Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XLRE	SELECT SECTOR SPDR TR	2,029,067	$89.34M	12.3%	$44.03	—	ST STR REAL ETF	81369Y860
XLI	SELECT SECTOR SPDR TR	58,760	$10.88M	1.5%	$185.23	—	ST STR INDL ETF	81369Y704
NVDA	NVIDIA CORPORATION	48,037	$9.612M	1.3%	$200.09	—	COM	67066G104
AAPL	APPLE INC	30,183	$8.734M	1.2%	$289.36	—	COM	037833100
GOOGL	ALPHABET INC	21,662	$7.741M	1.1%	$357.37	—	CAP STK CL A	02079K305
AVGO	BROADCOM INC	9,329	$3.524M	0.5%	$377.75	—	COM	11135F101
VST	VISTRA CORP	19,632	$3.114M	0.4%	$158.63	—	COM	92840M102
TSLA	TESLA INC	5,800	$2.439M	0.3%	$420.60	—	COM	88160R101
BAP	CREDICORP LTD	5,586	$2.176M	0.3%	$389.58	—	COM	G2519Y108
SMA	SMARTSTOP SELF STORAG REIT I	35,592	$1.157M	0.2%	$32.50	—	COMMON STOCK	83192D402
FRT	FEDERAL RLTY INVT TR NEW	9,240	$1.141M	0.2%	$123.44	—	SH BEN INT NEW	313745101
MAA	MID-AMER APT CMNTYS INC	8,153	$1.133M	0.2%	$138.94	—	COM	59522J103
OHI	OMEGA HEALTHCARE INVS INC	21,884	$1.043M	0.1%	$47.68	—	COM	681936100
SUI	SUN CMNTYS INC	8,598	$1.031M	0.1%	$119.91	—	COM	866674104
NNN	NNN REIT INC	12,996	$605K	0.1%	$46.53	—	COM	637417106
COLD	AMERICOLD REALTY TRUST INC	33,021	$519K	0.1%	$15.72	—	COM	03064D108
NSA	NATIONAL STORAGE AFFILIATES	8,587	$382K	0.1%	$44.47	—	COM SHS BEN IN	637870106
REG	REGENCY CTRS CORP	3,976	$317K	0.0%	$79.74	—	COM	758849103
CRWD	CROWDSTRIKE HLDGS INC	368	$281K	0.0%	$763.14	—	CL A	22788C105
AMPX	AMPRIUS TECHNOLOGIES INC	19,941	$276K	0.0%	$13.86	—	COMMON STOCK	03214Q108
MPT	MEDICAL PROPERTIES TRUST INC	40,582	$187K	0.0%	$4.62	—	COM	58463J304

Increased Positions (27)

