# EDGAR Filing Document

**Accession Number:** 0000912291
**File Stem:** 0001752724-23-067942
**Filing Date:** 2023-3
**Character Count:** 47031
**Document Hash:** 2a15349784ee2cf720d1be93209ddbaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067942.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067942

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN REAL ESTATE SECURITIES TRUST
- **CENTRAL INDEX KEY:** 0000912291
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08034
- **FILM NUMBER:** 23764129

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

## Series and Classes Contracts Data

### FRANKLIN REAL ESTATE SECURITIES FUND (Series ID: S000006874)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018606 | CLASS A       | FREEX           |
| C000018608 | CLASS C       | FRRSX           |
| C000018609 | ADVISOR CLASS | FRLAX           |
| C000128754 | Class R6      | FSERX           |

## Nport-Ex

# 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), January 31, 2023

Not FDIC Insured | May Lose Value | No Bank Guarantee

100 (2) 1

1

# **Franklin Real Estate Securities Fund**

|  | Country | Shares | Value |
| --- | --- | --- | --- |
| Common Stocks 99.3% |  |  |  |
| Diversified REITs 0.6% |  |  |  |
| Broadshaw Net Lease, Inc. | United States | 134,721 | $2,439,787 |
| Health Care REITs 7.0% |  |  |  |
| Healthcare Realty Trust, Inc. | United States | 184,332 | 3,968,668 |
| Healthpeak Properties, Inc. | United States | 222,075 | 8,102,021 |

2 | Quarterly Schedule of Investments | See Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Real Estate Securities Fund (continued)

| Sabra Health Care REIT, Inc. | United States | 29,000 Shares | 2,640,625 Value |
| --- | --- | --- | --- |
| Wellington, Inc. | United States | 184,818 | 13,866,743 |
| Common Stocks (continued) |  |  |  |
| Specialized REITs (continued) |  |  |  |
| Hotel & Hotel REITs, Inc. | United States | 71,033 | $21,812,596 |
| Hotel REITs & Hospitality Corp. | United States | 420,900,730 | 7,618,781,467 |
| Ryman & Company Properties, Inc. | United States | 10,000,679 | 5,628,889,064 |
| Weyerhaeuser Co. | United States | 244,739 | 4,628,364 |
|  |  |  | 13,562,953 |
|  |  |  | 139,268,783 |

FRANKLIN REAL ESTATE SECURITIES TRUST

See Notes to Schedule of Investments. 1 Quarterly Schedule of Investments 2

Industrial P&Ts 15.1%
Accounting and Accounting Standards (Cost $254,962,269) ... United States ... 137,044 ... 4,287,632,120
Financial and Financial Services (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as amended 1947
and, in the investment company, consisting of one fund, Franklin Real Estate Securities (FARM) and the Trust of the
the accounting and accounting standards of the Financial Accounting Standards Board (FASB) Accounting Standard Codification
Topic 949, Financial Services - Investment Companies (ASC 946) and applies the specialized accounting and reporting
gastrointestinal and food processing operations (U.S. GAAP), including, but not limited to, ASC 945.

