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
Acadia Realty Trust COM 004239109 16,233 657,744 SH   DFND 1,2 586,144 0 71,600
Alexandria R.E. Equities COM 015271109 72,269 1,131,860 SH   DFND 1,2 931,860 0 200,000
American Assets Trust COM 024013104 37,091 1,215,699 SH   DFND 1,2 1,082,566 0 133,133
American Campus Communities COM 024835100 30,452 891,707 SH   DFND 1,2 820,207 0 71,500
American Homes 4 Rent COM 02665T306 20,428 1,264,883 SH   DFND 1,2 1,057,883 0 207,000
Armada Hoffler Properties COM 04208T108 10,129 1,022,139 SH   DFND 1,2 918,339 0 103,800
Avalon Bay Communities COM 053484101 180,069 1,416,861 SH   DFND 1,2 1,195,961 0 220,900
AVIV REIT Inc. COM 05381L101 5,002 219,407 SH   DFND 1,2 195,507 0 23,900
Biomed Realty Trust Inc. COM 09063H107 49,396 2,657,142 SH   DFND 1,2 2,398,442 0 258,700
Boston Properties Inc. COM 101121101 204,564 1,913,605 SH   DFND 1,2 1,578,805 0 334,800
BRE Properties - Cl A COM 05564E106 56,172 1,106,614 SH   DFND 1,2 952,114 0 154,500
Brookfield Office Properties Inc. COM 112900105 17,595 922,670 SH   DFND 1,2 819,670 0 103,000
Camden Property Trust COM 133131102 54,073 880,096 SH   DFND 1,2 785,996 0 94,100
CubeSmart COM 229663109 26,865 1,505,874 SH   DFND 1,2 1,342,574 0 163,300
DDR Corp COM 251591103 54,014 3,438,177 SH   DFND 1,2 3,082,377 0 355,800
Douglas Emmett Inc. COM 25960P109 29,723 1,266,438 SH   DFND 1,2 1,129,538 0 136,900
Dupont Fabros Technology COM 26613Q106 51,216 1,987,416 SH   DFND 1,2 1,784,816 0 202,600
EPR Properties COM 26884U109 65,240 1,338,521 SH   DFND 1,2 1,129,721 0 208,800
Equity Lifestyle Properties COM 29472R108 51,282 1,500,781 SH   DFND 1,2 1,269,781 0 231,000
Equity Residential COM 29476L107 234,473 4,376,942 SH   DFND 1,2 3,723,142 0 653,800
Extra Space Storage Inc. COM 30225T102 71,631 1,565,696 SH   DFND 1,2 1,407,096 0 158,600
Federal Realty Invs Trust COM 313747206 131,741 1,298,585 SH   DFND 1,2 1,048,285 0 250,300
First Potomac Realty Trust COM 33610F109 21,922 1,743,985 SH   DFND 1,2 1,564,785 0 179,200
Forest City Enterprises - Class A COM 345550107 66,906 3,532,505 SH   DFND 1,2 2,965,105 0 567,400
General Growth Properties COM 370023103 6,096 316,000 SH   DFND 1,2 316,000 0 0
HCP Inc. COM 40414L109 166,227 4,059,257 SH   DFND 1,2 3,378,057 0 681,200
Health Care Reit Inc. COM 42217K106 104,517 1,675,487 SH   DFND 1,2 1,503,287 0 172,200
Host Hotels & Resorts COM 44107P104 148,243 8,389,544 SH   DFND 1,2 6,957,744 0 1,431,800
Kilroy Realty Corp. COM 49427F108 111,005 2,222,326 SH   DFND 1,2 1,903,726 0 318,600
Liberty Property Trust COM 531172104 80,975 2,274,592 SH   DFND 1,2 1,900,492 0 374,100
Macerich Company COM 554382101 70,596 1,250,812 SH   DFND 1,2 1,061,912 0 188,900
National Retail Properties COM 637417106 29,530 928,035 SH   DFND 1,2 828,135 0 99,900
Pebblebrook Hotel Trust COM 70509V100 13,515 470,748 SH   DFND 1,2 415,448 0 55,300
Piedmont Office Realty Trust COM 720190206 18,075 1,041,172 SH   DFND 1,2 933,172 0 108,000
ProLogis Inc COM 74340W103 205,385 5,459,454 SH   DFND 1,2 4,615,854 0 843,600
Public Storage Inc. COM 74460D109 226,689 1,411,952 SH   DFND 1,2 1,183,252 0 228,700
Ramco Gershenson Properties COM 751452202 15,120 981,201 SH   DFND 1,2 914,501 0 66,700
Regency Centers Corp. COM 758849103 49,226 1,018,126 SH   DFND 1,2 918,626 0 99,500
Retail Opportunity Investments Corp. COM 76131N101 29,475 2,135,885 SH   DFND 1,2 1,904,285 0 231,600
RLJ Lodging Trust COM 74965L101 38,150 1,624,086 SH   DFND 1,2 1,447,486 0 176,600
Simon Property Group COM 828806109 447,510 3,019,025 SH   DFND 1,2 2,557,525 0 461,500
Starwood Hotels & Resorts COM 85590A401 18,427 277,309 SH   DFND 1,2 246,209 0 31,100
Taubman Centers Inc. COM 876664103 44,275 657,783 SH   DFND 1,2 586,283 0 71,500
Ventas Inc. COM 92276F100 155,720 2,532,037 SH   DFND 1,2 2,117,637 0 414,400
Vornado Realty Trust COM 929042109 108,209 1,287,279 SH   DFND 1,2 1,070,779 0 216,500