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
Estimated average burden
hours per response: 23.8
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 48 1,741 SH   SOLE 3 1,741 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS ADDED 01609W102 246 2,770 SH   OTR 3 2,770 0 0
AMREIT INC NEW CL B 03216B208 11 500 SH   SOLE 3 500 0 0
BAIDU INC SPON ADR REP A 056752108 55 250 SH   OTR 3 250 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 222 15,600 SH   SOLE 3 15,600 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 26,715 1,874,717 SH   SOLE 3 1,874,717 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 12 1,900 SH   SOLE 3 1,900 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 2,863 437,800 SH   SOLE 3 437,800 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 34 600 SH   SOLE 3 600 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 374 12,000 SH   DFND 1,2 12,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 4,006 29,000 SH   SOLE 3 29,000 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 9,746 692,695 SH   OTR 3 692,695 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 70 5,000 SH   SOLE 3 5,000 0 0
BRASKEM S A SP ADR PFD A 105532105 182 13,800 SH   SOLE 3 13,800 0 0
BROWN FORMAN CORP CL B 115637209 289 3,200 SH   SOLE 3 3,200 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 116 6,600 SH   SOLE 3 6,600 0 0
CAMDEN PPTY TR SH BEN INT 133131102 322 4,700 SH   SOLE 3 4,700 0 0
CARNIVAL CORP PAIRED CTF 143658300 482 12,000 SH   SOLE 3 12,000 0 0
CBS CORP NEW CL B 124857202 689 12,871 SH   SOLE 3 12,871 0 0
CELANESE CORP DEL COM SER A 150870103 246 4,200 SH   SOLE 3 4,200 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 391 30,000 SH   DFND 4,1,2 30,000 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 96 4,000 SH   DFND 4,1,2 4,000 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 330 25,329 SH   SOLE 3 25,329 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 257 1,700 SH   SOLE 3 1,700 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 44 1,500 SH   SOLE 3 1,500 0 0
COMCAST CORP NEW CL A SPL 20030N200 610 11,400 SH   SOLE 3 11,400 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 118 19,000 SH   SOLE 3 19,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 103,603 4,028,109 SH   OTR 3 4,028,109 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 67 2,600 SH   SOLE 3 2,600 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 138 3,640 SH   SOLE 3 3,640 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 277 7,420 SH   SOLE 3 7,420 0 0
DISNEY WALT CO COM DISNEY 254687106 515 5,791 SH   DFND   5,791 0 0
DISNEY WALT CO COM DISNEY 254687106 240 2,700 SH   OTR 3 2,700 0 0
DISNEY WALT CO COM DISNEY 254687106 14,076 158,100 SH   SOLE 3 158,100 0 0
EATON VANCE CORP COM NON VTG 278265103 181 4,800 SH   SOLE 3 4,800 0 0
ECOPETROL S A SPONSORED ADS 279158109 31 1,000 SH   SOLE 3 1,000 0 0
EPR PPTYS COM SH BEN INT 26884U109 76 1,500 SH   SOLE 3 1,500 0 0
EQUITY COMWLTH COM SH BEN INT ADDED 294628102 94 3,675 SH   SOLE 3 3,675 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 640,985 10,408,981 SH   OTR 3 10,408,981 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,256 20,400 SH   SOLE 3 20,400 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 193,675 1,634,940 SH   OTR 3 1,634,940 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 509 4,300 SH   SOLE 3 4,300 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 262 2,850 SH   SOLE 3 2,850 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 3,401 230,000 SH   DFND 4,1,2 230,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 647 2,500 SH   DFND 4,1,2 2,500 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 419 28,350 SH   OTR 3 28,350 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,694 114,523 SH   SOLE 3 114,523 0 0
FREEPORT-MCMORAN INC CL B 35671D857 1,088 33,308 SH   SOLE 3 33,308 0 0
GERDAU S A SPON ADR REP PFD 373737105 17 3,500 SH   SOLE 3 3,500 0 0
GERDAU S A SPON ADR REP PFD 373737105 9,413 1,961,000 SH   SOLE 3 1,961,000 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 82,299 6,078,200 SH   OTR 3 6,078,200 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 57 4,200 SH   SOLE 3 4,200 0 0
GOOGLE INC CL C 38259P706 664 1,150 SH   OTR 3 1,150 0 0
GOOGLE INC CL C 38259P706 4,942 8,560 SH   SOLE 3 8,560 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 44 2,000 SH   SOLE 3 2,000 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 23 1,700 SH   SOLE 3 1,700 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 38 5,900 SH   SOLE 3 5,900 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 115 4,300 SH   SOLE 3 4,300 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 26 3,400 SH   SOLE 3 3,400 0 0
ISHARES IBOXX HI YD ETF 464288513 791 8,600 SH   SOLE 3 8,600 0 0
ISHARES INTL SEL DIV ETF 464288448 629 17,570 SH   SOLE 3 17,570 0 0
ISHARES MSCI CDA ETF 464286509 106 3,450 SH   SOLE 3 3,450 0 0
ISHARES MSCI GERMANY ETF 464286806 305 11,000 SH   SOLE 3 11,000 0 0
ISHARES MSCI PAC JP ETF 464286665 117 2,540 SH   SOLE 3 2,540 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 424 10,200 SH   SOLE 3 10,200 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 18,626 1,341,932 SH   SOLE 3 1,341,932 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 103 3,000 SH   SOLE 3 3,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 550 13,409 SH   SOLE 3 13,409 0 0
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 329 11,550 SH   SOLE 3 11,550 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C ADDED 531229300 249 5,300 SH   SOLE 3 5,300 0 0
LIBERTY PPTY TR SH BEN INT 531172104 19,709 592,586 SH   OTR 3 592,586 0 0
