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Templeton Constrained Bond Fund announces plans to launch
By Toni Weeks
San Luis Obispo, Calif., July 5 - Templeton Income Trust announced in an N-1A filing with the Securities and Exchange Commission that it plans to offer a new investment-grade, fixed-income fund.
The Templeton Constrained Bond Fund will seek to generate current income with capital appreciation. Under normal market conditions, it will invest at least 80% of its net assets in bonds, primarily investment-grade, fixed- or floating-rate debt securities and debt obligations. The fund may invest up to 15% of its net assets in low-rated or high-yield debt securities. The bonds will include debt obligations of any maturity issued by government or government-related issuers worldwide, with at least 40% of its net assets invested in foreign securities. The fund's assets will be invested in issuers located in at least three countries, including the United States, and may be invested without limit in emerging markets.
Sonal Desai will be the portfolio manager.
The fund will launch with class A, class C, class R, class R6 and advisor class shares. Ticker symbols have not yet been set.
Shareholder fees will consist of a 4.25% maximum sales charge for class A shares and a 1% maximum deferred sales charge for class C shares.
Including management fees, which will be 0.65% for all share classes, and taking into consideration the effects of a fee waiver agreement with the investment adviser, total annual fund operating expenses are expected to be 0.85% for class A, 1.25% for class C, 1.1% for class R, 0.51% for class R6 and 0.6% for advisor class shares.
San Mateo, Calif.-based Franklin Advisers, Inc. will be the investment manager.
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