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December 21st, 2018

NAF Liquidation FAQ’s


The Unit Trust Corporation wishes to advise shareholders in the North American Fund, formerly known as the Chaconia Income and Growth Fund that the fund has been liquidated effective December 20th, 2018. Following are some FAQ’s

What is the process for redemption of my funds?
From December 21st redemptions for the balance in each customer’s account, less any applicable taxes, will be processed by US Bancorp and remitted to all customers at their address given on record. 

What are the applicable taxes on the fund?
By US law, the capital gains out of the NAF are subject to Withholding Tax of up to 30% for US nationals. Non-US nationals with a valid W-8 Ben form as at December 20 will be exempt from the tax, however, non-US nationals without a valid W-8 Ben form are subject to Withholding Tax of up to 30%.  

Can I claim for the Withholding Tax deducted from my redemption cheque?
Customers will not be able to claim for the Withholding Tax.

Will I receive my funds in US$?
Your redemptions will be done in US Dollars.

When will I receive my redemption cheque after liquidation?
US Bancorp will generate cheques on December 24th and mail to all customers.  Delivery time within the United States is 5-7 business days, international delivery could be a longer noting the holidays. 

Can I cash my cheque at the Investment Centres?
Customers will not be able to encash their cheques at the Investment Centres due to the shortage in US Dollars.

For further information, customers contact any of our Investment Centres at 625-8648 Option 1 to 4 or email at callcentre@ttutc.com