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 65 2,041 SH   SOLE 3 2,041 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 166 1,600 SH   DFND 1,2 1,600 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 3,238 30,627 SH   DFND 4 30,627 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,896 18,240 SH   OTR 3 18,240 0 0
AMREIT INC NEW CL B 03216B208 13 500 SH   SOLE 3 500 0 0
BAIDU INC SPON ADR REP A 056752108 36 160 SH   OTR 3 160 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 144 10,800 SH   SOLE 3 10,800 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 22,344 1,671,217 SH   SOLE 3 1,671,217 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 29 600 SH   SOLE 3 600 0 0
BARCLAYS BK PLC I PATH S&P500 VIX 06742E711 94 3,000 SH   DFND 1,2 3,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 4,099 27,300 SH   SOLE 3 27,300 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 18,280 1,143,954 SH   OTR 3 1,143,954 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 88 5,500 SH   SOLE 3 5,500 0 0
BROWN FORMAN CORP CL B 115637209 264 3,000 SH   SOLE 3 3,000 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 136 6,600 SH   SOLE 3 6,600 0 0
CAMDEN PPTY TR SH BEN INT 133131102 362 4,900 SH   SOLE 3 4,900 0 0
CARNIVAL CORP PAIRED CTF 143658300 503 11,100 SH   SOLE 3 11,100 0 0
CBS CORP NEW CL B 124857202 657 11,871 SH   SOLE 3 11,871 0 0
CELANESE CORP DEL COM SER A 150870103 234 3,900 SH   SOLE 3 3,900 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 3,057 300,000 SH   DFND 5,1,2 300,000 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 30 500 SH   DFND 5,1,2 500 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 74 1,000 SH   DFND 5,1,2 1,000 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 251 2,000 SH   DFND 5,1,2 2,000 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 44 1,000 SH   DFND 5,1,2 1,000 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 41 1,185 SH   DFND 5,1,2 1,185 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 144 3,204 SH   DFND 5,1,2 3,204 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 148 14,529 SH   SOLE 3 14,529 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 317 1,900 SH   SOLE 3 1,900 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 63 1,700 SH   SOLE 3 1,700 0 0
COMCAST CORP NEW CL A SPL 20030N200 593 10,300 SH   SOLE 3 10,300 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 104 21,000 SH   SOLE 3 21,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 128,430 4,526,964 SH   OTR 3 4,526,964 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 79 2,800 SH   SOLE 3 2,800 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 125 3,640 SH   SOLE 3 3,640 0 0
DISNEY WALT CO COM DISNEY 254687106 213 2,250 SH   DFND 4 2,250 0 0
DISNEY WALT CO COM DISNEY 254687106 217 2,300 SH   OTR 3 2,300 0 0
DISNEY WALT CO COM DISNEY 254687106 14,694 156,000 SH   SOLE 3 156,000 0 0
EATON VANCE CORP COM NON VTG 278265103 151 3,700 SH   SOLE 3 3,700 0 0
ECOPETROL S A SPONSORED ADS 279158109 17 1,000 SH   SOLE 3 1,000 0 0
EPR PPTYS COM SH BEN INT 26884U109 98 1,700 SH   SOLE 3 1,700 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 102 3,975 SH   SOLE 3 3,975 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 766,152 10,664,696 SH   OTR 3 10,664,696 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,437 20,000 SH   SOLE 3 20,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 202,728 1,519,016 SH   OTR 3 1,519,016 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 520 3,900 SH   SOLE 3 3,900 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 295 3,350 SH   SOLE 3 3,350 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 3,100 200,000 SH   DFND 5,1,2 200,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 449 2,500 SH   DFND 5,1,2 2,500 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 208 13,400 SH   OTR 3 13,400 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,329 85,723 SH   SOLE 3 85,723 0 0
FREEPORT-MCMORAN INC CL B 35671D857 571 24,458 SH   SOLE 3 24,458 0 0
GERDAU S A SPON ADR REP PFD 373737105 12 3,500 SH   SOLE 3 3,500 0 0
GERDAU S A SPON ADR REP PFD 373737105 3,583 1,009,200 SH   SOLE 3 1,009,200 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 63 4,600 SH   SOLE 3 4,600 0 0
GLOBAL X FDS GLBX MSCI COLUM 37950E200 36 2,800 SH   SOLE 3 2,800 0 0
GOOGLE INC CL C 38259P706 3,927 7,460 SH   OTR 3 7,460 0 0
GOOGLE INC CL C 38259P706 3,632 6,900 SH   SOLE 3 6,900 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 51 2,200 SH   SOLE 3 2,200 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 40 300 SH   SOLE 3 300 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 53 5,100 SH   SOLE 3 5,100 0 0
HEALTHCARE TR AMER INC CL A NEW ADDED 42225P501 139,524 5,179,050 SH   OTR 3 5,179,050 0 0
HEALTHCARE TR AMER INC CL A NEW ADDED 42225P501 98 3,650 SH   SOLE 3 3,650 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 44 6,200 SH   SOLE 3 6,200 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 143 4,600 SH   SOLE 3 4,600 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 29 3,500 SH   SOLE 3 3,500 0 0
