Goodman & Co., Investment Counsel Ltd. today announced the launch of the sixth series of Bank of Montreal Dynamic RetirementEdge Income Portfolios.
The Series 6 notes will be available until May 9. The notes will be issued by Bank of Montreal on May 14, and are 100% eligible for registered plans.
Goodman & Co. says the notes allow investors to benefit from the growth potential of equities, a stable income stream, unique tax efficiencies, systematic asset allocation, and a fixed low annual fee.
The new offering builds on the success of the last five series.
The notes are available in three formats: Current Pay Notes; Deferred 5 Notes; and Deferred 10 Notes.
With Current Pay Notes, monthly distributions begin immediately, at an annual rate of 6.6% of the original deposit amount, adjusted for inflation. These notes mature on May 12, 2023.
The Deferred 5 Notes offer a guaranteed minimum growth of 5% per year during the accumulation period, for a total of 25%. Monthly distributions begin in year six, at an annual rate of 8.25% of the original deposit amount until $99 is distributed. These notes mature on May 17, 2030.
The Deferred 10 Notes offer a guaranteed minimum growth of 5% per year during the accumulation period, for a total of 50%. Monthly distributions begin in year 11, at an annual rate of 9.9% of the original deposit amount until $99 is distributed. These notes mature on May 13, 2033.
Goodman & Co. says the deposit notes may provide holders with exposure to the distributions and capital appreciation of portfolio of units of 10 Dynamic funds:
- Dynamic Global Dividend Value Fund;
- Dynamic Value Fund of Canada;
- Dynamic Global Value Fund;
- Dynamic Dividend Fund;
- Dynamic Global Discovery Fund;
- Dynamic Power Canadian Growth Fund;
- Dynamic Power Global Growth Class;
- Dynamic Power Small Cap Fund;
- Dynamic Canadian Bond Fund;
- Dynamic High Yield Bond Fund.