Annual Financial Statements AGF Mutual Funds

Transcription

1 Annual Financial Statements AGF Mutual Funds 2017

2 Table of Contents 2 Management s Responsibility for Financial Reporting 3 Independent Auditor s Report 4 AGF American Growth Class 10 AGF Asian Growth Class 17 AGF Canadian Growth Equity Class 25 AGF Canadian Large Cap Dividend Class 32 AGF China Focus Class 38 AGF Diversified Income Class 45 AGF Emerging Markets Class 52 AGF European Equity Class 58 AGF Fixed Income Plus Class 64 AGF Global Dividend Class 71 AGF Global Equity Class 79 AGF Global Resources Class 86 AGF Short-Term Income Class 92 AGF Total Return Bond Class 99 AGF U.S. Sector Class 105 AGF Elements Balanced Portfolio Class 111 AGF Elements Conservative Portfolio Class 117 AGF Elements Global Portfolio Class 123 AGF Elements Growth Portfolio Class 129 AGF Elements Yield Portfolio Class 134 AGF American Growth Fund 140 AGF Asian Growth Fund 146 AGF Canadian Asset Allocation Fund 157 AGF Canadian Large Cap Dividend Fund 165 AGF Canadian Money Market Fund 171 AGF Canadian Small Cap Fund 178 AGF Canadian Stock Fund 186 AGF Diversified Income Fund 196 AGF Dividend Income Fund 202 AGF EAFE Equity Fund 210 AGF Emerging Markets Balanced Fund 215 AGF Emerging Markets Bond Fund 223 AGF Emerging Markets Fund 230 AGF Equity Income Focus Fund 235 AGF European Equity Fund 241 AGF Fixed Income Plus Fund 251 AGF Flex Asset Allocation Fund 257 AGF Floating Rate Income Fund 274 AGF Global Balanced Fund 286 AGF Global Bond Fund 295 AGF Global Convertible Bond Fund 303 AGF Global Dividend Fund 310 AGF Global Equity Fund 318 AGF Global Resources Fund 324 AGF Global Select Fund 330 AGF Global Sustainable Growth Equity Fund 337 AGF High Yield Bond Fund 345 AGF Income Focus Fund 350 AGF Monthly High Income Fund 362 AGF Precious Metals Fund 369 AGF Tactical Fund 376 AGF Tactical Income Fund 384 AGF Total Return Bond Fund 395 AGF Traditional Income Fund 407 AGF U.S. Risk Managed Fund 413 AGF U.S. Small-Mid Cap Fund 419 AGF Elements Balanced Portfolio 425 AGF Elements Conservative Portfolio 431 AGF Elements Global Portfolio 437 AGF Elements Growth Portfolio 443 AGF Elements Yield Portfolio 448 Notes to Financial Statements The next report on the funds will contain interim financial information as at March 31, 2018.

3 Management s Responsibility for Financial Reporting November 22, 2017 The accompanying financial statements of the Funds (as defined in Note 1(a) and (b)) have been prepared by AGF Investments Inc. (the Manager ). The Manager of the Funds is responsible for the information and representations contained in these financial statements. The Manager maintains appropriate processes to ensure that relevant and reliable financial information is produced. The financial statements have been prepared in accordance with International Financial Reporting Standards and include certain amounts that are based on estimates and judgments. The significant accounting policies which management believes are appropriate for the Funds are described in Note 2 to the financial statements. The Board of Directors of the Classes (as defined in Note 1 (a)) is responsible for reviewing and approving the financial statements after reviewing management s report of its financial reporting responsibilities. The Board of Directors of AGF Investments Inc., as trustee, is responsible for reviewing and approving the financial statements of the Trust Funds (as defined in Note 1(b)) and reviewing management s report of its financial reporting responsibilities. Blake C. Goldring, CFA Chairman AGF Investments Inc. Adrian Basaraba Senior Vice President & Chief Financial Officer AGF Investments Inc. 2

4 Independent Auditor s Report To the Shareholders/Unitholders of AGF American Growth Class AGF Asian Growth Class AGF Canadian Growth Equity Class AGF Canadian Large Cap Dividend Class AGF China Focus Class AGF Diversified Income Class AGF Emerging Markets Class AGF European Equity Class AGF Fixed Income Plus Class AGF Global Dividend Class AGF Global Equity Class AGF Global Resources Class AGF Short-Term Income Class AGF Total Return Bond Class AGF U.S. Sector Class AGF Elements Balanced Portfolio Class AGF Elements Conservative Portfolio Class AGF Elements Global Portfolio Class AGF Elements Growth Portfolio Class AGF Elements Yield Portfolio Class AGF American Growth Fund AGF Asian Growth Fund AGF Canadian Asset Allocation Fund AGF Canadian Large Cap Dividend Fund AGF Canadian Money Market Fund AGF Canadian Small Cap Fund AGF Canadian Stock Fund AGF Diversified Income Fund AGF Dividend Income Fund AGF EAFE Equity Fund AGF Emerging Markets Balanced Fund AGF Emerging Markets Bond Fund AGF Emerging Markets Fund AGF Equity Income Focus Fund AGF European Equity Fund AGF Fixed Income Plus Fund AGF Flex Asset Allocation Fund AGF Floating Rate Income Fund AGF Global Balanced Fund AGF Global Bond Fund AGF Global Convertible Bond Fund AGF Global Dividend Fund AGF Global Equity Fund AGF Global Resources Fund AGF Global Select Fund AGF Global Sustainable Growth Equity Fund AGF High Yield Bond Fund AGF Income Focus Fund AGF Monthly High Income Fund AGF Precious Metals Fund AGF Tactical Fund AGF Tactical Income Fund AGF Total Return Bond Fund AGF Traditional Income Fund AGF U.S. Risk Managed Fund AGF U.S. Small-Mid Cap Fund AGF Elements Balanced Portfolio AGF Elements Conservative Portfolio AGF Elements Global Portfolio AGF Elements Growth Portfolio AGF Elements Yield Portfolio (collectively, the Funds ) We have audited the accompanying financial statements of each of the Funds, which comprise the statements of financial position as at the dates indicated in Note 1(e) of the accompanying financial statements and statements of comprehensive income, changes in net assets attributable to holders of redeemable shares/units and cash flows for the periods indicated in Note 1(e) of the accompanying financial statements, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on the financial statements of each of the Funds based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements of each of the Funds present fairly, in all material respects, the financial position of each of the Funds as at the dates indicated in Note 1(e) of the accompanying financial statements and the financial performance and cash flows of each of the Funds for the periods indicated in Note 1(e) of the accompanying financial statements in accordance with International Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants Toronto, Ontario November 22,

