|
Description
|
|
Number of
Shares
|
Value
|
|
REAL ESTATE RELATED SECURITIES − 53.2%
|
|||
|
COMMON STOCKS − 6.8%
|
|||
|
DIVERSIFIED − 0.1%
|
|||
|
Centuria Capital Group
|
|
73,546
|
$75,433
|
|
DIVERSIFIED REAL ESTATE ACTIVITIES − 3.1%
|
|||
|
Airport City Ltd.*
|
|
5,013
|
90,308
|
|
Allreal Holding AG
|
|
1,240
|
324,371
|
|
City Developments Ltd.
|
|
50,700
|
310,078
|
|
Daito Trust Construction Co. Ltd.
|
|
26,000
|
548,810
|
|
Daiwa House Industry Co. Ltd.
|
|
51,800
|
1,521,188
|
|
Dear Life Co. Ltd.
|
|
8,100
|
55,290
|
|
Great Eagle Holdings Ltd.
|
|
34,000
|
68,819
|
|
Heiwa Real Estate Co. Ltd.
|
|
6,800
|
100,173
|
|
JINUSHI Co. Ltd.
|
|
1,900
|
34,562
|
|
JSB Co. Ltd.
|
|
1,600
|
89,586
|
|
Kerry Properties Ltd.
|
|
50,500
|
126,003
|
|
Lendlease Corp. Ltd.
|
|
61,742
|
130,936
|
|
Mitsubishi Estate Co. Ltd.
|
|
103,400
|
2,510,261
|
|
Mitsui Fudosan Co. Ltd.
|
|
234,900
|
2,288,259
|
|
New World Development Co. Ltd.*
|
|
122,000
|
107,062
|
|
Nomura Real Estate Holdings, Inc.
|
|
44,500
|
255,718
|
|
Property & Building Corp. Ltd.
|
|
345
|
35,383
|
|
St. Joe Co. (The)
|
|
3,527
|
219,520
|
|
Starts Corp., Inc.
|
|
3,400
|
100,819
|
|
Sumitomo Realty & Development Co. Ltd.
|
|
79,600
|
1,784,181
|
|
Sun Frontier Fudousan Co. Ltd.
|
|
600
|
9,413
|
|
Sun Hung Kai Properties Ltd.
|
|
131,000
|
2,056,025
|
|
Tejon Ranch Co.*
|
|
4,023
|
68,109
|
|
Tokyo Tatemono Co. Ltd.
|
|
18,500
|
390,373
|
|
Tokyu Fudosan Holdings Corp.
|
|
53,600
|
445,493
|
|
UOL Group Ltd.
|
|
41,200
|
317,913
|
|
Wharf Holdings Ltd. (The)
|
|
83,000
|
207,802
|
|
YH Dimri Construction & Development Ltd.
|
|
773
|
91,180
|
|
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES
|
$14,287,635
|
||
|
REAL ESTATE DEVELOPMENT − 0.6%
|
|||
|
Africa Israel Residences Ltd.
|
|
903
|
64,039
|
|
Aura Investments Ltd.
|
|
13,183
|
68,858
|
|
Cham Swiss Properties AG
|
|
2,754
|
81,868
|
|
CK Asset Holdings Ltd.
|
|
169,000
|
1,029,383
|
|
DREAM Unlimited Corp., Class A
|
|
3,356
|
47,401
|
|
Forestar Group, Inc.*
|
|
2,103
|
59,200
|
|
Gemlife Communities Group
|
|
23,809
|
73,885
|
|
Goldcrest Co. Ltd.
|
|
1,500
|
30,433
|
|
Henderson Land Development Co. Ltd.
|
|
116,735
|
423,207
|
|
Howard Hughes Holdings, Inc.*
|
|
2,784
|
177,953
|
|
Kasumigaseki Capital Co. Ltd.
|
|
1,800
|
83,501
|
|
Katitas Co. Ltd.
|
|
4,200
|
88,989
|
|
Mirarth Holdings, Inc.
|
|
16,500
|
42,373
|
|
Nexity SA*
|
|
5,635
|
46,024
|
|
Sino Land Co. Ltd.
|
|
328,000
|
446,750
|
|
Description
|
|
Number of
Shares
|
Value
|
|
Tosei Corp.
|
|
4,600
|
$52,193
|
|
TOTAL REAL ESTATE DEVELOPMENT
|
$2,816,057
|
||
|
REAL ESTATE OPERATING COMPANIES − 3.0%
|
|||
|
Alony Hetz Properties & Investments Ltd.
|
|
14,688
|
152,536
|
|
Altra Fastigheter AB
|
|
13,690
|
112,084
|
|
Amot Investments Ltd.
|
|
18,530
|
112,590
|
|
Argo Properties NV*
|
|
2,361
|
97,865
|
|
Aroundtown SA
|
|
67,217
|
169,077
|
|
Art Group Holdings Ltd.*
|
|
125,000
|
43,596
|
|
Atrium Ljungberg AB, Class B
|
|
21,965
|
61,361
|
|
Azrieli Group Ltd.
|
|
3,243
|
428,114
|
|
Big Shopping Centers Ltd.
|
|
1,338
|
300,713
|
|
Blue Square Real Estate Ltd.
