| 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 |
| Acadia Realty Trust | COM | 004239109 | 2,857 | 110,180 | SH | | DFND | 1 | 0 | 0 | 110,180 |
| Agree Realty Corp | COM | 008492100 | 6,379 | 90,910 | SH | | DFND | 1 | 6,320 | 0 | 84,590 |
| Alexandria Real Estate Equities | COM | 015271109 | 44,527 | 275,573 | SH | | DFND | 1 | 127,423 | 0 | 148,150 |
| ALLIANT ENERGY CORP | COM | 018802108 | 65 | 1,190 | SH | | DFND | 1 | 1,190 | 0 | 0 |
| AMEREN CORPORATION | COM | 023608102 | 88 | 1,150 | SH | | DFND | 1 | 1,150 | 0 | 0 |
| American Assets Trust | COM | 024013104 | 2,789 | 60,770 | SH | | DFND | 1 | 0 | 0 | 60,770 |
| American Campus Communities | COM | 024835100 | 8,322 | 176,946 | SH | | DFND | 1 | 346 | 0 | 176,600 |
| AMERICAN ELECTRIC POWER | COM | 025537101 | 134 | 1,420 | SH | | DFND | 1 | 1,420 | 0 | 0 |
| American Finance Trust Inc | COM | 02607T109 | 12 | 928 | SH | | DFND | 1 | 928 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 | 111,061 | 4,237,340 | SH | | DFND | 1 | 2,498,340 | 0 | 1,739,000 |
| American Tower Corp | COM | 03027X100 | 43,256 | 188,219 | SH | | DFND | 1 | 114,369 | 0 | 73,850 |
| Americold Realty Trust | COM | 03064D108 | 95,390 | 2,720,759 | SH | | DFND | 1 | 1,883,399 | 0 | 837,360 |
| Apartment Investment and Management Co | COM | 03748R754 | 105,361 | 2,039,894 | SH | | DFND | 1 | 1,178,944 | 0 | 860,950 |
| AQUA AMERICA INC | COM | 03836W103 | 36 | 775 | SH | | DFND | 1 | 775 | 0 | 0 |
| Armada Hoffler Properties | COM | 04208T108 | 1,200 | 65,400 | SH | | DFND | 1 | 0 | 0 | 65,400 |
| Avalon Bay Communities | COM | 053484101 | 181,187 | 864,030 | SH | | DFND | 1 | 471,824 | 0 | 392,206 |
| Boston Properties | COM | 101121101 | 166,331 | 1,206,522 | SH | | DFND | 1 | 681,807 | 0 | 524,715 |
| Brandywine Realty Trust | COM | 105368203 | 41,483 | 2,633,850 | SH | | DFND | 1 | 1,710,220 | 0 | 923,630 |
| Brixmor Property Group Inc | COM | 11120U105 | 69,919 | 3,235,513 | SH | | DFND | 1 | 1,997,443 | 0 | 1,238,070 |
| CSX CORP | COM | 126408103 | 49 | 680 | SH | | DFND | 1 | 680 | 0 | 0 |
| Camden Property Trust | COM | 133131102 | 15,690 | 147,877 | SH | | DFND | 1 | 28,697 | 0 | 119,180 |
| CareTrust REIT Inc | COM | 14174T107 | 62,831 | 3,045,624 | SH | | DFND | 1 | 2,162,614 | 0 | 883,010 |
| CENTERPOINT ENERGY | COM | 15189T107 | 17 | 610 | SH | | DFND | 1 | 610 | 0 | 0 |
| Columbia Property Trust | COM | 198287203 | 88,173 | 4,216,770 | SH | | DFND | 1 | 2,542,200 | 0 | 1,674,570 |
| Community Healthcare Trust Inc | COM | 20369C106 | 1,050 | 24,500 | SH | | DFND | 1 | 0 | 0 | 24,500 |
| Coresite Realty Corp | COM | 21870Q105 | 2,194 | 19,570 | SH | | DFND | 1 | 19,570 | 0 | 0 |
| Corporate Office Properties Trust | COM | 22002T108 | 6,572 | 223,700 | SH | | DFND | 1 | 81,500 | 0 | 142,200 |
