<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
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    <isConfidential>false</isConfidential>
    <filerInfo>

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


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        <classId>C000070887</classId>
      </seriesClassInfo>


    </filerInfo>
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      <regFileNumber>811-08236</regFileNumber>
      <regCik>0000916620</regCik>
      <regLei>5493004ZY1PEJR3C0A81</regLei>
      <regStreet1>50 South LaSalle Street</regStreet1>
      <regCity>Chicago</regCity>
      <regStateConditional regCountry="US" regState="US-IL"/>
      <regZipOrPostalCode>60603</regZipOrPostalCode>
      <regPhone>800-595-9111</regPhone>
      <seriesName>Multi-Manager Global Real Estate Fund</seriesName>
      <seriesId>S000024145</seriesId>
      <seriesLei>549300D4IXJ39SV3BM40</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <assetsInvested>0.000000000000</assetsInvested>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
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        <title>GAMING AND LEISURE PROPS.</title>
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        <curCd>USD</curCd>
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        <pctVal>0.5342498258</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
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        <name>LINK REIT</name>
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          <ticker value="LKREF"/>
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        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
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        <pctVal>0.3711723976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRITAX BIG BOX REIT PLC</name>
        <lei>213800L6X88MIYPVR714</lei>
        <title>TRITAX BIG BOX REIT PLC</title>
        <cusip>G9101W101</cusip>
        <identifiers>
          <isin value="GB00BG49KP99"/>
          <ticker value="TTBXF"/>
        </identifiers>
        <balance>197007</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>371452.41</valUSD>
        <pctVal>0.4930092859</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>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>119</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>445.6</valUSD>
        <pctVal>0.0005914215</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>NETSTREIT CORP</name>
        <lei>254900CJL0EDMEQ25Q84</lei>
        <title>NETSTREIT CORP</title>
        <cusip>64119V303</cusip>
        <identifiers>
          <isin value="US64119V3033"/>
          <ticker value="NTST"/>
        </identifiers>
        <balance>33808</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>636604.64</valUSD>
        <pctVal>0.8449319227</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="632499.700000000000"/>
        </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>10356</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>257909.74</valUSD>
        <pctVal>0.3423100600</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>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>34253</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>658685.19</valUSD>
        <pctVal>0.8742382777</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>NEXTDC LTD</name>
        <lei>529900RTERU3X7G3D672</lei>
        <title>NEXTDC LTD</title>
        <cusip>Q6750Y106</cusip>
        <identifiers>
          <isin value="AU000000NXT8"/>
          <ticker value="NXDCF"/>
        </identifiers>
        <balance>31476</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>252312.45</valUSD>
        <pctVal>0.3348810708</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>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>106892</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>297273.88</valUSD>
        <pctVal>0.3945560167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA REAL ESTATE MASTER</name>
        <lei>353800TNNZOQ1CPZE086</lei>
        <title>NOMURA REAL ESTATE MASTER</title>
        <cusip>J589D3119</cusip>
        <identifiers>
          <isin value="JP3048110005"/>
          <ticker value="NMMRF"/>
        </identifiers>
        <balance>230</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>227570.12</valUSD>
        <pctVal>0.3020418749</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>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>75882</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>93189.48</valUSD>
        <pctVal>0.1236855052</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>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
          <ticker value="EQIX"/>
        </identifiers>
        <balance>2040</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1999689.6</valUSD>
        <pctVal>2.6540830405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVITATION HOMES INC</name>
        <lei>984500FE452E665C9F85</lei>
        <title>INVITATION HOMES INC</title>
        <cusip>46187W107</cusip>
        <identifiers>
          <isin value="US46187W1071"/>
          <ticker value="INVH"/>
        </identifiers>
        <balance>30151</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>749252.35</valUSD>
        <pctVal>0.9944433152</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>14751</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>765576.9</valUSD>
        <pctVal>1.0161100335</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>2277</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>551034</valUSD>
        <pctVal>0.7313585039</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>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>3664</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>112583.59</valUSD>