|
|
696
|
73,153
|
|
CA Immobilien Anlagen AG
|
|
3,408
|
95,238
|
|
Capitaland India Trust
|
|
86,834
|
71,742
|
|
Castellum AB
|
|
31,468
|
441,663
|
|
Catena AB
|
|
4,278
|
177,726
|
|
Cibus Real Estate AB publ
|
|
7,571
|
114,236
|
|
Corem Property Group AB, Class B
|
|
71,713
|
19,077
|
|
CPI Europe AG*
|
|
3,123
|
56,026
|
|
CTP NV
|
|
10,274
|
185,647
|
|
Deutsche Wohnen SE
|
|
3,475
|
74,215
|
|
Dios Fastigheter AB
|
|
11,065
|
76,475
|
|
Electra Real Estate Ltd.*
|
|
4,465
|
46,681
|
|
Entra ASA
|
|
6,908
|
77,191
|
|
Fabege AB
|
|
18,296
|
143,491
|
|
Fastighets AB Balder, Class B*
|
|
58,421
|
319,752
|
|
FRP Holdings, Inc.*
|
|
1,518
|
33,882
|
|
Gav-Yam Lands Corp. Ltd.
|
|
6,398
|
82,009
|
|
Grand City Properties SA
|
|
6,646
|
74,473
|
|
Hang Lung Group Ltd.
|
|
72,000
|
126,727
|
|
Hang Lung Properties Ltd.
|
|
148,000
|
137,544
|
|
Hiag Immobilien Holding AG
|
|
577
|
94,299
|
|
Hongkong Land Holdings Ltd.
|
|
86,600
|
702,217
|
|
Hufvudstaden AB, Class A
|
|
10,212
|
130,042
|
|
Hulic Co. Ltd.
|
|
55,100
|
605,811
|
|
Hysan Development Co. Ltd.
|
|
52,001
|
123,654
|
|
Ichigo, Inc.
|
|
23,500
|
60,814
|
|
International Workplace Group PLC
|
|
63,719
|
169,938
|
|
Intershop Holding AG
|
|
540
|
115,000
|
|
Israel Canada T.R Ltd.
|
|
17,609
|
89,952
|
|
Keihanshin Building Co. Ltd.
|
|
9,800
|
70,192
|
|
LEG Immobilien SE
|
|
6,207
|
372,659
|
|
Leopalace21 Corp.
|
|
20,500
|
86,730
|
|
Logistea AB, Class B
|
|
50,906
|
71,415
|
|
Lumo Kodit OYJ
|
|
15,717
|
142,779
|
|
Mega Or Holdings Ltd.
|
|
2,075
|
337,018
|
|
Melisron Ltd.
|
|
2,063
|
270,886
|
|
Mivne Real Estate KD Ltd.
|
|
45,379
|
200,247
|
|
Mobimo Holding AG
|
|
620
|
268,207
|
|
NP3 Fastigheter AB
|
|
2,963
|
82,386
|
|
Pandox AB
|
|
8,632
|
160,518
|
|
Description
|
|
Number of
Shares
|
Value
|
|
Platzer Fastigheter Holding AB, Class B
|
|
7,498
|
$57,989
|
|
PPI Public Property Invest AB
|
|
384
|
780
|
|
PPI Public Property Invest AB
|
|
37,747
|
75,992
|
|
PSP Swiss Property AG
|
|
3,919
|
707,050
|
|
Sagax AB, Class B
|
|
18,596
|
326,888
|
|
Samhallsbyggnadsbolaget i Norden AB*
|
|
131,894
|
45,458
|
|
StorageVault Canada, Inc.
|
|
20,835
|
71,340
|
|
Summit Real Estate Holdings Ltd.
|
|
3,339
|
54,544
|
|
Swedish Logistic Property AB, Class B*
|
|
18,709
|
72,496
|
|
Swire Properties Ltd.
|
|
88,400
|
269,229
|
|
Swiss Prime Site AG
|
|
6,688
|
1,090,814
|
|
TAG Immobilien AG
|
|
15,993
|
255,558
|
|
TOC Co. Ltd.
|
|
5,500
|
31,692
|
|
VGP NV
|
|
1,272
|
123,942
|
|
Vonovia SE
|
|
72,076
|
1,748,611
|
|
Wallenstam AB, Class B
|
|
34,231
|
148,629
|
|
Wharf Real Estate Investment Co. Ltd.
|
|
140,000
|
473,478
|
|
Wihlborgs Fastigheter AB
|
|
23,134
|
188,153
|
|
TOTAL REAL ESTATE OPERATING COMPANIES
|
$13,802,291
|
||
|
TOTAL COMMON STOCKS
(COST $26,627,108)
|
$30,981,416
|
||
|
EXCHANGE-TRADED FUNDS − 8.7%
|
|||
|
REAL ESTATE − 8.7%
|
|||
|
Schwab U.S. REIT ETF
|
|
1,046,400
|
25,406,592
|
|
Vanguard Global ex-U.S. Real Estate ETF
|
|
318,500
|
14,660,555
|
|
TOTAL REAL ESTATE
|
$40,067,147
|
||
|
TOTAL EXCHANGE-TRADED FUNDS
(COST $32,942,426)
|
$40,067,147
|
||
|
INVESTMENT COMPANY − 3.6%
|
|||
|
EQUITY FUNDS − 3.6%
|
|||
|
Tortoise Energy Infrastructure Total Return
Fund, Institutional Class
|
|
691,784
|
16,443,717
|
|
TOTAL INVESTMENT COMPANY
(COST $8,087,030)
|
$16,443,717
|
||
|
REAL ESTATE INVESTMENT TRUSTS − 34.1%
|
|||
|
DATA CENTER − 3.2%
|
|||
|
DigiCo Infrastructure REIT
|
|
37,257
|
66,326
|
|
Digital Core REIT Management Pte Ltd.
