Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PROPERTY GROUP INC	45,037	$7.788M	7.4%	$90.76	+19.1%	REITS	828806109
PSA	PUBLIC STORAGE INC	31,990	$5.895M	5.6%	$103.90	+21.5%	REITS	74460D109
VTR	VENTAS INC	86,015	$5.338M	5.1%	$47.02	+4.0%	REITS	92276F100
AVB	AVALONBAY COMMUNITIES INC	30,128	$4.811M	4.6%	$105.70	+10.3%	REITS	053484101
EQR	EQUITY RESIDENTIAL PROPS TR	64,076	$4.494M	4.3%	$35.49	+22.1%	REITS	29476L107
—	HCP INC	110,750	$4.038M	3.8%	$42.48	—	REITS	40414L109
BXP	BOSTON PROPERTIES INC	28,543	$3.453M	3.3%	$71.13	+20.8%	REITS	101121101
—	TAUBMAN CENTERS INC	42,448	$2.952M	2.8%	$72.10	—	REITS	876664103
—	SELECT INCOME REIT	130,631	$2.698M	2.6%	$24.26	—	REITS	81618T100
—	AMERICAN CAPITAL AGENCY CORP	146,732	$2.695M	2.6%	$21.42	—	REITS	02503X105
IRM	IRON MOUNTAIN INC	85,500	$2.65M	2.5%	$20.11	-5.0%	REITS	46284V101
—	CORRECTIONS CORP OF AMERICA	78,058	$2.581M	2.5%	$32.24	—	REITS	22025Y407
HST	HOST HOTELS & RESORTS INC	127,048	$2.518M	2.4%	$13.26	-1.3%	REITS	44107P104
VNO	VORNADO REALTY TRUST	26,495	$2.514M	2.4%	$82.89	—	REITS	929042109
—	HEALTH CARE REIT INC	31,283	$2.052M	1.9%	$67.21	—	REITS	42217K106
OLP	ONE LIBERTY PROPERTIES INC	95,975	$2.044M	1.9%	$21.44	—	REITS	682406103
KIM	KIMCO REALTY CORP	82,077	$1.849M	1.8%	$12.90	+13.0%	REITS	49446R109
LQD	ISHARES Iboxx Investment Grade Corporate Bond Fund	15,700	$1.817M	1.7%	$113.58	—	Exchange Traded Fund	464287242
PLD	PROLOGIS INC	47,923	$1.777M	1.7%	$28.67	+3.7%	REITS	74340W103
—	CBL & ASSOCIATES PROPERTIES	104,362	$1.69M	1.6%	$20.14	—	REITS	124830100
—	POST PROPERTIES INC	29,302	$1.592M	1.5%	$55.43	—	REITS	737464107
CDP	CORPORATE OFFICE PROPERTIES	57,355	$1.35M	1.3%	$26.51	—	REITS	22002T108
—	EQUITY COMMONWEALTH	52,406	$1.344M	1.3%	$25.68	—	REITS	294628102
—	GENERAL GROWTH PROPERTIES	52,162	$1.338M	1.3%	$28.04	—	REITS	370023103
SKT	TANGER FACTORY OUTLET CENTERS	40,289	$1.276M	1.2%	$33.51	—	REITS	875465106
—	HOME PROPERTIES INC	16,760	$1.224M	1.2%	$69.21	—	REITS	437306103
CPT	CAMDEN PROPERTY TRUST	15,055	$1.118M	1.1%	$45.97	+8.5%	REITS	133131102
ARE	ALEXANDRIA REAL ESTATE EQUIT	12,350	$1.08M	1.0%	$51.26	+24.2%	REITS	015271109
ELS	EQUITY LIFESTYLE PROPERTIES	19,656	$1.033M	1.0%	$51.71	—	REITS	29472R108
—	APARTMENTS INVESTMENT	27,794	$1.026M	1.0%	$35.93	—	REITS	03748R101
—	FEDERAL REALTY INVS TRUST	7,107	$910K	0.9%	$114.16	—	REITS	313747206
—	HOSPITALITY PROPERTIES TRUST	28,067	$809K	0.8%	$27.02	—	REITS	44106M102
O	REALTY INCOME CORPORATION	17,800	$790K	0.8%	$26.74	+4.0%	REITS	756109104
