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 16,272 590,000 SH   DFND 01 02 03 0 590,000 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 380,134 5,154,356 SH   DFND 01 02 03 0 5,154,356 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 44,214 1,213,000 SH   DFND 01 02 03 0 1,213,000 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 5,922 322,904 SH   DFND 01 02 03 0 322,904 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 55,440 4,597,000 SH   DFND 01 02 03 0 4,597,000 0
APARTMENT INVT & MGMT CO CL A 03748R101 64,022 2,012,000 SH   DFND 01 02 03 0 2,012,000 0
AVALONBAY CMNTYS INC COM 053484101 655,890 4,652,697 SH   DFND 01 02 03 0 4,652,697 0
AVIV REIT INC MD COM 05381L101 15,072 572,000 SH   DFND 01 02 03 0 572,000 0
BIOMED REALTY TRUST INC COM 09063H107 16,200 802,000 SH   DFND 01 02 03 0 802,000 0
BOSTON PROPERTIES INC COM 101121101 501,013 4,328,031 SH   DFND 01 02 03 0 4,328,031 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 3,222 229,000 SH   DFND 01 02 03 0 229,000 0
BRIXMOR PPTY GROUP INC COM 11120U105 192,463 8,646,157 SH   DFND 01 02 03 0 8,646,157 0
CAMDEN PPTY TR SH BEN INT 133131102 9,046 132,000 SH   DFND 01 02 03 0 132,000 0
CBL & ASSOC PPTYS INC COM 124830100 17,811 995,000 SH   DFND 01 02 03 0 995,000 0
CEDAR REALTY TRUST INC COM NEW 150602209 1,956 331,465 SH   DFND 01 02 03 0 331,465 0
COOPER STD HLDGS INC COM 21676P103 9,533 152,780 SH   DFND 01 02 03 0 152,780 0
CORESITE RLTY CORP COM 21870Q105 2,987 90,866 SH   DFND 01 02 03 0 90,866 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 203,009 7,893,042 SH   DFND 01 02 03 0 7,893,042 0
COUSINS PPTYS INC COM 222795106 30,545 2,556,047 SH   DFND 01 02 03 0 2,556,047 0
CYRUSONE INC COM 23283R100 10,457 435,000 SH   DFND 01 02 03 0 435,000 0
DCT INDUSTRIAL TRUST INC COM 233153105 55,885 7,441,350 SH   DFND 01 02 03 0 7,441,350 0
DDR CORP COM 23317H102 61,299 3,664,000 SH   DFND 01 02 03 0 3,664,000 0
DIAMONDROCK HOSPITALITY CO COM 252784301 15,289 1,205,792 SH   DFND 01 02 03 0 1,205,792 0
DIGITAL RLTY TR INC COM 253868103 289,563 4,641,926 SH   DFND 01 02 03 0 4,641,926 0
DOUGLAS EMMETT INC COM 25960P109 149,601 5,827,824 SH   DFND 01 02 03 0 5,827,824 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,220 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY COMWLTH COM SH BEN INT 294628102 17,997 700,000 SH   DFND 01 02 03 0 700,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 27,280 644,000 SH   DFND 01 02 03 0 644,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 699,633 11,361,377 SH   DFND 01 02 03 0 11,361,377 0
ESSEX PPTY TR INC COM 297178105 61,857 346,056 SH   DFND 01 02 03 0 346,056 0
EXTRA SPACE STORAGE INC COM 30225T102 54,922 1,065,000 SH   DFND 01 02 03 0 1,065,000 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 20,908 176,500 SH   DFND 01 02 03 0 176,500 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 29,744 1,758,988 SH   DFND 01 02 03 0 1,758,988 0
FOREST CITY ENTERPRISES INC CL A 345550107 47,669 2,437,050 SH   DFND 01 02 03 0 2,437,050 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 70,120 2,977,500 SH   DFND 01 02 03 0 2,977,500 0
GLIMCHER RLTY TR SH BEN INT 379302102 11,482 848,000 SH   DFND 01 02 03 0 848,000 0
GRAMERCY PPTY TR INC COM 38489R100 15,103 2,622,000 SH   DFND 01 02 03 0 2,622,000 0
HCP INC COM 40414L109 126,456 3,184,500 SH   DFND 01 02 03 0 3,184,500 0
HEALTH CARE REIT INC COM 42217K106 92,108 1,476,800 SH   DFND 01 02 03 0 1,476,800 0
HEALTHCARE TR AMER INC CL A 42225P105 5,858 505,000 SH   DFND 01 02 03 0 505,000 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 19,829 3,112,900 SH   DFND 01 02 03 0 3,112,900 0