        <pctVal>0.1494262894</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>IRON MOUNTAIN INC</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC</title>
        <cusip>46284V101</cusip>
        <identifiers>
          <isin value="US46284V1017"/>
          <ticker value="IRM"/>
        </identifiers>
        <balance>7469</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>762883.66</valUSD>
        <pctVal>1.0125354374</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>22077</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4364843.67</valUSD>
        <pctVal>5.7932278884</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>CATENA AB</name>
        <lei>549300EMLM7AH5LDLY65</lei>
        <title>CATENA AB</title>
        <cusip>W2356E100</cusip>
        <identifiers>
          <isin value="SE0001664707"/>
          <ticker value="CTTTF"/>
        </identifiers>
        <balance>4115</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>193174.9</valUSD>
        <pctVal>0.2563909048</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>WIHLBORGS FASTIGHETER AB</name>
        <lei>549300RC1YDJPITF8X06</lei>
        <title>WIHLBORGS FASTIGHETER AB</title>
        <cusip>W9899F163</cusip>
        <identifiers>
          <isin value="SE0018012635"/>
          <ticker value="WIHL"/>
        </identifiers>
        <balance>11551</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>105882.19</valUSD>
        <pctVal>0.1405318729</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>VGP NV</name>
        <lei>315700NENYPIXFR94T49</lei>
        <title>VGP NV</title>
        <cusip>B9738D109</cusip>
        <identifiers>
          <isin value="BE0003878957"/>
          <ticker value="VGPBF"/>
        </identifiers>
        <balance>1240</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>119900.95</valUSD>
        <pctVal>0.1591382372</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>UNIBAIL-RODAMCO-WESTFIELD</name>
        <lei>969500SHQITWXSIS7N89</lei>
        <title>UNIBAIL-RODAMCO-WESTFIELD</title>
        <cusip>F95094581</cusip>
        <identifiers>
          <isin value="FR0013326246"/>
          <ticker value="UNBLF"/>
        </identifiers>
        <balance>2875</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>321322.37</valUSD>
        <pctVal>0.4264743152</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>FASTIGHETS AB BALDER</name>
        <lei>549300GHKJCEZOAEUU82</lei>
        <title>FASTIGHETS AB BALDER</title>
        <cusip>W2951M127</cusip>
        <identifiers>
          <isin value="SE0017832488"/>
          <ticker value="BALDF"/>
        </identifiers>
        <balance>12898</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>75856.52</valUSD>
        <pctVal>0.1006803772</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>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>30183</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>223965.54</valUSD>
        <pctVal>0.2972577051</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>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>17331</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>256893.98</valUSD>
        <pctVal>0.3409618950</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>CARETRUST REIT INC</name>
        <lei>5493001NVXE2B9GPLU96</lei>
        <title>CARETRUST REIT INC</title>
        <cusip>14174T107</cusip>
        <identifiers>
          <isin value="US14174T1079"/>
          <ticker value="CTRE"/>
        </identifiers>
        <balance>7982</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>292540.3</valUSD>
        <pctVal>0.3882733845</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>VGP NV</name>
        <lei>315700NENYPIXFR94T49</lei>
        <title>VGP NV</title>
        <cusip>B9738D109</cusip>
        <identifiers>
          <isin value="BE0003878957"/>
          <ticker value="VGPBF"/>
        </identifiers>
        <balance>2108</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>203831.62</valUSD>
        <pctVal>0.2705350099</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>UNIBAIL-RODAMCO-WESTFIELD</name>
        <lei>969500SHQITWXSIS7N89</lei>
        <title>UNIBAIL-RODAMCO-WESTFIELD</title>
        <cusip>F95094581</cusip>
        <identifiers>
          <isin value="FR0013326246"/>
          <ticker value="UNBLF"/>
        </identifiers>
        <balance>4835</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>540380.41</valUSD>
        <pctVal>0.7172185531</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>ESSENTIAL PROPS. REALTY T</name>
        <lei>2549009LXQLVYCGLZO50</lei>
        <title>ESSENTIAL PROPS. REALTY T</title>
        <cusip>29670E107</cusip>
        <identifiers>
          <isin value="US29670E1073"/>
          <ticker value="EPRT"/>
        </identifiers>
        <balance>23919</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>726180.84</valUSD>
        <pctVal>0.9638217110</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>10867</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>476191.94</valUSD>
        <pctVal>0.6320245662</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>4772</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282263.8</valUSD>
        <pctVal>0.3746339254</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>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>10001</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1311431.13</valUSD>
        <pctVal>1.7405937006</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>GLP J-REIT</name>
        <lei>353800E27V9KA51K2I90</lei>
        <title>GLP J-REIT</title>
        <cusip>J17305103</cusip>
        <identifiers>
          <isin value="JP3047510007"/>
          <ticker value="GLPJF"/>
        </identifiers>
        <balance>230</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>188578.72</valUSD>
