CI Investments announces fund mergers and other changes to enhance lineup

TORONTO, Sept. 23, 2019 /CNW/ - CI Investments Inc. ("CI") today announced a plan to merge 30 funds into other investment mandates and to change the names of 19 funds, a significant step in the company's initiative to simplify and modernize its product lineup.

"These are extensive changes that will streamline our product offering, making it easier for our clients to do business with us," said Roy Ratnavel, Executive Vice-President and Head of Sales for CI. "These steps reflect the depth of our commitment to earning the business of Canadians and being a trusted partner to investors and advisors."

Over the past 14 months, CI has enhanced its product lineup through pricing reductions, the change of its CI Preferred Pricing program to a simpler rebate model, and the introduction of relevant new products such as CI Private Pools, CI Liquid Alternatives, and CI Mosaic ETF Portfolios, as well as a high interest savings mandate and an environmental, social and governance (ESG) mandate – both launched in mutual fund and exchange-traded fund versions.

With the fund mergers, 30 mandates will be terminated, and investors will receive the equivalent dollar value of securities in the corresponding continuing funds. The changes will reduce duplication in CI's lineup and create larger, more efficient funds with increased potential for diversification opportunities. In most cases, the corresponding terminating and continuing funds have similar mandates and the same portfolio management teams. In all cases, investors will be paying management and administration fees that are the same or lower than those of the terminating fund.

The Independent Review Committee for the funds has reviewed the proposed mergers with respect to potential conflict of interest matters and provided a positive recommendation and/or approval, having determined that the proposed mergers would achieve a fair and reasonable result for each of the funds. The costs and expenses associated with the mergers are being borne by CI, not the funds.

Certain fund mergers require regulatory approval, as well as the approval of securityholders, and meetings to vote on the proposals have been scheduled for November 11, 2019. Those securityholders will receive documents related to the merger proposals in October 2019. Securityholder approval is not required for certain other mergers, and those investors will be notified in September 2019 of the changes. Pending the required securityholder and regulatory approvals, the mergers will be effective after the close of business on or after November 22, 2019.

Fund mergers

Terminating Fund	Continuing Fund
Cambridge Canadian Growth Companies Fund*	Cambridge Growth Companies Fund (to be renamed Cambridge Global Smaller Companies Fund)
CI Can-Am Small Cap Corporate Class*	Cambridge Growth Companies Corporate Class* (to be renamed Cambridge Global Smaller Companies Corporate Class)
CI American Equity Fund*	Sentry U.S. Growth and Income Fund
CI Global Small Companies Corporate Class*	Cambridge Growth Companies Corporate Class* (to be renamed Cambridge Global Smaller Companies Corporate Class)
CI Global Small Companies Fund*	Cambridge Growth Companies Fund (to be renamed Cambridge Global Smaller Companies Fund)
Harbour Canadian Dividend Fund*	Sentry Growth and Income Fund (to be renamed CI North American Dividend Fund)
Harbour Corporate Class*	CI Canadian Investment Corporate Class*
Harbour Fund	CI Canadian Investment Fund
Harbour Global Equity Corporate Class*	CI Global Value Corporate Class*
Harbour Global Equity Fund*	CI Global Value Fund
Harbour Global Growth & Income Corporate Class*	Signature Global Income & Growth Corporate Class*
Harbour Global Growth & Income Fund	Signature Global Income & Growth Fund
Harbour Growth & Income Fund	Signature Canadian Balanced Fund
Harbour Voyageur Corporate Class*	CI Canadian Investment Corporate Class*
Lawrence Park Strategic Income Fund*	CI Investment Grade Bond Fund
Marret High Yield Bond Fund*	Signature High Yield Bond II Fund (to be renamed Signature High Yield Bond Fund)
Sentry Alternative Asset Income Fund*	Signature Diversified Yield II Fund (to be renamed Signature Diversified Yield Fund)
Sentry Canadian Bond Fund*	Signature Core Bond Plus Fund
Sentry Canadian Fixed Income Private Pool	CI Canadian Fixed Income Private Pool
Sentry Conservative Monthly Income Fund*	Portfolio Series Income Fund
Sentry Corporate Bond Fund	Signature Corporate Bond Fund
Sentry Diversified Equity Fund*	Sentry All Cap Income Fund
Sentry Energy Fund*	Signature Global Energy Corporate Class
Sentry Global Growth and Income Fund	Cambridge Global Dividend Fund
Sentry Global High Yield Bond Fund	Signature High Yield Bond II Fund (to be renamed Signature High Yield Bond Fund)
Sentry Global Mid Cap Income Fund	Cambridge Growth Companies Fund (to be renamed Cambridge Global Smaller Companies Fund)
Sentry Global Tactical Fixed Income Private Pool*	CI Global Unconstrained Bond Private Pool
Sentry Money Market Fund	CI Money Market Fund
Signature Gold Corporate Class*	Sentry Precious Metals Class
Signature Real Estate Pool	Sentry Global REIT Fund (to be renamed Signature Global REIT Fund)

                *Regulatory and securityholder approval required.

Fund name changes

In addition, CI is renaming the following funds to clarify the mandate of each fund and/or the portfolio management team responsible for the mandate. These changes will be effective after the close of business on or after November 22, 2019.

Current name	New name
Cambridge Growth Companies Corporate Class	Cambridge Global Smaller Companies Corporate Class
Cambridge Growth Companies Fund	Cambridge Global Smaller Companies Fund
CI American Equity Corporate Class	Sentry U.S. Growth and Income Corporate Class
Harbour Global Analyst Fund	CI Global Stock Selection Fund
Harbour Growth & Income Corporate Class	Signature Canadian Balanced Corporate Class
Sentry Corporate Bond Class	Signature Corporate Bond Class
Sentry Diversified Equity Class	Sentry All Cap Income Class
Sentry Global Growth and Income Class	Cambridge Global Dividend Class
Sentry Global High Yield Bond Class	Signature High Yield Bond Class
Sentry Global Infrastructure Fund	Signature Global Infrastructure Fund
Sentry Global Monthly Income Fund	CI Global Value Balanced Fund
Sentry Global REIT Class	Signature Global REIT Class
Sentry Global REIT Fund	Signature Global REIT Fund
Sentry Growth and Income Fund	CI North American Dividend Fund
Sentry Money Market Class	CI Money Market Class
Signature Diversified Yield ll Fund	Signature Diversified Yield Fund
Signature Floating Rate Income Pool	Signature Floating Rate Income Fund
Signature High Yield Bond II Fund	Signature High Yield Bond Fund
Signature Preferred Share Pool	Signature Preferred Share Fund

About CI Investments – Trusted Partner in Wealth™
CI Investments is one of Canada's largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent, Canadian-owned wealth management firm with $176.1 billion in assets as of August 31, 2019.

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.

CI Investments, the CI Investments design and Cambridge are registered trademarks of CI Investments Inc. "Trusted Partner in Wealth^TM", CI Private Pools™, CI Mosaic ETF Portfolios™, CI Liquid Alternatives™ and Sentry™ are trademarks of CI Investments Inc.

©CI Investments Inc. 2019.  All rights reserved. 

SOURCE CI Investments Inc.

Murray Oxby, Vice-President, Communications, CI Investments Inc., 416-681-3254, [email protected]

Related Links

http://www.ci.com/