Fund Holdings as of Mar 31, 2018, subject to change

Rank Security Description Quantity Market
Value ($)
% of TMV1
1JPMorgan Chase Commercial Mortgage Securities Trust 2014-C2112,747,500$8,924,192.004.64%
2Bmark 2018-b1 E Bmark 2018-b1 E11,500,000$7,180,372.003.74%
3Commercial Mortgage Trust 2014-CCRE178,600,000$5,620,660.002.92%
4Goldman Sachs Mortgage Securities Trust 2014-GC208,225,000$5,522,035.002.87%
5Goldman Sachs Mortgage Securities Trust 2014-GC228,326,000$5,450,583.002.84%
6BANK 2017-BNK57,500,000$5,003,038.002.60%
7Morgan Stanley Capital I Trust 2016-UB1118,495,500$4,289,307.002.23%
8CFCRE Commercial Mortgage Trust 2016-C35,484,000$4,156,980.002.16%
9Commercial Mortgage Trust 2014-UBS55,215,000$4,118,520.002.14%
10Commercial Mortgage Trust 2013-CCRE115,108,000$3,971,150.002.07%
11FHLMC Multifamily Structured Pass Through Certificates164,200,128$3,871,997.002.01%
12State Street Institutional Treasury Plus Money Market Fund3,862,922$3,862,922.002.01%
13CSAIL Commercial Mortgage Trust 2015-C45,000,000$3,754,106.001.95%
14Bank 2017-bnk9 E Bank 2017-bnk9 E5,000,000$3,145,532.001.64%
15JPMorgan Chase Commercial Mortgage Securities Trust 2013-C163,550,483$3,116,361.001.62%
16Wells Fargo Commercial Mortgage Trust 2015-NXS13,440,000$3,086,679.001.61%
17Goldman Sachs Mortgage Securities Trust 2013-GC133,000,000$2,760,609.001.44%
18Morgan Stanley Bank of America Merrill Lynch Trust 2013-C83,000,000$2,744,321.001.43%
19JPMorgan Chase Commercial Mortgage Securities Trust 2013-C1514,000,000$2,677,907.001.39%
20Commercial Mortgage Trust 2014-UBS22,932,500$2,579,189.001.34%
21Bank of America Commercial Mortgage Trust 2016-UBS103,500,000$2,554,908.001.33%
22Morgan Stanley Bank of America Merrill Lynch Trust 2015-C263,576,000$2,523,116.001.31%
23CD Commercial Mortgage Trust 2017-CD53,000,000$2,436,214.001.27%
24JPMorgan Chase Commercial Mortgage Securities Trust 2007-CIBC193,183,905$2,306,739.001.20%
25Goldman Sachs Mortgage Securities Trust 2013-GC162,342,405$2,280,696.001.19%
26Altarea SCA8,469$2,141,452.001.11%
27Wells Fargo Commercial Mortgage Trust 2014-LC182,490,000$2,103,172.001.09%
28WFRBS Commercial Mortgage Trust 2014-C202,650,000$2,075,667.001.08%
29Commercial Mortgage Trust 2014-LC172,780,000$2,070,413.001.08%
30WPT Industrial Real Estate Investment Trust158,441$2,053,395.001.07%
31Simon Property Group, Inc.13,200$2,037,420.001.06%
32Morgan Stanley Bank of America Merrill Lynch Trust 2017-C343,450,000$2,036,892.001.06%
33Invitation Homes, Inc.88,223$2,014,131.001.05%
34Morgan Stanley Bank of America Merrill Lynch Trust 2015-C2023,967,000$1,989,628.001.03%
35Merlin Properties Socimi SA127,000$1,943,965.001.01%
36Crown Castle International Corp.17,153$1,880,140.000.98%
37DBJPM Mortgage Trust 2017-C626,183,548$1,790,648.000.93%
38City Office REIT, Inc.154,362$1,784,425.000.93%
39Cromwell Property Group2,170,000$1,775,003.000.92%
40EPR Properties30,873$1,710,364.000.89%
41Spirit Realty Capital, Inc.218,000$1,691,680.000.88%
42Essex Property Trust, Inc.6,650$1,600,522.000.83%
43JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC161,698,151$1,581,632.000.82%
44Tanger Factory Outlet Centers, Inc.71,000$1,562,000.000.81%
45Goldman Sachs Mortgage Securities Trust 2013-GCJ142,000,000$1,559,568.000.81%
46Independence Realty Trust, Inc.168,950$1,550,961.000.81%
47Prologis, Inc.24,000$1,511,760.000.79%
48STORE Capital Corp.58,584$1,454,055.000.76%
49Equinix, Inc.3,200$1,338,048.000.70%
50APAC Realty, Ltd.1,424,300$1,325,284.000.69%
51JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC171,558,474$1,303,143.000.68%
52Commercial Mortgage Trust 2007-GG91,677,511$1,299,642.000.68%
53CFCRE Commercial Mortgage Trust 2016-C71,500,000$1,273,320.000.66%
54Mitsui Fudosan Co., Ltd.53,000$1,261,181.000.66%
