Report of Fund Performance for ended September 3, 217 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 $39.8 million to $566.4 million from March 31, 217 to September 3, 217. The Fund had net redemptions of $4.4 million during. The portfolio s performance increased assets by $2.9 million. The Fund paid distributions totalling $2.3 million. Class A shares returned.1% after fees and expenses for the six-month period ended September 3, 217. Over the same time period, the Fund s benchmark returned -.8%. The benchmark is a combination of the Bank of America Merrill Lynch U.S. High Yield Return Index - 4%, the MSCI ACWI Global High Dividend Yield Return Index - 2%, the MSCI ACWI Infrastructure Return Index - 2% and the MSCI World Real Estate Return Index - 2%. The performance of the Fund s other Classes is substantially similar to that of Class A shares, except for differences in fees and expenses structure. For the returns of the Fund s other Classes, please refer to the Past performance section. So far 217 has surprised many investors. Missteps and the checks and balances of the U.S. legislative system have stymied U.S. President Donald Trump s agenda in health care, diminishing the hope for aggressive tax reform to stimulate the U.S. economy and unleash the animal spirits. Nonetheless, equity indexes have hit all-time highs, volatility across a number of asset classes is at record lows, yet government bond yields are lower year-to-date. There is still concern that the tightening monetary policy associated with the upcoming reduction in U.S. Federal Reserve s (Fed) balance sheet will derail U.S. economic growth. Looking domestically, just as the Fed turned dovish about future tightening given the lack of inflation, the Bank of Canada tacked hawkish, quickly raising overnight interest rates by 5 basis points. We felt caution may have been warranted given the preceding currency appreciation, mortgage regulatory reform, pending NAFTA re-negotiation and minimum wage increases in two large provinces. Corporate borrowers continue to demonstrate credit quality improvement via earnings growth and to a lesser extent, debt reduction. 6.125% bonds due 223 on the fixed-income side. Our positions in General Growth Properties Inc. was exited while our positions in Transurban Group and Citigroup were reduced. Exiting the Fund due to early calls and tenders included Wynn Macau 5.375% bonds due 22 and Mattamy Homes 6.875% and C$6.5% bonds due 22. RECENT DEVELOPMENTS We are slightly more optimistic than last period. Valuations across most asset classes are challenging but supported by durable economic growth and central bank caution on further tightening actions. Spreads for example are still 1 basis points wide of the all-time tights experienced between 24 and 27. Nonetheless, they are on the expensive side of historical averages so crowded but not dangerous may be the best turn of phrase. Easy access to cheap credit should fuel further mergers and acquisitions and, should the animal spirits catch, a capital expenditure cycle on renewed optimism for growth. As a result, we believe we are at an inflection point between companies pursuing balance sheet repair strategies and shareholder-friendly, re-leveraging behaviour. This has us inclined to tilt the portfolio more towards equities although we remain vigilant in the long-term on when this behavior will become egregious and counter-productive. Effective April 3, 217, William Harding ceased to be a member of the Independent Review Committee. 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, 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. The Fund slightly outperformed the index over as strong security selection mitigated the impact from the stronger Canadian dollar. Contributing positively to performance were the Fund s positions in financials, especially Citigroup Inc. and European transportation infrastructure, notably Abertis Infraestructuras SA and Fraport AG. On the fixed-income side of the Fund, Financial preferred shares were meaningful contributors to performance, especially RBS and Lloyds Bank. Detractors from relative performance were the real estate sector and a few specific telecommunication stocks. New positions in the Fund include Cheniere Energy Inc. and American Homes 4 Rent LP in the equity sleeve and the Canada Goose L+4 term loan and Rite Aid fee and fixed administration fee rates as at September 3, 217, for each of the classes are shown below: Annual management fee rate (%) Annual fixed administration fee rate (%) A Shares 1.9.2 A1 Shares 1.825.2 A2 Shares 1.8.19 A3 Shares 1.75.15 CIG - 2319
Report of Fund Performance for ended September 3, 217 Annual management fee rate (%) Annual fixed administration fee rate (%) A4 Shares 1.7.12 AT5 Shares 1.9.2 A1T5 Shares 1.825.2 A2T5 Shares 1.8.19 A3T5 Shares 1.75.15 AT8 Shares 1.9.2 A1T8 Shares 1.825.2 A2T8 Shares 1.8.19 A3T8 Shares 1.75.15 A4T8 Shares 1.7.12 E Shares 1.85.15 ET5 Shares 1.85.15 ET8 Shares 1.85.15 F Shares.9.2 F1 Shares.825.2 F2 Shares.8.19 F3 Shares.75.15 FT5 Shares.9.2 F1T5 Shares.825.2 F2T5 Shares.8.19 FT8 Shares.9.2 F1T8 Shares.825.2 F2T8 Shares.8.19 I Shares Paid directly by investor - IT5 Shares Paid directly by investor - 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 3, 217 the Fund executed inter-fund trades. Independent Review Committee The Fund received standing instructions from the Fund s Independent Review Committee ( IRC ) 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; 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 81-12 - Investment Funds. 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. IT8 Shares Paid directly by investor - O Shares Paid directly by investor.15 OT5 Shares Paid directly by investor.15 OT8 Shares Paid directly by investor.15 The Fund paid the Manager $4.3 million in management fees and $.5 million in administration fees for ended September 3, 217. Fees Approximately 26% of total management fees were used to pay for sales and trailing commissions. The remaining 74% of management fees were used for investment management and other general administration.
