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 4,199 144,236 SH   SOLE   144,236 0 0
ALEXANDERS INC COM 014752109 1,465 3,574 SH   SOLE   3,574 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 12,573 143,754 SH   SOLE   143,754 0 0
AMERICAN ASSETS TR INC COM 024013104 3,118 79,522 SH   SOLE   79,522 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 8,983 238,349 SH   SOLE   238,349 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 418 27,859 SH   SOLE   27,859 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,934 228,647 SH   SOLE   228,647 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 3,111 108,679 SH   SOLE   108,679 0 0
AVALONBAY CMNTYS INC COM 053484101 42,657 266,825 SH   SOLE   266,825 0 0
BB&T CORP COM 054937107 2,382 59,100 SH   DFND 1 59,100 0 0
BB&T CORP COM 054937107 2,382 59,100 SH   SOLE   59,100 0 0
BOSTON PROPERTIES INC COM 101121101 37,530 310,062 SH   SOLE   310,062 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,059 380,958 SH   SOLE   380,958 0 0
CBL & ASSOC PPTYS INC COM 124830100 5,433 335,345 SH   SOLE   335,345 0 0
CALPINE CORP COM NEW 131347304 40,086 2,228,216 SH   SOLE   2,228,216 0 0
CAMDEN PPTY TR SH BEN INT 133131102 12,881 173,413 SH   SOLE   173,413 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 1,136 177,495 SH   SOLE   177,495 0 0
CHAMBERS STR PPTYS COM 157842105 3,750 471,752 SH   SOLE   471,752 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 3,994 131,044 SH   SOLE   131,044 0 0
CHEVRON CORP NEW COM 166764100 8,190 84,900 SH   DFND 1 84,900 0 0
CHEVRON CORP NEW COM 166764100 8,190 84,900 SH   SOLE   84,900 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 5,635 229,546 SH   SOLE   229,546 0 0
CONSOLIDATED EDISON INC COM 209115104 3,716 64,200 SH   DFND 1 64,200 0 0
CONSOLIDATED EDISON INC COM 209115104 3,716 64,200 SH   SOLE   64,200 0 0
COUSINS PPTYS INC COM 222795106 4,892 471,253 SH   SOLE   471,253 0 0
CUBESMART COM 229663109 7,584 327,453 SH   SOLE   327,453 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 5,494 174,739 SH   SOLE   174,739 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 5,559 433,952 SH   SOLE   433,952 0 0
DIGITAL RLTY TR INC COM 253868103 17,952 269,223 SH   SOLE   269,223 0 0
DOW CHEM CO COM 260543103 4,938 96,500 SH   DFND 1 96,500 0 0
DOW CHEM CO COM 260543103 4,938 96,500 SH   SOLE   96,500 0 0
DUKE REALTY CORP COM NEW 264411505 12,642 680,753 SH   SOLE   680,753 0 0
EASTGROUP PPTY INC COM 277276101 3,857 68,602 SH   SOLE   68,602 0 0
EMPIRE ST RLTY TR INC CL A 292104106 3,235 189,640 SH   SOLE   189,640 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 7,742 301,612 SH   SOLE   301,612 0 0
EQUITY ONE COM 294752100 3,212 137,621 SH   SOLE   137,621 0 0
ESSEX PPTY TR INC COM 297178105 28,636 134,758 SH   SOLE   134,758 0 0
FEDERAL MOGUL HOLDINGS CORP COM 313549404 24,039 2,118,016 SH   SOLE   2,118,016 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 17,631 137,648 SH   SOLE   137,648 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 3,903 260,000 SH   DFND 1 260,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 3,903 260,000 SH   SOLE   260,000 0 0
GENERAL ELECTRIC CO COM 369604103 7,155 269,300 SH   DFND 1 269,300 0 0
GENERAL ELECTRIC CO COM 369604103 7,155 269,300 SH   SOLE   269,300 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 26,519 1,033,493 SH   SOLE   1,033,493 0 0
GENERAL MLS INC COM 370334104 3,616 64,900 SH   DFND 1 64,900 0 0
GENERAL MLS INC COM 370334104 3,616 64,900 SH   SOLE   64,900 0 0
