US Equity Growth Corporate Class

Transcription

1 This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual or annual financial statements of the investment fund. You can get a copy of the semi-annual or annual financial statements at your request, and at no cost, by calling , by writing to us at United Financial, 2 Queen Street East, Twentieth Floor, Toronto, ON, M5C 3G7 or by visiting our website at or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. RESULTS OF OPERATIONS The net asset value of the Fund increased by $16.1 million to $164.8 million from March 31, 18 to September, 18. The Fund had net redemptions of $3.9 million during. The portfolio s performance increased assets by $22. million. The Fund paid distributions totalling $2. million. Class A shares returned 13.3% after fees and expenses for the six-month period ended September, 18. Over the same time period, the Fund s benchmark returned 11.7%. The benchmark is the S&P 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. U.S. equities rose in the six-month period, driven by exceptionally robust earnings growth and broad-based strength in the economy. The U.S. outperformed all other developed markets; its stock market recorded the longest bull market in history after the S&P Index surpassed nine-and-a-half years without a decline of % or more. Data released during indicated that the economy gained momentum on the back of a robust labour market and tax cuts. Unemployment continued to trend downward, ending the period at a historically low 3.9%. Despite the underlying strength in the U.S. economy, there were concerns about the sustainability of growth in light of broader macroeconomic risks, including rising interest rates; signs of slowing growth globally, especially in Europe; ongoing trade tensions; and Eurozone political disruptions. As widely anticipated, the U.S. Federal Reserve raised its benchmark rate by 25 basis points two times during and signalled the potential for another increase in 18. Over the six-month period, growth stocks outperformed value stocks while large cap and small cap outperformed mid cap equities. competition, the new offerings will be competitive, allowing the company to gain server market share. Meanwhile, the company s existing product areas personal computers and graphics processing units continue to perform well and benefit from the secular growth story of increasing data consumption. EPAM Systems Inc., an IT services company with a focus on high-end software development work, was added during the period. EPAM Systems Inc. should continue to benefit from Enterprises greater spending on software development as companies across many industries pursue digitization strategies. EPAM Systems Inc. s unique global delivery model enables them to hire and retain high-quality developer talent across a range of geographic locations. The Fund sold out of investments in Hologic Inc. and IPG Photonic Corp. Hologic Inc., a leading provider of women s health services, was eliminated. Hologic Inc. has struggled to enter the medical aesthetic market following its acquisition of Cynosure. Shares lost significant value after the firm made significant downward revisions for the value of recently acquired Cynosure. We eliminated our position in IPG Photonics Corp., a manufacturer of high-performance lasers. The shares underperformed, driven by currency fluctuations, Chinese weaknesses, and tariff uncertainties. While we believe IPG Photonics Corp. can continue to benefit from secular growth of ultra-high-powered lasers, we have learned that competition is closing from a technology perspective, and therefore eliminated our position. RECENT DEVELOPMENTS While the overall U.S. economy remains relatively healthy, most companies are beginning to see increasing labour and material costs. Additionally, with unemployment levels low, we believe risks to U.S. inflation are to the upside. Many companies are facing the prospect of either absorbing these costs (therefore reducing marginal profitability) or passing the costs through and facing the uncertain elasticity that may come from raising prices. During the Fund outperformed the S&P Return Index driven by strong stock selection and sector allocation. Stock selection was strongest within consumer discretionary, information technology, industrials and energy. This was partially offset by negative stock selection within financials and consumer staples. Sector allocation, a residual of the Fund s bottom-up stock selection process, also contributed to performance driven by our lack of exposure to real estate and underweight to consumer staples. The largest relative contributors to performance were Advanced Micro Devices Inc., Wayfair Inc., and GoDaddy Inc. The largest relative detractors from performance were Mohawk Industries Inc., Dollar Tree Inc., and IPG Photonics Corp. During, we initiated a position in Advanced Micro Devices Inc. and EPAM Systems Inc. Advanced Micro Devices Inc. is a semiconductor company that designs and manufactures microprocessors and graphics chips. The company is launching new leading-edge computer products in the second half of 18 and, with delays at the Trade continues to dominate the narrative right now. While the initial tariff rate may be offset by some efficiencies and very nominal price increases, the risks remain high given the automatic rise in tariffs next year. Therefore, we are becoming cautious about supply chain disruption and capital expenditure uncertainty given the trade talks and potential reciprocal measures that China may impose. Given all of the above and, considering the market moves so far relative to earnings, the risk for increased volatility remains high. Effective September, 18, Tom Eisenhauer became a member of the Board of Governors ( BOG ) and Independent Review Committee ( IRC ), and effective October 15, 18, Mary Robertson resigned as a member of the BOG and IRC. CIG

