Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPG	Simon Property Group, Inc.	1,234,606	$219M	10.9%	$177.67 *	$91.72	+25.2%	COM	828806109
PSA	Public Storage	566,909	$127M	6.3%	$223.50 *	$120.41	+21.9%	COM	74460D109
EQR	Equity Residential	1,763,998	$114M	5.6%	$64.36 *	$33.84	+30.2%	COM	29476L107
WELL	Welltower Inc.	1,604,684	$107M	5.3%	$66.93 *	$44.80	+5.5%	COM	95040Q104
PLD	ProLogis Inc.	1,872,333	$98.84M	4.9%	$52.79 *	$28.40	+38.2%	COM	74340W103
—	Apartment Investment & Manag	2,083,229	$94.68M	4.7%	$45.45	$44.05	—	COM	03748R101
ESS	Essex Property Trust, Inc.	370,821	$86.22M	4.3%	$232.50 *	$122.39	+30.1%	COM	297178105
KRC	Kilroy Realty	1,086,005	$79.52M	3.9%	$73.22	$61.20	—	COM	49427F108
REG	Regency Centers Corp.	1,133,124	$78.13M	3.9%	$68.95 *	$50.35	-3.6%	COM	758849103
KIM	Kimco Realty Corp.	2,703,556	$68.02M	3.4%	$25.16 *	$17.62	-5.5%	COM	49446R109
BXP	Boston Properties, Inc.	478,971	$60.24M	3.0%	$125.78 *	$73.66	+14.6%	COM	101121101
EXR	Extra Space Storage, Inc	753,070	$58.17M	2.9%	$77.24 *	$34.64	+50.5%	COM	30225T102
HLT	Hilton Worldwide Holdings	1,950,023	$53.04M	2.6%	$27.20 *	$48.37	0.0%	COM	43300A203
—	Healthcare Trust of America	1,801,350	$52.44M	2.6%	$29.11	$28.95	—	COM	42225P501
—	DCT Industrial Trust	1,063,225	$50.91M	2.5%	$47.88	$39.50	—	COM	233153204
EQIX	Equinix Inc.	141,223	$50.48M	2.5%	$357.41 *	$215.31	+36.2%	COM	29444U700
—	General Growth Properties	1,972,068	$49.26M	2.4%	$24.98	$21.95	—	COM	370023103
—	Dupont Fabros Technology	1,109,703	$48.75M	2.4%	$43.93	$42.29	—	COM	26613Q106
VNO	Vornado Realty Trust	419,474	$43.78M	2.2%	$104.37	$104.37	—	COM	929042109
AMT	American Tower Corp.	406,322	$42.94M	2.1%	$105.68 *	$67.80	+27.3%	COM	03027X100
MAR	Marriott International-CL A	407,857	$33.72M	1.7%	$82.68 *	$46.82	+48.2%	COM	571903202
SUI	Sun Communities, Inc.	437,438	$33.51M	1.7%	$76.61	$75.92	—	COM	866674104
HIW	Highwoods Properties, Inc.	645,024	$32.9M	1.6%	$51.01	$50.21	—	COM	431284108
VTR	Ventas, Inc.	521,460	$32.6M	1.6%	$62.52 *	$48.34	-11.9%	COM	92276F100
—	Chesapeake Lodging Trust	1,202,653	$31.1M	1.5%	$25.86	$26.67	—	COM	165240102
—	Retail Opportunity Investmen	1,348,885	$28.5M	1.4%	$21.13	$20.04	—	COM	76131N101
ARE	Alexandria Real Estate Equit	227,439	$25.27M	1.3%	$111.13 *	$51.39	+50.6%	COM	015271109
—	DDR Corp.	1,620,937	$24.75M	1.2%	$15.27	$16.58	—	COM	23317H102
AAT	American Assets Trust	562,322	$24.23M	1.2%	$43.08	$35.13	—	COM	024013104
—	SL Green Realty Corp.	223,870	$24.08M	1.2%	$107.55	$108.25	—	COM	78440X101
O	Realty Income	414,365	$23.82M	1.2%	$57.48 *	$37.37	-2.7%	COM	756109104
—	Colony Starwood Homes	739,853	$21.32M	1.1%	$28.81	$28.79	—	COM	19625X102
—	Duke Realty Corporation	736,115	$19.55M	1.0%	$26.56	$25.93	—	COM	264411505
CDP	Corporate Office Properties	528,300	$16.49M	0.8%	$31.22	$31.22	—	COM	22002T108
NNN	National Retail Properties,	372,189	$16.45M	0.8%	$44.20	$48.95	—	COM	637417106
FCPT	Four Corners Property Trust	792,824	$16.27M	0.8%	$20.52	$20.59	—	COM	35086T109
OHI	Omega Healthcare Investors	343,671	$10.74M	0.5%	$31.26	$35.45	—	COM	681936100
SHO	Sunstone Hotel Investors, In	659,638	$10.06M	0.5%	$15.25	$15.25	—	COM	867892101
—	Paramount Group Inc	284,079	$4.542M	0.2%	$15.99	$18.35	—	COM	69924R108
—	Interxion Holdings	56,765	$1.991M	0.1%	$35.07	$31.42	—	COM	N47279109
IYR	Ishares Trust DJ US Real Est	14,010	$1.078M	0.1%	$76.95	$76.95	—	COM	464287739
HGV	Hilton Grand Vacations	41,449	$1.078M	0.1%	$26.01	$26.01	—	COM	43283X105
VNQ	Vanguard REIT VIPERs	6,905	$570K	0.0%	$82.55	$83.83	—	COM	922908553