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 50,319 1,758,186 SH   DFND 01,02 1,380,486 0 377,700
Alexander & Baldwin Inc COM 014491104 18,347 395,998 SH   DFND 01,02 351,998 0 44,000
American Assets Trust Inc COM 024013104 79,069 1,988,159 SH   DFND 01,02 1,545,959 0 442,200
American Campus Communities COM 024835100 48,687 1,102,771 SH   DFND 01,02 869,371 0 233,400
American Homes 4 Rent Cl A COM 02665T306 80,440 3,705,211 SH   DFND 01,02 2,886,511 0 818,700
Apartment Invt & Mgmt Co COM 02665T306 4,868 111,000 SH   DFND 01,02 111,000 0 0
AvalonBay Communities Inc COM 053484101 216,684 1,214,459 SH   DFND 01,02 975,359 0 239,100
Boston Properties Inc COM 101121101 231,894 1,887,159 SH   DFND 01,02 1,538,459 0 348,700
Camden Property Trust COM 133131102 105,765 1,156,533 SH   DFND 01,02 885,233 0 271,300
CubeSmart COM 229663109 89,449 3,445,660 SH   DFND 01,02 2,698,960 0 746,700
DDR Corp COM 251591103 27,314 2,981,924 SH   DFND 01,02 2,347,724 0 634,200
Digital Realty Trust Inc COM 253868103 187,040 1,580,668 SH   DFND 01,02 1,247,323 0 333,345
Douglas Emmett Inc COM 25960P109 48,020 1,218,161 SH   DFND 01,02 970,061 0 248,100
Duke Realty Corp COM 264411505 9,271 321,700 SH   DFND 01,02 321,700 0 0
Easterly Government Properties Inc COM 27616P103 38,559 1,865,464 SH   DFND 01,02 1,480,801 0 384,663
Equinix Inc COM 27616P103 1,116 2,500 SH   DFND 01,02 2,500 0 0
Empire State Realty Trust Cl A COM 292104106 67,312 3,277,100 SH   DFND 01,02 2,513,900 0 763,200
Equity Lifestyle Properties COM 29472R108 45,380 533,376 SH   DFND 01,02 491,476 0 41,900
Equity Residential COM 29476L107 219,177 3,324,392 SH   DFND 01,02 2,707,692 0 616,700
Essex Property Trust Inc COM 297178105 16,575 65,250 SH   DFND 01,02 65,250 0 0
Extended Stay America Inc COM 30224P200 70,327 3,516,365 SH   DFND 01,02 3,138,665 0 377,700
Federal Realty Invs Trust COM 313747206 101,953 820,809 SH   DFND 01,02 682,809 0 138,000
Forest City Realty Trust Cl A COM 345550107 62,601 2,453,973 SH   DFND 01,02 1,933,473 0 520,500
GGP Inc COM 36174X101 13,384 644,400 SH   DFND 01,02 644,400 0 0
Gramercy Property Trust COM 385002100 107,257 3,545,681 SH   DFND 01,02 2,797,516 0 748,165
Healthcare Trust of America Inc Cl A COM 385002100 70,748 2,374,100 SH   DFND 01,02 1,918,900 0 455,200
Host Hotels & Resorts Inc COM 44107P104 126,827 6,859,239 SH   DFND 01,02 6,253,539 0 605,700
Kilroy Realty Corp COM 49427F108 12,933 181,850 SH   DFND 01,02 181,850 0 0
Pennsylvania Real Estate Investment Trust COM 554382101 40,091 3,821,800 SH   DFND 01,02 3,084,600 0 737,200
Piedmont Office Realty Trust COM 720190206 104,220 5,169,619 SH   DFND 01,02 4,098,119 0 1,071,500
ProLogis Inc COM 74340W103 316,702 4,990,572 SH   DFND 01,02 3,991,972 0 998,600
Public Storage COM 74460D109 186,717 872,549 SH   DFND 01,02 715,149 0 157,400
Retail Properties of America Inc Cl A COM 76131V202 82,270 6,265,793 SH   DFND 01,02 5,082,893 0 1,182,900
Rexford Industrial Realty Inc COM 76169C100 113,146 3,953,400 SH   DFND 01,02 3,127,000 0 826,400
RLJ Lodging Trust COM 74965L101 49,699 2,259,062 SH   DFND 01,02 2,063,962 0 195,100
Simon Property Group Inc COM 828806109 365,521 2,270,178 SH   DFND 01,02 1,834,478 0 435,700
Store Capital Corp COM 862121100 54,250 2,181,334 SH   DFND 01,02 1,703,934 0 477,400
Tanger Factory Outlet Centers Inc COM 875465106 25,527 1,045,320 SH   DFND 01,02 817,120 0 228,200
Taubman Centers Inc COM 876664103 53,987 1,086,266 SH   DFND 01,02 848,166 0 238,100
Ventas Inc COM 92276F100 165,979 2,548,431 SH   DFND 01,02 2,052,231 0 496,200
Vornado Realty Trust COM 929042109 29,559 384,477 SH   DFND 01,02 295,777 0 88,700
Washington REIT COM 939653101 54,094 1,651,223 SH   DFND 01,02 1,360,023 0 291,200
Welltower Inc COM 95040Q104 223,026 3,173,397 SH   DFND 01,02 2,556,297 0 617,100