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Following the extraordinary general meetings of shareholders in the 14 sub-funds of Franklin Templeton Funds II (FTF II), we are pleased to announce that we have received shareholder approval for each sub-fund to merge with the corresponding sub-fund of Franklin Templeton Funds (FTF). combining our two UK domiciled UK UCITS fund ranges into a single fund range.

The 14 existing sub-funds of FTF II (Merging Funds) will merge into an appropriate receiving sub-fund in FTF (Receiving Funds) in September 2022. After the mergers, the FTF range will comprise 24 sub-funds.

We will be writing to shareholders in the merging sub-funds confirming the merger results and details of their current (merging) and receiving fund shareholdings.

Summary of the merger and key dates

Important: Dealing Suspension

Each of the Merging Funds will have a short dealing suspension in order to prepare for the merger. The last dates for dealing in each Merging Fund, and the dates that dealing in each Receiving Fund will commence are set out below. Please note that applications to deal during the suspension period will be rejected. If you wish to deal in shares in the Receiving Fund following the merger date, you will need to submit dealing instructions in accordance with the prospectus for FTF, once dealing has opened in that Receiving Fund.

Please note that the next dealing date for the existing FTF Franklin UK Equity Income Fund and new FTF ClearBridge Global Infrastructure Income Fund (Receiving Fund) has changed from 19 September 2022 to 20 September 2022.

 

Below we have set out the details of the fund merger dates, the dealing suspension dates and when the Receiving Funds will be open for dealing:

Merging Funds, sub-funds of Franklin Templeton Funds II

 

Receiving Funds, sub-funds of Franklin Templeton Funds

 Last date for dealing in the Merging Fund

Merger date

Dealing opens in the Receiving Fund

FTF Franklin Systematic UK Equity Fund

into

FTF Franklin UK Equity Income Fund (existing FTF fund)*

 12 noon on 15 September 2022

16 September 2022

20 September 2022

FTF ClearBridge Global Infrastructure Income Fund

into

FTF ClearBridge Global Infrastructure Income Fund (new fund)

 12 noon on 15 September 2022

16 September 2022

20 September 2022

FTF Brandywine Global Income Optimiser Fund

into

FTF Brandywine Global Income Optimiser Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF ClearBridge Global Equity Income Fund

into

FTF ClearBridge Global Infrastructure Income Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF ClearBridge US Equity Income Fund

into

FTF ClearBridge US Equity Income Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF ClearBridge US Value Fund

into

FTF ClearBridge US Value Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF Martin Currie Asia Unconstrained Fund

into

FTF Martin Currie Asia Unconstrained Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF Martin Currie Emerging Markets Fund

into

FTF Martin Currie Emerging Markets Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF Martin Currie European Unconstrained Fund

into

FTF Martin Currie European Unconstrained Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF Martin Currie Global Unconstrained Fund

into

FTF Martin Currie Global Unconstrained Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF Martin Currie Japan Equity Fund

into

FTF Martin Currie Japan Equity Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF Martin Currie US Unconstrained Fund

into

FTF Martin Currie US Unconstrained Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF Royce US Smaller Companies Fund

into

FTF Royce US Smaller Companies Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

FTF Western Asset Global Multi Strategy Bond Fund

into

FTF Western Asset Global Multi Strategy Bond Fund (new fund)

 12 noon on 22 September 2022

23 September 2022

26 September 2022

* Please note that, with effect from 1 October 2022, the name of this Receiving Fund is changing to FTF Martin Currie UK Equity Income Fund.

What are the benefits of the mergers to shareholders?

The mergers will provide shareholders with the following benefits including:

Economies of scale: we expect that the mergers should provide economies of scale by spreading the fixed running costs of the fund ranges across a larger number of shareholders, as well as providing operational efficiencies. Importantly, each fund management charge applicable to investors in the FTF II fund range is expected to be the same or lower after the merger.

Stronger brand identity: we believe that the mergers will help us to grow our fund range under a single, stronger brand identity, which will lead to greater investment opportunities, adding value to investors over the longer term.

