Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group, Inc.	69,330	$11.16M	9.2%	$97.51	+4.5%	REITS	828806109
PSA	Public Storage	35,509	$7.599M	6.3%	$119.08	+23.2%	REITS	74460D109
—	GGP, Inc.	264,362	$5.491M	4.5%	$23.18	—	REITS	36174X101
AVB	AvalonBay Communities, Inc.	26,174	$4.67M	3.9%	$114.61	+22.4%	REITS	053484101
EQR	Equity Residential Pptys	67,376	$4.442M	3.7%	$37.41	+31.3%	REITS	29476L107
—	Life Storage, Inc.	49,476	$4.048M	3.3%	$85.91	—	REITS	53223X107
BXP	Boston Properties, Inc.	31,643	$3.888M	3.2%	$75.52	+10.9%	REITS	101121101
WELL	Welltower, Inc.	53,583	$3.766M	3.1%	$46.68	+15.6%	REITS	95040Q104
SKT	Tanger Factory Outlet Ctrs Inc	152,889	$3.734M	3.1%	$31.42	—	REITS	875465106
VTR	Ventas, Inc.	54,041	$3.52M	2.9%	$44.33	+6.2%	REITS	92276F100
MAC	Macerich Co.	63,934	$3.514M	2.9%	$62.66	—	REITS	554382101
—	Uniti Group, Inc.	211,435	$3.1M	2.6%	$18.81	—	REITS	91325V108
EXR	Extra Space Storage, Inc.	36,800	$2.941M	2.4%	$57.07	-0.3%	REITS	30225T102
CUBE	CubeSmart	111,700	$2.9M	2.4%	$25.70	—	REITS	229663109
—	Taubman Centers, Inc.	54,648	$2.716M	2.2%	$64.43	—	REITS	876664103
VNO	Vornado Realty Trust	32,915	$2.531M	2.1%	$86.63	—	REITS	929042109
—	Select Income REIT	102,226	$2.394M	2.0%	$23.46	—	REITS	81618T100
SBRA	Sabra Health Care REIT, Inc.	100,388	$2.203M	1.8%	$21.94	—	REITS	78573L106
MAA	Mid-America Apt. Communities	18,771	$2.006M	1.7%	$70.62	+11.3%	REITS	59522J103
—	HCP, Inc.	70,715	$1.968M	1.6%	$40.18	—	REITS	40414L109
ELS	Equity LifeStyle Properties, I	22,956	$1.953M	1.6%	$55.80	—	REITS	29472R108
OHI	Omega Healthcare Investors Inc	59,528	$1.9M	1.6%	$32.46	—	REITS	681936100
PLD	Prologis, Inc.	24,423	$1.55M	1.3%	$28.67	+70.1%	REITS	74340W103
HST	Host Hotels & Resorts Inc.	81,038	$1.498M	1.2%	$12.95	+1.6%	REITS	44107P104
—	CBL & Associates Properties	150,515	$1.263M	1.0%	$10.90	—	REITS	124830100
ESS	Essex Property Trust, Inc.	4,945	$1.256M	1.0%	$159.01	+23.6%	REITS	297178105
OLP	One Liberty Properties, Inc.	49,577	$1.208M	1.0%	$21.72	—	REITS	682406103
ARE	Alexandria Real Estate Eqtys.	9,404	$1.119M	0.9%	$55.67	+59.1%	REITS	015271109
—	Apartment Investmnt & Managemt	23,394	$1.026M	0.8%	$36.45	—	REITS	03748R101
—	Forest City Realty Trust, Inc.	36,600	$934K	0.8%	$20.85	—	REITS	345605109
—	SL Green Realty Corp.	8,921	$904K	0.7%	$99.33	—	REITS	78440X101
—	Duke Realty Corp.	31,005	$894K	0.7%	$15.84	—	REITS	264411505
SUI	Sun Communities, Inc.	9,900	$848K	0.7%	$75.28	—	REITS	866674104
CPT	Camden Property Trust	9,255	$846K	0.7%	$46.35	+45.8%	REITS	133131102
—	LaSalle Hotel Properties	25,324	$735K	0.6%	$25.85	—	REITS	517942108
