Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HST	HOST HOTELS & RESORTS INC	358,267	$6.864M	2.0%	—	—	COM	44107P104
LXP	LXP INDUSTRIAL TRUST	127,219	$5.885M	1.7%	—	—	COM	529043408
FRT	FEDERAL RLTY INVT TR NEW	35,021	$3.72M	1.1%	—	—	SH BEN INT NEW	313745101
IRT	INDEPENDENCE RLTY TR INC	211,234	$3.145M	0.9%	—	—	COM	45378A106
JAN	JANUS LIVING INC	100,042	$2.358M	0.7%	—	—	CL A-1	471024109
HIW	HIGHWOODS PPTYS INC	49,717	$1.064M	0.3%	—	—	COM	431284108
ARI	APOLLO COML REAL ESTATE FIN	70,484	$744K	0.2%	—	—	COM	03762U105
STAG	STAG INDUSTRIAL INC	17,493	$631K	0.2%	—	—	COM	85254J102

Increased Positions (18)

LEN LENNAR CORP 5.2%

Value $17.74M (+386.9%) Shares 204,268 (+476.4%) Est. Cost — Unrealized —

AVB AVALONBAY CMNTYS INC 5.7%

Value $19.47M (+84.0%) Shares 119,163 (+104.2%) Est. Cost — Unrealized —

AMH AMERICAN HOMES 4 RENT 3.4%

Value $11.38M (+234.5%) Shares 407,586 (+284.5%) Est. Cost — Unrealized —

SBAC SBA COMMUNICATIONS CORP 2.6%

Value $8.793M (+217.5%) Shares 51,089 (+256.8%) Est. Cost — Unrealized —

RHP RYMAN HOSPITALITY PPTYS INC 3.3%

Value $11.05M (+84.7%) Shares 119,704 (+89.4%) Est. Cost — Unrealized —

REXR REXFORD INDL RLTY INC 3.4%

Value $11.7M (+62.5%) Shares 357,439 (+92.2%) Est. Cost — Unrealized —

GLPI GAMING & LEISURE P 3.7%

Value $12.66M (+52.6%) Shares 285,340 (+53.7%) Est. Cost — Unrealized —

CUBE CUBESMART 2.7%

Value $9.097M (+41.1%) Shares 248,221 (+38.8%) Est. Cost — Unrealized —

CCI CROWN CASTLE INC 1.1%

Value $3.897M (+61.1%) Shares 47,931 (+76.1%) Est. Cost — Unrealized —

PECO PHILLIPS EDISON & CO INC 4.2%

Value $14.36M (+8.7%) Shares 383,746 (+3.3%) Est. Cost — Unrealized —

ESS ESSEX PPTY TR INC 5.6%

Value $19.13M (-5.1%) Shares 79,068 (+2.6%) Est. Cost — Unrealized —

EGP EASTGROUP PPTYS INC 2.3%

Value $7.797M (+14.9%) Shares 42,127 (+10.5%) Est. Cost — Unrealized —

EXR EXTRA SPACE STORAGE INC 1.3%

Value $4.288M (+30.7%) Shares 32,701 (+29.8%) Est. Cost — Unrealized —

ELS EQUITY LIFESTYLE PROPERTIES 2.7%

Value $9.034M (+11.6%) Shares 144,735 (+8.3%) Est. Cost — Unrealized —

DOC HEALTHPEAK PROPERTIES INC 1.1%

Value $3.638M (+30.6%) Shares 221,423 (+27.8%) Est. Cost — Unrealized —

SILA SILA REALTY TRUST INC 0.4%

Value $1.416M (+35.5%) Shares 59,811 (+33.4%) Est. Cost — Unrealized —

SUI SUN CMNTYS INC 0.5%

Value $1.835M (+18.7%) Shares 14,571 (+16.7%) Est. Cost — Unrealized —

UDR UDR INC 3.8%

Value $13.03M (+0.6%) Shares 385,812 (+9.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LEN	LENNAR CORP	204,268 (+476.4%)	$17.74M (+386.9%)	5.2%	—	—	CL A	526057104
AVB	AVALONBAY CMNTYS INC	119,163 (+104.2%)	$19.47M (+84.0%)	5.7%	—	—	COM	053484101
