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 43 1,541 SH   SOLE 3 1,541 0 0
AMREIT INC NEW CL B 03216B208 9 500 SH   SOLE 3 500 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 269 18,500 SH   SOLE 3 18,500 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 20,748 1,428,917 SH   SOLE 3 1,428,917 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 39 5,600 SH   SOLE 3 5,600 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 12,421 1,795,000 SH   SOLE 3 1,795,000 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 35 600 SH   SOLE 3 600 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 3,771 29,800 SH   SOLE 3 29,800 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 67 4,300 SH   SOLE 3 4,300 0 0
BRASKEM S A SP ADR PFD A 105532105 5 400 SH   SOLE 3 400 0 0
BRASKEM S A SP ADR PFD A 105532105 177 13,800 SH   SOLE 3 13,800 0 0
BROWN FORMAN CORP CL B 115637209 301 3,200 SH   SOLE 3 3,200 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 116 6,600 SH   SOLE 3 6,600 0 0
CAMDEN PPTY TR SH BEN INT 133131102 327 4,600 SH   SOLE 3 4,600 0 0
CARNIVAL CORP PAIRED CTF 143658300 377 10,000 SH   SOLE 3 10,000 0 0
CBS CORP NEW CL B 124857202 17,876 287,671 SH   SOLE 3 287,671 0 0
CELANESE CORP DEL COM SER A 150870103 270 4,200 SH   SOLE 3 4,200 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 71 5,404 SH   SOLE 3 5,404 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 326 24,629 SH   SOLE 3 24,629 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 5 1,000 SH   SOLE 3 1,000 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 269 1,700 SH   SOLE 3 1,700 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 42 1,400 SH   SOLE 3 1,400 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 329 8,400 SH   SOLE 3 8,400 0 0
CHUNGHWA TELECOM CO LTD SPON ADR NEW11 17133Q502 48 1,500 SH   SOLE 3 1,500 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 23 200 SH   SOLE 3 200 0 0
COMCAST CORP NEW CL A SPL 20030N200 613 11,500 SH   SOLE 3 11,500 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 81 3,075 SH   SOLE 3 3,075 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 210 26,323 SH   SOLE 3 26,323 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 3,422 428,299 SH   SOLE 3 428,299 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 8 500 SH   SOLE 3 500 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 93,582 3,365,061 SH   OTR 3 3,365,061 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 64 2,300 SH   SOLE 3 2,300 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 270 3,640 SH   SOLE 3 3,640 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 177 2,440 SH   SOLE 3 2,440 0 0
DISNEY WALT CO COM DISNEY 254687106 171 2,000 SH   DFND 1,2 2,000 0 0
DISNEY WALT CO COM DISNEY 254687106 589 6,878 SH   DFND   6,878 0 0
DISNEY WALT CO COM DISNEY 254687106 257 3,000 SH   OTR 3 3,000 0 0
DISNEY WALT CO COM DISNEY 254687106 4,587 53,500 SH   SOLE 3 53,500 0 0
EATON VANCE CORP COM NON VTG 278265103 181 4,800 SH   SOLE 3 4,800 0 0
ECOPETROL S A SPONSORED ADS 279158109 25 700 SH   SOLE 3 700 0 0
EPR PPTYS COM SH BEN INT 26884U109 78 1,400 SH   SOLE 3 1,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 654,721 10,392,398 SH   OTR 3 10,392,398 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,203 19,100 SH   SOLE 3 19,100 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 189,362 1,566,010 SH   OTR 3 1,566,010 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 496 4,100 SH   SOLE 3 4,100 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 75 800 SH   SOLE 3 800 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 187 2,000 SH   SOLE 3 2,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 344 20,000 SH   DFND 1,2 20,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 167 9,700 SH   OTR 3 9,700 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 2,295 133,123 SH   SOLE 3 133,123 0 0
GERDAU S A SPON ADR REP PFD 373737105 23 3,900 SH   SOLE 3 3,900 0 0
GERDAU S A SPON ADR REP PFD 373737105 4,400 747,000 SH   SOLE 3 747,000 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 19,464 1,797,200 SH   OTR 3 1,797,200 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 42 3,900 SH   SOLE 3 3,900 0 0
GOOGLE INC CL C ADDED 38259P706 5,166 8,980 SH   SOLE 3 8,980 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 38 1,500 SH   SOLE 3 1,500 0 0
GPO AEROPORTUARIO DEL PAC SA SPON ADR B 400506101 20 300 SH   SOLE 3 300 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 25 200 SH   SOLE 3 200 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 29 2,200 SH   SOLE 3 2,200 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 37 2,800 SH   SOLE 3 2,800 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 35 5,200 SH   SOLE 3 5,200 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 125 4,100 SH   SOLE 3 4,100 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 28 3,000 SH   SOLE 3 3,000 0 0
ISHARES MSCI UK ETF 464286699 209 10,000 SH   SOLE 3 10,000 0 0
ISHARES MSCI GERMANY ETF 464286806 745 11,000 SH   DFND   11,000 0 0
ISHARES MSCI GERMANY ETF 464286806 344 11,000 SH   SOLE 3 11,000 0 0
ISHARES MSCI EMG MKT ETF 464287234 964 22,300 SH   SOLE 3 22,300 0 0
ISHARES IBOXX HI YD ETF 464288513 51,732 543,400 SH   SOLE 3 543,400 0 0
ISHARES INTL DIV ETF 464288448 695 17,420 SH   SOLE 3 17,420 0 0
ISHARES MSCI CDA ETF 464286509 117 3,640 SH   SOLE 3 3,640 0 0
ISHARES MSCI PAC JP ETF 464286665 131 2,670 SH   SOLE 3 2,670 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 236 16,401 SH   SOLE 3 16,401 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 20,971 1,458,332 SH   SOLE 3 1,458,332 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 2,942 83,358 SH   OTR 3 83,358 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 99 2,800 SH   SOLE 3 2,800 0 0
