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FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
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Schedule
of
Investments
(unaudited)
Franklin
Real
Estate
Securities
Fund
2
Notes
to
Schedule
of
Investments
4
Franklin
Real
Estate
Securities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Real
Estate
Securities
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
99.0%
Data
Center
REITs
12.0%
Digital
Realty
Trust,
Inc.
................................
United
States
61,187
$
11,534,973
Equinix,
Inc.
.........................................
United
States
17,228
17,560,156
29,095,129
Diversified
REITs
3.0%
Broadstone
Net
Lease,
Inc.
..............................
United
States
135,847
2,908,484
CTO
Realty
Growth,
Inc.
................................
United
States
57,876
1,271,536
Essential
Properties
Realty
Trust,
Inc.
......................
United
States
98,944
3,095,958
7,275,978
Health
Care
REITs
18.9%
Healthpeak
Properties,
Inc.
..............................
United
States
168,194
3,671,675
Janus
Living,
Inc.
,
A-1
..................................
United
States
71,005
2,145,061
Sabra
Health
Care
REIT,
Inc.
............................
United
States
160,901
3,406,274
Ventas,
Inc.
..........................................
United
States
92,714
8,669,686
Welltower,
Inc.
.......................................
United
States
120,449
28,238,064
46,130,760
Hotel
&
Resort
REITs
1.5%
Ryman
Hospitality
Properties,
Inc.
.........................
United
States
27,775
3,712,129
Industrial
REITs
12.0%
EastGroup
Properties,
Inc.
..............................
United
States
24,016
5,019,584
First
Industrial
Realty
Trust,
Inc.
..........................
United
States
53,662
3,533,106
Prologis,
Inc.
.........................................
United
States
122,688
17,741,912
STAG
Industrial,
Inc.
...................................
United
States
74,701
2,858,060
29,152,662
Multi-Family
Residential
REITs
7.1%
AvalonBay
Communities,
Inc.
............................
United
States
44,820
8,319,040
Camden
Property
Trust
.................................
United
States
63,054
6,987,014
Independence
Realty
Trust,
Inc.
..........................
United
States
122,070
2,030,024
17,336,078
Office
REITs
2.7%
Cousins
Properties,
Inc.
................................
United
States
103,825
3,275,679
Highwoods
Properties,
Inc.
..............................
United
States
54,111
1,792,697
SL
Green
Realty
Corp.
.................................
United
States
29,498
1,561,329
6,629,705
Other
Specialized
REITs
3.0%
Iron
Mountain,
Inc.
....................................
United
States
59,630
7,293,942
Real
Estate
Services
2.4%
a
CBRE
Group,
Inc.
,
A
...................................
United
States
39,722
5,831,587
a
Retail
REITs
17.7%
Agree
Realty
Corp.
....................................
United
States
36,017
2,802,123
Brixmor
Property
Group,
Inc.
.............................
United
States
157,061
4,948,992
Federal
Realty
Investment
Trust
..........................
United
States
21,566
2,676,125
InvenTrust
Properties
Corp.
..............................
United
States
61,611
2,181,645
Macerich
Co.
(The)
....................................
United
States
123,470
3,190,465
NETSTREIT
Corp.
....................................
United
States
221,495
4,751,068
Realty
Income
Corp.
...................................
United
States
171,623
10,961,561
Regency
Centers
Corp.
.................................
United
States
42,202
3,388,399
Simon
Property
Group,
Inc.
..............................
United
States
36,193
8,301,588
43,201,966
Franklin
Real
Estate
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
Real
Estate
Securities
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Self-Storage
REITs
4.5%
CubeSmart
..........................................
United
States
79,863
$
3,311,120
Extra
Space
Storage,
Inc.
...............................
United
States
39,659
5,871,118
Smartstop
Self
Storage
REIT,
Inc.
.........................
United
States
51,928
1,741,665
10,923,903
Single-Family
Residential
REITs
4.8%
American
Homes
4
Rent
,
A
..............................
United
States
197,770
6,609,473
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
76,866
5,001,671
11,611,144
Telecom
Tower
REITs
8.4%
American
Tower
Corp.
..................................
United
States
92,160
15,976,858
Crown
Castle,
Inc.
.....................................
United
States
39,553
3,017,894
SBA
Communications
Corp.
,
A
...........................
United
States
8,075
1,461,413
20,456,165
Timber
REITs
1.0%
Weyerhaeuser
Co.
....................................
United
States
96,237
2,408,812
Total
Common
Stocks
(Cost
$
144,106,371
)
.....................................
241,059,960
Short
Term
Investments
1.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.2%
b,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
United
States
2,992,698
2,992,698
Total
Money
Market
Funds
(Cost
$
2,992,698
)
...................................
2,992,698
Total
Short
Term
Investments
(Cost
$
2,992,698
)
.................................
2,992,698
a
Total
Investments
(Cost
$
147,099,069
)
100.2
%
..................................
$244,052,658
Other
Assets,
less
Liabilities
(
0.2
)
%
...........................................
(504,376)
Net
Assets
100.0%
...........................................................
$243,548,282
See
Abbreviations
on
page
5
.
a
Non-income
producing.
b
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Real
Estate
Securities
Trust
Notes
to
Schedule
of
Investments
(unaudited)
4
Quarterly
Schedule
of
Investments
1.
Organization
Franklin
Real
Estate
Securities
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
one
fund,
Franklin
Real
Estate
Securities
Fund
(Fund).
The
Fund
follows the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
July
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Franklin
Real
Estate
Securities
Trust
Notes
to
Schedule
of
Investments
(unaudited)
5
Quarterly
Schedule
of
Investments
4. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At
July
31,
2026,
all
of
the Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 1
inputs.
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Abbreviations
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Real
Estate
Securities
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
............
$1,410,951
$8,995,661
$(7,413,914)
$—
$—
$2,992,698
2,992,698
$8,313
Total
Affiliated
Securities
...
$1,410,951
$8,995,661
$(7,413,914)
$—
$—
$2,992,698
$8,313
Selected
Portfolio
REIT
Real
Estate
Investment
Trust
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.