ISHARES MSCI CDA ETF 464286509 83 2,880 SH   SOLE 3 2,880 0 0
ISHARES MSCI CH CAP ETF 464286640 60 1,500 SH   SOLE 3 1,500 0 0
ISHARES MSCI PAC JP ETF 464286665 93 2,110 SH   SOLE 3 2,110 0 0
ISHARES MSCI GERMANY ETF 464286806 302 11,000 SH   SOLE 3 11,000 0 0
ISHARES IBOXX HI YD ETF 464288513 887 9,900 SH   SOLE 3 9,900 0 0
ISHARES INTL SEL DIV ETF 464288448 522 15,500 SH   SOLE 3 15,500 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,650 42,000 SH   SOLE 3 42,000 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 17 1,300 SH   SOLE 3 1,300 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 15,313 1,177,032 SH   SOLE 3 1,177,032 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 213 1,300 SH   SOLE 3 1,300 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 4,181 103,300 SH   SOLE 3 103,300 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 648 13,409 SH   SOLE 3 13,409 0 0
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 340 11,550 SH   SOLE 3 11,550 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 172 4,900 SH   SOLE 3 4,900 0 0
LIBERTY PPTY TR SH BEN INT 531172104 324 8,600 SH   SOLE 3 8,600 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 111 1,400 SH   OTR 3 1,400 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 826 10,400 SH   SOLE 3 10,400 0 0
MCCORMICK & CO INC COM NON VTG 579780206 223 3,000 SH   SOLE 3 3,000 0 0
MOLSON COORS BREWING CO CL B 60871R209 287 3,850 SH   SOLE 3 3,850 0 0
NIKE INC CL B 654106103 3,202 33,300 SH   SOLE 3 33,300 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 16,857 718,524 SH   OTR 3 718,524 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 52 2,200 SH   SOLE 3 2,200 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 3,413 450,300 SH   SOLE 3 450,300 0 0
POWERSHARES DB CMDTY IDX TRA UNIT BEN INT 73935S105 55 3,000 SH   SOLE 3 3,000 0 0
POWERSHARES GLOBAL ETF TRUST EMER MRKT PORT 73936T763 820 44,000 SH   SOLE 3 44,000 0 0
POWERSHS DB US DOLLAR INDEX DOLL INDX BULL 73936D107 719 30,000 SH   DFND 1,2 30,000 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 45 2,400 SH   SOLE 3 2,400 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 29 1,200 SH   SOLE 3 1,200 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 180 2,500 SH   DFND 1,2 2,500 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 165 3,500 SH   DFND 1,2 3,500 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 137 6,200 SH   SOLE 3 6,200 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 445 2,500 SH   SOLE 3 2,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 77 900 SH   DFND 5,1,2 900 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 44 250 SH   DFND 5,1,2 250 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,392 11,640 SH   OTR 3 11,640 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,396 6,790 SH   SOLE 3 6,790 0 0
SPDR SERIES TRUST S&P SEMICNDCTR 78464A862 159 2,000 SH   DFND 1,2 2,000 0 0
SPDR SERIES TRUST S&P BIOTECH 78464A870 186 1,000 SH   DFND 1,2 1,000 0 0
SPRINT CORP COM SER 1 85207U105 75 18,179 SH   SOLE 3 18,179 0 0
3-D SYS CORP COM NEW 88554D205 3,978 124,744 SH   DFND 4 124,744 0 0
3M COM 88579Y101 3,640 22,150 SH   SOLE 3 22,150 0 0
ABBOTT COM 002824100 1,621 36,000 SH   SOLE 3 36,000 0 0
ABBVIE COM 00287Y109 216 3,300 SH   OTR 3 3,300 0 0
ABBVIE COM 00287Y109 2,506 38,300 SH   SOLE 3 38,300 0 0
ACCENTURE PLC IRELAND CLASS A G1151C101 3,342 37,420 SH   OTR 3 37,420 0 0
ACCENTURE PLC IRELAND CLASS A G1151C101 1,371 15,350 SH   SOLE 3 15,350 0 0
ACE SHS H0023R105 69 600 SH   OTR 3 600 0 0
ACE SHS H0023R105 936 8,150 SH   SOLE 3 8,150 0 0
ACTIVISION BLIZZARD COM 00507V109 252 12,500 SH   SOLE 3 12,500 0 0
ADOBE SYS COM 00724F101 829 11,400 SH   SOLE 3 11,400 0 0
ADVANCE AUTO PARTS COM 00751Y106 2,394 15,030 SH   OTR 3 15,030 0 0
ADVANCE AUTO PARTS COM 00751Y106 295 1,850 SH   SOLE 3 1,850 0 0
AES COM 00130H105 240 17,400 SH   SOLE 3 17,400 0 0
AETNA INC COM 00817Y108 4,531 51,010 SH   OTR 3 51,010 0 0
AETNA INC COM 00817Y108 779 8,773 SH   SOLE 3 8,773 0 0
AFFILIATED MANAGERS COM 008252108 255 1,200 SH   SOLE 3 1,200 0 0
AFLAC COM 001055102 684 11,200 SH   SOLE 3 11,200 0 0
AGCO COM 001084102 118 2,600 SH   SOLE 3 2,600 0 0
AGILENT TECHNOLOGIES COM 00846U101 331 8,090 SH   SOLE 3 8,090 0 0
AGREE REALTY COM 008492100 16 500 SH   SOLE 3 500 0 0
AIR PRODS & CHEMS COM 009158106 743 5,150 SH   SOLE 3 5,150 0 0
AIRGAS COM 009363102 173 1,500 SH   SOLE 3 1,500 0 0
AK8 WEBMD HEALTH CORP NOTE 1.500% 12/0 ADDED 94770VAK8 1,496 1,500,000 PRN   DFND 5,1,2 1,500,000 0 0
AKAMAI TECHNOLOGIES COM 00971T101 2,279 36,200 SH   SOLE 3 36,200 0 0
ALASKA AIR GROUP COM 011659109 5,378 90,000 SH   SOLE 3 90,000 0 0
ALBANY MOLECULAR RESH INC NOTE 2.250%11/1 ADDED 012423AB5 5,446 4,500,000 PRN   DFND 5,1,2 4,500,000 0 0
ALBEMARLE COM 012653101 132 2,200 SH   SOLE 3 2,200 0 0
ALCOA COM 013817101 453 28,700 SH   SOLE 3 28,700 0 0
ALEXANDERS COM 014752109 44 100 SH   SOLE 3 100 0 0
ALEXANDRIA REAL ESTATE EQ COM 015271109 222 2,500 SH   SOLE 3 2,500 0 0
ALEXION PHARMACEUTICALS COM 015351109 870 4,700 SH   SOLE 3 4,700 0 0
ALKERMES SHS G01767105 578 9,870 SH   OTR 3 9,870 0 0
