Real Estate Investment Corporate Class

Transcription

1 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 $17.5 million to $515.8 million from March 31, 18 to September, 18. The Fund had net sales of $2.0 million during. The portfolio s performance increased assets by $.6 million. The Fund paid distributions totalling $5.1 million. Class A shares returned 2.6% after fees and expenses for the six-month period ended September, 18. Over the same time period, the Fund s benchmark returned 5.6%. The benchmark is the FTSE EPRA/NAREIT Developed Return Index. The performance of the Fund s other classes is substantially similar to that of Class A 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. recently acquired U.S. unit, Westfield, saw a surprising decline in occupancy and slower-than-expected cash flow growth. Stock selection in Canada and the U.K. further contributed to performance. The portfolio s out-of-index position in Brazil was the largest detractor of relative performance. The country s equity market saw broad-based declines amid weakness in emerging markets and political uncertainty related to its upcoming presidential election. Stock selection in Japan also detracted from performance, due in part to an overweight in Tokyo Tatemono Co. Ltd., which declined in the wake of a scandal with Tateru. Tateru falsified customer account data to receive overly generous financing terms for apartment construction. An underweight and stock selection in the U.S. also hindered performance, due to the portfolio s underweight in Simon Property Group Inc. and out-of-index position in American Tower Corp. Global real estate securities had a positive return in the six-month ended September, 18, as strength in North America offset some weakness in Europe and Asia. Growth slowed modestly in Europe and Asia, while the U.S. experienced a reacceleration in growth and a sharp increase in corporate profits. While the global economy remained firmly in expansion territory and property fundamentals remained generally healthy, investor sentiment toward real estate weakened modestly in the second half of as interest rates rose and signs of inflationary pressures mounted. We increased a position in Invitation Homes Inc. The company has by far the best portfolio and operating platform in its sector, with strong supply-demand fundamental tailwinds. After recently underperforming the overall REIT market, valuation has grown compelling. We also slightly increased a position in Welltower Inc. We believe the fundamentals in the beleaguered health care sector, where Welltower operates, have been improving, with the potential for upside to current earnings estimates. The -year U.S. Treasury broke above the psychologically important 3% level, and the U.S. Federal Reserve raised its overnight borrowing rate twice amid continued economic strength. The European Central Bank reiterated its plan to keep rates on hold for at least another year and confirmed it will stop bond purchases in December. Trade tensions continued to weigh on certain segments of the broader market, particularly in Asia, as President Trump threatened to impose tariffs on an additional $0 billion in goods from China and exit the World Trade Organization a move that could upend global trade. Most major currencies weakened relative to the U.S. dollar. In this environment, property markets backstopped by strong economic growth and reasonable supply levels outperformed, including the U.S., Sweden, and Germany. Top detractors included Hong Kong and Singapore, which were negatively impacted by a slowdown in China and trade concerns. The U.K. underperformed amid a lack of progress in Brexit negotiations. The Fund had a positive total return, but underperformed its benchmark. Stock selection in Australia was the largest contributor to relative performance, due in part to a beneficial overweight in Goodman Group, which exceeded earnings expectations and saw no signs of deceleration in e-commerce-led demand for its industrial properties. An underweight in Singapore also aided performance, as the country was negatively impacted by weakness in Asian equities during amid trade concerns. An underweight in the Netherlands also benefited performance, due in part to an underweight in Unibail- Rodamco-Westfield, which reported weaker-than-expected earnings. The company s We eliminated a position in AvalonBay Communities Inc., an apartment landlord in the United States. We believe the company s mid-atlantic regional portfolio continues to be plagued with heavy competition of supply, which is expected to continue through 19. We trimmed a position in Dexus Property Group, an Australian landlord. We have been trimming as we enter the latter stages of the business cycle but shares still trade at an attractive discount to NAV, with decent cash flow growth. RECENT DEVELOPMENTS Over the past five years, global real estate securities have experienced generally strong cash flow growth but have widely trailed the stock market s performance. As a result, REITs today are trading at earnings multiples near the middle of their five-year range while broad equity valuations are near cycle highs, representing attractive relative value in our view. Although we believe real estate stocks may remain under pressure in the short run as investors focus on interest rates, bond yields have been rising amid healthy economic growth and signs of higher inflation factors that directly benefit landlords. We believe commercial real estate should continue to see improving operating fundamentals in most global markets amid solid economic growth, steady job creation, reasonable new supply levels, and monetary conditions that should remain relatively accommodative even as stimulus is gradually withdrawn. We therefore generally favour pro-cyclical real estate sectors that can capitalize on these trends over the more interest-rate-sensitive sectors. CIG

