Fund Holdings as of Dec 31, 2017, subject to change

Rank Security Description Quantity Market
Value ($)
% of TMV1
1JPMorgan Chase Commercial Mortgage Securities Trust 2014-C2112,747,500$8,929,616.004.58%
2Credit Suisse Commercial Mortgage Trust Series 2007-C16,443,029$6,525,489.003.34%
3Commercial Mortgage Trust 2014-CCRE178,600,000$5,604,744.002.87%
4Goldman Sachs Mortgage Securities Trust 2014-GC208,225,000$5,508,941.002.82%
5Goldman Sachs Mortgage Securities Trust 2014-GC228,326,000$5,439,106.002.79%
6BANK 2017-BNK57,500,000$5,028,151.002.58%
7FHLMC Multifamily Structured Pass Through Certificates164,200,129$4,591,567.002.35%
8Morgan Stanley Capital I Trust 2016-UB1118,495,500$4,337,662.002.22%
9CFCRE Commercial Mortgage Trust 2016-C35,484,000$4,099,282.002.10%
10Commercial Mortgage Trust 2014-UBS55,215,000$4,083,542.002.09%
11Commercial Mortgage Trust 2013-CCRE115,108,000$3,979,434.002.04%
12CSAIL Commercial Mortgage Trust 2015-C45,000,000$3,761,816.001.93%
13JPMorgan Chase Commercial Mortgage Securities Trust 2013-C163,550,483$3,139,663.001.61%
14Wells Fargo Commercial Mortgage Trust 2015-NXS13,440,000$3,074,887.001.58%
15Goldman Sachs Mortgage Securities Trust 2013-GC133,000,000$2,784,505.001.43%
16Wachovia Bank Commercial Mortgage Trust Series 2007-C302,712,020$2,769,759.001.42%
17Morgan Stanley Bank of America Merrill Lynch Trust 2013-C83,000,000$2,766,082.001.42%
18JPMorgan Chase Commercial Mortgage Securities Trust 2013-C1514,000,000$2,712,035.001.39%
19JPMorgan Chase Commercial Mortgage Securities Trust 2007-CIBC193,500,000$2,649,195.001.36%
20Bank of America Commercial Mortgage Trust 2016-UBS103,500,000$2,570,710.001.32%
21Morgan Stanley Bank of America Merrill Lynch Trust 2015-C263,576,000$2,532,382.001.30%
22Commercial Mortgage Trust 2014-UBS22,932,500$2,528,809.001.30%
23Bank of America Commercial Mortgage Trust 2008-12,500,000$2,501,350.001.28%
24CD Commercial Mortgage Trust 2017-CD53,000,000$2,474,603.001.27%
25STORE Capital Corp.91,609$2,385,498.001.22%
26Goldman Sachs Mortgage Securities Trust 2013-GC162,342,405$2,284,122.001.17%
27Simon Property Group, Inc.13,200$2,266,968.001.16%
28Wells Fargo Commercial Mortgage Trust 2014-LC182,490,000$2,120,453.001.09%
29Altarea SCA8,469$2,114,616.001.08%
30Morgan Stanley Bank of America Merrill Lynch Trust 2015-C2023,967,000$2,065,270.001.06%
31WFRBS Commercial Mortgage Trust 2014-C202,650,000$2,050,109.001.05%
32Comm 2014-lc17 D Comm 2014-lc17 D2,780,000$2,047,919.001.05%
33Morgan Stanley Bank of America Merrill Lynch Trust 2017-C343,450,000$2,042,892.001.05%
34WPT Industrial Real Estate Investment Trust158,441$2,015,370.001.03%
35City Office REIT, Inc.154,362$2,008,250.001.03%
36State Street Institutional Treasury Plus Money Market Fund1,900,283$1,900,283.000.97%
37Deutsche Bank Commercial Mortgage Trust 2017-C626,206,726$1,860,148.000.95%
38Spirit Realty Capital, Inc.206,000$1,767,480.000.91%
39Invitation Homes, Inc.74,623$1,758,864.000.90%
40Merlin Properties Socimi SA127,000$1,721,906.000.88%
41Essex Property Trust, Inc.7,100$1,713,727.000.88%
42Cromwell Property Group2,170,000$1,710,075.000.88%
43Tanger Factory Outlet Centers, Inc.61,000$1,617,110.000.83%
44Dexus210,000$1,597,563.000.82%
45JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC161,703,046$1,590,481.000.82%
46Goldman Sachs Mortgage Securities Trust 2013-GCJ142,000,000$1,562,271.000.80%
47Independence Realty Trust, Inc.153,950$1,553,356.000.80%
48Prologis, Inc.24,000$1,548,240.000.79%
49Commercial Mortgage Trust 2007-GG91,686,547$1,534,885.000.79%
50Crown Castle International Corp.12,653$1,404,610.000.72%
51Commercial Mortgage Pass Through Certificates Series 2014-CR142,000,000$1,332,508.000.68%
52JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC171,585,879$1,327,909.000.68%
53Sun Communities, Inc.13,643$1,265,798.000.65%
54CFCRE Commercial Mortgage Trust 2016-C71,500,000$1,263,449.000.65%
55Citycon OYJ464,193$1,201,925.000.62%
56Link REIT129,500$1,200,877.000.62%
57CD Commercial Mortgage Trust 2007-CD41,951,565$1,188,524.000.61%
