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	4,199	144,236	SH		SOLE		144,236	0	0
ALEXANDERS INC	COM	014752109	1,465	3,574	SH		SOLE		3,574	0	0
ALEXANDRIA REAL ESTATE EQ IN	COM	015271109	12,573	143,754	SH		SOLE		143,754	0	0
AMERICAN ASSETS TR INC	COM	024013104	3,118	79,522	SH		SOLE		79,522	0	0
AMERICAN CAMPUS CMNTYS INC	COM	024835100	8,983	238,349	SH		SOLE		238,349	0	0
ASHFORD HOSPITALITY PRIME IN	COM	044102101	418	27,859	SH		SOLE		27,859	0	0
ASHFORD HOSPITALITY TR INC	COM SHS	044103109	1,934	228,647	SH		SOLE		228,647	0	0
ASSOCIATED ESTATES RLTY CORP	COM	045604105	3,111	108,679	SH		SOLE		108,679	0	0
AVALONBAY CMNTYS INC	COM	053484101	42,657	266,825	SH		SOLE		266,825	0	0
BB&T CORP	COM	054937107	2,382	59,100	SH		DFND	1	59,100	0	0
BB&T CORP	COM	054937107	2,382	59,100	SH		SOLE		59,100	0	0
BOSTON PROPERTIES INC	COM	101121101	37,530	310,062	SH		SOLE		310,062	0	0
BRANDYWINE RLTY TR	SH BEN INT NEW	105368203	5,059	380,958	SH		SOLE		380,958	0	0
CBL & ASSOC PPTYS INC	COM	124830100	5,433	335,345	SH		SOLE		335,345	0	0
CALPINE CORP	COM NEW	131347304	40,086	2,228,216	SH		SOLE		2,228,216	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	12,881	173,413	SH		SOLE		173,413	0	0
CEDAR REALTY TRUST INC	COM NEW	150602209	1,136	177,495	SH		SOLE		177,495	0	0
CHAMBERS STR PPTYS	COM	157842105	3,750	471,752	SH		SOLE		471,752	0	0
CHESAPEAKE LODGING TR	SH BEN INT	165240102	3,994	131,044	SH		SOLE		131,044	0	0
CHEVRON CORP NEW	COM	166764100	8,190	84,900	SH		DFND	1	84,900	0	0
CHEVRON CORP NEW	COM	166764100	8,190	84,900	SH		SOLE		84,900	0	0
COLUMBIA PPTY TR INC	COM NEW	198287203	5,635	229,546	SH		SOLE		229,546	0	0
CONSOLIDATED EDISON INC	COM	209115104	3,716	64,200	SH		DFND	1	64,200	0	0
CONSOLIDATED EDISON INC	COM	209115104	3,716	64,200	SH		SOLE		64,200	0	0
COUSINS PPTYS INC	COM	222795106	4,892	471,253	SH		SOLE		471,253	0	0
CUBESMART	COM	229663109	7,584	327,453	SH		SOLE		327,453	0	0
DCT INDUSTRIAL TRUST INC	COM NEW	233153204	5,494	174,739	SH		SOLE		174,739	0	0
DIAMONDROCK HOSPITALITY CO	COM	252784301	5,559	433,952	SH		SOLE		433,952	0	0
DIGITAL RLTY TR INC	COM	253868103	17,952	269,223	SH		SOLE		269,223	0	0
DOW CHEM CO	COM	260543103	4,938	96,500	SH		DFND	1	96,500	0	0
DOW CHEM CO	COM	260543103	4,938	96,500	SH		SOLE		96,500	0	0
DUKE REALTY CORP	COM NEW	264411505	12,642	680,753	SH		SOLE		680,753	0	0
EASTGROUP PPTY INC	COM	277276101	3,857	68,602	SH		SOLE		68,602	0	0
EMPIRE ST RLTY TR INC	CL A	292104106	3,235	189,640	SH		SOLE		189,640	0	0
EQUITY COMWLTH	COM SH BEN INT	294628102	7,742	301,612	SH		SOLE		301,612	0	0
