EXHIBIT E
AGGREGATE INDEPENDENT BOARD MEMBER COMPENSATION
FROM EACH FUND FOR THE 12-MONTH PERIOD
ENDED SEPTEMBER 30, 2006
| Fund | Harris J.
Ashton | Robert F.
Carlson | Frank J.
Crothers | S. Joseph
Fortunato1 | Edith E.
Holiday | Frank W. T.
LaHaye | Gordon S.
Macklin2 |
| Franklin California Tax-Free Income Fund, Inc. | $28,431 | -- | -- | $25,686 | $29,367 | -- | $28,431 |
| Franklin California Tax-Free Trust | $14,328 | -- | -- | $12,916 | $0 | $14,393 | $14,328 |
| Franklin Capital Growth Fund | $10,495 | -- | -- | $9,417 | $10,490 | $10,382 | $10,494 |
| Franklin Custodian Funds, Inc. | $32,921 | -- | -- | $29,838 | $36,596 | -- | $32,934 |
| Franklin Global Trust | $2,378 | $3,529 | -- | $1,949 | $2,377 | $2,312 | $2,378 |
| Franklin Gold and Precious Metals Fund | $2,926 | -- | -- | $2,620 | $2,925 | $2,996 | $2,926 |
| Franklin High Income Trust | -- | $21,303 | -- | $14,441 | $16,103 | $16,031 | -- |
| Franklin Investors Securities Trust | $15,181 | -- | -- | $13,663 | $16,948 | $17,478 | $15,180 |
| Franklin Municipal Securities Trust | $5,069 | -- | -- | $4,336 | $5,067 | $5,131 | $5,069 |
| Franklin New York Tax-Free Income Fund | $18,381 | -- | -- | $16,464 | $18,721 | -- | $18,381 |
| Franklin New York Tax-Free Trust | $4,100 | $7,419 | -- | $3,674 | $4,124 | $5,353 | $4,100 |
| Franklin Real Estate Securities Trust | $2,714 | $3,898 | -- | $2,553 | $2,807 | $2,926 | $2,714 |
| Franklin Strategic Mortgage Portfolio | $4,049 | -- | -- | $3,434 | $4,046 | $4,650 | $4,035 |
| Franklin Strategic Series | $23,079 | -- | -- | $20,750 | $24,382 | $26,681 | $23,079 |
| Franklin Tax-Free Trust | $27,223 | -- | -- | $26,482 | $29,213 | $32,719 | $27,222 |
| Franklin Templeton Fund Allocator Series | $1,066 | $2,421 | -- | $935 | $1,584 | $3,436 | $1,066 |
| Franklin Templeton Global Trust | $1,013 | $3,342 | -- | $845 | $1,081 | $1,086 | $1,013 |
| Franklin Templeton International Trust | $4,040 | -- | -- | $5,800 | $4,198 | $4,157 | $4,040 |
| Franklin Templeton Money Fund Trust | $0 | $0 | -- | $0 | $0 | $0 | $0 |
| Institutional Fiduciary Trust | $5,313 | $7,208 | -- | $4,804 | $5,311 | $5,969 | $5,313 |
| The Money Market Portfolios | $0 | $0 | -- | $0 | $0 | $0 | $0 |
| Templeton China World Fund | $3,300 | -- | $3,335 | $3,300 | $3,300 | -- | $3,300 |
| Templeton Developing Markets Trust | $15,642 | -- | $15,978 | $15,649 | $15,649 | -- | $15,649 |
| Templeton Funds, Inc. | $35,884 | -- | $38,107 | $35,901 | $35,901 | -- | $35,901 |
| Templeton Global Smaller Companies Fund | $11,000 | -- | $11,088 | $11,000 | $11,000 | -- | $11,000 |
| Templeton Income Trust | $3,300 | -- | $3,458 | $3,300 | $3,300 | -- | $3,300 |
| Templeton Institutional Funds, Inc. | $18,402 | -- | $19,128 | $18,408 | $18,408 | -- | $18,408 |
____________________
| 1 | Mr. Fortunato retired from the Boards on which he served effective as of the close of business September 5, 2006. |
| |
| 2 | Mr. Macklin retired from the Boards on which he served effective as of the close of business September 12, 2006. |
E-1
| Fund | Fred R.
Millsaps3 | David W.
