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        <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>United Urban Investment Corp</name>
        <lei>353800GYZWBD7BDCN841</lei>
        <title>United Urban Investment Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3045540006"/>
          <ticker value="8960"/>
          <other otherDesc="SEDOL" value="6723839"/>
        </identifiers>
        <balance>940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>1104779.42000000</valUSD>
        <pctVal>2.237158643364</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>Dalata Hotel Group PLC</name>
        <lei>635400L2CWET7ONOBJ04</lei>
        <title>Dalata Hotel Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BJMZDW83"/>
          <ticker value="DHG"/>
          <other otherDesc="SEDOL" value="BJMZDW8"/>
        </identifiers>
        <balance>55860.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87834800"/>
        <valUSD>236579.58000000</valUSD>
        <pctVal>0.479069434729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Castellum AB</name>
        <lei>549300GU5OHTR1T5IY68</lei>
        <title>Castellum AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0000379190"/>
          <ticker value="CAST"/>
          <other otherDesc="SEDOL" value="B0XP0T0"/>
        </identifiers>
        <balance>61207.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.03620000"/>
        <valUSD>1645870.09000000</valUSD>
        <pctVal>3.332857610343</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>GLP J-Reit</name>
        <lei>353800E27V9KA51K2I90</lei>
        <title>GLP J-Reit</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3047510007"/>
          <ticker value="3281"/>
          <other otherDesc="SEDOL" value="B8RBZV7"/>
        </identifiers>
        <balance>718.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>1241076.26000000</valUSD>
        <pctVal>2.513157316175</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>Life Science Reit PLC</name>
        <lei>213800RG7JNX7K8F7525</lei>
        <title>Life Science Reit PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BP5X4Q29"/>
          <ticker value="LABS"/>
          <other otherDesc="SEDOL" value="BP5X4Q2"/>
        </identifiers>
        <balance>186176.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73879750"/>
        <valUSD>255148.67000000</valUSD>
        <pctVal>0.516671511163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CK Asset Holdings Ltd</name>
        <lei>5299006GJZSGP78B8S35</lei>
        <title>CK Asset Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG2177B1014"/>
          <ticker value="1113"/>
          <other otherDesc="SEDOL" value="BYZQ077"/>
        </identifiers>
        <balance>208000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>1312057.08000000</valUSD>
        <pctVal>2.656892212120</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>Mitsui Fudosan Logistics Park</name>
        <lei>353800DN63EIYS760S59</lei>
        <title>Mitsui Fudosan Logistics Park Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3048300002"/>
          <ticker value="3471"/>
          <other otherDesc="SEDOL" value="BYZWTW3"/>
        </identifiers>
        <balance>48.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>269147.18000000</valUSD>
        <pctVal>0.545018244523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vonovia SE</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>Vonovia SE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000A1ML7J1"/>
          <ticker value="VNA"/>
          <other otherDesc="SEDOL" value="BBJPFY1"/>
        </identifiers>
        <balance>94550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87834800"/>
        <valUSD>5209916.12000000</valUSD>
        <pctVal>10.54998732603</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>PSP Swiss Property AG</name>
        <lei>50670042Y437P8X44F56</lei>
        <title>PSP Swiss Property AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0018294154"/>
          <ticker value="PSPN"/>
          <other otherDesc="SEDOL" value="B012877"/>
        </identifiers>
        <balance>8784.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.91120000"/>
        <valUSD>1094619.59000000</valUSD>
        <pctVal>2.216585168616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</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>000000000</cusip>
        <identifiers>
          <isin value="NL00150006R6"/>
          <ticker value="CTPNV"/>
          <other otherDesc="SEDOL" value="BLF7T27"/>
        </identifiers>
        <balance>17550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87834800"/>
        <valUSD>373638.92000000</valUSD>
        <pctVal>0.756612156456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Instone Real Estate Group SE</name>
        <lei>391200DINUIRPDZQHX03</lei>
        <title>Instone Real Estate Group SE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000A2NBX80"/>
          <ticker value="INS"/>
          <other otherDesc="SEDOL" value="BFYXP82"/>
        </identifiers>
        <balance>15676.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87834800"/>