GETTY RLTY CORP NEW COM 374297109 690 42,200 SH   SOLE   42,200 0 0
GLADSTONE COML CORP COM 376536108 352 21,263 SH   SOLE   21,263 0 0
HASBRO INC COM 418056107 2,461 32,900 SH   DFND 1 32,900 0 0
HASBRO INC COM 418056107 2,461 32,900 SH   SOLE   32,900 0 0
HEALTHCARE RLTY TR COM 421946104 4,759 204,617 SH   SOLE   204,617 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 2,366 92,292 SH   SOLE   92,292 0 0
HIGHWOODS PPTYS INC COM 431284108 7,698 192,700 SH   SOLE   192,700 0 0
HOLLYFRONTIER CORP COM 436106108 2,775 65,000 SH   DFND 1 65,000 0 0
HOLLYFRONTIER CORP COM 436106108 2,775 65,000 SH   SOLE   65,000 0 0
HOME PROPERTIES INC COM 437306103 8,110 111,018 SH   SOLE   111,018 0 0
HUDSON PAC PPTYS INC COM 444097109 4,425 155,990 SH   SOLE   155,990 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 1,244 132,101 SH   SOLE   132,101 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2,765 17,000 SH   DFND 1 17,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2,765 17,000 SH   SOLE   17,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 1,388 194,355 SH   SOLE   194,355 0 0
ISHARES TR U.S. REAL ES ETF 464287739 106,950 1,500,000 SH   SOLE   1,500,000 0 0
JOHNSON & JOHNSON COM 478160104 7,641 78,400 SH   DFND 1 78,400 0 0
JOHNSON & JOHNSON COM 478160104 7,641 78,400 SH   SOLE   78,400 0 0
KLA-TENCOR CORP COM 482480100 1,518 27,000 SH   DFND 1 27,000 0 0
KLA-TENCOR CORP COM 482480100 1,518 27,000 SH   SOLE   27,000 0 0
LTC PPTYS INC COM 502175102 2,714 65,231 SH   SOLE   65,231 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 9,925 172,672 SH   SOLE   172,672 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 8,500 239,709 SH   SOLE   239,709 0 0
LEXINGTON REALTY TRUST COM 529043101 4,151 489,502 SH   SOLE   489,502 0 0
LIBERTY PPTY TR SH BEN INT 531172104 10,190 316,249 SH   SOLE   316,249 0 0
LILLY ELI & CO COM 532457108 4,066 48,700 SH   DFND 1 48,700 0 0
LILLY ELI & CO COM 532457108 4,066 48,700 SH   SOLE   48,700 0 0
MACERICH CO COM 554382101 23,688 317,532 SH   SOLE   317,532 0 0
MACK CALI RLTY CORP COM 554489104 3,652 198,141 SH   SOLE   198,141 0 0
MATTEL INC COM 577081102 3,232 125,800 SH   DFND 1 125,800 0 0
MATTEL INC COM 577081102 3,232 125,800 SH   SOLE   125,800 0 0
MCDONALDS CORP COM 580135101 3,945 41,500 SH   DFND 1 41,500 0 0
MCDONALDS CORP COM 580135101 3,945 41,500 SH   SOLE   41,500 0 0
MICROSOFT CORP COM 594918104 7,775 176,100 SH   DFND 1 176,100 0 0
MICROSOFT CORP COM 594918104 7,775 176,100 SH   SOLE   176,100 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 878 90,359 SH   SOLE   90,359 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 9,418 269,023 SH   SOLE   269,023 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 516 41,608 SH   SOLE   41,608 0 0
NEW SR INVT GROUP INC COM 648691103 2,610 195,188 SH   SOLE   195,188 0 0
NORFOLK SOUTHERN CORP COM 655844108 3,058 35,000 SH   DFND 1 35,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 3,058 35,000 SH   SOLE   35,000 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 10,803 314,688 SH   SOLE   314,688 0 0
ONE LIBERTY PPTYS INC COM 682406103 335 15,752 SH   SOLE   15,752 0 0
PACCAR INC COM 693718108 3,490 54,700 SH   DFND 1 54,700 0 0
PACCAR INC COM 693718108 3,490 54,700 SH   SOLE   54,700 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 3,072 143,960 SH   SOLE   143,960 0 0
PEPSICO INC COM 713448108 6,347 68,000 SH   DFND 1 68,000 0 0
PEPSICO INC COM 713448108 6,347 68,000 SH   SOLE   68,000 0 0
