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	725	9,837	SH		SOLE		0	0	9,837
APOLLO COMMERCIAL REAL ESTAT	COM	03762U105	552	35,168	SH		SOLE		35,168	0	0
AVALONBAY COMMUNITIES INC	COM	053484101	1,528	10,836	SH		SOLE		442	0	10,394
AVIV REIT INC	COM	05381L101	1,182	44,860	SH		SOLE		23,059	0	21,801
STRATEGIC HOTELS & RESORTS I	COM	86272T106	647	55,500	SH		SOLE		0	0	55,500
BOSTON PROPERTIES INC	COM	101121101	2,153	18,602	SH		SOLE		816	0	17,786
CBS OUTDOOR AMERICAS INC	COM	14987J106	907	30,295	SH		SOLE		7,395	0	22,900
CAMPUS CREST COMMUNITIES INC	COM	13466Y105	510	79,645	SH		SOLE		79,645	0	0
CHATHAM LODGING TRUST	COM	16208T102	1,043	45,177	SH		SOLE		12,277	0	32,900
MACK-CALI REALTY CORP	COM	554489104	1,604	83,917	SH		SOLE		26,017	0	57,900
CUBESMART	COM	229663109	592	32,900	SH		SOLE		0	0	32,900
DDR CORP	COM	23317H102	726	43,400	SH		SOLE		0	0	43,400
DOUGLAS EMMETT INC	COM	25960P109	37	1,442	SH		SOLE		1,442	0	0
DIGITAL REALTY TRUST INC	COM	253868103	1,385	22,201	SH		SOLE		6,271	0	15,930
EPR PROPERTIES	COM	26884U109	533	10,509	SH		SOLE		10,509	0	0
EQUITY RESIDENTIAL	COM	29476L107	974	15,810	SH		SOLE		632	0	15,178
EQUITY ONE INC	COM	294752100	452	20,900	SH		SOLE		0	0	20,900
ESSEX PROPERTY TRUST INC	COM	297178105	985	5,512	SH		SOLE		318	0	5,194
EXTRA SPACE STORAGE INC	COM	30225T102	709	13,744	SH		SOLE		887	0	12,857
GENERAL GROWTH PROPERTIES	COM	370023103	1,193	50,642	SH		SOLE		2,240	0	48,402
GLIMCHER REALTY TRUST	COM	379302102	849	62,706	SH		SOLE		0	0	62,706
HCP INC	COM	40414L109	2,021	50,901	SH		SOLE		1,136	0	49,765
HILTON WORLDWIDE HOLDINGS IN	COM	43300A104	159	6,473	SH		SOLE		0	0	6,473
STARWOOD HOTELS & RESORTS	COM	85590A401	1,789	21,500	SH		SOLE		0	0	21,500
HUDSON PACIFIC PROPERTIES IN	COM	444097109	830	33,666	SH		SOLE		0	0	33,666
HOST HOTELS & RESORTS INC	COM	44107P104	883	41,386	SH		SOLE		0	0	41,386
KIMCO REALTY CORP	COM	49446R109	323	14,763	SH		SOLE		685	0	14,078
KILROY REALTY CORP	COM	49427F108	996	16,751	SH		SOLE		650	0	16,101
LASALLE HOTEL PROPERTIES	COM	517942108	469	13,700	SH		SOLE		0	0	13,700
MACERICH CO/THE	COM	554382101	464	7,266	SH		SOLE		7,266	0	0
ANNALY CAPITAL MANAGEMENT IN	COM	035710409	583	54,563	SH		SOLE		1,729	0	52,834
CORPORATE OFFICE PROPERTIES	COM	22002T108	165	6,419	SH		SOLE		399	0	6,020
OMEGA HEALTHCARE INVESTORS	COM	681936100	1,147	33,562	SH		SOLE		9,212	0	24,350
PROLOGIS INC	COM	74340W103	1,910	50,663	SH		SOLE		3,763	0	46,900
PUBLIC STORAGE	COM	74460D109	2,432	14,665	SH		SOLE		14,665	0	0
QTS REALTY TRUST INC-CL A	COM	74736A103	1,168	38,472	SH		SOLE		0	0	38,472
RETAIL OPPORTUNITY INVESTMEN	COM	76131N101	135	9,199	SH		SOLE		762	0	8,437
SABRA HEALTH CARE REIT INC	COM	78573L106	593	24,387	SH		SOLE		664	0	23,723
SUNSTONE HOTEL INVESTORS INC	COM	867892101	563	40,719	SH		SOLE		40,719	0	0
SL GREEN REALTY CORP	COM	78440X101	5,545	54,731	SH		SOLE		18,720	0	36,011
SIMON PROPERTY GROUP INC	COM	828806109	3,584	21,800	SH		SOLE		0	0	21,800
SPIRIT REALTY CAPITAL INC	COM	84860W102	319	29,090	SH		SOLE		29,090	0	0
STAG INDUSTRIAL INC	COM	85254J102	1	40	SH		SOLE		40	0	0
EXTENDED STAY AMERICA INC	COM	30224P200	18	775	SH		SOLE		775	0	0
STARWOOD PROPERTY TRUST INC	COM	85571B105	1,504	68,502	SH		SOLE		7,428	0	61,074
