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
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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 569 5,200 SH   OTR 0 0 5,200 0
Acadia Realty Trust REITS 004239109 11 445 SH   SOLE 0 445 0 0
Aetna Inc Common Stock 00817Y108 712 11,200 SH   OTR 0 0 11,200 0
Aflac Inc Common Stock 001055102 601 10,350 SH   OTR 0 0 10,350 0
Agree Realty Corp REITS 008492100 313 10,603 SH   SOLE 0 10,603 0 0
Alexandria Real Estate Equit REITS 015271109 404 6,150 SH   SOLE 0 6,150 0 0
American Campus Communities REITS 024835100 502 12,351 SH   SOLE 0 12,351 0 0
American Capital Agency Corp REITS 02503X105 1,336 58,100 SH   SOLE 0 58,100 0 0
Annaly Capital Management Inc REITS 035710409 3 200 SH   SOLE 0 200 0 0
Apartments Investment REITS 03748R101 303 10,094 SH   SOLE 0 10,094 0 0
Associated Estates Realty CP REITS 045604105 1,400 87,141 SH   SOLE 0 87,141 0 0
Avalonbay Communities Inc REITS 053484101 1,920 14,228 SH   SOLE 0 14,228 0 0
Berkshire Hathaway Inc. Common Stock 084670702 649 5,800 SH   OTR 0 0 5,800 0
Biomed Realty Trust Inc REITS 09063H107 686 33,900 SH   SOLE 0 33,900 0 0
Boston Properties Inc REITS 101121101 1,537 14,573 SH   SOLE 0 14,573 0 0
Brandywine Realty Trust REITS 105368203 218 16,192 SH   SOLE 0 16,192 0 0
BRE Properties Inc REITS 05564E106 85 1,700 SH   SOLE 0 1,700 0 0
Camden Property Trust REITS 133131102 1,055 15,263 SH   SOLE 0 15,263 0 0
CapLease Inc REITS 140288101 1,658 196,486 SH   SOLE 0 196,486 0 0
CBL & Associates Properties REITS 124830100 2,105 98,362 SH   SOLE 0 98,362 0 0
Cedar Shopping Centers Inc REITS 150602209 125 24,175 SH   SOLE 0 24,175 0 0
Chevron Corporation Common Stock 166764100 621 5,250 SH   OTR 0 0 5,250 0
Colonial Properties Trust REITS 195872106 171 7,098 SH   SOLE 0 7,098 0 0
Commonwealth Reit REITS 203233101 360 15,549 SH   SOLE 0 15,549 0 0
Corporate Office Properties REITS 22002T108 357 13,988 SH   SOLE 0 13,988 0 0
Cousins Properties Inc REITS 222795106 98 9,691 SH   SOLE 0 9,691 0 0
Cubesmart REITS 229663109 50 3,100 SH   SOLE 0 3,100 0 0
DCT Industrial Trust Inc REITS 233153105 65 9,100 SH   SOLE 0 9,100 0 0
DDR Corp REITS 23317H102 682 40,964 SH   SOLE 0 40,964 0 0
Diamondrock Hospitality Co REITS 252784301 221 23,782 SH   SOLE 0 23,782 0 0
Digital Realty Trust Inc REITS 253868103 836 13,700 SH   SOLE 0 13,700 0 0
Douglas Emmett Inc REITS 25960P109 167 6,700 SH   SOLE 0 6,700 0 0
Duke Realty Corp REITS 264411505 885 56,765 SH   SOLE 0 56,765 0 0
DuPont Fabros Technology Inc REITS 26613Q106 3 112 SH   SOLE 0 112 0 0
EastGroup Properties Inc REITS 277276101 90 1,600 SH   SOLE 0 1,600 0 0
Education Realty Trust Inc REITS 28140H104 33 3,200 SH   SOLE 0 3,200 0 0
Emerson Electric Co Common Stock 291011104 409 7,500 SH   OTR 0 0 7,500 0
Equity Lifestyle Properties REITS 29472R108 582 7,403 SH   SOLE 0 7,403 0 0
Equity One Inc REITS 294752100 90 3,970 SH   SOLE 0 3,970 0 0
