Toronto-based Manulife Mutual Funds has completed the conversion of Manulife Strategic Income Opportunities Fund into an open-ended mutual fund and has renamed the fund Manulife Global Tactical Credit Fund. In connection with the conversion, units of Manulife Strategic Income Opportunities Fund were made redeemable daily on demand at their net asset value. The units outstanding prior to the conversion were automatically converted to front-end A-class units of the renamed fund on a one-for-one basis. The renamed fund aims to provide unitholders with monthly distributions and preserve capital while providing the opportunity for long-term capital appreciation. John Addeo, Dan Janis and Dennis McCafferty, portfolio managers with Boston-based Manulife Asset Management (US) LLC, along with the support of Endre Pedersen, portfolio manager with Manulife AM, will manage the renamed fund. Pedersen is responsible for the Asian multi-currency fixed-income strategy and is based in Singapore. Manulife Mutual Funds also has launched Manulife U.S. Tactical Credit Fund, which seeks to provide long-term total return consisting of income and the potential for capital appreciation by investing primarily in a portfolio of U.S. investment-grade and high-yield debt securities. Addeo and McCafferty will co-manage this fund. Advisor commissions for both funds are 0%-5% for front-end sales, 5% for deferred sales or 2% for the low-load option. Redemption fees begin at 6% in Year 1 and end at zero after Year 6 for the regular DSC schedule; or begin at 3% in Year 1 and end at zero after Year 3 of the low-load schedule. Trailing commissions are 0.5% for front-end sales; 0.25% for the first six years of deferred sales, and 0.5% thereafter; and 0.5% for low-load sales. Management fees for Manulife Global Tactical Credit Fund are 1.7% for A-class units and 0.8% for F-class units; for Manulife U.S. Tactical Credit Fund, management fees are 1.65% for A-class units and 0.8% for F-class units.

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