Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group, Inc.	62,460	$9.641M	8.9%	$97.51	+6.5%	REITS	828806109
PSA	Public Storage	32,266	$6.466M	6.0%	$120.43	+17.0%	REITS	74460D109
—	GGP, Inc.	256,434	$5.247M	4.8%	$23.18	—	REITS	36174X101
AVB	AvalonBay Communities, Inc.	24,749	$4.07M	3.8%	$114.61	+8.8%	REITS	053484101
EQR	Equity Residential Pptys	64,615	$3.982M	3.7%	$37.41	+18.3%	REITS	29476L107
MAC	Macerich Co.	70,878	$3.971M	3.7%	$62.95	—	REITS	554382101
BXP	Boston Properties, Inc.	31,077	$3.829M	3.5%	$75.52	+12.7%	REITS	101121101
WELL	Welltower, Inc.	62,587	$3.407M	3.1%	$46.09	-6.8%	REITS	95040Q104
SKT	Tanger Factory Outlet Ctrs Inc	142,799	$3.142M	2.9%	$31.42	—	REITS	875465106
—	HCP, Inc.	131,881	$3.064M	2.8%	$32.65	—	REITS	40414L109
—	Uniti Group, Inc.	185,655	$3.017M	2.8%	$18.81	—	REITS	91325V108
CUBE	CubeSmart	104,835	$2.956M	2.7%	$25.70	—	REITS	229663109
—	Taubman Centers, Inc.	49,189	$2.799M	2.6%	$64.43	—	REITS	876664103
—	Life Storage, Inc.	31,513	$2.632M	2.4%	$85.91	—	REITS	53223X107
ELS	Equity LifeStyle Properties, I	27,624	$2.425M	2.2%	$61.23	—	REITS	29472R108
VTR	Ventas, Inc.	47,141	$2.335M	2.2%	$44.33	-15.6%	REITS	92276F100
VNO	Vornado Realty Trust	33,506	$2.255M	2.1%	$86.48	—	REITS	929042109
ILPT	Industrial Logistics Propertie	110,000	$2.237M	2.1%	$20.34	—	REITS	456237106
SBRA	Sabra Health Care REIT, Inc.	123,918	$2.187M	2.0%	$20.97	—	REITS	78573L106
EXR	Extra Space Storage, Inc.	23,909	$2.089M	1.9%	$57.07	+9.8%	REITS	30225T102
RLJ	RLJ Lodging Trust	91,000	$1.769M	1.6%	$19.99	—	REITS	74965L101
OHI	Omega Healthcare Investors Inc	59,528	$1.61M	1.5%	$32.46	—	REITS	681936100
PLD	Prologis, Inc.	22,511	$1.418M	1.3%	$28.67	+74.0%	REITS	74340W103
—	Select Income REIT	72,240	$1.407M	1.3%	$23.46	—	REITS	81618T100
MAA	Mid-America Apt. Communities	15,318	$1.398M	1.3%	$70.62	-2.3%	REITS	59522J103
CPT	Camden Property Trust	14,255	$1.2M	1.1%	$52.48	+21.6%	REITS	133131102
SUI	Sun Communities, Inc.	11,900	$1.087M	1.0%	$78.22	—	REITS	866674104
HST	Host Hotels & Resorts Inc.	56,674	$1.056M	1.0%	$12.95	+11.7%	REITS	44107P104
ARE	Alexandria Real Estate Eqtys.	7,948	$993K	0.9%	$55.67	+66.7%	REITS	015271109
ESS	Essex Property Trust, Inc.	3,900	$939K	0.9%	$159.01	+10.7%	REITS	297178105
—	Apartment Investmnt & Managemt	22,710	$925K	0.9%	$36.45	—	REITS	03748R101
—	SL Green Realty Corp.	8,859	$858K	0.8%	$99.33	—	REITS	78440X101
—	Duke Realty Corp.	30,718	$813K	0.8%	$15.84	—	REITS	264411505
—	Forest City Realty Trust, Inc.	36,486	$739K	0.7%	$20.85	—	REITS	345605109
OLP	One Liberty Properties, Inc.	31,916	$705K	0.7%	$21.72	—	REITS	682406103
