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 312 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 495 6,600 SH   OTR   0 6,600 0
AFLAC INC Common Stock 001055102 577 9,150 SH   OTR   0 9,150 0
AGREE REALTY CORP REITS 008492100 55 1,803 SH   SOLE   1,803 0 0
ALEXANDRIA REAL ESTATE EQUIT REITS 015271109 446 6,150 SH   SOLE   6,150 0 0
AMERICAN CAMPUS COMMUNITIES REITS 024835100 592 15,851 SH   SOLE   15,851 0 0
AMERICAN CAPITAL AGENCY CORP REITS 02503X105 2,115 98,400 SH   SOLE   98,400 0 0
ANNALY CAPITAL MANAGEMENT INC REITS 035710409 2 200 SH   SOLE   200 0 0
APACHE CORP Common Stock 037411105 440 5,300 SH   OTR   0 5,300 0
APARTMENTS INVESTMENT REITS 03748R101 305 10,094 SH   SOLE   10,094 0 0
ARMADA HOFFLER PROPERTIES REITS 04208T108 256 25,504 SH   SOLE   25,504 0 0
ASSOCIATED ESTATES REALTY CP REITS 045604105 1,381 81,548 SH   SOLE   81,548 0 0
AVALONBAY COMMUNITIES INC REITS 053484101 1,868 14,228 SH   SOLE   14,228 0 0
BERKSHIRE HATHAWAY INC. Common Stock 084670702 612 4,900 SH   OTR   0 4,900 0
BIOMED REALTY TRUST INC REITS 09063H107 1,013 49,444 SH   SOLE   49,444 0 0
BOSTON PROPERTIES INC REITS 101121101 1,348 11,773 SH   SOLE   11,773 0 0
BRANDYWINE REALTY TRUST REITS 105368203 234 16,192 SH   SOLE   16,192 0 0
BRE PROPERTIES INC REITS 05564E106 421 6,700 SH   SOLE   6,700 0 0
BRIXMOR PROPERTY GROUP INC REITS 11120U105 128 6,000 SH   SOLE   6,000 0 0
CAMDEN PROPERTY TRUST REITS 133131102 1,028 15,263 SH   SOLE   15,263 0 0
CBL & ASSOCIATES PROPERTIES REITS 124830100 2,724 153,362 SH   SOLE   153,362 0 0
CEDAR SHOPPING CENTERS INC REITS 150602209 35 5,675 SH   SOLE   5,675 0 0
CHAMBERS STREET PROPERTIES REITS 157842105 346 44,500 SH   SOLE   44,500 0 0
CHEVRON CORPORATION Common Stock 166764100 553 4,650 SH   OTR   0 4,650 0
CORPORATE OFFICE PROPERTIES REITS 22002T108 1,759 65,988 SH   SOLE   65,988 0 0
CORRECTIONS CORP OF AMERICA REITS 22025Y407 2,193 69,990 SH   SOLE   69,990 0 0
COUSINS PROPERTIES INC REITS 222795106 111 9,691 SH   SOLE   9,691 0 0
CUBESMART REITS 229663109 130 7,600 SH   SOLE   7,600 0 0
DCT INDUSTRIAL TRUST INC REITS 233153105 72 9,100 SH   SOLE   9,100 0 0
DDR CORP REITS 23317H102 675 40,964 SH   SOLE   40,964 0 0
DIAMONDROCK HOSPITALITY CO REITS 252784301 74 6,282 SH   SOLE   6,282 0 0
DIGITAL REALTY TRUST INC REITS 253868103 621 11,700 SH   SOLE   11,700 0 0
DOUGLAS EMMETT INC REITS 25960P109 182 6,700 SH   SOLE   6,700 0 0
DUKE REALTY CORP REITS 264411505 958 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 38 600 SH   SOLE   600 0 0
EDUCATION REALTY TRUST INC REITS 28140H104 32 3,200 SH   SOLE   3,200 0 0
EMERSON ELECTRIC CO Common Stock 291011104 407 6,100 SH   OTR   0 6,100 0
