Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PPTY GROUP INC NEW	205,083	$31.66M	3.0%	$100.33	+3.5%	—	828806109
AMT	AMERICAN TOWER CORP NEW	184,810	$26.86M	2.6%	$80.31	+42.9%	—	03027X100
BXP	BOSTON PROPERTIES INC	203,475	$25.07M	2.4%	$77.80	+9.4%	—	101121101
AMZN	AMAZON COM INC	16,133	$23.35M	2.2%	$17.03	+319.9%	—	023135106
ESS	ESSEX PPTY TR INC	94,949	$22.85M	2.2%	$152.29	+15.5%	—	297178105
EQIX	EQUINIX INC	54,232	$22.68M	2.2%	$362.37	-0.2%	—	29444U700
AVB	AVALONBAY CMNTYS INC	132,250	$21.75M	2.1%	$113.94	+9.4%	—	053484101
AAPL	APPLE INC	127,604	$21.41M	2.0%	$18.29	+121.0%	—	037833100
CCI	CROWN CASTLE INTL CORP NEW	194,838	$21.36M	2.0%	$56.86	+36.6%	—	22822V101
MSFT	MICROSOFT CORP	213,646	$19.5M	1.9%	$38.31	+120.1%	—	594918104
SPY	SPDR S&P 500 ETF TR	73,827	$19.43M	1.9%	$36561.91	—	—	78462F103
CPT	CAMDEN PPTY TR	226,650	$19.08M	1.8%	$52.29	+22.0%	—	133131102
—	CYRUSONE INC	365,845	$18.73M	1.8%	$2361.94	—	—	23283R100
JPM	JPMORGAN CHASE & CO	157,853	$17.36M	1.7%	$66.26	+38.0%	—	46625H100
GOOG	ALPHABET INC	16,452	$16.98M	1.6%	$35.61	+53.9%	—	02079K107
—	DOWDUPONT INC	249,572	$15.9M	1.5%	$69.23	—	—	26078J100
KRC	KILROY RLTY CORP	223,168	$15.84M	1.5%	$66.30	—	—	49427F108
SRE	SEMPRA ENERGY	129,932	$14.45M	1.4%	$34.93	+19.7%	—	816851109
META	FACEBOOK INC	90,146	$14.4M	1.4%	$38.69	+360.8%	—	30303M102
VNO	VORNADO RLTY TR	196,282	$13.21M	1.3%	$1320.33	—	—	929042109
V	VISA INC	106,418	$12.73M	1.2%	$68.72	+67.0%	—	92826C839
—	LIFE STORAGE INC	148,531	$12.4M	1.2%	$88.62	—	—	53223X107
MAC	MACERICH CO	220,431	$12.35M	1.2%	$533.70	—	—	554382101
XOM	EXXON MOBIL CORP	164,898	$12.3M	1.2%	$50.00	+11.5%	—	30231G102
JNJ	JOHNSON & JOHNSON	95,055	$12.18M	1.2%	$69.26	+56.5%	—	478160104
EGP	EASTGROUP PPTY INC	147,260	$12.17M	1.2%	$3425.81	—	—	277276101
REG	REGENCY CTRS CORP	205,090	$12.1M	1.2%	$47.28	-7.3%	—	758849103
ESRT	EMPIRE ST RLTY TR INC	705,620	$11.85M	1.1%	$18.95	—	—	292104106
EXR	EXTRA SPACE STORAGE INC	134,699	$11.77M	1.1%	$58.40	+7.3%	—	30225T102
EL	LAUDER ESTEE COS INC	78,042	$11.68M	1.1%	$68.51	+83.1%	—	518439104
UNH	UNITEDHEALTH GROUP INC	53,546	$11.46M	1.1%	$169.87	+18.4%	—	91324P102
COST	COSTCO WHSL CORP NEW	60,509	$11.4M	1.1%	$119.60	+41.5%	—	22160K105
