Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HST	HOST HOTELS & RESORTS INC	2,419,699	$46.22M	0.4%	$18.16	0.0%	COM	44107P104
GLPI	GAMING & LEISURE P	726,550	$32.19M	0.2%	$44.31	—	COM	36467J108
ELS	EQUITY LIFESTYLE PROPERTIES	481,719	$30.47M	0.2%	$63.26	—	COM	29472R108
CPT	CAMDEN PPTY TR	264,633	$26.01M	0.2%	$110.17	0.0%	SH BEN INT	133131102
AMH	AMERICAN HOMES 4 RENT	820,421	$23.11M	0.2%	$28.17	—	CL A	02665T306
NNN	NNN REIT INC	500,350	$21.24M	0.2%	$42.45	—	COM	637417106
CTRE	CARETRUST REIT INC	547,906	$20.34M	0.2%	$37.13	—	COM	14174T107
CUBE	CUBESMART	543,544	$19.86M	0.2%	$36.53	—	COM	229663109
KRG	KITE REALTY GROUP TRUST	691,850	$16.89M	0.1%	$24.41	—	COM NEW	49803T300
STAG	STAG INDUSTRIAL INC	452,071	$16.37M	0.1%	$36.21	—	COM	85254J102
TRNO	TERRENO RLTY CORP	245,177	$15.14M	0.1%	$61.77	—	COM	88146M101
IRT	INDEPENDENCE RLTY TR INC	598,765	$8.904M	0.1%	$14.87	—	COM	45378A106
PK	PARK HOTELS & RESORTS INC	692,908	$7.192M	0.1%	$10.38	—	COM	700517105
NSA	NATIONAL STORAGE AFFILIATES	169,064	$6.511M	0.1%	$38.51	—	COM SHS BEN IN	637870106
MPT	MEDICAL PROPERTIES TRUST INC	1,228,345	$5.7M	0.0%	$4.64	—	COM	58463J304
LINE	LINEAGE INC	169,598	$5.559M	0.0%	$32.78	—	COM	53566V106

Increased Positions (17)

KIM KIMCO REALTY CORP 2.6%

Value $332M (+29.6%) Shares 14,795,116 (+17.0%) Est. Cost $13.09 Unrealized +53.3%

REG REGENCY CTRS CORP 1.5%

Value $198M (+41.9%) Shares 2,604,387 (+28.7%) Est. Cost $44.87 Unrealized +51.5%

AVB AVALONBAY CMNTYS INC 0.5%

Value $58.79M (+329.1%) Shares 356,542 (+371.8%) Est. Cost $183.39 Unrealized -1.6%

