EXHIBIT Q

OUTSTANDING SHARES AS OF NOVEMBER 30, 2006

Fund	Number of Outstanding Shares
Franklin California Tax-Free Income Fund, Inc.
Franklin California Tax-Free Income Fund
Class A Shares		1,730,846,566.05
Class B Shares		42,433,305.80
Class C Shares		80,992,970.91
Advisor Class Shares		10,918,681.14
Total		1,865,191,523.91
Franklin California Tax-Free Trust
Franklin California Insured Tax-Free Income Fund
Class A Shares		141,936,507.39
Class B Shares		5,233,955.40
Class C Shares		10,662,415.37
Total		157,832,878.16
Franklin California Intermediate-Term Tax-Free Income Fund
Class A Shares		39,425,235.85
Class C Shares		2,387,733.84
Total		41,812,969.69
Franklin California Limited-Term Tax-Free Income Fund
Total		1,088,543.67
Franklin California Tax-Exempt Money Fund
Total		661,888,929.33
Franklin Capital Growth Fund
Class A Shares		74,774,737.14
Class B Shares		5,742,398.50
Class C Shares		11,729,272.83
Class R Shares		2,827,094.84
Advisor Class Shares		31,258,839.33
Total		126,332,342.65
Franklin Custodian Funds, Inc.
Franklin DynaTech Fund
Class A Shares		21,718,396.64
Class B Shares		700,001.07
Class C Shares		2,727,333.29
Total		25,145,731.01
Franklin Growth Fund
Class A Shares		43,204,681.02
Class B Shares		3,195,201.26
Class C Shares		7,263,428.36

Q-1

Fund	Number of Outstanding Shares
Class R Shares		977,300.25
Advisor Class Shares		7,063,230.68
Total		61,703,841.58
Franklin Income Fund
Class A Shares		10,789,757,398.40
Class B Shares		1,448,073,352.15
Class B1 Shares		176,281,795.49
Class C Shares		4,895,587,399.17
Class R Shares		76,111,840.22
Advisor Class Shares		1,617,629,544.88
Total		19,003,441,330.30
Franklin U.S. Government Securities Fund
Class A Shares		814,504,462.85
Class B Shares		58,654,125.73
Class C Shares		65,397,833.62
Class R Shares		11,358,256.41
Advisor Class Shares		60,994,713.58
Total		1,010,909,392.19
Franklin Utilities Fund
Class A Shares		147,804,669.65
Class B Shares		10,198,297.30
Class C Shares		30,325,261.38
Class R Shares		2,268,707.86
Advisor Class Shares		6,138,794.94
Total		196,735,731.12
Franklin Global Trust
Fiduciary Large Capitalization Growth and Income Fund
Total		13,263,184.16
Fiduciary Small Capitalization Equity Fund
Total		1,458,090.34
Franklin Global Real Estate Fund
Class A Shares		986, 859.00
Class C Shares		158,983.13
Advisor Class Shares		1,364,564.38
Total		2,510,406.51
Franklin International Smaller Companies Growth Fund
Total		1,398,303.61
Franklin Templeton Core Fixed Income Fund
Total		2,469,641.98
Franklin Templeton Core Plus Fixed Income Fund
Total		9,252,400.24

Q-2

Fund	Number of Outstanding Shares
Franklin Templeton Emerging Market Debt Opportunities Fund
Total		3,891,388.06
Franklin Templeton High Income Fund
Total		715,577.11
Franklin Gold and Precious Metals Fund
Class A Shares		28,665,987.82
Class B Shares		1,974,884.02
Class C Shares		7,007,539.82
Advisor Class Shares		1,926,439.02
Total		39,574,850.69
Franklin High Income Trust
Franklin High Income Fund
Class A Shares		1,039,733,134.90
Class B Shares		84,380,638.10
Class C Shares		172,586,275.98
Class R Shares		7,404,235.12
Advisor Class Shares		20,057,755.25
Total		1,324,162,039.35
Franklin Investors Securities Trust
Franklin Adjustable U.S. Government Securities Fund
Class A Shares		41,118,453.85
Class C Shares		3,976,024.50
Total		45,094,478.34
Franklin Balanced Fund
Class A Shares		1,670,905.44
Class C Shares		25,901.42
Class R Shares		1,000.00
Advisor Class Shares		27,967.25
Total		1,725,774.11
Franklin Convertible Securities Fund
Class A Shares		41,811,280.83
Class C Shares		15,935,108.35
Total		57,746,389.19
Franklin Equity Income Fund
Class A Shares		32,631,839.55
Class B Shares		2,274,190.76
Class C Shares		7,600,711.63
Class R Shares		827,244.39
Total		43,333,986.33

