The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN HOMES RENT REIT CLASS A EQU 02665T306   553,871 15,624 SH   SOLE 11 15,624 0 0
EQUITY LIFESTYLE PROPERTIES EQU 29472R108   694,853 10,388 SH   SOLE 11 10,388 0 0
EQUITY RESIDENTIAL SH BEN IN T EQU 29476L107   2,134,261 32,352 SH   SOLE 11 32,352 0 0
EXTRA SPACE STORAGE INC EQU 30225T102   744,101 4,999 SH   SOLE 11 4,999 0 0
GAMING AND LEISURE PROPERTIES INC EQU 36467J108   2,163,012 44,635 SH   SOLE 11 44,635 0 0
HOST HOTELS & RESORTS INC EQU 44107P104   1,481,696 88,039 SH   SOLE 11 88,039 0 0
INVITATION HOMES INC EQU 46187W107   4,791,026 139,274 SH   SOLE 11 139,274 0 0
ISHARES CORE MSCI EMERGING MARKETS EQU 46434G103   3,136,717 63,638 SH   SOLE 11 63,638 0 0
LIFE STORAGE INC EQU 53223X107   620,524 4,667 SH   SOLE 11 4,667 0 0
MID AMERICA APT EQU 59522J103   1,619,587 10,665 SH   SOLE 11 10,665 0 0
PROLOGIS INC EQU 74340W103   8,195,118 66,828 SH   SOLE 11 66,828 0 0
PUBLIC STORAGE EQU 74460D109   5,579,286 19,115 SH   SOLE 11 19,115 0 0
SPDR S&P 500 ETF TRUST EQU 78462F103   64,416,563 145,318 SH   SOLE 11 145,318 0 0
SABRA HEALTHCARE REIT INC EQU 78573L106   1,102,414 93,663 SH   SOLE 11 93,663 0 0
VENTAS INC EQU 92276F100   821,836 17,386 SH   SOLE 11 17,386 0 0
WELLTOWER INC EQU 95040Q104   1,532,461 18,945 SH   SOLE 11 18,945 0 0
HEALTHPEAK PROPERTIES INC EQU 42250P103   2,047,969 101,889 SH   SOLE 11 101,889 0 0
FIRST INDUSTRIAL REALTY TRUST EQU 32054K103   2,592,678 49,253 SH   SOLE 11 49,253 0 0
RLJ LODGING TRUST EQU 74965L101   364,359 35,478 SH   SOLE 11 35,478 0 0
AMERICOLD REALTY TRUST EQU 03064D108   716,446 22,181 SH   SOLE 11 22,181 0 0
BRIXMOR PROPERTY GROUP INC EQU 11120U105   782,100 35,550 SH   SOLE 11 35,550 0 0
CORPORATE OFFICE PROPERTIES TRUST EQU 22002T108   335,968 14,146 SH   SOLE 11 14,146 0 0
RETAIL OPPORTUNITY INVESTMEN EQU 76131N101   456,638 33,800 SH   SOLE 11 33,800 0 0
REXFORD INDUSTRIAL REALTY REIT INC EQU 76169C100   2,048,121 39,221 SH   SOLE 11 39,221 0 0
MEDICAL PPTYS TRUST INC EQU 58463J304   291,403 31,469 SH   SOLE 11 31,469 0 0
ISHARES TRUST ISHARES 5-10 YEA EQU 464288638   161,055,336 3,184,800 SH   SOLE 11 3,184,800 0 0
ISHARES TRUST ISHARES 1-5 YEAR EQU 464288646   322,537,913 6,428,900 SH   SOLE 11 6,428,900 0 0
ISHARES CORE S&P TOTAL U.S. STOCK EQU 464287150   16,545,331 169,106 SH   SOLE 11 169,106 0 0
AGREE REALTY CORP EQU 008492100   813,975 12,448 SH   SOLE 11 12,448 0 0
AVALONBAY CMNTYS INC EQU 053484101   3,740,922 19,765 SH   SOLE 11 19,765 0 0
