Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PROPERTY GROUP INC	54,120	$11.74M	8.7%	$94.83	+30.9%	REITS	828806109
PSA	PUBLIC STORAGE INC	29,890	$7.637M	5.6%	$103.90	+67.7%	REITS	74460D109
AVB	AVALONBAY COMMUNITIES INC	39,528	$7.129M	5.3%	$110.78	+17.2%	REITS	053484101
VTR	VENTAS INC	88,041	$6.41M	4.7%	$44.33	-2.0%	REITS	92276F100
EQR	EQUITY RESIDENTIAL PROPS TR	81,676	$5.625M	4.2%	$37.41	+23.9%	REITS	29476L107
—	HCP INC	151,450	$5.357M	4.0%	$40.18	—	REITS	40414L109
EXR	EXTRA SPACE STORAGE INC	47,700	$4.414M	3.3%	$56.66	+10.8%	REITS	30225T102
BXP	BOSTON PROPERTIES INC	31,543	$4.161M	3.1%	$73.11	+18.1%	REITS	101121101
—	GENERAL GROWTH PROPERTIES	135,162	$4.032M	3.0%	$27.59	—	REITS	370023103
VNO	VORNADO REALTY TRUST	38,595	$3.863M	2.9%	$86.16	—	REITS	929042109
—	CORRECTIONS CORP OF AMERICA	106,603	$3.734M	2.8%	$30.59	—	REITS	22025Y407
SKT	TANGER FACTORY OUTLET CENTERS	84,789	$3.406M	2.5%	$33.14	—	REITS	875465106
—	SOVRAN SELF STORAGE INC	32,456	$3.404M	2.5%	$101.76	—	REITS	84610H108
—	SELECT INCOME REIT	128,576	$3.342M	2.5%	$23.33	—	REITS	81618T100
—	COMMUNICATIONS SALES & LEASING	94,917	$2.743M	2.0%	$28.90	—	REITS	20341J104
—	CBL & ASSOCIATES PROPERTIES	293,662	$2.731M	2.0%	$14.02	—	REITS	124830100
ESS	ESSEX PROPERTY TRUST INC	11,910	$2.716M	2.0%	$159.01	+2.0%	REITS	297178105
HST	HOST HOTELS & RESORTS INC	161,838	$2.622M	1.9%	$12.95	-17.3%	REITS	44107P104
ELS	EQUITY LIFESTYLE PROPERTIES	29,956	$2.398M	1.8%	$55.80	—	REITS	29472R108
—	TAUBMAN CENTERS INC	30,448	$2.259M	1.7%	$72.13	—	REITS	876664103
—	CARE CAPITAL PROPERTIES INC	73,785	$1.932M	1.4%	$29.34	—	REITS	141624106
OLP	ONE LIBERTY PROPERTIES INC	80,958	$1.928M	1.4%	$21.54	—	REITS	682406103
LQD	ISHARES IBOXX INVESTMENT GRADE CORPORATE BOND FUND	15,700	$1.927M	1.4%	$113.58	—	Exchange Traded Fund	464287242
PLD	PROLOGIS INC	33,723	$1.653M	1.2%	$28.67	+24.6%	REITS	74340W103
WELL	WELLTOWER INC	19,383	$1.476M	1.1%	$44.80	+10.5%	REITS	95040Q104
ARE	ALEXANDRIA REAL ESTATE EQUIT	14,174	$1.467M	1.1%	$55.67	+21.8%	REITS	015271109
—	PARAMOUNT GROUP INC	81,401	$1.297M	1.0%	$16.90	—	REITS	69924R108
—	FEDERAL REALTY INVS TRUST	7,807	$1.293M	1.0%	$130.35	—	REITS	313747206
—	EQUITY COMMONWEALTH	44,006	$1.281M	0.9%	$25.68	—	REITS	294628102
MAC	THE MACERICH CO	14,734	$1.258M	0.9%	$77.39	—	REITS	554382101
—	HOSPITALITY PROPERTIES TRUST	40,267	$1.159M	0.9%	$26.17	—	REITS	44106M102
CPT	CAMDEN PROPERTY TRUST	12,455	$1.101M	0.8%	$46.35	+23.2%	REITS	133131102
—	APARTMENTS INVESTMENT	23,794	$1.051M	0.8%	$36.45	—	REITS	03748R101
