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exchangeRt="7.8494"/><valUSD>4766780</valUSD><pctVal>0.769</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>Ayala Land Inc</name><lei>254900EWT10TQ6DKTV34</lei><title>Ayala Land Inc</title><cusip>Y0488F100</cusip><identifiers><isin value="PHY0488F1004"/><ticker value="ALI PM"/><other otherDesc="6055112" value="Sedol"/></identifiers><balance>10516500</balance><units>NS</units><currencyConditional curCd="PHP" exchangeRt="58.62"/><valUSD>4009597</valUSD><pctVal>0.647</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>PH</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>3118000</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.8494"/><valUSD>12155978</valUSD><pctVal>1.962</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>City Developments Ltd</name><lei>254900BPLPJS0RJ72373</lei><title>City Developments Ltd</title><cusip>V23130111</cusip><identifiers><isin value="SG1R89002252"/><ticker value="CIT SP"/><other otherDesc="6197928" value="Sedol"/></identifiers><balance>936700</balance><units>NS</units><currencyConditional curCd="SGD" exchangeRt="1.4359"/><valUSD>4939447</valUSD><pctVal>0.797</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>National Retail Properties Inc</name><lei>5493008JKH5SOTI0JS97</lei><title>National Retail Properties Inc</title><cusip>637417106</cusip><identifiers><isin value="US6374171063"/><ticker value="NNN US"/><other otherDesc="2211811" value="Sedol"/></identifiers><balance>436960</balance><units>NS</units><curCd>USD</curCd><valUSD>17417226</valUSD><pctVal>2.811</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>CapitaLand Integrated Commerci</name><lei>54930031292WUTXF0L29</lei><title>CapitaLand Mall Trust</title><cusip>Y1100L160</cusip><identifiers><isin value="SG1M51904654"/><ticker value="CICT SP"/><other otherDesc="6420129" value="Sedol"/></identifiers><balance>6493126</balance><units>NS</units><currencyConditional curCd="SGD" exchangeRt="1.4359"/><valUSD>8634764</valUSD><pctVal>1.394</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>Japan Metropolitan Fund Invest</name><lei>353800QDHNIP60E1LQ93</lei><title>Japan Retail Fund Investment Corp</title><cusip>J27544105</cusip><identifiers><isin value="JP3039710003"/><ticker value="8953 JP"/><other otherDesc="6513342" value="Sedol"/></identifiers><balance>8063</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="144.71"/><valUSD>6066204</valUSD><pctVal>0.979</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>Orix JREIT Inc</name><lei>N/A</lei><title>Orix JREIT Inc</title><cusip>J8996L102</cusip><identifiers><isin value="JP3040880001"/><ticker value="8954 JP"/><other otherDesc="6527774" value="Sedol"/></identifiers><balance>7533</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="144.71"/><valUSD>9607015</valUSD><pctVal>1.55</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>Mitsui Fudosan Co Ltd</name><lei>353800ND4ZKNZDYKMF33</lei><title>Mitsui Fudosan Co Ltd</title><cusip>J4509L101</cusip><identifiers><isin value="JP3893200000"/><ticker value="8801 JP"/><other otherDesc="6597603" value="Sedol"/></identifiers><balance>1033600</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="144.71"/><valUSD>19705368</valUSD><pctVal>3.18</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>Stockland</name><lei>549300Y8E5TMSOLM7P64</lei><title>Stockland</title><cusip>Q8773B105</cusip><identifiers><isin value="AU000000SGP0"/><ticker value="SGP AU"/><other otherDesc="6850856" value="Sedol"/></identifiers><balance>3529787</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.56372"/><valUSD>7348432</valUSD><pctVal>1.186</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>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>408951</balance><units>NS</units><curCd>USD</curCd><valUSD>41549422</valUSD><pctVal>6.705</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>449607</balance><units>NS</units><curCd>USD</curCd><valUSD>23379564</valUSD><pctVal>3.773</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>57000</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="1.02051"/><valUSD>4429717</valUSD><pctVal>0.715</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>27160</balance><units>NS</units><curCd>USD</curCd><valUSD>7731094</valUSD><pctVal>1.248</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 