US Equity Small Cap Corporate Class

Transcription

1 Report of Fund Performance for ended September 3, 218 This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual or annual financial statements of the investment fund. You can get a copy of the semi-annual or annual financial statements at your request, and at no cost, by calling , by writing to us at United Financial, 2 Queen Street East, Twentieth Floor, Toronto, ON, M5C 3G7 or by visiting our website at or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. RESULTS OF OPERATIONS The net asset value of the Fund increased by $14.6 million to $294.3 million from March 31, 218 to September 3, 218. The Fund had net redemptions of $2.8 million during. The portfolio s performance increased assets by $21.1 million. The Fund paid distributions totalling $3.7 million. Class A shares returned 6.1% after fees and expenses for the six-month period ended September 3, 218. Over the same time period, the Fund s benchmark returned 1.3%. The benchmark is the S&P 1 Return Index. The performance of the Fund s other classes is substantially similar to that of Class A shares, except for differences in the structure of fees and expenses. For the returns of the Fund s other classes, please refer to the Past performance section. Stocks had a strong quarter, touching all-time highs, shrugging off trade tensions and benefitting from exceptional profit growth. Corporate profits jumped 16% year-over-year according to the Department of Commerce, helped by tax cuts and a robust domestic economy. There were, however, notable stumbles. Investors lost confidence in social media stocks as some reported disappointing quarterly results along with cautious outlooks for growth. Information technology stocks generally experienced an increase in volatility in an environment of heightened regulatory scrutiny. Specific stocks hurt by tariffs also made headlines. Large-cap stocks beat small caps. Health care, industrials, information technology, telecommunications services and large-cap financials had strong returns. All sectors were positive except for energy, despite Brent crude edging over $8 per barrel, a four-year high. The 1-year U.S. Treasury yield closed the quarter above 3%. The Federal Reserve raised interest rates for the third time in 218 and signalled more rate increases were likely this year and next. U.S. GDP grew at a 4.2% rate in the second quarter amid a pickup in hiring. The consumer price index rose 2.7% from the previous year through August, offsetting modest wage. Nevertheless, consumer confidence rose to nearly an 18-year high. Tariffs of $25 billion worth of Chinese goods went into full effect during the quarter, with observers debating the influence they would have on consumers. The Fund posted positive absolute returns for. Stock selection within the health care and information technology sectors was a positive contributor to relative results. The largest individual contributors to performance during were Molina Healthcare, CyberArk Software, US Ecology, Encompass Health and Eldorado Resorts. The Fund lagged the benchmark during. Stock selection was the leading driver of relative underperformance, primarily within the financials, consumer discretionary, materials and industrials sectors. The largest individual detractors from performance were Summit Materials, LGI Homes, Bank of the Ozarks, LCI Industries and Axos Financial. Results were additionally hindered by a greater-than-benchmark allocation to the financials sector and lack of exposure to the telecommunication sector. Investments in Toro Company, Axos Financial, LogMeIn, Casey s General Stores, Universal Insurance, Bruker Corp., Choice Hotels International, Credit Acceptance Corp., Watsco and Ryman Hospitality Properties were made during. Axos Financial has a sustainable low-cost competitive advantage in a commodity business (banking) through its internetbased business model. Given that a significant portion of bank transactions now occur outside of branches, BofI isn t harmed from a competitive perspective and isn t encumbered with an expensive branch network. The company passes on a significant portion of the benefit to customers through better deposit and loan rates creating a virtuous growth cycle. Choice Hotels International is a franchisor of midscale and economy hotels under the brand names Cambria, Quality Inn and Suites and Sleep Inn among others. The franchise model provides high returns on invested capital and more downside protection if travel were to be negatively impacted. We believe revenue and cash flow is poised to continue to grow as the company has good visibility into its new hotel pipeline and demand for travel remains strong for both leisure and business customers. The Fund sold out of investments in VeriFone Systems, LegacyTexas Financial Group, Black Hills, Algonquin Power & Utilities, Insteel Industries, Harmonic, ProAssurance Corp., Physicians Realty Trust, Red Rock Resorts and CubeSmart. We sold Physicians Realty Trust as we wanted to reduce our exposure to REITs. We closed our position in CubeSmart as the stock reached our target price. RECENT DEVELOPMENTS Stocks have the support of a robust global economy, policy rates that remain negative in real terms and the broad adoption of technology that reduces the need for capital and labour. The U.S. is also benefitting from the Tax Cuts and Jobs Act, which has boosted corporate profits. However, as its effect wanes and financial conditions tightens, we expect both economic and earnings growth to moderate. With trade frictions potentially increasing and interest rates likely to rise, the stage is set for higher volatility and a growing focus on company fundamentals. We believe our investment approach is well suited to this environment. As always, we seek companies that can generate a growing stream of free cash flow and can allocate that cash effectively for the benefit of shareholders. Effective July 26, 218, the risk rating for the Fund changed from Medium to High to Medium. This change is the result of an annual review to comply with the methodology mandated by the Canadian Securities Administrators and is not the result of any changes to investment objective, strategies or management of the Fund. Effective September 2, 218, Tom Eisenhauer became a member of the Board of Governors ( BOG ) and Independent Review Committee ( IRC ), and effective October 15, 218, Mary Robertson resigned as a member of the BOG and IRC. CIG

