Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KIM	Kimco Realty Corp	32,295 (+22.8%)	$819 (+38.6%)	0.9%	$14.69	—	COMMON STOCK	49446R109
PECO	Phillips Edison and Co Inc	12,500 (+56.3%)	$520 (+73.9%)	0.6%	$0.04	—	COMMON STOCK	71844V201
NNN	National Retail Properties Inc	26,800 (+5.9%)	$1,247 (+17.3%)	1.3%	$36.40	—	COMMON STOCK	637417106
NHI	National Health Investors Inc	6,000 (+71.4%)	$458 (+61.8%)	0.5%	$32.79	—	COMMON STOCK	63633D104
MRP	Millrose Properties Inc	24,000 (+9.1%)	$721 (+17.0%)	0.8%	$22.42	—	COMMON STOCK	601137102
LTC	LTC Properties Inc	21,500 (+10.3%)	$827 (+14.1%)	0.9%	$23.50	—	COMMON STOCK	502175102
EPRT	Essential Properties Realty Trust Inc	29,500 (+7.3%)	$881 (+5.5%)	0.9%	$18.59	—	COMMON STOCK	29670E107

Exited Positions (2)

PW Power REIT 0.0%

Value $25 Shares 29,948 Est. Cost $11.64 Unrealized —

— NEW YORK REIT INC liquidation shs 0.0%

Value $0 Shares 2,200 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PW	Power REIT	29,948	$25	0.0%	$11.64	—	—	73933H101
—	NEW YORK REIT INC liquidation shs	2,200	$0	0.0%	—	—	—	64976L208

Unchanged Positions (68)

