Fund Holdings as of May 31, 2018, subject to change

Rank Security Description Quantity Market
Value ($)
% of TMV1
1JPMorgan Chase Commercial Mortgage Securities Trust 2014-C2112,747,500$8,985,126.004.59%
2BENCHMARK Mortgage Trust 2018-B111,500,000$7,208,989.003.68%
3Goldman Sachs Mortgage Securities Trust 2014-GC208,505,000$7,045,434.003.60%
4Commercial Mortgage Trust 2014-CCRE178,600,000$5,670,085.002.90%
5Wells Fargo Commerical Mortgage Trust 2014-LC188,635,000$5,632,641.002.88%
6Goldman Sachs Mortgage Securities Trust 2014-GC228,326,000$5,497,985.002.81%
7BANK 2017-BNK57,500,000$5,019,780.002.56%
8Morgan Stanley Capital I Trust 2016-UB1118,495,500$4,446,322.002.27%
9CFCRE Commercial Mortgage Trust 2016-C35,484,000$4,237,541.002.16%
10Commercial Mortgage Trust 2013-CCRE115,108,000$3,993,641.002.04%
11State Street Institutional Treasury Plus Money Market Fund3,923,254$3,923,254.002.00%
12CSAIL Commercial Mortgage Trust 2015-C45,000,000$3,837,891.001.96%
13BANK 2017-BNK95,000,000$3,189,692.001.63%
14JPMorgan Chase Commercial Mortgage Securities Trust 2013-C163,550,483$3,108,988.001.59%
15Wells Fargo Commercial Mortgage Trust 2015-NXS13,440,000$3,014,229.001.54%
16Goldman Sachs Mortgage Securities Trust 2013-GC133,000,000$2,764,580.001.41%
17Morgan Stanley Bank of America Merrill Lynch Trust 2013-C83,000,000$2,749,160.001.40%
18FHLMC Multifamily Structured Pass Through Certificates106,043,998$2,716,731.001.39%
19JPMorgan Chase Commercial Mortgage Securities Trust 2013-C1514,000,000$2,671,900.001.37%
20Bank of America Commercial Mortgage Trust 2016-UBS103,500,000$2,563,755.001.31%
21Morgan Stanley Bank of America Merrill Lynch Trust 2015-C263,576,000$2,534,465.001.29%
22Commercial Mortgage Trust 2014-UBS22,932,500$2,530,856.001.29%
23CD Commercial Mortgage Trust 2017-CD53,000,000$2,437,625.001.25%
24Wells Fargo Commerical Mortgage Trust 2015-C312,886,000$2,311,265.001.18%
25EPR Properties37,300$2,289,847.001.17%
26Goldman Sachs Mortgage Securities Trust 2013-GC162,342,405$2,279,296.001.16%
27WPT Industrial Real Estate Investment Trust158,441$2,218,174.001.13%
28Commercial Mortgage Trust 2014-UBS52,715,000$2,184,013.001.12%
29Commercial Mortgage Trust 2014-LC172,780,000$2,120,128.001.08%
30WFRBS Commercial Mortgage Trust 2014-C202,650,000$2,115,809.001.08%
31Morgan Stanley Bank of America Merrill Lynch Trust 2017-C343,450,000$2,047,084.001.05%
32Independence Realty Trust, Inc.203,950$1,978,315.001.01%
33Morgan Stanley Bank of America Merrill Lynch Trust 2015-C2023,967,000$1,944,718.000.99%
34Crown Castle International Corp.18,653$1,942,710.000.99%
35Altarea SCA8,069$1,919,630.000.98%
36City Office REIT, Inc.154,362$1,914,089.000.98%
37Cromwell Property Group2,170,000$1,780,554.000.91%
38Merlin Properties Socimi SA127,000$1,749,712.000.89%
39DBJPM Mortgage Trust 2017-C626,168,708$1,745,259.000.89%
40Simon Property Group, Inc.10,600$1,698,332.000.87%
41Spirit Realty Capital, Inc.190,000$1,664,400.000.85%
42Equinix, Inc.4,000$1,587,400.000.81%
43Commercial Mortgage Trust 2012-CCRE21,900,000$1,586,280.000.81%
44JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC161,695,079$1,578,602.000.81%
45Goldman Sachs Mortgage Securities Trust 2013-GCJ142,000,000$1,568,436.000.80%
46Invitation Homes, Inc.70,223$1,545,608.000.79%
47Tanger Factory Outlet Centers, Inc.71,000$1,525,790.000.78%
48Prologis, Inc.21,800$1,402,830.000.72%
490534841018,300$1,373,982.000.70%
50Mitsui Fudosan Co., Ltd.53,000$1,332,491.000.68%
51Commercial Mortgage Pass Through Certificates2,000,000$1,315,153.000.67%
52MCUBS MidCity Investment Corp.1,675$1,296,456.000.66%
53JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC171,548,380$1,295,943.000.66%
54Propertylink Group1,619,252$1,279,665.000.65%
55CFCRE Commercial Mortgage Trust 2016-C71,500,000$1,274,450.000.65%
56Wells Fargo Commercial Mortgage Trust 2015-NXS31,500,000$1,160,096.000.59%
