Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PROPERTY GROUP INC	54,890	$9.771M	8.2%	$95.74	+19.9%	REITS	828806109
PSA	PUBLIC STORAGE INC	38,609	$8.624M	7.3%	$117.28	+25.2%	REITS	74460D109
AVB	AVALONBAY COMMUNITIES INC	27,074	$4.798M	4.0%	$110.78	+11.4%	REITS	053484101
EQR	EQUITY RESIDENTIAL PROPS TR	72,376	$4.658M	3.9%	$37.41	+17.7%	REITS	29476L107
EXR	EXTRA SPACE STORAGE INC	57,000	$4.403M	3.7%	$57.07	-8.7%	REITS	30225T102
—	GENERAL GROWTH PROPERTIES	164,162	$4.102M	3.5%	$27.02	—	REITS	370023103
—	LIFE STORAGE INC	46,176	$3.938M	3.3%	$88.41	—	REITS	53223X107
WELL	WELLTOWER INC	58,583	$3.921M	3.3%	$46.58	+1.5%	REITS	95040Q104
VTR	VENTAS INC	58,041	$3.629M	3.1%	$44.33	-4.0%	REITS	92276F100
VNO	VORNADO REALTY TRUST	33,715	$3.519M	3.0%	$86.16	—	REITS	929042109
BXP	BOSTON PROPERTIES INC	27,443	$3.453M	2.9%	$74.14	+13.9%	REITS	101121101
SKT	TANGER FACTORY OUTLET CENTERS	84,789	$3.035M	2.6%	$33.14	—	REITS	875465106
—	HCP INC	94,715	$2.818M	2.4%	$40.18	—	REITS	40414L109
—	SELECT INCOME REIT	97,826	$2.465M	2.1%	$23.39	—	REITS	81618T100
ESS	ESSEX PROPERTY TRUST INC	10,045	$2.337M	2.0%	$159.01	+0.2%	REITS	297178105
—	COMMUNICATIONS SALES & LEASING	85,435	$2.171M	1.8%	$26.30	—	REITS	20341J104
MAA	MID-AMERICA APARTMENT COMM INC	21,273	$2.083M	1.8%	$70.62	-4.9%	REITS	59522J103
—	TAUBMAN CENTERS INC	27,448	$2.029M	1.7%	$72.13	—	REITS	876664103
CXW	CORECIVIC INC	82,719	$2.023M	1.7%	$14.21	0.0%	REITS	21871N101
ELS	EQUITY LIFESTYLE PROPERTIES	27,956	$2.016M	1.7%	$55.80	—	REITS	29472R108
HST	HOST HOTELS & RESORTS INC	104,538	$1.971M	1.7%	$12.95	-8.9%	REITS	44107P104
—	CARE CAPITAL PROPERTIES INC	77,394	$1.934M	1.6%	$29.27	—	REITS	141624106
PLD	PROLOGIS INC	28,423	$1.501M	1.3%	$28.67	+36.9%	REITS	74340W103
ARE	ALEXANDRIA REAL ESTATE EQUIT	11,504	$1.278M	1.1%	$55.67	+39.0%	REITS	015271109
—	CBL & ASSOCIATES PROPERTIES	103,962	$1.196M	1.0%	$14.02	—	REITS	124830100
—	PARAMOUNT GROUP INC	73,777	$1.18M	1.0%	$16.90	—	REITS	69924R108
OLP	ONE LIBERTY PROPERTIES INC	44,577	$1.119M	0.9%	$21.54	—	REITS	682406103
—	APARTMENTS INVESTMENT	23,394	$1.063M	0.9%	$36.45	—	REITS	03748R101
CUBE	CUBESMART	37,700	$1.009M	0.8%	$25.19	—	REITS	229663109
—	FEDERAL REALTY INVS TRUST	7,017	$997K	0.8%	$130.35	—	REITS	313747206
—	TIER REIT INC	55,438	$964K	0.8%	$15.81	—	REITS	88650V208
—	SL GREEN	8,921	$959K	0.8%	$99.33	—	REITS	78440X101
SUI	SUN COMMUNITIES INC	11,817	$906K	0.8%	$75.28	—	REITS	866674104
—	DDR CORP	56,064	$856K	0.7%	$16.88	—	REITS	23317H102
—	WASHINGTON PRIME GROUP INC	81,573	$850K	0.7%	$12.39	—	REITS	93964W108
—	DUKE REALTY CORP	31,005	$823K	0.7%	$15.84	—	REITS	264411505
