Franklin Templeton launches energy fund
Franklin Templeton Investments Corp. has launched Bissett Energy Corporate Class for clients who want direct exposure to Canada’s energy sector. The fund will invest in a concentrated group of energy-related securities from companies engaged in exploration, production, refining, marketing and transportation, Franklin Templeton says. Commissions are up to 6% for front-end sales, 2.5% for low-load sales and 5% for deferred sales. Redemption fees are 6% in Year 1 and end at zero after Year 6 of the regular DSC schedule, or 3% in Year 1 and zero after Year 3 of the low-load schedule. Trailer fees are up to 1% for front-end sales, or 0.5% for low-load and DSC sales. Management fees are 2%, or 1% for F-class shares. Minimum investment is $500. The company also has announced the expansion of its tax-
efficient fund series; the funds’ payments primarily consist of return on capital and are not considered income for tax purposes. Effective immediately, the following are available in T-class: Mutual Beacon Fund, Mutual Discovery Fund, Franklin Templeton U.S. Rising Dividends Fund, Franklin Templeton Growth Portfolio and Franklin Templeton Global Growth Portfolio.
BMO rolls out LifeStage funds
Toronto-based BMO Investments Inc. has launched BMO LifeStage Plus Funds, which offer a lock-in feature that ensures clients receive the highest daily value over the life of the fund, BMO says. LifeStage funds are based on four target dates — 2015, 2020, 2025 and 2030 — and automatically adjust asset allocation to become more conservative as the fund nears maturity. Advisor front-end commissions are 0%-5%. Trailer fees are up to 0.75%. Management fees are 2.15%-2.35%, which decline over the term of the fund. Minimum investment is $500.
Sceptre proposes income trust changes
Toronto-based Sceptre Investment Counsel Ltd. has proposed a series of changes to Sceptre Income & High Growth Trust in an effort to create more value for investors, the company says. The proposed changes include: expanding the trust’s investment strategy to include additional asset classes and a wider range of allowable investments within those asset classes; daily calculation and disclosure of the trust’s net asset value rather than weekly; reducing management fees to 1.05% from 1.1%; merging Sceptre Income & High Growth Trust with Sceptre Income & Growth Trust, then converting the trusts to an open-ended mutual fund; delisting the trusts’ units from the Toronto Stock Exchange to reduce costs; appointing Return on Innovation Management Ltd. as trustee and manager; and introducing seven new series of the merged fund, which will offer different distribution, purchase options and management fees.
Investors Group mergers approved
Unitholders of several Investors Group Inc. funds have approved the merger of six funds with similar investment mandates, the company says. Effective July 20, the following changes will come into effect: IG AGF Asian Growth Fund will merge into Investors Pacific International Fund; IG AGF Asian Growth Class will merge into Investors Pacific International Class; IG Mackenzie Select Managers Canada Fund will merge into IG Mackenzie Maxxum Canadian Equity Growth Fund; IG Mackenzie Select Managers Canada Class will merge into IG Mackenzie Maxxum Canadian Equity Growth Class; the IG series units of Mackenzie Universal U.S. Growth Leaders Fund will merge into IG Mackenzie Universal U.S. Growth Leaders Class; the IG series units of Mackenzie Universal Global Future Fund will merge into IG Mackenzie Universal Global Future Class. Shareholders also voted in favour of changing the asset allocation of three Alto and Allegro portfolios, including increasing the equity exposure of Alto Conservative’s portfolio to 30% from 25% and increasing the equity exposure of Alta Monthly Income’s portfolio to 33% from 27%.
Mackenzie changes get green light
Toronto-based Mackenzie Financial Corp. says unitholders have approved a series of changes to funds distributed through Quadrus Investment Services Ltd. Quadrus Canadian Specialty Corporate Class has been renamed Quadrus North American Equity Corporate Class, and its mandate has been broadened to allow investments in equity securities of North American companies. LLIM U.S. Growth Sectors Fund and LLIM U.S. Equity Fund have been merged into LLIM Canadian Diversified Equity Fund; the fund will now allow up to 49% of its assets to be invested in foreign securities. GWLIM U.S. Mid-Cap Fund has been merged into GWLIM Canadian Mid-Cap Fund, which will be allowed to invest primarily in publicly traded equity issues of small- to mid-cap Canadian and U.S. companies; the merged fund has been renamed GWLIM North American Mid-Cap Fund. The above changes are intended to capitalize on the elimination of the foreign-content limit, Mackenzie says. Finally, Quadrus Trimark Balanced Fund is closed to new purchases.
@page_break@Compiled by Lara Hertel (firstname.lastname@example.org).
Franklin Templeton launches energy fund