Middlefield Funds
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Equal Sector Income Fund Archive
Features & Benefits
The Fund is designed to provide Unitholders with exposure to a passively managed portfolio of income trusts on an equal sector weighted basis. This approach is intended to result in a broadly diversified portfolio of the largest Income Trusts, most of which are expected to benefit from inclusion in the S&P/TSX Composite Index. This investment approach is also intended to result in a reduced exposure to any one Income Trust Sector and any one Income Trust.
Monthly Distributions
The Fund intends to pay monthly cash Distributions. The Fund intends that Distributions will be payable to Unitholders of record on the last day of each month and will be paid on or about the 15 th day of the following month.
TSX Listing. The Fund's units can be bought and sold on the TSX under the symbol ESF.UN.
Mandatory Market Purchase Program. To enhance liquidity and provide market support for the units, the Fund will be obligated to purchase for cancellation any units offered in the market at the then prevailing market price if the price at which units are offered for sale is less than 95% of the Net Asset Value per Unit, subject to some limitations. See the Fund's prospectus for details.
Redemptions. Units may be surrendered for redemption on any business day that is at least 20 business days prior to November 30 and will be redeemed on November 30 of such year, subject to the Fund's right to suspend redemptions in certain circumstances. A Unitholder who surrenders Units for redemption at least 20 business days prior to November 30 of any year will receive payment on or before the 15th business day following November 30. Unitholders whose Units are redeemed will be entitled to receive a redemption price per Unit calculated with reference to the net asset value of the Fund (NAV) (however, at the sole option of the Manager, the redemption price may be calculated by using a 3-day volume weighted average trading price of a security instead of the closing price) determined as of the applicable November 30 date less any costs associated with the redemption. Any unpaid distribution declared on or before November 30 in respect of Units redeemed on such date will be paid to the Unitholder redeeming such Units on the date on which such distribution is payable to Unitholders. For further information, please refer to the Fund's prospectus.
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