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
Simon Property Group COM 828806109   18,912,067 132,586 SH   DFND   0 0 132,586
American Tower Corp Class A COM 03027X100   18,282,877 84,690 SH   DFND   0 0 84,690
Prologis COM 74340W103   18,268,365 137,047 SH   DFND   0 0 137,047
Welltower COM 95040Q104   16,826,173 186,605 SH   DFND   0 0 186,605
Digital Realty Trust COM 253868103   16,354,835 121,525 SH   DFND   0 0 121,525
Equinix COM 29444U700   15,500,536 19,246 SH   DFND   0 0 19,246
Extra Space Storage COM 30225T102   13,711,742 85,522 SH   DFND   0 0 85,522
Avalonbay Communities COM 053484101   10,392,208 55,508 SH   DFND   0 0 55,508
Equity Residential SH BEN INT 29476L107   8,473,901 138,553 SH   DFND   0 0 138,553
Alexandria Real Estate Equities COM 015271109   8,390,653 66,188 SH   DFND   0 0 66,188
Iron Mountain COM 46284V101   8,278,284 118,295 SH   DFND   0 0 118,295
Ventas COM 92276F100   7,861,313 157,731 SH   DFND   0 0 157,731
Sun Communities COM 866674104   6,379,515 47,733 SH   DFND   0 0 47,733
Essex Property Trust COM 297178105   6,268,915 25,284 SH   DFND   0 0 25,284
Host Hotels & Resorts COM 44107P104   5,190,663 266,598 SH   DFND   0 0 266,598
Kimco Realty Corp COM 49446R109   5,123,947 240,448 SH   DFND   0 0 240,448
Equity Lifestyle Properties COM 29472R108   4,729,002 67,040 SH   DFND   0 0 67,040
UDR COM 902653104   4,625,547 120,803 SH   DFND   0 0 120,803
Rexford Industrial Realty COM 76169C100   4,446,710 79,264 SH   DFND   0 0 79,264
Regency Centers Corp COM 758849103   4,315,470 64,410 SH   DFND   0 0 64,410
Boston Properties COM 101121101   4,136,100 58,944 SH   DFND   0 0 58,944
Healthpeak Properties COM 42250P103   3,966,534 200,330 SH   DFND   0 0 200,330
Americold Realty Trust COM 03064D108   3,283,629 108,478 SH   DFND   0 0 108,478
Federal Realty Invs Trust SH BEN INT NEW 313745101   2,961,245 28,736 SH   DFND   0 0 28,736
Stag Industrial COM 85254J102   2,814,746 71,695 SH   DFND   0 0 71,695
Vornado Realty Trust SH BEN INT 929042109   1,814,639 64,235 SH   DFND   0 0 64,235
Kilroy Realty Corp COM 49427F108   1,726,546 43,337 SH   DFND   0 0 43,337
Macerich Co COM 554382101   1,383,793 89,682 SH   DFND   0 0 89,682
Hannon Armstrong Sustainable Infrastructure Capital COM 41068X100   1,202,323 43,594 SH   DFND   0 0 43,594
Diamondrock Hospitality Co COM 252784301   819,738 87,299 SH   DFND   0 0 87,299
Sunstone Hotel Investors COM 867892101   787,314 73,375 SH   DFND   0 0 73,375
RLJ Lodging Trust COM 74965L101   734,258 62,650 SH   DFND   0 0 62,650
JBG Smith Properties COM 46590V100   617,667 36,312 SH   DFND   0 0 36,312
Alexander & Baldwin COM 014491104   580,852 30,539 SH   DFND   0 0 30,539
Empire State Realty Trust CL A 292104106   512,087 52,847 SH   DFND   0 0 52,847
Hudson Pacific Properties COM 444097109   483,599 51,944 SH   DFND   0 0 51,944
American Assets Trust COM 024013104   469,761 20,869 SH   DFND   0 0 20,869
Veris Residential COM 554489104   432,544 27,498 SH   DFND   0 0 27,498
UMH Properties COM 903002103   366,148 23,900 SH   DFND   0 0 23,900
Brandywine Realty Trust SH BEN INT NEW 105368203   362,011 67,039 SH   DFND   0 0 67,039
Franklin Street Properties Corp COM 35471R106   47,404 18,517 SH   DFND   0 0 18,517