Teachers Insurance And Annuity Association Of America - Real Estate Account Variable Annuity (QREARX) 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

OMB APPROVAL

OMB Number:		3235-0006
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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
ACADIA RLTY TR	COM SH BEN INT	004239109	4,484	128,562	SH		SOLE		128,562	0	0
AGREE REALTY CORP	COM	008492100	491	14,898	SH		SOLE		14,898	0	0
ALEXANDERS INC	COM	014752109	1,971	4,317	SH		SOLE		4,317	0	0
ALEXANDRIA REAL ESTATE EQ IN	COM	015271109	12,978	132,373	SH		SOLE		132,373	0	0
AMERICAN ASSETS TR INC	COM	024013104	2,402	55,491	SH		SOLE		55,491	0	0
AMERICAN CAMPUS CMNTYS INC	COM	024835100	9,973	232,629	SH		SOLE		232,629	0	0
ASHFORD HOSPITALITY PRIME IN	COM	044102101	345	20,585	SH		SOLE		20,585	0	0
ASHFORD HOSPITALITY TR INC	COM SHS	044103109	2,484	258,203	SH		SOLE		258,203	0	0
ASSOCIATED ESTATES RLTY CORP	COM	045604105	3,244	131,435	SH		SOLE		131,435	0	0
AVALONBAY CMNTYS INC	COM	053484101	48,018	275,572	SH		SOLE		275,572	0	0
BB&T CORP	COM	054937107	2,304	59,100	SH		SOLE		59,100	0	0
BB&T CORP	COM	054937107	2,304	59,100	SH		DFND	1	59,100	0	0
BAXTER INTL INC	COM	071813109	2,261	33,000	SH		SOLE		33,000	0	0
BAXTER INTL INC	COM	071813109	2,261	33,000	SH		DFND	1	33,000	0	0
BOSTON PROPERTIES INC	COM	101121101	43,453	309,316	SH		SOLE		309,316	0	0
BRANDYWINE RLTY TR	SH BEN INT NEW	105368203	6,088	380,958	SH		SOLE		380,958	0	0
CBL & ASSOC PPTYS INC	COM	124830100	6,640	335,345	SH		SOLE		335,345	0	0
CIT GROUP INC	COM NEW	125581801	2,448	54,250	SH		SOLE		54,250	0	0
CALPINE CORP	COM NEW	131347304	50,959	2,228,216	SH		SOLE		2,228,216	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	14,737	188,626	SH		SOLE		188,626	0	0
CEDAR REALTY TRUST INC	COM NEW	150602209	1,329	177,495	SH		SOLE		177,495	0	0
CHAMBERS STR PPTYS	COM	157842105	3,289	417,369	SH		SOLE		417,369	0	0
CHESAPEAKE LODGING TR	SH BEN INT	165240102	4,117	121,692	SH		SOLE		121,692	0	0
CHEVRON CORP NEW	COM	166764100	8,913	84,900	SH		SOLE		84,900	0	0
CHEVRON CORP NEW	COM	166764100	8,913	84,900	SH		DFND	1	84,900	0	0
COLUMBIA PPTY TR INC	COM NEW	198287203	7,504	277,710	SH		SOLE		277,710	0	0
CONSOLIDATED EDISON INC	COM	209115104	3,916	64,200	SH		SOLE		64,200	0	0
CONSOLIDATED EDISON INC	COM	209115104	3,916	64,200	SH		DFND	1	64,200	0	0
COUSINS PPTYS INC	COM	222795106	5,449	514,046	SH		SOLE		514,046	0	0
CUBESMART	COM	229663109	8,508	352,303	SH		SOLE		352,303	0	0
DCT INDUSTRIAL TRUST INC	COM NEW	233153204	6,157	177,637	SH		SOLE		177,637	0	0
