Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group, Inc.	57,530	$9.897M	8.5%	$96.46	+15.6%	REITS	828806109
PSA	Public Storage	35,509	$7.773M	6.6%	$117.28	+31.5%	REITS	74460D109
AVB	AvalonBay Communities, Inc.	25,774	$4.732M	4.0%	$110.78	+19.4%	REITS	053484101
EQR	Equity Residential	72,376	$4.503M	3.8%	$37.41	+20.8%	REITS	29476L107
—	GGP, Inc.	189,362	$4.389M	3.8%	$23.18	—	REITS	36174X101
WELL	Welltower, Inc.	61,583	$4.361M	3.7%	$46.68	+4.6%	REITS	95040Q104
EXR	Extra Space Storage, Inc.	53,800	$4.002M	3.4%	$57.07	-5.3%	REITS	30225T102
SKT	Tanger Factory Outlet Ctrs Inc	117,889	$3.863M	3.3%	$33.04	—	REITS	875465106
BXP	Boston Properties, Inc.	27,443	$3.634M	3.1%	$74.14	+22.2%	REITS	101121101
—	Life Storage, Inc.	43,576	$3.578M	3.1%	$88.41	—	REITS	53223X107
VTR	Ventas, Inc.	54,041	$3.515M	3.0%	$44.33	-4.1%	REITS	92276F100
VNO	Vornado Realty Trust	30,915	$3.101M	2.7%	$86.16	—	REITS	929042109
—	HCP, Inc.	86,715	$2.712M	2.3%	$40.18	—	REITS	40414L109
—	Care Capital Properties, Inc.	89,394	$2.402M	2.1%	$28.95	—	REITS	141624106
—	Select Income REIT	88,226	$2.275M	1.9%	$23.39	—	REITS	81618T100
—	Uniti Group, Inc.	85,435	$2.208M	1.9%	$25.84	—	REITS	91325V108
ELS	Equity LifeStyle Properties, I	27,956	$2.154M	1.8%	$55.80	—	REITS	29472R108
ESS	Essex Property Trust, Inc.	8,945	$2.071M	1.8%	$159.01	+7.0%	REITS	297178105
MAA	Mid-America Apt. Communities	18,771	$1.91M	1.6%	$70.62	+3.1%	REITS	59522J103
—	Taubman Centers, Inc.	27,448	$1.812M	1.5%	$72.13	—	REITS	876664103
HST	Host Hotels & Resorts Inc.	91,038	$1.699M	1.5%	$12.95	-0.1%	REITS	44107P104
MAC	Macerich Company	22,934	$1.477M	1.3%	$70.88	—	REITS	554382101
PLD	Prologis, Inc.	28,423	$1.475M	1.3%	$28.67	+38.2%	REITS	74340W103
—	Paramount Group, Inc.	73,777	$1.196M	1.0%	$16.90	—	REITS	69924R108
OLP	One Liberty Properties, Inc.	49,577	$1.158M	1.0%	$21.72	—	REITS	682406103
—	Federal Realty Investment	8,517	$1.137M	1.0%	$130.90	—	REITS	313747206
ARE	Alexandria Real Estate Eqtys.	9,404	$1.039M	0.9%	$55.67	+47.4%	REITS	015271109
—	Apartment Investmnt & Managemt	23,394	$1.038M	0.9%	$36.45	—	REITS	03748R101
CUBE	CubeSmart	37,700	$979K	0.8%	$25.19	—	REITS	229663109
—	Tier REIT, Inc.	55,438	$962K	0.8%	$15.81	—	REITS	88650V208
—	DDR Corporation	76,064	$953K	0.8%	$15.74	—	REITS	23317H102
—	SL Green Realty Corporation	8,921	$951K	0.8%	$99.33	—	REITS	78440X101
SUI	Sun Communities, Inc.	11,817	$949K	0.8%	$75.28	—	REITS	866674104
—	Duke Realty Corporation	31,005	$815K	0.7%	$15.84	—	REITS	264411505
—	Forest City Realty Trust, Inc.	36,600	$797K	0.7%	$20.85	—	REITS	345605109
—	Hospitality Properties Trust	23,667	$746K	0.6%	$26.17	—	REITS	44106M102
CPT	Camden Property Trust	9,255	$745K	0.6%	$46.35	+31.1%	REITS	133131102
