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	873	9,837	SH		SOLE		0	0	9,837
APOLLO COMMERCIAL REAL ESTAT	COM	03762U105	582	35,568	SH		SOLE		35,568	0	0
AVALONBAY COMMUNITIES INC	COM	053484101	1,743	10,665	SH		SOLE		471	0	10,194
AVIV REIT INC	COM	05381L101	1,034	30,000	SH		SOLE		19,424	0	10,576
STRATEGIC HOTELS & RESORTS I	COM	86272T106	734	55,500	SH		SOLE		0	0	55,500
BLUEROCK RESIDENTIAL GROWTH	COM	09627J102	346	27,800	SH		SOLE		27,800	0	0
BOSTON PROPERTIES INC	COM	101121101	2,352	18,276	SH		SOLE		840	0	17,436
CAMPUS CREST COMMUNITIES INC	COM	13466Y105	539	73,745	SH		SOLE		73,745	0	0
CHATHAM LODGING TRUST	COM	16208T102	1,246	43,009	SH		SOLE		10,109	0	32,900
MACK-CALI REALTY CORP	COM	554489104	1,636	85,817	SH		SOLE		27,917	0	57,900
CUBESMART	COM	229663109	692	31,350	SH		SOLE		0	0	31,350
DDR CORP	COM	23317H102	797	43,400	SH		SOLE		0	0	43,400
DOUGLAS EMMETT INC	COM	25960P109	44	1,542	SH		SOLE		1,542	0	0
DIGITAL REALTY TRUST INC	COM	253868103	1,468	22,135	SH		SOLE		6,205	0	15,930
EPR PROPERTIES	COM	26884U109	674	11,693	SH		SOLE		11,693	0	0
EQUITY RESIDENTIAL	COM	29476L107	1,136	15,810	SH		SOLE		632	0	15,178
EQUITY ONE INC	COM	294752100	530	20,900	SH		SOLE		0	0	20,900
ESSEX PROPERTY TRUST INC	COM	297178105	1,139	5,512	SH		SOLE		318	0	5,194
EXTRA SPACE STORAGE INC	COM	30225T102	806	13,744	SH		SOLE		887	0	12,857
GENERAL GROWTH PROPERTIES	COM	370023103	1,425	50,642	SH		SOLE		2,240	0	48,402
HCP INC	COM	40414L109	2,173	49,351	SH		SOLE		1,136	0	48,215
STARWOOD HOTELS & RESORTS	COM	85590A401	598	7,373	SH		SOLE		0	0	7,373
HUDSON PACIFIC PROPERTIES IN	COM	444097109	1,332	44,324	SH		SOLE		2,224	0	42,100
HOST HOTELS & RESORTS INC	COM	44107P104	800	33,666	SH		SOLE		0	0	33,666
KIMCO REALTY CORP	COM	49446R109	1,040	41,386	SH		SOLE		0	0	41,386
KILROY REALTY CORP	COM	49427F108	1,020	14,763	SH		SOLE		685	0	14,078
MACERICH CO/THE	COM	554382101	926	11,101	SH		SOLE		0	0	11,101
CORPORATE OFFICE PROPERTIES	COM	22002T108	389	13,700	SH		SOLE		0	0	13,700
OMEGA HEALTHCARE INVESTORS	COM	681936100	260	6,666	SH		SOLE		6,666	0	0
OUTFRONT MEDIA INC	COM	69007J106	927	34,534	SH		SOLE		9,434	0	25,100
PROLOGIS INC	COM	74340W103	2,351	54,638	SH		SOLE		1,804	0	52,834
PUBLIC STORAGE	COM	74460D109	1,191	6,445	SH		SOLE		425	0	6,020
QTS REALTY TRUST INC-CL A	COM	74736A103	1,119	33,062	SH		SOLE		8,712	0	24,350
RETAIL OPPORTUNITY INVESTMEN	COM	76131N101	846	50,363	SH		SOLE		3,463	0	46,900
SABRA HEALTH CARE REIT INC	COM	78573L106	389	12,800	SH		SOLE		12,800	0	0
SUNSTONE HOTEL INVESTORS INC	COM	867892101	635	38,472	SH		SOLE		0	0	38,472
SL GREEN REALTY CORP	COM	78440X101	1,095	9,199	SH		SOLE		762	0	8,437
SIMON PROPERTY GROUP INC	COM	828806109	4,402	24,172	SH		SOLE		699	0	23,473
SPIRIT REALTY CAPITAL INC	COM	84860W102	472	39,719	SH		SOLE		39,719	0	0
STAG INDUSTRIAL INC	COM	85254J102	1,287	52,531	SH		SOLE		16,520	0	36,011
EXTENDED STAY AMERICA INC	COM	30224P200	618	32,000	SH		SOLE		0	0	32,000
STARWOOD PROPERTY TRUST INC	COM	85571B105	681	29,290	SH		SOLE		29,290	0	0
STARWOOD WAYPOINT RESIDE	COM	85571W109	1	40	SH		SOLE		40	0	0
