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
ALLERGAN PLC SHS G0177J108 17,261 103,530 SH   DFND 1 103,530 0 0
ATHENE HOLDING LTD CL A G0684D107 14,638 333,900 SH   DFND 1 333,900 0 0
INGERSOLL-RAND PLC SHS G47791101 16,340 182,100 SH   DFND 1 182,100 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 3,496 1,062,700 SH   DFND 1 1,062,700 0 0
NORWEGIAN CRUISE LINE HLDGS L SHS G66721104 16,367 346,400 SH   DFND 1 346,400 0 0
FLEX LTD ORD Y2573F102 8,585 608,400 SH   DFND 1 608,400 0 0
AT&T INC COM 00206R102 14,450 450,000 SH   DFND 1 450,000 0 0
ABBOTT LAB COM 002824100 19,401 318,096 SH   DFND 1 318,096 0 0
ACADIA RLTY TR COM 004239109 1,425 52,070 SH   DFND 1 52,070 0 0
ACTIVISION BLIZZARD INC COM 00507V109 16,165 211,800 SH   DFND 1 211,800 0 0
AFFILIATED MANAGERS GROUP INC COM 008252108 10,191 68,550 SH   DFND 1 68,550 0 0
ALEXANDRIA REAL ESTATE EQUITIES INC COM 015271109 4,947 39,209 SH   DFND 1 39,209 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 11,136 89,700 SH   DFND 1 89,700 0 0
ALPHABET INC CAP STK CL A 02079K305 61,671 54,615 SH   DFND 1 54,615 0 0
AMAZON COM INC COM 023135106 53,714 31,600 SH   DFND 1 31,600 0 0
AMERICAN EXPRESS CO COM 025816109 15,072 153,800 SH   DFND 1 153,800 0 0
AMERICAN HOMES 4 RENT COM 02665T306 2,213 99,754 SH   DFND 1 99,754 0 0
AMERICAN TOWER CORP COM 03027X100 16,075 111,500 SH   DFND 1 111,500 0 0
AMERIPRISE FINL INC COM 03076C106 10,589 75,700 SH   DFND 1 75,700 0 0
ANADARKO PETRO CORP COM 032511107 16,364 223,400 SH   DFND 1 223,400 0 0
ANALOG DEVICES INC COM 032654105 12,057 125,700 SH   DFND 1 125,700 0 0
APPLE INC COM 037833100 27,082 146,300 SH   DFND 1 146,300 0 0
AVALONBAY CMNTYS INC COM 053484101 7,825 45,523 SH   DFND 1 45,523 0 0
BANK OF AMERICA CORP COM 060505104 26,169 928,300 SH   DFND 1 928,300 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 19,437 604,200 SH   DFND 1 604,200 0 0
BSTN PROPERTIES INC COM 101121101 5,754 45,881 SH   DFND 1 45,881 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 1,311 77,682 SH   DFND 1 77,682 0 0
BROADCOM INC COM 11135F101 9,706 40,000 SH   DFND 1 40,000 0 0
CME GROUP INC COM 12572Q105 15,884 96,900 SH   DFND 1 96,900 0 0
CAMDEN PPTY TR SH BEN INT 133131102 3,699 40,592 SH   DFND 1 40,592 0 0
CHEVRON CORP COM 166764100 33,226 262,800 SH   DFND 1 262,800 0 0
CISCO SYSTEMS INC COM 17275R102 22,036 512,100 SH   DFND 1 512,100 0 0
CITIGROUP INC COM NEW 172967424 22,445 335,400 SH   DFND 1 335,400 0 0
COCA COLA CO COM 191216100 20,176 460,000 SH   DFND 1 460,000 0 0
COLGATE-PALMOLIVE CO COM 194162103 17,272 266,500 SH   DFND 1 266,500 0 0
COLONY CAP INC NEW CL A COM 19626G108 608 97,400 SH   DFND 1 97,400 0 0
CONOCOPHILLIPS COM COM 20825C104 17,384 249,700 SH   DFND 1 249,700 0 0
COSTCO WHOLESALE CORP NEW COM 22160K105 22,737 108,800 SH   DFND 1 108,800 0 0
COUSINS PPTYS INC COM 222795106 2,579 266,125 SH   DFND 1 266,125 0 0
CYRUSONE INC COM 23283R100 2,190 37,531 SH   DFND 1 37,531 0 0
DCT INDL TR INC COM 233153204 2,250 33,718 SH   DFND 1 33,718 0 0
DANAHER CORP COM 235851102 28,084 284,600 SH   DFND 1 284,600 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 11,686 235,900 SH   DFND 1 235,900 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 2,332 189,885 SH   DFND 1 189,885 0 0
DIGITAL RLTY TR INC COM 253868103 7,413 66,440 SH   DFND 1 66,440 0 0
DOLLAR GEN CORP NEW COM 256677105 18,418 186,800 SH   DFND 1 186,800 0 0