Report of Fund Performance for ended September 3, 217 FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the past six periods, as applicable. Net Assets per Share ($) (1) (2) (5) * 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 November 3, 29 Sept. 3, 217 13.6.33 (.18).33 (.44).4 - - - - - 13.62 Mar. 31, 217 12.97.72 (.34).3.72 1.4 - (.4) (.69) - (.73) 13.6 Mar. 31, 216 14.46.93 (.33) (.4) (1.36) (1.16) - (.4) (.32) - (.36) 12.97 Mar. 31, 215 13.78.4 (.33) 2.15 (.59) 1.27 - (.5) (.59) - (.64) 14.46 Mar. 31, 214 12.8.4 (.31) 1.27.4 1.4 - (.11) - - (.11) 13.78 Mar. 31, 213^ 11.65.4 (.28).85.68 1.29 - (.8) - - (.8) 12.8 A1 Shares Sept. 3, 217 1..2 (.12).36 (.59) (.15) - - - - - 9.79 A2 Shares Sept. 3, 217 1..21 (.12).38 (.54) (.7) - - - - - 9.8 A3 Shares Sept. 3, 217 1..21 (.11).44 (.65) (.11) - - - - - 9.8 A4 Shares Sept. 3, 217 1..2 (.1).39 (.69) (.2) - - - - - 9.8 AT5 Shares Commencement of operations November 3, 29 Sept. 3, 217 9.43.23 (.12).23 (.3).4 - - - (.25) (.25) 9.19 Mar. 31, 217 9.46.51 (.25).22.51.99 - (.3) (.48) (.5) (1.1) 9.43 Mar. 31, 216 11.11.71 (.24) (.3) (1.1) (.84) - (.3) (.23) (.54) (.8) 9.46 Mar. 31, 215 11.12.3 (.26) 1.7 (.46) 1.1 - (.4) (.45) (.55) (1.4) 11.11 Mar. 31, 214 1.84.4 (.26) 1.6.2.86 - (.9) - (.53) (.62) 11.12 Mar. 31, 213^ 1.35.3 (.25).75.57 1.1 - (.7) - (.5) (.57) 1.84 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.
Report of Fund Performance for ended September 3, 217 Net Assets per Share ($) (1) (2) (5) * 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) $ $ $ $ $ $ $ $ $ $ $ $ A1T5 Shares Sept. 3, 217 1..2 (.11).43 (.74) (.22) - - - (.21) (.21) 9.59 A2T5 Shares Sept. 3, 217 1..2 (.11).25 (.55) (.21) - - - (.21) (.21) 9.58 A3T5 Shares Sept. 3, 217 1..2 (.1).25 (.55) (.2) - - - (.21) (.21) 9.59 AT8 Shares Commencement of operations November 3, 29 Sept. 3, 217 7.5.18 (.1).18 (.23).3 - - - (.32) (.32) 7.2 Mar. 31, 217 7.77.41 (.2).18.42.81 - (.2) (.38) (.66) (1.6) 7.5 Mar. 31, 216 9.44.53 (.21) (.21) (.83) (.72) - (.2) (.19) (.74) (.95) 7.77 Mar. 31, 215 9.73.3 (.23) 1.46 (.39).87 - (.3) (.38) (.77) (1.18) 9.44 Mar. 31, 214 9.79.3 (.23).95.1.76 - (.8) - (.77) (.85) 9.73 Mar. 31, 213^ 9.62.3 (.22).64.6 1.5 - (.6) - (.75) (.81) 9.79 A1T8 Shares Sept. 3, 217 1..2 (.12).37 (.44).1 - - - (.33) (.33) 9.46 A2T8 Shares Sept. 3, 217 1..2 (.11).41 (.7) (.2) - - - (.33) (.33) 9.47 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.
