LRIFLRIFLIFLIFRRIFRRIF

150 Bloor Street West • Toronto • Ontario • M5S 3B5

ONE TRUSTED NAME

FOUR FUND FAMILIES

plus

Strategic Asset Allocation

The respected investment management of Mackenzie is available

through four mutual fund families offering an ideal range of proven

investments for building financial independence and preserving

wealth. The strategic asset allocation programs efficiently integrates

them all so you can diversify your savings in a sound, prudent manner.

RP5039 6/99

Registered Retirement Income Fund

Life Income Fund

Locked-in Retirement Income Fund

SWPSWPSystematic Withdrawal Plan

How to Provide Retirement Income

— and Gain Greater Control Over

Your Financial Future.

4220

PPROVIDING RETIREMENT INCOME FROMYOUR RRSP AND PENSION PLAN SAVINGS

1

OOVERVIEW

TT

Providing retirement income from yourRRSP and pension plan savings

• Registered Retirement Income Fund (RRIF)• Life Income Fund (LIF) and Locked-in Retirement

Income Fund (LRIF)• Why a RRIF, LIF and LRIF are so advantageous

Providing retirement income from your non-registered savings

• Systematic Withdrawal Plan (SWP)

Gaining greater control over your financial future• Your independent financial advisor• Mackenzie: Respected investment management

oday, accessing your savings to provide retirement income requires a

logical, comprehensive strategy. If you’re retired or just about to retire, we

believe this brochure will provide many of the answers you’ve been looking

for — so you can make the right decisions and gain greater control over

your financial future.

THE RRIFThe Registered Retirement Income Fund (RRIF) is the most popular option for

accessing RRSP savings to provide income during retirement. A RRIF offerscomplete income flexibility while allowing your savings to remain tax-shelteredand under your personal control.

A RRIF will:

Let you determine the amount of your with-drawals, so you can provide the income thatbest meets your needs,

Maximize the value of your retirement savingsby keeping them tax-sheltered until withdrawnas income,

Allow you to continue investing based on yourindividual needs, so you can soundly diversifyyour savings, and

Ensure that any remaining savings will go to your beneficiary or estate if youshould die before you withdraw all of your savings.

You may establish a RRIF any time before the end of the year in which you turn 69by transferring some or all of your savings directly from an RRSP, which can includefunds from a company pension plan (provided they are not “locked-in”) or a deferredprofit sharing plan.

No tax is payable as a result of transferring your RRSP or DPSP savings into a RRIF.

All interest, dividends and capital gains generated by the savings in your RRIFcontinue to accumulate tax-free. Only your withdrawals are taxable. The ability to keepthese savings tax-sheltered is a very valuable benefit because it maximizes the fundsavailable for you to withdraw as income during your retirement years.

You must withdraw at least the minimum amount applicable to your RRIF eachyear. For example, at age 65 the minimum is 4% of your RRIF’s value. At age 94 andover, the minimum is 20%. There is no maximum, however, so you can take out asmuch as you need.

CONTINUED TAX-SHELTERING AND FLEXIBLE INCOME:HOW A RRIF WORKS

A RRIF ALLOWS YOU TO

KEEP YOUR RRSP SAVINGS

TAX-SHELTERED WHILE YOU

MAKE WITHDRAWALS TO

PROVIDE INCOME DURING

YOUR RETIREMENT.

PPROVIDING RETIREMENT INCOME FROMYOUR RRSP AND PENSION PLAN SAVINGS

1

OOVERVIEW

TT

Providing retirement income from yourRRSP and pension plan savings

• Registered Retirement Income Fund (RRIF)• Life Income Fund (LIF) and Locked-in Retirement

Income Fund (LRIF)• Why a RRIF, LIF and LRIF are so advantageous

Providing retirement income from your non-registered savings

• Systematic Withdrawal Plan (SWP)

Gaining greater control over your financial future• Your independent financial advisor• Mackenzie: Respected investment management

oday, accessing your savings to provide retirement income requires a

logical, comprehensive strategy. If you’re retired or just about to retire, we

believe this brochure will provide many of the answers you’ve been looking

for — so you can make the right decisions and gain greater control over

your financial future.

THE RRIFThe Registered Retirement Income Fund (RRIF) is the most popular option for

accessing RRSP savings to provide income during retirement. A RRIF offerscomplete income flexibility while allowing your savings to remain tax-shelteredand under your personal control.

