01/27/2026 | Press release | Distributed by Public on 01/27/2026 08:34
325-P4 1/26
Effective January 31, 2026, the following changes are made to the Fund's Summary Prospectus, Prospectus and SAI:
1) The following replaces references to Derek Taner in the section titled "Fund Summary - Portfolio Managers" in the Fund's Summary Prospectus and Prospectus:
Ameet Rane
Portfolio Manager of Investment Counsel and portfolio manager of the Fund since January 2026.
2) The following replaces references to Derek Taner in the section titled "Fund Details - Management" in the Fund's Prospectus:
Ameet Rane Portfolio Manager of Investment Counsel
Mr. Rane has been a portfolio manager of the Fund since January 2026. He joined Franklin Templeton in 2022. Prior to joining Franklin Templeton, Mr. Rane was a portfolio manager and analyst with a number of hedge funds including Millennium Partners, Balyasny Asset Management, and Sandler Capital Management.
3) The following replaces references to Derek Taner in the section titled "Management and Other Services - Portfolio managers" in the Fund's SAI:
|
Name |
Type of |
Number of Accounts Managed |
Total Assets Managed (x $1 million) |
Number of Accounts Managed for which Advisory Fee is Performance-Based |
Assets Managed for which Advisory Fee is Performance-Based (x $1 million) |
|
Ameet Rane* |
Registered Investment Companies |
None |
None |
None |
None |
|
Other Pooled Investment Vehicles |
None |
None |
None |
None |
|
|
Other Accounts |
None |
None |
None |
None |
*Information is provided as of December 31, 2025.
4) The following replaces references to Derek Taner in the section titled "Management and Other Services - Portfolio managers - Ownership of Fund shares" in the Fund's SAI:
|
Portfolio Manager |
Dollar Range of Fund Shares Beneficially Owned |
|
Ameet Rane* |
$10,001-$50,000 |
|
*Information is provided as of December 31, 2025 |
Please retain this supplement for future reference.