Cauley Geller Announces Franklin Family of Mutual Funds Investors Have Until March 5th to File Lead Plaintiff Motion


NEW YORK, Feb. 24, 2004 (PRIMEZONE) -- The deadline for purchasers of shares of the Franklin Family of Mutual Funds (the "FT Funds") which are managed by Franklin Resources, Inc. (NYSE:BEN) to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching. If you bought shares of the FT Funds between February 6, 1999 and February 4, 2004, inclusive (the "Class Period")and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the District of Nevada by March 5, 2004. A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/show_case.asp?ccode=242&pcode=10&pp=4.

The Funds, and the symbols for the respective Funds named below, are as follows:



 Franklin AGE High Income Fund (Sym: AGEFX, FAHAX, FHIBX, FRAIX,
 FAHRX)
 Franklin Adjustable U.S. Government Securities Fund (Sym: FISAX,
 FCSCX)
 Franklin Aggressive Growth Fund (Sym: FGRAX, FRAAX, FKABX, FKACX,
 FKARX)
 Franklin Alabama Tax-Free Income Fund (Sym: FRALX, FALEX)
 Franklin Arizona Tax-Free Income Fund (Sym: FTAZX, FBAZX, FAZIX)
 Franklin Balance Sheet Investment Fund (Sym: FRBSX, FBSAX, FBSBX,
 FCBSX, FBSRX)
 Franklin Biotechnology Discovery Fund (Sym: FBDIX)
 Franklin Blue Chip Fund (Sym: FKBCX, FKBBX, FBCCX, FBCRX)
 Franklin California High Yield Municipal Fund (Sym: FCAMX, FBCAX,
 FCAHX)
 Franklin California Insured Tax-Free Income Fund (Sym: FRCIX, FRCBX,
 FRCAX)
 Franklin California Intermediate-Term Tax-Free Income Fund (Sym:
 FKCIX)
 Franklin California Limited Term Tax-Free Income Fund
 Franklin California Tax-Exempt Money Fund (Sym: FCLXX)
 Franklin California Tax-Free Income Fund (Sym: FKTFX, FCAVX, FCABX,
 FRCTX)
 Franklin Capital Growth Fund (Sym: FKREX, FEACX, FKEQX, FREQX,
 FKIRX)
 Franklin Colorado Tax-Free Income Fund (Sym: FRCOX, FCOIX)
 Franklin Connecticut Tax-Free Income Fund (Sym: FXCTX, FCTIX)
 Franklin Convertible Securities Fund (Sym: FISCX, FROTX)
 Franklin Double Tax-Free Income Fund (Sym: FPRTX, FPRIX)
 Franklin DynaTech Fund (Sym: FKDNX, FDNBX, FDYNX)
 Franklin Equity Income Fund (Sym: FISEX, FBEIX, FRETX, FREIX)
 Franklin Federal Intermediate-Term Tax-Free Income Fund (Sym: FKITX)
 Franklin Federal Limited Term Tax-Free Income Fund (Sym: FFTFX)
 Franklin Federal Money Fund (Sym: FMNXX)
 Franklin Federal Tax-Free Income Fund (Sym: FKTIX, FAFTX, FFTBX,
 FRFTX)
 Franklin Flex Cap Growth Fund (Sym: FKCGX, FKCBX, FCIIX, FRCGX)
 Franklin Floating Rate Daily Access Fund (Sym: FAFRX, FBFRX, FCFRX)
 Franklin Floating Rate Trust (Sym: XFFLX)
 Franklin Florida Insured Tax-Free Income Fund (Sym: FFLTX)
 Franklin Florida Tax-Free Income Fund (Sym: FRFLX, FRFBX, FRFIX)
 Franklin Georgia Tax-Free Income Fund (Sym: FTGAX, FGAIX)
 Franklin Global Aggressive Growth Fund
 Franklin Global Communications Fund (Sym: FRGUX)
 Franklin Global Growth Fund
 Franklin Global Health Care Fund (Sym: FKGHX, FGHBX, FGIIX)