|
|
140,100
|
68,661
|
|
Digital Realty Trust, Inc.
|
|
29,688
|
5,596,782
|
|
Equinix, Inc.
|
|
8,394
|
8,555,836
|
|
Keppel DC REIT
|
|
175,735
|
305,594
|
|
NTT DC REIT
|
|
85,600
|
78,708
|
|
TOTAL DATA CENTER
|
$14,671,907
|
||
|
DIVERSIFIED − 2.7%
|
|||
|
Activia Properties, Inc.
|
|
173
|
154,951
|
|
AEW UK REIT PLC
|
|
21,753
|
31,379
|
|
AH Realty Trust, Inc.
|
|
7,345
|
51,121
|
|
American Assets Trust, Inc.
|
|
3,771
|
88,958
|
|
British Land Co. PLC (The)
|
|
89,245
|
533,652
|
|
Broadstone Net Lease, Inc.
|
|
15,784
|
337,935
|
|
CapitaLand Integrated Commercial Trust
|
|
525,592
|
1,020,036
|
|
Charter Hall Group
|
|
40,956
|
669,699
|
|
Charter Hall Long Wale REIT
|
|
61,120
|
163,413
|
|
Description
|
|
Number of
Shares
|
Value
|
|
Covivio SA
|
|
4,433
|
$270,622
|
|
CTO Realty Growth, Inc.
|
|
3,170
|
69,645
|
|
Custodian Property Income REIT PLC
|
|
42,620
|
49,757
|
|
Daiwa House REIT Investment Corp.
|
|
379
|
293,442
|
|
Essential Properties Realty Trust, Inc.
|
|
17,912
|
560,466
|
|
Gladstone Commercial Corp.
|
|
5,362
|
67,025
|
|
Global Net Lease, Inc.
|
|
15,702
|
136,921
|
|
GPT Group (The)
|
|
162,216
|
584,283
|
|
Growthpoint Properties Australia Ltd.
|
|
26,398
|
41,339
|
|
H&R REIT
|
|
11,299
|
88,822
|
|
Hankyu Hanshin REIT, Inc.
|
|
67
|
60,640
|
|
Heiwa REIT, Inc.
|
|
85
|
71,630
|
|
Hulic REIT, Inc.
|
|
99
|
97,865
|
|
ICADE
|
|
2,678
|
59,741
|
|
KDX Realty Investment Corp.
|
|
343
|
335,232
|
|
Land Securities Group PLC
|
|
64,711
|
616,368
|
|
Mapletree Pan Asia Commercial Trust
|
|
180,823
|
187,522
|
|
Menivim- The New REIT Ltd.
|
|
115,216
|
71,501
|
|
Merlin Properties Socimi SA
|
|
36,625
|
636,547
|
|
Mirai Corp.
|
|
207
|
54,212
|
|
MIRARTH Real Estate Investment Corp.
|
|
100
|
51,865
|
|
Mirvac Group
|
|
333,311
|
418,030
|
|
Mori Trust REIT, Inc.
|
|
222
|
106,234
|
|
Nomura Real Estate Master Fund, Inc.
|
|
360
|
344,319
|
|
NTT UD REIT Investment Corp.
|
|
127
|
109,335
|
|
OUE REIT
|
|
318,600
|
88,140
|
|
Picton Property Income Ltd.
|
|
63,920
|
64,184
|
|
REIT 1 Ltd.
|
|
16,616
|
117,605
|
|
Schroder REIT Ltd.
|
|
45,679
|
27,632
|
|
Sekisui House REIT, Inc.
|
|
346
|
164,558
|
|
Sella Capital Real Estate Ltd.
|
|
19,590
|
56,488
|
|
Shaftesbury Capital PLC
|
|
165,887
|
322,906
|
|
Sirius Real Estate Ltd.
|
|
130,960
|
175,360
|
|
Star Asia Investment Corp.
|
|
211
|
70,869
|
|
Stockland
|
|
213,279
|
638,423
|
|
Stoneweg Europe Stapled Trust
|
|
48,300
|
88,606
|
|
Suntec REIT
|
|
186,000
|
214,612
|
|
Tokyu REIT, Inc.
|
|
79
|
94,053
|
|
Tosei REIT Investment Corp.
|
|
51
|
42,742
|
|
United Urban Investment Corp.
|
|
262
|
267,740
|
|
WP Carey, Inc.
|
|
18,728
|
1,378,381
|
|
Yuexiu REIT
|
|
440,000
|
37,602
|
|
TOTAL DIVERSIFIED
|
$12,284,408
|
||
|
HEALTH CARE − 5.8%
|
|||
|
Aedifica SA
|
|
7,919
|
640,365
|
|
Alexandria Real Estate Equities, Inc.
|
|
13,394
|
689,121
|
|
American Healthcare REIT, Inc.
|
|
16,332
|
908,059
|
|
Care Property Invest NV
|
|
4,663
|
67,780
|
|
CareTrust REIT, Inc.
