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 41,671 1,431,500 SH   DFND 01 02 03 0 1,431,500 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 473,448 5,413,306 SH   DFND 01 02 03 0 5,413,306 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 41,723 1,107,000 SH   DFND 01 02 03 0 1,107,000 0
APARTMENT INVT & MGMT CO CL A 03748R101 54,213 1,468,000 SH   DFND 01 02 03 0 1,468,000 0
AVALONBAY CMNTYS INC COM 053484101 763,891 4,778,197 SH   DFND 01 02 03 0 4,778,197 0
BOSTON PROPERTIES INC COM 101121101 545,072 4,503,236 SH   DFND 01 02 03 0 4,503,236 0
BRIXMOR PPTY GROUP INC COM 11120U105 356,325 15,405,322 SH   DFND 01 02 03 0 15,405,322 0
CHAMBERS STR PPTYS COM 157842105 45,185 5,683,700 SH   DFND 01 02 03 0 5,683,700 0
CHATHAM LODGING TR COM 16208T102 5,029 190,000 SH   DFND 01 02 03 0 190,000 0
COOPER STD HLDGS INC COM 21676P103 4,190 68,170 SH   DFND 01 02 03 0 68,170 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 91,731 3,896,797 SH   DFND 01 02 03 0 3,896,797 0
CUBESMART COM 229663109 20,033 865,000 SH   DFND 01 02 03 0 865,000 0
CYRUSONE INC COM 23283R100 30,334 1,030,000 SH   DFND 01 02 03 0 1,030,000 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 65,691 2,089,400 SH   DFND 01 02 03 0 2,089,400 0
DIAMONDROCK HOSPITALITY CO COM 252784301 36,502 2,849,500 SH   DFND 01 02 03 0 2,849,500 0
DIGITAL RLTY TR INC COM 253868103 288,384 4,324,896 SH   DFND 01 02 03 0 4,324,896 0
DUKE REALTY CORP COM NEW 264411505 36,236 1,951,300 SH   DFND 01 02 03 0 1,951,300 0
EASTGROUP PPTY INC COM 277276101 15,632 278,000 SH   DFND 01 02 03 0 278,000 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,300 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY COMWLTH COM SH BEN INT 294628102 40,628 1,582,700 SH   DFND 01 02 03 0 1,582,700 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 33,862 644,000 SH   DFND 01 02 03 0 644,000 0
EQUITY ONE COM 294752100 26,713 1,144,500 SH   DFND 01 02 03 0 1,144,500 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 865,924 12,340,377 SH   DFND 01 02 03 0 12,340,377 0
ESSEX PPTY TR INC COM 297178105 69,806 328,501 SH   DFND 01 02 03 0 328,501 0
EXTRA SPACE STORAGE INC COM 30225T102 75,981 1,165,000 SH   DFND 01 02 03 0 1,165,000 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 22,608 176,500 SH   DFND 01 02 03 0 176,500 0
FOREST CITY ENTERPRISES INC CL A 345550107 56,206 2,543,277 SH   DFND 01 02 03 0 2,543,277 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 114,598 4,466,000 SH   DFND 01 02 03 0 4,466,000 0
GRAMERCY PPTY TR INC COM NEW 38489R605 23,826 1,019,500 SH   DFND 01 02 03 0 1,019,500 0
HCP INC COM 40414L109 62,674 1,718,500 SH   DFND 01 02 03 0 1,718,500 0
HEALTH CARE REIT INC COM 42217K106 113,015 1,722,000 SH   DFND 01 02 03 0 1,722,000 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 16,669 696,000 SH   DFND 01 02 03 0 696,000 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 6,077 237,000 SH   DFND 01 02 03 0 237,000 0
HIGHWOODS PPTYS INC COM 431284108 40,210 1,006,500 SH   DFND 01 02 03 0 1,006,500 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 31,589 1,146,600 SH   DFND 01 02 03 0 1,146,600 0
HOME PROPERTIES INC COM 437306103 11,980 164,000 SH   DFND 01 02 03 0 164,000 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 36,027 1,250,081 SH   DFND 01 02 03 0 1,250,081 0
HOST HOTELS & RESORTS INC COM 44107P104 619,292 31,230,044 SH   DFND 01 02 03 0 31,230,044 0
