To merge terminating fund into continuing fund
Manulife Mutual Funds has received shareholder approval to merge terminating fund into continuing fund.
The company said that to meet regulatory requirements, the merger required the approval of the Independent Review Committee of the funds which was granted on August 11, 2009. The merger also required the approval of a majority of shareholders in the continuing fund by proxy or in person at a special meeting that was held on December 9, 2009.
Manulife said that its shareholders voted to support the proposal to merge the terminating fund into the continuing fund that shares similar investment objectives. While shareholders of the terminating fund did not have to approve the merger, shareholders of the terminating fund were provided with advanced notice of the merger in accordance with applicable securities laws. The merger is expected to complete on or before December 11, 2009.
In addition, as previously announced, Manulife capped new purchases to all retail series of four funds, Manulife global tactical fund, global real estate fund, real return strategy fund and international large cap fund effective June 19, 2009.