SEMI-ANNUAL FINANCIAL STATEMENTS. AGF Pooled Funds MARCH 31, 2017

Transcription

1 SEMI-ANNUAL FINANCIAL STATEMENTS AGF Pooled Funds MARCH 31, 2017

2 Table of Contents 2 Management s Responsibility for Financial Reporting 3 Notice to Unitholders Institutional Pools (1) 4 AGF Canadian Core Equity Pooled Fund 10 AGF Emerging Markets Pooled Fund 18 AGF Global Core Equity Pooled Fund 26 AGF Global Sustainable Growth Equity Pooled Fund Non-Institutional Pools (2) 33 AGF Pooled Fixed Income Fund 42 AGF Pooled High Income Fund 52 Notes to Financial Statements (1) These funds are available to qualifying institutional investors only. (2) These funds are available to all eligible investors. The next report on the funds will contain annual audited financial information as at September 30, 2017.

3 Management s Responsibility for Financial Reporting May 11, 2017 The accompanying financial statements of the Funds (as defined in Note 1(a)) 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 AGF Investments Inc., as trustee, is responsible for reviewing and approving the financial statements of the Funds 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 Notice to Unitholders The Auditor of the Funds has not reviewed these financial statements. AGF Investments Inc., the Manager of the Funds, appoints an independent auditor to audit the Funds annual financial statements. Applicable securities laws require that if an auditor has not reviewed the Funds interim financial statements, this must be disclosed in an accompanying notice. 3

5 AGF Canadian Core Equity Pooled Fund (Note 1) THOUSANDS OF DOLLARS EXCEPT PER UNIT AMOUNTS STATEMENTS OF FINANCIAL POSITION (UNAUDITED) As at March 31, 2017 September 30, 2016 Assets Current Assets Investments at fair value through profit or loss $ 10,381 $ 10,050 Foreign exchange forward contracts at fair value through profit or loss Cash and cash equivalents 83 1,032 Cash collateral received for securities on loan (Note 2) Receivable for units issued 400 Receivable for investments sold Receivable for foreign exchange forward contracts Receivable from Manager (Note 7(b)) Dividends, distributions and interest receivable Tax reclaims receivable 10,953 11,166 Liabilities Current Liabilities Bank overdraft Foreign exchange forward contracts at fair value through profit or loss Payable for cash collateral under securities lending (Note 2) Accrued expenses (Note 7(b)) 30 9 Payable for units redeemed Payable for distributions Payable for investments purchased Payable for foreign exchange forward contracts Foreign taxes payable (Note 5) Net Assets Attributable to Holders of Redeemable Units (Note 2) $ 10,847 $ 10,191 Investments at Cost (Note 2) $ 9,572 $ 9,442 Net Assets Attributable to Holders of Redeemable Units per Unit (Note 6) $ $ Approved by the Board of Directors of AGF Investments Inc. Blake C. Goldring, Director Adrian Basaraba, Director 4 The accompanying notes are an integral part of these financial statements.

6 AGF Canadian Core Equity Pooled Fund (Note 1) THOUSANDS OF DOLLARS EXCEPT PER UNIT AMOUNTS STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) For the periods ended March 31, Income Dividends $ 151 $ 136 Distributions from funds Interest for distribution purposes (Note 2) 1 Net realized gain (loss) on investments 329 (78) Net change in unrealized appreciation (depreciation) in value of investments Net gain (loss) on investments 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) 0 0 Net gain (loss) on foreign currencies and other net assets Total Income (Loss), Net Expenses Unitholder servicing and administrative fees (Note 7(c)) Annual and interim reports 3 5 Audit fees 9 7 Custodian fees and bank charges 3 2 Legal fees Registration fees Interest Harmonized sales tax and other taxes 4 5 Foreign withholding taxes Commissions and other portfolio transaction costs (Note 2) 11 6 Total expenses Less expenses waived/absorbed by Manager (Note 7(b)) (24) (33) Net expenses Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations $ 658 $ 495 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations per Unit (Note 2) $ 0.65 $ 0.46 STATEMENTS OF CASH FLOWS (UNAUDITED) For the periods ended March 31, Cash Flows from Operating Activities Increase (decrease) in net assets attributable to holders of redeemable units from operations $ 658 $ 495 Adjustments for: Exchange (gain) loss on foreign currencies (1) Net realized (gain) loss on investments and derivatives (329) 78 Net change in unrealized (appreciation) depreciation in value of investments and derivatives (201) (461) Purchases of investments and derivatives (6,811) (3,735) Proceeds from sale and maturity of investments and derivatives 6,119 3,747 Non-cash dividends and distributions from funds reinvested (Increase) decrease in receivable from Manager (Increase) decrease in dividends, distributions and interest receivable (4) 4 (Increase) decrease in accrued interest for short-term investments (Increase) decrease in tax reclaims receivable Increase (decrease) in accrued expenses 21 (6) Net Cash Generated (Used) by Operating Activities (547) 121 Cash Flows from Financing Activities Distributions paid to holders of redeemable units, net of reinvestments Proceeds from redeemable units issued 157 Amounts paid on redemption of redeemable units (402) (302) Net Cash Generated (Used) by Financing Activities (402) (145) Exchange gain (loss) on foreign currencies 1 Net increase (decrease) in cash and cash equivalents (949) (24) Cash and cash equivalents beginning of period 1, Cash and Cash Equivalents End of Period $ 83 $ 125 Interest received, net of withholding tax * $ 1 $ Dividends and distributions from funds received, net of withholding tax * $ 147 $ 139 * Included as part of Cash Flows from Operating Activities The accompanying notes are an integral part of these financial statements. 5

7 AGF Canadian Core Equity Pooled Fund (Note 1) THOUSANDS OF DOLLARS STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED) For the periods ended March 31, Net Assets Attributable to Holders of Redeemable Units at Beginning of Period $ 10,191 $ 9,723 Increase (decrease) in net assets attributable to holders of redeemable units from operations Redeemable unit transactions (Note 6): Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Payments on redemption of redeemable units (402) (2) Net increase (decrease) from redeemable unit transactions For the periods ended March 31, Distributions to holders of redeemable units (Note 6): Net investment income $ (152) $ (269) Capital gains (113) Return of capital (265) (269) Increase (decrease) in net assets attributable to holders of redeemable units for the period Net Assets Attributable to Holders of Redeemable Units at End of Period $ 10,847 $ 10,373 6 The accompanying notes are an integral part of these financial statements.

