CENTERSQUARE INVESTMENT MANAGEMENT LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SBRA	Sabra Health Care REIT Inc	2,654,480	$50,276	0.5%	$18.94	—	COM	78573L106
SLG	SL Green Realty Corp	670,360	$30,749	0.3%	$45.87	—	COM	78440X887
RLJ	RLJ Lodging Trust	1,779,010	$13,254	0.1%	$7.45	—	COM	74965L101
HLT	Hilton Worldwide Holdings Inc	20,150	$5,788	0.1%	$272.20	0.0%	COM	43300A203
XHR	Xenia Hotels & Resorts Inc	332,956	$4,708	0.0%	$14.14	—	COM	984017103
LXP	LXP Industrial Trust	64,960	$3,221	0.0%	$49.58	—	COM	529043408
ZG	Zillow Group Inc - A	5,040	$344	0.0%	$70.33	0.0%	COM	98954M101

Increased Positions (35)

PLD Prologis Trust 8.3%

Value ($000) $842,431 (+12.7%) Shares 6,599,019 (+1.1%) Est. Cost $77.70 Unrealized +59.4%

WELL Welltower Inc 10.2%

Value ($000) $1,028,651 (+9.8%) Shares 5,542,002 (+5.4%) Est. Cost $74.08 Unrealized +151.7%

MAC Macerich Company 1.2%

Value ($000) $117,307 (+153.1%) Shares 6,354,661 (+149.6%) Est. Cost $18.04 Unrealized —

BRX Brixmor Property Group Inc 3.2%

Value ($000) $324,722 (+16.0%) Shares 12,384,526 (+22.5%) Est. Cost $22.27 Unrealized —

PSA Public Storage Inc 3.7%

Value ($000) $372,633 (+12.6%) Shares 1,435,967 (+25.3%) Est. Cost $263.24 Unrealized +5.3%

IRM Iron Mountain Inc 2.2%

Value ($000) $218,279 (-14.8%) Shares 2,631,453 (+4.7%) Est. Cost $79.05 Unrealized +17.4%

ADC Agree Realty Corp 2.3%

Value ($000) $237,639 (+15.5%) Shares 3,299,172 (+13.9%) Est. Cost $68.31 Unrealized —

IVT InvenTrust Properties Corp 0.4%

Value ($000) $36,329 (+590.3%) Shares 1,287,805 (+600.3%) Est. Cost $28.27 Unrealized —

ARE Alexandria Real Estate Equitie 0.8%

Value ($000) $78,405 (+62.7%) Shares 1,602,065 (+177.0%) Est. Cost $82.36 Unrealized -29.6%

DLR Digital Realty Trust Inc 5.0%

Value ($000) $510,777 (-5.3%) Shares 3,301,513 (+5.9%) Est. Cost $119.48 Unrealized +36.5%

FR First Industrial Realty Trust 1.5%

Value ($000) $151,752 (+23.0%) Shares 2,649,757 (+10.5%) Est. Cost $48.45 Unrealized —

ELS Equity Lifestyle Properties 1.5%

Value ($000) $147,474 (+23.7%) Shares 2,433,155 (+23.9%) Est. Cost $60.80 Unrealized —

EGP EastGroup Properties Inc 0.7%

Value ($000) $75,227 (+49.5%) Shares 422,290 (+42.0%) Est. Cost $172.41 Unrealized —

HR Healthcare Realty Trust Inc 1.0%

Value ($000) $101,199 (+29.8%) Shares 5,970,456 (+38.0%) Est. Cost $16.48 Unrealized —

AMH American Homes 4 Rent 1.9%

Value ($000) $196,945 (+12.4%) Shares 6,135,358 (+16.4%) Est. Cost $35.30 Unrealized —

CPT Camden Property Trust 3.1%

Value ($000) $311,373 (+6.8%) Shares 2,828,602 (+3.6%) Est. Cost $92.99 Unrealized +10.9%

RHP Ryman Hospitality Properties 0.2%

Value ($000) $23,469 (+398.1%) Shares 248,030 (+371.6%) Est. Cost $95.32 Unrealized —

UDR UDR Inc 3.4%

Value ($000) $344,401 (+5.1%) Shares 9,389,350 (+6.7%) Est. Cost $35.49 Unrealized +0.1%

EXR Extra Space Storage Inc 3.9%

Value ($000) $395,098 (-4.0%) Shares 3,034,077 (+3.9%) Est. Cost $125.28 Unrealized +7.8%

