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    <isConfidential>false</isConfidential>
    <filerInfo>

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        <issuerCredentials>
          <cik>0002013853</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


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        <seriesId>S000087630</seriesId>
        <classId>C000253489</classId>
        <classId>C000253490</classId>
        <classId>C000253491</classId>
        <classId>C000253492</classId>
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    </filerInfo>
  </headerData>
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      <regName>New Age Alpha Funds Trust</regName>
      <regFileNumber>811-23945</regFileNumber>
      <regCik>0002013853</regCik>
      <regLei>529900860B9CQ8SDNS27</regLei>
      <regStreet1>555 Theodore Fremd Avenue</regStreet1>
      <regStreet2>Suite A-101</regStreet2>
      <regCity>Rye</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10580</regZipOrPostalCode>
      <regPhone>212-922-2699</regPhone>
      <seriesName>NAA RISK MANAGED REAL ESTATE FUND</seriesName>
      <seriesId>S000087630</seriesId>
      <seriesLei>529900JOIA0Y5B3KRG74</seriesLei>
      <repPdEnd>2025-09-30</repPdEnd>
      <repPdDate>2025-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>317555882.80</totAssets>
      <totLiabs>82912187.03</totLiabs>
      <netAssets>234643695.77</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>1712.34</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000253489" rtn1="0.12" rtn2="3.48" rtn3="-2.35"/>
          <monthlyTotReturn classId="C000253490" rtn1="0.09" rtn2="3.47" rtn3="-2.39"/>
          <monthlyTotReturn classId="C000253491" rtn1="0.09" rtn2="3.45" rtn3="-2.38"/>
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        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="958613.26" netUnrealizedAppr="-723626.08"/>
            <mon2 netRealizedGain="1479.96" netUnrealizedAppr="1042347.83"/>
            <mon3 netRealizedGain="-277064.82" netUnrealizedAppr="-768755.87"/>
            <swapCategory>
              <instrMon1 netRealizedGain="958613.26" netUnrealizedAppr="-723626.08"/>
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        </monthlyReturnCats>
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        <othMon2 netRealizedGain="109729.79000000" netUnrealizedAppr="7432124.21000000"/>
        <othMon3 netRealizedGain="151404.64000000" netUnrealizedAppr="-6516957.74000000"/>
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      <mon2Flow redemption="17826542.21000000" reinvestment="0.00000000" sales="1300289.16000000"/>
      <mon3Flow redemption="10083570.41000000" reinvestment="570274.68000000" sales="1096235.91000000"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>NAA Risk Managed RE Fd DRP</nameDesignatedIndex>
          <indexIdentifier>NAA RISK MANAGED RE FD DRP</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <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"/>
        </identifiers>
        <balance>-31222.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-654100.90000000</valUSD>
        <pctVal>-0.27876346639</pctVal>
        <payoffProfile>Short</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>Agree Realty Corp</name>
        <lei>98450090H010B37OEB68</lei>
        <title>Agree Realty Corporation </title>
        <cusip>008492100</cusip>
        <identifiers>
          <isin value="US0084921008"/>
        </identifiers>
        <balance>44476.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3433102.44000000</valUSD>
        <pctVal>1.463113010018</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>Alexander &amp; Baldwin Inc</name>
        <lei>N/A</lei>
        <title>Alexander &amp; Baldwin, Inc. </title>
        <cusip>014491104</cusip>
        <identifiers>
          <isin value="US0144911049"/>
        </identifiers>
        <balance>38497.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>663303.31000000</valUSD>
        <pctVal>0.282685331827</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alexanders Inc</name>
        <lei>549300TZM28P04U5R635</lei>
        <title>ALEXANDER'S, INC. REIT</title>
        <cusip>014752109</cusip>
        <identifiers>
          <isin value="US0147521092"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc. REIT</title>
        <cusip>015271109</cusip>
        <identifiers>
          <isin value="US0152711091"/>
        </identifiers>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <pctVal>1.602774375701</pctVal>
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        <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>Alpine Income Property Trust Inc</name>
        <lei>N/A</lei>
        <title>Alpine Income Property Trust REIT</title>
        <cusip>02083X103</cusip>
        <identifiers>
          <isin value="US02083X1037"/>
        </identifiers>
        <balance>911.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15231.92000000</valUSD>
        <pctVal>0.006491510436</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Assets Trust Inc.</name>
        <lei>N/A</lei>
        <title>American Assets Trust, Inc. REIT</title>
        <cusip>024013104</cusip>
        <identifiers>
          <isin value="US0240131047"/>
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        <balance>42883.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <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>
      <invstOrSec>
        <name>American Homes 4 Rent</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent Class A</title>
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        <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>Americold Realty Trust Inc</name>
        <lei>894500O3S3W62PQPO460</lei>
        <title>Americold Realty Trust, Inc. </title>
        <cusip>03064D108</cusip>
        <identifiers>
          <isin value="US03064D1081"/>
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        <balance>-118524.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2543525.04000000</valUSD>
        <pctVal>-1.08399462071</pctVal>
        <payoffProfile>Short</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>Apartment Investment and Management Company</name>
        <lei>549300O8FT5GJ4RU1D57</lei>
        <title>Apartment Investment &amp; Management Company Class A</title>
        <cusip>03748R747</cusip>
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        <balance>9715.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85492.00000000</valUSD>
        <pctVal>0.036434816507</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Apple Hospitality Reit Inc</name>
        <lei>549300EVZAR0FBZO4F16</lei>
        <title>Apple Hospitality REIT, Inc. </title>
        <cusip>03784Y200</cusip>
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        <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>
      <invstOrSec>
        <name>Armada Hoffler Properties Inc.</name>
        <lei>549300WQRSIV6XZT9313</lei>
        <title>Armada Hoffler Properties, Inc. </title>
        <cusip>04208T108</cusip>
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          <isin value="US04208T1088"/>
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        <balance>18745.00000000</balance>
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        <valUSD>140774.95000000</valUSD>
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        <assetCat>EC</assetCat>
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        <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>AvalonBay Communities, Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities, Inc. REIT</title>
        <cusip>053484101</cusip>
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          <isin value="US0534841012"/>
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        <balance>36675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BRT Apartment Corp.</name>
        <lei>N/A</lei>
        <title>BRT APARTMENTS CORPORATION REIT</title>
        <cusip>055645303</cusip>
        <identifiers>
          <isin value="US0556453035"/>
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        <balance>-6855.00000000</balance>
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        <valUSD>-116535.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BXP Inc</name>
        <lei>549300OF70FSEUQBT254</lei>
        <title>Boston Properties, Inc. REIT</title>
        <cusip>101121101</cusip>
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        <balance>-42706.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Brandywine Realty Trust</name>
        <lei>5UZ46ZCYUFYYAC0DS831</lei>
        <title>Brandywine Realty Trust REIT</title>
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        <valUSD>-1756205.28000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Brixmor Property Group Inc</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>Brixmor Property Group, Inc. </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CBL &amp; Associates Properties, Inc.</name>
        <lei>529900EIVFBRS4PUBZ13</lei>
        <title>CBL &amp; Associates Properties, Inc. </title>
        <cusip>124830878</cusip>
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        <balance>32708.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>869378.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Camden Property Trust</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>Camden Property Trust REIT</title>
        <cusip>133131102</cusip>
        <identifiers>
          <isin value="US1331311027"/>
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        <balance>3830.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>468409.00000000</valUSD>
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        <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>Caretrust Reit Inc</name>
        <lei>5493001NVXE2B9GPLU96</lei>
        <title>CareTrust REIT, Inc. REIT</title>
        <cusip>14174T107</cusip>
        <identifiers>
          <isin value="US14174T1079"/>
        </identifiers>
        <balance>163625.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4676402.50000000</valUSD>
        <pctVal>1.992980243792</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>Centerspace</name>
        <lei>5493002LG2SH9EEHT720</lei>
        <title>Cyberspace REIT</title>
        <cusip>15202L107</cusip>
        <identifiers>
          <isin value="US15202L1070"/>
        </identifiers>
        <balance>1323.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85664.25000000</valUSD>
        <pctVal>0.036508225681</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>Chatham Lodging Trust</name>
        <lei>N/A</lei>
        <title>Chatham Lodging Trust REIT</title>
        <cusip>16208T102</cusip>
        <identifiers>
          <isin value="US16208T1025"/>
        </identifiers>
        <balance>-60802.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-433518.26000000</valUSD>
        <pctVal>-0.18475598015</pctVal>
        <payoffProfile>Short</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>City Office REIT Inc</name>
        <lei>5493003J7157VP25NL57</lei>
        <title>CITY OFFICE REIT, INC. </title>
        <cusip>178587101</cusip>
        <identifiers>
          <isin value="US1785871013"/>
        </identifiers>
        <balance>-42878.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-222536.82000000</valUSD>
        <pctVal>-0.09484031491</pctVal>
        <payoffProfile>Short</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>Community Healthcare Trust Inc.</name>
        <lei>549300FATSRCMKOV9536</lei>
        <title>Community Healthcare Trust, Inc. </title>
        <cusip>20369C106</cusip>
        <identifiers>
          <isin value="US20369C1062"/>
        </identifiers>
        <balance>-47996.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-871607.36000000</valUSD>
        <pctVal>-0.37145995213</pctVal>
        <payoffProfile>Short</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>COPT Defense Properties</name>
        <lei>YY1J47X6LF9TYY8JY420</lei>
        <title>COPT Defense Properties REIT</title>
        <cusip>22002T108</cusip>
        <identifiers>
          <isin value="US22002T1088"/>
        </identifiers>
        <balance>38888.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1060475.76000000</valUSD>
        <pctVal>0.451951524425</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>Cousins Properties Inc.</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>Cousins Properties, Inc. REIT</title>
        <cusip>222795502</cusip>
        <identifiers>
          <isin value="US2227955026"/>
        </identifiers>
        <balance>15949.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>470495.50000000</valUSD>
        <pctVal>0.200514869345</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>CTO Realty Growth Inc New</name>
        <lei>N/A</lei>
        <title>CTO Realty Growth, Inc. </title>
        <cusip>22948Q101</cusip>
