US Equity Value Currency Hedged Corporate Class

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1 Management Report of Fund Performance for ended September, 18 This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual or annual financial statements of the investment fund. You can get a copy of the semi-annual or annual financial statements at your request, and at no cost, by calling , by writing to us at United Financial, 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. RESULTS OF OPERATIONS The net asset value of the Fund increased by $.8 million to $44.1 million from March 31, 18 to September, 18. The Fund had net redemptions of $1.6 million during. The portfolio s performance increased assets by $2.9 million. The Fund paid distributions totalling $.5 million. Class E shares returned 6.2% after fees and expenses for the six-month period ended September, 18. Over the same time period, the Fund s benchmark returned 11.4%. The benchmark is the S&P Total Return Index (USD). The performance of the Fund s other classes is substantially similar to that of Class E shares, 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. The following commentary pertains to the results of operations of the underlying fund. Stocks had a strong quarter, touching all-time highs, shrugging off trade tensions and benefitting from exceptional profit growth. Corporate profits jumped by 16% year-onyear according to the Commerce Department, helped by tax cuts and a robust domestic economy. There were, however, notable stumbles. Investors lost confidence in social media stocks as some reported disappointing quarterly results along with cautious outlooks for growth. Information technology stocks generally experienced an increase in volatility in an environment of heightened regulatory scrutiny. Specific stocks hurt by tariffs also made headlines. Large-cap stocks beat small caps. Health care, industrials, information technology, telecommunications services and large-cap financials had strong returns. All sectors were positive except for energy, despite Brent crude edging over $8 per barrel, a four-year high. The 1-year U.S. Treasury yield closed the quarter above 3%. were additional detractors that hurt relative results. Currency hedging added to performance as the Canadian dollar appreciated against the U.S. dollar. Investments in Boston Scientific Corp., AXA Equitable Holdings, MGM Resorts International, United Technologies Corp., Capital One Financial, XPO Logistics Inc., AMETEK Inc., Hanesbrands Inc., Booking Holdings Inc., and Everest Re Group were made during. Hanesbrands is one of the largest manufacturers of intimate apparel, underwear, socks, t-shirts, and activewear in the United States, Canada, Mexico, and Europe. The company brands include Hanes, Champion, Playtex, Maidenform and Gear for Sports. We expect the company s free cash flow to accelerate due to modest sales growth, improved margins, reduced charges from acquisitions, and improved working capital. As a successful underwriter of specialty risks and reinsurance, Everest Re has been a strong cash flow generator and capital allocator. We were looking for an opportune entry point, which presented itself as the market overreacted to unrealized natural catastrophe impacts in the third quarter. The Fund sold out of investment in Ulta Beauty Inc., AbbVie, Nielsen Holdings, Whirlpool Corp., Time Warner, First Data Corporation, Signature Bank, BlackRock Inc., Comcast Corp., and Molson Coors Brewing. We exited our positions in Whirlpool Corp. as the turnaround of the European business was taking longer than expected and we lost confidence in management s ability to execute over the near term. We closed our position in BlackRock because the stock had surpassed our most optimistic price target. Meanwhile net inflow and margin trends appear to have peaked, leading to our expectation that cash flow generation would start slowing down. Investment margins are also coming under increased pressure with intense competition for low cost quant-driven products. The Federal Reserve raised interest rates for the third time in 18 and signalled more rate increases were likely this year and next. U.S. GDP grew at a 4.2% rate in the second quarter amid a pickup in hiring. The consumer price index rose 2.7% from the previous year through August, offsetting modest wage gains. Nevertheless, consumer confidence rose to nearly an 18-year high. Tariffs on $2 billion worth of Chinese goods went into full effect during the quarter, with observers debating the influence they would have on consumers. The Fund posted positive absolute returns for. Stock selection within the industrials, health care, energy, and consumer staples sectors were positive contributors to relative results. The largest individual contributors to performance were Apple Inc., Microsoft Corp., UnitedHealth Group Inc., Visa Inc., and Centene Corp. The Fund outperformed the benchmark for. Stock selection within the consumer discretionary and financials sectors was the most significant relative detractor. The largest individual detractors were Applied Materials Inc., Molson Coors Brewing Company, Bank of the Ozarks, Morgan Stanley, and Mohawk Industries. The Fund s greater-than-benchmark allocations to the financials and materials sectors RECENT DEVELOPMENTS Stocks have the support of a robust global economy, policy rates that remain negative in real terms, and the broad adoption of technology that reduces the need for capital and labour. The U.S. is also benefitting from the Tax Cuts and Jobs Act, which has boosted corporate profits. However, as its effect wanes and financial conditions tighten, we expect both economic and earnings growth to moderate. With trade frictions potentially increasing and interest rates likely to rise, the stage is set for higher volatility and a growing focus on company fundamentals. We believe our investment approach is well suited to this environment. As always, we seek companies that can generate a growing stream of free cash flow and can allocate that cash effectively for the benefit of shareholders. Effective September, 18, Tom Eisenhauer became a member of the Board of Governors ( BOG ) and Independent Review Committee ( IRC ), and effective October 15, 18, Mary Robertson resigned as a member of the BOG and IRC. CIG

