Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LXP	LXP INDUSTRIAL TRUST	8,050	$434K	1.0%	$53.88	—	COM	529043408
KRC	KILROY REALTY CORP	9,300	$348K	0.8%	$37.47	—	COM	49427F108
EXR	EXTRA SPACE STORAGE INC	2,375	$345K	0.8%	$145.30	—	COM	30225T102
BXDC	BLACKSTONE DIGITAL INFRASTRU	15,934	$345K	0.8%	$21.63	—	COMMON STOCK	09264B107
COLD	AMERICOLD REALTY TRUST INC	18,450	$290K	0.6%	$15.72	—	COM	03064D108

Increased Positions (1)

CBRE CBRE GROUP INC 1.5%

Value $668K (+43.0%) Shares 4,962 (+43.8%) Est. Cost $153.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CBRE	CBRE GROUP INC	4,962 (+43.8%)	$668K (+43.0%)	1.5%	$153.26	—	CL A	12504L109

Exited Positions (1)

AMT AMERICAN TOWER CORP NEW 58.4%

Value $26.49M Shares 153,488 Est. Cost $199.46 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMT	AMERICAN TOWER CORP NEW	153,488	$26.49M	58.4%	$199.46	—	—	03027X100

Decreased Positions (22)

PLD PROLOGIS INC. 13.5%

Value $6.097M (-86.1%) Shares 45,009 (-86.5%) Est. Cost $114.87 Unrealized —

WELL WELLTOWER INC 12.7%

Value $5.748M (-83.5%) Shares 25,325 (-85.6%) Est. Cost $92.96 Unrealized —

EQIX EQUINIX INC 8.5%

Value $3.861M (-82.8%) Shares 3,704 (-83.8%) Est. Cost $689.58 Unrealized —

PSA PUBLIC STORAGE 7.1%

Value $3.231M (-84.0%) Shares 10,150 (-86.4%) Est. Cost $282.96 Unrealized —

SPG SIMON PPTY GROUP INC NEW 4.7%

Value $2.112M (-83.7%) Shares 9,445 (-86.4%) Est. Cost $127.73 Unrealized —

DLR DIGITAL RLTY TR INC 3.9%

Value $1.76M (-85.4%) Shares 9,800 (-85.3%) Est. Cost $165.37 Unrealized —

IRM IRON MTN INC DEL 3.8%

Value $1.71M (-85.6%) Shares 13,535 (-88.4%) Est. Cost $93.27 Unrealized —

CTRE CARETRUST REIT INC 2.8%

Value $1.267M (-88.7%) Shares 31,400 (-89.7%) Est. Cost $36.16 Unrealized —

AVB AVALONBAY CMNTYS INC 4.5%

Value $2.042M (-81.8%) Shares 10,820 (-84.2%) Est. Cost $180.48 Unrealized —

PECO PHILLIPS EDISON & CO INC 3.2%

Value $1.46M (-86.0%) Shares 35,068 (-87.4%) Est. Cost $33.73 Unrealized —

AHR AMERICAN HEALTHCARE REIT INC 7.0%

Value $3.161M (-73.2%) Shares 60,620 (-75.7%) Est. Cost $47.07 Unrealized —

IVT INVENTRUST PPTYS CORP 3.1%

Value $1.409M (-85.1%) Shares 39,800 (-87.2%) Est. Cost $28.29 Unrealized —

FCPT FOUR CORNERS PPTY TR INC 2.4%

Value $1.083M (-87.3%) Shares 44,130 (-87.8%) Est. Cost $25.26 Unrealized —

EPRT ESSENTIAL PPTYS RLTY TR INC 2.5%

Value $1.122M (-86.9%) Shares 37,600 (-86.6%) Est. Cost $27.02 Unrealized —

ELS EQUITY LIFESTYLE PROPERTIES 2.4%

Value $1.105M (-85.8%) Shares 17,142 (-86.2%) Est. Cost $65.89 Unrealized —

MAA MID-AMER APT CMNTYS INC 3.3%

