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  • CIFSC Completes Quarterly Fund Category Review and Reiterates Position on Income Trusts | Canadian Investment Funds Standards Committee(CIFSC)
    funds under its new classification system The review identified 48 funds out of more than 8000 that in the last three months have shifted their portfolio allocations enough to move into new categories The managers of these funds have been advised and offered an opportunity to respond The portfolios of 13 more funds have changed to put them at a category threshold They are not being moved at this time but will be monitored for possible future reclassification When the new classification system was implemented in August 2006 CIFSC said it would conduct a complete review of all funds and their categories every quarter This was designed to ensure funds that have been making significant changes in their portfolio allocations would be identified and if applicable moved to more appropriate new categories in a timely fashion As well in light of the Canadian government s proposal this week to change the tax treatment of income trusts CIFSC reaffirmed its decision to retain a separate income trust category during its 2006 fund category system revisions The announcement serves as an endorsement of our decision to retain this category said CIFSC Chair Ralf Hensel During our review process we retained our Canadian Income Trust category because of the different risk profile associated with them At the time there was a great deal of uncertainty as to the government s position and the market behaviour of income trusts so we felt it appropriate to keep the category until the market had worked through the issues CIFSC is a volunteer organization made up of competing yet collaborative organizations committed to the goal of a single objective and standardized investment fund classification system for use across Canada Its current membership includes representatives from Canadian Life and Health Insurance Association Cannex Financial Exchanges FP Datagroup Fundata

    Original URL path: http://www.cifsc.org/cifsc-completes-quarterly-fund-category-review-and-reiterates-position-on-income-trusts/ (2016-02-16)
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  • CIFSC Completes Launch of New Fund Classifications | Canadian Investment Funds Standards Committee(CIFSC)
    preliminary list of funds that were slated to be re categorized under the new definitions was provided to all fund managers on July 24 Some feedback was received on the reclassifications largely to provide additional fund and holdings data that had not previously been provided to the data providers We believe the new system represents a significant improvement in the Committee s process especially in terms of transparency comparability and objectivity said CIFSC Chair Ralf Hensel The new process we have implemented is very much a success and will assist industry participants both manufacturers in terms of classification comparability and investors in terms of achieving diversification in their portfolios The new system was implemented to meet several new challenges facing the fund industry including the increasing numbers and varieties of funds the elimination of the limit on foreign content and the introduction of the unit trust category in the TSX In addition to the flowchart that graphically explains the Committee s classification process and the definitions that detail the tests applied for each category CIFSC has also posted a policies and procedures document that provides more information on the Committee s operations These materials as well as the lists of funds classified in each category are available on the CIFSC website http www cifsc org An enhanced search feature enables visitors to quickly locate funds The Committee will be conducting full category reviews each quarter with the first such review to take place at the end of September As well the Committee is developing a French language version of its categories and definitions which is expected to be available on the website shortly The Committee appreciates that the fund classification system is a dynamic process and that further refinements will be required based on its continuous monitoring system and additional

    Original URL path: http://www.cifsc.org/cifsc-completes-launch-of-new-fund-classifications/ (2016-02-16)
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  • CIFSC Launches New Fund Classifications | Canadian Investment Funds Standards Committee(CIFSC)
    and set of categories that continue to enhance the consistency and transparency of the CIFSC classification system This effort is represented by way of a straightforward process diagram in addition to updated text based definitions enabling fund participants advisors and investors to better understand what characteristics make up a particular fund category said CIFSC Chair Ralf Hensel This new diagram shows visually how the process works and is more intuitive while remaining true to our goal of an objective measurement standard said Hensel In addition improvements have been made to the categories themselves refining the groups into which funds are classified based on their investment mandates and three year median holdings data The categorization process begins by classifying funds into broad asset categories which are then further divided by regional sector and concentration tests The process diagram is available on the CIFSC website cifsc org along with the accompanying revised text based definitions Additional categories were developed to take recent fund trends into account One of these new categories Canadian Focus Equity groups funds that are increasing their foreign content but that still hold more than half their assets in Canadian equities with the balance outside of Canada and the U S CIFSC s mandate is a balance categorizing funds consistently and objectively based on their mandates and historical holdings being mindful of developing trends said Hensel After the elimination of the foreign content restrictions last summer a significant number of funds have not so far substantially increased their foreign content Those that have or wish to now have a category that respects that they are still primarily Canadian funds Hensel said the volunteer organization made up of competing yet collaborative organizations is committed to the goal of a single unbiased and standardized classification system for use across Canada CIFSC

