Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PROPERTY GROUP INC	52,390	$10.85M	8.9%	$94.83	+40.2%	REITS	828806109
PSA	PUBLIC STORAGE INC	39,309	$8.771M	7.2%	$117.28	+36.2%	REITS	74460D109
AVB	AVALONBAY COMMUNITIES INC	35,578	$6.326M	5.2%	$110.78	+18.0%	REITS	053484101
VTR	VENTAS INC	85,041	$6.006M	4.9%	$44.33	+9.0%	REITS	92276F100
—	HCP INC	126,450	$4.798M	3.9%	$40.18	—	REITS	40414L109
EQR	EQUITY RESIDENTIAL PROPS TR	73,376	$4.72M	3.9%	$37.41	+21.7%	REITS	29476L107
EXR	EXTRA SPACE STORAGE INC	57,000	$4.526M	3.7%	$57.07	+3.7%	REITS	30225T102
VNO	VORNADO REALTY TRUST	35,995	$3.642M	3.0%	$86.16	—	REITS	929042109
—	LIFE STORAGE INC	39,876	$3.545M	2.9%	$88.90	—	REITS	53223X107
—	GENERAL GROWTH PROPERTIES	128,162	$3.537M	2.9%	$27.59	—	REITS	370023103
BXP	BOSTON PROPERTIES INC	24,943	$3.399M	2.8%	$73.11	+28.3%	REITS	101121101
SKT	TANGER FACTORY OUTLET CENTERS	84,789	$3.303M	2.7%	$33.14	—	REITS	875465106
ESS	ESSEX PROPERTY TRUST INC	11,815	$2.632M	2.2%	$159.01	+4.6%	REITS	297178105
—	SELECT INCOME REIT	94,426	$2.538M	2.1%	$23.33	—	REITS	81618T100
—	CARE CAPITAL PROPERTIES INC	80,394	$2.29M	1.9%	$29.27	—	REITS	141624106
ELS	EQUITY LIFESTYLE PROPERTIES	27,956	$2.158M	1.8%	$55.80	—	REITS	29472R108
—	TAUBMAN CENTERS INC	28,448	$2.117M	1.7%	$72.13	—	REITS	876664103
HST	HOST HOTELS & RESORTS INC	128,538	$2M	1.6%	$12.95	-8.7%	REITS	44107P104
—	CORRECTIONS CORP OF AMERICA	121,603	$1.687M	1.4%	$28.52	—	REITS	22025Y407
PLD	PROLOGIS INC	31,423	$1.682M	1.4%	$28.67	+41.0%	REITS	74340W103
ARE	ALEXANDRIA REAL ESTATE EQUIT	13,174	$1.433M	1.2%	$55.67	+40.1%	REITS	015271109
—	CBL & ASSOCIATES PROPERTIES	116,262	$1.41M	1.2%	$14.02	—	REITS	124830100
MAA	MID-AMERICA APARTMENT COMM INC	14,900	$1.4M	1.1%	$72.11	0.0%	REITS	59522J103
OLP	ONE LIBERTY PROPERTIES INC	53,221	$1.284M	1.1%	$21.54	—	REITS	682406103
—	PARAMOUNT GROUP INC	77,477	$1.269M	1.0%	$16.90	—	REITS	69924R108
WELL	WELLTOWER INC	16,683	$1.247M	1.0%	$44.80	+20.5%	REITS	95040Q104
—	FEDERAL REALTY INVS TRUST	7,277	$1.12M	0.9%	$130.35	—	REITS	313747206
—	APARTMENTS INVESTMENT	23,794	$1.092M	0.9%	$36.45	—	REITS	03748R101
—	WASHINGTON PRIME GROUP INC	84,573	$1.048M	0.9%	$12.39	—	REITS	93964W108
—	LASALLE HOTEL PROPERTIES	43,824	$1.046M	0.9%	$25.85	—	REITS	517942108
CPT	CAMDEN PROPERTY TRUST	12,455	$1.043M	0.9%	$46.35	+31.0%	REITS	133131102
—	SL GREEN	8,921	$964K	0.8%	$99.33	—	REITS	78440X101
MAC	THE MACERICH CO	11,834	$957K	0.8%	$77.39	—	REITS	554382101