EQUITY ONE	COM	294752100	3,212	137,621	SH		SOLE		137,621	0	0
ESSEX PPTY TR INC	COM	297178105	28,636	134,758	SH		SOLE		134,758	0	0
FEDERAL MOGUL HOLDINGS CORP	COM	313549404	24,039	2,118,016	SH		SOLE		2,118,016	0	0
FEDERAL REALTY INVT TR	SH BEN INT NEW	313747206	17,631	137,648	SH		SOLE		137,648	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	3,903	260,000	SH		DFND	1	260,000	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	3,903	260,000	SH		SOLE		260,000	0	0
GENERAL ELECTRIC CO	COM	369604103	7,155	269,300	SH		DFND	1	269,300	0	0
GENERAL ELECTRIC CO	COM	369604103	7,155	269,300	SH		SOLE		269,300	0	0
GENERAL GROWTH PPTYS INC NEW	COM	370023103	26,519	1,033,493	SH		SOLE		1,033,493	0	0
GENERAL MLS INC	COM	370334104	3,616	64,900	SH		DFND	1	64,900	0	0
GENERAL MLS INC	COM	370334104	3,616	64,900	SH		SOLE		64,900	0	0
GETTY RLTY CORP NEW	COM	374297109	690	42,200	SH		SOLE		42,200	0	0
GLADSTONE COML CORP	COM	376536108	352	21,263	SH		SOLE		21,263	0	0
HASBRO INC	COM	418056107	2,461	32,900	SH		DFND	1	32,900	0	0
HASBRO INC	COM	418056107	2,461	32,900	SH		SOLE		32,900	0	0
HEALTHCARE RLTY TR	COM	421946104	4,759	204,617	SH		SOLE		204,617	0	0
HERSHA HOSPITALITY TR	PR SHS BEN INT	427825500	2,366	92,292	SH		SOLE		92,292	0	0
HIGHWOODS PPTYS INC	COM	431284108	7,698	192,700	SH		SOLE		192,700	0	0
HOLLYFRONTIER CORP	COM	436106108	2,775	65,000	SH		DFND	1	65,000	0	0
HOLLYFRONTIER CORP	COM	436106108	2,775	65,000	SH		SOLE		65,000	0	0
HOME PROPERTIES INC	COM	437306103	8,110	111,018	SH		SOLE		111,018	0	0
HUDSON PAC PPTYS INC	COM	444097109	4,425	155,990	SH		SOLE		155,990	0	0
INLAND REAL ESTATE CORP	COM NEW	457461200	1,244	132,101	SH		SOLE		132,101	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,765	17,000	SH		DFND	1	17,000	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,765	17,000	SH		SOLE		17,000	0	0
INVESTORS REAL ESTATE TR	SH BEN INT	461730103	1,388	194,355	SH		SOLE		194,355	0	0
ISHARES TR	U.S. REAL ES ETF	464287739	106,950	1,500,000	SH		SOLE		1,500,000	0	0
JOHNSON & JOHNSON	COM	478160104	7,641	78,400	SH		DFND	1	78,400	0	0
JOHNSON & JOHNSON	COM	478160104	7,641	78,400	SH		SOLE		78,400	0	0
KLA-TENCOR CORP	COM	482480100	1,518	27,000	SH		DFND	1	27,000	0	0
KLA-TENCOR CORP	COM	482480100	1,518	27,000	SH		SOLE		27,000	0	0
LTC PPTYS INC	COM	502175102	2,714	65,231	SH		SOLE		65,231	0	0
LAMAR ADVERTISING CO NEW	CL A	512816109	9,925	172,672	SH		SOLE		172,672	0	0
LASALLE HOTEL PPTYS	COM SH BEN INT	517942108	8,500	239,709	SH		SOLE		239,709	0	0