LG DISPLAY CO LTD SPONS ADR REP 50186V102 36 2,300 SH   SOLE 3 2,300 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 567 13,409 SH   SOLE 3 13,409 0 0
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 380 12,950 SH   SOLE 3 12,950 0 0
LIBERTY PPTY TR SH BEN INT 531172104 2,013 53,070 SH   OTR 3 53,070 0 0
LIBERTY PPTY TR SH BEN INT 531172104 334 8,800 SH   SOLE 3 8,800 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 1,211 12,400 SH   SOLE 3 12,400 0 0
MCCORMICK & CO INC COM NON VTG 579780206 215 3,000 SH   SOLE 3 3,000 0 0
MOLSON COORS BREWING CO CL B 60871R209 311 4,200 SH   SOLE 3 4,200 0 0
NATIONAL BK GREECE S A SPN ADR REP 1 SH 633643705 109 29,700 SH   SOLE 3 29,700 0 0
NIKE INC CL B 654106103 1,466 18,900 SH   SOLE 3 18,900 0 0
OI S.A. SPN ADR REP PFD 670851203 7 7,700 SH   SOLE 3 7,700 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 36 1,900 SH   SOLE 3 1,900 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 194 12,400 SH   SOLE 3 12,400 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 16,348 1,045,300 SH   SOLE 3 1,045,300 0 0
POWERSHARES DB CMDTY IDX TRA UNIT BEN INT 73935S105 96 3,600 SH   SOLE 3 3,600 0 0
POWERSHARES GLOBAL ETF TRUST EMER MRKT PORT 73936T763 768 36,000 SH   SOLE 3 36,000 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 15,306 920,910 SH   OTR 3 920,910 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 30 1,800 SH   SOLE 3 1,800 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 30 1,000 SH   SOLE 3 1,000 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 435 17,893 SH   OTR 3 17,893 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 134 5,500 SH   SOLE 3 5,500 0 0
SILICONWARE PRECISION INDS L SPONSD ADR SPL 827084864 25 3,000 SH   SOLE 3 3,000 0 0
SINOPEC SHANGHAI PETROCHEMIC SPON ADR H 82935M109 15 550 SH   SOLE 3 550 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 12 400 SH   SOLE 3 400 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 420 2,500 SH   SOLE 3 2,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,636 8,360 SH   SOLE 3 8,360 0 0
SPRINT CORP COM SER 1 85207U105 187 21,979 SH   SOLE 3 21,979 0 0
TERRA NITROGEN CO L P COM UNIT 881005201 134 931 SH   DFND 4,1,2 931 0 0
TURKCELL ILETISIM HIZMETLERI SPON ADR NEW 900111204 56 3,600 SH   SOLE 3 3,600 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 404 11,800 SH   SOLE 3 11,800 0 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 29 12,200 SH   SOLE 3 12,200 0 0
UNITED PARCEL SERVICE INC CL B 911312106 92 900 SH   OTR 3 900 0 0
UNITED PARCEL SERVICE INC CL B 911312106 2,505 24,400 SH   SOLE 3 24,400 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 17 400 SH   SOLE 3 400 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 201 2,100 SH   OTR 3 2,100 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 192 2,000 SH   SOLE 3 2,000 0 0
VALE S A ADR REPSTG PFD 91912E204 104 8,700 SH   SOLE 3 8,700 0 0
VALE S A ADR REPSTG PFD 91912E204 4,050 340,300 SH   SOLE 3 340,300 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 358 8,300 SH   SOLE 3 8,300 0 0
VANGUARD WHITEHALL FDS INC HIGH DIV YLD 921946406 418 6,300 SH   SOLE 3 6,300 0 0
VIACOM INC NEW CL B 92553P201 17,309 199,571 SH   SOLE 3 199,571 0 0
VORNADO RLTY TR SH BEN INT 929042109 667,666 6,255,651 SH   OTR 3 6,255,651 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,011 9,469 SH   SOLE 3 9,469 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 47 1,800 SH   SOLE 3 1,800 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 221,140 6,733,848 SH   OTR 3 6,733,848 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 102 3,100 SH   SOLE 3 3,100 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 13 860 SH   SOLE 3 860 0 0
3M COM 88579Y101 3,337 23,300 SH   SOLE 3 23,300 0 0
ABBOTT COM 002824100 1,644 40,200 SH   SOLE 3 40,200 0 0
ABBVIE COM 00287Y109 288 5,100 SH   OTR 3 5,100 0 0
ABBVIE COM 00287Y109 2,365 41,900 SH   SOLE 3 41,900 0 0
ACCENTURE PLC IRELAND CLASS A G1151C101 81 1,000 SH   OTR 3 1,000 0 0
ACCENTURE PLC IRELAND CLASS A G1151C101 1,366 16,900 SH   SOLE 3 16,900 0 0
ACE SHS H0023R105 923 8,900 SH   SOLE 3 8,900 0 0
ACTIVISION BLIZZARD COM 00507V109 299 13,400 SH   SOLE 3 13,400 0 0
ADOBE SYS COM 00724F101 926 12,800 SH   SOLE 3 12,800 0 0
ADVANCE AUTO PARTS COM 00751Y106 250 1,850 SH   SOLE 3 1,850 0 0
ADVANCED SEMICONDUCTOR ENGR ADR 00756M404 41 6,300 SH   SOLE 3 6,300 0 0
AES COM 00130H105 292 18,800 SH   SOLE 3 18,800 0 0
AETNA INC COM 00817Y108 178 2,200 SH   OTR 3 2,200 0 0
AETNA INC COM 00817Y108 784 9,673 SH   SOLE 3 9,673 0 0
AFFILIATED MANAGERS COM 008252108 246 1,200 SH   SOLE 3 1,200 0 0
AFLAC COM 001055102 728 11,700 SH   SOLE 3 11,700 0 0
AGCO COM 001084102 169 3,000 SH   SOLE 3 3,000 0 0
AGILENT TECHNOLOGIES COM 00846U101 511 8,890 SH   SOLE 3 8,890 0 0
AGREE REALTY COM 008492100 12 400 SH   SOLE 3 400 0 0
AIR PRODS & CHEMS COM 009158106 707 5,500 SH   SOLE 3 5,500 0 0
AIRGAS COM 009363102 218 2,000 SH   SOLE 3 2,000 0 0
AKAMAI TECHNOLOGIES COM 00971T101 293 4,800 SH   SOLE 3 4,800 0 0
ALASKA AIR GROUP COM 011659109 95 1,000 SH   OTR 3 1,000 0 0
ALASKA AIR GROUP COM 011659109 10,180 107,100 SH   SOLE 3 107,100 0 0
ALBEMARLE COM 012653101 157 2,200 SH   SOLE 3 2,200 0 0
ALCOA COM 013817101 871 58,500 SH   SOLE 3 58,500 0 0
ALEXANDRIA REAL ESTATE EQ COM 015271109 9,481 122,111 SH   OTR 3 122,111 0 0
ALEXANDRIA REAL ESTATE EQ COM 015271109 179 2,300 SH   SOLE 3 2,300 0 0
ALEXION PHARMACEUTICALS COM 015351109 828 5,300 SH   OTR 3 5,300 0 0
ALLEGHANY CORP COM 017175100 175 400 SH   SOLE 3 400 0 0
ALLERGAN COM 018490102 1,354 8,000 SH   SOLE 3 8,000 0 0
ALLIANCE DATA SYSTEMS COM 018581108 394 1,400 SH   SOLE 3 1,400 0 0
ALLIANT ENERGY COM 018802108 231 3,800 SH   SOLE 3 3,800 0 0
ALLSTATE COM 020002101 699 11,900 SH   SOLE 3 11,900 0 0
ALTERA COM 021441100 313 9,000 SH   SOLE 3 9,000 0 0