WELL Welltower Inc 7.5%

Value $7,049 Shares 31,059 Est. Cost $74.77 Unrealized —

SPG Simon Property Group Inc 4.8%

Value $4,474 Shares 20,006 Est. Cost $117.17 Unrealized —

PSA Public Storage 3.9%

Value $3,601 Shares 11,313 Est. Cost $218.96 Unrealized —

IRM Iron Mountain Inc 2.7%

Value $2,564 Shares 20,300 Est. Cost $34.07 Unrealized —

DOC Healthpeak Properties Inc 2.2%

Value $2,028 Shares 94,755 Est. Cost $20.04 Unrealized —

EQIX Equinix Inc 7.9%

Value $7,391 Shares 7,090 Est. Cost $673.88 Unrealized —

INVH Invitation Homes Inc 1.7%

Value $1,579 Shares 52,265 Est. Cost $25.88 Unrealized —

AVB AvalonBay Communities Inc 2.1%

Value $1,982 Shares 10,502 Est. Cost $144.48 Unrealized —

LAMR Lamar Advertising Co 1.4%

Value $1,341 Shares 8,600 Est. Cost $111.58 Unrealized —

ESS Essex Property Trust Inc 1.5%

Value $1,414 Shares 4,850 Est. Cost $205.56 Unrealized —

HST Host Hotels and Resorts Inc 1.3%

Value $1,229 Shares 51,843 Est. Cost $14.44 Unrealized —

EQR Equity Residential 1.9%

Value $1,756 Shares 25,853 Est. Cost $54.04 Unrealized —

VTR Ventas Inc 3.0%

Value $2,771 Shares 31,205 Est. Cost $46.31 Unrealized —

PLD Prologis Inc 9.1%

Value $8,529 Shares 62,958 Est. Cost $77.62 Unrealized —

COLD Americold Realty Trust Inc 0.8%

Value $742 Shares 47,200 Est. Cost $17.11 Unrealized —

SILA Sila Realty Trust Inc 0.9%

Value $880 Shares 29,000 Est. Cost $16.08 Unrealized —

AMH American Homes 4 Rent 1.2%

Value $1,140 Shares 34,000 Est. Cost $30.74 Unrealized —

CUZ Cousins Properties Inc 0.8%

Value $702 Shares 23,400 Est. Cost $33.33 Unrealized —

EPR EPR Properties 1.1%

Value $1,004 Shares 17,300 Est. Cost $47.99 Unrealized —

EXR Extra Space Storage Inc 1.5%

Value $1,432 Shares 9,855 Est. Cost $126.14 Unrealized —

LXP LXP Industrial Trust 1.1%

Value $991 Shares 18,400 Est. Cost $49.57 Unrealized —

RLJ RLJ Lodging Trust 0.4%

Value $369 Shares 31,100 Est. Cost $25.34 Unrealized —

OUT Outfront Media Inc 0.8%

Value $714 Shares 21,808 Est. Cost $16.24 Unrealized —

MAA Mid-America Apartment Communities Inc 1.2%

Value $1,091 Shares 7,850 Est. Cost $94.77 Unrealized —

UDR UDR Inc 0.9%

Value $834 Shares 20,888 Est. Cost $30.07 Unrealized —

CPT Camden Property Trust 0.9%

Value $862 Shares 7,531 Est. Cost $90.35 Unrealized —

BRX Brixmor Property Group Inc 1.5%

Value $1,394 Shares 44,211 Est. Cost $21.79 Unrealized —

KRG Kite Realty Group Trust 0.9%

Value $834 Shares 29,400 Est. Cost $21.22 Unrealized —

PK Park Hotels and Resorts Inc 0.4%

Value $415 Shares 29,106 Est. Cost $17.43 Unrealized —

BNL Broadstone Net Lease Inc 1.0%

Value $909 Shares 44,000 Est. Cost $16.12 Unrealized —

HR Healthcare Realty Trust Inc 0.7%

Value $657 Shares 32,582 Est. Cost $18.71 Unrealized —

BXP Boston Properties Inc 0.5%

Value $465 Shares 7,014 Est. Cost $79.82 Unrealized —

OHI Omega Healthcare Investors Inc 1.2%

Value $1,097 Shares 23,000 Est. Cost $34.26 Unrealized —

APLE Apple Hospitality REIT Inc 0.3%

Value $269 Shares 16,000 Est. Cost $14.43 Unrealized —

HIW Highwoods Properties Inc 0.3%

Value $292 Shares 9,698 Est. Cost $41.54 Unrealized —

VNO Vornado Realty Trust 0.3%

Value $245 Shares 6,237 Est. Cost $69.17 Unrealized —

CUBE CubeSmart 1.1%

Value $1,022 Shares 25,700 Est. Cost $29.39 Unrealized —

CLDT Chatham Lodging Trust 0.2%

Value $198 Shares 15,000 Est. Cost $15.06 Unrealized —

WPC WP Carey Inc 1.7%

Value $1,595 Shares 22,304 Est. Cost $65.76 Unrealized —

VICI VICI Properties Inc 2.7%

Value $2,536 Shares 95,500 Est. Cost $26.43 Unrealized —

CTRE CareTrust REIT Inc 0.8%

Value $767 Shares 19,000 Est. Cost $28.57 Unrealized —

KRC Kilroy Realty Corp 0.3%

Value $281 Shares 7,500 Est. Cost $47.01 Unrealized —

XRN Chiron Real Estate Inc 0.6%

