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        <name>Elme Communities</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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        <name>Comm Mortgage Trust</name>
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        <name>Public Storage</name>
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        <name>American Healthcare Reit Inc</name>
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      <invstOrSec>
        <name>Lamar Advertising Co</name>
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        <name>Empire State Realty Trust Inc</name>
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        <name>Invitation Homes Inc</name>
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        <name>Omega Healthcare Investors Inc</name>
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        <name>N/A</name>
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        <name>Bmo Mortgage Trust</name>
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        <name>Diversified Healthcare Trust</name>
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        <name>Ventas Inc</name>
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        <name>Public Storage</name>
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        <name>Vornado Realty Trust</name>
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        <name>Simon Property Group Inc</name>
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        <name>N/A</name>
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        <name>First Industrial Realty Trust Inc</name>
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        <name>Bxp Inc</name>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities Llc</name>
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        <name>Digital Realty Trust Inc</name>
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        <name>Digitalbridge Group Inc</name>
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        <name>Summit Hotel Properties</name>
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        <name>Global Net Lease Inc</name>
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        <name>N/A</name>
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        <name>Public Storage</name>
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        <name>Digital Realty Trust Inc</name>
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        <name>Regency Centers Corp</name>
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        <name>Global Net Lease Inc</name>
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        <name>American Homes 4 Rent</name>
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        <name>Americold Realty Trust Inc</name>
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        <name>Sl Green Realty Corp</name>
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        <name>Iron Mountain Inc</name>
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        <name>Global Net Lease Inc</name>
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        <name>Healthcare Realty Trust Inc</name>
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        <name>Macerich Co/the</name>
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        <name>American Homes 4 Rent</name>
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      <invstOrSec>
        <name>Vornado Realty Trust</name>
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      <invstOrSec>
        <name>Kimco Realty Corp</name>
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        <name>Kite Realty Group Trust</name>
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      <invstOrSec>
        <name>Realty Income Corp</name>
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        <name>Inventrust Properties Corp</name>
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        <name>N/A</name>
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        <name>Kimco Realty Corp</name>
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        <name>Public Storage</name>
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        <name>Eastgroup Properties Inc</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Saul Centers Inc</name>
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        <name>Welltower Inc</name>
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        <name>Sunstone Hotel Investors Inc</name>
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        <name>Public Storage</name>
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        <name>Extra Space Storage Inc</name>
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        <name>Douglas Emmett Inc</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Rexford Industrial Realt</name>
        <lei>549300MSLO0DF0EMX355</lei>
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      <invstOrSec>
        <name>Lxp Industrial Trust</name>
        <lei>549300S4MH2ICXDBFV43</lei>
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          <isin value="US5290431015"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Storage Affilia</name>
        <lei>529900FS06O8GOYNR108</lei>
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          <isin value="US6378702053"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brixmor Property Group Inc</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>Brixmor Property Group, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL ID" value="GUSPREIT"/>
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        <balance>N/A</balance>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sunstone Hotel Investors</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>Sunstone Hotel Investors, Inc.</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chatham Lodging</name>
        <lei>N/A</lei>
        <title>Chatham Lodging Trust</title>
        <cusip>16208T201</cusip>
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          <isin value="US16208T2015"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Agree Realty Corp</name>