        <valUSD>295422.08000000</valUSD>
        <pctVal>0.598224448924</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>Nippon Prologis REIT Inc</name>
        <lei>353800PHBMSDLAFURY41</lei>
        <title>Nippon Prologis REIT Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3047550003"/>
          <ticker value="3283"/>
          <other otherDesc="SEDOL" value="B98BC67"/>
        </identifiers>
        <balance>111.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>392355.59000000</valUSD>
        <pctVal>0.794513079760</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>Goodman Group</name>
        <lei>N/A</lei>
        <title>Goodman Group</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000GMG2"/>
          <ticker value="GMG"/>
          <other otherDesc="SEDOL" value="B03FYZ4"/>
        </identifiers>
        <balance>86605.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.37447550"/>
        <valUSD>1669469.95000000</valUSD>
        <pctVal>3.380646906401</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>Warehouses De Pauw CVA</name>
        <lei>549300HWDYC5JXC85138</lei>
        <title>Warehouses De Pauw CVA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BE0974349814"/>
          <ticker value="WDP"/>
          <other otherDesc="SEDOL" value="BK8VQD9"/>
        </identifiers>
        <balance>14865.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87834800"/>
        <valUSD>713436.88000000</valUSD>
        <pctVal>1.444696971805</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>Scentre Group</name>
        <lei>N/A</lei>
        <title>Scentre Group</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000SCG8"/>
          <ticker value="SCG"/>
          <other otherDesc="SEDOL" value="BLZH0Z7"/>
        </identifiers>
        <balance>422833.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.37447550"/>
        <valUSD>972676.28000000</valUSD>
        <pctVal>1.969652138340</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>Hongkong Land Holdings Ltd</name>
        <lei>213800XCHYNRPAYGXW28</lei>
        <title>Hongkong Land Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG4587L1090"/>
          <ticker value="HKL"/>
          <other otherDesc="SEDOL" value="6434915"/>
        </identifiers>
        <balance>111800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>581316.96000000</valUSD>
        <pctVal>1.177156487580</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>Ascendas Real Estate Investmen</name>
        <lei>549300ILIBAEMQZK3L20</lei>
        <title>Ascendas Real Estate Investment Trust</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SG1M77906915"/>
          <ticker value="AREIT"/>
          <other otherDesc="SEDOL" value="6563875"/>
        </identifiers>
        <balance>354500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34760000"/>
        <valUSD>776704.34000000</valUSD>
        <pctVal>1.572812451167</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>Open House Group Co Ltd</name>
        <lei>529900WQOGPBIJEHW865</lei>
        <title>Open House Group Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3173540000"/>
          <ticker value="3288"/>
          <other otherDesc="SEDOL" value="BD3D170"/>
        </identifiers>
        <balance>9100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>475534.52000000</valUSD>
        <pctVal>0.962948931141</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>Link REIT</name>
        <lei>529900XUE70U36QX5M62</lei>
        <title>Link REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="HK0823032773"/>
          <ticker value="823"/>
          <other otherDesc="SEDOL" value="B0PB4M7"/>
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        <balance>172500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>1519599.22000000</valUSD>
        <pctVal>3.077161348165</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>Gecina SA</name>
        <lei>9695003E4MMA10IBTR26</lei>
        <title>Gecina SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0010040865"/>
          <ticker value="GFC"/>
          <other otherDesc="SEDOL" value="7742468"/>
        </identifiers>
        <balance>9808.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87834800"/>
        <valUSD>1372441.98000000</valUSD>
        <pctVal>2.779170558836</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>UNITE Group PLC/The</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>UNITE Group PLC/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0006928617"/>
          <ticker value="UTG"/>
          <other otherDesc="SEDOL" value="0692861"/>
        </identifiers>
        <balance>70511.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73879750"/>
        <valUSD>1060505.44000000</valUSD>
        <pctVal>2.147504622624</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>LondonMetric Property PLC</name>
        <lei>213800OCERWWPQDURL87</lei>
        <title>LondonMetric Property PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B4WFW713"/>
          <ticker value="LMP"/>
          <other otherDesc="SEDOL" value="B4WFW71"/>
        </identifiers>
        <balance>257162.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73879750"/>
