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    <isConfidential>false</isConfidential>
    <filerInfo>

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        <issuerCredentials>
          <cik>0000916620</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000024145</seriesId>
        <classId>C000070887</classId>
      </seriesClassInfo>


    </filerInfo>
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      <regName>Northern Funds</regName>
      <regFileNumber>811-08236</regFileNumber>
      <regCik>0000916620</regCik>
      <regLei>5493004ZY1PEJR3C0A81</regLei>
      <regStreet1>50 South LaSalle Street</regStreet1>
      <regCity>Chicago</regCity>
      <regStateConditional regCountry="US" regState="US-IL"/>
      <regZipOrPostalCode>60603</regZipOrPostalCode>
      <regPhone>800-595-9111</regPhone>
      <seriesName>Multi-Manager Global Real Estate Fund</seriesName>
      <seriesId>S000024145</seriesId>
      <seriesLei>549300D4IXJ39SV3BM40</seriesLei>
      <repPdEnd>2021-03-31</repPdEnd>
      <repPdDate>2020-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>98430.090000000000</totLiabs>
      <netAssets>146263830.910000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
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      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>39045.970000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000070887" rtn1="6.57" rtn2="2.16" rtn3="2.35"/>
        </monthlyTotReturns>
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        <othMon3 netRealizedGain="-299713.39" netUnrealizedAppr="2182041.43"/>
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        <name>Rayonier Inc</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
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        <name>Host Hotels &amp; Resorts Inc</name>
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        <title>Host Hotels &amp; Resorts Inc COM</title>
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          <ticker value="HST"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Mid-America Apartment Communities, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Corporate Office Properties Trust</name>
        <lei>YY1J47X6LF9TYY8JY420</lei>
        <title>Corporate Office Properties Trust SH BEN INT</title>
        <cusip>22002T108</cusip>
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          <ticker value="OFC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Public Storage</name>
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        <name>Londonmetric Property Plc</name>
        <lei>213800OCERWWPQDURL87</lei>
        <title>Londonmetric Property Plc ORD GBP0.10</title>
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        <name>Leg Immobilien AG</name>
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        <name>Helios Towers Plc</name>
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        <name>Boardwalk Real Estate Investment Trust</name>
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        <name>Equity Lifestyle Properties Inc</name>
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        <title>Equity Lifestyle Properties Inc COM</title>
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        <name>Atrium Eurp R/Est</name>
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        <name>Granite Real Estate Investment Trust</name>
        <lei>549300U7HUKRB4S4KZ73</lei>
        <title>Granite Real Estate Investment Trust STAPLED UNIT</title>
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        <name>Medical Prop Tst</name>
        <lei>254900U6E39J1MQCCY14</lei>
        <title>Medical Prop Tst COM</title>
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          <ticker value="MPW"/>
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        <name>ESR Cayman Limited</name>
        <lei>549300C81AR42BZUFZ09</lei>
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        <cusip>G31989109</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hysan Development Co Ltd</name>
        <lei>5299007BABFLKIH9HL03</lei>
        <title>Hysan Development Co Ltd NPV</title>
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        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1028527.9</valUSD>
        <pctVal>0.7032004383</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>Shurgard Self Storage Sa</name>
        <lei>549300J0UEIKU81XO336</lei>
        <title>Shurgard Self Storage Sa NPV</title>
        <cusip>L8230B107</cusip>
        <identifiers>
          <isin value="LU1883301340"/>
          <ticker value="SSSAF"/>
        </identifiers>
        <balance>46641</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>1751734.03</valUSD>
        <pctVal>1.1976535956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Embassy Office Parks Real Estate Investment Trust</name>
        <lei>N/A</lei>
        <title>Embassy Office Parks Real Estate Investment Trust NPV (REIT)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE041025011"/>
          <ticker value="EMBASSY"/>
        </identifiers>
        <balance>225200</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>1016611.26</valUSD>
        <pctVal>0.6950530789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Warehouses De Pauw N V</name>
        <lei>549300HWDYC5JXC85138</lei>
        <title>Warehouses De Pauw N V NPV</title>
        <cusip>B9T59Z100</cusip>
        <identifiers>
          <isin value="BE0974349814"/>
          <ticker value="WDPSF"/>
        </identifiers>
        <balance>63449</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>1730092.06</valUSD>
        <pctVal>1.1828570667</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>Unite Group</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>Unite Group ORD GBP0.25</title>
        <cusip>G9283N101</cusip>
        <identifiers>
          <isin value="GB0006928617"/>
          <ticker value="UTGPF"/>
        </identifiers>
        <balance>128801</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8070373"/>
