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
APARTMENT INCOME REIT CORP COM 03750L109 477 8,922 SH   DFND 1 8,922 0 0
APARTMENT INCOME REIT CORP COM 03750L109 6,164 115,300 SH   SOLE   115,300 0 0
AVALONBAY CMNTYS INC COM 053484101 1,047 4,214 SH   DFND 1 4,214 0 0
AVALONBAY CMNTYS INC COM 053484101 13,611 54,800 SH   SOLE   54,800 0 0
COUSINS PPTYS INC COM NEW 222795502 354 8,798 SH   DFND 1 8,798 0 0
COUSINS PPTYS INC COM NEW 222795502 4,347 107,900 SH   SOLE   107,900 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 4,190 22,700 SH   SOLE   22,700 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 251 1,360 SH   DFND 1 1,360 0 0
DUKE REALTY CORP COM NEW 264411505 12,349 212,700 SH   SOLE   212,700 0 0
DUKE REALTY CORP COM NEW 264411505 532 9,156 SH   DFND 1 9,156 0 0
EQUINIX INC COM 29444U700 1,191 1,606 SH   DFND 1 1,606 0 0
EQUINIX INC COM 29444U700 17,493 23,587 SH   SOLE   23,587 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 561 7,336 SH   DFND 1 7,336 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 3,357 43,900 SH   SOLE   43,900 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 13,605 151,300 SH   SOLE   151,300 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,062 11,810 SH   DFND 1 11,810 0 0
ESSEX PPTY TR INC COM 297178105 3,178 9,200 SH   SOLE   9,200 0 0
ESSEX PPTY TR INC COM 297178105 211 612 SH   DFND 1 612 0 0
FIRST INDL RLTY TR INC COM 32054K103 890 14,372 SH   DFND 1 14,372 0 0
FIRST INDL RLTY TR INC COM 32054K103 12,976 209,600 SH   SOLE   209,600 0 0
HEALTHCARE RLTY TR COM 421946104 247 8,979 SH   DFND 1 8,979 0 0
HEALTHCARE RLTY TR COM 421946104 3,089 112,400 SH   SOLE   112,400 0 0
HIGHWOODS PPTYS INC COM 431284108 3,774 82,500 SH   SOLE   82,500 0 0
HIGHWOODS PPTYS INC COM 431284108 300 6,549 SH   DFND 1 6,549 0 0
HOST HOTELS & RESORTS INC COM 44107P104 791 40,730 SH   DFND 1 40,730 0 0
HOST HOTELS & RESORTS INC COM 44107P104 10,395 535,019 SH   SOLE   535,019 0 0
INVITATION HOMES INC COM 46187W107 578 14,375 SH   DFND 1 14,375 0 0
INVITATION HOMES INC COM 46187W107 7,542 187,700 SH   SOLE   187,700 0 0
KILROY RLTY CORP COM 49427F108 8,414 110,100 SH   SOLE   110,100 0 0
KILROY RLTY CORP COM 49427F108 628 8,222 SH   DFND 1 8,222 0 0
LIFE STORAGE INC COM 53223X107 877 6,246 SH   DFND 1 6,246 0 0
LIFE STORAGE INC COM 53223X107 12,189 86,800 SH   SOLE   86,800 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 4,122 106,500 SH   SOLE   106,500 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 483 12,487 SH   DFND 1 12,487 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 228 5,078 SH   DFND 1 5,078 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 1,667 37,100 SH   SOLE   37,100 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 5,456 175,100 SH   SOLE   175,100 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 418 13,414 SH   DFND 1 13,414 0 0
ORION OFFICE REIT INC COM 68629Y103 913 65,230 SH   SOLE   65,230 0 0
ORION OFFICE REIT INC COM 68629Y103 51 3,643 SH   DFND 1 3,643 0 0
PROLOGIS INC. COM 74340W103 603 3,735 SH   DFND 1 3,735 0 0
PROLOGIS INC. COM 74340W103 9,259 57,337 SH   SOLE   57,337 0 0
PUBLIC STORAGE COM 74460D109 10,772 27,600 SH   SOLE   27,600 0 0
PUBLIC STORAGE COM 74460D109 839 2,149 SH   DFND 1 2,149 0 0
REALTY INCOME CORP COM 756109104 950 13,703 SH   DFND 1 13,703 0 0
REALTY INCOME CORP COM 756109104 12,017 173,400 SH   SOLE   173,400 0 0
REGENCY CTRS CORP COM 758849103 7,241 101,500 SH   SOLE   101,500 0 0
REGENCY CTRS CORP COM 758849103 577 8,093 SH   DFND 1 8,093 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 5,193 267,800 SH   SOLE   267,800 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 413 21,284 SH   DFND 1 21,284 0 0
REXFORD INDL RLTY INC COM 76169C100 1,331 17,847 SH   DFND 1 17,847 0 0
REXFORD INDL RLTY INC COM 76169C100 7,608 102,000 SH   SOLE   102,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 576 4,378 SH   DFND 1 4,378 0 0
SIMON PPTY GROUP INC NEW COM 828806109 7,512 57,100 SH   SOLE   57,100 0 0
STORE CAP CORP COM 862121100 1,736 59,400 SH   SOLE   59,400 0 0
SUN CMNTYS INC COM 866674104 231 1,315 SH   DFND 1 1,315 0 0
SUN CMNTYS INC COM 866674104 6,556 37,400 SH   SOLE   37,400 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 2,474 210,000 SH   SOLE   210,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 268 22,720 SH   DFND 1 22,720 0 0
VENTAS INC COM 92276F100 12,999 210,478 SH   SOLE   210,478 0 0
VENTAS INC COM 92276F100 999 16,180 SH   DFND 1 16,180 0 0
VICI PPTYS INC COM 925652109 143 5,040 SH   DFND 1 5,040 0 0
VICI PPTYS INC COM 925652109 3,950 138,800 SH   SOLE   138,800 0 0
WELLTOWER INC COM 95040Q104 6,557 68,200 SH   SOLE   68,200 0 0
WELLTOWER INC COM 95040Q104 507 5,275 SH   DFND 1 5,275 0 0
WP CAREY INC COM 92936U109 319 3,950 SH   DFND 1 3,950 0 0
WP CAREY INC COM 92936U109 3,913 48,400 SH   SOLE   48,400 0 0