XOP SPDR SERIES TRUST 15.5%

Value $113M (+101.1%) Shares 730,070 (+137.1%) Est. Cost $110.33 Unrealized —

XME SPDR SERIES TRUST 15.5%

Value $113M (+45.1%) Shares 1,057,153 (+46.5%) Est. Cost $52.14 Unrealized —

GDX VANECK ETF TRUST 10.7%

Value $77.73M (+45.9%) Shares 1,030,200 (+77.5%) Est. Cost $48.18 Unrealized —

META META PLATFORMS INC 2.4%

Value $17.27M (+98.8%) Shares 30,661 (+101.9%) Est. Cost $535.40 Unrealized —

GDXJ VANECK ETF TRUST 2.3%

Value $16.63M (+66.8%) Shares 169,290 (+103.8%) Est. Cost $66.86 Unrealized —

MSFT MICROSOFT CORP 1.9%

Value $13.58M (+65.6%) Shares 36,416 (+64.3%) Est. Cost $401.06 Unrealized —

BSX BOSTON SCIENTIFIC CORP 0.9%

Value $6.524M (+163.4%) Shares 152,865 (+287.3%) Est. Cost $57.16 Unrealized —

HPP HUDSON PACIFIC PROPERTIES IN 0.6%

Value $4.119M (+3359.7%) Shares 271,165 (+1246.1%) Est. Cost $14.50 Unrealized —

AMZN AMAZON COM INC 1.2%

Value $8.809M (+72.7%) Shares 36,959 (+50.9%) Est. Cost $194.88 Unrealized —

WELL WELLTOWER INC 1.6%

Value $11.92M (+31.4%) Shares 52,539 (+14.4%) Est. Cost $131.42 Unrealized —

V VISA INC 1.0%

Value $7.476M (+43.9%) Shares 21,790 (+26.8%) Est. Cost $344.89 Unrealized —

O REALTY INCOME CORP 0.4%

Value $2.977M (+145.0%) Shares 48,040 (+142.0%) Est. Cost $58.09 Unrealized —

MCO MOODYS CORP 0.7%

Value $5.057M (+46.0%) Shares 11,166 (+40.6%) Est. Cost $478.99 Unrealized —

PSA PUBLIC STORAGE 0.5%

Value $3.429M (+61.1%) Shares 10,771 (+37.1%) Est. Cost $288.55 Unrealized —

DOC HEALTHPEAK PROPERTIES INC 0.2%

Value $1.591M (+259.6%) Shares 74,328 (+176.1%) Est. Cost $19.81 Unrealized —

PLD PROLOGIS INC. 1.3%

Value $9.133M (+13.8%) Shares 67,414 (+11.0%) Est. Cost $116.25 Unrealized —

ELS EQUITY LIFESTYLE PROPERTIES 0.4%

Value $2.912M (+50.2%) Shares 45,190 (+45.5%) Est. Cost $62.89 Unrealized —

KSA ISHARES TR 0.8%

Value $5.922M (+15.4%) Shares 158,712 (+23.0%) Est. Cost $29.39 Unrealized —

EQR EQUITY RESIDENTIAL 0.3%

Value $2.331M (+48.1%) Shares 34,311 (+29.0%) Est. Cost $62.97 Unrealized —

ESS ESSEX PPTY TR INC 0.3%

Value $1.869M (+68.1%) Shares 6,409 (+39.5%) Est. Cost $262.36 Unrealized —

WPC WP CAREY INC 0.2%

Value $1.71M (+68.1%) Shares 23,915 (+59.8%) Est. Cost $69.04 Unrealized —

ARE ALEXANDRIA REAL ESTATE EQ IN 0.3%

Value $2.069M (+48.7%) Shares 39,157 (+30.6%) Est. Cost $69.34 Unrealized —

GLPI GAMING & LEISURE P 0.4%

Value $2.739M (+26.4%) Shares 61,509 (+25.9%) Est. Cost $46.38 Unrealized —

AHR AMERICAN HEALTHCARE REIT INC 0.1%

Value $794K (+204.2%) Shares 15,225 (+175.1%) Est. Cost $50.34 Unrealized —

CSGP COSTAR GROUP INC 0.5%

Value $3.488M (+17.2%) Shares 123,160 (+67.0%) Est. Cost $57.69 Unrealized —

