Management Report of Fund Performance for the period ended June 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 1-888-664-4784, by writing to us at United Financial, 2 Queen Street East, Twentieth Floor, Toronto, ON, M5C 3G7 or by visiting our website at www.assante.com or SEDAR at www.sedar.com. 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 $5. million to $422.4 million from December 31, 217 to June 3, 218. The Fund had net redemptions of $3.7 million for the period. The portfolio s performance increased assets by $8.7 million. Class W units returned 2.4%, after fees and expenses for the six-month period ended June 3, 218. Over the same time period, the Fund s benchmark returned 7.7%. The benchmark is the S&P 5 Total Return Index. The performance of the Fund s other classes is substantially similar to that of Class W units, 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 positive returns, helped by supportive economic data and strong corporate results. Tax expenses declined for many companies even as pre-tax income grew. Trade tensions undermined some of the positive sentiment as the U.S. and China unveiled plans for billions in tariffs. Stock prices peaked on the June 12, 218, Singapore summit between U.S. President Trump and North Korean leader Kim Jong-un, which resulted in a joint statement on security guarantees for North Korea and the denuclearization of the Korean peninsula. The best returns came from the information technology sector, where strong results overcame calls for increased regulation after revelations about Facebook s handling of user data. Consumer discretionary stocks also had double-digit returns, supported by sharp gains for e-commerce stocks along with a rebound among more traditional companies that had recently underperformed. Energy stocks had solid gains; Brent crude ended the quarter near $8 per barrel amid signs of falling supply as uncertainties around the output from Iran and Venezuela mounted. Dispersion across sectors was wide. The telecommunication services, consumer staples, industrials, financials and materials sectors had negative returns. The Fund posted strong absolute returns for the time period but lagged the benchmark. Stock selection within the information technology, consumer discretionary, and financials sectors was the most significant relative detractor. Stock selection within the health care, energy, materials, and consumer staples sectors, a relative underweight to consumer staples, a relative overweight to information technology, and a lack of exposure to real estate and telecommunication services helped offset some of the relative underperformance. The largest individual contributors to performance were Microsoft Corp., PTC Inc., Apple Inc., Visa Inc., and Anadarko Petroleum Corp. The largest individual detractors from performance were Universal Display Corp., Molson Coors Brewing Co., Comcast Corp., Fortune Brands Home & Security Inc., and Ameriprise Financial Inc. Investments in Costco Wholesale Corp., Broadcom Inc., Hanesbrands Inc., Capital One Financial Corp., Boston Scientific Corp., AXA Equitable Holdings Inc., XPO Logistics Inc., United Technologies Corp., Jacobs Engineering Group Inc. and Booking Holdings Inc. were made during the period. Costco operates 741 wholesale membership warehouses in the U.S. and several other countries within a no-frills environment with recurring fees from the membership model allowing the company to offer very low prices on high quality goods. Costco has performed well since mid17 on improving same-store comps driven by rolling VISA program initiation, inflation, and a membership fee increase. The company s operations should also benefit from tax reform. Costco uses its strong cash flow to invest in new stores and technology (e.g. e-commerce operations), pay a dividend, and to buy back shares. Broadcom is a leading designer, developer and global supplier of a broad range of semiconductor devices with a focus on complex digital and mixed-signal, CMOS (complementary metal oxide semiconductor), and analog-based products with over twenty-five thousand patents. The company is at the epicenter of datacenter, broad-band, and wireless connectivity growth. The underlying organic growth of the business is estimated to have been in the double digits in the last five years and revenue growth is likely to continue above mid-singledigits for the medium-term. The company possesses a high-quality portfolio of products, has low capital intensity, and as a result generates a meaningful level of free cash flow. The Fund sold out of