Report of Fund Performance for ended September 3, 217 Net Assets per Share ($) (1) (2) (5) * 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) $ $ $ $ $ $ $ $ $ $ $ $ A3T8 Shares Sept. 3, 217 1..2 (.1).36 (.69) (.23) - - - (.33) (.33) 9.47 A4T8 Shares Sept. 3, 217 1..19 (.1).42 (.74) (.23) - - - (.33) (.33) 9.47 E Shares Commencement of operations October 4, 211 Sept. 3, 217 13.15.32 (.16).35 (.46).5 - - - - - 13.17 Mar. 31, 217 12.51.7 (.31).29.69 1.37 - (.4) (.67) - (.71) 13.15 Mar. 31, 216 13.93.92 (.29) (.41) (1.29) (1.7) - (.4) (.3) - (.34) 12.51 Mar. 31, 215 13.25.4 (.3) 1.84 (.53) 1.5 - (.5) (.57) - (.62) 13.93 Mar. 31, 214 12.3.4 (.28) 1.21.5 1.2 - (.1) - - (.1) 13.25 Mar. 31, 213^ 11.18.4 (.26).38 1.26 1.42 - (.8) - - (.8) 12.3 ET5 Shares Commencement of operations October 4, 211 Sept. 3, 217 1..24 (.12).27 (.38).1 - - - (.26) (.26) 9.76 Mar. 31, 217 1.2.54 (.24).24.51 1.5 - (.3) (.51) (.53) (1.7) 1. Mar. 31, 216 11.74.73 (.24) (.32) (1.4) (.87) - (.3) (.24) (.58) (.85) 1.2 Mar. 31, 215 11.72.3 (.26) 1.8 (.46) 1.11 - (.4) (.48) (.58) (1.1) 11.74 Mar. 31, 214 11.43.4 (.25) 1.15 (.6).88 - (.9) - (.57) (.66) 11.72 Mar. 31, 213^ 1.9.4 (.25).27 1.22 1.28 - (.7) - (.54) (.61) 11.43 ET8 Shares Commencement of operations October 4, 211 Sept. 3, 217 8.41.2 (.1).21 (.29).2 - - - (.35) (.35) 8.8 Mar. 31, 217 8.71.47 (.21).22.41.89 - (.3) (.43) (.74) (1.2) 8.41 Mar. 31, 216 1.56.41 (.22) (.12) (.86) (.79) - (.3) (.21) (.83) (1.7) 8.71 Mar. 31, 215 1.87.3 (.24) 1.64 (.44).99 - (.3) (.43) (.86) (1.32) 1.56 Mar. 31, 214 1.93.4 (.24) 1.3.4.87 - (.9) - (.86) (.95) 1.87 Mar. 31, 213^ 1.73.3 (.24).61.89 1.29 - (.7) - (.84) (.91) 1.93 F Shares Commencement of operations November 1, 29 Sept. 3, 217 14.75.36 (.11).37 (.51).11 - - - - - 14.85 Mar. 31, 217 13.91.78 (.21).32.76 1.65 - (.5) (.75) - (.8) 14.75 Mar. 31, 216 15.33 1.1 (.18) (.44) (1.42) (1.3) - (.4) (.34) - (.38) 13.91 Mar. 31, 215 14.45.4 (.18) 2.26 (.6) 1.52 - (.5) (.63) - (.68) 15.33 Mar. 31, 214 13.28.5 (.17) 1.33.4 1.25 - (.11) - - (.11) 14.45 Mar. 31, 213^ 11.95.4 (.15).84.76 1.49 - (.8) - - (.8) 13.28 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.
Report of Fund Performance for ended September 3, 217 Net Assets per Share ($) (1) (2) (5) * 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) $ $ $ $ $ $ $ $ $ $ $ $ F1 Shares Sept. 3, 217 1..21 (.7).4 (.62) (.8) - - - - - 9.84 F2 Shares Sept. 3, 217 1..21 (.7).42 (.54).2 - - - - - 9.84 F3 Shares Sept. 3, 217 1..2 (.6).46 (.69) (.9) - - - - - 9.85 FT5 Shares Commencement of operations October 31, 29 Sept. 3, 217 1.26.25 (.8).27 (.37).7 - - - (.27) (.27) 1.7 Mar. 31, 217 1.18.56 (.15).22.55 1.18 - (.3) (.52) (.54) (1.9) 1.26 Mar. 31, 216 11.83.76 (.14) (.33) (1.5) (.76) - (.3) (.25) (.58) (.86) 1.18 Mar. 31, 215 11.69.3 (.14) 1.8 (.48) 1.21 - (.4) (.48) (.58) (1.1) 11.83 Mar. 31, 214 11.28.4 (.14) 1.12-1.2 - (.9) - (.56) (.65) 11.69 Mar. 31, 213^ 1.64.3 (.13).71.68 1.29 - (.7) - (.52) (.59) 11.28 F1T5 Shares Sept. 3, 217 1..2 (.7).46 (.6) (.1) - - - (.21) (.21) 9.63 F2T5 Shares Sept. 3, 217 1..2 (.6).25 (.55) (.16) - - - (.21) (.21) 9.63 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.