        <pctVal>0.2502906364</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>AGREE REALTY CORP</name>
        <lei>98450090H010B37OEB68</lei>
        <title>AGREE REALTY CORP</title>
        <cusip>008492100</cusip>
        <identifiers>
          <isin value="US0084921008"/>
          <ticker value="ADC"/>
        </identifiers>
        <balance>11700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>881946</valUSD>
        <pctVal>1.1705606316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS INC</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>PROLOGIS INC</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
          <ticker value="PLD"/>
        </identifiers>
        <balance>15897</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2101265.46</valUSD>
        <pctVal>2.7888993476</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>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>3428</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".7996"/>
        <valUSD>580791.22</valUSD>
        <pctVal>0.7708537000</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>MERCIALYS SA</name>
        <lei>969500081CGAXB7YS433</lei>
        <title>MERCIALYS SA</title>
        <cusip>F61573105</cusip>
        <identifiers>
          <isin value="FR0010241638"/>
          <ticker value="MEIYF"/>
        </identifiers>
        <balance>15936</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>216094.67</valUSD>
        <pctVal>0.2868111125</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>TAG IMMOBILIEN AG</name>
        <lei>529900TAE68USJNXLR59</lei>
        <title>TAG IMMOBILIEN AG</title>
        <cusip>D8283Q174</cusip>
        <identifiers>
          <isin value="DE0008303504"/>
          <ticker value="TEG"/>
        </identifiers>
        <balance>19336</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>302410.17</valUSD>
        <pctVal>0.4013731448</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>AEDIFICA SA</name>
        <lei>529900DTKNXL0AXQFN28</lei>
        <title>AEDIFICA SA</title>
        <cusip>B0130A108</cusip>
        <identifiers>
          <isin value="BE0003851681"/>
          <ticker value="AEDFF"/>
        </identifiers>
        <balance>4440</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>358442.2</valUSD>
        <pctVal>0.4757415171</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>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>7773</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45938.43</valUSD>
        <pctVal>0.0609716668</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>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>520</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>383008.13</valUSD>
        <pctVal>0.5083465865</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 INTEGRATED COM</name>
        <lei>54930031292WUTXF0L29</lei>
        <title>CAPITALAND INTEGRATED COM</title>
        <cusip>Y0259J109</cusip>
        <identifiers>
          <isin value="SG1M51904654"/>
          <ticker value="C38U"/>
        </identifiers>
        <balance>144600</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>259699.51</valUSD>
        <pctVal>0.3446855277</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>488</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>343541.27</valUSD>
        <pctVal>0.4559642949</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>134000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>258905.03</valUSD>
        <pctVal>0.3436310561</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>KEPPEL REIT</name>
        <lei>549300ZD5HZLQCF55J25</lei>
        <title>KEPPEL REIT</title>
        <cusip>Y4740G104</cusip>
        <identifiers>
          <isin value="SG1T22929874"/>
          <ticker value="KREVF"/>
        </identifiers>
        <balance>265000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>184033.44</valUSD>
        <pctVal>0.2442579248</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>127</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>107434.32</valUSD>
        <pctVal>0.1425919336</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>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>31800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>248722.2</valUSD>
        <pctVal>0.3301159204</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>UDR INC</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR INC</title>
        <cusip>902653104</cusip>
        <identifiers>
          <isin value="US9026531049"/>
          <ticker value="UDR"/>
        </identifiers>
        <balance>15631</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>528015.18</valUSD>
        <pctVal>0.7008068324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUBISHI ESTATE CO LTD</name>
        <lei>353800KOFMRGOXSJ5Z65</lei>
        <title>MITSUBISHI ESTATE CO LTD</title>
        <cusip>J43916113</cusip>
        <identifiers>
          <isin value="JP3899600005"/>
          <ticker value="MITEF"/>
        </identifiers>
        <balance>22200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>614303.64</valUSD>
        <pctVal>0.8153329760</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>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>72800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>770555.97</valUSD>
        <pctVal>1.0227184918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUN HUNG KAI 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>38500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>652532.93</valUSD>
        <pctVal>0.8660727059</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>UOL GRP. LTD</name>
        <lei>254900O9PRCWTMR86R25</lei>
        <title>UOL GRP. LTD</title>
        <cusip>Y9299W103</cusip>