DOUGLAS EMMETT INC COM 25960P109 2,292 57,034 SH   DFND 1 57,034 0 0
DUKE RLTY CORP COM NEW 264411505 4,725 162,755 SH   DFND 1 162,755 0 0
EOG RESOURCES INC COM 26875P101 14,658 117,800 SH   DFND 1 117,800 0 0
EPR PPTYS COM SH BEN INT 26884U109 2,443 37,699 SH   DFND 1 37,699 0 0
EASTMAN KODAK CO *W EXP 09/03/201 277461133 0 13 SH   DFND 1 13 0 0
EASTMAN KODAK CO *W EXP 09/03/201 277461141 0 13 SH   DFND 1 13 0 0
EDUCATION RLTY TR INC COM NEW 28140H203 970 23,385 SH   DFND 1 23,385 0 0
EMERSON ELECTRIC CO COM 291011104 21,067 304,700 SH   DFND 1 304,700 0 0
EMPIRE ST RLTY TR INC CL A 292104106 1,970 115,200 SH   DFND 1 115,200 0 0
EQUINIX INC COM PAR $0.001 29444U700 10,749 25,003 SH   DFND 1 25,003 0 0
EQTY LIFESTYLE PPTYS INC COM 29472R108 3,221 35,048 SH   DFND 1 35,048 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,441 101,129 SH   DFND 1 101,129 0 0
ESSEX PPTY TR COM 297178105 5,406 22,612 SH   DFND 1 22,612 0 0
EXTRA SPACE STORAGE INC COM 30225T102 4,253 42,613 SH   DFND 1 42,613 0 0
FACEBOOK INC CL A 30303M102 28,468 146,500 SH   DFND 1 146,500 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 3,757 29,685 SH   DFND 1 29,685 0 0
FIDELITY NATL INFORMATION SVCS INC COM 31620M106 12,787 120,600 SH   DFND 1 120,600 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 2,596 113,794 SH   DFND 1 113,794 0 0
GEO GROUP INC NEW COM 36162J106 1,710 62,090 SH   DFND 1 62,090 0 0
GGP INC COM 36174X101 2,199 107,625 SH   DFND 1 107,625 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 2,606 72,807 SH   DFND 1 72,807 0 0
GENERAL DYNAMICS CORP COM 369550108 19,163 102,800 SH   DFND 1 102,800 0 0
GILEAD SCIENCES INC COM 375558103 10,980 155,000 SH   DFND 1 155,000 0 0
GLOBAL PMTS INC COM 37940X102 15,230 136,600 SH   DFND 1 136,600 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 17,778 80,600 SH   DFND 1 80,600 0 0
HCP INC COM 40414L109 4,231 163,881 SH   DFND 1 163,881 0 0
HEALTHCARE RLTY TR COM 421946104 2,528 86,938 SH   DFND 1 86,938 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 2,959 109,771 SH   DFND 1 109,771 0 0
HELMERICH & PAYNE INC COM 423452101 9,436 148,000 SH   DFND 1 148,000 0 0
HEMISPHERE MEDIA GROUP INC CL A 42365Q103 12,195 930,913 SH   DFND 1 930,913 0 0
HIGHWOODS PPTYS INC COM 431284108 3,022 59,572 SH   DFND 1 59,572 0 0
HOME DEPOT INC COM 437076102 31,574 161,836 SH   DFND 1 161,836 0 0
HOST HOTELS & RESORTS INC COM 44107P104 5,866 278,413 SH   DFND 1 278,413 0 0
HUBBELL INC COM 443510607 9,474 89,600 SH   DFND 1 89,600 0 0
HUDSON PACIFIC PROPERTIES INC COM 444097109 3,203 90,410 SH   DFND 1 90,410 0 0
INTEL CORP COM 458140100 16,901 340,000 SH   DFND 1 340,000 0 0
INTERCONTINENTAL EXCHANGE INC COM 45866F104 21,190 288,100 SH   DFND 1 288,100 0 0
INTL PAPER CO COM 460146103 11,327 217,500 SH   DFND 1 217,500 0 0
INVITATION HOMES INC COM 46187W107 3,395 147,225 SH   DFND 1 147,225 0 0
IRON MTN INC NEW COM 46284V101 3,752 107,166 SH   DFND 1 107,166 0 0
JPMORGAN CHASE & CO COM 46625H100 20,642 198,100 SH   DFND 1 198,100 0 0
JOHNSON & JOHNSON COM 478160104 40,127 330,700 SH   DFND 1 330,700 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 10,967 103,500 SH   DFND 1 103,500 0 0
KEYCORP NEW COM 493267108 10,360 530,200 SH   DFND 1 530,200 0 0
KILROY RLTY CORP COM 49427F108 2,651 35,054 SH   DFND 1 35,054 0 0
KIMCO RLTY CORP COM 49446R109 2,375 139,810 SH   DFND 1 139,810 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 648 9,484 SH   DFND 1 9,484 0 0
