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        <fairValLevel>1</fairValLevel>
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        <name>CIPUTRA DEVELOPMENT TBK PT</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JAPAN METROPOLITAN FUND INVESTMENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SWIRE PROPERTIES LTD</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SAMHAELLSBYGGNADSBOLAGET I NORDEN AB</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PICTON PROPERTY INCOME LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PALM HILLS DEVELOPMENTS SAE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HIGHWEALTH CONSTRUCTION CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MELISRON LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ESR KENDALL SQUARE REIT CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MAH SING GROUP BHD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>REYSAS GAYRIMENKUL YATIRIM ORTAKLIGI AS</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PROPNEX LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FRASERS CENTREPOINT TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AIMS APAC REIT</name>
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        <name>FIRSTSERVICE CORP</name>
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        <name>VGP NV</name>
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        <name>MINTO APARTMENT REAL ESTATE INVESTMENT TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DERWENT LONDON PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NOMURA REAL ESTATE MASTER FUND INC</name>
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        <title>NOMURA REAL ESTATE MASTER FUND INC REIT</title>
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        <fairValLevel>1</fairValLevel>
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        <name>WAYPOINT REIT LTD</name>
        <lei>5493003CS5K82RREKA54</lei>
        <title>WAYPOINT REIT LTD NPV (STAPLED)</title>
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        <fairValLevel>1</fairValLevel>
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        <name>TOKYO TATEMONO CO LTD</name>
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        <title>TOKYO TATEMONO CO LTD NPV</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CENTURION CORP LTD</name>
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          <isin value="SG2D51973063"/>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RETAIL ESTATES SA</name>
        <lei>5493007CO5W5OBFG7L21</lei>
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          <isin value="BE0003720340"/>
          <ticker value="RET"/>
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        <invCountry>BE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MBK PCL</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IRISH RESIDENTIAL PROPERTIES REAL ESTATE INVESTMENT TRUST PLC</name>
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          <isin value="IE00BJ34P519"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STAR MICA HOLDINGS CO LTD</name>
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        <cusip>000000000</cusip>
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          <isin value="JP3399340003"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HULIC COMPANY LTD</name>
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        <cusip>000000000</cusip>
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          <isin value="JP3360800001"/>
          <ticker value="3003"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDCREST CO LTD</name>
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          <isin value="JP3306800008"/>
          <ticker value="8871"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SINPAS GAYRIMENKUL YATIRIM ORTAKLIGI AS</name>
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          <isin value="TRESNGY00019"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SM PRIME HOLDINGS INC</name>
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          <isin value="PHY8076N1120"/>
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        <fairValLevel>1</fairValLevel>
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        <name>HUFVUDSTADEN AB</name>
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          <isin value="SE0000170375"/>
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        <invCountry>SE</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>POLY PROPERTY GROUP COMPANY LTD</name>
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          <isin value="HK0119000674"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SK ETERNIX CO LTD</name>
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        <title>SK ETERNIX CO LTD KRW200</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CENCOSUD SHOPPING SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HOSHINO RESORTS REIT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LAND AND HOUSES PCL</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI AS</name>
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        <name>MIRVAC GROUP</name>
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        <name>MITSUBISHI ESTATE LOGISTICS REIT INVESTMENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>NOMURA REAL ESTATE HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WHARF REAL ESTATE INVESTMENT CO LTD</name>
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          <isin value="KYG9593A1040"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SLATE GROCERY REIT</name>
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          <isin value="CA8310622037"/>
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          <other otherDesc="SEDOL" value="BMD6FC5"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SANKEI REAL ESTATE INC</name>
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          <isin value="JP3048880003"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MUGEN ESTATE CO LTD</name>
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          <isin value="JP3912500000"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHINA RESOURCES LAND LTD</name>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AYALA CORP</name>
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          <isin value="PHY0486V1154"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SUNTEC REAL ESTATE INVESTMENT TRUST</name>
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          <isin value="SG1Q52922370"/>
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        <fairValLevel>1</fairValLevel>
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        <name>PAKUWON JATI TBK PT</name>
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        <title>PAKUWON JATI TBK PT IDR25</title>
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        <invCountry>ID</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SELLA CAPITAL REAL ESTATE LTD</name>
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          <isin value="IL0011096448"/>
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        <invCountry>IL</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SCENTRE GROUP LTD</name>
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          <isin value="AU000000SCG8"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FRASERS LOGISTICS &amp; COMMERCIAL TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INTEA FASTIGHETER AB</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HOMECO DAILY NEEDS REIT</name>
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        <name>AYALA LAND INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DWS GOVERNMENT AND AGENCY SECURITIES PORTFOLIO DWS GOVERNMENT CASH INSTITUTIONAL SHARES</name>
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        <name>QUALITY HOUSES PCL</name>
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        <name>HEIWA REAL ESTATE CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GRAND CITY PROPERTIES SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NEINOR HOMES SA</name>
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          <ticker value="HOME"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SUN FRONTIER FUDOUSAN COMPANY LTD</name>
        <lei>N/A</lei>
        <title>SUN FRONTIER FUDOUSAN COMPANY LTD NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3336950005"/>
          <ticker value="8934"/>
          <other otherDesc="SEDOL" value="B03BJB3"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHINA OVERSEAS LAND &amp; INVESTMENT LTD</name>
        <lei>529900I6W35GYKRIZ151</lei>
        <title>CHINA OVERSEAS LAND &amp; INVESTMENT LTD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="HK0688002218"/>
          <ticker value="688"/>
          <other otherDesc="SEDOL" value="6192150"/>
