Leith Wheeler Investment Counsel Ltd. Provides Update on Fund Operating Expenses and Administration Fees

VANCOUVER, BC, Aug. 28, 2023 /CNW/ - Leith Wheeler Investment Counsel Ltd. ("Leith Wheeler"), manager of the Leith Wheeler Investment Funds (the "Funds") offered pursuant to the simplified prospectus dated May 26, 2023 (the "Simplified Prospectus") announced today that, effective November 1, 2023, in exchange for Leith Wheeler's payment of each Fund's operating expenses (other than the Fund Costs, as defined below), Leith Wheeler will begin charging each Fund a fixed administration fee in respect of each of its series. This decision has been made in connection with Leith Wheeler's engagement of CIBC Mellon Global Securities Services Company to provide certain fund administration services for the Funds, including financial reporting, fund valuation, unitholder recordkeeping, and assistance with tax filings.

The operating expenses of the Funds that Leith Wheeler will pay, effective November 1, 2023 ("Operating Expenses") include, but are not limited to: annual fees, normal course meeting fees and reimbursement of normal course expenses for members of the independent review committee ("IRC"); accounting and fund valuation costs; custody fees; audit and legal fees; and the costs of preparing and distributing annual and interim financial reports, prospectuses, fund facts documents and investor communications.

The fixed administration fees that will be charged to each series of the Funds, expressed as a percentage of the net asset value of each series, are set out in the tables below.

Fund	Series A	Series B	Series F
Leith Wheeler Canadian Equity Fund	0.02 %	0.10 %	–
Leith Wheeler Core Bond Fund	0.02 %	0.10 %	–
Leith Wheeler Money Market Fund	0.02 %	0.02 %	–
Leith Wheeler Balanced Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler Canadian Dividend Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler Carbon Constrained Canadian Equity Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler Corporate Advantage Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler Emerging Markets Equity Fund	0.15 %	0.15 %	0.15 %
Leith Wheeler Income Advantage Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler International Equity Plus Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler Multi Credit Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler Preferred Share Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler Short Term Income Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler U.S. Dividend Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler U.S. Equity Fund	0.02 %	0.10 %	0.10 %
Leith Wheeler U.S. Small/Mid-Cap Equity Fund	0.02 %	0.10 %	0.10 %

Fund	Series A	Series A (CAD Hedged)	Series B	Series B (CAD Hedged)	Series F	Series F (CAD Hedged)
Leith Wheeler High Yield Bond Fund	0.02 %	0.02 %	0.10 %	0.10 %	0.10 %	0.10 %

Leith Wheeler may, in certain cases, waive a portion of the administration fee received from a Fund or from certain series of a Fund. As a result, the administration fee payable by a Fund or a series of a Fund to Leith Wheeler may be lower than the fee shown in the tables above. Leith Wheeler may, in its sole discretion, suspend or cease to offer any waiver of the administration fee at any time without notice. 

Each Fund that incurs any of the following expenses ("Fund Costs") must pay those expenses by itself: borrowing and interest costs; any IRC costs and expenses that are not related to annual fees, normal course meeting fees and reimbursement of normal course expenses for members of the IRC; investor meeting costs as permitted by Canadian securities regulation; any costs and expenses associated with litigation for the benefit of the Funds or brought to pursue rights on behalf of the Funds; the cost of compliance with any new governmental and regulatory requirements imposed on or after the date of the Simplified Prospectus, including those relating to Operating Expenses, or with any material change to existing governmental and regulatory requirements imposed on or after the date of the Simplified Prospectus, including extraordinary increases to regulatory filing fees; any new types of costs, expenses or fees not incurred prior to the date of the Simplified Prospectus, including those arising from new government or regulatory requirements relating to the Operating Expenses or related to those external services that were not commonly charged in the Canadian mutual fund industry as of the date of the Simplified Prospectus; and operating expenses that would have been outside the normal course of business of the Funds prior to the date of the Simplified Prospectus.

Leith Wheeler has the discretion to absorb or reimburse any Fund for all or part of any fee or expense that is charged to the Fund. Any such absorption or reimbursement by Leith Wheeler may be discontinued at any time in its sole discretion and without notice.

In connection with this change, Leith Wheeler will file an amendment to the Simplified Prospectus, as well as updated Fund Facts documents in respect of each series of the Funds, at www.sedarplus.ca. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Simplified Prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

About Leith Wheeler Investment Counsel Ltd.

Founded in 1982, Leith Wheeler is an independent, employee-owned, client-focused value manager that manages assets on behalf of individual investors, foundations, endowments, Indigenous communities, advisors, pensions and other institutional clients across Canada.

For further information on Leith Wheeler and its funds, please visit www.leithwheeler.com

SOURCE Leith Wheeler Investment Counsel Ltd.

Media Contact: Mike Wallberg, Vice President, Marketing & Communications, 604 683 3391, [email protected]