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      </invstOrSec>
      <invstOrSec>
        <name>LXP INDL. TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP INDL. TRUST</title>
        <cusip>529043408</cusip>
        <identifiers>
          <isin value="US5290434084"/>
          <ticker value="LXP"/>
        </identifiers>
        <balance>19363</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>895732.38</valUSD>
        <pctVal>0.1305522222</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</title>
        <cusip>053484101</cusip>
        <identifiers>
          <isin value="US0534841012"/>
          <ticker value="AVB"/>
        </identifiers>
        <balance>47320</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7729722</valUSD>
        <pctVal>1.1266003179</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 PROP. TRUST</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>CAMDEN PROP. TRUST</title>
        <cusip>133131102</cusip>
        <identifiers>
          <isin value="US1331311027"/>
          <ticker value="CPT"/>
        </identifiers>
        <balance>35443</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3461363.38</valUSD>
        <pctVal>0.5044907287</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>VERIS RESIDENTIAL INC</name>
        <lei>254900KTVBRYJCQU2J23</lei>
        <title>VERIS RESIDENTIAL INC</title>
        <cusip>554489104</cusip>
        <identifiers>
          <isin value="US5544891048"/>
          <ticker value="VRE"/>
        </identifiers>
        <balance>27575</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>520340.25</valUSD>
        <pctVal>0.0758391429</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 PROP. TST. INC</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>ESSEX PROP. TST. INC</title>
        <cusip>297178105</cusip>
        <identifiers>
          <isin value="US2971781057"/>
          <ticker value="ESS"/>
        </identifiers>
        <balance>21492</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5201064</valUSD>
        <pctVal>0.7580505943</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>EQUITY RESIDENTIAL</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>EQUITY RESIDENTIAL</title>
        <cusip>29476L107</cusip>
        <identifiers>
          <isin value="US29476L1070"/>
          <ticker value="EQR"/>
        </identifiers>
        <balance>120762</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7143072.3</valUSD>
        <pctVal>1.0410966298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST INDL. REALTY TST. I</name>
        <lei>N/A</lei>
        <title>FIRST INDL. REALTY TST. I</title>
        <cusip>32054K103</cusip>
        <identifiers>
          <isin value="US32054K1034"/>
          <ticker value="FR"/>
        </identifiers>
        <balance>44431</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2570333.35</valUSD>
        <pctVal>0.3746238699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HIGHWOODS PROPS. INC</name>
        <lei>ZIIGTYKL9T0X3HLTDX53</lei>
        <title>HIGHWOODS PROPS. INC</title>
        <cusip>431284108</cusip>
        <identifiers>
          <isin value="US4312841087"/>
          <ticker value="HIW"/>
        </identifiers>
        <balance>36768</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>787202.88</valUSD>
        <pctVal>0.1147341411</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>KIMCO REALTY CORP</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>KIMCO REALTY CORP</title>
        <cusip>49446R109</cusip>
        <identifiers>
          <isin value="US49446R1095"/>
          <ticker value="KIM"/>
        </identifiers>
        <balance>227828</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5119295.16</valUSD>
        <pctVal>0.7461328563</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>BRANDYWINE REALTY TRUST</name>
        <lei>5UZ46ZCYUFYYAC0DS831</lei>
        <title>BRANDYWINE REALTY TRUST</title>
        <cusip>105368203</cusip>
        <identifiers>
          <isin value="US1053682035"/>
          <ticker value="BDN"/>
        </identifiers>
        <balance>55383</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>150087.93</valUSD>
        <pctVal>0.0218751864</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>MACERICH CO/THE</name>
        <lei>529900PSWCB5KI0JYU46</lei>
        <title>MACERICH CO/THE</title>
        <cusip>554382101</cusip>
        <identifiers>
          <isin value="US5543821012"/>
          <ticker value="MAC"/>
        </identifiers>
        <balance>85334</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1612812.6</valUSD>
        <pctVal>0.2350660461</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 APT. COMMUNIT</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>MID-AMERICA APT. COMMUNIT</title>
        <cusip>59522J103</cusip>
        <identifiers>
          <isin value="US59522J1034"/>
          <ticker value="MAA"/>
        </identifiers>
        <balance>39065</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4770617.8</valUSD>
        <pctVal>0.6953134317</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 HEALTH INVSTRS.</name>
        <lei>549300ZPKZIG6DKDEC02</lei>
        <title>NATIONAL HEALTH INVSTRS.</title>
        <cusip>63633D104</cusip>
        <identifiers>
          <isin value="US63633D1046"/>
          <ticker value="NHI"/>
        </identifiers>
        <balance>15758</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1274191.88</valUSD>
        <pctVal>0.1857123681</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>HOWARD HUGHES HLDGS. INC</name>
        <lei>254900TY494BHXIU6M60</lei>
        <title>HOWARD HUGHES HLDGS. INC</title>
        <cusip>44267T102</cusip>
        <identifiers>
          <isin value="US44267T1025"/>
          <ticker value="HHH"/>
        </identifiers>
        <balance>10672</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>675110.72</valUSD>
        <pctVal>0.0983968054</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>VITAL INFRA. PROP. TRUST</name>
        <lei>254900P6YIXMWDQDD912</lei>
        <title>VITAL INFRA. PROP. TRUST</title>
        <cusip>92848P107</cusip>
        <identifiers>
          <isin value="CA92848P1071"/>
          <ticker value="NWHUF"/>
        </identifiers>
        <balance>39726</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>150782.32</valUSD>
        <pctVal>0.0219763932</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>AMERICAN HEALTHCARE REIT</name>
        <lei>2549004GGE2APGNT6O92</lei>
        <title>AMERICAN HEALTHCARE REIT</title>
        <cusip>398182303</cusip>
        <identifiers>
          <isin value="US3981823038"/>
          <ticker value="AHR"/>
        </identifiers>
        <balance>59223</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2792956.68</valUSD>
        <pctVal>0.4070710284</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>INTERSHOP HLDG. AG</name>
        <lei>506700CGX4K77JX3R725</lei>
        <title>INTERSHOP HLDG. AG</title>
        <cusip>H42507279</cusip>
        <identifiers>
          <isin value="CH1338987303"/>
          <ticker value="ISZNF"/>
        </identifiers>
        <balance>1936</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".7996"/>
        <valUSD>407956.93</valUSD>
        <pctVal>0.0594593709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC PROP. INVEST AS</name>
        <lei>254900QSCB9T0W2KE886</lei>
        <title>PUBLIC PROP. INVEST AS</title>
        <cusip>R7S512109</cusip>
        <identifiers>
          <isin value="NO0013178616"/>
          <ticker value="PUBLI"/>
        </identifiers>
        <balance>77241</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.6829"/>
        <valUSD>173051.96</valUSD>
        <pctVal>0.0252221740</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>SILA REALTY TRUST INC COM</name>
        <lei>549300HXH142HWKKSW59</lei>
        <title>SILA REALTY TRUST INC COM</title>
        <cusip>146280508</cusip>
        <identifiers>
          <isin value="US1462805086"/>
          <ticker value="SILA"/>
        </identifiers>
        <balance>19034</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>450725.12</valUSD>
        <pctVal>0.0656927977</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>GUANGDONG HONG KONG GREAT</name>
        <lei>5493003V7UHKPVGKCE85</lei>
        <title>GUANGDONG HONG KONG GREAT</title>
        <cusip>G4181B119</cusip>
        <identifiers>
          <isin value="KYG4181B1196"/>
          <ticker value="1396"/>
        </identifiers>
        <balance>106000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>82974.7</valUSD>
        <pctVal>0.0120934910</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>AMRAM AVRAHAM CONSTRUCTIO</name>
        <lei>N/A</lei>
        <title>AMRAM AVRAHAM CONSTRUCTIO</title>
        <cusip>M1R41K135</cusip>
        <identifiers>
          <isin value="IL0011882003"/>
          <ticker value="AMRM"/>
        </identifiers>
        <balance>7842</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>96654.22</valUSD>
        <pctVal>0.0140872692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FASTPARTNER AB</name>
        <lei>549300BG6SL5QQ7LQW56</lei>
        <title>FASTPARTNER AB</title>
        <cusip>W2148D188</cusip>
        <identifiers>
          <isin value="SE0013512506"/>
          <ticker value="FPAR A"/>
        </identifiers>
        <balance>11955</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>54478.63</valUSD>
        <pctVal>0.0079402134</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>SMARTSTOP SELF STORAGE RE</name>
        <lei>549300EC266625K12S42</lei>
        <title>SMARTSTOP SELF STORAGE RE</title>
        <cusip>83192D402</cusip>
        <identifiers>
          <isin value="US83192D4025"/>
          <ticker value="SMA"/>
        </identifiers>
        <balance>19231</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>582314.68</valUSD>
        <pctVal>0.0848718626</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="582314.680000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURION ACCOMMODATION R</name>
        <lei>254900NE2W0T2HDOXF24</lei>
        <title>CENTURION ACCOMMODATION R</title>
        <cusip>Y1777V103</cusip>
        <identifiers>
          <isin value="SGXC43938841"/>
          <ticker value="CAREIT"/>
        </identifiers>
        <balance>148100</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>127508.85</valUSD>
        <pctVal>0.0185843050</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>HUDSON PACIFIC PROPS. INC</name>
        <lei>529900EURZA5HRSXQ389</lei>
        <title>HUDSON PACIFIC PROPS. INC</title>
        <cusip>444097406</cusip>
        <identifiers>
          <isin value="US4440974065"/>
          <ticker value="HPP"/>
        </identifiers>
        <balance>17517</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>103525.47</valUSD>
        <pctVal>0.0150887480</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>VASTNED NV</name>
        <lei>54930068RSC6OT68NE51</lei>
        <title>VASTNED NV</title>
        <cusip>B52491105</cusip>
        <identifiers>
          <isin value="BE0003754687"/>
          <ticker value="VASTB"/>
        </identifiers>
        <balance>3050</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>102261.81</valUSD>
        <pctVal>0.0149045706</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>ABACUS GROUP</name>
        <lei>N/A</lei>
        <title>ABACUS GROUP</title>
        <cusip>Q0015N260</cusip>
        <identifiers>
          <isin value="AU0000291882"/>
          <ticker value="ABCGF"/>
        </identifiers>
        <balance>150237</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>105516.71</valUSD>
        <pctVal>0.0153789695</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>HAMMERSON PLC</name>
        <lei>213800G1C9KKVVDN1A60</lei>
        <title>HAMMERSON PLC</title>
        <cusip>G4273Q206</cusip>
        <identifiers>
          <isin value="GB00BRJQ8J25"/>
          <ticker value="HMSNF"/>
        </identifiers>
        <balance>180530</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>718176.97</valUSD>
        <pctVal>0.1046736743</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>TAIBA INVS. CO</name>
        <lei>N/A</lei>
        <title>TAIBA INVS. CO</title>
        <cusip>M8T637106</cusip>
        <identifiers>
          <isin value="SA0007879790"/>
          <ticker value="TAIBA"/>
        </identifiers>
        <balance>44221</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7526"/>
        <valUSD>435644.28</valUSD>
        <pctVal>0.0634947782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXUS SELECT TRUST</name>
        <lei>3358005ZHLYHK1WZGL78</lei>
        <title>NEXUS SELECT TRUST</title>
        <cusip>Y6S6L6100</cusip>
        <identifiers>
          <isin value="INE0NDH25011"/>
          <ticker value="NXST"/>
        </identifiers>
        <balance>281008</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>446754.29</valUSD>
        <pctVal>0.0651140526</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>SIGNATUREGLOBAL INDIA LTD</name>
        <lei>335800W546JCVSM7EX05</lei>
        <title>SIGNATUREGLOBAL INDIA LTD</title>
        <cusip>Y7939W111</cusip>
        <identifiers>
          <isin value="INE903U01023"/>
          <ticker value="SIGNATURE"/>
        </identifiers>
        <balance>10712</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>81320.55</valUSD>
        <pctVal>0.0118524001</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>CURBLINE PROPS. CORP</name>
        <lei>529900PGR41LH0I81I15</lei>
        <title>CURBLINE PROPS. CORP</title>
        <cusip>23128Q101</cusip>
        <identifiers>
          <isin value="US23128Q1013"/>
          <ticker value="CURB"/>
        </identifiers>
        <balance>31059</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>801011.61</valUSD>
        <pctVal>0.1167467516</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>SVEAFASTIGHETER AB</name>
        <lei>636700W1VM86O2G2AA36</lei>
        <title>SVEAFASTIGHETER AB</title>
        <cusip>W8963L106</cusip>
        <identifiers>
          <isin value="SE0022243812"/>
          <ticker value="SVEAF"/>
        </identifiers>
        <balance>19921</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>74085.7</valUSD>
        <pctVal>0.0107979269</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>FIBRA MTY SAPI DE CV</name>
        <lei>4469000001BCNG57T785</lei>
        <title>FIBRA MTY SAPI DE CV</title>
        <cusip>P13549129</cusip>
        <identifiers>
          <isin value="MXCFFM010000"/>
          <ticker value="FMTYF"/>
        </identifiers>
        <balance>850360</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.923"/>
        <valUSD>720217.87</valUSD>
        <pctVal>0.1049711337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEKER GAYRIMENKUL YATIRIM</name>
        <lei>789000AYPWS1SMED9849</lei>
        <title>PEKER GAYRIMENKUL YATIRIM</title>
        <cusip>M78651102</cusip>
        <identifiers>
          <isin value="TREPEGY00022"/>
          <ticker value="PEKGY"/>
        </identifiers>
        <balance>1472181</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="44.4405"/>
        <valUSD>478081.57</valUSD>
        <pctVal>0.0696799767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLOS SA</name>
        <lei>N/A</lei>
        <title>ALLOS SA</title>
        <cusip>P0R6A1107</cusip>
        <identifiers>
          <isin value="BRALOSACNOR5"/>
          <ticker value="ALOS3"/>
        </identifiers>
        <balance>118959</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17985"/>
        <valUSD>695172.43</valUSD>
        <pctVal>0.1013207824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRANITE REAL ESTATE INV.</name>
        <lei>549300A6I7CLE0ZC0396</lei>
        <title>GRANITE REAL ESTATE INV.</title>
        <cusip>387437205</cusip>
        <identifiers>
          <isin value="CA3874372053"/>
          <ticker value="GRTUF"/>
        </identifiers>
        <balance>9665</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>568325.07</valUSD>
        <pctVal>0.0828328890</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>INTEA FASTIGHETER AB</name>
        <lei>549300KD3XGX3754UW61</lei>
        <title>INTEA FASTIGHETER AB</title>
        <cusip>W4R62U163</cusip>
        <identifiers>
          <isin value="SE0017072259"/>
          <ticker value="INTEA B"/>
        </identifiers>
        <balance>40053</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>298194.23</valUSD>
        <pctVal>0.0434615520</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>CHINA MERCHANTS SHEKOU IN</name>
        <lei>300300T3ACALX7NIPW13</lei>
        <title>CHINA MERCHANTS SHEKOU IN</title>
        <cusip>Y14907102</cusip>
        <identifiers>
          <isin value="CNE100002FC6"/>
          <ticker value="001979"/>
        </identifiers>
        <balance>173600</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9082"/>
        <valUSD>214999.33</valUSD>
        <pctVal>0.0313359670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIRIUS REAL ESTATE LTD OR</name>
        <lei>213800NURUF5W8QSK566</lei>
        <title>SIRIUS REAL ESTATE LTD OR</title>
        <cusip>G8187C104</cusip>
        <identifiers>
          <isin value="GG00B1W3VF54"/>
          <ticker value="SRRLF"/>
        </identifiers>
        <balance>494119</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>606819.72</valUSD>
        <pctVal>0.0884434511</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>EQUITES PROP. LTD</name>
        <lei>378900F47D60FBC7C419</lei>
        <title>EQUITES PROP. LTD</title>
        <cusip>S2755Y108</cusip>
        <identifiers>
          <isin value="ZAE000188843"/>
          <ticker value="EQU"/>
        </identifiers>
        <balance>275890</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.92125"/>
        <valUSD>275679.15</valUSD>
        <pctVal>0.0401799985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMAAR DEV. PJSC</name>
        <lei>N/A</lei>
        <title>EMAAR DEV. PJSC</title>
        <cusip>M4100K102</cusip>
        <identifiers>
          <isin value="AEE001901017"/>
          <ticker value="EMAARDEV"/>
        </identifiers>
        <balance>337967</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6733"/>
        <valUSD>1258900.12</valUSD>
        <pctVal>0.1834836072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>VORNADO REALTY TRUST</title>
        <cusip>929042109</cusip>
        <identifiers>
          <isin value="US9290421091"/>
          <ticker value="VNO"/>
        </identifiers>
        <balance>55274</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1436571.26</valUSD>
        <pctVal>0.2093790227</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>SUMMIT REAL ESTATE HLDGS.</name>
        <lei>254900R2MAR4ZEW3DO03</lei>
        <title>SUMMIT REAL ESTATE HLDGS.</title>
        <cusip>M8705C134</cusip>
        <identifiers>
          <isin value="IL0010816861"/>
          <ticker value="SMT"/>
        </identifiers>
        <balance>12045</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>206882.37</valUSD>
        <pctVal>0.0301529271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHARF REAL ESTATE INV. CO</name>
        <lei>529900QLPKS8U9QOPB59</lei>
        <title>WHARF REAL ESTATE INV. CO</title>
        <cusip>G9593A104</cusip>
        <identifiers>
          <isin value="KYG9593A1040"/>
          <ticker value="WRFRF"/>
        </identifiers>
        <balance>563317</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>1633164.21</valUSD>
        <pctVal>0.2380322757</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>AMERICOLD REALTY TST. INC</name>
        <lei>894500O3S3W62PQPO460</lei>
        <title>AMERICOLD REALTY TST. INC</title>
        <cusip>03064D108</cusip>
        <identifiers>
          <isin value="US03064D1081"/>
          <ticker value="COLD"/>
        </identifiers>
        <balance>96066</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1100916.36</valUSD>
        <pctVal>0.1604576104</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="14898.000000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LTC PROPS. INC</name>
        <lei>549300NRZP8IJG2KY677</lei>
        <title>LTC PROPS. INC</title>
        <cusip>502175102</cusip>
        <identifiers>
          <isin value="US5021751020"/>
          <ticker value="LTC"/>
        </identifiers>
        <balance>15918</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>591512.88</valUSD>
        <pctVal>0.0862124923</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>REALTY INC. CORP</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>REALTY INC. CORP</title>
        <cusip>756109104</cusip>
        <identifiers>
          <isin value="US7561091049"/>
          <ticker value="O"/>
        </identifiers>
        <balance>308085</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18848640.3</valUSD>
        <pctVal>2.7471730747</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>REYSAS GAYRIMENKUL YATIRI</name>
        <lei>789000T4S7UQTKKLGO34</lei>
        <title>REYSAS GAYRIMENKUL YATIRI</title>
        <cusip>M8215U103</cusip>
        <identifiers>
          <isin value="TRERGYO00019"/>
          <ticker value="RYGYF"/>
        </identifiers>
        <balance>201004</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="44.4405"/>
        <valUSD>132984.29</valUSD>
        <pctVal>0.0193823456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AROUNDTOWN SA</name>
        <lei>529900H4DWG3KWMBMQ39</lei>
        <title>AROUNDTOWN SA</title>
        <cusip>L0269F109</cusip>
        <identifiers>
          <isin value="LU1673108939"/>
          <ticker value="AANNF"/>
        </identifiers>
        <balance>256797</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>677985.01</valUSD>
        <pctVal>0.0988157307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="115968.480000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FABEGE AB</name>
        <lei>549300JNPI46XNH0PM97</lei>
        <title>FABEGE AB</title>
        <cusip>W7888D199</cusip>
        <identifiers>
          <isin value="SE0011166974"/>
          <ticker value="FBGGF"/>
        </identifiers>
        <balance>66897</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>539943.22</valUSD>
        <pctVal>0.0786962588</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>CHINA VANKE CO LTD</name>
        <lei>529900E66UJ2DWY7KW55</lei>
        <title>CHINA VANKE CO LTD</title>
        <cusip>Y77421116</cusip>
        <identifiers>
          <isin value="CNE0000000T2"/>
          <ticker value="CVKAF"/>
        </identifiers>
        <balance>163940</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9082"/>
        <valUSD>95299.9</valUSD>
        <pctVal>0.0138898783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INNOVATIVE INDL. PROPS. I</name>
        <lei>5493008BQ0545EZXRR30</lei>
        <title>INNOVATIVE INDL. PROPS. I</title>
        <cusip>45781V101</cusip>
        <identifiers>
          <isin value="US45781V1017"/>
          <ticker value="IIPR"/>
        </identifiers>
        <balance>9502</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>476620.32</valUSD>
        <pctVal>0.0694670008</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="476620.320000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREAT PORTLAND ESTATES PL</name>
        <lei>213800JMEDD2Q4N1MC42</lei>
        <title>GREAT PORTLAND ESTATES PL</title>
        <cusip>G40712211</cusip>
        <identifiers>
          <isin value="GB00BF5H9P87"/>
          <ticker value="GPEAF"/>
        </identifiers>
        <balance>110699</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>414524.82</valUSD>
        <pctVal>0.0604166352</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>NESCO LTD</name>
        <lei>98450089BC981FEO9C12</lei>
        <title>NESCO LTD</title>
        <cusip>Y6268M124</cusip>
        <identifiers>
          <isin value="INE317F01035"/>
          <ticker value="NESCO"/>
        </identifiers>
        <balance>7499</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>80922.07</valUSD>
        <pctVal>0.0117943219</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>FORTRESS REAL ESTATE INVS</name>
        <lei>378900FE98E30F24D975</lei>
        <title>FORTRESS REAL ESTATE INVS</title>
        <cusip>S30253108</cusip>
        <identifiers>
          <isin value="ZAE000248506"/>
          <ticker value="FRIFF"/>
        </identifiers>
        <balance>417824</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.92125"/>
        <valUSD>547597.01</valUSD>
        <pctVal>0.0798117921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIME DARBY PROP. BHD</name>
        <lei>N/A</lei>
        <title>SIME DARBY PROP. BHD</title>
        <cusip>Y7962J102</cusip>
        <identifiers>
          <isin value="MYL5288OO005"/>
          <ticker value="SIMEF"/>
        </identifiers>
        <balance>1055400</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>329746.68</valUSD>
        <pctVal>0.0480602943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VUKILE PROP. LTD</name>
        <lei>549300BDQAETROOTKO37</lei>
        <title>VUKILE PROP. LTD</title>
        <cusip>S9468N170</cusip>
        <identifiers>
          <isin value="ZAE000180865"/>
          <ticker value="VKPPF"/>
        </identifiers>
        <balance>467989</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.92125"/>
        <valUSD>614770.69</valUSD>
        <pctVal>0.0896022981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APPLE HOSPITALITY REIT IN</name>
        <lei>549300EVZAR0FBZO4F16</lei>
        <title>APPLE HOSPITALITY REIT IN</title>
        <cusip>03784Y200</cusip>
        <identifiers>
          <isin value="US03784Y2000"/>
          <ticker value="APLE"/>
        </identifiers>
        <balance>75568</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>869787.68</valUSD>
        <pctVal>0.1267708045</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="869787.680000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA REAL ESTATE MASTER</name>
        <lei>353800TNNZOQ1CPZE086</lei>
        <title>NOMURA REAL ESTATE MASTER</title>
        <cusip>J589D3119</cusip>
        <identifiers>
          <isin value="JP3048110005"/>
          <ticker value="NMMRF"/>
        </identifiers>
        <balance>1303</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1289234.19</valUSD>
