Pensionfund PDN Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEP	AMERICAN ELECTRIC POWER	56,000	$3,526	0.5%	$44.69	0.0%	COMMON STOCK	025537101
WRB	WR BERKLEY CORP	51,000	$3,392	0.5%	$14.61	0.0%	COMMON STOCK	084423102
DRI	DARDEN RESTAURANTS INC	44,000	$3,200	0.5%	$53.91	0.0%	COMMON STOCK	237194105
AVY	AVERY DENNISON CORP	40,000	$2,809	0.4%	$61.60	0.0%	COMMON STOCK	053611109
—	GRAMERCY PROPERTY TRUST	245,000	$2,249	0.3%	$9.18	—	COMMON STOCK	385002308
—	PARKWAY INC	29,500	$656	0.1%	$22.24	—	COMMON STOCK	70156Q107
—	FOREST CITY REALTY TRUST- A	26,000	$542	0.1%	$20.85	—	COMMON STOCK	345605109
ELME	WASHINGTON REIT	16,000	$523	0.1%	$32.69	—	COMMON STOCK	939653101
—	QUALITY CARE PROPERTIES	28,718	$445	0.1%	$15.50	—	COMMON STOCK	747545101

Increased Positions (16)

MAA MID-AMERICA APARTMENT COMM 0.5%

Value ($000) $3,206 (+97.2%) Shares 32,740 (+89.2%) Est. Cost $54.68 Unrealized +22.8%

SPG SIMON PROPERTY GROUP INC 1.8%

Value ($000) $12,101 (-10.8%) Shares 68,108 (+4.0%) Est. Cost $90.22 Unrealized +27.2%

— COLONY STARWOOD HOMES 0.2%

Value ($000) $1,556 (+50.6%) Shares 54,000 (+50.0%) Est. Cost $26.11 Unrealized —

— DUPONT FABROS TECHNOLOGY 0.2%

Value ($000) $1,054 (+82.4%) Shares 24,000 (+71.4%) Est. Cost $37.36 Unrealized —

— Life Storage Inc 0.2%

Value ($000) $1,449 (+48.2%) Shares 17,000 (+54.5%) Est. Cost $87.61 Unrealized —

CL COLGATE-PALMOLIVE CO 0.7%

Value ($000) $4,548 (-8.9%) Shares 69,500 (+3.3%) Est. Cost $49.10 Unrealized +12.8%

— INFRAREIT INC 0.2%

Value ($000) $1,561 (+34.1%) Shares 87,180 (+35.8%) Est. Cost $17.64 Unrealized —

— COLUMBIA PROPERTY TRUST INC 0.3%

Value ($000) $1,858 (+25.7%) Shares 86,000 (+30.3%) Est. Cost $22.21 Unrealized —

IRM IRON MOUNTAIN INC 0.2%

Value ($000) $1,462 (+29.8%) Shares 45,000 (+50.0%) Est. Cost $21.78 Unrealized -8.9%

— RAMCO-GERSHENSON PROPERTIES 0.2%

Value ($000) $1,422 (+24.8%) Shares 85,782 (+41.1%) Est. Cost $18.33 Unrealized —

— DDR CORP 0.3%

Value ($000) $2,153 (+12.3%) Shares 141,000 (+28.2%) Est. Cost $16.95 Unrealized —

CLX CLOROX COMPANY 0.5%

Value ($000) $3,361 (+3.3%) Shares 28,000 (+7.7%) Est. Cost $95.74 Unrealized -5.1%

MKC MCCORMICK and CO-NON VTG SHRS 0.5%

Value ($000) $3,313 (-3.0%) Shares 35,500 (+3.8%) Est. Cost $28.98 Unrealized +35.3%

— CARE CAPITAL PROPERTIES INC 0.4%

Value ($000) $2,617 (+2.4%) Shares 104,670 (+16.7%) Est. Cost $27.51 Unrealized —

EL ESTEE LAUDER COMPANIES-CL A 0.5%

Value ($000) $3,480 (+1.5%) Shares 45,500 (+17.6%) Est. Cost $62.15 Unrealized +16.4%

BF/B BROWN-FORMAN CORP-CLASS B 0.5%

Value ($000) $3,549 (-0.5%) Shares 79,000 (+5.1%) Est. Cost $33.08 Unrealized -6.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAA	MID-AMERICA APARTMENT COMM	32,740 (+89.2%)	$3,206 (+97.2%)	0.5%	$54.68	+22.8%	COMMON STOCK	59522J103
SPG	SIMON PROPERTY GROUP INC	68,108 (+4.0%)	$12,101 (-10.8%)	1.8%	$90.22	+27.2%	COMMON STOCK	828806109
—	COLONY STARWOOD HOMES	54,000 (+50.0%)	$1,556 (+50.6%)	0.2%	$26.11	—	COMMON STOCK	19625X102
—	DUPONT FABROS TECHNOLOGY	24,000 (+71.4%)	$1,054 (+82.4%)	0.2%	$37.36	—	COMMON STOCK	26613Q106
—	Life Storage Inc	17,000 (+54.5%)	$1,449 (+48.2%)	0.2%	$87.61	—	COMMON STOCK	53223X107
CL	COLGATE-PALMOLIVE CO	69,500 (+3.3%)	$4,548 (-8.9%)	0.7%	$49.10	+12.8%	COMMON STOCK	194162103
—	INFRAREIT INC	87,180 (+35.8%)	$1,561 (+34.1%)	0.2%	$17.64	—	COMMON STOCK	45685L100
—	COLUMBIA PROPERTY TRUST INC	86,000 (+30.3%)	$1,858 (+25.7%)	0.3%	$22.21	—	COMMON STOCK	198287203
IRM	IRON MOUNTAIN INC	45,000 (+50.0%)	$1,462 (+29.8%)	0.2%	$21.78	-8.9%	COMMON STOCK	46284V101
—	RAMCO-GERSHENSON PROPERTIES	85,782 (+41.1%)	$1,422 (+24.8%)	0.2%	$18.33	—	COMMON STOCK	751452202
—	DDR CORP	141,000 (+28.2%)	$2,153 (+12.3%)	0.3%	$16.95	—	COMMON STOCK	23317H102
CLX	CLOROX COMPANY	28,000 (+7.7%)	$3,361 (+3.3%)	0.5%	$95.74	-5.1%	COMMON STOCK	189054109
MKC	MCCORMICK and CO-NON VTG SHRS	35,500 (+3.8%)	$3,313 (-3.0%)	0.5%	$28.98	+35.3%	COMMON STOCK	579780206
—	CARE CAPITAL PROPERTIES INC	104,670 (+16.7%)	$2,617 (+2.4%)	0.4%	$27.51	—	COMMON STOCK	141624106
EL	ESTEE LAUDER COMPANIES-CL A	45,500 (+17.6%)	$3,480 (+1.5%)	0.5%	$62.15	+16.4%	COMMON STOCK	518439104
BF/B	BROWN-FORMAN CORP-CLASS B	79,000 (+5.1%)	$3,549 (-0.5%)	0.5%	$33.08	-6.4%	COMMON STOCK	115637209

Exited Positions (6)

— AMERICAN ELECTRIC POWER 0.6%

Value ($000) $4,045 Shares 63,000 Est. Cost $66.40 Unrealized —

— AVERY DENNISON CORP 0.5%

Value ($000) $3,501 Shares 45,000 Est. Cost $72.11 Unrealized —

— WR BERKLEY CORP 0.5%

Value ($000) $3,350 Shares 58,000 Est. Cost $59.91 Unrealized —

— DARDEN RESTAURANTS INC 0.4%

Value ($000) $3,066 Shares 50,000 Est. Cost $63.34 Unrealized —

— GRAMERCY PROPERTY TRUST 0.3%

Value ($000) $2,362 Shares 245,000 Est. Cost $8.27 Unrealized —

— POST PROPERTIES INC 0.1%

Value ($000) $926 Shares 14,000 Est. Cost $59.76 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	AMERICAN ELECTRIC POWER	63,000	$4,045	0.6%	$66.40	—	—	25537101
—	AVERY DENNISON CORP	45,000	$3,501	0.5%	$72.11	—	—	53611109
—	WR BERKLEY CORP	58,000	$3,350	0.5%	$59.91	—	—	84423102
—	DARDEN RESTAURANTS INC	50,000	$3,066	0.4%	$63.34	—	—	23719105
—	GRAMERCY PROPERTY TRUST	245,000	$2,362	0.3%	$8.27	—	—	385002100
—	POST PROPERTIES INC	14,000	$926	0.1%	$59.76	—	—	737464107

