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
ALEXANDER & BALDWIN INC COM 014491104 288 12,405 SH   DFND   0 0 12,405
ALEXANDRIA REAL ESTATE EQ INC COM 015271109 5,571 27,684 SH   DFND   0 0 27,684
AMERICAN ASSETS TR INC COM 024013104 331 8,731 SH   DFND   0 0 8,731
AMERICAN TOWER CORP COM 03027X100 9,036 35,969 SH   DFND   0 0 35,969
AMERICOLD RLTY TR COM 03064D108 1,329 47,673 SH   DFND   0 0 47,673
AVALONBAY CMNTYS INC COM 053484101 6,234 25,100 SH   DFND   0 0 25,100
BOSTON PROPERTIES INC COM 101121101 3,488 27,078 SH   DFND   0 0 27,078
DIAMONDROCK HOSPITALITY CO COM 252784301 394 39,023 SH   DFND   0 0 39,023
DIGITAL RLTY TR INC COM 253868103 7,356 51,879 SH   DFND   0 0 51,879
DUKE REALTY CORP COM 264411505 4,026 69,350 SH   DFND   0 0 69,350
EMPIRE ST RLTY TR INC CL A 292104106 262 26,704 SH   DFND   0 0 26,704
EQUINIX INC COM 29444U700 8,914 12,020 SH   DFND   0 0 12,020
EQUITY LIFESTYLE PPTYS INC COM 29472R108 2,434 31,822 SH   DFND   0 0 31,822
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,840 64,945 SH   DFND   0 0 64,945
EXTRA SPACE STORAGE INC COM 30225T102 5,023 24,432 SH   DFND   0 0 24,432
FEDERAL RLTY INVT TR SH BEN INT 313745101 1,613 13,216 SH   DFND   0 0 13,216
FRANKLIN STR PPTYS CORP COM 35471R106 109 18,517 SH   DFND   0 0 18,517
HANNON ARMSTRONG SUST INFR C COM 41068X100 734 15,467 SH   DFND   0 0 15,467
HEALTHPEAK PROPERTIES INC. COM 42250P103 3,347 97,504 SH   DFND   0 0 97,504
HOST HOTELS & RESORTS INC COM 44107P104 2,509 129,115 SH   DFND   0 0 129,115
HUDSON PAC PPTYS INC COM 444097109 746 26,874 SH   DFND   0 0 26,874
IRON MTN INC COM 46284V101 2,904 52,412 SH   DFND   0 0 52,412
JBG SMITH PPTYS COM 46590V100 606 20,740 SH   DFND   0 0 20,740
KILROY RLTY CORP COM 49427F108 1,437 18,804 SH   DFND   0 0 18,804
KIMCO RLTY CORP COM 49446R109 2,756 111,585 SH   DFND   0 0 111,585
MACERICH CO COM 554382101 605 38,663 SH   DFND   0 0 38,663
PARAMOUNT GROUP INC COM 69924R108 323 29,570 SH   DFND   0 0 29,570
PEBBLEBROOK HOTEL TR COM 70509V100 572 23,353 SH   DFND   0 0 23,353
PHYSICIANS RLTY TR COM 71943U104 702 40,026 SH   DFND   0 0 40,026
PROLOGIS INC. COM 74340W103 9,101 56,362 SH   DFND   0 0 56,362
REGENCY CTRS CORP COM 758849103 1,969 27,603 SH   DFND   0 0 27,603
REXFORD INDL RLTY INC COM 76169C100 2,146 28,777 SH   DFND   0 0 28,777
RLJ LODGING TR COM 74965L101 419 29,743 SH   DFND   0 0 29,743
SIMON PPTY GROUP INC COM 828806109 7,886 59,942 SH   DFND   0 0 59,942
SL GREEN RLTY CORP COM 78440X887 971 11,965 SH   DFND   0 0 11,965
STAG INDL INC COM 85254J102 1,314 31,773 SH   DFND   0 0 31,773
SUN CMNTYS INC COM 866674104 3,697 21,093 SH   DFND   0 0 21,093
UDR INC COM 902653104 3,301 57,542 SH   DFND   0 0 57,542
UMH PPTYS INC COM 903002103 219 8,904 SH   DFND   0 0 8,904
VENTAS INC COM 92276F100 4,489 72,682 SH   DFND   0 0 72,682
VORNADO RLTY TR SH BEN INT 929042109 1,322 29,172 SH   DFND   0 0 29,172
WELLTOWER INC COM 95040Q104 7,817 81,310 SH   DFND   0 0 81,310