DLR DIGITAL RLTY TR INC 0.5%

Value $3.495M (+3.8%) Shares 19,464 (+4.2%) Est. Cost $137.62 Unrealized —

BNL BROADSTONE NET LEASE INC 0.0%

Value $277K (+14.8%) Shares 13,410 (+1.4%) Est. Cost $17.09 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOP	SPDR SERIES TRUST	730,070 (+137.1%)	$113M (+101.1%)	15.5%	$110.33	—	SP O&G EXPL PRO	78468R556
XME	SPDR SERIES TRUST	1,057,153 (+46.5%)	$113M (+45.1%)	15.5%	$52.14	—	ST STR SP METAL	78464A755
GDX	VANECK ETF TRUST	1,030,200 (+77.5%)	$77.73M (+45.9%)	10.7%	$48.18	—	GOLD MINERS ETF	92189F106
META	META PLATFORMS INC	30,661 (+101.9%)	$17.27M (+98.8%)	2.4%	$535.40	—	CL A	30303M102
GDXJ	VANECK ETF TRUST	169,290 (+103.8%)	$16.63M (+66.8%)	2.3%	$66.86	—	JUNIOR GOLD MINE	92189F791
MSFT	MICROSOFT CORP	36,416 (+64.3%)	$13.58M (+65.6%)	1.9%	$401.06	—	COM	594918104
BSX	BOSTON SCIENTIFIC CORP	152,865 (+287.3%)	$6.524M (+163.4%)	0.9%	$57.16	—	COM	101137107
HPP	HUDSON PACIFIC PROPERTIES IN	271,165 (+1246.1%)	$4.119M (+3359.7%)	0.6%	$14.50	—	COM	444097406
AMZN	AMAZON COM INC	36,959 (+50.9%)	$8.809M (+72.7%)	1.2%	$194.88	—	COM	023135106
WELL	WELLTOWER INC	52,539 (+14.4%)	$11.92M (+31.4%)	1.6%	$131.42	—	COM	95040Q104
V	VISA INC	21,790 (+26.8%)	$7.476M (+43.9%)	1.0%	$344.89	—	COM CL A	92826C839
O	REALTY INCOME CORP	48,040 (+142.0%)	$2.977M (+145.0%)	0.4%	$58.09	—	COM	756109104
MCO	MOODYS CORP	11,166 (+40.6%)	$5.057M (+46.0%)	0.7%	$478.99	—	COM	615369105
PSA	PUBLIC STORAGE	10,771 (+37.1%)	$3.429M (+61.1%)	0.5%	$288.55	—	COM	74460D109
DOC	HEALTHPEAK PROPERTIES INC	74,328 (+176.1%)	$1.591M (+259.6%)	0.2%	$19.81	—	COM	42250P103
PLD	PROLOGIS INC.	67,414 (+11.0%)	$9.133M (+13.8%)	1.3%	$116.25	—	COM	74340W103
ELS	EQUITY LIFESTYLE PROPERTIES	45,190 (+45.5%)	$2.912M (+50.2%)	0.4%	$62.89	—	COM	29472R108
KSA	ISHARES TR	158,712 (+23.0%)	$5.922M (+15.4%)	0.8%	$29.39	—	MSCI SAUDI ARBIA	46434V423
EQR	EQUITY RESIDENTIAL	34,311 (+29.0%)	$2.331M (+48.1%)	0.3%	$62.97	—	SH BEN INT	29476L107
ESS	ESSEX PPTY TR INC	6,409 (+39.5%)	$1.869M (+68.1%)	0.3%	$262.36	—	COM	297178105
WPC	WP CAREY INC	23,915 (+59.8%)	$1.71M (+68.1%)	0.2%	$69.04	—	COM	92936U109
ARE	ALEXANDRIA REAL ESTATE EQ IN	39,157 (+30.6%)	$2.069M (+48.7%)	0.3%	$69.34	—	COM	015271109
GLPI	GAMING & LEISURE P	61,509 (+25.9%)	$2.739M (+26.4%)	0.4%	$46.38	—	COM	36467J108
AHR	AMERICAN HEALTHCARE REIT INC	15,225 (+175.1%)	$794K (+204.2%)	0.1%	$50.34	—	COM SHS	398182303
CSGP	COSTAR GROUP INC	123,160 (+67.0%)	$3.488M (+17.2%)	0.5%	$57.69	—	COM	22160N109
DLR	DIGITAL RLTY TR INC	19,464 (+4.2%)	$3.495M (+3.8%)	0.5%	$137.62	—	COM	253868103
BNL	BROADSTONE NET LEASE INC	13,410 (+1.4%)	$277K (+14.8%)	0.0%	$17.09	—	COM	11135E203

Exited Positions (18)

