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 31,436,570 1,034,438 SH DFND 490,226 0 544,212
AMERICAN HOMES 4 RENT COM 02665T306 13,140,059 432,381 SH DFND 3 432,381 0 0
AMERICAN HOMES 4 RENT COM 02665T306 584,248 19,225 SH DFND 2 19,225 0 0
AMERICAN TOWER CORP COM 03027X100 302,827 1,850 SH DFND 1,850 0 0
BLACKSTONE DIGITAL INFRASTRU COM 09264B107 23,661,853 1,364,582 SH DFND 814,927 0 549,655
BLACKSTONE DIGITAL INFRASTRU COM 09264B107 12,747,882 735,172 SH DFND 3 735,172 0 0
BLACKSTONE DIGITAL INFRASTRU COM 09264B107 566,827 32,689 SH DFND 2 32,689 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 41,442,063 1,501,524 SH DFND 895,924 0 605,600
BRIXMOR PPTY GROUP INC COM 11120U105 22,350,425 809,798 SH DFND 3 809,798 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 993,986 36,014 SH DFND 2 36,014 0 0
BROADSTONE NET LEASE INC COM 11135E203 37,954,895 2,051,616 SH DFND 1,224,146 0 827,470
BROADSTONE NET LEASE INC COM 11135E203 20,469,825 1,106,477 SH DFND 3 1,106,477 0 0
BROADSTONE NET LEASE INC COM 11135E203 910,293 49,205 SH DFND 2 49,205 0 0
CAMDEN PPTY TR COM 133131102 5,480,625 56,659 SH DFND 999 0 55,660
COUSINS PPTYS INC COM 222795502 23,106,487 835,980 SH DFND 499,460 0 336,520
COUSINS PPTYS INC COM 222795502 12,448,780 450,390 SH DFND 3 450,390 0 0
COUSINS PPTYS INC COM 222795502 557,222 20,160 SH DFND 2 20,160 0 0
CUBESMART COM 229663109 54,217,643 1,442,726 SH DFND 855,142 0 587,584
CUBESMART COM 229663109 29,526,794 785,705 SH DFND 3 785,705 0 0
CUBESMART COM 229663109 1,312,932 34,937 SH DFND 2 34,937 0 0
CURBLINE PPTYS CORP COM 23128Q101 33,493,934 1,203,519 SH DFND 718,059 0 485,460
CURBLINE PPTYS CORP COM 23128Q101 18,040,798 648,250 SH DFND 3 648,250 0 0
CURBLINE PPTYS CORP COM 23128Q101 803,257 28,863 SH DFND 2 28,863 0 0
DIGITAL RLTY TR INC COM 253868103 55,680,573 317,214 SH DFND 192,912 0 124,302
DIGITAL RLTY TR INC COM 253868103 29,175,017 166,211 SH DFND 3 166,211 0 0
DIGITAL RLTY TR INC COM 253868103 1,296,816 7,388 SH DFND 2 7,388 0 0
EASTGROUP PPTYS INC COM 277276101 466,179 2,361 SH DFND 2,361 0 0
EQUINIX INC COM 29444U700 77,832,988 76,942 SH DFND 46,595 0 30,347
EQUINIX INC COM 29444U700 41,041,824 40,572 SH DFND 3 40,572 0 0
EQUINIX INC COM 29444U700 1,822,867 1,802 SH DFND 2 1,802 0 0
EQUITY LIFESTYLE PROPERTIES COM 29472R108 5,769,420 98,910 SH DFND 1,710 0 97,200
VIVMARK RESIDENTIAL COM 29476L107 77,111,367 1,269,114 SH DFND 514,841 0 754,273
VIVMARK RESIDENTIAL COM 29476L107 27,334,162 449,871 SH DFND 3 449,871 0 0
VIVMARK RESIDENTIAL COM 29476L107 1,215,200 20,000 SH DFND 2 20,000 0 0
ESSEX PPTY TR INC COM 297178105 57,382,763 213,010 SH DFND 106,222 0 106,788
ESSEX PPTY TR INC COM 297178105 25,213,288 93,594 SH DFND 3 93,594 0 0
ESSEX PPTY TR INC COM 297178105 1,120,932 4,161 SH DFND 2 4,161 0 0
HIGHWOODS PPTYS INC COM 431284108 21,269,483 732,925 SH DFND 423,513 0 309,412
