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

Rank Security Description Quantity Market
Value ($)
% of TMV1
1JPMBB Commercial Mortgage Securities Trust 2014-C2112,747,500$8,846,393.004.48%
2BANK 2017-BNK510,000,000$7,578,786.003.84%
3State Street Institutional Treasury Plus Money Market Fund7,526,512$7,526,512.003.81%
4Credit Suisse Commercial Mortgage Trust Series 2007-C17,159,823$7,152,100.003.62%
5Merrill Lynch Mortgage Trust 2006-C19,000,000$7,116,753.003.60%
6Freddie Mac Multifamily Structured Pass Through Certificates164,200,128$5,762,908.002.92%
7GS Mortgage Securities Trust 2014-GC228,326,000$5,366,061.002.72%
8Morgan Stanley Capital I Trust 2016-UB1118,495,500$4,352,749.002.20%
9CFCRE Commercial Mortgage Trust 2016-C35,484,000$4,090,488.002.07%
10COMM 2013-CCRE11 Mortgage Trust5,108,000$3,871,721.001.96%
11COMM 2014-CCRE17 Mortgage Trust6,000,000$3,856,949.001.95%
12CSAIL 2015-C4 Commercial Mortgage Trust5,000,000$3,739,637.001.89%
13Simon Property Group, Inc.22,300$3,534,550.001.79%
14COMM 2014-UBS5 Mortgage Trust4,250,000$3,301,908.001.67%
15Wachovia Bank Commercial Mortgage Trust Series 2007-C303,030,702$3,069,565.001.55%
16Wells Fargo Commercial Mortgage Trust 2015-NXS13,440,000$3,046,218.001.54%
17JP Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC193,500,000$2,937,942.001.49%
18GS Mortgage Securities Trust 2013-GC133,000,000$2,799,014.001.42%
19Morgan Stanley Bank of America Merrill Lynch Trust 2013-C83,000,000$2,781,091.001.41%
20JPMBB Commercial Mortgage Securities Trust 2013-C1514,000,000$2,725,495.001.38%
21Banc of America Commercial Mortgage Trust 2016-UBS103,500,000$2,554,936.001.29%
22Banc of America Commercial Mortgage Trust 2008-12,500,000$2,527,829.001.28%
23Morgan Stanley Bank of America Merrill Lynch Trust 2015-C263,576,000$2,515,970.001.27%
24CD 2017-CD5 Mortgage Trust3,000,000$2,426,266.001.23%
25Wachovia Bank Commercial Mortgage Trust Series 2006-C292,406,637$2,414,964.001.22%
26ML-CFC Commercial Mortgage Trust 2006-32,500,000$2,403,699.001.22%
27GS Mortgage Securities Trust 2013-GC162,342,405$2,303,683.001.17%
28Essex Property Trust, Inc.8,600$2,250,620.001.14%
29Morgan Stanley Bank of America Merrill Lynch Trust 2015-C2023,967,000$2,169,637.001.10%
30STORE Capital Corp.91,609$2,142,735.001.08%
31Wells Fargo Commercial Mortgage Trust 2014-LC182,490,000$2,074,431.001.05%
32JP Morgan Chase Commercial Mortgage Securities Trust 2013-C162,117,483$2,034,944.001.03%
33Crown Castle International Corp.19,653$1,976,699.001.00%
34DBJPM 17-C6 Mortgage Trust26,242,470$1,966,102.000.99%
35Altarea SCA8,469$1,914,892.000.97%
36JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC162,035,174$1,751,952.000.89%
37Spirit Realty Capital, Inc.206,000$1,633,580.000.83%
38CD 2007-CD4 Commercial Mortgage Trust2,583,804$1,632,189.000.83%
39Commercial Mortgage Trust 2007-GG91,716,753$1,630,921.000.83%
40Dexus210,000$1,575,841.000.80%
41GS Mortgage Securities Trust 2013-GCJ142,000,000$1,555,111.000.79%
42Prologis, Inc.24,000$1,459,440.000.74%
43Vastned Retail NV31,600$1,443,953.000.73%
44Mitsui Fudosan Co., Ltd.61,000$1,402,372.000.71%
45WPT Industrial Real Estate Investment Trust106,441$1,375,218.000.70%
46Commercial Mortgage Pass Through Certificates2,000,000$1,314,325.000.66%
47Spring Real Estate Investment Trust2,870,000$1,278,691.000.65%
48Citycon OYJ464,193$1,263,878.000.64%
49City Office REIT, Inc.98,278$1,249,113.000.63%
50Propertylink Group1,850,000$1,228,400.000.62%
51CFCRE Commercial Mortgage Trust 2016-C71,500,000$1,223,837.000.62%
52Sun Communities, Inc.13,643$1,214,363.000.61%
53Colony Starwood Homes33,855$1,183,571.000.60%
54Merlin Properties Socimi SA87,000$1,172,034.000.59%
55STAG Industrial, Inc.42,318$1,154,858.000.58%
56Independence Realty Trust, Inc.108,000$1,092,960.000.55%
57DDR Corp.107,000$1,090,330.000.55%
58Wells Fargo Commercial Mortgage Trust 2015-NXS31,500,000$1,070,681.000.54%
59Link REIT129,500$1,052,805.000.53%
60NewRiver REIT PLC219,556$1,022,578.000.52%