SPG SIMON PPTY GROUP INC NEW 1.3%

Value $166M (+36.5%) Shares 880,641 (+34.3%) Est. Cost $133.35 Unrealized +38.0%

HYG ISHARES TR 3.8%

Value $492M (+8.3%) Shares 6,197,274 (+10.0%) Est. Cost $78.87 Unrealized —

MAA MID-AMER APT CMNTYS INC 2.9%

Value $379M (-8.4%) Shares 3,089,712 (+3.8%) Est. Cost $86.97 Unrealized +60.0%

WELL WELLTOWER INC 2.6%

Value $337M (+9.4%) Shares 1,692,393 (+2.1%) Est. Cost $96.22 Unrealized +94.3%

KRC KILROY REALTY CORP 1.0%

Value $132M (-17.8%) Shares 4,692,783 (+9.4%) Est. Cost $65.76 Unrealized —

EXR EXTRA SPACE STORAGE INC 2.8%

Value $362M (+7.6%) Shares 2,735,452 (+5.8%) Est. Cost $79.21 Unrealized +65.4%

ARE ALEXANDRIA REAL ESTATE EQ IN 2.3%

Value $302M (-7.7%) Shares 6,981,310 (+4.3%) Est. Cost $87.02 Unrealized -43.7%

IRM IRON MTN INC DEL 0.5%

Value $71.06M (+47.1%) Shares 703,912 (+20.9%) Est. Cost $84.03 Unrealized -0.9%

OHI OMEGA HEALTHCARE INVS INC 0.2%

Value $32.2M (+110.8%) Shares 726,429 (+110.9%) Est. Cost $44.33 Unrealized —

COLD AMERICOLD REALTY TRUST INC 1.1%

Value $144M (-7.8%) Shares 12,824,285 (+5.6%) Est. Cost $33.36 Unrealized —

FR FIRST INDL RLTY TR INC 0.1%

Value $18.18M (+139.4%) Shares 309,950 (+133.7%) Est. Cost $55.84 Unrealized —

AHR AMERICAN HEALTHCARE REIT INC 0.2%

Value $19.59M (+42.1%) Shares 412,177 (+40.7%) Est. Cost $31.78 Unrealized —

REXR REXFORD INDL RLTY INC 0.1%

Value $18.55M (+36.6%) Shares 564,554 (+61.0%) Est. Cost $40.27 Unrealized —

SLG SL GREEN RLTY CORP 0.1%

Value $9.012M (+25.7%) Shares 245,689 (+57.2%) Est. Cost $42.52 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KIM	KIMCO REALTY CORP	14,795,116 (+17.0%)	$332M (+29.6%)	2.6%	$13.09	+53.3%	COM	49446R109
REG	REGENCY CTRS CORP	2,604,387 (+28.7%)	$198M (+41.9%)	1.5%	$44.87	+51.5%	COM	758849103
AVB	AVALONBAY CMNTYS INC	356,542 (+371.8%)	$58.79M (+329.1%)	0.5%	$183.39	-1.6%	COM	053484101
SPG	SIMON PPTY GROUP INC NEW	880,641 (+34.3%)	$166M (+36.5%)	1.3%	$133.35	+38.0%	COM	828806109
HYG	ISHARES TR	6,197,274 (+10.0%)	$492M (+8.3%)	3.8%	$78.87	—	IBOXX HI YD ETF	464288513
MAA	MID-AMER APT CMNTYS INC	3,089,712 (+3.8%)	$379M (-8.4%)	2.9%	$86.97	+60.0%	COM	59522J103
WELL	WELLTOWER INC	1,692,393 (+2.1%)	$337M (+9.4%)	2.6%	$96.22	+94.3%	COM	95040Q104
KRC	KILROY REALTY CORP	4,692,783 (+9.4%)	$132M (-17.8%)	1.0%	$65.76	—	COM	49427F108
EXR	EXTRA SPACE STORAGE INC	2,735,452 (+5.8%)	$362M (+7.6%)	2.8%	$79.21	+65.4%	COM	30225T102
ARE	ALEXANDRIA REAL ESTATE EQ IN	6,981,310 (+4.3%)	$302M (-7.7%)	2.3%	$87.02	-43.7%	COM	015271109
IRM	IRON MTN INC DEL	703,912 (+20.9%)	$71.06M (+47.1%)	0.5%	$84.03	-0.9%	COM	46284V101
OHI	OMEGA HEALTHCARE INVS INC	726,429 (+110.9%)	$32.2M (+110.8%)	0.2%	$44.33	—	COM	681936100
COLD	AMERICOLD REALTY TRUST INC	12,824,285 (+5.6%)	$144M (-7.8%)	1.1%	$33.36	—	COM	03064D108
FR	FIRST INDL RLTY TR INC	309,950 (+133.7%)	$18.18M (+139.4%)	0.1%	$55.84	—	COM	32054K103
AHR	AMERICAN HEALTHCARE REIT INC	412,177 (+40.7%)	$19.59M (+42.1%)	0.2%	$31.78	—	COM SHS	398182303
REXR	REXFORD INDL RLTY INC	564,554 (+61.0%)	$18.55M (+36.6%)	0.1%	$40.27	—	COM	76169C100
SLG	SL GREEN RLTY CORP	245,689 (+57.2%)	$9.012M (+25.7%)	0.1%	$42.52	—	COM	78440X887

Exited Positions (14)

