CI Global Asset Management

April 2025 Notice to Securityholders – Mubadala Capital to Take CI Financial Private

CI Global Asset Management (“CI GAM”) is a registered business name of CI Investments Inc., a wholly-owned subsidiary of CI Financial Corp.

CI Exchange-Traded Funds

The CI Exchange-Traded Funds (“CI ETFs”) are managed by CI GAM.

CI Prestige

CI Prestige is a unified brand which combines the CI Private Investment Management (“PIM”), CI Private Wealth (“CIPW”) and CI Preferred Pricing (“CIPP”) platforms under a single administrative process and simplified fee structure. Effective April 1, 2020, PIM, CIPW and CIPP were replaced by CI Prestige to support the alignment of these three programs and to reflect the strength of CI GAM’s high net worth offerings.

Prospectus Funds and Offering Memorandum Funds

Funds offered via prospectus such as mutual funds, exchange-traded funds (ETFs) and alternative funds (“Prospectus Funds”), or offering memorandum (“Offering Memorandum Funds”) can be purchased through an investment professional pursuant to a fund’s prospectus or offering memorandum, as applicable, by qualified investors. For example, only accredited investors may invest in funds sold via offering memorandum. Each purchaser of securities in a fund may have statutory or contractual rights of action. The information in these documents is subject to change without notice.

Each Prospectus Fund contains important information, including but not limited to its investment objectives, purchase options and applicable charges. You should read the relevant prospectus before making any investment decisions.

A copy of documents related to Prospectus Funds are available at no cost, through an investment professional, by contacting CI GAM toll-free at 1-800-792-9355 or by emailing service@ci.com. You can also find them at our website at www.ci.com.

Prospectus Funds and other investment products managed by CI GAM or its affiliates/subsidiaries are qualified for sale only in Canada. Neither a prospectus nor an offering memorandum constitutes an offer to sell or a solicitation in any jurisdiction where it is unauthorized or to any person to whom it would be unlawful.

Mutual Fund and ETF Rate of Return/Performance Disclaimer

Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the prospectus before investing. If you purchase or sell ETF securities on a recognized Canadian exchange, you will usually pay brokerage fees. Additionally, ETF securities may trade at a market price different from their net asset value.

The indicated rates of return (other than for money market funds and ETFs) are the historical annual compounded total returns net of fees and expenses payable by the fund or ETF (except for figures of one year or less, which are simple total returns). These returns reflect changes in security value and reinvestment of all dividends/distributions but do not account for sales, redemption, distribution, or optional charges, nor for income taxes payable by any securityholder, which would have reduced returns.

Money market funds and ETFs are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There is no assurance that they will maintain a constant net asset value per security or that the full amount of your investment will be returned to you. Mutual funds and ETFs are not guaranteed, their values fluctuate frequently, and past performance may not be repeated.  

Money Market Annualized Yield Disclaimer

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing.

Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount, or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.

The annualized historical yield is based on the average return over seven-day period (net of fees and expenses payable by the fund) and does not represent an actual one-year return.

Current yield is calculated for the most current seven-day period.

Fund with Index Performance Disclaimer

The indicated rates of return are the historical annual compounded total returns, including changes in unit value and reinvestment of all distributions, and do not take into account sales, redemption, distribution or optional charges, or income taxes payable by any securityholder that would have reduced returns. Additionally, index returns do not take into account management, operating, or trading expenses. The rates of return above are not indicative of future returns. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. The indexes are not directly investible. Only the returns for periods of one year or greater are annualized returns.

Liquid Alternative

Liquid alternative mutual funds have the ability to invest in asset classes or use investment strategies that are not permitted by conventional mutual funds. The specific strategies that differentiate these funds from conventional mutual funds include increased use of derivatives for hedging and non-hedging purposes; increased ability to sell securities short; and the ability to borrow cash to use for investment purposes. While these strategies will be used in accordance with the funds’ investment objectives and strategies, during certain market conditions they may accelerate the pace at which your investment decreases in value.

Annualized Distribution Yield

The annualized historical yield is based on the average return over seven-day period (net of fees and expenses payable by the fund) and does not represent an actual one-year return.

