This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of the 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/united financial 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. INVESTMENT OBJECTIVE AND STRATEGIES The objective of the Enhanced Income Corporate Class (the Fund ) is to maximize performance through current income and capital appreciation while maintaining safety of capital through investing primarily in corporate bonds, income trusts, and other income-generating securities. The advisor may also consider investing a portion of the assets of the Fund in securities denominated in foreign currencies and/or in securities issued by foreigners and may invest in other mutual funds. Using techniques such as fundamental analysis to assess investment opportunities, the portfolio advisor allocates the Fund s assets among government bonds, corporate bonds, debentures, mortgages, income trusts, preferred stocks, common stocks, and other income generating securities issued by Canadian and foreign issuers. Corporate bonds may include those that have a low credit rating or are unrated, but offer a higher yield than investment grade bonds, invested up to a predetermined level. Target allocations may vary at the discretion of the portfolio advisor. The Fund may use derivatives, but only as permitted by securities regulations. This Fund may also enter into securities lending transactions, repurchase transactions and reverse repurchase transactions, to the extent permitted by securities regulations, to earn additional income. In the event of adverse market conditions, the portfolio advisor may invest in short-term fixed income securities or cash equivalents. The Fund may, from time to time, engage in active and frequent trading of investments. This increases the possibility that an investor will receive taxable capital gain dividends. It can also increase trading costs, which will reduce the Fund s performance. RESULTS OF OPERATIONS The net asset value of the Fund increased by $36.2 million to $175. million from March 31, 12 to March 31, 13. The Fund had net sales of $19.4 million during the period. The portfolio s performance increased assets by $18.9 million. The Fund paid distributions totalling $2.1 million. The one-year return for Class A shares, Class E shares, Class ET8 shares, Class F shares, Class I shares, Class IT8 shares, Class W shares and Class WT8 shares was.6%,.8%,.8%, 12.%, 13.3%, 13.5%, 13.1% and 13.%, respectively, compared to the return of the blended benchmark composed of the Total Return Index - 67% and the Total Return Index - 33% of.% for the same period. Signature Global Advisors, a division of CI Investments Inc. Capital markets around the world continued to heal from the financial crisis of 8 throughout 12 and early 13. The first sell-off for the reporting period came in spring 12, with global equity markets declining almost % on signs that the U.S. economy was beginning to slow, concerns about the impending U.S. budgetary fiscal cliff and upcoming election jitters. The second major downturn came in the fall, when concerns about the fiscal cliff hit a fever pitch. In both cases, the support of low interest rates and the promise of further quantitative easing served to bolster investor confidence, allowing markets to recover. The entire 12-month period was generally very positive, and in the grand scheme of things, market corrections of the type that were experienced are very normal. Corporate America continued to show stronger results, supported by gradual improvement in housing, employment and manufacturing data. Many segments of the economy did not exhibit nearly the type of volatility that equity markets did. RISK The risks of investing in the Fund remain as discussed in the prospectus. This Fund is suitable for investors who want a low to medium risk investment with the potential for capturing some capital growth and have a medium term investment horizon. This Fund is designed for investors who want to defer tax on capital gains outside a registered plan. Strong demand for high-yield securities continued throughout the 12-month review period. High-yield bonds and real estate investment trusts, in fact, barely declined during the market corrections. The continued side effects of quantitative easing and extremely low interest rates have kept flows into higher income funds as strong as ever, propelling security valuations higher. As a result, Canadian yield-seeking investors are finding it increasingly difficult to find reasonably priced investments. CIG - 17669
We were particularly active in the new issue market in 12, adding the US$9.5% bonds of Canadian copper producer HudBay Minerals, the US$6.75% bonds of Canadian mid-tier gold producer IAMGOLD, the C$.5% bonds of Golftown and the US$8.875% bonds of automotive and industrial supply chain manager SPL Logistics when it was spun out of Caterpillar. The portfolio outperformed its benchmark for the period. Some of the top-performing holdings included property companies Westfield in Australia and Allied Properties in Canada, Brookfield Infrastructure Partners and Inter Pipeline fund, all of which added substantially to returns. International Financial Reporting Standards As previously confirmed by the Canadian Accounting Standards Board ( AcSB ), most Canadian publicly accountable entities adopted International Financial Reporting Standards ( IFRS ), as published by the International Accounting Standards Board, on January 1, 11. However, the AcSB has allowed most investment funds to defer