        <valUSD>1498980.25</valUSD>
        <pctVal>1.0248468406</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>BIG Yellow Group</name>
        <lei>213800W7Q4V2ZI8LIW31</lei>
        <title>BIG Yellow Group ORD GBP0.10</title>
        <cusip>G1093E108</cusip>
        <identifiers>
          <isin value="GB0002869419"/>
          <ticker value="BYLOF"/>
        </identifiers>
        <balance>106171</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8070373"/>
        <valUSD>1319812.84</valUSD>
        <pctVal>0.9023507943</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>Grainger Plc</name>
        <lei>2138007CEIRKZMNI2979</lei>
        <title>Grainger Plc ORD GBP0.05</title>
        <cusip>G40432117</cusip>
        <identifiers>
          <isin value="GB00B04V1276"/>
          <ticker value="GRI"/>
        </identifiers>
        <balance>330379</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8070373"/>
        <valUSD>1169732.15</valUSD>
        <pctVal>0.7997412229</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>Shaftesbury Plc</name>
        <lei>213800N7LHKFNTDKAT98</lei>
        <title>Shaftesbury Plc ORD GBP0.25</title>
        <cusip>G80603106</cusip>
        <identifiers>
          <isin value="GB0007990962"/>
          <ticker value="SHABF"/>
        </identifiers>
        <balance>150637</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8070373"/>
        <valUSD>983926.11</valUSD>
        <pctVal>0.6727063717</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>Coresite Realty C</name>
        <lei>549300H0YYORITFM2B74</lei>
        <title>Coresite Realty C COM</title>
        <cusip>21870Q105</cusip>
        <identifiers>
          <isin value="US21870Q1058"/>
          <ticker value="COR"/>
        </identifiers>
        <balance>10706</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1296068.36</valUSD>
        <pctVal>0.8861167877</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>American Tower Corporation</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corporation COM</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <isin value="US03027X1000"/>
          <ticker value="AMT"/>
        </identifiers>
        <balance>6304</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1629836.16</valUSD>
        <pctVal>1.1143125063</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>Brixmor Property Group Inc</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>Brixmor Property Group Inc COM</title>
        <cusip>11120U105</cusip>
        <identifiers>
          <isin value="US11120U1051"/>
          <ticker value="BRX"/>
        </identifiers>
        <balance>101458</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1300691.56</valUSD>
        <pctVal>0.8892776512</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>Equinix, Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix, Inc. COM</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
          <ticker value="EQIX"/>
        </identifiers>
        <balance>3110</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2184153</valUSD>
        <pctVal>1.4932967272</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>FARMLAND PARTNERS INC</name>
        <lei>549300LB188CHPZ4IL37</lei>
        <title>FARMLAND PARTNERS INC COM</title>
        <cusip>31154R109</cusip>
        <identifiers>
          <isin value="US31154R1095"/>
          <ticker value="FPI"/>
        </identifiers>
        <balance>40298</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>276041.3</valUSD>
        <pctVal>0.1887283399</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. COM</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
          <ticker value="PLD"/>
        </identifiers>
        <balance>54670</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5102351.1</valUSD>
        <pctVal>3.4884571724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLTOWER INC</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>WELLTOWER INC COM</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
          <ticker value="WELL"/>
        </identifiers>
        <balance>40780</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2110365</valUSD>
        <pctVal>1.4428481648</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>Deutsche Wohnen SE</name>
        <lei>529900QE24Q67I3FWZ10</lei>
        <title>Deutsche Wohnen SE NPV (BR)</title>
        <cusip>D2046U176</cusip>
        <identifiers>
          <isin value="DE000A0HN5C6"/>
          <ticker value="DWHHF"/>
        </identifiers>
        <balance>53154</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>2384523.93</valUSD>
        <pctVal>1.6302895358</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>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds GOVT PTFL</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
        </identifiers>
        <balance>3555574.56</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3555574.56</valUSD>
        <pctVal>2.4309321983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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 COM</title>
        <cusip>91704F104</cusip>
        <identifiers>
          <isin value="US91704F1049"/>
          <ticker value="UE"/>
        </identifiers>
        <balance>137077</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1627103.99</valUSD>
        <pctVal>1.1124445325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES INC</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>VICI PROPERTIES INC COM</title>
        <cusip>925652109</cusip>
        <identifiers>
          <isin value="US9256521090"/>
          <ticker value="VICI"/>
        </identifiers>
        <balance>85367</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1723559.73</valUSD>
        <pctVal>1.1783909387</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>Hang Lung Properties Limited</name>
        <lei>529900CIVTNMXQT59E61</lei>
        <title>Hang Lung Properties Limited NPV</title>