—	HOSPITALITY PROPERTIES TRUST	29,767	$884K	0.7%	$26.17	—	REITS	44106M102
—	DUKE REALTY CORP	31,005	$847K	0.7%	$15.84	—	REITS	264411505
—	RETAIL PROPERTIES OF AMERICA	50,314	$845K	0.7%	$13.82	—	REITS	76131V202
—	DDR CORP	43,964	$766K	0.6%	$17.32	—	REITS	23317H102
KIM	KIMCO REALTY CORP	26,377	$763K	0.6%	$12.90	+47.8%	REITS	49446R109
—	AMERICAN CAMPUS COMMUNITIES	13,751	$700K	0.6%	$38.81	—	REITS	024835100
SUI	SUN COMMUNITIES INC	8,757	$687K	0.6%	$74.79	—	REITS	866674104
—	TIER REIT INC	44,477	$686K	0.6%	$15.42	—	REITS	88650V208
—	COMMUNICATIONS SALES & LEASING	21,669	$681K	0.6%	$28.90	—	REITS	20341J104
—	POST PROPERTIES INC	10,097	$668K	0.5%	$55.43	—	REITS	737464107
—	SENIOR HOUSING PROP TRUST	28,400	$645K	0.5%	$15.97	—	REITS	81721M109
WFC	WELLS FARGO & COMPANY	14,300	$633K	0.5%	$30.42	+21.1%	Common Stock	949746101
VRE	MACK-CALI REALTY CORPORATION	22,279	$606K	0.5%	$21.93	—	REITS	554489104
BRK/B	BERKSHIRE HATHAWAY INC.	4,054	$585K	0.5%	$110.02	+32.9%	Common Stock	084670702
CDP	CORPORATE OFFICE PROPERTIES	20,355	$577K	0.5%	$26.51	—	REITS	22002T108
AFL	AFLAC INC	7,990	$574K	0.5%	$20.88	+40.0%	Common Stock	001055102
REG	REGENCY CENTERS CORP	7,371	$571K	0.5%	$33.45	+67.3%	REITS	758849103
CVX	CHEVRON CORPORATION	5,420	$558K	0.5%	$70.21	-2.5%	Common Stock	166764100
PDM	PIEDMONT OFFICE REALTY TRUST	23,372	$509K	0.4%	$17.88	—	REITS	720190206
AXP	AMERICAN EXPRESS COMPANY	7,703	$493K	0.4%	$65.57	-14.1%	Common Stock	025816109
DEI	DOUGLAS EMMETT INC	13,400	$491K	0.4%	$28.44	—	REITS	25960P109
—	EQUITY COMMONWEALTH	16,006	$484K	0.4%	$25.68	—	REITS	294628102
CUBE	CUBESMART	17,700	$482K	0.4%	$23.41	—	REITS	229663109
MSFT	MICROSOFT CORP	8,355	$481K	0.4%	$27.49	+82.9%	Common Stock	594918104
OHI	OMEGA HEALTHCARE INVESTORS	13,528	$479K	0.4%	$34.30	—	REITS	681936100
—	NEW YORK REIT INC	50,654	$463K	0.4%	$10.40	—	REITS	64976L109
T	AT & T INC	11,250	$457K	0.4%	$11.81	+38.0%	Common Stock	00206R102
—	VARIAN MEDICAL SYSTEMS	4,230	$421K	0.3%	$67.41	—	Common Stock	92220P105
UDR	UDR INC	11,662	$420K	0.3%	$18.20	+43.4%	REITS	902653104
—	NATIONAL OILWELL VARCO INC	10,171	$373K	0.3%	$59.35	—	Common Stock	637071101
—	WEINGARTEN REALTY INVST	9,328	$364K	0.3%	$32.25	—	REITS	948741103
—	CORENERGY INFRASTRUCTURE TRUST	12,221	$358K	0.3%	$15.54	—	REITS	21870U502
WMT	WAL MART STORES INC	4,868	$351K	0.3%	$20.01	+3.0%	Common Stock	931142103
PG	PROCTER GAMBLE CO	3,876	$347K	0.3%	$59.29	+13.9%	Common Stock	742718109
KRG	KITE REALTY GROUP TRUST	11,825	$328K	0.3%	$27.91	—	REITS	49803T300
