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        <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>Cominar Real Estate Investment Trust</name>
        <lei>549300UPHCRPB5SL8E15</lei>
        <title>Cominar Real Estate Investment Trust</title>
        <cusip>199910100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="2419927"/>
          <other otherDesc="Primary Identifier" value="2419927"/>
        </identifiers>
        <balance>14857.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>117180.98000000</valUSD>
        <pctVal>0.132231391671</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>ARA LOGOS Logistics Trust</name>
        <lei>549300GSQTCSPIT3YR14</lei>
        <title>ARA LOGOS Logistics Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B521L46"/>
          <other otherDesc="Primary Identifier" value="B521L46"/>
        </identifiers>
        <balance>364939.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.35780000"/>
        <valUSD>246887.49000000</valUSD>
        <pctVal>0.278597058915</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>Keihanshin Building Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Keihanshin Building Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6487209"/>
          <other otherDesc="Primary Identifier" value="6487209"/>
        </identifiers>
        <balance>8200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>103564.40000000</valUSD>
        <pctVal>0.116865934553</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>Digital Realty Trust Inc.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc.</title>
        <cusip>253868103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="253868103"/>
          <other otherDesc="Primary Identifier" value="253868103"/>
        </identifiers>
        <balance>12960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1872072.00000000</valUSD>
        <pctVal>2.112515920830</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>Ascendas India Trust</name>
        <lei>N/A</lei>
        <title>Ascendas India Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B23DMQ9"/>
          <other otherDesc="Primary Identifier" value="B23DMQ9"/>
        </identifiers>
        <balance>328100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.35780000"/>
        <valUSD>344141.57000000</valUSD>
        <pctVal>0.388342192845</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>Healthcare Trust of America Inc. Class A</name>
        <lei>549300L0I14L7I0VLX84</lei>
        <title>Healthcare Trust of America Inc. Class A</title>
        <cusip>42225P501</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="42225P501"/>
          <other otherDesc="Primary Identifier" value="42225P501"/>
        </identifiers>
        <balance>35197.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1043943.02000000</valUSD>
        <pctVal>1.178024269466</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 Commercial Trust</name>
        <lei>54930031292WUTXF0L29</lei>
        <title>CapitaLand Integrated Commercial Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6420129"/>
          <other otherDesc="Primary Identifier" value="6420129"/>
        </identifiers>
        <balance>973600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.35780000"/>
        <valUSD>1449747.62000000</valUSD>
        <pctVal>1.635949326968</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>Ventas Inc.</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>Ventas Inc.</title>
        <cusip>92276F100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92276F100"/>
          <other otherDesc="Primary Identifier" value="92276F100"/>
        </identifiers>
        <balance>30415.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1679212.15000000</valUSD>
        <pctVal>1.894885667499</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>CBS Outdoor Americas Inc.</name>
        <lei>549300RZWDYU5722I639</lei>
        <title>CBS Outdoor Americas Inc.</title>
        <cusip>69007J106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="69007J106"/>
          <other otherDesc="Primary Identifier" value="69007J106"/>
        </identifiers>
        <balance>58713.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1479567.60000000</valUSD>
        <pctVal>1.669599305445</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>VEREIT Inc.</name>
        <lei>5493002H54FNIBW75H44</lei>
        <title>VEREIT Inc.</title>
        <cusip>92339V308</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92339V308"/>
          <other otherDesc="Primary Identifier" value="92339V308"/>
        </identifiers>
        <balance>21580.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>976063.40000000</valUSD>
        <pctVal>1.101426372617</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>Kerry Properties Ltd.</name>
        <lei>5299006T5ULIIRZ7LK49</lei>
        <title>Kerry Properties Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6486314"/>
          <other otherDesc="Primary Identifier" value="6486314"/>
        </identifiers>
        <balance>243291.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78465000"/>
        <valUSD>639966.64000000</valUSD>
        <pctVal>0.722162243653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</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 Corp.</name>
        <lei>353800L8KG849FP1JI68</lei>
        <title>Japan Hotel REIT Investment Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1530B1"/>
          <other otherDesc="Primary Identifier" value="B1530B1"/>
        </identifiers>