Distributions Disclaimer

Funds managed by CI GAM may distribute net income, capital gains and/or a portion of the money you originally invested. Any distribution made in excess of the fund’s cumulative income generated since the fund’s inception represents a return of capital. Return on capital should not be confused with a fund’s yield (which is the income return on an investment). The monthly/quarterly distribution rate may change at any time if market conditions change. CI GAM will determine the distribution amounts by looking at the net asset value or the unit/share price, as applicable, on December 31 of the previous year. The funds will seek to provide securityholders with the distributions on a monthly/quarterly basis however this not guaranteed. CI GAM intends to determine the amount of the distributions from time to time taking into account various factors including market conditions, fund’s expenses, return on underlying securities and target distributions for the relevant series. Unless requested to pay the distributions in cash, those will be reinvested in additional units or shares of the same series of the same fund. Any distribution made in excess of the fund’s cumulative income generated since the fund’s inception represents a return of capital.

General Market Commentary

This notice is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Every effort has been made to ensure that the material on this website is accurate at the time of publication. Market conditions may change which may impact the information on this website. All charts and illustrations on this website are for illustrative purposes only. They are not intended to predict or project investment results. Individuals should seek the advice of investment professionals, as appropriate, regarding any particular investment. Investors should consult their investment advisors prior to implementing any changes to their investment strategies. 

Forward-looking statements

Certain statements on the website are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS on the website are based upon what CI GAM and the portfolio manager believe to be reasonable assumptions, neither CI GAM nor the portfolio manager can assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.

The forward-looking information on this website is current only as of the date the statement was made. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

Trade Matching Statement

National Instrument 24-101, Institutional Trade Matching and Settlement (NI 24-101) provides a framework in provincial securities legislation for ensuring more efficient and timely settlement processing of trades with respect to institutional trades. The trade matching statement is a written statement signed by a trade-matching party confirming it establishes, maintains and enforces policies and procedures designed to achieve matching in accordance with NI 24-101. For a copy of CI GAM’s Trade Matching Statement, see National Instrument 24-101: Institutional Trade Matching and Settlement – Trade Matching Statement

Investments by the funds in CI Financial Corp. and other related companies and other conflict disclosures

The mutual funds managed by CI GAM have received permission from the Canadian securities regulators to invest in securities of CI Financial Corp. and other related companies (each a “Related Company”). In connection with such investments, CI GAM has established an independent review committee (the “IRC”). The current members of the IRC can be found in the most recent prospectus or annual information form of each fund managed by CI GAM.

Each member of the IRC is independent of CI GAM in that none of the members has a direct or indirect material relationship with CI GAM, a fund or any of their respective associates or affiliates. The purpose of the IRC is to review the decisions made on behalf of each fund to purchase, sell or continue to hold securities of a Related Company and to form an opinion whether such decisions were, and continue to be, in the best interest of the fund and: (a) represent the business judgment of the fund’s portfolio advisor, uninfluenced by considerations other than the best interests of the fund, (b) have been made free from any influence by a Related Company and without taking into account any consideration relevant to a Related Company, and (c) do not otherwise exceed the limitations of applicable law. The IRC will advise the Canadian securities regulators if the IRC determines that any investment does not meet the criteria described above, or if any other condition of the permission to make such investments has not been satisfied, together with any action that the IRC or the fund’s portfolio advisor has taken or proposes to take following such a determination.

In carrying out their responsibilities, the members of the IRC will exercise their powers and discharge their duties honestly, in good faith and in the best interests of the funds and, in so doing, will exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in the circumstances. All members of the IRC are paid a fixed annual fee which is allocated to all mutual funds under our management (generally pro rata based upon their relative net asset values). Members of the IRC are also reimbursed for their expenses which are typically nominal and associated with travel and the administration of meetings. There is no intention to pay the members of the IRC any other compensation in addition to their usual compensation as members of the IRC.

For a list of related and connected issuers of CI GAM, see CI GAM's Related and Connected Issuers.

For a list of related registrants of CI GAM, see List of Related Registrants.

For other conflict disclosures, see CI GAM Conflicts of Interest Disclosure.

