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value="Sedol"/></identifiers><balance>147457</balance><units>NS</units><curCd>USD</curCd><valUSD>10379498</valUSD><pctVal>1.9511</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 Tr</name><lei>N/A</lei><title>Essential Properties Realty Trust Inc</title><cusip>29670E107</cusip><identifiers><isin value="US29670E1073"/><ticker value="EPRT"/><other otherDesc="BFFK0X2" value="Sedol"/></identifiers><balance>256174</balance><units>NS</units><curCd>USD</curCd><valUSD>6355677</valUSD><pctVal>1.1947</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>Healthpeak Properties Inc</name><lei>PZ9HF5U52KPF0MH0QN75</lei><title>Healthpeak Properties Inc</title><cusip>42250P103</cusip><identifiers><isin value="US42250P1030"/><ticker value="PEAK"/><other otherDesc="BJBLRK3" value="Sedol"/></identifiers><balance>445208</balance><units>NS</units><curCd>USD</curCd><valUSD>15346320</valUSD><pctVal>2.8847</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>MGM Growth Properties LLC</name><lei>549300E2UGIBHWE12262</lei><title>MGM Growth Properties LLC</title><cusip>55303A105</cusip><identifiers><isin value="US55303A1051"/><ticker value="MGP"/><other otherDesc="BYTP3L5" value="Sedol"/></identifiers><balance>335415</balance><units>NS</units><curCd>USD</curCd><valUSD>10387803</valUSD><pctVal>1.9527</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>Marriott International Inc/MD</name><lei>225YDZ14ZO8E1TXUSU86</lei><title>Marriott International Inc/MD</title><cusip>571903202</cusip><identifiers><isin value="US5719032022"/><ticker value="MAR"/><other otherDesc="2210614" value="Sedol"/></identifiers><balance>43577</balance><units>NS</units><curCd>USD</curCd><valUSD>6598865</valUSD><pctVal>1.2404</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>Ayala Land Inc</name><lei>254900EWT10TQ6DKTV34</lei><title>Ayala Land Inc</title><cusip>Y0488F100</cusip><identifiers><isin value="PHY0488F1004"/><ticker value="ALI"/><other otherDesc="6055112" value="Sedol"/></identifiers><balance>2196500</balance><units>NS</units><currencyConditional curCd="PHP" exchangeRt="50.635"/><valUSD>1973748</valUSD><pctVal>0.371</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>PH</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Mirvac Group</name><lei>N/A</lei><title>Mirvac Group</title><cusip>Q62377108</cusip><identifiers><isin value="AU000000MGR9"/><ticker value="MGR"/><other otherDesc="6161978" value="Sedol"/></identifiers><balance>3358027</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.42531"/><valUSD>7492072</valUSD><pctVal>1.4083</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>AU</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>China Resources Land Ltd</name><lei>5299001HL0TU7X15HK51</lei><title>China Resources Land Ltd</title><cusip>G2108Y105</cusip><identifiers><isin value="KYG2108Y1052"/><ticker value="1109"/><other otherDesc="6193766" value="Sedol"/></identifiers><balance>4232000</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.7918"/><valUSD>21073642</valUSD><pctVal>3.9613</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>KY</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Kerry Properties Ltd</name><lei>5299006T5ULIIRZ7LK49</lei><title>Kerry Properties Ltd</title><cusip>G52440107</cusip><identifiers><isin value="BMG524401079"/><ticker value="683"/><other otherDesc="6486314" value="Sedol"/></identifiers><balance>1923000</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.7918"/><valUSD>6108248</valUSD><pctVal>1.1482</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>HK</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Mitsui Fudosan Co Ltd</name><lei>353800ND4ZKNZDYKMF33</lei><title>Mitsui Fudosan Co Ltd</title><cusip>J4509L101</cusip><identifiers><isin value="JP3893200000"/><ticker value="8801"/><other