ALTRIA GROUP COM 02209S103 2,172 51,800 SH   SOLE 3 51,800 0 0
ALUMINUM CORP CHINA LTD SPON ADR SHS 022276109 23 2,600 SH   SOLE 3 2,600 0 0
AMAZON COM COM 023135106 324 1,000 SH   DFND 1,2 1,000 0 0
AMAZON COM COM 023135106 1,069 3,294 SH   DFND   3,294 0 0
AMAZON COM COM 023135106 3,053 9,400 SH   OTR 3 9,400 0 0
AMAZON COM COM 023135106 3,410 10,500 SH   SOLE 3 10,500 0 0
AMBARELLA SHS G037AX101 432 13,857 SH   DFND   13,857 0 0
AMBEV SA ADR 02319V103 141 20,000 SH   SOLE 3 20,000 0 0
AMBEV SA ADR 02319V103 5,118 727,000 SH   SOLE 3 727,000 0 0
AMEREN COM 023608102 274 6,700 SH   SOLE 3 6,700 0 0
AMERICA MOVIL SAB DE CV SPON ADR SHS 02364W105 100 4,800 SH   SOLE 3 4,800 0 0
AMERICA MOVIL SAB DE CV SPON ADR SHS 02364W105 363 17,500 SH   SOLE 3 17,500 0 0
AMERICAN AIRLS GROUP COM 02376R102 185 4,300 SH   SOLE 3 4,300 0 0
AMERICAN ASSETS TR COM 024013104 13,714 396,938 SH   OTR 3 396,938 0 0
AMERICAN ASSETS TR COM 024013104 35 1,000 SH   SOLE 3 1,000 0 0
AMERICAN CAMPUS CMNTYS COM 024835100 6,815 178,210 SH   OTR 3 178,210 0 0
AMERICAN CAMPUS CMNTYS COM 024835100 110 2,868 SH   SOLE 3 2,868 0 0
AMERICAN CAPITAL AGENCY COM 02503X105 220 9,400 SH   SOLE 3 9,400 0 0
AMERICAN ELEC PWR COM 025537101 742 13,300 SH   SOLE 3 13,300 0 0
AMERICAN EXPRESS COM 025816109 94 1,000 SH   DFND 1,2 1,000 0 0
AMERICAN EXPRESS COM 025816109 133 1,400 SH   OTR 3 1,400 0 0
AMERICAN EXPRESS COM 025816109 10,915 115,050 SH   SOLE 3 115,050 0 0
AMERICAN HOMES 4 CL A 02665T306 21 1,200 SH   SOLE 3 1,200 0 0
AMERICAN INTL GROUP COM NEW 026874784 4,094 75,000 SH   OTR 3 75,000 0 0
AMERICAN INTL GROUP COM NEW 026874784 2,057 37,692 SH   SOLE 3 37,692 0 0
AMERICAN RESIDENTIAL PPTYS COM 02927E303 8 400 SH   SOLE 3 400 0 0
AMERICAN RLTY CAP PPTYS COM 02917T104 160,567 12,814,567 SH   OTR 3 12,814,567 0 0
AMERICAN RLTY CAP PPTYS COM 02917T104 594 47,374 SH   SOLE 3 47,374 0 0
AMERICAN TOWER CORP COM 03027X100 945 10,500 SH   SOLE 3 10,500 0 0
AMERICAN WTR WKS CO INC COM 030420103 262 5,300 SH   SOLE 3 5,300 0 0
AMERIPRISE FINL COM 03076C106 336 2,800 SH   OTR 3 2,800 0 0
AMERIPRISE FINL COM 03076C106 13,747 114,560 SH   SOLE 3 114,560 0 0
AMERISOURCEBERGEN COM 03073E105 9,003 123,900 SH   SOLE 3 123,900 0 0
AMETEK INC COM 031100100 340 6,500 SH   SOLE 3 6,500 0 0
AMGEN COM 031162100 2,356 19,900 SH   SOLE 3 19,900 0 0
AMPHENOL CORP CL A 032095101 414 4,300 SH   SOLE 3 4,300 0 0
ANADARKO PETE COM 032511107 153 1,400 SH   OTR 3 1,400 0 0
ANADARKO PETE COM 032511107 1,434 13,100 SH   SOLE 3 13,100 0 0
ANALOG DEVICES COM 032654105 438 8,100 SH   SOLE 3 8,100 0 0
ANGLOGOLD ASHANTI LTD ADR 035128206 48 2,800 SH   SOLE 3 2,800 0 0
ANNALY CAP MGMT COM 035710409 302 26,400 SH   SOLE 3 26,400 0 0
ANSYS COM 03662Q105 159 2,100 SH   SOLE 3 2,100 0 0
AON PLC CL A G0408V102 3,198 35,500 SH   OTR 3 35,500 0 0
AON PLC CL A G0408V102 667 7,400 SH   SOLE 3 7,400 0 0
APACHE COM 037411105 1,078 10,710 SH   SOLE 3 10,710 0 0
APARTMENT INVT & MGMT CL A 03748R101 197,916 6,133,112 SH   OTR 3 6,133,112 0 0
APARTMENT INVT & MGMT CL A 03748R101 155 4,792 SH   SOLE 3 4,792 0 0
APPLE COM 037833100 92 1,000 SH   DFND 1,2 1,000 0 0
APPLE COM 037833100 1,241 700 SH   DFND 4,1,2 700 0 0
APPLE COM 037833100 4,498 48,400 SH   OTR 3 48,400 0 0
APPLE COM 037833100 29,137 313,535 SH   SOLE 3 313,535 0 0
APPLIED MATLS COM 038222105 6,808 301,900 SH   OTR 3 301,900 0 0
APPLIED MATLS COM 038222105 997 44,200 SH   SOLE 3 44,200 0 0
ARCH CAP GROUP ORD G0450A105 213 3,700 SH   SOLE 3 3,700 0 0
ARCHER DANIELS MIDLAND COM 039483102 781 17,700 SH   SOLE 3 17,700 0 0
ARMADA HOFFLER PPTYS COM 04208T108 5 500 SH   SOLE 3 500 0 0
ARROW ELECTRS COM 042735100 163 2,700 SH   SOLE 3 2,700 0 0
ASCENA RETAIL GROUP COM 04351G101 228 13,349 SH   DFND 4,1,2 13,349 0 0
ASHFORD HOSPITALITY PRIME COM 044102101 2,536 147,761 SH   OTR 3 147,761 0 0
ASHFORD HOSPITALITY PRIME COM 044102101 8 460 SH   SOLE 3 460 0 0
ASHFORD HOSPITALITY TR INC SHS 044103109 24 2,100 SH   SOLE 3 2,100 0 0
ASHLAND INC COM 044209104 196 1,800 SH   SOLE 3 1,800 0 0
ASSOCIATED ESTATES RLTY COM 045604105 29 1,600 SH   SOLE 3 1,600 0 0
ASSURANT COM 04621X108 138 2,100 SH   SOLE 3 2,100 0 0
AT&T COM 00206R102 315 8,900 SH   OTR 3 8,900 0 0
AT&T COM 00206R102 4,950 139,995 SH   SOLE 3 139,995 0 0
AU OPTRONICS CORP ADR 002255107 18 4,400 SH   SOLE 3 4,400 0 0
AUTODESK COM 052769106 338 6,000 SH   SOLE 3 6,000 0 0
AUTOLIV COM 052800109 352 3,300 SH   SOLE 3 3,300 0 0
AUTOMATIC DATA PROCESSING COM 053015103 1,007 12,700 SH   SOLE 3 12,700 0 0
AUTONATION COM 05329W102 90 1,500 SH   SOLE 3 1,500 0 0
AUTOZONE COM 053332102 7,186 13,400 SH   SOLE 3 13,400 0 0
AVAGO TECHNOLOGIES SHS Y0486S104 368 5,100 SH   OTR 3 5,100 0 0
AVAGO TECHNOLOGIES SHS Y0486S104 504 7,000 SH   SOLE 3 7,000 0 0
AVALONBAY CMNTYS COM 053484101 9,063 63,740 SH   OTR 3 63,740 0 0
AVALONBAY CMNTYS COM 053484101 1,034 7,269 SH   SOLE 3 7,269 0 0
AVERY DENNISON COM 053611109 154 3,000 SH   SOLE 3 3,000 0 0
AVIV REIT INC COM 05381L101 20 700 SH   SOLE 3 700 0 0
AVNET COM 053807103 173 3,900 SH   SOLE 3 3,900 0 0
AVON PRODS COM 054303102 169 11,600 SH   SOLE 3 11,600 0 0
AXIS CAPITAL HOLDINGS SHS G0692U109 128 2,900 SH   SOLE 3 2,900 0 0
B/E AEROSPACE COM 073302101 213 2,300 SH   SOLE 3 2,300 0 0
BAKER HUGHES COM 057224107 879 11,804 SH   SOLE 3 11,804 0 0
BALL COM 058498106 8,242 131,500 SH   SOLE 3 131,500 0 0
BANCO DE CHILE ADR 059520106 17 214 SH   SOLE 3 214 0 0
BANCO DE CHILE ADR 059520106 88 1,100 SH   SOLE 3 1,100 0 0
BANCO SANTANDER CHILE NEW SP ADR COM 05965X109 26 1,000 SH   SOLE 3 1,000 0 0
BANCO SANTANDER CHILE NEW SP ADR COM 05965X109 87 3,300 SH   SOLE 3 3,300 0 0
BANK NEW YORK MELLON COM 064058100 1,146 30,571 SH   SOLE 3 30,571 0 0
BANK OF AMERICA COM 060505104 5,685 369,900 SH   OTR 3 369,900 0 0
BANK OF AMERICA COM 060505104 4,364 283,914 SH   SOLE 3 283,914 0 0