—	LaSalle Hotel Properties	25,324	$733K	0.6%	$25.85	—	REITS	517942108
—	Washington Prime Grp,Inc.	81,573	$709K	0.6%	$12.39	—	REITS	93964W108
—	Retail Properties of America	47,514	$685K	0.6%	$13.82	—	REITS	76131V202
—	American Campus Communities	13,751	$654K	0.6%	$38.81	—	REITS	024835100
WFC	Wells Fargo & Company	11,630	$647K	0.6%	$30.42	+45.8%	Common Stock	949746101
CDP	Corporate Office Properties	19,555	$647K	0.6%	$26.51	—	REITS	22002T108
—	CBL & Associates Properties	66,515	$635K	0.5%	$14.02	—	REITS	124830100
BRK/B	Berkshire Hathaway Inc	3,804	$634K	0.5%	$110.02	+52.1%	Common Stock	084670702
—	Senior Housing Properties Trus	28,400	$575K	0.5%	$15.97	—	REITS	81721M109
KIM	Kimco Realty Corporation	25,437	$562K	0.5%	$12.90	+18.9%	REITS	49446R109
AXP	American Express Company	7,073	$560K	0.5%	$65.57	+5.5%	Common Stock	025816109
BRX	Brixmor Property Group, Inc.	26,000	$558K	0.5%	$21.46	—	REITS	11120U105
MSFT	Microsoft Corporation	8,355	$550K	0.5%	$27.49	+110.4%	Common Stock	594918104
—	Weingarten Realty Investors	15,698	$524K	0.4%	$32.73	—	REITS	948741103
CXW	CoreCivic, Inc.	16,319	$513K	0.4%	$14.21	+63.1%	REITS	21871N101
REG	Regency Centers Corporation	7,371	$489K	0.4%	$33.45	+43.8%	REITS	758849103
—	Quality Care Properties	25,788	$486K	0.4%	$15.51	—	REITS	747545101
—	Equity Commonwealth	15,431	$482K	0.4%	$25.68	—	REITS	294628102
—	New York REIT, Inc.	48,654	$471K	0.4%	$10.40	—	REITS	64976L109
T	AT&T Inc	11,250	$467K	0.4%	$11.81	+41.7%	Common Stock	00206R102
OHI	Omega Healthcare Investors Inc	13,528	$446K	0.4%	$34.30	—	REITS	681936100
VRE	Mack-Cali Realty Corp.	16,278	$439K	0.4%	$21.93	—	REITS	554489104
PDM	Piedmont Office Realty Trust	20,372	$436K	0.4%	$17.88	—	REITS	720190206
—	National Oilwell Varco Inc	10,171	$408K	0.3%	$59.35	—	Common Stock	637071101
UDR	UDR, Inc.	11,242	$408K	0.3%	$18.20	+43.0%	REITS	902653104
AFL	Aflac Inc	5,630	$408K	0.3%	$20.88	+38.0%	Common Stock	001055102
DEI	Douglas Emmett, Inc.	10,400	$399K	0.3%	$28.44	—	REITS	25960P109
—	CorEnergy Infrastructure Trust	11,720	$396K	0.3%	$15.54	—	REITS	21870U502
CVX	Chevron Corporation	3,500	$376K	0.3%	$70.21	+9.3%	Common Stock	166764100
C	Citigroup Inc	6,115	$366K	0.3%	$37.63	+18.7%	Common Stock	172967424
AMT	American Tower Corporation	2,900	$352K	0.3%	$86.33	+1.8%	REITS	03027X100
WMT	Wal-Mart Stores Inc	4,868	$351K	0.3%	$20.01	-1.1%	Common Stock	931142103
—	STORE Capital Corporation	14,500	$346K	0.3%	$24.03	—	REITS	862121100
SYK	Stryker Corporation	2,605	$343K	0.3%	$56.92	+101.2%	Common Stock	863667101
—	Varian Medical Systems Inc	3,750	$342K	0.3%	$67.41	—	Common Stock	92220P105
DLR	Digital Realty Trust, Inc.	2,990	$318K	0.3%	$42.31	+82.6%	REITS	253868103
XOM	ExxonMobil Corporation	3,675	$301K	0.3%	$49.08	+14.3%	Common Stock	30231G102