Greater opportunities to switch: by combining the FTF and FTF II fund ranges, investors will be able to switch investments, free of charge, into a greater number and more diverse range of funds.

Share class mapping before and after the mergers

Following the mergers, existing shares in the relevant Merging Fund will be cancelled, and shareholders will be issued with new shares in the relevant Receiving Fund instead. Further details are set out in the Merger Document Pack. The below table sets out the type and class of shares which will be issued once the mergers take place.

Current Share classes and types in the FTF II Merging Funds New Share classes and types to be issued in the Receiving Funds
Class I (Accumulation) Class S (Accumulation)
Class I (Income)* Class S (Income)
Class I (Hedged) (Accumulation) Class S H2 (Accumulation)
Class S (Accumulation) Class EB (Accumulation)
Class S (Income) Class EB (Income)
Class S (Hedged) (Accumulation) Class EB H2 (Accumulation)
Class S (Hedged) (Income) Class EB H2 (Income)
Class X (Accumulation) Class W (Accumulation)
Class X (Income) Class W (Income)
Class X (Hedged) (Accumulation) Class W H2 (Accumulation)
Class X (Hedged) (Income) Class W H2 (Income)

* Please note that Class I (Income) Shares in FTF Martin Currie Global Unconstrained Fund will be an exception to what is shown in the above table. Shareholders who hold Class I (Income) Shares in FTF Martin Currie Global Unconstrained Fund will receive Class EB (Income) shares in the FTF Receiving Fund following the merger.

Download a summary of post merger share class mapping

 

Contact us

Client Service:
[email protected]
0800 305 306
+44 (0) 20 7904 1843

Sales Support:
[email protected]
0800 313 4049
+44 (0) 20 7073 8600

IMPORTANT INFORMATION
This is intended to be of general interest only and does not constitute legal or tax advice nor is it an offer for shares or invitation to apply for shares of the sub funds of Franklin Templeton Funds (“FTF”) or Franklin Templeton Funds II (“FTF II”), which are UK-domiciled OEICs (“the Funds”). Nothing on this page should be construed as investment advice. Subscriptions to shares of the Funds can only be made on the basis of the current prospectus, the relevant Key Investor Information Document (“KIID”), accompanied by the latest available audited annual report and the latest semi-annual report if published thereafter, which can be found on our website (www.franklintempleton.co.uk) or from the address below. US Persons (as more fully defined in the latest Fund prospectus) are not eligible to invest in the Fund. Shares of the Fund are available for sale and distribution in the UK. An investment in the Funds entails risks which are described in the Funds’ prospectuses and the relevant KIID. The value of shares in the Funds and any income received from them can go down as well as up, and investors may not get back the full amount invested. Past performance is not an indicator, not a guarantee, of future performance. Where a fund invests in a specific sector or geographical area, the returns may be more volatile than a more diversified fund. Opinions expressed are the author’s at the publication date and they are subject to change without prior notice. Given the rapidly changing market environment, Franklin Templeton disclaim responsibility for updating this material. References to particular industries, sectors or companies are for general information and are not necessarily indicative of a fund’s holding at any one time. Any research and analysis contained in this document has been procured by Franklin Templeton for its own purposes and is provided to you only incidentally. Franklin Templeton shall not be liable to any user of this document or to any other person or entity for the inaccuracy of information or any errors or omissions in its contents, regardless of the cause of such inaccuracy, error or omission. There is no guarantee that the Funds will achieve their objectives. For a free copy of the latest prospectuses, the relevant KIID, the annual reports and semi-annual reports, if published thereafter or for more information about any Franklin Templeton fund, UK investors should contact: Franklin Templeton, Telephone: 0800 313 4049, Email: [email protected] or write to us at the address below. Alternatively, the information can be downloaded from our website www.franklintempleton.co.uk. 
Issued by Franklin Templeton Investment Management Limited (FTIML) Registered office: Cannon Place, 78 Cannon Street, London EC4N 6HL. FTIML is authorised and regulated by the Financial Conduct Authority.