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 159 1,125 SH   OTR   0 1,125 0
ACADIA REALTY TRUST REITS 004239109 136 4,945 SH   SOLE   4,945 0 0
AETNA INC Common Stock 00817Y108 535 6,600 SH   OTR   0 6,600 0
AFLAC INC Common Stock 001055102 533 9,150 SH   OTR   0 9,150 0
ALEXANDRIA REAL ESTATE EQUIT REITS 015271109 1,117 15,150 SH   SOLE   15,150 0 0
AMERICAN ASSETS TRUST INC REITS 024013104 197 5,979 SH   SOLE   5,979 0 0
AMERICAN CAMPUS COMMUNITIES REITS 024835100 578 15,851 SH   SOLE   15,851 0 0
AMERICAN CAPITAL AGENCY CORP REITS 02503X105 2,347 110,400 SH   SOLE   110,400 0 0
AMERICAN TOWER CORP REITS 03027X100 384 4,100 SH   SOLE   4,100 0 0
ANNALY CAPITAL MANAGEMENT INC REITS 035710409 3 200 SH   SOLE   200 0 0
APACHE CORP Common Stock 037411105 636 6,775 SH   OTR   0 6,775 0
APARTMENTS INVESTMENT REITS 03748R101 1,072 33,694 SH   SOLE   33,694 0 0
ARMADA HOFFLER PROPERTIES REITS 04208T108 179 19,761 SH   SOLE   19,761 0 0
ASHFORD HOSPITALITY PRIME INC REITS 044102101 127 8,337 SH   SOLE   8,337 0 0
ASSOCIATED ESTATES REALTY CP REITS 045604105 1,078 61,548 SH   SOLE   61,548 0 0
AVALONBAY COMMUNITIES INC REITS 053484101 1,470 10,428 SH   SOLE   10,428 0 0
AVIV REIT INC REITS 05381L101 264 10,000 SH   SOLE   10,000 0 0
BERKSHIRE HATHAWAY INC. Common Stock 084670702 677 4,900 SH   OTR   0 4,900 0
BIOMED REALTY TRUST INC REITS 09063H107 636 31,476 SH   SOLE   31,476 0 0
BOSTON PROPERTIES INC REITS 101121101 3,006 25,973 SH   SOLE   25,973 0 0
BRANDYWINE REALTY TRUST REITS 105368203 3 192 SH   SOLE   192 0 0
BRIXMOR PROPERTY GROUP INC REITS 11120U105 134 6,000 SH   SOLE   6,000 0 0
CAMDEN PROPERTY TRUST REITS 133131102 1,258 18,363 SH   SOLE   18,363 0 0
CAMPUS CREST COMMUNITIES INC REITS 13466Y105 327 51,000 SH   SOLE   51,000 0 0
CBL & ASSOCIATES PROPERTIES REITS 124830100 2,858 159,662 SH   SOLE   159,662 0 0
CEDAR SHOPPING CENTERS INC REITS 150602209 33 5,675 SH   SOLE   5,675 0 0
CHAMBERS STREET PROPERTIES REITS 157842105 335 44,500 SH   SOLE   44,500 0 0
CHEVRON CORPORATION Common Stock 166764100 603 5,050 SH   OTR   0 5,050 0
CITIGROUP INC Common Stock 172967424 488 9,425 SH   OTR   0 9,425 0
CORESITE REALTY CORP REITS 21870Q105 398 12,121 SH   SOLE   12,121 0 0
CORPORATE OFFICE PROPERTIES REITS 22002T108 1,557 60,555 SH   SOLE   60,555 0 0
CORRECTIONS CORP OF AMERICA REITS 22025Y407 2,326 67,690 SH   SOLE   67,690 0 0
COUSINS PROPERTIES INC REITS 222795106 116 9,691 SH   SOLE   9,691 0 0
CUBESMART REITS 229663109 748 41,600 SH   SOLE   41,600 0 0
DDR CORP REITS 23317H102 484 28,964 SH   SOLE   28,964 0 0
DIAMONDROCK HOSPITALITY CO REITS 252784301 4 282 SH   SOLE   282 0 0
DIGITAL REALTY TRUST INC REITS 253868103 362 5,800 SH   SOLE   5,800 0 0
DOUGLAS EMMETT INC REITS 25960P109 172 6,700 SH   SOLE   6,700 0 0
DUKE REALTY CORP REITS 264411505 975 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 36 600 SH   SOLE   600 0 0
EDUCATION REALTY TRUST INC REITS 28140H104 454 44,145 SH   SOLE   44,145 0 0
EMERSON ELECTRIC CO Common Stock 291011104 158 2,525 SH   OTR   0 2,525 0
EQUITY COMMONWEALTH REITS 294628102 339 13,206 SH   SOLE   13,206 0 0