Equity Residential Props Tr REITS 29476L107 1,811 31,176 SH   SOLE 0 31,176 0 0
Essex Property Trust Inc REITS 297178105 242 1,520 SH   SOLE 0 1,520 0 0
Excel Trust Inc REITS 30068C109 445 34,732 SH   SOLE 0 34,732 0 0
Extra Space Storage Inc REITS 30225T102 231 5,500 SH   SOLE 0 5,500 0 0
Federal Realty Invs Trust REITS 313747206 612 5,907 SH   SOLE 0 5,907 0 0
First Industrial Realty Tr REITS 32054K103 44 2,900 SH   SOLE 0 2,900 0 0
First Potomac Realty Trust REITS 33610F109 116 8,900 SH   SOLE 0 8,900 0 0
Franlklin Street Properties C REITS 35471R106 633 48,114 SH   SOLE 0 48,114 0 0
General Growth Properties REITS 370023103 123 6,162 SH   SOLE 0 6,162 0 0
Glimcher Realty Trust REITS 379302102 216 19,739 SH   SOLE 0 19,739 0 0
Government Properties Income REITS 38376A103 373 14,800 SH   SOLE 0 14,800 0 0
HCP Inc REITS 40414L109 1,498 32,950 SH   SOLE 0 32,950 0 0
Health Care Reit Inc REITS 42217K106 1,085 16,183 SH   SOLE 0 16,183 0 0
Healthcare Realty Trust Inc REITS 421946104 99 3,900 SH   SOLE 0 3,900 0 0
Hersha Hospitality Trust REITS 427825104 5 900 SH   SOLE 0 900 0 0
Highwood Properties Inc REITS 431284108 427 12,000 SH   SOLE 0 12,000 0 0
Home Properties Inc REITS 437306103 69 1,060 SH   SOLE 0 1,060 0 0
Hospitality Properties Trust REITS 44106M102 2,559 97,354 SH   SOLE 0 97,354 0 0
Host Hotels & Resorts Inc REITS 44107P104 557 33,048 SH   SOLE 0 33,048 0 0
Inland Real Estate Corp REITS 457461200 360 35,300 SH   SOLE 0 35,300 0 0
Intel Corp Common Stock 458140100 659 27,200 SH   OTR 0 0 27,200 0
Investors Real Estate Trust REITS 461730103 9 992 SH   SOLE 0 992 0 0
Ishares Iboxx Investment Grade Corporate Bond Fund Exchange Traded Fund 464287242 24,136 212,500 SH   SOLE 0 212,500 0 0
ISTAR FINANCIAL INC REITS 45031U101 2 216 SH   SOLE 0 216 0 0
Kilroy Realty Corp REITS 49427F108 121 2,280 SH   SOLE 0 2,280 0 0
Kimco Realty Corp REITS 49446R109 1,101 51,377 SH   SOLE 0 51,377 0 0
Kite Realty Group Trust REITS 49803T102 46 7,700 SH   SOLE 0 7,700 0 0
LaSalle Hotel Properties REITS 517942108 217 8,800 SH   SOLE 0 8,800 0 0
Lexington Realty Trust REITS 529043101 1,719 147,320 SH   SOLE 0 147,320 0 0
Liberty Property Trust REITS 531172104 967 26,150 SH   SOLE 0 26,150 0 0
LTC Properties Inc REITS 502175102 295 7,556 SH   SOLE 0 7,556 0 0
Mack-Cali Realty Corporation REITS 554489104 1,491 60,900 SH   SOLE 0 60,900 0 0
McKesson Corp Common Stock 58155Q103 470 4,100 SH   OTR 0 0 4,100 0
Microsoft Corp Common Stock 594918104 687 19,900 SH   OTR 0 0 19,900 0
Mid-America Apartment Comm Inc REITS 59522J103 1,159 17,100 SH   SOLE 0 17,100 0 0
Monmouth REIT Class A REITS 609720107 1,059 107,489 SH   SOLE 0 107,489 0 0
MPG Offixce Trust REITS 553274101 243 78,000 SH   SOLE 0 78,000 0 0
National Retail Properties REITS 637417106 107 3,100 SH   SOLE 0 3,100 0 0
Natl Health Investors Inc REITS 63633D104 54 900 SH   SOLE 0 900 0 0
Omega Healthcare Investors REITS 681936100 736 23,726 SH   SOLE 0 23,726 0 0
