united corporate classes - ci investments · signature global bond corporate class signature global...

UNITED CORPORATE CLASSES

ANNUAL FINANCIAL STATEMENTS - MARCH 31, 2018

Table of Contents

Annual Financial Statements - March 31, 2018

Independent Auditor’s Report .............................................................................................. 1

Income Fund(s)

Short Term Income Corporate Class ........................................................................................... 3

Canadian Fixed Income Corporate Class .................................................................................... 17

Global Fixed Income Corporate Class ......................................................................................... 31

Enhanced Income Corporate Class ............................................................................................. 45

Canadian Equity Fund(s)

Canadian Equity Value Corporate Class ..................................................................................... 69

Canadian Equity Growth Corporate Class .................................................................................. 83

Canadian Equity Small Cap Corporate Class ............................................................................. 97

Canadian Equity Alpha Corporate Class ..................................................................................... 109

US Equity Fund(s)

US Equity Value Corporate Class ............................................................................................... 121

US Equity Growth Corporate Class ............................................................................................. 136

US Equity Small Cap Corporate Class ........................................................................................ 151

US Equity Alpha Corporate Class ............................................................................................... 166

International Equity Fund(s)

International Equity Value Corporate Class ............................................................................... 180

International Equity Growth Corporate Class ............................................................................. 195

Emerging Markets Equity Corporate Class ................................................................................. 210

International Equity Alpha Corporate Class ............................................................................... 227

Specialty Fund(s)

Real Estate Investment Corporate Class .................................................................................... 241

Currency Hedged Fund(s)

International Equity Value Currency Hedged Corporate Class .................................................. 258

US Equity Value Currency Hedged Corporate Class .................................................................. 272

Notes to the Financial Statements ...................................................................................... 286

Legal Notice ............................................................................................................................. 312

– 1 –Annual Financial Statements - March 31, 2018

CI Corporate Class Limited

To the Shareholders of:

CI American Managers® Corporate Class

CI American Small Companies Corporate Class

CI American Value Corporate Class

CI Canadian Investment Corporate Class

CI Can-Am Small Cap Corporate Class

CI Global Health Sciences Corporate Class

CI Global High Dividend Advantage Corporate Class

CI Global Small Companies Corporate Class

CI Global Value Corporate Class

CI International Value Corporate Class

CI Pacific Corporate Class

CI Short-Term Corporate Class

CI Short-Term US$ Corporate Class

Harbour Corporate Class

Harbour Global Equity Corporate Class

Harbour Global Growth & Income Corporate Class

Harbour Growth & Income Corporate Class

Harbour Voyageur Corporate Class

Signature Canadian Bond Corporate Class

Signature Corporate Bond Corporate Class

Signature Diversified Yield Corporate Class

Signature Dividend Corporate Class

Signature Emerging Markets Corporate Class

Signature Global Bond Corporate Class

Signature Global Dividend Corporate Class

Signature Global Energy Corporate Class

Signature Global Equity Corporate Class

Signature Global Income & Growth Corporate Class

Signature Global Resource Corporate Class

Signature Global Science & Technology Corporate Class

Signature Gold Corporate Class

Signature High Income Corporate Class

Signature High Yield Bond Corporate Class

Signature Income & Growth Corporate Class

Signature Select Canadian Corporate Class

Synergy American Corporate Class

Synergy Canadian Corporate Class

Synergy Global Corporate Class

Select 100e Managed Portfolio Corporate Class

Select 20i80e Managed Portfolio Corporate Class







Select Canadian Equity Managed Corporate Class

Select Income Managed Corporate Class

Select International Equity Managed Corporate Class

Select U.S. Equity Managed Corporate Class

Cambridge American Equity Corporate Class

Cambridge Asset Allocation Corporate Class

Cambridge Canadian Dividend Corporate Class

Cambridge Canadian Equity Corporate Class

Cambridge Global Dividend Corporate Class

Cambridge Global Equity Corporate Class

Cambridge Growth Companies Corporate Class

Cambridge Monthly Income Corporate Class (formerly Cambridge Income Corporate Class)

Cambridge Pure Canadian Equity Corporate Class

Canadian Equity Alpha Corporate Class

Canadian Equity Growth Corporate Class

Canadian Equity Small Cap Corporate Class

Canadian Equity Value Corporate Class

Canadian Fixed Income Corporate Class

Emerging Markets Equity Corporate Class

Enhanced Income Corporate Class

Global Fixed Income Corporate Class

International Equity Alpha Corporate Class

International Equity Growth Corporate Class

International Equity Value Corporate Class

International Equity Value Currency Hedged Corporate Class

Real Estate Investment Corporate Class

Short Term Income Corporate Class

US Equity Alpha Corporate Class

US Equity Growth Corporate Class

US Equity Small Cap Corporate Class

US Equity Value Corporate Class

US Equity Value Currency Hedged Corporate Class

Black Creek Global Balanced Corporate Class

Black Creek Global Leaders Corporate Class

Black Creek International Equity Corporate Class

(collectively “the Funds”)

We have audited the accompanying March 31, 2018 annual financial statements of each of the Funds,

which comprise the statements of financial position, comprehensive income, changes in net assets

attributable to holders of redeemable shares and cash flows as at and for the periods indicated in

Note 1, and the related notes, which comprise a summary of significant accounting policies and other

explanatory information.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements of

each of the Funds in accordance with International Financial Reporting Standards, and for such internal

control as management determines is necessary to enable the preparation of financial statements that

are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial statements of each of the Funds based

on our audits. We conducted our audits in accordance with Canadian generally accepted auditing

standards. Those standards require that we comply with ethical requirements and plan and perform

the audit to obtain reasonable assurance about whether the financial statements are free from

material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures

in the financial statements. The procedures selected depend on the auditor’s judgment, including the

assessment of the risks of material misstatement of the financial statements, whether due to fraud or

error. In making those risk assessments, the auditor considers internal control relevant to the entity’s

preparation and fair presentation of the financial statements in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of

accounting policies used and the reasonableness of accounting estimates made by management, as

well as evaluating the overall presentation of the financial statements.

Independent Auditor’s Report



We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate

to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements of each of the Funds present fairly, in all material respects,

the financial position and the financial performance and cash flows of each of the Funds as at and

for the periods indicated in Note 1, in accordance with International Financial Reporting Standards.

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario

June 18, 2018

Independent Auditor’s Report



Statements of Financial Position as at March 31(in $000’s except for per share amounts and shares outstanding)

2018 2017

12,167 30,722 134 103

- - - -

- - - - - - - - - - - - - - - - 1 - 40 14,531 117 128 12,459 45,484

- - - -

- - - - - - - -

- - - - 81 14,527 185 4 - - - - - - - - 38 18 304 14,549

12,155 30,935

12,583 31,176 - -

Statements of Financial Position (cont’d)as at March 31(in $000’s except for per share amounts and shares outstanding)

Net assets attributable to holders of redeemable shares

per class (Note 4):

Net assets attributable to holders of redeemable

shares per share: Number of redeemable

shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 2 1 10.90 11.09 240 15E Shares 65 143 10.13 10.34 6,446 13,858E3 Shares 10 - 9.82 - 1,000 -E4 Shares 10 - 9.83 - 1,000 -E5 Shares 10 - 9.84 - 1,000 -ET8 Shares 30 33 5.94 6.57 5,011 5,057E3T8 Shares 10 - 9.11 - 1,079 -E4T8 Shares 10 - 9.11 - 1,079 -E5T8 Shares 10 - 9.12 - 1,078 -F Shares 10 - 9.92 - 1,000 -F3 Shares 10 - 9.92 - 1,000 -F4 Shares 10 - 9.93 - 1,000 -F5 Shares 10 - 9.94 - 1,000 -FT8 Shares 10 - 9.20 - 1,078 -F3T8 Shares 10 - 9.20 - 1,078 -F4T8 Shares 10 - 9.21 - 1,078 -F5T8 Shares 10 - 9.22 - 1,078 -I Shares 1,976 1,929 12.76 12.73 154,769 151,510IT8 Shares 59 60 6.65 7.21 8,879 8,310OF Shares 10 10 10.14 10.28 998 998W Shares 9,785 28,678 13.29 13.28 736,476 2,159,535WT8 Shares 88 81 6.58 7.14 13,432 11,314

AssetsCurrent assetsInvestments*CashUnrealized gain on futures and foreign currency forward contractsSwaps, swaptions and optionsCash collateral received for securities on loan (Note 6)Daily variation margin on derivative instrumentsFees rebate receivableMargin for short salesDividends receivableInterest receivableReceivable for distribution from investmentsSecurities lending revenue receivable (Note 6)Receivable for investments soldReceivable for share subscriptionsOther

LiabilitiesCurrent liabilitiesInvestments sold short**Bank overdraftUnrealized loss on futures and foreign currency forward contractsSwaps, swaptions and options Dividends payable on investments sold shortInterest payable on investments sold shortPayable for cash collateral under securities lending (Note 6)Daily variation margin on derivative instrumentsPayable for investments purchasedPayable for share redemptionsDividends payable to holders of redeemable shares Management fees payableAdministration fees payableAccrued liabilitiesOther


*Investments at cost**Investments sold short at cost

The accompanying notes are an integral part of these financial statements.

Financial Statements

CIG - 17652



Statements of Comprehensive Incomefor the years ended March 31(in $000’s except for per share amounts and number of shares)

2018 2017

- - 2 2 597 635 - - - - - -

- - - -

(552) (135)

38 (228) 85 274 - - - - - - 39 43 39 43 124 317

4 3 31 33 - - - - - - 2 1 - - 4 5 41 42 55 40

28 235



Statements of Comprehensive Income (cont’d)for the years ended March 31(in $000’s except for per share amounts and number of shares)

Increase (decrease) in net assets attributable to

holders of redeemable shares per class:


holders of redeemable shares per share:

Weighted average number of shares:

2018 2017 2018 2017 2018 2017A Shares (1) - (0.30) (0.05) 486 834E Shares (2) (1) (0.15) (0.04) 11,371 11,493E3 Shares - - (0.17) - 1,049 -E4 Shares - - (0.17) - 1,002 -E5 Shares - - (0.17) - 1,000 -ET8 Shares (1) 1 (0.11) 0.10 5,201 6,363E3T8 Shares - - (0.17) - 1,036 -E4T8 Shares - - (0.17) - 1,036 -E5T8 Shares - - (0.16) - 1,036 -F Shares - - (0.05) - 1,958 -F3 Shares - - (0.07) - 1,008 -F4 Shares - - (0.06) - 1,010 -F5 Shares - - (0.06) - 1,000 -FT8 Shares - - (0.08) - 1,035 -F3T8 Shares - - (0.08) - 1,035 -F4T8 Shares - - (0.07) - 1,035 -F5T8 Shares - - (0.06) - 1,035 -I Shares 9 29 0.05 0.13 169,321 208,286IT8 Shares - 1 0.04 0.12 8,793 8,416OF Shares - - (0.14) (0.03) 999 999W Shares 23 204 0.02 0.14 1,371,619 1,478,445WT8 Shares - 1 - 0.10 11,815 9,612

Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold

short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and

derivatives Change in unrealized appreciation (depreciation) in value

of investments and derivativesTotal net gain (loss) on investments and derivativesOther income Foreign exchange gain (loss) on cash Commitment fee income Securities lending revenue (Note 6) Fees rebateTotal other incomeTotal incomeExpensesManagement fees (Note 5)Administration fees (Note 5)Commissions and other portfolio transaction costsSecurities borrowing fees (Note 2)Margin feesInterest expenseWithholding taxesHarmonized sales taxTotal expensesIncome taxIncrease (decrease) in net assets attributable to holders of redeemable shares



Statements of Changes in Net Assets Attributable to Holders of Redeemable Sharesfor the years ended March 31 (in $000’s)

Net assets attributable to holders of redeemable shares at the beginning of yearIncrease (decrease) in net assets attributable to holders of redeemable sharesDividends to holders of redeemable shares From net investment income From net realized gains Return of capitalTotal dividends to holders of redeemable shares

Redeemable share transactions Proceeds from redeemable shares issued Reinvestment of dividends to holders of redeemable shares Redemption of redeemable sharesNet increase (decrease) from redeemable share transactionsNet increase (decrease) in net assets attributable to holders of redeemable sharesNet assets attributable to holders of redeemable shares at the end of year







A Shares 2018 2017 1 24 (1) -

- - - - - - - -

14 2 - - (12) (25) 2 (23) 1 (23) 2 1

E Shares 2018 2017 143 405 (2) (1)

- - - - - - - -

7,733 10,532 - - (7,809) (10,793) (76) (261) (78) (262) 65 143

E3 Shares 2018 2017 - - - -

- - - - - - - -

121 - - - (111) - 10 - 10 - 10 -

E4 Shares 2018 2017 - - - -

- - - - - - - -

16 - - - (6) - 10 - 10 - 10 -

E5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

ET8 Shares 2018 2017 33 33 (1) 1

- - - - (3) (4) (3) (4)

374 1,111 1 1 (374) (1,109) 1 3 (3) - 30 33

E3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

E4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - - -

- - - - - - - -

1,553 - - - (1,543) - 10 - 10 - 10 -

F3 Shares 2018 2017 - - - -

- - - - - - - -

17 - - - (7) - 10 - 10 - 10 -

F4 Shares 2018 2017 - - - -

- - - - - - - -

43 - - - (33) - 10 - 10 - 10 -





Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (cont’d)for the years ended March 31 (in $000’s)







F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 1,929 3,749 9 29

- - - - - - - -

42,147 101,090 - - (42,109) (102,939) 38 (1,849) 47 (1,820) 1,976 1,929

IT8 Shares 2018 2017 60 51 - 1

- - - - (5) (4) (5) (4)

433 2,807 3 2 (432) (2,797) 4 12 (1) 9 59 60

OF Shares 2018 2017 10 10 - -

- - - - - - - -

- - - - - - - - - - 10 10

W Shares 2018 2017 28,678 21,539 23 204

- - - - - - - -

25,009 77,288 - - (43,925) (70,353) (18,916) 6,935 (18,893) 7,139 9,785 28,678

WT8 Shares 2018 2017 81 11 - 1

- - - - (7) (7) (7) (7)

16 208 4 3 (6) (135) 14 76 7 70 88 81

Total Fund 2018 2017 30,935 25,822 28 235

- - - - (22) (15) (22) (15)

77,566 193,038 15 6 (96,367) (188,151) (18,786) 4,893 (18,780) 5,113 12,155 30,935



Statements of Cash Flowsfor the years ended March 31 (in $000’s)

2018 2017

28 235

552 135 - - - -

(38) 228 79,963 119,533 (75,772) (111,385) - - (597) (635) - - - - - - - - - - - - 31 (108) 4,167 8,003

(7) (9) 91,978 179,035 (96,107) (188,278) (4,136) (9,252)

- - 31 (1,249) 103 1,352 134 103

- - 2 2 - - 2 1 (24) -

*Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. The accompanying notes are an integral part of these financial statements.


Cash flows from (used in) operating activitiesIncrease (decrease) in net assets attributable to holders of redeemable sharesAdjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of

investments and derivatives Proceeds from sale and maturity of investments and derivatives Purchase of investments and derivatives (Increase) decrease in margin for short sales Non-cash distributions from investments Change in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in securities lending revenue receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payableNet cash from (used in) operating activities

Cash flows from (used in) financing activitiesDividends paid to holders of redeemable shares, net of reinvested dividendsProceeds from issuance of redeemable sharesAmounts paid on redemption of redeemable sharesNet cash from (used in) financing activities Unrealized foreign exchange gain (loss) on cashNet increase (decrease) in cashCash (bank overdraft), beginning of yearCash (bank overdraft), end of year

Supplementary Information:Dividends received, net of withholding tax*Interest received, net of withholding tax*Dividends paid*Interest paid*Tax recoverable (paid)



UNDERLYING FUND(S) (100.1%) 901,861 Short Term Income Pool (Class W)† 12,582,678 12,166,559

Total Investment Portfolio (100.1%) 12,582,678 12,166,559 Other Net Assets (Liabilities) (-0.1%) (12,049) Net Assets Attributable to Holders of Redeemable Shares (100.0%) 12,154,510

† The Fund invests in an Underlying Fund. The Fund and the Underlying Fund are commonly managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.

Schedule of Investment Portfolio as at March 31, 2018

No. of Units DescriptionAverageCost ($)

FairValue ($)

TO BE PROVIDED



Financial Instruments by Category (Note 2)

The following tables present the carrying amounts of the Fund’s financial instruments by category:

as at March 31, 2018

Held forTrading

Financial Assets/Liabilities as FVTPL

Designated at Inception Total

Financial Assets/Liabilities at

Amortized Cost Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)

AssetsInvestments - 12,167 12,167 - 12,167Cash - - - 134 134Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 1 1Receivable for share subscriptions - - - 40 40 - 12,167 12,167 175 12,342LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 81 81Payable for share redemptions - - - 185 185Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 266 266

Fund Specific Notes to Financial Statements






Financial Instruments by Category (Note 2) (cont’d)


Held forTrading






AssetsInvestments - 30,722 30,722 - 30,722Cash - - - 103 103Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 14,531 14,531 - 30,722 30,722 14,634 45,356LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 14,527 14,527Payable for share redemptions - - - 4 4Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 14,531 14,531





Interest in Non-Consolidated Structured Entities (Note 2)

The following tables present the Fund’s interest in Non-Consolidated Structured Entities.

as at March 31, 2018 Fair Value of

the Underlying Funds / ETFsFair Value of the Fund’s Investment

in the Underlying Funds / ETFsOwnership in the

Underlying Funds / ETFs

Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Short Term Income Pool 28,562 12,167 42.6





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Short Term Income Pool 34,356 30,722 89.4

Net Gain (Loss) on Financial Instruments (Note 2)for the years ended March 31 (in $000’s)

The following table presents the net gain (loss) on financial instruments at FVTPL by category.

