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Franklin Reopens MicroCap Value Fund

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July 1, 2003 — Franklin Templeton reopened its $219.3 million Franklin MicroCap Value Fund (FRMCX) to investors, effective June 30.

The fund has been closed since late January 2002.

“We are finding good businesses at attractive prices among the microcaps, and we’re fully invested,” said Bruce Baughman, the fund’s portfolio manager, in a press release. “For that reason, we think it’s in our shareholders’ interest to reopen the fund to new investors.”

For the three years ended May 30, Franklin MicroCap Value gained an average annualized 17.9%, versus 9.0% for its small-cap value fund peers. The portfolio is ranked 5 Stars by Standard & Poor’s.

Baughman and co-managers William Lippman and Margaret McGee have been with the fund since its December 1995 inception.

The fund invests primarily in companies with market caps under $300 million when they are selling at a low price-to-book value.