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        <balance>3998553.00000000</balance>
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        <valUSD>7969147.66000000</valUSD>
        <pctVal>0.762083428881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NTT UD REIT INVESTMENT CORP</name>
        <lei>N/A</lei>
        <title>NTT UD REIT INVESTMENT CORP REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3041770003"/>
          <ticker value="8956"/>
          <other otherDesc="SEDOL" value="6543800"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PANDOX AB</name>
        <lei>549300K4HA8EBLSL3B97</lei>
        <title>PANDOX AB SER'B'NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0007100359"/>
          <ticker value="PNDXB"/>
          <other otherDesc="SEDOL" value="BZ0CT92"/>
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        <pctVal>0.212158807296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>REDEFINE PROPERTIES LTD</name>
        <lei>37890061EC026A7DA532</lei>
        <title>REDEFINE PROPERTIES LTD NPV (POST CONVERSION)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000190252"/>
          <ticker value="RDF"/>
          <other otherDesc="SEDOL" value="BMP3858"/>
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        <currencyConditional curCd="ZAR" exchangeRt="16.19510000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DIOS FASTIGHETER AB</name>
        <lei>549300G3VF7LZQ9IW435</lei>
        <title>DIOS FASTIGHETER AB NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0001634262"/>
          <ticker value="DIOS"/>
          <other otherDesc="SEDOL" value="B1323T9"/>
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        <currencyConditional curCd="SEK" exchangeRt="9.23325000"/>
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        <pctVal>0.078257813394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ICHIGO OFFICE REIT INVESTMENT CORP</name>
        <lei>N/A</lei>
        <title>ICHIGO OFFICE REIT INVESTMENT CORP REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3046300004"/>
          <ticker value="8975"/>
          <other otherDesc="SEDOL" value="B0LNCF6"/>
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        <balance>1005.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAFESTORE HOLDINGS PLC</name>
        <lei>213800WGA3YSJC1YOH73</lei>
        <title>SAFESTORE HOLDINGS PLC ORD GBP0.01</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B1N7Z094"/>
          <ticker value="SAFE"/>
          <other otherDesc="SEDOL" value="B1N7Z09"/>
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        <currencyConditional curCd="GBP" exchangeRt="0.74186650"/>
        <valUSD>2039937.00000000</valUSD>
        <pctVal>0.195077598005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAVILLS PLC</name>
        <lei>213800WXICGMBWHTA933</lei>
        <title>SAVILLS PLC ORD GBP0.025</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B135BJ46"/>
          <ticker value="SVS"/>
          <other otherDesc="SEDOL" value="B135BJ4"/>
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        <balance>147001.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74186650"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>AMATA CORP PCL</name>
        <lei>N/A</lei>
        <title>AMATA CORP PCL THB1(NVDR)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TH0617010R19"/>
          <ticker value="AMATA-R"/>
          <other otherDesc="SEDOL" value="6592965"/>
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        <balance>145384.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOGISTEA AB</name>
        <lei>549300ZSB0ZCKM1SL747</lei>
        <title>LOGISTEA AB SER'B'NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0017131337"/>
          <ticker value="LOGIB"/>
          <other otherDesc="SEDOL" value="BPG98P6"/>
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        <balance>357222.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.23325000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>GECINA SA</name>
        <lei>9695003E4MMA10IBTR26</lei>
        <title>GECINA SA EUR7.50</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0010040865"/>
          <ticker value="GFC"/>
          <other otherDesc="SEDOL" value="7742468"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SWEDISH LOGISTIC PROPERTY AB</name>
        <lei>254900AWRHP1QNE6OQ19</lei>
        <title>SWEDISH LOGISTIC PROPERTY AB SER'B'NPV</title>
        <cusip>000000000</cusip>
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          <isin value="SE0017565476"/>
          <ticker value="SLPB"/>
          <other otherDesc="SEDOL" value="BJLL640"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ZIRAAT GAYRIMENKUL YATIRIM ORTAKLIGI AS</name>
        <lei>789000MO4TRW4909N793</lei>
        <title>ZIRAAT GAYRIMENKUL YATIRIM ORTAKLIGI AS TRY1</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>TR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CROMBIE REAL ESTATE INVESTMENT TRUST</name>
        <lei>549300OGQML2MCFAPT83</lei>
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        <cusip>227107109</cusip>
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          <ticker value="CRR-U"/>
          <other otherDesc="SEDOL" value="B11YBV5"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MATRIX CONCEPTS HOLDINGS BHD</name>
        <lei>N/A</lei>
        <title>MATRIX CONCEPTS HOLDINGS BHD MYR1</title>
        <cusip>000000000</cusip>
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          <isin value="MYL5236OO004"/>
          <ticker value="MCH"/>
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        <assetCat>EC</assetCat>
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        <invCountry>MY</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>KERRY PROPERTIES LTD</name>
        <lei>5299006T5ULIIRZ7LK49</lei>
        <title>KERRY PROPERTIES LTD ORD HKD1</title>
        <cusip>000000000</cusip>
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          <isin value="BMG524401079"/>
          <ticker value="683"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SK REIT CO LTD</name>
        <lei>N/A</lei>
        <title>SK REIT CO LTD KRW500</title>
        <cusip>000000000</cusip>
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          <isin value="KR7395400005"/>
          <ticker value="395400"/>
          <other otherDesc="SEDOL" value="BMYH2M6"/>
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        <fairValLevel>1</fairValLevel>
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        <name>GROWTHPOINT PROPERTIES AUSTRALIA LTD</name>
        <lei>529900VCPJ9IEDF4TJ03</lei>
        <title>GROWTHPOINT PROPERTIES AUSTRALIA LTD UNITS NPV</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000GOZ8"/>
          <ticker value="GOZ"/>
          <other otherDesc="SEDOL" value="B1Y9BC8"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CENTURIA OFFICE REIT</name>
        <lei>984500D9D1RFE9AF4796</lei>
        <title>CENTURIA OFFICE REIT NPV</title>
        <cusip>000000000</cusip>
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          <isin value="AU0000077893"/>
          <ticker value="COF"/>
          <other otherDesc="SEDOL" value="BKTW448"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NS GROUP INC</name>
        <lei>N/A</lei>
        <title>NS GROUP INC NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3164810008"/>
          <ticker value="471A"/>
          <other otherDesc="SEDOL" value="BS894W4"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ALLOS SA</name>
        <lei>N/A</lei>
        <title>ALLOS SA COM NPV</title>
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          <isin value="BRALOSACNOR5"/>
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        <balance>476548.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.05820000"/>
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        <pctVal>0.254158350853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NIPPON KANZAI HOLDINGS CO LTD</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3695010003"/>
          <ticker value="9347"/>
          <other otherDesc="SEDOL" value="BQZCC28"/>
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        <balance>23763.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TALAAT MOUSTAFA GROUP HOLDING SAE</name>
        <lei>N/A</lei>
        <title>TALAAT MOUSTAFA GROUP HOLDING SAE EGP10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="EGS691S1C011"/>
          <ticker value="TMGH"/>
          <other otherDesc="SEDOL" value="B2989Q7"/>
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        <balance>786306.00000000</balance>
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        <currencyConditional curCd="EGP" exchangeRt="52.22000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SWISS PRIME SITE AG</name>
        <lei>506700XI9H64OPR34158</lei>