COUSINS PROPERTIES REIT INC EQU 222795502   520,022 22,808 SH   SOLE 11 22,808 0 0
DIAMONDROCK HOSPITALITY CO EQU 252784301   158,566 19,796 SH   SOLE 11 19,796 0 0
DIGITAL REALTY TRUST INC EQU 253868103   5,909,170 51,894 SH   SOLE 11 51,894 0 0
ESSEX PROPERTY EQU 297178105   332,237 1,418 SH   SOLE 11 1,418 0 0
HIGHWOODS PROPERTIES EQU 431284108   425,239 17,785 SH   SOLE 11 17,785 0 0
ISHARES IBOXX USD HIGH YIELD CORPO EQU 464288513   103,806,796 1,382,800 SH   SOLE 11 1,382,800 0 0
SIMON PPTY GROUP INC EQU 828806109   4,615,505 39,968 SH   SOLE 11 39,968 0 0
TANGER FACTORY OUTLETS EQU 875465106   1,493,676 67,679 SH   SOLE 11 67,679 0 0
WASHINGTON REAL ESTATE EQU 939653101   251,088 15,273 SH   SOLE 11 15,273 0 0
ALEXANDRIA REAL ESTATE EQU 015271109   1,246,007 10,979 SH   SOLE 11 10,979 0 0
REALTY INCOME CORP EQU 756109104   3,378,613 56,508 SH   SOLE 11 56,508 0 0
REGENCY CENTERS CORPORATION EQU 758849103   344,121 5,571 SH   SOLE 11 5,571 0 0
SUN COMMUNITIES EQU 866674104   2,826,938 21,669 SH   SOLE 11 21,669 0 0
ISHARES NATIONAL MUNI BOND ETF EQU 464288414   24,395,810 228,575 SH   SOLE 11 228,575 0 0
BOSTON PPTYS INC EQU 101121101   1,302,628 22,619 SH   SOLE 11 22,619 0 0
ISHARES CORE S&P 500 ETF EQU 464287200   35,841,324 80,414 SH   SOLE 11 80,414 0 0
UDR INC EQU 902653104   1,726,648 40,192 SH   SOLE 11 40,192 0 0
VICI PPTYS INC EQU 925652109   2,345,055 74,612 SH   SOLE 11 74,612 0 0
ISHARES BROAD USD HIGH YIELD CORPO EQU 46435U853   43,348,400 1,228,000 SH   SOLE 11 1,228,000 0 0
NATIONAL STORAGE AFFILIATES TRUST EQU 637870106   233,291 6,698 SH   SOLE 11 6,698 0 0
SPDR PORTFOLIO SHORT TERM CORPORAT EQU 78464A474   38,691,667 1,314,255 SH   SOLE 11 1,314,255 0 0
HEALTHCARE REALTY TRUST INC CLASS EQU 42226K105   380,048 20,151 SH   SOLE 11 20,151 0 0
FEDERAL REALTY INVESTMENT TRUST RE EQU 313745101   822,932 8,504 SH   SOLE 11 8,504 0 0
BRANDYWINE REALTY EQU 105368203   281,706 60,582 SH   SOLE 11 60,582 0 0
SAFEHOLD INC EQU 78646V107   634,066 26,720 SH   SOLE 11 26,720 0 0
AT&T INC EQU 00206R102   263,590 16,526 SH   SOLE 12 16,526 0 0
ABBVIE INC EQU 00287Y109   838,290 6,222 SH   SOLE 12 6,222 0 0
ACTIVISION BLIZZARD INC EQU 00507V109   227,779 2,702 SH   SOLE 12 2,702 0 0
ADOBE INC EQU 00724F101   855,244 1,749 SH   SOLE 12 1,749 0 0
ALPHABET INC CLASS C EQU 02079K107   2,362,181 19,527 SH   SOLE 12 19,527 0 0
ALPHABET INC CLASS A EQU 02079K305   2,531,176 21,146 SH   SOLE 12 21,146 0 0
