Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VNO	VORNADO RLTY TR	9,389,365 (+25.9%)	$369M (+90.3%)	6.8%	—	—	SH BEN INT	929042109
ESS	ESSEX PPTY TR INC	1,027,680 (+52.7%)	$300M (+84.0%)	5.5%	—	—	COM	297178105
EQR	EQUITY RESIDENTIAL	3,511,740 (+71.7%)	$239M (+97.2%)	4.4%	—	—	SH BEN INT	29476L107
EXR	EXTRA SPACE STORAGE INC	1,881,956 (+31.3%)	$273M (+45.4%)	5.0%	—	—	COM	30225T102
MAC	MACERICH CO	5,439,786 (+24.1%)	$137M (+65.4%)	2.5%	—	—	COM	554382101
ELS	EQUITY LIFESTYLE PROPERTIES	2,508,699 (+33.1%)	$162M (+37.4%)	3.0%	—	—	COM	29472R108
JAN	JANUS LIVING INC	2,047,988 (+203.4%)	$58.86M (+270.0%)	1.1%	—	—	CL A-1	471024109
UE	URBAN EDGE PPTYS	4,190,823 (+6.3%)	$95.89M (+21.8%)	1.8%	—	—	COM	91704F104
NI	NISOURCE INC	393,485 (+77.8%)	$18.71M (+81.2%)	0.3%	—	—	COM	65473P105
BKH	BLACK HILLS CORP	257,983 (+50.2%)	$19.19M (+61.0%)	0.4%	—	—	COM	092113109
PNW	PINNACLE WEST CAP CORP	104,931 (+129.5%)	$11.23M (+143.8%)	0.2%	—	—	COM	723484101
AEE	AMEREN CORP	127,769 (+53.7%)	$14.44M (+58.1%)	0.3%	—	—	COM	023608102
KMI	KINDER MORGAN INC DEL	704,972 (+29.7%)	$22.54M (+23.6%)	0.4%	—	—	COM	49456B101
WMB	WILLIAMS COS INC	183,893 (+40.6%)	$13.67M (+43.6%)	0.3%	—	—	COM	969457100
UNP	UNION PAC CORP	38,949 (+36.9%)	$10.59M (+53.4%)	0.2%	—	—	COM	907818108
ETR	ENTERGY CORP NEW	202,101 (+16.1%)	$23.21M (+18.7%)	0.4%	—	—	COM	29364G103
LNT	ALLIANT ENERGY CORP	184,569 (+23.7%)	$14.08M (+31.5%)	0.3%	—	—	COM	018802108
HTO	H2O AMERICA	515,795 (+6.9%)	$31.34M (+10.7%)	0.6%	—	—	COM	784305104
XEL	XCEL ENERGY INC	110,891 (+36.3%)	$8.905M (+37.8%)	0.2%	—	—	COM	98389B100
CNP	CENTERPOINT ENERGY INC	93,536 (+122.3%)	$4.119M (+126.9%)	0.1%	—	—	COM	15189T107
AMT	AMERICAN TOWER CORP	12,867 (+89.5%)	$2.105M (+79.6%)	0.0%	—	—	COM	03027X100
PCG	PG&E CORP	98,728 (+31.8%)	$1.661M (+26.2%)	0.0%	—	—	COM	69331C108
CEG	CONSTELLATION ENERGY CORP	22,312 (+11.3%)	$5.542M (-1.0%)	0.1%	—	—	COM	21037T109

Exited Positions (3)

CUZ COUSINS PPTYS INC 0.2%

Value $9.986M Shares 442,437 Est. Cost — Unrealized —

DUK DUKE ENERGY CORP NEW 0.0%

Value $1.781M Shares 13,598 Est. Cost — Unrealized —

SO SOUTHERN CO 0.0%

Value $1.1M Shares 11,400 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CUZ	COUSINS PPTYS INC	442,437	$9.986M	0.2%	—	—	—	222795502
DUK	DUKE ENERGY CORP NEW	13,598	$1.781M	0.0%	—	—	—	26441C204
SO	SOUTHERN CO	11,400	$1.1M	0.0%	—	—	—	842587107

Decreased Positions (14)

