Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
OHI	OMEGA HEALTHCARE INVS INC	125,038	$5.791M	1.7%	$46.31	$46.31	—	COM	681936100
CTRE	CARETRUST REIT INC	90,230	$3.301M	1.0%	$36.58	$36.58	—	COM	14174T107
HR	HEALTHCARE RLTY TR	103,464	$1.835M	0.5%	$17.74	$17.74	—	CL A COM	42226K105
SBRA	SABRA HEALTH CARE REIT INC	69,509	$1.371M	0.4%	$19.72	$19.72	—	COM	78573L106
PK	PARK HOTELS & RESORTS INC	16,247	$251K	0.1%	$15.42	$15.42	—	COM	700517105

Increased Positions (4)

EQR VIVMARK RESIDENTIAL 6.5%

Value $21.95M (+79.9%) Shares 361,281 (+101.1%) Share Price $60.76 Est. Cost/Share $62.28 Unrealized @ Report Date —

AMT AMERICAN TOWER CORP 7.0%

Value $23.66M (+4.2%) Shares 144,548 (+4.1%) Share Price $163.69 Est. Cost/Share $194.08 Unrealized @ Report Date —

MAC MACERICH CO 0.9%

Value $3.153M (-8.1%) Shares 141,012 (+3.5%) Share Price $22.36 Est. Cost/Share $16.16 Unrealized @ Report Date —

UMH UMH PPTYS INC 0.2%

Value $631K (+8.9%) Shares 40,943 (+7.1%) Share Price $15.40 Est. Cost/Share $16.36 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EQR	VIVMARK RESIDENTIAL	361,281 (+101.1%)	$21.95M (+79.9%)	6.5%	$60.76	$62.28	—	SH BEN INT	29476L107
AMT	AMERICAN TOWER CORP	144,548 (+4.1%)	$23.66M (+4.2%)	7.0%	$163.69	$194.08	—	COM	03027X100
MAC	MACERICH CO	141,012 (+3.5%)	$3.153M (-8.1%)	0.9%	$22.36	$16.16	—	COM	554382101
UMH	UMH PPTYS INC	40,943 (+7.1%)	$631K (+8.9%)	0.2%	$15.40	$16.36	—	COM	903002103

Exited Positions (2)

AVB AVALONBAY CMNTYS INC 4.0%

Value $13.62M Shares 72,165 Share Price $188.69 Est. Cost/Share $185.06 Unrealized @ Report Date —

LXP LXP INDUSTRIAL TRUST 0.5%

Value $1.561M Shares 28,965 Share Price $53.88 Est. Cost/Share $49.69 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AVB	AVALONBAY CMNTYS INC	72,165	$13.62M	4.0%	$188.69	$185.06	—	—	053484101
LXP	LXP INDUSTRIAL TRUST	28,965	$1.561M	0.5%	$53.88	$49.69	—	—	529043408

Decreased Positions (24)

EQIX EQUINIX INC 7.2%

Value $24.19M (-20.1%) Shares 23,913 (-17.7%) Share Price $1011.58 Est. Cost/Share $732.44 Unrealized @ Report Date —

SPG SIMON PPTY GROUP INC NEW 7.2%

Value $24.44M (-15.8%) Shares 121,726 (-6.2%) Share Price $200.76 Est. Cost/Share $118.82 Unrealized @ Report Date —

WELL WELLTOWER INC 7.3%

Value $24.79M (-10.8%) Shares 107,664 (-12.1%) Share Price $230.24 Est. Cost/Share $84.95 Unrealized @ Report Date —

IRM IRON MTN INC DEL 4.9%

Value $16.67M (-14.5%) Shares 150,287 (-2.7%) Share Price $110.95 Est. Cost/Share $61.00 Unrealized @ Report Date —

EXR EXTRA SPACE STORAGE INC 4.1%

Value $14.02M (-12.0%) Shares 106,630 (-2.7%) Share Price $131.51 Est. Cost/Share $141.51 Unrealized @ Report Date —

UDR UDR INC 1.5%

Value $4.919M (-23.1%) Shares 146,618 (-8.5%) Share Price $33.55 Est. Cost/Share $41.11 Unrealized @ Report Date —

