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
ABBOTT LABS COM 002824100 1,918 55,000 SH   OTR 0 55,000 0
ABBVIE INC COM 00287Y109 1,881 45,500 SH   OTR 0 45,500 0
AIR PRODS & CHEMS INC COM 009158106 916 10,000 SH   OTR 0 10,000 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 283 4,300 SH   OTR 0 4,300 0
ALTRIA GROUP INC COM 02209S103 3,083 88,100 SH   OTR 0 88,100 0
AMERICAN EXPRESS CO COM 025816109 2,019 27,000 SH   OTR 0 27,000 0
APARTMENT INVT & MGMT CO CL A 03748R101 604 20,100 SH   OTR 0 20,100 0
APPLE INC COM 037833100 5,948 15,000 SH   OTR 0 15,000 0
AUTOMATIC DATA PROCESSING IN COM 053015103 1,584 23,000 SH   OTR 0 23,000 0
AVALONBAY CMNTYS INC COM 053484101 767 5,688 SH   OTR 0 5,688 0
BIOMED REALTY TRUST INC COM 09063H107 517 25,550 SH   OTR 0 25,550 0
BLACKROCK INC COM 09247X101 1,541 6,000 SH   OTR 0 6,000 0
BOSTON PROPERTIES INC COM 101121101 599 5,680 SH   OTR 0 5,680 0
CANADIAN PAC RY LTD COM 13645T100 2,063 17,000 SH   OTR 0 17,000 0
CATERPILLAR INC DEL COM 149123101 1,831 22,200 SH   OTR 0 22,200 0
CHEVRON CORP NEW COM 166764100 5,183 43,800 SH   OTR 0 43,800 0
COCA COLA CO COM 191216100 5,615 140,000 SH   OTR 0 140,000 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 142 5,900 SH   OTR 0 5,900 0
CONOCOPHILLIPS COM 20825C104 2,481 41,000 SH   OTR 0 41,000 0
DIAGEO P L C SPON ADR NEW 25243Q205 1,908 16,600 SH   OTR 0 16,600 0
DOUGLAS EMMETT INC COM 25960P109 260 10,410 SH   OTR 0 10,410 0
DUKE REALTY CORP COM NEW 264411505 169 10,850 SH   OTR 0 10,850 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,151 19,830 SH   OTR 0 19,830 0
ESSEX PPTY TR INC COM 297178105 191 1,200 SH   OTR 0 1,200 0
EXTRA SPACE STORAGE INC COM 30225T102 145 3,450 SH   OTR 0 3,450 0
EXXON MOBIL CORP COM 30231G102 7,937 87,842 SH   OTR 0 87,842 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 171 1,650 SH   OTR 0 1,650 0
FRANKLIN RES INC COM 354613101 1,224 9,000 SH   OTR 0 9,000 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1,325 48,000 SH   OTR 0 48,000 0
GENERAL ELECTRIC CO COM 369604103 1,278 55,100 SH   OTR 0 55,100 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 639 32,150 SH   OTR 0 32,150 0
HCP INC COM 40414L109 887 19,520 SH   OTR 0 19,520 0
HEALTH CARE REIT INC COM 42217K106 845 12,600 SH   OTR 0 12,600 0
HOST HOTELS & RESORTS INC COM 44107P104 464 27,500 SH   OTR 0 27,500 0
HSBC HLDGS PLC SPON ADR NEW 404280406 1,470 28,333 SH   OTR 0 28,333 0
IMPERIAL OIL LTD COM NEW 453038408 1,070 28,000 SH   OTR 0 28,000 0
INDEXIQ ETF TR HEDGE MLTI ETF 45409B107 9,823 355,000 SH   SOLE 355,000 0 0
INTEL CORP COM 458140100 2,423 100,000 SH   OTR 0 100,000 0
INTERNATIONAL BUSINESS MACHS COM 459200101 3,344 17,500 SH   OTR 0 17,500 0
ISHARES TR MSCI SMALL CAP 464288273 16,503 393,500 SH   SOLE 393,500 0 0
ISHARES TR RUSSELL 2000 464287655 28,615 295,000 SH   SOLE 295,000 0 0