        <identifiers>
          <isin value="US22948Q1013"/>
        </identifiers>
        <balance>-31817.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-614386.27000000</valUSD>
        <pctVal>-0.26183796158</pctVal>
        <payoffProfile>Short</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>CubeSmart (Maryland)</name>
        <lei>N/A</lei>
        <title>CubeSmart REIT</title>
        <cusip>229663109</cusip>
        <identifiers>
          <isin value="US2296631094"/>
        </identifiers>
        <balance>55418.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2366902.78000000</valUSD>
        <pctVal>1.008722084875</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>Curbline Properties Corp.</name>
        <lei>529900PGR41LH0I81I15</lei>
        <title>Curbline Properties Corporation </title>
        <cusip>23128Q101</cusip>
        <identifiers>
          <isin value="US23128Q1013"/>
        </identifiers>
        <balance>-174423.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-4219292.37000000</valUSD>
        <pctVal>-1.79816992574</pctVal>
        <payoffProfile>Short</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 Company REIT</title>
        <cusip>252784301</cusip>
        <identifiers>
          <isin value="US2527843013"/>
        </identifiers>
        <balance>-85853.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-662785.16000000</valUSD>
        <pctVal>-0.28246450765</pctVal>
        <payoffProfile>Short</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>Digital Realty Trust Inc.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust, Inc. REIT</title>
        <cusip>253868103</cusip>
        <identifiers>
          <isin value="US2538681030"/>
        </identifiers>
        <balance>18909.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2709470.61000000</valUSD>
        <pctVal>1.154716985303</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>Douglas Emmett Inc</name>
        <lei>N/A</lei>
        <title>Douglas Emmett, Inc. REIT</title>
        <cusip>25960P109</cusip>
        <identifiers>
          <isin value="US25960P1093"/>
        </identifiers>
        <balance>65141.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1042256.00000000</valUSD>
        <pctVal>0.444186662070</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>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties REIT</title>
        <cusip>26884U109</cusip>
        <identifiers>
          <isin value="US26884U1097"/>
        </identifiers>
        <balance>5501.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>289407.61000000</valUSD>
        <pctVal>0.123339179878</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>Easterly Government Properties Inc</name>
        <lei>549300ERMCEFC6S8HL77</lei>
        <title>Easterly Government Properties, Inc. </title>
        <cusip>27616P103</cusip>
        <identifiers>
          <isin value="US27616P1030"/>
        </identifiers>
        <balance>117874.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1249464.40000000</valUSD>
        <pctVal>0.532494340365</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>Eastgroup Properties, Inc.</name>
        <lei>31TIGQQZC4P6JMHKSW85</lei>
        <title>EastGroup Properties, Inc. </title>
        <cusip>277276101</cusip>
        <identifiers>
          <isin value="US2772761019"/>
        </identifiers>
        <balance>3431.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>604370.65000000</valUSD>
        <pctVal>0.257569523876</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>Empire State Realty Trust Inc</name>
        <lei>549300VOKY1DUEQSB456</lei>
        <title>Empire State Realty Trust, Inc. </title>
        <cusip>292104106</cusip>
        <identifiers>
          <isin value="US2921041065"/>
        </identifiers>
        <balance>26487.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>207128.34000000</valUSD>
        <pctVal>0.088273558477</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>Equinix, Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix, Inc. REIT</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
        </identifiers>
        <balance>16240.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13241284.00000000</valUSD>
        <pctVal>5.643145006111</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>Equity Lifestyle Properties Inc</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>Equity LifeStyle Properties, Inc. REIT</title>
        <cusip>29472R108</cusip>
        <identifiers>
          <isin value="US29472R1086"/>
        </identifiers>
        <balance>50622.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3376487.40000000</valUSD>
        <pctVal>1.438984920911</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>Equity Residential</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>Equity Residential REIT</title>
        <cusip>29476L107</cusip>
        <identifiers>
          <isin value="US29476L1070"/>
        </identifiers>
        <balance>104067.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7449115.86000000</valUSD>
        <pctVal>3.174649902932</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>Essential Properties Realty Trust Inc.</name>
        <lei>2549009LXQLVYCGLZO50</lei>
        <title>Essential Properties Realty Trust Incorporated REIT</title>
        <cusip>29670E107</cusip>
        <identifiers>
          <isin value="US29670E1073"/>
        </identifiers>
        <balance>144401.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4713248.64000000</valUSD>
        <pctVal>2.008683261032</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>Essex Property Trust, Inc.</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>Essex Property Trust, Inc. REIT</title>
        <cusip>297178105</cusip>
        <identifiers>
          <isin value="US2971781057"/>
        </identifiers>
        <balance>22192.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6803401.44000000</valUSD>
        <pctVal>2.899460570493</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>Extra Space Storage Inc.</name>
        <lei>529900SDJHKRQWED6A16</lei>
        <title>Extra Space Storage, Inc. REIT</title>
        <cusip>30225T102</cusip>
        <identifiers>
          <isin value="US30225T1025"/>
        </identifiers>
        <balance>48242.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7163454.58000000</valUSD>
        <pctVal>3.052907326784</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>Farmland Partners Inc</name>
        <lei>549300LB188CHPZ4IL37</lei>
        <title>Farmland Partners, Inc. </title>
        <cusip>31154R109</cusip>
        <identifiers>
          <isin value="US31154R1095"/>
        </identifiers>
        <balance>9800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109270.00000000</valUSD>
        <pctVal>0.046568478919</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>Federal Realty Investment Trust</name>
        <lei>549300FHEI1SLVZ0RB48</lei>
        <title>Federal Realty Investment Trust REIT</title>
        <cusip>313745101</cusip>
        <identifiers>
          <isin value="US3137451015"/>
        </identifiers>
        <balance>7827.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>765637.14000000</valUSD>
        <pctVal>0.326297767126</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>Four Corners Property Trust Inc.</name>
        <lei>549300SVTPZPBDVNER42</lei>
        <title>Four Corners Property Trust, Inc. </title>
        <cusip>35086T109</cusip>
        <identifiers>
          <isin value="US35086T1097"/>
        </identifiers>
        <balance>-121713.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3493163.10000000</valUSD>
        <pctVal>-1.48870954684</pctVal>
        <payoffProfile>Short</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>Gaming and Leisure Properties Inc</name>
        <lei>5493006GWRDBCZYWTM57</lei>
        <title>Gaming and Leisure Properties, Inc. REIT</title>
        <cusip>36467J108</cusip>
        <identifiers>
          <isin value="US36467J1088"/>
        </identifiers>
        <balance>75092.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3822182.80000000</valUSD>
        <pctVal>1.628930531228</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>Getty Realty Corp</name>
        <lei>2549000P1W5SFJWCNP90</lei>
        <title>Getty Realty Corporation </title>
        <cusip>374297109</cusip>
        <identifiers>
          <isin value="US3742971092"/>
        </identifiers>
        <balance>-40005.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1247355.90000000</valUSD>
        <pctVal>-0.53159574388</pctVal>
        <payoffProfile>Short</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>Gladstone Commercial Corp.</name>
        <lei>529900EVVV534W8R0T32</lei>
        <title>Gladstone Commercial Corporation REIT</title>
        <cusip>376536108</cusip>
        <identifiers>
          <isin value="US3765361080"/>
        </identifiers>
        <balance>-10925.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-163656.50000000</valUSD>
        <pctVal>-0.06974681312</pctVal>
        <payoffProfile>Short</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>Gladstone Land Corp.</name>
        <lei>54930002B3Q17H38FG74</lei>
        <title>GLADSTONE LAND CORPORATION </title>
        <cusip>376549101</cusip>
        <identifiers>
          <isin value="US3765491010"/>
        </identifiers>
        <balance>2547.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26794.44000000</valUSD>
        <pctVal>0.011419203022</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>Global Net Lease Inc</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>Global Net Lease, Inc. </title>
        <cusip>379378201</cusip>
        <identifiers>
          <isin value="US3793782018"/>
        </identifiers>
        <balance>-190933.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1535101.32000000</valUSD>
        <pctVal>-0.65422653481</pctVal>
        <payoffProfile>Short</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>Global Medical REIT Inc.</name>
        <lei>549300HFRIPQDYU3GU60</lei>
        <title>Global Medical REIT, Inc. </title>
        <cusip>37954A204</cusip>
        <identifiers>
          <isin value="US37954A2042"/>
        </identifiers>
        <balance>41469.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>362853.75000000</valUSD>
        <pctVal>0.154640314886</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>American Healthcare REIT Inc.</name>
        <lei>N/A</lei>
        <title>American Healthcare REIT, Inc. </title>
        <cusip>398182303</cusip>
        <identifiers>
          <isin value="US3981823038"/>
        </identifiers>
        <balance>-143985.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-4362745.50000000</valUSD>
        <pctVal>-1.85930650541</pctVal>
        <payoffProfile>Short</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>Peakstone Realty Trust</name>
        <lei>N/A</lei>
        <title>Peakstone Realty Trust </title>
        <cusip>39818P799</cusip>
        <identifiers>
          <isin value="US39818P7996"/>
        </identifiers>
        <balance>2740.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34524.00000000</valUSD>
        <pctVal>0.014713372071</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>HRTI LLC</name>
        <lei>549300CB86LH2IOKHH22</lei>
        <title>Healthcare Realty Trust, Inc. REIT</title>
        <cusip>42226K105</cusip>
        <identifiers>
          <isin value="US42226K1051"/>
        </identifiers>
        <balance>-177391.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2997907.90000000</valUSD>
        <pctVal>-1.27764263606</pctVal>
        <payoffProfile>Short</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>Healthpeak Properties Inc</name>
        <lei>254900M6MTMZM0I22L81</lei>
        <title>Healthpeak Properties, Inc. </title>
        <cusip>42250P103</cusip>
        <identifiers>
          <isin value="US42250P1030"/>
        </identifiers>
        <balance>116566.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2356964.52000000</valUSD>
        <pctVal>1.004486616299</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>Highwoods Properties, Inc.</name>
        <lei>ZIIGTYKL9T0X3HLTDX53</lei>
        <title>Highwoods Properties, Inc. REIT</title>
        <cusip>431284108</cusip>
        <identifiers>
          <isin value="US4312841087"/>
        </identifiers>
        <balance>118247.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3504841.08000000</valUSD>
        <pctVal>1.493686445953</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>Host Hotels &amp; Resorts Inc</name>
        <lei>N6EL63S0K3PB1YFTDI24</lei>
        <title>Host Hotels &amp; Resorts, Inc. REIT</title>
        <cusip>44107P104</cusip>
        <identifiers>
          <isin value="US44107P1049"/>
        </identifiers>
        <balance>-36737.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-522032.77000000</valUSD>
        <pctVal>-0.22247892417</pctVal>
