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FREEX

Franklin Real Estate Securities Fund

As of 12/12/2025

NAV 1

$16.78

$-0.03 (-0.18%)
 

POP 2

$17.76

 
 

YTD Total Return At NAV 3

2.08%

 
As of 11/30/2025

Morningstar Overall Rating™ 4

Overview

Fund Description

The Fund seeks to maximize total return. Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of companies operating in the real estate industry, predominately in the United States, including: companies qualifying under federal tax law as real estate investment trusts (REIT's); and companies that derive at least half of their assets or revenues from the ownership, construction, management, operation, development or sale of commercial or residential real estate (such as real estate operating or service companies, homebuilders, lodging providers, and developers).

Strategy Statement

"We seek attractive opportunities in the U.S. real estate sector by analyzing supply/demand trends for various property types, evaluating company management and conducting in-depth securities analysis."

Strategy & Benefits

Strategy
  • The securities of REITs (real estate companies that purchase and usually manage properties such as office buildings, malls, apartments and hotels) are traded like stocks, which make them more liquid than individual properties.
  • We combine top-down macro analysis with bottom-up research of individual stocks to locate investment opportunities.
  • We seek to maximize total return by investing at least 80% of net assets in the equity securities of companies operating in the real estate industry—primarily Real Estate Investment Trusts (REITs).
Benefits
  • Experienced Management. Our real estate team has been investing in real estate for more than 30 years.
  • Portfolio Diversification. Historically, real estate securities have had a relatively low correlation to both stocks and bonds, offering potential diversification benefits.

Investment Philosophy, Strategy and Approach

Investment Philosophy

When it comes to our approach to investing in listed real estate, the managers believe:

  • Opportunities exist in property companies with compelling risk/reward potential, as identified by our fundamental analysis
  • Pricing inefficiencies can occur in listed property and can be exploited
  • Strong performance can come from a disciplined investment process
Investment Process
Fund Information
Asset Class 
Alternatives
Share Class Inception Date 
01/03/1994
Fund Inception Date 
01/03/1994
Benchmark 
Linked MSCI US IMI Real Estate 25/50/ S&P US Property Index
Additional Benchmark 
MSCI US IMI Real Estate 25/50 Index
Investment Style 
Real Estate
Morningstar Category4 
Real Estate
Lipper Classification 
Real Estate Funds
Dividend Frequency, if any 
Quarterly
Total Net Assets  As of 11/30/2025 (Updated Monthly)
$240.26 Million
Portfolio Turnover 
28%
Sales Charges, Expenses & Fees
As of 09/01/2025
Gross Expense Ratio5 
1.03%
Net Expense Ratio56 
1.03%
Maximum Initial Charge 
5.50%
CDSC7 
1.00%
12b-1 Fee 
0.25%
Identifiers
Ticker 
FREEX
Fund Number 
192
CUSIP Code 
354602104

Portfolio Managers

Blair Schmicker, CFA®

California, United States

Managed Fund Since 2019

Daniel Scher

New York, United States

Managed Fund Since 2014

Performance

Portfolio

Portfolio Holdings

Distributions & Tax

Distributions

Distribution Schedules

Dividend Frequency, if any This fund is an ex-Dividend fund
Quarterly
Capital Gain Distributions 
December

Rates and Yields

Read important information about results and other investment disclosures

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share

Current Year Distributions Per Share
Distributions with future dates are estimates and those figures are not final
Record Date  
12/19/2025
Ex-Dividend Date  
12/22/2025
Reinvestment Date  
12/22/2025
Payable Date  
12/22/2025
Reinvestment Amount  
Long-Term Capital Gains  
$0.7240-$0.8240 Estimates
Short-Term Capital Gains  
$0.0600-$0.0800 Estimates
Income  
Total Distribution Per Share  
Estimates
Record Date  
09/19/2025
Ex-Dividend Date  
09/22/2025
Reinvestment Date  
09/22/2025
Payable Date  
09/22/2025
Reinvestment Amount  
$16.93
Long-Term Capital Gains  
Short-Term Capital Gains  
Income  
$0.0779
Total Distribution Per Share  
$0.0779
Record Date  
06/18/2025
Ex-Dividend Date  
06/20/2025
Reinvestment Date  
06/20/2025
Payable Date  
06/20/2025
Reinvestment Amount  
$17.02
Long-Term Capital Gains  
Short-Term Capital Gains  
Income  
$0.0068
Total Distribution Per Share  
$0.0068