LIBERTY PPTY TR SH BEN INT 531172104 303 9,100 SH   SOLE 3 9,100 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 1,250 11,500 SH   SOLE 3 11,500 0 0
MCCORMICK & CO INC COM NON VTG 579780206 201 3,000 SH   SOLE 3 3,000 0 0
MOLSON COORS BREWING CO CL B 60871R209 313 4,200 SH   SOLE 3 4,200 0 0
NIKE INC CL B 654106103 1,641 18,400 SH   SOLE 3 18,400 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 8,513 426,918 SH   OTR 3 426,918 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 40 2,000 SH   SOLE 3 2,000 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 54 3,600 SH   SOLE 3 3,600 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 15,565 1,045,300 SH   SOLE 3 1,045,300 0 0
POWERSHARES DB CMDTY IDX TRA UNIT BEN INT 73935S105 84 3,600 SH   SOLE 3 3,600 0 0
POWERSHARES GLOBAL ETF TRUST EMER MRKT PORT 73936T763 870 43,000 SH   SOLE 3 43,000 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 15,574 958,400 SH   OTR 3 958,400 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 36 2,200 SH   SOLE 3 2,200 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 26 1,100 SH   SOLE 3 1,100 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 123 5,900 SH   SOLE 3 5,900 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 10 400 SH   SOLE 3 400 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 425 2,500 SH   SOLE 3 2,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 660 3,350 SH   OTR 3 3,350 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,556 7,900 SH   SOLE 3 7,900 0 0
SPRINT CORP COM SER 1 85207U105 139 21,979 SH   SOLE 3 21,979 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 393 11,800 SH   SOLE 3 11,800 0 0
UNITED PARCEL SERVICE INC CL B 911312106 88 900 SH   OTR 3 900 0 0
UNITED PARCEL SERVICE INC CL B 911312106 2,064 21,000 SH   SOLE 3 21,000 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 17 400 SH   SOLE 3 400 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 136 1,300 SH   OTR 3 1,300 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 209 2,000 SH   SOLE 3 2,000 0 0
VALE S A ADR REPSTG PFD 91912E204 5,603 577,000 SH   SOLE 3 577,000 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 367 8,800 SH   SOLE 3 8,800 0 0
VANGUARD WHITEHALL FDS INC HIGH DIV YLD 921946406 416 6,270 SH   SOLE 3 6,270 0 0
VIACOM INC NEW CL B 92553P201 759 9,871 SH   SOLE 3 9,871 0 0
VORNADO RLTY TR SH BEN INT 929042109 532,463 5,326,764 SH   OTR 3 5,326,764 0 0
VORNADO RLTY TR SH BEN INT 929042109 977 9,769 SH   SOLE 3 9,769 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 48 1,900 SH   SOLE 3 1,900 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 212,682 6,751,797 SH   OTR 3 6,751,797 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 101 3,200 SH   SOLE 3 3,200 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 14 960 SH   SOLE 3 960 0 0
3-D SYS CORP COM NEW 88554D205 6,095 131,444 SH   DFND   131,444 0 0
3M COM 88579Y101 3,287 23,200 SH   SOLE 3 23,200 0 0
ABBOTT COM 002824100 1,630 39,200 SH   SOLE 3 39,200 0 0
ABBVIE COM 00287Y109 225 3,900 SH   OTR 3 3,900 0 0
ABBVIE COM 00287Y109 2,368 41,000 SH   SOLE 3 41,000 0 0
ACCENTURE PLC IRELAND CLASS A G1151C101 163 2,000 SH   OTR 3 2,000 0 0
ACCENTURE PLC IRELAND CLASS A G1151C101 1,334 16,400 SH   SOLE 3 16,400 0 0
ACE SHS H0023R105 933 8,900 SH   SOLE 3 8,900 0 0
ACTIVISION BLIZZARD COM 00507V109 231 11,100 SH   OTR 3 11,100 0 0
ACTIVISION BLIZZARD COM 00507V109 279 13,400 SH   SOLE 3 13,400 0 0
ADOBE SYS COM 00724F101 844 12,200 SH   SOLE 3 12,200 0 0
ADVANCE AUTO PARTS COM 00751Y106 241 1,850 SH   SOLE 3 1,850 0 0
AES COM 00130H105 267 18,800 SH   SOLE 3 18,800 0 0
AETNA INC COM 00817Y108 509 6,280 SH   OTR 3 6,280 0 0
AETNA INC COM 00817Y108 759 9,373 SH   SOLE 3 9,373 0 0
AFFILIATED MANAGERS COM 008252108 240 1,200 SH   SOLE 3 1,200 0 0
AFLAC COM 001055102 682 11,700 SH   SOLE 3 11,700 0 0
AGCO COM 001084102 136 3,000 SH   SOLE 3 3,000 0 0
AGILENT TECHNOLOGIES COM 00846U101 507 8,890 SH   SOLE 3 8,890 0 0
AGREE REALTY COM 008492100 11 400 SH   SOLE 3 400 0 0
AIR PRODS & CHEMS COM 009158106 742 5,700 SH   SOLE 3 5,700 0 0
AIRGAS COM 009363102 166 1,500 SH   SOLE 3 1,500 0 0
AKAMAI TECHNOLOGIES COM 00971T101 574 9,600 SH   SOLE 3 9,600 0 0
ALBEMARLE COM 012653101 130 2,200 SH   SOLE 3 2,200 0 0
ALCOA COM 013817101 1,237 76,900 SH   SOLE 3 76,900 0 0
ALEXANDRIA REAL ESTATE EQ COM 015271109 177 2,400 SH   SOLE 3 2,400 0 0
ALEXION PHARMACEUTICALS COM 015351109 829 5,000 SH   SOLE 3 5,000 0 0
ALKERMES SHS G01767105 94 2,200 SH   OTR 3 2,200 0 0
ALLEGHANY CORP COM 017175100 167 400 SH   SOLE 3 400 0 0
ALLERGAN COM 018490102 1,372 7,700 SH   SOLE 3 7,700 0 0
ALLIANCE DATA SYSTEMS COM 018581108 261 1,050 SH   OTR 3 1,050 0 0
ALLIANCE DATA SYSTEMS COM 018581108 348 1,400 SH   SOLE 3 1,400 0 0
ALLIANT ENERGY COM 018802108 172 3,100 SH   SOLE 3 3,100 0 0
ALLSTATE COM 020002101 700 11,400 SH   SOLE 3 11,400 0 0
ALLY FINL COM 02005N100 139 6,000 SH   SOLE 3 6,000 0 0
ALTERA COM 021441100 279 7,800 SH   SOLE 3 7,800 0 0
ALTRIA GROUP COM 02209S103 2,338 50,900 SH   SOLE 3 50,900 0 0
AMAZON COM COM 023135106 2,700 8,374 SH   DFND   8,374 0 0
AMAZON COM COM 023135106 2,954 9,160 SH   OTR 3 9,160 0 0
AMAZON COM COM 023135106 3,257 10,100 SH   SOLE 3 10,100 0 0
AMBARELLA SHS G037AX101 786 18,000 SH   DFND 1,2 18,000 0 0
AMBEV SA ADR 02319V103 2,939 448,700 SH   SOLE 3 448,700 0 0
AMEREN COM 023608102 257 6,700 SH   SOLE 3 6,700 0 0
AMERICA MOVIL SAB DE CV SPON ADR SHS 02364W105 325 12,900 SH   SOLE 3 12,900 0 0
AMERICAN AIRLS GROUP COM 02376R102 177 5,000 SH   SOLE 3 5,000 0 0
AMERICAN ASSETS TR COM 024013104 16,734 507,556 SH   OTR 3 507,556 0 0
AMERICAN ASSETS TR COM 024013104 36 1,100 SH   SOLE 3 1,100 0 0
