Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FRT	Federal Realty Investment Trus	222,622	$27.48M	1.8%	$123.44	—	COM	313745101
DOC	Healthpeak Properties	1,009,623	$21.61M	1.4%	$21.40	—	COM	42250P103
ESS	Essex Property Trust, Inc.	67,992	$19.83M	1.3%	$291.59	—	COM	297178105
SBAC	SBA Communications	15,505	$2.736M	0.2%	$176.46	—	COM	78410G104
WY	Weyerhauser	64,703	$1.549M	0.1%	$23.94	—	COM	962166104

Increased Positions (12)

FR First Industrial Realty Trust, 0.8%

Value $11.42M (-63.8%) Shares 576,611 (+5.9%) Est. Cost $45.39 Unrealized —

LAMR Lamar Advertising Co-A 1.3%

Value $19.12M (+188.7%) Shares 122,594 (+134.5%) Est. Cost $136.81 Unrealized —

CTRE Caretrust REIT Inc 1.4%

Value $22.01M (+70.4%) Shares 545,493 (+54.8%) Est. Cost $36.81 Unrealized —

JAN Janus Living Inc 1.0%

Value $15.64M (+114.0%) Shares 544,072 (+75.5%) Est. Cost $25.79 Unrealized —

ELS Equity Lifestyle Properties 2.6%

Value $39.65M (+14.8%) Shares 615,154 (+11.2%) Est. Cost $63.64 Unrealized —

MAC The Macerich Company 0.8%

Value $12.57M (+54.6%) Shares 499,198 (+16.0%) Est. Cost $19.77 Unrealized —

IVT Inventrust Properties 0.9%

Value $13.4M (+33.3%) Shares 378,545 (+14.7%) Est. Cost $26.76 Unrealized —

VICI Vici Properties 2.3%

Value $35.54M (+5.3%) Shares 1,338,445 (+8.3%) Est. Cost $28.88 Unrealized —

SLG SL Green Realty Corp. 0.4%

Value $5.496M (+41.8%) Shares 106,160 (+1.1%) Est. Cost $45.25 Unrealized —

BXP BXP, Inc. 0.4%

Value $5.571M (+37.0%) Shares 84,018 (+7.2%) Est. Cost $69.98 Unrealized —

DLR Digital Realty Trust 5.8%

Value $87.53M (+1.6%) Shares 487,419 (+1.9%) Est. Cost $129.60 Unrealized —

HLT Hilton, Inc. 0.1%

Value $1.464M (+18.7%) Shares 72,219 (+18.7%) Est. Cost $232.55 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FR	First Industrial Realty Trust,	576,611 (+5.9%)	$11.42M (-63.8%)	0.8%	$45.39	—	COM	32054K103
LAMR	Lamar Advertising Co-A	122,594 (+134.5%)	$19.12M (+188.7%)	1.3%	$136.81	—	COM	512816109
CTRE	Caretrust REIT Inc	545,493 (+54.8%)	$22.01M (+70.4%)	1.4%	$36.81	—	COM	14174T107
JAN	Janus Living Inc	544,072 (+75.5%)	$15.64M (+114.0%)	1.0%	$25.79	—	COM	471024109
ELS	Equity Lifestyle Properties	615,154 (+11.2%)	$39.65M (+14.8%)	2.6%	$63.64	—	COM	29472R108
MAC	The Macerich Company	499,198 (+16.0%)	$12.57M (+54.6%)	0.8%	$19.77	—	COM	554382101
IVT	Inventrust Properties	378,545 (+14.7%)	$13.4M (+33.3%)	0.9%	$26.76	—	COM	46124J201
VICI	Vici Properties	1,338,445 (+8.3%)	$35.54M (+5.3%)	2.3%	$28.88	—	COM	925652109
SLG	SL Green Realty Corp.	106,160 (+1.1%)	$5.496M (+41.8%)	0.4%	$45.25	—	COM	78440X887
BXP	BXP, Inc.	84,018 (+7.2%)	$5.571M (+37.0%)	0.4%	$69.98	—	COM	101121101
DLR	Digital Realty Trust	487,419 (+1.9%)	$87.53M (+1.6%)	5.8%	$129.60	—	COM	253868103
HLT	Hilton, Inc.	72,219 (+18.7%)	$1.464M (+18.7%)	0.1%	$232.55	—	COM	43300A203

Exited Positions (5)