5 AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF FINANCIAL POSITION As at Assets Current Assets Investments at fair value through profit or loss $ 1,090,972 $ 993,474 Foreign exchange forward contracts at fair value through profit or loss Cash and cash equivalents 33,354 6,957 Cash collateral received for securities on loan (Note 2) 106,964 Receivable for shares issued Receivable for investments sold 1,808 Receivable for foreign exchange forward contracts Receivable from Manager (Note 7(b)) Dividends and interest receivable Tax reclaims receivable Taxes recoverable (Note 5) Refundable capital gains and dividend taxes (Note 5) 1,234,034 1,000,994 Liabilities Current Liabilities Bank overdraft Written options at fair value through profit or loss Foreign exchange forward contracts at fair value through profit or loss Payable for cash collateral under securities lending (Note 2) 106,964 Accrued management and advisory fees (Note 7(a)) Accrued expenses (Note 7(b)) Payable for shares redeemed Payable for dividends and distributions Payable for investments purchased 1,811 Payable for foreign exchange forward contracts Taxes payable (Note 5) 110,346 1,992 Shares (Note 2) $ 1,123,688 $ 999,002 Investments at Cost (Note 2) $ 798,400 $ 801,324 Shares Mutual Fund Shares $ 859,188 $ 797,583 Series D Shares $ 378 $ 347 Series F Shares $ 64,526 $ 44,533 Series I Shares $ 1 $ Series O Shares $ 171,987 $ 141,948 Series Q Shares $ 10,804 $ 6,360 Series S Shares $ $ Series T Shares $ 11,780 $ 7,092 Series V Shares $ 1,698 $ 1,139 Series W Shares $ 3,326 $ Shares per Share (Note 6) Mutual Fund Shares $ $ Series D Shares $ $ Series F Shares $ $ Series I Shares $ $ Series O Shares $ $ Series Q Shares $ $ Series S Shares $ $ Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Approved by the Board W. Robert Farquharson, Director Louise Morwick, Director 4 The accompanying notes are an integral part of these financial statements.

6 AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF COMPREHENSIVE INCOME For the periods ended Income Dividends $ 9,808 $ 7,239 Interest for distribution purposes (Note 2) Net realized gain (loss) on investments 69,507 95,937 Net change in unrealized appreciation (depreciation) in value of investments 100,422 6,629 Net gain (loss) on investments 179, ,847 Net realized gain (loss) on derivatives Net change in unrealized appreciation (depreciation) in value of derivatives Net gain (loss) on derivatives Securities lending income (Note 2) Net gain (loss) on foreign currencies and other net assets (4,579) (488) Total Income (Loss), Net 175, ,403 Expenses Management and advisory fees (Note 7(a)) 19,436 17,863 Shareholder servicing and administrative fees (Note 7(c)) 1,621 1,482 Annual and interim reports Audit fees Custodian fees and bank charges Legal fees Registration fees Directors fees and expenses 1 Interest 5 Independent review committee fees 2 2 Income taxes (Note 5) Harmonized sales tax and other taxes 2,234 2,096 Foreign withholding taxes 1, Commissions and other portfolio transaction costs (Note 2) Total expenses 25,308 23,296 Less expenses waived/absorbed by Manager (Note 7(b)) (50) (1,240) Net expenses 25,258 22,056 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations $ 150,081 $ 87,347 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations Mutual Fund Shares $ 113,499 $ 68,340 Series D Shares $ 50 $ 28 Series F Shares $ 7,972 $ 3,619 Series I Shares $ 0 $ Series O Shares $ 25,828 $ 14,301 Series Q Shares $ 1,345 $ 480 Series S Shares $ $ Series T Shares $ 1,264 $ 499 Series V Shares $ 164 $ 80 Series W Shares $ (41) $ Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations per Share (Note 2) Mutual Fund Shares $ 6.01 $ 3.62 Series D Shares $ 6.28 $ 3.34 Series F Shares $ 8.15 $ 4.55 Series I Shares $ 1.60 $ Series O Shares $ $ 6.32 Series Q Shares $ 3.74 $ 1.60 Series S Shares $ $ Series T Shares $ 2.82 $ 1.38 Series V Shares $ 3.30 $ 2.14 Series W Shares $ (0.17) $ STATEMENTS OF CASH FLOWS For the periods ended Cash Flows from Operating Activities Increase (decrease) in net assets attributable to holders of redeemable shares from operations $ 150,081 $ 87,347 Adjustments for: Exchange (gain) loss on foreign currencies 502 (32) Net realized (gain) loss on investments and derivatives (69,507) (95,937) Net change in unrealized (appreciation) depreciation in value of investments and derivatives (100,422) (6,629) Purchases of investments and derivatives (455,573) (697,990) Proceeds from sale and maturity of investments and derivatives 528, ,836 Non-cash dividends reinvested (Increase) decrease in receivable from Manager (Increase) decrease in dividends and interest receivable (129) (165) (Increase) decrease in accrued interest for short-term investments (Increase) decrease in tax reclaims receivable Net change in taxes recoverable/payable (Increase) decrease in refundable capital gains and dividend taxes Increase (decrease) in accrued management and advisory fees Increase (decrease) in accrued expenses (63) (241) Net Cash Generated (Used) by Operating Activities 52,922 (123,757) Cash Flows from Financing Activities Dividends and distributions of capital paid to holders of redeemable shares, net of reinvestments (605) (497) Proceeds from redeemable shares issued and redeemable shares converted into the Class 122, ,316 Amounts paid on redemption of redeemable shares and on redeemable shares converted out of the Class (148,242) (146,076) Net Cash Generated (Used) by Financing Activities (26,023) 74,743 Exchange gain (loss) on foreign currencies (502) 32 Net increase (decrease) in cash and cash equivalents 26,899 (49,014) Cash and cash equivalents (Bank overdraft) beginning of period 6,957 55,939 Cash and Cash Equivalents (Bank Overdraft) End of Period $ 33,354 $ 6,957 Interest received, net of withholding tax * $ 81 $ 41 Dividends received, net of withholding tax * $ 8,325 $ 6,105 Income taxes (paid) recovered * $ $ * Included as part of Cash Flows from Operating Activities The accompanying notes are an integral part of these financial statements. 5

