La Francaise Forum Securities 13F-HR Quarterly holdings report by institutional manager

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

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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 REALTY CAPITAL PROP	COM	02917T104	2	132	SH		SOLE		0	0	0
ALEXANDRIA REAL ESTATE EQUITY	COM	015271109	801	11,037	SH		SOLE		0	0	11,037
ANNALY CAPITAL MANAGEMENT INC	COM	035710409	99	9,045	SH		SOLE		0	0	0
APOLLO COMMERCIAL REAL ESTATE	COM	03762U105	446	26,819	SH		SOLE		0	0	0
AVALONBAY COMMUNITIES INC	COM	053484101	1,535	11,691	SH		SOLE		0	0	11,148
AVIV REIT INC	COM	05381L101	840	34,349	SH		SOLE		0	0	16,101
BOSTON PROPERTIES INC	COM	101121101	2,430	21,218	SH		SOLE		0	0	20,286
CAMPUS CREST COMMUNITIES INC	COM	13466Y105	392	45,188	SH		SOLE		0	0	0
CBS OUTDOOR AMERICAS INC	COM	14987J106	6	200	SH		SOLE		0	0	200
CHATHAM LODGING TRUST	COM	16208T102	131	6,500	SH		SOLE		0	0	0
CORPORATE OFFICE PROPERTIES	COM	22002T108	405	15,200	SH		SOLE		0	0	15,200
CUBESMART	COM	229663109	686	40,000	SH		SOLE		0	0	40,000
DDR CORP	COM	23317H102	822	49,900	SH		SOLE		0	0	49,900
DIGITAL REALTY TRUST INC	COM	253868103	1,402	26,407	SH		SOLE		0	0	20,230
DOUGLAS EMMETT INC	COM	25960P109	45	1,642	SH		SOLE		0	0	0
EPR PROPERTIES	COM	26884U109	440	8,238	SH		SOLE		0	0	0
EQUITY ONE INC	COM	294752100	496	22,200	SH		SOLE		0	0	22,200
EQUITY RESIDENTIAL	COM	29476L107	1,038	17,906	SH		SOLE		0	0	17,178
ESSEX PROPERTY TRUST INC	COM	297178105	1,343	7,895	SH		SOLE		0	0	7,476
EXTENDED STAY AMERICA INC	COM	30224P200	148	6,500	SH		SOLE		0	0	6,500
EXTRA SPACE STORAGE INC	COM	30225T102	885	18,244	SH		SOLE		0	0	17,257
GENERAL GROWTH PROPERTIES	COM	370023103	1,231	55,942	SH		SOLE		0	0	53,602
GLIMCHER REALTY TRUST	COM	379302102	748	74,606	SH		SOLE		0	0	74,606
HCP INC	COM	40414L109	2,273	58,601	SH		SOLE		0	0	57,465
HILTON WORLDWIDE HOLDINGS INC	COM	43300A104	216	9,700	SH		SOLE		0	0	9,700
HOST HOTELS & RESORTS INC	COM	44107P104	636	31,416	SH		SOLE		0	0	31,416
HUDSON PACIFIC PROPERTIES INC	COM	444097109	441	19,100	SH		SOLE		0	0	19,100
KILROY REALTY CORP	COM	49427F108	970	16,563	SH		SOLE		0	0	15,978
KIMCO REALTY CORP	COM	49446R109	1,026	46,886	SH		SOLE		0	0	46,886
LASALLE HOTEL PROPERTIES	COM	517942108	37	1,178	SH		SOLE		0	0	0
MACERICH CO/THE	COM	554382101	1,163	18,651	SH		SOLE		0	0	18,001
MACK-CALI REALTY CORP	COM	554489104	1,523	73,273	SH		SOLE		0	0	54,400
OMEGA HEALTHCARE INVESTORS	COM	681936100	411	12,252	SH		SOLE		0	0	0