—	PARAMOUNT GROUP INC	44,000	$755K	0.7%	$18.72	—	REITS	69924R108
—	EQUITY ONE INC	30,770	$718K	0.7%	$25.37	—	REITS	294752100
AFL	AFLAC INC	11,275	$701K	0.7%	$20.88	+18.0%	Common Stock	001055102
—	RETAIL PROPERTIES OF AMERICA	50,314	$701K	0.7%	$13.82	—	REITS	76131V202
—	DDR CORP	43,964	$680K	0.6%	$17.32	—	REITS	23317H102
MAC	THE MACERICH CO	8,934	$666K	0.6%	$77.75	—	REITS	554382101
CUBE	CUBESMART	28,700	$664K	0.6%	$18.46	—	REITS	229663109
—	AMERICAN CAMPUS COMMUNITIES	17,251	$650K	0.6%	$38.81	—	REITS	024835100
WFC	WELLS FARGO & COMPANY	11,475	$646K	0.6%	$27.36	+51.2%	Common Stock	949746101
C	CITIGROUP INC	11,250	$621K	0.6%	$37.63	+7.8%	Common Stock	172967424
EGP	EASTGROUP PROPERTIES INC	11,000	$618K	0.6%	$60.99	—	REITS	277276101
MSFT	MICROSOFT CORP	13,325	$588K	0.6%	$27.49	+42.9%	Common Stock	594918104
BRK/B	BERKSHIRE HATHAWAY INC.	4,300	$585K	0.6%	$110.02	+29.6%	Common Stock	084670702
CVX	CHEVRON CORPORATION	6,050	$583K	0.6%	$70.21	-5.4%	Common Stock	166764100
AXP	AMERICAN EXPRESS COMPANY	7,125	$554K	0.5%	$69.59	-2.2%	Common Stock	025816109
—	DUKE REALTY CORP	29,565	$549K	0.5%	$15.59	—	REITS	264411505
ESS	ESSEX PROPERTY TRUST INC	2,460	$522K	0.5%	$137.63	+13.8%	REITS	297178105
T	AT & T INC	14,150	$502K	0.5%	$11.81	+3.4%	Common Stock	00206R102
PG	PROCTER GAMBLE CO	6,200	$485K	0.5%	$59.29	+1.1%	Common Stock	742718109
OHI	OMEGA HEALTHCARE INVESTORS	13,528	$464K	0.4%	$34.30	—	REITS	681936100
—	NATIONAL OILWELL VARCO INC	9,550	$461K	0.4%	$63.45	—	Common Stock	637071101
SYK	STRYKER CORP	4,700	$449K	0.4%	$56.92	+47.2%	Common Stock	863667101
WMT	WAL-MART STORES INC	6,150	$436K	0.4%	$20.01	+4.4%	Common Stock	931142103
REG	REGENCY CENTERS CORP	7,371	$435K	0.4%	$33.45	+27.7%	REITS	758849103
FR	FIRST INDUSTRIAL REALTY TR	23,200	$435K	0.4%	$21.01	—	REITS	32054K103
—	AETNA INC	3,400	$433K	0.4%	$63.57	—	Common Stock	00817Y108
DEI	DOUGLAS EMMETT INC	16,000	$431K	0.4%	$28.44	—	REITS	25960P109
—	SL GREEN	3,921	$431K	0.4%	$88.19	—	REITS	78440X101
—	WEINGARTEN REALTY INVST	12,998	$425K	0.4%	$32.25	—	REITS	948741103
INTC	INTEL CORP	13,325	$405K	0.4%	$17.14	+46.5%	Common Stock	458140100
—	BIOMED REALTY TRUST INC	20,976	$405K	0.4%	$20.06	—	REITS	09063H107
—	HEALTHCARE TRUST OF AMERICA IN	16,750	$401K	0.4%	$26.95	—	REITS	42225P501
—	WP GLIMCHER INC	28,673	$388K	0.4%	$15.53	—	REITS	92939N102
—	VARIAN MEDICAL SYSTEMS	4,600	$388K	0.4%	$67.41	—	Common Stock	92220P105
—	CHAMBERS STREET PROPERTIES	44,500	$354K	0.3%	$7.64	—	REITS	157842105
