# EDGAR Filing Document

**Accession Number:** 0000912291
**File Stem:** 0001133228-25-014161
**Filing Date:** 2025-12
**Character Count:** 85792
**Document Hash:** d38bd7c9072092dd1925017f4a3de755
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014161.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001133228-25-014161

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN REAL ESTATE SECURITIES TRUST
- **CENTRAL INDEX KEY:** 0000912291

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08034
- **FILM NUMBER:** 251607366

**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           |

?xml version='1.0' encoding='ASCII'? 2025-11-1874200009800_FranklinRealEstateSecuritiesFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-08034**

**Franklin Real Estate Securities Trust**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **April 30**

Date of reporting period: **October 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Real Estate Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FREEX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Real Estate Securities Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $54 | 1.06% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $239135237 |
| **Total Number of Portfolio Holdings** | 42 |
| **Portfolio Turnover Rate** | 19.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5674img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Real Estate Securities Fund PAGE 1 192-STSR-1225

31.816.715.612.111.34.23.32.52.10.4 ------

---

| | |
|:---|:---|
| **Franklin Real Estate Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRRSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Real Estate Securities Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $91 | 1.81% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $239135237 |
| **Total Number of Portfolio Holdings** | 42 |
| **Portfolio Turnover Rate** | 19.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5672img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Real Estate Securities Fund PAGE 1 292-STSR-1225

31.816.715.612.111.34.23.32.52.10.4 ------

---

| | |
|:---|:---|
| **Franklin Real Estate Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FSERX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Real Estate Securities Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $33 | 0.66% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $239135237 |
| **Total Number of Portfolio Holdings** | 42 |
| **Portfolio Turnover Rate** | 19.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5673img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Real Estate Securities Fund PAGE 1 372-STSR-1225

31.816.715.612.111.34.23.32.52.10.4 ------

---

| | |
|:---|:---|
| **Franklin Real Estate Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRLAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Real Estate Securities Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $41 | 0.81% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $239135237 |
| **Total Number of Portfolio Holdings** | 42 |
| **Portfolio Turnover Rate** | 19.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5671img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Real Estate Securities Fund PAGE 1 692-STSR-1225

31.816.715.612.111.34.23.32.52.10.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Real

#### Estate

#### Securities

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

October

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 8
Notes

to

Financial

Statements

#### 11
Changes

In

and

Disagreements

with

Accountants

#### 19
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Real

Estate

Securities

Trust

Financial

Highlights

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.82

$16.00

$17.61

$21.91

$20.66

$17.11

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.21 0.16 0.33 0.31 0.09 0.14 Net

realized

and

unrealized

gains

(losses)

(0.13)

2.62 (1.03)

(3.97)

2.44 4.91 Total

from

investment

operations

........

0.08 2.78 (0.70)

(3.66)

2.53 5.05 Less

distributions

from:

Net

investment

income

..............

(0.08)

(0.41)

(0.36)

(0.23)

(0.18)

(0.21)

Net

realized

gains

.................

—

(1.55)

(0.55)

(0.41)

(1.10)

(1.29)

Total

distributions

...................

(0.08)

(1.96)

(0.91)

(0.64)

(1.28)

(1.50)

Net

asset

value,

end

of

period

..........

$16.82

$16.82

$16.00

$17.61

$21.91

$20.66

Total

return

c

.......................

0.50%

17.71%

(4.34)%

(16.70)%

11.99%

30.97%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

1.06%

1.03%

1.16%

f

1.05%

f

1.11%

1.07%

f

Net

investment

income

...............

2.44%

0.89%

1.94%

1.66%

0.41%

0.77%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$184,652

$198,076

$199,460

$262,766

$361,133

$318,415

Portfolio

turnover

rate

................

19.49%

28.21%

17.38%

10.69%

22.14%

19.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Real

Estate

Securities

Trust

Financial

Highlights

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.31

$14.72

$16.29

$20.39

$19.37

$16.12

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.13 0.02 0.19 0.15 (0.08)

—

c

Net

realized

and

unrealized

gains

(losses)

(0.11)

2.43 (0.95)

(3.69)

2.29 4.61 Total

from

investment

operations

........

0.02 2.45 (0.76)

(3.54)

2.21 4.61 Less

distributions

from:

Net

investment

income

..............

(0.05)

(0.31)

(0.26)

(0.15)

(0.09)

(0.07)

Net

realized

gains

.................

—

(1.55)

(0.55)

(0.41)

(1.10)

(1.29)

Total

distributions

...................

(0.05)

(1.86)

(0.81)

(0.56)

(1.19)

(1.36)

Net

asset

value,

end

of

period

..........

