Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group, Inc.	68,330	$11.05M	9.2%	$97.44	+5.4%	REITS	828806109
PSA	Public Storage	37,509	$7.822M	6.5%	$119.08	+26.9%	REITS	74460D109
—	GGP, Inc.	254,362	$5.993M	5.0%	$23.28	—	REITS	36174X101
EQR	Equity Residential	67,376	$4.435M	3.7%	$37.41	+27.3%	REITS	29476L107
AVB	AvalonBay Communities, Inc.	22,774	$4.376M	3.6%	$110.78	+28.3%	REITS	053484101
EXR	Extra Space Storage, Inc.	53,800	$4.196M	3.5%	$57.07	-2.8%	REITS	30225T102
WELL	Welltower, Inc.	53,583	$4.011M	3.3%	$46.68	+14.8%	REITS	95040Q104
SKT	Tanger Factory Outlet Ctrs Inc	152,889	$3.972M	3.3%	$31.42	—	REITS	875465106
—	Life Storage, Inc.	52,776	$3.911M	3.2%	$85.91	—	REITS	53223X107
VTR	Ventas, Inc.	54,041	$3.755M	3.1%	$44.33	+3.8%	REITS	92276F100
MAC	Macerich Company	63,934	$3.712M	3.1%	$62.66	—	REITS	554382101
BXP	Boston Properties, Inc.	28,443	$3.499M	2.9%	$74.59	+16.5%	REITS	101121101
VNO	Vornado Realty Trust	32,915	$3.091M	2.6%	$86.63	—	REITS	929042109
—	Taubman Centers, Inc.	46,648	$2.778M	2.3%	$66.95	—	REITS	876664103
—	Care Capital Properties, Inc.	89,394	$2.387M	2.0%	$28.95	—	REITS	141624106
—	Select Income REIT	98,226	$2.36M	2.0%	$23.46	—	REITS	81618T100
—	HCP, Inc.	70,715	$2.26M	1.9%	$40.18	—	REITS	40414L109
ELS	Equity LifeStyle Properties, I	22,956	$1.982M	1.6%	$55.80	—	REITS	29472R108
MAA	Mid-America Apt. Communities	18,771	$1.978M	1.6%	$70.62	+8.3%	REITS	59522J103
—	Uniti Group, Inc.	78,435	$1.972M	1.6%	$25.84	—	REITS	91325V108
HST	Host Hotels & Resorts Inc.	81,038	$1.481M	1.2%	$12.95	+1.4%	REITS	44107P104
PLD	Prologis, Inc.	24,423	$1.432M	1.2%	$28.67	+52.6%	REITS	74340W103
ESS	Essex Property Trust, Inc.	4,945	$1.272M	1.1%	$159.01	+18.2%	REITS	297178105
—	CBL & Associates Properties	150,515	$1.269M	1.1%	$10.90	—	REITS	124830100
—	Paramount Group, Inc.	73,777	$1.18M	1.0%	$16.90	—	REITS	69924R108
OLP	One Liberty Properties, Inc.	49,577	$1.162M	1.0%	$21.72	—	REITS	682406103
ARE	Alexandria Real Estate Eqtys.	9,404	$1.133M	0.9%	$55.67	+53.1%	REITS	015271109
—	Federal Realty Investment	8,517	$1.076M	0.9%	$130.90	—	REITS	313747206
—	Tier REIT, Inc.	55,438	$1.024M	0.8%	$15.81	—	REITS	88650V208
—	Apartment Investmnt & Managemt	23,394	$1.005M	0.8%	$36.45	—	REITS	03748R101
—	SL Green Realty Corporation	8,921	$944K	0.8%	$99.33	—	REITS	78440X101
CUBE	CubeSmart	37,700	$906K	0.8%	$25.19	—	REITS	229663109
—	Forest City Realty Trust, Inc.	36,600	$885K	0.7%	$20.85	—	REITS	345605109
SUI	Sun Communities, Inc.	9,900	$868K	0.7%	$75.28	—	REITS	866674104
—	Duke Realty Corporation	31,005	$867K	0.7%	$15.84	—	REITS	264411505
CPT	Camden Property Trust	9,255	$791K	0.7%	$46.35	+34.7%	REITS	133131102