VNQ VANGUARD INDEX FDS 10.5%

Value $76.78M Shares 865,645 Est. Cost $87.32 Unrealized —

AER AERCAP HOLDINGS NV 0.9%

Value $6.417M Shares 46,775 Est. Cost $145.79 Unrealized —

FLUT FLUTTER ENTMT PLC 0.9%

Value $6.334M Shares 62,326 Est. Cost $166.49 Unrealized —

DHR DANAHER CORP DEL 0.8%

Value $6.023M Shares 31,767 Est. Cost $200.17 Unrealized —

SPGI S&P GLOBAL INC 0.7%

Value $5.332M Shares 12,537 Est. Cost $485.25 Unrealized —

VTR VENTAS INC 0.3%

Value $2.324M Shares 28,418 Est. Cost $65.12 Unrealized —

FER FERROVIAL SE 0.3%

Value $2.144M Shares 33,579 Est. Cost $41.27 Unrealized —

CPT CAMDEN PPTY TR 0.1%

Value $719K Shares 7,367 Est. Cost $103.21 Unrealized —

LXP LXP INDUSTRIAL TRUST 0.1%

Value $710K Shares 15,351 Est. Cost $46.26 Unrealized —

AMH AMERICAN HOMES 4 RENT 0.1%

Value $653K Shares 23,385 Est. Cost $33.17 Unrealized —

LINE LINEAGE INC 0.0%

Value $358K Shares 10,925 Est. Cost $34.91 Unrealized —

CUZ COUSINS PPTYS INC 0.0%

Value $264K Shares 11,693 Est. Cost $22.57 Unrealized —

EPR EPR PPTYS 0.0%

Value $256K Shares 5,118 Est. Cost $49.90 Unrealized —

CDP COPT DEFENSE PROPERTIES 0.0%

Value $241K Shares 7,860 Est. Cost $30.60 Unrealized —

HST HOST HOTELS & RESORTS INC 0.0%

Value $206K Shares 10,776 Est. Cost $16.86 Unrealized —

TTAN SERVICETITAN INC 0.0%

Value $203K Shares 3,202 Est. Cost $80.77 Unrealized —

ESRT EMPIRE ST RLTY TR INC 0.0%

Value $194K Shares 37,351 Est. Cost $5.20 Unrealized —

DEI DOUGLAS EMMETT INC 0.0%

Value $114K Shares 12,079 Est. Cost $9.42 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VNQ	VANGUARD INDEX FDS	865,645	$76.78M	10.5%	$87.32	—	—	922908553
AER	AERCAP HOLDINGS NV	46,775	$6.417M	0.9%	$145.79	—	—	N00985106
FLUT	FLUTTER ENTMT PLC	62,326	$6.334M	0.9%	$166.49	—	—	G3643J108
DHR	DANAHER CORP DEL	31,767	$6.023M	0.8%	$200.17	—	—	235851102
SPGI	S&P GLOBAL INC	12,537	$5.332M	0.7%	$485.25	—	—	78409V104
VTR	VENTAS INC	28,418	$2.324M	0.3%	$65.12	—	—	92276F100
FER	FERROVIAL SE	33,579	$2.144M	0.3%	$41.27	—	—	N3168P101
CPT	CAMDEN PPTY TR	7,367	$719K	0.1%	$103.21	—	—	133131102
LXP	LXP INDUSTRIAL TRUST	15,351	$710K	0.1%	$46.26	—	—	529043408
AMH	AMERICAN HOMES 4 RENT	23,385	$653K	0.1%	$33.17	—	—	02665T306
LINE	LINEAGE INC	10,925	$358K	0.0%	$34.91	—	—	53566V106
CUZ	COUSINS PPTYS INC	11,693	$264K	0.0%	$22.57	—	—	222795502
EPR	EPR PPTYS	5,118	$256K	0.0%	$49.90	—	—	26884U109
CDP	COPT DEFENSE PROPERTIES	7,860	$241K	0.0%	$30.60	—	—	22002T108
HST	HOST HOTELS & RESORTS INC	10,776	$206K	0.0%	$16.86	—	—	44107P104
TTAN	SERVICETITAN INC	3,202	$203K	0.0%	$80.77	—	—	81764X103
ESRT	EMPIRE ST RLTY TR INC	37,351	$194K	0.0%	$5.20	—	—	292104106
DEI	DOUGLAS EMMETT INC	12,079	$114K	0.0%	$9.42	—	—	25960P109

