Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WELL	Welltower Inc.	1,005,930	$187M	12.6%	$185.61	$63.20	+195.0%	COM	95040Q104
PLD	ProLogis Inc.	1,330,380	$170M	11.4%	$127.66 *	$68.28	+81.4%	COM	74340W103
EQIX	Equinix Inc.	127,773	$97.89M	6.6%	$766.16	$397.12	+96.7%	COM	29444U700
SPG	Simon Property Group, Inc.	483,043	$89.42M	6.0%	$185.11 *	$118.67	+51.7%	COM	828806109
DLR	Digital Realty Trust	476,430	$73.71M	5.0%	$154.71 *	$128.65	+26.8%	COM	253868103
O	Realty Income	1,210,086	$68.21M	4.6%	$56.37	$53.30	+7.6%	COM	756109104
PSA	Public Storage	241,215	$62.6M	4.2%	$259.50 *	$267.32	+3.7%	COM	74460D109
AVB	AvalonBay Communities, Inc.	317,906	$57.64M	3.9%	$181.31	$167.85	+7.1%	COM	053484101
EQR	Equity Residential	855,472	$53.93M	3.6%	$63.04 *	$46.66	+30.0%	COM	29476L107
VTR	Ventas, Inc.	695,237	$53.8M	3.6%	$77.38 *	$51.91	+44.4%	COM	92276F100
BKD	Brookdale Senior Living	1,088,545	$50.45M	3.4%	$46.35 *	$6.90	+42.4%	COM	112463104
VICI	Vici Properties	1,490,427	$41.91M	2.8%	$28.12 *	$29.07	+0.8%	COM	925652109
AMH	American Homes 4 Rent	1,300,347	$41.74M	2.8%	$32.10	$32.19	—	COM	02665T306
KIM	Kimco Realty Corp.	1,979,607	$40.13M	2.7%	$20.27	$16.16	+27.3%	COM	49446R109
ELS	Equity Lifestyle Properties	579,880	$35.15M	2.4%	$60.61	$63.55	—	COM	29472R108
BRX	Brixmor Property Group	1,256,794	$32.95M	2.2%	$26.22	$27.51	—	COM	11120U105
ADC	Agree Realty Corporation	438,415	$31.58M	2.1%	$72.03	$76.28	—	COM	008492100
EXR	Extra Space Storage, Inc.	221,431	$28.83M	1.9%	$130.22 *	$86.29	+56.4%	COM	30225T102
IRM	Iron Mountain	339,227	$28.14M	1.9%	$82.95 *	$101.32	-8.4%	COM	46284V101
VNO	Vornado Realty Trust	647,857	$21.56M	1.5%	$33.28	$31.94	—	COM	929042109
ARE	Alexandria Real Estate Equitie	397,289	$19.44M	1.3%	$48.94 *	$63.15	-8.1%	COM	015271109
HLT	Hilton, Inc.	67,494	$19.39M	1.3%	$287.25 *	$272.20	0.0%	COM	43300A203
CBRE	CBRE Group	109,094	$17.54M	1.2%	$160.79 *	$145.54	+8.0%	COM	12504L109
RHP	Ryman Hospitality Properties	184,398	$17.45M	1.2%	$94.62	$66.72	—	COM	78377T107
MAA	Mid-America Apartment Communit	115,761	$16.08M	1.1%	$138.91 *	$142.82	-6.9%	COM	59522J103
CTRE	Caretrust REIT Inc	391,935	$14.17M	1.0%	$36.16	$34.88	—	COM	14174T107
EGP	Eastgroup Properties	67,903	$12.1M	0.8%	$178.14	$168.00	—	COM	277276101
VRE	Veris Residential, Inc.	737,176	$10.97M	0.7%	$14.88	$17.14	—	COM	554489104
AMT	American Tower Corp.	56,840	$9.979M	0.7%	$175.56 *	$159.63	+12.9%	COM	03027X100
FR	First Industrial Realty Trust,	474,066	$9.609M	0.6%	$20.27	$45.26	—	COM	32054K103
IVT	Inventrust Properties	329,783	$9.303M	0.6%	$28.21	$25.49	—	COM	46124J201
COLD	Americold Realty Trust	670,301	$8.62M	0.6%	$12.86	$22.21	—	COM	03064D108
EPRT	Essential Properties Realty	411,313	$8.144M	0.5%	$19.80	$32.33	—	COM	29670E107
CUZ	Cousins Properties, Inc.	285,108	$7.35M	0.5%	$25.78	$30.18	—	COM	222795502
MRP	Millrose Properties	220,567	$6.588M	0.4%	$29.87	$29.87	—	COM	601137102
LAMR	Lamar Advertising Co-A	48,651	$6.158M	0.4%	$126.57	$109.87	—	COM	512816109
KRC	Kilroy Realty	136,904	$5.116M	0.3%	$37.37	$42.25	—	COM	49427F108
BXP	BXP, Inc.	75,363	$5.085M	0.3%	$67.47 *	$70.35	+0.1%	COM	101121101
CSR	Centerspace	72,059	$4.808M	0.3%	$66.72	$66.72	—	COM	15202L107
SLG	SL Green Realty Corp.	96,825	$4.441M	0.3%	$45.87	$45.87	—	COM	78440X887
CCI	Crown Castle Inc	40,940	$3.638M	0.2%	$88.86 *	$99.10	-8.1%	COM	22822V101
PCH	Potlach Corp	45,393	$1.916M	0.1%	$42.22	$46.40	—	COM	737630103