Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
HYG	ISHARES TR	7,166,024 (+15.6%)	$570M (+16.0%)	4.0%	$79.59	$78.96	—	IBOXX HI YD ETF	464288513
SPG	SIMON PPTY GROUP INC NEW	892,987 (+1.4%)	$199M (+20.2%)	1.4%	$223.00	$134.59	—	COM	828806109
VNO	VORNADO RLTY TR	633,629 (+4.0%)	$25.38M (+62.9%)	0.2%	$40.06	$36.36	—	SH BEN INT	929042109
LQD	ISHARES TR	786,699 (+12.6%)	$85.33M (+12.4%)	0.6%	$108.46	$109.13	—	IBOXX INV CP ETF	464287242
AHR	AMERICAN HEALTHCARE REIT INC	444,285 (+7.8%)	$23.84M (+21.7%)	0.2%	$53.65	$33.36	—	COM SHS	398182303
SLG	SL GREEN RLTY CORP	250,972 (+2.2%)	$13.11M (+45.4%)	0.1%	$52.22	$42.73	—	COM	78440X887
CUBE	CUBESMART	561,129 (+3.2%)	$22.52M (+13.4%)	0.2%	$40.13	$36.64	—	COM	229663109
NSA	NATIONAL STORAGE AFFILIATES	172,054 (+1.8%)	$7.779M (+19.5%)	0.1%	$45.21	$38.63	—	COM SHS BEN IN	637870106
SBRA	SABRA HEALTH CARE REIT INC	621,369 (+7.2%)	$12.23M (+8.3%)	0.1%	$19.68	$15.77	—	COM	78573L106

Decreased Positions (2)

FRT FEDERAL RLTY INVT TR NEW 0.2%

Value $32.5M (+12.1%) Shares 269,876 (-1.3%) Share Price $120.41 Est. Cost/Share $102.92 Unrealized @ Report Date —

BRX BRIXMOR PPTY GROUP INC 0.2%

Value $30.18M (+6.9%) Shares 966,273 (-1.2%) Share Price $31.23 Est. Cost/Share $24.37 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
FRT	FEDERAL RLTY INVT TR NEW	269,876 (-1.3%)	$32.5M (+12.1%)	0.2%	$120.41	$102.92	—	SH BEN INT NEW	313745101
BRX	BRIXMOR PPTY GROUP INC	966,273 (-1.2%)	$30.18M (+6.9%)	0.2%	$31.23	$24.37	—	COM	11120U105

Unchanged Positions (48)

BXP BXP INC 3.4%

Value $490M Shares 7,230,130 Share Price $67.76 Est. Cost/Share $73.18 Unrealized @ Report Date —

PSA PUBLIC STORAGE 4.8%

Value $680M Shares 2,103,577 Share Price $323.04 Est. Cost/Share $135.67 Unrealized @ Report Date —

EQR EQUITY RESIDENTIAL 5.2%

Value $745M Shares 10,856,563 Share Price $68.63 Est. Cost/Share $37.38 Unrealized @ Report Date —

INVH INVITATION HOMES INC 3.4%

Value $485M Shares 15,975,264 Share Price $30.35 Est. Cost/Share $20.06 Unrealized @ Report Date —

VTR VENTAS INC 7.1%

Value $1.014B Shares 11,314,857 Share Price $89.65 Est. Cost/Share $42.82 Unrealized @ Report Date —

ARE ALEXANDRIA REAL ESTATE EQ IN 2.6%

Value $370M Shares 6,981,310 Share Price $53.01 Est. Cost/Share $87.02 Unrealized @ Report Date —

PLD PROLOGIS INC. 18.5%

Value $2.638B Shares 19,286,830 Share Price $136.80 Est. Cost/Share $39.27 Unrealized @ Report Date —

CUZ COUSINS PPTYS INC 1.6%

Value $224M Shares 7,323,308 Share Price $30.65 Est. Cost/Share $35.82 Unrealized @ Report Date —

COLD AMERICOLD REALTY TRUST INC 1.4%

Value $205M Shares 12,824,285 Share Price $16.02 Est. Cost/Share $33.36 Unrealized @ Report Date —

MAA MID-AMER APT CMNTYS INC 3.0%

Value $432M Shares 3,089,712 Share Price $139.94 Est. Cost/Share $86.97 Unrealized @ Report Date —

WELL WELLTOWER INC 2.7%

Value $390M Shares 1,692,393 Share Price $230.19 Est. Cost/Share $96.22 Unrealized @ Report Date —

