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
3M Co Common Stock 88579Y101 519 3,700 SH   OTR   0 3,700 0
Acadia Realty Trust REITS 004239109 11 445 SH   SOLE   445 0 0
Aetna Inc Common Stock 00817Y108 631 9,200 SH   OTR   0 9,200 0
Aflac Inc Common Stock 001055102 691 10,350 SH   OTR   0 10,350 0
Agree Realty Corp REITS 008492100 52 1,803 SH   SOLE   1,803 0 0
Alexandria Real Estate Equit REITS 015271109 391 6,150 SH   SOLE   6,150 0 0
American Campus Communities REITS 024835100 511 15,851 SH   SOLE   15,851 0 0
American Capital Agency Corp REITS 02503X105 1,879 97,400 SH   SOLE   97,400 0 0
Annaly Capital Management Inc REITS 035710409 2 200 SH   SOLE   200 0 0
Apartments Investment REITS 03748R101 261 10,094 SH   SOLE   10,094 0 0
Armada Hoffler Properties REITS 04208T108 236 25,504 SH   SOLE   25,504 0 0
Associated Estates Realty CP REITS 045604105 1,826 113,848 SH   SOLE   113,848 0 0
Avalonbay Communities Inc REITS 053484101 1,682 14,228 SH   SOLE   14,228 0 0
Berkshire Hathaway Inc. Common Stock 084670702 687 5,800 SH   OTR   0 5,800 0
Biomed Realty Trust Inc REITS 09063H107 831 45,900 SH   SOLE   45,900 0 0
Boston Properties Inc REITS 101121101 1,392 13,873 SH   SOLE   13,873 0 0
Brandywine Realty Trust REITS 105368203 228 16,192 SH   SOLE   16,192 0 0
BRE Properties Inc REITS 05564E106 366 6,700 SH   SOLE   6,700 0 0
Brixmor Property Group Inc REITS 11120U105 122 6,000 SH   SOLE   6,000 0 0
Camden Property Trust REITS 133131102 868 15,263 SH   SOLE   15,263 0 0
CBL & Associates Properties REITS 124830100 2,446 136,362 SH   SOLE   136,362 0 0
Cedar Shopping Centers Inc REITS 150602209 239 38,175 SH   SOLE   38,175 0 0
Chambers Street Properties REITS 157842105 340 44,500 SH   SOLE   44,500 0 0
Chevron Corporation Common Stock 166764100 656 5,250 SH   OTR   0 5,250 0
Commonwealth Reit REITS 203233101 62 2,649 SH   SOLE   2,649 0 0
Corporate Office Properties REITS 22002T108 284 11,988 SH   SOLE   11,988 0 0
Corrections Corp of America REITS 22025Y407 336 10,490 SH   SOLE   10,490 0 0
Cousins Properties Inc REITS 222795106 100 9,691 SH   SOLE   9,691 0 0
Cubesmart REITS 229663109 121 7,600 SH   SOLE   7,600 0 0
DCT Industrial Trust Inc REITS 233153105 65 9,100 SH   SOLE   9,100 0 0
DDR Corp REITS 23317H102 629 40,964 SH   SOLE   40,964 0 0
Diamondrock Hospitality Co REITS 252784301 188 16,282 SH   SOLE   16,282 0 0
Digital Realty Trust Inc REITS 253868103 746 15,200 SH   SOLE   15,200 0 0
Douglas Emmett Inc REITS 25960P109 156 6,700 SH   SOLE   6,700 0 0
Duke Realty Corp REITS 264411505 853 56,765 SH   SOLE   56,765 0 0
DuPont Fabros Technology Inc REITS 26613Q106 3 112 SH   SOLE   112 0 0
EastGroup Properties Inc REITS 277276101 35 600 SH   SOLE   600 0 0
Education Realty Trust Inc REITS 28140H104 28 3,200 SH   SOLE   3,200 0 0
Emerson Electric Co Common Stock 291011104 491 7,000 SH   OTR   0 7,000 0
Equity Lifestyle Properties REITS 29472R108 626 17,306 SH   SOLE   17,306 0 0
Equity One Inc REITS 294752100 89 3,970 SH   SOLE   3,970 0 0