Value $531 Shares 14,140 Est. Cost $30.63 Unrealized —

ARE Alexandria Real Estate Equities Inc 0.5%

Value $462 Shares 8,750 Est. Cost $83.68 Unrealized —

MAC Macerich Co/The 0.2%

Value $219 Shares 8,692 Est. Cost $78.02 Unrealized —

O Realty Income Corp 4.6%

Value $4,259 Shares 68,738 Est. Cost $51.59 Unrealized —

STAG STAG Industrial Inc 1.1%

Value $1,041 Shares 27,363 Est. Cost $26.30 Unrealized —

IIPR Innovative Industrial Properties Inc 0.3%

Value $273 Shares 4,404 Est. Cost $87.69 Unrealized —

HPP Hudson Pacific Properties Inc 0.1%

Value $82 Shares 5,428 Est. Cost $10.87 Unrealized —

CHCT Community Healthcare Trust Inc 0.4%

Value $366 Shares 20,000 Est. Cost $17.56 Unrealized —

INN Summit Hotel Properties Inc 0.1%

Value $131 Shares 18,700 Est. Cost $13.19 Unrealized —

CURB Curbline Properties Corp 0.3%

Value $304 Shares 10,000 Est. Cost $23.20 Unrealized —

PEB Pebblebrook Hotel Trust 0.1%

Value $123 Shares 6,355 Est. Cost $28.32 Unrealized —

IRT Independence Realty Trust Inc 0.4%

Value $384 Shares 23,000 Est. Cost $15.91 Unrealized —

GTY Getty Realty Corp 0.9%

Value $817 Shares 24,500 Est. Cost $27.59 Unrealized —

SKT TANGER INC 0.3%

Value $237 Shares 6,000 Est. Cost $32.21 Unrealized —

UMH UMH Properties Inc 0.7%

Value $644 Shares 42,564 Est. Cost $8.13 Unrealized —

REG Regency Centers Corp 0.5%

Value $431 Shares 5,399 Est. Cost $66.68 Unrealized —

BDN Brandywine Realty Trust 0.2%

Value $147 Shares 46,500 Est. Cost $12.96 Unrealized —

NSA National Storage Affiliates Trust 0.1%

Value $116 Shares 2,600 Est. Cost $39.30 Unrealized —

FCPT Four Corners Property Trust Inc 0.5%

Value $503 Shares 20,500 Est. Cost $17.83 Unrealized —

SBRA Sabra Health Care REIT Inc 1.0%

Value $954 Shares 48,874 Est. Cost $17.78 Unrealized —

DLR Digital Realty Trust Inc 4.2%

Value $3,941 Shares 21,947 Est. Cost $95.66 Unrealized —

SITC SITE Centers Corp 0.0%

Value $20 Shares 5,000 Est. Cost $60.60 Unrealized —

GNL Global Net Lease Inc 0.1%

Value $130 Shares 14,492 Est. Cost $14.81 Unrealized —

CSR Centerspace 0.3%

Value $254 Shares 4,519 Est. Cost $72.63 Unrealized —

— RETAIL VALUE INC liquidated ⚠ 0.0%

Value $0 Shares 108 Est. Cost $92.31 Unrealized —

MPT Medical Properties Trust Inc 0.2%

Value $201 Shares 43,500 Est. Cost $13.06 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WELL	Welltower Inc	31,059	$7,049	7.5%	$74.77	—	COMMON STOCK	95040Q104
SPG	Simon Property Group Inc	20,006	$4,474	4.8%	$117.17	—	COMMON STOCK	828806109
PSA	Public Storage	11,313	$3,601	3.9%	$218.96	—	COMMON STOCK	74460D109
IRM	Iron Mountain Inc	20,300	$2,564	2.7%	$34.07	—	COMMON STOCK	46284V101
DOC	Healthpeak Properties Inc	94,755	$2,028	2.2%	$20.04	—	COMMON STOCK	42250P103
EQIX	Equinix Inc	7,090	$7,391	7.9%	$673.88	—	COMMON STOCK	29444U700
INVH	Invitation Homes Inc	52,265	$1,579	1.7%	$25.88	—	COMMON STOCK	46187W107
AVB	AvalonBay Communities Inc	10,502	$1,982	2.1%	$144.48	—	COMMON STOCK	053484101
LAMR	Lamar Advertising Co	8,600	$1,341	1.4%	$111.58	—	COMMON STOCK	512816109
ESS	Essex Property Trust Inc	4,850	$1,414	1.5%	$205.56	—	COMMON STOCK	297178105
HST	Host Hotels and Resorts Inc	51,843	$1,229	1.3%	$14.44	—	COMMON STOCK	44107P104
EQR	Equity Residential	25,853	$1,756	1.9%	$54.04	—	COMMON STOCK	29476L107
VTR	Ventas Inc	31,205	$2,771	3.0%	$46.31	—	COMMON STOCK	92276F100
PLD	Prologis Inc	62,958	$8,529	9.1%	$77.62	—	COMMON STOCK	74340W103
COLD	Americold Realty Trust Inc	47,200	$742	0.8%	$17.11	—	COMMON STOCK	03064D108
SILA	Sila Realty Trust Inc	29,000	$880	0.9%	$16.08	—	COMMON STOCK	146280508
AMH	American Homes 4 Rent	34,000	$1,140	1.2%	$30.74	—	COMMON STOCK	02665T306
CUZ	Cousins Properties Inc	23,400	$702	0.8%	$33.33	—	COMMON STOCK	222795502
EPR	EPR Properties	17,300	$1,004	1.1%	$47.99	—	COMMON STOCK	26884U109