A RRIF will:

Let you determine the amount of your with-drawals, so you can provide the income thatbest meets your needs,

Maximize the value of your retirement savingsby keeping them tax-sheltered until withdrawnas income,

Allow you to continue investing based on yourindividual needs, so you can soundly diversifyyour savings, and

Ensure that any remaining savings will go to your beneficiary or estate if youshould die before you withdraw all of your savings.

You may establish a RRIF any time before the end of the year in which you turn 69by transferring some or all of your savings directly from an RRSP, which can includefunds from a company pension plan (provided they are not “locked-in”) or a deferredprofit sharing plan.

No tax is payable as a result of transferring your RRSP or DPSP savings into a RRIF.

All interest, dividends and capital gains generated by the savings in your RRIFcontinue to accumulate tax-free. Only your withdrawals are taxable. The ability to keepthese savings tax-sheltered is a very valuable benefit because it maximizes the fundsavailable for you to withdraw as income during your retirement years.

You must withdraw at least the minimum amount applicable to your RRIF eachyear. For example, at age 65 the minimum is 4% of your RRIF’s value. At age 94 andover, the minimum is 20%. There is no maximum, however, so you can take out asmuch as you need.

CONTINUED TAX-SHELTERING AND FLEXIBLE INCOME:HOW A RRIF WORKS

A RRIF ALLOWS YOU TO

KEEP YOUR RRSP SAVINGS

TAX-SHELTERED WHILE YOU

MAKE WITHDRAWALS TO

PROVIDE INCOME DURING

YOUR RETIREMENT.

Under current pension legislation, locked-in RRSPs, called Locked-in RetirementAccounts (LIRAs) in some provinces, and pension plan savings cannot be paid outto you in a lump-sum. Locked-in RRSPs and LIRAs contain vested pension benefitsthat were transferred in from a company pension plan upon termination of employ-ment (These are not to be confused with RRSPs which may have deposit typeinvestments such as GICs which may lock-in your savings for the term youselected). Until recently, these funds could only be used to purchase a life annuityupon retirement. Not only did this force retirees to give up control of their money, italso forced those who needed income immediately upon retirement to acceptwhatever annuity rates were available at the time. Happily, this situation is changingdue to the introduction of the Life Income Fund, a special type of RRIF now avai-lable in most provinces, and a Locked-in Retirement Income Fund currently avai-lable in only some provinces.

The Life Income Fund (LIF) and the Locked-in Retire-ment Income Fund (LRIF) were created specifically foraccessing locked-in RRSP, LIRA and pension plan savings toprovide retirement income. A LIF and LRIF can also be usedto delay the purchase of the life annuity in a low interestrate environment until rates improve. This will allow you tobegin making withdrawals immediately while keepingcontrol of your savings.

A LIF and LRIF provide the same valuable tax-shelteringas a RRIF. To satisfy provincial pension regulations, how-ever, additional rules regarding how income can be takenout apply:

In addition to the minimum annual withdrawal, a LIF and LRIF also havemaximum annual withdrawals. This ensures that for a LIF, funds will beavailable to purchase a life annuity by age 80, and for a LRIF, funds areavailable for life. For example, at age 65 the LIF maximum for 1997 is about7% of the accounts value. At age 79, the maximum is about 11%.

All assets in a LIF must be used to purchase a life annuity by the end of theyear in which you turn 80. This does not apply to the LRIF.

32

A RRIF gives you full control over your savings — from income flexibility toinvestment selection and estate planning. Much of that same control has also beenbuilt into the LIF and LRIF. The main advantages that make the RRIF and now theLIF and LRIF a better choice than a life annuity for many retirees are summarizedin the following table.

WHY A RRIF, LIF AND LRIF ARE SO ADVANTAGEOUS

CONTROL: A CLOSER LOOK

INCOME FLEXIBILITY

• Provides maximumincome flexibility.

• You can tailor anincome stream tosuit your require-ments and makeadjustments at anytime, including lumpsum withdrawals foremergencies orspecial purchases.

• Provides signi-ficant incomeflexibility.

• You can tailor anincome streamto suit yourrequirementsand makeadjustments atany time —subject to themaximum limit.

• No income flexibility.• Annuity income is fixed,

except for indexedannuities, which are notwidely used.

• Lump sum withdrawals arenot permitted.