ALTRIA GROUP INC. EQU 02209S103   274,110 6,051 SH   SOLE 12 6,051 0 0
AMERICAN HOMES RENT REIT CLASS A EQU 02665T306   734,311 20,714 SH   SOLE 12 20,714 0 0
AMERICAN TOWER CORP EQU 03027X100   329,116 1,697 SH   SOLE 12 1,697 0 0
BLACKROCK INC EQU 09247X101   356,628 516 SH   SOLE 12 516 0 0
BOOKING HOLDINGS INC EQU 09857L108   345,642 128 SH   SOLE 12 128 0 0
BROADCOM INC EQU 11135F101   1,274,255 1,469 SH   SOLE 12 1,469 0 0
CME GROUP INC. EQU 12572Q105   246,992 1,333 SH   SOLE 12 1,333 0 0
CISCO SYS INC EQU 17275R102   712,512 13,771 SH   SOLE 12 13,771 0 0
COMCAST CORP NEW CL A EQU 20030N101   633,970 15,258 SH   SOLE 12 15,258 0 0
CONOCOPHILLIPS EQU 20825C104   441,689 4,263 SH   SOLE 12 4,263 0 0
COSTCO WHS L CORP NEW COM EQU 22160K105   887,789 1,649 SH   SOLE 12 1,649 0 0
DUKE ENERGY HLDG CORP EQU 26441C204   204,069 2,274 SH   SOLE 12 2,274 0 0
EQUINIX REIT INC EQU 29444U700   265,756 339 SH   SOLE 12 339 0 0
EQUITY LIFESTYLE PROPERTIES EQU 29472R108   939,002 14,038 SH   SOLE 12 14,038 0 0
EQUITY RESIDENTIAL SH BEN IN T EQU 29476L107   2,935,665 44,500 SH   SOLE 12 44,500 0 0
EXELON CORP COM EQU 30161N101   211,522 5,192 SH   SOLE 12 5,192 0 0
EXTRA SPACE STORAGE INC EQU 30225T102   1,111,016 7,464 SH   SOLE 12 7,464 0 0
EXXON MOBIL CORP EQU 30231G102   1,520,698 14,179 SH   SOLE 12 14,179 0 0
FACEBOOK INC EQU 30303M102   2,241,601 7,811 SH   SOLE 12 7,811 0 0
FEDEX CORP EQU 31428X106   212,450 857 SH   SOLE 12 857 0 0
GAMING AND LEISURE PROPERTIES INC EQU 36467J108   2,941,522 60,700 SH   SOLE 12 60,700 0 0
GENERAL MOTORS CO EQU 37045V100   200,358 5,196 SH   SOLE 12 5,196 0 0
GOLDMAN SA CHS GROUP INC EQU 38141G104   346,085 1,073 SH   SOLE 12 1,073 0 0
HCA Healthcare Inc EQU 40412C101   267,062 880 SH   SOLE 12 880 0 0
HOST HOTELS & RESORTS INC EQU 44107P104   2,066,573 122,791 SH   SOLE 12 122,791 0 0
INTERCONTINENTALEXCHANGE GROUP INC EQU 45866F104   279,873 2,475 SH   SOLE 12 2,475 0 0
INTUITIVE SURGICAL INC EQU 46120E602   479,058 1,401 SH   SOLE 12 1,401 0 0
INVITATION HOMES INC EQU 46187W107   6,620,830 192,466 SH   SOLE 12 192,466 0 0
JP MORGAN CHASE & CO EQU 46625H100   1,489,015 10,238 SH   SOLE 12 10,238 0 0
LIFE STORAGE INC EQU 53223X107   807,865 6,076 SH   SOLE 12 6,076 0 0
MARATHON PETROLEUM CORP EQU 56585A102   231,801 1,988 SH   SOLE 12 1,988 0 0
MASTERCARD INC CLASS A EQU 57636Q104   1,179,507 2,999 SH   SOLE 12 2,999 0 0
MCKESSON CORP EQU 58155Q103   281,597 659 SH   SOLE 12 659 0 0
MERCK & CO. INC. EQU 58933Y105   990,508 8,584 SH   SOLE 12 8,584 0 0
