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SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN REAL ESTATE SECURITIES TRUST - FRANKLIN REAL ESTATE SECURITIES
FUND OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN REAL ESTATE SECURITIES FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
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<INVESTMENTS-AT-VALUE> 23,447,000
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<OVERDISTRIBUTION-GAINS> 0
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<REALIZED-GAINS-CURRENT> (42,245)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN REAL ESTATE SECURITIES TRUST - FRANKLIN REAL ESTATE SECURITIES
FUND OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN REAL ESTATE SECURITIES FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
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<INVESTMENTS-AT-VALUE> 23,447,000
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<SENIOR-LONG-TERM-DEBT> 0
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 0
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<ACCUMULATED-NET-GAINS> (17,372)
<OVERDISTRIBUTION-GAINS> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (628)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,611,182
<ACCUMULATED-NII-PRIOR> 272,168
<ACCUMULATED-GAINS-PRIOR> 24,873
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 932,820
<PER-SHARE-NAV-BEGIN> 10.580
<PER-SHARE-NII> .140
<PER-SHARE-GAIN-APPREC> 1.000
<PER-SHARE-DIVIDEND> .000
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<RETURNS-OF-CAPITAL> .000
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
NAME OF REGISTRANT:
Franklin Real Estate Securities Trust
File No. 811-8034
EXHIBIT ITEM No. 77Q1(e):
Copies of any new or amended investment advisory contract of
registrant.
AMENDMENT TO MANAGEMENT AGREEMENT
This Amendment dated as of August 1, 1995, is to the Management
Agreement dated January 3, 1994, by and between FRANKLIN REAL
ESTATE SECURITIES TRUST, a Delaware business trust (the "Trust"),
on behalf of FRANKLIN REAL ESTATE SECURITIES FUND (the "Fund"), a
series of the Trust, and FRANKLIN ADVISERS, INC., a California
corporation, (the "Manager"). The undersigned parties, intending
to be legally bound, hereby agree as follows:
(1) Paragraph 4 B. is amended to read:
B. The management fee payable by the Fund shall be
reduced or eliminated to the extent that Distributors has
actually received cash payments of tender offer solicitation fees
less certain cost and expenses incurred in connection therewith
and to the extent necessary to comply with the limitations on
expenses which may be borne by the Fund as set forth in the laws,
regulations and administrative interpretations of those states in
which the Fund's shares are registered. The Manager may waive
all or a portion of its fees provided for hereunder and such
waiver shall be treated as a reduction in purchase price of its
services. The Manager shall be contractually bound hereunder by
the terms of any publicly announced waiver of its fee, or any
limitation of the Fund's expenses, as if such waiver or
limitation were full set forth herein.
(2) All other provisions of the Management Agreement dated
January 3, 1994, remain in full force and effect.
IN WITNESS WHEREOF, we have signed this Amendment as of the
date and year first above written.
FRANKLIN REAL ESTATE SECURITIES TRUST
On behalf of Franklin Real Estate
Securities Fund
By /s/D.R. Gatzek
FRANKLIN ADVISERS, INC.
By /s/H.E. Burns
