Mackenzie Financial Corp. Wednesday proposed changes to several of its funds, including merging and splitting funds.
Mackenzie proposes to merge Mackenzie Universal U.S. Dividend Income Fund and Mackenzie Universal U.S. Growth Leaders Class into Mackenzie Universal U.S. Blue Chip Class. These mergers are conditional upon regulatory and investor approval.
A special meeting of investors to consider and vote on the proposed mergers is scheduled for August 27, at Mackenzie’s office in Toronto. If approved, the mergers are expected to be effective on or about September 14.
Mackenzie also proposes to make changes to two other funds. In respect of Mackenzie Ivy Foreign Equity Class, which offers both an Unhedged Class and a Hedged Class, Mackenzie proposes to reorganize the fund by splitting it into two funds, so that the Unhedged Class will continue as Mackenzie Ivy Foreign Equity Class while the Hedged Class will continue as Mackenzie Ivy Foreign Equity Currency Neutral Class.
Similarly, Mackenzie proposes to split Mackenzie Universal American Growth Class, which also offers both an Unhedged Class and a Hedged Class, into two funds, so that the Unhedged Class will continue as Mackenzie Universal American Growth Class while the Hedged Class will continue as Mackenzie Universal American Growth Currency Neutral Class. These changes are conditional upon regulatory and investor approval.
Mackenzie says splitting the Unhedged Class and the Hedged Class into two separate funds will create a more efficient structure for the administration of currency hedging for the Hedged Class. Beyond the name change, there will be no other impact on investors of these funds.
A special meeting of investors to consider and vote on all the proposed changes is scheduled for August 27, at Mackenzie’s office in Toronto. If approved, approved, the fund mergers are expected to be effective on or about September 14, and the other
changes are expected to be effective at the beginning of October.