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 1,825 55,000 SH   OTR 0 55,000 0
ABBVIE INC COM 00287Y109 2,035 45,500 SH   OTR 0 45,500 0
ACE LTD SHS H0023R105 327 3,500 SH   OTR 0 3,500 0
AIR PRODS & CHEMS INC COM 009158106 1,066 10,000 SH   OTR 0 10,000 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 267 4,180 SH   OTR 0 4,180 0
ALTRIA GROUP INC COM 02209S103 3,026 88,100 SH   OTR 0 88,100 0
AMERICAN EXPRESS CO COM 025816109 2,039 27,000 SH   OTR 0 27,000 0
APARTMENT INVT & MGMT CO CL A 03748R101 654 23,410 SH   OTR 0 23,410 0
APPLE INC COM 037833100 7,151 15,000 SH   OTR 0 15,000 0
AUTOMATIC DATA PROCESSING IN COM 053015103 1,665 23,000 SH   OTR 0 23,000 0
AVALONBAY CMNTYS INC COM 053484101 785 6,178 SH   OTR 0 6,178 0
BIOMED REALTY TRUST INC COM 09063H107 498 26,790 SH   OTR 0 26,790 0
BLACKROCK INC COM 09247X101 1,624 6,000 SH   OTR 0 6,000 0
BOSTON PROPERTIES INC COM 101121101 510 4,770 SH   OTR 0 4,770 0
CANADIAN PAC RY LTD COM 13645T100 2,096 17,000 SH   OTR 0 17,000 0
CATERPILLAR INC DEL COM 149123101 1,851 22,200 SH   OTR 0 22,200 0
CHEVRON CORP NEW COM 166764100 5,322 43,800 SH   OTR 0 43,800 0
COCA COLA CO COM 191216100 5,303 140,000 SH   OTR 0 140,000 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 138 6,140 SH   OTR 0 6,140 0
CONOCOPHILLIPS COM 20825C104 2,850 41,000 SH   OTR 0 41,000 0
DDR CORP COM 23317H102 193 12,280 SH   OTR 0 12,280 0
DIAGEO P L C SPON ADR NEW 25243Q205 2,110 16,600 SH   OTR 0 16,600 0
DOUGLAS EMMETT INC COM 25960P109 330 14,060 SH   OTR 0 14,060 0
DUKE REALTY CORP COM NEW 264411505 204 13,200 SH   OTR 0 13,200 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,153 21,530 SH   OTR 0 21,530 0
ESSEX PPTY TR INC COM 297178105 179 1,210 SH   OTR 0 1,210 0
EXTRA SPACE STORAGE INC COM 30225T102 159 3,470 SH   OTR 0 3,470 0
EXXON MOBIL CORP COM 30231G102 7,558 87,842 SH   OTR 0 87,842 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 153 1,510 SH   OTR 0 1,510 0
FRANKLIN RES INC COM 354613101 1,517 30,000 SH   OTR 0 30,000 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1,588 48,000 SH   OTR 0 48,000 0
GENERAL ELECTRIC CO COM 369604103 1,316 55,100 SH   OTR 0 55,100 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 650 33,680 SH   OTR 0 33,680 0
HCP INC COM 40414L109 898 21,920 SH   OTR 0 21,920 0
HEALTH CARE REIT INC COM 42217K106 741 11,880 SH   OTR 0 11,880 0
HOST HOTELS & RESORTS INC COM 44107P104 552 31,220 SH   OTR 0 31,220 0
HSBC HLDGS PLC SPON ADR NEW 404280406 1,537 28,333 SH   OTR 0 28,333 0
IMPERIAL OIL LTD COM NEW 453038408 1,231 28,000 SH   OTR 0 28,000 0
INDEXIQ ETF TR HEDGE MLTI ETF 45409B107 10,142 355,000 SH   SOLE 355,000 0 0
INTEL CORP COM 458140100 2,292 100,000 SH   OTR 0 100,000 0
INTERNATIONAL BUSINESS MACHS COM 459200101 3,241 17,500 SH   OTR 0 17,500 0
ISHARES EAFE SML CP ETF 464288273 19,089 393,500 SH   SOLE 393,500 0 0
ISHARES RUSSELL 2000 ETF 464287655 31,450 295,000 SH   SOLE 295,000 0 0