—	LaSalle Hotel Properties	25,324	$755K	0.6%	$25.85	—	REITS	517942108
—	Hospitality Properties Trust	23,667	$690K	0.6%	$26.17	—	REITS	44106M102
—	DDR Corporation	76,064	$690K	0.6%	$15.74	—	REITS	23317H102
CDP	Corporate Office Properties	19,555	$685K	0.6%	$26.51	—	REITS	22002T108
—	Washington Prime Grp,Inc.	81,573	$683K	0.6%	$12.39	—	REITS	93964W108
—	American Campus Communities	13,751	$650K	0.5%	$38.81	—	REITS	024835100
BRK/B	Berkshire Hathaway Inc	3,614	$612K	0.5%	$110.02	+51.2%	Common Stock	084670702
—	Spirit Realty Capital, Inc.	82,015	$608K	0.5%	$8.32	—	REITS	84860W102
WFC	Wells Fargo & Company	10,960	$607K	0.5%	$30.42	+38.6%	Common Stock	949746101
—	Retail Properties of America	47,514	$580K	0.5%	$13.82	—	REITS	76131V202
—	Senior Housing Properties Trus	28,400	$580K	0.5%	$15.97	—	REITS	81721M109
AXP	American Express Company	6,713	$566K	0.5%	$65.57	+7.2%	Common Stock	025816109
MSFT	Microsoft Corporation	7,565	$521K	0.4%	$27.49	+126.7%	Common Stock	594918104
—	Equity Commonwealth	15,431	$488K	0.4%	$25.68	—	REITS	294628102
—	Weingarten Realty Investors	15,698	$473K	0.4%	$32.73	—	REITS	948741103
—	Quality Care Properties	25,788	$472K	0.4%	$15.51	—	REITS	747545101
KIM	Kimco Realty Corporation	25,437	$467K	0.4%	$12.90	-1.7%	REITS	49446R109
BRX	Brixmor Property Group, Inc.	26,000	$465K	0.4%	$21.46	—	REITS	11120U105
REG	Regency Centers Corporation	7,371	$462K	0.4%	$33.45	+33.6%	REITS	758849103
OHI	Omega Healthcare Investors Inc	13,528	$447K	0.4%	$34.30	—	REITS	681936100
VRE	Mack-Cali Realty Corp.	16,278	$442K	0.4%	$21.93	—	REITS	554489104
UDR	UDR, Inc.	11,242	$438K	0.4%	$18.20	+53.6%	REITS	902653104
PDM	Piedmont Office Realty Trust	20,372	$429K	0.4%	$17.88	—	REITS	720190206
—	New York REIT, Inc.	48,654	$420K	0.3%	$10.40	—	REITS	64976L109
T	AT&T Inc	10,770	$406K	0.3%	$11.81	+34.9%	Common Stock	00206R102
DEI	Douglas Emmett, Inc.	10,400	$397K	0.3%	$28.44	—	REITS	25960P109
AFL	Aflac Inc	5,100	$396K	0.3%	$20.88	+47.2%	Common Stock	001055102
C	Citigroup Inc	5,665	$379K	0.3%	$37.63	+23.5%	Common Stock	172967424
DLR	Digital Realty Trust, Inc.	2,990	$338K	0.3%	$42.31	+100.4%	REITS	253868103
CVX	Chevron Corporation	3,180	$332K	0.3%	$70.21	+4.3%	Common Stock	166764100
—	Pennsylvania REIT	29,291	$332K	0.3%	$14.00	—	REITS	709102107
—	STORE Capital Corporation	14,500	$326K	0.3%	$24.03	—	REITS	862121100
SYK	Stryker Corporation	2,265	$314K	0.3%	$56.92	+119.2%	Common Stock	863667101
—	National Oilwell Varco Inc	8,671	$286K	0.2%	$59.35	—	Common Stock	637071101
AZO	AutoZone Inc	500	$285K	0.2%	$651.02	0.0%	Common Stock	053332102
—	OWENS REALTY MORTGAGE INC	16,742	$284K	0.2%	$16.54	—	REITS	690828108
—	Varian Medical Systems Inc	2,730	$282K	0.2%	$67.41	—	Common Stock	92220P105