2018 2017Financial Instruments at FVTPLHeld for trading - -Designated at fair value through profit or loss 85 274Total 85 274



Redeemable Share Transactions (Note 4)for the years ended March 31

Number of redeemable shares at the beginning of yearRedeemable shares issued for cashRedeemable shares issued for reinvested dividendsRedeemable shares redeemedNumber of redeemable shares at the end of year






†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.

Commissions (Note 2)for the years ended March 31 (in $000’s)

2018 2017Brokerage commissions - -Soft dollar commissions† - -

A Shares 2018 2017 15 2,200 1,290 104 - - (1,065) (2,289) 240 15

E Shares 2018 2017 13,858 38,613 756,592 1,012,632 - - (764,004) (1,037,387) 6,446 13,858

E3 Shares 2018 2017 - - 12,290 - - - (11,290) - 1,000 -

E4 Shares 2018 2017 - - 1,575 - - - (575) - 1,000 -

E5 Shares 2018 2017 - - 1,000 - - - - - 1,000 -

ET8 Shares 2018 2017 5,057 4,631 55,876 162,676 134 123 (56,056) (162,373) 5,011 5,057

E3T8 Shares 2018 2017 - - 1,000 - 79 - - - 1,079 -

E4T8 Shares 2018 2017 - - 1,000 - 79 - - - 1,079 -

E5T8 Shares 2018 2017 - - 1,000 - 78 - - - 1,078 -

F Shares 2018 2017 - - 156,402 - - - (155,402) - 1,000 -

F3 Shares 2018 2017 - - 1,696 - - - (696) - 1,000 -

F4 Shares 2018 2017 - - 4,372 - - - (3,372) - 1,000 -

F5 Shares 2018 2017 - - 1,000 - - - - - 1,000 -

FT8 Shares 2018 2017 - - 1,000 - 78 - - - 1,078 -

F3T8 Shares 2018 2017 - - 1,000 - 78 - - - 1,078 -

F4T8 Shares 2018 2017 - - 1,000 - 78 - - - 1,078 -

F5T8 Shares 2018 2017 - - 1,000 - 78 - - - 1,078 -

I Shares 2018 2017 151,510 298,487 3,310,525 7,998,300 - - (3,307,266) (8,145,277) 154,769 151,510

IT8 Shares 2018 2017 8,310 6,636 62,634 376,207 372 322 (62,437) (374,855) 8,879 8,310

OF Shares 2018 2017 998 998 - - - - - - 998 998



Redeemable Share Transactions (Note 4) (cont’d)for the years ended March 31




W Shares 2018 2017 2,159,535 1,641,065 1,887,035 5,851,759 - - (3,310,094) (5,333,289) 736,476 2,159,535

WT8 Shares 2018 2017 11,314 1,416 2,436 27,542 524 453 (842) (18,097) 13,432 11,314





Management and Administration Fees (Note 5) as at March 31, 2018 (%)

Annual management

fee rate:

Annual fixed administration

fee rate:

A Shares 1.750 0.17E Shares 1.650 0.17E3 Shares 1.620 0.16E4 Shares 1.600 0.12E5 Shares 1.580 0.08ET8 Shares 1.650 0.17E3T8 Shares 1.620 0.16E4T8 Shares 1.600 0.12E5T8 Shares 1.580 0.08F Shares 0.650 0.17F3 Shares 0.620 0.16F4 Shares 0.600 0.12F5 Shares 0.580 0.08FT8 Shares 0.650 0.17F3T8 Shares 0.620 0.16F4T8 Shares 0.600 0.12F5T8 Shares 0.580 0.08I Shares Paid directly by investor -IT8 Shares Paid directly by investor -OF Shares 1.250 0.17W Shares Paid directly by investor 0.17WT8 Shares Paid directly by investor 0.17

Securities Lending (Note 6)as at March 31 (in $000’s)

2018 2017Loaned - -Collateral (non-cash) - -

Securities Lending Revenue Reconciliation (Note 6)for the years ended March 31 (in $000’s)

2018 2017Gross securities lending revenue - -Charges - -Securities lending revenue - -% of gross securities lending revenue - -

Related Party Investments (Note 9)as at March 31 (in $000’s)

Investments 2018Short Term Income Pool (Class W) 12,167

Investments 2017Short Term Income Pool (Class W) 30,722




Credit Risk (cont’d)

as at March 31, 2017 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 18.0AA/Aa/A+ 24.7A 39.9BBB/Baa/B++ 11.3BB/Ba/B+ 1.2Not Rated 1.4 Total 96.5

^Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s

Investors Service or Dominion Bond Rating Service, respectively.

*Refer to Note 10 for Credit Rating Chart reference.

Other Price RiskAs at March 31, 2018 and 2017, the Fund bears the other price risk exposure of the Underlying Fund.

As at March 31, 2018 and 2017, the Underlying Fund did not invest in equities and therefore was not subject to other price risk.

Currency RiskAs at March 31, 2018 and 2017, the Fund had no significant direct exposure to currency risk.

As at March 31, 2018 and 2017, the Fund indirectly bears the currency risk exposure of the Underlying Fund.

The table below summarizes the Underlying Fund’s exposure to currency risk.

as at March 31, 2018 ~ Currency Net Assets (%)US Dollar 1.1 Total 1.1

~Includes monetary and non-monetary instruments.

As at March 31, 2018, had the Canadian dollar strengthened or weakened by 10% in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have indirectly decreased or increased, respectively, by approximately $13,000. In practice, actual results may differ from this analysis and the difference may be material.

As at March 31, 2017, the currency risk exposure of Underlying Fund was insignificant as the Underlying Fund’s investments were denominated in Canadian dollars the functional currency of the Underlying Fund.

Interest Rate RiskAs at March 31, 2018 and 2017, the Fund had no significant direct exposure to interest rate risk.

As at March 31, 2018 and 2017, the Fund indirectly bears the interest rate risk exposure of the Underlying Fund.

Financial Instruments Risks (Note 10)

Concentration RiskThe Underlying Fund’s investments were concentrated in the following segments:

as at March 31, 2018 Categories Net Assets (%)Provincial Bonds 34.4Corporate Bonds 31.3Canadian Government Bonds 9.9Short-Term Investments 8.1Asset-Backed Securities 6.6Cash & Equivalents 4.0Municipal Bonds 3.9Other Net Assets (Liabilities) 1.0Foreign Government Bonds 1.0Foreign Currency Forward Contracts (0.2)

as at March 31, 2017 Categories Net Assets (%)Provincial Bonds 31.4Corporate Bonds 30.3Canadian Government Bonds 16.7Municipal Bonds 15.9Other Net Assets (Liabilities) 4.2Asset-Backed Securities 1.7Foreign Government Bonds 0.5Foreign Currency Forward Contracts 0.0Cash & Equivalents (0.7)

Credit RiskAs at March 31, 2018 and 2017, the Fund had no significant direct exposure to credit risk.

As at March 31, 2018 and 2017, the Fund indirectly bears the credit risk exposure of the Underlying Fund.

The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the tables below.

as at March 31, 2018 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 19.7 AA/Aa/A+ 33.8 A 22.1 BBB/Baa/B++ 13.3 BB/Ba/B+ 1.6 Not Rated 4.7 Total 95.2





Interest Rate Risk (cont’d)The tables below summarize the Underlying Fund’s exposure to interest rate risk, categorized by the contractual maturity date.


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total(%) (%) (%) (%) (%)

Interest Rate Exposure 20.7 28.5 26.2 23.8 99.2


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure 25.3 40.7 19.6 10.2 95.8

As at March 31, 2018, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2017 - 0.25%), with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have indirectly decreased or increased, respectively, by approximately $81,000 (March 31, 2017 - $146,000). In practice, actual results may differ from this analysis and the difference may be material.

Fair Value Hierarchy

The tables below summarize the inputs used by the Fund in valuing the Fund’s investments and derivatives carried at fair value.

Long Positions at fair value as at March 31, 2018Level 1 Level 2 Level 3 Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 12,167 - - 12,167 Total 12,167 - - 12,167



There were no transfers between Level 1, 2 and 3 during the years ended March 31, 2018 and 2017.





2018 2017

852,863 703,670 3,544 3,664

- - - -

- - - - - - - - - - - - - - - - 2,153 75 1,460 2,633 1,411 67 861,431 710,109

- - - -

- - - - - - - -

- - - - 47 1,685 983 579 - 18 - - - - - - 1,415 479 2,445 2,761

858,986 707,348

865,093 698,383 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 473 531 12.47 12.64 37,848 42,098E Shares 32,700 48,049 12.57 12.69 2,600,944 3,785,683E3 Shares 9,429 - 9.80 - 962,069 -E4 Shares 3,082 - 9.81 - 314,310 -E5 Shares 4,812 - 9.81 - 490,669 -ET8 Shares 1,055 1,434 6.34 6.97 166,513 205,928E3T8 Shares 255 - 9.08 - 28,121 -E4T8 Shares 176 - 9.09 - 19,322 -E5T8 Shares 10 - 9.09 - 1,079 -F Shares 4,591 - 9.89 - 464,305 -F3 Shares 3,774 - 9.90 - 381,219 -F4 Shares 1,138 - 9.90 - 114,913 -F5 Shares 10 - 9.91 - 1,000 -FT8 Shares 218 - 9.18 - 23,752 -F3T8 Shares 47 - 9.18 - 5,086 -F4T8 Shares 10 - 9.18 - 1,079 -F5T8 Shares 10 - 9.19 - 1,078 -I Shares 263,837 211,494 15.06 14.90 17,514,347 14,192,223IT8 Shares 8,615 6,858 7.20 7.74 1,196,088 885,462OF Shares 584 55 12.59 12.62 46,417 4,344W Shares 488,752 406,804 15.69 15.55 31,154,941 26,163,597WT8 Shares 35,408 32,123 7.15 7.71 4,950,469 4,168,273







CIG - 17653




2018 2017

- - 47 13 27,770 24,523 37 - - - - -

- - - -

286 2,431

(17,517) 5,090 10,623 32,057 - - - - - - - - - - 10,623 32,057

866 796 905 781 - - 1 - - - - - 169 145 210 186 2,151 1,908 2,430 1,034

6,042 29,115









2018 2017 2018 2017 2018 2017A Shares (3) 18 (0.13) 0.37 36,594 55,577E Shares (158) 1,240 (0.05) 0.35 2,694,788 3,579,818E3 Shares (160) - (0.20) - 869,428 -E4 Shares (56) - (0.21) - 276,892 -E5 Shares (89) - (0.19) - 482,811 -ET8 Shares (12) 39 (0.06) 0.23 207,029 173,665E3T8 Shares (4) - (0.32) - 14,343 -E4T8 Shares (1) - (0.07) - 20,565 -E5T8 Shares - - (0.19) - 1,036 -F Shares (9) - (0.04) - 251,242 -F3 Shares (3) - (0.01) - 198,801 -F4 Shares 2 - 0.03 - 66,977 -F5 Shares - - (0.10) - 1,000 -FT8 Shares 1 - (0.01) - 7,015 -F3T8 Shares - - 0.02 - 1,794 -F4T8 Shares - - (0.10) - 1,035 -F5T8 Shares - - (0.09) - 1,035 -I Shares 2,407 8,712 0.15 0.71 16,013,944 12,307,404IT8 Shares 86 225 0.08 0.44 1,063,859 520,787OF Shares (6) 2 (0.12) 0.46 37,758 3,622W Shares 3,761 17,508 0.14 0.72 28,760,259 24,519,457WT8 Shares 286 1,371 0.06 0.39 4,479,538 3,457,874
















A Shares 2018 2017 531 834 (3) 18

- - - (12) - - - (12)

118 156 - 12 (173) (477) (55) (309) (58) (303) 473 531

E Shares 2018 2017 48,049 42,489 (158) 1,240

- - - (1,058) - - - (1,058)

19,515 22,412 - 1,056 (34,706) (18,090) (15,191) 5,378 (15,349) 5,560 32,700 48,049

E3 Shares 2018 2017 - - (160) -

- - - - - - - -

16,113 - - - (6,524) - 9,589 - 9,429 - 9,429 -

E4 Shares 2018 2017 - - (56) -

- - - - - - - -

4,345 - - - (1,207) - 3,138 - 3,082 - 3,082 -

E5 Shares 2018 2017 - - (89) -

- - - - - - - -

5,452 - - - (551) - 4,901 - 4,812 - 4,812 -

ET8 Shares 2018 2017 1,434 1,179 (12) 39

- - - (31) (115) (107) (115) (138)

962 1,450 25 61 (1,239) (1,157) (252) 354 (379) 255 1,055 1,434

E3T8 Shares 2018 2017 - - (4) -

- - - - (11) - (11) -

554 - 2 - (286) - 270 - 255 - 255 -

E4T8 Shares 2018 2017 - - (1) -

- - - - (15) - (15) -

525 - 5 - (338) - 192 - 176 - 176 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - (9) -

- - - - - - - -

9,846 - - - (5,246) - 4,600 - 4,591 - 4,591 -

F3 Shares 2018 2017 - - (3) -

- - - - - - - -

4,625 - - - (848) - 3,777 - 3,774 - 3,774 -

F4 Shares 2018 2017 - - 2 -

- - - - - - - -

1,346 - - - (210) - 1,136 - 1,138 - 1,138 -












F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - 1 -

- - - - (6) - (6) -

223 - 1 - (1) - 223 - 218 - 218 -

F3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

47 - 1 - - - 48 - 47 - 47 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 211,494 161,979 2,407 8,712

- - - (4,654) - - - (4,654)

111,027 112,534 - 4,647 (61,091) (71,724) 49,936 45,457 52,343 49,515 263,837 211,494

IT8 Shares 2018 2017 6,858 2,671 86 225

- - - (150) (666) (354) (666) (504)

3,448 6,779 232 290 (1,343) (2,603) 2,337 4,466 1,757 4,187 8,615 6,858

OF Shares 2018 2017 55 45 (6) 2

- - - (1) - - - (1)

567 16 - 1 (32) (8) 535 9 529 10 584 55

W Shares 2018 2017 406,804 360,850 3,761 17,508

- - - (8,924) - - - (8,924)

142,087 198,106 - 8,916 (63,900) (169,652) 78,187 37,370 81,948 45,954 488,752 406,804

WT8 Shares 2018 2017 32,123 24,325 286 1,371

- - - (707) (2,794) (2,303) (2,794) (3,010)

8,179 24,044 1,319 1,732 (3,705) (16,339) 5,793 9,437 3,285 7,798 35,408 32,123

Total Fund 2018 2017 707,348 594,372 6,042 29,115

- - - (15,537) (3,611) (2,764) (3,611) (18,301)

329,019 365,497 1,588 16,715 (181,400) (280,050) 149,207 102,162 151,638 112,976 858,986 707,348




2018 2017

6,042 29,115

(286) (2,431) - - - -

17,517 (5,090) 40,294 89,417 (182,627) (167,268) - - (27,807) (24,523) - - - - - - - - - - - - (408) 479 (147,275) (80,301)

(2,041) (1,568) 278,030 363,421 (128,834) (279,864) 147,155 81,989

- - (120) 1,688 3,664 1,976 3,544 3,664

- - 47 13 - - - - (2,838) -









UNDERLYING FUND(S) (99.3%) 53,607,153 Canadian Fixed Income Pool (Class I)† 865,092,949 852,863,002

Total Investment Portfolio (99.3%) 865,092,949 852,863,002 Other Net Assets (Liabilities) (0.7%) 6,122,718 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 858,985,720




FairValue ($)






Held forTrading






AssetsInvestments - 852,863 852,863 - 852,863Cash - - - 3,544 3,544Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 2,153 2,153Receivable for share subscriptions - - - 1,460 1,460 - 852,863 852,863 7,157 860,020LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 47 47Payable for share redemptions - - - 983 983Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 1,030 1,030









Held forTrading






AssetsInvestments - 703,670 703,670 - 703,670Cash - - - 3,664 3,664Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 75 75Receivable for share subscriptions - - - 2,633 2,633 - 703,670 703,670 6,372 710,042LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 1,685 1,685Payable for share redemptions - - - 579 579Dividends payable to holders of redeemable shares - - - 18 18Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 2,282 2,282











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Fixed Income Pool 2,782,418 852,863 30.7





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Fixed Income Pool 2,450,481 703,670 28.7



2018 2017Financial Instruments at FVTPLHeld for trading - -Designated at fair value through profit or loss 10,623 32,057Total 10,623 32,057













A Shares 2018 2017 42,098 66,066 9,457 12,141 - 927 (13,707) (37,036) 37,848 42,098

E Shares 2018 2017 3,785,683 3,368,066 1,538,383 1,738,288 - 83,205 (2,723,122) (1,403,876) 2,600,944 3,785,683

E3 Shares 2018 2017 - - 1,622,220 - - - (660,151) - 962,069 -

E4 Shares 2018 2017 - - 437,474 - - - (123,164) - 314,310 -

E5 Shares 2018 2017 - - 546,750 - - - (56,081) - 490,669 -

ET8 Shares 2018 2017 205,928 156,879 141,424 197,481 3,750 8,574 (184,589) (157,006) 166,513 205,928

E3T8 Shares 2018 2017 - - 57,015 - 181 - (29,075) - 28,121 -

E4T8 Shares 2018 2017 - - 53,039 - 579 - (34,296) - 19,322 -

E5T8 Shares 2018 2017 - - 1,000 - 79 - - - 1,079 -

F Shares 2018 2017 - - 994,802 - - - (530,497) - 464,305 -

F3 Shares 2018 2017 - - 467,384 - - - (86,165) - 381,219 -

F4 Shares 2018 2017 - - 136,153 - - - (21,240) - 114,913 -

F5 Shares 2018 2017 - - 1,000 - - - - - 1,000 -

FT8 Shares 2018 2017 - - 23,723 - 85 - (56) - 23,752 -

F3T8 Shares 2018 2017 - - 5,007 - 79 - - - 5,086 -

F4T8 Shares 2018 2017 - - 1,000 - 79 - - - 1,079 -

F5T8 Shares 2018 2017 - - 1,000 - 78 - - - 1,078 -

I Shares 2018 2017 14,192,223 11,160,466 7,394,172 7,509,579 - 311,858 (4,072,048) (4,789,680) 17,514,347 14,192,223

