Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PPTY GROUP INC NEW	6,580,740	$1.094B	10.4%	$88.80	+5.0%	COM	828806109
EQR	EQUITY RESIDENTIAL	11,976,377	$755M	7.2%	$31.29	+10.1%	SH BEN INT	29476L107
HST	HOST HOTELS & RESORTS INC	33,084,142	$728M	6.9%	$10.79	+24.8%	COM	44107P104
VNO	VORNADO RLTY TR	6,767,387	$722M	6.9%	$83.25	—	SH BEN INT	929042109
PSA	PUBLIC STORAGE	4,079,467	$699M	6.6%	$97.46	+12.2%	COM	74460D109
AVB	AVALONBAY CMNTYS INC	4,718,197	$671M	6.4%	$87.62	+7.1%	COM	053484101
PLD	PROLOGIS INC	16,080,598	$661M	6.3%	$27.71	+4.9%	COM	74340W103
VTR	VENTAS INC	9,933,363	$637M	6.1%	$49.07	-9.3%	COM	92276F100
BXP	BOSTON PROPERTIES INC	4,328,031	$511M	4.9%	$64.00	+13.9%	COM	101121101
ARE	ALEXANDRIA REAL ESTATE EQ IN	5,506,369	$428M	4.1%	$44.95	+10.6%	COM	015271109
KIM	KIMCO RLTY CORP	14,565,600	$335M	3.2%	$12.61	+3.5%	COM	49446R109
REG	REGENCY CTRS CORP	4,526,269	$252M	2.4%	$33.28	+3.6%	COM	758849103
DLR	DIGITAL RLTY TR INC	4,285,926	$250M	2.4%	$39.41	-8.1%	COM	253868103
CDP	CORPORATE OFFICE PPTYS TR	8,093,142	$225M	2.1%	$25.48	—	SH BEN INT	22002T108
SKT	TANGER FACTORY OUTLET CTRS I	5,776,296	$202M	1.9%	$33.46	—	COM	875465106
DEI	DOUGLAS EMMETT INC	7,111,178	$201M	1.9%	$25.15	—	COM	25960P109
BRX	BRIXMOR PPTY GROUP INC	7,953,435	$183M	1.7%	$21.17	—	COM	11120U105
—	HCP INC	3,224,500	$133M	1.3%	$44.51	—	COM	40414L109
ESS	ESSEX PPTY TR INC	531,448	$98.27M	0.9%	$111.76	+9.0%	COM	297178105
MAC	MACERICH CO	1,316,000	$87.84M	0.8%	$62.88	—	COM	554382101
—	HEALTH CARE REIT INC	1,363,717	$85.46M	0.8%	$67.03	—	COM	42217K106
—	GENERAL GROWTH PPTYS INC NEW	3,009,000	$70.89M	0.7%	$19.87	—	COM	370023103
—	WASHINGTON PRIME GROUP INC	3,297,670	$61.8M	0.6%	$18.74	—	COM	939647103
—	AMERICAN RLTY CAP PPTYS INC	4,916,000	$61.6M	0.6%	$13.25	—	COM	02917T104
MAA	MID-AMER APT CMNTYS INC	839,000	$61.29M	0.6%	$42.77	+9.8%	COM	59522J103
—	DDR CORP	3,396,000	$59.87M	0.6%	$16.76	—	COM	23317H102
KRC	KILROY RLTY CORP	913,542	$56.9M	0.5%	$53.01	—	COM	49427F108
EXR	EXTRA SPACE STORAGE INC	1,065,000	$56.71M	0.5%	$28.32	+18.7%	COM	30225T102
—	DCT INDUSTRIAL TRUST INC	6,741,350	$55.35M	0.5%	$7.51	—	COM	233153105
—	SPIRIT RLTY CAP INC NEW	4,440,000	$50.44M	0.5%	$9.81	—	COM	84860W102
—	APARTMENT INVT & MGMT CO	1,556,000	$50.21M	0.5%	$28.26	—	CL A	03748R101
—	FOREST CITY ENTERPRISES INC	2,437,050	$48.42M	0.5%	$18.26	—	CL A	345550107
—	SL GREEN RLTY CORP	399,000	$43.66M	0.4%	$95.36	—	COM	78440X101
—	AMERICAN CAMPUS CMNTYS INC	1,067,500	$40.82M	0.4%	$40.13	—	COM	024835100
SBRA	SABRA HEALTH CARE REIT INC	1,395,000	$40.05M	0.4%	$25.98	—	COM	78573L106
UDR	UDR INC	1,398,000	$40.02M	0.4%	$17.28	+3.5%	COM	902653104
FR	FIRST INDUSTRIAL REALTY TRUS	1,957,700	$36.88M	0.4%	$18.81	—	COM	32054K103
—	POST PPTYS INC	684,500	$36.59M	0.3%	$51.45	—	COM	737464107
—	LIBERTY PPTY TR	939,300	$35.63M	0.3%	$36.82	—	SH BEN INT	531172104
WPC	W P CAREY INC	535,400	$34.48M	0.3%	$60.39	—	COM	92936U109
O	REALTY INCOME CORP	764,000	$33.94M	0.3%	$25.01	-3.1%	COM	756109104