        <payoffProfile>Short</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>Independence Realty Trust Inc</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>Independence Realty Trust, Inc. </title>
        <cusip>45378A106</cusip>
        <identifiers>
          <isin value="US45378A1060"/>
        </identifiers>
        <balance>-113295.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2405252.85000000</valUSD>
        <pctVal>-1.02506604411</pctVal>
        <payoffProfile>Short</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>Industrial Logistics Properties Trust</name>
        <lei>5493004XH9PJW009HR47</lei>
        <title>Industrial Logistics Properties Trust </title>
        <cusip>456237106</cusip>
        <identifiers>
          <isin value="US4562371066"/>
        </identifiers>
        <balance>9926.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34145.44000000</valUSD>
        <pctVal>0.014552038096</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>Innovative Industrial Propertes Inc</name>
        <lei>5493008BQ0545EZXRR30</lei>
        <title>Innovative Industrial Proper </title>
        <cusip>45781V101</cusip>
        <identifiers>
          <isin value="US45781V1017"/>
        </identifiers>
        <balance>54005.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2921130.45000000</valUSD>
        <pctVal>1.244921769755</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>Invitation Homes Inc.</name>
        <lei>984500FE452E665C9F85</lei>
        <title>Invitation Homes, Inc. </title>
        <cusip>46187W107</cusip>
        <identifiers>
          <isin value="US46187W1071"/>
        </identifiers>
        <balance>109207.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3805863.95000000</valUSD>
        <pctVal>1.621975795049</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>Iron Mountain Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc. </title>
        <cusip>46284V101</cusip>
        <identifiers>
          <isin value="US46284V1017"/>
        </identifiers>
        <balance>76530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6584641.20000000</valUSD>
        <pctVal>2.806229751194</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>JBG SMITH Properties</name>
        <lei>549300HHIW6GDQCPEC54</lei>
        <title>JBG SMITH Properties REIT</title>
        <cusip>46590V100</cusip>
        <identifiers>
          <isin value="US46590V1008"/>
        </identifiers>
        <balance>59605.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>960236.55000000</valUSD>
        <pctVal>0.409231770258</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>Kilroy Realty Corporation</name>
        <lei>549300CXXI18B214UN80</lei>
        <title>Kilroy Realty Corporation REIT</title>
        <cusip>49427F108</cusip>
        <identifiers>
          <isin value="US49427F1084"/>
        </identifiers>
        <balance>-19494.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-638623.44000000</valUSD>
        <pctVal>-0.27216731218</pctVal>
        <payoffProfile>Short</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>Kimco Realty Corporation</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>Kimco Realty Corporation REIT</title>
        <cusip>49446R109</cusip>
        <identifiers>
          <isin value="US49446R1095"/>
        </identifiers>
        <balance>203076.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4313334.24000000</valUSD>
        <pctVal>1.838248509445</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>Kite Realty Group Trust</name>
        <lei>N/A</lei>
        <title>Kite Realty Group Trust REIT</title>
        <cusip>49803T300</cusip>
        <identifiers>
          <isin value="US49803T3005"/>
        </identifiers>
        <balance>17860.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>399528.20000000</valUSD>
        <pctVal>0.170270161612</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>LTC Properties Inc</name>
        <lei>549300NRZP8IJG2KY677</lei>
        <title>LTC Properties, Inc. REIT</title>
        <cusip>502175102</cusip>
        <identifiers>
          <isin value="US5021751020"/>
        </identifiers>
        <balance>55662.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1973217.90000000</valUSD>
        <pctVal>0.840942218168</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>Lamar Advertising Company</name>
        <lei>529900Y8WW4MKVPTB543</lei>
        <title>Lamar Advertising Company Class A</title>
        <cusip>512816109</cusip>
        <identifiers>
          <isin value="US5128161099"/>
        </identifiers>
        <balance>29805.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3391212.90000000</valUSD>
        <pctVal>1.445260606244</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>LXP Industrial Trust</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP Industrial Trust REIT</title>
        <cusip>529043101</cusip>
        <identifiers>
          <isin value="US5290431015"/>
        </identifiers>
        <balance>64925.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>561601.25000000</valUSD>
        <pctVal>0.239342143055</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>Lineage Inc</name>
        <lei>N/A</lei>
        <title>Lineage Inc </title>
        <cusip>53566V106</cusip>
        <identifiers>
          <isin value="US53566V1061"/>
        </identifiers>
        <balance>-5646.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-331024.98000000</valUSD>
        <pctVal>-0.14107559076</pctVal>
        <payoffProfile>Short</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>The Macerich Company</name>
        <lei>529900PSWCB5KI0JYU46</lei>
        <title>Macerich Company (The) REIT</title>
        <cusip>554382101</cusip>
        <identifiers>
          <isin value="US5543821012"/>
        </identifiers>
        <balance>-157192.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2698986.64000000</valUSD>
        <pctVal>-1.15024894708</pctVal>
        <payoffProfile>Short</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>Veris Residential Inc</name>
        <lei>254900KTVBRYJCQU2J23</lei>
        <title>Veris Residential, Inc. REIT</title>
        <cusip>554489104</cusip>
        <identifiers>
          <isin value="US5544891048"/>
        </identifiers>
        <balance>-51010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-863089.20000000</valUSD>
        <pctVal>-0.36782969905</pctVal>
        <payoffProfile>Short</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>Medical Properties Trust Inc.</name>
        <lei>254900U6E39J1MQCCY14</lei>
        <title>Medical Properties Trust, Inc. REIT</title>
        <cusip>58463J304</cusip>
        <identifiers>
          <isin value="US58463J3041"/>
        </identifiers>
        <balance>102319.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>616983.57000000</valUSD>
        <pctVal>0.262944873918</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>Mid-America Apartment Communities, Inc.</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>Mid-America Apartment Communities, Inc. REIT</title>
        <cusip>59522J103</cusip>
        <identifiers>
          <isin value="US59522J1034"/>
        </identifiers>
        <balance>2967.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>497209.86000000</valUSD>
        <pctVal>0.211899944027</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>National Health Investors, Inc.</name>
        <lei>549300ZPKZIG6DKDEC02</lei>
        <title>National Health Investors, Inc. </title>
        <cusip>63633D104</cusip>
        <identifiers>
          <isin value="US63633D1046"/>
        </identifiers>
        <balance>25291.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1867993.26000000</valUSD>
        <pctVal>0.796097783010</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>NNN REIT Inc</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>National Retail Properties, Inc. REIT</title>
        <cusip>637417106</cusip>
        <identifiers>
          <isin value="US6374171063"/>
        </identifiers>
        <balance>126043.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5375733.95000000</valUSD>
        <pctVal>2.291019979189</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>National Storage Affiliates Trust</name>
        <lei>529900FS06O8GOYNR108</lei>
        <title>National Storage Affiliates Trust </title>
        <cusip>637870106</cusip>
        <identifiers>
          <isin value="US6378701063"/>
        </identifiers>
        <balance>100885.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3974869.00000000</valUSD>
        <pctVal>1.694002042951</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>NETSTREIT Corp.</name>
        <lei>254900CJL0EDMEQ25Q84</lei>
        <title>Netstreit Corporation </title>
        <cusip>64119V303</cusip>
        <identifiers>
          <isin value="US64119V3033"/>
        </identifiers>
        <balance>170667.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2705071.95000000</valUSD>
        <pctVal>1.152842372825</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>Nexpoint Residential Trust Inc</name>
        <lei>549300U2J6XVYBF87166</lei>
        <title>NexPoint Residential Trust Inc </title>
        <cusip>65341D102</cusip>
        <identifiers>
          <isin value="US65341D1028"/>
        </identifiers>
        <balance>1339.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52930.67000000</valUSD>
        <pctVal>0.022557891370</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>Omega Healthcare Investors, Inc.</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>Omega Healthcare Investors, Inc. REIT</title>
        <cusip>681936100</cusip>
        <identifiers>
          <isin value="US6819361006"/>
        </identifiers>
        <balance>108884.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4146302.72000000</valUSD>
        <pctVal>1.767063336772</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>One Liberty Properties Inc.</name>
        <lei>549300QII1CQZGZBZR14</lei>
        <title>One Liberty Properties, Inc. </title>
        <cusip>682406103</cusip>
        <identifiers>
          <isin value="US6824061039"/>
        </identifiers>
        <balance>3697.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>97120.19000000</valUSD>
        <pctVal>0.041390496208</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>Orion Properties Inc.</name>
        <lei>254900ZBXYX11W8ZL437</lei>
        <title>Orion Properties, Inc. </title>
        <cusip>68629Y103</cusip>
        <identifiers>
          <isin value="US68629Y1038"/>
        </identifiers>
        <balance>3725.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7971.50000000</valUSD>
        <pctVal>0.003397278573</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>OUTFRONT Media Inc</name>
        <lei>549300RZWDYU5722I639</lei>
        <title>OUTFRONT Media Inc. </title>
        <cusip>69007J304</cusip>
        <identifiers>
          <isin value="US69007J3041"/>
        </identifiers>
        <balance>116803.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1885200.42000000</valUSD>
        <pctVal>0.803431097440</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>Paramount Group Inc.</name>
        <lei>5493006GJU1CFI7Z5J17</lei>
        <title>Paramount Group, Inc. REIT</title>
        <cusip>69924R108</cusip>
        <identifiers>
          <isin value="US69924R1086"/>
        </identifiers>
        <balance>-60701.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-261014.30000000</valUSD>
        <pctVal>-0.11123857350</pctVal>
        <payoffProfile>Short</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>Park Hotels &amp; Resorts Inc.</name>
        <lei>5493005UZ5TQN0H6HS73</lei>
        <title>Park Hotels &amp; Resorts, Inc. REIT</title>
        <cusip>700517105</cusip>
        <identifiers>
          <isin value="US7005171050"/>
        </identifiers>
        <balance>117267.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1252411.56000000</valUSD>
        <pctVal>0.533750355359</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>Pebblebrook Hotel Trust</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>Pebblebrook Hotel Trust REIT</title>
        <cusip>70509V100</cusip>
        <identifiers>
          <isin value="US70509V1008"/>
        </identifiers>
        <balance>-40841.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-413719.33000000</valUSD>
        <pctVal>-0.17631811016</pctVal>
        <payoffProfile>Short</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>Piedmont Office Realty Trust, Inc.</name>
        <lei>N/A</lei>
        <title>Piedmont Office Realty Trust, Inc. Class A</title>
        <cusip>720190206</cusip>
        <identifiers>
          <isin value="US7201902068"/>
        </identifiers>
        <balance>9669.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71260.53000000</valUSD>
        <pctVal>0.030369675931</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>Plymouth Industrial REIT Inc.</name>