$15.28

$15.31

$14.72

$16.29

$20.39

$19.37

Total

return

d

.......................

0.12%

16.92%

(5.06)%

(17.38)%

11.13%

29.96%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

.........................

1.81%

1.77%

1.91%

g

1.80%

g

1.87%

1.82%

g

Net

investment

income

(loss)

..........

1.70%

0.14%

1.18%

0.89%

(0.38)%

0.02%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$4,318

$4,789

$5,988

$9,132

$17,704

$23,912

Portfolio

turnover

rate

................

19.49%

28.21%

17.38%

10.69%

22.14%

19.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Real

Estate

Securities

Trust

Financial

Highlights

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$17.26

$16.37

$17.99

$22.39

$21.03

$17.39

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.25 0.22 0.46 0.41 0.21 0.22 Net

realized

and

unrealized

gains

(losses)

(0.12)

2.69 (1.08)

(4.07)

2.49 4.99 Total

from

investment

operations

........

0.13 2.91 (0.62)

(3.66)

2.70 5.21 Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.47)

(0.45)

(0.33)

(0.24)

(0.28)

Net

realized

gains

.................

—

(1.55)

(0.55)

(0.41)

(1.10)

(1.29)

Total

distributions

...................

(0.13)

(2.02)

(1.00)

(0.74)

(1.34)

(1.57)

Net

asset

value,

end

of

period

..........

$17.26

$17.26

$16.37

$17.99

$22.39

$21.03

Total

return

c

.......................

0.77%

18.13%

(3.83)%

(16.29)%

12.56%

31.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.89%

0.75%

0.72%

0.62%

0.63%

0.73%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.66%

0.66%

0.64%

e

0.57%

e

0.60%

0.67%

e

Net

investment

income

...............

2.84%

1.23%

2.61%

2.16%

0.93%

1.16%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$21,059

$21,280

$17,073

$35,251

$37,871

$32,831

Portfolio

turnover

rate

................

19.49%

28.21%

17.38%

10.69%

22.14%

19.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Real

Estate

Securities

Trust

Financial

Highlights

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$17.18

$16.29

$17.91

$22.29

$20.97

$17.35

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.24 0.20 0.39 0.36 0.15 0.19 Net

realized

and

unrealized

gains

(losses)

(0.13)

2.69 (1.06)

(4.06)

2.48 4.98 Total

from

investment

operations

........

0.11 2.89 (0.67)

(3.70)

2.63 5.17 Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.45)

(0.40)

(0.27)

(0.21)

(0.26)

Net

realized

gains

.................

—

(1.55)

(0.55)

(0.41)

(1.10)

(1.29)

Total

distributions

...................

(0.11)

(2.00)

(0.95)

(0.68)

(1.31)

(1.55)

Net

asset

value,

end

of

period

..........

$17.18

$17.18

$16.29

$17.91

$22.29

$20.97

Total

return

c

.......................

0.66%

18.08%

(4.10)%

(16.52)%

12.25%

31.27%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.81%

0.78%

0.91%

f

0.80%

f

0.86%

0.82%

f

Net

investment

income

...............

2.70%

1.13%

2.22%

1.91%

0.65%

1.01%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$29,107

$30,506

$27,865

$40,211

$63,140

$67,206

Portfolio

turnover

rate

................

19.49%

28.21%

17.38%

10.69%

22.14%

19.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Real

Estate

Securities

Trust

Schedule

of

Investments

(unaudited),

October

31,

2025

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 99.7%

#### Data

#### Center

#### REITs

#### 12.0%
Digital

Realty

Trust,

Inc.

................................

United

States

69,914

$

11,914,045

Equinix,

Inc.

.........................................

United

States

19,869

16,809,372

28,723,417

#### Diversified

#### REITs

#### 2.5%
Broadstone

Net

Lease,

Inc.

..............................

United

States

150,544

2,697,749

Essential

Properties

Realty

Trust,

Inc.

......................

United

States

109,650

3,276,342

5,974,091

#### Health

#### Care

#### REITs

#### 15.6%
American

Healthcare

REIT,

Inc.

...........................

United

States

74,914

3,395,103

Sabra

Health

Care

REIT,

Inc.

............................

United

States

145,692

2,596,231

Ventas,

Inc.

..........................................

United

States

102,748

7,581,775

Welltower,

Inc.

.......................................

United

States

131,476

23,802,415

37,375,524

#### Hotel

#### &

#### Resort

#### REITs

#### 2.1%
Ryman

Hospitality

Properties,

Inc.