US"/><other otherDesc="BGL0KF5" value="Sedol"/></identifiers><balance>829500</balance><units>NS</units><curCd>USD</curCd><valUSD>8883945</valUSD><pctVal>1.434</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>511584</balance><units>NS</units><curCd>USD</curCd><valUSD>18498877</valUSD><pctVal>2.985</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>STAG Industrial Inc</name><lei>549300QWYX2W6FASVQ07</lei><title>STAG Industrial Inc</title><cusip>85254J102</cusip><identifiers><isin value="US85254J1025"/><ticker value="STAG US"/><other otherDesc="B64BRQ5" value="Sedol"/></identifiers><balance>585859</balance><units>NS</units><curCd>USD</curCd><valUSD>16655971</valUSD><pctVal>2.688</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" value="Sedol"/></identifiers><balance>156054</balance><units>NS</units><curCd>USD</curCd><valUSD>21118788</valUSD><pctVal>3.408</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>Janus Capital Group Inc</name><lei>8T2ZO87FU1KVPZIG9I59</lei><title>Janus Henderson Cash Liquidity Fund</title><cusip>N/A</cusip><identifiers><isin value="DU0000100962"/></identifiers><balance>8308613</balance><units>NS</units><curCd>USD</curCd><valUSD>8309444</valUSD><pctVal>1.341</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>PF</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Janus Henderson Cash Collateral Fund</name><lei>N/A</lei><title>Janus Henderson Cash Collateral Fund</title><cusip>N/A</cusip><identifiers><other otherDesc="896" value="Internal ID"/></identifiers><balance>55187</balance><units>NS</units><curCd>USD</curCd><valUSD>55187</valUSD><pctVal>0.009</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>PF</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><cashCollateralCondition cashCollateralVal="55187" isCashCollateral="Y"/><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 US"/><other otherDesc="2727910" value="Sedol"/></identifiers><balance>363083</balance><units>NS</units><curCd>USD</curCd><valUSD>15144192</valUSD><pctVal>2.444</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>917247</balance><units>NS</units><curCd>USD</curCd><valUSD>27379823</valUSD><pctVal>4.419</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>Welltower Inc</name><lei>T6IZ0MBEG5ACZDTR7D06</lei><title>Welltower Inc</title><cusip>95040Q104</cusip><identifiers><isin value="US95040Q1040"/><ticker value="WELL US"/><other otherDesc="BYVYHH4" value="Sedol"/></identifiers><balance>312427</balance><units>NS</units><curCd>USD</curCd><valUSD>20095305</valUSD><pctVal>3.243</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>660242</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.56372"/><valUSD>6595227</valUSD><pctVal>1.064</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>Mapletree Logistics Trust</name><lei>549300M9EBZIYH387075</lei><title>Mapletree Logistics Trust</title><cusip>Y5759Q107</cusip><identifiers><isin value="SG1S03926213"/><ticker value="MLT SP"/><other otherDesc="B0D6P43" value="Sedol"/></identifiers><balance>6302245</balance><units>NS</units><currencyConditional curCd="SGD" exchangeRt="1.4359"/><valUSD>6806564</valUSD><pctVal>1.098</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>Helical PLC</name><lei>2138003SBD2Z7WV2MP70</lei><title>Helical PLC</title><cusip>G43904195</cusip><identifiers><isin value="GB00B0FYMT95"/><ticker value="HLCL LN"/><other otherDesc="B0FYMT9" value="Sedol"/></identifiers><balance>957636</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.89582"/><valUSD>3820146</valUSD><pctVal>0.617</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>Link REIT</name><lei>529900XUE70U36QX5M62</lei><title>Link</title><cusip>Y5281M111</cusip><identifiers><isin value="HK0823032773"/><ticker value="823 HK"/><other otherDesc="B0PB4M7" value="Sedol"/></identifiers><balance>1727500</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.8494"/><valUSD>12057736</valUSD><pctVal>1.946</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>Japan