TORONTO, June 1, 2012 /CNW/ - Mackenzie Financial Corporation (Mackenzie Investments) announced today it has accelerated the target end date of its lineup of Destination+ Funds to August 17, 2012. On this date, Mackenzie Destination+ 2015 Fund, Mackenzie Destination+ 2017 Fund, Mackenzie Destination+ 2020 Fund and Mackenzie Destination+ 2025 Fund will merge into Mackenzie Sentinel Money Market Fund. Investors in the Destination+ Funds will receive written notice of the mergers at least 60 days before this date.
The Destination+ Funds have performed as intended, having protected investors' capital through some very turbulent markets. In accordance with their investment objectives, the Destination+ Funds rebalanced into low-yielding fixed-income securities after the market collapse in the fall of 2008. Now, the net asset value of each series of the Destination+ Funds is so close to its guaranteed maturity amount that there is very limited potential for future returns. Accordingly, Mackenzie believes it is in the best interests of investors to accelerate the target end dates at this time.
No action is needed from investors in the Destination+ Funds at this time. After the close of business on August 17, 2012, the Destination+ Funds will be merged into Mackenzie Sentinel Money Market Fund.
Mackenzie Sentinel Money Market Fund pursues a steady flow of income with reasonable safety of capital and liquidity by investing mainly in money market securities, as well as Canadian government and corporate bonds with maturities of up to one year.
Investors will be able to remain in this money market fund or transfer to another Mackenzie mutual fund. They are encouraged to speak with their financial advisor to discuss their investment options.
Mackenzie Investments: Mackenzie Investments was founded in 1967, and is a leading investment management firm providing investment advisory and related services. With $63 billion in assets under management as at April 30, 2012, Mackenzie Investments distributes its investment services through multiple distribution channels to both retail and institutional investors. Mackenzie Investments is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada's premier financial services companies with over $122 billion in total assets under management as at April 30, 2012. For more information, visit www.mackenziefinancial.com.