EQUITY LIFESTYLE PROPERTIES REITS 29472R108 892 21,056 SH   SOLE   21,056 0 0
EQUITY ONE INC REITS 294752100 146 6,770 SH   SOLE   6,770 0 0
EQUITY RESIDENTIAL PROPS TR REITS 29476L107 3,034 49,276 SH   SOLE   49,276 0 0
ESSEX PROPERTY TRUST INC REITS 297178105 198 1,110 SH   SOLE   1,110 0 0
EXCEL TRUST INC REITS 30068C109 136 11,532 SH   SOLE   11,532 0 0
FEDERAL REALTY INVS TRUST REITS 313747206 723 6,107 SH   SOLE   6,107 0 0
FIRST INDUSTRIAL REALTY TR REITS 32054K103 3 200 SH   SOLE   200 0 0
FIRST POTOMAC REALTY TRUST REITS 33610F109 105 8,900 SH   SOLE   8,900 0 0
FRANLKLIN STREET PROPERTIES C REITS 35471R106 181 16,114 SH   SOLE   16,114 0 0
GENERAL GROWTH PROPERTIES REITS 370023103 145 6,162 SH   SOLE   6,162 0 0
GLIMCHER REALTY TRUST REITS 379302102 136 10,000 SH   SOLE   10,000 0 0
GOVERNMENT PROPERTIES INCOME REITS 38376A103 438 20,000 SH   SOLE   20,000 0 0
HCP INC REITS 40414L109 3,702 93,250 SH   SOLE   93,250 0 0
HEALTH CARE REIT INC REITS 42217K106 828 13,283 SH   SOLE   13,283 0 0
HEALTHCARE REALTY TRUST INC REITS 421946104 92 3,900 SH   SOLE   3,900 0 0
HERSHA HOSPITALITY TRUST REITS 427825104 38 5,900 SH   SOLE   5,900 0 0
HIGHWOOD PROPERTIES INC REITS 431284108 467 12,000 SH   SOLE   12,000 0 0
HOME PROPERTIES INC REITS 437306103 3 60 SH   SOLE   60 0 0
HOSPITALITY PROPERTIES TRUST REITS 44106M102 1,035 38,568 SH   SOLE   38,568 0 0
HOST HOTELS & RESORTS INC REITS 44107P104 790 37,048 SH   SOLE   37,048 0 0
INLAND REAL ESTATE CORP REITS 457461200 350 35,300 SH   SOLE   35,300 0 0
INTEL CORP Common Stock 458140100 696 20,000 SH   OTR   0 20,000 0
INVESTORS REAL ESTATE TRUST REITS 461730103 8 992 SH   SOLE   992 0 0
ISHARES Iboxx Investment Grade Corporate Bond Fund Exchange Traded Fund 464287242 9,514 80,500 SH   SOLE   80,500 0 0
ISTAR FINANCIAL INC REITS 45031U101 3 216 SH   SOLE   216 0 0
KILROY REALTY CORP REITS 49427F108 136 2,280 SH   SOLE   2,280 0 0
KIMCO REALTY CORP REITS 49446R109 1,749 79,877 SH   SOLE   79,877 0 0
KITE REALTY GROUP TRUST REITS 49803T300 47 1,925 SH   SOLE   1,925 0 0
LASALLE HOTEL PROPERTIES REITS 517942108 140 4,100 SH   SOLE   4,100 0 0
LIBERTY PROPERTY TRUST REITS 531172104 976 29,350 SH   SOLE   29,350 0 0
LTC PROPERTIES INC REITS 502175102 109 2,956 SH   SOLE   2,956 0 0
MACK-CALI REALTY CORPORATION REITS 554489104 93 4,879 SH   SOLE   4,879 0 0
MICROSOFT CORP Common Stock 594918104 686 14,800 SH   OTR   0 14,800 0
MID-AMERICA APARTMENT COMM INC REITS 59522J103 292 4,455 SH   SOLE   4,455 0 0
NATIONAL OILWELL VARCO INC Common Stock 637071101 628 8,250 SH   OTR   0 8,250 0
NATIONAL RETAIL PROPERTIES REITS 637417106 346 10,000 SH   SOLE   10,000 0 0
NATL HEALTH INVESTORS INC REITS 63633D104 51 900 SH   SOLE   900 0 0
NOW INC/DE Common Stock 67011P100 406 13,336 SH   OTR   0 13,336 0
OMEGA HEALTHCARE INVESTORS REITS 681936100 61 1,778 SH   SOLE   1,778 0 0
ONE LIBERTY PROPERTIES INC REITS 682406103 2,336 115,487 SH   SOLE   115,487 0 0
PARKWAY PROPERTIES INC REITS 70159Q104 56 2,973 SH   SOLE   2,973 0 0
PENN REAL ESTATE INVEST TRUST REITS 709102107 568 28,471 SH   SOLE   28,471 0 0
