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
Expires: July 31, 2015
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
AMERICAN HOMES 4 RENT COM 02665T306 35,558,787 1,060,823 SH DFND 516,611 0 544,212
AMERICAN HOMES 4 RENT COM 02665T306 14,493,411 432,381 SH DFND 3 432,381 0 0
AMERICAN HOMES 4 RENT COM 02665T306 659,841 19,685 SH DFND 2 19,685 0 0
AMERICAN TOWER CORP COM 03027X100 325,504 1,990 SH DFND 1,990 0 0
AVALONBAY CMNTYS INC COM 053484101 74,938,423 397,151 SH DFND 190,345 0 206,806
AVALONBAY CMNTYS INC COM 053484101 30,345,314 160,821 SH DFND 3 160,821 0 0
AVALONBAY CMNTYS INC COM 053484101 1,381,399 7,321 SH DFND 2 7,321 0 0
BLACKSTONE DIGITAL INFRASTRU COM 09264B107 30,348,686 1,403,083 SH DFND 853,428 0 549,655
BLACKSTONE DIGITAL INFRASTRU COM 09264B107 15,901,770 735,172 SH DFND 3 735,172 0 0
BLACKSTONE DIGITAL INFRASTRU COM 09264B107 723,934 33,469 SH DFND 2 33,469 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 48,607,972 1,541,642 SH DFND 937,042 0 604,600
BRIXMOR PPTY GROUP INC COM 11120U105 25,496,987 808,658 SH DFND 3 808,658 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,160,745 36,814 SH DFND 2 36,814 0 0
BROADSTONE NET LEASE INC COM 11135E203 43,538,855 2,106,379 SH DFND 1,280,299 0 826,080
BROADSTONE NET LEASE INC COM 11135E203 22,838,014 1,104,887 SH DFND 3 1,104,887 0 0
BROADSTONE NET LEASE INC COM 11135E203 1,039,804 50,305 SH DFND 2 50,305 0 0
CAMDEN PPTY TR COM 133131102 6,578,481 57,459 SH DFND 1,799 0 55,660
CUBESMART COM 229663109 58,556,791 1,472,386 SH DFND 885,782 0 586,604
CUBESMART COM 229663109 31,203,343 784,595 SH DFND 3 784,595 0 0
CUBESMART COM 229663109 1,420,863 35,727 SH DFND 2 35,727 0 0
CURBLINE PPTYS CORP COM 23128Q101 37,563,669 1,235,647 SH DFND 750,987 0 484,660
CURBLINE PPTYS CORP COM 23128Q101 19,706,800 648,250 SH DFND 3 648,250 0 0
CURBLINE PPTYS CORP COM 23128Q101 897,195 29,513 SH DFND 2 29,513 0 0
DIGITAL RLTY TR INC COM 253868103 58,199,004 324,084 SH DFND 200,022 0 124,062
DIGITAL RLTY TR INC COM 253868103 29,799,685 165,941 SH DFND 3 165,941 0 0
DIGITAL RLTY TR INC COM 253868103 1,357,266 7,558 SH DFND 2 7,558 0 0
EASTGROUP PPTYS INC COM 277276101 443,743 2,191 SH DFND 2,191 0 0
EQUINIX INC COM 29444U700 80,504,822 77,231 SH DFND 46,934 0 30,297
EQUINIX INC COM 29444U700 42,239,728 40,522 SH DFND 3 40,522 0 0
EQUINIX INC COM 29444U700 1,920,082 1,842 SH DFND 2 1,842 0 0
EQUITY LIFESTYLE PROPERTIES COM 29472R108 6,426,310 99,710 SH DFND 2,510 0 97,200
EQUITY RESIDENTIAL COM 29476L107 12,185,555 179,384 SH DFND 3,334 0 176,050
ESSEX PPTY TR INC COM 297178105 63,010,266 216,092 SH DFND 109,424 0 106,668
ESSEX PPTY TR INC COM 297178105 27,247,336 93,444 SH DFND 3 93,444 0 0
ESSEX PPTY TR INC COM 297178105 1,239,549 4,251 SH DFND 2 4,251 0 0
AMERICAN HEALTHCARE REIT INC COM 398182303 31,290 600 SH DFND 600 0 0
HIGHWOODS PPTYS INC COM 431284108 46,366,386 1,537,347 SH DFND 920,535 0 616,812
