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exchangeRt="7.7498"/><valUSD>8165467</valUSD><pctVal>1.253</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>HK</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</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 AU"/><other otherDesc="6161978" value="Sedol"/></identifiers><balance>5518517</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.39645"/><valUSD>8641162</valUSD><pctVal>1.326</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>AU</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</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 HK"/><other otherDesc="6193766" value="Sedol"/></identifiers><balance>3670000</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.7498"/><valUSD>16691017</valUSD><pctVal>2.56</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>HK</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>NVR Inc</name><lei>529900RWXR4JI3JYTV70</lei><title>NVR Inc</title><cusip>62944T105</cusip><identifiers><isin value="US62944T1051"/><ticker value="NVR US"/><other otherDesc="2637785" 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exchangeRt="105.45"/><valUSD>14512800</valUSD><pctVal>2.226</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><loanByFundCondition isLoanByFund="Y" loanVal="86408.36063"/></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 HK"/><other otherDesc="6859927" value="Sedol"/></identifiers><balance>1142750</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.7498"/><valUSD>14650427</valUSD><pctVal>2.247</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>HK</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Pebblebrook Hotel Trust</name><lei>5493004Q1NNH6JXCSI52</lei><title>Pebblebrook Hotel Trust</title><cusip>70509V100</cusip><identifiers><isin value="US70509V1008"/><ticker value="PEB US"/><other otherDesc="B4XBDV9" value="Sedol"/></identifiers><balance>857095</balance><units>NS</units><curCd>USD</curCd><valUSD>10739400</valUSD><pctVal>1.647</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</title><cusip>74340W103</cusip><identifiers><isin value="US74340W1036"/><ticker value="PLD US"/><other otherDesc="B44WZD7" value="Sedol"/></identifiers><balance>381682</balance><units>NS</units><curCd>USD</curCd><valUSD>38339361</valUSD><pctVal>5.881</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 US"/><other otherDesc="BC9ZHL9" value="Sedol"/></identifiers><balance>350724</balance><units>NS</units><curCd>USD</curCd><valUSD>16049130</valUSD><pctVal>2.462</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 FP"/><other otherDesc="7742468" value="Sedol"/></identifiers><balance>63792</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.85302"/><valUSD>8438651</valUSD><pctVal>1.294</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>FR</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</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 US"/><other otherDesc="BZ6TS23" value="Sedol"/></identifiers><balance>35736</balance><units>NS</units><curCd>USD</curCd><valUSD>11381201</valUSD><pctVal>1.746</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 US"/><other otherDesc="2096847" value="Sedol"/></identifiers><balance>190269</balance><units>NS</units><curCd>USD</curCd><valUSD>8822773</valUSD><pctVal>1.353</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>Sabra Health Care REIT Inc</name><lei>549300E3BC7GU7TAZ621</lei><title>Sabra Health Care REIT Inc</title><cusip>78573L106</cusip><identifiers><isin value="US78573L1061"/><ticker value="SBRA"/><other otherDesc="B5NLBP6" value="Sedol"/></identifiers><balance>648353</balance><units>NS</units><curCd>USD</curCd><valUSD>8937546</valUSD><pctVal>1.371</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 US"/><other otherDesc="BHHZBZ8" value="Sedol"/></identifiers><balance>310538</balance><units>NS</units><curCd>USD</curCd><valUSD>10480657</valUSD><pctVal>1.608</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 US"/><other otherDesc="2860257" 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value="Sedol"/></identifiers><balance>404226</balance><units>NS</units><curCd>USD</curCd><valUSD>13181810</valUSD><pctVal>2.022</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 US"/><other otherDesc="BYWH073" value="Sedol"/></identifiers><balance>937661</balance><units>NS</units><curCd>USD</curCd><valUSD>21913138</valUSD><pctVal>3.361</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>Goodman Group</name><lei>N/A</lei><title>Goodman Group</title><cusip>Q4229W132</cusip><identifiers><isin value="AU000000GMG2"/><ticker value="GMG AU"/><other otherDesc="B03FYZ4" value="Sedol"/></identifiers><balance>1130856</balance><units>NS</units><currencyConditional curCd="AUD" 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exchangeRt="8.9521"/><valUSD>10882558</valUSD><pctVal>1.669</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>SE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</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 GR"/><other otherDesc="B0YZ0Z5" value="Sedol"/></identifiers><balance>396350</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.85302"/><valUSD>19829591</valUSD><pctVal>3.042</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>DE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Shimao Group Holdings Ltd</name><lei>254900WTJ6B5CU69ZD26</lei><title>Shimao