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Guardian i3 US Quality Growth ETF

Series

GIQU
GIQU.B
NAV: 02/22/2024
CAD $26.82
DAILY
3.38%

Overview

The Guardian i3 US Quality Growth ETF is designed to create wealth through identifying high-quality and defensive US equities with sustainable earnings growth and avoiding areas of weakness. Fusing artificial intelligence, human intelligence and innovation, the i3 fusion process produces a long-only equity strategy designed to deliver differentiated alpha and diversification, enhancing investment outcomes.

Fund Resources

  • Fund Commentary
  • Fund Facts & Regulatory Documents
    Asset Class: U.S. Equity
    Investor Journey:
    Total Fund AUM: CAD $8,328,692.12
    Management Fees: 0.55%
    MER: 0.71% **
    Risk Rating: Medium
    Inception Date: 08/11/2020

    Portfolio Managers

    Sri Iyer, MBA
    Managing Director, Head of i³ Investments™ - Guardian Capital LP
    Fiona Wilson, MBA, CFA
    Senior Portfolio Manager, i³ Investments™ - Guardian Capital LP
    Adam Cilio, FRM, CFA, MMF
    Senior Portfolio Manager and Engineer, i³ Investments™ - Guardian Capital LP

    Learn more about this fund

    Highlights

    KEY REASONS TO INVEST

    1. Quality & Growth Increases exposure to factors that have driven superior risk adjusted returns over the last 30 years.2
    2. Alpha Generation Uses big data and machine learning to aid in the prediction of sustainable earnings growth.
    3. Diversification Added geographies help to improve overall portfolio diversification while maintaining defensiveness.
    Annual Compound Performance
    1M3M6MYTD1Y3Y5Y10YS.I.
    3.3020.0711.293.3030.955.07--6.75

    S.I. (Since Inception) is the performance since Inception Date.
    Information as of 01/31/2024.

    Growth of $10,000


    Information as of 01/31/2024.

    Historical Nav


    Information as of 01/31/2024.

    1. Source: Bloomberg as at Dec 31, 2020. Based on the risk metrics of the MSCI Style Indices used to represent “Quality” and “Growth” factors are the MSCI World Quality Index and the MSCI World Growth Index, respectively. Last 30 Years based on monthly data versus the broader MSCI World Index. Note: The MSCI World Quality Index was launched on Dec 18, 2012 and the MSCI World Growth Index was launched on Dec 08, 1997. Data prior to the launch date is back-tested by MSCI (i.e. calculations of how the index might have performed over that time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of future performance.

    The i3 InvestmentsTM Team is a portfolio management team with Guardian Capital LP, that combines artificial intelligence and human intelligence to provide a modern approach to portfolio construction, incorporating the advantages of big data with the experience and perspective of our investment team. Investment strategies which rely on predictive artificial intelligence and quantitative models may perform differently than expected as a result of, among other things, the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends and technical issues in the construction and implementation of the models. Please consider these and other factors carefully and not place undue reliance on modeled information. There is no guarantee that the use of the quantitative model will result in effective investment decisions, as the simulated results are subject to inherent limitations.

    Disclaimer: The information contained on this Fund page is designed to provide you with general information related to the mutual fund or ETF (the “Fund”) and is not intended to be comprehensive investment advice applicable to the circumstances of the individual. We strongly recommend you to consult with a financial advisor prior to making any investment decisions.

    MER as of June 30, 2023.

    ** The Manager absorbed some of the Fund's expenses, if it had not done so the MER would have been higher.

    The Inception Date is the start date of investment performance for the Fund and may not coincide with the date the Fund or series was first offered for sale under a prospectus or its legal date of creation.

    The Historical NAV (net asset value) chart above does not represent the performance of the Fund. It is shown to illustrate the daily movement of the NAV per Unit, which includes certain fees and expenses of the Fund but does not include reinvested distributions. FOR ETFs ONLY: Please note that an ETF’s Units trade on the TSX, where investors will generally buy and sell the ETF’s Units at Market Price, which may be more or less than the value of the daily NAV. The NAV and the Market Price do not include any brokerage commissions or other trading fees, which may be incurred by an investor for buying or selling Units of the ETF.