        <lei>98450090H010B37OEB68</lei>
        <title>Agree Realty Corp.</title>
        <cusip>008492100</cusip>
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          <isin value="US0084921008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lineage Inc</name>
        <lei>N/A</lei>
        <title>Lineage, Inc.</title>
        <cusip>53566V106</cusip>
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          <isin value="US53566V1061"/>
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        <balance>69060.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Healthpeak Properties Inc</name>
        <lei>254900M6MTMZM0I22L81</lei>
        <title>Healthpeak Properties, Inc.</title>
        <cusip>42250P103</cusip>
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          <isin value="US42250P1030"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Homes 4 Rent</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent</title>
        <cusip>02665T306</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pebblebrook Hotel Trust</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>Pebblebrook Hotel Trust</title>
        <cusip>70509V605</cusip>
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          <isin value="US70509V6056"/>
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        <balance>127246.00000000</balance>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Piedmont Realty Trust Inc</name>
        <lei>N/A</lei>
        <title>Piedmont Realty Trust, Inc.</title>
        <cusip>720190206</cusip>
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        <name>Broadstone Net Lease Inc</name>
        <lei>549300U8D7PT70B49V21</lei>
        <title>Broadstone Net Lease, Inc.</title>
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        <balance>522000.00000000</balance>
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        <name>Apple Hospitality Reit Inc</name>
        <lei>549300EVZAR0FBZO4F16</lei>
        <title>Apple Hospitality REIT, Inc.</title>
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        <name>Udr Inc</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR, Inc.</title>
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        <name>Essex Property Trust Inc</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>Essex Property Trust, Inc.</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Heitman America Real Estate Trust, L.P.</title>
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        <name>Regency Centers Corp</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>Regency Centers Corp.</title>
        <cusip>758849889</cusip>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Ares Real Estate Enhanced Income Fund, L.P.</title>
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          <other otherDesc="INTERNAL ID" value="ARESREIT"/>
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        <balance>N/A</balance>
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        <name>Digital Realty Trust Inc</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust, Inc.</title>
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          <isCashCollateral>N</isCashCollateral>
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        <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>89690.00000000</balance>
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        <valUSD>70248795.60000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CrossHarbor Strategic Debt Fund, L.P.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="XHAR-PCF"/>
        </identifiers>
        <balance>N/A</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26496129.61000000</valUSD>
        <pctVal>0.716728148020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Dream U.S. Industrial Fund, L.P.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="DREMREIT"/>
        </identifiers>
        <balance>79812.09560000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>132911311.30000000</valUSD>
        <pctVal>3.595290308476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Voya Commercial Mortgage Lending Fund, L.P.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="VOYAREIT"/>
        </identifiers>
        <balance>N/A</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6187303.00000000</valUSD>
        <pctVal>0.167368377408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rexford Industrial Realty Inc</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>Rexford Industrial Realty, Inc.</title>
        <cusip>76169C100</cusip>
        <identifiers>
          <isin value="US76169C1009"/>
        </identifiers>
        <balance>244650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10057561.50000000</valUSD>
        <pctVal>0.272060015315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saul Centers Inc</name>
        <lei>N/A</lei>
        <title>Saul Centers, Inc.</title>
        <cusip>804395879</cusip>
        <identifiers>
          <isin value="US8043958797"/>
        </identifiers>
        <balance>52500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1229025.00000000</valUSD>
        <pctVal>0.033245490005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Bsprt Issuer, Ltd.</name>
        <lei>N/A</lei>
        <title>BSPRT 2025-FL12 Issuer LLC</title>
        <cusip>05619BAJ6</cusip>
        <identifiers>
          <isin value="US05619BAJ61"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1497596.10000000</valUSD>
        <pctVal>0.040510417749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.79600000</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>Federal Realty Investment Trust</name>
        <lei>549300FHEI1SLVZ0RB48</lei>
        <title>Federal Realty Investment Trust</title>
        <cusip>313745101</cusip>
        <identifiers>
          <isin value="US3137451015"/>
        </identifiers>
        <balance>129550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13124710.50000000</valUSD>
        <pctVal>0.355027303550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diamondrock Hospitality Co</name>
