NPORT-P
    false
    
      
      
        
          0000912291
          XXXXXXXX
        
      
      
      
      
        S000006874
        C000018609
        C000018608
        C000018606
        C000128754
      
      
      
    
  
  
    
      Franklin Real Estate Securities Trust
      811-08034
      0000912291
      549300UEVN6WUJV43N19
      One Franklin Parkway
      San Mateo
      
      94403-1906
      650-312-2000
      Franklin Real Estate Securities Fund
      S000006874
      549300F4DXBDO2L51J81
      2021-04-30
      2021-04-30
      N
    
    
      452382369.61
      10495394.59
      441886975.02
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        CBRE Group, Inc.
        52990016II9MJ2OSWA10
        CBRE Group, Inc., Class A
        12504L109
        
          
          
        
        60806.00000000
        NS
        USD
        5180671.20000000
        1.172397353365
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Host Hotels & Resorts, Inc.
        N6EL63S0K3PB1YFTDI24
        Host Hotels & Resorts, Inc.
        44107P104
        
          
          
        
        398409.00000000
        NS
        USD
        7235107.44000000
        1.637320819350
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CoStar Group, Inc.
        N/A
        CoStar Group, Inc.
        22160N109
        
          
          
        
        1275.00000000
        NS
        USD
        1089398.25000000
        0.246533233967
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity LifeStyle Properties, Inc.
        529900PEQG66LENB6798
        Equity LifeStyle Properties, Inc.
        29472R108
        
          
          
        
        198677.00000000
        NS
        USD
        13788183.80000000
        3.120296496491
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SBA Communications Corp.
        5299001HX8ZN8Y8QIT49
        SBA Communications Corp.
        78410G104
        
          
          
        
        69784.00000000
        NS
        USD
        20915660.48000000
        4.733260236750
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spirit Realty Capital, Inc.
        549300LTU6LVPZSHMJ25
        Spirit Realty Capital, Inc.
        84860W300
        
          
          
        
        190009.00000000
        NS
        USD
        9033027.86000000
        2.044194187799
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Life Storage, Inc.
        W9EE01AFDDF9DQCQZC68
        Life Storage, Inc.
        53223X107
        
          
          
        
        46038.00000000
        NS
        USD
        4422410.28000000
        1.000801229726
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Howard Hughes Corp. (The)
        549300BVHY25JZC1KI49
        Howard Hughes Corp. (The)
        44267D107
        
          
          
        
        35165.00000000
        NS
        USD
        3795710.10000000
        0.858977592591
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden Property Trust
        5493002MYX22OHYJBD89
        Camden Property Trust
        133131102
        
          
          
        
        98004.00000000
        NS
        USD
        11807521.92000000
        2.672068331379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Homes 4 Rent
        549300ZJUO7A58PNUW40
        American Homes 4 Rent, Class A
        02665T306
        
          
          
        
        411070.00000000
        NS
        USD
        15226032.80000000
        3.445684906035
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthcare Realty Trust, Inc.
        549300CB86LH2IOKHH22
        Healthcare Realty Trust, Inc.
        421946104
        
          
          
        
        183227.00000000
        NS
        USD
        5892580.32000000
        1.333503962123
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simon Property Group, Inc.
        529900GQL5X8H7AO3T64
        Simon Property Group, Inc.
        828806109
        
          
          
        
        59498.00000000
        NS
        USD
        7243286.52000000
        1.639171763248
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        City Office REIT, Inc.
        5493003J7157VP25NL57
        City Office REIT, Inc.
        178587101
        
          
          
        
        121478.00000000
        NS
        USD
        1327754.54000000
        0.300473789692
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UDR, Inc.
        P3CH2EG5X6Z1XWU1OO74
        UDR, Inc.
        902653104
        
          
          
        
        292960.00000000
        NS
        USD
        13607992.00000000
        3.079518693526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Weyerhaeuser Co.
        08IRJODWFYBI7QWRGS31
        Weyerhaeuser Co.
        962166104
        
          
          
        
        371897.00000000
        NS
        USD
        14418446.69000000
        3.262926382780
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Regency Centers Corp.
        529900053A7X7FJ97S58
        Regency Centers Corp.
        758849103
        
          
          
        
        176536.00000000
        NS
        USD
        11238281.76000000
        2.543248023884
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cousins Properties, Inc.
        5493007XPYD5EJABN062
        Cousins Properties, Inc.
        222795502
        
          
          
        
        245348.00000000
        NS
        USD
        8996911.16000000
        2.036020898690
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kilroy Realty Corp.
        549300CXXI18B214UN80
        Kilroy Realty Corp.
        49427F108
        
          
          
        
        104591.00000000
        NS
        USD
        7168667.14000000
        1.622285232479
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RPT Realty
        549300T03GDH1L37S188
        RPT Realty
        74971D101
        
          
          
        
        154610.00000000
        NS
        USD
        1965093.10000000
        0.444704915756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Realty Income Corp.
        549300CUWDAUZSH43859
        Realty Income Corp.
        756109104
        
          
          
        
        196611.00000000
        NS
        USD
        13595650.65000000
        3.076725818719
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Weingarten Realty Investors
        549300JMKTJNB8GWHU88
        Weingarten Realty Investors
        948741103
        
          
          