        <balance>995.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>597319.14000000</valUSD>
        <pctVal>0.674037212813</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>Vantage Towers AG</name>
        <lei>213800BBQO965UPQ7J59</lei>
        <title>Vantage Towers AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BLH32J1"/>
          <other otherDesc="Primary Identifier" value="BLH32J1"/>
        </identifiers>
        <balance>14446.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86330000"/>
        <valUSD>490625.18000000</valUSD>
        <pctVal>0.553639765943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>H&amp;R Real Estate Investment Trust</name>
        <lei>549300TGNP6B6GUVGW10</lei>
        <title>H&amp;R Real Estate Investment Trust</title>
        <cusip>403925407</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BGM8DW6"/>
          <other otherDesc="Primary Identifier" value="BGM8DW6"/>
        </identifiers>
        <balance>18215.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>224775.34000000</valUSD>
        <pctVal>0.253644883508</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>Swire Properties Ltd.</name>
        <lei>5299001L12PHYVQ92465</lei>
        <title>Swire Properties Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B67C2G0"/>
          <other otherDesc="Primary Identifier" value="B67C2G0"/>
        </identifiers>
        <balance>290011.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78465000"/>
        <valUSD>727202.21000000</valUSD>
        <pctVal>0.820602116952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equity Lifestyle Properties Inc.</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>Equity Lifestyle Properties Inc.</title>
        <cusip>29472R108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29472R108"/>
          <other otherDesc="Primary Identifier" value="29472R108"/>
        </identifiers>
        <balance>23939.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1869635.90000000</valUSD>
        <pctVal>2.109766934661</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>Vonovia SE</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>Vonovia SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BBJPFY1"/>
          <other otherDesc="Primary Identifier" value="BBJPFY1"/>
        </identifiers>
        <balance>55641.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86330000"/>
        <valUSD>3345034.06000000</valUSD>
        <pctVal>3.774661288384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Capital REIT</name>
        <lei>N/A</lei>
        <title>First Capital REIT</title>
        <cusip>31890B103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BKSLS55"/>
          <other otherDesc="Primary Identifier" value="BKSLS55"/>
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        <balance>58751.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>811734.17000000</valUSD>
        <pctVal>0.915991135814</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>Link (The)</name>
        <lei>529900XUE70U36QX5M62</lei>
        <title>Link (The)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0PB4M7"/>
          <other otherDesc="Primary Identifier" value="B0PB4M7"/>
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        <balance>88438.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78465000"/>
        <valUSD>757325.50000000</valUSD>
        <pctVal>0.854594361755</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>MGM Growth Properties LLC Class A</name>
        <lei>549300E2UGIBHWE12262</lei>
        <title>MGM Growth Properties LLC Class A</title>
        <cusip>55303A105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="55303A105"/>
          <other otherDesc="Primary Identifier" value="55303A105"/>
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        <balance>38044.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1457085.20000000</valUSD>
        <pctVal>1.644229326118</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>Duke Realty Corp.</name>
        <lei>254900E47KH1NFFKNF25</lei>
        <title>Duke Realty Corp.</title>
        <cusip>264411505</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="264411505"/>
          <other otherDesc="Primary Identifier" value="264411505"/>
        </identifiers>
        <balance>24833.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1188755.71000000</valUSD>
        <pctVal>1.341436314069</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>Highwoods Properties Inc.</name>
        <lei>ZIIGTYKL9T0X3HLTDX53</lei>
        <title>Highwoods Properties Inc.</title>
        <cusip>431284108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="431284108"/>
          <other otherDesc="Primary Identifier" value="431284108"/>
        </identifiers>
        <balance>19552.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>857550.72000000</valUSD>
        <pctVal>0.967692240960</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>Frasers Centrepoint Trust</name>
        <lei>5493002RGQ266FKERZ83</lei>
        <title>Frasers Centrepoint Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B17NZ47"/>
          <other otherDesc="Primary Identifier" value="B17NZ47"/>
        </identifiers>
        <balance>277752.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.35780000"/>
        <valUSD>462259.27000000</valUSD>
        <pctVal>0.521630614328</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>Urban Edge Properties</name>
        <lei>N/A</lei>
        <title>Urban Edge Properties</title>
        <cusip>91704F104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="91704F104"/>