KIM KIMCO REALTY CORP 2.2%

Value $7.603M (-13.9%) Shares 342,338 (-1.7%) Share Price $22.21 Est. Cost/Share $19.30 Unrealized @ Report Date —

CPT CAMDEN PPTY TR 1.4%

Value $4.581M (-21.0%) Shares 47,361 (-6.6%) Share Price $96.73 Est. Cost/Share $106.27 Unrealized @ Report Date —

VTR VENTAS INC 6.3%

Value $21.37M (-5.2%) Shares 251,362 (-1.0%) Share Price $85.02 Est. Cost/Share $53.98 Unrealized @ Report Date —

REG REGENCY CTRS CORP 1.8%

Value $6.073M (-13.3%) Shares 84,494 (-3.8%) Share Price $71.88 Est. Cost/Share $60.56 Unrealized @ Report Date —

FRT FEDERAL RLTY INVT TR NEW 1.3%

Value $4.288M (-14.6%) Shares 39,599 (-2.7%) Share Price $108.29 Est. Cost/Share $97.36 Unrealized @ Report Date —

BRX BRIXMOR PPTY GROUP INC 1.2%

Value $4.059M (-14.1%) Shares 147,059 (-1.9%) Share Price $27.60 Est. Cost/Share $24.32 Unrealized @ Report Date —

ELS EQUITY LIFESTYLE PROPERTIES 1.6%

Value $5.39M (-10.7%) Shares 92,400 (-1.4%) Share Price $58.33 Est. Cost/Share $71.45 Unrealized @ Report Date —

DOC HEALTHPEAK PROPERTIES INC 2.1%

Value $6.966M (-8.3%) Shares 348,829 (-1.7%) Share Price $19.97 Est. Cost/Share $20.70 Unrealized @ Report Date —

HST HOST HOTELS & RESORTS INC 2.3%

Value $7.811M (-7.4%) Shares 348,861 (-1.9%) Share Price $22.39 Est. Cost/Share $15.41 Unrealized @ Report Date —

VNO VORNADO RLTY TR 0.8%

Value $2.799M (-15.7%) Shares 82,617 (-2.2%) Share Price $33.88 Est. Cost/Share $30.47 Unrealized @ Report Date —

ARE ALEXANDRIA REAL ESTATE EQ IN 1.1%

Value $3.713M (-12.3%) Shares 78,234 (-2.3%) Share Price $47.46 Est. Cost/Share $122.12 Unrealized @ Report Date —

BXP BXP INC 1.4%

Value $4.676M (-8.8%) Shares 76,513 (-1.0%) Share Price $61.11 Est. Cost/Share $70.83 Unrealized @ Report Date —

KRC KILROY REALTY CORP 0.5%

Value $1.778M (-16.9%) Shares 53,441 (-6.4%) Share Price $33.27 Est. Cost/Share $43.95 Unrealized @ Report Date —

STAG STAG INDUSTRIAL INC 1.0%

Value $3.433M (-7.3%) Shares 95,873 (-1.5%) Share Price $35.81 Est. Cost/Share $35.46 Unrealized @ Report Date —

REXR REXFORD INDL RLTY INC 1.2%

Value $4.132M (+6.7%) Shares 113,924 (-1.4%) Share Price $36.27 Est. Cost/Share $56.33 Unrealized @ Report Date —

UE URBAN EDGE PPTYS 0.3%

Value $1.122M (-17.5%) Shares 57,469 (-3.3%) Share Price $19.53 Est. Cost/Share $19.32 Unrealized @ Report Date —

SLG SL GREEN RLTY CORP 0.5%

Value $1.739M (-7.7%) Shares 35,550 (-2.3%) Share Price $48.92 Est. Cost/Share $56.17 Unrealized @ Report Date —

