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Section 1: 3 (PRIMARY DOCUMENT)

Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  MIZUHO SECURITIES USA LLC
2. Date of Event Requiring Statement (Month/Day/Year)
10/17/2019
3. Issuer Name and Ticker or Trading Symbol
SAUL CENTERS INC [BFS]
(Last)
(First)
(Middle)
320 PARK AVENUE, 12TH FLOOR
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See Remarks
5. If Amendment, Date Original Filed (Month/Day/Year)
(Street)

NEW YORK, NY 10022
6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
MIZUHO SECURITIES USA LLC
320 PARK AVENUE
12TH FLOOR
NEW YORK, NY 10022
      See Remarks

Signatures

Gregory Doig 10/17/2019
**Signature of Reporting Person Date

Explanation of Responses:

No securities are beneficially owned

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 
Remarks:
No securities are beneficially owned.    On October 17 2019 the Reporting Person entered into master securities loan agreements with each lender party signatory thereto (collectively the MSLAs) pursuant to which the Reporting Person borrowed an aggregate total of 3104700 shares of common stock of the Issuer which caused the Reporting Person to become a greater than ten percent owner with respect to the Issuer.  On October 18 2019 the Reporting Person returned 3104700 shares of the Issuer pursuant to the MSLAs.  Following the return of the borrowed shares the Reporting Person was no longer a greater than ten percent owner with respect to the Issuer.  To the extent the Reporting Person is entitled to receive any dividends with respect to the previously borrowed shares of the Issuer such dividends will be subject to the terms and conditions of the MSLAs.  The Reporting Person disclaims beneficial ownership of the previously borrowed shares of the Issuer for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 as amended.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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