Equity Real Estate Investment Trusts (REITs) - 94.2%
REITs - Apartments - 12.9%
American Homes 4 Rent Class A
6,578
235,492
Equity Residential (SBI)
4,799
309,056
Invitation Homes, Inc.
4,763
162,895
Mid-America Apartment Communities, Inc.
2,720
353,600
UDR, Inc.
9,852
375,164
1,436,207
REITs - Diversified - 20.9%
Apartment Income (REIT) Corp.
2,163
83,016
Crown Castle, Inc.
3,645
341,828
Digital Realty Trust, Inc.
2,873
398,715
Elme Communities (SBI)
2,407
36,490
Equinix, Inc.
1,029
731,732
Gaming & Leisure Properties
1,178
50,336
Lamar Advertising Co. Class A
1,363
157,904
SBA Communications Corp. Class A
2,774
516,297
2,316,318
REITs - Health Care - 9.2%
Ventas, Inc.
16,311
722,251
Welltower, Inc.
3,157
300,799
1,023,050
REITs - Hotels - 2.2%
DiamondRock Hospitality Co.
18,358
163,386
Ryman Hospitality Properties, Inc.
743
78,372
241,758
REITs - Industrial Buildings - 1.0%
STAG Industrial, Inc.
3,161
108,707
REITs - Management/Investment - 9.9%
American Tower Corp.
3,342
573,354
NNN (REIT), Inc.
9,861
399,666
Weyerhaeuser Co.
4,145
125,055
1,098,075
REITs - Manufactured Homes - 3.6%
Equity Lifestyle Properties, Inc.
960
57,878
Sun Communities, Inc.
3,067
341,418
399,296
REITs - Regional Malls - 0.5%
Tanger, Inc.
2,108
59,762
REITs - Shopping Centers - 8.7%
Kimco Realty Corp.
21,985
409,581
Phillips Edison & Co., Inc.
3,639
118,995
Realty Income Corp.
987
52,844
Regency Centers Corp.
2,123
125,724
SITE Centers Corp.
8,831
119,130
Urban Edge Properties
8,407
140,649
966,923
REITs - Single Tenant - 0.8%
Four Corners Property Trust, Inc.
3,769
88,383
REITs - Storage - 12.4%
CubeSmart
9,359
378,478
Extra Space Storage, Inc.
1,306
175,370
Iron Mountain, Inc.
3,273
253,723
Public Storage
2,210
573,385
1,380,956
REITs - Warehouse/Industrial - 12.1%
Americold Realty Trust
6,456
141,838
Prologis, Inc.
11,018
1,124,386
Terreno Realty Corp.
1,460
79,351
1,345,575
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
10,465,010
Real Estate Management & Development - 4.1%
Real Estate Operating Companies - 0.6%
Digitalbridge Group, Inc.
4,444
73,059
Real Estate Services - 3.5%
CBRE Group, Inc. (a)
4,429
384,836
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
457,895
TOTAL COMMON STOCKS
(Cost $12,468,870)
10,922,905
TOTAL INVESTMENT IN SECURITIES - 98.3%
(Cost $12,468,870)
10,922,905
NET OTHER ASSETS (LIABILITIES) - 1.7%
190,556
NET ASSETS - 100.0%
11,113,461
Legend
(a)
Non-income producing
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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