Mackenzie Investments will be holding a special meeting of investors for Mackenzie Universal Future Fund and Mackenzie Universal Future Capital Class on Nov. 6 to consider a merger of Universal Future Fund into Universal Future Capital Class, and to consider a change of investment objective for the continuing fund.

Under their current investment objectives, the funds invest mainly in Canadian equity securities, with approximately 50% of the portfolio invested in companies which are knowledge and service intensive, or which utilize new technologies.

Investors in the Mackenzie Universal Future Capital Class will be asked to consider a change in the fund’s investment objectives, such that at least 85% of its invested assets will be in equity securities of companies in various sectors located in North America. The proposed change would broaden the fund’s investment universe by removing both the fund’s requirement to have a Canadian bias and its requirement to have a technology bias.

Investors in both funds will be asked to consider the merger of Mackenzie Universal Future fund into Mackenzie Universal Future Fund Capital Class, subject to approval by Mackenzie’s Independent Review Committee. Upon approval, the newly merged fund will be renamed Mackenzie Universal North American Growth Class.

The proposed changes not only capitalize on last year’s elimination of the foreign content limit, but will also give the fund’s experienced management team more flexibility in terms of sectors, effectively offering investors greater diversification. Merging the Funds into the tax-efficient Capital Class structure will also allow investors to transfer between funds in the Capital Class family without triggering immediate tax consequences.

Ian Ainsworth will continue as the lead manager on the fund, leveraging his extensive experience in identifying solid growth opportunities and investing in leading-edge companies. Ainsworth’s experience includes a long history of investment in the technology field, and it is anticipated that investors in the new Universal North American Growth Class will continue to benefit from his experience in this rapid-growth sector.

Under the proposed new objectives, the fund will have greater flexibility to over- and under-weight the technology sector based on the portfolio manager’s outlook, and it will have a larger universe of companies from which to choose.

Full details of the proposed change of investment objectives will be included in an information circular to be mailed to investors of record.