        <identifiers>
          <isin value="SG1S83002349"/>
          <ticker value="U14"/>
        </identifiers>
        <balance>17900</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>136346.13</valUSD>
        <pctVal>0.1809650614</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>SEGRO PLC</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>SEGRO PLC</title>
        <cusip>G80277141</cusip>
        <identifiers>
          <isin value="GB00B5ZN1N88"/>
          <ticker value="SEGXF"/>
        </identifiers>
        <balance>21106</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>183544.78</valUSD>
        <pctVal>0.2436093521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWIRE PROPS. LTD</name>
        <lei>5299001L12PHYVQ92465</lei>
        <title>SWIRE PROPS. LTD</title>
        <cusip>Y83191109</cusip>
        <identifiers>
          <isin value="HK0000063609"/>
          <ticker value="SWPFF"/>
        </identifiers>
        <balance>80400</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>233673.4</valUSD>
        <pctVal>0.3101424381</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>KLEPIERRE SA</name>
        <lei>969500PB4U31KEFHZ621</lei>
        <title>KLEPIERRE SA</title>
        <cusip>F5396X102</cusip>
        <identifiers>
          <isin value="FR0000121964"/>
          <ticker value="KLPEF"/>
        </identifiers>
        <balance>13907</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>524169.44</valUSD>
        <pctVal>0.6957025836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEXUS</name>
        <lei>N/A</lei>
        <title>DEXUS</title>
        <cusip>Q318A1104</cusip>
        <identifiers>
          <isin value="AU000000DXS1"/>
          <ticker value="DEXSF"/>
        </identifiers>
        <balance>55360</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>227839.14</valUSD>
        <pctVal>0.3023989310</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>MELISRON LTD</name>
        <lei>213800B9SL62L9VLO604</lei>
        <title>MELISRON LTD</title>
        <cusip>M5128G106</cusip>
        <identifiers>
          <isin value="IL0003230146"/>
          <ticker value="MLSRF"/>
        </identifiers>
        <balance>1312</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.1443"/>
        <valUSD>169838.39</valUSD>
        <pctVal>0.2254175801</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>HELICAL PLC</name>
        <lei>2138003SBD2Z7WV2MP70</lei>
        <title>HELICAL PLC</title>
        <cusip>G43904195</cusip>
        <identifiers>
          <isin value="GB00B0FYMT95"/>
          <ticker value="HLICF"/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>116058.95</valUSD>
        <pctVal>0.1540389523</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>LAMAR ADVERTISING CO</name>
        <lei>529900Y8WW4MKVPTB543</lei>
        <title>LAMAR ADVERTISING CO</title>
        <cusip>512816109</cusip>
        <identifiers>
          <isin value="US5128161099"/>
          <ticker value="LAMR"/>
        </identifiers>
        <balance>4177</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>529058.82</valUSD>
        <pctVal>0.7021920010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERRENO REALTY CORP</name>
        <lei>N/A</lei>
        <title>TERRENO REALTY CORP</title>
        <cusip>88146M101</cusip>
        <identifiers>
          <isin value="US88146M1018"/>
          <ticker value="TRNO"/>
        </identifiers>
        <balance>11384</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>699205.28</valUSD>
        <pctVal>0.9280184662</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>2164</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2121239.36</valUSD>
        <pctVal>2.8154096567</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>2630</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>429610.5</valUSD>
        <pctVal>0.5701994660</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>25483</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>545591.03</valUSD>
        <pctVal>0.7241343355</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>34297</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>648213.3</valUSD>
        <pctVal>0.8603394878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEPPEL DC REIT</name>
        <lei>N/A</lei>
        <title>KEPPEL DC REIT</title>
        <cusip>Y47230100</cusip>
        <identifiers>
          <isin value="SG1AF6000009"/>
          <ticker value="KPDCF"/>
        </identifiers>
        <balance>114596</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>194991.55</valUSD>
        <pctVal>0.2588020490</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>WELLTOWER INC</name>
        <lei>254900F33BIAR82QTA19</lei>
        <title>WELLTOWER INC</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
          <ticker value="WELL"/>
        </identifiers>
        <balance>12881</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2546702.51</valUSD>
        <pctVal>3.3801045627</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>CATENA AB</name>
        <lei>549300EMLM7AH5LDLY65</lei>
        <title>CATENA AB</title>
        <cusip>W2356E100</cusip>
        <identifiers>
          <isin value="SE0001664707"/>
          <ticker value="CTTTF"/>
        </identifiers>
        <balance>2788</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>130880.1</valUSD>
        <pctVal>0.1737102867</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>JAPAN METROPOLITAN INVEST</name>
        <lei>353800QDHNIP60E1LQ93</lei>
        <title>JAPAN METROPOLITAN INVEST</title>
        <cusip>J27544105</cusip>
        <identifiers>
          <isin value="JP3039710003"/>
          <ticker value="JRFIF"/>
        </identifiers>
        <balance>584</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>411123.16</valUSD>