ALLEGHANY CORP COM 017175100 185 400 SH   SOLE 3 400 0 0
ALLERGAN COM 018490102 1,499 7,050 SH   SOLE 3 7,050 0 0
ALLIANCE DATA SYSTEMS COM 018581108 3,641 12,730 SH   OTR 3 12,730 0 0
ALLIANCE DATA SYSTEMS COM 018581108 372 1,300 SH   SOLE 3 1,300 0 0
ALLIANT ENERGY COM 018802108 186 2,800 SH   SOLE 3 2,800 0 0
ALLSTATE COM 020002101 745 10,600 SH   SOLE 3 10,600 0 0
ALLY FINL COM 02005N100 142 6,000 SH   SOLE 3 6,000 0 0
ALTERA COM 021441100 454 12,300 SH   SOLE 3 12,300 0 0
ALTRIA GROUP COM 02209S103 2,301 46,700 SH   SOLE 3 46,700 0 0
AMAZON COM COM 023135106 2,680 8,638 SH   DFND 4 8,638 0 0
AMAZON COM COM 023135106 5,046 16,260 SH   OTR 3 16,260 0 0
AMAZON COM COM 023135106 2,886 9,300 SH   SOLE 3 9,300 0 0
AMBEV SA ADR 02319V103 2,791 448,700 SH   SOLE 3 448,700 0 0
AMEREN COM 023608102 281 6,100 SH   SOLE 3 6,100 0 0
AMERICA MOVIL SAB DE CV SPON ADR SHS 02364W105 350 15,800 SH   SOLE 3 15,800 0 0
AMERICAN AIRLS GROUP COM 02376R102 923 17,210 SH   OTR 3 17,210 0 0
AMERICAN AIRLS GROUP COM 02376R102 241 4,500 SH   SOLE 3 4,500 0 0
AMERICAN ASSETS TR COM 024013104 22,107 555,309 SH   OTR 3 555,309 0 0
AMERICAN ASSETS TR COM 024013104 48 1,200 SH   SOLE 3 1,200 0 0
AMERICAN CAMPUS CMNTYS COM 024835100 135 3,268 SH   SOLE 3 3,268 0 0
AMERICAN CAPITAL AGENCY COM 02503X105 186 8,500 SH   SOLE 3 8,500 0 0
AMERICAN ELEC PWR COM 025537101 704 11,600 SH   SOLE 3 11,600 0 0
AMERICAN EXPRESS COM 025816109 130 1,400 SH   OTR 3 1,400 0 0
AMERICAN EXPRESS COM 025816109 21,036 226,100 SH   SOLE 3 226,100 0 0
AMERICAN HOMES 4 CL A 02665T306 121,871 7,156,228 SH   OTR 3 7,156,228 0 0
AMERICAN HOMES 4 CL A 02665T306 73 4,300 SH   SOLE 3 4,300 0 0
AMERICAN INTL GROUP COM NEW 026874784 8,508 151,900 SH   OTR 3 151,900 0 0
AMERICAN INTL GROUP COM NEW 026874784 3,018 53,892 SH   SOLE 3 53,892 0 0
AMERICAN RESIDENTIAL PPTYS COM 02927E303 18 1,000 SH   SOLE 3 1,000 0 0
AMERICAN RLTY CAP PPTYS COM 02917T104 476 52,574 SH   SOLE 3 52,574 0 0
AMERICAN TOWER CORP COM 03027X100 949 9,600 SH   SOLE 3 9,600 0 0
AMERICAN WTR WKS CO INC COM 030420103 240 4,500 SH   SOLE 3 4,500 0 0
AMERIPRISE FINL COM 03076C106 331 2,500 SH   OTR 3 2,500 0 0
AMERIPRISE FINL COM 03076C106 10,059 76,060 SH   SOLE 3 76,060 0 0
AMERISOURCEBERGEN COM 03073E105 1,740 19,300 SH   SOLE 3 19,300 0 0
AMETEK INC COM 031100100 321 6,100 SH   SOLE 3 6,100 0 0
AMGEN COM 031162100 3,450 21,660 SH   OTR 3 21,660 0 0
AMGEN COM 031162100 8,283 52,000 SH   SOLE 3 52,000 0 0
AMPHENOL CORP CL A 032095101 414 7,700 SH   SOLE 3 7,700 0 0
ANADARKO PETE COM 032511107 3,176 38,500 SH   OTR 3 38,500 0 0
ANADARKO PETE COM 032511107 1,023 12,400 SH   SOLE 3 12,400 0 0
ANALOG DEVICES COM 032654105 428 7,700 SH   SOLE 3 7,700 0 0
ANNALY CAP MGMT COM 035710409 248 22,900 SH   SOLE 3 22,900 0 0
ANSYS COM 03662Q105 172 2,100 SH   SOLE 3 2,100 0 0
ANTHEM COM 036752103 905 7,200 SH   SOLE 3 7,200 0 0
AON PLC CL A G0408V102 3,139 33,100 SH   OTR 3 33,100 0 0
AON PLC CL A G0408V102 645 6,800 SH   SOLE 3 6,800 0 0
APACHE COM 037411105 107 1,700 SH   OTR 3 1,700 0 0
APACHE COM 037411105 596 9,510 SH   SOLE 3 9,510 0 0
APARTMENT INVT & MGMT CL A 03748R101 286,838 7,721,085 SH   OTR 3 7,721,085 0 0
APARTMENT INVT & MGMT CL A 03748R101 185 4,992 SH   SOLE 3 4,992 0 0
APPLE COM 037833100 33 300 SH   DFND 1,2 300 0 0
APPLE COM 037833100 3,319 29,502 SH   DFND 4 29,502 0 0
APPLE COM 037833100 10,354 93,800 SH   OTR 3 93,800 0 0
APPLE COM 037833100 29,216 264,690 SH   SOLE 3 264,690 0 0
APPLIED MATLS COM 038222105 6,741 270,520 SH   OTR 3 270,520 0 0
APPLIED MATLS COM 038222105 974 39,100 SH   SOLE 3 39,100 0 0
ARCH CAP GROUP ORD G0450A105 219 3,700 SH   SOLE 3 3,700 0 0
ARCHER DANIELS MIDLAND COM 039483102 811 15,600 SH   SOLE 3 15,600 0 0
ARMADA HOFFLER PPTYS COM 04208T108 7 700 SH   SOLE 3 700 0 0
ARROW ELECTRS COM 042735100 156 2,700 SH   SOLE 3 2,700 0 0
ASHFORD HOSPITALITY PRIME COM 044102101 11 660 SH   SOLE 3 660 0 0
ASHFORD HOSPITALITY TR INC SHS 044103109 25 2,400 SH   SOLE 3 2,400 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 138 5,219 SH   OTR 3 0 0 0
ASHLAND INC COM 044209104 192 1,600 SH   SOLE 3 1,600 0 0
ASSOCIATED ESTATES RLTY COM 045604105 42 1,800 SH   SOLE 3 1,800 0 0
ASSURANT COM 04621X108 109 1,600 SH   SOLE 3 1,600 0 0
AT&T COM 00206R102 275 8,200 SH   OTR 3 8,200 0 0
AT&T COM 00206R102 4,128 122,895 SH   SOLE 3 122,895 0 0
AUTODESK COM 052769106 336 5,600 SH   SOLE 3 5,600 0 0
AUTOLIV COM 052800109 249 2,350 SH   SOLE 3 2,350 0 0
AUTOMATIC DATA PROCESSING COM 053015103 967 11,600 SH   SOLE 3 11,600 0 0
AUTONATION COM 05329W102 103 1,700 SH   SOLE 3 1,700 0 0
AUTOZONE COM 053332102 8,519 13,760 SH   SOLE 3 13,760 0 0
AVAGO TECHNOLOGIES SHS Y0486S104 342 3,400 SH   OTR 3 3,400 0 0
AVAGO TECHNOLOGIES SHS Y0486S104 624 6,200 SH   SOLE 3 6,200 0 0
AVALONBAY CMNTYS COM 053484101 1,204 7,369 SH   SOLE 3 7,369 0 0
AVERY DENNISON COM 053611109 156 3,000 SH   SOLE 3 3,000 0 0
AVIV REIT INC COM 05381L101 28 800 SH   SOLE 3 800 0 0
AVNET COM 053807103 168 3,900 SH   SOLE 3 3,900 0 0
AVON PRODS COM 054303102 109 11,600 SH   SOLE 3 11,600 0 0
AXIS CAPITAL HOLDINGS SHS G0692U109 148 2,900 SH   SOLE 3 2,900 0 0