2 Report of Fund Performance for ended September 3, 218 RELATED PARTY TRANSACTIONS Manager, Portfolio Advisor and Registrar CI Investments Inc. is the Manager, Portfolio Advisor and Registrar of the Fund. CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration for management fees, provided management services required in the day-to-day operations of the Fund. The Manager bears all of the operating expenses of the Fund (other than taxes, borrowing costs and new governmental fees) in return for a fixed administration fee. Principal Distributor The Manager has the exclusive right to arrange for the distribution of shares of the Fund. Pursuant to a series of agreements, the right to distribute such shares has been granted, on a collective basis, to the following dealers, each of which is an affiliate of the Manager. Assante Capital Ltd. Assante Financial Ltd. fee and fixed administration fee rates as at September 3, 218, for each of the classes are shown below: Annual management fee rate (%) Annual fixed administration fee rate (%) A Shares E Shares E3 Shares E4 Shares E5 Shares ET8 Shares E3T8 Shares E4T8 Shares E5T8 Shares F Shares.9.21 F3 Shares.9.2 F4 Shares F5 Shares.77.1 FT8 Shares.9.21 F3T8 Shares.9.2 F4T8 Shares F5T8 Shares.77.1 Independent Review Committee The Fund received standing instructions from the Fund s Independent Review Committee with respect to the following related party transactions: a) trades in securities of CI Financial Corp.; b) purchases or sales of securities of an issuer from or to another investment fund managed by the Manager; and c) purchases or sales of other investment funds managed by the Manager or their affiliates. The applicable standing instructions require that related party transactions be conducted in accordance with the Manager s policies and procedures and that the Manager advise the IRC of any material breach of a condition of the standing instructions. The standing instructions require, among other things, that investment decisions in respect of related party transactions (a) are free from any influence by an entity related to the Manager and without taking into account any consideration relevant to an entity related to the Manager; (b) represent the business judgment of the Manager uninfluenced by considerations other than the best interests of the Fund; (c) are made in compliance with the Manager s policies and procedures; and (d) achieve a fair and reasonable result for the Fund. Transactions made by the Manager under the standing instructions are subsequently reviewed by the IRC on a quarterly basis to monitor compliance. The Fund relied on the IRC s standing instructions regarding related party transactions during this reporting period. Except as otherwise noted above, the Fund was not a party to any related party transactions during ended September 3, 218. I Shares Paid directly by investor - IT8 Shares Paid directly by investor - OF Shares W Shares Paid directly by investor.15* WT8 Shares Paid directly by investor.15* *Effective August 1, 218, the annual fixed administration fee rate for Class W shares and WT8 shares was reduced from.21% to.15%. The Manager received $.2 million in management fees and $.2 million in fixed administration fees for. Fees Approximately 17% of total management fees were used to pay for sales and trailing commissions and other services required. The remaining 83% of management fees were used to pay for investment management and other general administration.

