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      <invstOrSec>
        <name>Gs Mortgage Securities Trust</name>
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        <name>Invitation Homes Inc</name>
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        <name>Wells Fargo Commercial Mortgag</name>
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        <name>Sun Communities Inc</name>
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        <name>Kenedix Retail Reit Corp</name>
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        <name>Apartment Investment &amp; Managem</name>
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        <name>Weyerhaeuser Co</name>
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        <name>Mitsubishi Estate Co Ltd</name>
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        <name>Jpmbb Commercial Mortgage Secu</name>
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        <name>Gs Mortgage Securities Trust</name>
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        <name>Jp Morgan Chase Commercial Mor</name>
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        <name>Fhlmc Multifamily Structured P</name>
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        <name>Jp Morgan Chase Commercial Mor</name>
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        <name>Morgan Stanley Baml Trust</name>
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        <name>Centuria Industrial Reit</name>
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        <name>Minto Apartment Real Estate In</name>
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        <name>New World Development Co Ltd</name>
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        <name>Charter Hall Group</name>
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        <name>Investec Australia Property Fu</name>
        <lei>549300WFIN7T02UKDG08</lei>
        <title>Investec Australia Property Fund</title>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Inmobiliaria Colonial Socimi S</name>
        <lei>95980020140005007414</lei>
        <title>Inmobiliaria Colonial SA</title>
        <cusip>N/A</cusip>
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          <isin value="ES0139140174"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ES</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Macerich Co/the</name>
        <lei>529900PSWCB5KI0JYU46</lei>
        <title>Macerich Co.</title>
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          <isin value="US5543821012"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Irish Residential Properties R</name>
        <lei>635400EOPACLULRENY18</lei>
        <title>Irish Residential Properties REIT PLC</title>
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          <isin value="IE00BJ34P519"/>
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        <invCountry>IE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>549300ZVNWG0TX42H716</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>94989VAZ2</cusip>
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          <isin value="US94989VAZ22"/>
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        <balance>1500000.00000000</balance>
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          <maturityDt>2057-09-15</maturityDt>
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      <invstOrSec>
        <name>Aroundtown Sa</name>
        <lei>529900H4DWG3KWMBMQ39</lei>
        <title>Aroundtown SA</title>
        <cusip>N/A</cusip>
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          <isin value="LU1673108939"/>
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        <invCountry>LU</invCountry>

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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK</title>
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          <isin value="US06541WAE21"/>
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      <invstOrSec>
        <name>Cromwell European Real Estate</name>
        <lei>21380093RFHTC319NL93</lei>
        <title>Cromwell European Real Estate Investment Trust</title>
        <cusip>N/A</cusip>
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          <isin value="SG1EA8000000"/>
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        <invCountry>SG</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Avalonbay Communities Inc</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities, Inc.</title>
        <cusip>053484101</cusip>
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          <isin value="US0534841012"/>
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        <balance>8500.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>12623SAW0</cusip>
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          <isin value="US12623SAW08"/>
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        <balance>5492405.00000000</balance>
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          <maturityDt>2022-12-10</maturityDt>
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      <invstOrSec>
        <name>Morgan Stanley Baml Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust</title>
        <cusip>61690VAG3</cusip>
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          <isin value="US61690VAG32"/>
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        <balance>3576000.00000000</balance>
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      <invstOrSec>
        <name>Jpmbb Commercial Mortgage Secu</name>
        <lei>549300UOGMFS1M8XVM16</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
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        <name>Pla Administradora Industrial</name>
        <lei>549300X3ORQ47V30YI07</lei>
        <title>PLA Administradora Industrial S de RL de CV</title>
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      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
        <cusip>48128KAV3</cusip>
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          <isin value="US48128KAV35"/>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
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          <isin value="US12591UAP84"/>
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      <invstOrSec>
        <name>Epr Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties</title>
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        <name>State Street Institutional Tre</name>
        <lei>549300P1E098W6ES7M39</lei>
        <title>State Street Institutional Treasury Plus Money Market Fund</title>
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        <assetCat>STIV</assetCat>
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        <name>Industrial Logistics Propertie</name>
