We are pleased to provide Passive Foreign Investment Company (PFIC) annual information statements to U.S. persons who are unitholders of our Mutual Funds and who therefore file U.S. tax returns.

Canadian mutual funds are classified as corporations for U.S. tax purposes and as a result ‘U.S. persons’ who hold Canadian mutual funds may benefit from PFIC tax reporting. PFIC Annual Information Statements contain information that enables investors to treat a fund as a Qualified Electing Fund (QEF) on IRS Form 8621. Whether the QEF election is appropriate for you depends on your personal circumstances. The QEF election is the only way that the appreciation in a fund's value can be eligible for U.S. taxation at the more favourable capital gains rates.

Investors who hold Canadian Mutual Funds and file U.S. tax returns or are considered a ‘U.S. person’ may benefit from PFIC tax reporting. Unitholders of the Fund should consult with a U.S. tax professional to determine whether they are United States persons.

The information provided in the PFIC annual information statements are to assist investors with calculations and should not be considered tax advice. Consider consulting a tax advisor concerning the overall tax consequences of your ownership of units of the Fund and your U.S. tax reporting requirements.

These statements are provided for investors who are United States persons for purposes of the U.S. Internal Revenue Code of 1986, as amended (“IRC”) and the regulations thereunder. They are not relevant to other investors.