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
ALEXANDRIA REAL ESTATE EQUIT	COM	015271109	772	9,937	SH		SOLE		0	0	9,937
APOLLO COMMERCIAL REAL ESTAT	COM	03762U105	553	33,519	SH		SOLE		0	0	33,519
AVALONBAY COMMUNITIES INC	COM	053484101	1,413	9,940	SH		SOLE		0	0	9,448
AVIV REIT INC	COM	05381L101	1,147	40,723	SH		SOLE		0	0	21,301
STRATEGIC HOTELS & RESORTS I	COM	86272T106	650	55,500	SH		SOLE		0	0	55,500
BOSTON PROPERTIES INC	COM	101121101	2,215	18,742	SH		SOLE		0	0	17,886
CBS OUTDOOR AMERICAS INC	COM	14987J106	807	24,700	SH		SOLE		0	0	17,400
CAMPUS CREST COMMUNITIES INC	COM	13466Y105	497	57,381	SH		SOLE		0	0	57,381
CHATHAM LODGING TRUST	COM	16208T102	163	7,443	SH		SOLE		0	0	7,443
MACK-CALI REALTY CORP	COM	554489104	1,624	75,618	SH		SOLE		0	0	53,400
CUBESMART	COM	229663109	610	33,300	SH		SOLE		0	0	33,300
DDR CORP	COM	23317H102	765	43,400	SH		SOLE		0	0	43,400
DOUGLAS EMMETT INC	COM	25960P109	41	1,442	SH		SOLE		0	0	1,442
DIGITAL REALTY TRUST INC	COM	253868103	1,427	24,465	SH		SOLE		0	0	17,830
EPR PROPERTIES	COM	26884U109	538	9,625	SH		SOLE		0	0	9,625
EQUITY RESIDENTIAL	COM	29476L107	996	15,810	SH		SOLE		0	0	15,178
EQUITY ONE INC	COM	294752100	500	21,200	SH		SOLE		0	0	21,200
ESSEX PROPERTY TRUST INC	COM	297178105	1,261	6,819	SH		SOLE		0	0	6,476
EXTRA SPACE STORAGE INC	COM	30225T102	737	13,844	SH		SOLE		0	0	12,957
GENERAL GROWTH PROPERTIES	COM	370023103	1,195	50,742	SH		SOLE		0	0	48,702
GLIMCHER REALTY TRUST	COM	379302102	691	63,806	SH		SOLE		0	0	63,806
HCP INC	COM	40414L109	2,115	51,101	SH		SOLE		0	0	49,965
HILTON WORLDWIDE HOLDINGS IN	COM	43300A104	158	6,800	SH		SOLE		0	0	6,800
STARWOOD HOTELS & RESORTS	COM	85590A401	523	6,473	SH		SOLE		0	0	6,473
HUDSON PACIFIC PROPERTIES IN	COM	444097109	385	15,200	SH		SOLE		0	0	15,200
HOST HOTELS & RESORTS INC	COM	44107P104	573	26,016	SH		SOLE		0	0	26,016
KIMCO REALTY CORP	COM	49446R109	958	41,686	SH		SOLE		0	0	41,686
KILROY REALTY CORP	COM	49427F108	919	14,763	SH		SOLE		0	0	14,178
LASALLE HOTEL PROPERTIES	COM	517942108	38	1,078	SH		SOLE		0	0	1,078
MACERICH CO/THE	COM	554382101	1,118	16,751	SH		SOLE		0	0	16,101
ANNALY CAPITAL MANAGEMENT IN	COM	035710409	85	7,445	SH		SOLE		0	0	7,445
CORPORATE OFFICE PROPERTIES	COM	22002T108	384	13,800	SH		SOLE		0	0	13,800
OMEGA HEALTHCARE INVESTORS	COM	681936100	374	10,149	SH		SOLE		0	0	10,149
PROLOGIS INC	COM	74340W103	2,135	51,963	SH		SOLE		0	0	50,234
