<PAGE> PAGE 1
000 A000000 02/28/95
000 C000000 853183
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
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
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
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 10017
013 B040001 2416
015 A000001 THE CHASE MANHATTAN BANK N.A.
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10081
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 CESKOSLOVENSKA OBCHODNI BANKA
015 B000006 S
015 C010006 PRAHA
015 D010006 CZECH REPUBLIC
015 D020006 1
015 E040006 X
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
<PAGE> PAGE 3
015 B000008 S
015 C010008 TORONTO
015 D010008 CANADA
015 D020008 M5J-2T2
015 E040008 X
015 A000009 NATIONAL BANK OF EGYPT
015 B000009 S
015 C010009 CAIRO
015 D010009 EGYPT
015 E040009 X
015 A000010 DEN DANSKE BANK
015 B000010 S
015 C010010 COPENHAGEN
015 D010010 DENMARK
015 E040010 X
015 A000011 BARCLAYS BANK OF GHANA
015 B000011 S
015 C010011 ACCRA
015 D010011 GHANA
015 E040011 X
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 D020013 00500
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."
<PAGE> PAGE 4
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 10023
015 E040018 X
015 A000019 BANK OF IRELAND
015 B000019 S
015 C010019 DUBLIN
015 D010019 IRELAND
015 D020019 1
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 HONG KONG AND SHANGHAI BANKING CORP. LTD.
015 B000022 S
015 C010022 PORT LOUIS
015 D010022 MAURITIUS
015 E040022 X
015 A000023 BANQUE COMMERCIALE DE MAROC
015 B000023 S
015 C010023 CASABLANCA
015 D010023 MOROCCO
015 D020023 01
015 E040023 X
"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 BARCLAYS BANK OF ZIMBABWE
015 B000025 S
015 C010025 HARARE
015 D010025 ZIMBABWE
015 E040025 X
015 A000026 ABN-AMRO N.V.
<PAGE> PAGE 5
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. LTD.
015 B000029 S
015 C010029 MANILA
015 D010029 PHILIPPINES
015 E040029 X
015 A000030 BANCO ESPIRITO SANTO E COMMERCIAL DE LISBOA
015 B000030 S
015 C010030 LISBON
015 D010030 PORTUGAL
015 D020030 1200
015 E040030 X
"015 A000031 CHASE MANHATTAN BANK, N.A."
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
<PAGE> PAGE 6
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
"015 A000044 THE CHASE MANHATTAN BANK, N.A."
015 B000044 S
015 C010044 COL. LOMAS DE CHAP.
015 D010044 MEXICO
015 D020044 11000
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 D020047 EC3A 1AA
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
<PAGE> PAGE 7
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
015 A000055 CEDEL S.A.
015 B000055 S
015 C010055 LUXEMBOURG
015 D010055 LUXEMBOURG
015 E040055 X
018 000000 Y
019 A000000 Y
019 B000000 184
019 C000000 FRNKTEMGRP
020 A000001 GOLDMAN SACHS & CO
020 B000001 13-5108880
020 C000001 26
020 A000002 MORGAN STANLEY & CO. INC.
020 B000002 13-2655998
020 C000002 12
"020 A000003 CROSBY SECURITIES, INC."
020 B000003 13-3662490
020 C000003 10
020 A000004 MONTGOMERY SECURITIES
020 B000004 94-1701676
020 C000004 9
020 A000005 JARDINE FLEMING
<PAGE> PAGE 8
020 B000005 HONG KONG
020 C000005 7
020 A000006 CREDIT LYONNAIS SECURITIES
020 B000006 13-2602298
020 C000006 7
020 A000007 W.I. CARR LTD.
020 B000007 13-2927466
020 C000007 6
020 A000008 A.G. EDWARDS & SONS
020 B000008 43-0895447
020 C000008 6
020 A000009 BROWN BALDWIN NISKER
020 B000009 11-0386471
020 C000009 6
020 A000010 ANZ MCCAUGHAN DYSON
020 B000010 13-3435545
020 C000010 5
021 000000 158
"022 A000001 THE CHASE MANHATTAN BANK, N.A."
022 B000001 13-2633612
022 C000001 81197
022 D000001 23590
"022 A000002 MERRILL LYNCH, PIERCE, FENNER, & SMITH INC"
022 B000002 13-5674085
022 C000002 12267
022 D000002 0
"022 A000003 FURMAN SELZ MAGER DIETZ & BIRNEY, INC."