EQUITY LIFESTYLE PROPERTIES REITS 29472R108 703 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 1,808 31,176 SH   SOLE   31,176 0 0
ESSEX PROPERTY TRUST INC REITS 297178105 258 1,520 SH   SOLE   1,520 0 0
EXCEL TRUST INC REITS 30068C109 529 41,732 SH   SOLE   41,732 0 0
EXTRA SPACE STORAGE INC REITS 30225T102 170 3,500 SH   SOLE   3,500 0 0
FEDERAL REALTY INVS TRUST REITS 313747206 517 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 115 8,900 SH   SOLE   8,900 0 0
FRANLKLIN STREET PROPERTIES C REITS 35471R106 606 48,114 SH   SOLE   48,114 0 0
GENERAL GROWTH PROPERTIES REITS 370023103 136 6,162 SH   SOLE   6,162 0 0
GLIMCHER REALTY TRUST REITS 379302102 198 19,739 SH   SOLE   19,739 0 0
GOVERNMENT PROPERTIES INCOME REITS 38376A103 574 22,800 SH   SOLE   22,800 0 0
HCP INC REITS 40414L109 1,658 42,750 SH   SOLE   42,750 0 0
HEALTH CARE REIT INC REITS 42217K106 1,030 17,283 SH   SOLE   17,283 0 0
HEALTHCARE REALTY TRUST INC REITS 421946104 94 3,900 SH   SOLE   3,900 0 0
HERSHA HOSPITALITY TRUST REITS 427825104 34 5,900 SH   SOLE   5,900 0 0
HIGHWOOD PROPERTIES INC REITS 431284108 461 12,000 SH   SOLE   12,000 0 0
HOME PROPERTIES INC REITS 437306103 64 1,060 SH   SOLE   1,060 0 0
HOSPITALITY PROPERTIES TRUST REITS 44106M102 2,591 90,239 SH   SOLE   90,239 0 0
HOST HOTELS & RESORTS INC REITS 44107P104 669 33,048 SH   SOLE   33,048 0 0
INLAND REAL ESTATE CORP REITS 457461200 372 35,300 SH   SOLE   35,300 0 0
INTEL CORP Common Stock 458140100 712 27,600 SH   OTR   0 27,600 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 24,848 212,500 SH   SOLE   212,500 0 0
ISTAR FINANCIAL INC REITS 45031U101 3 216 SH   SOLE   216 0 0
KILROY REALTY CORP REITS 49427F108 134 2,280 SH   SOLE   2,280 0 0
KIMCO REALTY CORP REITS 49446R109 1,124 51,377 SH   SOLE   51,377 0 0
KITE REALTY GROUP TRUST REITS 49803T102 46 7,700 SH   SOLE   7,700 0 0
LASALLE HOTEL PROPERTIES REITS 517942108 128 4,100 SH   SOLE   4,100 0 0
LIBERTY PROPERTY TRUST REITS 531172104 1,517 41,050 SH   SOLE   41,050 0 0
LTC PROPERTIES INC REITS 502175102 288 7,656 SH   SOLE   7,656 0 0
MACK-CALI REALTY CORPORATION REITS 554489104 326 15,679 SH   SOLE   15,679 0 0
MICROSOFT CORP Common Stock 594918104 623 15,200 SH   OTR   0 15,200 0
MID-AMERICA APARTMENT COMM INC REITS 59522J103 1,444 21,155 SH   SOLE   21,155 0 0
MONMOUTH REIT CLASS A REITS 609720107 1,167 122,275 SH   SOLE   122,275 0 0
NATIONAL OILWELL VARCO INC Common Stock 637071101 444 5,700 SH   OTR   0 5,700 0
NATIONAL RETAIL PROPERTIES REITS 637417106 103 3,000 SH   SOLE   3,000 0 0
NATL HEALTH INVESTORS INC REITS 63633D104 54 900 SH   SOLE   900 0 0
OMEGA HEALTHCARE INVESTORS REITS 681936100 1,499 44,726 SH   SOLE   44,726 0 0
ONE LIBERTY PROPERTIES INC REITS 682406103 1,885 88,499 SH   SOLE   88,499 0 0
