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 $16.9 million to $244.9 million from March 31, 18 to September, 18. The Fund had net sales of $3.4 million during. The portfolio s performance increased assets by $16.4 million. The Fund paid distributions totalling $2.9 million. Class A shares returned 5.7% after fees and expenses for the six-month period ended September, 18. Over the same time period, the Fund s benchmark returned 4.6%. The benchmark is the BMO Small Cap Return Index. Laurentian Bank of Canada operational execution at Laurentian Bank has lagged our expectations. Ritchie Bros. Auctioneers the shares were trading well above long-term average valuations. The sale improves the valuation and balance sheet characteristics of the portfolio. The Fund outperformed its benchmark for ended September, 18. 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. Much of the year has been characterized by uncertainties, including the outcome of trade negotiations and decisions on major infrastructure projects. These factors have contributed to Canada s continued underperformance relative to the U.S. market. As earnings growth and momentum remain in vogue, value stocks continue to lag their growth counterparts. Strong returns from the Fund s energy and consumer discretionary holdings drove the bulk of performance in and contributed to outperformance on a relative basis. In particular, the Fund benefitted from acquisition activity, with Brookfield Infrastructure Partners offer to acquire Enercare Inc. at a significant premium. The largest individual contributors to performance were Enercare Inc., Parkland Fuel Corp. and Aritzia Inc. The largest individual detractors from performance were AltaGas Ltd., Maxar Technologies Ltd. and ATCO Ltd. The following investments were made during the reporting period: ARC Resources Ltd. is an oil and gas producer focused in Western Canada. The company has a strong asset base and record for growing production per share without excessive use of leverage. Weak natural gas prices and transportation constraints allowed us to purchase the company at an attractive valuation. Element Fleet Corp. following a period of significant challenges, the company recently appointed a new CEO with a solid record of sound execution and cost management. With strong cash flow as a foundation and new leadership in place to improve the business s operations and capital allocation decisions, we believe this is a sound investment for long-term shareholders. The Fund sold out of the following investments: Domtar Corp. to offset declines in its legacy paper business, Domtar has been pursuing other fibre-based offerings in personal care. Despite these initiatives, organic growth has been slow. Jean Coutu Group Inc. grocery retailer Metro Inc. completed its acquisition of the Company holding during. RECENT DEVELOPMENTS Stocks exhibiting growth and momentum continue to outperform, often to the detriment of value investments. In this environment, we remain focused on businesses with solid underlying fundamentals and adequate margins of safety. Although some of these businesses are currently out of favour, continued improvement of these franchises should benefit the strategy over time. While sentiment on Canadian markets has generally been negative, recent developments on major infrastructure projects and trade negotiations may ease investor uncertainty and spur incremental business investment. 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: Annual management fee rate (%) Annual fixed administration fee rate (%) A Shares 2.. E Shares 1.9. E3 Shares 1.88.19 E4 Shares 1.8.15 E5 Shares 1.7. ET8 Shares 1.9. E3T8 Shares 1.88.19 CIG - 17659
Annual management fee rate (%) Annual fixed administration fee rate (%) E4T8 Shares 1.8.15 E5T8 Shares 1.7. F Shares.9. F3 Shares.88.19 F4 Shares.8.15 F5 Shares.7. FT8 Shares.9. F3T8 Shares.88.19 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* *Effective August 1, 18, the annual fixed administration fee rate for Class W shares and WT8 shares was reduced from.% to.14%. The Manager received $.2 million in management fees and $.1 million in fixed administration fees for. 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. 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. 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.
