Sun Life Global Investments (Canada) Inc., which became the manager and trustee of the mutual funds previously managed by McLean Budden Limited, effective Monday, is now proposing additional changes to the funds.
The company said it expects to amend the trust agreement governing each of the funds in order to modernize the document, aligning it with industry practice for publicly offered mutual funds. The amendments are expected to take place on June 1st. A description of any major amendments to the agreement will be available to the unitholders on the funds’ website.
Also effective June 1st, Sun Life said series O units of each of Sun Life MFS McLean Budden Global Research Equity Fund (formerly McLean Budden Global Equity Fund) and Sun Life MFS McLean Budden International Equity Fund (formerly McLean Budden International Equity Fund) will be renamed Series I units. In addition, Series C units of each of these Funds will be reclassified as Series I units.
Additionally, effective on Monday, Sun Life MFS McLean Budden Balanced Growth Fund (formerly McLean Budden Balanced Growth Fund) and Sun Life MFS McLean Budden Balanced Value Fund (formerly McLean Budden Balanced Value Fund) will distribute income and capital gains, if any, in December of each year.
Previously, each of these funds distributed income on the last business day of each quarter and distributed capital gains on the last business day of each year.