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        <pctVal>0.1017953858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABACUS GROUP</name>
        <lei>N/A</lei>
        <title>ABACUS GROUP</title>
        <cusip>Q0015N260</cusip>
        <identifiers>
          <isin value="AU0000291882"/>
          <ticker value="ABCGF"/>
        </identifiers>
        <balance>150237</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>100491.64</valUSD>
        <pctVal>0.0118541244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXUS SELECT TRUST</name>
        <lei>3358005ZHLYHK1WZGL78</lei>
        <title>NEXUS SELECT TRUST</title>
        <cusip>Y6S6L6100</cusip>
        <identifiers>
          <isin value="INE0NDH25011"/>
          <ticker value="NXST"/>
        </identifiers>
        <balance>314401</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>542379.73</valUSD>
        <pctVal>0.0639798174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUBAI RESIDENTIAL REIT AE</name>
        <lei>N/A</lei>
        <title>DUBAI RESIDENTIAL REIT AE</title>
        <cusip>M28898100</cusip>
        <identifiers>
          <isin value="AEE01657D252"/>
          <ticker value="DUBAIRESI"/>
        </identifiers>
        <balance>757211</balance>
        <units>PA</units>
        <currencyConditional curCd="AED" exchangeRt="3.6728"/>
        <valUSD>258550.46</valUSD>
        <pctVal>0.0304989481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEKER GAYRIMENKUL YATIRIM</name>
        <lei>789000AYPWS1SMED9849</lei>
        <title>PEKER GAYRIMENKUL YATIRIM</title>
        <cusip>M78651102</cusip>
        <identifiers>
          <isin value="TREPEGY00022"/>
          <ticker value="PEKGY"/>
        </identifiers>
        <balance>1432355</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64625"/>
        <valUSD>429294.25</valUSD>
        <pctVal>0.0506401073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABACUS STORAGE KING</name>
        <lei>N/A</lei>
        <title>ABACUS STORAGE KING</title>
        <cusip>Q0R11R100</cusip>
        <identifiers>
          <isin value="AU0000286213"/>
          <ticker value="ABSKF"/>
        </identifiers>
        <balance>163252</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>152397.98</valUSD>
        <pctVal>0.0179770637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLOS SA</name>
        <lei>N/A</lei>
        <title>ALLOS SA</title>
        <cusip>P0R6A1107</cusip>
        <identifiers>
          <isin value="BRALOSACNOR5"/>
          <ticker value="ALOS3"/>
        </identifiers>
        <balance>152559</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>827175.18</valUSD>
        <pctVal>0.0975746586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISRAS HLDGS. LTD</name>
        <lei>N/A</lei>
        <title>ISRAS HLDGS. LTD</title>
        <cusip>M61448102</cusip>
        <identifiers>
          <isin value="IL0012029778"/>
          <ticker value="ISASF"/>
        </identifiers>
        <balance>1371</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>162444.97</valUSD>
        <pctVal>0.0191622196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALOR ESTATE LTD</name>
        <lei>335800F65F1ZTPL3TT09</lei>
        <title>VALOR ESTATE LTD</title>
        <cusip>Y202CY107</cusip>
        <identifiers>
          <isin value="INE879I01012"/>
          <ticker value="DBREALTY"/>
        </identifiers>
        <balance>68000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>80081.5</valUSD>
        <pctVal>0.0094465177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HEALTHCARE REIT</name>
        <lei>2549004GGE2APGNT6O92</lei>
        <title>AMERICAN HEALTHCARE REIT</title>
        <cusip>398182303</cusip>
        <identifiers>
          <isin value="US3981823038"/>
          <ticker value="AHR"/>
        </identifiers>
        <balance>74942</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3908225.3</valUSD>
        <pctVal>0.4610193324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3908225.300000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIGNATUREGLOBAL INDIA LTD</name>
        <lei>335800W546JCVSM7EX05</lei>
        <title>SIGNATUREGLOBAL INDIA LTD</title>
        <cusip>Y7939W111</cusip>
        <identifiers>
          <isin value="INE903U01023"/>
          <ticker value="SIGNATURE"/>
        </identifiers>
        <balance>10712</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>83922.25</valUSD>
        <pctVal>0.0098995776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INGENIA COMMUNITIES GROUP</name>
        <lei>N/A</lei>
        <title>INGENIA COMMUNITIES GROUP</title>
        <cusip>Q4912D185</cusip>
        <identifiers>
          <isin value="AU000000INA9"/>
          <ticker value="INGEF"/>
        </identifiers>
        <balance>162023</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>497937.86</valUSD>
        <pctVal>0.0587373967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AL RAJHI REIT</name>
        <lei>N/A</lei>
        <title>AL RAJHI REIT</title>
        <cusip>M0857X107</cusip>
        <identifiers>
          <isin value="SA14GG523Q50"/>
          <ticker value="ALRAJHI"/>
        </identifiers>
        <balance>106463</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>232070.78</valUSD>
        <pctVal>0.0273753706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUSINS PROPS. INC</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>COUSINS PROPS. INC</title>
        <cusip>222795502</cusip>
        <identifiers>
          <isin value="US2227955026"/>
          <ticker value="CUZ"/>
        </identifiers>
        <balance>64025</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1919469.5</valUSD>
        <pctVal>0.2264231152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIPPON REIT INV. CORP</name>
        <lei>3538004O49OJ90PEXX85</lei>
        <title>NIPPON REIT INV. CORP</title>
        <cusip>J5530Q100</cusip>
        <identifiers>
          <isin value="JP3047750009"/>
          <ticker value="NPRTF"/>
        </identifiers>
        <balance>704</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>362929.59</valUSD>
        <pctVal>0.0428116458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KUWAIT REAL ESTATE CO KSC</name>
        <lei>N/A</lei>
        <title>KUWAIT REAL ESTATE CO KSC</title>
        <cusip>M78904105</cusip>
        <identifiers>
          <isin value="KW0EQ0400618"/>
          <ticker value="KRE"/>
        </identifiers>
        <balance>343207</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3098"/>
        <valUSD>387983.51</valUSD>
        <pctVal>0.0457670388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUPERMARKET INC. REIT PLC</name>
        <lei>2138007FOINJKAM7L537</lei>
        <title>SUPERMARKET INC. REIT PLC</title>
        <cusip>G8586X105</cusip>
        <identifiers>
          <isin value="GB00BF345X11"/>
          <ticker value="SUPIF"/>
        </identifiers>
        <balance>485058</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>565857.48</valUSD>
        <pctVal>0.0667492833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VENTAS INC</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>VENTAS INC</title>
        <cusip>92276F100</cusip>
        <identifiers>
          <isin value="US92276F1003"/>
          <ticker value="VTR"/>
        </identifiers>
        <balance>185044</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16431907.2</valUSD>
        <pctVal>1.9383291150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>VORNADO REALTY TRUST</title>
        <cusip>929042109</cusip>
        <identifiers>
          <isin value="US9290421091"/>
          <ticker value="VNO"/>
        </identifiers>
        <balance>61863</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2431215.9</valUSD>
        <pctVal>0.2867893852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMTY RESIDENTIAL INV. CO</name>
        <lei>N/A</lei>
        <title>SAMTY RESIDENTIAL INV. CO</title>
        <cusip>J6779Q108</cusip>
        <identifiers>
          <isin value="JP3047960004"/>
          <ticker value="SMTYF"/>
        </identifiers>
        <balance>147</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>87199.47</valUSD>
        <pctVal>0.0102861627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3555.090000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICOLD REALTY TST. INC</name>
        <lei>894500O3S3W62PQPO460</lei>
        <title>AMERICOLD REALTY TST. INC</title>
        <cusip>03064D108</cusip>
        <identifiers>
          <isin value="US03064D1081"/>
          <ticker value="COLD"/>
        </identifiers>
        <balance>109495</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1721261.4</valUSD>
        <pctVal>0.2030422303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW WORLD DEV. CO LTD</name>
        <lei>2549008GWMWXTIRL4S48</lei>
        <title>NEW WORLD DEV. CO LTD</title>
        <cusip>Y6266R109</cusip>
        <identifiers>
          <isin value="HK0000608585"/>
          <ticker value="NWWDF"/>
        </identifiers>
        <balance>536000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>434520.17</valUSD>
        <pctVal>0.0512565636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LODHA DEVELOPERS LIMITED</name>
        <lei>254900B5QCN52ETNU557</lei>
        <title>LODHA DEVELOPERS LIMITED</title>
        <cusip>Y5311S112</cusip>
        <identifiers>
          <isin value="INE670K01029"/>
          <ticker value="LODHA"/>
        </identifiers>
        <balance>103486</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>1050066.81</valUSD>
        <pctVal>0.1238672447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LTC PROPS. INC</name>
        <lei>549300NRZP8IJG2KY677</lei>
        <title>LTC PROPS. INC</title>
        <cusip>502175102</cusip>
        <identifiers>
          <isin value="US5021751020"/>
          <ticker value="LTC"/>
        </identifiers>
        <balance>19094</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>734164.3</valUSD>
        <pctVal>0.0866029744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REALTY INC. CORP</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>REALTY INC. CORP</title>
        <cusip>756109104</cusip>
        <identifiers>
          <isin value="US7561091049"/>
          <ticker value="O"/>
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        <balance>362777</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22477662.92</valUSD>
        <pctVal>2.6514943119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MATRIX CONCEPTS HLDGS. BH</name>
        <lei>N/A</lei>
        <title>MATRIX CONCEPTS HLDGS. BH</title>
        <cusip>Y5840A103</cusip>
        <identifiers>
          <isin value="MYL5236OO004"/>
          <ticker value="MCH"/>
        </identifiers>
        <balance>390050</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>113217.84</valUSD>
        <pctVal>0.0133553235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PSP SWISS PROP. AG</name>
        <lei>50670042Y437P8X44F56</lei>
        <title>PSP SWISS PROP. AG</title>
        <cusip>H64687124</cusip>
        <identifiers>
          <isin value="CH0018294154"/>
          <ticker value="PSPSF"/>
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        <balance>17922</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".808"/>
        <valUSD>3195384.48</valUSD>
        <pctVal>0.3769317034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DIAMONDROCK HOSPITALITY C</name>
        <lei>529900KKD4BPVBUAQ734</lei>
        <title>DIAMONDROCK HOSPITALITY C</title>
        <cusip>252784301</cusip>
        <identifiers>
          <isin value="US2527843013"/>
          <ticker value="DRH"/>
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        <balance>78825</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>960088.5</valUSD>
        <pctVal>0.1132532864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICADE</name>
        <lei>969500UDH342QLTE1M42</lei>
        <title>ICADE</title>
        <cusip>F4931M119</cusip>
        <identifiers>
          <isin value="FR0000035081"/>
          <ticker value="CDMGF"/>
        </identifiers>
        <balance>10989</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>241163.32</valUSD>
        <pctVal>0.0284479384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGENCY CENTERS CORP</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>REGENCY CENTERS CORP</title>
        <cusip>758849103</cusip>
        <identifiers>
          <isin value="US7588491032"/>
          <ticker value="REG"/>
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        <balance>64270</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5124889.8</valUSD>
        <pctVal>0.6045386570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RLJ LODGING TRUST</name>
        <lei>N/A</lei>
        <title>RLJ LODGING TRUST</title>
        <cusip>74965L101</cusip>
        <identifiers>
          <isin value="US74965L1017"/>
          <ticker value="RLJ"/>
        </identifiers>
        <balance>48668</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>576715.8</valUSD>
        <pctVal>0.0680301448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RYMAN HOSPITALITY PROPS.</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>RYMAN HOSPITALITY PROPS.</title>
        <cusip>78377T107</cusip>
        <identifiers>
          <isin value="US78377T1079"/>
          <ticker value="RHP"/>
        </identifiers>
        <balance>23068</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2965391.4</valUSD>
        <pctVal>0.3498014210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MACQUARIE MEXICO REAL EST</name>
        <lei>N/A</lei>
        <title>MACQUARIE MEXICO REAL EST</title>
        <cusip>P3515D155</cusip>
        <identifiers>
          <isin value="MXCFFI0U0002"/>
          <ticker value="DBMBF"/>
        </identifiers>
        <balance>56503</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>145397.28</valUSD>
        <pctVal>0.0171512520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARK HOTELS &amp; RESORTS INC</name>
        <lei>5493005UZ5TQN0H6HS73</lei>
        <title>PARK HOTELS &amp; RESORTS INC</title>
        <cusip>700517105</cusip>
        <identifiers>
          <isin value="US7005171050"/>
          <ticker value="PK"/>
        </identifiers>
        <balance>75380</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1074165</valUSD>
        <pctVal>0.1267098985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROADSTONE NET LEASE INC</name>
        <lei>549300U8D7PT70B49V21</lei>
        <title>BROADSTONE NET LEASE INC</title>
        <cusip>11135E203</cusip>
        <identifiers>
          <isin value="US11135E2037"/>
          <ticker value="BNL"/>
        </identifiers>
        <balance>73661</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1522572.87</valUSD>
        <pctVal>0.1796046733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GODREJ PROPS. LTD</name>
        <lei>335800KM3Y5NZWXOE183</lei>
        <title>GODREJ PROPS. LTD</title>
        <cusip>Y2735G139</cusip>
        <identifiers>
          <isin value="INE484J01027"/>
          <ticker value="GODREJPROP"/>
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        <balance>51012</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>1012500.35</valUSD>
        <pctVal>0.1194358563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXPOINT RESIDENTIAL TST.</name>
        <lei>549300U2J6XVYBF87166</lei>
        <title>NEXPOINT RESIDENTIAL TST.</title>
        <cusip>65341D102</cusip>
        <identifiers>
          <isin value="US65341D1028"/>
          <ticker value="NXRT"/>
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        <balance>7498</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>209344.16</valUSD>
        <pctVal>0.0246945090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOPSON DEV HOLD</name>
        <lei>549300HYMKPTC1DTZS42</lei>
        <title>HOPSON DEV HOLD</title>
        <cusip>G4600H119</cusip>
        <identifiers>
          <isin value="BMG4600H1198"/>
          <ticker value="HPDHF"/>
        </identifiers>
        <balance>348773</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>107139.07</valUSD>
        <pctVal>0.0126382638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEIWA REAL ESTATE CO LTD</name>
        <lei>N/A</lei>
        <title>HEIWA REAL ESTATE CO LTD</title>
        <cusip>J19278100</cusip>
        <identifiers>
          <isin value="JP3834800009"/>
          <ticker value="HWARF"/>
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        <balance>13500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>199906.36</valUSD>
        <pctVal>0.0235812139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UDR INC</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR INC</title>
        <cusip>902653104</cusip>
        <identifiers>
          <isin value="US9026531049"/>
          <ticker value="UDR"/>
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        <balance>114460</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4569243.2</valUSD>
        <pctVal>0.5389938624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KERRY PROPS. LTD</name>
        <lei>5299006T5ULIIRZ7LK49</lei>
        <title>KERRY PROPS. LTD</title>
        <cusip>G52440107</cusip>
        <identifiers>
          <isin value="BMG524401079"/>
          <ticker value="KRYPF"/>
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        <balance>226099</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>521597.32</valUSD>
        <pctVal>0.0615282973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JHSF PARTICIPACOES SA</name>
        <lei>N/A</lei>
        <title>JHSF PARTICIPACOES SA</title>
        <cusip>P6050T105</cusip>
        <identifiers>
          <isin value="BRJHSFACNOR2"/>
          <ticker value="JHSF3"/>
        </identifiers>
        <balance>112900</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>247132.09</valUSD>
        <pctVal>0.0291520223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUI FUDOSAN CO LTD</name>
        <lei>353800ND4ZKNZDYKMF33</lei>
        <title>MITSUI FUDOSAN CO LTD</title>
        <cusip>J4509L101</cusip>
        <identifiers>
          <isin value="JP3893200000"/>
          <ticker value="MTSFF"/>
        </identifiers>
        <balance>965986</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>8899542.58</valUSD>
        <pctVal>1.0498016014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHANGHAI JINQIAO EXPORT P</name>
        <lei>300300145JZKQZO13H90</lei>
        <title>SHANGHAI JINQIAO EXPORT P</title>
        <cusip>Y4443D101</cusip>
        <identifiers>
          <isin value="CNE000000941"/>
          <ticker value="SJQBF"/>
        </identifiers>
        <balance>108216</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81455.25</valUSD>
        <pctVal>0.0096085671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINO LAND CO LTD</name>
        <lei>529900G5P51053HJVZ92</lei>
        <title>SINO LAND CO LTD</title>
        <cusip>Y80267126</cusip>
        <identifiers>
          <isin value="HK0083000502"/>
          <ticker value="SNLAF"/>
        </identifiers>
        <balance>1486258</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>1955528.11</valUSD>
        <pctVal>0.2306766357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND INDIA</name>
        <lei>N/A</lei>
        <title>CAPITALAND INDIA</title>
        <cusip>Y0259C104</cusip>
        <identifiers>
          <isin value="SG1V35936920"/>
          <ticker value="ACNDF"/>
        </identifiers>
        <balance>418355</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>330936.8</valUSD>
        <pctVal>0.0390377347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MULTIPLAN EMPREENDIMENTOS</name>
        <lei>N/A</lei>
        <title>MULTIPLAN EMPREENDIMENTOS</title>
        <cusip>P69913187</cusip>
        <identifiers>
          <isin value="BRMULTACNOR5"/>
          <ticker value="MULT3"/>
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        <balance>132572</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>749879.39</valUSD>
        <pctVal>0.0884567468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STOCKLAND</name>
        <lei>549300Y8E5TMSOLM7P64</lei>
        <title>STOCKLAND</title>
        <cusip>Q8773B105</cusip>
        <identifiers>
          <isin value="AU000000SGP0"/>
          <ticker value="SGP"/>
        </identifiers>
        <balance>947123</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>2683536.39</valUSD>
        <pctVal>0.3165534379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SP SETIA BHD GROUP</name>
        <lei>N/A</lei>
        <title>SP SETIA BHD GROUP</title>
        <cusip>Y8132G101</cusip>
        <identifiers>
          <isin value="MYL8664OO004"/>
          <ticker value="SPSJF"/>
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        <balance>920869</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>219474.88</valUSD>
        <pctVal>0.0258895419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TOKYO TATEMONO CO LTD</name>
        <lei>529900RQA4JTW1869J86</lei>
        <title>TOKYO TATEMONO CO LTD</title>
        <cusip>J88333133</cusip>
        <identifiers>
          <isin value="JP3582600007"/>
          <ticker value="TYTMF"/>
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        <balance>69500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1407089.15</valUSD>
        <pctVal>0.1659820637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PAKUWON JATI TBK PT</name>
        <lei>254900GUXQAQB065PM73</lei>
        <title>PAKUWON JATI TBK PT</title>
        <cusip>Y712CA107</cusip>
        <identifiers>
          <isin value="ID1000122500"/>
          <ticker value="PTPKF"/>
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        <balance>6240640</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880"/>
        <valUSD>83681.87</valUSD>
        <pctVal>0.0098712221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HOSHINO RESORTS REIT INC</name>
        <lei>353800DF2MUZWFL4IL56</lei>
        <title>HOSHINO RESORTS REIT INC</title>
        <cusip>J2245U104</cusip>
        <identifiers>
          <isin value="JP3047610005"/>
          <ticker value="HOSHF"/>
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        <balance>229</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>338775.98</valUSD>
        <pctVal>0.0399624546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TRITAX BIG BOX REIT PLC</name>
        <lei>213800L6X88MIYPVR714</lei>
        <title>TRITAX BIG BOX REIT PLC</title>
        <cusip>G9101W101</cusip>
        <identifiers>
          <isin value="GB00BG49KP99"/>
          <ticker value="TTBXF"/>
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        <balance>939712</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>2012874.67</valUSD>
        <pctVal>0.2374413104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENTRA ASA</name>
        <lei>549300APU14LQKTYCH34</lei>
        <title>ENTRA ASA</title>
        <cusip>R2R8A2105</cusip>
        <identifiers>
          <isin value="NO0010716418"/>
          <ticker value="ENTOF"/>
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        <balance>15922</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.8985"/>
        <valUSD>169882.99</valUSD>
        <pctVal>0.0200396181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INNOVATIVE INDL. PROPS. I</name>
        <lei>5493008BQ0545EZXRR30</lei>
        <title>INNOVATIVE INDL. PROPS. I</title>
        <cusip>45781V101</cusip>
        <identifiers>
          <isin value="US45781V1017"/>
          <ticker value="IIPR"/>
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        <balance>10625</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>658537.5</valUSD>
        <pctVal>0.0776819388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COREM PROP. GRP. AB</name>
        <lei>213800CHXQQD7TSS1T59</lei>
        <title>COREM PROP. GRP. AB</title>
        <cusip>W2R19Q152</cusip>
        <identifiers>
          <isin value="SE0010714287"/>
          <ticker value="CPGAF"/>
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        <balance>185562</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>44948.9</valUSD>
        <pctVal>0.0053022306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="45018.860000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>JADWA REIT SAUDI FUND</name>
        <lei>N/A</lei>
        <title>JADWA REIT SAUDI FUND</title>
        <cusip>M61444101</cusip>
        <identifiers>
          <isin value="SA14GG523R59"/>
          <ticker value="JADWAREI"/>
        </identifiers>
        <balance>74352</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>215717</valUSD>
        <pctVal>0.0254462575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GREAT PORTLAND ESTATES PL</name>
        <lei>213800JMEDD2Q4N1MC42</lei>
        <title>GREAT PORTLAND ESTATES PL</title>
        <cusip>G40712211</cusip>
        <identifiers>
          <isin value="GB00BF5H9P87"/>
          <ticker value="GPEAF"/>
        </identifiers>
        <balance>128571</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>566871.51</valUSD>
        <pctVal>0.0668688996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARABIAN CENTRES CO LTD</name>
        <lei>8945006MT4ZZ5EBVCI56</lei>
        <title>ARABIAN CENTRES CO LTD</title>
        <cusip>M0000Y101</cusip>
        <identifiers>
