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 47,948 1,752,486 SH   DFND 01,02 1,393,686 0 358,800
American Assets Trust Inc COM 024013104 78,566 2,054,559 SH   DFND 01,02 1,616,759 0 437,800
American Campus Communities COM 024835100 79,343 1,933,774 SH   DFND 01,02 1,532,374 0 401,400
American Homes 4 Rent Cl A COM 02665T306 77,582 3,552,311 SH   DFND 01,02 2,737,611 0 814,700
Apartment Invt & Mgmt Co COM 02665T306 6,753 154,500 SH   DFND 01,02 154,500 0 0
AvalonBay Communities Inc COM 053484101 221,576 1,241,950 SH   DFND 01,02 998,350 0 243,600
Boston Properties Inc COM 101121101 225,551 1,734,609 SH   DFND 01,02 1,402,709 0 331,900
Camden Property Trust COM 133131102 72,316 785,533 SH   DFND 01,02 607,533 0 178,000
CubeSmart COM 229663109 99,145 3,428,260 SH   DFND 01,02 2,702,860 0 725,400
CyrusOne Inc COM 251591103 13,698 230,100 SH   DFND 01,02 183,200 0 46,900
Diamondrock Hospitality Co COM 251591103 564 50,000 SH   DFND 01,02 50,000 0 0
Digital Realty Trust Inc COM 253868103 165,583 1,453,762 SH   DFND 01,02 1,145,006 0 308,756
Douglas Emmett Inc COM 25960P109 49,792 1,212,661 SH   DFND 01,02 977,661 0 235,000
Duke Realty Corp COM 264411505 67,007 2,462,600 SH   DFND 01,02 2,045,500 0 417,100
Easterly Government Properties Inc COM 27616P103 35,959 1,685,054 SH   DFND 01,02 1,340,457 0 344,597
Equinix Inc COM 27616P103 9,744 21,500 SH   DFND 01,02 21,500 0 0
Empire State Realty Trust Cl A COM 292104106 73,247 3,567,800 SH   DFND 01,02 2,790,700 0 777,100
Equity Lifestyle Properties COM 29472R108 47,757 536,476 SH   DFND 01,02 492,976 0 43,500
Equity Residential COM 29476L107 205,422 3,221,292 SH   DFND 01,02 2,576,292 0 645,000
Essex Property Trust Inc COM 297178105 15,742 65,220 SH   DFND 01,02 65,220 0 0
Extended Stay America Inc COM 30224P200 54,707 2,879,292 SH   DFND 01,02 2,597,292 0 282,000
Federal Realty Invs Trust COM 313747206 100,306 755,259 SH   DFND 01,02 624,859 0 130,400
Forest City Realty Trust Cl A COM 345550107 58,148 2,412,773 SH   DFND 01,02 1,918,573 0 494,200
GGP Inc COM 36174X101 5,127 219,200 SH   DFND 01,02 219,200 0 0
Gramercy Property Trust COM 385002100 90,781 3,405,148 SH   DFND 01,02 2,717,316 0 687,832
Healthcare Trust of America Inc Cl A COM 385002100 74,773 2,489,100 SH   DFND 01,02 2,013,300 0 475,800
Host Hotels & Resorts Inc COM 44107P104 125,766 6,335,839 SH   DFND 01,02 5,799,339 0 536,500
Kilroy Realty Corp COM 49427F108 5,147 68,950 SH   DFND 01,02 68,950 0 0
Pennsylvania Real Estate Investment Trust COM 554382101 43,897 3,691,900 SH   DFND 01,02 2,960,900 0 731,000
Piedmont Office Realty Trust COM 720190206 93,811 4,783,819 SH   DFND 01,02 3,790,419 0 993,400
ProLogis Inc COM 74340W103 244,814 3,794,972 SH   DFND 01,02 3,037,672 0 757,300
Public Storage COM 74460D109 165,726 792,949 SH   DFND 01,02 647,149 0 145,800
Retail Properties of America Inc Cl A COM 76131V202 89,129 6,631,593 SH   DFND 01,02 5,353,493 0 1,278,100
Rexford Industrial Realty Inc COM 76169C100 108,539 3,722,200 SH   DFND 01,02 2,968,000 0 754,200
RLJ Lodging Trust COM 74965L101 52,601 2,394,212 SH   DFND 01,02 2,195,912 0 198,300
Simon Property Group Inc COM 828806109 369,108 2,149,228 SH   DFND 01,02 1,735,428 0 413,800
Store Capital Corp COM 862121100 56,651 2,175,534 SH   DFND 01,02 1,720,534 0 455,000
Tanger Factory Outlet Centers Inc COM 875465106 42,125 1,589,020 SH   DFND 01,02 1,247,020 0 342,000
Taubman Centers Inc COM 876664103 66,154 1,011,066 SH   DFND 01,02 799,266 0 211,800
Urban Edge Properties COM 876664103 765 30,000 SH   DFND 01,02 30,000 0 0
Ventas Inc COM 92276F100 140,620 2,343,281 SH   DFND 01,02 1,872,281 0 471,000
VEREIT Inc COM 92276F100 935 120,000 SH   DFND 01,02 120,000 0 0
Vornado Realty Trust COM 929042109 35,199 450,227 SH   DFND 01,02 366,227 0 84,000
Washington REIT COM 939653101 47,312 1,520,323 SH   DFND 01,02 1,243,323 0 277,000
Welltower Inc COM 95040Q104 198,618 3,114,597 SH   DFND 01,02 2,528,097 0 586,500