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Shares			Value

	*Private Investment Funds - 78.9%**
		Diversified - 78.9%
		AEW Core Property Trust (U.S.), Inc., REIT
	132,272	Class A Shares	$	136,454,332
	47,116	Class B Shares		48,605,769
	—	AEW Value Investors US LP**		24,830,187
	562,619	Barings Core Property Fund LP		75,177,085
	63,921	Barings European Core Property Fund		75,666,781
	74,093,483	CBRE U.S Core Partners REIT Operating LP		106,531,610
	39,221	Clarion Gables Multifamily Trust LP		50,477,672
	158,382	Clarion Lion Properties Fund LLC		241,438,428
	86,966	Harrison Street Core Property Fund		119,651,345
	172,306	Heitman America Real Estate LP		211,291,380
	107,563	Heitman Core Real Estate Debt Income Trust LP		110,418,535
	680	Invesco Core Real Estate USA		127,434,994
	799,259	Invesco Real Estate Asia Fund (Cayman) Unit Trust Class A Units		103,221,952
		LaSalle Property Fund LP
	90,903	Class A Shares		150,626,518
	35,258	Class B Shares		58,421,906
	62,622	Mesa Core Lending Fund LP Class A		66,379,821
	49,078	Met Life Commercial Mortgage Income Fund		50,409,981
	1,749,470	RREEF America Reit II, LP		219,978,414
	4,264	Trumbull Property Fund, LP		45,472,433
	9,001	Trumbull Property Income Fund, LP		113,798,734
	—	US Government Building, LP***		100,005,815

		Total Private Investment Funds		2,236,293,692

		(Cost $2,085,752,027)
	Common Stocks - 9.9%
		Apartments/Single Family Residential - 1.7%
	312,653	American Homes 4 Rent, REIT Class A Shares		7,600,595
	132,991	Apartment Investment & Management Co., REIT Class A Shares		6,665,509
	49,565	AvalonBay Communities, Inc., REIT		10,070,616
	22,879	Canadian Apartment Properties, REIT (Canada)		844,892
	57,725	Equity Residential, REIT		4,382,482
	11,855	Essex Property Trust, Inc., REIT		3,460,830
	506,119	Independence Realty Trust, Inc., REIT		5,855,797
	245,778	Invitation Homes, Inc., REIT		6,569,646
	537	Japan Rental Housing Investments, Inc., REIT (Japan)		417,387
	40,991	Minto Apartment Real Estate Investment Trust, REIT (Canada)		588,783
	74,375	UNITE Group, PLC, REIT (United Kingdom)		920,443

				47,376,980


		Diversified - 3.4%
	11,502	ADO Properties SA (Luxembourg) 144A		475,811
	2,341	Altarea SCA, REIT (France)		487,137
	724,141	Arena, REIT (Australia)		1,392,970
	370,005	Aroundtown SA (Luxembourg)		3,048,629
	341,000	CapitaLand Retail China Trust, REIT (Singapore)		393,171
	57,768	Castellum AB (Sweden)		1,104,517
	66,550	Charter Hall Group, REIT (Australia)		505,993
	20,625	CoreSite Realty Corp., REIT		2,375,381
	50,950	Cousins Properties, Inc., REIT		1,842,861
	14,360	Covivio, REIT (France)		1,503,062
	1,578,500	Cromwell European Real Estate Investment Trust, REIT (Singapore)		861,558
	3,497,259	Cromwell Property Group, REIT (Australia)		2,835,814
	238,825	Cromwell Property Group, REIT ****(Australia)		192,817


