The Value Leaders Income Portfolio has been closed to new purchases, Manulife Mutual Funds announced Monday. The cap includes systematic transfers and pre-authorized chequing plans.

Manulife said the decision to cap the Value Leaders Income Portfolio to new purchases was largely based on the company’s already vast selection of mutual funds that targets investors’ income needs, including the Manulife Monthly High Income Fund and the recently launched Manulife Yield Opportunities Fund.

In addition, Manulife said the Value Leaders Portfolios will be re-branded to the Manulife Leaders Portfolios on June 5.

The portfolios became part of Manulife’s product offering following the purchase of AIC’s Canadian retail investment fund business in September 2009.

The Value Leaders Portfolios will be re-branded as follows:

• Value Leaders Balanced Income Portfolio becomes Manulife Leaders Balanced Income Portfolio;

• Value Leaders Balanced Growth Portfolio becomes Manulife Leaders Balanced Growth Portfolio;

• Value Leaders Growth Portfolio becomes Manulife Leaders Opportunities Portfolio;

• Value Leaders Income Portfolio becomes Manulife Leaders Income Portfolio.

“These changes are being implemented with the aim of enhancing our position as a highly-competitive performer in the asset allocation portfolio product marketplace,” Jeff Ray, assistant vice president, mutual fund products.

Also, Manulife announced that, effective Jan. 1, 2011, all Manulife AIC Funds that issue Class T4, T5, T6, T8 and F-T6 units will have a target distribution per year based on the net asset value per unit of the fund determined as at December 31 of the prior year.

Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corp. (TSX:MFC).

IE