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
BROOKFIELD INFRAST PARTNERS LP INT UNIT G16252101 2,041 48,930 SH   DFND   0 48,930 0
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 1,690,982 81,493,112 SH   DFND   0 81,493,112 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,114 60,000 SH   DFND   0 0 60,000
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 944,366 45,249,931 SH   DFND   0 45,249,931 0
AGRIUM INC COM 008916108 641 7,000 SH   SOLE   7,000 0 0
BANK MONTREAL QUE COM 063671101 500 6,800 SH   SOLE   6,800 0 0
BANK N S HALIFAX COM 064149107 1,066 16,000 SH   SOLE   16,000 0 0
CANADIAN NAT RES LTD COM 136385101 395 8,600 SH   SOLE   8,600 0 0
CRESCENT PT ENERGY CORP COM 22576C101 1,112 25,100 SH   SOLE   25,100 0 0
CDN IMPERIAL BK COMM TORONTO COM 136069101 509 5,600 SH   SOLE   5,600 0 0
ENBRIDGE INC COM 29250N105 636 13,400 SH   SOLE   13,400 0 0
JUST ENERGY GROUP INC COM 48213W101 192 33,368 SH   SOLE   33,368 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 1,243 17,400 SH   SOLE   17,400 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 1,080 21,000 SH   SOLE   21,000 0 0
TRANSCANADA CORP COM 89353D107 191 4,000 SH   SOLE   4,000 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 6,016,188 255,356,037 SH   SOLE 2 255,356,037 0 0
ROUSE PPTYS INC COM 779287101 331,722 19,387,624 SH   SOLE 2 19,387,624 0 0
BROOKFIELD CDA OFFICE PPTYS TR UNIT 112823109 271,181 10,564,117 SH   SOLE   10,564,117 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 5,459 131,706 SH   DFND 1 131,706 0 0
ALEXANDERS INC COM 014752109 32,163 87,052 SH   DFND 1 55,089 0 31,963
AMERICAN WTR WKS CO INC NEW COM 030420103 79,526 1,608,211 SH   DFND 1 1,203,211 0 405,000
APPLE INC COM 037833100 9,827 105,700 SH   DFND 1 105,700 0 0
ATLAS PIPELINE PARTNERS LP UNIT L P INT 049392103 58,188 1,691,500 SH   DFND 1 1,300,400 0 391,100
AVALONBAY CMNTYS INC COM 053484101 136,631 960,906 SH   DFND 1 626,838 0 334,068
BP PLC SPONSORED ADR 055622104 15,060 285,609 SH   DFND 1 285,609 0 0
BANK OF AMERICA CORPORATION COM 060505104 24,023 1,562,983 SH   DFND 1 1,562,983 0 0
BANK OF AMERICA CORPORATION *W EXP 10/28/201 060505153 338 450,000 SH   DFND 1 450,000 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 16,852 910,930 SH   DFND 1 910,930 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 63,031 4,040,454 SH   DFND 1 2,615,754 0 1,424,700
BREITBURN ENERGY PARTNERS LP COM UT LTD PTN 106776107 289 13,075 SH   DFND 1 13,075 0 0
CBL & ASSOC PPTYS INC COM 124830100 227,109 11,953,124 SH   DFND 1 7,664,738 0 4,288,386
CAMDEN PPTY TR SH BEN INT 133131102 67,522 949,010 SH   DFND 1 558,664 0 390,346
CEMEX SAB DE CV SPON ADR NEW 151290889 20,205 1,527,216 SH   DFND 1 1,527,216 0 0
CENTURYLINK INC COM 156700106 1,659 45,820 SH   DFND 1 45,820 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 1,773 26,000 SH   DFND 1 26,000 0 0
CITIGROUP INC COM NEW 172967424 50,993 1,082,650 SH   DFND 1 1,082,650 0 0
COCA COLA CO COM 191216100 6,849 161,800 SH   DFND 1 161,800 0 0