Decreased Positions (113)

AAPL APPLE INC 2.4%

Value ($000) $16,666 (-11.1%) Shares 143,900 (-13.3%) Est. Cost $21.10 Unrealized +23.6%

— HCP INC 0.5%

Value ($000) $3,762 (-31.0%) Shares 126,593 (-11.8%) Est. Cost $40.87 Unrealized —

MRK MERCK and CO. INC. 1.1%

Value ($000) $7,683 (-15.4%) Shares 130,500 (-10.3%) Est. Cost $39.48 Unrealized +11.6%

PFE PFIZER INC 1.2%

Value ($000) $8,487 (-14.0%) Shares 261,300 (-10.3%) Est. Cost $21.05 Unrealized -2.6%

QCOM QUALCOMM INC 0.9%

Value ($000) $6,064 (-18.0%) Shares 93,000 (-13.9%) Est. Cost $40.28 Unrealized +29.7%

GOOGL ALPHABET INC-CL A 1.2%

Value ($000) $8,487 (-13.6%) Shares 10,710 (-12.3%) Est. Cost $32.37 Unrealized +22.6%

SPGI SandP GLOBAL INC 0.6%

Value ($000) $3,818 (-25.5%) Shares 35,500 (-12.3%) Est. Cost $96.34 Unrealized +14.1%

MCK MCKESSON CORP 0.5%

Value ($000) $3,371 (-27.8%) Shares 24,000 (-14.3%) Est. Cost $173.09 Unrealized -20.9%

ZBH ZIMMER BIOMET HOLDINGS INC 0.4%

Value ($000) $2,993 (-30.2%) Shares 29,000 (-12.1%) Est. Cost $114.42 Unrealized -13.1%

CVS CVS HEALTH CORP 0.7%

Value ($000) $5,019 (-20.1%) Shares 63,600 (-9.9%) Est. Cost $50.43 Unrealized +21.1%

INTC INTEL CORP 1.1%

Value ($000) $7,664 (-14.1%) Shares 211,300 (-10.6%) Est. Cost $19.31 Unrealized +51.0%

V VISA INC-CLASS A SHARES 1.0%

Value ($000) $7,061 (-15.0%) Shares 90,500 (-10.0%) Est. Cost $70.84 Unrealized +6.5%

GOOG ALPHABET INC-CL C 1.1%

Value ($000) $7,564 (-13.9%) Shares 9,800 (-13.3%) Est. Cost $30.63 Unrealized +26.2%

GILD GILEAD SCIENCES INC 0.7%

Value ($000) $4,877 (-19.0%) Shares 68,100 (-10.5%) Est. Cost $65.39 Unrealized -18.7%

— SENIOR HOUSING PROP TRUST 0.4%

Value ($000) $2,822 (-28.2%) Shares 149,100 (-13.9%) Est. Cost $19.32 Unrealized —

BIIB BIOGEN INC 0.6%

Value ($000) $4,395 (-19.8%) Shares 15,500 (-11.4%) Est. Cost $230.33 Unrealized +28.7%

— CERNER CORP 0.4%

Value ($000) $2,454 (-30.0%) Shares 51,800 (-8.8%) Est. Cost $58.38 Unrealized —

WAT WATERS CORP 0.4%

Value ($000) $2,983 (-25.3%) Shares 22,200 (-11.9%) Est. Cost $127.49 Unrealized +11.9%

IFF INTL FLAVORS and FRAGRANCES 0.4%

Value ($000) $2,710 (-27.1%) Shares 23,000 (-11.5%) Est. Cost $107.24 Unrealized -6.9%

ISRG INTUITIVE SURGICAL INC 0.5%

Value ($000) $3,234 (-23.1%) Shares 5,100 (-12.1%) Est. Cost $56.16 Unrealized +30.9%

ORCL ORACLE CORP 0.9%

Value ($000) $6,260 (-12.8%) Shares 162,800 (-10.9%) Est. Cost $28.34 Unrealized +20.5%

HRL HORMEL FOODS CORP 0.5%

Value ($000) $3,168 (-21.2%) Shares 91,000 (-14.2%) Est. Cost $27.62 Unrealized +3.9%

EFX EQUIFAX INC 0.4%

Value ($000) $2,956 (-21.5%) Shares 25,000 (-10.7%) Est. Cost $95.83 Unrealized +17.1%

VZ VERIZON COMMUNICATIONS INC 1.3%

Value ($000) $8,808 (-8.4%) Shares 165,000 (-10.8%) Est. Cost $30.04 Unrealized +3.2%

MA MASTERCARD INC-CLASS A 0.8%

Value ($000) $5,782 (-11.2%) Shares 56,000 (-12.5%) Est. Cost $89.14 Unrealized +10.2%

— VARIAN MEDICAL SYSTEMS INC 0.4%

Value ($000) $3,053 (-19.3%) Shares 34,000 (-10.5%) Est. Cost $73.79 Unrealized —

DKS DICK'S SPORTING GOODS INC 0.5%

Value ($000) $3,441 (-16.7%) Shares 64,800 (-11.0%) Est. Cost $31.61 Unrealized +39.4%

— WABCO HOLDINGS INC 0.4%

Value ($000) $2,972 (-18.2%) Shares 28,000 (-12.5%) Est. Cost $113.53 Unrealized —

IBM INTL BUSINESS MACHINES CORP 1.1%

Value ($000) $7,470 (-7.8%) Shares 45,000 (-11.8%) Est. Cost $101.76 Unrealized +1.3%

MMM 3M CO 0.9%

Value ($000) $6,000 (-9.4%) Shares 33,600 (-10.6%) Est. Cost $71.80 Unrealized +47.9%

SBRA SABRA HEALTH CARE REIT INC 0.3%

Value ($000) $2,264 (-21.6%) Shares 92,700 (-19.2%) Est. Cost $24.06 Unrealized —

AFL AFLAC INC 0.5%

Value ($000) $3,564 (-14.8%) Shares 51,200 (-12.0%) Est. Cost $22.89 Unrealized +24.3%

DUK DUKE ENERGY CORP 0.6%

Value ($000) $3,997 (-13.1%) Shares 51,500 (-10.4%) Est. Cost $46.61 Unrealized +13.0%

XYL XYLEM INC 0.4%

Value ($000) $3,070 (-16.4%) Shares 62,000 (-11.4%) Est. Cost $43.77 Unrealized +3.8%

PPG PPG INDUSTRIES INC 0.5%

Value ($000) $3,127 (-16.0%) Shares 33,000 (-8.3%) Est. Cost $84.32 Unrealized -4.4%

SJM JM SMUCKER CO/THE 0.5%

Value ($000) $3,202 (-15.6%) Shares 25,000 (-10.7%) Est. Cost $109.93 Unrealized -11.2%

LOW LOWE'S COS INC 0.6%

Value ($000) $4,338 (-11.6%) Shares 61,000 (-10.3%) Est. Cost $56.94 Unrealized +5.0%

SO SOUTHERN CO/THE 0.5%

Value ($000) $3,537 (-13.7%) Shares 71,900 (-10.0%) Est. Cost $26.97 Unrealized +24.4%

GPC GENUINE PARTS CO 0.4%

Value ($000) $3,057 (-15.5%) Shares 32,000 (-11.1%) Est. Cost $65.22 Unrealized +12.1%

T ATandT INC 1.5%

Value ($000) $10,207 (-5.2%) Shares 240,000 (-9.4%) Est. Cost $12.32 Unrealized +25.4%

HSIC HENRY SCHEIN INC 0.4%

Value ($000) $2,807 (-16.0%) Shares 18,500 (-9.8%) Est. Cost $59.46 Unrealized +1.5%

ITW ILLINOIS TOOL WORKS 0.6%

Value ($000) $4,225 (-10.8%) Shares 34,500 (-12.7%) Est. Cost $68.35 Unrealized +42.2%

EGP EASTGROUP PROPERTIES INC 0.3%

Value ($000) $2,082 (-19.6%) Shares 28,200 (-19.9%) Est. Cost $57.86 Unrealized —

SHW SHERWIN-WILLIAMS CO/THE 0.4%

Value ($000) $3,091 (-14.1%) Shares 11,500 (-11.5%) Est. Cost $79.61 Unrealized +2.2%

