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

Rank Security Description Quantity Market
Value ($)
% of TMV1
1JPMBB Commercial Mortgage Securities Trust, Series 2014-C2112,747,500$8,747,253.004.52%
2Credit Suisse Commercial Mortgage Trust, Series 2007-C17,251,220$7,243,679.003.74%
3Merrill Lynch Mortgage Trust, Series 2006-C19,000,000$7,116,962.003.68%
4Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Series 2007-GG96,232,378$5,970,222.003.08%
5Goldman Sachs Mortgage Securities Trust, Series 2014-GC228,326,000$5,296,671.002.74%
6State Street Institutional Treasury Plus Money Market Fund5,207,773$5,207,773.002.69%
7Wachovia Bank Commercial Mortgage Trust, Series 2007-C304,449,602$4,483,575.002.32%
8Wachovia Bank Commercial Mortgage Trust, Series 2006-C294,423,273$4,450,919.002.30%
9Cfcre 2016-c3 D Cfcre 2016-c3 D5,484,000$4,009,632.002.07%
10Commercial Mortgage Trust, Series 2013-CCRE115,108,000$3,839,684.001.98%
11Commercial Mortgage Trust, Series 2014-CCRE176,000,000$3,807,491.001.97%
12CSAIL Commercial Mortgage Trust, Series 2015-C45,000,000$3,693,250.001.91%
13Credit Suisse Commercial Mortgage Trust, Series 2006-C43,323,977$3,364,246.001.74%
14Simon Property Group Inc21,300$3,285,525.001.70%
15Commercial Mortgage Trust, Series 2014-UBS54,250,000$3,265,826.001.69%
16Wells Fargo Commercial Mortgage Trust, Series 2015-NXS13,440,000$3,024,857.001.56%
17Morgan Stanley Capital I Trust, Series 2016-UB11E5,000,000$3,005,104.001.55%
18JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CIBC193,500,000$2,937,143.001.52%
19Goldman Sachs Mortgage Securities Trust, Series 2013-GC133,000,000$2,788,284.001.44%
20Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C83,000,000$2,769,931.001.43%
21Bank of America Commercial Mortgage Trust, Series 2008-12,500,000$2,536,795.001.31%
22Bank of America Commercial Mortgage Trust, Series 2016-UBS103,500,000$2,530,189.001.31%
23Msbam 2015-c26 E Msbam 2015-c26 E3,576,000$2,468,612.001.27%
24Merrill Lynch-CFC Commercial Mortgage Trust, Series 2006-32,500,000$2,404,537.001.24%
25Goldman Sachs Mortgage Securities Trust, Series 2013-GC162,342,405$2,298,657.001.19%
26Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C2023,967,000$2,211,888.001.14%
27Essex Property Trust Inc8,600$2,209,512.001.14%
28JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C162,117,483$2,019,903.001.04%
29JPMBB Commercial Mortgage Securities Trust, Series 2013-C152,500,000$1,836,027.000.95%
30Altarea SCA8,469$1,807,119.000.93%
31JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CIBC162,038,540$1,756,652.000.91%
32Crown Castle International Cor16,900$1,717,885.000.89%
33CD Commercial Mortgage Trust, Series 2017-CD42,000,000$1,681,662.000.87%
34CD Commercial Mortgage Trust, Series 2007-CD42,620,404$1,632,512.000.84%
35Dexus Property Group210,000$1,621,261.000.84%
36JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CIBC173,744,266$1,613,838.000.83%
37FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K70659,523,999$1,579,326.000.82%
38Goldman Sachs Mortgage Securities Trust, Series 2013-GCJ142,000,000$1,543,101.000.80%
39Mitsui Fudosan Co., Ltd.61,000$1,443,621.000.75%
40STORE Capital Corp.70,609$1,439,011.000.74%
41STAG Industrial, Inc.52,318$1,411,540.000.73%
42Spirit Realty Capital Inc188,000$1,359,240.000.70%
43Prologis Inc24,000$1,332,960.000.69%
44Morgan Stanley Capital I Trust, Series 2016-UB11XE13,495,500$1,332,031.000.69%
45Commercial Mortgage Pass Through Certificates, Series 2014-CR142,000,000$1,296,922.000.67%
46Sun Communities, Inc.14,643$1,261,348.000.65%
47Vastned Retail N.V.31,600$1,251,300.000.65%
48Cfcre 2016-c7 D Cfcre 2016-c7 D1,500,000$1,214,840.000.63%
49Spring Real Estate Investment Trust2,870,000$1,208,026.000.62%
50City Office Reit Inc98,278$1,207,837.000.62%
51Citycon OYJ464,193$1,168,051.000.60%
52FHLMC Multifamily Structured Pass Through Certificates, Series 2011-KAIV9,000,000$1,135,948.000.59%
53Wells Fargo Commercial Mortgage Trust, Series 2015-NXS31,500,000$1,048,526.000.54%
54Senior Housing Properties Trus49,430$1,044,950.000.54%
55FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K0529,690,000$1,038,502.000.54%
56Independence Realty Trust Inc108,000$1,037,880.000.54%
57Colony Starwood Homes29,855$1,032,087.000.53%
58Link Reit129,500$1,022,034.000.53%
59LB-UBS Commercial Mortgage Trust, Series 2006-C71,319,691$1,012,067.000.52%
