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Franklin Templeton Canada is proposing closing several funds and merging others to streamline its product lineup.

The Toronto-based fund firm announced on Friday its plans to terminate five funds and to merge another 11 funds, resulting in seven continuing funds.

“Our firm is focused on simplifying our mutual fund offerings to make it easier for advisors and investors to select a suitable fund from a streamlined range of investment options,” Duane Green, president and CEO of Franklin Templeton Canada, said in a release.

The five funds being shut down are the Franklin Global Small-Mid Cap Fund, Franklin Mutual European Fund, Franklin Target Return Fund, Templeton Asian Growth Fund and Templeton Frontier Markets Fund.

These funds will be formally eliminated on Nov. 14, and will no longer be distributed after the close of business on Aug. 30. The funds that will be terminated in the proposed mergers will also cease distribution on Aug. 30.

The proposed mergers, which are subject to regulatory and investor approval, are slated to take effect in November. The mergers will be voted on at investor meetings on Nov. 1.

The affected funds include the Franklin Quotential Fixed Income Portfolio, Templeton Asian Growth Corporate Class, Templeton Frontier Markets Corporate Class, Franklin Bissett Canadian All Cap Balanced Fund, Franklin Bissett Canadian All Cap Balanced Corporate Class, Franklin Bissett Energy Corporate Class, Franklin Bissett Microcap Fund, Franklin Bissett Small Cap Corporate Class, Franklin Select U.S. Equity Fund, Franklin Mutual U.S. Shares Fund and Franklin Mutual U.S. Shares Corporate Class.

Additionally, the firm is trimming administration fees for certain series of the Franklin Bissett Monthly Income and Growth Fund (which is absorbing the Franklin Bissett Canadian All Cap Balanced Fund and the Franklin Bissett Canadian All Cap Balanced Corporate Class) by three basis points. The fee reductions will take place on Nov. 22.