Fund Holdings as of Apr 30, 2017, subject to change

Rank Security Description Quantity Market
Value ($)
% of TMV1
1JPMBB Commercial Mortgage Securities Trust, Series 2014-C2112,747,500$8,606,350.004.46%
2State Street Institutional Treasury Plus Money Market Fund7,905,506$7,905,506.004.09%
3Credit Suisse Commercial Mortgage Trust, Series 2007-C17,251,220$7,240,967.003.75%
4Merrill Lynch Mortgage Trust, Series 2006-C19,000,000$7,117,409.003.69%
5Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Series 2007-GG96,238,611$5,976,740.003.10%
6Goldman Sachs Mortgage Securities Trust, Series 2014-GC228,326,000$5,207,415.002.70%
7Wachovia Bank Commercial Mortgage Trust, Series 2007-C304,453,316$4,514,551.002.34%
8Wachovia Bank Commercial Mortgage Trust, Series 2006-C294,455,076$4,488,030.002.32%
9CFCRE Commercial Mortgage Trust 2016-C35,484,000$3,938,359.002.04%
10Commercial Mortgage Trust, Series 2013-CCRE115,108,000$3,784,860.001.96%
11Commercial Mortgage Trust, Series 2014-CCRE176,000,000$3,745,934.001.94%
12CSAIL Commercial Mortgage Trust, Series 2015-C45,000,000$3,546,798.001.84%
13Simon Property Group, Inc.21,300$3,520,038.001.82%
14Credit Suisse Commercial Mortgage Trust, Series 2006-C43,407,096$3,445,453.001.78%
15Commercial Mortgage Trust, Series 2014-UBS54,250,000$3,144,172.001.63%
16Morgan Stanley Capital I Trust, Series 2016-UB11E5,000,000$2,946,778.001.53%
17JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CIBC193,500,000$2,943,063.001.52%
18Wells Fargo Commercial Mortgage Trust, Series 2015-NXS13,440,000$2,923,158.001.51%
19Goldman Sachs Mortgage Securities Trust, Series 2013-GC133,000,000$2,754,584.001.43%
20Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C83,000,000$2,738,279.001.42%
21CD Commercial Mortgage Trust, Series 2007-CD43,687,230$2,706,427.001.40%
22Bank of America Commercial Mortgage Trust, Series 2008-12,500,000$2,529,464.001.31%
23Bank of America Commercial Mortgage Trust, Series 2016-UBS103,500,000$2,484,145.001.29%
24Merrill Lynch-CFC Commercial Mortgage Trust, Series 2006-32,500,000$2,404,556.001.25%
25Goldman Sachs Mortgage Securities Trust, Series 2013-GC162,342,405$2,272,412.001.18%
26Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C2023,967,000$2,227,735.001.15%
27Essex Property Trust, Inc.8,600$2,102,442.001.09%
28JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C162,117,483$2,034,765.001.05%
29JPMBB Commercial Mortgage Securities Trust, Series 2013-C152,500,000$1,808,191.000.94%
30Crown Castle International Corp.19,000$1,797,400.000.93%
31JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CIBC162,042,562$1,760,229.000.91%
32Altarea SCA8,469$1,708,061.000.88%
33FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K70659,523,999$1,681,720.000.87%
34CD 3.30 05502,000,000$1,651,221.000.86%
35Dexus Property Group210,000$1,603,930.000.83%
36JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CIBC173,729,083$1,603,658.000.83%
37Croesus Retail Trust2,206,330$1,539,686.000.80%
38GS Mortgage Securities Trust 2013-GCJ142,000,000$1,529,603.000.79%
39Senior Housing Properties Trust69,430$1,494,134.000.77%
40STORE Capital Corp.58,881$1,412,555.000.73%
41Mitsui Fudosan Co., Ltd.61,000$1,340,386.000.69%
42Morgan Stanley Capital I Trust, Series 2016-UB11XE13,495,500$1,337,748.000.69%
43Prologis, Inc.24,000$1,305,840.000.68%
44Commercial Mortgage Pass Through Certificates, Series 2014-CR142,000,000$1,275,531.000.66%
45Alexandria Real Estate Equities, Inc.11,000$1,237,610.000.64%
46City Office REIT, Inc.98,278$1,233,389.000.64%
47STAG Industrial, Inc.46,318$1,220,942.000.63%
48CFCRE Commercial Mortgage Trust 2016-C71,500,000$1,203,344.000.62%
49Spring Real Estate Investment Trust2,870,000$1,199,162.000.62%
50Vastned Retail N.V.31,600$1,180,499.000.61%
51Sun Communities, Inc.14,083$1,177,480.000.61%
52FHLMC Multifamily Structured Pass Through Certificates, Series 2011-KAIV9,000,000$1,160,583.000.60%
53Citycon OYJ464,193$1,141,748.000.59%
54Spirit Realty Capital, Inc.118,000$1,111,560.000.58%
55Wells Fargo Commercial Mortgage Trust, Series 2015-NXS31,500,000$1,065,977.000.55%
56FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K0529,690,000$1,033,162.000.54%
57Colony Starwood Homes29,855$1,032,087.000.53%
58LB-UBS Commercial Mortgage Trust, Series 2006-C71,320,743$1,019,895.000.53%