        <cusip>Y30166105</cusip>
        <identifiers>
          <isin value="HK0101000591"/>
          <ticker value="HLPPF"/>
        </identifiers>
        <balance>584000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1384460.39</valUSD>
        <pctVal>0.9465500674</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 Inc</name>
        <lei>3538007XCHRIVYCBI985</lei>
        <title>Kenedix Inc NPV</title>
        <cusip>J3243N100</cusip>
        <identifiers>
          <isin value="JP3281630008"/>
          <ticker value="4321"/>
        </identifiers>
        <balance>298100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1468979.52</valUSD>
        <pctVal>1.0043354607</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>Katitas Co Ltd</name>
        <lei>N/A</lei>
        <title>Katitas Co Ltd NPV</title>
        <cusip>J30978100</cusip>
        <identifiers>
          <isin value="JP3932950003"/>
          <ticker value="KTITF"/>
        </identifiers>
        <balance>75800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1754732.86</valUSD>
        <pctVal>1.1997038838</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 Logistics Fund Inc.</name>
        <lei>3538004KZWISCQO70151</lei>
        <title>Japan Logistics Fund Inc. REIT</title>
        <cusip>J2785A104</cusip>
        <identifiers>
          <isin value="JP3046230003"/>
          <ticker value="JLGFF"/>
        </identifiers>
        <balance>775</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>2104003.92</valUSD>
        <pctVal>1.4384991196</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>Kenedix Office Investement Corporation</name>
        <lei>353800FFT483NCIHFY42</lei>
        <title>Kenedix Office Investement Corporation N</title>
        <cusip>J32922106</cusip>
        <identifiers>
          <isin value="JP3046270009"/>
          <ticker value="8972"/>
        </identifiers>
        <balance>293</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1646522.96</valUSD>
        <pctVal>1.1257212051</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>Mapletree Logistics Trust</name>
        <lei>549300M9EBZIYH387075</lei>
        <title>Mapletree Logistics Trust NPV (REIT)</title>
        <cusip>Y5759Q107</cusip>
        <identifiers>
          <isin value="SG1S03926213"/>
          <ticker value="MAPGF"/>
        </identifiers>
        <balance>1558800</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3936"/>
        <valUSD>2174947.04</valUSD>
        <pctVal>1.4870026489</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>Link Real Estate Investment Trust</name>
        <lei>529900XUE70U36QX5M62</lei>
        <title>Link Real Estate Investment Trust UNITS</title>
        <cusip>Y5281M111</cusip>
        <identifiers>
          <isin value="HK0823032773"/>
          <ticker value="LKREF"/>
        </identifiers>
        <balance>377500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>3080322.8</valUSD>
        <pctVal>2.1060044584</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>Goodman Group</name>
        <lei>N/A</lei>
        <title>Goodman Group STAPLED SECURITY</title>
        <cusip>Q4229W132</cusip>
        <identifiers>
          <isin value="AU000000GMG2"/>
          <ticker value="GMGSF"/>
        </identifiers>
        <balance>273875</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4490653"/>
        <valUSD>2818659.88</valUSD>
        <pctVal>1.9271065597</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>Sino Land Co Ltd</name>
        <lei>529900G5P51053HJVZ92</lei>
        <title>Sino Land Co Ltd NPV</title>
        <cusip>Y80267126</cusip>
        <identifiers>
          <isin value="HK0083000502"/>
          <ticker value="SNLAF"/>
        </identifiers>
        <balance>795452</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1001561.97</valUSD>
        <pctVal>0.6847639391</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 India Trust</name>
        <lei>N/A</lei>
        <title>Ascendas India Trust UNITS NPV</title>
        <cusip>Y0259C104</cusip>
        <identifiers>
          <isin value="SG1V35936920"/>
          <ticker value="ACNDF"/>
        </identifiers>
        <balance>1632500</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3936"/>
        <valUSD>1583529.71</valUSD>
        <pctVal>1.0826529704</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>Swire Properties Limited</name>
        <lei>5299001L12PHYVQ92465</lei>
        <title>Swire Properties Limited NPV</title>
        <cusip>Y83191109</cusip>
        <identifiers>
          <isin value="HK0000063609"/>
          <ticker value="SWPFF"/>
        </identifiers>
        <balance>379000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>962476.58</valUSD>
        <pctVal>0.6580414133</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>Qts Realty Trust Inc</name>
        <lei>5493006PA4CJK4OG2J54</lei>
        <title>Qts Realty Trust Inc COM CL A</title>
        <cusip>74736A103</cusip>
        <identifiers>
          <isin value="US74736A1034"/>
          <ticker value="QTS"/>
        </identifiers>
        <balance>17374</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1113499.66</valUSD>
        <pctVal>0.7612952929</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>Entra ASA</name>
        <lei>549300APU14LQKTYCH34</lei>
        <title>Entra ASA NOK1</title>
        <cusip>R2R8A2105</cusip>
        <identifiers>
          <isin value="NO0010716418"/>
          <ticker value="ENTOF"/>
        </identifiers>
        <balance>91825</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.62525"/>
        <valUSD>1173554.24</valUSD>
        <pctVal>0.8023543707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Industrial Logistics Properties Trust</name>
        <lei>5493004XH9PJW009HR47</lei>
        <title>Industrial Logistics Properties Trust COM SHS BEN INT</title>
        <cusip>456237106</cusip>
        <identifiers>
          <isin value="US4562371066"/>
          <ticker value="ILPT"/>
        </identifiers>