          <isin value="SA14QG523GH3"/>
          <ticker value="CENOMICE"/>
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        <balance>85270</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>388081.37</valUSD>
        <pctVal>0.0457785824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WAYPOINT REIT LTD</name>
        <lei>5493003CS5K82RREKA54</lei>
        <title>WAYPOINT REIT LTD</title>
        <cusip>Q95666105</cusip>
        <identifiers>
          <isin value="AU0000088064"/>
          <ticker value="VIEGF"/>
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        <balance>239433</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>401945.25</valUSD>
        <pctVal>0.0474139837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EMAAR ECONOMIC CITY</name>
        <lei>N/A</lei>
        <title>EMAAR ECONOMIC CITY</title>
        <cusip>M4018S106</cusip>
        <identifiers>
          <isin value="SA000A0KDVM8"/>
          <ticker value="4220"/>
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        <balance>58192</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>154595.03</valUSD>
        <pctVal>0.0182362305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AEON REIT INV. CORP</name>
        <lei>353800P59F8MJB4FE788</lei>
        <title>AEON REIT INV. CORP</title>
        <cusip>J10006104</cusip>
        <identifiers>
          <isin value="JP3047650001"/>
          <ticker value="AEORF"/>
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        <balance>618</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>468010.52</valUSD>
        <pctVal>0.0552071288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NP3 FASTIGHETER AB</name>
        <lei>549300MGVITW8GYJHZ50</lei>
        <title>NP3 FASTIGHETER AB</title>
        <cusip>W5909X111</cusip>
        <identifiers>
          <isin value="SE0006342333"/>
          <ticker value="NPPFF"/>
        </identifiers>
        <balance>11829</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>325264.19</valUSD>
        <pctVal>0.0383685863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL WORKPLACE</name>
        <lei>2138003LWDII27UTAG52</lei>
        <title>INTERNATIONAL WORKPLACE</title>
        <cusip>G4969N103</cusip>
        <identifiers>
          <isin value="JE00BYVQYS01"/>
          <ticker value="IWGFF"/>
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        <balance>290295</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>712971.33</valUSD>
        <pctVal>0.0841030241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NESCO LTD</name>
        <lei>98450089BC981FEO9C12</lei>
        <title>NESCO LTD</title>
        <cusip>Y6268M124</cusip>
        <identifiers>
          <isin value="INE317F01035"/>
          <ticker value="NESCO"/>
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        <balance>7499</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>85665.86</valUSD>
        <pctVal>0.0101052561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SEAZEN GRP. LTD</name>
        <lei>5493006M8GRAQRCSCD67</lei>
        <title>SEAZEN GRP. LTD</title>
        <cusip>G7956A109</cusip>
        <identifiers>
          <isin value="KYG7956A1094"/>
          <ticker value="SZENF"/>
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        <balance>913904</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>155234.34</valUSD>
        <pctVal>0.0183116444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STAR ASIA INV. CORP</name>
        <lei>N/A</lei>
        <title>STAR ASIA INV. CORP</title>
        <cusip>J76639103</cusip>
        <identifiers>
          <isin value="JP3048200004"/>
          <ticker value="SIACF"/>
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        <balance>932</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>315785.18</valUSD>
        <pctVal>0.0372504300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STORAGEVAULT CANADA INC</name>
        <lei>254900A6LDI0HRL1VD69</lei>
        <title>STORAGEVAULT CANADA INC</title>
        <cusip>86212H105</cusip>
        <identifiers>
          <isin value="CA86212H1055"/>
          <ticker value="SVAUF"/>
        </identifiers>
        <balance>90166</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>296261.98</valUSD>
        <pctVal>0.0349474479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHA CORP PCL</name>
        <lei>254900E68VLEZZULQP27</lei>
        <title>WHA CORP PCL</title>
        <cusip>Y95310192</cusip>
        <identifiers>
          <isin value="TH3871010R19"/>
          <ticker value="WHCRF"/>
        </identifiers>
        <balance>3024700</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.2205"/>
        <valUSD>473024.58</valUSD>
        <pctVal>0.0557985938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT</title>
        <cusip>02665T306</cusip>
        <identifiers>
          <isin value="US02665T3068"/>
          <ticker value="AMH"/>
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        <balance>124049</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4158122.48</valUSD>
        <pctVal>0.4904975283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OMEGA HEALTHCARE INVSTRS.</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVSTRS.</title>
        <cusip>681936100</cusip>
        <identifiers>
          <isin value="US6819361006"/>
          <ticker value="OHI"/>
        </identifiers>
        <balance>115273</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5496216.64</valUSD>
        <pctVal>0.6483408533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AVALONBAY COMMUNITIES INC</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AVALONBAY COMMUNITIES INC</title>
        <cusip>053484101</cusip>
        <identifiers>
          <isin value="US0534841012"/>
          <ticker value="AVB"/>
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        <balance>54174</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10222092.06</valUSD>
        <pctVal>1.2058112558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ESSEX PROP. TST. INC</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>ESSEX PROP. TST. INC</title>
        <cusip>297178105</cusip>
        <identifiers>
          <isin value="US2971781057"/>
          <ticker value="ESS"/>
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        <balance>25126</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7326490.34</valUSD>
        <pctVal>0.8642423161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST INDL. REALTY TST. I</name>
        <lei>N/A</lei>
        <title>FIRST INDL. REALTY TST. I</title>
        <cusip>32054K103</cusip>
        <identifiers>
          <isin value="US32054K1034"/>
          <ticker value="FR"/>
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        <balance>50924</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3122150.44</valUSD>
        <pctVal>0.3682929209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ART GROUP HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>ART GROUP HOLDINGS LTD</title>
        <cusip>G0583P102</cusip>
        <identifiers>
          <isin value="KYG0583P1028"/>
          <ticker value="565"/>
        </identifiers>
        <balance>595000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>215599.81</valUSD>
        <pctVal>0.0254324336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXITY SA</name>
        <lei>969500JJ71T2DIPDVV84</lei>
        <title>NEXITY SA</title>
        <cusip>F6527B126</cusip>
        <identifiers>
          <isin value="FR0010112524"/>
          <ticker value="NXYAF"/>
        </identifiers>
        <balance>16647</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>149407.13</valUSD>
        <pctVal>0.0176242591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MERCIALYS SA</name>
        <lei>969500081CGAXB7YS433</lei>
        <title>MERCIALYS SA</title>
        <cusip>F61573105</cusip>
        <identifiers>
          <isin value="FR0010241638"/>
          <ticker value="MEIYF"/>
        </identifiers>
        <balance>36072</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>483278.94</valUSD>
        <pctVal>0.0570082114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAG IMMOBILIEN AG</name>
        <lei>529900TAE68USJNXLR59</lei>
        <title>TAG IMMOBILIEN AG</title>
        <cusip>D8283Q174</cusip>
        <identifiers>
          <isin value="DE0008303504"/>
          <ticker value="TEG"/>
        </identifiers>
        <balance>72702</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1172350.55</valUSD>
        <pctVal>0.1382919935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIEDMONT REALTY TRUST INC</name>
        <lei>N/A</lei>
        <title>PIEDMONT REALTY TRUST INC</title>
        <cusip>720190206</cusip>
        <identifiers>
          <isin value="US7201902068"/>
          <ticker value="PDM"/>
        </identifiers>
        <balance>47890</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>438193.5</valUSD>
        <pctVal>0.0516898744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL REAL ESTATE CO K</name>
        <lei>N/A</lei>
        <title>NATIONAL REAL ESTATE CO K</title>
        <cusip>M7244G101</cusip>
        <identifiers>
          <isin value="KW0EQ0400634"/>
          <ticker value="NRE"/>
        </identifiers>
        <balance>442182</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3098"/>
        <valUSD>173105.52</valUSD>
        <pctVal>0.0204197520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACTIVIA PROPS. INC</name>
        <lei>353800RPGYN3ML8CXV54</lei>
        <title>ACTIVIA PROPS. INC</title>
        <cusip>J00089102</cusip>
        <identifiers>
          <isin value="JP3047490002"/>
          <ticker value="ATVXF"/>
        </identifiers>
        <balance>761</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>642753.37</valUSD>
        <pctVal>0.0758200223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEALTHCARE REALTY TST. IN</name>
        <lei>549300L0I14L7I0VLX84</lei>
        <title>HEALTHCARE REALTY TST. IN</title>
        <cusip>42226K105</cusip>
        <identifiers>
          <isin value="US42226K1051"/>
          <ticker value="HR"/>
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        <balance>127074</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2563082.58</valUSD>
        <pctVal>0.3023445501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANG LUNG PROPERTIES (HLP</name>
        <lei>529900CIVTNMXQT59E61</lei>
        <title>HANG LUNG PROPERTIES (HLP</title>
        <cusip>Y30166105</cusip>
        <identifiers>
          <isin value="HK0101000591"/>
          <ticker value="HLPPF"/>
        </identifiers>
        <balance>692674</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>610670.19</valUSD>
        <pctVal>0.0720354487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JAPAN REAL ESTATE INV. CO</name>
        <lei>3538003YAIR3CBGJJ928</lei>
        <title>JAPAN REAL ESTATE INV. CO</title>
        <cusip>J27523109</cusip>
        <identifiers>
          <isin value="JP3027680002"/>
          <ticker value="JREIF"/>
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        <balance>2530</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1806797.03</valUSD>
        <pctVal>0.2131321243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHINA MERCHANTS SHEKOU IN</name>
        <lei>300300T3ACALX7NIPW13</lei>
        <title>CHINA MERCHANTS SHEKOU IN</title>
        <cusip>Y14907102</cusip>
        <identifiers>
          <isin value="CNE100002FC6"/>
          <ticker value="001979"/>
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        <balance>200300</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>190212.58</valUSD>
        <pctVal>0.0224377230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SIRIUS REAL ESTATE LTD OR</name>
        <lei>213800NURUF5W8QSK566</lei>
        <title>SIRIUS REAL ESTATE LTD OR</title>
        <cusip>G8187C104</cusip>
        <identifiers>
          <isin value="GG00B1W3VF54"/>
          <ticker value="SRRLF"/>
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        <balance>620685</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>796477.69</valUSD>
        <pctVal>0.0939535428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JBG SMITH PROPERTIES</name>
        <lei>549300HHIW6GDQCPEC54</lei>
        <title>JBG SMITH PROPERTIES</title>
        <cusip>46590V100</cusip>
        <identifiers>
          <isin value="US46590V1008"/>
          <ticker value="JBGS"/>
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        <balance>22423</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>328945.41</valUSD>
        <pctVal>0.0388028278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="328945.410000000000"/>
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      <invstOrSec>
        <name>EQUITES PROP. LTD</name>
        <lei>378900F47D60FBC7C419</lei>
        <title>EQUITES PROP. LTD</title>
        <cusip>S2755Y108</cusip>
        <identifiers>
          <isin value="ZAE000188843"/>
          <ticker value="EQU"/>
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        <balance>292450</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>314769.33</valUSD>
        <pctVal>0.0371305990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EMAAR DEV. PJSC</name>
        <lei>N/A</lei>
        <title>EMAAR DEV. PJSC</title>
        <cusip>M4100K102</cusip>
        <identifiers>
          <isin value="AEE001901017"/>
          <ticker value="EMAARDEV"/>
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        <balance>325963</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6728"/>
        <valUSD>1237218.08</valUSD>
        <pctVal>0.1459438516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LUMO KODIT OYJ</name>
        <lei>7437007YPUOQZ8OV1R42</lei>
        <title>LUMO KODIT OYJ</title>
        <cusip>X4543E117</cusip>
        <identifiers>
          <isin value="FI4000312251"/>
          <ticker value="KOJAF"/>
        </identifiers>
        <balance>62743</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>532484.05</valUSD>
        <pctVal>0.0628125101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVITATION HOMES INC</name>
        <lei>984500FE452E665C9F85</lei>
        <title>INVITATION HOMES INC</title>
        <cusip>46187W107</cusip>
        <identifiers>
          <isin value="US46187W1071"/>
          <ticker value="INVH"/>
        </identifiers>
        <balance>210312</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6353525.52</valUSD>
        <pctVal>0.7494701223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURIA INDL. REIT</name>
        <lei>N/A</lei>
        <title>CENTURIA INDL. REIT</title>
        <cusip>Q2227X102</cusip>
        <identifiers>
          <isin value="AU000000CIP0"/>
          <ticker value="CNIEF"/>
        </identifiers>
        <balance>208909</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>440631.71</valUSD>
        <pctVal>0.0519774888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="338241.590000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRAI CORP</name>
        <lei>353800HQCYM7P10R9D93</lei>
        <title>MIRAI CORP</title>
        <cusip>J4309J108</cusip>
        <identifiers>
          <isin value="JP3048370005"/>
          <ticker value="MIRAF"/>
        </identifiers>
        <balance>768</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>197497.24</valUSD>
        <pctVal>0.0232970309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARTER HALL SOCIAL INFRA</name>
        <lei>254900W31UGIMDQW3W98</lei>
        <title>CHARTER HALL SOCIAL INFRA</title>
        <cusip>Q2308H109</cusip>
        <identifiers>
          <isin value="AU0000030645"/>
          <ticker value="FKKEF"/>
        </identifiers>
        <balance>116719</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>216668.91</valUSD>
        <pctVal>0.0255585460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOGISTEA AB SER B NPV</name>
        <lei>549300ZSB0ZCKM1SL747</lei>
        <title>LOGISTEA AB SER B NPV</title>
        <cusip>W5S480156</cusip>
        <identifiers>
          <isin value="SE0017131337"/>
          <ticker value="LOGI B"/>
        </identifiers>
        <balance>109685</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>150740.78</valUSD>
        <pctVal>0.0177815782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATRIUM LJUNGBERG AB</name>
        <lei>5493001NNP6HM67OVU09</lei>
        <title>ATRIUM LJUNGBERG AB</title>
        <cusip>W1R95C129</cusip>
        <identifiers>
          <isin value="SE0024320832"/>
          <ticker value="ATRLJ B"/>
        </identifiers>
        <balance>90983</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>246852.51</valUSD>
        <pctVal>0.0291190427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALEXANDRIA REAL ESTATE EQ</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>ALEXANDRIA REAL ESTATE EQ</title>
        <cusip>015271109</cusip>
        <identifiers>
          <isin value="US0152711091"/>
          <ticker value="ARE"/>
        </identifiers>
        <balance>60894</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3218247.9</valUSD>
        <pctVal>0.3796287021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELLA CAP. REAL ESTATE LT</name>
        <lei>N/A</lei>
        <title>SELLA CAP. REAL ESTATE LT</title>
        <cusip>M8274U101</cusip>
        <identifiers>
          <isin value="IL0011096448"/>
          <ticker value="STCPF"/>
        </identifiers>
        <balance>82780</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>253627.4</valUSD>
        <pctVal>0.0299182175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMMIT REAL ESTATE HLDGS.</name>
        <lei>254900R2MAR4ZEW3DO03</lei>
        <title>SUMMIT REAL ESTATE HLDGS.</title>
        <cusip>M8705C134</cusip>
        <identifiers>
          <isin value="IL0010816861"/>
          <ticker value="SMT"/>
        </identifiers>
        <balance>13256</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>211695.55</valUSD>
        <pctVal>0.0249718820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIMARY HEALTH PROPS. PLC</name>
        <lei>213800Y5CJHXOATK7X11</lei>
        <title>PRIMARY HEALTH PROPS. PLC</title>
        <cusip>G7240B186</cusip>
        <identifiers>
          <isin value="GB00BYRJ5J14"/>
          <ticker value="PHPRF"/>
        </identifiers>
        <balance>946548</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>1202540.58</valUSD>
        <pctVal>0.1418532487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC</title>
        <cusip>379378201</cusip>
        <identifiers>
          <isin value="US3793782018"/>
          <ticker value="GNL"/>
        </identifiers>
        <balance>74121</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>662641.74</valUSD>
        <pctVal>0.0781660803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XIOR STUDENT HOUSING NV</name>
        <lei>549300JK7HFOCP0U8K85</lei>
        <title>XIOR STUDENT HOUSING NV</title>
        <cusip>B9901Y104</cusip>
        <identifiers>
          <isin value="BE0974288202"/>
          <ticker value="XIORF"/>
        </identifiers>
        <balance>15745</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>473447</valUSD>
        <pctVal>0.0558484230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CK ASSET HLDGS. LTD</name>
        <lei>5299006GJZSGP78B8S35</lei>
        <title>CK ASSET HLDGS. LTD</title>
        <cusip>G2177B101</cusip>
        <identifiers>
          <isin value="KYG2177B1014"/>
          <ticker value="CHKGF"/>
        </identifiers>
        <balance>683000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>3865848.1</valUSD>
        <pctVal>0.4560204628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHARF REAL ESTATE INV. CO</name>
        <lei>529900QLPKS8U9QOPB59</lei>
        <title>WHARF REAL ESTATE INV. CO</title>
        <cusip>G9593A104</cusip>
        <identifiers>
          <isin value="KYG9593A1040"/>
          <ticker value="WRFRF"/>
        </identifiers>
        <balance>595317</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>1630888.87</valUSD>
        <pctVal>0.1923817693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EASTERLY GOV. PROPS. INC</name>
        <lei>549300ERMCEFC6S8HL77</lei>
        <title>EASTERLY GOV. PROPS. INC</title>
        <cusip>27616P301</cusip>
        <identifiers>
          <isin value="US27616P3010"/>
          <ticker value="DEA"/>
        </identifiers>
        <balance>16837</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>419746.41</valUSD>
        <pctVal>0.0495138317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAGAX AB</name>
        <lei>549300LJX28T6OM8DT95</lei>
        <title>SAGAX AB</title>
        <cusip>W7519A200</cusip>
        <identifiers>
          <isin value="SE0005127818"/>
          <ticker value="SAGXF"/>
        </identifiers>
        <balance>85157</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>1354902.03</valUSD>
        <pctVal>0.1598260032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REYSAS GAYRIMENKUL YATIRI</name>
        <lei>789000T4S7UQTKKLGO34</lei>
        <title>REYSAS GAYRIMENKUL YATIRI</title>
        <cusip>M8215U103</cusip>
        <identifiers>
          <isin value="TRERGYO00019"/>
          <ticker value="RYGYF"/>
        </identifiers>
        <balance>235462</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64625"/>
        <valUSD>151012.61</valUSD>
        <pctVal>0.0178136436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FOUR CORNERS PROP. TST. I</name>
        <lei>549300SVTPZPBDVNER42</lei>
        <title>FOUR CORNERS PROP. TST. I</title>
        <cusip>35086T109</cusip>
        <identifiers>
          <isin value="US35086T1097"/>
          <ticker value="FCPT"/>
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        <balance>42689</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1048014.95</valUSD>
        <pctVal>0.1236252047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CARMILA SA</name>
        <lei>222100P6D3QKU33LZQ72</lei>
        <title>CARMILA SA</title>
        <cusip>F1387K266</cusip>
        <identifiers>
          <isin value="FR0010828137"/>
          <ticker value="CRMIF"/>
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        <balance>24433</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>464987.74</valUSD>
        <pctVal>0.0548505577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MITSUBISHI ESTATE LOGISTI</name>
        <lei>353800YYSGZU31ICQK38</lei>
        <title>MITSUBISHI ESTATE LOGISTI</title>
        <cusip>J4S41D104</cusip>
        <identifiers>
          <isin value="JP3048480002"/>
          <ticker value="MLGRF"/>
        </identifiers>
        <balance>505</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>371766.51</valUSD>
        <pctVal>0.0438540604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AROUNDTOWN SA</name>
        <lei>529900H4DWG3KWMBMQ39</lei>
        <title>AROUNDTOWN SA</title>
        <cusip>L0269F109</cusip>
        <identifiers>
          <isin value="LU1673108939"/>
          <ticker value="AANNF"/>
        </identifiers>
        <balance>260010</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>690016.37</valUSD>
        <pctVal>0.0813952272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="527685.840000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>FUKUOKA REIT CORP</name>
        <lei>N/A</lei>
        <title>FUKUOKA REIT CORP</title>
        <cusip>J17128109</cusip>
        <identifiers>
          <isin value="JP3046240002"/>
          <ticker value="FUORF"/>
        </identifiers>
        <balance>269</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>285691.04</valUSD>
        <pctVal>0.0337004861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KEPPEL REIT</name>
        <lei>549300ZD5HZLQCF55J25</lei>
        <title>KEPPEL REIT</title>
        <cusip>Y4740G104</cusip>
        <identifiers>
          <isin value="SG1T22929874"/>
          <ticker value="KREVF"/>
        </identifiers>
        <balance>1179620</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>785366.53</valUSD>
        <pctVal>0.0926428559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FABEGE AB</name>
        <lei>549300JNPI46XNH0PM97</lei>
        <title>FABEGE AB</title>
        <cusip>W7888D199</cusip>
        <identifiers>
          <isin value="SE0011166974"/>
          <ticker value="FBGGF"/>
        </identifiers>
        <balance>67780</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>519502.47</valUSD>
        <pctVal>0.0612811861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>C&amp;D INTL. INV. GRP. LTD</name>
        <lei>N/A</lei>
        <title>C&amp;D INTL. INV. GRP. LTD</title>
        <cusip>G3165D109</cusip>
        <identifiers>
          <isin value="KYG3165D1097"/>
          <ticker value="CDIGF"/>
        </identifiers>
        <balance>345549</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>595876.37</valUSD>
        <pctVal>0.0702903505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PLAZA SA</name>
        <lei>254900IOKBBI6NWAPK83</lei>
        <title>PLAZA SA</title>
        <cusip>P7898L106</cusip>
        <identifiers>
          <isin value="CL0002456714"/>
          <ticker value="MALLPLAZA"/>
        </identifiers>
        <balance>297063</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="921.965"/>
        <valUSD>1224384.22</valUSD>
        <pctVal>0.1444299528</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>
