Signature Global Bond Fund

Transcription

1 This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling , by writing to us at CI Investments Inc., 2 Queen Street East, Twentieth Floor, Toronto, ON, M5C 3G7 or by visiting our website at or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. INVESTMENT OBJECTIVE AND STRATEGIES The objective of the Signature Global Bond Fund (the Fund ) is to obtain long-term total return. It invests primarily in fixed income and floating rate securities of governments and companies throughout the world that the portfolio advisor believes offer an attractive yield and opportunity for capital. The Fund may make large investments in any country, including emerging markets and emerging industries of developed markets, and in high yield securities of developed markets. The portfolio advisor selects securities that it believes have fundamental value that is not reflected in their credit rating and yield. The portfolio advisor uses techniques such as fundamental analysis to assess growth potential. This means evaluating the financial condition and management of an issuer, its industry, and the overall economy. The portfolio advisor analyzes whether companies can generate enough cash to service debt and reinvest into their business over the long-term. The Fund may use derivatives, but only as permitted by securities regulations. In order to earn additional income, the Fund may also enter into securities lending transactions, repurchase transactions and reverse repurchase transactions, to the extent permitted by securities regulations. The Fund has received permission from securities regulatory authorities to invest and hold up to 35% of its assets in securities issued or guaranteed by any government or its agency or by certain supranational agencies as long as these securities meet or exceed minimum credit ratings. There is no limit on how much the Fund can invest in securities issued or guaranteed by Canadian federal or provincial governments or their agencies, or by the U.S. government or its agencies. RISK There were no changes to the Fund over the period of this report that materially affected the overall level of risk associated with the Fund. The Fund is suitable for investors who want to receive income, are investing for the medium term, and can tolerate low to medium risk. RESULTS OF OPERATIONS The net asset value of the Fund increased by $151. million to $1,894.4 million from March 31, 217 to March 31, 218. The Fund had net sales of $144.9 million during the year. The portfolio s performance increased assets by $48.1 million. The Fund paid distributions totalling $42. million. Class A units returned.3% after fees and expenses for the one-year period ended March 31, 218. Over the same time period, the Fund s benchmark returned 4.2%. The benchmark is the J.P. Morgan Global Government Bond Total Return Index. The performance of the Fund s other classes is substantially similar to that of Class A units, except for differences in the structure of fees and expenses. For the returns of the Fund s other classes, please refer to the Past performance section. Where 217 was marked by compression of volatility and outperformance of risky assets, markets witnessed the return of uncertainty and volatility in the first quarter of 218. U.S. President Donald Trump s tax bill helped kick off the new year with the expectation that the effects of the bill on an already strong U.S. economy would increase inflation expectations. The effect caused government bond yields to rise dramatically in January. By the end of March, the escalation of a possible trade war between China and the U.S. was enough to prompt risk spreads to widen and the U.S. government bond yields to retrace, with the U.S. -year Treasury yield ending the quarter at 2.76%. Similarly, the -year Canadian bond yield rose for most of 217, then took a step back in February and March, ending the quarter yielding approximately 2.%. Monetary policy for the period resumed its slow pivot of normalization. Both the Bank of Canada and the U.S. Federal Reserve (Fed) raised rates in the first quarter of the new year. The Bank of Canada increased the overnight target rate to 1.25% in January and was cautious regarding the prospects for future shifts, as North American Free Trade Agreement talks continue unresolved. South of the boarder, the Fed, under newly elected Chairman Jerome Powell, raised rates in March to 1.5%-1.75%. The European Central Bank and the Bank of Japan, on the other hand, remain further behind, with both central banks providing accommodative policy, and beginning to signal that the end of such accommodative policy is within sight. Spreads for risky assets, in particular corporate bond and emerging market debt (U.S. dollar debt), widened in the first quarter of 218, but are still significantly below their long-term averages. Over the previous 12 months, the Fund underperformed its benchmark. The total return of the portfolio was primarily driven by the outperformance of global credit risk premia. The main contributor to the portfolio s total return, as well as the portfolio s alpha performance (relative to the benchmark), was its combined exposure to government credit such as Canadian-dollar provincial government bonds, U.S.-dollar emerging market sovereign bonds, U.S.-dollar agency mortgages, U.S.-dollar inflation linked bonds, and European peripheral sovereign bonds (denominated in euros). The main detractor from the portfolio s total return was the overweight duration positioning in the U.S. dollar and Canadian dollar denominated bonds, as yields in the U.S. and Canada rose nearly.4% and.5%, respectively. Relative to benchmark, the portfolio s overweight in U.S.-dollar-denominated bonds, coupled with an underweight in euro-denominated bonds, detracted from alpha performance. This is because among G currencies over the last 12 months, the U.S. dollar and euro were the worst and best performing currencies, respectively. The portfolio remains underweight total duration relative to benchmark, primarily concentrated in the long end of the Japanese and European yield curves. CIG - 624