XOM	EXXON MOBIL CORP	3,675	$321K	0.3%	$49.08	+19.3%	Common Stock	30231G102
SYK	STRYKER CORP	2,605	$303K	0.2%	$56.92	+84.3%	Common Stock	863667101
DLR	DIGITAL REALTY TRUST INC	3,100	$301K	0.2%	$42.31	+73.3%	REITS	253868103
—	OWENS REALTY MORTGAGE INC	17,333	$300K	0.2%	$16.54	—	REITS	690828108
C	CITIGROUP INC	6,115	$289K	0.2%	$37.63	-9.3%	Common Stock	172967424
VMI	VALMONT INDUSTRIES	1,956	$263K	0.2%	$141.23	-6.6%	Common Stock	920253101
EMR	EMERSON ELECTRIC CO	4,775	$260K	0.2%	$39.87	+6.1%	Common Stock	291011104
FR	FIRST INDUSTRIAL REALTY TR	9,200	$259K	0.2%	$21.01	—	REITS	32054K103
—	STAPLES INC	29,940	$256K	0.2%	$10.56	—	Common Stock	855030102
INTC	INTEL CORP	6,555	$247K	0.2%	$17.14	+67.0%	Common Stock	458140100
—	APACHE CORP	3,605	$230K	0.2%	$73.51	—	Common Stock	037411105
—	AETNA INC	1,995	$230K	0.2%	$63.57	—	Common Stock	00817Y108
—	CITY OFFICE REIT INC	17,400	$221K	0.2%	$12.99	—	REITS	178587101
—	RAMCO GERHENSON PROPERTIES	11,750	$220K	0.2%	$15.52	—	REITS	751452202
ESRT	EMPIRE STATE REALTY TRUST INC	10,494	$220K	0.2%	$17.53	—	REITS	292104106
SHO	SUNSTONE HOTEL INVESTORS INC	16,616	$212K	0.2%	$13.24	—	REITS	867892101
DNOW	NOW INC/DE	9,646	$207K	0.2%	$28.25	-29.2%	Common Stock	67011P100
—	HEALTHCARE TRUST OF AMERICA IN	6,250	$204K	0.2%	$26.95	—	REITS	42225P501
HY	HYSTER YALE MATERIALS	3,075	$185K	0.2%	$52.16	-15.0%	Common Stock	449172105
EGP	EASTGROUP PROPERTIES INC	2,340	$172K	0.1%	$58.56	—	REITS	277276101
TDS	TELEPHONE AND DATA SYSTEMS	6,278	$171K	0.1%	$25.15	+15.9%	Common Stock	879433829
KRC	KILROY REALTY CORP	2,280	$158K	0.1%	$53.07	—	REITS	49427F108
—	ALLEGHANY CORP	300	$157K	0.1%	$486.67	—	Common Stock	017175100
FSP	FRANLKLIN STREET PROPERTIES C	12,414	$156K	0.1%	$13.16	—	REITS	35471R106
—	LIBERTY PROPERTY TRUST	3,850	$155K	0.1%	$34.02	—	REITS	531172104
—	AMERICAN CAPITAL AGENCY CORP	7,025	$137K	0.1%	$21.19	—	REITS	02503X105
IRM	IRON MOUNTAIN INC	3,586	$135K	0.1%	$19.89	+14.3%	REITS	46284V101
BDN	BRANDYWINE REALTY TRUST	8,000	$125K	0.1%	$13.25	—	REITS	105368203
—	VEREIT INC	12,000	$124K	0.1%	$8.83	—	REITS	92339V100
—	PENN REAL ESTATE INVEST TRUST	4,451	$102K	0.1%	$20.63	—	REITS	709102107
—	DCT INDUSTRIAL TRUST INC	1,860	$90,000	0.1%	$35.64	—	REITS	233153204
LTC	LTC PROPERTIES INC	1,680	$87,000	0.1%	$39.03	—	REITS	502175102
—	SPIRIT REALTY CAPITAL	6,015	$80,000	0.1%	$10.68	—	REITS	84860W102
—	FIRST POTOMAC REALTY TRUST	8,300	$76,000	0.1%	$13.03	—	REITS	33610F109
—	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