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 32,058 919,101 SH   DFND 01 02 03 0 919,101 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 505,229 5,153,295 SH   DFND 01 02 03 0 5,153,295 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 42,744 997,057 SH   DFND 01 02 03 0 997,057 0
APARTMENT INVT & MGMT CO CL A 03748R101 66,302 1,684,500 SH   DFND 01 02 03 0 1,684,500 0
AVALONBAY CMNTYS INC COM 053484101 853,859 4,900,197 SH   DFND 01 02 03 0 4,900,197 0
BIOMED REALTY TRUST INC COM 09063H107 26,965 1,190,000 SH   DFND 01 02 03 0 1,190,000 0
BOSTON PROPERTIES INC COM 101121101 632,614 4,503,236 SH   DFND 01 02 03 0 4,503,236 0
BRIXMOR PPTY GROUP INC COM 11120U105 409,012 15,405,322 SH   DFND 01 02 03 0 15,405,322 0
CHAMBERS STR PPTYS COM 157842105 21,355 2,710,000 SH   DFND 01 02 03 0 2,710,000 0
CHATHAM LODGING TR COM 16208T102 5,588 190,000 SH   DFND 01 02 03 0 190,000 0
COOPER STD HLDGS INC COM 21676P103 9,045 152,780 SH   DFND 01 02 03 0 152,780 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 193,801 6,596,364 SH   DFND 01 02 03 0 6,596,364 0
COUSINS PPTYS INC COM 222795106 10,297 971,400 SH   DFND 01 02 03 0 971,400 0
CUBESMART COM 229663109 21,856 905,000 SH   DFND 01 02 03 0 905,000 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 41,453 1,196,000 SH   DFND 01 02 03 0 1,196,000 0
DDR CORP COM 23317H102 45,135 2,424,000 SH   DFND 01 02 03 0 2,424,000 0
DIAMONDROCK HOSPITALITY CO COM 252784301 35,961 2,545,000 SH   DFND 01 02 03 0 2,545,000 0
DIGITAL RLTY TR INC COM 253868103 273,299 4,143,396 SH   DFND 01 02 03 0 4,143,396 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 12,435 380,500 SH   DFND 01 02 03 0 380,500 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,359 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY COMWLTH COM SH BEN INT 294628102 42,021 1,582,700 SH   DFND 01 02 03 0 1,582,700 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 35,388 644,000 SH   DFND 01 02 03 0 644,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 898,145 11,535,377 SH   DFND 01 02 03 0 11,535,377 0
ESSEX PPTY TR INC COM 297178105 83,937 365,101 SH   DFND 01 02 03 0 365,101 0
EXTRA SPACE STORAGE INC COM 30225T102 71,962 1,065,000 SH   DFND 01 02 03 0 1,065,000 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 25,983 176,500 SH   DFND 01 02 03 0 176,500 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 13,329 622,000 SH   DFND 01 02 03 0 622,000 0
FOREST CITY ENTERPRISES INC CL A 345550107 77,303 3,029,100 SH   DFND 01 02 03 0 3,029,100 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 97,352 3,294,500 SH   DFND 01 02 03 0 3,294,500 0
GRAMERCY PPTY TR INC COM NEW 38489R605 22,260 793,000 SH   DFND 01 02 03 0 793,000 0
HCP INC COM 40414L109 92,037 2,130,000 SH   DFND 01 02 03 0 2,130,000 0
HEALTH CARE REIT INC COM 42217K106 133,214 1,722,000 SH   DFND 01 02 03 0 1,722,000 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 28,891 1,037,000 SH   DFND 01 02 03 0 1,037,000 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 28,358 4,383,000 SH   DFND 01 02 03 0 4,383,000 0
HIGHWOODS PPTYS INC COM 431284108 24,263 530,000 SH   DFND 01 02 03 0 530,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 33,962 1,146,600 SH   DFND 01 02 03 0 1,146,600 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 41,240 1,250,081 SH   DFND 01 02 03 0 1,250,081 0