JOHNSON & JOHNSON COM 478160104 4,066 46,900 SH   OTR 0 46,900 0
JPMORGAN CHASE & CO COM 46625H100 3,308 64,000 SH   OTR 0 64,000 0
KILROY RLTY CORP COM 49427F108 130 2,600 SH   OTR 0 2,600 0
KIMCO RLTY CORP COM 49446R109 289 14,300 SH   OTR 0 14,300 0
KRAFT FOODS GROUP INC COM 50076Q106 880 16,759 SH   OTR 0 16,759 0
LAUDER ESTEE COS INC CL A 518439104 1,398 20,000 SH   OTR 0 20,000 0
MACERICH CO COM 554382101 695 12,310 SH   OTR 0 12,310 0
MCDONALDS CORP COM 580135101 3,848 40,000 SH   OTR 0 40,000 0
MCGRAW HILL FINL INC COM 580645109 1,640 25,000 SH   OTR 0 25,000 0
MERCK & CO INC NEW COM 58933Y105 1,900 39,900 SH   OTR 0 39,900 0
MONDELEZ INTL INC CL A 609207105 1,580 50,278 SH   OTR 0 50,278 0
NEWS CORP NEW CL A 65249B109 230 14,300 SH   OTR 0 14,300 0
NOVARTIS A G SPONSORED ADR 66987V109 2,033 26,500 SH   OTR 0 26,500 0
NOVO-NORDISK A S ADR 670100205 2,877 17,000 SH   OTR 0 17,000 0
OCCIDENTAL PETE CORP DEL COM 674599105 3,274 35,000 SH   OTR 0 35,000 0
PEPSICO INC COM 713448108 2,783 35,000 SH   OTR 0 35,000 0
PHILIP MORRIS INTL INC COM 718172109 7,975 92,100 SH   OTR 0 92,100 0
PHILLIPS 66 COM 718546104 1,185 20,500 SH   OTR 0 20,500 0
PRAXAIR INC COM 74005P104 2,164 18,000 SH   OTR 0 18,000 0
PROCTER & GAMBLE CO COM 742718109 3,780 50,000 SH   OTR 0 50,000 0
PROLOGIS INC COM 74340W103 1,294 34,405 SH   OTR 0 34,405 0
PUBLIC STORAGE COM 74460D109 862 5,370 SH   OTR 0 5,370 0
QUALCOMM INC COM 747525103 1,144 17,000 SH   OTR 0 17,000 0
REGENCY CTRS CORP COM 758849103 293 6,070 SH   OTR 0 6,070 0
RIO TINTO PLC SPONSORED ADR 767204100 1,073 22,000 SH   OTR 0 22,000 0
RLJ LODGING TR COM 74965L101 383 16,310 SH   OTR 0 16,310 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 3,021 46,000 SH   OTR 0 46,000 0
SIMON PPTY GROUP INC NEW COM 828806109 1,915 12,922 SH   OTR 0 12,922 0
SL GREEN RLTY CORP COM 78440X101 286 3,220 SH   OTR 0 3,220 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 269 21,150 SH   OTR 0 21,150 0
TARGET CORP COM 87612E106 2,687 42,000 SH   OTR 0 42,000 0
TAUBMAN CTRS INC COM 876664103 95 1,410 SH   OTR 0 1,410 0
TAUBMAN CTRS INC PFD SER K 876664707 465 20,800 SH   OTR 0 20,800 0
TEXAS INSTRS INC COM 882508104 1,833 45,500 SH   OTR 0 45,500 0
TIME WARNER CABLE INC COM 88732J207 1,116 10,000 SH   OTR 0 10,000 0
TOTAL S A SPONSORED ADR 89151E109 2,462 42,500 SH   OTR 0 42,500 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 1,917 57,200 SH   OTR 0 57,200 0
UDR INC COM 902653104 418 17,620 SH   OTR 0 17,620 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 46,155 1,150,000 SH   SOLE 1,150,000 0 0
VENTAS INC COM 92276F100 660 10,735 SH   OTR 0 10,735 0
VORNADO RLTY TR SH BEN INT 929042109 660 7,850 SH   OTR 0 7,850 0
WALGREEN CO COM 931422109 1,969 36,600 SH   OTR 0 36,600 0
WAL-MART STORES INC COM 931142103 2,981 40,300 SH   OTR 0 40,300 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 170 5,790 SH   OTR 0 5,790 0
WHOLE FOODS MKT INC COM 966837106 1,732 29,600 SH   OTR 0 29,600 0