Franklin Templeton Announces Floating Rate Trust; Regular Quarterly Repurchase Offer and Repurchase Request Deadline Date

Business Wire, August 20, 1999

SAN MATEO, Calif.--(BUSINESS WIRE)--Aug. 20, 1999--

Franklin Templeton Distributors, Inc. announced today that at the recent Board meeting of the Franklin Floating Rate Trust, the Board of Trustees approved the next regular quarterly offer to repurchase up to 25% of Trust shares outstanding. The repurchase offer period will commence on September 1, 1999 when the notification of the repurchase offer is sent to shareholders. October 1, 1999 is the repurchase request deadline date.

The Trust operates differently than most open- or closed-end funds. Like an open-end fund, its shares can be purchased each business day. It does not, however, offer daily share redemption. Although the Trust is a closed-end fund, its shares are not listed or traded on any stock exchange or on any over-the-counter market. By making repurchase offers for shares each quarter, the Trust provides investors with a way of selling their shares at net asset value.

Investors interested in Franklin Floating Rate Trust may obtain a prospectus containing more complete information, including sales charges, expenses and risk considerations, from securities dealers or by calling Franklin Templeton at 1-800/DIAL BEN (1-800/342-5236). Investors should read the prospectus carefully before investing or sending money.

Franklin Templeton Distributors, Inc. is the fund's principal distributor and a wholly owned subsidiary of Franklin Resources, Inc. (NYSE:BEN). Franklin Resources is a global investment organization with over $225 billion in assets under management as of July 31, 1999. Franklin's headquarters are located at 777 Mariners Island Blvd., San Mateo, CA 94404.