LEXINGTON REALTY TRUST	COM	529043101	4,151	489,502	SH		SOLE		489,502	0	0
LIBERTY PPTY TR	SH BEN INT	531172104	10,190	316,249	SH		SOLE		316,249	0	0
LILLY ELI & CO	COM	532457108	4,066	48,700	SH		DFND	1	48,700	0	0
LILLY ELI & CO	COM	532457108	4,066	48,700	SH		SOLE		48,700	0	0
MACERICH CO	COM	554382101	23,688	317,532	SH		SOLE		317,532	0	0
MACK CALI RLTY CORP	COM	554489104	3,652	198,141	SH		SOLE		198,141	0	0
MATTEL INC	COM	577081102	3,232	125,800	SH		DFND	1	125,800	0	0
MATTEL INC	COM	577081102	3,232	125,800	SH		SOLE		125,800	0	0
MCDONALDS CORP	COM	580135101	3,945	41,500	SH		DFND	1	41,500	0	0
MCDONALDS CORP	COM	580135101	3,945	41,500	SH		SOLE		41,500	0	0
MICROSOFT CORP	COM	594918104	7,775	176,100	SH		DFND	1	176,100	0	0
MICROSOFT CORP	COM	594918104	7,775	176,100	SH		SOLE		176,100	0	0
MONMOUTH REAL ESTATE INVT CO	CL A	609720107	878	90,359	SH		SOLE		90,359	0	0
NATIONAL RETAIL PPTYS INC	COM	637417106	9,418	269,023	SH		SOLE		269,023	0	0
NATIONAL STORAGE AFFILIATES	COM SHS BEN IN	637870106	516	41,608	SH		SOLE		41,608	0	0
NEW SR INVT GROUP INC	COM	648691103	2,610	195,188	SH		SOLE		195,188	0	0
NORFOLK SOUTHERN CORP	COM	655844108	3,058	35,000	SH		DFND	1	35,000	0	0
NORFOLK SOUTHERN CORP	COM	655844108	3,058	35,000	SH		SOLE		35,000	0	0
OMEGA HEALTHCARE INVS INC	COM	681936100	10,803	314,688	SH		SOLE		314,688	0	0
ONE LIBERTY PPTYS INC	COM	682406103	335	15,752	SH		SOLE		15,752	0	0
PACCAR INC	COM	693718108	3,490	54,700	SH		DFND	1	54,700	0	0
PACCAR INC	COM	693718108	3,490	54,700	SH		SOLE		54,700	0	0
PENNSYLVANIA RL ESTATE INVT	SH BEN INT	709102107	3,072	143,960	SH		SOLE		143,960	0	0
PEPSICO INC	COM	713448108	6,347	68,000	SH		DFND	1	68,000	0	0
PEPSICO INC	COM	713448108	6,347	68,000	SH		SOLE		68,000	0	0
PFIZER INC	COM	717081103	9,740	290,500	SH		DFND	1	290,500	0	0
PFIZER INC	COM	717081103	9,740	290,500	SH		SOLE		290,500	0	0
PIEDMONT OFFICE REALTY TR IN	COM CL A	720190206	6,267	356,280	SH		SOLE		356,280	0	0
PLUM CREEK TIMBER CO INC	COM	729251108	14,850	366,041	SH		SOLE		366,041	0	0
POST PPTYS INC	COM	737464107	5,863	107,829	SH		SOLE		107,829	0	0
POTLATCH CORP NEW	COM	737630103	2,667	75,512	SH		SOLE		75,512	0	0
PROCTER & GAMBLE CO	COM	742718109	6,533	83,500	SH		DFND	1	83,500	0	0
PROCTER & GAMBLE CO	COM	742718109	6,533	83,500	SH		SOLE		83,500	0	0
RAMCO-GERSHENSON PPTYS TR	COM SH BEN INT	751452202	3,016	184,815	SH		SOLE		184,815	0	0
RAYONIER INC	COM	754907103	6,993	273,686	SH		SOLE		273,686	0	0
REALTY INCOME CORP	COM	756109104	21,128	475,956	SH		SOLE		475,956	0	0
REGENCY CTRS CORP	COM	758849103	11,141	188,900	SH		SOLE		188,900	0	0