AMERICAN CAMPUS CMNTYS COM 024835100 108 2,968 SH   SOLE 3 2,968 0 0
AMERICAN CAPITAL AGENCY COM 02503X105 181 8,500 SH   SOLE 3 8,500 0 0
AMERICAN ELEC PWR COM 025537101 658 12,600 SH   SOLE 3 12,600 0 0
AMERICAN EXPRESS COM 025816109 123 1,400 SH   OTR 3 1,400 0 0
AMERICAN EXPRESS COM 025816109 2,307 26,350 SH   SOLE 3 26,350 0 0
AMERICAN HOMES 4 CL A 02665T306 90,320 5,347,548 SH   OTR 3 5,347,548 0 0
AMERICAN HOMES 4 CL A 02665T306 66 3,900 SH   SOLE 3 3,900 0 0
AMERICAN INTL GROUP COM NEW 026874784 4,263 78,910 SH   OTR 3 78,910 0 0
AMERICAN INTL GROUP COM NEW 026874784 1,896 35,092 SH   SOLE 3 35,092 0 0
AMERICAN RESIDENTIAL PPTYS COM 02927E303 17 900 SH   SOLE 3 900 0 0
AMERICAN RLTY CAP PPTYS COM 02917T104 211,211 17,513,353 SH   OTR 3 17,513,353 0 0
AMERICAN RLTY CAP PPTYS COM 02917T104 591 48,974 SH   SOLE 3 48,974 0 0
AMERICAN TOWER CORP COM 03027X100 983 10,500 SH   SOLE 3 10,500 0 0
AMERICAN WTR WKS CO INC COM 030420103 217 4,500 SH   SOLE 3 4,500 0 0
AMERIPRISE FINL COM 03076C106 416 3,370 SH   OTR 3 3,370 0 0
AMERIPRISE FINL COM 03076C106 16,232 131,560 SH   SOLE 3 131,560 0 0
AMERISOURCEBERGEN COM 03073E105 9,577 123,900 SH   SOLE 3 123,900 0 0
AMETEK INC COM 031100100 326 6,500 SH   SOLE 3 6,500 0 0
AMGEN COM 031162100 346 2,460 SH   OTR 3 2,460 0 0
AMGEN COM 031162100 2,753 19,600 SH   SOLE 3 19,600 0 0
AMPHENOL CORP CL A 032095101 429 4,300 SH   SOLE 3 4,300 0 0
ANADARKO PETE COM 032511107 201 1,980 SH   OTR 3 1,980 0 0
ANADARKO PETE COM 032511107 1,329 13,100 SH   SOLE 3 13,100 0 0
ANALOG DEVICES COM 032654105 401 8,100 SH   SOLE 3 8,100 0 0
ANNALY CAP MGMT COM 035710409 245 22,900 SH   SOLE 3 22,900 0 0
ANSYS COM 03662Q105 159 2,100 SH   SOLE 3 2,100 0 0
AON PLC CL A G0408V102 3,112 35,500 SH   OTR 3 35,500 0 0
AON PLC CL A G0408V102 649 7,400 SH   SOLE 3 7,400 0 0
APACHE COM 037411105 921 9,810 SH   SOLE 3 9,810 0 0
APARTMENT INVT & MGMT CL A 03748R101 244,848 7,694,780 SH   OTR 3 7,694,780 0 0
APARTMENT INVT & MGMT CL A 03748R101 156 4,892 SH   SOLE 3 4,892 0 0
APPLE COM 037833100 2,529 25,102 SH   DFND   25,102 0 0
APPLE COM 037833100 1,262 500 SH   DFND 4,1,2 500 0 0
APPLE COM 037833100 4,714 46,790 SH   OTR 3 46,790 0 0
APPLE COM 037833100 25,619 254,285 SH   SOLE 3 254,285 0 0
APPLIED MATLS COM 038222105 6,154 284,780 SH   OTR 3 284,780 0 0
APPLIED MATLS COM 038222105 888 41,100 SH   SOLE 3 41,100 0 0
ARCH CAP GROUP ORD G0450A105 202 3,700 SH   SOLE 3 3,700 0 0
ARCHER DANIELS MIDLAND COM 039483102 3,209 62,800 SH   SOLE 3 62,800 0 0
ARMADA HOFFLER PPTYS COM 04208T108 6 700 SH   SOLE 3 700 0 0
ARROW ELECTRS COM 042735100 149 2,700 SH   SOLE 3 2,700 0 0
ARTISAN PARTNERS ASSET CL A 04316A108 90 1,720 SH   OTR 3 1,720 0 0
ASHFORD HOSPITALITY PRIME COM 044102101 2,250 147,761 SH   OTR 3 147,761 0 0
ASHFORD HOSPITALITY PRIME COM 044102101 10 660 SH   SOLE 3 660 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 11 400 SH   OTR 3 0 0 0
ASHFORD HOSPITALITY TR INC SHS 044103109 22 2,200 SH   SOLE 3 2,200 0 0
ASHLAND INC COM 044209104 187 1,800 SH   SOLE 3 1,800 0 0
ASSOCIATED ESTATES RLTY COM 045604105 30 1,700 SH   SOLE 3 1,700 0 0
ASSURANT COM 04621X108 135 2,100 SH   SOLE 3 2,100 0 0
AT&T COM 00206R102 314 8,900 SH   OTR 3 8,900 0 0
AT&T COM 00206R102 4,711 133,695 SH   SOLE 3 133,695 0 0
ATWOOD OCEANICS COM 050095108 186 4,275 SH   DFND 4,1,2 4,275 0 0
AUTODESK COM 052769106 331 6,000 SH   SOLE 3 6,000 0 0
AUTOLIV COM 052800109 239 2,600 SH   SOLE 3 2,600 0 0
AUTOMATIC DATA PROCESSING COM 053015103 926 12,700 SH   SOLE 3 12,700 0 0
AUTONATION COM 05329W102 86 1,700 SH   SOLE 3 1,700 0 0
AUTOZONE COM 053332102 408 800 SH   SOLE 3 800 0 0
AVAGO TECHNOLOGIES SHS Y0486S104 374 4,300 SH   OTR 3 4,300 0 0
AVAGO TECHNOLOGIES SHS Y0486S104 539 6,200 SH   SOLE 3 6,200 0 0
AVALONBAY CMNTYS COM 053484101 1,011 7,169 SH   SOLE 3 7,169 0 0
AVERY DENNISON COM 053611109 134 3,000 SH   SOLE 3 3,000 0 0
AVIV REIT INC COM 05381L101 3,167 120,185 SH   OTR 3 120,185 0 0
AVIV REIT INC COM 05381L101 18 700 SH   SOLE 3 700 0 0
AVNET COM 053807103 162 3,900 SH   SOLE 3 3,900 0 0
AVON PRODS COM 054303102 146 11,600 SH   SOLE 3 11,600 0 0
AXIS CAPITAL HOLDINGS SHS G0692U109 137 2,900 SH   SOLE 3 2,900 0 0
B/E AEROSPACE COM 073302101 210 2,500 SH   SOLE 3 2,500 0 0
BAKER HUGHES COM 057224107 722 11,104 SH   SOLE 3 11,104 0 0
BALL COM 058498106 4,049 64,000 SH   SOLE 3 64,000 0 0
BANCO DE CHILE ADR 059520106 120 1,625 SH   SOLE 3 1,625 0 0
BANCO SANTANDER CHILE NEW SP ADR COM 05965X109 13 600 SH   SOLE 3 600 0 0
BANK AMER COM 060505104 6,046 354,600 SH   OTR 3 354,600 0 0
BANK AMER COM 060505104 5,366 314,714 SH   SOLE 3 314,714 0 0
BANK NEW YORK MELLON COM 064058100 1,215 31,371 SH   SOLE 3 31,371 0 0
BARD C R COM 067383109 285 2,000 SH   SOLE 3 2,000 0 0
BAXTER INTL COM 071813109 1,005 14,000 SH   SOLE 3 14,000 0 0
BB&T COM 054937107 688 18,500 SH   SOLE 3 18,500 0 0
BECTON DICKINSON & COM 075887109 580 5,100 SH   SOLE 3 5,100 0 0
BED BATH & BEYOND COM 075896100 336 5,100 SH   SOLE 3 5,100 0 0
BERKLEY W R COM 084423102 201 4,200 SH   SOLE 3 4,200 0 0
BEST BUY COM 086516101 252 7,500 SH   SOLE 3 7,500 0 0
BIOGEN IDEC COM 09062X103 2,028 6,130 SH   SOLE 3 6,130 0 0
BIOMARIN PHARMACEUTICAL COM 09061G101 1,027 14,233 SH   DFND 4,1,2 14,233 0 0
BIOMARIN PHARMACEUTICAL COM 09061G101 274 3,800 SH   SOLE 3 3,800 0 0
BIOMED REALTY TRUST COM 09063H107 131,518 6,510,815 SH   OTR 3 6,510,815 0 0
BIOMED REALTY TRUST COM 09063H107 113 5,600 SH   SOLE 3 5,600 0 0
BLACKROCK COM 09247X101 3,999 12,180 SH   OTR 3 12,180 0 0
BLACKROCK COM 09247X101 1,133 3,450 SH   SOLE 3 3,450 0 0
BLOCK H & R COM 093671105 217 7,000 SH   SOLE 3 7,000 0 0
BLOOMIN BRANDS COM 094235108 300 16,384 SH   DFND 4,1,2 16,384 0 0