TJX TJX COMPANIES INC 0.6%

Value ($000) $3,914 (-11.4%) Shares 52,100 (-11.8%) Est. Cost $29.40 Unrealized +13.0%

TXN TEXAS INSTRUMENTS INC 0.8%

Value ($000) $5,473 (-8.2%) Shares 75,000 (-11.8%) Est. Cost $40.51 Unrealized +36.9%

— COACH INC 0.4%

Value ($000) $2,802 (-14.8%) Shares 80,000 (-11.1%) Est. Cost $40.74 Unrealized —

HAS HASBRO INC 0.5%

Value ($000) $3,112 (-12.8%) Shares 40,000 (-11.1%) Est. Cost $59.17 Unrealized +2.3%

MSCI MSCI INC 0.4%

Value ($000) $3,072 (-12.9%) Shares 39,000 (-7.1%) Est. Cost $76.86 Unrealized -4.9%

RMD RESMED INC 0.4%

Value ($000) $2,916 (-13.4%) Shares 47,000 (-9.6%) Est. Cost $49.97 Unrealized +11.0%

— BED BATH and BEYOND INC 0.4%

Value ($000) $2,479 (-15.4%) Shares 61,000 (-10.3%) Est. Cost $48.63 Unrealized —

PCG P G and E CORP 0.5%

Value ($000) $3,525 (-11.3%) Shares 58,000 (-10.8%) Est. Cost $52.19 Unrealized +10.0%

— CA INC 0.4%

Value ($000) $2,923 (-13.4%) Shares 92,000 (-9.8%) Est. Cost $27.30 Unrealized —

MRSH MARSH and MCLENNAN COS 0.6%

Value ($000) $4,103 (-9.9%) Shares 60,700 (-10.3%) Est. Cost $47.89 Unrealized +20.4%

XEL XCEL ENERGY INC 0.5%

Value ($000) $3,337 (-11.8%) Shares 82,000 (-10.9%) Est. Cost $31.98 Unrealized -5.8%

EIX EDISON INTERNATIONAL 0.5%

Value ($000) $3,528 (-11.2%) Shares 49,000 (-10.9%) Est. Cost $51.05 Unrealized -5.3%

— CR BARD INC 0.5%

Value ($000) $3,415 (-11.5%) Shares 15,200 (-11.6%) Est. Cost $190.36 Unrealized —

SWKS SKYWORKS SOLUTIONS INC 0.4%

Value ($000) $3,098 (-12.5%) Shares 41,500 (-10.8%) Est. Cost $63.97 Unrealized -0.9%

MTD METTLER-TOLEDO INTERNATIONAL 0.5%

Value ($000) $3,516 (-10.9%) Shares 8,400 (-10.6%) Est. Cost $316.01 Unrealized +31.7%

OMC OMNICOM GROUP 0.5%

Value ($000) $3,319 (-11.3%) Shares 39,000 (-11.4%) Est. Cost $52.01 Unrealized +17.2%

UPS UNITED PARCEL SERVICE-CL B 0.7%

Value ($000) $5,147 (-7.5%) Shares 44,900 (-11.8%) Est. Cost $62.45 Unrealized +28.6%

CMI CUMMINS INC 0.5%

Value ($000) $3,690 (-10.0%) Shares 27,000 (-15.6%) Est. Cost $94.73 Unrealized +11.2%

— LINEAR TECHNOLOGY CORP 0.6%

Value ($000) $3,803 (-9.7%) Shares 61,000 (-14.1%) Est. Cost $40.36 Unrealized —

INTU INTUIT INC 0.5%

Value ($000) $3,668 (-9.9%) Shares 32,000 (-13.5%) Est. Cost $97.25 Unrealized +7.7%

APH AMPHENOL CORP-CL A 0.5%

Value ($000) $3,696 (-9.6%) Shares 55,000 (-12.7%) Est. Cost $12.16 Unrealized +25.6%

— HOSPITALITY PROPERTIES TRUST 0.3%

Value ($000) $2,331 (-14.2%) Shares 73,434 (-19.7%) Est. Cost $27.41 Unrealized —

ROST ROSS STORES INC 0.5%

Value ($000) $3,601 (-9.5%) Shares 54,900 (-11.3%) Est. Cost $38.23 Unrealized +56.3%

MCD MCDONALD'S CORP 0.9%

Value ($000) $6,086 (-5.8%) Shares 50,000 (-10.7%) Est. Cost $99.15 Unrealized -4.9%

ES EVERSOURCE ENERGY 0.5%

Value ($000) $3,424 (-9.7%) Shares 62,000 (-11.4%) Est. Cost $40.79 Unrealized -4.5%

CTAS CINTAS CORP 0.5%

Value ($000) $3,571 (-9.1%) Shares 30,900 (-11.5%) Est. Cost $20.40 Unrealized +25.4%

GWW WW GRAINGER INC 0.5%

Value ($000) $3,112 (-10.1%) Shares 13,400 (-13.0%) Est. Cost $188.43 Unrealized +3.1%

AJG ARTHUR J GALLAGHER and CO 0.5%

Value ($000) $3,222 (-9.5%) Shares 62,000 (-11.4%) Est. Cost $33.74 Unrealized +29.1%

LEA LEAR CORP 0.5%

Value ($000) $3,177 (-9.6%) Shares 24,000 (-17.2%) Est. Cost $88.18 Unrealized +19.7%

— BLACKROCK INC 0.6%

Value ($000) $4,376 (-7.1%) Shares 11,500 (-11.5%) Est. Cost $362.46 Unrealized —

HD HOME DEPOT INC 1.1%

Value ($000) $7,643 (-4.2%) Shares 57,000 (-8.1%) Est. Cost $62.49 Unrealized +65.5%

— SCANA CORP 0.4%

Value ($000) $2,931 (-10.0%) Shares 40,000 (-11.1%) Est. Cost $70.16 Unrealized —

— CIGNA CORP 0.5%

Value ($000) $3,375 (-8.5%) Shares 25,300 (-10.6%) Est. Cost $135.14 Unrealized —

NKE NIKE INC -CL B 0.6%

Value ($000) $4,178 (-6.9%) Shares 82,200 (-3.5%) Est. Cost $53.13 Unrealized -14.2%

— CITRIX SYSTEMS INC 0.4%

Value ($000) $2,947 (-9.0%) Shares 33,000 (-13.2%) Est. Cost $78.58 Unrealized —

EXPD EXPEDITORS INTL WASH INC 0.4%

Value ($000) $3,082 (-8.2%) Shares 58,200 (-10.7%) Est. Cost $42.31 Unrealized +10.1%

AMAT APPLIED MATERIALS INC 0.7%

Value ($000) $5,002 (-5.2%) Shares 155,000 (-11.4%) Est. Cost $19.78 Unrealized +38.9%

MO ALTRIA GROUP INC 1.0%

Value ($000) $6,897 (+3.9%) Shares 102,000 (-2.9%) Est. Cost $19.82 Unrealized +71.4%

PEG PUBLIC SERVICE ENTERPRISE GP 0.5%

Value ($000) $3,598 (-6.6%) Shares 82,000 (-10.9%) Est. Cost $31.86 Unrealized -4.4%

CHRW C.H. ROBINSON WORLDWIDE INC 0.4%

Value ($000) $3,004 (-7.3%) Shares 41,000 (-10.9%) Est. Cost $53.05 Unrealized +9.8%

PAYX PAYCHEX INC 0.5%

Value ($000) $3,653 (-5.8%) Shares 60,000 (-10.4%) Est. Cost $34.10 Unrealized +28.8%

ALL ALLSTATE CORP 0.6%

Value ($000) $3,928 (-5.4%) Shares 53,000 (-11.7%) Est. Cost $55.91 Unrealized +2.8%

— VMWARE INC-CLASS A 0.5%

Value ($000) $3,228 (-6.4%) Shares 41,000 (-12.8%) Est. Cost $73.34 Unrealized —

— FLIR SYSTEMS INC 0.5%

Value ($000) $3,163 (-6.3%) Shares 87,400 (-18.6%) Est. Cost $30.95 Unrealized —

— NORTHSTAR REALTY FINANCE 0.3%

Value ($000) $1,924 (-9.8%) Shares 127,000 (-21.6%) Est. Cost $13.24 Unrealized —

