Franklin Real Estate Securities Fund 

This fund typically allocates a minimum of 80% of its net assets to equity holdings in companies predominantly involved in the U.S. real estate sector. This encompasses federally qualified Real Estate Investment Trusts (REITs), as well as businesses that derive at least half of their assets or revenue from activities such as the ownership, construction, management, operation, development, or sale of commercial or residential properties. Such companies may include real estate operating and service firms, homebuilders, hospitality providers, and property developers. The fund maintains a concentrated, non-diversified portfolio.