FRANKLIN REAL ESTATE SECURITIES TRUST

# Notes to Schedule of Investments (unaudited)

# 1. Organization

2 Quarterly Schedule of Investments

NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED)[{"box_2d": [21, 77, 530, 146], "label": "table", "caption": "<table><tr><td>As of 1/31/2018</td><td>As of 1/31/2019</td><td>As of 1/31/2020</td><td>As of 1/31/2021</td><td>As of 1/31/2022</td><td>As of 1/31/2023</td><td>As of 1/31/2024</td><td>As of 1/31/2025</td><td>As of 1/31/2026</td><td>As of 1/31/2027</td><td>As of 1/31/2028</td><td>As of 1/31/2029</td><td>As of 1/31/2030</td><td>As of 1/31/2031</td><td>As of 1/31/2032</td><td>As of 1/31/2033</td><td>As of 1/31/2034</td><td>As of 1/31/2035</td><td>As of 1/31/2036</td><td>As of 1/31/2037</td><td>As of 1/31/2038</td><td>As of 1/31/2039</td><td>As of 1/31/2040</td><td>As of 1/31/2041</td><td>As of 1/31/2042</td><td>As of 1/31/2043</td><td>As of 1/31/2044</td><td>As of 1/31/2045</td><td>As of 1/31/2046</td><td>As of 1/31/2047</td><td>As of 1/31/2048</td><td>As of 1/31/2049</td><td>As of 1/31/2050</td><td>As of 1/31/2051</td><td>As of 1/31/2052</td><td>As of 1/31/2053</td><td>As of 1/31/2054</td><td>As of 1/31/2055</td><td>As of 1/31/2056</td><td>As of 1/31/2057</td><td>As of 1/31/2058</td><td>As of 1/31/2059</td><td>As of 1/31/2060</td><td>As of 1/31/2061</td><td>As of 1/31/2062</td><td>As of 1/31/2063</td><td>As of 1/31/2064</td><td>As of 1/31/2065</td><td>As of 1/31/2066</td><td>As of 1/31/2067</td><td>As of 1/31/2068</td><td>As of 1/31/2069</td><td>As of 1/31/2070</td><td>As of 1/31/2071</td><td>As of 1/31/2072</td><td>As of 1/31/2073</td><td>As of 1/31/2074</td><td>As of 1/31/2075</td><td>As of 1/31/2076</td><td>As of 1/31/2077</td><td>As of 1/31/2078</td><td>As of 1/31/2079</td><td>As of 1/31/2080</td><td>As of 1/31/2081</td><td>As of 1/31/2082</td><td>As of 1/31/2083</td><td>As of 1/31/2084</td><td>As of 1/31/2085</td><td>As of 1/31/2086</td><td>As of 1/31/2087</td><td>As of 1/31/2088</td><td>As of 1/31/2089</td><td>As of 1/31/2090</td><td>As of 1/31/2091</td><td>As of 1/31/2092</td><td>As of 1/31/2093</td><td>As of 1/31/2094</td><td>As of 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1/31/2505</td><td>As of 1/31/2506</td><td>As of 1/31/2507</td><td>As of 1/31/2508</td><td>As of 1/31/2509</td><td>As of 1/31/2510</td><td>As of 1/31/2511</td><td>As of 1/31/2512</td><td>As of 1/31/2513</td><td>As of 1/31/2514</td><td>As of 1/31/2515</td><td>As of 1/31/2516</td><td>As of 1/31/2517</td><td>As of 1/31/2518</td><td>As of 1/31/2519</td><td>As of 1/31/2520</td><td>As of 1/31/2521</td><td>As of 1/31/2522</td><td>As of 1/31/2523</td><td>As of 1/31/2524</td><td>As of 1/31/2525</td><td>As of 1/31/2526</td><td>As of 1/31/2527</td><td>As of 1/31/2528</td><td>As of 1/31/2529</td><td>As of 1/31/2530</td><td>As of 1/31/2531</td><td>As of 1/31/2532</td><td>As of 1/31/2533</td><td>As of 1/31/2534</td><td>As of 1/31/2535</td><td>As of 1/31/2536</td><td>As of 1/31/2537</td><td>As of 1/31/2538</td><td>As of 1/31/2539</td><td>As of 1/31/2540</td><td>As of 1/31/2541</td><td>As of 1/31/2542</td><td>As of 1/31/2543</td><td>As of 1/31/2544</td><td>As of 1/31/2545</td><td>As of 1/31/2546</td><td>As of 1/31/2547</td><td>As of 1/31/2548</td><td>As of 1/31/2549</td><td>As of 1/31/2550</td><td>As of 1/31/2551</td><td>As of 