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 6,724 254,907 SH   DFND 01 02 03 0 254,907 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 399,455 5,505,176 SH   DFND 01 02 03 0 5,505,176 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 31,172 834,601 SH   DFND 01 02 03 0 834,601 0
AMERICAN HOMES 4 RENT CL A 02665T306 3,292 197,000 SH   DFND 01 02 03 0 197,000 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 5,806 322,904 SH   DFND 01 02 03 0 322,904 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 33,333 2,377,500 SH   DFND 01 02 03 0 2,377,500 0
APARTMENT INVT & MGMT CO CL A 03748R101 39,922 1,321,062 SH   DFND 01 02 03 0 1,321,062 0
AVALONBAY CMNTYS INC COM 053484101 630,139 4,798,497 SH   DFND 01 02 03 0 4,798,497 0
AVIV REIT INC MD COM 05381L101 8,767 358,570 SH   DFND 01 02 03 0 358,570 0
BIOMED REALTY TRUST INC COM 09063H107 28,082 1,370,500 SH   DFND 01 02 03 0 1,370,500 0
BOSTON PROPERTIES INC COM 101121101 505,999 4,418,043 SH   DFND 01 02 03 0 4,418,043 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 22,314 1,543,179 SH   DFND 01 02 03 0 1,543,179 0
BRE PROPERTIES INC CL A 05564E106 35,426 564,281 SH   DFND 01 02 03 0 564,281 0
BRIXMOR PPTY GROUP INC COM 11120U105 120,351 5,642,357 SH   DFND 01 02 03 0 5,642,357 0
CAMDEN PPTY TR SH BEN INT 133131102 17,784 264,100 SH   DFND 01 02 03 0 264,100 0
CBL & ASSOC PPTYS INC COM 124830100 12,656 713,000 SH   DFND 01 02 03 0 713,000 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 7,462 290,000 SH   DFND 01 02 03 0 290,000 0
COMMONWEALTH REIT COM SH BEN INT 203233101 2,209 84,000 SH   DFND 01 02 03 0 84,000 0
COOPER STD HLDGS INC COM 21676P103 451 6,380 SH   DFND 01 02 03 0 6,380 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 224,497 8,427,062 SH   DFND 01 02 03 0 8,427,062 0
COUSINS PPTYS INC COM 222795106 18,826 1,641,355 SH   DFND 01 02 03 0 1,641,355 0
CUBESMART COM 229663109 23,389 1,363,000 SH   DFND 01 02 03 0 1,363,000 0
DCT INDUSTRIAL TRUST INC COM 233153105 35,354 4,486,556 SH   DFND 01 02 03 0 4,486,556 0
DDR CORP COM 23317H102 49,646 3,012,500 SH   DFND 01 02 03 0 3,012,500 0
DIGITAL RLTY TR INC COM 253868103 222,921 4,199,716 SH   DFND 01 02 03 0 4,199,716 0
DOUGLAS EMMETT INC COM 25960P109 192,997 7,111,178 SH   DFND 01 02 03 0 7,111,178 0
DUKE REALTY CORP COM NEW 264411505 9,580 567,547 SH   DFND 01 02 03 0 567,547 0
EDUCATION RLTY TR INC COM 28140H104 5,044 511,000 SH   DFND 01 02 03 0 511,000 0
EPR PPTYS COM SH BEN INT 26884U109 12,527 234,640 SH   DFND 01 02 03 0 234,640 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,220 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 29,675 730,000 SH   DFND 01 02 03 0 730,000 0
EQUITY ONE COM 294752100 7,977 357,090 SH   DFND 01 02 03 0 357,090 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 737,492 12,717,577 SH   DFND 01 02 03 0 12,717,577 0
ESSEX PPTY TR INC COM 297178105 61,864 363,800 SH   DFND 01 02 03 0 363,800 0
EXTRA SPACE STORAGE INC COM 30225T102 39,002 804,000 SH   DFND 01 02 03 0 804,000 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 26,328 229,500 SH   DFND 01 02 03 0 229,500 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 28,955 1,498,682 SH   DFND 01 02 03 0 1,498,682 0
FOREST CITY ENTERPRISES INC CL A 345550107 41,125 2,153,150 SH   DFND 01 02 03 0 2,153,150 0
FRANKLIN STREET PPTYS CORP COM 35471R106 4,624 367,012 SH   DFND 01 02 03 0 367,012 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 68,222 3,101,000 SH   DFND 01 02 03 0 3,101,000 0
GLIMCHER RLTY TR SH BEN INT 379302102 15,458 1,541,220 SH   DFND 01 02 03 0 1,541,220 0
HCP INC COM 40414L109 109,560 2,824,435 SH   DFND 01 02 03 0 2,824,435 0
HEALTH CARE REIT INC COM 42217K106 81,278 1,363,717 SH   DFND 01 02 03 0 1,363,717 0
HEALTHCARE TR AMER INC CL A 42225P105 5,752 505,000 SH   DFND 01 02 03 0 505,000 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 18,131 3,110,000 SH   DFND 01 02 03 0 3,110,000 0