        <pctVal>0.5456621900</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>HILTON WORLDWIDE HLDGS. I</name>
        <lei>549300HVGPK36ICB0B89</lei>
        <title>HILTON WORLDWIDE HLDGS. I</title>
        <cusip>43300A203</cusip>
        <identifiers>
          <isin value="US43300A2033"/>
          <ticker value="HLT"/>
        </identifiers>
        <balance>1967</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>598125.36</valUSD>
        <pctVal>0.7938603942</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>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>605556.85</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>605556.85</valUSD>
        <pctVal>0.8037238207</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>AGREE REALTY CORP</name>
        <lei>98450090H010B37OEB68</lei>
        <title>AGREE REALTY CORP</title>
        <cusip>008492100</cusip>
        <identifiers>
          <isin value="US0084921008"/>
          <ticker value="ADC"/>
        </identifiers>
        <balance>7847</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>591506.86</valUSD>
        <pctVal>0.7850760065</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>CTP NV</name>
        <lei>3157000YTVO4TN65UM14</lei>
        <title>CTP NV</title>
        <cusip>N2368S105</cusip>
        <identifiers>
          <isin value="NL00150006R6"/>
          <ticker value="CTPVF"/>
        </identifiers>
        <balance>12272</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>206527.43</valUSD>
        <pctVal>0.2741130170</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>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>8825</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1590353.25</valUSD>
        <pctVal>2.1107923896</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>8324</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>519584.08</valUSD>
        <pctVal>0.6896166759</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>COMFORIA RESIDENTIAL REIT</name>
        <lei>353800BJ2SV3UPG9JU05</lei>
        <title>COMFORIA RESIDENTIAL REIT</title>
        <cusip>J0816Z106</cusip>
        <identifiers>
          <isin value="JP3047540004"/>
          <ticker value="COFRF"/>
        </identifiers>
        <balance>407</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>278246.83</valUSD>
        <pctVal>0.3693024120</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>391</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>287992.65</valUSD>
        <pctVal>0.3822375273</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>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>50500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>534520.29</valUSD>
        <pctVal>0.7094407234</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>9600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>239082.03</valUSD>
        <pctVal>0.3173210288</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>SAFESTORE HLDGS. PLC</name>
        <lei>213800WGA3YSJC1YOH73</lei>
        <title>SAFESTORE HLDGS. PLC</title>
        <cusip>G77733106</cusip>
        <identifiers>
          <isin value="GB00B1N7Z094"/>
          <ticker value="SFSHF"/>
        </identifiers>
        <balance>22478</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>189603.11</valUSD>
        <pctVal>0.2516502555</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>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>25003</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>406739.8</valUSD>
        <pctVal>0.5398443864</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>DR HORTON INC</name>
        <lei>529900ZIUEYVSB8QDD25</lei>
        <title>DR HORTON INC</title>
        <cusip>23331A109</cusip>
        <identifiers>
          <isin value="US23331A1097"/>
          <ticker value="DHI"/>
        </identifiers>
        <balance>2815</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>386274.3</valUSD>
        <pctVal>0.5126816025</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>5647</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>689611.64</valUSD>
        <pctVal>0.9152853314</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>2077</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>387422.81</valUSD>
        <pctVal>0.5142059595</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>4320</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1170201.6</valUSD>
        <pctVal>1.5531471587</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>16049</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1312487.22</valUSD>
        <pctVal>1.7419953934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS INC</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>PROLOGIS INC</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
          <ticker value="PLD"/>
        </identifiers>
        <balance>19086</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2522787.48</valUSD>
        <pctVal>3.3483633987</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>14307</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>524351.55</valUSD>
        <pctVal>0.6959442886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND INV. LTD/SINGA</name>
        <lei>254900AT4UQDU7SNXX49</lei>
        <title>CAPITALAND INV. LTD/SINGA</title>
        <cusip>Y1091P105</cusip>
        <identifiers>
          <isin value="SGXE62145532"/>
          <ticker value="CLILF"/>
        </identifiers>
        <balance>146500</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>312277.9</valUSD>
        <pctVal>0.4144700649</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>CENTURION ACCOMMODATION R</name>
        <lei>254900NE2W0T2HDOXF24</lei>
        <title>CENTURION ACCOMMODATION R</title>
        <cusip>Y1777V103</cusip>
        <identifiers>