MID AMERICA APT EQU 59522J103   2,235,075 14,718 SH   SOLE 12 14,718 0 0
NETFLIX INC EQU 64110L106   687,605 1,561 SH   SOLE 12 1,561 0 0
NEXTERA ENERGY INC EQU 65339F101   568,001 7,655 SH   SOLE 12 7,655 0 0
NVIDIA CORP EQU 67066G104   3,608,784 8,531 SH   SOLE 12 8,531 0 0
OREILLY AUTOMOTIVE INC EQU 67103H107   294,232 308 SH   SOLE 12 308 0 0
ORACLE CORP COM EQU 68389X105   678,098 5,694 SH   SOLE 12 5,694 0 0
PAYPAL HOLDINGS INC EQU 70450Y103   266,987 4,001 SH   SOLE 12 4,001 0 0
PROLOGIS INC EQU 74340W103   11,587,309 94,490 SH   SOLE 12 94,490 0 0
PUBLIC STORAGE EQU 74460D109   7,818,590 26,787 SH   SOLE 12 26,787 0 0
REGENERON PHARMACEUTICALS INC EQU 75886F107   266,578 371 SH   SOLE 12 371 0 0
S&P GLOBAL INC EQU 78409V104   546,413 1,363 SH   SOLE 12 1,363 0 0
SPDR S&P 500 ETF TRUST EQU 78462F103   42,911,720 96,805 SH   SOLE 12 96,805 0 0
SPDR BLOOMBERG BARCLAYS HIGH YIELD EQU 78468R622   19,594,383 212,913 SH   SOLE 12 212,913 0 0
SABRA HEALTHCARE REIT INC EQU 78573L106   1,493,036 126,851 SH   SOLE 12 126,851 0 0
SALESFORCE.COM INC EQU 79466L302   764,972 3,621 SH   SOLE 12 3,621 0 0
SERVICENOW INC EQU 81762P102   365,281 650 SH   SOLE 12 650 0 0
TESLA INC EQU 88160R101   2,604,612 9,950 SH   SOLE 12 9,950 0 0
UBER TECHNOLOGIES INC EQU 90353T100   258,200 5,981 SH   SOLE 12 5,981 0 0
UNITEDHEALTH GROUP INC EQU 91324P102   1,628,408 3,388 SH   SOLE 12 3,388 0 0
VENTAS INC EQU 92276F100   1,195,080 25,282 SH   SOLE 12 25,282 0 0
VERIZON COMMUNICATIONS EQU 92343V104   429,842 11,558 SH   SOLE 12 11,558 0 0
VERTEX PHARMACEUTICALS EQU 92532F100   348,039 989 SH   SOLE 12 989 0 0
VISA INC EQU 92826C839   1,322,051 5,567 SH   SOLE 12 5,567 0 0
WASTE MGMT INC DEL EQU 94106L109   343,718 1,982 SH   SOLE 12 1,982 0 0
WELLTOWER INC EQU 95040Q104   2,319,844 28,679 SH   SOLE 12 28,679 0 0
ZOETIS INC EQU 98978V103   366,980 2,131 SH   SOLE 12 2,131 0 0
ACCENTURE PLC EQU G1151C101   737,815 2,391 SH   SOLE 12 2,391 0 0
EATON CORP PLC EQU G29183103   340,261 1,692 SH   SOLE 12 1,692 0 0
JOHNSON CONTROLS INTERNATIONAL PLC EQU G51502105   202,921 2,978 SH   SOLE 12 2,978 0 0
MEDTRONIC PLC EQU G5960L103   338,568 3,843 SH   SOLE 12 3,843 0 0
CHUBB LTD EQU H1467J104   234,731 1,219 SH   SOLE 12 1,219 0 0
HEALTHPEAK PROPERTIES INC EQU 42250P103   2,833,095 140,950 SH   SOLE 12 140,950 0 0
FIRST INDUSTRIAL REALTY TRUST EQU 32054K103   3,528,512 67,031 SH   SOLE 12 67,031 0 0
RLJ LODGING TRUST EQU 74965L101   472,297 45,988 SH   SOLE 12 45,988 0 0