Report of Fund Performance for ended September 3, 217 Net Assets per Share ($) (1) (2) (5) * 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) $ $ $ $ $ $ $ $ $ $ $ $ FT8 Shares Commencement of operations November 3, 29 Sept. 3, 217 8.35.2 (.6).22 (.31).5 - - - (.35) (.35) 8.6 Mar. 31, 217 8.55.46 (.12).19.44.97 - (.3) (.42) (.73) (1.18) 8.35 Mar. 31, 216 1.26.68 (.12) (.31) (.94) (.69) - (.3) (.21) (.8) (1.4) 8.55 Mar. 31, 215 1.46.3 (.13) 1.62 (.45) 1.7 - (.3) (.42) (.82) (1.27) 1.26 Mar. 31, 214 1.4.4 (.13) 1.8 (.9).9 - (.8) - (.82) (.9) 1.46 Mar. 31, 213^ 1.11.3 (.12).76.59 1.26 - (.7) - (.79) (.86) 1.4 F1T8 Shares Sept. 3, 217 1..2 (.6).25 (.6) (.21) - - - (.33) (.33) 9.51 F2T8 Shares Sept. 3, 217 1..2 (.6).25 (.55) (.16) - - - (.33) (.33) 9.51 I Shares Commencement of operations December 31, 29 Sept. 3, 217 16.12.4 (.3).42 (.57).22 - - - - - 16.33 Mar. 31, 217 15.1.84 (.3).36.78 1.95 - (.5) (.82) - (.87) 16.12 Mar. 31, 216 16.35 1.7 - (.49) (1.51) (.93) - (.5) (.37) - (.42) 15.1 Mar. 31, 215 15.21.4-2.4 (.62) 1.82 - (.5) (.67) - (.72) 16.35 Mar. 31, 214 13.81.5-1.49 (.1) 1.53 - (.12) - - (.12) 15.21 Mar. 31, 213^ 12.28.4 -.97.63 1.64 - (.9) - - (.9) 13.81 IT5 Shares Commencement of operations December 31, 29 Sept. 3, 217 11.25.27 (.2).29 (.4).14 - - - (.29) (.29) 11.11 Mar. 31, 217 11.2.61 (.2).25.58 1.42 - (.4) (.57) (.59) (1.2) 11.25 Mar. 31, 216 12.64 1.5 - (.52) (1.4) (.87) - (.3) (.27) (.62) (.92) 11.2 Mar. 31, 215 12.35.3-1.93 (.51) 1.45 - (.4) (.51) (.61) (1.16) 12.64 Mar. 31, 214 11.76.4-1.18.2 1.24 - (.1) - (.58) (.68) 12.35 Mar. 31, 213^ 1.97.3-1..33 1.36 - (.7) - (.54) (.61) 11.76 IT8 Shares Commencement of operations November 3, 29 Sept. 3, 217 9..22 (.1).23 (.31).13 - - - (.38) (.38) 8.74 Mar. 31, 217 9.1.49 (.2).2.48 1.15 - (.3) (.46) (.78) (1.27) 9. Mar. 31, 216 1.78.5 - (.18) (1.8) (.76) - (.3) (.22) (.84) (1.9) 9.1 Mar. 31, 215 1.85.3-1.81 (.74) 1.1 - (.4) (.44) (.86) (1.34) 1.78 Mar. 31, 214 1.66.4-1.32 (.2) 1.16 - (.8) - (.84) (.92) 1.85 Mar. 31, 213^ 1.24.3 -.72.56 1.31 - (.7) - (.8) (.87) 1.66 *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.
