Synergy Global Corporate Class

Transcription

1 Report of Fund Performance for ended September, 217 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 CI Investments Inc., 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 decreased by $9.6 million to $166.1 million from March 31, 217 to September, 217. The Fund had net redemptions of $13.5 million during. The portfolio s performance increased assets by $3.9 million. Class A shares returned 1.9% after fees and expenses for the six-month period ended September, 217. Over the same time period, the Fund s benchmark returned 2.6%. The benchmark is the MSCI World Return Index. The performance of the Fund s other Classes is substantially similar to that of Class A shares, except for differences in fees and expenses structure. For the returns of the Fund s other Classes, please refer to the Past performance section. The global economies, especially in Europe and China, have been stronger than expected. Both consumer and corporate sentiment continue to improve and there are signs that the deflationary mindset has dissipated. The political tail risks have subsided in Europe after the election of Emmanuel Macron in France. In China, the government has managed to balance its strategy well with targeted tightening measures during strong periods and stimulus policies when the economic data softens. Both these developments have given investors some reassurance that a significant drop-off in economic activities is not imminent. As a result of this renewed optimism, the new focus for the market has been the theme of policy convergence. The debate has turned to when, not if, the European Central Bank will start tapering their asset purchase program. We believe that this development is positive, as it removes some of the excess liquidity in the market and refocuses investors on company-specific fundamentals. One of the biggest trends over the past six months has been the weakness in the U.S. dollar. Relatively better economic data abroad, along with tepid domestic numbers, were drivers of the dollar weakness. While the stronger Euro held back local stock performance, its return in U.S. dollars was better than the S&P Index. Our overweight in the U.S. market was negatively impacted by this development. Overall, the Fund underperformed its benchmark for. The biggest change to the portfolio has been in the financial sector, where we have increased our position to become one of our largest overweights. Financial companies and especially banks are befitting from two key developments: the upward move in rates and, maybe more importantly, the pick-up in economic activities. Rates have started to move higher in September and the curve has started to steepen on the back of better inflation data in the U.S. This is a very positive development for banks, as it typically leads to better net interest margins and should provide support for higher ROE. Perhaps more important than the short-term expansion in net interest margins is the fact that consumer and business confidence have improved noticeably over the past year. This is especially true in Europe where we are beginning to see this translate into stronger demand for credit. This is ultimately what will drive higher profitability at the banks. The main hurdles for growing the loan books are the legacy nonperforming loans that still are on the books. Given the improvement in the economy, the banks are in a better position to sell off these nonperforming loans (and there are growing buyers for this development). Arrow Global Group PLC is one company that we believe will be a winner in this nonperforming loan workout cycle. RECENT DEVELOPMENTS Central banks in the developed world appear unified in their desire to normalize interest rates and first steps in quantitative tightening are being telegraphed well in advance. Market participants seem keen to assume that the unwinding of central bank balance sheets will result in a market unwind. Rather than turn bearish dogmatically, we believe this is the opportunity for active management to shine (after a prolonged era of simply owning the market has worked for so many). Given our view, we believe astute forward risk management presents a significant opportunity for nimble managers with a rigorous and objective process to adapt to changing market regimes. The other issue that plagued the U.S. was the inability to pass any of Trump s key agenda items. As a result, investors flocked to a barbell approach: owning high growth technology stocks and high yielding defensive plays. While we benefitted from the former, we have little exposure to the low growth yield stocks. With signs of a re-acceleration in the U.S. economy taking hold, we expect rates could potentially be moving higher, which creates significant risk with these high-yielding stocks. Effective April 3, 217, William Harding ceased to be a member of the Independent Review Committee. 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, CIG - 619