Shares			Value

		Diversified - (continued)
	16,002	Crown Castle International Corp., REIT	$	2,085,861
	22,338	Deutsche Wohnen SE (Germany)		819,676
	177,545	Dexus, REIT (Australia)		1,617,898
	24,900	Digital Realty Trust, Inc., REIT		2,932,971
	379,000	Dream Industrial Real Estate Investment Trust (Canada)		3,415,066
	312,200	Echo Investment SA (Poland)		334,054
	51,343	Entra ASA (Norway) 144A		788,462
	38,250	EPR Properties, REIT		2,853,068
	16,174	Equinix, Inc., REIT		8,156,387
	56,779	Fabege AB (Sweden)		854,484
	8,014	Gecina SA, REIT (France)		1,199,234
	310,205	GPT Group, REIT (Australia)		1,339,343
	96,796	Inmobiliaria Colonial Socimi SA, REIT (Spain)		1,078,104
	36,373	InterXion Holding NV ****(Netherlands)		2,767,622
	399,828	Investec Australia Property Fund, REIT ****(Australia)		407,014
	417,331	Irish Residential Properties, PLC, REIT (Ireland)		800,086
	34,269	Klepierre, SA, REIT (France)		1,148,756
	13,851	LEG Immobilien AG (Germany)		1,562,397
	92,800	Liberty Property Trust, REIT		4,643,712
	654,429	LondonMetric Property, PLC, REIT (United Kingdom)		1,753,610
	721,200	Mapletree Logistics Trust, REIT (Singapore)		847,530
	231,065	Merlin Properties Socimi SA, REIT (Spain)		3,205,477
	191,600	Mitsubishi Estate Co., Ltd. (Japan)		3,563,122
	164,400	Mitsui Fudosan Co., Ltd. (Japan)		3,983,629
	359	Mitsui Fudosan Logistics Park, Inc., REIT (Japan)		1,220,364
	2,661,000	New World Development Co., Ltd. (Hong Kong)		4,162,656
	11,304	NSI NV, REIT (Netherlands)		478,803
	231,202	Segro, PLC, REIT (United Kingdom)		2,143,984
	1,698	Sekisui House Reit, Inc. (Japan)		1,269,386
	68,091	Spirit Realty Capital, Inc., REIT		2,904,762
	494,057	Stockland, REIT (Australia)		1,446,376
	224,500	Sun Hung Kai Properties, Ltd. (Hong Kong)		3,807,910
	44,971	TLG Immobilien AG (Germany)		1,316,766
	169,862	VICI Properties, Inc., REIT		3,743,758
	44,651	Vonovia SE (Germany)		2,132,452
	37,544	Weyerhaeuser Co., REIT		988,909
	49,242	Wihlborgs Fastigheter AB (Sweden)		713,748

				95,507,158


		Health Care - 0.9%
	655,845	Assura, PLC, REIT (United Kingdom)		531,386
	227,786	HCP, Inc., REIT		7,284,596
	105,022	Healthcare Trust Of America, Inc., REIT Class A Shares		2,880,753
	182,920	Physicians Realty Trust, REIT		3,190,125
	293,943	Primary Health Properties, PLC, REIT (United Kingdom)		497,974
	158,077	Sabra Health Care REIT, Inc.		3,112,536
	138,375	Senior Housing Properties Trust, REIT		1,144,361
	21,500	Ventas, Inc., REIT		1,469,525
	52,716	Welltower, Inc., REIT		4,297,936

				24,409,192


		Hotels - 0.4%
	109,700	City Developments, Ltd. (Singapore)		767,819
	112,327	Extended Stay America, Inc.		1,897,203
	1,162,900	Far East Hospitality Trust, REIT (Singapore)		571,566


Shares			Value

		Hotels - (continued)
	6,210	Hilton Worldwide Holdings, Inc.	$	606,965
	236,675	Host Hotels & Resorts, Inc., REIT		4,312,218
	2,389	Japan Hotel REIT Investment Corp. (Japan)		1,923,343
	28,400	Pebblebrook Hotel Trust, REIT		800,312
	107,687	Sunstone Hotel Investors, Inc., REIT		1,476,389

				12,355,815


		Mortgages - 0.0%
	22,352	Two Harbors Investment Corp., REIT		283,200


		Office Properties - 1.0%
	39,124	Alexandria Real Estate Equities, Inc., REIT		5,520,005
	15,300	Allied Properties Real Estate Investment Trust, REIT (Canada)		553,443
	10,525	Boston Properties, Inc., REIT		1,357,725
	59,125	Brandywine Realty Trust, REIT		846,670
	783,000	Champion REIT (Hong Kong)		652,525
	246,377	City Office REIT, Inc.		2,954,060
	62,491	Corporate Office Properties Trust, REIT		1,647,888
	164	Daiwa Office Investment Corp., REIT (Japan)		1,175,829
	91,975	Douglas Emmett, Inc., REIT		3,664,284
	105,198	Hudson Pacific Properties, Inc., REIT		3,499,937
	48,189	Kilroy Realty Corp., REIT		3,556,830
	3,645	MCUBS MidCity Investment Corp., REIT (Japan)		3,428,122

				28,857,318


		Real Estate Operation/Development - 0.2%
	163,587	Essential Properties Realty Trust, Inc., REIT		3,278,283
	421,100	Leopalace21 Corp. ****(Japan)		1,089,708
	55,281	TAG Immobilien AG (Germany)		1,277,316