TMO	THERMO FISHER SCIENTIFIC INC	53,849	$11.12M	1.1%	$111.94	+83.6%	—	883556102
SBAC	SBA COMMUNICATIONS CORP NEW	64,642	$11.05M	1.1%	$146.98	+4.2%	—	78410G104
DEI	DOUGLAS EMMETT INC	299,079	$10.99M	1.0%	$39.14	—	—	25960P109
KRG	KITE RLTY GROUP TR	714,695	$10.88M	1.0%	$22.38	—	—	49803T300
CAT	CATERPILLAR INC DEL	71,805	$10.58M	1.0%	$101.48	+31.1%	—	149123101
C	CITIGROUP INC	156,725	$10.58M	1.0%	$53.03	+8.7%	—	172967424
UE	URBAN EDGE PPTYS	495,471	$10.58M	1.0%	$24.86	—	—	91704F104
AXP	AMERICAN EXPRESS CO	111,869	$10.44M	1.0%	$62.43	+39.4%	—	025816109
INVH	INVITATION HOMES INC	456,520	$10.42M	1.0%	$18.19	-1.3%	—	46187W107
SLB	SCHLUMBERGER LTD	160,207	$10.38M	1.0%	$56.08	-0.6%	—	806857108
WM	WASTE MGMT INC DEL	122,364	$10.29M	1.0%	$45.47	+64.7%	—	94106L109
SCHW	SCHWAB CHARLES CORP NEW	196,841	$10.28M	1.0%	$36.79	+30.8%	—	808513105
DIS	DISNEY WALT CO	102,232	$10.27M	1.0%	$97.15	+3.9%	—	254687106
REXR	REXFORD INDL RLTY INC	356,538	$10.27M	1.0%	$28.19	—	—	76169C100
HST	HOST HOTELS & RESORTS INC	534,192	$9.957M	0.9%	$12.43	+16.4%	—	44107P104
AHRT	ARMADA HOFFLER PPTYS INC	724,541	$9.919M	0.9%	$10.98	—	—	04208T108
LOW	LOWES COS INC	112,035	$9.831M	0.9%	$69.28	+18.2%	—	548661107
NOC	NORTHROP GRUMMAN CORP	28,100	$9.81M	0.9%	$263.67	+11.6%	—	666807102
PNC	PNC FINL SVCS GROUP INC	64,863	$9.81M	0.9%	$90.33	+30.8%	—	693475105
EMR	EMERSON ELEC CO	142,475	$9.731M	0.9%	$43.58	+35.4%	—	291011104
—	WEINGARTEN RLTY INVS	345,268	$9.695M	0.9%	$1196.10	—	—	948741103
PEP	PEPSICO INC	86,606	$9.453M	0.9%	$75.21	+18.7%	—	713448108
—	ANADARKO PETE CORP	155,838	$9.414M	0.9%	$53.39	—	—	032511107
—	RETAIL OPPORTUNITY INVTS COR	520,255	$9.193M	0.9%	$21.13	—	—	76131N101
—	APTIV PLC	107,665	$9.148M	0.9%	$84.83	—	—	G6095L109
IRT	INDEPENDENCE RLTY TR INC	988,281	$9.072M	0.9%	$9.26	—	—	45378A106
HPQ	HP INC	410,598	$9M	0.9%	$16.29	+6.5%	—	40434L105
HON	HONEYWELL INTL INC	61,133	$8.834M	0.8%	$104.59	+12.3%	—	438516106
VMC	VULCAN MATLS CO	75,708	$8.644M	0.8%	$113.38	+3.6%	—	929160109
BAC	BANK AMER CORP	283,978	$8.517M	0.8%	$15.20	+71.4%	—	060505104
—	ROYAL DUTCH SHELL PLC	128,933	$8.449M	0.8%	$56.69	—	—	780259107
UDR	UDR INC	222,449	$7.924M	0.8%	$20.38	+30.0%	—	902653104
NVS	NOVARTIS A G	97,885	$7.914M	0.8%	$81.31	—	—	66987V109
