Mackenzie Financial Services Inc., announced Wednesday that effective April 1, 2003 Mackenzie Yield Advantage Fund and its segregated version will be renamed Mackenzie Corporate Bond Fund and Mackenzie Corporate Bond Segregated Fund respectively.

Mackenzie says the new name offers investors a more accurate description of the fund’s investment in higher yield corporate bonds.

The newly named Mackenzie Corporate Bond Fund will retain its management team and original investment objective.

The fund provides investors with exposure to higher yielding corporate bonds. Typically, the majority of the portfolio is in higher yielding Canadian corporate bonds with an average credit quality rating between BB and BBB.

Chris Kresic, portfolio manager at Mackenzie, is the lead manager of the fund and has been an investment specialist in the income markets for fifteen years. Kresic works closely with co-manager, Dan Bastasic, also from Mackenzie, who assists Kresic in security selection and credit risk management.

Mackenzie also announced several administrative changes to its income funds.

As of March 1, Mackenzie reduced management fees by 0.15% on Mackenzie Yield Advantage Fund (to be renamed Mackenzie Corporate Bond Fund), Mackenzie Bond Fund and Mackenzie Managed Return Capital Class, series A and I. The management fee on A series has been discounted to 1.35% and the management fee for I series has been discounted to 0.80%. The management fee for the F series of Mackenzie Managed Return Capital Class also has been discounted from 1.00% to 0.75%.

Effective April 1, Mackenzie Corporate Bond Fund and several other Mackenzie funds outlined below, will undergo further administrative changes.

In an effort to simplify administration and eliminate one of Mackenzie’s three redemption schedules (a detailed breakdown of the yearly costs for investors who redeem a back-end load fund), the company has elected to align its current income fund redemption schedule with its equity fund redemption schedule.

Under the remaining revised schedule, Mackenzie Bond Fund, Mackenzie Managed Return Capital Class, Mackenzie Income Fund B, Mackenzie Universal World Income RRSP Fund, Mackenzie Universal World Tactical Bond Fund and the Mackenzie Corporate Bond Fund will charge a 5.5% redemption fee (instead of the current 4.4%) to new investors who redeem any of these funds within the first year of their investment. As before, these fees decrease incrementally over a seven-year period, ending at 1.5% in the investment’s seventh year.

Mackenzie says the redemption schedule change will only affect investments made on or after April 1, 2003. Investors will still be able to redeem 10% of their investment in each calendar year without a redemption charge.

In keeping with industry commission levels, Mackenzie will increase its sales commissions by 1% on the above named fixed income funds. Commissions of between 0% to 5% may be charged on front-end funds while back-end funds have increased from 4% to 5%.

Trailing commissions on back-end versions of Mackenzie Money Market Fund and Mackenzie Managed Yield Capital Class funds will be reduced from 0.25% to 0.15%.