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 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 primary investment objective of the Canadian Equity Value Corporate Class (the Fund ) is to provide long-term capital growth and reasonable current income through investment primarily in equity and equity-related securities of Canadian companies that the portfolio advisor believes represent good value and have the potential for consistent long-term growth. Equity-related securities include convertible preferred shares, convertible debt obligations and warrants. This Fund also may invest in other mutual funds. While adhering to a disciplined value style, the portfolio advisor identifies companies that it believes have the potential for significant long-term capital growth. To assess relative value and capital growth potential, the portfolio advisor may employ techniques such as fundamental and quantitative analysis. This includes evaluating the financial condition and management of the company, its industry, and relevant economic factors. As part of this evaluation, the portfolio advisor analyzes financial data and other information sources relevant to the issuer, assesses the quality of company management and conducts company interviews. Though the portfolio advisor may also choose to temporarily hold cash or fixed income securities for strategic reasons, the portfolio advisor endeavors to generally maintain at least 85% of the Fund s current value exposed to equities. The Fund may invest up to 3% of its assets in foreign securities. The Fund may also use derivatives such as options, futures, forward contracts and swaps. RISK There were no changes to the Fund over the period of this report that materially affected the overall level of risk associated with the Fund. This Fund is suitable for investors who want a medium risk investment focused on generating capital growth with reasonable prospect of earning current income and are planning to hold their investment for the medium and/or long term. RESULTS OF OPERATIONS The net asset value of the Fund increased by $6.2 million to $397.7 million from March 31, 16 to March 31, 17. The Fund had net sales of $16.2 million during the year. The portfolio s performance increased assets by $65. million. The Fund paid distributions totalling $21. million. The one-year return for Class A shares, Class E shares, Class ET8 shares, Class OF shares, Class I shares, Class IT8 shares, Class W shares and Class WT8 shares was 15.8%, 16.6%, 16.3%, 17.1%, 19.3%, 19.2%, 19.% and 18.9%, respectively, compared to the return of the S&P/TSX Composite Total Return Index of 18.6% for the same year. The S&P/TSX Composite Index experienced a double-digit percentage increase thanks to a broad-based recovery across multiple sectors. Financials, which stand to benefit from higher bond yields, contributed the most to the S&P/TSX Composite Index s advance. The energy sector benefitted from a tighter supply-demand dynamic in energy markets, helped by cooperation among OPEC members to curtail production. Gold shares rallied strongly off low levels, though they gave back some of their gains as the year progressed. The U.S. economy showed continued signs of expansion after the surprise election of Donald Trump, whose platform promised less regulation, lower taxes and increased infrastructure spending. These factors contributed to a sharp rise in economically-sensitive equities after the November vote was cast. Conversely, defensive bond proxy sectors, which had benefitted from low inflation expectations, gave back some of their gains. The Fund, which employs a value-oriented approach to stock selection, benefitted from the shift in market dynamics. Over the twelve-month period, the Fund performed in line with its the benchmark, initially lagging the gold-driven rally but eventually catching up as our value approach found favour in both Canada and the US. The portfolio s overweight position to cyclical sectors particularly financials, energy and industrials drove strong performance through the period. Security selection within the consumer staples segment was a major source of relative performance, with Premium Brands Holdings Corp. completing and successfully integrating several acquisitions, in line with our thesis. Industrials holding Air Canada contributed positively to performance as the company continued to execute on its transformation strategy, leading to an upward re-rating of the stock s multiple. Our avoidance of Canadian health care company Valeant Pharmaceuticals International Inc., which reported weak results and had a key activist investor exit their position, contributed positively to performance. Other positive contributors included: Canyon Services Group Inc., Vermilion Energy Inc., Uni-Select Inc., and Whistler Blackcomb Holdings Inc. The materials sector was the largest detractor from relative results during the period, in large part due to the Fund s underweighting of mining stocks. Geopolitical uncertainty and concerns about deflation caused gold shares to rally strongly off low levels, though they gave back some of their gains as the year progressed. Bulk and base metals producers not held in the Fund experienced significant multiple expansion as supply shortages led to improved sentiment toward the sector, thus detracting from Fund performance. The Fund s cash position also took away from relative performance given the double-digit rise of the market through the period. Companies that detracted included: Detour Gold Corp., Crescent Point Energy Corp., Keyera Corp., Magna International Inc. and Tourmaline Oil Corp. CIG - 17656
