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

      <filer>
        <issuerCredentials>
          <cik>0000912291</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000006874</seriesId>
        <classId>C000018608</classId>
        <classId>C000128754</classId>
        <classId>C000018606</classId>
        <classId>C000018609</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Franklin Real Estate Securities Trust</regName>
      <regFileNumber>811-08034</regFileNumber>
      <regCik>0000912291</regCik>
      <regLei>549300UEVN6WUJV43N19</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
      <regPhone>650-312-2000</regPhone>
      <seriesName>Franklin Real Estate Securities Fund</seriesName>
      <seriesId>S000006874</seriesId>
      <seriesLei>549300F4DXBDO2L51J81</seriesLei>
      <repPdEnd>2020-04-30</repPdEnd>
      <repPdDate>2020-04-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>379951578.49</totAssets>
      <totLiabs>468579.50</totLiabs>
      <netAssets>379482998.99</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0.0000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000018608" rtn1="-7.14291860" rtn2="-16.38790000" rtn3="7.46672060"/>
          <monthlyTotReturn classId="C000128754" rtn1="-7.07080000" rtn2="-16.25264400" rtn3="7.47837350"/>
          <monthlyTotReturn classId="C000018606" rtn1="-7.03464400" rtn2="-16.34262800" rtn3="7.47492500"/>
          <monthlyTotReturn classId="C000018609" rtn1="-7.08428140" rtn2="-16.28633900" rtn3="7.49695630"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="3295093.05000000" netUnrealizedAppr="-36225611.16000000"/>
        <othMon2 netRealizedGain="-2889447.47000000" netUnrealizedAppr="-71065457.75000000"/>
        <othMon3 netRealizedGain="-2758392.49000000" netUnrealizedAppr="29286747.98000000"/>
      </returnInfo>
      <mon1Flow redemption="7524652.08000000" reinvestment="-6.16000000" sales="6220347.45000000"/>
      <mon2Flow redemption="14563703.04000000" reinvestment="0.00000000" sales="4736586.68000000"/>
      <mon3Flow redemption="9839114.54000000" reinvestment="0.00000000" sales="3177325.24000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <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>
        <cusip>02665T306</cusip>
        <identifiers>
          <ticker value="AMH"/>
          <other otherDesc="Internal Identifier" value="556017"/>
        </identifiers>
        <balance>458583.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11070193.62000000</valUSD>
        <pctVal>2.917177752221</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>COUSINS PROPERTIES INC REIT USD1</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>COUSINS PROPERTIES INC REIT USD1</title>
        <cusip>222795502</cusip>
        <identifiers>
          <ticker value="CUZ"/>
          <other otherDesc="Internal Identifier" value="203709"/>
        </identifiers>
        <balance>273707.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8257740.19000000</valUSD>
        <pctVal>2.176050102897</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>PHYSICIANS REALTY TRUST REIT USD.01</name>
        <lei>549300ITOVH0OY7PZC34</lei>
        <title>PHYSICIANS REALTY TRUST REIT USD.01</title>
        <cusip>71943U104</cusip>
        <identifiers>
          <ticker value="DOC"/>
          <other otherDesc="Internal Identifier" value="555083"/>
        </identifiers>
        <balance>319244.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4922742.48000000</valUSD>
        <pctVal>1.297223457467</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>QTS REALTY TRUST INC REIT USD.01 CL A</name>
        <lei>5493006PA4CJK4OG2J54</lei>
        <title>QTS REALTY TRUST INC REIT USD.01 CL A</title>
        <cusip>74736A103</cusip>
        <identifiers>
          <ticker value="QTS"/>
          <other otherDesc="Internal Identifier" value="561452"/>
        </identifiers>
        <balance>122827.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7680372.31000000</valUSD>
        <pctVal>2.023904188182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUINIX INC REIT USD.001</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC REIT USD.001</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <ticker value="EQIX"/>
          <other otherDesc="Internal Identifier" value="304502"/>
        </identifiers>
        <balance>46358.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31300921.60000000</valUSD>
        <pctVal>8.248306691816</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>UDR INC REIT USD1</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR INC REIT USD1</title>
        <cusip>902653104</cusip>
        <identifiers>
          <ticker value="UDR"/>
          <other otherDesc="Internal Identifier" value="14823"/>
        </identifiers>
        <balance>297303.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11139943.41000000</valUSD>
        <pctVal>2.935557966931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIMON PROPERTY GROUP INC REAL ESTATE INVESTMENT TRUST USD0.0001</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>SIMON PROPERTY GROUP INC REAL ESTATE INVESTMENT TRUST USD0.0001</title>
        <cusip>828806109</cusip>
        <identifiers>
          <ticker value="SPG"/>
