Mackenzie Financial Corp. announced the results of a special meeting held Monday of investors of several Putnam funds in which they considered and voted on proposed resolutions.
The funds include: Putnam Canadian Money Market Fund, Putnam Canadian Bond Fund, Putnam Canadian Balanced Fund, Putnam U.S. Voyager Fund, Putnam U.S. Value Fund, Putnam International Equity Fund, Keystone Sceptre Canadian Large Cap Fund, Keystone Sceptre Canadian Small Cap Fund and Mackenzie Putnam Global Equity Fund, to consider and vote on proposed resolutions.
Investors of Putnam Canadian Money Market Fund, Putnam Canadian Bond Fund, Putnam Canadian Balanced Fund, Putnam U.S. Voyager Fund, Putnam U.S. Value Fund and Putnam International Equity Fund approved a resolution to merge the funds into Mackenzie funds with similar mandates.
The Putnam Canadian Money Market Fund is being merged into the Mackenzie Sentinel Money Market Fund; the Putnam Canadian Bond Fund is being merged into the Mackenzie Sentinel Bond Fund; the Putnam Canadian Balanced Fund is being merged into the Mackenzie Maxxum Canadian Balanced Fund; the Putnam U.S. Voyager Fund, which is a distinct fund for Canadian investors and unrelated to Putnam’s U.S. funds, is being merged into Mackenzie Universal U.S. Growth Leaders (Unhedged) Class; the Putnam U.S. Value Fund is being merged into the Mackenzie Universal U.S. Blue Chip Class; and the Putnam International Equity Fund, which is a distinct fund for Canadian investors and unrelated to Putnam’s U.S. funds, is being merged into the Mackenzie Focus International Class
Concurrent with the merger of Putnam International Equity Fund into Mackenzie Focus International Class, Mackenzie intends to appoint Putnam Investments as one of four subadvisors to Mackenzie Focus International Class.
Investors in Keystone Sceptre Canadian Large Cap Fund (formerly Putnam Canadian Equity Fund), Keystone Sceptre Canadian Small Cap Fund (formerly Putnam Canadian Equity Growth Fund) and Mackenzie Putnam Global Equity Fund (formerly Putnam Global Equity Fund) approved a resolution to change the funds’ method for calculating operating expenses such that the funds will adopt a fixed-rate administration fee structure utilized by the Mackenzie family of mutual funds. In addition, Deloitte & Touche LLP will be appointed as the auditors of the three newly named funds.
All of the aforementioned changes are expected to be effective on or about Sept. 26.
Mackenzie merges Putnam funds into Mackenzie funds
A resolution was also approved in which a fund’s method for calculation operating expenses is being changed
- By: IE Staff
- September 22, 2008 September 22, 2008
- 16:04