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 6,329 254,907 SH   DFND 01 02 03 0 254,907 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 342,698 5,386,655 SH   DFND 01 02 03 0 5,386,655 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 30,009 931,639 SH   DFND 01 02 03 0 931,639 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 5,541 322,904 SH   DFND 01 02 03 0 322,904 0
APARTMENT INVT & MGMT CO CL A 03748R101 49,107 1,895,301 SH   DFND 01 02 03 0 1,895,301 0
AVALONBAY CMNTYS INC COM 053484101 567,223 4,797,632 SH   DFND 01 02 03 0 4,797,632 0
AVIV REIT INC MD COM 05381L101 5,204 219,570 SH   DFND 01 02 03 0 219,570 0
BOSTON PROPERTIES INC COM 101121101 452,472 4,508,043 SH   DFND 01 02 03 0 4,508,043 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 3,742 265,561 SH   DFND 01 02 03 0 265,561 0
BRE PROPERTIES INC CL A 05564E106 24,786 453,036 SH   DFND 01 02 03 0 453,036 0
BRIXMOR PPTY GROUP INC COM 11120U105 101,650 5,000,000 SH   DFND 01 02 03 0 5,000,000 0
BROOKFIELD OFFICE PPTYS INC COM 112900105 13,192 685,396 SH   DFND 01 02 03 0 685,396 0
COLE REAL ESTATE INVTS INC COM 19329V105 3,639 259,200 SH   DFND 01 02 03 0 259,200 0
COOPER STD HLDGS INC COM 21676P103 313 6,380 SH   DFND 01 02 03 0 6,380 0
CORESITE RLTY CORP COM 21870Q105 6,477 201,203 SH   DFND 01 02 03 0 201,203 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 215,095 9,079,562 SH   DFND 01 02 03 0 9,079,562 0
CUBESMART COM 229663109 31,289 1,962,959 SH   DFND 01 02 03 0 1,962,959 0
DCT INDUSTRIAL TRUST INC COM 233153105 38,355 5,379,272 SH   DFND 01 02 03 0 5,379,272 0
DDR CORP COM 23317H102 56,972 3,706,685 SH   DFND 01 02 03 0 3,706,685 0
DIAMONDROCK HOSPITALITY CO COM 252784301 15,998 1,385,117 SH   DFND 01 02 03 0 1,385,117 0
DIGITAL RLTY TR INC COM 253868103 199,954 4,070,716 SH   DFND 01 02 03 0 4,070,716 0
DOUGLAS EMMETT INC COM 25960P109 150,597 6,466,178 SH   DFND 01 02 03 0 6,466,178 0
DUKE REALTY CORP COM NEW 264411505 8,536 567,547 SH   DFND 01 02 03 0 567,547 0
EMPIRE ST RLTY TR INC CL A 292104106 4,690 306,531 SH   DFND 01 02 03 0 306,531 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,120 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 20,108 555,000 SH   DFND 01 02 03 0 555,000 0
EQUITY ONE COM 294752100 32,557 1,450,860 SH   DFND 01 02 03 0 1,450,860 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 680,233 13,114,198 SH   DFND 01 02 03 0 13,114,198 0
ESSEX PPTY TR INC COM 297178105 32,123 223,836 SH   DFND 01 02 03 0 223,836 0
EXCEL TR INC COM 30068C109 3,005 263,834 SH   DFND 01 02 03 0 263,834 0
EXTRA SPACE STORAGE INC COM 30225T102 36,822 874,000 SH   DFND 01 02 03 0 874,000 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 21,712 214,104 SH   DFND 01 02 03 0 214,104 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 7,259 416,000 SH   DFND 01 02 03 0 416,000 0
FOREST CITY ENTERPRISES INC CL A 345550107 57,572 3,014,250 SH   DFND 01 02 03 0 3,014,250 0
FRANKLIN STREET PPTYS CORP COM 35471R106 4,386 367,012 SH   DFND 01 02 03 0 367,012 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 65,836 3,280,332 SH   DFND 01 02 03 0 3,280,332 0
GLIMCHER RLTY TR SH BEN INT 379302102 16,747 1,789,289 SH   DFND 01 02 03 0 1,789,289 0
HCP INC COM 40414L109 118,156 3,253,196 SH   DFND 01 02 03 0 3,253,196 0
HEALTH CARE REIT INC COM 42217K106 73,054 1,363,717 SH   DFND 01 02 03 0 1,363,717 0
HEALTHCARE RLTY TR COM 421946104 5,132 240,836 SH   DFND 01 02 03 0 240,836 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 9,786 1,756,916 SH   DFND 01 02 03 0 1,756,916 0
