News Column

Tax-Advantaged Return of Capital Distributions to Continue

Mar 26 2013 12:00AM

Marketwire

LogoTracker

TORONTO, ONTARIO -- (Marketwire) -- 03/26/13 -- (TSX: SSF.UN) On March 21, 2013, the Minister of Finance announced proposed measures (the "Character Conversion Budget Measures") which would affect certain tax benefits gained by taxable unitholders of investment funds, such as Symphony Floating Rate Senior Loan Fund (the "Fund"), that utilize forward purchase and sale agreements to obtain exposure to an underlying reference portfolio. The Fund's forward purchase and sale agreements currently allow unitholders to receive tax-advantaged distributions of return of capital. Based on its review to date, Brompton Funds Limited, the manager of the Fund, believes that the Fund and the tax characterization of distributions received by unitholders will be unaffected by the Character Conversion Budget Measures until the expiration of the forward agreements in October 2016. The manager awaits further guidance from the Federal Government on the implementation of the budget proposals and will provide additional details as soon as it is in a position to do so.

About Brompton Funds

Brompton Funds, a division of Brompton Group, an experienced investment fund manager operating since 2002. Brompton is focused on meeting the needs of investors by offering low cost, innovative products with client friendly terms and supported by strong corporate governance. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-6000, (toll-free at 1-866-642-6001) email info@bromptongroup.com or visit our website at www.bromptongroup.com.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the Fund's publicly filed documents which are available from SEDAR at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.



Contacts:
Brompton's investor relations line
416-642-6000 or toll-free at 1-866-642-6001
info@bromptongroup.com
www.bromptongroup.com





Source: Marketwire


Story Tools