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      </invstOrSec>
      <invstOrSec>
        <name>INTERSHOP HLDG. AG</name>
        <lei>506700CGX4K77JX3R725</lei>
        <title>INTERSHOP HLDG. AG</title>
        <cusip>H42507279</cusip>
        <identifiers>
          <isin value="CH1338987303"/>
          <ticker value="ISZNF"/>
        </identifiers>
        <balance>1927</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".808"/>
        <valUSD>411509.59</valUSD>
        <pctVal>0.0485422057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SILA REALTY TRUST INC COM</name>
        <lei>549300HXH142HWKKSW59</lei>
        <title>SILA REALTY TRUST INC COM</title>
        <cusip>146280508</cusip>
        <identifiers>
          <isin value="US1462805086"/>
          <ticker value="SILA"/>
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        <balance>20857</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>633218.52</valUSD>
        <pctVal>0.0746952790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESR-REIT</name>
        <lei>5493008PFX3JN1RMMD48</lei>
        <title>ESR-REIT</title>
        <cusip>Y2301D114</cusip>
        <identifiers>
          <isin value="SGXC55341835"/>
          <ticker value="CGIUF"/>
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        <balance>234367</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>424588.68</valUSD>
        <pctVal>0.0500850321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STONEWEG EUR. STAPLED TRU</name>
        <lei>N/A</lei>
        <title>STONEWEG EUR. STAPLED TRU</title>
        <cusip>Y816FX103</cusip>
        <identifiers>
          <isin value="SGXC11267561"/>
          <ticker value="STWUF"/>
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        <balance>149271</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>261648.77</valUSD>
        <pctVal>0.0308644287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RETAIL ESTATES NV</name>
        <lei>5493007CO5W5OBFG7L21</lei>
        <title>RETAIL ESTATES NV</title>
        <cusip>B7081U108</cusip>
        <identifiers>
          <isin value="BE0003720340"/>
          <ticker value="RETTF"/>
        </identifiers>
        <balance>4154</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>326133.98</valUSD>
        <pctVal>0.0384711879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CATENA AB</name>
        <lei>549300EMLM7AH5LDLY65</lei>
        <title>CATENA AB</title>
        <cusip>W2356E100</cusip>
        <identifiers>
          <isin value="SE0001664707"/>
          <ticker value="CTTTF"/>
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        <balance>18456</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>792523.23</valUSD>
        <pctVal>0.0934870695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DAR AL ARKAN REAL ESTATE</name>
        <lei>558600USX20EGH6LVQ89</lei>
        <title>DAR AL ARKAN REAL ESTATE</title>
        <cusip>M2723D109</cusip>
        <identifiers>
          <isin value="SA11U0S23612"/>
          <ticker value="4300"/>
        </identifiers>
        <balance>203910</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>978737.03</valUSD>
        <pctVal>0.1154530912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DA-LI DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>DA-LI DEV. CO LTD</title>
        <cusip>Y1975L105</cusip>
        <identifiers>
          <isin value="TW0006177009"/>
          <ticker value="IALTF"/>
        </identifiers>
        <balance>110613</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>156898.11</valUSD>
        <pctVal>0.0185079048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUE SQUARE REAL ESTATE L</name>
        <lei>N/A</lei>
        <title>BLUE SQUARE REAL ESTATE L</title>
        <cusip>M20259103</cusip>
        <identifiers>
          <isin value="IL0010985658"/>
          <ticker value="BLSR"/>
        </identifiers>
        <balance>1818</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>198501.85</valUSD>
        <pctVal>0.0234155360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FRASERS LOGISTICS &amp; COMME</name>
        <lei>N/A</lei>
        <title>FRASERS LOGISTICS &amp; COMME</title>
        <cusip>Y26465107</cusip>
        <identifiers>
          <isin value="SG1CI9000006"/>
          <ticker value="FRLOF"/>
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        <balance>1112246.347</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>831398.75</valUSD>
        <pctVal>0.0980728764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUI FUDOSAN LOGISTICS</name>
        <lei>353800DN63EIYS760S59</lei>
        <title>MITSUI FUDOSAN LOGISTICS</title>
        <cusip>J44788107</cusip>
        <identifiers>
          <isin value="JP3048300002"/>
          <ticker value="MFLPF"/>
        </identifiers>
        <balance>1214</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>805951.28</valUSD>
        <pctVal>0.0950710598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEGAWORLD CORP</name>
        <lei>254900P57OOZ5AY5C521</lei>
        <title>MEGAWORLD CORP</title>
        <cusip>Y59481112</cusip>
        <identifiers>
          <isin value="PHY594811127"/>
          <ticker value="MEG"/>
        </identifiers>
        <balance>3048001</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.37"/>
        <valUSD>103347.38</valUSD>
        <pctVal>0.0121909912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DAIWA SECS. LIVING INVS.</name>
        <lei>N/A</lei>
        <title>DAIWA SECS. LIVING INVS.</title>
        <cusip>J1R49P106</cusip>
        <identifiers>
          <isin value="JP3046410001"/>
          <ticker value="JRHIF"/>
        </identifiers>
        <balance>730</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>447321.62</valUSD>
        <pctVal>0.0527666393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOBHA LTD</name>
        <lei>3358009VFP3MXXLJDN54</lei>
        <title>SOBHA LTD</title>
        <cusip>Y806AJ100</cusip>
        <identifiers>
          <isin value="INE671H01015"/>
          <ticker value="SBDRF"/>
        </identifiers>
        <balance>17509</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>255841.28</valUSD>
        <pctVal>0.0301793697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RL COMMER. REIT INC</name>
        <lei>N/A</lei>
        <title>RL COMMER. REIT INC</title>
        <cusip>Y7319E103</cusip>
        <identifiers>
          <isin value="PHY7319E1039"/>
          <ticker value="RCR"/>
        </identifiers>
        <balance>2763100</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.37"/>
        <valUSD>323855.52</valUSD>
        <pctVal>0.0382024178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK REITS CO LTD</name>
        <lei>N/A</lei>
        <title>SK REITS CO LTD</title>
        <cusip>Y806SW102</cusip>
        <identifiers>
          <isin value="KR7395400005"/>
          <ticker value="A395400"/>
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        <balance>66749</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>233423.9</valUSD>
        <pctVal>0.0275349864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARENA REIT</name>
        <lei>984500FEAC9A1C1FC967</lei>
        <title>ARENA REIT</title>
        <cusip>Q0457C152</cusip>
        <identifiers>
          <isin value="AU000000ARF6"/>
          <ticker value="ARFSF"/>
        </identifiers>
        <balance>158665</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>341795.32</valUSD>
        <pctVal>0.0403186199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHOICE PROPS. REAL ESTATE</name>
        <lei>5493007MYGFSLOZGT937</lei>
        <title>CHOICE PROPS. REAL ESTATE</title>
        <cusip>17039A106</cusip>
        <identifiers>
          <isin value="CA17039A1066"/>
          <ticker value="PPRQF"/>
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        <balance>60022</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>691527.93</valUSD>
        <pctVal>0.0815735328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VUKILE PROP. LTD</name>
        <lei>549300BDQAETROOTKO37</lei>
        <title>VUKILE PROP. LTD</title>
        <cusip>S9468N170</cusip>
        <identifiers>
          <isin value="ZAE000180865"/>
          <ticker value="VKPPF"/>
        </identifiers>
        <balance>535884</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>814012.05</valUSD>
        <pctVal>0.0960219187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APPLE HOSPITALITY REIT IN</name>
        <lei>549300EVZAR0FBZO4F16</lei>
        <title>APPLE HOSPITALITY REIT IN</title>
        <cusip>03784Y200</cusip>
        <identifiers>
          <isin value="US03784Y2000"/>
          <ticker value="APLE"/>
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        <balance>86377</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1451997.37</valUSD>
        <pctVal>0.1712794956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA REAL ESTATE MASTER</name>
        <lei>353800TNNZOQ1CPZE086</lei>
        <title>NOMURA REAL ESTATE MASTER</title>
        <cusip>J589D3119</cusip>
        <identifiers>
          <isin value="JP3048110005"/>
          <ticker value="NMMRF"/>
        </identifiers>
        <balance>1527</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1428925.5</valUSD>
        <pctVal>0.1685579079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SERVICE PROPERTIES TRUST</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPERTIES TRUST</title>
        <cusip>81761L102</cusip>
        <identifiers>
          <isin value="US81761L1026"/>
          <ticker value="SVC"/>
        </identifiers>
        <balance>231395</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>391057.55</valUSD>
        <pctVal>0.0461296565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APARTMENT INV. AND MGT. C</name>
        <lei>549300O8FT5GJ4RU1D57</lei>
        <title>APARTMENT INV. AND MGT. C</title>
        <cusip>03748R747</cusip>
        <identifiers>
          <isin value="US03748R7474"/>
          <ticker value="AIV"/>
        </identifiers>
        <balance>50375</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>149613.75</valUSD>
        <pctVal>0.0176486323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEYAAR DEV. PJSC</name>
        <lei>N/A</lei>
        <title>DEYAAR DEV. PJSC</title>
        <cusip>M28055115</cusip>
        <identifiers>
          <isin value="AED001001018"/>
          <ticker value="DEYAAR"/>
        </identifiers>
        <balance>386459</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6728"/>
        <valUSD>85153.49</valUSD>
        <pctVal>0.0100448163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURION CORP LTD</name>
        <lei>N/A</lei>
        <title>CENTURION CORP LTD</title>
        <cusip>Y8068A128</cusip>
        <identifiers>
          <isin value="SG2D51973063"/>
          <ticker value="OU8"/>
        </identifiers>
        <balance>95600</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>108204.38</valUSD>
        <pctVal>0.0127639292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="75175.690000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>BRIXMOR PROP. GRP. INC</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>BRIXMOR PROP. GRP. INC</title>
        <cusip>11120U105</cusip>
        <identifiers>
          <isin value="US11120U1051"/>
          <ticker value="BRX"/>
        </identifiers>
        <balance>113849</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3589658.97</valUSD>
        <pctVal>0.4234408343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HULIC REIT INC</name>
        <lei>N/A</lei>
        <title>HULIC REIT INC</title>
        <cusip>J2359T109</cusip>
        <identifiers>
          <isin value="JP3047660000"/>
          <ticker value="HUICF"/>
        </identifiers>
        <balance>453</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>433777.26</valUSD>
        <pctVal>0.0511689290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MERLIN PROPS. SOCIMI SA</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>MERLIN PROPS. SOCIMI SA</title>
        <cusip>E7390Z100</cusip>
        <identifiers>
          <isin value="ES0105025003"/>
          <ticker value="MRPRF"/>
        </identifiers>
        <balance>161269</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>2828245.42</valUSD>
        <pctVal>0.3336235031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
          <ticker value="EQIX"/>
        </identifiers>
        <balance>38357</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39982953.23</valUSD>
        <pctVal>4.7164410927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PANDOX AB</name>
        <lei>549300K4HA8EBLSL3B97</lei>
        <title>PANDOX AB</title>
        <cusip>W70174102</cusip>
        <identifiers>
          <isin value="SE0007100359"/>
          <ticker value="PNDXF"/>
        </identifiers>
        <balance>40715</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>726774.7</valUSD>
        <pctVal>0.0857312875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CRE LOGISTICS REIT INC</name>
        <lei>N/A</lei>
        <title>CRE LOGISTICS REIT INC</title>
        <cusip>J7008E106</cusip>
        <identifiers>
          <isin value="JP3048680007"/>
          <ticker value="CRELF"/>
        </identifiers>
        <balance>238</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>205783.54</valUSD>
        <pctVal>0.0242744936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISRAEL CANADA T.R LTD</name>
        <lei>984500FA8AEA2CE5RB18</lei>
        <title>ISRAEL CANADA T.R LTD</title>
        <cusip>M5897Z129</cusip>
        <identifiers>
          <isin value="IL0004340191"/>
          <ticker value="ISLCF"/>
        </identifiers>
        <balance>68301</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>404102.2</valUSD>
        <pctVal>0.0476684204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROOKFIELD INDIA REAL EST</name>
        <lei>335800MCXUOZ6TVFEQ25</lei>
        <title>BROOKFIELD INDIA REAL EST</title>
        <cusip>Y0974Z107</cusip>
        <identifiers>
          <isin value="INE0FDU25010"/>
          <ticker value="BIRET"/>
        </identifiers>
        <balance>206401</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>722739.58</valUSD>
        <pctVal>0.0852552995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIOCAN REAL ESTATE INV. T</name>
        <lei>549300S8HVUSEU3JBY60</lei>
        <title>RIOCAN REAL ESTATE INV. T</title>
        <cusip>766910103</cusip>
        <identifiers>
          <isin value="CA7669101031"/>
          <ticker value="RIOCF"/>
        </identifiers>
        <balance>56372</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>901872.5</valUSD>
        <pctVal>0.1063860514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN APT. PROPS. REIT</name>
        <lei>549300B1MYVTQEB2DI90</lei>
        <title>CANADIAN APT. PROPS. REIT</title>
        <cusip>134921105</cusip>
        <identifiers>
          <isin value="CA1349211054"/>
          <ticker value="CDPYF"/>
        </identifiers>
        <balance>29852</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>734170.82</valUSD>
        <pctVal>0.0866037435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REIT 1 LTD</name>
        <lei>N/A</lei>
        <title>REIT 1 LTD</title>
        <cusip>M8209Q100</cusip>
        <identifiers>
          <isin value="IL0010989205"/>
          <ticker value="RETDF"/>
        </identifiers>
        <balance>76174</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>553294.58</valUSD>
        <pctVal>0.0652673473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HIAG IMMOBILIEN HLDG. AG</name>
        <lei>549300TU2XXQ3TU4KJ11</lei>
        <title>HIAG IMMOBILIEN HLDG. AG</title>
        <cusip>H3634R100</cusip>
        <identifiers>
          <isin value="CH0239518779"/>
          <ticker value="HIAG"/>
        </identifiers>
        <balance>1839</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".808"/>
        <valUSD>308527.97</valUSD>
        <pctVal>0.0363943601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REDEFINE PROPS. LTD</name>
        <lei>37890061EC026A7DA532</lei>
        <title>REDEFINE PROPS. LTD</title>
        <cusip>S6815L196</cusip>
        <identifiers>
          <isin value="ZAE000190252"/>
          <ticker value="RDPEF"/>
        </identifiers>
        <balance>2664426</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>1040233.55</valUSD>
        <pctVal>0.1227073006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEKISUI HOUSE REIT INC</name>
        <lei>N/A</lei>
        <title>SEKISUI HOUSE REIT INC</title>
        <cusip>J91258103</cusip>
        <identifiers>
          <isin value="JP3047820000"/>
          <ticker value="SKUEF"/>
        </identifiers>
        <balance>1520</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>715371.33</valUSD>
        <pctVal>0.0843861312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEPPEL DC REIT</name>
        <lei>N/A</lei>
        <title>KEPPEL DC REIT</title>
        <cusip>Y47230100</cusip>
        <identifiers>
          <isin value="SG1AF6000009"/>
          <ticker value="KPDCF"/>
        </identifiers>
        <balance>769503</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>1334880.29</valUSD>
        <pctVal>0.1574642127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XENIA HOTELS &amp; RESORTS IN</name>
        <lei>54930075IWIPHF5IQL62</lei>
        <title>XENIA HOTELS &amp; RESORTS IN</title>
        <cusip>984017103</cusip>
        <identifiers>
          <isin value="US9840171030"/>
          <ticker value="XHR"/>
        </identifiers>
        <balance>36673</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>746662.28</valUSD>
        <pctVal>0.0880772523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LENDLEASE GBL. COMMER. RE</name>
        <lei>N/A</lei>
        <title>LENDLEASE GBL. COMMER. RE</title>
        <cusip>Y5229U100</cusip>
        <identifiers>
          <isin value="SGXC61949712"/>
          <ticker value="LLGCF"/>
        </identifiers>
        <balance>1002201</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>442291.67</valUSD>
        <pctVal>0.0521732998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLATE GROCERY REIT</name>
        <lei>5493007WH5UCZ7KXH140</lei>
        <title>SLATE GROCERY REIT</title>
        <cusip>831062203</cusip>
        <identifiers>
          <isin value="CA8310622037"/>
          <ticker value="SRRTF"/>
        </identifiers>
        <balance>10998</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>134620.33</valUSD>
        <pctVal>0.0158799890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTERSPACE</name>
        <lei>5493002LG2SH9EEHT720</lei>
        <title>CENTERSPACE</title>
        <cusip>15202L107</cusip>
        <identifiers>
          <isin value="US15202L1070"/>
          <ticker value="CSR"/>
        </identifiers>
        <balance>6519</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>366302.61</valUSD>
        <pctVal>0.0432095316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHILLIPS EDISON INC</name>
        <lei>549300JPN4YHYPXTJQ85</lei>
        <title>PHILLIPS EDISON INC</title>
        <cusip>71844V201</cusip>
        <identifiers>
          <isin value="US71844V2016"/>
          <ticker value="PECO"/>
        </identifiers>
        <balance>48377</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2013450.74</valUSD>
        <pctVal>0.2375092643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOARDWALK REAL ESTATE INV</name>
        <lei>549300RMNRTTJRCOYW23</lei>
        <title>BOARDWALK REAL ESTATE INV</title>
        <cusip>096631106</cusip>
        <identifiers>
          <isin value="CA0966311064"/>
          <ticker value="BOWFF"/>
        </identifiers>
        <balance>9191</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>419613.78</valUSD>
        <pctVal>0.0494981865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIOS FASTIGHETER AB</name>
        <lei>549300G3VF7LZQ9IW435</lei>
        <title>DIOS FASTIGHETER AB</title>
        <cusip>W2592B100</cusip>
        <identifiers>
          <isin value="SE0001634262"/>
          <ticker value="DIOFF"/>
        </identifiers>
        <balance>36293</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>240180.9</valUSD>
        <pctVal>0.0283320509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IOI PROPS. GRP. BHD</name>
        <lei>N/A</lei>
        <title>IOI PROPS. GRP. BHD</title>
        <cusip>Y417A6104</cusip>
        <identifiers>
          <isin value="MYL5249OO007"/>
          <ticker value="IOIHF"/>
        </identifiers>
        <balance>530500</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>513901.94</valUSD>
        <pctVal>0.0606205403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLIED PROPS. REAL ESTATE</name>
        <lei>549300AMZMPKVHA0MY77</lei>
        <title>ALLIED PROPS. REAL ESTATE</title>
        <cusip>019456102</cusip>
        <identifiers>
          <isin value="CA0194561027"/>
          <ticker value="APYRF"/>
        </identifiers>
        <balance>33613</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>233448.3</valUSD>
        <pctVal>0.0275378647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERRENT REAL ESTATE INV</name>
        <lei>N/A</lei>
        <title>INTERRENT REAL ESTATE INV</title>
        <cusip>46071W205</cusip>
        <identifiers>
          <isin value="CA46071W2058"/>
          <ticker value="IIPZF"/>
        </identifiers>
        <balance>26018</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>237753.06</valUSD>
        <pctVal>0.0280456597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CT REAL ESTATE INV. TRUST</name>
        <lei>549300QXEHJXT6D53X16</lei>
        <title>CT REAL ESTATE INV. TRUST</title>
        <cusip>126462100</cusip>
        <identifiers>
          <isin value="CA1264621006"/>
          <ticker value="CTRRF"/>
        </identifiers>
        <balance>19419</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>248376.99</valUSD>
        <pctVal>0.0292988723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRISH RESIDENTIAL PROPS.</name>
        <lei>635400EOPACLULRENY18</lei>
        <title>IRISH RESIDENTIAL PROPS.</title>
        <cusip>G49456109</cusip>
        <identifiers>
          <isin value="IE00BJ34P519"/>
          <ticker value="RSHPF"/>
        </identifiers>
        <balance>190469</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>253830.79</valUSD>
        <pctVal>0.0299422097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DREAM INDL. REAL ESTATE I</name>
        <lei>549300QOI0TM3CBYUH79</lei>
        <title>DREAM INDL. REAL ESTATE I</title>
        <cusip>26153W109</cusip>
        <identifiers>
          <isin value="CA26153W1095"/>
          <ticker value="DREUF"/>
        </identifiers>
        <balance>53414</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>526890.08</valUSD>
        <pctVal>0.0621526382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KITE REALTY GRP. TRUST</name>
        <lei>N/A</lei>
        <title>KITE REALTY GRP. TRUST</title>
        <cusip>49803T300</cusip>
        <identifiers>
          <isin value="US49803T3005"/>
          <ticker value="KRG"/>
        </identifiers>
        <balance>79522</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2256834.36</valUSD>
        <pctVal>0.2662191123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONTEA NV</name>
        <lei>5493006K5LQDD0GK1T60</lei>
        <title>MONTEA NV</title>
        <cusip>B6214F103</cusip>
        <identifiers>
          <isin value="BE0003853703"/>
          <ticker value="MONSF"/>
        </identifiers>
        <balance>7676</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>587036.39</valUSD>
        <pctVal>0.0692475750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRON MOUNTAIN INC</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC</title>
        <cusip>46284V101</cusip>
        <identifiers>
          <isin value="US46284V1017"/>
          <ticker value="IRM"/>
        </identifiers>
        <balance>115777</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14623792.87</valUSD>
        <pctVal>1.7250416002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLTOWER INC</name>
        <lei>254900F33BIAR82QTA19</lei>
        <title>WELLTOWER INC</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
          <ticker value="WELL"/>
        </identifiers>
        <balance>273978</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62184786.66</valUSD>
        <pctVal>7.3353981997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEGA OR HLDGS. LTD</name>
        <lei>N/A</lei>
        <title>MEGA OR HLDGS. LTD</title>
        <cusip>M6889L102</cusip>
        <identifiers>
          <isin value="IL0011044885"/>
          <ticker value="MGOR"/>
        </identifiers>
        <balance>9493</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>1916141.88</valUSD>
        <pctVal>0.2260305848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EAGLE HOSPITALITY TRUST</name>
        <lei>N/A</lei>
        <title>EAGLE HOSPITALITY TRUST</title>
        <cusip>Y2188L106</cusip>
        <identifiers>
          <isin value="SGXC28500103"/>
          <ticker value="ELHYF"/>
        </identifiers>
        <balance>496400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AREIT INC</name>
        <lei>N/A</lei>
        <title>AREIT INC</title>
        <cusip>Y1001D101</cusip>
        <identifiers>