CRESTWOOD EQUITY PARTNERS LP UNIT LTD PARTNER 226344109 66,295 4,458,337 SH   DFND 1 3,376,937 0 1,081,400
CRESTWOOD MIDSTREAM PARTNERS UNIT LTD PARTNER 226378107 2,633 119,300 SH   DFND 1 119,300 0 0
CROWN CASTLE INTL CORP COM 228227104 111,308 1,498,901 SH   DFND 1 1,149,501 0 349,400
DCT INDUSTRIAL TRUST INC COM 233153105 86,232 10,503,257 SH   DFND 1 6,426,357 0 4,076,900
EL PASO PIPELINE PARTNERS L COM UNIT LPI 283702108 40,440 1,116,200 SH   DFND 1 731,400 0 384,800
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 6,613 252,500 SH   DFND 1 252,500 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 98,296 1,255,541 SH   DFND 1 784,041 0 471,500
FORD MTR CO DEL COM PAR $0.01 345370860 2,152 124,800 SH   DFND 1 124,800 0 0
GENERAL ELECTRIC CO COM 369604103 1,978 75,250 SH   DFND 1 75,250 0 0
GENERAL MLS INC COM 370334104 6,812 129,696 SH   DFND 1 129,696 0 0
GENESEE & WYO INC CL A 371559105 9,985 95,100 SH   DFND 1 95,100 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 4,028 79,300 SH   DFND 1 79,300 0 0
HALLIBURTON CO COM 406216101 16,290 229,410 SH   DFND 1 229,410 0 0
HIGHWOODS PPTYS INC COM 431284108 145,302 3,463,691 SH   DFND 1 2,112,143 0 1,351,548
HYATT HOTELS CORP COM CL A 448579102 33,664 552,054 SH   DFND 1 351,596 0 200,458
IRON MTN INC COM 462846106 196,432 5,541,114 SH   DFND 1 3,562,945 0 1,978,169
ITC HLDGS CORP COM 465685105 649 17,800 SH   DFND 1 17,800 0 0
JOHNSON & JOHNSON COM 478160104 8,017 76,656 SH   DFND 1 76,656 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 185,464 1,725,089 SH   DFND 1 1,347,989 0 377,100
KELLOGG CO COM 487836108 6,446 98,120 SH   DFND 1 98,120 0 0
KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 145,002 1,763,800 SH   DFND 1 1,103,500 0 660,300
LIBERTY PPTY TR SH BEN INT 531172104 57,551 1,517,302 SH   DFND 1 1,003,171 0 514,131
MARKWEST ENERGY PARTNERS L P UNIT LTD PARTN 570759100 86,744 1,211,844 SH   DFND 1 867,544 0 344,300
MCDONALDS CORP COM 580135101 6,442 63,950 SH   DFND 1 63,950 0 0
MONDELEZ INTL INC CL A 609207105 8,152 216,750 SH   DFND 1 216,750 0 0
NORTH AMERN ENERGY PARTNERS COM 656844107 3,830 475,741 SH   DFND 1 475,741 0 0
OGE ENERGY CORP COM 670837103 7,601 194,500 SH   DFND 1 194,500 0 0
PEMBINA PIPELINE CORP COM 706327103 34,263 796,805 SH   DFND 1 796,805 0 0
PENNEY J C INC COM 708160106 26,858 2,967,758 SH   DFND 1 2,591,458 0 376,300
PHILIP MORRIS INTL INC COM 718172109 5,841 69,300 SH   DFND 1 69,300 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 44,849 746,863 SH   DFND 1 517,963 0 228,900
POST PPTYS INC COM 737464107 6,661 124,600 SH   DFND 1 0 0 124,600
PROCTER & GAMBLE CO COM 742718109 6,385 81,230 SH   DFND 1 81,230 0 0
PULTE GROUP INC COM 745867101 8,969 444,900 SH   DFND 1 279,000 0 165,900
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 13,703 157,500 SH   DFND 1 157,500 0 0
SEMPRA ENERGY COM 816851109 219,770 2,098,845 SH   DFND 1 1,677,645 0 421,200
SIMON PPTY GROUP INC NEW COM 828806109 99,142 596,236 SH   DFND 1 393,624 0 202,612
