Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WELL	Welltower	185,289	$15.18M	7.7%	$81.92 *	$72.37	+7.9%	COM	95040Q104
DLR	Digital Realty Trust	120,731	$14.61M	7.4%	$121.02 *	$115.43	-2.3%	COM	253868103
SPG	Simon Property Group	127,662	$13.79M	7.0%	$108.03 *	$108.81	-11.4%	COM	828806109
AMT	American Tower Corp Class A	83,645	$13.76M	7.0%	$164.45 *	$204.73	-26.3%	COM	03027X100
PLD	Prologis	121,919	$13.68M	6.9%	$112.21 *	$121.70	-14.3%	COM	74340W103
EQIX	Equinix	18,751	$13.62M	6.9%	$726.26 *	$702.93	-1.6%	COM	29444U700
AVB	Avalonbay Communities	57,293	$9.839M	5.0%	$171.74 *	$181.28	-12.3%	COM	053484101
EXR	Extra Space Storage	73,910	$8.986M	4.6%	$121.58 *	$144.45	-23.6%	COM	30225T102
EQR	Equity Residential	145,168	$8.523M	4.3%	$58.71 *	$63.96	-16.2%	SH BEN INT	29476L107
IRM	Iron Mountain	118,712	$7.057M	3.6%	$59.45 *	$44.43	+24.4%	COM	46284V101
VTR	Ventas	164,831	$6.944M	3.5%	$42.13 *	$43.87	-10.5%	COM	92276F100
ARE	Alexandria Real Estate Equities	66,783	$6.685M	3.4%	$100.10 *	$140.92	-36.9%	COM	015271109
SUI	Sun Communities	51,431	$6.086M	3.1%	$118.34	$165.46	—	COM	866674104
ESS	Essex Property Trust	26,130	$5.542M	2.8%	$212.09 *	$195.56	-0.1%	COM	297178105
HST	Host Hotels & Resorts	291,449	$4.684M	2.4%	$16.07 *	$14.34	-1.5%	COM	44107P104
ELS	Equity Lifestyle Properties	72,371	$4.611M	2.3%	$63.71	$75.04	—	COM	29472R108
UDR	UDR	127,780	$4.558M	2.3%	$35.67 *	$42.24	-23.4%	COM	902653104
KIM	Kimco Realty Corp	252,569	$4.443M	2.3%	$17.59 *	$18.42	-14.3%	COM	49446R109
REXR	Rexford Industrial Realty	84,853	$4.187M	2.1%	$49.35	$63.83	—	COM	76169C100
DOC	Healthpeak Properties	224,199	$4.116M	2.1%	$18.36 *	$23.38	-32.1%	COM	42250P103
REG	Regency Centers Corp	62,930	$3.741M	1.9%	$59.44 *	$57.61	-5.8%	COM	758849103
BXP	Boston Properties	60,961	$3.626M	1.8%	$59.48 *	$71.90	-26.6%	COM	101121101
COLD	Americold Realty Trust	110,567	$3.362M	1.7%	$30.41	$30.52	—	COM	03064D108
FRT	Federal Realty Invs Trust	30,264	$2.743M	1.4%	$90.63 *	$95.69	-14.0%	SH BEN INT NEW	313745101
STAG	Stag Industrial	66,279	$2.287M	1.2%	$34.51	$34.84	—	COM	85254J102
VNO	Vornado Realty Trust	64,235	$1.457M	0.7%	$22.68	$28.51	—	SH BEN INT	929042109
KRC	Kilroy Realty Corp	45,804	$1.448M	0.7%	$31.61	$47.07	—	COM	49427F108
MAC	Macerich Co	87,870	$959K	0.5%	$10.91	$12.88	—	COM	554382101
HASI	Hannon Armstrong Sustainable Infrastructure Capital	43,830	$929K	0.5%	$21.20 *	$31.70	-42.3%	COM	41068X100
SHO	Sunstone Hotel Investors	82,270	$769K	0.4%	$9.35	$9.73	—	COM	867892101
DRH	Diamondrock Hospitality Co	87,299	$701K	0.4%	$8.03	$8.81	—	COM	252784301
JBGS	JBG Smith Properties	43,786	$633K	0.3%	$14.46	$20.68	—	COM	46590V100
RLJ	RLJ Lodging Trust	60,863	$596K	0.3%	$9.79	$11.79	—	COM	74965L101
ALEX	Alexander & Baldwin	30,539	$511K	0.3%	$16.73	$20.99	—	COM	014491104
AAT	American Assets Trust	23,415	$455K	0.2%	$19.45	$25.89	—	COM	024013104
VRE	Veris Residential	27,498	$454K	0.2%	$16.50	$16.05	—	COM	554489104
—	Hudson Pacific Properties	64,117	$426K	0.2%	$6.65	$14.84	—	COM	444097109
ESRT	Empire State Realty Trust	52,847	$425K	0.2%	$8.04	$7.83	—	CL A	292104106
UMH	UMH Properties	23,900	$335K	0.2%	$14.02	$15.48	—	COM	903002103
BDN	Brandywine Realty Trust	67,039	$304K	0.2%	$4.54	$5.23	—	SH BEN INT NEW	105368203
—	Hersha Hospitality Trust	11,491	$113K	0.1%	$9.86	$9.86	—	PR SHS BEN INT	427825500
FSP	Franklin Street Properties Corp	18,517	$34,256	0.0%	$1.85	$1.85	—	COM	35471R106