022 B000003 13-2753731
022 C000003 1508
022 D000003 0
022 A000004 MONTGOMERY SECURITIES
022 B000004 94-1701676
022 C000004 1314
022 D000004 0
022 A000005 BARING SECURITIES
022 B000005 04-2455153
022 C000005 548
022 D000005 237
"022 A000006 GOLDMAN, SACHS & CO."
022 B000006 13-5108880
022 C000006 464
022 D000006 0
022 A000007 SOUTHEAST RES PARTNERS
022 C000007 240
022 D000007 0
022 A000008 NATWEST SECURITIES CORP.
022 B000008 13-3312778
022 C000008 0
022 D000008 223
022 A000009 INTERFUND TRANSFERS
022 C000009 52
<PAGE> PAGE 9
022 D000009 0
022 A000010 A.G. EDWARDS & SONS
022 C000010 37
022 D000010 0
023 C000000 97977
023 D000000 24051
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
025 D000009 0
025 D000010 0
025 D000011 0
025 D000012 0
025 D000013 0
025 D000014 0
025 D000015 0
025 D000016 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 6556
028 A020000 0
028 A030000 0
028 A040000 1638
028 B010000 3845
028 B020000 745
028 B030000 0
028 B040000 2256
028 C010000 3752
028 C020000 23
028 C030000 0
028 C040000 3655
028 D010000 3230
028 D020000 1048
028 D030000 0
028 D040000 2903
028 E010000 2507
028 E020000 42
<PAGE> PAGE 10
028 E030000 0
028 E040000 2482
028 F010000 2117
028 F020000 0
028 F030000 0
028 F040000 2532
028 G010000 22007
028 G020000 1858
028 G030000 0
028 G040000 15466
028 H000000 13379
029 000000 Y
030 A000000 705
030 B000000 5.75
030 C000000 0.00
031 A000000 98
031 B000000 0
032 000000 607
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 100
043 000000 162
044 000000 14245
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
<PAGE> PAGE 11
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 100
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
<PAGE> PAGE 12
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
<PAGE> PAGE 13
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 37787
071 B000000 10116
071 C000000 104632
071 D000000 10
072 A000000 6
072 B000000 937
072 C000000 1691
072 D000000 0
072 E000000 0
072 F000000 483
072 G000000 97
072 H000000 0
072 I000000 103
072 J000000 58
072 K000000 22
072 L000000 44
072 M000000 12
072 N000000 37
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 10
072 S000000 3
072 T000000 162
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 1032
072 Y000000 0
072 Z000000 1596
072AA000000 2487
072BB000000 1331
072CC010000 0
072CC020000 15013
072DD010000 2181
072DD020000 0
072EE000000 0
073 A010000 0.2200
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 12211
074 D000000 19962
<PAGE> PAGE 14
074 E000000 2607
074 F000000 92385
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 467
074 K000000 0
074 L000000 737
074 M000000 0
074 N000000 128369
074 O000000 2355
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 513
074 S000000 0
074 T000000 125501
074 U010000 10256
074 U020000 0
074 V010000 12.24
074 V020000 0.00
074 W000000 0.0000
074 X000000 12663
074 Y000000 0
075 A000000 0
075 B000000 129750
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON REAL ESTATE SECURITIES FUND FEBRUARY 28, 1995 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000853183
<NAME> REAL ESTATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-END> FEB-28-1995
<INVESTMENTS-AT-COST> 132823765
<INVESTMENTS-AT-VALUE> 127165192
<RECEIVABLES> 1203962
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 128369154
<PAYABLE-FOR-SECURITIES> 2354839
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 513624
<TOTAL-LIABILITIES> 2868463
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 131903442
<SHARES-COMMON-STOCK> 10256124
<SHARES-COMMON-PRIOR> 9630037
<ACCUMULATED-NII-CURRENT> 865879
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1610057)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5658573)
<NET-ASSETS> 125500691
<DIVIDEND-INCOME> 1691173
<INTEREST-INCOME> 936947
<OTHER-INCOME> 0
<EXPENSES-NET> 1031795
<NET-INVESTMENT-INCOME> 1596325
<REALIZED-GAINS-CURRENT> 1155985
<APPREC-INCREASE-CURRENT> (15013345)
<NET-CHANGE-FROM-OPS> (12261035)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2181358)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1695618
<NUMBER-OF-SHARES-REDEEMED> (1214950)
<SHARES-REINVESTED> 145419
<NET-CHANGE-IN-ASSETS> (6043033)
<ACCUMULATED-NII-PRIOR> 1450912
<ACCUMULATED-GAINS-PRIOR> (2766042)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 482622
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1031795
<AVERAGE-NET-ASSETS> 129750158
<PER-SHARE-NAV-BEGIN> 13.66
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> (1.35)
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.24
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