2 Report of Fund Performance for ended September, 217 in consideration for management fees, provides 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, 217, for each of the classes are shown below: Annual management fee rate (%) Annual fixed administration fee rate (%) A Shares A1 Shares A2 Shares A3 Shares A4 Shares A5 Shares AT5 Shares A1T5 Shares A2T5 Shares A3T5 Shares AT8 Shares A1T8 Shares A2T8 Shares A3T8 Shares A4T8 Shares A5T8 Shares E Shares EF Shares.9.15 EFT5 Shares.9.15 EFT8 Shares.9.15 ET5 Shares ET8 Shares F Shares F1 Shares F2 Shares.9.21 F3 Shares.8.15 F4 Shares.8.12 F5 Shares.7.1 FT8 Shares F1T8 Shares Annual management fee rate (%) Annual fixed administration fee rate (%) F2T8 Shares.9.21 F3T8 Shares.8.15 F4T8 Shares.8.12 F5T8 Shares.7.1 I Shares Paid directly by investor - IT8 Shares Paid directly by investor - O Shares Paid directly by investor.15 OT5 Shares Paid directly by investor.15 OT8 Shares Paid directly by investor.15 P Shares Paid directly by investor.22 W Shares Paid directly by investor.22 WT8 Shares Paid directly by investor.22 Y Shares Z Shares The Fund paid the Manager $1.2 million in management fees and $.1 million in administration fees for ended September, 217. Fees Approximately 26% of total management fees were used to pay for sales and trailing commissions. The remaining 74% of management fees were used for investment management and other general administration. Independent Review Committee The Fund received standing instructions from the Fund s Independent Review Committee ( IRC ) 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; c) purchases or sales of other investment funds managed by the Manager or their affiliates; and d) mergers involving the Fund and another fund managed by the Manager that is subject to National Instrument Investment Funds. 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

3 Report of Fund Performance for ended September, 217 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.

4 Report of Fund Performance for ended September, 217 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) (5) * 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 March, 1999 Sept., (.1).16 (.2) Mar. 31, (.18) (.3) (.33) - (.36) 6.94 Mar. 31, (.18).87 (1.16) (.36) - (.4) (.) - (.34) 6.49 Mar. 31, (.16) (.4) (.19) - (.23) 7.19 Mar. 31, (.14) (.7) - - (.7) 6.2 Mar. 31, 213^ (.1) (.2) - - (.2) 4.88 A1 Shares Sept., (.12) (.2) A2 Shares Sept., (.12) (.9) A3 Shares Sept., (.11) (.1) A4 Shares Sept., (.11) (.2) A5 Shares Sept., (.12) (.4) *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 6.

5 Report of Fund Performance for ended September, 217 Net Assets per Share ($) (1) (2) (5) * 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) $ $ $ $ $ $ $ $ $ $ $ $ AT5 Shares Commencement of operations October 26, 27 Sept., (.11).18 (.3) (.21) (.21) 8.7 Mar. 31, (.21) (.4) (.39) (.46) (.89) 8.11 Mar. 31, (.22).95 (1.52) (.65) - (.4) (.37) (.44) (.85) 8.2 Mar. 31, (.22) (.5) (.25) (.42) (.72) 9.33 Mar. 31, (.19) (.1) - (.34) (.44) 8.45 Mar. 31, 213^ (.16) (.3) - (.) (.33) 6.95 A1T5 Shares Sept., (.11).3 (.26) (.24) (.21) (.21) 9.64 A2T5 Shares Sept., (.11).1 (.24) (.15) (.21) (.21) 9.64 A3T5 Shares Sept., (.12) (.21) (.21) 9.65 AT8 Shares Commencement of operations October 22, 27 Sept., (.8) (.25) (.25) 5.87 Mar. 31, (.17) (.3) (.29) (.56) (.88) 6.1 Mar. 31, (.18).81 (1.15) (.41) - (.3) (.28) (.56) (.87) 6.16 Mar. 31, (.17) (.4) (.2) (.55) (.79) 7.39 Mar. 31, (.16) (.8) - (.46) (.54) 6.9 Mar. 31, 213^ (.13) (.2) - (.41) (.43) 5.83 A1T8 Shares Sept., (.11).1 (.24) (.15) (.33) (.33) 9.51 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 6.