8 AGF Canadian Core Equity Pooled Fund (Note 1) SCHEDULE OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2017 (UNAUDITED) No. of Shares Average Cost ($) Fair Value ($) No. of Shares Average Cost ($) Fair Value ($) Consumer Discretionary (3.8%) 2,559 Dollarama Inc. 250, ,028 1,703 Restaurant Brands International Inc. 93, , , ,186 Consumer Staples (3.6%) 6,422 Alimentation Couche-Tard Inc. B 378, ,834 Energy (25.3%) 12,802 Canadian Natural Resources Limited 525, ,399 8,438 Enbridge Inc. 459, ,081 4,564 Enerflex Limited 81,517 86,625 3,554 Inter Pipeline Limited 102,356 99,619 6,818 Pason Systems Inc. 118, ,974 6,208 Peyto Exploration & Development Corporation 210, ,789 3,960 PrairieSky Royalty Limited 114, ,117 15,033 Raging River Exploration Inc. 147, ,258 13,065 Secure Energy Services Inc. 128, ,037 15,115 Suncor Energy Inc. 556, ,145 2,865 Tourmaline Oil Corporation 104,416 84,947 14,243 Whitecap Resources Inc. 158, ,415 2,708,254 2,743,406 Financials (32.1%) 2,992 Bank of Montreal 246, ,195 3,189 Canadian Imperial Bank of Commerce 333, ,683 2,387 Canadian Western Bank 56,046 70,249 22,255 Manulife Financial Corporation 496, ,996 2,088 Onex Corporation 177, ,300 9,946 Power Corporation of Canada 294, ,713 6,444 Royal Bank of Canada 516, ,359 8,752 Sun Life Financial Inc. 454, ,997 10,015 The Toronto-Dominion Bank 593, ,099 3,170,398 3,484,591 Industrials (10.8%) 7,208 CAE Inc. 123, ,467 7,471 Canadian National Railway Company 590, ,353 1,212 New Flyer Industries Inc. 52,781 59,485 3,120 TFI International Inc. 94,251 96,876 2,908 WSP Global Inc. 126, , ,699 1,172,770 Information Technology (6.5%) 4,263 CGI Group Inc. A 254, ,638 1,679 Kinaxis Inc. 101, ,531 4,820 Open Text Corporation 163, ,864 2,929 The Descartes Systems Group Inc. 73,917 89, , ,280 Materials (7.3%) 1,277 Agnico Eagle Mines Limited 78,783 72, CCL Industries Inc. 153, , Franco-Nevada Corporation 76,682 74,662 7,040 HudBay Minerals Inc. 67,147 61,530 3,828 Intertape Polymer Group Inc. 73,463 89,499 7,740 Teck Resources Limited 211, ,079 1,284 West Fraser Timber Company 67,268 71, , ,430 Telecommunication Services (5.0%) 5,158 BCE Inc. 300, ,703 5,523 TELUS Corporation 229, , , ,131 Utilities (1.3%) 3,318 Fortis Inc. 138, ,224 Commissions and other portfolio transaction costs (Note 2) (8,066) Total Portfolio (95.7%) 9,571,630 10,380,852 Note: Percentages shown relate investments at fair value to total Net Assets Attributable to Holders of Redeemable Units ( Net Assets ) as at March 31, 2017 of AGF Canadian Core Equity Pooled Fund (the Fund ). The accompanying notes are an integral part of these financial statements. 7

9 AGF Canadian Core Equity Pooled Fund (Note 1) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION (UNAUDITED) Investment Objective The Fund s investment objective is to provide long-term capital appreciation by investing primarily in common shares trading on Canadian stock exchanges. Summary of Investment Portfolio As at March 31, 2017 and September 30, 2016, the Fund s major portfolio categories, as a percentage of Net Assets, are included in the following tables: Portfolio by Country March 31, 2017 (%) Canada 95.7 September 30, 2016 (%) Canada 98.6 Portfolio by Sector March 31, 2017 (%) Financials 32.1 Energy 25.3 Industrials 10.8 Materials 7.3 Information Technology 6.5 Telecommunication Services 5.0 Consumer Discretionary 3.8 Consumer Staples 3.6 Utilities 1.3 September 30, 2016 (%) Financials 32.4 Energy 20.5 Materials 11.3 Telecommunication Services 9.1 Industrials 7.1 Information Technology 6.1 Consumer Discretionary 5.3 Consumer Staples 4.2 Utilities 1.9 Real Estate 0.7 Portfolio by Asset Mix March 31, 2017 (%) Canadian Equity 95.7 DISCUSSION OF FINANCIAL INSTRUMENT RISK MANAGEMENT (Note 4) Credit Risk As at March 31, 2017 and September 30, 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. As at March 31, 2017, the Fund did not hold any significant cash and cash equivalents. As at September 30, 2016, the Fund held cash and cash equivalents which were subject to fluctuations in the prevailing levels of market interest rates. If market interest rates had changed by 25 basis points, with all other variables held constant, interest income would have changed by approximately $3,000. In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. Other Price Risk The Schedule of Investment Portfolio of the Fund classifies securities by market segment. The impact on Net Assets of the Fund due to a 20 percent change in benchmark (September 30, percent), using historical correlation between the return of the Fund s Units as compared to the return of the Fund s benchmark, as at March 31, 2017 and September 30, 2016, with all other variables held constant, is included in the following table. Regression analysis has been utilized to estimate the historical correlation. The analysis uses 36 monthly data points, unless the inception of the Fund is less than three years, in which case since inception data has been used. Benchmark Impact on Net Assets ($ 000) March 31, 2017 September 30, 2016 S&P/TSX Composite Index 2,070 2,425 The historical correlation may not be representative of the future correlation, and accordingly the impact on Net Assets could be materially different. Currency Risk As at March 31, 2017 and September 30, 2016, the Fund did not have significant exposure to currency risk. September 30, 2016 (%) Canadian Equity 98.6 Interest in Unconsolidated Structured Entities (Note 2) As at March 31, 2017 and September 30, 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 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 March 31, 2017 and September 30, March 31, 2017 ($ 000) Level 1 Level 2 Level 3 Total Equities 10,381 10,381 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 10,381 10,381 Derivative Assets Derivative Liabilities The value of securities loaned and collateral received from securities lending as at March 31, 2017 and September 30, 2016 were as follows: March 31, 2017 ($ 000) September 30, 2016 Fair Value of Securities on Loan Fair Value of Cash Collateral Received Fair Value of Securities Collateral Received September 30, 2016 ($ 000) Level 1 Level 2 Level 3 Total Equities 10,050 10,050 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 10,050 10,050 Derivative Assets Derivative Liabilities There were no significant transfers between levels 1 and 2 during the periods ended March 31, 2017 and September 30, Reconciliation of Level 3 Fair Value Measurement (Note 4) For the periods ended March 31, 2017 and September 30, 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 March 31, 2017 and 2016 is as follows: March 31, 2017 March 31, 2016 ($ 000) % of Gross Income ($ 000) % of Gross Income Gross Securities Lending Income Interest Paid on Cash Collateral Withholding Taxes (0) (0.2) Agent Fees The Bank of New York Mellon Corp. (0) (32.3) (0) (29.9) Net Securities Lending Income The accompanying notes are an integral part of these financial statements. 9

