AIC Limited

AIC Limited

October 03, 2007 16:01 ET

AIC Limited Streamlines its Fund Offering

BURLINGTON, ONTARIO--(Marketwire - Oct. 3, 2007) - AIC Limited today announced that it will be streamlining its mutual fund offering by discontinuing the AIC Canadian Income Choice Fund (the "Fund") on or about December 7, 2007. AIC continues to offer other corporate funds through AIC Corporate Fund Inc.

"We introduced the AIC Canadian Income Choice Fund in June 2007 with the goal of offering a product that combined an income stream choice with a tax choice that could be tailored to investor's unique needs," says Jonathan Wellum, AIC's Chief Executive Officer and Chief Investment Officer. "Since launch, however, AIC received additional and valuable feedback from advisors across Canada and, as a result, we've decided to discontinue this particular Fund with the plan to re-launch a fuller suite of products in the near future. We will continue to assess our product lineup and look for opportunities to meet the needs of our advisors' through differentiated product offerings. For the past 20 years, AIC has remained committed to helping Canadians achieve long-term wealth through a disciplined value investing approach and tax minimization. "

Effective as of the close of business on October 3rd, 2007, the Fund will cease distributing new shares to investors (except purchases made under existing pre-authorized chequing plans and dollar cost averaging plans). Redemptions will continue as described in the simplified prospectus of the Fund and AIC will continue to provide the daily net asset values for all series of shares until the date of termination of the Fund.

Existing shareholders of the Fund will have the option of switching to another AIC Fund or redeeming their shares. Shareholders who do not switch their shares to another AIC Fund will be reimbursed for any deferred sales charges or low load sales charges that they may incur, and for any front end sales charges that they previously paid. Shareholders who purchased under the deferred sales charge or low load sales charge option and switch to another AIC Fund will continue under the same redemption schedule for those new units/shares. On or about December 7th, 2007, AIC Limited will redeem any remaining shares of the Fund following which AIC Limited will provide notice to the securities regulators concerning the termination of the Fund. AIC Limited will pay all expenses relating to the termination of this Fund.

AIC commenced operations in 1985 and has grown to become one of Canada's largest privately held mutual fund companies with assets under management exceeding $8 billion.

Contact Information

  • AIC Limited, Burlington ON
    Terri Oswald
    Director, Media Relations
    (905) 331-4242, ext. 4345 or 1-888-710-4242, ext. 4345