Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PLD	ProLogis Inc.	1,697,624	$286M	12.7%	$168.36 *	$47.29	+179.1%	COM	74340W103
EQIX	Equinix Inc.	210,314	$178M	7.9%	$845.84 *	$363.16	+103.2%	COM	29444U700
EXR	Extra Space Storage, Inc.	555,321	$126M	5.6%	$226.73 *	$59.22	+182.5%	COM	30225T102
EQR	Equity Residential	1,359,656	$123M	5.5%	$90.50 *	$42.17	+72.7%	COM	29476L107
WELL	Welltower Inc.	1,342,681	$115M	5.1%	$85.77 *	$52.96	+41.7%	COM	95040Q104
SPG	Simon Property Group, Inc.	715,124	$114M	5.1%	$159.77 *	$97.66	+24.2%	COM	828806109
—	Duke Realty Corporation	1,725,774	$113M	5.0%	$65.64	$31.91	—	COM	264411505
ESS	Essex Property Trust, Inc.	314,218	$111M	4.9%	$352.23 *	$203.90	+43.0%	COM	297178105
CPT	Camden Property Trust	590,903	$106M	4.7%	$178.68 *	$75.62	+88.3%	COM	133131102
KIM	Kimco Realty Corp.	3,900,161	$96.14M	4.3%	$24.65 *	$13.90	+37.8%	COM	49446R109
INVH	Invitation Homes Inc	2,092,107	$94.86M	4.2%	$45.34 *	$23.83	+51.3%	COM	46187W107
CUBE	Cubesmart	1,090,807	$62.08M	2.8%	$56.91	$38.32	—	COM	229663109
SUI	Sun Communities, Inc.	286,725	$60.2M	2.7%	$209.97	$159.34	—	COM	866674104
AMT	American Tower Corp.	199,978	$58.49M	2.6%	$292.50 *	$123.12	+94.5%	COM	03027X100
ARE	Alexandria Real Estate Equit	254,465	$56.73M	2.5%	$222.96 *	$78.77	+117.8%	COM	015271109
ELS	Equity Lifestyle Properties	614,529	$53.87M	2.4%	$87.66	$59.01	—	COM	29472R108
BXP	Boston Properties, Inc.	461,763	$53.19M	2.4%	$115.18 *	$89.53	+2.5%	COM	101121101
VTR	Ventas, Inc.	895,047	$45.76M	2.0%	$51.12 *	$45.82	-1.5%	COM	92276F100
AMH	American Homes 4 Rent	1,020,853	$44.52M	2.0%	$43.61	$28.90	—	COM	02665T306
KRC	Kilroy Realty	642,842	$42.72M	1.9%	$66.46	$63.22	—	COM	49427F108
PSA	Public Storage	96,225	$36.04M	1.6%	$374.56 *	$209.45	+31.6%	COM	74460D109
—	Playa Hotels & Resorts	3,916,163	$31.25M	1.4%	$7.98	$7.62	—	COM	N70544106
RHP	Ryman Hospitality Properties	333,779	$30.69M	1.4%	$91.96	$50.87	—	COM	78377T107
—	Retail Opportunity Investmen	1,097,526	$21.51M	1.0%	$19.60	$15.71	—	COM	76131N101
VRE	Veris Residential, Inc.	1,024,323	$18.83M	0.8%	$18.38	$17.51	—	COM	554489104
XHR	Xenia Hotels & Resorts Inc	1,035,562	$18.75M	0.8%	$18.11	$12.99	—	COM	984017103
—	Switch Inc A	571,651	$16.37M	0.7%	$28.64	$28.64	—	COM	87105L104
PCH	Potlach Corp	266,766	$16.06M	0.7%	$60.22	$53.93	—	COM	737630103
—	Global Medical REIT	892,823	$15.85M	0.7%	$17.75	$14.75	—	COM	37954A204
—	Healthcare Realty Com	465,819	$14.74M	0.7%	$31.64	$31.64	—	COM	421946104
FRT	Federal Realty Investment Tr	93,265	$12.71M	0.6%	$136.32 *	$105.90	0.0%	COM	313745101
EGP	Eastgroup Properties	52,711	$12.01M	0.5%	$227.87	$123.81	—	COM	277276101
LAMR	Lamar Advertising Co-A	93,640	$11.36M	0.5%	$121.30	$105.26	—	COM	512816109
ALEX	Alexander & Baldwin Inc	425,581	$10.68M	0.5%	$25.09	$23.61	—	COM	014491104
SKT	Tanger Factory Outlet Center	463,275	$8.932M	0.4%	$19.28	$19.28	—	COM	875465106
JBGS	JBG Smith Properties	298,838	$8.58M	0.4%	$28.71	$37.92	—	COM	46590V100
JLL	Jones Lang Lasalle Inc	31,735	$8.548M	0.4%	$269.36 *	$230.57	+11.9%	COM	48020Q107
HIW	Highwoods Properties, Inc.	134,424	$5.994M	0.3%	$44.59	$43.12	—	COM	431284108
SBAC	SBA Communications	6,040	$2.35M	0.1%	$389.07 *	$284.48	+15.9%	COM	78410G104
CUZ	Cousins Properties, Inc.	44,630	$1.798M	0.1%	$40.29	$30.32	—	COM	222795502
IHS	IHS Holdings LTD	125,950	$1.776M	0.1%	$14.10 *	$15.03	0.0%	COM	G4701H109
HLT	Hilton, Inc.	9,502	$1.482M	0.1%	$155.97 *	$96.42	+47.5%	COM	43300A203
—	MGM Growth Properties	33,375	$1.363M	0.1%	$40.84	$36.76	—	COM	55303A105
CCI	Crown Castle Inc	5,875	$1.226M	0.1%	$208.68 *	$150.03	-0.0%	COM	22822V101
O	Realty Income	14,960	$1.071M	0.0%	$71.59 *	$51.83	+6.8%	COM	756109104
VICI	Vici Properties	32,680	$984K	0.0%	$30.11 *	$24.21	-4.4%	COM	925652109
—	American Campus Communities	14,505	$831K	0.0%	$57.29	$34.61	—	COM	024835100
BNL	Broadstone Net Lease	24,000	$596K	0.0%	$24.83	$24.83	—	COM	11135E203