60LB-CMT Commercial Mortgage Trust, Series 2007-C31,000,000$1,006,270.000.52%
61JPMCC Commercial Mortgage Securities Trust 2017-JP612,000,000$995,892.000.51%
62Kilroy Realty Corp13,500$988,470.000.51%
63Propertylink Group1,550,000$978,969.000.51%
64Wpt Industrial Real Estate Inv72,800$971,880.000.50%
65Sunstone Hotel Investors Inc62,000$967,820.000.50%
66Deutsche Wohnen Ag24,571$963,719.000.50%
67Kenedix Retail REIT Corp.436$955,066.000.49%
68FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K70930,601,130$895,915.000.46%
69JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C1511,500,000$888,952.000.46%
70Apartment Investment & Management Co., Class A19,700$845,524.000.44%
71Alexandria Real Estate Equitie7,200$840,096.000.43%
72Tokyo Tatemono Co., Ltd.59,000$809,752.000.42%
73Mitsubishi Estate Co., Ltd.43,000$803,120.000.41%
74FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K71027,830,000$801,671.000.41%
75Equinix Inc1,800$793,818.000.41%
76Extra Space Storage Inc10,200$790,194.000.41%
77Merlin Properties Socimi Sa60,000$760,958.000.39%
78Pla Administradora Industrial440,100$742,312.000.38%
79Hospitality Properties Trust25,600$740,352.000.38%
80Croesus Retail Trust1,002,730$735,570.000.38%
81InterXion Holding N.V.16,400$728,980.000.38%
82Fortune Real Estate Investment587,000$722,399.000.37%
83Duke Realty Corp24,500$702,415.000.36%
84FHLMC Multifamily Structured Pass Through Certificates, Series 2012-K70727,555,000$698,351.000.36%
85NewRiver REIT PLC149,000$674,423.000.35%
86Brandywine Realty Trust38,100$664,083.000.34%
87Care Capital Properties Inc25,000$657,250.000.34%
88Sl Green Realty Corp6,400$646,592.000.33%
89Segro PLC96,224$623,619.000.32%
90National Storage Affiliates Tr25,545$619,466.000.32%
91Ggp Inc27,200$606,016.000.31%
92EPR Properties8,400$595,644.000.31%
93Frasers Logistics & Industrial786,387$571,184.000.30%
94Viva Industrial Trust939,500$570,361.000.29%
95Ado Properties Sa13,197$567,421.000.29%
96Castellum AB38,000$567,066.000.29%
97LEG Immobilien AG6,000$565,630.000.29%
98Sponda OYJ120,631$563,454.000.29%
99Terreno Realty Corp17,000$555,560.000.29%
100Viva Energy Reit310,137$555,378.000.29%
101Cubesmart22,000$549,120.000.28%
102Inmobiliaria Colonial Sa64,627$525,470.000.27%
103Japan Hotel Reit Investment Co700$507,540.000.26%
104Kite Realty Group Trust28,000$503,160.000.26%
105Liberty Property Trust12,200$501,298.000.26%
106Charter Hall Group118,167$499,605.000.26%
107Mcubs Midcity Investment Corp155$492,641.000.25%
108Physicians Realty Trust24,000$488,160.000.25%
109New World Development Co., Ltd.388,000$482,974.000.25%
110Capitaland Commercial Trust384,400$461,174.000.24%
111Leopalace21 Corp77,000$453,309.000.23%
112Welltower Inc6,072$440,463.000.23%
113Atrium European Real Estate, Ltd.96,100$429,657.000.22%
114Fabege AB22,000$413,351.000.21%
115Sekisui House REIT, Inc.324$409,864.000.21%
116Investa Office Fund105,023$368,336.000.19%
117CYS Investments, Inc.43,100$363,333.000.19%
118Invitation Homes Inc14,982$322,413.000.17%
119Safestore Holdings PLC56,000$317,474.000.16%
120Londonmetric Property PLC145,000$314,801.000.16%
121Granite Real Estate Investment8,000$303,039.000.16%
122Regency Centers Corp4,950$301,257.000.16%
123Alstria Office Reit-ag20,000$279,153.000.14%
124Champion REIT405,000$264,021.000.14%
125Daiwa Office Investment Corp50$254,628.000.13%
126Industrial & Infrastructure Fu56$252,822.000.13%
127Japan Logistics Fund Inc115$247,341.000.13%
128TLG Immobilien AG12,000$244,261.000.13%
129Japan Rental Housing Investmen320$238,953.000.12%
130Agree Realty Corp.5,200$236,756.000.12%
131Ramco-Gershenson Properties Trust18,400$231,656.000.12%
132Hispania Activos Inm13,708$229,905.000.12%
133Crombie Real Estate Investment Trust21,015$224,797.000.12%
134Empiric Student Property Plc150,000$218,876.000.11%
135American Tower Corp1,600$209,904.000.11%
136Ddr Corp23,000$197,340.000.10%
137Pennsylvania Real Estate Inves16,200$173,340.000.09%
138Invesco Office J-REIT, Inc.185$169,549.000.09%
139Aventus Retail Property Fund, Ltd.95,000$168,004.000.09%
140Prologis Property Mexico Sa De95,900$165,097.000.09%
141Hoshino Resorts Reit Inc30$154,944.000.08%
142Soho China, Ltd.260,000$130,124.000.07%
143Secure Income REIT PLC15,401$68,857.000.04%
144Aventus Retail Property Fund Ltd.22,093$985.000.00%

Fund Data as of Jun 23, 2017
Ticker Symbol PGZ
NAV $19.49
Market Price $18.12
Premium/Discount -7.03%
Total Net Assets $134,489,484.44