IT8 Shares 2018 2017 885,462 326,462 459,031 841,290 31,062 36,675 (179,467) (318,965) 1,196,088 885,462

OF Shares 2018 2017 4,344 3,634 44,651 1,222 - 96 (2,578) (608) 46,417 4,344







W Shares 2018 2017 26,163,597 23,783,560 9,081,710 12,665,648 - 573,391 (4,090,366) (10,859,002) 31,154,941 26,163,597

WT8 Shares 2018 2017 4,168,273 2,981,425 1,101,873 2,984,116 178,085 218,980 (497,762) (2,016,248) 4,950,469 4,168,273






Annual management

fee rate:


fee rate:







Investments 2018Canadian Fixed Income Pool (Class I) 852,863

Investments 2017Canadian Fixed Income Pool (Class I) 703,670




Concentration Risk (cont’d)

as at March 31, 2017 Categories Net Assets (%)Long PositionsCorporate Bonds 43.5Provincial Bonds 30.6Cash & Equivalents 9.6Canadian Government Bonds 7.8Asset-Backed Securities 4.5Foreign Government Bonds 3.4Financials 0.9Exchange-Traded Funds 0.5Utilities 0.2Energy 0.2Private Placements 0.1Real Estate 0.1Short-Term Investments 0.1Foreign Currency Forward Contracts 0.1Health Care 0.1Warrants 0.0Telecommunication Services 0.0Consumer Staples 0.0Interest Rate Swaps 0.0Materials 0.0Future Contracts 0.0Other Net Assets (Liabilities) (1.7)Total Long Positions 100.0

Short PositionsFuture Contracts (0.0)Total Short Positions (0.0)


As at March 31, 2018 and 2017, the Fund indirectly bears credit risk exposure of the Underlying Fund.


as at March 31, 2018 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 18.4 AA/Aa/A+ 16.6 A 24.3 BBB/Baa/B++ 18.0 BB/Ba/B+ 7.6 B 4.9 CCC/Caa/C++ 1.2 Not Rated 4.1 Total 95.1



as at March 31, 2018 Categories Net Assets (%)Long PositionsCorporate Bonds 42.8Provincial Bonds 29.7Canadian Government Bonds 13.3Cash & Equivalents 3.6Asset-Backed Securities 3.0Foreign Government Bonds 2.8Short-Term Investments 1.3Financials 1.2Exchange-Traded Fund(s) 1.0Other Net Assets (Liabilities) 0.7Utilities 0.3Energy 0.3Real Estate 0.2Telecommunication Services 0.1Private Placements 0.1Warrants 0.0Consumer Staples 0.0Interest Rate Swaps 0.0Preferred Shares 0.0Industrials 0.0Future Contracts 0.0Materials 0.0Foreign Currency Forward Contracts (0.4)Total Long Positions 100.0

Short PositionsFuture Contracts (0.0) Total Short Positions (0.0)




Currency Risk (cont’d)As at March 31, 2018, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have indirectly decreased or increased, respectively, by approximately $4,009,000 (March 31, 2017 - $5,207,000). In practice, actual results may differ from this analysis and the difference may be material.



The tables below summarize the Underlying Fund’s exposure to interest rate risk, categorized by the contractual maturity date.


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total(%) (%) (%) (%) (%)

Interest Rate Exposure 6.3 15.0 13.3 61.7 96.3


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total


As at March 31, 2018, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2017 - 0.25%), with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have indirectly decreased or increased, respectively, by approximately $12,857,000 (March 31, 2017 - $9,150,000). In practice, actual results may differ from this analysis and the difference may be material.










as at March 31, 2017 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 13.4AA/Aa/A+ 5.2A 35.7BBB/Baa/B++ 17.6BB/Ba/B+ 7.9B 5.8CCC/Caa/C++ 1.4Not Rated 5.6 Total 92.6




Other Price RiskAs at March 31, 2018 and 2017, the Fund had no significant direct exposure to other price risk.

As at March 31, 2018 and 2017, the Fund bears the other price risk exposure of the Underlying Fund.

As at March 31, 2018 and 2017, the Underlying Fund was exposed to other price risk as some of its assets were invested in equities.

As at March 31, 2018, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (March 31, 2017 - 10%), with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have increased or decreased, respectively, by approximately $2,900,000 (March 31, 2017 - $1,548,000). In practice, actual results may differ from this analysis and the difference may be material.



The tables below summarize the Underlying Fund’s exposure to currency risk.

as at March 31, 2018~ Currency Net Assets (%)US Dollar 4.6 British Pound 0.1 Euro - Total 4.7

as at March 31, 2017~ Currency Net Assets (%)U.S. Dollar 7.3 British Pound 0.1 Euro - Total 7.4






2018 2017

444,997 386,959 - 1,502

- - - -

- - - - - - - - - - - - - - - - 2,187 18 1,134 555 731 6 449,049 389,040

- - 155 -

- - - - - - - -

- - - - - 746 978 335 - 14 - - - - - - 744 261 1,877 1,356

447,172 387,684

419,076 360,359 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 165 208 13.25 13.28 12,463 15,705E Shares 19,411 31,178 12.57 12.58 1,543,933 2,478,787E3 Shares 5,872 - 9.70 - 605,163 -E4 Shares 1,652 - 9.71 - 170,187 -E5 Shares 4,051 - 9.71 - 417,257 -ET8 Shares 850 1,066 6.38 6.96 133,140 153,064E3T8 Shares 127 - 8.98 - 14,136 -E4T8 Shares 185 - 8.98 - 20,620 -E5T8 Shares 10 - 8.99 - 1,080 -F Shares 2,886 - 9.79 - 294,837 -F3 Shares 2,810 - 9.80 - 286,659 -F4 Shares 911 - 9.81 - 92,877 -F5 Shares 10 - 9.81 - 1,000 -FT8 Shares 72 - 9.08 - 7,918 -F3T8 Shares 34 - 9.07 - 3,790 -F4T8 Shares 10 - 9.08 - 1,080 -F5T8 Shares 10 - 9.08 - 1,080 -I Shares 152,692 128,628 13.66 13.37 11,178,359 9,620,286IT8 Shares 5,872 4,580 7.35 7.84 798,477 583,924OF Shares 157 25 12.43 12.33 12,650 1,988W Shares 231,533 205,358 16.66 16.34 13,898,572 12,568,489WT8 Shares 17,852 16,641 7.38 7.89 2,418,814 2,109,761







CIG - 17654




2018 2017

- - 22 8 9,793 6,267 - - - - - -

- - - -

1,940 4,391

(679) (12,340) 11,076 (1,674) - - - - - - - - - - 11,076 (1,674)

584 550 478 435 - - 1 - - - - - 214 115 130 120 1,407 1,220 1,262 565

8,407 (3,459)









2018 2017 2018 2017 2018 2017A Shares - (5) - (0.20) 13,278 20,448E Shares 272 (903) 0.17 (0.39) 1,678,643 2,224,809E3 Shares (121) - (0.22) - 555,936 -E4 Shares (19) - (0.15) - 133,038 -E5 Shares (105) - (0.26) - 410,362 -ET8 Shares (3) (6) (0.02) (0.05) 170,884 137,321E3T8 Shares (4) - (0.55) - 7,540 -E4T8 Shares (1) - (0.05) - 19,450 -E5T8 Shares - - (0.28) - 1,037 -F Shares 52 - 0.29 - 176,792 -F3 Shares 50 - 0.34 - 147,213 -F4 Shares 27 - 0.73 - 37,182 -F5 Shares - - (0.19) - 1,000 -FT8 Shares - - 0.06 - 2,937 -F3T8 Shares 1 - 0.38 - 1,556 -F4T8 Shares - - (0.19) - 1,037 -F5T8 Shares - - (0.19) - 1,037 -I Shares 3,335 (852) 0.31 (0.11) 10,511,601 7,893,173IT8 Shares 128 10 0.19 0.03 707,480 353,940OF Shares 1 - 0.06 (0.27) 10,623 1,839W Shares 4,429 (1,670) 0.34 (0.14) 13,319,239 11,282,190WT8 Shares 365 (33) 0.16 (0.01) 2,243,804 1,555,646
















A Shares 2018 2017 208 344 - (5)

- (1) - (8) - - - (9)

17 48 - 9 (60) (179) (43) (122) (43) (136) 165 208

E Shares 2018 2017 31,178 27,272 272 (903)

- (85) - (1,305) - - - (1,390)

10,280 15,529 - 1,390 (22,319) (10,720) (12,039) 6,199 (11,767) 3,906 19,411 31,178

E3 Shares 2018 2017 - - (121) -

- - - - - - - -

9,351 - - - (3,358) - 5,993 - 5,872 - 5,872 -

E4 Shares 2018 2017 - - (19) -

- - - - - - - -

2,442 - - - (771) - 1,671 - 1,652 - 1,652 -

E5 Shares 2018 2017 - - (105) -

- - - - - - - -

4,569 - - - (413) - 4,156 - 4,051 - 4,051 -

ET8 Shares 2018 2017 1,066 1,111 (3) (6)

- (3) - (45) (97) (92) (97) (140)

817 1,112 17 70 (950) (1,081) (116) 101 (216) (45) 850 1,066

E3T8 Shares 2018 2017 - - (4) -

- - - - (5) - (5) -

476 - 2 - (342) - 136 - 127 - 127 -

E4T8 Shares 2018 2017 - - (1) -

- - - - (14) - (14) -

381 - 5 - (186) - 200 - 185 - 185 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - 52 -

- - - - - - - -

6,835 - - - (4,001) - 2,834 - 2,886 - 2,886 -

F3 Shares 2018 2017 - - 50 -

- - - - - - - -

3,533 - - - (773) - 2,760 - 2,810 - 2,810 -

F4 Shares 2018 2017 - - 27 -

- - - - - - - -

1,009 - - - (125) - 884 - 911 - 911 -












F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - - -

- - - - (2) - (2) -

73 - 1 - - - 74 - 72 - 72 -

F3T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

34 - 1 - (1) - 34 - 34 - 34 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 128,628 96,163 3,335 (852)

- (350) - (5,386) - - - (5,736)

53,845 75,567 - 5,730 (33,116) (42,244) 20,729 39,053 24,064 32,465 152,692 128,628

IT8 Shares 2018 2017 4,580 2,191 128 10

- (12) - (189) (458) (266) (458) (467)

2,157 4,344 160 298 (695) (1,796) 1,622 2,846 1,292 2,389 5,872 4,580

OF Shares 2018 2017 25 23 1 -

- - - (1) - - - (1)

138 3 - 1 (7) (1) 131 3 132 2 157 25

W Shares 2018 2017 205,358 183,524 4,429 (1,670)

- (559) - (8,596) - - - (9,155)

57,474 101,199 - 9,149 (35,728) (77,689) 21,746 32,659 26,175 21,834 231,533 205,358

WT8 Shares 2018 2017 16,641 11,285 365 (33)

- (45) - (697) (1,458) (1,179) (1,458) (1,921)

2,866 10,825 661 1,302 (1,223) (4,817) 2,304 7,310 1,211 5,356 17,852 16,641

Total Fund 2018 2017 387,684 321,913 8,407 (3,459)

- (1,055) - (16,227) (2,038) (1,537) (2,038) (18,819)

156,337 208,627 850 17,949 (104,068) (138,527) 53,119 88,049 59,488 65,771 447,172 387,684




2018 2017

8,407 (3,459)

(1,940) (4,391) - - - -

679 12,340 31,803 41,471 (81,702) (108,459) - - (9,793) (6,267) - - - - - - - - - - - - (242) 261 (52,788) (68,504)

(1,202) (856) 123,231 208,826 (70,898) (138,554) 51,131 69,416

- - (1,657) 912 1,502 590 (155) 1,502

- - 22 8 - - - - (1,504) -









UNDERLYING FUND(S) (99.5%) 25,043,747 Global Fixed Income Pool (Class I)† 419,075,791 444,997,327





FairValue ($)






Held forTrading






AssetsInvestments - 444,997 444,997 - 444,997Cash - - - - -Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 2,187 2,187Receivable for share subscriptions - - - 1,134 1,134 - 444,997 444,997 3,321 448,318LiabilitiesInvestments sold short - - - - -Bank overdraft - - - 155 155Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 978 978Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 1,133 1,133









Held forTrading






AssetsInvestments - 386,959 386,959 - 386,959Cash - - - 1,502 1,502Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 18 18Receivable for share subscriptions - - - 555 555 - 386,959 386,959 2,075 389,034LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 746 746Payable for share redemptions - - - 335 335Dividends payable to holders of redeemable shares - - - 14 14Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 1,095 1,095











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Global Fixed Income Pool 1,013,604 444,997 43.9





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Global Fixed Income Pool 874,230 386,959 44.3



2018 2017Financial Instruments at FVTPLHeld for trading - -Designated at fair value through profit or loss 11,076 (1,674)Total 11,076 (1,674)













A Shares 2018 2017 15,705 23,913 1,324 3,489 - 701 (4,566) (12,398) 12,463 15,705

E Shares 2018 2017 2,478,787 2,014,713 824,185 1,152,725 - 110,471 (1,759,039) (799,122) 1,543,933 2,478,787

E3 Shares 2018 2017 - - 956,053 - - - (350,890) - 605,163 -

E4 Shares 2018 2017 - - 250,940 - - - (80,753) - 170,187 -

E5 Shares 2018 2017 - - 460,649 - - - (43,392) - 417,257 -

ET8 Shares 2018 2017 153,064 135,987 118,308 143,014 2,616 9,671 (140,848) (135,608) 133,140 153,064

E3T8 Shares 2018 2017 - - 49,084 - 183 - (35,131) - 14,136 -

E4T8 Shares 2018 2017 - - 39,149 - 589 - (19,118) - 20,620 -

E5T8 Shares 2018 2017 - - 1,000 - 80 - - - 1,080 -

F Shares 2018 2017 - - 712,556 - - - (417,719) - 294,837 -

F3 Shares 2018 2017 - - 368,287 - - - (81,628) - 286,659 -

F4 Shares 2018 2017 - - 106,007 - - - (13,130) - 92,877 -

F5 Shares 2018 2017 - - 1,000 - - - - - 1,000 -

FT8 Shares 2018 2017 - - 7,887 - 85 - (54) - 7,918 -

F3T8 Shares 2018 2017 - - 3,784 - 80 - (74) - 3,790 -

F4T8 Shares 2018 2017 - - 1,000 - 80 - - - 1,080 -

F5T8 Shares 2018 2017 - - 1,000 - 80 - - - 1,080 -

I Shares 2018 2017 9,620,286 6,829,105 4,038,742 5,351,091 - 428,603 (2,480,669) (2,988,513) 11,178,359 9,620,286

IT8 Shares 2018 2017 583,924 243,609 286,322 509,117 21,413 36,895 (93,182) (205,697) 798,477 583,924

OF Shares 2018 2017 1,988 1,780 11,261 173 - 89 (599) (54) 12,650 1,988







W Shares 2018 2017 12,568,489 10,644,276 3,524,502 5,876,831 - 559,937 (2,194,419) (4,512,555) 13,898,572 12,568,489

WT8 Shares 2018 2017 2,109,761 1,244,956 384,668 1,270,632 87,920 158,386 (163,535) (564,213) 2,418,814 2,109,761






Annual management

fee rate:


fee rate:







Investments 2018Global Fixed Income Pool (Class I) 444,997

Investments 2017Global Fixed Income Pool (Class I) 386,959





as at March 31, 2017 Categories Net Assets (%)U.S.A. 40.3Canada 24.4Japan 8.3U.K. 6.7Spain 6.5Italy 2.3France 2.1Mexico 1.4Indonesia 1.3Turkey 1.1Argentina 1.0Colombia 0.7Brazil 0.6Other Net Assets (Liabilities) 0.6Russia 0.5Peru 0.3Netherlands 0.3Philippines 0.3Panama 0.3South Africa 0.3Jersey Island 0.2Belgium 0.2Hungary 0.2Cash & Equivalents 0.1Chile 0.0


As at March 31, 2018 and 2017, the Fund indirectly bears credit risk exposure of the Underlying Fund.


as at March 31, 2018 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 29.0 AA/Aa/A+ 11.4 A 13.4 BBB/Baa/B++ 24.8 BB/Ba/B+ 9.1 B 3.1 Not Rated 5.2 Total 96.0



as at March 31, 2018 Categories Net Assets (%)U.S.A. 31.2Japan 11.9Italy 7.6U.K. 7.2Spain 6.7Canada 6.1France 3.8Exchange-Traded Fund(s) 3.3Indonesia 3.1Argentina 3.1Mexico 2.9Brazil 2.5South Africa 2.4Turkey 2.4Russia 2.1Colombia 1.3Peru 0.4Cash & Equivalents 0.4Panama 0.4Other Net Assets (Liabilities) 0.3Hungary 0.3Belgium 0.2Jersey Island 0.2Philippines 0.1Foreign Currency Forward Contracts 0.1





Currency Risk (cont’d)As at March 31, 2018, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have indirectly decreased or increased, respectively, by approximately $37,869,000 (March 31, 2017 - $29,138,000). In practice, actual results may differ from this analysis and the difference may be material.

Interest Rate RiskAs at March 31, 2018 and 2017, the Fund has no significant direct exposure to interest rate risk.

As at March 31, 2018 and 2017, the Fund indirectly bears interest rate risk exposure of the Underlying Fund.

The tables below summarize the Underlying Fund’s exposure to interest rate risk, categorized by the contractual maturity date.


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total











as at March 31, 2017 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 27.3AA/Aa/A+ 7.1A 33.6BBB/Baa/B++ 14.5BB/Ba/B+ 4.8B 1.0Not Rated 11.0Total 99.3





As at March 31, 2018 and 2017, the Underlying Fund did not invest in equities and therefore was not subject to other price risk.