AMH	AMERICAN HOMES 4 RENT	407,586 (+284.5%)	$11.38M (+234.5%)	3.4%	—	—	CL A	02665T306
SBAC	SBA COMMUNICATIONS CORP	51,089 (+256.8%)	$8.793M (+217.5%)	2.6%	—	—	CL A	78410G104
RHP	RYMAN HOSPITALITY PPTYS INC	119,704 (+89.4%)	$11.05M (+84.7%)	3.3%	—	—	COM	78377T107
REXR	REXFORD INDL RLTY INC	357,439 (+92.2%)	$11.7M (+62.5%)	3.4%	—	—	COM	76169C100
GLPI	GAMING & LEISURE P	285,340 (+53.7%)	$12.66M (+52.6%)	3.7%	—	—	COM	36467J108
CUBE	CUBESMART	248,221 (+38.8%)	$9.097M (+41.1%)	2.7%	—	—	COM	229663109
CCI	CROWN CASTLE INC	47,931 (+76.1%)	$3.897M (+61.1%)	1.1%	—	—	COM	22822V101
PECO	PHILLIPS EDISON & CO INC	383,746 (+3.3%)	$14.36M (+8.7%)	4.2%	—	—	COMMON STOCK	71844V201
ESS	ESSEX PPTY TR INC	79,068 (+2.6%)	$19.13M (-5.1%)	5.6%	—	—	COM	297178105
EGP	EASTGROUP PPTYS INC	42,127 (+10.5%)	$7.797M (+14.9%)	2.3%	—	—	COM	277276101
EXR	EXTRA SPACE STORAGE INC	32,701 (+29.8%)	$4.288M (+30.7%)	1.3%	—	—	COM	30225T102
ELS	EQUITY LIFESTYLE PROPERTIES	144,735 (+8.3%)	$9.034M (+11.6%)	2.7%	—	—	COM	29472R108
DOC	HEALTHPEAK PROPERTIES INC	221,423 (+27.8%)	$3.638M (+30.6%)	1.1%	—	—	COM	42250P103
SILA	SILA REALTY TRUST INC	59,811 (+33.4%)	$1.416M (+35.5%)	0.4%	—	—	COMMON STOCK	146280508
SUI	SUN CMNTYS INC	14,571 (+16.7%)	$1.835M (+18.7%)	0.5%	—	—	COM	866674104
UDR	UDR INC	385,812 (+9.3%)	$13.03M (+0.6%)	3.8%	—	—	COM	902653104

Exited Positions (6)

TPH TRI POINTE HOMES INC 3.1%

Value $10.54M Shares 334,828 Est. Cost — Unrealized —

REG REGENCY CTRS CORP 1.5%

Value $5.235M Shares 75,834 Est. Cost — Unrealized —

KIM KIMCO RLTY CORP 1.2%

Value $4.19M Shares 206,723 Est. Cost — Unrealized —

EQIX EQUINIX INC 0.8%

Value $2.636M Shares 3,441 Est. Cost — Unrealized —

FR FIRST INDL RLTY TR INC 0.5%

Value $1.775M Shares 31,000 Est. Cost — Unrealized —

NTST NETSTREIT CORP 0.2%

Value $532K Shares 30,135 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPH	TRI POINTE HOMES INC	334,828	$10.54M	3.1%	—	—	—	87265H109
REG	REGENCY CTRS CORP	75,834	$5.235M	1.5%	—	—	—	758849103
KIM	KIMCO RLTY CORP	206,723	$4.19M	1.2%	—	—	—	49446R109
EQIX	EQUINIX INC	3,441	$2.636M	0.8%	—	—	—	29444U700
FR	FIRST INDL RLTY TR INC	31,000	$1.775M	0.5%	—	—	—	32054K103
NTST	NETSTREIT CORP	30,135	$532K	0.2%	—	—	—	64119V303

Decreased Positions (15)

AMT AMERICAN TOWER CORP 1.1%

Value $3.661M (-67.6%) Shares 21,212 (-67.0%) Est. Cost — Unrealized —

EQR EQUITY RESIDENTIAL 4.5%

Value $15.23M (-16.1%) Shares 257,495 (-10.5%) Est. Cost — Unrealized —

ADC AGREE RLTY CORP 5.6%

Value $18.91M (-13.0%) Shares 250,917 (-16.9%) Est. Cost — Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 2.0%