ROUSE PPTYS INC	COM	779287101	1,388	84,865	SH		SOLE		84,865	0	0
SAUL CTRS INC	COM	804395101	1,216	24,721	SH		SOLE		24,721	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	108,411	626,583	SH		SOLE		626,583	0	0
STORE CAP CORP	COM	862121100	2,621	130,390	SH		SOLE		130,390	0	0
SUMMIT HOTEL PPTYS	COM	866082100	2,356	181,127	SH		SOLE		181,127	0	0
SUN CMNTYS INC	COM	866674104	6,292	101,757	SH		SOLE		101,757	0	0
SUNSTONE HOTEL INVS INC NEW	COM	867892101	6,626	441,460	SH		SOLE		441,460	0	0
TANGER FACTORY OUTLET CTRS I	COM	875465106	6,056	191,044	SH		SOLE		191,044	0	0
TAUBMAN CTRS INC	COM	876664103	8,022	115,418	SH		SOLE		115,418	0	0
TRIBUNE MEDIA CO	CL A	896047503	10,646	199,400	SH		SOLE		199,400	0	0
UDR INC	COM	902653104	17,139	535,092	SH		SOLE		535,092	0	0
US BANCORP DEL	COM NEW	902973304	2,864	66,000	SH		DFND	1	66,000	0	0
US BANCORP DEL	COM NEW	902973304	2,864	66,000	SH		SOLE		66,000	0	0
U M H PROPERTIES INC	COM	903002103	257	26,221	SH		SOLE		26,221	0	0
URSTADT BIDDLE PPTYS INC	CL A	917286205	800	42,852	SH		SOLE		42,852	0	0
VORNADO RLTY TR	SH BEN INT	929042109	33,438	352,236	SH		SOLE		352,236	0	0
WAL-MART STORES INC	COM	931142103	4,745	66,900	SH		DFND	1	66,900	0	0
WAL-MART STORES INC	COM	931142103	4,745	66,900	SH		SOLE		66,900	0	0
WASHINGTON REAL ESTATE INVT	SH BEN INT	939653101	3,275	126,208	SH		SOLE		126,208	0	0
WEINGARTEN RLTY INVS	SH BEN INT	948741103	6,994	213,951	SH		SOLE		213,951	0	0
WELLS FARGO & CO NEW	COM	949746101	6,749	120,000	SH		DFND	1	120,000	0	0
WELLS FARGO & CO NEW	COM	949746101	6,749	120,000	SH		SOLE		120,000	0	0
WEYERHAEUSER CO	COM	962166104	32,958	1,046,289	SH		SOLE		1,046,289	0	0
WHITESTONE REIT	COM	966084204	242	18,600	SH		SOLE		18,600	0	0
WILLIAMS COS INC DEL	COM	969457100	1,148	20,000	SH		DFND	1	20,000	0	0
WILLIAMS COS INC DEL	COM	969457100	1,148	20,000	SH		SOLE		20,000	0	0
WINTHROP RLTY TR	SH BEN INT NEW	976391300	593	39,142	SH		SOLE		39,142	0	0
XENIA HOTELS & RESORTS INC	COM	984017103	5,224	240,292	SH		SOLE		240,292	0	0
UNIVERSAL HEALTH RLTY INCM T	SH BEN INT	91359E105	789	16,986	SH		SOLE		16,986	0	0
AMERICAN RESIDENTIAL PPTYS I	COM	02927E303	1,197	64,684	SH		SOLE		64,684	0	0
AKAMAI TECHNOLOGIES INC	COM	00971T101	27,868	399,143	SH		SOLE		399,143	0	0
ALTRIA GROUP INC	COM	02209S103	3,937	80,500	SH		DFND	1	80,500	0	0
ALTRIA GROUP INC	COM	02209S103	3,937	80,500	SH		SOLE		80,500	0	0
AMERICAN AIRLS GROUP INC	COM	02376R102	18,918	473,724	SH		SOLE		473,724	0	0
AMERICAN HOMES 4 RENT	CL A	02665T306	6,491	404,685	SH		SOLE		404,685	0	0
