Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PPTY GROUP INC NEW	6,469,509	$959M	10.6%	$88.80	-8.8%	COM	828806109
EQR	EQUITY RESIDENTIAL	12,336,557	$661M	7.3%	$31.42	-3.4%	SH BEN INT	29476L107
PSA	PUBLIC STORAGE	4,055,023	$651M	7.2%	$97.16	+1.3%	COM	74460D109
HST	HOST HOTELS & RESORTS INC	34,719,329	$613M	6.8%	$10.74	+1.2%	COM	44107P104
VTR	VENTAS INC	9,896,248	$609M	6.7%	$49.18	-12.8%	COM	92276F100
AVB	AVALONBAY CMNTYS INC	4,711,137	$599M	6.6%	$87.72	-0.5%	COM	053484101
PLD	PROLOGIS INC	15,551,077	$585M	6.5%	$27.85	-6.6%	COM	74340W103
VNO	VORNADO RLTY TR	6,432,067	$541M	6.0%	$82.85	—	SH BEN INT	929042109
BXP	BOSTON PROPERTIES INC	4,633,804	$495M	5.5%	$64.00	-1.9%	COM	101121101
KIM	KIMCO RLTY CORP	19,739,870	$398M	4.4%	$12.61	-5.9%	COM	49446R109
ARE	ALEXANDRIA REAL ESTATE EQ IN	5,420,703	$346M	3.8%	$44.92	-5.8%	COM	015271109
DLR	DIGITAL RLTY TR INC	5,334,010	$283M	3.1%	$39.68	-11.7%	COM	253868103
SKT	TANGER FACTORY OUTLET CTRS I	7,008,871	$229M	2.5%	$33.46	—	COM	875465106
CDP	CORPORATE OFFICE PPTYS TR	8,979,562	$207M	2.3%	$25.50	—	SH BEN INT	22002T108
REG	REGENCY CTRS CORP	4,186,170	$202M	2.2%	$33.45	-5.0%	COM	758849103
DEI	DOUGLAS EMMETT INC	6,466,178	$152M	1.7%	$24.95	—	COM	25960P109
—	HCP INC	3,198,777	$131M	1.5%	$45.11	—	COM	40414L109
—	GENERAL GROWTH PPTYS INC NEW	5,464,348	$105M	1.2%	$19.87	—	COM	370023103
—	HEALTH CARE REIT INC	1,459,381	$91.04M	1.0%	$67.03	—	COM	42217K106
EXR	EXTRA SPACE STORAGE INC	1,527,377	$69.88M	0.8%	$26.60	+3.3%	COM	30225T102
—	SL GREEN RLTY CORP	709,918	$63.07M	0.7%	$88.19	—	COM	78440X101
—	DDR CORP	3,734,371	$58.67M	0.6%	$16.65	—	COM	23317H102
KRC	KILROY RLTY CORP	1,083,400	$54.12M	0.6%	$53.01	—	COM	49427F108
ESS	ESSEX PPTY TR INC	346,707	$51.21M	0.6%	$105.05	-0.7%	COM	297178105
—	FOREST CITY ENTERPRISES INC	2,671,847	$50.6M	0.6%	$17.91	—	CL A	345550107
O	REALTY INCOME CORP	1,118,076	$44.44M	0.5%	$25.15	-10.3%	COM	756109104
MAA	MID-AMER APT CMNTYS INC	692,892	$43.31M	0.5%	$43.56	-4.8%	COM	59522J103
—	APARTMENT INVT & MGMT CO	1,525,701	$42.63M	0.5%	$27.94	—	CL A	03748R101
SHO	SUNSTONE HOTEL INVS INC NEW	3,200,455	$40.77M	0.5%	$12.08	—	COM	867892101
—	POST PPTYS INC	785,243	$35.35M	0.4%	$49.49	—	COM	737464107
—	COLE REAL ESTATE INVTS INC	2,870,000	$35.19M	0.4%	$12.26	—	COM	19329V105
—	EQUITY ONE	1,593,254	$34.83M	0.4%	$22.63	—	COM	294752100
—	AMERICAN CAMPUS CMNTYS INC	1,010,390	$34.51M	0.4%	$40.66	—	COM	024835100
—	TAUBMAN CTRS INC	491,291	$33.07M	0.4%	$75.15	—	COM	876664103
MAC	MACERICH CO	532,874	$30.07M	0.3%	$60.97	—	COM	554382101
—	DCT INDUSTRIAL TRUST INC	3,932,349	$28.27M	0.3%	$7.17	—	COM	233153105
SBRA	SABRA HEALTH CARE REIT INC	1,202,337	$27.67M	0.3%	$25.95	—	COM	78573L106
—	EXCEL TR INC	2,039,501	$24.47M	0.3%	$12.81	—	COM	30068C109
OHI	OMEGA HEALTHCARE INVS INC	723,031	$21.6M	0.2%	$31.02	—	COM	681936100