TAUBMAN CENTERS INC	COM	876664103	66	861	SH		SOLE		861	0	0
TERRENO REALTY CORP	COM	88146M101	1,356	65,752	SH		SOLE		7,628	0	58,124
UDR INC	COM	902653104	533	17,300	SH		SOLE		0	0	17,300
VORNADO REALTY TRUST	COM	929042109	1,535	13,041	SH		SOLE		0	0	13,041
APOLLO COMMERCIAL REAL ESTAT	COM	03762U105	1,613	98,608	SH		OTR	1	0	98,608	0
AVALONBAY COMMUNITIES INC	COM	053484101	3,748	22,938	SH		OTR	2	0	8,476	14,462
STRATEGIC HOTELS & RESORTS I	COM	86272T106	1,555	117,548	SH		OTR	2	0	43,748	73,800
BROOKDALE SENIOR LIVING INC	COM	112463104	1,708	46,582	SH		OTR	2	0	17,304	29,278
BLUEROCK RESIDENTIAL GROWTH	COM	09627J102	625	50,300	SH		OTR	1	0	50,300	0
BOSTON PROPERTIES INC	COM	101121101	3,958	30,757	SH		OTR	2	0	11,429	19,328
CAMPUS CREST COMMUNITIES INC	COM	13466Y105	1,811	247,680	SH		OTR	1	0	247,680	0
CHATHAM LODGING TRUST	COM	16208T102	1,156	39,911	SH		OTR	1	0	39,911	0
MACK-CALI REALTY CORP	COM	554489104	4,201	220,434	SH		OTR	2	0	132,034	88,400
CUBESMART	COM	229663109	1,566	70,973	SH		OTR	2	0	25,473	45,500
DDR CORP	COM	23317H102	1,595	86,900	SH		OTR	2	0	32,300	54,600
DIGITAL REALTY TRUST INC	COM	253868103	3,259	49,151	SH		OTR	2	0	22,741	26,410
EPR PROPERTIES	COM	26884U109	1,670	28,979	SH		OTR	1	0	28,979	0
EQUITY ONE INC	COM	294752100	1,595	62,894	SH		OTR	2	0	23,442	39,452
ESSEX PROPERTY TRUST INC	COM	297178105	3,128	15,141	SH		OTR	2	0	5,652	9,489
EXTRA SPACE STORAGE INC	COM	30225T102	2,283	38,939	SH		OTR	2	0	14,481	24,458
GENERAL GROWTH PROPERTIES	COM	370023103	3,342	118,791	SH		OTR	2	0	43,600	75,191
STARWOOD HOTELS & RESORTS	COM	85590A401	1,654	20,398	SH		OTR	2	0	7,556	12,842
HUDSON PACIFIC PROPERTIES IN	COM	444097109	4,819	160,300	SH		OTR	2	0	88,700	71,600
HOST HOTELS & RESORTS INC	COM	44107P104	1,421	59,800	SH		OTR	2	0	22,295	37,505
KILROY REALTY CORP	COM	49427F108	2,140	30,988	SH		OTR	2	0	11,565	19,423
CORPORATE OFFICE PROPERTIES	COM	22002T108	783	27,600	SH		OTR	2	0	9,400	18,200
OUTFRONT MEDIA INC	COM	69007J106	3,635	135,450	SH		OTR	2	0	63,900	71,550
PROLOGIS INC	COM	74340W103	4,074	94,673	SH		OTR	2	0	34,477	60,196
PUBLIC STORAGE	COM	74460D109	1,653	8,941	SH		OTR	2	0	3,314	5,627
QTS REALTY TRUST INC-CL A	COM	74736A103	2,962	87,519	SH		OTR	2	0	48,619	38,900
RETAIL OPPORTUNITY INVESTMEN	COM	76131N101	1,398	83,246	SH		OTR	2	0	30,946	52,300
SABRA HEALTH CARE REIT INC	COM	78573L106	1,302	42,873	SH		OTR	1	0	42,873	0
SUNSTONE HOTEL INVESTORS INC	COM	867892101	1,249	75,639	SH		OTR	2	0	28,876	46,763
SL GREEN REALTY CORP	COM	78440X101	2,193	18,424	SH		OTR	2	0	6,868	11,556
SIMON PROPERTY GROUP INC	COM	828806109	7,534	41,372	SH		OTR	2	0	15,409	25,963
SPIRIT REALTY CAPITAL INC	COM	84860W102	1,056	88,844	SH		OTR	1	0	88,844	0
STAG INDUSTRIAL INC	COM	85254J102	3,046	124,317	SH		OTR	2	0	74,892	49,425
EXTENDED STAY AMERICA INC	COM	30224P200	2,614	135,368	SH		OTR	2	0	75,668	59,700
STARWOOD PROPERTY TRUST INC	COM	85571B105	2,043	87,925	SH		OTR	1	0	87,925	0
STARWOOD WAYPOINT RESIDE	COM	85571W109	221	8,385	SH		OTR	1	0	8,385	0
TAUBMAN CENTERS INC	COM	876664103	511	6,684	SH		OTR	1	0	6,684	0
TERRENO REALTY CORP	COM	88146M101	3,867	187,445	SH		OTR	2	0	94,845	92,600