adoption of IFRS until fiscal years beginning on or after January 1, 14. Accordingly, the Fund will adopt IFRS for its fiscal period beginning April 1, 14, and will issue its initial financial statements in accordance with IFRS, including comparative information, for the interim period ending September, 14. In the fall of 12 we found it more difficult to find reasonably priced investments in our core asset classes, and made a significant change to the portfolio by adding high dividend-paying equities, including Canadian banks and insurance companies, Suncor and Royal Dutch Shell to the portfolio. These equities offer stability, good free cash flow, reasonable value and a slightly lower dividend yield than many of our core holdings. The yield is lower for these companies only because they have a lower payout ratio not because they are more expensive. 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. Another strong contributor to relative performance has been our decision to avoid energy royalty trusts, which have proven to be very risky and most of which have lost value in the past 12 months. Our sole holding in this area, Bonavista, has been eliminated from the portfolio. We do, however, own a number of energy infrastructure companies such as Enbridge Income Fund, Altagas and Kyera, which was recently sold. These companies benefit when the supply and demand dynamics of a resource change, as new drilling requires more infrastructure to bring the commodity to market. One holding that detracted from performance in this area is Veresen, which has high exposure to commodity risk and is attempting to restructure its pipeline contracts. RECENT DEVELOPMENTS Signature Global Advisors, a division of CI Investments Inc. We have been less active in the portfolio in early 13, particularly in the high-yield bond portion of the Fund. As valuations have increased, especially in the high-yield bond market, we have been slower to invest our cash reserves on concerns that asset prices are becoming distorted as they detach from fundamentals. As a result, we finished the period with an elevated cash weighting that has been a drag on performance. Management fee and fixed administration fee rates as at March 31, 13, for each of the classes are shown below: Annual management fee rate (%) The Manager received $.2 million in management fees and $.2 million in fixed administrative fees for the period. Annual fixed administration fee rate (%)T A Shares 2.. E Shares 1.75. F Shares 1.. I Shares W Shares Paid directly by investor Paid directly by investor. ET8 Shares 1.75. IT8 Shares WT8 Shares Paid directly by investor Paid directly by investor. We expect that yield-oriented securities will continue to perform well, given than interest rates remain low. At the same time, flows into equities are increasing as investors become more comfortable with risk and as corporate profits increase. We will continue to allow the high-yield bond weight to drift downward and will buy into some of the more richly valued sectors on pullbacks as they occur. We would rather preserve investor capital than participate in a yield bubble. Management Fees Approximately 28% of total management fees were used to pay for sales and trailing commissions and other services required. The remaining 72% of management fees were used to pay for investment management and other general administration.
Principal Distributor The Manager has the exclusive right to arrange for the distribution of shares of the Fund. Pursuant to a series of agreements, the right to distribute such shares has been granted, on a collective basis, to the following dealers, each of which is an affiliate of the Manager. Assante Capital Management Ltd. Assante Financial Management Ltd. Broker commissions During the period, the Fund did not pay brokerage commissions to The Bank of Nova Scotia or its subsidiaries. The Bank of Nova Scotia has a significant interest in CI Financial Corp., the parent company of CI Investments Inc. Independent Review Committee The Fund received standing instructions from the Board of Governors ( BoG ) in its capacity as the Independent Review Committee ( IRC ) with respect to the following Related Party Transactions: a) trades in securities of CI Financial Corp. and The Bank of Nova Scotia; b) purchases or sales of securities of an issuer from or to another investment fund managed by the Manager (referred to as Inter-Fund Trades ); and c) mergers of funds with another fund that is subject to National Instrument 81-2 ( Fund Mergers ). The applicable standing instructions require that Related Party Transactions be conducted in accordance with the Manager s policies and procedures. The Manager is required to advise the BoG of any material breach of a condition of the standing instructions. The standing instructions require, among other things, that the investment decision in respect to Related Party Transactions (a) are made by the Manager free from any influence by any entities related to the Manager and without taking into account any consideration to any affiliate of the Manager; (b) represent the business judgment of the Manager uninfluenced by considerations other than the best interests of the Fund; and (c) are made in compliance with the Manager s policies and procedures. Transactions made by the Manager under the standing instructions are subsequently reviewed by the BoG on a quarterly basis to monitor compliance. The Fund relied on the BoG s standing instructions regarding Related Party Transactions during this reporting period.
