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   20,777,960 132,775 SH   DFND   0 0 132,775
Prologis COM 74340W103   17,998,488 138,216 SH   DFND   0 0 138,216
American Tower Corp Class A COM 03027X100   17,135,993 86,725 SH   DFND   0 0 86,725
Welltower COM 95040Q104   17,104,472 183,053 SH   DFND   0 0 183,053
Digital Realty Trust COM 253868103   16,773,458 116,450 SH   DFND   0 0 116,450
Equinix COM 29444U700   16,722,836 20,262 SH   DFND   0 0 20,262
Extra Space Storage COM 30225T102   12,714,765 86,495 SH   DFND   0 0 86,495
Avalonbay Communities COM 053484101   10,902,021 58,752 SH   DFND   0 0 58,752
Iron Mountain COM 46284V101   9,777,840 121,903 SH   DFND   0 0 121,903
Equity Residential SH BEN INT 29476L107   9,456,529 149,842 SH   DFND   0 0 149,842
Alexandria Real Estate Equities COM 015271109   8,930,498 69,277 SH   DFND   0 0 69,277
Ventas COM 92276F100   7,285,505 167,329 SH   DFND   0 0 167,329
Essex Property Trust COM 297178105   6,528,838 26,669 SH   DFND   0 0 26,669
Sun Communities COM 866674104   6,451,244 50,173 SH   DFND   0 0 50,173
Host Hotels & Resorts COM 44107P104   6,042,179 292,175 SH   DFND   0 0 292,175
Kimco Realty Corp COM 49446R109   5,107,915 260,475 SH   DFND   0 0 260,475
UDR COM 902653104   4,860,868 129,935 SH   DFND   0 0 129,935
Equity Lifestyle Properties COM 29472R108   4,668,356 72,490 SH   DFND   0 0 72,490
Rexford Industrial Realty COM 76169C100   4,415,485 87,783 SH   DFND   0 0 87,783
Healthpeak Properties COM 42250P103   4,204,838 224,258 SH   DFND   0 0 224,258
Regency Centers Corp COM 758849103   4,126,801 68,144 SH   DFND   0 0 68,144
Boston Properties COM 101121101   4,033,937 61,766 SH   DFND   0 0 61,766
Federal Realty Invs Trust SH BEN INT NEW 313745101   3,149,891 30,845 SH   DFND   0 0 30,845
Americold Realty Trust COM 03064D108   2,909,036 116,735 SH   DFND   0 0 116,735
Stag Industrial COM 85254J102   2,843,291 73,967 SH   DFND   0 0 73,967
Vornado Realty Trust SH BEN INT 929042109   1,848,041 64,235 SH   DFND   0 0 64,235
Macerich Co COM 554382101   1,620,654 94,060 SH   DFND   0 0 94,060
Kilroy Realty Corp COM 49427F108   1,588,530 43,605 SH   DFND   0 0 43,605
Hannon Armstrong Sustainable Infrastructure Capital COM 41068X100   1,299,073 45,742 SH   DFND   0 0 45,742
Sunstone Hotel Investors COM 867892101   890,075 79,899 SH   DFND   0 0 79,899
Diamondrock Hospitality Co COM 252784301   838,943 87,299 SH   DFND   0 0 87,299
RLJ Lodging Trust COM 74965L101   764,340 64,665 SH   DFND   0 0 64,665
JBG Smith Properties COM 46590V100   582,808 36,312 SH   DFND   0 0 36,312
Empire State Realty Trust CL A 292104106   556,107 54,897 SH   DFND   0 0 54,897
Alexander & Baldwin COM 014491104   502,977 30,539 SH   DFND   0 0 30,539
American Assets Trust COM 024013104   457,240 20,869 SH   DFND   0 0 20,869
Veris Residential COM 554489104   438,839 28,852 SH   DFND   0 0 28,852
MID-America Apartment Communities COM 59522J103   397,108 3,018 SH   DFND   0 0 3,018
UMH Properties COM 903002103   394,859 24,314 SH   DFND   0 0 24,314
Hudson Pacific Properties COM 444097109   335,039 51,944 SH   DFND   0 0 51,944
Brandywine Realty Trust SH BEN INT NEW 105368203   321,787 67,039 SH   DFND   0 0 67,039
Franklin Street Properties Corp COM 35471R106   42,034 18,517 SH   DFND   0 0 18,517