—	Federal Realty Investment	5,717	$710K	0.6%	$130.90	—	REITS	313747206
—	DDR Corp.	76,064	$697K	0.6%	$15.74	—	REITS	23317H102
—	Washington Prime Grp,Inc.	81,573	$680K	0.6%	$12.39	—	REITS	93964W108
—	Hospitality Properties Trust	23,667	$674K	0.6%	$26.17	—	REITS	44106M102
BRK/B	Berkshire Hathaway Inc	3,614	$663K	0.5%	$110.02	+60.6%	Common Stock	084670702
CDP	Corporate Office Properties	19,555	$642K	0.5%	$26.51	—	REITS	22002T108
—	Retail Properties of America	47,514	$624K	0.5%	$13.82	—	REITS	76131V202
—	Tier REIT, Inc.	31,438	$607K	0.5%	$15.81	—	REITS	88650V208
AXP	American Express Co	6,713	$607K	0.5%	$65.57	+16.9%	Common Stock	025816109
—	American Campus Communities	13,751	$607K	0.5%	$38.81	—	REITS	024835100
WFC	Wells Fargo & Co	10,960	$604K	0.5%	$30.42	+38.5%	Common Stock	949746101
MSFT	Microsoft Corp	7,565	$564K	0.5%	$27.49	+142.5%	Common Stock	594918104
JBGS	JBG SMITH Properties	16,457	$563K	0.5%	$34.21	—	REITS	46590V100
—	Senior Housing Properties Trus	28,400	$555K	0.5%	$15.97	—	REITS	81721M109
C	Citigroup Inc	7,175	$522K	0.4%	$40.64	+27.7%	Common Stock	172967424
—	Weingarten Realty Investors	15,698	$498K	0.4%	$32.73	—	REITS	948741103
KIM	Kimco Realty Corp.	25,437	$497K	0.4%	$12.90	-0.3%	REITS	49446R109
BRX	Brixmor Property Group, Inc.	26,000	$489K	0.4%	$21.46	—	REITS	11120U105
AZO	AutoZone Inc	820	$488K	0.4%	$604.82	-11.9%	Common Stock	053332102
—	Equity Commonwealth	15,431	$469K	0.4%	$25.68	—	REITS	294628102
REG	Regency Centers Corp.	7,371	$457K	0.4%	$33.45	+37.4%	REITS	758849103
UDR	UDR, Inc.	11,242	$428K	0.4%	$18.20	+57.7%	REITS	902653104
T	AT&T Inc	10,770	$422K	0.3%	$11.81	+32.2%	Common Stock	00206R102
AFL	Aflac Inc	5,100	$415K	0.3%	$20.88	+58.6%	Common Stock	001055102
PDM	Piedmont Office Realty Trust	20,372	$411K	0.3%	$17.88	—	REITS	720190206
DEI	Douglas Emmett, Inc.	10,400	$410K	0.3%	$28.44	—	REITS	25960P109
—	Quality Care Properties	25,788	$400K	0.3%	$15.51	—	REITS	747545101
—	Spirit Realty Capital, Inc.	46,015	$394K	0.3%	$8.32	—	REITS	84860W102
VRE	Mack-Cali Realty Corp.	16,278	$386K	0.3%	$21.93	—	REITS	554489104
—	New York REIT, Inc.	48,654	$382K	0.3%	$10.40	—	REITS	64976L109
CVX	Chevron Corp	3,180	$374K	0.3%	$70.21	+8.5%	Common Stock	166764100
—	STORE Capital Corp.	14,500	$361K	0.3%	$24.03	—	REITS	862121100
DLR	Digital Realty Trust, Inc.	3,050	$361K	0.3%	$43.17	+99.8%	REITS	253868103
—	Paramount Group, Inc.	21,777	$348K	0.3%	$16.90	—	REITS	69924R108
—	National Oilwell Varco Inc	8,671	$310K	0.3%	$59.35	—	Common Stock	637071101
—	Pennsylvania REIT	29,291	$307K	0.3%	$14.00	—	REITS	709102107
—	OWENS REALTY MORTGAGE INC	16,742	$305K	0.3%	$16.54	—	REITS	690828108