— DR PEPPER SNAPPLE GROUP INC 0.5%

Value ($000) $3,445 (-5.7%) Shares 38,000 (-5.0%) Est. Cost $92.95 Unrealized —

DTE DTE ENERGY COMPANY 0.5%

Value ($000) $3,546 (-5.4%) Shares 36,000 (-10.0%) Est. Cost $59.58 Unrealized -0.5%

TRV TRAVELERS COS INC/THE 0.6%

Value ($000) $4,040 (-4.7%) Shares 33,000 (-10.8%) Est. Cost $91.51 Unrealized +2.1%

TROW T ROWE PRICE GROUP INC 0.5%

Value ($000) $3,274 (+5.9%) Shares 43,500 (-6.5%) Est. Cost $50.99 Unrealized -0.7%

ADP AUTOMATIC DATA PROCESSING 0.6%

Value ($000) $4,317 (+4.1%) Shares 42,000 (-10.6%) Est. Cost $63.87 Unrealized +20.2%

— TOTAL SYSTEM SERVICES INC 0.4%

Value ($000) $2,942 (-5.5%) Shares 60,000 (-9.1%) Est. Cost $53.11 Unrealized —

ORLY O'REILLY AUTOMOTIVE INC 0.5%

Value ($000) $3,564 (-4.3%) Shares 12,800 (-3.8%) Est. Cost $17.32 Unrealized +5.5%

SBUX STARBUCKS CORP 0.7%

Value ($000) $4,753 (-3.1%) Shares 85,600 (-5.5%) Est. Cost $33.68 Unrealized +35.3%

JBHT HUNT (JB) TRANSPRT SVCS INC 0.5%

Value ($000) $3,397 (+4.7%) Shares 35,000 (-12.5%) Est. Cost $68.38 Unrealized +19.6%

ROK ROCKWELL AUTOMATION INC 0.6%

Value ($000) $3,804 (-3.7%) Shares 28,300 (-12.4%) Est. Cost $85.80 Unrealized +25.6%

— FOOT LOCKER INC 0.4%

Value ($000) $2,772 (-5.0%) Shares 39,100 (-9.3%) Est. Cost $65.06 Unrealized —

DIS WALT DISNEY CO/THE 1.0%

Value ($000) $7,222 (-1.9%) Shares 69,300 (-12.6%) Est. Cost $69.31 Unrealized +30.9%

— INTERPUBLIC GROUP OF COS INC 0.4%

Value ($000) $2,786 (-4.8%) Shares 119,000 (-9.2%) Est. Cost $15.38 Unrealized +5.5%

AZO AUTOZONE INC 0.5%

Value ($000) $3,317 (-4.1%) Shares 4,200 (-6.7%) Est. Cost $763.07 Unrealized +0.9%

BMY BRISTOL-MYERS SQUIBB CO 0.8%

Value ($000) $5,260 (+2.7%) Shares 90,000 (-5.3%) Est. Cost $44.80 Unrealized -11.8%

— EATON VANCE CORP 0.5%

Value ($000) $3,267 (-3.8%) Shares 78,000 (-10.3%) Est. Cost $39.05 Unrealized —

UNH UNITEDHEALTH GROUP INC 1.1%

Value ($000) $7,650 (+1.6%) Shares 47,800 (-11.2%) Est. Cost $65.43 Unrealized +97.4%

HSY HERSHEY CO/THE 0.5%

Value ($000) $3,517 (-3.2%) Shares 34,000 (-10.5%) Est. Cost $73.25 Unrealized +8.5%

FFIV F5 NETWORKS INC 0.5%

Value ($000) $3,734 (-2.7%) Shares 25,800 (-16.2%) Est. Cost $106.19 Unrealized +27.6%

— TORCHMARK CORP 0.5%

Value ($000) $3,526 (+2.6%) Shares 47,800 (-11.2%) Est. Cost $56.38 Unrealized —

— CBS CORP-CLASS B NON VOTING 0.6%

Value ($000) $4,453 (+1.7%) Shares 70,000 (-12.5%) Est. Cost $54.74 Unrealized —

MSFT MICROSOFT CORP 2.4%

Value ($000) $16,666 (+0.4%) Shares 268,200 (-6.9%) Est. Cost $33.54 Unrealized +60.8%

DG DOLLAR GENERAL CORP 0.5%

Value ($000) $3,111 (+1.0%) Shares 42,000 (-4.5%) Est. Cost $66.81 Unrealized -2.9%