BARD C R COM 067383109 286 2,000 SH   SOLE 3 2,000 0 0
BAXTER INTL COM 071813109 1,005 13,900 SH   SOLE 3 13,900 0 0
BB&T COM 054937107 729 18,500 SH   SOLE 3 18,500 0 0
BECTON DICKINSON & COM 075887109 662 5,600 SH   SOLE 3 5,600 0 0
BED BATH & BEYOND COM 075896100 350 6,100 SH   SOLE 3 6,100 0 0
BERKLEY W R COM 084423102 195 4,200 SH   SOLE 3 4,200 0 0
BEST BUY COM 086516101 233 7,500 SH   SOLE 3 7,500 0 0
BIOGEN IDEC COM 09062X103 1,964 6,230 SH   SOLE 3 6,230 0 0
BIOMARIN PHARMACEUTICAL COM 09061G101 2,179 35,041 SH   DFND 4,1,2 35,041 0 0
BIOMARIN PHARMACEUTICAL COM 09061G101 224 3,600 SH   SOLE 3 3,600 0 0
BIOMED REALTY TRUST COM 09063H107 114 5,200 SH   SOLE 3 5,200 0 0
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GOOGLE CL A 38259P508 4,490 7,680 SH   SOLE 3 7,680 0 0
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GRUPO AEROPORTUARIO CTR NORT ADR 400501102 87 2,700 SH   SOLE 3 2,700 0 0
GRUPO TELEVISA SA SPON ADR ORD 40049J206 141 4,100 SH   SOLE 3 4,100 0 0
GRUPO TELEVISA SA SPON ADR ORD 40049J206 226 6,600 SH   SOLE 3 6,600 0 0
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HARLEY DAVIDSON COM 412822108 209 3,000 SH   DFND 1,2 3,000 0 0
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HARMONY GOLD MNG LTD ADR 413216300 8 2,700 SH   SOLE 3 2,700 0 0
HARRIS CORP COM 413875105 8,772 115,800 SH   SOLE 3 115,800 0 0
HARTFORD FINL SVCS GROUP COM 416515104 340 9,500 SH   OTR 3 9,500 0 0
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HASBRO COM 418056107 170 3,200 SH   SOLE 3 3,200 0 0
HAWAIIAN HOLDINGS COM 419879101 5 500 SH   DFND 4,1,2 500 0 0
HAWAIIAN HOLDINGS INC NOTE 5.000% 3/1 419879AD3 12,639 7,000,000 PRN   DFND 4,1,2 7,000,000 0 0
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HCP COM 40414L109 149,961 3,623,990 SH   OTR 3 3,623,990 0 0
HCP COM 40414L109 1,063 25,700 SH   SOLE 3 25,700 0 0
HDFC BANK LTD ADR REPS SHS 40415F101 412 8,800 SH   SOLE 3 8,800 0 0
HEALTH CARE REIT COM 42217K106 170,908 2,727,103 SH   OTR 3 2,727,103 0 0
HEALTH CARE REIT COM 42217K106 1,034 16,500 SH   SOLE 3 16,500 0 0
HEALTH NET COM 42222G108 4,382 105,500 SH   OTR 3 105,500 0 0
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HEALTHCARE TR AMER CL A 42225P105 127,271 10,570,701 SH   OTR 3 10,570,701 0 0
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HEALTHWAYS INC NOTE 1.500% 7/0 422245AB6 10,975 10,000,000 PRN   DFND 4,1,2 10,000,000 0 0
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HERBALIFE LTD COM SHS G4412G101 1,329 20,600 SH   DFND 4,1,2 20,600 0 0
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HERBALIFE LTD COM SHS G4412G101 225 900 SH   DFND 4,1,2 900 0 0
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HERSHEY COM 427866108 409 4,200 SH   SOLE 3 4,200 0 0
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HESS COM 42809H107 776 7,850 SH   SOLE 3 7,850 0 0
HEWLETT PACKARD COM 428236103 391 11,600 SH   OTR 3 11,600 0 0
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HEXCEL CORP COM 428291108 331 8,100 SH   SOLE 3 8,100 0 0
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HOLOGIC COM 436440101 208 8,200 SH   SOLE 3 8,200 0 0
HOME DEPOT COM 437076102 3,052 37,700 SH   SOLE 3 37,700 0 0
HOME PROPERTIES COM 437306103 241,194 3,771,018 SH   OTR 3 3,771,018 0 0
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HORMEL FOODS COM 440452100 178 3,600 SH   SOLE 3 3,600 0 0
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HOST HOTELS & RESORTS COM 44107P104 539,376 24,505,934 SH   OTR 3 24,505,934 0 0
HOST HOTELS & RESORTS COM 44107P104 960 43,608 SH   SOLE 3 43,608 0 0
HUANENG PWR INTL INC SPON ADR SHS 443304100 50 1,100 SH   SOLE 3 1,100 0 0
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HUNT J B TRANS SVCS COM 445658107 207 2,800 SH   SOLE 3 2,800 0 0
HUNTINGTON BANCSHARES COM 446150104 167 17,500 SH   OTR 3 17,500 0 0
ICICI BK ADR 45104G104 359 7,200 SH   SOLE 3 7,200 0 0
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ICONIX BRAND GROUP COM 451055107 11,821 275,300 SH   SOLE 3 275,300 0 0
IHS CL A 451734107 204 1,500 SH   SOLE 3 1,500 0 0
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ILLUMINA COM 452327109 607 3,400 SH   SOLE 3 3,400 0 0
IMPERIAL HLDGS COM 452834104 5 1,000 SH   DFND 4,1,2 1,000 0 0
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INFOSYS LTD ADR 456788108 2,097 39,000 SH   SOLE 3 39,000 0 0
INGERSOLL-RAND SHS G47791101 472 7,544 SH   SOLE 3 7,544 0 0
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INTERPUBLIC GROUP COS COM 460690100 3,524 180,600 SH   OTR 3 180,600 0 0
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INTUIT COM 461202103 588 7,300 SH   SOLE 3 7,300 0 0
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IROBOT COM 462726100 286 7,000 SH   DFND 1,2 7,000 0 0
IRON MTN COM 462846106 173 4,877 SH   SOLE 3 4,877 0 0
ITC HLDGS COM 465685105 230 6,300 SH   SOLE 3 6,300 0 0
ITRON COM 465741106 1,788 44,100 SH   OTR 3 44,100 0 0
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JAKKS PAC COM 47012E106 164 2,000 SH   DFND 4,1,2 2,000 0 0
JAKKS PAC COM 47012E106 124 1,000 SH   DFND 4,1,2 1,000 0 0
JAMES RIVER COAL CO NOTE 10.000% 6/0 DELETED 470355AK4 448 4,074,000 PRN   DFND 4,1,2 4,074,000 0 0
JD COM INC SPON CL A 47215P106 427 15,000 SH   DFND 1,2 15,000 0 0
JETBLUE AIRWAYS CORP DBCV 6.750%10/1 477143AF8 36,043 16,100,000 PRN   DFND 4,1,2 16,100,000 0 0
JOHNSON & COM 478160104 230 2,200 SH   OTR 3 2,200 0 0
JOHNSON & COM 478160104 7,962 76,100 SH   SOLE 3 76,100 0 0
JOHNSON CTLS COM 478366107 859 17,200 SH   SOLE 3 17,200 0 0
JOY GLOBAL COM 481165108 191 3,100 SH   SOLE 3 3,100 0 0
JPMORGAN CHASE & COM 46625H100 4,281 74,300 SH   OTR 3 74,300 0 0
JPMORGAN CHASE & COM 46625H100 5,878 102,020 SH   SOLE 3 102,020 0 0
