Investors Group plans to terminate two non-retail funds: the Investors Group Income Fund and Investors Group Short-Term Income Fund.
The funds were created specifically to facilitate investment objectives and strategies that utilize forward sale transactions for the Investors Capital Yield Class, and for the Investors Short-Term Capital Yield Class.
But Investors Group has since announced changes to the objectives and strategies of the classes to remove reference to the use of certain types of forward sale transactions. This was done in response to amendments to the Income Tax Act (Canada), which eliminated the tax-related benefits associated with these types of transactions.
As the funds will no longer be required, they’ll be terminated on September 23, 2014. A notice will be sent to unit holders at least 60 days before the terminations become effective.