<PAGE> PAGE 1
000 B000000 08/31/94
000 C000000 853183
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2.a
000 J000000 A
001 A000000 TEMPLETON REAL ESTATE SECURITIES FUND
001 B000000 811-5844
001 C000000 3055277591
"002 A000000 500 EAST BROWARD BLVD, SUITE 2100"
002 B000000 FT. LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010100 1
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
"008 A000001 TEMPLETON, GALBRAITH, HANSBERGER, LTD."
008 B000001 A
008 C000001 801-15125
008 D010001 LYFORD CAY
008 D050001 BAHAMAS
"010 A000001 TEMPLETON GLOBAL INVESTORS, INC."
010 C010001 FORT LAUDERDALE
010 C020001 FL
010 C030001 33394
010 C040001 3091
"011 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS,INC."
011 B000001 8-5889
011 C010001 ST. PETERSBURG
011 C020001 FL
011 C030001 33701
011 C040001 3628
012 A000001 FRANKLIN/TEMPLETON INVESTMENT SERVICES INC.
012 B000001 84-00000
<PAGE> PAGE 2
012 C010001 ST. PETERSBURG
012 C020001 FL
012 C030001 33701
012 C040001 3628
013 A000001 MCGLADREY & PULLEN
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
015 A000001 THE CHASE MANHATTAN BANK N.A.
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 11245
015 E010001 X
"015 A000002 CHASE MANHATTAN BANK, N.A."
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 CHASE MANHATTAN BANK AUSTRALIA LIMITED
015 B000003 S
015 C010003 SYDNEY
015 D010003 AUSTRALIA
015 D020003 2000
015 E040003 X
015 A000004 CREDITANSTALT - BANKVEREIN
015 B000004 S
015 C010004 VIENNA
015 D010004 AUSTRIA
015 D020004 A-1011
015 E040004 X
015 A000005 GENERALE BANK
015 B000005 S
015 C010005 BRUSSELS
015 D010005 BELGIUM
015 D020005 1000
015 E040005 X
015 A000006 DELETE
015 A000007 THE ROYAL BANK OF CANADA
015 B000007 S
015 C010007 TORONTO
015 D010007 CANADA
015 D020007 M5J-2J5
015 E040007 X
015 A000008 CANADA TRUST
015 B000008 S
015 C010008 TORONTO
015 D010008 CANADA
015 D020008 M5J-2T5
015 E040008 X
015 A000009 DELETE
<PAGE> PAGE 3
015 A000010 DEN DANSKE BANK
015 B000010 S
015 C010010 COPENHAGEN
015 D010010 DENMARK
015 E040010 X
015 A000011 DELETE
015 A000012 THE CHASE MANHATTAN BANK
015 B000012 S
015 C010012 LONDON
015 D010012 UNITED KINGDOM
015 D020012 EC2P 2HD
015 E040012 X
015 A000013 KANSALLIS-OSAKE-PANKKI
015 B000013 S
015 C010013 HELSINKI
015 D010013 FINLAND
015 E040013 X
015 A000014 BANQUE PARIBAS
015 B000014 S
015 C010014 PARIS
015 D010014 FRANCE
015 D020014 75078
015 E040014 X
"015 A000015 CHASE BANK, A.G."
015 B000015 S
015 C010015 FRANKFURT
015 D010015 GERMANY
015 D020015 60441
015 E040015 X
015 A000016 BARCLAYS BANK PLC
015 B000016 S
015 C010016 ATHENS
015 D010016 GREECE
015 D020016 10562
015 E040016 X
"015 A000017 CHASE MANHATTAN BANK, N.A."
015 B000017 S
015 C010017 CENTRAL
015 D010017 HONG KONG
015 E040017 X
015 A000018 HONG KONG AND SHANGHAI BANKING CORP.LTD.
015 B000018 S
015 C010018 JAKARTA
015 D010018 INDONESIA
015 D020018 10033
015 E040018 X
015 A000019 BANK OF IRELAND
015 B000019 S
015 C010019 DUBLIN
015 D010019 IRELAND
015 D020019 1
<PAGE> PAGE 4
015 E040019 X
"015 A000020 CHASE MANHATTAN BANK, N.A."
015 B000020 S
015 C010020 MILAN
015 D010020 ITALY
015 D020020 20121
015 E040020 X
"015 A000021 CHASE MANHATTAN BANK, N.A."
015 B000021 S
015 C010021 TOKYO
015 D010021 JAPAN
015 D020021 100
015 E040021 X
015 A000022 DELETE
015 A000023 DELETE
"015 A000024 CHASE MANHATTAN BANK, N.A."
