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 109 645 SH   OTR   0 645 0
Aflac Inc Common Stock 001055102 309 7,060 SH   OTR   0 7,060 0
Alexandria Real Estate Eqtys. REITS 015271109 993 7,948 SH   SOLE   7,948 0 0
Alleghany Corp Common Stock 017175100 111 180 SH   OTR   0 180 0
American Campus Communities REITS 024835100 531 13,751 SH   SOLE   13,751 0 0
American Express Co Common Stock 025816109 382 4,093 SH   OTR   0 4,093 0
Apache Corp Common Stock 037411105 178 4,625 SH   OTR   0 4,625 0
Apartment Investmnt & Managemt REITS 03748R101 925 22,710 SH   SOLE   22,710 0 0
AT&T Inc Common Stock 00206R102 269 7,550 SH   OTR   0 7,550 0
AutoZone Inc Common Stock 053332102 370 570 SH   OTR   0 570 0
AvalonBay Communities, Inc. REITS 053484101 4,070 24,749 SH   SOLE   24,749 0 0
Berkshire Hathaway Inc Common Stock 084670702 464 2,324 SH   OTR   0 2,324 0
Boston Properties, Inc. REITS 101121101 3,829 31,077 SH   SOLE   31,077 0 0
Brandywine Realty Trust REITS 105368203 127 8,000 SH   SOLE   8,000 0 0
Brixmor Property Group, Inc. REITS 11120U105 397 26,000 SH   SOLE   26,000 0 0
Camden Property Trust REITS 133131102 1,200 14,255 SH   SOLE   14,255 0 0
CBL & Associates Properties REITS 124830100 572 137,124 SH   SOLE   137,124 0 0
Chevron Corp Common Stock 166764100 253 2,220 SH   OTR   0 2,220 0
Citigroup Inc Common Stock 172967424 332 4,925 SH   OTR   0 4,925 0
City Office REIT, Inc. REITS 178587101 201 17,400 SH   SOLE   17,400 0 0
CoreCivic, Inc. REITS 21871N101 75 3,851 SH   SOLE   3,851 0 0
CorEnergy Infrastructure Trust REITS 21870U502 169 4,513 SH   SOLE   4,513 0 0
Corporate Office Properties REITS 22002T108 397 15,372 SH   SOLE   15,372 0 0
Crown Castle Intern'l Corp. REITS 22822V101 109 992 SH   SOLE   992 0 0
CubeSmart REITS 229663109 2,956 104,835 SH   SOLE   104,835 0 0
DCT Industrial Trust, Inc. REITS 233153204 64 1,131 SH   SOLE   1,131 0 0
DDR Corp. REITS 23317H102 557 75,971 SH   SOLE   75,971 0 0
DiamondRock Hospitality Co. REITS 252784301 3 282 SH   SOLE   282 0 0
Digital Realty Trust, Inc. REITS 253868103 288 2,737 SH   SOLE   2,737 0 0
Douglas Emmett, Inc. REITS 25960P109 382 10,400 SH   SOLE   10,400 0 0
Duke Realty Corp. REITS 264411505 813 30,718 SH   SOLE   30,718 0 0
EastGroup Properties, Inc. REITS 277276101 104 1,259 SH   SOLE   1,259 0 0
Empire State Realty Trust Inc. REITS 292104106 176 10,494 SH   SOLE   10,494 0 0
Equity Commonwealth REITS 294628102 170 5,538 SH   SOLE   5,538 0 0
Equity LifeStyle Properties, I REITS 29472R108 2,425 27,624 SH   SOLE   27,624 0 0
Equity Residential Pptys REITS 29476L107 3,982 64,615 SH   SOLE   64,615 0 0
Essex Property Trust, Inc. REITS 297178105 939 3,900 SH   SOLE   3,900 0 0
Extra Space Storage, Inc. REITS 30225T102 2,089 23,909 SH   SOLE   23,909 0 0
ExxonMobil Corp Common Stock 30231G102 160 2,145 SH   OTR   0 2,145 0
Federal Realty Investment REITS 313747206 407 3,502 SH   SOLE   3,502 0 0
First Industrial Realty Trust REITS 32054K103 266 9,096 SH   SOLE   9,096 0 0
FIVE OAKS INVESTMENT CORP REITS 33830W106 37 12,687 SH   SOLE   12,687 0 0
Forest City Realty Trust, Inc. REITS 345605109 739 36,486 SH   SOLE   36,486 0 0
Franklin Street Properties Cor REITS 35471R106 90 10,649 SH   SOLE   10,649 0 0
GGP, Inc. REITS 36174X101 5,247 256,434 SH   SOLE   256,434 0 0
HCP, Inc. REITS 40414L109 3,064 131,881 SH   SOLE   131,881 0 0
Healthcare Trust of America REITS 42225P501 74 2,788 SH   SOLE   2,788 0 0
Hospitality Properties Trust REITS 44106M102 542 21,406 SH   SOLE   21,406 0 0
Host Hotels & Resorts Inc. REITS 44107P104 1,056 56,674 SH   SOLE   56,674 0 0
HYSTER YALE MATERIALS Common Stock 449172105 135 1,925 SH   OTR   0 1,925 0
Industrial Logistics Propertie REITS 456237106 2,237 110,000 SH   SOLE   110,000 0 0
Intel Corp Common Stock 458140100 382 7,335 SH   OTR   0 7,335 0
JBG SMITH Properties REITS 46590V100 548 16,253 SH   SOLE   16,253 0 0
Kilroy Realty Corporation REITS 49427F108 136 1,915 SH   SOLE   1,915 0 0
