Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LQD	Ishares Iboxx Investment Grade Corporate Bond Fund	212,500	$24.12M	23.7%	$113.58	—	Exchange Traded Fund	464287242
SPG	Simon Property Group Inc	38,546	$5.713M	5.6%	$88.56	-8.6%	REITS	828806109
VNO	Vornado Realty Trust	38,495	$3.237M	3.2%	$82.89	—	REITS	929042109
—	Hospitality Properties Trust	91,854	$2.598M	2.5%	$26.29	—	REITS	44106M102
PSA	Public Storage Inc	15,390	$2.471M	2.4%	$97.16	+1.3%	REITS	74460D109
—	CBL & Associates Properties	128,962	$2.462M	2.4%	$20.85	—	REITS	124830100
—	Associated Estates Realty CP	137,241	$2.045M	2.0%	$15.64	—	REITS	045604105
VTR	Ventas Inc	29,815	$1.834M	1.8%	$48.97	-12.5%	REITS	92276F100
—	Select Income Reit	70,231	$1.811M	1.8%	$25.83	—	REITS	81618T100
AVB	Avalonbay Communities Inc	14,228	$1.809M	1.8%	$87.72	-0.5%	REITS	053484101
UDR	UDR Inc	76,102	$1.804M	1.8%	$15.79	-0.6%	REITS	902653104
EQR	Equity Residential Props Tr	31,176	$1.67M	1.6%	$31.42	-3.4%	REITS	29476L107
—	American Capital Agency Corp	71,400	$1.611M	1.6%	$22.91	—	REITS	02503X105
VRE	Mack-Cali Realty Corporation	73,200	$1.605M	1.6%	$24.05	—	REITS	554489104
OLP	One Liberty Properties Inc	77,393	$1.572M	1.5%	$21.96	—	REITS	682406103
BXP	Boston Properties Inc	13,873	$1.483M	1.5%	$64.00	-1.9%	REITS	101121101
—	Lexington Realty Trust	128,320	$1.44M	1.4%	$11.67	—	REITS	529043101
—	HCP Inc	34,750	$1.423M	1.4%	$45.23	—	REITS	40414L109
—	Health Care Reit Inc	17,283	$1.078M	1.1%	$66.75	—	REITS	42217K106
MAA	Mid-America Apartment Comm Inc	17,100	$1.068M	1.0%	$43.70	-5.1%	REITS	59522J103
—	Monmouth REIT Class A	116,989	$1.061M	1.0%	$9.79	—	REITS	609720107
KIM	Kimco Realty Corp	51,377	$1.037M	1.0%	$12.61	-5.9%	REITS	49446R109
—	CapLease Inc	113,486	$962K	0.9%	$8.44	—	REITS	140288101
CPT	Camden Property Trust	15,263	$937K	0.9%	$42.93	-3.7%	REITS	133131102
PLD	Prologis Inc	24,823	$934K	0.9%	$27.85	-6.6%	REITS	74340W103
—	Liberty Property Trust	26,150	$931K	0.9%	$36.98	—	REITS	531172104
SBRA	Sabra Health Care Reit Inc	38,663	$888K	0.9%	$24.80	—	REITS	78573L106
ELME	Washington Real Estate Inv	34,900	$882K	0.9%	$26.91	—	REITS	939653101
—	Duke Realty Corp	56,765	$876K	0.9%	$15.59	—	REITS	264411505
PDM	Piedmont Office Realty Trust	49,932	$867K	0.9%	$17.86	—	REITS	720190206
—	Biomed Realty Trust Inc	45,900	$853K	0.8%	$19.80	—	REITS	09063H107
DLR	Digital Realty Trust Inc	15,200	$807K	0.8%	$39.22	-10.6%	REITS	253868103
OHI	Omega Healthcare Investors	26,726	$798K	0.8%	$30.89	—	REITS	681936100
—	Weingarten Realty Invst	25,998	$762K	0.7%	$30.77	—	REITS	948741103
INTC	Intel Corp	32,100	$736K	0.7%	$17.14	-1.3%	Common Stock	458140100
—	Aetna Inc	11,200	$717K	0.7%	$63.57	—	Common Stock	00817Y108
—	Penn Real Estate Invest Trust	36,741	$686K	0.7%	$18.83	—	REITS	709102107
MAC	The Macerich Co	12,043	$680K	0.7%	$60.45	—	REITS	554382101
MSFT	Microsoft Corp	19,900	$663K	0.7%	$26.70	+1.1%	Common Stock	594918104
BRK/B	Berkshire Hathaway Inc.	5,800	$658K	0.6%	$110.02	+4.9%	Common Stock	084670702