Equity Residential Props Tr REITS 29476L107 1,617 31,176 SH   SOLE   31,176 0 0
Essex Property Trust Inc REITS 297178105 218 1,520 SH   SOLE   1,520 0 0
Excel Trust Inc REITS 30068C109 475 41,732 SH   SOLE   41,732 0 0
Extra Space Storage Inc REITS 30225T102 147 3,500 SH   SOLE   3,500 0 0
Federal Realty Invs Trust REITS 313747206 599 5,907 SH   SOLE   5,907 0 0
First Industrial Realty Tr REITS 32054K103 3 200 SH   SOLE   200 0 0
First Potomac Realty Trust REITS 33610F109 103 8,900 SH   SOLE   8,900 0 0
Franlklin Street Properties C REITS 35471R106 573 48,114 SH   SOLE   48,114 0 0
General Growth Properties REITS 370023103 124 6,162 SH   SOLE   6,162 0 0
Glimcher Realty Trust REITS 379302102 185 19,739 SH   SOLE   19,739 0 0
Government Properties Income REITS 38376A103 542 21,800 SH   SOLE   21,800 0 0
HCP Inc REITS 40414L109 1,552 42,750 SH   SOLE   42,750 0 0
Health Care Reit Inc REITS 42217K106 926 17,283 SH   SOLE   17,283 0 0
Healthcare Realty Trust Inc REITS 421946104 83 3,900 SH   SOLE   3,900 0 0
Hersha Hospitality Trust REITS 427825104 33 5,900 SH   SOLE   5,900 0 0
Highwood Properties Inc REITS 431284108 434 12,000 SH   SOLE   12,000 0 0
Home Properties Inc REITS 437306103 57 1,060 SH   SOLE   1,060 0 0
Hospitality Properties Trust REITS 44106M102 2,569 95,154 SH   SOLE   95,154 0 0
Host Hotels & Resorts Inc REITS 44107P104 642 33,048 SH   SOLE   33,048 0 0
Inland Real Estate Corp REITS 457461200 371 35,300 SH   SOLE   35,300 0 0
Intel Corp Common Stock 458140100 833 32,100 SH   OTR   0 32,100 0
Investors Real Estate Trust REITS 461730103 9 992 SH   SOLE   992 0 0
Ishares Iboxx Investment Grade Corporate Bond Fund Exchange Traded Fund 464287242 24,259 212,500 SH   SOLE   212,500 0 0
ISTAR FINANCIAL INC REITS 45031U101 3 216 SH   SOLE   216 0 0
Kilroy Realty Corp REITS 49427F108 114 2,280 SH   SOLE   2,280 0 0
Kimco Realty Corp REITS 49446R109 1,015 51,377 SH   SOLE   51,377 0 0
Kite Realty Group Trust REITS 49803T102 51 7,700 SH   SOLE   7,700 0 0
LaSalle Hotel Properties REITS 517942108 126 4,100 SH   SOLE   4,100 0 0
Lexington Realty Trust REITS 529043101 1,545 151,320 SH   SOLE   151,320 0 0
Liberty Property Trust REITS 531172104 1,390 41,050 SH   SOLE   41,050 0 0
LTC Properties Inc REITS 502175102 271 7,656 SH   SOLE   7,656 0 0
Mack-Cali Realty Corporation REITS 554489104 1,829 85,200 SH   SOLE   85,200 0 0
McKesson Corp Common Stock 58155Q103 161 1,000 SH   OTR   0 1,000 0
Microsoft Corp Common Stock 594918104 745 19,900 SH   OTR   0 19,900 0
Mid-America Apartment Comm Inc REITS 59522J103 1,285 21,155 SH   SOLE   21,155 0 0
Monmouth REIT Class A REITS 609720107 1,197 131,689 SH   SOLE   131,689 0 0
National Retail Properties REITS 637417106 403 13,300 SH   SOLE   13,300 0 0
Natl Health Investors Inc REITS 63633D104 50 900 SH   SOLE   900 0 0
Omega Healthcare Investors REITS 681936100 707 23,726 SH   SOLE   23,726 0 0
One Liberty Properties Inc REITS 682406103 1,712 85,149 SH   SOLE   85,149 0 0
Parkway Properties Inc REITS 70159Q104 57 2,973 SH   SOLE   2,973 0 0
