TD Asset Management Inc., the manager of TD Mutual Funds and TD Managed Assets Portfolios, today announced that it has received unitholder approval for seven fund mergers at the special meetings held August 24 in Toronto.
TD says the mergers will increase the size and efficiency of the continuing funds, while further simplifying choices for investors.
“We are pleased that a significant majority of the respondents voted in favour of the reorganization,” says Steve Geist, president of TD Mutual Funds.
The mergers are expected to take effect at the close of business on October 7.
Each unitholder’s investment in a terminating fund will be exchanged on a dollar-for-dollar and series-for-series basis for securities of the applicable continuing fund on a tax deferred basis. Each terminating fund will then cease operations.
The merging funds are as follows:
- TD Canadian Government Bond Index Fund merges into TD Canadian Bond Index Fund;
- TD International Growth Fund merges into TD International Equity Fund;
- TD Managed Index Income Portfolio merges into TD Managed Index Income RSP Portfolio;
- TD Managed Index Income & Moderate Growth Portfolio merges into TD Managed Index Income & Moderate Growth RSP Portfolio;
- TD Managed Index Balanced Growth Portfolio merges into TD Managed Index Balanced Growth RSP Portfolio;
- TD Managed Index Aggressive Growth Portfolio merges into TD Managed Index Aggressive Growth RSP Portfolio; and
- TD Managed Index Maximum Equity Growth Portfolio merges into TD Managed Index Maximum Equity Growth RSP Portfolio.
Following the mergers, certain of the continuing funds will have their names changed to remove the term “RSP”.