DRH DIAMONDROCK HOSPITALITY CO 0.4%

Value $1.301M (-2.9%) Shares 105,286 (-4.3%) Share Price $12.36 Est. Cost/Share $8.98 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EQIX	EQUINIX INC	23,913 (-17.7%)	$24.19M (-20.1%)	7.2%	$1011.58	$732.44	—	COM	29444U700
SPG	SIMON PPTY GROUP INC NEW	121,726 (-6.2%)	$24.44M (-15.8%)	7.2%	$200.76	$118.82	—	COM	828806109
WELL	WELLTOWER INC	107,664 (-12.1%)	$24.79M (-10.8%)	7.3%	$230.24	$84.95	—	COM	95040Q104
IRM	IRON MTN INC DEL	150,287 (-2.7%)	$16.67M (-14.5%)	4.9%	$110.95	$61.00	—	COM	46284V101
EXR	EXTRA SPACE STORAGE INC	106,630 (-2.7%)	$14.02M (-12.0%)	4.1%	$131.51	$141.51	—	COM	30225T102
UDR	UDR INC	146,618 (-8.5%)	$4.919M (-23.1%)	1.5%	$33.55	$41.11	—	COM	902653104
KIM	KIMCO REALTY CORP	342,338 (-1.7%)	$7.603M (-13.9%)	2.2%	$22.21	$19.30	—	COM	49446R109
CPT	CAMDEN PPTY TR	47,361 (-6.6%)	$4.581M (-21.0%)	1.4%	$96.73	$106.27	—	SH BEN INT	133131102
VTR	VENTAS INC	251,362 (-1.0%)	$21.37M (-5.2%)	6.3%	$85.02	$53.98	—	COM	92276F100
REG	REGENCY CTRS CORP	84,494 (-3.8%)	$6.073M (-13.3%)	1.8%	$71.88	$60.56	—	COM	758849103
FRT	FEDERAL RLTY INVT TR NEW	39,599 (-2.7%)	$4.288M (-14.6%)	1.3%	$108.29	$97.36	—	SH BEN INT NEW	313745101
BRX	BRIXMOR PPTY GROUP INC	147,059 (-1.9%)	$4.059M (-14.1%)	1.2%	$27.60	$24.32	—	COM	11120U105
ELS	EQUITY LIFESTYLE PROPERTIES	92,400 (-1.4%)	$5.39M (-10.7%)	1.6%	$58.33	$71.45	—	COM	29472R108
DOC	HEALTHPEAK PROPERTIES INC	348,829 (-1.7%)	$6.966M (-8.3%)	2.1%	$19.97	$20.70	—	COM	42250P103
HST	HOST HOTELS & RESORTS INC	348,861 (-1.9%)	$7.811M (-7.4%)	2.3%	$22.39	$15.41	—	COM	44107P104
VNO	VORNADO RLTY TR	82,617 (-2.2%)	$2.799M (-15.7%)	0.8%	$33.88	$30.47	—	SH BEN INT	929042109
ARE	ALEXANDRIA REAL ESTATE EQ IN	78,234 (-2.3%)	$3.713M (-12.3%)	1.1%	$47.46	$122.12	—	COM	015271109
BXP	BXP INC	76,513 (-1.0%)	$4.676M (-8.8%)	1.4%	$61.11	$70.83	—	COM	101121101
KRC	KILROY REALTY CORP	53,441 (-6.4%)	$1.778M (-16.9%)	0.5%	$33.27	$43.95	—	COM	49427F108
STAG	STAG INDUSTRIAL INC	95,873 (-1.5%)	$3.433M (-7.3%)	1.0%	$35.81	$35.46	—	COM	85254J102
REXR	REXFORD INDL RLTY INC	113,924 (-1.4%)	$4.132M (+6.7%)	1.2%	$36.27	$56.33	—	COM	76169C100
UE	URBAN EDGE PPTYS	57,469 (-3.3%)	$1.122M (-17.5%)	0.3%	$19.53	$19.32	—	COM	91704F104
SLG	SL GREEN RLTY CORP	35,550 (-2.3%)	$1.739M (-7.7%)	0.5%	$48.92	$56.17	—	COM	78440X887
DRH	DIAMONDROCK HOSPITALITY CO	105,286 (-4.3%)	$1.301M (-2.9%)	0.4%	$12.36	$8.98	—	COM	252784301

Unchanged Positions (14)

MAA MID-AMER APT CMNTYS INC 2.0%

Value $6.847M Shares 58,155 Share Price $117.74 Est. Cost/Share $129.88 Unrealized @ Report Date —

PLD PROLOGIS INC. 7.0%

Value $23.82M Shares 183,456 Share Price $129.84 Est. Cost/Share $116.55 Unrealized @ Report Date —

