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CI Investments announces fund mergers

TORONTO, Aug. 23, 2017 /CNW/ - CI Investments Inc. ("CI") today announced a proposal to merge six funds into other funds:

Terminating fund

Continuing fund

CI International Fund

CI International Value Fund

CI International Corporate Class

CI International Value Corporate Class

Signature High Yield Bond Fund

Signature High Yield Bond II Fund

Synergy Tactical Asset Allocation Fund

Signature Income & Growth Fund

Marret Strategic Yield Fund

Signature Diversified Yield II Fund

CI Global Managers Corporate Class

Select 100e Managed Portfolio Corporate Class


CI is proposing the mergers to reduce duplication and to help streamline and simplify its fund lineup. In addition, the continuing funds will benefit from larger asset bases, allowing for increased portfolio diversification opportunities.

The CI Investments Board of Governors, acting in its capacity as 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, having determined that the mergers, if implemented, 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.

The mergers of Signature High Yield Bond Fund into Signature High Yield Bond II Fund and Synergy Tactical Asset Allocation Fund into Signature Income & Growth Fund do not require securityholder approval and will be effected at the close of business on or about November 3, 2017.

The remaining proposed mergers require the approval of the securityholders of the terminating funds. The approval of securityholders of two continuing funds – CI International Value Corporate Class and Select 100e Managed Portfolio Corporate Class – is also required. CI expects to mail meeting materials to securityholders in September and meetings to vote on the proposals have been scheduled for October 26, 2017. Pending the applicable securityholder and regulatory approvals, the mergers will take place at the close of business on or about November 3, 2017. Related to the mergers, the U.S. dollar purchase option will be introduced to certain classes of several continuing funds.

CI also announced that the name of CI Canadian Dividend Fund will be changed to Harbour Canadian Dividend Fund, effective November 6, 2017, to reflect that Harbour Advisors, a division of CI Investments, is now the portfolio manager of the fund.

About CI Investments

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 CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent, Canadian-owned wealth management firm with $160.5 billion in assets as of July 31, 2017.

Harbour Advisors is a division of CI Investments Inc. Certain funds associated with Harbour Advisors are sub-advised by CI Global Investments Inc., a firm registered with the U.S. Securities and Exchange Commission and an affiliate of CI Investments Inc.

SOURCE CI Financial Corp.

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