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
Aetna Inc Common Stock 00817Y108 145 915 SH   OTR   0 915 0
Aflac Inc Common Stock 001055102 415 5,100 SH   OTR   0 5,100 0
Alexandria Real Estate Eqtys. REITS 015271109 1,119 9,404 SH   SOLE   9,404 0 0
Alleghany Corp Common Stock 017175100 144 260 SH   OTR   0 260 0
American Campus Communities REITS 024835100 607 13,751 SH   SOLE   13,751 0 0
American Express Co Common Stock 025816109 607 6,713 SH   OTR   0 6,713 0
Apache Corp Common Stock 037411105 141 3,085 SH   OTR   0 3,085 0
Apartment Investmnt & Managemt REITS 03748R101 1,026 23,394 SH   SOLE   23,394 0 0
AT&T Inc Common Stock 00206R102 422 10,770 SH   OTR   0 10,770 0
AutoZone Inc Common Stock 053332102 488 820 SH   OTR   0 820 0
AvalonBay Communities, Inc. REITS 053484101 4,670 26,174 SH   SOLE   26,174 0 0
Berkshire Hathaway Inc Common Stock 084670702 663 3,614 SH   OTR   0 3,614 0
Boston Properties, Inc. REITS 101121101 3,888 31,643 SH   SOLE   31,643 0 0
Brandywine Realty Trust REITS 105368203 140 8,000 SH   SOLE   8,000 0 0
Brixmor Property Group, Inc. REITS 11120U105 489 26,000 SH   SOLE   26,000 0 0
Camden Property Trust REITS 133131102 846 9,255 SH   SOLE   9,255 0 0
CBL & Associates Properties REITS 124830100 1,263 150,515 SH   SOLE   150,515 0 0
Chevron Corp Common Stock 166764100 374 3,180 SH   OTR   0 3,180 0
Citigroup Inc Common Stock 172967424 522 7,175 SH   OTR   0 7,175 0
City Office REIT, Inc. REITS 178587101 240 17,400 SH   SOLE   17,400 0 0
CoreCivic, Inc. REITS 21871N101 169 6,319 SH   SOLE   6,319 0 0
CorEnergy Infrastructure Trust REITS 21870U502 275 7,768 SH   SOLE   7,768 0 0
Corporate Office Properties REITS 22002T108 642 19,555 SH   SOLE   19,555 0 0
Crown Castle Intern'l Corp. REITS 22822V101 160 1,600 SH   SOLE   1,600 0 0
CubeSmart REITS 229663109 2,900 111,700 SH   SOLE   111,700 0 0
DCT Industrial Trust, Inc. REITS 233153204 108 1,860 SH   SOLE   1,860 0 0
DDR Corp. REITS 23317H102 697 76,064 SH   SOLE   76,064 0 0
DiamondRock Hospitality Co. REITS 252784301 3 282 SH   SOLE   282 0 0
Digital Realty Trust, Inc. REITS 253868103 361 3,050 SH   SOLE   3,050 0 0
Douglas Emmett, Inc. REITS 25960P109 410 10,400 SH   SOLE   10,400 0 0
Duke Realty Corp. REITS 264411505 894 31,005 SH   SOLE   31,005 0 0
EastGroup Properties, Inc. REITS 277276101 206 2,340 SH   SOLE   2,340 0 0
Empire State Realty Trust Inc. REITS 292104106 216 10,494 SH   SOLE   10,494 0 0
Equity Commonwealth REITS 294628102 469 15,431 SH   SOLE   15,431 0 0
Equity LifeStyle Properties, I REITS 29472R108 1,953 22,956 SH   SOLE   22,956 0 0
Equity Residential Pptys REITS 29476L107 4,442 67,376 SH   SOLE   67,376 0 0
Essex Property Trust, Inc. REITS 297178105 1,256 4,945 SH   SOLE   4,945 0 0
Extra Space Storage, Inc. REITS 30225T102 2,941 36,800 SH   SOLE   36,800 0 0
ExxonMobil Corp Common Stock 30231G102 255 3,105 SH   OTR   0 3,105 0
Federal Realty Investment REITS 313747206 710 5,717 SH   SOLE   5,717 0 0
First Industrial Realty Trust REITS 32054K103 277 9,200 SH   SOLE   9,200 0 0
First Potomac Realty Trust REITS 33610F109 81 7,300 SH   SOLE   7,300 0 0
FIVE OAKS INVESTMENT CORP REITS 33830W106 57 12,687 SH   SOLE   12,687 0 0
Forest City Realty Trust, Inc. REITS 345605109 934 36,600 SH   SOLE   36,600 0 0
Franklin Street Properties Cor REITS 35471R106 127 11,914 SH   SOLE   11,914 0 0
GGP, Inc. REITS 36174X101 5,491 264,362 SH   SOLE   264,362 0 0
HCP, Inc. REITS 40414L109 1,968 70,715 SH   SOLE   70,715 0 0
Healthcare Trust of America REITS 42225P501 180 6,030 SH   SOLE   6,030 0 0
Hospitality Properties Trust REITS 44106M102 674 23,667 SH   SOLE   23,667 0 0
Host Hotels & Resorts Inc. REITS 44107P104 1,498 81,038 SH   SOLE   81,038 0 0
HYSTER YALE MATERIALS Common Stock 449172105 212 2,775 SH   OTR   0 2,775 0
Intel Corp Common Stock 458140100 239 6,265 SH   OTR   0 6,265 0
Iron Mountain, Inc. REITS 46284V101 33 853 SH   SOLE   853 0 0
JBG SMITH Properties REITS 46590V100 563 16,457 SH   SOLE   16,457 0 0