.........................

United

States

38,097

3,311,010

Sunstone

Hotel

Investors,

Inc.

............................

United

States

200,777

1,776,877

5,087,887

#### Industrial

#### REITs

#### 11.3%
EastGroup

Properties,

Inc.

..............................

United

States

26,603

4,643,022

First

Industrial

Realty

Trust,

Inc.

..........................

United

States

82,616

4,567,012

Prologis,

Inc.

.........................................

United

States

122,891

15,249,544

STAG

Industrial,

Inc.

...................................

United

States

65,241

2,496,773

26,956,351

#### Multi-Family

#### Residential

#### REITs

#### 7.6%
AvalonBay

Communities,

Inc.

............................

United

States

49,458

8,601,735

Camden

Property

Trust

.................................

United

States

69,882

6,951,861

a

GO

Residential

Real

Estate

Investment

Trust

,

144A

,

Reg

S

......

United

States

81,942

938,236

Independence

Realty

Trust,

Inc.

..........................

United

States

98,274

1,565,505

18,057,337

#### Office

#### REITs

#### 4.2%
BXP,

Inc.

............................................

United

States

47,037

3,348,564

Cousins

Properties,

Inc.

................................

United

States

115,061

2,983,532

Highwoods

Properties,

Inc.

..............................

United

States

69,730

1,996,370

SL

Green

Realty

Corp.

.................................

United

States

32,696

1,678,939

10,007,405

#### Other

#### Specialized

#### REITs

#### 3.2%
Iron

Mountain,

Inc.

....................................

United

States

73,600

7,577,120

#### Real

#### Estate

#### Services

#### 3.3%
b

CBRE

Group,

Inc.

,

A

...................................

United

States

43,831

6,681,160

Newmark

Group,

Inc.

,

A

................................

United

States

67,204

1,198,247

7,879,407

#### Retail

#### REITs

#### 16.7%
Agree

Realty

Corp.

....................................

United

States

34,009

2,482,997

Brixmor

Property

Group,

Inc.

.............................

United

States

242,484

6,343,382

InvenTrust

Properties

Corp.

..............................

United

States

68,282

1,870,927

Macerich

Co.

(The)

....................................

United

States

144,172

2,472,550

NETSTREIT

Corp.

....................................

United

States

245,449

4,570,260

Realty

Income

Corp.

...................................

United

States

190,185

11,026,926

Franklin

Real

Estate

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Retail

#### REITs
(continued)

Regency

Centers

Corp.

.................................

United

States

80,787

$

5,570,264

Simon

Property

Group,

Inc.

..............................

United

States

32,075

5,637,502

39,974,808

#### Self-Storage

#### REITs

#### 5.5%
CubeSmart

..........................................

United

States

88,507

3,334,059

Extra

Space

Storage,

Inc.

...............................

United

States

55,676

7,434,973

Smartstop

Self

Storage

REIT,

Inc.

.........................

United

States

70,207

2,411,610

13,180,642

#### Single-Family

#### Residential

#### REITs

#### 4.6%
American

Homes

Rent

,

A

..............................

United

States

219,160

6,925,456

Equity

LifeStyle

Properties,

Inc.

...........................

United

States

67,948

4,148,225

11,073,681

#### Telecom

#### Tower

#### REITs

#### 9.1%
American

Tower

Corp.

..................................

United

States

66,681

11,934,565

Crown

Castle,

Inc.

.....................................

United

States

109,999

9,924,110

21,858,675

#### Timber

#### REITs

#### 2.0%
Weyerhaeuser

Co.

....................................

United

States

208,118

4,786,714

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 163,419,056

####)
.....................................

#### 238,513,059

#### Short

#### Term

#### Investments

#### 0.4%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.4%
c,d

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

United

States

868,968

868,968

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 868,968

####)
.....................................

#### 868,968

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 868,968

####)
..................................

#### 868,968

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 164,288,024

####)
100.1 #### %
..................................

#### $239,382,027

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (246,790)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $239,135,237
See

Abbreviations

on

.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2025,

the

value

of

this

security

was

$938,236,

representing

0.4%

of

net

assets.

b

Non-income

producing.

c

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Real

Estate

Securities

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

October

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$184,651,731

Shares

outstanding

........................................................................

10,974,948

Net

asset

value

per

share

a

,b

..................................................................

$16.82

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

................................

$17.80

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$4,317,562

Shares

outstanding

........................................................................

282,495

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$15.28

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$21,058,757

Shares

outstanding

........................................................................

1,220,399

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$17.26

#### Advisor

#### Class:
Net

assets,

at

value

.......................................................................

