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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
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      <invstOrSec>
        <name>Ventas Inc</name>
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      <invstOrSec>
        <name>Mercialys Sa</name>
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          <isin value="FR0010241638"/>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Gs Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust 2020-GC47</title>
        <cusip>36258RAA1</cusip>
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          <isin value="US36258RAA14"/>
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          <annualizedRt>3.45100000</annualizedRt>
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      <invstOrSec>
        <name>Cantor Commercial Real Estate Lending</name>
        <lei>N/A</lei>
        <title>Cantor Commercial Real Estate Lending 2019-CF2</title>
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          <isin value="US12528YAL74"/>
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          <maturityDt>2052-11-15</maturityDt>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2023-B40 Mortgage Trust</title>
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          <isin value="US08163WAM73"/>
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      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
        <cusip>46634SAM7</cusip>
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          <isin value="US46634SAM70"/>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2019-GC43</title>
        <cusip>17328HBJ9</cusip>
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          <isin value="US17328HBJ95"/>
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          <maturityDt>2052-11-10</maturityDt>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2019-GC43</title>
        <cusip>17328HAJ0</cusip>
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          <isin value="US17328HAJ05"/>
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      <invstOrSec>
        <name>Gaming And Leisure Properties Inc</name>
        <lei>5493006GWRDBCZYWTM57</lei>
        <title>Gaming and Leisure Properties, Inc.</title>
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        <name>Sf Real Estate Investment Trust</name>
        <lei>213800UGJNP2A1O21932</lei>
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        <invCountry>HK</invCountry>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>20048EAE1</cusip>
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          <isin value="US20048EAE14"/>
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      <invstOrSec>
        <name>Bmo Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>05610CAP9</cusip>
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          <isin value="US05610CAP95"/>
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        <name>MES01 2024-LGND G</name>
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        <title>MES01 G</title>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2025-5C3</title>
        <cusip>95004JAJ3</cusip>
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          <isin value="US95004JAJ34"/>
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        <balance>32613000.00000000</balance>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>95003MBU1</cusip>
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      <invstOrSec>
        <name>Bank</name>
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        <title>BANK 2020-BNK25</title>
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      <invstOrSec>
        <name>National Health Investors Inc</name>
        <lei>549300ZPKZIG6DKDEC02</lei>
        <title>National Health Investors, Inc.</title>
        <cusip>63633D104</cusip>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ctp Nv</name>
        <lei>3157000YTVO4TN65UM14</lei>
        <title>CTP NV</title>
        <cusip>N/A</cusip>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities Llc</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust 2024-C24</title>
        <cusip>07336VAG6</cusip>
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          <isin value="US07336VAG68"/>
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        <balance>2125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1567750.84000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2034-01-15</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Merlin Properties Socimi Sa</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>Merlin Properties Socimi SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0105025003"/>
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        <balance>15844.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>ES</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2022-B36 Mortgage Trust</title>
        <cusip>08163QAA6</cusip>
        <identifiers>
          <isin value="US08163QAA67"/>
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        <balance>15860000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
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          <annualizedRt>2.78900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Digital Realty Trust Inc</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust, Inc.</title>
        <cusip>253868103</cusip>
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          <isin value="US2538681030"/>
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        <balance>3169.00000000</balance>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Frontview Reit Inc</name>
        <lei>N/A</lei>
        <title>FrontView REIT, Inc.</title>
        <cusip>35922N100</cusip>
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          <isin value="US35922N1000"/>
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        <balance>50630.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>673379.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Prologis Inc</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>Prologis, Inc.</title>
        <cusip>74340W103</cusip>
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          <isin value="US74340W1036"/>
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        <balance>7187.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>891834.83000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</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>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2020-BNK25</title>
        <cusip>06539WAC0</cusip>
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          <isin value="US06539WAC01"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>901378.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Americold Realty Trust Inc</name>
        <lei>894500O3S3W62PQPO460</lei>
        <title>Americold Realty Trust</title>
        <cusip>03064D108</cusip>
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          <isin value="US03064D1081"/>