PDM Piedmont Office Realty Trust I 0.3%

Value ($000) $28,601 (+135.6%) Shares 3,429,364 (+154.3%) Est. Cost $8.60 Unrealized —

KRG Kite Realty Group Trust 1.9%

Value ($000) $197,436 (+8.9%) Shares 8,236,790 (+1.3%) Est. Cost $23.32 Unrealized —

CUZ Cousins Properties Inc 1.5%

Value ($000) $150,740 (-8.1%) Shares 5,847,176 (+3.2%) Est. Cost $27.66 Unrealized —

DRH DiamondRock Hospitality Co 0.7%

Value ($000) $69,718 (+16.2%) Shares 7,780,988 (+3.2%) Est. Cost $8.29 Unrealized —

NHI National Health Investors 0.9%

Value ($000) $88,136 (+12.4%) Shares 1,154,060 (+17.0%) Est. Cost $76.22 Unrealized —

DHC Diversified Healthcare Trust 0.2%

Value ($000) $15,661 (+145.4%) Shares 3,229,172 (+123.1%) Est. Cost $4.65 Unrealized —

OHI Omega Healthcare Investors Inc 1.5%

Value ($000) $148,416 (+6.5%) Shares 3,347,215 (+1.4%) Est. Cost $32.44 Unrealized —

CCI Crown Castle Intl Corp 0.3%

Value ($000) $26,781 (+50.9%) Shares 301,350 (+63.8%) Est. Cost $97.83 Unrealized -6.9%

ESS Essex Property Trust Inc 1.4%

Value ($000) $143,405 (+3.7%) Shares 548,017 (+6.0%) Est. Cost $257.46 Unrealized -0.5%

INVH Invitation Homes Inc 1.8%

Value ($000) $182,105 (-2.6%) Shares 6,552,879 (+2.8%) Est. Cost $27.36 Unrealized +1.0%

ESRT Empire State Realty Trust 0.2%

Value ($000) $22,980 (-13.7%) Shares 3,524,489 (+1.4%) Est. Cost $7.81 Unrealized —

O Realty Income Corp 2.4%

Value ($000) $245,026 (-1.2%) Shares 4,346,751 (+6.5%) Est. Cost $53.58 Unrealized +7.1%

DEI Douglas Emmett Inc 0.3%

Value ($000) $27,909 (+9.2%) Shares 2,539,450 (+54.7%) Est. Cost $13.62 Unrealized —

KIM Kimco Realty Corp 2.6%

Value ($000) $261,593 (+0.3%) Shares 12,905,449 (+8.1%) Est. Cost $18.49 Unrealized +11.3%

NTST NetSTREIT Corp 0.6%

Value ($000) $64,449 (+1.0%) Shares 3,653,585 (+3.4%) Est. Cost $16.63 Unrealized —