55Propertylink Group1,619,252$1,249,885.000.65%
56Sun Communities, Inc.13,643$1,246,561.000.65%
57MCUBS MidCity Investment Corp.1,675$1,221,559.000.64%
58Commercial Mortgage Pass Through Certificates2,000,000$1,191,049.000.62%
59Wells Fargo Commercial Mortgage Trust 2015-NXS31,500,000$1,156,489.000.60%
60Deutsche Wohnen AG24,571$1,145,846.000.60%
61Alexandria Real Estate Equities, Inc.8,930$1,115,268.000.58%
62Eurocommercial Properties NV26,783$1,105,976.000.58%
63Link REIT129,500$1,105,547.000.58%
64Citycon OYJ464,193$1,043,522.000.54%
65CD Commercial Mortgage Trust 2007-CD41,707,603$1,013,155.000.53%
66STAG Industrial, Inc.42,318$1,012,247.000.53%
67LB-UBS Commercial Mortgage Trust 2006-C71,309,084$1,009,853.000.53%
68Fonciere Des Regions8,820$972,934.000.51%
69DDR Corp.132,000$967,560.000.50%
70Atrium European Real Estate, Ltd.193,021$950,012.000.49%
71Kenedix Retail REIT Corp.436$948,583.000.49%
72LEG Immobilien AG8,000$899,115.000.47%
73NewRiver REIT PLC219,556$887,148.000.46%
74JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP611,949,181$870,463.000.45%
75Japan Hotel REIT Investment Corp.1,200$848,080.000.44%
76Segro PLC96,224$811,635.000.42%
77Apartment Investment & Management Co., Class A19,700$802,775.000.42%
78Welltower Inc14,572$793,154.000.41%
79Extended Stay America, Inc.39,000$771,030.000.40%
80Far East Hospitality Trust1,430,000$757,999.000.39%
81Dexus105,000$751,614.000.39%
82Physicians Realty Trust48,000$747,360.000.39%
83Frasers Logistics & Industrial Trust786,387$653,748.000.34%
84New World Development Co., Ltd.448,000$632,485.000.33%
85CYS Investments, Inc.93,100$625,632.000.33%
86Park Hotels & Resorts, Inc.22,972$620,703.000.32%
87CubeSmart22,000$620,400.000.32%
88InterXion Holding N.V.9,430$585,697.000.30%
89Arena REIT350,087$580,790.000.30%
90Gramercy Property Trust25,000$543,250.000.28%
91Macquarie Mexico Real Estate Management SA de CV480,000$538,614.000.28%
92Charter Hall Group118,167$520,045.000.27%
93Kilroy Realty Corp.7,300$518,008.000.27%
94Brixmor Property Group, Inc.32,500$495,625.000.26%
95TLG Immobilien AG18,000$493,903.000.26%
96ADO Properties SA8,697$489,260.000.25%
97Bank of America Commercial Mortgage Trust 2008-1489,415$489,029.000.25%
98Liberty Property Trust12,200$484,706.000.25%
99Kimco Realty Corp.32,000$460,800.000.24%
100CapitaLand Retail China Trust369,500$445,266.000.23%
101Fortune Real Estate Investment Trust364,000$441,077.000.23%
102Sekisui House REIT, Inc.324$435,735.000.23%
103Taubman Centers, Inc.7,600$432,516.000.23%
104SOHO China, Ltd.810,000$424,189.000.22%
105Spring Real Estate Investment Trust957,000$415,814.000.22%
106Hispania Activos Inmobiliarios SOCIMI SA18,400$391,224.000.20%
107Terreno Realty Corp.11,000$379,610.000.20%
108LondonMetric Property PLC145,000$362,522.000.19%
109Fabege AB15,500$335,625.000.17%
110Echo Investment SA209,990$314,695.000.16%
111alstria office REIT-AG20,000$313,273.000.16%
112Sunstone Hotel Investors, Inc.20,000$304,400.000.16%
113Daiwa Office Investment Corp.50$288,990.000.15%
114Land & Houses PCL840,000$284,746.000.15%
115PLA Administradora Industrial S de RL de CV165,100$275,621.000.14%
116Industrial & Infrastructure Fund Investment Corp.224$250,936.000.13%
117Safestore Holdings PLC36,000$247,995.000.13%
118Japan Rental Housing Investments, Inc.320$246,605.000.13%
119Irish Residential Properties REIT PLC140,000$239,446.000.12%
120LB Commercial Mortgage Trust 2007-C3216,548$220,500.000.11%
121Invesco Office J-REIT, Inc.1,480$208,220.000.11%
122Empiric Student Property PLC171,428$198,183.000.10%
123Aventus Retail Property Fund, Ltd.117,094$193,358.000.10%
124Sabra Health Care REIT, Inc.10,556$186,317.000.10%

Fund Data as of Apr 24, 2018
Ticker Symbol PGZ
NAV $19.07
Market Price $16.56
Premium/Discount -13.16%
Total Net Assets $131,552,668.36