PROLOGIS INC	COM	74340W103	2,244	54,963	SH		SOLE		0	0	53,134
PUBLIC STORAGE	COM	74460D109	1,168	6,933	SH		SOLE		0	0	6,509
QTS REALTY TRUST INC-CL A	COM	74736A103	879	35,044	SH		SOLE		0	0	26,050
RETAIL OPPORTUNITY INVESTMENT	COM	76131N101	782	52,363	SH		SOLE		0	0	48,600
SABRA HEALTH CARE REIT INC	COM	78573L106	351	12,596	SH		SOLE		0	0	0
SIMON PROPERTY GROUP INC	COM	828806109	4,616	28,144	SH		SOLE		0	0	27,415
SL GREEN REALTY CORP	COM	78440X101	1,087	10,799	SH		SOLE		0	0	10,037
SPIRIT REALTY CAPITAL INC	COM	84860W102	366	33,378	SH		SOLE		0	0	0
STAG INDUSTRIAL INC	COM	85254J102	1,332	55,250	SH		SOLE		0	0	38,183
STARWOOD HOTELS & RESORTS	COM	85590A401	674	8,473	SH		SOLE		0	0	8,473
STARWOOD PROPERTY TRUST INC	COM	85571B105	514	21,769	SH		SOLE		0	0	0
STARWOOD WAYPOINT RESIDENTIAL	COM	85571W109	94	3,279	SH		SOLE		0	0	0
STRATEGIC HOTELS & RESORTS INC	COM	86272T106	841	82,500	SH		SOLE		0	0	82,500
SUNSTONE HOTEL INVESTORS INC	COM	867892101	602	43,872	SH		SOLE		0	0	43,872
TAUBMAN CENTERS INC	COM	876664103	60	854	SH		SOLE		0	0	0
TERRENO REALTY CORP	COM	88146M101	1,047	55,374	SH		SOLE		0	0	55,374
UDR INC	COM	902653104	532	20,600	SH		SOLE		0	0	20,600
VENTAS INC	COM	92276F100	2,004	33,083	SH		SOLE		0	0	31,507
VORNADO REALTY TRUST	COM	929042109	1,088	11,041	SH		SOLE		0	0	11,041
WASHINGTON REIT	COM	939653101	134	5,600	SH		SOLE		0	0	0
ALEXANDRIA REAL ESTATE EQUITY	COM	015271109	1,737	23,934	SH		OTR	1	23,934	0	0
APOLLO COMMERCIAL REAL ESTATE	COM	03762U105	455	27,379	SH		OTR	1	27,379	0	0
AVALONBAY COMMUNITIES INC	COM	053484101	6,376	48,555	SH		OTR	2	33,593	14,962	0
AVIV REIT INC	COM	05381L101	1,278	52,280	SH		OTR	2	52,280	0	0
BOSTON PROPERTIES INC	COM	101121101	8,711	76,056	SH		OTR	2	55,728	20,328	0
CAMPUS CREST COMMUNITIES INC	COM	13466Y105	419	48,298	SH		OTR	1	48,298	0	0
CBS OUTDOOR AMERICAS INC	COM	14987J106	24	800	SH		OTR	2	500	300	0
CHATHAM LODGING TRUST	COM	16208T102	181	8,937	SH		OTR	1	8,937	0	0
CORPORATE OFFICE PROPERTIES	COM	22002T108	1,647	61,800	SH		OTR	2	43,600	18,200	0
CUBESMART	COM	229663109	3,056	178,100	SH		OTR	2	121,100	57,000	0
DDR CORP	COM	23317H102	3,389	205,645	SH		OTR	2	142,545	63,100	0
DIGITAL REALTY TRUST INC	COM	253868103	4,968	93,607	SH		OTR	2	65,197	28,410	0
EPR PROPERTIES	COM	26884U109	435	8,150	SH		OTR	1	8,150	0	0
EQUITY ONE INC	COM	294752100	2,392	107,076	SH		OTR	2	70,924	36,152	0
EQUITY RESIDENTIAL	COM	29476L107	2,139	36,894	SH		OTR	1	36,894	0	0
ESSEX PROPERTY TRUST INC	COM	297178105	5,313	31,242	SH		OTR	2	21,753	9,489	0