2 Management Report of Fund Performance for ended September, 18 RELATED PARTY TRANSACTIONS Manager, Portfolio Advisor and Registrar CI Investments Inc. is the Manager, Portfolio Advisor and Registrar of the Fund. CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration for management fees, provided 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. Management fee and fixed administration fee rates as at September, 18, for each of the classes are shown below: Annual management fee rate (%) Annual fixed administration fee rate (%) E Shares E3 Shares 1.9. E4 Shares E5 Shares ET8 Shares E3T8 Shares 1.9. E4T8 Shares E5T8 Shares F Shares.9.21 F3 Shares.9. F4 Shares.8.15 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; and c) purchases or sales of other investment funds managed by the Manager or their affiliates. 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 period. Except as otherwise noted above, the Fund was not a party to any related party transactions during ended September, 18. F5 Shares.77.1 FT8 Shares.9.21 F3T8 Shares.9. F4T8 Shares.8.15 F5T8 Shares.77.1 I Shares Paid directly by investor - IT8 Shares Paid directly by investor - The Manager received $.2 million in management fees and $.2 million in fixed administration fees for. Management Fees Approximately 17% of total management fees were used to pay for sales and trailing commissions and other services required. The remaining 83% of management fees were used to pay for investment management and other general administration. Principal Distributor The Manager has the exclusive right to arrange for the distribution of shares of the Fund. Pursuant to a series of agreements, the right to distribute such shares has been granted, on a collective basis, to the following dealers, each of which is an affiliate of the Manager. Assante Capital Management Ltd. Assante Financial Management Ltd.

3 Management Report of Fund Performance for ended September, 18 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 six periods, as applicable. Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Total Realized Unrealized Total increase From net investment Net assets Net assets at the beginning of period (2) Total revenue expenses (excluding distributions) gains (losses) for gains (losses) for (decrease) from operations (2) income (excluding dividends) From dividends From capital gains Return of capital Total (2, 3) dividends at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ E Shares Commencement of operations September, 8 Sept., (.21) (.18) - (.18) 18.1 Mar. 31, (.46) 2.13 (.38) (.11) (.54) - (.65) Mar. 31, (.) (.9) (.79) - (.88) Mar. 31, (.38) 1.45 (2.33) (1.6) - (.8) (.68) - (.76) Mar. 31, (.39) (.8) (.) - (.58) Mar. 31, (.34) (.) - - (.) E3 Shares Sept., (.13) (.11) - (.11) 1.83 Mar. 31, (.25) 1. (.7).57 - (.6) (.32) - (.38) 1.29 E4 Shares Sept., (.12) (.11) - (.11) 1.85 Mar. 31, (.24) 1.42 (.55).74 - (.6) (.33) - (.39) 1.31 E5 Shares Sept., (.12) (.11) - (.11) 1.86 Mar. 31, (.24) 1.41 (1.25).14 - (.6) (.33) - (.39) 1.32 ET8 Shares Commencement of operations June, 11 Sept., (.5) (.13) (.13) - Mar. 31, (.24) 1. (.25).8 - (.6) (.28) (.76) (1.1) 8.87 Mar. 31, (.23) (.5) (.44) (.8) (1.29) 9.26 Mar. 31, (.24).85 (1.51) (.77) - (.5) (.41) (.92) (1.38) 9.28 Mar. 31, (.27) (.5) (.33) (.93) (1.31) Mar. 31, (.26) (.14) - (.79) (.93) E3T8 Shares Sept., (.12) (.1) (.41) (.51) 9.64 Mar. 31, (.25) 1.32 (.52).66 - (.6) (.) (.74) (1.1) 9.57 The Fund had no Class ET8 shares outstanding as at September, 18. *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