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 five years, as applicable. The shown below are based on net asset values. The Fund s Net Assets per Share ($) (1) (2) * A Shares Commencement of operations October 22, 7 Year ended Year ended Year ended Year ended Year ended March 31, 13 March 31, 12 March 31, 11 March 31, March 31, 9 $ $ $ $ $ 12.6 11.81.17 7.67 9.88.52.51.51 (.31) (.26) (.24) (.21) (.).25.18.35. (.31).76.4 1.2 2.53 (1.67) 1.22.39 1.64 2.42 (2.18) (.15) (.11) (.15) (.11) 13.18 12.6 11.81.17 7.67 818 1,4 795 755 481 62 83 67 74 63 17.4 16.26 19.98 22.27 35.31.4.4.6.5.6 13.18 12.6 11.81.17 7.67 2. 2.18 2.23 2.39 2.37.25.24.21.11.11 2.45 2.42 2.44 2.5 2.48 11.72 11.14 9.51 5. 5. *Footnotes for the tables are found at the end of the Financial Highlights section.
FINANCIAL HIGHLIGHTS (cont d) The Fund s Net Assets per Share ($) (1) (2) * E Shares Commencement of operations September 26, 8 Period from Year ended Year ended Year ended Year ended Inception to March 31, 13 March 31, 12 March 31, 11 March 31, March 31, 9 $ $ $ $ $ 12.55 12.26.52 7.92..72.6.66 (.28) (.23) (.22) (.19) (.8).28.18.36.12 (.32).65 (.8).95 2.52.35 1.37.47 1.75 2.45 (.5) (.16) (.11) (.16) (.11) 13.75 12.55 12.26.52 7.92 15,716 11,381 7,83 5,566 2,327 1,143 97 637 529 294 17.4 16.26 19.98 22.27 35.31.4.4.6.5.6 13.75 12.55 12.26.52 7.92 1.95 1.93 1.98 2.14 2.12.21..18.. 2.16 2.13 2.16 2.24 2.22.76.55 9.3 5. 5. *Footnotes for the tables are found at the end of the Financial Highlights section.
FINANCIAL HIGHLIGHTS (cont d) The Fund s Net Assets per Share ($) (1) (2) * F Shares Commencement of operations May 22, 8 Period from Year ended Year ended Year ended Year ended Inception to March 31, 13 March 31, 12 March 31, 11 March 31, March 31, 9 $ $ $ $ $ 11.89 11.82.6 7.51..74.5.51 (.17) (.9) (.12) (.) (.8).28.19.34 (.5) (.44).89 (.8).88 3.33 (2.66) 1.74 (.65) 1.61 3.18 (3.18) (.15) (.15) 13.16 11.89 11.82.6 7.51 11 7 8 69 1 1 1 9 17.4 16.26 19.98 22.27 35.31.4.4.6.5.6 13.16 11.89 11.82.6 7.51 1. 1.18 1.23 1.39 1.37.15.12.12.6.6 1.35 1. 1.35 1.45 1.43.65 11.59.35 5. 5. *Footnotes for the tables are found at the end of the Financial Highlights section.