        <pctVal>0.1879047718</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>APARTMENT INV. AND MGT. C</name>
        <lei>549300O8FT5GJ4RU1D57</lei>
        <title>APARTMENT INV. AND MGT. C</title>
        <cusip>03748R747</cusip>
        <identifiers>
          <isin value="US03748R7474"/>
          <ticker value="AIV"/>
        </identifiers>
        <balance>44220</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>179975.4</valUSD>
        <pctVal>0.0262312594</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</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
          <ticker value="EQIX"/>
        </identifiers>
        <balance>32926</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32275382.24</valUSD>
        <pctVal>4.7041091375</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>PANDOX AB</name>
        <lei>549300K4HA8EBLSL3B97</lei>
        <title>PANDOX AB</title>
        <cusip>W70174102</cusip>
        <identifiers>
          <isin value="SE0007100359"/>
          <ticker value="PNDXF"/>
        </identifiers>
        <balance>36381</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>695750.4</valUSD>
        <pctVal>0.1014050210</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>REIT 1 LTD</name>
        <lei>N/A</lei>
        <title>REIT 1 LTD</title>
        <cusip>M8209Q100</cusip>
        <identifiers>
          <isin value="IL0010989205"/>
          <ticker value="RETDF"/>
        </identifiers>
        <balance>65098</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>466596.4</valUSD>
        <pctVal>0.0680060231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HIAG IMMOBILIEN HLDG. AG</name>
        <lei>549300TU2XXQ3TU4KJ11</lei>
        <title>HIAG IMMOBILIEN HLDG. AG</title>
        <cusip>H3634R100</cusip>
        <identifiers>
          <isin value="CH0239518779"/>
          <ticker value="HIAG"/>
        </identifiers>
        <balance>1509</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".7996"/>
        <valUSD>255020.49</valUSD>
        <pctVal>0.0371690166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEKISUI HOUSE REIT INC</name>
        <lei>N/A</lei>
        <title>SEKISUI HOUSE REIT INC</title>
        <cusip>J91258103</cusip>
        <identifiers>
          <isin value="JP3047820000"/>
          <ticker value="SKUEF"/>
        </identifiers>
        <balance>1388</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>786212.32</valUSD>
        <pctVal>0.1145897679</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>XENIA HOTELS &amp; RESORTS IN</name>
        <lei>54930075IWIPHF5IQL62</lei>
        <title>XENIA HOTELS &amp; RESORTS IN</title>
        <cusip>984017103</cusip>
        <identifiers>
          <isin value="US9840171030"/>
          <ticker value="XHR"/>
        </identifiers>
        <balance>32451</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>481248.33</valUSD>
        <pctVal>0.0701415292</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>PRIMARY HEALTH PROPS. PLC</name>
        <lei>213800Y5CJHXOATK7X11</lei>
        <title>PRIMARY HEALTH PROPS. PLC</title>
        <cusip>G7240B186</cusip>
        <identifiers>
          <isin value="GB00BYRJ5J14"/>
          <ticker value="PHPRF"/>
        </identifiers>
        <balance>858016</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>1039802.92</valUSD>
        <pctVal>0.1515503792</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>SLATE GROCERY REIT</name>
        <lei>5493007WH5UCZ7KXH140</lei>
        <title>SLATE GROCERY REIT</title>
        <cusip>831062203</cusip>
        <identifiers>
          <isin value="CA8310622037"/>
          <ticker value="SRRTF"/>
        </identifiers>
        <balance>10998</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>119854.56</valUSD>
        <pctVal>0.0174686988</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>CENTERSPACE</name>
        <lei>5493002LG2SH9EEHT720</lei>
        <title>CENTERSPACE</title>
        <cusip>15202L107</cusip>
        <identifiers>
          <isin value="US15202L1070"/>
          <ticker value="CSR"/>
        </identifiers>
        <balance>5819</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>334301.55</valUSD>
        <pctVal>0.0487241627</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>LODHA DEVELOPERS LIMITED</name>
        <lei>254900B5QCN52ETNU557</lei>
        <title>LODHA DEVELOPERS LIMITED</title>
        <cusip>Y5311S112</cusip>
        <identifiers>
          <isin value="INE670K01029"/>
          <ticker value="LODHA"/>
        </identifiers>
        <balance>100645</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>729783.83</valUSD>
        <pctVal>0.1063653641</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>ALLIED PROPS. REAL ESTATE</name>
        <lei>549300AMZMPKVHA0MY77</lei>
        <title>ALLIED PROPS. REAL ESTATE</title>
        <cusip>019456102</cusip>
        <identifiers>
          <isin value="CA0194561027"/>
          <ticker value="APYRF"/>
        </identifiers>
        <balance>27047</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>178485.7</valUSD>
        <pctVal>0.0260141369</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>INTERRENT REAL ESTATE INV</name>
        <lei>N/A</lei>
        <title>INTERRENT REAL ESTATE INV</title>
        <cusip>46071W205</cusip>
        <identifiers>
          <isin value="CA46071W2058"/>
          <ticker value="IIPZF"/>
        </identifiers>
        <balance>23211</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>221247.83</valUSD>
        <pctVal>0.0322466805</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>DREAM INDL. REAL ESTATE I</name>
        <lei>549300QOI0TM3CBYUH79</lei>
        <title>DREAM INDL. REAL ESTATE I</title>
        <cusip>26153W109</cusip>
        <identifiers>
          <isin value="CA26153W1095"/>
          <ticker value="DREUF"/>
        </identifiers>
        <balance>48369</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>430108.93</valUSD>
        <pctVal>0.0626880058</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>IRON MOUNTAIN INC</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC</title>
        <cusip>46284V101</cusip>
        <identifiers>
          <isin value="US46284V1017"/>
          <ticker value="IRM"/>
        </identifiers>
        <balance>98835</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10095006.9</valUSD>
        <pctVal>1.4713385530</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>254900F33BIAR82QTA19</lei>
        <title>WELLTOWER INC</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
          <ticker value="WELL"/>
        </identifiers>
        <balance>230013</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45475870.23</valUSD>
        <pctVal>6.6280688822</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 PROP. TST. I</name>
        <lei>549300SVTPZPBDVNER42</lei>
        <title>FOUR CORNERS PROP. TST. I</title>
        <cusip>35086T109</cusip>
        <identifiers>
          <isin value="US35086T1097"/>
          <ticker value="FCPT"/>
        </identifiers>
        <balance>35006</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>827891.9</valUSD>
        <pctVal>0.1206645307</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>MINDSPACE BUSINESS PARKS</name>
        <lei>335800KNDFQZVN5X6W64</lei>
        <title>MINDSPACE BUSINESS PARKS</title>
        <cusip>Y60386102</cusip>
        <identifiers>
          <isin value="INE0CCU25019"/>
          <ticker value="MINDSPACE"/>
        </identifiers>
        <balance>75144</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>357031.28</valUSD>
        <pctVal>0.0520370013</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>BROADSTONE NET LEASE INC</name>
        <lei>549300U8D7PT70B49V21</lei>
        <title>BROADSTONE NET LEASE INC</title>
        <cusip>11135E203</cusip>
        <identifiers>
          <isin value="US11135E2037"/>
          <ticker value="BNL"/>
        </identifiers>
        <balance>62239</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1137106.53</valUSD>
        <pctVal>0.1657322965</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>CROMBIE REAL ESTATE INV.</name>
        <lei>549300OGQML2MCFAPT83</lei>
        <title>CROMBIE REAL ESTATE INV.</title>
        <cusip>227107109</cusip>
        <identifiers>
          <isin value="CA2271071094"/>
          <ticker value="CROMF"/>
        </identifiers>
        <balance>18180</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>206225.58</valUSD>
        <pctVal>0.0300572005</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>ECO WORLD DEV. GRP. BHD</name>
        <lei>N/A</lei>
        <title>ECO WORLD DEV. GRP. BHD</title>
        <cusip>Y74998108</cusip>
        <identifiers>
          <isin value="MYL8206OO004"/>
          <ticker value="ECW"/>
        </identifiers>
        <balance>449400</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>225855.92</valUSD>
        <pctVal>0.0329183056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOPSON DEV HOLD</name>
        <lei>549300HYMKPTC1DTZS42</lei>
        <title>HOPSON DEV HOLD</title>
        <cusip>G4600H119</cusip>
        <identifiers>
          <isin value="BMG4600H1198"/>
          <ticker value="HPDHF"/>
        </identifiers>
        <balance>348773</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>119808.1</valUSD>
        <pctVal>0.0174619273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICHIGO INC</name>
        <lei>N/A</lei>
        <title>ICHIGO INC</title>
        <cusip>J2382Y109</cusip>
        <identifiers>
          <isin value="JP3120010008"/>
          <ticker value="ICHIF"/>
        </identifiers>
        <balance>67800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>201110</valUSD>
        <pctVal>0.0293116091</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>STARHILL GBL. REIT</name>
        <lei>549300GCJNC7HDN3YK51</lei>
        <title>STARHILL GBL. REIT</title>
        <cusip>Y7545N109</cusip>
        <identifiers>
          <isin value="SG1S18926810"/>
          <ticker value="SGLMF"/>
        </identifiers>
        <balance>509290</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>212576.09</valUSD>
        <pctVal>0.0309827819</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 REIT</name>
        <lei>529900XUE70U36QX5M62</lei>
        <title>LINK REIT</title>
        <cusip>Y5281M111</cusip>
        <identifiers>
          <isin value="HK0823032773"/>
          <ticker value="LKREF"/>
        </identifiers>
        <balance>874626</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>4049572.63</valUSD>
        <pctVal>0.5902217198</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>YUEXIU REAL ESTATE INV. T</name>
        <lei>N/A</lei>
        <title>YUEXIU REAL ESTATE INV. T</title>
        <cusip>Y9865D109</cusip>
        <identifiers>
          <isin value="HK0405033157"/>
          <ticker value="YUXXF"/>
        </identifiers>
        <balance>779477</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>76807.53</valUSD>
        <pctVal>0.0111946313</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 INV. CORP</name>
        <lei>N/A</lei>
        <title>DAIWA OFFICE INV. CORP</title>
        <cusip>J1250G109</cusip>
        <identifiers>
          <isin value="JP3046310003"/>
          <ticker value="DAFVF"/>
        </identifiers>
        <balance>178</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>369753.86</valUSD>
        <pctVal>0.0538913063</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>AMATA CORP PCL</name>
        <lei>N/A</lei>
        <title>AMATA CORP PCL</title>
        <cusip>Y0099Y126</cusip>
        <identifiers>
          <isin value="TH0617010R19"/>
          <ticker value="AMCUF"/>
        </identifiers>
        <balance>247035</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>145371.69</valUSD>
        <pctVal>0.0211877985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MULTIPLAN EMPREENDIMENTOS</name>
        <lei>N/A</lei>
        <title>MULTIPLAN EMPREENDIMENTOS</title>
        <cusip>P69913187</cusip>
        <identifiers>
          <isin value="BRMULTACNOR5"/>
          <ticker value="MULT3"/>
        </identifiers>
        <balance>113872</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17985"/>
        <valUSD>696002.3</valUSD>
        <pctVal>0.1014417352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STOCKLAND</name>
        <lei>N/A</lei>
        <title>STOCKLAND</title>
        <cusip>Q8773B105</cusip>
        <identifiers>
          <isin value="AU000000SGP0"/>
          <ticker value="SGP"/>
        </identifiers>
        <balance>811020</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>2428787.89</valUSD>
        <pctVal>0.3539937412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO REALTY &amp; DEV. CO</name>
        <lei>353800SO2DCLOI3LNZ64</lei>
        <title>SUMITOMO REALTY &amp; DEV. CO</title>
        <cusip>J77841112</cusip>
        <identifiers>
          <isin value="JP3409000001"/>
          <ticker value="SURDF"/>
        </identifiers>
        <balance>204250</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>5742432.02</valUSD>
        <pctVal>0.8369545165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEGRO PLC</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>SEGRO PLC</title>
        <cusip>G80277141</cusip>
        <identifiers>
          <isin value="GB00B5ZN1N88"/>
          <ticker value="SEGXF"/>
        </identifiers>
        <balance>431650</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>3753771.56</valUSD>
        <pctVal>0.5471089688</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>INDEPENDENCE REALTY TST.</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>INDEPENDENCE REALTY TST.</title>
        <cusip>45378A106</cusip>
        <identifiers>
          <isin value="US45378A1060"/>
          <ticker value="IRT"/>
        </identifiers>
        <balance>78916</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1175059.24</valUSD>
        <pctVal>0.1712638712</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 AFFILIAT</name>
        <lei>529900FS06O8GOYNR108</lei>
        <title>NATIONAL STORAGE AFFILIAT</title>
        <cusip>637870106</cusip>
        <identifiers>
          <isin value="US6378701063"/>
          <ticker value="NSA"/>
        </identifiers>
        <balance>23836</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>899570.64</valUSD>
        <pctVal>0.1311116453</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>SMARTCENTRES REAL ESTATE</name>
        <lei>549300HKEP2IYWZ14H97</lei>
        <title>SMARTCENTRES REAL ESTATE</title>
        <cusip>83179X108</cusip>
        <identifiers>
          <isin value="CA83179X1087"/>
          <ticker value="CWYUF"/>
        </identifiers>
        <balance>23117</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>442697.78</valUSD>
        <pctVal>0.0645228198</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>COREM PROP. GRP. AB</name>
        <lei>213800CHXQQD7TSS1T59</lei>
        <title>COREM PROP. GRP. AB</title>
        <cusip>W2R19Q152</cusip>
        <identifiers>
          <isin value="SE0010714287"/>
          <ticker value="CPGAF"/>
        </identifiers>
        <balance>180018</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>63757.55</valUSD>
        <pctVal>0.0092926079</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="63040.540000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LASALLE LOGIPORT REIT</name>
        <lei>353800II3DI1RPKBB314</lei>
        <title>LASALLE LOGIPORT REIT</title>
        <cusip>J38684106</cusip>
        <identifiers>
          <isin value="JP3048180008"/>
          <ticker value="LSLGF"/>
        </identifiers>
        <balance>619</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>580851.75</valUSD>
        <pctVal>0.0846586418</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>ESR KENDALL SQUARE REIT C</name>
        <lei>N/A</lei>
        <title>ESR KENDALL SQUARE REIT C</title>
        <cusip>Y2S0MS103</cusip>
        <identifiers>
          <isin value="KR7365550003"/>
          <ticker value="A365550"/>
        </identifiers>
        <balance>57998</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>164890.87</valUSD>
        <pctVal>0.0240327022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VICINITY LTD</name>
        <lei>549300S7GOEVR0EGFN47</lei>
        <title>VICINITY LTD</title>
        <cusip>Q9395F102</cusip>
        <identifiers>
          <isin value="AU000000VCX7"/>
          <ticker value="CNRAF"/>
        </identifiers>
        <balance>1297516</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>2105111.59</valUSD>
        <pctVal>0.3068181995</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>RESILIENT REIT LTD</name>
        <lei>378900F37FF47D486C58</lei>
        <title>RESILIENT REIT LTD</title>
        <cusip>S6990F105</cusip>
        <identifiers>
          <isin value="ZAE000209557"/>
          <ticker value="RLNTF"/>
        </identifiers>
        <balance>99195</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.92125"/>
        <valUSD>466885.03</valUSD>
        <pctVal>0.0680480906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KILLAM APT. REAL ESTATE I</name>
        <lei>2549001RZSL75H60JE41</lei>
        <title>KILLAM APT. REAL ESTATE I</title>
        <cusip>49410M102</cusip>
        <identifiers>
          <isin value="CA49410M1023"/>
          <ticker value="KMMPF"/>
        </identifiers>
        <balance>20637</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>236618.61</valUSD>
        <pctVal>0.0344869584</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>H&amp;R REAL ESTATE INV. TRUS</name>
        <lei>549300TGNP6B6GUVGW10</lei>
        <title>H&amp;R REAL ESTATE INV. TRUS</title>
        <cusip>403925407</cusip>
        <identifiers>
          <isin value="CA4039254079"/>
          <ticker value="HRUFF"/>
        </identifiers>
        <balance>42656</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>299582.43</valUSD>
        <pctVal>0.0436638809</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>RADIANCE HLDGS. GRP. CO L</name>
        <lei>549300487COLIJOB7F68</lei>
        <title>RADIANCE HLDGS. GRP. CO L</title>
        <cusip>G7339A107</cusip>
        <identifiers>
          <isin value="KYG7339A1076"/>
          <ticker value="9993"/>
        </identifiers>
        <balance>213000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>36679.27</valUSD>
        <pctVal>0.0053459720</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>INGENIA COMMUNITIES GROUP</name>
        <lei>N/A</lei>
        <title>INGENIA COMMUNITIES GROUP</title>
        <cusip>Q4912D185</cusip>
        <identifiers>
          <isin value="AU000000INA9"/>
          <ticker value="INGEF"/>
        </identifiers>
        <balance>143168</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>398159.89</valUSD>
        <pctVal>0.0580314607</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>STORAGEVAULT CANADA INC</name>
        <lei>254900A6LDI0HRL1VD69</lei>
        <title>STORAGEVAULT CANADA INC</title>
        <cusip>86212H105</cusip>
        <identifiers>
          <isin value="CA86212H1055"/>
          <ticker value="SVAUF"/>
        </identifiers>
        <balance>76441</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>241780.17</valUSD>
        <pctVal>0.0352392513</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>LUMO KODIT OYJ</name>
        <lei>7437007YPUOQZ8OV1R42</lei>
        <title>LUMO KODIT OYJ</title>
        <cusip>X4543E117</cusip>
        <identifiers>
          <isin value="FI4000312251"/>
          <ticker value="KOJAF"/>
        </identifiers>
        <balance>49194</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>453199.36</valUSD>
        <pctVal>0.0660534160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALTAREA SCA</name>
        <lei>969500ICGCY1PD6OT783</lei>
        <title>ALTAREA SCA</title>
        <cusip>F0261X121</cusip>
        <identifiers>
          <isin value="FR0000033219"/>
          <ticker value="ATRRF"/>
        </identifiers>
        <balance>1880</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>247604.34</valUSD>
        <pctVal>0.0360881191</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="95705.890000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARTER HALL RET. REIT</name>
        <lei>N/A</lei>
        <title>CHARTER HALL RET. REIT</title>
        <cusip>Q2308D108</cusip>
        <identifiers>
          <isin value="AU000000CQR9"/>
          <ticker value="CQRUF"/>
        </identifiers>
        <balance>178189</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>470493.43</valUSD>
        <pctVal>0.0685740118</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>PRESTIGE ESTATES PROJECTS</name>
        <lei>335800HHEBP52VZLTU94</lei>
        <title>PRESTIGE ESTATES PROJECTS</title>
        <cusip>Y707AN101</cusip>
        <identifiers>
          <isin value="INE811K01011"/>
          <ticker value="PRESTIGE"/>
        </identifiers>
        <balance>56835</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>682036.99</valUSD>
        <pctVal>0.0994063033</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>AIMS APAC REIT</name>
        <lei>549300MGNQOBQ3KVN734</lei>
        <title>AIMS APAC REIT</title>
        <cusip>Y0029Z136</cusip>
        <identifiers>
          <isin value="SG2D63974620"/>
          <ticker value="ACIRF"/>
        </identifiers>
        <balance>193982</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>216718.12</valUSD>
        <pctVal>0.0315864792</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>TANGER INC</name>
        <lei>UKEW8YSXE4Y581KYOL30</lei>
        <title>TANGER INC</title>
        <cusip>875465106</cusip>
        <identifiers>
          <isin value="US8754651060"/>
          <ticker value="SKT"/>
        </identifiers>
        <balance>38495</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1308060.1</valUSD>
        <pctVal>0.1906486319</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</title>
        <cusip>92276F100</cusip>
        <identifiers>
          <isin value="US92276F1003"/>
          <ticker value="VTR"/>
        </identifiers>
        <balance>157508</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12881004.24</valUSD>
        <pctVal>1.8773952635</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>CORP INMOBILIARIA VESTA S</name>
        <lei>4469000001BIRIFZJ959</lei>
        <title>CORP INMOBILIARIA VESTA S</title>
        <cusip>P9781N108</cusip>
        <identifiers>
          <isin value="MX01VE0M0003"/>
          <ticker value="VESTF"/>
        </identifiers>
        <balance>291200</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.923"/>
        <valUSD>971912.29</valUSD>
        <pctVal>0.1416553784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REXFORD INDL. REALTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDL. REALTY INC</title>
        <cusip>76169C100</cusip>
        <identifiers>
          <isin value="US76169C1009"/>
          <ticker value="REXR"/>
        </identifiers>
        <balance>77402</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2533367.46</valUSD>
        <pctVal>0.3692361233</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>ARENA REIT</name>
        <lei>984500FEAC9A1C1FC967</lei>
        <title>ARENA REIT</title>
        <cusip>Q0457C152</cusip>
        <identifiers>
          <isin value="AU000000ARF6"/>
          <ticker value="ARFSF"/>
        </identifiers>
        <balance>136105</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>308010.5</valUSD>
        <pctVal>0.0448922648</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>DEYAAR DEV. PJSC</name>
        <lei>N/A</lei>
        <title>DEYAAR DEV. PJSC</title>
        <cusip>M28055115</cusip>
        <identifiers>
          <isin value="AED001001018"/>
          <ticker value="DEYAAR"/>
        </identifiers>
        <balance>386459</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6733"/>
        <valUSD>83995.93</valUSD>
        <pctVal>0.0122423344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURION CORP LTD</name>
        <lei>N/A</lei>
        <title>CENTURION CORP LTD</title>
        <cusip>Y8068A128</cusip>
        <identifiers>
          <isin value="SG2D51973063"/>
          <ticker value="OU8"/>
        </identifiers>
        <balance>67500</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>78052.58</valUSD>
        <pctVal>0.0113760962</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>BRIXMOR PROP. GRP. INC</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>BRIXMOR PROP. GRP. INC</title>
        <cusip>11120U105</cusip>
        <identifiers>
          <isin value="US11120U1051"/>
          <ticker value="BRX"/>
        </identifiers>
        <balance>102806</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2960812.8</valUSD>
        <pctVal>0.4315359131</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>NIPPON REIT INV. CORP</name>
        <lei>3538004O49OJ90PEXX85</lei>
        <title>NIPPON REIT INV. CORP</title>
        <cusip>J5530Q100</cusip>
        <identifiers>
          <isin value="JP3047750009"/>
          <ticker value="NPRTF"/>
        </identifiers>
        <balance>603</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>338665.54</valUSD>
        <pctVal>0.0493602105</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>MERLIN PROPS. SOCIMI SA</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>MERLIN PROPS. SOCIMI SA</title>
        <cusip>E7390Z100</cusip>
        <identifiers>
          <isin value="ES0105025003"/>
          <ticker value="MRPRF"/>
        </identifiers>
        <balance>131883</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>2145425.14</valUSD>
        <pctVal>0.3126938646</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>KUWAIT REAL ESTATE CO KSC</name>
        <lei>N/A</lei>
        <title>KUWAIT REAL ESTATE CO KSC</title>
        <cusip>M78904105</cusip>
        <identifiers>
          <isin value="KW0EQ0400618"/>
          <ticker value="KRE"/>
        </identifiers>
        <balance>314383</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3095"/>
        <valUSD>345269.56</valUSD>
        <pctVal>0.0503227407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REDEFINE PROPS. LTD</name>
        <lei>37890061EC026A7DA532</lei>
        <title>REDEFINE PROPS. LTD</title>
        <cusip>S6815L196</cusip>
        <identifiers>
          <isin value="ZAE000190252"/>
          <ticker value="RDPEF"/>
        </identifiers>
