Mackenzie Financial Corp. says investors approved changes to the investment objectives of three of its mutual funds at special meetings held Friday.
The changes to Symmetry Equity Class, Symmetry Fixed Income Class and Symmetry Registered Fixed Income Fund will allow the three funds to invest primarily in securities of other mutual funds.
The changes will be effective upon the renewal of the simplified prospectus for the Mackenzie Funds, which is expected to occur in early October.
Also Friday, Mackenzie announced that regular monthly distributions will be discontinued on all currently offered series of Mackenzie Maxxum Dividend Growth Fund, effective January 1.
Investors who wish to receive regular monthly distributions from this fund will have the option to switch into Series T5 securities, which have been created for this purpose. Cash distributions on the existing series of this fund will be discontinued after the December 2012 payment.
Also effective January 1, all series of Mackenzie Sentinel Income Fund will pay a monthly distribution at an annualized rate of 5% of the net asset value as at the end of the preceding year. When these changes become effective, Series T5 securities of Mackenzie Maxxum Dividend Growth Fund and all series of Mackenzie Sentinel Income Fund will be eligible for Mackenzie's Flexible Payout Service, which allows investors to customize cash payouts to suit their individual needs.