Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group	3,010,425	$589M	11.8%	$89.29	+26.7%	COM	828806109
EQR	Equity Residential	4,216,392	$328M	6.6%	$31.77	+42.6%	COM	29476L107
BXP	Boston Properties Inc.	2,219,383	$312M	6.3%	$64.34	+40.8%	COM	101121101
AVB	Avalon Bay Communities	1,647,484	$287M	5.8%	$88.92	+35.1%	COM	053484101
PSA	Public Storage Inc.	1,418,400	$280M	5.6%	$98.25	+31.6%	COM	74460D109
PLD	ProLogis Inc	5,753,954	$251M	5.0%	$27.94	+13.5%	COM	74340W103
—	Federal Realty Invs Trust	1,350,785	$199M	4.0%	$104.95	—	COM	313747206
—	HCP Inc.	4,216,357	$182M	3.7%	$44.92	—	COM	40414L109
VTR	Ventas Inc.	2,426,469	$177M	3.6%	$48.60	+9.9%	COM	92276F100
—	Health Care Reit Inc.	2,157,287	$167M	3.4%	$67.16	—	COM	42217K106
KRC	Kilroy Realty Corp.	1,828,726	$139M	2.8%	$53.19	—	COM	49427F108
HST	Host Hotels & Resorts	6,398,837	$129M	2.6%	$10.81	+32.7%	COM	44107P104
CPT	Camden Property Trust	1,516,396	$118M	2.4%	$43.66	+14.6%	COM	133131102
—	Taubman Centers Inc.	1,367,483	$105M	2.1%	$71.30	—	COM	876664103
—	Forest City Enterprises - Class A	3,628,104	$92.59M	1.9%	$18.18	—	COM	345550107
VNO	Vornado Realty Trust	784,999	$87.92M	1.8%	$82.85	—	COM	929042109
EXR	Extra Space Storage Inc.	1,206,185	$81.5M	1.6%	$26.68	+64.4%	COM	30225T102
—	Dupont Fabros Technology	2,386,216	$77.98M	1.6%	$25.08	—	COM	26613Q106
ELS	Equity Lifestyle Properties	1,417,681	$77.9M	1.6%	$56.78	—	COM	29472R108
—	DDR Corp	4,169,477	$77.64M	1.6%	$16.95	—	COM	251591103
PDM	Piedmont Office Realty Trust	4,113,272	$76.55M	1.5%	$17.81	—	COM	720190206
—	Hilton Worldwide Holdings Inc.	2,393,400	$70.89M	1.4%	$23.51	—	COM	43300A104
—	Liberty Property Trust	1,947,992	$69.54M	1.4%	$36.84	—	COM	531172104
—	Biomed Realty Trust Inc.	3,062,842	$69.4M	1.4%	$20.34	—	COM	09063H107
AAT	American Assets Trust	1,502,354	$65.02M	1.3%	$31.75	—	COM	024013104
MAC	Macerich Company	747,912	$63.07M	1.3%	$60.98	—	COM	554382101
AKR	Acadia Realty Trust	1,783,644	$62.21M	1.3%	$26.69	—	COM	004239109
CUBE	CubeSmart	2,438,674	$58.89M	1.2%	$18.13	—	COM	229663109
—	Paramount Group Inc	2,947,700	$56.89M	1.1%	$18.82	—	COM	69924R108
RLJ	RLJ Lodging Trust	1,771,986	$55.48M	1.1%	$23.55	—	COM	74965L101
REXR	Rexford Industrial Realty	3,082,300	$48.73M	1.0%	$14.29	—	COM	76169C100
—	Gramercy Property Trust Inc	1,669,325	$46.86M	0.9%	$6.22	—	COM	38489R100
—	American Campus Communities	1,059,207	$45.41M	0.9%	$39.81	—	COM	024835100
ALEX	Alexander & Baldwin Inc.	1,007,000	$43.48M	0.9%	$40.45	—	COM	014491104
NNN	National Retail Properties	1,039,935	$42.61M	0.9%	$34.69	—	COM	637417106
ESRT	Empire State Realty Trust Inc.	2,241,700	$42.17M	0.8%	$15.38	—	COM	292104106
—	Extended Stay America Inc	2,133,300	$41.66M	0.8%	$22.92	—	COM	30224P200
—	Retail Opportunity Investments Corp.	2,205,285	$40.36M	0.8%	$14.21	—	COM	76131N101
CLDT	Chatham Lodging Trust	1,362,500	$40.07M	0.8%	$26.07	—	COM	16208T102
DEI	Douglas Emmett Inc.	1,343,338	$40.05M	0.8%	$24.51	—	COM	25960P109
—	Store Capital Corp.	1,195,300	$27.91M	0.6%	$21.61	—	COM	862121100
ARE	Alexandria R.E. Equities	281,000	$27.55M	0.6%	$45.20	+45.2%	COM	015271109
—	Ramco Gershenson Properties	1,106,701	$20.59M	0.4%	$15.81	—	COM	751452202
—	General Growth Properties	649,000	$19.18M	0.4%	$29.55	—	COM	370023103
AMH	American Homes 4 Rent	978,300	$16.19M	0.3%	$16.26	—	COM	02665T306
EPR	EPR Properties	177,500	$10.65M	0.2%	$50.40	—	COM	26884U109
—	Easterly Government Properties	576,000	$9.245M	0.2%	$16.05	—	COM	27616P103
—	AVIV REIT Inc.	103,000	$3.759M	0.1%	$34.48	—	COM	05381L101