—	ALLERGAN PLC	46,140	$7.765M	0.7%	$241.40	—	—	G0177J108
SKT	TANGER FACTORY OUTLET CTRS I	324,159	$7.132M	0.7%	$5558.17	—	—	875465106
CMCSA	COMCAST CORP NEW	190,653	$6.515M	0.6%	$31.99	-0.6%	—	20030N101
BWA	BORGWARNER INC	128,596	$6.459M	0.6%	$33.42	+22.9%	—	099724106
JBGS	JBG SMITH PPTYS	162,557	$5.48M	0.5%	$34.47	—	—	46590V100
GOOGL	ALPHABET INC	4,434	$4.599M	0.4%	$36.73	+49.8%	—	02079K305
BND	VANGUARD BD INDEX FD INC	55,391	$4.427M	0.4%	$81.84	—	—	921937835
VEA	VANGUARD TAX MANAGED INTL FD	98,345	$4.352M	0.4%	$43.30	—	—	921943858
VXF	VANGUARD INDEX FDS	36,492	$4.071M	0.4%	$13999.06	—	—	922908652
EPD	ENTERPRISE PRODS PARTNERS L	157,568	$3.857M	0.4%	$37.42	—	—	293792107
MAIN	MAIN STREET CAPITAL CORP	104,508	$3.712M	0.4%	$37.46	0.0%	—	56035L104
WFC	WELLS FARGO CO NEW	64,302	$3.37M	0.3%	$30.30	+57.5%	—	949746101
EFA	ISHARES TR	41,245	$2.874M	0.3%	$1293.24	—	—	464287465
INTC	INTEL CORP	55,262	$2.859M	0.3%	$40.06	0.0%	—	458140100
—	WALGREENS BOOTS ALLIANCE INC	43,370	$2.826M	0.3%	$65.16	—	—	931427108
SBR	SABINE ROYALTY TR	63,796	$2.804M	0.3%	$28832.38	—	—	785688102
—	ABIOMED INC	9,451	$2.718M	0.3%	$287.59	—	—	003654100
VCSH	VANGUARD SCOTTSDALE FDS	32,805	$2.573M	0.2%	$79.83	—	—	92206C409
—	PIONEER NAT RES CO	14,461	$2.47M	0.2%	$170.80	—	—	723787107
VB	VANGUARD INDEX FDS	16,167	$2.375M	0.2%	$143.47	—	—	922908751
—	MAGELLAN MIDSTREAM PRTNRS LP	39,747	$2.319M	0.2%	$515.52	—	—	559080106
IEMG	ISHARES INC	39,401	$2.301M	0.2%	$57.42	—	—	46434G103
CTRA	CABOT OIL & GAS CORP	86,687	$2.067M	0.2%	$18.91	0.0%	—	127097103
CRM	SALESFORCE COM INC	16,970	$1.974M	0.2%	$68.04	+66.8%	—	79466L302
HAL	HALLIBURTON CO	40,477	$1.9M	0.2%	$33.64	+25.1%	—	406216101
VWO	VANGUARD INTL EQUITY INDEX F	40,336	$1.895M	0.2%	$3807.45	—	—	922042858
EMN	EASTMAN CHEM CO	17,509	$1.849M	0.2%	$77.04	0.0%	—	277432100
IBM	INTERNATIONAL BUSINESS MACHS	12,046	$1.848M	0.2%	$97.05	+10.6%	—	459200101
MRK	MERCK & CO INC	33,817	$1.842M	0.2%	$44.03	-4.0%	—	58933Y105
—	FLIR SYS INC	37,161	$1.841M	0.2%	$49.54	—	—	302445101
—	WELLS FARGO CO NEW	1,390	$1.793M	0.2%	$1310.90	—	—	949746804
—	DRIL-QUIP INC	40,025	$1.793M	0.2%	$44.80	—	—	262037104
NKE	NIKE INC	26,922	$1.775M	0.2%	$59.62	0.0%	—	654106103
—	WESTERN GAS PARTNERS LP	41,285	$1.762M	0.2%	$64.46	—	—	958254104