Hotel REIT Investment Co</name><lei>353800L8KG849FP1JI68</lei><title>Japan Hotel Investment Corp</title><cusip>J2761Q107</cusip><identifiers><isin value="JP3046400002"/><ticker value="8985 JP"/><other otherDesc="B1530B1" value="Sedol"/></identifiers><balance>10534</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="144.71"/><valUSD>5246616</valUSD><pctVal>0.847</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>415371</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.89582"/><valUSD>3883427</valUSD><pctVal>0.627</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>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>2330</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="144.71"/><valUSD>2635789</valUSD><pctVal>0.425</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>37500</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="1.02051"/><valUSD>3542551</valUSD><pctVal>0.572</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>Tricon Residential Inc</name><lei>N/A</lei><title>Tricon Capital Group Inc</title><cusip>89612W102</cusip><identifiers><isin value="CA89612W1023"/><ticker value="TCN CN"/><other otherDesc="B4NP281" value="Sedol"/></identifiers><balance>1550878</balance><units>NS</units><currencyConditional curCd="CAD" exchangeRt="1.3812"/><valUSD>13418037</valUSD><pctVal>2.165</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>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>865000</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.89582"/><valUSD>7246404</valUSD><pctVal>1.169</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>Advance Residence Investment C</name><lei>N/A</lei><title>Advance Residence Investment Corp</title><cusip>J00184101</cusip><identifiers><isin value="JP3047160001"/><ticker value="3269 JP"/><other otherDesc="B62WZW2" value="Sedol"/></identifiers><balance>1434</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="144.71"/><valUSD>3504860</valUSD><pctVal>0.566</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>Swire Properties Ltd</name><lei>5299001L12PHYVQ92465</lei><title>Swire Properties Ltd</title><cusip>Y83191109</cusip><identifiers><isin value="HK0000063609"/><ticker value="1972 HK"/><other otherDesc="B67C2G0" value="Sedol"/></identifiers><balance>2774400</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.8494"/><valUSD>5962157</valUSD><pctVal>0.962</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>Workspace Group PLC</name><lei>2138003GUZRFIN3UT430</lei><title>Workspace Group PLC</title><cusip>G5595E136</cusip><identifiers><isin value="GB00B67G5X01"/><ticker value="WKP LN"/><other otherDesc="B67G5X0" value="Sedol"/></identifiers><balance>500000</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.89582"/><valUSD>2197604</valUSD><pctVal>0.355</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>Activia Properties Inc</name><lei>353800RPGYN3ML8CXV54</lei><title>Activia Properties Inc</title><cusip>J00089102</cusip><identifiers><isin value="JP3047490002"/><ticker value="3279 JP"/><other otherDesc="B8BSRY1" value="Sedol"/></identifiers><balance>1581</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="144.71"/><valUSD>4624687</valUSD><pctVal>0.746</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 SE</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>64000</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="1.02051"/><valUSD>3850297</valUSD><pctVal>0.621</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><loanByFundCondition isLoanByFund="Y" loanVal="65673.09369"/></securityLending></invstOrSec><invstOrSec><name>Vonovia SE</name><lei>5299005A2ZEP6AP7KM81</lei><title>Vonovia SE</title><cusip>D9581T100</cusip><identifiers><isin value="DE000A1ML7J1"/><ticker value="VNA GR"/><other otherDesc="BBJPFY1" value="Sedol"/></identifiers><balance>485000</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="1.02051"/><valUSD>10553818</valUSD><pctVal>1.703</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>Tokyu Fudosan Holdings Corp</name><lei>N/A</lei><title>Tokyu Fudosan Holdings Corp</title><cusip>J88764105</cusip><identifiers><isin value="JP3569200003"/><ticker value="3289 JP"/><other