EX-99.D 10 exhibit99_d.htm BOARD AND COMMITTEE FEES

EXHIBIT D

BOARD AND COMMITTEE FEES

      The following table identifies the compensation that the Funds pay their Independent Board Members and the number of standing committee meetings held during the most recent Fund fiscal year ended on or before September 30, 2006.

Fund 
 
 
 
 
 
  		Quarterly 
Fee 
 
 
 
 
  		Annual Fee 
 
 
 
 
 
  		Meeting Fee 
 
 
 
 
 
  		Number of  
Board  
Meetings  
Held During  
Most Recent   
Fiscal Year  
  		Number 
of Audit 
Committee 
Meetings 
Held During 
Most Recent 
Fiscal Year  		Number of 
Nominating 
Committee 
Meetings 
Held During 
Most Recent 
Fiscal Year 
Franklin California Tax-Free
Income Fund, Inc.  		$4,840* N/A $1,645*

9

2 9
Franklin California Tax-Free
Trust  		$2,915* N/A $780*

9

3 8
Franklin Capital Growth Fund  $2,010*  N/A  $630* 

  9  

 3  8 
Franklin Custodian
Funds, Inc.  		$5,525* N/A $1,830*

 

 5 8
Franklin Global Trust  $820*  N/A  $400* 

  9  

 3  8 
Franklin Gold and Precious
Metals Fund		 $535* N/A $185*

  9  

 3 8
Franklin High Income Trust  $3,030*  N/A  $990* 

  9  

 3  8 
Franklin Investors Securities
Trust  		$2,885* N/A $860*

9

4 6
Franklin Managed Trust  $2,000  N/A  $1,075 

  5  

 5  1 
Franklin Municipal Securities
Trust  		$1,050* N/A $600*

6

3 8
Franklin Mutual Recovery Fund  N/A $7,500
(except
chairman
receives
$15,000)		 $5,000**
($2,000
for Special
Board
Meetings)**

8

7 1
Franklin Mutual Series Fund Inc.   N/A $52,500
(except
chairman
receives
$105,000)		 $5,000**
($2,000
for Special
Board
Meetings)**

8

7 1
Franklin New York Tax-Free
Income Fund  		$3,395* N/A $1,150*

 9 

 3 8
Franklin New York Tax-Free
Trust  		$765* N/A $255*

9

5 8
Franklin Real Estate Securities
Trust  		$680* N/A $200*

7

3 8
Franklin Strategic Mortgage
Portfolio  		$820* N/A $500*

5

5 8

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Fund 
 
 
 
 
 
  		Quarterly 
Fee 
 
 
 
 
  		Annual Fee 
 
 
 
 
 
  		Meeting Fee 
 
 
 
 
 
  		Number of  
Board  
Meetings 
Held During  
Most Recent 
Fiscal Year   		 Number 
of Audit 
Committee 
Meetings 
Held During 
Most Recent 
Fiscal Year  		Number of 
Nominating 
Committee 
Meetings 
Held During 
Most Recent 
Fiscal Year 
Franklin Strategic Series  $4,725*  N/A  $1,350*   8   3  8 
Franklin Tax-Free Trust  $5,145*  N/A  $1,590*    9   3  9 
Franklin Templeton Fund
Allocator Series  		$155* N/A $110* 7 4 7
Franklin Templeton Global Trust  $180*  N/A  $150*    7   4  6 
Franklin Templeton International
Trust  		$920* N/A $400* 7 4 6
Franklin Templeton Money Fund
Trust  		No Fee No Fee No Fee 9 3 8
Franklin Value Investors Trust  $8,000  N/A  $3,925    6   4  1 
Institutional Fiduciary Trust  $1,085*  N/A  $275*    9   3  8 
The Money Market Portfolios  No Fee  No Fee  No Fee    9   3  8 
Templeton China World Fund  N/A  $2,000  $200    5   3  3 
Templeton Developing Markets
Trust  		N/A $10,160 $1,100 7 3 5
Templeton Funds, Inc.  N/A  $24,000  $1,800    5   3  3 
Templeton Global Smaller
Companies Fund  		N/A $9,000 $400 5 3 3
Templeton Income Trust  N/A  $2,000  $200    5   3  3 
Templeton Institutional Funds,
Inc.  		N/A $13,924 $900 7 3 7

     * The actual fees paid to the Independent Board Members of these Funds, including fees for attending Board meetings, are based upon a fee schedule applicable to all Franklin Funds (excluding Franklin Managed Trust and Franklin Value Investors Trust) for those Boards on which they serve. Such fees are subject to reduction as a result of fee caps limiting the total amount of fees payable to Independent Board Members serving on Boards of multiple Franklin Funds. For the amount actually paid to each Independent Board Member by a Franklin Fund for the 12-month period ended September 30, 2006, please see Exhibit E to this proxy statement.

      ** Independent Board Members of Franklin Mutual Series Fund Inc. and Franklin Mutual Recovery Fund receive a total of $5,000 for a joint meeting ($2,000 for a joint special meeting) of such Funds, the payment of which is allocated to each Fund and series thereof based upon average net assets.

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