1/31/2552</td><td>As of 1/31/2553</td><td>As of 1/31/2554</td><td>As of 1/31/2555</td><td>As of 1/31/2556</td><td>As of 1/31/2557</td><td>As of 1/31/2558</td><td>As of 1/31/2559</td><td>As of 1/31/2560</td><td>As of 1/31/2561</td><td>As of 1/31/2562</td><td>As of 1/31/2563</td><td>As of 1/31/2564</td><td>As of 1/31/2565</td><td>As of 1/31/2566</td><td>As of 1/31/2567</td><td>As of 1/31/2568</td><td>As of 1/31/2569</td><td>As of 1/31/2570</td><td>As of 1/31/2571</td><td>As of 1/31/2572</td><td>As of 1/31/2573</td><td>As of 1/31/2574</td><td>As of 1/31/2575</td><td>As of 1/31/2576</td><td>As of 1/31/2577</td><td>As of 1/31/2578</td><td>As of 1/31/2579</td><td>As of 1/31/2580</td><td>As of 1/31/2581</td><td>As of 1/31/2582</td><td>As of 1/31/2583</td><td>As of 1/31/2584</td><td>As of 1/31/2585</td><td>As of 1/31/2586</td><td>As of 1/31/2587</td><td>As of 1/31/2588</td><td>As of 1/31/2589</td><td>As of 1/31/2590</td><td>As of 1/31/2591</td><td>As of 1/31/2592</td><td>As of 1/31/2593</td><td>As of 1/31/2594</td><td>As of 1/31/2595</td><td>As of 1/31/2596</td><td>As of 1/31/2597</td><td>As of 1/31/2598</td><td>As of 1/31/2599</td><td>As of 1/31/2600</td><td>As of 1/31/2601</td><td>As of 1/31/2602</td><td>As of 1/31/2603</td><td>As of 1/31/2604</td><td>As of 1/31/2605</td><td>As of 1/31/2606</td><td>As of 1/31/2607</td><td>As of 1/31/2608</td><td>As of 1/31/2609</td><td>As of 1/31/2610</td><td>As of 1/31/2611</td><td>As of 1/31/2612</td><td>As of 1/31/2613</td><td>As of 1/31/2614</td><td>As of 1/31/2615</td><td>As of 1/31/2616</td><td>As of 1/31/2617</td><td>As of 1/31/2618</td><td>As of 1/31/2619</td><td>As of 1/31/2620</td><td>As of 1/31/2621</td><td>As of 1/31/2622</td><td>As of 1/31/2623</td><td>As of 1/31/2624</td><td>As of 1/31/2625</td><td>As of 1/31/2626</td><td>As of 1/31/2627</td><td>As of 1/31/2628</td><td>As of 1/31/2629</td><td>As of 1/31/2630</td><td>As of 1/31/2631</td><td>As of 1/31/2632</td><td>As of 1/31/2633</td><td>As of 1/31/2634</td><td>As of 1/31/2635</td><td>As of 1/31/2636</td><td>As of 1/31/2637</td><td>As of 1/31/2638</td><td>As of 1/31/2639</td><td>As of 1/31/2640</td><td>As of 1/31/2641</td><td>As of 1/31/2642</td><td>As of 1/31/2643</td><td>As of 1/31/2644</td><td>As of 1/31/2645</td><td>As of 1/31/2646</td><td>As of 1/31/2647</td><td>As of 1/31/2648</td><td>As of 1/31/2649</td><td>As of 1/31/2650</td><td>As of 1/31/2651</td><td>As of 1/31/2652</td><td>As of 1/31/2653</td><td>As of 1/31/2654</td><td>As of 1/31/2655</td><td>As of 1/31/2656</td><td>As of 1/31/2657</td><td>As of 1/31/2658</td><td>As of 1/31/2659</td><td>As of 1/31/2660</td><td>As of 1/31/2661</td><td>As of 1/31/2662</td><td>As of 1/31/2663</td><td>As of 1/31/2664</td><td>As of 1/31/2665</td><td>As of 1/31/2666</td><td>As of 1/31/2667</td><td>As of 1/31/2668</td><td>As of 1/31/2669</td><td>As of 1/31/2670</td><td>As of 1/31/2671</td><td>As of 1/31/2672</td><td>As of 1/31/2673</td><td>As of 1/31/2674</td><td>As of 1/31/2675</td><td>As of 1/31/2676</td><td>As of 1/31/2677</td><td>As of 1/31/2678</td><td>As of 1/31/2679</td><td>As of 1/31/2680</td><td>As of 1/31/2681</td><td>As of 1/31/2682</td><td>As of 1/31/2683</td><td>As of 1/31/2684</td><td>As of 1/31/2685</td><td>As of 1/31/2686</td><td>As of 1/31/2687</td><td>As of 1/31/2688</td><td>As of 1/31/2689</td><td>As of 1/31/2690</td><td>As