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

Rank Security Description Quantity Market
Value ($)
% of TMV1
1JPMorgan Chase Commercial Mortgage Securities Trust 2014-C2112,747,500$8,863,353.004.56%
2BANK 2017-BNK510,000,000$7,568,816.003.90%
3Merrill Lynch Mortgage Trust 2006-C19,000,000$6,977,649.003.59%
4Credit Suisse Commercial Mortgage Trust Series 2007-C16,473,945$6,562,185.003.38%
5Goldman Sachs Mortgage Securities Trust 2014-GC228,326,000$5,385,364.002.77%
6FHLMC Multifamily Structured Pass Through Certificates164,200,128$5,327,843.002.74%
7Morgan Stanley Capital I Trust 2016-UB1118,495,500$4,339,503.002.23%
8CFCRE Commercial Mortgage Trust 2016-C35,484,000$4,086,858.002.10%
9Commercial Mortgage Trust 2013-CCRE115,108,000$3,875,725.002.00%
10Commercial Mortgage Trust 2014-CCRE176,000,000$3,871,189.001.99%
11State Street Institutional Treasury Plus Money Market Fund3,789,294$3,789,294.001.95%
12CSAIL Commercial Mortgage Trust 2015-C45,000,000$3,636,742.001.87%
13Commercial Mortgage Trust 2014-UBS54,250,000$3,253,103.001.67%
14Wachovia Bank Commercial Mortgage Trust Series 2007-C303,020,976$3,072,055.001.58%
15Wells Fargo Commercial Mortgage Trust 2015-NXS13,440,000$3,030,913.001.56%
16Simon Property Group, Inc.18,700$3,010,887.001.55%
17JPMorgan Chase Commercial Mortgage Securities Trust 2007-CIBC193,500,000$2,796,464.001.44%
18Goldman Sachs Mortgage Securities Trust 2013-GC133,000,000$2,788,779.001.44%
19Morgan Stanley Bank of America Merrill Lynch Trust 2013-C83,000,000$2,771,336.001.43%
20JPMorgan Chase Commercial Mortgage Securities Trust 2013-C1514,000,000$2,711,689.001.40%
21Bank of America Commercial Mortgage Trust 2016-UBS103,500,000$2,553,068.001.31%
22Morgan Stanley Bank of America Merrill Lynch Trust 2015-C263,576,000$2,516,786.001.30%
23Bank of America Commercial Mortgage Trust 2008-12,500,000$2,508,653.001.29%
24CD Commercial Mortgage Trust 2017-CD53,000,000$2,463,898.001.27%
25Wachovia Bank Commercial Mortgage Trust Series 2006-C292,385,682$2,393,936.001.23%
26Goldman Sachs Mortgage Securities Trust 2013-GC162,342,405$2,292,200.001.18%
27STORE Capital Corp.91,609$2,278,316.001.17%
28Essex Property Trust, Inc.8,600$2,184,658.001.12%
29Morgan Stanley Bank of America Merrill Lynch Trust 2015-C2023,967,000$2,130,139.001.10%
30Comm 2014-UBS2 Mortgage Trust2,432,500$2,097,618.001.08%
31Wells Fargo Commercial Mortgage Trust 2014-LC182,490,000$2,097,478.001.08%
32JPMorgan Chase Commercial Mortgage Securities Trust 2013-C162,117,483$2,074,400.001.07%
33Altarea SCA8,469$1,972,376.001.02%
34GS Mortgage Securities Trust 2014-GC202,750,000$1,970,819.001.01%
35Crown Castle International Corp.19,653$1,964,907.001.01%
36Deutsche Bank Commercial Mortgage Trust 2017-C626,228,877$1,925,478.000.99%
37WPT Industrial Real Estate Investment Trust138,441$1,849,572.000.95%
38Spirit Realty Capital, Inc.206,000$1,765,420.000.91%
39Merlin Properties Socimi SA127,000$1,759,189.000.91%
40JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC162,019,236$1,730,918.000.89%
41Independence Realty Trust, Inc.153,950$1,565,672.000.81%
42Dexus Property Group210,000$1,564,879.000.81%
43Goldman Sachs Mortgage Securities Trust 2013-GCJ142,000,000$1,556,061.000.80%
44Commercial Mortgage Trust 2007-GG91,700,914$1,548,803.000.80%
45Prologis, Inc.24,000$1,523,040.000.78%
46CD Commercial Mortgage Trust 2007-CD42,550,973$1,495,438.000.77%
47City Office REIT, Inc.103,278$1,422,138.000.73%
48Propertylink Group1,945,000$1,418,863.000.73%
49Vastned Retail N.V.31,600$1,408,022.000.72%
50Mitsui Fudosan Co., Ltd.61,000$1,322,728.000.68%
51Commercial Mortgage Pass Through Certificates Series 2014-CR142,000,000$1,319,380.000.68%
52Spring Real Estate Investment Trust2,870,000$1,278,560.000.66%
53Starwood Waypoint Homes33,855$1,231,306.000.63%
54CFCRE Commercial Mortgage Trust 2016-C71,500,000$1,229,217.000.63%
55Citycon OYJ464,193$1,221,251.000.63%
56Sun Communities, Inc.13,643$1,168,932.000.60%
57STAG Industrial, Inc.42,318$1,162,475.000.60%
58Cromwell Property Group1,450,000$1,086,199.000.56%
