Acuity Funds Ltd. will seek the approval of unitholders of to broaden the fundamental investment objectives of two funds, the company said Monday.

Acuity proposes expanding and diversifying the permitted investments of Acuity Income Trust Fund to permit the fund to invest in other income producing securities such as dividend-paying equity securities, and other types of equity and/or debt securities including high yield, corporate, convertible and government bonds. In connection with this change, the fund’s name will be changed to Acuity Diversified Income Fund.

As well, the firm proposes to allow Acuity Growth & Income Fund to invest in corporate debt.

Unitholders will vote on the proposals at metting scheduled to be held August 12. If approved, the changes are expected to take effect effective by the end of August.

Toronto-based Acuity, together with Acuity Investment Management Inc., manages approximately $6.6 billion in assets on behalf of mutual funds, pooled funds, closed-end funds, pension funds, foundations, and private clients.

IE