DARDEN RESTAURANTS INC	COM	237194105	4,119	59,400	SH		SOLE		59,400	0	0
DARDEN RESTAURANTS INC	COM	237194105	4,119	59,400	SH		DFND	1	59,400	0	0
DIAMONDROCK HOSPITALITY CO	COM	252784301	5,902	417,676	SH		SOLE		417,676	0	0
DIGITAL RLTY TR INC	COM	253868103	19,511	295,806	SH		SOLE		295,806	0	0
DOW CHEM CO	COM	260543103	4,630	96,500	SH		SOLE		96,500	0	0
DOW CHEM CO	COM	260543103	4,630	96,500	SH		DFND	1	96,500	0	0
DUKE REALTY CORP	COM NEW	264411505	15,730	722,560	SH		SOLE		722,560	0	0
EASTGROUP PPTY INC	COM	277276101	2,768	46,023	SH		SOLE		46,023	0	0
EMPIRE ST RLTY TR INC	CL A	292104106	3,147	167,318	SH		SOLE		167,318	0	0
EQUITY COMWLTH	COM SH BEN INT	294628102	7,481	281,756	SH		SOLE		281,756	0	0
EQUITY ONE	COM	294752100	4,928	184,642	SH		SOLE		184,642	0	0
ESSEX PPTY TR INC	COM	297178105	29,849	129,835	SH		SOLE		129,835	0	0
FEDERAL MOGUL HOLDINGS CORP	COM	313549404	28,191	2,118,016	SH		SOLE		2,118,016	0	0
FEDERAL REALTY INVT TR	SH BEN INT NEW	313747206	20,705	140,647	SH		SOLE		140,647	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	4,196	260,000	SH		SOLE		260,000	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	4,196	260,000	SH		DFND	1	260,000	0	0
GENERAL ELECTRIC CO	COM	369604103	6,681	269,300	SH		SOLE		269,300	0	0
GENERAL ELECTRIC CO	COM	369604103	6,681	269,300	SH		DFND	1	269,300	0	0
GENERAL GROWTH PPTYS INC NEW	COM	370023103	31,842	1,077,571	SH		SOLE		1,077,571	0	0
GENERAL MLS INC	COM	370334104	3,673	64,900	SH		SOLE		64,900	0	0
GENERAL MLS INC	COM	370334104	3,673	64,900	SH		DFND	1	64,900	0	0
GETTY RLTY CORP NEW	COM	374297109	1,103	60,598	SH		SOLE		60,598	0	0
GLADSTONE COML CORP	COM	376536108	396	21,263	SH		SOLE		21,263	0	0
HASBRO INC	COM	418056107	3,756	59,400	SH		SOLE		59,400	0	0
HASBRO INC	COM	418056107	3,756	59,400	SH		DFND	1	59,400	0	0
HEALTHCARE RLTY TR	COM	421946104	5,886	211,892	SH		SOLE		211,892	0	0
HERSHA HOSPITALITY TR	SH BEN INT A	427825104	2,501	386,553	SH		SOLE		386,553	0	0
HIGHWOODS PPTYS INC	COM	431284108	9,531	208,199	SH		SOLE		208,199	0	0
HOLLYFRONTIER CORP	COM	436106108	2,618	65,000	SH		SOLE		65,000	0	0
HOLLYFRONTIER CORP	COM	436106108	2,618	65,000	SH		DFND	1	65,000	0	0
HOME PROPERTIES INC	COM	437306103	7,446	107,460	SH		SOLE		107,460	0	0
HUDSON PAC PPTYS INC	COM	444097109	4,104	123,652	SH		SOLE		123,652	0	0
INLAND REAL ESTATE CORP	COM NEW	457461200	2,041	190,919	SH		SOLE		190,919	0	0
INVESTORS REAL ESTATE TR	SH BEN INT	461730103	2,163	288,369	SH		SOLE		288,369	0	0
ISHARES TR	U.S. REAL ES ETF	464287739	118,980	1,500,000	SH		SOLE		1,500,000	0	0