2 In terms of currency exposures, the strategy remains underweight in Japanese yen and euro-denominated bonds, in favour of an overweight in higher-yielding U.S.-dollardenominated bonds. However, the underweight exposure to the yen and euro was decreased throughout the first quarter of 218 via the use of cross-currency hedges. Throughout the previous twelve months, the portfolio s exposure to U.S.-dollardenominated emerging market sovereign bonds tripled from roughly 8.3% to approximately 25% at the of the period. RECENT DEVELOPMENTS Although risky assets have pulled back due to rising rates and increased risks of trade wars, global growth remains constructive. We continue to advocate a well diversified portfolio of exposures as the best way to navigate the current environment in fixed income, including duration positioning across different portions of the yield curve, credit spreads, interest rate volatility and inflation compensation. Annual management fee rate (%) Annual fixed administration fee rate (%) Class Insight Class O Paid directly by investor.15 Class P Paid directly by investor.18 Class W Paid directly by investor.18 The Manager received $.9 million in management fees and $.1 million in fixed administration fees for the year. Fees Approximately 26% of total management fees were used to pay for sales and trailing commissions. The remaining 74% of management fees were used for investment management and other general administration. Effective April 3, 218, Karen Fisher became a member of the CI Board of Governors ( BOG ) and the Independent Review Committee ( IRC ) of the Fund. Meanwhile, Christopher Hopper resigned from the role as a member of the BOG and IRC. RELATED PARTY TRANSACTIONS Manager, Portfolio Advisor, Trustee and Registrar CI Investments Inc. is the Manager, Portfolio Advisor, Trustee and Registrar of the Fund. CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration for management fees, provides management services required in the day-to-day operations of the Fund. The Manager bears all of the operating expenses of the Fund (other than taxes, borrowing costs and new governmental fees) in return for a fixed administration fee. fee and fixed administration fee rates as at March 31, 218, for each of the classes are shown below: Annual management fee rate (%) Annual fixed administration fee rate (%) Class A Class A Class A Class A Class A4 1.. Class A Class E Class EF Class F Class F Class F Class F Inter-Fund Trading Inter-fund trading occurs when a Fund purchases or sells a security of any issuer from or to another Fund managed by the Manager. These transactions are executed through market intermediaries and under prevailing market terms and conditions. The Independent Review Committee reviews such transactions during scheduled meetings. During the year ended March 31, 218 the Fund executed inter-fund trades. Independent Review Committee The Fund received standing instructions from the Fund s Independent Review Committee with respect to the following related party transactions: a) trades in securities of CI Financial Corp.; b) purchases or sales of securities of an issuer from or to another investment fund managed by the Manager; c) purchases or sales of other investment funds managed by the Manager or their affiliates; and d) mergers involving the Fund and another fund managed by the Manager that is subject to National Instrument Investment Funds. The applicable standing instructions require that related party transactions be conducted in accordance with the Manager s policies and procedures and that the Manager advise the IRC of any material breach of a condition of the standing instructions. The standing instructions require, among other things, that investment decisions in respect of related party transactions (a) are free from any influence by an entity related to the Manager and without taking into account any consideration relevant to an entity related to the Manager; (b) represent the business judgment of the Manager uninfluenced by considerations other than the best interests of the Fund; (c) are made in compliance with the Manager s policies and procedures; and (d) achieve a fair and reasonable result for the Fund. Transactions made by the Manager under the standing instructions are subsequently reviewed by the IRC on a quarterly basis to monitor compliance. The Fund relied on the IRC s standing instructions regarding related party transactions during this reporting year. Class F4.5. Class F Class I Paid directly by investor -