BOEING COM 097023105 2,866 22,500 SH   SOLE 3 22,500 0 0
BORGWARNER COM 099724106 326 6,200 SH   SOLE 3 6,200 0 0
BOSTON PROPERTIES COM 101121101 230,759 1,993,423 SH   OTR 3 1,993,423 0 0
BOSTON PROPERTIES COM 101121101 1,007 8,700 SH   SOLE 3 8,700 0 0
BOSTON SCIENTIFIC COM 101137107 409 34,647 SH   SOLE 3 34,647 0 0
BRF SA ADR 10552T107 71 3,000 SH   SOLE 3 3,000 0 0
BRF SA ADR 10552T107 12,192 512,500 SH   SOLE 3 512,500 0 0
BRINKER INTL COM 109641100 62 1,239 SH   DFND 4,1,2 1,239 0 0
BRISTOL MYERS SQUIBB COM 110122108 937 18,310 SH   OTR 3 18,310 0 0
BRISTOL MYERS SQUIBB COM 110122108 2,191 42,800 SH   SOLE 3 42,800 0 0
BRISTOW GROUP INC NOTE 3.000% 6/1 110394AC7 3,753 3,500,000 PRN   DFND 4,1,2 3,500,000 0 0
BRIXMOR PPTY GROUP COM 11120U105 11,844 532,066 SH   OTR 3 532,066 0 0
BRIXMOR PPTY GROUP COM 11120U105 47 2,100 SH   SOLE 3 2,100 0 0
BROADCOM CL A 111320107 572 14,150 SH   SOLE 3 14,150 0 0
BUNGE COM G16962105 303 3,600 SH   SOLE 3 3,600 0 0
C H ROBINSON WORLDWIDE COM NEW 12541W209 245 3,700 SH   SOLE 3 3,700 0 0
CA COM 12673P105 252 9,005 SH   SOLE 3 9,005 0 0
CABOT OIL & GAS COM 127097103 340 10,400 SH   SOLE 3 10,400 0 0
CALPINE COM NEW 131347304 178 8,200 SH   SOLE 3 8,200 0 0
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COMPANHIA BRASILEIRA DE DIST SPN ADR CL A 20440T201 9,005 206,478 SH   SOLE 3 206,478 0 0
COMPANHIA DE SANEAMENTO BASI ADR 20441A102 363 44,800 SH   SOLE 3 44,800 0 0
COMPANHIA SIDERURGICA NACION ADR 20440W105 109 30,800 SH   SOLE 3 30,800 0 0
COMPANIA CERVECERIAS UNIDAS ADR 204429104 29 1,300 SH   SOLE 3 1,300 0 0
COMPANIA DE MINAS BUENAVENTU ADR 204448104 10 900 SH   SOLE 3 900 0 0
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COVIDIEN SHS G2554F113 1,014 11,725 SH   SOLE 3 11,725 0 0
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CREE COM 225447101 307 7,500 SH   SOLE 3 7,500 0 0
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DU PONT E I DE NEMOURS & COM 263534109 1,787 24,900 SH   SOLE 3 24,900 0 0
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EBAY COM 278642103 1,665 29,400 SH   SOLE 3 29,400 0 0
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EDUCATION RLTY TR COM 28140H104 92,884 9,035,379 SH   OTR 3 9,035,379 0 0
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ELECTRONIC ARTS INC NOTE 0.750% 7/1 285512AA7 6,162 5,000,000 PRN   DFND 4,1,2 5,000,000 0 0
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EMBRAER S A SP ADR REP COM 29082A107 3,467 88,400 SH   SOLE 3 88,400 0 0
EMERSON ELEC COM 291011104 1,277 20,400 SH   SOLE 3 20,400 0 0
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EMPRESA NACIONAL DE ELCTRCID ADR 29244T101 22 500 SH   SOLE 3 500 0 0
EMPRESA NACIONAL DE ELCTRCID ADR 29244T101 141 3,200 SH   SOLE 3 3,200 0 0
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ENERGEN COM 29265N108 152 2,100 SH   SOLE 3 2,100 0 0
ENERGIZER HLDGS COM 29266R108 209 1,700 SH   SOLE 3 1,700 0 0
ENERNOC COM 292764107 107 6,300 SH   SOLE 3 6,300 0 0
ENERSIS S A ADR 29274F104 27 1,700 SH   SOLE 3 1,700 0 0
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ENTERGY CORP COM 29364G103 340 4,400 SH   SOLE 3 4,400 0 0
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EPR PPTYS CONV PFD 9% SR E 26884U307 86 2,825 SH   OTR 3 0 0 0
EQT COM 26884L109 366 4,000 SH   SOLE 3 4,000 0 0
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EQUITY COM 294752100 48 2,200 SH   SOLE 3 2,200 0 0
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EXPEDIA INC COM NEW 30212P303 243 2,775 SH   SOLE 3 2,775 0 0
EXPEDITORS INTL WASH COM 302130109 211 5,200 SH   SOLE 3 5,200 0 0
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EXTRA SPACE STORAGE COM 30225T102 191 3,700 SH   SOLE 3 3,700 0 0
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F M C COM NEW 302491303 194 3,400 SH   SOLE 3 3,400 0 0
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FACEBOOK CL A 30303M102 7,554 95,583 SH   DFND   95,583 0 0
FACEBOOK CL A 30303M102 4,078 51,600 SH   SOLE 3 51,600 0 0
FAMILY DLR STORES COM 307000109 1,313 17,000 SH   OTR 3 17,000 0 0
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FASTENAL COM 311900104 337 7,500 SH   SOLE 3 7,500 0 0
FEDEX COM 31428X106 3,681 22,800 SH   OTR 3 22,800 0 0
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FELCOR LODGING TR COM 31430F101 29 3,100 SH   SOLE 3 3,100 0 0
FIBRIA CELULOSE S A SP ADR COM 31573A109 12 1,100 SH   SOLE 3 1,100 0 0
FIBRIA CELULOSE S A SP ADR COM 31573A109 1,992 181,100 SH   SOLE 3 181,100 0 0
FIDELITY NATIONAL FINANCIAL FNF COM 31620R303 187 6,738 SH   SOLE 3 6,738 0 0
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FIFTH THIRD COM 316773100 460 23,000 SH   SOLE 3 23,000 0 0
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FIRST INDUSTRIAL REALTY COM 32054K103 93,745 5,543,766 SH   OTR 3 5,543,766 0 0
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FOOT LOCKER COM 344849104 8,348 150,000 SH   SOLE 3 150,000 0 0
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GARMIN SHS H2906T109 177 3,400 SH   SOLE 3 3,400 0 0
GENERAL DYNAMICS COM 369550108 76 600 SH   OTR 3 600 0 0
GENERAL DYNAMICS COM 369550108 1,233 9,700 SH   SOLE 3 9,700 0 0
GENERAL ELECTRIC COM 369604103 313 12,200 SH   OTR 3 12,200 0 0
GENERAL ELECTRIC COM 369604103 7,194 280,800 SH   SOLE 3 280,800 0 0
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GLOBAL PMTS COM 37940X102 2,724 38,987 SH   SOLE 3 38,987 0 0
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GRAMERCY PPTY TR COM 38489R100 17 2,900 SH   SOLE 3 2,900 0 0
GREENBRIER COS INC NOTE 3.500% 4/0 393657AH4 10,137 5,000,000 PRN   DFND 4,1,2 5,000,000 0 0