    The Risk Rating classification of the Fund has been determined in accordance with a standardized risk classification methodology in National Instrument 81-102, which is based on the Fund’s historical volatility as measured by the 10-year standard deviation of the Fund’s returns. Where a fund has offered securities to the public for less than 10 years, the standardized methodology requires that the standard deviation of a reference mutual fund or index that reasonably approximates the fund’s standard deviation be used to determine the fund’s risk rating. Please note that historical performance may not be indicative of future returns and the Fund’s historical volatility may not be indicative of future volatility.

    The Management Fee is the fee paid to the Fund’s Manager for managing the investment portfolio and for the day-to-day operations of the Fund.

    The Management Expense Ratio ("MER") represents the trailing 12-month management expense ratio, which reflects the cost of running the Fund, inclusive of applicable taxes including HST, GST and QST (excluding certain portfolio transaction costs) as a percentage of daily average net asset value the period, including the Fund’s proportionate share of any underlying fund(s) expenses, if applicable. The MER reported herein is from the Fund’s most recent Management Report of Fund Performance ("MRFP").

    The Rate of Return indicated in the charts above are used only to illustrate the effects of the compound growth rate and are not intended to reflect the future value of the Fund or returns on investment in the Fund.

    The Growth of $10,000 chart shows the final value of a hypothetical $10,000 investment in securities of this series of the Fund as at the end of the investment period indicated and is not intended to reflect future values or returns on investment in such securities.

    Material Events: For any major events that may affect the performance of a Fund in the last 10 years, including, where applicable, its participation in an amalgamation or merger with another fund or a change in its investment objectives or portfolio advisor, please refer to the Fund’s most recent prospectus in the section entitled "Name, Formation and History of the Funds". The performance of a Fund may have been different had events such as these not taken place.

    Responsible Investing: Guardian Capital LP is a signatory of the United Nations-supported Principles of Responsible Investment (UN PRI). The UN PRI does not prescribe the exclusion of any particular type of company or industry; rather it requires that, as the Manager, we are informed on the ESG issues, and that we are comfortable with the activities and practices of the companies that we invest in. Guardian’s approach to responsible investing is consistent with the framework provided by the UN PRI. Our Responsible Investing policies are publicly available on our website at https://www.guardiancapital.com/investmentsolutions/responsible-investing/

    Responsible investing is an approach to investing that incorporates ESG considerations into investment decisions. This approach may incorporate considerations beyond traditional financial information into the investment selection process, which could result in investment performance deviating from other products with comparable objectives or from broad market benchmarks.

    Guardian’s Sustainable Funds and GEM Pools have ESG-related investment objectives, while other Guardian Mutual Funds and ETFs do not have ESG-related investment objectives. All Guardian Funds integrate ESG considerations into the investment analysis of all holdings within their respective portfolio. A Fund’s ESG characteristics and performance may change from time to time. Please review the Fund’s prospectus for details on how the Fund’s investment strategy incorporates responsible investing considerations and the associated risks, and consult your financial professional prior to investing.

    Glossary of Financial Terms: For more information on the financial terms used in this section, please refer to the Glossary of Financial Terms on our website at: https://www.guardiancapital.com/glossary-of-terms/

    Historic disclosure documents for the Fund may be found on the SEDAR+ website at www.SEDARPLUS.ca or may also be obtained, free of charge, by contacting us at 1 (866) 383-6546 or insights@guardiancapital.com.

    2. Source: Bloomberg as at Dec 31, 2020. Based on the risk metrics of the MSCI Style Indices used to represent “Quality” and “Growth” factors are the MSCI World Quality Index and the MSCI World Growth Index, respectively. Last 30 Years based on monthly data versus the broader MSCI World Index. Note: The MSCI World Quality Index was launched on Dec 18, 2012 an the MSCI World Growth Index was launched on Dec 08, 1997. Data prior to the launch date is back-tested by MSCI (i.e. calculations of how the index might have performed over that time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of future performance.