—	OWENS REALTY MORTGAGE INC	16,742	$298K	0.3%	$16.54	—	REITS	690828108
—	Staples Inc	31,260	$274K	0.2%	$10.50	—	Common Stock	855030102
PG	Procter & Gamble Co	2,996	$269K	0.2%	$59.29	+18.1%	Common Stock	742718109
SHO	Sunstone Hotel Investors, Inc.	16,616	$255K	0.2%	$13.24	—	REITS	867892101
VREX	Varex Imaging Corp	7,598	$255K	0.2%	$31.14	0.0%	Common Stock	92214X106
FR	First Industrial Realty Trust	9,200	$245K	0.2%	$21.01	—	REITS	32054K103
KRG	Kite Realty Group Trust	11,405	$245K	0.2%	$27.91	—	REITS	49803T300
EMR	Emerson Electric Co	3,965	$237K	0.2%	$39.87	+20.2%	Common Stock	291011104
INTC	Intel Corporation	6,555	$236K	0.2%	$17.14	+73.2%	Common Stock	458140100
—	Spirit Realty Capital, Inc.	22,015	$223K	0.2%	$10.81	—	REITS	84860W102
ESRT	Empire State Realty Trust Inc.	10,494	$217K	0.2%	$17.53	—	REITS	292104106
—	City Office REIT, Inc.	17,400	$211K	0.2%	$12.99	—	REITS	178587101
VMI	Valmont Industries Inc	1,236	$192K	0.2%	$141.23	+4.6%	Common Stock	920253101
—	Healthcare Trust of America	6,030	$190K	0.2%	$26.95	—	REITS	42225P501
—	Apache Corporation	3,605	$185K	0.2%	$73.51	—	Common Stock	037411105
—	Alleghany Corporation	300	$184K	0.2%	$486.67	—	Common Stock	017175100
HY	HYSTER YALE MATERIALS	3,075	$173K	0.1%	$52.16	-8.2%	Common Stock	449172105
EGP	EastGroup Properties, Inc.	2,340	$172K	0.1%	$58.56	—	REITS	277276101
TDS	Telephone & Data Systems Inc	6,298	$167K	0.1%	$26.30	+8.9%	Common Stock	879433829
—	Ramco-Gershenson Properties	11,750	$165K	0.1%	$15.52	—	REITS	751452202
KRC	Kilroy Realty Corporation	2,280	$164K	0.1%	$53.07	—	REITS	49427F108
DNOW	NOW Inc	9,646	$164K	0.1%	$28.25	-30.3%	Common Stock	67011P100
—	Liberty Property Trust	3,850	$148K	0.1%	$34.02	—	REITS	531172104
FSP	Franklin Street Properties Cor	11,914	$145K	0.1%	$13.16	—	REITS	35471R106
—	Pennsylvania REIT	9,291	$141K	0.1%	$19.75	—	REITS	709102107
AGNC	AGNC Investment Corp	6,832	$136K	0.1%	$18.15	—	REITS	00123Q104
BDN	Brandywine Realty Trust	8,000	$130K	0.1%	$13.25	—	REITS	105368203
—	Aetna Inc	965	$123K	0.1%	$63.57	—	Common Stock	00817Y108
—	VEREIT, Inc.	12,000	$102K	0.1%	$8.83	—	REITS	92339V100
—	DCT Industrial Trust, Inc.	1,860	$90,000	0.1%	$35.64	—	REITS	233153204
LTC	LTC Properties, Inc.	1,620	$78,000	0.1%	$39.03	—	REITS	502175102
—	First Potomac Realty Trust	7,300	$75,000	0.1%	$13.03	—	REITS	33610F109
—	FIVE OAKS INVESTMENT CORP	12,687	$65,000	0.1%	$4.97	—	REITS	33830W106
IRM	Iron Mountain, Inc.	853	$30,000	0.0%	$19.89	+8.1%	REITS	46284V101
—	DuPont Fabros Technology, Inc.	112	$6,000	0.0%	$26.79	—	REITS	26613Q106
DRH	DiamondRock Hospitality Co.	282	$3,000	0.0%	$9.29	—	REITS	252784301
ELME	Washington Real Estate Invmt	32	$1,000	0.0%	$26.91	—	REITS	939653101