SAN MATEO, CA--(Marketwired - Oct 31, 2016) - Franklin Limited Duration Income Trust (NYSE MKT: FTF) ("the Fund"), a closed-end investment company managed by Franklin Advisers, Inc., today announced that its shareholders resoundingly voted to re-elect current Trustees Harris J. Ashton, Edith E. Holiday, and John B. Wilson as Trustees to the Fund's board, defeating the nominees proposed by activist hedge fund Saba Capital Management, L.P., ("Saba"), and voted against Saba's aggressive proposal.
According to the preliminary results, and subject to certification by the independent inspector of elections, a majority of the shares voted were cast in favor of the Fund's three nominees up for re-election, and against the shareholder proposal.
Harris J. Ashton, Edith E. Holiday, and John B. Wilson were nominated by the Fund's Board of Trustees.
Ronald Mass, Thomas H. McGlade, and Peter Tchir, who were nominated by Saba, were not elected.
The Fund provided the following comment on the preliminary results: "These results send a clear message that the Fund should remain focused on executing its investment strategy for the benefit of all shareholders. The Fund's management team looks forward to continuing their efforts to maximize shareholder value under the guidance of its highly qualified trustees. We sincerely thank our shareholders for their ongoing support."
The final results, as certified by the independent inspector of elections, will be published in the Fund's next report to shareholders.
FTF is a closed-end fund that seeks high current income, with a secondary objective of capital appreciation to the extent possible and consistent with the primary objective, through a portfolio consisting primarily of high yield corporate bonds, floating rate corporate loans, and mortgage- and other asset-backed securities. To request a copy of the Fund's current Report to Shareholders, contact Franklin Templeton's Fund Information Department at 1-800/DIAL BEN® (1-800-342-5236) or by visiting franklintempleton.com. All investments involve risks, including possible loss of principal. Interest rate movements and mortgage prepayments will affect the Fund's share price and yield. Bond prices generally move in the opposite direction of interest rates. As the prices of bonds in the Fund adjust to a rise in interest rates, the Fund's share price may decline. Investments in lower-rated bonds include higher risk of default and loss of principal. The Fund is actively managed but there is no guarantee that the manager's investment decisions will produce the desired results. For portfolio management discussions, including information regarding the Fund's investment strategies, please view the most recent Annual or Semi-Annual Report to Shareholders which can be found at franklintempleton.com or sec.gov.
Franklin Resources, Inc. (NYSE: BEN) is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 180 countries. Through specialized teams, the company has expertise across all asset classes -- including equity, fixed income, alternative and custom solutions. The company's more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in 35 countries, the California-based company has more than 65 years of investment experience and over $733 billion in assets under management as of September 30, 2016. For more information, please visit franklintempleton.com.