SHO Sunstone Hotel Investors Inc 0.1%

Value ($000) $13,565 (+3.6%) Shares 1,517,366 (+8.5%) Est. Cost $10.23 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLD	Prologis Trust	6,599,019 (+1.1%)	$842,431 (+12.7%)	8.3%	$77.70	+59.4%	COM	74340W103
WELL	Welltower Inc	5,542,002 (+5.4%)	$1,028,651 (+9.8%)	10.2%	$74.08	+151.7%	COM	95040Q104
MAC	Macerich Company	6,354,661 (+149.6%)	$117,307 (+153.1%)	1.2%	$18.04	—	COM	554382101
BRX	Brixmor Property Group Inc	12,384,526 (+22.5%)	$324,722 (+16.0%)	3.2%	$22.27	—	COM	11120U105
PSA	Public Storage Inc	1,435,967 (+25.3%)	$372,633 (+12.6%)	3.7%	$263.24	+5.3%	COM	74460D109
IRM	Iron Mountain Inc	2,631,453 (+4.7%)	$218,279 (-14.8%)	2.2%	$79.05	+17.4%	COM	46284V101
ADC	Agree Realty Corp	3,299,172 (+13.9%)	$237,639 (+15.5%)	2.3%	$68.31	—	COM	008492100
IVT	InvenTrust Properties Corp	1,287,805 (+600.3%)	$36,329 (+590.3%)	0.4%	$28.27	—	COM	46124J201
ARE	Alexandria Real Estate Equitie	1,602,065 (+177.0%)	$78,405 (+62.7%)	0.8%	$82.36	-29.6%	COM	015271109
DLR	Digital Realty Trust Inc	3,301,513 (+5.9%)	$510,777 (-5.3%)	5.0%	$119.48	+36.5%	COM	253868103
FR	First Industrial Realty Trust	2,649,757 (+10.5%)	$151,752 (+23.0%)	1.5%	$48.45	—	COM	32054K103
ELS	Equity Lifestyle Properties	2,433,155 (+23.9%)	$147,474 (+23.7%)	1.5%	$60.80	—	COM	29472R108
EGP	EastGroup Properties Inc	422,290 (+42.0%)	$75,227 (+49.5%)	0.7%	$172.41	—	COM	277276101
HR	Healthcare Realty Trust Inc	5,970,456 (+38.0%)	$101,199 (+29.8%)	1.0%	$16.48	—	COM	42226K105
AMH	American Homes 4 Rent	6,135,358 (+16.4%)	$196,945 (+12.4%)	1.9%	$35.30	—	COM	02665T306
CPT	Camden Property Trust	2,828,602 (+3.6%)	$311,373 (+6.8%)	3.1%	$92.99	+10.9%	COM	133131102
RHP	Ryman Hospitality Properties	248,030 (+371.6%)	$23,469 (+398.1%)	0.2%	$95.32	—	COM	78377T107
UDR	UDR Inc	9,389,350 (+6.7%)	$344,401 (+5.1%)	3.4%	$35.49	+0.1%	COM	902653104
EXR	Extra Space Storage Inc	3,034,077 (+3.9%)	$395,098 (-4.0%)	3.9%	$125.28	+7.8%	COM	30225T102
PDM	Piedmont Office Realty Trust I	3,429,364 (+154.3%)	$28,601 (+135.6%)	0.3%	$8.60	—	COM	720190206
KRG	Kite Realty Group Trust	8,236,790 (+1.3%)	$197,436 (+8.9%)	1.9%	$23.32	—	COM	49803T300
CUZ	Cousins Properties Inc	5,847,176 (+3.2%)	$150,740 (-8.1%)	1.5%	$27.66	—	COM	222795502
DRH	DiamondRock Hospitality Co	7,780,988 (+3.2%)	$69,718 (+16.2%)	0.7%	$8.29	—	COM	252784301
NHI	National Health Investors	1,154,060 (+17.0%)	$88,136 (+12.4%)	0.9%	$76.22	—	COM	63633D104
DHC	Diversified Healthcare Trust	3,229,172 (+123.1%)	$15,661 (+145.4%)	0.2%	$4.65	—	COM	25525P107
OHI	Omega Healthcare Investors Inc	3,347,215 (+1.4%)	$148,416 (+6.5%)	1.5%	$32.44	—	COM	681936100
CCI	Crown Castle Intl Corp	301,350 (+63.8%)	$26,781 (+50.9%)	0.3%	$97.83	-6.9%	COM	22822V101
ESS	Essex Property Trust Inc	548,017 (+6.0%)	$143,405 (+3.7%)	1.4%	$257.46	-0.5%	COM	297178105
INVH	Invitation Homes Inc	6,552,879 (+2.8%)	$182,105 (-2.6%)	1.8%	$27.36	+1.0%	COM	46187W107
ESRT	Empire State Realty Trust	3,524,489 (+1.4%)	$22,980 (-13.7%)	0.2%	$7.81	—	COM	292104106
O	Realty Income Corp	4,346,751 (+6.5%)	$245,026 (-1.2%)	2.4%	$53.58	+7.1%	COM	756109104
DEI	Douglas Emmett Inc	2,539,450 (+54.7%)	$27,909 (+9.2%)	0.3%	$13.62	—	COM	25960P109
KIM	Kimco Realty Corp	12,905,449 (+8.1%)	$261,593 (+0.3%)	2.6%	$18.49	+11.3%	COM	49446R109
NTST	NetSTREIT Corp	3,653,585 (+3.4%)	$64,449 (+1.0%)	0.6%	$16.63	—	COM	64119V303
SHO	Sunstone Hotel Investors Inc	1,517,366 (+8.5%)	$13,565 (+3.6%)	0.1%	$10.23	—	COM	867892101

Exited Positions (6)