        <lei>529900KKD4BPVBUAQ734</lei>
        <title>DiamondRock Hospitality Co.</title>
        <cusip>252784301</cusip>
        <identifiers>
          <isin value="US2527843013"/>
        </identifiers>
        <balance>799240.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6361950.40000000</valUSD>
        <pctVal>0.172092641268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Ventas Life Science and Healthcare Real Estate Fund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="VLSHREIT"/>
        </identifiers>
        <balance>153729.94390000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>170399608.24000000</valUSD>
        <pctVal>4.609359836129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Msilf Treasury Portfolio</name>
        <lei>549300D1XR6GP7EZ0T47</lei>
        <title>MSILF Treasury Portfolio</title>
        <cusip>61747C582</cusip>
        <identifiers>
          <isin value="US61747C5821"/>
        </identifiers>
        <balance>16774731.55000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16774731.55000000</valUSD>
        <pctVal>0.453761453251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diamondrock Hospitality</name>
        <lei>529900KKD4BPVBUAQ734</lei>
        <title>DiamondRock Hospitality Co.</title>
        <cusip>252784400</cusip>
        <identifiers>
          <isin value="US2527844003"/>
        </identifiers>
        <balance>79832.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2002186.56000000</valUSD>
        <pctVal>0.054159739035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Sunstone Hotel Investors</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>Sunstone Hotel Investors, Inc.</title>
        <cusip>867892887</cusip>
        <identifiers>
          <isin value="US8678928875"/>
        </identifiers>
        <balance>76000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1604360.00000000</valUSD>
        <pctVal>0.043398412843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>N/A</name>
        <lei>N/A</lei>
        <title>Stockbridge Smart Markets Fund, L.P.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="SBSMREIT"/>
        </identifiers>
        <balance>18241.26000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31017506.96000000</valUSD>
        <pctVal>0.839032743531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hudson Pacific Propertie</name>
        <lei>N/A</lei>
        <title>Hudson Pacific Properties, Inc.</title>
        <cusip>444097307</cusip>
        <identifiers>
          <isin value="US4440973075"/>
        </identifiers>
        <balance>28000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>399280.00000000</valUSD>
        <pctVal>0.010800642175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>N/A</name>
        <lei>N/A</lei>
        <title>CBRE U.S. Logistics Partners, L.P.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="CBLGREIT"/>
        </identifiers>
        <balance>206058124.79480000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>281598415.17000000</valUSD>
        <pctVal>7.617320475139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gs Mortgage Securities Trust</name>
        <lei>549300WZ62L3Y22NOZ64</lei>
        <title>GS Mortgage Securities Trust 2015-GS1</title>
        <cusip>36252AAH9</cusip>
        <identifiers>
          <isin value="US36252AAH95"/>
        </identifiers>
        <balance>3080000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3010474.24000000</valUSD>
        <pctVal>0.081434219203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.23800000</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>Public Storage</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460W594</cusip>
        <identifiers>
          <isin value="US74460W5940"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>498500.00000000</valUSD>
        <pctVal>0.013484572541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Pebblebrook Hotel Trust</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>Pebblebrook Hotel Trust</title>
        <cusip>70509V704</cusip>
        <identifiers>
          <isin value="US70509V7047"/>
        </identifiers>
        <balance>40594.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>819998.80000000</valUSD>
        <pctVal>0.022181210235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Nnn Reit Inc</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>National Retail Properties, Inc.</title>
        <cusip>637417106</cusip>
        <identifiers>
          <isin value="US6374171063"/>
        </identifiers>
        <balance>186130.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7923554.10000000</valUSD>
        <pctVal>0.214334483542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5597955.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Clarion Lion Industrial Trust, L.P.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="CLIREIT"/>
        </identifiers>
        <balance>24068.08240000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>89389453.36000000</valUSD>
        <pctVal>2.418011170018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kimco Realty Corp</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>Kimco Realty Corp.</title>
        <cusip>49446R109</cusip>
        <identifiers>
          <isin value="US49446R1095"/>
        </identifiers>
        <balance>1153580.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25205723.00000000</valUSD>
        <pctVal>0.681822267297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Third Point Private CRE Credit Fund L.P.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="TCMREIT"/>
        </identifiers>
        <balance>110969.40000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>107522663.03000000</valUSD>
        <pctVal>2.908519858485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>APOLLO DIVERSIFIED REAL ESTATE FUND</ncom:nameOfApplicant>
      <ncom:signature>Kenneth Seifert</ncom:signature>
      <ncom:signerName>Kenneth Seifert</ncom:signerName>
      <ncom:title>Treasurer (Principal Financial Officer)</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