of 1/31/2691</td><td>As of 1/31/2692</td><td>As of 1/31/2693</td><td>As of 1/31/2694</td><td>As of 1/31/2695</td><td>As of 1/31/2696</td><td>As of 1/31/2697</td><td>As of 1/31/2698</td><td>As of 1/31/2699</td><td>As of 1/31/2700</td><td>As of 1/31/2701</td><td>As of 1/31/2702</td><td>As of 1/31/2703</td><td>As of 1/31/2704</td><td>As of 1/31/2705</td><td>As of 1/31/2706</td><td>As of 1/31/2707</td><td>As of 1/31/2708</td><td>As of 1/31/2709</td><td>As of 1/31/2710</td><td>As of 1/31/2711</td><td>As of 1/31/2712</td><td>As of 1/31/2713</td><td>As of 1/31/2714</td><td>As of 1/31/2715</td><td>As of 1/31/2716</td><td>As of 1/31/2717</td><td>As of 1/31/2718</td><td>As of 1/31/2719</td><td>As of 1/31/2720</td><td>As of 1/31/2721</td><td>As of 1/31/2722</td><td>As of 1/31/2723</td><td>As of 1/31/2724</td><td>As of 1/31/2725</td><td>As of 1/31/2726</td><td>As of 1/31/2727</td><td>As of 1/31/2728</td><td>As of 1/31/2729</td><td>As of 1/31/2730</td><td>As of 1/31/2731</td><td>As of 1/31/2732</td><td>As of 1/31/2733</td><td>As of 1/31/2734</td><td>As of 1/31/2735</td><td>As of 1/31/2736</td><td>As of 1/31/2737</td><td>As of 1/31/2738</td><td>As of 1/31/2739</td><td>As of 1/31/2740</td><td>As of 1/31/2741</td><td>As of 1/31/2742</td><td>As of 1/31/2743</td><td>As of 1/31/2744</td><td>As of 1/31/2745</td><td>As of 1/31/2746</td><td>As of 1/31/2747</td><td>As of 1/31/2748</td><td>As of 1/31/2749</td><td>As of 1/31/2750</td><td>As of 1/31/2751</td><td>As of 1/31/2752</td><td>As of 1/31/2753</td><td>As of 1/31/2754</td><td>As of 1/31/2755</td><td>As of 1/31/2756</td><td>As of 1/31/2757</td><td>As of 1/31/2758</td><td>As of 1/31/2759</td><td>As of 1/31/2760</td><td>As of 1/31/2761</td><td>As of 1/31/2762</td><td>As of 1/31/2763</td><td>As of 1/31/2764</td><td>As of 1/31/2765</td><td>As of 1/31/2766</td><td>As of 1/31/2767</td><td>As of 1/31/2768</td><td>As of 1/31/2769</td><td>As of 1/31/2770</td><td>As of 1/31/2771</td><td>As of 1/31/2772</td><td>As of 1/31/2773</td><td>As of 1/31/2774</td><td>As of 1/31/2775</td><td>As of 1/31/2776</td><td>As of 1/31/2777</td><td>As of 1/31/2778</td><td>As of 1/31/2779</td><td>As of 1/31/2780</td><td>As of 1/31/2781</td><td>As of 1/31/2782</td><td>As of 1/31/2783</td><td>As of 1/31/2784</td><td>As of 1/31/2785</td><td>As of 1/31/2786</td><td>As of 1/31/2787</td><td>As of 1/31/2788</td><td>As of 1/31/2789</td><td>As of 1/31/2790</td><td>As of 1/31/2791</td><td>As of 1/31/2792</td><td>As of 1/31/2793</td><td>As of 1/31/2794</td><td>As of 1/31/2795</td><td>As of 1/31/2796</td><td>As of 1/31/2797</td><td>As of 1/31/2798</td><td>As of 1/31/2799</td><td>As of 1/31/2800</td><td>As of 1/31/2801</td><td>As of 1/31/2802</td><td>As of 1/31/2803</td><td>As of 1/31/2804</td><td>As of 1/31/2805</td><td>As of 1/31/2806</td><td>As of 1/31/2807</td><td>As of 1/31/2808</td><td>As of 1/31/2809</td><td>As of 1/31/2810</td><td>As of 1/31/2811</td><td>As of 1/31/2812</td><td>As of 1/31/2813</td><td>As of 1/31/2814</td><td>As of 1/31/2815</td><td>As of 1/31/2816</td><td>As of 1/31/2817</td><td>As of 1/31/2818</td><td>As of 1/31/2819</td><td>As of 1/31/2820</td><td>As of 1/31/2821</td><td>As of 1/31/2822</td><td>As of 1/31/2823</td><td>As of 1/31/2824</td><td>As of 1/31/2825</td><td>As of 1/31/2826</td><td>As of 1/31/2827</td><td>As of 1/31/2828</td><td>As of 