Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PROPERTY GROUP INC	42,937	$7.826M	8.1%	$89.91	+14.4%	REITS	828806109
PSA	PUBLIC STORAGE INC	31,990	$5.915M	6.1%	$103.90	+12.9%	REITS	74460D109
VTR	VENTAS INC	68,915	$4.942M	5.1%	$45.96	+5.1%	REITS	92276F100
EQR	EQUITY RESIDENTIAL PROPS TR	53,776	$3.864M	4.0%	$33.98	+17.4%	REITS	29476L107
—	HCP INC	81,250	$3.577M	3.7%	$42.21	—	REITS	40414L109
VNO	VORNADO REALTY TRUST	29,495	$3.472M	3.6%	$82.89	—	REITS	929042109
BXP	BOSTON PROPERTIES INC	26,173	$3.368M	3.5%	$69.61	+13.8%	REITS	101121101
—	CBL & ASSOCIATES PROPERTIES	153,162	$2.974M	3.1%	$20.15	—	REITS	124830100
—	SELECT INCOME REIT	101,331	$2.471M	2.6%	$25.06	—	REITS	81618T100
—	AMERICAN CAPITAL AGENCY CORP	112,232	$2.45M	2.5%	$21.87	—	REITS	02503X105
—	CORRECTIONS CORP OF AMERICA	64,890	$2.357M	2.4%	$31.80	—	REITS	22025Y407
AVB	AVALONBAY COMMUNITIES INC	13,628	$2.227M	2.3%	$92.53	+16.9%	REITS	053484101
—	TAUBMAN CENTERS INC	26,748	$2.044M	2.1%	$71.61	—	REITS	876664103
KIM	KIMCO REALTY CORP	79,877	$2.007M	2.1%	$12.86	+11.6%	REITS	49446R109
OLP	ONE LIBERTY PROPERTIES INC	79,643	$1.882M	1.9%	$21.52	—	REITS	682406103
LQD	ISHARES Iboxx Investment Grade Corporate Bond Fund	15,700	$1.875M	1.9%	$113.58	—	Exchange Traded Fund	464287242
CDP	CORPORATE OFFICE PROPERTIES	62,355	$1.769M	1.8%	$26.51	—	REITS	22002T108
PLD	PROLOGIS INC	40,923	$1.761M	1.8%	$28.29	+4.1%	REITS	74340W103
—	HEALTH CARE REIT INC	16,783	$1.27M	1.3%	$68.61	—	REITS	42217K106
—	EQUITY COMMONWEALTH	49,406	$1.269M	1.3%	$25.68	—	REITS	294628102
—	ASSOCIATED ESTATES REALTY CP	54,348	$1.261M	1.3%	$15.64	—	REITS	045604105
—	FEDERAL REALTY INVS TRUST	7,707	$1.029M	1.1%	$112.88	—	REITS	313747206
CPT	CAMDEN PROPERTY TRUST	13,463	$994K	1.0%	$43.52	+10.2%	REITS	133131102
DEI	DOUGLAS EMMETT INC	34,700	$986K	1.0%	$27.74	—	REITS	25960P109
SKT	TANGER FACTORY OUTLET CENTERS	26,061	$963K	1.0%	$33.30	—	REITS	875465106
CUBE	CUBESMART	42,900	$947K	1.0%	$17.74	—	REITS	229663109
ARE	ALEXANDRIA REAL ESTATE EQUIT	10,550	$936K	1.0%	$49.15	+14.9%	REITS	015271109
ELS	EQUITY LIFESTYLE PROPERTIES	18,056	$929K	1.0%	$51.25	—	REITS	29472R108
—	DUKE REALTY CORP	44,765	$904K	0.9%	$15.59	—	REITS	264411505
HST	HOST HOTELS & RESORTS INC	37,048	$881K	0.9%	$11.10	+30.4%	REITS	44107P104
—	SOVRAN SELF STORAGE INC	8,986	$784K	0.8%	$69.84	—	REITS	84610H108
—	EDUCATION REALTY TRUST INC	20,381	$745K	0.8%	$36.55	—	REITS	28140H203
—	SL GREEN	6,121	$729K	0.8%	$88.19	—	REITS	78440X101
BRK/B	BERKSHIRE HATHAWAY INC.	4,600	$691K	0.7%	$110.02	+31.2%	Common Stock	084670702
AFL	AFLAC INC	11,075	$677K	0.7%	$20.56	+10.4%	Common Stock	001055102
—	HOSPITALITY PROPERTIES TRUST	21,568	$669K	0.7%	$26.48	—	REITS	44106M102
WFC	WELLS FARGO & COMPANY	12,100	$663K	0.7%	$27.36	+41.7%	Common Stock	949746101