—	ETF MANAGERS TR	49,430	$1.694M	0.2%	$34.27	—	—	26924G201
—	BB&T CORP	30,999	$1.594M	0.2%	$51.42	—	—	054937107
LUV	SOUTHWEST AIRLS CO	27,715	$1.588M	0.2%	$54.35	0.0%	—	844741108
JHMM	JOHN HANCOCK EXCHANGE TRADED	43,619	$1.496M	0.1%	$32.89	—	—	47804J206
JHMD	JOHN HANCOCK EXCHANGE TRADED	48,918	$1.485M	0.1%	$29.30	—	—	47804J859
PG	PROCTER AND GAMBLE CO	18,411	$1.46M	0.1%	$57.29	+18.5%	—	742718109
—	POWERSHARES ETF TR II	31,964	$1.427M	0.1%	$43.52	—	—	73936T789
LMT	LOCKHEED MARTIN CORP	4,166	$1.397M	0.1%	$275.43	0.0%	—	539830109
—	POWERSHARES ETF TR II	58,055	$1.365M	0.1%	$22.43	—	—	73936T763
MMM	3M CO	6,139	$1.348M	0.1%	$70.57	+112.8%	—	88579Y101
GILD	GILEAD SCIENCES INC	16,610	$1.252M	0.1%	$62.47	-5.7%	—	375558103
KO	COCA COLA CO	28,545	$1.24M	0.1%	$28.08	+24.9%	—	191216100
AB	ALLIANCEBERNSTEIN HOLDING LP	42,890	$1.152M	0.1%	$26.86	—	—	01881G106
ADBE	ADOBE SYS INC	5,232	$1.131M	0.1%	$203.33	0.0%	—	00724F101
XLK	SELECT SECTOR SPDR TR	17,044	$1.115M	0.1%	$39.55	—	—	81369Y803
XLY	SELECT SECTOR SPDR TR	10,952	$1.109M	0.1%	$74.48	—	—	81369Y407
MDT	MEDTRONIC PLC	13,959	$1.108M	0.1%	$67.32	0.0%	—	G5960L103
SAP	SAP SE	10,622	$1.102M	0.1%	$103.75	—	—	803054204
XLU	SELECT SECTOR SPDR TR	21,476	$1.085M	0.1%	$43.67	—	—	81369Y886
LIVN	LIVANOVA PLC	12,245	$1.084M	0.1%	$60.69	+40.3%	—	G5509L101
XLI	SELECT SECTOR SPDR TR	14,553	$1.081M	0.1%	$49.88	—	—	81369Y704
XLV	SELECT SECTOR SPDR TR	13,254	$1.079M	0.1%	$66.66	—	—	81369Y209
XLE	SELECT SECTOR SPDR TR	15,742	$1.061M	0.1%	$61.63	—	—	81369Y506
XLB	SELECT SECTOR SPDR TR	18,420	$1.049M	0.1%	$40.04	—	—	81369Y100
XLP	SELECT SECTOR SPDR TR	19,873	$1.046M	0.1%	$47.55	—	—	81369Y308
—	ROYAL DUTCH SHELL PLC	16,051	$1.024M	0.1%	$59.75	—	—	780259206
BRK/B	BERKSHIRE HATHAWAY INC DEL	5,086	$1.015M	0.1%	$123.47	+66.3%	—	084670702
ITRI	ITRON INC	14,146	$1.012M	0.1%	$71.52	+0.1%	—	465741106
NTR	NUTRIEN LTD	21,416	$1.012M	0.1%	$38.37	0.0%	—	67077M108
PM	PHILIP MORRIS INTL INC	9,600	$954K	0.1%	$49.99	+37.4%	—	718172109
—	CELGENE CORP	10,621	$947K	0.1%	$94.79	—	—	151020104
—	WASHINGTON PRIME GROUP NEW	137,600	$918K	0.1%	$7.30	—	—	93964W108
ARE	ALEXANDRIA REAL ESTATE EQ IN	7,330	$915K	0.1%	$69.77	+33.0%	—	015271109
