Fund

RIF

Company

Agree Realty Corp.

Ticker:

ADC

Cusip:

008492-100

Meeting Date:

5/5/2014

Record Date:

3/6/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Farris G. Kalil; and 2) Gene Silverman.

For

For

Management

2

Ratify Grant Thornton LLP (“Grant Thornton”) as our independent registered public accounting firm for 2014.

For

For

Management

3

Approve by non-binding vote, of executive compensation.

For

For

Management

4

Approve the adoption of the 2014 Omnibus Incentive Plan.

For

For

Management

Company

American Realty Capital Properties, Inc.

Ticker:

ARCP

Cusip:

02917T-104

Meeting Date:

1/23/2014

Record Date:

12/20/2013

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

Proposal to approve the issuance of shares of common stock of American Realty Capital Properties, Inc., a Maryland Corporation, which we refer to as ARCP, to the stockholders of Cole Real Estate Investments, Inc., a Maryland Corporation, which we refer to as COLE, pursuant to an agreement and plan of merger.

For

For

Management

2

Proposal to adjourn the special meeting to a later date or dates, if necessary or appropriate, to solicit additional proxies in favor of the proposal to approve the issuance of shares of ARCP common stock to COLE stockholders pursuant to the merger agreement.

For

For

Management

Company

American Realty Capital Properties, Inc.

Ticker:

ARCP

Cusip:

02917T-104

Meeting Date:

5/29/2014

Record Date:

4/17/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Nicholas S. Schorsch; 2) Edward M. Weil, Jr; 3) William M. Kahane; 4) Leslie D. Michelson; 5) Edward G. Rendell; 6) Scott J. Bowman; 7) William G. Stanley; 8) Thomas A. Andruskevich; and 9) Scott P. Sealy, Sr.

For

For

Management

2

Ratify the Audit Committee’s appointment of Grant Thornton LLP (“Grant Thornton”) as the Company’s independent registered public accounting firm for 2014.

For

For

Management

3

Adopt a non-binding advisory resolution approving executive compensation.

For

For

Management

Company

Annaly Capital Management, Inc.

Ticker:

NLY

Cusip:

035710-409

Meeting Date:

5/22/2014

Record Date:

3/28/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Jonathan D. Green; 2) John H. Schaefer; and 3) Francine J. Bovich.

For

For

Management

2

Approval of a non-binding advisory resolution on our executive compensation.

For

For

Management

3

Ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2014.

For

For

Management

Voting Record

Company

Armour Residential REIT, Inc.

Ticker:

ARR

Cusip:

042315-101

Meeting Date:

5/8/2014

Record Date:

3/17/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Frederick F. Buchholz; 2) Thomas C. DeLoach, Jr.; 3) Katherine Elizabeth Dietze; 4) Daniel P. Garton; 5) William P. Hankowsky; 6) M. Leanne Lachman; and 7) David L. Lingerfelt.

For

For

Management

2

Approve an amendment to Armour’s Amended and Restated 2009 Stock Incentive Plan to increase the aggregate number of shares of common stock authorized for issuance thereunder from 2,000,000 shares to 15,000,000 shares.

For

For

Management

3

Ratify the appointment of Deloitte & Touché LLP (“Deloitte”) as Armour’s independent registered certified public accountants for fiscal year 2014.

For

For

Management

Voting Record

Company

Ashford Hospitality Trust, Inc.

Ticker:

AHT

Cusip:

044103-109

Meeting Date:

5/13/2014

Record Date:

5/11/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Monty J. Bennet; 2) Benjamin J. Ansell, M.D.; 3) Thomas E. Callahan; 4) Amish Gupta; 5) Kamal Jafarnia; 6) Allan L. Tallis; and 7) Philip S. Payne.

For

For

Management

2

Ratify the appointment of Ernst & Young LLP, a national public accounting firm, as our independent auditors for the fiscal year ending December 31, 2014.

For

For

Management

3

Advisory approval of the company’s executive compensation.

For

For

Management

4

Approve amendments to the company’s 2011 Stock Incentive Plan that will increase the number of shares of common stock reserved for issuance under the plan by 5,750,000 shares.

For

For

Management

5

Vote on one non-binding stockholder proposal to adopt a majority vote standard in director elections.

Against

Against

Shareholder

Voting Record

Company

Associated Estates Realty Corp.

Ticker:

AEC

Cusip:

045604-105

Meeting Date:

5/7/2014

Record Date:

3/19/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Albert T. Adams; 2) Jeffrey I. Friedman; 3) Michael E. Gibbons; 4) Mark L. Milstein; 5) James J. Sanfilippo; 6) James A. Schoff; and 7) Richard T. Schwarz.

For

For

Management

2

To approve the Associated Estates Realty Corporation Amended and Restated 2011 Equity- Based Award Plan.

For

For

Management

3

To ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the Company’s fiscal year ending December 31, 2014.