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GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS ADDED 40053W101 44 3,250 SH   OTR 3 3,250 0 0
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HALLIBURTON COM 406216101 94 1,460 SH   OTR 3 1,460 0 0
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HCA HOLDINGS COM 40412C101 281 3,980 SH   OTR 3 3,980 0 0
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HEALTH CARE REIT COM 42217K106 1,148 18,400 SH   SOLE 3 18,400 0 0
HEALTH NET COM 42222G108 4,247 92,100 SH   OTR 3 92,100 0 0
HEALTHCARE RLTY COM 421946104 66 2,800 SH   SOLE 3 2,800 0 0
HEALTHCARE TR AMER CL A 42225P105 122,409 10,552,490 SH   OTR 3 10,552,490 0 0
HEALTHCARE TR AMER CL A 42225P105 80 6,900 SH   SOLE 3 6,900 0 0
HEALTHWAYS INC NOTE 1.500% 7/0 422245AB6 6,992 6,735,000 PRN   DFND 4,1,2 6,735,000 0 0
HELMERICH & PAYNE COM 423452101 284 2,900 SH   SOLE 3 2,900 0 0
HERBALIFE LTD COM SHS G4412G101 7,656 175,000 SH   DFND 4,1,2 175,000 0 0
HERBALIFE LTD COM SHS G4412G101 230 500 SH   DFND 4,1,2 500 0 0
HERBALIFE LTD COM SHS G4412G101 247 750 SH   DFND 4,1,2 750 0 0
HERBALIFE LTD COM SHS G4412G101 105 2,400 SH   SOLE 3 2,400 0 0
HERSHEY COM 427866108 401 4,200 SH   SOLE 3 4,200 0 0
HERTZ GLOBAL HOLDINGS COM 42805T105 300 11,800 SH   SOLE 3 11,800 0 0
HESS COM 42809H107 689 7,300 SH   SOLE 3 7,300 0 0
HEWLETT PACKARD COM 428236103 383 10,800 SH   OTR 3 10,800 0 0
HEWLETT PACKARD COM 428236103 1,720 48,500 SH   SOLE 3 48,500 0 0
HEXCEL CORP COM 428291108 218 5,500 SH   SOLE 3 5,500 0 0
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HILTON WORLDWIDE HLDGS COM 43300A104 150 6,100 SH   SOLE 3 6,100 0 0
HOLLYFRONTIER COM 436106108 210 4,800 SH   SOLE 3 4,800 0 0
HOLOGIC COM 436440101 151 6,200 SH   SOLE 3 6,200 0 0
HOME DEPOT COM 437076102 24,687 269,100 SH   SOLE 3 269,100 0 0
HOME PROPERTIES COM 437306103 224,719 3,858,498 SH   OTR 3 3,858,498 0 0
HOME PROPERTIES COM 437306103 99 1,700 SH   SOLE 3 1,700 0 0
HOMEAWAY COM 43739Q100 319 9,000 SH   DFND 4,1,2 9,000 0 0
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HORMEL FOODS COM 440452100 185 3,600 SH   SOLE 3 3,600 0 0
HOSPIRA COM 441060100 240 4,620 SH   SOLE 3 4,620 0 0
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HOST HOTELS & RESORTS COM 44107P104 958 44,908 SH   SOLE 3 44,908 0 0
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ICICI BK ADR 45104G104 4,876 99,300 SH   SOLE 3 99,300 0 0
ICONIX BRAND GROUP COM 451055107 5,737 155,300 SH   SOLE 3 155,300 0 0
IHS CL A 451734107 188 1,500 SH   SOLE 3 1,500 0 0
ILLINOIS TOOL WKS COM 452308109 853 10,100 SH   SOLE 3 10,100 0 0
ILLUMINA COM 452327109 557 3,400 SH   SOLE 3 3,400 0 0
INDEPENDENCE RLTY TR COM 45378A106 6 600 SH   SOLE 3 600 0 0
INFOSYS LTD ADR 456788108 2,208 36,500 SH   SOLE 3 36,500 0 0
INGERSOLL-RAND SHS G47791101 386 6,844 SH   SOLE 3 6,844 0 0
INLAND REAL ESTATE COM NEW 457461200 25 2,500 SH   SOLE 3 2,500 0 0
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INTEL COM 458140100 4,612 132,440 SH   OTR 3 132,440 0 0
INTEL COM 458140100 5,087 146,100 SH   SOLE 3 146,100 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 9,664 7,575,000 PRN   DFND 4,1,2 7,575,000 0 0
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INTERCONTINENTAL EXCHANGE COM 45866F104 557 2,855 SH   SOLE 3 2,855 0 0
INTERNATIONAL COM 459506101 173 1,800 SH   SOLE 3 1,800 0 0
INTERNATIONAL BUSINESS COM 459200101 4,841 25,500 SH   SOLE 3 25,500 0 0
INTERPUBLIC GROUP COS COM 460690100 4,340 236,900 SH   OTR 3 236,900 0 0
INTERPUBLIC GROUP COS COM 460690100 189 10,300 SH   SOLE 3 10,300 0 0
INTL PAPER COM 460146103 272 5,690 SH   OTR 3 5,690 0 0
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INTUIT COM 461202103 640 7,300 SH   SOLE 3 7,300 0 0
INTUITIVE SURGICAL COM NEW 46120E602 462 1,000 SH   SOLE 3 1,000 0 0
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IROBOT COM 462726100 7,232 237,532 SH   DFND   237,532 0 0
IRON MTN COM 462846106 287 8,777 SH   SOLE 3 8,777 0 0
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ISHARES TR MSCI QATAR ETF 46434V779 113 4,300 SH   SOLE 3 4,300 0 0
ISHARES TR MSCI PHILIPS ETF 46429B408 1,484 39,000 SH   DFND   39,000 0 0
ITC HLDGS COM 465685105 164 4,600 SH   SOLE 3 4,600 0 0
ITRON COM 465741106 1,734 44,100 SH   OTR 3 44,100 0 0
JACOBS ENGR GROUP INC COM 469814107 181 3,700 SH   SOLE 3 3,700 0 0
JAKKS PAC COM 47012E106 165 1,500 SH   DFND 4,1,2 1,500 0 0
JAKKS PAC COM 47012E106 71 1,500 SH   DFND 4,1,2 1,500 0 0
JAKKS PAC COM 47012E106 64 443 SH   DFND 4,1,2 443 0 0
JD COM INC SPON CL A 47215P106 998 38,682 SH   DFND   38,682 0 0
JETBLUE AIRWAYS CORP DBCV 6.750%10/1 477143AF8 36,859 16,950,000 PRN   DFND 4,1,2 16,950,000 0 0
JOHNSON & COM 478160104 234 2,200 SH   OTR 3 2,200 0 0
JOHNSON & COM 478160104 7,781 73,000 SH   SOLE 3 73,000 0 0
JOHNSON CTLS COM 478366107 761 17,300 SH   SOLE 3 17,300 0 0
JOY GLOBAL COM 481165108 169 3,100 SH   SOLE 3 3,100 0 0
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JPMORGAN CHASE & COM 46625H100 5,851 97,120 SH   SOLE 3 97,120 0 0
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KBR COM 48242W106 87 4,600 SH   SOLE 3 4,600 0 0
KELLOGG COM 487836108 450 7,300 SH   SOLE 3 7,300 0 0
KEURIG GREEN MTN COM 49271M100 429 3,300 SH   SOLE 3 3,300 0 0
KEYCORP COM 493267108 325 24,400 SH   SOLE 3 24,400 0 0
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KITE RLTY GROUP COM NEW 49803T300 56 2,325 SH   SOLE 3 2,325 0 0
KLA-TENCOR COM 482480100 339 4,300 SH   SOLE 3 4,300 0 0
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L BRANDS COM 501797104 320 4,780 SH   OTR 3 4,780 0 0
L BRANDS COM 501797104 435 6,500 SH   SOLE 3 6,500 0 0
L-3 COMMUNICATIONS HLDGS COM 502424104 315 2,650 SH   OTR 3 2,650 0 0
