Investors in Franklin Templeton Mutual Funds Approve Fixed Rate Administration Fee Model

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, 2013.

Copyright © 2013. Franklin Templeton Investments Corp. All rights reserved.

SOURCE: Franklin Templeton Investments Corp.

Media contact:

Amie Lauder, Corporate Communications, Franklin Templeton Investments, [email protected], 416.957.6560