Report of Fund Performance for ended September 3, 217 Net Assets per Share ($) (1) (2) (5) 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) $ $ $ $ $ $ $ $ $ $ $ $ O Shares Commencement of operations October 4, 211 Sept. 3, 217 14.69.36 (.4).39 (.53).18 - - - - - 14.87 Mar. 31, 217 13.7.77 (.5).31.77 1.8 - (.5) (.74) - (.79) 14.69 Mar. 31, 216 14.95 1.4 (.2) (.48) (1.42) (.88) - (.4) (.33) - (.37) 13.7 Mar. 31, 215 13.94.4 (.2) 2.16 (.58) 1.6 - (.5) (.61) - (.66) 14.95 Mar. 31, 214 12.67.4 (.2) 1.26.6 1.34 - (.11) - - (.11) 13.94 Mar. 31, 213^ 11.28.4 (.2).57 1.4 1.63 - (.8) - - (.8) 12.67 OT5 Shares Commencement of operations October 4, 211 Sept. 3, 217 11.21.27 (.3).3 (.39).15 - - - (.29) (.29) 11.6 Mar. 31, 217 11.1.59 (.4).26.69 1.5 - (.4) (.57) (.59) (1.2) 11.21 Mar. 31, 216 12.64.84 (.2) (.39) (1.17) (.74) - (.3) (.27) (.62) (.92) 11.1 Mar. 31, 215 12.37.3 (.2) 1.89 (.51) 1.39 - (.4) (.51) (.61) (1.16) 12.64 Mar. 31, 214 11.8.4 (.2) 1.14.9 1.25 - (.1) - (.58) (.68) 12.37 Mar. 31, 213^ 11.2.4 (.2).45 1.9 1.56 - (.7) - (.54) (.61) 11.8 OT8 Shares Commencement of operations October 4, 211 Sept. 3, 217 9.48.23 (.2).25 (.36).1 - - - (.4) (.4) 9.2 Mar. 31, 217 9.6.52 (.4).22.53 1.23 - (.3) (.48) (.82) (1.33) 9.48 Mar. 31, 216 11.4.79 (.2) (.36) (1.4) (.63) - (.3) (.23) (.89) (1.15) 9.6 Mar. 31, 215 11.49.3 (.2) 1.73 (.47) 1.27 - (.4) (.46) (.91) (1.41) 11.4 Mar. 31, 214 11.3.4 (.2) 1.1.5 1.17 - (.9) - (.89) (.98) 11.49 Mar. 31, 213^ 1.87.4 (.2).75.61 1.38 - (.7) - (.85) (.92) 11.3 (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.
Report of Fund Performance for ended September 3, 217 Ratios and Supplemental Data (1) (5) * Number of shares outstanding (5) before taxes (2) after taxes (2) Effective HST rate for the period (%) (2) net Harmonized Trading Portfolio assets (5) sales tax (2) (3) turnover rate (4) $ s s % % % % % % A Shares Commencement of operations November 3, 29 Sept. 3, 217 289,693 21,27 2.1.23 2.33 1.82.6 2.83 Mar. 31, 217 365,697 26,886 2.1.23 2.33 1.95.3 47.82 Mar. 31, 216 435,96 33,622 2.1.23 2.33 11.1.2 1.93 Mar. 31, 215 629,414 43,537 2.1.23 2.33 11.1.9 229.49 Mar. 31, 214 734,877 53,349 2.11.23 2.34 11..9 - Mar. 31, 213^ 839,88 65,622 2.1.24 2.34 1.3.7 - A1 Shares Sept. 3, 217 2,588 2,12 2.2.23 2.25 13..6 2.83 A2 Shares Sept. 3, 217 8,54 872 1.99.21 2.2 13..6 2.83 A3 Shares Sept. 3, 217 6,326 646 1.9.22 2.12 13..6 2.83 A4 Shares Sept. 3, 217 2,63 211 1.82.18 2. 13..6 2.83 AT5 Shares Commencement of operations November 3, 29 Sept. 3, 217 24,93 2,621 2.1.23 2.33 11.13.6 2.83 Mar. 31, 217 28,553 3,29 2.1.23 2.33 1.9.3 47.82 Mar. 31, 216 38,323 4,52 2.1.23 2.33 1.91.2 1.93 Mar. 31, 215 54,399 4,895 2.1.23 2.33 1.93.9 229.49 Mar. 31, 214 61,598 5,542 2.11.24 2.35 11.25.9 - Mar. 31, 213^ 7,39 6,491 2.1.26 2.36 11.99.7 - *Footnotes for the tables are found at the end of the Financial Highlights section.
Report of Fund Performance for ended September 3, 217 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 % % % % % % A1T5 Shares Sept. 3, 217 1,445 151 2.2.17 2.19 13..6 2.83 A2T5 Shares Sept. 3, 217 9 9 1.99.26 2.25 13..6 2.83 A3T5 Shares Sept. 3, 217 1 1 1.9.26 2.16 13..6 2.83 AT8 Shares Commencement of operations November 3, 29 Sept. 3, 217 15,233 2,117 2.1.23 2.33 1.89.6 2.83 Mar. 31, 217 19,846 2,646 2.1.24 2.34 11.42.3 47.82 Mar. 31, 216 26,39 3,35 2.11.24 2.35 11.58.2 1.93 Mar. 31, 215 46,277 4,93 2.1.25 2.35 11.64.9 229.49 Mar. 31, 214 56,32 5,758 2.11.25 2.36 11.92.9 - Mar. 31, 213^ 65,284 6,669 2.1.24 2.34 11.15.7 - A1T8 Shares Sept. 3, 217 1,455 154 2..23 2.23 13..6 2.83 A2T8 Shares Sept. 3, 217 17 11 1.99.26 2.25 13..6 2.83 *Footnotes for the tables are found at the end of the Financial Highlights section.
