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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Apple Hospitality REIT, Inc.</name>
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          <isin value="US03784Y2000"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Broadstone Net Lease, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Capital REIT</name>
        <lei>54930042UG2WCIIAQZ39</lei>
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          <isin value="CA31890B1031"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sunstone Hotel Investors, Inc.</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>Sunstone Hotel Investors, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Xenia Hotels &amp; Resorts, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EPR Properties</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Katitas Co. Ltd.</name>
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        <title>Katitas Co. Ltd.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Mapletree Pan Asia Commercial Trust</name>
        <lei>549300BF18K4IC5LZ208</lei>
        <title>Mapletree Pan Asia Commercial Trust</title>
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          <isin value="SG2D18969584"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>SG</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Granite REIT</name>
        <lei>549300A6I7CLE0ZC0396</lei>
        <title>Granite REIT</title>
        <cusip>387437205</cusip>
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          <isin value="CA3874372053"/>
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        <balance>20701.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Keppel DC REIT</name>
        <lei>N/A</lei>
        <title>Keppel DC REIT</title>
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          <isin value="SG1AF6000009"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hang Lung Group Ltd.</name>
        <lei>529900V2T2EPOQYH0981</lei>
        <title>Hang Lung Group Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Tokyu Fudosan Holdings Corp.</name>
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        <title>Tokyu Fudosan Holdings Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>Killam Apartment REIT</name>
        <lei>2549001RZSL75H60JE41</lei>
        <title>Killam Apartment REIT</title>
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        <name>InvenTrust Properties Corp.</name>
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        <title>InvenTrust Properties Corp.</title>
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        <name>Charter Hall Group</name>
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        <name>N/A</name>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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        <name>Daito Trust Construction Co. Ltd.</name>
        <lei>353800QQ4DRI3KXS3038</lei>
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        <name>Sino Land Co. Ltd.</name>
        <lei>529900G5P51053HJVZ92</lei>
        <title>Sino Land Co. Ltd.</title>
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        <invCountry>HK</invCountry>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="103135"/>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Bank of New York</counterpartyName>
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      <invstOrSec>
        <name>Kimco Realty Corp.</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>Kimco Realty Corp.</title>
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          <isin value="US49446R1095"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Zug Estates Holding AG</name>
        <lei>506700683S928H292L02</lei>
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          <isin value="CH0148052126"/>
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        <invCountry>CH</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SmartCentres REIT</name>
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          <isin value="CA83179X1087"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mega Or Holdings Ltd.</name>
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          <isin value="IL0011044885"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNITE Group plc (The)</name>
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        <title>UNITE Group plc (The)</title>
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          <isin value="GB0006928617"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kerry Properties Ltd.</name>
        <lei>5299006T5ULIIRZ7LK49</lei>
        <title>Kerry Properties Ltd.</title>
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          <isin value="BMG524401079"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sun Hung Kai Properties Ltd.</name>
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        <title>Sun Hung Kai Properties Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>HK</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CapitaLand Ascott Trust</name>
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        <title>CapitaLand Ascott Trust</title>
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          <isin value="SGXC16332337"/>
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        <invCountry>SG</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shurgard Self Storage Ltd.</name>
        <lei>549300J0UEIKU81XO336</lei>
        <title>Shurgard Self Storage Ltd.</title>
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        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="103535"/>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>Simon Property Group, Inc.</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>Simon Property Group, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Realty Income Corp.</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>Realty Income Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>AIMS APAC REIT</name>
        <lei>549300MGNQOBQ3KVN734</lei>
        <title>AIMS APAC REIT</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>City Developments Ltd.</name>
        <lei>254900BPLPJS0RJ72373</lei>
        <title>City Developments Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Azrieli Group Ltd.</name>
        <lei>N/A</lei>
        <title>Azrieli Group Ltd.</title>
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        <invCountry>IL</invCountry>
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        <name>CK Asset Holdings Ltd.</name>