7 AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the periods ended Shares at Beginning of Period Mutual Fund Shares $ 797,583 $ 663,490 Series D Shares Series F Shares 44,533 33,932 Series I Shares Series O Shares 141, ,227 Series Q Shares 6,360 6,374 Series S Shares Series T Shares 7,092 8,316 Series V Shares 1, Series W Shares Shares at Beginning of Period 999, ,565 Increase (decrease) in net assets attributable to holders of redeemable shares from operations Mutual Fund Shares 113,499 68,340 Series D Shares Series F Shares 7,972 3,619 Series I Shares 0 Series O Shares 25,828 14,301 Series Q Shares 1, Series S Shares Series T Shares 1, Series V Shares Series W Shares (41) 150,081 87,347 Redeemable share transactions (Note 6): Proceeds from redeemable shares issued Mutual Fund Shares 63, ,592 Series D Shares 3 5 Series F Shares 17,400 7,468 Series I Shares 1 Series O Shares 30,225 25,103 Series Q Shares 2,738 1,563 Series S Shares Series T Shares 5,542 1,012 Series V Shares Series W Shares , ,992 Proceeds from redeemable shares converted into the Class Mutual Fund Shares 5,705 67,599 Series D Shares Series F Shares 6,104 5,854 Series I Shares Series O Shares Series Q Shares 3,780 1,167 Series S Shares Series T Shares Series V Shares Series W Shares 3,260 19,567 74,892 Reinvestment of dividends and distributions to holders of redeemable shares Mutual Fund Shares Series D Shares Series F Shares Series I Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Payments on redemption of redeemable shares Mutual Fund Shares (107,130) (108,267) Series D Shares (22) (54) Series F Shares (7,825) (5,887) Series I Shares Series O Shares (26,014) (21,683) Series Q Shares (2,823) (2,927) Series S Shares Series T Shares (2,092) (2,279) Series V Shares (239) (189) Series W Shares (11) (146,156) (141,286) For the periods ended Value of redeemable shares converted out of the Class Mutual Fund Shares $ (13,667) $ (11,171) Series D Shares Series F Shares (3,658) (453) Series I Shares Series O Shares Series Q Shares (596) (297) Series S Shares Series T Shares (13) (85) Series V Shares (121) (6) Series W Shares (18,055) (12,012) Net increase (decrease) from redeemable share transactions (24,524) 74,803 Dividends to holders of redeemable shares (Note 5): Ordinary dividends Mutual Fund Shares Series D Shares Series F Shares Series I Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Capital gains dividends Mutual Fund Shares Series D Shares Series F Shares Series I Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Distribution of capital (Note 5): Mutual Fund Shares Series D Shares Series F Shares Series I Shares Series O Shares Series Q Shares Series S Shares Series T Shares (800) (660) Series V Shares (71) (53) Series W Shares (871) (713) Increase (decrease) in net assets attributable to holders of redeemable shares for the period 124, ,437 Shares at End of Period Mutual Fund Shares 859, ,583 Series D Shares Series F Shares 64,526 44,533 Series I Shares 1 Series O Shares 171, ,948 Series Q Shares 10,804 6,360 Series S Shares Series T Shares 11,780 7,092 Series V Shares 1,698 1,139 Series W Shares 3,326 Shares at End of Period $ 1,123,688 $ 999,002 6 The accompanying notes are an integral part of these financial statements.

