Manulife Mutual Funds announced today an increase in the quarterly distributions target to 10¢ from 7.5¢ per unit for the Elliott & Page Dividend Fund and 6¢ from 5.5¢ for the Elliott & Page Monthly High Income Fund.

Distributions may consist of income, capital gains and return of capital. This change is effective as of the end of the first quarter in 2007.

“As one of Canada’s leading financial services firms, Manulife provides its clients with access to high quality investment funds, managed by some of the best people in the industry,” said Jeff Ray, assistant vp of Manulife Mutual Funds products. “In a changing regulatory environment, these dividend increases will be welcome news to many of our investors and those who are seeking tax-efficient sources of income.”

Elliott & Page Dividend Fund invests primarily in a diversified portfolio of dividend-paying Canadian common and preferred shares as well as royalty trusts and real estate investment trusts. Since its inception in August 2003, investors in the fund have benefited from solid performance and consistent, tax-efficient income in the form of dividends.

Elliott & Page Monthly High Income Fund has a broader mandate. The fund invests primarily in a diversified portfolio of dividend paying Canadian equities and Canadian fixed income securities as well as royalty trusts and real estate investment trusts. Investors in the fund have benefited from superior risk-adjusted returns, top-quartile long-term performance and steady, tax-efficient monthly income since the fund’s inception in September 1997.

Both funds are managed by Alan Wicks, senior portfolio manager with MFC Global Investment Management, who enjoys an established reputation as one of Canada’s top value managers.