IA Clarington Announces Investor Approval of Fund Mergers



    TORONTO, June 10 /CNW/ - IA Clarington Investments Inc. ("IA
Clarington"), today announced that the fund mergers of its mutual funds
announced in March 2009 have been approved by investors and were completed on
June 5, 2009.
    "By streamlining our fund offering, we believe clients will be better
served," said David Scandiffio, President of IA Clarington. "The goal of these
mergers is to focus on the strengths of key managers both within our internal
investment capabilities as well as among leading external managers. In several
cases these changes will also benefit investors through a reduction in
management fees."
    As a result of the mergers, the Terminating Funds listed below were
merged into the applicable Continuing Funds, effective June 5, 2009.

    
    -------------------------------------------------------------------------
    Terminating Fund                             Continuing Fund
    -------------------------------------------------------------------------
    IA Clarington Canadian Income Fund II
    -------------------------------------------  IA Clarington Monthly
    IA Clarington Canadian Growth & Income Fund  Income Balanced Fund
    -------------------------------------------
    IA Clarington Diversified Balanced Fund
    -------------------------------------------------------------------------
                                                 IA Clarington Diversified
                                                 Income Fund(*)
    IA Clarington Tactical Income Fund
                                                 (*)Renamed IA Clarington
                                                 Tactical Income Fund
    -------------------------------------------------------------------------
                                                 IA Clarington Navellier U.S.
                                                 All Cap Fund(*)
    IA Clarington U.S. Dividend Fund
                                                 (*)Renamed IA Clarington
                                                 Sarbit U.S. Equity Fund
    -------------------------------------------------------------------------
    IA Clarington Canadian Growth Fund           IA Clarington Canadian
                                                 Leaders Fund
    -------------------------------------------------------------------------
    IA Clarington Canadian Opportunities Fund    IA Clarington Canadian
                                                 Small Cap Fund
    -------------------------------------------------------------------------
    IA Clarington Canadian Value Fund            IA Clarington Dividend
                                                 Growth Fund
    -------------------------------------------------------------------------
    IA Clarington Core Portfolio                 IA Clarington Canadian
                                                 Equity Fund
    -------------------------------------------------------------------------
    (*)At the time of the mergers, the IA Clarington Diversified Income Fund
       was renamed IA Clarington Tactical Income Fund and the IA Clarington
       Navellier U.S. All Cap Fund was renamed IA Clarington Sarbit U.S.
       Equity Fund. The investment objectives of IA Clarington Tactical
       Income Fund (formerly IA Clarington Diversified Income Fund) have been
       amended so that they are identical to those of the terminating IA
       Clarington Tactical Income Fund. The investment objectives of IA
       Clarington Sarbit U.S. Equity Fund (Formerly IA Clarington Navellier
       U.S. All Cap Fund) have been amended so that they are substantially
       similar to those of the terminating Sarbit US Equity Trust. As well,
       the trailer fee rate for the Series T6 and Series T8 units of IA
       Clarington Monthly Income Balanced Fund purchased under the Front-End
       option increased to 1.00%, effective for sales starting June 5, 2009.
    

    The mergers were approved by unitholders of the Terminating Funds.
Additional changes were also approved by the unitholders of IA Clarington
Monthly Income Balanced Fund, IA Clarington Diversified Income Fund and IA
Clarington Navellier U.S. All Cap Fund. The meetings were held on May 29,
2009, other than the meeting for Sarbit US Equity Trust, which was held on
June 1, 2009.
    The mergers took place on June 5, 2009, and each of the Terminating Funds
was wound up immediately after the mergers.
    Effective June 5, 2009, QV Investors Inc. ("QV Investors") was appointed
as sub-advisor to IA Clarington Canadian Balanced Fund.
    In addition, IA Clarington intends to remove Global Currents Investment
Management, LLC as sub-advisor on the IA Clarington Global Value Fund, to be
succeeded by the international equity team at Industrial Alliance Investment
Management ("IAIM").
    "We are pleased to offer outstanding managers such as QV Investors, Ben
Cheng of Catapult Financial Management Inc., Larry Sarbit of Sarbit Advisory
Services Inc. and the IAIM team," said Mr. Scandiffio. "We continually strive
to bring the most experienced and proven investment managers to our
investors."

    About IA Clarington Investments Inc.

    IA Clarington Investments Inc., a subsidiary of Industrial Alliance
Insurance and Financial Services Inc., markets a wide range of investment
products, including mutual funds, segregated funds, principal protected notes
and closed-end funds managed by leading Portfolio Advisors. IA Clarington
managed over $6 billion in assets as at May 31, 2009.




For further information:

For further information: Eric Frape, Senior Vice-President, Product and
Business Development, IA Clarington Investments Inc., (416) 860-9880,
Toll-Free 1-888-860-9888, Email: eric.frape@iaclarington.com

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IA Clarington Investments Inc

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