—	CORENERGY INFRASTRUCTURE TRUST	55,481	$350K	0.3%	$6.58	—	REITS	21870U205
—	LIBERTY PROPERTY TRUST	10,850	$349K	0.3%	$35.81	—	REITS	531172104
—	NEW YORK REIT INC	32,600	$324K	0.3%	$10.58	—	REITS	64976L109
KRG	KITE REALTY GROUP TRUST	12,725	$311K	0.3%	$27.91	—	REITS	49803T300
—	TOTAL SYSTEM SERVICES INC	7,100	$296K	0.3%	$24.50	—	Common Stock	891906109
VRE	MACK-CALI REALTY CORPORATION	14,879	$274K	0.3%	$20.14	—	REITS	554489104
UDR	UDR INC	8,402	$269K	0.3%	$15.79	+43.1%	REITS	902653104
VMI	VALMONT INDUSTRIES	2,150	$255K	0.2%	$141.23	-12.7%	Common Stock	920253101
—	SPIRIT REALTY CAPITAL	26,015	$252K	0.2%	$11.27	—	REITS	84860W102
—	PENN REAL ESTATE INVEST TRUST	11,471	$245K	0.2%	$19.53	—	REITS	709102107
TDS	TELEPHONE AND DATA SYSTEMS	8,150	$240K	0.2%	$25.15	+14.1%	Common Stock	879433829
—	CORESITE REALTY CORP	5,000	$227K	0.2%	$32.84	—	REITS	21870Q105
EMR	EMERSON ELECTRIC CO	4,025	$223K	0.2%	$41.81	+5.8%	Common Stock	291011104
—	SOVRAN SELF STORAGE INC	2,486	$216K	0.2%	$69.84	—	REITS	84610H108
MAA	MID-AMERICA APARTMENT COMM INC	2,755	$201K	0.2%	$43.10	+21.3%	REITS	59522J103
—	RAMCO GERHENSON PROPERTIES	11,750	$192K	0.2%	$15.52	—	REITS	751452202
NNN	NATIONAL RETAIL PROPERTIES	5,000	$175K	0.2%	$35.00	—	REITS	637417106
DLR	DIGITAL REALTY TRUST INC	2,600	$173K	0.2%	$39.22	+14.1%	REITS	253868103
DNOW	NOW INC/DE	8,086	$161K	0.2%	$30.31	-24.6%	Common Stock	67011P100
KRC	KILROY REALTY CORP	2,280	$153K	0.1%	$53.07	—	REITS	49427F108
FSP	FRANLKLIN STREET PROPERTIES C	13,314	$151K	0.1%	$13.16	—	REITS	35471R106
—	ALLEGHANY CORP	300	$140K	0.1%	$486.67	—	Common Stock	017175100
—	APACHE CORP	2,375	$137K	0.1%	$86.86	—	Common Stock	037411105
HY	HYSTER YALE MATERIALS	1,975	$137K	0.1%	$55.59	0.0%	Common Stock	449172105
—	STAPLES INC	8,500	$130K	0.1%	$10.84	—	Common Stock	855030102
—	DCT INDUSTRIAL TRUST INC	4,000	$126K	0.1%	$35.64	—	REITS	233153204
BDN	BRANDYWINE REALTY TRUST	8,000	$106K	0.1%	$13.25	—	REITS	105368203
—	FIRST POTOMAC REALTY TRUST	8,900	$92,000	0.1%	$13.03	—	REITS	33610F109
UE	URBAN EDGE PROPERTIES	4,000	$83,000	0.1%	$23.75	—	REITS	91704F104
LTC	LTC PROPERTIES INC	1,800	$75,000	0.1%	$39.03	—	REITS	502175102
—	ASHFORD HOSPITALITY PRIME INC	4,374	$66,000	0.1%	$15.23	—	REITS	044102101
PDM	PIEDMONT OFFICE REALTY TRUST	1,407	$25,000	0.0%	$17.86	—	REITS	720190206
DRH	DIAMONDROCK HOSPITALITY CO	282	$4,000	0.0%	$9.29	—	REITS	252784301
—	DUPONT FABROS TECHNOLOGY INC	112	$3,000	0.0%	$26.79	—	REITS	26613Q106
ELME	WASHINGTON REAL ESTATE INV	32	$1,000	0.0%	$26.91	—	REITS	939653101