Mackenzie Financial Corp. today announced that unitholder approval has been received for the proposed change in investment objective for Mackenzie Universal American Growth Fund. The fund was known prior to July 31, 2002, as the Scudder US Growth and Income Fund.

In addition, concurrent with the approval of this change, investors also approved the merger of the fund with Mackenzie Universal American Growth Capital Class, a new Mackenzie-sponsored fund to be launched in October 2002. Both of these changes were originally announced on July 12, 2002. Bluewater Investment Management Inc. has been appointed advisor to the portfolio.

Mackenzie established a strategic partnership with Bluewater in 1994, and since then the firm has established a reputation for its company-focused approach to growth investing. Led by its principals Dina DeGeer, Dennis Starritt and Phil Taller, Bluewater also manages Mackenzie Universal Canadian Growth Fund and Mackenzie Universal Canadian Balanced Fund, and is co-manager on Mackenzie Universal Select Managers Canada Fund.