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
ALEXANDRIA REAL ESTATE EQ INC COMMON 015271109 97,747 1,347,119 SH   DFND 1 911,119 0 436,000
APARTMENT INV&MGMT COMMON 03748R101 95,409 3,157,161 SH   DFND 1 1,596,066 0 1,561,095
ASHFORD HOSPITALITY TR INC PREF CONV 044103505 6,831 253,000 SH   DFND 1 0 0 0
AVALONBAY CMNTYS INC COMMON 053484101 116,709 888,734 SH   DFND 1 595,160 0 293,574
BRE PROPERTIES INC COMMON 05564E106 13,243 210,942 SH   DFND 1 146,742 0 64,200
BIOMED RLTY TR INC COMMON 09063H107 134,673 6,572,631 SH   DFND 1 4,514,921 0 2,057,710
BOSTON PROPERTIES COMMON 101121101 74,281 648,569 SH   DFND 1 440,555 0 208,014
BRIXMOR PPTY GROUP INC COMMON 11120U105 17,595 824,917 SH   DFND 1 590,367 0 234,550
COMMONWEALTH REIT PREF CONV 203233408 28,035 1,116,477 SH   DFND 1 0 0 0
COMMONWEALTH REIT PREF CONV 203233606 28,644 1,138,940 SH   DFND 1 0 0 0
CUBESMART COMMON 229663109 30,023 1,749,574 SH   DFND 1 1,192,324 0 557,250
DDR CORP COMMON 23317H102 39,633 2,404,923 SH   DFND 1 1,659,073 0 745,850
DOUGLAS EMMETT INC COMMON 25960P109 20,070 739,481 SH   DFND 1 514,683 0 224,798
DUKE REALTY CORP COMMON 264411505 53,813 3,187,963 SH   DFND 1 2,233,996 0 953,967
EASTGROUP PPTY INC COMMON 277276101 966 15,350 SH   DFND 1 15,350 0 0
EQUITY RESIDENTIAL COMMON 29476L107 86,499 1,491,626 SH   DFND 1 1,013,835 0 477,791
ESSEX PROP TRUST COMMON 297178105 23,620 138,903 SH   DFND 1 98,005 0 40,898
EXTRA SPACE STORAGE INC COMMON 30225T102 22,735 468,674 SH   DFND 1 313,474 0 155,200
FEDERAL REALTY INVT TR COMMON 313747206 8,002 69,753 SH   DFND 1 43,231 0 26,522
GENERAL GROWTH PPTYS INC NEW COMMON 370023103 65,187 2,963,059 SH   DFND 1 2,045,295 0 917,764
HCP INC COMMON 40414L109 125,432 3,233,626 SH   DFND 1 2,422,974 0 810,652
HEALTH CARE REIT INC COMMON 42217K106 81,996 1,375,766 SH   DFND 1 939,466 0 436,300
HOST HOTELS & RESORTS INC COMMON 44107P104 77,135 3,811,023 SH   DFND 1 2,626,475 0 1,184,548
KILROY RLTY CORP COMMON 49427F108 16,956 289,448 SH   DFND 1 201,794 0 87,654
KIMCO RLTY CORP COMMON 49446R109 53,468 2,443,692 SH   DFND 1 1,660,387 0 783,305
KITE RLTY GROUP TR COMMON 49803T102 22,766 3,794,350 SH   DFND 1 2,474,800 0 1,319,550
LASALLE HOTEL PPTYS COMMON 517942108 15,750 503,027 SH   DFND 1 359,677 0 143,350
LIBERTY PPTY TR COMMON 531172104 29,377 794,842 SH   DFND 1 553,802 0 241,040
MACERICH CO COMMON 554382101 78,689 1,262,460 SH   DFND 1 864,782 0 397,678
MACK CALI RLTY CORP COMMON 554489104 58,454 2,811,621 SH   DFND 1 1,801,981 0 1,009,640
PROLOGIS INC COMMON 74340W103 159,520 3,906,930 SH   DFND 1 2,658,773 0 1,248,157
PUBLIC STORAGE COMMON 74460D109 108,302 642,779 SH   DFND 1 433,263 0 209,516
RLJ LODGING TR COMMON 74965L101 29,453 1,101,454 SH   DFND 1 797,404 0 304,050
REGENCY CTRS CORP COMMON 758849103 33,150 649,233 SH   DFND 1 441,913 0 207,320
REXFORD INDL RLTY INC COMMON 76169C100 16,031 1,130,550 SH   DFND 1 1,130,550 0 0
SL GREEN REALTY CO COMMON 78440X101 30,817 306,270 SH   DFND 1 214,541 0 91,729
SIMON PPTY GROUP INC NEW COMMON 828806109 201,611 1,229,334 SH   DFND 1 830,045 0 399,289
SUNSTONE HOTEL INVS INC NEW COMMON 867892101 31,798 2,315,929 SH   DFND 1 1,545,879 0 770,050
SUNSTONE HOTEL INVS INC NEW PREF CONV 867892507 3,319 129,142 SH   DFND 1 0 0 0
TAUBMAN CENTRES COMMON 876664103 53,749 759,277 SH   DFND 1 517,236 0 242,041
TAUBMAN CTRS INC PREF CONV 876664707 36,908 1,621,600 SH   DFND 1 0 0 0
UDR INC COMMON 902653104 46,279 1,791,688 SH   DFND 1 1,206,752 0 584,936
VENTAS INC COMMON 92276F100 68,594 1,132,472 SH   DFND 1 781,798 0 350,674
VORNADO RLTY TR COMMON 929042109 90,833 921,597 SH   DFND 1 619,903 0 301,694
WEINGARTEN RLTY INVS COMMON 948741103 24,195 806,484 SH   DFND 1 555,534 0 250,950