• Annuity issuers rarely allowyou to break an annuitycontract and take out alump sum or transfer to aRRIF or LIF.

• You lose all control — yoursavings belong to the issuerof the annuity, who decideshow to invest your savingswhile paying you a fixedincome.

• Annuity payments continueto your spouse only if youselect a joint and lastsurvivor option.

• If you do not have a spouse,any remaining cash value ispaid to your estate only if aminimum guaranteed periodis selected and death occursin that period.

• The extra cost of theseoptions reduces yourincome.

INVESTMENT SELECTION

ESTATE PLANNING

• You decide how to invest your RRIF andLIF and LRIF savings.

• You may invest in the same wide range ofinvestments as an RRSP.

• A RRIF may be transferred to your spousetax-free upon death without any delay orloss of income flexibility or control. Inmost provinces, a LIF and LRIF must betransferred to your spouse.

• If you do not have a spouse, any remainingRRIF or LIF and LRIF assets may be paid toyour estate or designated beneficiaries.

RRIF LIF/LRIF LIFE ANNUITY

• You may annuitize your RRIF, or LIF andLRIF in whole or in part at any time.

FINALLY, AN ALTERNATIVE TO THE LIFE ANNUITY

THE LIFE INCOME FUND

AND THE LOCKED-IN

RETIREMENT INCOME FUND

WERE CREATED SPECIFICALLY

TO ACCESS LOCKED-IN RRSP

AND PENSION PLAN SAVINGS

TO PROVIDE

RETIREMENT INCOME.

THE LIF AND LRIF

Under current pension legislation, locked-in RRSPs, called Locked-in RetirementAccounts (LIRAs) in some provinces, and pension plan savings cannot be paid outto you in a lump-sum. Locked-in RRSPs and LIRAs contain vested pension benefitsthat were transferred in from a company pension plan upon termination of employ-ment (These are not to be confused with RRSPs which may have deposit typeinvestments such as GICs which may lock-in your savings for the term youselected). Until recently, these funds could only be used to purchase a life annuityupon retirement. Not only did this force retirees to give up control of their money, italso forced those who needed income immediately upon retirement to acceptwhatever annuity rates were available at the time. Happily, this situation is changingdue to the introduction of the Life Income Fund, a special type of RRIF now avai-lable in most provinces, and a Locked-in Retirement Income Fund currently avai-lable in only some provinces.

The Life Income Fund (LIF) and the Locked-in Retire-ment Income Fund (LRIF) were created specifically foraccessing locked-in RRSP, LIRA and pension plan savings toprovide retirement income. A LIF and LRIF can also be usedto delay the purchase of the life annuity in a low interestrate environment until rates improve. This will allow you tobegin making withdrawals immediately while keepingcontrol of your savings.

A LIF and LRIF provide the same valuable tax-shelteringas a RRIF. To satisfy provincial pension regulations, how-ever, additional rules regarding how income can be takenout apply:

In addition to the minimum annual withdrawal, a LIF and LRIF also havemaximum annual withdrawals. This ensures that for a LIF, funds will beavailable to purchase a life annuity by age 80, and for a LRIF, funds areavailable for life. For example, at age 65 the LIF maximum for 1997 is about7% of the accounts value. At age 79, the maximum is about 11%.

All assets in a LIF must be used to purchase a life annuity by the end of theyear in which you turn 80. This does not apply to the LRIF.

32

A RRIF gives you full control over your savings — from income flexibility toinvestment selection and estate planning. Much of that same control has also beenbuilt into the LIF and LRIF. The main advantages that make the RRIF and now theLIF and LRIF a better choice than a life annuity for many retirees are summarizedin the following table.

WHY A RRIF, LIF AND LRIF ARE SO ADVANTAGEOUS

CONTROL: A CLOSER LOOK

INCOME FLEXIBILITY

• Provides maximumincome flexibility.

• You can tailor anincome stream tosuit your require-ments and makeadjustments at anytime, including lumpsum withdrawals foremergencies orspecial purchases.

• Provides signi-ficant incomeflexibility.

• You can tailor anincome streamto suit yourrequirementsand makeadjustments atany time —subject to themaximum limit.

• No income flexibility.• Annuity income is fixed,

except for indexedannuities, which are notwidely used.

• Lump sum withdrawals arenot permitted.