11 AGF Emerging Markets Pooled Fund (Note 1) THOUSANDS OF DOLLARS EXCEPT PER UNIT AMOUNTS STATEMENTS OF FINANCIAL POSITION (UNAUDITED) As at March 31, 2017 September 30, 2016 Assets Current Assets Investments at fair value through profit or loss $ 12,328 $ 11,573 Foreign exchange forward contracts at fair value through profit or loss Cash and cash equivalents Cash collateral received for securities on loan (Note 2) Receivable for units issued Receivable for investments sold 38 Receivable for foreign exchange forward contracts Receivable from Manager (Note 7(b)) Dividends, distributions and interest receivable Tax reclaims receivable 12,852 12,195 Liabilities Current Liabilities Bank overdraft Foreign exchange forward contracts at fair value through profit or loss Payable for cash collateral under securities lending (Note 2) Accrued expenses (Note 7(b)) Payable for units redeemed Payable for distributions Payable for investments purchased 16 Payable for foreign exchange forward contracts Foreign taxes payable (Note 5) Taxes payable Net Assets Attributable to Holders of Redeemable Units (Note 2) $ 12,454 $ 11,629 Investments at Cost (Note 2) $ 10,545 $ 10,477 Net Assets Attributable to Holders of Redeemable Units per Unit (Note 6) $ $ Approved by the Board of Directors of AGF Investments Inc. Blake C. Goldring, Director Adrian Basaraba, Director 10 The accompanying notes are an integral part of these financial statements.

12 AGF Emerging Markets Pooled Fund (Note 1) THOUSANDS OF DOLLARS EXCEPT PER UNIT AMOUNTS STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) For the periods ended March 31, Income Dividends $ 174 $ 100 Distributions from funds Interest for distribution purposes (Note 2) Net realized gain (loss) on investments (5) (73) Net change in unrealized appreciation (depreciation) in value of investments Net gain (loss) on investments 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) 0 0 Net gain (loss) on foreign currencies and other net assets (2) (30) Total Income (Loss), Net Expenses Unitholder servicing and administrative fees (Note 7(c)) Annual and interim reports 3 5 Audit fees Custodian fees and bank charges Legal fees Registration fees Interest Harmonized sales tax and other taxes 8 7 Foreign withholding taxes 6 15 Commissions and other portfolio transaction costs (Note 2) 6 12 Total expenses Less expenses waived/absorbed by Manager (Note 7(b)) (54) (73) Net expenses Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations $ 825 $ 523 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations per Unit (Note 2) $ 0.71 $ 0.45 STATEMENTS OF CASH FLOWS (UNAUDITED) For the periods ended March 31, Cash Flows from Operating Activities Increase (decrease) in net assets attributable to holders of redeemable units from operations $ 825 $ 523 Adjustments for: Exchange (gain) loss on foreign currencies (6) Net realized (gain) loss on investments and derivatives 5 73 Net change in unrealized (appreciation) depreciation in value of investments and derivatives (687) (569) Purchases of investments and derivatives (1,352) (2,145) Proceeds from sale and maturity of investments and derivatives 1,301 4,920 Non-cash dividends and distributions from funds reinvested (Increase) decrease in receivable from Manager (Increase) decrease in dividends, distributions and interest receivable (31) (51) (Increase) decrease in accrued interest for short-term investments (Increase) decrease in tax reclaims receivable Increase (decrease) in accrued expenses (35) (34) Increase (decrease) in foreign taxes payable Increase (decrease) in taxes payable (135) (133) Net Cash Generated (Used) by Operating Activities 44 2,730 Cash Flows from Financing Activities Distributions paid to holders of redeemable units, net of reinvestments Proceeds from redeemable units issued Amounts paid on redemption of redeemable units (2,597) Net Cash Generated (Used) by Financing Activities (2,597) Exchange gain (loss) on foreign currencies 6 Net increase (decrease) in cash and cash equivalents Cash and cash equivalents (bank overdraft) beginning of period 109 (22) Cash and Cash Equivalents End of Period $ 153 $ 117 Interest received, net of withholding tax * $ $ Dividends and distributions from funds received, net of withholding tax * $ 175 $ 33 * Included as part of Cash Flows from Operating Activities The accompanying notes are an integral part of these financial statements. 11