    Portfolio
    38040001

    Top Holdings

    As of 01/31/2024
    Ranks Holdings % Asset Mix
    1NVIDIA CORPORATION6.71
    2AMAZON.COM INC.6.43
    3MICROSOFT CORPORATION6.25
    4ALPHABET INC. CLASS 'C'6.12
    5COSTCO WHOLESALE CORPORATION5.34
    6BROADCOM INC.5.12
    7APPLE INC.5.12
    8CADENCE DESIGN SYSTEMS INC.5.02
    9SERVICENOW INC.3.31
    10AUTODESK INC.2.97
    Geographic Breakdown
    As of 01/31/2024
    Sector Breakdown
    As of 01/31/2024
    ESG

    Morningstar® Sustainability Rating™

    Above Average
    Relative to Category:
    US Equity Large Cap Growth
    # of Funds in Category:
    1575

    Morningstar®
    Low Carbon Designation™

    Low Carbon Badge

    As of 2023-11-30

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    Source: Morningstar® Essentials™. The Sustainability Rating is based on the Portfolio Corporate and Sovereign Sustainability Scores listed below, while the Low Carbon Designation is based on the Carbon Risk Score and Fossil Fuel Involvement listed below. Please click here to read the Definitions of the Morningstar® Ratings, Scores and their methodologies below , which includes information about when a rating may not be received.

    Responsible investing for a sustainable world

    Guardian Capital LP is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI) and as such we are obligated to incorporate ESG issues into our investment analysis and decision-making processes. The UN PRI does not prescribe the exclusion of any particular type of company or industry; rather it requires that we are informed on the ESG issues, and that we are comfortable with the activities and practices of the companies that we invest in.

    Click here to learn more

    Pri Badge IFRS Logo

    Sustainability Score as of 2020-07-31. Sustainability Rating as of 2020-06-30. Sustainalytics provides company-level analysis used in the calculation of Morningstar’s Sustainability Score. Sustainability Mandate information is derived from the fund prospectus.

    Morningstar® Portfolio Sustainability Score™

    This score between 0-100, measures the degree to which the underlying portfolio of companies are exposed to material ESG factors that can negatively impact economic value. A lower score represents a lower degree of sustainability risk.

    Fund Category Average
    Portfolio Corporate Sustainability Score™ 19.53 20.46
    Portfolio Sovereign Sustainability Score™ 0.00 13.50

    Source: Morningstar® Essentials™ based on long positions only as at 2023-11-30. Sustainalytics provides company level analysis used in the calculation of Morningstar’s Sustainability Score. The proportional relative contribution to the overall Morningstar Sustainability Rating from the Fund’s Corporate and Sovereign positions is 100.00% and 0%, respectively. These scores are based on the percent of Eligible Portfolio Covered, which is 99.39% of Corporate positions and is 0% of Sovereign positions. For a description of the Morningstar Portfolio Sustainability Scores, please see the disclaimer below by clicking here

    Source: Morningstar® Essentials™ based on long positions only as at 2023-11-30. Sustainalytics provides company level analysis used in the calculation of Morningstar’s Sustainability Score. The proportional relative contribution to the overall Corporate Sustainability Score from the Fund’s ESG allocation is 20.17% Environmental, 44.74% Social, 35.09% Governance and 0.00% Unallocated Risk, respectively. For a description of the Morningstar Sustainability Pillar Scores, please see the disclaimer below by clicking here.


    Source: Morningstar® Essentials™ based on long positions only as at 2023-11-30. These scores are based on the percent of Eligible Portfolio Covered, which is 97.87% for Carbon Risk and is 97.87% for Fossil Fuel Involvement. For a description of the Morningstar Portfolio Carbon Risk Scores and Fossil Fuel Involvement, please see the disclaimer below by clicking here.


    Source: Morningstar® Essentials™ based on long positions only as at 2023-11-30. Sustainalytics provides company level analysis used in the calculation of Morningstar’s Sustainability Score. *Percentages represent the contribution to overall Carbon Risk Score. For a description of the Fund’s Distribution of Carbon Risk, please see the disclaimer below by clicking here.


    To review the historical 12 month history of the Fund’s ratings, rankings and scores, based on the Morningstar® Sustainability Rating for Funds Methodology and Morningstar® Low Carbon Designation Methodology, please click here.

    *Please note that the Morningstar® Sustainability Rating and the Morningstar® Low Carbon Designation, and any other rankings and scores, are updated monthly, typically 45 days after each month-end. The Fund’s ESG data presented may not be as recent as the Fund’s performance or holdings data.