PARKWAY PROPERTIES INC REITS 70159Q104 54 2,973 SH   SOLE   2,973 0 0
PENN REAL ESTATE INVEST TRUST REITS 709102107 862 47,741 SH   SOLE   47,741 0 0
PIEDMONT OFFICE REALTY TRUST REITS 720190206 444 25,932 SH   SOLE   25,932 0 0
POST PROPERTIES INC REITS 737464107 213 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 920 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 2,424 14,390 SH   SOLE   14,390 0 0
RAMCO GERHENSON PROPERTIES REITS 751452202 474 29,050 SH   SOLE   29,050 0 0
REGENCY CENTERS CORP REITS 758849103 524 10,271 SH   SOLE   10,271 0 0
RETAIL PROPERTIES OF AMERICA REITS 76131V202 380 28,114 SH   SOLE   28,114 0 0
ROUSE PROPERTIES INC REITS 779287101 481 27,932 SH   SOLE   27,932 0 0
SABRA HEALTH CARE REIT INC REITS 78573L106 534 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 1,959 64,731 SH   SOLE   64,731 0 0
SENIOR HOUSING PROP TRUST REITS 81721M109 475 21,170 SH   SOLE   21,170 0 0
SIMON PROPERTY GROUP INC REITS 828806109 6,125 37,346 SH   SOLE   37,346 0 0
SL GREEN REITS 78440X101 717 7,121 SH   SOLE   7,121 0 0
SOVRAN SELF STORAGE INC REITS 84610H108 446 6,070 SH   SOLE   6,070 0 0
SPIRIT REALTY CAPITAL REITS 84860W102 14 1,300 SH   SOLE   1,300 0 0
STRYKER CORP Common Stock 863667101 505 6,200 SH   OTR   0 6,200 0
SUN COMMUNITIES INC REITS 866674104 60 1,340 SH   SOLE   1,340 0 0
SUNSTONE HOTEL INVESTORS INC REITS 867892101 18 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 2,325 32,848 SH   SOLE   32,848 0 0
TELEPHONE AND DATA SYSTEMS Common Stock 879433829 307 11,700 SH   OTR   0 11,700 0
TERRENO REALTY CORP REITS 88146M101 103 5,428 SH   SOLE   5,428 0 0
THE MACERICH CO REITS 554382101 1,535 24,634 SH   SOLE   24,634 0 0
TIPTREE FINANCIAL INC REITS 88822Q103 130 17,550 SH   SOLE   17,550 0 0
TOTAL SYSTEM SERVICES INC Common Stock 891906109 365 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 1,268 49,102 SH   SOLE   49,102 0 0
UNIVERSAL HEALTH REALTY INCOME REITS 91359E105 532 12,587 SH   SOLE   12,587 0 0
VALMONT INDUSTRIES Common Stock 920253101 469 3,150 SH   OTR   0 3,150 0
VARIAN MEDICAL SYSTEMS Common Stock 92220P105 496 5,900 SH   OTR   0 5,900 0
VENTAS INC REITS 92276F100 2,078 34,315 SH   SOLE   34,315 0 0
VORNADO REALTY TRUST REITS 929042109 3,794 38,495 SH   SOLE   38,495 0 0
WAL-MART STORES INC Common Stock 931142103 520 6,800 SH   OTR   0 6,800 0
WASHINGTON REAL ESTATE INV REITS 939653101 833 34,900 SH   SOLE   34,900 0 0
WEINGARTEN REALTY INVST REITS 948741103 780 25,998 SH   SOLE   25,998 0 0
WELLS FARGO & COMPANY Common Stock 949746101 642 12,900 SH   OTR   0 12,900 0
WHITESTONE REIT REITS 966084204 174 12,082 SH   SOLE   12,082 0 0
WINTHROP REALTY TRUST REITS 976391300 9 801 SH   SOLE   801 0 0