        <title>SWISS PRIME SITE AG CHF2.00 (REGD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0008038389"/>
          <ticker value="SPSN"/>
          <other otherDesc="SEDOL" value="B083BH4"/>
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        <balance>86338.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.78135000"/>
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        <pctVal>1.383205344794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ATRIUM LJUNGBERG AB</name>
        <lei>5493001NNP6HM67OVU09</lei>
        <title>ATRIUM LJUNGBERG AB SER'B'NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0024320832"/>
          <ticker value="ATRLJB"/>
          <other otherDesc="SEDOL" value="BTXYPL7"/>
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        <balance>269011.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.23325000"/>
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        <pctVal>0.084977886676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHINA OVERSEAS PROPERTY HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>CHINA OVERSEAS PROPERTY HOLDINGS LTD HKD0.001</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG2118M1096"/>
          <ticker value="2669"/>
          <other otherDesc="SEDOL" value="BYYMZN7"/>
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        <balance>1327439.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.83740000"/>
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        <pctVal>0.060576588082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SABANA INDUSTRIAL REAL ESTATE INVESTMENT TRUST</name>
        <lei>5493005OCDJ0XQ8KGS87</lei>
        <title>SABANA INDUSTRIAL REAL ESTATE INVESTMENT TRUST NPV(REAL ESTATE INVESTMENT TRUSTS UNITS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SG2C57965205"/>
          <ticker value="SSREIT"/>
          <other otherDesc="SEDOL" value="B61ZCY3"/>
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        <balance>605396.00000000</balance>
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        <currencyConditional curCd="SGD" exchangeRt="1.27535000"/>
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        <pctVal>0.022243180280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JAPAN LOGISTICS FUND INC</name>
        <lei>3538004KZWISCQO70151</lei>
        <title>JAPAN LOGISTICS FUND INC REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3046230003"/>
          <ticker value="8967"/>
          <other otherDesc="SEDOL" value="B07NL19"/>
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        <balance>2922.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MIRARTH HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>MIRARTH HOLDINGS INC NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3460800000"/>
          <ticker value="8897"/>
          <other otherDesc="SEDOL" value="6416355"/>
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        <balance>119429.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ARGAN SA</name>
        <lei>529900FXM41XSCUSGH04</lei>
        <title>ARGAN SA EUR2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0010481960"/>
          <ticker value="ARG"/>
          <other otherDesc="SEDOL" value="B1YKDN6"/>
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        <balance>13223.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85693400"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GEMLIFE COMMUNITIES GROUP</name>
        <lei>N/A</lei>
        <title>GEMLIFE COMMUNITIES GROUP NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000402562"/>
          <ticker value="GLF"/>
          <other otherDesc="SEDOL" value="BQYL129"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>CITYCON OYJ</name>
        <lei>549300P8N0P6KDGTJ206</lei>
        <title>CITYCON OYJ NPV</title>
        <cusip>000000000</cusip>
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          <isin value="FI4000369947"/>
          <ticker value="CTY1S"/>
          <other otherDesc="SEDOL" value="BHWV281"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.85693400"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NIPPON ACCOMMODATIONS FUND INC</name>
        <lei>N/A</lei>
        <title>NIPPON ACCOMMODATIONS FUND INC REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3046440008"/>
          <ticker value="3226"/>
          <other otherDesc="SEDOL" value="B182BB2"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AXIS REAL ESTATE INVESTMENT TRUST</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <isin value="MYL5106TO008"/>
          <ticker value="AXRB"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INGENIA COMMUNITIES GROUP</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <isin value="AU000000INA9"/>
          <ticker value="INA"/>
          <other otherDesc="SEDOL" value="B84GSC7"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TERA YATIRIM TEKNOLOJI HOLDING AS</name>
        <lei>789000KVPWX002KFYM43</lei>
        <title>TERA YATIRIM TEKNOLOJI HOLDING AS TRY1</title>
        <cusip>000000000</cusip>
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          <ticker value="TEHOL"/>
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        <invCountry>TR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>INTERRENT REAL ESTATE INVESTMENT TRUST</name>
        <lei>N/A</lei>
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        <cusip>46071W205</cusip>
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          <ticker value="IIP-U"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHINA VANKE COMPANY LTD</name>
        <lei>529900E66UJ2DWY7KW55</lei>
        <title>CHINA VANKE COMPANY LTD 'H'CNY1</title>
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          <ticker value="2202"/>
          <other otherDesc="SEDOL" value="BN320P8"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>FIBRA MONTERREY SAPI DE CV</name>
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          <ticker value="FMTY14"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTERNATIONAL WORKPLACE GROUP PLC</name>
        <lei>2138003LWDII27UTAG52</lei>
        <title>INTERNATIONAL WORKPLACE GROUP PLC ORD USD0.0124</title>
        <cusip>000000000</cusip>
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          <ticker value="IWG"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DEXUS</name>
        <lei>N/A</lei>
        <title>DEXUS NPV (STAPLED)</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000DXS1"/>
          <ticker value="DXS"/>
          <other otherDesc="SEDOL" value="B033YN6"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IS GAYRIMENKUL YATIRIM ORTAKLIGI AS</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>UNITED URBAN INVESTMENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ESR-REIT</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KI STAR REAL ESTATE CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OPEN HOUSE GROUP CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ISRAS INVESTMENT CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>WALLENSTAM AB</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>PARQUE ARAUCO SA</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>ICHIGO HOTEL REIT INVESTMENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HUAKU DEVELOPMENT COMPANY LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>STOCKLAND TRUST MANAGEMENT LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>A-LIVING SMART CITY SERVICES CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KAWASAN INDUSTRI JABABEKA TBK PT</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PLATZER FASTIGHETER HOLDING AB</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KEPPEL REIT LTD</name>
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        <fairValLevel>1</fairValLevel>
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          <other otherDesc="SEDOL" value="6089724"/>
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        <balance>70510.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.80345000"/>
        <valUSD>973601.13000000</valUSD>
        <pctVal>0.093104723261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONTEA NV</name>
        <lei>5493006K5LQDD0GK1T60</lei>
        <title>MONTEA NV NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BE0003853703"/>
          <ticker value="MONT"/>
          <other otherDesc="SEDOL" value="B1FWD64"/>
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        <balance>22872.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85693400"/>
        <valUSD>1782925.64000000</valUSD>
        <pctVal>0.170499800372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HEALTHCARE &amp; MEDICAL INVESTMENT CORP</name>
        <lei>N/A</lei>
        <title>HEALTHCARE &amp; MEDICAL INVESTMENT CORP REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3047910009"/>
          <ticker value="3455"/>