SPECTRA ENERGY CORP COM 847560109 272,909 6,424,402 SH   DFND 1 5,031,902 0 1,392,500
SUN LIFE FINL INC COM 866796105 13,769 374,600 SH   DFND 1 374,600 0 0
TALLGRASS ENERGY PARTNERS LP COM UNIT 874697105 1,814 46,750 SH   DFND 1 46,750 0 0
UNION PAC CORP COM 907818108 11,591 116,200 SH   DFND 1 116,200 0 0
VORNADO RLTY TR SH BEN UNIT 929042109 130,483 1,222,549 SH   DFND 1 789,062 0 433,487
WASHINGTON PRIME GROUP INC COM 939647103 41,038 2,189,866 SH   DFND 1 1,418,960 0 770,906
WASTE CONNECTIONS INC COM 941053100 106,242 2,188,299 SH   DFND 1 1,638,699 0 549,600
WEYERHAEUSER CO COM 962166104 103,085 3,115,288 SH   DFND 1 2,025,388 0 1,089,900
WILLIAMS COS INC DEL COM 969457100 256,491 4,406,308 SH   DFND 1 3,642,908 0 763,400
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 1,933 100,000 SH   DFND 1 100,000 0 0
AES CORP COM 00130H105 2,069 133,050 SH   DFND 1 133,050 0 0
ACCESS MIDSTREAM PARTNERS L UNIT 00434L109 87,498 1,376,834 SH   DFND 1 993,234 0 383,600
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 3,534 54,550 SH   DFND 1 54,550 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 63,690 5,083,027 SH   DFND 1 3,298,212 0 1,784,815
AMERICAN TOWERS CORP NEW COM 03027X100 365,750 4,064,789 SH   DFND 1 3,204,489 0 860,300
B & G FOODS INC NEW COM 05508R106 451 13,810 SH   DFND 1 13,810 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 16,522 787,535 SH   DFND 1 438,655 0 348,880
BLACKBERRY LTD COM 09228F103 717 70,000 SH   DFND 1 70,000 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 58,109 2,532,004 SH   DFND 1 1,675,404 0 856,600
CLECO CORP NEW COM 12561W105 3,537 60,000 SH   DFND 1 60,000 0 0
CBS OUTDOOR AMERS INC COM 14987J106 48,563 1,486,011 SH   DFND 1 833,227 0 652,784
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 10,112 208,027 SH   DFND 1 208,027 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 60,297 5,624,718 SH   DFND 1 4,099,718 0 1,525,000
CORENERGY INFRASTRUCTURE TRUST COM 21870U205 3,060 412,900 SH   DFND 1 412,900 0 0
DDR CORP COM 23317H102 47,556 2,697,430 SH   DFND 1 1,509,430 0 1,188,000
DOUGLAS EMMETT INC COM 25960P109 91,442 3,240,315 SH   DFND 1 2,081,915 0 1,158,400
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 96,908 3,594,513 SH   DFND 1 2,372,579 0 1,221,934
EPR PPTYS CONV PFD 9% SR E 26884U307 5,601 177,698 SH   DFND 1 177,698 0 0
EQT MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 57,106 590,301 SH   DFND 1 415,401 0 174,900
EV ENERGY PARTNERS LP COM UNITS 26926V107 75,780 1,912,684 SH   DFND 1 1,570,039 0 342,645
EAGLE ROCK ENERGY PARTNERS L UNIT 26985R104 5,550 1,114,366 SH   DFND 1 1,114,366 0 0
EDUCATION RLTY TR INC COM 28140H104 26,850 2,500,000 SH   DFND 1 1,576,200 0 923,800
EMERGE ENERGY SVCS LP COM REP PARTN 29102H108 17,069 161,330 SH   DFND 1 161,330 0 0
ENBRIDGE INC COM 29250N105 6,408 135,000 SH   DFND 1 135,000 0 0
ENBRIDGE ENERGY MANAGEMENT L SHS UNITS LLI 29250X103 10,193 289,157 SH   DFND 1 289,157 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 6,516 112,400 SH   DFND 1 112,400 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 100,103 1,698,382 SH   DFND 1 1,218,582 0 479,800