3 FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the past five years, as applicable. Net Assets per Unit ($) (1) (2) (4) * Increase (decrease) from operations: Distributions: Total Realized Unrealized Total increase From net investment Net assets Net assets at the beginning Total expenses (excluding (decrease) from income (excluding From From capital Total at the end of the year of year (2) revenue distributions) the year the year operations (2) dividends) dividends (2, 3) Return of capital distributions shown (2) $ $ $ $ $ $ $ $ $ $ $ $ Class A Commencement of operations August 31, 1992 Mar. 31, (.9) (.4).5.1 (.1) (.1) 4.3 Mar. 31, (.9).13 (.24) (.11) (.6) - (.27) - (.33) 4.3 Mar. 31, (.9).21 (.1).2 (.7) - (.5) - (.12) 4.47 Mar. 31, (.9) (.2) (.2) 4.32 Mar. 31, (.8) (.5) (.5) 3.95 Class A1 Mar. 31, (.13) (.16).12.3 (.8) (.8) Class A2 Mar. 31, (.11) (.13) (.) (.14) (.9) (.9) Class A3 Mar. 31, (.11) (.14) (.2) (.7) (.) (.) Class A4 Mar. 31, (.) (.17) (.11) (.11) Class A5 Mar. 31, (.9) (.23) (.5) (.16) (.11) (.11) *Footnotes for the tables are found at the end of the Net Assets per Unit section of the Financial Highlights.

4 Net Assets per Unit ($) (1) (2) (4) * Increase (decrease) from operations: Distributions: Total Realized Unrealized Total increase From net investment Net assets Net assets at the beginning Total expenses (excluding (decrease) from income (excluding From From capital Total at the end of the year of year (2) revenue distributions) the year the year operations (2) dividends) dividends (2, 3) Return of capital distributions shown (2) $ $ $ $ $ $ $ $ $ $ $ $ Class E Commencement of operations October 4, 211 Mar. 31, (.14) (.12)..9 (.11) (.11).58 Mar. 31, (.15).31 (.68) (.29) (.18) - (.72) - (.9).55 Mar. 31, (.16).67 (.59).15 (.19) - (.) - (.29) Mar. 31, (.14) (.13) (.13) Mar. 31, (.14) (.22) (.22).22 Class EF Commencement of operations July 29, 215 Mar. 31, (.7) (.).3.8 (.15) (.15) 9.46 Mar. 31, (.8).2 (.46) (.14) (.17) - (.65) - (.82) 9.44 Mar. 31, (.5).48 (.56) - (.11) - (.9) - (.2) Class F Commencement of operations July 17, 2 Mar. 31, (.11) (.)..9 (.9) (.9) 8.52 Mar. 31, (.12).39 (.82) (.37) (.14) - (.58) - (.72) 8.5 Mar. 31, (.12).48 (.23).32 (.15) - (.) - (.25) 9.4 Mar. 31, (.11) (.) (.) 8.99 Mar. 31, (.11) (.17) (.17) 8.23 Class F1 Mar. 31, (.8) (.19) (.13) (.13) Class F2 Mar. 31, (.7) (.18) (.14) (.14) Class F3 Mar. 31, (.6) (.14) (.43) (.42) (.15) (.15) *Footnotes for the tables are found at the end of the Net Assets per Unit section of the Financial Highlights.

