Toronto-based Manulife Investments, a division of Manulife Asset Management Ltd., will be terminating Oil Sands Sector Fund as of June 29, the firm announced on Thursday.

Unitholders will not be required to take any action in connection with the termination of the fund.

The manager will distribute the assets of the fund for an amount equal to the pro-rata share of the net assets of the fund remaining after the payment or accrual of all debts, expenses and liabilities and liquidation expense of the fund.

The fund will not pay its regular quarterly distribution (pertaining to the quarter ending June 29) nor any final distribution related to the termination of this fund.

Payment of the termination proceeds will be made on or about July 6 to the beneficial holders of such units by Toronto-based CDS Clearing and Depository Services Inc.