(May 5 – 16:45ET) – First Heritage Fund has scheduled a unit-holder meeting for June 1, 2000, to consider and approve a proposed change in the fundamental investment objectives of the fund. Under the proposal, the fund would no longer be limited to resource stocks.
First formed in 1985 for the primary purpose of investing in securities in the natural-resource sector, the fund is an open-end mutual fund trust that offers its units on a continuous basis in Ontario. The fund manager is First Grenadier Fund Management Inc.
The new investment objectives would permit it to invest in equity and equity-related securities of companies whose shares trade or are quoted on any recognized stock exchange or over-the-counter market, primarily in Canada but also elsewhere in North America, Europe or the Far East, and which offer potential for both capital appreciation and income. Investment in non-Canadian stocks would be limited to 25% of the fund’s portfolio. Such a change requires the approval of unit-holders.
At the same time, the name of the fund would be changed to Grenadier World Fund, effective June 1, 2000. The current name is the subject of litigation brought by First Heritage Savings Credit Union, which challenges the use of the words “First Heritage.”
-IE Staff