5 Net Assets per Unit ($) (1) (2) (4) * Increase (decrease) from operations: Distributions: Total Realized Unrealized Total increase From net investment Net assets Net assets at the beginning Total expenses (excluding (decrease) from income (excluding From From capital Total at the end of the year of year (2) revenue distributions) the year the year operations (2) dividends) dividends (2, 3) Return of capital distributions shown (2) $ $ $ $ $ $ $ $ $ $ $ $ Class F4 Mar. 31, (.6) (.12) (.15) (.12) (.15) (.15) Class F5 Mar. 31, (.5) (.12) (.15) (.11) (.16) (.16) Class I Commencement of operations July 31, 21 Mar. 31, (.11) (.2) (.2) 8.57 Mar. 31, (.45) (.3) (.18) - (.6) - (.78) 8.55 Mar. 31, (.17) - (.11) - (.28) 9.37 Mar. 31, (.21) (.21) 8.9 Mar. 31, (.27) (.27) 8.13 Class Insight Commencement of operations July 15, 23 Mar. 31, (.12) (.11).11.9 (.8) (.8) 8.97 Mar. 31, (.14).28 (.5) (.17) (.15) - (.61) - (.76) 8.95 Mar. 31, (.14) (.16) - (.11) - (.27) 9.89 Mar. 31, (.13) (.) (.) 9.5 Mar. 31, (.12) (.17) (.17) 8.69 Class O Commencement of operations October 4, 211 Mar. 31, (.2) (.14) (.23) (.23).75 Mar. 31, (.2).39 (.61) (.1) (.21) - (.74) - (.95).72 Mar. 31, (.2).62 (1.) (.17) (.21) - (.14) - (.35) Mar. 31, (.2) (.23) (.23) Mar. 31, (.2) (.33) (.33).22 Class P Mar. 31, (.2) (.17) (.19) (.19) *Footnotes for the tables are found at the end of the Net Assets per Unit section of the Financial Highlights.

6 Net Assets per Unit ($) (1) (2) (4) Increase (decrease) from operations: Distributions: Total Realized Unrealized Total increase From net investment Net assets Net assets at the beginning Total expenses (excluding (decrease) from income (excluding From From capital Total at the end of the year of year (2) revenue distributions) the year the year operations (2) dividends) dividends (2, 3) Return of capital distributions shown (2) $ $ $ $ $ $ $ $ $ $ $ $ Class W Commencement of operations July 27, 217 Mar. 31, (.1) (.15) (.15) (.15) (1) This information is derived from the Fund s audited annual financial statements. (2) Net assets per unit and distributions per unit are based on the actual number of units outstanding for the relevant class at the relevant time. The increase (decrease) in net assets from operations per unit is based on the weighted average number of units outstanding for the relevant class over the fiscal year. (3) Distributions are automatically reinvested in additional units of the Fund. (4) This information is provided for the years ended March 31.

7 Ratios and Supplemental Data (1) (5) * Total net assets (5) Number of units outstanding (5) before taxes (2) after taxes (2) Effective HST rate for the year (2) Harmonized Trading Portfolio sales tax (2) (3) turnover rate (4) $ s s % % % % % % Class A Commencement of operations August 31, 1992 Mar. 31, ,78 8, Mar. 31, ,868 13, Mar. 31, 216 7,464 15, Mar. 31, ,767, Mar. 31, 214 4,54, Class A1 Mar. 31, 218 5, Class A2 Mar. 31, 218 2, Class A3 Mar. 31, 218 1, Class A4 Mar. 31, Class A5 Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section.

