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 27,706 865,000 SH   DFND 01 02 03 0 865,000 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 453,302 5,108,205 SH   DFND 01 02 03 0 5,108,205 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 50,170 1,213,000 SH   DFND 01 02 03 0 1,213,000 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 5,658 322,054 SH   DFND 01 02 03 0 322,054 0
APARTMENT INVT & MGMT CO CL A 03748R101 58,418 1,572,500 SH   DFND 01 02 03 0 1,572,500 0
AVALONBAY CMNTYS INC COM 053484101 760,204 4,652,697 SH   DFND 01 02 03 0 4,652,697 0
AVIV REIT INC MD COM 05381L101 5,293 153,500 SH   DFND 01 02 03 0 153,500 0
BIOMED REALTY TRUST INC COM 09063H107 20,799 965,600 SH   DFND 01 02 03 0 965,600 0
BOSTON PROPERTIES INC COM 101121101 565,064 4,390,892 SH   DFND 01 02 03 0 4,390,892 0
BRIXMOR PPTY GROUP INC COM 11120U105 324,121 13,048,322 SH   DFND 01 02 03 0 13,048,322 0
CBL & ASSOC PPTYS INC COM 124830100 19,323 995,000 SH   DFND 01 02 03 0 995,000 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 219,480 7,736,338 SH   DFND 01 02 03 0 7,736,338 0
COUSINS PPTYS INC COM 222795106 29,190 2,556,047 SH   DFND 01 02 03 0 2,556,047 0
CYRUSONE INC COM 23283R100 11,984 435,000 SH   DFND 01 02 03 0 435,000 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 51,101 1,433,000 SH   DFND 01 02 03 0 1,433,000 0
DDR CORP COM 23317H102 61,341 3,341,000 SH   DFND 01 02 03 0 3,341,000 0
DIAMONDROCK HOSPITALITY CO COM 252784301 17,930 1,205,792 SH   DFND 01 02 03 0 1,205,792 0
DIGITAL RLTY TR INC COM 253868103 299,059 4,510,696 SH   DFND 01 02 03 0 4,510,696 0
DOUGLAS EMMETT INC COM 25960P109 14,583 513,500 SH   DFND 01 02 03 0 513,500 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,264 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY COMWLTH COM SH BEN INT 294628102 17,969 700,000 SH   DFND 01 02 03 0 700,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 33,198 644,000 SH   DFND 01 02 03 0 644,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 784,807 10,924,377 SH   DFND 01 02 03 0 10,924,377 0
ESSEX PPTY TR INC COM 297178105 71,495 346,056 SH   DFND 01 02 03 0 346,056 0
EXTRA SPACE STORAGE INC COM 30225T102 62,452 1,065,000 SH   DFND 01 02 03 0 1,065,000 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 23,556 176,500 SH   DFND 01 02 03 0 176,500 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 29,197 1,420,100 SH   DFND 01 02 03 0 1,420,100 0
FOREST CITY ENTERPRISES INC CL A 345550107 51,909 2,437,050 SH   DFND 01 02 03 0 2,437,050 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 92,674 3,294,500 SH   DFND 01 02 03 0 3,294,500 0
GLIMCHER RLTY TR SH BEN INT 379302102 11,652 848,000 SH   DFND 01 02 03 0 848,000 0
GRAMERCY PPTY TR INC COM 38489R100 32,927 4,772,000 SH   DFND 01 02 03 0 4,772,000 0
HCP INC COM 40414L109 121,847 2,767,360 SH   DFND 01 02 03 0 2,767,360 0
HEALTH CARE REIT INC COM 42217K106 122,532 1,619,300 SH   DFND 01 02 03 0 1,619,300 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 21,619 802,500 SH   DFND 01 02 03 0 802,500 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 21,884 3,112,900 SH   DFND 01 02 03 0 3,112,900 0
HIGHWOODS PPTYS INC COM 431284108 7,417 167,500 SH   DFND 01 02 03 0 167,500 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 35,841 1,373,750 SH   DFND 01 02 03 0 1,373,750 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 9,218 297,353 SH   DFND 01 02 03 0 297,353 0