VREX	Varex Imaging Corp	8,988	$304K	0.3%	$31.17	+0.3%	Common Stock	92214X106
FR	First Industrial Realty Trust	9,200	$277K	0.2%	$21.01	—	REITS	32054K103
—	CorEnergy Infrastructure Trust	7,768	$275K	0.2%	$15.54	—	REITS	21870U502
SHO	Sunstone Hotel Investors, Inc.	16,616	$267K	0.2%	$13.24	—	REITS	867892101
WMT	Wal-Mart Stores Inc	3,408	$266K	0.2%	$20.01	+14.5%	Common Stock	931142103
SYK	Stryker Corporation	1,825	$259K	0.2%	$56.92	+129.8%	Common Stock	863667101
XOM	ExxonMobil Corp	3,105	$255K	0.2%	$49.08	+10.7%	Common Stock	30231G102
DNOW	NOW Inc	17,526	$242K	0.2%	$21.97	-38.0%	Common Stock	67011P100
—	City Office REIT, Inc.	17,400	$240K	0.2%	$12.99	—	REITS	178587101
INTC	Intel Corp	6,265	$239K	0.2%	$17.14	+72.7%	Common Stock	458140100
KRG	Kite Realty Group Trust	11,405	$231K	0.2%	$27.91	—	REITS	49803T300
ESRT	Empire State Realty Trust Inc.	10,494	$216K	0.2%	$17.53	—	REITS	292104106
HY	HYSTER YALE MATERIALS	2,775	$212K	0.2%	$52.16	+7.3%	Common Stock	449172105
EGP	EastGroup Properties, Inc.	2,340	$206K	0.2%	$58.56	—	REITS	277276101
PG	Procter & Gamble Co	2,226	$203K	0.2%	$59.29	+23.2%	Common Stock	742718109
—	Varian Medical Systems Inc	1,930	$193K	0.2%	$67.41	—	Common Stock	92220P105
VMI	Valmont Industries Inc	1,166	$184K	0.2%	$141.23	+6.7%	Common Stock	920253101
—	Healthcare Trust of America	6,030	$180K	0.1%	$26.95	—	REITS	42225P501
CXW	CoreCivic, Inc.	6,319	$169K	0.1%	$14.21	+45.9%	REITS	21871N101
KRC	Kilroy Realty Corporation	2,280	$162K	0.1%	$53.07	—	REITS	49427F108
CCI	Crown Castle Intern'l Corp.	1,600	$160K	0.1%	$71.86	0.0%	REITS	22822V101
—	Liberty Property Trust	3,850	$158K	0.1%	$34.02	—	REITS	531172104
—	Ramco-Gershenson Properties	11,750	$153K	0.1%	$15.52	—	REITS	751452202
—	Aetna Inc	915	$145K	0.1%	$63.57	—	Common Stock	00817Y108
—	Alleghany Corp	260	$144K	0.1%	$486.67	—	Common Stock	017175100
—	Apache Corp	3,085	$141K	0.1%	$73.51	—	Common Stock	037411105
BDN	Brandywine Realty Trust	8,000	$140K	0.1%	$13.25	—	REITS	105368203
FSP	Franklin Street Properties Cor	11,914	$127K	0.1%	$13.16	—	REITS	35471R106
TDS	Telephone & Data Systems Inc	4,368	$122K	0.1%	$26.30	+7.4%	Common Stock	879433829
—	DCT Industrial Trust, Inc.	1,860	$108K	0.1%	$35.64	—	REITS	233153204
—	VEREIT, Inc.	12,000	$99,000	0.1%	$8.83	—	REITS	92339V100
—	First Potomac Realty Trust	7,300	$81,000	0.1%	$13.03	—	REITS	33610F109
LTC	LTC Properties, Inc.	1,620	$76,000	0.1%	$39.03	—	REITS	502175102
—	FIVE OAKS INVESTMENT CORP	12,687	$57,000	0.0%	$4.97	—	REITS	33830W106
IRM	Iron Mountain, Inc.	853	$33,000	0.0%	$19.89	+17.7%	REITS	46284V101
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