13 AGF Emerging Markets Pooled Fund (Note 1) THOUSANDS OF DOLLARS STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED) For the periods ended March 31, Net Assets Attributable to Holders of Redeemable Units at Beginning of Period $ 11,629 $ 11,811 Increase (decrease) in net assets attributable to holders of redeemable units from operations Redeemable unit transactions (Note 6): Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Payments on redemption of redeemable units (2,597) Net increase (decrease) from redeemable unit transactions 301 (2,587) For the periods ended March 31, Distributions to holders of redeemable units (Note 6): Net investment income $ (301) $ (10) Capital gains Return of capital (301) (10) Increase (decrease) in net assets attributable to holders of redeemable units for the period 825 (2,074) Net Assets Attributable to Holders of Redeemable Units at End of Period $ 12,454 $ 9, The accompanying notes are an integral part of these financial statements.

14 AGF Emerging Markets Pooled Fund (Note 1) SCHEDULE OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2017 (UNAUDITED) No. of Shares Average Cost ($) Fair Value ($) No. of Shares Average Cost ($) Fair Value ($) Argentina (1.1%) 3,009 Tenaris SA ADR 110, ,612 Brazil (8.1%) 12,104 Banco Bradesco SA Preferred 123, ,973 29,046 Gerdau SA Preferred 133, ,366 14,107 Localiza Rent a Car SA 201, ,709 19,050 Lojas Americanas SA Preferred 111, ,389 12,839 Odontoprev SA 55,614 61,520 9,898 TOTVS SA 116, ,677 3,715 Vale SA ADR 22,421 46,934 8,385 Vale SA Preferred A 72, , ,694 1,008,048 Canada (1.0%) 28,470 Eldorado Gold Corporation 158, ,539 Chile (1.3%) 379,402 Enel Americas SA 133, , ,950 Enel Chile SA 60,112 57, , ,654 China (17.0%) 1,482 China Biologic Products Inc. 211, ,340 74,567 China Overseas Land & Investment Limited 267, ,268 19,601 China Overseas Property Holdings Limited 3,510 4,796 35,507 China Resources Gas Group Limited 137, , ,354 CNOOC Limited 249, ,468 53,974 Haier Electronics Group Company Limited 123, , ,903 Industrial & Commercial Bank of China Limited H 233, ,054 22,709 Sinopharm Group Company Limited H 121, ,088 12,441 Tencent Holdings Limited 274, ,316 90,764 Weichai Power Company Limited H 180, ,091 1,803,304 2,113,909 Czech Republic (2.0%) 5,070 Komercni banka AS 246, ,210 Hong Kong (4.8%) 40,225 AIA Group Limited 303, ,279 62,073 HKT Trust and HKT Limited 111, ,431 9,841 VTech Holdings Limited 141, , , ,152 India (14.8%) 19,178 Axis Bank Limited 190, ,767 13,551 Bharat Forge Limited 216, ,204 12,636 HCL Technologies Limited 195, ,369 44,188 ITC Limited 183, ,660 2,510 Lupin Limited 66,670 74,289 3,714 Mahindra & Mahindra Limited 72,693 97,884 8,647 Reliance Industries Limited 145, ,916 22,160 UPL Limited 186, ,889 13,078 Zee Entertainment Enterprises Limited 95, ,438 1,352,544 1,841,416 Indonesia (4.0%) 206,466 PT Bank Mandiri (Persero) Tbk 202, ,076 61,876 PT Matahari Department Store Tbk 88,444 81, ,302 PT Telekomunikasi Indonesia (Persero) Tbk 116, , , ,672 Israel (1.1%) 3,139 Teva Pharmaceutical Industries Limited ADR 186, ,956 Jersey (0.6%) 661 Randgold Resources Limited ADR 58,817 76,722 Malaysia (0.5%) 4,559 British American Tobacco Malaysia Berhad 69,270 62,470 Mexico (7.2%) 1,839 Fomento Economico Mexicano SAB de CV 211, , ,203 Genomma Lab Internacional SAB de CV B 178, ,876 39,528 Grupo Financiero Banorte SAB de CV O 272, ,276 26,782 Kimberly-Clark de Mexico SAB de CV A 82,565 77,330 28,709 Wal-Mart de Mexico SAB de CV 86,787 88, , ,979 Peru (2.4%) 921 Credicorp Limited 150, ,008 2,155 Southern Copper Corporation 75, , , ,863 Singapore (1.8%) 63,272 Singapore Technologies Engineering Limited 184, ,363 South Africa (4.5%) 10,299 MTN Group Limited 156, ,545 12,987 The Foschini Group Limited 173, ,875 33,950 Woolworths Holdings Limited 258, , , ,682 South Korea (11.5%) 2,936 Hankook Tire Company Limited 149, , Hugel Inc. 156, , ORION Corporation 224, , Samsung Electronics Company Limited 376, ,819 4,889 Shinhan Financial Group Company Limited 216, ,926 1,124,122 1,430,536 Taiwan (6.5%) 34,422 Delta Electronics Inc. 242, ,155 8,385 Eclat Textile Company Limited 97, ,719 53,991 Taiwan Semiconductor Manufacturing Company Limited 237, , , ,108 Thailand (5.7%) 30,356 Kasikornbank Public Company Limited (Foreign) 211, ,037 40,517 PTT Exploration and Production Public Company Limited (Foreign) 138, ,827 81,490 Thai Oil Public Company Limited NVDR 176, ,105 4,817 The Siam Cement Public Company Limited 85, , , ,636 Turkey (1.8%) 16,344 Turkcell Iletisim Hizmetleri AS 106,252 71,584 32,545 Turkiye Garanti Bankasi AS 127, ,507 1,552 Turkiye Petrol Rafinerileri AS 42,756 51, , ,314 The accompanying notes are an integral part of these financial statements. 13

15 AGF Emerging Markets Pooled Fund (Note 1) SCHEDULE OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2017 (UNAUDITED) CONTINUED No. of Shares Average Cost ($) Fair Value ($) United Arab Emirates (1.3%) 34,385 First Gulf Bank PJSC 163, ,603 Commissions and other portfolio transaction costs (Note 2) (18,517) Total Portfolio (99.0%) 10,544,571 12,328,444 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 Units ( Net Assets ) as at March 31, 2017 of AGF Emerging Markets Pooled Fund (the Fund ). 14 The accompanying notes are an integral part of these financial statements.

