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 1-8-563-5181, by writing to us at CI Investments Inc., 2 Queen Street East, Twentieth Floor, Toronto, ON, M5C 3G7 or by visiting our website at www.ci.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 decreased by $34.3 million to $354.1 million from March 31, 18 to September, 18. The Fund had net redemptions of $36.9 million during the period. The portfolio s performance increased assets by $12.9 million. The Fund paid distributions totalling $.3 million. Class A units returned 2.8% after fees and expenses for the six-month period ended September, 18. Over the same time period, the Fund s benchmark returned 5.1%. The benchmark is the MSCI All Country World Total Return Index. The performance of the Fund s other classes is substantially similar to that of Class A 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 rose, with strong returns in the U.S. and modest elsewhere. Emerging markets dipped into bear market territory from their January highs. The best results came from health care, information technology and industrials. Energy stocks had negative returns despite Brent crude edging over $8 per barrel, a four-year high. In the U.S., stocks touched all-time highs, shrugging off trade tensions as corporate profits jumped 16% year-over-year according to the Department of Commerce. 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. Investors lost confidence in social media stocks and information technology stocks in general experienced an increase in volatility. The Federal Reserve raised interest rates for the third time in 18 and signaled that more rate increases are likely. Nevertheless, consumer confidence rose to nearly an 18-year high. In Europe, quarterly profits grew but lagged those of U.S. counterparts while trade tensions and the selloff in emerging markets dampened sentiment. While business activity ticked up, export growth slowed and business confidence declined. Citing a strong labour market, the European Central Bank confirmed plans to wind down quantitative easing. U.K. Prime Minister Theresa May faced rejection of her Chequers plan by the European Union, raising prospects of a hard Brexit. The Bank of England raised rates for the first time in ten years and said it would raise rates further to reduce an extraordinary degree of accommodation if growth continues. In the Pacific, the Nikkei Index touched a 27-year intraday high while the Prime Minister Abe was elected to an unprecedented third term. The Japanese economy returned to growth despite deepening labor shortages and threats of a global trade war. Wages jumped, with cash earnings rising 3.6% year over year. The Bank of Japan left no doubt about its commitment to quantitative easing by intervening in bond markets after the yield on -year government debt hit an 18-month high. The portfolio posted positive returns for the period. Stock selection in the financials and energy sectors and a greater-than-index allocation to the energy sector, were positive contributors to relative results. The largest individual contributors were Occidental Petroleum, Pfizer, Total, Welltower and Verizon Communications. The Fund underperformed its benchmark for the period. Stock selection in the consumer discretionary, consumer staples, health care and information technology sectors detracted from relative results. The largest individual detractors were Vodafone, Philip Morris International, British American Tobacco, Daimler and Orkla. The Fund s lessthan-index allocations to the information technology and consumer discretionary sectors also negatively impacted relative performance. Investments in Hanesbrands, Macquarie, BB&T, LyondellBasell Industries and Kraft Heinz were made during the reporting period. Hanesbrands is one of the largest manufacturers of intimate apparel, underwear, socks, t-shirts and activewear in the United States, Canada, Mexico and Europe. The company s brands include Hanes, Champion, Playtex, Maidenform and Gear for Sports. We expect the company s free cash flow to accelerate due to modest sales growth, improved margins, reduced charges from acquisitions and improved working capital. 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. Europe is likely to continue underperforming other developed regions, with cash flows and earnings per share growing less quickly. Further, the Eurozone s reform agenda has stalled, undermining medium-term growth prospects. In Japan, the outlook has improved, with wage growth finally increasing and stocks appearing attractively priced. Our main concern is the slow pace of improvement regarding companies capital allocation policies. While the economic underpinnings for equities in developed markets remain supportive, several threats loom on the horizon. Tariffs thus far have only had limited impact, but an escalating trade war could inhibit economic growth, disrupt global supply chains and dent the profit margins of manufacturers. More importantly for stocks, monetary policies are becoming less accommodative. Higher policy rates will be a headwind for valuation multiples. With valuation multiples no longer supported by easy money, equity will be dependent on the underlying fundamentals of individual companies. 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. CIG - 28
Effective July 26, 18, the risk rating for the Fund changed from Medium to Low 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, 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, Trustee and Registrar CI Investments Inc. is the Manager, Portfolio Advisor, Trustee and Registrar of the Fund. CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration for management fees, provides 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: Annual management fee rate (%) Annual fixed administration fee rate (%) Class A 2.. Class A1 1.925. Class A2 1.9.19 Class A3 1.85.15 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 the period ended September, 18. Class A4 1.8.12 Class A5 1.7. Class E 1.95.15 Class F 1.. Class F1.925. Class F2.9.19 Class F3.85.15 Class F4.8.12 Class F5.7. Class I Paid directly by investor - Class O Paid directly by investor.15 The Manager received $1.5 million in management fees and $.2 million in fixed administration fees for the period. Fees Approximately 26% of total management fees were used to pay for sales and trailing commissions. The remaining 74% of management fees were used for investment management and other general administration.
FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the past six periods, as applicable. Net Assets per Unit ($) (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 (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) Return of capital distributions shown (2) $ $ $ $ $ $ $ $ $ $ $ $ Class A Commencement of operations January, 6 Sept., 18 8.24.19 (.11) (.1).16.23 (.9) (.1) - (.9) (.19) 8.29 Mar. 31, 18 8.56.33 (.22).52 (.53). (.) (.1) - (.28) (.39) 8.24 Mar. 31, 17 8.34. (.21).15.15.39 (.16) (.2) - (.19) (.37) 8.56 Mar. 31, 16 8.59.34 (.21) (.48).44.9 (.11) (.2) - (.23) (.36) 8.34 Mar. 31, 15 8.5.13 (.21) 1.25 (.48).69 - - - (.39) (.39) 8.59 Mar. 31, 14 6.87.2 (.19) 2.29 (.55) 1.57 - - - (.41) (.41) 8.5 Class A1 Sept., 18 9.44.21 (.11) (.2).19.27 (.11) (.1) - (.11) (.23) 9.49 Mar. 31, 18.. (.21).54 (.82) (.19) (.) (.1) - (.33) (.44) 9.44 Class A2 Sept., 18 9.45.21 (.11) (.2).19.27 (.11) (.1) - (.) (.22) 9.5 Mar. 31, 18.. (.21).53 (1.1) (.39) (.11) (.1) - (.33) (.45) 9.45 Class A3 Sept., 18 9.44.22 (.11) (.1).. (.11) (.1) - (.) (.22) 9.49 Mar. 31, 18.. (.).48 (.78) (.) (.11) (.1) - (.33) (.45) 9.44 Class A4 Sept., 18 9.45.21 (.) (.2).18.27 (.11) (.1) - (.) (.22) 9.5 Mar. 31, 18..32 (.19).51 (1.27) (.63) (.12) (.1) - (.33) (.46) 9.45 Class A5 Sept., 18 9.45.21 (.) (.1).17.27 (.12) (.1) - (.11) (.24) 9.5 Mar. 31, 18..34 (.18).49 (1.78) (1.13) (.13) (.1) - (.33) (.47) 9.45 *Footnotes for the tables are found at the end of the Net Assets per Unit section of the Financial Highlights.