Noteworthy additions during the quarter were Killam Apartment REIT, Premium Brands Holdings, Aritzia Inc., MacDonald Dettwiler & Associates Ltd., Exchange Income Corp. and Winpak Ltd. Noteworthy deletions included CIBC, Power Corp., Shaw Communications Inc., Crescent Point Energy, Thomson Reuters Corp., Whistler Blackcomb, WestJet Airlines Ltd., BRP Inc., Detour Gold Corp., H&R REIT and Alimentation Couche-Tard Inc. RECENT DEVELOPMENTS We continue to research and buy positions in idiosyncratic stocks that we believe will generate value over time. Valuations have expanded and we have taken advantage of the strength in the market to exit or trim some of the Fund s holdings and will continue doing so as prices approach our valuation targets. As a result, the cash balance in the Fund is higher than normal, though still in the single-digit percent range. With U.S. inflation hitting the U.S. Federal Reserve 2% target for the first time in five years, we anticipate that interest rates will rise, which will benefit the Fund s interest-sensitive holdings, including financials. Oil price volatility has re-affirmed our focus on investing in strong cash flow generating companies which can remain profitable and create value in a low oil environment. The Trump Administration s economic platform and proposals are likely to cause uncertainty in the markets. Proposals including deregulation, tax cuts and infrastructure spending have the potential to be catalysts for growth and have positive impacts on several sectors within the market. Conversely, the potential for instability and implementation of protectionist trade policies could negatively impact the markets. Geopolitical risk is elevated; hence our focus on companies with an ability to ride out any storms thanks to strong economic moats and positive fundamentals. We have identified a number of such companies and are prepared to deploy capital into them opportunistically. Effective March 13, 17, shares initially issued as Class F Shares were renamed as Class OF Shares. Effective January 3, 17, James Werry became a member of the Independent Review Committee of the Fund. 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. Management fee and fixed administration fee rates as at March 31, 17, for each of the classes are shown below: Annual management fee rate (%) Annual fixed administration fee rate (%) A Shares 2.5. Annual management fee rate (%) Annual fixed administration fee rate (%) E Shares 1.9. ET8 Shares 1.9. OF Shares 1.5. I Shares Paid directly by investor - IT8 Shares Paid directly by investor - W Shares Paid directly by investor. WT8 Shares Paid directly by investor. The Manager received $.6 million in management fees and $.5 million in fixed administrative fees for the year. Management Fees Approximately 25% of total management fees were used to pay for sales and trailing commissions and other services required. The remaining 75% 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. 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.; 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 ); c) purchases or sales of other investment funds managed by the Manager or their affiliates; and d) mergers of funds with another fund that is subject to National Instrument 81-12 ( 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 IRC of any material breach of a condition of the standing instructions. The standing instructions require, among other things, that the investment decisions 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 IRC on a quarterly basis to monitor compliance. The Fund relied on the IRC s standing instructions regarding Related Party Transactions during this reporting year.
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. Net Assets per Share ($) (1) (2) (8) * A Shares Commencement of operations October 22, 7 Mar. 31, 17 Mar. 31, 16 Mar. 31, 15 Mar. 31, 14 Mar. 31, 13^ 1.12 11.5 11.49 9.44 9.4.26.28.26.25.22 (.34) (.32) (.35) (.31) (.26).62 (.22).4.28.1 1.16 (.84) - 1.95.29 1.7 (1.1).31 2.17.35 (.8) (.9) (.8) (.17) (.6) (.5) (.) (.18) - - (.58) (.29) (.26) (.17) (.6) 11.14 1.12 11.5 11.49 9.44 44 823 1,16 1,235 1,416 39 81 11 17 15 5.27 36.77 4.23 36.34 26.8.1.9.12.1.7 2.7 2.71 2.7 2.7 2.7.27.28.29.29.31 2.97 2.99 2.99 2.99 3.1 1.1 1.52 1.67 1.68 11.66 E Shares Commencement of operations September 12, 8 Mar. 31, 17 Mar. 31, 16 Mar. 31, 15 Mar. 31, 14 Mar. 31, 13^ 12.16 13.73 13.63 11.12 1.58.32.33.31.3.26 (.33) (.3) (.33) (.29) (.24).84 (.3).47.36.14 1.19 (.91).1 2.34.51 2.2 (1.18).46 2.71.67 (.9) (.1) (.1) (.19) (.8) (.61) (.24) (.22) - - (.7) (.34) (.32) (.19) (.8) 13.48 12.16 13.73 13.63 11.11 31,43 25,269 27,697 26,677,189 2,331 2,77 2,17 1,957 1,816 5.27 36.77 4.23 36.34 26.8.1.9.12.1.7 2.1 2.1 2.1 2.1 2.1.23.23.23.23.22 2.33 2.33 2.33 2.33 2.32 1.95 11.4 1.84 1.72 1.79 *Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 7.
