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        <name>Cousins Properties Inc</name>
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      <invstOrSec>
        <name>Rexford Industrial Realt</name>
        <lei>549300MSLO0DF0EMX355</lei>
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          <isin value="US76169C4078"/>
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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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        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Public Storage</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
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          <isin value="US74460W6443"/>
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        <curCd>USD</curCd>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cubesmart</name>
        <lei>N/A</lei>
        <title>CubeSmart</title>
        <cusip>229663109</cusip>
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          <isin value="US2296631094"/>
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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>American Healthcare Reit Inc</name>
        <lei>2549004GGE2APGNT6O92</lei>
        <title>American Healthcare REIT, Inc.</title>
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          <isin value="US3981823038"/>
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        <balance>356610.00000000</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>Lamar Advertising Co</name>
        <lei>529900Y8WW4MKVPTB543</lei>
        <title>Lamar Advertising Co.</title>
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          <isin value="US5128161099"/>
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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>Empire State Realty Trust Inc</name>
        <lei>549300VOKY1DUEQSB456</lei>
        <title>Empire State Realty Trust, Inc.</title>
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          <isin value="US2921041065"/>
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        <balance>464713.00000000</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>Invitation Homes Inc</name>
        <lei>984500FE452E665C9F85</lei>
        <title>Invitation Homes, Inc.</title>
        <cusip>46187W107</cusip>
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          <isin value="US46187W1071"/>
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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>Omega Healthcare Investors Inc</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>Omega Healthcare Investors, Inc.</title>
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          <isin value="US6819361006"/>
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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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          <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>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ventas Inc</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>Ventas, 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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        <name>Public Storage</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460D109</cusip>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
        <cusip>929042109</cusip>
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        <balance>348250.00000000</balance>
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        <assetCat>EC</assetCat>
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        <name>Epr Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties</title>
        <cusip>26884U505</cusip>
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        <name>Simon Property Group Inc</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>Simon Property Group, Inc.</title>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>First Industrial Realty Trust Inc</name>
        <lei>N/A</lei>
        <title>First Industrial Realty Trust, Inc.</title>
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        <name>Netstreit Corp</name>
        <lei>254900CJL0EDMEQ25Q84</lei>
        <title>NETSTREIT Corp.</title>
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        <name>Bxp Inc</name>
        <lei>549300OF70FSEUQBT254</lei>
        <title>BXP, Inc.</title>
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        <name>Digitalbridge Group Inc</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DigitalBridge Group, Inc.</title>
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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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      <invstOrSec>
        <name>Digitalbridge Group Inc</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DigitalBridge Group, Inc.</title>
        <cusip>25401T306</cusip>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Summit Hotel Properties</name>
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        <name>Global Net Lease Inc</name>
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      <invstOrSec>
        <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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      <invstOrSec>
        <name>Alexandria Real Estate Equities Inc</name>
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      <invstOrSec>
        <name>Summit Hotel Properties</name>
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      <invstOrSec>
        <name>Global Net Lease Inc</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>American Homes 4 Rent</name>
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        <name>Americold Realty Trust Inc</name>
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        <name>N/A</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>N/A</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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        <name>Vornado Realty Trust</name>
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        <name>Kimco Realty Corp</name>
        <lei>254900ARY41P4V1JL861</lei>
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        <name>Kite Realty Group Trust</name>
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      <invstOrSec>
        <name>Realty Income Corp</name>
        <lei>549300CUWDAUZSH43859</lei>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="INTERNAL ID" value="JPMREIT"/>
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      <invstOrSec>
        <name>Kimco Realty Corp</name>
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          <isin value="US49446R7373"/>
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      <invstOrSec>
        <name>Public Storage</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
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          <isin value="US74460W6286"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="INTERNAL ID" value="CLARREIT"/>
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        <assetCat>RE</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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        <title>BGO Diversified US Property Fund, L.P.</title>
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          <other otherDesc="INTERNAL ID" value="MEPTREIT"/>
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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>
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          <isin value="US8043958045"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Welltower Inc</name>
        <lei>254900F33BIAR82QTA19</lei>
        <title>Welltower, Inc.</title>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Public Storage</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
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          <isin value="US74460W6690"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Extra Space Storage Inc</name>
        <lei>529900SDJHKRQWED6A16</lei>
        <title>Extra Space Storage, Inc.</title>
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          <isin value="US30225T1025"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Douglas Emmett Inc</name>
        <lei>N/A</lei>
        <title>Douglas Emmett, Inc.</title>
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          <isCashCollateral>N</isCashCollateral>
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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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          <isCashCollateral>N</isCashCollateral>
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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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          <other otherDesc="INTERNAL ID" value="OAKREIT"/>
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        <balance>N/A</balance>
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        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
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        <name>Rexford Industrial Realt</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>Rexford Industrial Realty, Inc.</title>
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        <name>Lxp Industrial Trust</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP Industrial Trust</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>529900FS06O8GOYNR108</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>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Sagard U.S. Property Fund</title>
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        <balance>N/A</balance>
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      <invstOrSec>
        <name>Sunstone Hotel Investors</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>Sunstone Hotel Investors, Inc.</title>
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        <name>Chatham Lodging</name>
        <lei>N/A</lei>
        <title>Chatham Lodging Trust</title>
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        <name>Agree Realty Corp</name>
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        <name>Lineage Inc</name>
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        <name>Healthpeak Properties Inc</name>
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      <invstOrSec>
        <name>American Homes 4 Rent</name>
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        <title>American Homes 4 Rent</title>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Pebblebrook Hotel Trust</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Broadstone Net Lease Inc</name>
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        <name>Apple Hospitality Reit Inc</name>
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        <name>Udr Inc</name>
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        <name>Sun Communities Inc</name>
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        <name>N/A</name>
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        <name>Regency Centers Corp</name>
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        <name>N/A</name>
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        <name>Digital Realty Trust Inc</name>
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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>Rexford Industrial Realty Inc</name>
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        <name>Saul Centers Inc</name>
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        <name>Federal Realty Investment Trust</name>
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        <name>Diamondrock Hospitality Co</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>
        <lei>529900KKD4BPVBUAQ734</lei>
        <title>DiamondRock Hospitality Co.</title>
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        <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>1416640.00000000</valUSD>
        <pctVal>0.036750366313</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>24114.79000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40914060.90000000</valUSD>
        <pctVal>1.061389432352</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>416080.00000000</valUSD>
        <pctVal>0.010793915473</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>282212880.50000000</valUSD>
        <pctVal>7.321144918088</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>Public Storage</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460W594</cusip>
        <identifiers>
          <isin value="US74460W5940"/>
        </identifiers>
        <balance>19000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>349980.00000000</valUSD>
        <pctVal>0.009079154338</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>712424.70000000</valUSD>
        <pctVal>0.018481666969</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>222620.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9612731.60000000</valUSD>
        <pctVal>0.249372746479</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="5678170.00000000"/>
        </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>25919.81790000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96570071.11000000</valUSD>
        <pctVal>2.505213383931</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>1239210.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26048194.20000000</valUSD>
        <pctVal>0.675740257690</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>110969.40290000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108919946.95000000</valUSD>
        <pctVal>2.825592916519</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>2025-07-30</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>
