Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PHM	PULTE GROUP INC	71,495	$9.81M	3.0%	—	—	COM	745867101
REG	REGENCY CTRS CORP	106,627	$8.502M	2.6%	—	—	COM	758849103
SHO	SUNSTONE HOTEL INVS INC NEW	545,872	$6.25M	1.9%	—	—	COM	867892101
PLD	PROLOGIS INC.	41,954	$5.684M	1.8%	—	—	COM	74340W103
EPRT	ESSENTIAL PPTYS RLTY TR INC	95,745	$2.858M	0.9%	—	—	COM	29670E107
MAR	MARRIOTT INTL INC NEW	4,129	$1.53M	0.5%	—	—	CL A	571903202
EQIX	EQUINIX INC	517	$539K	0.2%	—	—	COM	29444U700
CURB	CURBLINE PPTYS CORP	7,208	$219K	0.1%	—	—	COM	23128Q101

Increased Positions (13)

HST HOST HOTELS & RESORTS INC 6.3%

Value $20.46M (+198.1%) Shares 862,907 (+140.9%) Est. Cost — Unrealized —

ADC AGREE RLTY CORP 7.8%

Value $25.08M (+32.6%) Shares 331,087 (+32.0%) Est. Cost — Unrealized —

IRT INDEPENDENCE RLTY TR INC 2.2%

Value $7.142M (+127.1%) Shares 427,943 (+102.6%) Est. Cost — Unrealized —

ELS EQUITY LIFESTYLE PROPERTIES 4.0%

Value $12.9M (+42.7%) Shares 200,084 (+38.2%) Est. Cost — Unrealized —

SUI SUN CMNTYS INC 1.6%

Value $5.322M (+189.9%) Shares 44,380 (+204.6%) Est. Cost — Unrealized —

STAG STAG INDUSTRIAL INC 1.2%

Value $3.953M (+526.6%) Shares 103,852 (+493.7%) Est. Cost — Unrealized —

VICI VICI PPTYS INC 3.2%

Value $10.29M (+41.2%) Shares 387,641 (+45.3%) Est. Cost — Unrealized —

DLR DIGITAL RLTY TR INC 2.5%

Value $8.126M (+48.0%) Shares 45,249 (+48.6%) Est. Cost — Unrealized —

NHI NATIONAL HEALTH INVS INC 1.7%

Value $5.388M (+88.2%) Shares 70,659 (+99.5%) Est. Cost — Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 2.8%

Value $9.065M (+32.3%) Shares 107,644 (+27.6%) Est. Cost — Unrealized —

REXR REXFORD INDL RLTY INC 4.0%

Value $12.89M (+10.2%) Shares 384,763 (+7.6%) Est. Cost — Unrealized —

CCI CROWN CASTLE INC 1.5%

Value $4.73M (+21.4%) Shares 62,463 (+30.3%) Est. Cost — Unrealized —

AMT AMERICAN TOWER CORP 1.3%

Value $4.037M (+10.3%) Shares 24,682 (+16.4%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HST	HOST HOTELS & RESORTS INC	862,907 (+140.9%)	$20.46M (+198.1%)	6.3%	—	—	COM	44107P104
ADC	AGREE RLTY CORP	331,087 (+32.0%)	$25.08M (+32.6%)	7.8%	—	—	COM	008492100
IRT	INDEPENDENCE RLTY TR INC	427,943 (+102.6%)	$7.142M (+127.1%)	2.2%	—	—	COM	45378A106
ELS	EQUITY LIFESTYLE PROPERTIES	200,084 (+38.2%)	$12.9M (+42.7%)	4.0%	—	—	COM	29472R108
SUI	SUN CMNTYS INC	44,380 (+204.6%)	$5.322M (+189.9%)	1.6%	—	—	COM	866674104
STAG	STAG INDUSTRIAL INC	103,852 (+493.7%)	$3.953M (+526.6%)	1.2%	—	—	COM	85254J102
VICI	VICI PPTYS INC	387,641 (+45.3%)	$10.29M (+41.2%)	3.2%	—	—	COM	925652109
DLR	DIGITAL RLTY TR INC	45,249 (+48.6%)	$8.126M (+48.0%)	2.5%	—	—	COM	253868103
NHI	NATIONAL HEALTH INVS INC	70,659 (+99.5%)	$5.388M (+88.2%)	1.7%	—	—	COM	63633D104
WH	WYNDHAM HOTELS & RESORTS INC	107,644 (+27.6%)	$9.065M (+32.3%)	2.8%	—	—	COM	98311A105
REXR	REXFORD INDL RLTY INC	384,763 (+7.6%)	$12.89M (+10.2%)	4.0%	—	—	COM	76169C100
CCI	CROWN CASTLE INC	62,463 (+30.3%)	$4.73M (+21.4%)	1.5%	—	—	COM	22822V101
AMT	AMERICAN TOWER CORP	24,682 (+16.4%)	$4.037M (+10.3%)	1.3%	—	—	COM	03027X100

