Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LQD	ISHARES Iboxx Investment Grade Corporate Bond Fund	212,500	$24.85M	22.9%	$113.58	—	Exchange Traded Fund	464287242
SPG	SIMON PROPERTY GROUP INC	37,346	$6.125M	5.6%	$88.56	-4.7%	REITS	828806109
VNO	VORNADO REALTY TRUST	38,495	$3.794M	3.5%	$82.89	—	REITS	929042109
—	CBL & ASSOCIATES PROPERTIES	153,362	$2.724M	2.5%	$20.37	—	REITS	124830100
—	HOSPITALITY PROPERTIES TRUST	90,239	$2.591M	2.4%	$26.31	—	REITS	44106M102
PSA	PUBLIC STORAGE INC	14,390	$2.424M	2.2%	$97.16	+5.3%	REITS	74460D109
—	TAUBMAN CENTERS INC	32,848	$2.325M	2.1%	$71.61	—	REITS	876664103
—	CORRECTIONS CORP OF AMERICA	69,990	$2.193M	2.0%	$31.78	—	REITS	22025Y407
—	AMERICAN CAPITAL AGENCY CORP	98,400	$2.115M	2.0%	$21.94	—	REITS	02503X105
VTR	VENTAS INC	34,315	$2.078M	1.9%	$47.87	-13.9%	REITS	92276F100
—	SELECT INCOME REIT	64,731	$1.959M	1.8%	$25.83	—	REITS	81618T100
OLP	ONE LIBERTY PROPERTIES INC	88,499	$1.885M	1.7%	$21.78	—	REITS	682406103
AVB	AVALONBAY COMMUNITIES INC	14,228	$1.868M	1.7%	$87.72	-3.3%	REITS	053484101
EQR	EQUITY RESIDENTIAL PROPS TR	31,176	$1.808M	1.7%	$31.42	+0.9%	REITS	29476L107
CDP	CORPORATE OFFICE PROPERTIES	65,988	$1.759M	1.6%	$26.45	—	REITS	22002T108
—	HCP INC	42,750	$1.658M	1.5%	$43.56	—	REITS	40414L109
MAC	THE MACERICH CO	24,634	$1.535M	1.4%	$60.29	—	REITS	554382101
—	LIBERTY PROPERTY TRUST	41,050	$1.517M	1.4%	$35.85	—	REITS	531172104
OHI	OMEGA HEALTHCARE INVESTORS	44,726	$1.499M	1.4%	$32.12	—	REITS	681936100
MAA	MID-AMERICA APARTMENT COMM INC	21,155	$1.444M	1.3%	$43.10	-0.1%	REITS	59522J103
—	ASSOCIATED ESTATES REALTY CP	81,548	$1.381M	1.3%	$15.64	—	REITS	045604105
BXP	BOSTON PROPERTIES INC	11,773	$1.348M	1.2%	$64.00	+4.6%	REITS	101121101
UDR	UDR INC	49,102	$1.268M	1.2%	$15.79	+4.2%	REITS	902653104
—	MONMOUTH REIT CLASS A	122,275	$1.167M	1.1%	$9.71	—	REITS	609720107
KIM	KIMCO REALTY CORP	51,377	$1.124M	1.0%	$12.61	-4.0%	REITS	49446R109
—	HEALTH CARE REIT INC	17,283	$1.03M	0.9%	$66.75	—	REITS	42217K106
CPT	CAMDEN PROPERTY TRUST	15,263	$1.028M	0.9%	$42.93	-6.6%	REITS	133131102
—	BIOMED REALTY TRUST INC	49,444	$1.013M	0.9%	$19.85	—	REITS	09063H107
—	DUKE REALTY CORP	56,765	$958K	0.9%	$15.59	—	REITS	264411505
PLD	PROLOGIS INC	22,523	$920K	0.8%	$27.85	-0.8%	REITS	74340W103
—	PENN REAL ESTATE INVEST TRUST	47,741	$862K	0.8%	$18.55	—	REITS	709102107
ELME	WASHINGTON REAL ESTATE INV	34,900	$833K	0.8%	$26.91	—	REITS	939653101
—	WEINGARTEN REALTY INVST	25,998	$780K	0.7%	$30.77	—	REITS	948741103
—	SL GREEN	7,121	$717K	0.7%	$88.19	—	REITS	78440X101
INTC	INTEL CORP	27,600	$712K	0.7%	$17.14	+9.0%	Common Stock	458140100
ELS	EQUITY LIFESTYLE PROPERTIES	17,306	$703K	0.6%	$53.17	—	REITS	29472R108
—	DDR CORP	40,964	$675K	0.6%	$16.65	—	REITS	23317H102
HST	HOST HOTELS & RESORTS INC	33,048	$669K	0.6%	$10.74	+12.0%	REITS	44107P104
WFC	WELLS FARGO & COMPANY	12,900	$642K	0.6%	$27.36	+22.1%	Common Stock	949746101