AMERICAN TOWER CORP NEW	COM	03027X100	80,039	857,963	SH		SOLE		857,963	0	0
APARTMENT INVT & MGMT CO	CL A	03748R101	10,923	295,771	SH		SOLE		295,771	0	0
BCE INC	PUT	05534B950	4,004	94,200	SH		DFND	1	94,200	0	0
BCE INC	PUT	05534B950	4,004	94,200	SH		SOLE		94,200	0	0
BIOMED REALTY TRUST INC	COM	09063H107	8,398	434,255	SH		SOLE		434,255	0	0
BRIXMOR PPTY GROUP INC	COM	11120U105	8,195	354,294	SH		SOLE		354,294	0	0
CA INC	COM	12673P105	3,799	129,700	SH		DFND	1	129,700	0	0
CA INC	COM	12673P105	3,799	129,700	SH		SOLE		129,700	0	0
CAMPUS CREST CMNTYS INC	COM	13466Y105	1,208	218,121	SH		SOLE		218,121	0	0
CARETRUST REIT INC	COM	14174T107	435	34,348	SH		SOLE		34,348	0	0
CATCHMARK TIMBER TR INC	CL A	14912Y202	1,166	100,768	SH		SOLE		100,768	0	0
CHATHAM LODGING TR	COM	16208T102	2,103	79,438	SH		SOLE		79,438	0	0
CISCO SYS INC	COM	17275R102	3,957	144,100	SH		DFND	1	144,100	0	0
CISCO SYS INC	COM	17275R102	3,957	144,100	SH		SOLE		144,100	0	0
COMMUNICATIONS SALES&LEAS IN	COM	20341J104	4,034	163,196	SH		SOLE		163,196	0	0
CONOCOPHILLIPS	COM	20825C104	3,500	57,000	SH		DFND	1	57,000	0	0
CONOCOPHILLIPS	COM	20825C104	3,500	57,000	SH		SOLE		57,000	0	0
CORESITE RLTY CORP	COM	21870Q105	2,013	44,311	SH		SOLE		44,311	0	0
CORENERGY INFRASTRUCTURE TR	COM	21870U205	871	137,756	SH		SOLE		137,756	0	0
CORPORATE OFFICE PPTYS TR	SH BEN INT	22002T108	4,362	185,313	SH		SOLE		185,313	0	0
CORRECTIONS CORP AMER NEW	COM NEW	22025Y407	6,589	199,181	SH		SOLE		199,181	0	0
CRESCENT PT ENERGY CORP	COM	22576C101	143,183	6,977,609	SH		SOLE		6,977,609	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	2,819	35,100	SH		DFND	1	35,100	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	2,819	35,100	SH		SOLE		35,100	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	54,708	681,301	SH		SOLE		681,301	0	0
CYRUSONE INC	COM	23283R100	3,168	107,568	SH		SOLE		107,568	0	0
DDR CORP	COM	23317H102	10,211	660,482	SH		SOLE		660,482	0	0
DOMINION RES INC VA NEW	COM	25746U109	4,621	69,100	SH		DFND	1	69,100	0	0
DOMINION RES INC VA NEW	COM	25746U109	4,621	69,100	SH		SOLE		69,100	0	0
DOUGLAS EMMETT INC	COM	25960P109	7,555	280,450	SH		SOLE		280,450	0	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	5,713	80,900	SH		DFND	1	80,900	0	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	5,713	80,900	SH		SOLE		80,900	0	0
DUPONT FABROS TECHNOLOGY INC	COM	26613Q106	3,445	116,962	SH		SOLE		116,962	0	0
EPR PPTYS	COM SH BEN INT	26884U109	5,594	102,109	SH		SOLE		102,109	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	234	14,727	SH		SOLE		14,727	0	0