          <other otherDesc="Primary Identifier" value="91704F104"/>
        </identifiers>
        <balance>71121.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1302225.51000000</valUSD>
        <pctVal>1.469479871707</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>
          <other otherDesc="Primary Identifier" value="76169C100"/>
          <other otherDesc="Primary Identifier" value="76169C100"/>
        </identifiers>
        <balance>16537.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>938474.75000000</valUSD>
        <pctVal>1.059009936942</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>China Resources Land Ltd.</name>
        <lei>5299001HL0TU7X15HK51</lei>
        <title>China Resources Land Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6193766"/>
          <other otherDesc="Primary Identifier" value="6193766"/>
        </identifiers>
        <balance>246778.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78465000"/>
        <valUSD>1038602.89000000</valUSD>
        <pctVal>1.171998267451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Merlin Properties Socimi S.A.</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>Merlin Properties Socimi S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BNGNB77"/>
          <other otherDesc="Primary Identifier" value="BNGNB77"/>
        </identifiers>
        <balance>124154.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86330000"/>
        <valUSD>1275911.37000000</valUSD>
        <pctVal>1.439786013942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Irish Residential Properties REIT plc</name>
        <lei>635400EOPACLULRENY18</lei>
        <title>Irish Residential Properties REIT plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJ34P51"/>
          <other otherDesc="Primary Identifier" value="BJ34P51"/>
        </identifiers>
        <balance>277263.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86330000"/>
        <valUSD>463764.36000000</valUSD>
        <pctVal>0.523329014062</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>Realty Income Corp.</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>Realty Income Corp.</title>
        <cusip>756109104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="756109104"/>
          <other otherDesc="Primary Identifier" value="756109104"/>
        </identifiers>
        <balance>17038.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1105084.68000000</valUSD>
        <pctVal>1.247018800754</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>National Retail Properties Inc.</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>National Retail Properties Inc.</title>
        <cusip>637417106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="637417106"/>
          <other otherDesc="Primary Identifier" value="637417106"/>
        </identifiers>
        <balance>16115.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>696006.85000000</valUSD>
        <pctVal>0.785400108346</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>Land Securities Group plc</name>
        <lei>213800V8IAVKS37D6B88</lei>
        <title>Land Securities Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYW0PQ6"/>
          <other otherDesc="Primary Identifier" value="BYW0PQ6"/>
        </identifiers>
        <balance>132089.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>1231112.66000000</valUSD>
        <pctVal>1.389233477444</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>Boardwalk</name>
        <lei>N/A</lei>
        <title>Boardwalk</title>
        <cusip>096631106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B011205"/>
          <other otherDesc="Primary Identifier" value="B011205"/>
        </identifiers>
        <balance>6609.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>246754.78000000</valUSD>
        <pctVal>0.278447303998</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>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B5ZN1N8"/>
          <other otherDesc="Primary Identifier" value="B5ZN1N8"/>
        </identifiers>
        <balance>89645.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>1440043.40000000</valUSD>
        <pctVal>1.624998722905</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>Retail Properties of America Inc.</name>
        <lei>549300OVTYLM7DH6CM14</lei>
        <title>Retail Properties of America Inc.</title>
        <cusip>76131V202</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="76131V202"/>
          <other otherDesc="Primary Identifier" value="76131V202"/>
        </identifiers>
        <balance>21935.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282522.80000000</valUSD>
        <pctVal>0.318809272825</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>Mitsui Fudosan Co. Ltd.</name>
        <lei>353800ND4ZKNZDYKMF33</lei>
        <title>Mitsui Fudosan Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6597603"/>
          <other otherDesc="Primary Identifier" value="6597603"/>
        </identifiers>
        <balance>79250.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>1882574.92000000</valUSD>
        <pctVal>2.124367807785</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>American Campus Communities Inc.</name>
        <lei>529900MR3ZXRO3W6UX26</lei>
        <title>American Campus Communities Inc.</title>
        <cusip>024835100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="024835100"/>
          <other otherDesc="Primary Identifier" value="024835100"/>
        </identifiers>
        <balance>15409.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>746566.05000000</valUSD>