3 Report of Fund Performance for ended September 3, 218 FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the past six periods, as applicable. Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ A Shares Commencement of operations October 22, 27 Sept. 3, (.27) (.18) - (.18) 18.5 Mar. 31, (.58) 1.12 (.29).48 - (.11) (.54) - (.65) Mar. 31, (.52) (.13) (.8) - (.93) Mar. 31, (.51).79 (1.72) (1.22) - (.9) (.68) - (.77) Mar. 31, (.48) (.8) (.59) - (.67) Mar. 31, (.42) (.24) - - (.24) 16. E Shares Commencement of operations September 26, 28 Sept. 3, (.25) (.21) - (.21) Mar. 31, (.54) 1.35 (.38).7 - (.12) (.64) - (.76) 2.15 Mar. 31, (.49) (.15) (.93) - (1.8) 2.43 Mar. 31, (.45).83 (1.96) (1.33) - (.11) (.78) - (.89) Mar. 31, (.43) (.1) (.68) - (.78) 2.19 Mar. 31, (.38) (.27) - - (.27) E3 Shares Sept. 3, (.12) (.1) - (.1) 1.22 Mar. 31, (.24).6 (.42).6 - (.6) (.31) - (.37) 9.7 E4 Shares Sept. 3, (.11) (.1) - (.1) 1.24 Mar. 31, (.23).6 (.37).12 - (.6) (.31) - (.37) 9.71 E5 Shares Sept. 3, (.11) (.1) - (.1) 1.25 Mar. 31, (.22).6 (.43).7 - (.6) (.31) - (.37) 9.72 ET8 Shares Commencement of operations December 22, 211 Sept. 3, (.11) (.9) (.4) (.49) 9.2 Mar. 31, (.26).63 (.12).38 - (.6) (.29) (.83) (1.18) 9.11 Mar. 31, (.25) (.7) (.46) (.84) (1.37) 1.6 Mar. 31, (.24).46 (.86) (.5) - (.6) (.42) (.9) (1.38) 9.5 Mar. 31, (.26) (.6) (.4) (.91) (1.37) Mar. 31, (.26) (.17) - (.74) (.91) *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

4 Report of Fund Performance for ended September 3, 218 Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ E3T8 Shares Sept. 3, (.11) (.9) (.39) (.48) 9.7 Mar. 31, (.24).59 (.34).13 - (.6) (.28) (.73) (1.7) 8.98 E4T8 Shares Sept. 3, (.11) (.9) (.39) (.48) 9.9 Mar. 31, (.22).6 (.43).7 - (.6) (.28) (.73) (1.7) 8.99 E5T8 Shares Sept. 3, (.1) (.9) (.39) (.48) 9.11 Mar. 31, (.21).6 (.42).9 - (.6) (.29) (.73) (1.8) 9. F Shares Sept. 3, (.7) (.1) - (.1) 1.37 Mar. 31, (.15).59 (.43).14 - (.6) (.31) - (.37) 9.79 F3 Shares Sept. 3, (.7) (.1) - (.1) 1.39 Mar. 31, (.14) (.6) (.31) - (.37) 9.8 F4 Shares Sept. 3, (.6) (.1) - (.1) 1.4 Mar. 31, (.14).49 (1.4) (.55) - (.6) (.31) - (.37) 9.81 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

5 Report of Fund Performance for ended September 3, 218 Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ F5 Shares Sept. 3, (.5) (.1) - (.1) 1.41 Mar. 31, (.12).63 (.44).19 - (.6) (.31) - (.37) 9.82 FT8 Shares Sept. 3, (.6) (.9) (.39) (.48) 9.23 Mar. 31, (.14).57 (.4).52 - (.6) (.29) (.73) (1.8) 9.8 F3T8 Shares Sept. 3, (.6) (.9) (.39) (.48) 9.22 Mar. 31, (.14).61 (.55).4 - (.6) (.29) (.73) (1.8) 9.8 F4T8 Shares Sept. 3, (.6) (.9) (.39) (.48) 9.24 Mar. 31, (.13).6 (.42).17 - (.6) (.29) (.73) (1.8) 9.9 F5T8 Shares Sept. 3, (.5) (.9) (.39) (.48) 9.26 Mar. 31, (.11).6 (.43).18 - (.6) (.29) (.73) (1.8) 9.1 I Shares Commencement of operations September 8, 28 Sept. 3, (.1) (.25) - (.25) Mar. 31, (.7) 1.58 (.67) (.15) (.76) - (.91) Mar. 31, (.4) (.18) (1.8) - (1.26) Mar. 31, (2.17) (1.) - (.12) (.89) - (1.1) 2.12 Mar. 31, (.11) (.76) - (.87) Mar. 31, (.29) - - (.29) *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