6 Report of Fund Performance for ended September, 217 Net Assets per Share ($) (1) (2) (5) * 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) $ $ $ $ $ $ $ $ $ $ $ $ A2T8 Shares Sept., (.11).1 (.24) (.15) (.33) (.33) 9.52 A3T8 Shares Sept., (.11).1 (.24) (.15) (.33) (.33) 9.52 A4T8 Shares Sept., (.1).1 (.24) (.14) (.33) (.33) 9.53 A5T8 Shares Sept., (.1).1 (.24) (.14) (.33) (.33) 9.53 E Shares Commencement of operations July 29, 215 Sept., (.12) Mar. 31, (.22) (.4) (.44) - (.48) 9.13 Mar. 31, (.13) (.4) (.38) (.45) - (.5) (.39) - (.44) 8.52 EF Shares Commencement of operations July 29, 215 Sept., (.7) Mar. 31, (.12) (.4) (.45) - (.49) 9.29 Mar. 31, (.8).51 (1.) (.98) - (.5) (.) - (.45) 8.58 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

7 Report of Fund Performance for ended September, 217 Net Assets per Share ($) (1) (2) (5) * 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) $ $ $ $ $ $ $ $ $ $ $ $ EFT5 Shares Commencement of operations July 29, 215 Sept., (.7).18 (.1) (.22) (.22) 8.47 Mar. 31, (.12) (.4) (.41) (.47) (.92) 8.47 Mar. 31, (.8). (1.48) (.97) - (.5) (.38) (.33) (.76) 8.28 EFT8 Shares Commencement of operations July 29, 215 Sept., (.6).17 (.1) (.33) (.33) 7.88 Mar. 31, (.12) (.4) (.39) (.74) (1.17) 8.1 Mar. 31, (.7). (1.46) (.94) - (.4) (.37) (.52) (.93) 8.1 ET5 Shares Commencement of operations July 29, 215 Sept., (.11).18 (.1) (.21) (.21) 8.27 Mar. 31, (.21) (.4) (.) (.47) (.91) 8.31 Mar. 31, (.14). (1.47) (1.2) - (.4) (.38) (.33) (.75) 8.22 ET8 Shares Commencement of operations July 29, 215 Sept., (.1) (.32) (.32) 7.68 Mar. 31, (.21) (.4) (.38) (.73) (1.15) 7.85 Mar. 31, (.14). (1.46) (1.1) - (.4) (.37) (.52) (.93) 8.4 F Shares Commencement of operations November 13, 2 Sept., (.7).19 (.3) Mar. 31, (.12) (.4) (.) - (.44) 8.32 Mar. 31, (.11) 1.3 (1.19) (.13) - (.4) (.35) - (.39) 7.7 Mar. 31, (.1) (.4) (.23) - (.27) 8.43 Mar. 31, (.9) (.8) - - (.8) 7.19 Mar. 31, 213^ (.7) (.2) - - (.2) 5.6 F1 Shares Sept., (.8) (.1) *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 6.

8 Report of Fund Performance for ended September, 217 Net Assets per Share ($) (1) (2) (5) * 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., (.8) (.1) F3 Shares Sept., (.6).1 (.24) (.1) F4 Shares Sept., (.6).1 (.24) (.1) F5 Shares Sept., (.5).1 (.24) (.9) FT8 Shares Commencement of operations July 28, 217 Sept., (.3) (.4) (.13) (.13) 1.1 F1T8 Shares Commencement of operations July 28, 217 Sept., (.3) (.4) (.13) (.13) 1.1 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