        <pctVal>0.842452996773</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>Public Storage Inc.</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage Inc.</title>
        <cusip>74460D109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="74460D109"/>
          <other otherDesc="Primary Identifier" value="74460D109"/>
        </identifiers>
        <balance>6762.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2008990.20000000</valUSD>
        <pctVal>2.267019528251</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>Host Hotels &amp; Resorts Inc.</name>
        <lei>N6EL63S0K3PB1YFTDI24</lei>
        <title>Host Hotels &amp; Resorts Inc.</title>
        <cusip>44107P104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="44107P104"/>
          <other otherDesc="Primary Identifier" value="44107P104"/>
        </identifiers>
        <balance>142803.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2331972.99000000</valUSD>
        <pctVal>2.631485363982</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>Terreno Realty Corp.</name>
        <lei>N/A</lei>
        <title>Terreno Realty Corp.</title>
        <cusip>88146M101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="88146M101"/>
          <other otherDesc="Primary Identifier" value="88146M101"/>
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        <balance>9731.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>615291.13000000</valUSD>
        <pctVal>0.694317477143</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>Unibail-Rodamco-Westfield</name>
        <lei>969500SHQITWXSIS7N89</lei>
        <title>Unibail-Rodamco-Westfield</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFYM460"/>
          <other otherDesc="Primary Identifier" value="BFYM460"/>
        </identifiers>
        <balance>6739.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86330000"/>
        <valUSD>495993.02000000</valUSD>
        <pctVal>0.559697036957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XYMAX REIT Investment Corp.</name>
        <lei>N/A</lei>
        <title>XYMAX REIT Investment Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD0G2B3"/>
          <other otherDesc="Primary Identifier" value="BD0G2B3"/>
        </identifiers>
        <balance>190.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>191779.54000000</valUSD>
        <pctVal>0.216411191203</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>NSI N.V.</name>
        <lei>724500I77C30W2LZZJ03</lei>
        <title>NSI N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BZBY737"/>
          <other otherDesc="Primary Identifier" value="BZBY737"/>
        </identifiers>
        <balance>28283.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86330000"/>
        <valUSD>1048367.89000000</valUSD>
        <pctVal>1.183017457935</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>Mitsui Fudosan Logistics Park Inc.</name>
        <lei>353800DN63EIYS760S59</lei>
        <title>Mitsui Fudosan Logistics Park Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYZWTW3"/>
          <other otherDesc="Primary Identifier" value="BYZWTW3"/>
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        <balance>24.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>127229.44000000</valUSD>
        <pctVal>0.143570448998</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>National Health Investors Inc.</name>
        <lei>549300ZPKZIG6DKDEC02</lei>
        <title>National Health Investors Inc.</title>
        <cusip>63633D104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="63633D104"/>
          <other otherDesc="Primary Identifier" value="63633D104"/>
        </identifiers>
        <balance>9323.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>498780.50000000</valUSD>
        <pctVal>0.562842533433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Retail Opportunity Investments Corp.</name>
        <lei>N/A</lei>
        <title>Retail Opportunity Investments Corp.</title>
        <cusip>76131N101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="76131N101"/>
          <other otherDesc="Primary Identifier" value="76131N101"/>
        </identifiers>
        <balance>68612.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1195221.04000000</valUSD>
        <pctVal>1.348732033763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ProLogis Inc.</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>ProLogis Inc.</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="74340W103"/>
          <other otherDesc="Primary Identifier" value="74340W103"/>
        </identifiers>
        <balance>24193.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3034527.99000000</valUSD>
        <pctVal>3.424274649201</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>New World Development Co. Ltd.</name>
        <lei>2549008GWMWXTIRL4S48</lei>
        <title>New World Development Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BM94GQ4"/>
          <other otherDesc="Primary Identifier" value="BM94GQ4"/>
        </identifiers>
        <balance>200645.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78465000"/>
        <valUSD>816074.67000000</valUSD>
        <pctVal>0.920889118026</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>Vicinity Centres</name>
        <lei>N/A</lei>
        <title>Vicinity Centres</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BY7QXS7"/>
          <other otherDesc="Primary Identifier" value="BY7QXS7"/>
        </identifiers>
        <balance>1572855.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38322000"/>
