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 43,045 1,431,500 SH   DFND 01 02 03 0 1,431,500 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 458,345 5,413,306 SH   DFND 01 02 03 0 5,413,306 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 24,100 665,000 SH   DFND 01 02 03 0 665,000 0
AMERICAN HOMES 4 RENT CL A 02665T306 22,825 1,419,463 SH   DFND 01 02 03 0 1,419,463 0
APARTMENT INVT & MGMT CO CL A 03748R101 62,971 1,701,000 SH   DFND 01 02 03 0 1,701,000 0
AVALONBAY CMNTYS INC COM 053484101 835,324 4,778,197 SH   DFND 01 02 03 0 4,778,197 0
BOSTON PROPERTIES INC COM 101121101 537,281 4,537,842 SH   DFND 01 02 03 0 4,537,842 0
BRIXMOR PPTY GROUP INC COM 11120U105 361,717 15,405,322 SH   DFND 01 02 03 0 15,405,322 0
CARE CAP PPTYS INC COM 141624106 90,262 2,741,015 SH   DFND 01 02 03 0 2,741,015 0
CHAMBERS STR PPTYS COM 157842105 22,903 3,529,000 SH   DFND 01 02 03 0 3,529,000 0
CHATHAM LODGING TR COM 16208T102 4,081 190,000 SH   DFND 01 02 03 0 190,000 0
COLUMBIA PPTY TR INC COM NEW 198287203 23,458 1,011,100 SH   DFND 01 02 03 0 1,011,100 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 81,950 3,896,797 SH   DFND 01 02 03 0 3,896,797 0
CUBESMART COM 229663109 23,537 865,000 SH   DFND 01 02 03 0 865,000 0
CYRUSONE INC COM 23283R100 23,306 713,587 SH   DFND 01 02 03 0 713,587 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 70,329 2,089,400 SH   DFND 01 02 03 0 2,089,400 0
DIAMONDROCK HOSPITALITY CO COM 252784301 35,443 3,207,500 SH   DFND 01 02 03 0 3,207,500 0
DIGITAL RLTY TR INC COM 253868103 271,789 4,160,896 SH   DFND 01 02 03 0 4,160,896 0
DUKE REALTY CORP COM NEW 264411505 53,270 2,796,300 SH   DFND 01 02 03 0 2,796,300 0
EASTGROUP PPTY INC COM 277276101 15,062 278,000 SH   DFND 01 02 03 0 278,000 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,229 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY COMWLTH COM SH BEN INT 294628102 34,813 1,278,000 SH   DFND 01 02 03 0 1,278,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 37,719 644,000 SH   DFND 01 02 03 0 644,000 0
EQUITY ONE COM 294752100 47,913 1,968,500 SH   DFND 01 02 03 0 1,968,500 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 894,453 11,906,988 SH   DFND 01 02 03 0 11,906,988 0
ESSEX PPTY TR INC COM 297178105 73,394 328,501 SH   DFND 01 02 03 0 328,501 0
EXTRA SPACE STORAGE INC COM 30225T102 89,891 1,165,000 SH   DFND 01 02 03 0 1,165,000 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 24,083 176,500 SH   DFND 01 02 03 0 176,500 0
FELCOR LODGING TR INC COM 31430F101 5,656 800,000 SH   DFND 01 02 03 0 800,000 0
FOREST CITY ENTERPRISES INC CL A 345550107 26,592 1,321,000 SH   DFND 01 02 03 0 1,321,000 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 132,538 5,103,500 SH   DFND 01 02 03 0 5,103,500 0
HCP INC COM 40414L109 64,014 1,718,500 SH   DFND 01 02 03 0 1,718,500 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 26,875 1,096,500 SH   DFND 01 02 03 0 1,096,500 0
HIGHWOODS PPTYS INC COM 431284108 39,002 1,006,500 SH   DFND 01 02 03 0 1,006,500 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 35,073 1,528,904 SH   DFND 01 02 03 0 1,528,904 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 11,852 463,343 SH   DFND 01 02 03 0 463,343 0
HOST HOTELS & RESORTS INC COM 44107P104 493,747 31,230,044 SH   DFND 01 02 03 0 31,230,044 0
HUDSON PAC PPTYS INC COM 444097109 16,050 557,500 SH   DFND 01 02 03 0 557,500 0