For

For

Management

4

To hold a non-binding advisory vote for approval of our executive compensation.

For

For

Management

Voting Record

Company

Avalonbay Communities, Inc.

Ticker:

AVB

Cusip:

053484-101

Meeting Date:

5/21/2014

Record Date:

3/7/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote to elect the following nine directors to serve until the 2015 Annual Meeting of Stockholders and until their respective successors are elected and qualify: 1) Glyn F. Aeppel; 2) Alan B. Buckelew; 3) Bruce A. Choate; 4) John J. Healy, Jr.; 5) Timothy J. Naughton; 6) Lance R. Primis; 7) Peter S. Rummell; 8) H. Jay Sarles; and 9) W. Edward Walter.

For

For

Management

2

Ratification of the selection of Ernst & Young LLP by the Audit Committee of the Company’s Board of Directors to serve as the Company’s independent auditors for 2014.

For

For

Management

3

Approve, on a non-binding, advisory basis, the compensation of certain executives.

For

For

Management

4

Approve performance goals under the AvalonBay Communities, Inc. 2009 Stock Option and Incentive Plan.

For

For

Management

5

To adopt a stockholder resolution concerning a policy that the Board’s chairman should be an independent director, if properly presented at the Annual Meeting.

Against

Against

Shareholder

Voting Record

Company

BEAZER HOMES USA, INC.

Ticker:

BZH

Cusip:

07556Q-881

Meeting Date:

2/6/2014

Record Date:

12/13/2013

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1.A

Election Of Trustee: Elizabeth S. Acton

For

For

Management

1.B

Election Of Trustee: Laurent Alpert

For

For

Management

1.C

Election Of Trustee: Brian C. Beazer

For

For

Management

1.D

Election Of Trustee: Peter G. Leemputte

For

For

Management

1.E

Election Of Trustee: Allan P. Merrill

For

For

Management

1.F

Election Of Trustee: Norma A. Provencio

For

For

Management

1.G

Election Of Trustee: Larry T. Solari

For

For

Management

1.H

Election Of Trustee: Stephen P. Zelnak, Jr.

For

For

Management

2

Ratify the appointment of Deloitte & Touche LLP by the audit committee of the board of directors to serve as the company’s independent registered public accounting firm for the fiscal year ending September 30, 2014.

For

For

Management

3

Approval of an advisory proposal regarding the compensation paid to the company’s named executive officers (the “say on pay” proposal).

For

For

Management

4

Approval of Beazer Homes USA, Inc. 2014 long term incentive form.

For

For

Management

Voting Record

Company

Biomed Realty Trust, Inc.

Ticker:

BMR

Cusip:

09063H-107

Meeting Date:

5/28/2014

Record Date:

3/17/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Alan D. Gold; 2) Gary A. Kreitzer; 3) Daniel M. Bradbury; 4) William R. Brody; 5) Theodore D. Roth; 6) Janice L. Sears; and 7) M. Faye Wilson.

For

For

Management

2

Ratification of the selection of KPMG LLP as our independent registered public accounting firm for the year ending December 31, 2014.

For

For

Management

3

To approve on an advisory basis, the compensation of our named executive officers as disclosed in this proxy statement.

For

For

Management

Voting Record

Company

Boston Properties, Inc.

Ticker:

BXP

Cusip:

101121-101

Meeting Date:

5/20/2014

Record Date:

3/26/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Carol B. Einiger; 2) Dr. Jacob A. Frenkel; 3) Joel I. Klein; d. Douglas T. Linde; 4) Matthew J. Lustig; 5) Alan J. Patricof; 6) Ivan G. Seidenberg; 7) Owen D. Thomas; 8) Martin Turchin; 9) David A. Twardock; and 10) Mortimer B. Zuckerman.

For

For

Management

2

Advisory vote on named executive officer compensation.

For

For

Management

3

Ratify the Audit Committee’s appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2014.

For

For

Management

4

Stockholder proposal concerning an independent board chairman.

Against

Against

Shareholder

5

Stockholder proposal concerning the adoption of proxy access.

Against

Against

Shareholder

6

Stockholder proposal concerning a policy regarding accelerated vesting of equity awards of senior executives upon a change in control.

Against

Against

Shareholder

Voting Record

Company

Brandywine Realty Trust

Ticker:

BDN

Cusip:

105368-203

Meeting Date:

5/28/2014

Record Date:

4/2/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Walter D’Alessio; 2) Anthony A. Nichols, Sr.; 3) Gerard H. Sweeney; 4) James C. Diggs; 5) Wyche Fowler; 6) Michael J. Joyce; and 7) Charles P. Pizzi.

For

For

Management

2

Ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for calendar year 2014.

For

For

Management

3

Advisory, non-binding vote on our executive compensation.

