Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LQD	ISHARES Iboxx Investment Grade Corporate Bond Fund	181,500	$21.65M	19.5%	$113.58	—	Exchange Traded Fund	464287242
SPG	SIMON PROPERTY GROUP INC	37,346	$6.208M	5.6%	$88.56	+5.3%	REITS	828806109
PSA	PUBLIC STORAGE INC	30,490	$5.223M	4.7%	$103.57	+5.5%	REITS	74460D109
VTR	VENTAS INC	72,215	$4.628M	4.2%	$46.12	-3.5%	REITS	92276F100
VNO	VORNADO REALTY TRUST	38,495	$4.108M	3.7%	$82.89	—	REITS	929042109
—	HCP INC	84,250	$3.485M	3.1%	$42.48	—	REITS	40414L109
—	CBL & ASSOCIATES PROPERTIES	145,362	$2.762M	2.5%	$20.37	—	REITS	124830100
—	TAUBMAN CENTERS INC	32,848	$2.489M	2.2%	$71.61	—	REITS	876664103
—	CORRECTIONS CORP OF AMERICA	71,190	$2.338M	2.1%	$31.80	—	REITS	22025Y407
—	AMERICAN CAPITAL AGENCY CORP	98,400	$2.303M	2.1%	$21.94	—	REITS	02503X105
OLP	ONE LIBERTY PROPERTIES INC	100,208	$2.135M	1.9%	$21.72	—	REITS	682406103
AVB	AVALONBAY COMMUNITIES INC	14,228	$2.023M	1.8%	$87.72	+7.0%	REITS	053484101
EQR	EQUITY RESIDENTIAL PROPS TR	31,176	$1.964M	1.8%	$31.42	+9.6%	REITS	29476L107
CDP	CORPORATE OFFICE PROPERTIES	66,388	$1.846M	1.7%	$26.45	—	REITS	22002T108
—	SELECT INCOME REIT	54,231	$1.606M	1.4%	$25.83	—	REITS	81618T100
—	ASSOCIATED ESTATES REALTY CP	81,548	$1.469M	1.3%	$15.64	—	REITS	045604105
BXP	BOSTON PROPERTIES INC	11,773	$1.391M	1.3%	$64.00	+13.9%	REITS	101121101
MAA	MID-AMERICA APARTMENT COMM INC	18,155	$1.326M	1.2%	$43.10	+8.9%	REITS	59522J103
KIM	KIMCO REALTY CORP	51,377	$1.181M	1.1%	$12.61	+3.5%	REITS	49446R109
—	LIBERTY PROPERTY TRUST	30,850	$1.17M	1.1%	$35.85	—	REITS	531172104
CPT	CAMDEN PROPERTY TRUST	15,263	$1.086M	1.0%	$42.93	+2.7%	REITS	133131102
—	DUKE REALTY CORP	56,765	$1.03M	0.9%	$15.59	—	REITS	264411505
—	BIOMED REALTY TRUST INC	46,444	$1.014M	0.9%	$19.85	—	REITS	09063H107
MAC	THE MACERICH CO	14,134	$943K	0.8%	$60.29	—	REITS	554382101
PLD	PROLOGIS INC	22,523	$925K	0.8%	$27.85	+4.4%	REITS	74340W103
UDR	UDR INC	32,102	$919K	0.8%	$15.79	+13.3%	REITS	902653104
ELME	WASHINGTON REAL ESTATE INV	34,900	$906K	0.8%	$26.91	—	REITS	939653101
—	WEINGARTEN REALTY INVST	25,998	$854K	0.8%	$30.77	—	REITS	948741103
—	PENN REAL ESTATE INVEST TRUST	44,971	$846K	0.8%	$18.55	—	REITS	709102107
—	HEALTH CARE REIT INC	13,283	$832K	0.7%	$66.75	—	REITS	42217K106
—	HOSPITALITY PROPERTIES TRUST	26,168	$796K	0.7%	$26.31	—	REITS	44106M102
—	SOVRAN SELF STORAGE INC	10,186	$787K	0.7%	$69.84	—	REITS	84610H108
—	SL GREEN	7,121	$779K	0.7%	$88.19	—	REITS	78440X101
ELS	EQUITY LIFESTYLE PROPERTIES	17,306	$764K	0.7%	$53.17	—	REITS	29472R108
HST	HOST HOTELS & RESORTS INC	33,048	$727K	0.7%	$10.74	+25.3%	REITS	44107P104
—	DDR CORP	40,964	$722K	0.6%	$16.65	—	REITS	23317H102
INTC	INTEL CORP	22,900	$708K	0.6%	$17.14	+20.7%	Common Stock	458140100
—	APACHE CORP	6,775	$682K	0.6%	$86.86	—	Common Stock	037411105
—	NATIONAL OILWELL VARCO INC	8,250	$679K	0.6%	$79.26	—	Common Stock	637071101