          <isin value="PHY1001D1010"/>
          <ticker value="AREIT"/>
        </identifiers>
        <balance>431200</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.37"/>
        <valUSD>262152.46</valUSD>
        <pctVal>0.0309238447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MINDSPACE BUSINESS PARKS</name>
        <lei>335800KNDFQZVN5X6W64</lei>
        <title>MINDSPACE BUSINESS PARKS</title>
        <cusip>Y60386102</cusip>
        <identifiers>
          <isin value="INE0CCU25019"/>
          <ticker value="MINDSPACE"/>
        </identifiers>
        <balance>75144</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>376036.92</valUSD>
        <pctVal>0.0443578035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALTRA FASTIGHETER AB</name>
        <lei>5493000YR2B83SILCJ50</lei>
        <title>ALTRA FASTIGHETER AB</title>
        <cusip>W6S88K102</cusip>
        <identifiers>
          <isin value="SE0011426428"/>
          <ticker value="ALTRA"/>
        </identifiers>
        <balance>53655</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>382504.26</valUSD>
        <pctVal>0.0451206993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FASTPARTNER AB</name>
        <lei>549300BG6SL5QQ7LQW56</lei>
        <title>FASTPARTNER AB</title>
        <cusip>W2148D188</cusip>
        <identifiers>
          <isin value="SE0013512506"/>
          <ticker value="FPAR A"/>
        </identifiers>
        <balance>12827</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>50351.07</valUSD>
        <pctVal>0.0059394776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YUEXIU PROP. CO LTD</name>
        <lei>529900GASK6R1FD08W10</lei>
        <title>YUEXIU PROP. CO LTD</title>
        <cusip>Y9863Z128</cusip>
        <identifiers>
          <isin value="HK0000745908"/>
          <ticker value="YUPRF"/>
        </identifiers>
        <balance>580674</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>247903.35</valUSD>
        <pctVal>0.0292430011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVENTRUST PROPS. CORP</name>
        <lei>5493006BQYSOBYVUFA03</lei>
        <title>INVENTRUST PROPS. CORP</title>
        <cusip>46124J201</cusip>
        <identifiers>
          <isin value="US46124J2015"/>
          <ticker value="IVT"/>
        </identifiers>
        <balance>29124</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1030989.6</valUSD>
        <pctVal>0.1216168723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMARTSTOP SELF STORAGE RE</name>
        <lei>549300EC266625K12S42</lei>
        <title>SMARTSTOP SELF STORAGE RE</title>
        <cusip>83192D402</cusip>
        <identifiers>
          <isin value="US83192D4025"/>
          <ticker value="SMA"/>
        </identifiers>
        <balance>21170</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>688025</valUSD>
        <pctVal>0.0811603226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUPALAI PCL</name>
        <lei>9845000F0E39B2C16696</lei>
        <title>SUPALAI PCL</title>
        <cusip>Y8309K174</cusip>
        <identifiers>
          <isin value="TH0371010R13"/>
          <ticker value="SUPCF"/>
        </identifiers>
        <balance>156400</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.2205"/>
        <valUSD>75537.29</valUSD>
        <pctVal>0.0089104768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CROMBIE REAL ESTATE INV.</name>
        <lei>549300OGQML2MCFAPT83</lei>
        <title>CROMBIE REAL ESTATE INV.</title>
        <cusip>227107109</cusip>
        <identifiers>
          <isin value="CA2271071094"/>
          <ticker value="CROMF"/>
        </identifiers>
        <balance>19429</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>238093.44</valUSD>
        <pctVal>0.0280858114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ECO WORLD DEV. GRP. BHD</name>
        <lei>N/A</lei>
        <title>ECO WORLD DEV. GRP. BHD</title>
        <cusip>Y74998108</cusip>
        <identifiers>
          <isin value="MYL8206OO004"/>
          <ticker value="ECW"/>
        </identifiers>
        <balance>449400</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>243015.73</valUSD>
        <pctVal>0.0286664511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONCENTRADORA FIBRA DANHO</name>
        <lei>2SFFM4FUIE05S37WFU55</lei>
        <title>CONCENTRADORA FIBRA DANHO</title>
        <cusip>P2825H138</cusip>
        <identifiers>
          <isin value="MXCFDA020005"/>
          <ticker value="GRFFF"/>
        </identifiers>
        <balance>109153</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>178701.95</valUSD>
        <pctVal>0.0210799141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYPROP INVS. LTD</name>
        <lei>3789003E3E1AD1E96166</lei>
        <title>HYPROP INVS. LTD</title>
        <cusip>S3723H102</cusip>
        <identifiers>
          <isin value="ZAE000190724"/>
          <ticker value="HINVF"/>
        </identifiers>
        <balance>150167</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>551770.84</valUSD>
        <pctVal>0.0650876049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANSIRI PCL</name>
        <lei>N/A</lei>
        <title>SANSIRI PCL</title>
        <cusip>Y7511B121</cusip>
        <identifiers>
          <isin value="TH0577010R15"/>
          <ticker value="SNSUF"/>
        </identifiers>
        <balance>5157466</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.2205"/>
        <valUSD>225846.09</valUSD>
        <pctVal>0.0266410981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RUENTEX DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>RUENTEX DEV. CO LTD</title>
        <cusip>Y73659123</cusip>
        <identifiers>
          <isin value="TW0009945006"/>
          <ticker value="RUEXF"/>
        </identifiers>
        <balance>625955</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>528112.75</valUSD>
        <pctVal>0.0622968659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AP THAILAND PCL</name>
        <lei>N/A</lei>
        <title>AP THAILAND PCL</title>
        <cusip>Y0209X125</cusip>
        <identifiers>
          <isin value="TH0308010R15"/>
          <ticker value="AP-R"/>
        </identifiers>
        <balance>372504</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.2205"/>
        <valUSD>84984.41</valUSD>
        <pctVal>0.0100248714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICHIGO INC</name>
        <lei>N/A</lei>
        <title>ICHIGO INC</title>
        <cusip>J2382Y109</cusip>
        <identifiers>
          <isin value="JP3120010008"/>
          <ticker value="ICHIF"/>
        </identifiers>
        <balance>70600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>190679.98</valUSD>
        <pctVal>0.0224928581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORI TRUST</name>
        <lei>N/A</lei>
        <title>MORI TRUST</title>
        <cusip>J4664Q101</cusip>
        <identifiers>
          <isin value="JP3046170001"/>
          <ticker value="MRGIF"/>
        </identifiers>
        <balance>1005</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>460044.32</valUSD>
        <pctVal>0.0542674255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRONTIER REAL ESTATE INV.</name>
        <lei>N/A</lei>
        <title>FRONTIER REAL ESTATE INV.</title>
        <cusip>J1516D106</cusip>
        <identifiers>
          <isin value="JP3046200006"/>
          <ticker value="FOTRF"/>
        </identifiers>
        <balance>988</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>489216.67</valUSD>
        <pctVal>0.0577086338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KIWI PROP. GRP. LTD</name>
        <lei>N/A</lei>
        <title>KIWI PROP. GRP. LTD</title>
        <cusip>Q5349C104</cusip>
        <identifiers>
          <isin value="NZKPGE0001S9"/>
          <ticker value="KWIPF"/>
        </identifiers>
        <balance>645564</balance>
        <units>NS</units>
        <currencyConditional curCd="NZD" exchangeRt="1.7607183"/>
        <valUSD>348698.83</valUSD>
        <pctVal>0.0411329669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>URBAN EDGE PROPERTIES</name>
        <lei>N/A</lei>
        <title>URBAN EDGE PROPERTIES</title>
        <cusip>91704F104</cusip>
        <identifiers>
          <isin value="US91704F1049"/>
          <ticker value="UE"/>
        </identifiers>
        <balance>48648</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1113066.24</valUSD>
        <pctVal>0.1312987393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN LOGISTICS INC</name>
        <lei>3538004KZWISCQO70151</lei>
        <title>JAPAN LOGISTICS INC</title>
        <cusip>J2785A104</cusip>
        <identifiers>
          <isin value="JP3046230003"/>
          <ticker value="JLGFF"/>
        </identifiers>
        <balance>1079</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>631003.43</valUSD>
        <pctVal>0.0744339841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KDX REALTY INV. CORP</name>
        <lei>353800FFT483NCIHFY42</lei>
        <title>KDX REALTY INV. CORP</title>
        <cusip>J32922106</cusip>
        <identifiers>
          <isin value="JP3046270009"/>
          <ticker value="KDXRF"/>
        </identifiers>
        <balance>1532</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1464474.63</valUSD>
        <pctVal>0.1727513294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUN FRONTIER FUDOUSAN CO</name>
        <lei>N/A</lei>
        <title>SUN FRONTIER FUDOUSAN CO</title>
        <cusip>J7808L102</cusip>
        <identifiers>
          <isin value="JP3336950005"/>
          <ticker value="SFFUF"/>
        </identifiers>
        <balance>9700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>145189.75</valUSD>
        <pctVal>0.0171267715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STARHILL GBL. REIT</name>
        <lei>549300GCJNC7HDN3YK51</lei>
        <title>STARHILL GBL. REIT</title>
        <cusip>Y7545N109</cusip>
        <identifiers>
          <isin value="SG1S18926810"/>
          <ticker value="SGLMF"/>
        </identifiers>
        <balance>602390</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>254089.55</valUSD>
        <pctVal>0.0299727333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISRAS INV. CO LTD</name>
        <lei>N/A</lei>
        <title>ISRAS INV. CO LTD</title>
        <cusip>M61446106</cusip>
        <identifiers>
          <isin value="IL0006130343"/>
          <ticker value="IRICF"/>
        </identifiers>
        <balance>452</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>127651.76</valUSD>
        <pctVal>0.0150579674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANKYU HANSHIN REIT INC</name>
        <lei>N/A</lei>
        <title>HANKYU HANSHIN REIT INC</title>
        <cusip>J19573104</cusip>
        <identifiers>
          <isin value="JP3046320002"/>
          <ticker value="HNKYF"/>
        </identifiers>
        <balance>209</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>178699.31</valUSD>
        <pctVal>0.0210796027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIBUS REAL ESTATE</name>
        <lei>549300PW36MFK96GCR23</lei>
        <title>CIBUS REAL ESTATE</title>
        <cusip>W24214103</cusip>
        <identifiers>
          <isin value="SE0010832204"/>
          <ticker value="CIBUS"/>
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        <balance>31647</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>481827.77</valUSD>
        <pctVal>0.0568370295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BSR REAL ESTATE INV. TRUS</name>
        <lei>254900JO0IGNDM4G5Q74</lei>
        <title>BSR REAL ESTATE INV. TRUS</title>
        <cusip>05585D103</cusip>
        <identifiers>
          <isin value="CA05585D1033"/>
          <ticker value="BSRTF"/>
        </identifiers>
        <balance>13165</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>154030.5</valUSD>
        <pctVal>0.0181696378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEIWA REAL ESTATE REIT IN</name>
        <lei>3538003GH25628YW4R98</lei>
        <title>HEIWA REAL ESTATE REIT IN</title>
        <cusip>J1927C101</cusip>
        <identifiers>
          <isin value="JP3046220004"/>
          <ticker value="8966"/>
        </identifiers>
        <balance>389</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>321864.13</valUSD>
        <pctVal>0.0379675108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAIWA OFFICE INV. CORP</name>
        <lei>N/A</lei>
        <title>DAIWA OFFICE INV. CORP</title>
        <cusip>J1250G109</cusip>
        <identifiers>
          <isin value="JP3046310003"/>
          <ticker value="DAFVF"/>
        </identifiers>
        <balance>208</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>419139.95</valUSD>
        <pctVal>0.0494422929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRARTH REAL ESTATE</name>
        <lei>353800B55299YP0HS329</lei>
        <title>MIRARTH REAL ESTATE</title>
        <cusip>J80746100</cusip>
        <identifiers>
          <isin value="JP3048750008"/>
          <ticker value="TKRLF"/>
        </identifiers>
        <balance>412</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>210010.42</valUSD>
        <pctVal>0.0247731019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SASSEUR REAL ESTATE INV.</name>
        <lei>N/A</lei>
        <title>SASSEUR REAL ESTATE INV.</title>
        <cusip>Y7541M105</cusip>
        <identifiers>
          <isin value="SG1ED2000000"/>
          <ticker value="SASSR"/>
        </identifiers>
        <balance>213400</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>112149.51</valUSD>
        <pctVal>0.0132293019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOTTE REIT CO LTD</name>
        <lei>N/A</lei>
        <title>LOTTE REIT CO LTD</title>
        <cusip>Y528AU105</cusip>
        <identifiers>
          <isin value="KR7330590001"/>
          <ticker value="A330590"/>
        </identifiers>
        <balance>51915</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>115438.36</valUSD>
        <pctVal>0.0136172589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IGUATEMI SA</name>
        <lei>N/A</lei>
        <title>IGUATEMI SA</title>
        <cusip>P5R52Z102</cusip>
        <identifiers>
          <isin value="BRIGTICDAM16"/>
          <ticker value="IGTI11"/>
        </identifiers>
        <balance>87600</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>425417.35</valUSD>
        <pctVal>0.0501827831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMATA CORP PCL</name>
        <lei>N/A</lei>
        <title>AMATA CORP PCL</title>
        <cusip>Y0099Y126</cusip>
        <identifiers>
          <isin value="TH0617010R19"/>
          <ticker value="AMCUF"/>
        </identifiers>
        <balance>293435</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.2205"/>
        <valUSD>238297.12</valUSD>
        <pctVal>0.0281098378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOSEI CORP</name>
        <lei>N/A</lei>
        <title>TOSEI CORP</title>
        <cusip>J8963D109</cusip>
        <identifiers>
          <isin value="JP3595070008"/>
          <ticker value="TOETF"/>
        </identifiers>
        <balance>23400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>243712.29</valUSD>
        <pctVal>0.0287486183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRASERS CENTREPOINT TRUST</name>
        <lei>5493002RGQ266FKERZ83</lei>
        <title>FRASERS CENTREPOINT TRUST</title>
        <cusip>Y2642S101</cusip>
        <identifiers>
          <isin value="SG1T60930966"/>
          <ticker value="FRZCF"/>
        </identifiers>
        <balance>444709</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>778408.89</valUSD>
        <pctVal>0.0918221237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CDL HOSPITALITY TRUSTS</name>
        <lei>N/A</lei>
        <title>CDL HOSPITALITY TRUSTS</title>
        <cusip>Y1233P104</cusip>
        <identifiers>
          <isin value="SG1T66931158"/>
          <ticker value="CDHSF"/>
        </identifiers>
        <balance>317452</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>190302.73</valUSD>
        <pctVal>0.0224483572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN HOTEL REIT INV. COR</name>
        <lei>353800L8KG849FP1JI68</lei>
        <title>JAPAN HOTEL REIT INV. COR</title>
        <cusip>J2761Q107</cusip>
        <identifiers>
          <isin value="JP3046400002"/>
          <ticker value="NIPOF"/>
        </identifiers>
        <balance>2310</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1130094.73</valUSD>
        <pctVal>0.1333074421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA REAL ESTATE HOLDIN</name>
        <lei>353800UZ91CT24OL9P59</lei>
        <title>NOMURA REAL ESTATE HOLDIN</title>
        <cusip>J5893B104</cusip>
        <identifiers>
          <isin value="JP3762900003"/>
          <ticker value="NMEHF"/>
        </identifiers>
        <balance>213600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1226651.56</valUSD>
        <pctVal>0.1446974112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORI HILLS REIT INV. CORP</name>
        <lei>N/A</lei>
        <title>MORI HILLS REIT INV. CORP</title>
        <cusip>J4665S106</cusip>
        <identifiers>
          <isin value="JP3046470005"/>
          <ticker value="3234"/>
        </identifiers>
        <balance>557</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>441325.65</valUSD>
        <pctVal>0.0520593469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND CHINA TRUST</name>
        <lei>5493007T7JU82E186P49</lei>
        <title>CAPITALAND CHINA TRUST</title>
        <cusip>Y1092E109</cusip>
        <identifiers>
          <isin value="SG1U25933169"/>
          <ticker value="CLDHF"/>
        </identifiers>
        <balance>463127</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>232867.84</valUSD>
        <pctVal>0.0274693929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAIWA HOUSE IND. CO LTD</name>
        <lei>353800K9WXR9XRZJZI46</lei>
        <title>DAIWA HOUSE IND. CO LTD</title>
        <cusip>J11508124</cusip>
        <identifiers>
          <isin value="JP3505000004"/>
          <ticker value="DWAHF"/>
        </identifiers>
        <balance>218500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>5915182.29</valUSD>
        <pctVal>0.6977625855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FARGLORY LAND DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>FARGLORY LAND DEV. CO LTD</title>
        <cusip>Y2642L106</cusip>
        <identifiers>
          <isin value="TW0005522007"/>
          <ticker value="MLTRF"/>
        </identifiers>
        <balance>77462</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>157580.02</valUSD>
        <pctVal>0.0185883438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GPT GROUP/THE</name>
        <lei>549300N0X6IGFL5O5R09</lei>
        <title>GPT GROUP/THE</title>
        <cusip>Q4252X155</cusip>
        <identifiers>
          <isin value="AU000000GPT8"/>
          <ticker value="GPTGF"/>
        </identifiers>
        <balance>749363</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>2540912.94</valUSD>
        <pctVal>0.2997293905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAINSTREET EQUITY COM NPV</name>
        <lei>984500FB1BA3F6U3DB35</lei>
        <title>MAINSTREET EQUITY COM NPV</title>
        <cusip>560915100</cusip>
        <identifiers>
          <isin value="CA5609151009"/>
          <ticker value="MEQYF"/>
        </identifiers>
        <balance>1646</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>197345.91</valUSD>
        <pctVal>0.0232791799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENDERSON LAND DEV. CO LT</name>
        <lei>529900SYQB7IVR9QGN76</lei>
        <title>HENDERSON LAND DEV. CO LT</title>
        <cusip>Y31476107</cusip>
        <identifiers>
          <isin value="HK0012000102"/>
          <ticker value="HLDVF"/>
        </identifiers>
        <balance>513555</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>1629704.79</valUSD>
        <pctVal>0.1922420937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1624085.030000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>HONGKONG LAND HLDGS. LTD</name>
        <lei>213800XCHYNRPAYGXW28</lei>
        <title>HONGKONG LAND HLDGS. LTD</title>
        <cusip>G4587L109</cusip>
        <identifiers>
          <isin value="BMG4587L1090"/>
          <ticker value="HKHGF"/>
        </identifiers>
        <balance>378518</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2708518.01</valUSD>
        <pctVal>0.3195003023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>K WAH INTL. HLDGS. LTD</name>
        <lei>529900ZOP51K5LHLPK04</lei>
        <title>K WAH INTL. HLDGS. LTD</title>
        <cusip>G5321P116</cusip>
        <identifiers>
          <isin value="BMG5321P1169"/>
          <ticker value="KWHAF"/>
        </identifiers>
        <balance>435000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>107298.1</valUSD>
        <pctVal>0.0126570232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KINDOM DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>KINDOM DEV. CO LTD</title>
        <cusip>Y4792R107</cusip>
        <identifiers>
          <isin value="TW0002520004"/>
          <ticker value="KGDCF"/>
        </identifiers>
        <balance>151190</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>161579.1</valUSD>
        <pctVal>0.0190600805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNTEC REAL ESTATE INV. T</name>
        <lei>549300C46QFXSI2F4K13</lei>
        <title>SUNTEC REAL ESTATE INV. T</title>
        <cusip>Y82954101</cusip>
        <identifiers>
          <isin value="SG1Q52922370"/>
          <ticker value="SURVF"/>
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        <balance>704091</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>790559.2</valUSD>
        <pctVal>0.0932553900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUBISHI ESTATE CO LTD</name>
        <lei>353800KOFMRGOXSJ5Z65</lei>
        <title>MITSUBISHI ESTATE CO LTD</title>
        <cusip>J43916113</cusip>
        <identifiers>
          <isin value="JP3899600005"/>
          <ticker value="MITEF"/>
        </identifiers>
        <balance>402880</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>10254081.37</valUSD>
        <pctVal>1.2095847564</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DLF LTD</name>
        <lei>335800PJLUEOB8914F48</lei>
        <title>DLF LTD</title>
        <cusip>Y2089H105</cusip>
        <identifiers>
          <isin value="INE271C01023"/>
          <ticker value="DLF"/>
        </identifiers>
        <balance>243032</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>1600641.99</valUSD>
        <pctVal>0.1888138080</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROBINSONS LAND CORP</name>
        <lei>254900BUUS5N9MUSIS52</lei>
        <title>ROBINSONS LAND CORP</title>
        <cusip>Y73196126</cusip>
        <identifiers>
          <isin value="PHY731961264"/>
          <ticker value="RBLAF"/>
        </identifiers>
        <balance>563396</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.37"/>
        <valUSD>151490.46</valUSD>
        <pctVal>0.0178700114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVINCIBLE INV. CORP</name>
        <lei>353800JY6M2692VAV685</lei>
        <title>INVINCIBLE INV. CORP</title>
        <cusip>J2442V103</cusip>
        <identifiers>
          <isin value="JP3046190009"/>
          <ticker value="IVINF"/>
        </identifiers>
        <balance>2867</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1058202.85</valUSD>
        <pctVal>0.1248269826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINK REIT</name>
        <lei>529900XUE70U36QX5M62</lei>
        <title>LINK REIT</title>
        <cusip>Y5281M111</cusip>
        <identifiers>
          <isin value="HK0823032773"/>
          <ticker value="LKREF"/>
        </identifiers>
        <balance>1020626</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>4761321.5</valUSD>
        <pctVal>0.5616516681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAH SING GRP. BHD</name>
        <lei>N/A</lei>
        <title>MAH SING GRP. BHD</title>
        <cusip>Y5418R108</cusip>
        <identifiers>
          <isin value="MYL8583OO006"/>
          <ticker value="MHGBF"/>
        </identifiers>
        <balance>525300</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>126154.36</valUSD>
        <pctVal>0.0148813322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOODMAN NEW ZEALAND &amp; GOO</name>
        <lei>N/A</lei>
        <title>GOODMAN NEW ZEALAND &amp; GOO</title>
        <cusip>Q4232A119</cusip>
        <identifiers>
          <isin value="NZCPTE0001S9"/>
          <ticker value="GNZ"/>
        </identifiers>
        <balance>424027</balance>
        <units>NS</units>
        <currencyConditional curCd="NZD" exchangeRt="1.7607183"/>
        <valUSD>489661.72</valUSD>
        <pctVal>0.0577611325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RIMO INTL. LESTARI TBK PT</name>
        <lei>N/A</lei>
        <title>RIMO INTL. LESTARI TBK PT</title>
        <cusip>Y71354107</cusip>
        <identifiers>
          <isin value="ID1000062706"/>
          <ticker value="RIMO"/>
        </identifiers>
        <balance>42545100</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880"/>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHAMPION REIT</name>
        <lei>N/A</lei>
        <title>CHAMPION REIT</title>
        <cusip>Y1292D109</cusip>
        <identifiers>