8 AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2017 No. of Shares Average Cost ($) Fair Value ($) Consumer Discretionary (12.4%) 50,386 Amazon.com Inc. 12,399,285 60,439, ,435 Lennar Corporation 17,847,696 20,847, ,406 LKQ Corporation 14,918,726 15,017, ,826 Netflix Inc. 26,585,266 29,150,678 48,460 Ulta Beauty Inc. 10,533,511 13,668,936 82,284, ,122,982 Consumer Staples (3.3%) 180,682 Costco Wholesale Corporation 38,682,928 37,038,518 Energy (2.4%) 166,883 Concho Resources Inc. 28,875,724 27,427,827 Financials (12.8%) 233,636 Primerica Inc. 7,091,184 23,773, ,103 Raymond James Financial Inc. 33,213,163 45,993, ,024 TD Ameritrade Holding Corporation 31,138,431 38,118, ,470 The Charles Schwab Corporation 30,194,229 36,046, ,637, ,931,507 Health Care (13.2%) 194,482 Celgene Corporation 31,449,961 35,385, ,669 Edwards Lifesciences Corporation 14,239,108 16,458,232 25,354 Intuitive Surgical Inc. 21,972,295 33,086, ,543 Medtronic PLC 23,436,617 19,557,232 26,651 Regeneron Pharmaceuticals Inc. 16,876,920 14,868, ,744 UnitedHealth Group Inc. 20,186,271 29,017, ,161, ,373,872 Industrials (7.8%) 316,756 Alaska Air Group Inc. 39,715,939 30,144, ,627 FedEx Corporation 38,611,022 41,552, ,914 Fortune Brands Home & Security Inc. 14,089,756 16,098,942 92,416,717 87,795,504 Information Technology (31.9%) 290,784 Activision Blizzard Inc. 22,879,202 23,405, ,009 Adobe Systems Inc. 18,507,535 28,853, ,807 Amphenol Corporation A 23,759,242 32,401,752 71,246 Broadcom Limited 16,668,505 21,561, ,166 Corning Inc. 19,418,955 31,066, ,022 Facebook Inc. A 15,891,812 45,843, ,565 Microchip Technology Inc. 25,737,978 31,205, ,146 NVIDIA Corporation 18,088,119 76,096, ,845 PayPal Holdings Inc. 22,684,663 24,275, ,830 Vantiv Inc. A 18,252,370 21,615, ,628 Workday Inc. 22,162,350 21,648, ,050, ,973,611 Materials (6.2%) 266,691 Albemarle Corporation 29,266,992 45,359, ,353 Vulcan Materials Company 24,573,494 24,377,315 53,840,486 69,736,334 Real Estate (3.1%) 61,972 Equinix Inc. 23,058,455 34,510,399 Telecommunication Services (4.0%) 585,692 T-Mobile US Inc. 25,838,199 45,060,955 Commissions and other portfolio transaction costs (Note 2) (445,756) Total Portfolio (97.1%) 798,400,147 1,090,971,509 Note: Percentages shown relate investments at fair value to total Net Assets Attributable to Holders of Redeemable Shares ( Net Assets ) as at 2017 attributable to AGF American Growth Class (the Fund ). The accompanying notes are an integral part of these financial statements. 7

9 AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION Investment Objective The Fund s investment objective is to provide long-term capital growth by investing primarily in equity securities of established U.S. companies. Summary of Investment Portfolio As at 2017 and 2016, the Fund s major portfolio categories, as a percentage of Net Assets, are included in the following tables: Portfolio by Country 2017 (%) United States (%) United States 99.4 Portfolio by Sector 2017 (%) Information Technology 31.9 Health Care 13.2 Financials 12.8 Consumer Discretionary 12.4 Industrials 7.8 Materials 6.2 Telecommunication Services 4.0 Consumer Staples 3.3 Real Estate 3.1 Energy (%) Information Technology 32.6 Consumer Discretionary 16.9 Health Care 10.7 Financials 7.4 Real Estate 6.5 Industrials 5.9 Energy 5.8 Materials 5.3 Consumer Staples 4.5 Telecommunication Services 3.8 Portfolio by Asset Mix 2017 (%) United States Equity 97.1 DISCUSSION OF FINANCIAL INSTRUMENT RISK MANAGEMENT (Note 4) Credit Risk As at 2017 and 2016, the Fund had no significant investments in debt instruments and derivatives. Accordingly, the Fund was not subject to significant credit risk. Interest Rate Risk The majority of the Fund s financial assets and liabilities are noninterest bearing, accordingly, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Other Price Risk The Schedule of Investment Portfolio of the Fund classifies securities by market segment. The impact on Net Assets of the Fund due to a 50 percent change in benchmark ( percent), using historical correlation between the return of the Mutual Fund Shares as compared to the return of the Fund s benchmark, as at 2017 and 2016, with all other variables held constant, is included in the following table. Regression analysis has been utilized to estimate the historical correlation. The analysis uses 36 monthly data points, unless the inception of the Fund is less than three years, in which case since inception data has been used. The returns of the other series of the Fund are substantially similar to that of the Mutual Fund Shares, save for differences in expense structure. Benchmark Impact on Net Assets S&P 500 Net Return Index 649, ,344 The historical correlation may not be representative of the future correlation, and accordingly the impact on Net Assets could be materially different. Currency Risk The amounts in the following tables are based on the fair value of the Fund s financial instruments (including cash and cash equivalents) as well as the underlying principal amounts of foreign exchange forward contracts, as applicable. Other financial assets (including cash collateral received for securities on loan, dividends and interest receivables and receivables for investments sold) and financial liabilities (including payable for cash collateral under securities lending and payable for investments purchased) that are denominated in foreign currencies do not expose the Fund to significant currency risk (%) United States Equity 99.4 Interest in Unconsolidated Structured Entities (Note 2) As at 2017 and 2016, the Fund had no investments in underlying funds or exchange traded funds. 8 The accompanying notes are an integral part of these financial statements.