| Cousins Properties Inc | COM | 222795502 | 44,386 | 1,077,327 | SH | | DFND | 1 | 660,527 | 0 | 416,800 |
| Crown Castle Intl Corp | COM | 22822V101 | 24,979 | 175,720 | SH | | DFND | 1 | 116,500 | 0 | 59,220 |
| Cubesmart | COM | 229663109 | 7,811 | 248,116 | SH | | DFND | 1 | 16 | 0 | 248,100 |
| CyrusOne | COM | 23283R100 | 105,597 | 1,613,899 | SH | | DFND | 1 | 1,072,709 | 0 | 541,190 |
| DiamondRock Hospitality Co | COM | 252784301 | 27,752 | 2,504,680 | SH | | DFND | 1 | 1,699,780 | 0 | 804,900 |
| Digital Realty Trust Inc | COM | 253868103 | 164,635 | 1,374,940 | SH | | DFND | 1 | 753,480 | 0 | 621,460 |
| DOMINION ENERGY INC | COM | 25746U109 | 138 | 1,670 | SH | | DFND | 1 | 1,670 | 0 | 0 |
| Douglas Emmett Inc | COM | 25960P109 | 10,541 | 240,120 | SH | | DFND | 1 | 0 | 0 | 240,120 |
| Duke Realty Investments Inc | COM | 264411505 | 22,649 | 653,270 | SH | | DFND | 1 | 179,570 | 0 | 473,700 |
| DUKE ENERGY CORP | COM | 26441C204 | 51 | 560 | SH | | DFND | 1 | 560 | 0 | 0 |
| EastGroup Properties Inc | COM | 277276101 | 6,395 | 48,200 | SH | | DFND | 1 | 0 | 0 | 48,200 |
| EDISON INTERNATIONAL | COM | 281020107 | 63 | 840 | SH | | DFND | 1 | 840 | 0 | 0 |
| Empire State Realty Trust | COM | 292104106 | 79,945 | 5,726,700 | SH | | DFND | 1 | 3,649,951 | 0 | 2,076,749 |
| ENTERGY CORP | COM | 29364G103 | 87 | 730 | SH | | DFND | 1 | 730 | 0 | 0 |
| ENTERPRISE PRODUCTS PARTNERS | COM | 293792107 | 35 | 1,240 | SH | | DFND | 1 | 1,240 | 0 | 0 |
| Equinix Inc | COM | 29444U700 | 317,421 | 543,809 | SH | | DFND | 1 | 408,201 | 0 | 135,608 |
| Equity Lifestyle Properties | COM | 29472R108 | 18,099 | 257,130 | SH | | DFND | 1 | 0 | 0 | 257,130 |
| Equity Residential Properties Trust | COM | 29476L107 | 294,346 | 3,637,499 | SH | | DFND | 1 | 2,170,839 | 0 | 1,466,660 |
| Essex Property Trust Inc | COM | 297178105 | 38,943 | 129,440 | SH | | DFND | 1 | 24,120 | 0 | 105,320 |
| Extra Space Storage Inc | COM | 30225T102 | 177,208 | 1,677,790 | SH | | DFND | 1 | 894,770 | 0 | 783,020 |
| Federal Realty Investment Trust | COM | 313747206 | 34,034 | 264,382 | SH | | DFND | 1 | 90,784 | 0 | 173,598 |
| First Industrial Realty Trust | COM | 32054K103 | 6,721 | 161,906 | SH | | DFND | 1 | 406 | 0 | 161,500 |
| FIRSTENERGY CORP | COM | 337932107 | 99 | 2,030 | SH | | DFND | 1 | 2,030 | 0 | 0 |
| The Geo Group Inc | COM | 36162J106 | 22 | 1,296 | SH | | DFND | 1 | 1,296 | 0 | 0 |
| GDS Holdings Ltd - ADR | ADR | 36165L108 | 3,190 | 61,855 | SH | | DFND | 1 | 61,855 | 0 | 0 |
| Global Net Lease Inc | COM | 379378201 | 20 | 1,003 | SH | | DFND | 1 | 1,003 | 0 | 0 |
| Healthcare Realty Trust | COM | 421946104 | 5,640 | 169,000 | SH | | DFND | 1 | 0 | 0 | 169,000 |
| Healthcare Trust of America | COM | 42225P501 | 53,848 | 1,778,343 | SH | | DFND | 1 | 1,187,673 | 0 | 590,670 |