        <valUSD>1859484.12000000</valUSD>
        <pctVal>2.098311287189</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>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
        <cusip>929042109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="929042109"/>
          <other otherDesc="Primary Identifier" value="929042109"/>
        </identifiers>
        <balance>31916.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1340791.16000000</valUSD>
        <pctVal>1.512998790649</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>Corporate Office Properties Trust</name>
        <lei>YY1J47X6LF9TYY8JY420</lei>
        <title>Corporate Office Properties Trust</title>
        <cusip>22002T108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="22002T108"/>
          <other otherDesc="Primary Identifier" value="22002T108"/>
        </identifiers>
        <balance>29490.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>795640.20000000</valUSD>
        <pctVal>0.897830099351</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>Invitation Homes Inc.</name>
        <lei>N/A</lei>
        <title>Invitation Homes Inc.</title>
        <cusip>46187W107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46187W107"/>
          <other otherDesc="Primary Identifier" value="46187W107"/>
        </identifiers>
        <balance>56416.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2162425.28000000</valUSD>
        <pctVal>2.440161399564</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>First Industrial Realty Trust Inc.</name>
        <lei>N/A</lei>
        <title>First Industrial Realty Trust Inc.</title>
        <cusip>32054K103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="32054K103"/>
          <other otherDesc="Primary Identifier" value="32054K103"/>
        </identifiers>
        <balance>24567.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1279449.36000000</valUSD>
        <pctVal>1.443778413915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sabra Health Care REIT Inc.</name>
        <lei>549300E3BC7GU7TAZ621</lei>
        <title>Sabra Health Care REIT Inc.</title>
        <cusip>78573L106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="78573L106"/>
          <other otherDesc="Primary Identifier" value="78573L106"/>
        </identifiers>
        <balance>48135.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>708547.20000000</valUSD>
        <pctVal>0.799551107361</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>Mitsubishi Estate Co. Ltd.</name>
        <lei>353800KOFMRGOXSJ5Z65</lei>
        <title>Mitsubishi Estate Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6596729"/>
          <other otherDesc="Primary Identifier" value="6596729"/>
        </identifiers>
        <balance>109350.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>1741159.64000000</valUSD>
        <pctVal>1.964789527436</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>Unite Group plc (The)</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>Unite Group plc (The)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0692861"/>
          <other otherDesc="Primary Identifier" value="0692861"/>
        </identifiers>
        <balance>45237.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>663161.49000000</valUSD>
        <pctVal>0.748336178152</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>CyrusOne Inc.</name>
        <lei>5493006S177ZK2ZNBU43</lei>
        <title>CyrusOne Inc.</title>
        <cusip>23283R100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="23283R100"/>
          <other otherDesc="Primary Identifier" value="23283R100"/>
        </identifiers>
        <balance>11704.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>906006.64000000</valUSD>
        <pctVal>1.022371709730</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>Grainger plc</name>
        <lei>2138007CEIRKZMNI2979</lei>
        <title>Grainger plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B04V127"/>
          <other otherDesc="Primary Identifier" value="B04V127"/>
        </identifiers>
        <balance>261949.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>1074850.68000000</valUSD>
        <pctVal>1.212901626654</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>VICI Properties Inc.</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>VICI Properties Inc.</title>
        <cusip>925652109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="925652109"/>
          <other otherDesc="Primary Identifier" value="925652109"/>
        </identifiers>
        <balance>55178.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1567606.98000000</valUSD>
        <pctVal>1.768946227952</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>Kite Realty Group Trust</name>
        <lei>N/A</lei>
        <title>Kite Realty Group Trust</title>
        <cusip>49803T300</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="49803T300"/>
          <other otherDesc="Primary Identifier" value="49803T300"/>
        </identifiers>
        <balance>8636.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>175828.96000000</valUSD>
        <pctVal>0.198411961368</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 China Trust</name>
        <lei>5493007T7JU82E186P49</lei>
        <title>CapitaLand China Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1HL3P8"/>
          <other otherDesc="Primary Identifier" value="B1HL3P8"/>
        </identifiers>
        <balance>387748.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.35780000"/>
        <valUSD>352820.41000000</valUSD>
