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CI Global Asset Management Announces Securityholder Approval of Fund Mergers and Other Product Changes

T.CIX | March 25, 2024

CI GAM to significantly reduce fees on five asset allocation funds

CI Global Asset Management(“CI GAM”) announces it has received securityholder approval for a series of enhancements to its product lineup, including the merger of 11 mutual funds into other mutual funds and changes to the investment objectives of the CI Personal Portfolios.

CI GAM is also renaming the CI Personal Portfolios and significantly reducing their combined management and administration fees.

The proposed changes, which are part of CI GAM’s strategic initiative to modernize, enhance and streamline its product lineup, were first announced on December 15, 2023. They were approved by securityholders at meetings held on March 20 and 22, 2024 and will be implemented after the close of business on or about April 12, 2024.

Fund mergers

CI GAM will be proceeding with the following mutual fund mergers (the “Mergers”):

Terminating Fund	Continuing Fund
CI Asian Opportunities Fund	CI Emerging Markets Fund
CI Asian Opportunities Corporate Class	CI Emerging Markets Corporate Class
CI Global Quality Dividend Managed Corporate Class	CI Global Dividend Corporate Class
CI Global Quality Dividend Managed Fund	CI Global Dividend Fund
CI Real Income 1941-45 Class	CI Select Income Managed Corporate Class
CI Real Income 1946-50 Class	CI Select Income Managed Corporate Class
CI Real Income 1951-55 Class	CI Select Income Managed Corporate Class
CI Real Growth Pool Class	CI Select Global Equity Corporate Class
CI Real Long Term Income Pool Class	CI Canadian Bond Corporate Class
CI Real Mid Term Income Pool Class	CI Canadian Bond Corporate Class
CI Real Short Term Income Pool Class	CI Canadian Bond Corporate Class

All of the Mergers will be effected on a taxable basis, with the exception of the CI Asian Opportunities Fund and CI Global Quality Dividend Managed Fund Mergers, which will be implemented on a tax-deferred basis.

In all cases, the combined management and administration fees with respect to each series of the continuing funds are the same as or lower than the combined management and administration fees that are currently payable by the corresponding series of the terminating funds. The costs and expenses associated with the Mergers are being borne by CI GAM, not the funds. None of the Mergers will result in a change of portfolio management teams.

The Independent Review Committee for the funds reviewed the proposed Mergers with respect to potential conflict of interest matters and provided its positive recommendation or approval, as applicable, having determined that the Mergers achieve a fair and reasonable result for each of the funds.

Changes to the CI Personal Portfolios

The CI Personal Portfolios are a family of five corporate class funds designed to meet a spectrum of investor profiles ranging from defensive income to growth. CI GAM will be repositioning the funds so that they effectively become corporate class versions of the CI Mosaic ETF Portfolios, a family of asset allocation mutual funds that invest in ETFs to achieve similar investor profiles.

The investment objectives and names of each CI Personal Portfolio will be changed to align with the appropriate CI Mosaic ETF Portfolio, as described below. The fund codes and risk ratings are not changing. CI GAM will also reduce the combined management and administration fees payable by investors in the CI Personal Portfolios. The maximum reduction will be 32 basis points for CI Defensive Income Personal Portfolio, 39 basis points for CI Conservative Income Personal Portfolio and CI Balanced Income Personal Portfolio and 47 basis points for CI Growth & Income Personal Portfolio and CI Growth Personal Portfolio.

CI Defensive Income Personal Portfolio will be renamed CI Mosaic Income ETF Portfolio Class. Its new investment objective is to provide a balance between income and capital growth, with a focus on capital preservation over the medium to long-term, by investing primarily in a diversified portfolio of fixed income and equity exchange-traded funds.

CI Conservative Income Personal Portfolio is being renamed CI Mosaic Balanced Income ETF Portfolio Class. Its new investment objective is to provide a balance between income and long-term capital growth, with a bias towards income, by investing primarily in a diversified portfolio of fixed income and equity exchange-traded funds.

CI Balanced Income Personal Portfolio is being renamed CI Mosaic Balanced ETF Portfolio Class. Its new investment objective is to provide a balance between income and long-term capital growth, by investing primarily in a diversified portfolio of equity and fixed income exchange-traded funds.

CI Growth & Income Personal Portfolio is being renamed CI Mosaic Balanced Growth ETF Portfolio Class. Its new investment objective is to provide long-term capital growth, by investing primarily in a diversified portfolio of equity and fixed income exchange-traded funds.

CI Growth Personal Portfolio is being renamed CI Mosaic Growth ETF Portfolio Class. Its new investment objective is to provide long-term capital growth, by investing primarily in a diversified portfolio of equity exchange-traded funds.

About CI Global Asset Management

CI Global Asset Management (“CI GAM”) is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI GAM is a subsidiary of CI Financial Corp. (TSX: CIX), an integrated global asset and wealth management company with approximately $465.9 billion in assets as at February 29, 2024.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund and exchange-traded fund (ETF) investments. Please read the prospectus before investing. Mutual funds and ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.

This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase mutual funds managed by CI Global Asset Management and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor.

Certain statements in this document 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 contained herein are based upon what CI Global Asset Management believes to be reasonable assumptions, CI Global Asset Management cannot 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.

CI Mosaic ETF Portfolios are managed and advised by CI GAM Multi-Asset, a division of CI Global Asset Management.

The CI Exchange-Traded Funds (ETFs) are managed by CI Global Asset Management, a wholly owned subsidiary of CI Financial Corp. (TSX: CIX).

CI Global Asset Management is a registered business name of CI Investments Inc.