        <balance>37679</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>774303.45</valUSD>
        <pctVal>0.5293881920</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>Advance Residence Investment Corp</name>
        <lei>N/A</lei>
        <title>Advance Residence Investment Corp REIT</title>
        <cusip>J00184101</cusip>
        <identifiers>
          <isin value="JP3047160001"/>
          <ticker value="ADZZF"/>
        </identifiers>
        <balance>575</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1713635.57</valUSD>
        <pctVal>1.1716058299</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>STAG Industrial, Inc.</name>
        <lei>549300QWYX2W6FASVQ07</lei>
        <title>STAG Industrial, Inc. COM</title>
        <cusip>85254J102</cusip>
        <identifiers>
          <isin value="US85254J1025"/>
          <ticker value="STAG"/>
        </identifiers>
        <balance>56714</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1662854.48</valUSD>
        <pctVal>1.1368870005</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>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties COM SH BEN INT</title>
        <cusip>26884U109</cusip>
        <identifiers>
          <isin value="US26884U1097"/>
          <ticker value="EPR"/>
        </identifiers>
        <balance>16563</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>548732.19</valUSD>
        <pctVal>0.3751660179</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>STORE Capital Corp</name>
        <lei>5493004EA6C9IHDZ7N66</lei>
        <title>STORE Capital Corp COM</title>
        <cusip>862121100</cusip>
        <identifiers>
          <isin value="US8621211007"/>
          <ticker value="STOR"/>
        </identifiers>
        <balance>73699</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1754773.19</valUSD>
        <pctVal>1.1997314572</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>W. P. Carey Inc</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>W. P. Carey Inc COM</title>
        <cusip>92936U109</cusip>
        <identifiers>
          <isin value="US92936U1097"/>
          <ticker value="WPC"/>
        </identifiers>
        <balance>20399</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1379992.35</valUSD>
        <pctVal>0.9434952862</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>Empire State Realty Trust Inc</name>
        <lei>549300VOKY1DUEQSB456</lei>
        <title>Empire State Realty Trust Inc CL A</title>
        <cusip>292104106</cusip>
        <identifiers>
          <isin value="US2921041065"/>
          <ticker value="ESRT"/>
        </identifiers>
        <balance>66830</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>467810</valUSD>
        <pctVal>0.3198398381</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 STORAGE REIT</name>
        <lei>N/A</lei>
        <title>NATIONAL STORAGE REIT STAPLED SECURITY</title>
        <cusip>Q6605D109</cusip>
        <identifiers>
          <isin value="AU000000NSR2"/>
          <ticker value="NTSGF"/>
        </identifiers>
        <balance>2018298</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4490653"/>
        <valUSD>2573405.53</valUSD>
        <pctVal>1.7594271352</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>Derwent London Plc</name>
        <lei>213800BXKQ9KZNUR1M61</lei>
        <title>Derwent London Plc ORD GBP0.05</title>
        <cusip>G27300105</cusip>
        <identifiers>
          <isin value="GB0002652740"/>
          <ticker value="DWVYF"/>
        </identifiers>
        <balance>27182</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8070373"/>
        <valUSD>934053.78</valUSD>
        <pctVal>0.6386088578</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>Apple Hospitality Reit Inc</name>
        <lei>549300EVZAR0FBZO4F16</lei>
        <title>Apple Hospitality Reit Inc COM NEW</title>
        <cusip>03784Y200</cusip>
        <identifiers>
          <isin value="US03784Y2000"/>
          <ticker value="APLE"/>
        </identifiers>
        <balance>44180</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>426778.8</valUSD>
        <pctVal>0.2917869697</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 SE</name>
        <lei>N/A</lei>
        <title>Unibail-Rodamco-Westfield SE SHS</title>
        <cusip>F95094581</cusip>
        <identifiers>
          <isin value="FR0013326246"/>
          <ticker value="UNBLF"/>
        </identifiers>
        <balance>12372</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>695910.36</valUSD>
        <pctVal>0.4757911479</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>Cousins Properties Incorporated</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>Cousins Properties Incorporated COM NEW</title>
        <cusip>222795502</cusip>
        <identifiers>
          <isin value="US2227955026"/>
          <ticker value="CUZ"/>
        </identifiers>
        <balance>31048</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>926161.84</valUSD>
        <pctVal>0.6332131698</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>Pebblebrook Hotel Trust</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>Pebblebrook Hotel Trust COM</title>
        <cusip>70509V100</cusip>
        <identifiers>
          <isin value="US70509V1008"/>
          <ticker value="PEB"/>
        </identifiers>
        <balance>33301</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>454891.66</valUSD>
        <pctVal>0.3110076204</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>Cyrusone Inc</name>
        <lei>5493006S177ZK2ZNBU43</lei>
        <title>Cyrusone Inc COM</title>
        <cusip>23283R100</cusip>
        <identifiers>
          <isin value="US23283R1005"/>
          <ticker value="CONE"/>
        </identifiers>
        <balance>12436</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>904719</valUSD>
        <pctVal>0.6185527853</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>Merlin Properties Socimi S.A.</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>Merlin Properties Socimi S.A. EUR1</title>