EXTENDED STAY AMERICA INC	COM	30224P200	664	29,190	SH		OTR	2	19,690	9,500	0
EXTRA SPACE STORAGE INC	COM	30225T102	4,738	97,676	SH		OTR	2	64,443	33,233	0
GENERAL GROWTH PROPERTIES	COM	370023103	5,216	237,072	SH		OTR	2	159,531	77,541	0
GLIMCHER REALTY TRUST	COM	379302102	3,686	367,487	SH		OTR	2	241,038	126,449	0
HCP INC	COM	40414L109	4,756	122,603	SH		OTR	1	122,603	0	0
HILTON WORLDWIDE HOLDINGS INC	COM	43300A104	1,007	45,300	SH		OTR	2	30,100	15,200	0
HOST HOTELS & RESORTS INC	COM	44107P104	2,539	125,467	SH		OTR	2	87,962	37,505	0
HUDSON PACIFIC PROPERTIES INC	COM	444097109	1,813	78,600	SH		OTR	2	53,900	24,700	0
KILROY REALTY CORP	COM	49427F108	3,833	65,423	SH		OTR	2	46,000	19,423	0
KIMCO REALTY CORP	COM	49446R109	2,205	100,761	SH		OTR	1	100,761	0	0
LTC PROPERTIES INC	COM	502175102	712	18,940	SH		OTR	2	6,942	11,998	0
MACERICH CO/THE	COM	554382101	5,166	82,867	SH		OTR	2	56,001	26,866	0
MACK-CALI REALTY CORP	COM	554489104	5,317	255,711	SH		OTR	2	178,611	77,100	0
OMEGA HEALTHCARE INVESTORS	COM	681936100	364	10,854	SH		OTR	1	10,854	0	0
PROLOGIS INC	COM	74340W103	8,180	200,350	SH		OTR	2	146,954	53,396	0
PUBLIC STORAGE	COM	74460D109	3,808	22,603	SH		OTR	2	17,176	5,427	0
QTS REALTY TRUST INC-CL A	COM	74736A103	3,201	127,572	SH		OTR	2	88,672	38,900	0
RETAIL OPPORTUNITY INVESTMENT	COM	76131N101	3,162	211,663	SH		OTR	2	149,163	62,500	0
SABRA HEALTH CARE REIT INC	COM	78573L106	3,667	13,150	SH		OTR	1	13,150	0	0
SIMON PROPERTY GROUP INC	COM	828806109	17,006	103,695	SH		OTR	2	75,632	28,063	0
SL GREEN REALTY CORP	COM	78440X101	4,084	40,590	SH		OTR	2	28,534	12,056	0
SPIRIT REALTY CAPITAL INC	COM	84860W102	276	25,181	SH		OTR	1	25,181	0	0
STAG INDUSTRIAL INC	COM	85254J102	5,264	218,418	SH		OTR	3	149,527	68,891	0
STARWOOD HOTELS & RESORTS	COM	85590A401	2,197	39,075	SH		OTR	2	26,333	12,742	0
STARWOOD PROPERTY TRUST INC	COM	85571B105	546	23,144	SH		OTR	1	23,144	0	0
STARWOOD WAYPOINT RESIDENTIAL	COM	85571W109	92	3,185	SH		OTR	1	3,185	0	0
STRATEGIC HOTELS & RESORTS INC	COM	86272T106	3,261	320,048	SH		OTR	2	230,648	89,400	0
SUNSTONE HOTEL INVESTORS INC	COM	867892101	2,339	170,350	SH		OTR	2	123,587	46,763	0
TAUBMAN CENTERS INC	COM	876664103	320	4,520	SH		OTR	1	4,520	0	0
TERRENO REALTY CORP	COM	88146M101	4,380	231,631	SH		OTR	2	156,131	75,500	0
UDR INC	COM	902653104	1,209	46,800	SH		OTR	1	46,800	0	0
VENTAS INC	COM	92276F100	3,047	50,303	SH		OTR	2	18,751	31,552	0
VORNADO REALTY TRUST	COM	929042109	2,340	23,744	SH		OTR	1	23,744	0	0
WASHINGTON REIT	COM	939653101	180	7,522	SH		OTR	1	7,522	0	0