Franklin Templeton Investments Corp. has proposed merging the Wellington West Franklin Templeton Balanced Retirement Income Fund into Quotential Balanced Growth Portfolio.

The move will be voted on at a special meeting of the Wellington fund shareholders scheduled for June 15, 2012 in Toronto. Franklin Templeton will also be seeking regulatory approval for the proposed merger.

Wellington West Franklin Templeton Balanced Retirement had been an open-end fund incorporated in Canada. The fund's objective was a balance of current income and long-term capital appreciation by investing in a diversified mix of equity and income mutual funds, with a bias towards capital appreciation.

The objectives of the Quotential fund are similar. The fund is co-managed by Brent Smith and Stephen Lingard.

In a statement, Franklin said that the merger will allow the company to streamline its product offering and allocate operational costs across a larger portfolio. If the requisite approvals are obtained, the merger will be implemented on or about the close of business on June 22. Franklin ceased offering shares in the fund for purchase on April 2nd. Shareholders will be able to redeem their units up to the close of business on June 20th.

If the merger isn’t approved, the Wellington fund will be wound up and terminated on or about July 27th. Shareholders will receive an update in late May on the proposed merger.

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