COLD Americold Realty Trust 0.5%

Value $7.689M Shares 670,972 Est. Cost $22.21 Unrealized —

SUI Sun Communities, Inc. 0.3%

Value $4.15M Shares 32,940 Est. Cost $125.97 Unrealized —

CSR Centerspace 0.3%

Value $4.148M Shares 72,201 Est. Cost $66.72 Unrealized —

CCI Crown Castle Inc 0.2%

Value $3.169M Shares 38,976 Est. Cost $99.10 Unrealized —

RYN Rayonier Inc 0.1%

Value $1.627M Shares 78,915 Est. Cost $20.62 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COLD	Americold Realty Trust	670,972	$7.689M	0.5%	$22.21	—	—	03064D108
SUI	Sun Communities, Inc.	32,940	$4.15M	0.3%	$125.97	—	—	866674104
CSR	Centerspace	72,201	$4.148M	0.3%	$66.72	—	—	15202L107
CCI	Crown Castle Inc	38,976	$3.169M	0.2%	$99.10	—	—	22822V101
RYN	Rayonier Inc	78,915	$1.627M	0.1%	$20.62	—	—	754907103

Decreased Positions (23)

BKD Brookdale Senior Living 0.5%

Value $8.116M (-83.0%) Shares 504,410 (-50.9%) Est. Cost $6.90 Unrealized —

KIM Kimco Realty Corp. 1.2%

Value $18.74M (-56.3%) Shares 739,084 (-61.2%) Est. Cost $16.16 Unrealized —

EXR Extra Space Storage, Inc. 1.8%

Value $27.55M (+609.3%) Shares 189,610 (-3.3%) Est. Cost $86.29 Unrealized —

WELL Welltower Inc. 14.5%

Value $221M (+8.5%) Shares 972,469 (-5.5%) Est. Cost $65.99 Unrealized —

ARE Alexandria Real Estate Equitie 0.2%

Value $3.609M (-78.2%) Shares 68,285 (-80.9%) Est. Cost $63.15 Unrealized —

SPG Simon Property Group, Inc. 6.1%

Value $93.28M (+11.3%) Shares 417,092 (-7.2%) Est. Cost $118.67 Unrealized —

VNO Vornado Realty Trust 1.8%

Value $27.03M (+30.3%) Shares 687,780 (-13.8%) Est. Cost $30.82 Unrealized —

RHP Ryman Hospitality Properties 1.7%

Value $25.69M (+27.2%) Shares 199,884 (-8.7%) Est. Cost $70.75 Unrealized —

IRM Iron Mountain 2.7%

Value $41.13M (+12.8%) Shares 325,641 (-8.8%) Est. Cost $100.42 Unrealized —

EQR Equity Residential 3.2%

Value $49.12M (-7.1%) Shares 723,095 (-19.1%) Est. Cost $47.32 Unrealized —

EPRT Essential Properties Realty 1.1%

Value $16.41M (-16.9%) Shares 549,615 (-15.5%) Est. Cost $31.61 Unrealized —

AMH American Homes 4 Rent 1.9%

Value $28.36M (+12.4%) Shares 846,202 (-6.4%) Est. Cost $32.19 Unrealized —

VTR Ventas, Inc. 3.5%

Value $52.74M (+4.6%) Shares 593,888 (-3.6%) Est. Cost $51.91 Unrealized —

PLD ProLogis Inc. 11.4%

Value $173M (-1.2%) Shares 1,274,473 (-3.6%) Est. Cost $68.28 Unrealized —

AVB AvalonBay Communities, Inc. 3.6%

Value $55M (+3.5%) Shares 291,487 (-10.4%) Est. Cost $168.13 Unrealized —

O Realty Income 4.7%

Value $72.11M (-1.2%) Shares 1,163,890 (-2.5%) Est. Cost $53.30 Unrealized —

PSA Public Storage 0.7%

Value $10.35M (-7.7%) Shares 245,064 (-7.7%) Est. Cost $266.51 Unrealized —

AMT American Tower Corp. 0.6%

Value $8.533M (-8.9%) Shares 52,165 (-3.9%) Est. Cost $159.63 Unrealized —

ADC Agree Realty Corporation 2.1%

Value $32.58M (-1.8%) Shares 430,209 (-2.3%) Est. Cost $76.28 Unrealized —