$29,107,187

Shares

outstanding

........................................................................

1,694,514

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$17.18

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$163,419,056

Cost

-

Non-controlled

affiliates

(Note

f)

........................................................

868,968

Value

-

Unaffiliated

issuers

..................................................................

$238,513,059

Value

-

Non-controlled

affiliates

(Note

f)

........................................................

868,968

Cash

....................................................................................

27,605

Receivables:

Capital

shares

sold

........................................................................

94,441

Dividends

...............................................................................

97,519

Total

assets

..........................................................................

239,601,592

Liabilities:

Payables:

Capital

shares

redeemed

...................................................................

151,451

Management

fees

.........................................................................

114,273

Distribution

fees

..........................................................................

43,871

Transfer

agent

fees

........................................................................

81,839

Registration

and

filing

fees

..................................................................

24,049

Professional

fees

.........................................................................

31,888

Trustees'

fees

and

expenses

.................................................................

Accrued

expenses

and

other

liabilities

...........................................................

18,953

Total

liabilities

.........................................................................

466,355

Net

assets,

at

value

.................................................................

$239,135,237

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$160,730,414

Total

distributable

earnings

(losses)

.............................................................

78,404,823

Net

assets,

at

value

.................................................................

$239,135,237

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Real

Estate

Securities

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

October

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$1,987)

Unaffiliated

issuers

........................................................................

$4,385,119

Non-controlled

affiliates

(Note

f)

.............................................................

25,264

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

.....................................................

(5,578)

Non-controlled

affiliates

(Note

f)

.............................................................

7,033

Total

investment

income

...................................................................

4,411,838

Expenses:

Management

fees

(Note

a)

...................................................................

693,063

Distribution

fees:

(Note

3c)

Class

A

................................................................................

244,492

Class

C

................................................................................

23,252

Transfer

agent

fees:

(Note

3e)

Class

A

................................................................................

171,631

Class

C

................................................................................

4,083

Class

R6

...............................................................................

28,011

Advisor

Class

............................................................................

26,708

Custodian

fees

............................................................................

1,233

Reports

to

shareholders

fees

..................................................................

18,707

Registration

and

filing

fees

....................................................................

30,061

Professional

fees

...........................................................................

36,181

Trustees'

fees

and

expenses

..................................................................

1,655

Other

....................................................................................

14,738

Total

expenses

.........................................................................

1,293,815

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

..............................................

(26,127)

Net

expenses

.........................................................................

1,267,688

Net

investment

income

................................................................

3,144,150

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

3,362,250

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(4,939,835)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(45) Net

change

in

unrealized

appreciation

(depreciation)

............................................

(4,939,880)

Net

realized

and

unrealized

gain

(loss)

............................................................

(1,577,630)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$1,566,520

Franklin

Real

Estate

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$3,144,150

$2,507,280

Net

realized

gain

(loss)

.................................................

3,362,250

25,118,280

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(4,939,880)

16,191,089

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

1,566,520

43,816,649

Distributions

to

shareholders:

Class

A

.............................................................

(952,776)

(22,654,414)

Class

C

.............................................................

(14,273)

(574,077)

Class

R6

............................................................

(164,228)

(2,078,840)

Advisor

Class

........................................................

(198,137)

(3,415,183)

Total

distributions

to

shareholders

..........................................

(1,329,414)

(28,722,514)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(13,639,027)

(13,495,940)

Class

C

.............................................................

(468,511)

(1,583,006)

Class

R6

............................................................

(217,419)

3,213,050

Advisor

Class

........................................................

(1,427,207)

1,035,990

Total

capital

share

transactions

............................................

(15,752,164)

(10,829,906)

Net

increase

(decrease)

in

net

assets

...................................

(15,515,058)

4,264,229

Net

assets:

Beginning

of

period

.....................................................

254,650,295

250,386,066

End

of

period

..........................................................

$239,135,237

$254,650,295

Franklin

Real

Estate

Securities

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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. The

Fund

offers four

classes

of

shares:

Class

A,

Class

C,

Class

R6

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### 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

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 Fund'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.

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

Franklin

Real

Estate

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

October

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis. Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

are recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Distributions

received

by

the

Fund from

certain

securities

may

be

a

return

of

capital

(ROC).

Such

distributions

reduce

the

cost

basis

of

the

securities,

and

any

distributions

in

excess

of

the

cost

basis

are

recognized

as

capital

gains.

For

U.S.