One Liberty Properties Inc REITS 682406103 1,891 86,094 SH   SOLE 0 86,094 0 0
Parkway Properties Inc REITS 70159Q104 50 2,973 SH   SOLE 0 2,973 0 0
Penn Real Estate Invest Trust REITS 709102107 547 28,978 SH   SOLE 0 28,978 0 0
Pfizer Inc Common Stock 717081103 404 14,400 SH   OTR 0 0 14,400 0
Piedmont Office Realty Trust REITS 720190206 892 49,932 SH   SOLE 0 49,932 0 0
Post Properties Inc REITS 737464107 156 3,150 SH   SOLE 0 3,150 0 0
Preferred Apartment Commun REITS 74039L103 78 9,697 SH   SOLE 0 9,697 0 0
Prologis Inc REITS 74340W103 936 24,823 SH   SOLE 0 24,823 0 0
PS Business Parks Inc CA REITS 69360J107 210 2,908 SH   SOLE 0 2,908 0 0
Public Storage Inc REITS 74460D109 2,575 16,790 SH   SOLE 0 16,790 0 0
Ramco Gerhenson Properties REITS 751452202 451 29,050 SH   SOLE 0 29,050 0 0
Regency Centers Corp REITS 758849103 522 10,271 SH   SOLE 0 10,271 0 0
Retail Properties of America REITS 76131V202 52 3,614 SH   SOLE 0 3,614 0 0
Rouse Properties Inc REITS 779287101 408 20,782 SH   SOLE 0 20,782 0 0
Sabra Health Care Reit Inc REITS 78573L106 593 22,734 SH   SOLE 0 22,734 0 0
Saul Centers Inc REITS 804395101 22 500 SH   SOLE 0 500 0 0
Select Income Reit REITS 81618T100 40 1,433 SH   SOLE 0 1,433 0 0
Senior Housing Prop Trust REITS 81721M109 549 21,170 SH   SOLE 0 21,170 0 0
Simon Property Group Inc REITS 828806109 5,900 37,346 SH   SOLE 0 37,346 0 0
SL Green REITS 78440X101 628 7,121 SH   SOLE 0 7,121 0 0
Sovran Self Storage Inc REITS 84610H108 536 8,270 SH   SOLE 0 8,270 0 0
Stryker Corp Common Stock 863667101 602 9,300 SH   OTR 0 0 9,300 0
Sun Communities Inc REITS 866674104 67 1,340 SH   SOLE 0 1,340 0 0
Sunstone Hotel Investors Inc REITS 867892101 52 4,328 SH   SOLE 0 4,328 0 0
Tanger Factory Outlet Centers REITS 875465106 360 10,761 SH   SOLE 0 10,761 0 0
Taubman Centers Inc REITS 876664103 462 6,143 SH   SOLE 0 6,143 0 0
TELPHONE AND DATA SYSTEMS Common Stock 879433829 150 6,100 SH   OTR 0 0 6,100 0
Terreno Realty Corp REITS 88146M101 101 5,428 SH   SOLE 0 5,428 0 0
The Macerich Co REITS 554382101 649 10,643 SH   SOLE 0 10,643 0 0
Total System Services INC Common Stock 891906109 370 15,100 SH   OTR 0 0 15,100 0
Trade Street Residential Inc REIT REITS 89255N203 4 408 SH   SOLE 0 408 0 0
UDR Inc REITS 902653104 1,356 53,202 SH   SOLE 0 53,202 0 0
Universal Health Realty Income REITS 91359E105 542 12,587 SH   SOLE 0 12,587 0 0
Varian Medical Systems Common Stock 92220P105 573 8,500 SH   OTR 0 0 8,500 0
Ventas Inc REITS 92276F100 2,000 28,815 SH   SOLE 0 28,815 0 0
Vornado Realty Trust REITS 929042109 3,090 37,295 SH   SOLE 0 37,295 0 0
Wal-Mart Stores Inc Common Stock 931142103 473 6,350 SH   OTR 0 0 6,350 0
Washington Real Estate Inv REITS 939653101 939 34,900 SH   SOLE 0 34,900 0 0
Weingarten Realty Invst REITS 948741103 800 25,998 SH   SOLE 0 25,998 0 0
Wells Fargo & Company Common Stock 949746101 631 15,300 SH   OTR 0 0 15,300 0
Winthrop Realty Trust REITS 976391300 10 801 SH   SOLE 0 801 0 0