          <isin value="HK2778034606"/>
          <ticker value="CMPNF"/>
        </identifiers>
        <balance>679000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>178641.76</valUSD>
        <pctVal>0.0210728140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GROWTHPOINT PROPS. AUSTRA</name>
        <lei>529900VCPJ9IEDF4TJ03</lei>
        <title>GROWTHPOINT PROPS. AUSTRA</title>
        <cusip>Q4359J133</cusip>
        <identifiers>
          <isin value="AU000000GOZ8"/>
          <ticker value="GRWPF"/>
        </identifiers>
        <balance>90683</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>136597.42</valUSD>
        <pctVal>0.0161132091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOODMAN GROUP</name>
        <lei>N/A</lei>
        <title>GOODMAN GROUP</title>
        <cusip>Q4229W132</cusip>
        <identifiers>
          <isin value="AU000000GMG2"/>
          <ticker value="GMGSF"/>
        </identifiers>
        <balance>775812</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>16818314.29</valUSD>
        <pctVal>1.9839101972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HULIC CO LTD</name>
        <lei>3538002E12E7IHAKTB10</lei>
        <title>HULIC CO LTD</title>
        <cusip>J23594112</cusip>
        <identifiers>
          <isin value="JP3360800001"/>
          <ticker value="3003"/>
        </identifiers>
        <balance>177940</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1856041.09</valUSD>
        <pctVal>0.2189410176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SM PRIME HLDGS. INC</name>
        <lei>254900SZK83MIAB8CU32</lei>
        <title>SM PRIME HLDGS. INC</title>
        <cusip>Y8076N112</cusip>
        <identifiers>
          <isin value="PHY8076N1120"/>
          <ticker value="SPHXF"/>
        </identifiers>
        <balance>3702953</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.37"/>
        <valUSD>1094698.14</valUSD>
        <pctVal>0.1291320144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS PROP. MEXICO SA</name>
        <lei>549300JMTSVQ6LKX5222</lei>
        <title>PROLOGIS PROP. MEXICO SA</title>
        <cusip>P4559M101</cusip>
        <identifiers>
          <isin value="MXCFFI170008"/>
          <ticker value="FBBPF"/>
        </identifiers>
        <balance>418861</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>1808377.73</valUSD>
        <pctVal>0.2133185857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCENTRE GROUP</name>
        <lei>529900TUCASM3W86E831</lei>
        <title>SCENTRE GROUP</title>
        <cusip>Q8351E109</cusip>
        <identifiers>
          <isin value="AU000000SCG8"/>
          <ticker value="STGPF"/>
        </identifiers>
        <balance>2036603</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>5454862.01</valUSD>
        <pctVal>0.6434626074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO REALTY &amp; DEV. CO</name>
        <lei>353800SO2DCLOI3LNZ64</lei>
        <title>SUMITOMO REALTY &amp; DEV. CO</title>
        <cusip>J77841112</cusip>
        <identifiers>
          <isin value="JP3409000001"/>
          <ticker value="SURDF"/>
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        <balance>228150</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>5249006.47</valUSD>
        <pctVal>0.6191796206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SUN HUNG KAI PROPS. LTD</name>
        <lei>529900LUMD393RD3S874</lei>
        <title>SUN HUNG KAI PROPS. LTD</title>
        <cusip>Y82594121</cusip>
        <identifiers>
          <isin value="HK0016000132"/>
          <ticker value="SUHJF"/>
        </identifiers>
        <balance>507925</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>7319911.65</valUSD>
        <pctVal>0.8634662853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA JINMAO HLDGS. GRP.</name>
        <lei>3003000CW9WBO3PJ7R66</lei>
        <title>CHINA JINMAO HLDGS. GRP.</title>
        <cusip>Y1500V107</cusip>
        <identifiers>
          <isin value="HK0817039453"/>
          <ticker value="CJNHF"/>
        </identifiers>
        <balance>2084042</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>328035.16</valUSD>
        <pctVal>0.0386954535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARKWAY LIFE REAL ESTATE</name>
        <lei>549300I4DKVD2OF5LW91</lei>
        <title>PARKWAY LIFE REAL ESTATE</title>
        <cusip>Y67202104</cusip>
        <identifiers>
          <isin value="SG1V52937132"/>
          <ticker value="PRKWF"/>
        </identifiers>
        <balance>169700</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>531143.94</valUSD>
        <pctVal>0.0626544290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UOL GRP. LTD</name>
        <lei>254900O9PRCWTMR86R25</lei>
        <title>UOL GRP. LTD</title>
        <cusip>Y9299W103</cusip>
        <identifiers>
          <isin value="SG1S83002349"/>
          <ticker value="U14"/>
        </identifiers>
        <balance>180397</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>1332103.7</valUSD>
        <pctVal>0.1571366826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEGRO PLC</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>SEGRO PLC</title>
        <cusip>G80277141</cusip>
        <identifiers>
          <isin value="GB00B5ZN1N88"/>
          <ticker value="SEGXF"/>
        </identifiers>
        <balance>475328</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>5523263.59</valUSD>
        <pctVal>0.6515313467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LONGFOR GRP. HLDGS. LTD</name>
        <lei>254900UJX27B2F1JYR13</lei>
        <title>LONGFOR GRP. HLDGS. LTD</title>
        <cusip>G5635P109</cusip>
        <identifiers>
          <isin value="KYG5635P1090"/>
          <ticker value="LNGPF"/>
        </identifiers>
        <balance>816357</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>626140.99</valUSD>
        <pctVal>0.0738604044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTUNE REAL ESTATE INV.</name>
        <lei>N/A</lei>
        <title>FORTUNE REAL ESTATE INV.</title>
        <cusip>Y2616W104</cusip>
        <identifiers>
          <isin value="SG1O33912138"/>
          <ticker value="FRIVF"/>
        </identifiers>
        <balance>570000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>320388.34</valUSD>
        <pctVal>0.0377934247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL REAL ESTATE CO</name>
        <lei>N/A</lei>
        <title>COMMERCIAL REAL ESTATE CO</title>
        <cusip>M25735115</cusip>
        <identifiers>
          <isin value="KW0EQ0401632"/>
          <ticker value="ALTIJARI"/>
        </identifiers>
        <balance>614290</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3098"/>
        <valUSD>384695.97</valUSD>
        <pctVal>0.0453792363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN ASSETS TST. INC</name>
        <lei>N/A</lei>
        <title>AMERICAN ASSETS TST. INC</title>
        <cusip>024013104</cusip>
        <identifiers>
          <isin value="US0240131047"/>
          <ticker value="AAT"/>
        </identifiers>
        <balance>19194</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>473899.86</valUSD>
        <pctVal>0.0559018430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VASTNED NV</name>
        <lei>54930068RSC6OT68NE51</lei>
        <title>VASTNED NV</title>
        <cusip>B52491105</cusip>
        <identifiers>
          <isin value="BE0003754687"/>
          <ticker value="VASTB"/>
        </identifiers>
        <balance>3197</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>107994.24</valUSD>
        <pctVal>0.0127391408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDEPENDENCE REALTY TST.</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>INDEPENDENCE REALTY TST.</title>
        <cusip>45378A106</cusip>
        <identifiers>
          <isin value="US45378A1060"/>
          <ticker value="IRT"/>
        </identifiers>
        <balance>91128</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1520926.32</valUSD>
        <pctVal>0.1794104441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KNOWLEDGE ECONOMIC CITY C</name>
        <lei>N/A</lei>
        <title>KNOWLEDGE ECONOMIC CITY C</title>
        <cusip>M6341K106</cusip>
        <identifiers>
          <isin value="SA12IG523B16"/>
          <ticker value="KEC"/>
        </identifiers>
        <balance>27632</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>89409.46</valUSD>
        <pctVal>0.0105468560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHANGHAI ZHANGJIANG HIGH-</name>
        <lei>300300QF9LB9KZ188A33</lei>
        <title>SHANGHAI ZHANGJIANG HIGH-</title>
        <cusip>Y7699D105</cusip>
        <identifiers>
          <isin value="CNE000000JX9"/>
          <ticker value="600895"/>
        </identifiers>
        <balance>34200</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>188645.38</valUSD>
        <pctVal>0.0222528540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARTER HALL LONG WALE RE</name>
        <lei>N/A</lei>
        <title>CHARTER HALL LONG WALE RE</title>
        <cusip>Q2308E106</cusip>
        <identifiers>
          <isin value="AU000000CLW0"/>
          <ticker value="CHLWF"/>
        </identifiers>
        <balance>243083</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>615889.23</valUSD>
        <pctVal>0.0726510935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAMHALLSBYGGNADSBOLAGET I</name>
        <lei>549300HX9MRFY47AH564</lei>
        <title>SAMHALLSBYGGNADSBOLAGET I</title>
        <cusip>W2R93A131</cusip>
        <identifiers>
          <isin value="SE0009554454"/>
          <ticker value="SBB B"/>
        </identifiers>
        <balance>435745</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>158647.88</valUSD>
        <pctVal>0.0187143100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="158888.140000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIBAIL-RODAMCO-WESTFIELD</name>
        <lei>969500SHQITWXSIS7N89</lei>
        <title>UNIBAIL-RODAMCO-WESTFIELD</title>
        <cusip>F95094581</cusip>
        <identifiers>
          <isin value="FR0013326246"/>
          <ticker value="UNBLF"/>
        </identifiers>
        <balance>42168</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>4932230.44</valUSD>
        <pctVal>0.5818123087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AURA INVS. LTD</name>
        <lei>N/A</lei>
        <title>AURA INVS. LTD</title>
        <cusip>M15346105</cusip>
        <identifiers>
          <isin value="IL0003730194"/>
          <ticker value="AURA"/>
        </identifiers>
        <balance>61036</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>378089.63</valUSD>
        <pctVal>0.0445999438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAMMERSON PLC</name>
        <lei>213800G1C9KKVVDN1A60</lei>
        <title>HAMMERSON PLC</title>
        <cusip>G4273Q206</cusip>
        <identifiers>
          <isin value="GB00BRJQ8J25"/>
          <ticker value="HMSNF"/>
        </identifiers>
        <balance>210254</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>1032391.49</valUSD>
        <pctVal>0.1217822410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDUSTRIAL &amp; INFRA. INV.</name>
        <lei>353800WCHFY04YKYCI19</lei>
        <title>INDUSTRIAL &amp; INFRA. INV.</title>
        <cusip>J24393118</cusip>
        <identifiers>
          <isin value="JP3046500009"/>
          <ticker value="IIFIF"/>
        </identifiers>
        <balance>829</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>726081.93</valUSD>
        <pctVal>0.0856495675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAKKAH COMPANY FOR REC &amp;</name>
        <lei>N/A</lei>
        <title>MAKKAH COMPANY FOR REC &amp;</title>
        <cusip>M6S89F103</cusip>
        <identifiers>
          <isin value="SA0007879659"/>
          <ticker value="4100"/>
        </identifiers>
        <balance>36658</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>809586.52</valUSD>
        <pctVal>0.0954998774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PLATZER FASTIGHETER HLDG.</name>
        <lei>5493009KPII4BZE70820</lei>
        <title>PLATZER FASTIGHETER HLDG.</title>
        <cusip>W7S644112</cusip>
        <identifiers>
          <isin value="SE0004977692"/>
          <ticker value="PLAZF"/>
        </identifiers>
        <balance>24107</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>170364.19</valUSD>
        <pctVal>0.0200963811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL STORAGE AFFILIAT</name>
        <lei>529900FS06O8GOYNR108</lei>
        <title>NATIONAL STORAGE AFFILIAT</title>
        <cusip>637870106</cusip>
        <identifiers>
          <isin value="US6378701063"/>
          <ticker value="NSA"/>
        </identifiers>
        <balance>27441</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1220301.27</valUSD>
        <pctVal>0.1439483227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMARTCENTRES REAL ESTATE</name>
        <lei>549300HKEP2IYWZ14H97</lei>
        <title>SMARTCENTRES REAL ESTATE</title>
        <cusip>83179X108</cusip>
        <identifiers>
          <isin value="CA83179X1087"/>
          <ticker value="CWYUF"/>
        </identifiers>
        <balance>27516</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>588055.67</valUSD>
        <pctVal>0.0693678106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POLY DEVS. AND HLDGS. GRP</name>
        <lei>300300W9OF1ZRGUDVU96</lei>
        <title>POLY DEVS. AND HLDGS. GRP</title>
        <cusip>Y7000Q100</cusip>
        <identifiers>
          <isin value="CNE000001ND1"/>
          <ticker value="600048"/>
        </identifiers>
        <balance>257400</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>175986.79</valUSD>
        <pctVal>0.0207596303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LASALLE LOGIPORT REIT</name>
        <lei>353800II3DI1RPKBB314</lei>
        <title>LASALLE LOGIPORT REIT</title>
        <cusip>J38684106</cusip>
        <identifiers>
          <isin value="JP3048180008"/>
          <ticker value="LSLGF"/>
        </identifiers>
        <balance>615</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>551706.39</valUSD>
        <pctVal>0.0650800023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INMOBILIARIA COLONIAL SOC</name>
        <lei>95980020140005007414</lei>
        <title>INMOBILIARIA COLONIAL SOC</title>
        <cusip>E6451E105</cusip>
        <identifiers>
          <isin value="ES0139140174"/>
          <ticker value="IMQCF"/>
        </identifiers>
        <balance>106447</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>691086.82</valUSD>
        <pctVal>0.0815214989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LAND SECS. GRP. PLC</name>
        <lei>213800V8IAVKS37D6B88</lei>
        <title>LAND SECS. GRP. PLC</title>
        <cusip>G5375M142</cusip>
        <identifiers>
          <isin value="GB00BYW0PQ60"/>
          <ticker value="LSGOF"/>
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        <balance>287426</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>2483569.14</valUSD>
        <pctVal>0.2929650414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FORTRESS REAL ESTATE INVS</name>
        <lei>378900FE98E30F24D975</lei>
        <title>FORTRESS REAL ESTATE INVS</title>
        <cusip>S30253108</cusip>
        <identifiers>
          <isin value="ZAE000248506"/>
          <ticker value="FRIFF"/>
        </identifiers>
        <balance>449779</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>668224.33</valUSD>
        <pctVal>0.0788246099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CURBLINE PROPS. CORP</name>
        <lei>529900PGR41LH0I81I15</lei>
        <title>CURBLINE PROPS. CORP</title>
        <cusip>23128Q101</cusip>
        <identifiers>
          <isin value="US23128Q1013"/>
          <ticker value="CURB"/>
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        <balance>35098</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1066979.2</valUSD>
        <pctVal>0.1258622522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SVEAFASTIGHETER AB</name>
        <lei>636700W1VM86O2G2AA36</lei>
        <title>SVEAFASTIGHETER AB</title>
        <cusip>W8963L106</cusip>
        <identifiers>
          <isin value="SE0022243812"/>
          <ticker value="SVEAF"/>
        </identifiers>
        <balance>19921</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>61443.27</valUSD>
        <pctVal>0.0072479279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="61544.580000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>VICINITY LTD</name>
        <lei>549300S7GOEVR0EGFN47</lei>
        <title>VICINITY LTD</title>
        <cusip>Q9395F102</cusip>
        <identifiers>
          <isin value="AU000000VCX7"/>
          <ticker value="CNRAF"/>
        </identifiers>
        <balance>1542419</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>2746922.68</valUSD>
        <pctVal>0.3240305670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RESILIENT REIT LTD</name>
        <lei>378900F37FF47D486C58</lei>
        <title>RESILIENT REIT LTD</title>
        <cusip>S6990F105</cusip>
        <identifiers>
          <isin value="ZAE000209557"/>
          <ticker value="RLNTF"/>
        </identifiers>
        <balance>111906</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>568668.93</valUSD>
        <pctVal>0.0670809256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YH DIMRI CONSTRUCTION &amp; D</name>
        <lei>N/A</lei>
        <title>YH DIMRI CONSTRUCTION &amp; D</title>
        <cusip>M98848100</cusip>
        <identifiers>
          <isin value="IL0010903156"/>
          <ticker value="DIMRI"/>
        </identifiers>
        <balance>3753</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>452746.72</valUSD>
        <pctVal>0.0534065911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIME DARBY PROP. BHD</name>
        <lei>N/A</lei>
        <title>SIME DARBY PROP. BHD</title>
        <cusip>Y7962J102</cusip>
        <identifiers>
          <isin value="MYL5288OO005"/>
          <ticker value="SIMEF"/>
        </identifiers>
        <balance>1085300</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>385022.01</valUSD>
        <pctVal>0.0454176964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIBRA MTY SAPI DE CV</name>
        <lei>N/A</lei>
        <title>FIBRA MTY SAPI DE CV</title>
        <cusip>P13549129</cusip>
        <identifiers>
          <isin value="MXCFFM010000"/>
          <ticker value="FMTYF"/>
        </identifiers>
        <balance>1607673</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>1348652.63</valUSD>
        <pctVal>0.1590888159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EMBASSY OFFICE PARKS REIT</name>
        <lei>335800O555A557E43Z08</lei>
        <title>EMBASSY OFFICE PARKS REIT</title>
        <cusip>Y2R9YR104</cusip>
        <identifiers>
          <isin value="INE041025011"/>
          <ticker value="EMBASSY"/>
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        <balance>330019</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>1525309.14</valUSD>
        <pctVal>0.1799274472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND ASCOTT TRUST</name>
        <lei>549300W6RTG7Y32IWY65</lei>
        <title>CAPITALAND ASCOTT TRUST</title>
        <cusip>Y0261Y177</cusip>
        <identifiers>
          <isin value="SGXC16332337"/>
          <ticker value="ATTRF"/>
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        <balance>1054814</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>722906.84</valUSD>
        <pctVal>0.0852750298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CPI EUROPE AG</name>
        <lei>5299000DUMZ99SBBX121</lei>
        <title>CPI EUROPE AG</title>
        <cusip>A27849339</cusip>
        <identifiers>
          <isin value="AT0000A21KS2"/>
          <ticker value="IMMZF"/>
        </identifiers>
        <balance>13257</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>233028.57</valUSD>
        <pctVal>0.0274883528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRANITE REAL ESTATE INV.</name>
        <lei>549300A6I7CLE0ZC0396</lei>
        <title>GRANITE REAL ESTATE INV.</title>
        <cusip>387437205</cusip>
        <identifiers>
          <isin value="CA3874372053"/>
          <ticker value="GRTUF"/>
        </identifiers>
        <balance>11614</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>784502.87</valUSD>
        <pctVal>0.0925409775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INTEA FASTIGHETER AB</name>
        <lei>549300KD3XGX3754UW61</lei>
        <title>INTEA FASTIGHETER AB</title>
        <cusip>W4R62U163</cusip>
        <identifiers>
          <isin value="SE0017072259"/>
          <ticker value="INTEA B"/>
        </identifiers>
        <balance>71673</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>544895.68</valUSD>
        <pctVal>0.0642766021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DIVERSIFIED HEALTHCARE TR</name>
        <lei>N/A</lei>
        <title>DIVERSIFIED HEALTHCARE TR</title>
        <cusip>25525P107</cusip>
        <identifiers>
          <isin value="US25525P1075"/>
          <ticker value="DHC"/>
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        <balance>76622</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>712584.6</valUSD>
        <pctVal>0.0840574049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WAREHOUSE DE PAUW NV NPV</name>
        <lei>549300HWDYC5JXC85138</lei>
        <title>WAREHOUSE DE PAUW NV NPV</title>
        <cusip>B9T59Z100</cusip>
        <identifiers>
          <isin value="BE0974349814"/>
          <ticker value="WDPSF"/>
        </identifiers>
        <balance>73782</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1860714.93</valUSD>
        <pctVal>0.2194923498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NETSTREIT CORP</name>
        <lei>254900CJL0EDMEQ25Q84</lei>
        <title>NETSTREIT CORP</title>
        <cusip>64119V303</cusip>
        <identifiers>
          <isin value="US64119V3033"/>
          <ticker value="NTST"/>
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        <balance>37371</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>789649.23</valUSD>
        <pctVal>0.0931480488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="789649.230000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>EUROCOMMERCIAL PROPS. NV</name>
        <lei>724500SFK53FPNM68L95</lei>
        <title>EUROCOMMERCIAL PROPS. NV</title>
        <cusip>N31068195</cusip>
        <identifiers>
          <isin value="NL0015000K93"/>
          <ticker value="ECMPF"/>
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        <balance>16683</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>520601.17</valUSD>
        <pctVal>0.0614107902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARGAN SA</name>
        <lei>529900FXM41XSCUSGH04</lei>
        <title>ARGAN SA</title>
        <cusip>F0378V109</cusip>
        <identifiers>
          <isin value="FR0010481960"/>
          <ticker value="ARLLF"/>
        </identifiers>
        <balance>5165</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>356600.29</valUSD>
        <pctVal>0.0420650334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARRIYADH DEV. CO</name>
        <lei>N/A</lei>
        <title>ARRIYADH DEV. CO</title>
        <cusip>M1R03C105</cusip>
        <identifiers>
          <isin value="SA0007879683"/>
          <ticker value="ADCO"/>
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        <balance>46781</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>222925.3</valUSD>
        <pctVal>0.0262965579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ADVANCE RESIDENCE INV. CO</name>
        <lei>N/A</lei>
        <title>ADVANCE RESIDENCE INV. CO</title>
        <cusip>J00184101</cusip>
        <identifiers>
          <isin value="JP3047160001"/>
          <ticker value="ADZZF"/>
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        <balance>1076</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>996958.67</valUSD>
        <pctVal>0.1176025396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STAG INDL. INC</name>
        <lei>549300QWYX2W6FASVQ07</lei>
        <title>STAG INDL. INC</title>
        <cusip>85254J102</cusip>
        <identifiers>
          <isin value="US85254J1025"/>
          <ticker value="STAG"/>
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        <balance>73497</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2797295.82</valUSD>
        <pctVal>0.3299726480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NIPPON PROLOGIS REIT INC</name>
        <lei>353800PHBMSDLAFURY41</lei>
        <title>NIPPON PROLOGIS REIT INC</title>
        <cusip>J5528H104</cusip>
        <identifiers>
          <isin value="JP3047550003"/>
          <ticker value="NPONF"/>
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        <balance>2591</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1385579.66</valUSD>
        <pctVal>0.1634447763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KLCCP STAPLED GROUP</name>
        <lei>N/A</lei>
        <title>KLCCP STAPLED GROUP</title>
        <cusip>Y4804V112</cusip>
        <identifiers>
          <isin value="MYL5235SS008"/>
          <ticker value="KPYHF"/>
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        <balance>146000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>322126.42</valUSD>
        <pctVal>0.0379984509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AP (THAILAND) PUBLIC COMP</name>