• Annuity issuers rarely allowyou to break an annuitycontract and take out alump sum or transfer to aRRIF or LIF.

• You lose all control — yoursavings belong to the issuerof the annuity, who decideshow to invest your savingswhile paying you a fixedincome.

• Annuity payments continueto your spouse only if youselect a joint and lastsurvivor option.

• If you do not have a spouse,any remaining cash value ispaid to your estate only if aminimum guaranteed periodis selected and death occursin that period.

• The extra cost of theseoptions reduces yourincome.

INVESTMENT SELECTION

ESTATE PLANNING

• You decide how to invest your RRIF andLIF and LRIF savings.

• You may invest in the same wide range ofinvestments as an RRSP.

• A RRIF may be transferred to your spousetax-free upon death without any delay orloss of income flexibility or control. Inmost provinces, a LIF and LRIF must betransferred to your spouse.

• If you do not have a spouse, any remainingRRIF or LIF and LRIF assets may be paid toyour estate or designated beneficiaries.

RRIF LIF/LRIF LIFE ANNUITY

• You may annuitize your RRIF, or LIF andLRIF in whole or in part at any time.

FINALLY, AN ALTERNATIVE TO THE LIFE ANNUITY

THE LIFE INCOME FUND

AND THE LOCKED-IN

RETIREMENT INCOME FUND

WERE CREATED SPECIFICALLY

TO ACCESS LOCKED-IN RRSP

AND PENSION PLAN SAVINGS

TO PROVIDE

RETIREMENT INCOME.

THE LIF AND LRIF

A Systematic Withdrawal Plan (SWP) is a special service offered by mutual fundsthat allows you to receive the retirement income that best meets your needs fromyour non-registered savings. It is a proven income generating strategy in whichwithdrawals are made at regular intervals (usually monthly or quarterly) by redee-ming mutual fund units while the remainder of your savings continues to beinvested into well managed equity, balanced or bond mutual funds.

Historically, the higher long-term returns and more favourable tax treatmentprovided by such mutual funds have allowed retirees to minimize the depletion oftheir savings. It has also allowed them to redeem enough units to provide an incomethat is indexed to inflation for a significantly longer period of time than if they hadinvested only in guaranteed deposit-type investments — provided the income takenwas in reasonable proportion to the size of the original investment.

MORE FAVOURABLE TAX TREATMENTAND FULL CONTROL

Typically, under a Systematic Withdrawal Plan in amutual fund, only the capital gains portion of each with-drawal is taxable. The rest of the withdrawal is a return ofyour original capital and, therefore, not taxable. Initially,Systematic Withdrawal Plan withdrawals are primarilyreturn of capital, so any taxes should be minimal. Over time,a greater portion of your withdrawals are likely to be in theform of capital gains. Unlike interest income, which is fullytaxable, only 3/4 of any capital gain is taxable.

In the key areas of income flexibility, investmentselection and estate planning, a Systematic Withdrawal Plan gives you full controlover your savings, resulting in the same advantages over a life annuity as describedfor the RRIF in the table at left.

Although a RRIF, LIF, LRIF and Systematic Withdrawal Plan all offer valuablebenefits, how well they meet your individual needs will be determined in large partby the quality of advice you receive — both at the time of set-up and on anongoing basis. With so much riding on your decisions, it’s imperative to get soundadvice on all aspects of the management of your retirement savings whenever youneed it. For hundreds of thousands of Canadians, the source of that advice is anindependent mutual fund dealer, investment brokerage firm, or financial planningfirm.

Working closely with a qualified independent financial advisor who iscommitted to providing superior service will ensure that both your registered andnon-registered savings are arranged to satisfy your retirement income needs as bestas possible. A knowledgeable advisor can provide a full range of personalizedservices that will allow you to:

Customize the best RRIF/LIF/LRIF/SWPincome stream for you based on athorough review of your overall financialsituation and objectives.

Logically select suitable investments toensure your retirement savings are sound-ly diversified and monitor them on an on-going basis.

Ensure that all the paperwork necessaryto set up (or transfer) your RRIF/LIF/LRIF/SWP is completed quickly andaccurately.

Make adjustments to your retirementincome program in response to changesto RRIF/ LIF/LRIF rules, tax laws, yourlifestyle and spending habits or changingeconomic conditions.