PFE	PFIZER INC	25,651	$910K	0.1%	$20.06	+20.8%	—	717081103
WAT	WATERS CORP	4,528	$899K	0.1%	$97.50	+112.1%	—	941848103
XLF	SELECT SECTOR SPDR TR	32,367	$892K	0.1%	$22.69	—	—	81369Y605
—	WPX ENERGY INC	58,055	$858K	0.1%	$14.78	—	—	98212B103
EOG	EOG RES INC	8,025	$845K	0.1%	$77.87	+3.8%	—	26875P101
—	DELPHI TECHNOLOGIES PLC	17,382	$828K	0.1%	$52.48	—	—	G2709G107
SCZ	ISHARES TR	12,503	$815K	0.1%	$65.18	—	—	464288273
EQT	EQT CORP	16,897	$803K	0.1%	$26.50	0.0%	—	26884L109
—	NOBLE ENERGY INC	25,900	$785K	0.1%	$30.31	—	—	655044105
—	BANK AMER CORP	42,000	$763K	0.1%	$6.66	—	—	060505146
—	CONCHO RES INC	5,060	$761K	0.1%	$150.40	—	—	20605P101
F	FORD MTR CO DEL	68,280	$757K	0.1%	$7.48	0.0%	—	345370860
T	AT&T INC	20,880	$744K	0.1%	$14.76	+7.2%	—	00206R102
—	MARATHON OIL CORP	45,790	$739K	0.1%	$16.14	—	—	565849106
MA	MASTERCARD INCORPORATED	4,077	$714K	0.1%	$88.36	+85.3%	—	57636Q104
VZ	VERIZON COMMUNICATIONS INC	14,771	$706K	0.1%	$27.93	+18.2%	—	92343V104
CVX	CHEVRON CORP NEW	6,007	$685K	0.1%	$70.05	+21.4%	—	166764100
IWF	ISHARES TR	4,605	$627K	0.1%	$134.62	—	—	464287614
—	BUCKEYE PARTNERS L P	16,410	$601K	0.1%	$36.62	—	—	118230101
ABBV	ABBVIE INC	6,165	$584K	0.1%	$42.31	+85.6%	—	00287Y109
—	LABORATORY CORP AMER HLDGS	3,500	$566K	0.1%	$108.44	—	—	50540R409
APD	AIR PRODS & CHEMS INC	3,529	$561K	0.1%	$68.42	+98.4%	—	009158106
CFR	CULLEN FROST BANKERS INC	5,152	$546K	0.1%	$82.70	0.0%	—	229899109
PAA	PLAINS ALL AMERN PIPELINE L	22,975	$506K	0.0%	$22.02	—	—	726503105
NVO	NOVO-NORDISK A S	10,000	$493K	0.0%	$30095.88	—	—	670100205
BA	BOEING CO	1,460	$479K	0.0%	$194.19	+66.3%	—	097023105
MO	ALTRIA GROUP INC	7,209	$449K	0.0%	$29.07	+25.8%	—	02209S103
AR	ANTERO RES CORP	22,265	$442K	0.0%	$19.38	0.0%	—	03674X106
SBUX	STARBUCKS CORP	7,589	$439K	0.0%	$33.95	+43.4%	—	855244109
—	GENERAL ELECTRIC CO	30,407	$410K	0.0%	$13669.37	—	—	369604103
IWM	ISHARES TR	2,683	$407K	0.0%	$151.70	—	—	464287655
TRGP	TARGA RES CORP	9,099	$400K	0.0%	$35.47	0.0%	—	87612G101
VCIT	VANGUARD SCOTTSDALE FDS	4,605	$391K	0.0%	$87.49	—	—	92206C870
—	WHITING PETE CORP NEW	11,260	$381K	0.0%	$33.84	—	—	966387409
—	WESTERN GAS EQUITY PARTNERS	11,305	$374K	0.0%	$35.57	—	—	95825R103
—	GULFPORT ENERGY CORP	38,245	$369K	0.0%	$9.65	—	—	402635304
