith Properties COM 46590V100   507,040 33,668 SH   DFND   0 0 33,668
SL Green Realty Corp COM 78440X887   497,283 21,143 SH   DFND   0 0 21,143
RLJ Lodging Trust COM 74965L101   493,833 46,588 SH   DFND   0 0 46,588
UMH Properties COM 903002103   353,481 23,900 SH   DFND   0 0 23,900
American Assets TR INC COM 024013104   351,927 18,931 SH   DFND   0 0 18,931
Empire State Realty Trust CL A 292104106   342,977 52,847 SH   DFND   0 0 52,847
Hudson Pacific Properties COM 444097109   316,075 47,530 SH   DFND   0 0 47,530
Paramount Group COM 69924R108   311,635 68,341 SH   DFND   0 0 68,341
Brandywine Realty Trust SH BEN INT NEW 105368203   267,131 56,476 SH   DFND   0 0 56,476
Hersha Hospitality Trust PR SHS BEN INT 427825500   77,220 11,491 SH   DFND   0 0 11,491
Franklin Street Properties Corp COM 35471R106   29,072 18,517 SH   DFND   0 0 18,517