        <lei>N/A</lei>
        <title>Plymouth Industrial REIT, Inc. </title>
        <cusip>729640102</cusip>
        <identifiers>
          <isin value="US7296401026"/>
        </identifiers>
        <balance>-59287.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-966378.10000000</valUSD>
        <pctVal>-0.41184916425</pctVal>
        <payoffProfile>Short</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>Postal Realty Trust Inc</name>
        <lei>5493007B7ZZSIJRGWC41</lei>
        <title>Postal Realty Trust, Inc. </title>
        <cusip>73757R102</cusip>
        <identifiers>
          <isin value="US73757R1023"/>
        </identifiers>
        <balance>4965.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70900.20000000</valUSD>
        <pctVal>0.030216111183</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>Prologis Inc.</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>Prologis, Inc. REIT</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
        </identifiers>
        <balance>89000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9949310.00000000</valUSD>
        <pctVal>4.240177843837</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>Public Storage</name>
        <lei>N/A</lei>
        <title>Public Storage REIT</title>
        <cusip>74460D109</cusip>
        <identifiers>
          <isin value="US74460D1090"/>
        </identifiers>
        <balance>32618.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9762241.22000000</valUSD>
        <pctVal>4.160453230147</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>RLJ Lodging Trust LP</name>
        <lei>N/A</lei>
        <title>RLJ Lodging Trust REIT</title>
        <cusip>74965L101</cusip>
        <identifiers>
          <isin value="US74965L1017"/>
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        <balance>-167237.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1319499.93000000</valUSD>
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        <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>
      <invstOrSec>
        <name>Realty Income Corporation</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>Realty Income Corporation REIT</title>
        <cusip>756109104</cusip>
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          <isin value="US7561091049"/>
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        <balance>171654.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</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>
      <invstOrSec>
        <name>Regency Centers Corp.</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>Regency Centers Corporation REIT</title>
        <cusip>758849103</cusip>
        <identifiers>
          <isin value="US7588491032"/>
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        <balance>13140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>969206.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Rexford Industrial Realty Inc.</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>Rexford Industrial Realty, Inc. </title>
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          <isin value="US76169C1009"/>
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        <balance>82145.00000000</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>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ryman Hospitality Properties Inc</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>Ryman Hospitality Properties, Inc. REIT</title>
        <cusip>78377T107</cusip>
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          <isin value="US78377T1079"/>
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        <balance>45255.00000000</balance>
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        <assetCat>EC</assetCat>
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        <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>Sl Green Realty Corp</name>
        <lei>549300VQZPJU97H3GT17</lei>
        <title>SL Green Realty Corporation REIT</title>
        <cusip>78440X887</cusip>
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          <isin value="US78440X8873"/>
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        <balance>-21912.00000000</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>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sabra Health Care REIT, Inc.</name>
        <lei>549300E3BC7GU7TAZ621</lei>
        <title>Sabra Health Care REIT, Inc. REIT</title>
        <cusip>78573L106</cusip>
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          <isin value="US78573L1061"/>
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        <balance>183271.00000000</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>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Safehold Inc.</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>iStar, Inc. </title>
        <cusip>78646V107</cusip>
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          <isin value="US78646V1070"/>
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        <balance>57568.00000000</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>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Saul Centers, Inc.</name>
        <lei>N/A</lei>
        <title>Saul Centers, Inc. REIT</title>
        <cusip>804395101</cusip>
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          <isin value="US8043951016"/>
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        <balance>10212.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Simon Property Group Inc</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>Simon Property Group, Inc. REIT</title>
        <cusip>828806109</cusip>
        <identifiers>
          <isin value="US8288061091"/>
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        <balance>81076.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13465102.08000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Site Centers Corp</name>
        <lei>W2AVA6SODOQ1LCYJQR54</lei>
        <title>SITE CTRS CORP COM </title>
        <cusip>82981J851</cusip>
        <identifiers>
          <isin value="US82981J8514"/>
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        <balance>224809.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2886547.56000000</valUSD>
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        <assetCat>EC</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>STAG Industrial, Inc.</name>
        <lei>549300QWYX2W6FASVQ07</lei>
        <title>STAG Industrial, Inc. </title>
        <cusip>85254J102</cusip>
        <identifiers>
          <isin value="US85254J1025"/>
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        <balance>13394.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>483791.28000000</valUSD>
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        <assetCat>EC</assetCat>
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        <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>Summit Hotel Properties, Inc.</name>
        <lei>254900OBQWJK6X20LS71</lei>
        <title>Summit Hotel Properties, Inc. </title>
        <cusip>866082100</cusip>
        <identifiers>
          <isin value="US8660821005"/>
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        <balance>-131969.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-713952.29000000</valUSD>
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        <assetCat>EC</assetCat>
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        <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>Sun Communities, Inc.</name>
        <lei>549300H5GEOJYN41ZG57</lei>
        <title>Sun Communities, Inc. REIT</title>
        <cusip>866674104</cusip>
        <identifiers>
          <isin value="US8666741041"/>
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        <balance>930.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>119635.20000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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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. REIT</title>
        <cusip>867892101</cusip>
        <identifiers>
          <isin value="US8678921011"/>
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        <balance>15170.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tanger Inc.</name>
        <lei>UKEW8YSXE4Y581KYOL30</lei>
        <title>Tanger Inc. REIT</title>
        <cusip>875465106</cusip>
        <identifiers>
          <isin value="US8754651060"/>
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        <balance>125525.00000000</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>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Terreno Realty Corporation</name>
        <lei>N/A</lei>
        <title>Terreno Realty Corporation </title>
        <cusip>88146M101</cusip>
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          <isin value="US88146M1018"/>
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        <balance>-40050.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-2531961.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <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>UDR Inc</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR, Inc. REIT</title>
        <cusip>902653104</cusip>
        <identifiers>
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        <balance>23666.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UMH Properties Inc</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH Properties, Inc. REIT</title>
        <cusip>903002103</cusip>
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        <balance>-29175.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bill 0.000%, Due 4/8/2025</title>
        <cusip>912797NY9</cusip>
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          <isin value="US912797NY99"/>
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        <balance>9000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8992577.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Uniti Group Inc</name>
        <lei>549300V3NU625PJUVA84</lei>
        <title>Uniti Group, Inc. REIT</title>
        <cusip>91325V108</cusip>
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          <isin value="US91325V1089"/>
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        <balance>17341.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Universal Health Realty Income Trust</name>
        <lei>549300L4MWZL4IH6H172</lei>
        <title>Universal Health Realty Income Trust REIT</title>
        <cusip>91359E105</cusip>
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          <isin value="US91359E1055"/>
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        <balance>-12577.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Urban Edge Properties</name>
        <lei>N/A</lei>
        <title>Urban Edge Properties REIT</title>
        <cusip>91704F104</cusip>
        <identifiers>
          <isin value="US91704F1049"/>
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        <balance>21634.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>411046.00000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Ventas Inc.</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>Ventas, Inc. REIT</title>
        <cusip>92276F100</cusip>
        <identifiers>
          <isin value="US92276F1003"/>
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        <balance>48165.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3311825.40000000</valUSD>
        <pctVal>1.411427393833</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>Vici Properties Inc</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>Vici Properties, Inc </title>
        <cusip>925652109</cusip>
        <identifiers>
          <isin value="US9256521090"/>
        </identifiers>
        <balance>335905.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10957221.10000000</valUSD>
        <pctVal>4.669727462330</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>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust REIT</title>
        <cusip>929042109</cusip>
        <identifiers>
          <isin value="US9290421091"/>
        </identifiers>
        <balance>31217.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1154716.83000000</valUSD>
        <pctVal>0.492115002796</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>W. P. Carey Inc</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>W.P. Carey, Inc. REIT</title>
        <cusip>92936U109</cusip>
        <identifiers>
          <isin value="US92936U1097"/>
        </identifiers>
        <balance>76348.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4818322.28000000</valUSD>
        <pctVal>2.053463343299</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>Elme Communities</name>
        <lei>549300DI34BGS8LVKW95</lei>
        <title>Elme Communities REIT</title>
        <cusip>939653101</cusip>
        <identifiers>
          <isin value="US9396531017"/>
        </identifiers>