otherDesc="6597603" value="Sedol"/></identifiers><balance>806600</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="108.64"/><valUSD>19838321</valUSD><pctVal>3.7291</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Sun Hung Kai Properties Ltd</name><lei>529900LUMD393RD3S874</lei><title>Sun Hung Kai Properties Ltd</title><cusip>Y82594121</cusip><identifiers><isin value="HK0016000132"/><ticker value="16"/><other otherDesc="6859927" value="Sedol"/></identifiers><balance>1439750</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.7918"/><valUSD>22043966</valUSD><pctVal>4.1437</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>HK</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Prologis Inc</name><lei>529900DFH19P073LZ636</lei><title>Prologis Inc</title><cusip>74340W103</cusip><identifiers><isin value="US74340W1036"/><ticker value="PLD"/><other otherDesc="B44WZD7" value="Sedol"/></identifiers><balance>254435</balance><units>NS</units><curCd>USD</curCd><valUSD>22614854</valUSD><pctVal>4.2511</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>Retail Opportunity Investments</name><lei>N/A</lei><title>Retail Opportunity Investments Corp</title><cusip>76131N101</cusip><identifiers><isin value="US76131N1019"/><ticker value="ROIC"/><other otherDesc="B28YD08" value="Sedol"/></identifiers><balance>298505</balance><units>NS</units><curCd>USD</curCd><valUSD>5271598</valUSD><pctVal>0.9909</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>Rexford Industrial Realty Inc</name><lei>549300MSLO0DF0EMX355</lei><title>Rexford Industrial Realty Inc</title><cusip>76169C100</cusip><identifiers><isin value="US76169C1009"/><ticker value="REXR"/><other otherDesc="BC9ZHL9" value="Sedol"/></identifiers><balance>298754</balance><units>NS</units><curCd>USD</curCd><valUSD>13644095</valUSD><pctVal>2.5648</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>Gecina SA</name><lei>9695003E4MMA10IBTR26</lei><title>Gecina SA</title><cusip>F4268U171</cusip><identifiers><isin value="FR0010040865"/><ticker value="GFC"/><other otherDesc="7742468" value="Sedol"/></identifiers><balance>49737</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.89158"/><valUSD>8903324</valUSD><pctVal>1.6736</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>FR</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>SBA Communications Corp</name><lei>5299001HX8ZN8Y8QIT49</lei><title>SBA Communications Corp</title><cusip>78410G104</cusip><identifiers><isin value="US78410G1040"/><ticker value="SBAC"/><other otherDesc="BZ6TS23" value="Sedol"/></identifiers><balance>32225</balance><units>NS</units><curCd>USD</curCd><valUSD>7765903</valUSD><pctVal>1.4598</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>SL Green Realty Corp</name><lei>549300VQZPJU97H3GT17</lei><title>SL Green Realty Corp</title><cusip>78440X101</cusip><identifiers><isin value="US78440X1019"/><ticker value="SLG"/><other otherDesc="2096847" value="Sedol"/></identifiers><balance>79769</balance><units>NS</units><curCd>USD</curCd><valUSD>7329176</valUSD><pctVal>1.3777</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>SITE Centers Corp</name><lei>W2AVA6SODOQ1LCYJQR54</lei><title>SITE Centers Corp</title><cusip>82981J109</cusip><identifiers><isin value="US82981J1097"/><ticker value="SITC"/><other otherDesc="BGL0KF5" value="Sedol"/></identifiers><balance>584287</balance><units>NS</units><curCd>USD</curCd><valUSD>8191704</valUSD><pctVal>1.5398</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>Spirit Realty Capital Inc</name><lei>549300LTU6LVPZSHMJ25</lei><title>Spirit Realty Capital Inc</title><cusip>84860W300</cusip><identifiers><isin value="US84860W3007"/><ticker value="SRC"/><other otherDesc="BHHZBZ8" value="Sedol"/></identifiers><balance>182300</balance><units>NS</units><curCd>USD</curCd><valUSD>8965514</valUSD><pctVal>1.6853</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>Sun Communities Inc</name><lei>549300H5GEOJYN41ZG57</lei><title>Sun Communities Inc</title><cusip>866674104</cusip><identifiers><isin