REG	REGENCY CENTERS CORP	10,271	$655K	0.7%	$33.45	+18.8%	REITS	758849103
PG	PROCTER GAMBLE CO	6,875	$626K	0.6%	$59.29	+9.0%	Common Stock	742718109
SHO	SUNSTONE HOTEL INVESTORS INC	36,328	$600K	0.6%	$16.35	—	REITS	867892101
WMT	WAL-MART STORES INC	6,700	$575K	0.6%	$20.01	+9.1%	Common Stock	931142103
MSFT	MICROSOFT CORP	12,325	$572K	0.6%	$26.70	+49.3%	Common Stock	594918104
—	GENERAL GROWTH PROPERTIES	20,162	$567K	0.6%	$25.63	—	REITS	370023103
—	AETNA INC	6,200	$551K	0.6%	$63.57	—	Common Stock	00817Y108
C	CITIGROUP INC	10,100	$547K	0.6%	$37.56	+5.3%	Common Stock	172967424
—	HEALTHCARE TRUST OF AMERICA IN	20,150	$543K	0.6%	$26.95	—	REITS	42225P501
—	LIBERTY PROPERTY TRUST	14,350	$540K	0.6%	$35.85	—	REITS	531172104
T	AT & T INC	16,000	$537K	0.6%	$11.81	0.0%	Common Stock	00206R102
—	DDR CORP	28,964	$532K	0.6%	$16.65	—	REITS	23317H102
—	AMERICAN CAMPUS COMMUNITIES	12,751	$527K	0.5%	$39.21	—	REITS	024835100
—	OUTFRONT MEDIA INC	19,000	$510K	0.5%	$26.84	—	REITS	69007J106
SYK	STRYKER CORP	5,400	$509K	0.5%	$56.92	+36.8%	Common Stock	863667101
—	VARIAN MEDICAL SYSTEMS	5,600	$484K	0.5%	$67.41	—	Common Stock	92220P105
INTC	INTEL CORP	13,325	$484K	0.5%	$17.14	+55.4%	Common Stock	458140100
CVX	CHEVRON CORPORATION	4,250	$477K	0.5%	$71.66	-1.6%	Common Stock	166764100
—	RETAIL PROPERTIES OF AMERICA	27,114	$453K	0.5%	$13.63	—	REITS	76131V202
—	CORESITE REALTY CORP	11,121	$434K	0.4%	$32.84	—	REITS	21870Q105
O	REALTY INCOME CORPORATION	9,000	$429K	0.4%	$25.02	+5.2%	REITS	756109104
—	POST PROPERTIES INC	7,302	$429K	0.4%	$58.75	—	REITS	737464107
—	STRATEGIC HOTELS & RESORTS INC	32,269	$427K	0.4%	$12.68	—	REITS	86272T106
—	SPIRIT REALTY CAPITAL	34,515	$410K	0.4%	$11.21	—	REITS	84860W102
—	PARAMOUNT GROUP INC	22,000	$410K	0.4%	$18.64	—	REITS	69924R108
AMT	AMERICAN TOWER CORP	4,100	$405K	0.4%	$72.53	+3.6%	REITS	03027X100
—	DCT INDUSTRIAL TRUST INC	11,000	$392K	0.4%	$35.64	—	REITS	233153204
—	CORENERGY INFRASTRUCTURE TRUST	59,714	$388K	0.4%	$6.50	—	REITS	21870U205
UDR	UDR INC	12,402	$382K	0.4%	$15.79	+28.4%	REITS	902653104
—	CHAMBERS STREET PROPERTIES	44,500	$359K	0.4%	$7.64	—	REITS	157842105
—	NEW YORK REIT INC	32,600	$345K	0.4%	$10.58	—	REITS	64976L109
MAA	MID-AMERICA APARTMENT COMM INC	4,455	$333K	0.3%	$43.10	+12.2%	REITS	59522J103
—	WASHINGTON PRIME GROUP INC	18,673	$322K	0.3%	$18.74	—	REITS	939647103
—	STAPLES INC	16,900	$306K	0.3%	$10.84	—	Common Stock	855030102
—	NATIONAL OILWELL VARCO INC	4,550	$298K	0.3%	$79.26	—	Common Stock	637071101
FR	FIRST INDUSTRIAL REALTY TR	14,200	$292K	0.3%	$20.49	—	REITS	32054K103
VMI	VALMONT INDUSTRIES	2,150	$273K	0.3%	$141.23	-5.5%	Common Stock	920253101
KRG	KITE REALTY GROUP TRUST	9,225	$265K	0.3%	$27.83	—	REITS	49803T300
TDS	TELEPHONE AND DATA SYSTEMS	10,400	$263K	0.3%	$25.15	-2.1%	Common Stock	879433829