2 RELATED PARTY TRANSACTIONS Manager, Portfolio Advisor and Registrar CI Investments Inc. is the Manager, Portfolio Advisor and Registrar of the Fund. CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration for management fees, provided management services required in the day-to-day operations of the Fund. The Manager bears all of the operating expenses of the Fund (other than taxes, borrowing costs and new governmental fees) in return for a fixed administration fee. fee and fixed administration fee rates as at September, 18, for each of the classes are shown below: Fees Approximately 17% of total management fees were used to pay for sales and trailing commissions and other services required. The remaining 83% of management fees were used to pay for investment management and other general administration. Principal Distributor The Manager has the exclusive right to arrange for the distribution of shares of the Fund. Pursuant to a series of agreements, the right to distribute such shares has been granted, on a collective basis, to the following dealers, each of which is an affiliate of the Manager. Annual management fee rate (%) Annual fixed administration fee rate (%) A Shares E Shares E3 Shares 1.9. E4 Shares E5 Shares ET8 Shares E3T8 Shares 1.9. E4T8 Shares E5T8 Shares F Shares.9.21 F3 Shares.9. F4 Shares.8.15 F5 Shares.77. FT8 Shares.9.21 F3T8 Shares.9. F4T8 Shares.8.15 F5T8 Shares.77. I Shares Paid directly by investor - IT8 Shares Paid directly by investor - OF Shares W Shares Paid directly by investor.15* Assante Capital Ltd. Assante Financial Ltd. Independent Review Committee The Fund received standing instructions from the Fund s Independent Review Committee with respect to the following related party transactions: a) trades in securities of CI Financial Corp.; b) purchases or sales of securities of an issuer from or to another investment fund managed by the Manager; and c) purchases or sales of other investment funds managed by the Manager or their affiliates. The applicable standing instructions require that related party transactions be conducted in accordance with the Manager s policies and procedures and that the Manager advise the IRC of any material breach of a condition of the standing instructions. The standing instructions require, among other things, that investment decisions in respect of related party transactions (a) are free from any influence by an entity related to the Manager and without taking into account any consideration relevant to an entity related to the Manager; (b) represent the business judgment of the Manager uninfluenced by considerations other than the best interests of the Fund; (c) are made in compliance with the Manager s policies and procedures; and (d) achieve a fair and reasonable result for the Fund. Transactions made by the Manager under the standing instructions are subsequently reviewed by the IRC on a quarterly basis to monitor compliance. The Fund relied on the IRC s standing instructions regarding related party transactions during this reporting period. Except as otherwise noted above, the Fund was not a party to any related party transactions during ended September, 18. WT8 Shares Paid directly by investor.15* *Effective August 1, 18, the annual fixed administration fee rate for Class W shares and WT8 shares was reduced from.21% to.15%. The Manager received $.4 million in management fees and $.1 million in fixed administration fees for.