MSFT	MICROSOFT CORP	15,200	$623K	0.6%	$26.70	+17.1%	Common Stock	594918104
DLR	DIGITAL REALTY TRUST INC	11,700	$621K	0.6%	$39.22	-15.5%	REITS	253868103
SKT	TANGER FACTORY OUTLET CENTERS	17,761	$621K	0.6%	$34.05	—	REITS	875465106
BRK/B	BERKSHIRE HATHAWAY INC.	4,900	$612K	0.6%	$110.02	+6.2%	Common Stock	084670702
FSP	FRANLKLIN STREET PROPERTIES C	48,114	$606K	0.6%	$13.16	—	REITS	35471R106
—	AMERICAN CAMPUS COMMUNITIES	15,851	$592K	0.5%	$39.21	—	REITS	024835100
AFL	AFLAC INC	9,150	$577K	0.5%	$20.11	+19.3%	Common Stock	001055102
—	GOVERNMENT PROPERTIES INCOME	22,800	$574K	0.5%	$24.82	—	REITS	38376A103
CVX	CHEVRON CORPORATION	4,650	$553K	0.5%	$71.30	-1.3%	Common Stock	166764100
SBRA	SABRA HEALTH CARE REIT INC	19,163	$534K	0.5%	$24.80	—	REITS	78573L106
UHT	UNIVERSAL HEALTH REALTY INCOME	12,587	$532K	0.5%	$43.06	—	REITS	91359E105
—	EXCEL TRUST INC	41,732	$529K	0.5%	$12.67	—	REITS	30068C109
REG	REGENCY CENTERS CORP	10,271	$524K	0.5%	$33.45	-5.8%	REITS	758849103
WMT	WAL-MART STORES INC	6,800	$520K	0.5%	$20.01	-0.5%	Common Stock	931142103
—	FEDERAL REALTY INVS TRUST	4,507	$517K	0.5%	$103.61	—	REITS	313747206
SYK	STRYKER CORP	6,200	$505K	0.5%	$56.92	+21.3%	Common Stock	863667101
—	VARIAN MEDICAL SYSTEMS	5,900	$496K	0.5%	$67.41	—	Common Stock	92220P105
—	AETNA INC	6,600	$495K	0.5%	$63.57	—	Common Stock	00817Y108
—	ROUSE PROPERTIES INC	27,932	$481K	0.4%	$17.22	—	REITS	779287101
—	SENIOR HOUSING PROP TRUST	21,170	$475K	0.4%	$25.93	—	REITS	81721M109
—	RAMCO GERHENSON PROPERTIES	29,050	$474K	0.4%	$15.52	—	REITS	751452202
VMI	VALMONT INDUSTRIES	3,150	$469K	0.4%	$141.23	+4.7%	Common Stock	920253101
HIW	HIGHWOOD PROPERTIES INC	12,000	$461K	0.4%	$35.58	—	REITS	431284108
—	SOVRAN SELF STORAGE INC	6,070	$446K	0.4%	$64.81	—	REITS	84610H108
ARE	ALEXANDRIA REAL ESTATE EQUIT	6,150	$446K	0.4%	$44.92	+2.5%	REITS	015271109
PDM	PIEDMONT OFFICE REALTY TRUST	25,932	$444K	0.4%	$17.86	—	REITS	720190206
—	NATIONAL OILWELL VARCO INC	5,700	$444K	0.4%	$77.89	—	Common Stock	637071101
—	APACHE CORP	5,300	$440K	0.4%	$83.02	—	Common Stock	037411105
—	BRE PROPERTIES INC	6,700	$421K	0.4%	$53.45	—	REITS	05564E106
EMR	EMERSON ELECTRIC CO	6,100	$407K	0.4%	$40.39	+18.3%	Common Stock	291011104
—	RETAIL PROPERTIES OF AMERICA	28,114	$380K	0.4%	$13.63	—	REITS	76131V202
—	INLAND REAL ESTATE CORP	35,300	$372K	0.3%	$10.20	—	REITS	457461200
—	TOTAL SYSTEM SERVICES INC	12,000	$365K	0.3%	$24.50	—	Common Stock	891906109
—	CHAMBERS STREET PROPERTIES	44,500	$346K	0.3%	$7.64	—	REITS	157842105
VRE	MACK-CALI REALTY CORPORATION	15,679	$326K	0.3%	$23.69	—	REITS	554489104
MMM	3M CO	2,300	$312K	0.3%	$61.26	+24.5%	Common Stock	88579Y101
TDS	TELEPHONE AND DATA SYSTEMS	11,700	$307K	0.3%	$25.15	+1.2%	Common Stock	879433829
—	APARTMENTS INVESTMENT	10,094	$305K	0.3%	$30.02	—	REITS	03748R101
LTC	LTC PROPERTIES INC	7,656	$288K	0.3%	$39.03	—	REITS	502175102
ESS	ESSEX PROPERTY TRUST INC	1,520	$258K	0.2%	$105.05	+5.1%	REITS	297178105
AHRT	ARMADA HOFFLER PROPERTIES	25,504	$256K	0.2%	$9.88	—	REITS	04208T108