10 AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION CONTINUED Currencies to which the Fund had exposure as at 2017 and 2016, were as follows: 2017 Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) United States Dollar 1,120,941 1,120, Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) United States Dollar 995, , ** Includes both monetary and non-monetary instruments, as applicable As at 2017 and 2016, if the Canadian dollar had strengthened or weakened by 2 percent, in relation to all currencies, with all other variables held constant, Net Assets would have decreased or increased, respectively, by approximately $22,419,000 ( 2016 $19,906,000). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Note 4) The following tables illustrate the classifications of the Fund s financial instruments within the fair value hierarchy as at 2017 and Reconciliation of Level 3 Fair Value Measurement (Note 4) For the periods ended 2017 and 2016, the Fund did not hold financial instruments within level 3 of the fair value hierarchy. SECURITIES LENDING TRANSACTIONS (Note 2) A reconciliation of the gross amount generated from securities lending transactions to the securities lending income earned by the Fund for the periods ended 2017 and 2016 is as follows: % of Gross Income % of Gross Income Gross Securities Lending Income Interest Paid on Cash Collateral (205) (60.2) Withholding Taxes (0) (0.1) (0) (0.0) Agent Fees The Bank of New York Mellon Corp. (37) (10.9) (19) (30.0) Net Securities Lending Income The value of securities loaned and collateral received from securities lending as at 2017 and 2016 were as follows: Fair Value of Securities on Loan 193,817 63,023 Fair Value of Cash Collateral Received 106,964 Fair Value of Securities Collateral Received 93,739 66, Level 1 Level 2 Level 3 Total Equities 1,090,972 1,090,972 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 1,090,972 1,090,972 Derivative Assets Derivative Liabilities 2016 Level 1 Level 2 Level 3 Total Equities 993, ,474 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 993, ,474 Derivative Assets Derivative Liabilities There were no significant transfers between levels 1 and 2 during the periods ended 2017 and The accompanying notes are an integral part of these financial statements. 9

11 AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF FINANCIAL POSITION As at Assets Current Assets Investments at fair value through profit or loss $ 52,207 $ 31,943 Foreign exchange forward contracts at fair value through profit or loss Cash and cash equivalents 1, Cash collateral received for securities on loan (Note 2) Receivable for shares issued 52 6 Receivable for investments sold 1, Receivable for foreign exchange forward contracts Receivable from Manager (Note 7(b)) Dividends and interest receivable Tax reclaims receivable Taxes recoverable (Note 5) Refundable capital gains and dividend taxes (Note 5) 54,985 32,846 Liabilities Current Liabilities Bank overdraft Written options at fair value through profit or loss Foreign exchange forward contracts at fair value through profit or loss Payable for cash collateral under securities lending (Note 2) Accrued management and advisory fees (Note 7(a)) Accrued expenses (Note 7(b)) Payable for shares redeemed Payable for dividends and distributions Payable for investments purchased 1, Payable for foreign exchange forward contracts Taxes payable (Note 5) Foreign taxes payable (Note 5) 1, Shares (Note 2) $ 53,288 $ 32,464 Investments at Cost (Note 2) $ 39,548 $ 24,773 Shares Mutual Fund Shares $ 22,945 $ 23,932 Series D Shares $ $ Series F Shares $ 2,154 $ 815 Series O Shares $ 1,449 $ 868 Series Q Shares $ $ Series S Shares $ 26,740 $ 6,849 Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Shares per Share (Note 6) Mutual Fund Shares $ $ Series D Shares $ $ Series F Shares $ $ Series O Shares $ $ Series Q Shares $ $ Series S Shares $ $ Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Approved by the Board W. Robert Farquharson, Director Louise Morwick, Director 10 The accompanying notes are an integral part of these financial statements.

