CI Investments announces fund mergers and other changes to the CI and Castlerock lineups

TSX Symbol: CIX

TORONTO, May 28, 2012 /CNW/ - CI Investments Inc. ("CI") today announced plans to integrate the Castlerock Investments mutual funds into the CI family of funds, along with other changes designed to enhance the efficiency of its overall lineup.

The changes include:

• Moving the administration of the Castlerock mutual funds from a third-party service provider to CI's back office, effective on or about July 26, 2012.
• Changing the names of 17 Castlerock and other funds, effective on or about July 26, 2012.
• Merging 11 Castlerock funds into CI funds with similar mandates.
• Merging another eight CI, Signature and Lakeview-branded funds into other CI funds.

The mergers will be effective at the opening of business on September 10, 2012, pending the required securityholder and regulatory approvals.

"With the merger of 19 funds, we are significantly reducing the duplication between the two fund families and streamlining our overall product offering," said Derek J. Green, CI President.

After the mergers, CI will no longer be using the Castlerock brand name. Castlerock Investments was the name given to the former Hartford Investments Canada Corp., which CI's parent company, CI Financial Corp., acquired in December 2010. Castlerock has been operated separately from CI, given that the Castlerock funds were on a separate administrative platform.

"This is the final stage in integrating the acquisition," said Mr. Green. "Investors in the funds that are to be merged will benefit from the economies of scale provided by a larger investment company. Castlerock investors will be able to switch into a wide selection of funds within CI's lineup, including the tax-efficient CI Corporate Class structure."

In addition, Castlerock investors are benefiting from CI's lower operating costs, as CI funds have fixed administration fees that are lower than the Castlerock funds' variable operating expenses. For those Castlerock funds that are not being merged into other funds, the fixed administration fees will be implemented on December 31, 2012, as approved by the funds' unitholders in April 2011. CI is also reducing the management fees on those funds' Series B units to the same level as their Series A units, effective December 31, 2012.

Fund Mergers

CI is proposing the following fund mergers:

Terminating Fund	Continuing Fund
Castlerock Balanced Growth Portfolio	Portfolio Series Balanced Growth Fund
Castlerock Balanced Portfolio	Portfolio Series Conservative Balanced Fund
Castlerock Canadian Balanced Fund	Signature Canadian Balanced Fund
Castlerock Canadian Bond Fund	Signature Canadian Bond Fund
Castlerock Canadian Stock Fund	Cambridge Canadian Equity Corporate Class
Castlerock Canadian Value Fund	CI Canadian Investment Corporate Class
Castlerock Canadian Money Market Fund	CI Money Market Fund
Castlerock Conservative Portfolio	Portfolio Series Conservative Fund
Castlerock Global High Income Fund	Signature Corporate Bond Fund
Castlerock Growth Portfolio	Portfolio Series Growth Fund
Castlerock Total Return Fund	Signature Income & Growth Fund
CI European Corporate Class	CI International Corporate Class
CI European Fund	CI International Corporate Class
CI International Balanced Corporate Class	Signature Global Income & Growth Corporate Class
CI International Balanced Fund	Signature Global Income & Growth Fund
CI Japanese Corporate Class	CI Pacific Corporate Class
CI Value Trust Corporate Class	Cambridge American Equity Corporate Class
Lakeview Disciplined Leadership U.S. Equity Fund	Cambridge American Equity Corporate Class
Signature Mortgage Fund	Signature Short-Term Bond Fund

The CI Investments Board of Governors, acting in its capacity as the independent review committee for the funds, has reviewed all of the proposed mergers with respect to conflict of interest issues and has determined that the mergers achieve a fair and reasonable result for the funds.

In all cases, the corresponding terminating and continuing funds are managed by the same portfolio management teams and, in most cases, the funds have similar mandates. Furthermore, in all cases, investors will be placed in classes of the continuing funds with management fees that are the same or lower than those of the corresponding classes of the terminating funds.

The following mergers do not require the approval of the funds' securityholders: Castlerock Balanced Growth Portfolio, Castlerock Balanced Portfolio, Castlerock Canadian Balanced Fund, Castlerock Canadian Money Market Fund, Castlerock Global High Income Fund, Castlerock Growth Portfolio, Castlerock Total Return Fund, CI International Balanced Fund, CI International Balanced Corporate Class and CI Value Trust Corporate Class. Investors in those funds will be notified in June of the mergers.

Approval is required from securityholders of the remaining terminating funds, as well as four continuing funds: Cambridge American Equity Corporate Class, CI International Corporate Class, CI Pacific Corporate Class and Signature Global Income & Growth Corporate Class. Meetings of securityholders have been scheduled for August 31, 2012 and investors will be sent a notice of meeting, management information circular and proxy form in July or early August.

The mergers will indirectly affect 22 segregated funds that invest in units or shares of the terminating funds. Following the mergers, the segregated funds will invest in units or shares of the respective continuing funds, and may have their names changed. The affected segregated funds are part of the Clarica MVP, Clarica Portfolio, SunWise, SunWise Elite including SunWise Elite Plus, SunWise Essential Series and CI Guaranteed Investment Funds programs. Investors in the affected segregated funds will be notified of the changes by July 10, 2012.

Name changes

The names of the following mutual funds will be changed to reflect their appropriate fund families:

Current Fund Name	New Fund Name
Castlerock Canadian Dividend Fund	CI Canadian Dividend Fund
Castlerock Canadian Dividend Growth Fund	CI Canadian Dividend Growth Fund
Castlerock Canadian Growth Companies Fund	Cambridge Canadian Growth Companies Fund
Castlerock Capital Appreciation Fund	CI U.S. Equity Plus Fund
Castlerock Enhanced Yield Fund	Signature Enhanced Yield Fund
Castlerock Global Balanced Fund	Black Creek Global Balanced Fund
Castlerock Global Leaders Fund	Black Creek Global Leaders Fund
Castlerock International Equity Fund	Black Creek International Equity Fund
Castlerock Pure Canadian Equity Fund	Cambridge Pure Canadian Equity Fund
Castlerock U.S. Dividend Growth Fund	CI U.S. Dividend Growth Fund
CI Emerging Markets Corporate Class	Signature Emerging Markets Corporate Class
CI Emerging Markets Fund	Signature Emerging Markets Fund
CI Global Bond Corporate Class	Signature Global Bond Corporate Class
CI Global Bond Fund	Signature Global Bond Fund
CI Global Science & Technology Corporate Class	Signature Global Science & Technology Corporate Class
CI International Corporate Class	Signature International Corporate Class
CI International Fund	Signature International Fund

CI is one of Canada's largest investment management companies. It offers a broad range of investment products and services, including an industry-leading selection of investment funds, 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 approximately $96 billion in assets as of April 30, 2012.

Murray Oxby
Director, Communications
CI Investments
[phone]