				5,645,307


		Regional Malls - 0.4%
	68,279	Macerich Co., The, REIT		2,286,664
	26,839	Simon Property Group, Inc., REIT		4,287,799
	105,662	Tanger Factory Outlet Centers, Inc., REIT		1,712,781
	101,311	Taubman Centers, Inc., REIT		4,136,528

				12,423,772


		Residential - 0.1%
	25,260	Sun Communities, Inc., REIT		3,238,079


		Shopping Centers - 0.4%
	359	Kenedix Retail REIT Corp. (Japan)		881,392
	130,300	Kimco Realty Corp., REIT		2,407,944
	280,500	Link REIT (Hong Kong)		3,447,137
	333,450	NewRiver REIT, PLC (United Kingdom)		754,617
	575	Saul Centers, Inc., REIT		32,275
	83,945	Weingarten Realty Investors, REIT		2,301,772

				9,825,137


		Storage - 0.4%
	54,502	Big Yellow Group, PLC, REIT (United Kingdom)		684,883
	81,976	CubeSmart, REIT		2,741,277
	47,475	Life Storage, REIT		4,513,923
	18,800	Public Storage, REIT		4,477,596

				12,417,679


		Warehouse/Industrial - 1.0%
	387,100	AIMS APAC, REIT (Singapore)		414,852
	277,314	Goodman Group, REIT (Australia)		2,926,165
	510	Industrial & Infrastructure Fund Investment Corp., REIT (Japan)		633,864


Shares			Value

		Warehouse/Industrial - (continued)
	190,846	Industrial Logistics Properties Trust, REIT	$	3,973,414
	1,162,140	Macquarie Mexico Real Estate Management SA de CV, REIT (Mexico) 144A		1,325,998
	673,270	PLA Administradora Industrial S de RL de CV, REIT (Mexico)		1,055,484
	176,338	Prologis, Inc., REIT		14,124,674
	28,605	Rexford Industrial Realty, Inc., REIT		1,154,784
	175,441	Safestore Holdings, PLC, REIT (United Kingdom)		1,366,890
	125,337	WPT Industrial Real Estate Investment Trust (Canada)		1,652,255

				28,628,380

		Total Common Stocks		280,968,017

		(Cost $261,183,353)
	Preferred Stock - 1.2%
		Apartments/Single Family Residential - 0.2%
		American Homes 4 Rent, REIT,
	92,671	Series D, 6.50%		2,516,018
	74,400	Series E, 6.35%		2,005,824
	6,225	Series F, 5.88%		160,854
	4,800	Series G, 5.88%		123,120
	2,800	Mid-America Apartment Communities, Inc., REIT, Series I, 8.50%		179,900
		National Retail Properties, Inc., REIT,
	30,650	Series E, 5.70%		765,024
	20,075	Series F, 5.20%		489,629

				6,240,369


		Diversified - 0.1%
	7,125	Armada Hoffler Properties, Inc., REIT, Series A, 6.75%		186,675
		Digital Realty Trust, Inc., REIT,
	13,600	Series C, 6.63%		373,864
	10,900	Series G, 5.88%		273,808
	1,350	Series J, 5.25%		33,520
	2,100	Series K, 5.85%		54,747
		PS Business Parks, Inc., REIT,
	13,875	Series V, 5.70%		357,142
	2,850	Series Y, 5.20%		69,882
		Vornado Realty Trust, REIT,
	7,650	Series K, 5.70%		190,102
	4,700	Series L, 5.40%		117,453
	3,225	Series M, 5.25%		79,077

				1,736,270


		Health Care - 0.0%
	3,650	Senior Housing Properties Trust, REIT, 6.25%		88,987


		Hotels - 0.0%
	825	Hersha Hospitality Trust, REIT, Series D, 6.50%		19,726
		Pebblebrook Hotel Trust, REIT,
	5,600	Series C, 6.50%		142,576
	2,500	Series D, 6.38%		66,150
		Sunstone Hotel Investors, Inc., REIT,
	3,325	Series E, 6.95%		90,606
	8,825	Series F, 6.45%		230,730

				549,788


		Office Properties - 0.2%
	1,875	Boston Properties, Inc., REIT, Series B, 5.25%		47,231