Q-3

Fund	Number of Outstanding Shares
Franklin Floating Rate Daily Access Fund
Class A Shares		170,446,077.19
Class B Shares		5,974,182.96
Class C Shares		38,039,833.04
Advisor Class Shares		4,332,373.85
Total		218,792,467.04
Franklin Limited Maturity U.S. Government Securities Fund
Class A Shares		21,011,021.44
Advisor Class Shares		2,298,219.04
Total		23,309,240.48
Franklin Low Duration Total Return Fund
Class A Shares		208,391.45
Franklin Real Return Fund
Class A Shares		3,133,341.85
Advisor Class Shares		1,771,371.72
Total		4,904,713.57
Franklin Total Return Fund
Class A Shares		41,935,163.36
Class B Shares		2,123,605.53
Class C Shares		4,807,988.00
Class R Shares		3,139,269.79
Advisor Class Shares		22,574,810.92
Total		74,580,837.60
Franklin Managed Trust
Franklin Rising Dividends Fund
Class A Shares		49,960,125.15
Class B Shares		7,977,519.52
Class C Shares		16,124,800.21
Class R Shares		1,365,913.41
Advisor Class Shares		846,553.97
Total		76,274,912.26
Franklin Municipal Securities Trust
Franklin California High Yield Municipal Fund
Class A Shares		116,112,839.31
Class B Shares		2,711,790.32
Class C Shares		22,251,736.69
Advisor Class Shares		13,259.93
Total		141,089,626.25
Franklin Tennessee Municipal Bond Fund
Class A Shares		14,018,243.58

Q-4

Fund	Number of Outstanding Shares
Franklin Mutual Recovery Fund
Class A Shares		9,746,206.54
Class B Shares		318,359.57
Class C Shares		4,771,281.88
Advisor Class Shares		7,461,902.23
Total		22,297,750.32
Franklin Mutual Series Fund Inc.
Mutual Beacon Fund
Class A Shares		119,567,846.74
Class B Shares		11,485,884.78
Class C Shares		46,220,179.02
Class Z Shares		216,773,941.46
Total		394,047,852.00
Mutual Discovery Fund
Class A Shares		191,079,746.95
Class B Shares		8,985,105.90
Class C Shares		71,110,679.49
Class R Shares		5,556,649.24
Class Z Shares		126,645,365.36
Total		403,377,546.93
Mutual European Fund
Class A Shares		36,713,951.74
Class B Shares		2,502,424.82
Class C Shares		11,684,823.43
Class Z Shares		38,795,356.39
Total		89,696,556.39
Mutual Financial Services Fund
Class A Shares		22,107,305.65
Class B Shares		1,905,118.24
Class C Shares		9,029,979.63
Class Z Shares		8,490,394.12
Total		41,532,797.63
Mutual Qualified Fund
Class A Shares		42,847,275.64
Class B Shares		3,366,589.66
Class C Shares		18,362,366.67
Class Z Shares		181,367,920.93
Total		245,944,152.90
Mutual Shares Fund
Class A Shares		238,244,472.15
Class B Shares		24,670,082.58
Class C Shares		86,797,420.14
Class R Shares		6,666,490.92
Class Z Shares		413,116,362.16
Total		69,494,827.94

Q-5

Fund	Number of Outstanding Shares
Franklin New York Tax-Free Income Fund
Class A Shares		372,599,423.61
Class B Shares		16,831,508.17
Class C Shares		21,407,257.93
Advisor Class Shares		4,050,039.79
Total		414,888,229.50
Franklin New York Tax-Free Trust
Franklin New York Insured Tax-Free Income Fund
Class A Shares		28,517,550.59
Class C Shares		3,868,193.54
Total		32,385,744.13
Franklin New York Intermediate-Term Tax-Free Income Fund
Class A Shares		20,029,022.71
Class C Shares		1,107,030.91
Total		21,136,053.61
Franklin New York Limited-Term Tax-Free Income Fund
Total		810,781.24
Franklin New York Tax-Exempt Money Fund
Total		61,352,792.04
Franklin Real Estate Securities Trust
Franklin Real Estate Securities Fund
Class A Shares		27,519,742.38
Class B Shares		2,179,770.34
Class C Shares		5,866,342.20
Advisor Class Shares		1,631,072.76
Total		35,565,854.92
Franklin Strategic Mortgage Portfolio
Total		29,782,040.32
Franklin Strategic Series
Franklin Aggressive Growth Fund
Class A Shares		5,957,261.29
Class B Shares		1,009,167.37
Class C Shares		1,686,174.88
Class R Shares		402,561.47
Advisor Class Shares		4,493,718.83
Total		13,548,883.84
Franklin Biotechnology Discovery Fund
Total		7,944,936.15