L-3 COMMUNICATIONS HLDGS COM 502424104 297 2,500 SH   SOLE 3 2,500 0 0
LABORATORY CORP AMER COM NEW 50540R409 2,574 25,300 SH   OTR 3 25,300 0 0
LABORATORY CORP AMER COM NEW 50540R409 234 2,300 SH   SOLE 3 2,300 0 0
LAM RESEARCH COM 512807108 7,388 98,900 SH   SOLE 3 98,900 0 0
LAS VEGAS SANDS COM 517834107 212 3,400 SH   OTR 3 3,400 0 0
LAS VEGAS SANDS COM 517834107 653 10,500 SH   SOLE 3 10,500 0 0
LATAM AIRLS GROUP S A ADR 51817R106 36 3,200 SH   SOLE 3 3,200 0 0
LATAM AIRLS GROUP S A ADR 51817R106 123 10,787 SH   SOLE 3 10,787 0 0
LAUDER ESTEE COS CL A 518439104 270 3,620 SH   OTR 3 3,620 0 0
LAUDER ESTEE COS CL A 518439104 426 5,700 SH   SOLE 3 5,700 0 0
LEAR COM NEW 521865204 4,061 47,000 SH   SOLE 3 47,000 0 0
LEGG MASON COM 524901105 151 2,950 SH   SOLE 3 2,950 0 0
LEGGETT & PLATT COM 524660107 175 5,000 SH   SOLE 3 5,000 0 0
LENNAR CL A 526057104 151 3,900 SH   SOLE 3 3,900 0 0
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LEVEL 3 COMMUNICATIONS COM NEW 52729N308 224 4,900 SH   SOLE 3 4,900 0 0
LEXINGTON REALTY COM 529043101 58 5,946 SH   SOLE 3 5,946 0 0
LIBERTY GLOBAL PLC CL A G5480U104 251 5,903 SH   SOLE 3 5,903 0 0
LIBERTY MEDIA CORP CL A 531229102 109 2,300 SH   SOLE 3 2,300 0 0
LILLY ELI & COM 532457108 480 7,400 SH   OTR 3 7,400 0 0
LILLY ELI & COM 532457108 1,686 26,000 SH   SOLE 3 26,000 0 0
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LINCOLN NATL CORP COM 534187109 9,497 177,249 SH   SOLE 3 177,249 0 0
LINEAR TECHNOLOGY COM 535678106 253 5,700 SH   SOLE 3 5,700 0 0
LINKEDIN CORP CL A 53578A108 561 2,700 SH   SOLE 3 2,700 0 0
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MACYS COM 55616P104 15,086 259,298 SH   SOLE 3 259,298 0 0
MALLINCKRODT PUB LTD SHS G5785G107 216 2,400 SH   SOLE 3 2,400 0 0
MANPOWERGROUP COM 56418H100 168 2,400 SH   SOLE 3 2,400 0 0
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MEDTRONIC COM 585055106 1,592 25,700 SH   SOLE 3 25,700 0 0
MERCK & CO INC COM 58933Y105 539 9,090 SH   OTR 3 9,090 0 0
MERCK & CO INC COM 58933Y105 4,420 74,558 SH   SOLE 3 74,558 0 0
METLIFE COM 59156R108 1,332 24,800 SH   SOLE 3 24,800 0 0
METTLER TOLEDO COM 592688105 179 700 SH   SOLE 3 700 0 0
MGM RESORTS COM 552953101 223 9,800 SH   SOLE 3 9,800 0 0
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MICROCHIP TECHNOLOGY COM 595017104 397 8,400 SH   SOLE 3 8,400 0 0
MICROCHIP TECHNOLOGY INC SDCV 2.125%12/1 595017AB0 51,078 27,500,000 PRN   DFND 4,1,2 27,500,000 0 0
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MICROSOFT COM 594918104 9,842 212,300 SH   SOLE 3 212,300 0 0
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MOBILEYE N V AMSTELVEEN SHS N51488117 428 8,000 SH   DFND 1,2 8,000 0 0
MOBILEYE N V AMSTELVEEN SHS N51488117 1,585 29,578 SH   DFND   29,578 0 0
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MOLYCORP INC COM 608753109 223 187,500 SH   DFND 4,1,2 187,500 0 0
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MONDELEZ INTL CL A 609207105 1,484 43,311 SH   SOLE 3 43,311 0 0
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NEWS CORP CL A 65249B109 192 11,737 SH   SOLE 3 11,737 0 0
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PETROCHINA CO LTD SPONSORED ADR 71646E100 32 251 SH   DFND 2 251 0 0
PETROLEO BRASILEIRO SA PETRO ADR 71654V408 73 5,150 SH   OTR 3 5,150 0 0
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PIONEER NAT RES COM 723787107 729 3,700 SH   SOLE 3 3,700 0 0
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POST PPTYS COM 737464107 77 1,500 SH   SOLE 3 1,500 0 0
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PPL COM 69351T106 545 16,600 SH   SOLE 3 16,600 0 0
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PRICELINE GRP COM NEW 741503403 1,622 1,400 SH   SOLE 3 1,400 0 0
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PROLOGIS COM 74340W103 1,074 28,484 SH   SOLE 3 28,484 0 0
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PS BUSINESS PKS INC COM 69360J107 46 600 SH   SOLE 3 600 0 0
PUBLIC COM 74460D109 540,717 3,260,476 SH   OTR 3 3,260,476 0 0
PUBLIC COM 74460D109 1,376 8,300 SH   SOLE 3 8,300 0 0
PUBLIC SVC ENTERPRISE COM 744573106 503 13,500 SH   SOLE 3 13,500 0 0
PULTE GROUP COM 745867101 145 8,200 SH   SOLE 3 8,200 0 0
PVH COM 693656100 242 2,000 SH   SOLE 3 2,000 0 0
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QTS RLTY TR INC CL A 74736A103 12 400 SH   SOLE 3 400 0 0
QUALCOMM COM 747525103 3,263 43,650 SH   DFND 4,1,2 43,650 0 0
QUALCOMM COM 747525103 332 700 SH   DFND 4,1,2 700 0 0
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QUALCOMM COM 747525103 3,267 43,700 SH   SOLE 3 43,700 0 0
QUANTA SVCS COM 74762E102 443 12,200 SH   SOLE 3 12,200 0 0
QUEST DIAGNOSTICS COM 74834L100 231 3,800 SH   SOLE 3 3,800 0 0
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RACKSPACE HOSTING COM 750086100 107 3,300 SH   SOLE 3 3,300 0 0
RALPH LAUREN CL A 751212101 3,245 19,700 SH   OTR 3 19,700 0 0
RALPH LAUREN CL A 751212101 280 1,700 SH   SOLE 3 1,700 0 0
RANGE RES COM 75281A109 292 4,300 SH   SOLE 3 4,300 0 0
RAYMOND JAMES FINANCIAL COM 754730109 161 3,000 SH   SOLE 3 3,000 0 0
RAYONIER COM 754907103 93 3,000 SH   SOLE 3 3,000 0 0
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RAYTHEON COM NEW 755111507 1,250 12,300 SH   SOLE 3 12,300 0 0
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RED HAT COM 756577102 303 5,400 SH   SOLE 3 5,400 0 0
REGENCY CTRS COM 758849103 288,803 5,365,098 SH   OTR 3 5,365,098 0 0
REGENCY CTRS COM 758849103 328 6,100 SH   SOLE 3 6,100 0 0
REGENERON COM 75886F107 386 1,070 SH   OTR 3 1,070 0 0
REGENERON COM 75886F107 757 2,100 SH   SOLE 3 2,100 0 0
REGIONS FINL CORP COM 7591EP100 342 34,035 SH   SOLE 3 34,035 0 0