EDUCATION RLTY TR INC	COM NEW	28140H203	2,787	88,873	SH		SOLE		88,873	0	0
EQUINIX INC	COM PAR $0.001	29444U700	29,408	115,778	SH		SOLE		115,778	0	0
EQUITY LIFESTYLE PPTYS INC	COM	29472R108	8,149	154,986	SH		SOLE		154,986	0	0
EQUITY RESIDENTIAL	SH BEN INT	29476L107	51,101	728,250	SH		SOLE		728,250	0	0
EXCEL TR INC	COM	30068C109	1,863	118,165	SH		SOLE		118,165	0	0
EXTRA SPACE STORAGE INC	COM	30225T102	13,963	214,087	SH		SOLE		214,087	0	0
EXXON MOBIL CORP	COM	30231G102	8,295	99,700	SH		DFND	1	99,700	0	0
EXXON MOBIL CORP	COM	30231G102	8,295	99,700	SH		SOLE		99,700	0	0
FELCOR LODGING TR INC	COM	31430F101	3,284	332,376	SH		SOLE		332,376	0	0
FIRST INDUSTRIAL REALTY TRUS	COM	32054K103	4,803	256,412	SH		SOLE		256,412	0	0
FIRST POTOMAC RLTY TR	COM	33610F109	1,671	162,229	SH		SOLE		162,229	0	0
FRANKLIN STREET PPTYS CORP	COM	35471R106	2,436	215,388	SH		SOLE		215,388	0	0
GEO GROUP INC NEW	COM	36162J106	5,051	147,868	SH		SOLE		147,868	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	1,943	53,000	SH		DFND	1	53,000	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	1,943	53,000	SH		SOLE		53,000	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	6,946	189,477	SH		SOLE		189,477	0	0
GENERAL MTRS CO	COM	37045V100	523	15,703	SH		SOLE		15,703	0	0
GENERAL MTRS CO	*W EXP 07/10/201	37045V118	339	14,271	SH		SOLE		14,271	0	0
GENERAL MTRS CO	*W EXP 07/10/201	37045V126	228	14,271	SH		SOLE		14,271	0	0
GOVERNMENT PPTYS INCOME TR	COM SHS BEN INT	38376A103	2,578	138,955	SH		SOLE		138,955	0	0
GRACE W R & CO DEL NEW	COM	38388F108	21,170	211,063	SH		SOLE		211,063	0	0
GRAMERCY PPTY TR INC	COM NEW	38489R605	2,517	107,706	SH		SOLE		107,706	0	0
HCP INC	COM	40414L109	33,661	922,971	SH		SOLE		922,971	0	0
HEALTH CARE REIT INC	COM	42217K106	46,922	714,941	SH		SOLE		714,941	0	0
HEALTHCARE TR AMER INC	CL A NEW	42225P501	5,445	227,330	SH		SOLE		227,330	0	0
HOSPITALITY PPTYS TR	COM SH BEN INT	44106M102	8,636	299,658	SH		SOLE		299,658	0	0
HOST HOTELS & RESORTS INC	COM	44107P104	30,909	1,558,718	SH		SOLE		1,558,718	0	0
ING GROEP N V	DBCV 6.000%12/2	456837AE3	493	500,000	PRN		SOLE		500,000	0	0
INFRAREIT INC	COM	45685L100	158,142	5,576,235	SH		SOLE		5,576,235	0	0
IRON MTN INC NEW	COM	46284V101	11,431	368,737	SH		SOLE		368,737	0	0
KILROY RLTY CORP	COM	49427F108	12,493	186,053	SH		SOLE		186,053	0	0
KIMCO RLTY CORP	COM	49446R109	18,715	830,317	SH		SOLE		830,317	0	0
KINDER MORGAN INC DEL	COM	49456B101	2,503	65,200	SH		DFND	1	65,200	0	0
KINDER MORGAN INC DEL	COM	49456B101	2,503	65,200	SH		SOLE		65,200	0	0