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KANSAS CITY COM NEW 485170302 312 2,900 SH   SOLE 3 2,900 0 0
KATE SPADE & COM 485865109 381 10,000 SH   DFND 1,2 10,000 0 0
KATE SPADE & COM 485865109 342 8,972 SH   DFND   8,972 0 0
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KBR COM 48242W106 110 4,600 SH   SOLE 3 4,600 0 0
KELLOGG COM 487836108 480 7,300 SH   SOLE 3 7,300 0 0
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KEYCORP COM 493267108 350 24,400 SH   SOLE 3 24,400 0 0
KILROY RLTY COM 49427F108 246,648 3,960,301 SH   OTR 3 3,960,301 0 0
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KITE RLTY GROUP COM 49803T102 21 3,500 SH   SOLE 3 3,500 0 0
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KODIAK OIL & GAS COM 50015Q100 291 20,000 SH   SOLE 3 20,000 0 0
KOHLS COM 500255104 295 5,600 SH   SOLE 3 5,600 0 0
KOREA ELECTRIC PWR ADR 500631106 136 7,400 SH   SOLE 3 7,400 0 0
KRAFT FOODS GROUP COM 50076Q106 977 16,303 SH   SOLE 3 16,303 0 0
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KT CORP ADR 48268K101 15 1,000 SH   SOLE 3 1,000 0 0
L BRANDS COM 501797104 381 6,500 SH   SOLE 3 6,500 0 0
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L-3 COMMUNICATIONS HLDGS COM 502424104 302 2,500 SH   SOLE 3 2,500 0 0
LABORATORY CORP AMER COM NEW 50540R409 2,826 27,600 SH   OTR 3 27,600 0 0
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LAM RESEARCH COM 512807108 264 3,900 SH   SOLE 3 3,900 0 0
LAS VEGAS SANDS COM 517834107 228 3,000 SH   DFND 1,2 3,000 0 0
LAS VEGAS SANDS COM 517834107 370 4,861 SH   DFND   4,861 0 0
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LATAM AIRLS GROUP S A ADR 51817R106 38 2,800 SH   SOLE 3 2,800 0 0
LATAM AIRLS GROUP S A ADR 51817R106 98 7,287 SH   SOLE 3 7,287 0 0
LAUDER ESTEE COS CL A 518439104 490 6,600 SH   SOLE 3 6,600 0 0
LEGG MASON COM 524901105 151 2,950 SH   SOLE 3 2,950 0 0
LEGGETT & PLATT COM 524660107 171 5,000 SH   SOLE 3 5,000 0 0
LENNAR CL A 526057104 164 3,900 SH   SOLE 3 3,900 0 0
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LEVEL 3 COMMUNICATIONS COM NEW 52729N308 215 4,900 SH   SOLE 3 4,900 0 0
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MARRIOTT INTL INC CL A 571903202 19,680 307,017 SH   SOLE 3 307,017 0 0
MARSH & MCLENNAN COS COM 571748102 777 15,000 SH   SOLE 3 15,000 0 0
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MICROCHIP TECHNOLOGY INC SDCV 2.125%12/1 595017AB0 43,000 22,500,000 PRN   DFND 4,1,2 22,500,000 0 0
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PDL BIOPHARMA COM 69329Y104 2 525 SH   DFND 4,1,2 525 0 0
PEABODY ENERGY COM 704549104 157 9,600 SH   SOLE 3 9,600 0 0
PEBBLEBROOK HOTEL COM 70509V100 88,575 2,396,506 SH   OTR 3 2,396,506 0 0
PEBBLEBROOK HOTEL COM 70509V100 63 1,700 SH   SOLE 3 1,700 0 0
PENN NATL GAMING COM 707569109 819 67,500 SH   OTR 3 67,500 0 0
PENTAIR SHS G7S00T104 101 1,400 SH   OTR 3 1,400 0 0
PENTAIR SHS G7S00T104 402 5,580 SH   SOLE 3 5,580 0 0
PEOPLES UNITED FINANCIAL COM 712704105 185 12,200 SH   SOLE 3 12,200 0 0
PEPCO HOLDINGS COM 713291102 176 6,400 SH   SOLE 3 6,400 0 0
PEPSICO COM 713448108 170 1,900 SH   OTR 3 1,900 0 0
PEPSICO COM 713448108 3,671 41,085 SH   SOLE 3 41,085 0 0
PERRIGO CO SHS G97822103 87 600 SH   OTR 3 600 0 0
PERRIGO CO SHS G97822103 539 3,700 SH   SOLE 3 3,700 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 32 251 SH   DFND 2 251 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 138 1,100 SH   SOLE 3 1,100 0 0
PETROLEO BRASILEIRO SA PETRO ADR 71654V408 66 4,500 SH   SOLE 3 4,500 0 0
PETROLEO BRASILEIRO SA PETRO ADR 71654V408 11,798 806,400 SH   SOLE 3 806,400 0 0
PETSMART COM 716768106 179 3,000 SH   SOLE 3 3,000 0 0
PFIZER COM 717081103 403 13,583 SH   OTR 3 13,583 0 0
PFIZER COM 717081103 5,132 172,921 SH   SOLE 3 172,921 0 0
PG&E COM 69331C108 567 11,800 SH   SOLE 3 11,800 0 0
PHARMACYCLICS COM 716933106 161 1,800 SH   SOLE 3 1,800 0 0
PHILIP MORRIS INTL COM 718172109 129 1,528 SH   OTR 3 1,528 0 0
PHILIP MORRIS INTL COM 718172109 3,600 42,700 SH   SOLE 3 42,700 0 0
PHILIPPINE LONG DISTANCE TEL ADR 718252604 620 9,200 SH   SOLE 3 9,200 0 0
PHILLIPS COM 718546104 2,956 36,750 SH   SOLE 3 36,750 0 0
PHYSICIANS RLTY COM 71943U104 13 900 SH   SOLE 3 900 0 0
PIEDMONT OFFICE REALTY TR IN CL A 720190206 78 4,100 SH   SOLE 3 4,100 0 0
PINNACLE WEST CAP COM 723484101 156 2,700 SH   SOLE 3 2,700 0 0
PIONEER NAT RES COM 723787107 850 3,700 SH   SOLE 3 3,700 0 0
PLUM CREEK TIMBER CO COM 729251108 230 5,100 SH   SOLE 3 5,100 0 0
PNC FINL SVCS GROUP COM 693475105 1,255 14,096 SH   SOLE 3 14,096 0 0
POLARIS INDS COM 731068102 195 1,500 SH   SOLE 3 1,500 0 0
POSCO ADR 693483109 320 4,300 SH   SOLE 3 4,300 0 0
POST PPTYS COM 737464107 8,394 157,012 SH   OTR 3 157,012 0 0
POST PPTYS COM 737464107 80 1,500 SH   SOLE 3 1,500 0 0
PPG INDS COM 693506107 1,492 7,100 SH   SOLE 3 7,100 0 0
PPL COM 69351T106 590 16,600 SH   SOLE 3 16,600 0 0
PRAXAIR COM 74005P104 1,554 11,700 SH   SOLE 3 11,700 0 0
PRECISION CASTPARTS COM 740189105 1,136 4,500 SH   SOLE 3 4,500 0 0
PRICE T ROWE GROUP COM 74144T108 574 6,800 SH   SOLE 3 6,800 0 0
PRICELINE GRP COM NEW 741503403 360 300 SH   DFND 1,2 300 0 0
PRICELINE GRP COM NEW 741503403 2,686 2,233 SH   DFND   2,233 0 0
PRICELINE GRP COM NEW 741503403 1,829 1,520 SH   SOLE 3 1,520 0 0
PRINCIPAL FINL GROUP COM 74251V102 389 7,700 SH   SOLE 3 7,700 0 0
PROCTER & GAMBLE COM 742718109 86 1,100 SH   OTR 3 1,100 0 0
PROCTER & GAMBLE COM 742718109 5,599 71,237 SH   SOLE 3 71,237 0 0
PROGRESSIVE CORP COM 743315103 365 14,400 SH   SOLE 3 14,400 0 0
PROLOGIS COM 74340W103 683,158 16,625,902 SH   OTR 3 16,625,902 0 0
PROLOGIS COM 74340W103 1,187 28,884 SH   SOLE 3 28,884 0 0
PROLOGIS NOTE 3.250% 3/1 743410AY8 2,848 2,497,000 PRN   DFND 4,1,2 2,497,000 0 0
PRUDENTIAL FINL COM 744320102 337 3,800 SH   OTR 3 3,800 0 0
PRUDENTIAL FINL COM 744320102 13,404 151,000 SH   SOLE 3 151,000 0 0