          <isin value="SGXC43938841"/>
          <ticker value="CAREIT"/>
        </identifiers>
        <balance>183313</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>157825.99</valUSD>
        <pctVal>0.2094741521</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>CAPITALAND INTEGRATED COM</name>
        <lei>54930031292WUTXF0L29</lei>
        <title>CAPITALAND INTEGRATED COM</title>
        <cusip>Y0259J109</cusip>
        <identifiers>
          <isin value="SG1M51904654"/>
          <ticker value="C38U"/>
        </identifiers>
        <balance>181713</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>326353.92</valUSD>
        <pctVal>0.4331524274</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>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>313</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>337722.71</valUSD>
        <pctVal>0.4482416256</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>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>93649</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>294032.48</valUSD>
        <pctVal>0.3902538767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HONGKONG LAND HLDGS. LTD</name>
        <lei>213800XCHYNRPAYGXW28</lei>
        <title>HONGKONG LAND HLDGS. LTD</title>
        <cusip>G4587L109</cusip>
        <identifiers>
          <isin value="BMG4587L1090"/>
          <ticker value="HKHGF"/>
        </identifiers>
        <balance>45200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>353529.67</valUSD>
        <pctVal>0.4692213739</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>17900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>495316.9</valUSD>
        <pctVal>0.6574081217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOODMAN GROUP</name>
        <lei>N/A</lei>
        <title>GOODMAN GROUP</title>
        <cusip>Q4229W132</cusip>
        <identifiers>
          <isin value="AU000000GMG2"/>
          <ticker value="GMGSF"/>
        </identifiers>
        <balance>47232</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>840821.36</valUSD>
        <pctVal>1.1159780556</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>15500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>435778.19</valUSD>
        <pctVal>0.5783855172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUN HUNG KAI 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>28500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>483043.86</valUSD>
        <pctVal>0.6411187599</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>SEGRO PLC</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>SEGRO PLC</title>
        <cusip>G80277141</cusip>
        <identifiers>
          <isin value="GB00B5ZN1N88"/>
          <ticker value="SEGXF"/>
        </identifiers>
        <balance>27889</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>242532</valUSD>
        <pctVal>0.3218999929</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>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>146152</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>275566.42</valUSD>
        <pctVal>0.3657448445</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>SCENTRE GROUP</name>
        <lei>529900TUCASM3W86E831</lei>
        <title>SCENTRE GROUP</title>
        <cusip>Q8351E109</cusip>
        <identifiers>
          <isin value="AU000000SCG8"/>
          <ticker value="STGPF"/>
        </identifiers>
        <balance>169675</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>391463.28</valUSD>
        <pctVal>0.5195686633</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>FASTIGHETS AB BALDER</name>
        <lei>549300GHKJCEZOAEUU82</lei>
        <title>FASTIGHETS AB BALDER</title>
        <cusip>W2951M127</cusip>
        <identifiers>
          <isin value="SE0017832488"/>
          <ticker value="BALDF"/>
        </identifiers>
        <balance>49000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>288181.85</valUSD>
        <pctVal>0.3824886426</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>JANUS LIVING INC</name>
        <lei>2549003JCIOFKGHO7313</lei>
        <title>JANUS LIVING INC</title>
        <cusip>471024109</cusip>
        <identifiers>
          <isin value="US4710241096"/>
          <ticker value="JAN"/>
        </identifiers>
        <balance>15963</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>376247.91</valUSD>
        <pctVal>0.4993741013</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>CBRE GRP. INC</name>
        <lei>52990016II9MJ2OSWA10</lei>
        <title>CBRE GRP. INC</title>
        <cusip>12504L109</cusip>
        <identifiers>
          <isin value="US12504L1098"/>
          <ticker value="CBRE"/>
        </identifiers>
        <balance>5350</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>724711</valUSD>
        <pctVal>0.9618708695</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>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>5931</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>629931.51</valUSD>
        <pctVal>0.8360750275</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>RAYONIER INC</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>RAYONIER INC</title>
        <cusip>754907103</cusip>
        <identifiers>
          <isin value="US7549071030"/>
          <ticker value="RYN"/>
        </identifiers>
        <balance>13457</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>277483.34</valUSD>
        <pctVal>0.3682890718</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>59561</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1338335.67</valUSD>
        <pctVal>1.7763026843</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>2304</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64995.84</valUSD>
        <pctVal>0.0862655667</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="64995.840000000000"/>