16 AGF Emerging Markets Pooled Fund (Note 1) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION (UNAUDITED) Investment Objective The Fund s investment objective is to provide superior capital growth by investing primarily in shares of companies that are located or active mainly in emerging market countries. Summary of Investment Portfolio As at March 31, 2017 and September 30, 2016, the Fund s major portfolio categories, as a percentage of Net Assets, are included in the following tables: Portfolio by Country March 31, 2017 (%) China 17.0 India 14.8 South Korea 11.5 Brazil 8.1 Mexico 7.2 Taiwan 6.5 Thailand 5.7 Hong Kong 4.8 South Africa 4.5 Indonesia 4.0 Peru 2.4 Czech Republic 2.0 Turkey 1.8 Singapore 1.8 Chile 1.3 United Arab Emirates 1.3 Argentina 1.1 Israel 1.1 Canada 1.0 Jersey 0.6 Malaysia 0.5 September 30, 2016 (%) China 18.1 India 12.8 South Korea 11.6 Taiwan 8.2 Mexico 7.5 Brazil 6.2 Thailand 6.2 Hong Kong 4.6 South Africa 4.4 Indonesia 3.7 Peru 2.6 Czech Republic 2.0 Turkey 2.0 Singapore 1.7 Canada 1.3 United Arab Emirates 1.2 Malaysia 1.2 Chile 1.2 Israel 1.2 Argentina 1.0 Jersey 0.8 Portfolio by Sector March 31, 2017 (%) Financials 21.6 Information Technology 18.5 Consumer Discretionary 13.2 Energy 8.3 Materials 8.2 Health Care 7.8 Consumer Staples 7.0 Industrials 5.5 Telecommunication Services 3.9 Utilities 2.7 Real Estate 2.3 September 30, 2016 (%) Financials 20.2 Information Technology 17.3 Consumer Discretionary 14.1 Health Care 9.3 Materials 8.7 Consumer Staples 8.7 Energy 8.4 Industrials 4.6 Telecommunication Services 3.8 Real Estate 2.4 Utilities 2.0 Portfolio by Asset Mix March 31, 2017 (%) International Equity 98.0 Canadian Equity 1.0 September 30, 2016 (%) International Equity 98.2 Canadian Equity 1.3 Interest in Unconsolidated Structured Entities (Note 2) As at March 31, 2017 and September 30, 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 March 31, 2017 and September 30, 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. The accompanying notes are an integral part of these financial statements. 15

17 AGF Emerging Markets Pooled Fund (Note 1) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION (UNAUDITED) CONTINUED 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 25 percent change in benchmark (September 30, percent), using historical correlation between the return of the Fund s Units as compared to the return of the Fund s benchmark, as at March 31, 2017 and September 30, 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. Benchmark Impact on Net Assets ($ 000) March 31, 2017 September 30, 2016 MSCI Emerging Markets Index 2,730 2,543 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, distributions 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 March 31, 2017 and September 30, 2016, were as follows: September 30, 2016 ($ 000) Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) Hong Kong Dollar 2,461 2, Indian Rupee 1,554 1, South Korean Won 1,349 1, United States Dollar 1,105 1, New Taiwanese Dollar Thai Baht Brazilian Real Mexican Peso South African Rand Indonesian Rupiah Czech Koruna New Turkish Lira Singapore Dollar United Arab Emirates Dinar Malaysian Ringgit Chilean Peso Australian Dollar (24) (24) (0.2) ** Includes both monetary and non-monetary instruments, as applicable As at March 31, 2017 and September 30, 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 $247,000 (September 30, 2016 $231,000). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Note 4) The following tables illustrate the classifications of the Fund s financial instruments within the fair value hierarchy as at March 31, 2017 and September 30, March 31, 2017 ($ 000) Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) Hong Kong Dollar 2,517 2, Indian Rupee 1,845 1, South Korean Won 1,434 1, United States Dollar 1,205 1, Brazilian Real New Taiwanese Dollar Thai Baht Mexican Peso South African Rand Indonesian Rupiah Czech Koruna New Turkish Lira Singapore Dollar United Arab Emirates Dinar Chilean Peso Malaysian Ringgit The accompanying notes are an integral part of these financial statements. March 31, 2017 ($ 000) Level 1 Level 2 Level 3 Total Equities 12, ,328 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 12, ,328 Derivative Assets Derivative Liabilities September 30, 2016 ($ 000) Level 1 Level 2 Level 3 Total Equities 11, ,573 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 11, ,573 Derivative Assets Derivative Liabilities There were no significant transfers between levels 1 and 2 during the periods ended March 31, 2017 and September 30, 2016.