        <balance>-1662.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-28918.80000000</valUSD>
        <pctVal>-0.01232455869</pctVal>
        <payoffProfile>Short</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>Welltower OP LLC</name>
        <lei>N/A</lei>
        <title>Welltower, Inc. REIT</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
        </identifiers>
        <balance>87426.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13394537.46000000</valUSD>
        <pctVal>5.708458271612</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>Whitestone REIT</name>
        <lei>N/A</lei>
        <title>Whitestone REIT Class B</title>
        <cusip>966084204</cusip>
        <identifiers>
          <isin value="US9660842041"/>
        </identifiers>
        <balance>1878.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27362.46000000</valUSD>
        <pctVal>0.011661280696</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>Xenia Hotels &amp; Resorts Inc</name>
        <lei>54930075IWIPHF5IQL62</lei>
        <title>Xenia Hotels &amp; Resorts, Inc. </title>
        <cusip>984017103</cusip>
        <identifiers>
          <isin value="US9840171030"/>
        </identifiers>
        <balance>-177283.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2084848.08000000</valUSD>
        <pctVal>-0.88851655407</pctVal>
        <payoffProfile>Short</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>AMERICAN ASSETS TRUS</name>
        <lei>N/A</lei>
        <title>AMERICAN ASSETS TRUS - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="AAT3954"/>
        </identifiers>
        <balance>10721.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-50598.29000000</valUSD>
        <pctVal>-0.02156388213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>AMERICAN ASSETS TRUS</issuerName>
                <issueTitle>AMERICAN ASSETS TRUS - TRS</issueTitle>
                <identifiers>
                  <cusip value="014491104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-263926.36000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-263926.36000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-50598.29000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARMADA HOFFLER PROPE</name>
        <lei>N/A</lei>
        <title>ARMADA HOFFLER PROPE - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="AHH3954"/>
        </identifiers>
        <balance>4686.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-10705.36000000</valUSD>
        <pctVal>-0.00456238978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ARMADA HOFFLER PROPE</issuerName>
                <issueTitle>ARMADA HOFFLER PROPE - TRS</issueTitle>
                <identifiers>
                  <cusip value="02665T306"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-46100.40000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-46100.40000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-10705.36000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APARTMENT INVT &amp; MGM</name>
        <lei>N/A</lei>
        <title>APARTMENT INVT &amp; MGM - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="AIV3954"/>
        </identifiers>
        <balance>2429.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-793.49000000</valUSD>
        <pctVal>-0.00033816804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>APARTMENT INVT &amp; MGM</issuerName>
                <issueTitle>APARTMENT INVT &amp; MGM - TRS</issueTitle>
                <identifiers>
                  <cusip value="03027X100"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-21953.30000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-21953.30000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-793.49000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALEXANDER &amp; BALDWIN</name>
        <lei>N/A</lei>
        <title>ALEXANDER &amp; BALDWIN - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="ALEX3954"/>
        </identifiers>
        <balance>12977.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-29759.87000000</valUSD>
        <pctVal>-0.01268300428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ALEXANDER &amp; BALDWIN</issuerName>
                <issueTitle>ALEXANDER &amp; BALDWIN - TRS</issueTitle>
                <identifiers>
                  <cusip value="03784Y200"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-252402.65000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-252402.65000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-29759.87000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 REN</name>
        <lei>N/A</lei>
        <title>AMERICAN HOMES 4 REN - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="AMH3954"/>
        </identifiers>
        <balance>14083.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-11752.71000000</valUSD>
        <pctVal>-0.00500874739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>AMERICAN HOMES 4 REN</issuerName>
                <issueTitle>AMERICAN HOMES 4 REN - TRS</issueTitle>
                <identifiers>
                  <cusip value="015271109"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-535998.98000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-535998.98000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-11752.71000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APPLE HOSPITALITY RE</name>
        <lei>N/A</lei>
        <title>APPLE HOSPITALITY RE - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="APLE3954"/>
        </identifiers>
        <balance>-34810.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>123353.48000000</valUSD>
        <pctVal>0.052570549400</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>APPLE HOSPITALITY RE</issuerName>
                <issueTitle>APPLE HOSPITALITY RE - TRS</issueTitle>
                <identifiers>
                  <cusip value="053484101"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="567751.10000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Underlying Return</otherPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>567751.10000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>123353.48000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALEXANDRIA REAL ESTA</name>
        <lei>N/A</lei>
        <title>ALEXANDRIA REAL ESTA - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="ARE3954"/>
        </identifiers>
        <balance>10588.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-211080.56000000</valUSD>
        <pctVal>-0.08995790801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ALEXANDRIA REAL ESTA</issuerName>
                <issueTitle>ALEXANDRIA REAL ESTA - TRS</issueTitle>
                <identifiers>
                  <cusip value="105368203"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1186385.39999999">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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      </invstOrSec>
      <invstOrSec>
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        <fairValLevel>N/A</fairValLevel>
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            <swapFlag>Y</swapFlag>
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            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-2069532.47000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-110877.48000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <isin value="N/A"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
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        <lei>N/A</lei>
        <title>SAUL CENTERS INC - TRS</title>
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          <other otherDesc="Internal" value="BFS3954"/>
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        <units>NS</units>
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        <valUSD>-3263.82000000</valUSD>
        <pctVal>-0.00139096854</pctVal>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SAUL CENTERS INC</issuerName>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-94422.71000000">
              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-94422.71000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3263.82000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>CBL &amp; ASSOCIATES PRO</name>
        <lei>N/A</lei>
        <title>CBL &amp; ASSOCIATES PRO - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="CBL3954"/>
        </identifiers>
        <balance>8177.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-19101.45000000</valUSD>
        <pctVal>-0.00814061930</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CBL &amp; ASSOCIATES PRO</issuerName>
                <issueTitle>CBL &amp; ASSOCIATES PRO - TRS</issueTitle>
                <identifiers>
                  <cusip value="222795502"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-234145.94000000">
              <rtResetTenors>
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              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-234145.94000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-19101.45000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COPT DEFENSE PROPERT</name>
        <lei>N/A</lei>
        <title>COPT DEFENSE PROPERT - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="CDP3954"/>
        </identifiers>
        <balance>9722.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-23681.57000000</valUSD>
        <pctVal>-0.01009256605</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>COPT DEFENSE PROPERT</issuerName>
                <issueTitle>COPT DEFENSE PROPERT - TRS</issueTitle>
                <identifiers>
                  <cusip value="253868103"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-288927.15000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-288927.15000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-23681.57000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICOLD REALTY TRU</name>
        <lei>N/A</lei>
        <title>AMERICOLD REALTY TRU - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="COLD3954"/>
        </identifiers>
        <balance>-49343.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>129743.64000000</valUSD>
        <pctVal>0.055293895527</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>AMERICOLD REALTY TRU</issuerName>
                <issueTitle>AMERICOLD REALTY TRU - TRS</issueTitle>
                <identifiers>
                  <cusip value="42250P103"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="1183738.57000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Underlying Return</otherPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1183738.57000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>129743.64000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CENTERSPACE</name>
        <lei>N/A</lei>
        <title>CENTERSPACE - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="CSR3954"/>
        </identifiers>
        <balance>331.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1101.74000000</valUSD>
        <pctVal>0.000469537439</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CENTERSPACE</issuerName>
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                <identifiers>
                  <cusip value="277276101"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-20384.90000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-20384.90000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1101.74000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CARETRUST REIT INC</name>
        <lei>N/A</lei>
        <title>CARETRUST REIT INC - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="CTRE3954"/>
        </identifiers>
        <balance>40906.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64923.59000000</valUSD>
        <pctVal>0.027669011002</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CARETRUST REIT INC</issuerName>
                <issueTitle>CARETRUST REIT INC - TRS</issueTitle>
                <identifiers>
                  <cusip value="29472R108"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1106998.17000000">
              <rtResetTenors>
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            <terminationDt>2025-11-26</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1106998.17000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>64923.59000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CUBESMART</name>
        <lei>N/A</lei>
        <title>CUBESMART - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="CUBE3954"/>
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        <balance>13854.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13087.81000000</valUSD>
        <pctVal>0.005577737751</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CUBESMART</issuerName>
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                <identifiers>
                  <cusip value="26884U109"/>
                </identifiers>
