Mackenzie Investments, manager of the Mackenzie funds, announces proposal to lower expenses and increase fee transparency for mutual fund investors



    TORONTO, June 11 /CNW/ - Mackenzie Financial Corporation (Mackenzie
Investments), manager of the Mackenzie funds, announced a proposal to change
its method of charging operating expenses to each of the Mackenzie funds,
resulting in lower or in some cases neutral expenses for investors and greater
fee predictability and increased transparency once implemented. See Appendix A
to this release for a list of funds and series (Affected funds) that are
covered and excluded under this proposal.
    Beginning August 1, 2007, assuming the proposal is approved by fund
investors, Mackenzie Investments will bear all of the operating expenses of
the Mackenzie funds other than GST and certain specified fund costs(1) in
return for fixed rate administration fee established for each fund.
    Each affected fund's management expense ratio will consist of the fund
management fee, the proposed fixed rate administration fee, GST and other fund
costs, expressed as a percentage of the affected fund's average net assets for
the year.
    The fixed administration fee will replace the current method under which
expenses are charged or allocated to those Mackenzie funds and series affected
by this proposal.
    Under the proposal, the fixed rate administration fee will range from
0.14% to 0.31% of the respective funds assets under management, depending on
the fund and its investment objectives. The fee will be 0.14% to 0.20% for
money market and fixed income funds, 0.21% to 0.24% for balanced and domestic
equity funds, and 0.24% to 0.31% for U.S., global and specialty equity funds.
    Detailed information about the impact of the fixed rate administration
fee by fund can be found at www.mackenziefinancial.com/mer.
    Mackenzie Investments referred the proposal to the Mackenzie Funds'
Independent Review Committee and to its Board of Directors. On Friday, The
Independent Review Committee made a recommendation to the Board of Directors
of Mackenzie Investments that, in its view, the result of the proposal is fair
and reasonable to all Funds and their investors. The Board of Directors
subsequently approved the proposal to be mailed to fund investors.
    Investors of the Mackenzie funds will receive an information circular
with full details of the proposal and a proxy in early July as required by
securities regulators. A special meeting of fund investors will be held on
August 7, 2007 to vote on the proposal. If the proposal is approved, the fixed
administration fee will become effective on August 1, 2007.

    Mackenzie Investments: Mackenzie Investments was founded in 1967, and is
a leading investment management firm providing investment advisory and related
services. With $65.0 billion in assets under management, 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 $126 billion in total assets under
management.

    Commissions, trailing commissions, management fees and expenses all may
be associated with mutual fund investments. Please read the prospectus before
investing. Mutual funds are not guaranteed, their values change frequently and
past performance may not be repeated.

    ---------------------------------------
    (1) Other fund costs include other taxes, borrowing costs, fees and
    expenses of the Mackenzie Funds' Independent Review Committee and any new
    regulatory charges


    
                         Appendix A "Affected Funds"