Above all, these professionals are known for taking the responsibility ofeducating their clients about investments. To ensure investors have easy access totheir valuable services, Mackenzie offers its mutual funds through independentfinancial advisors.

GGAINING GREATER CONTROL OVERYOUR FINANCIAL FUTURE

PPROVIDING RETIREMENT INCOME FROMYOUR NON-REGISTERED SAVINGS

4 5

THE SYSTEMATIC WITHDRAWAL PLAN YOUR INDEPENDENT FINANCIAL ADVISOR

THE SWP IS A PROVEN

STRATEGY WHICH ALLOWS

YOU TO MEET YOUR INCOME

NEEDS WHILE YOUR NON-

REGISTERED SAVINGS ARE

SOUNDLY DIVERSIFIED.

A Systematic Withdrawal Plan (SWP) is a special service offered by mutual fundsthat allows you to receive the retirement income that best meets your needs fromyour non-registered savings. It is a proven income generating strategy in whichwithdrawals are made at regular intervals (usually monthly or quarterly) by redee-ming mutual fund units while the remainder of your savings continues to beinvested into well managed equity, balanced or bond mutual funds.

Historically, the higher long-term returns and more favourable tax treatmentprovided by such mutual funds have allowed retirees to minimize the depletion oftheir savings. It has also allowed them to redeem enough units to provide an incomethat is indexed to inflation for a significantly longer period of time than if they hadinvested only in guaranteed deposit-type investments — provided the income takenwas in reasonable proportion to the size of the original investment.

MORE FAVOURABLE TAX TREATMENTAND FULL CONTROL

Typically, under a Systematic Withdrawal Plan in amutual fund, only the capital gains portion of each with-drawal is taxable. The rest of the withdrawal is a return ofyour original capital and, therefore, not taxable. Initially,Systematic Withdrawal Plan withdrawals are primarilyreturn of capital, so any taxes should be minimal. Over time,a greater portion of your withdrawals are likely to be in theform of capital gains. Unlike interest income, which is fullytaxable, only 3/4 of any capital gain is taxable.

In the key areas of income flexibility, investmentselection and estate planning, a Systematic Withdrawal Plan gives you full controlover your savings, resulting in the same advantages over a life annuity as describedfor the RRIF in the table at left.

Although a RRIF, LIF, LRIF and Systematic Withdrawal Plan all offer valuablebenefits, how well they meet your individual needs will be determined in large partby the quality of advice you receive — both at the time of set-up and on anongoing basis. With so much riding on your decisions, it’s imperative to get soundadvice on all aspects of the management of your retirement savings whenever youneed it. For hundreds of thousands of Canadians, the source of that advice is anindependent mutual fund dealer, investment brokerage firm, or financial planningfirm.

Working closely with a qualified independent financial advisor who iscommitted to providing superior service will ensure that both your registered andnon-registered savings are arranged to satisfy your retirement income needs as bestas possible. A knowledgeable advisor can provide a full range of personalizedservices that will allow you to:

Customize the best RRIF/LIF/LRIF/SWPincome stream for you based on athorough review of your overall financialsituation and objectives.

Logically select suitable investments toensure your retirement savings are sound-ly diversified and monitor them on an on-going basis.

Ensure that all the paperwork necessaryto set up (or transfer) your RRIF/LIF/LRIF/SWP is completed quickly andaccurately.

Make adjustments to your retirementincome program in response to changesto RRIF/ LIF/LRIF rules, tax laws, yourlifestyle and spending habits or changingeconomic conditions.

Above all, these professionals are known for taking the responsibility ofeducating their clients about investments. To ensure investors have easy access totheir valuable services, Mackenzie offers its mutual funds through independentfinancial advisors.

GGAINING GREATER CONTROL OVERYOUR FINANCIAL FUTURE

PPROVIDING RETIREMENT INCOME FROMYOUR NON-REGISTERED SAVINGS

4 5

THE SYSTEMATIC WITHDRAWAL PLAN YOUR INDEPENDENT FINANCIAL ADVISOR

THE SWP IS A PROVEN

STRATEGY WHICH ALLOWS

YOU TO MEET YOUR INCOME

NEEDS WHILE YOUR NON-

REGISTERED SAVINGS ARE

SOUNDLY DIVERSIFIED.