FAST FASTENAL CO 0.6%

Value ($000) $3,805 (+0.1%) Shares 81,000 (-11.0%) Est. Cost $8.32 Unrealized +3.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	143,900 (-13.3%)	$16,666 (-11.1%)	2.4%	$21.10	+23.6%	COMMON STOCK	037833100
—	HCP INC	126,593 (-11.8%)	$3,762 (-31.0%)	0.5%	$40.87	—	COMMON STOCK	40414L109
MRK	MERCK and CO. INC.	130,500 (-10.3%)	$7,683 (-15.4%)	1.1%	$39.48	+11.6%	COMMON STOCK	58933Y105
PFE	PFIZER INC	261,300 (-10.3%)	$8,487 (-14.0%)	1.2%	$21.05	-2.6%	COMMON STOCK	717081103
QCOM	QUALCOMM INC	93,000 (-13.9%)	$6,064 (-18.0%)	0.9%	$40.28	+29.7%	COMMON STOCK	747525103
GOOGL	ALPHABET INC-CL A	10,710 (-12.3%)	$8,487 (-13.6%)	1.2%	$32.37	+22.6%	COMMON STOCK	02079K305
SPGI	SandP GLOBAL INC	35,500 (-12.3%)	$3,818 (-25.5%)	0.6%	$96.34	+14.1%	COMMON STOCK	78409V104
MCK	MCKESSON CORP	24,000 (-14.3%)	$3,371 (-27.8%)	0.5%	$173.09	-20.9%	COMMON STOCK	58155Q103
ZBH	ZIMMER BIOMET HOLDINGS INC	29,000 (-12.1%)	$2,993 (-30.2%)	0.4%	$114.42	-13.1%	COMMON STOCK	98956P102
CVS	CVS HEALTH CORP	63,600 (-9.9%)	$5,019 (-20.1%)	0.7%	$50.43	+21.1%	COMMON STOCK	126650100
INTC	INTEL CORP	211,300 (-10.6%)	$7,664 (-14.1%)	1.1%	$19.31	+51.0%	COMMON STOCK	458140100
V	VISA INC-CLASS A SHARES	90,500 (-10.0%)	$7,061 (-15.0%)	1.0%	$70.84	+6.5%	COMMON STOCK	92826C839
GOOG	ALPHABET INC-CL C	9,800 (-13.3%)	$7,564 (-13.9%)	1.1%	$30.63	+26.2%	COMMON STOCK	02079K107
GILD	GILEAD SCIENCES INC	68,100 (-10.5%)	$4,877 (-19.0%)	0.7%	$65.39	-18.7%	COMMON STOCK	375558103
—	SENIOR HOUSING PROP TRUST	149,100 (-13.9%)	$2,822 (-28.2%)	0.4%	$19.32	—	COMMON STOCK	81721M109
BIIB	BIOGEN INC	15,500 (-11.4%)	$4,395 (-19.8%)	0.6%	$230.33	+28.7%	COMMON STOCK	09062X103
—	CERNER CORP	51,800 (-8.8%)	$2,454 (-30.0%)	0.4%	$58.38	—	COMMON STOCK	156782104
WAT	WATERS CORP	22,200 (-11.9%)	$2,983 (-25.3%)	0.4%	$127.49	+11.9%	COMMON STOCK	941848103
IFF	INTL FLAVORS and FRAGRANCES	23,000 (-11.5%)	$2,710 (-27.1%)	0.4%	$107.24	-6.9%	COMMON STOCK	459506101
ISRG	INTUITIVE SURGICAL INC	5,100 (-12.1%)	$3,234 (-23.1%)	0.5%	$56.16	+30.9%	COMMON STOCK	46120E602
ORCL	ORACLE CORP	162,800 (-10.9%)	$6,260 (-12.8%)	0.9%	$28.34	+20.5%	COMMON STOCK	68389X105
HRL	HORMEL FOODS CORP	91,000 (-14.2%)	$3,168 (-21.2%)	0.5%	$27.62	+3.9%	COMMON STOCK	440452100
EFX	EQUIFAX INC	25,000 (-10.7%)	$2,956 (-21.5%)	0.4%	$95.83	+17.1%	COMMON STOCK	294429105
VZ	VERIZON COMMUNICATIONS INC	165,000 (-10.8%)	$8,808 (-8.4%)	1.3%	$30.04	+3.2%	COMMON STOCK	92343V104
MA	MASTERCARD INC-CLASS A	56,000 (-12.5%)	$5,782 (-11.2%)	0.8%	$89.14	+10.2%	COMMON STOCK	57636Q104
—	VARIAN MEDICAL SYSTEMS INC	34,000 (-10.5%)	$3,053 (-19.3%)	0.4%	$73.79	—	COMMON STOCK	92220P105
DKS	DICK'S SPORTING GOODS INC	64,800 (-11.0%)	$3,441 (-16.7%)	0.5%	$31.61	+39.4%	COMMON STOCK	253393102
—	WABCO HOLDINGS INC	28,000 (-12.5%)	$2,972 (-18.2%)	0.4%	$113.53	—	COMMON STOCK	92927K102
IBM	INTL BUSINESS MACHINES CORP	45,000 (-11.8%)	$7,470 (-7.8%)	1.1%	$101.76	+1.3%	COMMON STOCK	459200101
MMM	3M CO	33,600 (-10.6%)	$6,000 (-9.4%)	0.9%	$71.80	+47.9%	COMMON STOCK	88579Y101
SBRA	SABRA HEALTH CARE REIT INC	92,700 (-19.2%)	$2,264 (-21.6%)	0.3%	$24.06	—	COMMON STOCK	78573L106
AFL	AFLAC INC	51,200 (-12.0%)	$3,564 (-14.8%)	0.5%	$22.89	+24.3%	COMMON STOCK	001055102
DUK	DUKE ENERGY CORP	51,500 (-10.4%)	$3,997 (-13.1%)	0.6%	$46.61	+13.0%	COMMON STOCK	26441C204
XYL	XYLEM INC	62,000 (-11.4%)	$3,070 (-16.4%)	0.4%	$43.77	+3.8%	COMMON STOCK	98419M100
PPG	PPG INDUSTRIES INC	33,000 (-8.3%)	$3,127 (-16.0%)	0.5%	$84.32	-4.4%	COMMON STOCK	693506107
SJM	JM SMUCKER CO/THE	25,000 (-10.7%)	$3,202 (-15.6%)	0.5%	$109.93	-11.2%	COMMON STOCK	832696405
LOW	LOWE'S COS INC	61,000 (-10.3%)	$4,338 (-11.6%)	0.6%	$56.94	+5.0%	COMMON STOCK	548661107
SO	SOUTHERN CO/THE	71,900 (-10.0%)	$3,537 (-13.7%)	0.5%	$26.97	+24.4%	COMMON STOCK	842587107
GPC	GENUINE PARTS CO	32,000 (-11.1%)	$3,057 (-15.5%)	0.4%	$65.22	+12.1%	COMMON STOCK	372460105
T	ATandT INC	240,000 (-9.4%)	$10,207 (-5.2%)	1.5%	$12.32	+25.4%	COMMON STOCK	00206R102
HSIC	HENRY SCHEIN INC	18,500 (-9.8%)	$2,807 (-16.0%)	0.4%	$59.46	+1.5%	COMMON STOCK	806407102
ITW	ILLINOIS TOOL WORKS	34,500 (-12.7%)	$4,225 (-10.8%)	0.6%	$68.35	+42.2%	COMMON STOCK	452308109
EGP	EASTGROUP PROPERTIES INC	28,200 (-19.9%)	$2,082 (-19.6%)	0.3%	$57.86	—	COMMON STOCK	277276101
SHW	SHERWIN-WILLIAMS CO/THE	11,500 (-11.5%)	$3,091 (-14.1%)	0.4%	$79.61	+2.2%	COMMON STOCK	824348106
TJX	TJX COMPANIES INC	52,100 (-11.8%)	$3,914 (-11.4%)	0.6%	$29.40	+13.0%	COMMON STOCK	872540109
TXN	TEXAS INSTRUMENTS INC	75,000 (-11.8%)	$5,473 (-8.2%)	0.8%	$40.51	+36.9%	COMMON STOCK	882508104
—	COACH INC	80,000 (-11.1%)	$2,802 (-14.8%)	0.4%	$40.74	—	COMMON STOCK	189754104
HAS	HASBRO INC	40,000 (-11.1%)	$3,112 (-12.8%)	0.5%	$59.17	+2.3%	COMMON STOCK	418056107
MSCI	MSCI INC	39,000 (-7.1%)	$3,072 (-12.9%)	0.4%	$76.86	-4.9%	COMMON STOCK	55354G100
RMD	RESMED INC	47,000 (-9.6%)	$2,916 (-13.4%)	0.4%	$49.97	+11.0%	COMMON STOCK	761152107
—	BED BATH and BEYOND INC	61,000 (-10.3%)	$2,479 (-15.4%)	0.4%	$48.63	—	COMMON STOCK	075896100
PCG	P G and E CORP	58,000 (-10.8%)	$3,525 (-11.3%)	0.5%	$52.19	+10.0%	COMMON STOCK	69331C108
—	CA INC	92,000 (-9.8%)	$2,923 (-13.4%)	0.4%	$27.30	—	COMMON STOCK	12673P105
MRSH	MARSH and MCLENNAN COS	60,700 (-10.3%)	$4,103 (-9.9%)	0.6%	$47.89	+20.4%	COMMON STOCK	571748102
XEL	XCEL ENERGY INC	82,000 (-10.9%)	$3,337 (-11.8%)	0.5%	$31.98	-5.8%	COMMON STOCK	98389B100
EIX	EDISON INTERNATIONAL	49,000 (-10.9%)	$3,528 (-11.2%)	0.5%	$51.05	-5.3%	COMMON STOCK	281020107