2 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. 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. 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 (%) A Shares E Shares E2 Shares E3 Shares E4 Shares E5 Shares ET8 Shares E2T8 Shares E3T8 Shares E4T8 Shares E5T8 Shares F Shares F2 Shares F3 Shares F4 Shares F5 Shares FT8 Shares F2T8 Shares F3T8 Shares F4T8 Shares The Manager received $0.3 million in management fees and $0.3 million in fixed administration fees for. 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 Ltd. Assante Financial Ltd. 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. F5T8 Shares I Shares Paid directly by investor - IT8 Shares Paid directly by investor - OF Shares W Shares Paid directly by investor 0.16* WT8 Shares Paid directly by investor 0.16* *Effective August 1, 18, the annual fixed administration fee rate for Class W shares and WT8 shares was reduced from 0.22% to 0.16%.

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 six periods, as applicable. Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ A Shares Commencement of operations October 22, 07 Sept., (0.) (0.09) - (0.09) Mar. 31, (0.43) (0.03) (0.) - (0.33) Mar. 31, (0.43) 1.04 (0.85) (0.) (0.52) - (0.62) Mar. 31, (0.41) 1.34 (1.00) (0.07) (0.52) - (0.59) Mar. 31, (0.37) (0.06) (0.46) - (0.52) Mar. 31, (0.32) 1.01 (0.18) (0.08) - - (0.08).32 E Shares Commencement of operations September 26, 08 Sept., (0.21) (0.12) - (0.12) 15. Mar. 31, (0.45) (0.03) (0.39) - (0.42) Mar. 31, (0.44) 1.22 (0.86) (0.13) (0.68) - (0.81) Mar. 31, (0.41) 1. (1.13) (0.09) (0.67) - (0.76) Mar. 31, (0.37) (0.07) (0.58) - (0.65) Mar. 31, (0.32) (0.) - - (0.) E2 Shares Sept., (0.13) (0.07) - (0.07) 9.81 Mar. 31, (0.26) 0.24 (0.47) (0.) - (0.02) (0.25) - (0.27) 9. E3 Shares Sept., (0.12) (0.07) - (0.07) 9.83 Mar. 31, (0.25) 0.21 (0.42) (0.17) - (0.02) (0.25) - (0.27) 9.61 E4 Shares Sept., (0.12) (0.07) - (0.07) 9.84 Mar. 31, (0.24) 0.22 (0.47) (0.) - (0.02) (0.25) - (0.27) 9.62 E5 Shares Sept., (0.11) (0.07) - (0.07) 9.85 Mar. 31, (0.23) 0.23 (0.44) (0.15) - (0.02) (0.25) - (0.27) 9.63 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