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

Tax Information

Tax Information

Federal ID Number 94-3191971
For information on tax years prior to 2008, please contact us
These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Record Date  
Mar 19
Ordinary Dividends  
0.0012
Qualified Dividends  
Capital Gain Distributions  
Unrecaptured Section 1250 Gain  
Non-Taxable Return Of Capital  
Section 199a Dividends  
0.0012
Foreign Tax Paid  
Exempt Interest Dividends  
Interest on Tax Reclaim Refunds  
Record Date  
Jun 18
Ordinary Dividends  
0.0848
Qualified Dividends  
Capital Gain Distributions  
Unrecaptured Section 1250 Gain  
Non-Taxable Return Of Capital  
Section 199a Dividends  
0.0848
Foreign Tax Paid  
Exempt Interest Dividends  
Interest on Tax Reclaim Refunds  
Record Date  
Sep 19
Ordinary Dividends  
0.1023
Qualified Dividends  
Capital Gain Distributions  
Unrecaptured Section 1250 Gain  
Non-Taxable Return Of Capital  
Section 199a Dividends  
0.1023
Foreign Tax Paid  
Exempt Interest Dividends  
Interest on Tax Reclaim Refunds  
Record Date  
Dec 19
Ordinary Dividends  
0.2475
Qualified Dividends  
Capital Gain Distributions  
1.5255
Unrecaptured Section 1250 Gain  
0.1077
Non-Taxable Return Of Capital  
Section 199a Dividends  
0.2475
Foreign Tax Paid  
Exempt Interest Dividends  
Interest on Tax Reclaim Refunds  
Record Date  
Ordinary Dividends  
0.4358
Qualified Dividends  
Capital Gain Distributions  
1.5255
Unrecaptured Section 1250 Gain  
0.1077
Non-Taxable Return Of Capital  
Section 199a Dividends  
0.4358
Foreign Tax Paid  
Exempt Interest Dividends  
Interest on Tax Reclaim Refunds  
Supplemental Tax Information
Foreign Source Income 
Foreign Source Qualified Dividends 
Direct U.S. Government Obligations 
Specified Private Activity Bond Interest 
Dividends Received Deduction 
Section 163(j) 
Indiana Resident Taxable Income 
Utah Resident Taxable Income 

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History Chart

As of 12/12/2025 Updated Daily

Daily Fund Prices and Breakpoints

As of 12/12/2025

Share Prices

As of 12/12/2025
NAV1 (Net Asset Value)
$16.78
NAV Change1 
$-0.03
NAV Change (%)1 
-0.18%
POP2 (Public Offering Price)
$17.76

52-Week Range

Highest NAV  As on 12/12/2024
$19.06
Lowest NAV  As on 04/08/2025
$15.08
POP and Sales Charge at Breakpoints

Investment

Sales Charge

POP

Less than $25,000 5.50%$17.76
$25,000 - $49,999 5.25%$17.71
$50,000 - $99,999 4.50%$17.57
$100,000 - $249,999 3.50%$17.39
$250,000 - $499,999 2.50%$17.21
$500,000 - $749,999 2.00%$17.12
$750,000 - $999,999 1.50%$17.04
POP and Sales Charge at Breakpoints
Investment  
Less than $25,000
Sales Charge  
5.50%
POP  
$17.76
Investment  
$25,000 - $49,999
Sales Charge  
5.25%
POP  
$17.71
Investment  
$50,000 - $99,999
Sales Charge  
4.50%
POP  
$17.57
Investment  
$100,000 - $249,999
Sales Charge  
3.50%
POP  
$17.39
Investment  
$250,000 - $499,999
Sales Charge  
2.50%
POP  
$17.21
Investment  
$500,000 - $749,999
Sales Charge  
2.00%
POP  
$17.12
Investment  
$750,000 - $999,999
Sales Charge  
1.50%
POP  
$17.04

Documents

Product Literature

PDF Format

Factsheet - Franklin Real Estate Securities Fund

Regulatory Documents

PDF Format

Semi-Annual Report - Franklin Real Estate Securities Fund - Class A

PDF Format

Annual Report - Franklin Real Estate Securities Fund Class A

PDF Format

Prospectus - Franklin Real Estate Securities Fund

PDF Format

Summary Prospectus - Franklin Real Estate Securities Fund

PDF Format

Statement of Additional Information - Franklin Real Estate Securities Fund

Mailed hardcopies unavailable.

PDF Format

Fiscal Q1 Holdings - Franklin Real Estate Securities Fund

Mailed hardcopies unavailable.

PDF Format

Fiscal Q3 Holdings - Franklin Real Estate Securities Fund

Mailed hardcopies unavailable.

Risks

What Are the Risks?

All investments involve risks, including possible loss of principal. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Real estate investment trusts (REITs) are closely linked to the performance of the real estate markets. REITs are subject to illiquidity, credit and interest rate risks, and risks associated with small- and mid-cap investments. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

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