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
AMERICAN TOWER CORP NEW COM 03027X100 4,000 13,675 SH   SOLE   13,675 0 0
AMERICAN TOWER CORP NEW COM 03027X100 538 1,841 SH   DFND 1 1,841 0 0
APARTMENT INCOME REIT CORP COM 03750L109 828 15,153 SH   DFND 1 15,153 0 0
APARTMENT INCOME REIT CORP COM 03750L109 6,221 113,800 SH   SOLE   113,800 0 0
AVALONBAY CMNTYS INC COM 053484101 2,027 8,025 SH   DFND 1 8,025 0 0
AVALONBAY CMNTYS INC COM 053484101 14,903 59,000 SH   SOLE   59,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 5,896 33,000 SH   SOLE   33,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 783 4,383 SH   DFND 1 4,383 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 440 15,737 SH   DFND 1 15,737 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 3,203 114,500 SH   SOLE   114,500 0 0
COUSINS PPTYS INC COM NEW 222795502 475 11,786 SH   DFND 1 11,786 0 0
COUSINS PPTYS INC COM NEW 222795502 3,444 85,500 SH   SOLE   85,500 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 271 1,300 SH   DFND 1 1,300 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 3,131 15,000 SH   SOLE   15,000 0 0
CUBESMART COM 229663109 732 12,857 SH   DFND 1 12,857 0 0
CUBESMART COM 229663109 0 0 SH   SOLE   0 0 0
EQUINIX INC COM 29444U700 1,830 2,164 SH   DFND 1 2,164 0 0
EQUINIX INC COM 29444U700 15,975 18,887 SH   SOLE   18,887 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 1,233 14,065 SH   DFND 1 14,065 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 3,042 34,700 SH   SOLE   34,700 0 0
ESSEX PPTY TR INC COM 297178105 304 864 SH   DFND 1 864 0 0
ESSEX PPTY TR INC COM 297178105 2,536 7,200 SH   SOLE   7,200 0 0
FIRST INDL RLTY TR INC COM 32054K103 1,851 27,959 SH   DFND 1 27,959 0 0
FIRST INDL RLTY TR INC COM 32054K103 13,703 207,000 SH   SOLE   207,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 985 56,659 SH   DFND 1 56,659 0 0
HOST HOTELS & RESORTS INC COM 44107P104 7,346 422,419 SH   SOLE   422,419 0 0
INVITATION HOMES INC COM 46187W107 6,724 148,300 SH   SOLE   148,300 0 0
INVITATION HOMES INC COM 46187W107 903 19,914 SH   DFND 1 19,914 0 0
KILROY RLTY CORP COM 49427F108 753 11,336 SH   DFND 1 11,336 0 0
KILROY RLTY CORP COM 49427F108 5,775 86,900 SH   SOLE   86,900 0 0
KITE RLTY GROUP TR COM NEW 49803T300 729 33,474 SH   DFND 1 33,474 0 0
KITE RLTY GROUP TR COM NEW 49803T300 5,292 242,993 SH   SOLE   242,993 0 0
LIFE STORAGE INC COM 53223X107 896 5,847 SH   DFND 1 5,847 0 0
LIFE STORAGE INC COM 53223X107 10,493 68,500 SH   SOLE   68,500 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 5,300 224,300 SH   SOLE   224,300 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 727 30,745 SH   DFND 1 30,745 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 694 16,983 SH   DFND 1 16,983 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 4,351 106,500 SH   SOLE   106,500 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 353 11,921 SH   DFND 1 11,921 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 2,669 90,200 SH   SOLE   90,200 0 0
ORION OFFICE REIT INC COM 68629Y103 962 51,530 SH   SOLE   51,530 0 0
ORION OFFICE REIT INC COM 68629Y103 104 5,594 SH   DFND 1 5,594 0 0
PROLOGIS INC. COM 74340W103 1,026 6,092 SH   DFND 1 6,092 0 0
PROLOGIS INC. COM 74340W103 7,633 45,337 SH   SOLE   45,337 0 0
PUBLIC STORAGE COM 74460D109 763 2,037 SH   DFND 1 2,037 0 0
PUBLIC STORAGE COM 74460D109 8,165 21,800 SH   SOLE   21,800 0 0
REALTY INCOME CORP COM 756109104 916 12,792 SH   DFND 1 12,792 0 0
REALTY INCOME CORP COM 756109104 6,801 95,000 SH   SOLE   95,000 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 558 28,474 SH   DFND 1 28,474 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 4,145 211,500 SH   SOLE   211,500 0 0
REXFORD INDL RLTY INC COM 76169C100 1,920 23,670 SH   DFND 1 23,670 0 0
REXFORD INDL RLTY INC COM 76169C100 14,210 175,200 SH   SOLE   175,200 0 0
SIMON PPTY GROUP INC NEW COM 828806109 669 4,185 SH   DFND 1 4,185 0 0
SIMON PPTY GROUP INC NEW COM 828806109 4,969 31,100 SH   SOLE   31,100 0 0
STORE CAP CORP COM 862121100 324 9,407 SH   DFND 1 9,407 0 0
STORE CAP CORP COM 862121100 3,086 89,700 SH   SOLE   89,700 0 0
SUN CMNTYS INC COM 866674104 0 0 SH   DFND 1 0 0 0
SUN CMNTYS INC COM 866674104 6,194 29,500 SH   SOLE   29,500 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 526 27,300 SH   DFND 1 27,300 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 3,869 200,700 SH   SOLE   200,700 0 0
VENTAS INC COM 92276F100 7,478 146,278 SH   SOLE   146,278 0 0
VENTAS INC COM 92276F100 846 16,544 SH   DFND 1 16,544 0 0
VICI PPTYS INC COM 925652109 214 7,092 SH   DFND 1 7,092 0 0
VICI PPTYS INC COM 925652109 2,385 79,200 SH   SOLE   79,200 0 0
WELLTOWER INC COM 95040Q104 434 5,064 SH   DFND 1 5,064 0 0
WELLTOWER INC COM 95040Q104 1,990 23,200 SH   SOLE   23,200 0 0
WP CAREY INC COM 92936U109 6,170 75,200 SH   SOLE   75,200 0 0
WP CAREY INC COM 92936U109 838 10,216 SH   DFND 1 10,216 0 0