WFC	WELLS FARGO & COMPANY	12,900	$678K	0.6%	$27.36	+32.7%	Common Stock	949746101
CVX	CHEVRON CORPORATION	5,050	$659K	0.6%	$71.66	+5.9%	Common Stock	166764100
ESS	ESSEX PROPERTY TRUST INC	3,510	$649K	0.6%	$114.57	+6.3%	REITS	297178105
MSFT	MICROSOFT CORP	15,200	$634K	0.6%	$26.70	+27.2%	Common Stock	594918104
SKT	TANGER FACTORY OUTLET CENTERS	17,761	$621K	0.6%	$34.05	—	REITS	875465106
BRK/B	BERKSHIRE HATHAWAY INC.	4,900	$620K	0.6%	$110.02	+15.0%	Common Stock	084670702
—	AMERICAN CAMPUS COMMUNITIES	15,851	$606K	0.5%	$39.21	—	REITS	024835100
FSP	FRANLKLIN STREET PROPERTIES C	48,114	$605K	0.5%	$13.16	—	REITS	35471R106
REG	REGENCY CENTERS CORP	10,271	$572K	0.5%	$33.45	+3.1%	REITS	758849103
AFL	AFLAC INC	9,150	$569K	0.5%	$20.11	+17.8%	Common Stock	001055102
—	EXCEL TRUST INC	41,732	$556K	0.5%	$12.67	—	REITS	30068C109
SBRA	SABRA HEALTH CARE REIT INC	19,163	$550K	0.5%	$24.80	—	REITS	78573L106
UHT	UNIVERSAL HEALTH REALTY INCOME	12,587	$546K	0.5%	$43.06	—	REITS	91359E105
—	FEDERAL REALTY INVS TRUST	4,507	$545K	0.5%	$103.61	—	REITS	313747206
—	AETNA INC	6,600	$535K	0.5%	$63.57	—	Common Stock	00817Y108
—	ROUSE PROPERTIES INC	30,932	$529K	0.5%	$17.21	—	REITS	779287101
SYK	STRYKER CORP	6,200	$523K	0.5%	$56.92	+25.0%	Common Stock	863667101
—	SENIOR HOUSING PROP TRUST	21,170	$514K	0.5%	$25.93	—	REITS	81721M109
WMT	WAL-MART STORES INC	6,800	$510K	0.5%	$20.01	+2.6%	Common Stock	931142103
DLR	DIGITAL REALTY TRUST INC	8,700	$508K	0.5%	$39.22	-7.7%	REITS	253868103
HIW	HIGHWOOD PROPERTIES INC	12,000	$503K	0.5%	$35.58	—	REITS	431284108
—	VARIAN MEDICAL SYSTEMS	5,900	$490K	0.4%	$67.41	—	Common Stock	92220P105
—	RAMCO GERHENSON PROPERTIES	29,050	$483K	0.4%	$15.52	—	REITS	751452202
VMI	VALMONT INDUSTRIES	3,150	$478K	0.4%	$141.23	+9.0%	Common Stock	920253101
ARE	ALEXANDRIA REAL ESTATE EQUIT	6,150	$477K	0.4%	$44.92	+10.6%	REITS	015271109
PG	PROCTER & GAMBLE CO	5,775	$454K	0.4%	$58.28	0.0%	Common Stock	742718109
—	RETAIL PROPERTIES OF AMERICA	28,114	$432K	0.4%	$13.63	—	REITS	76131V202
EMR	EMERSON ELECTRIC CO	6,100	$405K	0.4%	$40.39	+21.7%	Common Stock	291011104
PDM	PIEDMONT OFFICE REALTY TRUST	20,932	$396K	0.4%	$17.86	—	REITS	720190206
—	TOTAL SYSTEM SERVICES INC	12,000	$377K	0.3%	$24.50	—	Common Stock	891906109
—	INLAND REAL ESTATE CORP	35,300	$375K	0.3%	$10.20	—	REITS	457461200
—	CHAMBERS STREET PROPERTIES	44,500	$357K	0.3%	$7.64	—	REITS	157842105
—	WASHINGTON PRIME GROUP INC	18,673	$350K	0.3%	$18.74	—	REITS	939647103
MMM	3M CO	2,300	$329K	0.3%	$61.26	+32.3%	Common Stock	88579Y101
—	APARTMENTS INVESTMENT	10,094	$326K	0.3%	$30.02	—	REITS	03748R101
DNOW	NOW INC/DE	8,736	$316K	0.3%	$33.70	0.0%	Common Stock	67011P100
TDS	TELEPHONE AND DATA SYSTEMS	11,700	$305K	0.3%	$25.15	+5.4%	Common Stock	879433829
LTC	LTC PROPERTIES INC	7,656	$299K	0.3%	$39.03	—	REITS	502175102
OHI	OMEGA HEALTHCARE INVESTORS	7,778	$287K	0.3%	$32.12	—	REITS	681936100
