Mackenzie Investments announced that unitholders have approved the merger of Mackenzie Sentinel High Income Fund into Mackenzie Sentinel Diversified Income Fund. The change is effective November 24.

Unitholders of the High Income Fund Series A will be merged into Diversified Income Fund Series B, in order to maintain their existing lower fee structure. Following the merger, the Series B units will be capped to new investments, including pre-authorized chequing plans.

The investment objective of the High Income Fund was to invest primarily in Canadian income trusts and higher yielding corporate bonds. Launched in October 2006, the Diversified Income Fund has a broader, income-focused investment mandate. It seeks to provide investors with regular cash flow and growth of capital over the longer-term by investing primarily in other mutual funds that invest in Canadian and foreign equity, and fixed income securities and/or income trusts.

The distribution rate paid by Diversified Income Fund is expected to be approximately 5% on an annual basis. Management fees will remain at 1.85%.