investments in AbbVie Inc., Procter & Gamble Co., Molson Coors Brewing Co., Comcast Corp., F5 Networks Inc., Eversource Energy, PVH Corp., First Data Corp., Signature Bank and Time Warner Inc. The Fund sold its shares of AbbVie on concerns that the tail risk from Humira generics in 223 would not be offset from the pipeline and new product launches following the failure of Rova-T in small cell lung cancer. Our investment thesis in Proctor & Gamble was based on an improving top-line trajectory driven by a slimmed down portfolio and product reinvestment funded by cost saving opportunities. Unfortunately, top-line revenue growth has proven to be illusive and as a result we opted to sell the portfolio s position in the company in order to reinvest the proceeds into other ideas that we now believe have a more attractive risk/reward profile. RECENT DEVELOPMENTS In the U.S., the labour market is tight, domestic demand is solid and the production side of the economy has picked up markedly. This provides a robust backdrop for earnings in the coming quarters, with the Tax Cuts and Jobs Act providing a short-term boost to growth. Wage and price inflation is increasing, but by less than in a typical cycle, likely due to technology. Also supporting equities is the adoption of new technologies, which is positive for all three return-on-equity components: profit margins, asset utilization and leverage. Among other things, this implies corporate margins can remain high for a prolonged period. It also suggests companies can return a higher proportion of cash to shareholders. Offsetting these supportive elements is the shift from easing to tightening among central banks in North America and Europe. With this in mind, we do not expect equities to benefit from expanding valuation multiples. Along with quantitative tightening, there is a risk that soaring U.S. budget deficits and a wave of corporate bonds maturing could not only engender more volatility and wider credit spreads, but it could also push interest rates higher. Each of these outcomes would be a headwind for high-duration strategies. Finally, we expect trade tensions to remain a market theme, and a source of volatility, for CIG - 96
Management Report of Fund Performance for the period ended June 3, 218 years to come. While the risk of an outright trade war causing a recession is increasing, we think this outcome is unlikely. Assante Capital Management Ltd. Assante Financial Management Ltd. Effective April 3, 218, Karen Fisher became a member of the CI Board of Governors ( BOG ) and the Independent Review Committee ( IRC ) of the Fund. Meanwhile, Christopher Hopper resigned from the role as a member of the BOG and IRC. Independent Review Committee The Fund received standing instructions from the Fund s Independent Review Committee with respect to the following related party transactions: RELATED PARTY TRANSACTIONS Manager and Trustee CI Investments Inc. is the Manager and Trustee of the Fund. CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration of 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. a) trades in securities of CI Financial Corp.; b) purchases or sales of securities of an issuer from or to another investment fund managed by the Manager; c) purchases or sales of other investment funds managed by the Manager or their affiliates; and d) mergers involving the Fund and another fund managed by the Manager that is subject to National Instrument 81-2 - Investment Funds. Management fee and fixed administration fee rates as at June 3, 218, for each of the classes are shown below: Annual management fee rate (%) Annual fixed administration fee rate (%) Class A 2.5.21 Class E 1.9.21 Class E3 1.9.2 Class E4 1.84.15 Class E5 1.77. Class F.9.21 Class F3.9.2 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. Class F4.84.15 Class F5.77. Class I Paid directly by investor - Class OF 1.5.21 Class W Paid directly by investor.21 The Manager received $1.7 million in management fees and $.3 million in fixed administration fees for the period. Management Fees Approximately 15% of total management fees were used to pay for sales and trailing commissions and other services required. The remaining 85% of management fees were used to pay for investment management and other general administration. Principal Distributor The Manager has the exclusive right to arrange for the distribution of units of the Fund. Pursuant to a series of agreements, the right to distribute such units has been granted, on a collective basis, to the following dealers, each of which is an affiliate of the Manager.