8 Ratios and Supplemental Data (1) (5) * Total net assets (5) Number of units outstanding (5) before taxes (2) Harmonized sales tax (2) after taxes (2) Effective HST rate for the year (2) Trading (3) Portfolio turnover rate (4) $ s s % % % % % % Class E Commencement of operations October 4, 211 Mar. 31, 218 1, Mar. 31, 217 1, Mar. 31, 216 2, Mar. 31, Mar. 31, Class EF Commencement of operations July 29, 215 Mar. 31, 218 2, Mar. 31, 217 2, Mar. 31, 216 1, Class F Commencement of operations July 17, 2 Mar. 31, 218,615 1, Mar. 31, ,172 1, Mar. 31, ,778 9, Mar. 31, ,836 4, Mar. 31, ,556 3, Class F1 Mar. 31, Class F2 Mar. 31, Class F3 Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section.

9 Ratios and Supplemental Data (1) (5) * Total net assets (5) Number of units outstanding (5) before taxes (2) Harmonized sales tax (2) after taxes (2) Effective HST rate for the year (2) Trading (3) Portfolio turnover rate (4) $ s s % % % % % % Class F4 Mar. 31, Class F5 Mar. 31, Class I Commencement of operations July 31, 21 Mar. 31, 218 1,831, , Mar. 31, 217 1,672, , Mar. 31, 216 1,643, , Mar. 31, 215 1,116, , Mar. 31, ,54 93, Class Insight Commencement of operations July 15, 23 Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, Class O Commencement of operations October 4, 211 Mar. 31, 218 2, Mar. 31, 217 2, Mar. 31, 216 4, Mar. 31, 215 1, Mar. 31, Class P Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section.

10 Ratios and Supplemental Data (1) (5) Total net assets (5) Number of units outstanding (5) before taxes (2) Harmonized sales tax (2) after taxes (2) Effective HST rate for the year (2) Trading (3) Portfolio turnover rate (4) $ s s % % % % % % Class W Commencement of operations July 27, 217 Mar. 31, (1) This information is derived from the Fund s audited annual financial statements. (2) is calculated based on expenses charged to the Fund (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of daily average net assets for the year, including the Fund s proportionate share of any underlying fund(s) expenses, if applicable. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. (3) The trading represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the year, including the Fund s proportionate share of such expenses of any underlying fund(s), if applicable. (4) The Fund s portfolio turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of % is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the fiscal year. The higher a Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital in the year. There is not necessarily a relationship between a higher turnover rate and the performance of a Fund. Portfolio turnover rate is calculated by dividing the lesser of the cost of purchases and the proceeds of sales of portfolio securities for the year, and excluding cash and short-term investments maturing in less than one year, and before assets acquired from a merger, if applicable, by the average of the monthly fair value of investments during the year. (5) This information is provided for the years ended March 31.

11 PAST PERFORMANCE This section describes how the Fund has performed in the past. Remember, past returns do not indicate how the Fund will perform in the future. The information shown assumes that distributions made by the Fund in the years shown were reinvested in additional units of the relevant classes of the Fund. In addition, the information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. Year-by-Year Returns The following charts show the Fund s annual performance for each of the years shown and illustrate how the Fund s performance has changed from year to year. In percentage terms, the charts show how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year, except where noted. Class A Class E Class EF Class F Mar. 29 Mar. 2 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 29 Mar. 2 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Class I 3 Insight Units 3 Class O Mar. 29 Mar. 2 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 29 Mar. 2 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 212 Mar. 213 Mar. 214 Mar return is for the period from October 4, 211 to March 31, return is for the period from July 29, 215 to March 31, 216.

