Unitholders of several closed end funds managed by Middlefield Group voted to approve changes to the investment mandates of the funds, the company said Wednesday.

Special meetings of unitholders of COMPASS Income Fund, INDEXPLUS Income Fund, MINT Income Fund and YIELDPLUS Income fund were held Wednesday.

Unitholders voted to approve special resolutions authorizing the board of directors of the manager of the funds to broaden their investment mandates to invest in high income producing securities other than income trusts.

Also Wednesday, unitholders of STARS Income Fund voted in favour of a special resolution authorizing the merger of MINT Income Fund and STARS, with MINT being the continuing fund.

The merger is expected to take place on September 25.

Middlefield says the merger is intended to provide unitholders of the merged fund the benefits of a larger market capitalization, potential increased trading liquidity and a lower expense ratio.

The merger will be effected by a tax-deferred “rollover” using an exchange ratio based on the relative net asset values of MINT and STARS at the time of the merger.

MINT currently pays out a monthly distribution at an annualized rate of 84¢ a unit. Middlefield expects that the continuing merged fund will also pay distributions at this level.

IE