B/E AEROSPACE COM 073302101 133 2,300 SH   SOLE 3 2,300 0 0
BAKER HUGHES COM 057224107 600 10,704 SH   SOLE 3 10,704 0 0
BALL COM 058498106 239 3,500 SH   SOLE 3 3,500 0 0
BANCO DE CHILE ADR 059520106 112 1,625 SH   SOLE 3 1,625 0 0
BANCO SANTANDER CHILE NEW SP ADR COM 05965X109 12 600 SH   SOLE 3 600 0 0
BANK AMER COM 060505104 6,074 339,500 SH   OTR 3 339,500 0 0
BANK AMER COM 060505104 5,276 294,914 SH   SOLE 3 294,914 0 0
BANK NEW YORK MELLON COM 064058100 1,232 30,371 SH   SOLE 3 30,371 0 0
BARD C R COM 067383109 317 1,900 SH   SOLE 3 1,900 0 0
BAXTER INTL COM 071813109 967 13,200 SH   SOLE 3 13,200 0 0
BB&T COM 054937107 696 17,900 SH   SOLE 3 17,900 0 0
BECTON DICKINSON & COM 075887109 4,421 31,770 SH   OTR 3 31,770 0 0
BECTON DICKINSON & COM 075887109 654 4,700 SH   SOLE 3 4,700 0 0
BED BATH & BEYOND COM 075896100 3,435 45,100 SH   SOLE 3 45,100 0 0
BERKLEY W R COM 084423102 154 3,000 SH   SOLE 3 3,000 0 0
BEST BUY COM 086516101 273 7,000 SH   SOLE 3 7,000 0 0
BIOGEN IDEC COM 09062X103 3,113 9,170 SH   OTR 3 9,170 0 0
BIOGEN IDEC COM 09062X103 1,877 5,530 SH   SOLE 3 5,530 0 0
BIOMARIN PHARMACEUTICAL COM 09061G101 344 3,800 SH   SOLE 3 3,800 0 0
BIOMED REALTY TRUST COM 09063H107 190,692 8,852,942 SH   OTR 3 8,852,942 0 0
BIOMED REALTY TRUST COM 09063H107 129 6,000 SH   SOLE 3 6,000 0 0
BLACKROCK COM 09247X101 14,613 40,870 SH   OTR 3 40,870 0 0
BLACKROCK COM 09247X101 5,256 14,700 SH   SOLE 3 14,700 0 0
BLOCK H & R COM 093671105 236 7,000 SH   SOLE 3 7,000 0 0
BOEING COM 097023105 2,775 21,350 SH   SOLE 3 21,350 0 0
BORGWARNER COM 099724106 319 5,800 SH   SOLE 3 5,800 0 0
BOSTON PROPERTIES COM 101121101 200,179 1,555,512 SH   OTR 3 1,555,512 0 0
BOSTON PROPERTIES COM 101121101 1,120 8,700 SH   SOLE 3 8,700 0 0
BOSTON SCIENTIFIC COM 101137107 414 31,247 SH   SOLE 3 31,247 0 0
BRF SA ADR 10552T107 79 3,400 SH   SOLE 3 3,400 0 0
BRF SA ADR 10552T107 12,376 530,000 SH   SOLE 3 530,000 0 0
BRISTOL MYERS SQUIBB COM 110122108 7,637 129,370 SH   OTR 3 129,370 0 0
BRISTOL MYERS SQUIBB COM 110122108 2,349 39,800 SH   SOLE 3 39,800 0 0
BRISTOW GROUP COM 110394103 16 100 SH   DFND 5,1,2 100 0 0
BRISTOW GROUP INC NOTE 3.000% 6/1 110394AC7 7,866 7,500,000 PRN   DFND 5,1,2 7,500,000 0 0
BRIXMOR PPTY GROUP COM 11120U105 104 4,200 SH   SOLE 3 4,200 0 0
BROADCOM CL A 111320107 557 12,850 SH   SOLE 3 12,850 0 0
BUFFALO WILD WINGS COM 119848109 4,510 25,000 SH   SOLE 3 25,000 0 0
BUNGE COM G16962105 327 3,600 SH   SOLE 3 3,600 0 0
C H ROBINSON WORLDWIDE COM NEW 12541W209 4,029 53,800 SH   SOLE 3 53,800 0 0
CA COM 12673P105 250 8,205 SH   SOLE 3 8,205 0 0
CABOT OIL & GAS COM 127097103 308 10,400 SH   SOLE 3 10,400 0 0
CALIFORNIA RES COM 13057Q107 3 600 SH   OTR 3 600 0 0
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HELMERICH & PAYNE COM 423452101 196 2,900 SH   SOLE 3 2,900 0 0
HERBALIFE LTD COM SHS G4412G101 6,126 162,500 SH   DFND 5,1,2 162,500 0 0
HERBALIFE LTD COM SHS G4412G101 90 2,400 SH   SOLE 3 2,400 0 0
HERSHEY COM 427866108 405 3,900 SH   SOLE 3 3,900 0 0
HERTZ GLOBAL HOLDINGS COM 42805T105 277 11,100 SH   SOLE 3 11,100 0 0
HESS COM 42809H107 487 6,600 SH   SOLE 3 6,600 0 0
HEWLETT PACKARD COM 428236103 365 9,100 SH   OTR 3 9,100 0 0
HEWLETT PACKARD COM 428236103 3,146 78,400 SH   SOLE 3 78,400 0 0
HEXCEL CORP COM 428291108 207 5,000 SH   SOLE 3 5,000 0 0
HIGHWOODS PPTYS COM 431284108 124 2,800 SH   SOLE 3 2,800 0 0
HILTON WORLDWIDE HLDGS COM 43300A104 4,940 189,350 SH   OTR 3 189,350 0 0
HILTON WORLDWIDE HLDGS COM 43300A104 7,096 272,000 SH   SOLE 3 272,000 0 0
HOLLYFRONTIER COM 436106108 180 4,800 SH   SOLE 3 4,800 0 0
HOLOGIC COM 436440101 144 5,400 SH   SOLE 3 5,400 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 3,128 2,500,000 PRN   DFND 5,1,2 2,500,000 0 0
HOME DEPOT COM 437076102 73 700 SH   OTR 3 700 0 0
HOME DEPOT COM 437076102 23,965 228,300 SH   SOLE 3 228,300 0 0
HOME PROPERTIES COM 437306103 253,815 3,869,126 SH   OTR 3 3,869,126 0 0
HOME PROPERTIES COM 437306103 118 1,800 SH   SOLE 3 1,800 0 0
HONEYWELL INTL COM 438516106 2,438 24,400 SH   SOLE 3 24,400 0 0
HORMEL FOODS COM 440452100 167 3,200 SH   SOLE 3 3,200 0 0
HOSPIRA COM 441060100 240 3,920 SH   SOLE 3 3,920 0 0
HOST HOTELS & RESORTS COM 44107P104 321,717 13,534,571 SH   OTR 3 13,534,571 0 0
HOST HOTELS & RESORTS COM 44107P104 1,046 44,008 SH   SOLE 3 44,008 0 0
HUDSON CITY COM 443683107 161 15,900 SH   SOLE 3 15,900 0 0
HUDSON PAC PPTYS COM 444097109 51 1,700 SH   SOLE 3 1,700 0 0
HUMANA COM 444859102 546 3,800 SH   SOLE 3 3,800 0 0
HUNT J B TRANS SVCS COM 445658107 194 2,300 SH   SOLE 3 2,300 0 0
HUNTINGTON BANCSHARES COM 446150104 219 20,800 SH   OTR 3 20,800 0 0
HYATT HOTELS CORP CL A 448579102 2,107 35,000 SH   SOLE 3 35,000 0 0
ICICI BK ADR 45104G104 2,460 213,000 SH   OTR 3 213,000 0 0
ICICI BK ADR 45104G104 58 5,000 SH   SOLE 3 5,000 0 0
ICICI BK ADR 45104G104 5,278 457,000 SH   SOLE 3 457,000 0 0
IHS CL A 451734107 171 1,500 SH   SOLE 3 1,500 0 0
ILLINOIS TOOL WKS COM 452308109 862 9,100 SH   SOLE 3 9,100 0 0
ILLUMINA COM 452327109 591 3,200 SH   SOLE 3 3,200 0 0
INCYTE COM 45337C102 241 3,300 SH   SOLE 3 3,300 0 0
