Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WELL	WELLTOWER INC	1,153,905 (+8.5%)	$262M (+24.5%)	15.7%	$90.47	—	COM	95040Q104
HIW	HIGHWOODS PPTYS INC	2,399,904 (+7.7%)	$72.38M (+51.7%)	4.3%	$30.89	—	COM	431284108
SPG	SIMON PPTY GROUP INC NEW	417,753 (+8.2%)	$93.43M (+29.7%)	5.6%	$141.16	—	COM	828806109
AVB	AVALONBAY CMNTYS INC	565,293 (+7.6%)	$107M (+24.3%)	6.4%	$157.15	—	COM	053484101
ESS	ESSEX PPTY TR INC	313,787 (+5.0%)	$91.5M (+26.5%)	5.5%	$253.84	—	COM	297178105
EQIX	EQUINIX INC	119,595 (+8.0%)	$125M (+14.9%)	7.4%	$718.96	—	COM	29444U700
PLD	PROLOGIS INC.	1,065,766 (+8.2%)	$144M (+10.9%)	8.6%	$77.22	—	COM	74340W103
CUBE	CUBESMART	2,292,708 (+8.1%)	$91.18M (+17.3%)	5.4%	$36.93	—	COM	229663109
PEB	PEBBLEBROOK HOTEL TR	1,725,789 (+8.0%)	$33.5M (+65.9%)	2.0%	$13.13	—	COM	70509V100
CURB	CURBLINE PPTYS CORP	1,913,410 (+8.0%)	$58.17M (+27.3%)	3.5%	$23.93	—	COM	23128Q101
BNL	BROADSTONE NET LEASE INC	3,261,571 (+8.0%)	$67.42M (+22.2%)	4.0%	$17.07	—	COM	11135E203
BRX	BRIXMOR PPTY GROUP INC	2,387,114 (+8.0%)	$75.27M (+18.3%)	4.5%	$25.17	—	COM	11120U105
LXP	LXP INDUSTRIAL TRUST	789,859 (+8.3%)	$42.56M (+26.2%)	2.5%	$49.91	—	COM	529043408
PSA	PUBLIC STORAGE	118,941 (+7.1%)	$37.86M (+25.8%)	2.3%	$288.76	—	COM	74460D109
DLR	DIGITAL RLTY TR INC	497,583 (+8.3%)	$89.36M (+8.0%)	5.3%	$128.19	—	COM	253868103
VICI	VICI PPTYS INC	2,397,300 (+8.1%)	$63.65M (+5.1%)	3.8%	$28.03	—	COM	925652109
MAA	MID-AMER APT CMNTYS INC	70,045 (+25.7%)	$9.732M (+43.1%)	0.6%	$141.74	—	COM	59522J103
INVH	INVITATION HOMES INC	342,241 (+2.9%)	$10.34M (+25.1%)	0.6%	$25.63	—	COM	46187W107
CPT	CAMDEN PPTY TR	57,459 (+16.4%)	$6.578M (+36.4%)	0.4%	$96.92	—	COM	133131102
ELS	EQUITY LIFESTYLE PROPERTIES	99,710 (+22.0%)	$6.426M (+26.0%)	0.4%	$63.73	—	COM	29472R108
VTR	VENTAS INC	60,329 (+18.0%)	$5.357M (+28.1%)	0.3%	$69.80	—	COM	92276F100
SUI	SUN CMNTYS INC	77,917 (+16.4%)	$9.343M (+10.8%)	0.6%	$140.50	—	COM	866674104
KRC	KILROY REALTY CORP	13,953 (+98.4%)	$523K (+163.5%)	0.0%	$36.62	—	COM	49427F108
VNO	VORNADO RLTY TR	13,566 (+3.1%)	$533K (+55.9%)	0.0%	$41.31	—	COM	929042109
JAN	JANUS LIVING INC	19,618 (+1.1%)	$564K (+23.3%)	0.0%	$23.63	—	COM	471024109
SKT	TANGER INC	2,362 (+26.9%)	$93,228 (+47.3%)	0.0%	$34.99	—	COM	875465106
STAG	STAG INDUSTRIAL INC	1,952 (+25.8%)	$74,293 (+32.7%)	0.0%	$36.52	—	COM	85254J102
AHR	AMERICAN HEALTHCARE REIT INC	600 (+20.0%)	$31,290 (+32.7%)	0.0%	$47.99	—	COM	398182303