Shares			Value

		Office Properties - (continued)
	80	Highwoods Properties, Inc., REIT, Series A, 8.63%	$	102,000
	120,531	SL Green Realty Corp., REIT, Series I, 6.50%		3,137,422
	84,675	VEREIT, Inc., Series F, 6.70%		2,134,657

				5,421,310


		Regional Malls - 0.3%
	75,875	Brookfield Property REIT, Inc., Series A, 6.38%		1,880,941
	28,250	Pennsylvania Real Estate Investment Trust, REIT, Series C, 7.20%		592,402
		Taubman Centers, Inc., REIT,
	118,550	Series J, 6.50%		3,047,920
	55,750	Series K, 6.25%		1,444,482

				6,965,745


		Shopping Centers - 0.2%
		Kimco Realty Corp., REIT,
	10,825	Series I, 6.00%		270,517
	4,650	Series J, 5.50%		116,948
	1,225	Series K, 5.63%		30,368
	5,875	Series L, 5.13%		144,172
	5,475	Series M, 5.25%		133,973
	32,886	Saul Centers, Inc., REIT, Series C, 6.88%		881,345
		SITE Centers Corp., REIT,
	38,800	Series A, 6.38%		988,236
	70,675	Series J, 6.50%		1,796,558
	3,000	Series K, 6.25%		77,010
		Urstadt Biddle Properties, Inc., REIT,
	17,300	Series G, 6.75%		444,956
	63,325	Series H, 6.25%		1,685,078

				6,569,161


		Storage - 0.2%
	48,350	National Storage Affiliates Trust, REIT, Series A, 6.00%		1,249,848
		Public Storage, REIT,
	875	Series B, 5.40%		22,199
	3,275	Series D, 4.95%		80,598
	5,225	Series E, 4.90%		128,065
	800	Series F, 5.15%		19,984
	25,950	Series G, 5.05%		642,782
	2,250	Series H, 5.60%		58,928
	47,950	Series V, 5.38%		1,194,434
	13,100	Series W, 5.20%		325,404
	9,125	Series X, 5.20%		226,391

				3,948,633


		Warehouse/Industrial - 0.0%
	1,850	Monmouth Real Estate Investment Corp., REIT, Series C, 6.13%		44,234
	2,675	QTS Realty Trust, Inc., REIT, Series A, 7.13%		68,935
		Rexford Industrial Realty, Inc., REIT,
	5,550	Series A, 5.88%		147,297
	31,550	Series B, 5.88%		809,573

				1,070,039

		Total Preferred Stock		32,590,302

		(Cost $31,796,798)


Par			Value

	Corporate Debt - 1.3%
		Apartments/Single Family Residential - 0.2%
		American Homes 4 Rent LP, REIT,
$	419,000	4.25%, 2/15/2028	$	434,605
	1,209,000	4.90%, 2/15/2029		1,317,375
		Essex Portfolio LP, REIT,
	259,000	3.38%, 4/15/2026		264,935
		Mid-America Apartments LP, REIT,
	119,000	4.30%, 10/15/2023		126,601
	237,000	4.00%, 11/15/2025		251,049
		VEREIT Operating Partnership LP, REIT,
	535,000	4.13%, 6/1/2021		549,220
	868,000	4.63%, 11/1/2025		935,447
	537,000	4.88%, 6/1/2026		581,151

				4,460,383


		Diversified - 0.1%
		Lexington Realty Trust, REIT,
	38,000	4.25%, 6/15/2023		38,718
	254,000	4.40%, 6/15/2024		261,684
		Liberty Property LP, REIT,
	65,000	3.38%, 6/15/2023		66,720
	1,480,000	4.40%, 2/15/2024		1,582,852
		Vornado Realty LP, REIT,
	236,000	3.50%, 1/15/2025		241,049
		Washington Real Estate Investment Trust,
	118,000	3.95%, 10/15/2022		122,310

				2,313,333


		Health Care - 0.3%
		HCP, Inc., REIT,
	88,000	3.88%, 8/15/2024		92,319
	342,000	3.40%, 2/1/2025		349,888
		Senior Housing Properties Trust, REIT,
	1,004,000	6.75%, 4/15/2020		1,014,726
	215,000	6.75%, 12/15/2021		227,880
	917,000	4.75%, 2/15/2028		891,521
		Ventas Realty LP, REIT,
	1,101,000	3.10%, 1/15/2023		1,121,151
	435,000	3.75%, 5/1/2024		456,314
	556,500	3.50%, 2/1/2025		576,542
	816,000	3.25%, 10/15/2026		823,135
	957,000	Ventas Realty LP / Ventas Capital Corp., REIT, 3.25%, 8/15/2022		979,046
		Welltower, Inc., REIT,
	1,038,000	3.95%, 9/1/2023		1,092,662
	803,000	4.50%, 1/15/2024		862,839
	428,000	4.00%, 6/1/2025		451,300