KILROY RLTY CORP COM 49427F108 67,604 1,037,500 SH   DFND 01 02 03 0 1,037,500 0
KIMCO RLTY CORP COM 49446R109 305,365 12,499,600 SH   DFND 01 02 03 0 12,499,600 0
KITE RLTY GROUP TR COM NEW 49803T300 33,946 1,425,720 SH   DFND 01 02 03 0 1,425,720 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 32,152 1,132,500 SH   DFND 01 02 03 0 1,132,500 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 473 10,000 SH   DFND 01 02 03 0 10,000 0
MACERICH CO COM 554382101 44,556 580,000 SH   DFND 01 02 03 0 580,000 0
MACK CALI RLTY CORP COM 554489104 8,713 461,500 SH   DFND 01 02 03 0 461,500 0
MID-AMER APT CMNTYS INC COM 59522J103 61,198 747,500 SH   DFND 01 02 03 0 747,500 0
NATIONAL RETAIL PPTYS INC COM 637417106 57,506 1,585,500 SH   DFND 01 02 03 0 1,585,500 0
NEW YORK REIT INC COM 64976L109 29,426 2,925,000 SH   DFND 01 02 03 0 2,925,000 0
PARKWAY PPTYS INC COM 70159Q104 6,800 437,000 SH   DFND 01 02 03 0 437,000 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 10,192 513,964 SH   DFND 01 02 03 0 513,964 0
PHYSICIANS RLTY TR COM 71943U104 22,770 1,508,949 SH   DFND 01 02 03 0 1,508,949 0
POST PPTYS INC COM 737464107 251,236 4,310,093 SH   DFND 01 02 03 0 4,310,093 0
PROLOGIS INC COM 74340W103 662,063 17,019,619 SH   DFND 01 02 03 0 17,019,619 0
PUBLIC STORAGE COM 74460D109 876,078 4,139,667 SH   DFND 01 02 03 0 4,139,667 0
QTS RLTY TR INC COM CL A 74736A103 23,186 530,704 SH   DFND 01 02 03 0 530,704 0
REALTY INCOME CORP COM 756109104 36,551 771,291 SH   DFND 01 02 03 0 771,291 0
REGENCY CTRS CORP COM 758849103 310,564 4,997,000 SH   DFND 01 02 03 0 4,997,000 0
RETAIL PPTYS AMER INC CL A 76131V202 29,702 2,108,000 SH   DFND 01 02 03 0 2,108,000 0
RLJ LODGING TR COM 74965L101 47,988 1,899,000 SH   DFND 01 02 03 0 1,899,000 0
SABRA HEALTH CARE REIT INC COM 78573L106 43,326 1,869,126 SH   DFND 01 02 03 0 1,869,126 0
SIMON PPTY GROUP INC NEW COM 828806109 1,191,533 6,485,590 SH   DFND 01 02 03 0 6,485,590 0
SL GREEN RLTY CORP COM 78440X101 14,602 135,000 SH   DFND 01 02 03 0 135,000 0
SPIRIT RLTY CAP INC NEW COM 84860W102 51,275 5,610,000 SH   DFND 01 02 03 0 5,610,000 0
STAG INDL INC COM 85254J102 16,398 900,500 SH   DFND 01 02 03 0 900,500 0
STORE CAP CORP COM 862121100 19,916 964,000 SH   DFND 01 02 03 0 964,000 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 54,090 3,922,400 SH   DFND 01 02 03 0 3,922,400 0
SUN CMNTYS INC COM 866674104 41,969 619,373 SH   DFND 01 02 03 0 619,373 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 43,183 3,264,000 SH   DFND 01 02 03 0 3,264,000 0
TANGER FACTORY OUTLET CTRS I COM 875465106 218,727 6,634,129 SH   DFND 01 02 03 0 6,634,129 0
TAUBMAN CTRS INC COM 876664103 23,833 345,000 SH   DFND 01 02 03 0 345,000 0
TERRENO RLTY CORP COM 88146M101 43,336 2,206,500 SH   DFND 01 02 03 0 2,206,500 0
UDR INC COM 902653104 71,488 2,073,330 SH   DFND 01 02 03 0 2,073,330 0
URBAN EDGE PPTYS COM 91704F104 60,856 2,818,704 SH   DFND 01 02 03 0 2,818,704 0
VENTAS INC COM 92276F100 562,716 10,037,746 SH   DFND 01 02 03 0 10,037,746 0
VORNADO RLTY TR SH BEN INT 929042109 616,384 6,816,907 SH   DFND 01 02 03 0 6,816,907 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 18,299 734,000 SH   DFND 01 02 03 0 734,000 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 20,570 621,250 SH   DFND 01 02 03 0 621,250 0
WELLTOWER INC COM 95040Q104 128,871 1,903,000 SH   DFND 01 02 03 0 1,903,000 0