Professionals' Financial - Mutual Funds Inc. announces changes to its family of funds
MONTRÉAL, March 26, 2014 /CNW Telbec/ - Professionals' Financial – Mutual Funds Inc. (the "Manager") announces the following changes to its family of funds:
Redesignation of the units of the family of funds
As investment fund manager of Professionals' Balanced Fund, Professionals' Balanced Growth Fund, Professionals' Retirement Balanced Fund, Professionals' Bond Fund, Professionals' Short Term Fund, Professionals' Global Fixed Income Fund, Professionals' Canadian Equity Fund, Professionals' Canadian Dividend Fund, Professionals' American Dividend Fund, Professionals' Global Equity Fund, Professionals' American Index Fund, Professionals' European Equity Fund, Professionals' Asian Equity Fund and Professionals' Emerging Markets Equity Fund (collectively, the "Funds"), the Manager intends to proceed with the redesignation of the issued and outstanding units of each of the Funds as series A units of each of the Funds (the "Redesignation of the Units") as of the date of the next Simplified Prospectus renewal of the Funds, which should be on or about May 7,2014 (the "Prospectus Renewal Date"). The Redesignation of the Units will not trigger any change to the units other than their redesignation from "units" to "series A units".
This initiative arises in conjunction with the Manager's intention to eventually create one or more new series of units in each of the Funds to allow an increased flexibility in the management of investors' portfolios.
A notice has been sent to the unitholders of the Funds to inform them of the Redesignation of the units prior to it coming into effect.
Name change for Professional's Short Term Fund
As investment fund manager of Professional's Short Term Fund, the Manager intends to change the Fund's name to "Professionals' Cash Management Fund" (the "Name Change") on the Prospectus Renewal Date. The Name Change will not trigger any other change to the Fund.
This initiative is consistent with the Manager's determination to make it easier for investors to identify investment options within its family of funds in order to better meet their needs.
Dissolution of Professionals' Equity World Trends Fund
As investment fund manager of Professionals' Equity World Trends Fund (the "World Trends Fund"), the Manager intends to proceed with the dissolution of the World Trends Fund on or about May 31, 2014 (the "Dissolution Date").
From March 26, 2014, no new investment or additional investment in the World Trends Fund will be accepted, including from current unitholders and through the periodic investment plan.
As the asset level and the number of unitholders of the World Trends Fund do not meet its requirements, the Manager has decided to proceed with its dissolution. This action is consistent with the Manager's strategy to offer effective investment solutions targeting investor needs.
Current unitholders of the World Trends Fund can have their units redeemed or transfer their investments to any other Fund before the Dissolution Date. The unitholders are encouraged to discuss the available investment options with their financial advisor.
Unitholders will not be required to pay transfer or redemption charges in connection with the dissolution of the World Trends Fund. As required by securities regulations, a notice of the dissolution has been sent to the unitholders of the World Trends Fund.
The Manager is also announcing that effective June 1, 2014, the Funds may engage in short selling, as permitted by securities regulations, as a complement to their primary investment strategy described in the Funds' Simplified Prospectus.
A notice has been sent to the unitholders of the Funds to inform them of the Funds engaging in short selling prior to any short selling transaction being carried out.
About Professionals' Financial
Professionals' Financial is a corporation specializing in wealth management and preservation for professionals. Established in 1978 by the Fédération des médecins spécialistes du Québec, it includes five professional association shareholders—the Fédération des médecins spécialistes du Québec, the Association des chirurgiens dentistes du Québec, the Corporation de service de la Chambre des notaires, the Association des architectes en pratique privée du Québec and the Association québécoise des pharmaciens propriétaires. Its three partners are also professional associations—the Fédération des médecins résidents du Québec, Médecins francophones du Canada and the Ordre des administrateurs agréés du Québec. Its evolving service offering is focused on investment solutions tailored to professionals and includes financial planning and private management services. Headquartered in Montréal, Professionals' Financial also has offices in Québec City and Sherbrooke. It offers its services to professionals in Québec, Ontario and New Brunswick. Its management and professional fees are among the lowest in the industry in Canada and it holds assets under management of $2.5 billion.
SOURCE PROFESSIONALS' FINANCIALFor further information: François Landry, Senior Vice-President and Chief Investment Officer, Professionals' Financial - Mutual Funds Inc., 2 Complexe Desjardins, East Tower, 31st Floor, P. O. Box 1116, Montréal, Québec H5B 1C2, Telephone: 514-350-5095, Fax: 514-350-5155, email@example.com; More details at www.professionalsf.com