—	RETAIL PPTYS AMER INC	2,166,610	$33.32M	0.3%	$13.03	—	CL A	76131V202
RLJ	RLJ LODGING TR	1,134,500	$32.78M	0.3%	$26.33	—	COM	74965L101
ELS	EQUITY LIFESTYLE PPTYS INC	730,000	$32.24M	0.3%	$55.00	—	COM	29472R108
—	COUSINS PPTYS INC	2,556,047	$31.82M	0.3%	$11.82	—	COM	222795106
—	LASALLE HOTEL PPTYS	853,600	$30.12M	0.3%	$31.57	—	COM SH BEN INT	517942108
—	FEDERAL REALTY INVT TR	211,000	$25.51M	0.2%	$103.90	—	SH BEN INT NEW	313747206
—	BIOMED REALTY TRUST INC	1,153,000	$25.17M	0.2%	$20.49	—	COM	09063H107
NNN	NATIONAL RETAIL PPTYS INC	676,000	$25.14M	0.2%	$31.75	—	COM	637417106
—	GLIMCHER RLTY TR	2,199,400	$23.82M	0.2%	$9.98	—	SH BEN INT	379302102
ELME	WASHINGTON REAL ESTATE INVT	804,797	$20.91M	0.2%	$25.98	—	SH BEN INT	939653101
—	HERSHA HOSPITALITY TR	3,112,900	$20.89M	0.2%	$5.72	—	SH BEN INT A	427825104
—	STARWOOD HOTELS&RESORTS WRLD	239,896	$19.39M	0.2%	$78.74	—	COM	85590A401
CPT	CAMDEN PPTY TR	264,100	$18.79M	0.2%	$40.12	+10.0%	SH BEN INT	133131102
—	HILTON WORLDWIDE HLDGS INC	800,000	$18.64M	0.2%	$22.46	—	COM	43300A104
NHI	NATIONAL HEALTH INVS INC	285,257	$17.85M	0.2%	$61.09	—	COM	63633D104
SUI	SUN CMNTYS INC	309,323	$15.42M	0.1%	$49.84	—	COM	866674104
—	LEXINGTON REALTY TRUST	1,342,583	$14.78M	0.1%	$11.36	—	COM	529043101
—	RAMCO-GERSHENSON PPTYS TR	819,500	$13.62M	0.1%	$16.51	—	COM SH BEN INT	751452202
—	COMMONWEALTH REIT	483,000	$12.71M	0.1%	$26.32	—	COM SH BEN INT	203233101
—	AVIV REIT INC MD	433,570	$12.21M	0.1%	$25.09	—	COM	05381L101
—	GRAMERCY PPTY TR INC	2,000,000	$12.1M	0.1%	$6.05	—	COM	38489R100
—	KITE RLTY GROUP TR	1,819,300	$11.17M	0.1%	$6.09	—	COM	49803T102
—	CYRUSONE INC	435,000	$10.83M	0.1%	$24.90	—	COM	23283R100
—	DUKE REALTY CORP	589,000	$10.7M	0.1%	$15.68	—	COM NEW	264411505
STAG	STAG INDL INC	437,100	$10.49M	0.1%	$20.12	—	COM	85254J102
HIW	HIGHWOODS PPTYS INC	240,489	$10.09M	0.1%	$36.69	—	COM	431284108
TRNO	TERRENO RLTY CORP	496,061	$9.589M	0.1%	$18.53	—	COM	88146M101
—	HOSPITALITY PPTYS TR	297,353	$9.04M	0.1%	$28.72	—	COM SH BEN INT	44106M102
—	CBL & ASSOC PPTYS INC	433,338	$8.233M	0.1%	$17.75	—	COM	124830100
AKR	ACADIA RLTY TR	254,907	$7.16M	0.1%	$24.70	—	COM SH BEN INT	004239109
BDN	BRANDYWINE RLTY TR	425,000	$6.63M	0.1%	$14.30	—	SH BEN INT NEW	105368203
—	HUDSON PAC PPTYS INC	250,000	$6.335M	0.1%	$23.07	—	COM	444097109
—	HEALTHCARE TR AMER INC	505,000	$6.08M	0.1%	$11.39	—	CL A	42225P105
—	AMERICAN RESIDENTIAL PPTYS I	322,904	$6.054M	0.1%	$17.39	—	COM	02927E303
PDM	PIEDMONT OFFICE REALTY TR IN	284,256	$5.384M	0.1%	$17.88	—	COM CL A	720190206
—	CORESITE RLTY CORP	159,206	$5.265M	0.1%	$33.07	—	COM	21870Q105
DRH	DIAMONDROCK HOSPITALITY CO	119,009	$1.526M	0.0%	$12.82	—	COM	252784301
—	CEDAR REALTY TRUST INC	211,465	$1.322M	0.0%	$6.25	—	COM NEW	150602209
—	EPR PPTYS	40,000	$1.261M	0.0%	$32.00	—	CONV PFD 9% SR E	26884U307
CUBE	CUBESMART	50,000	$916K	0.0%	$15.96	—	COM	229663109
—	LEXINGTON REALTY TRUST	10,000	$490K	0.0%	$47.80	—	PFD CONV SER C	529043309
CPS	COOPER STD HLDGS INC	6,380	$422K	0.0%	$50.83	+30.4%	COM	21676P103