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., 18 12.82.21 (.).33.36.7 - - (.13) - (.13) 13.42 Mar. 31, 18 14.25.43 (.45).34 (1.8) (.76) - (.13) (.34) - (.47) 12.82 Mar. 31, 17 12.83.41 (.44) 1.21 1.19 2.37 - (.15) (.58) - (.73) 14.25 Mar. 31, 16 14.15.38 (.).84 (1.47) (.65) - (.14) (.52) - (.66) 12.83 Mar. 31, 15 15.1.38 (.45).65 (.92) (.34) - (.14) (.) - (.54) 14.15 Mar. 31, 14 12.5.55 (.).82 2.18 3.15 - (.37) - - (.37) 15.1 E Shares Commencement of operations September 16, 8 Sept., 18 15.42.25 (.19).41.46.93 - - (.15) - (.15) 16.19 Mar. 31, 18 17.4.51 (.43).24 (1.) (1.18) - (.16) (.41) - (.57) 15.42 Mar. 31, 17 15.25.51 (.42) 1.83.97 2.89 - (.18) (.69) - (.87) 17.4 Mar. 31, 16 16.71.46 (.37).96 (1.67) (.62) - (.17) (.61) - (.78) 15.25 Mar. 31, 15 17..45 (.41).76 (1.4) (.24) - (.16) (.47) - (.63) 16.71 Mar. 31, 14 14.2.68 (.37) 1. 2.72 4.3 - (.42) - - (.42) 17. E3 Shares Sept., 18 9.22.15 (.11).24.26.54 - - (.9) - (.9) 9.68 Mar. 31, 18.. (.23). (.83) (.36) - (.9) (.24) - (.33) 9.22 E4 Shares Sept., 18 9.23.16 (.).24.27.57 - - (.9) - (.9) 9.71 Mar. 31, 18.. (.22). (.82) (.34) - (.9) (.25) - (.34) 9.23 E5 Shares Sept., 18 9.24.15 (.).24.27.56 - - (.9) - (.9) 9.71 Mar. 31, 18..31 (.21). (.93) (.43) - (.9) (.25) - (.34) 9.24 ET8 Shares Commencement of operations June, 11 Sept., 18 7.36.12 (.9).19.24.46 - - (.7) (.34) (.41) 7.39 Mar. 31, 18 8.91.26 (.22). (.69) (.55) - (.7) (.) (.74) (1.1) 7.36 Mar. 31, 17 8.61.28 (.23) 1.3.48 1.56 - (.9) (.36) (.71) (1.16) 8.91 Mar. 31, 16.31.28 (.21). (.79) (.12) - (.) (.35) (.83) (1.28) 8.61 Mar. 31, 15 11.77.29 (.26).48 (.65) (.14) - (.) (.29) (.91) (1.).31 Mar. 31, 14.8.47 (.26).68 2.11 3. - (.29) - (.79) (1.8) 11.77 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights. 3
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 8.54.14 (.).21.19.44 - - (.8) (.39) (.47) 8.57 Mar. 31, 18.. (.23).39 (.86) (.) - (.9) (.23) (.73) (1.5) 8.54 E4T8 Shares Sept., 18 8.55.14 (.).22.24. - - (.8) (.39) (.47) 8.59 Mar. 31, 18..29 (.22).39 (.92) (.46) - (.9) (.23) (.73) (1.5) 8.55 E5T8 Shares Sept., 18 8.57.14 (.9).22.24.51 - - (.8) (.39) (.47) 8.61 Mar. 31, 18..29 (.21).39 (.87) (.) - (.9) (.23) (.73) (1.5) 8.57 F Shares Sept., 18 9.31.16 (.6).25.23.58 - - (.9) - (.9) 9.83 Mar. 31, 18..31 (.15).39 (1.26) (.71) - (.9) (.25) - (.34) 9.31 F3 Shares Sept., 18 9.32.16 (.6).25.25. - - (.9) - (.9) 9.83 Mar. 31, 18..32 (.14).42 (1.22) (.62) - (.9) (.25) - (.34) 9.32 F4 Shares Sept., 18 9.32.16 (.5).25.27.63 - - (.9) - (.9) 9.85 Mar. 31, 18..34 (.13). (1.9) (1.29) - (.9) (.25) - (.34) 9.32 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights. 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) $ $ $ $ $ $ $ $ $ $ $ $ F5 Shares Sept., 18 9.33.15 (.5).25.27.62 - - (.9) - (.9) 9.87 Mar. 31, 18.. (.11). (.91) (.32) - (.9) (.25) - (.34) 9.33 FT8 Shares Sept., 18 8.64.14 (.5).23.23.55 - - (.8) (.39) (.47) 8.72 Mar. 31, 18..31 (.13).39 (1.6) (.49) - (.9) (.23) (.73) (1.5) 8.64 F3T8 Shares Sept., 18 8.64.14 (.6).22.25.55 - - (.8) (.39) (.47) 8.72 Mar. 31, 18..29 (.13).39 (.87) (.32) - (.9) (.23) (.73) (1.5) 8.64 F4T8 Shares Sept., 18 8.64.14 (.5).22.25.56 - - (.8) (.39) (.47) 8.73 Mar. 31, 18..29 (.12).39 (.87) (.31) - (.9) (.23) (.73) (1.5) 8.64 