BDN	BRANDYWINE REALTY TRUST	16,192	$234K	0.2%	$13.46	—	REITS	105368203
—	POST PROPERTIES INC	4,350	$213K	0.2%	$48.29	—	REITS	737464107
—	GLIMCHER REALTY TRUST	19,739	$198K	0.2%	$10.94	—	REITS	379302102
DEI	DOUGLAS EMMETT INC	6,700	$182K	0.2%	$24.93	—	REITS	25960P109
WSR	WHITESTONE REIT	12,082	$174K	0.2%	$13.33	—	REITS	966084204
EXR	EXTRA SPACE STORAGE INC	3,500	$170K	0.2%	$26.60	+12.7%	REITS	30225T102
—	PS BUSINESS PARKS INC CA	1,708	$143K	0.1%	$72.21	—	REITS	69360J107
—	GENERAL GROWTH PROPERTIES	6,162	$136K	0.1%	$19.96	—	REITS	370023103
KRC	KILROY REALTY CORP	2,280	$134K	0.1%	$53.07	—	REITS	49427F108
CUBE	CUBESMART	7,600	$130K	0.1%	$15.94	—	REITS	229663109
TIPT	TIPTREE FINANCIAL INC	17,550	$130K	0.1%	$7.42	+0.5%	REITS	88822Q103
—	LASALLE HOTEL PROPERTIES	4,100	$128K	0.1%	$24.66	—	REITS	517942108
BRX	BRIXMOR PROPERTY GROUP INC	6,000	$128K	0.1%	$20.33	—	REITS	11120U105
—	FIRST POTOMAC REALTY TRUST	8,900	$115K	0.1%	$13.03	—	REITS	33610F109
—	COUSINS PROPERTIES INC	9,691	$111K	0.1%	$10.11	—	REITS	222795106
TRNO	TERRENO REALTY CORP	5,428	$103K	0.1%	$18.61	—	REITS	88146M101
NNN	NATIONAL RETAIL PROPERTIES	3,000	$103K	0.1%	$31.22	—	REITS	637417106
—	HEALTHCARE REALTY TRUST INC	3,900	$94,000	0.1%	$25.38	—	REITS	421946104
—	EQUITY ONE INC	3,970	$89,000	0.1%	$22.67	—	REITS	294752100
—	PREFERRED APARTMENT COMMUN	9,697	$78,000	0.1%	$8.04	—	REITS	74039L103
DRH	DIAMONDROCK HOSPITALITY CO	6,282	$74,000	0.1%	$9.29	—	REITS	252784301
—	DCT INDUSTRIAL TRUST INC	9,100	$72,000	0.1%	$7.14	—	REITS	233153105
—	HOME PROPERTIES INC	1,060	$64,000	0.1%	$65.09	—	REITS	437306103
SUI	SUN COMMUNITIES INC	1,340	$60,000	0.1%	$50.00	—	REITS	866674104
ADC	AGREE REALTY CORP	1,803	$55,000	0.1%	$29.52	—	REITS	008492100
—	PARKWAY PROPERTIES INC	2,973	$54,000	0.0%	$16.82	—	REITS	70159Q104
NHI	NATL HEALTH INVESTORS INC	900	$54,000	0.0%	$60.00	—	REITS	63633D104
—	KITE REALTY GROUP TRUST	7,700	$46,000	0.0%	$5.97	—	REITS	49803T102
EGP	EASTGROUP PROPERTIES INC	600	$38,000	0.0%	$56.25	—	REITS	277276101
—	CEDAR SHOPPING CENTERS INC	5,675	$35,000	0.0%	$5.17	—	REITS	150602209
—	HERSHA HOSPITALITY TRUST	5,900	$34,000	0.0%	$5.59	—	REITS	427825104
—	EDUCATION REALTY TRUST INC	3,200	$32,000	0.0%	$10.31	—	REITS	28140H104
BFS	SAUL CENTERS INC	500	$24,000	0.0%	$44.00	—	REITS	804395101
SHO	SUNSTONE HOTEL INVESTORS INC	1,328	$18,000	0.0%	$12.01	—	REITS	867892101
—	SPIRIT REALTY CAPITAL	1,300	$14,000	0.0%	$9.17	—	REITS	84860W102
AKR	ACADIA REALTY TRUST	445	$12,000	0.0%	$24.72	—	REITS	004239109
—	WINTHROP REALTY TRUST	801	$9,000	0.0%	$12.48	—	REITS	976391300
—	INVESTORS REAL ESTATE TRUST	992	$9,000	0.0%	$9.07	—	REITS	461730103
FR	FIRST INDUSTRIAL REALTY TR	200	$4,000	0.0%	$15.17	—	REITS	32054K103
—	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
—	ISTAR FINANCIAL INC	216	$3,000	0.0%	$9.26	—	REITS	45031U101
—	ANNALY CAPITAL MANAGEMENT INC	200	$2,000	0.0%	$15.00	—	REITS	035710409