—	Senior Housing Properties Trus	39,115	$613K	0.6%	$15.88	—	REITS	81721M109
—	CBL & Associates Properties	137,124	$572K	0.5%	$10.90	—	REITS	124830100
—	OUTFRONT Media, Inc.	30,000	$562K	0.5%	$20.82	—	REITS	69007J106
—	DDR Corp.	75,971	$557K	0.5%	$15.74	—	REITS	23317H102
JBGS	JBG SMITH Properties	16,253	$548K	0.5%	$34.21	—	REITS	46590V100
—	Hospitality Properties Trust	21,406	$542K	0.5%	$26.17	—	REITS	44106M102
—	American Campus Communities	13,751	$531K	0.5%	$38.81	—	REITS	024835100
—	Washington Prime Grp,Inc.	78,861	$526K	0.5%	$12.39	—	REITS	93964W108
—	STORE Capital Corp.	19,400	$482K	0.4%	$24.29	—	REITS	862121100
—	Tier REIT, Inc.	25,738	$476K	0.4%	$15.81	—	REITS	88650V208
—	Retail Properties of America	40,113	$468K	0.4%	$13.82	—	REITS	76131V202
BRK/B	Berkshire Hathaway Inc	2,324	$464K	0.4%	$110.02	+86.6%	Common Stock	084670702
—	LaSalle Hotel Properties	15,324	$445K	0.4%	$25.85	—	REITS	517942108
REG	Regency Centers Corp.	7,082	$418K	0.4%	$33.45	+31.0%	REITS	758849103
—	Quality Care Properties	21,494	$418K	0.4%	$15.51	—	REITS	747545101
MSFT	Microsoft Corp	4,545	$415K	0.4%	$27.49	+206.7%	Common Stock	594918104
—	Federal Realty Investment	3,502	$407K	0.4%	$130.90	—	REITS	313747206
CDP	Corporate Office Properties	15,372	$397K	0.4%	$26.51	—	REITS	22002T108
BRX	Brixmor Property Group, Inc.	26,000	$397K	0.4%	$21.46	—	REITS	11120U105
DEI	Douglas Emmett, Inc.	10,400	$382K	0.4%	$28.44	—	REITS	25960P109
AXP	American Express Co	4,093	$382K	0.4%	$65.57	+32.7%	Common Stock	025816109
INTC	Intel Corp	7,335	$382K	0.4%	$20.19	+98.4%	Common Stock	458140100
—	Weingarten Realty Investors	13,456	$378K	0.3%	$32.73	—	REITS	948741103
AZO	AutoZone Inc	570	$370K	0.3%	$604.82	+18.4%	Common Stock	053332102
WFC	Wells Fargo & Co	6,920	$363K	0.3%	$30.42	+56.9%	Common Stock	949746101
C	Citigroup Inc	4,925	$332K	0.3%	$40.64	+41.8%	Common Stock	172967424
UDR	UDR, Inc.	8,770	$312K	0.3%	$18.20	+45.6%	REITS	902653104
AFL	Aflac Inc	7,060	$309K	0.3%	$28.72	+28.1%	Common Stock	001055102
KIM	Kimco Realty Corp.	20,735	$299K	0.3%	$12.90	-19.4%	REITS	49446R109
—	Spirit Realty Capital, Inc.	37,425	$290K	0.3%	$8.32	—	REITS	84860W102
DLR	Digital Realty Trust, Inc.	2,737	$288K	0.3%	$43.17	+85.4%	REITS	253868103
M	Macy's Inc	9,470	$282K	0.3%	$21.94	+23.2%	Common Stock	55616P104
T	AT&T Inc	7,550	$269K	0.2%	$11.81	+33.9%	Common Stock	00206R102
FR	First Industrial Realty Trust	9,096	$266K	0.2%	$21.01	—	REITS	32054K103
—	Pennsylvania REIT	26,718	$258K	0.2%	$14.00	—	REITS	709102107
CVX	Chevron Corp	2,220	$253K	0.2%	$70.21	+21.1%	Common Stock	166764100