        <pctVal>0.398135719843</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>Simon Property Group Inc.</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>Simon Property Group Inc.</title>
        <cusip>828806109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="828806109"/>
          <other otherDesc="Primary Identifier" value="828806109"/>
        </identifiers>
        <balance>7384.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>959698.48000000</valUSD>
        <pctVal>1.082959586061</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>Global One Corp.</name>
        <lei>N/A</lei>
        <title>Global One Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6693608"/>
          <other otherDesc="Primary Identifier" value="6693608"/>
        </identifiers>
        <balance>50.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>51954.78000000</valUSD>
        <pctVal>0.058627712990</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>Tokyu Fudosan Holdings Corp.</name>
        <lei>N/A</lei>
        <title>Tokyu Fudosan Holdings Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BDC6LT2"/>
          <other otherDesc="Primary Identifier" value="BDC6LT2"/>
        </identifiers>
        <balance>72743.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>447697.96000000</valUSD>
        <pctVal>0.505199088615</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>Nomura Real Estate Holdings Inc.</name>
        <lei>N/A</lei>
        <title>Nomura Real Estate Holdings Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1CWJM5"/>
          <other otherDesc="Primary Identifier" value="B1CWJM5"/>
        </identifiers>
        <balance>13000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>337980.81000000</valUSD>
        <pctVal>0.381390161307</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>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6527774"/>
          <other otherDesc="Primary Identifier" value="6527774"/>
        </identifiers>
        <balance>396.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>689186.83000000</valUSD>
        <pctVal>0.777704143217</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>CubeSmart</name>
        <lei>N/A</lei>
        <title>CubeSmart</title>
        <cusip>229663109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="229663109"/>
          <other otherDesc="Primary Identifier" value="229663109"/>
        </identifiers>
        <balance>27029.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1309555.05000000</valUSD>
        <pctVal>1.477750798221</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>Agree Realty Corp.</name>
        <lei>N/A</lei>
        <title>Agree Realty Corp.</title>
        <cusip>008492100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="008492100"/>
          <other otherDesc="Primary Identifier" value="008492100"/>
        </identifiers>
        <balance>19389.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1284133.47000000</valUSD>
        <pctVal>1.449064138476</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>Fonciere des Regions S.A.</name>
        <lei>969500P8M3W2XX376054</lei>
        <title>Fonciere des Regions S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7745638"/>
          <other otherDesc="Primary Identifier" value="7745638"/>
        </identifiers>
        <balance>2429.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86330000"/>
        <valUSD>204125.37000000</valUSD>
        <pctVal>0.230342686590</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>Ichigo Office REIT Investment Corp.</name>
        <lei>N/A</lei>
        <title>Ichigo Office REIT Investment Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0LNCF6"/>
          <other otherDesc="Primary Identifier" value="B0LNCF6"/>
        </identifiers>
        <balance>833.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>672174.51000000</valUSD>
        <pctVal>0.758506806336</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>Starts Proceed Investment Corp.</name>
        <lei>N/A</lei>
        <title>Starts Proceed Investment Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0NNX17"/>
          <other otherDesc="Primary Identifier" value="B0NNX17"/>
        </identifiers>
        <balance>104.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>231405.05000000</valUSD>
        <pctVal>0.261126095730</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>Derwent London plc</name>
        <lei>213800BXKQ9KZNUR1M61</lei>
        <title>Derwent London plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0265274"/>
          <other otherDesc="Primary Identifier" value="0265274"/>
        </identifiers>
        <balance>25457.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>1179547.73000000</valUSD>
        <pctVal>1.331045685745</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>Hibernia REIT plc</name>
        <lei>635400MHRA4QVVFTON18</lei>
        <title>Hibernia REIT plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BGHQ198"/>
          <other otherDesc="Primary Identifier" value="BGHQ198"/>
        </identifiers>
        <balance>131687.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86330000"/>
        <valUSD>178165.67000000</valUSD>
        <pctVal>0.201048792151</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>Welltower Inc.</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower Inc.</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="95040Q104"/>
          <other otherDesc="Primary Identifier" value="95040Q104"/>
        </identifiers>
        <balance>9767.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>804800.80000000</valUSD>