Real

Estate

Investment

Trust

(REIT)

securities,

the Fund

records

ROC

estimates,

if

any,

on

the

ex-dividend

date

and

are

adjusted

once

actual

tax

designations

are

known.

e. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Foreign

#### Currency

#### Translation
(continued)

Franklin

Real

Estate

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

f. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

October

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

304,953

$5,170,884

671,222

$11,742,518

Shares

issued

in

reinvestment

of

distributions

..........

53,704

909,612

1,322,516

21,861,633

Shares

redeemed

...............................

(1,162,211)

(19,719,523)

(2,685,066)

(47,100,091)

Net

increase

(decrease)

..........................

(803,554)

$(13,639,027)

(691,328)

$(13,495,940)

#### Class

#### C

#### Shares:
Shares

sold

...................................

10,560

$163,225

25,671

$410,936

Shares

issued

in

reinvestment

of

distributions

..........

927

14,273

38,127

574,060

Shares

redeemed

a

..............................

(41,862)

(646,009)

(157,603)

(2,568,002)

Net

increase

(decrease)

..........................

(30,375)

$(468,511)

(93,805)

$(1,583,006)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

207,360

$3,609,360

453,161

$8,139,916

Shares

issued

in

reinvestment

of

distributions

..........

9,439

164,110

122,378

2,077,202

Shares

redeemed

...............................

(229,302)

(3,990,889)

(385,886)

(7,004,068)

Net

increase

(decrease)

..........................

(12,503)

$(217,419)

189,653

$3,213,050

#### Advisor

#### Class

#### Shares:
Shares

sold

...................................

122,590

$2,118,866

280,617

$5,034,185

Shares

issued

in

reinvestment

of

distributions

..........

8,580

148,439

151,198

2,552,475

Shares

redeemed

...............................

(212,781)

(3,694,512)

(365,778)

(6,550,670)

Net

increase

(decrease)

..........................

(81,611)

$(1,427,207)

66,037

$1,035,990

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Real

Estate

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management fee,

calculated daily and

paid

monthly,

to

Advisers based

on the

average

daily net

assets

of

the

Fund

as

follows:

For

the

period

ended

October

31,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.550%

of

the

Fund's

average daily

net

assets.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund's

Class

A

reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund's

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rate,

is

February

through

January

31. The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

In

excess

of

$15

billion

Class

A

....................................................................................

0.25%

Class

C

....................................................................................

1.00%

Franklin

Real

Estate

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

October

31,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$112,538

was

retained

by

Investor

Services.

f. #### 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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

October

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$3,447

CDSC

retained

..............................................................................

$327

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$1,190,280

$15,824,974

$(16,146,286)

$—

$—

$868,968

868,968

$25,264

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Real

Estate

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

August

31,

2026. 4. #### Income

#### Taxes
At

October

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales

and

corporate

actions.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

October

31,

2025,

aggregated

$48,362,236 and

$61,819,873,

respectively.

6. #### Concentration

#### of

#### Risk
The

Fund

invests

a

large

percentage

of

its

total

assets

in

REIT securities.

Such

concentration

may

subject

the

Fund

to

special

risks

associated

with

real

estate

securities.

These

securities

may

be

more

sensitive

to

economic

or

regulatory

developments

due

to

a

variety

of

factors

such

as

local,

regional,

national

and

global

economic

conditions,

interest

rates

and

tax

considerations.

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$—

$7,202,000

$(7,202,000)

$—

$—

$—

—

$7,033

#### Total

#### Affiliated

#### Securities

#### ...
$1,190,280

$23,026,974

$(23,348,286)

$—

$—

$868,968

$32,297

Cost

of

investments

..........................................................................

$174,502,004

Unrealized

appreciation

........................................................................

$81,120,990

Unrealized

depreciation

........................................................................

(16,240,967)

Net

unrealized

appreciation

(depreciation)

..........................................................

$64,880,023

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Real

Estate

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

7. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

October

31,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

8. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

October

31,

2025,

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.

9. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

Franklin

Real

Estate

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Real

#### Estate

#### Securities

#### Fund
(continued)

10. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

11. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### REIT
Real

Estate

Investment

Trust

Franklin

Real

Estate

Securities

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

4192-SFSOI

12/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fresf-efp20781_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fresf-efp20781_ex99906cert.htm)

Exhibit 99.906CERT

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Real Estate Securities Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | December 29, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | December 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | December 29, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Real Estate Securities Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: December 29, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Real Estate Securities Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

Date: December 29, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Real Estate Securities Trust.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **October 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Real Estate Securities Trust | Franklin Real Estate Securities Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: December 29, 2025 | Date: December 29, 2025 |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.