EGP	EASTGROUP PROPERTIES INC	4,100	$260K	0.3%	$62.37	—	REITS	277276101
—	APARTMENTS INVESTMENT	6,936	$258K	0.3%	$31.28	—	REITS	03748R101
—	PENN REAL ESTATE INVEST TRUST	10,471	$246K	0.3%	$18.55	—	REITS	709102107
—	TOTAL SYSTEM SERVICES INC	7,100	$241K	0.2%	$24.50	—	Common Stock	891906109
AAT	AMERICAN ASSETS TRUST INC	5,979	$238K	0.2%	$32.95	—	REITS	024013104
ESS	ESSEX PROPERTY TRUST INC	1,110	$229K	0.2%	$114.57	+20.8%	REITS	297178105
—	CAMPUS CREST COMMUNITIES INC	31,000	$227K	0.2%	$6.41	—	REITS	13466Y105
—	BIOMED REALTY TRUST INC	10,476	$226K	0.2%	$19.85	—	REITS	09063H107
—	RAMCO GERHENSON PROPERTIES	11,750	$220K	0.2%	$15.52	—	REITS	751452202
MAC	THE MACERICH CO	2,434	$203K	0.2%	$60.29	—	REITS	554382101
EMR	EMERSON ELECTRIC CO	2,925	$181K	0.2%	$41.21	+12.6%	Common Stock	291011104
NNN	NATIONAL RETAIL PROPERTIES	4,400	$173K	0.2%	$34.60	—	REITS	637417106
—	EQUITY ONE INC	6,770	$172K	0.2%	$22.21	—	REITS	294752100
DLR	DIGITAL REALTY TRUST INC	2,600	$172K	0.2%	$39.22	+13.0%	REITS	253868103
MMM	3M CO	1,025	$168K	0.2%	$61.26	+46.4%	Common Stock	88579Y101
FSP	FRANLKLIN STREET PROPERTIES C	13,314	$164K	0.2%	$13.16	—	REITS	35471R106
KRC	KILROY REALTY CORP	2,280	$158K	0.2%	$53.07	—	REITS	49427F108
AKR	ACADIA REALTY TRUST	4,945	$158K	0.2%	$27.25	—	REITS	004239109
—	APACHE CORP	2,375	$149K	0.2%	$86.86	—	Common Stock	037411105
DNOW	NOW INC/DE	5,736	$148K	0.2%	$33.37	-18.0%	Common Stock	67011P100
—	ASHFORD HOSPITALITY PRIME INC	8,337	$143K	0.1%	$15.23	—	REITS	044102101
—	PS BUSINESS PARKS INC CA	1,708	$136K	0.1%	$72.21	—	REITS	69360J107
LTC	LTC PROPERTIES INC	2,956	$128K	0.1%	$39.03	—	REITS	502175102
—	FIRST POTOMAC REALTY TRUST	8,900	$110K	0.1%	$13.03	—	REITS	33610F109
—	WEINGARTEN REALTY INVST	2,998	$105K	0.1%	$30.77	—	REITS	948741103
VRE	MACK-CALI REALTY CORPORATION	4,879	$93,000	0.1%	$23.69	—	REITS	554489104
—	ROUSE PROPERTIES INC	4,932	$91,000	0.1%	$17.21	—	REITS	779287101
HIW	HIGHWOOD PROPERTIES INC	2,000	$89,000	0.1%	$35.58	—	REITS	431284108
—	CEDAR SHOPPING CENTERS INC	5,675	$42,000	0.0%	$5.17	—	REITS	150602209
BFS	SAUL CENTERS INC	500	$29,000	0.0%	$44.00	—	REITS	804395101
—	SENIOR HOUSING PROP TRUST	1,170	$26,000	0.0%	$25.93	—	REITS	81721M109
PDM	PIEDMONT OFFICE REALTY TRUST	1,407	$26,000	0.0%	$17.86	—	REITS	720190206
—	HOME PROPERTIES INC	60	$4,000	0.0%	$65.09	—	REITS	437306103
—	DUPONT FABROS TECHNOLOGY INC	112	$4,000	0.0%	$26.79	—	REITS	26613Q106
DRH	DIAMONDROCK HOSPITALITY CO	282	$4,000	0.0%	$9.29	—	REITS	252784301
BDN	BRANDYWINE REALTY TRUST	192	$3,000	0.0%	$13.46	—	REITS	105368203
—	COUSINS PROPERTIES INC	91	$1,000	0.0%	$10.11	—	REITS	222795106
ELME	WASHINGTON REAL ESTATE INV	32	$1,000	0.0%	$26.91	—	REITS	939653101
—	PARKWAY PROPERTIES INC	73	$1,000	0.0%	$16.82	—	REITS	70159Q104