PFIZER INC COM 717081103 9,740 290,500 SH   DFND 1 290,500 0 0
PFIZER INC COM 717081103 9,740 290,500 SH   SOLE   290,500 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 6,267 356,280 SH   SOLE   356,280 0 0
PLUM CREEK TIMBER CO INC COM 729251108 14,850 366,041 SH   SOLE   366,041 0 0
POST PPTYS INC COM 737464107 5,863 107,829 SH   SOLE   107,829 0 0
POTLATCH CORP NEW COM 737630103 2,667 75,512 SH   SOLE   75,512 0 0
PROCTER & GAMBLE CO COM 742718109 6,533 83,500 SH   DFND 1 83,500 0 0
PROCTER & GAMBLE CO COM 742718109 6,533 83,500 SH   SOLE   83,500 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 3,016 184,815 SH   SOLE   184,815 0 0
RAYONIER INC COM 754907103 6,993 273,686 SH   SOLE   273,686 0 0
REALTY INCOME CORP COM 756109104 21,128 475,956 SH   SOLE   475,956 0 0
REGENCY CTRS CORP COM 758849103 11,141 188,900 SH   SOLE   188,900 0 0
ROUSE PPTYS INC COM 779287101 1,388 84,865 SH   SOLE   84,865 0 0
SAUL CTRS INC COM 804395101 1,216 24,721 SH   SOLE   24,721 0 0
SIMON PPTY GROUP INC NEW COM 828806109 108,411 626,583 SH   SOLE   626,583 0 0
STORE CAP CORP COM 862121100 2,621 130,390 SH   SOLE   130,390 0 0
SUMMIT HOTEL PPTYS COM 866082100 2,356 181,127 SH   SOLE   181,127 0 0
SUN CMNTYS INC COM 866674104 6,292 101,757 SH   SOLE   101,757 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 6,626 441,460 SH   SOLE   441,460 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 6,056 191,044 SH   SOLE   191,044 0 0
TAUBMAN CTRS INC COM 876664103 8,022 115,418 SH   SOLE   115,418 0 0
TRIBUNE MEDIA CO CL A 896047503 10,646 199,400 SH   SOLE   199,400 0 0
UDR INC COM 902653104 17,139 535,092 SH   SOLE   535,092 0 0
US BANCORP DEL COM NEW 902973304 2,864 66,000 SH   DFND 1 66,000 0 0
US BANCORP DEL COM NEW 902973304 2,864 66,000 SH   SOLE   66,000 0 0
U M H PROPERTIES INC COM 903002103 257 26,221 SH   SOLE   26,221 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 800 42,852 SH   SOLE   42,852 0 0
VORNADO RLTY TR SH BEN INT 929042109 33,438 352,236 SH   SOLE   352,236 0 0
WAL-MART STORES INC COM 931142103 4,745 66,900 SH   DFND 1 66,900 0 0
WAL-MART STORES INC COM 931142103 4,745 66,900 SH   SOLE   66,900 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 3,275 126,208 SH   SOLE   126,208 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 6,994 213,951 SH   SOLE   213,951 0 0
WELLS FARGO & CO NEW COM 949746101 6,749 120,000 SH   DFND 1 120,000 0 0
WELLS FARGO & CO NEW COM 949746101 6,749 120,000 SH   SOLE   120,000 0 0
WEYERHAEUSER CO COM 962166104 32,958 1,046,289 SH   SOLE   1,046,289 0 0
WHITESTONE REIT COM 966084204 242 18,600 SH   SOLE   18,600 0 0
WILLIAMS COS INC DEL COM 969457100 1,148 20,000 SH   DFND 1 20,000 0 0
WILLIAMS COS INC DEL COM 969457100 1,148 20,000 SH   SOLE   20,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 593 39,142 SH   SOLE   39,142 0 0
XENIA HOTELS & RESORTS INC COM 984017103 5,224 240,292 SH   SOLE   240,292 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 789 16,986 SH   SOLE   16,986 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 1,197 64,684 SH   SOLE   64,684 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 27,868 399,143 SH   SOLE   399,143 0 0
ALTRIA GROUP INC COM 02209S103 3,937 80,500 SH   DFND 1 80,500 0 0
ALTRIA GROUP INC COM 02209S103 3,937 80,500 SH   SOLE   80,500 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 18,918 473,724 SH   SOLE   473,724 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 6,491 404,685 SH   SOLE   404,685 0 0