18 Reconciliation of Level 3 Fair Value Measurement (Note 4) For the periods ended March 31, 2017 and September 30, 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 March 31, 2017 and 2016 is as follows: March 31, 2017 March 31, 2016 ($ 000) % of Gross Income ($ 000) % of Gross Income Gross Securities Lending Income Interest Paid on Cash Collateral Withholding Taxes (0) (8.8) (0) (18.8) Agent Fees The Bank of New York Mellon Corp. (0) (28.9) (0) (24.3) Net Securities Lending Income The value of securities loaned and collateral received from securities lending as at March 31, 2017 and September 30, 2016 were as follows: March 31, 2017 ($ 000) September 30, 2016 Fair Value of Securities on Loan Fair Value of Cash Collateral Received Fair Value of Securities Collateral Received The accompanying notes are an integral part of these financial statements. 17

19 AGF Global Core Equity Pooled Fund (Note 1) THOUSANDS OF DOLLARS EXCEPT PER UNIT AMOUNTS STATEMENTS OF FINANCIAL POSITION (UNAUDITED) As at March 31, 2017 September 30, 2016 Assets Current Assets Investments at fair value through profit or loss $ 544,621 $ 649,597 Foreign exchange forward contracts at fair value through profit or loss Cash and cash equivalents 11,400 8,212 Cash collateral received for securities on loan (Note 2) Receivable for units issued Receivable for investments sold Receivable for foreign exchange forward contracts Receivable from Manager (Note 7(b)) Dividends, distributions and interest receivable 1,565 1,476 Tax reclaims receivable , ,746 Liabilities Current Liabilities Bank overdraft Foreign exchange forward contracts at fair value through profit or loss Payable for cash collateral under securities lending (Note 2) Accrued expenses (Note 7(b)) Payable for units redeemed 6, Payable for distributions Payable for investments purchased 863 Payable for foreign exchange forward contracts Foreign taxes payable (Note 5) 6,556 1,075 Net Assets Attributable to Holders of Redeemable Units (Note 2) $ 551,367 $ 658,671 Investments at Cost (Note 2) $ 363,723 $ 455,741 Net Assets Attributable to Holders of Redeemable Units per Unit (Note 6) $ $ Approved by the Board of Directors of AGF Investments Inc. Blake C. Goldring, Director Adrian Basaraba, Director 18 The accompanying notes are an integral part of these financial statements.

20 AGF Global Core Equity Pooled Fund (Note 1) THOUSANDS OF DOLLARS EXCEPT PER UNIT AMOUNTS STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) For the periods ended March 31, Income Dividends $ 6,437 $ 8,464 Distributions from funds 545 Interest for distribution purposes (Note 2) 7 3 Net realized gain (loss) on investments 62,436 6,362 Net change in unrealized appreciation (depreciation) in value of investments (12,958) 7,057 Net gain (loss) on investments 56,467 21,886 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 (383) (363) Total Income (Loss), Net 56,108 21,557 Expenses Unitholder servicing and administrative fees (Note 7(c)) Annual and interim reports 3 5 Audit fees 9 7 Custodian fees and bank charges Legal fees Registration fees 16 8 Interest 1 Harmonized sales tax and other taxes 11 8 Foreign withholding taxes Commissions and other portfolio transaction costs (Note 2) Total expenses 1,150 1,192 Less expenses waived/absorbed by Manager (Note 7(b)) Net expenses 1,150 1,192 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations $ 54,958 $ 20,365 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations per Unit (Note 2) $ 1.43 $ 0.49 STATEMENTS OF CASH FLOWS (UNAUDITED) For the periods ended March 31, Cash Flows from Operating Activities Increase (decrease) in net assets attributable to holders of redeemable units from operations $ 54,958 $ 20,365 Adjustments for: Exchange (gain) loss on foreign currencies Net realized (gain) loss on investments and derivatives (62,436) (6,362) Net change in unrealized (appreciation) depreciation in value of investments and derivatives 12,958 (7,057) Purchases of investments and derivatives (41,313) (40,767) Proceeds from sale and maturity of investments and derivatives 194,904 53,438 Non-cash dividends and distributions from funds reinvested (Increase) decrease in receivable from Manager (Increase) decrease in dividends, distributions and interest receivable (89) (314) (Increase) decrease in accrued interest for short-term investments (Increase) decrease in tax reclaims receivable Increase (decrease) in accrued expenses Net Cash Generated (Used) by Operating Activities 159,193 19,643 Cash Flows from Financing Activities Distributions paid to holders of redeemable units, net of reinvestments Proceeds from redeemable units issued 6,255 1,391 Amounts paid on redemption of redeemable units (162,194) (17,566) Net Cash Generated (Used) by Financing Activities (155,939) (16,175) Exchange gain (loss) on foreign currencies (66) (309) Net increase (decrease) in cash and cash equivalents 3,254 3,468 Cash and cash equivalents beginning of period 8,212 6,180 Cash and Cash Equivalents End of Period $ 11,400 $ 9,339 Interest received, net of withholding tax * $ 5 $ 3 Dividends and distributions from funds received, net of withholding tax * $ 6,077 $ 7,180 * Included as part of Cash Flows from Operating Activities The accompanying notes are an integral part of these financial statements. 19

21 AGF Global Core Equity Pooled Fund (Note 1) THOUSANDS OF DOLLARS STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED) For the periods ended March 31, Net Assets Attributable to Holders of Redeemable Units at Beginning of Period $ 658,671 $ 634,563 Increase (decrease) in net assets attributable to holders of redeemable units from operations 54,958 20,365 Redeemable unit transactions (Note 6): Proceeds from redeemable units issued 6,255 1,391 Reinvestment of distributions to holders of redeemable units 87,968 34,613 Payments on redemption of redeemable units (168,517) (17,967) Net increase (decrease) from redeemable unit transactions (74,294) 18,037 For the periods ended March 31, Distributions to holders of redeemable units (Note 6): Net investment income $ (31,516) $ (15,540) Capital gains (56,452) (19,073) Return of capital (87,968) (34,613) Increase (decrease) in net assets attributable to holders of redeemable units for the period (107,304) 3,789 Net Assets Attributable to Holders of Redeemable Units at End of Period $ 551,367 $ 638, The accompanying notes are an integral part of these financial statements.

