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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACADIA RLTY TR COM SH BEN INT 004239109   103,809 3,131,500 SH   DFND 01 02 03 0 3,131,500 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   544,193 6,022,501 SH   DFND 01 02 03 0 6,022,501 0
AMERICAN CAMPUS CMNTYS INC COM 024835100   90,210 2,182,159 SH   DFND 01 02 03 0 2,182,159 0
APARTMENT INVT & MGMT CO CL A 03748R101   44,035 1,100,047 SH   DFND 01 02 03 0 1,100,047 0
AVALONBAY CMNTYS INC COM 053484101   691,813 3,757,197 SH   DFND 01 02 03 0 3,757,197 0
BOSTON PROPERTIES INC COM 101121101   778,306 6,102,448 SH   DFND 01 02 03 0 6,102,448 0
BRIXMOR PPTY GROUP INC COM 11120U105   426,632 16,523,326 SH   DFND 01 02 03 0 16,523,326 0
CARE CAP PPTYS INC COM 141624106   101,496 3,320,131 SH   DFND 01 02 03 0 3,320,131 0
COLUMBIA PPTY TR INC COM NEW 198287203   11,740 500,000 SH   DFND 01 02 03 0 500,000 0
CYRUSONE INC COM 23283R100   43,953 1,173,649 SH   DFND 01 02 03 0 1,173,649 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204   129,864 3,475,088 SH   DFND 01 02 03 0 3,475,088 0
DIGITAL RLTY TR INC COM 253868103   280,073 3,703,696 SH   DFND 01 02 03 0 3,703,696 0
DUKE REALTY CORP COM NEW 264411505   86,842 4,131,384 SH   DFND 01 02 03 0 4,131,384 0
EPR PPTYS CONV PFD 9% SR E 26884U307   1,249 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   102,260 1,533,825 SH   DFND 01 02 03 0 1,533,825 0
EQUITY ONE COM 294752100   87,757 3,232,297 SH   DFND 01 02 03 0 3,232,297 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   1,026,022 12,575,338 SH   DFND 01 02 03 0 12,575,338 0
EXTRA SPACE STORAGE INC COM 30225T102   130,117 1,475,081 SH   DFND 01 02 03 0 1,475,081 0
GENERAL GROWTH PPTYS INC NEW COM 370023103   109,711 4,032,000 SH   DFND 01 02 03 0 4,032,000 0
HEALTHCARE TR AMER INC CL A NEW 42225P501   70,126 2,600,144 SH   DFND 01 02 03 0 2,600,144 0
HIGHWOODS PPTYS INC COM 431284108   87,593 2,009,014 SH   DFND 01 02 03 0 2,009,014 0
HILTON WORLDWIDE HLDGS INC COM 43300A104   86,519 4,042,935 SH   DFND 01 02 03 0 4,042,935 0
HOST HOTELS & RESORTS INC COM 44107P104   480,518 31,324,502 SH   DFND 01 02 03 0 31,324,502 0
KILROY RLTY CORP COM 49427F108   85,990 1,358,885 SH   DFND 01 02 03 0 1,358,885 0
KIMCO RLTY CORP COM 49446R109   310,961 11,752,100 SH   DFND 01 02 03 0 11,752,100 0
KITE RLTY GROUP TR COM NEW 49803T300   9,892 381,500 SH   DFND 01 02 03 0 381,500 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309   475 10,000 SH   DFND 01 02 03 0 10,000 0
MID-AMER APT CMNTYS INC COM 59522J103   87,263 960,941 SH   DFND 01 02 03 0 960,941 0
NATIONAL RETAIL PPTYS INC COM 637417106   73,512 1,835,500 SH   DFND 01 02 03 0 1,835,500 0
NEW YORK REIT INC COM 64976L109   43,267 3,762,314 SH   DFND 01 02 03 0 3,762,314 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107   43,744 2,000,186 SH   DFND 01 02 03 0 2,000,186 0
PHYSICIANS RLTY TR COM 71943U104   43,987 2,608,949 SH   DFND 01 02 03 0 2,608,949 0
POST PPTYS INC COM 737464107   254,985 4,310,093 SH   DFND 01 02 03 0 4,310,093 0
PROLOGIS INC COM 74340W103   788,476 18,370,819 SH   DFND 01 02 03 0 18,370,819 0
PUBLIC STORAGE COM 74460D109   894,982 3,613,167 SH   DFND 01 02 03 0 3,613,167 0
QTS RLTY TR INC COM CL A 74736A103   54,389 1,205,704 SH   DFND 01 02 03 0 1,205,704 0
REGENCY CTRS CORP COM 758849103   369,971 5,431,159 SH   DFND 01 02 03 0 5,431,159 0
RLJ LODGING TR COM 74965L101   42,719 1,975,000 SH   DFND 01 02 03 0 1,975,000 0
SABRA HEALTH CARE REIT INC COM 78573L106   45,044 2,226,613 SH   DFND 01 02 03 0 2,226,613 0
SIMON PPTY GROUP INC NEW COM 828806109   1,357,598 6,982,090 SH   DFND 01 02 03 0 6,982,090 0
STORE CAP CORP COM 862121100   53,777 2,317,970 SH   DFND 01 02 03 0 2,317,970 0
SUNSTONE HOTEL INVS INC NEW COM 867892101   43,016 3,444,000 SH   DFND 01 02 03 0 3,444,000 0
TANGER FACTORY OUTLET CTRS I COM 875465106   40,875 1,250,000 SH   DFND 01 02 03 0 1,250,000 0
TAUBMAN CTRS INC COM 876664103   263,527 3,434,922 SH   DFND 01 02 03 0 3,434,922 0
TERRENO RLTY CORP COM 88146M101   43,112 1,905,905 SH   DFND 01 02 03 0 1,905,905 0
UDR INC COM 902653104   132,171 3,518,006 SH   DFND 01 02 03 0 3,518,006 0
VENTAS INC COM 92276F100   796,128 14,108,245 SH   DFND 01 02 03 0 14,108,245 0
VORNADO RLTY TR SH BEN INT 929042109   611,744 6,119,886 SH   DFND 01 02 03 0 6,119,886 0