KRC KILROY REALTY CORP 1.3%

Value $184M Shares 4,701,496 Share Price $39.16 Est. Cost/Share $65.76 Unrealized @ Report Date —

EXR EXTRA SPACE STORAGE INC 2.8%

Value $405M Shares 2,748,149 Share Price $147.29 Est. Cost/Share $79.21 Unrealized @ Report Date —

KIM KIMCO REALTY CORP 2.6%

Value $370M Shares 14,754,881 Share Price $25.08 Est. Cost/Share $13.09 Unrealized @ Report Date —

DLR DIGITAL RLTY TR INC 10.7%

Value $1.52B Shares 8,619,693 Share Price $176.32 Est. Cost/Share $73.08 Unrealized @ Report Date —

HR HEALTHCARE RLTY TR 1.5%

Value $207M Shares 10,223,995 Share Price $20.29 Est. Cost/Share $19.70 Unrealized @ Report Date —

EQIX EQUINIX INC 8.5%

Value $1.211B Shares 1,194,365 Share Price $1013.62 Est. Cost/Share $676.56 Unrealized @ Report Date —

IRM IRON MTN INC DEL 0.6%

Value $85.81M Shares 703,912 Share Price $121.90 Est. Cost/Share $84.03 Unrealized @ Report Date —

HST HOST HOTELS & RESORTS INC 0.4%

Value $56.5M Shares 2,419,699 Share Price $23.35 Est. Cost/Share $18.16 Unrealized @ Report Date —

AVB AVALONBAY CMNTYS INC 0.5%

Value $67.9M Shares 356,542 Share Price $190.43 Est. Cost/Share $183.39 Unrealized @ Report Date —

DOC HEALTHPEAK PROPERTIES INC 0.3%

Value $36.02M Shares 1,664,514 Share Price $21.64 Est. Cost/Share $22.11 Unrealized @ Report Date —

ESS ESSEX PPTY TR INC 0.3%

Value $47.16M Shares 159,780 Share Price $295.18 Est. Cost/Share $259.42 Unrealized @ Report Date —

REG REGENCY CTRS CORP 1.4%

Value $206M Shares 2,593,992 Share Price $79.37 Est. Cost/Share $44.87 Unrealized @ Report Date —

RHP RYMAN HOSPITALITY PPTYS INC 0.2%

Value $26.93M Shares 215,740 Share Price $124.83 Est. Cost/Share $45.97 Unrealized @ Report Date —

UDR UDR INC 0.2%

Value $33.64M Shares 828,243 Share Price $40.62 Est. Cost/Share $39.26 Unrealized @ Report Date —

CPT CAMDEN PPTY TR 0.2%

Value $30.61M Shares 264,633 Share Price $115.66 Est. Cost/Share $110.17 Unrealized @ Report Date —

AMH AMERICAN HOMES 4 RENT 0.2%

Value $27.66M Shares 820,421 Share Price $33.72 Est. Cost/Share $28.17 Unrealized @ Report Date —

VICI VICI PPTYS INC 0.5%

Value $74.81M Shares 2,847,561 Share Price $26.27 Est. Cost/Share $16.37 Unrealized @ Report Date —

OHI OMEGA HEALTHCARE INVS INC 0.2%

Value $34.99M Shares 726,429 Share Price $48.17 Est. Cost/Share $44.33 Unrealized @ Report Date —

KRG KITE REALTY GROUP TRUST 0.1%

Value $19.59M Shares 691,850 Share Price $28.31 Est. Cost/Share $24.41 Unrealized @ Report Date —

PK PARK HOTELS & RESORTS INC 0.1%

Value $9.819M Shares 692,908 Share Price $14.17 Est. Cost/Share $10.38 Unrealized @ Report Date —

CTRE CARETRUST REIT INC 0.2%

Value $22.41M Shares 547,906 Share Price $40.90 Est. Cost/Share $37.13 Unrealized @ Report Date —

NNN NNN REIT INC 0.2%

Value $23.3M Shares 500,350 Share Price $46.57 Est. Cost/Share $42.45 Unrealized @ Report Date —

SUI SUN CMNTYS INC 0.3%

Value $37.09M Shares 307,048 Share Price $120.78 Est. Cost/Share $133.30 Unrealized @ Report Date —

LINE LINEAGE INC 0.1%

Value $7.393M Shares 169,598 Share Price $43.59 Est. Cost/Share $32.78 Unrealized @ Report Date —