AMERICAN TOWER CORP NEW COM 03027X100 80,039 857,963 SH   SOLE   857,963 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 10,923 295,771 SH   SOLE   295,771 0 0
BCE INC PUT 05534B950 4,004 94,200 SH   DFND 1 94,200 0 0
BCE INC PUT 05534B950 4,004 94,200 SH   SOLE   94,200 0 0
BIOMED REALTY TRUST INC COM 09063H107 8,398 434,255 SH   SOLE   434,255 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 8,195 354,294 SH   SOLE   354,294 0 0
CA INC COM 12673P105 3,799 129,700 SH   DFND 1 129,700 0 0
CA INC COM 12673P105 3,799 129,700 SH   SOLE   129,700 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 1,208 218,121 SH   SOLE   218,121 0 0
CARETRUST REIT INC COM 14174T107 435 34,348 SH   SOLE   34,348 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 1,166 100,768 SH   SOLE   100,768 0 0
CHATHAM LODGING TR COM 16208T102 2,103 79,438 SH   SOLE   79,438 0 0
CISCO SYS INC COM 17275R102 3,957 144,100 SH   DFND 1 144,100 0 0
CISCO SYS INC COM 17275R102 3,957 144,100 SH   SOLE   144,100 0 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 4,034 163,196 SH   SOLE   163,196 0 0
CONOCOPHILLIPS COM 20825C104 3,500 57,000 SH   DFND 1 57,000 0 0
CONOCOPHILLIPS COM 20825C104 3,500 57,000 SH   SOLE   57,000 0 0
CORESITE RLTY CORP COM 21870Q105 2,013 44,311 SH   SOLE   44,311 0 0
CORENERGY INFRASTRUCTURE TR COM 21870U205 871 137,756 SH   SOLE   137,756 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 4,362 185,313 SH   SOLE   185,313 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 6,589 199,181 SH   SOLE   199,181 0 0
CRESCENT PT ENERGY CORP COM 22576C101 143,183 6,977,609 SH   SOLE   6,977,609 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 2,819 35,100 SH   DFND 1 35,100 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 2,819 35,100 SH   SOLE   35,100 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 54,708 681,301 SH   SOLE   681,301 0 0
CYRUSONE INC COM 23283R100 3,168 107,568 SH   SOLE   107,568 0 0
DDR CORP COM 23317H102 10,211 660,482 SH   SOLE   660,482 0 0
DOMINION RES INC VA NEW COM 25746U109 4,621 69,100 SH   DFND 1 69,100 0 0
DOMINION RES INC VA NEW COM 25746U109 4,621 69,100 SH   SOLE   69,100 0 0
DOUGLAS EMMETT INC COM 25960P109 7,555 280,450 SH   SOLE   280,450 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 5,713 80,900 SH   DFND 1 80,900 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 5,713 80,900 SH   SOLE   80,900 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 3,445 116,962 SH   SOLE   116,962 0 0
EPR PPTYS COM SH BEN INT 26884U109 5,594 102,109 SH   SOLE   102,109 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 234 14,727 SH   SOLE   14,727 0 0
EDUCATION RLTY TR INC COM NEW 28140H203 2,787 88,873 SH   SOLE   88,873 0 0
EQUINIX INC COM PAR $0.001 29444U700 29,408 115,778 SH   SOLE   115,778 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 8,149 154,986 SH   SOLE   154,986 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 51,101 728,250 SH   SOLE   728,250 0 0
EXCEL TR INC COM 30068C109 1,863 118,165 SH   SOLE   118,165 0 0
EXTRA SPACE STORAGE INC COM 30225T102 13,963 214,087 SH   SOLE   214,087 0 0
EXXON MOBIL CORP COM 30231G102 8,295 99,700 SH   DFND 1 99,700 0 0
EXXON MOBIL CORP COM 30231G102 8,295 99,700 SH   SOLE   99,700 0 0
FELCOR LODGING TR INC COM 31430F101 3,284 332,376 SH   SOLE   332,376 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 4,803 256,412 SH   SOLE   256,412 0 0
FIRST POTOMAC RLTY TR COM 33610F109 1,671 162,229 SH   SOLE   162,229 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 2,436 215,388 SH   SOLE   215,388 0 0
