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SIMPLIFIED PROSPECTUS

United Funds

Simplified Prospectus – July 27, 2011

ANNUAL INFORMATION FORM

United Funds

Annual Information Form – July 27, 2011

The information contained here is intended for Canadian residents only and does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not allowed. Private Client Managed Portfolios services are provided by United Financial, a division of CI Private Counsel LP. CI Private Counsel LP is a wholly owned subsidiary of CI Financial Corporation, and provides portfolio management services as a registered advisor under applicable securities legislation.

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