FINANCIAL HIGHLIGHTS (cont d) The Fund s Net Assets per Share ($) (1) (2) * I Shares Commencement of operations September 8, 8 Period from Year ended Year ended Year ended Year ended Inception to March 31, 13 March 31, 12 March 31, 11 March 31, March 31, 9 $ $ $ $ $ 13.3 12.43.47 7.73..72.61.86.5 (.2) (.1).29.19.37.14 (.34).72 (.6).77 2.36.46 1.73.79 2. 2.48.11 (.16) (.12) (.16) (.12) 14.59 13.3 12.43.47 7.73 42,231 32,233 22,627,99 2,684 2,895 2,475 1,8 1,5 347 17.4 16.26 19.98 22.27 35.31.4.4.6.5.6 14.59 13.3 12.43.47 7.73.23.39.37.2.1.1.25..38 9.13 5. 5. *Footnotes for the tables are found at the end of the Financial Highlights section.
FINANCIAL HIGHLIGHTS (cont d) The Fund s Net Assets per Share ($) (1) (2) * W Shares Commencement of operations October 22, 7 Year ended Year ended Year ended Year ended Year ended March 31, 13 March 31, 12 March 31, 11 March 31, March 31, 9 $ $ $ $ $ 13.25 12.7.69 7.9 9.96.68.62.69 (.3) (.2) (.2).29.19.37. (.37).79 (.9).96 2.7 (1.77) 1.73.72 2.2 2.78 (2.16) (.17) (.12) (.17) (.12) 14.81 13.25 12.7.69 7.9 9,634 93,521 49,524 34,5 23,665 7,5 7,58 3,9 3,19 2,996 17.4 16.26 19.98 22.27 35.31.4.4.6.5.6 14.81 13.25 12.7.69 7.9..18.23.39.37.2.2.2.1.1.22..25..38 11.39.7 9. 5. 5. *Footnotes for the tables are found at the end of the Financial Highlights section.
FINANCIAL HIGHLIGHTS (cont d) The Fund s Net Assets per Share ($) (1) (2) * ET8 Shares Commencement of operations June 22, 11 Period from Year ended Inception to March 31, 13 March 31, 12 $ $ 9.61..52.81 (.21) (.14).19.11.42 (.24).92.54 (.11) (.9) (.76) (.59) (.87) (.68) 9.73 9.61 68 72 7 7 17.4 16.26.4.4 9.73 9.61 1.95 1.95.25.25 2. 2. 12.9 13. *Footnotes for the tables are found at the end of the Financial Highlights section.
FINANCIAL HIGHLIGHTS (cont d) The Fund s Net Assets per Share ($) (1) (2) * IT8 Shares Commencement of operations June 22, 11 Period from Year ended Inception to March 31, 13 March 31, 12 $ $ 9.99..51..2.17.11.34.59 1.2 1.2 (.12) (.9) (.79) (.53) (.91) (.62).38 9.99 73 146 7 15 17.4 16.26.4.4.38 9.99 *Footnotes for the tables are found at the end of the Financial Highlights section.
FINANCIAL HIGHLIGHTS (cont d) The Fund s Net Assets per Share ($) (1) (2) WT8 Shares Commencement of operations June 22, 11 Period from Year ended Inception to March 31, 13 March 31, 12 $ $ 9.82. 1.37.44 (.2).25. (.28) (.9) 1.32.45 (.12) (.9) (.78) (.59) (.9) (.68).15 9.82 6,451 425 635 43 17.4 16.26.4.4.15 9.82..22.2.3.22.25 12.83 12.91 (1) This information is derived from the Fund s audited annual financial statements. (2) Net assets per share and dividends per share are based on the actual number of shares outstanding for the relevant class at the relevant time. The increase (decrease) from operations per share is based on the weighted average number of shares outstanding for the relevant class over the fiscal year. (3) Dividends were paid in cash or automatically reinvested in additional shares of the Fund. (4) 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 asset value for the period. As of July 1,, Ontario combined the federal goods and services tax ( GST - 5%) with the provincial retail sales tax ( PST - 8%). The combination resulted in a Harmonized sales tax ( HST ) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on shareholder residency and can be different from 13%. For any particular year, the rate shown will be prorated based on the different rates in effect during that year. For the year ended March 31, 11, the rate applied is 5% for the period April 11, 11 to June, and the Fund s Effective HST rate for the period from July 1, to March 31, 11. The rate shown for the year ended March 31, 11 is the time weighted average of these rates. Beginning April 1, 11, the HST rate is based on the residency of the shareholder. (5) 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 year. The higher a Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. 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 year, 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 market value of investments during the year. (6) The trading expense ratio represents total commissions and other portfolio transaction costs disclosed in the Statements of Operations expressed as an annualized percentage of daily average net asset value of the Fund during the year. (7) Section 14.2 of National Instrument 81-6 requires the net assets of an investment fund to be calculated using the fair value of the Fund s assets and liabilities. Canadian GAAP requires a different valuation method for calculating net assets for financial statement purposes. For the purpose of processing shareholder transactions, net assets are calculated based on the closing market price (referred to as Net Asset Value ), while for financial statement purposes net assets are calculated based on bid/ask price (referred to as Net Assets ). The Fund is not impacted by Section 14.2, as the Fund invests in units of Underlying Pool. The Underlying Pool will continue to be valued at its net asset value as reported by the fund manager.
