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 329 2,300 SH   OTR   0 2,300 0
ACADIA REALTY TRUST REITS 004239109 12 445 SH   SOLE   445 0 0
AETNA INC Common Stock 00817Y108 535 6,600 SH   OTR   0 6,600 0
AFLAC INC Common Stock 001055102 569 9,150 SH   OTR   0 9,150 0
AGREE REALTY CORP REITS 008492100 54 1,803 SH   SOLE   1,803 0 0
ALEXANDRIA REAL ESTATE EQUIT REITS 015271109 477 6,150 SH   SOLE   6,150 0 0
AMERICAN CAMPUS COMMUNITIES REITS 024835100 606 15,851 SH   SOLE   15,851 0 0
AMERICAN CAPITAL AGENCY CORP REITS 02503X105 2,303 98,400 SH   SOLE   98,400 0 0
ANNALY CAPITAL MANAGEMENT INC REITS 035710409 3 200 SH   SOLE   200 0 0
APACHE CORP Common Stock 037411105 682 6,775 SH   OTR   0 6,775 0
APARTMENTS INVESTMENT REITS 03748R101 326 10,094 SH   SOLE   10,094 0 0
ARMADA HOFFLER PROPERTIES REITS 04208T108 246 25,504 SH   SOLE   25,504 0 0
ASSOCIATED ESTATES REALTY CP REITS 045604105 1,469 81,548 SH   SOLE   81,548 0 0
AVALONBAY COMMUNITIES INC REITS 053484101 2,023 14,228 SH   SOLE   14,228 0 0
BERKSHIRE HATHAWAY INC. Common Stock 084670702 620 4,900 SH   OTR   0 4,900 0
BIOMED REALTY TRUST INC REITS 09063H107 1,014 46,444 SH   SOLE   46,444 0 0
BOSTON PROPERTIES INC REITS 101121101 1,391 11,773 SH   SOLE   11,773 0 0
BRANDYWINE REALTY TRUST REITS 105368203 253 16,192 SH   SOLE   16,192 0 0
BRIXMOR PROPERTY GROUP INC REITS 11120U105 138 6,000 SH   SOLE   6,000 0 0
CAMDEN PROPERTY TRUST REITS 133131102 1,086 15,263 SH   SOLE   15,263 0 0
CBL & ASSOCIATES PROPERTIES REITS 124830100 2,762 145,362 SH   SOLE   145,362 0 0
CEDAR SHOPPING CENTERS INC REITS 150602209 35 5,675 SH   SOLE   5,675 0 0
CHAMBERS STREET PROPERTIES REITS 157842105 357 44,500 SH   SOLE   44,500 0 0
CHEVRON CORPORATION Common Stock 166764100 659 5,050 SH   OTR   0 5,050 0
COMMONWEALTH REIT REITS 203233101 84 3,206 SH   SOLE   3,206 0 0
CORPORATE OFFICE PROPERTIES REITS 22002T108 1,846 66,388 SH   SOLE   66,388 0 0
CORRECTIONS CORP OF AMERICA REITS 22025Y407 2,338 71,190 SH   SOLE   71,190 0 0
COUSINS PROPERTIES INC REITS 222795106 121 9,691 SH   SOLE   9,691 0 0
CUBESMART REITS 229663109 139 7,600 SH   SOLE   7,600 0 0
DCT INDUSTRIAL TRUST INC REITS 233153105 75 9,100 SH   SOLE   9,100 0 0
DDR CORP REITS 23317H102 722 40,964 SH   SOLE   40,964 0 0
DIAMONDROCK HOSPITALITY CO REITS 252784301 80 6,282 SH   SOLE   6,282 0 0
DIGITAL REALTY TRUST INC REITS 253868103 508 8,700 SH   SOLE   8,700 0 0
DOUGLAS EMMETT INC REITS 25960P109 189 6,700 SH   SOLE   6,700 0 0
DUKE REALTY CORP REITS 264411505 1,030 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 39 600 SH   SOLE   600 0 0
EDUCATION REALTY TRUST INC REITS 28140H104 34 3,200 SH   SOLE   3,200 0 0
EMERSON ELECTRIC CO Common Stock 291011104 405 6,100 SH   OTR   0 6,100 0
EQUITY LIFESTYLE PROPERTIES REITS 29472R108 764 17,306 SH   SOLE   17,306 0 0
EQUITY ONE INC REITS 294752100 94 3,970 SH   SOLE   3,970 0 0
EQUITY RESIDENTIAL PROPS TR REITS 29476L107 1,964 31,176 SH   SOLE   31,176 0 0