EXR	Extra Space Storage Inc	9,855	$1,432	1.5%	$126.14	—	COMMON STOCK	30225T102
LXP	LXP Industrial Trust	18,400	$991	1.1%	$49.57	—	COMMON STOCK	529043408
RLJ	RLJ Lodging Trust	31,100	$369	0.4%	$25.34	—	COMMON STOCK	74965L101
OUT	Outfront Media Inc	21,808	$714	0.8%	$16.24	—	COMMON STOCK	69007J304
MAA	Mid-America Apartment Communities Inc	7,850	$1,091	1.2%	$94.77	—	COMMON STOCK	59522J103
UDR	UDR Inc	20,888	$834	0.9%	$30.07	—	COMMON STOCK	902653104
CPT	Camden Property Trust	7,531	$862	0.9%	$90.35	—	COMMON STOCK	133131102
BRX	Brixmor Property Group Inc	44,211	$1,394	1.5%	$21.79	—	COMMON STOCK	11120U105
KRG	Kite Realty Group Trust	29,400	$834	0.9%	$21.22	—	COMMON STOCK	49803T300
PK	Park Hotels and Resorts Inc	29,106	$415	0.4%	$17.43	—	COMMON STOCK	700517105
BNL	Broadstone Net Lease Inc	44,000	$909	1.0%	$16.12	—	COMMON STOCK	11135E203
HR	Healthcare Realty Trust Inc	32,582	$657	0.7%	$18.71	—	COMMON STOCK	42226K105
BXP	Boston Properties Inc	7,014	$465	0.5%	$79.82	—	COMMON STOCK	101121101
OHI	Omega Healthcare Investors Inc	23,000	$1,097	1.2%	$34.26	—	COMMON STOCK	681936100
APLE	Apple Hospitality REIT Inc	16,000	$269	0.3%	$14.43	—	COMMON STOCK	03784Y200
HIW	Highwoods Properties Inc	9,698	$292	0.3%	$41.54	—	COMMON STOCK	431284108
VNO	Vornado Realty Trust	6,237	$245	0.3%	$69.17	—	COMMON STOCK	929042109
CUBE	CubeSmart	25,700	$1,022	1.1%	$29.39	—	COMMON STOCK	229663109
CLDT	Chatham Lodging Trust	15,000	$198	0.2%	$15.06	—	COMMON STOCK	16208T102
WPC	WP Carey Inc	22,304	$1,595	1.7%	$65.76	—	COMMON STOCK	92936U109
VICI	VICI Properties Inc	95,500	$2,536	2.7%	$26.43	—	COMMON STOCK	925652109
CTRE	CareTrust REIT Inc	19,000	$767	0.8%	$28.57	—	COMMON STOCK	14174T107
KRC	Kilroy Realty Corp	7,500	$281	0.3%	$47.01	—	COMMON STOCK	49427F108
XRN	Chiron Real Estate Inc	14,140	$531	0.6%	$30.63	—	COMMON STOCK	37954A303
ARE	Alexandria Real Estate Equities Inc	8,750	$462	0.5%	$83.68	—	COMMON STOCK	015271109
MAC	Macerich Co/The	8,692	$219	0.2%	$78.02	—	COMMON STOCK	554382101
O	Realty Income Corp	68,738	$4,259	4.6%	$51.59	—	COMMON STOCK	756109104
STAG	STAG Industrial Inc	27,363	$1,041	1.1%	$26.30	—	COMMON STOCK	85254J102
IIPR	Innovative Industrial Properties Inc	4,404	$273	0.3%	$87.69	—	COMMON STOCK	45781V101
HPP	Hudson Pacific Properties Inc	5,428	$82	0.1%	$10.87	—	COMMON STOCK	444097406
CHCT	Community Healthcare Trust Inc	20,000	$366	0.4%	$17.56	—	COMMON STOCK	20369C106
INN	Summit Hotel Properties Inc	18,700	$131	0.1%	$13.19	—	COMMON STOCK	866082100
CURB	Curbline Properties Corp	10,000	$304	0.3%	$23.20	—	COMMON STOCK	23128Q101
PEB	Pebblebrook Hotel Trust	6,355	$123	0.1%	$28.32	—	COMMON STOCK	70509V100
IRT	Independence Realty Trust Inc	23,000	$384	0.4%	$15.91	—	COMMON STOCK	45378A106
GTY	Getty Realty Corp	24,500	$817	0.9%	$27.59	—	COMMON STOCK	374297109
SKT	TANGER INC	6,000	$237	0.3%	$32.21	—	COMMON STOCK	875465106
UMH	UMH Properties Inc	42,564	$644	0.7%	$8.13	—	COMMON STOCK	903002103
REG	Regency Centers Corp	5,399	$431	0.5%	$66.68	—	COMMON STOCK	758849103
BDN	Brandywine Realty Trust	46,500	$147	0.2%	$12.96	—	COMMON STOCK	105368203
NSA	National Storage Affiliates Trust	2,600	$116	0.1%	$39.30	—	COMMON STOCK	637870106
FCPT	Four Corners Property Trust Inc	20,500	$503	0.5%	$17.83	—	COMMON STOCK	35086T109
SBRA	Sabra Health Care REIT Inc	48,874	$954	1.0%	$17.78	—	COMMON STOCK	78573L106
DLR	Digital Realty Trust Inc	21,947	$3,941	4.2%	$95.66	—	COMMON STOCK	253868103
SITC	SITE Centers Corp	5,000	$20	0.0%	$60.60	—	COMMON STOCK	82981J851
GNL	Global Net Lease Inc	14,492	$130	0.1%	$14.81	—	COMMON STOCK	379378201
CSR	Centerspace	4,519	$254	0.3%	$72.63	—	COMMON STOCK	15202L107
—	RETAIL VALUE INC liquidated ⚠	108	$0	0.0%	$92.31	—	COMMON STOCK	000000000
MPT	Medical Properties Trust Inc	43,500	$201	0.2%	$13.06	—	COMMON STOCK	58463J304