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RENEWABLE ENERGY GROUP COM NEW 75972A301 10 1,000 SH   DFND 4,1,2 1,000 0 0
REPUBLIC SVCS COM 760759100 152 3,900 SH   OTR 3 3,900 0 0
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RESMED COM 761152107 158 3,200 SH   SOLE 3 3,200 0 0
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RETAIL PPTYS AMER CL A 76131V202 126,696 8,660,008 SH   OTR 3 8,660,008 0 0
RETAIL PPTYS AMER CL A 76131V202 99 6,800 SH   SOLE 3 6,800 0 0
REXFORD INDL RLTY COM 76169C100 15 1,100 SH   SOLE 3 1,100 0 0
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RLJ LODGING COM 74965L101 132,677 4,660,242 SH   OTR 3 4,660,242 0 0
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ROBERT HALF INTL COM 770323103 304 6,200 SH   SOLE 3 6,200 0 0
ROCK-TENN CL A 772739207 162 3,400 SH   SOLE 3 3,400 0 0
ROCKWELL AUTOMATION COM 773903109 407 3,700 SH   SOLE 3 3,700 0 0
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ROPER INDS INC COM 776696106 380 2,600 SH   SOLE 3 2,600 0 0
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ROYAL CARIBBEAN CRUISES COM V7780T103 962 14,300 SH   SOLE 3 14,300 0 0
RYLAND GROUP COM 783764103 180 5,441 SH   DFND 4,1,2 5,441 0 0
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SABRA HEALTH CARE REIT COM 78573L106 32 1,300 SH   SOLE 3 1,300 0 0
SAFEWAY COM NEW 786514208 202 5,900 SH   SOLE 3 5,900 0 0
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SALIX PHARMACEUTICALS COM 795435106 123 790 SH   OTR 3 790 0 0
SANDISK COM 80004C101 4,868 49,700 SH   SOLE 3 49,700 0 0
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SAUL CTRS COM 804395101 14 300 SH   SOLE 3 300 0 0
SBA COMMUNICATIONS COM 78388J106 399 3,600 SH   SOLE 3 3,600 0 0
SCANA CORP COM 80589M102 154 3,100 SH   SOLE 3 3,100 0 0
SCHEIN HENRY COM 806407102 291 2,500 SH   SOLE 3 2,500 0 0
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SCHWAB CHARLES CORP COM 808513105 902 30,700 SH   SOLE 3 30,700 0 0
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SEAGATE TECHNOLOGY SHS G7945M107 498 8,700 SH   SOLE 3 8,700 0 0
SEALED AIR CORP COM 81211K100 153 4,400 SH   SOLE 3 4,400 0 0
SEARS HLDGS COM 812350106 41 1,625 SH   SOLE 3 1,625 0 0
SEI INVESTMENTS COM 784117103 148 4,100 SH   SOLE 3 4,100 0 0
SELECT MED HLDGS COM 81619Q105 208 17,366 SH   DFND 4,1,2 17,366 0 0
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SERVICENOW COM 81762P102 217 3,700 SH   SOLE 3 3,700 0 0
SHERWIN WILLIAMS COM 824348106 482 2,200 SH   SOLE 3 2,200 0 0
SIGMA ALDRICH COM 826552101 422 3,100 SH   SOLE 3 3,100 0 0
SILVER BAY RLTY TR COM 82735Q102 18 1,100 SH   SOLE 3 1,100 0 0
SIMON PPTY GROUP INC COM 828806109 1,200,603 7,302,049 SH   OTR 3 7,302,049 0 0
SIMON PPTY GROUP INC COM 828806109 2,912 17,711 SH   SOLE 3 17,711 0 0
SIRIUS XM HLDGS COM 82968B103 267 76,500 SH   SOLE 3 76,500 0 0
SK TELECOM LTD ADR 78440P108 0 3 SH   DFND 2 3 0 0
SKYWORKS SOLUTIONS COM 83088M102 6,444 111,000 SH   SOLE 3 111,000 0 0
SL GREEN RLTY COM 78440X101 411,082 4,057,266 SH   OTR 3 4,057,266 0 0
SL GREEN RLTY COM 78440X101 537 5,300 SH   SOLE 3 5,300 0 0
SMUCKER J M COM NEW 832696405 267 2,700 SH   SOLE 3 2,700 0 0
SOLARCITY COM 83416T100 10,099 169,449 SH   DFND   169,449 0 0
SOLAZYME COM 83415T101 84 11,200 SH   SOLE 3 11,200 0 0
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SOUTHWEST AIRLS COM 844741108 6,916 204,800 SH   SOLE 3 204,800 0 0
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SOVRAN SELF STORAGE COM 84610H108 67 900 SH   SOLE 3 900 0 0
SPDR GOLD TRUST SHS 78463V107 465 4,000 SH   SOLE 3 4,000 0 0
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SPECTRUM BRANDS HLDGS COM 84763R101 1,811 20,000 SH   SOLE 3 20,000 0 0
SPIRIT AIRLS COM 848577102 498 7,200 SH   SOLE 3 7,200 0 0
SPIRIT RLTY CAP INC COM 84860W102 115,629 10,540,448 SH   OTR 3 10,540,448 0 0
SPIRIT RLTY CAP INC COM 84860W102 126 11,500 SH   SOLE 3 11,500 0 0
SPLUNK COM 848637104 752 13,600 SH   DFND   13,600 0 0
SPX COM 784635104 113 1,200 SH   SOLE 3 1,200 0 0
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STAG INDL COM 85254J102 33 1,600 SH   SOLE 3 1,600 0 0
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STAPLES COM 855030102 188 15,500 SH   SOLE 3 15,500 0 0
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STARWOOD HOTELS&RESORTS COM 85590A401 1,331 16,000 SH   OTR 3 16,000 0 0
STARWOOD HOTELS&RESORTS COM 85590A401 416 5,000 SH   SOLE 3 5,000 0 0
STARWOOD WAYPOINT RESIDENTL SHS 85571W109 1,897 72,940 SH   OTR 3 72,940 0 0
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STATE STR COM 857477103 8,925 121,243 SH   SOLE 3 121,243 0 0
STERICYCLE COM 858912108 256 2,200 SH   SOLE 3 2,200 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 126,970 10,898,733 SH   OTR 3 10,898,733 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 84 7,200 SH   SOLE 3 7,200 0 0
STRYKER COM 863667101 735 9,100 SH   SOLE 3 9,100 0 0
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SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 799 29,925 SH   OTR 3 0 0 0
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SYNOPSYS COM 871607107 195 4,900 SH   SOLE 3 4,900 0 0
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TARGET COM 87612E106 972 15,500 SH   SOLE 3 15,500 0 0
TAUBMAN CTRS COM 876664103 189,475 2,595,551 SH   OTR 3 2,595,551 0 0
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TELEFONICA BRASIL SA ADR 87936R106 8,247 419,060 SH   SOLE 3 419,060 0 0
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TIFFANY & CO COM 886547108 282 2,932 SH   DFND   2,932 0 0
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TIM PARTICIPACOES S A ADR 88706P205 8 300 SH   SOLE 3 300 0 0
