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

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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 50,379 1,812,186 SH   DFND 01,02 1,432,286 0 379,900
Alexander & Baldwin Inc COM 014491104 19,643 474,698 SH   DFND 01,02 423,198 0 51,500
American Assets Trust Inc COM 024013104 85,526 2,171,259 SH   DFND 01,02 1,732,859 0 438,400
American Campus Communities COM 024835100 48,594 1,027,347 SH   DFND 01,02 831,347 0 196,000
American Homes 4 Rent Cl A COM 02665T306 83,331 3,692,111 SH   DFND 01,02 2,887,311 0 804,800
Apartment Invt & Mgmt Co COM 02665T306 7,941 184,800 SH   DFND 01,02 184,800 0 0
AvalonBay Communities Inc COM 053484101 239,782 1,247,759 SH   DFND 01,02 1,006,859 0 240,900
Boston Properties Inc COM 101121101 236,267 1,920,559 SH   DFND 01,02 1,579,059 0 341,500
Camden Property Trust COM 133131102 112,277 1,313,033 SH   DFND 01,02 1,031,733 0 281,300
CubeSmart COM 229663109 84,702 3,523,360 SH   DFND 01,02 2,772,460 0 750,900
DDR Corp COM 251591103 28,028 3,090,224 SH   DFND 01,02 2,452,124 0 638,100
Digital Realty Trust Inc COM 253868103 45,157 399,800 SH   DFND 01,02 332,500 0 67,300
Douglas Emmett Inc COM 25960P109 48,307 1,264,261 SH   DFND 01,02 1,014,461 0 249,800
Dupont Fabros Technology COM 26613Q106 144,322 2,359,739 SH   DFND 01,02 1,861,439 0 498,300
Easterly Government Properties Inc COM 27616P103 39,531 1,886,913 SH   DFND 01,02 1,499,650 0 387,263
Equinix Inc COM 27616P103 1,073 2,500 SH   DFND 01,02 2,500 0 0
Empire State Realty Trust Cl A COM 292104106 69,224 3,332,900 SH   DFND 01,02 2,574,400 0 758,500
Equity Lifestyle Properties COM 29472R108 47,921 555,026 SH   DFND 01,02 512,426 0 42,600
Equity Residential COM 29476L107 229,480 3,485,942 SH   DFND 01,02 2,863,342 0 622,600
Extended Stay America Inc COM 30224P200 69,811 3,605,965 SH   DFND 01,02 3,222,965 0 383,000
Federal Realty Invs Trust COM 313747206 106,131 839,709 SH   DFND 01,02 700,909 0 138,800
Forest City Realty Trust Cl A COM 345550107 62,855 2,600,523 SH   DFND 01,02 2,056,123 0 544,400
GGP Inc COM 36174X101 15,816 671,300 SH   DFND 01,02 671,300 0 0
Gramercy Property Trust COM 385002100 108,147 3,640,080 SH   DFND 01,02 2,887,515 0 752,565
Healthcare Trust of America Inc Cl A COM 385002100 57,681 1,854,100 SH   DFND 01,02 1,524,000 0 330,100
Host Hotels & Resorts Inc COM 44107P104 127,436 6,975,139 SH   DFND 01,02 6,362,139 0 613,000
Kilroy Realty Corp COM 49427F108 9,484 126,200 SH   DFND 01,02 126,200 0 0
Macerich Co COM 554382101 93 1,600 SH   DFND 01,02 1,600 0 0
Pennsylvania Real Estate Investment Trust COM 554382101 35,438 3,130,600 SH   DFND 01,02 2,531,800 0 598,800
Piedmont Office Realty Trust COM 720190206 115,466 5,477,519 SH   DFND 01,02 4,400,019 0 1,077,500
ProLogis Inc COM 74340W103 307,990 5,252,222 SH   DFND 01,02 4,249,322 0 1,002,900
Public Storage COM 74460D109 188,386 903,399 SH   DFND 01,02 743,299 0 160,100
Retail Properties of America Inc Cl A COM 76131V202 75,544 6,187,093 SH   DFND 01,02 5,044,793 0 1,142,300
Rexford Industrial Realty Inc COM 76169C100 111,924 4,078,857 SH   DFND 01,02 3,247,557 0 831,300
RLJ Lodging Trust COM 74965L101 45,720 2,300,962 SH   DFND 01,02 2,102,962 0 198,000
Simon Property Group Inc COM 828806109 371,106 2,294,178 SH   DFND 01,02 1,858,878 0 435,300
Store Capital Corp COM 862121100 50,383 2,244,234 SH   DFND 01,02 1,764,134 0 480,100
Tanger Factory Outlet Centers Inc COM 875465106 29,436 1,133,020 SH   DFND 01,02 889,320 0 243,700
Taubman Centers Inc COM 876664103 70,231 1,179,366 SH   DFND 01,02 928,666 0 250,700
Ventas Inc COM 92276F100 182,735 2,630,031 SH   DFND 01,02 2,131,831 0 498,200
Vornado Realty Trust COM 929042109 37,332 397,577 SH   DFND 01,02 308,277 0 89,300
Washington REIT COM 939653101 55,821 1,749,873 SH   DFND 01,02 1,456,773 0 293,100
Welltower Inc COM 95040Q104 242,510 3,239,947 SH   DFND 01,02 2,619,647 0 620,300