Property Holdings Ltd</title><cusip>G81043104</cusip><identifiers><isin value="KYG810431042"/><ticker value="813 HK"/><other otherDesc="B16YNS1" value="Sedol"/></identifiers><balance>3493500</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.7498"/><valUSD>14518232</valUSD><pctVal>2.227</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>HK</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>MCUBS MidCity Investment Corp</name><lei>353800WZPKHG2SQS1P32</lei><title>MCUBS MidCity Investment Corp</title><cusip>J4304Y100</cusip><identifiers><isin value="JP3046450007"/><ticker value="3227 JP"/><other otherDesc="B19PR78" value="Sedol"/></identifiers><balance>5153</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="105.45"/><valUSD>3981515</valUSD><pctVal>0.611</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Safestore Holdings PLC</name><lei>213800WGA3YSJC1YOH73</lei><title>Safestore Holdings PLC</title><cusip>G77733106</cusip><identifiers><isin value="GB00B1N7Z094"/><ticker value="SAFE LN"/><other otherDesc="B1N7Z09" value="Sedol"/></identifiers><balance>401076</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.77513"/><valUSD>4026022</valUSD><pctVal>0.618</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Ascendas India Trust</name><lei>N/A</lei><title>Ascendas India Trust</title><cusip>Y0259C104</cusip><identifiers><isin value="SG1V35936920"/><ticker value="AIT SP"/><other otherDesc="B23DMQ9" value="Sedol"/></identifiers><balance>6039300</balance><units>NS</units><currencyConditional curCd="SGD" exchangeRt="1.3647"/><valUSD>6077226</valUSD><pctVal>0.932</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>SG</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Industrial &amp; Infrastructure Fu</name><lei>353800WCHFY04YKYCI19</lei><title>Industrial &amp; Infrastructure Fund Investment Corp</title><cusip>J24393118</cusip><identifiers><isin value="JP3046500009"/><ticker value="3249 JP"/><other otherDesc="B24HH65" value="Sedol"/></identifiers><balance>3679</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="105.45"/><valUSD>6305104</valUSD><pctVal>0.967</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</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 BB"/><other otherDesc="B29L881" value="Sedol"/></identifiers><balance>80372</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.85302"/><valUSD>11116155</valUSD><pctVal>1.705</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>BE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Mapletree Industrial Trust</name><lei>549300R7WZFHXNKDJF41</lei><title>Mapletree Industrial Trust</title><cusip>Y5759S103</cusip><identifiers><isin value="SG2C32962814"/><ticker value="MINT SP"/><other otherDesc="B4LR5Q8" value="Sedol"/></identifiers><balance>3274400</balance><units>NS</units><currencyConditional curCd="SGD" exchangeRt="1.3647"/><valUSD>7734702</valUSD><pctVal>1.187</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>SG</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</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 IN"/><other otherDesc="B4T3LF9" value="Sedol"/></identifiers><balance>1420634</balance><units>NS</units><currencyConditional curCd="INR" exchangeRt="73.775"/><valUSD>4889944</valUSD><pctVal>0.75</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>IN</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>NEXTDC Ltd</name><lei>529900RTERU3X7G3D672</lei><title>NEXTDC Ltd</title><cusip>Q6750Y106</cusip><identifiers><isin value="AU000000NXT8"/><ticker value="NXT AU"/><other otherDesc="B5LMKP4" value="Sedol"/></identifiers><balance>936829</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.39645"/><valUSD>8338683</valUSD><pctVal>1.279</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>AU</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Segro PLC</name><lei>213800XC35KGM9NFC641</lei><title>Segro PLC</title><cusip>G80277141</cusip><identifiers><isin value="GB00B5ZN1N88"/><ticker value="SGRO LN"/><other otherDesc="B5ZN1N8" value="Sedol"/></identifiers><balance>1039579</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.77513"/><valUSD>12494515</valUSD><pctVal>1.917</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>GLP J-Reit</name><lei>353800E27V9KA51K2I90</lei><title>GLP</title><cusip>J17305103</cusip><identifiers><isin value="JP3047510007"/><ticker value="3281 JP"/><other otherDesc="B8RBZV7" value="Sedol"/></identifiers><balance>6395</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="105.45"/><valUSD>9873535</valUSD><pctVal>1.515</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Nippon Prologis REIT Inc</name><lei>353800PHBMSDLAFURY41</lei><title>Nippon Prologis Inc</title><cusip>J5528H104</cusip><identifiers><isin value="JP3047550003"/><ticker value="3283 JP"/><other otherDesc="B98BC67" value="Sedol"/></identifiers><balance>1922</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="105.45"/><valUSD>6490705</valUSD><pctVal>0.996</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>LEG Immobilien AG</name><lei>391200SO40AKONBO0Z96</lei><title>LEG Immobilien AG</title><cusip>D4960A103</cusip><identifiers><isin value="DE000LEG1110"/><ticker value="LEG GR"/><other otherDesc="B9G6L89" value="Sedol"/></identifiers><balance>63563</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.85302"/><valUSD>9072636</valUSD><pctVal>1.392</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>DE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Granite