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 5,341 216,417 SH   DFND 01 02 03 0 216,417 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 346,112 5,420,703 SH   DFND 01 02 03 0 5,420,703 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 34,505 1,010,390 SH   DFND 01 02 03 0 1,010,390 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 5,927 336,550 SH   DFND 01 02 03 0 336,550 0
APARTMENT INVT & MGMT CO CL A 03748R101 42,628 1,525,701 SH   DFND 01 02 03 0 1,525,701 0
AVALONBAY CMNTYS INC COM 053484101 598,738 4,711,137 SH   DFND 01 02 03 0 4,711,137 0
AVIV REIT INC MD COM 05381L101 2,366 103,778 SH   DFND 01 02 03 0 103,778 0
BLACKSTONE MTG TR INC COM CL A 09257W100 11,556 458,766 SH   DFND 01 02 03 0 458,766 0
BOSTON PROPERTIES INC COM 101121101 495,354 4,633,804 SH   DFND 01 02 03 0 4,633,804 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 3,500 265,561 SH   DFND 01 02 03 0 265,561 0
BROOKFIELD OFFICE PPTYS INC COM 112900105 13,163 685,396 SH   DFND 01 02 03 0 685,396 0
CBL & ASSOC PPTYS INC COM 124830100 5,037 263,737 SH   DFND 01 02 03 0 263,737 0
COLE REAL ESTATE INVTS INC COM 19329V105 35,186 2,870,000 SH   DFND 01 02 03 0 2,870,000 0
COMMONWEALTH REIT COM SH BEN INT 203233101 8,019 366,000 SH   DFND 01 02 03 0 366,000 0
CORESITE RLTY CORP COM 21870Q105 7,117 209,706 SH   DFND 01 02 03 0 209,706 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 207,428 8,979,562 SH   DFND 01 02 03 0 8,979,562 0
CUBESMART COM 229663109 19,523 1,094,330 SH   DFND 01 02 03 0 1,094,330 0
DCT INDUSTRIAL TRUST INC COM 233153105 28,274 3,932,349 SH   DFND 01 02 03 0 3,932,349 0
DDR CORP COM 23317H102 58,667 3,734,371 SH   DFND 01 02 03 0 3,734,371 0
DIAMONDROCK HOSPITALITY CO COM 252784301 15,404 1,443,652 SH   DFND 01 02 03 0 1,443,652 0
DIGITAL RLTY TR INC COM 253868103 283,236 5,334,010 SH   DFND 01 02 03 0 5,334,010 0
DOUGLAS EMMETT INC COM 25960P109 151,761 6,466,178 SH   DFND 01 02 03 0 6,466,178 0
DUKE REALTY CORP COM NEW 264411505 9,133 591,532 SH   DFND 01 02 03 0 591,532 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,176 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 17,671 517,158 SH   DFND 01 02 03 0 517,158 0
EQUITY ONE COM 294752100 34,829 1,593,254 SH   DFND 01 02 03 0 1,593,254 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 660,869 12,336,557 SH   DFND 01 02 03 0 12,336,557 0
ESSEX PPTY TR INC COM 297178105 51,209 346,707 SH   DFND 01 02 03 0 346,707 0
EXCEL TR INC COM 30068C109 24,474 2,039,501 SH   DFND 01 02 03 0 2,039,501 0
EXTRA SPACE STORAGE INC COM 30225T102 69,877 1,527,377 SH   DFND 01 02 03 0 1,527,377 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 16,423 161,880 SH   DFND 01 02 03 0 161,880 0
FOREST CITY ENTERPRISES INC CL A 345550107 50,605 2,671,847 SH   DFND 01 02 03 0 2,671,847 0
FRANKLIN STREET PPTYS CORP COM 35471R106 4,676 367,012 SH   DFND 01 02 03 0 367,012 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 105,407 5,464,348 SH   DFND 01 02 03 0 5,464,348 0
GLIMCHER RLTY TR SH BEN INT 379302102 11,405 1,169,717 SH   DFND 01 02 03 0 1,169,717 0
HCP INC COM 40414L109 130,990 3,198,777 SH   DFND 01 02 03 0 3,198,777 0
HEALTH CARE REIT INC COM 42217K106 91,036 1,459,381 SH   DFND 01 02 03 0 1,459,381 0
HEALTHCARE RLTY TR COM 421946104 5,801 251,014 SH   DFND 01 02 03 0 251,014 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 10,236 1,831,163 SH   DFND 01 02 03 0 1,831,163 0