              </otherRefInst>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-572986.19999999">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-572986.19999999</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>13087.81000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EASTERLY GOVERNMENT</name>
        <lei>N/A</lei>
        <title>EASTERLY GOVERNMENT - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="DEA3954"/>
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        <balance>29469.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-30542.27000000</valUSD>
        <pctVal>-0.01301644602</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>EASTERLY GOVERNMENT</issuerName>
                <issueTitle>EASTERLY GOVERNMENT - TRS</issueTitle>
                <identifiers>
                  <cusip value="29476L107"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-339577.18000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            <terminationDt>2025-11-26</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-339577.18000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-30542.27000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HEALTHPEAK PROPERTIE</name>
        <lei>N/A</lei>
        <title>HEALTHPEAK PROPERTIE - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="DOC3954"/>
        </identifiers>
        <balance>26064.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-54927.58000000</valUSD>
        <pctVal>-0.02340893064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>HEALTHPEAK PROPERTIE</issuerName>
                <issueTitle>HEALTHPEAK PROPERTIE - TRS</issueTitle>
                <identifiers>
                  <cusip value="292104106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-573147.36000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-573147.36000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-54927.58000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EASTGROUP PROPERTIES</name>
        <lei>N/A</lei>
        <title>EASTGROUP PROPERTIES - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EGP3954"/>
        </identifiers>
        <balance>2559.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3859.66000000</valUSD>
        <pctVal>0.001644902492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>EASTGROUP PROPERTIES</issuerName>
                <issueTitle>EASTGROUP PROPERTIES - TRS</issueTitle>
                <identifiers>
                  <cusip value="297178105"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-443679.42000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-443679.42000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3859.66000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUITY LIFESTYLE PRO</name>
        <lei>N/A</lei>
        <title>EQUITY LIFESTYLE PRO - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="ELS3954"/>
        </identifiers>
        <balance>12655.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-15018.60000000</valUSD>
        <pctVal>-0.00640059812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>EQUITY LIFESTYLE PRO</issuerName>
                <issueTitle>EQUITY LIFESTYLE PRO - TRS</issueTitle>
                <identifiers>
                  <cusip value="30225T102"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-856476.16000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-856476.16000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-15018.60000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EPR PROPERTIES</name>
        <lei>N/A</lei>
        <title>EPR PROPERTIES - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EPR3954"/>
        </identifiers>
        <balance>1375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9023.92000000</valUSD>
        <pctVal>0.003845796909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>EPR PROPERTIES</issuerName>
                <issueTitle>EPR PROPERTIES - TRS</issueTitle>
                <identifiers>
                  <cusip value="32054K103"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-62755.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-62755.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>9023.92000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESSENTIAL PROPERTIES</name>
        <lei>N/A</lei>
        <title>ESSENTIAL PROPERTIES - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EPRT3954"/>
        </identifiers>
        <balance>36100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31535.94000000</valUSD>
        <pctVal>0.013439926394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ESSENTIAL PROPERTIES</issuerName>
                <issueTitle>ESSENTIAL PROPERTIES - TRS</issueTitle>
                <identifiers>
                  <cusip value="36467J108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1146156.95000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1146156.95000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>31535.94000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUITY RESIDENTIAL</name>
        <lei>N/A</lei>
        <title>EQUITY RESIDENTIAL - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EQR3954"/>
        </identifiers>
        <balance>26017.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-9363.46999999</valUSD>
        <pctVal>-0.00399050567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>EQUITY RESIDENTIAL</issuerName>
                <issueTitle>EQUITY RESIDENTIAL - TRS</issueTitle>
                <identifiers>
                  <cusip value="37954A204"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1870112.16000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1870112.16000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-9363.46999999</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPIRE STATE REALTY</name>
        <lei>N/A</lei>
        <title>EMPIRE STATE REALTY - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="ESRT3954"/>
        </identifiers>
        <balance>25632.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-89474.93000000</valUSD>
        <pctVal>-0.03813225397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>EMPIRE STATE REALTY</issuerName>
                <issueTitle>EMPIRE STATE REALTY - TRS</issueTitle>
                <identifiers>
                  <cusip value="444097109"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-285540.47999999">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-285540.47999999</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-89474.93000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESSEX PROPERTY TRUST</name>
        <lei>N/A</lei>
        <title>ESSEX PROPERTY TRUST - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="ESS3954"/>
        </identifiers>
        <balance>5557.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-28996.31000000</valUSD>
        <pctVal>-0.01235759175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ESSEX PROPERTY TRUST</issuerName>
                <issueTitle>ESSEX PROPERTY TRUST - TRS</issueTitle>
                <identifiers>
                  <cusip value="42226K105"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1720502.77000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1720502.77000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-28996.31000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXTRA SPACE STORAGE</name>
        <lei>N/A</lei>
        <title>EXTRA SPACE STORAGE - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EXR3954"/>
        </identifiers>
        <balance>11596.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-117998.74000000</valUSD>
        <pctVal>-0.05028847658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>EXTRA SPACE STORAGE</issuerName>
                <issueTitle>EXTRA SPACE STORAGE - TRS</issueTitle>
                <identifiers>
                  <cusip value="44107P104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1820788.25000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1820788.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-117998.74000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FARMLAND PARTNERS IN</name>
        <lei>N/A</lei>
        <title>FARMLAND PARTNERS IN - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="FPI3954"/>
        </identifiers>
        <balance>2450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1901.36000000</valUSD>
        <pctVal>-0.00081031795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>FARMLAND PARTNERS IN</issuerName>
                <issueTitle>FARMLAND PARTNERS IN - TRS</issueTitle>
                <identifiers>
                  <cusip value="866082100"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-28934.75000000">
              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-28934.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1901.36000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST INDUSTRIAL REA</name>
        <lei>N/A</lei>
        <title>FIRST INDUSTRIAL REA - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="FR3954"/>
        </identifiers>
        <balance>-5652.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4532.59000000</valUSD>
        <pctVal>0.001931690508</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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                <issuerName>FIRST INDUSTRIAL REA</issuerName>
                <issueTitle>FIRST INDUSTRIAL REA - TRS</issueTitle>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="307807.92000000">
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              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Underlying Return</otherPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>307807.92000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4532.59000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAMING AND LEISURE P</name>
        <lei>N/A</lei>
        <title>GAMING AND LEISURE P - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="GLPI3954L"/>
        </identifiers>
        <balance>2509.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6656.80000000</valUSD>
        <pctVal>0.002836982250</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GAMING AND LEISURE P</issuerName>
                <issueTitle>GAMING AND LEISURE P - TRS</issueTitle>
                <identifiers>
                  <cusip value="49446R109"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-119865.22000000">
              <rtResetTenors>
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              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-119865.22000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>6656.80000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL MEDICAL REIT</name>
        <lei>N/A</lei>
        <title>GLOBAL MEDICAL REIT - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="GMRE3954"/>
        </identifiers>
        <balance>16125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-739.99000000</valUSD>
        <pctVal>-0.00031536751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GLOBAL MEDICAL REIT</issuerName>
                <issueTitle>GLOBAL MEDICAL REIT - TRS</issueTitle>
                <identifiers>
                  <cusip value="49427F108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-143028.75000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-143028.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-739.99000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HIGHWOODS PROPERTIES</name>
        <lei>N/A</lei>
        <title>HIGHWOODS PROPERTIES - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="HIW3954"/>
        </identifiers>
        <balance>29562.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-13839.14000000</valUSD>
        <pctVal>-0.00589793812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>HIGHWOODS PROPERTIES</issuerName>
                <issueTitle>HIGHWOODS PROPERTIES - TRS</issueTitle>
                <identifiers>
                  <cusip value="49803T300"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-881396.94000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-881396.94000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-13839.14000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOST HOTELS &amp; RESORT</name>
        <lei>N/A</lei>
        <title>HOST HOTELS &amp; RESORT - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="HST3954"/>
        </identifiers>
        <balance>-35487.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>150898.42000000</valUSD>
        <pctVal>0.064309599073</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>HOST HOTELS &amp; RESORT</issuerName>
                <issueTitle>HOST HOTELS &amp; RESORT - TRS</issueTitle>
                <identifiers>
                  <cusip value="502175102"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="653315.67000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Underlying Return</otherPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>653315.67000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>150898.42000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INNOVATIVE INDUSTRIA</name>
        <lei>N/A</lei>
