<PAGE> PAGE 1
000 A000000 10/31/1999
000 C000000 0000912291
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 FRANKLIN REAL ESTATE SECURITIES TRUST
001 B000000 811-8034
001 C000000 6503122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010100 1
007 C020100 FRANKLIN REAL ESTATE SECURITIES FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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008 B00AA01 A
008 C00AA01 801-26292
008 D01AA01 SAN MATEO
008 D02AA01 CA
008 D03AA01 94404
008 D04AA01 1585
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94404
010 C04AA01 1585
011 A00AA01 FRANKLIN TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
<PAGE> PAGE 2
011 C03AA01 94404
011 C04AA01 1585
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94404
012 C04AA01 1585
013 A00AA01 PRICEWATERHOUSE COOPERS L L P
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
013 B04AA01 2119
014 A00AA01 FRANKLIN TEMPLETON DISTRIBUTORS, INC.
014 B00AA01 8-5889
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
015 A00AA02 EUROCLEAR
015 B00AA02 S
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015 D01AA02 EASDAQ
015 E04AA02 X
015 A00AA03 CEDEL
015 B00AA03 S
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015 D01AA03 EUROMARKET
015 E04AA03 X
015 A00AA04 BANKBOSTON
015 B00AA04 S
015 C01AA04 BUENOS AIRES
015 D01AA04 ARGENTINA
015 E04AA04 X
015 A00AA05 NATIONAL AUSTRALIA BANK
015 B00AA05 S
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015 D01AA05 AUSTRALIA
015 E04AA05 X
015 A00AA06 BANK AUSTRIA AG
015 B00AA06 S
015 C01AA06 VIENNA
015 D01AA06 AUSTRIA
015 E04AA06 X
015 A00AA08 BANQUE BRUXELLES LAMBERT
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015 D01AA08 BELGIUM
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<PAGE> PAGE 3
015 A00AA10 ROYAL BANK OF CANADA
015 B00AA10 S
015 C01AA10 TORONTO
015 D01AA10 CANADA
015 E04AA10 X
015 A00AA15 DEN DANSKE BANK
015 B00AA15 S
015 C01AA15 COPENHAGEN
015 D01AA15 DENMARK
015 E04AA15 X
015 A00AA16 BANQUE ET CAISSE D'EPARGNE DE L'ETAT
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015 D01AA16 LUXEMBOURG
015 E04AA16 X
015 A00AA17 THE BANK OF NEW YORK
015 B00AA17 S
015 C01AA17 LONDON
015 D01AA17 UNITED KINGDOM
015 E04AA17 X
015 A00AA18 MERITA BANK PLC
015 B00AA18 S
015 C01AA18 HELSINKI
015 D01AA18 FINLAND
015 E04AA18 X
015 A00AA19 BANQUE PARIBAS
015 B00AA19 S
015 C01AA19 PARIS
015 D01AA19 FRANCE
015 E04AA19 X
015 A00AA20 DRESDNER BANK AG
015 B00AA20 S
015 C01AA20 FRANKFURT
015 D01AA20 GERMANY
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015 A00AA22 HONGKONG & SHANGHAI BANKING CORP. LTD
