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 RLTY TR COM SH BEN INT 004239109 16,770 1,181,822 SH   DFND 1,2 1,181,822 0 0
AGREE REALTY CORP COM 008492100 48,428 727,359 SH   DFND 1,2,3,4 524,824 0 202,535
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 35,460 198,965 SH   DFND 1,2,3 172,392 0 26,573
AMERICAN ASSETS TR INC COM 024013104 20,071 694,991 SH   DFND 1,2,3 499,291 0 195,700
AMERICAN CAMPUS CMNTYS INC COM 024835100 18,242 426,518 SH   DFND 1,2 426,518 0 0
AVALONBAY CMNTYS INC COM 053484101 65,198 406,393 SH   DFND 1,2,3 321,903 0 84,490
BOSTON PROPERTIES INC COM 101121101 49,755 526,345 SH   DFND 1,2,3,4 427,986 0 98,359
BROOKFIELD PPTY REIT INC CL A 11282X103 195 13,046 SH   DFND 1,2 13,046 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 17,026 1,187,324 SH   DFND 1,2 1,187,324 0 0
CORESITE RLTY CORP COM 21870Q105 16,759 133,776 SH   DFND 1,2 133,776 0 0
CYRUSONE INC COM 23283R100 42,605 582,433 SH   DFND 1,2,3,4 415,453 0 166,980
DIAMONDROCK HOSPITALITY CO COM 252784301 430 52,096 SH   DFND 1,2,3,4 11,831 0 40,265
DIGITAL RLTY TR INC COM 253868103 38,214 273,915 SH   DFND 1,2,4 186,953 0 86,962
DOUGLAS EMMETT INC COM 25960P109 15,649 536,294 SH   DFND 1,2 536,294 0 0
DUKE REALTY CORP COM NEW 264411505 79,423 1,987,053 SH   DFND 1,2,3,4 1,416,259 0 570,794
EMPIRE ST RLTY TR INC CL A 292104106 17,314 1,857,684 SH   DFND 1,2 1,857,684 0 0
EQUINIX INC COM 29444U700 54,922 76,902 SH   DFND 1,2,4 59,452 0 17,450
EQUITY RESIDENTIAL SH BEN INT 29476L107 16,871 284,602 SH   DFND 1,2 284,602 0 0
ESSENTIAL PPTUS RLTY TR INC COM 29670E107 630 29,700 SH   DFND 1,2,3 29,700 0 0
ESSEX PPTY TR INC COM 297178105 15,945 67,159 SH   DFND 1,2 67,159 0 0
EXTRA SPACE STORAGE INC COM 30225T102 47,987 414,178 SH   DFND 1,2,3,4 295,487 0 118,691
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 16,414 192,833 SH   DFND 1,2 192,833 0 0
FIRST INDL RLTY TR INC COM 32054K103 53,721 1,275,136 SH   DFND 1,2,3,4 898,439 0 376,697
GAMING & LEISURE PPTYS INC COM 36467J108 8,457 199,459 SH   DFND 1,2,4 141,199 0 58,260
HEALTHCARE RLTY TR COM 421946104 16,494 557,240 SH   DFND 1,2 557,240 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 17,644 640,652 SH   DFND 1,2 640,652 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 67,838 2,244,074 SH   DFND 1,2,3,4 1,632,338 0 611,736
HIGHWOODS PPTYS INC COM 431284108 38,051 960,167 SH   DFND 1,2,3,4 704,945 0 255,222
HUDSON PAC PPTYS INC COM 444097109 15,365 639,668 SH   DFND 1,2 639,668 0 0
INVITATION HOMES INC COM 46187W107 74,097 2,494,861 SH   DFND 1,2,3,4 1,780,286 0 714,575
LIFE STORAGE INC COM 53223X107 62,491 523,416 SH   DFND 1,2,3,4 377,850 0 145,566
MID-AMER APT CMNTYS INC COM 59522J103 53,134 419,404 SH   DFND 1,2,3,4 304,772 0 114,632
NEW SR INVT GROUP INC COM 648691103 12,880 2,486,505 SH   DFND 1,2,3,4 1,785,403 0 701,102
PARAMOUNT GROUP INC COM 69924R108 16,220 1,794,262 SH   DFND 1,2 1,794,262 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 60,070 3,195,227 SH   DFND 1,2,3,4 2,548,550 0 646,677
PHYSICIANS RLTY TR COM 71943U104 43,679 2,453,879 SH   DFND 1,2,3,4 1,751,886 0 701,993
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 33,213 2,046,407 SH   DFND 1,2,3,4 1,499,301 0 547,106
PROLOGIS INC. COM 74340W103 102,381 1,027,307 SH   DFND 1,2,3,4 794,040 0 233,267
QTS RLTY TR INC COM CL A 74736A103 50,371 814,017 SH   DFND 1,2,3,4 590,878 0 223,139
REALTY INCOME CORP COM 756109104 52,093 837,910 SH   DFND 1,2,3 603,141 0 234,769
REXFORD INDL RLTY INC COM 76169C100 38,527 784,507 SH   DFND 1,2,3 661,523 0 122,984
SIMON PPTY GROUP INC NEW COM 828806109 17,041 199,819 SH   DFND 1,2 199,819 0 0
SITE CTRS CORP COM 82981J109 49,743 4,915,314 SH   DFND 1,2,3,4 3,546,712 0 1,368,602
SUN CMNTYS INC COM 866674104 52,551 345,844 SH   DFND 1,2,3,4 248,734 0 97,110
SUNSTONE HOTEL INVS INC NEW COM 867892101 30,867 2,724,323 SH   DFND 1,2,3,4 1,932,763 0 791,560
TERRENO RLTY CORP COM 88146M101 16,633 284,276 SH   DFND 1,2 284,276 0 0
UDR INC COM 902653104 75,769 1,971,615 SH   DFND 1,2,3,4 1,417,341 0 554,274
VICI PPTYS INC COM 925652109 55,383 2,171,889 SH   DFND 1,2,4 1,533,126 0 638,763
VORNADO RLTY TR SH BEN INT 929042109 15,841 424,247 SH   DFND 1,2 424,247 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 36,218 1,671,321 SH   DFND 1,2,3,4 1,199,366 0 471,955
WELLTOWER INC COM 95040Q104 75,958 1,175,452 SH   DFND 1,2,3,4 848,906 0 326,546