Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPG	Simon Property Group	132,775	$20.78M	8.7%	$156.49 *	$108.79	+31.9%	COM	828806109
PLD	Prologis	138,216	$18M	7.6%	$130.22 *	$119.93	+2.3%	COM	74340W103
AMT	American Tower Corp Class A	86,725	$17.14M	7.2%	$197.59 *	$203.94	-9.5%	COM	03027X100
WELL	Welltower	183,053	$17.1M	7.2%	$93.44 *	$72.37	+24.8%	COM	95040Q104
DLR	Digital Realty Trust	116,450	$16.77M	7.1%	$144.04 *	$115.43	+18.4%	COM	253868103
EQIX	Equinix	20,262	$16.72M	7.0%	$825.33 *	$708.93	+12.1%	COM	29444U700
EXR	Extra Space Storage	86,495	$12.71M	5.3%	$147.00 *	$140.47	-2.9%	COM	30225T102
AVB	Avalonbay Communities	58,752	$10.9M	4.6%	$185.56 *	$180.54	-3.1%	COM	053484101
IRM	Iron Mountain	121,903	$9.778M	4.1%	$80.21 *	$45.13	+68.2%	COM	46284V101
EQR	Equity Residential	149,842	$9.457M	4.0%	$63.11 *	$63.38	-7.1%	SH BEN INT	29476L107
ARE	Alexandria Real Estate Equities	69,277	$8.93M	3.8%	$128.91 *	$139.57	-16.3%	COM	015271109
VTR	Ventas	167,329	$7.286M	3.1%	$43.54 *	$43.80	-5.6%	COM	92276F100
ESS	Essex Property Trust	26,669	$6.529M	2.7%	$244.81 *	$196.89	+16.7%	COM	297178105
SUI	Sun Communities	50,173	$6.451M	2.7%	$128.58	$163.66	—	COM	866674104
HST	Host Hotels & Resorts	292,175	$6.042M	2.5%	$20.68 *	$14.67	+28.0%	COM	44107P104
KIM	Kimco Realty Corp	260,475	$5.108M	2.1%	$19.61 *	$18.40	-1.7%	COM	49446R109
UDR	UDR	129,935	$4.861M	2.0%	$37.41 *	$41.66	-16.7%	COM	902653104
ELS	Equity Lifestyle Properties	72,490	$4.668M	2.0%	$64.40	$74.24	—	COM	29472R108
REXR	Rexford Industrial Realty	87,783	$4.415M	1.9%	$50.30	$62.52	—	COM	76169C100
DOC	Healthpeak Properties	224,258	$4.205M	1.8%	$18.75 *	$22.61	-25.8%	COM	42250P103
REG	Regency Centers Corp	68,144	$4.127M	1.7%	$60.56 *	$57.57	-1.9%	COM	758849103
BXP	Boston Properties	61,766	$4.034M	1.7%	$65.31 *	$71.34	-16.3%	COM	101121101
FRT	Federal Realty Invs Trust	30,845	$3.15M	1.3%	$102.12 *	$95.50	-0.9%	SH BEN INT NEW	313745101
COLD	Americold Realty Trust	116,735	$2.909M	1.2%	$24.92	$30.13	—	COM	03064D108
STAG	Stag Industrial	73,967	$2.843M	1.2%	$38.44	$35.27	—	COM	85254J102
VNO	Vornado Realty Trust	64,235	$1.848M	0.8%	$28.77	$28.51	—	SH BEN INT	929042109
MAC	Macerich Co	94,060	$1.621M	0.7%	$17.23	$13.14	—	COM	554382101
KRC	Kilroy Realty Corp	43,605	$1.589M	0.7%	$36.43	$47.07	—	COM	49427F108
HASI	Hannon Armstrong Sustainable Infrastructure Capital	45,742	$1.299M	0.5%	$28.40 *	$31.26	-18.9%	COM	41068X100
SHO	Sunstone Hotel Investors	79,899	$890K	0.4%	$11.14	$9.84	—	COM	867892101
DRH	Diamondrock Hospitality Co	87,299	$839K	0.4%	$9.61	$8.81	—	COM	252784301
RLJ	RLJ Lodging Trust	64,665	$764K	0.3%	$11.82	$11.79	—	COM	74965L101
JBGS	JBG Smith Properties	36,312	$583K	0.2%	$16.05	$20.68	—	COM	46590V100
ESRT	Empire State Realty Trust	54,897	$556K	0.2%	$10.13	$7.91	—	CL A	292104106
ALEX	Alexander & Baldwin	30,539	$503K	0.2%	$16.47	$20.99	—	COM	014491104
AAT	American Assets Trust	20,869	$457K	0.2%	$21.91	$25.89	—	COM	024013104
VRE	Veris Residential	28,852	$439K	0.2%	$15.21	$16.01	—	COM	554489104
MAA	MID-America Apartment Communities	3,018	$397K	0.2%	$131.58 *	$120.75	+1.4%	COM	59522J103
UMH	UMH Properties	24,314	$395K	0.2%	$16.24	$15.49	—	COM	903002103
—	Hudson Pacific Properties	51,944	$335K	0.1%	$6.45	$14.84	—	COM	444097109
BDN	Brandywine Realty Trust	67,039	$322K	0.1%	$4.80	$5.23	—	SH BEN INT NEW	105368203
FSP	Franklin Street Properties Corp	18,517	$42,034	0.0%	$2.27	$1.85	—	COM	35471R106