AMERICOLD REALTY TRUST EQU 03064D108   922,746 28,568 SH   SOLE 12 28,568 0 0
BRIXMOR PROPERTY GROUP INC EQU 11120U105   1,166,176 53,008 SH   SOLE 12 53,008 0 0
CORPORATE OFFICE PROPERTIES TRUST EQU 22002T108   413,131 17,395 SH   SOLE 12 17,395 0 0
KILROY REALTY CORPORATION EQU 49427F108   220,740 7,336 SH   SOLE 12 7,336 0 0
RETAIL OPPORTUNITY INVESTMEN EQU 76131N101   631,363 46,733 SH   SOLE 12 46,733 0 0
REXFORD INDUSTRIAL REALTY REIT INC EQU 76169C100   2,730,636 52,291 SH   SOLE 12 52,291 0 0
BLACKSTONE INC EQU 09260D107   262,454 2,823 SH   SOLE 12 2,823 0 0
MEDICAL PPTYS TRUST INC EQU 58463J304   405,292 43,768 SH   SOLE 12 43,768 0 0
ISHARES TRUST ISHARES 5-10 YEA EQU 464288638   50,259,905 993,868 SH   SOLE 12 993,868 0 0
ISHARES TRUST ISHARES 1-5 YEAR EQU 464288646   125,521,527 2,501,924 SH   SOLE 12 2,501,924 0 0
ABBOTT LABS EQU 002824100   722,585 6,628 SH   SOLE 12 6,628 0 0
ADVANCED MICRO DEVICES INC EQU 007903107   651,793 5,722 SH   SOLE 12 5,722 0 0
AGREE REALTY CORP EQU 008492100   653,246 9,990 SH   SOLE 12 9,990 0 0
AMAZON COM INC EQU 023135106   4,124,721 31,641 SH   SOLE 12 31,641 0 0
AMERICAN EXPRESS CO EQU 025816109   424,525 2,437 SH   SOLE 12 2,437 0 0
AMGEN INC EQU 031162100   402,744 1,814 SH   SOLE 12 1,814 0 0
ANTHEM INC EQU 036752103   408,303 919 SH   SOLE 12 919 0 0
APPLE INC. EQU 037833100   10,768,632 55,517 SH   SOLE 12 55,517 0 0
APPLIED MATERIALS INC EQU 038222105   505,745 3,499 SH   SOLE 12 3,499 0 0
AUTOMATIC DATA PROCESSING INC COM EQU 053015103   349,027 1,588 SH   SOLE 12 1,588 0 0
AVALONBAY CMNTYS INC EQU 053484101   5,037,800 26,617 SH   SOLE 12 26,617 0 0
BANK AMER CORP COM EQU 060505104   668,764 23,310 SH   SOLE 12 23,310 0 0
BECTON DICKINSON EQU 075887109   269,554 1,021 SH   SOLE 12 1,021 0 0
BERKSHIRE HATHAWAY INC - CL B EQU 084670702   1,519,155 4,455 SH   SOLE 12 4,455 0 0
BOEING CO EQU 097023105   392,758 1,860 SH   SOLE 12 1,860 0 0
BOSTON SCI ENTIFIC CORP COM EQU 101137107   312,262 5,773 SH   SOLE 12 5,773 0 0
BRISTOL MYERS SQUIBB CO EQU 110122108   420,599 6,577 SH   SOLE 12 6,577 0 0
CATERPILLAR INC EQU 149123101   450,764 1,832 SH   SOLE 12 1,832 0 0
CHARLES SCHWAB EQU 808513105   275,125 4,854 SH   SOLE 12 4,854 0 0
CHEVRON CORP EQU 166764100   986,112 6,267 SH   SOLE 12 6,267 0 0
CHIPOTLE MEXICAN GRILL EQU 169656105   220,317 103 SH   SOLE 12 103 0 0
CIGNA CORPORATION EQU 125523100   286,212 1,020 SH   SOLE 12 1,020 0 0
CITIGROUP INC EQU 172967424   256,673 5,575 SH   SOLE 12 5,575 0 0