        <title>INNOVATIVE INDUSTRIA - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="IIPR3954"/>
        </identifiers>
        <balance>13501.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-154579.51999999</valUSD>
        <pctVal>-0.06587840320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>INNOVATIVE INDUSTRIA</issuerName>
                <issueTitle>INNOVATIVE INDUSTRIA - TRS</issueTitle>
                <identifiers>
                  <cusip value="529043101"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-901638.63000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-901638.63000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-154579.51999999</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDUSTRIAL LOGISTICS</name>
        <lei>N/A</lei>
        <title>INDUSTRIAL LOGISTICS - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="ILPT3954"/>
        </identifiers>
        <balance>2481.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-487.77000000</valUSD>
        <pctVal>-0.00020787688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>INDUSTRIAL LOGISTICS</issuerName>
                <issueTitle>INDUSTRIAL LOGISTICS - TRS</issueTitle>
                <identifiers>
                  <cusip value="637417106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-8934.33000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-8934.33000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-487.77000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KITE REALTY GROUP TR</name>
        <lei>N/A</lei>
        <title>KITE REALTY GROUP TR - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="KRG3954"/>
        </identifiers>
        <balance>4465.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-24650.62000000</valUSD>
        <pctVal>-0.01050555392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>KITE REALTY GROUP TR</issuerName>
                <issueTitle>KITE REALTY GROUP TR - TRS</issueTitle>
                <identifiers>
                  <cusip value="637870106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-122653.55000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
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            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-122653.55000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-24650.62000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LAMAR ADVERTISING CO</name>
        <lei>N/A</lei>
        <title>LAMAR ADVERTISING CO - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LAMR3954"/>
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        <balance>7451.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-63022.03000000</valUSD>
        <pctVal>-0.02685860781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LAMAR ADVERTISING CO</issuerName>
                <issueTitle>LAMAR ADVERTISING CO - TRS</issueTitle>
                <identifiers>
                  <cusip value="64119V303"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-901927.90000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
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            <terminationDt>2025-11-26</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-901927.90000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-63022.03000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLADSTONE LAND CORP</name>
        <lei>N/A</lei>
        <title>GLADSTONE LAND CORP - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LAND3954"/>
        </identifiers>
        <balance>637.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-264.33000000</valUSD>
        <pctVal>-0.00011265165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GLADSTONE LAND CORP</issuerName>
                <issueTitle>GLADSTONE LAND CORP - TRS</issueTitle>
                <identifiers>
                  <cusip value="756109104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-6897.56000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-6897.56000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-264.33000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LTC PROPERTIES INC</name>
        <lei>N/A</lei>
        <title>LTC PROPERTIES INC - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LTC3954"/>
        </identifiers>
        <balance>13915.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-23867.33000000</valUSD>
        <pctVal>-0.01017173289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LTC PROPERTIES INC</issuerName>
                <issueTitle>LTC PROPERTIES INC - TRS</issueTitle>
                <identifiers>
                  <cusip value="681936100"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-510924.22000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-510924.22000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-23867.33000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LXP INDUSTRIAL TRUST</name>
        <lei>N/A</lei>
        <title>LXP INDUSTRIAL TRUST - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LXP3954"/>
        </identifiers>
        <balance>56739.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-44214.11000000</valUSD>
        <pctVal>-0.01884308455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LXP INDUSTRIAL TRUST</issuerName>
                <issueTitle>LXP INDUSTRIAL TRUST - TRS</issueTitle>
                <identifiers>
                  <cusip value="700517105"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-534481.38000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-534481.38000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-44214.11000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDICAL PROPERTIES T</name>
        <lei>N/A</lei>
        <title>MEDICAL PROPERTIES T - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="MPW3954"/>
        </identifiers>
        <balance>25580.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52933.24000000</valUSD>
        <pctVal>0.022558986648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MEDICAL PROPERTIES T</issuerName>
                <issueTitle>MEDICAL PROPERTIES T - TRS</issueTitle>
                <identifiers>
                  <cusip value="74340W103"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-102353.25000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-102353.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>52933.24000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY &amp; COMPANY USD MARGIN ACCOUNT </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="MSCUSDDEP"/>
        </identifiers>
        <balance>146109.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>146109.44000000</valUSD>
        <pctVal>0.062268640766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>NATL HEALTH INVESTOR</name>
        <lei>N/A</lei>
        <title>NATL HEALTH INVESTOR - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="NHI3954"/>
        </identifiers>
        <balance>6323.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31212.77000000</valUSD>
        <pctVal>0.013302198423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NATL HEALTH INVESTOR</issuerName>
                <issueTitle>NATL HEALTH INVESTOR - TRS</issueTitle>
                <identifiers>
                  <cusip value="758849103"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-437198.78000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-437198.78000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>31212.77000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXPOINT RESIDENTIAL</name>
        <lei>N/A</lei>
        <title>NEXPOINT RESIDENTIAL - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="NXRT3954"/>
        </identifiers>
        <balance>335.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-97.44000000</valUSD>
        <pctVal>-0.00004152679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NEXPOINT RESIDENTIAL</issuerName>
                <issueTitle>NEXPOINT RESIDENTIAL - TRS</issueTitle>
                <identifiers>
                  <cusip value="76169C100"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-13210.46000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-13210.46000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-97.44000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REALTY INCOME CORP</name>
        <lei>N/A</lei>
        <title>REALTY INCOME CORP - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="O3954L"/>
        </identifiers>
        <balance>25839.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79600.00000000</valUSD>
        <pctVal>0.033923775253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>REALTY INCOME CORP</issuerName>
                <issueTitle>REALTY INCOME CORP - TRS</issueTitle>
                <identifiers>
                  <cusip value="78377T107"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1405393.55000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1405393.55000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>79600.00000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OMEGA HEALTHCARE INV</name>
        <lei>N/A</lei>
        <title>OMEGA HEALTHCARE INV - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="OHI3954L"/>
        </identifiers>
        <balance>27221.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3279.19000000</valUSD>
        <pctVal>0.001397518901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>OMEGA HEALTHCARE INV</issuerName>
                <issueTitle>OMEGA HEALTHCARE INV - TRS</issueTitle>
                <identifiers>
                  <cusip value="74965L101"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1023174.78000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1023174.78000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3279.19000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONE LIBERTY PROPERTI</name>
        <lei>N/A</lei>
        <title>ONE LIBERTY PROPERTI - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="OLP3954"/>
        </identifiers>
        <balance>924.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>412.70000000</valUSD>
        <pctVal>0.000175883694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ONE LIBERTY PROPERTI</issuerName>
                <issueTitle>ONE LIBERTY PROPERTI - TRS</issueTitle>
                <identifiers>
                  <cusip value="76131N101"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-24040.54000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-24040.54000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>412.70000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORION OFFICE REIT IN</name>
        <lei>N/A</lei>
        <title>ORION OFFICE REIT IN - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="ONL3954"/>
        </identifiers>
        <balance>931.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1745.24000000</valUSD>
        <pctVal>-0.00074378303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ORION OFFICE REIT IN</issuerName>
                <issueTitle>ORION OFFICE REIT IN - TRS</issueTitle>
                <identifiers>
                  <cusip value="82981J851"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-3719.90000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-3719.90000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1745.24000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OUTFRONT MEDIA INC</name>
        <lei>N/A</lei>
        <title>OUTFRONT MEDIA INC - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="OUT3954"/>
        </identifiers>
        <balance>28788.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-61917.72000000</valUSD>
        <pctVal>-0.02638797509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>OUTFRONT MEDIA INC</issuerName>
                <issueTitle>OUTFRONT MEDIA INC - TRS</issueTitle>
                <identifiers>
                  <cusip value="875465106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-521430.31000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-521430.31000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-61917.72000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIEDMONT OFFICE REAL</name>
        <lei>N/A</lei>
        <title>PIEDMONT OFFICE REAL - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="PDM3954"/>
        </identifiers>
        <balance>2417.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3523.03000000</valUSD>
        <pctVal>-0.00150143816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>PIEDMONT OFFICE REAL</issuerName>
                <issueTitle>PIEDMONT OFFICE REAL - TRS</issueTitle>
                <identifiers>
                  <cusip value="78440X887"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-21128.45000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-21128.45000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3523.03000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALPINE INCOME PROPER</name>
        <lei>N/A</lei>
        <title>ALPINE INCOME PROPER - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="PINE3954"/>