PAST PERFORMANCE This section describes how the Fund has performed in the past. 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 years shown were reinvested in 6.4* 13.5 4.6* 13. 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. - - - Mar. 12 Mar. 13 - - - Mar. 12 Mar. 13 Year-by-Year Returns The following charts show the Fund s annual performance for each of the years shown and illustrate how the Fund s performance has changed from year to year. In percentage terms, the charts show how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year, except where noted. - - - -1.2* -22.4 32.6 16.1 3.1.6 - - - -21.** 32.8 16.6 3.3.8 *This figure is for the period from June 22, 11 to March 31, 12. IT8 Shares WT8 Shares Annual Compound Returns The following table shows the Fund s annual compound returns for each period indicated, compared to the Total Return Index, the Total Return Index and the Blended Index composed of: 67% - Total Return Index and 33% - Total Return Index. The Total Return Index is a float adjusted market capitalization weighted index which tracks the performance of dividend income paying stocks. The index is made up of 5 to 75 stocks selected from the S&P/TSX Composite Index. Mar. 8 Mar. 9 Mar. Mar. 11 Mar. 12 Mar. 13 *This figure is for the period from October 22, 7 to March 31, 8. **This figure is for the period from September 26, 8 to March 31, 9. Mar. 9 Mar. Mar. 11 Mar. 12 Mar. 13 A Shares E Shares The Total Return Index is an unmanaged index that tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. -24.9* Mar. 9 Mar. Mar. 11 Mar. 12 Mar. 13 *This figure is for the period from May 22, 8 to March 31, 9. **This figure is for the period from September 8, 8 to March 31, 9. -.4* 34. -.7 17.5 - - - Mar. 9 Mar. Mar. 11 Mar. 12 Mar. 13 F Shares I Shares A discussion of the performance of the Fund as compared to the benchmark is found in the Results of Operations section of this report. One Three Five Ten Since Year Years Years Years Inception A Shares (%).6 9.8 6.4 n/a 5.6 Blended Index (%). n/a* n/a* n/a 8.7 Total Return Index (%) 8.5 n/a* n/a* n/a 7.9 Total Return Index (%) 13.1.9 12.9 n/a.8 E Shares (%).8.1 n/a n/a 7.6 Blended Index (%). n/a* n/a n/a 8.7 Total Return Index (%) 8.5 n/a* n/a n/a 7.9 Total Return Index (%) 13.1.9 n/a n/a 16.5 *Index data available only from December 31,. Mar. 8 Mar. 9 Mar. Mar. 11 Mar. 12 35.3.6 18.8 12. Mar. 13 13.1 - - - -22.7** 35.4 18.7 5.8 13.3 Mar. 12 Mar. 13 5.3 1.5**.8 *This figure is for the period from October 22, 7 to March 31, 8. **This figure is for the period from June 22, 11 to March 31, 12. W Shares ET8 Shares