O REALTY INCOME CORP 3.9%

Value $552M Shares 8,921,361 Share Price $61.82 Est. Cost/Share $49.41 Unrealized @ Report Date —

IRT INDEPENDENCE RLTY TR INC 0.1%

Value $10.27M Shares 598,765 Share Price $17.16 Est. Cost/Share $14.87 Unrealized @ Report Date —

TRNO TERRENO RLTY CORP 0.1%

Value $16.18M Shares 245,177 Share Price $66.01 Est. Cost/Share $61.77 Unrealized @ Report Date —

STAG STAG INDUSTRIAL INC 0.1%

Value $17.33M Shares 452,071 Share Price $38.34 Est. Cost/Share $36.21 Unrealized @ Report Date —

FR FIRST INDL RLTY TR INC 0.1%

Value $19.1M Shares 309,950 Share Price $61.61 Est. Cost/Share $55.84 Unrealized @ Report Date —

ELS EQUITY LIFESTYLE PROPERTIES 0.2%

Value $31.32M Shares 481,719 Share Price $65.01 Est. Cost/Share $63.26 Unrealized @ Report Date —

WPC WP CAREY INC 0.3%

Value $41.07M Shares 580,007 Share Price $70.81 Est. Cost/Share $70.07 Unrealized @ Report Date —

REXR REXFORD INDL RLTY INC 0.1%

Value $19.04M Shares 564,554 Share Price $33.72 Est. Cost/Share $40.27 Unrealized @ Report Date —

GLPI GAMING & LEISURE P 0.2%

Value $31.74M Shares 726,550 Share Price $43.69 Est. Cost/Share $44.31 Unrealized @ Report Date —

EPRT ESSENTIAL PPTYS RLTY TR INC 0.1%

Value $15.84M Shares 527,707 Share Price $30.01 Est. Cost/Share $28.45 Unrealized @ Report Date —

ADC AGREE RLTY CORP 0.2%

Value $23.08M Shares 302,617 Share Price $76.28 Est. Cost/Share $70.86 Unrealized @ Report Date —

MPT MEDICAL PROPERTIES TRUST INC 0.0%

Value $5.638M Shares 1,228,345 Share Price $4.59 Est. Cost/Share $4.64 Unrealized @ Report Date —