 Franklin Gold and Precious Metals Fund (Sym: FKRCX, FGADX, FAGPX,
 FRGOX)
 Franklin Growth Fund (Sym: FKGRX, FCGAX, FKGBX, FRGSX, FGSRX)
 Franklin High Yield Tax-Free Income Fund (Sym: FRHIX, FYIBX, FHYIX)
 Franklin Income Fund (Sym: FKINX, FRIAX, FBICX, FICBX, FCISX, FISRX)
 Franklin Insured Tax-Free Income Fund (Sym: FTFIX, FBITX, FRITX)
 Franklin Kentucky Tax-Free Income Fund (Sym: FRKYX)
 Franklin Large Cap Growth Fund (Sym: FKGAX, FRGAX, FKGCX, FRLGX)
 Franklin Large Cap Value Fund (Sym: FLVAX, FBLCX, FLCVX, FLCRX)
 Franklin Louisiana Tax-Free Income Fund (Sym: FKLAX, FLAIX)
 Franklin Maryland Tax-Free Income Fund (Sym: FMDTX, FMDIX)
 Franklin Massachusetts Insured Tax-Free Income Fund (Sym: FMISX,
 FMAIX)
 Franklin Michigan Insured Tax-Free Income Fund (Sym: FTTMX, FBMIX,
 FRMTX)
 Franklin MicroCap Value Fund (Sym: FRMCX)
 Franklin Minnesota Insured Tax-Free Income Fund (Sym: FMINX, FMNIX)
 Franklin Missouri Tax-Free Income Fund (Sym: FRMOX, FMOIX)
 Franklin Money Fund (Sym: FMFXX)
 Franklin Natural Resources Fund  (Sym: FRNRX, FNRAX)
 Franklin New Jersey Tax-Free Income Fund  (Sym: FRNJX, FNJBX, FNIIX)
 Franklin New York Insured Tax-Free Income Fund  (Sym: FRNYX, FNYKX)
 Franklin New York Intermediate-Term Tax-Free Income Fund  (Sym:
 FKNIX)
 Franklin New York Limited Term Tax-Free Income Fund
 Franklin New York Tax-Exempt Money Fund  (Sym: FRNXX)
 Franklin New York Tax-Free Income Fund  (Sym: FNYTX, FNYAX, FTFBX,
 FNYIX)
 Franklin North Carolina Tax-Free Income Fund  (Sym: FXNCX, FNCIX)
 Franklin Ohio Insured Tax-Free Income Fund  (Sym: FTOIX, FBOIX,
 FOITX)
 Franklin Oregon Tax-Free Income Fund  (Sym: FRORX, FORIX)
 Franklin Pennsylvania Tax-Free Income Fund  (Sym: FRPAX, FBPTX,
 FRPTX)
 Franklin Real Estate Securities Fund  (Sym: FREEX, FRLAX, FBREX,
 FRRSX)
 Franklin Rising Dividends Fund  (Sym: FRDPX, FRDBX, FRDTX, FRDRX)
 Franklin Short-Intermediate U.S. Government Securities Fund  (Sym:
 FRGVX, FSUAX)
 Franklin Small Cap Growth Fund II  (Sym: FSGRX, FSSAX, FBSGX, FCSGX,
 FSSRX)
 Franklin Small Cap Value Fund (Sym: FRVLX, FVADX, FBVAX, FRVFX,
 FVFRX)
 Franklin Small-Mid Cap Growth Fund  (Sym: FRSGX, FSGAX, FBSMX, FRSIX,
 FSMRX)
 Franklin Strategic Income Fund  (Sym: FRSTX, FKSAX, FKSBX, FSGCX,
 FKSRX)
 Franklin Strategic Mortgage Portfolio  (Sym: FSMIX)
 Franklin Tax-Exempt Money Fund  (Sym: FTMXX)
 Franklin Technology Fund  (Sym: FTCAX, FRTCX, FFTCX, FTERX)
 Franklin Templeton Conservative Target Fund  (Sym: FTCIX, FTCCX,
 FTCRX)
 Franklin Templeton CoreFolio Allocation Fund  (Sym: FTCOX)
 Franklin Templeton Founding Funds Allocation Fund  (Sym: FFALX,
 FFABX, FFACX)
 Franklin Templeton Growth Target Fund  (Sym: FGTIX, FTGTX, FGTRX)
 Franklin Templeton Hard Currency Fund  (Sym: ICPHX)
 Franklin Templeton Moderate Target Fund  (Sym: FMTIX, FTMTX, FTMRX)
 Franklin Templeton Money Fund  (Sym: FMBXX, FRIXX, FMRXX)
 Franklin Tennessee Municipal Bond Fund  (Sym: FRTIX)
 Franklin Texas Tax-Free Income Fund  (Sym: FTXTX, FTXIX)