    Mackenzie Alternative               Mackenzie Sentinel Managed Return
     Strategies Fund (A, F)              Class (A, F)
    Mackenzie Balanced Fund             Mackenzie Sentinel Money Market
     (A, F, P, T)                        Fund (A, B)
    Mackenzie Cundill American          Mackenzie Sentinel Real Return
     Class (A, F)                        Bond Fund (A, F, G)
    Mackenzie Cundill Canadian          Mackenzie Sentinel Short-Term Income
     Balanced Fund (C, F, G, P, T)       Fund (A, F, G, M)
    Mackenzie Cundill Canadian          Mackenzie Sentinel U.S. Managed Yield
     Security Class (A, F)               Class (A, B, F)
    Mackenzie Cundill Canadian          Mackenzie Universal American Growth
     Security Fund (C, F, G, P, T)       Class (Hedged, A, F and Unhedged, A,
                                         F, M)
    Mackenzie Cundill Global Balanced   Mackenzie Universal Canadian Balanced
     Fund (C, F, G, P, T)                Fund (A, F, G, P, T)
    Mackenzie Cundill Recovery Fund     Mackenzie Universal Canadian Growth
     (C, F, G)                           Class (A, F)
    Mackenzie Cundill Value Class       Mackenzie Universal Canadian Growth
     (A, F)                              Fund (A, F, G)
    Mackenzie Cundill Value Fund        Mackenzie Universal Canadian Resource
     (C, F, G, P, T)                     Fund (A, F, G)
    Mackenzie Focus America Class       Mackenzie Universal Emerging Markets
     (A, F)                              Class (A, F, M)
    Mackenzie Focus Canada Class        Mackenzie Universal Emerging
     (A, F, M)                           Technologies Class (A, F)
    Mackenzie Focus Canada Fund         Mackenzie Universal European
     (A, B, C, F)                        Opportunities Class (A, F)
    Mackenzie Focus Class (A, F)        Mackenzie Universal European
                                         Opportunities Fund (A, F)
    Mackenzie Focus Far East Class      Mackenzie Universal Global Future
     (A, F, M)                           Class (A, F)
    Mackenzie Focus Fund (A, F)         Mackenzie Universal Global Future
                                         Fund (A, F)
    Mackenzie Focus International       Mackenzie Universal Growth Trends
     Class (A, F)                        Class (A, F, M)
    Mackenzie Focus Japan Class (A, F)  Mackenzie Universal Health Sciences
                                         Class (A, F)
    Mackenzie Founders Fund             Mackenzie Universal International
     (A, F, P, T)                        Stock Class (A, F)
    Mackenzie Growth Fund (A, F, G)     Mackenzie Universal International
                                         Stock Fund (A, F)
    Mackenzie Ivy Canadian Class        Mackenzie Universal North American
     (A, F)                              Growth Class (A, F, G)
    Mackenzie Ivy Canadian Fund         Mackenzie Universal Precious Metals
     (Hedged, A, F and Unhedged, A, F,   Fund (A, F)
      G, P, T)
    Mackenzie Ivy Enterprise Class      Mackenzie Universal Sustainable
     (A, F)                              Opportunities Class (A, F)
    Mackenzie Ivy Enterprise Fund       Mackenzie Universal U.S. Blue Chip
     (A, F, G, M)                        Class (A, F)
    Mackenzie Ivy European Class        Mackenzie Universal U.S. Dividend
     (A, F, M)                           Income Fund (Hedged, A, F and
                                         Unhedged, A, F)
    Mackenzie Ivy Foreign Equity        Mackenzie Universal U.S. Emerging
     Class (A, F)                        Growth Class (A, F)
    Mackenzie Ivy Foreign Equity        Mackenzie Universal U.S. Growth
     Fund (A, F, G, P, T)                Leaders Class (Hedged, A, F and
                                         Unhedged, A, F)
    Mackenzie Ivy Global Balanced       Mackenzie Universal U.S. Growth
     Fund (A, F, P, T)                   Leaders Fund (A, F)
    Mackenzie Ivy Growth and Income     Mackenzie Universal World Growth
     Fund (A, F, G, P, T)                RRSP Fund (A, F)
    Mackenzie Maxxum Canadian           Mackenzie Universal World Precious
     Balanced Fund (A, F, T)             Metals Class (A, F)
    Mackenzie Maxxum Canadian Equity    Mackenzie Universal World Real Estate
     Growth Class (A, F)                 Class (A, F)
    Mackenzie Maxxum Canadian Equity    Mackenzie Universal World Resource
     Growth Fund (A, F)                  Class (A, F)
    Mackenzie Maxxum Canadian Value     Mackenzie Universal World Science &
     Class (A, F)                        Technology Class (A, F)
    Mackenzie Maxxum Canadian Value     Symmetry Equity Class (A, F, W)
     Fund (A, F)
    Mackenzie Maxxum Dividend Class     Symmetry Managed Return Class
     (A, F)                              (A, F, W)
    Mackenzie Maxxum Dividend Fund      Symmetry Registered Fixed Income
     (A, F, G, P, T)                     Pool (A, F, W)
    Mackenzie Maxxum Dividend Growth    Keystone Balanced Growth Portfolio
     Fund (A, F, G)                      Fund (A, F, G, T)
    Mackenzie Maxxum Global Explorer    Keystone Balanced Portfolio Fund
     Class (A, F)                        (A, F, G, T)
    Mackenzie Maxxum Money Market Fund  Keystone Conservative Portfolio Fund
     (A)                                 (A, F, G, T)
    Mackenzie Maxxum Monthly Income     Keystone Diversified Income Portfolio
     Fund (A, F, P, T)                   Fund (A, F, G, T)
    Mackenzie Sentinel Bond Fund        Keystone Dynamic Power Small-Cap
     (A, F, G, M)                        Class (A)
    Mackenzie Sentinel Canadian         Keystone Growth Portfolio
     Managed Yield Class (A, F)          Fund (A, F, G)
    Mackenzie Sentinel Corporate Bond   Keystone Maximum Growth Portfolio
     Fund (A, F, G)                      Fund (A, F, G)
    Mackenzie Sentinel Diversified      Keystone Saxon Smaller Companies
     Income Fund (A, B, F, G)            Fund (F)
    Mackenzie Sentinel Global Bond      Keystone Templeton International
     Fund (A, F)                         Stock Class (A)
    Mackenzie Sentinel Income Fund      Quadrus Laketon Fixed Income Fund
     (A, B, C, F, G)                     (A)
    Mackenzie Sentinel Income Trust
     Fund (A, F)