        <cusip>E7390Z100</cusip>
        <identifiers>
          <isin value="ES0105025003"/>
          <ticker value="MRPRF"/>
        </identifiers>
        <balance>54300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>449765.45</valUSD>
        <pctVal>0.3075028510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equinix, Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix, Inc. COM</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
          <ticker value="EQIX"/>
        </identifiers>
        <balance>779</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>547091.7</valUSD>
        <pctVal>0.3740444214</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>Boston Properties, Inc.</name>
        <lei>549300OF70FSEUQBT254</lei>
        <title>Boston Properties, Inc. COM</title>
        <cusip>101121101</cusip>
        <identifiers>
          <isin value="US1011211018"/>
          <ticker value="BXP"/>
        </identifiers>
        <balance>11500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1039370</valUSD>
        <pctVal>0.7106131390</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>AvalonBay Communities, Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities, Inc. COM</title>
        <cusip>053484101</cusip>
        <identifiers>
          <isin value="US0534841012"/>
          <ticker value="AVB"/>
        </identifiers>
        <balance>8904</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1376914.56</valUSD>
        <pctVal>0.9413910134</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>Camden Property Trust</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>Camden Property Trust SH BEN INT</title>
        <cusip>133131102</cusip>
        <identifiers>
          <isin value="US1331311027"/>
          <ticker value="CPT"/>
        </identifiers>
        <balance>11900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1085518</valUSD>
        <pctVal>0.7421643432</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>N/A</lei>
        <title>Duke Realty Corp COM NEW</title>
        <cusip>264411505</cusip>
        <identifiers>
          <isin value="US2644115055"/>
          <ticker value="DRE"/>
        </identifiers>
        <balance>28824</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1020081.36</valUSD>
        <pctVal>0.6974255724</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>Essex Property Trust, Inc.</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>Essex Property Trust, Inc. COM</title>
        <cusip>297178105</cusip>
        <identifiers>
          <isin value="US2971781057"/>
          <ticker value="ESS"/>
        </identifiers>
        <balance>3950</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>905221.5</valUSD>
        <pctVal>0.6188963426</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>Kilroy Realty Corporation</name>
        <lei>549300CXXI18B214UN80</lei>
        <title>Kilroy Realty Corporation COM</title>
        <cusip>49427F108</cusip>
        <identifiers>
          <isin value="US49427F1084"/>
          <ticker value="KRC"/>
        </identifiers>
        <balance>8254</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>484509.8</valUSD>
        <pctVal>0.3312574250</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 COM</title>
        <cusip>44107P104</cusip>
        <identifiers>
          <isin value="US44107P1049"/>
          <ticker value="HST"/>
        </identifiers>
        <balance>92936</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1002779.44</valUSD>
        <pctVal>0.6855963185</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>Mid-America Apartment Communities, Inc.</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>Mid-America Apartment Communities, Inc. COM</title>
        <cusip>59522J103</cusip>
        <identifiers>
          <isin value="US59522J1034"/>
          <ticker value="MAA"/>
        </identifiers>
        <balance>9931</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1138787.77</valUSD>
        <pctVal>0.7785846733</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>Simon Property Group Inc</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>Simon Property Group Inc COM</title>
        <cusip>828806109</cusip>
        <identifiers>
          <isin value="US8288061091"/>
          <ticker value="SPG"/>
        </identifiers>
        <balance>10415</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>712177.7</valUSD>
        <pctVal>0.4869130636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sun Communities, Inc.</name>
        <lei>549300H5GEOJYN41ZG57</lei>
        <title>Sun Communities, Inc. COM</title>
        <cusip>866674104</cusip>
        <identifiers>
          <isin value="US8666741041"/>
          <ticker value="SUI"/>
        </identifiers>
        <balance>4265</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>578675.2</valUSD>
        <pctVal>0.3956379348</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>Ventas Inc.</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>Ventas Inc. COM</title>
        <cusip>92276F100</cusip>
        <identifiers>
          <isin value="US92276F1003"/>
          <ticker value="VTR"/>
        </identifiers>
        <balance>24900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>911838</valUSD>
        <pctVal>0.6234200173</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. COM</title>
        <cusip>76169C100</cusip>
        <identifiers>
          <isin value="US76169C1009"/>
          <ticker value="REXR"/>
        </identifiers>
        <balance>13868</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>574551.24</valUSD>
        <pctVal>0.3928183998</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>Keppel Dc Reit</name>
        <lei>N/A</lei>
        <title>Keppel Dc Reit NPV</title>
        <cusip>Y47230100</cusip>
        <identifiers>
          <isin value="SG1AF6000009"/>
          <ticker value="KPDCF"/>
        </identifiers>
        <balance>191805</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3936"/>
