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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 362,207 5,511,366 SH   DFND 01 02 03 0 5,511,366 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 56,761 1,395,984 SH   DFND 01 02 03 0 1,395,984 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 3,096 180,000 SH   DFND 01 02 03 0 180,000 0
AVALONBAY CMNTYS INC COM 053484101 640,881 4,750,433 SH   DFND 01 02 03 0 4,750,433 0
AVIV REIT INC MD COM 05381L101 4,249 168,000 SH   DFND 01 02 03 0 168,000 0
BLACKSTONE MTG TR INC COM CL A 09257W100 12,350 500,000 SH   DFND 01 02 03 0 500,000 0
BOSTON PROPERTIES INC COM 101121101 492,130 4,666,066 SH   DFND 01 02 03 0 4,666,066 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 3,913 289,431 SH   DFND 01 02 03 0 289,431 0
BROOKFIELD OFFICE PPTYS INC COM 112900105 12,384 747,000 SH   DFND 01 02 03 0 747,000 0
CAMDEN PPTY TR SH BEN INT 133131102 26,273 380,000 SH   DFND 01 02 03 0 380,000 0
CBL & ASSOC PPTYS INC COM 124830100 18,966 885,445 SH   DFND 01 02 03 0 885,445 0
COMMONWEALTH REIT COM SH BEN INT 203233101 19,121 827,051 SH   DFND 01 02 03 0 827,051 0
CORESITE RLTY CORP COM 21870Q105 7,552 237,402 SH   DFND 01 02 03 0 237,402 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 235,159 9,221,938 SH   DFND 01 02 03 0 9,221,938 0
CUBESMART COM 229663109 19,797 1,238,861 SH   DFND 01 02 03 0 1,238,861 0
DCT INDUSTRIAL TRUST INC COM 233153105 15,730 2,200,000 SH   DFND 01 02 03 0 2,200,000 0
DDR CORP COM 23317H102 69,192 4,155,660 SH   DFND 01 02 03 0 4,155,660 0
DIAMONDROCK HOSPITALITY CO COM 252784301 15,232 1,634,320 SH   DFND 01 02 03 0 1,634,320 0
DIGITAL RLTY TR INC COM 253868103 328,170 5,379,837 SH   DFND 01 02 03 0 5,379,837 0
DOUGLAS EMMETT INC COM 25960P109 161,331 6,466,178 SH   DFND 01 02 03 0 6,466,178 0
DUKE REALTY CORP COM NEW 264411505 23,136 1,484,000 SH   DFND 01 02 03 0 1,484,000 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 7,030 291,109 SH   DFND 01 02 03 0 291,109 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,280 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 24,762 315,084 SH   DFND 01 02 03 0 315,084 0
EQUITY ONE COM 294752100 45,854 2,026,228 SH   DFND 01 02 03 0 2,026,228 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 734,224 12,645,953 SH   DFND 01 02 03 0 12,645,953 0
ESSEX PPTY TR INC COM 297178105 61,204 385,127 SH   DFND 01 02 03 0 385,127 0
EXCEL TR INC COM 30068C109 26,094 2,036,993 SH   DFND 01 02 03 0 2,036,993 0
EXTRA SPACE STORAGE INC COM 30225T102 74,871 1,785,623 SH   DFND 01 02 03 0 1,785,623 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 19,000 183,259 SH   DFND 01 02 03 0 183,259 0
FOREST CITY ENTERPRISES INC CL A 345550107 54,574 3,047,141 SH   DFND 01 02 03 0 3,047,141 0
FRANKLIN STREET PPTYS CORP COM 35471R106 5,280 400,000 SH   DFND 01 02 03 0 400,000 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 108,298 5,450,306 SH   DFND 01 02 03 0 5,450,306 0
HCP INC COM 40414L109 134,536 2,960,739 SH   DFND 01 02 03 0 2,960,739 0
HEALTH CARE REIT INC COM 42217K106 136,412 2,035,091 SH   DFND 01 02 03 0 2,035,091 0