—	CR BARD INC	15,200 (-11.6%)	$3,415 (-11.5%)	0.5%	$190.36	—	COMMON STOCK	067383109
SWKS	SKYWORKS SOLUTIONS INC	41,500 (-10.8%)	$3,098 (-12.5%)	0.4%	$63.97	-0.9%	COMMON STOCK	83088M102
MTD	METTLER-TOLEDO INTERNATIONAL	8,400 (-10.6%)	$3,516 (-10.9%)	0.5%	$316.01	+31.7%	COMMON STOCK	592688105
OMC	OMNICOM GROUP	39,000 (-11.4%)	$3,319 (-11.3%)	0.5%	$52.01	+17.2%	COMMON STOCK	681919106
UPS	UNITED PARCEL SERVICE-CL B	44,900 (-11.8%)	$5,147 (-7.5%)	0.7%	$62.45	+28.6%	COMMON STOCK	911312106
CMI	CUMMINS INC	27,000 (-15.6%)	$3,690 (-10.0%)	0.5%	$94.73	+11.2%	COMMON STOCK	231021106
—	LINEAR TECHNOLOGY CORP	61,000 (-14.1%)	$3,803 (-9.7%)	0.6%	$40.36	—	COMMON STOCK	535678106
INTU	INTUIT INC	32,000 (-13.5%)	$3,668 (-9.9%)	0.5%	$97.25	+7.7%	COMMON STOCK	461202103
APH	AMPHENOL CORP-CL A	55,000 (-12.7%)	$3,696 (-9.6%)	0.5%	$12.16	+25.6%	COMMON STOCK	032095101
—	HOSPITALITY PROPERTIES TRUST	73,434 (-19.7%)	$2,331 (-14.2%)	0.3%	$27.41	—	COMMON STOCK	44106M102
ROST	ROSS STORES INC	54,900 (-11.3%)	$3,601 (-9.5%)	0.5%	$38.23	+56.3%	COMMON STOCK	778296103
MCD	MCDONALD'S CORP	50,000 (-10.7%)	$6,086 (-5.8%)	0.9%	$99.15	-4.9%	COMMON STOCK	580135101
ES	EVERSOURCE ENERGY	62,000 (-11.4%)	$3,424 (-9.7%)	0.5%	$40.79	-4.5%	COMMON STOCK	30040W108
CTAS	CINTAS CORP	30,900 (-11.5%)	$3,571 (-9.1%)	0.5%	$20.40	+25.4%	COMMON STOCK	172908105
GWW	WW GRAINGER INC	13,400 (-13.0%)	$3,112 (-10.1%)	0.5%	$188.43	+3.1%	COMMON STOCK	384802104
AJG	ARTHUR J GALLAGHER and CO	62,000 (-11.4%)	$3,222 (-9.5%)	0.5%	$33.74	+29.1%	COMMON STOCK	363576109
LEA	LEAR CORP	24,000 (-17.2%)	$3,177 (-9.6%)	0.5%	$88.18	+19.7%	COMMON STOCK	521865204
—	BLACKROCK INC	11,500 (-11.5%)	$4,376 (-7.1%)	0.6%	$362.46	—	COMMON STOCK	09247X101
HD	HOME DEPOT INC	57,000 (-8.1%)	$7,643 (-4.2%)	1.1%	$62.49	+65.5%	COMMON STOCK	437076102
—	SCANA CORP	40,000 (-11.1%)	$2,931 (-10.0%)	0.4%	$70.16	—	COMMON STOCK	80589M102
—	CIGNA CORP	25,300 (-10.6%)	$3,375 (-8.5%)	0.5%	$135.14	—	COMMON STOCK	125509109
NKE	NIKE INC -CL B	82,200 (-3.5%)	$4,178 (-6.9%)	0.6%	$53.13	-14.2%	COMMON STOCK	654106103
—	CITRIX SYSTEMS INC	33,000 (-13.2%)	$2,947 (-9.0%)	0.4%	$78.58	—	COMMON STOCK	177376100
EXPD	EXPEDITORS INTL WASH INC	58,200 (-10.7%)	$3,082 (-8.2%)	0.4%	$42.31	+10.1%	COMMON STOCK	302130109
AMAT	APPLIED MATERIALS INC	155,000 (-11.4%)	$5,002 (-5.2%)	0.7%	$19.78	+38.9%	COMMON STOCK	038222105
MO	ALTRIA GROUP INC	102,000 (-2.9%)	$6,897 (+3.9%)	1.0%	$19.82	+71.4%	COMMON STOCK	02209S103
PEG	PUBLIC SERVICE ENTERPRISE GP	82,000 (-10.9%)	$3,598 (-6.6%)	0.5%	$31.86	-4.4%	COMMON STOCK	744573106
CHRW	C.H. ROBINSON WORLDWIDE INC	41,000 (-10.9%)	$3,004 (-7.3%)	0.4%	$53.05	+9.8%	COMMON STOCK	12541W209
PAYX	PAYCHEX INC	60,000 (-10.4%)	$3,653 (-5.8%)	0.5%	$34.10	+28.8%	COMMON STOCK	704326107
ALL	ALLSTATE CORP	53,000 (-11.7%)	$3,928 (-5.4%)	0.6%	$55.91	+2.8%	COMMON STOCK	020002101
—	VMWARE INC-CLASS A	41,000 (-12.8%)	$3,228 (-6.4%)	0.5%	$73.34	—	COMMON STOCK	928563402
—	FLIR SYSTEMS INC	87,400 (-18.6%)	$3,163 (-6.3%)	0.5%	$30.95	—	COMMON STOCK	302445101
—	NORTHSTAR REALTY FINANCE	127,000 (-21.6%)	$1,924 (-9.8%)	0.3%	$13.24	—	COMMON STOCK	66704R803
—	DR PEPPER SNAPPLE GROUP INC	38,000 (-5.0%)	$3,445 (-5.7%)	0.5%	$92.95	—	COMMON STOCK	26138E109
DTE	DTE ENERGY COMPANY	36,000 (-10.0%)	$3,546 (-5.4%)	0.5%	$59.58	-0.5%	COMMON STOCK	233331107
TRV	TRAVELERS COS INC/THE	33,000 (-10.8%)	$4,040 (-4.7%)	0.6%	$91.51	+2.1%	COMMON STOCK	89417E109
TROW	T ROWE PRICE GROUP INC	43,500 (-6.5%)	$3,274 (+5.9%)	0.5%	$50.99	-0.7%	COMMON STOCK	74144T108
ADP	AUTOMATIC DATA PROCESSING	42,000 (-10.6%)	$4,317 (+4.1%)	0.6%	$63.87	+20.2%	COMMON STOCK	053015103
—	TOTAL SYSTEM SERVICES INC	60,000 (-9.1%)	$2,942 (-5.5%)	0.4%	$53.11	—	COMMON STOCK	891906109
ORLY	O'REILLY AUTOMOTIVE INC	12,800 (-3.8%)	$3,564 (-4.3%)	0.5%	$17.32	+5.5%	COMMON STOCK	67103H107
SBUX	STARBUCKS CORP	85,600 (-5.5%)	$4,753 (-3.1%)	0.7%	$33.68	+35.3%	COMMON STOCK	855244109
JBHT	HUNT (JB) TRANSPRT SVCS INC	35,000 (-12.5%)	$3,397 (+4.7%)	0.5%	$68.38	+19.6%	COMMON STOCK	445658107
ROK	ROCKWELL AUTOMATION INC	28,300 (-12.4%)	$3,804 (-3.7%)	0.6%	$85.80	+25.6%	COMMON STOCK	773903109
—	FOOT LOCKER INC	39,100 (-9.3%)	$2,772 (-5.0%)	0.4%	$65.06	—	COMMON STOCK	344849104
DIS	WALT DISNEY CO/THE	69,300 (-12.6%)	$7,222 (-1.9%)	1.0%	$69.31	+30.9%	COMMON STOCK	254687106
—	INTERPUBLIC GROUP OF COS INC	119,000 (-9.2%)	$2,786 (-4.8%)	0.4%	$15.38	+5.5%	COMMON STOCK	460690100
AZO	AUTOZONE INC	4,200 (-6.7%)	$3,317 (-4.1%)	0.5%	$763.07	+0.9%	COMMON STOCK	053332102
BMY	BRISTOL-MYERS SQUIBB CO	90,000 (-5.3%)	$5,260 (+2.7%)	0.8%	$44.80	-11.8%	COMMON STOCK	110122108
—	EATON VANCE CORP	78,000 (-10.3%)	$3,267 (-3.8%)	0.5%	$39.05	—	COMMON STOCK	278265103
UNH	UNITEDHEALTH GROUP INC	47,800 (-11.2%)	$7,650 (+1.6%)	1.1%	$65.43	+97.4%	COMMON STOCK	91324P102
HSY	HERSHEY CO/THE	34,000 (-10.5%)	$3,517 (-3.2%)	0.5%	$73.25	+8.5%	COMMON STOCK	427866108
FFIV	F5 NETWORKS INC	25,800 (-16.2%)	$3,734 (-2.7%)	0.5%	$106.19	+27.6%	COMMON STOCK	315616102
—	TORCHMARK CORP	47,800 (-11.2%)	$3,526 (+2.6%)	0.5%	$56.38	—	COMMON STOCK	891027104
—	CBS CORP-CLASS B NON VOTING	70,000 (-12.5%)	$4,453 (+1.7%)	0.6%	$54.74	—	COMMON STOCK	124857202
MSFT	MICROSOFT CORP	268,200 (-6.9%)	$16,666 (+0.4%)	2.4%	$33.54	+60.8%	COMMON STOCK	594918104
DG	DOLLAR GENERAL CORP	42,000 (-4.5%)	$3,111 (+1.0%)	0.5%	$66.81	-2.9%	COMMON STOCK	256677105
FAST	FASTENAL CO	81,000 (-11.0%)	$3,805 (+0.1%)	0.6%	$8.32	+3.9%	COMMON STOCK	311900104