Q-6

Fund	Number of Outstanding Shares
Franklin Blue Chip Fund
Class A Shares		9,747,978.22
Class B Shares		1,236,030.50
Class C Shares		2,063,283.24
Class R Shares		326,372.83
Total		13,373,664.78
Franklin Flex Cap Growth Fund
Class A Shares		47,478,378.97
Class B Shares		3,157,069.67
Class C Shares		9,157,861.77
Class R Shares		1,993,640.44
Advisor Class Shares		7,020,458.16
Total		68,807,409.01
Franklin Global Communications Fund
Class A Shares		5,816,360.28
Class B Shares		304,790.37
Class C Shares		985,477.00
Total		7,106,598.65
Franklin Global Health Care Fund
Class A Shares		4,300,414.89
Class B Shares		515,730.46
Class C Shares		1,157,588.28
Total		5,973,733.63
Franklin Natural Resources Fund
Class A Shares		11,559,298.90
Class C Shares		726,024.33
Advisor Class Shares		1,166,467.28
Total		13,451,790.40
Franklin Small Cap Growth Fund II
Class A Shares		41,581,553.67
Class B Shares		7,190,986.40
Class C Shares		10,225,961.54
Class R Shares		441,972.21
Advisor Class Shares		23,383,678.04
Total		82,824,151.86
Franklin Small-Mid Cap Growth Fund
Class A Shares		140,998,268.70
Class B Shares		833,468.35
Class C Shares		17,089,703.33
Class R Shares		2,947,255.30
Advisor Class Shares		17,981,747.76
Total		179,850,443.45

Q-7

Fund	Number of Outstanding Shares
Franklin Strategic Income Fund
Class A Shares		118,513,943.74
Class B Shares		10,112,256.43
Class C Shares		33,663,231.86
Class R Shares		4,464,103.17
Advisor Class Shares		5,192,121.04
Total		171,945,656.24
Franklin Technology Fund
Class A Shares		5,613,175.21
Class B Shares		692,453.13
Class C Shares		1,682,629.15
Class R Shares		799,161.68
Advisor Class Shares		486,158.00
Total		9,273,577.16
Franklin U.S. Long-Short Fund
Total		1,991,089.19
Franklin Tax-Free Trust
Franklin Alabama Tax-Free Income Fund
Class A Shares		21,186,952.26
Class C Shares		3,303,209.47
Total		24,490,161.73
Franklin Arizona Tax-Free Income Fund
Class A Shares		81,962,803.42
Class B Shares		1,907,551.65
Class C Shares		4,981,276.81
Total		88,851,631.88
Franklin Colorado Tax-Free Income Fund
Class A Shares		34,433,965.64
Class C Shares		4,066,923.32
Total		38,500,888.96
Franklin Connecticut Tax-Free Income Fund
Class A Shares		26,654,966.86
Class C Shares		4,558,942.58
Total		31,213,909.44
Franklin Double Tax-Free Income Fund
Class A Shares		33,810,577.34
Class C Shares		4,696,713.95
Total		38,507,291.29
Franklin Federal Intermediate-Term Tax-Free Income Fund
Class A Shares		51,098,503.44
Class C Shares		2,510,157.53
Total		53,608,660.96

Q-8

Fund	Number of Outstanding Shares
Franklin Federal Limited-Term Tax-Free Income Fund
Total		2,140,226.92
Franklin Florida Insured Tax-Free Income Fund
Total		16,009,220.12
Franklin Florida Tax-Free Income Fund
Class A Shares		125,988,988.48
Class B Shares		5,095,891.28
Class C Shares		11,951,865.26
Total		143,036,745.02
Franklin Georgia Tax-Free Income Fund
Class A Shares		18,113,121.28
Class C Shares		4,027,778.45
Total		22,140,899.73
Franklin High Yield Tax-Free Income Fund
Class A Shares		478,230,756.35
Class B Shares		20,454,190.85
Class C Shares		66,717,012.84
Advisor Class Shares		2,881,031.19
Total		568,282,991.23
Franklin Insured Tax-Free Income Fund
Class A Shares		145,551,206.09
Class B Shares		6,956,057.60
Class C Shares		11,380,368.46
Total		163,887,632.06
Franklin Kentucky Tax-Free Income Fund
Total		12,559,361.02
Franklin Louisiana Tax-Free Income Fund
Class A Shares		18,145,771.35
Class C Shares		2,196,753.68
Total		20,342,525.03
Franklin Maryland Tax-Free Income Fund
Class A Shares		33,968,148.40
Class C Shares		5,843,087.20
Total		39,811,235.60
Franklin Massachusetts Insured Tax-Free Income Fund
Class A Shares		38,093,463.16
Class C Shares		4,923,117.20
Total		43,016,580.35