4 Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ ET8 Shares Commencement of operations June 22, 11 Sept., (0.11) (0.06) (0.36) (0.42) 8.33 Mar. 31, (0.26) (0.02) (0.22) (0.77) (1.01) 8. Mar. 31, (0.28) 0.87 (0.) (0.08) (0.41) (0.88) (1.37) 9. Mar. 31, (0.28) 1.15 (0.78) (0.06) (0.45) (0.88) (1.39). Mar. 31, (0.28) (0.05) (0.42) (0.80) (1.27) Mar. 31, (0.26) 0.99 (0.25) (0.08) - (0.77) (0.85).14 E2T8 Shares Sept., (0.12) (0.07) (0.38) (0.45) 8.71 Mar. 31, (0.25) 0.19 (0.38) (0.16) - (0.02) (0.23) (0.72) (0.97) 8.89 E3T8 Shares Sept., (0.11) (0.07) (0.38) (0.45) 8.72 Mar. 31, (0.24) 0.24 (0.38) (0.09) - (0.02) (0.23) (0.72) (0.97) 8.90 E4T8 Shares Sept., (0.11) (0.07) (0.38) (0.45) 8.74 Mar. 31, (0.23) 0.24 (0.31) (0.01) - (0.02) (0.23) (0.72) (0.97) 8.91 E5T8 Shares Sept., (0.) (0.07) (0.38) (0.45) 8.75 Mar. 31, (0.22) 0.24 (0.41) (0.09) - (0.02) (0.23) (0.72) (0.97) 8.92 F Shares Sept., (0.08) (0.07) - (0.07) 9.93 Mar. 31, (0.17) 0.03 (0.19) (0.04) - (0.02) (0.25) - (0.27) 9.67 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

5 Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ F2 Shares Sept., (0.07) (0.08) - (0.08) 9.97 Mar. 31, (0.16) (0.03) (0.02) (0.25) - (0.27) 9. F3 Shares Sept., (0.07) (0.08) - (0.08) 9.98 Mar. 31, (0.16) (0.06) (0.02) (0.25) - (0.27) 9. F4 Shares Sept., (0.06) (0.08) - (0.08) 9.99 Mar. 31, (0.15) (0.08) (0.02) (0.25) - (0.27) 9.72 F5 Shares Sept., (0.06) (0.08) - (0.08).01 Mar. 31, (0.13) 0.24 (0.42) - - (0.02) (0.25) - (0.27) 9.73 FT8 Shares Sept., (0.07) (0.07) (0.38) (0.45) 8.85 Mar. 31, (0.16) 0.02 (0.34) (0.) - (0.02) (0.23) (0.72) (0.97) 8.99 F2T8 Shares Sept., (0.07) (0.07) (0.38) (0.45) 8.86 Mar. 31, (0.15) (0.02) (0.23) (0.72) (0.97) 8.99 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

6 Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ F3T8 Shares Sept., (0.06) (0.07) (0.38) (0.45) 8.86 Mar. 31, (0.15) 0.18 (0.47) (0.15) - (0.02) (0.23) (0.72) (0.97) 8.99 F4T8 Shares Sept., (0.06) 0. (0.01) (0.07) (0.38) (0.45) 8.88 Mar. 31, (0.14) 0.24 (0.41) (0.01) - (0.02) (0.23) (0.73) (0.98) 9.00 F5T8 Shares Sept., (0.05) (0.07) (0.38) (0.45) 8.90 Mar. 31, (0.12) 0.24 (0.41) (0.02) (0.23) (0.73) (0.98) 9.01 I Shares Commencement of operations September 8, 08 Sept., (0.01) (0.14) - (0.14) Mar. 31, (0.06) 0. (0.09) (0.04) (0.48) - (0.52) Mar. 31, (0.03) 1.39 (0.98) (0.16) (0.81) - (0.97) Mar. 31, (1.18) (0.) (0.78) - (0.88) Mar. 31, (0.08) (0.66) - (0.74) Mar. 31, (0.11) - - (0.11) IT8 Shares Commencement of operations June 22, 11 Sept., (0.08) (0.46) (0.54).75 Mar. 31, (0.04) 0.24 (0.06) (0.02) (0.28) (0.96) (1.26).82 Mar. 31, (0.02) 0.88 (0.56) (0.) (0.51) (1.06) (1.67) Mar. 31, (0.67) (0.07) (0.54) (1.04) (1.65) Mar. 31, (0.06) (0.49) (0.92) (1.47) Mar. 31, (0.09) - (0.85) (0.94) 11. OF Shares Commencement of operations May 22, 08 Sept., (0.16) (0.11) - (0.11) Mar. 31, (0.36) 0.25 (0.32) (0.03) (0.36) - (0.39) 14. Mar. 31, (0.35) 1.09 (0.85) (0.12) (0.63) - (0.75) Mar. 31, (0.32) 1.69 (0.81) (0.08) (0.62) - (0.) Mar. 31, (0.29) (0.07) (0.53) - (0.) Mar. 31, (0.25) 1.16 (0.11) (0.09) - - (0.09) *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