HIGHWOODS PPTYS INC COM 431284108 9,237 240,489 SH   DFND 01 02 03 0 240,489 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 14,165 636,899 SH   DFND 01 02 03 0 636,899 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 15,226 530,163 SH   DFND 01 02 03 0 530,163 0
HOST HOTELS & RESORTS INC COM 44107P104 657,925 32,506,142 SH   DFND 01 02 03 0 32,506,142 0
HUDSON PAC PPTYS INC COM 444097109 5,768 250,000 SH   DFND 01 02 03 0 250,000 0
KILROY RLTY CORP COM 49427F108 53,515 913,542 SH   DFND 01 02 03 0 913,542 0
KIMCO RLTY CORP COM 49446R109 354,393 16,197,100 SH   DFND 01 02 03 0 16,197,100 0
KITE RLTY GROUP TR COM 49803T102 5,722 953,665 SH   DFND 01 02 03 0 953,665 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 19,318 617,000 SH   DFND 01 02 03 0 617,000 0
LEXINGTON REALTY TRUST COM 529043101 14,648 1,342,583 SH   DFND 01 02 03 0 1,342,583 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 464 10,000 SH   DFND 01 02 03 0 10,000 0
LIBERTY PPTY TR SH BEN INT 531172104 24,488 662,566 SH   DFND 01 02 03 0 662,566 0
MACERICH CO COM 554382101 63,034 1,011,300 SH   DFND 01 02 03 0 1,011,300 0
MACK CALI RLTY CORP COM 554489104 10,916 525,071 SH   DFND 01 02 03 0 525,071 0
MARRIOTT INTL INC NEW CL A 571903202 12,829 229,000 SH   DFND 01 02 03 0 229,000 0
MID-AMER APT CMNTYS INC COM 59522J103 60,833 891,070 SH   DFND 01 02 03 0 891,070 0
NATIONAL HEALTH INVS INC COM 63633D104 12,119 200,440 SH   DFND 01 02 03 0 200,440 0
NATIONAL RETAIL PPTYS INC COM 637417106 24,985 728,000 SH   DFND 01 02 03 0 728,000 0
OMEGA HEALTHCARE INVS INC COM 681936100 11,521 343,715 SH   DFND 01 02 03 0 343,715 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 10,830 600,000 SH   DFND 01 02 03 0 600,000 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 4,875 284,256 SH   DFND 01 02 03 0 284,256 0
POST PPTYS INC COM 737464107 15,795 321,700 SH   DFND 01 02 03 0 321,700 0
PROLOGIS INC COM 74340W103 709,777 17,383,698 SH   DFND 01 02 03 0 17,383,698 0
PUBLIC STORAGE COM 74460D109 676,246 4,013,567 SH   DFND 01 02 03 0 4,013,567 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 4,678 287,000 SH   DFND 01 02 03 0 287,000 0
REALTY INCOME CORP COM 756109104 43,557 1,066,000 SH   DFND 01 02 03 0 1,066,000 0
REGENCY CTRS CORP COM 758849103 231,111 4,526,269 SH   DFND 01 02 03 0 4,526,269 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 6,454 432,000 SH   DFND 01 02 03 0 432,000 0
RETAIL PPTYS AMER INC CL A 76131V202 29,336 2,166,610 SH   DFND 01 02 03 0 2,166,610 0
RLJ LODGING TR COM 74965L101 26,713 999,000 SH   DFND 01 02 03 0 999,000 0
SABRA HEALTH CARE REIT INC COM 78573L106 38,907 1,395,000 SH   DFND 01 02 03 0 1,395,000 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 8,202 365,000 SH   DFND 01 02 03 0 365,000 0
SIMON PPTY GROUP INC NEW COM 828806109 1,072,615 6,540,340 SH   DFND 01 02 03 0 6,540,340 0
SL GREEN RLTY CORP COM 78440X101 26,583 264,192 SH   DFND 01 02 03 0 264,192 0
SPIRIT RLTY CAP INC NEW COM 84860W102 51,404 4,681,600 SH   DFND 01 02 03 0 4,681,600 0
STAG INDL INC COM 85254J102 10,534 437,100 SH   DFND 01 02 03 0 437,100 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 15,657 196,700 SH   DFND 01 02 03 0 196,700 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 2,636 192,000 SH   DFND 01 02 03 0 192,000 0
TANGER FACTORY OUTLET CTRS I COM 875465106 204,467 5,841,921 SH   DFND 01 02 03 0 5,841,921 0
TAUBMAN CTRS INC COM 876664103 11,256 159,000 SH   DFND 01 02 03 0 159,000 0
TERRENO RLTY CORP COM 88146M101 9,381 496,061 SH   DFND 01 02 03 0 496,061 0
UDR INC COM 902653104 14,981 580,000 SH   DFND 01 02 03 0 580,000 0
VENTAS INC COM 92276F100 587,487 9,699,313 SH   DFND 01 02 03 0 9,699,313 0
VORNADO RLTY TR SH BEN INT 929042109 671,037 6,808,407 SH   DFND 01 02 03 0 6,808,407 0
W P CAREY INC COM 92936U109 30,876 514,000 SH   DFND 01 02 03 0 514,000 0