        <lei>5493004XH9PJW009HR47</lei>
        <title>Industrial Logistics Properties Trust</title>
        <cusip>456237106</cusip>
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        <name>Stockland</name>
        <lei>549300Y8E5TMSOLM7P64</lei>
        <title>Stockland</title>
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      <invstOrSec>
        <name>Merlin Properties Socimi Sa</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>Merlin Properties Socimi SA</title>
        <cusip>BNGNB7905</cusip>
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      <invstOrSec>
        <name>Fortune Real Estate Investment</name>
        <lei>N/A</lei>
        <title>Fortune Real Estate Investment Trust</title>
        <cusip>Y2616W104</cusip>
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        <invCountry>SG</invCountry>
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      <invstOrSec>
        <name>Summit Industrial Income Reit</name>
        <lei>2549002JNRHTJ9H0MR86</lei>
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      <invstOrSec>
        <name>Covivio</name>
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          <isin value="FR0000064578"/>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Welltower Inc</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
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          <isin value="US95040Q1040"/>
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      <invstOrSec>
        <name>Mapletree Logistics Trust</name>
        <lei>549300M9EBZIYH387075</lei>
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          <isin value="SG1S03926213"/>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US12592MAN02"/>
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      <invstOrSec>
        <name>Banc Of America Commercial Mor</name>
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      <invstOrSec>
        <name>Wf-rbs Commercial Mortgage Tru</name>
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          <isin value="US92890FAC05"/>
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      <invstOrSec>
        <name>Tag Immobilien Ag</name>
        <lei>529900TAE68USJNXLR59</lei>
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          <isin value="DE0008303504"/>
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        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Taubman Centers Inc</name>
        <lei>N/A</lei>
        <title>Taubman Centers, Inc.</title>
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          <isin value="US8766641034"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK</title>
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          <isin value="US06540RAW43"/>
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          <maturityDt>2028-03-15</maturityDt>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>5493007CD1Q2V06I4172</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
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          <isin value="US94989AAC99"/>
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      <invstOrSec>
        <name>City Office Reit Inc</name>
        <lei>5493003J7157VP25NL57</lei>
        <title>City Office REIT, Inc.</title>
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        <name>Prologis Inc</name>
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        <name>Spirit Realty Capital Inc</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Altarea Sca</name>
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        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>Essential Properties Realty Tr</name>
        <lei>N/A</lei>
        <title>Essential Properties Realty Trust, Inc.</title>
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        <name>Segro Plc</name>
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        <title>Segro PLC</title>
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        <name>Hilton Worldwide Holdings Inc</name>
        <lei>549300HVGPK36ICB0B89</lei>
        <title>Hilton Worldwide Holdings, Inc.</title>
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        <name>Gpt Group/the</name>
        <lei>N/A</lei>
        <title>GPT Group</title>
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        <name>Newriver Reit Plc</name>
        <lei>2138004GX1VAUMH66L31</lei>
        <title>NewRiver REIT PLC</title>
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      <invstOrSec>
        <name>Kilroy Realty Corp</name>
        <lei>549300CXXI18B214UN80</lei>
        <title>Kilroy Realty Corp.</title>
        <cusip>49427F108</cusip>
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        <name>Cubesmart</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CubeSmart</title>
        <cusip>229663109</cusip>
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        <balance>22000.00000000</balance>
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        <assetCat>RE</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Hcp Inc</name>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
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      <invstOrSec>
        <name>Londonmetric Property Plc</name>
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      <invstOrSec>
        <name>Industrial &amp; Infrastructure Fu</name>
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          <isin value="JP3046500009"/>
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        <name>Link Reit</name>
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      <invstOrSec>
        <name>Safestore Holdings Plc</name>
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      <invstOrSec>
        <name>Arena Reit</name>
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        <name>Healthcare Trust Of America In</name>
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        <name>Host Hotels &amp; Resorts Inc</name>
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        <name>Equinix Inc</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
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        <name>Kenedix Residential Next Inves</name>
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        <name>Comm Mortgage Trust</name>
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        <name>Summit Industrial Income Reit</name>
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        <name>Cromwell Property Group</name>
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        <name>Sun Hung Kai Properties Ltd</name>
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        <name>Dream Industrial Real Estate I</name>
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        <name>Essex Property Trust Inc</name>
