Toronto-based Russell Investments Canada Ltd. announced on Friday that it's proposing a change to the investment objective of Russell Investments Fixed Income Class.
The firm is proposing that the fund's new objective read as follows: "The investment objective is to achieve a high level of current income while protecting capital. The fund invests in, or obtains exposure to, principally fixed income securities of Canadian issuers. Exposure may be direct or indirect from any combination of holding such fixed income securities, investments in other mutual funds and derivatives."
The proposed change comes in anticipation of the fund's forward contract, which expires on April 13. If securityholders approve the change, the fund will invest directly in Russell Investments Canadian Fixed Income Fund and will no longer have forward agreement risk once the new investment objective is implemented.
A meeting of the fund's securityholders will held on or about April 11 for the purpose of approving the change and, if approved, the new investment objective will take effect on April 14.