9 Report of Fund Performance for ended September, 217 Net Assets per Share ($) (1) (2) (5) * 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) $ $ $ $ $ $ $ $ $ $ $ $ F2T8 Shares Commencement of operations July 28, 217 Sept., (.3) (.4) (.13) (.13) 1.1 F3T8 Shares Commencement of operations July 28, 217 Sept., (.3) (.4) (.13) (.13) 1.1 F4T8 Shares Commencement of operations July 28, 217 Sept., (.3) (.4) (.13) (.13) 1.1 F5T8 Shares Commencement of operations July 28, 217 Sept., (.3) (.4) (.13) (.13) 1.11 I Shares Commencement of operations September 2, 24 Sept., (.4).54 (.4) Mar. 31, (.4) (.12) (1.19) - (1.31) Mar. 31, (4.1) (.64) - (.12) (1.4) - (1.16) Mar. 31, (.12) (.66) - (.78) Mar. 31, (.23) - - (.23) 2.6 Mar. 31, 213^ (.6) - - (.6) IT8 Shares Commencement of operations February 17, 212 Sept., (.2).26 (.1) (.) (.) Mar. 31, (.2) (.6) (.59) (1.12) (1.77) Mar. 31, (3.11) (.57) - (.7) (.57) (1.9) (1.73) Mar. 31, (.32) (.7) (.38) (1.4) (1.49) Mar. 31, (1.35) (.15) - (.84) (.99) 13.4 Mar. 31, 213^ (.4) - (.8) (.84) 1.74 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 6.

10 Report of Fund Performance for ended September, 217 Net Assets per Share ($) (1) (2) (5) * 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) $ $ $ $ $ $ $ $ $ $ $ $ O Shares Commencement of operations July 26, 213 Sept., (.4) Mar. 31, (.5) (.7) (.69) - (.76) Mar. 31, (.2) 1.42 (3.1) (1.) - (.7) (.6) - (.67) 13.2 Mar. 31, (.2) (.7) (.38) - (.45) 14.9 Mar. 31, (.1) 1.88 (1.95).7 - (.13) - - (.13) OT5 Shares Commencement of operations July 29, 215 Sept., (.2).18 (.1) (.22) (.22) 8.68 Mar. 31, (.3) (.4) (.42) (.47) (.93) 8.63 Mar. 31, (.1). (1.48) (.9) - (.5) (.38) (.33) (.76) 8.34 OT8 Shares Commencement of operations July 29, 215 Sept., (.2).17 (.1) (.33) (.33) 8.7 Mar. 31, (.3) (.4) (.39) (.74) (1.17) 8.15 Mar. 31, (.1).31 (.91) (.52) - (.4) (.38) (.53) (.95) 8.16 P Shares Sept., (.5) (.2) W Shares Commencement of operations July 27, 217 Sept., (.2) (.4) WT8 Shares Commencement of operations July 27, 217 Sept., (.2) (.4) (.13) (.13) 1.12 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

11 Report of Fund Performance for ended September, 217 Net Assets per Share ($) (1) (2) (5) 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) $ $ $ $ $ $ $ $ $ $ $ $ Y Shares Commencement of operations August 14, 29 Sept., (.17).43 (.1) Mar. 31, (.) (.1) (.96) - (1.6) Mar. 31, (.28) 2. (3.18) (.64) - (.1) (.85) - (.95) Mar. 31, (.25) (.1) (.54) - (.64) 2.11 Mar. 31, (.21) (.19) - - (.19) Mar. 31, 213^ (.16) (.5) - - (.5) Z Shares Commencement of operations August 14, 29 Sept., (.25).41 (.6) Mar. 31, (.47) (.9) (.88) - (.97) Mar. 31, (.47) 2.36 (3.3) (.84) - (.9) (.79) - (.88) 17.7 Mar. 31, (.42) (.1) (.51) - (.61) Mar. 31, (.36) (.18) - - (.18) Mar. 31, 213^ (.28) (.5) - - (.5) ^Historical figures are based on Canadian GAAP, for more details refer to footnote 6. (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.