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        <balance>11661.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150310.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bx Trust</name>
        <lei>N/A</lei>
        <title>BX 2025-BIO3 Mortgage Trust</title>
        <cusip>123911AC3</cusip>
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          <isin value="US123911AC38"/>
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        <balance>30000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>843693.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2030-02-10</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Iron Mountain Inc</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
        <cusip>46284V101</cusip>
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          <isin value="US46284V1017"/>
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        <balance>4529.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>466260.55000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Esr Kendall Square Reit Co Ltd</name>
        <lei>N/A</lei>
        <title>ESR Kendall Square REIT Co., Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="KR7365550003"/>
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        <balance>44733.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2019-B15 Mortgage Trust</title>
        <cusip>08160KAK0</cusip>
        <identifiers>
          <isin value="US08160KAK07"/>
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        <balance>1862000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1491069.49000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2072-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.83000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2023-B40 Mortgage Trust</title>
        <cusip>08163WAX3</cusip>
        <identifiers>
          <isin value="US08163WAX39"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>843737.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
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          <annualizedRt>3.91400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2025-5C5</title>
        <cusip>95004MAJ6</cusip>
        <identifiers>
          <isin value="US95004MAJ62"/>
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        <balance>21800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2261856.82000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-15</maturityDt>
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          <annualizedRt>2.69100000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mitsui Fudosan Co Ltd</name>
        <lei>353800ND4ZKNZDYKMF33</lei>
        <title>Mitsui Fudosan Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3893200000"/>
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        <balance>64400.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Hongkong Land Holdings Ltd</name>
        <lei>213800XCHYNRPAYGXW28</lei>
        <title>Hongkong Land Holdings, Ltd.</title>
        <cusip>G4587L109</cusip>
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          <isin value="BMG4587L1090"/>
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        <balance>131600.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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      <invstOrSec>
        <name>Warehouses De Pauw Cva</name>
        <lei>549300HWDYC5JXC85138</lei>
        <title>Warehouses De Pauw CVA</title>
        <cusip>N/A</cusip>
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          <isin value="BE0974349814"/>
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        <balance>19640.00000000</balance>
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        <invCountry>BE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Bfld Trust</name>
        <lei>N/A</lei>
        <title>BFLD Commercial Mortgage Trust 2025-5MW</title>
        <cusip>088921AE1</cusip>
        <identifiers>
          <isin value="US088921AE13"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2510406.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-10</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Centuria Capital Group</name>
        <lei>N/A</lei>
        <title>Centuria Capital Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CNI5"/>
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        <balance>202313.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Saul Centers Inc</name>
        <lei>N/A</lei>
        <title>Saul Centers, Inc.</title>
        <cusip>804395101</cusip>
        <identifiers>
          <isin value="US8043951016"/>
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        <balance>28300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>837963.00000000</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>Welltower Inc</name>
        <lei>254900F33BIAR82QTA19</lei>
        <title>Welltower, Inc.</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
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        <balance>10820.00000000</balance>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
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        <name>Ubs Commercial Mortgage Trust</name>
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        <name>Barclays Commercial Mortgage Securities Llc</name>
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        <name>Comm Mortgage Trust</name>
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        <name>Healthpeak Properties Inc</name>
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        <name>State Street Institutional Treasury Plus Money Market Fund</name>
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        <name>Chartwell Retirement Residences</name>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities Llc</name>
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        <name>Broadstone Net Lease Inc</name>
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        <name>Aims Apac Reit</name>
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        <name>Centurion Accommodation Reit</name>
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        <name>Jpmbb Commercial Mortgage Securities Trust</name>
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        <name>Qualitas Real Estate Income Fund</name>
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        <name>Fhlmc Multifamily Structured Pass Through Certs.</name>
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        <title>FHLMC Multifamily Structured Pass Through Certificates</title>
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      <invstOrSec>
        <name>Bmo 2022-c1 Mortgage Trust</name>
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        <name>Morgan Stanley Baml Trust</name>
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        <name>Essex Property Trust Inc</name>
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        <name>Sun Communities Inc</name>
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        <name>Bmo Mortgage Trust</name>
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        <name>Bank</name>
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        <name>Cre Logistics Reit Inc</name>