otherDesc="BDC6LT2" value="Sedol"/></identifiers><balance>704400</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="144.71"/><valUSD>3673899</valUSD><pctVal>0.593</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>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>2498</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="144.71"/><valUSD>2788598</valUSD><pctVal>0.45</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>Hulic Reit Inc</name><lei>N/A</lei><title>Hulic Inc</title><cusip>J2359T109</cusip><identifiers><isin value="JP3047660000"/><ticker value="3295 JP"/><other otherDesc="BJ04C42" value="Sedol"/></identifiers><balance>4745</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="144.71"/><valUSD>5429922</valUSD><pctVal>0.876</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>CTP NV</name><lei>3157000YTVO4TN65UM14</lei><title>CTP NV</title><cusip>N2368S105</cusip><identifiers><isin value="NL00150006R6"/><ticker value="CTPNV NA"/><other otherDesc="BLF7T27" value="Sedol"/></identifiers><balance>380000</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="1.02051"/><valUSD>3923631</valUSD><pctVal>0.633</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>NL</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>China Vanke Co Ltd</name><lei>529900E66UJ2DWY7KW55</lei><title>China Vanke Co Ltd</title><cusip>Y77421132</cusip><identifiers><isin value="CNE100001SR9"/><ticker value="2202 HK"/><other otherDesc="BN320P8" value="Sedol"/></identifiers><balance>2958500</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.8494"/><valUSD>5378657</valUSD><pctVal>0.868</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>Merlin Properties Socimi SA</name><lei>959800L8KD863DP30X04</lei><title>Merlin Properties Socimi SA</title><cusip>E7390Z100</cusip><identifiers><isin value="ES0105025003"/><ticker value="MRL SM"/><other otherDesc="BNGNB77" value="Sedol"/></identifiers><balance>745000</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="1.02051"/><valUSD>5721853</valUSD><pctVal>0.923</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>ES</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</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 - Class B</title><cusip>W2951M127</cusip><identifiers><isin value="SE0017832488"/><ticker value="BALDB SS"/><other otherDesc="BPMRNZ9" value="Sedol"/></identifiers><balance>1250000</balance><units>NS</units><currencyConditional curCd="SEK" exchangeRt="11.0919"/><valUSD>4942971</valUSD><pctVal>0.798</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>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>164000</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="1.02051"/><valUSD>5055581</valUSD><pctVal>0.816</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>Vicinity Centres</name><lei>549300S7GOEVR0EGFN47</lei><title>Vicinity Centres</title><cusip>Q9395F102</cusip><identifiers><isin value="AU000000VCX7"/><ticker value="VCX AU"/><other otherDesc="BY7QXS7" value="Sedol"/></identifiers><balance>3960643</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.56372"/><valUSD>4421365</valUSD><pctVal>0.714</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>Land Securities Group PLC</name><lei>213800V8IAVKS37D6B88</lei><title>Land Securities Group PLC</title><cusip>G5375M142</cusip><identifiers><isin value="GB00BYW0PQ60"/><ticker value="LAND LN"/><other otherDesc="BYW0PQ6" value="Sedol"/></identifiers><balance>740000</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.89582"/><valUSD>4255142</valUSD><pctVal>0.687</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>CK Asset Holdings Ltd</name><lei>5299006GJZSGP78B8S35</lei><title>CK Asset Holdings Ltd</title><cusip>G2177B101</cusip><identifiers><isin value="KYG2177B1014"/><ticker value="1113 HK"/><other otherDesc="BYZQ077" value="Sedol"/></identifiers><balance>1681500</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.8494"/><valUSD>10090253</valUSD><pctVal>1.628</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></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>2022-11-14</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></formData></edgarSubmission>