12 AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF COMPREHENSIVE INCOME For the periods ended Income Dividends $ 1,158 $ 745 Interest for distribution purposes (Note 2) 4 29 Net realized gain (loss) on investments 1,895 1,158 Net change in unrealized appreciation (depreciation) in value of investments 5,489 2,760 Net gain (loss) on investments 8,546 4,692 Net realized gain (loss) on derivatives Net change in unrealized appreciation (depreciation) in value of derivatives Net gain (loss) on derivatives Securities lending income (Note 2) 11 3 Net gain (loss) on foreign currencies and other net assets 27 (122) Total Income (Loss), Net 8,584 4,573 Expenses Management and advisory fees (Note 7(a)) Shareholder servicing and administrative fees (Note 7(c)) Annual and interim reports Audit fees Custodian fees and bank charges Legal fees Registration fees Directors fees and expenses 2 1 Interest 1 Independent review committee fees 2 2 Income taxes (Note 5) Harmonized sales tax and other taxes Foreign withholding taxes Commissions and other portfolio transaction costs (Note 2) Total expenses 1,584 1,346 Less expenses waived/absorbed by Manager (Note 7(b)) (245) (232) Net expenses 1,339 1,114 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations $ 7,245 $ 3,459 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations Mutual Fund Shares $ 2,756 $ 2,512 Series D Shares $ $ Series F Shares $ 163 $ 75 Series O Shares $ 196 $ 81 Series Q Shares $ $ Series S Shares $ 4,130 $ 791 Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations per Share (Note 2) Mutual Fund Shares $ 2.04 $ 1.51 Series D Shares $ $ Series F Shares $ 2.90 $ 2.10 Series O Shares $ 2.87 $ 1.71 Series Q Shares $ $ Series S Shares $ 3.79 $ 2.40 Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ STATEMENTS OF CASH FLOWS For the periods ended Cash Flows from Operating Activities Increase (decrease) in net assets attributable to holders of redeemable shares from operations $ 7,245 $ 3,459 Adjustments for: Exchange (gain) loss on foreign currencies (10) (4) Net realized (gain) loss on investments and derivatives (1,895) (1,158) Net change in unrealized (appreciation) depreciation in value of investments and derivatives (5,489) (2,760) Purchases of investments and derivatives (44,492) (18,750) Proceeds from sale and maturity of investments and derivatives 31,763 22,596 Non-cash dividends reinvested (Increase) decrease in receivable from Manager (Increase) decrease in dividends and interest receivable (3) 22 (Increase) decrease in accrued interest for short-term investments (Increase) decrease in tax reclaims receivable Net change in taxes recoverable/payable (Increase) decrease in refundable capital gains and dividend taxes Increase (decrease) in accrued management and advisory fees 3 (12) Increase (decrease) in accrued expenses 36 (8) Increase (decrease) in foreign taxes payable Net Cash Generated (Used) by Operating Activities (12,842) 3,385 Cash Flows from Financing Activities Dividends and distributions of capital paid to holders of redeemable shares, net of reinvestments Proceeds from redeemable shares issued and redeemable shares converted into the Class 22,498 29,591 Amounts paid on redemption of redeemable shares and on redeemable shares converted out of the Class (8,990) (32,750) Net Cash Generated (Used) by Financing Activities 13,508 (3,159) Exchange gain (loss) on foreign currencies 10 4 Net increase (decrease) in cash and cash equivalents Cash and cash equivalents (Bank overdraft) beginning of period Cash and Cash Equivalents (Bank Overdraft) End of Period $ 1,202 $ 526 Interest received, net of withholding tax * $ 4 $ 29 Dividends received, net of withholding tax * $ 1,026 $ 679 Income taxes (paid) recovered * $ $ * Included as part of Cash Flows from Operating Activities The accompanying notes are an integral part of these financial statements. 11

13 AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the periods ended Shares at Beginning of Period Mutual Fund Shares $ 23,932 $ 26,309 Series D Shares Series F Shares Series O Shares 868 Series Q Shares Series S Shares 6,849 6,090 Series T Shares Series V Shares Series W Shares Shares at Beginning of Period 32,464 32,984 Increase (decrease) in net assets attributable to holders of redeemable shares from operations Mutual Fund Shares 2,756 2,512 Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares 4, Series T Shares Series V Shares Series W Shares 7,245 3,459 Redeemable share transactions (Note 6): Proceeds from redeemable shares issued Mutual Fund Shares 1,531 15,793 Series D Shares Series F Shares 1, Series O Shares Series Q Shares Series S Shares 19, Series T Shares Series V Shares Series W Shares 22,263 17,798 Proceeds from redeemable shares converted into the Class Mutual Fund Shares ,069 Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares ,324 Reinvestment of dividends and distributions to holders of redeemable shares Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Payments on redemption of redeemable shares Mutual Fund Shares (5,044) (19,614) Series D Shares Series F Shares (143) (175) Series O Shares (195) (212) Series Q Shares Series S Shares (3,241) (920) Series T Shares Series V Shares Series W Shares (8,623) (20,921) For the periods ended Value of redeemable shares converted out of the Class Mutual Fund Shares $ (546) $ (12,137) Series D Shares Series F Shares (49) (43) Series O Shares Series Q Shares Series S Shares (47) Series T Shares Series V Shares Series W Shares (642) (12,180) Net increase (decrease) from redeemable share transactions 13,579 (3,979) Dividends to holders of redeemable shares (Note 5): Ordinary dividends Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Capital gains dividends Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Distribution of capital (Note 5): Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Increase (decrease) in net assets attributable to holders of redeemable shares for the period 20,824 (520) Shares at End of Period Mutual Fund Shares 22,945 23,932 Series D Shares Series F Shares 2, Series O Shares 1, Series Q Shares Series S Shares 26,740 6,849 Series T Shares Series V Shares Series W Shares Shares at End of Period $ 53,288 $ 32, The accompanying notes are an integral part of these financial statements.

