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      <invstOrSec>
        <name>Mapletree Logistics Trust</name>
        <lei>549300M9EBZIYH387075</lei>
        <title>Mapletree Logistics Trust</title>
        <cusip>N/A</cusip>
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          <isin value="SG1S03926213"/>
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        <balance>263300.00000000</balance>
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        <invCountry>SG</invCountry>
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      <invstOrSec>
        <name>Primary Health Properties Plc</name>
        <lei>213800Y5CJHXOATK7X11</lei>
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      <invstOrSec>
        <name>Physicians Realty Trust</name>
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      <invstOrSec>
        <name>Bank</name>
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          <isin value="US06541WAE21"/>
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      <invstOrSec>
        <name>Fhlmc Multifamily Structured P</name>
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        <title>FHLMC Multifamily Structured Pass Through Certificates</title>
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          <isin value="US3137BMTZ90"/>
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        <balance>9690000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2026-01-25</maturityDt>
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      <invstOrSec>
        <name>Sun Communities Inc</name>
        <lei>549300H5GEOJYN41ZG57</lei>
        <title>Sun Communities, Inc.</title>
        <cusip>866674104</cusip>
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          <isin value="US8666741041"/>
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        <balance>5443.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>RE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Investec Australia Property Fu</name>
        <lei>N/A</lei>
        <title>Investec Australia Property Fund</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000046005"/>
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        <balance>449713.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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>61764RAJ7</cusip>
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          <isin value="US61764RAJ77"/>
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        <balance>23967000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1464690.48000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
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          <annualizedRt>1.76000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>1493328.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2024-01-10</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Midea Real Estate Holding Ltd</name>
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        <title>Midea Real Estate Holding, Ltd.</title>
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          <isin value="KYG609201085"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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      <invstOrSec>
        <name>Japan Hotel Reit Investment Co</name>
        <lei>353800L8KG849FP1JI68</lei>
        <title>Japan Hotel REIT Investment Corp.</title>
        <cusip>J2761Q107</cusip>
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          <isin value="JP3046400002"/>
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        <balance>1030.00000000</balance>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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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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        <balance>566500.00000000</balance>
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        <assetCat>RE</assetCat>
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        <invCountry>SG</invCountry>
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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>23405.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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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>
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          <isin value="CA92937G1090"/>
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        <balance>17213.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>94989WBB2</cusip>
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          <isin value="US94989WBB28"/>
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        <balance>2886000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust</title>
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        <balance>5000000.00000000</balance>
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          <maturityDt>2026-08-15</maturityDt>
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        <name>State Street Institutional Tre</name>
        <lei>549300P1E098W6ES7M39</lei>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>94989WAD9</cusip>
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          <isin value="US94989WAD92"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1702099.20000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Segro Plc</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>Segro PLC</title>
        <cusip>B5ZN1N909</cusip>
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          <isin value="GB00B5ZN1N88"/>
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        <balance>48376.00000000</balance>
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        <assetCat>RE</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>6847802.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2047-04-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
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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>12592MAN0</cusip>
        <identifiers>
          <isin value="US12592MAN02"/>
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        <balance>2780000.00000000</balance>
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      <invstOrSec>
        <name>Jpmbb Commercial Mortgage Secu</name>
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        <name>Centuria Office Reit</name>
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        <name>Spirit Realty Capital Inc</name>
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        <name>New World Development Co Ltd</name>
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      <invstOrSec>
        <name>Gs Mortgage Securities Trust</name>
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        <name>Goodman Group</name>
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        <name>Big Yellow Group Plc</name>
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        <name>Park Hotels &amp; Resorts Inc</name>
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        <name>Essex Property Trust Inc</name>
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        <name>Citigroup Commercial Mortgage</name>
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        <name>Daiwa Office Investment Corp</name>
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        <name>Mitsubishi Estate Co Ltd</name>
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        <name>United Urban Investment Corp</name>
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        <name>Arena Reit</name>
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        <name>Sunstone Hotel Investors Inc</name>
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        <name>Brandywine Realty Trust</name>
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        <name>Centuria Industrial Reit</name>
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        <name>Wpt Industrial Real Estate Inv</name>