GEO GROUP INC NEW COM 36162J106 5,051 147,868 SH   SOLE   147,868 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 1,943 53,000 SH   DFND 1 53,000 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 1,943 53,000 SH   SOLE   53,000 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 6,946 189,477 SH   SOLE   189,477 0 0
GENERAL MTRS CO COM 37045V100 523 15,703 SH   SOLE   15,703 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 339 14,271 SH   SOLE   14,271 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 228 14,271 SH   SOLE   14,271 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 2,578 138,955 SH   SOLE   138,955 0 0
GRACE W R & CO DEL NEW COM 38388F108 21,170 211,063 SH   SOLE   211,063 0 0
GRAMERCY PPTY TR INC COM NEW 38489R605 2,517 107,706 SH   SOLE   107,706 0 0
HCP INC COM 40414L109 33,661 922,971 SH   SOLE   922,971 0 0
HEALTH CARE REIT INC COM 42217K106 46,922 714,941 SH   SOLE   714,941 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 5,445 227,330 SH   SOLE   227,330 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 8,636 299,658 SH   SOLE   299,658 0 0
HOST HOTELS & RESORTS INC COM 44107P104 30,909 1,558,718 SH   SOLE   1,558,718 0 0
ING GROEP N V DBCV 6.000%12/2 456837AE3 493 500,000 PRN   SOLE   500,000 0 0
INFRAREIT INC COM 45685L100 158,142 5,576,235 SH   SOLE   5,576,235 0 0
IRON MTN INC NEW COM 46284V101 11,431 368,737 SH   SOLE   368,737 0 0
KILROY RLTY CORP COM 49427F108 12,493 186,053 SH   SOLE   186,053 0 0
KIMCO RLTY CORP COM 49446R109 18,715 830,317 SH   SOLE   830,317 0 0
KINDER MORGAN INC DEL COM 49456B101 2,503 65,200 SH   DFND 1 65,200 0 0
KINDER MORGAN INC DEL COM 49456B101 2,503 65,200 SH   SOLE   65,200 0 0
KITE RLTY GROUP TR COM NEW 49803T300 4,611 188,454 SH   SOLE   188,454 0 0
KRAFT FOODS GROUP INC COM 50076Q106 7,995 93,900 SH   DFND 1 93,900 0 0
KRAFT FOODS GROUP INC COM 50076Q106 7,995 93,900 SH   SOLE   93,900 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 22,076 419,142 SH   SOLE   419,142 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 2,960 85,600 SH   DFND 1 85,600 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 2,960 85,600 SH   SOLE   85,600 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 5,487 418,563 SH   SOLE   418,563 0 0
MERCK & CO INC NEW COM 58933Y105 3,558 62,500 SH   DFND 1 62,500 0 0
MERCK & CO INC NEW COM 58933Y105 3,558 62,500 SH   SOLE   62,500 0 0
METLIFE INC COM 59156R108 4,815 86,000 SH   DFND 1 86,000 0 0
METLIFE INC COM 59156R108 4,815 86,000 SH   SOLE   86,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 11,613 159,499 SH   SOLE   159,499 0 0
MONOGRAM RESIDENTIAL TR INC COM 60979P105 3,345 370,811 SH   SOLE   370,811 0 0
NATIONAL HEALTH INVS INC COM 63633D104 4,523 72,598 SH   SOLE   72,598 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 533 39,714 SH   SOLE   39,714 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 11,492 722,743 SH   SOLE   722,743 0 0
OUTFRONT MEDIA INC COM 69007J106 7,254 287,396 SH   SOLE   287,396 0 0
PPL CORP COM 69351T106 3,389 115,000 SH   DFND 1 115,000 0 0
PPL CORP COM 69351T106 3,389 115,000 SH   SOLE   115,000 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 3,277 45,424 SH   SOLE   45,424 0 0
PARAMOUNT GROUP INC COM 69924R108 5,690 331,600 SH   SOLE   331,600 0 0
PARKWAY PPTYS INC COM 70159Q104 3,414 195,752 SH   SOLE   195,752 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 84 500,000 PRN   SOLE   500,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 6,660 155,309 SH   SOLE   155,309 0 0