Morningstar Star Ratings

Morningstar Ratings reflect performance as of a particular date and are subject to change monthly. The ratings are calculated from a fund’s 3, 5 and 10-year returns measured against 91-day Treasury bill and peer group returns. For each time period the top 10% of the funds in a category get five stars. The Overall Rating is a weighted combination of the 3, 5 and 10-year ratings. For greater detail, see www.morningstar.ca.

FundGrade A+® Award Methodology

FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.fundgradeawards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data on this website, the accuracy is not guaranteed by Fundata.

Lipper Fund Awards Methodology

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see www.lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data on this website, the accuracy is not guaranteed by LSEG Lipper.

Brendan Wood TopGun

The Brendan Wood TopGuns recognition is given to buy-side analysts through voting of sell-side professionals casting their ballots for the investors they personally believe to be the leaders of thought in the industry during the past year. TopGuns are those that garnered the upper decile of sell-side nominations. All TopGuns recognitions are subjective judgments and opinions, based on the experience of Brendan Wood and on information obtained by them from third parties on whose responses they have relied in good faith. There has been independent verification by Brendan Wood. TopGun rankings are published by Brendan Wood International (BWI), a global intelligence-based advisory firm. For more information, see www.topgunpress.com or www.brendanwood.com.

Morningstar

Morningstar® is a registered trademark of Morningstar, Inc. The securities of each applicable CI ETF are not in any way sponsored, endorsed, sold or promoted by Morningstar or any of its affiliates (collectively, "Morningstar"), and Morningstar makes no representation or warranty, express or implied, regarding the advisability of investing in securities generally or in the applicable CI ETFs.

FTSE

"FTSE®" is a trademark of the London Stock Exchange Group companies and is used by FTSE Global Debt Capital Markets Inc. (“FTDCM”) under license. The mark has been sublicensed for use for certain purposes to CI GAM by FTDCM. The applicable CI ETFs are not in any way sponsored, endorsed, sold or promoted by FTDCM, FTSE International Limited ("FTSE"), the London Stock Exchange Group companies or TSX Inc.

MSCI

The MSCI indexes have been licensed for use for certain purposes by CI GAM. The applicable CI ETFs or securities referred on this website are not sponsored, endorsed, or promoted by MSCI Inc. (“MSCI”), and MSCI bears no liability with respect to the applicable CI ETFs or securities or any index on which the applicable CI ETFs or securities are based. The disclosure documents of the applicable CI ETFs contain a more detailed description of the limited relationship MSCI has with CI GAM and any related ETFs.

Vettafi Indexes Disclaimer

Alerian, VettaFi and VettaFi indexes are service marks of VettaFi LLC (“VettaFi”) and have been licensed for use by CI GAM. The applicable CI ETFs are not issued, sponsored, endorsed, sold or promoted by VettaFi or its affiliates. VettaFi makes no representation or warranty, express or implied, to the purchasers or owners of the applicable CI ETFs or any member of the public regarding the advisability of investing in securities generally or in the applicable CI ETFs particularly or the ability of the VettaFi indexes to track general market performance. VettaFi’s only relationship to the applicable CI ETFs is the licensing of the service marks and the VettaFi indexes, which is determined, composed and calculated by VettaFi without regard to CI GAM or the applicable CI ETFs. VettaFi is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the applicable CI ETFs issued by CI GAM. VettaFi has no obligation or liability in connection with the issuance, administration, marketing or trading of the applicable CI ETFs.

Solactive Disclaimer

Solactive AG ("Solactive") is the licensor of Solactive indexes (the “Solactive Indexes”). The financial instruments that are based on the Solactive Indexes are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Solactive Indexes; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Solactive Indexes. Solactive does not guarantee the accuracy and/or the completeness of the Solactive Indexes and shall not have any liability for any errors or omissions with respect thereto. Notwithstanding Solactive’s obligations to its licensees, Solactive reserves the right to change the methods of calculation or publication with respect to the Solactive Indexes and Solactive shall not be liable for any damages, including, without limitation, any loss of profits or business, or any special, incidental, punitive, indirect or consequential damages suffered or incurred as a result of the use (or inability to use) of the Solactive Indexes.