Unchanged Positions (62)

— VEREIT INC 0.5%

Value ($000) $3,215 Shares 380,000 Est. Cost $8.82 Unrealized —

RHI ROBERT HALF INTL INC 0.5%

Value ($000) $3,161 Shares 64,800 Est. Cost $52.93 Unrealized -19.1%

HST HOST HOTELS and RESORTS INC 0.5%

Value ($000) $3,467 Shares 183,998 Est. Cost $10.94 Unrealized +8.0%

UTHR UNITED THERAPEUTICS CORP 0.5%

Value ($000) $3,299 Shares 23,000 Est. Cost $155.10 Unrealized -17.7%

VTR VENTAS INC 0.6%

Value ($000) $3,906 Shares 62,482 Est. Cost $44.48 Unrealized -4.3%

CTSH COGNIZANT TECH SOLUTIONS-A 0.5%

Value ($000) $3,384 Shares 60,400 Est. Cost $42.96 Unrealized +10.4%

PM PHILIP MORRIS INTERNATIONAL 1.0%

Value ($000) $7,136 Shares 78,000 Est. Cost $49.71 Unrealized +17.1%

— COUSINS PROPERTIES INC 0.3%

Value ($000) $2,008 Shares 236,000 Est. Cost $10.38 Unrealized —

WELL WELLTOWER INC 0.5%

Value ($000) $3,343 Shares 49,953 Est. Cost $44.65 Unrealized +5.9%

— LASALLE HOTEL PROPERTIES 0.3%

Value ($000) $1,786 Shares 58,600 Est. Cost $24.15 Unrealized —

BRX BRIXMOR PROPERTY GROUP INC 0.4%

Value ($000) $2,711 Shares 111,000 Est. Cost $25.62 Unrealized —

DRH DIAMONDROCK HOSPITALITY CO 0.2%

Value ($000) $1,706 Shares 148,000 Est. Cost $9.10 Unrealized —

SNA SNAP-ON INC 0.4%

Value ($000) $3,083 Shares 18,000 Est. Cost $130.90 Unrealized -0.7%

KRG KITE REALTY GROUP TRUST 0.3%

Value ($000) $1,855 Shares 79,000 Est. Cost $25.92 Unrealized —

TSCO TRACTOR SUPPLY COMPANY 0.4%

Value ($000) $2,578 Shares 34,000 Est. Cost $15.20 Unrealized -18.9%

RLJ RLJ LODGING TRUST 0.3%

Value ($000) $1,940 Shares 79,200 Est. Cost $23.24 Unrealized —

COST COSTCO WHOLESALE CORP 0.7%

Value ($000) $4,995 Shares 31,200 Est. Cost $99.53 Unrealized +30.4%

MAC MACERICH CO/THE 0.2%

Value ($000) $1,665 Shares 23,507 Est. Cost $60.58 Unrealized —

— GENERAL GROWTH PROPERTIES 0.3%

Value ($000) $2,136 Shares 85,500 Est. Cost $22.17 Unrealized —

KIM KIMCO REALTY CORP 0.2%

Value ($000) $1,453 Shares 57,731 Est. Cost $12.61 Unrealized +32.0%

— NEW SENIOR INVESTMENT GROUP 0.2%

Value ($000) $1,204 Shares 123,000 Est. Cost $10.30 Unrealized —

— SELECT INCOME REIT 0.5%

Value ($000) $3,170 Shares 125,800 Est. Cost $26.33 Unrealized —

SKT TANGER FACTORY OUTLET CENTER 0.3%

Value ($000) $2,254 Shares 63,000 Est. Cost $33.85 Unrealized —

BXP BOSTON PROPERTIES INC 0.3%

Value ($000) $2,065 Shares 16,417 Est. Cost $64.00 Unrealized +32.0%

EPR EPR PROPERTIES 0.2%

Value ($000) $1,672 Shares 23,300 Est. Cost $51.02 Unrealized —

— CHESAPEAKE LODGING TRUST 0.2%

Value ($000) $1,332 Shares 51,500 Est. Cost $22.49 Unrealized —

VFC VF CORP 0.4%

Value ($000) $2,876 Shares 53,900 Est. Cost $53.88 Unrealized -3.8%

— WEINGARTEN REALTY INVESTORS 0.2%

Value ($000) $1,623 Shares 45,336 Est. Cost $30.78 Unrealized —

CDP CORPORATE OFFICE PROPERTIES 0.2%

Value ($000) $1,530 Shares 49,000 Est. Cost $29.17 Unrealized —

INN SUMMIT HOTEL PROPERTIES INC 0.1%

Value ($000) $785 Shares 49,000 Est. Cost $14.07 Unrealized —

BDN BRANDYWINE REALTY TRUST 0.4%

Value ($000) $2,533 Shares 153,400 Est. Cost $13.60 Unrealized —

GLPI GAMING AND LEISURE PROPERTIE 0.2%

Value ($000) $1,470 Shares 48,000 Est. Cost $29.35 Unrealized —

VNO VORNADO REALTY TRUST 0.4%

Value ($000) $2,898 Shares 27,765 Est. Cost $82.84 Unrealized —

ESS ESSEX PROPERTY TRUST INC 0.3%

Value ($000) $2,046 Shares 8,800 Est. Cost $127.99 Unrealized +24.4%

ARE ALEXANDRIA REAL ESTATE EQUIT 0.5%

Value ($000) $3,578 Shares 32,200 Est. Cost $45.03 Unrealized +71.9%

PLD PROLOGIS INC 0.6%

Value ($000) $4,434 Shares 84,000 Est. Cost $29.27 Unrealized +34.1%

— LIBERTY PROPERTY TRUST 0.4%

Value ($000) $2,808 Shares 71,096 Est. Cost $37.54 Unrealized —

— PHYSICIANS REALTY TRUST 0.1%

Value ($000) $436 Shares 23,000 Est. Cost $13.94 Unrealized —

— CBL and ASSOCIATES PROPERTIES 0.2%

Value ($000) $1,047 Shares 91,000 Est. Cost $9.31 Unrealized —

STAG STAG INDUSTRIAL INC 0.3%

Value ($000) $1,922 Shares 80,500 Est. Cost $19.62 Unrealized —

ESRT EMPIRE STATE REALTY TRUST-A 0.2%

Value ($000) $1,333 Shares 66,000 Est. Cost $17.53 Unrealized —

KRC KILROY REALTY CORP 0.1%

Value ($000) $952 Shares 13,000 Est. Cost $61.85 Unrealized —

— DUKE REALTY CORP 0.2%

Value ($000) $1,621 Shares 61,024 Est. Cost $17.58 Unrealized —

— HEALTHCARE REALTY TRUST INC 0.0%

Value ($000) $324 Shares 10,682 Est. Cost $25.50 Unrealized —

DLR DIGITAL REALTY TRUST INC 0.5%

Value ($000) $3,105 Shares 31,600 Est. Cost $37.62 Unrealized +79.7%

HIW HIGHWOODS PROPERTIES INC 0.2%

Value ($000) $1,571 Shares 30,802 Est. Cost $35.61 Unrealized —

— AMERICAN CAMPUS COMMUNITIES 0.2%

Value ($000) $1,070 Shares 21,500 Est. Cost $37.00 Unrealized —

AMH AMERICAN HOMES 4 RENT- A 0.1%

Value ($000) $713 Shares 34,000 Est. Cost $15.90 Unrealized —

— CYRUSONE INC 0.1%

Value ($000) $349 Shares 7,800 Est. Cost $29.44 Unrealized —

— APARTMENT INVT and MGMT CO -A 0.3%

Value ($000) $1,886 Shares 41,500 Est. Cost $42.96 Unrealized —

UDR UDR INC 0.2%

Value ($000) $1,290 Shares 35,367 Est. Cost $15.84 Unrealized +56.3%

AVB AVALONBAY COMMUNITIES INC 0.6%

Value ($000) $4,167 Shares 23,520 Est. Cost $85.93 Unrealized +43.6%

— RETAIL OPPORTUNITY INVESTMEN 0.1%

Value ($000) $370 Shares 17,500 Est. Cost $13.90 Unrealized —

— SILVER BAY REALTY TRUST CORP 0.1%

Value ($000) $514 Shares 30,000 Est. Cost $14.85 Unrealized —

RMR RMR GROUP INC/THE - A 0.0%

Value ($000) $304 Shares 7,684 Est. Cost $7.12 Unrealized +185.7%

CPT CAMDEN PROPERTY TRUST 0.4%

Value ($000) $2,553 Shares 30,369 Est. Cost $46.09 Unrealized +26.3%