        
        134374.00000000
        NS
        USD
        4345655.16000000
        0.983431376270
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexandria Real Estate Equities, Inc.
        MGCJBT4MKTQBVLNUIS88
        Alexandria Real Estate Equities, Inc.
        015271109
        
          
          
        
        86835.00000000
        NS
        USD
        15725818.50000000
        3.558787515583
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rexford Industrial Realty, Inc.
        549300MSLO0DF0EMX355
        Rexford Industrial Realty, Inc.
        76169C100
        
          
          
        
        204265.00000000
        NS
        USD
        11346920.75000000
        2.567833267655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crown Castle International Corp.
        54930012H97VSM0I2R19
        Crown Castle International Corp.
        22822V101
        
          
          
        
        137117.00000000
        NS
        USD
        25923340.02000000
        5.866509194761
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGM Growth Properties LLC
        549300E2UGIBHWE12262
        MGM Growth Properties LLC, Class A
        55303A105
        
          
          
        
        208374.00000000
        NS
        USD
        7505631.48000000
        1.698541008062
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Welltower, Inc.
        T6IZ0MBEG5ACZDTR7D06
        Welltower, Inc.
        95040Q104
        
          
          
        
        134225.00000000
        NS
        USD
        10070901.75000000
        2.279067345115
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities, Inc.
        K9G90K85RBWD2LAGQX17
        AvalonBay Communities, Inc.
        053484101
        
          
          
        
        86221.00000000
        NS
        USD
        16554432.00000000
        3.746304583711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Americold Realty Trust
        549300R7N1V5YV8MWH02
        Americold Realty Trust
        03064D108
        
          
          
        
        171125.00000000
        NS
        USD
        6911738.75000000
        1.564141769439
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Terreno Realty Corp.
        N/A
        Terreno Realty Corp.
        88146M101
        
          
          
        
        104124.00000000
        NS
        USD
        6718080.48000000
        1.520316474522
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Public Storage
        549300LMZF40TKJ6DM64
        Public Storage
        74460D109
        
          
          
        
        36100.00000000
        NS
        USD
        10149876.00000000
        2.296939392599
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prologis, Inc.
        529900DFH19P073LZ636
        Prologis, Inc.
        74340W103
        
          
          
        
        294759.00000000
        NS
        USD
        34348266.27000000
        7.773088642960
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ryman Hospitality Properties, Inc.
        529900GCCWW9SRMPJR11
        Ryman Hospitality Properties, Inc.
        78377T107
        
          
          
        
        47275.00000000
        NS
        USD
        3718178.75000000
        0.841432076569
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boston Properties, Inc.
        549300OF70FSEUQBT254
        Boston Properties, Inc.
        101121101
        
          
          
        
        45858.00000000
        NS
        USD
        5014572.30000000
        1.134808804847
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Douglas Emmett, Inc.
        N/A
        Douglas Emmett, Inc.
        25960P109
        
          
          
        
        67004.00000000
        NS
        USD
        2247314.16000000
        0.508572165970
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Broadstone Net Lease, Inc.
        N/A
        Broadstone Net Lease, Inc.
        11135E203
        
          
          
        
        159438.00000000
        NS
        USD
        3217458.84000000
        0.728118053231
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Summit Hotel Properties, Inc.
        254900OBQWJK6X20LS71
        Summit Hotel Properties, Inc.
        866082100
        
          
          
        
        213887.00000000
        NS
        USD
        2175230.79000000
        0.492259539874
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties, Inc.
        N/A
        Hudson Pacific Properties, Inc.
        444097109
        
          
          
        
        128910.00000000
        NS
        USD
        3623660.10000000
        0.820042296977
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VEREIT, Inc.
        5493002H54FNIBW75H44
        VEREIT, Inc.
        92339V308
        
          
          
        
        206765.00000000
        NS
        USD
        9891637.60000000
        2.238499471398
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Institutional Fiduciary Trust - Money Market Portfolio
        549300M4TP89K77LG374
        Institutional Fiduciary Trust - Money Market Portfolio
        457756500
        
          
          
        
        2264699.29100000
        NS
        USD
        2264699.29000000
        0.512506459349
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthpeak Properties, Inc.
        PZ9HF5U52KPF0MH0QN75
        Healthpeak Properties, Inc.
        42250P103
        
          
          
        
        440307.00000000
        NS
        USD
        15120142.38000000
        3.421721669735
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Tower Corp.
        5493006ORUSIL88JOE18
        American Tower Corp.
        03027X100
        
          
          
        
        102902.00000000
        NS
        USD
        26216342.54000000
        5.932816313224
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QTS Realty Trust, Inc.
        5493006PA4CJK4OG2J54
        QTS Realty Trust, Inc., Class A
        74736A103
        
          
          
        
        100262.00000000
        NS
        USD
        6666420.38000000
        1.508625679609
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Extra Space Storage, Inc.
        N/A
        Extra Space Storage, Inc.
        30225T102
        
          
          
        
        40585.00000000
        NS
        USD
        6034583.65000000
        1.365639629845
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equinix, Inc.
        549300EVUN2BTLJ3GT74
        Equinix, Inc.
        29444U700
        
          
          
        
        39718.00000000
        NS
        USD
        28627145.68000000
        6.478386397042
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-06-01
      Franklin Real Estate Securities Trust
      Robert Kubilis
      Robert Kubilis
      Chief Financial Officer, Chief Accounting Officer and Treasurer