CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Post-Effective Amendment No.
11 to the Registration Statement of Franklin Real Estate Securities Trust on
Form N-1A, File No. 33-69048, of our report dated June 6, 2000, on our audit
of the financial statements and financial highlights of Franklin Real Estate
Securities Trust, which report is included in the Annual Report to
Shareholders for the year ended April 30, 2000, filed with the Securities and
Exchange Commission pursuant to section 30(d) of the Investment Company Act
of 1940, which is incorporated by reference in the Registration Statement. We
also consent to the reference to our firm under the captions "Financial
Highlights" and "Auditor."
/s/ PricewaterhouseCoopers LLP
San Francisco, California
August 28,2000