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        <name>Morgan Stanley Capital I Trust</name>
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        <name>Crown Castle International Cor</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle International Corp.</title>
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        <name>Independence Realty Trust Inc</name>
        <lei>N/A</lei>
        <title>Independence Realty Trust, Inc.</title>
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        <name>Bank</name>
        <lei>N/A</lei>
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          <isin value="US06541KAL26"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Midea Real Estate Holding Ltd</name>
        <lei>300300CW5XG771ZXV614</lei>
        <title>Midea Real Estate Holding, Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="KYG609201085"/>
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        <balance>142600.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.83595000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tanger Factory Outlet Centers</name>
        <lei>UKEW8YSXE4Y581KYOL30</lei>
        <title>Tanger Factory Outlet Centers, Inc.</title>
        <cusip>875465106</cusip>
        <identifiers>
          <isin value="US8754651060"/>
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        <balance>15740.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nsi Nv</name>
        <lei>724500I77C30W2LZZJ03</lei>
        <title>NSI NV</title>
        <cusip>N/A</cusip>
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          <isin value="NL0012365084"/>
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        <balance>9183.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89662000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Capitaland Retail China Trust</name>
        <lei>5493007T7JU82E186P49</lei>
        <title>CapitaLand Retail China Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG1U25933169"/>
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        <balance>481508.00000000</balance>
        <units>NS</units>
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        <pctVal>0.341103348596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</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>
      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
        <cusip>46641BAR4</cusip>
        <identifiers>
          <isin value="US46641BAR42"/>
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        <balance>1433000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1311509.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.74400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>12624KBA3</cusip>
        <identifiers>
          <isin value="US12624KBA34"/>
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        <balance>1900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1727911.30000000</valUSD>
        <pctVal>1.095577033751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Pass Through Certificates</title>
        <cusip>12630DAG9</cusip>
        <identifiers>
          <isin value="US12630DAG97"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1535571.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.49600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust</title>
        <cusip>61767FAL5</cusip>
        <identifiers>
          <isin value="US61767FAL58"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3838659.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.70500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Baml Trust</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust</title>
        <cusip>61761QAN3</cusip>
        <identifiers>
          <isin value="US61761QAN34"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3058093.80000000</valUSD>
        <pctVal>1.938975301762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.05800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United Urban Investment Corp</name>
        <lei>353800GYZWBD7BDCN841</lei>
        <title>United Urban Investment Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3045540006"/>
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        <balance>370.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.99000000"/>
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        <pctVal>0.473583050578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sunstone Hotel Investors Inc</name>
        <lei>N/A</lei>
        <title>Sunstone Hotel Investors, Inc.</title>
        <cusip>867892101</cusip>
        <identifiers>
          <isin value="US8678921011"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>270200.00000000</valUSD>
        <pctVal>0.171319508425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Physicians Realty Trust</name>
        <lei>549300ITOVH0OY7PZC34</lei>
        <title>Physicians Realty Trust</title>
        <cusip>71943U104</cusip>
        <identifiers>
          <isin value="US71943U1043"/>
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        <balance>58000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1082860.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</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>Gs Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Goldman Sachs Mortgage Securities Trust</title>
        <cusip>36248GAP5</cusip>
        <identifiers>
          <isin value="US36248GAP54"/>
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        <balance>2342405.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2543344.23000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.31100000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Interxion Holding Nv</name>
        <lei>724500JX3LUPNMOBTY38</lei>
        <title>InterXion Holding NV</title>
        <cusip>N47279109</cusip>
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          <isin value="NL0009693779"/>
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        <balance>11520.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1016294.40000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sabana Shari'ah Compliant Indu</name>
        <lei>5493005OCDJ0XQ8KGS87</lei>
        <title>Sabana Shari'ah Compliant Industrial Real Estate Investment Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG2C57965205"/>
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        <balance>1138000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
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        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wpt Industrial Real Estate Inv</name>
        <lei>N/A</lei>
        <title>WPT Industrial Real Estate Investment Trust</title>
        <cusip>92937G109</cusip>
        <identifiers>
          <isin value="CA92937G1090"/>