59Wells Fargo Commercial Mortgage Trust 2015-NXS31,500,000$1,070,817.000.55%
60Link REIT129,500$1,049,382.000.54%
61Deutsche Wohnen AG24,571$1,043,134.000.54%
62JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC171,658,639$1,039,280.000.54%
63LB-UBS Commercial Mortgage Trust 2006-C71,315,598$1,008,333.000.52%
64NewRiver REIT PLC219,556$996,473.000.51%
65DDR Corp.107,000$980,120.000.50%
66JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP611,983,932$953,336.000.49%
67Kenedix Retail REIT Corp.436$905,904.000.47%
68Apartment Investment & Management Co., Class A19,700$864,042.000.44%
69Senior Housing Properties Trust43,430$849,057.000.44%
70Kilroy Realty Corp.11,500$817,880.000.42%
71Apac Realty Ltd1,424,300$813,766.000.42%
72LEG Immobilien AG8,000$809,271.000.42%
73CYS Investments, Inc.93,100$804,384.000.41%
74InterXion Holding N.V.15,400$784,322.000.40%
75MCUBS MidCity Investment Corp.235$716,330.000.37%
76Far East Hospitality Trust1,430,000$706,329.000.36%
77Segro PLC96,224$691,119.000.36%
78Alexandria Real Estate Equities, Inc.5,800$690,026.000.36%
79Fortune Real Estate Investment Trust587,000$689,077.000.35%
80Equinix, Inc.1,500$669,450.000.34%
81Extra Space Storage, Inc.8,200$655,344.000.34%
82PLA Administradora Industrial S de RL de CV380,100$654,373.000.34%
83Park Hotels & Resorts, Inc.22,972$633,108.000.33%
84Castellum AB39,711$623,097.000.32%
85Frasers Logistics & Industrial Trust786,387$620,321.000.32%
86Sunstone Hotel Investors, Inc.37,000$594,590.000.31%
87EPR Properties8,400$585,816.000.30%
88Fonciere Des Regions5,600$581,713.000.30%
89CubeSmart22,000$571,120.000.29%
90Japan Hotel REIT Investment Corp.900$568,674.000.29%
91Kite Realty Group Trust28,000$567,000.000.29%
92New World Development Co., Ltd.388,000$557,294.000.29%
93Croesus Retail Trust642,730$552,015.000.28%
94Viva Industrial Trust789,500$550,022.000.28%
95Viva Energy REIT310,137$513,303.000.26%
96Liberty Property Trust12,200$500,932.000.26%
97Charter Hall Group118,167$497,747.000.26%
98ADO Properties SA9,697$479,237.000.25%
99CapitaLand Commercial Trust384,400$469,005.000.24%
100Macquarie Mexico Real Estate Management SA de CV350,000$463,015.000.24%
101Tokyo Tatemono Co., Ltd.36,000$460,378.000.24%
102Invitation Homes, Inc.19,982$452,592.000.23%
103Atrium European Real Estate, Ltd.96,100$449,893.000.23%
104Welltower, Inc.6,072$426,740.000.22%
105TLG Immobilien AG18,000$415,060.000.21%
106Terreno Realty Corp.11,000$397,980.000.20%
107Sekisui House REIT, Inc.324$374,317.000.19%
108Brandywine Realty Trust20,100$351,549.000.18%
109SOHO China, Ltd.560,000$320,447.000.17%
110Hispania Activos Inmobiliarios SOCIMI SA18,400$331,641.000.17%
111LondonMetric Property PLC145,000$322,927.000.17%
112Granite Real Estate Investment Trust8,000$321,026.000.17%
113Fabege AB15,500$317,806.000.16%
114alstria office REIT-AG20,000$285,665.000.15%
115Physicians Realty Trust16,000$283,680.000.15%
116Champion REIT405,000$279,450.000.14%
117Safestore Holdings PLC46,000$269,182.000.14%
118Daiwa Office Investment Corp.50$250,167.000.13%
119LB Commercial Mortgage Trust 2007-C3238,049$239,485.000.12%
120Ramco-Gershenson Properties Trust18,400$239,384.000.12%
121Industrial & Infrastructure Fund Investment Corp.56$237,387.000.12%
122Empiric Student Property PLC171,428$232,585.000.12%
123Sabra Health Care REIT, Inc.10,556$231,603.000.12%
124Crombie Real Estate Investment Trust21,015$229,561.000.12%
125Japan Rental Housing Investments, Inc.320$225,799.000.12%
126Japan Logistics Fund, Inc.115$214,108.000.11%
127Aventus Retail Property Fund, Ltd.117,094$207,578.000.11%
128Prologis Property Mexico SA de CV95,900$189,693.000.10%
129Invesco Office J-REIT, Inc.185$176,245.000.09%
130Pennsylvania Real Estate Investment Trust16,200$169,938.000.09%
131Hoshino Resorts REIT, Inc.30$149,300.000.08%
132Arena REIT50,087$90,363.000.05%
133Secure Income REIT PLC15,401$77,390.000.04%
134Leopalace21 Corp.7,500$52,255.000.03%
135Capitaland Commercial Trust63,810$13,736.000.01%

Fund Data as of Oct 20, 2017
Ticker Symbol PGZ
NAV $19.45
Market Price $17.58
Premium/Discount -9.61%
Total Net Assets $134,168,362.18