TORONTO, Feb. 5, 2019 /CNW/ - Franklin Templeton Investments Canada today announced that Franklin Mutual European Fund no longer qualifies as a mutual fund trust under the Income Tax Act (Canada). As a result, it is not a qualified investment for registered plans.
Canadian investors who currently hold Franklin Mutual European Fund in a registered plan should speak with their investment advisor regarding the potential tax implications associated with the change in the fund's status. An advisor can also provide advice on the best course of action for an investor to take with the fund, which may include switching to a different fund at Franklin Templeton for no charge.
As the potential tax implications are specific to investors holding the fund in a registered plan, other investors do not need to take any action as a result of the change in the fund's status.
As of February 6, 2019, Franklin Mutual European Fund is closed to investment by new or existing registered plan accounts and is closed to new investors in non-registered plan accounts.
Franklin Mutual European Fund will continue to seek long-term capital appreciation by investing primarily in equity and debt securities of companies incorporated in or having their principal activities in European countries.
Franklin Templeton's client service team is available to provide assistance to clients and can be contacted at 1-800-387-0830 or [email protected].
About Franklin Templeton
Franklin Templeton Investments Corp. (known as Franklin Templeton Investments Canada) is a subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton. Franklin Templeton's goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the company has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset solutions. The company's more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With employees in over 30 countries, the California-based company has more than 70 years of investment experience and over US$649 billion (over C$887 billion) in assets under management as of December 31, 2018. For more information, please visit franklintempleton.ca.
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SOURCE Franklin Templeton
For further information: Media Contact: Sarah Kingdon, Corporate Communications, Franklin Templeton Investments, 416.957.6191, [email protected]