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        <name>Morgan Stanley Baml Trust</name>
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        <name>Sabana Shari'ah Compliant Indu</name>
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      <invstOrSec>
        <name>Alexandria Real Estate Equitie</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
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      <invstOrSec>
        <name>Banc Of America Commercial Mor</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Sekisui House Reit Inc</name>
        <lei>N/A</lei>
        <title>Sekisui House Reit, Inc.</title>
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          <isin value="JP3047820000"/>
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      <invstOrSec>
        <name>Aims Apac Reit</name>
        <lei>549300MGNQOBQ3KVN734</lei>
        <title>AIMS AMP Capital Industrial REIT</title>
        <cusip>N/A</cusip>
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          <isin value="SG2D63974620"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>SG</invCountry>
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      <invstOrSec>
        <name>Fhlmc Multifamily Structured P</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass Through Certificates</title>
        <cusip>3137ABFK2</cusip>
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          <isin value="US3137ABFK22"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2021-06-25</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Charter Hall Group</name>
        <lei>254900PJ75X7THUAD153</lei>
        <title>Charter Hall Group</title>
        <cusip>Q2308A138</cusip>
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          <isin value="AU000000CHC0"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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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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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Safestore Holdings Plc</name>
        <lei>213800WGA3YSJC1YOH73</lei>
        <title>Safestore Holdings PLC</title>
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          <isin value="GB00B1N7Z094"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>Vici Properties Inc</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>VICI Properties, Inc.</title>
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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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      <invstOrSec>
        <name>Mitsui Fudosan Co Ltd</name>
        <lei>353800ND4ZKNZDYKMF33</lei>
        <title>Mitsui Fudosan Co., Ltd.</title>
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          <isin value="JP3893200000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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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>
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          <isin value="US12635RBF47"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Jpmbb Commercial Mortgage Secu</name>
        <lei>549300UOGMFS1M8XVM16</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
        <cusip>46640NAM0</cusip>
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          <isin value="US46640NAM02"/>
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          <maturityDt>2023-10-15</maturityDt>
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      <invstOrSec>
        <name>Coresite Realty Corp</name>
        <lei>549300H0YYORITFM2B74</lei>
        <title>CoreSite Realty Corp.</title>
        <cusip>21870Q105</cusip>
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          <isin value="US21870Q1058"/>
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      <invstOrSec>
        <name>Bank</name>
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        <cusip>06540RAW4</cusip>
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        <name>Bank</name>
        <lei>N/A</lei>
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        <cusip>06541WAC6</cusip>
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        <name>Dexus</name>
        <lei>N/A</lei>
        <title>Dexus</title>
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          <isin value="AU000000DXS1"/>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust</title>
        <cusip>17328FAE5</cusip>
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          <isin value="US17328FAE51"/>
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        <balance>2800000.00000000</balance>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK</title>
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          <maturityDt>2028-05-15</maturityDt>
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      <invstOrSec>
        <name>Echo Investment Sa</name>
        <lei>259400LHRL5AUI6F1F70</lei>
        <title>Echo Investment SA</title>
        <cusip>N/A</cusip>
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          <isin value="PLECHPS00019"/>
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        <invCountry>PL</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newriver Reit Plc</name>
        <lei>2138004GX1VAUMH66L31</lei>
        <title>NewRiver REIT PLC</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BD7XPJ64"/>
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        <balance>109001.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equinix Inc</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix, Inc.</title>
        <cusip>29444U700</cusip>
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          <isin value="US29444U7000"/>
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        <balance>1050.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>12592KAG9</cusip>
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          <isin value="US12592KAG94"/>
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        <balance>2715000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1413743.40000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Zhongliang Holdings Group Co L</name>
        <lei>549300SKDRW33OJQFH41</lei>
        <title>Zhongliang Holdings Group Co., Ltd.</title>
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          <isin value="KYG9898C1024"/>
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        <balance>362000.00000000</balance>
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      <invstOrSec>
        <name>Nsi Nv</name>
        <lei>724500I77C30W2LZZJ03</lei>
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        <cusip>N/A</cusip>
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          <isin value="NL0012365084"/>
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      <invstOrSec>
        <name>Invitation Homes Inc</name>
        <lei>N/A</lei>
        <title>Invitation Homes, Inc.</title>
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          <isin value="US46187W1071"/>
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        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>9J6MBOOO7BECTDTUZW19</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>12631DAL7</cusip>
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          <isin value="US12631DAL73"/>
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        <balance>2600000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Leg Immobilien Ag</name>
        <lei>391200SO40AKONBO0Z96</lei>
        <title>LEG Immobilien AG</title>
        <cusip>D4960A103</cusip>
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          <isin value="DE000LEG1110"/>
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        <balance>4500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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>46630EAH3</cusip>
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          <isin value="US46630EAH36"/>
