TORONTO, Dec. 17, 2013 /CNW/ - Franklin Templeton Investments Corp.
today announced that, at an adjourned meeting held on December 16,
2013, investors in its Franklin Income Hedged Corporate Class, Franklin
Bissett Small Cap Corporate Class, Tapestry Balanced Income Private
Portfolio Corporate Class, Tapestry Global Balanced Private Portfolio
Corporate Class and Tapestry Global Growth Private Portfolio Corporate
Class approved a proposal to establish a fixed rate administration fee
for the Participating Series.
The proposal to establish a fixed rate administration fee was not
approved by Tapestry Growth Private Portfolio Corporate Class investors
and quorum was not achieved for the meeting of Tapestry Diversified
Income Private Portfolio Corporate Class investors. As a result, these
Funds will continue to pay all of their operating expenses, which
comprise a portion of the MER of the Funds. Franklin Templeton is
evaluating its options for these two Funds going forward.
Investors in all other funds managed by Franklin Templeton approved the same proposal on December 9, 2013. Effective January 1, 2014, Franklin Templeton will
pay the operating expenses of each Participating Series other than
certain fund costs, such as directors' fees and expenses and new
governmental fees, in exchange for the payment by each fund of an
annual fixed rate administration fee. Operating expenses payable by
Franklin Templeton include, but are not limited to, registrar and
transfer agency costs, audit fees, legal fees and custodial fees.
A complete list of the funds that are subject to these changes, along
with additional information, is available at franklintempleton.ca.
About Franklin Templeton Investments
Franklin Templeton Investments Corp. is a wholly owned subsidiary of
Franklin Resources, Inc. (NYSE: BEN), a global investment management
organization operating as Franklin Templeton Investments. Franklin
Templeton Investments provides global and domestic investment
management solutions managed by its Franklin, Templeton, Franklin
Mutual Series, Franklin Bissett, Fiduciary Trust, Darby, Balanced
Equity Management and K2 investment teams. The San Mateo, CA-based
company has more than 65 years of investment experience and over US$870
billion (C$924 billion) in assets under management as of November 30,
Copyright © 2013. Franklin Templeton Investments Corp. All rights
SOURCE: Franklin Templeton Investments Corp.
For further information:
Amie Lauder, Corporate Communications, Franklin Templeton Investments, email@example.com, 416.957.6560