        <valUSD>349947.61</valUSD>
        <pctVal>0.2392577904</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>Ck Asset Holdings Ltd</name>
        <lei>5299006GJZSGP78B8S35</lei>
        <title>Ck Asset Holdings Ltd HKD1</title>
        <cusip>G2177B101</cusip>
        <identifiers>
          <isin value="KYG2177B1014"/>
          <ticker value="CHKGF"/>
        </identifiers>
        <balance>114538</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>681096.6</valUSD>
        <pctVal>0.4656630390</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>Wharf Real Estate Investment Co Ltd</name>
        <lei>529900QLPKS8U9QOPB59</lei>
        <title>Wharf Real Estate Investment Co Ltd HKD0.1</title>
        <cusip>G9593A104</cusip>
        <identifiers>
          <isin value="KYG9593A1040"/>
          <ticker value="WRFRF"/>
        </identifiers>
        <balance>107911</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>514995.07</valUSD>
        <pctVal>0.3521000830</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>Boardwalk Real Estate Investment Trust</name>
        <lei>549300KXE6YWGWBI0U31</lei>
        <title>Boardwalk Real Estate Investment Trust TR UNIT</title>
        <cusip>096631106</cusip>
        <identifiers>
          <isin value="CA0966311064"/>
          <ticker value="BOWFF"/>
        </identifiers>
        <balance>17280</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3576"/>
        <valUSD>378159.1</valUSD>
        <pctVal>0.2585458740</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>Digital Realty Trust Inc</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc COM</title>
        <cusip>253868103</cusip>
        <identifiers>
          <isin value="US2538681030"/>
          <ticker value="DLR"/>
        </identifiers>
        <balance>8600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1222146</valUSD>
        <pctVal>0.8355763639</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>BGP HOLDINGS PLC</name>
        <lei>N/A</lei>
        <title>BGP HOLDINGS PLC BENEFICIAL INTEREST SHS NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU00573958S3"/>
        </identifiers>
        <balance>3277404</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>.03</valUSD>
        <pctVal>0.0000000205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>MT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capital &amp; Counties</name>
        <lei>549300TTXXZ1SHUI0D54</lei>
        <title>Capital &amp; Counties ORD GBP0.25</title>
        <cusip>G19406100</cusip>
        <identifiers>
          <isin value="GB00B62G9D36"/>
          <ticker value="CCPPF"/>
        </identifiers>
        <balance>343195</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8070373"/>
        <valUSD>620406.12</valUSD>
        <pctVal>0.4241691990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLP J-REIT</name>
        <lei>353800E27V9KA51K2I90</lei>
        <title>GLP J-REIT REIT</title>
        <cusip>J17305103</cusip>
        <identifiers>
          <isin value="JP3047510007"/>
          <ticker value="GLPJF"/>
        </identifiers>
        <balance>580</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>842223.71</valUSD>
        <pctVal>0.5758250039</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>Granite Real Estate Investment Trust</name>
        <lei>549300U7HUKRB4S4KZ73</lei>
        <title>Granite Real Estate Investment Trust STAPLED UNIT</title>
        <cusip>387437114</cusip>
        <identifiers>
          <isin value="CA3874371147"/>
          <ticker value="GRP/U"/>
        </identifiers>
        <balance>7818</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3576"/>
        <valUSD>403453.95</valUSD>
        <pctVal>0.2758398625</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>Regency Centers</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>Regency Centers COM</title>
        <cusip>758849103</cusip>
        <identifiers>
          <isin value="US7588491032"/>
          <ticker value="REG"/>
        </identifiers>
        <balance>13400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>614926</valUSD>
        <pctVal>0.4204224627</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>Hufvudstaden Ab</name>
        <lei>213800UEV5ZAFFVQ4J85</lei>
        <title>Hufvudstaden Ab SER'A'NPV</title>
        <cusip>W30061126</cusip>
        <identifiers>
          <isin value="SE0000170375"/>
          <ticker value="HUFAF"/>
        </identifiers>
        <balance>56746</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.3182"/>
        <valUSD>704290.16</valUSD>
        <pctVal>0.4815203838</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>Allied Properties REIT</name>
        <lei>549300AMZMPKVHA0MY77</lei>
        <title>Allied Properties REIT UNIT</title>
        <cusip>019456102</cusip>
        <identifiers>
          <isin value="CA0194561027"/>
          <ticker value="APYRF"/>
        </identifiers>
        <balance>26242</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3576"/>
        <valUSD>791744.49</valUSD>
        <pctVal>0.5413125617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</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. COM</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
          <ticker value="PLD"/>
        </identifiers>
        <balance>37244</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3475982.52</valUSD>
        <pctVal>2.3765154368</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>PHYSICIANS REALTY TRUST</name>
        <lei>549300ITOVH0OY7PZC34</lei>
        <title>PHYSICIANS REALTY TRUST COM</title>
        <cusip>71943U104</cusip>
        <identifiers>
          <isin value="US71943U1043"/>
          <ticker value="DOC"/>
        </identifiers>
        <balance>64274</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1126080.48</valUSD>
        <pctVal>0.7698967496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLTOWER INC</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>WELLTOWER INC COM</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
