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

Rank Security Description Quantity Market
Value ($)
% of TMV1
1JPMBB Commercial Mortgage Securities Trust, Series 2014-C2112,747,500$8,449,185.004.47%
2Credit Suisse Commercial Mortgage Trust, Series 2007-C17,253,563$7,241,698.003.83%
3Merrill Lynch Mortgage Trust, Series 2006-C19,000,000$7,117,457.003.76%
4Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Series 2007-GG96,244,864$6,008,715.003.18%
5State Street Institutional Treasury Plus Money Market Fund5,994,464$5,994,464.003.17%
6CD Commercial Mortgage Trust, Series 2007-CD46,834,231$5,795,428.003.06%
7Wachovia Bank Commercial Mortgage Trust, Series 2007-C304,833,491$4,869,725.002.57%
8Wachovia Bank Commercial Mortgage Trust, Series 2006-C294,482,664$4,499,474.002.38%
9CFCRE Commercial Mortgage Trust 2016-C35,484,000$3,894,876.002.06%
10Commercial Mortgage Trust, Series 2013-CCRE115,108,000$3,722,962.001.97%
11Commercial Mortgage Trust, Series 2014-CCRE176,000,000$3,677,437.001.94%
12Goldman Sachs Mortgage Securities Trust, Series 2014-GC225,891,000$3,615,012.001.91%
13Simon Property Group, Inc.20,700$3,561,021.001.88%
14CSAIL Commercial Mortgage Trust, Series 2015-C45,000,000$3,492,134.001.85%
15Credit Suisse Commercial Mortgage Trust, Series 2006-C43,414,362$3,453,115.001.83%
16Commercial Mortgage Trust, Series 2014-UBS54,250,000$3,146,539.001.66%
17Morgan Stanley Capital I Trust, Series 2016-UB11E5,000,000$2,880,074.001.52%
18Wells Fargo Commercial Mortgage Trust, Series 2015-NXS13,440,000$2,870,925.001.52%
19JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CIBC193,500,000$2,848,001.001.51%
20Goldman Sachs Mortgage Securities Trust, Series 2013-GC133,000,000$2,714,387.001.43%
21Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C83,000,000$2,700,188.001.43%
22Bank of America Commercial Mortgage Trust, Series 2008-12,500,000$2,507,440.001.33%
23Bank of America Commercial Mortgage Trust, Series 2016-UBS103,500,000$2,431,124.001.29%
24Merrill Lynch-CFC Commercial Mortgage Trust, Series 2006-32,500,000$2,407,270.001.27%
25Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C2023,967,000$2,232,504.001.18%
26Goldman Sachs Mortgage Securities Trust, Series 2013-GC162,342,405$2,218,455.001.17%
27JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C162,117,483$2,043,962.001.08%
28Essex Property Trust, Inc.8,600$1,991,158.001.05%
29JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CIBC162,170,090$1,870,622.000.99%
30Crown Castle International Corp.19,000$1,794,550.000.95%
31JPMBB Commercial Mortgage Securities Trust, Series 2013-C152,500,000$1,777,014.000.94%
32FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K70659,523,999$1,762,000.000.93%
33Altarea SCA8,469$1,638,901.000.87%
34JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CIBC173,727,457$1,602,568.000.85%
35Dexus Property Group210,000$1,567,499.000.83%
36GS Mortgage Securities Trust 2013-GCJ142,000,000$1,537,885.000.81%
37Croesus Retail Trust2,282,730$1,452,357.000.77%
38STORE Capital Corp.58,881$1,406,078.000.74%
39Senior Housing Properties Trust69,430$1,405,958.000.74%
40Morgan Stanley Capital I Trust, Series 2016-UB11XE13,495,500$1,338,650.000.71%
41Mitsui Fudosan Co., Ltd.61,000$1,300,764.000.69%
42Commercial Mortgage Pass Through Certificates, Series 2014-CR142,000,000$1,252,050.000.66%
43Prologis, Inc.24,000$1,245,120.000.66%
44Alexandria Real Estate Equities, Inc.11,000$1,215,720.000.64%
45Spring Real Estate Investment Trust2,870,000$1,214,991.000.64%
46Spirit Realty Capital, Inc.118,000$1,195,340.000.63%
47Vastned Retail N.V.31,600$1,195,052.000.63%
48City Office REIT, Inc.98,278$1,194,078.000.63%
49CFCRE Commercial Mortgage Trust 2016-C71,500,000$1,183,439.000.63%
50FHLMC Multifamily Structured Pass Through Certificates, Series 2011-KAIV9,000,000$1,178,908.000.62%
51STAG Industrial, Inc.46,318$1,158,876.000.61%
52Sun Communities, Inc.14,083$1,131,287.000.60%
53Citycon OYJ464,193$1,099,347.000.58%
54Wells Fargo Commercial Mortgage Trust, Series 2015-NXS31,500,000$1,044,378.000.55%
55FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K0529,690,000$1,035,062.000.55%
56PLA Administradora Industrial S de RL de CV628,135$1,024,958.000.54%
57LB-UBS Commercial Mortgage Trust, Series 2006-C71,321,732$1,020,754.000.54%