KITE RLTY GROUP TR	COM NEW	49803T300	4,611	188,454	SH		SOLE		188,454	0	0
KRAFT FOODS GROUP INC	COM	50076Q106	7,995	93,900	SH		DFND	1	93,900	0	0
KRAFT FOODS GROUP INC	COM	50076Q106	7,995	93,900	SH		SOLE		93,900	0	0
LEVEL 3 COMMUNICATIONS INC	COM NEW	52729N308	22,076	419,142	SH		SOLE		419,142	0	0
MAXIM INTEGRATED PRODS INC	COM	57772K101	2,960	85,600	SH		DFND	1	85,600	0	0
MAXIM INTEGRATED PRODS INC	COM	57772K101	2,960	85,600	SH		SOLE		85,600	0	0
MEDICAL PPTYS TRUST INC	COM	58463J304	5,487	418,563	SH		SOLE		418,563	0	0
MERCK & CO INC NEW	COM	58933Y105	3,558	62,500	SH		DFND	1	62,500	0	0
MERCK & CO INC NEW	COM	58933Y105	3,558	62,500	SH		SOLE		62,500	0	0
METLIFE INC	COM	59156R108	4,815	86,000	SH		DFND	1	86,000	0	0
METLIFE INC	COM	59156R108	4,815	86,000	SH		SOLE		86,000	0	0
MID-AMER APT CMNTYS INC	COM	59522J103	11,613	159,499	SH		SOLE		159,499	0	0
MONOGRAM RESIDENTIAL TR INC	COM	60979P105	3,345	370,811	SH		SOLE		370,811	0	0
NATIONAL HEALTH INVS INC	COM	63633D104	4,523	72,598	SH		SOLE		72,598	0	0
NEXPOINT RESIDENTIAL TR INC	COM	65341D102	533	39,714	SH		SOLE		39,714	0	0
NORTHSTAR RLTY FIN CORP	COM NEW	66704R704	11,492	722,743	SH		SOLE		722,743	0	0
OUTFRONT MEDIA INC	COM	69007J106	7,254	287,396	SH		SOLE		287,396	0	0
PPL CORP	COM	69351T106	3,389	115,000	SH		DFND	1	115,000	0	0
PPL CORP	COM	69351T106	3,389	115,000	SH		SOLE		115,000	0	0
PS BUSINESS PKS INC CALIF	COM	69360J107	3,277	45,424	SH		SOLE		45,424	0	0
PARAMOUNT GROUP INC	COM	69924R108	5,690	331,600	SH		SOLE		331,600	0	0
PARKWAY PPTYS INC	COM	70159Q104	3,414	195,752	SH		SOLE		195,752	0	0
PEABODY ENERGY CORP	SDCV 4.750%12/1	704549AG9	84	500,000	PRN		SOLE		500,000	0	0
PEBBLEBROOK HOTEL TR	COM	70509V100	6,660	155,309	SH		SOLE		155,309	0	0
PHYSICIANS RLTY TR	COM	71943U104	2,321	151,102	SH		SOLE		151,102	0	0
POWERSHARES ETF TRUST II	SENIOR LN PORT	73936Q769	6,334	266,253	SH		SOLE		266,253	0	0
PROLOGIS INC	COM	74340W103	40,058	1,079,731	SH		SOLE		1,079,731	0	0
PUBLIC STORAGE	COM	74460D109	53,556	290,479	SH		SOLE		290,479	0	0
QTS RLTY TR INC	COM CL A	74736A103	1,947	53,408	SH		SOLE		53,408	0	0
RLJ LODGING TR	COM	74965L101	7,642	256,603	SH		SOLE		256,603	0	0
RSP PERMIAN INC	COM	74978Q105	223,208	7,940,524	SH		SOLE		7,940,524	0	0
RETAIL OPPORTUNITY INVTS COR	COM	76131N101	3,348	214,312	SH		SOLE		214,312	0	0
RETAIL PPTYS AMER INC	CL A	76131V202	6,876	493,618	SH		SOLE		493,618	0	0
REXFORD INDL RLTY INC	COM	76169C100	1,776	121,793	SH		SOLE		121,793	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	4,861	91,528	SH		SOLE		91,528	0	0