For

For

Management

Voting Record

Company

Camden Property Trust

Ticker:

CPT

Cusip:

133131-102

Meeting Date:

5/9/2014

Record Date:

3/14/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Richard J. Campo; 2) Scott S. Ingraham; 3) Lewis A. Levey; 4) William B. McGuire, Jr.; 5) D. Keith Oden; 6) F. Gardner Parker; 7) William F. Paulsen; 8) Frances Aldrich Sevilla-Sacasa; 9) Steven A. Webster; and 10) Kelvin R. Westbrook.

For

For

Management

2

Ratify Deloitte & Touche LLP as our independent registered public accounting firm for 2014.

For

For

Management

3

Advisory vote on executive compensation.

For

For

Management

Voting Record

Company

Campus Crest Communities, Inc.

Ticker:

CCG

Cusip:

13466Y-105

Meeting Date:

4/21/2014

Record Date:

2/27/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Ted W. Rollins; 2) Lauro Gonzalez- Moreno; 3) Richard S. Kahlbaugh; 4) James W. McCaughan; 5) Denis McGlynn and 6) Daniel L. Simmons.

For

For

Management

2

Ratification of the appointment of KPMG LLP to act as our independent registered public accounting firm for year ending December 31, 2014.

For

For

Management

3

The approval, by non-binding vote, of executive compensation.

For

For

Management

4

The approval of the material terms of our Amended and Restated Equity Incentive Compensation Plan and an amendment to our Amended and Restated Equity Incentive Compensation Plan to increase the number of shares reserved for issuance thereunder, to remove the reduction ratio included therein and to make certain other changes.

For

For

Management

Voting Record

Company

CBL & Associates Properties, Inc.

Ticker:

CBL

Cusip:

124830-100

Meeting Date:

5/5/2014

Record Date:

3/7/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Charles B. Lebovitz; 2) Stephen D. Lebovitz; 3) Gary L. Bryenton; 4) A. Larry Chapman; 5) Thomas J. DeRosa; 6) Matthew S. Dominski; 7) Gary J. Nay; and 8) Kathleen M. Nelson.

For

For

Management

2

To ratify the selection of Deloitte & Touche LLP as our independent registered public accounting firm for 2014.

For

For

Management

3

Advisory Vote to Approve Executive Compensation.

For

For

Management

Voting Record

Company

Chatham Lodging Trust

Ticker:

CLDT

Cusip:

16208T-102

Meeting Date:

5/22/2014

Record Date:

4/1/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

To elect Class I trustees Miles Berger, Jack P. DeBoer, and Glen R. Gilbert to hold office for a three year term and until their respective successors shall have been duly elected and qualified.

For

For

Management

2

Ratify the selection of PricewaterhouseCoopers LLP as the Company’s independent auditors for fiscal year 2014.

For

For

Management

3

An advisory vote on executive compensation.

For

For

Management

Voting Record

Company

Corporate Office Properties Trust

Ticker:

OFC

Cusip:

22002T-108

Meeting Date:

5/8/2014

Record Date:

3/14/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Thomas F. Brady; 2) Robert L. Denton; 3) Philip L. Hawkins; 4) Elizabeth A. Hight; 5) David M. Jacobstein; 6) Steven D. Kesler; 7) C. Taylor Pickett; 8) Richard Szafranski; and 9) Roger A. Waesche, Jr.

For

For

Management

2

Ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the current fiscal year.

For

For

Management

3

Approve, on an advisory basis, the compensation of our named executive officers.

For

For

Management

Voting Record

Company

Douglas Emmett, Inc.

Ticker:

DEI

Cusip:

25960P-109

Meeting Date:

5/29/2014

Record Date:

3/31/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Dan A. Emmett; 2) Jordan L. Kaplan; 3) Kenneth M. Panzer; 4) Christopher H. Anderson; 5) Leslie E. Bider; 6) Dr. David T. Feinberg; 7) Thomas E. O’Hern; and 8) William E. Simon, Jr.

For

For

Management

2

Approve, in a non-binding advisory vote, our executive compensation.

For

For

Management

3

Ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2014.

For

For

Management

Voting Record

Company

DuPont Fabros Technology, Inc.

Ticker:

DFT

Cusip:

26613Q-106

Meeting Date:

5/21/2014

Record Date:

3/28/2014

Management

Vote

#

Proposal

Recommendation

Cast

Sponsor

1

A vote for the election of the following nominees as directors: 1) Lammot J. du Pont; 2) Hossein Fateh; 3) Michael A. Coke; 4) Thomas D. Eckert; 5) Jonathan G. Heiliger; 6) Frederic V. Malek; 7) John T. Roberts, Jr.; and 8) John H. Toole.

For

For

Management

2

An advisory (non-binding) vote on executive compensation.

For

For

Management

3

Ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2014.

For

For

Management

Voting Record

Company

Eastgroup Properties, Inc.

Ticker:

EGP

Cusip:

277276-101

Meeting Date:

5/29/2014

Record Date:

4/4/2014