59Independence Realty Trust, Inc.108,000$993,600.000.51%
60LB-CMT Commercial Mortgage Trust, Series 2007-C31,000,000$990,205.000.51%
61WPT Industrial Real Estate Investment Trust72,800$967,512.000.50%
62Kilroy Realty Corp.13,500$952,155.000.49%
63Kenedix Retail REIT Corp.436$950,028.000.49%
64FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K70930,601,130$932,940.000.48%
65Link REIT129,500$931,499.000.48%
66Sunstone Hotel Investors, Inc.62,000$923,180.000.48%
67National Storage Affiliates Trust37,220$911,890.000.47%
68JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C1511,500,000$895,819.000.46%
69Equinix, Inc.2,100$877,170.000.45%
70Apartment Investment & Management Co., Class A19,700$861,678.000.45%
71FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K71027,830,000$845,403.000.44%
72Deutsche Wohnen AG24,571$840,160.000.44%
73Duke Realty Corp.30,000$831,900.000.43%
74Mitsubishi Estate Co., Ltd.43,000$821,619.000.43%
75Hospitality Properties Trust25,600$814,848.000.42%
76Tokyo Tatemono Co., Ltd.59,000$805,015.000.42%
77Extra Space Storage, Inc.10,200$770,406.000.40%
78GGP, Inc.35,000$756,350.000.39%
79PLA Administradora Industrial S de RL de CV440,100$744,361.000.39%
80FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K70727,555,000$741,263.000.38%
81InterXion Holding N.V.16,400$683,224.000.35%
82Fortune Real Estate Investment Trust587,000$682,212.000.35%
83Care Capital Properties, Inc.25,000$671,750.000.35%
84SL Green Realty Corp.6,400$671,552.000.35%
85NewRiver REIT PLC149,000$671,395.000.35%
86Stockland180,100$654,066.000.34%
87Brandywine Realty Trust38,100$646,557.000.33%
88EPR Properties8,400$610,764.000.32%
89Segro PLC96,224$605,325.000.31%
90Merlin Properties Socimi SA50,000$591,762.000.31%
91Kite Realty Group Trust28,000$570,080.000.30%
92Frasers Logistics & Industrial Trust786,387$568,479.000.29%
93Viva Energy REIT310,137$559,676.000.29%
94CubeSmart22,000$557,480.000.29%
95Viva Industrial Trust939,500$548,039.000.28%
96Scentre Group165,000$532,509.000.28%
97Sponda OYJ120,631$532,447.000.28%
98Terreno Realty Corp.17,000$524,960.000.27%
99Liberty Property Trust12,200$494,954.000.26%
100New World Development Co., Ltd.388,000$483,357.000.25%
101ADO Properties SA13,197$483,017.000.25%
102Propertylink Group800,000$479,232.000.25%
103Japan Hotel REIT Investment Corp.700$476,609.000.25%
104Mirvac Group278,000$472,538.000.24%
105Physicians Realty Trust24,000$471,360.000.24%
106Inmobiliaria Colonial SA60,000$465,284.000.24%
107Welltower, Inc.6,072$433,784.000.22%
108Leopalace21 Corp.77,000$408,917.000.21%
109Atrium European Real Estate, Ltd.96,100$405,118.000.21%
110Charter Hall Group95,000$403,341.000.21%
111Sekisui House REIT, Inc.307$391,891.000.20%
112Fabege AB22,000$379,032.000.20%
113CYS Investments, Inc.43,100$367,643.000.19%
114Invitation Homes, Inc.14,982$322,862.000.17%
115Londonmetric Property PLC145,000$316,262.000.16%
116American Tower Corp.2,500$314,850.000.16%
117Regency Centers Corp.4,950$312,741.000.16%
118Safestore Holdings PLC56,000$293,752.000.15%
119Investa Office Fund82,023$291,740.000.15%
120Granite Real Estate Investment Trust8,000$286,935.000.15%
121alstria office REIT-AG20,000$264,482.000.14%
122Champion REIT405,000$263,462.000.14%
123Agree Realty Corp.5,200$252,096.000.13%
124DDR Corp.23,000$248,630.000.13%
125Industrial & Infrastructure Fund Investment Corp.56$247,159.000.13%
126Japan Logistics Fund, Inc.115$245,423.000.13%
127Ramco-Gershenson Properties Trust18,400$245,272.000.13%
128Daiwa Office Investment Corp.50$243,552.000.13%
129TLG Immobilien AG12,000$242,805.000.13%
130Japan Rental Housing Investments, Inc.320$229,935.000.12%
131Crombie Real Estate Investment Trust21,015$223,228.000.12%
132Empiric Student Property PLC150,000$212,737.000.11%
133MCUBS MidCity Investment Corp.65$194,169.000.10%
134Aventus Retail Property Fund, Ltd.95,000$168,592.000.09%
135Prologis Property Mexico SA de CV95,900$163,372.000.08%
136Invesco Office J-REIT, Inc.185$162,969.000.08%
137Mapletree Commercial Trust139,600$159,369.000.08%
138Hoshino Resorts REIT, Inc.30$152,321.000.08%
139Soho China, Ltd.260,000$141,727.000.07%
140Secure Income REIT PLC15,401$69,816.000.04%
141Aeon Mall Co., Ltd.3,200$54,340.000.03%

Fund Data as of May 22, 2017
Ticker Symbol PGZ
NAV $19.28
Market Price $17.55
Premium/Discount -8.97%
Total Net Assets $133,048,929.63