F5T8 Shares Sept., 18 8.66.14 (.4).23.25.58 - - (.8) (.39) (.47) 8.76 Mar. 31, 18..29 (.11).39 (.87) (.) - (.9) (.23) (.73) (1.5) 8.66 I Shares Commencement of operations September 8, 8 Sept., 18 18.82.31 -..55 1.36 - - (.19) - (.19) 19.99 Mar. 31, 18.32.64 (.6). (1.86) (.78) - (.19) (.) - (.69) 18.82 Mar. 31, 17 17.76.61 (.3) 2.19 1.6 3.83 - (.21) (.82) - (1.3).32 Mar. 31, 16 19.1.54-1.12 (1.81) (.15) - (.) (.71) - (.91) 17.76 Mar. 31, 15 19.58.51 -.83 (1.21).13 - (.18) (.53) - (.71) 19.1 Mar. 31, 14 15.24.75-1.11 3.4 4.9 - (.47) - - (.47) 19.58 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights. 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) $ $ $ $ $ $ $ $ $ $ $ $ IT8 Shares Commencement of operations June 22, 11 Sept., 18 9.45.16 -.25.27.68 - - (.9) (.43) (.52) 9. Mar. 31, 18 11.14.33 (.3).27 (.96) (.39) - (.) (.25) (.93) (1.28) 9.45 Mar. 31, 17.52.35 (.2) 1.29.56 2.18 - (.12) (.45) (.87) (1.44) 11.14 Mar. 31, 16 12.29.34 -.7 (1.2).2 - (.12) (.42) (.99) (1.53).52 Mar. 31, 15 13.69.35 -. (.92) (.7) - (.12) (.34) (1.6) (1.52) 12.29 Mar. 31, 14 11.43.56 -.86 2. 4.2 - (.33) - (.9) (1.23) 13.69 OF Shares Commencement of operations May 22, 8 Sept., 18 16.32.27 (.17).43.48 1.1 - - (.16) - (.16) 17.17 Mar. 31, 18 17.96.57 (.39).61 (1.51) (.72) - (.17) (.43) - (.) 16.32 Mar. 31, 17 16.1.53 (.37) 1.87 1.8 3.11 - (.19) (.72) - (.91) 17.96 Mar. 31, 16 17.46.54 (.31) 1.11 (.73).61 - (.18) (.64) - (.82) 16.1 Mar. 31, 15 18.33.48 -.75 (1.66) (.43) - (.17) (.49) - (.66) 17.46 Mar. 31, 14 14.55.7 (.31) 1.4 2.81 4.24 - (.44) - - (.44) 18.33 W Shares Commencement of operations October 22, 7 Sept., 18 17.4.28 (.2).45. 1.21 - - (.17) - (.17) 18.8 Mar. 31, 18 18.44.57 (.).45 (1.7) (.78) - (.17) (.45) - (.62) 17.4 Mar. 31, 17 16.16.55 (.7) 1.86 1.1 3.35 - (.19) (.74) - (.93) 18.44 Mar. 31, 16 17.33.48 (.4) 1.2 (1.73) (.27) - (.18) (.65) - (.83) 16.16 Mar. 31, 15 17.88.46 (.4).76 (1.6).12 - (.17) (.48) - (.65) 17.33 Mar. 31, 14 13.95.67 (.4) 1. 2.7 4.33 - (.43) - - (.43) 17.88 WT8 Shares Commencement of operations June 22, 11 Sept., 18 8..14 (.1).22.24.59 - - (.8) (.38) (.46) 8.53 Mar. 31, 18 9.93. (.5).23 (.86) (.38) - (.9) (.22) (.83) (1.14) 8. Mar. 31, 17 9..31 (.4) 1.9.55 1.91 - (.) (.) (.78) (1.28) 9.93 Mar. 31, 16 11.1. (.2).63 (.93) (.2) - (.) (.38) (.89) (1.37) 9. Mar. 31, 15 12..31 (.3). (.71).7 - (.11) (.31) (.95) (1.37) 11.1 Mar. 31, 14.31.49 (.3).73 2.3 3.22 - (.29) - (.81) (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
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., 18 92 7 2.7. 2.9 7.37.7.89 Mar. 31, 18 87 7 2.7.26 2.96 9.69.7 23.49 Mar. 31, 17 1 8 2.7.28 2.98.42.8 25.11 Mar. 31, 16 252 2.71.29 3..77.7 19.66 Mar. 31, 15 366 26 2.7.29 2.99.79.5 13.68 Mar. 31, 14 47 31 2.7.28 2.98.37.4 17. E Shares Commencement of operations September 16, 8 Sept., 18 9,551 59 2..23 2.33 11.9.7.89 Mar. 31, 18 9,287 2 2..23 2.33.86.7 23.49 Mar. 31, 17 15,627 917 2..23 2.33.82.8 25.11 Mar. 31, 16 19,953 1,8 2..23 2.33.97.7 19.66 Mar. 31, 15 21, 1,275 2..23 2.33.9.5 13.68 Mar. 31, 14 21,458 1,219 2..23 2.33.89.4 17. E3 Shares Sept., 18 3,477 359 2.7. 2.27 9..7.89 Mar. 31, 18 3,3 369 2.7. 