| Healthpeak Properties Inc | COM | 42250P103 | 311,163 | 9,027,056 | SH | | DFND | 1 | 5,468,206 | 0 | 3,558,850 |
| Hersha Hospitality Trust | COM | 427825500 | 6 | 426 | SH | | DFND | 1 | 426 | 0 | 0 |
| Highwoods Properties Inc | COM | 431284108 | 6,397 | 130,800 | SH | | DFND | 1 | 0 | 0 | 130,800 |
| Host Hotels & Resorts Inc | COM | 44107P104 | 202,688 | 10,926,557 | SH | | DFND | 1 | 7,448,647 | 0 | 3,477,910 |
| Hudson Pacific Properties | COM | 444097109 | 67,195 | 1,784,730 | SH | | DFND | 1 | 1,065,828 | 0 | 718,902 |
| Independence Realty Trust Inc | COM | 45378A106 | 19 | 1,355 | SH | | DFND | 1 | 1,355 | 0 | 0 |
| Industrial Logistics Properties Trust | COM | 456237106 | 25,347 | 1,130,547 | SH | | DFND | 1 | 806,809 | 0 | 323,738 |
| Invitation Homes Inc | COM | 46187W107 | 176,261 | 5,881,262 | SH | | DFND | 1 | 3,504,346 | 0 | 2,376,916 |
| Iron Mountain Inc | COM | 46284V101 | 105,237 | 3,302,080 | SH | | DFND | 1 | 2,285,900 | 0 | 1,016,180 |
| JBG Smith Properties | COM | 46590V100 | 167,170 | 4,190,769 | SH | | DFND | 1 | 2,695,969 | 0 | 1,494,800 |
| Kilroy Realty Corporation | COM | 49427F108 | 159,732 | 1,903,833 | SH | | DFND | 1 | 1,176,191 | 0 | 727,642 |
| Kimco Realty Corp | COM | 49446R109 | 10,338 | 499,200 | SH | | DFND | 1 | 0 | 0 | 499,200 |
| Kite Realty Group Trust | COM | 49803T300 | 2,138 | 109,496 | SH | | DFND | 1 | 96 | 0 | 109,400 |
| Liberty Property Trust | COM | 531172104 | 87,162 | 1,451,490 | SH | | DFND | 1 | 899,290 | 0 | 552,200 |
| Life Storage Inc | COM | 53223X107 | 57,725 | 533,106 | SH | | DFND | 1 | 323,210 | 0 | 209,896 |
| Macerich Company | COM | 554382101 | 3,680 | 136,687 | SH | | DFND | 1 | 65,057 | 0 | 71,630 |
| Mack Cali Realty Corporation | COM | 554489104 | 957 | 41,385 | SH | | DFND | 1 | 41,385 | 0 | 0 |
| MACQUARIE INFRASTRUCTURE CORPORATION | COM | 55608B105 | 31 | 730 | SH | | DFND | 1 | 730 | 0 | 0 |
| Marriott International | COM | 571903202 | 2,817 | 18,600 | SH | | DFND | 1 | 0 | 0 | 18,600 |
| Medical Properties Trust Inc | COM | 58463J304 | 58,903 | 2,790,273 | SH | | DFND | 1 | 1,613,600 | 0 | 1,176,673 |
| Mid-America Apartment Communities Inc | COM | 59522J103 | 131,223 | 995,168 | SH | | DFND | 1 | 574,078 | 0 | 421,090 |
| National Retail Properties | COM | 637417106 | 59,150 | 1,103,129 | SH | | DFND | 1 | 691,758 | 0 | 411,371 |
| National Storage Affiliates Trust | COM | 637870106 | 2,569 | 76,415 | SH | | DFND | 1 | 615 | 0 | 75,800 |
| NEXTERA ENERGY INC | COM | 65339F101 | 2,494 | 10,300 | SH | | DFND | 1 | 10,300 | 0 | 0 |
| Office Properties Income Trust | COM | 67623C109 | 18 | 551 | SH | | DFND | 1 | 551 | 0 | 0 |
| Omega Healthcare Investors Inc | COM | 681936100 | 67,223 | 1,587,313 | SH | | DFND | 1 | 1,063,653 | 0 | 523,660 |
| ONE GAS INC | COM | 68235P108 | 36 | 390 | SH | | DFND | 1 | 390 | 0 | 0 |
