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          <ccc>XXXXXXXX</ccc>
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      <regStreet1>One Franklin Parkway</regStreet1>
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      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
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      <seriesName>Franklin Global Real Estate VIP Fund</seriesName>
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      <repPdEnd>2019-12-31</repPdEnd>
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      <isFinalFiling>N</isFinalFiling>
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      <isNonCashCollateral>N</isNonCashCollateral>
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        <isRestrictedSec>N</isRestrictedSec>

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        <title>WELLTOWER INC REIT USD1</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EQUITY LIFESTYLE PROPERTIES INC REIT USD.01</name>
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          <ticker value="ELS"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CARETRUST REIT INC REIT USD.01</name>
        <lei>5493001NVXE2B9GPLU96</lei>
        <title>CARETRUST REIT INC REIT USD.01</title>
        <cusip>14174T107</cusip>
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          <ticker value="CTRE"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NOMURA REAL ESTATE HOLDINGS INC ORD JPY NPV</name>
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          <isin value="JP3762900003"/>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ORIX JREIT INC REIT JPY1</name>
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        <cusip>000000000</cusip>
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          <isin value="JP3040880001"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HUFVUDSTADEN AB ORD SEK5</name>
        <lei>213800UEV5ZAFFVQ4J85</lei>
        <title>HUFVUDSTADEN AB ORD SEK5</title>
        <cusip>000000000</cusip>
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          <isin value="SE0000170375"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SEGRO PLC REIT GBP.1000</name>
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        <title>SEGRO PLC REIT GBP.1000</title>
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          <isin value="GB00B5ZN1N88"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal Identifier" value="912828Y95"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U S TREASURY NOTE</name>
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          <other otherDesc="Internal Identifier" value="9128286Q8"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>UNITE GROUP PLC REIT GBP.25</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>UNITE GROUP PLC REIT GBP.25</title>
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          <isin value="GB0006928617"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LINK REIT REIT HKD1</name>
        <lei>529900XUE70U36QX5M62</lei>
        <title>LINK REIT REIT HKD1</title>
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          <isin value="HK0823032773"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>SUN HUNG KAI PROPERTIES LTD ORD HKD NPV</name>
        <lei>529900LUMD393RD3S874</lei>
        <title>SUN HUNG KAI PROPERTIES LTD ORD HKD NPV</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOODMAN GROUP REIT AUD NPV</name>
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          <isin value="AU000000GMG2"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EQUINIX INC REIT USD.001</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
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          <ticker value="EQIX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FABEGE AB ORD SEK30.82</name>
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        <name>VEREIT INC REIT USD.01</name>
        <lei>5493002H54FNIBW75H44</lei>
        <title>VEREIT INC REIT USD.01</title>
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        <name>Americold Realty Trust REIT USD 0.01</name>
        <lei>549300R7N1V5YV8MWH02</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>ALEXANDRIA REAL ESTATE EQUITIES INC REIT USD.01</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>ALEXANDRIA REAL ESTATE EQUITIES INC REIT USD.01</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CAMDEN PROPERTY TRUST REIT USD.01</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>CAMDEN PROPERTY TRUST REIT USD.01</title>
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          <ticker value="CPT"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>REGENCY CENTERS CORP REIT USD.01</name>
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          <ticker value="REG"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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              <counterpartyInfo lei="9J6MBOOO7BECTDTUZW19" name="Deutsche Bank Securities Inc."/>
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      <invstOrSec>
        <name>Aroundtown SA ORD EUR NPV</name>
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          <isin value="LU1673108939"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIMON PROPERTY GROUP INC REAL ESTATE INVESTMENT TRUST USD0.0001</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SPIRIT REALTY CAPITAL INC REIT USD.05</name>
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          <ticker value="SRC"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CAPITALAND LTD ORD SGD NPV</name>
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          <ticker value="CAPL"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>U S TREASURY NOTE</name>
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          <other otherDesc="Internal Identifier" value="912828QN3"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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              <counterpartyInfo lei="2J5703FH5U5M97R1I237" name="BNP Paribas Securities Corp."/>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE REIT USD.1</name>
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          <ticker value="PSA"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BOSTON PROPERTIES INC REIT USD.01</name>
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          <ticker value="BXP"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PROLOGIS INC REIT USD.01</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>PROLOGIS INC REIT USD.01</title>
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          <ticker value="PLD"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>REXFORD INDUSTRIAL REALTY INC REIT USD.01</name>
        <lei>549300MSLO0DF0EMX355</lei>
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          <ticker value="REXR"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>RETAIL PROPERTIES OF AMERICA INC REIT USD.001 CLASS A</name>
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          <ticker value="RPAI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CK Asset Holdings Ltd ORD HKD1</name>