2.27 9.62.7 23.49 E4 Shares Sept., 18 1,415 146 1.95.16 2.11 8.35.7.89 Mar. 31, 18 1,223 132 1.95.16 2.11 8.14.7 23.49 E5 Shares Sept., 18 875 9 1.82.24 2.6 12.92.7.89 Mar. 31, 18 8 9 1.82.24 2.6 12.92.7 23.49 ET8 Shares Commencement of operations June, 11 Sept., 18 117 16 2..21 2.31 9.97.7.89 Mar. 31, 18 1 16 2..21 2.31.23.7 23.49 Mar. 31, 17 161 18 2..21 2.31 9.88.8 25.11 Mar. 31, 16 223 26 2..19 2.29 9.5.7 19.66 Mar. 31, 15 1 14 2.. 2. 9.62.5 13.68 Mar. 31, 14 115 2.9.25 2.34 12.63.4 17. *Footnotes for the tables are found at the end of the Financial Highlights section. 7
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., 18 1 12 2.7.27 2.34 13..7.89 Mar. 31, 18 75 9 2.7.27 2.34 13..7 23.49 E4T8 Shares Sept., 18 1 1.95.27 2.22 13..7.89 Mar. 31, 18 9 1 1.95.26 2.21 13..7 23.49 E5T8 Shares Sept., 18 1 1.83.23 2.6 13..7.89 Mar. 31, 18 1 1.83.23 2.6 13..7 23.49 F Shares Sept., 18 1,1 113 1..15 1.25 13.81.7.89 Mar. 31, 18 727 78 1..15 1.25 13.76.7 23.49 F3 Shares Sept., 18 1,124 114 1.7.11 1.18.52.7.89 Mar. 31, 18 641 69 1.7. 1.17 9.12.7 23.49 F4 Shares Sept., 18 426 43.95.12 1.7 13..7.89 Mar. 31, 18 299 32.95.12 1.7 13..7 23.49 *Footnotes for the tables are found at the end of the Financial Highlights section. 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 % % % % % % F5 Shares Sept., 18 1.82..92 13..7.89 Mar. 31, 18 1.83..93 13..7 23.49 FT8 Shares Sept., 18 77 9 1..8 1.18 6.98.7.89 Mar. 31, 18 54 6 1..9 1.19 9.3.7 23.49 F3T8 Shares Sept., 18 1 1.6.14 1. 13..7.89 Mar. 31, 18 1 1.7.14 1.21 13..7 23.49 F4T8 Shares Sept., 18 1.95.14 1.9 13..7.89 Mar. 31, 18 1.95.14 1.9 13..7 23.49 F5T8 Shares Sept., 18 1.82..92 13..7.89 Mar. 31, 18 1.83..93 13..7 23.49 I Shares Commencement of operations September 8, 8 Sept., 18 99,76 4,957 - - - -.7.89 Mar. 31, 18 94,478 5,21 - - - -.7 23.49 Mar. 31, 17 86,371 4,252 - - - -.8 25.11 Mar. 31, 16 91,647 5,159 - - - -.7 19.66 Mar. 31, 15 76,582 4,28 - - - -.5 13.68 Mar. 31, 14 62,722 3,4 - - - -.4 17. *Footnotes for the tables are found at the end of the Financial Highlights section. 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 % % % % % % IT8 Shares Commencement of operations June 22, 11 Sept., 18 2,1 229 - - - -.7.89 Mar. 31, 18 1,885 - - - -.7 23.49 Mar. 31, 17 1,686 151 - - - -.8 25.11 Mar. 31, 16 1,394 133 - - - -.7 19.66 Mar. 31, 15 782 64 - - - -.5 13.68 Mar. 31, 14 552 - - - -.4 17. OF Shares Commencement of operations May 22, 8 Sept., 18 247 14 1.7.21 1.91 12..7.89 Mar. 31, 18 197 12 1.7. 1.9 11.79.7 23.49 Mar. 31, 17 41 2 1.7.22 1.92 12.64.8 25.11 Mar. 31, 16 67 4 1.7.22 1.92 13..7 19.66 Mar. 31, 15 25 1 1.7.22 1.92 13..5 13.68 Mar. 31, 14 16 1 1.7.22 1.92 13..4 17. W Shares Commencement of operations October 22, 7 Sept., 18 112,94 6,245.18.2. 11.8.7.89 Mar. 31, 18 3,942 6,1..2.22 11.6.7 23.49 Mar. 31, 17 95,2 5,158..2.22 11.8.8 25.11 Mar. 31, 16 95,768 5,928..2.22.88.7 19.66 Mar. 31, 15 92,153 5,318..2.22.91.5 13.68 Mar. 31, 14 82,3 4,4..2.22 11.12.4 17. WT8 Shares Commencement of operations June 22, 11 Sept., 18 12,6 1,8.18.2. 12.2.7.89 Mar. 31, 18,728 1,277..2.22 12.22.7 23.49 Mar. 31, 17,72 1,77..2.22 12.29.8 25.11 Mar. 31, 16 11,434 1,216..3.23 12.63.7 19.66 Mar. 31, 15 8,4 772..3.23 12.82.5 13.68 Mar. 31, 14 5,965 485..2.22 11.71.4 17. (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.