Kimco Realty Corp. REITS 49446R109 299 20,735 SH   SOLE   20,735 0 0
Kite Realty Group Trust REITS 49803T300 139 9,159 SH   SOLE   9,159 0 0
LaSalle Hotel Properties REITS 517942108 445 15,324 SH   SOLE   15,324 0 0
Liberty Property Trust REITS 531172104 153 3,850 SH   SOLE   3,850 0 0
Life Storage, Inc. REITS 53223X107 2,632 31,513 SH   SOLE   31,513 0 0
LTC Properties, Inc. REITS 502175102 32 843 SH   SOLE   843 0 0
Macerich Co. REITS 554382101 3,971 70,878 SH   SOLE   70,878 0 0
Mack-Cali Realty Corp. REITS 554489104 197 11,785 SH   SOLE   11,785 0 0
Macy's Inc Common Stock 55616P104 282 9,470 SH   OTR   0 9,470 0
Microsoft Corp Common Stock 594918104 415 4,545 SH   OTR   0 4,545 0
Mid-America Apt. Communities REITS 59522J103 1,398 15,318 SH   SOLE   15,318 0 0
National Oilwell Varco Inc Common Stock 637071101 224 6,081 SH   OTR   0 6,081 0
NOW Inc Common Stock 67011P100 126 12,326 SH   OTR   0 12,326 0
Omega Healthcare Investors Inc REITS 681936100 1,610 59,528 SH   SOLE   59,528 0 0
One Liberty Properties, Inc. REITS 682406103 705 31,916 SH   SOLE   31,916 0 0
OUTFRONT Media, Inc. REITS 69007J106 562 30,000 SH   SOLE   30,000 0 0
OWENS REALTY MORTGAGE INC REITS 690828108 201 13,779 SH   SOLE   13,779 0 0
Paramount Group, Inc. REITS 69924R108 194 13,648 SH   SOLE   13,648 0 0
Pennsylvania REIT REITS 709102107 258 26,718 SH   SOLE   26,718 0 0
Piedmont Office Realty Trust REITS 720190206 218 12,372 SH   SOLE   12,372 0 0
Prologis, Inc. REITS 74340W103 1,418 22,511 SH   SOLE   22,511 0 0
Public Storage REITS 74460D109 6,466 32,266 SH   SOLE   32,266 0 0
Quality Care Properties REITS 747545101 418 21,494 SH   SOLE   21,494 0 0
Ramco-Gershenson Properties REITS 751452202 143 11,593 SH   SOLE   11,593 0 0
Regency Centers Corp. REITS 758849103 418 7,082 SH   SOLE   7,082 0 0
Retail Properties of America REITS 76131V202 468 40,113 SH   SOLE   40,113 0 0
RLJ Lodging Trust REITS 74965L101 1,769 91,000 SH   SOLE   91,000 0 0
Sabra Health Care REIT, Inc. REITS 78573L106 2,187 123,918 SH   SOLE   123,918 0 0
Select Income REIT REITS 81618T100 1,407 72,240 SH   SOLE   72,240 0 0
Senior Housing Properties Trus REITS 81721M109 613 39,115 SH   SOLE   39,115 0 0
Simon Property Group, Inc. REITS 828806109 9,641 62,460 SH   SOLE   62,460 0 0
SL Green Realty Corp. REITS 78440X101 858 8,859 SH   SOLE   8,859 0 0
Spirit Realty Capital, Inc. REITS 84860W102 290 37,425 SH   SOLE   37,425 0 0
STORE Capital Corp. REITS 862121100 482 19,400 SH   SOLE   19,400 0 0
Stryker Corporation Common Stock 863667101 159 985 SH   OTR   0 985 0
Sun Communities, Inc. REITS 866674104 1,087 11,900 SH   SOLE   11,900 0 0
Sunstone Hotel Investors, Inc. REITS 867892101 253 16,616 SH   SOLE   16,616 0 0
Tanger Factory Outlet Ctrs Inc REITS 875465106 3,142 142,799 SH   SOLE   142,799 0 0
Taubman Centers, Inc. REITS 876664103 2,799 49,189 SH   SOLE   49,189 0 0
Tier REIT, Inc. REITS 88650V208 476 25,738 SH   SOLE   25,738 0 0
UDR, Inc. REITS 902653104 312 8,770 SH   SOLE   8,770 0 0
Uniti Group, Inc. REITS 91325V108 3,017 185,655 SH   SOLE   185,655 0 0
Valmont Industries Inc Common Stock 920253101 118 806 SH   OTR   0 806 0
Varex Imaging Corp Common Stock 92214X106 229 6,408 SH   OTR   0 6,408 0
Varian Medical Systems Inc Common Stock 92220P105 114 930 SH   OTR   0 930 0
Ventas, Inc. REITS 92276F100 2,335 47,141 SH   SOLE   47,141 0 0
VEREIT, Inc. REITS 92339V100 84 12,000 SH   SOLE   12,000 0 0
Vornado Realty Trust REITS 929042109 2,255 33,506 SH   SOLE   33,506 0 0
Wal-Mart Inc Common Stock 931142103 207 2,328 SH   OTR   0 2,328 0
Washington Prime Grp,Inc. REITS 93964W108 526 78,861 SH   SOLE   78,861 0 0
Washington Real Estate Invmt REITS 939653101 1 32 SH   SOLE   32 0 0
Weingarten Realty Investors REITS 948741103 378 13,456 SH   SOLE   13,456 0 0
Wells Fargo & Co Common Stock 949746101 363 6,920 SH   OTR   0 6,920 0
Welltower, Inc. REITS 95040Q104 3,407 62,587 SH   SOLE   62,587 0 0