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 R.E. Equities COM 015271109 72,009 1,095,700 SH   DFND 01,02 903,800 0 191,900
American Assets Trust COM 024013104 40,749 1,320,440 SH   DFND 01,02 1,180,807 0 139,633
American Campus Communities COM 024835100 31,674 779,000 SH   DFND 01,02 717,900 0 61,100
Armada Hoffler Properties COM 04208T108 7,873 668,300 SH   DFND 01,02 588,400 0 79,900
Avalon Bay Communities COM 053484101 192,824 1,429,277 SH   DFND 01,02 1,209,477 0 219,800
AVIV REIT Inc. COM 05381L101 6,487 256,500 SH   DFND 01,02 233,300 0 23,200
Biomed Realty Trust Inc. COM 09063H107 55,400 2,738,500 SH   DFND 01,02 2,466,200 0 272,300
Boston Properties Inc. COM 101121101 205,013 1,943,800 SH   DFND 01,02 1,603,100 0 340,700
BRE Properties - Cl A COM 05564E106 67,032 1,340,100 SH   DFND 01,02 1,120,200 0 219,900
Brookfield Office Properties Inc. COM 112900105 16,188 970,500 SH   DFND 01,02 859,100 0 111,400
Camden Property Trust COM 133131102 62,745 907,500 SH   DFND 01,02 808,900 0 98,600
CubeSmart COM 229663109 25,809 1,615,100 SH   DFND 01,02 1,437,400 0 177,700
DDR Corp COM 251591103 58,796 3,531,300 SH   DFND 01,02 3,156,200 0 375,100
Douglas Emmett Inc. COM 25960P109 14,049 563,100 SH   DFND 01,02 501,400 0 61,700
Dupont Fabros Technology COM 26613Q106 56,426 2,336,500 SH   DFND 01,02 2,013,200 0 323,300
EPR Properties COM 26884U109 67,960 1,351,900 SH   DFND 01,02 1,140,000 0 211,900
Equity Lifestyle Properties COM 29472R108 60,349 767,900 SH   DFND 01,02 648,300 0 119,600
Equity Residential COM 29476L107 257,490 4,434,900 SH   DFND 01,02 3,770,600 0 664,300
Extra Space Storage Inc. COM 30225T102 67,340 1,606,000 SH   DFND 01,02 1,439,300 0 166,700
Federal Realty Invs Trust COM 313747206 135,924 1,311,000 SH   DFND 01,02 1,059,000 0 252,000
First Potomac Realty Trust COM 33610F109 23,171 1,774,200 SH   DFND 01,02 1,585,800 0 188,400
Forest City Enterprises - Class A COM 345550107 63,582 3,550,100 SH   DFND 01,02 2,981,900 0 568,200
General Growth Properties COM 370023103 6,140 309,000 SH   DFND 01,02 309,000 0 0
HCP Inc. COM 40414L109 183,505 4,038,400 SH   DFND 01,02 3,383,600 0 654,800
Health Care Reit Inc. COM 42217K106 131,915 1,968,000 SH   DFND 01,02 1,695,200 0 272,800
Host Hotels & Resorts COM 44107P104 148,576 8,807,107 SH   DFND 01,02 7,288,307 0 1,518,800
Kilroy Realty Corp. COM 49427F108 111,766 2,108,400 SH   DFND 01,02 1,814,800 0 293,600
Liberty Property Trust COM 531172104 75,801 2,050,900 SH   DFND 01,02 1,713,200 0 337,700
Macerich Company COM 554382101 120,958 1,983,900 SH   DFND 01,02 1,710,100 0 273,800
National Retail Properties COM 637417106 32,924 957,100 SH   DFND 01,02 852,200 0 104,900
Pebblebrook Hotel Trust COM 70509V100 12,558 485,800 SH   DFND 01,02 428,600 0 57,200
Piedmont Office Realty Trust COM 720190206 19,448 1,087,700 SH   DFND 01,02 974,600 0 113,100
ProLogis Inc COM 74340W103 210,591 5,583,000 SH   DFND 01,02 4,717,700 0 865,300
Public Storage Inc. COM 74460D109 222,758 1,452,800 SH   DFND 01,02 1,216,500 0 236,300
Ramco Gershenson Properties COM 751452202 15,311 985,900 SH   DFND 01,02 916,800 0 69,100
Regency Centers Corp. COM 758849103 54,966 1,081,800 SH   DFND 01,02 975,800 0 106,000
Retail Opportunity Investments Corp. COM 76131N101 29,148 2,097,000 SH   DFND 01,02 1,867,400 0 229,600
Retail Properties of America Inc. COM 76131V202 17,410 1,219,200 SH   DFND 01,02 1,085,900 0 133,300
RLJ Lodging Trust COM 74965L101 39,252 1,745,300 SH   DFND 01,02 1,554,100 0 191,200
Simon Property Group COM 828806109 483,488 3,061,600 SH   DFND 01,02 2,595,300 0 466,300
Starwood Hotels & Resorts COM 85590A401 30,053 475,600 SH   DFND 01,02 421,400 0 54,200
Ventas Inc. COM 92276F100 171,240 2,465,302 SH   DFND 01,02 2,086,802 0 378,500
Vornado Realty Trust COM 929042109 137,158 1,655,500 SH   DFND 01,02 1,409,100 0 246,400