Decreased Positions (18)

RSP INVESCO EXCHANGE TRADED FD T 12.8%

Value $92.99M (+3.3%) Shares 437,060 (-6.8%) Est. Cost $169.37 Unrealized —

IRT INDEPENDENCE RLTY TR INC 0.0%

Value $270K (-82.8%) Shares 16,186 (-84.7%) Est. Cost $14.89 Unrealized —

KIM KIMCO REALTY CORP 0.1%

Value $448K (-70.5%) Shares 17,656 (-73.8%) Est. Cost $20.06 Unrealized —

INVH INVITATION HOMES INC 0.3%

Value $2.003M (-30.1%) Shares 66,303 (-42.5%) Est. Cost $30.96 Unrealized —

ADC AGREE RLTY CORP 0.1%

Value $616K (-52.7%) Shares 8,133 (-52.9%) Est. Cost $71.40 Unrealized —

EQIX EQUINIX INC 1.4%

Value $9.978M (-6.0%) Shares 9,572 (-11.6%) Est. Cost $780.65 Unrealized —

SBRA SABRA HEALTH CARE REIT INC 0.0%

Value $360K (-61.6%) Shares 18,454 (-62.1%) Est. Cost $18.94 Unrealized —

AVB AVALONBAY CMNTYS INC 0.3%

Value $2.423M (-19.1%) Shares 12,839 (-29.9%) Est. Cost $184.41 Unrealized —

CTRE CARETRUST REIT INC 0.1%

Value $693K (-38.7%) Shares 17,183 (-44.4%) Est. Cost $36.16 Unrealized —

MAC MACERICH CO 0.2%

Value $1.597M (+26.8%) Shares 63,379 (-4.9%) Est. Cost $16.46 Unrealized —

CUBE CUBESMART 0.1%

Value $622K (-26.0%) Shares 15,631 (-31.8%) Est. Cost $36.25 Unrealized —

TRNO TERRENO RLTY CORP 0.1%

Value $756K (-20.4%) Shares 11,668 (-24.5%) Est. Cost $60.39 Unrealized —

VNO VORNADO RLTY TR 0.0%

Value $353K (-25.3%) Shares 8,980 (-50.6%) Est. Cost $25.99 Unrealized —

BXP BXP INC 0.1%

Value $629K (-14.5%) Shares 9,486 (-33.1%) Est. Cost $66.46 Unrealized —

VICI VICI PPTYS INC 0.2%

Value $1.565M (-5.5%) Shares 58,942 (-2.7%) Est. Cost $28.22 Unrealized —

IVT INVENTRUST PPTYS CORP 0.1%

Value $612K (-7.4%) Shares 17,278 (-20.4%) Est. Cost $28.43 Unrealized —

CURB CURBLINE PPTYS CORP 0.1%

Value $644K (+2.2%) Shares 21,171 (-13.3%) Est. Cost $22.30 Unrealized —

EXR EXTRA SPACE STORAGE INC 0.2%

Value $1.194M (-0.3%) Shares 8,218 (-10.0%) Est. Cost $138.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RSP	INVESCO EXCHANGE TRADED FD T	437,060 (-6.8%)	$92.99M (+3.3%)	12.8%	$169.37	—	S&P500 EQL WGT	46137V357
IRT	INDEPENDENCE RLTY TR INC	16,186 (-84.7%)	$270K (-82.8%)	0.0%	$14.89	—	COM	45378A106
KIM	KIMCO REALTY CORP	17,656 (-73.8%)	$448K (-70.5%)	0.1%	$20.06	—	COM	49446R109
INVH	INVITATION HOMES INC	66,303 (-42.5%)	$2.003M (-30.1%)	0.3%	$30.96	—	COM	46187W107
ADC	AGREE RLTY CORP	8,133 (-52.9%)	$616K (-52.7%)	0.1%	$71.40	—	COM	008492100