Management Report of Fund Performance for the period ended June 3, 218 FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the past six periods, as applicable. Net Assets per Unit ($) (1) (2) (4) * Increase (decrease) from operations: Distributions: Total Realized Unrealized Total increase From net investment Net assets Net assets at the beginning Total expenses (excluding gains (losses) for gains (losses) for (decrease) from income (excluding From From capital Total at the end of the period of period (2) revenue distributions) the period the period operations (2) dividends) dividends (2, 3) gains Return of capital distributions shown (2) $ $ $ $ $ $ $ $ $ $ $ $ Class A Commencement of operations December 28, 26 Jun. 3, 218 13.69.6 (.2).8 (.47).19 - - - - - 13.83 Dec. 31, 217 12.12.23 (.38) 1.65.7 1.57 - - - - - 13.69 Dec. 31, 216 11.37.2 (.33) 1.38 (.66).59 - - - - - 12.12 Dec. 31, 215 11..2 (.34).97 (.5).33 - - - - - 11.37 Dec. 31, 214 9.39.17 (.29).89.84 1.61 - - - - - 11. Dec. 31, 213 6.75.13 (.24).54 2.22 2.65 - - - - - 9.39 Class E Commencement of operations September, 28 Jun. 3, 218 21.48.9 (.26) 1.22 (.73).32 - - - - - 21.77 Dec. 31, 217 18.91.36 (.47) 2.55.24 2.68 - - - - - 21.48 Dec. 31, 216 17.63.31 (.41) 2.21 (.71) 1.4 - - - - - 18.91 Dec. 31, 215 17.11.31 (.42) 1.5 (.89).5 - - - - - 17.63 Dec. 31, 214 14.38.26 (.36) 1.43 1.48 2.81 - - - - - 17.11 Dec. 31, 213.28.21 (.29).92 3.27 4.11 - - - - - 14.38 Class E3 Jun. 3, 218.59.4 (.13).6 (.38).13 - - - - -.73 Dec. 31, 217..13 (.16).88 (.29).56 - - - - -.59 Class E4 Jun. 3, 218.6.4 (.12).57 (.35).14 - - - - -.75 Dec. 31, 217..13 (.15).85 (.18).65 - - - - -.6 Class E5 Jun. 3, 218.61.4 (.11).58 (.37).14 - - - - -.77 Dec. 31, 217..13 (.14).85 (.1).83 - - - - -.61 Class F Jun. 3, 218.67.4 (.7).54 (.39).12 - - - - -.87 Dec. 31, 217..13 (.9).68.44 1.16 - - - - -.67 *Footnotes for the tables are found at the end of the Net Assets per Unit section of the Financial Highlights.
Management Report of Fund Performance for the period ended June 3, 218 FINANCIAL HIGHLIGHTS (cont d) Net Assets per Unit ($) (1) (2) (4) * Increase (decrease) from operations: Distributions: Total Realized Unrealized Total increase From net investment Net assets Net assets at the beginning Total expenses (excluding gains (losses) for gains (losses) for (decrease) from income (excluding From From capital Total at the end of the period of period (2) revenue distributions) the period the period operations (2) dividends) dividends (2, 3) gains Return of capital distributions shown (2) $ $ $ $ $ $ $ $ $ $ $ $ Class F3 Jun. 3, 218.67.4 (.7).56 (.38).15 - - - - -.87 Dec. 31, 217..12 (.8).57.51 1.12 - - - - -.67 Class F4 Jun. 3, 218.68.5 (.6).51 (.31).19 - - - - -.89 Dec. 31, 217..12 (.8).58.67 1.29 - - - - -.68 Class F5 Jun. 3, 218.69.5 (.5).6 (.38).22 - - - - -.9 Dec. 31, 217..13 (.7).86 (.24).68 - - - - -.69 Class I Commencement of operations September 18, 28 Jun. 3, 218 28.86.12-1.6 (.99).73 - - - - - 29.58 Dec. 31, 217 24.81.49-3.36.21 4.6 - - - - - 28.86 Dec. 31, 216 22.6.41-2.9 (.81) 2.5 - - - - - 24.81 Dec. 31, 215 21.42.4-1.88 (1.21) 1.7 - - - - - 22.6 Dec. 31, 214 17.59.32-1.78 1.81 3.91 - - - - - 21.42 Dec. 31, 213 12.27.26-1. 4. 5.36 - - - - - 17.59 Class OF Commencement of operations May 22, 28 Jun. 3, 218 2.54.8 (.19) 1. (.72).27 - - - - - 2.86 Dec. 31, 217 18..35 (.37) 2.74 (.8) 1.92 - - - - - 2.54 Dec. 31, 216 16.71.3 (.3) 1.66 (.15) 1.51 - - - - - 18. Dec. 31, 215 16.12.3 (.3) 1.39 (.8).59 - - - - - 16.71 Dec. 31, 214 13.5.27 (.28) 1.7 1.72 3.41 - - - - - 16.12 Dec. 31, 213 9.61.2 (.22).78 3.4 3.8 - - - - - 13.5 Class W Commencement of operations June 24, 1994 Jun. 3, 218 35.75.15 (.4) 2.3 (1.21).93 - - - - - 36.61 Dec. 31, 217 3.81.6 (.8) 4.23.18 4.93 - - - - - 35.75 Dec. 31, 216 28.12.5 (.7) 3.49 (1.41) 2.51 - - - - - 3.81 Dec. 31, 215 26.71.49 (.6) 2.36 (1.23) 1.56 - - - - - 28.12 Dec. 31, 214 21.99.4 (.5) 2.15 2.7 4.57 - - - - - 26.71 Dec. 31, 213 15.38.32 (.4) 1.29 5.3 6.6 - - - - - 21.99 *Footnotes for the tables are found at the end of the Net Assets per Unit section of the Financial Highlights.
Management Report of Fund Performance for the period ended June 3, 218 FINANCIAL HIGHLIGHTS (cont d) (1) This information is derived from the Fund s semi-annual and annual financial statements. (2) Net assets per unit and distributions per unit are based on the actual number of units outstanding for the relevant class at the relevant time. The increase (decrease) in net assets from operations per unit is based on the weighted average number of units outstanding for the relevant class over the fiscal period. (3) Distributions are automatically reinvested in additional units of the Fund. (4) This information is provided for the period ended June 3, 218 and the years ended December 31.
Management Report of Fund Performance for the period ended June 3, 218 FINANCIAL HIGHLIGHTS (cont d) Ratios and Supplemental Data (1) (5) * Total net assets (5) Number of units outstanding (5) Management expense ratio before taxes (2) Management expense ratio after taxes (2) Effective HST rate for the period (2) Harmonized Trading Portfolio sales tax (2) expense ratio (3) turnover rate (4) $ s s % % % % % % Class A Commencement of operations December 28, 26 Jun. 3, 218 7,97 572 2.71.22 2.93 8.9.5 3.11 Dec. 31, 217 9,265 677 2.71.23 2.94 8.31.3 38.58 Dec. 31, 216 11,152 92 2.71.23 2.94 8.41.3 34.44 Dec. 31, 215 15,62 1,325 2.71.23 2.94 8.6.3 3.77 Dec. 31, 214 2,326 1,832 2.71.24 2.95 8.95.2 15.7 Dec. 31, 213 24,997 2,663 2.71.26 2.97 9.55.2 14.36 Class E Commencement of operations September, 28 Jun. 3, 218 132,936 6,7 2.11.24 2.35 11.49.5 3.11 Dec. 31, 217 136,792 6,367 2.11.24 2.35 11.42.3 38.58 Dec. 31, 216 152,655 8,73 2.11.24 2.35 11.37.3 34.44 Dec. 31, 215 144,257 8,181 2.11.24 2.35 11.41.3 3.77 Dec. 31, 214 127,84 7,429 2.11.24 2.35 11.33.2 15.7 Dec. 31, 213 9,152 6,267 2.11.24 2.35 11.57.2 14.36 Class E3 Jun. 3, 218 26,822 2,499 2..24 2.34 11.49.5 3.11 Dec. 31, 217 25,932 2,448 2..24 2.34 11.46.3 38.58 Class E4 Jun. 3, 218 4,219 393 1.99.24 2.23 12.5.5 3.11 Dec. 31, 217 3,539 334 1.99.23 2.22 11.75.3 38.58 Class E5 Jun. 3, 218 1,973 183 1.87.19 2.6.3.5 3.11 Dec. 31, 217 1,678 158 1.87.2 2.7.7.3 38.58 Class F Jun. 3, 218 3,738 344 1.11.15 1.26 13.43.5 3.11 Dec. 31, 217 2,35 216 1.11.15 1.26 13..3 38.58 *Footnotes for the tables are found at the end of the Financial Highlights section.
Management Report of Fund Performance for the period ended June 3, 218 FINANCIAL HIGHLIGHTS (cont d) Ratios and Supplemental Data (1) (5) * Total net assets (5) Number of units outstanding (5) Management expense ratio before taxes (2) Harmonized sales tax (2) Management expense ratio after taxes (2) Effective HST rate for the period (2) Trading expense ratio (3) Portfolio turnover rate (4) $ s s % % % % % % Class F3 Jun. 3, 218 1,457 134 1..15 1.25 13.31.5 3.11 Dec. 31, 217 1,122 5 1..14 1.24 12.64.3 38.58 Class F4 Jun. 3, 218 253 23.99.13 1.12 13.59.5 3.11 Dec. 31, 217 124 12.99.13 1.12 13..3 38.58 Class F5 Jun. 3, 218 11 1.87..97 13..5 3.11 Dec. 31, 217 11 1.87.11.98 13..3 38.58 Class I Commencement of operations September 18, 28 Jun. 3, 218 119,491 4,4 - - - -.5 3.11 Dec. 31, 217 8,522 3,761 - - - -.3 38.58 Dec. 31, 216 7,779 2,853 - - - -.3 34.44 Dec. 31, 215 61,295 2,712 - - - -.3 3.77 Dec. 31, 214 42,86 2,1 - - - -.2 15.7 Dec. 31, 213 29,682 1,688 - - - -.2 14.36 Class OF Commencement of operations May 22, 28 Jun. 3, 218 362 17 1.71.15 1.86 9.1.5 3.11 Dec. 31, 217 299 15 1.71.21 1.92 12.53.3 38.58 Dec. 31, 216 545 3 1.71. 1.81 6..3 34.44 Dec. 31, 215 591 35 1.71.11 1.82 6.23.3 3.77 Dec. 31, 214 569 35 1.71.19 1.9 11.27.2 15.7 Dec. 31, 213 126 9 1.71.2 1.91 12.1.2 14.36 Class W Commencement of operations June 24, 1994 Jun. 3, 218 123,196 3,365.21.2.23.78.5 3.11 Dec. 31, 217 127,843 3,576.21.2.23.69.3 38.58 Dec. 31, 216 124,56 4,43.21.2.23.58.3 34.44 Dec. 31, 215 144,819 5,149.21.2.23.4.3 3.77 Dec. 31, 214 165,226 6,185.21.2.23.43.2 15.7 Dec. 31, 213 174,369 7,93.21.2.23.59.2 14.36 *Footnotes for the tables are found at the end of the Financial Highlights section.
Management Report of Fund Performance for the period ended June 3, 218 FINANCIAL HIGHLIGHTS (cont d) (1) This information is derived from the Fund s semi-annual and annual financial statements. (2) Management expense ratio is calculated based on expenses charged to the Fund (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of daily average net assets for the period, 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 unitholder residency and can be different from 13%. (3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the period, 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 the period, and the greater the chance of an investor receiving taxable capital gains in the period. 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 the period, 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 the period. (5) This information is provided for the period ended June 3, 218 and the years ended December 31.
