We have not received your vote on the proposals that affect your investment in the Franklin Templeton Funds. We are again asking you to cast your vote on these important fund changes. If sufficient participation is not reached, your shareholder meeting may need to adjourn.

IT IS EXTREMELY IMPORTANT THAT YOU TAKE A FEW MINUTES AND CAST YOUR VOTE TODAY. OTHERWISE YOUR FUND WILL NEED TO INCUR ADDITIONAL COSTS ASSOCIATED WITH FURTHER COMMUNICATIONS AND A POSSIBLE ADJOURNMENT.

After careful review, the Board of Trustees has unanimously recommended a vote “FOR”
the proposals detailed in your proxy statement.

TO SPEAK TO A PROXY VOTING SPECIALIST: Dial toll-free 1-877-777-3418 and a representative from MIS, an ADP Company, will assist you with voting your shares and answer any of your proxy related questions. Representatives are available 9:00 a.m. - 9:00 p.m. (Eastern Time), Monday - Friday and Saturday 10:00 a.m. to 6:00 p.m. (Eastern Time).

VOTE BY TOUCH-TONE: Dial the toll-free touch-tone voting number listed on your proxy card, enter the CONTROL NUMBER printed on your proxy card and follow the simple instructions. Telephone voting is available 24 hours a day, 7 days a week. THIS CALL IS TOLL-FREE. If you have received more than one proxy card, you can vote each card during the call. Each card has a different control number.

VOTE VIA INTERNET: Go to website listed on your proxy card, enter the CONTROL NUMBER printed on your proxy card and follow the simple instructions. If you have received more than one proxy card, you can vote each card on the website. Each card has a different control number.

VOTE BY MAIL: Sign and date the enclosed proxy card and mail back using the enclosed pre-paid postage envelope so that we will receive it by March 20, 2007 (day prior to Meeting).

o	Preliminary Proxy Statement
o	Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
o	Definitive Proxy Statement
x	Definitive Additional Materials
o	Soliciting Material Pursuant to Section 240.14a-12

	FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC. FRANKLIN CALIFORNIA TAX-FREE TRUST FRANKLIN CAPITAL GROWTH FUND FRANKLIN CUSTODIAN FUNDS, INC. FRANKLIN GLOBAL TRUST FRANKLIN GOLD AND PRECIOUS METALS FUND FRANKLIN HIGH INCOME TRUST FRANKLIN INVESTORS SECURITIES TRUST FRANKLIN MANAGED TRUST FRANKLIN MUNICIPAL SECURITIES TRUST FRANKLIN MUTUAL SERIES FUND INC. FRANKLIN NEW YORK TAX-FREE INCOME FUND FRANKLIN NEW YORK TAX-FREE TRUST FRANKLIN REAL ESTATE SECURITIES TRUST FRANKLIN STRATEGIC MORTGAGE PORTFOLIO FRANKLIN STRATEGIC SERIES FRANKLIN TAX-FREE TRUST	FRANKLIN TEMPLETON FUND ALLOCATOR SERIES FRANKLIN TEMPLETON GLOBAL TRUST FRANKLIN TEMPLETON INTERNATIONAL TRUST FRANKLIN TEMPLETON MONEY FUND TRUST FRANKLIN VALUE INVESTORS TRUST INSTITUTIONAL FIDUCIARY TRUST THE MONEY MARKET PORTFOLIOS TEMPLETON CHINA WORLD FUND TEMPLETON DEVELOPING MARKETS TRUST TEMPLETON FUNDS, INC. TEMPLETON GLOBAL SMALLER COMPANIES FUND TEMPLETON INCOME TRUST TEMPLETON INSTITUTIONAL FUNDS, INC. FRANKLIN FEDERAL TAX-FREE INCOME FUND FRANKLIN MONEY FUND FRANKLIN TAX-EXEMPT MONEY FUND
(Name of Registrant as Specified In Its Charter)

	(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

x	No fee required.

o	Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

	1.	Title of each class of securities to which transaction applies:

	2.	Aggregate number of securities to which transaction applies:

	3.	Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

	4.	Proposed maximum aggregate value of transaction:

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o	Fee paid previously with preliminary proxy materials.

o	Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.