Exited Positions (6)

MTH MERITAGE HOMES CORP 4.5%

Value $14.55M Shares 235,255 Est. Cost — Unrealized —

BNL BROADSTONE NET LEASE INC 1.5%

Value $4.694M Shares 256,949 Est. Cost — Unrealized —

FRT FEDERAL RLTY INVT TR NEW 1.2%

Value $3.72M Shares 35,021 Est. Cost — Unrealized —

SILA SILA REALTY TRUST INC 0.4%

Value $1.416M Shares 59,811 Est. Cost — Unrealized —

HIW HIGHWOODS PPTYS INC 0.3%

Value $1.064M Shares 49,717 Est. Cost — Unrealized —

ARI APOLLO COML REAL ESTATE FIN 0.2%

Value $744K Shares 70,484 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MTH	MERITAGE HOMES CORP	235,255	$14.55M	4.5%	—	—	—	59001A102
BNL	BROADSTONE NET LEASE INC	256,949	$4.694M	1.5%	—	—	—	11135E203
FRT	FEDERAL RLTY INVT TR NEW	35,021	$3.72M	1.2%	—	—	—	313745101
SILA	SILA REALTY TRUST INC	59,811	$1.416M	0.4%	—	—	—	146280508
HIW	HIGHWOODS PPTYS INC	49,717	$1.064M	0.3%	—	—	—	431284108
ARI	APOLLO COML REAL ESTATE FIN	70,484	$744K	0.2%	—	—	—	03762U105

Decreased Positions (22)