          <other otherDesc="Internal Identifier" value="30298"/>
        </identifiers>
        <balance>88240.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5891784.80000000</valUSD>
        <pctVal>1.552582017028</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>CROWN CASTLE INTERNATIONAL CORP REIT USD NPV</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INTERNATIONAL CORP REIT USD NPV</title>
        <cusip>22822V101</cusip>
        <identifiers>
          <ticker value="CCI"/>
          <other otherDesc="Internal Identifier" value="593983"/>
        </identifiers>
        <balance>154843.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24686619.49000000</valUSD>
        <pctVal>6.505329502429</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>REGENCY CENTERS CORP REIT USD.01</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>REGENCY CENTERS CORP REIT USD.01</title>
        <cusip>758849103</cusip>
        <identifiers>
          <ticker value="REG"/>
          <other otherDesc="Internal Identifier" value="53033"/>
        </identifiers>
        <balance>172998.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7596342.18000000</valUSD>
        <pctVal>2.001760869450</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>SPIRIT REALTY CAPITAL INC REIT USD.05</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
        <title>SPIRIT REALTY CAPITAL INC REIT USD.05</title>
        <cusip>84860W300</cusip>
        <identifiers>
          <ticker value="SRC"/>
          <other otherDesc="Internal Identifier" value="555109"/>
        </identifiers>
        <balance>173835.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5347164.60000000</valUSD>
        <pctVal>1.409065653594</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>Americold Realty Trust REIT USD 0.01</name>
        <lei>549300R7N1V5YV8MWH02</lei>
        <title>Americold Realty Trust REIT USD 0.01</title>
        <cusip>03064D108</cusip>
        <identifiers>
          <ticker value="COLD"/>
          <other otherDesc="Internal Identifier" value="821465"/>
        </identifiers>
        <balance>202427.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6192241.93000000</valUSD>
        <pctVal>1.631757403225</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>Healthpeak Properties Inc REIT USD1</name>
        <lei>PZ9HF5U52KPF0MH0QN75</lei>
        <title>Healthpeak Properties Inc REIT USD1</title>
        <cusip>42250P103</cusip>
        <identifiers>
          <ticker value="PEAK"/>
          <other otherDesc="Internal Identifier" value="9196"/>
        </identifiers>
        <balance>454702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11885910.28000000</valUSD>
        <pctVal>3.132132483308</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>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
        <lei>N/A</lei>
        <title>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</title>
        <cusip>457756500</cusip>
        <identifiers>
          <ticker value="INFXX"/>
          <other otherDesc="Internal Identifier" value="170875"/>
        </identifiers>
        <balance>3131147.51000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3131147.51000000</valUSD>
        <pctVal>0.825108771231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXTENDED STAY AMERICA INC UNEQ USD.01 (1 UNIT = 1 COM + 1 REIT)</name>
        <lei>549300IESZBC3BJUJW64</lei>
        <title>EXTENDED STAY AMERICA INC UNEQ USD.01 (1 UNIT = 1 COM + 1 REIT)</title>
        <cusip>30224P200</cusip>
        <identifiers>
          <ticker value="STAY"/>
          <other otherDesc="Internal Identifier" value="563896"/>
        </identifiers>
        <balance>212590.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2310853.30000000</valUSD>
        <pctVal>0.608947780572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KILROY REALTY CORP REIT USD.01</name>
        <lei>549300CXXI18B214UN80</lei>
        <title>KILROY REALTY CORP REIT USD.01</title>
        <cusip>49427F108</cusip>
        <identifiers>
          <ticker value="KRC"/>
          <other otherDesc="Internal Identifier" value="44323"/>
        </identifiers>
        <balance>116684.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7264745.84000000</valUSD>
        <pctVal>1.914379790223</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>WEYERHAEUSER CO REIT USD1.25</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>WEYERHAEUSER CO REIT USD1.25</title>
        <cusip>962166104</cusip>
        <identifiers>
          <ticker value="WY"/>
          <other otherDesc="Internal Identifier" value="1364"/>
        </identifiers>
        <balance>150684.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3295459.08000000</valUSD>
        <pctVal>0.868407567340</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>REALTY INCOME CORP REAL ESTATE INVESTMENT TRUST USD1</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>REALTY INCOME CORP REAL ESTATE INVESTMENT TRUST USD1</title>
        <cusip>756109104</cusip>
        <identifiers>
          <ticker value="O"/>
          <other otherDesc="Internal Identifier" value="32166"/>
        </identifiers>
        <balance>219340.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12046152.80000000</valUSD>
