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      <seriesLei>549300M19PM53MCLJ804</seriesLei>
      <repPdEnd>2022-09-30</repPdEnd>
      <repPdDate>2022-06-30</repPdDate>
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        <lei>549300DNC58BIN1VO064</lei>
        <title>Hersha Hospitality Trust</title>
        <cusip>427825609</cusip>
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          <isin value="US4278256098"/>
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        <balance>45390.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Jbg Smith Properties</name>
        <lei>549300HHIW6GDQCPEC54</lei>
        <title>JBG SMITH Properties</title>
        <cusip>46590V100</cusip>
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          <isin value="US46590V1008"/>
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        <balance>562520.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cousins Properties Inc</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>Cousins Properties, Inc.</title>
        <cusip>222795502</cusip>
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          <isin value="US2227955026"/>
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        <balance>518640.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rexford Industrial Realt</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>Rexford Industrial Realty, Inc.</title>
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          <isin value="US76169C4078"/>
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        <balance>94000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</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>N/A</name>
        <lei>N/A</lei>
        <title>USAA US Government Building Fund, LLC</title>
        <cusip>N/A</cusip>
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          <other otherDesc="INTERNAL ID" value="USAAREIT"/>
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        <balance>N/A</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>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage</title>
        <cusip>74460W644</cusip>
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          <isin value="US74460W6443"/>
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        <balance>77500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1956875.00000000</valUSD>
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        <assetCat>EP</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>Wework Inc</name>
        <lei>549300LMICFYRYZXP603</lei>
        <title>WeWork, Inc.</title>
        <cusip>96209A104</cusip>
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          <isin value="US96209A1043"/>
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        <balance>360550.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lamar Advertising Co</name>
        <lei>529900Y8WW4MKVPTB543</lei>
        <title>Lamar Advertising Co.</title>
        <cusip>512816109</cusip>
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          <isin value="US5128161099"/>
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        <balance>36930.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <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>Empire State Realty Trust Inc</name>
        <lei>549300VOKY1DUEQSB456</lei>
        <title>Empire State Realty Trust, Inc.</title>
        <cusip>292104106</cusip>
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          <isin value="US2921041065"/>
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        <balance>528810.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Invitation Homes Inc</name>
        <lei>N/A</lei>
        <title>Invitation Homes, Inc.</title>
        <cusip>46187W107</cusip>
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          <isin value="US46187W1071"/>
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        <balance>1410230.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Omega Healthcare Investors Inc</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>Omega Healthcare Investors, Inc.</title>
        <cusip>681936100</cusip>
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          <isin value="US6819361006"/>
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        <balance>187170.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Prime Property Fund</title>
        <cusip>N/A</cusip>
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          <other otherDesc="INTERNAL ID" value="MSPPREIT"/>
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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>N/A</name>
        <lei>N/A</lei>
        <title>Cortland Growth and Income Fund, L.P.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="INTERNAL ID" value="CORTREIT"/>
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        <assetCat>RE</assetCat>
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        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Diversified Healthcare Trust</name>
        <lei>N/A</lei>
        <title>Diversified Healthcare Trust</title>
        <cusip>25525P107</cusip>
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          <isin value="US25525P1075"/>
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        <balance>346870.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ventas Inc</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>Ventas, Inc.</title>
        <cusip>92276F100</cusip>
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        <balance>1056140.00000000</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>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage</title>
        <cusip>74460D109</cusip>
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          <isin value="US74460D1090"/>
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        <balance>199520.00000000</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>Epr Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties</title>
        <cusip>26884U505</cusip>
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        <balance>117000.00000000</balance>
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        <curCd>USD</curCd>
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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>Spirit Realty Capital Inc</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
        <title>Spirit Realty Capital, Inc.</title>
        <cusip>84860W300</cusip>
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      <invstOrSec>
        <name>Simon Property Group Inc</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>Simon Property Group, Inc.</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Acadia Realty Trust</name>
        <lei>N/A</lei>
        <title>Acadia Realty Trust</title>
        <cusip>004239109</cusip>
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          <isin value="US0042391096"/>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Clarion Gables Multifamily Trust, L.P.</title>
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          <other otherDesc="INTERNAL ID" value="CLGAREIT"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Industrial Realty Trust Inc</name>
        <lei>N/A</lei>
        <title>First Industrial Realty Trust, Inc.</title>
        <cusip>32054K103</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>Gaming And Leisure Properties Inc</name>
        <lei>5493006GWRDBCZYWTM57</lei>
        <title>Gaming and Leisure Properties, Inc.</title>
        <cusip>36467J108</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>Digitalbridge Group Inc</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DigitalBridge Group, Inc.</title>
        <cusip>25401T405</cusip>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2257500.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Digital Realty Trust Inc</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust, Inc.</title>
        <cusip>253868830</cusip>
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        <balance>167000.00000000</balance>
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        <name>Digitalbridge Group Inc</name>
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        <name>Summit Hotel Properties</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>Urstadt Biddle Propertie</name>
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        <name>Alexandria Real Estate Equities Inc</name>
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      <invstOrSec>
        <name>Summit Hotel Properties</name>
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        <name>Digital Realty Trust Inc</name>
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        <name>Vornado Realty Trust</name>
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        <name>Prologis Inc</name>
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        <name>Ps Business Parks Inc</name>
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        <name>American Homes 4 Rent</name>
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        <name>N/A</name>
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        <name>Sl Green Realty Corp</name>
