SEC Releases, In the Matter of Age High Income Fund, Inc., et al.,

777 Mariners Island Boulevard, San Mateo, CA 94404, Securities and

 Exchange Commission, (Jan. 13, 1987)

SEC Releases

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37 SEC-DOCKET 569-02

Release No. IC-15534

File No. 812-6505

January 13, 1987

ORDER PERMITTING JOINT TRADING ACCOUNTS

AGE High Income Fund, Inc; Birr, Wilson Money Fund; Franklin

 California Tax-Free Income Fund, Inc.; Franklin New York Tax-Free

Income Fund, Inc; Franklin California Tax-Free Trust; Franklin

Tax-Free Trust; Franklin Corporate Cash Management Fund; Franklin

 Custodian Funds, Inc; Franklin Equity Fund; Franklin Federal Money

 Fund; Franklin Federal Tax-Free Income Fund; Franklin Gold Fund;

Franklin Money Fund; Franklin Option Fund; Franklin Tax-Exempt Money

 Fund; Franklin New York Tax-Exempt Money Fund; Franklin

Pennsylvania Investors Fund; and Institutional Fiduciary Trust

("Funds") and Franklin Advisers, Inc., filed an application on

 October 17, 1986, and an amendment thereto on November 24,

1986, requesting an order of the Commission under Section 17(d)

 of the Investment Company Act of 1940 ("Act") and Rule 17d-1

 thereunder to permit the Funds, as well as future investment

 companies for which subsidiaries or affiliates of Franklin

 Resources, Inc. serve as investment managers, to deposit

their cash balances remaining uninvested at the end of each

trading day into a single joint account whose daily balance

would be used to enter into one or more repurchase agreements

 in a total amount equal to the aggregate daily balance in

 the account ("Joint Accounts").

On December 17, 1986, a notice was issued (Investment Company

Act Release No. 15485) of the filing of the application. The

 notice gave interested persons an opportunity to request a

hearing and stated that an order disposing of the application

would be issued as of course unless a hearing should be ordered.

 No request for a hearing has been filed, and the Commission has

 not ordered a hearing.

The matter having been considered, it is found that the

participation of the Funds in the Joint Accounts is consistent

 with the provisions, policies and purposes of the Act and that

 their participation in the Joint Accounts is not on a basis less

 advantageous than that of any other participant. Accordingly,

IT IS ORDERED, pursuant to Section 17(d) of the Act and Rule 17d-1

 thereunder that the application to permit the Funds to participate

 in the Joint Accounts as described in the application, be, and

hereby is granted, effective forthwith.

For the Commission, by the Division of Investment Management,

under delegated authority.

Jonathan G. Katz

Secretary