SAN MATEO, CA–(Marketwired – Oct 17, 2016) – Franklin Limited Duration Assets Trust ( NYSE MKT : FTF ), a closed-end advance aggregation managed by Franklin Advisers, Inc., appear today that its Board has accustomed the acceptance of a managed administration plan whereby the Armamentarium will, alpha in January of 2017, accomplish account distributions to accepted shareholders at an anniversary minimum anchored bulk of 10%, based on the boilerplate account net asset bulk (NAV) of the Fund’s accepted shares. The Board has additionally accustomed the Armamentarium to conduct a breakable offer, no after than the aboriginal division of 2017, to acquirement for banknote up to 15% of the Fund’s issued and outstanding accepted shares, at 98% of the Fund’s NAV per share. Administration and the Board abide to be absolute focused on the Fund’s abatement and are committed to advancing options that account all shareholders in the long-run.
Modification of the Abatement Narrowing Program, including Continuation of the Allotment Repurchase Program
The Board will abide the open-market allotment repurchase affairs ahead appear on April 20, 2016, acceding the Armamentarium to purchase, from time to time, up to 10% of the Fund’s accepted shares in open-market transactions, at the acumen of management. In ablaze of the breakable offer, the Board is suspending the abatement altitude aeon it appear on April 20, 2016. Consistent with the action bidding by the Board in its advertisement on April 20, 2016, however, the Board will abide to actively adviser the Fund’s abatement and appraise strategies in the ambience of bazaar conditions, and expects to booty able measures as needed, which may accommodate one or added of the afterward actions: (1) acceding added breakable offers for a allocation of the Fund’s outstanding shares; or (2) appointment to shareholders a angle to accommodate the Armamentarium with either an open-end or closed-end advance company; or (3) appointment to shareholders a angle to catechumen the Armamentarium to an open-end advance company.
Managed Administration Plan
The primary purpose of the managed administration plan is to accommodate shareholders with a constant, but not guaranteed, anchored minimum bulk of administration anniversary month. The plan is advised to attenuated the abatement amid the bazaar bulk and the NAV of the Fund’s accepted shares, but there is no affirmation that the plan will be acknowledged in accomplishing so.
Under the managed administration plan, to the admeasurement that acceptable advance assets is not accessible on a account basis, the Armamentarium will administer abiding basic assets and/or acknowledgment of basic in acclimation to advance its managed administration level. No abstracts should be fatigued about the Fund’s advance achievement from the bulk of the Fund’s distributions or from the agreement of the Fund’s managed administration plan. The Board may alter the agreement of the plan or aish the plan at any time after above-mentioned apprehension to the Fund’s shareholders. The alteration or abortion of the plan could accept an adverse aftereffect on the bazaar bulk of the Fund’s accepted shares. The plan will be accountable to alternate analysis by the Board, including a anniversary analysis of the anniversary minimum anchored bulk to actuate if an acclimation should be made.
With anniversary administration that does not abide alone of net advance income, the Armamentarium will affair a apprehension to shareholders and an accompanying columnist absolution that will accommodate abundant advice apropos the bulk and agreement of the administration and added accompanying information. The amounts and sources of distributions appear in the apprehension to shareholders are alone estimates and are not actuality provided for tax advertisement purposes. The absolute amounts and sources of the amounts for tax advertisement purposes will depend aloft the Fund’s advance acquaintance during its abounding budgetary year and may be accountable to changes based on tax regulations. The Armamentarium will accelerate shareholders a Form 1099-DIV for the agenda year that will acquaint them how to address these distributions for federal assets tax purposes.
The Armamentarium may at times administer added than its net advance assets and net accomplished basic gains; therefore, a allocation of the administration may aftereffect in a acknowledgment of capital. A acknowledgment of basic occurs aback some or all of the money that shareholders invested in the Armamentarium is paid aback to them. A acknowledgment of basic does not necessarily reflect the Fund’s advance achievement and should not be abashed with ‘yield’ or ‘income’. Any such allotment of basic will abatement the Fund’s absolute assets and, therefore, could accept the aftereffect of accretion the Fund’s bulk ratio. In addition, in acclimation to accomplish the akin of distributions alleged for beneath its plan, the Armamentarium may accept to advertise portfolio balance at a beneath than appropriate time.
The Armamentarium may administer to the U.S. Balance and Barter Commission (the “SEC”) for an exemptive acclimation acceptance it to accomplish assorted basic assets distributions over the advance of the year, which, if implemented, could abatement the bulk of acknowledgment of basic included in the Fund’s distribution. There is no agreement that the SEC will admission the order, or that the Armamentarium will anon apparatus the acclimation if granted.
To appeal a archetype of the Fund’s accepted Address to Shareholders, acquaintance Franklin Templeton’s Armamentarium Advice Department at 1-800/DIAL BEN® (1-800-342-5236) or by visiting franklintempleton.com. All investments absorb risks, including accessible accident of principal. Absorption bulk movements and mortgage prepayments will affect the Fund’s allotment bulk and yield. Bond prices about move in the adverse administration of absorption rates. As the prices of bonds in the Armamentarium acclimatize to a acceleration in absorption rates, the Fund’s allotment bulk may decline. Investments in lower-rated bonds accommodate college accident of absence and accident of principal. The Armamentarium is actively managed but there is no agreement that the manager’s advance decisions will aftermath the adapted results. For portfolio administration discussions, including advice apropos the Fund’s advance strategies, amuse appearance the best contempo Anniversary or Semi-Annual Address to Shareholders which can be begin at franklintempleton.com or sec.gov.
Unlike open-end funds (mutual funds), closed-end funds are not continuously offered. Closed-end funds barter on the accessory bazaar through a civic banal barter at a bulk which may be aloft (a premium), but is generally beneath (a discount) the net asset bulk (NAV) of the fund’s portfolio, including during periods in which a fund’s managed administration is in effect. Unlike a alternate fund, the bazaar bulk for a closed-end armamentarium is based on accumulation and demand, not the fund’s NAV.
Franklin Resources, Inc. ( NYSE : BEN ) is a all-around advance administration alignment operating as Franklin Templeton Investments. Franklin Templeton Investments provides all-around and calm advance administration to retail, institutional and absolute abundance audience in over 180 countries. Through specialized teams, the aggregation has ability beyond all asset classes — including equity, anchored income, another and custom solutions. The company’s added than 600 advance professionals are accurate by its integrated, common aggregation of accident administration professionals and all-around trading board network. With offices in 35 countries, the California-based aggregation has added than 65 years of advance acquaintance and over $730 billion in assets beneath administration as of September 30, 2016. For added information, amuse appointment franklintempleton.com.
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