        <lei>N/A</lei>
        <title>AP (THAILAND) PUBLIC COMP</title>
        <cusip>Y0209X117</cusip>
        <identifiers>
          <isin value="TH0308010Y16"/>
          <ticker value="APTFF"/>
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        <balance>441405</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.2205"/>
        <valUSD>100317.81</valUSD>
        <pctVal>0.0118336192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VONOVIA SE</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>VONOVIA SE</title>
        <cusip>D9581T100</cusip>
        <identifiers>
          <isin value="DE000A1ML7J1"/>
          <ticker value="VNA"/>
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        <balance>281052</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>6934743.28</valUSD>
        <pctVal>0.8180313241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRASHKOVSKY INVS. AND CON</name>
        <lei>N/A</lei>
        <title>PRASHKOVSKY INVS. AND CON</title>
        <cusip>M41416104</cusip>
        <identifiers>
          <isin value="IL0011021289"/>
          <ticker value="PRSK"/>
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        <balance>2607</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>132805.39</valUSD>
        <pctVal>0.0156658963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TARGET HEALTHCARE REIT PL</name>
        <lei>213800RXPY9WULUSBC04</lei>
        <title>TARGET HEALTHCARE REIT PL</title>
        <cusip>G8672Z105</cusip>
        <identifiers>
          <isin value="GB00BJGTLF51"/>
          <ticker value="THRL"/>
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        <balance>249053</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>358382.42</valUSD>
        <pctVal>0.0422752557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEALTHPEAK PROPS. INC</name>
        <lei>254900M6MTMZM0I22L81</lei>
        <title>HEALTHPEAK PROPS. INC</title>
        <cusip>42250P103</cusip>
        <identifiers>
          <isin value="US42250P1030"/>
          <ticker value="DOC"/>
        </identifiers>
        <balance>271124</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5802053.6</valUSD>
        <pctVal>0.6844177783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOSILA LOGISTICS REIT INC</name>
        <lei>N/A</lei>
        <title>SOSILA LOGISTICS REIT INC</title>
        <cusip>J7645P100</cusip>
        <identifiers>
          <isin value="JP3048960003"/>
          <ticker value="SSLRF"/>
        </identifiers>
        <balance>279</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>194927.21</valUSD>
        <pctVal>0.0229938669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST CAP. REAL ESTATE IN</name>
        <lei>54930042UG2WCIIAQZ39</lei>
        <title>FIRST CAP. REAL ESTATE IN</title>
        <cusip>31890B103</cusip>
        <identifiers>
          <isin value="CA31890B1031"/>
          <ticker value="FCXXF"/>
        </identifiers>
        <balance>39371</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>642372.6</valUSD>
        <pctVal>0.0757751062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOMECO DAILY NEEDS REIT</name>
        <lei>N/A</lei>
        <title>HOMECO DAILY NEEDS REIT</title>
        <cusip>Q46596104</cusip>
        <identifiers>
          <isin value="AU0000113136"/>
          <ticker value="HDNRF"/>
        </identifiers>
        <balance>678171</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>599779.36</valUSD>
        <pctVal>0.0707507523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESR KENDALL SQUARE REIT C</name>
        <lei>N/A</lei>
        <title>ESR KENDALL SQUARE REIT C</title>
        <cusip>Y2S0MS103</cusip>
        <identifiers>
          <isin value="KR7365550003"/>
          <ticker value="A365550"/>
        </identifiers>
        <balance>65508</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>140568.64</valUSD>
        <pctVal>0.0165816593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL CORE REIT MGT. PT</name>
        <lei>254900RTT7SLEEJYGV92</lei>
        <title>DIGITAL CORE REIT MGT. PT</title>
        <cusip>Y2076L101</cusip>
        <identifiers>
          <isin value="SGXC50067435"/>
          <ticker value="DGTCF"/>
        </identifiers>
        <balance>343800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>173880.82</valUSD>
        <pctVal>0.0205112074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SABRA HEALTH CARE REIT IN</name>
        <lei>549300E3BC7GU7TAZ621</lei>
        <title>SABRA HEALTH CARE REIT IN</title>
        <cusip>78573L106</cusip>
        <identifiers>
          <isin value="US78573L1061"/>
          <ticker value="SBRA"/>
        </identifiers>
        <balance>96608</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1884822.08</valUSD>
        <pctVal>0.2223360606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AFRICA ISRAEL RESIDENCES</name>
        <lei>N/A</lei>
        <title>AFRICA ISRAEL RESIDENCES</title>
        <cusip>M0191T101</cusip>
        <identifiers>
          <isin value="IL0010979487"/>
          <ticker value="AFRE"/>
        </identifiers>
        <balance>2162</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>157718.73</valUSD>
        <pctVal>0.0186047062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WP CAREY INC</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP CAREY INC</title>
        <cusip>92936U109</cusip>
        <identifiers>
          <isin value="US92936U1097"/>
          <ticker value="WPC"/>
        </identifiers>
        <balance>85480</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6111820</valUSD>
        <pctVal>0.7209582252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAND CITY PROPS. SA</name>
        <lei>5299002QLUYKK2WBMB18</lei>
        <title>GRAND CITY PROPS. SA</title>
        <cusip>L4459Y100</cusip>
        <identifiers>
          <isin value="LU0775917882"/>
          <ticker value="GRNNF"/>
        </identifiers>
        <balance>13950</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>143953.21</valUSD>
        <pctVal>0.0169809076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="81559.590000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPIRE STATE REALTY TST.</name>
        <lei>549300VOKY1DUEQSB456</lei>
        <title>EMPIRE STATE REALTY TST.</title>
        <cusip>292104106</cusip>
        <identifiers>
          <isin value="US2921041065"/>
          <ticker value="ESRT"/>
        </identifiers>
        <balance>50842</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>275055.22</valUSD>
        <pctVal>0.0324458710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="297.550000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARETRUST REIT INC</name>
        <lei>5493001NVXE2B9GPLU96</lei>
        <title>CARETRUST REIT INC</title>
        <cusip>14174T107</cusip>
        <identifiers>
          <isin value="US14174T1079"/>
          <ticker value="CTRE"/>
        </identifiers>
        <balance>87226</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3519569.1</valUSD>
        <pctVal>0.4151729422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOGAN GROUP CO LTD</name>
        <lei>549300NJ0E6Q0S1VOG90</lei>
        <title>LOGAN GROUP CO LTD</title>
        <cusip>G55555109</cusip>
        <identifiers>
          <isin value="KYG555551095"/>
          <ticker value="LPHHF"/>
        </identifiers>
        <balance>536000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>98905.27</valUSD>
        <pctVal>0.0116669941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KILLAM APT. REAL ESTATE I</name>
        <lei>2549001RZSL75H60JE41</lei>
        <title>KILLAM APT. REAL ESTATE I</title>
        <cusip>49410M102</cusip>
        <identifiers>
          <isin value="CA49410M1023"/>
          <ticker value="KMMPF"/>
        </identifiers>
        <balance>24464</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>319976.87</valUSD>
        <pctVal>0.0377448872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>H&amp;R REAL ESTATE INV. TRUS</name>
        <lei>549300TGNP6B6GUVGW10</lei>
        <title>H&amp;R REAL ESTATE INV. TRUS</title>
        <cusip>403925407</cusip>
        <identifiers>
          <isin value="CA4039254079"/>
          <ticker value="HRUFF"/>
        </identifiers>
        <balance>49547</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>383589.68</valUSD>
        <pctVal>0.0452487369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEXUS INDUSTRIA REIT</name>
        <lei>N/A</lei>
        <title>DEXUS INDUSTRIA REIT</title>
        <cusip>Q0R50L139</cusip>
        <identifiers>
          <isin value="AU0000192833"/>
          <ticker value="DXI"/>
        </identifiers>
        <balance>87871</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>148050.05</valUSD>
        <pctVal>0.0174641762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL REALTY INV. TRUST</name>
        <lei>549300FHEI1SLVZ0RB48</lei>
        <title>FEDERAL REALTY INV. TRUST</title>
        <cusip>313745101</cusip>
        <identifiers>
          <isin value="US3137451015"/>
          <ticker value="FRT"/>
        </identifiers>
        <balance>30325</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3743318</valUSD>
        <pctVal>0.4415666531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITE GRP. PLC/THE</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>UNITE GRP. PLC/THE</title>
        <cusip>G9283N101</cusip>
        <identifiers>
          <isin value="GB0006928617"/>
          <ticker value="UTGPF"/>
        </identifiers>
        <balance>166877</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>1126328.06</valUSD>
        <pctVal>0.1328631208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BIG YELLOW GRP. PLC</name>
        <lei>213800W7Q4V2ZI8LIW31</lei>
        <title>BIG YELLOW GRP. PLC</title>
        <cusip>G1093E108</cusip>
        <identifiers>
          <isin value="GB0002869419"/>
          <ticker value="BYLOF"/>
        </identifiers>
        <balance>73105</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>875551.92</valUSD>
        <pctVal>0.1032812416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAINGER PLC</name>
        <lei>2138007CEIRKZMNI2979</lei>
        <title>GRAINGER PLC</title>
        <cusip>G40432117</cusip>
        <identifiers>
          <isin value="GB00B04V1276"/>
          <ticker value="GRGTF"/>
        </identifiers>
        <balance>266908</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>601378.1</valUSD>
        <pctVal>0.0709393417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRITISH LAND CO PLC/THE</name>
        <lei>RV5B68J2GV3QGMRPW209</lei>
        <title>BRITISH LAND CO PLC/THE</title>
        <cusip>G15540118</cusip>
        <identifiers>
          <isin value="GB0001367019"/>
          <ticker value="BRLAF"/>
        </identifiers>
        <balance>391790</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>2151750.18</valUSD>
        <pctVal>0.2538232459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DERWENT LONDON PLC</name>
        <lei>213800BXKQ9KZNUR1M61</lei>
        <title>DERWENT LONDON PLC</title>
        <cusip>G27300105</cusip>
        <identifiers>
          <isin value="GB0002652740"/>
          <ticker value="DWVYF"/>
        </identifiers>
        <balance>39408</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>1015118.27</valUSD>
        <pctVal>0.1197446696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAFESTORE HLDGS. PLC</name>
        <lei>213800WGA3YSJC1YOH73</lei>
        <title>SAFESTORE HLDGS. PLC</title>
        <cusip>G77733106</cusip>
        <identifiers>
          <isin value="GB00B1N7Z094"/>
          <ticker value="SFSHF"/>
        </identifiers>
        <balance>80834</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>657773.35</valUSD>
        <pctVal>0.0775917987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALTAREA SCA</name>
        <lei>969500ICGCY1PD6OT783</lei>
        <title>ALTAREA SCA</title>
        <cusip>F0261X121</cusip>
        <identifiers>
          <isin value="FR0000033219"/>
          <ticker value="ATRRF"/>
        </identifiers>
        <balance>1567</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>174998.93</valUSD>
        <pctVal>0.0206431011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARTER HALL RET. REIT</name>
        <lei>N/A</lei>
        <title>CHARTER HALL RET. REIT</title>
        <cusip>Q2308D108</cusip>
        <identifiers>
          <isin value="AU000000CQR9"/>
          <ticker value="CQRUF"/>
        </identifiers>
        <balance>197928</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>538796.44</valUSD>
        <pctVal>0.0635571278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRESTIGE ESTATES PROJECTS</name>
        <lei>335800HHEBP52VZLTU94</lei>
        <title>PRESTIGE ESTATES PROJECTS</title>
        <cusip>Y707AN101</cusip>
        <identifiers>
          <isin value="INE811K01011"/>
          <ticker value="PRESTIGE"/>
        </identifiers>
        <balance>67127</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>1121930.93</valUSD>
        <pctVal>0.1323444297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OBEROI REALTY LTD</name>
        <lei>335800TCKG1XQXN51L44</lei>
        <title>OBEROI REALTY LTD</title>
        <cusip>Y6424D109</cusip>
        <identifiers>
          <isin value="INE093I01010"/>
          <ticker value="OBEROIRLTY"/>
        </identifiers>
        <balance>47336</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>887156.81</valUSD>
        <pctVal>0.1046501695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AIMS APAC REIT</name>
        <lei>549300MGNQOBQ3KVN734</lei>
        <title>AIMS APAC REIT</title>
        <cusip>Y0029Z136</cusip>
        <identifiers>
          <isin value="SG2D63974620"/>
          <ticker value="ACIRF"/>
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        <balance>210982</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>261105.94</valUSD>
        <pctVal>0.0308003958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED DEV. CO QSC</name>
        <lei>N/A</lei>
        <title>UNITED DEV. CO QSC</title>
        <cusip>M9405E107</cusip>
        <identifiers>
          <isin value="QA000A0KD6M9"/>
          <ticker value="UDCD"/>
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        <balance>594673</balance>
        <units>NS</units>
        <currencyConditional curCd="QAR" exchangeRt="3.641"/>
        <valUSD>141891.1</valUSD>
        <pctVal>0.0167376584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RETAL URBAN DEV. CO</name>
        <lei>5586009EAJUMBXKV7452</lei>
        <title>RETAL URBAN DEV. CO</title>
        <cusip>M8S0B0106</cusip>
        <identifiers>
          <isin value="SA15J1S23H17"/>
          <ticker value="RETAL"/>
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        <balance>92577</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>296297.96</valUSD>
        <pctVal>0.0349516922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PEBBLEBROOK HOTEL TRUST</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL TRUST</title>
        <cusip>70509V100</cusip>
        <identifiers>
          <isin value="US70509V1008"/>
          <ticker value="PEB"/>
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        <balance>42440</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>823760.4</valUSD>
        <pctVal>0.0971718467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERRENO REALTY CORP</name>
        <lei>N/A</lei>
        <title>TERRENO REALTY CORP</title>
        <cusip>88146M101</cusip>
        <identifiers>
          <isin value="US88146M1018"/>
          <ticker value="TRNO"/>
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        <balance>40796</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2642356.92</valUSD>
        <pctVal>0.3116958542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAPLETREE INDL. TRUST</name>
        <lei>549300R7WZFHXNKDJF41</lei>
        <title>MAPLETREE INDL. TRUST</title>
        <cusip>Y5759S103</cusip>
        <identifiers>
          <isin value="SG2C32962814"/>
          <ticker value="MAPIF"/>
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        <balance>815255</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>1213123.33</valUSD>
        <pctVal>0.1431016036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAPLETREE PAN ASIA COMMER</name>
        <lei>549300BF18K4IC5LZ208</lei>
        <title>MAPLETREE PAN ASIA COMMER</title>
        <cusip>Y5759T101</cusip>
        <identifiers>
          <isin value="SG2D18969584"/>
          <ticker value="MPCMF"/>
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        <balance>837761</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>837397.65</valUSD>
        <pctVal>0.0987805144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RAK PROPS. PJSC</name>
        <lei>N/A</lei>
        <title>RAK PROPS. PJSC</title>
        <cusip>M81868107</cusip>
        <identifiers>
          <isin value="AER000601016"/>
          <ticker value="RAKPROP"/>
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        <balance>578285</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6728"/>
        <valUSD>171280.46</valUSD>
        <pctVal>0.0202044655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GEMLIFE COMMUNITIES GROUP</name>
        <lei>N/A</lei>
        <title>GEMLIFE COMMUNITIES GROUP</title>
        <cusip>Q3980C111</cusip>
        <identifiers>
          <isin value="AU0000402562"/>
          <ticker value="GLF"/>
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        <balance>67034</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>213356.71</valUSD>
        <pctVal>0.0251678346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LXP INDL. TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP INDL. TRUST</title>
        <cusip>529043408</cusip>
        <identifiers>
          <isin value="US5290434084"/>
          <ticker value="LXP"/>
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        <balance>22783</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1227548.04</valUSD>
        <pctVal>0.1448031611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BXP INC</name>
        <lei>549300OF70FSEUQBT254</lei>
        <title>BXP INC</title>
        <cusip>101121101</cusip>
        <identifiers>
          <isin value="US1011211018"/>
          <ticker value="BXP"/>
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        <balance>58837</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3901481.47</valUSD>
        <pctVal>0.4602238214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CAMDEN PROP. TRUST</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>CAMDEN PROP. TRUST</title>
        <cusip>133131102</cusip>
        <identifiers>
          <isin value="US1331311027"/>
          <ticker value="CPT"/>
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        <balance>37810</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4328866.9</valUSD>
        <pctVal>0.5106387618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EQUITY RESIDENTIAL</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>EQUITY RESIDENTIAL</title>
        <cusip>29476L107</cusip>
        <identifiers>
          <isin value="US29476L1070"/>
          <ticker value="EQR"/>
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        <balance>131349</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8922537.57</valUSD>
        <pctVal>1.0525141203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HIGHWOODS PROPS. INC</name>
        <lei>ZIIGTYKL9T0X3HLTDX53</lei>
        <title>HIGHWOODS PROPS. INC</title>
        <cusip>431284108</cusip>
        <identifiers>
          <isin value="US4312841087"/>
          <ticker value="HIW"/>
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        <balance>42686</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1287409.76</valUSD>
        <pctVal>0.1518645274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EASTGROUP PROPS. INC</name>
        <lei>31TIGQQZC4P6JMHKSW85</lei>
        <title>EASTGROUP PROPS. INC</title>
        <cusip>277276101</cusip>
        <identifiers>
          <isin value="US2772761019"/>
          <ticker value="EGP"/>
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        <balance>20979</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4248876.87</valUSD>
        <pctVal>0.5012030340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KIMCO REALTY CORP</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>KIMCO REALTY CORP</title>
        <cusip>49446R109</cusip>
        <identifiers>
          <isin value="US49446R1095"/>
          <ticker value="KIM"/>
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        <balance>262722</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6660002.7</valUSD>
        <pctVal>0.7856225685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KILROY REALTY CORP</name>
        <lei>549300CXXI18B214UN80</lei>
        <title>KILROY REALTY CORP</title>
        <cusip>49427F108</cusip>
        <identifiers>
          <isin value="US49427F1084"/>
          <ticker value="KRC"/>
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        <balance>41904</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1570142.88</valUSD>
        <pctVal>0.1852160934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BRANDYWINE REALTY TRUST</name>
        <lei>5UZ46ZCYUFYYAC0DS831</lei>
        <title>BRANDYWINE REALTY TRUST</title>
        <cusip>105368203</cusip>
        <identifiers>
          <isin value="US1053682035"/>
          <ticker value="BDN"/>
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        <balance>66481</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>210744.77</valUSD>
        <pctVal>0.0248597268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MACERICH CO/THE</name>
        <lei>529900PSWCB5KI0JYU46</lei>
        <title>MACERICH CO/THE</title>
        <cusip>554382101</cusip>
        <identifiers>
          <isin value="US5543821012"/>
          <ticker value="MAC"/>
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        <balance>100472</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2530889.68</valUSD>
        <pctVal>0.2985470338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOST HOTELS &amp; RESORTS INC</name>
        <lei>N6EL63S0K3PB1YFTDI24</lei>
        <title>HOST HOTELS &amp; RESORTS INC</title>
        <cusip>44107P104</cusip>
        <identifiers>
          <isin value="US44107P1049"/>
          <ticker value="HST"/>
        </identifiers>
        <balance>268045</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6355346.95</valUSD>
        <pctVal>0.7496849805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MID-AMERICA APT. COMMUNIT</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>MID-AMERICA APT. COMMUNIT</title>
        <cusip>59522J103</cusip>
        <identifiers>
          <isin value="US59522J1034"/>
          <ticker value="MAA"/>
        </identifiers>
        <balance>45355</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6301623.7</valUSD>
        <pctVal>0.7433477162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL HEALTH INVSTRS.</name>
        <lei>549300ZPKZIG6DKDEC02</lei>
        <title>NATIONAL HEALTH INVSTRS.</title>
        <cusip>63633D104</cusip>
        <identifiers>
          <isin value="US63633D1046"/>
          <ticker value="NHI"/>
        </identifiers>
        <balance>17549</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1338286.74</valUSD>
        <pctVal>0.1578660420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SIMON PROP. GRP. INC</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>SIMON PROP. GRP. INC</title>
        <cusip>828806109</cusip>
        <identifiers>
          <isin value="US8288061091"/>
          <ticker value="SPG"/>
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        <balance>126364</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28261308.6</valUSD>
        <pctVal>3.3337406681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COPT DEFENSE PROPERTIES</name>
        <lei>YY1J47X6LF9TYY8JY420</lei>
        <title>COPT DEFENSE PROPERTIES</title>
        <cusip>22002T108</cusip>
        <identifiers>
          <isin value="US22002T1088"/>
          <ticker value="CDP"/>
        </identifiers>
        <balance>43625</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1587513.75</valUSD>
        <pctVal>0.1872651838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUN COMMUNITIES INC</name>
        <lei>549300H5GEOJYN41ZG57</lei>
        <title>SUN COMMUNITIES INC</title>
        <cusip>866674104</cusip>
        <identifiers>
          <isin value="US8666741041"/>
          <ticker value="SUI"/>
        </identifiers>
        <balance>48045</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5761075.95</valUSD>
        <pctVal>0.6795840015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBL &amp; ASSOC. PROPS. INC</name>
        <lei>529900EIVFBRS4PUBZ13</lei>
        <title>CBL &amp; ASSOC. PROPS. INC</title>
        <cusip>124830878</cusip>
        <identifiers>
          <isin value="US1248308785"/>
          <ticker value="CBL"/>
        </identifiers>
        <balance>5957</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>316257.13</valUSD>
        <pctVal>0.0373061018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIMARIS REAL ESTATE INV.</name>
        <lei>549300WUM45OXSEVOT03</lei>
        <title>PRIMARIS REAL ESTATE INV.</title>