INDEPENDENCE RLTY TR COM 45378A106 6 600 SH   SOLE 3 600 0 0
INFOSYS LTD ADR 456788108 94 3,000 SH   SOLE 3 3,000 0 0
INFOSYS LTD ADR 456788108 2,142 68,100 SH   SOLE 3 68,100 0 0
INGERSOLL-RAND SHS G47791101 402 6,344 SH   SOLE 3 6,344 0 0
INLAND REAL ESTATE COM NEW 457461200 30 2,700 SH   SOLE 3 2,700 0 0
INLAND REAL ESTATE CORP REDM PFD SER B ADDED 457461507 9,637 373,375 SH   OTR 3 0 0 0
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INTEL COM 458140100 8,636 237,980 SH   OTR 3 237,980 0 0
INTEL COM 458140100 4,685 129,100 SH   SOLE 3 129,100 0 0
INTERCONTINENTAL EXCHANGE COM 45866F104 15 69 SH   DFND 1,2 69 0 0
INTERCONTINENTAL EXCHANGE COM 45866F104 604 2,755 SH   SOLE 3 2,755 0 0
INTERNATIONAL COM 459506101 5,750 35,930 SH   DFND 4 35,930 0 0
INTERNATIONAL COM 459506101 182 1,800 SH   SOLE 3 1,800 0 0
INTERNATIONAL BUSINESS COM 459200101 3,714 23,150 SH   SOLE 3 23,150 0 0
INTERPUBLIC GROUP COS COM 460690100 5,373 258,700 SH   OTR 3 258,700 0 0
INTERPUBLIC GROUP COS COM 460690100 214 10,300 SH   SOLE 3 10,300 0 0
INTL PAPER COM 460146103 541 10,100 SH   SOLE 3 10,100 0 0
INTUIT COM 461202103 5,126 55,600 SH   SOLE 3 55,600 0 0
INTUITIVE SURGICAL COM NEW 46120E602 476 900 SH   SOLE 3 900 0 0
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IROBOT COM 462726100 2,530 73,337 SH   DFND 4 73,337 0 0
IRON MTN COM 462846106 380 9,828 SH   SOLE 3 9,828 0 0
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ISHARES MSCI MES CAP ETF 464286822 1,245 21,000 SH   DFND 4 21,000 0 0
ISHARES TR MSCI UAE ETF 46434V761 125 6,500 SH   SOLE 3 6,500 0 0
ISHARES TR MSCI QATAR ETF 46434V779 187 7,800 SH   SOLE 3 7,800 0 0
ISHARES TR MSCI PHILIPS ETF 46429B408 1,485 39,000 SH   DFND 4 39,000 0 0
ISHARES TR MSCI RUSSIA CAP 46429B705 650 53,310 SH   DFND 4 53,310 0 0
ITC HLDGS COM 465685105 186 4,600 SH   SOLE 3 4,600 0 0
ITRON COM 465741106 1,865 44,100 SH   OTR 3 44,100 0 0
JACOBS ENGR GROUP INC COM 469814107 143 3,200 SH   SOLE 3 3,200 0 0
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JAKKS PAC COM 47012E106 62 443 SH   DFND 5,1,2 443 0 0
JARDEN CORP NOTE 1.875% 9/1 471109AH1 13,337 8,500,000 PRN   DFND 5,1,2 8,500,000 0 0
JD COM INC SPON CL A 47215P106 293 12,639 SH   DFND 4 12,639 0 0
JETBLUE AIRWAYS COM 477143101 174 11,000 SH   SOLE 3 11,000 0 0
JOHNSON & COM 478160104 146 1,400 SH   OTR 3 1,400 0 0
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JOY GLOBAL COM 481165108 144 3,100 SH   SOLE 3 3,100 0 0
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KATE SPADE & COM 485865109 1,270 39,745 SH   DFND 4 39,745 0 0
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KEYCORP COM 493267108 311 22,400 SH   SOLE 3 22,400 0 0
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KIMCO RLTY COM 49446R109 200,049 7,957,383 SH   OTR 3 7,957,383 0 0
KIMCO RLTY COM 49446R109 611 24,300 SH   SOLE 3 24,300 0 0
KINDER MORGAN INC COM 49456B101 1,404 33,177 SH   SOLE 3 33,177 0 0
KITE RLTY GROUP COM NEW 49803T300 73 2,525 SH   SOLE 3 2,525 0 0
KLA-TENCOR COM 482480100 281 4,000 SH   SOLE 3 4,000 0 0
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L BRANDS COM 501797104 5,141 59,400 SH   OTR 3 59,400 0 0
L BRANDS COM 501797104 502 5,800 SH   SOLE 3 5,800 0 0
L-3 COMMUNICATIONS HLDGS COM 502424104 271 2,150 SH   OTR 3 2,150 0 0
L-3 COMMUNICATIONS HLDGS COM 502424104 265 2,100 SH   SOLE 3 2,100 0 0
LABORATORY CORP AMER COM NEW 50540R409 227 2,100 SH   SOLE 3 2,100 0 0
LAM RESEARCH COM 512807108 3,848 48,500 SH   SOLE 3 48,500 0 0
LAS VEGAS SANDS COM 517834107 368 6,297 SH   DFND 4 6,297 0 0
LAS VEGAS SANDS COM 517834107 227 3,900 SH   OTR 3 3,900 0 0
LAS VEGAS SANDS COM 517834107 558 9,600 SH   SOLE 3 9,600 0 0
LATAM AIRLS GROUP S A ADR 51817R106 38 3,200 SH   SOLE 3 3,200 0 0
LATAM AIRLS GROUP S A ADR 51817R106 129 10,787 SH   SOLE 3 10,787 0 0
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LAUDER ESTEE COS CL A 518439104 434 5,700 SH   SOLE 3 5,700 0 0
LEGG MASON COM 524901105 2,805 52,550 SH   OTR 3 52,550 0 0
LEGG MASON COM 524901105 157 2,950 SH   SOLE 3 2,950 0 0
LEGGETT & PLATT COM 524660107 166 3,900 SH   SOLE 3 3,900 0 0
LENDINGCLUB COM 52603A109 51 2,050 SH   DFND 1,2 2,050 0 0
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LENNAR CL A 526057104 175 3,900 SH   SOLE 3 3,900 0 0
LEUCADIA NATL COM 527288104 191 8,500 SH   SOLE 3 8,500 0 0
LEVEL 3 COMMUNICATIONS COM NEW 52729N308 242 4,900 SH   SOLE 3 4,900 0 0
LEXINGTON REALTY COM 529043101 72 6,546 SH   SOLE 3 6,546 0 0
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LIBERTY MEDIA CORP CL A 531229102 81 2,300 SH   SOLE 3 2,300 0 0
LILLY ELI & COM 532457108 5,964 86,450 SH   OTR 3 86,450 0 0
LILLY ELI & COM 532457108 1,642 23,800 SH   SOLE 3 23,800 0 0
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LINCOLN NATL CORP COM 534187109 13,838 239,949 SH   SOLE 3 239,949 0 0
LINEAR TECHNOLOGY COM 535678106 260 5,700 SH   SOLE 3 5,700 0 0
LINKEDIN CORP CL A 53578A108 1,520 6,533 SH   DFND 4 6,533 0 0
LINKEDIN CORP CL A 53578A108 597 2,600 SH   SOLE 3 2,600 0 0
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LKQ COM 501889208 191 6,800 SH   SOLE 3 6,800 0 0