COCA COLA CO. EQU 191216100   823,569 13,676 SH   SOLE 12 13,676 0 0
COUSINS PROPERTIES REIT INC EQU 222795502   683,658 29,985 SH   SOLE 12 29,985 0 0
CSX CORP EQU 126408103   319,244 9,362 SH   SOLE 12 9,362 0 0
CVS HEALTH CORPORATION EQU 126650100   256,749 3,714 SH   SOLE 12 3,714 0 0
DANAHER CO RP COM EQU 235851102   635,040 2,646 SH   SOLE 12 2,646 0 0
DEERE & CO. EQU 244199105   426,260 1,052 SH   SOLE 12 1,052 0 0
DIAMONDROCK HOSPITALITY CO EQU 252784301   208,797 26,067 SH   SOLE 12 26,067 0 0
DIGITAL REALTY TRUST INC EQU 253868103   8,153,661 71,605 SH   SOLE 12 71,605 0 0
DISNEY WALT CO EQU 254687106   487,647 5,462 SH   SOLE 12 5,462 0 0
EDWARDS LIFESCIENCES CORP EQU 28176E108   246,956 2,618 SH   SOLE 12 2,618 0 0
ELI LILLY & CO EQU 532457108   1,362,387 2,905 SH   SOLE 12 2,905 0 0
ESSEX PROPERTY EQU 297178105   471,412 2,012 SH   SOLE 12 2,012 0 0
FISERV INC COM EQU 337738108   261,761 2,075 SH   SOLE 12 2,075 0 0
FORD MTR C O DEL COM PAR USD0.01 EQU 345370860   243,941 16,123 SH   SOLE 12 16,123 0 0
GENERAL DYNAMICS CORP EQU 369550108   215,365 1,001 SH   SOLE 12 1,001 0 0
GILEAD SCIENCES INC EQU 375558103   298,955 3,879 SH   SOLE 12 3,879 0 0
HERSHEY COMPANY EQU 427866108   221,734 888 SH   SOLE 12 888 0 0
HIGHWOODS PROPERTIES EQU 431284108   575,490 24,069 SH   SOLE 12 24,069 0 0
HOME DEPOT INC EQU 437076102   1,105,568 3,559 SH   SOLE 12 3,559 0 0
HONEYWELL INTERNATIONAL INC EQU 438516106   505,678 2,437 SH   SOLE 12 2,437 0 0
HUMANA INC COM EQU 444859102   215,070 481 SH   SOLE 12 481 0 0
ILLINOIS TOOL WKS INC EQU 452308109   362,482 1,449 SH   SOLE 12 1,449 0 0
INTEL CORP EQU 458140100   475,952 14,233 SH   SOLE 12 14,233 0 0
INTERNATIONAL BUSINESS MACHINES CORP EQU 459200101   392,732 2,935 SH   SOLE 12 2,935 0 0
INTUIT INC. EQU 461202103   476,059 1,039 SH   SOLE 12 1,039 0 0
ISHARES IBOXX USD HIGH YIELD CORPO EQU 464288513   12,589,539 167,704 SH   SOLE 12 167,704 0 0
ISHARES TRUST RUSSELL 2000 INDEX FUND EQU 464287655   2,059,970 11,000 SH   SOLE 12 11,000 0 0
JOHNSON & JOHNSON EQU 478160104   1,442,176 8,713 SH   SOLE 12 8,713 0 0
LAM RESEARCH CORP. EQU 512807108   338,144 526 SH   SOLE 12 526 0 0
LOCKHEED MARTIN CORP EQU 539830109   387,180 841 SH   SOLE 12 841 0 0
LOWES COS INC USD0.50 EQU 548661107   530,395 2,350 SH   SOLE 12 2,350 0 0
MARSH MCLENNAN COS INC EQU 571748102   419,418 2,230 SH   SOLE 12 2,230 0 0
MARTIN MARIETTA MATERIALS EQU 573284106   223,920 485 SH   SOLE 12 485 0 0