HIGHWOODS PPTYS INC COM 431284108 5,221 147,855 SH   DFND 01 02 03 0 147,855 0
HOME PROPERTIES INC COM 437306103 10,203 176,668 SH   DFND 01 02 03 0 176,668 0
HOST HOTELS & RESORTS INC COM 44107P104 613,491 34,719,329 SH   DFND 01 02 03 0 34,719,329 0
HYATT HOTELS CORP COM CL A 448579102 1,985 46,211 SH   DFND 01 02 03 0 46,211 0
KILROY RLTY CORP COM 49427F108 54,116 1,083,400 SH   DFND 01 02 03 0 1,083,400 0
KIMCO RLTY CORP COM 49446R109 398,351 19,739,870 SH   DFND 01 02 03 0 19,739,870 0
KITE RLTY GROUP TR COM 49803T102 18,608 3,137,919 SH   DFND 01 02 03 0 3,137,919 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 6,298 220,834 SH   DFND 01 02 03 0 220,834 0
LEXINGTON REALTY TRUST COM 529043101 16,204 1,442,923 SH   DFND 01 02 03 0 1,442,923 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 458 10,000 SH   DFND 01 02 03 0 10,000 0
LIBERTY PPTY TR SH BEN INT 531172104 21,253 596,985 SH   DFND 01 02 03 0 596,985 0
MACERICH CO COM 554382101 30,075 532,874 SH   DFND 01 02 03 0 532,874 0
MACK CALI RLTY CORP COM 554489104 4,093 186,571 SH   DFND 01 02 03 0 186,571 0
MARRIOTT INTL INC NEW CL A 571903202 19,525 464,221 SH   DFND 01 02 03 0 464,221 0
MID-AMER APT CMNTYS INC COM 59522J103 43,306 692,892 SH   DFND 01 02 03 0 692,892 0
NATIONAL RETAIL PPTYS INC COM 637417106 12,295 386,405 SH   DFND 01 02 03 0 386,405 0
OMEGA HEALTHCARE INVS INC COM 681936100 21,597 723,031 SH   DFND 01 02 03 0 723,031 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 8,546 492,256 SH   DFND 01 02 03 0 492,256 0
POST PPTYS INC COM 737464107 35,352 785,243 SH   DFND 01 02 03 0 785,243 0
PROLOGIS INC COM 74340W103 585,032 15,551,077 SH   DFND 01 02 03 0 15,551,077 0
PUBLIC STORAGE COM 74460D109 651,034 4,055,023 SH   DFND 01 02 03 0 4,055,023 0
REALTY INCOME CORP COM 756109104 44,444 1,118,076 SH   DFND 01 02 03 0 1,118,076 0
REGENCY CTRS CORP COM 758849103 202,401 4,186,170 SH   DFND 01 02 03 0 4,186,170 0
RETAIL PPTYS AMER INC CL A 76131V202 794 57,764 SH   DFND 01 02 03 0 57,764 0
SABRA HEALTH CARE REIT INC COM 78573L106 27,666 1,202,337 SH   DFND 01 02 03 0 1,202,337 0
SIMON PPTY GROUP INC NEW COM 828806109 958,975 6,469,509 SH   DFND 01 02 03 0 6,469,509 0
SL GREEN RLTY CORP COM 78440X101 63,069 709,918 SH   DFND 01 02 03 0 709,918 0
SPIRIT RLTY CAP INC NEW COM 84860W102 10,662 1,161,404 SH   DFND 01 02 03 0 1,161,404 0
ST JOE CO COM 790148100 5,005 255,075 SH   DFND 01 02 03 0 255,075 0
STAG INDL INC COM 85254J102 6,650 330,541 SH   DFND 01 02 03 0 330,541 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 1,279 19,255 SH   DFND 01 02 03 0 19,255 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 6,151 708,627 SH   DFND 01 02 03 0 708,627 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 40,774 3,200,455 SH   DFND 01 02 03 0 3,200,455 0
TANGER FACTORY OUTLET CTRS I COM 875465106 228,840 7,008,871 SH   DFND 01 02 03 0 7,008,871 0
TAUBMAN CTRS INC COM 876664103 33,069 491,291 SH   DFND 01 02 03 0 491,291 0
TERRENO RLTY CORP COM 88146M101 8,810 496,061 SH   DFND 01 02 03 0 496,061 0
UDR INC COM 902653104 13,243 558,777 SH   DFND 01 02 03 0 558,777 0
VENTAS INC COM 92276F100 608,619 9,896,248 SH   DFND 01 02 03 0 9,896,248 0
VORNADO RLTY TR SH BEN INT 929042109 540,680 6,432,067 SH   DFND 01 02 03 0 6,432,067 0