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 2,118 55,000 SH   OTR 0 55,000 0
ABBVIE INC COM 00287Y109 2,339 45,500 SH   OTR 0 45,500 0
ACE LTD SHS H0023R105 1,486 15,000 SH   OTR 0 15,000 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 430 5,930 SH   OTR 0 5,930 0
ALTRIA GROUP INC COM 02209S103 2,998 80,100 SH   OTR 0 80,100 0
AMERICAN EXPRESS CO COM 025816109 2,431 27,000 SH   OTR 0 27,000 0
APARTMENT INVT & MGMT CO CL A 03748R101 579 19,168 SH   OTR 0 19,168 0
APPLE INC COM 037833100 6,709 12,500 SH   OTR 0 12,500 0
ASML HOLDING N V N Y REGISTRY SHS N07059210 794 8,500 SH   OTR 0 8,500 0
AUTOMATIC DATA PROCESSING IN COM 053015103 1,777 23,000 SH   OTR 0 23,000 0
AVALONBAY CMNTYS INC COM 053484101 995 7,578 SH   OTR 0 7,578 0
BIOMED REALTY TRUST INC COM 09063H107 335 16,340 SH   OTR 0 16,340 0
BLACKROCK INC COM 09247X101 1,887 6,000 SH   OTR 0 6,000 0
BOSTON PROPERTIES INC COM 101121101 632 5,520 SH   OTR 0 5,520 0
BRE PROPERTIES INC CL A 05564E106 135 2,150 SH   OTR 0 2,150 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 1,560 14,000 SH   OTR 0 14,000 0
BRIXMOR PPTY GROUP INC COM 11120U105 161 7,550 SH   OTR 0 7,550 0
CANADIAN PAC RY LTD COM 13645T100 2,557 17,000 SH   OTR 0 17,000 0
CATERPILLAR INC DEL COM 149123101 2,007 20,200 SH   OTR 0 20,200 0
CHEVRON CORP NEW COM 166764100 5,208 43,800 SH   OTR 0 43,800 0
COCA COLA CO COM 191216100 5,412 140,000 SH   OTR 0 140,000 0
CONOCOPHILLIPS COM 20825C104 2,884 41,000 SH   OTR 0 41,000 0
CUBESMART COM 229663109 249 14,500 SH   OTR 0 14,500 0
DDR CORP COM 23317H102 353 21,430 SH   OTR 0 21,430 0
DIAGEO P L C SPON ADR NEW 25243Q205 3,937 31,600 SH   OTR 0 31,600 0
DOUGLAS EMMETT INC COM 25960P109 159 5,860 SH   OTR 0 5,860 0
DUKE REALTY CORP COM NEW 264411505 460 27,264 SH   OTR 0 27,264 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 761 13,130 SH   OTR 0 13,130 0
ESSEX PPTY TR INC COM 297178105 189 1,110 SH   OTR 0 1,110 0
EXTRA SPACE STORAGE INC COM 30225T102 188 3,870 SH   OTR 0 3,870 0
EXXON MOBIL CORP COM 30231G102 8,580 87,842 SH   OTR 0 87,842 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 46 400 SH   OTR 0 400 0
FRANKLIN RES INC COM 354613101 1,625 30,000 SH   OTR 0 30,000 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1,587 48,000 SH   OTR 0 48,000 0
GENERAL ELECTRIC CO COM 369604103 1,427 55,100 SH   OTR 0 55,100 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 581 26,430 SH   OTR 0 26,430 0
GILEAD SCIENCES INC COM 375558103 354 5,000 SH   OTR 0 5,000 0
HCP INC COM 40414L109 821 21,170 SH   OTR 0 21,170 0
HEALTH CARE REIT INC COM 42217K106 728 12,218 SH   OTR 0 12,218 0
HOST HOTELS & RESORTS INC COM 44107P104 684 33,770 SH   OTR 0 33,770 0
HSBC HLDGS PLC SPON ADR NEW 404280406 1,440 28,333 SH   OTR 0 28,333 0
IMPERIAL OIL LTD COM NEW 453038408 1,792 38,500 SH   OTR 0 38,500 0
INDEXIQ ETF TR HEDGE MLTI ETF 45409B107 5,114 175,000 SH   SOLE 175,000 0 0
INTEL CORP COM 458140100 1,549 60,000 SH   OTR 0 60,000 0
INTERNATIONAL BUSINESS MACHS COM 459200101 3,369 17,500 SH   OTR 0 17,500 0
ISHARES EAFE SML CP ETF 464288273 17,670 338,500 SH   SOLE 338,500 0 0
