Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group	3,043,225	$463M	12.7%	$88.80	-8.8%	COM	828806109
EQR	Equity Residential	4,301,642	$223M	6.1%	$31.42	-6.9%	COM	29476L107
BXP	Boston Properties Inc.	2,207,005	$222M	6.1%	$63.71	-3.0%	COM	101121101
PSA	Public Storage Inc.	1,385,352	$209M	5.7%	$97.16	+3.1%	COM	74460D109
PLD	ProLogis Inc	5,486,754	$203M	5.6%	$27.85	-4.0%	COM	74340W103
AVB	Avalon Bay Communities	1,462,661	$173M	4.7%	$87.55	-6.1%	COM	053484101
HST	Host Hotels & Resorts	8,369,244	$163M	4.5%	$10.74	+6.1%	COM	44107P104
—	HCP Inc.	4,207,457	$153M	4.2%	$45.12	—	COM	40414L109
VTR	Ventas Inc.	2,611,237	$150M	4.1%	$48.76	-16.8%	COM	92276F100
—	Federal Realty Invs Trust	1,334,085	$135M	3.7%	$103.62	—	COM	313747206
KRC	Kilroy Realty Corp.	2,325,126	$117M	3.2%	$52.73	—	COM	49427F108
VNO	Vornado Realty Trust	1,122,979	$99.71M	2.7%	$82.85	—	COM	929042109
—	Health Care Reit Inc.	1,690,187	$90.54M	2.5%	$67.03	—	COM	42217K106
MAC	Macerich Company	1,326,312	$78.11M	2.1%	$60.85	—	COM	554382101
—	Liberty Property Trust	2,278,892	$77.19M	2.1%	$36.83	—	COM	531172104
ARE	Alexandria R.E. Equities	1,155,260	$73.5M	2.0%	$44.78	-6.9%	COM	015271109
—	Forest City Enterprises - Class A	3,586,705	$68.51M	1.9%	$17.93	—	COM	345550107
EPR	EPR Properties	1,376,621	$67.67M	1.9%	$50.24	—	COM	26884U109
EXR	Extra Space Storage Inc.	1,582,496	$66.67M	1.8%	$26.61	+6.1%	COM	30225T102
ELS	Equity Lifestyle Properties	1,480,181	$53.63M	1.5%	$56.90	—	COM	29472R108
—	DDR Corp	3,465,977	$53.27M	1.5%	$16.65	—	COM	251591103
CPT	Camden Property Trust	919,496	$52.3M	1.4%	$42.72	-11.3%	COM	133131102
—	Dupont Fabros Technology	2,002,216	$49.48M	1.4%	$24.15	—	COM	26613Q106
—	Biomed Realty Trust Inc.	2,660,342	$48.2M	1.3%	$20.23	—	COM	09063H107
—	Taubman Centers Inc.	705,883	$45.12M	1.2%	$67.08	—	COM	876664103
REG	Regency Centers Corp.	969,726	$44.9M	1.2%	$33.45	-7.1%	COM	758849103
—	Hilton Worldwide Holdings Inc.	1,951,600	$43.42M	1.2%	$22.25	—	COM	43300A104
—	BRE Properties - Cl A	745,714	$40.8M	1.1%	$50.02	—	COM	05564E106
RLJ	RLJ Lodging Trust	1,633,886	$39.74M	1.1%	$22.49	—	COM	74965L101
AAT	American Assets Trust	1,170,499	$36.79M	1.0%	$30.86	—	COM	024013104
ESRT	Empire State Realty Trust Inc.	2,239,300	$34.26M	0.9%	$15.30	—	COM	292104106
—	Retail Opportunity Investments Corp.	2,047,185	$30.14M	0.8%	$13.90	—	COM	76131N101
DEI	Douglas Emmett Inc.	1,289,038	$30.02M	0.8%	$24.11	—	COM	25960P109
NNN	National Retail Properties	935,235	$28.37M	0.8%	$34.40	—	COM	637417106
—	American Campus Communities	858,307	$27.65M	0.8%	$39.84	—	COM	024835100
AKR	Acadia Realty Trust	1,084,741	$26.93M	0.7%	$24.74	—	COM	004239109
CUBE	CubeSmart	1,521,574	$24.25M	0.7%	$15.98	—	COM	229663109
—	Ramco Gershenson Properties	1,144,701	$18.02M	0.5%	$15.56	—	COM	751452202
PDM	Piedmont Office Realty Trust	1,069,672	$17.67M	0.5%	$17.84	—	COM	720190206
—	First Potomac Realty Trust	1,466,585	$17.06M	0.5%	$13.06	—	COM	33610F109
AMH	American Homes 4 Rent	916,183	$14.84M	0.4%	$16.15	—	COM	02665T306
MAA	Mid-America Apartment	222,000	$13.48M	0.4%	$40.58	0.0%	COM	59522J103
AHRT	Armada Hoffler Properties	1,017,739	$9.445M	0.3%	$11.13	—	COM	04208T108
ALEX	Alexander & Baldwin Inc.	142,800	$5.959M	0.2%	$41.73	—	COM	014491104
ESS	Essex Property Trust Inc	16,500	$2.368M	0.1%	$104.19	0.0%	COM	297178105
—	General Growth Properties	103,000	$2.067M	0.1%	$19.86	—	COM	370023103