        <pctVal>3.174359017943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS INC REIT USD.01</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>PROLOGIS INC REIT USD.01</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <ticker value="PLD"/>
          <other otherDesc="Internal Identifier" value="50251"/>
        </identifiers>
        <balance>332875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29702436.25000000</valUSD>
        <pctVal>7.827079560626</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>CAMDEN PROPERTY TRUST REIT USD.01</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>CAMDEN PROPERTY TRUST REIT USD.01</title>
        <cusip>133131102</cusip>
        <identifiers>
          <ticker value="CPT"/>
          <other otherDesc="Internal Identifier" value="29552"/>
        </identifiers>
        <balance>120746.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10634100.22000000</valUSD>
        <pctVal>2.802259982213</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 TRUST INC REIT USD1</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL REALTY TRUST INC REIT USD1</title>
        <cusip>253868103</cusip>
        <identifiers>
          <ticker value="DLR"/>
          <other otherDesc="Internal Identifier" value="319537"/>
        </identifiers>
        <balance>26528.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3965670.72000000</valUSD>
        <pctVal>1.045019336980</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 REIT USD1</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>WELLTOWER INC REIT USD1</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <ticker value="WELL"/>
          <other otherDesc="Internal Identifier" value="14805"/>
        </identifiers>
        <balance>149743.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7671333.89000000</valUSD>
        <pctVal>2.021522416133</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 PROPERTIES INC REIT USD.01</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>EQUITY LIFESTYLE PROPERTIES INC REIT USD.01</title>
        <cusip>29472R108</cusip>
        <identifiers>
          <ticker value="ELS"/>
          <other otherDesc="Internal Identifier" value="30008"/>
        </identifiers>
        <balance>221641.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13367168.71000000</valUSD>
        <pctVal>3.522468396628</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>MGM GROWTH PROPERTIES LLC REIT USD NPV CL A</name>
        <lei>549300E2UGIBHWE12262</lei>
        <title>MGM GROWTH PROPERTIES LLC REIT USD NPV CL A</title>
        <cusip>55303A105</cusip>
        <identifiers>
          <ticker value="MGP"/>
          <other otherDesc="Internal Identifier" value="632005"/>
        </identifiers>
        <balance>232461.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5851043.37000000</valUSD>
        <pctVal>1.541845981393</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>AMERICAN TOWER CORP REIT USD0.01</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP REIT USD0.01</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <ticker value="AMT"/>
          <other otherDesc="Internal Identifier" value="63153"/>
        </identifiers>
        <balance>125995.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29986810.00000000</valUSD>
        <pctVal>7.902016712161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBRE GROUP INC COM USD1</name>
        <lei>52990016II9MJ2OSWA10</lei>
        <title>CBRE GROUP INC COM USD1</title>
        <cusip>12504L109</cusip>
        <identifiers>
          <ticker value="CBRE"/>
          <other otherDesc="Internal Identifier" value="307292"/>
        </identifiers>
        <balance>82885.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3558253.05000000</valUSD>
        <pctVal>0.937658092581</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>LIFE STORAGE INC REIT USD.01</name>
        <lei>W9EE01AFDDF9DQCQZC68</lei>
        <title>LIFE STORAGE INC REIT USD.01</title>
        <cusip>53223X107</cusip>
        <identifiers>
          <ticker value="LSI"/>
          <other otherDesc="Internal Identifier" value="53117"/>
        </identifiers>
        <balance>19957.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1748033.63000000</valUSD>
        <pctVal>0.460635558022</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>BOSTON PROPERTIES INC REIT USD.01</name>
        <lei>549300OF70FSEUQBT254</lei>
        <title>BOSTON PROPERTIES INC REIT USD.01</title>
        <cusip>101121101</cusip>
        <identifiers>
          <ticker value="BXP"/>
          <other otherDesc="Internal Identifier" value="47017"/>
        </identifiers>
        <balance>60419.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5871518.42000000</valUSD>
        <pctVal>1.547241493196</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>SBA COMMUNICATIONS CORP REIT USD NPV CLASS A</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA COMMUNICATIONS CORP REIT USD NPV CLASS A</title>
        <cusip>78410G104</cusip>
        <identifiers>
          <ticker value="SBAC"/>
          <other otherDesc="Internal Identifier" value="657956"/>
        </identifiers>