HIGHWOODS PPTYS INC COM 431284108 24,881,819 824,994 SH DFND 3 824,994 0 0
HIGHWOODS PPTYS INC COM 431284108 1,132,900 37,563 SH DFND 2 37,563 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 1,282,460 76,840 SH DFND 0 0 76,840
INVITATION HOMES INC COM 46187W107 10,339,101 342,241 SH DFND 8,081 0 334,160
IRON MTN INC DEL COM 46284V101 391,561 3,100 SH DFND 3,100 0 0
JANUS LIVING INC COM 471024109 563,821 19,618 SH DFND 12,400 0 7,218
KILROY REALTY CORP COM 49427F108 522,819 13,953 SH DFND 13,953 0 0
LXP INDUSTRIAL TRUST COM 529043408 27,463,228 509,711 SH DFND 309,384 0 200,327
LXP INDUSTRIAL TRUST COM 529043408 14,436,823 267,944 SH DFND 3 267,944 0 0
LXP INDUSTRIAL TRUST COM 529043408 657,552 12,204 SH DFND 2 12,204 0 0
MID-AMER APT CMNTYS INC COM 59522J103 9,732,052 70,045 SH DFND 885 0 69,160
PEBBLEBROOK HOTEL TR COM 70509V100 21,632,425 1,114,499 SH DFND 677,364 0 437,135
PEBBLEBROOK HOTEL TR COM 70509V100 11,348,445 584,670 SH DFND 3 584,670 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 516,694 26,620 SH DFND 2 26,620 0 0
PEBBLEBROOK HOTEL TR COM 70509V605 57,661 2,960 SH DFND 0 0 2,960
PROLOGIS INC. COM 74340W103 94,000,194 693,882 SH DFND 427,953 0 265,929
PROLOGIS INC. COM 74340W103 48,185,460 355,691 SH DFND 3 355,691 0 0
PROLOGIS INC. COM 74340W103 2,193,666 16,193 SH DFND 2 16,193 0 0
PUBLIC STORAGE COM 74460D109 24,814,175 77,956 SH DFND 48,643 0 29,313
PUBLIC STORAGE COM 74460D109 12,478,707 39,203 SH DFND 3 39,203 0 0
PUBLIC STORAGE COM 74460D109 567,228 1,782 SH DFND 2 1,782 0 0
REALTY INCOME CORP COM 756109104 34,163,443 551,379 SH DFND 341,559 0 209,820
REALTY INCOME CORP COM 756109104 17,387,835 280,630 SH DFND 3 280,630 0 0
REALTY INCOME CORP COM 756109104 791,601 12,776 SH DFND 2 12,776 0 0
REXFORD INDL RLTY INC COM 76169C100 215,774 6,441 SH DFND 6,441 0 0
SIMON PPTY GROUP INC NEW COM 828806109 60,768,389 271,712 SH DFND 522,510 0 104,430
SIMON PPTY GROUP INC NEW COM 828806109 31,239,879 139,682 SH DFND 3 829,474 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,422,190 6,359 SH DFND 2 6,359 0 0
STAG INDUSTRIAL INC COM 85254J102 74,293 1,952 SH DFND 1,952 0 0
SUN CMNTYS INC COM 866674104 9,343,027 77,917 SH DFND 2,137 0 75,780
TANGER INC COM 875465106 93,228 2,362 SH DFND 2,362 0 0
UDR INC COM 902653104 4,979,621 124,740 SH DFND 0 0 124,740
VENTAS INC COM 92276F100 5,357,215 60,329 SH DFND 20,607 0 39,722
VICI PPTYS INC COM 925652109 40,623,225 1,530,065 SH DFND 909,905 0 620,160
VICI PPTYS INC COM 925652109 22,022,535 829,474 SH DFND 3 829,474 0 0
VICI PPTYS INC COM 925652109 1,002,555 37,761 SH DFND 2 37,761 0 0
VORNADO RLTY TR COM 929042109 533,144 13,566 SH DFND 13,566 0 0
WELLTOWER INC COM 95040Q104 169,055,654 744,837 SH DFND 459,989 0 284,848
WELLTOWER INC COM 95040Q104 88,802,693 391,253 SH DFND 3 391,253 0 0
WELLTOWER INC COM 95040Q104 4,043,471 17,815 SH DFND 2 17,815 0 0