ESSEX PROPERTY TRUST INC REITS 297178105 649 3,510 SH   SOLE   3,510 0 0
EXCEL TRUST INC REITS 30068C109 556 41,732 SH   SOLE   41,732 0 0
EXTRA SPACE STORAGE INC REITS 30225T102 186 3,500 SH   SOLE   3,500 0 0
FEDERAL REALTY INVS TRUST REITS 313747206 545 4,507 SH   SOLE   4,507 0 0
FIRST INDUSTRIAL REALTY TR REITS 32054K103 4 200 SH   SOLE   200 0 0
FIRST POTOMAC REALTY TRUST REITS 33610F109 117 8,900 SH   SOLE   8,900 0 0
FRANLKLIN STREET PROPERTIES C REITS 35471R106 605 48,114 SH   SOLE   48,114 0 0
GENERAL GROWTH PROPERTIES REITS 370023103 145 6,162 SH   SOLE   6,162 0 0
GLIMCHER REALTY TRUST REITS 379302102 214 19,739 SH   SOLE   19,739 0 0
GOVERNMENT PROPERTIES INCOME REITS 38376A103 228 9,000 SH   SOLE   9,000 0 0
HCP INC REITS 40414L109 3,485 84,250 SH   SOLE   84,250 0 0
HEALTH CARE REIT INC REITS 42217K106 832 13,283 SH   SOLE   13,283 0 0
HEALTHCARE REALTY TRUST INC REITS 421946104 99 3,900 SH   SOLE   3,900 0 0
HERSHA HOSPITALITY TRUST REITS 427825104 40 5,900 SH   SOLE   5,900 0 0
HIGHWOOD PROPERTIES INC REITS 431284108 503 12,000 SH   SOLE   12,000 0 0
HOME PROPERTIES INC REITS 437306103 68 1,060 SH   SOLE   1,060 0 0
HOSPITALITY PROPERTIES TRUST REITS 44106M102 796 26,168 SH   SOLE   26,168 0 0
HOST HOTELS & RESORTS INC REITS 44107P104 727 33,048 SH   SOLE   33,048 0 0
INLAND REAL ESTATE CORP REITS 457461200 375 35,300 SH   SOLE   35,300 0 0
INTEL CORP Common Stock 458140100 708 22,900 SH   OTR   0 22,900 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 21,651 181,500 SH   SOLE   181,500 0 0
ISTAR FINANCIAL INC REITS 45031U101 3 216 SH   SOLE   216 0 0
KILROY REALTY CORP REITS 49427F108 142 2,280 SH   SOLE   2,280 0 0
KIMCO REALTY CORP REITS 49446R109 1,181 51,377 SH   SOLE   51,377 0 0
KITE REALTY GROUP TRUST REITS 49803T102 47 7,700 SH   SOLE   7,700 0 0
LASALLE HOTEL PROPERTIES REITS 517942108 146 4,100 SH   SOLE   4,100 0 0
LIBERTY PROPERTY TRUST REITS 531172104 1,170 30,850 SH   SOLE   30,850 0 0
LTC PROPERTIES INC REITS 502175102 299 7,656 SH   SOLE   7,656 0 0
MACK-CALI REALTY CORPORATION REITS 554489104 191 8,879 SH   SOLE   8,879 0 0
MICROSOFT CORP Common Stock 594918104 634 15,200 SH   OTR   0 15,200 0
MID-AMERICA APARTMENT COMM INC REITS 59522J103 1,326 18,155 SH   SOLE   18,155 0 0
MONMOUTH REIT CLASS A REITS 609720107 153 15,275 SH   SOLE   15,275 0 0
NATIONAL OILWELL VARCO INC Common Stock 637071101 679 8,250 SH   OTR   0 8,250 0
NATL HEALTH INVESTORS INC REITS 63633D104 56 900 SH   SOLE   900 0 0
NOW INC/DE Common Stock 67011P100 316 8,736 SH   OTR   0 8,736 0
OMEGA HEALTHCARE INVESTORS REITS 681936100 287 7,778 SH   SOLE   7,778 0 0
ONE LIBERTY PROPERTIES INC REITS 682406103 2,135 100,208 SH   SOLE   100,208 0 0
PARKWAY PROPERTIES INC REITS 70159Q104 61 2,973 SH   SOLE   2,973 0 0
PENN REAL ESTATE INVEST TRUST REITS 709102107 846 44,971 SH   SOLE   44,971 0 0
PIEDMONT OFFICE REALTY TRUST REITS 720190206 396 20,932 SH   SOLE   20,932 0 0
POST PROPERTIES INC REITS 737464107 233 4,350 SH   SOLE   4,350 0 0