12 Report of Fund Performance for ended September, 217 Ratios and Supplemental Data (1) (5) * Number of shares outstanding (5) before taxes (2) after taxes (2) Effective HST rate for the period (%) (2) net Harmonized Trading Portfolio assets (5) sales tax (2) (3) turnover rate (4) $ s s % % % % % % A Shares Commencement of operations March, 1999 Sept., ,528 1, Mar. 31, ,637 12, Mar. 31, ,4 16, Mar. 31, ,787 17, Mar. 31, ,321 18, Mar. 31, 213^ 12,266 2, A1 Shares Sept., 217 6, A2 Shares Sept., A3 Shares Sept., A4 Shares Sept., A5 Shares Sept., *Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 6.

13 Report of Fund Performance for ended September, 217 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) $ s s % % % % % % AT5 Shares Commencement of operations October 26, 27 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, 213^ A1T5 Shares Sept., A2T5 Shares Sept., A3T5 Shares Sept., AT8 Shares Commencement of operations October 22, 27 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, 213^ A1T8 Shares Sept., *Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 6.

14 Report of Fund Performance for ended September, 217 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) $ s s % % % % % % A2T8 Shares Sept., A3T8 Shares Sept., A4T8 Shares Sept., A5T8 Shares Sept., E Shares Commencement of operations July 29, 215 Sept., 217 1, Mar. 31, 217 1, Mar. 31, EF Shares Commencement of operations July 29, 215 Sept., Mar. 31, Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section.

15 Report of Fund Performance for ended September, 217 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) $ s s % % % % % % EFT5 Shares Commencement of operations July 29, 215 Sept., Mar. 31, Mar. 31, EFT8 Shares Commencement of operations July 29, 215 Sept., Mar. 31, Mar. 31, ET5 Shares Commencement of operations July 29, 215 Sept., Mar. 31, Mar. 31, ET8 Shares Commencement of operations July 29, 215 Sept., Mar. 31, F Shares Commencement of operations November 13, 2 Sept., 217 4, Mar. 31, 217 5, Mar. 31, 216 7, Mar. 31, 215 1,738 1, Mar. 31, 214 8,695 1, Mar. 31, 213^ 5, F1 Shares Sept., *Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 6.

16 Report of Fund Performance for ended September, 217 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) $ s s % % % % % % F2 Shares Sept., F3 Shares Sept., F4 Shares Sept., F5 Shares Sept., FT8 Shares Commencement of operations July 28, 217 Sept., F1T8 Shares Commencement of operations July 28, 217 Sept., *Footnotes for the tables are found at the end of the Financial Highlights section.

17 Report of Fund Performance for ended September, 217 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) $ s s % % % % % % F2T8 Shares Commencement of operations July 28, 217 Sept., F3T8 Shares Commencement of operations July 28, 217 Sept., F4T8 Shares Commencement of operations July 28, 217 Sept., F5T8 Shares Commencement of operations July 28, 217 Sept., I Shares Commencement of operations September 2, 24 Sept., ,637 1, Mar. 31, ,364 1, Mar. 31, ,883 1, Mar. 31, ,52 1, Mar. 31, ,169 1, Mar. 31, 213^ 19,66 1, IT8 Shares Commencement of operations February 17, 212 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, 213^ *Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 6.

18 Report of Fund Performance for ended September, 217 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) $ s s % % % % % % O Shares Commencement of operations July 26, 213 Sept., 217 2, Mar. 31, 217 2, Mar. 31, 216 5, Mar. 31, Mar. 31, OT5 Shares Commencement of operations July 29, 215 Sept., Mar. 31, Mar. 31, OT8 Shares Commencement of operations July 29, 215 Sept., Mar. 31, Mar. 31, P Shares Sept., W Shares Commencement of operations July 27, 217 Sept., WT8 Shares Commencement of operations July 27, 217 Sept., *Footnotes for the tables are found at the end of the Financial Highlights section.