As at March 31, 2018, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (March 31, 2017 - 10%), with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have increased or decreased, respectively, by approximately $1,558,000 (March 31, 2017 - a nominal amount). In practice, actual results may differ from this analysis and the difference may be material.

Currency RiskAs at March 31, 2018 and 2017, the Fund has no significant direct exposure to currency risk.

As at March 31, 2018 and 2017, the Fund indirectly bears currency risk exposure of the Underlying Fund.


as at March 31, 2018~ Currency Net Assets (%)US Dollar 42.1Euro 21.5Japanese Yen 14.3British Pound 7.2 Total 85.1

as at March 31, 2017~ Currency Net Assets (%)U.S. Dollar 49.1 Euro 11.4 Japanese Yen 8.1 British Pound 6.7 Total 75.3






2018 2017

589,033 525,292 31,309 22,226

333 277 - -

- - 1 - - - - - 297 387 1,532 1,612 - 1,525 - - 23,999 550 1,200 1,376 4,704 6,230 652,408 559,475

- - - -

2,023 542 - - - - - -

- - - - 24,916 1,288 653 597 - 14 - - - - - - 1,066 368 28,658 2,809

623,750 556,666

603,792 519,028 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 220 271 13.77 13.99 16,148 19,388E Shares 19,212 42,258 14.57 14.75 1,318,915 2,865,580E2 Shares 7,821 - 9.72 - 804,382 -E3 Shares 7,718 - 9.73 - 793,409 -E4 Shares 2,007 - 9.73 - 206,218 -E5 Shares 3,781 - 9.74 - 388,325 -ET8 Shares 536 1,020 6.83 7.52 78,499 135,573E2T8 Shares 262 - 9.01 - 29,041 -E3T8 Shares 122 - 9.01 - 13,532 -E4T8 Shares 265 - 9.02 - 29,400 -E5T8 Shares 10 - 9.03 - 1,081 -F Shares 1,474 - 9.80 - 150,482 -F2 Shares 2,994 - 9.82 - 304,978 -F3 Shares 4,005 - 9.83 - 407,510 -F4 Shares 2,096 - 9.83 - 213,178 -F5 Shares 10 - 9.84 - 1,002 -FT8 Shares 31 - 9.11 - 3,428 -F2T8 Shares 50 - 9.11 - 5,480 -F3T8 Shares 34 - 9.11 - 3,750 -F4T8 Shares 10 - 9.11 - 1,081 -F5T8 Shares 10 - 9.12 - 1,081 -I Shares 233,071 208,782 17.19 17.05 13,556,734 12,241,930IT8 Shares 7,313 6,078 8.16 8.80 896,251 690,729OF Shares 242 27 14.51 14.58 16,698 1,849W Shares 301,654 270,828 17.27 17.17 17,467,985 15,774,490WT8 Shares 28,802 27,402 7.88 8.52 3,656,122 3,217,661







CIG - 17669




2018 2017

5,008 4,100 7,040 6,949 16,616 10,981 3,437 7,416 14 8 - -

- - - -

(2,001) 3,328

(22,448) 9,314 7,666 42,096 418 (30) - - 44 16 - - 462 (14) 8,128 42,082

736 761 725 634 247 77 8 8 1 - 1 - 519 479 177 168 2,414 2,127 1,833 795

3,881 39,160









2018 2017 2018 2017 2018 2017A Shares (5) 28 (0.18) 0.90 16,412 31,421E Shares 115 2,464 0.06 0.87 1,607,228 2,819,535E2 Shares (203) - (0.29) - 708,667 -E3 Shares (187) - (0.27) - 713,651 -E4 Shares (43) - (0.25) - 171,883 -E5 Shares (96) - (0.25) - 382,345 -ET8 Shares - 73 0.01 0.57 98,894 131,418E2T8 Shares (10) - (0.25) - 42,459 -E3T8 Shares (6) - (0.55) - 8,037 -E4T8 Shares (4) - (0.15) - 28,772 -E5T8 Shares - - (0.24) - 1,036 -F Shares (12) - (0.14) - 88,730 -F2 Shares (26) - (0.14) - 171,716 -F3 Shares (21) - (0.10) - 213,027 -F4 Shares 1 - 0.02 - 90,294 -F5 Shares - - (0.15) - 1,000 -FT8 Shares (1) - (0.19) - 2,598 -F2T8 Shares - - - - 1,315 -F3T8 Shares (1) - (0.21) - 1,540 -F4T8 Shares - - (0.15) - 1,036 -F5T8 Shares - - (0.14) - 1,036 -I Shares 2,066 14,756 0.16 1.35 12,978,776 10,913,277IT8 Shares 64 397 0.07 0.75 796,053 529,219OF Shares (2) 3 (0.18) 0.97 13,656 1,801W Shares 2,037 19,684 0.13 1.34 16,774,823 14,693,683WT8 Shares 215 1,755 0.07 0.71 3,370,059 2,471,365
















A Shares 2018 2017 271 544 (5) 28

- - - (8) - - - (8)

36 40 - 8 (82) (341) (46) (293) (51) (273) 220 271

E Shares 2018 2017 42,258 39,292 115 2,464

- (17) (43) (1,208) - - (43) (1,225)

10,610 17,834 43 1,224 (33,771) (17,331) (23,118) 1,727 (23,046) 2,966 19,212 42,258

E2 Shares 2018 2017 - - (203) -

- - (17) - - - (17) -

13,932 - 17 - (5,908) - 8,041 - 7,821 - 7,821 -

E3 Shares 2018 2017 - - (187) -

- - (17) - - - (17) -

12,758 - 16 - (4,852) - 7,922 - 7,718 - 7,718 -

E4 Shares 2018 2017 - - (43) -

- - (4) - - - (4) -

2,854 - 4 - (804) - 2,054 - 2,007 - 2,007 -

E5 Shares 2018 2017 - - (96) -

- - (8) - - - (8) -

4,292 - 8 - (415) - 3,885 - 3,781 - 3,781 -

ET8 Shares 2018 2017 1,020 1,158 - 73

- - (1) (29) (59) (86) (60) (115)

553 885 13 49 (990) (1,030) (424) (96) (484) (138) 536 1,020

E2T8 Shares 2018 2017 - - (10) -

- - (1) - (31) - (32) -

544 - 4 - (244) - 304 - 262 - 262 -

E3T8 Shares 2018 2017 - - (6) -

- - - - (5) - (5) -

554 - 2 - (423) - 133 - 122 - 122 -

E4T8 Shares 2018 2017 - - (4) -

- - (1) - (22) - (23) -

600 - 8 - (316) - 292 - 265 - 265 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - (12) -

- - (3) - - - (3) -

10,068 - 3 - (8,582) - 1,489 - 1,474 - 1,474 -












F2 Shares 2018 2017 - - (26) -

- - (7) - - - (7) -

5,228 - 7 - (2,208) - 3,027 - 2,994 - 2,994 -

F3 Shares 2018 2017 - - (21) -

- - (9) - - - (9) -

5,268 - 9 - (1,242) - 4,035 - 4,005 - 4,005 -

F4 Shares 2018 2017 - - 1 -

- - (5) - - - (5) -

2,230 - 5 - (135) - 2,100 - 2,096 - 2,096 -

F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - (1) -

- - - - (2) - (2) -

69 - 1 - (36) - 34 - 31 - 31 -

F2T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

50 - 1 - - - 51 - 50 - 50 -

F3T8 Shares 2018 2017 - - (1) -

- - - - (1) - (1) -

35 - 1 - - - 36 - 34 - 34 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 208,782 160,567 2,066 14,756

- (84) (511) (5,973) - - (511) (6,057)

70,524 106,773 511 6,049 (48,301) (73,306) 22,734 39,516 24,289 48,215 233,071 208,782

IT8 Shares 2018 2017 6,078 4,019 64 397

- (2) (16) (172) (570) (403) (586) (577)

2,406 4,494 215 304 (864) (2,559) 1,757 2,239 1,235 2,059 7,313 6,078

OF Shares 2018 2017 27 24 (2) 3

- - (1) (1) - - (1) (1)

224 4 1 1 (7) (4) 218 1 215 3 242 27








W Shares 2018 2017 270,828 220,738 2,037 19,684

- (108) (660) (7,719) - - (660) (7,827)

65,871 141,309 660 7,821 (37,082) (110,897) 29,449 38,233 30,826 50,090 301,654 270,828

WT8 Shares 2018 2017 27,402 19,178 215 1,755

- (11) (63) (783) (2,337) (1,823) (2,400) (2,617)

3,823 17,036 1,074 1,580 (1,312) (9,530) 3,585 9,086 1,400 8,224 28,802 27,402

Total Fund 2018 2017 556,666 445,520 3,881 39,160

- (222) (1,367) (15,893) (3,031) (2,312) (4,398) (18,427)

212,569 288,375 2,606 17,036 (147,574) (214,998) 67,601 90,413 67,084 111,146 623,750 556,666




2018 2017

3,881 39,160

2,001 (3,328) (222) 4 247 77

22,448 (9,314) 112,922 131,386 (178,177) (210,189) - - (20,053) (18,397) (1) - 90 (127) 80 72 - - - - - - 2,224 (2,171) (54,560) (72,827)

(1,806) (1,377) 152,067 288,421 (86,840) (214,933) 63,421 72,111

222 (4) 8,861 (716) 22,226 22,946 31,309 22,226

4,689 3,598 7,012 6,896 - - 1 - 391 -









FINANCIALS (7.4%) (cont’d) USD 120,000 JPMorgan Chase & Co., FRN, 5.15% 05/29/2049 157,485 154,450 USD 455,000 JPMorgan Chase & Co., FRN, 6% 12/29/2049 577,374 604,363 USD 464,587 Liberty Mutual Group Inc., FRN, 5.0295% 03/15/2037 579,797 588,776 USD 301,000 Lincoln National Corp., 3.7847% 04/20/2067 342,339 369,343 USD 415,000 Lincoln National Corp., Callable, 4.24244% 05/17/2066 479,550 515,995 USD 335,000 Lloyds Bank PLC, FRN, 12% 12/31/2049 585,303 542,870 GBP 580,000 Lloyds Banking Group PLC 7% 12/31/2049 1,061,432 1,095,977 2,500 Manulife Financial Corp., Preferred 5.6%, Series 21 62,710 66,100 15,600 Morgan Stanley, Preferred 5.85%, Series K 513,394 524,321 13,000 Morgan Stanley, Preferred 6.875% 451,246 469,424 1,659 Morgan Stanley, Preferred 7.125% 57,720 61,680 13,500 National Bank of Canada, Preferred 5.4%, Series 36 337,500 355,995 8,900 National Bank of Canada, Preferred 5.6%, Series 34 223,170 235,583 USD 102,000 National Westminster Bank PLC, FRN, 2.25% 12/31/2049 84,503 119,470 USD 67,000 National Westminster Bank PLC, FRN, 2.5% 08/29/2049 55,930 78,147 USD 355,000 Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5% 06/01/2022 423,684 468,188 USD 248,000 Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5% 07/01/2021 299,114 324,277 USD 77,000 Navient Corp., 7.25% 01/25/2022 102,919 104,775 USD 124,000 Navient Corp., 8% 03/25/2020 169,729 169,726 130,000 NBC Asset Trust 7.235% 06/30/2049 134,623 131,631 USD 244,375 NMI Holdings Inc., Term Loan B, Private Placement, variable rate, 11/10/2019 321,696 317,176 132,000 Nordea Bank AB 2,148,613 1,814,798 USD 290,000 PNC Financial Services Group Inc., 6.75% 07/29/2049 392,697 405,533 USD 35,000 PNC Financial Services Group Inc., FRN, 5% 12/31/2049 46,858 44,886 16,700 Royal Bank of Canada, Preferred 5.5%, Series BK 418,668 442,884 6,525 Royal Bank of Canada, Preferred 5.5%, Series BM 163,567 173,891 USD 56,000 Starwood Property Trust Inc., 5% 12/15/2021 73,831 73,585 63,632 Swedbank AB* 1,874,995 1,836,090 USD 17,000 The Royal Bank of Scotland Group PLC 3.655% 12/31/2049 20,511 22,064 USD 335,000 The Royal Bank of Scotland Group PLC 7.5% 12/31/2049 440,364 448,824 USD 138,000 The Royal Bank of Scotland Group PLC 8.625% 12/31/2049 182,337 193,111 10,900 Toronto-Dominion Bank, Preferred 5.5%, Series 12 274,037 291,139 USD 287,000 UBS Group AG 6.875% 12/31/2049 388,957 386,882 USD 550,000 UBS Group AG 6.875% 12/31/2049 740,522 745,662 USD 383,000 UBS Group AG 7.125% 12/31/2049 532,762 519,005 USD 499,000 UBS Group AG, FRN, 7% 12/31/2049 636,110 691,850 USD 465,000 USB Realty Corp., FRN, 2.86719% 12/29/2049 516,318 539,879 USD 8,955 USI Inc., Term Loan B, Private Placement, variable rate, 05/16/2024 11,963 11,570 70,500 Wells Fargo & Co. 4,658,391 4,759,942

FUND(S) (54.9%) 28,191,871 CI Income Fund (Class I)† 261,671,965 250,104,186 111,375 Signature Cash Management Fund (Class C)† 1,113,750 1,113,751 3,882,687 Signature Global Bond Fund (Class I)† 36,761,902 33,269,966 3,938,090 Signature High Yield Bond II Fund (Class I)† 37,716,626 41,031,350 1,710,132 Signature Tactical Bond Pool (Class I)† 16,857,710 16,388,542 354,121,953 341,907,795 FINANCIALS (7.4%) USD 708,000 Bank of America Corp., 5.875% 12/31/2049 913,042 917,832 USD 232,000 Bank of America Corp., 6.1% 12/31/2049 292,367 314,564 USD 850,000 Bank of America Corp., 6.25% 12/31/2049 1,132,542 1,160,818 USD 268,000 Bank of America Corp., FRN, 5.125% 12/31/2049 317,543 349,220 USD 913,000 Bank of America Corp., FRN, 5.2% 12/31/2049 1,117,788 1,173,462 USD 655,000 Bank of America Corp., FRN, 6.5% 12/31/2049 877,806 907,170 USD 52,000 Barclays PLC 4.836% 05/09/2028 71,318 65,874 USD 861,000 Barclays PLC 7.875% 12/31/2049 1,184,408 1,177,948 USD 185,000 Barclays PLC 8.25% 12/15/2018 242,462 245,904 84,197 Brookfield Asset Management Inc., Class A 4,262,473 4,228,373 USD 53,000 Chubb Corp., 3.97152% 04/15/2037 66,052 68,256 23,879 Citigroup Capital XIII, Preferred 7.875% 818,134 836,419 USD 83,000 Citigroup Inc., 5.8% 12/31/2049 104,832 110,634 USD 124,000 Citigroup Inc., 5.875% 12/31/2049 154,651 164,934 USD 163,000 Citigroup Inc., 5.9% 12/29/2049 210,796 216,546 USD 834,000 Citigroup Inc., 5.95% 12/29/2049 1,100,659 1,105,983 USD 140,000 Citigroup Inc., FRN, 6.25% 12/31/2049 179,115 190,499 USD 963,000 Citigroup Inc., FRN, Series P, 5.95% 12/31/2049 1,232,254 1,275,316 USD 235,000 Citigroup Inc., FRN, Series Q, 5.95% 12/31/2049 309,907 313,715 12,525 Citigroup Inc., Preferred 6.875%, Series K 412,664 452,272 11,878 Citigroup Inc., Preferred, Perpetual 7.125% 440,119 437,019 9,290 Countrywide Capital V, Preferred 7%* 290,366 311,163 USD 396,000 Credit Suisse Group AG 6.25% 12/31/2049 504,810 523,536 USD 277,000 Credit Suisse Group AG 7.125% 12/31/2049 365,274 393,242 USD 1,042,000 Credit Suisse Group AG, FRN, 7.5% 12/11/2023 1,387,292 1,453,350 USD 279,000 Genworth Holdings Inc., 3.84125% 11/15/2066 191,670 162,720 USD 64,000 Genworth Holdings Inc., 4.8% 02/15/2024 64,837 67,195 USD 177,000 Genworth Holdings Inc., 4.9% 08/15/2023 187,927 186,976 USD 125,000 Genworth Holdings Inc., 7.625% 09/24/2021 158,353 154,992 26,400 GMAC Capital Trust, Preferred 8.125%, Series 2 851,435 883,571 USD 525,000 Goldman Sachs Group Inc., 5.3% 12/31/2049 685,961 678,019 USD 309,642 Hartford Financial Services Group Inc., 3.96375% 02/12/2047 355,832 387,426 USD 147,000 HBOS Capital Funding L.P., 6.85% 03/29/2049 184,930 192,800 USD 352,000 Hockey Merger Sub 2 Inc., 7.875% 10/01/2021 447,994 469,333 587,000 Home Trust Co., 3.4% 12/10/2018 546,501 583,576 USD 83,000 HSBC Holdings PLC 6.875% 12/31/2049 109,974 112,939 USD 38,000 HSBC Holdings PLC, FRN, 6.375% 12/31/2049 48,332 50,361 USD 75,000 ILFC E-Capital Trust I, FRN, 4.67% 12/21/2065 87,019 94,203 USD 291,000 ILFC E-Capital Trust II 4.89% 12/21/2065 349,201 366,628 USD 182,000 ING Groep N.V., 6% 12/31/2049 222,631 240,322 USD 556,000 ING Groep N.V., 6.5% 12/31/2049 678,482 738,647 USD 171,000 ING Groep N.V., 6.875% 12/31/2049 226,499 230,203 USD 142,000 JPMorgan Chase & Co., 5.3% 12/31/2049 183,340 187,870 USD 402,000 JPMorgan Chase & Co., 6.75% 08/29/2049 555,636 565,001

*Denotes all or part of securities on loan.† The Fund invests in an Underlying Fund. The Fund and the Underlying Fund are commonly managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.


No. of Shares/Par Value Description

AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)



*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.

