Mackenzie pares down fund lineup

Mackenzie Financial has announced a handful of fund mergers and terminations, expected to be effective on or about June 15, 2012. Under the reorganization plan:

• The Mackenzie Saxon U.S. Equity Fund will be merged into Mackenzie Universal American Growth Class (Unhedged Class);
• Mackenzie Ivy American Class will be merged into Mackenzie Universal U.S. Blue Chip Class;
• Mackenzie Universal Canadian Value Class will be merged into Mackenzie Cundill Canadian Security Class.

These mergers have received approval from the Independent Review Committee (IRC) of the Mackenzie Funds and investors in the funds will be provided 60 days’ notice.

The company has also proposed the merger of the Mackenzie Saxon Explorer Class into Mackenzie Universal North American Growth Class, conditional upon investor and regulatory approval. Full details of this proposal will be outlined in a management information circular and proxy to be mailed to investors of record in May.

A special meeting of investors to consider and vote on the proposed merger is scheduled for June 12, 2012 at Mackenzie’s office in Toronto.

The company also plans to terminate the Mackenzie Universal Africa & Middle East Class, Mackenzie Universal Sustainable Opportunities Class and Mackenzie Sentinel U.S. Managed Yield Class. All three are closed to new purchases, effective immediately.

Each fund’s shares will be redeemed and its investors will receive units of Mackenzie Sentinel Money Market Fund as proceeds of redemption.

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