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
ACADIA RLTY TR COM SH BEN INT 004239109 50,922 1,694,000 SH   DFND 1,2,3 0 1,694,000 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 485,310 4,391,155 SH   DFND 1,2,3 0 4,391,155 0
AMERICAN HOMES 4 RENT CL A 02665T306 45,008 1,960,290 SH   DFND 1,2,3 0 1,960,290 0
AVALONBAY CMNTYS INC COM 053484101 789,715 4,301,280 SH   DFND 1,2,3 0 4,301,280 0
BANK OF NOVA SCOTIA NOTE 4.500%12/1 064159HB5 15,633 15,000,000 SH   DFND 1,2,3 0 15,000,000 0
BASIC ENERGY SVCS INC NEW COM NEW 06985P209 3,438 103,057 SH   DFND 1,2,3 0 103,057 0
BOSTON PROPERTIES INC COM 101121101 856,970 6,472,092 SH   DFND 1,2,3 0 6,472,092 0
BRIXMOR PPTY GROUP INC COM 11120U105 325,772 15,180,419 SH   DFND 1,2,3 0 15,180,419 0
CARE CAP PPTYS INC COM 141624106 51,094 1,901,515 SH   DFND 1,2,3 0 1,901,515 0
COUSINS PPTYS INC COM 222795106 49,827 6,025,000 SH   DFND 1,2,3 0 6,025,000 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 123,187 2,560,000 SH   DFND 1,2,3 0 2,560,000 0
DDR CORP COM 23317H102 51,575 4,116,120 SH   DFND 1,2,3 0 4,116,120 0
DIGITAL RLTY TR INC COM 253868103 545,886 5,130,989 SH   DFND 1,2,3 0 5,130,989 0
DUKE REALTY CORP COM NEW 264411505 115,777 4,407,200 SH   DFND 1,2,3 0 4,407,200 0
ENBRIDGE INC NOTE 6.000% 1/1 29250NAN5 10,117 10,000,000 SH   DFND 1,2,3 0 10,000,000 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,432 40,000 SH   DFND 1,2,3 0 40,000 0
EQUINIX INC COM PAR $0.001 29444U700 61,657 154,000 SH   DFND 1,2,3 0 154,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 76,829 997,000 SH   DFND 1,2,3 0 997,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 920,284 14,790,801 SH   DFND 1,2,3 0 14,790,801 0
ESSEX PPTY TR INC COM 297178105 116,417 502,815 SH   DFND 1,2,3 0 502,815 0
EXTRA SPACE STORAGE INC COM 30225T102 95,085 1,278,200 SH   DFND 1,2,3 0 1,278,200 0
GRAMERCY PPTY TR COM NEW 385002308 40,557 1,542,097 SH   DFND 1,2,3 0 1,542,097 0
HCP INC COM 40414L109 75,232 2,405,118 SH   DFND 1,2,3 0 2,405,118 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 96,269 3,060,031 SH   DFND 1,2,3 0 3,060,031 0
HIGHWOODS PPTYS INC COM 431284108 108,574 2,209,929 SH   DFND 1,2,3 0 2,209,929 0
HILTON GRAND VACATIONS INC COM 43283X105 5,925 206,730 SH   DFND 1,2,3 0 206,730 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 69,127 1,182,474 SH   DFND 1,2,3 0 1,182,474 0
HOST HOTELS & RESORTS INC COM 44107P104 286,590 15,358,544 SH   DFND 1,2,3 0 15,358,544 0
INVITATION HOMES INC COM 46187W107 141,895 6,500,000 SH   DFND 1,2,3 0 6,500,000 0
KILROY RLTY CORP COM 49427F108 75,558 1,048,251 SH   DFND 1,2,3 0 1,048,251 0
KIMCO RLTY CORP COM 49446R109 185,884 8,414,850 SH   DFND 1,2,3 0 8,414,850 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 503 10,000 SH   DFND 1,2,3 0 10,000 0
LIFE STORAGE INC COM 53223X107 50,381 613,500 SH   DFND 1,2,3 0 613,500 0
MID AMER APT CMNTYS INC COM 59522J103 343,730 3,378,517 SH   DFND 1,2,3 0 3,378,517 0
NATIONAL RETAIL PPTYS INC COM 637417106 66,380 1,521,770 SH   DFND 1,2,3 0 1,521,770 0
PARAMOUNT GROUP INC COM 69924R108 35,383 2,182,783 SH   DFND 1,2,3 0 2,182,783 0
PARK HOTELS RESORTS INC COM 700517105 23,919 931,771 SH   DFND 1,2,3 0 931,771 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 55,114 3,640,300 SH   DFND 1,2,3 0 3,640,300 0
PROLOGIS INC COM 74340W103 895,452 17,260,069 SH   DFND 1,2,3 0 17,260,069 0
PUBLIC STORAGE COM 74460D109 892,370 4,076,423 SH   DFND 1,2,3 0 4,076,423 0
REALTY INCOME CORP COM 756109104 59,530 1,000,000 SH   DFND 1,2,3 0 1,000,000 0
REGENCY CTRS CORP COM 758849103 342,772 5,163,000 SH   DFND 1,2,3 0 5,163,000 0
RETAIL PPTYS AMER INC CL A 76131V202 47,615 3,302,000 SH   DFND 1,2,3 0 3,302,000 0
SANDRIDGE ENERGY INC COM NEW 80007P869 1,200 64,873 SH   DFND 1,2,3 0 64,873 0
SIMON PPTY GROUP INC NEW COM 828806109 1,162,878 6,759,740 SH   DFND 1,2,3 0 6,759,740 0
SL GREEN RLTY CORP COM 78440X101 78,632 737,500 SH   DFND 1,2,3 0 737,500 0
STORE CAP CORP COM 862121100 95,427 3,996,100 SH   DFND 1,2,3 0 3,996,100 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 53,949 3,519,190 SH   DFND 1,2,3 0 3,519,190 0
TAUBMAN CTRS INC COM 876664103 239,389 3,626,000 SH   DFND 1,2,3 0 3,626,000 0
TERRENO RLTY CORP COM 88146M101 46,517 1,661,338 SH   DFND 1,2,3 0 1,661,338 0
VENTAS INC COM 92276F100 919,688 14,140,351 SH   DFND 1,2,3 0 14,140,351 0
VEREIT INC COM 92339V100 42,855 5,047,748 SH   DFND 1,2,3 0 5,047,748 0
VORNADO RLTY TR SH BEN INT 929042109 518,543 5,169,407 SH   DFND 1,2,3 0 5,169,407 0
XENIA HOTELS & RESORTS INC COM 984017103 46,205 2,706,770 SH   DFND 1,2,3 0 2,706,770 0