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
AVALONBAY CMNTYS INC COM 053484101   1,118,452 5,974 SH   DFND 1 0 5,974 0
AVALONBAY CMNTYS INC COM 053484101   8,387,456 44,800 SH   SOLE   44,800 0 0
BOSTON PROPERTIES INC COM 101121101   3,669,891 52,300 SH   SOLE   52,300 0 0
BOSTON PROPERTIES INC COM 101121101   482,138 6,871 SH   DFND 1 0 6,871 0
BRIXMOR PPTY GROUP INC COM 11120U105   3,008,811 129,300 SH   SOLE   129,300 0 0
BRIXMOR PPTY GROUP INC COM 11120U105   399,546 17,170 SH   DFND 1 0 17,170 0
BROADSTONE NET LEASE INC COM 11135E203   3,664,416 212,800 SH   SOLE   212,800 0 0
BROADSTONE NET LEASE INC COM 11135E203   487,068 28,285 SH   DFND 1 0 28,285 0
DIGITAL RLTY TR INC COM 253868103   7,994,052 59,400 SH   SOLE   59,400 0 0
DIGITAL RLTY TR INC COM 253868103   1,070,046 7,951 SH   DFND 1 0 7,951 0
EQUINIX INC COM 29444U700   1,109,827 1,378 SH   DFND 1 0 1,378 0
EQUINIX INC COM 29444U700   8,599,149 10,677 SH   SOLE   10,677 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   606,646 9,919 SH   DFND 1 0 9,919 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   4,666,508 76,300 SH   SOLE   76,300 0 0
EXTRA SPACE STORAGE INC COM 30225T102   4,176,597 26,050 SH   SOLE   26,050 0 0
EXTRA SPACE STORAGE INC COM 30225T102   534,540 3,334 SH   DFND 1 0 3,334 0
FIRST INDL RLTY TR INC COM 32054K103   7,526,543 142,900 SH   SOLE   142,900 0 0
FIRST INDL RLTY TR INC COM 32054K103   986,404 18,728 SH   DFND 1 0 18,728 0
HEALTHCARE RLTY TR CL A COM 42226K105   2,949,776 171,200 SH   SOLE   171,200 0 0
HEALTHCARE RLTY TR CL A COM 42226K105   394,222 22,880 SH   DFND 1 0 22,880 0
HEALTHPEAK PROPERTIES INC COM 42250P103   477,061 24,094 SH   DFND 1 0 24,094 0
HEALTHPEAK PROPERTIES INC COM 42250P103   3,736,260 188,700 SH   SOLE   188,700 0 0
HIGHWOODS PPTYS INC COM 431284108   3,363,640 146,500 SH   SOLE   146,500 0 0
HIGHWOODS PPTYS INC COM 431284108   430,270 18,740 SH   DFND 1 0 18,740 0
HOST HOTELS & RESORTS INC COM 44107P104   3,531,858 181,400 SH   SOLE   181,400 0 0
HOST HOTELS & RESORTS INC COM 44107P104   466,462 23,958 SH   DFND 1 0 23,958 0
INVITATION HOMES INC COM 46187W107   6,579,819 192,900 SH   SOLE   192,900 0 0
INVITATION HOMES INC COM 46187W107   882,016 25,858 SH   DFND 1 0 25,858 0
OMEGA HEALTHCARE INVS INC COM 681936100   1,888,656 61,600 SH   SOLE   61,600 0 0
OMEGA HEALTHCARE INVS INC COM 681936100   254,171 8,290 SH   DFND 1 0 8,290 0
PARK HOTELS & RESORTS INC COM 700517105   2,223,090 145,300 SH   SOLE   145,300 0 0
PARK HOTELS & RESORTS INC COM 700517105   301,838 19,728 SH   DFND 1 0 19,728 0
PROLOGIS INC. COM 74340W103   1,055,203 7,916 SH   DFND 1 0 7,916 0
PROLOGIS INC. COM 74340W103   8,003,865 60,044 SH   SOLE   60,044 0 0
PUBLIC STORAGE COM 74460D109   1,242,570 4,074 SH   DFND 1 0 4,074 0
PUBLIC STORAGE COM 74460D109   9,302,500 30,500 SH   SOLE   30,500 0 0
REALTY INCOME CORP COM 756109104   1,130,370 19,686 SH   DFND 1 0 19,686 0
REALTY INCOME CORP COM 756109104   8,532,612 148,600 SH   SOLE   148,600 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101   2,448,235 174,500 SH   SOLE   174,500 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101   326,352 23,261 SH   DFND 1 0 23,261 0
REXFORD INDL RLTY INC COM 76169C100   9,458,460 168,600 SH   SOLE   168,600 0 0
REXFORD INDL RLTY INC COM 76169C100   1,259,669 22,454 SH   DFND 1 0 22,454 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   2,333,948 9,200 SH   SOLE   9,200 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   302,398 1,192 SH   DFND 1 0 1,192 0
SIMON PPTY GROUP INC NEW COM 828806109   1,465,055 10,271 SH   DFND 1 0 10,271 0
SIMON PPTY GROUP INC NEW COM 828806109   10,961,884 76,850 SH   SOLE   76,850 0 0
SUN CMNTYS INC COM 866674104   3,956,040 29,600 SH   SOLE   29,600 0 0
SUN CMNTYS INC COM 866674104   530,323 3,968 SH   DFND 1 0 3,968 0
VENTAS INC COM 92276F100   7,037,408 141,200 SH   SOLE   141,200 0 0
VENTAS INC COM 92276F100   927,772 18,615 SH   DFND 1 0 18,615 0
VICI PPTYS INC COM 925652109   1,041,265 32,662 SH   DFND 1 0 32,662 0
VICI PPTYS INC COM 925652109   7,829,027 245,578 SH   SOLE   245,578 0 0