—	STAPLES INC	25,100	$272K	0.2%	$10.84	—	Common Stock	855030102
BDN	BRANDYWINE REALTY TRUST	16,192	$253K	0.2%	$13.46	—	REITS	105368203
AHRT	ARMADA HOFFLER PROPERTIES	25,504	$246K	0.2%	$9.88	—	REITS	04208T108
—	POST PROPERTIES INC	4,350	$233K	0.2%	$48.29	—	REITS	737464107
—	GOVERNMENT PROPERTIES INCOME	9,000	$228K	0.2%	$24.82	—	REITS	38376A103
—	GLIMCHER REALTY TRUST	19,739	$214K	0.2%	$10.94	—	REITS	379302102
VRE	MACK-CALI REALTY CORPORATION	8,879	$191K	0.2%	$23.69	—	REITS	554489104
DEI	DOUGLAS EMMETT INC	6,700	$189K	0.2%	$24.93	—	REITS	25960P109
EXR	EXTRA SPACE STORAGE INC	3,500	$186K	0.2%	$26.60	+26.4%	REITS	30225T102
WSR	WHITESTONE REIT	12,082	$180K	0.2%	$13.33	—	REITS	966084204
—	MONMOUTH REIT CLASS A	15,275	$153K	0.1%	$9.71	—	REITS	609720107
TIPT	TIPTREE FINANCIAL INC	17,550	$152K	0.1%	$7.42	+24.6%	REITS	88822Q103
—	LASALLE HOTEL PROPERTIES	4,100	$146K	0.1%	$24.66	—	REITS	517942108
—	GENERAL GROWTH PROPERTIES	6,162	$145K	0.1%	$19.96	—	REITS	370023103
—	PS BUSINESS PARKS INC CA	1,708	$143K	0.1%	$72.21	—	REITS	69360J107
KRC	KILROY REALTY CORP	2,280	$142K	0.1%	$53.07	—	REITS	49427F108
CUBE	CUBESMART	7,600	$139K	0.1%	$15.94	—	REITS	229663109
BRX	BRIXMOR PROPERTY GROUP INC	6,000	$138K	0.1%	$20.33	—	REITS	11120U105
—	COUSINS PROPERTIES INC	9,691	$121K	0.1%	$10.11	—	REITS	222795106
—	FIRST POTOMAC REALTY TRUST	8,900	$117K	0.1%	$13.03	—	REITS	33610F109
TRNO	TERRENO REALTY CORP	5,428	$105K	0.1%	$18.61	—	REITS	88146M101
—	HEALTHCARE REALTY TRUST INC	3,900	$99,000	0.1%	$25.38	—	REITS	421946104
—	EQUITY ONE INC	3,970	$94,000	0.1%	$22.67	—	REITS	294752100
—	PREFERRED APARTMENT COMMUN	9,697	$86,000	0.1%	$8.04	—	REITS	74039L103
—	COMMONWEALTH REIT	3,206	$84,000	0.1%	$26.20	—	REITS	203233101
DRH	DIAMONDROCK HOSPITALITY CO	6,282	$80,000	0.1%	$9.29	—	REITS	252784301
—	DCT INDUSTRIAL TRUST INC	9,100	$75,000	0.1%	$7.14	—	REITS	233153105
—	HOME PROPERTIES INC	1,060	$68,000	0.1%	$65.09	—	REITS	437306103
SUI	SUN COMMUNITIES INC	1,340	$67,000	0.1%	$50.00	—	REITS	866674104
—	PARKWAY PROPERTIES INC	2,973	$61,000	0.1%	$16.82	—	REITS	70159Q104
NHI	NATL HEALTH INVESTORS INC	900	$56,000	0.1%	$60.00	—	REITS	63633D104
ADC	AGREE REALTY CORP	1,803	$54,000	0.0%	$29.52	—	REITS	008492100
—	KITE REALTY GROUP TRUST	7,700	$47,000	0.0%	$5.97	—	REITS	49803T102
—	HERSHA HOSPITALITY TRUST	5,900	$40,000	0.0%	$5.59	—	REITS	427825104
EGP	EASTGROUP PROPERTIES INC	600	$39,000	0.0%	$56.25	—	REITS	277276101
—	CEDAR SHOPPING CENTERS INC	5,675	$35,000	0.0%	$5.17	—	REITS	150602209
—	EDUCATION REALTY TRUST INC	3,200	$34,000	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	$20,000	0.0%	$12.01	—	REITS	867892101
—	SPIRIT REALTY CAPITAL	1,300	$15,000	0.0%	$9.17	—	REITS	84860W102
AKR	ACADIA REALTY TRUST	445	$12,000	0.0%	$24.72	—	REITS	004239109
—	WINTHROP REALTY TRUST	801	$12,000	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	$3,000	0.0%	$15.00	—	REITS	035710409