NNN NNN REIT 0.6%

Value ($000) $60,472 Shares 1,420,526 Est. Cost $42.74 Unrealized —

APLE Apple Hospitality REIT Inc 0.1%

Value ($000) $12,305 Shares 1,024,590 Est. Cost $11.69 Unrealized —

— Hudson Pacific Properties 0.1%

Value ($000) $7,880 Shares 2,855,185 Est. Cost $2.74 Unrealized —

— LXP Industrial Trust 0.0%

Value ($000) $3,623 Shares 404,405 Est. Cost $8.76 Unrealized —

CSR Centerspace 0.0%

Value ($000) $860 Shares 14,600 Est. Cost $60.00 Unrealized —

CUBE Cubesmart 0.0%

Value ($000) $489 Shares 12,035 Est. Cost $45.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NNN	NNN REIT	1,420,526	$60,472	0.6%	$42.74	—	—	637417106
APLE	Apple Hospitality REIT Inc	1,024,590	$12,305	0.1%	$11.69	—	—	03784Y200
—	Hudson Pacific Properties	2,855,185	$7,880	0.1%	$2.74	—	—	444097109
—	LXP Industrial Trust	404,405	$3,623	0.0%	$8.76	—	—	529043101
CSR	Centerspace	14,600	$860	0.0%	$60.00	—	—	15202L107
CUBE	Cubesmart	12,035	$489	0.0%	$45.01	—	—	229663109

Decreased Positions (26)

DOC Healthpeak Properties Inc 0.8%

Value ($000) $84,040 (-68.9%) Shares 5,226,384 (-63.0%) Est. Cost $19.18 Unrealized -9.0%

FRT Federal Realty Investment Trus 0.6%

Value ($000) $61,250 (-52.4%) Shares 607,641 (-52.2%) Est. Cost $103.97 Unrealized -6.4%

EQR Equity Residential Properties 1.4%

Value ($000) $141,128 (-18.9%) Shares 2,238,709 (-16.7%) Est. Cost $58.28 Unrealized +4.1%

VNO Vornado Realty Trust 1.0%

Value ($000) $99,956 (-22.3%) Shares 3,003,497 (-5.3%) Est. Cost $34.42 Unrealized —

HST Host Hotels & Resorts Inc 1.4%

Value ($000) $138,162 (-16.8%) Shares 7,792,559 (-20.1%) Est. Cost $15.00 Unrealized +12.8%

BNL Broadstone Net Lease Inc 0.6%

Value ($000) $64,594 (-28.5%) Shares 3,718,684 (-26.4%) Est. Cost $17.18 Unrealized —

VICI VICI Properties Inc 1.2%

Value ($000) $117,352 (-16.3%) Shares 4,173,251 (-2.9%) Est. Cost $26.75 Unrealized +9.5%

BXP BXP Inc 1.2%

Value ($000) $117,142 (-13.6%) Shares 1,735,946 (-4.8%) Est. Cost $55.67 Unrealized +26.4%

REXR Rexford Industrial Realty 1.1%

Value ($000) $110,839 (-10.8%) Shares 2,862,569 (-5.3%) Est. Cost $47.64 Unrealized —

ELME Elme Communities 0.0%

Value ($000) $684 (-94.8%) Shares 39,320 (-94.9%) Est. Cost $15.80 Unrealized —

AHR American Healthcare REIT Inc 1.4%

Value ($000) $142,209 (+9.1%) Shares 3,021,872 (-2.6%) Est. Cost $13.73 Unrealized —

SBAC SBA Communications Corp 0.2%

Value ($000) $18,656 (-37.4%) Shares 96,447 (-37.4%) Est. Cost $254.29 Unrealized -24.2%

COLD Americold Realty Trust Inc 0.3%

Value ($000) $29,838 (-26.0%) Shares 2,320,182 (-29.6%) Est. Cost $26.52 Unrealized —

AMT American Tower Corp 0.6%

Value ($000) $62,070 (-12.7%) Shares 353,536 (-4.3%) Est. Cost $187.12 Unrealized -3.6%

LAMR Lamar Advertising Company 0.3%

Value ($000) $26,841 (-24.1%) Shares 212,044 (-26.6%) Est. Cost $110.83 Unrealized —

LINE Lineage Inc 0.2%

Value ($000) $18,602 (-31.2%) Shares 531,490 (-24.0%) Est. Cost $76.87 Unrealized —

MAA Mid-America Apartment Communit 0.2%

Value ($000) $22,168 (-10.9%) Shares 159,582 (-10.4%) Est. Cost $148.54 Unrealized -10.5%

FVR FrontView REIT Inc 0.0%

Value ($000) $1,392 (-44.9%) Shares 94,290 (-48.9%) Est. Cost $15.26 Unrealized —