        <balance>2295140</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.92125"/>
        <valUSD>811032.32</valUSD>
        <pctVal>0.1182072615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNSTONE HOTEL INVSTRS. I</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>SUNSTONE HOTEL INVSTRS. I</title>
        <cusip>867892101</cusip>
        <identifiers>
          <isin value="US8678921011"/>
          <ticker value="SHO"/>
        </identifiers>
        <balance>58954</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>531175.54</valUSD>
        <pctVal>0.0774183770</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>MABANEE CO KPSC</name>
        <lei>N/A</lei>
        <title>MABANEE CO KPSC</title>
        <cusip>M6782J113</cusip>
        <identifiers>
          <isin value="KW0EQ0400725"/>
          <ticker value="MABANEE"/>
        </identifiers>
        <balance>228218</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3095"/>
        <valUSD>668763.13</valUSD>
        <pctVal>0.0974716497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIPUTRA DEV. TBK PT</name>
        <lei>2549000JMJUYB9U5Y204</lei>
        <title>CIPUTRA DEV. TBK PT</title>
        <cusip>Y7121J134</cusip>
        <identifiers>
          <isin value="ID1000115306"/>
          <ticker value="PTCDF"/>
        </identifiers>
        <balance>3119536</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16994.5"/>
        <valUSD>130889.47</valUSD>
        <pctVal>0.0190770274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAVILION REAL ESTATE INV.</name>
        <lei>N/A</lei>
        <title>PAVILION REAL ESTATE INV.</title>
        <cusip>Y6754A105</cusip>
        <identifiers>
          <isin value="MYL5212TO004"/>
          <ticker value="PREIT"/>
        </identifiers>
        <balance>626800</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>268888.79</valUSD>
        <pctVal>0.0391903093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IGB REAL ESTATE INV. TRUS</name>
        <lei>N/A</lei>
        <title>IGB REAL ESTATE INV. TRUS</title>
        <cusip>Y3865M102</cusip>
        <identifiers>
          <isin value="MYL5227TO002"/>
          <ticker value="IGBREIT"/>
        </identifiers>
        <balance>622500</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>424802.66</valUSD>
        <pctVal>0.0619146215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLP J-REIT</name>
        <lei>353800E27V9KA51K2I90</lei>
        <title>GLP J-REIT</title>
        <cusip>J17305103</cusip>
        <identifiers>
          <isin value="JP3047510007"/>
          <ticker value="GLPJF"/>
        </identifiers>
        <balance>1539</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1261837.58</valUSD>
        <pctVal>0.1839117395</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>GROWTHPOINT PROPS. LTD</name>
        <lei>37890019DD1E46632291</lei>
        <title>GROWTHPOINT PROPS. LTD</title>
        <cusip>S3373C239</cusip>
        <identifiers>
          <isin value="ZAE000179420"/>
          <ticker value="GWWTF"/>
        </identifiers>
        <balance>1157345</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.92125"/>
        <valUSD>1112363.85</valUSD>
        <pctVal>0.1621260722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MATRIX CONCEPTS HLDGS. BH</name>
        <lei>N/A</lei>
        <title>MATRIX CONCEPTS HLDGS. BH</title>
        <cusip>Y5840A103</cusip>
        <identifiers>
          <isin value="MYL5236OO004"/>
          <ticker value="MCH"/>
        </identifiers>
        <balance>390050</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>122672.63</valUSD>
        <pctVal>0.0178794301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IOI PROPS. GRP. BHD</name>
        <lei>N/A</lei>
        <title>IOI PROPS. GRP. BHD</title>
        <cusip>Y417A6104</cusip>
        <identifiers>
          <isin value="MYL5249OO007"/>
          <ticker value="IOIHF"/>
        </identifiers>
        <balance>480900</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>397152.94</valUSD>
        <pctVal>0.0578846986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WERELDHAVE NV</name>
        <lei>724500YRQCY3BD9RJZ92</lei>
        <title>WERELDHAVE NV</title>
        <cusip>N95060120</cusip>
        <identifiers>
          <isin value="NL0000289213"/>
          <ticker value="WRDEF"/>
        </identifiers>
        <balance>12815</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>318418.1</valUSD>
        <pctVal>0.0464091636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAMDA DEV. SA</name>
        <lei>213800C7PQZVF38FYL54</lei>
        <title>LAMDA DEV. SA</title>
        <cusip>X4740Y122</cusip>
        <identifiers>
          <isin value="GRS245213004"/>
          <ticker value="LMDFF"/>
        </identifiers>
        <balance>20444</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>142163.23</valUSD>
        <pctVal>0.0207201682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PSP SWISS PROP. AG</name>
        <lei>50670042Y437P8X44F56</lei>
        <title>PSP SWISS PROP. AG</title>
        <cusip>H64687124</cusip>
        <identifiers>
          <isin value="CH0018294154"/>
          <ticker value="PSPSF"/>
        </identifiers>
        <balance>15363</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".7996"/>
        <valUSD>3057772.39</valUSD>
        <pctVal>0.4456676898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGREE REALTY CORP</name>
        <lei>98450090H010B37OEB68</lei>
        <title>AGREE REALTY CORP</title>
        <cusip>008492100</cusip>
        <identifiers>
          <isin value="US0084921008"/>
          <ticker value="ADC"/>
        </identifiers>
        <balance>38311</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2887883.18</valUSD>
        <pctVal>0.4209064839</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>DIAMONDROCK HOSPITALITY C</name>
        <lei>529900KKD4BPVBUAQ734</lei>
        <title>DIAMONDROCK HOSPITALITY C</title>
        <cusip>252784301</cusip>
        <identifiers>
          <isin value="US2527843013"/>
          <ticker value="DRH"/>
        </identifiers>
        <balance>70314</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>658842.18</valUSD>
        <pctVal>0.0960256798</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>ICADE</name>
        <lei>969500UDH342QLTE1M42</lei>
        <title>ICADE</title>
        <cusip>F4931M119</cusip>
        <identifiers>
          <isin value="FR0000035081"/>
          <ticker value="CDMGF"/>
        </identifiers>
        <balance>10576</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>238737.4</valUSD>
        <pctVal>0.0347957702</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="137207.860000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGENCY CENTERS CORP</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>REGENCY CENTERS CORP</title>
        <cusip>758849103</cusip>
        <identifiers>
          <isin value="US7588491032"/>
          <ticker value="REG"/>
        </identifiers>
        <balance>58524</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4427925.84</valUSD>
        <pctVal>0.6453663740</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>MEDICAL PROPS. TST. INC</name>
        <lei>254900U6E39J1MQCCY14</lei>
        <title>MEDICAL PROPS. TST. INC</title>
        <cusip>58463J304</cusip>
        <identifiers>
          <isin value="US58463J3041"/>
          <ticker value="MPT"/>
        </identifiers>
        <balance>171295</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>793095.85</valUSD>
        <pctVal>0.1155930364</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="769945.850000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLADSTONE COMMER. CORP</name>
        <lei>529900EVVV534W8R0T32</lei>
        <title>GLADSTONE COMMER. CORP</title>
        <cusip>376536108</cusip>
        <identifiers>
          <isin value="US3765361080"/>
          <ticker value="GOOD"/>
        </identifiers>
        <balance>14553</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>166340.79</valUSD>
        <pctVal>0.0242440267</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>CT REAL ESTATE INV. TRUST</name>
        <lei>549300QXEHJXT6D53X16</lei>
        <title>CT REAL ESTATE INV. TRUST</title>
        <cusip>126462100</cusip>
        <identifiers>
          <isin value="CA1264621006"/>
          <ticker value="CTRRF"/>
        </identifiers>
        <balance>18261</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>217120.94</valUSD>
        <pctVal>0.0316451898</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>KITE REALTY GRP. TRUST</name>
        <lei>N/A</lei>
        <title>KITE REALTY GRP. TRUST</title>
        <cusip>49803T300</cusip>
        <identifiers>
          <isin value="US49803T3005"/>
          <ticker value="KRG"/>
        </identifiers>
        <balance>71655</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1759130.25</valUSD>
        <pctVal>0.2563917174</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>MONTEA NV</name>
        <lei>5493006K5LQDD0GK1T60</lei>
        <title>MONTEA NV</title>
        <cusip>B6214F103</cusip>
        <identifiers>
          <isin value="BE0003853703"/>
          <ticker value="MONSF"/>
        </identifiers>
        <balance>6768</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>518902.16</valUSD>
        <pctVal>0.0756295425</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>GODREJ PROPS. LTD</name>
        <lei>335800KM3Y5NZWXOE183</lei>
        <title>GODREJ PROPS. LTD</title>
        <cusip>Y2735G139</cusip>
        <identifiers>
          <isin value="INE484J01027"/>
          <ticker value="GODREJPROP"/>
        </identifiers>
        <balance>50456</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>790043.32</valUSD>
        <pctVal>0.1151481328</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>HYPROP INVS. LTD</name>
        <lei>3789003E3E1AD1E96166</lei>
        <title>HYPROP INVS. LTD</title>
        <cusip>S3723H102</cusip>
        <identifiers>
          <isin value="ZAE000190724"/>
          <ticker value="HINVF"/>
        </identifiers>
        <balance>136057</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.92125"/>
        <valUSD>433609.18</valUSD>
        <pctVal>0.0631981642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN PRIME REALTY INV. C</name>
        <lei>353800NJOQJAY1ODEX72</lei>
        <title>JAPAN PRIME REALTY INV. C</title>
        <cusip>J2741H102</cusip>
        <identifiers>
          <isin value="JP3040890000"/>
          <ticker value="JPRRF"/>
        </identifiers>
        <balance>1153</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>707583.42</valUSD>
        <pctVal>0.1031296735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND ASCENDAS REIT</name>
        <lei>549300ILIBAEMQZK3L20</lei>
        <title>CAPITALAND ASCENDAS REIT</title>
        <cusip>Y0205X103</cusip>
        <identifiers>
          <isin value="SG1M77906915"/>
          <ticker value="ACDSF"/>
        </identifiers>
        <balance>1311134</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>2533277.53</valUSD>
        <pctVal>0.3692230161</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>MAHINDRA LIFESPACE DEVELO</name>
        <lei>335800C4GAEGPH1E9B03</lei>
        <title>MAHINDRA LIFESPACE DEVELO</title>
        <cusip>Y54162105</cusip>
        <identifiers>
          <isin value="INE813A01018"/>
          <ticker value="MGELF"/>
        </identifiers>
        <balance>31813</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>99314.4</valUSD>
        <pctVal>0.0144749882</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>GLOBAL ONE REAL ESTATE IN</name>
        <lei>N/A</lei>
        <title>GLOBAL ONE REAL ESTATE IN</title>
        <cusip>J1727U103</cusip>
        <identifiers>
          <isin value="JP3044520009"/>
          <ticker value="8958"/>
        </identifiers>
        <balance>335</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>255127.96</valUSD>
        <pctVal>0.0371846802</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>INVINCIBLE INV. CORP</name>
        <lei>353800JY6M2692VAV685</lei>
        <title>INVINCIBLE INV. CORP</title>
        <cusip>J2442V103</cusip>
        <identifiers>
          <isin value="JP3046190009"/>
          <ticker value="IVINF"/>
        </identifiers>
        <balance>2596</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>976545.74</valUSD>
        <pctVal>0.1423306997</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>TOSEI CORP</name>
        <lei>N/A</lei>
        <title>TOSEI CORP</title>
        <cusip>J8963D109</cusip>
        <identifiers>
          <isin value="JP3595070008"/>
          <ticker value="TOETF"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>199621.35</valUSD>
        <pctVal>0.0290946397</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>CHONG HONG CONSTRUCTION C</name>
        <lei>N/A</lei>
        <title>CHONG HONG CONSTRUCTION C</title>
        <cusip>Y1582T103</cusip>
        <identifiers>
          <isin value="TW0005534002"/>
          <ticker value="CHGGF"/>
        </identifiers>
        <balance>61745</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>151478.18</valUSD>
        <pctVal>0.0220778141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YANLORD LAND GRP. LTD</name>
        <lei>N/A</lei>
        <title>YANLORD LAND GRP. LTD</title>
        <cusip>Y9729A101</cusip>
        <identifiers>
          <isin value="SG1T57930854"/>
          <ticker value="YLDGF"/>
        </identifiers>
        <balance>168300</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>79990.98</valUSD>
        <pctVal>0.0116586164</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="72199.510000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENTOWN CHINA HLDGS. LT</name>
        <lei>529900BLBC6YDNWS8530</lei>
        <title>GREENTOWN CHINA HLDGS. LT</title>
        <cusip>G4100M105</cusip>
        <identifiers>
          <isin value="KYG4100M1050"/>
          <ticker value="GTWCF"/>
        </identifiers>
        <balance>341500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>383414.57</valUSD>
        <pctVal>0.0558823430</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>CDL HOSPITALITY TRUSTS</name>
        <lei>N/A</lei>
        <title>CDL HOSPITALITY TRUSTS</title>
        <cusip>Y1233P104</cusip>
        <identifiers>
          <isin value="SG1T66931158"/>
          <ticker value="CDHSF"/>
        </identifiers>
        <balance>258652</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>166690.69</valUSD>
        <pctVal>0.0242950244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUI FUDOSAN</name>
        <lei>N/A</lei>
        <title>MITSUI FUDOSAN</title>
        <cusip>J52066107</cusip>
        <identifiers>
          <isin value="JP3046440008"/>
          <ticker value="NIPPF"/>
        </identifiers>
        <balance>824</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>697054.14</valUSD>
        <pctVal>0.1015950400</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>HUAKU DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>HUAKU DEV. CO LTD</title>
        <cusip>Y3742X107</cusip>
        <identifiers>
          <isin value="TW0002548005"/>
          <ticker value="HUKCF"/>
        </identifiers>
        <balance>96890</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>367439.61</valUSD>
        <pctVal>0.0535540064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HIGHWEALTH CONSTRUCTION C</name>
        <lei>N/A</lei>
        <title>HIGHWEALTH CONSTRUCTION C</title>
        <cusip>Y31959102</cusip>
        <identifiers>
          <isin value="TW0002542008"/>
          <ticker value="HJHCF"/>
        </identifiers>
        <balance>455118</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>499221.87</valUSD>
        <pctVal>0.0727611572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORI HILLS REIT INV. CORP</name>
        <lei>N/A</lei>
        <title>MORI HILLS REIT INV. CORP</title>
        <cusip>J4665S106</cusip>
        <identifiers>
          <isin value="JP3046470005"/>
          <ticker value="3234"/>
        </identifiers>
        <balance>488</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>408188.31</valUSD>
        <pctVal>0.0594930943</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>CHINA O/SEAS. LAND &amp; INV.</name>
        <lei>529900I6W35GYKRIZ151</lei>
        <title>CHINA O/SEAS. LAND &amp; INV.</title>
        <cusip>Y15004107</cusip>
        <identifiers>
          <isin value="HK0688002218"/>
          <ticker value="CAOVF"/>
        </identifiers>
        <balance>1271542</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>1889486.73</valUSD>
        <pctVal>0.2753910620</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 HOUSE IND. CO LTD</name>
        <lei>353800K9WXR9XRZJZI46</lei>
        <title>DAIWA HOUSE IND. CO LTD</title>
        <cusip>J11508124</cusip>
        <identifiers>
          <isin value="JP3505000004"/>
          <ticker value="DWAHF"/>
        </identifiers>
        <balance>187300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>5854919.96</valUSD>
        <pctVal>0.8533495368</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>HEIWA REAL ESTATE CO LTD</name>
        <lei>N/A</lei>
        <title>HEIWA REAL ESTATE CO LTD</title>
        <cusip>J19278100</cusip>
        <identifiers>
          <isin value="JP3834800009"/>
          <ticker value="HWARF"/>
        </identifiers>
        <balance>13500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>206541.84</valUSD>
        <pctVal>0.0301032951</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>HENDERSON LAND DEV. CO LT</name>
        <lei>529900SYQB7IVR9QGN76</lei>
        <title>HENDERSON LAND DEV. CO LT</title>
        <cusip>Y31476107</cusip>
        <identifiers>
          <isin value="HK0012000102"/>
          <ticker value="HLDVF"/>
        </identifiers>
        <balance>487555</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>1808315.22</valUSD>
        <pctVal>0.2635603844</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>AL RAJHI REIT</name>
        <lei>N/A</lei>
        <title>AL RAJHI REIT</title>
        <cusip>M0857X107</cusip>
        <identifiers>
          <isin value="SA14GG523Q50"/>
          <ticker value="ALRAJHI"/>
        </identifiers>
        <balance>88920</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7526"/>
        <valUSD>191954.86</valUSD>
        <pctVal>0.0279772554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUSINS PROPS. INC</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>COUSINS PROPS. INC</title>
        <cusip>222795502</cusip>
        <identifiers>
          <isin value="US2227955026"/>
          <ticker value="CUZ"/>
        </identifiers>
        <balance>56768</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1281253.76</valUSD>
        <pctVal>0.1867416310</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>HONGKONG LAND HLDGS. LTD</name>
        <lei>213800XCHYNRPAYGXW28</lei>
        <title>HONGKONG LAND HLDGS. LTD</title>
        <cusip>G4587L109</cusip>
        <identifiers>
          <isin value="BMG4587L1090"/>
          <ticker value="HKHGF"/>
        </identifiers>
        <balance>363918</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2846367.51</valUSD>
        <pctVal>0.4148556108</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>K WAH INTL. HLDGS. LTD</name>
        <lei>529900ZOP51K5LHLPK04</lei>
        <title>K WAH INTL. HLDGS. LTD</title>
        <cusip>G5321P116</cusip>
        <identifiers>
          <isin value="BMG5321P1169"/>
          <ticker value="KWHAF"/>
        </identifiers>
        <balance>435000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>123311.54</valUSD>
        <pctVal>0.0179725507</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>SHANGHAI JINQIAO EXPORT P</name>
        <lei>300300145JZKQZO13H90</lei>
        <title>SHANGHAI JINQIAO EXPORT P</title>
        <cusip>Y4443D101</cusip>
        <identifiers>
          <isin value="CNE000000941"/>
          <ticker value="SJQBF"/>
        </identifiers>
        <balance>108216</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82244.94</valUSD>
        <pctVal>0.0119871291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SP SETIA BHD GROUP</name>
        <lei>N/A</lei>
        <title>SP SETIA BHD GROUP</title>
        <cusip>Y8132G101</cusip>
        <identifiers>
          <isin value="MYL8664OO004"/>
          <ticker value="SPSJF"/>
        </identifiers>
        <balance>782069</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>168478.18</valUSD>
        <pctVal>0.0245555495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NTT DC REIT</name>
        <lei>N/A</lei>
        <title>NTT DC REIT</title>
        <cusip>Y642JH104</cusip>
        <identifiers>
          <isin value="SGXC92727947"/>
          <ticker value="NTDUF"/>
        </identifiers>
        <balance>252400</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>231433.76</valUSD>
        <pctVal>0.0337312710</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>RTS. CAPITALAND ASCENDA</name>
        <lei>N/A</lei>
        <title>RTS. CAPITALAND ASCENDA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="0B2KLCU"/>
        </identifiers>
        <balance>36711</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>3426.4</valUSD>
        <pctVal>0.0004993948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="RIGHT"/>
        <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>TOKYO TATEMONO CO LTD</name>
        <lei>529900RQA4JTW1869J86</lei>
        <title>TOKYO TATEMONO CO LTD</title>
        <cusip>J88333133</cusip>
        <identifiers>
          <isin value="JP3582600007"/>
          <ticker value="TYTMF"/>
        </identifiers>
        <balance>63500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1457718.05</valUSD>
        <pctVal>0.2124611491</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>HOSHINO RESORTS REIT INC</name>
        <lei>353800DF2MUZWFL4IL56</lei>
        <title>HOSHINO RESORTS REIT INC</title>
        <cusip>J2245U104</cusip>
        <identifiers>
          <isin value="JP3047610005"/>
          <ticker value="HOSHF"/>
        </identifiers>
        <balance>205</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>315206.75</valUSD>
        <pctVal>0.0459411121</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>TRITAX BIG BOX REIT PLC</name>
        <lei>213800L6X88MIYPVR714</lei>
        <title>TRITAX BIG BOX REIT PLC</title>
        <cusip>G9101W101</cusip>
        <identifiers>
          <isin value="GB00BG49KP99"/>
          <ticker value="TTBXF"/>
        </identifiers>
        <balance>743284</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>1401445.81</valUSD>
        <pctVal>0.2042595186</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>PROLOGIS PROP. MEXICO SA</name>
        <lei>4469000001BLWI4LQJ08</lei>
        <title>PROLOGIS PROP. MEXICO SA</title>
        <cusip>P4559M101</cusip>
        <identifiers>
          <isin value="MXCFFI170008"/>
          <ticker value="FBBPF"/>
        </identifiers>
        <balance>360161</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.923"/>
        <valUSD>1572225.44</valUSD>
        <pctVal>0.2291505025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCENTRE GROUP</name>
        <lei>529900TUCASM3W86E831</lei>
        <title>SCENTRE GROUP</title>
        <cusip>Q8351E109</cusip>
        <identifiers>
          <isin value="AU000000SCG8"/>
          <ticker value="STGPF"/>
        </identifiers>
        <balance>1751454</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>4040842.35</valUSD>
        <pctVal>0.5889492890</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>ENTRA ASA</name>
        <lei>549300APU14LQKTYCH34</lei>
        <title>ENTRA ASA</title>
        <cusip>R2R8A2105</cusip>
        <identifiers>
          <isin value="NO0010716418"/>
          <ticker value="ENTOF"/>
        </identifiers>
        <balance>15922</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.6829"/>
        <valUSD>172492.48</valUSD>
        <pctVal>0.0251406303</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>ARGAN SA</name>
        <lei>529900FXM41XSCUSGH04</lei>
        <title>ARGAN SA</title>
        <cusip>F0378V109</cusip>
        <identifiers>
          <isin value="FR0010481960"/>
          <ticker value="ARLLF"/>
        </identifiers>
        <balance>4521</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>297536.58</valUSD>
        <pctVal>0.0433657000</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>AEON REIT INV. CORP</name>
        <lei>353800P59F8MJB4FE788</lei>
        <title>AEON REIT INV. CORP</title>
        <cusip>J10006104</cusip>
        <identifiers>
          <isin value="JP3047650001"/>
          <ticker value="AEORF"/>
        </identifiers>
        <balance>544</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>429803.33</valUSD>
        <pctVal>0.0626434648</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>GRAND CITY PROPS. SA</name>
        <lei>5299002QLUYKK2WBMB18</lei>
        <title>GRAND CITY PROPS. SA</title>
        <cusip>L4459Y100</cusip>
        <identifiers>
          <isin value="LU0775917882"/>
          <ticker value="GRNNF"/>
        </identifiers>
        <balance>22509</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>234795.77</valUSD>
        <pctVal>0.0342212811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="174489.280000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPIRE STATE REALTY TST.</name>
        <lei>549300VOKY1DUEQSB456</lei>
        <title>EMPIRE STATE REALTY TST.</title>
        <cusip>292104106</cusip>
        <identifiers>
          <isin value="US2921041065"/>
          <ticker value="ESRT"/>
        </identifiers>
        <balance>47781</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>248461.2</valUSD>
        <pctVal>0.0362130057</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</title>
        <cusip>Q6605D109</cusip>
        <identifiers>
          <isin value="AU000000NSR2"/>
          <ticker value="NTSGF"/>
        </identifiers>
        <balance>466166</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>892336.02</valUSD>
        <pctVal>0.1300572056</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>CARETRUST REIT INC</name>
        <lei>5493001NVXE2B9GPLU96</lei>
        <title>CARETRUST REIT INC</title>
        <cusip>14174T107</cusip>
        <identifiers>
          <isin value="US14174T1079"/>
