(April 17 – 16:50 ET) – ClaringtonFunds Inc. is proposing to merge two of its mutual funds into a third fund. Under the proposal, Clarington RSP Global Equity Index Fund and Clarington RSP Select Global Balanced will merge into Clarington RSP Global Equity Fund.

Unitholders of each terminating fund will exchange their units for units of the RSP Global Equity Fund on a dollar-for-dollar basis. Clarington says the merger will reduce duplication in its fund family while benefiting unitholders by creating a larger, more efficient fund.

Unitholders of the funds will be asked to approve the mergers at special meetings to be held in Toronto on or about June 15. Subject to approval, the mergers will take effect after the close of business on or about July 6.

Clarington says the mergers will occur on a tax free, rollover basis. The company intends to wind up the terminating funds as soon as reasonably possible following the mergers.