HIGHWOODS PPTYS INC COM 431284108 12,017,008 414,094 SH DFND 3 414,094 0 0
HIGHWOODS PPTYS INC COM 431284108 529,412 18,243 SH DFND 2 18,243 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 1,116,485 76,840 SH DFND 0 0 76,840
INVITATION HOMES INC COM 46187W107 8,982,243 341,141 SH DFND 6,981 0 334,160
IRON MTN INC DEL COM 46284V101 443,800 4,000 SH DFND 4,000 0 0
JANUS LIVING INC COM 471024109 596,985 20,148 SH DFND 12,930 0 7,218
KILROY REALTY CORP COM 49427F108 431,279 12,963 SH DFND 12,963 0 0
LXP INDUSTRIAL TRUST COM 529043408 30,027,347 492,898 SH DFND 292,571 0 200,327
LXP INDUSTRIAL TRUST COM 529043408 16,323,148 267,944 SH DFND 3 267,944 0 0
LXP INDUSTRIAL TRUST COM 529043408 725,801 11,914 SH DFND 2 11,914 0 0
MID-AMER APT CMNTYS INC COM 59522J103 8,270,646 70,245 SH DFND 1,085 0 69,160
PEBBLEBROOK HOTEL TR COM 70509V100 20,333,571 1,083,879 SH DFND 646,744 0 437,135
PEBBLEBROOK HOTEL TR COM 70509V100 10,968,409 584,670 SH DFND 3 584,670 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 487,572 25,990 SH DFND 2 25,990 0 0
PEBBLEBROOK HOTEL TR COM 70509V605 58,312 2,960 SH DFND 0 0 2,960
PROLOGIS INC. COM 74340W103 88,069,823 678,295 SH DFND 411,926 0 266,369
PROLOGIS INC. COM 74340W103 46,247,839 356,191 SH DFND 3 356,191 0 0
PROLOGIS INC. COM 74340W103 2,057,055 15,843 SH DFND 2 15,843 0 0
PUBLIC STORAGE COM 74460D109 22,045,681 77,944 SH DFND 47,693 0 30,251
PUBLIC STORAGE COM 74460D109 11,442,858 40,457 SH DFND 3 40,457 0 0
PUBLIC STORAGE COM 74460D109 508,546 1,798 SH DFND 2 1,798 0 0
REALTY INCOME CORP COM 756109104 29,116,311 536,212 SH DFND 326,042 0 210,170
REALTY INCOME CORP COM 756109104 15,238,209 280,630 SH DFND 3 280,630 0 0
REALTY INCOME CORP COM 756109104 678,533 12,496 SH DFND 2 12,496 0 0
REXFORD INDL RLTY INC COM 76169C100 331,544 9,141 SH DFND 9,141 0 0
SIMON PPTY GROUP INC NEW COM 828806109 53,390,918 265,944 SH DFND 161,314 0 104,630
SIMON PPTY GROUP INC NEW COM 828806109 28,088,733 139,912 SH DFND 3 139,912 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,248,526 6,219 SH DFND 2 6,219 0 0
STAG INDUSTRIAL INC COM 85254J102 87,806 2,452 SH DFND 2,452 0 0
SUN CMNTYS INC COM 866674104 8,520,865 76,917 SH DFND 1,137 0 75,780
TANGER INC COM 875465106 173,627 5,062 SH DFND 5,062 0 0
UDR INC COM 902653104 4,185,027 124,740 SH DFND 0 0 124,740
VENTAS INC COM 92276F100 4,628,914 54,445 SH DFND 34,585 0 19,860
VICI PPTYS INC COM 925652109 34,285,597 1,492,625 SH DFND 871,405 0 621,220
VICI PPTYS INC COM 925652109 19,080,811 830,684 SH DFND 3 830,684 0 0
VICI PPTYS INC COM 925652109 848,535 36,941 SH DFND 2 36,941 0 0
VORNADO RLTY TR COM 929042109 427,091 12,606 SH DFND 12,606 0 0
WELLTOWER INC COM 95040Q104 171,497,718 744,865 SH DFND 444,837 0 300,028
WELLTOWER INC COM 95040Q104 92,370,676 401,193 SH DFND 3 401,193 0 0
WELLTOWER INC COM 95040Q104 4,108,633 17,845 SH DFND 2 17,845 0 0