LAUDER ESTEE COS INC CL A 518439104 10,160 71,200 SH   DFND 1 71,200 0 0
LIBERTY PPTY TR SH BEN INT 531172104 656 14,800 SH   DFND 1 14,800 0 0
MGM RESORTS INTERNATIONAL COM COM 552953101 15,522 534,700 SH   DFND 1 534,700 0 0
MACERICH CO COM 554382101 988 17,384 SH   DFND 1 17,384 0 0
MICROSOFT CORP COM 594918104 57,884 587,000 SH   DFND 1 587,000 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 17,153 188,600 SH   DFND 1 188,600 0 0
MID-AMER APT CMNTYS INC COM 59522J103 708 7,034 SH   DFND 1 7,034 0 0
MONDELEZ INTL INC COM 609207105 11,480 280,000 SH   DFND 1 280,000 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 2,253 51,261 SH   DFND 1 51,261 0 0
NEWFIELD EXPL CO COM 651290108 9,075 300,000 SH   DFND 1 300,000 0 0
NUTRIEN LTD COM 67077M108 14,627 268,974 SH   DFND 1 268,974 0 0
PARK HOTELS & RESORTS INC COM 700517105 3,038 99,180 SH   DFND 1 99,180 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 2,208 56,915 SH   DFND 1 56,915 0 0
PRAXAIR INC COM 74005P104 12,779 80,800 SH   DFND 1 80,800 0 0
PROLOGIS INC COM 74340W103 11,536 175,611 SH   DFND 1 175,611 0 0
PUB STORAGE COM 74460D109 9,868 43,496 SH   DFND 1 43,496 0 0
REALTY INCOME CORP COM 756109104 4,612 85,733 SH   DFND 1 85,733 0 0
REGENCY CTRS CORP COM 758849103 3,765 60,649 SH   DFND 1 60,649 0 0
RETAIL PPTYS AMER INC CL A 76131V202 1,781 139,370 SH   DFND 1 139,370 0 0
REXFORD INDL RLTY INC COM 76169C100 2,645 84,269 SH   DFND 1 84,269 0 0
ROPER TECHNOLOGIES INC COM 776696106 13,796 50,000 SH   DFND 1 50,000 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 2,406 28,940 SH   DFND 1 28,940 0 0
SL GREEN RLTY CORP COM 78440X101 2,295 22,825 SH   DFND 1 22,825 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100 12,347 237,900 SH   DFND 1 237,900 0 0
SALESFORCE COM INC COM 79466L302 13,640 100,000 SH   DFND 1 100,000 0 0
SCHLUMBERGER LTD COM 806857108 14,411 215,000 SH   DFND 1 215,000 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 21,127 410,000 SH   DFND 1 410,000 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 40,269 775,000 SH   DFND 1 775,000 0 0
SIMON PROPERTY GROUP INC COM 828806109 15,241 89,553 SH   DFND 1 89,553 0 0
SPIRIT AIRLS INC COM 848577102 6,841 188,200 SH   DFND 1 188,200 0 0
STANLEY BLACK & DECKER INC COM 854502101 21,661 163,100 SH   DFND 1 163,100 0 0
SUN COMMUNITIES INC COM 866674104 2,922 29,852 SH   DFND 1 29,852 0 0
THERMO FISHER CORP COM 883556102 27,591 133,200 SH   DFND 1 133,200 0 0
UDR INC COM 902653104 3,881 103,385 SH   DFND 1 103,385 0 0
UNITED PARCEL SERVICE INC CL B 911312106 16,317 153,600 SH   DFND 1 153,600 0 0
UNITED STATES STL CORP NEW COM 912909108 10,394 299,100 SH   DFND 1 299,100 0 0
UNITED TECHNOLOGIES CORP COM 913017109 22,230 177,800 SH   DFND 1 177,800 0 0
UNITEDHEALTH GROUP INC COM 91324P102 35,795 145,900 SH   DFND 1 145,900 0 0
URBAN EDGE PPTYS COM 91704F104 1,660 72,586 SH   DFND 1 72,586 0 0
VENTAS INC COM 92276F100 4,320 75,853 SH   DFND 1 75,853 0 0
VICI PPTYS INC COM 925652109 2,167 105,000 SH   DFND 1 105,000 0 0
VISA INC COM CL A 92826C839 34,265 258,700 SH   DFND 1 258,700 0 0
VORNADO RLTY TR SH BEN INT 929042109 3,482 47,100 SH   DFND 1 47,100 0 0
WELLTOWER INC COM 95040Q104 7,190 114,695 SH   DFND 1 114,695 0 0
WESTN DIGITAL CORP COM 958102105 8,515 110,000 SH   DFND 1 110,000 0 0
WIDEOPENWEST INC COM 96758W101 2,093 216,627 SH   DFND 1 216,627 0 0
XILINX INC COM 983919101 8,203 125,700 SH   DFND 1 125,700 0 0