|
|
20,374
|
854,486
|
|
Chiron Real Estate, Inc.#
|
|
1,322
|
46,931
|
|
Community Healthcare Trust, Inc.
|
|
3,742
|
68,516
|
|
Diversified Healthcare Trust
|
|
19,260
|
171,414
|
|
Health Care & Medical Investment Corp.
|
|
33
|
21,802
|
|
Healthcare Realty Trust, Inc.
|
|
28,950
|
608,239
|
|
Healthpeak Properties, Inc.
|
|
58,238
|
1,271,336
|
|
LTC Properties, Inc.
|
|
4,209
|
169,370
|
|
Medical Properties Trust, Inc.#
|
|
39,017
|
180,649
|
|
Description
|
|
Number of
Shares
|
Value
|
|
National Health Investors, Inc.
|
|
4,275
|
$327,679
|
|
Omega Healthcare Investors, Inc.
|
|
25,560
|
1,294,103
|
|
Parkway Life REIT
|
|
40,600
|
133,606
|
|
Primary Health Properties PLC
|
|
198,261
|
252,689
|
|
Sabra Health Care REIT, Inc.
|
|
22,052
|
466,841
|
|
Target Healthcare REIT PLC
|
|
77,461
|
118,506
|
|
Universal Health Realty Income Trust
|
|
1,459
|
63,350
|
|
Ventas, Inc.
|
|
41,326
|
3,864,394
|
|
Vital Healthcare Property Trust
|
|
65,163
|
72,418
|
|
Vital Infrastructure Property Trust
|
|
12,608
|
50,275
|
|
Welltower, Inc.
|
|
60,108
|
14,091,720
|
|
TOTAL HEALTH CARE
|
$26,433,649
|
||
|
HOTEL & RESORT − 1.0%
|
|||
|
Apple Hospitality REIT, Inc.
|
|
18,766
|
309,827
|
|
CapitaLand Ascott Trust
|
|
215,449
|
151,997
|
|
CDL Hospitality Trusts
|
|
59,214
|
36,714
|
|
Chatham Lodging Trust
|
|
5,931
|
79,060
|
|
DiamondRock Hospitality Co.
|
|
18,163
|
240,478
|
|
Far East Hospitality Trust
|
|
94,900
|
42,551
|
|
Hoshino Resorts REIT, Inc.
|
|
53
|
81,082
|
|
Host Hotels & Resorts, Inc.
|
|
54,665
|
1,373,732
|
|
Invincible Investment Corp.
|
|
636
|
243,732
|
|
Japan Hotel REIT Investment Corp.
|
|
523
|
266,503
|
|
Park Hotels & Resorts, Inc.
|
|
17,955
|
270,402
|
|
Pebblebrook Hotel Trust
|
|
9,680
|
184,888
|
|
RLJ Lodging Trust
|
|
11,605
|
142,161
|
|
Ryman Hospitality Properties, Inc.
|
|
5,434
|
726,254
|
|
Service Properties Trust
|
|
11,804
|
94,786
|
|
Summit Hotel Properties, Inc.
|
|
11,188
|
76,974
|
|
Sunstone Hotel Investors, Inc.
|
|
16,333
|
192,239
|
|
Xenia Hotels & Resorts, Inc.
|
|
8,375
|
172,358
|
|
TOTAL HOTEL & RESORT
|
$4,685,738
|
||
|
INDUSTRIAL − 5.8%
|
|||
|
AIMS APAC REIT
|
|
43,700
|
54,542
|
|
Americold Realty Trust, Inc.
|
|
24,032
|
338,611
|
|
CapitaLand Ascendas REIT
|
|
368,000
|
737,096
|
|
Centuria Industrial REIT
|
|
46,315
|
97,825
|
|
CRE Logistics REIT, Inc.
|
|
87
|
76,952
|
|
Dexus Industria REIT
|
|
26,271
|
45,483
|
|
Dream Industrial REIT
|
|
11,389
|
116,908
|
|
EastGroup Properties, Inc.
|
|
4,525
|
945,770
|
|
ESR-REIT
|
|
52,029
|
106,301
|
|
First Industrial Realty Trust, Inc.
|
|
11,165
|
735,104
|
|
Frasers Logistics & Commercial Trust
|
|
249,620
|
192,687
|
|
GLP J-REIT
|
|
400
|
363,501
|
|
Goodman Group
|
|
174,775
|
3,638,629
|
|
Goodman New Zealand Ltd. & Goodman
Property Services NZ Ltd.
|
|
109,024
|
128,888
|
|
Granite REIT
|
|
2,635
|
180,842
|
|
Industrial & Infrastructure Fund Investment
Corp.
|
|
217
|
192,005
|
|
Industrial Logistics Properties Trust
|
|
6,523
|
56,163
|
|
Innovative Industrial Properties, Inc.#
|
|
2,233
|
131,323
|
|
Japan Logistics Fund, Inc.
|
|
216
|
133,942
|
|
LaSalle Logiport REIT
|
|
149
|
142,532
|
|
Lineage, Inc.
|
|
4,533
|
192,063
|
|
Description
|
|
Number of
Shares
|
Value
|
|
LondonMetric Property PLC
|
|
198,905
|
$525,827
|
|
LXP Industrial Trust
|
|
5,237
|
316,996
|
|
Mapletree Industrial Trust
|
|
188,170
|
283,160
|
|
Mapletree Logistics Trust
|
|
279,150
|
269,672
|
|
Mitsubishi Estate Logistics REIT Investment
Corp.