Management Report of Fund Performance for the period ended June 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 distributions made by the Fund in the periods shown were reinvested in additional units 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 the periods 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. Class A Class E Class E3 Class E4 6 5 4 3 2 - -28.9 1.9 7..6 39.1 18.2 7.5 2.4 6.6 13. 1. 6 5 4 3 2 - -15.2 1 2.6 7.7 1.3 39.9 19. 8.3 3. 7.3 13.6 1.3 6 5 4 3 2 - -1. 2 1.3 6 5 4 3 2 - -1. 2 1.4 Dec. 28 Dec. 29 Dec. 2 Dec. 211 Dec. 212 Dec. 213 Dec. 214 Dec. 215 Dec. 216 Jun. 218 Dec. 28 Dec. 29 Dec. 2 Dec. 211 Dec. 212 Dec. 213 Dec. 214 Dec. 215 Dec. 216 Jun. 218 Jun. 218 Jun. 218 Class E5 Class F Class F3 Class F4 6 5 4 3 2 - -.9 2 1.5 6 5 4 3 2 - -.8 2 1.9 6 5 4 3 2 - -.8 2 1.9 6 5 4 3 2 - -.8 2 1.9 Jun. 218 Jun. 218 Jun. 218 Jun. 218 Class F5 Class I Class OF Class W 6 5 4 3 2 - -.8 2 2. 6 5 4 3 2 - -7.5 3 4.8.2.7 3.7 43.4 21.8 5.5 9.8 16.3 2.5 6 5 4 3 2 - -22. 4 2.9 8.2 1.7 4.5 19.4 8.7 3.7 7.7 14.1 1.6 6 5 4 3 2 - -27. 4.5..6 3.4 43. 21.5 9.6 16. 5.3 2.4 Jun. 218 Dec. 28 Dec. 29 Dec. 2 Dec. 211 Dec. 212 Dec. 213 Dec. 214 Dec. 215 Dec. 216 Jun. 218 Dec. 28 Dec. 29 Dec. 2 Dec. 211 Dec. 212 Dec. 213 Dec. 214 Dec. 215 Dec. 216 Jun. 218 Dec. 28 Dec. 29 Dec. 2 Dec. 211 Dec. 212 Dec. 213 Dec. 214 Dec. 215 Dec. 216 Jun. 218 1 28 return is for the period from September, 28 to December 31, 28. 2 217 return is for the period from May 1, 217 to December 31, 217. 3 28 return is for the period from September 18, 28 to December 31, 28. 4 28 return is for the period from May 22, 28 to December 31, 28.
Management Report of Fund Performance for the period ended June 3, 218 SUMMARY OF INVESTMENT PORTFOLIO as at June 3, 218 Category % of Net Assets Category % of Net Assets Top 25 Holdings % of Net Assets Country allocation Long Positions U.S.A.... 89.3 Ireland... 6.4 Cash & Equivalents... 2.6 Bermuda... 2.2 Switzerland....8 Options Contracts....7 Other Net Assets (Liabilities)....2 Foreign Currency Forward Contracts... (1.8) Total Long Positions....4 Short Positions Options Contracts... (.4) Total Short Positions... (.4) Sector allocation Long Positions Information Technology... 26.6 Financials... 17.5 Health Care... 13.6 Consumer Discretionary... 12.6 Industrials... 12.3 Materials... 6.4 Energy... 4.8 Consumer Staples... 3.4 Cash & Equivalents... 2.6 Utilities... 1.5 Options Contracts....7 Other Net Assets (Liabilities)....2 Foreign Currency Forward Contracts... (1.8) Total Long Positions....4 Short Positions Options Contracts... (.4) Total Short Positions... (.4) Microsoft Corp.... 5.5 Apple Inc.... 5.5 Visa Inc., Class A... 3.5 UnitedHealth Group Inc.... 3.4 Bank of America Corp.... 2.8 Alphabet Inc., Class C... 2.7 Occidental Petroleum Corp.... 2.7 Cash & Equivalents... 2.6 Applied Materials Inc.... 2.5 Boeing Co.... 2.4 Home Depot Inc.... 2.3 Morgan Stanley... 2.2 Marvell Technology Group Ltd.... 2.2 Anadarko Petroleum Corp.... 2.2 Centene Corp.... 2.2 Costco Wholesale Corp.... 2. PTC Inc.... 2. DowDuPont Inc.... 2. Danaher Corp.... 1.9 Dollar General Corp.... 1.9 Ingersoll-Rand PLC... 1.8 Martin Marietta Materials Inc.... 1.8 Allergan PLC... 1.8 Pfizer Inc.... 1.8 Johnson Controls International PLC... 1.8 Total Net Assets (in $ s) $422,365 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.