Report of Fund Performance for ended September 3, 217 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 % % % % % % A3T8 Shares Sept. 3, 217 324 34 1.9.25 2.15 13..6 2.83 A4T8 Shares Sept. 3, 217 482 51 1.82.11 1.93 13..6 2.83 E Shares Commencement of operations October 4, 211 Sept. 3, 217 25,198 1,913 2..16 2.16 7.91.6 2.83 Mar. 31, 217 23,763 1,88 2..16 2.16 8.1.3 47.82 Mar. 31, 216 23,722 1,896 2..19 2.19 9.61.2 1.93 Mar. 31, 215 29,345 2,17 2..21 2.21 1.19.9 229.49 Mar. 31, 214 57,289 4,322 2.1.19 2.2 9.28.9 - Mar. 31, 213^ 6,72 4,938 2.1.24 2.25 1.65.7 - ET5 Shares Commencement of operations October 4, 211 Sept. 3, 217 2,316 237 2..13 2.13 6.47.6 2.83 Mar. 31, 217 2,415 241 2..13 2.13 6.53.3 47.82 Mar. 31, 216 2,686 268 2..14 2.14 6.78.2 1.93 Mar. 31, 215 3,55 298 2..16 2.16 7.69.9 229.49 Mar. 31, 214 3,947 337 2.1.2 2.21 9.68.9 - Mar. 31, 213^ 5,16 451 2.1.26 2.27 1.65.7 - ET8 Shares Commencement of operations October 4, 211 Sept. 3, 217 1,878 233 2..16 2.16 7.96.6 2.83 Mar. 31, 217 1,994 237 2..19 2.19 9.71.3 47.82 Mar. 31, 216 2,853 328 2.1.21 2.22 1.59.2 1.93 Mar. 31, 215 7,498 71 2..22 2.22 1.89.9 229.49 Mar. 31, 214 8,986 827 2.1.23 2.24 11.19.9 - Mar. 31, 213^ 1,247 938 2..25 2.25 1.65.7 - F Shares Commencement of operations November 1, 29 Sept. 3, 217 41,79 2,814 1.1.13 1.23 11.42.6 2.83 Mar. 31, 217 48,554 3,292 1.1.12 1.22 11.32.3 47.82 Mar. 31, 216 46,876 3,37 1.1.12 1.22 11.2.2 1.93 Mar. 31, 215 55,814 3,64 1.1.12 1.22 11.9.9 229.49 Mar. 31, 214 58,27 4,33 1.11.13 1.24 11.18.9 - Mar. 31, 213^ 64,291 4,843 1.1.13 1.23 1.81.7 - *Footnotes for the tables are found at the end of the Financial Highlights section.
Report of Fund Performance for ended September 3, 217 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 % % % % % % F1 Shares Sept. 3, 217 4,968 55 1.2.1 1.12 13..6 2.83 F2 Shares Sept. 3, 217 1,373 139.99.5 1.4 13..6 2.83 F3 Shares Sept. 3, 217 8 81.9.5.95 13..6 2.83 FT5 Shares Commencement of operations October 31, 29 Sept. 3, 217 5,97 56 1.1.12 1.22 1.5.6 2.83 Mar. 31, 217 4,863 474 1.1.11 1.21 1.36.3 47.82 Mar. 31, 216 4,134 46 1.1.12 1.22 1.43.2 1.93 Mar. 31, 215 4,399 372 1.1.12 1.22 1.31.9 229.49 Mar. 31, 214 4,538 388 1.11.13 1.24 11.34.9 - Mar. 31, 213^ 4,938 438 1.1.14 1.24 12.1.7 - F1T5 Shares Sept. 3, 217 133 14 1.3.6 1.9 13..6 2.83 F2T5 Shares Sept. 3, 217 1 1.99.14 1.13 13..6 2.83 *Footnotes for the tables are found at the end of the Financial Highlights section.
