AMENDMENT TO MANAGEMENT AGREEMENT
This Amendment dated as of August 1, 1995, is to the Management
Agreement dated August 27, 1992, by and between THE MONEY MARKET PORTFOLIOS, a
Delaware business trust (the "Trust"), on behalf of THE MONEY MARKET PORTFOLIO
and THE U.S. GOVERNMENT SECURITIES MONEY MARKET PORTFOLIO (the "Funds"), series
of the Trust, and FRANKLIN ADVISERS, INC., a California corporation, (the
"Manager"). The undersigned parties, intending to be legally bound, hereby agree
as follows:
(1) Paragraph 4 B. is amended to read:
B. The management fee payable by a Fund shall be reduced or
eliminated to the extent that Distributors has actually received cash payments
of tender offer solicitation fees less certain cost and expenses incurred in
connection therewith as set forth in paragraph 2.B.(c) of this Agreement. The
Manager may waive all or a portion of its fees provided for hereunder and such
waiver shall be treated as a reduction in purchase price of its services. The
Manager shall be contractually bound hereunder by the terms of any publicly
announced waiver of its fee, or any limitation of a Fund's expenses, as if such
waiver or limitation were full set forth herein.
(2) All other provisions of the Management Agreement dated August 27,
1992, remain in full force and effect.
IN WITNESS WHEREOF, we have signed this Amendment as of the date and
year first above written.
THE MONEY MARKET PORTFOLIOS
By /s/ Xxxxxxx X. Xxxxxx
XXXXXXXX ADVISERS, INC.
By /s/ Xxxxxx X. Xxxxx