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
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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 103,809 3,131,500 SH   DFND 01 02 03 0 3,131,500 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 544,193 6,022,501 SH   DFND 01 02 03 0 6,022,501 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 90,210 2,182,159 SH   DFND 01 02 03 0 2,182,159 0
APARTMENT INVT & MGMT CO CL A 03748R101 44,035 1,100,047 SH   DFND 01 02 03 0 1,100,047 0
AVALONBAY CMNTYS INC COM 053484101 691,813 3,757,197 SH   DFND 01 02 03 0 3,757,197 0
BOSTON PROPERTIES INC COM 101121101 778,306 6,102,448 SH   DFND 01 02 03 0 6,102,448 0
BRIXMOR PPTY GROUP INC COM 11120U105 426,632 16,523,326 SH   DFND 01 02 03 0 16,523,326 0
CARE CAP PPTYS INC COM 141624106 101,496 3,320,131 SH   DFND 01 02 03 0 3,320,131 0
COLUMBIA PPTY TR INC COM NEW 198287203 11,740 500,000 SH   DFND 01 02 03 0 500,000 0
CYRUSONE INC COM 23283R100 43,953 1,173,649 SH   DFND 01 02 03 0 1,173,649 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 129,864 3,475,088 SH   DFND 01 02 03 0 3,475,088 0
DIGITAL RLTY TR INC COM 253868103 280,073 3,703,696 SH   DFND 01 02 03 0 3,703,696 0
DUKE REALTY CORP COM NEW 264411505 86,842 4,131,384 SH   DFND 01 02 03 0 4,131,384 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,249 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 102,260 1,533,825 SH   DFND 01 02 03 0 1,533,825 0
EQUITY ONE COM 294752100 87,757 3,232,297 SH   DFND 01 02 03 0 3,232,297 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,026,022 12,575,338 SH   DFND 01 02 03 0 12,575,338 0
EXTRA SPACE STORAGE INC COM 30225T102 130,117 1,475,081 SH   DFND 01 02 03 0 1,475,081 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 109,711 4,032,000 SH   DFND 01 02 03 0 4,032,000 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 70,126 2,600,144 SH   DFND 01 02 03 0 2,600,144 0
HIGHWOODS PPTYS INC COM 431284108 87,593 2,009,014 SH   DFND 01 02 03 0 2,009,014 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 86,519 4,042,935 SH   DFND 01 02 03 0 4,042,935 0
HOST HOTELS & RESORTS INC COM 44107P104 480,518 31,324,502 SH   DFND 01 02 03 0 31,324,502 0
KILROY RLTY CORP COM 49427F108 85,990 1,358,885 SH   DFND 01 02 03 0 1,358,885 0
KIMCO RLTY CORP COM 49446R109 310,961 11,752,100 SH   DFND 01 02 03 0 11,752,100 0
KITE RLTY GROUP TR COM NEW 49803T300 9,892 381,500 SH   DFND 01 02 03 0 381,500 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 475 10,000 SH   DFND 01 02 03 0 10,000 0
MID-AMER APT CMNTYS INC COM 59522J103 87,263 960,941 SH   DFND 01 02 03 0 960,941 0
NATIONAL RETAIL PPTYS INC COM 637417106 73,512 1,835,500 SH   DFND 01 02 03 0 1,835,500 0
NEW YORK REIT INC COM 64976L109 43,267 3,762,314 SH   DFND 01 02 03 0 3,762,314 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 43,744 2,000,186 SH   DFND 01 02 03 0 2,000,186 0
PHYSICIANS RLTY TR COM 71943U104 43,987 2,608,949 SH   DFND 01 02 03 0 2,608,949 0
POST PPTYS INC COM 737464107 254,985 4,310,093 SH   DFND 01 02 03 0 4,310,093 0
PROLOGIS INC COM 74340W103 788,476 18,370,819 SH   DFND 01 02 03 0 18,370,819 0
PUBLIC STORAGE COM 74460D109 894,982 3,613,167 SH   DFND 01 02 03 0 3,613,167 0
QTS RLTY TR INC COM CL A 74736A103 54,389 1,205,704 SH   DFND 01 02 03 0 1,205,704 0
REGENCY CTRS CORP COM 758849103 369,971 5,431,159 SH   DFND 01 02 03 0 5,431,159 0
RLJ LODGING TR COM 74965L101 42,719 1,975,000 SH   DFND 01 02 03 0 1,975,000 0
SABRA HEALTH CARE REIT INC COM 78573L106 45,044 2,226,613 SH   DFND 01 02 03 0 2,226,613 0
SIMON PPTY GROUP INC NEW COM 828806109 1,357,598 6,982,090 SH   DFND 01 02 03 0 6,982,090 0
STORE CAP CORP COM 862121100 53,777 2,317,970 SH   DFND 01 02 03 0 2,317,970 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 43,016 3,444,000 SH   DFND 01 02 03 0 3,444,000 0
TANGER FACTORY OUTLET CTRS I COM 875465106 40,875 1,250,000 SH   DFND 01 02 03 0 1,250,000 0
TAUBMAN CTRS INC COM 876664103 263,527 3,434,922 SH   DFND 01 02 03 0 3,434,922 0
TERRENO RLTY CORP COM 88146M101 43,112 1,905,905 SH   DFND 01 02 03 0 1,905,905 0
UDR INC COM 902653104 132,171 3,518,006 SH   DFND 01 02 03 0 3,518,006 0
VENTAS INC COM 92276F100 796,128 14,108,245 SH   DFND 01 02 03 0 14,108,245 0
VORNADO RLTY TR SH BEN INT 929042109 611,744 6,119,886 SH   DFND 01 02 03 0 6,119,886 0