14 AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2017 No. of Shares Average Cost ($) Fair Value ($) No. of Shares Average Cost ($) Fair Value ($) China (39.9%) 16,500 Alibaba Group Holding Limited ADR 1,950,080 3,555,732 2,500 Baidu Inc. ADR 535, ,638 1,680,000 Bank of China Limited H 1,024,849 1,033,136 1,480,000 China Construction Bank Corporation H 1,332,958 1,531, ,000 China Gas Holdings Limited 437, , ,000 China Mengniu Dairy Company Limited 614, ,626 1,080,000 China Petroleum & Chemical Corporation H 1,085,182 1,009, ,000 China Resources Land Limited 410, ,634 1,500,000 China Telecom Corporation Limited H 966, ,382 7,500 CICC Financial Trading Limited 671, ,232 16,000 Ctrip.com International Limited ADR 970,018 1,052, ,000 Longfor Properties Company Limited 638, ,404 2,000 NetEase Inc. ADR 803, , ,000 Ping An Insurance (Group) Company of China Limited H 1,017,980 1,608,741 76,000 Tencent Holdings Limited 1,379,624 4,081,303 3,600,000 West China Cement Limited 639, ,287 1,200,000 Wisdom Education International Holdings Company Limited 545, ,041 15,023,940 21,250,989 Hong Kong (13.0%) 180,000 AIA Group Limited 1,055,162 1,656, ,000 Beijing Enterprises Water Group Limited 628, ,822 98,000 CK Asset Holdings Limited 964,873 1,012,004 18,000 Hong Kong Exchanges and Clearing Limited 476, , ,000 Samsonite International SA 503, , ,000 Sands China Limited 1,046,390 1,090, ,000 SITC International Holdings Company Limited 305, , ,000 Universal Medical Financial & Technical Advisory Services Company Limited 779, ,746 5,760,917 6,912,684 India (2.3%) 10,000 HDFC Bank Limited ADR 733,358 1,202,457 Indonesia (2.6%) 380,000 PT Bank Central Asia Tbk 574, ,615 1,500,000 PT Telekomunikasi Indonesia (Persero) Tbk 668, ,323 1,243,522 1,364,938 Malaysia (0.2%) 31,900 Genting Berhad 79,326 90,023 Singapore (3.8%) 100,000 Keppel Corporation Limited 595, ,992 80,000 Oversea-Chinese Banking Corporation Limited 677, , ,000 Sembcorp Industries Limited 701, ,352 1,974,288 2,033,599 South Korea (19.1%) 5,000 Hyundai Motor Company 836, ,777 12,000 Korea Electric Power Corporation 603, ,842 1,800 LG Chem Limited 500, , LG Household & Health Care Limited 759, ,763 South Korea (continued) 620 NAVER Corporation 502, ,196 1,720 POSCO 453, ,987 1,930 Samsung Electronics Company Limited 2,736,354 5,254,222 18,000 Shinhan Financial Group Company Limited 845, ,347 7,237,611 10,200,818 Taiwan (12.3%) 500,932 Advanced Semiconductor Engineering Inc. 825, , ,000 Basso Industry Corporation 764, , ,000 CTBC Financial Holding Company Limited 602, , ,000 Hon Hai Precision Industry Company Limited 582, ,069 3,000 Largan Precision Company Limited 698, , ,001 Taiwan Semiconductor Manufacturing Company Limited 1,535,645 3,073,402 5,008,552 6,543,128 Thailand (2.4%) 280,000 Intouch Holdings PCL NVDR 609, ,362 90,000 Kasikornbank Public Company Limited NVDR 697, ,019 1,306,595 1,299,381 The Philippines (2.4%) 10,800 Globe Telecom Inc. 528, , ,000 Metropolitan Bank & Trust Company 778, ,869 1,307,151 1,308,677 Commissions and other portfolio transaction costs (Note 2) (126,961) Total Portfolio (98.0%) 39,548,299 52,206,694 ADR American Depository Receipt NVDR Non-voting Depository Receipt Note: Percentages shown relate investments at fair value to total Net Assets Attributable to Holders of Redeemable Shares ( Net Assets ) as at 2017 attributable to AGF Asian Growth Class (the Fund ). The accompanying notes are an integral part of these financial statements. 13

15 AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION Investment Objective The Fund s investment objective is to provide long-term capital growth by investing primarily in shares of companies that are located or active mainly in Asia or the Pacific Rim Region and are principally traded on Asian stock exchanges. Summary of Investment Portfolio As at 2017 and 2016, the Fund s major portfolio categories, as a percentage of Net Assets, are included in the following tables: Portfolio by Country 2017 (%) China 39.9 South Korea 19.1 Hong Kong 13.0 Taiwan 12.3 Singapore 3.8 Indonesia 2.6 The Philippines 2.4 Thailand 2.4 India 2.3 Malaysia (%) China 36.4 South Korea 17.7 Hong Kong 13.2 Taiwan 11.9 Singapore 5.0 India 4.1 Indonesia 2.7 Malaysia 2.7 Thailand 2.6 The Philippines 2.1 Portfolio by Sector 2017 (%) Information Technology 37.5 Financials 23.1 Consumer Discretionary 9.7 Telecommunication Services 5.2 Consumer Staples 4.4 Real Estate 4.0 Materials 3.9 Utilities 3.5 Industrials 3.5 Energy 1.9 Health Care (%) Information Technology 31.2 Financials 30.4 Consumer Staples 7.3 Consumer Discretionary 5.9 Real Estate 4.8 Materials 4.5 Telecommunication Services 4.4 Industrials 3.8 Health Care 3.1 Energy 1.6 Utilities 1.4 Portfolio by Asset Mix 2017 (%) International Equity (%) International Equity 98.4 Interest in Unconsolidated Structured Entities (Note 2) As at 2017 and 2016, the Fund had no investments in underlying funds or exchange traded funds. DISCUSSION OF FINANCIAL INSTRUMENT RISK MANAGEMENT (Note 4) Credit Risk As at 2017 and 2016, the Fund had no significant investments in debt instruments and derivatives. Accordingly, the Fund was not subject to significant credit risk. Interest Rate Risk The majority of the Fund s financial assets and liabilities are noninterest bearing, accordingly, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Other Price Risk The Schedule of Investment Portfolio of the Fund classifies securities by geographic region. The impact on Net Assets of the Fund due to a 40 percent change in benchmarks ( percent), using historical correlation between the return of the Mutual Fund Shares as compared to the return of the Fund s benchmarks, as at 2017 and 2016, with all other variables held constant, is included in the following table. Regression analysis has been utilized to estimate the historical correlation. The analysis uses 36 monthly data points, unless the inception of the Fund is less than three years, in which case since inception data has been used. The returns of the other series of the Fund are substantially similar to that of the Mutual Fund Shares, save for differences in expense structure. 14 The accompanying notes are an integral part of these financial statements.