| ONEOK INC | COM | 682680103 | 86 | 1,130 | SH | | DFND | 1 | 1,130 | 0 | 0 |
| P G & E CORP | COM | 69331C108 | 9 | 810 | SH | | DFND | 1 | 810 | 0 | 0 |
| PPL CORPORATION | COM | 69351T106 | 43 | 1,200 | SH | | DFND | 1 | 1,200 | 0 | 0 |
| PS Business Parks Inc/CA | COM | 69360J107 | 4,254 | 25,800 | SH | | DFND | 1 | 0 | 0 | 25,800 |
| Paramount Group Inc | COM | 69924R108 | 3,490 | 250,746 | SH | | DFND | 1 | 1,546 | 0 | 249,200 |
| Park Hotels & Resorts Inc | COM | 700517105 | 77,231 | 2,985,355 | SH | | DFND | 1 | 2,030,265 | 0 | 955,090 |
| Piedmont Office Realty Trust Inc | COM | 720190206 | 3,617 | 162,650 | SH | | DFND | 1 | 0 | 0 | 162,650 |
| Preferred Apartment Communities - A | COM | 74039L103 | 717 | 53,800 | SH | | DFND | 1 | 0 | 0 | 53,800 |
| Prologis Trust | COM | 74340W103 | 551,355 | 6,185,273 | SH | | DFND | 1 | 3,628,153 | 0 | 2,557,120 |
| PUBLIC SERVICE ENTERPRISE GP | COM | 744573106 | 24 | 400 | SH | | DFND | 1 | 400 | 0 | 0 |
| Public Storage Inc | COM | 74460D109 | 161,954 | 760,490 | SH | | DFND | 1 | 442,458 | 0 | 318,032 |
| QTS Realty Trust | COM | 74736A103 | 5,882 | 108,389 | SH | | DFND | 1 | 34,589 | 0 | 73,800 |
| RPT Realty | COM | 74971D101 | 9 | 590 | SH | | DFND | 1 | 590 | 0 | 0 |
| Rayonier Inc | COM | 754907103 | 2,216 | 67,650 | SH | | DFND | 1 | 0 | 0 | 67,650 |
| Realty Income Corp | COM | 756109104 | 271,205 | 3,683,352 | SH | | DFND | 1 | 2,271,592 | 0 | 1,411,760 |
| Regency Centers Corp | COM | 758849103 | 72,341 | 1,146,625 | SH | | DFND | 1 | 665,066 | 0 | 481,559 |
| Retail Opportunity Investments Corp | COM | 76131N101 | 68,095 | 3,855,899 | SH | | DFND | 1 | 2,710,444 | 0 | 1,145,455 |
| Retail Properties of America | COM | 76131V202 | 85,675 | 6,393,634 | SH | | DFND | 1 | 3,781,744 | 0 | 2,611,890 |
| Rexford Industrial Realty | COM | 76169C100 | 65,483 | 1,433,834 | SH | | DFND | 1 | 991,179 | 0 | 442,655 |
| SBA Communications Corp | COM | 78410G104 | 78,886 | 327,342 | SH | | DFND | 1 | 234,202 | 0 | 93,140 |
| SL Green Realty Corp | COM | 78440X101 | 24,929 | 271,325 | SH | | DFND | 1 | 100,125 | 0 | 171,200 |
| Sabra Health Care REIT Inc | COM | 78573L106 | 1,749 | 81,981 | SH | | DFND | 1 | 81,981 | 0 | 0 |
| SEMPRA ENERGY | COM | 816851109 | 55 | 360 | SH | | DFND | 1 | 360 | 0 | 0 |
| Senior Housing Properties Trust | COM | 81721M109 | 35,024 | 4,149,735 | SH | | DFND | 1 | 2,587,315 | 0 | 1,562,420 |
| Service Properties Trust | COM | 81761L102 | 23 | 929 | SH | | DFND | 1 | 929 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 | 255,422 | 1,714,700 | SH | | DFND | 1 | 886,211 | 0 | 828,489 |
| SITE Centers Corp | COM | 82981J109 | 2,682 | 191,324 | SH | | DFND | 1 | 1,424 | 0 | 189,900 |
| SOUTHERN CO/THE | COM | 842587107 | 152 | 2,380 | SH | | DFND | 1 | 2,380 | 0 | 0 |
