Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PROPERTY GROUP INC	49,037	$9.01M	7.7%	$92.23	+17.9%	REITS	828806109
PSA	PUBLIC STORAGE INC	29,890	$6.325M	5.4%	$103.90	+30.2%	REITS	74460D109
EQR	EQUITY RESIDENTIAL PROPS TR	75,676	$5.685M	4.9%	$36.68	+18.0%	REITS	29476L107
VTR	VENTAS INC	100,741	$5.646M	4.8%	$46.22	-10.1%	REITS	92276F100
AVB	AVALONBAY COMMUNITIES INC	30,128	$5.263M	4.5%	$105.70	+13.1%	REITS	053484101
—	HCP INC	110,750	$4.124M	3.5%	$42.48	—	REITS	40414L109
BXP	BOSTON PROPERTIES INC	32,043	$3.794M	3.2%	$71.92	+9.0%	REITS	101121101
—	TAUBMAN CENTERS INC	44,048	$3.043M	2.6%	$71.99	—	REITS	876664103
—	SELECT INCOME REIT	158,631	$3.008M	2.6%	$23.33	—	REITS	81618T100
—	CORRECTIONS CORP OF AMERICA	100,858	$2.979M	2.5%	$31.63	—	REITS	22025Y407
—	AMERICAN CAPITAL AGENCY CORP	154,232	$2.881M	2.5%	$21.29	—	REITS	02503X105
ELS	EQUITY LIFESTYLE PROPERTIES	48,956	$2.866M	2.4%	$55.80	—	REITS	29472R108
VNO	VORNADO REALTY TRUST	29,795	$2.694M	2.3%	$83.73	—	REITS	929042109
IRM	IRON MOUNTAIN INC	85,500	$2.652M	2.3%	$20.11	-17.8%	REITS	46284V101
HST	HOST HOTELS & RESORTS INC	164,838	$2.606M	2.2%	$13.04	-5.8%	REITS	44107P104
SKT	TANGER FACTORY OUTLET CENTERS	78,289	$2.581M	2.2%	$33.25	—	REITS	875465106
OLP	ONE LIBERTY PROPERTIES INC	103,595	$2.21M	1.9%	$21.43	—	REITS	682406103
WELL	WELLTOWER INC	31,283	$2.118M	1.8%	$44.80	0.0%	REITS	95040Q104
KIM	KIMCO REALTY CORP	82,077	$2.005M	1.7%	$12.90	+12.3%	REITS	49446R109
—	GENERAL GROWTH PROPERTIES	72,162	$1.874M	1.6%	$27.47	—	REITS	370023103
LQD	ISHARES Iboxx Investment Grade Corporate Bond Fund	15,700	$1.822M	1.6%	$113.58	—	Exchange Traded Fund	464287242
—	HOSPITALITY PROPERTIES TRUST	68,267	$1.746M	1.5%	$26.17	—	REITS	44106M102
—	CBL & ASSOCIATES PROPERTIES	118,362	$1.626M	1.4%	$19.39	—	REITS	124830100
ARE	ALEXANDRIA REAL ESTATE EQUIT	19,150	$1.621M	1.4%	$55.15	+12.8%	REITS	015271109
PLD	PROLOGIS INC	37,923	$1.475M	1.3%	$28.67	+0.5%	REITS	74340W103
EXR	EXTRA SPACE STORAGE INC	18,600	$1.436M	1.2%	$49.78	0.0%	REITS	30225T102
—	POST PROPERTIES INC	22,597	$1.317M	1.1%	$55.43	—	REITS	737464107
—	EQUITY COMMONWEALTH	44,006	$1.198M	1.0%	$25.68	—	REITS	294628102
MAC	THE MACERICH CO	14,734	$1.132M	1.0%	$77.39	—	REITS	554382101
—	SENIOR HOUSING PROP TRUST	69,000	$1.118M	1.0%	$16.20	—	REITS	81721M109
—	CARE CAPITAL PROPERTIES INC	29,685	$978K	0.8%	$32.95	—	REITS	141624106
—	FEDERAL REALTY INVS TRUST	7,107	$970K	0.8%	$114.16	—	REITS	313747206
CDP	CORPORATE OFFICE PROPERTIES	45,355	$954K	0.8%	$26.51	—	REITS	22002T108
—	PARAMOUNT GROUP INC	54,300	$912K	0.8%	$18.35	—	REITS	69924R108