    Original URL path: http://www.cifsc.org/cifsc-launches-new-fund-classifications/ (2016-02-16)
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  • CIFSC revises definition for Canadian Income Balanced | Canadian Investment Funds Standards Committee(CIFSC)
    capital gains on a monthly basis subject to a minimum frequency of 10 distributions over the past 12 month period CIFSC will drop the current requirement that these funds must have a three year median income distribution to net asset value ratio INAV greater than the median INAV for the Canadian balanced category When implemented by CIFSC compliant fund measurement firms next month the changes will result in the removal of all funds currently in the Canadian Income Balanced category that make only quarterly distributions Canadian Income Balanced the newest CIFSC category was created this year as of the May 31 reporting period CIFSC believes that the revisions approved at the CIFSC monthly meeting on Sept 22 will simplify the definition of the category and address concerns raised by the industry A number of fund managers commented that the original definition lacked transparency and inappropriately included funds that made quarterly distributions but that were not being managed as income oriented balanced funds The revised definition for Canadian Income Balanced will be as follows Based on median values calculated from observations of fund holdings data over a period of three years a minimum of 70 of the market value of the

    Original URL path: http://www.cifsc.org/cifsc-implements-fund-category-changes/ (2016-02-16)
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  • CIFSC revises definition for Canadian Income Balanced | Canadian Investment Funds Standards Committee(CIFSC)
    been eliminated The category changes have been agreed to by all firms that are represented on the committee The implementation date will be either the May 31 reporting period or a later date depending on production deadlines The new Canadian Income Balanced category consists of funds that meet the criteria for Canadian Balanced and in addition distribute income at least quarterly To qualify for this category funds must also distribute income at a proportionally higher rate than the median for the Canadian Balanced category The Canadian Short Term Bond category has been renamed Canadian Short Term Bond and Mortgage This reflects the elimination of the Canadian Mortgage category which has been consolidated with Canadian Short Term Bond and Mortgage Funds that were formerly in the Latin American Equity category have been moved to Emerging Markets Equity Stricter limits on equity exposure have been imposed on the four fixed income categories Canadian Bond Canadian Short Term Bond and Mortage Foreign Bond and High Yield Bond No more than 10 of assets of funds in these categories can be held in equities based on median holdings over three years In the Canadian Income Trust category a minimum 50 of the fund s

    Original URL path: http://www.cifsc.org/cifsc-revises-definition-for-canadian-income-balanced/ (2016-02-16)
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  • CIFSC approves category revisions | Canadian Investment Funds Standards Committee(CIFSC)
    new category Canadian Income Balanced To qualify for this category funds must first meet the existing holding requirements of the Canadian Balanced category In addition Canadian Income Balanced funds must distribute income at least quarterly and must have a median income yield over a three year period that exceeds the median for the Canadian balanced category Two categories will be eliminated Canadian Mortgage will be merged into Canadian Short Term Bond which will be renamed Canadian Short Term Bond and Mortgage Also Latin American Equity will be merged into Emerging Markets Equity and continue under that name The income trust holdings threshold will be raised for the Canadian Income Trust category The new minimum for income trust holdings will be 50 of total assets based on median values over a three year period The current minimum is 40 Equity holdings of funds in the four bond categories will be limited to 10 of non cash assets Currently the equity limit is 30 for the Canadian Bond and Canadian Short Term Bond categories and 25 for the Foreign Bond and High Yield Bond categories Funds in the Asia ex Japan category will be required to invest at a minimum in three countries in the Asia ex Japan region There is currently no such requirement Also funds in the Asia ex Japan category will be allowed to maintain up to 5 exposure in Japanese stocks Currently there is no provision for Japanese holdings In the Global Balanced and Asset Allocation category minor amendments have been made to confirm the current CIFSC practice of allowing foreign exposure to be achieved either through direct holdings of foreign securities or through the use of derivatives Fund category definitions are always a work in progress for our committee said CIFSC chair Rudy Luukko In the months

    Original URL path: http://www.cifsc.org/cifsc-approves-category-revisions/ (2016-02-16)
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  • CONTACT INFO SUBMISSION | Canadian Investment Funds Standards Committee(CIFSC)
    HISTORICAL CATEGORY DOCUMENTS SHARE CLASSES DEFINITIONS REQUEST A REVIEW SHARE CLASSES RECLASSIFICATION RESULTS SHARE CLASSES NEWS ALERTS ABOUT ABOUT POLICIES AND PROCEDURES MEMBERSHIP FUND COMPANY CONTACTS CONTACT CONTACT CONTACT INFO SUBMISSION Home ABOUT FUND COMPANY CONTACTS CONTACT INFO SUBMISSION Fund Company Contact Name Job Title Contact Phone Contact Fax Email Comments Email This field is for validation purposes and should be left unchanged MUTUAL FUND CATEGORIES THRESHOLDS HISTORICAL CATEGORY DOCUMENTS

    Original URL path: http://www.cifsc.org/about/fund-company-contacts/fund-company-contact-form/ (2016-02-16)
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  • CONTACT | Canadian Investment Funds Standards Committee(CIFSC)
    ALERTS ABOUT ABOUT POLICIES AND PROCEDURES MEMBERSHIP FUND COMPANY CONTACTS CONTACT CONTACT CONTACT Home CONTACT Feedback We invite your input Please tell us what you think about CIFSC initiatives and any suggestions that you might have If you provide us with your contact information we will respond to you directly Name Title Company Phone Email Category Fund Category Suggestions Website General Comments CIFSC Company Contact Comments Comments This field is

    Original URL path: http://www.cifsc.org/contact/#gf_2 (2016-02-16)
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