Unitholders have approved changes to the investment objectives of four mutual funds managed by Toronto-based SEI Investments Canada Co., the company has announced.
The changes to Balanced 60/40 Fund, Growth 100 Fund, Income 40/60 Fund and Growth 80/20 Fund were approved at separate special unitholder meetings held Wednesday.
As detailed in the joint management information circular of the funds dated July 10, the adjustments to the investment objectives of each fund will more accurately describe how each fund is managed and will provide clarity to the unitholders of such fund, SEI Canada says in a news release.
SEI Canada has determined that the risk rating of each fund will not change as a result of the changes to the investment objectives. SEI Canada expects that the changes will be implemented on or about Aug, 31.
The investment objectives of each fund will be as follows:
> Balanced 60/40 Fund
The fundamental investment objective of the fund is to achieve long-term growth of capital and income through investment in a diversified portfolio of Canadian equity securities, Canadian fixed income securities, foreign equity securities, and foreign fixed income securities.
> Growth 100 Fund
The fundamental investment objective of the fund is to achieve long-term growth of capital and income through investment in a diversified portfolio of Canadian equity securities and foreign equity securities.
> Income 40/60 Fund
The fundamental investment objective of the fund is to achieve long-term growth of capital and income through investment in a diversified portfolio of Canadian equity securities, Canadian fixed income securities, foreign equity securities and foreign fixed income securities.
> Growth 80/20 Fund
The fundamental investment objective of the fund is to achieve long-term growth of capital and income through investment in a diversified portfolio of Canadian equity securities, Canadian fixed income securities and foreign equity securities and foreign fixed income securities.
The funds seek to accomplish their objectives by investing assets in underlying funds.