SKT TANGER INC 0.2%

Value $29.6M Shares 887,091 Est. Cost $33.15 Unrealized —

CURB CURBLINE PPTYS CORP 0.1%

Value $18.33M Shares 789,832 Est. Cost $22.79 Unrealized —

UE URBAN EDGE PPTYS 0.1%

Value $17.13M Shares 892,720 Est. Cost $18.70 Unrealized —

NTST NETSTREIT CORP 0.1%

Value $16.87M Shares 956,127 Est. Cost $20.65 Unrealized —

GRTUF GRANITE REAL ESTATE INVT TR 0.1%

Value $14.9M Shares 250,000 Est. Cost $48.51 Unrealized —

EPR EPR PPTYS 0.1%

Value $14.34M Shares 287,278 Est. Cost $55.20 Unrealized —

AKR ACADIA RLTY TR 0.1%

Value $14.27M Shares 694,831 Est. Cost $19.23 Unrealized —

UMH UMH PPTYS INC 0.1%

Value $10.82M Shares 679,926 Est. Cost $18.02 Unrealized —

VRE VERIS RESIDENTIAL INC 0.1%

Value $10.36M Shares 696,155 Est. Cost $15.98 Unrealized —

MAC MACERICH CO 0.1%

Value $10.27M Shares 556,272 Est. Cost $19.10 Unrealized —

SMA SMARTSTOP SELF STORAG REIT I 0.1%

Value $9.077M Shares 293,366 Est. Cost $30.94 Unrealized —

CTO CTO RLTY GROWTH INC NEW 0.1%

Value $8.469M Shares 460,001 Est. Cost $19.61 Unrealized —

PEB PEBBLEBROOK HOTEL TR 0.0%

Value $5.594M Shares 494,211 Est. Cost $11.22 Unrealized —

XHR XENIA HOTELS & RESORTS INC 0.0%

Value $5.497M Shares 388,747 Est. Cost $13.57 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SKT	TANGER INC	887,091	$29.6M	0.2%	$33.15	—	—	875465106
CURB	CURBLINE PPTYS CORP	789,832	$18.33M	0.1%	$22.79	—	—	23128Q101
UE	URBAN EDGE PPTYS	892,720	$17.13M	0.1%	$18.70	—	—	91704F104
NTST	NETSTREIT CORP	956,127	$16.87M	0.1%	$20.65	—	—	64119V303
GRTUF	GRANITE REAL ESTATE INVT TR	250,000	$14.9M	0.1%	$48.51	—	—	387437205
EPR	EPR PPTYS	287,278	$14.34M	0.1%	$55.20	—	—	26884U109
AKR	ACADIA RLTY TR	694,831	$14.27M	0.1%	$19.23	—	—	004239109
UMH	UMH PPTYS INC	679,926	$10.82M	0.1%	$18.02	—	—	903002103
VRE	VERIS RESIDENTIAL INC	696,155	$10.36M	0.1%	$15.98	—	—	554489104
MAC	MACERICH CO	556,272	$10.27M	0.1%	$19.10	—	—	554382101
SMA	SMARTSTOP SELF STORAG REIT I	293,366	$9.077M	0.1%	$30.94	—	—	83192D402
CTO	CTO RLTY GROWTH INC NEW	460,001	$8.469M	0.1%	$19.61	—	—	22948Q101
PEB	PEBBLEBROOK HOTEL TR	494,211	$5.594M	0.0%	$11.22	—	—	70509V100
XHR	XENIA HOTELS & RESORTS INC	388,747	$5.497M	0.0%	$13.57	—	—	984017103

Decreased Positions (20)

LQD ISHARES TR 0.6%

Value $75.94M (-80.6%) Shares 698,893 (-80.3%) Est. Cost $109.22 Unrealized —

BXP BXP INC 2.8%

Value $368M (-26.3%) Shares 7,212,581 (-2.6%) Est. Cost $73.18 Unrealized -7.3%

EQR EQUITY RESIDENTIAL 5.0%

Value $647M (-9.6%) Shares 10,856,563 (-4.3%) Est. Cost $37.38 Unrealized +65.9%

INVH INVITATION HOMES INC 3.1%

Value $397M (-13.9%) Shares 15,975,264 (-3.7%) Est. Cost $20.06 Unrealized +38.2%