        <balance>77842.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22567952.64000000</valUSD>
        <pctVal>5.947026006452</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>VEREIT INC REIT USD.01</name>
        <lei>5493002H54FNIBW75H44</lei>
        <title>VEREIT INC REIT USD.01</title>
        <cusip>92339V100</cusip>
        <identifiers>
          <ticker value="VER"/>
          <other otherDesc="Internal Identifier" value="542070"/>
        </identifiers>
        <balance>1224592.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6710764.16000000</valUSD>
        <pctVal>1.768396523127</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>FIRST INDUSTRIAL REALTY TRUST INC REIT USD.01</name>
        <lei>N/A</lei>
        <title>FIRST INDUSTRIAL REALTY TRUST INC REIT USD.01</title>
        <cusip>32054K103</cusip>
        <identifiers>
          <ticker value="FR"/>
          <other otherDesc="Internal Identifier" value="53039"/>
        </identifiers>
        <balance>81059.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3061598.43000000</valUSD>
        <pctVal>0.806781446902</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 REIT USD.01</name>
        <lei>N6EL63S0K3PB1YFTDI24</lei>
        <title>HOST HOTELS &amp; RESORTS INC REIT USD.01</title>
        <cusip>44107P104</cusip>
        <identifiers>
          <ticker value="HST"/>
          <other otherDesc="Internal Identifier" value="29888"/>
        </identifiers>
        <balance>285233.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3511218.23000000</valUSD>
        <pctVal>0.925263645366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVALONBAY COMMUNITIES INC REAL ESTATE INVESTMENT TRUST USD.01</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AVALONBAY COMMUNITIES INC REAL ESTATE INVESTMENT TRUST USD.01</title>
        <cusip>053484101</cusip>
        <identifiers>
          <ticker value="AVB"/>
          <other otherDesc="Internal Identifier" value="29489"/>
        </identifiers>
        <balance>94612.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15417025.40000000</valUSD>
        <pctVal>4.062639285826</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>REXFORD INDUSTRIAL REALTY INC REIT USD.01</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDUSTRIAL REALTY INC REIT USD.01</title>
        <cusip>76169C100</cusip>
        <identifiers>
          <ticker value="REXR"/>
          <other otherDesc="Internal Identifier" value="555082"/>
        </identifiers>
        <balance>227876.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9279110.72000000</valUSD>
        <pctVal>2.445198004837</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 REIT USD.1</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE REIT USD.1</title>
        <cusip>74460D109</cusip>
        <identifiers>
          <ticker value="PSA"/>
          <other otherDesc="Internal Identifier" value="30332"/>
        </identifiers>
        <balance>37672.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6986272.40000000</valUSD>
        <pctVal>1.840997467236</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 REIT USD 0.01</name>
        <lei>N/A</lei>
        <title>TERRENO REALTY CORP REIT USD 0.01</title>
        <cusip>88146M101</cusip>
        <identifiers>
          <ticker value="TRNO"/>
          <other otherDesc="Internal Identifier" value="461768"/>
        </identifiers>
        <balance>53824.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2950631.68000000</valUSD>
        <pctVal>0.777539886596</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 REIT USD.01</name>
        <lei>N/A</lei>
        <title>EXTRA SPACE STORAGE INC REIT USD.01</title>
        <cusip>30225T102</cusip>
        <identifiers>
          <ticker value="EXR"/>
          <other otherDesc="Internal Identifier" value="312256"/>
        </identifiers>
        <balance>149725.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13211734.00000000</valUSD>
        <pctVal>3.481508798856</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>RETAIL PROPERTIES OF AMERICA INC REIT USD.001 CLASS A</name>
        <lei>549300OVTYLM7DH6CM14</lei>
        <title>RETAIL PROPERTIES OF AMERICA INC REIT USD.001 CLASS A</title>
        <cusip>76131V202</cusip>
        <identifiers>
          <ticker value="RPAI"/>
          <other otherDesc="Internal Identifier" value="518156"/>
        </identifiers>
        <balance>381278.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2363923.60000000</valUSD>
        <pctVal>0.622932675848</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>ALEXANDRIA REAL ESTATE EQUITIES INC REIT USD.01</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>ALEXANDRIA REAL ESTATE EQUITIES INC REIT USD.01</title>
        <cusip>015271109</cusip>
        <identifiers>
          <ticker value="ARE"/>
          <other otherDesc="Internal Identifier" value="46597"/>
        </identifiers>
        <balance>110560.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17367870.40000000</valUSD>
        <pctVal>4.576718969288</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>
    </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>2020-05-30</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>
</edgarSubmission>