— SL GREEN REALTY CORP 0.3%

Value ($000) $1,820 Shares 16,923 Est. Cost $92.30 Unrealized —

PSA PUBLIC STORAGE 0.7%

Value ($000) $4,710 Shares 21,074 Est. Cost $97.16 Unrealized +51.1%

— TAUBMAN CENTERS INC 0.2%

Value ($000) $1,183 Shares 16,000 Est. Cost $71.25 Unrealized —

— DCT INDUSTRIAL TRUST INC 0.1%

Value ($000) $576 Shares 12,025 Est. Cost $33.65 Unrealized —

— MONOGRAM RESIDENTIAL TRUST I 0.1%

Value ($000) $375 Shares 34,625 Est. Cost $9.86 Unrealized —

EQR EQUITY RESIDENTIAL 0.5%

Value ($000) $3,563 Shares 55,356 Est. Cost $33.59 Unrealized +31.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	VEREIT INC	380,000	$3,215	0.5%	$8.82	—	COMMON STOCK	92339V100
RHI	ROBERT HALF INTL INC	64,800	$3,161	0.5%	$52.93	-19.1%	COMMON STOCK	770323103
HST	HOST HOTELS and RESORTS INC	183,998	$3,467	0.5%	$10.94	+8.0%	COMMON STOCK	44107P104
UTHR	UNITED THERAPEUTICS CORP	23,000	$3,299	0.5%	$155.10	-17.7%	COMMON STOCK	91307C102
VTR	VENTAS INC	62,482	$3,906	0.6%	$44.48	-4.3%	COMMON STOCK	92276F100
CTSH	COGNIZANT TECH SOLUTIONS-A	60,400	$3,384	0.5%	$42.96	+10.4%	COMMON STOCK	192446102
PM	PHILIP MORRIS INTERNATIONAL	78,000	$7,136	1.0%	$49.71	+17.1%	COMMON STOCK	718172109
—	COUSINS PROPERTIES INC	236,000	$2,008	0.3%	$10.38	—	COMMON STOCK	222795106
WELL	WELLTOWER INC	49,953	$3,343	0.5%	$44.65	+5.9%	COMMON STOCK	95040Q104
—	LASALLE HOTEL PROPERTIES	58,600	$1,786	0.3%	$24.15	—	COMMON STOCK	517942108
BRX	BRIXMOR PROPERTY GROUP INC	111,000	$2,711	0.4%	$25.62	—	COMMON STOCK	11120U105
DRH	DIAMONDROCK HOSPITALITY CO	148,000	$1,706	0.2%	$9.10	—	COMMON STOCK	252784301
SNA	SNAP-ON INC	18,000	$3,083	0.4%	$130.90	-0.7%	COMMON STOCK	833034101
KRG	KITE REALTY GROUP TRUST	79,000	$1,855	0.3%	$25.92	—	COMMON STOCK	49803T300
TSCO	TRACTOR SUPPLY COMPANY	34,000	$2,578	0.4%	$15.20	-18.9%	COMMON STOCK	892356106
RLJ	RLJ LODGING TRUST	79,200	$1,940	0.3%	$23.24	—	COMMON STOCK	74965L101
COST	COSTCO WHOLESALE CORP	31,200	$4,995	0.7%	$99.53	+30.4%	COMMON STOCK	22160K105
MAC	MACERICH CO/THE	23,507	$1,665	0.2%	$60.58	—	COMMON STOCK	554382101
—	GENERAL GROWTH PROPERTIES	85,500	$2,136	0.3%	$22.17	—	COMMON STOCK	370023103
KIM	KIMCO REALTY CORP	57,731	$1,453	0.2%	$12.61	+32.0%	COMMON STOCK	49446R109
—	NEW SENIOR INVESTMENT GROUP	123,000	$1,204	0.2%	$10.30	—	COMMON STOCK	648691103
—	SELECT INCOME REIT	125,800	$3,170	0.5%	$26.33	—	COMMON STOCK	81618T100
SKT	TANGER FACTORY OUTLET CENTER	63,000	$2,254	0.3%	$33.85	—	COMMON STOCK	875465106
BXP	BOSTON PROPERTIES INC	16,417	$2,065	0.3%	$64.00	+32.0%	COMMON STOCK	101121101
EPR	EPR PROPERTIES	23,300	$1,672	0.2%	$51.02	—	COMMON STOCK	26884U109
—	CHESAPEAKE LODGING TRUST	51,500	$1,332	0.2%	$22.49	—	COMMON STOCK	165240102
VFC	VF CORP	53,900	$2,876	0.4%	$53.88	-3.8%	COMMON STOCK	918204108
—	WEINGARTEN REALTY INVESTORS	45,336	$1,623	0.2%	$30.78	—	COMMON STOCK	948741103
CDP	CORPORATE OFFICE PROPERTIES	49,000	$1,530	0.2%	$29.17	—	COMMON STOCK	22002T108
INN	SUMMIT HOTEL PROPERTIES INC	49,000	$785	0.1%	$14.07	—	COMMON STOCK	866082100
BDN	BRANDYWINE REALTY TRUST	153,400	$2,533	0.4%	$13.60	—	COMMON STOCK	105368203
GLPI	GAMING AND LEISURE PROPERTIE	48,000	$1,470	0.2%	$29.35	—	COMMON STOCK	36467J108
VNO	VORNADO REALTY TRUST	27,765	$2,898	0.4%	$82.84	—	COMMON STOCK	929042109
ESS	ESSEX PROPERTY TRUST INC	8,800	$2,046	0.3%	$127.99	+24.4%	COMMON STOCK	297178105
ARE	ALEXANDRIA REAL ESTATE EQUIT	32,200	$3,578	0.5%	$45.03	+71.9%	COMMON STOCK	015271109
PLD	PROLOGIS INC	84,000	$4,434	0.6%	$29.27	+34.1%	COMMON STOCK	74340W103
—	LIBERTY PROPERTY TRUST	71,096	$2,808	0.4%	$37.54	—	COMMON STOCK	531172104
—	PHYSICIANS REALTY TRUST	23,000	$436	0.1%	$13.94	—	COMMON STOCK	71943U104
—	CBL and ASSOCIATES PROPERTIES	91,000	$1,047	0.2%	$9.31	—	COMMON STOCK	124830100
STAG	STAG INDUSTRIAL INC	80,500	$1,922	0.3%	$19.62	—	COMMON STOCK	85254J102
ESRT	EMPIRE STATE REALTY TRUST-A	66,000	$1,333	0.2%	$17.53	—	COMMON STOCK	292104106
KRC	KILROY REALTY CORP	13,000	$952	0.1%	$61.85	—	COMMON STOCK	49427F108
—	DUKE REALTY CORP	61,024	$1,621	0.2%	$17.58	—	COMMON STOCK	264411505
—	HEALTHCARE REALTY TRUST INC	10,682	$324	0.0%	$25.50	—	COMMON STOCK	421946104
DLR	DIGITAL REALTY TRUST INC	31,600	$3,105	0.5%	$37.62	+79.7%	COMMON STOCK	253868103
HIW	HIGHWOODS PROPERTIES INC	30,802	$1,571	0.2%	$35.61	—	COMMON STOCK	431284108
—	AMERICAN CAMPUS COMMUNITIES	21,500	$1,070	0.2%	$37.00	—	COMMON STOCK	024835100
AMH	AMERICAN HOMES 4 RENT- A	34,000	$713	0.1%	$15.90	—	COMMON STOCK	02665T306
—	CYRUSONE INC	7,800	$349	0.1%	$29.44	—	COMMON STOCK	23283R100
—	APARTMENT INVT and MGMT CO -A	41,500	$1,886	0.3%	$42.96	—	COMMON STOCK	03748R101
UDR	UDR INC	35,367	$1,290	0.2%	$15.84	+56.3%	COMMON STOCK	902653104
AVB	AVALONBAY COMMUNITIES INC	23,520	$4,167	0.6%	$85.93	+43.6%	COMMON STOCK	053484101
—	RETAIL OPPORTUNITY INVESTMEN	17,500	$370	0.1%	$13.90	—	COMMON STOCK	76131N101
—	SILVER BAY REALTY TRUST CORP	30,000	$514	0.1%	$14.85	—	COMMON STOCK	82735Q102
RMR	RMR GROUP INC/THE - A	7,684	$304	0.0%	$7.12	+185.7%	COMMON STOCK	74967R106
CPT	CAMDEN PROPERTY TRUST	30,369	$2,553	0.4%	$46.09	+26.3%	COMMON STOCK	133131102
—	SL GREEN REALTY CORP	16,923	$1,820	0.3%	$92.30	—	COMMON STOCK	78440X101
PSA	PUBLIC STORAGE	21,074	$4,710	0.7%	$97.16	+51.1%	COMMON STOCK	74460D109
—	TAUBMAN CENTERS INC	16,000	$1,183	0.2%	$71.25	—	COMMON STOCK	876664103
—	DCT INDUSTRIAL TRUST INC	12,025	$576	0.1%	$33.65	—	COMMON STOCK	233153204
—	MONOGRAM RESIDENTIAL TRUST I	34,625	$375	0.1%	$9.86	—	COMMON STOCK	60979P105
EQR	EQUITY RESIDENTIAL	55,356	$3,563	0.5%	$33.59	+31.1%	COMMON STOCK	29476L107