16 AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION CONTINUED Benchmark Impact on Net Assets MSCI Pacific Free ex-japan Index 16,851 13,057 MSCI All Country Far East ex-japan Index 21,530 17,838 The historical correlation may not be representative of the future correlation, and accordingly the impact on Net Assets could be materially different. Currency Risk The amounts in the following tables are based on the fair value of the Fund s financial instruments (including cash and cash equivalents) as well as the underlying principal amounts of foreign exchange forward contracts, as applicable. Other financial assets (including cash collateral received for securities on loan, dividends and interest receivables and receivables for investments sold) and financial liabilities (including payable for cash collateral under securities lending and payable for investments purchased) that are denominated in foreign currencies do not expose the Fund to significant currency risk. Currencies to which the Fund had exposure as at 2017 and 2016, were as follows: 2017 Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) Hong Kong Dollar 21,405 21, South Korean Won 10,201 10, United States Dollar 9,105 9, New Taiwanese Dollar 6,586 6, Singapore Dollar 2,034 2, Indonesian Rupiah 1,365 1, Philippine Peso 1,309 1, Thai Baht 1,301 1, Malaysian Ringgit Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) Hong Kong Dollar 13,273 13, South Korean Won 5,742 5, United States Dollar 4,237 4, New Taiwanese Dollar 3,981 3, Singapore Dollar 1,637 1, Indonesian Rupiah Malaysian Ringgit Thai Baht Philippine Peso Indian Rupee ** Includes both monetary and non-monetary instruments, as applicable As at 2017 and 2016, if the Canadian dollar had strengthened or weakened by 2 percent, in relation to all currencies, with all other variables held constant, Net Assets would have decreased or increased, respectively, by approximately $1,068,000 ( 2016 $653,000). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Note 4) The following tables illustrate the classifications of the Fund s financial instruments within the fair value hierarchy as at 2017 and Level 1 Level 2 Level 3 Total Equities 51, ,207 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 51, ,207 Derivative Assets Derivative Liabilities 2016 Level 1 Level 2 Level 3 Total Equities 31,943 31,943 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 31,943 31,943 Derivative Assets Derivative Liabilities There were no significant transfers between levels 1 and 2 during the periods ended 2017 and Reconciliation of Level 3 Fair Value Measurement (Note 4) For the periods ended 2017 and 2016, the Fund did not hold financial instruments within level 3 of the fair value hierarchy. The accompanying notes are an integral part of these financial statements. 15

17 AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION CONTINUED SECURITIES LENDING TRANSACTIONS (Note 2) A reconciliation of the gross amount generated from securities lending transactions to the securities lending income earned by the Fund for the periods ended 2017 and 2016 is as follows: % of Gross Income % of Gross Income Gross Securities Lending Income Interest Paid on Cash Collateral Withholding Taxes (0) (1.1) (0) (0.5) Agent Fees The Bank of New York Mellon Corp. (4) (24.9) (1) (29.8) Net Securities Lending Income The value of securities loaned and collateral received from securities lending as at 2017 and 2016 were as follows: Fair Value of Securities on Loan 5,081 1,163 Fair Value of Cash Collateral Received Fair Value of Securities Collateral Received 5,360 1, The accompanying notes are an integral part of these financial statements.

18 AGF Canadian Growth Equity Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF FINANCIAL POSITION As at Assets Current Assets Investments at fair value through profit or loss $ 592,230 $ 606,698 Foreign exchange forward contracts at fair value through profit or loss Cash and cash equivalents 48,283 50,615 Cash collateral received for securities on loan (Note 2) Receivable for shares issued Receivable for investments sold 224 2,504 Receivable for foreign exchange forward contracts Receivable from Manager (Note 7(b)) Dividends and interest receivable Tax reclaims receivable Taxes recoverable (Note 5) Refundable capital gains and dividend taxes (Note 5) 3,130 3, , ,623 Liabilities Current Liabilities Bank overdraft Written options at fair value through profit or loss Foreign exchange forward contracts at fair value through profit or loss Payable for cash collateral under securities lending (Note 2) Accrued management and advisory fees (Note 7(a)) Accrued expenses (Note 7(b)) Payable for shares redeemed Payable for dividends and distributions Payable for investments purchased 280 2,545 Payable for foreign exchange forward contracts Taxes payable (Note 5) 1,339 3,924 Shares (Note 2) $ 643,143 $ 659,699 Investments at Cost (Note 2) $ 534,161 $ 510,106 Shares Mutual Fund Shares $ 622,525 $ 630,122 Series D Shares $ $ Series F Shares $ 6,166 $ 5,253 Series O Shares $ 14,452 $ 24,324 Series Q Shares $ $ Series S Shares $ $ Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Shares per Share (Note 6) Mutual Fund Shares $ $ Series D Shares $ $ Series F Shares $ $ Series O Shares $ $ Series Q Shares $ $ Series S Shares $ $ Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Approved by the Board W. Robert Farquharson, Director Louise Morwick, Director The accompanying notes are an integral part of these financial statements. 17