7 Net Assets per Share ($) (1) (2) (4) Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ W Shares Commencement of operations October 22, 07 Sept., (0.02) (0.12) - (0.12) Mar. 31, (0.09) 0.35 (0.06) (0.03) (0.41) - (0.44) Mar. 31, (0.06) 1.23 (0.86) (0.14) (0.) - (0.84) Mar. 31, (0.04) 1.67 (1.07) (0.09) (0.67) - (0.76) Mar. 31, (0.03) (0.07) (0.57) - (0.64) Mar. 31, (0.03) 1.19 (0.08) (0.) - - (0.) WT8 Shares Commencement of operations June 22, 11 Sept., (0.01) (0.08) (0.43) (0.51).04 Mar. 31, (0.06) 0.24 (0.05) (0.02) (0.26) (0.90) (1.18).13 Mar. 31, (0.05) 0.88 (0.59) (0.09) (0.48) (1.00) (1.57).80 Mar. 31, (0.03) 1.33 (0.77) (0.07) (0.51) (0.98) (1.56) Mar. 31, (0.03) (0.06) (0.46) (0.86) (1.38) 12. Mar. 31, (0.03) 1.06 (0.11) (0.09) - (0.81) (0.90).96 (1) This information is derived from the Fund s semi-annual and annual financial statements. (2) Net assets per share and 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.

8 Ratios and Supplemental Data (1) (5) * net assets (5) Number of shares outstanding (5) before taxes (2) after taxes (2) Effective HST rate for the period (2) Harmonized Trading Portfolio sales tax (2) (3) turnover rate (4) $000 s 000 s % % % % % % A Shares Commencement of operations October 22, 07 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, E Shares Commencement of operations September 26, 08 Sept., 18 11, Mar. 31, 18 12, Mar. 31, 17 29,5 1, Mar. 31, 16 26,737 1, Mar. 31, 15 27,746 1, Mar. 31, 14 22,343 1, E2 Shares Sept., 18 7, Mar. 31, 18 6, E3 Shares Sept., 18 6, Mar. 31, 18 5, E4 Shares Sept., 18 1, Mar. 31, 18 1, E5 Shares Sept., 18 2, Mar. 31, 18 2, *Footnotes for the tables are found at the end of the Financial Highlights section.

9 Ratios and Supplemental Data (1) (5) * net assets (5) Number of shares outstanding (5) before taxes (2) Harmonized sales tax (2) after taxes (2) Effective HST rate for the period (2) Trading (3) Portfolio turnover rate (4) $000 s 000 s % % % % % % ET8 Shares Commencement of operations June 22, 11 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, E2T8 Shares Sept., Mar. 31, E3T8 Shares Sept., Mar. 31, E4T8 Shares Sept., Mar. 31, E5T8 Shares Sept., Mar. 31, F Shares Sept., 18 1, Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section.

10 Ratios and Supplemental Data (1) (5) * net assets (5) Number of shares outstanding (5) before taxes (2) Harmonized sales tax (2) after taxes (2) Effective HST rate for the period (2) Trading (3) Portfolio turnover rate (4) $000 s 000 s % % % % % % F2 Shares Sept., 18 1, Mar. 31, 18 1, F3 Shares Sept., 18 3, Mar. 31, 18 2, F4 Shares Sept., 18 1, Mar. 31, 18 1, F5 Shares Sept., Mar. 31, FT8 Shares Sept., Mar. 31, F2T8 Shares Sept., Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section.