Real Estate Investment</name><lei>549300U7HUKRB4S4KZ73</lei><title>Granite</title><cusip>387437114</cusip><identifiers><isin value="CA3874371147"/><ticker value="GRT-U CN"/><other otherDesc="B9GS088" value="Sedol"/></identifiers><balance>161661</balance><units>NS</units><currencyConditional curCd="CAD" exchangeRt="1.3314"/><valUSD>9383478</valUSD><pctVal>1.439</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>CA</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>LaSalle Logiport REIT</name><lei>353800II3DI1RPKBB314</lei><title>LaSalle Logiport</title><cusip>J38684106</cusip><identifiers><isin value="JP3048180008"/><ticker value="3466 JP"/><other otherDesc="BDD1L29" value="Sedol"/></identifiers><balance>3143</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="105.45"/><valUSD>5249277</valUSD><pctVal>0.805</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Aroundtown SA</name><lei>529900H4DWG3KWMBMQ39</lei><title>Aroundtown SA</title><cusip>L0269F109</cusip><identifiers><isin value="LU1673108939"/><ticker value="AT1 GR"/><other otherDesc="BF0CK44" value="Sedol"/></identifiers><balance>949800</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.85302"/><valUSD>4773582</valUSD><pctVal>0.732</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>LU</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>A-Living Services Co Ltd</name><lei>3003007MSHCO6ZTTSZ09</lei><title>A-Living Services Co Ltd</title><cusip>Y0038M100</cusip><identifiers><isin value="CNE100002RY5"/><ticker value="3319 HK"/><other otherDesc="BFWK4M2" value="Sedol"/></identifiers><balance>827500</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.7498"/><valUSD>4213788</valUSD><pctVal>0.646</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>CN</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Instone Real Estate Group AG</name><lei>391200DINUIRPDZQHX03</lei><title>Instone Real Estate Group AG</title><cusip>D3706C100</cusip><identifiers><isin value="DE000A2NBX80"/><ticker value="INS GR"/><other otherDesc="BFYXP82" value="Sedol"/></identifiers><balance>366000</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.85302"/><valUSD>8492320</valUSD><pctVal>1.303</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>DE</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Times China Holdings Ltd</name><lei>2549000KTINB9ZPZP710</lei><title>Times China Holdings Ltd</title><cusip>G8904A100</cusip><identifiers><isin value="KYG8904A1004"/><ticker value="1233 HK"/><other otherDesc="BH3FTS1" value="Sedol"/></identifiers><balance>3077000</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.7498"/><valUSD>4280361</valUSD><pctVal>0.657</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>CN</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Invesco Office J-Reit Inc</name><lei>353800L26AROSFHOI265</lei><title>Invesco Office Inc</title><cusip>J2502Y104</cusip><identifiers><isin value="JP3047760008"/><ticker value="3298 JP"/><other otherDesc="BMBL9L9" value="Sedol"/></identifiers><balance>33998</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="105.45"/><valUSD>4726094</valUSD><pctVal>0.725</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Entra ASA</name><lei>549300APU14LQKTYCH34</lei><title>Entra ASA</title><cusip>R2R8A2105</cusip><identifiers><isin value="NO0010716418"/><ticker value="ENTRA NO"/><other otherDesc="BRJ2VC4" value="Sedol"/></identifiers><balance>265100</balance><units>NS</units><currencyConditional curCd="NOK" exchangeRt="9.3222"/><valUSD>3737055</valUSD><pctVal>0.573</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>NO</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Cellnex Telecom SA</name><lei>5493008T4YG3AQUI7P67</lei><title>Cellnex Telecom SA</title><cusip>E2R41M104</cusip><identifiers><isin value="ES0105066007"/><ticker value="CLNX SM"/><other otherDesc="BX90C05" value="Sedol"/></identifiers><balance>65264</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.85302"/><valUSD>3965981</valUSD><pctVal>0.608</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>ES</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</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 JP"/><other otherDesc="BYSJJF4" value="Sedol"/></identifiers><balance>7466</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="105.45"/><valUSD>9387915</valUSD><pctVal>1.44</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JP</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>GDS Holdings Ltd</name><lei>391200MGV8DDCHTN2R77</lei><title>GDS Holdings Ltd (ADR)</title><cusip>36165L108</cusip><identifiers><isin value="US36165L1089"/><ticker value="GDS"/><other otherDesc="BD6FLL7" value="Sedol"/></identifiers><balance>114719</balance><units>NS</units><curCd>USD</curCd><valUSD>9387456</valUSD><pctVal>1.44</pctVal><payoffProfile>Long</payoffProfile><assetConditional assetCat="OTHER" desc="GDR"/><issuerCat>CORP</issuerCat><invCountry>CN</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><loanByFundCondition isLoanByFund="Y" loanVal="6896886.24"/></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>2020-11-14</ncom:dateSigned><ncom:nameOfApplicant>JANUS INVESTMENT FUND</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:edgarSubmission>