22 AGF Global Core Equity Pooled Fund (Note 1) SCHEDULE OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2017 (UNAUDITED) No. of Shares/ Units Average Cost ($) Fair Value ($) No. of Shares/ Units Average Cost ($) Fair Value ($) Australia (1.0%) 559,298 Brambles Limited 4,430,825 5,313,138 Austria (1.0%) 100,624 Voestalpine AG 4,273,133 5,267,626 Belgium (1.9%) 71,357 Anheuser-Busch InBev SA/NV 6,837,470 10,416,910 Brazil (0.2%) 101,659 Petroleo Brasileiro SA Petrobras Preferred 924, ,188 33,944 Vale SA ADR 636, ,834 25,057 Vale SA Preferred A 425, ,267 1,986,104 1,358,289 Canada (1.3%) 36,983 Agrium Inc. 4,131,949 4,699, ,167 Goldcorp Inc. 5,267,325 2,738,994 9,399,274 7,438,319 China (2.8%) 3,463,364 CNOOC Limited 6,335,504 5,499, ,777 ishares MSCI China ETF 8,013,304 9,878,705 14,348,808 15,378,467 Czech Republic (1.0%) 113,229 Komercni Banka AS 5,853,232 5,587,967 France (2.2%) 2,369 Arkema SA 198, ,813 25,544 BNP Paribas SA 1,536,993 2,262,399 55,518 Schneider Electric SE 4,222,667 5,405,487 62,754 TOTAL SA 3,500,501 4,221,280 9,459,123 12,199,979 Germany (5.9%) 89,066 Hannover Rueck SE 6,960,798 13,665,498 70,966 Henkel AG & Company KGaA 5,797,899 10,485, ,422 ishares MSCI Germany ETF 7,731,894 8,121,570 20,490,591 32,272,747 Hong Kong (1.0%) 659,137 AIA Group Limited 5,040,083 5,526,747 Israel (0.5%) 69,131 Teva Pharmaceutical Industries Limited ADR 4,092,911 2,950,158 Italy (0.8%) 1,191,768 Intesa Sanpaolo SpA 3,496,550 4,304,642 Japan (11.0%) 767,606 Astellas Pharma Inc. 9,438,963 13,441,966 88,933 Canon Inc. 3,644,114 3,687, ,341 FUJIFILM Holdings Corporation 3,737,523 6,042,446 95,957 ishares MSCI Japan ETF 5,022,718 6,571,833 34,082 Keyence Corporation 6,808,504 18,149, ,932 Nippon Telegraph and Telephone Corporation 6,676,752 12,994,913 35,328,574 60,887,575 Netherlands (1.8%) 268,845 ING Groep NV 3,296,685 5,404, ,071 ishares MSCI Netherlands ETF 2,911,681 4,316,578 6,208,366 9,721,119 Norway (0.6%) 49,923 Fred. Olsen Energy ASA 1,468, , ,652 Global X MSCI Norway ETF 3,524,047 3,346,039 4,992,424 3,564,086 Singapore (0.8%) 458,564 Keppel Corporation Limited 3,580,754 3,025, ,609 Keppel Real Estate Investment Trust 115, ,420 Singapore (continued) 351,502 Singapore Press Holdings Limited 1,182,022 1,186,281 4,877,934 4,317,158 South Korea (6.1%) 54,887 ishares MSCI South Korea Capped ETF 3,951,680 4,515,983 67,397 Kia Motors Corporation 3,812,603 2,969,430 1,837 Samsung Electronics Company Limited 2,433,783 4,500,085 17,750 Samsung Electronics Company Limited GDR 10,104,622 21,657,438 20,302,688 33,642,936 Spain (0.5%) 309,985 Banco Santander SA 2,625,651 2,526,491 Switzerland (2.1%) 34,762 Roche Holding AG 8,461,337 11,805,706 Thailand (1.9%) 63,703 ishares MSCI Thailand Capped ETF 6,245,495 6,606, ,846 Kasikornbank Public Company Limited (Foreign) 2,555,151 2,895, ,304 PTT Exploration and Production Public Company Limited (Foreign) 1,220, ,276 10,020,907 10,435,615 United Kingdom (5.0%) 173,951 British American Tobacco PLC 10,053,064 15,361, ,008 Lloyds Banking Group PLC 659, , ,167 Persimmon PLC 2,414,600 4,995,026 91,978 Royal Dutch Shell PLC B 3,281,758 3,347, ,158 The Sage Group PLC 1,833,952 3,006,139 18,243,297 27,443,705 United States (49.4%) 82,010 AbbVie Inc. 6,318,881 7,106,415 5,418 AdvanSix Inc. 117, , ,893 AGCO Corporation 7,204,477 10,955, ,212 Altria Group Inc. 7,425,469 15,691,487 86,982 AT&T Inc. 3,129,024 4,806,214 75,696 Bristol-Myers Squibb Company 3,851,216 5,474, ,084 Chubb Limited 12,274,252 22,664,228 86,965 Exxon Mobil Corporation 7,924,672 9,484,490 87,706 Forestar Group Inc. 1,444,342 1,592, ,602 Honeywell International Inc. 11,494,994 22,351,789 14,723 Huntington Ingalls Industries Inc. 1,328,882 3,920,575 24,818 International Business Machines Corporation 4,490,558 5,747, ,097 Invesco Limited 5,006,006 6,399, ,423 JPMorgan Chase & Company 8,903,062 18,856,470 26,029 Lincoln National Corporation 1,122,184 2,265, ,403 MetLife Inc. 5,305,608 7,333, ,443 Mondelez International Inc. A 5,313,740 7,644, ,964 Moody s Corporation 8,933,487 18,619,185 46,877 Northrop Grumman Corporation 5,797,981 14,826, ,793 Omnicom Group Inc. 8,177,034 13,504, ,074 Philip Morris International Inc. 10,554,496 18,478,338 33,360 Synchrony Financial 1,286,895 1,521,678 54,435 The Dun & Bradstreet Corporation 5,719,910 7,813,818 44,309 The Kraft Heinz Company 4,034,245 5,350, ,182 The Williams Companies Inc. 3,862,052 4,060, ,992 Unum Group 3,730,067 7,419, ,795 Waste Management Inc. 8,809,559 17,823,090 The accompanying notes are an integral part of these financial statements. 21

