The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Mackenzie Investments announces details of the conversion of The Canadian Shield Fund to an open-end mutual fund

Thursday, April 21, 2011

Mackenzie Investments announces details of the conversion of The Canadian Shield Fund to an open-end mutual fund15:00 EDT Thursday, April 21, 2011TORONTO, April 21 /CNW/ - Mackenzie Financial Corporation (Mackenzie Investments) is pleased to announce details of the conversion of The Canadian Shield Fund (TSX:MSP.UN) from a closed-end investment fund to an open-end mutual fund.On or about July 8, 2011 (the Conversion Date), subject to obtaining necessary approvals:the name of the fund will change to Mackenzie Universal Canadian Shield Fund;the units of the fund will be delisted from the Toronto Stock Exchange;the units will become redeemable on a daily basis at their net asset value per unit;holders of the units will be able to switch their units into units of other mutual funds offered by Mackenzie Investments; andthe units will be re-designated as Series B Units, and will not be available for purchase following the Conversion date.The fund intends to offer a new series of units, designated as Series A Units, for sale. A preliminary simplified prospectus relating to the Series A units has been filed with certain Canadian securities commissions or similar authorities. Prospective investors cannot buy Series A Units of the fund until the relevant securities commissions or similar authorities issue receipts for the simplified prospectus of the fund.Prior to the Conversion Date, units may be surrendered for redemption during a specified interval.  Pursuant to an amendment to the fund's declaration of trust, this interval, which commences on May 15, 2011, will now end on May 27, 2011.  Units surrendered for redemption during this interval will be redeemed on May 31, 2011.Mackenzie Investments: Mackenzie Investments was founded in 1967 and is a leading investment management firm providing investment advisory and related services. With $70.7 billion in assets under management as of March 31, 2011, Mackenzie Investments distributes its services through a diversified network of third-party financial advisors. 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 $134 billion in total assets under management as of March 31, 2011.To learn more, please contact your financial advisor or visit www.mackenziefinancial.com/msp.For further information: Trish Tervit Environics Communications Inc. 416-969-2809 ttervit@environicspr.com