3 FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the past six periods, as applicable. Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ A Shares Commencement of operations October 22, 7 Sept., (.2) (.32) (.22) - (.22) Mar. 31, (.63) (.21) (.59) - (.8).71 Mar. 31, (.56) 2.44 (.14) (.16) (.8) - (.96) 18. Mar. 31, (.54) 1.17 (.85) (.4) - (.14) (.72) - (.86) Mar. 31, (.49) (.) (.78) - (.88) Mar. 31, (.) (.23) - - (.23) E Shares Commencement of operations November, 8 Sept., (.2) (.41) (.34) - (.34) Mar. 31, (.79) (.32) (.9) - (1.22) Mar. 31, (.69) (.25) (1.22) - (1.47) Mar. 31, (.65) 1.87 (1.32).17 - (.21) (1.) - (1.31) Mar. 31, (.58) (.16) (1.17) - (1.33) Mar. 31, (.48) (.34) - - (.34) E3 Shares Sept., (.14) (.11) - (.11) Mar. 31, 18.. (.25) (.11) (.31) - (.42).84 E4 Shares Sept., (.1) (.13) (.11) - (.11) Mar. 31, (.25) (.11) (.31) - (.42).85 E5 Shares Sept., (.1) (.13) (.11) - (.11) Mar. 31, 18.. (.23) (.11) (.31) - (.42).86 ET8 Shares Commencement of operations December 22, 11 Sept., (.1) (.18) (.15) (.58) (.73) Mar. 31, (.38) (.14) (.) (1.9) (1.63) Mar. 31, (.35) 1.84 (.6) (.12) (.59) (1.19) (1.9) Mar. 31, (.35).69 (.9) (.41) - (.11) (.57) (1.22) (1.9) Mar. 31, (.35) (.9) (.66) (1.14) (1.89) Mar. 31, (.31) (.21) - (.91) (1.12) *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights. 3

4 Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ E3T8 Shares Sept., 18.8 (.1) (.13) (.) (.41) (.51).9 Mar. 31, (.25) 1.21 (.2) (.) (.29) (.74) (1.13).8 E4T8 Shares Sept., 18.9 (.1) (.12) (.) (.41) (.51).92 Mar. 31, 18.. (.24) (.) (.29) (.74) (1.13).9 E5T8 Shares Sept., 18. (.1) (.11) (.) (.41) (.51).95 Mar. 31, 18.. (.23) (.) (.29) (.74) (1.13). F Shares Sept., (.1) (.8) (.12) - (.12) Mar. 31, (.16) (.11) (.31) - (.42).94 F3 Shares Sept., (.1) (.8) (.12) - (.12) Mar. 31, (.16) (.11) (.31) - (.42).94 F4 Shares Sept., (.1) (.7) (.12) - (.12) 12. Mar. 31, (.15) (.11) (.31) - (.42).96 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights. 4

5 Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ F5 Shares Sept., (.1) (.6) (.12) - (.12) Mar. 31, 18.. (.13) (.11) (.31) - (.42).97 FT8 Shares Sept., (.1) (.7) (.11) (.42) (.53) 11.8 Mar. 31, 18.. (.15) (.) (.29) (.74) (1.13).18 F3T8 Shares Sept., (.1) (.7) (.11) (.42) (.53) 11.8 Mar. 31, 18.. (.15) (.) (.29) (.74) (1.13).18 F4T8 Shares Sept., 18. (.1) (.6) (.11) (.42) (.53) 11. Mar. 31, 18.. (.13) (.) (.29) (.74) (1.13). F5T8 Shares Sept., (.1) (.6) (.11) (.42) (.53) Mar. 31, 18.. (.12) (.) (.29) (.74) (1.13).21 I Shares Commencement of operations October 31, 8 Sept., (.4) (.1) (.) - (.) Mar. 31, (.11) (.37) (1.6) - (1.43) 37. Mar. 31, (.5) (.29) (1.41) - (1.7) Mar. 31, (1.34).76 - (.24) (1.23) - (1.47) Mar. 31, (.17) (1.28) - (1.45).5 Mar. 31, (.36) - - (.36) *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights. 5