SL GREEN RLTY CORP	COM	78440X101	22,650	206,113	SH		SOLE		206,113	0	0
SABRA HEALTH CARE REIT INC	COM	78573L106	3,529	137,104	SH		SOLE		137,104	0	0
SELECT INCOME REIT	COM SH BEN INT	81618T100	2,811	136,168	SH		SOLE		136,168	0	0
SENIOR HSG PPTYS TR	SH BEN INT	81721M109	8,303	473,101	SH		SOLE		473,101	0	0
SIENTRA INC	COM	82621J105	15,749	624,200	SH		SOLE		624,200	0	0
SILVER BAY RLTY TR CORP	COM	82735Q102	1,728	106,097	SH		SOLE		106,097	0	0
SOVRAN SELF STORAGE INC	COM	84610H108	5,685	65,409	SH		SOLE		65,409	0	0
SPIRIT RLTY CAP INC NEW	COM	84860W102	8,821	912,199	SH		SOLE		912,199	0	0
STAG INDL INC	COM	85254J102	3,020	150,980	SH		SOLE		150,980	0	0
STARWOOD PPTY TR INC	COM	85571B105	1,812	84,000	SH		DFND	1	84,000	0	0
STARWOOD PPTY TR INC	COM	85571B105	1,812	84,000	SH		SOLE		84,000	0	0
STARWOOD WAYPOINT RESIDENTL	COM SHS	85571W109	2,316	97,456	SH		SOLE		97,456	0	0
STRATEGIC HOTELS & RESORTS I	COM	86272T106	7,022	579,377	SH		SOLE		579,377	0	0
TERRENO RLTY CORP	COM	88146M101	2,244	113,896	SH		SOLE		113,896	0	0
3M CO	COM	88579Y101	4,428	28,700	SH		DFND	1	28,700	0	0
3M CO	COM	88579Y101	4,428	28,700	SH		SOLE		28,700	0	0
TIME WARNER CABLE INC	COM	88732J207	36,514	204,939	SH		SOLE		204,939	0	0
TRIANGLE PETE CORP	COM NEW	89600B201	56,977	11,350,000	SH		SOLE		11,350,000	0	0
URBAN EDGE PPTYS	COM	91704F104	3,995	192,149	SH		SOLE		192,149	0	0
VENTAS INC	COM	92276F100	41,810	673,378	SH		SOLE		673,378	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	7,789	167,100	SH		DFND	1	167,100	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	7,789	167,100	SH		SOLE		167,100	0	0
W P CAREY INC	COM	92936U109	11,373	192,958	SH		SOLE		192,958	0	0
WP GLIMCHER IN	COM	92939N102	5,540	409,452	SH		SOLE		409,452	0	0
WASTE MGMT INC DEL	COM	94106L109	2,327	50,200	SH		DFND	1	50,200	0	0
WASTE MGMT INC DEL	COM	94106L109	2,327	50,200	SH		SOLE		50,200	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,697	38,200	SH		DFND	1	38,200	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,697	38,200	SH		SOLE		38,200	0	0
ESSENT GROUP LTD	COM	G3198U102	1,389	50,791	SH		SOLE		50,791	0	0
PARTNERRE LTD	COM	G6852T105	26,538	206,518	SH		SOLE		206,518	0	0
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	1,848	38,900	SH		DFND	1	38,900	0	0
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	1,848	38,900	SH		SOLE		38,900	0	0
ACE LTD	SHS	H0023R105	3,477	34,200	SH		DFND	1	34,200	0	0
ACE LTD	SHS	H0023R105	3,477	34,200	SH		SOLE		34,200	0	0
TRONOX LTD	SHS CL A	Q9235V101	3,638	248,690	SH		SOLE		248,690	0	0