—	DDR Corp	40,964	$644K	0.6%	$16.65	—	REITS	23317H102
AFL	Aflac Inc	10,350	$642K	0.6%	$20.11	+11.7%	Common Stock	001055102
CVX	Chevron Corporation	5,250	$638K	0.6%	$71.30	+2.5%	Common Stock	166764100
—	Varian Medical Systems	8,500	$635K	0.6%	$67.41	—	Common Stock	92220P105
—	SL Green	7,121	$632K	0.6%	$88.19	—	REITS	78440X101
WFC	Wells Fargo & Company	15,300	$632K	0.6%	$27.36	+10.3%	Common Stock	949746101
SYK	Stryker Corp	9,300	$629K	0.6%	$56.92	+4.4%	Common Stock	863667101
MMM	3M Co	5,200	$621K	0.6%	$61.26	+7.7%	Common Stock	88579Y101
FSP	Franlklin Street Properties C	48,114	$612K	0.6%	$13.16	—	REITS	35471R106
—	Federal Realty Invs Trust	5,907	$599K	0.6%	$103.61	—	REITS	313747206
ELS	Equity Lifestyle Properties	17,306	$591K	0.6%	$53.17	—	REITS	29472R108
HST	Host Hotels & Resorts Inc	33,048	$584K	0.6%	$10.74	+1.2%	REITS	44107P104
—	American Campus Communities	15,851	$541K	0.5%	$39.21	—	REITS	024835100
EMR	Emerson Electric Co	8,300	$537K	0.5%	$40.39	+8.5%	Common Stock	291011104
UHT	Universal Health Realty Income	12,587	$527K	0.5%	$43.06	—	REITS	91359E105
MCK	McKesson Corp	4,100	$526K	0.5%	$101.46	+10.6%	Common Stock	58155Q103
—	Government Properties Income	21,800	$522K	0.5%	$24.80	—	REITS	38376A103
—	Excel Trust Inc	41,732	$500K	0.5%	$12.67	—	REITS	30068C109
REG	Regency Centers Corp	10,271	$497K	0.5%	$33.45	-5.0%	REITS	758849103
—	Senior Housing Prop Trust	21,170	$494K	0.5%	$25.93	—	REITS	81721M109
WMT	Wal-Mart Stores Inc	6,350	$470K	0.5%	$19.98	-1.0%	Common Stock	931142103
—	Sovran Self Storage Inc	6,070	$459K	0.5%	$64.81	—	REITS	84610H108
—	Ramco Gerhenson Properties	29,050	$447K	0.4%	$15.52	—	REITS	751452202
—	Total System Services INC	15,100	$444K	0.4%	$24.50	—	Common Stock	891906109
HIW	Highwood Properties Inc	12,000	$424K	0.4%	$35.58	—	REITS	431284108
—	Taubman Centers Inc	6,143	$413K	0.4%	$75.21	—	REITS	876664103
PFE	Pfizer Inc	14,400	$413K	0.4%	$16.46	-0.6%	Common Stock	717081103
—	Rouse Properties Inc	20,032	$412K	0.4%	$19.63	—	REITS	779287101
ARE	Alexandria Real Estate Equit	6,150	$393K	0.4%	$44.92	-5.8%	REITS	015271109
—	Cedar Shopping Centers Inc	70,675	$365K	0.4%	$5.17	—	REITS	150602209
—	Inland Real Estate Corp	35,300	$361K	0.4%	$10.20	—	REITS	457461200
SKT	Tanger Factory Outlet Centers	10,761	$351K	0.3%	$33.45	—	REITS	875465106
—	Corrections Corp of America	9,490	$328K	0.3%	$34.56	—	REITS	22025Y407
LTC	LTC Properties Inc	7,656	$290K	0.3%	$39.03	—	REITS	502175102
—	Apartments Investment	10,094	$282K	0.3%	$30.02	—	REITS	03748R101
CDP	Corporate Office Properties	11,988	$277K	0.3%	$25.52	—	REITS	22002T108
AHRT	Armada Hoffler Properties	25,504	$252K	0.2%	$9.88	—	REITS	04208T108
TDS	TELPHONE AND DATA SYSTEMS	8,200	$242K	0.2%	$23.81	+15.5%	Common Stock	879433829
—	MPG Office Trust	75,500	$235K	0.2%	$3.12	—	REITS	553274101
ESS	Essex Property Trust Inc	1,520	$225K	0.2%	$105.05	-0.7%	REITS	297178105
BDN	Brandywine Realty Trust	16,192	$213K	0.2%	$13.46	—	REITS	105368203