EQIX Equinix Inc. 8.5%

Value $129M (+0.4%) Shares 123,901 (-5.6%) Est. Cost $406.73 Unrealized —

EGP Eastgroup Properties 0.6%

Value $8.904M (+1.6%) Shares 43,962 (-7.1%) Est. Cost $168.00 Unrealized —

MRP Millrose Properties 0.8%

Value $12.35M (-0.7%) Shares 410,847 (-7.5%) Est. Cost $28.93 Unrealized —

BRX Brixmor Property Group 2.4%

Value $36.22M (+0.0%) Shares 1,148,695 (-8.7%) Est. Cost $27.51 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BKD	Brookdale Senior Living	504,410 (-50.9%)	$8.116M (-83.0%)	0.5%	$6.90	—	COM	112463104
KIM	Kimco Realty Corp.	739,084 (-61.2%)	$18.74M (-56.3%)	1.2%	$16.16	—	COM	49446R109
EXR	Extra Space Storage, Inc.	189,610 (-3.3%)	$27.55M (+609.3%)	1.8%	$86.29	—	COM	30225T102
WELL	Welltower Inc.	972,469 (-5.5%)	$221M (+8.5%)	14.5%	$65.99	—	COM	95040Q104
ARE	Alexandria Real Estate Equitie	68,285 (-80.9%)	$3.609M (-78.2%)	0.2%	$63.15	—	COM	015271109
SPG	Simon Property Group, Inc.	417,092 (-7.2%)	$93.28M (+11.3%)	6.1%	$118.67	—	COM	828806109
VNO	Vornado Realty Trust	687,780 (-13.8%)	$27.03M (+30.3%)	1.8%	$30.82	—	COM	929042109
RHP	Ryman Hospitality Properties	199,884 (-8.7%)	$25.69M (+27.2%)	1.7%	$70.75	—	COM	78377T107
IRM	Iron Mountain	325,641 (-8.8%)	$41.13M (+12.8%)	2.7%	$100.42	—	COM	46284V101
EQR	Equity Residential	723,095 (-19.1%)	$49.12M (-7.1%)	3.2%	$47.32	—	COM	29476L107
EPRT	Essential Properties Realty	549,615 (-15.5%)	$16.41M (-16.9%)	1.1%	$31.61	—	COM	29670E107
AMH	American Homes 4 Rent	846,202 (-6.4%)	$28.36M (+12.4%)	1.9%	$32.19	—	COM	02665T306
VTR	Ventas, Inc.	593,888 (-3.6%)	$52.74M (+4.6%)	3.5%	$51.91	—	COM	92276F100
PLD	ProLogis Inc.	1,274,473 (-3.6%)	$173M (-1.2%)	11.4%	$68.28	—	COM	74340W103
AVB	AvalonBay Communities, Inc.	291,487 (-10.4%)	$55M (+3.5%)	3.6%	$168.13	—	COM	053484101
O	Realty Income	1,163,890 (-2.5%)	$72.11M (-1.2%)	4.7%	$53.30	—	COM	756109104
PSA	Public Storage	245,064 (-7.7%)	$10.35M (-7.7%)	0.7%	$266.51	—	COM	74460D109
AMT	American Tower Corp.	52,165 (-3.9%)	$8.533M (-8.9%)	0.6%	$159.63	—	COM	03027X100
ADC	Agree Realty Corporation	430,209 (-2.3%)	$32.58M (-1.8%)	2.1%	$76.28	—	COM	008492100
EQIX	Equinix Inc.	123,901 (-5.6%)	$129M (+0.4%)	8.5%	$406.73	—	COM	29444U700
EGP	Eastgroup Properties	43,962 (-7.1%)	$8.904M (+1.6%)	0.6%	$168.00	—	COM	277276101
MRP	Millrose Properties	410,847 (-7.5%)	$12.35M (-0.7%)	0.8%	$28.93	—	COM	601137102
BRX	Brixmor Property Group	1,148,695 (-8.7%)	$36.22M (+0.0%)	2.4%	$27.51	—	COM	11120U105

Unchanged Positions (2)

CBRE CBRE Group 0.4%

Value $6.174M Shares 133,209 Est. Cost $148.30 Unrealized —

MAA Mid-America Apartment Communit 1.4%

Value $21.86M Shares 157,364 Est. Cost $141.87 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CBRE	CBRE Group	133,209	$6.174M	0.4%	$148.30	—	COM	12504L109
MAA	Mid-America Apartment Communit	157,364	$21.86M	1.4%	$141.87	—	COM	59522J103