Q-9

Fund	Number of Outstanding Shares
Franklin Michigan Insured Tax-Free Income Fund
Class A Shares		102,502,849.90
Class B Shares		3,790,465.86
Class C Shares		10,171,079.73
Total		116,464,395.49
Franklin Minnesota Insured Tax-Free Income Fund
Class A Shares		44,127,016.34
Class C Shares		5,221,117.16
Total		49,348,133.50
Franklin Missouri Tax-Free Income Fund
Class A Shares		48,585,275.18
Class C Shares		5,584,758.38
Total		54,170,033.56
Franklin New Jersey Tax-Free Income Fund
Class A Shares		80,141,935.96
Class B Shares		6,038,251.86
Class C Shares		12,374,679.04
Total		98,554,866.86
Franklin North Carolina Tax-Free Income Fund
Class A Shares		48,127,511.71
Class C Shares		9,047,136.60
Total		57,174,648.30
Franklin Ohio Insured Tax-Free Income Fund
Class A Shares		75,558,884.13
Class B Shares		4,176,785.47
Class C Shares		10,942,408.43
Total		90,678,078.03
Franklin Oregon Tax-Free Income Fund
Class A Shares		56,193,071.39
Class C Shares		7,243,874.11
Total		63,436,945.50
Franklin Pennsylvania Tax-Free Income Fund
Class A Shares		70,469,654.14
Class B Shares		4,211,085.56
Class C Shares		9,291.774.09
Total		83,972,513.78
Franklin Virginia Tax-Free Income Fund
Class A Shares		41,193,856.21
Class C Shares		4,698,878.00
Total		45,892,734.21

Q-10

Fund	Number of Outstanding Shares
Franklin Templeton Fund Allocator Series
Franklin Templeton Conservative Target Fund
Class A Shares		14,214,049.92
Class B Shares		488,783.82
Class C Shares		5,592,439.12
Class R Shares		1,065,277.57
Advisor Class Shares		110,814.48
Total		21,471,364.91
Franklin Templeton Corefolio Allocation Fund
Class A Shares		31,549,773.89
Class B Shares		5,402,012.43
Class C Shares		11,657,120.29
Class R Shares		175,495.65
Advisor Class Shares		207,959.45
Total		48,992,361.72
Franklin Templeton Founding Funds Allocation Fund
Class A Shares		480,113,785.72
Class B Shares		53,207,247.53
Class C Shares		246,324,836.08
Class R Shares		1,621,347.68
Advisor Class Shares		1,456,188.92
Total		782,832,405.93
Franklin Templeton Growth Target Fund
Class A Shares		19,995,544.45
Class B Shares		536,575.96
Class C Shares		7,635,380.26
Class R Shares		1,636,108.05
Advisor Class Shares		294,135.38
Total		30,097,744.09
Franklin Templeton Moderate Target Fund
Class A Shares		27,992,102.90
Class B Shares		802,536.18
Class C Shares		9,546,726.06
Class R Shares		2,196,796.42
Advisor Class Shares		444,056.65
Total		40,982,218.21
Franklin Templeton Perspectives Allocation Fund
Class A Shares		14,013,320.96
Class C Shares		5,133,600.40
Class R Shares		114,420.95
Advisor Class Shares		146,549.32
Total		19,407,891.37