LOCKHEED MARTIN COM 539830109 1,252 6,500 SH   SOLE 3 6,500 0 0
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LORILLARD COM 544147101 541 8,600 SH   SOLE 3 8,600 0 0
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MACYS COM 55616P104 5,812 88,398 SH   SOLE 3 88,398 0 0
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MANPOWERGROUP COM 56418H100 164 2,400 SH   SOLE 3 2,400 0 0
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MARATHON PETE COM 56585A102 5,122 56,750 SH   SOLE 3 56,750 0 0
MARKIT SHS G58249106 2,337 88,420 SH   OTR 3 88,420 0 0
MARRIOTT INTL INC CL A 571903202 4,500 57,667 SH   SOLE 3 57,667 0 0
MARSH & MCLENNAN COS COM 571748102 756 13,200 SH   SOLE 3 13,200 0 0
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MARVELL TECHNOLOGY GROUP ORD G5876H105 141 9,700 SH   SOLE 3 9,700 0 0
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MEDTRONIC COM 585055106 1,675 23,200 SH   SOLE 3 23,200 0 0
MERCK & CO INC COM 58933Y105 6,329 111,440 SH   OTR 3 111,440 0 0
MERCK & CO INC COM 58933Y105 3,893 68,558 SH   SOLE 3 68,558 0 0
METLIFE COM 59156R108 1,249 23,100 SH   SOLE 3 23,100 0 0
METTLER TOLEDO COM 592688105 212 700 SH   SOLE 3 700 0 0
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MICROCHIP TECHNOLOGY COM 595017104 334 7,400 SH   SOLE 3 7,400 0 0
MICROCHIP TECHNOLOGY INC SDCV 2.125%12/1 595017AB0 62,483 35,000,000 PRN   DFND 5,1,2 35,000,000 0 0
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MICROSOFT COM 594918104 11,624 250,250 SH   OTR 3 250,250 0 0
MICROSOFT COM 594918104 14,269 307,200 SH   SOLE 3 307,200 0 0
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MOBILE TELESYSTEMS OJSC ADR 607409109 1,206 168,000 SH   OTR 3 168,000 0 0
MOBILE TELESYSTEMS OJSC ADR 607409109 50 7,010 SH   SOLE 3 7,010 0 0
MOBILEYE N V AMSTELVEEN SHS N51488117 586 14,250 SH   DFND 4 14,250 0 0
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MONDELEZ INTL CL A 609207105 1,446 39,811 SH   SOLE 3 39,811 0 0
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NEWS CORP CL A 65249B109 143 9,137 SH   SOLE 3 9,137 0 0
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O REILLY AUTOMOTIVE INC COM 67103H107 6,626 34,400 SH   SOLE 3 34,400 0 0
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ONEOK INC COM 682680103 254 5,100 SH   SOLE 3 5,100 0 0
ORACLE COM 68389X105 6,102 135,700 SH   OTR 3 135,700 0 0
ORACLE COM 68389X105 19,768 439,583 SH   SOLE 3 439,583 0 0
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PETROLEO BRASILEIRO SA PETRO ADR 71654V408 1,340 183,600 SH   SOLE 3 183,600 0 0
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PRECISION CASTPARTS COM 740189105 1,255 5,210 SH   SOLE 3 5,210 0 0
PREFERRED APT CMNTYS COM 74039L103 5 500 SH   SOLE 3 500 0 0
PRICE T ROWE GROUP COM 74144T108 558 6,500 SH   SOLE 3 6,500 0 0
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PRICELINE GRP COM NEW 741503403 34 30 SH   OTR 3 30 0 0
PRICELINE GRP COM NEW 741503403 1,391 1,220 SH   SOLE 3 1,220 0 0
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PRUDENTIAL FINL COM 744320102 1,058 11,700 SH   SOLE 3 11,700 0 0
PS BUSINESS PKS INC COM 69360J107 48 600 SH   SOLE 3 600 0 0
PUBLIC COM 74460D109 529,362 2,863,736 SH   OTR 3 2,863,736 0 0
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PULTE GROUP COM 745867101 176 8,200 SH   SOLE 3 8,200 0 0
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QEP RES COM 74733V100 103 5,100 SH   SOLE 3 5,100 0 0
QTS RLTY TR INC CL A 74736A103 14 400 SH   SOLE 3 400 0 0
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QUALCOMM COM 747525103 2,973 40,000 SH   SOLE 3 40,000 0 0
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QUEST DIAGNOSTICS COM 74834L100 235 3,500 SH   SOLE 3 3,500 0 0
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RACKSPACE HOSTING COM 750086100 136 2,900 SH   SOLE 3 2,900 0 0
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RALPH LAUREN CL A 751212101 296 1,600 SH   SOLE 3 1,600 0 0
RANGE RES COM 75281A109 214 4,000 SH   SOLE 3 4,000 0 0
RAYMOND JAMES FINANCIAL COM 754730109 172 3,000 SH   SOLE 3 3,000 0 0
RAYONIER COM 754907103 84 3,000 SH   SOLE 3 3,000 0 0
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RAYTHEON COM NEW 755111507 1,244 11,500 SH   SOLE 3 11,500 0 0
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RED HAT COM 756577102 2,115 30,597 SH   DFND 5,1,2 30,597 0 0
RED HAT COM 756577102 318 4,600 SH   SOLE 3 4,600 0 0
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REGENCY CTRS COM 758849103 357 5,600 SH   SOLE 3 5,600 0 0
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REGIONS FINL CORP COM 7591EP100 359 34,035 SH   SOLE 3 34,035 0 0
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RENEWABLE ENERGY GROUP COM NEW 75972A301 1 1,000 SH   DFND 5,1,2 1,000 0 0
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RETAIL PPTYS AMER CL A 76131V202 122 7,300 SH   SOLE 3 7,300 0 0
REXFORD INDL RLTY COM 76169C100 17 1,100 SH   SOLE 3 1,100 0 0
REYNOLDS AMERICAN COM 761713106 501 7,800 SH   SOLE 3 7,800 0 0
RLJ LODGING COM 74965L101 118,984 3,548,573 SH   OTR 3 3,548,573 0 0
RLJ LODGING COM 74965L101 154 4,600 SH   SOLE 3 4,600 0 0
