Franklin Advisers, Inc. Settlement

Settlement Update:

Effective March 15, 2010, the distribution of the Franklin Advisers Fair Fund settlement has concluded and the Fund Administrator will no longer issue any further payments or provide service for settlement inquiries.

If you have a tax related question, you can reference the “Statement to Eligible Investors” that was issued by the Tax Administrator. A copy of the Statement to Eligible Investors can be found on the “Tax Information” page through April 2011. As always, you should consult your financial advisor or tax professional to determine the potential tax consequences and appropriate tax treatment for your situation.

Thank you.

Franklin Advisers, Inc. Settlement Website

This website was created to provide shareholders with the latest information related to the Franklin Advisers, Inc. settlement with the Securities and Exchange Commission (SEC), Administrative Proceeding File No. 3-11572 dated August 2, 2004.

Settlement Summary
This page provides a brief history of the events leading up to the settlement and overview of the settlement agreement.

Links and Related Documents
This page contains links to various documents issued by the SEC and other sources that can assist shareholders in their understanding of the settlement.

Forms
This section contains links to downloadable forms for processing some requests.

Tax Information
This page provides information related to tax reporting and other obligations on settlement proceeds.

NRPA Information
This page provides a description of NRPAs (Non-IRA Retirement Plans) as well as a series of responses to the most frequently asked questions regarding NRPAs.

Contact Information
This page provides contact detail for the Settlement Administrator, the Independent Distribution Consultant, and Franklin Templeton Investments.