—	Post Properties Inc	4,350	$196K	0.2%	$48.29	—	REITS	737464107
—	Glimcher Realty Trust	19,739	$192K	0.2%	$10.94	—	REITS	379302102
—	Spirit Realty Capital	19,300	$177K	0.2%	$9.17	—	REITS	84860W102
ADC	Agree Realty Corp	5,803	$175K	0.2%	$29.52	—	REITS	008492100
DRH	Diamondrock Hospitality Co	16,282	$174K	0.2%	$9.29	—	REITS	252784301
EXR	Extra Space Storage Inc	3,500	$160K	0.2%	$26.60	+3.3%	REITS	30225T102
—	Colonial Properties Trust	7,098	$160K	0.2%	$24.09	—	REITS	195872106
DEI	Douglas Emmett Inc	6,700	$157K	0.2%	$24.93	—	REITS	25960P109
TIPT	Tiptree Financial Inc	17,550	$133K	0.1%	$7.42	0.0%	REITS	88822Q103
—	PS Business Parks Inc CA	1,708	$127K	0.1%	$72.21	—	REITS	69360J107
—	General Growth Properties	6,162	$119K	0.1%	$19.96	—	REITS	370023103
—	LaSalle Hotel Properties	4,100	$117K	0.1%	$24.66	—	REITS	517942108
KRC	Kilroy Realty Corp	2,280	$114K	0.1%	$53.07	—	REITS	49427F108
—	First Potomac Realty Trust	8,900	$112K	0.1%	$13.03	—	REITS	33610F109
—	Cousins Properties Inc	9,691	$100K	0.1%	$10.11	—	REITS	222795106
TRNO	Terreno Realty Corp	5,428	$96,000	0.1%	$18.61	—	REITS	88146M101
NNN	National Retail Properties	2,900	$92,000	0.1%	$34.52	—	REITS	637417106
—	Healthcare Realty Trust Inc	3,900	$90,000	0.1%	$25.38	—	REITS	421946104
—	Equity One Inc	3,970	$87,000	0.1%	$22.67	—	REITS	294752100
—	BRE Properties Inc	1,700	$86,000	0.1%	$50.00	—	REITS	05564E106
—	Preferred Apartment Commun	9,697	$78,000	0.1%	$8.04	—	REITS	74039L103
—	DCT Industrial Trust Inc	9,100	$66,000	0.1%	$7.14	—	REITS	233153105
—	Home Properties Inc	1,060	$61,000	0.1%	$65.09	—	REITS	437306103
—	Commonwealth Reit	2,649	$58,000	0.1%	$23.15	—	REITS	203233101
SUI	Sun Communities Inc	1,340	$57,000	0.1%	$50.00	—	REITS	866674104
SHO	Sunstone Hotel Investors Inc	4,328	$55,000	0.1%	$12.01	—	REITS	867892101
—	Parkway Properties Inc	2,973	$53,000	0.1%	$16.82	—	REITS	70159Q104
NHI	Natl Health Investors Inc	900	$51,000	0.1%	$60.00	—	REITS	63633D104
—	Retail Properties of America	3,614	$50,000	0.0%	$14.39	—	REITS	76131V202
FR	First Industrial Realty Tr	2,900	$47,000	0.0%	$15.17	—	REITS	32054K103
—	Kite Realty Group Trust	7,700	$46,000	0.0%	$5.97	—	REITS	49803T102
EGP	EastGroup Properties Inc	600	$36,000	0.0%	$56.25	—	REITS	277276101
—	Hersha Hospitality Trust	5,900	$33,000	0.0%	$5.59	—	REITS	427825104
—	Education Realty Trust Inc	3,200	$29,000	0.0%	$10.31	—	REITS	28140H104
BFS	Saul Centers Inc	500	$23,000	0.0%	$44.00	—	REITS	804395101
AKR	Acadia Realty Trust	445	$11,000	0.0%	$24.72	—	REITS	004239109
CUBE	Cubesmart	600	$11,000	0.0%	$16.13	—	REITS	229663109
—	Winthrop Realty Trust	801	$9,000	0.0%	$12.48	—	REITS	976391300
—	Investors Real Estate Trust	992	$8,000	0.0%	$9.07	—	REITS	461730103
—	ISTAR FINANCIAL INC	216	$3,000	0.0%	$9.26	—	REITS	45031U101
—	DuPont Fabros Technology Inc	112	$3,000	0.0%	$26.79	—	REITS	26613Q106
—	Trade Street Residential Inc REIT	408	$3,000	0.0%	$9.80	—	REITS	89255N203
—	Annaly Capital Management Inc	200	$3,000	0.0%	$15.00	—	REITS	035710409