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015 B00AA26 S
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015 D01AA26 IRELAND
015 E04AA26 X
015 A00AA28 BANCA COMMERCIALE ITALIANA
<PAGE> PAGE 4
015 B00AA28 S
015 C01AA28 MILAN
015 D01AA28 ITALY
015 E04AA28 X
015 A00AA29 BANK OF TOKYO-MITSUBISHI LTD
015 B00AA29 S
015 C01AA29 TOKYO
015 D01AA29 JAPAN
015 E04AA29 X
015 A00AA30 HSBC BANK MALAYSIA BERHAD
015 B00AA30 S
015 C01AA30 KUALA LUMPUR
015 D01AA30 MALAYSIA
015 E04AA30 X
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015 D01AA32 NETHERLANDS
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015 B00AA33 S
015 C01AA33 WELLINGTON
015 D01AA33 NEW ZEALAND
015 E04AA33 X
015 A00AA35 STANDARD CHARTERED BANK
015 B00AA35 S
015 C01AA35 KARACHI
015 D01AA35 PAKISTAN
015 E04AA35 X
015 A00AA37 HONGKONG & SHANGHAI BANKING CORP.
015 B00AA37 S
015 C01AA37 MANILA
015 D01AA37 PHILIPPINES
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015 B00AA39 S
015 C01AA39 LISBON
015 D01AA39 PORTUGAL
015 E04AA39 X
015 A00AA40 UNITED OVERSEAS BANK LTD
015 B00AA40 S
015 C01AA40 SINGAPORE
015 D01AA40 SINGAPORE
015 E04AA40 X
015 A00AA41 STANDARD BANK OF SOUTH AFRICA LTD
015 B00AA41 S
<PAGE> PAGE 5
015 C01AA41 JOHANNESBURG
015 D01AA41 SOUTH AFRICA
015 E04AA41 X
015 A00AA43 BANCO BILBAO VIZCAYA
015 B00AA43 S
015 C01AA43 MADRID
015 D01AA43 SPAIN
015 E04AA43 X
015 A00AA44 STANDARD CHARTERED BANK
015 B00AA44 S
015 C01AA44 COLOMBO
015 D01AA44 SRI LANKA
015 E04AA44 X
015 A00AA45 SKANDINAVISKA ENKILDA BANKEN
015 B00AA45 S
015 C01AA45 STOCKHOLM
015 D01AA45 SWEDEN
015 E04AA45 X
015 A00AA46 UNION BANK OF SWITZERLAND (UBS AG)
015 B00AA46 S
015 C01AA46 ZURICH
015 D01AA46 SWITZERLAND
015 E04AA46 X
015 A00AA48 STANDARD CHARTERED BANK
015 B00AA48 S
015 C01AA48 BANGKOK
015 D01AA48 THAILAND
015 E04AA48 X
015 A00AA49 OSMANLI BANKASI A.S. (OTTOMAN BANK)
015 B00AA49 S
015 C01AA49 ISTANBUL
015 D01AA49 TURKEY
015 E04AA49 X
015 A00AA50 FIRST CHICAGO CLEARING CENTRE
015 B00AA50 S
015 C01AA50 LONDON
015 D01AA50 EUROMARKET
015 E04AA50 X
015 A00AA67 STANBIC BANK ZAMBIA LTD
015 B00AA67 S
015 C01AA67 LUSAKA
015 D01AA67 ZAMBIA
015 E04AA67 X
015 A00AA68 STANBIC BANK ZIMBABWE LTD
015 B00AA68 S
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018 00AA00 Y
019 A00AA00 Y
019 B00AA00 234
<PAGE> PAGE 6
019 C00AA00 FRNKTEMGRP
020 A000001 JERRERIES & CO. INC.
020 B000001 95-2622900
020 C000001 41
020 A000002 LEHMAN BROTHERS, INC.
020 B000002 13-2518466
020 C000002 36
020 A000003 PAINEWEBBER INC.
020 B000003 13-2638166
020 C000003 32
020 A000004 MORGAN (JP) SECURITIES INC.
020 B000004 13-3224016
020 C000004 29
020 A000005 DONALDSON LUFKIN & JENRETTE
020 B000005 13-2741729
020 C000005 20
020 A000006 MERRILL LYNCH PIERCE FENNER
020 B000006 13-5674085
020 C000006 14
020 A000007 BANC OF AMERICA SECURITIES LLC
020 B000007 52-2058405
020 C000007 7
020 A000008 FLEMING MARTIN, INC.
020 B000008 13-3724403
020 C000008 6
020 A000009 LEGG MASON WOOD WALKER INC.
020 B000009 52-0902557
020 C000009 6
020 A000010 A.B. WATLEY INC.
020 C000010 5
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022 A000001 PARIBAS CORP. CAPTIAL MARKETS