    A Fund will not be assigned a fund-level ESG rating, ranking or score by Morningstar® if it is new or does not have a sufficient enough portion of its assets under management qualified for rating according to Morningstar®'s Sustainability Rating for Fund Methodology and/or the Morningstar® Low Carbon Designation Methodology, as applicable (see below for each methodology). Excluded from qualified holdings are short positions, cash and currency, derivatives and synthetic holdings; similarly, municipal bonds, commodities, real estate, and alternative investment types are not considered corporate or sovereign and are not currently eligible to contribute toward the overall rating. The Morningstar® Sustainability Rating a Fund receives is determined relative to other funds in the same Morningstar® Global Category, and a Fund could have similar ESG risk to another fund yet still receive a different rating if those funds are in different Global Categories The Morningstar® Global Category assignments help investors search for investments domiciled across the globe which have similar attributes, as described in Morningstar’s Global Category Classifications found here: https://www.morningstar.com/content/dam/marketing/shared/research/methodology/860250-GlobalCategoryClassifications.pdf.

    The Fund’s Morningstar® Sustainability and Carbon ratings, rankings and scores evaluate the ESG aspects of the Fund’s portfolio holdings and do not evaluate the efficacy of the Fund’s ESG investment strategies and are not indicative of how well ESG considerations are integrated by the Fund. The full rating methodology employed by Morningstar® can be found on their website or by clicking on the following links: Morningstar® Sustainability Rating for Fund Methodology or the Morningstar® Low Carbon Designation Methodology A copy of the Morningstar® Sustainability Rating Methodology or Morningstar® Low Carbon Designation Methodology documents may also be obtained, free of charge, by contacting us at 1 (866) 383-6546 or insights@guardiancapital.com Other providers may also prepare ESG ratings and rankings of mutual funds and ETFs based on their own methodologies, which may differ from the methodology employed by Morningstar®.


    Guardian Capital LP is a signatory of the United Nations-supported Principles of Responsible Investment (UN PRI). The UN PRI does not prescribe the exclusion of any particular type of company or industry; rather it requires that, as the Manager, we are informed on the ESG issues, and that we are comfortable with the activities and practices of the companies that we invest in. Guardian’s approach to responsible investing is consistent with the framework provided by the UN PRI. Our Responsible Investing policies are publicly available on our website at https://www.guardiancapital.com/investmentsolutions/responsible-investing/

    Responsible investing is an approach to investing that incorporates ESG considerations into investment decisions. This approach may incorporate considerations beyond traditional financial information into the investment selection process, which could result in investment performance deviating from other products with comparable objectives or from broad market benchmarks.



    Guardian’s Sustainable Funds have ESG-related investment objectives, while other Guardian Mutual Funds and ETFs do not have ESG-related investment objectives. All Guardian Funds integrate ESG considerations into the investment analysis of all securities within their respective portfolio. A Fund’s ESG characteristics and performance may change from time to time. Please review the Fund’s prospectus for details on how the Fund’s investment strategy incorporates responsible investing considerations and the associated risks, and consult your financial professional prior to investing.

    Definitions and Summaries of the Morningstar® Ratings and Methodologies:

    The Morningstar® Sustainability Rating™ is a ranking of a fund’s ESG risks relative to that fund’s Morningstar® Global Category peers, and is updated monthly. It provides a measure of how well the issuing companies of the securities within a fund’s portfolio are managing their financially material ESG risks. The Morningstar® Sustainability Rating is depicted by globe icons where 5 globes equals High ranking (lower ESG risk) and 1 globe equals Low ranking (higher ESG risk) compared to category peers. A higher Sustainability Rating represents lower ESG risk relative to a fund's peer group.

    The Morningstar® Sustainability Rating is calculated from the combined proportional Portfolio Corporate Sustainability Rating and Portfolio Sovereign Sustainability Rating, for the trailing 12 months on long-only positions. A Morningstar® Sustainability Rating is assigned to any fund that has either or both a Corporate and Sovereign Portfolio Sustainability Score™, and which requires i) that at least 67.00% of the fund's underlying assets are Qualified Holdings that are eligible to be rated and ii) is within a Morningstar® Global Category with at least 30 scored funds; therefore, the rating is not limited to funds with explicit sustainable or responsible investment mandates. Excluded from Qualified Holdings are short positions, cash and currency, derivatives and synthetic holdings; similarly, municipal bonds, commodities, real estate, and alternative investment types are not considered corporate or sovereign and are not currently eligible to contribute toward the overall rating.

