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SEC FORM 13F-HR

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 COVER PAGE
OMB APPROVAL
OMB Number: 3235-0006
Expires: Oct 31, 2018
Estimated average burden
hours per response: 23.8
Report for the Calendar Year or Quarter Ended: 06-30-2023
Check here if Amendment    Amendment Number:
This Amendment (Check only one.):    is a restatement.
   adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: ALLSTATE CORP
Address: 3100 SANDERS ROAD
NORTHBROOK, IL  60062
Form 13F File Number: 028-14491

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: MARIO IMBARRATO
Title: SENIOR VICE PRESIDENT & CFO INVESTMENT FINANCE
Phone: 1 (847) 402-5348
Signature, Place, and Date of Signing:
/s/ MARIO IMBARRATO CHICAGO,  IL 08-11-2023
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
   13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
   13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 2
Form 13F Information Table Entry Total: 262
Form 13F Information Table Value Total: 1,570,045,613
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name
11 028-04302 ALLSTATE INVESTMENT MANAGEMENT CO
12 028-10298 ALLSTATE INVESTMENTS LLC
SEC FORM 13-F Information Table

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
Expires: Oct 31, 2018
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 (x$1000) 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