Niemiec | Frank A.
Olson | Larry D.
Thompson | Constantine D.
Tseretopoulos | John B.
Wilson | Robert E.
Wade |
| Franklin California Tax-Free Income Fund, Inc. | -- | -- | $24,969 | -- | -- | -- | -- |
| Franklin California Tax-Free Trust | -- | -- | -- | -- | -- | $0 | -- |
| Franklin Capital Growth Fund | -- | -- | $13,775 | -- | -- | $9,273 | -- |
| Franklin Custodian Funds, Inc. | -- | -- | $42,739 | -- | -- | -- | -- |
| Franklin Global Trust | -- | -- | $3,520 | -- | -- | $3,535 | -- |
| Franklin Gold and Precious Metals Fund | -- | -- | $3,842 | -- | -- | $2,626 | -- |
| Franklin High Income Trust | -- | -- | -- | -- | -- | -- | -- |
| Franklin Investors Securities Trust | -- | -- | $21,505 | -- | -- | -- | -- |
| Franklin Municipal Securities Trust | -- | -- | $6,653 | -- | -- | $4,717 | -- |
| Franklin New York Tax-Free Income Fund | -- | -- | $16,044 | -- | -- | -- | -- |
| Franklin New York Tax-Free Trust | -- | -- | -- | -- | -- | -- | -- |
| Franklin Real Estate Securities Trust | -- | -- | -- | -- | -- | $2,401 | -- |
| Franklin Strategic Mortgage Portfolio | -- | -- | -- | -- | -- | -- | -- |
| Franklin Strategic Series | -- | -- | -- | -- | -- | $21,974 | -- |
| Franklin Tax-Free Trust | -- | -- | $35,782 | -- | -- | -- | -- |
| Franklin Templeton Fund Allocator Series | -- | -- | -- | -- | -- | $3,569 | -- |
| Franklin Templeton Global Trust | -- | -- | -- | -- | -- | $950 | -- |
| Franklin Templeton International Trust | -- | -- | -- | -- | -- | $3,299 | -- |
| Franklin Templeton Money Fund Trust | -- | -- | $0 | -- | -- | -- | -- |
| Institutional Fiduciary Trust | -- | -- | $6,984 | -- | -- | -- | -- |
| The Money Market Portfolios | -- | -- | -- | -- | -- | -- | -- |
| Templeton China World Fund | $985 | $3,325 | $3,335 | $3,100 | $3,335 | -- | $1,742 |
| Templeton Developing Markets Trust | $4,824 | $16,344 | $15,978 | $17,034 | $15,978 | -- | $9,900 |
| Templeton Funds, Inc. | $11,067 | $38,406 | $38,107 | $39,802 | $38,107 | -- | $23,375 |
| Templeton Global Smaller Companies Fund | $3,079 | $11,059 | $11,088 | $10,600 | $11,088 | -- | $6,050 |
| Templeton Income Trust | $1,027 | $3,405 | $3,458 | $3,100 | $3,457 | -- | $1,742 |
| Templeton Institutional Funds, Inc. | $5,499 | $19,440 | $19,128 | $20,434 | $19,128 | -- | -- |
____________________
| 3 | Mr. Millsaps retired from the Boards on which he served effective as of the close of business December 31, 2005. |
| Fund | Edward I.
Altman | Ann Torre
Bates | Frank T.
Crohn | Burton J.
Greenwald | Bruce A.
MacPherson | Fred R.
Millsaps | Charles
Rubens, II | Leonard
Rubin | Robert E.
Wade |
| Franklin Managed Trust | -- | -- | $17,006 | $15,375 | -- | -- | $15,375 | $15,375 | $15,375 |
| Franklin Mutual Recovery Fund | $11,692 | $11,772 | -- | $7,669 | $7,669 | $1,886 | $7,646 | $7,669 | $19,256 |
| Franklin Mutual Series Fund Inc. | $89,308 | $102,978 | -- | $81,331 | $81,331 | $15,114 | $77,354 | $81,331 | $152,744 |
| Franklin Value Investors Trust | -- | -- | $56,994 | $53,625 | -- | -- | $53,625 | $53,625 | $53,625 |
The mark “- -” indicates that the individual did not serve on such Fund’s Board during the 12-months ended September 30, 2006.
E-2