PS BUSINESS PKS INC COM 69360J107 50 600 SH   SOLE 3 600 0 0
PUBLIC COM 74460D109 606,298 3,538,361 SH   OTR 3 3,538,361 0 0
PUBLIC COM 74460D109 1,388 8,100 SH   SOLE 3 8,100 0 0
PUBLIC SVC ENTERPRISE COM 744573106 551 13,500 SH   SOLE 3 13,500 0 0
PULTE GROUP COM 745867101 165 8,200 SH   SOLE 3 8,200 0 0
PVH COM 693656100 233 2,000 SH   SOLE 3 2,000 0 0
QEP RES COM 74733V100 176 5,100 SH   SOLE 3 5,100 0 0
QTS RLTY TR INC CL A 74736A103 11 400 SH   SOLE 3 400 0 0
QUALCOMM COM 747525103 2,407 30,400 SH   DFND 4,1,2 30,400 0 0
QUALCOMM COM 747525103 277 700 SH   DFND 4,1,2 700 0 0
QUALCOMM COM 747525103 198 2,500 SH   OTR 3 2,500 0 0
QUALCOMM COM 747525103 3,984 50,300 SH   SOLE 3 50,300 0 0
QUANTA SVCS COM 74762E102 488 14,100 SH   SOLE 3 14,100 0 0
QUEST DIAGNOSTICS COM 74834L100 223 3,800 SH   SOLE 3 3,800 0 0
RACKSPACE HOSTING COM 750086100 111 3,300 SH   SOLE 3 3,300 0 0
RALPH LAUREN CL A 751212101 169 1,053 SH   DFND 4,1,2 1,053 0 0
RALPH LAUREN CL A 751212101 3,471 21,600 SH   OTR 3 21,600 0 0
RALPH LAUREN CL A 751212101 273 1,700 SH   SOLE 3 1,700 0 0
RANGE RES COM 75281A109 374 4,300 SH   SOLE 3 4,300 0 0
RAYMOND JAMES FINANCIAL COM 754730109 152 3,000 SH   SOLE 3 3,000 0 0
RAYONIER COM 754907103 107 3,000 SH   SOLE 3 3,000 0 0
RAYTHEON COM NEW 755111507 1,135 12,300 SH   SOLE 3 12,300 0 0
REALOGY HLDGS COM 75605Y106 136 3,600 SH   SOLE 3 3,600 0 0
REALTY INCOME COM 756109104 59,482 1,339,087 SH   OTR 3 1,339,087 0 0
REALTY INCOME COM 756109104 531 11,950 SH   SOLE 3 11,950 0 0
RED HAT COM 756577102 298 5,400 SH   SOLE 3 5,400 0 0
REGENCY CTRS COM 758849103 293,514 5,271,437 SH   OTR 3 5,271,437 0 0
REGENCY CTRS COM 758849103 334 6,000 SH   SOLE 3 6,000 0 0
REGENERON COM 75886F107 593 2,100 SH   SOLE 3 2,100 0 0
REGIONS FINL CORP COM 7591EP100 408 38,435 SH   SOLE 3 38,435 0 0
RENAISSANCERE HOLDINGS COM G7496G103 139 1,300 SH   SOLE 3 1,300 0 0
RENEWABLE ENERGY GROUP COM NEW 75972A301 229 20,000 SH   DFND 4,1,2 20,000 0 0
RENEWABLE ENERGY GROUP COM NEW 75972A301 12 1,000 SH   DFND 4,1,2 1,000 0 0
RENEWABLE ENERGY GROUP COM NEW 75972A301 10 1,000 SH   DFND 4,1,2 1,000 0 0
REPUBLIC SVCS COM 760759100 186 4,900 SH   OTR 3 4,900 0 0
REPUBLIC SVCS COM 760759100 311 8,200 SH   SOLE 3 8,200 0 0
RESMED COM 761152107 182 3,600 SH   SOLE 3 3,600 0 0
RETAIL OPPORTUNITY INVTS COM 76131N101 36 2,300 SH   SOLE 3 2,300 0 0
RETAIL PPTYS AMER CL A 76131V202 126,291 8,211,399 SH   OTR 3 8,211,399 0 0
RETAIL PPTYS AMER CL A 76131V202 78 5,100 SH   SOLE 3 5,100 0 0
REXFORD INDL RLTY COM 76169C100 2,099 147,413 SH   OTR 3 147,413 0 0
REXFORD INDL RLTY COM 76169C100 6 400 SH   SOLE 3 400 0 0
REYNOLDS AMERICAN COM 761713106 495 8,200 SH   SOLE 3 8,200 0 0
RLJ LODGING COM 74965L101 132,193 4,575,742 SH   OTR 3 4,575,742 0 0
RLJ LODGING COM 74965L101 127 4,400 SH   SOLE 3 4,400 0 0
ROBERT HALF INTL COM 770323103 284 5,950 SH   SOLE 3 5,950 0 0
ROCK-TENN CL A 772739207 180 1,700 SH   SOLE 3 1,700 0 0
ROCKWELL AUTOMATION COM 773903109 653 5,220 SH   SOLE 3 5,220 0 0
ROCKWELL COLLINS COM 774341101 281 3,600 SH   SOLE 3 3,600 0 0
ROCKWOOD HLDGS COM 774415103 418 5,500 SH   SOLE 3 5,500 0 0
ROPER INDS INC COM 776696106 423 2,900 SH   SOLE 3 2,900 0 0
ROSS STORES COM 778296103 112 1,700 SH   OTR 3 1,700 0 0
ROSS STORES COM 778296103 370 5,600 SH   SOLE 3 5,600 0 0
ROUSE PPTYS COM 779287101 16 907 SH   SOLE 3 907 0 0
ROYAL CARIBBEAN CRUISES COM V7780T103 667 12,000 SH   SOLE 3 12,000 0 0
RYLAND GROUP COM 783764103 241 6,117 SH   DFND 4,1,2 6,117 0 0
RYMAN HOSPITALITY PPTYS COM 78377T107 67 1,400 SH   SOLE 3 1,400 0 0
SABRA HEALTH CARE REIT COM 78573L106 37 1,300 SH   SOLE 3 1,300 0 0
SAFEWAY COM NEW 786514208 203 5,900 SH   SOLE 3 5,900 0 0
SALESFORCE COM COM 79466L302 865 14,900 SH   SOLE 3 14,900 0 0
SANDISK COM 80004C101 5,190 49,700 SH   SOLE 3 49,700 0 0
SANDISK CORP NOTE 1.500% 8/1 80004CAD3 33,722 16,450,000 PRN   DFND 4,1,2 16,450,000 0 0
SASOL LTD ADR 803866300 124 2,100 SH   SOLE 3 2,100 0 0
SAUL CTRS COM 804395101 19 400 SH   SOLE 3 400 0 0
SBA COMMUNICATIONS COM 78388J106 368 3,600 SH   SOLE 3 3,600 0 0
SCANA CORP COM 80589M102 167 3,100 SH   SOLE 3 3,100 0 0
SCHEIN HENRY COM 806407102 297 2,500 SH   SOLE 3 2,500 0 0
SCHLUMBERGER COM 806857108 4,130 35,017 SH   SOLE 3 35,017 0 0
SCHWAB CHARLES CORP COM 808513105 827 30,700 SH   SOLE 3 30,700 0 0
SCRIPPS NETWORKS INTERACT IN CL COM 811065101 203 2,500 SH   SOLE 3 2,500 0 0
SEAGATE TECHNOLOGY SHS G7945M107 494 8,700 SH   SOLE 3 8,700 0 0
SEALED AIR CORP COM 81211K100 150 4,400 SH   SOLE 3 4,400 0 0
SEARS HLDGS COM 812350106 65 1,625 SH   SOLE 3 1,625 0 0
SEI INVESTMENTS COM 784117103 134 4,100 SH   SOLE 3 4,100 0 0
SEMPRA COM 816851109 3,246 31,000 SH   SOLE 3 31,000 0 0
SENSATA TECHNOLOGIES HLDG SHS N7902X106 164 3,500 SH   SOLE 3 3,500 0 0
SERVICENOW COM 81762P102 229 3,700 SH   SOLE 3 3,700 0 0
SESA STERLITE LTD ADR 78413F103 93 4,800 SH   SOLE 3 4,800 0 0
SHERWIN WILLIAMS COM 824348106 476 2,300 SH   SOLE 3 2,300 0 0
SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 330 7,200 SH   SOLE 3 7,200 0 0
SIGMA ALDRICH COM 826552101 2,232 22,000 SH   DFND 4,1,2 22,000 0 0
SIGMA ALDRICH COM 826552101 205 500 SH   DFND 4,1,2 500 0 0
SIGMA ALDRICH COM 826552101 315 3,100 SH   SOLE 3 3,100 0 0
SILVER BAY RLTY TR COM 82735Q102 16 1,000 SH   SOLE 3 1,000 0 0
SIMON PPTY GROUP INC COM 828806109 1,396,504 8,398,506 SH   OTR 3 8,398,506 0 0
SIMON PPTY GROUP INC COM 828806109 2,912 17,511 SH   SOLE 3 17,511 0 0
SIRIUS XM HLDGS COM 82968B103 265 76,500 SH   SOLE 3 76,500 0 0
SIX FLAGS ENTMT CORP COM 83001A102 7,825 183,900 SH   SOLE 3 183,900 0 0
SK TELECOM LTD ADR 78440P108 0 3 SH   DFND 2 3 0 0
SK TELECOM LTD ADR 78440P108 36 1,400 SH   SOLE 3 1,400 0 0
SKYWORKS SOLUTIONS COM 83088M102 103 2,200 SH   SOLE 3 2,200 0 0
SL GREEN RLTY COM 78440X101 452,845 4,138,971 SH   OTR 3 4,138,971 0 0