1/31/2829</td><td>As of 1/31/2830</td><td>As of 1/31/2831</td><td>As of 1/31/2832</td><td>As of 1/31/2833</td><td>As of 1/31/2834</td><td>As of 1/31/2835</td><td>As of 1/31/2836</td><td>As of 1/31/2837</td><td>As of 1/31/2838</td><td>As of 1/31/2839</td><td>As of 1/31/2840</td><td>As of 1/31/2841</td><td>As of 1/31/2842</td><td>As of 1/31/2843</td><td>As of 1/31/2844</td><td>As of 1/31/2845</td><td>As of 1/31/2846</td><td>As of 1/31/2847</td><td>As of 1/31/2848</td><td>As of 1/31/2849</td><td>As of 1/31/2850</td><td>As of 1/31/2851</td><td>As of 1/31/2852</td><td>As of 1/31/2853</td><td>As of 1/31/2854</td><td>As of 1/31/2855</td><td>As of 1/31/2856</td><td>As of 1/31/2857</td><td>As of 1/31/2858</td><td>As of 1/31/2859</td><td>As of 1/31/2860</td><td>As of 1/31/2861</td><td>As of 1/31/2862</td><td>As of 1/31/2863</td><td>As of 1/31/2864</td><td>As of 1/31/2865</td><td>As of 1/31/2866</td><td>As of 1/31/2867</td><td>As of 1/31/2868</td><td>As of 1/31/2869</td><td>As of 1/31/2870</td><td>As of 1/31/2871</td><td>As of 1/31/2872</td><td>As of 1/31/2873</td><td>As of 1/31/2874</td><td>As of 1/31/2875</td><td>As of 1/31/2876</td><td>As of 1/31/2877</td><td>As of 1/31/2878</td><td>As of 1/31/2879</td><td>As of 1/31/2880</td><td>As of 1/31/2881</td><td>As of 1/31/2882</td><td>As of 1/31/2883</td><td>As of 1/31/2884</td><td>As of 1/31/2885</td><td>As of 1/31/2886</td><td>As of 1/31/2887</td><td>As of 1/31/2888</td><td>As of 1/31/2889</td><td>As of 1/31/2890</td><td>As of 1/31/2891</td><td>As of 1/31/2892</td><td>As of 1/31/2893</td><td>As of 1/31/2894</td><td>As of 1/31/2895</td><td>As of 1/31/2896</td><td>As of 1/31/2897</td><td>As of 1/31/2898</td><td>As of 1/31/2899</td><td>As of 1/31/2900</td><td>As of 1/31/2901</td><td>As of 1/31/2902</td><td>As of 1/31/2903</td><td>As of 1/31/2904</td><td>As of 1/31/2905</td><td>As of 1/31/2906</td><td>As of 1/31/2907</td><td>As of 1/31/2908</td><td>As of 1/31/2909</td><td>As of 1/31/2910</td><td>As of 1/31/2911</td><td>As of 1/31/2912</td><td>As of 1/31/2913</td><td>As of 1/31/2914</td><td>As of 1/31/2915</td><td>As of 1/31/2916</td><td>As of 1/31/2917</td><td>As of 1/31/2918</td><td>As of 1/31/2919</td><td>As of 1/31/2920</td><td>As of 1/31/2921</td><td>As of 1/31/2922</td><td>As of 1/31/2923</td><td>As of 1/31/2924</td><td>As of 1/31/2925</td><td>As of 1/31/2926</td><td>As of 1/31/2927</td><td>As of 1/31/2928</td><td>As of 1/31/2929</td><td>As of 1/31/2930</td><td>As of 1/31/2931</td><td>As of 1/31/2932</td><td>As of 1/31/2933</td><td>As of 1/31/2934</td><td>As of 1/31/2935</td><td>As of 1/31/2936</td><td>As of 1/31/2937</td><td>As of 1/31/2938</td><td>As of 1/31/2939</td><td>As of 1/31/2940</td><td>As of 1/31/2941</td><td>As of 1/31/2942</td><td>As of 1/31/2943</td><td>As of 1/31/2944</td><td>As of 1/31/2945</td><td>As of 1/31/2946</td><td>As of 1/31/2947</td><td>As of 1/31/2948</td><td>As of 1/31/2949</td><td>As of 1/31/2950</td><td>As of 1/31/2951</td><td>As of 1/31/2952</td><td>As of 1/31/2953</td><td>As of 1/31/2954</td><td>As of 1/31/2955</td><td>As of 1/31/2956</td><td>As of 1/31/2957</td><td>As of 1/31/2958</td><td>As of 1/31/2959</td><td>As of 1/31/2960</td><td>As of 1/31/2961</td><td>As of 1/31/2962</td><td>As of 1/31/2963</td><td>As of 1/31/2964</td><td>As of 1/31/2965</td><td>As of 1/31/2966</td><td>As of 1/31/