				8,939,323


		Office Properties - 0.5%
		Alexandria Real Estate Equities, Inc., REIT,
	1,394,000	3.90%, 6/15/2023		1,463,105
	1,234,000	4.00%, 1/15/2024		1,306,108
	539,000	Boston Properties LP, REIT, 5.63%, 11/15/2020		559,775
	763,000	Brandywine Operating Partnership LP, REIT, 4.10%, 10/1/2024		795,521
	846,000	Columbia Property Trust Operating Partnership LP, REIT, 4.15%, 4/1/2025		871,752


Par			Value

		Office Properties - (continued)
		Corporate Office Properties LP, REIT,
$	1,716,000	3.60%, 5/15/2023	$	1,729,242
	1,079,000	5.25%, 2/15/2024		1,157,018
	458,000	Highwoods Realty LP, REIT, 3.63%, 1/15/2023		468,228
	38,000	Kilroy Realty LP, REIT, 4.38%, 10/1/2025		40,633
		Office Properties Income Trust, REIT,
	2,127,000	4.15%, 2/1/2022		2,158,989
	2,778,000	4.00%, 7/15/2022		2,809,448
	761,000	Piedmont Operating Partnership LP, REIT, 3.40%, 6/1/2023		763,871
	248,000	Qualitytech LP / QTS Finance Corp. 144A, 4.75%, 11/15/2025		246,760
	320,000	SL Green Realty Corp., REIT, 4.50%, 12/1/2022		336,070

				14,706,520


		Regional Malls - 0.0%
		CBL & Associates LP, REIT,
	369,000	5.25%, 12/1/2023		267,525
	881,000	4.60%, 10/15/2024		594,675

				862,200


		Shopping Centers - 0.1%
	773,000	Kimco Realty Corp., REIT, 2.70%, 3/1/2024		771,885
	57,000	Regency Centers Corp., REIT, 3.75%, 11/15/2022		59,196
	304,000	Retail Properties of America, Inc., REIT, 4.00%, 3/15/2025		299,642
		SITE Centers Corp., REIT,
	84,000	4.63%, 7/15/2022		87,538
	974,000	3.63%, 2/1/2025		986,266
		Weingarten Realty Investors, REIT,
	106,000	4.45%, 1/15/2024		111,824
	243,000	3.25%, 8/15/2026		236,704

				2,553,055


		Storage - 0.1%
		CubeSmart LP, REIT,
	253,000	4.80%, 7/15/2022		266,841
	540,000	4.00%, 11/15/2025		567,681
	1,713,000	LifeStorage LP/CA, REIT, 3.50%, 7/1/2026		1,714,436

				2,548,958


		Warehouse/Industrial - 0.0%
		Duke Realty LP, REIT,
	106,000	3.63%, 4/15/2023		109,719
	1,394,000	3.25%, 6/30/2026		1,417,996

				1,527,715

		Total Corporate Debt		37,911,487

		(Cost $37,152,273)