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 - - - - -25.6.6 13.1 -.8 14.8 27.8-2.2-4.6 16.7-6.7 5.7 - - - - -21.2 1 41.6 13.9 -.1 15.6 28.7-1.6-3.9 17.4-6.2 6. - - - - -4.8 2 6. - - - - -4.6 2 6.1 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 - - - - -4.6 2 6.1 - - - - 3.3 3 15.4 28.7-1.6-4.1 17.4-6.4 6. - - - - -4.9 2 6. - - - - -4.7 2 6. 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 - - - - -4.5 2 6.1 - - - - -3.8 2 6.6 - - - - -3.7 2 6.5 - - - - -3.6 2 6.7 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 F5 Shares FT8 Shares F3T8 Shares F4T8 Shares - - - - -3.5 2 6.7 - - - - -3.7 2 6.6 - - - - -3.7 2 6.6 - - - - -3.6 2 6.6 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18 Mar. 18 Sept. 18
- - - - F5T8 Shares -3.4 2 6.7 - - - - I Shares -21.7 4 44.7 16.3 2.3 18.2 31.8.7-1.7.2 7.2-4. - - - - IT8 Shares 11.4 5 18.3 31.9.7-1.8. 7.2-4. - - - - OF Shares -26.7 6 42.2 14.3 8.4 16.4 29.2-1.2-3.5 17.9-5.8 6.2 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. 18 - - - - W Shares -23.8 44.5 16.2 2. 17.9 31.5.6-1.9 19.9 7.1-4.2 - - - - WT8 Shares 1.9 5 18. 31.4.5-2.1 19.7 7.1-4.3 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 9 return is for from September 16, 8 to March 31, 9. 2 18 return is for from May 1, 17 to March 31, 18. 3 12 return is for from June, 11 to March 31, 12. 4 9 return is for from September 8, 8 to March 31, 9. 5 12 return is for from June 22, 11 to March 31, 12. 6 9 return is for from May 22, 8 to March 31, 9. 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 Canada... 93.3 Short-Term Investments... 6.5 Cash & Equivalents....6 Other Net Assets (Liabilities)... (.4) Sector allocation Energy... 26.2 Financials... 16.9 Consumer Discretionary... 15.8 Utilities... 12.7 Industrials... 11.1 Short-Term Investments... 6.5 Real Estate... 3. Consumer Staples... 2.9 Materials... 2.6 Health Care... 2.1 Cash & Equivalents....6 Other Net Assets (Liabilities)... (.4) Short-Term Investments... 6.5 Canadian Western Bank... 5.7 Industrial Alliance Insurance and Financial Services Inc... 5.5 ATCO Ltd., Class I... 5.1 Parkland Fuel Corp... 4.8 SNC-Lavalin Group Inc... 4.6 AltaGas Ltd... 4.4 Superior Plus Corp... 4.4 E-L Financial Corp., Ltd... 4.4 Enercare Inc... 4.1 Secure Energy Services Inc... 3.8 Aritzia Inc... 3.5 Algonquin Power & Utilities Corp... 3.2 Cominar Real Estate Investment Trust... 3. Leon s Furniture Ltd... 3. Empire Co., Ltd., Class A... 2.9 Gibson Energy Inc... 2.8 Stantec Inc... 2.6 Linamar Corp... 2.6 Cineplex Inc... 2.6 Mullen Group Ltd... 2.6 ShawCor Ltd... 2.2 ARC Resources Ltd... 2.2 Peyto Exploration & Development Corp... 2.1 Knight Therapeutics Inc... 2.1 Net Assets (in $ s) $244,859 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