015 B000024 S
015 C010024 KUALA LUMPUR
015 D010024 MALAYSIA
015 D020024 50250
015 E040024 X
015 A000025 DELETE
015 A000026 ABN-AMRO N.V.
015 B000026 S
015 C010026 DE BREDA
015 D010026 NETHERLANDS
015 D020026 4800
015 E040026 X
015 A000027 NATIONAL NOMINEES LIMITED
015 B000027 S
015 C010027 AUCKLAND
015 D010027 NEW ZEALAND
015 E040027 X
015 A000028 DEN NORSKE BANK
015 B000028 S
015 C010028 OSLO
015 D010028 NORWAY
015 D020028 1
015 E040028 X
015 A000029 HONG KONG & SHANGHAI BANKING CORP.
015 B000029 S
015 C010029 MANILA
015 D010029 PHILIPPINES
015 E040029 X
015 A000030 BANCO ESPIRITO SANTO E COMMERICAL DE LISBOA
015 B000030 S
015 C010030 LISBON
015 D010030 PORTUGAL
015 D020030 1200
015 E040030 X
"015 A000031 CHASE MANHATTAN BANK, N.A."
<PAGE> PAGE 5
015 B000031 S
015 C010031 SINGAPORE
015 D010031 SINGAPORE
015 D020031 0104
015 E040031 X
015 A000032 CHASE MANHATTAN BANK N.A.
015 B000032 S
015 C010032 MADRID
015 D010032 SPAIN
015 D020032 28042
015 E040032 X
015 A000033 HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B000033 S
015 C010033 COLOMBO
015 D010033 SRI LANKA
015 D020033 1
015 E040033 X
015 A000034 SKANDINAVISKA ENSKILDA BANKEN
015 B000034 S
015 C010034 STOCKHOLM
015 D010034 SWEDEN
015 D020034 S-106 40
015 E040034 X
015 A000035 UNION BANK OF SWITZERLAND
015 B000035 S
015 C010035 ZURICH
015 D010035 SWITZERLAND
015 D020035 8021
015 E040035 X
"015 A000036 CHASE MANHATTAN BANK, N.A."
015 B000036 S
015 C010036 BANGKOK
015 D010036 THAILAND
015 D020036 10500
015 E040036 X
015 A000037 DELETE
015 A000038 DELETE
"015 A000039 CHASE MANHATTAN BANK, N.A."
015 B000039 S
015 C010039 ISTANBUL
015 D010039 TURKEY
015 D020039 80700
015 E040039 X
015 A000040 DELETE
015 A000041 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000041 S
015 C010041 SEOUL
015 D010041 SOUTH KOREA
015 E040041 X
015 A000042 DELETE
015 A000043 DELETE
<PAGE> PAGE 6
"015 A000044 THE CHASE MANHATTAN BANK, N.A."
015 B000044 S
015 C010044 COLONIA JUAREZ
015 D010044 MEXICO
015 D020044 06660
015 E040044 X
015 A000045 DELETE
015 A000046 DELETE
015 A000047 FIRST CHICAGO CLEARING CENTRE
015 B000047 S
015 C010047 LONDON
015 D010047 UNITED KINGDOM
015 E040047 X
015 A000048 RESERVE BANK
015 B000048 S
015 C010048 SYDNEY
015 D010048 AUSTRALIA
015 E040048 X
015 A000049 STANDARD BANK OF SOUTH AFRICA
015 B000049 S
015 C010049 JOHANNESBURG
015 D010049 SOUTH AFRICA
015 D020049 2001
015 E040049 X
015 A000050 STANDARD CHARTERED BANK
015 B000050 S
015 C010050 DHAKA
015 D010050 BANGLADESH
015 D020050 1000
015 E040050 X
015 A000051 BANK LEUMI LE-ISREAL B. M.
015 B000051 S
015 C010051 TEL AVIV
015 D010051 ISRAEL
015 D020051 65136
015 E040051 X
015 A000052 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000052 S
015 C010052 SHANGHAI
015 D010052 CHINA
015 E040052 X
015 A000053 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000053 S
015 C010053 SHENZHEN
015 D010053 CHINA
015 E040053 X
015 A000054 THE FIRST NATIONAL BANK OF BOSTON
015 B000054 S
015 C010054 MONTEVIDEO
015 D010054 URUGUAY
015 E040054 X
<PAGE> PAGE 7
015 A000055 CEDEL
015 B000055 S
015 C010055 LUXEMBOURG
015 D010055 LUXEMBOURG
015 E040055 X
018 000000 Y
019 A000000 Y
019 B000000 34
019 C000000 TEMPLETONX
020 A000001 GOLDMAN SACHS & CO
020 B000001 13-5108880
020 C000001 69
020 A000002 NATWEST SECURITIES
020 B000002 13-3312778
020 C000002 42
"020 A000003 ALEX BROWN AND SONS, INC."