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 245 7,800 SH   DFND 1 7,800 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 110,595 1,755,480 SH   DFND 1 1,124,281 0 631,199
EXTERRAN PARTNERS LP COM UNITS 30225N105 9,397 332,300 SH   DFND 1 332,300 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 3,706 634,644 SH   DFND 1 634,644 0 0
GENERAL MTRS CO COM 37045V100 25,391 699,464 SH   DFND 1 699,464 0 0
GENERAL MTRS CO *W EXP 7/10/201 37045V118 1,156 43,447 SH   DFND 1 43,447 0 0
GENERAL MTRS CO *W EXP 7/10/201 37045V126 806 43,447 SH   DFND 1 43,447 0 0
GRAMERCY PPTY TR INC COM 38489R100 16,913 2,795,500 SH   DFND 1 1,842,600 0 952,900
HCP INC COM 40414L109 106,274 2,568,255 SH   DFND 1 1,702,346 0 865,909
HOST HOTELS & RESORTS INC COM 44107P104 67,796 3,080,214 SH   DFND 1 1,955,591 0 1,124,623
JPMORGAN CHASE & CO COM 46625H100 27,035 469,200 SH   DFND 1 469,200 0 0
KBR INC COM 48242W106 716 30,000 SH   DFND 1 30,000 0 0
KINDER MORGAN MANAGEMENT LLC SHS 49455U100 88,080 1,115,922 SH   DFND 1 1,115,922 0 0
LA QUINTA HLDGS INC COM 50420D108 6,856 358,200 SH   DFND 1 0 0 358,200
MARLIN MIDSTREAM PARTNERS LP COM UTLTD PTN IN 57118V100 2,036 100,000 SH   DFND 1 100,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 88,255 1,208,142 SH   DFND 1 782,142 0 426,000
NRG YIELD INC COM CL A 62942X108 1,360 26,136 SH   DFND 1 26,136 0 0
NEXTERA ENERGY INC COM 65339F101 1,025 10,000 SH   DFND 1 10,000 0 0
NISOURCE INC COM 65473P105 105,594 2,684,134 SH   DFND 1 2,087,034 0 597,100
PBF LOGISTICS LP UNIT LTD PTNR 69318Q104 5,376 195,350 SH   DFND 1 195,350 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 14,009 423,090 SH   DFND 1 423,090 0 0
QEP MIDSTREAM PARTNERS LP COM UNIT RP LTD 74735R115 1,718 66,700 SH   DFND 1 66,700 0 0
SBA COMMUNICATIONS CORP COM 78388J106 177,028 1,730,475 SH   DFND 1 1,332,575 0 397,900
SL GREEN RLTY CORP COM 78440X101 80,594 736,624 SH   DFND 1 474,764 0 261,860
SEMGROUP CORP CL A 81663A105 131,141 1,663,167 SH   DFND 1 1,305,067 0 358,100
SOUTHCROSS ENERGY PARTNERS L COM UNIT LTDPT 84130C100 13,638 592,942 SH   DFND 1 592,942 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 9,780 109,250 SH   DFND 1 109,250 0 0
TRI POINTE HOMES INC COM 87265H109 3,609 229,600 SH   DFND 1 144,000 0 85,600
TRANSCANADA CORP COM 89353D107 5,161 108,150 SH   DFND 1 108,150 0 0
VENTAS INC COM 92276F100 182,846 2,852,507 SH   DFND 1 1,758,124 0 1,094,383
VERIZON COMMUNICATIONS INC COM 92343V104 367 7,500 SH   DFND 1 7,500 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 5,175 268,020 SH   DFND 1 268,020 0 0
WINDSTREAM HLDGS INC COM 97382A101 547 54,900 SH   DFND 1 54,900 0 0
ABENGOA YIELD PLC ORD SHS G00349103 4,032 106,600 SH   SOLE   106,600 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 3,895 171,360 SH   DFND 1 171,360 0 0
SCORPIO BULKERS INC SHS Y7546A106 4,005 450,000 SH   DFND 1 450,000 0 0
TEEKAY CORPORATION COM Y8564W103 90,094 1,447,290 SH   DFND 1 1,168,790 0 278,500