Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group	2,727,225	$501M	11.7%	$89.29	+21.8%	COM	828806109
EQR	Equity Residential	3,913,497	$294M	6.9%	$31.77	+36.3%	COM	29476L107
PSA	Public Storage Inc.	1,341,618	$284M	6.6%	$98.83	+36.9%	COM	74460D109
AVB	Avalon Bay Communities	1,513,484	$265M	6.2%	$88.92	+34.4%	COM	053484101
BXP	Boston Properties Inc.	2,229,736	$264M	6.2%	$66.03	+18.7%	COM	101121101
PLD	ProLogis Inc	5,889,999	$229M	5.4%	$28.03	+2.8%	COM	74340W103
WELL	Welltower Inc	2,557,954	$173M	4.1%	$44.80	0.0%	COM	95040Q104
—	Federal Realty Invs Trust	1,207,716	$165M	3.9%	$104.95	—	COM	313747206
VTR	Ventas Inc.	2,504,355	$140M	3.3%	$48.15	-13.7%	COM	92276F100
—	HCP Inc.	3,018,482	$112M	2.6%	$44.92	—	COM	40414L109
CPT	Camden Property Trust	1,371,048	$101M	2.4%	$43.75	+15.2%	COM	133131102
HST	Host Hotels & Resorts	6,316,983	$99.87M	2.3%	$10.81	+13.5%	COM	44107P104
PDM	Piedmont Office Realty Trust	5,254,420	$94M	2.2%	$17.82	—	COM	720190206
—	Taubman Centers Inc.	1,346,419	$93.01M	2.2%	$71.30	—	COM	876664103
CUBE	CubeSmart	3,325,320	$90.48M	2.1%	$20.30	—	COM	229663109
—	Forest City Enterprises - Class A	4,364,902	$87.86M	2.1%	$18.83	—	COM	345550107
MAC	Macerich Company	1,114,291	$85.6M	2.0%	$65.66	—	COM	554382101
—	Paramount Group Inc	4,949,671	$83.15M	1.9%	$18.10	—	COM	69924R108
ELS	Equity Lifestyle Properties	1,260,275	$73.81M	1.7%	$56.78	—	COM	29472R108
—	Hilton Worldwide Holdings Inc.	3,150,632	$72.28M	1.7%	$23.88	—	COM	43300A104
—	DDR Corp	3,973,924	$61.12M	1.4%	$16.93	—	COM	251591103
—	Dupont Fabros Technology	2,244,957	$58.1M	1.4%	$25.08	—	COM	26613Q106
AKR	Acadia Realty Trust	1,927,780	$57.97M	1.4%	$26.96	—	COM	004239109
AAT	American Assets Trust	1,387,792	$56.7M	1.3%	$31.83	—	COM	024013104
—	Biomed Realty Trust Inc.	2,797,224	$55.89M	1.3%	$20.34	—	COM	09063H107
VNO	Vornado Realty Trust	592,627	$53.59M	1.3%	$82.85	—	COM	929042109
SKT	Tanger Factory Outlets	1,514,819	$49.94M	1.2%	$31.79	—	COM	875465106
REXR	Rexford Industrial Realty	3,571,229	$49.25M	1.2%	$14.29	—	COM	76169C100
EXR	Extra Space Storage Inc.	575,963	$44.44M	1.0%	$26.68	+86.6%	COM	30225T102
—	Gramercy Property Trust Inc	2,131,412	$44.27M	1.0%	$9.85	—	COM	38489R100
RLJ	RLJ Lodging Trust	1,715,829	$43.36M	1.0%	$23.62	—	COM	74965L101
ALEX	Alexander & Baldwin Inc.	1,217,802	$41.81M	1.0%	$39.57	—	COM	014491104
—	Retail Opportunity Investments Corp.	2,280,914	$37.73M	0.9%	$14.25	—	COM	76131N101
ESRT	Empire State Realty Trust Inc.	2,161,662	$36.81M	0.9%	$15.40	—	COM	292104106
DEI	Douglas Emmett Inc.	1,275,461	$36.63M	0.9%	$24.53	—	COM	25960P109
—	Store Capital Corp.	1,767,859	$36.52M	0.9%	$21.14	—	COM	862121100
—	American Campus Communities	989,997	$35.88M	0.8%	$39.81	—	COM	024835100
CLDT	Chatham Lodging Trust	1,617,882	$34.75M	0.8%	$25.52	—	COM	16208T102
—	Extended Stay America Inc	1,881,906	$31.58M	0.7%	$22.74	—	COM	30224P200
ARE	Alexandria R.E. Equities	254,400	$21.54M	0.5%	$45.20	+37.6%	COM	015271109
AMH	American Homes 4 Rent	972,411	$15.64M	0.4%	$16.25	—	COM	02665T306
—	General Growth Properties	509,000	$13.22M	0.3%	$28.81	—	COM	370023103
KRC	Kilroy Realty Corp.	199,500	$13M	0.3%	$53.19	—	COM	49427F108
NNN	National Retail Properties	354,420	$12.86M	0.3%	$34.70	—	COM	637417106
EPR	EPR Properties	142,500	$7.349M	0.2%	$50.40	—	COM	26884U109
OHI	Omega Healthcare Investors	99,000	$3.48M	0.1%	$34.38	—	COM	681936100
—	Post Properties Inc.	46,000	$2.681M	0.1%	$58.28	—	COM	737464107
—	DCT Industrial Trust Inc.	62,000	$2.087M	0.0%	$33.66	—	COM	233153204
—	Retail Properties of America Inc.	107,000	$1.508M	0.0%	$13.93	—	COM	76131V202
SRG	Seritage Growth Properties	30,000	$1.117M	0.0%	$36.75	0.0%	COM	81752R100