CPT	CAMDEN PROPERTY TRUST	11,555	$854K	0.7%	$45.97	+9.7%	REITS	133131102
O	REALTY INCOME CORPORATION	17,800	$843K	0.7%	$26.74	+3.9%	REITS	756109104
—	BIOMED REALTY TRUST INC	40,976	$818K	0.7%	$20.01	—	REITS	09063H107
—	APARTMENTS INVESTMENT	20,794	$769K	0.7%	$35.93	—	REITS	03748R101
—	EQUITY ONE INC	30,770	$749K	0.6%	$25.37	—	REITS	294752100
—	RETAIL PROPERTIES OF AMERICA	50,314	$708K	0.6%	$13.82	—	REITS	76131V202
—	DDR CORP	43,964	$676K	0.6%	$17.32	—	REITS	23317H102
AFL	AFLAC INC	11,275	$655K	0.6%	$20.88	+13.5%	Common Stock	001055102
—	AMERICAN CAMPUS COMMUNITIES	17,251	$625K	0.5%	$38.81	—	REITS	024835100
MSFT	MICROSOFT CORP	13,325	$589K	0.5%	$27.49	+41.6%	Common Stock	594918104
WFC	WELLS FARGO & COMPANY	11,475	$589K	0.5%	$27.36	+50.1%	Common Stock	949746101
—	DUKE REALTY CORP	29,565	$563K	0.5%	$15.59	—	REITS	264411505
BRK/B	BERKSHIRE HATHAWAY INC.	4,300	$558K	0.5%	$110.02	+24.5%	Common Stock	084670702
ESS	ESSEX PROPERTY TRUST INC	2,460	$550K	0.5%	$137.63	+14.1%	REITS	297178105
AXP	AMERICAN EXPRESS COMPANY	7,125	$528K	0.5%	$69.59	-4.8%	Common Stock	025816109
—	WP GLIMCHER INC	42,673	$497K	0.4%	$14.26	—	REITS	92939N102
C	CITIGROUP INC	9,825	$487K	0.4%	$37.63	+8.3%	Common Stock	172967424
CVX	CHEVRON CORPORATION	6,050	$477K	0.4%	$70.21	-23.3%	Common Stock	166764100
OHI	OMEGA HEALTHCARE INVESTORS	13,528	$476K	0.4%	$34.30	—	REITS	681936100
T	AT & T INC	14,150	$461K	0.4%	$11.81	+3.9%	Common Stock	00206R102
DEI	DOUGLAS EMMETT INC	16,000	$460K	0.4%	$28.44	—	REITS	25960P109
REG	REGENCY CENTERS CORP	7,371	$458K	0.4%	$33.45	+24.1%	REITS	758849103
PG	PROCTER GAMBLE CO	6,200	$445K	0.4%	$59.29	-5.0%	Common Stock	742718109
UDR	UDR INC	12,502	$431K	0.4%	$18.20	+27.1%	REITS	902653104
—	WEINGARTEN REALTY INVST	12,998	$430K	0.4%	$32.25	—	REITS	948741103
—	SL GREEN	3,921	$424K	0.4%	$88.19	—	REITS	78440X101
—	SOVRAN SELF STORAGE INC	4,486	$423K	0.4%	$80.74	—	REITS	84610H108
PDM	PIEDMONT OFFICE REALTY TRUST	23,372	$418K	0.4%	$17.88	—	REITS	720190206
—	NEW YORK REIT INC	40,600	$408K	0.3%	$10.48	—	REITS	64976L109
INTC	INTEL CORP	13,325	$401K	0.3%	$17.14	+32.0%	Common Stock	458140100
WMT	WAL-MART STORES INC	6,150	$399K	0.3%	$20.01	-5.5%	Common Stock	931142103
—	AETNA INC	3,400	$372K	0.3%	$63.57	—	Common Stock	00817Y108
DLR	DIGITAL REALTY TRUST INC	5,600	$366K	0.3%	$42.31	+6.3%	REITS	253868103
SYK	STRYKER CORP	3,875	$364K	0.3%	$56.92	+54.4%	Common Stock	863667101
—	NATIONAL OILWELL VARCO INC	9,550	$360K	0.3%	$63.45	—	Common Stock	637071101
MAA	MID-AMERICA APARTMENT COMM INC	4,211	$345K	0.3%	$47.26	+16.7%	REITS	59522J103
—	VARIAN MEDICAL SYSTEMS	4,600	$339K	0.3%	$67.41	—	Common Stock	92220P105