Par			Value

	Commercial Mortgage Backed Securities - 3.6%
		BANK,
$	29,313,074	0.82%, 11/15/2054 Ser 2017-BNK9, Class XA	$	1,618,876
	8,575,000	1.42%, 11/15/2054 Ser 2017-BNK9, Class XD, 144A		884,082
	2,000,000	2.80%, 11/15/2054 Ser 2017-BNK9, Class D, 144A		1,698,397
	5,000,000	3.37%, 11/15/2054 Ser 2017-BNK9, Class E, 144A		3,519,777
	2,000,000	3.08%, 6/15/2060 Ser 2017-BNK5, Class D, 144A		1,779,314
	3,000,000	4.26%, 6/15/2060 Ser 2017-BNK5, Class E, 144A		2,184,233
		BENCHMARK Mortgage Trust,
	12,667,000	1.12%, 1/15/2051 Ser 2018-B1, Class XE		1,105,055
	1,750,000	2.75%, 1/15/2051 Ser 2018-B1, Class D, 144A		1,527,804
	5,000,000	3.00%, 1/15/2051 Ser 2018-B1, Class E, 144A		3,464,331
	3,680,000	1.50%, 4/10/2051 Ser 2018-B3, Class XD, 144A		398,420
	2,000,000	3.06%, 4/10/2051 Ser 2018-B3, Class D, 144A		1,828,118
	1,719,500	3.12%, 10/10/2051 Ser 2018-B6, Class D, 144A		1,565,697
	3,500,000	4.02%, 3/15/2052 Ser 2019-B9, Class A5		3,870,996
	2,750,000	CD Mortgage Trust, 144A, 3.10%, 8/15/2051 Ser 2018-CD7, Class D		2,491,903
	2,000,000	CGMS Commercial Mortgage Trust, 144A, 3.00%, 8/15/2050 Ser 2017-B1, Class D		1,682,662
		Citigroup Commercial Mortgage Trust,
	49,682,821	0.76%, 3/10/2051 Ser 2018-B2, Class XA		2,585,578
	1,000,000	3.22%, 6/10/2051 Ser 2018-C5, Class D, 144A		916,533
		Comm Mortgage Trust,
	2,500,000	4.32%, 12/10/2045 Ser 2012-CR5, Class F, 144A		2,121,681
	3,250,000	4.08%, 3/10/2046 Ser 2013-CR6, Class E, 144A		2,999,887
	2,932,500	5.00%, 3/10/2047 Ser 2014-UBS2, Class D, 144A		2,761,167
	2,600,000	4.85%, 5/10/2047 Ser 2014-CR17, Class D, 144A		2,617,131
	1,500,000	3.50%, 9/10/2047 Ser 2014-UBS5, Class D, 144A		1,323,031
	3,620,000	4.26%, 2/10/2048 Ser 2015-LC19, Class E, 144A		3,071,865
	2,000,000	3.65%, 10/10/2048 Ser 2015-LC23, Class D, 144A		1,953,405
	4,000,000	4.23%, 5/10/2051 Ser 2018-COR3, Class A3		4,451,822
		CSAIL Commercial Mortgage Trust,
	3,980,500	1.98%, 3/15/2052 Ser 2019-C15, Class XD, 144A		630,661
	2,500,000	3.00%, 3/15/2052 Ser 2019-C15, Class D, 144A		2,205,310
	7,500,000	4.05%, 3/15/2052 Ser 2019-C15, Class A4		8,261,490
		GS Mortgage Securities Trust, 144A,
	2,000,000	4.75%, 8/10/2046 Ser 2013-GC14, Class F		1,767,876
	3,500,000	4.97%, 4/10/2047 Ser 2014-GC20, Class D		3,115,639
	1,750,000	3.58%, 6/10/2047 Ser 2014-GC22, Class E		1,305,906
	3,000,000	3.00%, 7/10/2052 Ser 2019-GC40, Class D		2,680,614
	1,433,000	JP Morgan Chase Commercial Mortgage Securities Trust, 144A, 3.74%, 12/15/2046 Ser 2013-C16, Class E		1,283,632
		JPMBB Commercial Mortgage Securities Trust, 144A,
	1,425,000	4.70%, 4/15/2047 Ser 2014-C19, Class D		1,447,811
	3,500,000	3.91%, 11/15/2047 Ser 2014-C24, Class D		3,278,713


Par			Value
$	2,000,000	JPMCC Commercial Mortgage Securities Trust, 4.03%, 3/10/2052 Ser 2019-COR4, Class A5	$	2,205,744
		Morgan Stanley Bank of America Merrill Lynch Trust, 144A,
	2,153,000	4.12%, 5/15/2046 Ser 2013-C9, Class D		2,107,352
	1,250,000	4.77%, 6/15/2047 Ser 2014-C16, Class D		1,082,144
	3,576,000	4.40%, 10/15/2048 Ser 2015-C26, Class E		2,828,146
	4,012,000	3.30%, 11/15/2052 Ser 2017-C34, Class E		2,696,854
	13,595,327	SG Commercial Mortgage Securities Trust, 1.99%, 10/10/2048 Ser 2016-C5, Class XA		1,304,749
		UBS-Barclays Commercial Mortgage Trust, 144A,
	23,758,189	1.63%, 12/10/2045 Ser 2012-C4, Class XA		1,049,977
	2,000,000	5.03%, 8/10/2049 Ser 2012-C3, Class D		2,013,652
		Wells Fargo Commercial Mortgage Trust, 144A,
	2,020,000	2.88%, 5/15/2048 Ser 2015-NXS1, Class E		1,539,353
	2,125,000	4.61%, 11/15/2048 Ser 2015-C31, Class E		1,674,578
		WFRBS Commercial Mortgage Trust, 144A,
	2,650,000	3.99%, 5/15/2047 Series 2014-C20, Class D		2,155,509
	2,000,000	3.90%, 9/15/2057 Ser 2014-C22, Class D		1,702,652

