Fund portfolios impacted by their size and their charters....
   Shareholder: What's the difference between the funds?

   Price: Mutual Shares, Mutual Qualified and Mutual Beacon have been very similar as they've grown over the years. Discovery is half in Europe. So it does perform a bit differently. And Mutual European is 85% in Europe.
   The performance characteristics will change a little bit - because I think Mutual Shares will evolve into a fund that's largely invested in the U.S. It might still do special situations around the world - but [will remain] largely U.S. equities. And Beacon will have some Europe and Discovery more Europe and European - mostly Europe.

When they began plays a part, too.
   Price: But [as to the differences in] the cash balances in the funds and the relative weightings in certain things... We have Sunbeam in [Mutual] Shares, Qualified and Beacon, but not in Discovery, for instance, because we didn't have Discovery when we bought Sunbeam. So over time, that's how these portfolios evolved. And that's why they behave differently.

But the approach is the same. And it shows....
   Price: But the approach is the same. And, by and large, for a long ... time, the performance has been, [too] - within 300 basis points....

Are we competing with our sister funds? It's a big world....
   Shareholder: Isn't Mutual European in some way in competition with the new owners?

   Price: No. They have ... funds that invest in Europe. [But] I looked over the list of securities that all of the Franklin funds own and I know what we own. And [there are] very few overlaps. There are a lot of stocks out there....
   They own Volvo. And we own some Volvo. They own St. Joe Paper. And we own some St. Joe Paper - and a couple of other little ones. But they own 500 stocks we don't and we own 500 stocks they don't.

We've increased our European exposure by 800%.
   Rob Friedman: I'm the sole London representative here in the room today.

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