PUBLIC STORAGE	COM	74460D109	1,119	6,533	SH		SOLE		0	0	6,109
QTS REALTY TRUST INC-CL A	COM	74736A103	855	29,878	SH		SOLE		0	0	20,350
RETAIL OPPORTUNITY INVESTMEN	COM	76131N101	797	50,663	SH		SOLE		0	0	46,900
SABRA HEALTH CARE REIT INC	COM	78573L106	361	12,565	SH		SOLE		0	0	12,565
SUNSTONE HOTEL INVESTORS INC	COM	867892101	574	38,472	SH		SOLE		0	0	38,472
SL GREEN REALTY CORP	COM	78440X101	1,006	9,199	SH		SOLE		0	0	8,437
SIMON PROPERTY GROUP INC	COM	828806109	4,175	25,109	SH		SOLE		0	0	24,415
SPIRIT REALTY CAPITAL INC	COM	84860W102	441	38,852	SH		SOLE		0	0	38,852
STAG INDUSTRIAL INC	COM	85254J102	1,033	43,031	SH		SOLE		0	0	27,111
EXTENDED STAY AMERICA INC	COM	30224P200	442	19,100	SH		SOLE		0	0	19,100
STARWOOD PROPERTY TRUST INC	COM	85571B105	643	27,069	SH		SOLE		0	0	27,069
STARWOOD WAYPOINT RESIDE	COM	85571W109	100	3,806	SH		SOLE		0	0	3,806
TAUBMAN CENTERS INC	COM	876664103	59	775	SH		SOLE		0	0	775
TERRENO REALTY CORP	COM	88146M101	1,330	68,812	SH		SOLE		0	0	61,274
UDR INC	COM	902653104	498	17,400	SH		SOLE		0	0	17,400
VORNADO REALTY TRUST	COM	929042109	997	9,341	SH		SOLE		0	0	9,341
VENTAS INC	COM	92276F100	1,621	25,284	SH		SOLE		0	0	24,147
WASHINGTON REIT	COM	939653101	165	6,343	SH		SOLE		0	0	6,343
ALEXANDRIA REAL ESTATE EQUIT	COM	015271109	1,920	24,734	SH		OTR	1	24,734	0	0
APOLLO COMMERCIAL REAL ESTAT	COM	03762U105	945	57,299	SH		OTR	1	57,299	0	0
AVALONBAY COMMUNITIES INC	COM	053484101	6,676	46,955	SH		OTR	2	31,993	0	14,962
AVIV REIT INC	COM	05381L101	2,745	97,450	SH		OTR	2	81,320	0	16,130
BOSTON PROPERTIES INC	COM	101121101	8,811	74,556	SH		OTR	2	55,428	0	19,128
CAMPUS CREST COMMUNITIES INC	COM	13466Y105	785	90,646	SH		OTR	1	90,646	0	0
CBS OUTDOOR AMERICAS INC	COM	14987J106	3,426	104,827	SH		OTR	2	70,427	0	34,400
CHATHAM LODGING TRUST	COM	16208T102	368	16,793	SH		OTR	1	16,793	0	0
CORPORATE OFFICE PROPERTIES	COM	22002T108	1,719	61,800	SH		OTR	2	43,600	0	18,200
CUBESMART	COM	229663109	3,014	164,523	SH		OTR	2	112,723	0	51,800
DDR CORP	COM	23317H102	3,625	205,645	SH		OTR	2	142,545	0	63,100
DIGITAL REALTY TRUST INC	COM	253868103	5,636	96,645	SH		OTR	2	68,235	0	28,410
EPR PROPERTIES	COM	26884U109	852	15,248	SH		OTR	1	15,248	0	0
EQUITY ONE INC	COM	294752100	2,741	116,176	SH		OTR	2	76,724	0	39,452
EQUITY RESIDENTIAL	COM	29476L107	2,324	36,894	SH		OTR	1	36,894	0	0
ESSEX PROPERTY TRUST INC	COM	297178105	5,777	31,242	SH		OTR	2	21,753	0	9,489
