TORONTO, Feb. 4, 2015 /CNW/ - JovFinancial Solutions Inc. ("JovFinancial") and T.E. Investment Counsel Inc. ("TEIC" and together with JovFinancial, the "Managers") are providing an update on their previously announced proposal to terminate certain series (the "Affected Series") of Jov Leon Frazer Bond Fund, Jov Leon Frazer Dividend Fund and Jov Leon Frazer Preferred Equity Fund (the "Jov Leon Frazer Funds") and Jov Prosperity Canadian Fixed Income Fund, Jov Prosperity Canadian Equity Fund, Jov Prosperity U.S. Equity Fund and Jov Prosperity International Equity Fund (the "Jov Prosperity Funds"). The terminations of the Affected Series (the "Terminations") will now occur on or about April 17, 2015. On the Terminations, unitholders will receive cash proceeds. Managed accounts of Leon Frazer & Associates Inc. clients hold Series I units of the Jov Leon Frazer Funds, which will not be terminated, and managed accounts of TEIC clients hold Series B and O units of the Jov Prosperity Funds, which will not be terminated, and as a result such managed accounts will be unaffected by the Terminations.
On October 23, 2014, the Managers announced a proposal to merge the Affected Series with IA Clarington Money Market Fund on or about January 23, 2015; however, the regulatory exemptions necessary to permit the issuance of units of the IA Clarington Money Market Fund have not been granted. Unitholders will receive cash proceeds on the termination of the Affected Series. In order to provide unitholders sufficient time to respond to this change, the Managers have elected to defer the Terminations until April 17, 2015.
Investors in the Jov Leon Frazer Funds and Jov Prosperity Funds may redeem their units at any time up to the close of business on the business day immediately preceding the effective date of the Terminations in accordance with the funds' normal practices.
The Managers encourage securityholders to contact their financial advisor to determine the solution that best meets their individual investment needs and circumstances.
Series A, F, O and T of the Jov Leon Frazer Funds were closed to new purchases on October 23, 2014 and Series A, F and I of the Jov Prosperity Funds were closed to new purchases on January 6, 2012.
About JovFinancial Solutions Inc.
JovFinancial is an investment fund manager and member of the Industrial Alliance group of companies.
About T.E. Investment Counsel Inc.
TEIC is a portfolio manager and investment fund manager that provides customized multi-manager, multi-style investment solutions to both high net worth and institutional clients. TEIC currently manages and/or administers in excess of $3.74 billion for its clients as at December 31, 2014. TEIC is a member of the Industrial Alliance group of companies.
About Leon Frazer & Associates Inc.
With approximately $2.2 billion (as of December 31, 2014) under management, offices in Toronto and Vancouver, an experienced portfolio management team, a well-honed and tested investment philosophy and a compelling view of the future of Canadian equity investment, Leon Frazer has established a reputation as one of Canada's leading authorities on dividend investing.
SOURCE IA Clarington Investments Inc.
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