Mackenzie Investments announces changes to certain Putnam Funds

    TORONTO, June 25 /CNW/ - Mackenzie Investments (Mackenzie) today
announced that it plans to merge six Putnam Funds into Mackenzie Funds with
similar mandates, effective September 26, 2008 as follows:

    Existing Putnam fund             Target Mackenzie fund
    Putnam Canadian Money Market     Mackenzie Sentinel Money Market
     Fund                             Fund
    Putnam Canadian Bond Fund        Mackenzie Sentinel Bond Fund
    Putnam Canadian Balanced Fund    Mackenzie Maxxum Canadian Balanced Fund
    Putnam U.S. Voyager Fund         Mackenzie Universal U.S. Growth Leaders
                                      (Unhedged) Class
    Putnam U.S. Value Fund           Mackenzie Universal U.S. Blue Chip
    Putnam International Equity      Mackenzie Focus International Class

    Special meetings of unitholders of the Putnam Funds are scheduled for
September 19, 2008, at which time unitholders will be asked to consider and
approve a merger of each Putnam fund listed above into the corresponding
target Mackenzie Fund. An information circular containing details of the
mergers will be mailed to investors this summer.
    The mergers will benefit investors of the Putnam funds in several ways,

    -   Putnam U.S. Voyager, Putnam U.S. Value and Putnam International
        Equity Fund will be merged into Mackenzie's Capital Class, a tax-
        efficient structure that allows investors to exchange on a tax-
        deferred basis between more than 40 funds, including Mackenzie's
        Symmetry Portfolio Service. Investors in these three funds will be
        provided the opportunity to defer any realized taxable gains
        resulting from the merger by filing an election under section 85 (1)
        of the Income Tax Act. Such filings will be facilitated by Mackenzie.

    -   The mergers of Putnam Canadian Money Market, Putnam Canadian Bond and
        Putnam Canadian Balanced Fund will be offered to investors on a tax-
        deferred basis.

    -   Mackenzie funds have fixed rate administration fees that provide
        investors with greater expense ratio predictability and transparency.

    -   All Putnam investors will benefit from the ability to fully exchange
        their holdings on Mackenzie's product shelf, which offers more than
        100 investment options, across its sub-brands, asset allocation
        products, and other products and services.

    Concurrent with the proposed merger of Putnam International Fund into
Mackenzie Focus International Class, Mackenzie intends to appoint Putnam
Investments as one of four sub-advisors to Focus International Class. Putnam's
London-based International investment team, headed by Josh Byrne and Simon
(Sam) Davis, will assume direction for approximately one-quarter of the Focus
International portfolio. The Putnam team will continue to employ its
investment approach, which blends both fundamental and quantitative analysis
and combines both value and growth characteristics, to select a portfolio of
approximately ten securities for its portion of the fund. The Putnam team will
complement the other three managers on the fund including Mackenzie's Cundill
and Ivy teams, as well as London-based sub-advisor Henderson Global Investors.
Putnam will replace JPMorgan Asset Management.
    Putnam Canadian Equity Fund and Putnam Canadian Equity Growth Fund,
sub-advised by Sceptre Investment Counsel in Toronto, and Putnam Global Equity
Fund, sub-advised by Putnam Investments in Boston, will continue to be offered
to investors by Mackenzie through independent financial advisors. Effective
July 28, 2008, the names of these funds will be changed and the funds will be
fully exchangeable with all other funds on Mackenzie's platform. The name
changes are as follows:

    Existing Putnam fund             New fund name
    Putnam Canadian Equity Fund      Keystone Sceptre Canadian Large Cap Fund
    Putnam Canadian Equity Growth    Keystone Sceptre Canadian Small Cap Fund
    Putnam Global Equity Fund        Mackenzie Putnam Global Equity Fund

    Special meetings of unitholders of the Putnam Funds will be held on
September 19, 2008 (concurrent with the meetings concerning the proposed
mergers) to consider and approve a change to the funds' method for calculating
operating expenses, such that the funds will adopt a fixed rate administration
fee structure utilized by the Mackenzie family of mutual funds.
    Deloitte & Touche LLP will also be appointed as the auditors of all the
newly named funds listed above.
    Mackenzie acquired the Putnam funds after they became affiliates in 2007
when Great-West Lifeco Inc. acquired Putnam Investments. Great-West Lifeco
Inc. is a member of the Power Financial Corporation group of companies.
Mackenzie, a wholly owned subsidiary of IGM Financial Inc., is also a member
of the Power Financial Corporation group of companies.

    Mackenzie Investments: Mackenzie Investments was founded in 1967, and is
a leading investment management firm providing investment advisory and related
services. With $63.4 billion in assets under management as of May 31, 2008,
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 $124 billion in total
assets under management as of May 31, 2008.

For further information:

For further information: Greg Vallentin, Environics Communications Inc.,
(416) 969-2728,

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