FINANCIAL HIGHLIGHTS (cont d) Net Assets per Share ($) (1) (2) (8) * ET8 Shares Commencement of operations June, 11 Mar. 31, 17 Mar. 31, 16 Mar. 31, 15 Mar. 31, 14 Mar. 31, 13^ 7.45 9.18 9.86 8.67 8.94.19.21.22.23.21 (.) (.19) (.23) (.22) (.).49 (.34).31.32.11.67 (.21).9 1.86.44 1.15 (.53).39 2.19.56 (.5) (.6) (.7) (.14) (.6) (.34) (.15) (.15) - - (.63) (.72) (.77) (.69) (.68) (1.2) (.93) (.99) (.83) (.74) 7.61 7.45 9.18 9.86 8.67 434 614 282 195 93 57 82 31 11 5.27 36.77 4.23 36.34 26.8.1.9.12.1.7 2.1 2.1 2.1 2.1 2.1.26.26.25.28.28 2.36 2.36 2.35 2.38 2.38 12.27 12.3 12.8 13.32 12.9 OF Shares Commencement of operations July 3, 8 Mar. 31, 17 Mar. 31, 16 Mar. 31, 15 Mar. 31, 14 Mar. 31, 13^ 11.56 12.99 12.85 1.45 9.89.3.32.3.28.26 (.26) (.23) (.25) (.23) (.18).79 (.27).3.35.22 1.14.36 (.28) 2. 1.13 1.97.18.7 2.6 1.43 (.9) (.1) (.9) (.18) (.7) (.58) (.23) (.21) - - (.67) (.33) (.3) (.18) (.7) 12.87 11.56 12.99 12.85 1.44 68 15 28 13 9 5 9 2 1 1 5.27 36.77 4.23 36.34 26.8.1.9.12.1.7 1.7 1.7 1.7 1.7 1.7.21.22.22.23.16 1.91 1.92 1.92 1.93 1.86 12.49 13. 13. 13. 8. *Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 7.
FINANCIAL HIGHLIGHTS (cont d) Net Assets per Share ($) (1) (2) (8) * I Shares Commencement of operations September 8, 8 Mar. 31, 17 Mar. 31, 16 Mar. 31, 15 Mar. 31, 14 Mar. 31, 13^ 14.26 15.72 15.25 12.17 11.31.38.38.35.33.28 (.2) - - - - 1.1 (.4).49.41.14 1.36 (.94) (.3) 2.6.47 2.73 (.96).81 3.34.89 (.11) (.12) (.11) (.22) (.8) (.73) (.28) (.25) - - (.84) (.4) (.36) (.22) (.8) 16.18 14.26 15.72 15.25 12.16 17,334 116,438 12,495 76,968 47,748 1,53 8,165 6,519 5,46 3,925 5.27 36.77 4.23 36.34 26.8.1.9.12.1.7 IT8 Shares Commencement of operations June, 11 Mar. 31, 17 Mar. 31, 16 Mar. 31, 15 Mar. 31, 14 Mar. 31, 13^ 9.44 11.36 11.9 1.21 1.28.24.26.27.28.25 (.2) - - - -.63 (.42).31.44.12.92 (.44) (.1) 1.96.5 1.77 (.6).48 2.68.87 (.7) (.8) (.8) (.17) (.7) (.44) (.19) (.17) - - (.8) (.9) (.93) (.82) (.78) (1.31) (1.17) (1.18) (.99) (.85) 9.89 9.44 11.36 11.9 1.21 3,366 2,149 1,14 749 76 34 228 1 63 7 5.27 36.77 4.23 36.34 26.8.1.9.12.1.7 *Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 7.