HOST HOTELS & RESORTS INC COM 44107P104 840,986 35,380,154 SH   DFND 01 02 03 0 35,380,154 0
KILROY RLTY CORP COM 49427F108 58,848 852,000 SH   DFND 01 02 03 0 852,000 0
KIMCO RLTY CORP COM 49446R109 346,922 13,799,600 SH   DFND 01 02 03 0 13,799,600 0
KITE RLTY GROUP TR COM NEW 49803T300 49,462 1,721,000 SH   DFND 01 02 03 0 1,721,000 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 46,136 1,140,000 SH   DFND 01 02 03 0 1,140,000 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 480 10,000 SH   DFND 01 02 03 0 10,000 0
LIBERTY PPTY TR SH BEN INT 531172104 21,904 582,100 SH   DFND 01 02 03 0 582,100 0
MACERICH CO COM 554382101 122,529 1,469,000 SH   DFND 01 02 03 0 1,469,000 0
MID-AMER APT CMNTYS INC COM 59522J103 85,023 1,138,500 SH   DFND 01 02 03 0 1,138,500 0
NATIONAL HEALTH INVS INC COM 63633D104 19,957 285,257 SH   DFND 01 02 03 0 285,257 0
NATIONAL RETAIL PPTYS INC COM 637417106 29,016 737,000 SH   DFND 01 02 03 0 737,000 0
NEW YORK REIT INC COM 64976L109 10,198 963,000 SH   DFND 01 02 03 0 963,000 0
PARAMOUNT GROUP INC COM 69924R108 9,295 500,000 SH   DFND 01 02 03 0 500,000 0
POST PPTYS INC COM 737464107 163,887 2,788,622 SH   DFND 01 02 03 0 2,788,622 0
PROLOGIS INC COM 74340W103 749,102 17,408,819 SH   DFND 01 02 03 0 17,408,819 0
PUBLIC STORAGE COM 74460D109 803,944 4,349,167 SH   DFND 01 02 03 0 4,349,167 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 28,475 1,519,500 SH   DFND 01 02 03 0 1,519,500 0
REALTY INCOME CORP COM 756109104 37,117 777,971 SH   DFND 01 02 03 0 777,971 0
REGENCY CTRS CORP COM 758849103 288,685 4,526,269 SH   DFND 01 02 03 0 4,526,269 0
RETAIL PPTYS AMER INC CL A 76131V202 23,199 1,390,000 SH   DFND 01 02 03 0 1,390,000 0
RLJ LODGING TR COM 74965L101 8,751 261,000 SH   DFND 01 02 03 0 261,000 0
ROUSE PPTYS INC COM 779287101 3,982 215,000 SH   DFND 01 02 03 0 215,000 0
SABRA HEALTH CARE REIT INC COM 78573L106 64,354 2,119,000 SH   DFND 01 02 03 0 2,119,000 0
SIMON PPTY GROUP INC NEW COM 828806109 1,186,673 6,516,240 SH   DFND 01 02 03 0 6,516,240 0
SL GREEN RLTY CORP COM 78440X101 39,039 328,000 SH   DFND 01 02 03 0 328,000 0
SPIRIT RLTY CAP INC NEW COM 84860W102 68,824 5,788,383 SH   DFND 01 02 03 0 5,788,383 0
STAG INDL INC COM 85254J102 18,963 774,000 SH   DFND 01 02 03 0 774,000 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 16,214 200,000 SH   DFND 01 02 03 0 200,000 0
STORE CAP CORP COM 862121100 24,203 1,120,000 SH   DFND 01 02 03 0 1,120,000 0
SUN CMNTYS INC COM 866674104 31,701 524,323 SH   DFND 01 02 03 0 524,323 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 7,593 459,929 SH   DFND 01 02 03 0 459,929 0
TANGER FACTORY OUTLET CTRS I COM 875465106 224,351 6,070,096 SH   DFND 01 02 03 0 6,070,096 0
TERRENO RLTY CORP COM 88146M101 33,409 1,619,442 SH   DFND 01 02 03 0 1,619,442 0
UDR INC COM 902653104 59,063 1,916,390 SH   DFND 01 02 03 0 1,916,390 0
VENTAS INC COM 92276F100 694,104 9,680,663 SH   DFND 01 02 03 0 9,680,663 0
VORNADO RLTY TR SH BEN INT 929042109 793,601 6,742,007 SH   DFND 01 02 03 0 6,742,007 0
W P CAREY INC COM 92936U109 13,543 193,200 SH   DFND 01 02 03 0 193,200 0
WASHINGTON PRIME GROUP INC COM 939647103 35,962 2,088,370 SH   DFND 01 02 03 0 2,088,370 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 22,261 804,797 SH   DFND 01 02 03 0 804,797 0