DBRG DigitalBridge Group Inc 0.0%

Value ($000) $798 (-51.5%) Shares 52,000 (-63.0%) Est. Cost $15.92 Unrealized -24.6%

KRC Kilroy Realty Corporation 0.0%

Value ($000) $2,734 (-22.0%) Shares 73,170 (-11.8%) Est. Cost $64.82 Unrealized —

WY Weyerhaeuser Co 0.1%

Value ($000) $10,778 (-6.1%) Shares 454,969 (-1.8%) Est. Cost $27.03 Unrealized -14.9%

CDP COPT Defense Properties 0.0%

Value ($000) $1,585 (-24.3%) Shares 57,000 (-20.8%) Est. Cost $27.75 Unrealized —

VTMX Corp Inmobiliaria Vesta SAB 0.1%

Value ($000) $10,072 (-2.8%) Shares 330,340 (-9.8%) Est. Cost $30.71 Unrealized —

FCPT Four Corners Property Trust 0.0%

Value ($000) $356 (-35.7%) Shares 15,430 (-32.0%) Est. Cost $25.53 Unrealized —

EPRT Essential Properties Realty 0.0%

Value ($000) $503 (-26.3%) Shares 16,944 (-26.1%) Est. Cost $26.08 Unrealized —

NEE NEXTERA ENERGY INC 0.0%

Value ($000) $421 (-14.1%) Shares 5,250 (-19.2%) Est. Cost $61.02 Unrealized +35.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DOC	Healthpeak Properties Inc	5,226,384 (-63.0%)	$84,040 (-68.9%)	0.8%	$19.18	-9.0%	COM	42250P103
FRT	Federal Realty Investment Trus	607,641 (-52.2%)	$61,250 (-52.4%)	0.6%	$103.97	-6.4%	COM	313745101
EQR	Equity Residential Properties	2,238,709 (-16.7%)	$141,128 (-18.9%)	1.4%	$58.28	+4.1%	COM	29476L107
VNO	Vornado Realty Trust	3,003,497 (-5.3%)	$99,956 (-22.3%)	1.0%	$34.42	—	COM	929042109
HST	Host Hotels & Resorts Inc	7,792,559 (-20.1%)	$138,162 (-16.8%)	1.4%	$15.00	+12.8%	COM	44107P104
BNL	Broadstone Net Lease Inc	3,718,684 (-26.4%)	$64,594 (-28.5%)	0.6%	$17.18	—	COM	11135E203
VICI	VICI Properties Inc	4,173,251 (-2.9%)	$117,352 (-16.3%)	1.2%	$26.75	+9.5%	COM	925652109
BXP	BXP Inc	1,735,946 (-4.8%)	$117,142 (-13.6%)	1.2%	$55.67	+26.4%	COM	101121101
REXR	Rexford Industrial Realty	2,862,569 (-5.3%)	$110,839 (-10.8%)	1.1%	$47.64	—	COM	76169C100
ELME	Elme Communities	39,320 (-94.9%)	$684 (-94.8%)	0.0%	$15.80	—	COM	939653101
AHR	American Healthcare REIT Inc	3,021,872 (-2.6%)	$142,209 (+9.1%)	1.4%	$13.73	—	COM	398182303
SBAC	SBA Communications Corp	96,447 (-37.4%)	$18,656 (-37.4%)	0.2%	$254.29	-24.2%	COM	78410G104
COLD	Americold Realty Trust Inc	2,320,182 (-29.6%)	$29,838 (-26.0%)	0.3%	$26.52	—	COM	03064D108
AMT	American Tower Corp	353,536 (-4.3%)	$62,070 (-12.7%)	0.6%	$187.12	-3.6%	COM	03027X100
LAMR	Lamar Advertising Company	212,044 (-26.6%)	$26,841 (-24.1%)	0.3%	$110.83	—	COM	512816109
LINE	Lineage Inc	531,490 (-24.0%)	$18,602 (-31.2%)	0.2%	$76.87	—	COM	53566V106
MAA	Mid-America Apartment Communit	159,582 (-10.4%)	$22,168 (-10.9%)	0.2%	$148.54	-10.5%	COM	59522J103
FVR	FrontView REIT Inc	94,290 (-48.9%)	$1,392 (-44.9%)	0.0%	$15.26	—	COM	35922N100
DBRG	DigitalBridge Group Inc	52,000 (-63.0%)	$798 (-51.5%)	0.0%	$15.92	-24.6%	COM	25401T603
KRC	Kilroy Realty Corporation	73,170 (-11.8%)	$2,734 (-22.0%)	0.0%	$64.82	—	COM	49427F108
WY	Weyerhaeuser Co	454,969 (-1.8%)	$10,778 (-6.1%)	0.1%	$27.03	-14.9%	COM	962166104
CDP	COPT Defense Properties	57,000 (-20.8%)	$1,585 (-24.3%)	0.0%	$27.75	—	COM	22002T108
VTMX	Corp Inmobiliaria Vesta SAB	330,340 (-9.8%)	$10,072 (-2.8%)	0.1%	$30.71	—	COM	92540K109
FCPT	Four Corners Property Trust	15,430 (-32.0%)	$356 (-35.7%)	0.0%	$25.53	—	COM	35086T109
EPRT	Essential Properties Realty	16,944 (-26.1%)	$503 (-26.3%)	0.0%	$26.08	—	COM	29670E107
NEE	NEXTERA ENERGY INC	5,250 (-19.2%)	$421 (-14.1%)	0.0%	$61.02	+35.2%	COM	65339F101