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        <name>Equinix Inc</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Rexford Industrial Realty Inc</name>
        <lei>549300MSLO0DF0EMX355</lei>
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        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2018-B6 Mortgage Trust</title>
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      <invstOrSec>
        <name>Brandywine Realty Trust</name>
        <lei>5UZ46ZCYUFYYAC0DS831</lei>
        <title>Brandywine Realty Trust</title>
        <cusip>105368203</cusip>
        <identifiers>
          <isin value="US1053682035"/>
        </identifiers>
        <balance>92727.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>318053.61000000</valUSD>
        <pctVal>0.418325333435</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nyc Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>NYC 2025-28L F</title>
        <cusip>67123JAL3</cusip>
        <identifiers>
          <isin value="US67123JAL35"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1500965.55000000</valUSD>
        <pctVal>1.974170059501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.13000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Tower Corp</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <isin value="US03027X1000"/>
        </identifiers>
        <balance>775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>138709.50000000</valUSD>
        <pctVal>0.182439991289</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>Nexus Industrial Reit</name>
        <lei>549300VXQ93JIP08X629</lei>
        <title>Nexus Industrial REIT</title>
        <cusip>65344U101</cusip>
        <identifiers>
          <isin value="CA65344U1012"/>
        </identifiers>
        <balance>86600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40255000"/>
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        <pctVal>0.639128393546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dream Industrial Real Estate Investment Trust</name>
        <lei>549300QOI0TM3CBYUH79</lei>
        <title>Dream Industrial Real Estate Investment Trust</title>
        <cusip>26153W109</cusip>
        <identifiers>
          <isin value="CA26153W1095"/>
        </identifiers>
        <balance>15700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40255000"/>
        <valUSD>135334.21000000</valUSD>
        <pctVal>0.178000584629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities Llc</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust 2024-C24</title>
        <cusip>07336VAJ0</cusip>
        <identifiers>
          <isin value="US07336VAJ08"/>
        </identifiers>
        <balance>2900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1691239.40000000</valUSD>
        <pctVal>2.224430925100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2019-H6</title>
        <cusip>61769JAC5</cusip>
        <identifiers>
          <isin value="US61769JAC53"/>
        </identifiers>
        <balance>1750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1428709.80000000</valUSD>
        <pctVal>1.879134475056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Unite Group Plc/the</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>UNITE Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006928617"/>
        </identifiers>
        <balance>31896.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76121000"/>
        <valUSD>237582.69000000</valUSD>
        <pctVal>0.312484609159</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK</title>
        <cusip>06540CAN7</cusip>
        <identifiers>
          <isin value="US06540CAN74"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>678414.75000000</valUSD>
        <pctVal>0.892296353753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.76700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2019-GC41</title>
        <cusip>17328FAA3</cusip>
        <identifiers>
          <isin value="US17328FAA30"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1242843.68000000</valUSD>
        <pctVal>1.634670950107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Go Residential Real Estate Investment Trust</name>
        <lei>N/A</lei>
        <title>GO Residential Real Estate Investment Trust</title>
        <cusip>36272H107</cusip>
        <identifiers>
          <isin value="CA36272H1073"/>
        </identifiers>
        <balance>15548.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>178024.60000000</valUSD>
        <pctVal>0.234149834534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2019-C7</title>
        <cusip>17328CAH5</cusip>
        <identifiers>
          <isin value="US17328CAH51"/>
        </identifiers>
        <balance>2700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2454055.92000000</valUSD>
        <pctVal>3.227738119377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2072-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.04900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hang Lung Properties Ltd</name>
        <lei>529900CIVTNMXQT59E61</lei>
        <title>Hang Lung Properties, Ltd.</title>
        <cusip>Y30166105</cusip>
        <identifiers>
          <isin value="HK0101000591"/>
        </identifiers>
        <balance>317000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77055000"/>
        <valUSD>352877.21000000</valUSD>
        <pctVal>0.464127656136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stoneweg Europe Stapled Trust</name>
        <lei>21380093RFHTC319NL93</lei>
        <title>Stoneweg Europe Stapled Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SGXC11267561"/>
        </identifiers>
        <balance>225760.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86757000"/>
        <valUSD>395536.04000000</valUSD>
        <pctVal>0.520235396223</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>
      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK</title>
        <cusip>06540CAL1</cusip>
        <identifiers>
          <isin value="US06540CAL19"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>889246.03000000</valUSD>
        <pctVal>1.169595723204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.76700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Qualitas Ltd</name>
        <lei>N/A</lei>
        <title>Qualitas, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000195265"/>
        </identifiers>
        <balance>47681.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52835000"/>
        <valUSD>114495.55000000</valUSD>
        <pctVal>0.150592188312</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sekisui House Reit Inc</name>
        <lei>N/A</lei>
        <title>Sekisui House Reit, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3047820000"/>
        </identifiers>
        <balance>791.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.11000000"/>
        <valUSD>407022.91000000</valUSD>
        <pctVal>0.535343694232</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>PRINCIPAL REAL ESTATE INCOME FUND</ncom:nameOfApplicant>
      <ncom:signature>Erich Rettinger</ncom:signature>
      <ncom:signerName>Erich Rettinger</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