19 Report of Fund Performance for ended September, 217 Ratios and Supplemental Data (1) (5) Number of shares outstanding (5) before taxes (2) after taxes (2) Effective HST rate for the period (%) (2) net Harmonized Trading Portfolio assets (5) sales tax (2) (3) turnover rate (4) $ s s % % % % % % Y Shares Commencement of operations August 14, 29 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, 213^ Z Shares Commencement of operations August 14, 29 Sept., ,342 1, Mar. 31, ,21 1, Mar. 31, ,983 2, Mar. 31, ,577 2, Mar. 31, ,733 3, Mar. 31, 213^ 52,437 4, ^Historical figures are based on Canadian GAAP, for more details refer to footnote 6. (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 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 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, 217 and the years ended March 31. (6) For financial periods beginning on or after April 1, 213 the financial highlights are derived from the financial statements prepared in accordance with International Financial Reporting Standards (IFRS). IFRS allows net assets to be calculated based on the last traded market price for financial assets and financial liabilities where the last traded price falls within the day s bid-ask spread. There are no differences between the net assets calculated for purpose of processing shareholders transactions and the net assets attributable to holders of redeemable shares used for financial statement reporting purposes. For financial years before April 1, 213, the financial highlights are derived from the financial statements prepared in accordance with Canadian GAAP. Under Canadian GAAP net assets for financial statement purposes were calculated based on bid/ask price while for purpose of processing shareholder transactions net assets were calculated based on the closing market price.

20 Report of Fund Performance for ended September, 217 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 AT5 Shares AT8 Shares E Shares Mar. 28 Mar. 29 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 28 Mar. 29 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 28 Mar. 29 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 216 Mar. 217 Sept. 217 ET5 Shares ET8 Shares EF Shares EFT5 Shares Mar. 216 Mar. 217 Sept. 217 Mar. 216 Mar. 217 Sept. 217 Mar. 216 Mar. 217 Sept. 217 Mar. 216 Mar. 217 Sept. 217 EFT8 Shares F Shares I Shares IT8 Shares Mar. 216 Mar. 217 Sept. 217 Mar. 28 Mar. 29 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 28 Mar. 29 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 O Shares OT5 Shares OT8 Shares Y Shares Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 216 Mar. 217 Sept. 217 Mar. 216 Mar. 217 Sept. 217 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217

21 Report of Fund Performance for ended September, 217 Z Shares Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept return is for from October 26, 27 to March 31, return is for from October 22, 27 to March 31, return is for from July 29, 215 to March 31, return is for from February 17, 212 to March 31, return is for from July 26, 213 to March 31, return is for from August 14, 29 to March 31, 21.

22 Report of Fund Performance for ended September, 217 Summary of Investment Portfolio as at September, 217 Portfolio Breakdown Percentage of Portfolio Breakdown (cont d) Percentage of Top 25 Holdings Percentage of Category Net Assets (%) Category Net Assets (%) Security Name Net Assets (%) Country allocation U.S.A Japan South Korea Switzerland Germany U.K France Ireland Netherlands Italy Australia Cash & Equivalents Cayman Islands Luxembourg Canada Sweden....9 Other Net Assets (Liabilities)....9 Belgium....8 Jersey Island....8 Spain....6 Liberia....6 Foreign Currency Forward Contracts....5 Hong Kong....5 Cyprus....4 Brazil....3 Isle Of Man....3 British Virgin Islands....2 Taiwan....2 South Africa....1 Russia....1 Sector allocation Financials Information Technology Industrials Health Care Consumer Discretionary Consumer Staples Energy Materials Utilities Telecommunication Services Real Estate Cash & Equivalents Other Net Assets (Liabilities)....9 Foreign Currency Forward Contracts....5 Apple Inc Microsoft Corp Cash & Equivalents UnitedHealth Group Inc Zoetis Inc Alphabet Inc., Class A NextEra Energy Inc Facebook Inc JPMorgan Chase & Co Arch Capital Group Ltd Bank of America Corp Albemarle Corp Northrop Grumman Corp Electronic Arts Inc Morgan Stanley Edwards Lifesciences Corp Amazon.com Inc Comerica Inc Norfolk Southern Corp Mastercard Inc., Class A Home Depot Inc The Progressive Corp The Williams Co., Inc Agilent Technologies Inc Take-Two Interactive Software Inc Net Assets (in $ s) $166,18 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.