HOST HOTELS & RESORTS INC COM 44107P104 669,794 33,191,002 SH   DFND 01 02 03 0 33,191,002 0
HUDSON PAC PPTYS INC COM 444097109 18,503 557,500 SH   DFND 01 02 03 0 557,500 0
KILROY RLTY CORP COM 49427F108 81,197 1,066,000 SH   DFND 01 02 03 0 1,066,000 0
KIMCO RLTY CORP COM 49446R109 350,381 13,049,600 SH   DFND 01 02 03 0 13,049,600 0
KITE RLTY GROUP TR COM NEW 49803T300 40,163 1,425,720 SH   DFND 01 02 03 0 1,425,720 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 52,539 1,352,000 SH   DFND 01 02 03 0 1,352,000 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 493 10,000 SH   DFND 01 02 03 0 10,000 0
LIBERTY PPTY TR SH BEN INT 531172104 42,683 1,195,600 SH   DFND 01 02 03 0 1,195,600 0
MACERICH CO COM 554382101 122,026 1,447,000 SH   DFND 01 02 03 0 1,447,000 0
MID-AMER APT CMNTYS INC COM 59522J103 78,854 1,020,500 SH   DFND 01 02 03 0 1,020,500 0
NATIONAL HEALTH INVS INC COM 63633D104 23,659 333,185 SH   DFND 01 02 03 0 333,185 0
NATIONAL RETAIL PPTYS INC COM 637417106 30,195 737,000 SH   DFND 01 02 03 0 737,000 0
NEW YORK REIT INC COM 64976L109 10,092 963,000 SH   DFND 01 02 03 0 963,000 0
PARAMOUNT GROUP INC COM 69924R108 9,650 500,000 SH   DFND 01 02 03 0 500,000 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 8,874 382,000 SH   DFND 01 02 03 0 382,000 0
PHYSICIANS RLTY TR COM 71943U104 6,164 350,000 SH   DFND 01 02 03 0 350,000 0
POST PPTYS INC COM 737464107 211,358 3,712,593 SH   DFND 01 02 03 0 3,712,593 0
PROLOGIS INC COM 74340W103 749,855 17,214,319 SH   DFND 01 02 03 0 17,214,319 0
PUBLIC STORAGE COM 74460D109 836,202 4,241,667 SH   DFND 01 02 03 0 4,241,667 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 2,648 142,371 SH   DFND 01 02 03 0 142,371 0
REALTY INCOME CORP COM 756109104 24,405 472,971 SH   DFND 01 02 03 0 472,971 0
REGENCY CTRS CORP COM 758849103 326,796 4,803,000 SH   DFND 01 02 03 0 4,803,000 0
SABRA HEALTH CARE REIT INC COM 78573L106 61,062 1,842,000 SH   DFND 01 02 03 0 1,842,000 0
SIMON PPTY GROUP INC NEW COM 828806109 1,259,284 6,436,740 SH   DFND 01 02 03 0 6,436,740 0
SL GREEN RLTY CORP COM 78440X101 42,109 328,000 SH   DFND 01 02 03 0 328,000 0
SPIRIT RLTY CAP INC NEW COM 84860W102 69,924 5,788,383 SH   DFND 01 02 03 0 5,788,383 0
STAG INDL INC COM 85254J102 9,173 390,000 SH   DFND 01 02 03 0 390,000 0
STORE CAP CORP COM 862121100 26,152 1,120,000 SH   DFND 01 02 03 0 1,120,000 0
SUN CMNTYS INC COM 866674104 41,325 619,373 SH   DFND 01 02 03 0 619,373 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 36,970 2,217,731 SH   DFND 01 02 03 0 2,217,731 0
TANGER FACTORY OUTLET CTRS I COM 875465106 233,322 6,634,129 SH   DFND 01 02 03 0 6,634,129 0
TAUBMAN CTRS INC COM 876664103 30,389 394,000 SH   DFND 01 02 03 0 394,000 0
TERRENO RLTY CORP COM 88146M101 46,339 2,032,400 SH   DFND 01 02 03 0 2,032,400 0
URBAN EDGE PPTYS COM 91704F104 66,803 2,818,704 SH   DFND 01 02 03 0 2,818,704 0
VENTAS INC COM 92276F100 699,525 9,579,906 SH   DFND 01 02 03 0 9,579,906 0
VORNADO RLTY TR SH BEN INT 929042109 741,179 6,617,665 SH   DFND 01 02 03 0 6,617,665 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 28,569 1,034,000 SH   DFND 01 02 03 0 1,034,000 0