        </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>38458</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>736855.28</valUSD>
        <pctVal>0.9779893349</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>4264</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>795363.92</valUSD>
        <pctVal>1.0556447816</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>2580</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>698870.4</valUSD>
        <pctVal>0.9275739975</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>9980</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1257080.8</valUSD>
        <pctVal>1.6684573605</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>55146</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>132776.53</valUSD>
        <pctVal>0.1762273187</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>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>15718</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2832540.78</valUSD>
        <pctVal>3.7594826945</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>CENTURION ACCOMMODATION R</name>
        <lei>254900NE2W0T2HDOXF24</lei>
        <title>CENTURION ACCOMMODATION R</title>
        <cusip>Y1777V103</cusip>
        <identifiers>
          <isin value="SGXC43938841"/>
          <ticker value="CAREIT"/>
        </identifiers>
        <balance>208000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>179080.63</valUSD>
        <pctVal>0.2376843201</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>GOODMAN GROUP</name>
        <lei>N/A</lei>
        <title>GOODMAN GROUP</title>
        <cusip>Q4229W132</cusip>
        <identifiers>
          <isin value="AU000000GMG2"/>
          <ticker value="GMGSF"/>
        </identifiers>
        <balance>56378</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>1003637.92</valUSD>
        <pctVal>1.3320759293</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>STOCKLAND</name>
        <lei>N/A</lei>
        <title>STOCKLAND</title>
        <cusip>Q8773B105</cusip>
        <identifiers>
          <isin value="AU000000SGP0"/>
          <ticker value="SGP"/>
        </identifiers>
        <balance>54175</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>162239.63</valUSD>
        <pctVal>0.2153321448</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>20600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>579163.28</valUSD>
        <pctVal>0.7686930207</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 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>321</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>172845.29</valUSD>
        <pctVal>0.2294084806</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>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>1233601.78</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1233601.78</valUSD>
        <pctVal>1.6372948897</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>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>32485</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>155319.51</valUSD>
        <pctVal>0.2061474328</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>15314</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>129174.38</valUSD>
        <pctVal>0.1714463741</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>CAESARS ENTERTAINMENT INC</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAINMENT INC</title>
        <cusip>12769G100</cusip>
        <identifiers>
          <isin value="US12769G1004"/>
          <ticker value="CZR"/>
        </identifiers>
        <balance>8848</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>233852.64</valUSD>
        <pctVal>0.3103803339</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>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>3752</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>350.19</valUSD>
        <pctVal>0.0004647888</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>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>14144</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>230089.49</valUSD>
        <pctVal>0.3053857025</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>OUTFRONT MEDIA INC</name>
        <lei>549300RZWDYU5722I639</lei>
        <title>OUTFRONT MEDIA INC</title>
        <cusip>69007J304</cusip>
        <identifiers>
          <isin value="US69007J3041"/>
          <ticker value="OUT"/>
        </identifiers>
        <balance>10525</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>278912.5</valUSD>
        <pctVal>0.3701859209</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>ATRIUM LJUNGBERG AB</name>
        <lei>5493001NNP6HM67OVU09</lei>
        <title>ATRIUM LJUNGBERG AB</title>
        <cusip>W1R95C129</cusip>
        <identifiers>
          <isin value="SE0024320832"/>
          <ticker value="ATRLJ B"/>
        </identifiers>
        <balance>21705</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>67765.76</valUSD>
        <pctVal>0.0899419362</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>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>7915</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>108048.2</valUSD>
        <pctVal>0.1434067043</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>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>7732</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>447296.2</valUSD>
        <pctVal>0.5936727673</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>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>784138.42</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>784138.42</valUSD>
        <pctVal>1.0407457647</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>PACS GRP. INC</name>
        <lei>N/A</lei>
        <title>PACS GRP. INC</title>