HUDSON PAC PPTYS INC COM 444097109 15,816 557,500 SH   DFND 01 02 03 0 557,500 0
KILROY RLTY CORP COM 49427F108 71,582 1,066,000 SH   DFND 01 02 03 0 1,066,000 0
KIMCO RLTY CORP COM 49446R109 281,741 12,499,600 SH   DFND 01 02 03 0 12,499,600 0
KITE RLTY GROUP TR COM NEW 49803T300 34,887 1,425,720 SH   DFND 01 02 03 0 1,425,720 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 40,158 1,132,500 SH   DFND 01 02 03 0 1,132,500 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 477 10,000 SH   DFND 01 02 03 0 10,000 0
LIBERTY PPTY TR SH BEN INT 531172104 23,311 723,500 SH   DFND 01 02 03 0 723,500 0
MACERICH CO COM 554382101 67,364 903,000 SH   DFND 01 02 03 0 903,000 0
MID-AMER APT CMNTYS INC COM 59522J103 54,425 747,500 SH   DFND 01 02 03 0 747,500 0
NATIONAL HEALTH INVS INC COM 63633D104 12,429 199,500 SH   DFND 01 02 03 0 199,500 0
NATIONAL RETAIL PPTYS INC COM 637417106 25,802 737,000 SH   DFND 01 02 03 0 737,000 0
NEW YORK REIT INC COM 64976L109 9,582 963,000 SH   DFND 01 02 03 0 963,000 0
PARAMOUNT GROUP INC COM 69924R108 8,580 500,000 SH   DFND 01 02 03 0 500,000 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 8,152 382,000 SH   DFND 01 02 03 0 382,000 0
PHYSICIANS RLTY TR COM 71943U104 13,509 879,500 SH   DFND 01 02 03 0 879,500 0
POST PPTYS INC COM 737464107 234,340 4,310,093 SH   DFND 01 02 03 0 4,310,093 0
PROLOGIS INC COM 74340W103 573,402 15,455,569 SH   DFND 01 02 03 0 15,455,569 0
PUBLIC STORAGE COM 74460D109 774,016 4,198,167 SH   DFND 01 02 03 0 4,198,167 0
REALTY INCOME CORP COM 756109104 13,152 296,291 SH   DFND 01 02 03 0 296,291 0
REGENCY CTRS CORP COM 758849103 283,227 4,802,093 SH   DFND 01 02 03 0 4,802,093 0
RETAIL PPTYS AMER INC CL A 76131V202 29,364 2,108,000 SH   DFND 01 02 03 0 2,108,000 0
RLJ LODGING TR COM 74965L101 42,302 1,420,500 SH   DFND 01 02 03 0 1,420,500 0
SABRA HEALTH CARE REIT INC COM 78573L106 53,501 2,078,500 SH   DFND 01 02 03 0 2,078,500 0
SIMON PPTY GROUP INC NEW COM 828806109 1,097,162 6,341,240 SH   DFND 01 02 03 0 6,341,240 0
SL GREEN RLTY CORP COM 78440X101 18,681 170,000 SH   DFND 01 02 03 0 170,000 0
SPIRIT RLTY CAP INC NEW COM 84860W102 48,741 5,040,383 SH   DFND 01 02 03 0 5,040,383 0
STAG INDL INC COM 85254J102 26,800 1,340,000 SH   DFND 01 02 03 0 1,340,000 0
STORE CAP CORP COM 862121100 19,376 964,000 SH   DFND 01 02 03 0 964,000 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 33,536 2,767,000 SH   DFND 01 02 03 0 2,767,000 0
SUN CMNTYS INC COM 866674104 38,296 619,373 SH   DFND 01 02 03 0 619,373 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 45,173 3,009,500 SH   DFND 01 02 03 0 3,009,500 0
TANGER FACTORY OUTLET CTRS I COM 875465106 210,302 6,634,129 SH   DFND 01 02 03 0 6,634,129 0
TAUBMAN CTRS INC COM 876664103 37,356 537,500 SH   DFND 01 02 03 0 537,500 0
TERRENO RLTY CORP COM 88146M101 48,462 2,460,000 SH   DFND 01 02 03 0 2,460,000 0
UDR INC COM 902653104 16,704 521,500 SH   DFND 01 02 03 0 521,500 0
URBAN EDGE PPTYS COM 91704F104 58,601 2,818,704 SH   DFND 01 02 03 0 2,818,704 0
VENTAS INC COM 92276F100 610,317 9,829,563 SH   DFND 01 02 03 0 9,829,563 0
VORNADO RLTY TR SH BEN INT 929042109 636,734 6,707,407 SH   DFND 01 02 03 0 6,707,407 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 26,832 1,034,000 SH   DFND 01 02 03 0 1,034,000 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 5,008 153,200 SH   DFND 01 02 03 0 153,200 0