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ROBERT HALF INTL COM 770323103 198 3,400 SH   SOLE 3 3,400 0 0
ROCK-TENN CL A 772739207 207 3,400 SH   SOLE 3 3,400 0 0
ROCKWELL AUTOMATION COM 773903109 367 3,300 SH   SOLE 3 3,300 0 0
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ROPER INDS INC COM 776696106 407 2,600 SH   SOLE 3 2,600 0 0
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ROUSE PPTYS COM 779287101 19 1,007 SH   SOLE 3 1,007 0 0
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RYMAN HOSPITALITY PPTYS COM 78377T107 79 1,500 SH   SOLE 3 1,500 0 0
SABRA HEALTH CARE REIT COM 78573L106 49 1,600 SH   SOLE 3 1,600 0 0
SAFEWAY COM NEW 786514208 207 5,900 SH   SOLE 3 5,900 0 0
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SALIX PHARMACEUTICALS COM 795435106 138 1,200 SH   SOLE 3 1,200 0 0
SANDISK COM 80004C101 5,604 57,200 SH   SOLE 3 57,200 0 0
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SAUL CTRS COM 804395101 17 300 SH   SOLE 3 300 0 0
SBA COMMUNICATIONS COM 78388J106 487 4,400 SH   SOLE 3 4,400 0 0
SCANA CORP COM 80589M102 187 3,100 SH   SOLE 3 3,100 0 0
SCHEIN HENRY COM 806407102 300 2,200 SH   SOLE 3 2,200 0 0
SCHLUMBERGER COM 806857108 2,641 30,917 SH   SOLE 3 30,917 0 0
SCHWAB CHARLES CORP COM 808513105 836 27,700 SH   SOLE 3 27,700 0 0
SCRIPPS NETWORKS INTERACT IN CL COM 811065101 143 1,900 SH   SOLE 3 1,900 0 0
SEAGATE TECHNOLOGY SHS G7945M107 545 8,200 SH   SOLE 3 8,200 0 0
SEALED AIR CORP COM 81211K100 187 4,400 SH   SOLE 3 4,400 0 0
SEI INVESTMENTS COM 784117103 128 3,200 SH   SOLE 3 3,200 0 0
SEMPRA COM 816851109 857 7,700 SH   SOLE 3 7,700 0 0
SENSATA TECHNOLOGIES HLDG SHS N7902X106 183 3,500 SH   SOLE 3 3,500 0 0
SERVICENOW COM 81762P102 224 3,300 SH   SOLE 3 3,300 0 0
SHERWIN WILLIAMS COM 824348106 552 2,100 SH   SOLE 3 2,100 0 0
SIGMA ALDRICH COM 826552101 398 2,900 SH   SOLE 3 2,900 0 0
SILVER BAY RLTY TR COM 82735Q102 20 1,200 SH   SOLE 3 1,200 0 0
SIMON PPTY GROUP INC COM 828806109 1,132,764 6,220,220 SH   OTR 3 6,220,220 0 0
SIMON PPTY GROUP INC COM 828806109 3,189 17,511 SH   SOLE 3 17,511 0 0
SIRIUS XM HLDGS COM 82968B103 215 61,400 SH   SOLE 3 61,400 0 0
SKYWORKS SOLUTIONS COM 83088M102 2,858 39,300 SH   SOLE 3 39,300 0 0
SL GREEN RLTY COM 78440X101 505,922 4,250,727 SH   OTR 3 4,250,727 0 0
SL GREEN RLTY COM 78440X101 631 5,300 SH   SOLE 3 5,300 0 0
SMUCKER J M COM NEW 832696405 273 2,700 SH   SOLE 3 2,700 0 0
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SOLARCITY COM 83416T100 171 3,200 SH   SOLE 3 3,200 0 0
SOLAZYME COM 83415T101 12 124 SH   DFND 5,1,2 124 0 0
SOLAZYME INC NOTE 5.000%10/0 83415TAC5 684 1,500,000 PRN   DFND 5,1,2 1,500,000 0 0
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SOUTHERN COM 842587107 1,071 21,800 SH   SOLE 3 21,800 0 0
SOUTHERN COPPER COM 84265V105 17 600 SH   SOLE 3 600 0 0
SOUTHWEST AIRLS COM 844741108 11,481 271,300 SH   SOLE 3 271,300 0 0
SOUTHWESTERN ENERGY COM 845467109 235 8,600 SH   SOLE 3 8,600 0 0
SOVRAN SELF STORAGE COM 84610H108 87 1,000 SH   SOLE 3 1,000 0 0
SPDR GOLD TRUST SHS 78463V107 454 4,000 SH   SOLE 3 4,000 0 0
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SPECTRUM BRANDS HLDGS COM 84763R101 3,349 35,000 SH   SOLE 3 35,000 0 0
SPIRIT AIRLS COM 848577102 4,807 63,600 SH   SOLE 3 63,600 0 0
SPIRIT RLTY CAP INC COM 84860W102 209,461 17,616,576 SH   OTR 3 17,616,576 0 0
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SPX COM 784635104 103 1,200 SH   SOLE 3 1,200 0 0
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STAG INDL COM 85254J102 47 1,900 SH   SOLE 3 1,900 0 0
STANLEY BLACK & DECKER COM 854502101 348 3,624 SH   SOLE 3 3,624 0 0
STAPLES COM 855030102 281 15,500 SH   SOLE 3 15,500 0 0
STARBUCKS COM 855244109 4,283 52,200 SH   SOLE 3 52,200 0 0
STARWOOD HOTELS&RESORTS COM 85590A401 1,021 12,600 SH   OTR 3 12,600 0 0
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STARWOOD PPTY TR INC NOTE 3.750%10/1 ADDED 85571BAC9 10,175 10,000,000 PRN   DFND 5,1,2 10,000,000 0 0
STARWOOD WAYPOINT RESIDENTL SHS 85571W109 3,208 121,648 SH   OTR 3 121,648 0 0
STARWOOD WAYPOINT RESIDENTL SHS 85571W109 32 1,200 SH   SOLE 3 1,200 0 0
STATE STR COM 857477103 13,144 167,443 SH   SOLE 3 167,443 0 0
STERICYCLE COM 858912108 275 2,100 SH   SOLE 3 2,100 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 139,929 10,576,643 SH   OTR 3 10,576,643 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 105 7,900 SH   SOLE 3 7,900 0 0
STRYKER COM 863667101 774 8,200 SH   SOLE 3 8,200 0 0
SUMMIT HOTEL COM 866082100 4,527 363,874 SH   OTR 3 363,874 0 0
SUMMIT HOTEL COM 866082100 32 2,600 SH   SOLE 3 2,600 0 0
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SUN CMNTYS COM 866674104 85 1,400 SH   SOLE 3 1,400 0 0
SUNPOWER COM 867652406 248 9,600 SH   SOLE 3 9,600 0 0
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SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 3,334 127,075 SH   OTR 3 0 0 0
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SYMANTEC COM 871503108 698 27,200 SH   SOLE 3 27,200 0 0
SYNOPSYS COM 871607107 165 3,800 SH   SOLE 3 3,800 0 0
SYSCO COM 871829107 579 14,600 SH   SOLE 3 14,600 0 0