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        <balance>1148169.51800000</balance>
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        <curCd>USD</curCd>
        <valUSD>815200.36000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-12</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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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          <isin value="ES0105025003"/>
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        <balance>42000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Summit Industrial Income Reit</name>
        <lei>2549002JNRHTJ9H0MR86</lei>
        <title>Summit Industrial Income REIT</title>
        <cusip>N/A</cusip>
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          <isin value="CA8661201167"/>
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        <balance>17873.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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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>46641BAP8</cusip>
        <identifiers>
          <isin value="US46641BAP85"/>
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        <balance>2117483.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1878316.68000000</valUSD>
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        <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>5.19500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>61767EAW4</cusip>
        <identifiers>
          <isin value="US61767EAW49"/>
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        <balance>3450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1790110.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
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          <annualizedRt>3.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Unite Group Plc/the</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>UNITE Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006928617"/>
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        <balance>21847.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Inmobiliaria Colonial Socimi S</name>
        <lei>95980020140005007414</lei>
        <title>Inmobiliaria Colonial SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0139140174"/>
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        <balance>40000.00000000</balance>
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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>Wells Fargo Commercial Mortgag</name>
        <lei>549300ZVNWG0TX42H716</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>94989VAZ2</cusip>
        <identifiers>
          <isin value="US94989VAZ22"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1074791.85000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2057-09-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wf-rbs Commercial Mortgage Tru</name>
        <lei>549300UVB571ELWL8972</lei>
        <title>WFRBS Commercial Mortgage Trust</title>
        <cusip>92890FAC0</cusip>
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          <isin value="US92890FAC05"/>
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        <balance>7650000.00000000</balance>
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          <maturityDt>2024-05-15</maturityDt>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BENCHMARK Mortgage Trust</title>
        <cusip>08162PAJ0</cusip>
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          <isin value="US08162PAJ03"/>
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        <balance>11500000.00000000</balance>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>549300FVY7JUBJ0PIH53</lei>
        <title>COMM 2013-CCRE7 Mortgage Trust</title>
        <cusip>12625FBA3</cusip>
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          <isin value="US12625FBA30"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2504702.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2023-10-10</maturityDt>
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      <invstOrSec>
        <name>Crown Castle International Cor</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle International Corp.</title>
        <cusip>22822V101</cusip>
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          <isin value="US22822V1017"/>
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        <balance>2193.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cubesmart</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CubeSmart</title>
        <cusip>229663109</cusip>
        <identifiers>
          <isin value="US2296631094"/>
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        <balance>19700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>496440.00000000</valUSD>
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        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Independence Realty Trust Inc</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>Independence Realty Trust, Inc.</title>
        <cusip>45378A106</cusip>
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          <isin value="US45378A1060"/>
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        <balance>144950.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Avalonbay Communities Inc</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities, Inc.</title>
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      <invstOrSec>
        <name>Industrial Logistics Propertie</name>
        <lei>5493004XH9PJW009HR47</lei>
        <title>Industrial Logistics Properties Trust</title>
        <cusip>456237106</cusip>
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          <isin value="US4562371066"/>
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      <invstOrSec>
        <name>Tag Immobilien Ag</name>
        <lei>529900TAE68USJNXLR59</lei>
        <title>TAG Immobilien AG</title>
        <cusip>N/A</cusip>
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          <isin value="DE0008303504"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>Store Capital Corp</name>
        <lei>5493004EA6C9IHDZ7N66</lei>
        <title>STORE Capital Corp.</title>
        <cusip>862121100</cusip>
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          <isin value="US8621211007"/>
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        <balance>23004.00000000</balance>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>Weyerhaeuser Co</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>Weyerhaeuser Co.</title>
        <cusip>962166104</cusip>
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          <isin value="US9621661043"/>
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        <balance>16880.00000000</balance>
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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>Covivio</name>
        <lei>969500P8M3W2XX376054</lei>
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          <isin value="FR0000064578"/>
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        <invCountry>FR</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jpmbb Commercial Mortgage Secu</name>
        <lei>549300UOGMFS1M8XVM16</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
        <cusip>46640NAR9</cusip>
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          <isin value="US46640NAR98"/>
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        <balance>2500000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2023-10-15</maturityDt>
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      <invstOrSec>
        <name>Londonmetric Property Plc</name>
        <lei>213800OCERWWPQDURL87</lei>
        <title>LondonMetric Property PLC</title>
        <cusip>N/A</cusip>
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          <isin value="GB00B4WFW713"/>
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        <invCountry>GB</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cfcre Commercial Mortgage Trus</name>
