ANNEX II

Underlying Funds

Registrant	Series
Franklin Gold and Precious Metals Fund	N/A
Franklin Custodian Funds	Franklin Dynatech Fund
	Franklin Growth Fund
	Franklin Income Fund
	Franklin U.S. Government Securities Fund
	Franklin Utilities Fund
Franklin Value Investors Trust	Franklin All Cap Value Fund
	Franklin Balance Sheet Investment Fund
	Franklin Large Cap Value Fund
	Franklin MicroCap Value Fund
	Franklin MidCap Value Fund
	Franklin Small Cap Value Fund
Franklin Mutual Series Funds	Mutual Global Discovery Fund
	Mutual European Fund
	Mutual Financial Services Fund
	Mutual International Fund
	Mutual Shares Fund
	Mutual Quest Fund
Templeton China World Fund	N/A
Templeton Developing Markets Trust	N/A
Templeton Funds	Templeton Foreign Fund
Templeton Global Smaller Companies Fund	N/A
Franklin High Income Trust	Franklin High Income Fund
Franklin Investors Securities Trust	Franklin Convertible Securities Fund
	Franklin Equity Income Fund
	Franklin Floating Rate Daily Access Fund
	Franklin Low Duration Total Return Fund
	Franklin Limited Maturity U.S. Government Securities Fund
	Franklin Total Return Fund
Franklin Real Estate Securities Trust	Franklin Real Estate Securities Fund
Franklin Strategic Series	Franklin Biotechnology Discovery Fund
	Franklin Growth Opportunities Fund
	Franklin Flex Cap Growth Fund
	Franklin Focused Core Equity Fund
	Franklin Natural Resources Fund
	Franklin Small Cap Growth Fund
	Franklin Small-Mid Cap Growth Fund
	Franklin Strategic Income Fund
Franklin Strategic Mortgage Portfolio	N/A
Franklin Templeton Global Trust	Franklin Templeton Hard Currency Fund
Templeton Income Trust	Templeton Global Bond Fund
	Templeton Global Total Return Fund
	Templeton International Bond Fund
Franklin Global Trust	Franklin Templeton Emerging Market Debt Opportunities Fund
	Franklin Global Real Estate Fund
	Franklin International Growth Fund
	Franklin International Small Cap Growth Fund
	Franklin Large Cap Equity Fund
Templeton Growth Fund, Inc.	N/A
Institutional Fiduciary Trust	Money Market Portfolio
Franklin Templeton International Trust	Templeton Foreign Smaller Companies Fund
	Franklin India Growth Fund
Franklin Managed Trust	Franklin Rising Dividends Fund
Templeton Global Investment Trust	Templeton Asian Growth Fund
	Templeton BRIC Fund
	Templeton Emerging Markets Small Cap Fund
	Templeton Frontier Markets Fund
Templeton Global Opportunities Trust	N/A
Templeton Institutional Funds	Global Equity Series Fund
Templeton World Fund	Templeton Funds

Updated as of March 28, 2012