          <other otherDesc="SEDOL" value="BVVFD01"/>
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        <balance>444.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>306524.28000000</valUSD>
        <pctVal>0.029312679888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AFRICA ISRAEL RESIDENCES LTD</name>
        <lei>N/A</lei>
        <title>AFRICA ISRAEL RESIDENCES LTD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IL0010979487"/>
          <ticker value="AFRE"/>
          <other otherDesc="SEDOL" value="B1JLLZ2"/>
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        <balance>7187.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.80345000"/>
        <valUSD>590916.01000000</valUSD>
        <pctVal>0.056508841132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LASALLE LOGIPORT REIT</name>
        <lei>353800II3DI1RPKBB314</lei>
        <title>LASALLE LOGIPORT REIT REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3048180008"/>
          <ticker value="3466"/>
          <other otherDesc="SEDOL" value="BDD1L29"/>
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        <balance>1858.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>1700550.29000000</valUSD>
        <pctVal>0.162622309346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOODMAN GROUP</name>
        <lei>N/A</lei>
        <title>GOODMAN GROUP NPV (STAPLED UNITS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000GMG2"/>
          <ticker value="GMG"/>
          <other otherDesc="SEDOL" value="B03FYZ4"/>
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        <balance>2203157.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.38985350"/>
        <valUSD>50202400.61000000</valUSD>
        <pctVal>4.800816753213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PARKWAY LIFE REIT</name>
        <lei>549300I4DKVD2OF5LW91</lei>
        <title>PARKWAY LIFE REIT NPV (REAL ESTATE INVESTMENT TRUST)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SG1V52937132"/>
          <ticker value="PREIT"/>
          <other otherDesc="SEDOL" value="B23WXW9"/>
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        <balance>468207.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.27535000"/>
        <valUSD>1472152.80000000</valUSD>
        <pctVal>0.140780833977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DAIWA OFFICE INVESTMENT CORP</name>
        <lei>N/A</lei>
        <title>DAIWA OFFICE INVESTMENT CORP REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3046310003"/>
          <ticker value="8976"/>
          <other otherDesc="SEDOL" value="B0LNTF5"/>
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        <balance>595.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>1188579.68000000</valUSD>
        <pctVal>0.113662955773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="998806.45769207"/>
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      <invstOrSec>
        <name>SUNWAY REAL ESTATE INVESTMENT TRUST</name>
        <lei>N/A</lei>
        <title>SUNWAY REAL ESTATE INVESTMENT TRUST REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MYL5176TO001"/>
          <ticker value="SREIT"/>
          <other otherDesc="SEDOL" value="B62QFR9"/>
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        <balance>1354728.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="3.96500000"/>
        <valUSD>782428.03000000</valUSD>
        <pctVal>0.074822987525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DAIWA SECURITIESS LIVING INVESTMENT CORP</name>
        <lei>N/A</lei>
        <title>DAIWA SECURITIESS LIVING INVESTMENT CORP REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3046410001"/>
          <ticker value="8986"/>
          <other otherDesc="SEDOL" value="B15T1S3"/>
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        <balance>2183.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>1390515.74000000</valUSD>
        <pctVal>0.132973945052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VONOVIA SE</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>VONOVIA SE NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000A1ML7J1"/>
          <ticker value="VNA"/>
          <other otherDesc="SEDOL" value="BBJPFY1"/>
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        <balance>787035.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85693400"/>
        <valUSD>19681982.57000000</valUSD>
        <pctVal>1.882172774815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HYPROP INVESTMENTS LTD</name>
        <lei>3789003E3E1AD1E96166</lei>
        <title>HYPROP INVESTMENTS LTD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000190724"/>
          <ticker value="HYP"/>
          <other otherDesc="SEDOL" value="BN8SXL8"/>
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        <balance>351937.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.19510000"/>
        <valUSD>1238671.51000000</valUSD>
        <pctVal>0.118453198745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEXUS INDUSTRIAL REIT</name>
        <lei>549300VXQ93JIP08X629</lei>
        <title>NEXUS INDUSTRIAL REIT TR UNIT</title>
        <cusip>65344U101</cusip>
        <identifiers>
          <isin value="CA65344U1012"/>
          <ticker value="NXR-U"/>
          <other otherDesc="SEDOL" value="BNC3CQ7"/>
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        <balance>44991.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37755000"/>
        <valUSD>259648.25000000</valUSD>
        <pctVal>0.024829961384</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>
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      <invstOrSec>
        <name>SAKURA DEVELOPMENT COMPANY LTD</name>
        <lei>N/A</lei>
        <title>SAKURA DEVELOPMENT COMPANY LTD TWD10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002539004"/>
          <ticker value="2539"/>
          <other otherDesc="SEDOL" value="6018632"/>
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        <balance>484601.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="31.32550000"/>
        <valUSD>566196.76000000</valUSD>
        <pctVal>0.054144958368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LONDONMETRIC PROPERTY PLC</name>
        <lei>213800OCERWWPQDURL87</lei>
        <title>LONDONMETRIC PROPERTY PLC ORD GBP0.10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B4WFW713"/>
          <ticker value="LMP"/>
          <other otherDesc="SEDOL" value="B4WFW71"/>
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        <balance>2359806.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74186650"/>
        <valUSD>6034174.59000000</valUSD>
        <pctVal>0.577043450342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLP J-REIT</name>
        <lei>353800E27V9KA51K2I90</lei>
        <title>GLP J-REIT REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3047510007"/>
          <ticker value="3281"/>
          <other otherDesc="SEDOL" value="B8RBZV7"/>
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        <balance>5176.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>4347202.71000000</valUSD>
        <pctVal>0.415719633846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HANG LUNG PROPERTIES LTD</name>
        <lei>529900CIVTNMXQT59E61</lei>
        <title>HANG LUNG PROPERTIES LTD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="HK0101000591"/>
          <ticker value="101"/>
          <other otherDesc="SEDOL" value="6030506"/>
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        <balance>1917643.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.83740000"/>
        <valUSD>1967214.86000000</valUSD>
        <pctVal>0.188123235986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COVIVIO SA</name>
        <lei>969500P8M3W2XX376054</lei>
        <title>COVIVIO SA EUR3</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000064578"/>
          <ticker value="COV"/>
          <other otherDesc="SEDOL" value="7745638"/>
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        <balance>59223.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85693400"/>
        <valUSD>3818346.28000000</valUSD>
        <pctVal>0.365145502363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SHAFTESBURY CAPITAL PLC</name>
        <lei>549300TTXXZ1SHUI0D54</lei>
        <title>SHAFTESBURY CAPITAL PLC ORD GBP0.25</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B62G9D36"/>
          <ticker value="SHC"/>
          <other otherDesc="SEDOL" value="B62G9D3"/>
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        <currencyConditional curCd="GBP" exchangeRt="0.74186650"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOBIMO HOLDING AG</name>
        <lei>50670018HN8O1GD3O385</lei>
        <title>MOBIMO HOLDING AG CHF3.40 (REGD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0011108872"/>
          <ticker value="MOBN"/>
          <other otherDesc="SEDOL" value="B0BV896"/>