23 AGF Global Core Equity Pooled Fund (Note 1) SCHEDULE OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2017 (UNAUDITED) CONTINUED No. of Shares Average Cost ($) Fair Value ($) United States (continued) 72,741 Western Digital Corporation 7,621,677 7,983, ,023 WPX Energy Inc. 2,202,177 2,368, ,384, ,261,522 Commissions and other portfolio transaction costs (Note 2) (430,429) Total Portfolio (98.8%) 363,723, ,620,902 ADR American Depository Receipt ETF Exchange Traded Fund GDR Global Depository Receipt Note: Percentages shown relate investments at fair value to total Net Assets Attributable to Holders of Redeemable Units ( Net Assets ) as at March 31, 2017 of AGF Global Core Equity Pooled Fund (the Fund ). 22 The accompanying notes are an integral part of these financial statements.

24 AGF Global Core Equity Pooled Fund (Note 1) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION (UNAUDITED) Investment Objective The Fund s investment objective is to provide long-term capital growth by investing primarily in shares of companies around the world. Summary of Investment Portfolio As at March 31, 2017 and September 30, 2016, the Fund s major portfolio categories, as a percentage of Net Assets, are included in the following tables: Portfolio by Country March 31, 2017 (%) United States 49.4 Japan 11.0 South Korea 6.1 Germany 5.9 United Kingdom 5.0 China 2.8 France 2.2 Switzerland 2.1 Thailand 1.9 Belgium 1.9 Netherlands 1.8 Canada 1.3 Czech Republic 1.0 Hong Kong 1.0 Australia 1.0 Austria 1.0 Singapore 0.8 Italy 0.8 Norway 0.6 Israel 0.5 Spain 0.5 Brazil 0.2 September 30, 2016 (%) United States 49.0 Japan 12.7 Germany 5.9 South Korea 5.1 United Kingdom 4.5 China 2.9 France 2.5 Netherlands 2.4 Belgium 2.4 Switzerland 2.2 Canada 1.4 Australia 1.3 Czech Republic 1.0 Austria 0.9 Hong Kong 0.8 Israel 0.8 Singapore 0.7 Spain 0.7 Norway 0.6 Italy 0.4 Brazil 0.2 Thailand 0.2 Portfolio by Sector March 31, 2017 (%) Financials 23.2 Industrials 16.6 Consumer Staples 15.1 Information Technology 12.9 ETFs International Equity 7.9 Health Care 7.4 Energy 5.6 Consumer Discretionary 4.1 Telecommunication Services 3.2 Materials 2.5 Real Estate 0.3 September 30, 2016 (%) Financials 22.5 Industrials 16.3 Consumer Staples 15.8 Information Technology 11.9 Health Care 8.3 ETFs International Equity 7.3 Energy 5.9 Consumer Discretionary 4.3 Telecommunication Services 3.5 Materials 2.5 Real Estate 0.3 Portfolio by Asset Mix March 31, 2017 (%) United States Equity 49.4 International Equity 48.1 Canadian Equity 1.3 September 30, 2016 (%) United States Equity 49.0 International Equity 48.2 Canadian Equity 1.4 Interest in Unconsolidated Structured Entities (Note 2) The Fund s investment details in the exchange traded funds as at March 31, 2017 and September 30, 2016 are included in the following tables: March 31, 2017 Fair Value of Fund s Investment ($ 000) % of ETF s Net Assets Global X MSCI Norway ETF 3, ishares MSCI Netherlands ETF 4, ishares MSCI Thailand Capped ETF 6, ishares MSCI China ETF 9, ishares MSCI Germany ETF 8, ishares MSCI South Korea Capped ETF 4, ishares MSCI Japan ETF 6, The accompanying notes are an integral part of these financial statements. 23

25 AGF Global Core Equity Pooled Fund (Note 1) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION (UNAUDITED) CONTINUED September 30, 2016 Fair Value of Fund s Investment ($ 000) % of ETF s Net Assets ishares MSCI Netherlands ETF 7, Global X MSCI Norway ETF 4, ishares MSCI China ETF 12, ishares MSCI Germany ETF 9, ishares MSCI South Korea Capped ETF 3, ishares MSCI Japan ETF 11, DISCUSSION OF FINANCIAL INSTRUMENT RISK MANAGEMENT (Note 4) Credit Risk As at March 31, 2017 and September 30, 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 benchmark (September 30, percent), using historical correlation between the return of the Fund s Units as compared to the return of the Fund s benchmark, as at March 31, 2017 and September 30, 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. Benchmark Impact on Net Assets ($ 000) March 31, 2017 September 30, 2016 MSCI All Country World Index 200, ,201 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, distributions 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 March 31, 2017 and September 30, 2016, were as follows: March 31, 2017 ($ 000) Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) United States Dollar 355, , Euro Currency 64,305 64, Japanese Yen 54,325 54, Pound Sterling 27,539 27, Swiss Franc 11,806 11, Hong Kong Dollar 11,040 11, South Korean Won 7,470 7, Czech Koruna 5,659 5, Australian Dollar 5,314 5, Singapore Dollar 4,318 4, Thai Baht 3,852 3, Brazilian Real Norwegian Krone September 30, 2016 ($ 000) Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) United States Dollar 411, , Euro Currency 83,232 83, Japanese Yen 72,802 72, Pound Sterling 29,661 29, Swiss Franc 14,833 14, Hong Kong Dollar 12,980 12, Australian Dollar 9,257 9, South Korean Won 8,972 8, Czech Koruna 6,595 6, Singapore Dollar 5,136 5, Thai Baht 1,032 1, Brazilian Real Norwegian Krone ** Includes both monetary and non-monetary instruments, as applicable As at March 31, 2017 and September 30, 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 $11,045,000 (September 30, 2016 $13,151,000). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. 24 The accompanying notes are an integral part of these financial statements.