Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group	3,157,325	$525M	11.9%	$88.83	+4.9%	COM	828806109
EQR	Equity Residential	4,393,242	$277M	6.3%	$31.46	+9.5%	COM	29476L107
BXP	Boston Properties Inc.	2,272,983	$269M	6.1%	$63.93	+14.0%	COM	101121101
PSA	Public Storage Inc.	1,394,752	$239M	5.4%	$97.29	+12.3%	COM	74460D109
PLD	ProLogis Inc	5,686,954	$234M	5.3%	$27.86	+4.3%	COM	74340W103
AVB	Avalon Bay Communities	1,533,561	$218M	5.0%	$87.55	+7.2%	COM	053484101
HST	Host Hotels & Resorts	8,682,044	$191M	4.3%	$10.78	+24.9%	COM	44107P104
—	HCP Inc.	4,395,157	$182M	4.1%	$44.92	—	COM	40414L109
—	Federal Realty Invs Trust	1,368,685	$166M	3.8%	$103.97	—	COM	313747206
VTR	Ventas Inc.	2,576,169	$165M	3.8%	$48.61	-8.4%	COM	92276F100
KRC	Kilroy Realty Corp.	2,395,026	$149M	3.4%	$52.97	—	COM	49427F108
—	Health Care Reit Inc.	2,007,687	$126M	2.9%	$66.29	—	COM	42217K106
VNO	Vornado Realty Trust	1,093,599	$117M	2.7%	$82.85	—	COM	929042109
ARE	Alexandria R.E. Equities	1,229,460	$95.45M	2.2%	$44.99	+10.5%	COM	015271109
CPT	Camden Property Trust	1,276,796	$90.84M	2.1%	$43.04	+2.5%	COM	133131102
MAC	Macerich Company	1,325,412	$88.47M	2.0%	$60.98	—	COM	554382101
—	Liberty Property Trust	2,269,992	$86.1M	2.0%	$36.84	—	COM	531172104
EXR	Extra Space Storage Inc.	1,517,085	$80.78M	1.8%	$26.68	+26.0%	COM	30225T102
—	Forest City Enterprises - Class A	3,815,104	$75.81M	1.7%	$18.01	—	COM	345550107
ELS	Equity Lifestyle Properties	1,458,881	$64.42M	1.5%	$56.90	—	COM	29472R108
—	Taubman Centers Inc.	830,983	$63M	1.4%	$68.18	—	COM	876664103
—	DDR Corp	3,454,977	$60.91M	1.4%	$16.65	—	COM	251591103
—	Biomed Realty Trust Inc.	2,770,942	$60.49M	1.4%	$20.27	—	COM	09063H107
EPR	EPR Properties	1,072,717	$59.93M	1.4%	$50.40	—	COM	26884U109
—	Dupont Fabros Technology	2,196,516	$59.22M	1.3%	$24.19	—	COM	26613Q106
—	Hilton Worldwide Holdings Inc.	2,275,200	$53.01M	1.2%	$22.31	—	COM	43300A104
REG	Regency Centers Corp.	935,024	$52.06M	1.2%	$33.45	+3.1%	COM	758849103
RLJ	RLJ Lodging Trust	1,778,886	$51.39M	1.2%	$22.97	—	COM	74965L101
AAT	American Assets Trust	1,228,517	$42.45M	1.0%	$31.02	—	COM	024013104
AKR	Acadia Realty Trust	1,414,241	$39.73M	0.9%	$25.28	—	COM	004239109
ESRT	Empire State Realty Trust Inc.	2,394,600	$39.51M	0.9%	$15.29	—	COM	292104106
NNN	National Retail Properties	1,040,735	$38.7M	0.9%	$34.44	—	COM	637417106
DEI	Douglas Emmett Inc.	1,357,938	$38.32M	0.9%	$24.29	—	COM	25960P109
ESS	Essex Property Trust Inc	201,826	$37.32M	0.8%	$120.06	+1.5%	COM	297178105
CUBE	CubeSmart	1,840,174	$33.71M	0.8%	$16.37	—	COM	229663109
—	Retail Opportunity Investments Corp.	2,141,785	$33.69M	0.8%	$13.96	—	COM	76131N101
—	American Campus Communities	874,907	$33.46M	0.8%	$39.79	—	COM	024835100
ALEX	Alexander & Baldwin Inc.	698,100	$28.94M	0.7%	$41.87	—	COM	014491104
—	Washington Prime Group	1,109,361	$20.79M	0.5%	$18.74	—	COM	939647103
PDM	Piedmont Office Realty Trust	1,059,872	$20.07M	0.5%	$17.83	—	COM	720190206
—	Ramco Gershenson Properties	1,137,601	$18.91M	0.4%	$15.56	—	COM	751452202
AMH	American Homes 4 Rent	986,300	$17.52M	0.4%	$16.22	—	COM	02665T306
REXR	Rexford Industrial Realty	780,000	$11.11M	0.3%	$14.20	—	COM	76169C100
MAA	Mid-America Apartment	141,600	$10.34M	0.2%	$40.58	+15.7%	COM	59522J103
—	Gramercy Property Trust Inc	1,579,700	$9.557M	0.2%	$6.05	—	COM	38489R100
—	American Realty Capital Prop	755,100	$9.461M	0.2%	$12.53	—	COM	02917T104
AHRT	Armada Hoffler Properties	740,339	$7.166M	0.2%	$11.13	—	COM	04208T108
—	AVIV REIT Inc.	213,100	$6.003M	0.1%	$28.17	—	COM	05381L101
—	First Potomac Realty Trust	140,325	$1.841M	0.0%	$13.06	—	COM	33610F109
—	Strategic Hotels & Resorts Inc.	131,800	$1.543M	0.0%	$11.71	—	COM	86272T106
VRE	Mack Cali Realty Corp	28,800	$619K	0.0%	$21.49	—	COM	554489104
—	DCT Industrial Trust Inc.	57,000	$468K	0.0%	$7.87	—	COM	233153105