(April 5 – 15: 15 ET) – – C.I. Mutual Funds Inc. confirmed a proposal to merge C.I. Global Resources Sector Shares into C.I. Global Energy Sector Shares. As announced March 14, C.I. intends to merge the assets of C.I. Global Resource Sector Shares into C.I. Global Energy Sector Shares. Both funds are classes of convertible special shares of C.I. Sector Fund Limited, a mutual fund corporation.
C.I. intends to apply to have the C.I. US Money Market Fund registered as a registered investment under the Income Tax Act for registered plans. If registration is granted, this change will be made with retroactive effect from January 1, 2000 and units of the fund will not be foreign property for registered plans effective from that date.
Currently, units of C.I. US Money Market Fund are foreign property under the Tax Act for registered plans. As a result, units of the fund cannot be held by registered plans in excess of certain limits (currently, 25% and increasing to 30% after 2000) without attracting penalty tax.
The application for registration as a registered investment is being made in connection with the proposed merger of BPI U.S. Money Market Fund into C.I. US Money Market Fund announced March 14, 2000.
Nandu Narayanan of Trident Investment Management, LLC has been appointed lead manager of C.I. Developing Markets Fund (formerly Hansberger Developing Markets Fund) and C.I. Asian Fund (formerly Hansberger Asian Fund) (replacing Thomas Hansberger and Aureole Foong of Hansberger Global Investors, Inc., respectively), effective April 5, 2000.
-IE Staff