PLD PROLOGIS INC. 19.8%

Value $2.572B (+2.5%) Shares 19,286,830 (-1.9%) Est. Cost $39.27 Unrealized +228.6%

SBRA SABRA HEALTH CARE REIT INC 0.1%

Value $11.29M (-80.1%) Shares 579,512 (-80.6%) Est. Cost $15.49 Unrealized —

HR HEALTHCARE RLTY TR 1.4%

Value $175M (-16.5%) Shares 10,223,995 (-17.5%) Est. Cost $19.70 Unrealized —

UDR UDR INC 0.2%

Value $28.36M (-53.0%) Shares 828,243 (-49.7%) Est. Cost $39.26 Unrealized -6.6%

CUZ COUSINS PPTYS INC 1.3%

Value $163M (-14.6%) Shares 7,310,912 (-1.1%) Est. Cost $35.82 Unrealized —

VTR VENTAS INC 7.1%

Value $928M (+2.0%) Shares 11,314,857 (-3.8%) Est. Cost $42.82 Unrealized +80.6%

VNO VORNADO RLTY TR 0.1%

Value $15.58M (-52.4%) Shares 609,224 (-38.1%) Est. Cost $36.21 Unrealized —

ESS ESSEX PPTY TR INC 0.3%

Value $38.84M (-30.0%) Shares 159,780 (-24.6%) Est. Cost $259.42 Unrealized -1.0%

WPC WP CAREY INC 0.3%

Value $40.25M (-28.6%) Shares 580,007 (-33.8%) Est. Cost $70.07 Unrealized —

BRX BRIXMOR PPTY GROUP INC 0.2%

Value $28.23M (-33.3%) Shares 978,190 (-39.4%) Est. Cost $24.37 Unrealized —

VICI VICI PPTYS INC 0.6%

Value $78.5M (-14.6%) Shares 2,858,536 (-12.6%) Est. Cost $16.37 Unrealized +72.0%

EPRT ESSENTIAL PPTYS RLTY TR INC 0.1%

Value $16.16M (-38.2%) Shares 527,707 (-40.1%) Est. Cost $28.45 Unrealized —

PSA PUBLIC STORAGE OPER CO 4.5%

Value $579M (+1.0%) Shares 2,094,949 (-5.1%) Est. Cost $135.67 Unrealized +90.5%

DOC HEALTHPEAK PROPERTIES INC 0.2%

Value $27.26M (-14.4%) Shares 1,664,514 (-15.9%) Est. Cost $22.11 Unrealized -26.7%