6 Net Assets per Share ($) (1) (2) (4) Increase (decrease) from operations: Dividends: Realized Unrealized increase net investment Net assets Net assets at the beginning of period (2) revenue expenses distributions) (decrease) from operations (2) income ) capital Return of capital (2, 3) at the end of shown (2) $ $ $ $ $ $ $ $ $ $ $ $ IT8 Shares Commencement of operations June 22, 11 Sept., (.2) (.17) (.66) (.83) 17.9 Mar. 31, (.5) (.16) (.46) (1.24) (1.86) Mar. 31, (.2) (.13) (.66) (1.) (2.9) 15. Mar. 31, (1.41) (.5) - (.12) (.63) (1.31) (2.6) Mar. 31, (.) (.71) (1.) (2.1) 16.7 Mar. 31, (.22) - (.93) (1.15) OF Shares Commencement of operations May 22, 8 Sept., (.14) (.27) (.27) - (.27) Mar. 31, (.55) (.26) (.73) - (.99) 25.9 Mar. 31, (.46) (.) (.99) - (1.19) 22.9 Mar. 31, (.43) 1.14 (1.13) (.) - (.17) (.89) - (1.6) Mar. 31, (.38) (.13) (.94) - (1.7) 22.4 Mar. 31, (.32) (.27) - - (.27) W Shares Commencement of operations October 22, 7 Sept., (.2) (.4) (.29) - (.29) Mar. 31, (.14) (.27) (.78) - (1.5) Mar. 31, (.9) (.21) (1.3) - (1.24) Mar. 31, (.5) 1. (.83).65 - (.18) (.91) - (1.9) Mar. 31, (.5) (.13) (.95) - (1.8) Mar. 31, (.4) (.27) - - (.27) 18. WT8 Shares Commencement of operations June 22, 11 Sept., (.1) (.2) (.16) (.62) (.78) Mar. 31, (.8) (.15) (.43) (1.15) (1.73) Mar. 31, (.6) (.13) (.62) (1.21) (1.96) Mar. 31, (.4).99 (.34).77 - (.12) (.59) (1.22) (1.93) 14. Mar. 31, (.3) (.9) (.66) (1.12) (1.87) Mar. 31, (.3) (.21) - (.87) (1.8) (1) This information is derived from the Fund s semi-annual and annual financial statements. (2) Net assets per share and per share are based on the actual number of shares outstanding for the relevant class at the relevant time. The increase (decrease) in net assets from operations per share is based on the weighted average number of shares outstanding for the relevant class over the fiscal period. (3) Dividends are automatically reinvested in additional shares of the Fund. (4) This information is provided for ended September, 18 and the years ended March 31. 6

7 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, 7 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, E Shares Commencement of operations November, 8 Sept., 18 1, Mar. 31, 18 1, Mar. 31, 17 4, Mar. 31, 16 4, Mar. 31, 15 6, Mar. 31, 14 5, E3 Shares Sept., Mar. 31, E4 Shares Sept., Mar. 31, E5 Shares Sept., Mar. 31, ET8 Shares Commencement of operations December 22, 11 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section. 7

8 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., Mar. 31, E4T8 Shares Sept., Mar. 31, E5T8 Shares Sept., Mar. 31, F Shares Sept., Mar. 31, F3 Shares Sept., Mar. 31, F4 Shares Sept., Mar. 31, *Footnotes for the tables are found at the end of the Financial Highlights section. 8

9 Ratios and Supplemental Data (1) (5) * net assets (5) Number of shares outstanding (5) before taxes (2) Harmonized sales tax (2) after taxes (2) Effective HST rate for the period (2) Trading (3) Portfolio turnover rate (4) $ s s % % % % % % F5 Shares Sept., Mar. 31, FT8 Shares Sept., Mar. 31, F3T8 Shares Sept., Mar. 31, F4T8 Shares Sept., Mar. 31, F5T8 Shares Sept., Mar. 31, I Shares Commencement of operations October 31, 8 Sept., 18 57,45 1, Mar. 31, 18,299 1, Mar. 31, 17 41,212 1, Mar. 31, 16,9 1, Mar. 31, 15 27, Mar. 31, 14 19, *Footnotes for the tables are found at the end of the Financial Highlights section. 9

