CI GAM is renaming the CI Personal Portfolios and significantly reducing their combined management and administration fees.
CI Global Asset Management (“CI GAM”) announces it has received securityholder approval for a series of enhancements to its product lineup, including the merger of 11 mutual funds into other mutual funds and changes to the investment objectives of the CI Personal Portfolios.
CI GAM is also renaming the CI Personal Portfolios and significantly reducing their combined management and administration fees.
The proposed changes, which are part of CI GAM’s strategic initiative to modernize, enhance and streamline its product lineup, were first announced on December 15, 2023. They were approved by securityholders at meetings held on March 20 and 22, 2024 and will be implemented after the close of business on or about April 12, 2024.
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Fund mergers
CI GAM will be proceeding with the following mutual fund mergers (the “Mergers”):
|
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 |
All of the Mergers will be effected on a taxable basis, with the exception of the CI Asian Opportunities Fund and CI Global Quality Dividend Managed Fund Mergers, which will be implemented on a tax-deferred basis.
In all cases, the combined management and administration fees with respect to each series of the continuing funds are the same as or lower than the combined management and administration fees that are currently payable by the corresponding series of the terminating funds. The costs and expenses associated with the Mergers are being borne by CI GAM, not the funds. None of the Mergers will result in a change of portfolio management teams.
The Independent Review Committee for the funds reviewed the proposed Mergers with respect to potential conflict of interest matters and provided its positive recommendation or approval, as applicable, having determined that the Mergers achieve a fair and reasonable result for each of the funds.
Changes to the CI Personal Portfolios
The CI Personal Portfolios are a family of five corporate class funds designed to meet a spectrum of investor profiles ranging from defensive income to growth. CI GAM will be repositioning the funds so that they effectively become corporate class versions of the CI Mosaic ETF Portfolios, a family of asset allocation mutual funds that invest in ETFs to achieve similar investor profiles.
The investment objectives and names of each CI Personal Portfolio will be changed to align with the appropriate CI Mosaic ETF Portfolio, as described below. The fund codes and risk ratings are not changing. CI GAM will also reduce 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 will be 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 is being 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 is being 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 is being 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 is being 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.
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