MAC	THE MACERICH CO	11,434	$810K	0.7%	$77.39	—	REITS	554382101
CPT	CAMDEN PROPERTY TRUST	9,255	$778K	0.7%	$46.35	+25.6%	REITS	133131102
—	LASALLE HOTEL PROPERTIES	25,324	$772K	0.7%	$25.85	—	REITS	517942108
—	FOREST CITY REALTY TRUST	36,600	$763K	0.6%	$20.85	—	REITS	345605109
—	HOSPITALITY PROPERTIES TRUST	23,667	$751K	0.6%	$26.17	—	REITS	44106M102
—	RETAIL PROPERTIES OF AMERICA	48,514	$744K	0.6%	$13.82	—	REITS	76131V202
—	AMERICAN CAMPUS COMMUNITIES	13,751	$685K	0.6%	$38.81	—	REITS	024835100
BRK/B	BERKSHIRE HATHAWAY INC.	4,054	$661K	0.6%	$110.02	+39.9%	Common Stock	084670702
WFC	WELLS FARGO & COMPANY	11,630	$641K	0.5%	$30.42	+28.3%	Common Stock	949746101
KIM	KIMCO REALTY CORP	25,437	$640K	0.5%	$12.90	+29.0%	REITS	49446R109
CDP	CORPORATE OFFICE PROPERTIES	19,555	$611K	0.5%	$26.51	—	REITS	22002T108
AXP	AMERICAN EXPRESS COMPANY	7,703	$571K	0.5%	$65.57	-7.0%	Common Stock	025816109
—	SENIOR HOUSING PROP TRUST	28,400	$538K	0.5%	$15.97	—	REITS	81721M109
CVX	CHEVRON CORPORATION	4,410	$519K	0.4%	$70.21	+5.1%	Common Stock	166764100
MSFT	MICROSOFT CORP	8,355	$519K	0.4%	$27.49	+96.2%	Common Stock	594918104
REG	REGENCY CENTERS CORP	7,371	$508K	0.4%	$33.45	+45.1%	REITS	758849103
—	NEW YORK REIT INC	48,654	$493K	0.4%	$10.40	—	REITS	64976L109
T	AT & T INC	11,250	$479K	0.4%	$11.81	+30.9%	Common Stock	00206R102
VRE	MACK-CALI REALTY CORPORATION	16,278	$472K	0.4%	$21.93	—	REITS	554489104
—	EQUITY COMMONWEALTH	15,431	$467K	0.4%	$25.68	—	REITS	294628102
AFL	AFLAC INC	6,630	$462K	0.4%	$20.88	+36.3%	Common Stock	001055102
PDM	PIEDMONT OFFICE REALTY TRUST	20,372	$426K	0.4%	$17.88	—	REITS	720190206
OHI	OMEGA HEALTHCARE INVESTORS	13,528	$423K	0.4%	$34.30	—	REITS	681936100
UDR	UDR INC	11,242	$410K	0.3%	$18.20	+36.0%	REITS	902653104
—	CORENERGY INFRASTRUCTURE TRUST	11,720	$409K	0.3%	$15.54	—	REITS	21870U502
—	QUALITY CARE PROPERTIES	25,788	$400K	0.3%	$15.51	—	REITS	747545101
—	NATIONAL OILWELL VARCO INC	10,171	$381K	0.3%	$59.35	—	Common Stock	637071101
DEI	DOUGLAS EMMETT INC	10,400	$380K	0.3%	$28.44	—	REITS	25960P109
C	CITIGROUP INC	6,115	$363K	0.3%	$37.63	+8.0%	Common Stock	172967424
—	VARIAN MEDICAL SYSTEMS	3,750	$337K	0.3%	$67.41	—	Common Stock	92220P105
WMT	WAL MART STORES INC	4,868	$337K	0.3%	$20.01	-0.5%	Common Stock	931142103
XOM	EXXON MOBIL CORP	3,675	$332K	0.3%	$49.08	+18.5%	Common Stock	30231G102
—	WEINGARTEN REALTY INVST	8,998	$322K	0.3%	$32.25	—	REITS	948741103
SYK	STRYKER CORP	2,605	$312K	0.3%	$56.92	+82.6%	Common Stock	863667101
—	OWENS REALTY MORTGAGE INC	16,742	$310K	0.3%	$16.54	—	REITS	690828108