 Franklin Total Return Fund (Sym: FKBAX, FBDAX, FBTLX, FCTLX, FTRRX)
 Franklin U.S. Government Securities Fund (Sym: FKUSX, FUSAX, FUGBX,
 FRUGX, FUSRX)
 Franklin U.S. Long-Short Fund (Sym: FUSLX)
 Franklin Utilities Fund   (Sym: FKUTX, FRUAX, FRUBX, FRUSX, FRURX)
 Franklin Virginia Tax-Free Income Fund   (Sym: FRVAX, FVAIX)
 Templeton China World Fund  (Sym: TCWAX, TACWX)
 Templeton Developing Markets Trust  (Sym: TEDMX, TDADX, TDMBX, TDMTX,
 TDMRX)
 Templeton Foreign Fund  (Sym: TEMFX, TFFAX, TFRBX, TEFTX, TEFRX)
 Templeton Foreign Smaller Companies Fund  (Sym: FINEX, FTFAX, FCFSX)
 Templeton Global Bond Fund  (Sym: TPINX, TGBAX, TEGBX)
 Templeton Global Long-Short Fund  (Sym: TLSAX, TLSBX)
 Templeton Global Opportunities Trust   (Sym: TEGOX, TEGPX)
 Templeton Global Smaller Companies Fund, Inc.  (Sym: TEMGX, TGSAX.
 TESGX)
 Templeton Growth Fund, Inc.  (Sym: TEPLX, TGADX, TMGBX, TEGTX, TEGRX)
 Templeton International (Ex EM) Fund   (Sym: TEGEX, TGEFX)
 Templeton Latin America Fund  (Sym: TELAX, TLAAX, TLAIX)
 Templeton Pacific Growth Fund  (Sym: FKPGX, FPGCX)
 Templeton World Fund  (Sym: TEMWX, TWDBX, TEWTX)
 Mutual Beacon Fund  (Sym: TEBIX, TEBBX, TEMEX, BEGRX)
 Mutual Discovery Fund  (Sym: TEDIX, TEDBX, TEDSX, TEDRX, MDISX)
 Mutual European Fund  (Sym: TEMIX, TEUBX, TEURX, MEURX)
 Mutual Financial Services Fund (Sym: TFSIX, TBFSX, TMFSX, TEFAX)
 Mutual Qualified Fund (Sym: TEQIX, TEBQX, TEMQX, MQIFX)
 Mutual Recovery Fund  (Sym: FMRVX)
 Mutual Shares Fund  (Sym: TESIX, FMUBX, TEMTX, TESRX, MUTHX)

The complaint, filed by a client of Cauley Geller Bowman & Rudman, LLP, charges Franklin Resources, Inc., Franklin Advisers, Inc., Franklin/Templeton Distributors, Inc., Templeton/Franklin Investment Services, Inc., Franklin Private Client Group, Inc., and FT Funds, among others, with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), among other claims, and for common law breach of fiduciary duties.

According to the Complaint, FT Funds, Franklin Resources, Inc., defendant Daniel G. Calugar ("Calugar") and his broker-dealer, Security Brokerage, Inc. (collectively the "Calugar defendants") and other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to all shareholders of the FT Funds. In particular, the Defendants surreptitiously permitted certain favored investors, including the Calugar defendants and others to engage in "timing" of the FT Mutual Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the FT Mutual Funds prospectuses.

If you bought shares of the FT Funds between February 6, 1999 and February 4, 2004, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than March 5, 2004. If you are a member of this class, you can join this class action online at http://www.cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.

Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York.

If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com.


            

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