SL GREEN RLTY COM 78440X101 580 5,300 SH   SOLE 3 5,300 0 0
SMUCKER J M COM NEW 832696405 288 2,700 SH   SOLE 3 2,700 0 0
SOLAZYME COM 83415T101 294 25,000 SH   DFND 4,1,2 25,000 0 0
SOLAZYME COM 83415T101 34 500 SH   DFND 4,1,2 500 0 0
SOLAZYME COM 83415T101 132 11,200 SH   SOLE 3 11,200 0 0
SOUTHERN COM 842587107 1,089 24,000 SH   SOLE 3 24,000 0 0
SOUTHWEST AIRLS COM 844741108 129 4,800 SH   SOLE 3 4,800 0 0
SOUTHWESTERN ENERGY COM 845467109 437 9,600 SH   SOLE 3 9,600 0 0
SOVRAN SELF STORAGE COM 84610H108 70 900 SH   SOLE 3 900 0 0
SPDR GOLD TRUST SHS 78463V107 512 4,000 SH   SOLE 3 4,000 0 0
SPECTRA ENERGY COM 847560109 951 22,396 SH   SOLE 3 22,396 0 0
SPIRIT AIRLS COM 848577102 557 8,800 SH   SOLE 3 8,800 0 0
SPIRIT RLTY CAP INC COM 84860W102 115 10,100 SH   SOLE 3 10,100 0 0
SPLUNK COM 848637104 563 10,184 SH   DFND   10,184 0 0
SPX COM 784635104 162 1,500 SH   SOLE 3 1,500 0 0
ST JUDE MED COM 790849103 12,361 178,500 SH   SOLE 3 178,500 0 0
STAG INDL COM 85254J102 1,555 64,772 SH   OTR 3 64,772 0 0
STAG INDL COM 85254J102 36 1,500 SH   SOLE 3 1,500 0 0
STANLEY BLACK & DECKER COM 854502101 362 4,124 SH   SOLE 3 4,124 0 0
STAPLES COM 855030102 203 18,700 SH   SOLE 3 18,700 0 0
STARBUCKS COM 855244109 232 3,000 SH   DFND 1,2 3,000 0 0
STARBUCKS COM 855244109 1,429 18,468 SH   DFND   18,468 0 0
STARBUCKS COM 855244109 1,540 19,900 SH   SOLE 3 19,900 0 0
STARWOOD HOTELS&RESORTS COM 85590A401 1,463 18,100 SH   OTR 3 18,100 0 0
STARWOOD HOTELS&RESORTS COM 85590A401 404 5,000 SH   SOLE 3 5,000 0 0
STARWOOD WAYPOINT RESIDENTL SHS 85571W109 26 1,000 SH   SOLE 3 1,000 0 0
STATE STR COM 857477103 1,267 18,843 SH   SOLE 3 18,843 0 0
STERICYCLE COM 858912108 261 2,200 SH   SOLE 3 2,200 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 87,774 7,495,622 SH   OTR 3 7,495,622 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 76 6,500 SH   SOLE 3 6,500 0 0
STRYKER COM 863667101 767 9,100 SH   SOLE 3 9,100 0 0
SUMMIT HOTEL COM 866082100 2,488 234,717 SH   OTR 3 234,717 0 0
SUMMIT HOTEL COM 866082100 24 2,300 SH   SOLE 3 2,300 0 0
SUN CMNTYS COM 866674104 10,650 213,691 SH   OTR 3 213,691 0 0
SUN CMNTYS COM 866674104 50 1,000 SH   SOLE 3 1,000 0 0
SUNPOWER COM 867652406 229 5,600 SH   SOLE 3 5,600 0 0
SUNSTONE HOTEL INVS INC COM 867892101 109,534 7,336,517 SH   OTR 3 7,336,517 0 0
SUNSTONE HOTEL INVS INC COM 867892101 73 4,870 SH   SOLE 3 4,870 0 0
SUNTRUST BKS COM 867914103 571 14,248 SH   SOLE 3 14,248 0 0
SUPERIOR ENERGY SVCS COM 868157108 152 4,200 SH   SOLE 3 4,200 0 0
SYMANTEC COM 871503108 414 18,100 SH   SOLE 3 18,100 0 0
SYNOPSYS COM 871607107 190 4,900 SH   SOLE 3 4,900 0 0
SYSCO COM 871829107 588 15,700 SH   SOLE 3 15,700 0 0
T-MOBILE US COM 872590104 207 6,150 SH   SOLE 3 6,150 0 0
TAIWAN SEMICONDUCTOR MFG LTD ADR 874039100 530 24,800 SH   SOLE 3 24,800 0 0
TANGER FACTORY OUTLET CTRS COM 875465106 5,611 160,460 SH   OTR 3 160,460 0 0
TANGER FACTORY OUTLET CTRS COM 875465106 91 2,600 SH   SOLE 3 2,600 0 0
TARGET COM 87612E106 939 16,200 SH   SOLE 3 16,200 0 0
TATA MTRS LTD ADR 876568502 344 8,800 SH   SOLE 3 8,800 0 0
TAUBMAN CTRS COM 876664103 192,774 2,542,862 SH   OTR 3 2,542,862 0 0
TAUBMAN CTRS COM 876664103 129 1,700 SH   SOLE 3 1,700 0 0
TD AMERITRADE HLDG COM 87236Y108 229 7,300 SH   SOLE 3 7,300 0 0
TE CONNECTIVITY LTD SHS H84989104 6,932 112,100 SH   OTR 3 112,100 0 0
TE CONNECTIVITY LTD SHS H84989104 8,702 140,725 SH   SOLE 3 140,725 0 0
TELEFONICA BRASIL SA ADR 87936R106 16 800 SH   SOLE 3 800 0 0
TELEFONICA BRASIL SA ADR 87936R106 4,651 226,760 SH   SOLE 3 226,760 0 0
TENET HEALTHCARE COM NEW 88033G407 4,483 95,500 SH   OTR 3 95,500 0 0
TERADATA CORP COM 88076W103 197 4,900 SH   SOLE 3 4,900 0 0
TERRENO RLTY COM 88146M101 17 900 SH   SOLE 3 900 0 0
TESLA MTRS COM 88160R101 443 1,847 SH   DFND   1,847 0 0
TESLA MTRS COM 88160R101 768 3,200 SH   SOLE 3 3,200 0 0
TESLA MTRS INC NOTE 1.250% 3/0 88160RAC5 2,427 2,500,000 PRN   DFND 4,1,2 2,500,000 0 0
TESORO COM 881609101 182 3,100 SH   SOLE 3 3,100 0 0
TEXAS INSTRS COM 882508104 1,376 28,800 SH   SOLE 3 28,800 0 0
TEXTRON COM 883203101 283 7,400 SH   SOLE 3 7,400 0 0
THE ADT COM 00101J106 207 5,912 SH   SOLE 3 5,912 0 0
THERMO FISHER SCIENTIFIC COM 883556102 164 1,394 SH   OTR 3 1,394 0 0
THERMO FISHER SCIENTIFIC COM 883556102 1,239 10,500 SH   SOLE 3 10,500 0 0
TIFFANY & CO COM 886547108 1,103 11,000 SH   OTR 3 11,000 0 0
TIFFANY & CO COM 886547108 331 3,300 SH   SOLE 3 3,300 0 0
TIM PARTICIPACOES S A ADR 88706P205 15 500 SH   SOLE 3 500 0 0
TIM PARTICIPACOES S A ADR 88706P205 3,110 107,136 SH   SOLE 3 107,136 0 0
TIME WARNER COM NEW 887317303 1,602 22,799 SH   SOLE 3 22,799 0 0
TIME WARNER CABLE COM 88732J207 88 600 SH   OTR 3 600 0 0
TIME WARNER CABLE COM 88732J207 1,069 7,260 SH   SOLE 3 7,260 0 0
TJX COS INC COM 872540109 983 18,500 SH   SOLE 3 18,500 0 0
TOLL BROTHERS COM 889478103 155 4,200 SH   SOLE 3 4,200 0 0
TORCHMARK COM 891027104 150 2,750 SH   SOLE 3 2,750 0 0
TOTAL SYS SVCS COM 891906109 156 4,951 SH   SOLE 3 4,951 0 0
TOWERS WATSON & CL A 891894107 156 1,500 SH   SOLE 3 1,500 0 0
TRACTOR SUPPLY COM 892356106 217 3,600 SH   SOLE 3 3,600 0 0
TRANSDIGM GROUP COM 893641100 184 1,100 SH   SOLE 3 1,100 0 0
TRAVELERS COMPANIES COM 89417E109 877 9,323 SH   SOLE 3 9,323 0 0
TRIMBLE NAVIGATION COM 896239100 222 6,000 SH   SOLE 3 6,000 0 0
TRIPADVISOR COM 896945201 108 1,000 SH   DFND 1,2 1,000 0 0
TRIPADVISOR COM 896945201 348 3,200 SH   SOLE 3 3,200 0 0
TRIUMPH GROUP INC COM 896818101 126 1,800 SH   OTR 3 1,800 0 0
TRW AUTOMOTIVE HLDGS COM 87264S106 10,563 118,000 SH   SOLE 3 118,000 0 0
TWENTY FIRST CENTY FOX CL A 90130A101 1,366 38,850 SH   SOLE 3 38,850 0 0
TWITTER COM 90184L102 491 12,000 SH   DFND 1,2 12,000 0 0
TWITTER COM 90184L102 90 2,200 SH   SOLE 3 2,200 0 0
TYCO INTERNATIONAL SHS H89128104 744 16,325 SH   SOLE 3 16,325 0 0