             Quadrus Series and H Series of the following funds:

    Advanced Folio Fund                 Quadrus Templeton Canadian Equity
                                         Fund
    Aggressive Folio Fund               Quadrus Templeton International
                                         Equity Fund
    Balanced Folio Fund                 Quadrus Trimark Balanced Fund
    Conservative Folio Fund             Quadrus Trimark Global Equity Fund
    Moderate Folio Fund                 Quadrus US and International Equity
                                         Corporate Class
    GWLIM Canadian Growth Fund          Quadrus US and International
                                         Specialty Corporate Class
    GWLIM Corporate Bond Fund           Mackenzie Focus Canada Fund
                                         (including U Series)
    GWLIM North American Mid Cap Fund   Mackenzie Focus Far East Class
    LLIM Canadian Bond Fund             Mackenzie Ivy European Class
    LLIM Canadian Diversified Equity    Mackenzie Maxxum Canadian Balanced
     Fund                                Fund
    LLIM Income Plus Fund               Mackenzie Maxxum Canadian Equity
                                         Growth Fund
    Quadrus AIM Canadian Equity         Mackenzie Maxxum Dividend Fund
     Growth Fund
    Quadrus Canadian Equity Corporate   Mackenzie Maxxum Money Market
     Class                               Fund (including P Series)
    Quadrus Cash Management Corporate   Mackenzie Universal American Growth
     Class                               Class (Unhedged Class)
    Quadrus Fixed Income Corporate      Mackenzie Universal Canadian Resource
     Class                               Fund
    Quadrus Laketon Fixed Income Fund   Mackenzie Universal Emerging Markets
                                         Class
    Quadrus North American Specialty    Mackenzie Universal Global Future
     Corporate Class                     Fund
                                        Mackenzie Universal Precious Metals
                                         Fund
                                        Mackenzie Universal U.S. Growth
                                         Leaders Fund


    The following funds and or series are excluded from the proposal:
    -------------------------------------------------------------------------
    Name / Description                  Reason for exclusion
    -------------------------------------------------------------------------
    Mackenzie Cundill Canadian          Existing fixed rate administration
     Security Fund - Series A and B      fee arrangement
    -------------------------------------------------------------------------
    Mackenzie Cundill Emerging          New fund with fixed rate
     Markets Value Class - all Series    administration fee
    -------------------------------------------------------------------------
    Mackenzie Cundill International     New fund with fixed rate
     Class - all Series                  administration fee
    -------------------------------------------------------------------------
    Mackenzie Cundill Value Fund -      Existing fixed rate administration
     Series A and B                      fee arrangement
    -------------------------------------------------------------------------
    Mackenzie GPS Allocation Fund -     Due to short term nature of
     all Series                          investment, fixed rate
                                         administration fee will apply only
                                         to units purchased on or after
                                         August 1, 2007
    -------------------------------------------------------------------------
    Mackenzie Fixed Income Fund         Underlying fund only (to Symmetry
                                         Managed Return Class)
    -------------------------------------------------------------------------
    Quadrus Fixed Income Fund           Underlying fund only (to Quadrus
                                         Fixed Income Corporate Class)
    -------------------------------------------------------------------------
    Mackenzie Sentinel Cash             Mackenzie pays the operating
     Management Fund - Series A          expenses for this fund
    -------------------------------------------------------------------------
    Symmetry Allocation Pool -          Due to short term nature of
     all Series                          investment, fixed rate
                                         administration fee will apply only
                                         to units purchased on or after
                                         August 1, 2007
    -------------------------------------------------------------------------
    STAR/Keystone Models                Asset allocation programs that
                                         consist of Mackenzie Funds that are
                                         generally subject to this proposal
    -------------------------------------------------------------------------
    All Series I                        Institutional/High net worth series
                                         to be treated separately
    -------------------------------------------------------------------------
    All Series O                        Same as above
    -------------------------------------------------------------------------
    All Series R                        Same as above
    -------------------------------------------------------------------------
    All Series S                        Same as above
    -------------------------------------------------------------------------
    Keystone Partner Funds - Series A   Operating expenses included in
                                         management fee
    -------------------------------------------------------------------------
    





For further information:

For further information: Catharine Marion or Mike Langdon, Environics
Communications, cmarion@environicspr.com, mlangdon@environicspr.com, (416)
969-2809, (416) 969-2820


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