FRT FEDERAL RLTY INVT TR NEW 0.2%

Value $28.99M (-8.6%) Shares 273,311 (-13.1%) Est. Cost $102.92 Unrealized -3.8%

RHP RYMAN HOSPITALITY PPTYS INC 0.2%

Value $19.94M (-7.1%) Shares 215,740 (-4.9%) Est. Cost $45.97 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LQD	ISHARES TR	698,893 (-80.3%)	$75.94M (-80.6%)	0.6%	$109.22	—	IBOXX INV CP ETF	464287242
BXP	BXP INC	7,212,581 (-2.6%)	$368M (-26.3%)	2.8%	$73.18	-7.3%	COM	101121101
EQR	EQUITY RESIDENTIAL	10,856,563 (-4.3%)	$647M (-9.6%)	5.0%	$37.38	+65.9%	SH BEN INT	29476L107
INVH	INVITATION HOMES INC	15,975,264 (-3.7%)	$397M (-13.9%)	3.1%	$20.06	+38.2%	COM	46187W107
PLD	PROLOGIS INC.	19,286,830 (-1.9%)	$2.572B (+2.5%)	19.8%	$39.27	+228.6%	COM	74340W103
SBRA	SABRA HEALTH CARE REIT INC	579,512 (-80.6%)	$11.29M (-80.1%)	0.1%	$15.49	—	COM	78573L106
HR	HEALTHCARE RLTY TR	10,223,995 (-17.5%)	$175M (-16.5%)	1.4%	$19.70	—	CL A COM	42226K105
UDR	UDR INC	828,243 (-49.7%)	$28.36M (-53.0%)	0.2%	$39.26	-6.6%	COM	902653104
CUZ	COUSINS PPTYS INC	7,310,912 (-1.1%)	$163M (-14.6%)	1.3%	$35.82	—	COM NEW	222795502
VTR	VENTAS INC	11,314,857 (-3.8%)	$928M (+2.0%)	7.1%	$42.82	+80.6%	COM	92276F100
VNO	VORNADO RLTY TR	609,224 (-38.1%)	$15.58M (-52.4%)	0.1%	$36.21	—	SH BEN INT	929042109
ESS	ESSEX PPTY TR INC	159,780 (-24.6%)	$38.84M (-30.0%)	0.3%	$259.42	-1.0%	COM	297178105
WPC	WP CAREY INC	580,007 (-33.8%)	$40.25M (-28.6%)	0.3%	$70.07	—	COM	92936U109
BRX	BRIXMOR PPTY GROUP INC	978,190 (-39.4%)	$28.23M (-33.3%)	0.2%	$24.37	—	COM	11120U105
VICI	VICI PPTYS INC	2,858,536 (-12.6%)	$78.5M (-14.6%)	0.6%	$16.37	+72.0%	COM	925652109
EPRT	ESSENTIAL PPTYS RLTY TR INC	527,707 (-40.1%)	$16.16M (-38.2%)	0.1%	$28.45	—	COM	29670E107
PSA	PUBLIC STORAGE OPER CO	2,094,949 (-5.1%)	$579M (+1.0%)	4.5%	$135.67	+90.5%	COM	74460D109
DOC	HEALTHPEAK PROPERTIES INC	1,664,514 (-15.9%)	$27.26M (-14.4%)	0.2%	$22.11	-26.7%	COM	42250P103
FRT	FEDERAL RLTY INVT TR NEW	273,311 (-13.1%)	$28.99M (-8.6%)	0.2%	$102.92	-3.8%	SH BEN INT NEW	313745101
RHP	RYMAN HOSPITALITY PPTYS INC	215,740 (-4.9%)	$19.94M (-7.1%)	0.2%	$45.97	—	COM	78377T107

Unchanged Positions (6)

EQIX EQUINIX INC 9.2%

Value $1.19B Shares 1,194,365 Est. Cost $676.56 Unrealized +12.9%

DLR DIGITAL RLTY TR INC 12.0%

Value $1.555B Shares 8,619,693 Est. Cost $73.08 Unrealized +112.1%

O REALTY INCOME CORP 4.3%

Value $553M Shares 8,937,472 Est. Cost $49.41 Unrealized +16.0%

SUI SUN CMNTYS INC 0.3%

Value $39.11M Shares 307,048 Est. Cost $133.30 Unrealized —

ADC AGREE RLTY CORP 0.2%

Value $22.95M Shares 302,617 Est. Cost $70.86 Unrealized —

BKLN INVESCO EXCH TRADED FD TR II 0.1%

Value $9.816M Shares 480,000 Est. Cost $20.73 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EQIX	EQUINIX INC	1,194,365	$1.19B	9.2%	$676.56	+12.9%	COM	29444U700
DLR	DIGITAL RLTY TR INC	8,619,693	$1.555B	12.0%	$73.08	+112.1%	COM	253868103
O	REALTY INCOME CORP	8,937,472	$553M	4.3%	$49.41	+16.0%	COM	756109104
SUI	SUN CMNTYS INC	307,048	$39.11M	0.3%	$133.30	—	COM	866674104
ADC	AGREE RLTY CORP	302,617	$22.95M	0.2%	$70.86	—	COM	008492100
BKLN	INVESCO EXCH TRADED FD TR II	480,000	$9.816M	0.1%	$20.73	—	SR LN ETF	46138G508