        <lei>5299006GJZSGP78B8S35</lei>
        <title>CK Asset Holdings Ltd.</title>
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        <name>NIPPON REIT Investment Corp.</name>
        <lei>3538004O49OJ90PEXX85</lei>
        <title>NIPPON REIT Investment Corp.</title>
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        <name>BWP Property Group Ltd.</name>
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        <name>Highwoods Properties, Inc.</name>
        <lei>ZIIGTYKL9T0X3HLTDX53</lei>
        <title>Highwoods Properties, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LondonMetric Property plc</name>
        <lei>213800OCERWWPQDURL87</lei>
        <title>LondonMetric Property plc</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Safestore Holdings plc</name>
        <lei>213800WGA3YSJC1YOH73</lei>
        <title>Safestore Holdings plc</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="103132"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-1070.10000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BNP Paribas</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Equinix, Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix, Inc.</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
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        <balance>13335.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Waypoint REIT Ltd.</name>
        <lei>5493003CS5K82RREKA54</lei>
        <title>Waypoint REIT Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000088064"/>
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        <balance>564515.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55315679"/>
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        <pctVal>0.244978714938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Capitaland India Trust</name>
        <lei>N/A</lei>
        <title>Capitaland India Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG1V35936920"/>
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        <balance>1117600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29735000"/>
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        <pctVal>0.274185081730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HMC Capital Ltd.</name>
        <lei>9845005E59E4DCFA1C33</lei>
        <title>HMC Capital Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000058943"/>
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        <balance>138176.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55315679"/>
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        <pctVal>0.085423899428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="283143.75000000"/>
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      <invstOrSec>
        <name>SITE Centers Corp.</name>
        <lei>W2AVA6SODOQ1LCYJQR54</lei>
        <title>SITE Centers Corp.</title>
        <cusip>82981J851</cusip>
        <identifiers>
          <isin value="US82981J8514"/>
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        <balance>57277.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>616873.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="189144.74000000"/>
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      <invstOrSec>
        <name>Welltower, Inc.</name>
        <lei>254900F33BIAR82QTA19</lei>
        <title>Welltower, Inc.</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
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        <balance>57658.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9517606.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Medical Properties Trust, Inc.</name>
        <lei>254900U6E39J1MQCCY14</lei>
        <title>Medical Properties Trust, Inc.</title>
        <cusip>58463J304</cusip>
        <identifiers>
          <isin value="US58463J3041"/>
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        <balance>294640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1213916.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="1216859.07000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Reit 1 Ltd.</name>
        <lei>N/A</lei>
        <title>Reit 1 Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0010989205"/>
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        <balance>160401.00000000</balance>
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        <currencyConditional curCd="ILS" exchangeRt="3.39260000"/>
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        <pctVal>0.282125022422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CTP NV</name>
        <lei>3157000YTVO4TN65UM14</lei>
        <title>CTP NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL00150006R6"/>
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        <balance>65659.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370582"/>
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        <pctVal>0.374664518103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="18429.13000000"/>
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      <invstOrSec>
        <name>Digital Realty Trust, Inc.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust, Inc.</title>
        <cusip>253868103</cusip>
        <identifiers>
          <isin value="US2538681030"/>
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        <balance>33782.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5960496.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Public Storage</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460D109</cusip>
        <identifiers>
          <isin value="US74460D1090"/>
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        <balance>7366.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2003110.04000000</valUSD>
        <pctVal>0.535762646469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Big Yellow Group plc</name>
        <lei>213800W7Q4V2ZI8LIW31</lei>
        <title>Big Yellow Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002869419"/>
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        <balance>95504.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565798"/>
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        <pctVal>0.316402388941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HA Sustainable Infrastructure Capital, Inc.</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
        <title>HA Sustainable Infrastructure Capital, Inc.</title>
        <cusip>41068X100</cusip>
        <identifiers>
          <isin value="US41068X1000"/>