—	SPIRIT REALTY CAPITAL	36,015	$329K	0.3%	$10.68	—	REITS	84860W102
EGP	EASTGROUP PROPERTIES INC	6,000	$325K	0.3%	$60.99	—	REITS	277276101
KRG	KITE REALTY GROUP TRUST	12,725	$303K	0.3%	$27.91	—	REITS	49803T300
—	CHAMBERS STREET PROPERTIES	44,500	$288K	0.2%	$7.64	—	REITS	157842105
VRE	MACK-CALI REALTY CORPORATION	14,879	$281K	0.2%	$20.14	—	REITS	554489104
XOM	EXXON MOBIL CORP	3,675	$273K	0.2%	$49.08	0.0%	Common Stock	30231G102
—	TOTAL SYSTEM SERVICES INC	5,700	$259K	0.2%	$24.50	—	Common Stock	891906109
—	LASALLE HOTEL PROPERTIES	9,000	$256K	0.2%	$28.44	—	REITS	517942108
—	CORENERGY INFRASTRUCTURE TRUST	56,940	$252K	0.2%	$6.53	—	REITS	21870U205
EMR	EMERSON ELECTRIC CO	5,325	$235K	0.2%	$40.72	-8.3%	Common Stock	291011104
—	PENN REAL ESTATE INVEST TRUST	11,471	$228K	0.2%	$19.53	—	REITS	709102107
SHO	SUNSTONE HOTEL INVESTORS INC	17,000	$225K	0.2%	$13.24	—	REITS	867892101
CUBE	CUBESMART	7,700	$210K	0.2%	$18.46	—	REITS	229663109
TDS	TELEPHONE AND DATA SYSTEMS	8,150	$204K	0.2%	$25.15	+11.7%	Common Stock	879433829
VMI	VALMONT INDUSTRIES	2,150	$204K	0.2%	$141.23	-22.6%	Common Stock	920253101
FR	FIRST INDUSTRIAL REALTY TR	9,200	$193K	0.2%	$21.01	—	REITS	32054K103
NNN	NATIONAL RETAIL PROPERTIES	5,000	$181K	0.2%	$35.00	—	REITS	637417106
SBRA	SABRA HEALTH CARE REIT INC	7,800	$181K	0.2%	$23.21	—	REITS	78573L106
—	RAMCO GERHENSON PROPERTIES	11,750	$177K	0.2%	$15.52	—	REITS	751452202
—	HEALTHCARE TRUST OF AMERICA IN	6,750	$165K	0.1%	$26.95	—	REITS	42225P501
KRC	KILROY REALTY CORP	2,280	$149K	0.1%	$53.07	—	REITS	49427F108
FSP	FRANLKLIN STREET PROPERTIES C	13,314	$143K	0.1%	$13.16	—	REITS	35471R106
—	ALLEGHANY CORP	300	$140K	0.1%	$486.67	—	Common Stock	017175100
HY	HYSTER YALE MATERIALS	2,375	$137K	0.1%	$54.47	-10.1%	Common Stock	449172105
DNOW	NOW INC/DE	8,086	$120K	0.1%	$30.31	-42.5%	Common Stock	67011P100
—	APACHE CORP	2,975	$117K	0.1%	$77.27	—	Common Stock	037411105
—	STAPLES INC	8,500	$100K	0.1%	$10.84	—	Common Stock	855030102
BDN	BRANDYWINE REALTY TRUST	8,000	$99,000	0.1%	$13.25	—	REITS	105368203
—	FIRST POTOMAC REALTY TRUST	8,900	$98,000	0.1%	$13.03	—	REITS	33610F109
UE	URBAN EDGE PROPERTIES	4,000	$86,000	0.1%	$23.75	—	REITS	91704F104
LTC	LTC PROPERTIES INC	1,800	$77,000	0.1%	$39.03	—	REITS	502175102
—	DCT INDUSTRIAL TRUST INC	2,000	$67,000	0.1%	$35.64	—	REITS	233153204
—	LIBERTY PROPERTY TRUST	850	$27,000	0.0%	$35.81	—	REITS	531172104
—	DUPONT FABROS TECHNOLOGY INC	112	$3,000	0.0%	$26.79	—	REITS	26613Q106
DRH	DIAMONDROCK HOSPITALITY CO	282	$3,000	0.0%	$9.29	—	REITS	252784301
ELME	WASHINGTON REAL ESTATE INV	32	$1,000	0.0%	$26.91	—	REITS	939653101