KIM	KIMCO REALTY CORP	33,277	$1.044M	0.8%	$12.90	+38.6%	REITS	49446R109
—	LASALLE HOTEL PROPERTIES	43,824	$1.033M	0.8%	$25.85	—	REITS	517942108
—	WP GLIMCHER INC	90,673	$1.014M	0.8%	$12.01	—	REITS	92939N102
—	POST PROPERTIES INC	16,097	$983K	0.7%	$55.43	—	REITS	737464107
—	RETAIL PROPERTIES OF AMERICA	50,314	$850K	0.6%	$13.82	—	REITS	76131V202
—	DUKE REALTY CORP	31,005	$826K	0.6%	$15.84	—	REITS	264411505
—	DDR CORP	43,964	$798K	0.6%	$17.32	—	REITS	23317H102
—	AMERICAN CAMPUS COMMUNITIES	13,751	$727K	0.5%	$38.81	—	REITS	024835100
AFL	AFLAC INC	9,090	$656K	0.5%	$20.88	+30.6%	Common Stock	001055102
CDP	CORPORATE OFFICE PROPERTIES	21,855	$646K	0.5%	$26.51	—	REITS	22002T108
VRE	MACK-CALI REALTY CORPORATION	23,879	$645K	0.5%	$21.93	—	REITS	554489104
—	SENIOR HOUSING PROP TRUST	30,500	$635K	0.5%	$15.97	—	REITS	81721M109
REG	REGENCY CENTERS CORP	7,371	$617K	0.5%	$33.45	+58.2%	REITS	758849103
BRK/B	BERKSHIRE HATHAWAY INC.	4,054	$587K	0.4%	$110.02	+29.9%	Common Stock	084670702
CVX	CHEVRON CORPORATION	5,420	$568K	0.4%	$70.21	-4.9%	Common Stock	166764100
PDM	PIEDMONT OFFICE REALTY TRUST	23,372	$503K	0.4%	$17.88	—	REITS	720190206
T	AT & T INC	11,250	$486K	0.4%	$11.81	+28.0%	Common Stock	00206R102
DEI	DOUGLAS EMMETT INC	13,400	$476K	0.4%	$28.44	—	REITS	25960P109
AXP	AMERICAN EXPRESS COMPANY	7,703	$468K	0.3%	$65.57	-15.7%	Common Stock	025816109
—	NEW YORK REIT INC	50,654	$468K	0.3%	$10.40	—	REITS	64976L109
UDR	UDR INC	12,502	$462K	0.3%	$18.20	+39.8%	REITS	902653104
OHI	OMEGA HEALTHCARE INVESTORS	13,528	$459K	0.3%	$34.30	—	REITS	681936100
WFC	WELLS FARGO & COMPANY	9,680	$458K	0.3%	$27.36	+36.0%	Common Stock	949746101
MSFT	MICROSOFT CORP	8,355	$428K	0.3%	$27.49	+67.3%	Common Stock	594918104
—	SL GREEN	3,921	$417K	0.3%	$88.19	—	REITS	78440X101
—	WEINGARTEN REALTY INVST	9,998	$408K	0.3%	$32.25	—	REITS	948741103
PG	PROCTER GAMBLE CO	4,776	$404K	0.3%	$59.29	+6.8%	Common Stock	742718109
IRM	IRON MOUNTAIN INC	9,586	$382K	0.3%	$19.89	+6.6%	REITS	46284V101
—	CORENERGY INFRASTRUCTURE TRUST	12,775	$368K	0.3%	$15.54	—	REITS	21870U502
KRG	KITE REALTY GROUP TRUST	12,725	$357K	0.3%	$27.91	—	REITS	49803T300
WMT	WAL-MART STORES INC	4,868	$355K	0.3%	$20.01	-2.5%	Common Stock	931142103
—	VARIAN MEDICAL SYSTEMS	4,230	$348K	0.3%	$67.41	—	Common Stock	92220P105
EMR	EMERSON ELECTRIC CO	6,675	$348K	0.3%	$39.87	+4.2%	Common Stock	291011104
XOM	EXXON MOBIL CORP	3,675	$344K	0.3%	$49.08	+17.9%	Common Stock	30231G102
—	NATIONAL OILWELL VARCO INC	10,171	$342K	0.3%	$59.35	—	Common Stock	637071101