Kilroy Realty Corporation REITS 49427F108 162 2,280 SH   SOLE   2,280 0 0
Kimco Realty Corp. REITS 49446R109 497 25,437 SH   SOLE   25,437 0 0
Kite Realty Group Trust REITS 49803T300 231 11,405 SH   SOLE   11,405 0 0
LaSalle Hotel Properties REITS 517942108 735 25,324 SH   SOLE   25,324 0 0
Liberty Property Trust REITS 531172104 158 3,850 SH   SOLE   3,850 0 0
Life Storage, Inc. REITS 53223X107 4,048 49,476 SH   SOLE   49,476 0 0
LTC Properties, Inc. REITS 502175102 76 1,620 SH   SOLE   1,620 0 0
Macerich Co. REITS 554382101 3,514 63,934 SH   SOLE   63,934 0 0
Mack-Cali Realty Corp. REITS 554489104 386 16,278 SH   SOLE   16,278 0 0
Microsoft Corp Common Stock 594918104 564 7,565 SH   OTR   0 7,565 0
Mid-America Apt. Communities REITS 59522J103 2,006 18,771 SH   SOLE   18,771 0 0
National Oilwell Varco Inc Common Stock 637071101 310 8,671 SH   OTR   0 8,671 0
New York REIT, Inc. REITS 64976L109 382 48,654 SH   SOLE   48,654 0 0
NOW Inc Common Stock 67011P100 242 17,526 SH   OTR   0 17,526 0
Omega Healthcare Investors Inc REITS 681936100 1,900 59,528 SH   SOLE   59,528 0 0
One Liberty Properties, Inc. REITS 682406103 1,208 49,577 SH   SOLE   49,577 0 0
OWENS REALTY MORTGAGE INC REITS 690828108 305 16,742 SH   SOLE   16,742 0 0
Paramount Group, Inc. REITS 69924R108 348 21,777 SH   SOLE   21,777 0 0
Pennsylvania REIT REITS 709102107 307 29,291 SH   SOLE   29,291 0 0
Piedmont Office Realty Trust REITS 720190206 411 20,372 SH   SOLE   20,372 0 0
Procter & Gamble Co Common Stock 742718109 203 2,226 SH   OTR   0 2,226 0
Prologis, Inc. REITS 74340W103 1,550 24,423 SH   SOLE   24,423 0 0
Public Storage REITS 74460D109 7,599 35,509 SH   SOLE   35,509 0 0
Quality Care Properties REITS 747545101 400 25,788 SH   SOLE   25,788 0 0
Ramco-Gershenson Properties REITS 751452202 153 11,750 SH   SOLE   11,750 0 0
Regency Centers Corp. REITS 758849103 457 7,371 SH   SOLE   7,371 0 0
Retail Properties of America REITS 76131V202 624 47,514 SH   SOLE   47,514 0 0
Sabra Health Care REIT, Inc. REITS 78573L106 2,203 100,388 SH   SOLE   100,388 0 0
Select Income REIT REITS 81618T100 2,394 102,226 SH   SOLE   102,226 0 0
Senior Housing Properties Trus REITS 81721M109 555 28,400 SH   SOLE   28,400 0 0
Simon Property Group, Inc. REITS 828806109 11,163 69,330 SH   SOLE   69,330 0 0
SL Green Realty Corp. REITS 78440X101 904 8,921 SH   SOLE   8,921 0 0
Spirit Realty Capital, Inc. REITS 84860W102 394 46,015 SH   SOLE   46,015 0 0
STORE Capital Corp. REITS 862121100 361 14,500 SH   SOLE   14,500 0 0
Stryker Corporation Common Stock 863667101 259 1,825 SH   OTR   0 1,825 0
Sun Communities, Inc. REITS 866674104 848 9,900 SH   SOLE   9,900 0 0
Sunstone Hotel Investors, Inc. REITS 867892101 267 16,616 SH   SOLE   16,616 0 0
Tanger Factory Outlet Ctrs Inc REITS 875465106 3,734 152,889 SH   SOLE   152,889 0 0
Taubman Centers, Inc. REITS 876664103 2,716 54,648 SH   SOLE   54,648 0 0
Telephone & Data Systems Inc Common Stock 879433829 122 4,368 SH   OTR   0 4,368 0
Tier REIT, Inc. REITS 88650V208 607 31,438 SH   SOLE   31,438 0 0
UDR, Inc. REITS 902653104 428 11,242 SH   SOLE   11,242 0 0
Uniti Group, Inc. REITS 91325V108 3,100 211,435 SH   SOLE   211,435 0 0
Valmont Industries Inc Common Stock 920253101 184 1,166 SH   OTR   0 1,166 0
Varex Imaging Corp Common Stock 92214X106 304 8,988 SH   OTR   0 8,988 0
Varian Medical Systems Inc Common Stock 92220P105 193 1,930 SH   OTR   0 1,930 0
Ventas, Inc. REITS 92276F100 3,520 54,041 SH   SOLE   54,041 0 0
VEREIT, Inc. REITS 92339V100 99 12,000 SH   SOLE   12,000 0 0
Vornado Realty Trust REITS 929042109 2,531 32,915 SH   SOLE   32,915 0 0
Wal-Mart Stores Inc Common Stock 931142103 266 3,408 SH   OTR   0 3,408 0
Washington Prime Grp,Inc. REITS 93964W108 680 81,573 SH   SOLE   81,573 0 0
Washington Real Estate Invmt REITS 939653101 1 32 SH   SOLE   32 0 0
Weingarten Realty Investors REITS 948741103 498 15,698 SH   SOLE   15,698 0 0
Wells Fargo & Co Common Stock 949746101 604 10,960 SH   OTR   0 10,960 0
Welltower, Inc. REITS 95040Q104 3,766 53,583 SH   SOLE   53,583 0 0