|
|
126
|
98,411
|
|
Mitsui Fudosan Logistics Park, Inc.
|
|
275
|
186,271
|
|
Montea NV
|
|
1,804
|
141,387
|
|
Nippon Prologis REIT, Inc.
|
|
598
|
339,847
|
|
One Liberty Properties, Inc.
|
|
1,556
|
37,826
|
|
Prologis, Inc.
|
|
78,938
|
11,415,224
|
|
Rexford Industrial Realty, Inc.
|
|
18,620
|
703,277
|
|
Segro PLC
|
|
113,334
|
1,480,449
|
|
SOSiLA Logistics REIT, Inc.
|
|
76
|
51,894
|
|
STAG Industrial, Inc.
|
|
16,442
|
629,071
|
|
Terreno Realty Corp.
|
|
8,867
|
635,321
|
|
Tritax Big Box REIT PLC
|
|
210,539
|
484,054
|
|
Warehouses De Pauw
|
|
16,676
|
429,156
|
|
TOTAL INDUSTRIAL
|
$26,635,010
|
||
|
MULTI-FAMILY RESIDENTIAL − 2.5%
|
|||
|
Advance Residence Investment Corp.
|
|
243
|
225,464
|
|
Altarea SCA
|
|
588
|
68,434
|
|
AvalonBay Communities, Inc.
|
|
11,940
|
2,216,183
|
|
Boardwalk REIT
|
|
2,080
|
98,299
|
|
BRT Apartments Corp.#
|
|
1,574
|
23,468
|
|
Camden Property Trust
|
|
8,439
|
935,126
|
|
Canadian Apartment Properties REIT
|
|
6,637
|
164,096
|
|
Centerspace
|
|
1,642
|
90,047
|
|
Centurion Accommodation REIT
|
|
82,000
|
72,189
|
|
Comforia Residential REIT, Inc.
|
|
180
|
115,368
|
|
Daiwa Securities Living Investments Corp.
|
|
199
|
121,298
|
|
Equity Residential
|
|
28,883
|
1,919,275
|
|
Essex Property Trust, Inc.
|
|
5,441
|
1,546,006
|
|
Grainger PLC
|
|
61,925
|
146,129
|
|
Home REIT PLC*
|
|
42,087
|
5,552
|
|
Independence Realty Trust, Inc.
|
|
19,234
|
319,861
|
|
Ingenia Communities Group
|
|
40,228
|
122,721
|
|
Irish Residential Properties REIT PLC
|
|
45,362
|
56,824
|
|
Killam Apartment REIT
|
|
4,993
|
66,212
|
|
Living REIT PLC
|
|
33,231
|
34,558
|
|
Mid-America Apartment Communities, Inc.
|
|
9,949
|
1,316,651
|
|
Mitsui Fudosan Accommodations Fund, Inc.
|
|
215
|
165,647
|
|
Morguard North American Residential REIT
|
|
1,808
|
20,958
|
|
NexPoint Residential Trust, Inc.
|
|
3,085
|
80,549
|
|
Samty Residential Investment Corp.
|
|
82
|
47,017
|
|
Starts Proceed Investment Corp.
|
|
27
|
31,281
|
|
UDR, Inc.
|
|
24,729
|
943,659
|
|
UNITE Group PLC (The)
|
|
43,790
|
318,098
|
|
Xior Student Housing NV
|
|
3,202
|
101,902
|
|
TOTAL MULTI-FAMILY RESIDENTIAL
|
$11,372,872
|
||
|
OFFICE − 1.7%
|
|||
|
Allied Properties REIT
|
|
6,739
|
47,207
|
|
Brandywine Realty Trust
|
|
18,861
|
57,337
|
|
BXP, Inc.
|
|
12,754
|
894,311
|
|
Champion REIT
|
|
160,000
|
47,478
|
|
Colonial SFL Socimi SA
|
|
29,033
|
185,838
|
|
Description
|
|
Number of
Shares
|
Value
|
|
COPT Defense Properties
|
|
9,418
|
$357,507
|
|
Cousins Properties, Inc.
|
|
14,371
|
453,405
|
|
Cromwell Property Group
|
|
262,936
|
79,616
|
|
Daiwa Office Investment Corp.
|
|
52
|
111,211
|
|
Derwent London PLC
|
|
9,601
|
272,458
|
|
Dexus
|
|
94,306
|
396,050
|
|
Douglas Emmett, Inc.
|
|
13,149
|
155,421
|
|
Easterly Government Properties, Inc.#
|
|
3,981
|
96,977
|
|
Empire State Realty Trust, Inc., Class A#
|
|
14,413
|
72,930
|
|
Gecina SA
|
|
4,380
|
379,453
|
|
Global One Real Estate Investment Corp.
|
|
95
|
66,748
|
|
Great Portland Estates PLC
|
|
34,798
|
164,263
|
|
Helical PLC
|
|
16,578
|
44,396
|
|
Highwoods Properties, Inc.
|
|
9,228
|
305,724
|
|
Hudson Pacific Properties, Inc.*
|
|
5,813
|
80,045
|
|
Ichigo Office REIT Investment Corp.