FINANCIAL HIGHLIGHTS (cont d) Net Assets per Share ($) (1) (2) (8) * W Shares Commencement of operations October 22, 7 Mar. 31, 17 Mar. 31, 16 Mar. 31, 15 Mar. 31, 14 Mar. 31, 13^ 12.73 14.6 13.67 1.92 1.18.34.34.31.3.25 (.5) (.3) (.3) (.3) (.2).86 (.31).47.35.12 1.34 (.95).1 2.31.39 2.49 (.95).76 2.93.74 (.1) (.11) (.1) (.19) (.7) (.65) (.25) (.22) - - (.75) (.36) (.32) (.19) (.7) 14.4 12.73 14.6 13.67 1.92 18,28 177,365 192,576 173,948 149,588 12,499 13,937 13,694 12,721 13,694 5.27 36.77 4.23 36.34 26.8.1.9.12.1.7......2.2.2.2.2.22.22.22.22.22 11.37 11.18 11.12 11.17 11.13 WT8 Shares Commencement of operations June 22, 11 Mar. 31, 17 Mar. 31, 16 Mar. 31, 15 Mar. 31, 14 Mar. 31, 13^ 8.3 9.68 1.18 8.75 8.82..22.23.23.24 (.3) (.2) (.2) (.2) (.2).52 (.).34.28.16.89 (.37).5 1.83 1.43 1.58 (.37).6 2.32 1.81 (.6) (.7) (.7) (.15) (.6) (.38) (.16) (.15) - - (.68) (.76) (.8) (.69) (.66) (1.12) (.99) (1.2) (.84) (.72) 8.39 8.3 9.68 1.18 8.75 11,572 14,781 11,338 8,36 5,148 1,379 1,84 1,171 79 588 5.27 36.77 4.23 36.34 26.8.1.9.12.1.7......2.3.3.2.3.22.23.23.22.23 12.1 12.54 12.84 12.15 12.66 *Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 7.
FINANCIAL HIGHLIGHTS (cont d) (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) in net assets from operations per share is based on the weighted average number of shares outstanding for the relevant class over the fiscal year. (3) Dividends are 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 assets for the year. The Effective HST tax rate is calculated using the attribution percentage for each province based on shareholder residency and can be different from 13%. (5) 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 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 monthly fair value of investments during the year. (6) The trading expense ratio represents total commissions and other portfolio transaction costs disclosed in the statements of comprehensive income expressed as an annualized percentage of daily average net assets of the Fund during the year. (7) For financial years beginning on or after April 1, 13 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, 13, 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. (8) This information is provided as at March 31 of the years shown. 8
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 dividends made by the Fund in the years 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 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. A Shares E Shares ET8 Shares OF Shares 6 4 - -4-6. 1 Mar. 8-31.5 Mar. 9 41.9 Mar. 1 15.8 Mar. 11-11.6 Mar. 12 5.1 Mar. 13 23.6 Mar. 14 2.4 Mar. 15-9.5 Mar. 16 Mar. 17 15.8 6 4 - -4-26.1 4 Mar. 9 42.7 Mar. 1 16.5 Mar. 11-11. Mar. 12 5.8 Mar. 13 24.4 Mar. 14 3.1 Mar. 15-8.9 Mar. 16 Mar. 17 16.6 6 4 - -4-3. 5 Mar. 12 5.7 Mar. 13 24.3 Mar. 14 3. Mar. 15-8.9 Mar. 16 Mar. 17 16.3 6 4 - -4-31.7 2 Mar. 9 43.3 Mar. 1 16.9 Mar. 11-1.6 Mar. 12 6.3 Mar. 13 24.8 Mar. 14 3.4 Mar. 15-8.5 Mar. 16 Mar. 17 17.1 I Shares IT8 Shares W Shares WT8 Shares 6 45.9 6 6 45.8 6 4 - -4-26.2 3 Mar. 9 Mar. 1 19.1 Mar. 11-8.8 Mar. 12 8.3 Mar. 13 27.2 Mar. 14 5.5 Mar. 15-6.7 Mar. 16 Mar. 17 19.3 4 - -4 8.1 5 Mar. 12 8.2 Mar. 13 27.4 Mar. 14 5.4 Mar. 15-6.9 Mar. 16 Mar. 17 19.2 4 - -4-4.9 1 Mar. 8-29.8 Mar. 9 Mar. 1 18.8 Mar. 11-9.1 Mar. 12 8.1 Mar. 13 27.1 Mar. 14 5.2 Mar. 15-6.9 Mar. 16 Mar. 17 19. 4 - -4-6.9 6 Mar. 12 8.1 Mar. 13 27.1 Mar. 14 5.1 Mar. 15-7. Mar. 16 Mar. 17 18.9 1 This figure is for the period from October 22, 7 to March 31, 8. 2 This figure is for the period from July 3, 8 to March 31, 9. 3 This figure is for the period from September 8, 8 to March 31, 9. 4 This figure is for the period from September 12, 8 to March 31, 9. 5 This figure is for the period from June, 11 to March 31, 12. 6 This figure is for the period from June 22, 11 to March 31, 12.
