(October 26 – 09:30 ET) – Elliott & Page today announced that it will wind up the no-load class of four funds offered under the “Manulife Cabot” banner.
The fund manager is shuttering the E&P Cabot Money Market Fund, E&P Cabot Diversified Bond Fund, E&P Cabot Canadian Growth Fund and E&P Cabot Emerging Growth Fund.
The company says the decision to terminate the funds “reflects the goals of improving the cost-efficiency of fund administration for all funds under management as well as eliminating the duplication of fund mandates under management”. The aggregate current market value of the retail holdings in the funds totals just $8 million.
The funds will be closed to new lump-sum and pre-authorized chequing plan purchases as of December 15, and will be officially wound up on May 31, 2001. Unitholders will be given the option to switch their investments to any other fund within the Manulife Cabot Funds or Elliott & Page Group of Funds.
No load versions of the three other funds within the Manulife Cabot Funds family (the E&P Cabot Blue Chip Fund, E&P Cabot Canadian Equity Fund and E&P Cabot Global MultiStyle Fund) will continue to be offered for sale.
-IE Staff