Mackenzie Financial Corp. is proposing to change the investment objectives of Mackenzie Sentinel Income Trust Fund to turn it into a high income balanced fund, the company said Monday.

A special meeting unitholders to vote on the proposal change will be held on October 26 at Mackenzie’s offices in Toronto.

If approved, the changes will be effective on October 30, and the fund will be renamed Mackenzie Sentinel Registered High Income Balanced Fund.

If the change to investment objectives is approved by investors, Mackenzie Sentinel Registered High Income Balanced Fund will be a strategic balanced fund that may invest in fixed income and/or income-oriented equity securities.

Lead manager Dan Bastasic will be free to modify the asset allocation according to changing market and economic conditions to take advantage of investment opportunities throughout the business cycle, Mackenzie says.

Bastasic will actively seek income by investing across a broad range of yield-oriented asset classes, including dividend paying equities, income trusts, corporate bonds, convertible bonds and government bonds.

Bastasic is lead manager of Mackenzie Sentinel Corporate Bond Fund. He is also lead manager of Mackenzie Sentinel North American Corporate Bond Class and Mackenzie Sentinel Registered North American Corporate Bond Fund introduced earlier this year, and co-manager of Mackenzie Sentinel Diversified Income Fund and Mackenzie Universal Global Infrastructure Fund.

IE