AMT	AMERICAN TOWER CORP	2,900	$307K	0.3%	$86.33	0.0%	REITS	03027X100
DLR	DIGITAL REALTY TRUST INC	2,990	$294K	0.2%	$42.31	+59.8%	REITS	253868103
—	STAPLES INC	31,260	$283K	0.2%	$10.50	—	Common Stock	855030102
KRG	KITE REALTY GROUP TRUST	11,405	$267K	0.2%	$27.91	—	REITS	49803T300
FR	FIRST INDUSTRIAL REALTY TR	9,200	$258K	0.2%	$21.01	—	REITS	32054K103
SHO	SUNSTONE HOTEL INVESTORS INC	16,616	$253K	0.2%	$13.24	—	REITS	867892101
PG	PROCTER GAMBLE CO	2,996	$252K	0.2%	$59.29	+12.6%	Common Stock	742718109
—	SPIRIT REALTY CAPITAL	22,015	$239K	0.2%	$10.81	—	REITS	84860W102
INTC	INTEL CORP	6,555	$238K	0.2%	$17.14	+70.1%	Common Stock	458140100
—	APACHE CORP	3,605	$229K	0.2%	$73.51	—	Common Stock	037411105
—	CITY OFFICE REIT INC	17,400	$229K	0.2%	$12.99	—	REITS	178587101
EMR	EMERSON ELECTRIC CO	3,965	$221K	0.2%	$39.87	+7.5%	Common Stock	291011104
ESRT	EMPIRE STATE REALTY TRUST INC	10,494	$211K	0.2%	$17.53	—	REITS	292104106
DNOW	NOW INC/DE	9,646	$197K	0.2%	$28.25	-25.0%	Common Stock	67011P100
HY	HYSTER YALE MATERIALS	3,075	$196K	0.2%	$52.16	-7.1%	Common Stock	449172105
—	RAMCO GERHENSON PROPERTIES	11,750	$195K	0.2%	$15.52	—	REITS	751452202
—	ALLEGHANY CORP	300	$183K	0.2%	$486.67	—	Common Stock	017175100
—	PENN REAL ESTATE INVEST TRUST	9,291	$176K	0.1%	$19.75	—	REITS	709102107
—	HEALTHCARE TRUST OF AMERICA IN	6,030	$175K	0.1%	$26.95	—	REITS	42225P501
VMI	VALMONT INDUSTRIES	1,236	$174K	0.1%	$141.23	-1.7%	Common Stock	920253101
EGP	EASTGROUP PROPERTIES INC	2,340	$173K	0.1%	$58.56	—	REITS	277276101
KRC	KILROY REALTY CORP	2,280	$167K	0.1%	$53.07	—	REITS	49427F108
FSP	FRANLKLIN STREET PROPERTIES C	11,914	$154K	0.1%	$13.16	—	REITS	35471R106
—	LIBERTY PROPERTY TRUST	3,850	$152K	0.1%	$34.02	—	REITS	531172104
BDN	BRANDYWINE REALTY TRUST	8,000	$132K	0.1%	$13.25	—	REITS	105368203
AGNC	AGNC INVESTMENT CORP	6,832	$124K	0.1%	$18.15	—	REITS	00123Q104
TDS	TELEPHONE AND DATA SYSTEMS	4,218	$122K	0.1%	$25.15	+8.4%	Common Stock	879433829
—	AETNA INC	965	$120K	0.1%	$63.57	—	Common Stock	00817Y108
—	VEREIT INC	12,000	$101K	0.1%	$8.83	—	REITS	92339V100
NNN	NATIONAL RETAIL PROPERTIES	2,200	$97,000	0.1%	$44.09	—	REITS	637417106
—	DCT INDUSTRIAL TRUST INC	1,860	$89,000	0.1%	$35.64	—	REITS	233153204
—	FIRST POTOMAC REALTY TRUST	7,300	$80,000	0.1%	$13.03	—	REITS	33610F109
LTC	LTC PROPERTIES INC	1,620	$76,000	0.1%	$39.03	—	REITS	502175102
—	STORE CAPITAL CORP	3,000	$74,000	0.1%	$24.67	—	REITS	862121100
—	FIVE OAKS INVESTMENT CORP	12,687	$63,000	0.1%	$4.97	—	REITS	33830W106
IRM	IRON MOUNTAIN INC	853	$28,000	0.0%	$19.89	-0.2%	REITS	46284V101
—	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