Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group	3,157,125	$575M	11.9%	$89.29	+15.2%	COM	828806109
EQR	Equity Residential	4,303,092	$309M	6.4%	$31.77	+25.6%	COM	29476L107
BXP	Boston Properties Inc.	2,248,983	$289M	6.0%	$64.34	+23.1%	COM	101121101
AVB	Avalon Bay Communities	1,671,884	$273M	5.7%	$88.92	+21.7%	COM	053484101
PSA	Public Storage Inc.	1,408,652	$260M	5.4%	$98.25	+19.4%	COM	74460D109
PLD	ProLogis Inc	5,824,854	$251M	5.2%	$27.94	+5.4%	COM	74340W103
—	HCP Inc.	4,293,457	$189M	3.9%	$44.92	—	COM	40414L109
—	Federal Realty Invs Trust	1,389,185	$185M	3.8%	$104.95	—	COM	313747206
VTR	Ventas Inc.	2,457,669	$176M	3.7%	$48.60	-0.7%	COM	92276F100
KRC	Kilroy Realty Corp.	2,306,826	$159M	3.3%	$53.19	—	COM	49427F108
—	Health Care Reit Inc.	2,102,587	$159M	3.3%	$66.90	—	COM	42217K106
HST	Host Hotels & Resorts	6,333,537	$151M	3.1%	$10.78	+34.3%	COM	44107P104
CPT	Camden Property Trust	1,512,296	$112M	2.3%	$43.66	+9.9%	COM	133131102
VNO	Vornado Realty Trust	819,599	$96.47M	2.0%	$82.85	—	COM	929042109
—	Taubman Centers Inc.	1,249,383	$95.48M	2.0%	$70.75	—	COM	876664103
—	Hilton Worldwide Holdings Inc.	3,447,000	$89.93M	1.9%	$23.51	—	COM	43300A104
EXR	Extra Space Storage Inc.	1,425,985	$83.62M	1.7%	$26.68	+42.5%	COM	30225T102
—	Forest City Enterprises - Class A	3,833,804	$81.66M	1.7%	$18.18	—	COM	345550107
—	Liberty Property Trust	2,048,592	$77.09M	1.6%	$36.84	—	COM	531172104
—	DDR Corp	4,134,677	$75.91M	1.6%	$16.95	—	COM	251591103
—	Dupont Fabros Technology	2,223,716	$73.92M	1.5%	$24.52	—	COM	26613Q106
ELS	Equity Lifestyle Properties	1,425,981	$73.51M	1.5%	$56.78	—	COM	29472R108
PDM	Piedmont Office Realty Trust	3,865,772	$72.83M	1.5%	$17.76	—	COM	720190206
MAC	Macerich Company	853,512	$71.19M	1.5%	$60.98	—	COM	554382101
—	Biomed Realty Trust Inc.	3,067,742	$66.08M	1.4%	$20.34	—	COM	09063H107
AAT	American Assets Trust	1,497,654	$59.62M	1.2%	$31.75	—	COM	024013104
RLJ	RLJ Lodging Trust	1,774,086	$59.48M	1.2%	$23.55	—	COM	74965L101
AKR	Acadia Realty Trust	1,805,744	$57.84M	1.2%	$26.69	—	COM	004239109
—	Gramercy Property Trust Inc	8,072,600	$55.7M	1.2%	$6.22	—	COM	38489R100
CUBE	CubeSmart	2,168,574	$47.86M	1.0%	$17.38	—	COM	229663109
—	Extended Stay America Inc	2,228,700	$43.04M	0.9%	$22.92	—	COM	30224P200
REXR	Rexford Industrial Realty	2,696,300	$42.36M	0.9%	$14.07	—	COM	76169C100
—	American Campus Communities	1,010,407	$41.79M	0.9%	$39.66	—	COM	024835100
ESRT	Empire State Realty Trust Inc.	2,358,200	$41.46M	0.9%	$15.38	—	COM	292104106
ALEX	Alexander & Baldwin Inc.	1,042,100	$40.91M	0.8%	$40.45	—	COM	014491104
NNN	National Retail Properties	1,029,835	$40.55M	0.8%	$34.69	—	COM	637417106
DEI	Douglas Emmett Inc.	1,348,438	$38.3M	0.8%	$24.51	—	COM	25960P109
—	Paramount Group Inc	2,013,000	$37.42M	0.8%	$18.59	—	COM	69924R108
—	Retail Opportunity Investments Corp.	2,211,885	$37.14M	0.8%	$14.21	—	COM	76131N101
CLDT	Chatham Lodging Trust	913,700	$26.47M	0.5%	$24.42	—	COM	16208T102
ARE	Alexandria R.E. Equities	296,400	$26.3M	0.5%	$45.20	+24.9%	COM	015271109
—	Store Capital Corp.	1,194,500	$25.81M	0.5%	$21.61	—	COM	862121100
—	Ramco Gershenson Properties	1,106,201	$20.73M	0.4%	$15.81	—	COM	751452202
AMH	American Homes 4 Rent	979,500	$16.68M	0.3%	$16.26	—	COM	02665T306
EPR	EPR Properties	206,000	$11.87M	0.2%	$50.40	—	COM	26884U109
—	AVIV REIT Inc.	112,000	$3.862M	0.1%	$34.48	—	COM	05381L101