JOHNSON & JOHNSON	COM	478160104	7,887	78,400	SH		SOLE		78,400	0	0
JOHNSON & JOHNSON	COM	478160104	7,887	78,400	SH		DFND	1	78,400	0	0
KLA-TENCOR CORP	COM	482480100	1,574	27,000	SH		SOLE		27,000	0	0
KLA-TENCOR CORP	COM	482480100	1,574	27,000	SH		DFND	1	27,000	0	0
L BRANDS INC	COM	501797104	2,536	26,900	SH		SOLE		26,900	0	0
L BRANDS INC	COM	501797104	2,536	26,900	SH		DFND	1	26,900	0	0
LTC PPTYS INC	COM	502175102	2,674	58,133	SH		SOLE		58,133	0	0
LAMAR ADVERTISING CO NEW	CL A	512816109	8,200	138,352	SH		SOLE		138,352	0	0
LASALLE HOTEL PPTYS	COM SH BEN INT	517942108	9,742	250,683	SH		SOLE		250,683	0	0
LEXINGTON REALTY TRUST	COM	529043101	4,995	508,105	SH		SOLE		508,105	0	0
LIBERTY PPTY TR	SH BEN INT	531172104	11,732	328,620	SH		SOLE		328,620	0	0
LILLY ELI & CO	COM	532457108	3,538	48,700	SH		SOLE		48,700	0	0
LILLY ELI & CO	COM	532457108	3,538	48,700	SH		DFND	1	48,700	0	0
MACERICH CO	COM	554382101	27,593	327,205	SH		SOLE		327,205	0	0
MACK CALI RLTY CORP	COM	554489104	2,740	142,118	SH		SOLE		142,118	0	0
MATTEL INC	COM	577081102	1,485	65,000	SH		SOLE		65,000	0	0
MATTEL INC	COM	577081102	1,485	65,000	SH		DFND	1	65,000	0	0
MCDONALDS CORP	COM	580135101	4,044	41,500	SH		SOLE		41,500	0	0
MCDONALDS CORP	COM	580135101	4,044	41,500	SH		DFND	1	41,500	0	0
MICROSOFT CORP	COM	594918104	7,159	176,100	SH		SOLE		176,100	0	0
MICROSOFT CORP	COM	594918104	7,159	176,100	SH		DFND	1	176,100	0	0
MONMOUTH REAL ESTATE INVT CO	CL A	609720107	1,318	118,597	SH		SOLE		118,597	0	0
NATIONAL RETAIL PPTYS INC	COM	637417106	11,643	284,172	SH		SOLE		284,172	0	0
NEW SR INVT GROUP INC	COM	648691103	3,246	195,188	SH		SOLE		195,188	0	0
NORFOLK SOUTHERN CORP	COM	655844108	3,602	35,000	SH		SOLE		35,000	0	0
NORFOLK SOUTHERN CORP	COM	655844108	3,602	35,000	SH		DFND	1	35,000	0	0
OMEGA HEALTHCARE INVS INC	COM	681936100	11,403	281,073	SH		SOLE		281,073	0	0
ONE LIBERTY PPTYS INC	COM	682406103	568	23,274	SH		SOLE		23,274	0	0
PACCAR INC	COM	693718108	3,454	54,700	SH		SOLE		54,700	0	0
PACCAR INC	COM	693718108	3,454	54,700	SH		DFND	1	54,700	0	0
PENNSYLVANIA RL ESTATE INVT	SH BEN INT	709102107	3,153	135,749	SH		SOLE		135,749	0	0
PEPSICO INC	COM	713448108	6,502	68,000	SH		SOLE		68,000	0	0
PEPSICO INC	COM	713448108	6,502	68,000	SH		DFND	1	68,000	0	0
PFIZER INC	COM	717081103	10,106	290,500	SH		SOLE		290,500	0	0
PFIZER INC	COM	717081103	10,106	290,500	SH		DFND	1	290,500	0	0
PIEDMONT OFFICE REALTY TR IN	COM CL A	720190206	5,047	271,204	SH		SOLE		271,204	0	0