Unchanged Positions (13)

VTR Ventas Inc 5.0%

Value ($000) $502,306 Shares 6,491,417 Est. Cost $45.46 Unrealized +64.9%

EQIX Equinix Inc 6.8%

Value ($000) $684,357 Shares 893,230 Est. Cost $590.58 Unrealized +32.3%

SPG Simon Property Group Inc 2.8%

Value ($000) $283,511 Shares 1,531,581 Est. Cost $96.57 Unrealized +86.4%

AVB Avalon Bay Communities 0.2%

Value ($000) $21,447 Shares 118,290 Est. Cost $155.17 Unrealized +15.9%

REG Regency Centers Corp 0.2%

Value ($000) $24,301 Shares 352,034 Est. Cost $59.45 Unrealized +16.9%

STAG STAG Industrial 0.1%

Value ($000) $6,793 Shares 184,800 Est. Cost $35.11 Unrealized —

SUI Sun Communities Inc 0.1%

Value ($000) $6,359 Shares 51,323 Est. Cost $138.33 Unrealized —

— Pebblebrook Hotel 6.375 Serie 0.0%

Value ($000) $2,428 Shares 127,246 Est. Cost $17.15 Unrealized —

TRNO Terreno Realty Corp 0.0%

Value ($000) $3,300 Shares 56,200 Est. Cost $58.87 Unrealized —

IRT Independence Realty Trust Inc 0.0%

Value ($000) $1,381 Shares 79,000 Est. Cost $17.57 Unrealized —

— Pebblebrook Hotel 6.300 Serie 0.0%

Value ($000) $773 Shares 40,594 Est. Cost $17.51 Unrealized —

JLL Jones Lang LaSalle Inc 0.0%

Value ($000) $377 Shares 1,120 Est. Cost $247.16 Unrealized +26.8%

CBRE CBRE Group Inc - A 0.0%

Value ($000) $1,683 Shares 10,470 Est. Cost $114.56 Unrealized +37.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTR	Ventas Inc	6,491,417	$502,306	5.0%	$45.46	+64.9%	COM	92276F100
EQIX	Equinix Inc	893,230	$684,357	6.8%	$590.58	+32.3%	COM	29444U700
SPG	Simon Property Group Inc	1,531,581	$283,511	2.8%	$96.57	+86.4%	COM	828806109
AVB	Avalon Bay Communities	118,290	$21,447	0.2%	$155.17	+15.9%	COM	053484101
REG	Regency Centers Corp	352,034	$24,301	0.2%	$59.45	+16.9%	COM	758849103
STAG	STAG Industrial	184,800	$6,793	0.1%	$35.11	—	COM	85254J102
SUI	Sun Communities Inc	51,323	$6,359	0.1%	$138.33	—	COM	866674104
—	Pebblebrook Hotel 6.375 Serie	127,246	$2,428	0.0%	$17.15	—	COM	70509V605
TRNO	Terreno Realty Corp	56,200	$3,300	0.0%	$58.87	—	COM	88146M101
IRT	Independence Realty Trust Inc	79,000	$1,381	0.0%	$17.57	—	COM	45378A106
—	Pebblebrook Hotel 6.300 Serie	40,594	$773	0.0%	$17.51	—	COM	70509V704
JLL	Jones Lang LaSalle Inc	1,120	$377	0.0%	$247.16	+26.8%	COM	48020Q107
CBRE	CBRE Group Inc - A	10,470	$1,683	0.0%	$114.56	+37.2%	COM	12504L109