    Morningstar® Portfolio Sustainability Scores The Morningstar® Sustainability Rating framework, which was historically based on a single sustainability score, is now a modular approach, based on multiple sustainability sleeve scores to provide a more comprehensive assessment of ESG risk through multiple lenses. Morningstar® determines whether a fund’s eligible portfolio holdings can be classified under a Corporate or Sovereign framework, and each holding can only contribute to one, not both. In some cases, only one of the corporate and sovereign scores is calculated because the fund’s portfolio does not have sufficient sovereign or corporate exposure within its holdings.


    The Morningstar® Portfolio Corporate Sustainability ScoreTM is an asset-weighted average of Sustainalytics’ ESG Risk Ratings* for corporate issuers in a fund’s portfolio, based on 12-month historical holdings, updated monthly. The Sustainalytics' ESG Risk Rating measures the degree to which a company's economic value may be at risk driven by ESG factors. To receive a Portfolio Corporate Sustainability Score, at least 67.00% of a fund’s corporate issuer holdings (long positions only) must have an ESG Risk Rating. The Portfolio Corporate Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG risk. A fund with a lower score indicates lower ESG risk.


    The Morningstar® Portfolio Sovereign Sustainability ScoreTM is an asset-weighted average of Sustainalytics’ Country Risk Ratings* for sovereign issuers in a fund’s portfolio, based on 12-month historical holdings, updated monthly. The Sustainalytics' Country Risk Rating measures the risk to a country's long-term prosperity and economic development by assessing its wealth and its ability to managing its wealth sustainably. To receive a Portfolio Sovereign Sustainability Score, at least 67.00% of a fund's sovereign issuer holdings (long only) must have a Country Risk Rating. The Portfolio Sovereign Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in sovereign issuers with high ESG risk. A fund with a lower score indicates lower ESG risk.


    The Morningstar® Sustainability Pillar Scores™ are provided to help investors understand the contribution of each to a fund’s overall ESG risk, as it breaks out the Portfolio Corporate Sustainability Score for a fund into separate Environmental, Social, Governance and Unallocated ESG Risk pillars. It is based on Sustainalytics’ ESG Risk Ratings for corporate issuer securities, shown as a percentage of total, and is updated monthly.
    * The rating methodology employed by Sustainalytics can be found on their website or by clicking on the following links: ESG Risk Ratings Methodology Abstract https://connect.sustainalytics.com/hubfs/INV/Methodology/Sustainalytics_ESG%20Ratings_Methodology%20Abstract.pdf or Country Risk Rating https://connect.sustainalytics.com/hubfs/INV%20-%20Reports%20and%20Brochure/Product%20Brochures/Country%20Risk%20Rating.pdf


    The Morningstar® Low Carbon Designation™ is intended to allow investors to easily identify low-carbon funds across the global universe, and is calculated monthly. The designation is an indicator that the companies held in a fund’s portfolio are in general alignment with the transition to a low-carbon economy, and have low carbon risk scores and low levels of fossil fuel exposure.
    The Low Carbon Designation is assigned to funds with a Historical Carbon Risk Score below 10 and a Historical Fossil Fuel Percentage of Covered Portfolio Involved of less than 7.00%. For a fund to receive a Historical Carbon Risk Score and the Historical Fossil Fuel Percentage of Covered Portfolio Involved, the percentage of eligible portfolio covered must meet or exceed 67.00%, respectively.
    To determine Carbon Risk Scores and Fossil Fuel Involvement, Morningstar® uses Sustainalytics’ company-level data, based on the 12-month historical weighted averages. The Historical Carbon Risk Score measures the degree of material financial risk within a fund’s portfolio, calculated based on the underlying companies’ exposure to and management of material carbon issues. The Historical Fossil Fuel Involvement measures the percentage of a fund’s covered portfolio that is exposed to corporations that generate any revenue from involvement in fossil fuels.

