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 RLTY TR COM SH BEN INT 004239109 110,285 3,104,867 SH   DFND 1,2,3 0 3,104,867 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 608,831 5,881,291 SH   DFND 1,2,3 0 5,881,291 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 94,342 1,784,415 SH   DFND 1,2,3 0 1,784,415 0
AVALONBAY CMNTYS INC COM 053484101 677,761 3,757,197 SH   DFND 1,2,3 0 3,757,197 0
BOSTON PROPERTIES INC COM 101121101 831,510 6,304,092 SH   DFND 1,2,3 0 6,304,092 0
BRIXMOR PPTY GROUP INC COM 11120U105 430,259 16,260,728 SH   DFND 1,2,3 0 16,260,728 0
CAMDEN PPTY TR SH BEN INT 133131102 68,801 778,118 SH   DFND 1,2,3 0 778,118 0
CARE CAP PPTYS INC COM 141624106 49,839 1,901,515 SH   DFND 1,2,3 0 1,901,515 0
CYRUSONE INC COM 23283R100 85,535 1,536,748 SH   DFND 1,2,3 0 1,536,748 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 155,639 3,239,779 SH   DFND 1,2,3 0 3,239,779 0
DIGITAL RLTY TR INC COM 253868103 403,666 3,703,696 SH   DFND 1,2,3 0 3,703,696 0
DUKE REALTY CORP COM NEW 264411505 106,739 4,003,732 SH   DFND 1,2,3 0 4,003,732 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 17,436 366,762 SH   DFND 1,2,3 0 366,762 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,497 40,000 SH   DFND 1,2,3 0 40,000 0
EQUINIX INC COM PAR $0.001 29444U700 56,861 146,650 SH   DFND 1,2,3 0 146,650 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 141,547 1,768,227 SH   DFND 1,2,3 0 1,768,227 0
EQUITY ONE COM 294752100 86,886 2,700,000 SH   DFND 1,2,3 0 2,700,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 903,043 13,110,375 SH   DFND 1,2,3 0 13,110,375 0
EXTRA SPACE STORAGE INC COM 30225T102 112,603 1,216,800 SH   DFND 1,2,3 0 1,216,800 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 83,556 2,802,000 SH   DFND 1,2,3 0 2,802,000 0
HCP INC COM 40414L109 94,048 2,658,218 SH   DFND 1,2,3 0 2,658,218 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 91,264 2,822,018 SH   DFND 1,2,3 0 2,822,018 0
HIGHWOODS PPTYS INC COM 431284108 119,048 2,254,695 SH   DFND 1,2,3 0 2,254,695 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 79,818 3,542,763 SH   DFND 1,2,3 0 3,542,763 0
HOST HOTELS & RESORTS INC COM 44107P104 483,821 29,847,054 SH   DFND 1,2,3 0 29,847,054 0
KILROY RLTY CORP COM 49427F108 87,297 1,316,898 SH   DFND 1,2,3 0 1,316,898 0
KIMCO RLTY CORP COM 49446R109 362,466 11,550,850 SH   DFND 1,2,3 0 11,550,850 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 504 10,000 SH   DFND 1,2,3 0 10,000 0
MID-AMER APT CMNTYS INC COM 59522J103 99,085 931,250 SH   DFND 1,2,3 0 931,250 0
NATIONAL RETAIL PPTYS INC COM 637417106 80,300 1,552,596 SH   DFND 1,2,3 0 1,552,596 0
NEW YORK REIT INC COM 64976L109 11,951 1,292,039 SH   DFND 1,2,3 0 1,292,039 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 51,469 2,399,472 SH   DFND 1,2,3 0 2,399,472 0
POST PPTYS INC COM 737464107 256,286 4,197,970 SH   DFND 1,2,3 0 4,197,970 0
PROLOGIS INC COM 74340W103 888,014 18,107,958 SH   DFND 1,2,3 0 18,107,958 0
PUBLIC STORAGE COM 74460D109 931,205 3,643,355 SH   DFND 1,2,3 0 3,643,355 0
QTS RLTY TR INC COM CL A 74736A103 62,873 1,123,133 SH   DFND 1,2,3 0 1,123,133 0
REGENCY CTRS CORP COM 758849103 438,830 5,241,013 SH   DFND 1,2,3 0 5,241,013 0
RLJ LODGING TR COM 74965L101 7,211 336,200 SH   DFND 1,2,3 0 336,200 0
SABRA HEALTH CARE REIT INC COM 78573L106 27,298 1,322,886 SH   DFND 1,2,3 0 1,322,886 0
SIMON PPTY GROUP INC NEW COM 828806109 1,504,857 6,938,023 SH   DFND 1,2,3 0 6,938,023 0
STORE CAP CORP COM 862121100 112,264 3,812,031 SH   DFND 1,2,3 0 3,812,031 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 41,490 3,437,440 SH   DFND 1,2,3 0 3,437,440 0
TAUBMAN CTRS INC COM 876664103 281,408 3,792,562 SH   DFND 1,2,3 0 3,792,562 0
TERRENO RLTY CORP COM 88146M101 47,627 1,841,005 SH   DFND 1,2,3 0 1,841,005 0
UDR INC COM 902653104 19,568 530,000 SH   DFND 1,2,3 0 530,000 0
VENTAS INC COM 92276F100 991,889 13,621,098 SH   DFND 1,2,3 0 13,621,098 0
VORNADO RLTY TR SH BEN INT 929042109 569,423 5,687,407 SH   DFND 1,2,3 0 5,687,407 0
XENIA HOTELS & RESORTS INC COM 984017103 39,433 2,350,000 SH   DFND 1,2,3 0 2,350,000 0