Mr. Murray Oxby reports

CI GLOBAL ASSET MANAGEMENT COMPLETES EIGHT MUTUAL FUND AND ETF MERGERS

CI Financial Corp.'s CI Global Asset Management has completed the mergers of eight mutual funds and exchange-traded funds into other mandates. CI GAM has also confirmed the exchange ratios and the final reinvested distributions related to these mergers.

Additionally, CI GAM has implemented changes to CI Yield Enhanced Canada Aggregate Bond Index ETF and CI Yield Enhanced Canada Short-Term Aggregate Bond Index ETF, including changes to their investment objectives, names and underlying indexes, and reductions in their management fees to 0.07 per cent.

The changes, which were implemented after the close of business on April 5, 2024, were first announced in December, 2023, and approved by securityholders in March, 2024. They are part of CI GAM's strategy of modernizing its asset management business by streamlining and enhancing its product lineup.

Completed mergers

The completed mergers are listed herein. CI DoubleLine Core Plus Fixed Income US$ Fund, CI DoubleLine Income US$ Fund and CI DoubleLine Total Return Bond US$ Fund (as defined herein) are dual-class mandates, available in both mutual fund and ETF series.

Securityholders of each terminating fund have received the equivalent dollar value of units in the corresponding mutual fund series of the continuing fund as at April 5, 2024.

Securityholders of each terminating ETF or ETF series of each terminating fund have received units of the corresponding continuing ETF or ETF series of the continuing fund based on the stated exchange ratio, as set out in an attached table, for each security of the terminating ETF or ETF series of the terminating funds held as at April 5, 2024.

No fractional units of the continuing ETF or ETF series of the continuing fund, or cash in lieu thereof, were issued or paid pursuant to the mergers, except for mutual fund units of the continuing fund, where fractional units, or cash in lieu thereof, if applicable, were issued or paid pursuant to the mergers. The total number of units of the continuing ETF or ETF series of the continuing fund issued to each terminating ETF or ETF series of each terminating fund is also set out in an attached table.

The terminating funds and ETFs have now been terminated, and securities of the terminating ETFs and ETF series of terminating funds were delisted from the Toronto Stock Exchange at the close of business on April 5, 2024.

The mergers of CI DoubleLine Core Plus Fixed Income US$ Fund, CI DoubleLine Income US$ Fund and CI MSCI Canada Quality Index Class ETF were effected on a taxable basis, while the other mergers were effected on a tax-deferred basis. The costs and expenses associated with the mergers are being borne by CI GAM, not the terminating funds and ETFs.

Exchange ratios

Related distributions

The mergers resulted in the ETF series of certain mutual funds and ETFs paying distributions, as detailed herein. The ETF and ETF series distributions were not paid in cash but have been reinvested and the resulting securities immediately consolidated so that the number of securities held by each investor has not changed. The distributions were reinvested on April 5, 2024, to securityholders of record on April 4, 2024. If a series is not listed herein, it did not pay a distribution as a result of the mergers.

Other ETF changes

CI GAM has revised the investment objectives of CI Yield Enhanced Canada Aggregate Bond Index ETF and CI Yield Enhanced Canada Short-Term Aggregate Bond Index ETF, resulting in changes to the ETFs' underlying indexes and names, as described herein. Their tickers have not changed. CI GAM has also reduced the management fees of the two ETFs by more than half, to 0.07 per cent from 0.18 per cent. The new management fees are among the lowest in the Canadian market for Canadian bond ETFs:

• CI Yield Enhanced Canada Aggregate Bond Index has been renamed CI Canadian Aggregate Bond Index ETF, and the new underlying index is the FTSE Canada Universe Bond Index:
  • The new investment objective seeks to track, to the extent reasonably possible, the price and yield performance of a Canadian investment-grade bond index, before fees and expenses. Currently, the ETF seeks to track the FTSE Canada Universe Bond Index or any successor thereto.
• CI Yield Enhanced Canada Short-Term Aggregate Bond Index has been renamed CI Canadian Short-Term Aggregate Bond Index ETF, and the new underlying index is the FTSE Canada Short Term Overall Bond Index:
  • The new investment objective seeks to track, to the extent reasonably possible, the price and yield performance of a Canadian short-term investment-grade bond index, before fees and expenses. Currently, the ETF seeks to track the FTSE Canada Short Term Overall Bond Index or any successor thereto.

We seek Safe Harbor.