TORONTO, June 12 /CNW/ - AGF Funds Inc. today announced it will make
changes to certain commissions paid in respect of AGF Canadian Money Market
Fund as a way of helping to maintain a positive yield for unitholders amid the
current low-yield environment.
Effective on or about June 15, 2009, AGF will no longer pay up-front
commissions for new purchases into the Deferred Sales Charge (DSC) or Low Load
(LL) options of AGF Canadian Money Market Fund.
AGF previously announced to dealers that it had reduced the management
and trailer fees on the MF, D and F Series of the Fund. AGF will continue to
waive management fees and absorb expenses as may be required to ensure the NAV
remains at $10.
As a result of today's announcement, investors who first purchase their
DSC or LL units of AGF Canadian Money Market Fund on or after June 15, 2009,
will not pay the deferred sales charges when they sell those units. In effect,
no DSC (seven-year) or LL (three-year) schedule will be created. Once an
investor switches out of AGF Canadian Money Market Fund and into the DSC or LL
option of another AGF fund, a commission will be paid to the dealer at that
time and a DSC or LL schedule will begin. Deferred sales charges may be
applicable to subsequent redemptions.
Investors who switch into a DSC or LL option of AGF Canadian Money Market
Fund from another AGF fund with the same sales charge option will continue to
pay any applicable deferred sales charge if they subsequently redeem the
units. The DSC or LL schedule will continue to run from the purchase date of
the original AGF fund.
AGF strongly encourages unitholders to consult with their financial
advisor to determine the solution that best meets their individual investment
needs and circumstances.
About AGF Management Limited
AGF Management Limited is one of Canada's premier investment management
companies with offices across Canada and subsidiaries around the world. AGF's
products and services include a diversified family of award-winning mutual
funds, AGF Elements portfolios, the Harmony asset management program, AGF
Asset Management Group services for institutional and high-net-worth clients,
as well as AGF Trust GICs, loans and mortgages. With approximately $37.4
billion in total assets under management, AGF serves more than one million
investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information:
For further information: AGF Corporate Communications, Lucy Becker,
Vice-President, (416) 865-4284, Lucy.Becker@agf.com; Christine Ramsay,
Communications Manager, (416) 815-6321, Christine.Ramsay@agf.com