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TD Asset Management Inc. Announces Intention to Terminate Operations of Two Mutual Funds
TORONTO, July 23, 2014 /CNW/ - TD Asset Management Inc. (TDAM), the manager of TD Mutual Funds, today announced plans to terminate the operations of the following two mutual funds on or about October 3, 2014:
- TD Fixed Income Capital Yield Pool Class
- TD Global High Yield Capital Class
The decision to terminate the funds was made as a result of measures announced in the federal budget in March 2013 which will eliminate tax benefits for certain investment funds, including these funds. These funds have been closed to additional investments since April 5, 2013.
Unitholders or shareholders may redeem or switch their holdings in the funds for settlement on or before the termination date. Beginning today, TDAM will not charge any redemption fees, sales charges or other fees for transactions on these funds. On or about October 3, 2014, TDAM will liquidate the holdings of the terminating funds at fair market value, determine distributions and distribute the net assets to unitholders or shareholders.
Unitholders or shareholders of the affected funds will be contacted directly with details of the funds' termination and are encouraged to speak with their financial advisor to discuss their investment options.
About TD Asset Management Inc.
TDAM offers a diverse range of over 120 investment solutions including mutual funds, professionally managed portfolios and corporate class funds. TDAM manages retail mutual fund assets on behalf of more than 1.9 million investors and offers one of the most broadly diversified fund families in Canada. Funds are available at TD Canada Trust branches (through TD Investment Services Inc. representatives), TD Direct Investing, TD Wealth Financial Planning and TD Wealth Private Investment Advice, as well as leading investment dealers, independent brokers, advisors and financial planners. As of June 30, 2014, TDAM was the fourth largest mutual fund company in Canada, with over CDN$90 billion invested in TD Mutual Funds (Source: IFIC).
SOURCE TD Asset Management Inc.
Sandra De Carvalho
TD Bank Group
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