PIEDMONT OFFICE REALTY TRUST REITS 720190206 25 1,407 SH   SOLE   1,407 0 0
PREFERRED APARTMENT COMMUN REITS 74039L103 35 4,251 SH   SOLE   4,251 0 0
PROCTER & GAMBLE CO Common Stock 742718109 484 5,775 SH   OTR   0 5,775 0
PROLOGIS INC REITS 74340W103 1,543 40,923 SH   SOLE   40,923 0 0
PS BUSINESS PARKS INC CA REITS 69360J107 130 1,708 SH   SOLE   1,708 0 0
PUBLIC STORAGE INC REITS 74460D109 5,304 31,990 SH   SOLE   31,990 0 0
RAMCO GERHENSON PROPERTIES REITS 751452202 358 22,050 SH   SOLE   22,050 0 0
REALTY INCOME CORPORATION REITS 756109104 477 11,700 SH   SOLE   11,700 0 0
REGENCY CENTERS CORP REITS 758849103 553 10,271 SH   SOLE   10,271 0 0
RETAIL PROPERTIES OF AMERICA REITS 76131V202 396 27,114 SH   SOLE   27,114 0 0
ROUSE PROPERTIES INC REITS 779287101 80 4,932 SH   SOLE   4,932 0 0
SABRA HEALTH CARE REIT INC REITS 78573L106 466 19,163 SH   SOLE   19,163 0 0
SAUL CENTERS INC REITS 804395101 23 500 SH   SOLE   500 0 0
SELECT INCOME REIT REITS 81618T100 1,994 82,931 SH   SOLE   82,931 0 0
SENIOR HOUSING PROP TRUST REITS 81721M109 24 1,170 SH   SOLE   1,170 0 0
SIMON PROPERTY GROUP INC REITS 828806109 6,737 40,972 SH   SOLE   40,972 0 0
SL GREEN REITS 78440X101 721 7,121 SH   SOLE   7,121 0 0
SOVRAN SELF STORAGE INC REITS 84610H108 758 10,186 SH   SOLE   10,186 0 0
SPIRIT REALTY CAPITAL REITS 84860W102 248 22,615 SH   SOLE   22,615 0 0
STAPLES INC Common Stock 855030102 304 25,100 SH   OTR   0 25,100 0
STRATEGIC HOTELS & RESORTS INC REITS 86272T106 129 11,089 SH   SOLE   11,089 0 0
STRYKER CORP Common Stock 863667101 501 6,200 SH   OTR   0 6,200 0
SUNSTONE HOTEL INVESTORS INC REITS 867892101 18 1,328 SH   SOLE   1,328 0 0
TANGER FACTORY OUTLET CENTERS REITS 875465106 1,334 40,761 SH   SOLE   40,761 0 0
TAUBMAN CENTERS INC REITS 876664103 2,098 28,748 SH   SOLE   28,748 0 0
TELEPHONE AND DATA SYSTEMS Common Stock 879433829 280 11,700 SH   OTR   0 11,700 0
THE MACERICH CO REITS 554382101 902 14,134 SH   SOLE   14,134 0 0
TOTAL SYSTEM SERVICES INC Common Stock 891906109 238 7,700 SH   OTR   0 7,700 0
TRADE STREET RESIDENTIAL INC REIT REITS 89255N203 3 408 SH   SOLE   408 0 0
UDR INC REITS 902653104 461 16,902 SH   SOLE   16,902 0 0
UNIVERSAL HEALTH REALTY INCOME REITS 91359E105 270 6,487 SH   SOLE   6,487 0 0
VALMONT INDUSTRIES Common Stock 920253101 317 2,350 SH   OTR   0 2,350 0
VARIAN MEDICAL SYSTEMS Common Stock 92220P105 473 5,900 SH   OTR   0 5,900 0
VENTAS INC REITS 92276F100 4,876 78,715 SH   SOLE   78,715 0 0
VORNADO REALTY TRUST REITS 929042109 3,448 34,495 SH   SOLE   34,495 0 0
WAL-MART STORES INC Common Stock 931142103 520 6,800 SH   OTR   0 6,800 0
WASHINGTON PRIME GROUP INC REITS 939647103 326 18,673 SH   SOLE   18,673 0 0
WASHINGTON REAL ESTATE INV REITS 939653101 232 9,132 SH   SOLE   9,132 0 0
WEINGARTEN REALTY INVST REITS 948741103 378 11,998 SH   SOLE   11,998 0 0
WELLS FARGO & COMPANY Common Stock 949746101 669 12,900 SH   OTR   0 12,900 0
WHITESTONE REIT REITS 966084204 74 5,282 SH   SOLE   5,282 0 0
WINTHROP REALTY TRUST REITS 976391300 12 801 SH   SOLE   801 0 0