TYSON FOODS CL A 902494103 218 5,800 SH   OTR 3 5,800 0 0
TYSON FOODS CL A 902494103 278 7,400 SH   SOLE 3 7,400 0 0
U M H PROPERTIES COM 903002103 4 400 SH   SOLE 3 400 0 0
UDR COM 902653104 371,223 12,966,234 SH   OTR 3 12,966,234 0 0
UDR COM 902653104 409 14,300 SH   SOLE 3 14,300 0 0
ULTA SALON COSMETCS & FRAG COM 90384S303 165 1,800 SH   SOLE 3 1,800 0 0
ULTRAPAR PARTICIPACOES S A SP ADR COM 90400P101 26 1,100 SH   SOLE 3 1,100 0 0
ULTRAPAR PARTICIPACOES S A SP ADR COM 90400P101 7,074 299,750 SH   SOLE 3 299,750 0 0
UNDER ARMOUR CL A 904311107 268 4,500 SH   SOLE 3 4,500 0 0
UNION PAC COM 907818108 5,756 57,700 SH   OTR 3 57,700 0 0
UNION PAC COM 907818108 18,394 184,400 SH   SOLE 3 184,400 0 0
UNITED CONTL HLDGS COM 910047109 78 1,900 SH   SOLE 3 1,900 0 0
UNITED RENTALS COM 911363109 733 7,000 SH   SOLE 3 7,000 0 0
UNITED TECHNOLOGIES COM 913017109 3,440 29,800 SH   SOLE 3 29,800 0 0
UNITEDHEALTH GROUP COM 91324P102 3,959 48,426 SH   SOLE 3 48,426 0 0
UNUM COM 91529Y106 268 7,700 SH   SOLE 3 7,700 0 0
URBAN OUTFITTERS COM 917047102 3,537 104,477 SH   DFND 4,1,2 104,477 0 0
URBAN OUTFITTERS COM 917047102 665 2,000 SH   DFND 4,1,2 2,000 0 0
URBAN OUTFITTERS COM 917047102 135 4,000 SH   SOLE 3 4,000 0 0
URSTADT BIDDLE PPTYS CL A 917286205 15 700 SH   SOLE 3 700 0 0
US BANCORP COM NEW 902973304 7,893 182,200 SH   SOLE 3 182,200 0 0
V F COM 918204108 88 1,400 SH   OTR 3 1,400 0 0
V F COM 918204108 605 9,600 SH   SOLE 3 9,600 0 0
VALE S ADR 91912E105 132 10,000 SH   SOLE 3 10,000 0 0
VALE S ADR 91912E105 799 60,400 SH   SOLE 3 60,400 0 0
VALERO ENERGY CORP COM 91913Y100 721 14,392 SH   SOLE 3 14,392 0 0
VANTIV CL A 92210H105 111 3,300 SH   SOLE 3 3,300 0 0
VARIAN MED SYS COM 92220P105 224 2,700 SH   SOLE 3 2,700 0 0
VECTOR GROUP COM 92240M108 2 453 SH   DFND 4,1,2 453 0 0
VECTOR GROUP COM 92240M108 18 500 SH   DFND 4,1,2 500 0 0
VECTOR GROUP COM 92240M108 27 250 SH   DFND 4,1,2 250 0 0
VECTOR GROUP LTD FRNT 1/1 92240MAY4 3,351 2,500,000 PRN   DFND 4,1,2 2,500,000 0 0
VECTOR GROUP LTD NOTE 1.750% 4/1 ADDED 92240MBC1 4,275 4,000,000 PRN   DFND 4,1,2 4,000,000 0 0
VENTAS COM 92276F100 544,705 8,497,742 SH   OTR 3 8,497,742 0 0
VENTAS COM 92276F100 1,059 16,524 SH   SOLE 3 16,524 0 0
VERISIGN COM 92343E102 9,674 198,200 SH   SOLE 3 198,200 0 0
VERISK ANALYTICS CL A 92345Y106 246 4,100 SH   SOLE 3 4,100 0 0
VERIZON COMMUNICATIONS COM 92343V104 5,448 111,348 SH   SOLE 3 111,348 0 0
VERTEX PHARMACEUTICALS COM 92532F100 615 6,500 SH   SOLE 3 6,500 0 0
VISA INC CL A 92826C839 1,053 5,000 SH   DFND   5,000 0 0
VISA INC CL A 92826C839 2,634 12,500 SH   OTR 3 12,500 0 0
VISA INC CL A 92826C839 2,908 13,800 SH   SOLE 3 13,800 0 0
VMWARE INC CL COM 928563402 378 3,900 SH   SOLE 3 3,900 0 0
VOYA FINL COM 929089100 102 2,800 SH   SOLE 3 2,800 0 0
VULCAN MATLS COM 929160109 230 3,600 SH   SOLE 3 3,600 0 0
W P CAREY COM 92936U109 103 1,600 SH   SOLE 3 1,600 0 0
WABCO HLDGS COM 92927K102 4,753 44,500 SH   SOLE 3 44,500 0 0
WAL-MART STORES COM 931142103 195 2,600 SH   OTR 3 2,600 0 0
WAL-MART STORES COM 931142103 3,213 42,800 SH   SOLE 3 42,800 0 0
WALGREEN COM 931422109 1,764 23,800 SH   SOLE 3 23,800 0 0
WASHINGTON PRIME GROUP COM 939647103 55,535 2,963,455 SH   OTR 3 2,963,455 0 0
WASHINGTON PRIME GROUP COM 939647103 79 4,239 SH   SOLE 3 4,239 0 0
WASTE MGMT INC COM 94106L109 550 12,300 SH   SOLE 3 12,300 0 0
WATERS COM 941848103 251 2,400 SH   SOLE 3 2,400 0 0
WEATHERFORD INTERNATIONAL LT SHS H27013103 490 21,300 SH   SOLE 3 21,300 0 0
WEBMD HEALTH COM 94770V102 1,173 24,300 SH   DFND 4,1,2 24,300 0 0
WEBMD HEALTH COM 94770V102 67 1,500 SH   DFND 4,1,2 1,500 0 0
WEBMD HEALTH COM 94770V102 6 191 SH   DFND 4,1,2 191 0 0
WEBMD HEALTH CORP NOTE 2.500% 1/3 94770VAF9 12,820 12,176,000 PRN   DFND 4,1,2 12,176,000 0 0
WELLPOINT COM 94973V107 839 7,800 SH   SOLE 3 7,800 0 0
WELLS FARGO & CO COM 949746101 5,483 104,326 SH   OTR 3 104,326 0 0
WELLS FARGO & CO COM 949746101 7,417 141,109 SH   SOLE 3 141,109 0 0
WESTAR ENERGY COM 95709T100 99 2,600 SH   OTR 3 2,600 0 0
WESTERN DIGITAL COM 958102105 8,178 88,600 SH   SOLE 3 88,600 0 0
WESTERN UN COM 959802109 259 14,946 SH   SOLE 3 14,946 0 0
WEYERHAEUSER COM 962166104 521 15,758 SH   SOLE 3 15,758 0 0
WHIRLPOOL COM 963320106 306 2,200 SH   SOLE 3 2,200 0 0
WHITESTONE COM 966084204 9 600 SH   SOLE 3 600 0 0
WHITING PETE CORP COM 966387102 249 3,100 SH   SOLE 3 3,100 0 0
WHOLE FOODS MKT COM 966837106 382 9,900 SH   SOLE 3 9,900 0 0
WILLIAMS COS INC COM 969457100 1,071 18,400 SH   SOLE 3 18,400 0 0
WILLIS GROUP HOLDINGS SHS G96666105 199 4,600 SH   SOLE 3 4,600 0 0
WINDSTREAM HLDGS COM 97382A101 186 18,700 SH   SOLE 3 18,700 0 0
WIPRO LTD SPON ADR 1 SH 97651M109 37 3,096 SH   SOLE 3 3,096 0 0
WISCONSIN ENERGY COM 976657106 286 6,100 SH   SOLE 3 6,100 0 0
WOODWARD COM 980745103 216 4,300 SH   SOLE 3 4,300 0 0
WORKDAY CL A 98138H101 180 2,000 SH   SOLE 3 2,000 0 0
WYNDHAM WORLDWIDE COM 98310W108 704 9,300 SH   SOLE 3 9,300 0 0
WYNN RESORTS COM 983134107 436 2,100 SH   SOLE 3 2,100 0 0
XCEL ENERGY COM 98389B100 435 13,500 SH   SOLE 3 13,500 0 0
XEROX COM 984121103 379 30,453 SH   SOLE 3 30,453 0 0
XILINX COM 983919101 322 6,800 SH   SOLE 3 6,800 0 0
XL GROUP SHS G98290102 265 8,100 SH   SOLE 3 8,100 0 0
XYLEM COM 98419M100 242 6,200 SH   SOLE 3 6,200 0 0
YAHOO COM 984332106 702 20,000 SH   DFND 1,2 20,000 0 0
YAHOO COM 984332106 294 8,393 SH   DFND   8,393 0 0
YAHOO COM 984332106 7,869 224,000 SH   SOLE 3 224,000 0 0
YANZHOU COAL MNG CO LTD SPON ADR SHS 984846105 7 900 SH   SOLE 3 900 0 0
YELP CL A 985817105 766 10,000 SH   DFND 1,2 10,000 0 0
YELP CL A 985817105 379 4,948 SH   DFND   4,948 0 0
YUM BRANDS COM 988498101 934 11,500 SH   SOLE 3 11,500 0 0
ZIMMER HLDGS COM 98956P102 457 4,400 SH   SOLE 3 4,400 0 0
ZOETIS CL A 98978V103 378 11,700 SH   SOLE 3 11,700 0 0