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        <balance>58674.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1523763.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
        <cusip>929042109</cusip>
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          <isin value="US9290421091"/>
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        <balance>83058.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3191088.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="1292765.00000000"/>
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      <invstOrSec>
        <name>Olav Thon Eiendomsselskap ASA</name>
        <lei>5967007LIEEXZXGOW838</lei>
        <title>Olav Thon Eiendomsselskap ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0005638858"/>
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        <balance>3556.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="10.29345000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CF SECURED LLC</name>
        <lei>254900OXTV81I73FAT50</lei>
        <title>Treasury Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="250731014"/>
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        <balance>13633532.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13633532.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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              <invstCat>UST</invstCat>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="13633532.95000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Allreal Holding AG</name>
        <lei>5067006XH174LA44H658</lei>
        <title>Allreal Holding AG (Registered)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0008837566"/>
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        <balance>7747.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.81205000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Japan Excellent, Inc.</name>
        <lei>35380015J62221TE0D86</lei>
        <title>Japan Excellent, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3046420000"/>
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        <balance>1039.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="103600"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-17565.53000000</valUSD>
        <pctVal>-0.00469817166</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL BK OF CANADA FINANCIAL INC</name>
        <lei>549300K66TF1ST7A3V76</lei>
        <title>Other Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="250702058"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000000.00000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300K66TF1ST7A3V76" name="NATIONAL BK OF CANADA FINANCIAL INC"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.47000000</repurchaseRt>
          <maturityDt>2025-08-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>101232.76000000</principalAmt>
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              <collateralVal>2230534.58600000</collateralVal>
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              <invstCat>EQT</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="FAU5IDX"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CT REIT</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>National Health Investors, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VICI Properties, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tokyu REIT, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Healthpeak Properties, Inc.</name>
        <lei>254900M6MTMZM0I22L81</lei>
        <title>Healthpeak Properties, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sirius Real Estate Ltd.</name>
        <lei>213800NURUF5W8QSK566</lei>
        <title>Sirius Real Estate Ltd.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Big Shopping Centers Ltd.</name>
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      <invstOrSec>
        <name>LTC Properties, Inc.</name>
        <lei>549300NRZP8IJG2KY677</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>First Industrial Realty Trust, Inc.</name>
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        <title>First Industrial Realty Trust, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>AvalonBay Communities, Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities, Inc.</title>
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        <name>Essential Properties Realty Trust, Inc.</name>
        <lei>2549009LXQLVYCGLZO50</lei>
        <title>Essential Properties Realty Trust, Inc.</title>
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        <name>Eurocommercial Properties NV</name>
        <lei>724500SFK53FPNM68L95</lei>
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        <name>Stockland</name>
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        <title>Stockland</title>
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        <name>Suntec REIT</name>
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        <name>Boardwalk REIT</name>
        <lei>549300RMNRTTJRCOYW23</lei>
        <title>Boardwalk REIT</title>
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        <name>VGP NV</name>
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        <name>Innovative Industrial Properties, Inc.</name>
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        <name>Kilroy Realty Corp.</name>
        <lei>549300CXXI18B214UN80</lei>
        <title>Kilroy Realty Corp.</title>
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        <name>Camden Property Trust</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>Camden Property Trust</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UOL Group Ltd.</name>
        <lei>254900O9PRCWTMR86R25</lei>
        <title>UOL Group Ltd.</title>
        <cusip>N/A</cusip>
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        <invCountry>SG</invCountry>
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      <invstOrSec>
        <name>Hang Lung Properties Ltd.</name>
        <lei>529900CIVTNMXQT59E61</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>British Land Co. plc (The)</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Unibail-Rodamco-Westfield</name>
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          <isin value="FR0013326246"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sabra Health Care REIT, Inc.</name>
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      <invstOrSec>
        <name>Prologis, Inc.</name>
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      <invstOrSec>
        <name>Mivne Real Estate KD Ltd.</name>
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        <name>NNN REIT, Inc.</name>