        <valUSD>988306.36000000</valUSD>
        <pctVal>2.001302771883</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>Keppel DC REIT</name>
        <lei>N/A</lei>
        <title>Keppel DC REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SG1AF6000009"/>
          <ticker value="KDCREIT"/>
          <other otherDesc="SEDOL" value="BT9Q186"/>
        </identifiers>
        <balance>313000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34760000"/>
        <valUSD>573589.46000000</valUSD>
        <pctVal>1.161508437749</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>Derwent London PLC</name>
        <lei>213800BXKQ9KZNUR1M61</lei>
        <title>Derwent London PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0002652740"/>
          <ticker value="DLN"/>
          <other otherDesc="SEDOL" value="0265274"/>
        </identifiers>
        <balance>16744.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73879750"/>
        <valUSD>778951.40000000</valUSD>
        <pctVal>1.577362707634</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>Mitsui Fudosan Co Ltd</name>
        <lei>353800ND4ZKNZDYKMF33</lei>
        <title>Mitsui Fudosan Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3893200000"/>
          <ticker value="8801"/>
          <other otherDesc="SEDOL" value="6597603"/>
        </identifiers>
        <balance>74800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>1482593.68000000</valUSD>
        <pctVal>3.002225788935</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>CIFI Holdings Group Co Ltd</name>
        <lei>549300WGKSV867C0JF48</lei>
        <title>CIFI Holdings Group Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG2140A1076"/>
          <ticker value="884"/>
          <other otherDesc="SEDOL" value="B8Z00N3"/>
        </identifiers>
        <balance>678100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>407857.47000000</valUSD>
        <pctVal>0.825904110588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Big Yellow Group PLC</name>
        <lei>213800W7Q4V2ZI8LIW31</lei>
        <title>Big Yellow Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0002869419"/>
          <ticker value="BYG"/>
          <other otherDesc="SEDOL" value="0286941"/>
        </identifiers>
        <balance>40761.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73879750"/>
        <valUSD>941787.53000000</valUSD>
        <pctVal>1.907102969887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ascendas India Trust</name>
        <lei>N/A</lei>
        <title>Ascendas India Trust</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SG1V35936920"/>
          <ticker value="AIT"/>
          <other otherDesc="SEDOL" value="B23DMQ9"/>
        </identifiers>
        <balance>434200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34760000"/>
        <valUSD>457008.07000000</valUSD>
        <pctVal>0.925433199948</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>Hulic Reit Inc</name>
        <lei>N/A</lei>
        <title>Hulic Reit Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3047660000"/>
          <ticker value="3295"/>
          <other otherDesc="SEDOL" value="BJ04C42"/>
        </identifiers>
        <balance>451.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>678580.64000000</valUSD>
        <pctVal>1.374113706784</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>Segro PLC</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>Segro PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B5ZN1N88"/>
          <ticker value="SGRO"/>
          <other otherDesc="SEDOL" value="B5ZN1N8"/>
        </identifiers>
        <balance>101976.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73879750"/>
        <valUSD>1984630.97000000</valUSD>
        <pctVal>4.018842357168</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>Capitaland Investment Ltd/Sing</name>
        <lei>254900AT4UQDU7SNXX49</lei>
        <title>Capitaland Investment Ltd/Singapore</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SGXE62145532"/>
          <ticker value="CLI"/>
          <other otherDesc="SEDOL" value="BNHXFJ6"/>
        </identifiers>
        <balance>69825.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34760000"/>
        <valUSD>176547.20000000</valUSD>
        <pctVal>0.357504934733</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>Tritax EuroBox PLC</name>
        <lei>213800HK59N7H979QU33</lei>
        <title>Tritax EuroBox PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BG382L74"/>
          <ticker value="BOXE"/>
          <other otherDesc="SEDOL" value="BG43LH0"/>
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        <balance>430773.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87834800"/>
        <valUSD>678762.67000000</valUSD>
        <pctVal>1.374482314291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Keihanshin Building Co Ltd</name>
        <lei>N/A</lei>
        <title>Keihanshin Building Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3279000008"/>
          <ticker value="8818"/>
          <other otherDesc="SEDOL" value="6487209"/>