T MOBILE US COM 872590104 166 6,150 SH   SOLE 3 6,150 0 0
TAIWAN SEMICONDUCTOR MFG LTD ADR 874039100 22 1,000 SH   SOLE 3 1,000 0 0
TANGER FACTORY OUTLET CTRS COM 875465106 111 3,000 SH   SOLE 3 3,000 0 0
TARGET COM 87612E106 1,078 14,200 SH   SOLE 3 14,200 0 0
TAUBMAN CTRS COM 876664103 197,365 2,582,641 SH   OTR 3 2,582,641 0 0
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TIME WARNER COM NEW 887317303 1,725 20,199 SH   SOLE 3 20,199 0 0
TIME WARNER CABLE COM 88732J207 1,005 6,610 SH   SOLE 3 6,610 0 0
TJX COS INC COM 872540109 297 4,345 SH   DFND 4 4,345 0 0
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TOLL BROTHERS COM 889478103 144 4,200 SH   SOLE 3 4,200 0 0
TORCHMARK COM 891027104 180 3,325 SH   SOLE 3 3,325 0 0
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TRIMBLE NAVIGATION COM 896239100 159 6,000 SH   SOLE 3 6,000 0 0
TRIPADVISOR COM 896945201 217 2,900 SH   SOLE 3 2,900 0 0
TRIUMPH GROUP INC COM 896818101 155 2,300 SH   OTR 3 2,300 0 0
TRONOX LTD CL A Q9235V101 139 5,800 SH   SOLE 3 5,800 0 0
TRW AUTOMOTIVE HLDGS COM 87264S106 278 2,700 SH   SOLE 3 2,700 0 0
TWENTY FIRST CENTY FOX CL A 90130A101 3,630 94,510 SH   OTR 3 94,510 0 0
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TWITTER COM 90184L102 283 7,900 SH   SOLE 3 7,900 0 0
TYSON FOODS CL A 902494103 281 7,000 SH   OTR 3 7,000 0 0
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Twenty First Centy Fox Inc CL B 90130A200 387 10,500 SH   SOLE 3 10,500 0 0
U M H PROPERTIES COM 903002103 542 20,512 SH   OTR 3 0 0 0
U M H PROPERTIES COM 903002103 6 600 SH   SOLE 3 600 0 0
UDR COM 902653104 408,445 13,252,592 SH   OTR 3 13,252,592 0 0
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ULTRAPAR PARTICIPACOES S A SP ADR COM 90400P101 5,470 286,850 SH   SOLE 3 286,850 0 0
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UNITED CONTL HLDGS COM 910047109 6,167 92,200 SH   SOLE 3 92,200 0 0
UNITED PARCEL SERVICE INC CL B 911312106 245 2,200 SH   OTR 3 2,200 0 0
UNITED PARCEL SERVICE INC CL B 911312106 2,446 22,000 SH   SOLE 3 22,000 0 0
UNITED RENTALS COM 911363109 337 3,300 SH   SOLE 3 3,300 0 0
UNITED TECHNOLOGIES COM 913017109 2,944 25,600 SH   SOLE 3 25,600 0 0
UNITEDHEALTH GROUP COM 91324P102 2,783 27,526 SH   SOLE 3 27,526 0 0
UNIVERSAL HEALTH RLTY INCM SH BEN INT 91359E105 19 400 SH   SOLE 3 400 0 0
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V F COM 918204108 3,541 47,280 SH   OTR 3 47,280 0 0
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VIACOM INC NEW CL B 92553P201 668 8,871 SH   SOLE 3 8,871 0 0
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VISA INC CL A 92826C839 4,929 18,800 SH   SOLE 3 18,800 0 0
VMWARE INC CL COM 928563402 272 3,300 SH   SOLE 3 3,300 0 0
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W P CAREY COM 92936U109 210 3,000 SH   SOLE 3 3,000 0 0
WABCO HLDGS COM 92927K102 1,727 16,480 SH   OTR 3 16,480 0 0
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WASHINGTON PRIME GROUP COM 939647103 16,834 977,604 SH   OTR 3 977,604 0 0
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WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 55 2,000 SH   SOLE 3 2,000 0 0
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WELLS FARGO & CO COM 949746101 4,299 78,426 SH   OTR 3 78,426 0 0
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WESTLAKE CHEM COM 960413102 73 1,200 SH   SOLE 3 1,200 0 0
WEYERHAEUSER COM 962166104 472 13,158 SH   SOLE 3 13,158 0 0
WHIRLPOOL COM 963320106 387 2,000 SH   SOLE 3 2,000 0 0
WHITESTONE COM 966084204 9 600 SH   SOLE 3 600 0 0
WHITING PETE CORP COM 966387102 102 3,100 SH   SOLE 3 3,100 0 0
WHOLE FOODS MKT COM 966837106 429 8,500 SH   SOLE 3 8,500 0 0
WILLIAMS COS INC COM 969457100 777 17,300 SH   SOLE 3 17,300 0 0
WILLIS GROUP HOLDINGS SHS G96666105 184 4,100 SH   SOLE 3 4,100 0 0
WINDSTREAM HLDGS COM 97382A101 125 15,200 SH   SOLE 3 15,200 0 0
WISCONSIN ENERGY COM 976657106 295 5,600 SH   SOLE 3 5,600 0 0
WISDOMTREE INVTS COM 97717P104 1,188 75,780 SH   OTR 3 75,780 0 0
WOODWARD COM 980745103 187 3,800 SH   SOLE 3 3,800 0 0
WORKDAY CL A 98138H101 180 2,200 SH   SOLE 3 2,200 0 0
WYNDHAM WORLDWIDE COM 98310W108 900 10,500 SH   SOLE 3 10,500 0 0
WYNN RESORTS COM 983134107 7,438 50,000 SH   DFND 5,1,2 50,000 0 0
WYNN RESORTS COM 983134107 2,012 500 SH   DFND 5,1,2 500 0 0
WYNN RESORTS COM 983134107 298 2,000 SH   SOLE 3 2,000 0 0
XCEL ENERGY COM 98389B100 445 12,400 SH   SOLE 3 12,400 0 0
XEROX COM 984121103 376 27,153 SH   SOLE 3 27,153 0 0
XILINX COM 983919101 199 4,600 SH   OTR 3 4,600 0 0
XILINX COM 983919101 294 6,800 SH   SOLE 3 6,800 0 0
XL GROUP SHS G98290102 234 6,800 SH   SOLE 3 6,800 0 0
XYLEM COM 98419M100 236 6,200 SH   SOLE 3 6,200 0 0
YAHOO COM 984332106 11,673 231,100 SH   SOLE 3 231,100 0 0
YELP CL A 985817105 15,725 289,919 SH   DFND 4 289,919 0 0
YUM BRANDS COM 988498101 750 10,300 SH   SOLE 3 10,300 0 0
ZILLOW CL A 98954A107 12,182 118,400 SH   DFND 4 118,400 0 0
ZIMMER HLDGS COM 98956P102 454 4,000 SH   SOLE 3 4,000 0 0
ZOETIS CL A 98978V103 114 2,650 SH   OTR 3 2,650 0 0
ZOETIS CL A 98978V103 521 12,100 SH   SOLE 3 12,100 0 0