HIGHWOODS PPTYS INC COM 431284108 5,348 147,855 SH   DFND 01 02 03 0 147,855 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 8,900 400,000 SH   DFND 01 02 03 0 400,000 0
HOST HOTELS & RESORTS INC COM 44107P104 631,110 32,464,517 SH   DFND 01 02 03 0 32,464,517 0
KILROY RLTY CORP COM 49427F108 53,203 1,060,242 SH   DFND 01 02 03 0 1,060,242 0
KIMCO RLTY CORP COM 49446R109 326,486 16,530,922 SH   DFND 01 02 03 0 16,530,922 0
KITE RLTY GROUP TR COM 49803T102 20,950 3,188,800 SH   DFND 01 02 03 0 3,188,800 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 3,373 109,311 SH   DFND 01 02 03 0 109,311 0
LEXINGTON REALTY TRUST COM 529043101 9,788 958,708 SH   DFND 01 02 03 0 958,708 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 442 10,000 SH   DFND 01 02 03 0 10,000 0
LIBERTY PPTY TR SH BEN INT 531172104 16,173 477,493 SH   DFND 01 02 03 0 477,493 0
MACERICH CO COM 554382101 27,162 461,238 SH   DFND 01 02 03 0 461,238 0
MACK CALI RLTY CORP COM 554489104 7,187 334,571 SH   DFND 01 02 03 0 334,571 0
MARRIOTT INTL INC NEW CL A 571903202 26,238 531,553 SH   DFND 01 02 03 0 531,553 0
MID-AMER APT CMNTYS INC COM 59522J103 57,203 941,770 SH   DFND 01 02 03 0 941,770 0
NATIONAL RETAIL PPTYS INC COM 637417106 33,709 1,111,405 SH   DFND 01 02 03 0 1,111,405 0
OMEGA HEALTHCARE INVS INC COM 681936100 20,673 693,715 SH   DFND 01 02 03 0 693,715 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 9,781 515,355 SH   DFND 01 02 03 0 515,355 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 8,132 492,256 SH   DFND 01 02 03 0 492,256 0
POST PPTYS INC COM 737464107 38,325 847,348 SH   DFND 01 02 03 0 847,348 0
PROLOGIS INC COM 74340W103 653,624 17,689,428 SH   DFND 01 02 03 0 17,689,428 0
PUBLIC STORAGE COM 74460D109 591,647 3,930,687 SH   DFND 01 02 03 0 3,930,687 0
REALTY INCOME CORP COM 756109104 37,539 1,005,593 SH   DFND 01 02 03 0 1,005,593 0
REGENCY CTRS CORP COM 758849103 191,206 4,129,729 SH   DFND 01 02 03 0 4,129,729 0
RETAIL PPTYS AMER INC CL A 76131V202 17,894 1,406,764 SH   DFND 01 02 03 0 1,406,764 0
RLJ LODGING TR COM 74965L101 7,624 313,500 SH   DFND 01 02 03 0 313,500 0
SABRA HEALTH CARE REIT INC COM 78573L106 38,027 1,454,750 SH   DFND 01 02 03 0 1,454,750 0
SIMON PPTY GROUP INC NEW COM 828806109 990,584 6,510,140 SH   DFND 01 02 03 0 6,510,140 0
SL GREEN RLTY CORP COM 78440X101 30,872 334,192 SH   DFND 01 02 03 0 334,192 0
SPIRIT RLTY CAP INC NEW COM 84860W102 40,320 4,101,804 SH   DFND 01 02 03 0 4,101,804 0
STAG INDL INC COM 85254J102 10,838 531,544 SH   DFND 01 02 03 0 531,544 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 4,964 62,474 SH   DFND 01 02 03 0 62,474 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 4,204 444,895 SH   DFND 01 02 03 0 444,895 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 36,455 2,720,537 SH   DFND 01 02 03 0 2,720,537 0
TANGER FACTORY OUTLET CTRS I COM 875465106 219,743 6,862,694 SH   DFND 01 02 03 0 6,862,694 0
TAUBMAN CTRS INC COM 876664103 24,672 385,976 SH   DFND 01 02 03 0 385,976 0
TERRENO RLTY CORP COM 88146M101 8,780 496,061 SH   DFND 01 02 03 0 496,061 0
UDR INC COM 902653104 607 26,000 SH   DFND 01 02 03 0 26,000 0
VENTAS INC COM 92276F100 565,332 9,869,635 SH   DFND 01 02 03 0 9,869,635 0
VORNADO RLTY TR SH BEN INT 929042109 612,850 6,902,249 SH   DFND 01 02 03 0 6,902,249 0
W P CAREY INC COM 92936U109 3,681 60,000 SH   DFND 01 02 03 0 60,000 0