MCDONALDS CORP EQU 580135101   747,517 2,505 SH   SOLE 12 2,505 0 0
MICROSOFT CORP EQU 594918104   8,459,354 24,841 SH   SOLE 12 24,841 0 0
MONDELEZ INTERNATIONAL INC EQU 609207105   364,773 5,001 SH   SOLE 12 5,001 0 0
MOODYS CORP EQU 615369105   287,564 827 SH   SOLE 12 827 0 0
MORGAN STANLEY EQU 617446448   425,804 4,986 SH   SOLE 12 4,986 0 0
NIKE INC CL B EQU 654106103   471,390 4,271 SH   SOLE 12 4,271 0 0
NORFOLK SOUTHERN CORP EQU 655844108   244,221 1,077 SH   SOLE 12 1,077 0 0
NORTHROP GRUMMAN CORP EQU 666807102   246,588 541 SH   SOLE 12 541 0 0
PEPSICO INC. EQU 713448108   931,286 5,028 SH   SOLE 12 5,028 0 0
PFIZER INC EQU 717081103   713,609 19,455 SH   SOLE 12 19,455 0 0
PHILIP MORRIS INTL. EQU 718172109   508,112 5,205 SH   SOLE 12 5,205 0 0
PIONEER NA T RES CO COM EQU 723787107   219,404 1,059 SH   SOLE 12 1,059 0 0
PROCTER & GAMBLE CO EQU 742718109   1,180,385 7,779 SH   SOLE 12 7,779 0 0
PROGRESSIVE CORP EQU 743315103   318,615 2,407 SH   SOLE 12 2,407 0 0
QUALCOMM INC EQU 747525103   459,971 3,864 SH   SOLE 12 3,864 0 0
SCHLUMBERGER LTD EQU 806857108   258,813 5,269 SH   SOLE 12 5,269 0 0
SHERWIN WILLIAMS CO EQU 824348106   291,541 1,098 SH   SOLE 12 1,098 0 0
SIMON PPTY GROUP INC EQU 828806109   6,240,886 54,043 SH   SOLE 12 54,043 0 0
SOUTHERN CO EQU 842587107   231,333 3,293 SH   SOLE 12 3,293 0 0
STARBUCKS CORP EQU 855244109   376,230 3,798 SH   SOLE 12 3,798 0 0
STRYKER CORP EQU 863667101   392,651 1,287 SH   SOLE 12 1,287 0 0
TANGER FACTORY OUTLETS EQU 875465106   1,973,411 89,416 SH   SOLE 12 89,416 0 0
TEXAS INST RS INC COM EQU 882508104   538,440 2,991 SH   SOLE 12 2,991 0 0
THERMO FIS HER SCIENTIFIC INC COM EQU 883556102   782,103 1,499 SH   SOLE 12 1,499 0 0
UNION PACIFIC CORP EQU 907818108   463,055 2,263 SH   SOLE 12 2,263 0 0
UNITED PARCEL SERVICE INC CLASS B EQU 911312106   444,540 2,480 SH   SOLE 12 2,480 0 0
WALMART INC EQU 931142103   830,539 5,284 SH   SOLE 12 5,284 0 0
WASHINGTON REAL ESTATE EQU 939653101   324,937 19,765 SH   SOLE 12 19,765 0 0
WELLS FARGO CO EQU 949746101   552,023 12,934 SH   SOLE 12 12,934 0 0
ALEXANDRIA REAL ESTATE EQU 015271109   1,660,245 14,629 SH   SOLE 12 14,629 0 0
REALTY INCOME CORP EQU 756109104   4,630,377 77,444 SH   SOLE 12 77,444 0 0
REGENCY CENTERS CORPORATION EQU 758849103   478,841 7,752 SH   SOLE 12 7,752 0 0
SUN COMMUNITIES EQU 866674104   3,767,424 28,878 SH   SOLE 12 28,878 0 0
ISHARES NATIONAL MUNI BOND ETF EQU 464288414   105,663,340 990,006 SH   SOLE 12 990,006 0 0