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 (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) Return of capital distributions shown (2) $ $ $ $ $ $ $ $ $ $ $ $ Class E Commencement of operations October 4, 11 Sept., 18 13.43.32 (.16) (.2).26. (.15) (.1) - (.14) (.) 13.51 Mar. 31, 18 13.96.53 (.32).84 (1.).5 (.19) (.2) - (.47) (.68) 13.43 Mar. 31, 17 13.61.53 (.31).33.44.99 (.28) (.4) - (.33) (.65) 13.96 Mar. 31, 16 14.1.58 (.32) (.8).76.22 (.19) (.3) - (.) (.62) 13.61 Mar. 31, 15 13.13.22 (.31) 2.27 (.75) 1.43 - - - (.68) (.68) 14.1 Mar. 31, 14 11.21.5 (.28) 3.78 (.84) 2.71 - - - (.69) (.69) 13.13 Class F Commencement of operations January, 6 Sept., 18 8.7.19 (.6) (.1).15.27 (.12) (.1) - (.8) (.21) 8.13 Mar. 31, 18 8.37.32 (.12).51 (.49).22 (.18) (.1) - (.27) (.46) 8.7 Mar. 31, 17 8.15. (.11).18.29.66 (.21) (.3) - (.22) (.46) 8.37 Mar. 31, 16 8.38.34 (.12) (.48).46. (.14) (.2) - (.27) (.43) 8.15 Mar. 31, 15 7.84.11 (.12) 1.33 (.35).97 - - - (.47) (.47) 8.38 Mar. 31, 14 6.69.2 (.) 2.26 (.51) 1.67 - - - (.47) (.47) 7.84 Class F1 Sept., 18 9.46.21 (.6) (.2).19.32 (.15) (.1) - (.) (.26) 9.51 Mar. 31, 18..31 (.11).47 (1.8) (.41) (.) (.2) - (.32) (.54) 9.46 Class F2 Sept., 18 9.45.21 (.6) (.1).15.29 (.15) (.1) - (.) (.26) 9.51 Mar. 31, 18..31 (.11).52 (.7).2 (.) (.2) - (.32) (.54) 9.45 Class F3 Sept., 18 9.46.21 (.5) (.3).18.31 (.16) (.1) - (.) (.27) 9.51 Mar. 31, 18..28 (.).71 (.43).46 (.21) (.2) - (.32) (.55) 9.46 Class F4 Sept., 18 9.45.22 (.5) (.1).18.34 (.16) (.1) - (.) (.27) 9.5 Mar. 31, 18..32 (.9).46 (1.6) (.37) (.22) (.2) - (.32) (.56) 9.45 *Footnotes for the tables are found at the end of the Net Assets per Unit section of the Financial Highlights.
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 (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) Return of capital distributions shown (2) $ $ $ $ $ $ $ $ $ $ $ $ Class F5 Sept., 18 9.45.22 (.4) (.1).18.35 (.17) (.1) - (.) (.28) 9.5 Mar. 31, 18..29 (.8).61 (.4).78 (.23) (.2) - (.32) (.57) 9.45 Class I Commencement of operations May 15, 6 Sept., 18 8.74. - (.1).17.36 (.19) (.2) - (.9) (.) 8.81 Mar. 31, 18 9.5.34 -.56 (.62).28 (.31) (.3) - (.27) (.61) 8.74 Mar. 31, 17 8.79.36 -.38.93 1.67 (.29) (.4) - (.27) (.6) 9.5 Mar. 31, 16 9.2.36 - (.5).46.32 (.19) (.3) - (.36) (.58) 8.79 Mar. 31, 15 8.43.12-1. (.41) 1.11 - - - (.62) (.62) 9.2 Mar. 31, 14 7.17.2-1.88 (.25) 1.65 - - - (.59) (.59) 8.43 Class O Commencement of operations October 4, 11 Sept., 18 13.82.32 (.1) (.2).27.56 (.29) (.2) - (.13) (.44) 13.92 Mar. 31, 18 14..53 (.2).89 (1.). (.48) (.4) - (.42) (.94) 13.82 Mar. 31, 17 13.89.51 (.2)..58 1.37 (.45) (.6) - (.41) (.92) 14. Mar. 31, 16 14.26.55 (.2) (.94) 1.9.68 (.29) (.5) - (.55) (.89) 13.89 Mar. 31, 15 13.32.23 (.2) 2.16 (.68) 1.69 - - - (.96) (.96) 14.26 Mar. 31, 14 11.32.3 (.2) 3.8 (.9) 2.91 - - - (.91) (.91) 13.32 (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 September, 18 and the years ended March 31.