6 7

AN IDEAL RANGE OF PROVEN INVESTMENTS FOR BUILDING FINANCIAL INDEPENDENCE AND PRESERVING WEALTH

Mackenzie mutual funds are an ideal way to access the different investment classesnecessary to soundly diversify your retirement savings beyond the deposit-typeinvestments upon which many individuals have become overly-dependent.

Whatever your personal investment requirements, there is a Mackenzie fund — orcombination of funds — that will allow you to diversify your RRIF, LIF, LRIF and SWPaccount in a prudent manner.

A WORLDWIDE NETWORK

Mackenzie and its worldwide network of sub-advisors together manage more than $50 billion in assets and provide access to a complete world of investing for Canadians.

Thornton InvestmentAdvisors Ltd.Hong Kong • San Francisco •Sydney • Taipei • Tokyo

Cursitor-Eaton Asset ManagementParis • London

Mackenzie Financial CorporationToronto

BluewaterInvestmentManagementToronto

Cundill InvestmentResearchVancouver • Bermuda •London

Garmaise InvestmentTechnologiesToronto

Mackenzie InvestmentManagement Inc.Boca Raton, Florida

Henderson InvestorsLondon • Singapore • Tokyo

ONE TRUSTED NAME. FOUR FUND FAMILIES.PLUS STRATEGIC ASSET ALLOCATION.

Mackenzie Financial Corporation is one of Canada’s largestinvestment managers and has achieved an excellent recordof long-term investment performance. Hundreds of thou-sands of individual investors, and numerous employeepension funds and other organizations representing manythousands more, have currently entrusted Mackenzie withover $30 billion to invest in stock, bond and money mar-kets in Canada, the United States and internationally. Thishas been our core business since 1967.

Industrial: North American investing from a top-downperspective, focusing on economic cycles, industry selec-tion and interest rate anticipation.

Ivy: Ownership in select companies, patiently acquired. Apredominantly bottom-up approach to Canada and beyond,focusing on buying individual companies.

Universal: A world of foreign, Canadian and specialty fundsusing proven external portfolio advisors located around theworld.

Cundill: Searching the globe for value opportunities; add-ing a unique global perspective to Mackenzie.

THE BIGGEST INVESTMENT DECISIONYOU CAN MAKE. MADE BETTER.

Studies indicate that the single most important questionconfronting today’s investor is the selection of the right com-bination of assets in which to invest. STAR and KEYSTONEstrategic asset allocation programs are designed to provide theanswer.

Mackenzie’s respected investment management is available through four

mutual fund families offering diversification by asset class and mix, by geographic

region and by management style with full interchangeability among families and

funds. The strategic asset allocation programs scientifically selects the most

“efficient” mix of designated mutual funds to achieve optimal diversification.

MMACKENZIE:RESPECTED INVESTMENT MANAGEMENT

6 7

AN IDEAL RANGE OF PROVEN INVESTMENTS FOR BUILDING FINANCIAL INDEPENDENCE AND PRESERVING WEALTH

Mackenzie mutual funds are an ideal way to access the different investment classesnecessary to soundly diversify your retirement savings beyond the deposit-typeinvestments upon which many individuals have become overly-dependent.

Whatever your personal investment requirements, there is a Mackenzie fund — orcombination of funds — that will allow you to diversify your RRIF, LIF, LRIF and SWPaccount in a prudent manner.

A WORLDWIDE NETWORK

Mackenzie and its worldwide network of sub-advisors together manage more than $50 billion in assets and provide access to a complete world of investing for Canadians.

Thornton InvestmentAdvisors Ltd.Hong Kong • San Francisco •Sydney • Taipei • Tokyo

Cursitor-Eaton Asset ManagementParis • London

Mackenzie Financial CorporationToronto

BluewaterInvestmentManagementToronto

Cundill InvestmentResearchVancouver • Bermuda •London

Garmaise InvestmentTechnologiesToronto

Mackenzie InvestmentManagement Inc.Boca Raton, Florida

Henderson InvestorsLondon • Singapore • Tokyo

ONE TRUSTED NAME. FOUR FUND FAMILIES.PLUS STRATEGIC ASSET ALLOCATION.

Mackenzie Financial Corporation is one of Canada’s largestinvestment managers and has achieved an excellent recordof long-term investment performance. Hundreds of thou-sands of individual investors, and numerous employeepension funds and other organizations representing manythousands more, have currently entrusted Mackenzie withover $30 billion to invest in stock, bond and money mar-kets in Canada, the United States and internationally. Thishas been our core business since 1967.