61LB-UBS Commercial Mortgage Trust 2006-C71,317,696$1,010,218.000.51%
62JPMCC Commercial Mortgage Securities Trust 2017-JP611,994,225$977,550.000.49%
63Deutsche Wohnen Ag24,571$973,984.000.49%
64Senior Housing Properties Trust49,430$961,414.000.49%
65Kenedix Retail REIT Corp.436$956,673.000.48%
66Apartment Investment & Management Co.19,700$897,335.000.45%
67JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC171,888,922$871,939.000.44%
68Extra Space Storage, Inc.10,200$810,900.000.41%
69Tokyo Tatemono Co., Ltd.59,000$803,828.000.41%
70Kilroy Realty Corp.11,500$798,215.000.40%
71Mitsubishi Estate Co., Ltd.43,000$782,421.000.40%
72LEG Immobilien AG8,000$769,850.000.39%
73PLA Administradora Industrial S de RL de CV440,100$767,100.000.39%
74Hospitality Properties Trust25,600$743,936.000.38%
75InterXion Holding N.V.15,400$737,198.000.37%
76Fortune Real Estate Investment Trust587,000$733,487.000.37%
77Alexandria Real Estate Equities, Inc.5,800$703,250.000.36%
78Equinix, Inc.1,500$676,095.000.34%
79Segro PLC96,224$669,069.000.34%
80Japan Hotel REIT Investment Corp.900$650,642.000.33%
81Frasers Logistics & Industrial Trust786,387$635,423.000.32%
82CYS Investments, Inc.73,100$622,081.000.31%
83Park Hotels & Resorts, Inc.22,972$618,636.000.31%
84Castellum AB39,711$617,272.000.31%
85EPR Properties8,400$607,992.000.31%
86Inmobiliaria Colonial Sa64,627$604,317.000.31%
87Sunstone Hotel Investors, Inc.37,000$602,360.000.30%
88ADO Properties SA13,197$596,081.000.30%
89Kite Realty Group Trust28,000$574,840.000.29%
90Croesus Retail Trust642,730$564,402.000.29%
91Cromwell Property Group750,000$552,000.000.28%
92CubeSmart22,000$542,520.000.27%
93Viva Industrial Trust789,500$538,898.000.27%
94Viva Energy REIT310,137$535,917.000.27%
95MCUBS MidCity Investment Corp.175$531,770.000.27%
96New World Development Co., Ltd.388,000$524,566.000.27%
97Liberty Property Trust12,200$512,644.000.26%
98Charter Hall Group118,167$490,630.000.25%
99CapitaLand Commercial Trust384,400$487,893.000.25%
100Atrium European Real Estate, Ltd.96,100$449,365.000.23%
101Welltower, Inc.6,072$445,624.000.23%
102Fabege AB22,000$434,616.000.22%
103Invitation Homes, Inc.19,982$426,016.000.22%
104Macquarie Mexico Real Estate Management SA de CV333,188$410,625.000.21%
105Sekisui House Reit, Inc.324$400,867.000.20%
106TLG Immobilien AG18,000$390,157.000.20%
107Investa Office Fund105,023$381,444.000.19%
108Terreno Realty Corp.11,000$380,820.000.19%
109Brandywine Realty Trust20,100$337,881.000.17%
110Far East Hospitality Trust680,000$336,199.000.17%
111Hispania Activos Inm18,400$331,957.000.17%
112Granite Real Estate Investment Trust8,000$322,053.000.16%
113LondonMetric Property PLC145,000$321,980.000.16%
114Leopalace21 Corp.44,700$319,097.000.16%
115Champion REIT405,000$315,256.000.16%
116Safestore Holdings PLC56,000$312,096.000.16%
117Physicians Realty Trust16,000$297,920.000.15%
118alstria office REIT-AG20,000$293,464.000.15%
119Ramco-Gershenson Properties Trust18,400$259,256.000.13%
120Industrial & Infrastructure Fund Investment Corp.56$253,472.000.13%
121LB Commercial Mortgage Trust 2007-C3249,573$251,091.000.13%
122Empiric Student Property PLC171,428$248,235.000.13%
123Daiwa Office Investment Corp.50$246,270.000.12%
124Japan Rental Housing Investmen320$238,306.000.12%
125Japan Logistics Fund, Inc.115$233,661.000.12%
126Crombie Real Estate Investment Trust21,015$227,891.000.11%
127Care Capital Properties, Inc.9,400$227,668.000.11%
128Aventus Retail Property Fund, Ltd.117,094$210,769.000.11%
129Pennsylvania Real Estate Inves16,200$192,618.000.10%
130Prologis Property Mexico SA de CV95,900$189,133.000.10%
131Invesco Office J-Reit, Inc.185$180,058.000.09%
132Hoshino Resorts REIT, Inc.30$154,565.000.08%
133SOHO China, Ltd.260,000$141,804.000.07%
134Arena Reit50,087$82,543.000.04%
135Secure Income REIT PLC15,401$70,511.000.04%

Fund Data as of Aug 18, 2017
Ticker Symbol PGZ
NAV $19.62
Market Price $18.34
Premium/Discount -6.52%
Total Net Assets $135,383,286.48