| Spirit Realty Capital | COM | 84860W300 | 6,157 | 125,200 | SH | | DFND | 1 | 0 | 0 | 125,200 |
| STAG Industrial | COM | 85254J102 | 5,518 | 174,801 | SH | | DFND | 1 | 701 | 0 | 174,100 |
| Store Capital Corp | COM | 862121100 | 59,782 | 1,605,316 | SH | | DFND | 1 | 1,021,886 | 0 | 583,430 |
| Sun Communities Inc | COM | 866674104 | 203,576 | 1,356,272 | SH | | DFND | 1 | 836,902 | 0 | 519,370 |
| Taubman Centers Inc | COM | 876664103 | 47,193 | 1,517,955 | SH | | DFND | 1 | 922,617 | 0 | 595,338 |
| Terreno Realty Corp | COM | 88146M101 | 8,768 | 161,950 | SH | | DFND | 1 | 41,250 | 0 | 120,700 |
| UDR Inc | COM | 902653104 | 185,005 | 3,961,569 | SH | | DFND | 1 | 2,282,954 | 0 | 1,678,615 |
| UNION PACIFIC CORP | COM | 907818108 | 107 | 590 | SH | | DFND | 1 | 590 | 0 | 0 |
| Urban Edge Properties | COM | 91704F104 | 7,279 | 379,521 | SH | | DFND | 1 | 0 | 0 | 379,521 |
| Ventas Inc | COM | 92276F100 | 241,059 | 4,174,900 | SH | | DFND | 1 | 2,433,450 | 0 | 1,741,450 |
| VEREIT Inc | COM | 92339V100 | 108,330 | 11,723,976 | SH | | DFND | 1 | 7,171,856 | 0 | 4,552,120 |
| VICI Properties Inc | COM | 925652109 | 74,030 | 2,897,460 | SH | | DFND | 1 | 1,979,100 | 0 | 918,360 |
| Vornado Realty Trust | COM | 929042109 | 14,837 | 223,120 | SH | | DFND | 1 | 220 | 0 | 222,900 |
| WP Carey Inc | COM | 92936U109 | 10,459 | 130,676 | SH | | DFND | 1 | 6 | 0 | 130,670 |
| Washington REIT | COM | 939653101 | 2,982 | 102,200 | SH | | DFND | 1 | 0 | 0 | 102,200 |
| Weingarten Realty Investment Trust | COM | 948741103 | 4,880 | 156,200 | SH | | DFND | 1 | 0 | 0 | 156,200 |
| Welltower Inc | COM | 95040Q104 | 56,247 | 687,788 | SH | | DFND | 1 | 109,498 | 0 | 578,290 |
| Weyerhauser Co | COM | 962166104 | 3,350 | 110,930 | SH | | DFND | 1 | 0 | 0 | 110,930 |
| WILLIAMS COS INC | COM | 969457100 | 79 | 3,320 | SH | | DFND | 1 | 3,320 | 0 | 0 |
| XCEL Energy Inc | COM | 98389B100 | 98 | 1,540 | SH | | DFND | 1 | 1,540 | 0 | 0 |
| AGNC Investment Corp | COM | 00123Q104 | 18,801 | 1,063,400 | SH | | DFND | 2 | 1,063,400 | 0 | 0 |
| Alexandria Real Estate Equities | COM | 015271109 | 8,032 | 49,710 | SH | | DFND | 2 | 49,710 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 | 7,319 | 279,238 | SH | | DFND | 2 | 279,238 | 0 | 0 |
| American Tower Corp | COM | 03027X100 | 4,387 | 19,090 | SH | | DFND | 2 | 19,090 | 0 | 0 |
| Americold Realty Trust | COM | 03064D108 | 5,723 | 163,230 | SH | | DFND | 2 | 163,230 | 0 | 0 |
| Annaly Capital Management | COM | 035710409 | 18,595 | 1,974,030 | SH | | DFND | 2 | 1,974,030 | 0 | 0 |
| Apartment Investment and Management Co | COM | 03748R754 | 5,965 | 115,480 | SH | | DFND | 2 | 115,480 | 0 | 0 |
| Apollo Commercial Real Estate Finance | COM | 03762U105 | 2,212 | 120,930 | SH | | DFND | 2 | 120,930 | 0 | 0 |