HEALTHCARE RLTY TR COM 421946104 9,683 379,739 SH   DFND 01 02 03 0 379,739 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 11,692 2,073,010 SH   DFND 01 02 03 0 2,073,010 0
HIGHWOODS PPTYS INC COM 431284108 5,738 161,145 SH   DFND 01 02 03 0 161,145 0
HOST HOTELS & RESORTS INC COM 44107P104 593,444 35,177,455 SH   DFND 01 02 03 0 35,177,455 0
KILROY RLTY CORP COM 49427F108 67,254 1,268,703 SH   DFND 01 02 03 0 1,268,703 0
KIMCO RLTY CORP COM 49446R109 426,256 19,890,600 SH   DFND 01 02 03 0 19,890,600 0
KITE RLTY GROUP TR COM 49803T102 18,414 3,053,681 SH   DFND 01 02 03 0 3,053,681 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 6,175 250,000 SH   DFND 01 02 03 0 250,000 0
LEXINGTON REALTY TRUST COM 529043101 11,679 999,923 SH   DFND 01 02 03 0 999,923 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 478 10,000 SH   DFND 01 02 03 0 10,000 0
LIBERTY PPTY TR SH BEN INT 531172104 8,408 227,500 SH   DFND 01 02 03 0 227,500 0
MACERICH CO COM 554382101 37,862 621,000 SH   DFND 01 02 03 0 621,000 0
MACK CALI RLTY CORP COM 554489104 4,980 203,340 SH   DFND 01 02 03 0 203,340 0
MARRIOTT INTL INC NEW CL A 571903202 13,142 325,549 SH   DFND 01 02 03 0 325,549 0
MID-AMER APT CMNTYS INC COM 59522J103 43,983 649,000 SH   DFND 01 02 03 0 649,000 0
NATIONAL RETAIL PPTYS INC COM 637417106 14,487 421,135 SH   DFND 01 02 03 0 421,135 0
OMEGA HEALTHCARE INVS INC COM 681936100 27,856 898,000 SH   DFND 01 02 03 0 898,000 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 9,593 536,500 SH   DFND 01 02 03 0 536,500 0
POST PPTYS INC COM 737464107 40,468 817,700 SH   DFND 01 02 03 0 817,700 0
PROLOGIS INC COM 74340W103 583,659 15,473,460 SH   DFND 01 02 03 0 15,473,460 0
PUBLIC STORAGE COM 74460D109 632,826 4,127,219 SH   DFND 01 02 03 0 4,127,219 0
REALTY INCOME CORP COM 756109104 42,702 1,018,650 SH   DFND 01 02 03 0 1,018,650 0
REGENCY CTRS CORP COM 758849103 215,089 4,233,210 SH   DFND 01 02 03 0 4,233,210 0
SABRA HEALTH CARE REIT INC COM 78573L106 29,732 1,138,722 SH   DFND 01 02 03 0 1,138,722 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 5,482 211,434 SH   DFND 01 02 03 0 211,434 0
SIMON PPTY GROUP INC NEW COM 828806109 1,046,067 6,624,030 SH   DFND 01 02 03 0 6,624,030 0
SL GREEN RLTY CORP COM 78440X101 91,729 1,040,130 SH   DFND 01 02 03 0 1,040,130 0
SPIRIT RLTY CAP INC COM 84860F109 11,775 664,527 SH   DFND 01 02 03 0 664,527 0
ST JOE CO COM 790148100 5,852 278,000 SH   DFND 01 02 03 0 278,000 0
STAG INDL INC COM 85254J102 9,875 494,992 SH   DFND 01 02 03 0 494,992 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 7,108 802,217 SH   DFND 01 02 03 0 802,217 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 45,422 3,760,076 SH   DFND 01 02 03 0 3,760,076 0
TANGER FACTORY OUTLET CTRS I COM 875465106 237,467 7,097,049 SH   DFND 01 02 03 0 7,097,049 0
TAUBMAN CTRS INC COM 876664103 42,894 570,772 SH   DFND 01 02 03 0 570,772 0
TERRENO RLTY CORP COM 88146M101 9,745 525,880 SH   DFND 01 02 03 0 525,880 0
UDR INC COM 902653104 28,156 1,104,577 SH   DFND 01 02 03 0 1,104,577 0
VENTAS INC COM 92276F100 694,572 9,999,598 SH   DFND 01 02 03 0 9,999,598 0
VORNADO RLTY TR SH BEN INT 929042109 536,708 6,478,070 SH   DFND 01 02 03 0 6,478,070 0