ISHARES RUSSELL 2000 ETF 464287655 29,667 255,000 SH   SOLE 255,000 0 0
JOHNSON & JOHNSON COM 478160104 4,607 46,900 SH   OTR 0 46,900 0
JPMORGAN CHASE & CO COM 46625H100 3,885 64,000 SH   OTR 0 64,000 0
KILROY RLTY CORP COM 49427F108 158 2,700 SH   OTR 0 2,700 0
KIMCO RLTY CORP COM 49446R109 482 22,050 SH   OTR 0 22,050 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 155 4,950 SH   OTR 0 4,950 0
LAUDER ESTEE COS INC CL A 518439104 1,338 20,000 SH   OTR 0 20,000 0
LIBERTY PPTY TR SH BEN INT 531172104 242 6,550 SH   OTR 0 6,550 0
MACERICH CO COM 554382101 680 10,910 SH   OTR 0 10,910 0
MACK CALI RLTY CORP COM 554489104 116 5,600 SH   OTR 0 5,600 0
MCDONALDS CORP COM 580135101 3,921 40,000 SH   OTR 0 40,000 0
MCGRAW HILL FINL INC COM 580645109 1,908 25,000 SH   OTR 0 25,000 0
MERCK & CO INC NEW COM 58933Y105 1,981 34,900 SH   OTR 0 34,900 0
MONDELEZ INTL INC CL A 609207105 1,392 40,278 SH   OTR 0 40,278 0
NEWS CORP NEW CL A 65249B109 246 14,300 SH   OTR 0 14,300 0
NOVARTIS A G SPONSORED ADR 66987V109 2,253 26,500 SH   OTR 0 26,500 0
NOVO-NORDISK A S ADR 670100205 3,880 85,000 SH   OTR 0 85,000 0
OCCIDENTAL PETE CORP DEL COM 674599105 3,335 35,000 SH   OTR 0 35,000 0
PEPSICO INC COM 713448108 2,923 35,000 SH   OTR 0 35,000 0
PHILIP MORRIS INTL INC COM 718172109 7,540 92,100 SH   OTR 0 92,100 0
PHILLIPS 66 COM 718546104 1,580 20,500 SH   OTR 0 20,500 0
PRAXAIR INC COM 74005P104 2,357 18,000 SH   OTR 0 18,000 0
PROCTER & GAMBLE CO COM 742718109 4,030 50,000 SH   OTR 0 50,000 0
PROLOGIS INC COM 74340W103 1,091 26,723 SH   OTR 0 26,723 0
PUBLIC STORAGE COM 74460D109 922 5,470 SH   OTR 0 5,470 0
QUALCOMM INC COM 747525103 1,341 17,000 SH   OTR 0 17,000 0
REGENCY CTRS CORP COM 758849103 238 4,670 SH   OTR 0 4,670 0
RLJ LODGING TR COM 74965L101 300 11,210 SH   OTR 0 11,210 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 2,411 33,000 SH   OTR 0 33,000 0
SIMON PPTY GROUP INC NEW COM 828806109 1,767 10,772 SH   OTR 0 10,772 0
SL GREEN RLTY CORP COM 78440X101 279 2,770 SH   OTR 0 2,770 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 15,288 370,000 SH   SOLE 370,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 257 18,750 SH   OTR 0 18,750 0
TARGET CORP COM 87612E106 2,541 42,000 SH   OTR 0 42,000 0
TAUBMAN CTRS INC COM 876664103 433 6,110 SH   OTR 0 6,110 0
TAUBMAN CTRS INC PFD SER K 876664707 744 32,700 SH   OTR 0 32,700 0
TEXAS INSTRS INC COM 882508104 2,146 45,500 SH   OTR 0 45,500 0
TIME WARNER CABLE INC COM 88732J207 1,372 10,000 SH   OTR 0 10,000 0
TOTAL S A SPONSORED ADR 89151E109 2,788 42,500 SH   OTR 0 42,500 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 1,829 57,200 SH   OTR 0 57,200 0
UDR INC COM 902653104 388 15,020 SH   OTR 0 15,020 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 46,667 1,150,000 SH   SOLE 1,150,000 0 0
VENTAS INC COM 92276F100 596 9,835 SH   OTR 0 9,835 0
VORNADO RLTY TR SH BEN INT 929042109 779 7,900 SH   OTR 0 7,900 0
WALGREEN CO COM 931422109 2,417 36,600 SH   OTR 0 36,600 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 219 7,290 SH   OTR 0 7,290 0
WHOLE FOODS MKT INC COM 966837106 1,501 29,600 SH   OTR 0 29,600 0