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 68,130 2,084,769 SH   DFND 1,2,3 2,084,769 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 501,991 4,517,155 SH   DFND 1,2,3 4,517,155 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 80,328 1,613,986 SH   DFND 1,2,3 1,613,986 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 41,127 1,960,290 SH   DFND 1,2,3 1,960,290 0 0
AVALONBAY CMNTYS INC COM 053484101 797,387 4,501,197 SH   DFND 1,2,3 4,501,197 0 0
BANK OF NOVA SCOTIA NOTE 4.500%12/1 064159HB5 15,413 15,000,000 SH   DFND 1,2,3 15,000,000 0 0
BASIC ENERGY SVCS INC NEW COM NEW 06985P209 5,782 163,575 SH   DFND 1,2,3 163,575 0 0
BOSTON PROPERTIES INC COM 101121101 815,973 6,487,303 SH   DFND 1,2,3 6,487,303 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 379,543 15,542,319 SH   DFND 1,2,3 15,542,319 0 0
CARE CAP PPTYS INC COM 141624106 47,538 1,901,515 SH   DFND 1,2,3 1,901,515 0 0
COUSINS PPTYS INC COM 222795106 34,253 4,025,000 SH   DFND 1,2,3 4,025,000 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 127,339 2,659,552 SH   DFND 1,2,3 2,659,552 0 0
DDR CORP COM 23317H102 62,853 4,116,120 SH   DFND 1,2,3 4,116,120 0 0
DIGITAL RLTY TR INC COM 253868103 512,228 5,212,989 SH   DFND 1,2,3 5,212,989 0 0
DUKE REALTY CORP COM NEW 264411505 117,055 4,407,200 SH   DFND 1,2,3 4,407,200 0 0
ENBRIDGE INC NOTE 6.000% 1/1 29250NAN5 9,971 10,000,000 SH   DFND 1,2,3 10,000,000 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,435 40,000 SH   DFND 1,2,3 40,000 0 0
EQUINIX INC COM PAR $0.001 29444U700 83,341 233,181 SH   DFND 1,2,3 233,181 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 83,068 1,152,119 SH   DFND 1,2,3 1,152,119 0 0
EQUITY ONE COM 294752100 71,442 2,327,845 SH   DFND 1,2,3 2,327,845 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,001,067 15,554,178 SH   DFND 1,2,3 15,554,178 0 0
ESSEX PPTY TR INC COM 297178105 116,904 502,815 SH   DFND 1,2,3 502,815 0 0
EXTRA SPACE STORAGE INC COM 30225T102 92,120 1,192,641 SH   DFND 1,2,3 1,192,641 0 0
GRAMERCY PPTY TR COM 385002100 42,469 4,626,296 SH   DFND 1,2,3 4,626,296 0 0
HCP INC COM 40414L109 39,617 1,332,998 SH   DFND 1,2,3 1,332,998 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 89,078 3,060,031 SH   DFND 1,2,3 3,060,031 0 0
HIGHWOODS PPTYS INC COM 431284108 112,728 2,209,929 SH   DFND 1,2,3 2,209,929 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 96,490 3,547,422 SH   DFND 1,2,3 3,547,422 0 0
HOST HOTELS & RESORTS INC COM 44107P104 310,752 16,494,244 SH   DFND 1,2,3 16,494,244 0 0
KILROY RLTY CORP COM 49427F108 76,753 1,048,251 SH   DFND 1,2,3 1,048,251 0 0
KIMCO RLTY CORP COM 49446R109 211,718 8,414,850 SH   DFND 1,2,3 8,414,850 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 499 10,000 SH   DFND 1,2,3 10,000 0 0
LIFE STORAGE INC COM 53223X107 42,008 492,700 SH   DFND 1,2,3 492,700 0 0
MID AMER APT CMNTYS INC COM 59522J103 330,824 3,378,517 SH   DFND 1,2,3 3,378,517 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 67,262 1,521,770 SH   DFND 1,2,3 1,521,770 0 0
PARAMOUNT GROUP INC COM 69924R108 34,903 2,182,783 SH   DFND 1,2,3 2,182,783 0 0
PARKWAY INC COM 70156Q107 17,279 776,600 SH   DFND 1,2,3 776,600 0 0
PENN VA CORP NEW COM 70788V102 1,080 22,035 SH   DFND 1,2,3 22,035 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 64,594 3,406,831 SH   DFND 1,2,3 3,406,831 0 0
PROLOGIS INC COM 74340W103 904,931 17,142,097 SH   DFND 1,2,3 17,142,097 0 0
PUBLIC STORAGE COM 74460D109 889,535 3,980,023 SH   DFND 1,2,3 3,980,023 0 0
REGENCY CTRS CORP COM 758849103 308,806 4,478,700 SH   DFND 1,2,3 4,478,700 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 677 28,746 SH   DFND 1,2,3 28,746 0 0
SANDRIDGE ENERGY INC NOTE 10/0 80007PBC2 854 677,710 SH   DFND 1,2,3 677,710 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,234,586 6,948,757 SH   DFND 1,2,3 6,948,757 0 0
SL GREEN RLTY CORP COM 78440X101 58,561 544,500 SH   DFND 1,2,3 544,500 0 0
STORE CAP CORP COM 862121100 94,388 3,819,844 SH   DFND 1,2,3 3,819,844 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 53,668 3,519,190 SH   DFND 1,2,3 3,519,190 0 0
TAUBMAN CTRS INC COM 876664103 278,744 3,770,373 SH   DFND 1,2,3 3,770,373 0 0
TERRENO RLTY CORP COM 88146M101 47,332 1,661,338 SH   DFND 1,2,3 1,661,338 0 0
VENTAS INC COM 92276F100 846,855 13,545,351 SH   DFND 1,2,3 13,545,351 0 0
VEREIT INC COM 92339V100 42,704 5,047,748 SH   DFND 1,2,3 5,047,748 0 0
VORNADO RLTY TR SH BEN INT 929042109 593,595 5,687,407 SH   DFND 1,2,3 5,687,407 0 0
XENIA HOTELS & RESORTS INC COM 984017103 52,565 2,706,770 SH   DFND 1,2,3 2,706,770 0 0