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        <balance>44200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>600443.09000000</valUSD>
        <pctVal>1.215886560089</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>Goldman Sachs Financial Square Government Fund</name>
        <lei>N/A</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <isin value="US38141W2733"/>
          <ticker value="FGTXX"/>
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        <balance>1258600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1258600.00000000</valUSD>
        <pctVal>2.548642577482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="321600.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Klepierre SA</name>
        <lei>969500PB4U31KEFHZ621</lei>
        <title>Klepierre SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000121964"/>
          <ticker value="LI"/>
          <other otherDesc="SEDOL" value="7582556"/>
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        <balance>38748.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87834800"/>
        <valUSD>916865.75000000</valUSD>
        <pctVal>1.856636809379</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>Kenedix Office Investment Corp</name>
        <lei>353800FFT483NCIHFY42</lei>
        <title>Kenedix Office Investment Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3046270009"/>
          <ticker value="8972"/>
          <other otherDesc="SEDOL" value="B0C5Q59"/>
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        <balance>106.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>655061.97000000</valUSD>
        <pctVal>1.326488819030</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>Chartwell Retirement Residence</name>
        <lei>549300M7UBEIZBWP4069</lei>
        <title>Chartwell Retirement Residences</title>
        <cusip>16141A103</cusip>
        <identifiers>
          <isin value="CA16141A1030"/>
          <ticker value="CSH-U"/>
          <other otherDesc="SEDOL" value="B8S8C94"/>
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        <balance>51505.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26495000"/>
        <valUSD>481275.23000000</valUSD>
        <pctVal>0.974573766618</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Comforia Residential REIT Inc</name>
        <lei>353800BJ2SV3UPG9JU05</lei>
        <title>Comforia Residential REIT Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3047540004"/>
          <ticker value="3282"/>
          <other otherDesc="SEDOL" value="B8N6QD5"/>
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        <balance>100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>296879.08000000</valUSD>
        <pctVal>0.601174847967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ingenia Communities Group</name>
        <lei>N/A</lei>
        <title>Ingenia Communities Group</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000INA9"/>
          <ticker value="INA"/>
          <other otherDesc="SEDOL" value="B84GSC7"/>
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        <balance>309900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.37447550"/>
        <valUSD>1401996.35000000</valUSD>
        <pctVal>2.839017631562</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Summit Industrial Income REIT</name>
        <lei>2549002JNRHTJ9H0MR86</lei>
        <title>Summit Industrial Income REIT</title>
        <cusip>866120116</cusip>
        <identifiers>
          <isin value="CA8661201167"/>
          <ticker value="SMU-U"/>
          <other otherDesc="SEDOL" value="B928VJ0"/>
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        <balance>40177.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26495000"/>
        <valUSD>746400.65000000</valUSD>
        <pctVal>1.511448018791</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Merlin Properties Socimi SA</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>Merlin Properties Socimi SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0105025003"/>
          <ticker value="MRL"/>
          <other otherDesc="SEDOL" value="BNGNB77"/>
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        <balance>42550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87834800"/>
        <valUSD>461006.21000000</valUSD>
        <pctVal>0.933529362219</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Cellnex Telecom SA</name>
        <lei>5493008T4YG3AQUI7P67</lei>
        <title>Cellnex Telecom SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0105066007"/>
          <ticker value="CLNX"/>
          <other otherDesc="SEDOL" value="BX90C05"/>
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        <balance>10775.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87834800"/>
        <valUSD>624170.58000000</valUSD>
        <pctVal>1.263934304624</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Granite Real Estate Investment</name>
        <lei>549300A6I7CLE0ZC0396</lei>
        <title>Granite Real Estate Investment Trust</title>
        <cusip>387437114</cusip>
        <identifiers>
          <isin value="CA3874371147"/>
          <ticker value="GRT-U"/>
          <other otherDesc="SEDOL" value="B9GS088"/>