10 Ratios and Supplemental Data (1) (5) net assets (5) Number of shares outstanding (5) before taxes (2) Harmonized sales tax (2) after taxes (2) Effective HST rate for the period (2) Trading (3) Portfolio turnover rate (4) $ s s % % % % % % IT8 Shares Commencement of operations June 22, 11 Sept., 18 2, Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, OF Shares Commencement of operations May 22, 8 Sept., Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, W Shares Commencement of operations October 22, 7 Sept., 18 9,952 2, Mar. 31, 18 84,325 3, Mar. 31, 17 74,7 3, Mar. 31, 16 6,145 2, Mar. 31, 15 55,417 2, Mar. 31, 14 42,419 2, WT8 Shares Commencement of operations June 22, 11 Sept., 18 9, Mar. 31, 18 8, Mar. 31, 17 7, Mar. 31, 16 4, Mar. 31, 15 3, Mar. 31, 14 1, (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 % is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the fiscal period. The higher a Fund s portfolio turnover rate in a period, the greater the trading costs payable by the Fund in, and the greater the chance of an investor receiving taxable capital in. There is not necessarily a relationship between a higher turnover rate and the performance of a Fund. Portfolio turnover rate is calculated by dividing the lesser of the cost of purchases and the proceeds of sales of portfolio securities for, and excluding cash and short-term investments maturing in less than one year, and before assets acquired from a merger, if applicable, by the average of the monthly fair value of investments during. (5) This information is provided for ended September, 18 and the years ended March 31.

11 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. 9 Mar. Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 9 Mar. Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 E5 Shares ET8 Shares E3T8 Shares E4T8 Shares Mar. 18 Sept. 18 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 E5T8 Shares F Shares F3 Shares F4 Shares Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 F5 Shares FT8 Shares F3T8 Shares F4T8 Shares Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18

12 F5T8 Shares I Shares IT8 Shares OF Shares Mar. 18 Sept. 18 Mar. 9 Mar. Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 9 Mar. Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept W Shares WT8 Shares Mar. 9 Mar. Mar. 11 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept. 18 Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Sept return is for from November, 8 to March 31, return is for from May 1, 17 to March 31, return is for from December 22, 11 to March 31, return is for from October 31, 8 to March 31, return is for from June 22, 11 to March 31, return is for from May 22, 8 to March 31, 9. 12

13 SUMMARY OF INVESTMENT PORTFOLIO as at September, 18 Category % of Net Assets Category % of Net Assets Top 25 Holdings % of Net Assets Country allocation Long Positions U.S.A Ireland Cash & Equivalents Foreign Currency Forward Contracts....9 Other Net Assets (Liabilities)....7 Bermuda....7 Exchange-Traded Fund(s)....5 Options Contracts....4 Long Positions....2 Short Positions Options Contracts... (.2) Short Positions... (.2) Sector allocation Long Positions Information Technology.... Consumer Discretionary Health Care Industrials Consumer Staples Financials Cash & Equivalents Materials Telecommunication Services Foreign Currency Forward Contracts....9 Energy....9 Other Net Assets (Liabilities)....7 Exchange-Traded Fund(s)....5 Options Contracts....4 Long Positions....2 Short Positions Options Contracts... (.2) Short Positions... (.2) Amazon.com Inc Apple Inc Microsoft Corp Alphabet Inc., Class A Mastercard Inc., Class A UnitedHealth Group Inc Boeing Co Facebook Inc NIKE Inc., Class B Alphabet Inc., Class C Salesforce.com Inc Cash & Equivalents Booking Holdings Inc Adobe Systems Inc GoDaddy Inc Costco Wholesale Corp Baxter International Inc Thermo Fisher Scientific Inc TJX Co., Inc Workday Inc Global Payments Inc Advanced Micro Devices Inc PayPal Holdings Inc Monster Beverages Corp Verizon Communications Inc Net Assets (in $ s) $164,754 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