    Portfolio Carbon Risk Score measures of the degree of material financial risk posed by the transition to a low carbon economy, and was designed to support investors in evaluating the degree of carbon-related risk within the fund. It is an asset-weighted score based on Sustainalytics’ Carbon Risk Rating* of the companies held in the fund’s portfolio, calculated monthly, based on the most recent 12-month trailing average. The Sustainalytics’ Carbon Risk Rating measures the degree to which a company’s enterprise value is at risk, driven by factors related to the transition to a low carbon economy, or more technically speaking, the magnitude of a company’s unmanaged carbon risks. A company’s ability to reduce emissions and mitigate carbon risk using various management strategies is deducted from their overall carbon risk exposure score. A lower overall Portfolio Carbon Risk Score means lower carbon risk. The Portfolio Carbon Risk Score is ranked from 0 (Low) to 50+ (Severe).

    Portfolio Fossil Fuel Involvement measures a portfolio’s exposure to companies involved in high-impact and conventional fossil fuels and is designed to highlight the percentage to which a fund’s portfolio is exposed to this most significant carbon risk, calculated monthly, based on the most recent 12-month trailing average. The Sustainalytics’ Fossil Fuels Involvement* examines a company’s involvement in conventional fossil fuels, such as thermal coal and oil & gas, as well as high-impact fossil fuels including oil sands, oil shale and arctic oil and gas. The Portfolio Fossil Fuel Involvement is shown as a percentage out of 100.00%, based on a rescaled, adjusted eligible portfolio of long positions less short positions.

    Fund’s Distribution of Carbon Risk shows the percent of the fund’s portfolio holdings with negligible, low, medium, high, or severe Carbon Risk Score as calculated by Sustainalytics, shown as a percentage of the fund’s total Portfolio Carbon Risk Score, calculated monthly, based on the most recent 12-month trailing average.
    *The rating methodology employed by Sustainalytics can be found on their website or by clicking on the following links: Carbon Risk Ratings and Research https://connect.sustainalytics.com/hubfs/INV/Climate%20Solutions/Carbon%20Ratings%20and%20Research/Carbon%20Ratings%20and%20Research%20(Climate%20Solutions)%20Brochure.pdf

    © 2023 Morningstar®. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar® and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar® nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Sustainalytics is an ESG and corporate governance research, ratings, and analysis company affiliated with Morningstar®, Inc.

    Distributions
    Distributions
    SI $0.831164
     2023$0.0327
    Sep-29$0.0192
    Jun-30$0.0103
    Mar-31$0.0032
     2022$0.0036
    Dec-30$0.0036
     2020$0.794864
    Dec-29$0.264955
    Dec-29$0.529909

    For press releases on distributions please click here.

    Disclaimer

    This distribution data is for informational purposes only and should not be construed to be tax advice. Please consult with your own tax advisor for advice.

    Distributions are paid in Canadian dollars unless otherwise stated. Each Fund makes distributions in accordance with the distribution policy stated in the Simplified Prospectus. Each of the Funds has the ability to make distributions as returns of capital.

    Distributions may consist of net income, dividends, net realized capital gains, and may also include return of capital. Distributions are determined by a variety of factors that occurred during the current tax year, including the gains realized on the disposition of securities by the Fund, the amount of dividend income and interest earned by the Fund, the volume of purchases and redemptions of Units of the Fund, and the amount of any unrealized appreciation of the Fund’s portfolio at year-end. If distributions paid by the Fund are greater than the performance of the Fund, distributions paid may include a return of capital and an investor's original investment will decrease. A return of capital is not taxable to the investor, but will generally reduce the adjusted cost base of the securities held for tax purposes. If the adjusted cost base falls below zero, investors will realize capital gains equal to the amount below zero.

    Reinvested distributions are not paid in cash but instead remain invested in the Fund. To recognize that reinvested distributions have been allocated to investors for tax purposes the amounts of these distributions should be added to the adjusted cost base of the units held. The characterization of distributions for tax purposes (such as dividends/other income/capital gains etc.) will not be known for certain until after the Fund's tax year end. Therefore, investors will be informed of the tax characterization after year-end and not with each distribution. For tax purposes these amounts will be reported annually on official tax statements. Future distribution dates may be amended at any time.

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