JOHNSON & JOHNSON COM 478160104 4,027 46,900 SH   OTR 0 46,900 0
JPMORGAN CHASE & CO COM 46625H100 3,379 64,000 SH   OTR 0 64,000 0
KIMCO RLTY CORP COM 49446R109 415 19,350 SH   OTR 0 19,350 0
KRAFT FOODS GROUP INC COM 50076Q106 936 16,759 SH   OTR 0 16,759 0
LAUDER ESTEE COS INC CL A 518439104 1,315 20,000 SH   OTR 0 20,000 0
MACERICH CO COM 554382101 718 11,770 SH   OTR 0 11,770 0
MACK CALI RLTY CORP COM 554489104 371 15,150 SH   OTR 0 15,150 0
MCDONALDS CORP COM 580135101 3,960 40,000 SH   OTR 0 40,000 0
MCGRAW HILL FINL INC COM 580645109 1,330 25,000 SH   OTR 0 25,000 0
MERCK & CO INC NEW COM 58933Y105 1,853 39,900 SH   OTR 0 39,900 0
MONDELEZ INTL INC CL A 609207105 1,434 50,278 SH   OTR 0 50,278 0
NEWS CORP CL A 65248E104 1,864 57,200 SH   OTR 0 57,200 0
NOVARTIS A G SPONSORED ADR 66987V109 1,874 26,500 SH   OTR 0 26,500 0
NOVO-NORDISK A S ADR 670100205 2,634 17,000 SH   OTR 0 17,000 0
OCCIDENTAL PETE CORP DEL COM 674599105 3,123 35,000 SH   OTR 0 35,000 0
PEPSICO INC COM 713448108 2,863 35,000 SH   OTR 0 35,000 0
PHILIP MORRIS INTL INC COM 718172109 7,978 92,100 SH   OTR 0 92,100 0
PHILLIPS 66 COM 718546104 1,208 20,500 SH   OTR 0 20,500 0
PRAXAIR INC COM 74005P104 2,073 18,000 SH   OTR 0 18,000 0
PROCTER & GAMBLE CO COM 742718109 3,850 50,000 SH   OTR 0 50,000 0
PROLOGIS INC COM 74340W103 1,262 33,465 SH   OTR 0 33,465 0
PUBLIC STORAGE COM 74460D109 863 5,630 SH   OTR 0 5,630 0
QUALCOMM INC COM 747525103 1,039 17,000 SH   OTR 0 17,000 0
REGENCY CTRS CORP COM 758849103 374 7,370 SH   OTR 0 7,370 0
RIO TINTO PLC SPONSORED ADR 767204100 904 22,000 SH   OTR 0 22,000 0
RLJ LODGING TR COM 74965L101 274 12,200 SH   OTR 0 12,200 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 2,935 46,000 SH   OTR 0 46,000 0
SIMON PPTY GROUP INC NEW COM 828806109 1,900 12,032 SH   OTR 0 12,032 0
SL GREEN RLTY CORP COM 78440X101 370 4,200 SH   OTR 0 4,200 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 130 2,050 SH   OTR 0 2,050 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 207 17,100 SH   OTR 0 17,100 0
TARGET CORP COM 87612E106 2,892 42,000 SH   OTR 0 42,000 0
TAUBMAN CTRS INC PFD SER K 876664707 417 17,000 SH   OTR 0 17,000 0
TEXAS INSTRS INC COM 882508104 1,586 45,500 SH   OTR 0 45,500 0
TIME WARNER CABLE INC COM 88732J207 1,125 10,000 SH   OTR 0 10,000 0
TOTAL S A SPONSORED ADR 89151E109 2,070 42,500 SH   OTR 0 42,500 0
UDR INC COM 902653104 440 17,250 SH   OTR 0 17,250 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 35,303 910,000 SH   SOLE 910,000 0 0
VENTAS INC COM 92276F100 692 9,965 SH   OTR 0 9,965 0
VORNADO RLTY TR SH BEN INT 929042109 621 7,500 SH   OTR 0 7,500 0
WALGREEN CO COM 931422109 1,547 35,000 SH   OTR 0 35,000 0
WAL-MART STORES INC COM 931142103 3,002 40,300 SH   OTR 0 40,300 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 263 8,550 SH   OTR 0 8,550 0
WHOLE FOODS MKT INC COM 966837106 1,524 29,600 SH   OTR 0 29,600 0