020 B000003 52-1319768
020 C000003 36
"020 A000004 SALOMON BROTHERS, INC"
020 B000004 13-3082694
020 C000004 30
"020 A000005 MERRILL LYNCH, PIECE, FENNER, & SMITH INC."
020 B000005 13-5674085
020 C000005 27
020 A000006 ROBINSON HUMPHREY
020 B000006 58-1472560
020 C000006 26
020 A000007 BROWN BALDWIN NISKER
020 B000007 13-5674085
020 C000007 18
020 A000008 MONTGOMERY SECURITIES
020 B000008 94-1701676
020 C000008 17
"020 A000009 SMITH BARNEY, HARRIS UPHAM & CO.,INC."
020 B000009 13-1912900
020 C000009 15
"020 A000010 OPPENHEIMER & COMPANY, INC."
020 B000010 13-2798343
020 C000010 12
021 000000 412
"022 A000001 THE CHASE MANHATTAN BANK, N.A."
022 B000001 13-2633612
022 C000001 157316
022 D000001 42613
"022 A000002 MERRILL LYNCH, PIERCE, FENNER, & SMITH INC"
022 B000002 13-5674085
022 C000002 6176
022 D000002 4840
022 A000003 BARING SECURITIES INC.
022 B000003 04-3245513
022 C000003 5000
<PAGE> PAGE 8
022 D000003 1305
022 A000004 JAMES CAPEL INC.
022 B000004 52-1348224
022 C000004 2800
022 D000004 0
022 A000005 MONTGOMERY SECURITILES
022 B000005 94-1701676
022 C000005 2159
022 D000005 0
022 A000006 ALEX BROWN & SONS INC.
022 B000006 52-1319768
022 C000006 2122
022 D000006 0
"022 A000007 GOLDMAN, SACHS & CO."
022 B000007 13-5108880
022 C000007 1726
022 D000007 0
022 A000008 JEFFERIES & CO. INC.
022 B000008 95-2622900
022 C000008 1356
022 D000008 0
022 A000009 BROWN BALDWIN NISKER
022 B000009 13-5674085
022 C000009 1329
022 D000009 0
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022 C000010 651
022 D000010 589
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
075 A000000 0
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SIGNATURE JAMES R. BAIO
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON REAL ESTATE SECURITIES FUND AUGUST 31, 1994 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-END> AUG-31-1994
<INVESTMENTS-AT-COST> 121322261
<INVESTMENTS-AT-VALUE> 130677033
<RECEIVABLES> 1422100
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5824
<TOTAL-ASSETS> 132104957
<PAYABLE-FOR-SECURITIES> 180500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 380733
<TOTAL-LIABILITIES> 561233
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123504082<F1>
<SHARES-COMMON-STOCK> 9630037
<SHARES-COMMON-PRIOR> 4883475
<ACCUMULATED-NII-CURRENT> 1450912<F2>
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2766042)<F3>
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9354772
<NET-ASSETS> 131543724
<DIVIDEND-INCOME> 2354659
<INTEREST-INCOME> 1122622
<OTHER-INCOME> 0
<EXPENSES-NET> 1548838
<NET-INVESTMENT-INCOME> 1928443
<REALIZED-GAINS-CURRENT> 2178205
<APPREC-INCREASE-CURRENT> 2206703
<NET-CHANGE-FROM-OPS> 6313351
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1220841)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5960485
<NUMBER-OF-SHARES-REDEEMED> (1289281)
<SHARES-REINVESTED> 75358
<NET-CHANGE-IN-ASSETS> 69723300
<ACCUMULATED-NII-PRIOR> 771680
<ACCUMULATED-GAINS-PRIOR> (2509738)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 733198
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1548838
<AVERAGE-NET-ASSETS> 97759925
<PER-SHARE-NAV-BEGIN> 12.66
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 1.00
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.66
<EXPENSE-RATIO> 2<F4>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>As a result of differing book and tax treatment for foreign currency
transactions and available capital loss carryforwards, amounts have
been reclassified as of August 31, 1994, to reflect a decrease in
undistributed net investment income of $28,370; a decrease in
accumulated net realized gain(loss) of $2,434,509 and an increase in
net capital paid in on shares of beneficial interest of $2,462,879.
<F2>See <F1>
<F3>See <F1>
<F4>The expense ratio per the Templeton Real Estate Securities Fund Annual
Report August 31, 1994 is 1.58%.
</FN>
</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees and Shareholders
Templeton Real Estate Securities Fund
In planning and performing our audit of the financial statements of Templeton
Real Estate Securities Fund for the year ended August 31, 1994, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Templeton Real Estate Securities Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safe-
guarding securities, that we consider to be material weaknesses as defined
above as of August 31, 1994.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
McGladrey & Pullen
New York, New York
September 27, 1994