STARWOOD WAYPOINT RESIDE	COM	85571W109	450	17,300	SH		SOLE		0	0	17,300
TAUBMAN CENTERS INC	COM	876664103	952	13,041	SH		SOLE		0	0	13,041
TERRENO REALTY CORP	COM	88146M101	120	6,392	SH		SOLE		6,392	0	0
APOLLO COMMERCIAL REAL ESTAT	COM	03762U105	900	57,299	SH		OTR	1	0	57,299	0
AVALONBAY COMMUNITIES INC	COM	053484101	3,325	23,588	SH		OTR	2	0	8,626	14,962
AVIV REIT INC	COM	05381L101	2,607	98,928	SH		OTR	2	0	53,198	45,730
BOSTON PROPERTIES INC	COM	101121101	3,630	31,357	SH		OTR	2	0	11,629	19,728
BROOKDALE SENIOR LIVING INC	COM	112463104	1,501	46,582	SH		OTR	2	0	46,582	0
CAMPUS CREST COMMUNITIES INC	COM	13466Y105	797	124,546	SH		OTR	1	0	124,546	0
CBS OUTDOOR AMERICAS INC	COM	14987J106	3,085	103,027	SH		OTR	2	0	103,027	0
CHATHAM LODGING TRUST	COM	16208T102	768	33,293	SH		OTR	1	0	33,293	0
CORPORATE OFFICE PROPERTIES	COM	22002T108	710	27,600	SH		OTR	2	0	9,400	18,200
CUBESMART	COM	229663109	1,302	72,423	SH		OTR	2	0	26,923	45,500
DDR CORP	COM	23317H102	1,454	86,900	SH		OTR	2	0	32,300	54,600
DIGITAL REALTY TRUST INC	COM	253868103	3,066	49,151	SH		OTR	2	0	49,151	0
EPR PROPERTIES	COM	26884U109	860	16,962	SH		OTR	1	0	16,962	0
EQUITY ONE INC	COM	294752100	1,360	62,894	SH		OTR	2	0	23,442	39,452
ESSEX PROPERTY TRUST INC	COM	297178105	2,706	15,141	SH		OTR	2	0	5,652	9,489
EXTENDED STAY AMERICA INC	COM	30224P200	1,191	50,168	SH		OTR	2	0	18,668	31,500
EXTRA SPACE STORAGE INC	COM	30225T102	2,008	38,939	SH		OTR	2	0	14,481	24,458
GENERAL GROWTH PROPERTIES	COM	370023103	2,853	121,141	SH		OTR	2	0	43,600	77,541
GLIMCHER REALTY TRUST	COM	379302102	2,354	173,847	SH		OTR	2	0	65,772	108,075
HOST HOTELS & RESORTS INC	COM	44107P104	1,276	59,800	SH		OTR	2	0	22,295	37,505
HUDSON PACIFIC PROPERTIES IN	COM	444097109	972	39,400	SH		OTR	2	0	14,700	24,700
KILROY REALTY CORP	COM	49427F108	1,842	30,988	SH		OTR	2	0	11,565	19,423
MACERICH CO/THE	COM	554382101	2,733	42,824	SH		OTR	2	0	15,958	26,866
MACK-CALI REALTY CORP	COM	554489104	3,246	169,870	SH		OTR	2	0	85,370	84,500
PROLOGIS INC	COM	74340W103	3,844	101,973	SH		OTR	2	0	36,077	65,896
PUBLIC STORAGE	COM	74460D109	1,483	8,941	SH		OTR	2	0	3,314	5,627
QTS REALTY TRUST INC-CL A	COM	74736A103	2,306	75,986	SH		OTR	2	0	37,086	38,900
RETAIL OPPORTUNITY INVESTMEN	COM	76131N101	1,224	83,246	SH		OTR	2	0	83,246	0
SABRA HEALTH CARE REIT INC	COM	78573L106	736	30,254	SH		OTR	1	0	30,254	0
SIMON PROPERTY GROUP INC	COM	828806109	6,917	42,072	SH		OTR	2	0	15,709	26,363
SL GREEN REALTY CORP	COM	78440X101	1,948	19,224	SH		OTR	2	0	19,224	0
SPIRIT REALTY CAPITAL INC	COM	84860W102	513	46,772	SH		OTR	1	0	46,772	0
STAG INDUSTRIAL INC	COM	85254J102	2,015	97,310	SH		OTR	2	0	53,685	43,625
STARWOOD HOTELS & RESORTS	COM	85590A401	1,398	16,798	SH		OTR	2	0	16,798	0
STARWOOD PROPERTY TRUST INC	COM	85571B105	969	44,133	SH		OTR	1	0	44,133	0
STARWOOD WAYPOINT RESIDE	COM	85571W109	218	8,385	SH		OTR	1	0	8,385	0
STRATEGIC HOTELS & RESORTS I	COM	86272T106	1,369	117,548	SH		OTR	2	0	43,748	73,800
SUNSTONE HOTEL INVESTORS INC	COM	867892101	1,045	75,639	SH		OTR	2	0	75,639	0
TAUBMAN CENTERS INC	COM	876664103	488	6,684	SH		OTR	1	0	6,684	0
TERRENO REALTY CORP	COM	88146M101	3,335	177,100	SH		OTR	2	0	177,100	0
WASHINGTON REIT	COM	939653101	385	15,164	SH		OTR	1	0	15,164	0