57Deutsche Wohnen AG24,571$1,152,724.000.59%
58Link REIT129,500$1,145,872.000.59%
59Alexandria Real Estate Equities, Inc.8,930$1,115,536.000.57%
60Essex Property Trust, Inc.4,650$1,111,490.000.57%
61Eurocommercial Properties NV26,783$1,106,519.000.57%
62Commercial Mortgage Trust 2013-LC61,350,000$1,062,046.000.54%
63Sun Communities, Inc.10,643$1,028,965.000.53%
64Citycon OYJ464,193$1,027,265.000.53%
65DDR Corp.66,000$1,002,540.000.51%
66Welltower, Inc.17,372$1,001,496.000.51%
67Kenedix Retail REIT Corp.436$970,314.000.50%
68LB-UBS Commercial Mortgage Trust 2006-C71,228,255$948,890.000.48%
69Vicinity Centres460,000$928,827.000.47%
70Fonciere Des Regions8,820$920,259.000.47%
71Atrium European Real Estate, Ltd.193,021$904,862.000.46%
72Japan Hotel REIT Investment Corp.1,200$895,712.000.46%
73Liberty Property Trust20,200$893,042.000.46%
74Physicians Realty Trust58,000$882,760.000.45%
75LEG Immobilien AG8,000$876,881.000.45%
76JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP611,937,834$865,092.000.44%
77STAG Industrial, Inc.32,318$860,952.000.44%
78NewRiver REIT PLC219,556$840,577.000.43%
79Segro PLC96,224$837,335.000.43%
80Extended Stay America, Inc.39,000$820,950.000.42%
81APAC Realty, Ltd.1,174,300$785,001.000.40%
82Klepierre SA20,000$779,055.000.40%
83Park Hotels & Resorts, Inc.22,972$740,158.000.38%
84Far East Hospitality Trust1,430,000$699,593.000.36%
85New World Development Co., Ltd.448,000$687,719.000.35%
86CubeSmart22,000$671,000.000.34%
87Frasers Logistics & Industrial Trust846,387$670,105.000.34%
88Apartment Investment & Management Co., Class A16,400$669,612.000.34%
89Dexus80,000$598,345.000.31%
90Arena REIT350,087$579,810.000.30%
91Charter Hall Group118,167$569,248.000.29%
92Kilroy Realty Corp.7,300$555,895.000.28%
93Invesco Office J-REIT, Inc.3,980$540,740.000.28%
94TLG Immobilien AG18,000$509,659.000.26%
95Hispania Activos Inmobiliarios SOCIMI SA24,200$500,468.000.26%
96Kimco Realty Corp.32,000$494,720.000.25%
97Macquarie Mexico Real Estate Management SA de CV480,000$493,365.000.25%
98Fortune Real Estate Investment Trust364,000$439,963.000.22%
99CapitaLand Retail China Trust369,500$436,053.000.22%
100Sekisui House REIT, Inc.648$425,309.000.22%
101Gramercy Property Trust15,301$421,849.000.22%
102Taubman Centers, Inc.7,600$414,884.000.21%
103STORE Capital Corp.15,349$411,353.000.21%
104LondonMetric Property PLC145,000$371,055.000.19%
105Fabege AB31,000$365,640.000.19%
106Echo Investment SA278,924$350,283.000.18%
107Sunstone Hotel Investors, Inc.20,000$347,800.000.18%
108InterXion Holding NV5,430$346,760.000.18%
109Terreno Realty Corp.9,000$342,990.000.18%
110ADO Properties SA6,497$340,726.000.17%
111CYS Investments, Inc.43,100$315,492.000.16%
112alstria office REIT-AG20,000$295,302.000.15%
113Dream Industrial Real Estate Investment Trust35,000$293,691.000.15%
114Daiwa Office Investment Corp.50$292,779.000.15%
115Land & Houses PCL840,000$291,466.000.15%
116Safestore Holdings PLC36,000$268,476.000.14%
117SOHO China, Ltd.510,000$266,600.000.14%
118Japan Rental Housing Investments, Inc.320$257,094.000.13%
119Industrial & Infrastructure Fund Investment Corp.224$250,387.000.13%
120PLA Administradora Industrial S de RL de CV165,100$233,768.000.12%
121Irish Residential Properties REIT PLC140,000$222,260.000.11%
122LB Commercial Mortgage Trust 2007-C3216,237$220,128.000.11%
123Primary Health Properties PLC138,725$207,650.000.11%
124Aventus Retail Property Fund, Ltd.117,094$197,472.000.10%
125Empiric Student Property PLC171,428$194,844.000.10%
126Hilton Worldwide Holdings, Inc.2,137$172,477.000.09%
127Bank of America Commercial Mortgage Trust 2008-1119,671$119,543.000.06%
128Cash In Escrow77,397$77,397.000.04%
129Frasers Logistics & Industrial - Rts78,638$5,286.000.00%

Fund Data as of Jun 20, 2018
Ticker Symbol PGZ
NAV $19.60
Market Price $17.53
Premium/Discount -10.56%
Total Net Assets $135,246,275.12