4 Management Report of Fund Performance for ended September, 18 Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Total Realized Unrealized Total increase From net investment Net assets Net assets at the beginning of period (2) Total revenue expenses (excluding distributions) gains (losses) for gains (losses) for (decrease) from operations (2) income (excluding dividends) From dividends From capital gains Return of capital Total (2, 3) dividends at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ E4T8 Shares Sept., (.11) (.1) (.41) (.51) 9.66 Mar. 31, (.24) 1.32 (.52).67 - (.6) (.) (.74) (1.1) 9.58 E5T8 Shares Sept., (.1) (.1) (.41) (.51) 9.68 Mar. 31, (.22) 1.32 (.52).69 - (.6) (.) (.74) (1.1) 9.59 F Shares Sept., (.7) (.11) - (.11) 1.99 Mar. 31, (.15) 1.61 (1.6).56 - (.7) (.33) - (.) 1.39 F3 Shares Sept., (.7) (.11) - (.11) 1.99 Mar. 31, (.16) 1.43 (.81).64 - (.7) (.33) - (.) 1. F4 Shares Sept., (.6) (.11) - (.11) 11.2 Mar. 31, (.14) 1.43 (.54).88 - (.7) (.33) - (.) 1.41 F5 Shares Sept., (.5) (.11) - (.11) 11.4 Mar. 31, (.13) 1.37 (.55).81 - (.7) (.33) - (.) 1.42 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

5 Management Report of Fund Performance for ended September, 18 Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Total Realized Unrealized Total increase From net investment Net assets Net assets at the beginning of period (2) Total revenue expenses (excluding distributions) gains (losses) for gains (losses) for (decrease) from operations (2) income (excluding dividends) From dividends From capital gains Return of capital Total (2, 3) dividends at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ FT8 Shares Sept., (.6) (.1) (.41) (.51) 9.8 Mar. 31, (.15) 1.33 (.53).76 - (.6) (.31) (.74) (1.11) 9.67 F3T8 Shares Sept., (.6) (.1) (.41) (.51) 9.8 Mar. 31, (.15) 1.33 (.53).76 - (.6) (.31) (.74) (1.11) 9.67 F4T8 Shares Sept., (.6) (.1) (.41) (.51) 9.82 Mar. 31, (.13) 1.33 (.53).78 - (.6) (.31) (.74) (1.11) 9.68 F5T8 Shares Sept., (.5) (.1) (.42) (.52) 9.84 Mar. 31, (.12) 1.33 (.53).79 - (.6) (.31) (.74) (1.11) 9.7 I Shares Commencement of operations October 1, 8 Sept., (.1) (.28) - (.28) Mar. 31, (.8) 3.39 (.96) (.16) (.83) - (.99) Mar. 31, (.4) (.13) (1.18) - (1.31) Mar. 31, (3.37) (.97) - (.11) (.98) - (1.9) Mar. 31, (.11) (.72) - (.83) Mar. 31, (.27) - - (.27) IT8 Shares Commencement of operations December 22, 11 Sept., (.11) (.45) (.56) 1.76 Mar. 31, (.3) 1.42 (.36) (.7) (.33) (.88) (1.28) 1.54 Mar. 31, (.2) (.6) (.51) (.9) (1.47) 1.75 Mar. 31, (1.72) (.45) - (.5) (.47) (1.2) (1.54) 1.52 Mar. 31, (.5) (.37) (1.1) (1.43) Mar. 31, (.15) - (.83) (.98) *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

6 Management Report of Fund Performance for ended September, 18 (1) This information is derived from the Fund s semi-annual and annual financial statements. (2) Net assets per share and dividends per share are based on the actual number of shares outstanding for the relevant class at the relevant time. The increase (decrease) in net assets from operations per share is based on the weighted average number of shares outstanding for the relevant class over the fiscal period. (3) Dividends are automatically reinvested in additional shares of the Fund. (4) This information is provided for ended September, 18 and the years ended March 31.

7 Management Report of Fund Performance for ended September, 18 Ratios and Supplemental Data (1) (5) * Total net assets (5) Number of shares outstanding (5) Management expense ratio before taxes (2) Management expense ratio after taxes (2) Effective HST rate for the period (2) Harmonized Trading Portfolio sales tax (2) expense ratio (3) turnover rate (4) $ s s % % % % % % E Shares Commencement of operations September, 8 Sept., 18 15, Mar. 31, 18 15, Mar. 31, 17 26,147 1, Mar. 31, 16,934 2, Mar. 31, 15 37,7 2, Mar. 31, 14 39,128 2, E3 Shares Sept., 18 5, Mar. 31, 18 5, E4 Shares Sept., 18 1, Mar. 31, 18 1, E5 Shares Sept., Mar. 31, ET8 Shares Commencement of operations June, 11 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, E3T8 Shares Sept., Mar. 31, The Fund had no Class ET8 shares outstanding as at September, 18. *Footnotes for the tables are found at the end of the Financial Highlights section.