TIME WARNER COM NEW 887317303 1,715 22,799 SH   SOLE 3 22,799 0 0
TIME WARNER CABLE COM 88732J207 72 500 SH   OTR 3 500 0 0
TIME WARNER CABLE COM 88732J207 12,521 87,260 SH   SOLE 3 87,260 0 0
TJX COS INC COM 872540109 1,112 18,800 SH   SOLE 3 18,800 0 0
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TOLL BROTHERS COM 889478103 131 4,200 SH   SOLE 3 4,200 0 0
TORCHMARK COM 891027104 195 3,725 SH   SOLE 3 3,725 0 0
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TOWERS WATSON & CL A 891894107 169 1,700 SH   SOLE 3 1,700 0 0
TRACTOR SUPPLY COM 892356106 221 3,600 SH   SOLE 3 3,600 0 0
TRADE STR RESIDENTIAL COM NEW 89255N203 3 400 SH   SOLE 3 400 0 0
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TRINITY INDS COM 896522109 6,214 133,000 SH   SOLE 3 133,000 0 0
TRIPADVISOR COM 896945201 293 3,200 SH   SOLE 3 3,200 0 0
TRIUMPH GROUP INC COM 896818101 150 2,300 SH   OTR 3 2,300 0 0
TRONOX LTD CL A Q9235V101 177 6,800 SH   SOLE 3 6,800 0 0
TRW AUTOMOTIVE HLDGS COM 87264S106 294 2,900 SH   SOLE 3 2,900 0 0
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TWITTER COM 90184L102 2,285 44,308 SH   DFND   44,308 0 0
TWITTER COM 90184L102 428 8,300 SH   SOLE 3 8,300 0 0
TYCO INTERNATIONAL SHS H89128104 518 11,625 SH   SOLE 3 11,625 0 0
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U M H PROPERTIES INC CV RED PFD-A 903002202 26 1,000 SH   OTR 3 0 0 0
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UNION PAC COM 907818108 5,573 51,400 SH   OTR 3 51,400 0 0
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UNITED RENTALS COM 911363109 644 5,800 SH   SOLE 3 5,800 0 0
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UNITEDHEALTH GROUP COM 91324P102 2,538 29,426 SH   SOLE 3 29,426 0 0
UNUM COM 91529Y106 223 6,500 SH   SOLE 3 6,500 0 0
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V F COM 918204108 507 7,680 SH   OTR 3 7,680 0 0
V F COM 918204108 588 8,900 SH   SOLE 3 8,900 0 0
VALE S ADR 91912E105 108 9,800 SH   SOLE 3 9,800 0 0
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VANTIV CL A 92210H105 102 3,300 SH   SOLE 3 3,300 0 0
VARIAN MED SYS COM 92220P105 216 2,700 SH   SOLE 3 2,700 0 0
VECTOR GROUP LTD FRNT 1/1 92240MAY4 3,665 2,500,000 PRN   DFND 4,1,2 2,500,000 0 0
VECTOR GROUP LTD NOTE 1.750% 4/1 92240MBC1 2,234 2,000,000 PRN   DFND 4,1,2 2,000,000 0 0
VENTAS COM 92276F100 547,323 8,834,918 SH   OTR 3 8,834,918 0 0
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VIRTUS INVT PARTNERS COM 92828Q109 191 1,100 SH   OTR 3 1,100 0 0
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VISA INC CL A 92826C839 2,411 11,300 SH   OTR 3 11,300 0 0
VISA INC CL A 92826C839 2,710 12,700 SH   SOLE 3 12,700 0 0
VISTEON COM NEW 92839U206 4,085 42,000 SH   SOLE 3 42,000 0 0
VMWARE INC CL COM 928563402 338 3,600 SH   SOLE 3 3,600 0 0
VOYA FINL COM 929089100 156 4,000 SH   SOLE 3 4,000 0 0
VULCAN MATLS COM 929160109 533 8,850 SH   OTR 3 8,850 0 0
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W P CAREY COM 92936U109 166 2,600 SH   SOLE 3 2,600 0 0
WABCO HLDGS COM 92927K102 277 3,050 SH   OTR 3 3,050 0 0
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WALGREEN COM 931422109 1,381 23,300 SH   SOLE 3 23,300 0 0
WASHINGTON PRIME GROUP COM 939647103 10,984 628,367 SH   OTR 3 628,367 0 0
WASHINGTON PRIME GROUP COM 939647103 78 4,439 SH   SOLE 3 4,439 0 0
WASTE MGMT INC COM 94106L109 547 11,500 SH   SOLE 3 11,500 0 0
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WEBMD HEALTH COM 94770V102 28 250 SH   DFND 4,1,2 250 0 0
WEBMD HEALTH CORP NOTE 2.500% 1/3 94770VAF9 5,034 5,000,000 PRN   DFND 4,1,2 5,000,000 0 0
WELLPOINT COM 94973V107 927 7,750 SH   SOLE 3 7,750 0 0
WELLS FARGO & CO COM 949746101 4,934 95,126 SH   OTR 3 95,126 0 0
WELLS FARGO & CO COM 949746101 6,816 131,409 SH   SOLE 3 131,409 0 0
WESTERN DIGITAL COM 958102105 569 5,850 SH   OTR 3 5,850 0 0
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WESTERN UN COM 959802109 240 14,946 SH   SOLE 3 14,946 0 0
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WHIRLPOOL COM 963320106 320 2,200 SH   SOLE 3 2,200 0 0
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WHITING PETE CORP COM 966387102 240 3,100 SH   SOLE 3 3,100 0 0
WHOLE FOODS MKT COM 966837106 351 9,200 SH   SOLE 3 9,200 0 0
WILLIAMS COS INC COM 969457100 980 17,700 SH   SOLE 3 17,700 0 0
WILLIS GROUP HOLDINGS SHS G96666105 190 4,600 SH   SOLE 3 4,600 0 0
WINDSTREAM HLDGS COM 97382A101 164 15,200 SH   SOLE 3 15,200 0 0
WISCONSIN ENERGY COM 976657106 262 6,100 SH   SOLE 3 6,100 0 0
WOODWARD COM 980745103 181 3,800 SH   SOLE 3 3,800 0 0
WORKDAY CL A 98138H101 182 2,200 SH   SOLE 3 2,200 0 0
WYNDHAM WORLDWIDE COM 98310W108 869 10,700 SH   SOLE 3 10,700 0 0
WYNN RESORTS COM 983134107 5,051 27,000 SH   DFND 4,1,2 27,000 0 0
WYNN RESORTS COM 983134107 647 500 SH   DFND 4,1,2 500 0 0
WYNN RESORTS COM 983134107 412 2,200 SH   SOLE 3 2,200 0 0
XCEL ENERGY COM 98389B100 410 13,500 SH   SOLE 3 13,500 0 0
XEROX COM 984121103 382 28,853 SH   SOLE 3 28,853 0 0
XILINX COM 983919101 195 4,600 SH   OTR 3 4,600 0 0
XILINX COM 983919101 288 6,800 SH   SOLE 3 6,800 0 0
XL GROUP SHS G98290102 269 8,100 SH   SOLE 3 8,100 0 0
XYLEM COM 98419M100 220 6,200 SH   SOLE 3 6,200 0 0
YAHOO COM 984332106 258 6,338 SH   DFND   6,338 0 0
YAHOO COM 984332106 9,083 222,900 SH   SOLE 3 222,900 0 0
YELP CL A 985817105 102 1,500 SH   DFND 1,2 1,500 0 0
YELP CL A 985817105 11,664 170,910 SH   DFND   170,910 0 0
YUM BRANDS COM 988498101 828 11,500 SH   SOLE 3 11,500 0 0
ZILLOW CL A 98954A107 11,924 102,810 SH   DFND   102,810 0 0
ZIMMER HLDGS COM 98956P102 442 4,400 SH   SOLE 3 4,400 0 0
ZOETIS CL A 98978V103 353 9,540 SH   OTR 3 9,540 0 0
ZOETIS CL A 98978V103 432 11,700 SH   SOLE 3 11,700 0 0