—	LIBERTY PPTY TR	596,985	$21.25M	0.2%	$36.12	—	SH BEN INT	531172104
MAR	MARRIOTT INTL INC NEW	464,221	$19.52M	0.2%	$36.63	-0.1%	CL A	571903202
CUBE	CUBESMART	1,094,330	$19.52M	0.2%	$15.98	—	COM	229663109
—	KITE RLTY GROUP TR	3,137,919	$18.61M	0.2%	$6.03	—	COM	49803T102
ELS	EQUITY LIFESTYLE PPTYS INC	517,158	$17.67M	0.2%	$61.23	—	COM	29472R108
—	FEDERAL REALTY INVT TR	161,880	$16.42M	0.2%	$103.68	—	SH BEN INT NEW	313747206
—	LEXINGTON REALTY TRUST	1,442,923	$16.2M	0.2%	$11.54	—	COM	529043101
DRH	DIAMONDROCK HOSPITALITY CO	1,443,652	$15.4M	0.2%	$9.32	—	COM	252784301
UDR	UDR INC	558,777	$13.24M	0.1%	$15.84	-0.9%	COM	902653104
—	BROOKFIELD OFFICE PPTYS INC	685,396	$13.16M	0.1%	$16.58	—	COM	112900105
NNN	NATIONAL RETAIL PPTYS INC	386,405	$12.29M	0.1%	$34.40	—	COM	637417106
BXMT	BLACKSTONE MTG TR INC	458,766	$11.56M	0.1%	$24.70	—	COM CL A	09257W100
—	GLIMCHER RLTY TR	1,169,717	$11.4M	0.1%	$9.75	—	SH BEN INT	379302102
—	SPIRIT RLTY CAP INC NEW	1,161,404	$10.66M	0.1%	$9.18	—	COM	84860W102
—	HERSHA HOSPITALITY TR	1,831,163	$10.24M	0.1%	$5.64	—	SH BEN INT A	427825104
—	HOME PROPERTIES INC	176,668	$10.2M	0.1%	$57.75	—	COM	437306103
—	DUKE REALTY CORP	591,532	$9.133M	0.1%	$15.59	—	COM NEW	264411505
TRNO	TERRENO RLTY CORP	496,061	$8.81M	0.1%	$18.53	—	COM	88146M101
PDM	PIEDMONT OFFICE REALTY TR IN	492,256	$8.546M	0.1%	$17.88	—	COM CL A	720190206
—	COMMONWEALTH REIT	366,000	$8.019M	0.1%	$23.12	—	COM SH BEN INT	203233101
—	CORESITE RLTY CORP	209,706	$7.117M	0.1%	$31.81	—	COM	21870Q105
STAG	STAG INDL INC	330,541	$6.65M	0.1%	$19.95	—	COM	85254J102
—	LASALLE HOTEL PPTYS	220,834	$6.298M	0.1%	$24.70	—	COM SH BEN INT	517942108
—	STRATEGIC HOTELS & RESORTS I	708,627	$6.151M	0.1%	$8.86	—	COM	86272T106
—	AMERICAN RESIDENTIAL PPTYS I	336,550	$5.927M	0.1%	$17.39	—	COM	02927E303
—	HEALTHCARE RLTY TR	251,014	$5.801M	0.1%	$25.50	—	COM	421946104
AKR	ACADIA RLTY TR	216,417	$5.341M	0.1%	$24.68	—	COM SH BEN INT	004239109
HIW	HIGHWOODS PPTYS INC	147,855	$5.221M	0.1%	$35.61	—	COM	431284108
—	CBL & ASSOC PPTYS INC	263,737	$5.037M	0.1%	$21.42	—	COM	124830100
JOE	ST JOE CO	255,075	$5.005M	0.1%	$20.21	+4.2%	COM	790148100
FSP	FRANKLIN STREET PPTYS CORP	367,012	$4.676M	0.1%	$13.20	—	COM	35471R106
VRE	MACK CALI RLTY CORP	186,571	$4.093M	0.0%	$24.49	—	COM	554489104
BDN	BRANDYWINE RLTY TR	265,561	$3.5M	0.0%	$13.52	—	SH BEN INT NEW	105368203
—	AVIV REIT INC MD	103,778	$2.366M	0.0%	$25.29	—	COM	05381L101
H	HYATT HOTELS CORP	46,211	$1.985M	0.0%	$42.47	0.0%	COM CL A	448579102
—	STARWOOD HOTELS&RESORTS WRLD	19,255	$1.279M	0.0%	$66.42	—	COM	85590A401
—	EPR PPTYS	40,000	$1.176M	0.0%	$32.00	—	CONV PFD 9% SR E	26884U307
—	RETAIL PPTYS AMER INC	57,764	$794K	0.0%	$13.75	—	CL A	76131V202
—	LEXINGTON REALTY TRUST	10,000	$458K	0.0%	$47.80	—	PFD CONV SER C	529043309