Industrial: North American investing from a top-downperspective, focusing on economic cycles, industry selec-tion and interest rate anticipation.

Ivy: Ownership in select companies, patiently acquired. Apredominantly bottom-up approach to Canada and beyond,focusing on buying individual companies.

Universal: A world of foreign, Canadian and specialty fundsusing proven external portfolio advisors located around theworld.

Cundill: Searching the globe for value opportunities; add-ing a unique global perspective to Mackenzie.

THE BIGGEST INVESTMENT DECISIONYOU CAN MAKE. MADE BETTER.

Studies indicate that the single most important questionconfronting today’s investor is the selection of the right com-bination of assets in which to invest. STAR and KEYSTONEstrategic asset allocation programs are designed to provide theanswer.

Mackenzie’s respected investment management is available through four

mutual fund families offering diversification by asset class and mix, by geographic

region and by management style with full interchangeability among families and

funds. The strategic asset allocation programs scientifically selects the most

“efficient” mix of designated mutual funds to achieve optimal diversification.

MMACKENZIE:RESPECTED INVESTMENT MANAGEMENT

8

ombining the specialized services of an independent FinancialAdvisor with the respected investment management and compre-hensive, industry-leading administrative services of Mackenzie is aproven partnership approach that allows both firms to concentrateon their own areas of expertise. We believe this is the strategicadvantage that will allow our two firms to better meet your needs —and contribute to your long-term investment success.

At this point, consulting with a qualified, independent FinancialAdvisor is essential — if you want to ensure the best possibledecisions when saving and investing for the education your childrenwill need. There is simply no substitute for specific advice based ona thorough review of your personal situation and all applicable rulesand factors.

CC Important information about themutual funds and strategic asset allo-cation programs offered by Mackenzie,including all fund and investor expenses,is contained in the Funds’ simplifiedprospectus. Please obtain a copy fromyour independent Financial Advisor andread it carefully before investing.

When purchasing mutual funds,investors should be aware that mutualfund investments are not guaranteed andunit values and investment returns willfluctuate over time.

Since the time this brochure wasprinted, changes may have occurred tothe rules regarding RRIFs, LIFs and LRIFsor the information about Mackenzie.Always consult with a qualified, indepen-dent Financial Advisor before taking anyaction to confirm if there have been anychanges that may affect the strategiesdescribed in this brochure.

8

ombining the specialized services of an independent FinancialAdvisor with the respected investment management and compre-hensive, industry-leading administrative services of Mackenzie is aproven partnership approach that allows both firms to concentrateon their own areas of expertise. We believe this is the strategicadvantage that will allow our two firms to better meet your needs —and contribute to your long-term investment success.

At this point, consulting with a qualified, independent FinancialAdvisor is essential — if you want to ensure the best possibledecisions when saving and investing for the education your childrenwill need. There is simply no substitute for specific advice based ona thorough review of your personal situation and all applicable rulesand factors.

CC Important information about themutual funds and strategic asset allo-cation programs offered by Mackenzie,including all fund and investor expenses,is contained in the Funds’ simplifiedprospectus. Please obtain a copy fromyour independent Financial Advisor andread it carefully before investing.

When purchasing mutual funds,investors should be aware that mutualfund investments are not guaranteed andunit values and investment returns willfluctuate over time.

Since the time this brochure wasprinted, changes may have occurred tothe rules regarding RRIFs, LIFs and LRIFsor the information about Mackenzie.Always consult with a qualified, indepen-dent Financial Advisor before taking anyaction to confirm if there have been anychanges that may affect the strategiesdescribed in this brochure.

LRIFLRIFLIFLIFRRIFRRIF

150 Bloor Street West • Toronto • Ontario • M5S 3B5

ONE TRUSTED NAME

FOUR FUND FAMILIES

plus

Strategic Asset Allocation

The respected investment management of Mackenzie is available

through four mutual fund families offering an ideal range of proven

investments for building financial independence and preserving

wealth. The strategic asset allocation programs efficiently integrates

them all so you can diversify your savings in a sound, prudent manner.

RP5039 6/99

Registered Retirement Income Fund

Life Income Fund

Locked-in Retirement Income Fund

SWPSWPSystematic Withdrawal Plan

How to Provide Retirement Income

— and Gain Greater Control Over

Your Financial Future.

4220