CBRS Group, Inc. A United States 76,748 9,560,783
Not Assigned to the Company of Valuable: The Unclaimed Manager is Assisted by the Fund's Administrator in performing this unclaimed operation, leading the cross-functional Valuation Committee 2003. The Fund provides independent business services and financial instrument dealers, and valid market sources to determine fair values. Assisted
United States 76,279 9,767,473
Equity and other investment exchange or on the NASDAQ National Master's Index are valued at the last quoted sale price less than 0.1% or the other trading price of the day, respectively. Average equity securities are valued as of the price 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

substance/assess. Part 60,714,611
into 10 A.C. of the equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the
secution is 11.00% over-the-counter (DTC) 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 equity securities are valued based upon the market characteristics or relationships to the
secution in the value. United States 280,829 2,943,088
Sudan Property Group, Inc. United States 53,451 6,859,893
The Fund Values & the value herewith that during other foreign market data obtained from independent sources

SITE Centers Corp. United States 239,391 3,267,687
United States Capital Fund 1,000,000 1,000,000
United States Capital Fund 1,000,000 1,000,000
United States Capital Fund 1,000,000 1,000,000
The total tax on markets to be determined in the first three months of 2020. The tax on markets to be determined in the first three months of 2020. The tax on markets to be determined in the first three months of 2020. The tax on markets to be determined in the first three months of 2020. The tax on markets to be determined in the first three months of 2020. The tax on markets to be determined in the first three months of 2020. The tax on markets to be determined in the first three months

Equino, Inc. ... United States ... 24,146 ... 25,106,187
Investments: The fair values may differ significantly from the values that would have been used but an active market analysis.
1. (Note): "Significant unobtainable impact (including the Fund's own assumptions in determining the fair value of financial instruments)"
3. Investments in Affiliated Management Investment Companies
The Fund has been used in companies in addition to the total of 10,000,000 shares (including the Fund's own assumptions in determining the fair value of financial instruments).
It is designed to be a "Controlled Affiliate" of a fund where a fund opens, either directly or indirectly. This, or more of the affiliated funds, is required by 2007, will be used in accordance with the Fund's policy and the Fund's policy. The Fund's investment shares of less the assets to exercise control over management or policies of such fund. The Fund does not require, for detailed categories, see the accompanying Schedule of Investments.

invest for purposes of exercising a controlling influence over the management or policies. During the period ended January 31, 2023, the Fund held investments in affiliated management investment companies as follows:

# **Abbreviations**

# **Selected Portfolio**

**REIT** Real Estate Investment Trust

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Real Estate Securities Trust