          <ticker value="WELL"/>
        </identifiers>
        <balance>27813</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1439322.75</valUSD>
        <pctVal>0.9840592449</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>FOUR CORNERS PPTY TR INC</name>
        <lei>549300SVTPZPBDVNER42</lei>
        <title>FOUR CORNERS PPTY TR INC COM</title>
        <cusip>35086T109</cusip>
        <identifiers>
          <isin value="US35086T1097"/>
          <ticker value="FCPT"/>
        </identifiers>
        <balance>24127</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>588698.8</valUSD>
        <pctVal>0.4024910303</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. COM</title>
        <cusip>637417106</cusip>
        <identifiers>
          <isin value="US6374171063"/>
          <ticker value="NNN"/>
        </identifiers>
        <balance>21808</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>773747.84</valUSD>
        <pctVal>0.5290083236</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>Deutsche Wohnen SE</name>
        <lei>529900QE24Q67I3FWZ10</lei>
        <title>Deutsche Wohnen SE NPV (BR)</title>
        <cusip>D2046U176</cusip>
        <identifiers>
          <isin value="DE000A0HN5C6"/>
          <ticker value="DWHHF"/>
        </identifiers>
        <balance>22963</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>1030135.52</valUSD>
        <pctVal>0.7042995617</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>Douglas Emmett Inc</name>
        <lei>N/A</lei>
        <title>Douglas Emmett Inc COM</title>
        <cusip>25960P109</cusip>
        <identifiers>
          <isin value="US25960P1093"/>
          <ticker value="DEI"/>
        </identifiers>
        <balance>16046</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>491970.36</valUSD>
        <pctVal>0.3363581802</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>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds GOVT PTFL</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
        </identifiers>
        <balance>667040.61</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>667040.61</valUSD>
        <pctVal>0.4560530145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds GOVT PTFL</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
        </identifiers>
        <balance>2627036.52</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2627036.52</valUSD>
        <pctVal>1.7960944299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hudson Pacific Properties Inc</name>
        <lei>N/A</lei>
        <title>Hudson Pacific Properties Inc COM</title>
        <cusip>444097109</cusip>
        <identifiers>
          <isin value="US4440971095"/>
          <ticker value="HPP"/>
        </identifiers>
        <balance>20300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>510748</valUSD>
        <pctVal>0.3491963781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES INC</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>VICI PROPERTIES INC COM</title>
        <cusip>925652109</cusip>
        <identifiers>
          <isin value="US9256521090"/>
          <ticker value="VICI"/>
        </identifiers>
        <balance>48235</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>973864.65</valUSD>
        <pctVal>0.6658273915</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>Mirvac Group</name>
        <lei>N/A</lei>
        <title>Mirvac Group STAPLED SEC</title>
        <cusip>Q62377108</cusip>
        <identifiers>
          <isin value="AU000000MGR9"/>
          <ticker value="MRVGF"/>
        </identifiers>
        <balance>363328</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4490653"/>
        <valUSD>546901.73</valUSD>
        <pctVal>0.3739145396</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>Hang Lung Properties Limited</name>
        <lei>529900CIVTNMXQT59E61</lei>
        <title>Hang Lung Properties Limited NPV</title>
        <cusip>Y30166105</cusip>
        <identifiers>
          <isin value="HK0101000591"/>
          <ticker value="HLPPF"/>
        </identifiers>
        <balance>211756</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>501999.65</valUSD>
        <pctVal>0.3432151660</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>Daiwa Office Investment Corporation</name>
        <lei>N/A</lei>
        <title>Daiwa Office Investment Corporation REIT</title>
        <cusip>J1250G109</cusip>
        <identifiers>
          <isin value="JP3046310003"/>
          <ticker value="8976"/>
        </identifiers>
        <balance>82</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>453874.19</valUSD>
        <pctVal>0.3103119802</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>Keppel REIT MTN Pte. Ltd.</name>
        <lei>549300ZD5HZLQCF55J25</lei>
        <title>Keppel REIT MTN Pte. Ltd. UNIT REIT</title>
        <cusip>Y4740G104</cusip>
        <identifiers>
          <isin value="SG1T22929874"/>
          <ticker value="KREVF"/>
        </identifiers>
        <balance>662343</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3936"/>
        <valUSD>524059.65</valUSD>
        <pctVal>0.3582975003</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>Mcubs Midcity Investment Corp</name>
        <lei>353800WZPKHG2SQS1P32</lei>
        <title>Mcubs Midcity Investment Corp REIT</title>
        <cusip>J4176C103</cusip>
        <identifiers>
          <isin value="JP3046450007"/>
          <ticker value="MOSAF"/>
        </identifiers>
        <balance>1265</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>918168.52</valUSD>
        <pctVal>0.6277481687</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 Hotel REIT Investment Corporation</name>
        <lei>353800L8KG849FP1JI68</lei>
        <title>Japan Hotel REIT Investment Corporation REIT</title>
        <cusip>J2761Q107</cusip>
        <identifiers>
          <isin value="JP3046400002"/>
          <ticker value="NIPOF"/>
        </identifiers>