Exited Positions (3)

REG REGENCY CTRS CORP 0.0%

Value $136K Shares 1,797 Est. Cost $59.46 Unrealized —

SILA SILA REALTY TRUST INC 0.0%

Value $21,857 Shares 923 Est. Cost $23.31 Unrealized —

LINE LINEAGE INC 0.0%

Value $18,018 Shares 550 Est. Cost $35.00 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
REG	REGENCY CTRS CORP	1,797	$136K	0.0%	$59.46	—	—	758849103
SILA	SILA REALTY TRUST INC	923	$21,857	0.0%	$23.31	—	—	146280508
LINE	LINEAGE INC	550	$18,018	0.0%	$35.00	—	—	53566V106

Decreased Positions (8)

REXR REXFORD INDL RLTY INC 0.0%

Value $216K (-98.3%) Shares 6,441 (-98.4%) Est. Cost $32.80 Unrealized —

O REALTY INCOME CORP 3.1%

Value $52.34M (-16.1%) Shares 844,785 (-17.2%) Est. Cost $52.82 Unrealized —

AMH AMERICAN HOMES 4 RENT 3.0%

Value $50.71M (+9.4%) Shares 1,512,889 (-8.9%) Est. Cost $32.56 Unrealized —

IRT INDEPENDENCE RLTY TR INC 0.1%

Value $1.282M (-65.0%) Shares 76,840 (-68.7%) Est. Cost $18.90 Unrealized —

UDR UDR INC 0.3%

Value $4.98M (-8.3%) Shares 124,740 (-22.4%) Est. Cost $38.75 Unrealized —

AMT AMERICAN TOWER CORP 0.0%

Value $326K (-20.8%) Shares 1,990 (-16.4%) Est. Cost $196.82 Unrealized —

EGP EASTGROUP PPTYS INC 0.0%

Value $444K (-9.9%) Shares 2,191 (-17.7%) Est. Cost $177.63 Unrealized —

— PEBBLEBROOK HOTEL TR 0.0%

Value $57,661 (-14.7%) Shares 2,960 (-15.9%) Est. Cost $19.21 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
REXR	REXFORD INDL RLTY INC	6,441 (-98.4%)	$216K (-98.3%)	0.0%	$32.80	—	COM	76169C100
O	REALTY INCOME CORP	844,785 (-17.2%)	$52.34M (-16.1%)	3.1%	$52.82	—	COM	756109104
AMH	AMERICAN HOMES 4 RENT	1,512,889 (-8.9%)	$50.71M (+9.4%)	3.0%	$32.56	—	COM	02665T306
IRT	INDEPENDENCE RLTY TR INC	76,840 (-68.7%)	$1.282M (-65.0%)	0.1%	$18.90	—	COM	45378A106
UDR	UDR INC	124,740 (-22.4%)	$4.98M (-8.3%)	0.3%	$38.75	—	COM	902653104
AMT	AMERICAN TOWER CORP	1,990 (-16.4%)	$326K (-20.8%)	0.0%	$196.82	—	COM	03027X100
EGP	EASTGROUP PPTYS INC	2,191 (-17.7%)	$444K (-9.9%)	0.0%	$177.63	—	COM	277276101
—	PEBBLEBROOK HOTEL TR	2,960 (-15.9%)	$57,661 (-14.7%)	0.0%	$19.21	—	COM	70509V605

Unchanged Positions (1)

EQR EQUITY RESIDENTIAL 0.7%

Value $12.19M Shares 179,384 Est. Cost $53.78 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EQR	EQUITY RESIDENTIAL	179,384	$12.19M	0.7%	$53.78	—	COM	29476L107