        </identifiers>
        <balance>228.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-80.06999999</valUSD>
        <pctVal>-0.00003412407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ALPINE INCOME PROPER</issuerName>
                <issueTitle>ALPINE INCOME PROPER - TRS</issueTitle>
                <identifiers>
                  <cusip value="866674104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-3854.48000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-3854.48000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-80.06999999</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARK HOTELS &amp; RESORT</name>
        <lei>N/A</lei>
        <title>PARK HOTELS &amp; RESORT - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="PK3954"/>
        </identifiers>
        <balance>76329.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-367749.22000000</valUSD>
        <pctVal>-0.15672665689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>PARK HOTELS &amp; RESORT</issuerName>
                <issueTitle>PARK HOTELS &amp; RESORT - TRS</issueTitle>
                <identifiers>
                  <cusip value="88146M101"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1183862.79000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1183862.79000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-367749.22000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEAKSTONE REALTY TRU</name>
        <lei>N/A</lei>
        <title>PEAKSTONE REALTY TRU - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="PKST3954"/>
        </identifiers>
        <balance>685.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>873.46000000</valUSD>
        <pctVal>0.000372249506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>PEAKSTONE REALTY TRU</issuerName>
                <issueTitle>PEAKSTONE REALTY TRU - TRS</issueTitle>
                <identifiers>
                  <cusip value="902653104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-7834.76000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-7834.76000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>873.46000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS INC</name>
        <lei>N/A</lei>
        <title>PROLOGIS INC - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="PLD3954"/>
        </identifiers>
        <balance>12212.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-98928.94000000</valUSD>
        <pctVal>-0.04216134581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>PROLOGIS INC</issuerName>
                <issueTitle>PROLOGIS INC - TRS</issueTitle>
                <identifiers>
                  <cusip value="92936U109"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1441992.96000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1441992.96000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-98928.94000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY &amp; COMPANY MARGIN DEPOSIT ACCOUNT </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="PRIMECASH"/>
        </identifiers>
        <balance>24033395.37</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24033395.37</valUSD>
        <pctVal>10.24250632054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>N/A</lei>
        <title>PUBLIC STORAGE - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="PSA3954"/>
        </identifiers>
        <balance>3313.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3362.72000000</valUSD>
        <pctVal>-0.00143311755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>PUBLIC STORAGE</issuerName>
                <issueTitle>PUBLIC STORAGE - TRS</issueTitle>
                <identifiers>
                  <cusip value="966084204"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-985241.14000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-985241.14000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3362.72000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POSTAL REALTY TRUST</name>
        <lei>N/A</lei>
        <title>POSTAL REALTY TRUST - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="PSTL3954"/>
        </identifiers>
        <balance>1241.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1353.29000000</valUSD>
        <pctVal>0.000576742535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>POSTAL REALTY TRUST</issuerName>
                <issueTitle>POSTAL REALTY TRUST - TRS</issueTitle>
                <identifiers>
                  <cusip value="962166104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-16209.07000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-16209.07000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1353.29000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REXFORD INDUSTRIAL R</name>
        <lei>N/A</lei>
        <title>REXFORD INDUSTRIAL R - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="REXR3954"/>
        </identifiers>
        <balance>20536.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-80071.19999999</valUSD>
        <pctVal>-0.03412459036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>REXFORD INDUSTRIAL R</issuerName>
                <issueTitle>REXFORD INDUSTRIAL R - TRS</issueTitle>
                <identifiers>
                  <cusip value="037833100"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-879515.50000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-879515.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-80071.19999999</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RYMAN HOSPITALITY PR</name>
        <lei>N/A</lei>
        <title>RYMAN HOSPITALITY PR - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="RHP3954"/>
        </identifiers>
        <balance>11314.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-203693.57000000</valUSD>
        <pctVal>-0.08680973479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RYMAN HOSPITALITY PR</issuerName>
                <issueTitle>RYMAN HOSPITALITY PR - TRS</issueTitle>
                <identifiers>
                  <cusip value="000957100"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1236961.21000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1236961.21000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-203693.57000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAFEHOLD INC</name>
        <lei>N/A</lei>
        <title>SAFEHOLD INC - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SAFE3954"/>
        </identifiers>
        <balance>14392.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24915.05000000</valUSD>
        <pctVal>0.010618248198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SAFEHOLD INC</issuerName>
                <issueTitle>SAFEHOLD INC - TRS</issueTitle>
                <identifiers>
                  <cusip value="00081T108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-244648.17000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-244648.17000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>24915.05000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SABRA HEALTH CARE RE</name>
        <lei>N/A</lei>
        <title>SABRA HEALTH CARE RE - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SBRA3954"/>
        </identifiers>
        <balance>45818.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9219.09000000</valUSD>
        <pctVal>0.003928974085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SABRA HEALTH CARE RE</issuerName>
                <issueTitle>SABRA HEALTH CARE RE - TRS</issueTitle>
                <identifiers>
                  <cusip value="004498101"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-783524.45000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-783524.45000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>9219.09000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNSTONE HOTEL INVES</name>
        <lei>N/A</lei>
        <title>SUNSTONE HOTEL INVES - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SHO3954"/>
        </identifiers>
        <balance>3792.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-8984.75000000</valUSD>
        <pctVal>-0.00382910351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SUNSTONE HOTEL INVES</issuerName>
                <issueTitle>SUNSTONE HOTEL INVES - TRS</issueTitle>
                <identifiers>
                  <cusip value="29249E109"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-44570.79000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-44570.79000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-8984.75000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UDR INC</name>
        <lei>N/A</lei>
        <title>UDR INC - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="UDR3954"/>
        </identifiers>
        <balance>5917.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-6564.37000000</valUSD>
        <pctVal>-0.00279759061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UDR INC</issuerName>
                <issueTitle>UDR INC - TRS</issueTitle>
                <identifiers>
                  <cusip value="00091G104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-269696.86000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-269696.86000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-6564.37000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>URBAN EDGE PROPERTIE</name>
        <lei>N/A</lei>
        <title>URBAN EDGE PROPERTIE - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="UE3954"/>
        </identifiers>
        <balance>5409.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-8449.45999999</valUSD>
        <pctVal>-0.00360097464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>URBAN EDGE PROPERTIE</issuerName>
                <issueTitle>URBAN EDGE PROPERTIE - TRS</issueTitle>
                <identifiers>
                  <cusip value="052769106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-110138.60000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-110138.60000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-8449.45999999</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITI GROUP INC</name>
        <lei>N/A</lei>
        <title>UNITI GROUP INC - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="UNIT3954"/>
        </identifiers>
        <balance>4335.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3717.47000000</valUSD>
        <pctVal>-0.00158430423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>UNITI GROUP INC</issuerName>
                <issueTitle>UNITI GROUP INC - TRS</issueTitle>
                <identifiers>
                  <cusip value="00791N102"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-25317.27000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-11-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-25317.27000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3717.47000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Wells Fargo Margin Deposit </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="WFUSDDEP"/>
        </identifiers>
        <balance>1052868.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1052868.64000000</valUSD>
        <pctVal>0.448709536621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>WP CAREY INC</name>
        <lei>N/A</lei>
        <title>WP CAREY INC - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="WPC3954"/>
        </identifiers>
        <balance>19087.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>117601.00000000</valUSD>
        <pctVal>0.050118968512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>WP CAREY INC</issuerName>
                <issueTitle>WP CAREY INC - TRS</issueTitle>
                <identifiers>
                  <cusip value="025537101"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-1088898.92000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1088898.92000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>117601.00000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHITESTONE REIT</name>
        <lei>N/A</lei>
        <title>WHITESTONE REIT - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="WSR3954"/>
        </identifiers>
        <balance>7736.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3929.00000000</valUSD>
        <pctVal>-0.00167445368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>WHITESTONE REIT</issuerName>
                <issueTitle>WHITESTONE REIT - TRS</issueTitle>
                <identifiers>
                  <cusip value="N00985106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.50000000" pmntAmt="-114879.60000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-12-26</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-114879.60000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3929.00000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns presented are No Load returns. " noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>New Age Alpha Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Keith D. Kemp</ncom:signature>
      <ncom:signerName>Keith D. Kemp</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