EXTENDED STAY AMERICA INC	COM	30224P200	2,102	90,790	SH		OTR	2	62,790	0	28,000
EXTRA SPACE STORAGE INC	COM	30225T102	3,786	71,110	SH		OTR	2	46,652	0	24,458
GENERAL GROWTH PROPERTIES	COM	370023103	5,652	239,872	SH		OTR	2	162,331	0	77,541
GLIMCHER REALTY TRUST	COM	379302102	3,534	326,287	SH		OTR	2	215,238	0	111,049
HCP INC	COM	40414L109	5,082	122,803	SH		OTR	1	122,803	0	0
HILTON WORLDWIDE HOLDINGS IN	COM	43300A104	739	31,700	SH		OTR	2	21,100	0	10,600
HOST HOTELS & RESORTS INC	COM	44107P104	2,761	125,467	SH		OTR	2	87,962	0	37,505
HUDSON PACIFIC PROPERTIES IN	COM	444097109	1,939	76,500	SH		OTR	2	51,800	0	24,700
KILROY REALTY CORP	COM	49427F108	4,150	66,623	SH		OTR	2	47,200	0	19,423
KIMCO REALTY CORP	COM	49446R109	2,315	100,761	SH		OTR	1	100,761	0	0
MACERICH CO/THE	COM	554382101	5,531	82,867	SH		OTR	2	56,001	0	26,866
MACK-CALI REALTY CORP	COM	554489104	6,111	284,525	SH		OTR	2	203,025	0	81,500
PROLOGIS INC	COM	74340W103	8,746	212,850	SH		OTR	2	156,354	0	56,496
PUBLIC STORAGE	COM	74460D109	4,027	23,503	SH		OTR	2	17,876	0	5,627
QTS REALTY TRUST INC-CL A	COM	74736A103	3,544	123,782	SH		OTR	2	84,882	0	38,900
RETAIL OPPORTUNITY INVESTMEN	COM	76131N101	3,130	198,963	SH		OTR	2	146,663	0	52,300
SABRA HEALTH CARE REIT INC	COM	78573L106	676	23,534	SH		OTR	1	23,534	0	0
SIMON PROPERTY GROUP INC	COM	828806109	16,844	101,295	SH		OTR	2	74,932	0	26,363
SL GREEN REALTY CORP	COM	78440X101	4,299	39,290	SH		OTR	2	27,234	0	12,056
SPIRIT REALTY CAPITAL INC	COM	84860W102	531	46,772	SH		OTR	1	46,772	0	0
STAG INDUSTRIAL INC	COM	85254J102	3,768	156,945	SH		OTR	2	113,320	0	43,625
STARWOOD HOTELS & RESORTS	COM	85590A401	2,512	31,075	SH		OTR	2	20,633	0	10,442
STARWOOD PROPERTY TRUST INC	COM	85571B105	1,049	44,133	SH		OTR	1	44,133	0	0
STARWOOD WAYPOINT RESIDE	COM	85571W109	154	5,885	SH		OTR	1	5,885	0	0
STRATEGIC HOTELS & RESORTS I	COM	86272T106	3,039	259,548	SH		OTR	2	185,748	0	73,800
SUNSTONE HOTEL INVESTORS INC	COM	867892101	2,543	170,350	SH		OTR	2	123,587	0	46,763
TAUBMAN CENTERS INC	COM	876664103	438	5,784	SH		OTR	1	5,784	0	0
TERRENO REALTY CORP	COM	88146M101	6,311	326,452	SH		OTR	2	227,252	0	99,200
UDR INC	COM	902653104	1,234	43,100	SH		OTR	1	43,100	0	0
VENTAS INC	COM	92276F100	5,659	88,288	SH		OTR	2	65,636	0	22,652
VORNADO REALTY TRUST	COM	929042109	2,395	22,444	SH		OTR	1	22,444	0	0
WASHINGTON REIT	COM	939653101	394	15,164	SH		OTR	1	15,164	0	0