          <ticker value="CTRE"/>
        </identifiers>
        <balance>74754</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2739734.1</valUSD>
        <pctVal>0.3993138832</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>HULIC REIT INC</name>
        <lei>N/A</lei>
        <title>HULIC REIT INC</title>
        <cusip>J2359T109</cusip>
        <identifiers>
          <isin value="JP3047660000"/>
          <ticker value="HUICF"/>
        </identifiers>
        <balance>449</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>457341.82</valUSD>
        <pctVal>0.0666571760</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>SUPERMARKET INC. REIT PLC</name>
        <lei>2138007FOINJKAM7L537</lei>
        <title>SUPERMARKET INC. REIT PLC</title>
        <cusip>G8586X105</cusip>
        <identifiers>
          <isin value="GB00BF345X11"/>
          <ticker value="SUPIF"/>
        </identifiers>
        <balance>431451</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>453886.96</valUSD>
        <pctVal>0.0661536331</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>CRE LOGISTICS REIT INC</name>
        <lei>N/A</lei>
        <title>CRE LOGISTICS REIT INC</title>
        <cusip>J7008E106</cusip>
        <identifiers>
          <isin value="JP3048680007"/>
          <ticker value="CRELF"/>
        </identifiers>
        <balance>191</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>192307.6</valUSD>
        <pctVal>0.0280286669</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>CHARTER HALL SOCIAL INFRA</name>
        <lei>254900W31UGIMDQW3W98</lei>
        <title>CHARTER HALL SOCIAL INFRA</title>
        <cusip>Q2308H109</cusip>
        <identifiers>
          <isin value="AU0000030645"/>
          <ticker value="FKKEF"/>
        </identifiers>
        <balance>116719</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>208683.13</valUSD>
        <pctVal>0.0304153863</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>ISRAEL CANADA T.R LTD</name>
        <lei>984500FA8AEA2CE5RB18</lei>
        <title>ISRAEL CANADA T.R LTD</title>
        <cusip>M5897Z129</cusip>
        <identifiers>
          <isin value="IL0004340191"/>
          <ticker value="ISLCF"/>
        </identifiers>
        <balance>62818</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>351038.7</valUSD>
        <pctVal>0.0511635879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEPPEL DC REIT</name>
        <lei>N/A</lei>
        <title>KEPPEL DC REIT</title>
        <cusip>Y47230100</cusip>
        <identifiers>
          <isin value="SG1AF6000009"/>
          <ticker value="KPDCF"/>
        </identifiers>
        <balance>686303</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>1167783.25</valUSD>
        <pctVal>0.1702034020</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>SAMTY RESIDENTIAL INV. CO</name>
        <lei>N/A</lei>
        <title>SAMTY RESIDENTIAL INV. CO</title>
        <cusip>J6779Q108</cusip>
        <identifiers>
          <isin value="JP3047960004"/>
          <ticker value="SMTYF"/>
        </identifiers>
        <balance>104</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>69201.1</valUSD>
        <pctVal>0.0100860007</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="20459.950000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LENDLEASE GBL. COMMER. RE</name>
        <lei>N/A</lei>
        <title>LENDLEASE GBL. COMMER. RE</title>
        <cusip>Y5229U100</cusip>
        <identifiers>
          <isin value="SGXC61949712"/>
          <ticker value="LLGCF"/>
        </identifiers>
        <balance>756001</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>315534.9</valUSD>
        <pctVal>0.0459889397</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>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
        </identifiers>
        <balance>5002242.65</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5002242.65</valUSD>
        <pctVal>0.7290725539</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>PHILLIPS EDISON INC</name>
        <lei>549300JPN4YHYPXTJQ85</lei>
        <title>PHILLIPS EDISON INC</title>
        <cusip>71844V201</cusip>
        <identifiers>
          <isin value="US71844V2016"/>
          <ticker value="PECO"/>
        </identifiers>
        <balance>41769</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1562995.98</valUSD>
        <pctVal>0.2278053167</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>DIOS FASTIGHETER AB</name>
        <lei>549300G3VF7LZQ9IW435</lei>
        <title>DIOS FASTIGHETER AB</title>
        <cusip>W2592B100</cusip>
        <identifiers>
          <isin value="SE0001634262"/>
          <ticker value="DIOFF"/>
        </identifiers>
        <balance>36293</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>242523.97</valUSD>
        <pctVal>0.0353476596</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>SAGAX AB</name>
        <lei>549300LJX28T6OM8DT95</lei>
        <title>SAGAX AB</title>
        <cusip>W7519A200</cusip>
        <identifiers>
          <isin value="SE0005127818"/>
          <ticker value="SAGXF"/>
        </identifiers>
        <balance>74348</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>1385781.83</valUSD>
        <pctVal>0.2019765071</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>IRISH RESIDENTIAL PROPS.</name>
        <lei>635400EOPACLULRENY18</lei>
        <title>IRISH RESIDENTIAL PROPS.</title>
        <cusip>G49456109</cusip>
        <identifiers>
          <isin value="IE00BJ34P519"/>
          <ticker value="RSHPF"/>
        </identifiers>
        <balance>165553</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>194329.64</valUSD>
        <pctVal>0.0283233775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEGA OR HLDGS. LTD</name>
        <lei>N/A</lei>
        <title>MEGA OR HLDGS. LTD</title>
        <cusip>M6889L102</cusip>
        <identifiers>
          <isin value="IL0011044885"/>
          <ticker value="MGOR"/>
        </identifiers>
        <balance>8071</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>1289487.75</valUSD>
        <pctVal>0.1879417279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>C&amp;D INTL. INV. GRP. LTD</name>
        <lei>N/A</lei>
        <title>C&amp;D INTL. INV. GRP. LTD</title>
        <cusip>G3165D109</cusip>
        <identifiers>
          <isin value="KYG3165D1097"/>
          <ticker value="CDIGF"/>
        </identifiers>
        <balance>309549</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>499351.8</valUSD>
        <pctVal>0.0727800944</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>PLAZA SA</name>
        <lei>254900IOKBBI6NWAPK83</lei>
        <title>PLAZA SA</title>
        <cusip>P7898L106</cusip>
        <identifiers>
          <isin value="CL0002456714"/>
          <ticker value="MALLPLAZA"/>
        </identifiers>
        <balance>255130</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="926.26"/>
        <valUSD>1085788.5</valUSD>
        <pctVal>0.1582527378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EAGLE HOSPITALITY TRUST</name>
        <lei>N/A</lei>
        <title>EAGLE HOSPITALITY TRUST</title>
        <cusip>Y2188L106</cusip>
        <identifiers>
          <isin value="SGXC28500103"/>
          <ticker value="ELHYF"/>
        </identifiers>
        <balance>496400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YUEXIU PROP. CO LTD</name>
        <lei>529900GASK6R1FD08W10</lei>
        <title>YUEXIU PROP. CO LTD</title>
        <cusip>Y9863Z128</cusip>
        <identifiers>
          <isin value="HK0000745908"/>
          <ticker value="YUPRF"/>
        </identifiers>
        <balance>509674</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>247185.39</valUSD>
        <pctVal>0.0360270575</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>DAR AL ARKAN REAL ESTATE</name>
        <lei>558600USX20EGH6LVQ89</lei>
        <title>DAR AL ARKAN REAL ESTATE</title>
        <cusip>M2723D109</cusip>
        <identifiers>
          <isin value="SA11U0S23612"/>
          <ticker value="ALARKAN"/>
        </identifiers>
        <balance>181153</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7526"/>
        <valUSD>878379.24</valUSD>
        <pctVal>0.1280230170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DA-LI DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>DA-LI DEV. CO LTD</title>
        <cusip>Y1975L105</cusip>
        <identifiers>
          <isin value="TW0006177009"/>
          <ticker value="IALTF"/>
        </identifiers>
        <balance>85613</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>126843.6</valUSD>
        <pctVal>0.0184873454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONCENTRADORA FIBRA DANHO</name>
        <lei>2SFFM4FUIE05S37WFU55</lei>
        <title>CONCENTRADORA FIBRA DANHO</title>
        <cusip>P2825H138</cusip>
        <identifiers>
          <isin value="MXCFDA020005"/>
          <ticker value="GRFFF"/>
        </identifiers>
        <balance>104953</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.923"/>
        <valUSD>166889.5</valUSD>
        <pctVal>0.0243240008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KIWI PROP. GRP. LTD</name>
        <lei>N/A</lei>
        <title>KIWI PROP. GRP. LTD</title>
        <cusip>Q5349C104</cusip>
        <identifiers>
          <isin value="NZKPGE0001S9"/>
          <ticker value="KWIPF"/>
        </identifiers>
        <balance>557909</balance>
        <units>NS</units>
        <currencyConditional curCd="NZD" exchangeRt="1.7401896"/>
        <valUSD>291942.22</valUSD>
        <pctVal>0.0425503269</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>URBAN EDGE PROPERTIES</name>
        <lei>N/A</lei>
        <title>URBAN EDGE PROPERTIES</title>
        <cusip>91704F104</cusip>
        <identifiers>
          <isin value="US91704F1049"/>
          <ticker value="UE"/>
        </identifiers>
        <balance>42783</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>854804.34</valUSD>
        <pctVal>0.1245869956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUI FUDOSAN LOGISTICS</name>
        <lei>353800DN63EIYS760S59</lei>
        <title>MITSUI FUDOSAN LOGISTICS</title>
        <cusip>J44788107</cusip>
        <identifiers>
          <isin value="JP3048300002"/>
          <ticker value="MFLPF"/>
        </identifiers>
        <balance>1106</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>788666.88</valUSD>
        <pctVal>0.1149475179</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>CIBUS NORDIC REAL ESTATE</name>
        <lei>549300PW36MFK96GCR23</lei>
        <title>CIBUS NORDIC REAL ESTATE</title>
        <cusip>W24214103</cusip>
        <identifiers>
          <isin value="SE0010832204"/>
          <ticker value="CIBUS"/>
        </identifiers>
        <balance>23706</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>357834.48</valUSD>
        <pctVal>0.0521540670</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>NYFOSA AB</name>
        <lei>5493000YR2B83SILCJ50</lei>
        <title>NYFOSA AB</title>
        <cusip>W6S88K102</cusip>
        <identifiers>
          <isin value="SE0011426428"/>
          <ticker value="NYF"/>
        </identifiers>
        <balance>56436</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>392010.78</valUSD>
        <pctVal>0.0571352332</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>MIRARTH REAL ESTATE</name>
        <lei>353800B55299YP0HS329</lei>
        <title>MIRARTH REAL ESTATE</title>
        <cusip>J80746100</cusip>
        <identifiers>
          <isin value="JP3048750008"/>
          <ticker value="TKRLF"/>
        </identifiers>
        <balance>322</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>176383.96</valUSD>
        <pctVal>0.0257078101</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>LOTTE REIT CO LTD</name>
        <lei>N/A</lei>
        <title>LOTTE REIT CO LTD</title>
        <cusip>Y528AU105</cusip>
        <identifiers>
          <isin value="KR7330590001"/>
          <ticker value="A330590"/>
        </identifiers>
        <balance>48366</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>146816.29</valUSD>
        <pctVal>0.0213983477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISRAS INV. CO LTD</name>
        <lei>N/A</lei>
        <title>ISRAS INV. CO LTD</title>
        <cusip>M61446106</cusip>
        <identifiers>
          <isin value="IL0006130343"/>
          <ticker value="IRICF"/>
        </identifiers>
        <balance>452</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>115881.59</valUSD>
        <pctVal>0.0168896418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIMO INTL. LESTARI TBK PT</name>
        <lei>N/A</lei>
        <title>RIMO INTL. LESTARI TBK PT</title>
        <cusip>Y71354107</cusip>
        <identifiers>
          <isin value="ID1000062706"/>
          <ticker value="RIMO"/>
        </identifiers>
        <balance>42545100</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16994.5"/>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHAMPION REIT</name>
        <lei>N/A</lei>
        <title>CHAMPION REIT</title>
        <cusip>Y1292D109</cusip>
        <identifiers>
          <isin value="HK2778034606"/>
          <ticker value="CMPNF"/>
        </identifiers>
        <balance>548000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>158728.62</valUSD>
        <pctVal>0.0231345595</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>SHANGHAI ZHANGJIANG HIGH-</name>
        <lei>300300QF9LB9KZ188A33</lei>
        <title>SHANGHAI ZHANGJIANG HIGH-</title>
        <cusip>Y7699D105</cusip>
        <identifiers>
          <isin value="CNE000000JX9"/>
          <ticker value="600895"/>
        </identifiers>
        <balance>31500</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9082"/>
        <valUSD>156276.39</valUSD>
        <pctVal>0.0227771491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMHALLSBYGGNADSBOLAGET I</name>
        <lei>549300HX9MRFY47AH564</lei>
        <title>SAMHALLSBYGGNADSBOLAGET I</title>
        <cusip>W2R93A131</cusip>
        <identifiers>
          <isin value="SE0009554454"/>
          <ticker value="SBB B"/>
        </identifiers>
        <balance>350042</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>139358.76</valUSD>
        <pctVal>0.0203114191</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="136544.380000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIBAIL-RODAMCO-WESTFIELD</name>
        <lei>969500SHQITWXSIS7N89</lei>
        <title>UNIBAIL-RODAMCO-WESTFIELD</title>
        <cusip>F95094581</cusip>
        <identifiers>
          <isin value="FR0013326246"/>
          <ticker value="UNBLF"/>
        </identifiers>
        <balance>40877</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>4568589.48</valUSD>
        <pctVal>0.6658679782</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>EMBASSY OFFICE PARKS REIT</name>
        <lei>335800O555A557E43Z08</lei>
        <title>EMBASSY OFFICE PARKS REIT</title>
        <cusip>Y2R9YR104</cusip>
        <identifiers>
          <isin value="INE041025011"/>
          <ticker value="EMBASSY"/>
        </identifiers>
        <balance>283332</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>1258879.29</valUSD>
        <pctVal>0.1834805713</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>ARABIAN CENTRES CO LTD</name>
        <lei>8945006MT4ZZ5EBVCI56</lei>
        <title>ARABIAN CENTRES CO LTD</title>
        <cusip>M0000Y101</cusip>
        <identifiers>
          <isin value="SA14QG523GH3"/>
          <ticker value="CENOMICE"/>
        </identifiers>
        <balance>73380</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7526"/>
        <valUSD>334298.71</valUSD>
        <pctVal>0.0487237488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND ASCOTT TRUST</name>
        <lei>549300W6RTG7Y32IWY65</lei>
        <title>CAPITALAND ASCOTT TRUST</title>
        <cusip>Y0261Y177</cusip>
        <identifiers>
          <isin value="SGXC16332337"/>
          <ticker value="ATTRF"/>
        </identifiers>
        <balance>918414</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>631144.27</valUSD>
        <pctVal>0.0919887333</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>DIVERSIFIED HEALTHCARE TR</name>
        <lei>N/A</lei>
        <title>DIVERSIFIED HEALTHCARE TR</title>
        <cusip>25525P107</cusip>
        <identifiers>
          <isin value="US25525P1075"/>
          <ticker value="DHC"/>
        </identifiers>
        <balance>59842</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>397350.88</valUSD>
        <pctVal>0.0579135482</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>WAREHOUSE DE PAUW NV NPV</name>
        <lei>549300HWDYC5JXC85138</lei>
        <title>WAREHOUSE DE PAUW NV NPV</title>
        <cusip>B9T59Z100</cusip>
        <identifiers>
          <isin value="BE0974349814"/>
          <ticker value="WDPSF"/>
        </identifiers>
        <balance>66214</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>1721029.93</valUSD>
        <pctVal>0.2508386286</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>WAYPOINT REIT LTD</name>
        <lei>5493003CS5K82RREKA54</lei>
        <title>WAYPOINT REIT LTD</title>
        <cusip>Q95666105</cusip>
        <identifiers>
          <isin value="AU0000088064"/>
          <ticker value="VIEGF"/>
        </identifiers>
        <balance>212142</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>345300.68</valUSD>
        <pctVal>0.0503272764</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>NETSTREIT CORP</name>
        <lei>254900CJL0EDMEQ25Q84</lei>
        <title>NETSTREIT CORP</title>
        <cusip>64119V303</cusip>
        <identifiers>
          <isin value="US64119V3033"/>
          <ticker value="NTST"/>
        </identifiers>
        <balance>28907</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>544318.81</valUSD>
        <pctVal>0.0793339973</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="544318.810000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARRIYADH DEV. CO</name>
        <lei>N/A</lei>
        <title>ARRIYADH DEV. CO</title>
        <cusip>M1R03C105</cusip>
        <identifiers>
          <isin value="SA0007879683"/>
          <ticker value="ADCO"/>
        </identifiers>
        <balance>37737</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7526"/>
        <valUSD>189465</valUSD>
        <pctVal>0.0276143604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMAAR ECONOMIC CITY</name>
        <lei>N/A</lei>
        <title>EMAAR ECONOMIC CITY</title>
        <cusip>M4018S106</cusip>
        <identifiers>
          <isin value="SA000A0KDVM8"/>
          <ticker value="4220"/>
        </identifiers>
        <balance>58192</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7526"/>
        <valUSD>151237.01</valUSD>
        <pctVal>0.0220426638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AP (THAILAND) PUBLIC COMP</name>
        <lei>N/A</lei>
        <title>AP (THAILAND) PUBLIC COMP</title>
        <cusip>Y0209X117</cusip>
        <identifiers>
          <isin value="TH0308010Y16"/>
          <ticker value="APTFF"/>
        </identifiers>
        <balance>441405</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>112425.77</valUSD>
        <pctVal>0.0163859591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PLATZER FASTIGHETER HLDG.</name>
        <lei>5493009KPII4BZE70820</lei>
        <title>PLATZER FASTIGHETER HLDG.</title>
        <cusip>W7S644112</cusip>
        <identifiers>
          <isin value="SE0004977692"/>
          <ticker value="PLAZF"/>
        </identifiers>
        <balance>18394</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>132620.02</valUSD>
        <pctVal>0.0193292536</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>NP3 FASTIGHETER AB</name>
        <lei>549300MGVITW8GYJHZ50</lei>
        <title>NP3 FASTIGHETER AB</title>
        <cusip>W5909X111</cusip>
        <identifiers>
          <isin value="SE0006342333"/>
          <ticker value="NPPFF"/>
        </identifiers>
        <balance>11763</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>307799.42</valUSD>
        <pctVal>0.0448615001</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>SUNTECK REALTY LTD</name>
        <lei>335800TFT4V77I31F853</lei>
        <title>SUNTECK REALTY LTD</title>
        <cusip>Y8308R113</cusip>
        <identifiers>
          <isin value="INE805D01034"/>
          <ticker value="SUNTECK"/>
        </identifiers>
        <balance>19915</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>57938.77</valUSD>
        <pctVal>0.0084445258</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>HEALTHPEAK PROPS. INC</name>
        <lei>254900M6MTMZM0I22L81</lei>
        <title>HEALTHPEAK PROPS. INC</title>
        <cusip>42250P103</cusip>
        <identifiers>
          <isin value="US42250P1030"/>
          <ticker value="DOC"/>
        </identifiers>
        <balance>233898</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3842944.14</valUSD>
        <pctVal>0.5601057955</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>SOSILA LOGISTICS REIT INC</name>
        <lei>N/A</lei>
        <title>SOSILA LOGISTICS REIT INC</title>
        <cusip>J7645P100</cusip>
        <identifiers>
          <isin value="JP3048960003"/>
          <ticker value="SSLRF"/>
        </identifiers>
        <balance>227</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>173742.07</valUSD>
        <pctVal>0.0253227569</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>FIRST CAP. REAL ESTATE IN</name>
        <lei>54930042UG2WCIIAQZ39</lei>
        <title>FIRST CAP. REAL ESTATE IN</title>
        <cusip>31890B103</cusip>
        <identifiers>
          <isin value="CA31890B1031"/>
          <ticker value="FCXXF"/>
        </identifiers>
        <balance>36336</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>538601.34</valUSD>
        <pctVal>0.0785006810</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>SEAZEN GRP. LTD</name>
        <lei>5493006M8GRAQRCSCD67</lei>
        <title>SEAZEN GRP. LTD</title>
        <cusip>G7956A109</cusip>
        <identifiers>
          <isin value="KYG7956A1094"/>
          <ticker value="SZENF"/>
        </identifiers>
        <balance>803904</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>215040.02</valUSD>
        <pctVal>0.0313418975</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>HOMECO DAILY NEEDS REIT</name>
        <lei>N/A</lei>
        <title>HOMECO DAILY NEEDS REIT</title>
        <cusip>Q46596104</cusip>
        <identifiers>
          <isin value="AU0000113136"/>
          <ticker value="HDNRF"/>
        </identifiers>
        <balance>614200</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>502919.19</valUSD>
        <pctVal>0.0733000384</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="10299.470000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK REITS CO LTD</name>
        <lei>N/A</lei>
        <title>SK REITS CO LTD</title>
        <cusip>Y806SW102</cusip>
        <identifiers>
          <isin value="KR7395400005"/>
          <ticker value="A395400"/>
        </identifiers>
        <balance>53192</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>216517.33</valUSD>
        <pctVal>0.0315572142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUBAI RESIDENTIAL REIT AE</name>
        <lei>N/A</lei>
        <title>DUBAI RESIDENTIAL REIT AE</title>
        <cusip>M28898100</cusip>
        <identifiers>
          <isin value="AEE01657D252"/>
          <ticker value="DUBAIRESI"/>
        </identifiers>
        <balance>693338</balance>
        <units>PA</units>
        <currencyConditional curCd="AED" exchangeRt="3.6733"/>
        <valUSD>209234.06</valUSD>
        <pctVal>0.0304956839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AFRICA ISRAEL RESIDENCES</name>
        <lei>N/A</lei>
        <title>AFRICA ISRAEL RESIDENCES</title>
        <cusip>M0191T101</cusip>
        <identifiers>
          <isin value="IL0010979487"/>
          <ticker value="AFRE"/>
        </identifiers>
        <balance>2162</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>164835.59</valUSD>
        <pctVal>0.0240246451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOGAN GROUP CO LTD</name>
        <lei>549300NJ0E6Q0S1VOG90</lei>
        <title>LOGAN GROUP CO LTD</title>
        <cusip>G55555109</cusip>
        <identifiers>
          <isin value="KYG555551095"/>
          <ticker value="LPHHF"/>
        </identifiers>
        <balance>351000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>57361.76</valUSD>
        <pctVal>0.0083604271</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>STAR ASIA INV. CORP</name>
        <lei>N/A</lei>
        <title>STAR ASIA INV. CORP</title>
        <cusip>J76639103</cusip>
        <identifiers>
          <isin value="JP3048200004"/>
          <ticker value="SIACF"/>
        </identifiers>
        <balance>958</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>334637.79</valUSD>
        <pctVal>0.0487731694</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>YH DIMRI CONSTRUCTION &amp; D</name>
        <lei>N/A</lei>
        <title>YH DIMRI CONSTRUCTION &amp; D</title>
        <cusip>M98848100</cusip>
        <identifiers>
          <isin value="IL0010903156"/>
          <ticker value="DIMRI"/>
        </identifiers>
        <balance>3391</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>458284.53</valUSD>
        <pctVal>0.0667945752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CPI EUROPE AG</name>
        <lei>5299000DUMZ99SBBX121</lei>
        <title>CPI EUROPE AG</title>
        <cusip>A27849339</cusip>
        <identifiers>
          <isin value="AT0000A21KS2"/>
          <ticker value="IMMZF"/>
        </identifiers>
        <balance>11740</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>212506.95</valUSD>
        <pctVal>0.0309727048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JBG SMITH PROPERTIES</name>
        <lei>549300HHIW6GDQCPEC54</lei>
        <title>JBG SMITH PROPERTIES</title>
        <cusip>46590V100</cusip>
        <identifiers>
          <isin value="US46590V1008"/>
          <ticker value="JBGS"/>
        </identifiers>
        <balance>18390</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>268677.9</valUSD>
        <pctVal>0.0391595723</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="268677.900000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVITATION HOMES INC</name>
        <lei>984500FE452E665C9F85</lei>
        <title>INVITATION HOMES INC</title>
        <cusip>46187W107</cusip>