BKLN INVESCO EXCH TRADED FD TR II 0.1%

Value $9.773M Shares 480,000 Share Price $20.36 Est. Cost/Share $20.73 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BXP	BXP INC	7,230,130	$490M	3.4%	$67.76	$73.18	—	COM	101121101
PSA	PUBLIC STORAGE	2,103,577	$680M	4.8%	$323.04	$135.67	—	COM	74460D109
EQR	EQUITY RESIDENTIAL	10,856,563	$745M	5.2%	$68.63	$37.38	—	SH BEN INT	29476L107
INVH	INVITATION HOMES INC	15,975,264	$485M	3.4%	$30.35	$20.06	—	COM	46187W107
VTR	VENTAS INC	11,314,857	$1.014B	7.1%	$89.65	$42.82	—	COM	92276F100
ARE	ALEXANDRIA REAL ESTATE EQ IN	6,981,310	$370M	2.6%	$53.01	$87.02	—	COM	015271109
PLD	PROLOGIS INC.	19,286,830	$2.638B	18.5%	$136.80	$39.27	—	COM	74340W103
CUZ	COUSINS PPTYS INC	7,323,308	$224M	1.6%	$30.65	$35.82	—	COM NEW	222795502
COLD	AMERICOLD REALTY TRUST INC	12,824,285	$205M	1.4%	$16.02	$33.36	—	COM	03064D108
MAA	MID-AMER APT CMNTYS INC	3,089,712	$432M	3.0%	$139.94	$86.97	—	COM	59522J103
WELL	WELLTOWER INC	1,692,393	$390M	2.7%	$230.19	$96.22	—	COM	95040Q104
KRC	KILROY REALTY CORP	4,701,496	$184M	1.3%	$39.16	$65.76	—	COM	49427F108
EXR	EXTRA SPACE STORAGE INC	2,748,149	$405M	2.8%	$147.29	$79.21	—	COM	30225T102
KIM	KIMCO REALTY CORP	14,754,881	$370M	2.6%	$25.08	$13.09	—	COM	49446R109
DLR	DIGITAL RLTY TR INC	8,619,693	$1.52B	10.7%	$176.32	$73.08	—	COM	253868103
HR	HEALTHCARE RLTY TR	10,223,995	$207M	1.5%	$20.29	$19.70	—	CL A COM	42226K105
EQIX	EQUINIX INC	1,194,365	$1.211B	8.5%	$1013.62	$676.56	—	COM	29444U700
IRM	IRON MTN INC DEL	703,912	$85.81M	0.6%	$121.90	$84.03	—	COM	46284V101
HST	HOST HOTELS & RESORTS INC	2,419,699	$56.5M	0.4%	$23.35	$18.16	—	COM	44107P104
AVB	AVALONBAY CMNTYS INC	356,542	$67.9M	0.5%	$190.43	$183.39	—	COM	053484101
DOC	HEALTHPEAK PROPERTIES INC	1,664,514	$36.02M	0.3%	$21.64	$22.11	—	COM	42250P103
ESS	ESSEX PPTY TR INC	159,780	$47.16M	0.3%	$295.18	$259.42	—	COM	297178105
REG	REGENCY CTRS CORP	2,593,992	$206M	1.4%	$79.37	$44.87	—	COM	758849103
RHP	RYMAN HOSPITALITY PPTYS INC	215,740	$26.93M	0.2%	$124.83	$45.97	—	COM	78377T107
UDR	UDR INC	828,243	$33.64M	0.2%	$40.62	$39.26	—	COM	902653104
CPT	CAMDEN PPTY TR	264,633	$30.61M	0.2%	$115.66	$110.17	—	SH BEN INT	133131102
AMH	AMERICAN HOMES 4 RENT	820,421	$27.66M	0.2%	$33.72	$28.17	—	CL A	02665T306
VICI	VICI PPTYS INC	2,847,561	$74.81M	0.5%	$26.27	$16.37	—	COM	925652109
OHI	OMEGA HEALTHCARE INVS INC	726,429	$34.99M	0.2%	$48.17	$44.33	—	COM	681936100
KRG	KITE REALTY GROUP TRUST	691,850	$19.59M	0.1%	$28.31	$24.41	—	COM NEW	49803T300
PK	PARK HOTELS & RESORTS INC	692,908	$9.819M	0.1%	$14.17	$10.38	—	COM	700517105
CTRE	CARETRUST REIT INC	547,906	$22.41M	0.2%	$40.90	$37.13	—	COM	14174T107
NNN	NNN REIT INC	500,350	$23.3M	0.2%	$46.57	$42.45	—	COM	637417106
SUI	SUN CMNTYS INC	307,048	$37.09M	0.3%	$120.78	$133.30	—	COM	866674104
LINE	LINEAGE INC	169,598	$7.393M	0.1%	$43.59	$32.78	—	COM	53566V106
O	REALTY INCOME CORP	8,921,361	$552M	3.9%	$61.82	$49.41	—	COM	756109104
IRT	INDEPENDENCE RLTY TR INC	598,765	$10.27M	0.1%	$17.16	$14.87	—	COM	45378A106
TRNO	TERRENO RLTY CORP	245,177	$16.18M	0.1%	$66.01	$61.77	—	COM	88146M101
STAG	STAG INDUSTRIAL INC	452,071	$17.33M	0.1%	$38.34	$36.21	—	COM	85254J102
FR	FIRST INDL RLTY TR INC	309,950	$19.1M	0.1%	$61.61	$55.84	—	COM	32054K103
ELS	EQUITY LIFESTYLE PROPERTIES	481,719	$31.32M	0.2%	$65.01	$63.26	—	COM	29472R108
WPC	WP CAREY INC	580,007	$41.07M	0.3%	$70.81	$70.07	—	COM	92936U109
REXR	REXFORD INDL RLTY INC	564,554	$19.04M	0.1%	$33.72	$40.27	—	COM	76169C100
GLPI	GAMING & LEISURE P	726,550	$31.74M	0.2%	$43.69	$44.31	—	COM	36467J108
EPRT	ESSENTIAL PPTYS RLTY TR INC	527,707	$15.84M	0.1%	$30.01	$28.45	—	COM	29670E107
ADC	AGREE RLTY CORP	302,617	$23.08M	0.2%	$76.28	$70.86	—	COM	008492100
MPT	MEDICAL PROPERTIES TRUST INC	1,228,345	$5.638M	0.0%	$4.59	$4.64	—	COM	58463J304
BKLN	INVESCO EXCH TRADED FD TR II	480,000	$9.773M	0.1%	$20.36	$20.73	—	SR LN ETF	46138G508