58Colony Starwood Homes29,855$1,013,577.000.54%
59LB-CMT Commercial Mortgage Trust, Series 2007-C31,000,000$991,945.000.52%
60Kilroy Realty Corp.13,500$973,080.000.51%
61FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K70930,601,130$969,597.000.51%
62Sunstone Hotel Investors, Inc.62,000$950,460.000.50%
63Kenedix Retail REIT Corp.418$938,651.000.50%
64WPT Industrial Real Estate Investment Trust72,800$935,480.000.49%
65National Storage Affiliates Trust38,787$927,009.000.49%
66JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C1511,500,000$896,633.000.47%
67Independence Realty Trust, Inc.94,000$880,780.000.47%
68FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K71027,830,000$877,889.000.46%
69Apartment Investment & Management Co., Class A19,700$873,695.000.46%
70Equinix, Inc.2,100$840,777.000.44%
71GGP, Inc.35,000$811,300.000.43%
72Deutsche Wohnen AG24,571$809,045.000.43%
73Hospitality Properties Trust25,600$807,168.000.43%
74Investa Office Fund220,000$798,380.000.42%
75Duke Realty Corp.30,000$788,100.000.42%
76Tokyo Tatemono Co., Ltd.59,000$777,975.000.41%
77New World Development Co., Ltd.631,000$776,216.000.41%
78FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K70727,555,000$774,607.000.41%
79Extra Space Storage, Inc.10,200$758,778.000.40%
80SL Green Realty Corp.6,400$682,368.000.36%
81Care Capital Properties, Inc.25,000$671,750.000.36%
82Fortune Real Estate Investment Trust587,000$657,132.000.35%
83InterXion Holding N.V.16,400$648,784.000.34%
84Stockland180,100$638,448.000.34%
85Mitsubishi Estate Co., Ltd.35,000$638,193.000.34%
86NewRiver REIT PLC149,000$630,613.000.33%
87EPR Properties8,400$618,492.000.33%
88Brandywine Realty Trust38,100$618,363.000.33%
89Kite Realty Group Trust28,000$602,000.000.32%
90CubeSmart22,000$571,120.000.30%
91Viva Energy REIT310,137$563,929.000.30%
92Merlin Properties Socimi SA50,000$559,004.000.30%
93Frasers Logistics & Industrial Trust786,387$553,734.000.29%
94Segro PLC96,224$549,991.000.29%
95Scentre Group165,000$540,798.000.29%
96Viva Industrial Trust939,500$533,940.000.28%
97Sponda OYJ120,631$504,462.000.27%
98Propertylink Group800,000$488,960.000.26%
99Japan Hotel REIT Investment Corp.700$483,517.000.26%
100Physicians Realty Trust24,000$476,880.000.25%
101Terreno Realty Corp.17,000$476,000.000.25%
102ADO Properties SA13,197$473,322.000.25%
103Liberty Property Trust12,200$470,310.000.25%
104Mirvac Group278,000$465,139.000.25%
105Inmobiliaria Colonial SA60,000$448,248.000.24%
106Welltower, Inc.6,072$430,019.000.23%
107Sekisui House REIT, Inc.307$407,017.000.22%
108Charter Hall Group95,000$400,642.000.21%
109Atrium European Real Estate, Ltd.96,100$388,857.000.21%
110Japan Rental Housing Investments, Inc.500$366,927.000.19%
111CYS Investments, Inc.43,100$342,645.000.18%
112Regency Centers Corp.4,950$328,631.000.17%
113Invitation Homes, Inc.14,982$327,057.000.17%
114American Tower Corp.2,500$303,850.000.16%
115Londonmetric Property PLC145,000$290,310.000.15%
116Granite Real Estate Investment Trust8,000$279,851.000.15%
117Safestore Holdings PLC56,000$265,916.000.14%
118Aeon Mall Co., Ltd.16,700$262,808.000.14%
119Ramco-Gershenson Properties Trust18,400$257,968.000.14%
120Daiwa Office Investment Corp.50$255,547.000.13%
121Industrial & Infrastructure Fund Investment Corp.56$252,008.000.13%
122Agree Realty Corp.5,200$249,392.000.13%
123Champion REIT405,000$248,060.000.13%
124Japan Logistics Fund, Inc.115$247,498.000.13%
125alstria office REIT-AG20,000$244,724.000.13%
126TLG Immobilien AG12,000$233,821.000.12%
127Invesco Office J-REIT, Inc.250$223,659.000.12%
128Crombie Real Estate Investment Trust21,015$220,129.000.12%
129Empiric Student Property PLC150,000$203,440.000.11%
130MCUBS MidCity Investment Corp.65$196,465.000.10%
131Aventus Retail Property Fund, Ltd.95,000$174,192.000.09%
132Prologis Property Mexico SA de CV95,900$164,424.000.09%
133Hoshino Resorts REIT, Inc.30$158,178.000.08%
134Mapletree Commercial Trust139,600$152,688.000.08%
135Soho China, Ltd.260,000$139,175.000.07%
136Hospitality Property Fund Ltd., Class B110,000$113,966.000.06%
137Secure Income REIT PLC15,401$66,764.000.04%

Fund Data as of Apr 21, 2017
Ticker Symbol PGZ
NAV $19.25
Market Price $17.58
Premium/Discount -8.70%
Total Net Assets $132,798,024.17