HIGHWOODS PPTYS INC COM 431284108 6,516 167,500 SH   DFND 01 02 03 0 167,500 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 26,132 1,061,000 SH   DFND 01 02 03 0 1,061,000 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 7,984 297,353 SH   DFND 01 02 03 0 297,353 0
HOST HOTELS & RESORTS INC COM 44107P104 693,345 32,505,642 SH   DFND 01 02 03 0 32,505,642 0
HUDSON PAC PPTYS INC COM 444097109 6,165 250,000 SH   DFND 01 02 03 0 250,000 0
KILROY RLTY CORP COM 49427F108 50,643 852,000 SH   DFND 01 02 03 0 852,000 0
KIMCO RLTY CORP COM 49446R109 302,350 13,799,600 SH   DFND 01 02 03 0 13,799,600 0
KITE RLTY GROUP TR COM NEW 49803T300 36,009 1,485,500 SH   DFND 01 02 03 0 1,485,500 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 39,034 1,140,000 SH   DFND 01 02 03 0 1,140,000 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 474 10,000 SH   DFND 01 02 03 0 10,000 0
LIBERTY PPTY TR SH BEN INT 531172104 28,853 867,500 SH   DFND 01 02 03 0 867,500 0
MACERICH CO COM 554382101 98,107 1,537,000 SH   DFND 01 02 03 0 1,537,000 0
MID-AMER APT CMNTYS INC COM 59522J103 63,681 970,000 SH   DFND 01 02 03 0 970,000 0
NATIONAL HEALTH INVS INC COM 63633D104 16,300 285,257 SH   DFND 01 02 03 0 285,257 0
NATIONAL RETAIL PPTYS INC COM 637417106 25,478 737,000 SH   DFND 01 02 03 0 737,000 0
NEW YORK REIT INC COM 64976L109 9,969 969,700 SH   DFND 01 02 03 0 969,700 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 2,545 144,256 SH   DFND 01 02 03 0 144,256 0
POST PPTYS INC COM 737464107 75,911 1,478,593 SH   DFND 01 02 03 0 1,478,593 0
PROLOGIS INC COM 74340W103 600,527 15,929,098 SH   DFND 01 02 03 0 15,929,098 0
PUBLIC STORAGE COM 74460D109 712,808 4,298,167 SH   DFND 01 02 03 0 4,298,167 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 24,692 1,519,500 SH   DFND 01 02 03 0 1,519,500 0
REALTY INCOME CORP COM 756109104 31,164 764,000 SH   DFND 01 02 03 0 764,000 0
REGENCY CTRS CORP COM 758849103 243,649 4,526,269 SH   DFND 01 02 03 0 4,526,269 0
RETAIL PPTYS AMER INC CL A 76131V202 31,698 2,166,610 SH   DFND 01 02 03 0 2,166,610 0
RLJ LODGING TR COM 74965L101 14,719 517,000 SH   DFND 01 02 03 0 517,000 0
ROUSE PPTYS INC COM 779287101 3,477 215,000 SH   DFND 01 02 03 0 215,000 0
SABRA HEALTH CARE REIT INC COM 78573L106 47,740 1,963,000 SH   DFND 01 02 03 0 1,963,000 0
SIMON PPTY GROUP INC NEW COM 828806109 1,067,701 6,493,740 SH   DFND 01 02 03 0 6,493,740 0
SL GREEN RLTY CORP COM 78440X101 33,233 328,000 SH   DFND 01 02 03 0 328,000 0
SPIRIT RLTY CAP INC NEW COM 84860W102 61,377 5,595,000 SH   DFND 01 02 03 0 5,595,000 0
STAG INDL INC COM 85254J102 14,416 696,100 SH   DFND 01 02 03 0 696,100 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 34,199 411,000 SH   DFND 01 02 03 0 411,000 0
SUN CMNTYS INC COM 866674104 26,478 524,323 SH   DFND 01 02 03 0 524,323 0
TANGER FACTORY OUTLET CTRS I COM 875465106 189,000 5,776,296 SH   DFND 01 02 03 0 5,776,296 0
TERRENO RLTY CORP COM 88146M101 20,636 1,095,887 SH   DFND 01 02 03 0 1,095,887 0
UDR INC COM 902653104 52,222 1,916,390 SH   DFND 01 02 03 0 1,916,390 0
VENTAS INC COM 92276F100 615,372 9,933,363 SH   DFND 01 02 03 0 9,933,363 0
VORNADO RLTY TR SH BEN INT 929042109 673,931 6,742,007 SH   DFND 01 02 03 0 6,742,007 0
W P CAREY INC COM 92936U109 26,622 417,465 SH   DFND 01 02 03 0 417,465 0
WASHINGTON PRIME GROUP INC COM 939647103 56,519 3,233,370 SH   DFND 01 02 03 0 3,233,370 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 20,426 804,797 SH   DFND 01 02 03 0 804,797 0