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        <balance>8001.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.78135000"/>
        <valUSD>3635189.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>KEPPEL DC REIT</name>
        <lei>N/A</lei>
        <title>KEPPEL DC REIT NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SG1AF6000009"/>
          <ticker value="KDCREIT"/>
          <other otherDesc="SEDOL" value="BT9Q186"/>
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        <balance>2100291.00000000</balance>
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        <valUSD>3804188.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KVUTZAT ACRO LTD</name>
        <lei>N/A</lei>
        <title>KVUTZAT ACRO LTD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IL0011849028"/>
          <ticker value="ACRO"/>
          <other otherDesc="SEDOL" value="BM9YY82"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ROENESANS GAYRIMENKUL YATIRIM AS</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>WHA CORP PCL</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PEKER GAYRIMENKUL YATIRIM ORTAKLIGI AS</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TAG IMMOBILIEN AG</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HENDERSON LAND DEVELOPMENT CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UNITE GROUP PLC (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HYSAN DEVELOPMENT CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GODREJ PROPERTIES LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIBRA UNO ADMINISTRACION SA DE CV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RELO GROUP INC</name>
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        <name>FIRST CAPITAL REAL ESTATE INVESTMENT TRUST</name>
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        <name>ECO WORLD DEVELOPMENT GROUP BHD</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>NIPPON REIT INVESTMENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CENTRAL PATTANA PCL</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GROWTHPOINT PROPERTIES LTD</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SMARTCENTRES REAL ESTATE INVESTMENT TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JAPAN PRIME REALTY INVESTMENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>REGION RE LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SUN HUNG KAI PROPERTIES LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ISRAEL CANADA TR LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COREM PROPERTY GROUP AB</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BOARDWALK REAL ESTATE INVESTMENT TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>SVEAFASTIGHETER AB</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PRIMARIS REAL ESTATE INVESTMENT TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALTUS GROUP LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <balance>911553.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LSR GROUP OJSC</name>
        <lei>25340067LEEMJ79K8X43</lei>
        <title>LSR GROUP OJSC RUB0.25(RUB)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="RU000A0JPFP0"/>
          <ticker value="LSRG"/>
          <other otherDesc="SEDOL" value="B59F840"/>
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        <balance>30984.00000000</balance>
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        <currencyConditional curCd="RUB" exchangeRt="71.02500000"/>
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        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WIHLBORGS FASTIGHETER AB</name>
        <lei>549300RC1YDJPITF8X06</lei>
        <title>WIHLBORGS FASTIGHETER AB NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0018012635"/>
          <ticker value="WIHL"/>
          <other otherDesc="SEDOL" value="BPMQMP9"/>
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        <balance>297082.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.23325000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DELPHA CONSTRUCTION COMPANY LTD</name>
        <lei>N/A</lei>
        <title>DELPHA CONSTRUCTION COMPANY LTD TWD10</title>
        <cusip>000000000</cusip>
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          <isin value="TW0002530003"/>
          <ticker value="2530"/>
          <other otherDesc="SEDOL" value="6264316"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CROMWELL PROPERTY GROUP LTD</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000CMW8"/>
          <ticker value="CMW"/>
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        <currencyConditional curCd="AUD" exchangeRt="1.38985350"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PRECINCT PROPERTIES NEW ZEALAND LTD</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NZAPTE0001S3"/>
          <ticker value="PCT"/>
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        <currencyConditional curCd="NZD" exchangeRt="1.67028500"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FARGLORY LAND DEVELOPMENT COMPANY LTD</name>
        <lei>N/A</lei>
        <title>FARGLORY LAND DEVELOPMENT COMPANY LTD TWD10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0005522007"/>
          <ticker value="5522"/>
          <other otherDesc="SEDOL" value="6203687"/>
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        <balance>301584.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="31.32550000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANGUN KOSAMBI SUKSES TBK PT</name>
        <lei>N/A</lei>
        <title>BANGUN KOSAMBI SUKSES TBK PT IDR20</title>
        <cusip>000000000</cusip>
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          <isin value="ID1000208309"/>
          <ticker value="CBDK"/>
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        <balance>750346.00000000</balance>
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        <currencyConditional curCd="IDR" exchangeRt="17870.00000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VICINITY CENTRES RE LTD</name>
        <lei>549300S7GOEVR0EGFN47</lei>
        <title>VICINITY CENTRES RE LTD NPV (STAPLED SECURITY)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000VCX7"/>
          <ticker value="VCX"/>
          <other otherDesc="SEDOL" value="BY7QXS7"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>XIOR STUDENT HOUSING NV</name>
        <lei>549300JK7HFOCP0U8K85</lei>
        <title>XIOR STUDENT HOUSING NV NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BE0974288202"/>
          <ticker value="XIOR"/>
          <other otherDesc="SEDOL" value="BZ1NNF8"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.85693400"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MERLIN PROPERTIES SOCIMI SA</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>MERLIN PROPERTIES SOCIMI SA EUR1</title>
        <cusip>000000000</cusip>
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          <isin value="ES0105025003"/>
          <ticker value="MRL"/>
          <other otherDesc="SEDOL" value="BNGNB77"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>PRIMARY HEALTH PROPERTIES PLC</name>
        <lei>213800Y5CJHXOATK7X11</lei>
        <title>PRIMARY HEALTH PROPERTIES PLC ORD GBP0.125</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BYRJ5J14"/>
          <ticker value="PHP"/>
          <other otherDesc="SEDOL" value="BYRJ5J1"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>PAVILION REAL ESTATE INVESTMENT TRUST</name>
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        <title>PAVILION REAL ESTATE INVESTMENT TRUST UNITS</title>
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          <isin value="MYL5212TO004"/>
          <ticker value="PREIT"/>
          <other otherDesc="SEDOL" value="B79YDV3"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHARTER HALL RETAIL REIT</name>
        <lei>N/A</lei>
        <title>CHARTER HALL RETAIL REIT UNITS NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000CQR9"/>
          <ticker value="CQR"/>
          <other otherDesc="SEDOL" value="6225595"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COMFORIA RESIDENTIAL REIT INC</name>
        <lei>353800BJ2SV3UPG9JU05</lei>
        <title>COMFORIA RESIDENTIAL REIT INC REIT</title>
        <cusip>000000000</cusip>
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          <isin value="JP3047540004"/>
          <ticker value="3282"/>
          <other otherDesc="SEDOL" value="B8N6QD5"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ANANT RAJ LTD</name>
        <lei>335800J1QMHJ15K7PF47</lei>
        <title>ANANT RAJ LTD INR2.00</title>
        <cusip>000000000</cusip>
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          <isin value="INE242C01024"/>
          <ticker value="ARCP"/>
          <other otherDesc="SEDOL" value="B0BP4L2"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>REA GROUP LTD</name>
        <lei>894500KA4UBDATOFPN36</lei>