        <pctVal>0.908167262315</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>Wharf (Holdings) Ltd. (The)</name>
        <lei>529900QLPKS8U9QOPB59</lei>
        <title>Wharf (Holdings) Ltd. (The)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF0GWS4"/>
          <other otherDesc="Primary Identifier" value="BF0GWS4"/>
        </identifiers>
        <balance>168938.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78465000"/>
        <valUSD>867984.74000000</valUSD>
        <pctVal>0.979466378583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tricon Capital Group Inc.</name>
        <lei>N/A</lei>
        <title>Tricon Capital Group Inc.</title>
        <cusip>89612W102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B4NP281"/>
          <other otherDesc="Primary Identifier" value="B4NP281"/>
        </identifiers>
        <balance>104168.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>1389893.57000000</valUSD>
        <pctVal>1.568407782865</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>Gecina</name>
        <lei>9695003E4MMA10IBTR26</lei>
        <title>Gecina</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7742468"/>
          <other otherDesc="Primary Identifier" value="7742468"/>
        </identifiers>
        <balance>11360.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86330000"/>
        <valUSD>1528327.45000000</valUSD>
        <pctVal>1.724621740171</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>Equinix Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix Inc.</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29444U700"/>
          <other otherDesc="Primary Identifier" value="29444U700"/>
        </identifiers>
        <balance>3389.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2677750.57000000</valUSD>
        <pctVal>3.021673691576</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>Safestore Holdings plc</name>
        <lei>213800WGA3YSJC1YOH73</lei>
        <title>Safestore Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1N7Z09"/>
          <other otherDesc="Primary Identifier" value="B1N7Z09"/>
        </identifiers>
        <balance>45503.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>643149.78000000</valUSD>
        <pctVal>0.725754217641</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>Adler Group S.A.</name>
        <lei>391200OYYFJ3DWAMEC69</lei>
        <title>Adler Group S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYNXBZ5"/>
          <other otherDesc="Primary Identifier" value="BYNXBZ5"/>
        </identifiers>
        <balance>24019.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86330000"/>
        <valUSD>408987.95000000</valUSD>
        <pctVal>0.461517268461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SBA Communications Corp.</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA Communications Corp.</title>
        <cusip>78410G104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="78410G104"/>
          <other otherDesc="Primary Identifier" value="78410G104"/>
        </identifiers>
        <balance>1278.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>422468.46000000</valUSD>
        <pctVal>0.476729179112</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>ITOCHU Advance Logistics Investment Corp.</name>
        <lei>N/A</lei>
        <title>ITOCHU Advance Logistics Investment Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BZ1KQN8"/>
          <other otherDesc="Primary Identifier" value="BZ1KQN8"/>
        </identifiers>
        <balance>324.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>452038.36000000</valUSD>
        <pctVal>0.510096957983</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>Assura plc</name>
        <lei>21380026T19N2Y52XF72</lei>
        <title>Assura plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BVGBWW9"/>
          <other otherDesc="Primary Identifier" value="BVGBWW9"/>
        </identifiers>
        <balance>489599.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>472005.17000000</valUSD>
        <pctVal>0.532628251658</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>National Storage REIT</name>
        <lei>N/A</lei>
        <title>National Storage REIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BGP6479"/>
          <other otherDesc="Primary Identifier" value="BGP6479"/>
        </identifiers>
        <balance>306986.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38322000"/>
        <valUSD>503787.32000000</valUSD>
        <pctVal>0.568492416003</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>AvalonBay Communities Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities Inc.</title>
        <cusip>053484101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="053484101"/>
          <other otherDesc="Primary Identifier" value="053484101"/>
        </identifiers>
        <balance>11611.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2573462.04000000</valUSD>
        <pctVal>2.903990621702</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>Heiwa Real Estate Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Heiwa Real Estate Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6419600"/>
          <other otherDesc="Primary Identifier" value="6419600"/>
        </identifiers>
        <balance>14700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>509967.08000000</valUSD>
        <pctVal>0.575465887850</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>
    <signature>
      <ncom:dateSigned>2021-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
