AIC Ltd. today announced that it will be streamlining its Portfolio Fund offering by reducing the number of Portfolio Funds from six to four.
Effective the close of business January 11, AIC will cease offering units of: AIC Fixed Income Portfolio Fund and AIC Long-Term Growth Portfolio Fund, except in connection with the automatic reinvestment of any distributions.
Also effective on the same date all purchases of units of the funds under existing pre-authorized chequing plans will cease.
The funds will be terminated on or about March 28, following 60 days written notice to existing unitholders.
AIC says it will continue to offer the AIC Balanced Income Portfolio Fund, AIC Diversified Income Portfolio Fund, AIC Balanced Growth Portfolio Fund and AIC Core Growth Portfolio Fund.
Existing unitholders of the terminating funds will have the option of switching to another AIC fund or redeeming their units. Unitholders who do not switch their units to another AIC fund will be reimbursed for any deferred sales charges that they may incur and for any front end sales charges that they previously paid. Unitholders who purchased under the deferred sales charge option and switch to another AIC Fund will continue under the same deferred sales charge schedule for those new units.
AIC says it will pay all expenses relating to the termination of these Funds.
As well, for competitive branding purposes, AIC will be changing the French names of the remaining four Portfolio Funds as follows:
- Fonds groupé à diversifié AIC becomes Portefeuille à revenu diversifié AIC;
- Fonds groupé à revenu équilibré AIC becomes Portefeuille à revenu équilibré AIC;
- Fonds groupé de croissance équilibré AIC becomes Portefeuille de croissance équilibré AIC;
- Fonds groupé de croissance pure AIC becomes Portefeuille de croissance pure AIC.