value="US8666741041"/><ticker value="SUI"/><other otherDesc="2860257" value="Sedol"/></identifiers><balance>91990</balance><units>NS</units><curCd>USD</curCd><valUSD>13807699</valUSD><pctVal>2.5955</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>UDR Inc</name><lei>P3CH2EG5X6Z1XWU1OO74</lei><title>UDR Inc</title><cusip>902653104</cusip><identifiers><isin value="US9026531049"/><ticker value="UDR"/><other otherDesc="2727910" value="Sedol"/></identifiers><balance>229369</balance><units>NS</units><curCd>USD</curCd><valUSD>10711532</valUSD><pctVal>2.0135</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"/><ticker value="VICI"/><other otherDesc="BYWH073" value="Sedol"/></identifiers><balance>684938</balance><units>NS</units><curCd>USD</curCd><valUSD>17500166</valUSD><pctVal>3.2896</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>Invincible Investment Corp</name><lei>353800JY6M2692VAV685</lei><title>Invincible Investment Corp</title><cusip>J2442V103</cusip><identifiers><isin value="JP3046190009"/><ticker value="8963"/><other otherDesc="B00STP1" value="Sedol"/></identifiers><balance>7458</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="108.64"/><valUSD>4249358</valUSD><pctVal>0.7988</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Goodman Group</name><lei>N/A</lei><title>Goodman Group</title><cusip>Q4229W132</cusip><identifiers><isin value="AU000000GMG2"/><ticker value="GMG"/><other otherDesc="B03FYZ4" value="Sedol"/></identifiers><balance>1292628</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.42531"/><valUSD>12125388</valUSD><pctVal>2.2793</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>AU</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Mapletree Logistics Trust</name><lei>549300M9EBZIYH387075</lei><title>Mapletree Logistics Trust</title><cusip>Y5759Q107</cusip><identifiers><isin value="SG1S03926213"/><ticker value="MLT"/><other otherDesc="B0D6P43" value="Sedol"/></identifiers><balance>3396100</balance><units>NS</units><currencyConditional curCd="SGD" exchangeRt="1.3446"/><valUSD>4394775</valUSD><pctVal>0.8261</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>SG</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Helical PLC</name><lei>2138003SBD2Z7WV2MP70</lei><title>Helical PLC</title><cusip>G43904195</cusip><identifiers><isin value="GB00B0FYMT95"/><ticker value="HLCL"/><other otherDesc="B0FYMT9" value="Sedol"/></identifiers><balance>970000</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.75506"/><valUSD>6089317</valUSD><pctVal>1.1446</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Fastighets AB Balder</name><lei>549300GHKJCEZOAEUU82</lei><title>Fastighets AB Balder</title><cusip>W30316116</cusip><identifiers><isin value="SE0000455057"/><ticker value="BALDB"/><other otherDesc="B0LC9F2" value="Sedol"/></identifiers><balance>137674</balance><units>NS</units><currencyConditional curCd="SEK" exchangeRt="9.3634"/><valUSD>6369521</valUSD><pctVal>1.1973</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>SE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Link REIT</name><lei>529900XUE70U36QX5M62</lei><title>Link REIT</title><cusip>Y5281M111</cusip><identifiers><isin value="HK0823032773"/><ticker value="823"/><other otherDesc="B0PB4M7" value="Sedol"/></identifiers><balance>950000</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.7918"/><valUSD>10058651</valUSD><pctVal>1.8908</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>HK</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Deutsche Wohnen SE</name><lei>529900QE24Q67I3FWZ10</lei><title>Deutsche Wohnen SE</title><cusip>D2046U176</cusip><identifiers><isin value="DE000A0HN5C6"/><ticker value="DWNI"/><other otherDesc="B0YZ0Z5" value="Sedol"/></identifiers><balance>225000</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.89158"/><valUSD>9190987</valUSD><pctVal>1.7277</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>DE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>R&amp;F