        <title>REA GROUP LTD ORD NPV</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000REA9"/>
          <ticker value="REA"/>
          <other otherDesc="SEDOL" value="6198578"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ONEWO INC</name>
        <lei>N/A</lei>
        <title>ONEWO INC CNY1 H</title>
        <cusip>000000000</cusip>
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          <isin value="CNE100005K85"/>
          <ticker value="2602"/>
          <other otherDesc="SEDOL" value="BPJPDT0"/>
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        <currencyConditional curCd="HKD" exchangeRt="7.83740000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CRE LOGISTICS REIT INC</name>
        <lei>N/A</lei>
        <title>CRE LOGISTICS REIT INC REIT</title>
        <cusip>000000000</cusip>
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          <isin value="JP3048680007"/>
          <ticker value="3487"/>
          <other otherDesc="SEDOL" value="BFXZ9X2"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LAND SECURITIES GROUP PLC</name>
        <lei>213800V8IAVKS37D6B88</lei>
        <title>LAND SECURITIES GROUP PLC ORD GBP0.106666666</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BYW0PQ60"/>
          <ticker value="LAND"/>
          <other otherDesc="SEDOL" value="BYW0PQ6"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MITSUBISHI ESTATE CO LTD</name>
        <lei>353800KOFMRGOXSJ5Z65</lei>
        <title>MITSUBISHI ESTATE CO LTD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3899600005"/>
          <ticker value="8802"/>
          <other otherDesc="SEDOL" value="6596729"/>
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        <balance>1312576.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>CAPITALAND INTEGRATED COMMERCIAL TRUST</name>
        <lei>54930031292WUTXF0L29</lei>
        <title>CAPITALAND INTEGRATED COMMERCIAL TRUST NPV (REAL ESTATE INVESTMENT TRUST)</title>
        <cusip>000000000</cusip>
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          <ticker value="CICT"/>
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        <fairValLevel>1</fairValLevel>
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        <name>KINDOM DEVELOPMENT CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RFA FINANCIAL INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AEDIFICA SA</name>
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        <invCountry>BE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DA-LI CONSTRUCTION CO LTD</name>
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          <isin value="TW0006177009"/>
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        <fairValLevel>1</fairValLevel>
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        <name>KLEPIERRE SA</name>
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          <ticker value="LI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MENIVIM-THE NEW REIT LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SANSIRI PCL</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UOL GROUP LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RUENTEX DEVELOPMENT CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BUMI SERPONG DAMAI TBK PT</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SEKISUI HOUSE REIT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AZRIELI GROUP LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CHINA RESOURCES MIXC LIFESTYLE SERVICES LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ASPEN GROUP LTD (AUSTRALIA)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MITSUI FUDOSAN COMPANY LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CAPITALAND INDIA TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DEUTSCHE WOHNEN SE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GREAT PORTLAND ESTATES PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CENTURIA INDUSTRIAL REIT</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALTAREA SCA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DWS GOVERNMENT MONEY MARKET SERIES INSTITUTIONAL SHARES</name>
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          <other otherDesc="INTERNAL" value="X9USDDGMS"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL ONE REAL ESTATE INVESTMENT CORP</name>
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          <isin value="JP3044520009"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIFESTYLE COMMUNITIES LTD</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST</name>
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          <isin value="CA1349211054"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DLF LTD</name>
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          <isin value="INE271C01023"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DREAM INDUSTRIAL REAL ESTATE INVESTMENT TRUST</name>
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        <cusip>26153W109</cusip>
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          <ticker value="DIR-U"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CASTELLUM AB</name>
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          <isin value="SE0000379190"/>
          <ticker value="CAST"/>
          <other otherDesc="SEDOL" value="B0XP0T0"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>WAREHOUSE DE PAUW NV</name>
        <lei>549300HWDYC5JXC85138</lei>
        <title>WAREHOUSE DE PAUW NV NPV</title>
        <cusip>000000000</cusip>
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          <isin value="BE0974349814"/>
          <ticker value="WDP"/>
          <other otherDesc="SEDOL" value="BK8VQD9"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BE</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>JSL CONSTRUCTION &amp; DEVELOPMENT CO LTD</name>
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          <isin value="TW0002540002"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SEGRO PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>POLY PROPERTY SERVICES CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ELECTRA REAL ESTATE LTD</name>
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          <ticker value="ELCRE"/>
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        <fairValLevel>1</fairValLevel>
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        <name>PARQUE ARAUCO SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RESILIENT REIT LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PRASHKOVSKY INVESTMENTS AND CONSTRUCTION LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WORKSPACE GROUP PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMOT INVESTMENTS LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALTRA FASTIGHETER AB</name>
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        <title>ALTRA FASTIGHETER AB SER'A'NPV</title>
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        <fairValLevel>1</fairValLevel>
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        <name>GOODMAN (NZ) LTD</name>
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          <ticker value="GMT"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SINO LAND CO LTD</name>
        <lei>529900G5P51053HJVZ92</lei>
        <title>SINO LAND CO LTD NPV</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AEON REIT INVESTMENT CORP</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TORUNLAR GAYRIMENKUL YATIRIM ORTAKLIGI AS</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>TR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GPT MANAGEMENT HOLDINGS LTD</name>
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        <cusip>000000000</cusip>
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          <isin value="AU000000GPT8"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CATHAY REAL ESTATE DEVELOPMENT COMPANY LTD</name>
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        <cusip>000000000</cusip>
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          <isin value="TW0002501004"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AURA INVESTMENTS LTD</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <isin value="IL0003730194"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BIG SHOPPING CENTERS LTD</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <isin value="IL0010972607"/>
          <ticker value="BIG"/>
          <other otherDesc="SEDOL" value="B1KZR22"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SAGAX AB</name>
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        <cusip>000000000</cusip>
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          <isin value="SE0009161052"/>
          <ticker value="SAGAD"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>YUEXIU PROPERTY COMPANY LTD</name>
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        <cusip>000000000</cusip>
