TORONTO, April 23 /CNW/ - Manulife Mutual Funds, a division of Elliott & Page Limited, has announced a number of enhancements to its line-up of mutual funds. These enhancements include an addition of Series T and Elite T Series to the Manulife Monthly High Income Fund, and changes in the distribution frequency of the Manulife Dividend Fund and the Manulife Strategic Income Fund from quarterly to monthly.
"Today's announcement illustrates how Manulife Mutual Funds is continuously working to improve the features and benefits of our mutual funds to provide investors and their advisors with better options for generating income," said Jeff Ray, Assistant Vice President, Mutual Fund Products. "By providing a Series T option for one of Manulife's most popular and award-winning mandates, and by moving to monthly pay outs for two additional leading income-generating funds, this will provide our income-oriented investors with added convenience and flexibility when planning their finances."
Pending regulatory approval, Series T and Elite T Series options will be made available for the Manulife Monthly High Income Fund. The Series T option provides a six per cent annual payout for investors looking to receive tax-efficient income. The Elite T series provides the same benefits but is designed to provide price breaks for investors with larger accounts.
Effective April 23, the Manulife Dividend Fund will change its distribution frequency from a quarterly target distribution of $0.10 to a monthly target of $0.033. The Manulife Strategic Income Fund will also move from a quarterly pay out schedule to monthly distributions. The amount of the distribution will remain variable as outlined within the simplified prospectus.
About Manulife Investments
Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corporation that offer personal wealth management products and services in Canada. As one of Canada's leading integrated financial services providers, Manulife Investments offers a variety of products and services including segregated funds, mutual funds, annuities and guaranteed investment contracts.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers customers a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn $440 billion (US$ 420 billion) as at December 31, 2009.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
SOURCE Manulife Financial Corporation
For further information: For further information: Media contact: Tom Nunn, Manulife Financial, 1-877-782-2363, firstname.lastname@example.org