        <cusip>74167K109</cusip>
        <identifiers>
          <isin value="CA74167K1093"/>
          <ticker value="PMREF"/>
        </identifiers>
        <balance>23291</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>365725.77</valUSD>
        <pctVal>0.0431414868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VITAL INFRA. PROP. TRUST</name>
        <lei>254900P6YIXMWDQDD912</lei>
        <title>VITAL INFRA. PROP. TRUST</title>
        <cusip>92848P107</cusip>
        <identifiers>
          <isin value="CA92848P1071"/>
          <ticker value="NWHUF"/>
        </identifiers>
        <balance>48991</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>190333.45</valUSD>
        <pctVal>0.0224519810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YENI GIMAT GAYRIMENKUL YA</name>
        <lei>N/A</lei>
        <title>YENI GIMAT GAYRIMENKUL YA</title>
        <cusip>M98798115</cusip>
        <identifiers>
          <isin value="TREYGMI00012"/>
          <ticker value="YGGYO"/>
        </identifiers>
        <balance>71846</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64625"/>
        <valUSD>363554.85</valUSD>
        <pctVal>0.0428854023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WALLENSTAM AB</name>
        <lei>21380081R2P9MKFQBD25</lei>
        <title>WALLENSTAM AB</title>
        <cusip>W9898B148</cusip>
        <identifiers>
          <isin value="SE0017780133"/>
          <ticker value="WLNTF"/>
        </identifiers>
        <balance>136225</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>553141.27</valUSD>
        <pctVal>0.0652492626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMRAM AVRAHAM CONSTRUCTIO</name>
        <lei>N/A</lei>
        <title>AMRAM AVRAHAM CONSTRUCTIO</title>
        <cusip>M1R41K135</cusip>
        <identifiers>
          <isin value="IL0011882003"/>
          <ticker value="AMRM"/>
        </identifiers>
        <balance>11054</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>148749.66</valUSD>
        <pctVal>0.0175467031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PPI PUBLIC PROP. INVEST A</name>
        <lei>636700M0RW88QPM7RG19</lei>
        <title>PPI PUBLIC PROP. INVEST A</title>
        <cusip>W7S722108</cusip>
        <identifiers>
          <isin value="SE0028799411"/>
          <ticker value="PUBLI"/>
        </identifiers>
        <balance>93878</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>179887.61</valUSD>
        <pctVal>0.0212197761</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>CA IMMOBILIEN ANLAGEN AG</name>
        <lei>5299003ICAPV07J0R180</lei>
        <title>CA IMMOBILIEN ANLAGEN AG</title>
        <cusip>A1144Q155</cusip>
        <identifiers>
          <isin value="AT0000641352"/>
          <ticker value="CAIAF"/>
        </identifiers>
        <balance>10049</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>261880.68</valUSD>
        <pctVal>0.0308917851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CASTELLUM AB</name>
        <lei>549300GU5OHTR1T5IY68</lei>
        <title>CASTELLUM AB</title>
        <cusip>W2084X107</cusip>
        <identifiers>
          <isin value="SE0000379190"/>
          <ticker value="CWQXF"/>
        </identifiers>
        <balance>125757</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>1651510.18</valUSD>
        <pctVal>0.1948142858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NNN REIT INC</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT INC</title>
        <cusip>637417106</cusip>
        <identifiers>
          <isin value="US6374171063"/>
          <ticker value="NNN"/>
        </identifiers>
        <balance>74326</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3458388.78</valUSD>
        <pctVal>0.4079560322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DOUGLAS EMMETT INC</name>
        <lei>N/A</lei>
        <title>DOUGLAS EMMETT INC</title>
        <cusip>25960P109</cusip>
        <identifiers>
          <isin value="US25960P1093"/>
          <ticker value="DEI"/>
        </identifiers>
        <balance>63235</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>746173</valUSD>
        <pctVal>0.0880195362</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AEDIFICA SA</name>
        <lei>529900DTKNXL0AXQFN28</lei>
        <title>AEDIFICA SA</title>
        <cusip>B0130A108</cusip>
        <identifiers>
          <isin value="BE0003851681"/>
          <ticker value="AEDFF"/>
        </identifiers>
        <balance>32178</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>2596439.82</valUSD>
        <pctVal>0.3062794134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIBRA UNO ADMINISTRACION</name>
        <lei>N/A</lei>
        <title>FIBRA UNO ADMINISTRACION</title>
        <cusip>P3515D163</cusip>
        <identifiers>
          <isin value="MXCFFU000001"/>
          <ticker value="FBASF"/>
        </identifiers>
        <balance>1083633</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>1862082.72</valUSD>
        <pctVal>0.2196536961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA O/SEAS. GRAND OCEAN</name>
        <lei>N/A</lei>
        <title>CHINA O/SEAS. GRAND OCEAN</title>
        <cusip>Y1505S117</cusip>
        <identifiers>
          <isin value="HK0000065737"/>
          <ticker value="CSVGF"/>
        </identifiers>
        <balance>664500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>189760.32</valUSD>
        <pctVal>0.0223843738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FAR EAST HOSPITALITY TRUS</name>
        <lei>N/A</lei>
        <title>FAR EAST HOSPITALITY TRUS</title>
        <cusip>Y24258108</cusip>
        <identifiers>
          <isin value="SG2F08984575"/>
          <ticker value="FEHTF"/>
        </identifiers>
        <balance>382303</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>168552.85</valUSD>
        <pctVal>0.0198827131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAKURA DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>SAKURA DEV. CO LTD</title>
        <cusip>Y74567101</cusip>
        <identifiers>
          <isin value="TW0002539004"/>
          <ticker value="2539"/>
        </identifiers>
        <balance>128153</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>156498.69</valUSD>
        <pctVal>0.0184607887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WIHLBORGS FASTIGHETER AB</name>
        <lei>549300RC1YDJPITF8X06</lei>
        <title>WIHLBORGS FASTIGHETER AB</title>
        <cusip>W9899F163</cusip>
        <identifiers>
          <isin value="SE0018012635"/>
          <ticker value="WIHL"/>
        </identifiers>
        <balance>102843</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>797876.8</valUSD>
        <pctVal>0.0941185836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURION ACCOMMODATION R</name>
        <lei>254900NE2W0T2HDOXF24</lei>
        <title>CENTURION ACCOMMODATION R</title>
        <cusip>Y1777V103</cusip>
        <identifiers>
          <isin value="SGXC43938841"/>
          <ticker value="CAREIT"/>
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        <balance>204470</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>167987.48</valUSD>
        <pctVal>0.0198160213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDCREST CO LTD</name>
        <lei>N/A</lei>
        <title>GOLDCREST CO LTD</title>
        <cusip>J17451105</cusip>
        <identifiers>
          <isin value="JP3306800008"/>
          <ticker value="CDCTF"/>
        </identifiers>
        <balance>5600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>112419.88</valUSD>
        <pctVal>0.0132611951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRVAC GROUP</name>
        <lei>N/A</lei>
        <title>MIRVAC GROUP</title>
        <cusip>Q62377108</cusip>
        <identifiers>
          <isin value="AU000000MGR9"/>
          <ticker value="MRVGF"/>
        </identifiers>
        <balance>1524970</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>1820769.05</valUSD>
        <pctVal>0.2147802819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BWP PROP. GRP. LTD</name>
        <lei>529900PNX10I8B4V0N76</lei>
        <title>BWP PROP. GRP. LTD</title>
        <cusip>Q1921Q132</cusip>
        <identifiers>
          <isin value="AU000000BWP3"/>
          <ticker value="BUNNF"/>
        </identifiers>
        <balance>231517</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>608879.35</valUSD>
        <pctVal>0.0718241989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LEOPALACE21 CORP</name>
        <lei>529900Z3BHJUW1DY6254</lei>
        <title>LEOPALACE21 CORP</title>
        <cusip>J38781100</cusip>
        <identifiers>
          <isin value="JP3167500002"/>
          <ticker value="LEOPF"/>
        </identifiers>
        <balance>89200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>356842.44</valUSD>
        <pctVal>0.0420935977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIPPON BLDG. INC</name>
        <lei>52990053R8NL2MB32172</lei>
        <title>NIPPON BLDG. INC</title>
        <cusip>J52088101</cusip>
        <identifiers>
          <isin value="JP3027670003"/>
          <ticker value="8951"/>
        </identifiers>
        <balance>2934</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>2269566.11</valUSD>
        <pctVal>0.2677209660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AYALA LAND INC</name>
        <lei>254900EWT10TQ6DKTV34</lei>
        <title>AYALA LAND INC</title>
        <cusip>Y0488F100</cusip>
        <identifiers>
          <isin value="PHY0488F1004"/>
          <ticker value="AYAAF"/>
        </identifiers>
        <balance>2294181</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.37"/>
        <valUSD>555692.27</valUSD>
        <pctVal>0.0655501819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND INTEGRATED COM</name>
        <lei>54930031292WUTXF0L29</lei>
        <title>CAPITALAND INTEGRATED COM</title>
        <cusip>Y0259J109</cusip>
        <identifiers>
          <isin value="SG1M51904654"/>
          <ticker value="C38U"/>
        </identifiers>
        <balance>2380514</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>4375473.66</valUSD>
        <pctVal>0.5161365558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN METROPOLITAN INVEST</name>
        <lei>353800QDHNIP60E1LQ93</lei>
        <title>JAPAN METROPOLITAN INVEST</title>
        <cusip>J27544105</cusip>
        <identifiers>
          <isin value="JP3039710003"/>
          <ticker value="JRFIF"/>
        </identifiers>
        <balance>2775</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1917285.45</valUSD>
        <pctVal>0.2261654818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHENZHEN INV. LTD</name>
        <lei>529900QMH55P3EJRQC98</lei>
        <title>SHENZHEN INV. LTD</title>
        <cusip>Y7743P120</cusip>
        <identifiers>
          <isin value="HK0604011236"/>
          <ticker value="SZNTF"/>
        </identifiers>
        <balance>871191</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>67886.82</valUSD>
        <pctVal>0.0080080175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NTT UD REIT INV. CORP</name>
        <lei>N/A</lei>
        <title>NTT UD REIT INV. CORP</title>
        <cusip>J7446X104</cusip>
        <identifiers>
          <isin value="JP3041770003"/>
          <ticker value="PICJF"/>
        </identifiers>
        <balance>556</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>466474.8</valUSD>
        <pctVal>0.0550259733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAND &amp; HOUSES PCL</name>
        <lei>529900O7AEACUWP7KS87</lei>
        <title>LAND &amp; HOUSES PCL</title>
        <cusip>Y5172C164</cusip>
        <identifiers>
          <isin value="TH0143010R16"/>
          <ticker value="LDHUF"/>
        </identifiers>
        <balance>2858000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.2205"/>
        <valUSD>327189.18</valUSD>
        <pctVal>0.0385956606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORIX JREIT INC</name>
        <lei>353800WVNTBIU65TA247</lei>
        <title>ORIX JREIT INC</title>
        <cusip>J8996L102</cusip>
        <identifiers>
          <isin value="JP3040880001"/>
          <ticker value="ORXJF"/>
        </identifiers>
        <balance>2029</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1219359.33</valUSD>
        <pctVal>0.1438372103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOKYU REIT INC</name>
        <lei>N/A</lei>
        <title>TOKYU REIT INC</title>
        <cusip>J88914106</cusip>
        <identifiers>
          <isin value="JP3044510000"/>
          <ticker value="TKURF"/>
        </identifiers>
        <balance>262</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>298459.63</valUSD>
        <pctVal>0.0352066856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN PRIME REALTY INV. C</name>
        <lei>353800NJOQJAY1ODEX72</lei>
        <title>JAPAN PRIME REALTY INV. C</title>
        <cusip>J2741H102</cusip>
        <identifiers>
          <isin value="JP3040890000"/>
          <ticker value="JPRRF"/>
        </identifiers>
        <balance>1342</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>772238.16</valUSD>
        <pctVal>0.0910942163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND ASCENDAS REIT</name>
        <lei>549300ILIBAEMQZK3L20</lei>
        <title>CAPITALAND ASCENDAS REIT</title>
        <cusip>Y0205X103</cusip>
        <identifiers>
          <isin value="SG1M77906915"/>
          <ticker value="ACDSF"/>
        </identifiers>
        <balance>1608945</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>3103798.69</valUSD>
        <pctVal>0.3661281247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAHINDRA LIFESPACE DEVELO</name>
        <lei>335800C4GAEGPH1E9B03</lei>
        <title>MAHINDRA LIFESPACE DEVELO</title>
        <cusip>Y54162105</cusip>
        <identifiers>
          <isin value="INE813A01018"/>
          <ticker value="MGELF"/>
        </identifiers>
        <balance>32040</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>124602.48</valUSD>
        <pctVal>0.0146982704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUPALAI PCL</name>
        <lei>9845000F0E39B2C16696</lei>
        <title>SUPALAI PCL</title>
        <cusip>Y8309K190</cusip>
        <identifiers>
          <isin value="TH0371010Z13"/>
          <ticker value="SULAF"/>
        </identifiers>
        <balance>280445</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.2205"/>
        <valUSD>135070.81</valUSD>
        <pctVal>0.0159331282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KSL HLDGS BERHAD MYR0.50</name>
        <lei>N/A</lei>
        <title>KSL HLDGS BERHAD MYR0.50</title>
        <cusip>Y48682101</cusip>
        <identifiers>
          <isin value="MYL5038OO004"/>
          <ticker value="KSLBF"/>
        </identifiers>
        <balance>143900</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>104704.71</valUSD>
        <pctVal>0.0123511036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL ONE REAL ESTATE IN</name>
        <lei>N/A</lei>
        <title>GLOBAL ONE REAL ESTATE IN</title>
        <cusip>J1727U103</cusip>
        <identifiers>
          <isin value="JP3044520009"/>
          <ticker value="8958"/>
        </identifiers>
        <balance>422</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>283246.84</valUSD>
        <pctVal>0.0334121651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED URBAN INV. CORP</name>
        <lei>353800GYZWBD7BDCN841</lei>
        <title>UNITED URBAN INV. CORP</title>
        <cusip>J9427E105</cusip>
        <identifiers>
          <isin value="JP3045540006"/>
          <ticker value="UUICF"/>
        </identifiers>
        <balance>1136</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1134548.45</valUSD>
        <pctVal>0.1338328087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KATITAS CO LTD</name>
        <lei>N/A</lei>
        <title>KATITAS CO LTD</title>
        <cusip>J30978100</cusip>
        <identifiers>
          <isin value="JP3932950003"/>
          <ticker value="KTITF"/>
        </identifiers>
        <balance>19800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>405954.02</valUSD>
        <pctVal>0.0478868635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AXIS REAL ESTATE INV. TRU</name>
        <lei>N/A</lei>
        <title>AXIS REAL ESTATE INV. TRU</title>
        <cusip>Y05193100</cusip>
        <identifiers>
          <isin value="MYL5106TO008"/>
          <ticker value="AXRMF"/>
        </identifiers>
        <balance>568062</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>284300.92</valUSD>
        <pctVal>0.0335365058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAPLETREE LOGISTICS TRUST</name>
        <lei>549300M9EBZIYH387075</lei>
        <title>MAPLETREE LOGISTICS TRUST</title>
        <cusip>Y5759Q107</cusip>
        <identifiers>
          <isin value="SG1S03926213"/>
          <ticker value="MAPGF"/>
        </identifiers>
        <balance>1308526</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>1236239.91</valUSD>
        <pctVal>0.1458284654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADITYA BIRLA REAL EST LTD</name>
        <lei>3358002623R2H9GZNE81</lei>
        <title>ADITYA BIRLA REAL EST LTD</title>
        <cusip>Y12504125</cusip>
        <identifiers>
          <isin value="INE055A01016"/>
          <ticker value="CTXTF"/>
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        <balance>19198</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>269684.22</valUSD>
        <pctVal>0.0318123009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICHIGO OFFICE REIT INV. C</name>
        <lei>N/A</lei>
        <title>ICHIGO OFFICE REIT INV. C</title>
        <cusip>J2382Z106</cusip>
        <identifiers>
          <isin value="JP3046300004"/>
          <ticker value="FCRQF"/>
        </identifiers>
        <balance>336</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>192746.18</valUSD>
        <pctVal>0.0227365897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DAIWA HOUSE REIT INV. COR</name>
        <lei>3538001FWU534P8JMO05</lei>
        <title>DAIWA HOUSE REIT INV. COR</title>
        <cusip>J1236F118</cusip>
        <identifiers>
          <isin value="JP3046390005"/>
          <ticker value="8984"/>
        </identifiers>
        <balance>1671</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1240074.71</valUSD>
        <pctVal>0.1462808234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHONG HONG CONSTRUCTION C</name>
        <lei>N/A</lei>
        <title>CHONG HONG CONSTRUCTION C</title>
        <cusip>Y1582T103</cusip>
        <identifiers>
          <isin value="TW0005534002"/>
          <ticker value="CHGGF"/>
        </identifiers>
        <balance>72745</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>179042.18</valUSD>
        <pctVal>0.0211200481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>YANLORD LAND GRP. LTD</name>
        <lei>N/A</lei>
        <title>YANLORD LAND GRP. LTD</title>
        <cusip>Y9729A101</cusip>
        <identifiers>
          <isin value="SG1T57930854"/>
          <ticker value="YLDGF"/>
        </identifiers>
        <balance>227600</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>110466.71</valUSD>
        <pctVal>0.0130307966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="30587.280000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>JAPAN EXCELLENT INC</name>
        <lei>35380015J62221TE0D86</lei>
        <title>JAPAN EXCELLENT INC</title>
        <cusip>J2739K109</cusip>
        <identifiers>
          <isin value="JP3046420000"/>
          <ticker value="JPXCF"/>
        </identifiers>
        <balance>438</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>369666.04</valUSD>
        <pctVal>0.0436062862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENTOWN CHINA HLDGS. LT</name>
        <lei>529900BLBC6YDNWS8530</lei>
        <title>GREENTOWN CHINA HLDGS. LT</title>
        <cusip>G4100M105</cusip>
        <identifiers>
          <isin value="KYG4100M1050"/>
          <ticker value="GTWCF"/>
        </identifiers>
        <balance>393500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>339985.44</valUSD>
        <pctVal>0.0401051241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUI FUDOSAN</name>
        <lei>N/A</lei>
        <title>MITSUI FUDOSAN</title>
        <cusip>J52066107</cusip>
        <identifiers>
          <isin value="JP3046440008"/>
          <ticker value="NIPPF"/>
        </identifiers>
        <balance>893</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>669300.5</valUSD>
        <pctVal>0.0789515563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUAKU DEV. CO LTD</name>
        <lei>N/A</lei>
        <title>HUAKU DEV. CO LTD</title>
        <cusip>Y3742X107</cusip>
        <identifiers>
          <isin value="TW0002548005"/>
          <ticker value="HUKCF"/>
        </identifiers>
        <balance>99890</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>320483.21</valUSD>
        <pctVal>0.0378046157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTRAL PATTANA PCL</name>
        <lei>N/A</lei>
        <title>CENTRAL PATTANA PCL</title>
        <cusip>Y1242U128</cusip>
        <identifiers>
          <isin value="TH0481010R10"/>
          <ticker value="CTPUF"/>
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        <balance>200098</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.2205"/>
        <valUSD>407118.03</valUSD>
        <pctVal>0.0480241716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SHUI ON LAND LTD</name>
        <lei>5299008W71Y7DHTU7753</lei>
        <title>SHUI ON LAND LTD</title>
        <cusip>G81151113</cusip>
        <identifiers>
          <isin value="KYG811511131"/>
          <ticker value="SOLLF"/>
        </identifiers>
        <balance>1178777</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>69246.35</valUSD>
        <pctVal>0.0081683894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HIGHWEALTH CONSTRUCTION C</name>
        <lei>N/A</lei>
        <title>HIGHWEALTH CONSTRUCTION C</title>
        <cusip>Y31959102</cusip>
        <identifiers>
          <isin value="TW0002542008"/>
          <ticker value="HJHCF"/>
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        <balance>552118</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>747754.1</valUSD>
        <pctVal>0.0882060448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHINA O/SEAS. LAND &amp; INV.</name>
        <lei>529900I6W35GYKRIZ151</lei>
        <title>CHINA O/SEAS. LAND &amp; INV.</title>
        <cusip>Y15004107</cusip>
        <identifiers>
          <isin value="HK0688002218"/>
          <ticker value="CAOVF"/>
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        <balance>1498542</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>2315332.14</valUSD>
        <pctVal>0.2731195864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHINA RES. LAND LTD</name>
        <lei>5299001HL0TU7X15HK51</lei>
        <title>CHINA RES. LAND LTD</title>
        <cusip>G2108Y105</cusip>
        <identifiers>
          <isin value="KYG2108Y1052"/>
          <ticker value="CRBJF"/>
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        <balance>1112398</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>4271213.45</valUSD>
        <pctVal>0.5038378860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY DEVS. LTD</name>
        <lei>254900BPLPJS0RJ72373</lei>
        <title>CITY DEVS. LTD</title>
        <cusip>V23130111</cusip>
        <identifiers>
          <isin value="SG1R89002252"/>
          <ticker value="CDEVF"/>
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        <balance>179200</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375"/>
        <valUSD>1079984.15</valUSD>
        <pctVal>0.1273963330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="180816.410000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>POLY PROP. GRP. CO LTD</name>
        <lei>N/A</lei>
        <title>POLY PROP. GRP. CO LTD</title>
        <cusip>Y7064G105</cusip>
        <identifiers>
          <isin value="HK0119000674"/>
          <ticker value="PHKIF"/>
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        <balance>783000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>157069.89</valUSD>
        <pctVal>0.0185281682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HANG LUNG GRP. LTD</name>
        <lei>529900V2T2EPOQYH0981</lei>
        <title>HANG LUNG GRP. LTD</title>
        <cusip>Y30148111</cusip>
        <identifiers>
          <isin value="HK0010000088"/>
          <ticker value="HNLGF"/>
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        <balance>301000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>481658.52</valUSD>
        <pctVal>0.0568170646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIVNE REAL ESTATE KD LTD</name>
        <lei>N/A</lei>
        <title>MIVNE REAL ESTATE KD LTD</title>
        <cusip>M5514Q106</cusip>
        <identifiers>
          <isin value="IL0002260193"/>
          <ticker value="IUSRF"/>
        </identifiers>
        <balance>223860</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>978344.07</valUSD>
        <pctVal>0.1154067372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYSAN DEV. CO LTD</name>
        <lei>5299007BABFLKIH9HL03</lei>
        <title>HYSAN DEV. CO LTD</title>
        <cusip>Y38203124</cusip>
        <identifiers>
          <isin value="HK0014000126"/>
          <ticker value="HYSNF"/>
        </identifiers>