ESS ESSEX PPTY TR INC 2.6%

Value $8.727M Shares 32,396 Share Price $269.39 Est. Cost/Share $218.42 Unrealized @ Report Date —

DLR DIGITAL RLTY TR INC 7.1%

Value $23.97M Shares 136,557 Share Price $175.53 Est. Cost/Share $126.83 Unrealized @ Report Date —

KRG KITE REALTY GROUP TRUST 0.7%

Value $2.45M Shares 100,444 Share Price $24.39 Est. Cost/Share $24.50 Unrealized @ Report Date —

PECO PHILLIPS EDISON & CO INC 0.7%

Value $2.37M Shares 63,474 Share Price $37.34 Est. Cost/Share $36.46 Unrealized @ Report Date —

COLD AMERICOLD REALTY TRUST INC 0.6%

Value $2.017M Shares 144,282 Share Price $13.98 Est. Cost/Share $27.13 Unrealized @ Report Date —

CUZ COUSINS PPTYS INC 0.7%

Value $2.316M Shares 83,805 Share Price $27.64 Est. Cost/Share $29.00 Unrealized @ Report Date —

JBGS JBG SMITH PPTYS 0.1%

Value $315K Shares 31,371 Share Price $10.04 Est. Cost/Share $20.57 Unrealized @ Report Date —

AAT AMERICAN ASSETS TR INC 0.1%

Value $501K Shares 23,584 Share Price $21.26 Est. Cost/Share $25.62 Unrealized @ Report Date —

ESRT EMPIRE ST RLTY TR INC 0.1%

Value $238K Shares 59,090 Share Price $4.03 Est. Cost/Share $7.81 Unrealized @ Report Date —

HPP HUDSON PACIFIC PROPERTIES IN 0.1%

Value $222K Shares 19,222 Share Price $11.54 Est. Cost/Share $11.10 Unrealized @ Report Date —

BDN BRANDYWINE RLTY TR 0.1%

Value $203K Shares 72,480 Share Price $2.80 Est. Cost/Share $4.87 Unrealized @ Report Date —

CSR CENTERSPACE 0.1%

Value $421K Shares 7,738 Share Price $54.40 Est. Cost/Share $65.88 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MAA	MID-AMER APT CMNTYS INC	58,155	$6.847M	2.0%	$117.74	$129.88	—	COM	59522J103
PLD	PROLOGIS INC.	183,456	$23.82M	7.0%	$129.84	$116.55	—	COM	74340W103
ESS	ESSEX PPTY TR INC	32,396	$8.727M	2.6%	$269.39	$218.42	—	COM	297178105
DLR	DIGITAL RLTY TR INC	136,557	$23.97M	7.1%	$175.53	$126.83	—	COM	253868103
KRG	KITE REALTY GROUP TRUST	100,444	$2.45M	0.7%	$24.39	$24.50	—	COM NEW	49803T300
PECO	PHILLIPS EDISON & CO INC	63,474	$2.37M	0.7%	$37.34	$36.46	—	COMMON STOCK	71844V201
COLD	AMERICOLD REALTY TRUST INC	144,282	$2.017M	0.6%	$13.98	$27.13	—	COM	03064D108
CUZ	COUSINS PPTYS INC	83,805	$2.316M	0.7%	$27.64	$29.00	—	COM NEW	222795502
JBGS	JBG SMITH PPTYS	31,371	$315K	0.1%	$10.04	$20.57	—	COM	46590V100
AAT	AMERICAN ASSETS TR INC	23,584	$501K	0.1%	$21.26	$25.62	—	COM	024013104
ESRT	EMPIRE ST RLTY TR INC	59,090	$238K	0.1%	$4.03	$7.81	—	CL A	292104106
HPP	HUDSON PACIFIC PROPERTIES IN	19,222	$222K	0.1%	$11.54	$11.10	—	COM	444097406
BDN	BRANDYWINE RLTY TR	72,480	$203K	0.1%	$2.80	$4.87	—	SH BEN INT NEW	105368203
CSR	CENTERSPACE	7,738	$421K	0.1%	$54.40	$65.88	—	COM	15202L107