PLUM CREEK TIMBER CO INC	COM	729251108	17,116	393,917	SH		SOLE		393,917	0	0
POST PPTYS INC	COM	737464107	6,673	117,222	SH		SOLE		117,222	0	0
POTLATCH CORP NEW	COM	737630103	3,024	75,512	SH		SOLE		75,512	0	0
PROCTER & GAMBLE CO	COM	742718109	6,842	83,500	SH		SOLE		83,500	0	0
PROCTER & GAMBLE CO	COM	742718109	6,842	83,500	SH		DFND	1	83,500	0	0
RAMCO-GERSHENSON PPTYS TR	COM SH BEN INT	751452202	3,125	168,010	SH		SOLE		168,010	0	0
RAYONIER INC	COM	754907103	8,057	298,848	SH		SOLE		298,848	0	0
REALTY INCOME CORP	COM	756109104	24,716	479,000	SH		SOLE		479,000	0	0
REGENCY CTRS CORP	COM	758849103	13,806	202,908	SH		SOLE		202,908	0	0
ROUSE PPTYS INC	COM	779287101	1,935	102,070	SH		SOLE		102,070	0	0
SAUL CTRS INC	COM	804395101	1,657	28,976	SH		SOLE		28,976	0	0
SCYNEXIS INC	COM	811292101	609	73,412	SH		SOLE		73,412	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	124,896	638,395	SH		SOLE		638,395	0	0
SUMMIT HOTEL PPTYS	COM	866082100	2,786	197,991	SH		SOLE		197,991	0	0
SUN CMNTYS INC	COM	866674104	6,698	100,386	SH		SOLE		100,386	0	0
SUNSTONE HOTEL INVS INC NEW	COM	867892101	8,039	482,241	SH		SOLE		482,241	0	0
TANGER FACTORY OUTLET CTRS I	COM	875465106	7,466	212,284	SH		SOLE		212,284	0	0
TAUBMAN CTRS INC	COM	876664103	9,281	120,329	SH		SOLE		120,329	0	0
TRIBUNE MEDIA CO	CL A	896047503	12,126	199,400	SH		SOLE		199,400	0	0
UDR INC	COM	902653104	18,943	556,651	SH		SOLE		556,651	0	0
US BANCORP DEL	COM NEW	902973304	2,882	66,000	SH		SOLE		66,000	0	0
US BANCORP DEL	COM NEW	902973304	2,882	66,000	SH		DFND	1	66,000	0	0
U M H PROPERTIES INC	COM	903002103	451	44,774	SH		SOLE		44,774	0	0
URSTADT BIDDLE PPTYS INC	CL A	917286205	1,187	51,473	SH		SOLE		51,473	0	0
VORNADO RLTY TR	SH BEN INT	929042109	39,361	351,441	SH		SOLE		351,441	0	0
WASHINGTON REAL ESTATE INVT	SH BEN INT	939653101	2,675	96,831	SH		SOLE		96,831	0	0
WEINGARTEN RLTY INVS	SH BEN INT	948741103	6,838	190,047	SH		SOLE		190,047	0	0
WELLS FARGO & CO NEW	COM	949746101	6,528	120,000	SH		SOLE		120,000	0	0
WELLS FARGO & CO NEW	COM	949746101	6,528	120,000	SH		DFND	1	120,000	0	0
WEYERHAEUSER CO	COM	962166104	36,010	1,086,274	SH		SOLE		1,086,274	0	0
WHITESTONE REIT	COM	966084204	663	41,731	SH		SOLE		41,731	0	0
WILLIAMS COS INC DEL	COM	969457100	3,390	67,000	SH		SOLE		67,000	0	0
WILLIAMS COS INC DEL	COM	969457100	3,390	67,000	SH		DFND	1	67,000	0	0
WINTHROP RLTY TR	SH BEN INT NEW	976391300	639	39,142	SH		SOLE		39,142	0	0
UNIVERSAL HEALTH RLTY INCM T	SH BEN INT	91359E105	1,640	29,158	SH		SOLE		29,158	0	0
AMERICAN RESIDENTIAL PPTYS I	COM	02927E303	725	40,280	SH		SOLE		40,280	0	0