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        <balance>8920.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26495000"/>
        <valUSD>743245.19000000</valUSD>
        <pctVal>1.505058268506</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>NEXTDC Ltd</name>
        <lei>529900RTERU3X7G3D672</lei>
        <title>NEXTDC Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000NXT8"/>
          <ticker value="NXT"/>
          <other otherDesc="SEDOL" value="B5LMKP4"/>
        </identifiers>
        <balance>79673.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.37447550"/>
        <valUSD>739814.70000000</valUSD>
        <pctVal>1.498111587372</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>Sumitomo Realty &amp; Development</name>
        <lei>N/A</lei>
        <title>Sumitomo Realty &amp; Development Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3409000001"/>
          <ticker value="8830"/>
          <other otherDesc="SEDOL" value="6858902"/>
        </identifiers>
        <balance>23800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>701643.80000000</valUSD>
        <pctVal>1.420816194904</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>Japan Metropolitan Fund Invest</name>
        <lei>353800QDHNIP60E1LQ93</lei>
        <title>Japan Metropolitan Fund Invest</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3039710003"/>
          <ticker value="8953"/>
          <other otherDesc="SEDOL" value="6513342"/>
        </identifiers>
        <balance>864.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>744332.87000000</valUSD>
        <pctVal>1.507260801129</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>Sankei Real Estate Inc</name>
        <lei>N/A</lei>
        <title>Sankei Real Estate Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3048880003"/>
          <ticker value="2972"/>
          <other otherDesc="SEDOL" value="BHXM4W1"/>
        </identifiers>
        <balance>487.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>506196.23000000</valUSD>
        <pctVal>1.025038347639</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>Sun Hung Kai Properties Ltd</name>
        <lei>529900LUMD393RD3S874</lei>
        <title>Sun Hung Kai Properties Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="HK0016000132"/>
          <ticker value="16"/>
          <other otherDesc="SEDOL" value="6859927"/>
        </identifiers>
        <balance>55475.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>673147.48000000</valUSD>
        <pctVal>1.363111654578</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>Lendlease Global Commercial RE</name>
        <lei>N/A</lei>
        <title>Lendlease Global Commercial REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SGXC61949712"/>
          <ticker value="LREIT"/>
          <other otherDesc="SEDOL" value="BKBPXB5"/>
        </identifiers>
        <balance>614000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34760000"/>
        <valUSD>407917.25000000</valUSD>
        <pctVal>0.826025164023</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>Mitsubishi Estate Co Ltd</name>
        <lei>353800KOFMRGOXSJ5Z65</lei>
        <title>Mitsubishi Estate Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3899600005"/>
          <ticker value="8802"/>
          <other otherDesc="SEDOL" value="6596729"/>
        </identifiers>
        <balance>104400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>1448288.35000000</valUSD>
        <pctVal>2.932758106850</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>000000000</cusip>
        <identifiers>
          <isin value="HK0000063609"/>
          <ticker value="1972"/>
          <other otherDesc="SEDOL" value="B67C2G0"/>
        </identifiers>
        <balance>236000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>591624.22000000</valUSD>
        <pctVal>1.198028505451</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>ESR Cayman Ltd</name>
        <lei>549300C81AR42BZUFZ09</lei>
        <title>ESR Cayman Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG319891092"/>
          <ticker value="1821"/>
          <other otherDesc="SEDOL" value="BHNCRK0"/>
        </identifiers>
        <balance>133600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>451916.74000000</valUSD>
        <pctVal>0.915123347402</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>Kenedix Retail REIT Corp</name>
        <lei>353800IOH9ONLGE3AQ55</lei>
        <title>Kenedix Retail REIT Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3047900000"/>
          <ticker value="3453"/>
          <other otherDesc="SEDOL" value="BTLX226"/>
        </identifiers>
        <balance>160.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>393702.77000000</valUSD>
        <pctVal>0.797241095260</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>
    </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>2022-02-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Goldman Sachs Trust</ncom:nameOfApplicant>
      <ncom:signature>Peter Fortner</ncom:signature>
      <ncom:signerName>Peter Fortner</ncom:signerName>
      <ncom:title>Vice President Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