PROPERTIES</name><lei>529900ICJ8CK8LFWH863</lei><title>Guangzhou R&amp;F Properties Co Ltd</title><cusip>Y2933F115</cusip><identifiers><isin value="CNE100000569"/><ticker value="2777"/><other otherDesc="B19H8Y8" value="Sedol"/></identifiers><balance>2882400</balance><units>NS</units><currencyConditional curCd="HKD" 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exchangeRt="108.64"/><valUSD>3489705</valUSD><pctVal>0.656</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>VGP NV</name><lei>315700NENYPIXFR94T49</lei><title>VGP NV</title><cusip>B9738D109</cusip><identifiers><isin value="BE0003878957"/><ticker value="VGP"/><other otherDesc="B29L881" value="Sedol"/></identifiers><balance>68462</balance><units>NS</units><currencyConditional curCd="EUR" 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exchangeRt="1.3446"/><valUSD>3042808</valUSD><pctVal>0.572</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>SG</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Prestige Estates Projects Ltd</name><lei>335800HHEBP52VZLTU94</lei><title>Prestige Estates Projects Ltd</title><cusip>Y707AN101</cusip><identifiers><isin value="INE811K01011"/><ticker value="PEPL"/><other otherDesc="B4T3LF9" value="Sedol"/></identifiers><balance>669622</balance><units>NS</units><currencyConditional curCd="INR" 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exchangeRt="0.89158"/><valUSD>5233975</valUSD><pctVal>0.9839</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>DE</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Merlin Properties Socimi SA</name><lei>959800L8KD863DP30X04</lei><title>Merlin Properties Socimi SA</title><cusip>E7390Z100</cusip><identifiers><isin value="ES0105025003"/><ticker value="MRL"/><other otherDesc="BNGNB77" value="Sedol"/></identifiers><balance>490000</balance><units>NS</units><currencyConditional curCd="EUR" 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exchangeRt="0.89158"/><valUSD>2406258</valUSD><pctVal>0.4523</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>LU</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Nomura Real Estate Master Fund</name><lei>353800TNNZOQ1CPZE086</lei><title>Nomura Real Estate Master Fund Inc</title><cusip>J589D3119</cusip><identifiers><isin value="JP3048110005"/><ticker value="3462"/><other otherDesc="BYSJJF4" value="Sedol"/></identifiers><balance>1914</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="108.64"/><valUSD>3269867</valUSD><pctVal>0.6147</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Star Asia Investment Corp</name><lei>N/A</lei><title>Star Asia Investment Corp</title><cusip>J76639103</cusip><identifiers><isin value="JP3048200004"/><ticker value="3468"/><other otherDesc="BYYJ8J5" value="Sedol"/></identifiers><balance>4525</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="108.64"/><valUSD>4869040</valUSD><pctVal>0.9153</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Fidelity Investments Money Market Treasury Portfolio</name><lei>N/A</lei><title>Fidelity Investments Money Market Treasury Portfolio</title><cusip>G0171W105</cusip><identifiers><isin value="BMG0171W1055"/><ticker value="1060"/><other otherDesc="BPYM749" value="Sedol"/></identifiers><balance>11098827</balance><units>NS</units><curCd>USD</curCd><valUSD>11098827</valUSD><pctVal>2.0863</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>RF</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec></invstOrSecs><explntrNotes><explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/></explntrNotes><signature><ncom:dateSigned>2020-02-14</ncom:dateSigned><ncom:nameOfApplicant>JESPER NERGAARD</ncom:nameOfApplicant><ncom:signature>JESPER NERGAARD</ncom:signature><ncom:signerName>JESPER NERGAARD</ncom:signerName><ncom:title>VP, CFO, TREASURER, AND PRINCIPAL ACCOUNTING OFFICER</ncom:title></signature></nport:formData><nport:documents>XXXX</nport:documents></nport:edgarSubmission>
