Merrill Lynch Investment Managers Canada has proposed changes to the investment objectives of its Internet and Canadian Income Trust funds, the company announced today.

The company has proposed to expand the mandate of its Internet Strategies Fund to include a broader range of technology stocks. The proposal is a response to the downsizing of the Internet sector over the last year, according to the company. If the proposal is approved by shareholders, the fund will be renamed the Merrill Lynch Global Technology Fund. The Internet fund is down over 55% already this year, according to Morningstar.

The company has also proposed to expand the mandate of its Canadian Income Trust Fund to allow its portfolio managers to invest a portion of the portfolio in non-Trust securities. The company wants to provide the portfolio mangers additional flexibility and liquidity to respond to volatility in income trust valuations, according to the company.

The portfolio managers of both funds will remain the same. Shareholders will vote on the proposed changes Oct. 25. If approved, they will go into effect on Oct. 30.

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