PHYSICIANS RLTY TR COM 71943U104 2,321 151,102 SH   SOLE   151,102 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 6,334 266,253 SH   SOLE   266,253 0 0
PROLOGIS INC COM 74340W103 40,058 1,079,731 SH   SOLE   1,079,731 0 0
PUBLIC STORAGE COM 74460D109 53,556 290,479 SH   SOLE   290,479 0 0
QTS RLTY TR INC COM CL A 74736A103 1,947 53,408 SH   SOLE   53,408 0 0
RLJ LODGING TR COM 74965L101 7,642 256,603 SH   SOLE   256,603 0 0
RSP PERMIAN INC COM 74978Q105 223,208 7,940,524 SH   SOLE   7,940,524 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 3,348 214,312 SH   SOLE   214,312 0 0
RETAIL PPTYS AMER INC CL A 76131V202 6,876 493,618 SH   SOLE   493,618 0 0
REXFORD INDL RLTY INC COM 76169C100 1,776 121,793 SH   SOLE   121,793 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 4,861 91,528 SH   SOLE   91,528 0 0
SL GREEN RLTY CORP COM 78440X101 22,650 206,113 SH   SOLE   206,113 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 3,529 137,104 SH   SOLE   137,104 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 2,811 136,168 SH   SOLE   136,168 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 8,303 473,101 SH   SOLE   473,101 0 0
SIENTRA INC COM 82621J105 15,749 624,200 SH   SOLE   624,200 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 1,728 106,097 SH   SOLE   106,097 0 0
SOVRAN SELF STORAGE INC COM 84610H108 5,685 65,409 SH   SOLE   65,409 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 8,821 912,199 SH   SOLE   912,199 0 0
STAG INDL INC COM 85254J102 3,020 150,980 SH   SOLE   150,980 0 0
STARWOOD PPTY TR INC COM 85571B105 1,812 84,000 SH   DFND 1 84,000 0 0
STARWOOD PPTY TR INC COM 85571B105 1,812 84,000 SH   SOLE   84,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 2,316 97,456 SH   SOLE   97,456 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 7,022 579,377 SH   SOLE   579,377 0 0
TERRENO RLTY CORP COM 88146M101 2,244 113,896 SH   SOLE   113,896 0 0
3M CO COM 88579Y101 4,428 28,700 SH   DFND 1 28,700 0 0
3M CO COM 88579Y101 4,428 28,700 SH   SOLE   28,700 0 0
TIME WARNER CABLE INC COM 88732J207 36,514 204,939 SH   SOLE   204,939 0 0
TRIANGLE PETE CORP COM NEW 89600B201 56,977 11,350,000 SH   SOLE   11,350,000 0 0
URBAN EDGE PPTYS COM 91704F104 3,995 192,149 SH   SOLE   192,149 0 0
VENTAS INC COM 92276F100 41,810 673,378 SH   SOLE   673,378 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,789 167,100 SH   DFND 1 167,100 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,789 167,100 SH   SOLE   167,100 0 0
W P CAREY INC COM 92936U109 11,373 192,958 SH   SOLE   192,958 0 0
WP GLIMCHER IN COM 92939N102 5,540 409,452 SH   SOLE   409,452 0 0
WASTE MGMT INC DEL COM 94106L109 2,327 50,200 SH   DFND 1 50,200 0 0
WASTE MGMT INC DEL COM 94106L109 2,327 50,200 SH   SOLE   50,200 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 3,697 38,200 SH   DFND 1 38,200 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 3,697 38,200 SH   SOLE   38,200 0 0
ESSENT GROUP LTD COM G3198U102 1,389 50,791 SH   SOLE   50,791 0 0
PARTNERRE LTD COM G6852T105 26,538 206,518 SH   SOLE   206,518 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 1,848 38,900 SH   DFND 1 38,900 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 1,848 38,900 SH   SOLE   38,900 0 0
ACE LTD SHS H0023R105 3,477 34,200 SH   DFND 1 34,200 0 0
ACE LTD SHS H0023R105 3,477 34,200 SH   SOLE   34,200 0 0
TRONOX LTD SHS CL A Q9235V101 3,638 248,690 SH   SOLE   248,690 0 0