FINANCIAL HIGHLIGHTS (cont d) Ratios and Supplemental Data (1) (5) * Total net assets (5) Number of units 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 % % % % % % Class A Commencement of operations January, 6 Sept., 18 93,697 11,8 2..24 2.54.58.2 4.89 Mar. 31, 18 4,474 12,682 2..24 2.54.63.4 17.61 Mar. 31, 17 166,133 19,416 2..25 2.55.68.4 14.25 Mar. 31, 16 379,922 45,546 2..25 2.55.69.7 28.23 Mar. 31, 15 426,958 49,683 2.34.25 2.59.44.4 232.35 Mar. 31, 14 266,652 33,134 2..25 2.55.35.11 - Class A1 Sept., 18 19,98 2,97 2.13.24 2.37 11.38.2 4.89 Mar. 31, 18 19,45 2,6 2.13.25 2.38 12.5.4 17.61 Class A2 Sept., 18 5,819 613 2.9.25 2.34 12.7.2 4.89 Mar. 31, 18 5,178 548 2.9.26 2.35 12.87.4 17.61 Class A3 Sept., 18 2,324 245 2..24 2.24 12.8.2 4.89 Mar. 31, 18 2,142 227 2..24 2.24 11.97.4 17.61 Class A4 Sept., 18 179 19 1.92.26 2.18 13.31.2 4.89 Mar. 31, 18 158 17 1.91.26 2.17 13.41.4 17.61 Class A5 Sept., 18 91 1.8.23 2.3 13..2 4.89 Mar. 31, 18 78 8 1.8.23 2.3 13..4 17.61 *Footnotes for the tables are found at the end of the Financial Highlights section.
FINANCIAL HIGHLIGHTS (cont d) Ratios and Supplemental Data (1) (5) * Total net assets (5) Number of units 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 % % % % % % Class E Commencement of operations October 4, 11 Sept., 18 8,986 665 2..22 2.32.49.2 4.89 Mar. 31, 18 9,157 682 2..22 2.32.69.4 17.61 Mar. 31, 17 6,7 481 2..23 2.33.92.4 14.25 Mar. 31, 16 4,968 365 2..21 2.31..7 28.23 Mar. 31, 15 4,28 287 2.13.22 2.35.4.4 232.35 Mar. 31, 14 2,813 214 2..24 2.34 11.5.11 - Class F Commencement of operations January, 6 Sept., 18 12,235 1,55 1..13 1.43 9.93.2 4.89 Mar. 31, 18 13,376 1,657 1..12 1.42 9..4 17.61 Mar. 31, 17 25,4 3,36 1..12 1.42 8.9.4 14.25 Mar. 31, 16 24,71 2,955 1..11 1.41 8.48.7 28.23 Mar. 31, 15 24,491 2,923 1.33.14 1.47.33.4 232.35 Mar. 31, 14 22,63 2,884 1..15 1.45.77.11 - Class F1 Sept., 18 4,758 5 1.13.11 1.24 9.67.2 4.89 Mar. 31, 18 4,442 47 1.13.11 1.24 9.71.4 17.61 Class F2 Sept., 18 1,263 133 1.9.11 1..48.2 4.89 Mar. 31, 18 566 6 1.9.13 1.22 12.32.4 17.61 Class F3 Sept., 18 389 41 1.. 1..11.2 4.89 Mar. 31, 18 133 14.99.7 1.6 7.38.4 17.61 Class F4 Sept., 18 158 17.92.12 1.4 13..2 4.89 Mar. 31, 18 153 16.92.12 1.4 13..4 17.61 *Footnotes for the tables are found at the end of the Financial Highlights section.
FINANCIAL HIGHLIGHTS (cont d) Ratios and Supplemental Data (1) (5) Total net assets (5) Number of units 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 % % % % % % Class F5 Sept., 18 1.8..9 13..2 4.89 Mar. 31, 18 1.79..89 13..4 17.61 Class I Commencement of operations May 15, 6 Sept., 18 195,666 22,5 - - - -.2 4.89 Mar. 31, 18 219,947 25,155 - - - -.4 17.61 Mar. 31, 17 235,981 26,86 - - - -.4 14.25 Mar. 31, 16 31,688 3,66 - - - -.7 28.23 Mar. 31, 15 35,389 3,921.3.1.4 11.17.4 232.35 Mar. 31, 14,792 3,653 - - - -.11 - Class O Commencement of operations October 4, 11 Sept., 18 8,6 619.15.2.17 11.24.2 4.89 Mar. 31, 18 9,156 663.15.2.17.95.4 17.61 Mar. 31, 17 7,65 535.15.2.17..4 14.25 Mar. 31, 16 5,428 391.15.2.17..7 28.23 Mar. 31, 15 2,4 148.18.2. 9.92.4 232.35 Mar. 31, 14 1,6 76.15.2.17 12.49.11 - (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 (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 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 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 September, 18 and the years ended March 31.