Report of Fund Performance for ended September 3, 217 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 % % % % % % FT8 Shares Commencement of operations November 3, 29 Sept. 3, 217 1,642 24 1.1.13 1.23 11.49.6 2.83 Mar. 31, 217 1,41 168 1.1.12 1.22 11.28.3 47.82 Mar. 31, 216 1,447 169 1.1.12 1.22 1.97.2 1.93 Mar. 31, 215 1,727 168 1.1.12 1.22 1.13.9 229.49 Mar. 31, 214 1,965 188 1.11.13 1.24 11.27.9 - Mar. 31, 213^ 3,27 291 1.1.13 1.23 11.21.7 - F1T8 Shares Sept. 3, 217 27 3 1.2.8 1.1 13..6 2.83 F2T8 Shares Sept. 3, 217 1 1.99.14 1.13 13..6 2.83 I Shares Commencement of operations December 31, 29 Sept. 3, 217 28,322 1,735 - - - -.6 2.83 Mar. 31, 217 29,192 1,811 - - - -.3 47.82 Mar. 31, 216 45,333 3,2 - - - -.2 1.93 Mar. 31, 215 97,356 5,956 - - - -.9 229.49 Mar. 31, 214 99,137 6,516.1 -.1 -.9 - Mar. 31, 213^ 124,69 9,31 - - - -.7 - IT5 Shares Commencement of operations December 31, 29 Sept. 3, 217 5,715 515 - - - -.6 2.83 Mar. 31, 217 5,845 52 - - - -.3 47.82 Mar. 31, 216 5,444 494 - - - -.2 1.93 Mar. 31, 215 3,459 274 - - - -.9 229.49 Mar. 31, 214 3,394 275.1.1.2 9.99.9 - Mar. 31, 213^ 4,81 49 - - - -.7 - IT8 Shares Commencement of operations November 3, 29 Sept. 3, 217 22 23 - - - -.6 2.83 Mar. 31, 217 21 23 - - - -.3 47.82 Mar. 31, 216 26 23 - - - -.2 1.93 Mar. 31, 215 369 34 - - - -.9 229.49 Mar. 31, 214 661 61.1 -.1 -.9 - Mar. 31, 213^ 1,534 144 - - - -.7 - *Footnotes for the tables are found at the end of the Financial Highlights section.
Report of Fund Performance for ended September 3, 217 Ratios and Supplemental Data (1) (5) Number of shares outstanding (5) before taxes (2) after taxes (2) Effective HST rate for the period (%) (2) net Harmonized Trading Portfolio assets (5) sales tax (2) (3) turnover rate (4) $ s s % % % % % % O Shares Commencement of operations October 4, 211 Sept. 3, 217 69,84 4,696.15.2.17 1.31.6 2.83 Mar. 31, 217 67,598 4,63.15.2.17 1.38.3 47.82 Mar. 31, 216 64,275 4,692.15.2.17 1.32.2 1.93 Mar. 31, 215 68,315 4,571.15.2.17 1.47.9 229.49 Mar. 31, 214 76,495 5,489.16.2.18 1.48.9 - Mar. 31, 213^ 7,316 5,55.15.2.17 1.65.7 - OT5 Shares Commencement of operations October 4, 211 Sept. 3, 217 2,283 26.15.1.16 9.64.6 2.83 Mar. 31, 217 2,353 21.15.2.17 1.21.3 47.82 Mar. 31, 216 4,776 434.15.2.17 1.56.2 1.93 Mar. 31, 215 5,237 414.15.2.17 1.31.9 229.49 Mar. 31, 214 5,28 427.16.2.18 12.43.9 - Mar. 31, 213^ 4,647 394.14.2.16 1.65.7 - OT8 Shares Commencement of operations October 4, 211 Sept. 3, 217 4,372 475.15.2.17 11.96.6 2.83 Mar. 31, 217 3,942 416.15.2.17 12.16.3 47.82 Mar. 31, 216 4,784 498.15.2.17 12.64.2 1.93 Mar. 31, 215 4,793 421.15.2.17 12.75.9 229.49 Mar. 31, 214 5,969 52.16.2.18 12.88.9 - Mar. 31, 213^ 5,75 59.14.2.16 1.65.7 - (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 1% 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 3, 217 and the years ended March 31. (6) For financial periods beginning on or after April 1, 213 the financial highlights are derived from the financial statements prepared in accordance with International Financial Reporting Standards (IFRS). IFRS allows net assets to be calculated based on the last traded market price for financial assets and financial liabilities where the last traded price falls within the day s bid-ask spread. There are no differences between the net assets calculated for purpose of processing shareholders transactions and the net assets attributable to holders of redeemable shares used for financial statement reporting purposes. For financial years before April 1, 213, the financial highlights are derived from the financial statements prepared in accordance with Canadian GAAP. Under Canadian GAAP net assets for financial statement purposes were calculated based on bid/ask price while for purpose of processing shareholder transactions net assets were calculated based on the closing market price.
