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 Realty Trust COM 004239109 26,934 1,084,741 SH   DFND 1,2 967,441 0 117,300
Alexander & Baldwin Inc. COM 014491104 5,959 142,800 SH   DFND 1,2 127,000 0 15,800
Alexandria R.E. Equities COM 015271109 73,498 1,155,260 SH   DFND 1,2 949,260 0 206,000
American Assets Trust COM 024013104 36,789 1,170,499 SH   DFND 1,2 1,043,966 0 126,533
American Campus Communities COM 024835100 27,646 858,307 SH   DFND 1,2 786,807 0 71,500
American Homes 4 Rent COM 02665T306 14,842 916,183 SH   DFND 1,2 804,283 0 111,900
Armada Hoffler Properties COM 04208T108 9,445 1,017,739 SH   DFND 1,2 907,839 0 109,900
Avalon Bay Communities COM 053484101 172,930 1,462,661 SH   DFND 1,2 1,230,261 0 232,400
Biomed Realty Trust Inc. COM 09063H107 48,205 2,660,342 SH   DFND 1,2 2,401,642 0 258,700
Boston Properties Inc. COM 101121101 221,517 2,207,005 SH   DFND 1,2 1,826,305 0 380,700
BRE Properties - Cl A COM 05564E106 40,798 745,714 SH   DFND 1,2 641,314 0 104,400
Camden Property Trust COM 133131102 52,301 919,496 SH   DFND 1,2 820,596 0 98,900
CubeSmart COM 229663109 24,254 1,521,574 SH   DFND 1,2 1,358,274 0 163,300
DDR Corp COM 251591103 53,272 3,465,977 SH   DFND 1,2 3,110,177 0 355,800
Douglas Emmett Inc. COM 25960P109 30,022 1,289,038 SH   DFND 1,2 1,152,138 0 136,900
Dupont Fabros Technology COM 26613Q106 49,475 2,002,216 SH   DFND 1,2 1,799,616 0 202,600
Empire State Realty Trust Inc. COM 292104106 34,261 2,239,300 SH   DFND 1,2 2,015,500 0 223,800
EPR Properties COM 26884U109 67,675 1,376,621 SH   DFND 1,2 1,158,521 0 218,100
Equity Lifestyle Properties COM 29472R108 53,627 1,480,181 SH   DFND 1,2 1,250,181 0 230,000
Equity Residential COM 29476L107 223,126 4,301,642 SH   DFND 1,2 3,668,842 0 632,800
Essex Property Trust Inc COM 297178105 2,368 16,500 SH   DFND 1,2 16,500 0 0
Extra Space Storage Inc. COM 30225T102 66,671 1,582,496 SH   DFND 1,2 1,423,896 0 158,600
Federal Realty Invs Trust COM 313747206 135,290 1,334,085 SH   DFND 1,2 1,077,885 0 256,200
First Potomac Realty Trust COM 33610F109 17,056 1,466,585 SH   DFND 1,2 1,305,285 0 161,300
Forest City Enterprises - Class A COM 345550107 68,506 3,586,705 SH   DFND 1,2 3,009,205 0 577,500
General Growth Properties COM 370023103 2,067 103,000 SH   DFND 1,2 103,000 0 0
HCP Inc. COM 40414L109 152,815 4,207,457 SH   DFND 1,2 3,516,357 0 691,100
Health Care Reit Inc. COM 42217K106 90,543 1,690,187 SH   DFND 1,2 1,517,487 0 172,700
Hilton Worldwide Holdings Inc. COM 43300A104 43,423 1,951,600 SH   DFND 1,2 1,583,700 0 367,900
Host Hotels & Resorts COM 44107P104 162,698 8,369,244 SH   DFND 1,2 7,074,444 0 1,294,800
Kilroy Realty Corp. COM 49427F108 116,675 2,325,126 SH   DFND 1,2 1,981,526 0 343,600
Liberty Property Trust COM 531172104 77,186 2,278,892 SH   DFND 1,2 1,908,092 0 370,800
Macerich Company COM 554382101 78,107 1,326,312 SH   DFND 1,2 1,125,112 0 201,200
Mid-America Apartment COM 59522J103 13,484 222,000 SH   DFND 1,2 147,000 0 75,000
National Retail Properties COM 637417106 28,366 935,235 SH   DFND 1,2 835,335 0 99,900
Piedmont Office Realty Trust COM 720190206 17,671 1,069,672 SH   DFND 1,2 961,672 0 108,000
ProLogis Inc COM 74340W103 202,736 5,486,754 SH   DFND 1,2 4,638,654 0 848,100
Public Storage Inc. COM 74460D109 208,523 1,385,352 SH   DFND 1,2 1,156,952 0 228,400
Ramco Gershenson Properties COM 751452202 18,018 1,144,701 SH   DFND 1,2 1,058,201 0 86,500
Regency Centers Corp. COM 758849103 44,898 969,726 SH   DFND 1,2 876,226 0 93,500
Retail Opportunity Investments Corp. COM 76131N101 30,135 2,047,185 SH   DFND 1,2 1,825,485 0 221,700
RLJ Lodging Trust COM 74965L101 39,736 1,633,886 SH   DFND 1,2 1,457,286 0 176,600
Simon Property Group COM 828806109 463,057 3,043,225 SH   DFND 1,2 2,581,325 0 461,900
Taubman Centers Inc. COM 876664103 45,120 705,883 SH   DFND 1,2 630,183 0 75,700
Ventas Inc. COM 92276F100 149,572 2,611,237 SH   DFND 1,2 2,176,837 0 434,400
Vornado Realty Trust COM 929042109 99,709 1,122,979 SH   DFND 1,2 936,279 0 186,700