| Arbor Realty Trust Inc | COM | 038923108 | 12,624 | 879,730 | SH | | DFND | 2 | 879,730 | 0 | 0 |
| Ares Commercial Real Estate | COM | 04013V108 | 5,210 | 328,900 | SH | | DFND | 2 | 328,900 | 0 | 0 |
| Avalon Bay Communities | COM | 053484101 | 10,560 | 50,360 | SH | | DFND | 2 | 50,360 | 0 | 0 |
| Blackstone Mortgage Trust Inc - Class A | COM | 09257W100 | 22,284 | 598,720 | SH | | DFND | 2 | 598,720 | 0 | 0 |
| Boston Properties | COM | 101121101 | 7,090 | 51,430 | SH | | DFND | 2 | 51,430 | 0 | 0 |
| Brandywine Realty Trust | COM | 105368203 | 3,239 | 205,650 | SH | | DFND | 2 | 205,650 | 0 | 0 |
| Brixmor Property Group Inc | COM | 11120U105 | 4,293 | 198,680 | SH | | DFND | 2 | 198,680 | 0 | 0 |
| CareTrust REIT Inc | COM | 14174T107 | 4,652 | 225,502 | SH | | DFND | 2 | 225,502 | 0 | 0 |
| Columbia Property Trust | COM | 198287203 | 4,837 | 231,340 | SH | | DFND | 2 | 231,340 | 0 | 0 |
| Cousins Properties Inc | COM | 222795502 | 4,439 | 107,740 | SH | | DFND | 2 | 107,740 | 0 | 0 |
| CyrusOne | COM | 23283R100 | 6,493 | 99,230 | SH | | DFND | 2 | 99,230 | 0 | 0 |
| DiamondRock Hospitality Co | COM | 252784301 | 4,009 | 361,780 | SH | | DFND | 2 | 361,780 | 0 | 0 |
| Digital Realty Trust Inc | COM | 253868103 | 8,463 | 70,680 | SH | | DFND | 2 | 70,680 | 0 | 0 |
| Empire State Realty Trust | COM | 292104106 | 5,079 | 363,790 | SH | | DFND | 2 | 363,790 | 0 | 0 |
| Equinix Inc | COM | 29444U700 | 26,150 | 44,800 | SH | | DFND | 2 | 44,800 | 0 | 0 |
| Equity Residential Properties Trust | COM | 29476L107 | 16,818 | 207,830 | SH | | DFND | 2 | 207,830 | 0 | 0 |
| Extra Space Storage Inc | COM | 30225T102 | 11,773 | 111,470 | SH | | DFND | 2 | 111,470 | 0 | 0 |
| Healthcare Trust of America | COM | 42225P501 | 5,825 | 192,370 | SH | | DFND | 2 | 192,370 | 0 | 0 |
| Healthpeak Properties Inc | COM | 42250P103 | 18,516 | 537,170 | SH | | DFND | 2 | 537,170 | 0 | 0 |
| Host Hotels & Resorts Inc | COM | 44107P104 | 12,840 | 692,210 | SH | | DFND | 2 | 692,210 | 0 | 0 |
| Hudson Pacific Properties | COM | 444097109 | 4,360 | 115,816 | SH | | DFND | 2 | 115,816 | 0 | 0 |
| iStar Inc | COM | 45031U101 | 2,002 | 137,980 | SH | | DFND | 2 | 137,980 | 0 | 0 |
| Invitation Homes Inc | COM | 46187W107 | 11,087 | 369,950 | SH | | DFND | 2 | 369,950 | 0 | 0 |
| Iron Mountain Inc | COM | 46284V101 | 5,071 | 159,120 | SH | | DFND | 2 | 159,120 | 0 | 0 |
| iShares MBS ETF | COM | 464288588 | 112,155 | 1,037,900 | SH | | DFND | 2 | 1,037,900 | 0 | 0 |
| JBG Smith Properties | COM | 46590V100 | 10,194 | 255,550 | SH | | DFND | 2 | 255,550 | 0 | 0 |
| KKR Real Estate Finance Trust Inc | COM | 48251K100 | 3,718 | 182,070 | SH | | DFND | 2 | 182,070 | 0 | 0 |
| Kilroy Realty Corporation | COM | 49427F108 | 9,576 | 114,130 | SH | | DFND | 2 | 114,130 | 0 | 0 |
| Ladder Capital Corp REIT | COM | 505743104 | 22,067 | 1,223,250 | SH | | DFND | 2 | 1,223,250 | 0 | 0 |