Report of Fund Performance for ended September 3, 217 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 AT5 Shares AT8 Shares E Shares 3 3 3 3 2 1 1.9 1.6 8.4 9.6 1.5 2.1 1 3. -7.9.1 2 1 1.8 1.5 8.6 9.4 1.4 2.1 1 3. -7.8. 2 1 1.9 1.7 8.5 9.5 1.4 2.1 1 2.9-8..2 2 1 11.8 2 1.7 8.6 9.8 1.8-7.7.2-1 -1-1 -1-2 -2-2 -2 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 ET5 Shares ET8 Shares F Shares FT5 Shares 3 3 3 3 2 1 11.7 2 1.7 8.6 9.7 1.5-7.6.2 2 1 11.5 2 1.8 8.6 9.6 1.4-7.8.3 2 1 12.1 11.8 9.7 1.8 11.7 2.4 3 4.1-6.8.7 2 1 12.1 11.8 9.7 1.8 11.6 2.4 4 4.1-6.9.7-1 -1-1 -1-2 -2-2 -2 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 FT8 Shares I Shares IT5 Shares IT8 Shares 3 3 3 3 2 1 12.1 11.8 9.7 1.6 11.6 4.4 1 4.1-6.9.7 2 1 13.3 13.2 11. 12.2 13.2 5.4 2.8 5-5.7 1.3 2 1 13.4 13.1 11.1 12. 13. 5.4 2.7 5-5.7 1.3 2 1 13.4 13.2 11. 12. 13. 5.5 2.6 1-5.7 1.3-1 -1-1 -1-2 -2-2 -2 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 21 Mar. 211 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 O Shares 3 OT5 Shares 3 OT8 Shares 3 2 1 12.8 2 13. 1.9 12. 13. -5.9 1.2 2 1 12.9 2 13. 1.9 11.8 12.8-5.9 1.3 2 1 13. 2 13. 1.9 11.9 12.8-5.9 1.2-1 -1-1 -2-2 -2 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217 Mar. 212 Mar. 213 Mar. 214 Mar. 215 Mar. 216 Mar. 217 Sept. 217
Report of Fund Performance for ended September 3, 217 1 21 return is for from November 3, 29 to March 31, 21. 2 212 return is for from October 4, 211 to March 31, 212. 3 21 return is for from November 1, 29 to March 31, 21. 4 21 return is for from October 31, 29 to March 31, 21. 5 21 return is for from December 31, 29 to March 31, 21.
Report of Fund Performance for ended September 3, 217 Summary of Investment Portfolio as at September 3, 217 Portfolio Breakdown Percentage of Portfolio Breakdown (cont d) Percentage of Top 25 Holdings Percentage of Category Net Assets (%) Category Net Assets (%) Security Name Net Assets (%) Country allocation U.S.A.... 51.8 Canada... 17. U.K.... 4.8 Australia... 4.4 Spain... 3.1 Switzerland... 2.6 Cash & Equivalents... 2.4 Singapore... 2.1 Cayman Islands... 1.7 France... 1.7 Luxembourg... 1.5 Sweden... 1.4 Bermuda... 1.4 Netherlands....8 Jersey Island....6 British Virgin Islands....6 Thailand....6 Taiwan....5 Marshall Islands....3 Italy....2 Mexico....2 Hong Kong....2 Austria....2 Germany....1 Bahamas....1 Ireland....1 Israel.... St. Lucia.... Brazil.... Foreign Currency Forward Contracts.... Other Net Assets (Liabilities)... (.4) Sector allocation Corporate Bonds... 45.8 Real Estate... 1.6 Energy... 1. Financials... 8.2 Industrials... 7.9 Consumer Discretionary... 4.2 Consumer Staples... 3.3 Telecommunication Services... 3. Cash & Equivalents... 2.4 Utilities... 2.1 Exchange-Traded Funds... 1. Funds... 1. Private Placements....7 Health Care....1 Materials....1 Warrants.... Preferred Shares.... Foreign Currency Forward Contracts.... Other Net Assets (Liabilities)... (.4) Cash & Equivalents... 2.4 The Williams Co., Inc.... 2.2 Singapore Telecommunications Ltd.... 2.1 Colony NorthStar Inc., Class A... 2.1 Wells Fargo & Co.... 2.1 Forest City Realty Trust Inc.... 1.8 Brookfield Asset Inc., Class A... 1.7 Six Flags Entertainment Corp.... 1.6 Sydney Airport... 1.5 MacQuarie Atlas Roads Group... 1.5 American Homes 4 Rent... 1.4 Pembina Pipeline Corp.... 1.3 Ferrovial S.A.... 1.3 Royal Dutch Shell PLC... 1.3 Brookfield Office Properties Inc. (USD)... 1.2 Transurban Group... 1.2 Cheniere Energy Inc.... 1.1 Abertis Infraestructuras S.A.... 1.1 VEREIT Inc.... 1.1 Enbridge Inc.... 1. First Asset Global Financial Sector ETF... 1. Enbridge Inc. (USD)... 1. Citigroup Inc.... 1. Retail Opportunity Investments Corp.... 1. Signature Real Estate Pool (Class I)... 1. Net Assets (in $ s) $566,389 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.