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Mackenzie Investments is closing Mackenzie Financial Capital Corp. (Capitalcorp), the company said in a release on Thursday.

The closure will affect the company’s 34 corporate class funds, which will be merged with their corresponding trust fund equivalents on a tax-deferred basis.

The mergers will take place on or about July 30, 2021.

In the release, Mackenzie said the decision “is in the best interest of investors since Capitalcorp is in a taxable position.”

The fund company further said that “changes to tax legislation and evolving market trends have eliminated many of the benefits that were previously available to corporate class funds.”

The full list of the affected funds can be found in the release.

Mackenzie also announced the planned merger of the Mackenzie Global Small-Mid Cap Equity Fund into the Mackenzie Global Small-Mid Cap Fund.

The merger will take place no later than Sept. 30, 2021.