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Bringing you news, views and analysis since 2013

2008

Front Street Capital to further streamline funds

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Front Street Capital has announced a proposal to further streamline its fund line-up with the merger of its Front Street Performance Fund II into Front Street Canadian Equity Fund, a co

Front Street Capital has announced a proposal to further streamline its fund line-up with the merger of its Front Street Performance Fund II into Front Street Canadian Equity Fund, a corporate class of Front Street Mutual Funds.

The merger remains subject to security holder approval and any applicable regulatory approval.

Front Street Performance Fund II is an investment trust whose units are listed on the Toronto Stock Exchange.

Front Street Mutual Funds offers a multiple share class structure, with each share class representing a separate mutual fund, giving investors the ability to switch their investments between the different mutual funds on a tax-deferred basis.

The funds being merged have similar investment objectives and the same portfolio investment adviser, Front Street Investment Management.

Front Street Capital believes that the mergers should benefit investors of Front Street Performance Fund II by providing daily liquidity and redemption at NAV without any discount.

It also says unit holders would gain the ability to switch tax-free between the classes of Front Street Mutual Funds with different investment strategies and objectives.

In addition, it would achieve economies of scale and bring advantages to investors of a larger investment pool.

A special meeting of the unit holders of Front Street Performance Fund II will be held in Toronto early in 2009, at which unit holders will be entitled to vote on the proposed merger.

If approved, it is expected that the merger will take effect in the first quarter of 2009.

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