Value $6.852M (-29.0%) Shares 84,358 (-34.0%) Est. Cost — Unrealized —

BNL BROADSTONE NET LEASE INC 1.4%

Value $4.694M (-34.4%) Shares 256,949 (-37.6%) Est. Cost — Unrealized —

INVH INVITATION HOMES INC 2.3%

Value $7.884M (-19.3%) Shares 317,269 (-9.7%) Est. Cost — Unrealized —

CHH CHOICE HOTELS INTL INC 3.7%

Value $12.49M (-11.9%) Shares 120,683 (-18.9%) Est. Cost — Unrealized —

PSA PUBLIC STORAGE OPER CO 2.3%

Value $7.825M (-17.6%) Shares 28,889 (-21.0%) Est. Cost — Unrealized —

VICI VICI PPTYS INC 2.1%

Value $7.288M (-18.2%) Shares 266,763 (-15.8%) Est. Cost — Unrealized —

FCPT FOUR CORNERS PPTY TR INC 4.1%

Value $13.94M (-10.2%) Shares 589,561 (-12.4%) Est. Cost — Unrealized —

MTH MERITAGE HOMES CORP 4.3%

Value $14.55M (-9.1%) Shares 235,255 (-3.2%) Est. Cost — Unrealized —

DLR DIGITAL RLTY TR INC 1.6%

Value $5.489M (-12.9%) Shares 30,457 (-25.2%) Est. Cost — Unrealized —

DRH DIAMONDROCK HOSPITALITY CO 2.3%

Value $7.889M (-7.3%) Shares 841,993 (-11.3%) Est. Cost — Unrealized —

NNN NNN REIT INC 1.5%

Value $5.091M (-9.4%) Shares 121,122 (-14.6%) Est. Cost — Unrealized —

NHI NATIONAL HEALTH INVS INC 0.8%

Value $2.864M (-12.4%) Shares 35,414 (-17.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMT	AMERICAN TOWER CORP	21,212 (-67.0%)	$3.661M (-67.6%)	1.1%	—	—	COM	03027X100
EQR	EQUITY RESIDENTIAL	257,495 (-10.5%)	$15.23M (-16.1%)	4.5%	—	—	SH BEN INT	29476L107
ADC	AGREE RLTY CORP	250,917 (-16.9%)	$18.91M (-13.0%)	5.6%	—	—	COM	008492100
WH	WYNDHAM HOTELS & RESORTS INC	84,358 (-34.0%)	$6.852M (-29.0%)	2.0%	—	—	COM	98311A105
BNL	BROADSTONE NET LEASE INC	256,949 (-37.6%)	$4.694M (-34.4%)	1.4%	—	—	COM	11135E203
INVH	INVITATION HOMES INC	317,269 (-9.7%)	$7.884M (-19.3%)	2.3%	—	—	COM	46187W107
CHH	CHOICE HOTELS INTL INC	120,683 (-18.9%)	$12.49M (-11.9%)	3.7%	—	—	COM	169905106
PSA	PUBLIC STORAGE OPER CO	28,889 (-21.0%)	$7.825M (-17.6%)	2.3%	—	—	COM	74460D109
VICI	VICI PPTYS INC	266,763 (-15.8%)	$7.288M (-18.2%)	2.1%	—	—	COM	925652109
FCPT	FOUR CORNERS PPTY TR INC	589,561 (-12.4%)	$13.94M (-10.2%)	4.1%	—	—	COM	35086T109
MTH	MERITAGE HOMES CORP	235,255 (-3.2%)	$14.55M (-9.1%)	4.3%	—	—	COM	59001A102
DLR	DIGITAL RLTY TR INC	30,457 (-25.2%)	$5.489M (-12.9%)	1.6%	—	—	COM	253868103
DRH	DIAMONDROCK HOSPITALITY CO	841,993 (-11.3%)	$7.889M (-7.3%)	2.3%	—	—	COM	252784301
NNN	NNN REIT INC	121,122 (-14.6%)	$5.091M (-9.4%)	1.5%	—	—	COM	637417106
NHI	NATIONAL HEALTH INVS INC	35,414 (-17.3%)	$2.864M (-12.4%)	0.8%	—	—	COM	63633D104