        <balance>227045</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>479536.52</valUSD>
        <pctVal>0.0565667507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEIHANSHIN BLDG. CO LTD</name>
        <lei>N/A</lei>
        <title>KEIHANSHIN BLDG. CO LTD</title>
        <cusip>J31976103</cusip>
        <identifiers>
          <isin value="JP3279000008"/>
          <ticker value="KEIHF"/>
        </identifiers>
        <balance>22400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>149332.65</valUSD>
        <pctVal>0.0176154733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTRY GARDEN HLDGS. CO</name>
        <lei>549300MGHLPT1EFHGF84</lei>
        <title>COUNTRY GARDEN HLDGS. CO</title>
        <cusip>G24524103</cusip>
        <identifiers>
          <isin value="KYG245241032"/>
          <ticker value="CTRYQ"/>
        </identifiers>
        <balance>7993000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>170933.28</valUSD>
        <pctVal>0.0201635117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SALHIA REAL ESTATE CO KSC</name>
        <lei>N/A</lei>
        <title>SALHIA REAL ESTATE CO KSC</title>
        <cusip>M69626105</cusip>
        <identifiers>
          <isin value="KW0EQ0400642"/>
          <ticker value="SRE"/>
        </identifiers>
        <balance>182363</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3098"/>
        <valUSD>233081.57</valUSD>
        <pctVal>0.0274946047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHITESTONE REIT</name>
        <lei>N/A</lei>
        <title>WHITESTONE REIT</title>
        <cusip>966084204</cusip>
        <identifiers>
          <isin value="US9660842041"/>
          <ticker value="WSR"/>
        </identifiers>
        <balance>16407</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>311076.72</valUSD>
        <pctVal>0.0366950139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIGHTHOUSE PROPERTIES PLC</name>
        <lei>549300UG27SWRF0X2U62</lei>
        <title>LIGHTHOUSE PROPERTIES PLC</title>
        <cusip>X4S03B108</cusip>
        <identifiers>
          <isin value="MU0461N00015"/>
          <ticker value="LTE"/>
        </identifiers>
        <balance>398179</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>192461.81</valUSD>
        <pctVal>0.0227030451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SL GREEN RLTY CORP COM PA</name>
        <lei>549300VQZPJU97H3GT17</lei>
        <title>SL GREEN RLTY CORP COM PA</title>
        <cusip>78440X887</cusip>
        <identifiers>
          <isin value="US78440X8873"/>
          <ticker value="SLG"/>
        </identifiers>
        <balance>27605</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1429110.85</valUSD>
        <pctVal>0.1685797720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1125583.340000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FASTIGHETS AB BALDER</name>
        <lei>549300GHKJCEZOAEUU82</lei>
        <title>FASTIGHETS AB BALDER</title>
        <cusip>W2951M127</cusip>
        <identifiers>
          <isin value="SE0017832488"/>
          <ticker value="BALDF"/>
        </identifiers>
        <balance>265355</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>1415775.26</valUSD>
        <pctVal>0.1670066885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEPI ROCKCASTLE N.V.</name>
        <lei>549300FMWM53K9ULYT15</lei>
        <title>NEPI ROCKCASTLE N.V.</title>
        <cusip>N6S06Q108</cusip>
        <identifiers>
          <isin value="NL0015000RT3"/>
          <ticker value="NRP"/>
        </identifiers>
        <balance>233844</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>2093777.05</valUSD>
        <pctVal>0.2469846602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGION RE LTD</name>
        <lei>549300MS6NZV0B7K7D28</lei>
        <title>REGION RE LTD</title>
        <cusip>Q8501V100</cusip>
        <identifiers>
          <isin value="AU0000253502"/>
          <ticker value="SCPAF"/>
        </identifiers>
        <balance>450194</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>724107.55</valUSD>
        <pctVal>0.0854166671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GETTY REALTY CORP</name>
        <lei>2549000P1W5SFJWCNP90</lei>
        <title>GETTY REALTY CORP</title>
        <cusip>374297109</cusip>
        <identifiers>
          <isin value="US3742971092"/>
          <ticker value="GTY"/>
        </identifiers>
        <balance>21925</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>731418</valUSD>
        <pctVal>0.0862790172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="731418.000000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ST JOE CO/THE</name>
        <lei>529900XVHOT3BF8PWG49</lei>
        <title>ST JOE CO/THE</title>
        <cusip>790148100</cusip>
        <identifiers>
          <isin value="US7901481009"/>
          <ticker value="JOE"/>
        </identifiers>
        <balance>14424</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>903375.12</valUSD>
        <pctVal>0.1065633025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>PUBLIC STORAGE</title>
        <cusip>74460D109</cusip>
        <identifiers>
          <isin value="US74460D1090"/>
          <ticker value="PSA"/>
        </identifiers>
        <balance>61472</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19567152.32</valUSD>
        <pctVal>2.3081667014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TANGER INC</name>
        <lei>UKEW8YSXE4Y581KYOL30</lei>
        <title>TANGER INC</title>
        <cusip>875465106</cusip>
        <identifiers>
          <isin value="US8754651060"/>
          <ticker value="SKT"/>
        </identifiers>
        <balance>44132</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1741890.04</valUSD>
        <pctVal>0.2054756115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARQUE ARAUCO SA</name>
        <lei>2549001WW2PV1Y0UEU97</lei>
        <title>PARQUE ARAUCO SA</title>
        <cusip>P76328106</cusip>
        <identifiers>
          <isin value="CLP763281068"/>
          <ticker value="PARAUCO"/>
        </identifiers>
        <balance>289954</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="921.965"/>
        <valUSD>1215494.31</valUSD>
        <pctVal>0.1433812875</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>LONDONMETRIC PROP. PLC</name>
        <lei>213800OCERWWPQDURL87</lei>
        <title>LONDONMETRIC PROP. PLC</title>
        <cusip>G5689W109</cusip>
        <identifiers>
          <isin value="GB00B4WFW713"/>
          <ticker value="LNSPF"/>
        </identifiers>
        <balance>801839</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>2004189.7</valUSD>
        <pctVal>0.2364168200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CORP INMOBILIARIA VESTA S</name>
        <lei>4469000001BIRIFZJ959</lei>
        <title>CORP INMOBILIARIA VESTA S</title>
        <cusip>P9781N108</cusip>
        <identifiers>
          <isin value="MX01VE0M0003"/>
          <ticker value="VESTF"/>
        </identifiers>
        <balance>330600</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>1136564.52</valUSD>
        <pctVal>0.1340706269</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEG IMMOBILIEN SE</name>
        <lei>391200SO40AKONBO0Z96</lei>
        <title>LEG IMMOBILIEN SE</title>
        <cusip>D4960A103</cusip>
        <identifiers>
          <isin value="DE000LEG1110"/>
          <ticker value="LEGIF"/>
        </identifiers>
        <balance>29191</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1843140.44</valUSD>
        <pctVal>0.2174192402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REXFORD INDL. REALTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDL. REALTY INC</title>
        <cusip>76169C100</cusip>
        <identifiers>
          <isin value="US76169C1009"/>
          <ticker value="REXR"/>
        </identifiers>
        <balance>87777</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2940529.5</valUSD>
        <pctVal>0.3468686790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAUL CENTERS INC</name>
        <lei>N/A</lei>
        <title>SAUL CENTERS INC</title>
        <cusip>804395101</cusip>
        <identifiers>
          <isin value="US8043951016"/>
          <ticker value="BFS"/>
        </identifiers>
        <balance>5039</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>188408.21</valUSD>
        <pctVal>0.0222248772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACADIA REALTY TRUST</name>
        <lei>254900C5XLB1YYJQSH07</lei>
        <title>ACADIA REALTY TRUST</title>
        <cusip>004239109</cusip>
        <identifiers>
          <isin value="US0042391096"/>
          <ticker value="AKR"/>
        </identifiers>
        <balance>50722</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1060597.02</valUSD>
        <pctVal>0.1251094020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALEXANDER S INC</name>
        <lei>549300TZM28P04U5R635</lei>
        <title>ALEXANDER S INC</title>
        <cusip>014752109</cusip>
        <identifiers>
          <isin value="US0147521092"/>
          <ticker value="ALX"/>
        </identifiers>
        <balance>906</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249657.36</valUSD>
        <pctVal>0.0294499064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXTRA SPACE STORAGE INC</name>
        <lei>529900SDJHKRQWED6A16</lei>
        <title>EXTRA SPACE STORAGE INC</title>
        <cusip>30225T102</cusip>
        <identifiers>
          <isin value="US30225T1025"/>
          <ticker value="EXR"/>
        </identifiers>
        <balance>82219</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11946420.7</valUSD>
        <pctVal>1.4092153017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNSTONE HOTEL INVSTRS. I</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>SUNSTONE HOTEL INVSTRS. I</title>
        <cusip>867892101</cusip>
        <identifiers>
          <isin value="US8678921011"/>
          <ticker value="SHO"/>
        </identifiers>
        <balance>67607</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>774100.15</valUSD>
        <pctVal>0.0913138591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL REALTY TST. INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL REALTY TST. INC</title>
        <cusip>253868103</cusip>
        <identifiers>
          <isin value="US2538681030"/>
          <ticker value="DLR"/>
        </identifiers>
        <balance>133673</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24004997.34</valUSD>
        <pctVal>2.8316606638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUITY LIFESTYLE PROPS. I</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>EQUITY LIFESTYLE PROPS. I</title>
        <cusip>29472R108</cusip>
        <identifiers>
          <isin value="US29472R1086"/>
          <ticker value="ELS"/>
        </identifiers>
        <balance>71884</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4632923.8</valUSD>
        <pctVal>0.5465057087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHAFTESBURY CAPITAL PLC O</name>
        <lei>549300TTXXZ1SHUI0D54</lei>
        <title>SHAFTESBURY CAPITAL PLC O</title>
        <cusip>G19406100</cusip>
        <identifiers>
          <isin value="GB00B62G9D36"/>
          <ticker value="CCPPF"/>
        </identifiers>
        <balance>570409</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>1045349.66</valUSD>
        <pctVal>0.1233108036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MABANEE CO KPSC</name>
        <lei>N/A</lei>
        <title>MABANEE CO KPSC</title>
        <cusip>M6782J113</cusip>
        <identifiers>
          <isin value="KW0EQ0400725"/>
          <ticker value="MABANEE"/>
        </identifiers>
        <balance>273004</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3098"/>
        <valUSD>815401.52</valUSD>
        <pctVal>0.0961858223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIPUTRA DEV. TBK PT</name>
        <lei>2549000JMJUYB9U5Y204</lei>
        <title>CIPUTRA DEV. TBK PT</title>
        <cusip>Y7121J134</cusip>
        <identifiers>
          <isin value="ID1000115306"/>
          <ticker value="PTCDF"/>
        </identifiers>
        <balance>2920936</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880"/>
        <valUSD>91061.13</valUSD>
        <pctVal>0.0107416892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNWAY REAL ESTATE INV. T</name>
        <lei>N/A</lei>
        <title>SUNWAY REAL ESTATE INV. T</title>
        <cusip>Y83099104</cusip>
        <identifiers>
          <isin value="MYL5176TO001"/>
          <ticker value="SREIT"/>
        </identifiers>
        <balance>696200</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>377686.7</valUSD>
        <pctVal>0.0445524137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNAC CHINA HLDGS. LTD</name>
        <lei>549300OLARYHDXP3WK18</lei>
        <title>SUNAC CHINA HLDGS. LTD</title>
        <cusip>G8569A106</cusip>
        <identifiers>
          <isin value="KYG8569A1067"/>
          <ticker value="1918"/>
        </identifiers>
        <balance>3474000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>275649.18</valUSD>
        <pctVal>0.0325159353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALDAR PROPERTIES PJSC</name>
        <lei>98450048CD8AEF13B480</lei>
        <title>ALDAR PROPERTIES PJSC</title>
        <cusip>M0517N101</cusip>
        <identifiers>
          <isin value="AEA002001013"/>
          <ticker value="ALDAR"/>
        </identifiers>
        <balance>1504547</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6728"/>
        <valUSD>3408517.69</valUSD>
        <pctVal>0.4020731737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WORKSPACE GRP. PLC</name>
        <lei>2138003GUZRFIN3UT430</lei>
        <title>WORKSPACE GRP. PLC</title>
        <cusip>G5595E136</cusip>
        <identifiers>
          <isin value="GB00B67G5X01"/>
          <ticker value="WKPPF"/>
        </identifiers>
        <balance>47896</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>220156.84</valUSD>
        <pctVal>0.0259699868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAVILION REAL ESTATE INV.</name>
        <lei>N/A</lei>
        <title>PAVILION REAL ESTATE INV.</title>
        <cusip>Y6754A105</cusip>
        <identifiers>
          <isin value="MYL5212TO004"/>
          <ticker value="PREIT"/>
        </identifiers>
        <balance>626800</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>262672.12</valUSD>
        <pctVal>0.0309851444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IGB REAL ESTATE INV. TRUS</name>
        <lei>N/A</lei>
        <title>IGB REAL ESTATE INV. TRUS</title>
        <cusip>Y3865M102</cusip>
        <identifiers>
          <isin value="MYL5227TO002"/>
          <ticker value="IGBREIT"/>
        </identifiers>
        <balance>754700</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>511351.62</valUSD>
        <pctVal>0.0603197012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLP J-REIT</name>
        <lei>353800E27V9KA51K2I90</lei>
        <title>GLP J-REIT</title>
        <cusip>J17305103</cusip>
        <identifiers>
          <isin value="JP3047510007"/>
          <ticker value="GLPJF"/>
        </identifiers>
        <balance>1635</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1383956.38</valUSD>
        <pctVal>0.1632532921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMFORIA RESIDENTIAL REIT</name>
        <lei>353800BJ2SV3UPG9JU05</lei>
        <title>COMFORIA RESIDENTIAL REIT</title>
        <cusip>J0816Z106</cusip>
        <identifiers>
          <isin value="JP3047540004"/>
          <ticker value="COFRF"/>
        </identifiers>
        <balance>765</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>485496.07</valUSD>
        <pctVal>0.0572697470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GROWTHPOINT PROPS. LTD</name>
        <lei>37890019DD1E46632291</lei>
        <title>GROWTHPOINT PROPS. LTD</title>
        <cusip>S3373C239</cusip>
        <identifiers>
          <isin value="ZAE000179420"/>
          <ticker value="GWWTF"/>
        </identifiers>
        <balance>1260539</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>1326371.63</valUSD>
        <pctVal>0.1564605202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COFINIMMO SA</name>
        <lei>549300TM914CSF6KI389</lei>
        <title>COFINIMMO SA</title>
        <cusip>B25654136</cusip>
        <identifiers>
          <isin value="BE0003593044"/>
          <ticker value="CFMOF"/>
        </identifiers>
        <balance>3063</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>290017.12</valUSD>
        <pctVal>0.0342107961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WERELDHAVE NV</name>
        <lei>724500YRQCY3BD9RJZ92</lei>
        <title>WERELDHAVE NV</title>
        <cusip>N95060120</cusip>
        <identifiers>
          <isin value="NL0000289213"/>
          <ticker value="WRDEF"/>
        </identifiers>
        <balance>12815</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>291494.87</valUSD>
        <pctVal>0.0343851135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAMDA DEV. SA</name>
        <lei>213800C7PQZVF38FYL54</lei>
        <title>LAMDA DEV. SA</title>
        <cusip>X4740Y122</cusip>
        <identifiers>
          <isin value="GRS245213004"/>
          <ticker value="LMDFF"/>
        </identifiers>
        <balance>25420</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>193851.93</valUSD>
        <pctVal>0.0228670254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGREE REALTY CORP</name>
        <lei>98450090H010B37OEB68</lei>
        <title>AGREE REALTY CORP</title>
        <cusip>008492100</cusip>
        <identifiers>
          <isin value="US0084921008"/>
          <ticker value="ADC"/>
        </identifiers>
        <balance>46914</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3553266.36</valUSD>
        <pctVal>0.4191479148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUFVUDSTADEN AB</name>
        <lei>213800UEV5ZAFFVQ4J85</lei>
        <title>HUFVUDSTADEN AB</title>
        <cusip>W30061126</cusip>
        <identifiers>
          <isin value="SE0000170375"/>
          <ticker value="HUFAF"/>
        </identifiers>
        <balance>34795</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>429248.93</valUSD>
        <pctVal>0.0506347613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDICAL PROPS. TST. INC</name>
        <lei>254900U6E39J1MQCCY14</lei>
        <title>MEDICAL PROPS. TST. INC</title>
        <cusip>58463J304</cusip>
        <identifiers>
          <isin value="US58463J3041"/>
          <ticker value="MPT"/>
        </identifiers>
        <balance>188454</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>870657.48</valUSD>
        <pctVal>0.1027038871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="498133.020000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLADSTONE COMMER. CORP</name>
        <lei>529900EVVV534W8R0T32</lei>
        <title>GLADSTONE COMMER. CORP</title>
        <cusip>376536108</cusip>
        <identifiers>
          <isin value="US3765361080"/>
          <ticker value="GOOD"/>
        </identifiers>
        <balance>19406</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>238693.8</valUSD>
        <pctVal>0.0281566307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="701.100000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANANT RAJ LTD</name>
        <lei>335800J1QMHJ15K7PF47</lei>
        <title>ANANT RAJ LTD</title>
        <cusip>Y01272122</cusip>
        <identifiers>
          <isin value="INE242C01024"/>
          <ticker value="ARJIF"/>
        </identifiers>
        <balance>46308</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>257912.27</valUSD>
        <pctVal>0.0304236663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMOT INVS. LTD</name>
        <lei>N/A</lei>
        <title>AMOT INVS. LTD</title>
        <cusip>M1035R103</cusip>
        <identifiers>
          <isin value="IL0010972789"/>
          <ticker value="AMTTF"/>
        </identifiers>
        <balance>93603</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>583379.17</valUSD>
        <pctVal>0.0688161646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELECTRA REAL ESTATE LTD</name>
        <lei>N/A</lei>
        <title>ELECTRA REAL ESTATE LTD</title>
        <cusip>M3752K105</cusip>
        <identifiers>
          <isin value="IL0010940448"/>
          <ticker value="ELERF"/>
        </identifiers>
        <balance>12960</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.97585"/>
        <valUSD>195184</valUSD>
        <pctVal>0.0230241581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AZRIELI GRP. LTD</name>
        <lei>N/A</lei>
        <title>AZRIELI GRP. LTD</title>
        <cusip>M1571Q105</cusip>
        <identifiers>
          <isin value="IL0011194789"/>
          <ticker value="AZRGF"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PROLOGIS INC</name>
        <lei>529900DFH19P073LZ636</lei>
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          <isin value="US74340W1036"/>
          <ticker value="PLD"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CUBESMART</name>
        <lei>N/A</lei>
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          <isin value="US2296631094"/>
          <ticker value="CUBE"/>
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        <curCd>USD</curCd>
        <valUSD>3527042.22</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTRAL PATTANA PCL</name>
        <lei>N/A</lei>
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          <isin value="TH0481B10Z18"/>
          <ticker value="CPNNF"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARGO PROPS. NV</name>
        <lei>724500VWIAC6N6VHCK55</lei>
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          <isin value="NL0015000D84"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ALLREAL HOLDING AGCHF50</name>
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          <isin value="CH0008837566"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>SWISS PRIME SITE AG</name>
        <lei>506700XI9H64OPR34158</lei>
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          <isin value="CH0008038389"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>MOBIMO HLDG. AG</name>
        <lei>50670018HN8O1GD3O385</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>UMH PROPS. INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>CHINA VANKE CO LTD</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GECINA SA</name>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>KLEPIERRE SA</name>
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          <ticker value="KLPEF"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>TALAAT MOUSTAFA GROUP</name>
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          <ticker value="TMGH"/>
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        <fairValLevel>2</fairValLevel>
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        <name>COVIVIO SA/FRANCE</name>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PHOENIX MILLS LTD/THE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DEXUS</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BRIGADE ENTS. LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MELISRON LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Monetary Market</name>
        <lei>N/A</lei>
        <title>FUT. IMMEMINI MDCP SEP26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="FAU6"/>
          <other otherDesc="NT_ID" value="9N3BL5U"/>
        </identifiers>
        <balance>24</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9324000</valUSD>
        <pctVal>1.0998711500</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>International Monetary Market</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Mid Cap</indexName>
                <indexIdentifier>MID</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-18</expDate>
            <notionalAmt>9324000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>154302.1</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Montreal Exchange</name>
        <lei>N/A</lei>
        <title>FUT. ME S&amp;P CAN SEP26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="PTU6"/>
          <other otherDesc="NT_ID" value="9N4THLU"/>
        </identifiers>
        <balance>17</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>4928172.04</valUSD>
        <pctVal>0.5813335745</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Montreal Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P/TSX 60 Index</indexName>
                <indexIdentifier>SPTSX60</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-17</expDate>
            <notionalAmt>6989380</notionalAmt>
            <curCd>CAD</curCd>
            <unrealizedAppr>191.91</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Institutional Liquid Asset Portfolio</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Institutional Liquid Asset Portfolio</title>
        <cusip>665279105</cusip>
        <identifiers>
          <isin value="US6652791053"/>
        </identifiers>
        <balance>8448685.45</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8448685.45</valUSD>
        <pctVal>0.9966179088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="8448685.450000000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds</ncom:nameOfApplicant>
      <ncom:signature>Randal E. Rein </ncom:signature>
      <ncom:signerName>Randal E. Rein </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