SHO	Sunstone Hotel Investors, Inc.	16,616	$268K	0.2%	$13.24	—	REITS	867892101
FR	First Industrial Realty Trust	9,200	$263K	0.2%	$21.01	—	REITS	32054K103
—	CorEnergy Infrastructure Trust	7,768	$261K	0.2%	$15.54	—	REITS	21870U502
WMT	Wal-Mart Stores Inc	3,408	$258K	0.2%	$20.01	+10.1%	Common Stock	931142103
XOM	ExxonMobil Corporation	3,105	$251K	0.2%	$49.08	+13.0%	Common Stock	30231G102
WSR	Whitestone REIT	20,000	$245K	0.2%	$12.25	—	REITS	966084204
VREX	Varex Imaging Corp	7,198	$243K	0.2%	$31.14	+9.3%	Common Stock	92214X106
—	City Office REIT, Inc.	17,400	$221K	0.2%	$12.99	—	REITS	178587101
ESRT	Empire State Realty Trust Inc.	10,494	$218K	0.2%	$17.53	—	REITS	292104106
KRG	Kite Realty Group Trust	11,405	$216K	0.2%	$27.91	—	REITS	49803T300
INTC	Intel Corporation	6,265	$211K	0.2%	$17.14	+72.5%	Common Stock	458140100
EGP	EastGroup Properties, Inc.	2,340	$196K	0.2%	$58.56	—	REITS	277276101
HY	HYSTER YALE MATERIALS	2,775	$195K	0.2%	$52.16	+3.7%	Common Stock	449172105
PG	Procter & Gamble Co	2,226	$194K	0.2%	$59.29	+18.3%	Common Stock	742718109
—	Staples Inc	18,930	$191K	0.2%	$10.50	—	Common Stock	855030102
—	Healthcare Trust of America	6,030	$188K	0.2%	$26.95	—	REITS	42225P501
DNOW	NOW Inc	11,166	$180K	0.1%	$26.72	-36.3%	Common Stock	67011P100
CXW	CoreCivic, Inc.	6,319	$174K	0.1%	$14.21	+68.9%	REITS	21871N101
VMI	Valmont Industries Inc	1,166	$174K	0.1%	$141.23	+6.4%	Common Stock	920253101
KRC	Kilroy Realty Corporation	2,280	$171K	0.1%	$53.07	—	REITS	49427F108
—	Liberty Property Trust	3,850	$157K	0.1%	$34.02	—	REITS	531172104
—	Alleghany Corporation	260	$155K	0.1%	$486.67	—	Common Stock	017175100
—	Ramco-Gershenson Properties	11,750	$152K	0.1%	$15.52	—	REITS	751452202
—	Apache Corporation	3,085	$148K	0.1%	$73.51	—	Common Stock	037411105
AGNC	AGNC Investment Corp	6,832	$145K	0.1%	$18.15	—	REITS	00123Q104
BDN	Brandywine Realty Trust	8,000	$140K	0.1%	$13.25	—	REITS	105368203
—	Aetna Inc	915	$139K	0.1%	$63.57	—	Common Stock	00817Y108
FSP	Franklin Street Properties Cor	11,914	$132K	0.1%	$13.16	—	REITS	35471R106
TDS	Telephone & Data Systems Inc	4,368	$121K	0.1%	$26.30	+4.5%	Common Stock	879433829
—	DCT Industrial Trust, Inc.	1,860	$99,000	0.1%	$35.64	—	REITS	233153204
—	VEREIT, Inc.	12,000	$98,000	0.1%	$8.83	—	REITS	92339V100
LTC	LTC Properties, Inc.	1,620	$83,000	0.1%	$39.03	—	REITS	502175102
—	First Potomac Realty Trust	7,300	$81,000	0.1%	$13.03	—	REITS	33610F109
—	FIVE OAKS INVESTMENT CORP	12,687	$62,000	0.1%	$4.97	—	REITS	33830W106
IRM	Iron Mountain, Inc.	853	$29,000	0.0%	$19.89	+8.5%	REITS	46284V101
—	DuPont Fabros Technology, Inc.	112	$7,000	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