Toronto-based Franklin Templeton Investments Corp. Monday announced changes to streamline its money market and Series-T USD lineup in Canada.
Franklin Templeton Money Market Corporate Class, Franklin Templeton U.S. Money Market Fund, Franklin Templeton U.S. Money Market Corporate Class, Franklin Templeton U.S. Money Market Yield Class, Franklin Templeton Global Blend Fund and Franklin Templeton Global Blend Corporate Class will be terminated.
Series T-USD of Quotential Global Balanced Portfolio and Quotential Global Balanced Corporate Class will also be terminated.
Franklin Templeton Money Market Corporate Class and Franklin Templeton U.S. Money Market Corporate Class have been closed to new investments since Feb. 20, 2006 and March 3, 2008, respectively.
The remaining funds and series will cease offering units or shares for purchase after the close of business on February 14.
The funds and series will be terminated on April 16.
Franklin Templeton says the funds and series are being closed due to the decline in securityholders and the associated cost of maintaining a smaller fund or series.
Investors can redeem or switch their holdings in the funds or series on or prior to April 12.
At the close of business on April 16, any remaining securityholders who hold the fund in a registered account will have its holdings switched on a dollar-for-dollar basis as follows:
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Terminating funds / series: |
Switched-to funds / series: |
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Franklin Templeton U.S. Money Market Fund |
Franklin Templeton Money Market Fund |
|
Franklin Templeton U.S. Money Market Corporate Class |
Franklin Templeton Money Market Fund |
|
Franklin Templeton U.S. Money Market Yield Class |
Franklin Templeton Money Market Fund |
|
Franklin Templeton Money Market Corporate Class |
Franklin Templeton Money Market Fund |
|
Franklin Templeton Global Blend Fund |
Franklin Templeton Money Market Fund |
|
Franklin Templeton Global Blend Corporate Class |
Franklin Templeton Money Market Fund |
|
Quotential Global Balanced Portfolio – Series T-USD |
Quotential Global Balanced Portfolio – Series T |
|
Quotential Global Balanced Corporate Class Portfolio – Series T-USD |
Quotential Global Balanced Corporate Class Portfolio – Series T |
Switches that involve a currency exchange from the U.S. dollar to the Canadian dollar will be processed using the exchange rate prevailing at the close of business on April 16.
A non-registered account will have its holdings redeemed at fair market value and cheques will be sent to securityholders.
All costs associated with the termination of the funds and series will be borne by Franklin Templeton Investments Corp.