Brandes Investment Partners & Co. (Brandes) has made some changes to its mutual fundl line-up in response to the recent implementation of the harmonized sales tax in British Columbia and Ontario.

Brandes has launched new Class AN and Class FN units for each of the Brandes Global Equity Fund, Brandes International Equity Fund, Brandes Sionna Canadian Equity Fund and Brandes Sionna Canadian Balanced Fund.

The new classes are identical to the existing Class A and Class F units of the funds, but are intended for investors residing in provinces that do not participate in the HST.

These new classes are now available to eligible investors and will be subject only to the GST currently at 5%, Brandes says.

Eligible investors may purchase these new classes now or may switch their current Class A or F units of the funds for the Class AN and Class FN units respectively.

Brandes plans to redesignate Canadian dollar denominated Class A and Class F units of the funds (held by eligible investors on June 30, 2010) to the corresponding Class AN and Class FN so that no work is required by advisors or investors.

The firm is committed to completing this process by March 31 2011 at the latest, or sooner as progress permits, Brandes says.

Redesignated and exchanged/switched units will continue to be subject to the redemption charges that applied to the original units, Brandes adds.

Brandes also announced that for Class L and Class M of the Brandes Global Equity Fund, Brandes International Equity Fund, Brandes Sionna Canadian Equity Fund and Brandes Sionna Canadian Balanced Fund, and for all classes of the remaining Brandes Funds (other than Class I, Class W and Class IH units) that it will be responsible for any increase in expense as a result of the application of the HST in place of the GST until December 31.

Beyond this date, Brandes may, or may not, continue to absorb this increase at its discretion without additional notice.

IE