				102,760,127

		Total Commercial Mortgage Backed Securities		102,760,127

		(Cost $95,994,537)

Shares
	Short-Term Investment - 4.5%
	127,127,921	Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, 2.10%	$	127,127,921

		(Cost $127,127,921)

		Total Investments - 99.4%	$	2,817,651,546

		(Cost $2,639,006,909)
		Other Assets Net of Liabilities - 0.6%		18,023,254

		Net Assets — 100.0%	$	2,835,674,800

*	Restricted Securities.

**	Partnership is not designated in units. The Fund owns approximately 16.1% of this Fund.

***	Partnership is not designated in units. The Fund owns approximately 5.8% of this Fund.

****	Non-income producing security.

Portfolio Abbreviations:

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

144A – Rule 144A Security


Industry	% of Net Assets

Diversified		82.5	%
Short-Term Investment		4.5	%
Commercial Mortgage Backed Securities		3.6	%
Apartments/Single Family Residential		2.1	%
Office Properties		1.7	%
Health Care		1.2	%
Warehouse/Industrial		1.0	%
Regional Malls		0.7	%
Shopping Centers		0.7	%
Storage		0.7	%
Hotels		0.4	%
Real Estate Operation/Development		0.2	%
Residential		0.1	%
Mortgages.		0.0	%
Other Assets Net of Liabilities		0.6	%
Total		100.0	%

Securities Valuation - Consistent with Section 2(a)(41) of the Investment Company Act of 1940, the Fund prices its securities as follows: Investments in securities that are listed on the New York Stock Exchange (the “NYSE”) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices for the day or, if no ask price is available, at the bid price. Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price as reflected on the tape at the close of the exchange representing the principal market for such securities. If, after the close of a foreign market, but prior to the NYSE close, market conditions change significantly, certain foreign securities may be valued pursuant to procedures established by the Board of Directors (the “Board”).

Debt securities are valued at their mean prices by an independent pricing service using valuation methods that are designed to represent fair value, such as matrix pricing and other analytical pricing models, market transactions and dealer quotations. Debt securities purchased with a remaining maturity of 60 days or less are valued at acquisition cost, plus or minus any amortized discount or premium which approximates fair value.

Short-term debt securities, which have a maturity date of 60 days or less, are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at their closing net asset value (the “NAV”).

Securities for which market prices are unavailable, or securities for which the Adviser determines that the bid and/or ask price does not reflect market value, will be valued at fair value pursuant to procedures approved by the Board. Circumstances in which market prices may be unavailable include, but are not limited to, trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include recent transactions in comparable securities, information relating to the specific security and developments in the markets. The Fund’s use of fair value pricing may cause the NAV of the Shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of such security.

The Fund invests a significant portion of its assets in Private Investment Funds. The Board has approved procedures pursuant to which the Fund values its investments in Private Investment Funds at fair value. As a general matter, the Fund bases its NAV on valuations of its interests in the Private Investment Funds provided by the managers of the Private Investment Funds and their agents on a quarterly basis. These fair value calculations will involve significant professional judgment by the managers of the Private Investment Funds in the application of both observable and unobservable attributes and the calculated values of the Private Investment Funds themselves or their underlying assets may differ from their actual realizable value or future fair value. Additionally, between the quarterly valuation periods, the NAVs of the Private Investments Funds are adjusted daily based on the estimated total return that each underlying private fund will generate during the current quarter. The Adviser and the Board’s Valuation Committee monitor these estimates regularly and update them as necessary if macro-level considerations or individual fund considerations warrant any adjustments. At the end of the quarter, each Private Investment Fund’s net asset value is adjusted as needed to reflect the actual income and appreciation or depreciation realized by such Private Investment Fund when the quarterly valuations and income are reported by each manager. As of the June 30, 2019 portfolio of investments presented herein, all of the Fund’s investments in Private Investment Funds are reported at the respective NAVs provided by the managers of the Private Investment Funds and their agents which may differ from the valuations used by the Fund in its June 30, 2019 NAV calculation.