Schedule of Investment Portfolio as at March 31, 2018 (cont’d)

ENERGY (7.4%) (cont’d) 270,000 Parkland Fuel Corp., 5.75% 09/16/2024 271,427 272,925 USD 73,000 Parkland Fuel Corp., 6% 04/01/2026 95,571 94,512 USD 57,000 Parsley Energy LLC/Parsley Finance Corp., 5.25% 08/15/2025 74,743 72,787 USD 126,000 Parsley Energy LLC/Parsley Finance Corp., 5.375% 01/15/2025 166,665 161,913 USD 85,000 Parsley Energy LLC/Parsley Finance Corp., 5.625% 10/15/2027 106,879 109,501 USD 24,000 Parsley Energy LLC/Parsley Finance Corp., 6.25% 06/01/2024 31,720 32,039 111,515 Pembina Pipeline Corp. 4,507,106 4,482,903 7,400 Pembina Pipeline Corp., Preferred 4.9%, Series 21 185,000 186,332 USD 60,000 Precision Drilling Corp., 5.25% 11/15/2024 65,467 72,464 USD 151,000 Precision Drilling Corp., 7.125% 01/15/2026 191,601 193,795 USD 63,000 Precision Drilling Corp., 7.75% 12/15/2023 84,519 84,304 USD 94,000 Resolute Energy Corp., 8.5% 05/01/2020 128,765 120,792 88,300 Royal Dutch Shell PLC 3,328,662 3,564,139 USD 173,000 RSP Permian Inc., 5.25% 01/15/2025 230,368 230,388 USD 83,000 RSP Permian Inc., 6.625% 10/01/2022 108,308 111,735 582,000 Saguard Resources Ltd., 8.5% 04/13/2022 571,760 582,000 USD 659,000 Seven Generations Energy Ltd., 5.375% 09/30/2025 819,305 810,750 USD 66,000 Seven Generations Energy Ltd., 6.75% 05/01/2023 82,745 88,000 USD 288,000 Seven Generations Energy Ltd., 6.875% 06/30/2023 378,411 384,928 USD 230,000 Teine Energy Ltd., 6.875% 09/30/2022 283,226 302,222 136,600 The Williams Co., Inc. 5,293,168 4,374,719 8,275 TransCanada Corp., Preferred 5.5%, Series 13 208,415 218,460 USD 415,000 TransCanada Trust 5.875% 08/15/2076 557,107 557,343 USD 215,000 TransMontaigne Partners L.P./TLP Finance Corp., 6.125% 02/15/2026 271,657 277,665 USD 97,000 Trinidad Drilling Ltd 6.625% 02/15/2025 126,011 116,525 USD 384,000 Velvet Energy Ltd., 9% 09/22/2023 495,364 494,686 48,799,850 45,999,870 REAL ESTATE (5.2%) 624 Alexandria Real Estate Equities Inc. 97,262 100,395 80,728 Allied Properties Real Estate Investment Trust 2,900,184 3,274,328 125,420 American Homes 4 Rent 3,456,978 3,244,359 70,662 Brookfield Office Properties Inc. (USD) 1,953,863 1,746,865 131,506 Brookfield Property Partners L.P. (USD) 3,791,620 3,251,015 51,234 Canadian Real Estate Investment Trust 2,344,614 2,572,459 USD 110,000 Corrections Corp. of America 4.625% 05/01/2023 140,196 140,644 USD 125,000 Corrections Corp. of America 5% 10/15/2022 163,992 163,043 153,996 First Capital Realty Inc. 3,115,061 3,133,819 87,230 Forest City Realty Trust Inc. 2,551,743 2,276,689 10,400 Gecina S.A. 2,362,335 2,325,984 USD 954,000 Howard Hughes Corp., 5.375% 03/15/2025 1,273,251 1,213,623 181,600 InterRent Real Estate Investment Trust 1,422,768 1,837,792 252,000 Iron Mountain Canada Operations ULC 5.375% 09/15/2023 254,282 258,300 USD 266,000 iStar Inc., 5.25% 09/15/2022 327,868 331,536 USD 3,767 iStar Inc., Term Loan B, Private Placement, variable rate, 10/01/2021 4,578 4,895 USD 335,000 Kennedy-Wilson Inc., 5.875% 04/01/2024 416,799 427,786

FINANCIALS (7.4%) (cont’d) USD 351,000 Wells Fargo & Co., 5.875% 12/31/2049 452,998 475,687 USD 73,000 Westpac Banking Corp., 5% 12/31/2049 88,973 86,976 USD 356,724 XLIT Ltd., 4.17902% 12/31/2049 386,076 456,101 45,595,994 46,465,457 ENERGY (7.4%) 145,118 ARC Resources Ltd. 2,919,738 2,037,457 USD 220,000 Baytex Energy Corp., 5.625% 06/01/2024 258,526 249,404 51,000 Baytex Energy Corp., 6.625% 07/19/2022 50,750 49,556 USD 190,000 Baytex Energy Corp., 6.75% 02/17/2021 235,216 240,483 8,696 Berry Petroleum Company LLC 221,962 101,451 340 Berry Petroleum Company LLC, Preferred 4,184 4,818 23,303 Berry Petroleum Company LLC, Preferred, Series A 286,776 330,220 USD 400,000 Calfrac Holdings L.P., 7.5% 12/01/2020 457,303 506,924 USD 100,000 Callon Petroleum Co., 6.125% 10/01/2024 139,096 131,762 USD 132,000 Cenovus Energy Inc., 5.25% 06/15/2037 158,293 171,125 USD 138,000 Cenovus Energy Inc., 6.75% 11/15/2039 177,343 204,811 USD 81,000 Centennial Resource Production LLC 5.375% 01/15/2026 103,374 102,391 508,000 CES Energy Solutions Corp., 6.375% 10/21/2024 508,520 511,016 USD 141,000 Cheniere Corpus Christi Holdings LLC 5.125% 06/30/2027 190,721 180,280 USD 19,000 Cheniere Corpus Christi Holdings LLC 5.875% 03/31/2025 25,409 25,609 62,700 Cheniere Energy Inc. 3,638,087 4,317,314 USD 31,000 Cheniere Energy Inc., 4.25% 03/15/2045 27,382 30,996 735,000 Crew Energy Inc., 6.5% 03/14/2024 731,215 689,062 USD 220,000 CrownRock L.P./CrownRock Finance Inc., 5.625% 10/15/2025 274,666 280,580 USD 269,000 DCP Midstream LLC, FRN, 5.85% 05/21/2043 280,172 327,478 USD 34,000 Diamondback Energy Inc., 5.375% 05/31/2025 43,603 44,370 59,296 Enbridge Inc. 3,343,884 2,402,674 44,356 Enbridge Inc. (USD) 2,380,318 1,798,239 580,000 Enbridge Inc., 5.375% 09/27/2077 580,000 557,744 USD 530,000 Enbridge Inc., 6% 01/15/2077 691,239 672,528 USD 168,000 Endeavor Energy Resources L.P./EER Finance Inc., 5.5% 01/30/2026 215,036 215,343 USD 346,000 Endeavor Energy Resources L.P./EER Finance Inc., 5.75% 01/30/2028 442,837 444,061 1,045,000 Gibson Energy Inc., 5.25% 07/15/2024 1,046,007 1,048,483 102,000 Gibson Energy Inc., 5.375% 07/15/2022 102,729 103,020 44,534 Keyera Corp. 1,560,843 1,492,334 155,556 Kinder Morgan Canada Ltd. 2,644,117 2,882,453 13,400 Kinder Morgan Canada Ltd., Preferred 5.25%, Series 1 335,000 339,958 85,276 Kinder Morgan Inc. 2,182,706 1,654,437 USD 184,000 MEG Energy Corp., 6.375% 01/30/2023 211,480 197,926 USD 671,000 MEG Energy Corp., 6.5% 01/15/2025 846,607 838,480 USD 273,000 MEG Energy Corp., 7% 03/31/2024 308,537 290,145 USD 273,000 Midcontinent Express Pipeline LLC 6.7% 09/15/2019 317,336 356,966 USD 215,000 Nabors Industries Inc., 5.75% 02/01/2025 266,958 261,393 USD 25,000 NGPL PipeCo LLC 4.875% 08/15/2027 31,319 31,723 5,211 NuStar Energy L.P., Preferred 7.625%, Series B* 172,245 146,344 USD 165,000 NuStar Logistics L.P., 6.75% 02/01/2021 216,714 220,797 741,000 NuVista Energy Ltd., 6.5% 03/02/2023 741,000 740,537 766,000 Parkland Fuel Corp., 5.625% 05/09/2025 766,632 769,351


AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)





CONSUMER DISCRETIONARY (4.0%) (cont’d) USD 225,298 DHX Media Ltd., Term Loan B, Private Placement, variable rate, 12/22/2023 296,711 291,962 USD 32,000 DISH DBS Corp., 5.875% 11/15/2024 38,404 36,741 USD 23,000 Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.5% 02/15/2023 28,195 30,370 130,900 Enercare Inc. 2,633,341 2,309,076 USD 65,940 Evergreen Skills Lux S.a.r.l., Term Loan 1, Private Placement, variable rate, 04/28/2021 81,628 82,258 USD 755,000 Evergreen Skills Lux S.a.r.l., Term Loan 2, Private Placement, variable rate, 04/28/2022 890,007 846,490 USD 232,000 Foot Locker Inc., 8.5% 01/15/2022 341,959 344,451 USD 63,000 FXI Holdings Inc., 7.875% 11/01/2024 80,645 79,486 USD 501,000 Getty Images Inc., 144A, 7% 10/15/2020 377,272 534,077 USD 479,482 Getty Images Inc., Term Loan B, Private Placement, variable rate, 10/18/2019 496,765 593,220 USD 63,000 GLP Capital L.P./GLP Financing II Inc., 5.375% 04/15/2026 82,489 82,377 135,443 Golf Town Canada Inc./Golfsmith International Holdings Inc., 10.5% 07/24/2018 96,601 40,656 USD 199,000 Hertz Corp., 7.625% 06/01/2022 267,425 260,206 USD 26,000 Hilton Domestic Operating Co., Inc., 4.25% 09/01/2024 34,012 32,490 USD 192,000 Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.625% 04/01/2025 256,122 247,034 216,531 Hudson’s Bay Co. 2,900,014 1,931,457 USD 190,000 J. Crew Brand LLC/J. Crew Brand Corp., 13% 09/15/2021 290,306 290,048 USD 247,633 J. Crew Group Inc., Term Loan B, Private Placement, variable rate, 03/05/2021 247,868 232,081 USD 34,000 KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America 5% 06/01/2024 44,597 43,527 USD 28,000 KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America 5.25% 06/01/2026 36,731 35,936 USD 174,000 Mattamy Group Corp., (USD) 6.5% 10/01/2025 215,701 226,396 236,000 Mattamy Group Corp., 6.5% 10/01/2025 237,794 240,032 USD 215,000 Mattamy Group Corp., 6.875% 12/15/2023 285,689 284,589 USD 292,000 MGM Resorts International 4.625% 09/01/2026 374,417 358,300 USD 241,000 MGM Resorts International 6% 03/15/2023 303,716 325,990 USD 112,000 MGM Resorts International 6.625% 12/15/2021 149,659 154,880 USD 76,000 Netflix Inc., 5.75% 03/01/2024 98,725 101,823 USD 109,000 Parq Holdings L.P., Term Loan, Private Placement, variable rate, 12/17/2020 141,350 141,121 56,000 River Cree Enterprises L.P., 11% 01/20/2021 59,363 58,669 USD 39,000 Sabre GLBL Inc., 5.25% 11/15/2023 51,374 50,759 USD 60,000 Sabre GLBL Inc., 5.375% 04/15/2023 75,714 77,971 USD 117,000 Scientific Games Corp., 5% 10/15/2025 145,469 146,580 USD 484,000 Scientific Games International Inc., 10% 12/01/2022 570,754 671,446 USD 210,000 Scientific Games International Inc., 6.25% 09/01/2020 205,013 270,870 USD 220,000 Scientific Games International Inc., 6.625% 05/15/2021 263,107 290,145 USD 24,000 Shea Homes L.P./Shea Homes Funding Corp., 5.875% 04/01/2023 30,275 31,304 USD 41,000 Shea Homes L.P./Shea Homes Funding Corp., 6.125% 04/01/2025 51,835 53,412

REAL ESTATE (5.2%) (cont’d) USD 533,000 MGM Growth Properties Operating Partnership L.P., 5.625% 05/01/2024 725,885 707,233 226,139 Plaza Retail REIT* 965,353 915,863 3,716 Prologis Inc. 295,264 301,541 72,500 RioCan Real Estate Investment Trust 1,795,628 1,713,900 37,771 SmartCentres Real Estate Investment Trust* 1,142,023 1,099,514 235 Sovereign REIT, Preferred 12%, Series 144A 372,652 379,179 113,220 Tricon Capital Group Inc.* 1,170,939 1,115,217 33,045,138 32,535,979 EXCHANGE-TRADED FUND(S) (4.7%) 55,956 iShares U.S. Real Estate ETF* 5,944,714 5,440,257 73,100 SPDR Gold Trust 11,900,819 11,845,731 35,500 SPDR S&P 500 ETF Trust 11,929,600 12,034,557 29,775,133 29,320,545 CONSUMER DISCRETIONARY (4.0%) USD 785,000 1011778 BC ULC/New Red Finance Inc., 5% 10/15/2025 985,734 962,933 USD 184,000 Altice Financing S.A., 6.625% 02/15/2023 237,447 234,667 USD 140,000 Altice Financing S.A., 7.5% 05/15/2026 182,958 176,747 USD 123,429 Altice S.A., 7.625% 02/15/2025 143,887 135,951 USD 533,113 Amaya Holdings B.V., Term Loan, Private Placement, variable rate, 08/01/2021 647,277 690,729 USD 85,000 American Axle & Manufacturing Inc., 6.25% 04/01/2025* 114,517 109,227 USD 140,000 Aston Martin Capital Holdings Ltd., 6.5% 04/15/2022 187,417 187,568 USD 147,000 Boyne USA Inc., 7.25% 05/01/2025 193,052 194,343 GBP 98,000 BrightHouse Group PLC 9% 05/15/2023 171,948 177,106 8,514 BrightHouse TopCo., A1 Ordinary Shares 85,804 86,579 USD 90,000 Brinker International Inc., 5% 10/01/2024 116,659 113,623 311,000 Brookfield Residential Properties Inc., 6.125% 05/15/2023 312,843 317,609 USD 7,000 Brookfield Residential Properties Inc., 6.125% 07/01/2022 8,903 9,254 USD 167,000 Brookfield Residential Properties Inc., 6.375% 05/15/2025 205,623 217,826 USD 143,000 Brookfield Residential Properties Inc., 6.5% 12/15/2020 182,222 186,522 USD 471,000 Canada Goose Inc., Term Loan, Private Placement, variable rate, 12/02/2021 590,263 600,696 USD 20,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5% 02/01/2028 24,630 24,155 USD 180,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.125% 05/01/2023 220,628 232,174 USD 54,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.375% 05/01/2025 66,276 68,522 USD 93,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.5% 05/01/2026 122,136 117,261 USD 163,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.75% 02/15/2026 215,309 208,936 USD 85,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.875% 04/01/2024 116,695 111,417 USD 138,846 Chinos Holdings Inc., Preferred 7%, Series 144A 7% 12/31/2049 67,218 89,434 11,673 Chinos Intermediate Holdings Inc., Class A 20,773 19,717 USD 32,000 CSC Holdings LLC 5.375% 02/01/2028 39,902 38,940


AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)





INDUSTRIALS (3.0%) (cont’d) USD 161,000 Navios South American Logistics Inc./Navios Logistics Inc., 7.25% 05/01/2022 190,408 197,037 USD 72,299 Neovia Logistics Intermediate Holdings LLC 10% 04/01/2020 66,639 40,050 USD 99,000 Park Aerospace Holdings Ltd., 4.5% 03/15/2023 120,482 120,841 USD 264,000 Park Aerospace Holdings Ltd., 5.25% 08/15/2022 349,694 333,193 USD 92,000 Park Aerospace Holdings Ltd., 5.5% 02/15/2024 121,959 114,963 USD 481,000 SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% 08/01/2020 593,988 485,647 USD 10,000 Summit Materials LLC/Summit Materials Finance Corp., 5.125% 06/01/2025 13,373 12,496 USD 79,000 Summit Materials LLC/Summit Materials Finance Corp., 6.125% 07/15/2023 103,663 103,807 465,032 Sydney Airport 2,632,444 3,086,994 USD 94,000 TransDigm Inc., 6.375% 06/15/2026 124,080 122,003 USD 220,000 TransDigm Inc., 6.5% 05/15/2025 294,901 286,248 367,559 Transurban Group 3,801,775 4,152,634 57,634 Transurban Group Registered Shares 562,358 651,141 USD 49,000 Tutor Perini Corp., 6.875% 05/01/2025 65,081 65,018 USD 392,000 Vertiv Group Corp., 9.25% 10/15/2024 505,184 527,717 USD 222,106 Vertiv Intermediate Holding II Corp., Term Loan, Private Placement, variable rate, 11/30/2023 283,545 287,855 17,507,638 18,484,796 UTILITIES (2.7%) USD 207,143 APLP Holdings L.P., Term Loan, Private Placement, variable rate, 04/13/2023 257,429 269,770 69,800 Boralex Inc., Class A 1,366,414 1,561,426 61,790 Brookfield Renewable Energy Partners L.P. 2,331,857 2,475,307 6,700 Capital Power Corp., Preferred 5.75%, Series 9 167,500 170,716 30,300 Emera Inc.* 1,440,608 1,235,028 USD 79,000 Emera Inc., 6.75% 06/15/2076 115,160 109,913 35,088 Hydro One Inc., 814,968 734,041 USD 222,000 LBC Tank Terminals Holding Netherlands B.V., 6.875% 05/15/2023 281,185 293,855 11,400 NextEra Energy Inc. 2,031,638 2,398,663 USD 589,000 NGL Energy Partners L.P./NGL Energy Finance Corp., 6.125% 03/01/2025 763,811 722,734 USD 405,000 NGL Energy Partners L.P./NGL Energy Finance Corp., 6.875% 10/15/2021 515,913 520,435 USD 119,000 NGL Energy Partners L.P./NGL Energy Finance Corp., 7.5% 11/01/2023 159,829 153,876 98,332 Pattern Energy Group Inc.* 2,847,580 2,190,223 USD 345,000 Rockpoint Gas Storage Canada Ltd., 7% 03/31/2023 419,854 443,889 13,800 Sempra Energy 2,020,126 1,977,244 1,400 Sempra Energy, Preferred 6%, Series A 173,768 184,629 USD 66,206 Tenaska Alabama Partners L.P., 7% 06/30/2021 85,512 87,528 USD 104,000 TerraForm Power Operating LLC 4.25% 01/31/2023 132,990 128,679 USD 157,000 TerraForm Power Operating LLC 5% 01/31/2028 200,509 190,835 USD 594,049 Veresen Midstream L.P., Term Loan B, Private Placement, variable rate, 03/21/2022 723,021 771,499 16,849,672 16,620,290

