Goodman & Company, Investment Counsel Ltd., manager of Dynamic Money Market Fund and Dynamic Money Market Class, Monday announced changes to the fee structure for the funds in response to the changing interest rate environment in Canada.
Effective October 4, the management fee on Dynamic Money Market Fund Series A and Dynamic Money Market Class Series C will be reduced from 1.00% to 0.80%, while the management fee on Dynamic Money Market Fund Series F will be reduced from 0.60% to 0.50%.
On April 16, 2009, Goodman & Company implemented a temporary waiver, reducing the management fee to 0.25% on all series of the both funds to maintain a positive yield for unitholders as short-term interest rates in Canada were at historically low levels. A temporary waiver remains applicable for certain series of the funds. Effective October 4, 2010, the management fees for the funds will change as follows:
> Dynamic Money Market Fund, Series A: 0.55% (temporary waiver)
> Dynamic Money Market Fund, Series F: 0.50%
> Dynamic Money Market Class, Series A and Series F: 0.50%
> Dynamic Money Market Class, Series C: 0.55% (temporary waiver)
In addition, Dynamic Money Market Fund has begun to generate distributions again for investors as per the distribution policy outlined in its prospectus.
As of April 1, 2009, service fees paid to dealers by Goodman & Company from the management fees collected on certain series were temporarily suspended. Effective October 4, service fees will be reintroduced for units of the funds purchased on a front end sales charge option basis only.