6 Report of Fund Performance for ended September 3, 218 Net Assets per Share ($) (1) (2) (4) Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ IT8 Shares Commencement of operations June 22, 211 Sept. 3, (.13) (.53) (.66) Mar. 31, (.4).85 (.31).67 - (.8) (.39) (1.9) (1.56) Mar. 31, (.2) (.1) (.6) (1.8) (1.78) Mar. 31, (1.26) (.64) - (.7) (.54) (1.13) (1.74) Mar. 31, (.7) (.48) (1.12) (1.67) 14.7 Mar. 31, (.21) - (.89) (1.1) 14.7 OF Shares Commencement of operations May 22, 28 Sept. 3, (.22) (.22) - (.22) 22.3 Mar. 31, (.48) 1.49 (.52).78 - (.13) (.67) - (.8) Mar. 31, (.42) (.16) (.97) - (1.13) Mar. 31, (.38).86 (1.46) (.72) - (.11) (.81) - (.92) Mar. 31, (.37) (.1) (.71) - (.81) 2.89 Mar. 31, (.33) (.28) - - (.28) W Shares Commencement of operations October 22, 27 Sept. 3, (.3) (.24) - (.24) Mar. 31, (.12) 1.51 (.62) (.14) (.72) - (.86) Mar. 31, (.8) (.17) (1.3) - (1.2) 22.7 Mar. 31, (.5).88 (2.14) (1.4) - (.11) (.85) - (.96) Mar. 31, (.5) (.1) (.73) - (.83) Mar. 31, (.4) (.28) - - (.28) 19.5 WT8 Shares Commencement of operations June 22, 211 Sept. 3, (.2) (.12) (.49) (.61) Mar. 31, (.6).79 (.34).55 - (.7) (.36) (1.1) (1.44) Mar. 31, (.5) (.9) (.56) (1.1) (1.66) Mar. 31, (.3).6 (1.7) (.33) - (.7) (.5) (1.6) (1.63) Mar. 31, (.3) (.7) (.46) (1.5) (1.58) Mar. 31, (.3) (.2) - (.84) (1.4) (1) This information is derived from the Fund s semi-annual and annual financial statements. (2) Net assets per share and per share are based on the actual number of shares outstanding for the relevant class at the relevant time. The increase (decrease) in net assets from operations per share is based on the weighted average number of shares outstanding for the relevant class over the fiscal period. (3) Dividends are automatically reinvested in additional shares of the Fund. (4) This information is provided for ended September 3, 218 and the years ended March 31.

7 Report of Fund Performance for ended September 3, 218 Ratios and Supplemental Data (1) (5) * net assets (5) Number of shares outstanding (5) before taxes (2) after taxes (2) Effective HST rate for the period (2) Harmonized Trading Portfolio sales tax (2) (3) turnover rate (4) $ s s % % % % % % A Shares Commencement of operations October 22, 27 Sept. 3, Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, E Shares Commencement of operations September 26, 28 Sept. 3, , Mar. 31, , Mar. 31, , Mar. 31, ,39 1, Mar. 31, , Mar. 31, , E3 Shares Sept. 3, 218 4, Mar. 31, 218 3, E4 Shares Sept. 3, 218 1, Mar. 31, 218 1, E5 Shares Sept. 3, 218 1, Mar. 31, 218 1, ET8 Shares Commencement of operations December 22, 211 Sept. 3, Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section.

8 Report of Fund Performance for ended September 3, 218 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 % % % % % % E3T8 Shares Sept. 3, Mar. 31, E4T8 Shares Sept. 3, Mar. 31, E5T8 Shares Sept. 3, Mar. 31, F Shares Sept. 3, 218 1, Mar. 31, 218 1, F3 Shares Sept. 3, 218 1, Mar. 31, F4 Shares Sept. 3, Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section.

9 Report of Fund Performance for ended September 3, 218 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 % % % % % % F5 Shares Sept. 3, Mar. 31, FT8 Shares Sept. 3, Mar. 31, F3T8 Shares Sept. 3, Mar. 31, F4T8 Shares Sept. 3, Mar. 31, F5T8 Shares Sept. 3, Mar. 31, I Shares Commencement of operations September 8, 28 Sept. 3, ,156 4, Mar. 31, ,278 4, Mar. 31, ,582 4, Mar. 31, ,282 4, Mar. 31, ,47 2, Mar. 31, ,257 2, *Footnotes for the tables are found at the end of the Financial Highlights section.

10 Report of Fund Performance for ended September 3, 218 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 % % % % % % IT8 Shares Commencement of operations June 22, 211 Sept. 3, 218 3, Mar. 31, 218 2, Mar. 31, 217 2, Mar. 31, 216 1, Mar. 31, Mar. 31, OF Shares Commencement of operations May 22, 28 Sept. 3, Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, W Shares Commencement of operations October 22, 27 Sept. 3, ,541 5, Mar. 31, ,329 5, Mar. 31, ,67 5, Mar. 31, ,159 5, Mar. 31, ,793 3, Mar. 31, ,396 3, WT8 Shares Commencement of operations June 22, 211 Sept. 3, ,54 1, Mar. 31, ,258 1, Mar. 31, ,676 1, Mar. 31, , Mar. 31, 215 6, Mar. 31, 214 3, (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 3, 218 and the years ended March 31.