Value $1.504M (-79.6%) Shares 10,825 (-82.0%) Est. Cost $134.64 Unrealized —

AMH AMERICAN HOMES 4 RENT 2.2%

Value $1.007M (-80.6%) Shares 30,030 (-83.8%) Est. Cost $33.97 Unrealized —

MAC MACERICH CO 0.7%

Value $303K (-92.8%) Shares 12,032 (-94.6%) Est. Cost $19.46 Unrealized —

IRT INDEPENDENCE RLTY TR INC 1.8%

Value $829K (-81.1%) Shares 49,680 (-83.1%) Est. Cost $18.42 Unrealized —

SLG SL GREEN RLTY CORP 1.6%

Value $745K (-80.7%) Shares 14,400 (-86.2%) Est. Cost $36.94 Unrealized —

CUZ COUSINS PPTYS INC 1.4%

Value $641K (-82.6%) Shares 21,370 (-86.9%) Est. Cost $30.03 Unrealized —

VICI VICI PPTYS INC 1.6%

Value $705K (-44.0%) Shares 26,560 (-42.3%) Est. Cost $27.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PLD	PROLOGIS INC.	45,009 (-86.5%)	$6.097M (-86.1%)	13.5%	$114.87	—	COM	74340W103
WELL	WELLTOWER INC	25,325 (-85.6%)	$5.748M (-83.5%)	12.7%	$92.96	—	COM	95040Q104
EQIX	EQUINIX INC	3,704 (-83.8%)	$3.861M (-82.8%)	8.5%	$689.58	—	COM	29444U700
PSA	PUBLIC STORAGE	10,150 (-86.4%)	$3.231M (-84.0%)	7.1%	$282.96	—	COM	74460D109
SPG	SIMON PPTY GROUP INC NEW	9,445 (-86.4%)	$2.112M (-83.7%)	4.7%	$127.73	—	COM	828806109
DLR	DIGITAL RLTY TR INC	9,800 (-85.3%)	$1.76M (-85.4%)	3.9%	$165.37	—	COM	253868103
IRM	IRON MTN INC DEL	13,535 (-88.4%)	$1.71M (-85.6%)	3.8%	$93.27	—	COM	46284V101
CTRE	CARETRUST REIT INC	31,400 (-89.7%)	$1.267M (-88.7%)	2.8%	$36.16	—	COM	14174T107
AVB	AVALONBAY CMNTYS INC	10,820 (-84.2%)	$2.042M (-81.8%)	4.5%	$180.48	—	COM	053484101
PECO	PHILLIPS EDISON & CO INC	35,068 (-87.4%)	$1.46M (-86.0%)	3.2%	$33.73	—	COMMON STOCK	71844V201
AHR	AMERICAN HEALTHCARE REIT INC	60,620 (-75.7%)	$3.161M (-73.2%)	7.0%	$47.07	—	COM SHS	398182303
IVT	INVENTRUST PPTYS CORP	39,800 (-87.2%)	$1.409M (-85.1%)	3.1%	$28.29	—	COM NEW	46124J201
FCPT	FOUR CORNERS PPTY TR INC	44,130 (-87.8%)	$1.083M (-87.3%)	2.4%	$25.26	—	COM	35086T109
EPRT	ESSENTIAL PPTYS RLTY TR INC	37,600 (-86.6%)	$1.122M (-86.9%)	2.5%	$27.02	—	COM	29670E107
ELS	EQUITY LIFESTYLE PROPERTIES	17,142 (-86.2%)	$1.105M (-85.8%)	2.4%	$65.89	—	COM	29472R108
MAA	MID-AMER APT CMNTYS INC	10,825 (-82.0%)	$1.504M (-79.6%)	3.3%	$134.64	—	COM	59522J103
AMH	AMERICAN HOMES 4 RENT	30,030 (-83.8%)	$1.007M (-80.6%)	2.2%	$33.97	—	CL A	02665T306
MAC	MACERICH CO	12,032 (-94.6%)	$303K (-92.8%)	0.7%	$19.46	—	COM	554382101
IRT	INDEPENDENCE RLTY TR INC	49,680 (-83.1%)	$829K (-81.1%)	1.8%	$18.42	—	COM	45378A106
SLG	SL GREEN RLTY CORP	14,400 (-86.2%)	$745K (-80.7%)	1.6%	$36.94	—	COM	78440X887
CUZ	COUSINS PPTYS INC	21,370 (-86.9%)	$641K (-82.6%)	1.4%	$30.03	—	COM NEW	222795502
VICI	VICI PPTYS INC	26,560 (-42.3%)	$705K (-44.0%)	1.6%	$27.39	—	COM	925652109