|
|
132
|
79,722
|
|
Japan Excellent, Inc.
|
|
109
|
98,548
|
|
Japan Prime Realty Investment Corp.
|
|
323
|
198,473
|
|
Japan Real Estate Investment Corp.
|
|
606
|
463,742
|
|
JBG SMITH Properties#
|
|
6,049
|
84,989
|
|
Keppel REIT
|
|
242,200
|
173,742
|
|
Kilroy Realty Corp.
|
|
8,731
|
338,937
|
|
Mori Hills REIT Investment Corp.
|
|
119
|
97,039
|
|
Nippon Building Fund, Inc.
|
|
740
|
624,195
|
|
NIPPON REIT Investment Corp.
|
|
156
|
82,047
|
|
NSI NV
|
|
1,776
|
34,071
|
|
One REIT, Inc.
|
|
90
|
44,739
|
|
Orix JREIT, Inc.
|
|
462
|
298,960
|
|
Piedmont Realty Trust, Inc, Class A*
|
|
10,974
|
106,338
|
|
Postal Realty Trust, Inc., Class A
|
|
2,000
|
46,080
|
|
Sankei Real Estate, Inc.
|
|
40
|
26,826
|
|
SL Green Realty Corp.
|
|
6,144
|
325,202
|
|
Vornado Realty Trust
|
|
13,775
|
542,597
|
|
Workspace Group PLC
|
|
12,028
|
57,013
|
|
TOTAL OFFICE
|
$7,991,635
|
||
|
OTHER SPECIALIZED − 2.1%
|
|||
|
Arena REIT
|
|
35,122
|
78,451
|
|
Charter Hall Social Infrastructure REIT
|
|
35,768
|
64,699
|
|
EPR Properties
|
|
6,503
|
403,641
|
|
Farmland Partners, Inc.#
|
|
4,870
|
45,535
|
|
Four Corners Property Trust, Inc.
|
|
9,736
|
249,242
|
|
Gaming and Leisure Properties, Inc.
|
|
24,039
|
1,076,707
|
|
Gladstone Land Corp.#
|
|
5,064
|
41,069
|
|
Iron Mountain, Inc.
|
|
25,300
|
3,094,696
|
|
Lamar Advertising Co., Class A
|
|
7,374
|
1,179,545
|
|
Millrose Properties, Inc., Class A
|
|
13,493
|
377,534
|
|
Outfront Media, Inc.
|
|
13,151
|
419,122
|
|
Rural Funds Trust
|
|
46,919
|
71,603
|
|
Safehold, Inc.
|
|
4,022
|
65,076
|
|
VICI Properties, Inc.
|
|
92,753
|
2,444,042
|
|
TOTAL OTHER SPECIALIZED
|
$9,610,962
|
||
|
RETAIL − 6.4%
|
|||
|
Acadia Realty Trust
|
|
10,917
|
245,305
|
|
AEON REIT Investment Corp.
|
|
135
|
103,192
|
|
Agree Realty Corp.
|
|
9,995
|
777,611
|
|
Alexander's, Inc.#
|
|
201
|
51,255
|
|
Description
|
|
Number of
Shares
|
Value
|
|
Brixmor Property Group, Inc.
|
|
25,752
|
$811,445
|
|
BWP Property Group Ltd.
|
|
56,897
|
155,255
|
|
CapitaLand China Trust
|
|
120,900
|
62,225
|
|
Carmila SA
|
|
6,271
|
122,454
|
|
CBL & Associates Properties, Inc.
|
|
1,533
|
90,002
|
|
Charter Hall Retail REIT
|
|
46,012
|
130,052
|
|
Choice Properties REIT
|
|
13,868
|
157,887
|
|
Crombie REIT
|
|
4,825
|
60,130
|
|
CT REIT
|
|
6,101
|
81,123
|
|
Curbline Properties Corp.
|
|
8,150
|
249,716
|
|
Eurocommercial Properties NV
|
|
4,984
|
161,219
|
|
Federal Realty Investment Trust
|
|
6,611
|
820,359
|
|
First Capital REIT
|
|
8,769
|
143,434
|
|
Fortune REIT
|
|
131,000
|
80,673
|
|
Frasers Centrepoint Trust
|
|
125,223
|
221,521
|
|
FrontView REIT, Inc.
|
|
1,800
|
36,612
|
|
Fukuoka REIT Corp.
|
|
64
|
71,834
|
|
Getty Realty Corp.
|
|
4,465
|
152,435
|
|
Hamborner REIT AG
|
|
12,777
|
64,699
|
|
Hammerson PLC
|
|
43,552
|
225,383
|
|
HomeCo Daily Needs REIT
|
|
162,475
|
144,364
|
|
InvenTrust Properties Corp.
|
|
6,558
|
232,219
|
|
Japan Metropolitan Fund Invest
|
|
605
|
446,894
|
|
Kimco Realty Corp.
|
|
57,066
|
1,454,042
|
|
Kite Realty Group Trust
|
|
18,275
|
523,030
|
|
Klepierre SA
|
|
18,940
|
860,274
|
|
Lendlease Global Commercial REIT
|
|
193,725
|
89,080
|
|
Link REIT
|
|
223,500
|
1,114,034
|
|
Macerich Co. (The)
|
|
24,533
|
633,933
|
|
Mercialys SA
|
|
8,472
|
117,439
|
|
Mitsui Fudosan Retail Fund Investment Corp.
