<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
REAL ESTATE SECURITIES TRUST OCTOBER 31, 2000 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-30-2001
<PERIOD-END> OCT-31-2000
<INVESTMENTS-AT-COST> 386,467,460
<INVESTMENTS-AT-VALUE> 416,895,668
<RECEIVABLES> 4,107,811
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 421,003,479
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,510,601
<TOTAL-LIABILITIES> 1,510,601
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 435,481,789
<SHARES-COMMON-STOCK> 381,470
<SHARES-COMMON-PRIOR> 281,734
<ACCUMULATED-NII-CURRENT> 3,924,048
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (50,341,167)
<ACCUM-APPREC-OR-DEPREC> 30,428,208
<NET-ASSETS> 419,492,878
<DIVIDEND-INCOME> 13,437,292
<INTEREST-INCOME> 55,251
<OTHER-INCOME> 0
<EXPENSES-NET> (2,681,037)
<NET-INVESTMENT-INCOME> 10,811,506
<REALIZED-GAINS-CURRENT> (25,956,072)
<APPREC-INCREASE-CURRENT> 62,082,227
<NET-CHANGE-FROM-OPS> 46,937,661
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (132,986)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 127,402
<NUMBER-OF-SHARES-REDEEMED> (34,997)
<SHARES-REINVESTED> 7,331
<NET-CHANGE-IN-ASSETS> 491,460
<ACCUMULATED-NII-PRIOR> 4,183,596
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (24,385,095)
<GROSS-ADVISORY-FEES> (1,107,701)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,681,037)
<AVERAGE-NET-ASSETS> 445,521,711
<PER-SHARE-NAV-BEGIN> 13.900
<PER-SHARE-NII> .390<F1>
<PER-SHARE-GAIN-APPREC> 1.170
<PER-SHARE-DIVIDEND> (.410)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 15.050
<EXPENSE-RATIO> .800<F2>
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
<F2>ANNUALIZED
</FN>
</TABLE>