S&P Disclaimer

The S&P index (the “S&P Index”) underlying the applicable CI ETF managed by CI GAM is proprietary to S&P Dow Jones Indices LLC (“S&P DJI”). S&P® and the names identifying the S&P Index are trademarks of Standard & Poor’s Financial Services LLC and have been licensed for use by S&P DJI and sublicensed for certain purposes by CI GAM. The applicable CI ETF based on the S&P Index is not in any way sponsored, endorsed, sold or promoted by S&P DJI, its affiliates or licensors, and those parties make no representations or warranties, express or implied, regarding the advisability of investing in securities generally or in the applicable CI ETF particularly or the ability of the S&P Index to track general market performance.

Bloomberg Disclaimer

BLOOMBERG® and the indexes referenced on this website (the “Bloomberg Indexes”, and each such index, a “Bloomberg Index”) are trademarks or service marks of the Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Bloomberg Index (collectively, “Bloomberg”) and/or one or more third-party providers (each such provider, a “Third-Party Provider”) and have been licensed for use for certain purpose to CI GAM. To the extent a Third-Party Provider contributes intellectual property in connection with the Bloomberg Index(es), such third-party products, company name and logos are trademarks or service marks, and remain the property, of such Third-Party Provider. Bloomberg is not affiliated with CI GAM or a Third-Party Provider, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced on this website (the “Financial Products”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Indexes or the Financial Products.

WisdomTree Disclaimer

CI GAM is licensed by WisdomTree Inc. to use certain WisdomTree indexes (the “WisdomTree Indexes”) and WisdomTree marks. “WisdomTree®” is a registered trademark of WisdomTree Inc. and WisdomTree Inc. has patent applications pending on the methodology and operation of its indexes. The applicable CI ETFs referring to such indexes (the “WT Licensee Products”) are not sponsored, endorsed, sold, or promoted by WisdomTree Inc., or its affiliates ("WisdomTree"). WisdomTree makes no representation or warranty, express or implied, and shall have no liability regarding the advisability, legality (including the accuracy or adequacy of descriptions and disclosures relating to the WT Licensee Products) or suitability of investing in or purchasing securities or other financial instruments or products generally, or of the WT Licensee Products in particular (including, without limitation, the failure of the WT Licensee Products to achieve their investment objectives) or regarding use of such indexes or any data included on this website.

ivari

ivari is the sole issuer of the individual variable annuity contracts providing for investment in CI Guaranteed Investment Funds and Legacy Funds. A description of the key features of the applicable individual variable annuity contract is contained in the CI Guaranteed Investment Funds or Legacy Funds Information Folder.

TMivari and the ivari logos are trademarks of ivari Holdings ULC. ivari is licensed to use such marks. All trademarks used under license

Foresters Life Insurance Co.

Foresters Life Insurance Co. has entered into an agreement with CI GAM pursuant to which CI GAM is responsible for certain marketing and administrative services in relation to the CI Segregated Funds. Foresters Life Insurance Co. established the individual variable annuity contract providing for investment in the CI Segregated Funds. A description of the key features of the individual variable annuity contract is contained in the CI Segregated Funds Information Folder.

Sun Life Assurance Company of Canada

Sun Life Assurance Company of Canada, a member of the Sun Life group of companies, is the sole issuer of the individual variable annuity contracts providing for investment in SunWise, SunWise Elite, SunWise Essential Series and Clarica segregated funds. A description of the key features of the applicable individual variable annuity contract is contained in the SunWise or Clarica Information Folder. SunWise and Clarica are registered trademarks of Sun Life Assurance Company of Canada.

Any amount that is allocated to a segregated fund is invested at the risk of the contract owner and may increase or decrease in value. Please read the applicable information folder, contract and fund facts before investing.

If you are a Canadian resident, you can obtain the applicable information folder from a licensed life agent or from CI GAM toll-free by calling 1-800-268-9374.

Trademarks

Certain names, words, titles, phrases, logos, icons, graphics, or designs on this site may constitute trade names, registered or unregistered trademarks or service marks of CI GAM, its subsidiaries, or affiliates, used with permission. All other marks are the property of their respective owners and are used with permission.