        <identifiers>
          <isin value="US46187W1071"/>
          <ticker value="INVH"/>
        </identifiers>
        <balance>194300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4828355</valUSD>
        <pctVal>0.7037285788</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>CENTURIA INDL. REIT</name>
        <lei>N/A</lei>
        <title>CENTURIA INDL. REIT</title>
        <cusip>Q2227X102</cusip>
        <identifiers>
          <isin value="AU000000CIP0"/>
          <ticker value="CNIEF"/>
        </identifiers>
        <balance>186317</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>371231.93</valUSD>
        <pctVal>0.0541067338</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="367510.550000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRAI CORP</name>
        <lei>353800HQCYM7P10R9D93</lei>
        <title>MIRAI CORP</title>
        <cusip>J4309J108</cusip>
        <identifiers>
          <isin value="JP3048370005"/>
          <ticker value="MIRAF"/>
        </identifiers>
        <balance>649</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>195840.74</valUSD>
        <pctVal>0.0285436190</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>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC</title>
        <cusip>379378201</cusip>
        <identifiers>
          <isin value="US3793782018"/>
          <ticker value="GNL"/>
        </identifiers>
        <balance>67940</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>635918.4</valUSD>
        <pctVal>0.0926845586</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>PARK HOTELS &amp; RESORTS INC</name>
        <lei>5493005UZ5TQN0H6HS73</lei>
        <title>PARK HOTELS &amp; RESORTS INC</title>
        <cusip>700517105</cusip>
        <identifiers>
          <isin value="US7005171050"/>
          <ticker value="PK"/>
        </identifiers>
        <balance>64995</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>684397.35</valUSD>
        <pctVal>0.0997503238</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1179.360000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARMILA SA</name>
        <lei>222100P6D3QKU33LZQ72</lei>
        <title>CARMILA SA</title>
        <cusip>F1387K266</cusip>
        <identifiers>
          <isin value="FR0010828137"/>
          <ticker value="CRMIF"/>
        </identifiers>
        <balance>21409</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>415080.18</valUSD>
        <pctVal>0.0604975784</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>MITSUBISHI ESTATE LOGISTI</name>
        <lei>353800YYSGZU31ICQK38</lei>
        <title>MITSUBISHI ESTATE LOGISTI</title>
        <cusip>J4S41D104</cusip>
        <identifiers>
          <isin value="JP3048480002"/>
          <ticker value="MLGRF"/>
        </identifiers>
        <balance>475</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>374357.09</valUSD>
        <pctVal>0.0545622231</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>RETAIL ESTATES NV</name>
        <lei>5493007CO5W5OBFG7L21</lei>
        <title>RETAIL ESTATES NV</title>
        <cusip>B7081U108</cusip>
        <identifiers>
          <isin value="BE0003720340"/>
          <ticker value="RETTF"/>
        </identifiers>
        <balance>4154</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>318257.66</valUSD>
        <pctVal>0.0463857796</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>NEXPOINT RESIDENTIAL TST.</name>
        <lei>549300U2J6XVYBF87166</lei>
        <title>NEXPOINT RESIDENTIAL TST.</title>
        <cusip>65341D102</cusip>
        <identifiers>
          <isin value="US65341D1028"/>
          <ticker value="NXRT"/>
        </identifiers>
        <balance>7498</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187450</valUSD>
        <pctVal>0.0273206759</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>CHARTER HALL LONG WALE RE</name>
        <lei>N/A</lei>
        <title>CHARTER HALL LONG WALE RE</title>
        <cusip>Q2308E106</cusip>
        <identifiers>
          <isin value="AU000000CLW0"/>
          <ticker value="CHLWF"/>
        </identifiers>
        <balance>212403</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>492650.29</valUSD>
        <pctVal>0.0718033551</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>INTERNATIONAL WORKPLACE</name>
        <lei>2138003LWDII27UTAG52</lei>
        <title>INTERNATIONAL WORKPLACE</title>
        <cusip>G4969N103</cusip>
        <identifiers>
          <isin value="JE00BYVQYS01"/>
          <ticker value="IWGFF"/>
        </identifiers>
        <balance>242002</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>567123.14</valUSD>
        <pctVal>0.0826577087</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>BROOKFIELD INDIA REAL EST</name>
        <lei>335800MCXUOZ6TVFEQ25</lei>
        <title>BROOKFIELD INDIA REAL EST</title>
        <cusip>Y0974Z107</cusip>
        <identifiers>
          <isin value="INE0FDU25010"/>
          <ticker value="BIRET"/>
        </identifiers>
        <balance>155554</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>532414.01</valUSD>
        <pctVal>0.0775988830</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>HOME REIT PLC</name>
        <lei>213800A53AOVH3FCGG44</lei>
        <title>HOME REIT PLC</title>
        <cusip>G4579X103</cusip>
        <identifiers>
          <isin value="GB00BJP5HK17"/>
          <ticker value="HMRPF"/>
        </identifiers>
        <balance>484349</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>121613.71</valUSD>
        <pctVal>0.0177250934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBL &amp; ASSOC. PROPS. INC</name>
        <lei>529900EIVFBRS4PUBZ13</lei>
        <title>CBL &amp; ASSOC. PROPS. INC</title>
        <cusip>124830878</cusip>
        <identifiers>
          <isin value="US1248308785"/>
          <ticker value="CBL"/>
        </identifiers>
        <balance>5190</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>199451.7</valUSD>
        <pctVal>0.0290699133</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>PRIMARIS REAL ESTATE INV.</name>
        <lei>549300WUM45OXSEVOT03</lei>
        <title>PRIMARIS REAL ESTATE INV.</title>
        <cusip>74167K109</cusip>
        <identifiers>
          <isin value="CA74167K1093"/>
          <ticker value="PMREF"/>
        </identifiers>
        <balance>19478</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>241532.24</valUSD>
        <pctVal>0.0352031158</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>ANANT RAJ LTD</name>
        <lei>335800J1QMHJ15K7PF47</lei>
        <title>ANANT RAJ LTD</title>
        <cusip>Y01272122</cusip>
        <identifiers>
          <isin value="INE242C01024"/>
          <ticker value="ARJIF"/>
        </identifiers>
        <balance>39586</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>176470.08</valUSD>
        <pctVal>0.0257203620</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>UEM SUNRISE BHD</name>
        <lei>N/A</lei>
        <title>UEM SUNRISE BHD</title>
        <cusip>Y90347124</cusip>
        <identifiers>
          <isin value="MYL5148OO001"/>
          <ticker value="UMSBF"/>
        </identifiers>
        <balance>383600</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>43581.09</valUSD>
        <pctVal>0.0063519063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMOT INVS. LTD</name>
        <lei>N/A</lei>
        <title>AMOT INVS. LTD</title>
        <cusip>M1035R103</cusip>
        <identifiers>
          <isin value="IL0010972789"/>
          <ticker value="AMTTF"/>
        </identifiers>
        <balance>83424</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>511194.14</valUSD>
        <pctVal>0.0745061052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELECTRA REAL ESTATE LTD</name>
        <lei>N/A</lei>
        <title>ELECTRA REAL ESTATE LTD</title>
        <cusip>M3752K105</cusip>
        <identifiers>
          <isin value="IL0010940448"/>
          <ticker value="ELERF"/>
        </identifiers>
        <balance>10718</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>178498.73</valUSD>
        <pctVal>0.0260160360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AZRIELI GRP. LTD</name>
        <lei>N/A</lei>
        <title>AZRIELI GRP. LTD</title>
        <cusip>M1571Q105</cusip>
        <identifiers>
          <isin value="IL0011194789"/>
          <ticker value="AZRGF"/>
        </identifiers>
        <balance>14304</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>1915792.86</valUSD>
        <pctVal>0.2792251578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RLJ LODGING TRUST</name>
        <lei>549300RX5I8Z6I6LDZ74</lei>
        <title>RLJ LODGING TRUST</title>
        <cusip>74965L101</cusip>
        <identifiers>
          <isin value="US74965L1017"/>
          <ticker value="RLJ"/>
        </identifiers>
        <balance>45390</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>336793.8</valUSD>
        <pctVal>0.0490874060</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="336793.800000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RYMAN HOSPITALITY PROPS.</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>RYMAN HOSPITALITY PROPS.</title>
        <cusip>78377T107</cusip>
        <identifiers>
          <isin value="US78377T1079"/>
          <ticker value="RHP"/>
        </identifiers>
        <balance>20124</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1856841.48</valUSD>
        <pctVal>0.2706330450</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>MACQUARIE MEXICO REAL EST</name>
        <lei>549300ALY1LDVQGKWL18</lei>
        <title>MACQUARIE MEXICO REAL EST</title>
        <cusip>P3515D155</cusip>
        <identifiers>
          <isin value="MXCFFI0U0002"/>
          <ticker value="DBMBF"/>
        </identifiers>
        <balance>274426</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.923"/>
        <valUSD>631747.85</valUSD>
        <pctVal>0.0920767045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AREIT INC</name>
        <lei>N/A</lei>
        <title>AREIT INC</title>
        <cusip>Y1001D101</cusip>
        <identifiers>
          <isin value="PHY1001D1010"/>
          <ticker value="AREIT"/>
        </identifiers>
        <balance>386400</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="60.75"/>
        <valUSD>252161.56</valUSD>
        <pctVal>0.0367523300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVENTRUST PROPS. CORP</name>
        <lei>5493006BQYSOBYVUFA03</lei>
        <title>INVENTRUST PROPS. CORP</title>
        <cusip>46124J201</cusip>
        <identifiers>
          <isin value="US46124J2015"/>
          <ticker value="IVT"/>
        </identifiers>
        <balance>25439</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>774871.94</valUSD>
        <pctVal>0.1129369173</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>WALLENSTAM AB</name>
        <lei>21380081R2P9MKFQBD25</lei>
        <title>WALLENSTAM AB</title>
        <cusip>W9898B148</cusip>
        <identifiers>
          <isin value="SE0017780133"/>
          <ticker value="WLNTF"/>
        </identifiers>
        <balance>131698</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>573661.21</valUSD>
        <pctVal>0.0836106268</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>CA IMMOBILIEN ANLAGEN AG</name>
        <lei>5299003ICAPV07J0R180</lei>
        <title>CA IMMOBILIEN ANLAGEN AG</title>
        <cusip>A1144Q155</cusip>
        <identifiers>
          <isin value="AT0000641352"/>
          <ticker value="CAIAF"/>
        </identifiers>
        <balance>10049</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>284301.29</valUSD>
        <pctVal>0.0414366679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLREAL HOLDING AGCHF50</name>
        <lei>5067006XH174LA44H658</lei>
        <title>ALLREAL HOLDING AGCHF50</title>
        <cusip>H0151D100</cusip>
        <identifiers>
          <isin value="CH0008837566"/>
          <ticker value="ALRHF"/>
        </identifiers>
        <balance>4961</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".7996"/>
        <valUSD>1403791.15</valUSD>
        <pctVal>0.2046013499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWISS PRIME SITE AG</name>
        <lei>506700XI9H64OPR34158</lei>
        <title>SWISS PRIME SITE AG</title>
        <cusip>H8403W107</cusip>
        <identifiers>
          <isin value="CH0008038389"/>
          <ticker value="SWPRF"/>
        </identifiers>
        <balance>26938</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".7996"/>
        <valUSD>4563988.84</valUSD>
        <pctVal>0.6651974389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CASTELLUM AB</name>
        <lei>549300GU5OHTR1T5IY68</lei>
        <title>CASTELLUM AB</title>
        <cusip>W2084X107</cusip>
        <identifiers>
          <isin value="SE0000379190"/>
          <ticker value="CWQXF"/>
        </identifiers>
        <balance>122995</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>1428985.92</valUSD>
        <pctVal>0.2082734659</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>NEXITY SA</name>
        <lei>969500JJ71T2DIPDVV84</lei>
        <title>NEXITY SA</title>
        <cusip>F6527B126</cusip>
        <identifiers>
          <isin value="FR0010112524"/>
          <ticker value="NXYAF"/>
        </identifiers>
        <balance>11929</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>111383.79</valUSD>
        <pctVal>0.0162340914</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>MERCIALYS SA</name>
        <lei>969500081CGAXB7YS433</lei>
        <title>MERCIALYS SA</title>
        <cusip>F61573105</cusip>
        <identifiers>
          <isin value="FR0010241638"/>
          <ticker value="MEIYF"/>
        </identifiers>
        <balance>32406</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>439430.45</valUSD>
        <pctVal>0.0640466093</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>MOBIMO HLDG. AG</name>
        <lei>50670018HN8O1GD3O385</lei>
        <title>MOBIMO HLDG. AG</title>
        <cusip>H55058103</cusip>
        <identifiers>
          <isin value="CH0011108872"/>
          <ticker value="MBIHF"/>
        </identifiers>
        <balance>2531</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".7996"/>
        <valUSD>1207668</valUSD>
        <pctVal>0.1760165699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAG IMMOBILIEN AG</name>
        <lei>529900TAE68USJNXLR59</lei>
        <title>TAG IMMOBILIEN AG</title>
        <cusip>D8283Q174</cusip>
        <identifiers>
          <isin value="DE0008303504"/>
          <ticker value="TEG"/>
        </identifiers>
        <balance>64251</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>1004869.45</valUSD>
        <pctVal>0.1464588561</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>UMH PROPS. INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH PROPS. INC</title>
        <cusip>903002103</cusip>
        <identifiers>
          <isin value="US9030021037"/>
          <ticker value="UMH"/>
        </identifiers>
        <balance>28491</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>411125.13</valUSD>
        <pctVal>0.0599211333</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>NNN REIT INC</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT INC</title>
        <cusip>637417106</cusip>
        <identifiers>
          <isin value="US6374171063"/>
          <ticker value="NNN"/>
        </identifiers>
        <balance>63159</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2654572.77</valUSD>
        <pctVal>0.3869016928</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>AEDIFICA SA</name>
        <lei>529900DTKNXL0AXQFN28</lei>
        <title>AEDIFICA SA</title>
        <cusip>B0130A108</cusip>
        <identifiers>
          <isin value="BE0003851681"/>
          <ticker value="AEDFF"/>
        </identifiers>
        <balance>27968</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>2257862.94</valUSD>
        <pctVal>0.3290815770</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>NATIONAL REAL ESTATE CO K</name>
        <lei>N/A</lei>
        <title>NATIONAL REAL ESTATE CO K</title>
        <cusip>M7244G101</cusip>
        <identifiers>
          <isin value="KW0EQ0400634"/>
          <ticker value="NRE"/>
        </identifiers>
        <balance>504647</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3095"/>
        <valUSD>113058.29</valUSD>
        <pctVal>0.0164781483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIBRA UNO ADMINISTRACION</name>
        <lei>4469000001BLWI4LQJ08</lei>
        <title>FIBRA UNO ADMINISTRACION</title>
        <cusip>P3515D163</cusip>
        <identifiers>
          <isin value="MXCFFU000001"/>
          <ticker value="FBASF"/>
        </identifiers>
        <balance>949633</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.923"/>
        <valUSD>1551372.77</valUSD>
        <pctVal>0.2261112438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA O/SEAS. GRAND OCEAN</name>
        <lei>N/A</lei>
        <title>CHINA O/SEAS. GRAND OCEAN</title>
        <cusip>Y1505S117</cusip>
        <identifiers>
          <isin value="HK0000065737"/>
          <ticker value="CSVGF"/>
        </identifiers>
        <balance>600500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>181790.59</valUSD>
        <pctVal>0.0264958218</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>BSR REAL ESTATE INV. TRUS</name>
        <lei>254900JO0IGNDM4G5Q74</lei>
        <title>BSR REAL ESTATE INV. TRUS</title>
        <cusip>05585D103</cusip>
        <identifiers>
          <isin value="CA05585D1033"/>
          <ticker value="BSRTF"/>
        </identifiers>
        <balance>8913</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>98399.52</valUSD>
        <pctVal>0.0143416452</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>IGUATEMI SA</name>
        <lei>N/A</lei>
        <title>IGUATEMI SA</title>
        <cusip>P5R52Z102</cusip>
        <identifiers>
          <isin value="BRIGTICDAM16"/>
          <ticker value="IGTI11"/>
        </identifiers>
        <balance>73600</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17985"/>
        <valUSD>395575.93</valUSD>
        <pctVal>0.0576548508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WIHLBORGS FASTIGHETER AB</name>
        <lei>549300RC1YDJPITF8X06</lei>
        <title>WIHLBORGS FASTIGHETER AB</title>
        <cusip>W9899F163</cusip>
        <identifiers>
          <isin value="SE0018012635"/>
          <ticker value="WIHL"/>
        </identifiers>
        <balance>90425</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>828880.35</valUSD>
        <pctVal>0.1208085965</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>SHENZHEN INV. LTD</name>
        <lei>529900QMH55P3EJRQC98</lei>
        <title>SHENZHEN INV. LTD</title>
        <cusip>Y7743P120</cusip>
        <identifiers>
          <isin value="HK0604011236"/>
          <ticker value="SZNTF"/>
        </identifiers>
        <balance>871191</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>78274.1</valUSD>
        <pctVal>0.0114083826</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>KSL HLDGS BERHAD MYR0.50</name>
        <lei>N/A</lei>
        <title>KSL HLDGS BERHAD MYR0.50</title>
        <cusip>Y48682101</cusip>
        <identifiers>
          <isin value="MYL5038OO004"/>
          <ticker value="KSLBF"/>
        </identifiers>
        <balance>102900</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>75979.21</valUSD>
        <pctVal>0.0110739044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</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</title>
        <cusip>J30978100</cusip>
        <identifiers>
          <isin value="JP3932950003"/>
          <ticker value="KTITF"/>
        </identifiers>
        <balance>17600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>353558.82</valUSD>
        <pctVal>0.0515308932</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</title>
        <cusip>Y5759Q107</cusip>
        <identifiers>
          <isin value="SG1S03926213"/>
          <ticker value="MAPGF"/>
        </identifiers>
        <balance>1174826</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>1053705.43</valUSD>
        <pctVal>0.1535766580</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="213928.580000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KERRY PROPS. LTD</name>
        <lei>5299006T5ULIIRZ7LK49</lei>
        <title>KERRY PROPS. LTD</title>
        <cusip>G52440107</cusip>
        <identifiers>
          <isin value="BMG524401079"/>
          <ticker value="KRYPF"/>
        </identifiers>
        <balance>199599</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>559576.54</valUSD>
        <pctVal>0.0815577983</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>JHSF PARTICIPACOES SA</name>
        <lei>N/A</lei>
        <title>JHSF PARTICIPACOES SA</title>
        <cusip>P6050T105</cusip>
        <identifiers>
          <isin value="BRJHSFACNOR2"/>
          <ticker value="JHSF3"/>
        </identifiers>
        <balance>90900</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17985"/>
        <valUSD>163730.03</valUSD>
        <pctVal>0.0238635107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUI FUDOSAN CO LTD</name>
        <lei>353800ND4ZKNZDYKMF33</lei>
        <title>MITSUI FUDOSAN CO LTD</title>
        <cusip>J4509L101</cusip>
        <identifiers>
          <isin value="JP3893200000"/>
          <ticker value="MTSFF"/>
        </identifiers>
        <balance>887286</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>9391531.97</valUSD>
        <pctVal>1.3688076884</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>DLF LTD</name>
        <lei>335800PJLUEOB8914F48</lei>
        <title>DLF LTD</title>
        <cusip>Y2089H105</cusip>
        <identifiers>
          <isin value="INE271C01023"/>
          <ticker value="DLF"/>
        </identifiers>
        <balance>251198</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>1346699.2</valUSD>
        <pctVal>0.1962802474</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>UOL GRP. LTD</name>
        <lei>254900O9PRCWTMR86R25</lei>
        <title>UOL GRP. LTD</title>
        <cusip>Y9299W103</cusip>
        <identifiers>
          <isin value="SG1S83002349"/>
          <ticker value="U14"/>
        </identifiers>
        <balance>158197</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>1205002.71</valUSD>
        <pctVal>0.1756281062</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>FORTUNE REAL ESTATE INV.</name>
        <lei>N/A</lei>
        <title>FORTUNE REAL ESTATE INV.</title>
        <cusip>Y2616W104</cusip>
        <identifiers>
          <isin value="SG1O33912138"/>
          <ticker value="FRIVF"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>298556.13</valUSD>
        <pctVal>0.0435142986</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>AMERICAN ASSETS TST. INC</name>
        <lei>N/A</lei>
        <title>AMERICAN ASSETS TST. INC</title>
        <cusip>024013104</cusip>
        <identifiers>
          <isin value="US0240131047"/>
          <ticker value="AAT"/>
        </identifiers>
        <balance>16452</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>302881.32</valUSD>
        <pctVal>0.0441446913</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>WHITESTONE REIT</name>
        <lei>N/A</lei>
        <title>WHITESTONE REIT</title>
        <cusip>966084204</cusip>
        <identifiers>
          <isin value="US9660842041"/>
          <ticker value="WSR"/>
        </identifiers>
        <balance>16407</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>264973.05</valUSD>
        <pctVal>0.0386195936</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>PAKUWON JATI TBK PT</name>
        <lei>254900GUXQAQB065PM73</lei>
        <title>PAKUWON JATI TBK PT</title>
        <cusip>Y712CA107</cusip>
        <identifiers>
          <isin value="ID1000122500"/>
          <ticker value="PTPKF"/>
        </identifiers>
        <balance>4288140</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16994.5"/>
        <valUSD>86487.16</valUSD>
        <pctVal>0.0126054290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIGHTHOUSE PROPERTIES PLC</name>
        <lei>549300UG27SWRF0X2U62</lei>
        <title>LIGHTHOUSE PROPERTIES PLC</title>
        <cusip>X4S03B108</cusip>
        <identifiers>
          <isin value="MU0461N00015"/>
          <ticker value="LTE"/>
        </identifiers>
        <balance>383702</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.92125"/>
        <valUSD>169328.62</valUSD>
        <pctVal>0.0246795004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AURA INVS. LTD</name>
        <lei>N/A</lei>
        <title>AURA INVS. LTD</title>
        <cusip>M15346105</cusip>
        <identifiers>
          <isin value="IL0003730194"/>
          <ticker value="AURA"/>
        </identifiers>
        <balance>54003</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>327467.94</valUSD>
        <pctVal>0.0477281700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUROCOMMERCIAL PROPS. NV</name>
        <lei>724500SFK53FPNM68L95</lei>
        <title>EUROCOMMERCIAL PROPS. NV</title>
        <cusip>N31068195</cusip>
        <identifiers>
          <isin value="NL0015000K93"/>
          <ticker value="ECMPF"/>
        </identifiers>
        <balance>15247</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>464786.72</valUSD>
        <pctVal>0.0677422638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FASTIGHETS AB BALDER</name>
        <lei>549300GHKJCEZOAEUU82</lei>
        <title>FASTIGHETS AB BALDER</title>
        <cusip>W2951M127</cusip>
        <identifiers>
          <isin value="SE0017832488"/>
          <ticker value="BALDF"/>
        </identifiers>
        <balance>237381</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>1396099.89</valUSD>
        <pctVal>0.2034803554</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>GECINA SA</name>
        <lei>9695003E4MMA10IBTR26</lei>
        <title>GECINA SA</title>
        <cusip>F4268U171</cusip>
        <identifiers>
          <isin value="FR0010040865"/>
          <ticker value="GECFF"/>
        </identifiers>
        <balance>15563</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>1230600.19</valUSD>
        <pctVal>0.1793589168</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>KLEPIERRE SA</name>
        <lei>969500PB4U31KEFHZ621</lei>
        <title>KLEPIERRE SA</title>
        <cusip>F5396X102</cusip>
        <identifiers>
          <isin value="FR0000121964"/>
          <ticker value="KLPEF"/>
