Barings Real Estate Advisers 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Acadia Realty Trust	COM SH BEN INT	004239109	5,520	157,133	SH		SOLE	N/A	137,398	0	19,735
American Campus Communities In	COM	024835100	7,925	168,298	SH		SOLE	N/A	147,058	0	21,240
Boston Properties Inc	COM	101121101	8,533	67,146	SH		SOLE	N/A	58,642	0	8,504
Chatham Lodging Trust	COM	16208T102	362	16,883	SH		SOLE	N/A	16,883	0	0
Chesapeake Lodging Trust	SH BEN INT	165240102	4,248	160,542	SH		SOLE	N/A	136,938	0	23,604
CyrusOne Inc	COM	23283R100	3,245	71,076	SH		SOLE	N/A	61,926	0	9,150
DiamondRock Hospitality Co	COM	252784301	603	59,553	SH		SOLE	N/A	59,553	0	0
Digital Realty Trust Inc	COM	253868103	9,192	103,872	SH		SOLE	N/A	90,732	0	13,140
Duke Realty Corp	COM NEW	264411505	5,290	234,683	SH		SOLE	N/A	205,063	0	29,620
Equinix Inc	COM	29444U700	6,836	20,671	SH		SOLE	N/A	17,981	0	2,690
Equity One Inc	COM	294752100	3,443	120,123	SH		SOLE	N/A	105,103	0	15,020
Equity Residential	SH BEN INT	29476L107	6,972	92,925	SH		SOLE	N/A	81,173	0	11,752
Essex Property Trust Inc	COM	297178105	6,596	28,203	SH		SOLE	N/A	24,507	0	3,696
Extra Space Storage Inc	COM	30225T102	11,497	123,017	SH		SOLE	N/A	107,381	0	15,636
FelCor Lodging Trust Inc	COM	31430F101	3,906	480,994	SH		SOLE	N/A	418,180	0	62,814
Highwoods Properties Inc	COM	431284108	4,169	87,209	SH		SOLE	N/A	76,235	0	10,974
Hilton Worldwide Holdings Inc	COM	43300A104	2,413	107,130	SH		SOLE	N/A	93,880	0	13,250
Kilroy Realty Corp	COM	49427F108	5,949	96,154	SH		SOLE	N/A	84,046	0	12,108
Kimco Realty Corp	COM	49446R109	5,343	185,664	SH		SOLE	N/A	162,828	0	22,836
Macerich Co/The	COM	554382101	8,612	108,686	SH		SOLE	N/A	95,952	0	12,734
National Health Investors Inc	COM	63633D104	837	12,580	SH		SOLE	N/A	12,580	0	0
Paramount Group Inc	COM	69924R108	5,633	353,135	SH		SOLE	N/A	307,310	0	45,825
Physicians Realty Trust	COM	71943U104	3,610	194,303	SH		SOLE	N/A	169,390	0	24,913
Prologis Inc	COM	74340W103	8,758	198,232	SH		SOLE	N/A	173,132	0	25,100
Public Storage	COM	74460D109	14,797	53,645	SH		SOLE	N/A	46,815	0	6,830
Regency Centers Corp	COM	758849103	9,147	122,209	SH		SOLE	N/A	106,704	0	15,505
Simon Property Group Inc	COM	828806109	21,088	101,538	SH		SOLE	N/A	87,793	0	13,745
SL Green Realty Corp	COM	78440X101	2,621	27,049	SH		SOLE	N/A	23,589	0	3,460
Sun Communities Inc	COM	866674104	2,711	37,860	SH		SOLE	N/A	33,570	0	4,290
Tanger Factory Outlet Centers	COM	875465106	3,243	89,124	SH		SOLE	N/A	77,713	0	11,411
Taubman Centers Inc	COM	876664103	5,369	75,371	SH		SOLE	N/A	67,046	0	8,325
Ventas Inc	COM	92276F100	6,302	100,094	SH		SOLE	N/A	87,116	0	12,978
Welltower Inc	COM	95040Q104	10,608	152,982	SH		SOLE	N/A	133,150	0	19,832