        <balance>1161</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>479962.84</valUSD>
        <pctVal>0.3281486865</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>City Developments Ltd</name>
        <lei>254900BPLPJS0RJ72373</lei>
        <title>City Developments Ltd NPV</title>
        <cusip>V23130111</cusip>
        <identifiers>
          <isin value="SG1R89002252"/>
          <ticker value="CDEVF"/>
        </identifiers>
        <balance>156963</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3936"/>
        <valUSD>951079.35</valUSD>
        <pctVal>0.6502491724</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>alstria office REIT-AG</name>
        <lei>529900QIJIGPI0DRL085</lei>
        <title>alstria office REIT-AG NPV (BR)</title>
        <cusip>D0378R100</cusip>
        <identifiers>
          <isin value="DE000A0LD2U1"/>
          <ticker value="ALSRF"/>
        </identifiers>
        <balance>23337</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>347619.3</valUSD>
        <pctVal>0.2376659341</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>Mitsui Fudosan Co Ltd</name>
        <lei>353800ND4ZKNZDYKMF33</lei>
        <title>Mitsui Fudosan Co Ltd NPV</title>
        <cusip>J4509L101</cusip>
        <identifiers>
          <isin value="JP3893200000"/>
          <ticker value="MTSFF"/>
        </identifiers>
        <balance>80724</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1430359.4</valUSD>
        <pctVal>0.9779310381</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 NPV</title>
        <cusip>Y82594121</cusip>
        <identifiers>
          <isin value="HK0016000132"/>
          <ticker value="SUHJF"/>
        </identifiers>
        <balance>82681</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1053702.63</valUSD>
        <pctVal>0.7204123011</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>Swire Properties Limited</name>
        <lei>5299001L12PHYVQ92465</lei>
        <title>Swire Properties Limited NPV</title>
        <cusip>Y83191109</cusip>
        <identifiers>
          <isin value="HK0000063609"/>
          <ticker value="SWPFF"/>
        </identifiers>
        <balance>202280</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>513693.3</valUSD>
        <pctVal>0.3512100680</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>Tritax Big Box REIT Plc</name>
        <lei>213800L6X88MIYPVR714</lei>
        <title>Tritax Big Box REIT Plc ORD GBP0.01</title>
        <cusip>G9101W101</cusip>
        <identifiers>
          <isin value="GB00BG49KP99"/>
          <ticker value="TTBXF"/>
        </identifiers>
        <balance>581678</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8070373"/>
        <valUSD>1044195.07</valUSD>
        <pctVal>0.7139120202</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>Invesco Office J-REIT Inc</name>
        <lei>353800L26AROSFHOI265</lei>
        <title>Invesco Office J-REIT Inc REIT</title>
        <cusip>J2502Y104</cusip>
        <identifiers>
          <isin value="JP3047760008"/>
          <ticker value="IOFFF"/>
        </identifiers>
        <balance>4337</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>565582.54</valUSD>
        <pctVal>0.3866865352</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>Gecina</name>
        <lei>9695003E4MMA10IBTR26</lei>
        <title>Gecina EUR7.50</title>
        <cusip>F4268U171</cusip>
        <identifiers>
          <isin value="FR0010040865"/>
          <ticker value="GECFF"/>
        </identifiers>
        <balance>3557</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>439085.9</valUSD>
        <pctVal>0.3002012851</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>Dexus</name>
        <lei>N/A</lei>
        <title>Dexus STAPLED SEC NEW</title>
        <cusip>Q3190P134</cusip>
        <identifiers>
          <isin value="AU000000DXS1"/>
          <ticker value="DXSPF"/>
        </identifiers>
        <balance>240742</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4490653"/>
        <valUSD>1534155.93</valUSD>
        <pctVal>1.0488963132</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>Vonovia SE</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>Vonovia SE NPV</title>
        <cusip>D9581T100</cusip>
        <identifiers>
          <isin value="DE000A1ML7J1"/>
          <ticker value="VNNVF"/>
        </identifiers>
        <balance>26559</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>1626920.96</valUSD>
        <pctVal>1.1123193956</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>LaSalle LOGIPORT REIT</name>
        <lei>353800II3DI1RPKBB314</lei>
        <title>LaSalle LOGIPORT REIT REIT</title>
        <cusip>J38684106</cusip>
        <identifiers>
          <isin value="JP3048180008"/>
          <ticker value="LSLGF"/>
        </identifiers>
        <balance>314</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>484234.05</valUSD>
        <pctVal>0.3310688958</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>Healthpeak Properties Inc</name>
        <lei>PZ9HF5U52KPF0MH0QN75</lei>
        <title>Healthpeak Properties Inc COM</title>
        <cusip>42250P103</cusip>
        <identifiers>
          <isin value="US42250P1030"/>
          <ticker value="PEAK"/>
        </identifiers>
        <balance>21608</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>595516.48</valUSD>
        <pctVal>0.4071522510</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>Mgm Growth Properties Llc</name>
        <lei>549300E2UGIBHWE12262</lei>
        <title>Mgm Growth Properties Llc CL A COM</title>
        <cusip>55303A105</cusip>
        <identifiers>
          <isin value="US55303A1051"/>
          <ticker value="MGP"/>
        </identifiers>
        <balance>34989</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>952050.69</valUSD>
        <pctVal>0.6509132737</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds</ncom:nameOfApplicant>
      <ncom:signature>Randal E. Rein </ncom:signature>
      <ncom:signerName>Randal E. Rein </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