11 Report of Fund Performance for ended September 3, 218 PAST PERFORMANCE This section describes how the Fund has performed in the past. Remember, past returns do not indicate how the Fund will perform in the future. The information shown assumes that made by the Fund in s shown were reinvested in additional shares of the relevant classes of the Fund. In addition, the information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. Year-by-Year Returns The following charts show the Fund s semi-annual and annual performance for each of s shown and illustrate how the Fund s performance has changed from period to period. In percentage terms, the charts show how much an investment made on the first day of each financial period would have grown or decreased by the last day of each financial period, except where noted. A Shares E Shares E3 Shares E4 Shares Mar. 29 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Mar. 218 Sept. 218 Mar. 29 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Mar. 218 Sept. 218 Mar. 218 Sept. 218 Mar. 218 Sept. 218 E5 Shares ET8 Shares E3T8 Shares E4T8 Shares Mar. 218 Sept. 218 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Mar. 218 Sept. 218 Mar. 218 Sept. 218 Mar. 218 Sept. 218 E5T8 Shares F Shares F3 Shares F4 Shares Mar. 218 Sept. 218 Mar. 218 Sept. 218 Mar. 218 Sept. 218 Mar. 218 Sept. 218 F5 Shares FT8 Shares F3T8 Shares F4T8 Shares Mar. 218 Sept. 218 Mar. 218 Sept. 218 Mar. 218 Sept. 218 Mar. 218 Sept. 218

12 Report of Fund Performance for ended September 3, F5T8 Shares I Shares IT8 Shares OF Shares Mar. 218 Sept. 218 Mar. 29 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Mar. 218 Sept. 218 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Mar. 218 Sept. 218 Mar. 29 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Mar. 218 Sept W Shares Mar Mar Mar. 211 Mar. 212 Mar Mar Mar Mar Mar Mar Sept WT8 Shares Mar. 212 Mar Mar Mar Mar Mar Mar. 218 Sept return is for from September 26, 28 to March 31, return is for from May 1, 217 to March 31, return is for from December 22, 211 to March 31, return is for from September 8, 28 to March 31, return is for from June 22, 211 to March 31, return is for from May 22, 28 to March 31,

13 Report of Fund Performance for ended September 3, 218 SUMMARY OF INVESTMENT PORTFOLIO as at September 3, 218 Category % of Net Assets Category % of Net Assets Top 25 Holdings % of Net Assets Country allocation Long Positions U.S.A Cash & Equivalents Netherlands Israel Canada Other Net Assets (Liabilities) Foreign Currency Forward Contracts Cayman Islands....7 British Virgin Islands....5 U.K Options Contracts....3 Long Positions Short Positions Options Contracts... (.2) Short Positions... (.2) Sector allocation Long Positions Industrials Financials Information Technology Consumer Discretionary Health Care Real Estate Materials Consumer Staples Cash & Equivalents Energy Other Net Assets (Liabilities) Foreign Currency Forward Contracts Options Contracts....3 Long Positions Short Positions Options Contracts... (.2) Short Positions... (.2) Molina Healthcare Inc Cash & Equivalents US Ecology Inc Encompass Health Corp Universal Display Corp Dorman Products Inc Bank OZK Toro Co Core Laboratories N.V Axos Financial Inc Hexcel Corp Coherent Inc LogMeIn Inc Bio-Rad Laboratories Inc CyberArk Software Ltd Eagle Bancorp Inc LCI Industries Casey s General Stores Inc LGI Homes Inc Service Corp International Casella Waste Systems Inc., Class A Colliers International Group Inc. (USD) Bank of Hawaii Corp Valvoline Inc Western Alliance Bancorp Net Assets (in $ s) $294,313 The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund and updates will be available on a quarterly basis. A NOTE ON FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, its future performance, strategies or prospects, and possible future Fund action. The words may, could, should, would, suspect, outlook, believe, plan, anticipate, estimate, expect, intend, forecast, objective, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties, both about the Fund and general economic factors, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement made by the Fund. These factors include, but are not limited to, general economic, political and market factors in Canada, the United States and internationally, interest and foreign exchanges rates, global equity and capital markets, business competition, technological changes, changes in laws and regulations, judicial or regulatory judgments, legal proceedings and catastrophic events. The above list of important factors that may affect future results is not exhaustive. Before making any investment decisions, we encourage you to consider these and other factors carefully. All opinions contained in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility. 13