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        <name>National Storage REIT</name>
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        <name>American Homes 4 Rent</name>
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        <name>Regency Centers Corp.</name>
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        <name>Equity Residential</name>
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        <name>CITIGROUP GLOBAL MARKETS INC</name>
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        <name>WP Carey, Inc.</name>
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        <name>Mori Trust Reit, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aroundtown SA</name>
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        <name>N/A</name>
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        <title>EURO STOXX 50 Index</title>
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        <name>N/A</name>
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        <name>RioCan REIT</name>
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      <invstOrSec>
        <name>Rayonier, Inc.</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>Rayonier, Inc.</title>
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      <invstOrSec>
        <name>Swire Properties Ltd.</name>
        <lei>5299001L12PHYVQ92465</lei>
        <title>Swire Properties Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tanger, Inc.</name>
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      <invstOrSec>
        <name>Tokyo Tatemono Co. Ltd.</name>
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          <isin value="JP3582600007"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="103124"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Four Corners Property Trust, Inc.</name>
        <lei>549300SVTPZPBDVNER42</lei>
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          <isin value="US35086T1097"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Intershop Holding AG</name>
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          <isin value="CH1338987303"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Park Hotels &amp; Resorts, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TD PRIME SERVICES LLC</name>
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          <other otherDesc="Custodian Internal ID" value="250731052"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sumitomo Realty &amp; Development Co. Ltd.</name>
        <lei>353800SO2DCLOI3LNZ64</lei>
        <title>Sumitomo Realty &amp; Development Co. Ltd.</title>
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          <isin value="JP3409000001"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mid-America Apartment Communities, Inc.</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>Mid-America Apartment Communities, Inc.</title>
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          <isin value="US59522J1034"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Starhill Global REIT</name>
        <lei>549300GCJNC7HDN3YK51</lei>
        <title>Starhill Global REIT</title>
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          <isin value="SG1S18926810"/>
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        <invCountry>SG</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="103122"/>
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      <invstOrSec>
        <name>Shaftesbury Capital plc</name>
        <lei>549300TTXXZ1SHUI0D54</lei>
        <title>Shaftesbury Capital plc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UDR, Inc.</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR, Inc.</title>
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        <name>Acadia Realty Trust</name>
        <lei>254900C5XLB1YYJQSH07</lei>
        <title>Acadia Realty Trust</title>
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        <name>Tritax Big Box REIT plc</name>
        <lei>213800L6X88MIYPVR714</lei>
        <title>Tritax Big Box REIT plc</title>
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      <invstOrSec>
        <name>KDX Realty Investment Corp.</name>
        <lei>353800FFT483NCIHFY42</lei>
        <title>KDX Realty Investment Corp.</title>
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      <invstOrSec>
        <name>Mobimo Holding AG</name>
        <lei>50670018HN8O1GD3O385</lei>
        <title>Mobimo Holding AG (Registered)</title>
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        <balance>3683.00000000</balance>
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        <invCountry>CH</invCountry>
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        <name>PSP Swiss Property AG</name>
        <lei>50670042Y437P8X44F56</lei>
        <title>PSP Swiss Property AG (Registered)</title>
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          <isin value="CH0018294154"/>
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        <invCountry>CH</invCountry>
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      <invstOrSec>
        <name>Inmobiliaria Colonial Socimi SA</name>
        <lei>95980020140005007414</lei>
        <title>Inmobiliaria Colonial Socimi SA</title>
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        <name>Cousins Properties, Inc.</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>Cousins Properties, Inc.</title>
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        <name>Howard Hughes Holdings, Inc.</name>
        <lei>254900TY494BHXIU6M60</lei>
        <title>Howard Hughes Holdings, Inc.</title>
        <cusip>44267T102</cusip>
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          <isin value="US44267T1025"/>
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        <balance>16764.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Tower Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Retail Estates NV</name>
        <lei>5493007CO5W5OBFG7L21</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="103531"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alexander &amp; Baldwin, Inc.</name>
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          <isin value="US0144911049"/>
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      <invstOrSec>
        <name>Montea NV</name>
        <lei>5493006K5LQDD0GK1T60</lei>
        <title>Montea NV</title>
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          <isin value="BE0003853703"/>