AKAMAI TECHNOLOGIES INC	COM	00971T101	28,357	399,143	SH		SOLE		399,143	0	0
ALTRIA GROUP INC	COM	02209S103	4,027	80,500	SH		SOLE		80,500	0	0
ALTRIA GROUP INC	COM	02209S103	4,027	80,500	SH		DFND	1	80,500	0	0
AMERICAN AIRLS GROUP INC	COM	02376R102	25,003	473,724	SH		SOLE		473,724	0	0
AMERICAN HOMES 4 RENT	CL A	02665T306	5,480	331,090	SH		SOLE		331,090	0	0
AMERICAN TOWER CORP NEW	COM	03027X100	80,191	851,739	SH		SOLE		851,739	0	0
APARTMENT INVT & MGMT CO	CL A	03748R101	12,776	324,603	SH		SOLE		324,603	0	0
ARMADA HOFFLER PPTYS INC	COM	04208T108	248	23,277	SH		SOLE		23,277	0	0
AVIV REIT INC MD	COM	05381L101	1,900	52,066	SH		SOLE		52,066	0	0
BCE INC	PUT	05534B950	3,988	94,200	SH		SOLE		94,200	0	0
BCE INC	PUT	05534B950	3,988	94,200	SH		DFND	1	94,200	0	0
BIOMED REALTY TRUST INC	COM	09063H107	9,678	427,097	SH		SOLE		427,097	0	0
BRIXMOR PPTY GROUP INC	COM	11120U105	9,300	350,279	SH		SOLE		350,279	0	0
CA INC	COM	12673P105	4,230	129,700	SH		SOLE		129,700	0	0
CA INC	COM	12673P105	4,230	129,700	SH		DFND	1	129,700	0	0
CAMPUS CREST CMNTYS INC	COM	13466Y105	1,689	235,911	SH		SOLE		235,911	0	0
CARETRUST REIT INC	COM	14174T107	280	20,656	SH		SOLE		20,656	0	0
CATCHMARK TIMBER TR INC	CL A	14912Y202	812	69,250	SH		SOLE		69,250	0	0
CHATHAM LODGING TR	COM	16208T102	2,151	73,127	SH		SOLE		73,127	0	0
CISCO SYS INC	COM	17275R102	3,966	144,100	SH		SOLE		144,100	0	0
CISCO SYS INC	COM	17275R102	3,966	144,100	SH		DFND	1	144,100	0	0
CONOCOPHILLIPS	COM	20825C104	3,549	57,000	SH		SOLE		57,000	0	0
CONOCOPHILLIPS	COM	20825C104	3,549	57,000	SH		DFND	1	57,000	0	0
CORESITE RLTY CORP	COM	21870Q105	2,372	48,733	SH		SOLE		48,733	0	0
CORENERGY INFRASTRUCTURE TR	COM	21870U205	955	137,756	SH		SOLE		137,756	0	0
CORPORATE OFFICE PPTYS TR	SH BEN INT	22002T108	4,421	150,486	SH		SOLE		150,486	0	0
CORRECTIONS CORP AMER NEW	COM NEW	22025Y407	9,409	233,716	SH		SOLE		233,716	0	0
CRESCENT PT ENERGY CORP	COM	22576C101	155,578	6,977,609	SH		SOLE		6,977,609	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	57,827	700,598	SH		SOLE		700,598	0	0
CYRUSONE INC	COM	23283R100	2,598	83,473	SH		SOLE		83,473	0	0
DDR CORP	COM	23317H102	13,115	704,353	SH		SOLE		704,353	0	0
DOMINION RES INC VA NEW	COM	25746U109	4,897	69,100	SH		SOLE		69,100	0	0
DOMINION RES INC VA NEW	COM	25746U109	4,897	69,100	SH		DFND	1	69,100	0	0
DOUGLAS EMMETT INC	COM	25960P109	8,800	295,214	SH		SOLE		295,214	0	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	6,212	80,900	SH		SOLE		80,900	0	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	6,212	80,900	SH		DFND	1	80,900	0	0