12 Annual Compound Returns The following table shows the Fund s annual compound returns for each year indicated, compared to the J.P. Morgan Global Government Bond Total Return Index. The J.P. Morgan Global Government Bond Total Return Index is an unmanaged index which tracks the performance of actively-traded issues of government bonds worldwide. The Index excludes floating rate notes, perpetuals, bonds targeted at the domestic market for tax purposes and bonds with less than one year remaining to maturity. A discussion of the performance of the Fund as compared to the benchmark is found in the Results of Operations section of this report. One Year (%) Three Years (%) Five Years (%) Ten Years (%) Since Inception (%) Class A n/a J.P. Morgan Global Government Bond Total Return Index n/a Class E n/a 3.8 J.P. Morgan Global Government Bond Total Return Index n/a 6.2 Class EF 1.8 n/a n/a n/a 2.4 J.P. Morgan Global Government Bond Total Return Index 4.2 n/a n/a n/a 6.5 Class F n/a J.P. Morgan Global Government Bond Total Return Index n/a Class I n/a J.P. Morgan Global Government Bond Total Return Index n/a Insight Units n/a J.P. Morgan Global Government Bond Total Return Index n/a Class O n/a 5. J.P. Morgan Global Government Bond Total Return Index n/a 6.2

13 SUMMARY OF INVESTMENT PORTFOLIO as at March 31, 218 Category % of Net Assets Category % of Net Assets Top 25 Holdings % of Net Assets Country allocation U.S.A Japan Italy U.K Canada Spain France Exchange-Traded Fund(s) Indonesia Argentina Mexico Brazil South Africa Turkey Russia Colombia Other Net Assets (Liabilities)....6 Cash & Equivalents....5 Peru....4 Panama....4 Hungary....3 Belgium....3 Jersey Island....3 Philippines....1 Foreign Currency Forward Contracts....1 Sector allocation Foreign Government Bonds Provincial Bonds Corporate Bonds Asset-Backed Securities Exchange-Traded Fund(s) Canadian Government Bonds....7 Other Net Assets (Liabilities)....6 Cash & Equivalents....5 Financials....1 Foreign Currency Forward Contracts....1 Private Placements.... Materials.... Government of Japan, Five Year Bond.1% 12/2/ Italy Buoni Poliennali Del Tesoro 1.2% 4/1/ United States Treasury Note/Bond 2.75% 2/15/ United States Treasury Inflation Indexed Bonds.125% 4/15/ Government of Spain Bond.45% /31/ United States Treasury Note/Bond 2.25% 2/29/ United States Treasury Note/Bond 2.25% 8/15/ United States Treasury Note/Bond 1.25% 7/31/ ishares JPMorgan USD Emerging Markets Bond ETF Government of Spain Bond.4% 4/3/ Government of Japan, Two Year Bond.1% 3/15/ Government of France Bond OAT 1% 5/25/ United States Treasury Inflation Indexed Bonds.375% 7/15/ United States Treasury Note/Bond 3% 2/15/ Government of Japan, Two Year Bond.1% 8/15/ Province of Quebec 3.5% 12/1/ Government of France Bond OAT 1% 11/25/ Federative Republic of Brazil International Bond 4.25% 1/7/ Province of Ontario 2.9% 6/2/ Italy Buoni Poliennali Del Tesoro 2% 2/1/ United Kingdom, Treasury Gilt 1.25% 7/22/ United Kingdom, Treasury Gilt 3.5% 7/22/ Government of Mexico International Bond 4.125% 1/21/ Republic of South Africa International Bond 5.875% 5/3/ United Kingdom, Treasury Gilt 2% 9/7/ Total Net Assets (in $ s) $1,894,448 The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund and updates will be available on a quarterly basis. A NOTE ON FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, its future performance, strategies or prospects, and possible future Fund action. The words may, could, should, would, suspect, outlook, believe, plan, anticipate, estimate, expect, intend, forecast, objective, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties, both about the Fund and general economic factors, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement made by the Fund. These factors include, but are not limited to, general economic, political and market factors in Canada, the United States and internationally, interest and foreign exchanges rates, global equity and capital markets, business competition, technological changes, changes in laws and regulations, judicial or regulatory judgments, legal proceedings and catastrophic events. The above list of important factors that may affect future results is not exhaustive. Before making any investment decisions, we encourage you to consider these and other factors carefully. All opinions contained in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility.