Canadian Equity Growth Corporate Class
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- Delphia Wheeler
- 5 years ago
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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 $12.6 million to $184. million from March 31, 18 to September, 18. The Fund had net sales of $4.5 million during. The portfolio s performance increased assets by $.5 million. The Fund paid distributions totalling $2.4 million. Class A shares returned 4.7% after fees and expenses for the six-month period ended September, 18. Over the same time period, the Fund s benchmark returned 6.2%. The benchmark is the S&P/TSX Composite Return Index. The performance of the Fund s other classes is substantially similar to that of Class A shares, except for differences in the structure of fees and expenses. For the returns of the Fund s other classes, please refer to the Past performance section. The following commentary pertains to the results of operations of the underlying fund. During, rising global trade tensions continued to concern investors. The North American Free Trade Agreement (NAFTA) was replaced with the United States-Mexico- Canada Agreement (USMCA) after an agreement was reached before the October 1 deadline. The United States imposed tariffs on US$ billion worth of Chinese imports. The initial tariffs were set at %, rising to 25% by year end. With these new tariffs now in place, Morgan Stanley estimates that the United States has implemented tariffs on approximately 4.1% of imports, ranging from steel and aluminum, to washing machines and solar panels. This resulted in deteriorating relations between the United States and China and concerns that the trade dispute could spill over into broader geopolitical relations between the two countries. As the tariffs have the potential to disrupt global trade flows, they have also put focus on U.S. domestic inflationary pressures. Inflation rates have risen in Canada, the United States and globally since 15. Over the past year, the consumer price index was up 2.8% in Canada and 2.7% in the United States. Security selection contributed to performance, particularly within the materials and telecommunication services sectors. Individual detractors from performance included positions in CSX Corp. and Athene Holding Ltd. CSX Corp. made progress on its networking operating metrics, with notably higher volume growth and pricing. In addition, the company s sale of non-core assets freed up capital. Athene Holding Ltd. benefited from future tax treatment and clarity from the company s management around future opportunities for both organic and inorganic growth. interim results. Investors were also concerned over U.K. sales and about the automotive sector as a whole. The manager purchased new positions in Kinder Morgan Inc. and Jacobs Engineering Group Inc. during. Holdings in Fortis Inc. and Canadian Natural Resources Ltd. were eliminated. Overall, the Fund posted positive absolute returns, but underperformed its benchmark for. RECENT DEVELOPMENTS With short-term interest rates rising, the manager will closely monitor leading indicators for signs that the global economy may be softening. The manager continues to focus on finding high-quality companies with identifiable competitive advantages at attractive prices. When evaluating the merits of a business, the manager looks at a broad range of scenarios to help prepare for any potential volatility. During, the telecommunication services sector was renamed the communication services sector. While the communication services sector will continue to include telecommunication companies. The media and internet and direct marketing retail sub-sectors (both originally in the consumer discretionary sector) were added. Depending on the country, companies in the information technology sector may also have moved to the communication services sector. 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. 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: Security selection with the health care sector detracted from the Fund s relative performance. Specifically, the Fund s lack of exposure to marijuana companies was a detractor from performance. Individual detractors from performance included Melrose Industries PLC after its management provided no specific long-term forecasts in its recent Annual management fee rate (%) Annual fixed administration fee rate (%) A Shares 2.. E Shares 1.9. CIG
2 Annual management fee rate (%) Annual fixed administration fee rate (%) E3 Shares E4 Shares E5 Shares 1.7. ET8 Shares 1.9. E3T8 Shares E4T8 Shares E5T8 Shares 1.7. F Shares.9. F3 Shares F4 Shares.8.15 F5 Shares.7. FT8 Shares.9. F3T8 Shares F4T8 Shares.8.15 F5T8 Shares.7. I Shares Paid directly by investor - IT8 Shares Paid directly by investor - OF Shares 1.. W Shares Paid directly by investor.14* WT8 Shares Paid directly by investor.14* 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. 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. *Effective August 1, 18, the annual fixed administration fee rate for Class W shares and WT8 shares was reduced from.% to.14%. The Fund relied on the IRC s standing instructions regarding related party transactions during this reporting period. The Manager received $.2 million in management fees and $.1 million in fixed administration fees for. Except as otherwise noted above, the Fund was not a party to any related party transactions during ended September, 18. Fees Approximately 17% of total management fees were used to pay for sales and trailing commissions and other services required. The remaining 83% of management fees were used to pay for investment management and other general administration. Inter-Fund Trading Inter-fund trading occurs when a Fund purchases or sells a security of any issuer from or to another Fund managed by the Manager. These transactions are executed through market intermediaries and under prevailing market terms and conditions. The Independent Review Committee reviews such transactions during scheduled meetings. During ended September, 18 the Fund executed inter-fund trades.
3 FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the past six periods, as applicable. Net Assets per Share ($) (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., (.24) (.16) - (.16) Mar. 31, (.52) 1.12 (.69).2 - (.9) (.) - (.59) Mar. 31, (.49) (.16) (.71) - (.87) Mar. 31, (.45) 1.82 (2.97) (1.46) - (.12) (.6) - (.72) Mar. 31, (.46) (.11) (.73) - (.84) 16. Mar. 31, (.38) (.24) - - (.24) E Shares Commencement of operations November, 8 Sept., (.) (.24) - (.24) Mar. 31, (.66) 1.53 (.79).24 - (.14) (.76) - (.9) Mar. 31, (.61) (.24) (1.7) - (1.31) Mar. 31, (.54) 2.42 (4.31) (2.25) - (.18) (.91) - (1.9) Mar. 31, (.54) (.17) (1.9) - (1.26) Mar. 31, (.45) (.35) - - (.35) E3 Shares Sept., (.12) (.) - (.) 9.9 Mar. 31, (.24).7 (.68) (.15) - (.6) (.) - (.36) 9.52 E4 Shares Sept., (.11) (.) - (.) 9.94 Mar. 31, (.22).71 (.77) (.21) - (.6) (.) - (.36) 9.55 E5 Shares Sept., (.) (.) - (.) 9.94 Mar. 31, (.21).71 (.65) (.8) - (.6) (.) - (.36) 9.55 ET8 Shares Commencement of operations December 22, 11 Sept., (.15) (.12) (.52) (.64) 12. Mar. 31, (.35).94 (.63).5 - (.7) (.38) (1.14) (1.59) 12.4 Mar. 31, (.35) (.13) (.58) (1.) (1.81) Mar. 31, (.33) 1.66 (3.) (1.54) - (.) (.53) (1.23) (1.86) Mar. 31, (.37) (.11) (.7) (1.21) (2.2) Mar. 31, (.33) (.25) - (.95) (1.) 15.5 *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., (.11) (.9) (.38) (.47) 8.8 Mar. 31, (.23).68 (.63) (.11) - (.5) (.28) (.72) (1.5) 8.83 E4T8 Shares Sept., (.) (.9) (.38) (.47) 8.82 Mar. 31, (.22).68 (.63) (.) - (.5) (.28) (.72) (1.5) 8.84 E5T8 Shares Sept., (.9) (.9) (.38) (.47) 8.84 Mar. 31, (.21).68 (.63) (.9) - (.5) (.28) (.72) (1.5) 8.85 F Shares Sept., (.6) (.) - (.).5 Mar. 31, 18.. (.14) 1.7 (.85).18 - (.6) (.) - (.36) 9.61 F3 Shares Sept., (.6) (.) - (.).6 Mar. 31, (.15) 1.22 (.8).38 - (.6) (.) - (.36) 9.62 F4 Shares Sept., (.6) (.) - (.).8 Mar. 31, (.14) 1.34 (.91).41 - (.6) (.) - (.36) 9.63 *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., (.5) (.) - (.). Mar. 31, (.11).72 (.66).2 - (.6) (.) - (.36) 9.64 FT8 Shares Sept., (.6) (.9) (.38) (.47) 8.94 Mar. 31, (.14).69 (.64) (.2) - (.5) (.28) (.73) (1.6) 8.92 F3T8 Shares Sept., (.6) (.9) (.38) (.47) 8.95 Mar. 31, (.13).69 (.64) (.1) - (.5) (.28) (.73) (1.6) 8.92 F4T8 Shares Sept., (.5) (.9) (.38) (.47) 8.96 Mar. 31, (.12).69 (.64) - - (.5) (.28) (.73) (1.6) 8.93 F5T8 Shares Sept., (.4) (.9) (.38) (.47) 8.98 Mar. 31, (.11).69 (.64).1 - (.5) (.28) (.73) (1.6) 8.94 I Shares Commencement of operations October 31, 8 Sept., (.1) (.) - (.).58 Mar. 31, (.9) 2.22 (1.53).82 - (.17) (.91) - (1.8) 29.7 Mar. 31, (.5) (.28) (1.26) - (1.54) Mar. 31, (5.28) (1.79) - (.) (1.4) - (1.24) Mar. 31, (.19) (1.22) - (1.41) Mar. 31, (.38) - - (.38) *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 December 22, 11 Sept., (.14) (.6) (.74) Mar. 31, (.5) 1.21 (.98). - (.8) (.44) (1.29) (1.81) 14.4 Mar. 31, (.3) (.15) (.66) (1.22) (2.3) Mar. 31, (3.81) (2.28) - (.12) (.59) (1.33) (2.4) Mar. 31, (1.46) (.12) (.75) (1.28) (2.15) 17.8 Mar. 31, (1.) (.26) - (.99) (1.25) OF Shares Commencement of operations May 22, 8 Sept., (.19) (.19) - (.19) 19. Mar. 31, (.43) 1.53 (1.4).21 - (.11) (.59) - (.7) Mar. 31, (.39) (.18) (.82) - (1.) Mar. 31, (.33) 2.71 (3.64) (1.5) - (.14) (.7) - (.84) Mar. 31, (.34) (.13) (.83) - (.96) Mar. 31, (.28) (.27) - - (.27) W Shares Commencement of operations October 22, 7 Sept., (.3) (.21) - (.21) 22. Mar. 31, (.11) 1.64 (1.14).55 - (.13) (.66) - (.79) 21.2 Mar. 31, (.8) (.) (.91) - (1.11) Mar. 31, (.4) 2.81 (3.71) (.72) - (.15) (.76) - (.91) 18.6 Mar. 31, (.4) (.14) (.89) - (1.3).6 Mar. 31, (.3) (.28) - - (.28) WT8 Shares Commencement of operations June 22, 11 Sept., (.2) (.12) (.54) (.66) Mar. 31, (.7).99 (.67).35 - (.7) (.39) (1.16) (1.62) Mar. 31, (.5) (.13) (.59) (1.9) (1.81) Mar. 31, (.3) 2.18 (2.91) (.59) - (.) (.53) (1.) (1.83) Mar. 31, (.3) (.) (.68) (1.15) (1.93) Mar. 31, (.3) (.23) - (.89) (1.12) (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., Mar. 31, Mar. 31, 17 1, Mar. 31, Mar. 31, 15 1, Mar. 31, 14 1, 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 27, Mar. 31, 18 26, Mar. 31, 17 23, Mar. 31, 16 15, Mar. 31, 15 17, Mar. 31, 14 11, *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 December 22, 11 Sept., 18 1, 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., ,757 6, Mar. 31, ,289 6, Mar. 31, ,9 5, Mar. 31, 16 76,25 4, Mar. 31, 15 56,832 2, Mar. 31, 14 41,1 2, WT8 Shares Commencement of operations June 22, 11 Sept., 18 14,782 1, Mar. 31, 18 13,435 1, Mar. 31, 17 12, Mar. 31, 16 5, Mar. 31, 15 3, Mar. 31, 14 2, (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 Mar Mar Mar Mar Mar. 13 Mar. 14 Mar Mar Mar Mar Sept WT8 Shares 2. 6 Mar Mar. 13 Mar. 14 Mar Mar Mar 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 May 22, 8 to March 31, return is for from June 22, 11 to March 31,
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* Canada U.S.A Bermuda Cash & Equivalents U.K Israel Luxembourg Other Net Assets (Liabilities)....2 Sector allocation* Industrials Energy Financials Consumer Staples....8 Consumer Discretionary....7 Information Technology Cash & Equivalents Materials Utilities Health Care Other Net Assets (Liabilities)....2 Cash & Equivalents Tourmaline Oil Corp Keyera Corp Middleby Corp TFI International Inc Kinder Morgan Canada Ltd Alimentation Couche-Tard Inc., Class B CSX Corp Boyd Group Income Fund Brookfield Business Partners L.P., Units George Weston Ltd Athene Holding Ltd Intact Financial Corp Auto Trader Group PLC Restaurant Brands International Inc CCL Industries Inc., Class B Sleep Country Canada Holdings Inc Premium Brands Holdings Corp Great Canadian Gaming Corp Kelt Exploration Ltd ECN Capital Corp Wix.com Ltd PrairieSky Royalty Ltd Winpak Ltd Signature Bank Net Assets (in $ s) $184,18 *These are holdings and the breakdown of the underlying fund. 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
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