8 Management Report of Fund Performance for ended September, 18 Ratios and Supplemental Data (1) (5) * Total net assets (5) Number of shares outstanding (5) Management expense ratio before taxes (2) Harmonized sales tax (2) Management expense ratio after taxes (2) Effective HST rate for the period (2) Trading expense ratio (3) Portfolio turnover rate (4) $ s s % % % % % % E4T8 Shares Sept., Mar. 31, E5T8 Shares Sept., Mar. 31, F Shares Sept., Mar. 31, F3 Shares Sept., Mar. 31, F4 Shares Sept., Mar. 31, F5 Shares Sept., Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section.

9 Management Report of Fund Performance for ended September, 18 Ratios and Supplemental Data (1) (5) * Total net assets (5) Number of shares outstanding (5) Management expense ratio before taxes (2) Harmonized sales tax (2) Management expense ratio after taxes (2) Effective HST rate for the period (2) Trading expense ratio (3) Portfolio turnover rate (4) $ s s % % % % % % FT8 Shares Sept., Mar. 31, F3T8 Shares Sept., Mar. 31, F4T8 Shares Sept., Mar. 31, F5T8 Shares Sept., Mar. 31, I Shares Commencement of operations October 1, 8 Sept., 18, Mar. 31, 18 19, Mar. 31, 17 18, Mar. 31, 16 16, Mar. 31, 15 19, Mar. 31, 14 17, IT8 Shares Commencement of operations December 22, 11 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section.

10 Management Report of Fund Performance for ended September, 18 (1) This information is derived from the Fund s semi-annual and annual financial statements. (2) Management expense ratio 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, 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 shareholder residency and can be different from 13%. (3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during, 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 1% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the fiscal period. The higher a Fund s portfolio turnover rate in a period, the greater the trading costs payable by the Fund in, and the greater the chance of an investor receiving taxable capital gains in. 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, 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. (5) This information is provided for ended September, 18 and the years ended March 31.

11 Management Report of Fund Performance for ended September, 18 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 dividends made by the Fund in s shown were reinvested in additional shares 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 semi-annual and annual performance for each of s shown and illustrate how the Fund s performance has changed from period to period. In percentage terms, the charts show how much an investment made on the first day of each financial period would have grown or decreased by the last day of each financial period, except where noted. E Shares E3 Shares E4 Shares E5 Shares Mar. 9 Mar. 1 Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 E3T8 Shares E4T8 Shares E5T8 Shares F Shares F3 Shares F4 Shares F5 Shares FT8 Shares F3T8 Shares F4T8 Shares F5T8 Shares I Shares Mar. 9 Mar. 1 Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17

12 Management Report of Fund Performance for ended September, IT8 Shares Mar. 12 Mar Mar. 14 Mar Mar Mar return is for from September, 8 to March 31, return is for from May 1, 17 to March 31, return is for from October 1, 8 to March 31, return is for from December 22, 11 to March 31,

13 Management Report of Fund Performance for ended September, 18 SUMMARY OF INVESTMENT PORTFOLIO as at September, 18 Category % of Net Assets Category % of Net Assets Top 25 Holdings* % of Net Assets Country allocation* Long Positions U.S.A Ireland Cash & Equivalents Bermuda Foreign Currency Forward Contracts....9 Switzerland....8 Other Net Assets (Liabilities)....2 Options Contracts.... Total Long Positions Short Positions Options Contracts... (.) Total Short Positions... (.) Sector allocation* Long Positions Information Technology Financials Health Care Industrials Consumer Discretionary Materials Energy Cash & Equivalents Consumer Staples Utilities Foreign Currency Forward Contracts....9 Other Net Assets (Liabilities)....2 Options Contracts.... Total Long Positions Short Positions Options Contracts... (.) Total Short Positions... (.) Apple Inc Microsoft Corp Cash & Equivalents Alphabet Inc., Class C UnitedHealth Group Inc Bank of America Corp Boeing Co Occidental Petroleum Corp Centene Corp Home Depot Inc Costco Wholesale Corp PTC Inc Visa Inc., Class A Pfizer Inc Morgan Stanley Danaher Corp DowDuPont Inc Ingersoll-Rand PLC Allergan PLC Dollar General Corp Applied Materials Inc Universal Display Corp Anadarko Petroleum Corp Marvell Technology Group Ltd Boston Scientific Corp Total Net Assets (in $ s) $44,91 *These are holdings and the breakdown of the underlying fund. 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. 13