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          <isin value="HK0000745908"/>
          <ticker value="123"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DAITO TRUST CONSTRUCTION CO LTD</name>
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        <title>DAITO TRUST CONSTRUCTION CO LTD NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3486800000"/>
          <ticker value="1878"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JAPAN REAL ESTATE INVESTMENT CORP</name>
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        <title>JAPAN REAL ESTATE INVESTMENT CORP REIT</title>
        <cusip>000000000</cusip>
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          <isin value="JP3027680002"/>
          <ticker value="8952"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>H&amp;R REAL ESTATE INVESTMENT TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FORTRESS REAL ESTATE INVESTMENT LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JR GLOBAL REIT CO LTD</name>
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        <fairValLevel>3</fairValLevel>
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        <name>REIT 1 LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GOOD COM ASSET CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>C&amp;D INTERNATIONAL INVESTMENT GROUP LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>JINUSHI CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ARGO PROPERTIES NV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CORPORACION INMOBILIARIA VESTA SAB DE CV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ARENA REAL ESTATE INVESTMENT TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CAPITALAND ASCENDAS REIT</name>
        <lei>549300ILIBAEMQZK3L20</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>AREIT INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JAPAN HOTEL REIT INVESTMENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>LENDLEASE GLOBAL COMMERCIAL REIT</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RIOCAN REAL ESTATE INVESTMENT TRUST</name>
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          <isin value="CA7669101031"/>
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        <fairValLevel>1</fairValLevel>
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        <name>TANCO HOLDINGS BHD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CTP NV</name>
        <lei>3157000YTVO4TN65UM14</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CARMILA SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SUMITOMO REALTY &amp; DEVELOPMENT CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LINK REAL ESTATE INVESTMENT TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ECO WORLD DEVELOPMENT GROUP BHD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DAIWA HOUSE REIT INVESTMENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NEW WORLD DEVELOPMENT COMPANY LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>COFINIMMO SA/NV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LEG IMMOBILIEN SE</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIDEICOMISO IRREVOCABLE 1721 BANCO ACTINVER SA</name>
        <lei>549300JMTSVQ6LKX5222</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GRANITE REAL ESTATE INVESTMENT TRUST</name>
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        <cusip>387437205</cusip>
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          <ticker value="GRT-U"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MITSUI FUDOSAN LOGISTICS PARK INC</name>
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          <isin value="JP3048300002"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>YANLORD LAND GROUP LTD</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ONE REIT INC</name>
        <lei>N/A</lei>
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          <isin value="JP3047640002"/>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VUKILE PROPERTY FUND LTD</name>
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        <cusip>000000000</cusip>
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          <isin value="ZAE000180865"/>
          <ticker value="VKE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HOOSIERS HOLDINGS CO LTD</name>
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          <isin value="JP3802060008"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALONY HETZ PROPERTIES &amp; INVESTMENTS LTD</name>
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          <ticker value="ALHE"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DEXUS INDUSTRIA REIT</name>
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          <isin value="AU0000192833"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>AKIS GAYRIMENKUL YATIRIM ORTAKLIGI AS</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KUYAS YATIRIM ANON AS</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CHINA JINMAO HOLDINGS GROUP LTD</name>
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        <title>CHINA JINMAO HOLDINGS GROUP LTD NPV</title>
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          <ticker value="817"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LUMO KODIT OYJ</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LIPPO KARAWACI TBK PT</name>
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        <title>LIPPO KARAWACI TBK PT IDR100</title>
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        <fairValLevel>1</fairValLevel>
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        <name>MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SRE HOLDINGS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MAPLETREE PAN ASIA COMMERCIAL TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ORIX JREIT INC</name>
        <lei>353800WVNTBIU65TA247</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>FORTUNE REAL ESTATE INVESTMENT TRUST</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CHARTWELL RETIREMENT RESIDENCES</name>
        <lei>549300M7UBEIZBWP4069</lei>
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          <ticker value="CSH-U"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>BIG YELLOW GROUP PLC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EURONEXT PARIS SA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ABACUS STORAGE KING LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BLUE SQUARE REAL ESTATE LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ICADE SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ES-CON JAPAN LTD</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BRITISH LAND COMPANY PLC (THE)</name>
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        <title>BRITISH LAND COMPANY PLC (THE) ORD GBP0.25</title>
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        <fairValLevel>1</fairValLevel>
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        <name>DEAR LIFE COMPANY LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NTT DC REIT</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INDUSTRIAL AND INFRASTRUCTURE FUND INVESTMENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TOKYU REIT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CHARTER HALL LONG WALE REIT</name>
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        <fairValLevel>1</fairValLevel>
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        <name>The Bank of New York Mellon</name>
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        <name>EUROCOMMERCIAL PROPERTIES NV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CAPITALAND INVESTMENT LTD</name>
        <lei>254900AT4UQDU7SNXX49</lei>
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        <name>SHENZHEN INVESTMENT LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <currencyConditional curCd="EUR" exchangeRt="0.85693400"/>
        <valUSD>762775.72000000</valUSD>
        <pctVal>0.072943652315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PLAZA SA</name>
        <lei>254900IOKBBI6NWAPK83</lei>
        <title>PLAZA SA NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CL0002456714"/>
          <ticker value="MALLPLA"/>
          <other otherDesc="SEDOL" value="BYVW0G8"/>
        </identifiers>
        <balance>894877.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="889.94500000"/>
        <valUSD>3901502.63000000</valUSD>
        <pctVal>0.373097679816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KENEDIX OFFICE INVESTMENT CORP</name>
        <lei>353800FFT483NCIHFY42</lei>
        <title>KENEDIX OFFICE INVESTMENT CORP REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3046270009"/>
          <ticker value="8972"/>
          <other otherDesc="SEDOL" value="B0C5Q59"/>
        </identifiers>
        <balance>4336.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>4330824.80000000</valUSD>
        <pctVal>0.414153426976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRAI CORP</name>