Q-11

Fund	Number of Outstanding Shares
Franklin Templeton 2015 Retirement Target Fund
Class A Shares		126,786.87
Class C Shares		4,320.55
Class R Shares		1,000.00
Advisor Class Shares		1,847.90
Total		133,955.32
Franklin Templeton 2025 Retirement Target Fund
Class A Shares		151,885.62
Class C Shares		4,848.59
Class R Shares		1,245.22
Advisor Class Shares		1,028.94
Total		153,140.42
Franklin Templeton 2035 Retirement Target Fund
Class A Shares		102,389.52
Class C Shares		4,846.23
Class R Shares		2,044.06
Advisor Class Shares		5,294.93
Total		114,574.71
Franklin Templeton 2045 Retirement Target Fund
Class A Shares		105,974.45
Class C Shares		3,194.63
Class R Shares		1,054.81
Advisor Class Shares		1,057.86
Total		111,281.74
Franklin Templeton Global Trust
Franklin Templeton Hard Currency Fund
Class A Shares		35,161,010.35
Advisor Class Shares		4,379,236.15
Total		39,540,246.50
Franklin Templeton International Trust
Templeton Foreign Smaller Companies Fund
Class A Shares		15,338,759.93
Class B Shares		340,607.44
Class C Shares		1,368,969.02
Advisor Class Shares		1,742,541.18
Total		18,778,230.02
Templeton Global Long-Short Fund
Class A Shares		11,064,773.96
Class B Shares		2,678,933.69
Advisor Class Shares		290,984.16
Total		14,034,691.80

Q-12

Fund	Number of Outstanding Shares
Franklin Templeton Money Fund Trust
Franklin Templeton Money Fund
Class B Shares		40,303,836.86
Class C Shares		58,638,437.10
Class R Shares		2,137,243.58
Total		101,079,517.54
Franklin Value Investors Trust
Franklin Balance Sheet Investment Fund
Class A Shares		63,822,287.26
Class B Shares		1,853,875.23
Class C Shares		2,038,719.48
Class R Shares		753,100.81
Advisor Class Shares		4,793,657.87
Total		73,261,640.65
Franklin Large Cap Value Fund
Class A Shares		11,005,192.04
Class B Shares		1,332,681.28
Class C Shares		3,890,868.71
Class R Shares		468,157.19
Advisor Class Shares		121,959.45
Total		16,818,858.67
Franklin MicroCap Value Fund
Class A Shares		11,408,917.51
Advisor Class Shares		155,128.18
Total		11,564,045.69
Franklin MidCap Value Fund
Class A Shares		3,943,780.92
Class C Shares		862,272.18
Class R Shares		39,521.24
Advisor Class Shares		67,837.14
Total		4,913,411.48
Franklin Small Cap Value Fund
Class A Shares		15,592,217.68
Class B Shares		1,808,751.43
Class C Shares		5,604,181.60
Class R Shares		1,311,626.37
Advisor Class Shares		1,282,566.90
Total		25,599,343.98
Institutional Fiduciary Trust
Franklin Cash Reserves Fund
Total		143,024,489.00
Franklin Structured Large Cap Core Equity Fund
Total		275,889.20

Q-13

Fund	Number of Outstanding Shares
Franklin Structured Large Cap Growth Equity Fund
Total		252,938.92
Money Market Portfolio
Total		3,717,774,051.75
The Money Market Portfolios
The Money Market Portfolio
Total		5,826,613,185.24
Templeton China World Fund
Class A Shares		11,206,802.52
Class B Shares		604,386.95
Class C Shares		4,617,512.73
Advisor Class Shares		9,550,472.39
Total		25,979,174.60
Templeton Developing Markets Trust
Class A Shares		166,161,794.43
Class B Shares		1,905,643.37
Class C Shares		16,817,939.51
Class R Shares		1,339,226.17
Advisor Class Shares		15,225,050.78
Total		201,449,654.26
Templeton Funds, Inc.
Templeton Foreign Fund
Class A Shares		1,026,192,482.03
Class B Shares		17,525,504.97
Class C Shares		113,308,600.03
Class R Shares		16,579,053.89
Advisor Class Shares		167,753,884.94
Total		1,341,359,525.86
Templeton World Fund
Class A Shares		469,154,475.18
Class B Shares		3,525,090.73
Class C Shares		23,063,535.95
Advisor Class Shares		7,967,505.23
Total		503,710,607.09
Templeton Global Smaller Companies Fund
Class A Shares		139,039,986.81
Class B Shares		1,002,930.30
Class C Shares		8,980,879.70
Advisor Class Shares		8,649,906.33
Total		157,673,703.15

Q-14

Fund	Number of Outstanding Shares
Templeton Income Trust
Templeton Global Bond Fund
Class A Shares		199,000,555.41
Class C Shares		49,242,092.17
Advisor Class Shares		51,468,063.53
Total		299,710,711.10
Templeton Institutional Funds, Inc.
Emerging Markets Series		135,949,701.69
Foreign Equity Series
Primary Shares		257,960,839.67
Foreign Smaller Companies Series		7,363,791.92

Q-15