        </identifiers>
        <balance>71998</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>2713680.25</valUSD>
        <pctVal>0.3955165570</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>INDUSTRIAL &amp; INFRA. INV.</name>
        <lei>353800WCHFY04YKYCI19</lei>
        <title>INDUSTRIAL &amp; INFRA. INV.</title>
        <cusip>J24393118</cusip>
        <identifiers>
          <isin value="JP3046500009"/>
          <ticker value="IIFIF"/>
        </identifiers>
        <balance>790</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>706692.03</valUSD>
        <pctVal>0.1029997541</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>TALAAT MOUSTAFA GROUP</name>
        <lei>N/A</lei>
        <title>TALAAT MOUSTAFA GROUP</title>
        <cusip>M8763H108</cusip>
        <identifiers>
          <isin value="EGS691S1C011"/>
          <ticker value="TMGH"/>
        </identifiers>
        <balance>241029</balance>
        <units>NS</units>
        <currencyConditional curCd="EGP" exchangeRt="54.53"/>
        <valUSD>329342.94</valUSD>
        <pctVal>0.0480014496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COVIVIO SA/FRANCE</name>
        <lei>969500P8M3W2XX376054</lei>
        <title>COVIVIO SA/FRANCE</title>
        <cusip>F2R22T119</cusip>
        <identifiers>
          <isin value="FR0000064578"/>
          <ticker value="GSEFF"/>
        </identifiers>
        <balance>19017</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>1136969</valUSD>
        <pctVal>0.1657122516</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>PHOENIX MILLS LTD/THE</name>
        <lei>33580037PCXCE5PNQU51</lei>
        <title>PHOENIX MILLS LTD/THE</title>
        <cusip>Y6973B132</cusip>
        <identifiers>
          <isin value="INE211B01039"/>
          <ticker value="PHOENIXLTD"/>
        </identifiers>
        <balance>65196</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>1068912.31</valUSD>
        <pctVal>0.1557930477</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>DEXUS</name>
        <lei>N/A</lei>
        <title>DEXUS</title>
        <cusip>Q318A1104</cusip>
        <identifiers>
          <isin value="AU000000DXS1"/>
          <ticker value="DEXSF"/>
        </identifiers>
        <balance>357887</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>1472916.67</valUSD>
        <pctVal>0.2146763349</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>BRIGADE ENTS. LTD</name>
        <lei>335800QDUUQVHS6II245</lei>
        <title>BRIGADE ENTS. LTD</title>
        <cusip>Y0970Q101</cusip>
        <identifiers>
          <isin value="INE791I01019"/>
          <ticker value="BRIGADE"/>
        </identifiers>
        <balance>45708</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>316024.46</valUSD>
        <pctVal>0.0460602926</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>MELISRON LTD</name>
        <lei>213800B9SL62L9VLO604</lei>
        <title>MELISRON LTD</title>
        <cusip>M5128G106</cusip>
        <identifiers>
          <isin value="IL0003230146"/>
          <ticker value="MLSRF"/>
        </identifiers>
        <balance>7956</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>1029904.15</valUSD>
        <pctVal>0.1501076420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADVANCE RESIDENCE INV. CO</name>
        <lei>N/A</lei>
        <title>ADVANCE RESIDENCE INV. CO</title>
        <cusip>J00184101</cusip>
        <identifiers>
          <isin value="JP3047160001"/>
          <ticker value="ADZZF"/>
        </identifiers>
        <balance>973</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>996309.95</valUSD>
        <pctVal>0.1452113163</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 INDL. INC</name>
        <lei>549300QWYX2W6FASVQ07</lei>
        <title>STAG INDL. INC</title>
        <cusip>85254J102</cusip>
        <identifiers>
          <isin value="US85254J1025"/>
          <ticker value="STAG"/>
        </identifiers>
        <balance>62442</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2251658.52</valUSD>
        <pctVal>0.3281772882</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>NIPPON PROLOGIS REIT INC</name>
        <lei>353800PHBMSDLAFURY41</lei>
        <title>NIPPON PROLOGIS REIT INC</title>
        <cusip>J5528H104</cusip>
        <identifiers>
          <isin value="JP3047550003"/>
          <ticker value="NPONF"/>
        </identifiers>
        <balance>2226</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1198609.39</valUSD>
        <pctVal>0.1746962853</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>VONOVIA SE</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>VONOVIA SE</title>
        <cusip>D9581T100</cusip>
        <identifiers>
          <isin value="DE000A1ML7J1"/>
          <ticker value="VNA"/>
        </identifiers>
        <balance>255092</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>6352907.69</valUSD>
        <pctVal>0.9259308191</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>DIGITAL CORE REIT MGT. PT</name>
        <lei>254900RTT7SLEEJYGV92</lei>
        <title>DIGITAL CORE REIT MGT. PT</title>
        <cusip>Y2076L101</cusip>
        <identifiers>
          <isin value="SGXC50067435"/>
          <ticker value="DGTCF"/>
        </identifiers>
        <balance>286600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>139638.04</valUSD>
        <pctVal>0.0203521240</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>RL COMMER. REIT INC</name>
        <lei>N/A</lei>
        <title>RL COMMER. REIT INC</title>
        <cusip>Y7319E103</cusip>
        <identifiers>
          <isin value="PHY7319E1039"/>
          <ticker value="RCR"/>
        </identifiers>
        <balance>2376400</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="60.75"/>
        <valUSD>259894.96</valUSD>
        <pctVal>0.0378794664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SABRA HEALTH CARE REIT IN</name>
        <lei>549300E3BC7GU7TAZ621</lei>
        <title>SABRA HEALTH CARE REIT IN</title>
        <cusip>78573L106</cusip>
        <identifiers>
          <isin value="US78573L1061"/>
          <ticker value="SBRA"/>
        </identifiers>
        <balance>84487</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1624685.01</valUSD>
        <pctVal>0.2367964396</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>WP CAREY INC</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP CAREY INC</title>
        <cusip>92936U109</cusip>
        <identifiers>
          <isin value="US92936U1097"/>
          <ticker value="WPC"/>
        </identifiers>
        <balance>73562</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4999273.52</valUSD>
        <pctVal>0.7286398058</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>DEXUS INDUSTRIA REIT</name>
        <lei>N/A</lei>
        <title>DEXUS INDUSTRIA REIT</title>
        <cusip>Q0R50L139</cusip>
        <identifiers>
          <isin value="AU0000192833"/>
          <ticker value="DXI"/>
        </identifiers>
        <balance>87871</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>140404.99</valUSD>
        <pctVal>0.0204639063</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>FEDERAL REALTY INV. TRUST</name>
        <lei>549300FHEI1SLVZ0RB48</lei>
        <title>FEDERAL REALTY INV. TRUST</title>
        <cusip>313745101</cusip>
        <identifiers>
          <isin value="US3137451015"/>
          <ticker value="FRT"/>
        </identifiers>
        <balance>27434</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2913765.14</valUSD>
        <pctVal>0.4246787573</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>ZIRAAT GAYRIMENKUL YATIRI</name>
        <lei>789000MO4TRW4909N793</lei>
        <title>ZIRAAT GAYRIMENKUL YATIRI</title>
        <cusip>M9892P102</cusip>
        <identifiers>
          <isin value="TREZRGY00023"/>
          <ticker value="ZRGYO"/>
        </identifiers>
        <balance>321743</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="44.4405"/>
        <valUSD>166495.95</valUSD>
        <pctVal>0.0242666412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RETAL URBAN DEV. CO</name>
        <lei>5586009EAJUMBXKV7452</lei>
        <title>RETAL URBAN DEV. CO</title>
        <cusip>M8S0B0106</cusip>
        <identifiers>
          <isin value="SA15J1S23H17"/>
          <ticker value="RETAL"/>
        </identifiers>
        <balance>78432</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7526"/>
        <valUSD>283355.85</valUSD>
        <pctVal>0.0412988709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHURGARD SELF STORAGE LTD</name>
        <lei>549300J0UEIKU81XO336</lei>
        <title>SHURGARD SELF STORAGE LTD</title>
        <cusip>G81317102</cusip>
        <identifiers>
          <isin value="GG00BQZCBZ44"/>
          <ticker value="SSSAF"/>
        </identifiers>
        <balance>12316</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>356704.39</valUSD>
        <pctVal>0.0519893573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERRENO REALTY CORP</name>
        <lei>N/A</lei>
        <title>TERRENO REALTY CORP</title>
        <cusip>88146M101</cusip>
        <identifiers>
          <isin value="US88146M1018"/>
          <ticker value="TRNO"/>
        </identifiers>
        <balance>34676</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2129799.92</valUSD>
        <pctVal>0.3104165023</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>MAPLETREE INDL. TRUST</name>
        <lei>549300R7WZFHXNKDJF41</lei>
        <title>MAPLETREE INDL. TRUST</title>
        <cusip>Y5759S103</cusip>
        <identifiers>
          <isin value="SG2C32962814"/>
          <ticker value="MAPIF"/>
        </identifiers>
        <balance>729555</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>1103386.89</valUSD>
        <pctVal>0.1608176880</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>MAPLETREE PAN ASIA COMMER</name>
        <lei>549300BF18K4IC5LZ208</lei>
        <title>MAPLETREE PAN ASIA COMMER</title>
        <cusip>Y5759T101</cusip>
        <identifiers>
          <isin value="SG2D18969584"/>
          <ticker value="MPCMF"/>
        </identifiers>
        <balance>803761</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>828309.86</valUSD>
        <pctVal>0.1207254480</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>RAK PROPS. PJSC</name>
        <lei>N/A</lei>
        <title>RAK PROPS. PJSC</title>
        <cusip>M81868107</cusip>
        <identifiers>
          <isin value="AER000601016"/>
          <ticker value="RAKPROP"/>
        </identifiers>
        <balance>498238</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6733"/>
        <valUSD>128654.63</valUSD>
        <pctVal>0.0187513014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHA CORP PCL</name>
        <lei>254900E68VLEZZULQP27</lei>
        <title>WHA CORP PCL</title>
        <cusip>Y95310192</cusip>
        <identifiers>
          <isin value="TH3871010R19"/>
          <ticker value="WHCRF"/>
        </identifiers>
        <balance>2700600</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>350185.69</valUSD>
        <pctVal>0.0510392624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT</title>
        <cusip>02665T306</cusip>
        <identifiers>
          <isin value="US02665T3068"/>
          <ticker value="AMH"/>
        </identifiers>
        <balance>111951</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3125671.92</valUSD>
        <pctVal>0.4555639878</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>ALEXANDRIA REAL ESTATE EQ</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>ALEXANDRIA REAL ESTATE EQ</title>
        <cusip>015271109</cusip>
        <identifiers>
          <isin value="US0152711091"/>
          <ticker value="ARE"/>
        </identifiers>
        <balance>51701</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2399960.42</valUSD>
        <pctVal>0.3497921623</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>BXP INC</name>
        <lei>549300OF70FSEUQBT254</lei>
        <title>BXP INC</title>
        <cusip>101121101</cusip>
        <identifiers>
          <isin value="US1011211018"/>
          <ticker value="BXP"/>
        </identifiers>
        <balance>50806</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2636831.4</valUSD>
        <pctVal>0.3843159034</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>OMEGA HEALTHCARE INVSTRS.</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVSTRS.</title>
        <cusip>681936100</cusip>
        <identifiers>
          <isin value="US6819361006"/>
          <ticker value="OHI"/>
        </identifiers>
        <balance>99152</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4344840.64</valUSD>
        <pctVal>0.6332567777</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>EASTERLY GOV. PROPS. INC</name>
        <lei>549300ERMCEFC6S8HL77</lei>
        <title>EASTERLY GOV. PROPS. INC</title>
        <cusip>27616P301</cusip>
        <identifiers>
          <isin value="US27616P3010"/>
          <ticker value="DEA"/>
        </identifiers>
        <balance>14275</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>305913.25</valUSD>
        <pctVal>0.0445865925</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>ESR-REIT</name>
        <lei>5493008PFX3JN1RMMD48</lei>
        <title>ESR-REIT</title>
        <cusip>Y2301D114</cusip>
        <identifiers>
          <isin value="SGXC55341835"/>
          <ticker value="CGIUF"/>
        </identifiers>
        <balance>207367</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>364720.2</valUSD>
        <pctVal>0.0531576547</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>STONEWEG EUR. STAPLED TRU</name>
        <lei>N/A</lei>
        <title>STONEWEG EUR. STAPLED TRU</title>
        <cusip>Y816FX103</cusip>
        <identifiers>
          <isin value="SGXC11267561"/>
          <ticker value="STWUF"/>
        </identifiers>
        <balance>126771</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>215928.38</valUSD>
        <pctVal>0.0314713752</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>SAKURA DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>SAKURA DEV. CO LTD</title>
        <cusip>Y74567101</cusip>
        <identifiers>
          <isin value="TW0002539004"/>
          <ticker value="2539"/>
        </identifiers>
        <balance>119153</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>180838.01</valUSD>
        <pctVal>0.0263569841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEALTHCARE REALTY TST. IN</name>
        <lei>549300L0I14L7I0VLX84</lei>
        <title>HEALTHCARE REALTY TST. IN</title>
        <cusip>42226K105</cusip>
        <identifiers>
          <isin value="US42226K1051"/>
          <ticker value="HR"/>
        </identifiers>
        <balance>110675</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1880368.25</valUSD>
        <pctVal>0.2740620514</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>SALHIA REAL ESTATE CO KSC</name>
        <lei>N/A</lei>
        <title>SALHIA REAL ESTATE CO KSC</title>
        <cusip>M69626105</cusip>
        <identifiers>
          <isin value="KW0EQ0400642"/>
          <ticker value="SRE"/>
        </identifiers>
        <balance>147171</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3095"/>
        <valUSD>188022.42</valUSD>
        <pctVal>0.0274041056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAKKAH COMPANY FOR REC &amp;</name>
        <lei>N/A</lei>
        <title>MAKKAH COMPANY FOR REC &amp;</title>
        <cusip>M6S89F103</cusip>
        <identifiers>
          <isin value="SA0007879659"/>
          <ticker value="4100"/>
        </identifiers>
        <balance>33458</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7526"/>
        <valUSD>755423.3</valUSD>
        <pctVal>0.1101022947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEPI ROCKCASTLE N.V.</name>
        <lei>549300FMWM53K9ULYT15</lei>
        <title>NEPI ROCKCASTLE N.V.</title>
        <cusip>N6S06Q108</cusip>
        <identifiers>
          <isin value="NL0015000RT3"/>
          <ticker value="NRP"/>
        </identifiers>
        <balance>200456</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.92125"/>
        <valUSD>1613229.21</valUSD>
        <pctVal>0.2351267666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGION RE LTD</name>
        <lei>549300MS6NZV0B7K7D28</lei>
        <title>REGION RE LTD</title>
        <cusip>Q8501V100</cusip>
        <identifiers>
          <isin value="AU0000253502"/>
          <ticker value="SCPAF"/>
        </identifiers>
        <balance>398717</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>625852.16</valUSD>
        <pctVal>0.0912174128</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>ABACUS STORAGE KING</name>
        <lei>N/A</lei>
        <title>ABACUS STORAGE KING</title>
        <cusip>Q0R11R100</cusip>
        <identifiers>
          <isin value="AU0000286213"/>
          <ticker value="ABSKF"/>
        </identifiers>
        <balance>163252</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>156934.77</valUSD>
        <pctVal>0.0228731074</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>UNITE GRP. PLC/THE</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>UNITE GRP. PLC/THE</title>
        <cusip>G9283N101</cusip>
        <identifiers>
          <isin value="GB0006928617"/>
          <ticker value="UTGPF"/>
        </identifiers>
        <balance>147078</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>887451.48</valUSD>
        <pctVal>0.1293452882</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 GRP. PLC</name>
        <lei>213800W7Q4V2ZI8LIW31</lei>
        <title>BIG YELLOW GRP. PLC</title>
        <cusip>G1093E108</cusip>
        <identifiers>
          <isin value="GB0002869419"/>
          <ticker value="BYLOF"/>
        </identifiers>
        <balance>61464</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>694913.78</valUSD>
        <pctVal>0.1012830844</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</title>
        <cusip>G40432117</cusip>
        <identifiers>
          <isin value="GB00B04V1276"/>
          <ticker value="GRGTF"/>
        </identifiers>
        <balance>237991</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>512322.65</valUSD>
        <pctVal>0.0746705846</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>BRITISH LAND CO PLC/THE</name>
        <lei>RV5B68J2GV3QGMRPW209</lei>
        <title>BRITISH LAND CO PLC/THE</title>
        <cusip>G15540118</cusip>
        <identifiers>
          <isin value="GB0001367019"/>
          <ticker value="BRLAF"/>
        </identifiers>
        <balance>330976</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>1582485.17</valUSD>
        <pctVal>0.2306458493</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>DERWENT LONDON PLC</name>
        <lei>213800BXKQ9KZNUR1M61</lei>
        <title>DERWENT LONDON PLC</title>
        <cusip>G27300105</cusip>
        <identifiers>
          <isin value="GB0002652740"/>
          <ticker value="DWVYF"/>
        </identifiers>
        <balance>35804</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>747256.94</valUSD>
        <pctVal>0.1089120548</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>SAFESTORE HLDGS. PLC</name>
        <lei>213800WGA3YSJC1YOH73</lei>
        <title>SAFESTORE HLDGS. PLC</title>
        <cusip>G77733106</cusip>
        <identifiers>
          <isin value="GB00B1N7Z094"/>
          <ticker value="SFSHF"/>
        </identifiers>
        <balance>74300</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>626724.37</valUSD>
        <pctVal>0.0913445366</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>OBEROI REALTY LTD</name>
        <lei>335800TCKG1XQXN51L44</lei>
        <title>OBEROI REALTY LTD</title>
        <cusip>Y6424D109</cusip>
        <identifiers>
          <isin value="INE093I01010"/>
          <ticker value="OBEROIRLTY"/>
        </identifiers>
        <balance>43972</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>663780.71</valUSD>
        <pctVal>0.0967454663</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>UNITED DEV. CO QSC</name>
        <lei>N/A</lei>
        <title>UNITED DEV. CO QSC</title>
        <cusip>M9405E107</cusip>
        <identifiers>
          <isin value="QA000A0KD6M9"/>
          <ticker value="UDCD"/>
        </identifiers>
        <balance>565258</balance>
        <units>NS</units>
        <currencyConditional curCd="QAR" exchangeRt="3.641"/>
        <valUSD>136551.31</valUSD>
        <pctVal>0.0199022357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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</title>
        <cusip>70509V100</cusip>
        <identifiers>
          <isin value="US70509V1008"/>
          <ticker value="PEB"/>
        </identifiers>
        <balance>36249</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>457824.87</valUSD>
        <pctVal>0.0667275801</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 CORP</name>
        <lei>549300CXXI18B214UN80</lei>
        <title>KILROY REALTY CORP</title>
        <cusip>49427F108</cusip>
        <identifiers>
          <isin value="US49427F1084"/>
          <ticker value="KRC"/>
        </identifiers>
        <balance>38362</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1082192.02</valUSD>
        <pctVal>0.1577285540</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1082192.020000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOST HOTELS &amp; RESORTS INC</name>
        <lei>N6EL63S0K3PB1YFTDI24</lei>
        <title>HOST HOTELS &amp; RESORTS INC</title>
        <cusip>44107P104</cusip>
        <identifiers>
          <isin value="US44107P1049"/>
          <ticker value="HST"/>
        </identifiers>
        <balance>231551</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4436517.16</valUSD>
        <pctVal>0.6466185514</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>GETTY REALTY CORP</name>
        <lei>2549000P1W5SFJWCNP90</lei>
        <title>GETTY REALTY CORP</title>
        <cusip>374297109</cusip>
        <identifiers>
          <isin value="US3742971092"/>
          <ticker value="GTY"/>
        </identifiers>
        <balance>18693</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>594437.4</valUSD>
        <pctVal>0.0866387386</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>ST JOE CO/THE</name>
        <lei>529900XVHOT3BF8PWG49</lei>
        <title>ST JOE CO/THE</title>
        <cusip>790148100</cusip>
        <identifiers>
          <isin value="US7901481009"/>
          <ticker value="JOE"/>
        </identifiers>
        <balance>12670</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>795676</valUSD>
        <pctVal>0.1159690911</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 PROP. GRP. INC</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>SIMON PROP. GRP. INC</title>
        <cusip>828806109</cusip>
        <identifiers>
          <isin value="US8288061091"/>
          <ticker value="SPG"/>
        </identifiers>
        <balance>109508</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20426527.24</valUSD>
        <pctVal>2.9771487359</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>COPT DEFENSE PROPERTIES</name>
        <lei>YY1J47X6LF9TYY8JY420</lei>
        <title>COPT DEFENSE PROPERTIES</title>
        <cusip>22002T108</cusip>
        <identifiers>
          <isin value="US22002T1088"/>
          <ticker value="CDP"/>
        </identifiers>
        <balance>37588</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1150192.8</valUSD>
        <pctVal>0.1676396090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>PUBLIC STORAGE</title>
        <cusip>74460D109</cusip>
        <identifiers>
          <isin value="US74460D1090"/>
          <ticker value="PSA"/>
        </identifiers>
        <balance>52840</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14313299.2</valUSD>
        <pctVal>2.0861510192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUN COMMUNITIES INC</name>
        <lei>549300H5GEOJYN41ZG57</lei>
        <title>SUN COMMUNITIES INC</title>
        <cusip>866674104</cusip>
        <identifiers>
          <isin value="US8666741041"/>
          <ticker value="SUI"/>
        </identifiers>
        <balance>41265</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5197739.4</valUSD>
        <pctVal>0.7575660367</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>PARQUE ARAUCO SA</name>
        <lei>2549001WW2PV1Y0UEU97</lei>
        <title>PARQUE ARAUCO SA</title>
        <cusip>P76328106</cusip>
        <identifiers>
          <isin value="CLP763281068"/>
          <ticker value="PARAUCO"/>
        </identifiers>
        <balance>227343</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="926.26"/>
        <valUSD>927770.32</valUSD>
        <pctVal>0.1352217243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KENNEDY-WILSON HLDGS. INC</name>
        <lei>549300MOI1T78144X610</lei>
        <title>KENNEDY-WILSON HLDGS. INC</title>
        <cusip>489398107</cusip>
        <identifiers>
          <isin value="US4893981070"/>
          <ticker value="KW"/>
        </identifiers>
        <balance>35942</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>388892.44</valUSD>
        <pctVal>0.0566807379</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>LONDONMETRIC PROP. PLC</name>
        <lei>213800OCERWWPQDURL87</lei>
        <title>LONDONMETRIC PROP. PLC</title>
        <cusip>G5689W109</cusip>
        <identifiers>
          <isin value="GB00B4WFW713"/>
          <ticker value="LNSPF"/>
        </identifiers>
        <balance>738387</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>1777834.64</valUSD>
        <pctVal>0.2591178661</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>XIOR STUDENT HOUSING NV</name>
        <lei>549300JK7HFOCP0U8K85</lei>
        <title>XIOR STUDENT HOUSING NV</title>
        <cusip>B9901Y104</cusip>
        <identifiers>
          <isin value="BE0974288202"/>
          <ticker value="XIORF"/>
        </identifiers>
        <balance>13849</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>425537.68</valUSD>
        <pctVal>0.0620217500</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>CK ASSET HLDGS. LTD</name>
        <lei>5299006GJZSGP78B8S35</lei>
        <title>CK ASSET HLDGS. LTD</title>
        <cusip>G2177B101</cusip>
        <identifiers>
          <isin value="KYG2177B1014"/>
          <ticker value="CHKGF"/>
        </identifiers>
        <balance>647500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>3698628.55</valUSD>