CONSUMER DISCRETIONARY (4.0%) (cont’d) USD 206,000 Silversea Cruises Ltd., 7.25% 02/01/2025 274,559 280,638 35,110 Six Flags Entertainment Corp.* 2,617,526 2,816,037 USD 558,000 Studio City Finance Ltd., 8.5% 12/01/2020 695,983 733,217 USD 61,000 TRI Pointe Holdings Inc., 5.875% 06/15/2024 74,892 79,738 USD 193,000 Unitymedia Hessen GmbH & Co., KG/Unitymedia NRW GmbH 5% 01/15/2025 256,509 252,982 USD 104,000 Unitymedia KabelBW GmbH 6.125% 01/15/2025 133,663 140,509 USD 403,000 UPCB Finance IV Ltd., 5.375% 01/15/2025 494,100 500,992 7,200 Vail Resorts Inc. 1,969,506 2,056,348 USD 75,000 Virgin Media Finance PLC 5.75% 01/15/2025 96,663 92,512 USD 24,000 Virgin Media Finance PLC 6.375% 04/15/2023 31,056 31,382 USD 152,000 Virgin Media Secured Finance PLC 5.25% 01/15/2026 186,271 188,470 USD 19,000 Virgin Media Secured Finance PLC 5.5% 01/15/2025 26,189 23,865 USD 33,000 Virgin Media Secured Finance PLC 5.5% 08/15/2026 42,386 41,316 USD 28,000 William Lyon Homes Inc., 5.875% 01/31/2025 36,300 35,324 USD 32,000 WMG Acquisition Corp., 4.875% 11/01/2024 42,148 40,915 USD 18,000 WMG Acquisition Corp., 5% 08/01/2023 23,532 23,217 USD 41,000 WMG Acquisition Corp., 5.5% 04/15/2026 52,613 53,082 USD 71,000 WMG Acquisition Corp., 5.625% 04/15/2022 88,708 93,523 USD 310,000 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.5% 03/01/2025 385,675 401,353 USD 90,000 Yum! Brands Inc., 3.875% 11/01/2023 109,519 111,304 25,678,966 25,136,890 INDUSTRIALS (3.0%) 26 9961747 Canada Inc., Class B, Private Placement 103,684 131,838 26 9961747 Canada Inc., Preferred, Class C, Private Placement 131,838 131,838 EUR 140,333 Abengoa Abenewco 1 S.A.U., 14% 03/31/2021 183,290 201,728 USD 222,133 Abengoa Abenewco 2 S.A.U., 1.5% 09/29/2022 32,060 78,637 268,545 Abengoa S.A. 7,671 11,408 2,776,870 Abengoa S.A., Class B - 46,216 USD 78,477 ABG Orphan Holdco S.a.r.l., 14% 02/28/2021 104,476 108,423 USD 27,415 ABG Orphan Holdco S.a.r.l., 14% 02/28/2021 36,432 38,570 USD 83,000 AECOM 5.125% 03/15/2027 108,150 102,990 USD 149,000 AECOM 5.875% 10/15/2024 190,931 200,826 7,112 Aena S.A. 1,744,736 1,844,820 USD 130,000 AerCap Global Aviation Trust 6.5% 06/15/2045 173,607 180,660 USD 522,000 BlueLine Rental Finance Corp./BlueLine Rental LLC 9.25% 03/15/2024 711,178 721,002 USD 256,842 Commercial Barge Line Co., Term Loan B, Private Placement, variable rate, 11/12/2020 324,628 198,319 115,495 Ferrovial S.A. 3,044,571 3,105,728 USD 180,000 H&E Equipment Services Inc., 5.625% 09/01/2025 230,733 233,913 63,676 Livingston International Inc., Term Loan B2, Private Placement, variable rate, 03/20/2020 61,766 61,766 USD 247,488 Livingston International Inc., Term Loan, Private Placement, variable rate, 04/18/2020 283,514 306,072 USD 37,000 Navios Maritime Acquisition Corp./Navios Acquisition Finance US Inc., 8.125% 11/15/2021 44,287 38,966 USD 151,000 Navios Maritime Holdings Inc./Navios Maritime Finance II US Inc., 7.375% 01/15/2022 160,512 153,432


AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)





HEALTH CARE (1.4%) (cont’d) USD 314,000 Ironshore Pharmaceuticals and Development Inc., Escrow Liability 13% 02/28/2024 410,066 404,509 USD 329,000 Kinetic Concepts Inc./KCI USA Inc., 12.5% 11/01/2021 443,991 478,931 USD 245,484 Lannett Co., Inc., Term Loan B, Private Placement, variable rate, 11/25/2022 297,160 315,980 USD 202,000 Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics S.A., 6.625% 05/15/2022 219,544 253,720 USD 552,000 Quotient Ltd., 12% 10/15/2023 731,554 711,111 9,055,886 8,951,446 MATERIALS (1.0%) USD 20,000 ARD Finance S.A., 7.125% 09/15/2023* 25,927 26,699 USD 73,000 Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 4.625% 05/15/2023 92,302 94,395 USD 98,000 BWAY Holding Co., 5.5% 04/15/2024 130,459 127,037 USD 69,000 Chemours Co., 5.375% 05/15/2027 93,244 89,111 USD 158,000 Chemours Co., 6.625% 05/15/2023 191,225 213,720 USD 35,000 Chemours Co., 7% 05/15/2025 43,183 48,696 USD 262,000 First Quantum Minerals Ltd., 144A, 7% 02/15/2021 324,862 338,577 USD 42,000 First Quantum Minerals Ltd., 6.875% 03/01/2026 51,334 51,401 USD 240,000 First Quantum Minerals Ltd., 7.25% 05/15/2022 243,044 309,179 USD 230,000 First Quantum Minerals Ltd., 7.5% 04/01/2025 299,928 291,852 USD 192,000 Freeport-McMoRan Inc., 5.4% 11/14/2034 188,668 235,048 USD 53,000 Kinross Gold Corp., 4.5% 07/15/2027 68,745 66,864 USD 213,000 Kinross Gold Corp., 6.875% 09/01/2041 309,859 312,812 USD 433,000 New Gold Inc., 6.25% 11/15/2022 545,041 569,663 USD 90,000 New Gold Inc., 6.375% 05/15/2025 122,893 118,551 USD 266,000 NOVA Chemicals Corp., 4.875% 06/01/2024 356,507 328,110 USD 201,000 NOVA Chemicals Corp., 5.25% 06/01/2027 269,131 245,990 USD 462,000 Rayonier AM Products Inc., 5.5% 06/01/2024 523,982 583,266 USD 221,000 Reynolds Group Issuer Inc./Reynolds Group Issuer LLC 5.125% 07/15/2023 284,494 287,464 USD 69,000 Reynolds Group Issuer Inc./Reynolds Group Issuer LLC 7% 07/15/2024* 89,376 93,056 USD 131,000 Teck Resources Ltd., 5.4% 02/01/2043 168,942 160,744 USD 833,000 Teck Resources Ltd., 6% 08/15/2040 1,174,996 1,121,494 USD 177,000 Teck Resources Ltd., 6.125% 10/01/2035 256,655 241,700 59,476 Trevali Mining Corp. 28,407 77,319 USD 249,000 Tronox Finance LLC 7.5% 03/15/2022 300,907 332,994 USD 79,000 Tronox Finance PLC 5.75% 10/01/2025 97,648 98,973 6,281,759 6,464,715 TELECOMMUNICATION SERVICES (0.8%) 120,600 Data & Audio Visual Enterprises Wireless Inc., Private Placement 15% 09/25/2018 - - USD 157,000 Digicel Group Ltd., 8.25% 09/30/2020 198,957 173,939 USD 26,871 Digicel International Finance Ltd., Term Loan B, Private Placement, variable rate, 05/10/2024 36,506 34,498 USD 37,000 Digicel Ltd., 6% 04/15/2021 46,308 44,746 USD 66,000 Digicel Ltd., 6.75% 03/01/2023 79,132 76,618 USD 51,000 Hughes Satellite Systems Corp., 5.25% 08/01/2026 67,953 64,386 USD 44,000 Hughes Satellite Systems Corp., 6.625% 08/01/2026 61,951 56,399

CONSUMER STAPLES (1.5%) USD 131,000 Alliance One International Inc., 8.5% 04/15/2021 172,207 175,932 USD 438,000 Alliance One International Inc., 9.875% 07/15/2021 474,621 547,324 9,000 Anheuser-Busch InBev S.A./N.V. 1,322,936 1,273,629 USD 47,000 Aramark Services Inc., 5% 02/01/2028 58,972 59,261 20,773 British American Tobacco PLC 1,601,621 1,550,823 USD 254,000 Clearwater Seafoods Inc., 6.875% 05/01/2025 342,641 312,899 16,929 Coca-Cola Co. 916,269 947,152 USD 192,000 Dole Food Co., Inc., 7.25% 06/15/2025 255,705 253,527 USD 22,000 ESAL GmbH 6.25% 02/05/2023 26,658 26,995 USD 239,000 JBS USA LLC S.A./JBS USA Finance Inc., 5.75% 06/15/2025 295,637 287,108 USD 131,000 Lamb Weston Holdings Inc., 4.625% 11/01/2024 175,710 167,283 USD 55,000 Lamb Weston Holdings Inc., 4.875% 11/01/2026 73,310 70,233 USD 134,000 Land O’Lakes Capital Trust I 7.45% 03/15/2028 179,895 196,361 USD 116,000 Land O’Lakes Inc., 6% 11/15/2022 155,738 162,699 10,621 Nestle S.A., Registered Shares 1,072,767 1,082,280 8,213 Procter & Gamble Co. 830,739 838,810 USD 701,000 Rite Aid Corp., 6.125% 04/01/2023 873,780 909,833 USD 239,000 Rite Aid Corp., 7.7% 02/15/2027 283,934 259,398 USD 19,000 Tops Holding LLC/Tops Markets II Corp., Zero Coupon, 03/15/2021 21,215 22,519 USD 434,000 Tops Holding LLC/Tops Markets II Corp., 8% 06/15/2022 502,355 257,185 USD 146,000 Top Markets LLC, Term Loan, Private Placement, variable rate, 02/23/2019 176,328 169,275 9,813,038 9,570,526 HEALTH CARE (1.4%) USD 392,852 Alvogen Pharma US Inc., Term Loan, Private Placement, variable rate, 04/02/2022 496,865 508,197 USD 61,000 Centene Corp., 4.75% 01/15/2025 81,198 76,618 USD 204,000 Centene Corp., 6.125% 02/15/2024 286,383 273,498 USD 21,000 Charles River Laboratories International Inc., 5.5% 04/01/2026 27,143 27,527 USD 152,000 DaVita Inc., 5% 05/01/2025 191,438 189,263 USD 246,000 DaVita Inc., 5.125% 07/15/2024 304,201 309,382 USD 201,000 Egalet Corp., 13% 09/30/2033 263,234 258,937 USD 201,000 Egalet Corp., Private Placement 13% 09/20/2033 268,693 258,937 USD 11,320 Envision Healthcare Corp., Term Loan, Private Placement, variable rate, 12/01/2023 15,016 14,662 USD 15,000 HCA Inc., 4.75% 05/01/2023 20,106 19,541 USD 242,000 HCA Inc., 5% 03/15/2024 318,509 314,873 USD 150,000 HCA Inc., 5.25% 04/15/2025 197,097 197,527 USD 151,500 HCA Inc., 5.25% 06/15/2026 203,422 197,706 USD 169,000 HCA Inc., 5.375% 02/01/2025 212,798 218,258 USD 32,000 HCA Inc., 5.875% 03/15/2022 42,440 43,440 USD 674,500 HCA Inc., 7.05% 12/01/2027 949,679 918,884 USD 214,000 HCA Inc., 7.5% 12/15/2023 312,347 302,564 USD 276,000 HCA Inc., 7.58% 09/15/2025 412,160 389,778 USD 858,000 HCA Inc., 7.69% 06/15/2025 1,329,955 1,218,609 USD 25,740 Innoviva Inc., Term Loan B, Private Placement, variable rate, 08/18/2022 32,421 33,491 USD 2,764,000 Intarcia Therapeutics Inc., Zero Coupon, 04/15/2031 739,040 886,324 USD 191,000 Ironshore Pharmaceuticals and Development Inc., 13% 02/28/2024 249,426 129,179


AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)



‡Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Service.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.


WARRANTS (0.0%) (cont’d) 67 Xplornet Communications Inc., Warrants (20Dec18) 1 2,547 9,372 63,008

Commissions and other portfolio transaction costs (90,869)

Total Investment Portfolio before Derivative Instruments (94.4%) 603,792,285 589,032,931

Foreign Currency Forward Contracts (-0.3%) (see Schedule A) (1,689,646)


Principal amounts stated in:GBP British Pound EUR European Currency USD U.S. Dollar

TELECOMMUNICATION SERVICES (0.8%) (cont’d) USD 188,000 Hughes Satellite Systems Corp., 7.625% 06/15/2021 259,389 259,911 USD 137,000 Intelsat Jackson Holdings S.A., 5.5% 08/01/2023 149,043 142,074 USD 86,000 Intelsat Jackson Holdings S.A., 7.25% 10/15/2020 100,379 102,480 USD 75,000 Intelsat Jackson Holdings S.A., 7.5% 04/01/2021 81,398 87,500 USD 139,000 Intelsat Jackson Holdings S.A., 8% 02/15/2024 183,819 188,243 USD 50,000 Intelsat Jackson Holdings S.A., 9.75% 07/15/2025 65,277 60,145 USD 268,000 SFR Group S.A., 6% 05/15/2022 337,698 337,475 USD 51,000 SFR Group S.A., 6.25% 05/15/2024 64,330 61,923 USD 32,000 SFR Group S.A., 7.375% 05/01/2026 42,805 39,266 USD 50,000 Spring Corp., 7.625% 03/01/2026 63,222 62,847 USD 459,000 Sprint Capital Corp., 6.875% 11/15/2028 544,420 551,391 USD 345,000 Sprint Corp., 7.125% 06/15/2024 411,964 433,333 USD 243,000 Sprint Corp., 7.625% 02/15/2025* 290,442 307,565 USD 90,000 Sprint Corp., 7.875% 09/15/2023 98,375 118,261 USD 20,000 T-Mobile USA Inc., 4.5% 02/01/2026 24,907 24,734 USD 20,000 T-Mobile USA Inc., 4.75% 02/01/2028 24,902 24,767 USD 106,000 T-Mobile USA Inc., 6% 03/01/2023 137,996 142,016 USD 28,000 T-Mobile USA Inc., 6% 04/15/2024 39,319 37,571 USD 385,270 Xplornet Commnunications Inc., 9.625% 06/01/2022 516,957 508,730 270,000 Xplornet Communications Inc., Series A, 7% 10/25/2020 264,384 264,384 270,000 Xplornet Communications Inc., Series B, 7% 10/25/2020 319,585 383,557 USD 545,076 Xplornet Communications Inc., Term Loan, Private Placement, variable rate, 09/09/2021 706,414 706,144 5,217,832 5,294,903 INFORMATION TECHNOLOGY (0.4%) USD 190,000 Digicert Holdings Inc., Term Loan, Private Placement, variable rate, 10/31/2024 233,251 247,852 USD 78,000 Digicert Holdings Inc., Term Loan, Private Placement, variable rate, 10/31/2025 96,129 101,629 USD 45,000 First Data Corp., 5% 01/15/2024 59,233 57,971 USD 203,000 First Data Corp., 5.75% 01/15/2024 267,780 263,148 USD 428,635 McAfee LLC, Term Loan B, Private Placement, variable rate, 09/29/2024 530,585 558,571 USD 200,000 McAfee LLC, Term Loan, Private Placement, variable rate, 09/28/2025 245,847 261,643 USD 86,000 Micron Technology Inc., 5.25% 01/15/2024 105,368 114,528 USD 185,000 Micron Technology Inc., 5.625% 01/15/2026 223,609 246,667 USD 298,000 Project Homestake Merger Corp., 8.875% 03/01/2023 369,121 364,702 2,130,923 2,216,711 WARRANTS (0.0%) 3,877 2500053 Ontario Inc., Class B, Warrants (25Sep18) - - 773 2500053 Ontario Inc., Warrants (25Sep18) - - 19,500 Canadian International Oil Corp., Warrants (31Dec49) 6,078 11,700 513 Xplornet Communications Inc., 144A, Warrants (20Dec18) 3,293 48,761


AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)





Schedule AForeign Currency Forward Contracts (-0.3%)