DLR	DIGITAL REALTY TRUST INC	3,100	$338K	0.3%	$42.31	+60.4%	REITS	253868103
SYK	STRYKER CORP	2,605	$312K	0.2%	$56.92	+76.3%	Common Stock	863667101
—	OWENS REALTY MORTGAGE INC	18,583	$309K	0.2%	$16.54	—	REITS	690828108
VMI	VALMONT INDUSTRIES	1,956	$265K	0.2%	$141.23	-6.4%	Common Stock	920253101
C	CITIGROUP INC	6,115	$259K	0.2%	$37.63	-12.0%	Common Stock	172967424
NNN	NATIONAL RETAIL PROPERTIES	5,000	$259K	0.2%	$35.00	—	REITS	637417106
—	STAPLES INC	29,940	$258K	0.2%	$10.56	—	Common Stock	855030102
FR	FIRST INDUSTRIAL REALTY TR	9,200	$256K	0.2%	$21.01	—	REITS	32054K103
SUI	SUN COMMUNITIES INC	3,200	$245K	0.2%	$68.44	—	REITS	866674104
—	AETNA INC	1,995	$244K	0.2%	$63.57	—	Common Stock	00817Y108
CUBE	CUBESMART	7,700	$238K	0.2%	$18.46	—	REITS	229663109
—	AMERICAN CAPITAL AGENCY CORP	11,886	$235K	0.2%	$21.19	—	REITS	02503X105
—	RAMCO GERHENSON PROPERTIES	11,750	$230K	0.2%	$15.52	—	REITS	751452202
—	CITY OFFICE REIT INC	17,400	$226K	0.2%	$12.99	—	REITS	178587101
—	HEALTHCARE TRUST OF AMERICA IN	6,750	$218K	0.2%	$26.95	—	REITS	42225P501
INTC	INTEL CORP	6,555	$215K	0.2%	$17.14	+46.6%	Common Stock	458140100
—	APACHE CORP	3,605	$201K	0.1%	$73.51	—	Common Stock	037411105
SHO	SUNSTONE HOTEL INVESTORS INC	16,616	$200K	0.1%	$13.24	—	REITS	867892101
ESRT	EMPIRE STATE REALTY TRUST INC	10,494	$199K	0.1%	$17.53	—	REITS	292104106
TDS	TELEPHONE AND DATA SYSTEMS	6,278	$186K	0.1%	$25.15	+14.4%	Common Stock	879433829
DNOW	NOW INC/DE	9,646	$175K	0.1%	$28.25	-37.9%	Common Stock	67011P100
EGP	EASTGROUP PROPERTIES INC	2,510	$173K	0.1%	$58.56	—	REITS	277276101
—	ALLEGHANY CORP	300	$165K	0.1%	$486.67	—	Common Stock	017175100
FSP	FRANLKLIN STREET PROPERTIES C	13,314	$163K	0.1%	$13.16	—	REITS	35471R106
—	LIBERTY PROPERTY TRUST	3,850	$153K	0.1%	$34.02	—	REITS	531172104
KRC	KILROY REALTY CORP	2,280	$151K	0.1%	$53.07	—	REITS	49427F108
HY	HYSTER YALE MATERIALS	2,375	$141K	0.1%	$54.47	-10.3%	Common Stock	449172105
BDN	BRANDYWINE REALTY TRUST	8,000	$134K	0.1%	$13.25	—	REITS	105368203
—	VEREIT INC	12,000	$122K	0.1%	$8.83	—	REITS	92339V100
—	PENN REAL ESTATE INVEST TRUST	4,771	$102K	0.1%	$20.63	—	REITS	709102107
—	DCT INDUSTRIAL TRUST INC	2,000	$96,000	0.1%	$35.64	—	REITS	233153204
LTC	LTC PROPERTIES INC	1,800	$93,000	0.1%	$39.03	—	REITS	502175102
—	FIRST POTOMAC REALTY TRUST	8,900	$82,000	0.1%	$13.03	—	REITS	33610F109
—	SPIRIT REALTY CAPITAL	6,015	$77,000	0.1%	$10.68	—	REITS	84860W102
—	DUPONT FABROS TECHNOLOGY INC	112	$5,000	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