RULE 24F-2 NOTICE FOR TEMPLETON REAL ESTATE SECURITIES FUND
FILE NO. 33-30018
i. This Notice is filed on behalf of Templeton Real Estate Securities Fund
(the "Fund") for the fiscal year ended August 31, 1995.
ii. None.
iii. None.
iv. The Fund sold 3,246,750 shares of beneficial interest during
the fiscal year.
v. The Fund sold 3,246,750 shares during the fiscal year ended
August 31, 1995 in reliance upon its registration of an
indefinite amount of shares pursuant to Rule 24f-2 for an
actual sales price of $41,683,087. During that period, the
Fund redeemed 3,022,581 shares in an amount of $38,509,881.
Because this Notice is filed within 60 days of the end of the
Fund's fiscal year, the Fund's filing fee of $1,094.21 is
based upon a net sales amount of $3,173,206.1
An opinion of counsel stating that the shares sold during the fiscal
year ended August 31, 1995 were legally issued, fully paid and non-assessable
accompanies this Notice.
/s/ JAMES R. BAIO
Templeton Real Estate Securities Fund
James R. Baio, Treasurer
October 24, 1995
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$41,683,087 - $38,509,881 = $3,173,206
$3,173,206 X (1/29 X 1%) = $1,094.21
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005
October 25, 1995
Templeton Real Estate Securities Fund
700 Central Avenue
St. Petersburg, Florida 33701
Dear Sirs:
As counsel for Templeton Real Estate Securities Fund
(the "Fund") during the fiscal year ended August 31, 1995, we are
familiar with the registration of the Fund under the Investment
Company Act of 1940 (File No. 811-5844) and with the registration
statement relating to its shares of beneficial interest (the
"Shares") under the Securities Act of 1933 (File No. 33-30018).
We have also examined such other records, agreements, documents
and instruments as we deemed appropriate.
Based upon the foregoing, it is our opinion that the
3,246,750 Shares sold at the public offering price and delivered
by the Fund against receipt of the net asset value of the Shares
during the Fund's fiscal year ended August 31, 1995 were duly and
validly authorized, legally and validly issued, fully paid, and
non-assessable.
We consent to the filing of this opinion in connection
with the Notice pursuant to Rule 24f-2 under the Investment
Company Act of 1940 for the fiscal year ended August 31, 1995 to
be filed on behalf of the Fund with the Securities and Exchange
Commission.
Sincerely,
/s/DECHERT PRICE & RHOADS
Dechert Price & Rhoads