        <lei>N/A</lei>
        <title>CFCRE Commercial Mortgage Trust</title>
        <cusip>12531WAL6</cusip>
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          <isin value="US12531WAL63"/>
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        <balance>5484000.00000000</balance>
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          <maturityDt>2026-01-10</maturityDt>
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      <invstOrSec>
        <name>Sabra Health Care Reit Inc</name>
        <lei>549300E3BC7GU7TAZ621</lei>
        <title>Sabra Health Care REIT, Inc.</title>
        <cusip>78573L106</cusip>
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          <isin value="US78573L1061"/>
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        <balance>12269.00000000</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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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>12623SAW0</cusip>
        <identifiers>
          <isin value="US12623SAW08"/>
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        <balance>5492405.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4019769.84000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2022-12-10</maturityDt>
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      <invstOrSec>
        <name>Mcubs Midcity Investment Corp</name>
        <lei>353800WZPKHG2SQS1P32</lei>
        <title>MCUBS MidCity Investment Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="JP3046450007"/>
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      <invstOrSec>
        <name>Welltower Inc</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower, Inc.</title>
        <cusip>95040Q104</cusip>
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          <isin value="US95040Q1040"/>
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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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      <invstOrSec>
        <name>Banc Of America Commercial Mor</name>
        <lei>N/A</lei>
        <title>Bank of America Commercial Mortgage Trust</title>
        <cusip>06054MAW3</cusip>
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          <isin value="US06054MAW38"/>
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        <balance>3500000.00000000</balance>
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          <maturityDt>2026-05-15</maturityDt>
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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>46641BAR4</cusip>
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          <isin value="US46641BAR42"/>
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        <balance>1433000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2023-11-15</maturityDt>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley Baml Trust</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust</title>
        <cusip>61761QAN3</cusip>
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          <isin value="US61761QAN34"/>
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        <balance>3000000.00000000</balance>
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          <maturityDt>2023-02-15</maturityDt>
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        <name>Mgm Growth Properties Llc</name>
        <lei>549300E2UGIBHWE12262</lei>
        <title>MGM Growth Properties LLC</title>
        <cusip>55303A105</cusip>
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          <isin value="US55303A1051"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City Office Reit Inc</name>
        <lei>5493003J7157VP25NL57</lei>
        <title>City Office REIT, Inc.</title>
        <cusip>178587101</cusip>
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          <isin value="US1785871013"/>
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        <balance>35427.00000000</balance>
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        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2019-GC43</title>
        <cusip>17328HAN1</cusip>
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          <isin value="US17328HAN17"/>
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        <balance>1500000.00000000</balance>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2019-GC43</title>
        <cusip>17328HAG6</cusip>
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          <isin value="US17328HAG65"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>47798.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.74250000</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>Sun Hung Kai Properties Ltd</name>
        <lei>529900LUMD393RD3S874</lei>
        <title>Sun Hung Kai Properties, Ltd.</title>
        <cusip>Y82594121</cusip>
        <identifiers>
          <isin value="HK0016000132"/>
        </identifiers>
        <balance>50500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75250000"/>
        <valUSD>693092.55000000</valUSD>
        <pctVal>0.687414663670</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>Cyrusone Inc</name>
        <lei>5493006S177ZK2ZNBU43</lei>
        <title>CyrusOne, Inc.</title>
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          <isin value="US23283R1005"/>
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        <balance>4454.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>312448.10000000</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>
          <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</title>
        <cusip>61767FAC5</cusip>
        <identifiers>
          <isin value="US61767FAC59"/>
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        <balance>13495500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1047962.01000000</valUSD>
        <pctVal>1.039376996108</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</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>Macquarie Mexico Real Estate M</name>
        <lei>529900H31AYI6WA1J534</lei>
        <title>Macquarie Mexico Real Estate Management SA de CV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MXCFFI0U0002"/>
        </identifiers>
        <balance>95700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="24.10100000"/>
        <valUSD>77668.64000000</valUSD>
        <pctVal>0.077032370414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Minto Apartment Real Estate In</name>
        <lei>N/A</lei>
        <title>Minto Apartment Real Estate Investment Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA60448E1034"/>
        </identifiers>
        <balance>6744.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39195000"/>
        <valUSD>99952.38000000</valUSD>
        <pctVal>0.099133559696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</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>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>12591UAP8</cusip>
        <identifiers>
          <isin value="US12591UAP84"/>
        </identifiers>
        <balance>2932500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2498559.50000000</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>2024-02-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.16900000</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>Healthcare Trust Of America In</name>
        <lei>549300L0I14L7I0VLX84</lei>
        <title>Healthcare Trust of America, Inc.</title>
        <cusip>42225P501</cusip>
        <identifiers>
          <isin value="US42225P5017"/>
        </identifiers>
        <balance>26951.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>663803.13000000</valUSD>
        <pctVal>0.658365185648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>PRINCIPAL REAL ESTATE INCOME FUND</ncom:nameOfApplicant>
      <ncom:signature>Jill A. Kerschen</ncom:signature>
      <ncom:signerName>Jill A. Kerschen</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