EQIX	EQUINIX INC	9,572 (-11.6%)	$9.978M (-6.0%)	1.4%	$780.65	—	COM	29444U700
SBRA	SABRA HEALTH CARE REIT INC	18,454 (-62.1%)	$360K (-61.6%)	0.0%	$18.94	—	COM	78573L106
AVB	AVALONBAY CMNTYS INC	12,839 (-29.9%)	$2.423M (-19.1%)	0.3%	$184.41	—	COM	053484101
CTRE	CARETRUST REIT INC	17,183 (-44.4%)	$693K (-38.7%)	0.1%	$36.16	—	COM	14174T107
MAC	MACERICH CO	63,379 (-4.9%)	$1.597M (+26.8%)	0.2%	$16.46	—	COM	554382101
CUBE	CUBESMART	15,631 (-31.8%)	$622K (-26.0%)	0.1%	$36.25	—	COM	229663109
TRNO	TERRENO RLTY CORP	11,668 (-24.5%)	$756K (-20.4%)	0.1%	$60.39	—	COM	88146M101
VNO	VORNADO RLTY TR	8,980 (-50.6%)	$353K (-25.3%)	0.0%	$25.99	—	SH BEN INT	929042109
BXP	BXP INC	9,486 (-33.1%)	$629K (-14.5%)	0.1%	$66.46	—	COM	101121101
VICI	VICI PPTYS INC	58,942 (-2.7%)	$1.565M (-5.5%)	0.2%	$28.22	—	COM	925652109
IVT	INVENTRUST PPTYS CORP	17,278 (-20.4%)	$612K (-7.4%)	0.1%	$28.43	—	COM NEW	46124J201
CURB	CURBLINE PPTYS CORP	21,171 (-13.3%)	$644K (+2.2%)	0.1%	$22.30	—	COM	23128Q101
EXR	EXTRA SPACE STORAGE INC	8,218 (-10.0%)	$1.194M (-0.3%)	0.2%	$138.29	—	COM	30225T102

Unchanged Positions (8)

VOYG VOYAGER TECHNOLOGIES INC 0.6%

Value $4.416M Shares 136,925 Est. Cost $27.13 Unrealized —

SPG SIMON PPTY GROUP INC NEW 0.9%

Value $6.443M Shares 28,808 Est. Cost $130.30 Unrealized —

AMT AMERICAN TOWER CORP 1.0%

Value $6.954M Shares 42,513 Est. Cost $192.69 Unrealized —

CCI CROWN CASTLE INC 0.2%

Value $1.471M Shares 19,427 Est. Cost $92.96 Unrealized —

MSCI MSCI INC 0.3%

Value $2.548M Shares 4,549 Est. Cost $547.03 Unrealized —

SBAC SBA COMMUNICATIONS CORP 0.3%

Value $2.155M Shares 12,210 Est. Cost $216.98 Unrealized —

SKT TANGER INC 0.0%

Value $307K Shares 7,767 Est. Cost $33.98 Unrealized —

EPRT ESSENTIAL PPTYS RLTY TR INC 0.1%

Value $1.076M Shares 36,061 Est. Cost $29.30 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VOYG	VOYAGER TECHNOLOGIES INC	136,925	$4.416M	0.6%	$27.13	—	COM CL A	92892B103
SPG	SIMON PPTY GROUP INC NEW	28,808	$6.443M	0.9%	$130.30	—	COM	828806109
AMT	AMERICAN TOWER CORP	42,513	$6.954M	1.0%	$192.69	—	COM	03027X100
CCI	CROWN CASTLE INC	19,427	$1.471M	0.2%	$92.96	—	COM	22822V101
MSCI	MSCI INC	4,549	$2.548M	0.3%	$547.03	—	COM	55354G100
SBAC	SBA COMMUNICATIONS CORP	12,210	$2.155M	0.3%	$216.98	—	CL A	78410G104
SKT	TANGER INC	7,767	$307K	0.0%	$33.98	—	COM	875465106
EPRT	ESSENTIAL PPTYS RLTY TR INC	36,061	$1.076M	0.1%	$29.30	—	COM	29670E107