Annual Compound Returns (cont d) One Three Five Ten Since Year Years Years Years Inception F Shares (%) 12. 9.8 n/a n/a 6.1 Blended Index (%). n/a* n/a n/a 8.7 Total Return Index (%) 8.5 n/a* n/a n/a 7.9 Total Return Index (%) 13.1.9 n/a n/a 12.3 I Shares (%) 13.3 12.5 n/a n/a 9.1 Blended Index (%). n/a* n/a n/a 8.7 Total Return Index (%) 8.5 n/a* n/a n/a 7.9 Total Return Index (%) 13.1.9 n/a n/a 16.5 W Shares (%) 13.1 12.3 8.7 n/a 7.9 Blended Index (%). n/a* n/a* n/a 8.7 Total Return Index (%) 8.5 n/a* n/a* n/a 7.9 Total Return Index (%) 13.1.9 12.9 n/a.8 ET8 Shares (%).8 n/a n/a n/a 6.8 Blended Index (%). n/a n/a n/a 7.7 Total Return Index (%) 8.5 n/a n/a n/a 6.4 Total Return Index (%) 13.1 n/a n/a n/a.1 IT8 Shares (%) 13.5 n/a n/a n/a 11.2 Blended Index (%). n/a n/a n/a 7.7 Total Return Index (%) 8.5 n/a n/a n/a 6.4 Total Return Index (%) 13.1 n/a n/a n/a.1 WT8 Shares (%) 13. n/a n/a n/a 9.9 Blended Index (%). n/a n/a n/a 7.7 Total Return Index (%) 8.5 n/a n/a n/a 6.4 Total Return Index (%) 13.1 n/a n/a n/a.1 *Index data available only from December 31,.
Summary of Investment Portfolio as at March 31, 13 Portfolio Breakdown* Percentage of Category Net Asset Value (%) Portfolio Breakdown (cont d)* Percentage of Category Net Asset Value (%) Top 25 Holdings* Percentage of Security Name Net Asset Value (%) Country allocation Canada... 49.3 U.S.A... 23.9 Australia... 4.9 Short-Term Investments... 4.1 Bermuda... 3.1 Singapore... 2.4 Netherlands... 1.7 Germany... 1.5 France... 1.2 Luxembourg... 1. U.K....9 Spain....8 Cayman Islands....8 Cash & Equivalents....8 Other Net Assets (Liabilities)....7 Brazil....6 Marshall Islands....5 Foreign Currency Forward Contracts....3 Netherlands Antilles....3 Ireland....3 Norway....3 Jersey Island....2 Italy....2 Mexico....2 Sector allocation Corporate Bonds... 41.3 Financials... 21.8 Energy... 13.6 Telecommunication Services... 5.9 Utilities... 4.6 Industrials... 4.2 Short-Term Investments... 4.1 Consumer Discretionary... 1.7 Cash & Equivalents....8 Other Net Assets (Liabilities)....7 Materials....4 Foreign Currency Forward Contracts....3 Canadian Government Bonds....3 Foreign Government Bonds....2 Consumer Staples....1 Short-Term Investments... 4.1 Inter Pipeline Fund L.P... 2.2 Singapore Telecommunications Ltd... 1.9 Suncor Energy Inc... 1.7 Canadian REIT... 1.6 Cominar REIT... 1.6 Allied Properties REIT... 1.6 Royal Dutch Shell PLC, Class A... 1.4 Brookfield Renewable Energy Partners L.P... 1.4 Transurban Group... 1.3 Crescent Point Energy Corp... 1.3 Brookfield Asset Management Inc., Class A... 1.2 Westfield Group... 1.1 Canadian National Railway Co... 1.1 Primaris Retail Real Estate Investment Trust... 1. ARC Resources Ltd... 1. H&R REIT... 1. Vermilion Energy Inc... 1. Telstra Corp., Ltd....9 Gibson Energy Inc....9 First Capital Realty Inc....8 Brookfield Office Properties Inc....8 Veresen Inc....8 Brookfield Infrastructure Partners L.P....8 Cash & Equivalents....8 Total Net Asset Value (in $ s) $175,2 *These are holdings and allocations of the Underlying Pool. The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund and updates are 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.