Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPG	Simon Property Group, Inc.	1,178,099	$230M	10.6%	$195.64 *	$88.92	+27.2%	COM	828806109
EQR	Equity Residential	2,114,349	$165M	7.5%	$77.86 *	$31.69	+43.0%	COM	29476L107
—	Health Care REIT Com	1,721,980	$133M	6.1%	$77.36	$62.74	—	COM	42217K106
PSA	Public Storage	536,983	$106M	4.9%	$197.14 *	$98.92	+30.7%	COM	74460D109
PLD	ProLogis Inc.	2,293,554	$99.91M	4.6%	$43.56 *	$28.19	+12.5%	COM	74340W103
ESS	Essex Property Trust, Inc.	432,589	$99.45M	4.6%	$229.90 *	$108.98	+46.1%	COM	297178105
BXP	Boston Properties, Inc.	665,944	$93.55M	4.3%	$140.48 *	$65.51	+38.3%	COM	101121101
—	General Growth Properties	2,661,792	$78.66M	3.6%	$29.55	$20.02	—	COM	370023103
AVB	AvalonBay Communities, Inc.	449,183	$78.27M	3.6%	$174.25 *	$91.97	+30.6%	COM	053484101
—	Federal Realty Investment Tr	462,618	$68.1M	3.1%	$147.21	$131.55	—	COM	313747206
—	HCP Inc.	1,453,533	$62.81M	2.9%	$43.21	$44.69	—	COM	40414L109
ARE	Alexandria Real Estate Equit	631,153	$61.88M	2.8%	$98.04 *	$49.00	+34.0%	COM	015271109
—	Duke Realty Corporation	2,810,202	$61.18M	2.8%	$21.77	$17.62	—	COM	264411505
—	Strategic Hotels & Resorts	4,852,950	$60.32M	2.8%	$12.43	$12.91	—	COM	86272T106
MAR	Marriott International-CL A	734,547	$59M	2.7%	$80.32 *	$39.59	+80.9%	COM	571903202
—	Paramount Group Inc	3,028,383	$58.45M	2.7%	$19.30	$18.72	—	COM	69924R108
KRC	Kilroy Realty	640,206	$48.77M	2.2%	$76.17	$55.10	—	COM	49427F108
EXR	Extra Space Storage, Inc	698,581	$47.2M	2.2%	$67.57 *	$26.60	+64.9%	COM	30225T102
—	Starwood Hotels & Resorts Wo	497,380	$41.53M	1.9%	$83.50	$81.31	—	COM	85590A401
—	Chesapeake Lodging Trust	1,143,523	$38.69M	1.8%	$33.83	$27.04	—	COM	165240102
—	Cousins Properties, Inc.	3,625,195	$38.43M	1.8%	$10.60	$10.59	—	COM	222795106
—	Retail Opportunity Investmen	2,078,436	$38.03M	1.7%	$18.30	$14.23	—	COM	76131N101
BRX	Brixmor Property Group	1,423,540	$37.8M	1.7%	$26.55	$20.77	—	COM	11120U105
AAT	American Assets Trust	861,619	$37.29M	1.7%	$43.28	$33.02	—	COM	024013104
—	Post Properties, Inc.	648,300	$36.91M	1.7%	$56.93	$56.93	—	COM	737464107
DEI	Douglas Emmett Inc.	1,225,365	$36.53M	1.7%	$29.81	$28.35	—	COM	25960P109
—	Healthcare Trust of America	1,179,150	$32.85M	1.5%	$27.86	$26.97	—	COM	42225P501
—	Store Capital Corp.	1,403,203	$32.76M	1.5%	$23.35	$21.61	—	COM	862121100
BKD	Brookdale Senior Living	863,541	$32.61M	1.5%	$37.76 *	$33.62	+8.9%	COM	112463104
—	Taubman Centers, Inc.	409,402	$31.58M	1.4%	$77.13	$74.31	—	COM	876664103
—	CoreSite Realty Corp.	636,023	$30.96M	1.4%	$48.68	$32.11	—	COM	21870Q105
AMT	American Tower Corp.	317,438	$29.89M	1.4%	$94.15 *	$60.74	+22.9%	COM	03027X100
—	DDR Corp.	974,200	$18.14M	0.8%	$18.62	$18.62	—	COM	23317H102
TRNO	Terreno Realty Corp	738,237	$16.83M	0.8%	$22.80	$18.26	—	COM	88146M101
CPT	Camden Property Trust	204,600	$15.98M	0.7%	$78.13 *	$47.14	+6.1%	COM	133131102
EQIX	Equinix Inc.	59,655	$13.89M	0.6%	$232.86 *	$175.23	0.0%	COM	29444U700
AKR	Acadia Realty Trust	73,370	$2.559M	0.1%	$34.88	$28.37	—	COM	004239109
FR	First Industrial Realty Trus	111,353	$2.386M	0.1%	$21.43	$21.43	—	COM	32054K103
PEB	Pebblebrook Hotel Trust	37,650	$1.753M	0.1%	$46.56	$46.56	—	COM	70509V100
IYR	IShares DJ US Real Estate In	17,000	$1.348M	0.1%	$79.29	$79.29	—	COM	464287739
ELS	Equity Lifestyle Properties	11,356	$624K	0.0%	$54.95	$35.52	—	COM	29472R108
WPC	W P Carey Inc.	1,815	$123K	0.0%	$67.77	$68.71	—	COM	92936U109