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        <name>RYMAN HOSPITALITY PROPERTIES INC REIT USD.01</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INMOBILIARIA COLONIAL SA REIT EUR 2.5</name>
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        <name>AVALONBAY COMMUNITIES INC REAL ESTATE INVESTMENT TRUST USD.01</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
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        <name>AMERICAN HOMES 4 RENT REIT USD.01 CL A</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT REIT USD.01 CL A</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>VONOVIA SE ORD EUR NPV</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>VONOVIA SE ORD EUR NPV</title>
        <cusip>D9581T100</cusip>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828X96</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <name>DIGITAL REALTY TRUST INC REIT USD1</name>
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        <name>GLP J-REIT REIT JPY NPV</name>
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        <name>ICHIGO OFFICE REIT INVESTMENT REIT JPY NPV</name>
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        <name>Deutsche Wohnen SE ORD EUR NPV</name>
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        <name>EQUITY RESIDENTIAL REAL ESTATE INVESTMENT TRUST USD0.01</name>
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        <name>MITSUI FUDOSAN CO LTD ORD JPY NPV</name>
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        <name>MITSUBISHI ESTATE CO LTD ORD JPY NPV</name>
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        <name>MGM GROWTH PROPERTIES LLC REIT USD NPV CL A</name>
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        <name>Derwent London PLC REIT GBP 0.05</name>
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        <name>CANADIAN APARTMENT PROPERTIES REIT REIT CAD NPV</name>
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        <name>PHYSICIANS REALTY TRUST REIT USD.01</name>
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        <name>COUSINS PROPERTIES INC REIT USD1</name>
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        <name>PREMIER INVESTMENT CORP REIT JPY1</name>
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        <name>SWIRE PROPERTIES LTD ORD HKD1</name>
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        <name>GECINA SA REIT EUR7.5</name>
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        <name>KILROY REALTY CORP REIT USD.01</name>
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        <title>KILROY REALTY CORP REIT USD.01</title>
        <cusip>49427F108</cusip>
        <identifiers>
          <ticker value="KRC"/>
          <other otherDesc="Internal Identifier" value="44323"/>
        </identifiers>
        <balance>26744.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2083090.16000000</valUSD>
        <pctVal>1.300244643230</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>HILTON WORLDWIDE HOLDINGS INC COM USD.01</name>
        <lei>549300HVGPK36ICB0B89</lei>
        <title>HILTON WORLDWIDE HOLDINGS INC COM USD.01</title>
        <cusip>43300A203</cusip>
        <identifiers>
          <ticker value="HLT"/>
          <other otherDesc="Internal Identifier" value="566504"/>
        </identifiers>
        <balance>9014.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>839293.54000000</valUSD>
        <pctVal>0.523878874970</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALAND MALL TRUST REIT SGD1</name>
        <lei>54930031292WUTXF0L29</lei>
        <title>CAPITALAND MALL TRUST REIT SGD1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SG1M51904654"/>
          <other otherDesc="Internal Identifier" value="281886"/>
        </identifiers>
        <balance>918600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.38150000"/>
        <valUSD>1747689.08000000</valUSD>
        <pctVal>1.090890547100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAND SECURITIES GROUP PLC REIT GBP.1066</name>
        <lei>213800V8IAVKS37D6B88</lei>
        <title>LAND SECURITIES GROUP PLC REIT GBP.1066</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYW0PQ60"/>
          <other otherDesc="Internal Identifier" value="8328"/>
        </identifiers>
        <balance>142068.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81343800"/>
        <valUSD>1495774.55000000</valUSD>
        <pctVal>0.933647944512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCENTRE GROUP REIT AUD NPV</name>
        <lei>N/A</lei>
        <title>SCENTRE GROUP REIT AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000SCG8"/>
          <other otherDesc="Internal Identifier" value="579651"/>
        </identifiers>
        <balance>241931.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.47819660"/>
        <valUSD>641734.93000000</valUSD>
        <pctVal>0.400564709645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRIXMOR PROPERTY GROUP INC REIT USD.01</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>BRIXMOR PROPERTY GROUP INC REIT USD.01</title>
        <cusip>11120U105</cusip>
        <identifiers>
          <ticker value="BRX"/>
          <other otherDesc="Internal Identifier" value="562985"/>
        </identifiers>
        <balance>91300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1852477.00000000</valUSD>
        <pctVal>1.156298148880</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>Unibail-Rodamco-Westfield REIT EUR 0.50</name>
        <lei>N/A</lei>
        <title>Unibail-Rodamco-Westfield REIT EUR 0.50</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0013326246"/>
          <other otherDesc="Internal Identifier" value="876118"/>
        </identifiers>
        <balance>13682.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91382620"/>
        <valUSD>1994481.51000000</valUSD>
        <pctVal>1.244935984624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CUBESMART REIT USD</name>
        <lei>N/A</lei>
        <title>CUBESMART REIT USD</title>
        <cusip>229663109</cusip>
        <identifiers>
          <ticker value="CUBE"/>
          <other otherDesc="Internal Identifier" value="318620"/>
        </identifiers>
        <balance>67293.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2348525.70000000</valUSD>
        <pctVal>1.465926928921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEXUS REIT AUD NPV</name>
        <lei>N/A</lei>
        <title>DEXUS REIT AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000DXS1"/>
          <other otherDesc="Internal Identifier" value="317022"/>
        </identifiers>
        <balance>285313.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.47819660"/>
        <valUSD>2297384.12000000</valUSD>
        <pctVal>1.434004851462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HULIC REIT INC REIT JPY NPV</name>
        <lei>N/A</lei>
        <title>HULIC REIT INC REIT JPY NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3047660000"/>
          <other otherDesc="Internal Identifier" value="568607"/>
        </identifiers>
        <balance>828.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.93000000"/>
        <valUSD>1520980.44000000</valUSD>
        <pctVal>0.949381216206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