|
|
195
|
100,335
|
|
NETSTREIT Corp.#
|
|
8,065
|
172,994
|
|
NewRiver REIT PLC
|
|
44,669
|
49,477
|
|
NNN REIT, Inc.
|
|
15,932
|
757,089
|
|
Phillips Edison & Co., Inc.
|
|
10,352
|
439,856
|
|
Primaris REIT
|
|
4,411
|
72,088
|
|
Realty Income Corp.
|
|
79,053
|
5,049,115
|
|
Regency Centers Corp.
|
|
13,845
|
1,111,615
|
|
Region Group
|
|
98,776
|
165,139
|
|
Retail Estates NV
|
|
1,199
|
91,157
|
|
RioCan REIT
|
|
11,906
|
188,376
|
|
Sasseur REIT
|
|
61,100
|
32,853
|
|
Saul Centers, Inc.
|
|
1,263
|
43,030
|
|
Scentre Group
|
|
444,425
|
1,220,176
|
|
Simon Property Group, Inc.
|
|
27,559
|
6,321,208
|
|
SITE Centers Corp.
|
|
6,624
|
28,351
|
|
Slate Grocery REIT, Class U
|
|
2,915
|
36,306
|
|
SmartCentres REIT
|
|
7,835
|
165,156
|
|
Starhill Global REIT
|
|
158,600
|
68,651
|
|
Supermarket Income REIT PLC
|
|
108,974
|
126,574
|
|
Tanger, Inc.
|
|
10,042
|
408,308
|
|
Unibail-Rodamco-Westfield
|
|
10,360
|
1,262,246
|
|
Urban Edge Properties
|
|
10,642
|
241,148
|
|
Vicinity Ltd.
|
|
337,978
|
635,178
|
|
Waypoint REIT Ltd.
|
|
58,312
|
101,944
|
|
Wereldhave NV
|
|
2,996
|
66,210
|
|
TOTAL RETAIL
|
$29,645,710
|
||
|
Description
|
|
Number of
Shares
|
Value
|
|
SELF-STORAGE − 1.9%
|
|||
|
Big Yellow Group PLC
|
|
17,783
|
$212,904
|
|
CubeSmart
|
|
19,479
|
807,599
|
|
Extra Space Storage, Inc.
|
|
17,968
|
2,659,983
|
|
Public Storage
|
|
14,304
|
4,636,921
|
|
Safestore Holdings PLC
|
|
18,058
|
150,638
|
|
Shurgard Self Storage Ltd.
|
|
2,600
|
75,968
|
|
Smartstop Self Storage REIT, Inc.
|
|
5,817
|
195,102
|
|
Storage King Group
|
|
51,339
|
46,446
|
|
TOTAL SELF-STORAGE
|
$8,785,561
|
||
|
SINGLE-FAMILY RESIDENTIAL − 1.0%
|
|||
|
American Homes 4 Rent, Class A
|
|
27,273
|
911,464
|
|
Equity LifeStyle Properties, Inc.
|
|
16,619
|
1,081,398
|
|
Invitation Homes, Inc.
|
|
47,726
|
1,418,417
|
|
Sun Communities, Inc.
|
|
9,741
|
1,202,819
|
|
UMH Properties, Inc.
|
|
7,767
|
117,359
|
|
TOTAL SINGLE-FAMILY RESIDENTIAL
|
$4,731,457
|
||
|
TOTAL REAL ESTATE INVESTMENT TRUSTS
(COST $126,547,635)
|
$156,848,909
|
||
|
TOTAL REAL ESTATE RELATED SECURITIES
(COST $194,204,199)
|
$244,341,189
|
||
|
COMMODITY RELATED SECURITIES − 46.5%
|
|||
|
EXCHANGE-TRADED FUNDS − 1.9%
|
|||
|
COMMODITY − 1.9%
|
|||
|
State Street SPDR S&P Global Natural
Resources ETF#
|
|
119,300
|
8,634,934
|
|
TOTAL EXCHANGE-TRADED FUNDS
(COST $5,102,945)
|
$8,634,934
|
||
|
INVESTMENT COMPANIES − 44.6%
|
|||
|
COMMODITY − 44.6%
|
|||
|
Vanguard Commodity Strategy Fund, Admiral
Shares
|
|
2,714,287
|
83,192,881
|
|
DFA Commodity Strategy Portfolio,
Institutional Class§
|
|
20,137,271
|
117,198,920
|
|
Parametric Commodity Strategy Fund,
Institutional Class
|
|
616,776
|
4,903,371
|
|
TOTAL COMMODITY
|
$205,295,172
|
||
|
TOTAL INVESTMENT COMPANIES
(COST $168,452,435)
|
$205,295,172
|
||
|
TOTAL COMMODITY RELATED SECURITIES
(COST $173,555,380)
|
$213,930,106
|
||
|
SHORT-TERM INVESTMENTS − 0.2%
|
|||
|
MONEY MARKET FUND − 0.2%
|
|||
|
BNY Dreyfus Government Cash Management
Fund, Institutional Shares, 3.56%^
|
|
953,458
|
953,458
|
|
TOTAL SHORT-TERM INVESTMENT
(COST $953,459)
|
$953,458
|
||
|
Description
|
|
Par Value
|
Value
|
|
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN − 0.3%
|
|||
|
REPURCHASE AGREEMENTS − 0.3%
|
|||
|
BNP Paribas SA, 3.64%, dated 7/31/26, due
8/03/26, repurchase price $275,731,
collateralized by U.S. Treasury Securities,
0.00% to 6.63%, maturing 9/08/26 to
11/15/53; total market value of
$281,160.