SPG SIMON PPTY GROUP INC NEW 5.4%

Value $293M (-21.4%) Shares 1,310,049 (-34.4%) Est. Cost — Unrealized —

PLD PROLOGIS INC. 4.5%

Value $242M (-22.3%) Shares 1,788,986 (-24.1%) Est. Cost — Unrealized —

WELL WELLTOWER INC 14.1%

Value $767M (+7.5%) Shares 3,377,659 (-6.3%) Est. Cost — Unrealized —

TRNO TERRENO RLTY CORP 1.2%

Value $63.47M (-36.4%) Shares 979,865 (-39.7%) Est. Cost — Unrealized —

EQIX EQUINIX INC 11.2%

Value $608M (-4.3%) Shares 582,867 (-10.0%) Est. Cost — Unrealized —

DLR DIGITAL RLTY TR INC 6.0%

Value $328M (-7.6%) Shares 1,828,047 (-7.2%) Est. Cost — Unrealized —

VTR VENTAS INC 6.5%

Value $354M (+3.3%) Shares 3,988,965 (-4.8%) Est. Cost — Unrealized —

KIM KIMCO REALTY CORP 0.9%

Value $49.64M (-18.0%) Shares 1,958,089 (-27.3%) Est. Cost — Unrealized —

INVH INVITATION HOMES INC 1.2%

Value $67.09M (+17.1%) Shares 2,220,680 (-3.7%) Est. Cost — Unrealized —

SR SPIRE INC 0.2%

Value $8.19M (-44.3%) Shares 104,875 (-35.4%) Est. Cost — Unrealized —

HR HEALTHCARE RLTY TR 4.5%

Value $245M (+2.7%) Shares 12,135,370 (-13.5%) Est. Cost — Unrealized —

HST HOST HOTELS & RESORTS INC 0.6%

Value $35.04M (-12.8%) Shares 1,478,055 (-29.5%) Est. Cost — Unrealized —

OGE OGE ENERGY CORP 0.1%

Value $4.294M (-49.2%) Shares 88,253 (-49.9%) Est. Cost — Unrealized —

FRT FEDERAL RLTY INVT TR NEW 7.2%

Value $391M (+1.0%) Shares 3,167,773 (-13.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PPTY GROUP INC NEW	1,310,049 (-34.4%)	$293M (-21.4%)	5.4%	—	—	COM	828806109
PLD	PROLOGIS INC.	1,788,986 (-24.1%)	$242M (-22.3%)	4.5%	—	—	COM	74340W103
WELL	WELLTOWER INC	3,377,659 (-6.3%)	$767M (+7.5%)	14.1%	—	—	COM	95040Q104
TRNO	TERRENO RLTY CORP	979,865 (-39.7%)	$63.47M (-36.4%)	1.2%	—	—	COM	88146M101
EQIX	EQUINIX INC	582,867 (-10.0%)	$608M (-4.3%)	11.2%	—	—	COM	29444U700
DLR	DIGITAL RLTY TR INC	1,828,047 (-7.2%)	$328M (-7.6%)	6.0%	—	—	COM	253868103
VTR	VENTAS INC	3,988,965 (-4.8%)	$354M (+3.3%)	6.5%	—	—	COM	92276F100
KIM	KIMCO REALTY CORP	1,958,089 (-27.3%)	$49.64M (-18.0%)	0.9%	—	—	COM	49446R109
INVH	INVITATION HOMES INC	2,220,680 (-3.7%)	$67.09M (+17.1%)	1.2%	—	—	COM	46187W107
SR	SPIRE INC	104,875 (-35.4%)	$8.19M (-44.3%)	0.2%	—	—	COM	84857L101
HR	HEALTHCARE RLTY TR	12,135,370 (-13.5%)	$245M (+2.7%)	4.5%	—	—	CL A COM	42226K105
HST	HOST HOTELS & RESORTS INC	1,478,055 (-29.5%)	$35.04M (-12.8%)	0.6%	—	—	COM	44107P104
OGE	OGE ENERGY CORP	88,253 (-49.9%)	$4.294M (-49.2%)	0.1%	—	—	COM	670837103
FRT	FEDERAL RLTY INVT TR NEW	3,167,773 (-13.1%)	$391M (+1.0%)	7.2%	—	—	SH BEN INT NEW	313745101