Contracts CounterpartyCredit Rating of

the Counterparty‡Settlement

DateContracts

Rate Pay ReceiveUnrealized

Gain (Loss) ($)1 Bank of Montreal A-1 26-Jun-18 1.84 (889,760) British Pound 1,634,115 Canadian $ 22,685 1 Bank of Montreal A-1 16-May-18 0.80 (1,331,524) US $ 1,666,442 Canadian $ (47,214)1 Bank of Montreal A-1 12-Jun-18 1.31 (1,236,340) US $ 1,617,831 Canadian $ 27,346 1 Bank of Montreal A-1 16-Apr-18 0.81 (1,798,770) US $ 2,232,274 Canadian $ (84,110)1 Bank of Montreal A-1 16-May-18 0.80 (6,238,828) US $ 7,812,716 Canadian $ (216,596)1 Canadian Imperial Bank of Commerce A-1 26-Jun-18 1.84 (887,240) British Pound 1,629,443 Canadian $ 22,577 1 Canadian Imperial Bank of Commerce A-1 26-Jun-18 1.60 (195,000) Euro 312,485 Canadian $ 1,832 1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (1,295,369) US $ 1,622,294 Canadian $ (44,834)1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.31 (188,553) US $ 246,411 Canadian $ 3,849 1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.81 (2,698,156) US $ 3,349,369 Canadian $ (125,209)1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.29 (399,485) US $ 514,097 Canadian $ 213 1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (6,238,829) US $ 7,810,733 Canadian $ (218,576)1 Citigroup Inc. A-2 26-Jun-18 1.60 (287,215) Canadian $ 180,000 Euro (464)1 Citigroup Inc. A-2 26-Jun-18 1.62 (1,063,493) Euro 1,719,402 Canadian $ 25,093 1 Citigroup Inc. A-2 12-Jun-18 1.31 (1,148,302) US $ 1,501,111 Canadian $ 23,887 1 Citigroup Inc. A-2 16-May-18 0.80 (1,553,445) US $ 1,942,766 Canadian $ (56,497)1 Citigroup Inc. A-2 16-Apr-18 0.81 (1,798,770) US $ 2,232,390 Canadian $ (83,994)1 Citigroup Inc. A-2 12-Jun-18 1.29 (2,049,727) US $ 2,639,884 Canadian $ 3,176 1 Citigroup Inc. A-2 16-May-18 0.80 (3,119,414) US $ 3,912,837 Canadian $ (101,834)1 Citigroup Inc. A-2 12-Jun-18 1.30 (497,641) US $ 644,445 Canadian $ 4,281 1 HSBC Holdings PLC A-1 26-Jun-18 1.01 (2,875,575) Australian $ 2,894,942 Canadian $ 54,248 1 HSBC Holdings PLC A-1 26-Jun-18 0.98 (188,287) Canadian $ 191,314 Singaporean $ (187)1 HSBC Holdings PLC A-1 26-Jun-18 0.99 (337,094) Canadian $ 342,194 Singaporean $ (647)1 HSBC Holdings PLC A-1 26-Jun-18 0.99 (642,362) Canadian $ 652,045 Singaporean $ (1,269)1 HSBC Holdings PLC A-1 26-Jun-18 0.99 (1,521,000) Singaporean $ 1,510,472 Canadian $ 14,964 1 HSBC Holdings PLC A-1 16-May-18 0.80 (2,219,207) US $ 2,785,460 Canadian $ (70,653)1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (1,778,273) US $ 2,291,660 Canadian $ 4,138 1 HSBC Holdings PLC A-1 16-Apr-18 0.81 (2,698,156) US $ 3,349,761 Canadian $ (124,818)1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (398,113) US $ 512,650 Canadian $ 530 1 JPMorgan Chase & Co. A-2 12-Jun-18 1.31 (1,010,577) US $ 1,320,859 Canadian $ 20,811 1 JPMorgan Chase & Co. A-2 16-Apr-18 0.81 (1,798,771) US $ 2,231,861 Canadian $ (84,524)1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (3,119,414) US $ 3,912,525 Canadian $ (102,145)1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (362,703) US $ 454,449 Canadian $ (12,347)1 Morgan Stanley A-2 16-Apr-18 0.81 (1,798,771) US $ 2,232,275 Canadian $ (84,110)1 Morgan Stanley A-2 16-May-18 0.80 (1,997,286) US $ 2,498,657 Canadian $ (71,826)1 Morgan Stanley A-2 16-May-18 0.80 (3,119,414) US $ 3,910,653 Canadian $ (104,013)1 Morgan Stanley A-2 12-Jun-18 1.29 (497,641) US $ 644,353 Canadian $ 4,190 1 Royal Bank of Canada A-1+ 26-Jun-18 1.01 (1,067,986) Australian $ 1,075,112 Canadian $ 20,081 1 Royal Bank of Canada A-1+ 26-Jun-18 0.98 (233,941) Canadian $ 237,661 Singaporean $ (273)1 Royal Bank of Canada A-1+ 26-Jun-18 0.98 (96,239) Canadian $ 97,786 Singaporean $ (95)1 Royal Bank of Canada A-1+ 26-Jun-18 1.62 (1,082,194) Euro 1,749,644 Canadian $ 25,540 1 Royal Bank of Canada A-1+ 26-Jun-18 1.62 (154,313) Euro 250,458 Canadian $ 4,610 1 Royal Bank of Canada A-1+ 26-Jun-18 1.60 (179,000) Euro 285,764 Canadian $ 605 1 Royal Bank of Canada A-1+ 26-Jun-18 1.61 (277,000) Euro 446,236 Canadian $ 4,939 1 Royal Bank of Canada A-1+ 26-Jun-18 1.39 (396,000) Swiss Franc 548,893 Canadian $ 11,941 1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (895,754) US $ 1,156,877 Canadian $ 4,594 1 Royal Bank of Canada A-1+ 16-Apr-18 0.80 (1,366,450) US $ 1,697,559 Canadian $ (62,103)1 Royal Bank of Canada A-1+ 16-May-18 0.79 (3,485,167) US $ 4,389,672 Canadian $ (95,762)





Schedule A (cont’d)Foreign Currency Forward Contracts (-0.3%)



DateContracts


Gain (Loss) ($)1 The Bank of Nova Scotia A-1 12-Jun-18 1.31 (1,010,577) US $ 1,320,961 Canadian $ 20,913 1 The Bank of Nova Scotia A-1 16-Apr-18 0.81 (2,698,156) US $ 3,349,858 Canadian $ (124,721)1 The Bank of Nova Scotia A-1 16-May-18 0.80 (3,119,414) US $ 3,910,023 Canadian $ (104,641)1 The Bank of Nova Scotia A-1 12-Jun-18 1.30 (497,641) US $ 644,495 Canadian $ 4,331 1 Toronto-Dominion Bank A-1+ 12-Jun-18 1.31 (119,369) US $ 156,003 Canadian $ 2,442 Total Foreign Currency Forward Contracts Value (1,689,646)






Held forTrading






AssetsInvestments 63 588,970 589,033 - 589,033Cash - - - 31,309 31,309Unrealized gain on futures and foreign currency forward contracts 333 - 333 - 333Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - 1 1Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 297 297Interest receivable - - - 1,532 1,532Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 23,999 23,999Receivable for share subscriptions - - - 1,200 1,200 396 588,970 589,366 58,338 647,704LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 2,023 - 2,023 - 2,023Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 24,916 24,916Payable for share redemptions - - - 653 653Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 2,023 - 2,023 25,569 27,592









Held forTrading






AssetsInvestments 141 525,151 525,292 - 525,292Cash - - - 22,226 22,226Unrealized gain on futures and foreign currency forward contracts 277 - 277 - 277Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 387 387Interest receivable - - - 1,612 1,612Receivable for distribution from investments - - - 1,525 1,525Securities lending revenue receivable - - - - -Receivable for investments sold - - - 550 550Receivable for share subscriptions - - - 1,376 1,376 418 525,151 525,569 27,676 553,245LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 542 - 542 - 542Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 1,288 1,288Payable for share redemptions - - - 597 597Dividends payable to holders of redeemable shares - - - 14 14Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 542 - 542 1,899 2,441







2018 2017Financial Instruments at FVTPLHeld for trading 2,020 (1,429)Designated at fair value through profit or loss 5,646 43,525Total 7,666 42,096

Offsetting of Financial Instruments (Note 2)

The following tables show the net impact on the Fund’s Statements of Financial Position if all rights to offset were exercised.

as at March 31, 2018Amounts Eligible for Offset

Gross Assets/(Liabilities)

FinancialInstruments

CollateralReceived/(Paid)

NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 333 (331) - 2Derivative assets - Swaps and swaptions - - - -Total 333 (331) - 2Derivative liabilities - Foreign currency forward contracts (2,023) 331 - (1,692)Derivative liabilities - Swaps and swaptions - - - -Total (2,023) 331 - (1,692)





NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 277 (267) - 10Derivative assets - Swaps and swaptions - - - -Total 277 (267) - 10Derivative liabilities - Foreign currency forward contracts (542) 267 - (275)Derivative liabilities - Swaps and swaptions - - - -Total (542) 267 - (275)









Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Signature Cash Management Fund 1,115 1,114 99.9Signature High Yield Bond II Fund 136,068 41,031 30.2Signature Tactical Bond Pool 339,213 16,389 4.8CI Income Fund 7,807,392 250,104 3.2Signature Global Bond Fund 1,894,448 33,270 1.8iShares U.S. Real Estate ETF 4,636,870 5,440 0.1SPDR S&P 500 ETF Trust 325,014,736 12,035 -SPDR Gold Trust 46,517,132 11,846 -





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Signature High Yield Bond II Fund 143,848 40,362 28.1Signature Cash Management Fund 73,161 9,504 13.0CI Income Fund 7,972,306 224,277 2.8Signature Tactical Bond Pool 343,421 8,054 2.3Signature Global Bond Fund 1,743,410 30,390 1.7














2018 2017Brokerage commissions 137 73Soft dollar commissions† 19 15

A Shares 2018 2017 19,388 40,033 2,593 2,782 35 562 (5,868) (23,989) 16,148 19,388

E Shares 2018 2017 2,865,580 2,748,078 717,297 1,198,362 2,942 82,963 (2,266,904) (1,163,823) 1,318,915 2,865,580

E2 Shares 2018 2017 - - 1,403,486 - 1,769 - (600,873) - 804,382 -

E3 Shares 2018 2017 - - 1,284,840 - 1,700 - (493,131) - 793,409 -

E4 Shares 2018 2017 - - 287,978 - 454 - (82,214) - 206,218 -

E5 Shares 2018 2017 - - 429,744 - 853 - (42,272) - 388,325 -

ET8 Shares 2018 2017 135,573 146,024 73,640 111,561 1,821 6,344 (132,535) (128,356) 78,499 135,573

E2T8 Shares 2018 2017 - - 54,967 - 455 - (26,381) - 29,041 -

E3T8 Shares 2018 2017 - - 56,359 - 186 - (43,013) - 13,532 -

E4T8 Shares 2018 2017 - - 60,623 - 864 - (32,087) - 29,400 -

E5T8 Shares 2018 2017 - - 1,000 - 81 - - - 1,081 -

F Shares 2018 2017 - - 1,019,599 - 349 - (869,466) - 150,482 -

F2 Shares 2018 2017 - - 528,633 - 667 - (224,322) - 304,978 -

F3 Shares 2018 2017 - - 533,175 - 876 - (126,541) - 407,510 -

F4 Shares 2018 2017 - - 226,318 - 470 - (13,610) - 213,178 -

F5 Shares 2018 2017 - - 1,000 - 2 - - - 1,002 -

FT8 Shares 2018 2017 - - 7,313 - 95 - (3,980) - 3,428 -

F2T8 Shares 2018 2017 - - 5,395 - 86 - (1) - 5,480 -

F3T8 Shares 2018 2017 - - 3,663 - 87 - - - 3,750 -

F4T8 Shares 2018 2017 - - 1,000 - 81 - - - 1,081 -








F5T8 Shares 2018 2017 - - 1,000 - 81 - - - 1,081 -

I Shares 2018 2017 12,241,930 9,924,697 4,087,129 6,258,161 29,856 354,800 (2,802,181) (4,295,728) 13,556,734 12,241,930

IT8 Shares 2018 2017 690,729 443,416 281,323 491,361 25,411 33,943 (101,212) (277,991) 896,251 690,729

OF Shares 2018 2017 1,849 1,745 15,270 317 37 54 (458) (267) 16,698 1,849

W Shares 2018 2017 15,774,490 13,523,099 3,795,161 8,242,961 38,711 455,492 (2,140,377) (6,447,062) 17,467,985 15,774,490

WT8 Shares 2018 2017 3,217,661 2,181,171 465,437 1,925,272 131,149 181,878 (158,125) (1,070,660) 3,656,122 3,217,661






Annual management

fee rate:


fee rate:

A Shares 2.000 0.20E Shares 1.650* 0.20E2 Shares 1.620 0.20E3 Shares 1.590 0.19E4 Shares 1.570 0.15E5 Shares 1.560 0.10ET8 Shares 1.650* 0.20E2T8 Shares 1.620 0.20E3T8 Shares 1.590 0.19E4T8 Shares 1.570 0.15E5T8 Shares 1.560 0.10F Shares 0.650* 0.20F2 Shares 0.620 0.20F3 Shares 0.590 0.19F4 Shares 0.570 0.15F5 Shares 0.560 0.10FT8 Shares 0.650* 0.20F2T8 Shares 0.620 0.20F3T8 Shares 0.590 0.19F4T8 Shares 0.570 0.15F5T8 Shares 0.560 0.10I Shares Paid directly by investor -IT8 Shares Paid directly by investor -OF Shares 1.000 0.20W Shares Paid directly by investor 0.20WT8 Shares Paid directly by investor 0.20

*Effective July 27, 2017, the annual management fee rate was reduced for E Shares from 1.75% to 1.65%, for ET8 Shares from 1.75% to 1.65%, for F Shares from 0.75% to 0.65% and for FT8 Shares from 0.75% to 0.65%.


2018 2017Loaned 15,679 6,589Collateral (non-cash) 15,992 6,918


2018 2017Gross securities lending revenue 51 19Charges (7) (3)Securities lending revenue 44 16% of gross securities lending revenue 13.7 15.8


Investments 2018CI Income Fund (Class I) 250,104Signature Cash Management Fund (Class C) 1,114Signature Global Bond Fund (Class I) 33,270Signature High Yield Bond II Fund (Class I) 41,031Signature Tactical Bond Pool (Class I) 16,389

Investments 2017CI Income Fund (Class I) 224,277Signature Cash Management Fund (Class C) 9,504Signature Global Bond Fund (Class I) 30,390Signature High Yield Bond II Fund (Class I) 40,362Signature Tactical Bond Pool (Class I) 8,054






Concentration RiskFor Concentration Risk as at March 31, 2018, refer to the Schedule of Investment Portfolio.

The Fund’s investments were concentrated in the following segments:

as at March 31, 2017 Categories Net Assets (%)Funds 56.2 Financials 8.8 Real Estate 6.4 Energy 5.6 Other Net Assets (Liabilities) 5.6 Consumer Discretionary 3.9 Industrials 3.7 Telecommunication Services 2.6 Utilities 2.3 Health Care 1.6 Consumer Staples 1.3 Materials 0.9 Private Placements 0.8 Information Technology 0.3 Foreign Currency Forward Contracts 0.0 Warrants 0.0

Credit RiskThe Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the tables below.

as at March 31, 2018 Credit Rating^* Net Assets (%)A 0.1 BBB/Baa/B++ 2.2 BB/Ba/B+ 6.9 B 5.4 CCC/Caa/C++ 1.3 CC/Ca/C+ 0.1 Not Rated 1.1 Total 17.1

as at March 31, 2017 Credit Rating^* Net Assets (%)AA/Aa/A+ 0.3 A 0.3 BBB/Baa/B++ 2.2 BB/Ba/B+ 8.2 B 6.1 CCC/Caa/C++ 1.7 CC/Ca/C+ 0.1 Not Rated 1.2 Total 20.1




Other Price RiskAs at March 31, 2018 and 2017, the Fund was invested in Canadian equities and therefore was sensitive to changes in general economic conditions in Canada.

As at March 31, 2018, had the equities in the investment portfolio increased or decreased by 10% (March 31, 2017 - 10%), with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have increased or decreased, respectively, by approximately $49,018,000 (March 31, 2017 - $42,156,000). In practice, actual results may differ from this analysis and the difference may be material.

Currency RiskThe tables below summarize the Fund’s exposure to currency risk.

as at March 31, 2018~

Currency

Financial Instruments Exposure Derivatives

Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 159,251 (84,489) 74,762 12.0 Euro 8,871 (4,392) 4,479 0.7 Australian Dollar 7,891 (3,901) 3,990 0.6 Swedish Krona 3,704 - 3,704 0.6 British Pound 6,553 (3,211) 3,342 0.5 Swiss Franc 1,082 (534) 548 0.1 Total 187,352 (96,527) 90,825 14.5


Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 148,277 (65,940) 82,337 14.8 Australian Dollar 11,006 (7,405) 3,601 0.6 Singapore Dollar 5,878 (2,931) 2,947 0.5 Euro 4,726 (2,235) 2,491 0.4 Swedish Krona 1,462 - 1,462 0.3 British Pound 2,688 (1,270) 1,418 0.3 Swiss Franc 849 (426) 423 0.1 Total 174,886 (80,207) 94,679 17.0


As at March 31, 2018, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have decreased or increased, respectively, by approximately $9,083,000 (March 31, 2017 - $9,468,000). In practice, actual results may differ from this analysis and the difference may be material.

Interest Rate RiskThe tables below summarize the Fund’s exposure to interest rate risk, categorized by the contractual maturity date.


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)Interest Rate Exposure 32,348 7,409 18,712 71,698 130,167





Interest Rate Risk (cont’d)


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)Interest Rate Exposure 25,226 6,064 20,289 74,382 125,961





(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 115,649 2,777 457 118,883 Bonds - 95,345 3,513 98,858 Underlying fund(s) 341,908 - - 341,908 Exchange-traded fund(s) 29,321 - - 29,321 Warrants - - 63 63 Foreign currency forward contracts, net - (1,690) - (1,690)Total 486,878 96,432 4,033 587,343

During the year ended March 31, 2018, investments with a fair value of $379,000 were transferred out of Level 1 into Level 2 as quoted market prices were no longer available for these investments.

