April 15, 2024
CI Global Asset Management Completes 11 Fund Mergers
CI Personal Portfolios now part of the CI Mosaic ETF Portfolios lineup
TORONTO (April 15, 2024) – CI Global Asset Management (“CI GAM”) announced today it has completed the merger of 11 mutual funds into other mutual funds. CI GAM also confirmed it has implemented changes to the investment objectives, names and fees of the CI Personal Portfolios, which are now part of the CI Mosaic ETF Portfolios product suite.
The mergers and other changes were first announced on December 15, 2023, approved by securityholders at meetings held in March 2024 and were implemented after the close of business on April 12, 2024. The merger of CI Global Quality Dividend Managed Fund into CI Global Dividend Fund did not require the approval of securityholders. The changes reflect CI GAM’s strategic initiative to modernize, enhance and streamline its product lineup.
Fund mergers
The following mergers (the “Mergers”) have been completed:
| Terminating Fund | Continuing Fund |
|---|---|
| CI Asian Opportunities Fund | CI Emerging Markets Fund |
| CI Asian Opportunities Corporate Class | CI Emerging Markets Corporate Class |
| CI Global Quality Dividend Managed Corporate Class | CI Global Dividend Corporate Class |
| CI Global Quality Dividend Managed Fund | CI Global Dividend Fund |
| CI Real Income 1941-45 Class | CI Select Income Managed Corporate Class |
| CI Real Income 1946-50 Class | CI Select Income Managed Corporate Class |
| CI Real Income 1951-55 Class | CI Select Income Managed Corporate Class |
| CI Real Growth Pool Class | CI Select Global Equity Corporate Class |
| CI Real Long Term Income Pool Class | CI Canadian Bond Corporate Class |
| CI Real Mid Term Income Pool Class | CI Canadian Bond Corporate Class |
| CI Real Short Term Income Pool Class | CI Canadian Bond Corporate Class |
Securityholders of each Terminating Fund have received the equivalent dollar value of securities in the corresponding series of the corresponding Continuing Fund as at April 12, 2024. Each Terminating Fund has now been terminated.
The Mergers were effected on a taxable basis, with the exception of the CI Asian Opportunities Fund and CI Global Quality Dividend Managed Fund Mergers, which were implemented on a tax-deferred basis.
Changes to the CI Personal Portfolios
Effective today, the CI Personal Portfolios have been repositioned as corporate class versions of the CI Mosaic ETF Portfolios, a family of asset allocation mutual funds that invest in ETFs to meet a range of investor profiles. The new investment objectives and names of each CI Personal Portfolio are listed below. The fund codes and risk ratings have not changed.
CI GAM has also reduced the combined management and administration fees payable by investors in the CI Personal Portfolios. The maximum reduction will be 32 basis points for CI Defensive Income Personal Portfolio, 39 basis points for CI Conservative Income Personal Portfolio and CI Balanced Income Personal Portfolio and 47 basis points for CI Growth & Income Personal Portfolio and CI Growth Personal Portfolio.
- CI Defensive Income Personal Portfolio has been renamed CI Mosaic Income ETF Portfolio Class. Its new investment objective is to provide a balance between income and capital growth, with a focus on capital preservation over the medium to long-term, by investing primarily in a diversified portfolio of fixed income and equity exchange-traded funds.
- CI Conservative Income Personal Portfolio has been renamed CI Mosaic Balanced Income ETF Portfolio Class. Its new investment objective is to provide a balance between income and long-term capital growth, with a bias towards income, by investing primarily in a diversified portfolio of fixed income and equity exchange-traded funds.
- CI Balanced Income Personal Portfolio has been renamed CI Mosaic Balanced ETF Portfolio Class. Its new investment objective is to provide a balance between income and long-term capital growth, by investing primarily in a diversified portfolio of equity and fixed income exchange-traded funds.
- CI Growth & Income Personal Portfolio has been renamed CI Mosaic Balanced Growth ETF Portfolio Class. Its new investment objective is to provide long-term capital growth, by investing primarily in a diversified portfolio of equity and fixed income exchange-traded funds.
- CI Growth Personal Portfolio has been renamed CI Mosaic Growth ETF Portfolio Class. Its new investment objective is to provide long-term capital growth, by investing primarily in a diversified portfolio of equity exchange-traded funds.
About CI Global Asset Management
CI Global Asset Management (“CI GAM”) 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 GAM is a subsidiary of CI Financial Corp. (TSX: CIX), an integrated global asset and wealth management company with approximately $465.9 billion in assets as at February 29, 2024.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund and exchange-traded fund (ETF) investments. Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.
This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase mutual funds managed by CI Global Asset Management and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor.
Certain statements in this document are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what CI Global Asset Management believes to be reasonable assumptions, CI Global Asset Management cannot assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.
CI Mosaic ETF Portfolios are managed and advised by CI GAM Multi-Asset, a division of CI Global Asset Management.
The CI Exchange-Traded Funds (ETFs) are managed by CI Global Asset Management, a wholly owned subsidiary of CI Financial Corp. (TSX: CIX).
CI Global Asset Management is a registered business name of CI Investments Inc.
©CI Investments Inc. 2024. All rights reserved.
Contact:
Murray Oxby
Vice-President, Corporate Communications
416-681-3254
moxby@ci.com
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CI Global Asset Management is a registered business name of CI Investments Inc. © CI Investments Inc. 2024. All rights reserved.