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value="Sedol"/></identifiers><balance>398822</balance><units>NS</units><curCd>USD</curCd><valUSD>17607991</valUSD><pctVal>3.123</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>2799326</balance><units>NS</units><currencyConditional curCd="SGD" exchangeRt="1.3305"/><valUSD>4180815</valUSD><pctVal>0.742</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>9516</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="132.76"/><valUSD>6945049</valUSD><pctVal>1.232</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>5597</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="132.76"/><valUSD>7100673</valUSD><pctVal>1.259</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>CapitaLand Ascendas REIT</name><lei>549300ILIBAEMQZK3L20</lei><title>Ascendas</title><cusip>Y0205X103</cusip><identifiers><isin value="SG1M77906915"/><ticker value="CLAR SP"/><other otherDesc="6563875" value="Sedol"/></identifiers><balance>3236400</balance><units>NS</units><currencyConditional curCd="SGD" exchangeRt="1.3305"/><valUSD>6989252</valUSD><pctVal>1.24</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>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>985800</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="132.76"/><valUSD>18527823</valUSD><pctVal>3.286</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>United Urban Investment Corp</name><lei>353800GYZWBD7BDCN841</lei><title>United Urban Investment Corp</title><cusip>J9427E105</cusip><identifiers><isin value="JP3045540006"/><ticker value="8960 JP"/><other otherDesc="6723839" value="Sedol"/></identifiers><balance>4114</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="132.76"/><valUSD>4439110</valUSD><pctVal>0.787</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>3380657</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.49633"/><valUSD>9054721</valUSD><pctVal>1.606</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>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>524000</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.8497"/><valUSD>7370213</valUSD><pctVal>1.307</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>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>422193</balance><units>NS</units><curCd>USD</curCd><valUSD>52677021</valUSD><pctVal>9.343</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>241287</balance><units>NS</units><curCd>USD</curCd><valUSD>14392770</valUSD><pctVal>2.553</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>38000</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>3949404</valUSD><pctVal>0.701</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>40035</balance><units>NS</units><curCd>USD</curCd><valUSD>10451937</valUSD><pctVal>1.854</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>1202423</balance><units>NS</units><curCd>USD</curCd><valUSD>14765754</valUSD><pctVal>2.619</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>399309</balance><units>NS</units><curCd>USD</curCd><valUSD>15908471</valUSD><pctVal>2.822</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>427946</balance><units>NS</units><curCd>USD</curCd><valUSD>14473134</valUSD><pctVal>2.567</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>118359</balance><units>NS</units><curCd>USD</curCd><valUSD>16674416</valUSD><pctVal>2.958</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>4630334</balance><units>NS</units><curCd>USD</curCd><valUSD>4631260</valUSD><pctVal>0.821</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>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>854003</balance><units>NS</units><curCd>USD</curCd><valUSD>27857578</valUSD><pctVal>4.941</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>N/A</lei><title>Welltower Inc</title><cusip>95040Q104</cusip><identifiers><isin value="US95040Q1040"/><ticker value="WELL US"/><other otherDesc="BYVYHH4" value="Sedol"/></identifiers><balance>336393</balance><units>NS</units><curCd>USD</curCd><valUSD>24116014</valUSD><pctVal>4.277</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>636387</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.49633"/><valUSD>8091851</valUSD><pctVal>1.435</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>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>880450</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>3258448</valUSD><pctVal>0.578</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>1555800</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.8497"/><valUSD>9977714</valUSD><pctVal>1.77</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>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>450000</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>5275766</valUSD><pctVal>0.936</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>5406</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="132.76"/><valUSD>5886547</valUSD><pctVal>1.044</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>55804</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>4997354</valUSD><pctVal>0.886</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>984500EFFDE9C3A9G721</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>1637255</balance><units>NS</units><currencyConditional curCd="CAD" exchangeRt="1.3513"/><valUSD>12697722</valUSD><pctVal>2.252</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>844786</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>8039470</valUSD><pctVal>1.426</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>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>2212800</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.8497"/><valUSD>5715838</valUSD><pctVal>1.014</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>610000</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>3291556</valUSD><pctVal>0.584</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>Chartwell Retirement Residences</name><lei>549300M7UBEIZBWP4069</lei><title>Chartwell Retirement Residences</title><cusip>16141A103</cusip><identifiers><isin value="CA16141A1030"/><ticker value="CSH-U"/><other otherDesc="B8S8C94" value="Sedol"/></identifiers><balance>1142976</balance><units>NS</units><currencyConditional curCd="CAD" 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exchangeRt="0.92217"/><valUSD>5128497</valUSD><pctVal>0.91</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>631800</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="132.76"/><valUSD>3033570</valUSD><pctVal>0.538</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="132.76"/><valUSD>2901184</valUSD><pctVal>0.515</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>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>249081</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>3226394</valUSD><pctVal>0.572</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>2408300</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.8497"/><valUSD>3804421</valUSD><pctVal>0.675</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>690000</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>6047607</valUSD><pctVal>1.073</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>Capitaland Investment Ltd/Sing</name><lei>254900AT4UQDU7SNXX49</lei><title>Capitaland Investment Ltd/Singapore</title><cusip>Y1091P105</cusip><identifiers><isin value="SGXE62145532"/><ticker value="CLI SP"/><other otherDesc="BNHXFJ6" value="Sedol"/></identifiers><balance>2445900</balance><units>NS</units><currencyConditional curCd="SGD" exchangeRt="1.3305"/><valUSD>6800502</valUSD><pctVal>1.206</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>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>907962</balance><units>NS</units><currencyConditional curCd="SEK" exchangeRt="10.3752"/><valUSD>3738573</valUSD><pctVal>0.663</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>170322</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>6629300</valUSD><pctVal>1.176</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 Ltd</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>5510420</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.49633"/><valUSD>7215621</valUSD><pctVal>1.28</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>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>4869</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="132.76"/><valUSD>5460499</valUSD><pctVal>0.969</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>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>682528</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>5245143</valUSD><pctVal>0.93</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>1001000</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.8497"/><valUSD>6064547</valUSD><pctVal>1.076</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>2023-05-15</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>