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        <invCountry>BE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Agree Realty Corp.</name>
        <lei>N/A</lei>
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          <isin value="US0084921008"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ichigo, Inc.</name>
        <lei>N/A</lei>
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          <isin value="JP3120010008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Amot Investments Ltd.</name>
        <lei>N/A</lei>
        <title>Amot Investments Ltd.</title>
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          <isin value="IL0010972789"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Independence Realty Trust, Inc.</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>Independence Realty Trust, Inc.</title>
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          <isin value="US45378A1060"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Getty Realty Corp.</name>
        <lei>2549000P1W5SFJWCNP90</lei>
        <title>Getty Realty Corp.</title>
        <cusip>374297109</cusip>
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          <isin value="US3742971092"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="103130"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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      <invstOrSec>
        <name>Covivio SA</name>
        <lei>969500P8M3W2XX376054</lei>
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          <isin value="FR0000064578"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vicinity Ltd.</name>
        <lei>N/A</lei>
        <title>Vicinity Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000VCX7"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="103536"/>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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        <name>Parkway Life REIT</name>
        <lei>549300I4DKVD2OF5LW91</lei>
        <title>Parkway Life REIT</title>
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          <isin value="SG1V52937132"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mitsubishi Estate Logistics REIT Investment Corp.</name>
        <lei>353800YYSGZU31ICQK38</lei>
        <title>Mitsubishi Estate Logistics REIT Investment Corp.</title>
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          <isin value="JP3048480002"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>International Workplace Group plc</name>
        <lei>2138003LWDII27UTAG52</lei>
        <title>International Workplace Group plc</title>
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          <isin value="JE00BYVQYS01"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Choice Properties REIT</name>
        <lei>5493007MYGFSLOZGT937</lei>
        <title>Choice Properties REIT</title>
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      <invstOrSec>
        <name>Hulic Co. Ltd.</name>
        <lei>3538002E12E7IHAKTB10</lei>
        <title>Hulic Co. Ltd.</title>
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        <name>Melisron Ltd.</name>
        <lei>213800B9SL62L9VLO604</lei>
        <title>Melisron Ltd.</title>
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        <name>Nomura Real Estate Holdings, Inc.</name>
        <lei>353800UZ91CT24OL9P59</lei>
        <title>Nomura Real Estate Holdings, Inc.</title>
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        <name>Crown Castle, Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle, Inc.</title>
        <cusip>22822V101</cusip>
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        <balance>2667.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RLJ Lodging Trust</name>
        <lei>N/A</lei>
        <title>RLJ Lodging Trust</title>
        <cusip>74965L101</cusip>
        <identifiers>
          <isin value="US74965L1017"/>
        </identifiers>
        <balance>101727.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>752779.80000000</valUSD>
        <pctVal>0.201342557224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="681154.32000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CareTrust REIT, Inc.</name>
        <lei>5493001NVXE2B9GPLU96</lei>
        <title>CareTrust REIT, Inc.</title>
        <cusip>14174T107</cusip>
        <identifiers>
          <isin value="US14174T1079"/>
        </identifiers>
        <balance>96901.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3081451.80000000</valUSD>
        <pctVal>0.824181766537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="336943.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Airport City Ltd.</name>
        <lei>N/A</lei>
        <title>Airport City Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0010958358"/>
        </identifiers>
        <balance>52705.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.39260000"/>
        <valUSD>944545.19000000</valUSD>
        <pctVal>0.252633165726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="809356.46000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fukuoka REIT Corp.</name>
        <lei>N/A</lei>
        <title>Fukuoka REIT Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3046240002"/>
        </identifiers>
        <balance>804.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.49500000"/>
        <valUSD>965900.53000000</valUSD>
        <pctVal>0.258344980477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="693166.87000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Klepierre SA</name>
        <lei>969500PB4U31KEFHZ621</lei>
        <title>Klepierre SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000121964"/>
        </identifiers>
        <balance>111252.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370582"/>
        <valUSD>4273311.48000000</valUSD>
        <pctVal>1.142963003526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CapitaLand Integrated Commercial Trust</name>
        <lei>54930031292WUTXF0L29</lei>
        <title>CapitaLand Integrated Commercial Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG1M51904654"/>
        </identifiers>
        <balance>3059300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29735000"/>
        <valUSD>5187852.16000000</valUSD>
        <pctVal>1.387571000708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-09-02</ncom:dateSigned>
      <ncom:nameOfApplicant>FlexShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Randal Rein</ncom:signature>
      <ncom:signerName>Randal Rein</ncom:signerName>
      <ncom:title>Treasurer and PFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
