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
Expires: July 31, 2015
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
EQUINIX INC COM 29444U700 28,585,759 29,162 SH DFND 0 0 29,162
DIGITAL RLTY TR INC COM 253868103 23,490,193 130,349 SH DFND 0 0 130,349
SIMON PPTY GROUP INC NEW COM 828806109 23,220,747 124,488 SH DFND 0 0 124,488
PROLOGIS INC. COM 74340W103 23,455,605 177,452 SH DFND 0 0 177,452
WELLTOWER INC COM 95040Q104 22,658,555 114,605 SH DFND 0 0 114,605
AMERICAN TOWER CORP COM 03027X100 22,476,474 130,238 SH DFND 0 0 130,238
VENTAS INC COM 92276F100 19,224,679 235,078 SH DFND 0 0 235,078
IRON MTN INC DEL COM 46284V101 14,953,909 146,406 SH DFND 0 0 146,406
EXTRA SPACE STORAGE INC COM 30225T102 13,798,023 105,224 SH DFND 0 0 105,224
AVALONBAY CMNTYS INC COM 053484101 11,171,016 68,387 SH DFND 0 0 68,387
EQUITY RESIDENTIAL SH BEN INT 29476L107 10,420,574 176,172 SH DFND 0 0 176,172
KIMCO REALTY CORP COM 49446R109 7,554,526 336,205 SH DFND 0 0 336,205
ESSEX PPTY TR INC COM 297178105 7,371,804 30,462 SH DFND 0 0 30,462
MID-AMER APT CMNTYS INC COM 59522J103 6,833,102 55,954 SH DFND 0 0 55,954
REGENCY CTRS CORP COM 758849103 6,491,779 85,802 SH DFND 0 0 85,802
HOST HOTELS & RESORTS INC COM 44107P104 6,533,349 340,989 SH DFND 0 0 340,989
EQUITY LIFESTYLE PROPERTIES COM 29472R108 5,692,329 91,194 SH DFND 0 0 91,194
HEALTHPEAK PROPERTIES INC COM 42250P103 5,675,119 345,412 SH DFND 0 0 345,412
UDR INC COM 902653104 5,207,694 154,165 SH DFND 0 0 154,165
CAMDEN PPTY TR SH BEN INT 133131102 4,865,226 49,818 SH DFND 0 0 49,818
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 4,233,955 39,864 SH DFND 0 0 39,864
BRIXMOR PPTY GROUP INC COM 11120U105 4,238,611 147,174 SH DFND 0 0 147,174
REXFORD INDL RLTY INC COM 76169C100 3,764,637 115,021 SH DFND 0 0 115,021
BXP INC COM 101121101 3,625,526 69,856 SH DFND 0 0 69,856
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 3,452,534 74,376 SH DFND 0 0 74,376
STAG INDUSTRIAL INC COM 85254J102 3,454,115 95,788 SH DFND 0 0 95,788
MACERICH CO COM 554382101 2,326,685 123,105 SH DFND 0 0 123,105
KITE REALTY GROUP TRUST COM NEW 49803T300 2,362,692 96,240 SH DFND 0 0 96,240
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 2,290,179 61,202 SH DFND 0 0 61,202
VORNADO RLTY TR SH BEN INT 929042109 2,062,047 79,340 SH DFND 0 0 79,340
COUSINS PPTYS INC COM NEW 222795502 1,941,359 86,015 SH DFND 0 0 86,015
KILROY REALTY CORP COM 49427F108 1,528,079 54,168 SH DFND 0 0 54,168
AMERICOLD REALTY TRUST INC COM 03064D108 1,534,288 133,882 SH DFND 0 0 133,882
LXP INDUSTRIAL TRUST COM 529043408 1,305,503 28,221 SH DFND 0 0 28,221
SL GREEN RLTY CORP COM 78440X887 1,262,351 34,173 SH DFND 0 0 34,173
URBAN EDGE PPTYS COM 91704F104 1,114,524 55,782 SH DFND 0 0 55,782
DIAMONDROCK HOSPITALITY CO COM 252784301 944,702 100,822 SH DFND 0 0 100,822
UMH PPTYS INC COM 903002103 544,386 37,726 SH DFND 0 0 37,726
VERIS RESIDENTIAL INC COM 554489104 496,243 26,298 SH DFND 0 0 26,298
JBG SMITH PPTYS COM 46590V100 458,330 31,371 SH DFND 0 0 31,371
CENTERSPACE COM 15202L107 421,396 7,335 SH DFND 0 0 7,335
AMERICAN ASSETS TR INC COM 024013104 384,198 20,869 SH DFND 0 0 20,869
EMPIRE ST RLTY TR INC CL A 292104106 291,580 56,073 SH DFND 0 0 56,073
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 179,662 66,296 SH DFND 0 0 66,296
HUDSON PACIFIC PROPERTIES IN COM 444097406 106,658 18,047 SH DFND 0 0 18,047
DIGITAL RLTY TR INC COM 253868103 459,716 2,551 SH DFND 0 0 2,551
SIMON PPTY GROUP INC NEW COM 828806109 429,579 2,303 SH DFND 0 0 2,303
AVALONBAY CMNTYS INC COM 053484101 225,750 1,382 SH DFND 0 0 1,382