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 A1 Class A2 Class A3 - - - - 23.8 16.2 11.1 12.2 11.4 5.7-24.6 1.3 7.4.4 2.8 - - - - -1.7 1 2.9 - - - - -1.7 1 2.9 - - - - -1.6 1 2.9 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 Mar. 18 Sept. 18 Class A4 Class A5 Class E Class F - - - - -1.5 1 3. - - - - -1.4 1 3. - - - - 24. 9.6 2 12.4 11.7 1.7 7.6.6 2.9 - - - - 25.1 17.3 12.2 13.4 12.7 7.1-23.8 2.5 8.5 1.5 3.4 Mar. 18 Sept. 18 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. 18 Class F1 Class F2 Class F3 Class F4 - - - - -.6 1 3.5 - - - - -.6 1 3.5 - - - - -.5 1 3.5 - - - - -.4 1 3.6 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18
Class F5 -.3 1 3.6 - - - - Class I 27. 19. 13.9 15. 14.3 8.7.2 4. 2.9 4.1-22.8 - - - - Class O 26.7 11.1 2 15. 14.2. 3.8 2.8 4. - - - - 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 1 18 return is for the period from May 1, 17 to March 31, 18. 2 12 return is for the period from October 4, 11 to March 31, 12.
SUMMARY OF INVESTMENT PORTFOLIO as at September, 18 Category % of Net Assets Category % of Net Assets Top 25 Holdings % of Net Assets Country allocation U.S.A.... 45.1 U.K.... 15.4 Germany... 8. France... 7.9 Canada... 6.2 Switzerland... 3.9 Italy... 3. Australia... 2.5 Spain... 1.8 Norway... 1.6 Ireland... 1.3 Singapore... 1.1 Sweden....7 Taiwan....6 Foreign Currency Forward Contracts....5 Cash & Equivalents....2 Other Net Assets (Liabilities)....2 Sector allocation Financials... 15.7 Utilities... 13.9 Consumer Staples... 11.9 Telecommunication Services... 11.5 Energy... 11. Health Care....8 Industrials... 7.1 Information Technology... 5.8 Consumer Discretionary... 4.4 Real Estate... 4.1 Materials... 2.6 Foreign Currency Forward Contracts....5 Private Placements....3 Cash & Equivalents....2 Other Net Assets (Liabilities)....2 Verizon Communications Inc.... 1.9 AstraZeneca PLC, ADR... 1.9 Total S.A.... 1.8 Allianz S.E.... 1.7 AXA S.A.... 1.7 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen AG, Registered Shares... 1.7 Royal Dutch Shell PLC, Class A, ADR... 1.7 GlaxoSmithKline PLC... 1.7 Pfizer Inc.... 1.6 BCE Inc.... 1.6 Altria Group Inc.... 1.6 Duke Energy Corp.... 1.6 Imperial Brands PLC... 1.6 AT&T Inc.... 1.6 Cisco Systems Inc.... 1.5 Terna Rete Elettrica Nazionale SpA... 1.5 Welltower Inc.... 1.4 Occidental Petroleum Corp.... 1.4 Deutsche Telekom AG... 1.4 Eaton Corp. PLC... 1.3 Vodafone Group PLC... 1.3 Enterprise Products Partners L.P.... 1.3 BAE Systems PLC... 1.3 Exxon Mobil Corp.... 1.3 National Grid PLC... 1.2 Total Net Assets (in $ s) $354,3 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. 11