DUPONT FABROS TECHNOLOGY INC	COM	26613Q106	3,646	111,572	SH		SOLE		111,572	0	0
EPR PPTYS	COM SH BEN INT	26884U109	4,992	83,162	SH		SOLE		83,162	0	0
EDUCATION RLTY TR INC	COM NEW	28140H203	2,801	79,160	SH		SOLE		79,160	0	0
EQUINIX INC	COM PAR $0.001	29444U700	22,385	96,136	SH		SOLE		96,136	0	0
EQUITY LIFESTYLE PPTYS INC	COM	29472R108	8,108	147,548	SH		SOLE		147,548	0	0
EQUITY RESIDENTIAL	SH BEN INT	29476L107	58,035	745,381	SH		SOLE		745,381	0	0
EXCEL TR INC	COM	30068C109	1,973	140,758	SH		SOLE		140,758	0	0
EXTRA SPACE STORAGE INC	COM	30225T102	14,982	221,727	SH		SOLE		221,727	0	0
EXXON MOBIL CORP	COM	30231G102	8,475	99,700	SH		SOLE		99,700	0	0
EXXON MOBIL CORP	COM	30231G102	8,475	99,700	SH		DFND	1	99,700	0	0
FELCOR LODGING TR INC	COM	31430F101	3,270	284,615	SH		SOLE		284,615	0	0
FIRST INDUSTRIAL REALTY TRUS	COM	32054K103	6,015	280,701	SH		SOLE		280,701	0	0
FIRST POTOMAC RLTY TR	COM	33610F109	1,584	133,251	SH		SOLE		133,251	0	0
FRANKLIN STREET PPTYS CORP	COM	35471R106	2,540	198,119	SH		SOLE		198,119	0	0
GEO GROUP INC NEW	COM	36162J106	6,837	156,310	SH		SOLE		156,310	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	8,221	222,978	SH		SOLE		222,978	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	1,954	53,000	SH		SOLE		53,000	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	1,954	53,000	SH		DFND	1	53,000	0	0
GENERAL MTRS CO	COM	37045V100	589	15,703	SH		SOLE		15,703	0	0
GENERAL MTRS CO	*W EXP 07/10/201	37045V118	396	14,271	SH		SOLE		14,271	0	0
GENERAL MTRS CO	*W EXP 07/10/201	37045V126	280	14,271	SH		SOLE		14,271	0	0
GOVERNMENT PPTYS INCOME TR	COM SHS BEN INT	38376A103	4,571	200,061	SH		SOLE		200,061	0	0
GRACE W R & CO DEL NEW	COM	38388F108	20,868	211,063	SH		SOLE		211,063	0	0
GRAMERCY PPTY TR INC	COM NEW	38489R605	2,829	100,779	SH		SOLE		100,779	0	0
HCP INC	COM	40414L109	41,104	951,260	SH		SOLE		951,260	0	0
HEALTH CARE REIT INC	COM	42217K106	56,577	731,353	SH		SOLE		731,353	0	0
HEALTHCARE TR AMER INC	CL A NEW	42225P501	7,146	256,495	SH		SOLE		256,495	0	0
HOSPITALITY PPTYS TR	COM SH BEN INT	44106M102	10,981	332,850	SH		SOLE		332,850	0	0
HOST HOTELS & RESORTS INC	COM	44107P104	32,242	1,597,743	SH		SOLE		1,597,743	0	0
INFRAREIT INC	COM	45685L100	159,425	5,576,235	SH		SOLE		5,576,235	0	0
IRON MTN INC NEW	COM	46284V101	14,238	390,293	SH		SOLE		390,293	0	0
KILROY RLTY CORP	COM	49427F108	13,939	183,003	SH		SOLE		183,003	0	0
KIMCO RLTY CORP	COM	49446R109	23,479	874,444	SH		SOLE		874,444	0	0