Penn Real Estate Invest Trust REITS 709102107 574 30,241 SH   SOLE   30,241 0 0
Piedmont Office Realty Trust REITS 720190206 428 25,932 SH   SOLE   25,932 0 0
Post Properties Inc REITS 737464107 197 4,350 SH   SOLE   4,350 0 0
Preferred Apartment Commun REITS 74039L103 78 9,697 SH   SOLE   9,697 0 0
Prologis Inc REITS 74340W103 917 24,823 SH   SOLE   24,823 0 0
PS Business Parks Inc CA REITS 69360J107 130 1,708 SH   SOLE   1,708 0 0
Public Storage Inc REITS 74460D109 2,315 15,390 SH   SOLE   15,390 0 0
Ramco Gerhenson Properties REITS 751452202 457 29,050 SH   SOLE   29,050 0 0
Regency Centers Corp REITS 758849103 475 10,271 SH   SOLE   10,271 0 0
Retail Properties of America REITS 76131V202 46 3,614 SH   SOLE   3,614 0 0
Rouse Properties Inc REITS 779287101 1 32 SH   SOLE   32 0 0
Sabra Health Care Reit Inc REITS 78573L106 762 29,163 SH   SOLE   29,163 0 0
Saul Centers Inc REITS 804395101 24 500 SH   SOLE   500 0 0
Select Income Reit REITS 81618T100 1,877 70,231 SH   SOLE   70,231 0 0
Senior Housing Prop Trust REITS 81721M109 470 21,170 SH   SOLE   21,170 0 0
Simon Property Group Inc REITS 828806109 5,682 37,346 SH   SOLE   37,346 0 0
SL Green REITS 78440X101 657 7,121 SH   SOLE   7,121 0 0
Sovran Self Storage Inc REITS 84610H108 395 6,070 SH   SOLE   6,070 0 0
Spirit Realty Capital REITS 84860W102 13 1,300 SH   SOLE   1,300 0 0
Stryker Corp Common Stock 863667101 466 6,200 SH   OTR   0 6,200 0
Sun Communities Inc REITS 866674104 57 1,340 SH   SOLE   1,340 0 0
Sunstone Hotel Investors Inc REITS 867892101 58 4,328 SH   SOLE   4,328 0 0
Tanger Factory Outlet Centers REITS 875465106 344 10,761 SH   SOLE   10,761 0 0
Taubman Centers Inc REITS 876664103 393 6,143 SH   SOLE   6,143 0 0
Telephone and Data Systems Common Stock 879433829 302 11,700 SH   OTR   0 11,700 0
Terreno Realty Corp REITS 88146M101 96 5,428 SH   SOLE   5,428 0 0
The Macerich Co REITS 554382101 1,180 20,043 SH   SOLE   20,043 0 0
Tiptree Financial Inc REITS 88822Q103 128 17,550 SH   SOLE   17,550 0 0
Total System Services INC Common Stock 891906109 503 15,100 SH   OTR   0 15,100 0
Trade Street Residential Inc REIT REITS 89255N203 3 408 SH   SOLE   408 0 0
UDR Inc REITS 902653104 1,426 61,102 SH   SOLE   61,102 0 0
Universal Health Realty Income REITS 91359E105 504 12,587 SH   SOLE   12,587 0 0
Valmont Industries Common Stock 920253101 470 3,150 SH   OTR   0 3,150 0
Varian Medical Systems Common Stock 92220P105 528 6,800 SH   OTR   0 6,800 0
Ventas Inc REITS 92276F100 1,966 34,315 SH   SOLE   34,315 0 0
Vornado Realty Trust REITS 929042109 3,417 38,495 SH   SOLE   38,495 0 0
Wal-Mart Stores Inc Common Stock 931142103 535 6,800 SH   OTR   0 6,800 0
Washington Real Estate Inv REITS 939653101 816 34,900 SH   SOLE   34,900 0 0
Weingarten Realty Invst REITS 948741103 712 25,998 SH   SOLE   25,998 0 0
Wells Fargo & Company Common Stock 949746101 694 15,300 SH   OTR   0 15,300 0
Whitestone Reit REITS 966084204 161 12,082 SH   SOLE   12,082 0 0
Winthrop Realty Trust REITS 976391300 9 801 SH   SOLE   801 0 0