Press release from CNW Group
Manulife Strategic Income Opportunities Fund Announces Details of Conversion into an Open-Ended Mutual Fund
Monday, June 10, 2013
Manulife Strategic Income Opportunities Fund Announces Details of Conversion into an Open-Ended Mutual Fund09:49 EDT Monday, June 10, 2013
|C$ unless otherwise stated||TSX/NYSE/PSE: MFC||SEHK:945|
TORONTO, June 10, 2013 /CNW/ - Manulife Strategic Income Opportunities Fund (TSX: MSO.UN) (the "Fund") confirms that it will complete the previously scheduled conversion of the Fund into an open-ended mutual fund (the "Conversion") on June 28, 2013 (the "Conversion Date"). The Fund's units will be delisted from the Toronto Stock Exchange at the close of business on June 14, 2013, in order to permit the completion of the Conversion.
On the Conversion Date, the outstanding units of the Fund will be automatically converted to Advisor Series Units on a one-for-one basis and the Fund will become an open-ended mutual fund with its units redeemable daily on demand at their net asset value. The name of the Fund will also change to Manulife Global Tactical Credit Fund on the Conversion Date.
As announced previously by the Fund, Manulife Asset Management Limited, the manager of the Fund, has concluded that the tax advantaged characterization of distributions received by Unitholders will cease on the expiration of the Fund's forward agreement following the Fund's distribution for the month of June 2013, which will be made payable to Unitholders of record on June 26, 2013. After the Conversion, the Fund will no longer utilize forward purchase and sale agreements to obtain exposure to an underlying reference portfolio but will instead invest directly in such securities.
As a result, on and after the Conversion Date, the investment objectives of the Fund will be to provide Unitholders with monthly distributions and to preserve capital while providing the opportunity for long-term capital appreciation. In addition, in accordance with the terms of the Fund's offering documents, the management fee (inclusive of the amount equal to service fee payable to dealers) payable, directly or indirectly, by the Fund will increase following the Conversion Date from approximately 1.50% per annum to 1.70% per annum with respect to the Advisor Series Units of the Fund and the Fund will not be able to use leverage.
For more information, please contact Manulife Customer Service at 1-888-333-3240.
About Manulife Investments
Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corporation that offer personal wealth management products and services in Canada. As one of Canada's leading integrated financial services providers, Manulife Investments offers a variety of products and services including segregated fund contracts, mutual funds, annuities, guaranteed interest contracts and structured products. Manulife Structured Products are managed by Manulife Asset Management Limited.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$555 billion (US$547 billion) as at March 31, 2013. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
SOURCE: Manulife Financial Corporation
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