PREFERRED APARTMENT COMMUN REITS 74039L103 86 9,697 SH   SOLE   9,697 0 0
PROCTER & GAMBLE CO Common Stock 742718109 454 5,775 SH   OTR   0 5,775 0
PROLOGIS INC REITS 74340W103 925 22,523 SH   SOLE   22,523 0 0
PS BUSINESS PARKS INC CA REITS 69360J107 143 1,708 SH   SOLE   1,708 0 0
PUBLIC STORAGE INC REITS 74460D109 5,223 30,490 SH   SOLE   30,490 0 0
RAMCO GERHENSON PROPERTIES REITS 751452202 483 29,050 SH   SOLE   29,050 0 0
REGENCY CENTERS CORP REITS 758849103 572 10,271 SH   SOLE   10,271 0 0
RETAIL PROPERTIES OF AMERICA REITS 76131V202 432 28,114 SH   SOLE   28,114 0 0
ROUSE PROPERTIES INC REITS 779287101 529 30,932 SH   SOLE   30,932 0 0
SABRA HEALTH CARE REIT INC REITS 78573L106 550 19,163 SH   SOLE   19,163 0 0
SAUL CENTERS INC REITS 804395101 24 500 SH   SOLE   500 0 0
SELECT INCOME REIT REITS 81618T100 1,606 54,231 SH   SOLE   54,231 0 0
SENIOR HOUSING PROP TRUST REITS 81721M109 514 21,170 SH   SOLE   21,170 0 0
SIMON PROPERTY GROUP INC REITS 828806109 6,208 37,346 SH   SOLE   37,346 0 0
SL GREEN REITS 78440X101 779 7,121 SH   SOLE   7,121 0 0
SOVRAN SELF STORAGE INC REITS 84610H108 787 10,186 SH   SOLE   10,186 0 0
SPIRIT REALTY CAPITAL REITS 84860W102 15 1,300 SH   SOLE   1,300 0 0
STAPLES INC Common Stock 855030102 272 25,100 SH   OTR   0 25,100 0
STRYKER CORP Common Stock 863667101 523 6,200 SH   OTR   0 6,200 0
SUN COMMUNITIES INC REITS 866674104 67 1,340 SH   SOLE   1,340 0 0
SUNSTONE HOTEL INVESTORS INC REITS 867892101 20 1,328 SH   SOLE   1,328 0 0
TANGER FACTORY OUTLET CENTERS REITS 875465106 621 17,761 SH   SOLE   17,761 0 0
TAUBMAN CENTERS INC REITS 876664103 2,489 32,848 SH   SOLE   32,848 0 0
TELEPHONE AND DATA SYSTEMS Common Stock 879433829 305 11,700 SH   OTR   0 11,700 0
TERRENO REALTY CORP REITS 88146M101 105 5,428 SH   SOLE   5,428 0 0
THE MACERICH CO REITS 554382101 943 14,134 SH   SOLE   14,134 0 0
TIPTREE FINANCIAL INC REITS 88822Q103 152 17,550 SH   SOLE   17,550 0 0
TOTAL SYSTEM SERVICES INC Common Stock 891906109 377 12,000 SH   OTR   0 12,000 0
TRADE STREET RESIDENTIAL INC REIT REITS 89255N203 3 408 SH   SOLE   408 0 0
UDR INC REITS 902653104 919 32,102 SH   SOLE   32,102 0 0
UNIVERSAL HEALTH REALTY INCOME REITS 91359E105 546 12,587 SH   SOLE   12,587 0 0
VALMONT INDUSTRIES Common Stock 920253101 478 3,150 SH   OTR   0 3,150 0
VARIAN MEDICAL SYSTEMS Common Stock 92220P105 490 5,900 SH   OTR   0 5,900 0
VENTAS INC REITS 92276F100 4,628 72,215 SH   SOLE   72,215 0 0
VORNADO REALTY TRUST REITS 929042109 4,108 38,495 SH   SOLE   38,495 0 0
WAL-MART STORES INC Common Stock 931142103 510 6,800 SH   OTR   0 6,800 0
WASHINGTON PRIME GROUP INC REITS 939647103 350 18,673 SH   SOLE   18,673 0 0
WASHINGTON REAL ESTATE INV REITS 939653101 906 34,900 SH   SOLE   34,900 0 0
WEINGARTEN REALTY INVST REITS 948741103 854 25,998 SH   SOLE   25,998 0 0
WELLS FARGO & COMPANY Common Stock 949746101 678 12,900 SH   OTR   0 12,900 0
WHITESTONE REIT REITS 966084204 180 12,082 SH   SOLE   12,082 0 0
WINTHROP REALTY TRUST REITS 976391300 12 801 SH   SOLE   801 0 0