Due to the inherent uncertainty of determining the fair value of investments that do not have readily available market quotations, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

Fair Value Measurements: The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

It is the Fund’s policy to recognize transfers in and out of the levels at the value at the beginning of the period. For the period ended June 30, 2019, there were no transfers between levels. A summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:

At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; the existence of contemporaneous, observable trades in the market; and changes in listings or delistings on national exchanges.

Foreign Currency- Foreign currencies, investments and other assets and liabilities, if any, are translated into U.S. dollars at the exchange rates at 4:00 p.m. U.S. ET (Eastern Time). Fluctuations in the value of the foreign currencies and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses).

Restricted securities - Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objective and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material. Each of the following securities can suspend redemptions if its respective Board deems it in the best interest of its shareholders. None of these securities have suspended redemptions. This and other important information are described in the Fund’s Prospectus.


•	Level 1 –	unadjusted quoted prices in active markets for identical securities

•	Level 2 –	prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•	Level 3 –	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)


Security (a)	Acquisition Date (b)		Shares			Cost ($1,000s)		Value ($1,000s)		Unfunded Commitments ($1,000s)		% of Net Assets		Redemption Notice (c)
AEW Core Property Trust (U.S.), Inc.
Class A Shares		7/2/2013		132,272		$	124,788	$	136,454	$	—		4.8%		45 Days
Class B Shares		7/2/2013		47,116			44,462		48,606		—		1.7%		45 Days
AEW Value Investors US LP		8/17/2017		(i	)		25,000		24,830		25,000		0.9%		(e)
Barings Core Property Fund LP		9/30/2013		562,619			66,625		75,177		—		2.6%		30 Days(f)
Barings European Core Property Fund LP		6/13/2017		63,921			71,985		75,667		—		2.7%		60 Days
CBRE U.S Core Partners REIT Operating LP		3/29/2018		74,093,483			103,149		106,532		6,851		3.8%		60 Days
Clarion Gables Multifamily Trust LP		3/4/2019		39,221			50,000		50,478		—		1.8%		(g)
Clarion Lion Properties Fund LLC		7/1/2013		158,382			211,180		241,438		—		8.5%		90 Days
Harrison Street Core Property Fund		8/13/2014		86,966			113,000		119,651		—		4.2%		45 Days
Heitman America Real Estate LP		12/2/2014		172,306			200,000		211,291		—		7.5%		90 Days
Heitman Core Real Estate Debt Income Trust LP		4/1/2017		107,563			110,000		110,419		40,000		3.9%		90 Days
Invesco Core Real Estate USA		12/31/2013		680			114,500		127,435		—		4.5%		45 Days
Invesco Real Estate Asia Fund (Cayman) Unit Trust Class A Units		9/30/2014		799,259			98,426		103,222		10,000		3.6%		45 Days
LaSalle Property Fund LP,
Class A Shares		8/31/2015		90,903			139,423		150,627		—		5.3%		45 Days
Class B Shares		8/31/2015		35,258			54,077		58,422		—		2.1%		45 Days
Mesa Core Lending Fund LP Class A		7/15/2015		62,622			66,079		66,380		13,921		2.3%		30 Days
Met Life Commercial Mortgage Income Fund		10/1/2015		49,078			50,000		50,410		—		1.8%		90 Days
RREEF America Reit II, LP		9/30/2013		1,749,470			196,820		219,978		2,500		7.8%		45 Days
															60 Days
Trumbull Property Fund, LP		9/30/2013		4,264			45,738		45,472		—		1.6%		(h)
Trumbull Property Income Fund, LP		4/1/2016		9,001			107,500		113,799		—		4.0%		60 Days
US Government Building, LP		5/1/2014		(d	)		93,000		100,006		—		3.5%		60 Days

Total						$	2,085,752	$	2,236,294	$	98,272		78.9%


	Total Market Value at 06/30/2019		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs



Common Stocks*	$	280,968,017	$	280,968,017	$	—	$	—
Preferred Stocks*		32,590,302		32,590,302		—		—
Corporate Debt*		37,911,487		—		37,911,487		—
Commercial Mortgage Backed Securities		102,760,127		—		102,760,127		—
Short-Term Investments		127,127,921		127,127,921		—		—

Subtotal	$	581,357,854	$	440,686,240	$	140,671,614	$	—

Private Investment Funds*	$	2,236,293,692

Total	$	2,817,651,546