KINDER MORGAN INC DEL	COM	49456B101	2,742	65,200	SH		SOLE		65,200	0	0
KINDER MORGAN INC DEL	COM	49456B101	2,742	65,200	SH		DFND	1	65,200	0	0
KITE RLTY GROUP TR	COM NEW	49803T300	5,789	205,486	SH		SOLE		205,486	0	0
KRAFT FOODS GROUP INC	COM	50076Q106	8,180	93,900	SH		SOLE		93,900	0	0
KRAFT FOODS GROUP INC	COM	50076Q106	8,180	93,900	SH		DFND	1	93,900	0	0
LEVEL 3 COMMUNICATIONS INC	COM NEW	52729N308	22,567	419,142	SH		SOLE		419,142	0	0
MAXIM INTEGRATED PRODS INC	COM	57772K101	2,980	85,600	SH		SOLE		85,600	0	0
MAXIM INTEGRATED PRODS INC	COM	57772K101	2,980	85,600	SH		DFND	1	85,600	0	0
MEDICAL PPTYS TRUST INC	COM	58463J304	5,681	385,417	SH		SOLE		385,417	0	0
MERCK & CO INC NEW	COM	58933Y105	3,593	62,500	SH		SOLE		62,500	0	0
MERCK & CO INC NEW	COM	58933Y105	3,593	62,500	SH		DFND	1	62,500	0	0
METLIFE INC	COM	59156R108	4,347	86,000	SH		SOLE		86,000	0	0
METLIFE INC	COM	59156R108	4,347	86,000	SH		DFND	1	86,000	0	0
MID-AMER APT CMNTYS INC	COM	59522J103	13,688	177,150	SH		SOLE		177,150	0	0
MONOGRAM RESIDENTIAL TR INC	COM	60979P105	2,531	271,533	SH		SOLE		271,533	0	0
NATIONAL HEALTH INVS INC	COM	63633D104	4,658	65,594	SH		SOLE		65,594	0	0
NORTHSTAR RLTY FIN CORP	COM NEW	66704R704	12,586	694,576	SH		SOLE		694,576	0	0
OUTFRONT MEDIA INC	COM	69007J106	7,336	245,185	SH		SOLE		245,185	0	0
PPL CORP	COM	69351T106	3,871	115,000	SH		SOLE		115,000	0	0
PPL CORP	COM	69351T106	3,871	115,000	SH		DFND	1	115,000	0	0
PS BUSINESS PKS INC CALIF	COM	69360J107	3,657	44,040	SH		SOLE		44,040	0	0
PARAMOUNT GROUP INC	COM	69924R108	5,189	268,880	SH		SOLE		268,880	0	0
PARKWAY PPTYS INC	COM	70159Q104	4,456	256,813	SH		SOLE		256,813	0	0
PEABODY ENERGY CORP	SDCV 4.750%12/1	704549AG9	177	500,000	PRN		SOLE		500,000	0	0
PEBBLEBROOK HOTEL TR	COM	70509V100	7,345	157,729	SH		SOLE		157,729	0	0
PHYSICIANS RLTY TR	COM	71943U104	2,841	161,321	SH		SOLE		161,321	0	0
PROLOGIS INC	COM	74340W103	47,237	1,084,401	SH		SOLE		1,084,401	0	0
PUBLIC STORAGE	COM	74460D109	58,158	295,010	SH		SOLE		295,010	0	0
QTS RLTY TR INC	COM CL A	74736A103	1,049	28,810	SH		SOLE		28,810	0	0
RLJ LODGING TR	COM	74965L101	6,888	220,006	SH		SOLE		220,006	0	0
RSP PERMIAN INC	COM	74978Q105	209,472	8,315,668	SH		SOLE		8,315,668	0	0
RETAIL OPPORTUNITY INVTS COR	COM	76131N101	4,034	220,457	SH		SOLE		220,457	0	0
RETAIL PPTYS AMER INC	CL A	76131V202	8,167	509,466	SH		SOLE		509,466	0	0
REXFORD INDL RLTY INC	COM	76169C100	1,763	111,510	SH		SOLE		111,510	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	5,837	95,825	SH		SOLE		95,825	0	0