| Liberty Property Trust | COM | 531172104 | 5,842 | 97,290 | SH | | DFND | 2 | 97,290 | 0 | 0 |
| Life Storage Inc | COM | 53223X107 | 4,574 | 42,240 | SH | | DFND | 2 | 42,240 | 0 | 0 |
| Medical Properties Trust Inc | COM | 58463J304 | 6,406 | 303,436 | SH | | DFND | 2 | 303,436 | 0 | 0 |
| Mid-America Apartment Communities Inc | COM | 59522J103 | 9,698 | 73,546 | SH | | DFND | 2 | 73,546 | 0 | 0 |
| New Residential Investment Corp | COM | 64828T201 | 5,882 | 365,110 | SH | | DFND | 2 | 365,110 | 0 | 0 |
| Omega Healthcare Investors Inc | COM | 681936100 | 6,068 | 143,280 | SH | | DFND | 2 | 143,280 | 0 | 0 |
| Park Hotels & Resorts Inc | COM | 700517105 | 6,666 | 257,654 | SH | | DFND | 2 | 257,654 | 0 | 0 |
| Prologis Trust | COM | 74340W103 | 31,235 | 350,400 | SH | | DFND | 2 | 350,400 | 0 | 0 |
| Public Storage Inc | COM | 74460D109 | 4,063 | 19,080 | SH | | DFND | 2 | 19,080 | 0 | 0 |
| Realty Income Corp | COM | 756109104 | 18,799 | 255,320 | SH | | DFND | 2 | 255,320 | 0 | 0 |
| Redwood Trust | COM | 758075402 | 2,992 | 180,900 | SH | | DFND | 2 | 180,900 | 0 | 0 |
| Regency Centers Corp | COM | 758849103 | 6,045 | 95,820 | SH | | DFND | 2 | 95,820 | 0 | 0 |
| Retail Opportunity Investments Corp | COM | 76131N101 | 5,342 | 302,500 | SH | | DFND | 2 | 302,500 | 0 | 0 |
| Retail Properties of America | COM | 76131V202 | 5,552 | 414,320 | SH | | DFND | 2 | 414,320 | 0 | 0 |
| Rexford Industrial Realty | COM | 76169C100 | 5,296 | 115,958 | SH | | DFND | 2 | 115,958 | 0 | 0 |
| SBA Communications Corp | COM | 78410G104 | 6,060 | 25,147 | SH | | DFND | 2 | 25,147 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 | 13,929 | 93,510 | SH | | DFND | 2 | 93,510 | 0 | 0 |
| Starwood Property Trust | COM | 85571B105 | 22,456 | 903,280 | SH | | DFND | 2 | 903,280 | 0 | 0 |
| Store Capital Corp | COM | 862121100 | 7,329 | 196,810 | SH | | DFND | 2 | 196,810 | 0 | 0 |
| Sun Communities Inc | COM | 866674104 | 13,191 | 87,880 | SH | | DFND | 2 | 87,880 | 0 | 0 |
| TPG RE Finance Trust Inc | COM | 87266M107 | 5,919 | 292,030 | SH | | DFND | 2 | 292,030 | 0 | 0 |
| Taubman Centers Inc | COM | 876664103 | 1,362 | 43,820 | SH | | DFND | 2 | 43,820 | 0 | 0 |
| Two Harbors Investment Corp | COM | 90187B408 | 3,304 | 225,990 | SH | | DFND | 2 | 225,990 | 0 | 0 |
| UDR Inc | COM | 902653104 | 13,820 | 295,940 | SH | | DFND | 2 | 295,940 | 0 | 0 |
| Vanguard Mortgage-Backed Securities ETF | COM | 92206C771 | 112,300 | 2,112,100 | SH | | DFND | 2 | 2,112,100 | 0 | 0 |
| Ventas Inc | COM | 92276F100 | 12,737 | 220,600 | SH | | DFND | 2 | 220,600 | 0 | 0 |
| VEREIT Inc | COM | 92339V100 | 8,004 | 866,210 | SH | | DFND | 2 | 866,210 | 0 | 0 |
| VICI Properties Inc | COM | 925652109 | 7,917 | 309,870 | SH | | DFND | 2 | 309,870 | 0 | 0 |
