C.I. Mutual Funds Inc. on Tuesday announced portfolio management changes to four mutual funds, effective August 2.

Bill Miller, CEO of Legg Mason Funds Management, Inc. of Baltimore, will become portfolio manager of CI American Growth Fund and the Insight U.S. Growth Pool. As manager of the U.S.-based Legg Mason Value Trust, Inc., Miller is the only equity mutual fund manager to outperform the S&P 500 Index in each of the last 12 calendar years. He is also portfolio manager of CI Value Trust Fund, which is modelled on the Legg Mason fund. The change also affects CI American Growth RSP Fund, a 100% RSP-eligible fund.

Eric Bushell, chief investment officer of CI’s Signature Funds group, has been appointed portfolio manager of CI Canadian Stock Fund. Bushell’s other funds include the Signature Select Canadian Fund. As chief investment officer, he oversees the investment of more than $6.5 billion.

Nandu Narayanan, chief investment officer of Trident Investment Management, LLC of New York, will become portfolio manager of CI European Growth Fund. Narayanan is already manager of CI European Fund, as well as a number of other regional and global equity funds. The change also affects CI European Growth RSP Fund.

In all cases, the new managers are replacing MFS Institutional Advisors, Inc. of Boston. MFS will continue as portfolio manager of CI World Equity Fund.

“When we acquired Spectrum Investment Management Limited and Clarica Diversico Ltd. in July 2002, we inherited sub-advisory relationships with a large number of outside money managers,” said Peter Anderson, CI president. “While all of these firms have been of high quality, it is imperative that CI streamline its overall lineup of funds and portfolio managers. MFS is a very strong and prestigious U.S. money management firm and we are pleased to keep them as portfolio adviser to CI World Equity Fund.”

Anderson noted that the funds affected by these changes are all candidates to be merged into similar funds with the goal of reducing costs for their unitholders by creating larger, more efficient funds.