Annual Compound Returns The following table shows the Fund s annual compound returns for each year indicated, compared to the S&P/TSX Composite Total Return Index. The S&P/TSX Composite Total Return Index is a float-adjusted market capitalization weighted index which is the principal broad measure of the Canadian equity market. It includes common stocks and income trust units of companies incorporated in Canada which are listed on the Toronto Stock Exchange. 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 Year (%) Three Years (%) Five Years (%) Ten Years (%) Since Inception (%) A Shares 15.8 2.4 6.9 n/a 2.8 S&P/TSX Composite Total Return Index 18.6 5.8 7.8 n/a 3.7 E Shares 16.6 3.1 7.6 n/a 5.4 S&P/TSX Composite Total Return Index 18.6 5.8 7.8 n/a 6.5 ET8 Shares 16.3 3. 7.5 n/a 5.9 S&P/TSX Composite Total Return Index 18.6 5.8 7.8 n/a 5.2 OF Shares 17.1 3.5 8. n/a 4.8 S&P/TSX Composite Total Return Index 18.6 5.8 7.8 n/a 4.6 I Shares 19.3 5.5 1.1 n/a 7.7 S&P/TSX Composite Total Return Index 18.6 5.8 7.8 n/a 6.5 IT8 Shares 19.2 5.4 1. n/a 1.1 S&P/TSX Composite Total Return Index 18.6 5.8 7.8 n/a 5.9 W Shares 19. 5.3 9.9 n/a 5.7 S&P/TSX Composite Total Return Index 18.6 5.8 7.8 n/a 3.7 WT8 Shares 18.9 5.1 9.8 n/a 7.1 S&P/TSX Composite Total Return Index 18.6 5.8 7.8 n/a 5.9 1
Summary of Investment Portfolio as at March 31, 17 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 Canada... 69.2 U.S.A.... 22.8 Cash & Equivalents... 5.5 Netherlands Antilles... 1. Ireland....7 Other Net Assets (Liabilities)....6 Foreign Currency Forward Contracts....2 Sector allocation Financials... 26.3 Energy... 21.1 Industrials... 12.9 Consumer Discretionary... 11.2 Materials... 7.1 Information Technology... 6.1 Cash & Equivalents... 5.5 Health Care... 3.5 Real Estate... 2.8 Consumer Staples... 2.7 Other Net Assets (Liabilities)....6 Foreign Currency Forward Contracts....2 Royal Bank of Canada... 6.4 Cash & Equivalents... 5.5 The Bank of Nova Scotia... 4.8 Toronto-Dominion Bank... 4.2 CCL Industries Inc., Class B... 3.8 Suncor Energy Inc.... 3.1 Canadian National Railway Co.... 2.9 Manulife Financial Corp.... 2.8 Keyera Corp.... 2.6 Canadian Natural Resources Ltd.... 2.5 CGI Group Inc.... 2.2 Killam Apartment Real Estate Investment Trust... 2.2 Vermilion Energy Inc.... 2.2 Air Canada... 2.2 Enbridge Inc.... 2.1 Premium Brands Holdings Corp.... 2.1 Uni-Select Inc.... 2. Magna International Inc., Class A... 1.8 Artizia Inc.... 1.7 Waste Connections Inc.... 1.6 Quebecor Inc., Class B... 1.6 Agrium Inc.... 1.5 Tourmaline Oil Corp.... 1.4 MacDonald Dettwiler & Associates Ltd.... 1.4 Alphabet Inc., Class C... 1.4 Total Net Assets (in $ s) $397,672 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.