58Mitsui Fudosan Co., Ltd.53,000$1,187,708.000.61%
59Eurocommercial Properties NV26,783$1,166,844.000.60%
60Wells Fargo Commercial Mortgage Trust 2015-NXS31,500,000$1,163,651.000.60%
61STAG Industrial, Inc.42,318$1,156,551.000.59%
62MCUBS MidCity Investment Corp.1,675$1,114,932.000.57%
63Spring Real Estate Investment Trust2,555,000$1,111,886.000.57%
64Deutsche Wohnen AG24,571$1,074,897.000.55%
65LB-UBS Commercial Mortgage Trust 2006-C71,312,396$1,009,879.000.52%
66Fonciere Des Regions8,820$999,852.000.51%
67NewRiver REIT PLC219,556$991,274.000.51%
68Atrium European Real Estate, Ltd.193,021$961,125.000.49%
69DDR Corp.107,000$958,720.000.49%
70APAC Realty, Ltd.1,424,300$931,820.000.48%
71LEG Immobilien AG8,000$914,670.000.47%
72JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP611,966,992$914,510.000.47%
73Kenedix Retail REIT Corp.436$901,602.000.46%
74Apartment Investment & Management Co., Class A19,700$861,087.000.44%
75InterXion Holding N.V.14,400$848,592.000.43%
76Japan Hotel REIT Investment Corp.1,200$805,148.000.41%
77Far East Hospitality Trust1,430,000$769,823.000.39%
78Segro PLC96,224$762,612.000.39%
79Alexandria Real Estate Equities, Inc.5,800$757,422.000.39%
80CYS Investments, Inc.93,100$747,593.000.38%
81Fortune Real Estate Investment Trust587,000$725,781.000.37%
82Propertylink Group919,252$717,247.000.37%
83Frasers Logistics & Industrial Trust786,387$682,051.000.35%
84Equinix, Inc.1,500$679,830.000.35%
85Frasers Centrepoint Trust400,000$669,932.000.34%
86Gramercy Property Trust25,000$666,500.000.34%
87Park Hotels & Resorts, Inc.22,972$660,445.000.34%
88CapitaLand Commercial Trust448,210$646,787.000.33%
89CubeSmart22,000$636,240.000.33%
90Kilroy Realty Corp.8,500$634,525.000.33%
91Arena REIT350,087$617,331.000.32%
92New World Development Co., Ltd.388,000$583,029.000.30%
93PLA Administradora Industrial S de RL de CV380,100$576,264.000.30%
94Taubman Centers, Inc.8,600$562,698.000.29%
95Charter Hall Group118,167$555,043.000.28%
96Viva Industrial Trust789,500$551,933.000.28%
97EPR Properties8,400$549,864.000.28%
98Liberty Property Trust12,200$524,722.000.27%
99Macquarie Mexico Real Estate Management SA de CV480,000$506,060.000.26%
100TLG Immobilien AG18,000$478,273.000.25%
101CapitaRetail China Trust369,500$447,561.000.23%
102ADO Properties SA8,697$441,196.000.23%
103Extended Stay America, Inc.22,000$418,000.000.21%
104Welltower, Inc.6,072$387,211.000.20%
105Terreno Realty Corp.11,000$385,660.000.20%
106Sekisui House REIT, Inc.324$378,419.000.19%
107Brandywine Realty Trust20,100$365,619.000.19%
108LondonMetric Property PLC145,000$364,136.000.19%
109Hispania Activos Inmobiliarios SOCIMI SA18,400$346,613.000.18%
110Sunstone Hotel Investors, Inc.20,000$330,600.000.17%
111Fabege AB15,500$329,912.000.17%
112SOHO China, Ltd.560,000$327,563.000.17%
113AIMS AMP Capital Industrial REIT312,600$317,871.000.16%
114Granite Real Estate Investment Trust8,000$313,445.000.16%
115alstria office REIT-AG20,000$309,561.000.16%
116Tokyo Tatemono Co., Ltd.22,300$301,226.000.15%
117Champion REIT405,000$297,030.000.15%
118Physicians Realty Trust16,000$287,840.000.15%
119Echo Investment SA208,924$273,088.000.14%
120Daiwa Office Investment Corp.50$263,590.000.13%
121Irish Residential Properties REIT PLC140,000$251,969.000.13%
122Safestore Holdings PLC36,000$242,833.000.12%
123Industrial & Infrastructure Fund Investment Corp.56$240,550.000.12%
124Japan Rental Housing Investments, Inc.320$233,450.000.12%
125Crombie Real Estate Investment Trust21,015$230,714.000.12%
126LB Commercial Mortgage Trust 2007-C3219,026$219,493.000.11%
127Empiric Student Property PLC171,428$214,673.000.11%
128Aventus Retail Property Fund, Ltd.117,094$204,652.000.10%
129Sabra Health Care REIT, Inc.10,556$198,140.000.10%
130Invesco Office J-REIT, Inc.185$179,787.000.09%
131Prologis Property Mexico SA de CV95,900$165,780.000.08%
132Secure Income REIT PLC15,401$75,013.000.04%

Fund Data as of Jan 22, 2018
Ticker Symbol PGZ
NAV $19.68
Market Price $17.27
Premium/Discount -12.25%
Total Net Assets $135,757,220.99