ESS ESSEX PPTY TR INC 3.3%

Value $10.53M (-45.0%) Shares 36,114 (-54.3%) Est. Cost — Unrealized —

EQR EQUITY RESIDENTIAL 2.8%

Value $9.139M (-40.0%) Shares 134,534 (-47.8%) Est. Cost — Unrealized —

RHP RYMAN HOSPITALITY PPTYS INC 1.8%

Value $5.658M (-48.8%) Shares 44,014 (-63.2%) Est. Cost — Unrealized —

AVB AVALONBAY CMNTYS INC 4.4%

Value $14.15M (-27.3%) Shares 74,987 (-37.1%) Est. Cost — Unrealized —

LXP LXP INDUSTRIAL TRUST 0.3%

Value $925K (-84.3%) Shares 17,163 (-86.5%) Est. Cost — Unrealized —

SBAC SBA COMMUNICATIONS CORP 1.2%

Value $3.918M (-55.4%) Shares 22,201 (-56.5%) Est. Cost — Unrealized —

PSA PUBLIC STORAGE 0.9%

Value $3M (-61.7%) Shares 9,424 (-67.4%) Est. Cost — Unrealized —

EGP EASTGROUP PPTYS INC 1.0%

Value $3.257M (-58.2%) Shares 16,084 (-61.8%) Est. Cost — Unrealized —

UDR UDR INC 2.6%

Value $8.509M (-34.7%) Shares 213,157 (-44.8%) Est. Cost — Unrealized —

INVH INVITATION HOMES INC 1.2%

Value $3.799M (-51.8%) Shares 125,741 (-60.4%) Est. Cost — Unrealized —

PECO PHILLIPS EDISON & CO INC 3.2%

Value $10.48M (-27.0%) Shares 251,859 (-34.4%) Est. Cost — Unrealized —

NNN NNN REIT INC 0.5%

Value $1.587M (-68.8%) Shares 34,116 (-71.8%) Est. Cost — Unrealized —

CHH CHOICE HOTELS INTL INC 2.9%

Value $9.326M (-25.3%) Shares 84,576 (-29.9%) Est. Cost — Unrealized —

LEN LENNAR CORP 4.8%

Value $15.4M (-13.2%) Shares 170,135 (-16.7%) Est. Cost — Unrealized —

DRH DIAMONDROCK HOSPITALITY CO 3.1%

Value $9.911M (+25.6%) Shares 813,676 (-3.4%) Est. Cost — Unrealized —

EXR EXTRA SPACE STORAGE INC 0.7%

Value $2.275M (-46.9%) Shares 15,659 (-52.1%) Est. Cost — Unrealized —

AMH AMERICAN HOMES 4 RENT 2.9%

Value $9.498M (-16.5%) Shares 283,360 (-30.5%) Est. Cost — Unrealized —

CUBE CUBESMART 2.3%

Value $7.269M (-20.1%) Shares 182,764 (-26.4%) Est. Cost — Unrealized —

DOC HEALTHPEAK PROPERTIES INC 0.6%

Value $1.865M (-48.7%) Shares 87,147 (-60.6%) Est. Cost — Unrealized —

GLPI GAMING & LEISURE P 3.7%

Value $11.81M (-6.7%) Shares 265,161 (-7.1%) Est. Cost — Unrealized —

FCPT FOUR CORNERS PPTY TR INC 4.1%

Value $13.16M (-5.6%) Shares 535,879 (-9.1%) Est. Cost — Unrealized —

JAN JANUS LIVING INC 0.8%

Value $2.427M (+2.9%) Shares 84,450 (-15.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ESS	ESSEX PPTY TR INC	36,114 (-54.3%)	$10.53M (-45.0%)	3.3%	—	—	COM	297178105
EQR	EQUITY RESIDENTIAL	134,534 (-47.8%)	$9.139M (-40.0%)	2.8%	—	—	SH BEN INT	29476L107
RHP	RYMAN HOSPITALITY PPTYS INC	44,014 (-63.2%)	$5.658M (-48.8%)	1.8%	—	—	COM	78377T107
AVB	AVALONBAY CMNTYS INC	74,987 (-37.1%)	$14.15M (-27.3%)	4.4%	—	—	COM	053484101
LXP	LXP INDUSTRIAL TRUST	17,163 (-86.5%)	$925K (-84.3%)	0.3%	—	—	COM	529043408
SBAC	SBA COMMUNICATIONS CORP	22,201 (-56.5%)	$3.918M (-55.4%)	1.2%	—	—	CL A	78410G104
PSA	PUBLIC STORAGE	9,424 (-67.4%)	$3M (-61.7%)	0.9%	—	—	COM	74460D109
EGP	EASTGROUP PPTYS INC	16,084 (-61.8%)	$3.257M (-58.2%)	1.0%	—	—	COM	277276101
UDR	UDR INC	213,157 (-44.8%)	$8.509M (-34.7%)	2.6%	—	—	COM	902653104
INVH	INVITATION HOMES INC	125,741 (-60.4%)	$3.799M (-51.8%)	1.2%	—	—	COM	46187W107
PECO	PHILLIPS EDISON & CO INC	251,859 (-34.4%)	$10.48M (-27.0%)	3.2%	—	—	COMMON STOCK	71844V201
NNN	NNN REIT INC	34,116 (-71.8%)	$1.587M (-68.8%)	0.5%	—	—	COM	637417106
CHH	CHOICE HOTELS INTL INC	84,576 (-29.9%)	$9.326M (-25.3%)	2.9%	—	—	COM	169905106
LEN	LENNAR CORP	170,135 (-16.7%)	$15.4M (-13.2%)	4.8%	—	—	CL A	526057104
DRH	DIAMONDROCK HOSPITALITY CO	813,676 (-3.4%)	$9.911M (+25.6%)	3.1%	—	—	COM	252784301
EXR	EXTRA SPACE STORAGE INC	15,659 (-52.1%)	$2.275M (-46.9%)	0.7%	—	—	COM	30225T102
AMH	AMERICAN HOMES 4 RENT	283,360 (-30.5%)	$9.498M (-16.5%)	2.9%	—	—	CL A	02665T306
CUBE	CUBESMART	182,764 (-26.4%)	$7.269M (-20.1%)	2.3%	—	—	COM	229663109
DOC	HEALTHPEAK PROPERTIES INC	87,147 (-60.6%)	$1.865M (-48.7%)	0.6%	—	—	COM	42250P103
GLPI	GAMING & LEISURE P	265,161 (-7.1%)	$11.81M (-6.7%)	3.7%	—	—	COM	36467J108
FCPT	FOUR CORNERS PPTY TR INC	535,879 (-9.1%)	$13.16M (-5.6%)	4.1%	—	—	COM	35086T109
JAN	JANUS LIVING INC	84,450 (-15.6%)	$2.427M (+2.9%)	0.8%	—	—	CL A-1	471024109