Mavrix Fund Management Inc. has received approval to merge the Mavrix American Growth Fund with the Mavrix Enterprise Fund.

The merger was approved at a special meeting of the Mavrix American Growth Fund’s unitholders held in Toronto on June 23, 2006 as adjourned to and reconvened on June 30, 2006.

“This merger combines two funds that had similar mandates and the same portfolio manager,” said David Balsdon, VP of operations and secretary – treasurer.

“The merger increases our portfolio management efficiency to the benefit of the unitholders while maintaining the continuity of our niche mutual fund line-up,” he says.

Meanwhile, Mavrix is reporting
reported assets under management and sales for the month ending June 30, 2006. The total decreased by 3.82% in June to $788.8 millio, due to market performance, says Mavrix. However, compared to June 30, 2005, that number has increased 4.78%.

Mavrix reported net sales of the company’s mutual funds for the month ending June 30, 2006 of $0.6 million on gross sales of $15.0 million.