        <pctVal>0.5390719226</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>CATENA AB</name>
        <lei>549300EMLM7AH5LDLY65</lei>
        <title>CATENA AB</title>
        <cusip>W2356E100</cusip>
        <identifiers>
          <isin value="SE0001664707"/>
          <ticker value="CTTTF"/>
        </identifiers>
        <balance>14728</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>691392.45</valUSD>
        <pctVal>0.1007698536</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>HANKYU HANSHIN REIT INC</name>
        <lei>N/A</lei>
        <title>HANKYU HANSHIN REIT INC</title>
        <cusip>J19573104</cusip>
        <identifiers>
          <isin value="JP3046320002"/>
          <ticker value="HNKYF"/>
        </identifiers>
        <balance>203</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>187160.83</valUSD>
        <pctVal>0.0272785296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAND SECS. GRP. PLC</name>
        <lei>213800V8IAVKS37D6B88</lei>
        <title>LAND SECS. GRP. PLC</title>
        <cusip>G5375M142</cusip>
        <identifiers>
          <isin value="GB00BYW0PQ60"/>
          <ticker value="LSGOF"/>
        </identifiers>
        <balance>236271</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>1753190.91</valUSD>
        <pctVal>0.2555260637</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>CHOICE PROPS. REAL ESTATE</name>
        <lei>5493007MYGFSLOZGT937</lei>
        <title>CHOICE PROPS. REAL ESTATE</title>
        <cusip>17039A106</cusip>
        <identifiers>
          <isin value="CA17039A1066"/>
          <ticker value="PPRQF"/>
        </identifiers>
        <balance>54369</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>600321.93</valUSD>
        <pctVal>0.0874964038</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>RIOCAN REAL ESTATE INV. T</name>
        <lei>549300S8HVUSEU3JBY60</lei>
        <title>RIOCAN REAL ESTATE INV. T</title>
        <cusip>766910103</cusip>
        <identifiers>
          <isin value="CA7669101031"/>
          <ticker value="RIOCF"/>
        </identifiers>
        <balance>49552</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>676437.7</valUSD>
        <pctVal>0.0985902116</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>EASTGROUP PROPS. INC</name>
        <lei>31TIGQQZC4P6JMHKSW85</lei>
        <title>EASTGROUP PROPS. INC</title>
        <cusip>277276101</cusip>
        <identifiers>
          <isin value="US2772761019"/>
          <ticker value="EGP"/>
        </identifiers>
        <balance>17873</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3308113.57</valUSD>
        <pctVal>0.4821547010</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>CANADIAN APT. PROPS. REIT</name>
        <lei>549300B1MYVTQEB2DI90</lei>
        <title>CANADIAN APT. PROPS. REIT</title>
        <cusip>134921105</cusip>
        <identifiers>
          <isin value="CA1349211054"/>
          <ticker value="CDPYF"/>
        </identifiers>
        <balance>24455</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>624252.07</valUSD>
        <pctVal>0.0909842010</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>LEG IMMOBILIEN SE</name>
        <lei>391200SO40AKONBO0Z96</lei>
        <title>LEG IMMOBILIEN SE</title>
        <cusip>D4960A103</cusip>
        <identifiers>
          <isin value="DE000LEG1110"/>
          <ticker value="LEGIF"/>
        </identifiers>
        <balance>25595</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>1666877.65</valUSD>
        <pctVal>0.2429459805</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>SAUL CENTERS INC</name>
        <lei>N/A</lei>
        <title>SAUL CENTERS INC</title>
        <cusip>804395101</cusip>
        <identifiers>
          <isin value="US8043951016"/>
          <ticker value="BFS"/>
        </identifiers>
        <balance>5039</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>164170.62</valUSD>
        <pctVal>0.0239277263</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>ACADIA REALTY TRUST</name>
        <lei>254900C5XLB1YYJQSH07</lei>
        <title>ACADIA REALTY TRUST</title>
        <cusip>004239109</cusip>
        <identifiers>
          <isin value="US0042391096"/>
          <ticker value="AKR"/>
        </identifiers>
        <balance>42788</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>818106.56</valUSD>
        <pctVal>0.1192383258</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>ALEXANDER S INC</name>
        <lei>549300TZM28P04U5R635</lei>
        <title>ALEXANDER S INC</title>
        <cusip>014752109</cusip>
        <identifiers>
          <isin value="US0147521092"/>
          <ticker value="ALX"/>
        </identifiers>
        <balance>776</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>183291.2</valUSD>
        <pctVal>0.0267145344</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>BOARDWALK REAL ESTATE INV</name>
        <lei>549300RMNRTTJRCOYW23</lei>
        <title>BOARDWALK REAL ESTATE INV</title>
        <cusip>096631106</cusip>
        <identifiers>
          <isin value="CA0966311064"/>
          <ticker value="BOWFF"/>
        </identifiers>
        <balance>8382</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>379301.92</valUSD>
        <pctVal>0.0552829279</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>EXTRA SPACE STORAGE INC</name>
        <lei>529900SDJHKRQWED6A16</lei>
        <title>EXTRA SPACE STORAGE INC</title>
        <cusip>30225T102</cusip>
        <identifiers>
          <isin value="US30225T1025"/>
          <ticker value="EXR"/>
        </identifiers>
        <balance>70966</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9305771.58</valUSD>
        <pctVal>1.3563081855</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>DIGITAL REALTY TST. INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL REALTY TST. INC</title>
        <cusip>253868103</cusip>
        <identifiers>
          <isin value="US2538681030"/>
          <ticker value="DLR"/>
        </identifiers>
        <balance>115060</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20734962.6</valUSD>
        <pctVal>3.0221029238</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>EQUITY LIFESTYLE PROPS. I</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>EQUITY LIFESTYLE PROPS. I</title>
        <cusip>29472R108</cusip>
        <identifiers>
          <isin value="US29472R1086"/>
          <ticker value="ELS"/>
        </identifiers>
        <balance>61762</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3855184.04</valUSD>
        <pctVal>0.5618897504</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>SHAFTESBURY CAPITAL PLC O</name>
        <lei>549300TTXXZ1SHUI0D54</lei>
        <title>SHAFTESBURY CAPITAL PLC O</title>
        <cusip>G19406100</cusip>
        <identifiers>
          <isin value="GB00B62G9D36"/>
          <ticker value="CCPPF"/>
        </identifiers>
        <balance>483001</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>819362.59</valUSD>
        <pctVal>0.1194213911</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>SUNWAY REAL ESTATE INV. T</name>
        <lei>N/A</lei>
        <title>SUNWAY REAL ESTATE INV. T</title>
        <cusip>Y83099104</cusip>
        <identifiers>
          <isin value="MYL5176TO001"/>
          <ticker value="SREIT"/>
        </identifiers>
        <balance>577900</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>330564.23</valUSD>
        <pctVal>0.0481794515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNAC CHINA HLDGS. LTD</name>
        <lei>549300OLARYHDXP3WK18</lei>
        <title>SUNAC CHINA HLDGS. LTD</title>
        <cusip>G8569A106</cusip>
        <identifiers>
          <isin value="KYG8569A1067"/>
          <ticker value="1918"/>
        </identifiers>
        <balance>3027000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>411414.98</valUSD>
        <pctVal>0.0599633787</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>ALDAR PROPERTIES PJSC</name>
        <lei>98450048CD8AEF13B480</lei>
        <title>ALDAR PROPERTIES PJSC</title>
        <cusip>M0517N101</cusip>
        <identifiers>
          <isin value="AEA002001013"/>
          <ticker value="ALDAR"/>
        </identifiers>
        <balance>1292049</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6733"/>
        <valUSD>2766410.97</valUSD>
        <pctVal>0.4032020140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WORKSPACE GRP. PLC</name>
        <lei>2138003GUZRFIN3UT430</lei>
        <title>WORKSPACE GRP. PLC</title>
        <cusip>G5595E136</cusip>
        <identifiers>
          <isin value="GB00B67G5X01"/>
          <ticker value="WKPPF"/>
        </identifiers>
        <balance>47659</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>217341.31</valUSD>
        <pctVal>0.0316773086</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>COMFORIA RESIDENTIAL REIT</name>
        <lei>353800BJ2SV3UPG9JU05</lei>
        <title>COMFORIA RESIDENTIAL REIT</title>
        <cusip>J0816Z106</cusip>
        <identifiers>
          <isin value="JP3047540004"/>
          <ticker value="COFRF"/>
        </identifiers>
        <balance>684</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>467618.75</valUSD>
        <pctVal>0.0681550297</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>COFINIMMO SA</name>
        <lei>549300TM914CSF6KI389</lei>
        <title>COFINIMMO SA</title>
        <cusip>B25654136</cusip>
        <identifiers>
          <isin value="BE0003593044"/>
          <ticker value="CFMOF"/>
        </identifiers>
        <balance>2615</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>246894.9</valUSD>
        <pctVal>0.0359847188</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>HUFVUDSTADEN AB</name>
        <lei>213800UEV5ZAFFVQ4J85</lei>
        <title>HUFVUDSTADEN AB</title>
        <cusip>W30061126</cusip>
        <identifiers>
          <isin value="SE0000170375"/>
          <ticker value="HUFAF"/>
        </identifiers>
        <balance>36121</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>458659.59</valUSD>
        <pctVal>0.0668492398</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>PROLOGIS INC</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>PROLOGIS INC</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
          <ticker value="PLD"/>
        </identifiers>
        <balance>311418</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41163231.24</valUSD>
        <pctVal>5.9995054672</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>CUBESMART</name>
        <lei>N/A</lei>
        <title>CUBESMART</title>
        <cusip>229663109</cusip>
        <identifiers>
          <isin value="US2296631094"/>
          <ticker value="CUBE"/>
        </identifiers>
        <balance>76602</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2807463.3</valUSD>
        <pctVal>0.4091853557</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>CENTRAL PATTANA PCL</name>
        <lei>N/A</lei>
        <title>CENTRAL PATTANA PCL</title>
        <cusip>Y1242U276</cusip>
        <identifiers>
          <isin value="TH0481B10Z18"/>
          <ticker value="CPNNF"/>
        </identifiers>
        <balance>581626</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>1097823.48</valUSD>
        <pctVal>0.1600068258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUPALAI PCL</name>
        <lei>9845000F0E39B2C16696</lei>
        <title>SUPALAI PCL</title>
        <cusip>Y8309K174</cusip>
        <identifiers>
          <isin value="TH0371010R13"/>
          <ticker value="SUPCF"/>
        </identifiers>
        <balance>78600</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>39188.57</valUSD>
        <pctVal>0.0057117003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANSIRI PCL</name>
        <lei>N/A</lei>
        <title>SANSIRI PCL</title>
        <cusip>Y7511B121</cusip>
        <identifiers>
          <isin value="TH0577010R15"/>
          <ticker value="SNSUF"/>
        </identifiers>
        <balance>4424866</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>184796.82</valUSD>
        <pctVal>0.0269339772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RUENTEX DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>RUENTEX DEV. CO LTD</title>
        <cusip>Y73659123</cusip>
        <identifiers>
          <isin value="TW0009945006"/>
          <ticker value="RUEXF"/>
        </identifiers>
        <balance>516955</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>405953.73</valUSD>
        <pctVal>0.0591674062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AP THAILAND PCL</name>
        <lei>N/A</lei>
        <title>AP THAILAND PCL</title>
        <cusip>Y0209X125</cusip>
        <identifiers>
          <isin value="TH0308010R15"/>
          <ticker value="AP-R"/>
        </identifiers>
        <balance>372504</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>95899.19</valUSD>
        <pctVal>0.0139772243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORI TRUST</name>
        <lei>N/A</lei>
        <title>MORI TRUST</title>
        <cusip>J4664Q101</cusip>
        <identifiers>
          <isin value="JP3046170001"/>
          <ticker value="MRGIF"/>
        </identifiers>
        <balance>906</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>409055.22</valUSD>
        <pctVal>0.0596194457</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>FRONTIER REAL ESTATE INV.</name>
        <lei>N/A</lei>
        <title>FRONTIER REAL ESTATE INV.</title>
        <cusip>J1516D106</cusip>
        <identifiers>
          <isin value="JP3046200006"/>
          <ticker value="FOTRF"/>
        </identifiers>
        <balance>802</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>428156.35</valUSD>
        <pctVal>0.0624034189</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 INC</name>
        <lei>3538004KZWISCQO70151</lei>
        <title>JAPAN LOGISTICS INC</title>
        <cusip>J2785A104</cusip>
        <identifiers>
          <isin value="JP3046230003"/>
          <ticker value="JLGFF"/>
        </identifiers>
        <balance>847</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>511471.43</valUSD>
        <pctVal>0.0745465200</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>KDX REALTY INV. CORP</name>
        <lei>353800FFT483NCIHFY42</lei>
        <title>KDX REALTY INV. CORP</title>
        <cusip>J32922106</cusip>
        <identifiers>
          <isin value="JP3046270009"/>
          <ticker value="KDXRF"/>
        </identifiers>
        <balance>1363</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1384771.17</valUSD>
        <pctVal>0.2018292042</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 FRONTIER FUDOUSAN CO</name>
        <lei>N/A</lei>
        <title>SUN FRONTIER FUDOUSAN CO</title>
        <cusip>J7808L102</cusip>
        <identifiers>
          <isin value="JP3336950005"/>
          <ticker value="SFFUF"/>
        </identifiers>
        <balance>9700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>162777.36</valUSD>
        <pctVal>0.0237246599</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>HEIWA REAL ESTATE REIT IN</name>
        <lei>3538003GH25628YW4R98</lei>
        <title>HEIWA REAL ESTATE REIT IN</title>
        <cusip>J1927C101</cusip>
        <identifiers>
          <isin value="JP3046220004"/>
          <ticker value="8966"/>
        </identifiers>
        <balance>384</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>347390.95</valUSD>
        <pctVal>0.0506319315</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>ICHIGO OFFICE REIT INV. C</name>
        <lei>N/A</lei>
        <title>ICHIGO OFFICE REIT INV. C</title>
        <cusip>J2382Z106</cusip>
        <identifiers>
          <isin value="JP3046300004"/>
          <ticker value="FCRQF"/>
        </identifiers>
        <balance>324</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>188858.44</valUSD>
        <pctVal>0.0275259548</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>DAIWA HOUSE REIT INV. COR</name>
        <lei>3538001FWU534P8JMO05</lei>
        <title>DAIWA HOUSE REIT INV. COR</title>
        <cusip>J1236F118</cusip>
        <identifiers>
          <isin value="JP3046390005"/>
          <ticker value="8984"/>
        </identifiers>
        <balance>1445</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1140611.46</valUSD>
        <pctVal>0.1662431370</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>FRASERS CENTREPOINT TRUST</name>
        <lei>5493002RGQ266FKERZ83</lei>
        <title>FRASERS CENTREPOINT TRUST</title>
        <cusip>Y2642S101</cusip>
        <identifiers>
          <isin value="SG1T60930966"/>
          <ticker value="FRZCF"/>
        </identifiers>
        <balance>432309</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>735525.57</valUSD>
        <pctVal>0.1072022177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN HOTEL REIT INV. COR</name>
        <lei>353800L8KG849FP1JI68</lei>
        <title>JAPAN HOTEL REIT INV. COR</title>
        <cusip>J2761Q107</cusip>
        <identifiers>
          <isin value="JP3046400002"/>
          <ticker value="NIPOF"/>
        </identifiers>
        <balance>1978</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>935570.53</valUSD>
        <pctVal>0.1363585982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA REAL ESTATE HOLDIN</name>
        <lei>353800UZ91CT24OL9P59</lei>
        <title>NOMURA REAL ESTATE HOLDIN</title>
        <cusip>J5893B104</cusip>
        <identifiers>
          <isin value="JP3762900003"/>
          <ticker value="NMEHF"/>
        </identifiers>
        <balance>187000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1203416.68</valUSD>
        <pctVal>0.1753969437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND CHINA TRUST</name>
        <lei>5493007T7JU82E186P49</lei>
        <title>CAPITALAND CHINA TRUST</title>
        <cusip>Y1092E109</cusip>
        <identifiers>
          <isin value="SG1U25933169"/>
          <ticker value="CLDHF"/>
        </identifiers>
        <balance>425827</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>212458.37</valUSD>
        <pctVal>0.0309656243</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>FARGLORY LAND DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>FARGLORY LAND DEV. CO LTD</title>
        <cusip>Y2642L106</cusip>
        <identifiers>
          <isin value="TW0005522007"/>
          <ticker value="MLTRF"/>
        </identifiers>
        <balance>85462</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>190261.26</valUSD>
        <pctVal>0.0277304146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GPT GROUP/THE</name>
        <lei>N/A</lei>
        <title>GPT GROUP/THE</title>
        <cusip>Q4252X155</cusip>
        <identifiers>
          <isin value="AU000000GPT8"/>
          <ticker value="GPTGF"/>
        </identifiers>
        <balance>639960</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>2009300.95</valUSD>
        <pctVal>0.2928538813</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>MAINSTREET EQUITY COM NPV</name>
        <lei>984500FB1BA3F6U3DB35</lei>
        <title>MAINSTREET EQUITY COM NPV</title>
        <cusip>560915100</cusip>
        <identifiers>
          <isin value="CA5609151009"/>
          <ticker value="MEQYF"/>
        </identifiers>
        <balance>1543</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>194940.87</valUSD>
        <pctVal>0.0284124637</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>UDR INC</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR INC</title>
        <cusip>902653104</cusip>
        <identifiers>
          <isin value="US9026531049"/>
          <ticker value="UDR"/>
        </identifiers>
        <balance>104611</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3533759.58</valUSD>
        <pctVal>0.5150424124</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>KINDOM DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>KINDOM DEV. CO LTD</title>
        <cusip>Y4792R107</cusip>
        <identifiers>
          <isin value="TW0002520004"/>
          <ticker value="KGDCF"/>
        </identifiers>
        <balance>120190</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>120482.79</valUSD>
        <pctVal>0.0175602628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNTEC REAL ESTATE INV. T</name>
        <lei>549300C46QFXSI2F4K13</lei>
        <title>SUNTEC REAL ESTATE INV. T</title>
        <cusip>Y82954101</cusip>
        <identifiers>
          <isin value="SG1Q52922370"/>
          <ticker value="SURVF"/>
        </identifiers>
        <balance>625491</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>713972.65</valUSD>
        <pctVal>0.1040608982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUBISHI ESTATE CO LTD</name>
        <lei>353800KOFMRGOXSJ5Z65</lei>
        <title>MITSUBISHI ESTATE CO LTD</title>
        <cusip>J43916113</cusip>
        <identifiers>
          <isin value="JP3899600005"/>
          <ticker value="MITEF"/>
        </identifiers>
        <balance>356980</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>9878113.15</valUSD>
        <pctVal>1.4397264759</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>ROBINSONS LAND CORP</name>
        <lei>254900BUUS5N9MUSIS52</lei>
        <title>ROBINSONS LAND CORP</title>
        <cusip>Y73196126</cusip>
        <identifiers>
          <isin value="PHY731961264"/>
          <ticker value="RBLAF"/>
        </identifiers>
        <balance>459896</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="60.75"/>
        <valUSD>132692.39</valUSD>
        <pctVal>0.0193398015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAH SING GRP. BHD</name>
        <lei>N/A</lei>
        <title>MAH SING GRP. BHD</title>
        <cusip>Y5418R108</cusip>
        <identifiers>
          <isin value="MYL8583OO006"/>
          <ticker value="MHGBF"/>
        </identifiers>
        <balance>411200</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>102833.92</valUSD>
        <pctVal>0.0149879552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOODMAN PROP. TRUST</name>
        <lei>N/A</lei>
        <title>GOODMAN PROP. TRUST</title>
        <cusip>Q4232A119</cusip>
        <identifiers>
          <isin value="NZCPTE0001S9"/>
          <ticker value="GPPYF"/>
        </identifiers>
        <balance>370657</balance>
        <units>NS</units>
        <currencyConditional curCd="NZD" exchangeRt="1.7401896"/>
        <valUSD>403631.32</valUSD>
        <pctVal>0.0588289169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GROWTHPOINT PROPS. AUSTRA</name>
        <lei>529900VCPJ9IEDF4TJ03</lei>
        <title>GROWTHPOINT PROPS. AUSTRA</title>
        <cusip>Q4359J133</cusip>
        <identifiers>
          <isin value="AU000000GOZ8"/>
          <ticker value="GRWPF"/>
        </identifiers>
        <balance>79647</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>116285.96</valUSD>
        <pctVal>0.0169485784</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>GOODMAN GROUP</name>
        <lei>N/A</lei>
        <title>GOODMAN GROUP</title>
        <cusip>Q4229W132</cusip>
        <identifiers>
          <isin value="AU000000GMG2"/>
          <ticker value="GMGSF"/>
        </identifiers>
        <balance>684157</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>12179323.69</valUSD>
        <pctVal>1.7751259283</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>HULIC CO LTD</name>
        <lei>3538002E12E7IHAKTB10</lei>
        <title>HULIC CO LTD</title>
        <cusip>J23594112</cusip>
        <identifiers>
          <isin value="JP3360800001"/>
          <ticker value="3003"/>
        </identifiers>
        <balance>153740</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1789698.86</valUSD>
        <pctVal>0.2608470660</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>SINO LAND CO LTD</name>
        <lei>529900G5P51053HJVZ92</lei>
        <title>SINO LAND CO LTD</title>
        <cusip>Y80267126</cusip>
        <identifiers>
          <isin value="HK0083000502"/>
          <ticker value="SNLAF"/>
        </identifiers>
        <balance>1238258</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>1845169.57</valUSD>
        <pctVal>0.2689318741</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>SM PRIME HLDGS. INC</name>
        <lei>254900SZK83MIAB8CU32</lei>
        <title>SM PRIME HLDGS. INC</title>
        <cusip>Y8076N112</cusip>
        <identifiers>
          <isin value="PHY8076N1120"/>
          <ticker value="SPHXF"/>
        </identifiers>
        <balance>3318553</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="60.75"/>
        <valUSD>1121820.46</valUSD>
        <pctVal>0.1635043649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND INDIA</name>
        <lei>N/A</lei>
        <title>CAPITALAND INDIA</title>
        <cusip>Y0259C104</cusip>
        <identifiers>
          <isin value="SG1V35936920"/>
          <ticker value="ACNDF"/>
        </identifiers>
        <balance>319055</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>253157.88</valUSD>
        <pctVal>0.0368975428</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>SUN HUNG KAI PROPS. LTD</name>
        <lei>529900LUMD393RD3S874</lei>
        <title>SUN HUNG KAI PROPS. LTD</title>
        <cusip>Y82594121</cusip>
        <identifiers>
          <isin value="HK0016000132"/>
          <ticker value="SUHJF"/>
        </identifiers>
        <balance>486425</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>8244372.19</valUSD>
        <pctVal>1.2016101394</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>CHINA JINMAO HLDGS. GRP.</name>
        <lei>3003000CW9WBO3PJ7R66</lei>
        <title>CHINA JINMAO HLDGS. GRP.</title>
        <cusip>Y1500V107</cusip>
        <identifiers>
          <isin value="HK0817039453"/>
          <ticker value="CJNHF"/>
        </identifiers>
        <balance>1826042</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>303784.89</valUSD>
        <pctVal>0.0442763858</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>PARKWAY LIFE REAL ESTATE</name>
        <lei>549300I4DKVD2OF5LW91</lei>
        <title>PARKWAY LIFE REAL ESTATE</title>
        <cusip>Y67202104</cusip>
        <identifiers>
          <isin value="SG1V52937132"/>
          <ticker value="PRKWF"/>
        </identifiers>
        <balance>156400</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>487875.55</valUSD>
        <pctVal>0.0711074408</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>LONGFOR GRP. HLDGS. LTD</name>
        <lei>254900UJX27B2F1JYR13</lei>
        <title>LONGFOR GRP. HLDGS. LTD</title>
        <cusip>G5635P109</cusip>
        <identifiers>