SL GREEN RLTY CORP	COM	78440X101	24,325	189,478	SH		SOLE		189,478	0	0
SABRA HEALTH CARE REIT INC	COM	78573L106	3,940	118,843	SH		SOLE		118,843	0	0
SELECT INCOME REIT	COM SH BEN INT	81618T100	3,586	143,490	SH		SOLE		143,490	0	0
SENIOR HSG PPTYS TR	SH BEN INT	81721M109	11,087	499,658	SH		SOLE		499,658	0	0
SIENTRA INC	COM	82621J105	12,104	630,748	SH		SOLE		630,748	0	0
SILVER BAY RLTY TR CORP	COM	82735Q102	1,327	82,090	SH		SOLE		82,090	0	0
SOVRAN SELF STORAGE INC	COM	84610H108	5,032	53,568	SH		SOLE		53,568	0	0
SPIRIT RLTY CAP INC NEW	COM	84860W102	11,235	930,018	SH		SOLE		930,018	0	0
STAG INDL INC	COM	85254J102	4,053	172,319	SH		SOLE		172,319	0	0
STARWOOD PPTY TR INC	COM	85571B105	2,041	84,000	SH		SOLE		84,000	0	0
STARWOOD PPTY TR INC	COM	85571B105	2,041	84,000	SH		DFND	1	84,000	0	0
STARWOOD WAYPOINT RESIDENTL	COM SHS	85571W109	2,309	89,340	SH		SOLE		89,340	0	0
STRATEGIC HOTELS & RESORTS I	COM	86272T106	7,202	579,377	SH		SOLE		579,377	0	0
TERRENO RLTY CORP	COM	88146M101	1,983	86,994	SH		SOLE		86,994	0	0
3M CO	COM	88579Y101	4,734	28,700	SH		SOLE		28,700	0	0
3M CO	COM	88579Y101	4,734	28,700	SH		DFND	1	28,700	0	0
TIME WARNER CABLE INC	COM	88732J207	30,716	204,939	SH		SOLE		204,939	0	0
TRIANGLE PETE CORP	COM NEW	89600B201	57,091	11,350,000	SH		SOLE		11,350,000	0	0
URBAN EDGE PPTYS	COM	91704F104	4,165	175,720	SH		SOLE		175,720	0	0
VENTAS INC	COM	92276F100	47,626	652,228	SH		SOLE		652,228	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	8,126	167,100	SH		SOLE		167,100	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	8,126	167,100	SH		DFND	1	167,100	0	0
W P CAREY INC	COM	92936U109	13,977	205,551	SH		SOLE		205,551	0	0
WP GLIMCHER IN	COM	92939N102	6,392	384,381	SH		SOLE		384,381	0	0
WASTE MGMT INC DEL	COM	94106L109	2,722	50,200	SH		SOLE		50,200	0	0
WASTE MGMT INC DEL	COM	94106L109	2,722	50,200	SH		DFND	1	50,200	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,579	38,200	SH		SOLE		38,200	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,579	38,200	SH		DFND	1	38,200	0	0
ESSENT GROUP LTD	COM	G3198U102	12,922	540,462	SH		SOLE		540,462	0	0
PARTNERRE LTD	COM	G6852T105	23,611	206,518	SH		SOLE		206,518	0	0
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	2,024	38,900	SH		SOLE		38,900	0	0
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	2,024	38,900	SH		DFND	1	38,900	0	0
ACE LTD	SHS	H0023R105	3,813	34,200	SH		SOLE		34,200	0	0
ACE LTD	SHS	H0023R105	3,813	34,200	SH		DFND	1	34,200	0	0
TRONOX LTD	SHS CL A	Q9235V101	5,056	248,690	SH		SOLE		248,690	0	0