        <cusip>69380Q107</cusip>
        <identifiers>
          <isin value="US69380Q1076"/>
          <ticker value="PACS"/>
        </identifiers>
        <balance>4225</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>135707</valUSD>
        <pctVal>0.1801167777</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>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>34106</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3911"/>
        <valUSD>303278.86</valUSD>
        <pctVal>0.4025261115</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>CROWN CASTLE INC</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC</title>
        <cusip>22822V101</cusip>
        <identifiers>
          <isin value="US22822V1017"/>
          <ticker value="CCI"/>
        </identifiers>
        <balance>11457</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>931568.67</valUSD>
        <pctVal>1.2364221968</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>GDS HLDGS. LTD</name>
        <lei>391200MGV8DDCHTN2R77</lei>
        <title>GDS HLDGS. LTD</title>
        <cusip>G3902L109</cusip>
        <identifiers>
          <isin value="KYG3902L1095"/>
          <ticker value="GDHLF"/>
        </identifiers>
        <balance>26500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>132817.45</valUSD>
        <pctVal>0.1762816297</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>CAPITALAND INV. LTD/SINGA</name>
        <lei>254900AT4UQDU7SNXX49</lei>
        <title>CAPITALAND INV. LTD/SINGA</title>
        <cusip>Y1091P105</cusip>
        <identifiers>
          <isin value="SGXE62145532"/>
          <ticker value="CLILF"/>
        </identifiers>
        <balance>115700</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2857"/>
        <valUSD>246624.94</valUSD>
        <pctVal>0.3273323373</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>SWEDISH LOGISTIC PROPERTY</name>
        <lei>254900AWRHP1QNE6OQ19</lei>
        <title>SWEDISH LOGISTIC PROPERTY</title>
        <cusip>W9545H142</cusip>
        <identifiers>
          <isin value="SE0017565476"/>
          <ticker value="SLP B"/>
        </identifiers>
        <balance>21963</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.46665"/>
        <valUSD>84468.5</valUSD>
        <pctVal>0.1121106062</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>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>3498</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>100472.62</valUSD>
        <pctVal>0.1333520346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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>32490</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>552005.1</valUSD>
        <pctVal>0.7326473940</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 BLDG. INC</name>
        <lei>52990053R8NL2MB32172</lei>
        <title>NIPPON BLDG. INC</title>
        <cusip>J52088101</cusip>
        <identifiers>
          <isin value="JP3027670003"/>
          <ticker value="8951"/>
        </identifiers>
        <balance>345</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>289580.63</valUSD>
        <pctVal>0.3843451698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINK REIT</name>
        <lei>529900XUE70U36QX5M62</lei>
        <title>LINK REIT</title>
        <cusip>Y5281M111</cusip>
        <identifiers>
          <isin value="HK0823032773"/>
          <ticker value="LKREF"/>
        </identifiers>
        <balance>85200</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>394481.28</valUSD>
        <pctVal>0.5235742962</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>SCENTRE GROUP</name>
        <lei>529900TUCASM3W86E831</lei>
        <title>SCENTRE GROUP</title>
        <cusip>Q8351E109</cusip>
        <identifiers>
          <isin value="AU000000SCG8"/>
          <ticker value="STGPF"/>
        </identifiers>
        <balance>132163</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4493803"/>
        <valUSD>304918</valUSD>
        <pctVal>0.4047016560</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>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>5449</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>141630.04</valUSD>
        <pctVal>0.1879781178</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>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>340600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>165948.07</valUSD>
        <pctVal>0.2202541625</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>CURRENCY CONTRACT - SGD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - SGD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTSGD__00001327_7036788"/>
        </identifiers>
        <balance>-253436.49</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1421.23</valUSD>
        <pctVal>-0.0018863240</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>STATE STREET BANK AND TRUST CO</counterpartyName>
              <counterpartyLei>54930040JC7I4R2I8K66</counterpartyLei>
            </counterparties>
            <amtCurSold>-253436.49</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>324016.02</amtCurPur>
            <curPur>SGD</curPur>
            <settlementDt>2026-04-02</settlementDt>
            <unrealizedAppr>-1421.23</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>655510.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>655510.5</valUSD>
        <pctVal>0.8700246783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="655510.500000000000" isCashCollateral="Y"/>
          <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>66816</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66816</valUSD>
        <pctVal>0.0886813696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="66816.000000000000" isCashCollateral="Y"/>
          <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>