022 B000001 13-3235334
022 C000001 239882
022 D000001 0
022 A000002 CIBC WOOD GUNDY SEC CORP.
022 B000002 13-3639028
022 C000002 230794
022 D000002 0
022 A000003 BARCLAYS CAPITAL INC.
022 B000003 13-3551367
022 C000003 227814
022 D000003 0
022 A000004 WARBURG DILLON READ LLC
022 B000004 13-3873456
022 C000004 227696
022 D000004 0
022 A000005 DONALDSON LUFKIN & JENRETTE
022 B000005 13-2741729
022 C000005 220861
022 D000005 0
<PAGE> PAGE 7
022 A000006 PAINEWEBBER INC.
022 B000006 13-2638166
022 C000006 201927
022 D000006 0
022 A000007 DRESDNER KLEINWORT BENSON
022 B000007 04-2442748
022 C000007 171762
022 D000007 0
022 A000008 CREDIT SUISSE FIRST BOSTON CORP.
022 B000008 13-5659485
022 C000008 159728
022 D000008 0
022 A000009 LEHMAN BROTHERS, INC.
022 B000009 13-2518466
022 C000009 157392
022 D000009 0
022 A000010 BEAR, STEARNS & SECURITIES CORP.
022 B000010 13-3299429
022 C000010 156224
022 D000010 0
023 C000000 2246534
023 D000000 3850
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<PAGE> PAGE 8
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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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SIGNATURE LAURA FERGERSON
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
REAL ESTATE SECURITIES TRUST OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFI
ED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN REAL ESTATE SECURITIES FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
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<RECEIVABLES> 5,540,206
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<OVERDISTRIBUTION-GAINS> (6,194,525)
<ACCUM-APPREC-OR-DEPREC> (77,377,747)
<NET-ASSETS> 406,192,095
<DIVIDEND-INCOME> 10,880,116
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<REALIZED-GAINS-CURRENT> (8,099,241)
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<NUMBER-OF-SHARES-SOLD> 8,505,080
<NUMBER-OF-SHARES-REDEEMED> (4,202,124)
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<NET-CHANGE-IN-ASSETS> 18,334,575
<ACCUMULATED-NII-PRIOR> 4,737,048
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<GROSS-EXPENSE> (2,346,076)
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<FN>
<F1>ANNUALIZED
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
REAL ESTATE SECURITIES TRUST OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFI
ED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
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<NAME> FRANKLIN REAL ESTATE SECURITIES FUND - CLASS B
<S> <C>
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<PERIOD-END> OCT-31-1999
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<AVERAGE-NET-ASSETS> 397,840,525
<PER-SHARE-NAV-BEGIN> 15.160
<PER-SHARE-NII> .280<F2>
<PER-SHARE-GAIN-APPREC> (2.200)<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.240
<EXPENSE-RATIO> 1.760<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
REAL ESTATE SECURITIES TRUST OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFI
ED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> FRANKLIN REAL ESTATE SECURITIES FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 482,545,615
<INVESTMENTS-AT-VALUE> 405,167,628
<RECEIVABLES> 5,540,206
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 410,707,834
<PAYABLE-FOR-SECURITIES> 1,886,250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,629,489
<TOTAL-LIABILITIES> 4,515,739
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 476,055,826
<SHARES-COMMON-STOCK> 6,731,091
<SHARES-COMMON-PRIOR> 7,072,878
<ACCUMULATED-NII-CURRENT> 13,708,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,194,525)
<ACCUM-APPREC-OR-DEPREC> (77,377,747)
<NET-ASSETS> 406,192,095
<DIVIDEND-INCOME> 10,880,116
<INTEREST-INCOME> 437,453
<OTHER-INCOME> 0
<EXPENSES-NET> (2,346,076)
<NET-INVESTMENT-INCOME> 8,971,493
<REALIZED-GAINS-CURRENT> (8,099,241)
<APPREC-INCREASE-CURRENT> (53,033,870)
<NET-CHANGE-FROM-OPS> (52,161,618)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 853,101
<NUMBER-OF-SHARES-REDEEMED> (1,194,888)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,334,575
<ACCUMULATED-NII-PRIOR> 4,737,048
<ACCUMULATED-GAINS-PRIOR> 1,904,716
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,006,189)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,346,076)
<AVERAGE-NET-ASSETS> 397,840,525
<PER-SHARE-NAV-BEGIN> 14.970
<PER-SHARE-NII> .270<F2>
<PER-SHARE-GAIN-APPREC> (2.170)<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.070
<EXPENSE-RATIO> 1.760<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
REAL ESTATE SECURITIES TRUST OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFI
ED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 014
<NAME> FRANKLIN REAL ESTATE SECURITIES FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 482,545,615
<INVESTMENTS-AT-VALUE> 405,167,628
<RECEIVABLES> 5,540,206
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 410,707,834
<PAYABLE-FOR-SECURITIES> 1,886,250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,629,489
<TOTAL-LIABILITIES> 4,515,739
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 476,055,826
<SHARES-COMMON-STOCK> 1,043,204
<SHARES-COMMON-PRIOR> 169,325
<ACCUMULATED-NII-CURRENT> 13,708,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,194,525)
<ACCUM-APPREC-OR-DEPREC> (77,377,747)
<NET-ASSETS> 406,192,095
<DIVIDEND-INCOME> 10,880,116
<INTEREST-INCOME> 437,453
<OTHER-INCOME> 0
<EXPENSES-NET> (2,346,076)
<NET-INVESTMENT-INCOME> 8,971,493
<REALIZED-GAINS-CURRENT> (8,099,241)
<APPREC-INCREASE-CURRENT> (53,033,870)
<NET-CHANGE-FROM-OPS> (52,161,618)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,525,075
<NUMBER-OF-SHARES-REDEEMED> (651,196)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,334,575
<ACCUMULATED-NII-PRIOR> 4,737,048
<ACCUMULATED-GAINS-PRIOR> 1,904,716
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,006,189)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,346,076)
<AVERAGE-NET-ASSETS> 397,840,525
<PER-SHARE-NAV-BEGIN> 15.210
<PER-SHARE-NII> .360<F2>
<PER-SHARE-GAIN-APPREC> (2.220)<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.350
<EXPENSE-RATIO> .760<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
NAME OF REGISTRANT:
Franklin Real Estate Securities Trust
File No. 811-8034
EXHIBIT - Item 77M: Mergers
Pursuant to an Agreement and Plan of Reorganization
between the Registrant, on behalf of its series
Franklin Real Estate Securities Fund
("Franklin Fund"), and Templeton Global Real
Estate Fund ("Templeton Fund"), the Franklin
Fund acquired all of the assets of the Templeton
Fund on September 23, 1999, in exchange solely
for shares of beneficial interest of the
Franklin Fund and the distribution, pursuant
to the Agreement and Plan of Reorganization,
of the Franklin Fund's shares of beneficial
interest to the shareholders of Templeton Fund.