SHO	Sunstone Hotel Investors, Inc.	16,616	$253K	0.2%	$13.24	—	REITS	867892101
VREX	Varex Imaging Corp	6,408	$229K	0.2%	$31.17	+22.3%	Common Stock	92214X106
—	National Oilwell Varco Inc	6,081	$224K	0.2%	$59.35	—	Common Stock	637071101
PDM	Piedmont Office Realty Trust	12,372	$218K	0.2%	$17.88	—	REITS	720190206
WMT	Wal-Mart Inc	2,328	$207K	0.2%	$20.01	+41.6%	Common Stock	931142103
—	OWENS REALTY MORTGAGE INC	13,779	$201K	0.2%	$16.54	—	REITS	690828108
—	City Office REIT, Inc.	17,400	$201K	0.2%	$12.99	—	REITS	178587101
VRE	Mack-Cali Realty Corp.	11,785	$197K	0.2%	$21.93	—	REITS	554489104
—	Paramount Group, Inc.	13,648	$194K	0.2%	$16.90	—	REITS	69924R108
—	Apache Corp	4,625	$178K	0.2%	$54.88	—	Common Stock	037411105
ESRT	Empire State Realty Trust Inc.	10,494	$176K	0.2%	$17.53	—	REITS	292104106
—	Equity Commonwealth	5,538	$170K	0.2%	$25.68	—	REITS	294628102
—	CorEnergy Infrastructure Trust	4,513	$169K	0.2%	$15.98	—	REITS	21870U502
XOM	ExxonMobil Corp	2,145	$160K	0.1%	$49.08	+13.6%	Common Stock	30231G102
SYK	Stryker Corporation	985	$159K	0.1%	$56.92	+159.8%	Common Stock	863667101
—	Liberty Property Trust	3,850	$153K	0.1%	$34.02	—	REITS	531172104
—	Ramco-Gershenson Properties	11,593	$143K	0.1%	$15.52	—	REITS	751452202
KRG	Kite Realty Group Trust	9,159	$139K	0.1%	$27.91	—	REITS	49803T300
KRC	Kilroy Realty Corporation	1,915	$136K	0.1%	$53.07	—	REITS	49427F108
HY	HYSTER YALE MATERIALS	1,925	$135K	0.1%	$52.16	+21.8%	Common Stock	449172105
BDN	Brandywine Realty Trust	8,000	$127K	0.1%	$13.25	—	REITS	105368203
DNOW	NOW Inc	12,326	$126K	0.1%	$21.97	-50.4%	Common Stock	67011P100
VMI	Valmont Industries Inc	806	$118K	0.1%	$141.23	+10.7%	Common Stock	920253101
—	Varian Medical Systems Inc	930	$114K	0.1%	$67.41	—	Common Stock	92220P105
—	Alleghany Corp	180	$111K	0.1%	$486.67	—	Common Stock	017175100
—	Aetna Inc	645	$109K	0.1%	$63.57	—	Common Stock	00817Y108
CCI	Crown Castle Intern'l Corp.	992	$109K	0.1%	$71.86	+8.1%	REITS	22822V101
EGP	EastGroup Properties, Inc.	1,259	$104K	0.1%	$58.56	—	REITS	277276101
FSP	Franklin Street Properties Cor	10,649	$90,000	0.1%	$13.16	—	REITS	35471R106
—	VEREIT, Inc.	12,000	$84,000	0.1%	$8.83	—	REITS	92339V100
CXW	CoreCivic, Inc.	3,851	$75,000	0.1%	$14.21	+22.8%	REITS	21871N101
—	Healthcare Trust of America	2,788	$74,000	0.1%	$26.95	—	REITS	42225P501
—	DCT Industrial Trust, Inc.	1,131	$64,000	0.1%	$35.64	—	REITS	233153204
—	FIVE OAKS INVESTMENT CORP	12,687	$37,000	0.0%	$4.97	—	REITS	33830W106
LTC	LTC Properties, Inc.	843	$32,000	0.0%	$39.03	—	REITS	502175102
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