(March 14 – 09:45 ET) – C.I. Mutual Funds Inc. is proposing to merge several mutual funds. The proposal follows the acquisition last year of BPI Financial Corporation by C.I. Fund Management Inc., the parent company of C.I.

“The mergers will benefit our securityholders while allowing C.I. to streamline its lineup of mutual funds,” says Peter Anderson, president of C.I. Mutual Funds Inc. “At the same time, C.I. will continue to offer an industry-leading selection of mutual funds.”

Under the proposal, the assets of nineteen fund will be merged into certain other funds. For example, the Signature Canadian Balanced Fund will be terminated and the BPI Income and Growth Fund will continue as the Signature Canadian Balanced Fund. The Harbour Explorer Fund will be terminated and the BPI Canadian Small Companies Fund will be continued as the Signature Explorer Fund. For a complete listing click through to the press release.

Securityholder holdings in each terminating fund will be exchanged, on a dollar-for-dollar basis, for securities of the continuing fund into which it is merging. The terminating funds shall be wound up as soon as reasonably possible after the mergers.

C.I. will also be seeking securityholder approval to amend the investments of Harbour Explorer Sector Shares. Currently, the principal investment objective of Harbour Explorer sector shares is to obtain maximum long-term capital growth through primary investments in Harbour Explorer Fund, which C.I. has proposed merging into BPI Canadian Small Companies Fund. As a result of the merger, it is necessary to amend the primary investments of Harbour Explorer Sector Shares to permit future investments in BPI Canadian Small Companies Fund. C.I. also intends to change the name of Harbour Explorer Sector Shares to Signature Explorer Sector Shares.

C.I. will be seeking the approval of Securityholders, and where applicable, regulatory approval, for the mutual fund mergers and change in primary investments at special meetings to be held on May 15, 2000, in Toronto, Ontario. Subject to such approval, these changes will take effect on or about July 8, 2000.

C.I. also announced that it has appointed Andrew Waight of C.I. as lead manager of Hansberger Global Small Cap Fund, replacing Retz Reeves of Hansberger Global Investors, Inc., effective April 1, 2000. In addition, C.I. has appointed Nandu Narayanan of Credit Suisse Asset Management, LLC as lead manager of Hansberger Developing Markets Fund and Hansberger Asian Fund, effective April 1, 2000, replacing Thomas Hansberger and Aureole Foong of Hansberger Global Investors, Inc., respectively.
-IE Staff