(September 1 – 11:20 ET) – Mackenzie Financial Corporation intends to merge the some of its mutual funds. The Industrial American Fund will be merged into its Universal U.S. Blue Chip Fund. Its Industrial Mortgage Securities Fund into the Industrial Yield Advantage Fund and renamed Mackenzie Yield Advantage Fund.
Mackenzie will seek the approval of unitholders of Industrial American Fund, Industrial Mortgage Securities Fund and Industrial Yield Advantage Fund at special meetings to be held on October 17, 2000 in Toronto, Ontario. Subject to regulatory and unitholder approval, the mergers will take effect on or about November 6, 2000.
If the Mergers are approved, on the merger date unitholders of Industrial American Fund will automatically become unitholders of Universal U.S. Blue Chip Fund, and unitholders of Industrial Mortgage Securities Fund will automatically become unitholders of Mackenzie Yield Advantage Fund. Mackenzie intends to wind up Industrial American Fund and Industrial Mortgage Securities Fund as soon as reasonably possible following the mergers.
-IE Staff