        <lei>353800HQCYM7P10R9D93</lei>
        <title>MIRAI CORP REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3048370005"/>
          <ticker value="3476"/>
          <other otherDesc="SEDOL" value="BZ1B0D9"/>
        </identifiers>
        <balance>2014.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>555402.98000000</valUSD>
        <pctVal>0.053112757532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMMARECON AGUNG TBK</name>
        <lei>529900NX0EYVOH3TJZ08</lei>
        <title>SUMMARECON AGUNG TBK IDR100</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ID1000092406"/>
          <ticker value="SMRA"/>
          <other otherDesc="SEDOL" value="6538527"/>
        </identifiers>
        <balance>7750458.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17870.00000000"/>
        <valUSD>124042.03000000</valUSD>
        <pctVal>0.011862043418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARTER HALL SOCIAL INFRASTRUCTURE REIT</name>
        <lei>254900W31UGIMDQW3W98</lei>
        <title>CHARTER HALL SOCIAL INFRASTRUCTURE REIT NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000030645"/>
          <ticker value="CQE"/>
          <other otherDesc="SEDOL" value="BHJVMY0"/>
        </identifiers>
        <balance>351619.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38985350"/>
        <valUSD>637534.73000000</valUSD>
        <pctVal>0.060966953280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVINCIBLE INVESTMENT CORP</name>
        <lei>353800JY6M2692VAV685</lei>
        <title>INVINCIBLE INVESTMENT CORP REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3046190009"/>
          <ticker value="8963"/>
          <other otherDesc="SEDOL" value="B00STP1"/>
        </identifiers>
        <balance>8208.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>3160691.00000000</valUSD>
        <pctVal>0.302254436444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICHIGO INC</name>
        <lei>N/A</lei>
        <title>ICHIGO INC NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3120010008"/>
          <ticker value="2337"/>
          <other otherDesc="SEDOL" value="6549767"/>
        </identifiers>
        <balance>203400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>576251.02000000</valUSD>
        <pctVal>0.055106439478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUREX DEUTSCHLAND</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>EURO STOXX 50 Index Futures(FESX) Index Fut</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000C7YK3S8"/>
          <ticker value="FESX M26-EUX"/>
          <other otherDesc="FIGI" value="BBG01H3H5Y28"/>
        </identifiers>
        <balance>14.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85693400"/>
        <valUSD>49091.82000000</valUSD>
        <pctVal>0.004694612788</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>EUREX DEUTSCHLAND</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>DEUTSCHE BORSE AKTIENGESELLSCHAFT</issuerName>
                <issueTitle>EURO STOXX 50</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="SX5E"/>
                  <other otherDesc="INTERNAL" value="SX5E_INDEX_DE"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-19</expDate>
            <notionalAmt>941602.91000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>49091.82000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CEDAR WOODS PROPERTIES LTD</name>
        <lei>9845005E52CDEBDEF822</lei>
        <title>CEDAR WOODS PROPERTIES LTD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000CWP1"/>
          <ticker value="CWP"/>
          <other otherDesc="SEDOL" value="6182281"/>
        </identifiers>
        <balance>71767.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38985350"/>
        <valUSD>345963.73000000</valUSD>
        <pctVal>0.033084243996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SENTUL CITY TBK PT</name>
        <lei>254900XTT2NNR3BPGT97</lei>
        <title>SENTUL CITY TBK PT LKD SHS(IDR2000 &amp; IDR400)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ID1000104201"/>
          <ticker value="BKSL"/>
          <other otherDesc="SEDOL" value="B19HL05"/>
        </identifiers>
        <balance>33030004.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17870.00000000"/>
        <valUSD>138626.21000000</valUSD>
        <pctVal>0.013256717274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORI HILLS REIT INVESTMENT CORP</name>
        <lei>N/A</lei>
        <title>MORI HILLS REIT INVESTMENT CORP REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3046470005"/>
          <ticker value="3234"/>
          <other otherDesc="SEDOL" value="B1GF9P3"/>
        </identifiers>
        <balance>1595.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>1297521.83000000</valUSD>
        <pctVal>0.124081009342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUITES PROPERTY FUND LTD</name>
        <lei>378900F47D60FBC7C419</lei>
        <title>EQUITES PROPERTY FUND LTD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000188843"/>
          <ticker value="EQU"/>
          <other otherDesc="SEDOL" value="BN898F0"/>
        </identifiers>
        <balance>777719.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.19510000"/>
        <valUSD>864873.89000000</valUSD>
        <pctVal>0.082707221369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACTIVIA PROPERTIES INC</name>
        <lei>353800RPGYN3ML8CXV54</lei>
        <title>ACTIVIA PROPERTIES INC REIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3047490002"/>
          <ticker value="3279"/>
          <other otherDesc="SEDOL" value="B8BSRY1"/>
        </identifiers>
        <balance>2231.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.19000000"/>
        <valUSD>1833122.68000000</valUSD>
        <pctVal>0.175300104495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1561153.33877756"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CPI EUROPE AG</name>
        <lei>5299000DUMZ99SBBX121</lei>
        <title>CPI EUROPE AG NPV (POST SPLIT)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AT0000A21KS2"/>
          <ticker value="CPI"/>
          <other otherDesc="SEDOL" value="BFZ5BQ7"/>
        </identifiers>
        <balance>38582.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85693400"/>
        <valUSD>718571.93000000</valUSD>
        <pctVal>0.068716478057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="268901.08223038"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FASTIGHETS AB BALDER</name>
        <lei>549300GHKJCEZOAEUU82</lei>
        <title>FASTIGHETS AB BALDER SER'B'NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0017832488"/>
          <ticker value="BALDB"/>
          <other otherDesc="SEDOL" value="BPMRNZ9"/>
        </identifiers>
        <balance>759255.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23325000"/>
        <valUSD>4359862.46000000</valUSD>
        <pctVal>0.416930275949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIGHTMOVE PLC</name>
        <lei>2138001JXGCFKBXYB828</lei>
        <title>RIGHTMOVE PLC ORD GBP0.001</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BGDT3G23"/>
          <ticker value="RMV"/>
          <other otherDesc="SEDOL" value="BGDT3G2"/>
        </identifiers>
        <balance>837230.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74186650"/>
        <valUSD>4736504.90000000</valUSD>
        <pctVal>0.452948301262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CT REAL ESTATE INVESTMENT TRUST</name>
        <lei>549300QXEHJXT6D53X16</lei>
        <title>CT REAL ESTATE INVESTMENT TRUST UNITS</title>
        <cusip>126462100</cusip>
        <identifiers>
          <isin value="CA1264621006"/>
          <ticker value="CRT-U"/>
          <other otherDesc="SEDOL" value="BFSRSC5"/>
        </identifiers>
        <balance>85864.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37755000"/>
        <valUSD>1101387.88000000</valUSD>
        <pctVal>0.105324871357</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="384813.61838046"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST</name>
        <lei>5493007MYGFSLOZGT937</lei>
        <title>CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST TRUST UNITS</title>
        <cusip>17039A106</cusip>
        <identifiers>
          <isin value="CA17039A1066"/>
          <ticker value="CHP-U"/>
          <other otherDesc="SEDOL" value="BBX46Q3"/>
        </identifiers>
        <balance>271873.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37755000"/>
        <valUSD>3108416.94000000</valUSD>
        <pctVal>0.297255508505</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="3049272.25872035"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-28</ncom:dateSigned>
      <ncom:nameOfApplicant>DBX ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Diane Kenneally</ncom:signature>
      <ncom:signerName>Diane Kenneally</ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