AIR PRODUCTS & CHEM EQU 009158106   243,817 814 SH   SOLE 12 814 0 0
AMERICAN INTL GROUP INC EQU 026874784   201,850 3,508 SH   SOLE 12 3,508 0 0
AMPHENOL CORP. EQU 032095101   320,092 3,768 SH   SOLE 12 3,768 0 0
ANALOG DEVICES INC EQU 032654105   359,814 1,847 SH   SOLE 12 1,847 0 0
AUTOZONE INC EQU 053332102   216,922 87 SH   SOLE 12 87 0 0
BOSTON PPTYS INC EQU 101121101   1,552,108 26,951 SH   SOLE 12 26,951 0 0
KLA CORP EQU 482480100   254,636 525 SH   SOLE 12 525 0 0
MICRON TEC HNOLOGY INC COM EQU 595112103   277,936 4,404 SH   SOLE 12 4,404 0 0
PALO ALTO NETWORKS INC EQU 697435105   307,890 1,205 SH   SOLE 12 1,205 0 0
ROPER TECHNOLOGIES INC EQU 776696106   231,265 481 SH   SOLE 12 481 0 0
T-MOBILE US INC EQU 872590104   325,443 2,343 SH   SOLE 12 2,343 0 0
TJX COMPANIES INC EQU 872540109   326,272 3,848 SH   SOLE 12 3,848 0 0
ISHARES CORE S&P 500 ETF EQU 464287200   44,972,139 100,900 SH   SOLE 12 100,900 0 0
UDR INC EQU 902653104   2,357,988 54,888 SH   SOLE 12 54,888 0 0
VICI PPTYS INC EQU 925652109   3,296,693 104,890 SH   SOLE 12 104,890 0 0
AON PLC CLASS A EQU G0403H108   331,392 960 SH   SOLE 12 960 0 0
CARRIER GLOBAL CORP EQU 14448C104   223,397 4,494 SH   SOLE 12 4,494 0 0
RAYTHEON TECHNOLOGIES CORP EQU 75513E101   498,910 5,093 SH   SOLE 12 5,093 0 0
ISHARES BROAD USD HIGH YIELD CORPO EQU 46435U853   17,650,000 500,000 SH   SOLE 12 500,000 0 0
GENERAL ELECTRIC EQU 369604301   361,297 3,289 SH   SOLE 12 3,289 0 0
ISHARES MSCI JAPAN ETF EQU 46434G822   8,047,000 130,000 SH   SOLE 12 130,000 0 0
NATIONAL STORAGE AFFILIATES TRUST EQU 637870106   284,143 8,158 SH   SOLE 12 8,158 0 0
SPDR PORTFOLIO SHORT TERM CORPORAT EQU 78464A474   15,077,107 512,130 SH   SOLE 12 512,130 0 0
HEALTHCARE REALTY TRUST INC CLASS EQU 42226K105   509,880 27,035 SH   SOLE 12 27,035 0 0
ISHARES SEMICONDUCTOR ETF EQU 464287523   949,591 1,872 SH   SOLE 12 1,872 0 0
ISHARES US TECHNOLOGY ETF TRUST EQU 464287721   1,974,575 18,137 SH   SOLE 12 18,137 0 0
ISHARES YEAR INVESTMENT GRADE CO EQU 464289511   1,984,366 38,494 SH   SOLE 12 38,494 0 0
FEDERAL REALTY INVESTMENT TRUST RE EQU 313745101   1,092,243 11,287 SH   SOLE 12 11,287 0 0
BRANDYWINE REALTY EQU 105368203   343,058 73,776 SH   SOLE 12 73,776 0 0
GE HEALTHCARE TECHNOLOGIES WHEN IS EQU 36266G107   220,485 2,714 SH   SOLE 12 2,714 0 0
SAFEHOLD INC EQU 78646V107   825,092 34,770 SH   SOLE 12 34,770 0 0
LINDE PLC EQU G54950103   616,587 1,618 SH   SOLE 12 1,618 0 0
ISHARES MBS ETF EQU 464288588   24,715,225 265,000 SH   SOLE 12 265,000 0 0