—	RSP PERMIAN INC	7,800	$366K	0.0%	$46.92	—	—	74978Q105
CMI	CUMMINS INC	2,250	$365K	0.0%	$86.83	+61.0%	—	231021106
OXY	OCCIDENTAL PETE CORP DEL	5,534	$356K	0.0%	$57.44	0.0%	—	674599105
—	SPDR SERIES TRUST	10,000	$352K	0.0%	$35.20	—	—	78464A730
WY	WEYERHAEUSER CO	10,000	$350K	0.0%	$18.46	+40.4%	—	962166104
—	CONTINENTAL RESOURCES INC	5,900	$348K	0.0%	$58.98	—	—	212015101
KMI	KINDER MORGAN INC DEL	22,100	$333K	0.0%	$11.08	0.0%	—	49456B101
SM	SM ENERGY CO	18,315	$330K	0.0%	$19.42	0.0%	—	78454L100
DVN	DEVON ENERGY CORP NEW	10,210	$325K	0.0%	$26.09	0.0%	—	25179M103
—	SOUTHWESTERN ENERGY CO	74,095	$321K	0.0%	$4.33	—	—	845467109
—	CIMAREX ENERGY CO	3,418	$320K	0.0%	$93.62	—	—	171798101
CVS	CVS HEALTH CORP	5,140	$320K	0.0%	$57.42	-2.7%	—	126650100
DEO	DIAGEO P L C	2,210	$299K	0.0%	$107.88	—	—	25243Q205
MKL	MARKEL CORP	250	$293K	0.0%	$777.66	+44.7%	—	570535104
NWE	NORTHWESTERN CORP	5,284	$284K	0.0%	$32.53	+15.9%	—	668074305
BK	BANK NEW YORK MELLON CORP	5,430	$280K	0.0%	$44.73	0.0%	—	064058100
WMT	WALMART INC	3,103	$276K	0.0%	$20.02	+41.6%	—	931142103
—	UNITED TECHNOLOGIES CORP	1,986	$250K	0.0%	$332.36	—	—	913017109
EEMV	ISHARES INC	3,979	$248K	0.0%	$54.23	—	—	464286533
KHC	KRAFT HEINZ CO	3,859	$240K	0.0%	$49.02	-0.1%	—	500754106
JHML	JOHN HANCOCK EXCHANGE TRADED	6,698	$231K	0.0%	$34.49	—	—	47804J107
—	U S SILICA HLDGS INC	8,835	$225K	0.0%	$25.47	—	—	90346E103
SHY	ISHARES TR	2,500	$209K	0.0%	$84.40	—	—	464287457
RNR	RENAISSANCERE HOLDINGS LTD	1,500	$208K	0.0%	$129.83	0.0%	—	G7496G103
IWD	ISHARES TR	1,700	$204K	0.0%	$124.20	—	—	464287598
—	CHART INDS INC	200,000	$203K	0.0%	$0.99	—	—	16115QAC4
—	TORCHMARK CORP	2,400	$202K	0.0%	$84.17	—	—	891027104
OII	OCEANEERING INTL INC	10,706	$198K	0.0%	$20.05	0.0%	—	675232102
—	SOLARCITY CORP	170,000	$166K	0.0%	$0.99	—	—	83416TAA8
OSG	AMBAC FINL GROUP INC	10,000	$157K	0.0%	$21.85	-29.2%	—	023139884
—	WEATHERFORD INTL LTD	175,000	$157K	0.0%	$0.90	—	—	947075AH0
—	FORUM ENERGY TECHNOLOGIES IN	13,900	$153K	0.0%	$11.01	—	—	34984V100
—	HIGHPOINT RES CORP	21,000	$107K	0.0%	$5.10	—	—	43114K108
—	DENBURY RES INC	23,300	$64,000	0.0%	$2.75	—	—	247916208
—	ENSCO PLC	12,545	$50,000	0.0%	$3.99	—	—	G3157S106
—	GLOBALSTAR INC	10,000	$7,000	0.0%	$724.09	—	—	378973408