- **b. Investment Company Act file number:** 811-08034

- **c. CIK number of Registrant:** 0000912291

- **d. LEI of Registrant:** 549300UEVN6WUJV43N19

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Real Estate Securities Fund

- **b. EDGAR series identifier (if any):** S000006874

- **c. LEI of Series:** 549300F4DXBDO2L51J81

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $380338685.78

**Total Liabilities:** $652094.78

**Net Assets:** $379686591.00

**Cash Not Reported:** $86102.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018609 | 6.74%                | -4.81%               | 10.23%               |
| Class ID C000018608 | 6.63%                | -4.94%               | 10.15%               |
| Class ID C000018606 | 6.68%                | -4.86%               | 10.23%               |
| Class ID C000128754 | 6.77%                | -4.82%               | 10.25%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $88554.90                | $23203792.53                               |
| Month 2  | $159967.39               | $-20044546.06                              |
| Month 3  | $1955162.83              | $33371764.23                               |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBRE Group, Inc.                                       | CBRE Group, Inc., Class A                              | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     76746 | NS      | $6562550.46   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts, Inc.                            | Host Hotels & Resorts, Inc.                            | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    420805 | NS      | $7932174.25   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                              | CubeSmart                                              | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109899 | NS      | $5032275.21   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties, Inc.                      | Equity LifeStyle Properties, Inc.                      | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    177133 | NS      | $12714606.74  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                               | SBA Communications Corp.                               | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     59730 | NS      | $17771466.90  | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital, Inc.                            | Spirit Realty Capital, Inc.                            | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |    175092 | NS      | $7683036.96   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust, Inc.                             | Digital Realty Trust, Inc.                             | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     40269 | NS      | $4615632.78   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp. (The)                              | Howard Hughes Corp. (The)                              | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |     42409 | NS      | $3625545.41   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                                  | Camden Property Trust                                  | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     79275 | NS      | $9767472.75   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                                  | American Homes 4 Rent, Class A                         | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    358550 | NS      | $12294679.50  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group, Inc.                             | Simon Property Group, Inc.                             | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     53401 | NS      | $6859892.46   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR, Inc.                                              | UDR, Inc.                                              | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    283163 | NS      | $12059912.17  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co.                                       | Weyerhaeuser Co.                                       | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    244739 | NS      | $8426363.77   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                                  | Regency Centers Corp.                                  | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    157192 | NS      | $10473702.96  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties, Inc.                               | Cousins Properties, Inc.                               | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |    199312 | NS      | $5465135.04   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp.                                    | Kilroy Realty Corp.                                    | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     62739 | NS      | $2574808.56   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| RPT Realty                                             | RPT Realty                                             | CUSIP: 74971D101<br>LEI: 549300T03GDH1L37S188 | Long             | EC               | CORP              | US        |    280829 | NS      | $2943087.92   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp.                                    | Realty Income Corp.                                    | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |    218280 | NS      | $14805932.40  | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                  | Alexandria Real Estate Equities, Inc.                  | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     77917 | NS      | $12524378.58  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust, Inc.                    | First Industrial Realty Trust, Inc.                    | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102232 | NS      | $5454077.20   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp.                                        | NETSTREIT Corp.                                        | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |    159926 | NS      | $3219310.38   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT, Inc.                           | Sabra Health Care REIT, Inc.                           | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    195617 | NS      | $2640829.50   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty, Inc.                        | Rexford Industrial Realty, Inc.                        | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    172853 | NS      | $10970979.91  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust, Inc.                        | Independence Realty Trust, Inc.                        | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    181511 | NS      | $3417852.13   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle, Inc.                                     | Crown Castle, Inc.                                     | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     97468 | NS      | $14435985.48  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower, Inc.                                        | Welltower, Inc.                                        | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    184818 | NS      | $13868742.72  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                            | AvalonBay Communities, Inc.                            | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     58950 | NS      | $10460088.00  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties, Inc.                                  | VICI Properties, Inc.                                  | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    428879 | NS      | $14659084.22  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust, Inc.                           | Americold Realty Trust, Inc.                           | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |    137544 | NS      | $4320257.04   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                         | Public Storage                                         | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |     71013 | NS      | $21612096.42  | 5.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                                         | Prologis, Inc.                                         | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    284624 | NS      | $36796190.72  | 9.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties, Inc.                     | Ryman Hospitality Properties, Inc.                     | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     60602 | NS      | $5629319.78   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust, Inc.                          | Healthcare Realty Trust, Inc.                          | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |    184332 | NS      | $3968667.96   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease, Inc.                             | Broadstone Net Lease, Inc.                             | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |    134721 | NS      | $2439797.31   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Institutional Fiduciary Trust - Money Market Portfolio | Institutional Fiduciary Trust - Money Market Portfolio | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |    862049 | NS      | $862049.31    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties, Inc.                            | Healthpeak Properties, Inc.                            | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |    222075 | NS      | $6102621.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                                   | American Tower Corp.                                   | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    109726 | NS      | $24511691.14  | 6.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp.                                     | SITE Centers Corp.                                     | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |    239391 | NS      | $3267687.15   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                          | Equinix, Inc.                                          | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     34146 | NS      | $25204186.98  | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** Franklin Real Estate Securities Trust

**Signature:** Ryan Wheeler

**Name of Signer:** Ryan Wheeler

**Title:** Assistant Treasurer