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        <name>American Homes 4 Rent</name>
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        <name>Medical Properties Trust Inc</name>
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        <name>Vornado Realty Trust</name>
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        <name>Veris Residential Inc</name>
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        <name>Kimco Realty Corp</name>
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        <name>Ryman Hospitality Properties Inc</name>
        <lei>529900GCCWW9SRMPJR11</lei>
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      <invstOrSec>
        <name>Realty Income Corp</name>
        <lei>549300CUWDAUZSH43859</lei>
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      <invstOrSec>
        <name>Four Corners Property Trust Inc</name>
        <lei>549300SVTPZPBDVNER42</lei>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rpt Realty</name>
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          <isin value="US74971D1019"/>
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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="JPMREIT"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kimco Realty Corp</name>
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        <assetCat>EP</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eastgroup Properties Inc</name>
        <lei>31TIGQQZC4P6JMHKSW85</lei>
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          <isin value="US2772761019"/>
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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="CLARREIT"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Caretrust Reit Inc</name>
        <lei>5493001NVXE2B9GPLU96</lei>
        <title>CareTrust REIT, Inc.</title>
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          <isin value="US14174T1079"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kilroy Realty Corp</name>
        <lei>549300CXXI18B214UN80</lei>
        <title>Kilroy Realty Corp.</title>
        <cusip>49427F108</cusip>
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          <isin value="US49427F1084"/>
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        <balance>456780.00000000</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>N/A</name>
        <lei>N/A</lei>
        <title>BGO Diversified US Property Fund, L.P.</title>
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          <other otherDesc="INTERNAL ID" value="MEPTREIT"/>
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        <balance>5251.78520000</balance>
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        <assetCat>RE</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Saul Centers Inc</name>
        <lei>N/A</lei>
        <title>Saul Centers, Inc.</title>
        <cusip>804395804</cusip>
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          <isin value="US8043958045"/>
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        <balance>112380.00000000</balance>
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        <assetCat>EP</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Welltower Inc</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower, 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>Sunstone Hotel Investors Inc</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>Sunstone Hotel Investors, Inc.</title>
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        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage</title>
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        <name>Extra Space Storage Inc</name>
        <lei>529900SDJHKRQWED6A16</lei>
        <title>Extra Space Storage, Inc.</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Sentinel Real Estate Fund, L.P.</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>UBS Trumbull Property Fund</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Oaktree Real Estate Income Fund, L.P.</title>
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        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
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        <name>Apartment Investment And Management Co</name>
        <lei>549300O8FT5GJ4RU1D57</lei>
        <title>Apartment Investment &amp; Management Co., Class A</title>
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        <name>Rexford Industrial Realt</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>Rexford Industrial Realty, Inc.</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>TA Realty Logistics Fund, L.P.</title>
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        <name>National Storage Affilia</name>
        <lei>N/A</lei>
        <title>National Storage Affiliates Trust</title>
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        <name>Brixmor Property Group Inc</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>Brixmor Property Group, Inc.</title>
        <cusip>11120U105</cusip>
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        <assetCat>EC</assetCat>
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        <name>N/A</name>
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        <name>Sunstone Hotel Investors</name>
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        <name>Avalonbay Communities Inc</name>
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        <name>Chatham Lodging</name>
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      <invstOrSec>
        <name>Agree Realty Corp</name>
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      <invstOrSec>
        <name>Urstadt Biddle Propertie</name>
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        <name>American Homes 4 Rent</name>
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      <invstOrSec>
        <name>Pebblebrook Hotel Trust</name>
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        <title>Pebblebrook Hotel Trust</title>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Broadstone Net Lease Inc</name>
        <lei>549300U8D7PT70B49V21</lei>
        <title>Broadstone Net Lease, Inc.</title>
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        <name>Urban Edge Properties</name>
        <lei>N/A</lei>
        <title>Urban Edge Properties</title>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Apple Hospitality Reit Inc</name>
        <lei>549300EVZAR0FBZO4F16</lei>
        <title>Apple Hospitality REIT, Inc.</title>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Udr Inc</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR, Inc.</title>
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        <name>Sun Communities Inc</name>
        <lei>549300H5GEOJYN41ZG57</lei>
        <title>Sun Communities, Inc.</title>
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        <name>Spirit Realty Capital In</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>Digital Realty Trust Inc</name>
        <lei>549300HKCZ31D08NEI41</lei>
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        <name>Equinix 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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        <name>Duke Realty Corp</name>
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        <name>Rexford Industrial Realty Inc</name>
        <lei>549300MSLO0DF0EMX355</lei>
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        <name>Saul Centers Inc</name>
        <lei>N/A</lei>
        <title>Saul Centers, Inc.</title>
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        <name>Life Storage Inc</name>
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        <name>American Tower Corp</name>
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        <name>Federal Realty Op Lp</name>
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        <name>N/A</name>
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        <name>Msilf Treasury Portfolio</name>
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        <name>Diamondrock Hospitality</name>
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        <name>Sunstone Hotel Investors</name>
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        <name>N/A</name>
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        <name>Hudson Pacific Propertie</name>
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        <name>Public Storage</name>
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        <name>Pebblebrook Hotel Trust</name>
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        <name>N/A</name>
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        <name>Outfront Media Inc</name>
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        <name>Xenia Hotels &amp; Resorts Inc</name>
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        <name>N/A</name>
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        <name>Park Hotels &amp; Resorts Inc</name>
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        <title>Park Hotels &amp; Resorts, Inc.</title>
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    <signature>
      <ncom:dateSigned>2022-07-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
