Mackenzie Financial Corp. received investor approval to change the mandate of Mackenzie Maxxum Pension Fund at a special meeting held earlier today.

As a result of this approval, Mackenzie will rename the Fund Mackenzie Maxxum Monthly Income Fund effective on August 8. Mackenzie says the changes will provide the portfolio manager with greater flexibility in the types of investments that may be selected for the portfolio.

Mackenzie Maxxum Monthly Income Fund will be the most conservative fund of the Maxxum family. The fund will aim to provide a steady stream of tax-efficient monthly income starting late August when the first distribution is paid. This distribution will be approximately 5% annually, with the exception of Series T units which will maintain an 8% distribution rate.

The rate of distribution will be reset at the end of every calendar year.

The fund will invest in a diversified portfolio primarily comprised of dividend paying shares, income trusts, and government and corporate bonds.

Maxxum portfolio manager Joe Mastrolonardo, supported by members of the six-person Maxxum team, will continue to spearhead the fund using the team’s five-step value-oriented investment approach.

Mackenzie Maxxum Pension Segregated Fund will also be renamed Mackenzie Maxxum Monthly Income Segregated Fund.