          <isin value="KYG5635P1090"/>
          <ticker value="LNGPF"/>
        </identifiers>
        <balance>711071</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>701147.8</valUSD>
        <pctVal>0.1021916874</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>COMMERCIAL REAL ESTATE CO</name>
        <lei>N/A</lei>
        <title>COMMERCIAL REAL ESTATE CO</title>
        <cusip>M25735115</cusip>
        <identifiers>
          <isin value="KW0EQ0401632"/>
          <ticker value="ALTIJARI"/>
        </identifiers>
        <balance>557646</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3095"/>
        <valUSD>325284.78</valUSD>
        <pctVal>0.0474099763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SL GREEN RLTY CORP COM PA</name>
        <lei>549300VQZPJU97H3GT17</lei>
        <title>SL GREEN RLTY CORP COM PA</title>
        <cusip>78440X887</cusip>
        <identifiers>
          <isin value="US78440X8873"/>
          <ticker value="SLG"/>
        </identifiers>
        <balance>23905</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>883050.7</valUSD>
        <pctVal>0.1287038783</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="883050.700000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POLY DEVS. AND HLDGS. GRP</name>
        <lei>300300W9OF1ZRGUDVU96</lei>
        <title>POLY DEVS. AND HLDGS. GRP</title>
        <cusip>Y7000Q100</cusip>
        <identifiers>
          <isin value="CNE000001ND1"/>
          <ticker value="600048"/>
        </identifiers>
        <balance>252000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9082"/>
        <valUSD>213629.85</valUSD>
        <pctVal>0.0311363665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELLA CAP. REAL ESTATE LT</name>
        <lei>N/A</lei>
        <title>SELLA CAP. REAL ESTATE LT</title>
        <cusip>M8274U101</cusip>
        <identifiers>
          <isin value="IL0011096448"/>
          <ticker value="STCPF"/>
        </identifiers>
        <balance>82780</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>266873.56</valUSD>
        <pctVal>0.0388965913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</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</title>
        <cusip>25960P109</cusip>
        <identifiers>
          <isin value="US25960P1093"/>
          <ticker value="DEI"/>
        </identifiers>
        <balance>57636</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>542931.12</valUSD>
        <pctVal>0.0791317427</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>PIEDMONT REALTY TRUST INC</name>
        <lei>N/A</lei>
        <title>PIEDMONT REALTY TRUST INC</title>
        <cusip>720190206</cusip>
        <identifiers>
          <isin value="US7201902068"/>
          <ticker value="PDM"/>
        </identifiers>
        <balance>41571</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>273121.47</valUSD>
        <pctVal>0.0398072188</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>TORUNLAR GAYRIMENKUL YATI</name>
        <lei>789000AZI3NB7PA5A670</lei>
        <title>TORUNLAR GAYRIMENKUL YATI</title>
        <cusip>M8820E106</cusip>
        <identifiers>
          <isin value="TRETRGY00018"/>
          <ticker value="TGYOF"/>
        </identifiers>
        <balance>72904</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="44.4405"/>
        <valUSD>141686.6</valUSD>
        <pctVal>0.0206506998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUE SQUARE REAL ESTATE L</name>
        <lei>N/A</lei>
        <title>BLUE SQUARE REAL ESTATE L</title>
        <cusip>M20259103</cusip>
        <identifiers>
          <isin value="IL0010985658"/>
          <ticker value="BLSR"/>
        </identifiers>
        <balance>1818</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>225285.52</valUSD>
        <pctVal>0.0328351703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACTIVIA PROPS. INC</name>
        <lei>353800RPGYN3ML8CXV54</lei>
        <title>ACTIVIA PROPS. INC</title>
        <cusip>J00089102</cusip>
        <identifiers>
          <isin value="JP3047490002"/>
          <ticker value="ATVXF"/>
        </identifiers>
        <balance>694</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>614942.81</valUSD>
        <pctVal>0.0896273844</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>FAR EAST HOSPITALITY TRUS</name>
        <lei>N/A</lei>
        <title>FAR EAST HOSPITALITY TRUS</title>
        <cusip>Y24258108</cusip>
        <identifiers>
          <isin value="SG2F08984575"/>
          <ticker value="FEHTF"/>
        </identifiers>
        <balance>338203</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>147968.8</valUSD>
        <pctVal>0.0215663250</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>FRASERS LOGISTICS &amp; COMME</name>
        <lei>N/A</lei>
        <title>FRASERS LOGISTICS &amp; COMME</title>
        <cusip>Y26465107</cusip>
        <identifiers>
          <isin value="SG1CI9000006"/>
          <ticker value="FRLOF"/>
        </identifiers>
        <balance>964346.347</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>673790.85</valUSD>
        <pctVal>0.0982044355</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>SASSEUR REAL ESTATE INV.</name>
        <lei>N/A</lei>
        <title>SASSEUR REAL ESTATE INV.</title>
        <cusip>Y7541M105</cusip>
        <identifiers>
          <isin value="SG1ED2000000"/>
          <ticker value="SASSR"/>
        </identifiers>
        <balance>213400</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>105579.61</valUSD>
        <pctVal>0.0153881371</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>GOLDCREST CO LTD</name>
        <lei>N/A</lei>
        <title>GOLDCREST CO LTD</title>
        <cusip>J17451105</cusip>
        <identifiers>
          <isin value="JP3306800008"/>
          <ticker value="CDCTF"/>
        </identifiers>
        <balance>5600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>118472.13</valUSD>
        <pctVal>0.0172672108</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>MIRVAC GROUP</name>
        <lei>N/A</lei>
        <title>MIRVAC GROUP</title>
        <cusip>Q62377108</cusip>
        <identifiers>
          <isin value="AU000000MGR9"/>
          <ticker value="MRVGF"/>
        </identifiers>
        <balance>1314853</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>1621019.37</valUSD>
        <pctVal>0.2362621757</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>BWP PROP. GRP. LTD</name>
        <lei>N/A</lei>
        <title>BWP PROP. GRP. LTD</title>
        <cusip>Q1921Q132</cusip>
        <identifiers>
          <isin value="AU000000BWP3"/>
          <ticker value="BUNNF"/>
        </identifiers>
        <balance>201955</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>520094.63</valUSD>
        <pctVal>0.0758033440</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 (HLP</name>
        <lei>529900CIVTNMXQT59E61</lei>
        <title>HANG LUNG PROPERTIES (HLP</title>
        <cusip>Y30166105</cusip>
        <identifiers>
          <isin value="HK0101000591"/>
          <ticker value="HLPPF"/>
        </identifiers>
        <balance>610674</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>686070.73</valUSD>
        <pctVal>0.0999942174</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>LEOPALACE21 CORP</name>
        <lei>529900Z3BHJUW1DY6254</lei>
        <title>LEOPALACE21 CORP</title>
        <cusip>J38781100</cusip>
        <identifiers>
          <isin value="JP3167500002"/>
          <ticker value="LEOPF"/>
        </identifiers>
        <balance>70400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>286389.25</valUSD>
        <pctVal>0.0417409863</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>NIPPON BLDG. INC</name>
        <lei>52990053R8NL2MB32172</lei>
        <title>NIPPON BLDG. INC</title>
        <cusip>J52088101</cusip>
        <identifiers>
          <isin value="JP3027670003"/>
          <ticker value="8951"/>
        </identifiers>
        <balance>2584</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>2168916.94</valUSD>
        <pctVal>0.3161177742</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 REAL ESTATE INV. CO</name>
        <lei>3538003YAIR3CBGJJ928</lei>
        <title>JAPAN REAL ESTATE INV. CO</title>
        <cusip>J27523109</cusip>
        <identifiers>
          <isin value="JP3027680002"/>
          <ticker value="JREIF"/>
        </identifiers>
        <balance>2118</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1560021.59</valUSD>
        <pctVal>0.2273718019</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>AYALA LAND INC</name>
        <lei>254900EWT10TQ6DKTV34</lei>
        <title>AYALA LAND INC</title>
        <cusip>Y0488F100</cusip>
        <identifiers>
          <isin value="PHY0488F1004"/>
          <ticker value="AYAAF"/>
        </identifiers>
        <balance>2107181</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="60.75"/>
        <valUSD>562040.63</valUSD>
        <pctVal>0.0819169373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND INTEGRATED COM</name>
        <lei>54930031292WUTXF0L29</lei>
        <title>CAPITALAND INTEGRATED COM</title>
        <cusip>Y0259J109</cusip>
        <identifiers>
          <isin value="SG1M51904654"/>
          <ticker value="C38U"/>
        </identifiers>
        <balance>2041914</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>3667248</valUSD>
        <pctVal>0.5344982345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN METROPOLITAN INVEST</name>
        <lei>353800QDHNIP60E1LQ93</lei>
        <title>JAPAN METROPOLITAN INVEST</title>
        <cusip>J27544105</cusip>
        <identifiers>
          <isin value="JP3039710003"/>
          <ticker value="JRFIF"/>
        </identifiers>
        <balance>2382</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1676875.62</valUSD>
        <pctVal>0.2444031760</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>NTT UD REIT INV. CORP</name>
        <lei>N/A</lei>
        <title>NTT UD REIT INV. CORP</title>
        <cusip>J7446X104</cusip>
        <identifiers>
          <isin value="JP3041770003"/>
          <ticker value="PICJF"/>
        </identifiers>
        <balance>487</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>426266.8</valUSD>
        <pctVal>0.0621280186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAND &amp; HOUSES PCL</name>
        <lei>529900O7AEACUWP7KS87</lei>
        <title>LAND &amp; HOUSES PCL</title>
        <cusip>Y5172C164</cusip>
        <identifiers>
          <isin value="TH0143010R16"/>
          <ticker value="LDHUF"/>
        </identifiers>
        <balance>2565100</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>295072.83</valUSD>
        <pctVal>0.0430066106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="80398.720000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORIX JREIT INC</name>
        <lei>353800WVNTBIU65TA247</lei>
        <title>ORIX JREIT INC</title>
        <cusip>J8996L102</cusip>
        <identifiers>
          <isin value="JP3040880001"/>
          <ticker value="ORXJF"/>
        </identifiers>
        <balance>1736</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1059756.08</valUSD>
        <pctVal>0.1544585351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOKYU REIT INC</name>
        <lei>N/A</lei>
        <title>TOKYU REIT INC</title>
        <cusip>J88914106</cusip>
        <identifiers>
          <isin value="JP3044510000"/>
          <ticker value="TKURF"/>
        </identifiers>
        <balance>274</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>341455.35</valUSD>
        <pctVal>0.0497668229</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>SUPALAI PCL</name>
        <lei>9845000F0E39B2C16696</lei>
        <title>SUPALAI PCL</title>
        <cusip>Y8309K190</cusip>
        <identifiers>
          <isin value="TH0371010Z13"/>
          <ticker value="SULAF"/>
        </identifiers>
        <balance>280445</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>138606.84</valUSD>
        <pctVal>0.0202018274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED URBAN INV. CORP</name>
        <lei>353800GYZWBD7BDCN841</lei>
        <title>UNITED URBAN INV. CORP</title>
        <cusip>J9427E105</cusip>
        <identifiers>
          <isin value="JP3045540006"/>
          <ticker value="UUICF"/>
        </identifiers>
        <balance>1026</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1107039.94</valUSD>
        <pctVal>0.1613501169</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>AXIS REAL ESTATE INV. TRU</name>
        <lei>N/A</lei>
        <title>AXIS REAL ESTATE INV. TRU</title>
        <cusip>Y05193100</cusip>
        <identifiers>
          <isin value="MYL5106TO008"/>
          <ticker value="AXRMF"/>
        </identifiers>
        <balance>529362</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.049"/>
        <valUSD>251458.82</valUSD>
        <pctVal>0.0366499062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADITYA BIRLA REAL EST LTD</name>
        <lei>3358002623R2H9GZNE81</lei>
        <title>ADITYA BIRLA REAL EST LTD</title>
        <cusip>Y12504125</cusip>
        <identifiers>
          <isin value="INE055A01016"/>
          <ticker value="CTXTF"/>
        </identifiers>
        <balance>17630</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.84875"/>
        <valUSD>210561.23</valUSD>
        <pctVal>0.0306891178</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>FUKUOKA REIT CORP</name>
        <lei>N/A</lei>
        <title>FUKUOKA REIT CORP</title>
        <cusip>J17128109</cusip>
        <identifiers>
          <isin value="JP3046240002"/>
          <ticker value="FUORF"/>
        </identifiers>
        <balance>224</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>241179.41</valUSD>
        <pctVal>0.0351516911</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</name>
        <lei>549300ZD5HZLQCF55J25</lei>
        <title>KEPPEL REIT</title>
        <cusip>Y4740G104</cusip>
        <identifiers>
          <isin value="SG1T22929874"/>
          <ticker value="KREVF"/>
        </identifiers>
        <balance>1092120</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>758440.01</valUSD>
        <pctVal>0.1105419776</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>MEGAWORLD CORP</name>
        <lei>254900P57OOZ5AY5C521</lei>
        <title>MEGAWORLD CORP</title>
        <cusip>Y59481112</cusip>
        <identifiers>
          <isin value="PHY594811127"/>
          <ticker value="MEG"/>
        </identifiers>
        <balance>3048001</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="60.75"/>
        <valUSD>105437.59</valUSD>
        <pctVal>0.0153674378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAIWA SECS. LIVING INVS.</name>
        <lei>N/A</lei>
        <title>DAIWA SECS. LIVING INVS.</title>
        <cusip>J1R49P106</cusip>
        <identifiers>
          <isin value="JP3046410001"/>
          <ticker value="JRHIF"/>
        </identifiers>
        <balance>698</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>469208.54</valUSD>
        <pctVal>0.0683867402</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 EXCELLENT INC</name>
        <lei>35380015J62221TE0D86</lei>
        <title>JAPAN EXCELLENT INC</title>
        <cusip>J2739K109</cusip>
        <identifiers>
          <isin value="JP3046420000"/>
          <ticker value="JPXCF"/>
        </identifiers>
        <balance>371</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>334393.96</valUSD>
        <pctVal>0.0487376314</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>CENTRAL PATTANA PCL</name>
        <lei>N/A</lei>
        <title>CENTRAL PATTANA PCL</title>
        <cusip>Y1242U128</cusip>
        <identifiers>
          <isin value="TH0481010R10"/>
          <ticker value="CTPUF"/>
        </identifiers>
        <balance>84098</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>161522.85</valUSD>
        <pctVal>0.0235418161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHUI ON LAND LTD</name>
        <lei>5299008W71Y7DHTU7753</lei>
        <title>SHUI ON LAND LTD</title>
        <cusip>G81151113</cusip>
        <identifiers>
          <isin value="KYG811511131"/>
          <ticker value="SOLLF"/>
        </identifiers>
        <balance>1178777</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>76884.58</valUSD>
        <pctVal>0.0112058613</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>CHINA RES. LAND LTD</name>
        <lei>5299001HL0TU7X15HK51</lei>
        <title>CHINA RES. LAND LTD</title>
        <cusip>G2108Y105</cusip>
        <identifiers>
          <isin value="KYG2108Y1052"/>
          <ticker value="CRBJF"/>
        </identifiers>
        <balance>1080898</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>4044621</valUSD>
        <pctVal>0.5895000240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY DEVS. LTD</name>
        <lei>254900BPLPJS0RJ72373</lei>
        <title>CITY DEVS. LTD</title>
        <cusip>V23130111</cusip>
        <identifiers>
          <isin value="SG1R89002252"/>
          <ticker value="CDEVF"/>
        </identifiers>
        <balance>170000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>1095400.33</valUSD>
        <pctVal>0.1596536538</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>POLY PROP. GRP. CO LTD</name>
        <lei>N/A</lei>
        <title>POLY PROP. GRP. CO LTD</title>
        <cusip>Y7064G105</cusip>
        <identifiers>
          <isin value="HK0119000674"/>
          <ticker value="PHKIF"/>
        </identifiers>
        <balance>711000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>158798.02</valUSD>
        <pctVal>0.0231446745</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>HANG LUNG GRP. LTD</name>
        <lei>529900V2T2EPOQYH0981</lei>
        <title>HANG LUNG GRP. LTD</title>
        <cusip>Y30148111</cusip>
        <identifiers>
          <isin value="HK0010000088"/>
          <ticker value="HNLGF"/>
        </identifiers>
        <balance>277000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>527560.98</valUSD>
        <pctVal>0.0768915580</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>MIVNE REAL ESTATE KD LTD</name>
        <lei>N/A</lei>
        <title>MIVNE REAL ESTATE KD LTD</title>
        <cusip>M5514Q106</cusip>
        <identifiers>
          <isin value="IL0002260193"/>
          <ticker value="IUSRF"/>
        </identifiers>
        <balance>193408</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>802402.53</valUSD>
        <pctVal>0.1169494770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYSAN DEV. CO LTD</name>
        <lei>5299007BABFLKIH9HL03</lei>
        <title>HYSAN DEV. CO LTD</title>
        <cusip>Y38203124</cusip>
        <identifiers>
          <isin value="HK0014000126"/>
          <ticker value="HYSNF"/>
        </identifiers>
        <balance>202045</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>491963.87</valUSD>
        <pctVal>0.0717033099</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>KEIHANSHIN BLDG. CO LTD</name>
        <lei>N/A</lei>
        <title>KEIHANSHIN BLDG. CO LTD</title>
        <cusip>J31976103</cusip>
        <identifiers>
          <isin value="JP3279000008"/>
          <ticker value="KEIHF"/>
        </identifiers>
        <balance>11200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>137824.52</valUSD>
        <pctVal>0.0200878050</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>COUNTRY GARDEN HLDGS. CO</name>
        <lei>549300MGHLPT1EFHGF84</lei>
        <title>COUNTRY GARDEN HLDGS. CO</title>
        <cusip>G24524103</cusip>
        <identifiers>
          <isin value="KYG245241032"/>
          <ticker value="CTRYQ"/>
        </identifiers>
        <balance>5547000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>229316.96</valUSD>
        <pctVal>0.0334227492</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>JADWA REIT SAUDI FUND</name>
        <lei>N/A</lei>
        <title>JADWA REIT SAUDI FUND</title>
        <cusip>M61444101</cusip>
        <identifiers>
          <isin value="SA14GG523R59"/>
          <ticker value="JADWAREI"/>
        </identifiers>
        <balance>61529</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7526"/>
        <valUSD>184205.75</valUSD>
        <pctVal>0.0268478293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INMOBILIARIA COLONIAL SOC</name>
        <lei>95980020140005007414</lei>
        <title>INMOBILIARIA COLONIAL SOC</title>
        <cusip>E6451E105</cusip>
        <identifiers>
          <isin value="ES0139140174"/>
          <ticker value="IMQCF"/>
        </identifiers>
        <balance>91656</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>544054.07</valUSD>
        <pctVal>0.0792954117</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>PRASHKOVSKY INVS. AND CON</name>
        <lei>N/A</lei>
        <title>PRASHKOVSKY INVS. AND CON</title>
        <cusip>M41416104</cusip>
        <identifiers>
          <isin value="IL0011021289"/>
          <ticker value="PRSK"/>
        </identifiers>
        <balance>2607</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>121701.63</valUSD>
        <pctVal>0.0177379077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TARGET HEALTHCARE REIT PL</name>
        <lei>213800RXPY9WULUSBC04</lei>
        <title>TARGET HEALTHCARE REIT PL</title>
        <cusip>G8672Z105</cusip>
        <identifiers>
          <isin value="GB00BJGTLF51"/>
          <ticker value="THRL"/>
        </identifiers>
        <balance>213683</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>284786.33</valUSD>
        <pctVal>0.0415073621</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>CURRENCY CONTRACT - AUD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - AUD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTAUD__07386611_1728801"/>
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        <balance>-164675.59</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4930.36</valUSD>
        <pctVal>-0.0007185957</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY AND CO</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <amtCurSold>-164675.59</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>231801.38</amtCurPur>
            <curPur>AUD</curPur>
            <settlementDt>2026-06-17</settlementDt>
            <unrealizedAppr>-4930.36</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - HKD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - HKD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTHKD__07386524_1728801"/>
        </identifiers>
        <balance>-617005.52</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1290.18</valUSD>
        <pctVal>-0.0001880426</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BANK OF MONTREAL</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>-617005.52</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>4808201.86</amtCurPur>
            <curPur>HKD</curPur>
            <settlementDt>2026-06-17</settlementDt>
            <unrealizedAppr>-1290.18</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - INR</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - INR</title>
        <cusip>000000000</cusip>
        <identifiers>
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            <counterparties>
              <counterpartyName>BANK OF MONTREAL</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>-360881.43</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>266362.9</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-06-17</settlementDt>
            <unrealizedAppr>6049.01</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Institutional Liquid Asset Portfolio</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Institutional Liquid Asset Portfolio</title>
        <cusip>665279105</cusip>
        <identifiers>
          <isin value="US6652791053"/>
        </identifiers>
        <balance>6686984.15</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6686984.15</valUSD>
        <pctVal>0.9746221751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="6686984.150000000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE</name>
        <lei>N/A</lei>
        <title>FUT. ICUS MSCI EAF JUN26</title>
        <cusip>02052FAB5</cusip>
        <identifiers>
          <isin value="US02052FAB58"/>
          <ticker value="MFSM6"/>
          <other otherDesc="NT_ID" value="9M16ZRU"/>
        </identifiers>
        <balance>38</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5512090</valUSD>
        <pctVal>0.8033823656</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures US futures</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>ICE MSCI EAF Futures</indexName>
                <indexIdentifier>MFS</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-19</expDate>
            <notionalAmt>5512090</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3743.45</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMM</name>
        <lei>N/A</lei>
        <title>FUT. IMMEMINI MDCP JUN26</title>
        <cusip>02052FAB5</cusip>
        <identifiers>
          <isin value="US02052FAB58"/>
          <ticker value="FAM6"/>
          <other otherDesc="NT_ID" value="9N1MZQU"/>
        </identifiers>
        <balance>13</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4415450</valUSD>
        <pctVal>0.6435480310</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>International Monetary Market</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Mid Cap</indexName>
                <indexIdentifier>MID</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>4415450</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>39654.01</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONTREAL</name>
        <lei>N/A</lei>
        <title>FUT. ME S&amp;P CAN JUN26</title>
        <cusip>02052FAB5</cusip>
        <identifiers>
          <isin value="US02052FAB58"/>
          <ticker value="PTM6"/>
          <other otherDesc="NT_ID" value="9N3BS2U"/>
        </identifiers>
        <balance>7</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>1920005.75</valUSD>
        <pctVal>0.2798391829</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Montreal Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P/TSX 60 Index</indexName>
                <indexIdentifier>SPTSX60</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>2670920</notionalAmt>
            <curCd>CAD</curCd>
            <unrealizedAppr>-2220.07</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-30</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>
</edgarSubmission>