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        <balance>120599.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>RE</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>Csail Commercial Mortgage Trus</name>
        <lei>54930025J96YEH8FQE77</lei>
        <title>CSAIL Commercial Mortgage Trust</title>
        <cusip>12635RBF4</cusip>
        <identifiers>
          <isin value="US12635RBF47"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4671306.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.58100000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Far East Hospitality Trust</name>
        <lei>5493001NEC2QWVTAYN18</lei>
        <title>Far East Hospitality Trust</title>
        <cusip>N/A</cusip>
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          <isin value="SG2F08984575"/>
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        <balance>746000.00000000</balance>
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        <pctVal>0.253805235870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gs Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Goldman Sachs Mortgage Securities Trust</title>
        <cusip>36252WAE8</cusip>
        <identifiers>
          <isin value="US36252WAE84"/>
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        <balance>8505000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7738064.18000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.96500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mitsui Fudosan Co Ltd</name>
        <lei>353800ND4ZKNZDYKMF33</lei>
        <title>Mitsui Fudosan Co., Ltd.</title>
        <cusip>J4509L101</cusip>
        <identifiers>
          <isin value="JP3893200000"/>
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        <balance>26700.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</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>Morgan Stanley Baml Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust</title>
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          <isin value="US61764RAJ77"/>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Klepierre Sa</name>
        <lei>969500PB4U31KEFHZ621</lei>
        <title>Klepierre SA</title>
        <cusip>F5396X102</cusip>
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          <isin value="FR0000121964"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.89662000"/>
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        <invCountry>FR</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Primary Health Properties Plc</name>
        <lei>213800Y5CJHXOATK7X11</lei>
        <title>Primary Health Properties PLC</title>
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          <isin value="GB00BYRJ5J14"/>
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        <balance>138725.00000000</balance>
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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>
      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2017-BNK5</title>
        <cusip>06541WAC6</cusip>
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          <isin value="US06541WAC64"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Terreno Realty Corp</name>
        <lei>N/A</lei>
        <title>Terreno Realty Corp.</title>
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          <isin value="US88146M1018"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>20048EAG6</cusip>
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          <isin value="US20048EAG61"/>
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        <balance>1350000.00000000</balance>
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        <debtSec>
          <maturityDt>2023-01-10</maturityDt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Macquarie Mexico Real Estate M</name>
        <lei>529900H31AYI6WA1J534</lei>
        <title>Macquarie Mexico Real Estate Management SA de CV</title>
        <cusip>N/A</cusip>
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          <isin value="MXCFFI0U0002"/>
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        <balance>522900.00000000</balance>
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        <invCountry>MX</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>Mitsui Fudosan Logistics Park</name>
        <lei>353800DN63EIYS760S59</lei>
        <title>Mitsui Fudosan Logistics Park, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3048300002"/>
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        <balance>178.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.99000000"/>
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        <pctVal>0.470817648101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Extended Stay America Inc</name>
        <lei>549300IESZBC3BJUJW64</lei>
        <title>Extended Stay America, Inc.</title>
        <cusip>30224P200</cusip>
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          <isin value="US30224P2002"/>
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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>Lendlease Global Commercial Re</name>
        <lei>N/A</lei>
        <title>Lendlease Global Commercial REIT</title>
        <cusip>N/A</cusip>
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          <isin value="SGXC61949712"/>
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        <invCountry>SG</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Cfcre Commercial Mortgage Trus</name>
        <lei>N/A</lei>
        <title>CFCRE Commercial Mortgage Trust</title>
        <cusip>12531WAL6</cusip>
        <identifiers>
          <isin value="US12531WAL63"/>
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        <balance>5484000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4989211.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Dexus</name>
        <lei>N/A</lei>
        <title>Dexus</title>
        <cusip>B033YN903</cusip>
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        <balance>73000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.45064000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</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>Echo Investment Sa</name>
        <lei>259400LHRL5AUI6F1F70</lei>
        <title>Echo Investment SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLECHPS00019"/>
        </identifiers>
        <balance>328924.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.82065000"/>
        <valUSD>378800.88000000</valUSD>
        <pctVal>0.240177574215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>PRINCIPAL REAL ESTATE INCOME FUND</ncom:nameOfApplicant>
      <ncom:signature>Kathryn Burns</ncom:signature>
      <ncom:signerName>Kathryn Burns</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