|
|
$275,647
|
$275,647
|
|
Citigroup Global Markets Ltd., 3.64%, dated
7/31/26, due 8/03/26, repurchase price
$275,731, collateralized by a
U.S. Treasury Security, 3.63%, maturing
2/15/44; total market value of $281,160.
|
|
275,647
|
275,647
|
|
Daiwa Capital Markets America, Inc., 3.64%,
dated 7/31/26, due 8/03/26, repurchase
price $275,731, collateralized by
U.S. Treasury Securities, 0.13% to 4.38%,
maturing 12/31/26 to 11/30/32; total
market value of $281,160.
|
|
275,647
|
275,647
|
|
Deutsche Bank Securities, Inc., 3.64%,
dated 7/31/26, due 8/03/26, repurchase
price $275,731, collateralized by
U.S. Treasury Securities, 3.38% to 4.00%,
maturing 9/15/27 to 11/15/35; total
market value of $281,160.
|
|
275,647
|
275,647
|
|
RBC Dominion Securities, Inc., 3.64%, dated
7/31/26, due 8/03/26, repurchase price
$275,731, collateralized by U.S. Treasury
Securities, 0.00% to 2.13%, maturing
11/17/26 to 2/15/49; total market value
of $281,160.
|
|
275,647
|
275,647
|
|
TD Securities, Inc., 3.64%, dated 7/31/26,
due 8/03/26, repurchase price $80,241,
collateralized by U.S. Treasury Securities,
0.63% to 4.13%, maturing 1/31/28 to
6/30/31; total market value of $81,821.
|
|
80,217
|
80,217
|
|
TOTAL REPURCHASE AGREEMENTS
(COST $1,458,452)
|
$1,458,452
|
||
|
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $1,458,452)
|
$1,458,452
|
||
|
TOTAL INVESTMENTS – 100.2%
(Cost $370,171,490)
|
$460,683,205
|
||
|
COLLATERAL FOR SECURITIES ON LOAN − (0.3%)
|
(1,458,452
)
|
||
|
OTHER ASSETS LESS LIABILITIES − 0.1%
|
359,967
|
||
|
TOTAL NET ASSETS − 100.0%
|
$459,584,720
|
||
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments in Securities
|
|
|
|
|
|
Real Estate Related Securities
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
Diversified
|
$—
|
$75,433
|
$—
|
$75,433
|
|
Diversified Real Estate Activities
|
287,629
|
14,000,006
|
—
|
14,287,635
|
|
Real Estate Development
|
284,554
|
2,531,503
|
—
|
2,816,057
|
|
Real Estate Operating Companies
|
181,994
|
13,620,297
|
—
|
13,802,291
|
|
Exchange-Traded Funds
|
40,067,147
|
—
|
—
|
40,067,147
|
|
Investment Company
|
16,443,717
|
—
|
—
|
16,443,717
|
|
Real Estate Investment Trusts
|
|
|
|
|
|
Data Center
|
14,152,618
|
519,289
|
—
|
14,671,907
|
|
Diversified
|
2,779,274
|
9,505,134
|
—
|
12,284,408
|
|
Health Care
|
25,126,483
|
1,307,166
|
—
|
26,433,649
|
|
Hotel & Resort
|
3,863,159
|
822,579
|
—
|
4,685,738
|
|
Industrial
|
16,434,499
|
10,200,511
|
—
|
26,635,010
|
|
Multi-Family Residential
|
9,740,390
|
1,632,482
|
—
|
11,372,872
|
|
Office
|
3,965,007
|
4,026,628
|
—
|
7,991,635
|
|
Other Specialized
|
9,396,209
|
214,753
|
—
|
9,610,962
|
|
Retail
|
21,555,178
|
8,090,532
|
—
|
29,645,710
|
|
Self-Storage
|
8,299,605
|
485,956
|
—
|
8,785,561
|
|
Single-Family Residential
|
4,731,457
|
—
|
—
|
4,731,457
|
|
Commodity Related Securities
|
|
|
|
|
|
Exchange-Traded Funds
|
8,634,934
|
—
|
—
|
8,634,934
|
|
Investment Companies
|
205,295,172
|
—
|
—
|
205,295,172
|
|
Money Market Fund
|
953,458
|
—
|
—
|
953,458
|
|
Repurchase Agreements
|
—
|
1,458,452
|
—
|
1,458,452
|
|
Total Investments in Securities
|
$392,192,484
|
$68,490,721
|
$—
|
$460,683,205
|
|
*
|
Non-income producing security.
|
|
#
|
Security, or a portion thereof, is on loan.
|
|
§
|
Affiliated company.
|
|
^
|
7-Day net yield.
|
|
The following acronyms are used throughout this Portfolio of Investments:
|
|
|
ETF
|
Exchange-Traded Fund
|
|
J-REIT
|
Japanese Real Estate Investment Trust
|
|
OYJ
|
Public Limited Company
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
SCA
|
Limited Partnership With Share Capital
|
|
SPDR
|
Standard & Poor's Depositary Receipt
|