11 Ratios and Supplemental Data (1) (5) * net assets (5) Number of shares outstanding (5) before taxes (2) Harmonized sales tax (2) after taxes (2) Effective HST rate for the period (2) Trading (3) Portfolio turnover rate (4) $000 s 000 s % % % % % % F3T8 Shares Sept., Mar. 31, F4T8 Shares Sept., Mar. 31, F5T8 Shares Sept., Mar. 31, I Shares Commencement of operations September 8, 08 Sept., 18 5,069, Mar. 31, ,364, Mar. 31, ,328 9, Mar. 31, ,9 6, Mar. 31, 15 97,889 5, Mar. 31, 14 64,033 4, IT8 Shares Commencement of operations June 22, 11 Sept., 18 7, Mar. 31, 18 5, Mar. 31, 17 4, Mar. 31, 16 2, Mar. 31, 15 1, Mar. 31, OF Shares Commencement of operations May 22, 08 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.

12 Ratios and Supplemental Data (1) (5) net assets (5) Number of shares outstanding (5) before taxes (2) Harmonized sales tax (2) after taxes (2) Effective HST rate for the period (2) Trading (3) Portfolio turnover rate (4) $000 s 000 s % % % % % % W Shares Commencement of operations October 22, 07 Sept., ,114 14, Mar. 31, ,677 14, Mar. 31, 17 7,774 13, Mar. 31, ,639 11, Mar. 31, ,398 11, Mar. 31, ,347 11, WT8 Shares Commencement of operations June 22, 11 Sept., 18 22,634 2, Mar. 31, 18,832 2, Mar. 31, 17,061 1, Mar. 31, 16 16,224 1, Mar. 31, 15 11, Mar. 31, 14 8, (1) This information is derived from the Fund s semi-annual and annual financial statements. (2) is calculated based on expenses charged to the Fund 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 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 0% 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 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

13 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 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. A Shares E Shares E2 Shares E3 Shares Mar. 09 Mar. Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 09 Mar. Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 E4 Shares E5 Shares ET8 Shares E2T8 Shares Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 18 Sept. 18 E3T8 Shares E4T8 Shares E5T8 Shares F Shares Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 F2 Shares F3 Shares F4 Shares F5 Shares Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18

14 FT8 Shares F2T8 Shares F3T8 Shares F4T8 Shares Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept F5T8 Shares I Shares IT8 Shares OF Shares Mar. 18 Sept. 18 Mar. 09 Mar. Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 09 Mar. Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept W Shares WT8 Shares Mar. 09 Mar. Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept return is for from September 26, 08 to March 31, return is for from May 1, 17 to March 31, return is for from June 22, 11 to March 31, return is for from September 8, 08 to March 31, return is for from May 22, 08 to March 31,

15 SUMMARY OF INVESTMENT PORTFOLIO as at September, 18 Category % of Net Assets Category % of Net Assets Top 25 Holdings % of Net Assets Country allocation U.S.A Japan Hong Kong Australia U.K Cayman Islands Germany Canada Spain France Cash & Equivalents Sweden Norway Brazil Cyprus Austria Foreign Currency Forward Contracts Singapore Belgium Malta Other Net Assets (Liabilities)... (0.4) Sector allocation Real Estate Cash & Equivalents Foreign Currency Forward Contracts Private Placements Other Net Assets (Liabilities)... (0.4) UDR Inc Prologis Inc Welltower Inc Deutsche Wohnen AG Essex Property Trust Inc Digital Realty Trust Inc CK Asset Holdings Ltd Link REIT Simon Property Group Inc Boardwalk REIT Extra Space Storage Inc Invitation Homes Inc Sumitomo Realty & Development Co., Ltd Mitsui Fudosan Co., Ltd Tokyo Tatemono Co., Ltd Regency Centers Corp Kilroy Realty Corp GPT Group Sun Communities Inc New World Development Co., Ltd Sabra Health Care REIT Inc Vornado Realty Trust Host Hotels & Resorts Inc Realty Income Corp Allied Properties Real Estate Investment Trust Net Assets (in $000 s) $515,7 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. 15