Fair Value Hierarchy (cont’d)


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 105,371 3,051 407 108,829 Bonds - 100,659 3,076 103,735 Mutual funds 312,587 - - 312,587 Warrants 25 64 52 141 Foreign currency forward contracts, net - (265) - (265) Total 417,983 103,509 3,535 525,027

There were no transfers between Level 1 and 3 and Level 2 and 3 during the years ended March 31, 2018 and 2017.

Level 3 ReconciliationThe tables below summarize the movement in financial instruments classified as Level 3.

for the year ended March 31, 2018 Balance at

Mar. 31, 2017 Purchases SalesTransfers

InTransfers

(Out)Realized Gain

(Loss)Unrealized Gain

(Loss)*Balance at

Mar. 31, 2018(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)

Long Positions/Assets:Equities 407 86 - - - - (36) 457 Bonds 3,076 693 (2) - - 1 (255) 3,513 Warrants 52 1 - - - - 10 63 Total 3,535 780 (2) - - 1 (281) 4,033

*Change in unrealized gain (loss) related to investments held at March 31, 2018 was ($59,080).





Level 3 Reconciliation (cont’d)



InTransfers

(Out)Realized Gain


(Loss)**Balance at


Long Positions/Assets:Equities - 490 (28) - - - (55) 407 Bonds 2,090 1,833 (715) 858 (1,265) 36 239 3,076 Warrants 8 6 - - - - 38 52 Total 2,098 2,329 (743) 858 (1,265) 36 222 3,535

**Change in unrealized gain (loss) related to investments held at March 31, 2017 was $200,464.

During the year ended March 31, 2017, investments with a fair value of $858,000 were transferred out of Level 2 into Level 3 as observable market inputs were no longer available for these investments and investments with a fair value of $1,265,000 were transferred out of Level 3 into Level 2 as observable market inputs became available for these investments.

Investments classified as Level 3 are valued at fair value based on unobservable inputs and assumptions, which may include credit spreads, industry multipliers, and discount rates. Management has assessed that the effect of changing these inputs to reasonably possible alternatives would not have a significant impact on the net assets attributable to holders of redeemable shares of the Fund as at March 31, 2018 and 2017.




2018 2017

383,798 372,889 57,759 21,897

661 648 1,320 -

- - - - - - - - 349 632 - - - - - - - - 881 431 1,709 1,628 446,477 398,125

- - - -

561 - - - - - - -

- - - - - - 463 167 - 18 - - - - - - 768 268 1,792 453

444,685 397,672

332,462 290,420 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 367 440 10.88 11.14 33,663 39,499E Shares 19,889 31,430 13.25 13.48 1,501,258 2,331,275E3 Shares 6,666 - 9.85 - 676,501 -E4 Shares 1,896 - 9.87 - 192,109 -E5 Shares 1,466 - 9.87 - 148,484 -ET8 Shares 326 434 6.87 7.61 47,472 56,970E3T8 Shares 113 - 9.14 - 12,333 -E4T8 Shares 55 - 9.15 - 6,041 -E5T8 Shares 10 - 9.17 - 1,118 -F Shares 1,657 - 9.94 - 166,645 -F3 Shares 1,613 - 9.96 - 162,006 -F4 Shares 805 - 9.96 - 80,813 -F5 Shares 10 - 9.97 - 1,038 -FT8 Shares 75 - 9.24 - 8,093 -F3T8 Shares 14 - 9.24 - 1,542 -F4T8 Shares 10 - 9.25 - 1,118 -F5T8 Shares 10 - 9.26 - 1,117 -I Shares 196,532 170,334 16.27 16.18 12,082,699 10,529,571IT8 Shares 4,273 3,366 9.14 9.89 467,557 340,408OF Shares 837 68 12.70 12.87 65,851 5,320W Shares 196,323 180,028 14.45 14.40 13,585,981 12,498,723WT8 Shares 11,738 11,572 7.74 8.39 1,516,679 1,378,758







CIG - 17656




2018 2017

8,806 9,036 393 150 - - - - - - - -

- - - -

42,826 23,580

(31,666) 34,307 20,359 67,073 (600) 119 - - 56 106 - - (544) 225 19,815 67,298

627 572 464 461 524 360 - - - - - 1 277 296 121 115 2,013 1,805 1,287 580

16,515 64,913









2018 2017 2018 2017 2018 2017A Shares 6 109 0.16 1.70 33,976 63,698E Shares 435 4,379 0.26 2.02 1,649,299 2,172,672E3 Shares 109 - 0.19 - 590,002 -E4 Shares 45 - 0.18 - 235,866 -E5 Shares 19 - 0.26 - 77,691 -ET8 Shares 8 80 0.19 1.15 48,247 67,851E3T8 Shares 2 - 0.10 - 9,014 -E4T8 Shares 1 - 0.26 - 5,470 -E5T8 Shares - - 0.24 - 1,036 -F Shares 13 - 0.16 - 88,601 -F3 Shares 18 - 0.23 - 77,388 -F4 Shares 5 - 0.14 - 32,784 -F5 Shares - - 0.35 - 1,000 -FT8 Shares 2 - 0.18 - 3,317 -F3T8 Shares - - 0.14 - 1,113 -F4T8 Shares - - 0.31 - 1,035 -F5T8 Shares - - 0.34 - 1,035 -I Shares 7,740 24,091 0.69 2.73 11,178,674 8,842,575IT8 Shares 163 502 0.41 1.77 396,691 282,170OF Shares 26 14 0.47 1.97 52,976 7,223W Shares 7,435 32,975 0.58 2.49 12,719,923 13,276,961WT8 Shares 488 2,763 0.34 1.58 1,436,874 1,757,936
















A Shares 2018 2017 440 823 6 109

(3) (3) (10) (19) - - (13) (22)

47 104 13 22 (126) (596) (66) (470) (73) (383) 367 440

E Shares 2018 2017 31,430 25,269 435 4,379

(150) (204) (574) (1,342) - - (724) (1,546)

8,146 14,010 723 1,541 (20,121) (12,223) (11,252) 3,328 (11,541) 6,161 19,889 31,430

E3 Shares 2018 2017 - - 109 -

(48) - (184) - - - (232) -

9,905 - 228 - (3,344) - 6,789 - 6,666 - 6,666 -

E4 Shares 2018 2017 - - 45 -

(18) - (70) - - - (88) -

3,475 - 88 - (1,624) - 1,939 - 1,896 - 1,896 -

E5 Shares 2018 2017 - - 19 -

(7) - (26) - - - (33) -

1,602 - 33 - (155) - 1,480 - 1,466 - 1,466 -

ET8 Shares 2018 2017 434 614 8 80

(2) (3) (9) (19) (30) (42) (41) (64)

148 375 17 29 (240) (600) (75) (196) (108) (180) 326 434

E3T8 Shares 2018 2017 - - 2 -

(1) - (3) - (7) - (11) -

162 - 6 - (46) - 122 - 113 - 113 -

E4T8 Shares 2018 2017 - - 1 -

- - (2) - (4) - (6) -

102 - 4 - (46) - 60 - 55 - 55 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - 13 -

(13) - (49) - - - (62) -

4,060 - 62 - (2,416) - 1,706 - 1,657 - 1,657 -

F3 Shares 2018 2017 - - 18 -

(12) - (44) - - - (56) -

2,082 - 56 - (487) - 1,651 - 1,613 - 1,613 -

F4 Shares 2018 2017 - - 5 -

(6) - (23) - - - (29) -

949 - 29 - (149) - 829 - 805 - 805 -












F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - 2 -

(1) - (2) - (3) - (6) -

76 - 3 - - - 79 - 75 - 75 -

F3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

14 - 1 - - - 15 - 14 - 14 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 170,334 116,438 7,740 24,091

(1,460) (1,105) (5,580) (7,270) - - (7,040) (8,375)

46,214 79,083 7,029 8,368 (27,745) (49,271) 25,498 38,180 26,198 53,896 196,532 170,334

IT8 Shares 2018 2017 3,366 2,149 163 502

(32) (22) (122) (143) (327) (229) (481) (394)

1,378 2,265 252 223 (405) (1,379) 1,225 1,109 907 1,217 4,273 3,366

OF Shares 2018 2017 68 105 26 14

(6) - (24) (3) - - (30) (3)

792 25 30 3 (49) (76) 773 (48) 769 (37) 837 68

W Shares 2018 2017 180,028 177,365 7,435 32,975

(1,457) (1,167) (5,570) (7,675) - - (7,027) (8,842)

35,799 73,401 7,025 8,837 (26,937) (103,708) 15,887 (21,470) 16,295 2,663 196,323 180,028

WT8 Shares 2018 2017 11,572 14,781 488 2,763

(87) (75) (334) (494) (1,005) (1,196) (1,426) (1,765)

1,838 5,344 895 1,043 (1,629) (10,594) 1,104 (4,207) 166 (3,209) 11,738 11,572

Total Fund 2018 2017 397,672 337,544 16,515 64,913

(3,303) (2,579) (12,626) (16,965) (1,380) (1,467) (17,309) (21,011)

116,829 174,607 16,497 20,066 (85,519) (178,447) 47,807 16,226 47,013 60,128 444,685 397,672




2018 2017

16,515 64,913

(42,826) (23,580) (4) (134) 524 360

31,666 (34,307) 320,596 187,886 (321,641) (181,099) - - - - - - 283 (206) - - - - - - - - 419 268 5,532 14,101

(830) (927) 83,494 174,562 (52,338) (178,959) 30,326 (5,324)

4 134 35,858 8,777 21,897 12,986 57,759 21,897

8,824 8,556 393 148 - - - 1 (868) -









HEALTH CARE (7.5%) 114,525 Gilead Sciences Inc. 11,560,783 11,122,757 195,714 Pfizer Inc. 7,941,913 8,948,006 86,975 Siemens Healthineers AG 4,111,280 4,604,551 31,416 UnitedHealth Group Inc. 7,075,847 8,660,900 30,689,823 33,336,214 CONSUMER STAPLES (5.6%) 273,160 Alimentation Couche-Tard Inc., Class B 16,707,712 15,753,137 75,498 Premium Brands Holdings Corp. 4,559,530 8,946,513 21,267,242 24,699,650 CONSUMER DISCRETIONARY (4.1%) 205,008 Magna International Inc., Class A 12,926,120 14,877,431 176,515 Uni-Select Inc. 4,158,384 3,530,300 17,084,504 18,407,731 UTILITIES (3.3%) 397,387 Hydro One Inc. 8,980,457 8,313,336 268,970 Northland Power Inc.* 6,446,539 6,189,000 15,426,996 14,502,336



Foreign Currency Forward Contracts (0.0%) (see Schedule A) 100,117 Long Option Contracts (0.3%) (see Schedule B) 1,305,215 1,320,456


FINANCIALS (26.0%) 223,102 Brookfield Asset Management Inc., Class A 11,043,680 11,204,182 465,880 CI Financial Corp.~ 13,673,292 12,858,288 194,319 Royal Bank of Canada 11,908,666 19,338,627 39,003 S&P Global Inc. 8,650,076 9,599,888 172,891 Sun Life Financial Inc. 8,419,009 9,147,663 214,420 The Bank of Nova Scotia 12,539,330 17,016,371 159,825 TMX Group Ltd. 10,796,006 11,946,919 339,416 Toronto-Dominion Bank 17,972,704 24,814,704 95,002,763 115,926,642 INFORMATION TECHNOLOGY (12.4%) 8,179 Alphabet Inc., Class C 8,120,379 10,871,511 50,925 Apple Inc. 10,180,266 11,007,016 132,219 CGI Group Inc. 5,516,783 9,823,872 85,582 KLA-Tencor Corp. 11,775,057 12,018,414 95,628 Microsoft Corp. 6,475,744 11,243,759 42,068,229 54,964,572 INDUSTRIALS (9.9%) 93,669 Canadian National Railway Co. 5,466,451 8,819,873 59,178 Canadian Pacific Railway Ltd. 12,125,621 13,445,242 212,316 Finning International Inc. 6,566,612 6,596,658 117,900 Maxar Technologies Ltd. 7,582,570 7,024,482 46,840 WABCO Holdings Inc.* 9,170,441 8,077,901 40,911,695 43,964,156 MATERIALS (9.2%) 186,617 CCL Industries Inc., Class B 4,410,954 12,137,570 117,647 DowDuPont Inc. 9,326,602 9,655,769 84,254 Franco-Nevada Corp. 8,392,539 7,405,927 770,625 Lundin Mining Corp. 6,938,728 6,511,781 875,959 Tahoe Resources Inc.* 6,609,150 5,299,552 35,677,973 41,010,599 ENERGY (8.3%) 288,628 Canadian Natural Resources Ltd. 10,188,854 11,689,434 198,366 PrairieSky Royalty Ltd. 6,345,348 5,587,970 236,279 ShawCor Ltd. 6,598,513 5,765,208 313,414 Suncor Energy Inc. 11,406,725 13,943,789 34,539,440 36,986,401

*Denotes all or part of securities on loan.~ CI Investments Inc., the Manager of the Fund, is a corporation controlled by CI Financial Corp.‡Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Service.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.



AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)

Schedule AForeign Currency Forward Contracts (0.0%)



DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 16-May-18 0.80 (2,392,057) US $ 2,995,508 Canadian $ (83,046)1 Bank of Montreal A-1 16-Apr-18 0.81 (257,611) US $ 319,695 Canadian $ (12,046)1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (2,392,057) US $ 2,994,748 Canadian $ (83,805)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.81 (386,416) US $ 479,679 Canadian $ (17,932)1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.29 (3,903,175) US $ 5,022,996 Canadian $ 2,082 1 Citigroup Inc. A-2 16-May-18 0.79 (3,105,782) Canadian $ 2,466,500 US $ 68,619 1 Citigroup Inc. A-2 16-May-18 0.80 (1,196,029) US $ 1,500,239 Canadian $ (39,045)



Schedule A (cont’d)Foreign Currency Forward Contracts (0.0%)



DateContracts


Gain (Loss) ($)1 Citigroup Inc. A-2 16-Apr-18 0.81 (257,611) US $ 319,712 Canadian $ (12,029)1 Citigroup Inc. A-2 12-Jun-18 1.30 (4,862,202) US $ 6,296,552 Canadian $ 41,832 1 HSBC Holdings PLC A-1 16-Apr-18 0.81 (386,416) US $ 479,735 Canadian $ (17,876)1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (3,889,762) US $ 5,008,847 Canadian $ 5,175 1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (1,196,029) US $ 1,500,119 Canadian $ (39,164)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.81 (257,611) US $ 319,636 Canadian $ (12,105)1 Morgan Stanley A-2 16-May-18 0.80 (1,196,028) US $ 1,499,401 Canadian $ (39,880)1 Morgan Stanley A-2 16-Apr-18 0.81 (257,611) US $ 319,695 Canadian $ (12,046)1 Morgan Stanley A-2 12-Jun-18 1.29 (4,862,203) US $ 6,295,653 Canadian $ 40,936 1 Royal Bank of Canada A-1+ 16-May-18 0.80 (3,097,507) Canadian $ 2,466,500 US $ 76,875 1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (6,591,494) Canadian $ 5,121,000 US $ (4,006)1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (8,751,964) US $ 11,303,267 Canadian $ 44,884 1 Royal Bank of Canada A-1+ 16-May-18 0.79 (1,336,263) US $ 1,683,063 Canadian $ (36,717)1 Royal Bank of Canada A-1+ 16-Apr-18 0.80 (195,696) US $ 243,116 Canadian $ (8,894)1 Royal Bank of Canada A-1+ 12-Jun-18 1.30 (15,072,469) US $ 19,610,503 Canadian $ 220,993 1 Royal Bank of Canada A-1+ 16-May-18 0.79 (4,963,000) US $ 6,302,861 Canadian $ (84,675)1 Royal Bank of Canada A-1+ 12-Jun-18 1.30 (7,594,531) US $ 9,887,426 Canadian $ 117,654 1 The Bank of Nova Scotia A-1 16-May-18 0.80 (1,196,029) US $ 1,499,160 Canadian $ (40,121)1 The Bank of Nova Scotia A-1 16-Apr-18 0.81 (386,415) US $ 479,748 Canadian $ (17,862)1 The Bank of Nova Scotia A-1 12-Jun-18 1.30 (4,862,202) US $ 6,297,038 Canadian $ 42,316 Total Foreign Currency Forward Contracts Value 100,117



Schedule BLong Option Contracts (0.3%)

Premium Paid FairContracts Underlying Interest Expiry Date Strike Price ($) Currency (Received) ($) Value ($)3,280 Anadarko Petroleum Corp. Call @ 65 17-Aug-18 65.00 US $ 1,305,215 1,320,456 Total Long Option Contracts Value 1,305,215 1,320,456






Held forTrading






AssetsInvestments - 383,798 383,798 - 383,798Cash - - - 57,759 57,759Unrealized gain on futures and foreign currency forward contracts 661 - 661 - 661Swaps, swaptions and options 1,320 - 1,320 - 1,320Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 349 349Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 881 881 1,981 383,798 385,779 58,989 444,768LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 561 - 561 - 561Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 463 463Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 561 - 561 463 1,024









Held forTrading






AssetsInvestments - 372,889 372,889 - 372,889Cash - - - 21,897 21,897Unrealized gain on futures and foreign currency forward contracts 648 - 648 - 648Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 632 632Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 431 431 648 372,889 373,537 22,960 396,497LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 167 167Dividends payable to holders of redeemable shares - - - 18 18Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 185 185














NetExposure






NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 648 - - 648Derivative assets - Swaps and swaptions - - - -Total 648 - - 648Derivative liabilities - Foreign currency forward contracts - - - -Derivative liabilities - Swaps and swaptions - - - -Total - - - -













A Shares 2018 2017 39,499 81,313 4,147 9,604 1,223 1,943 (11,206) (53,361) 33,663 39,499

E Shares 2018 2017 2,331,275 2,077,430 597,116 1,049,668 55,296 114,297 (1,482,429) (910,120) 1,501,258 2,331,275

E3 Shares 2018 2017 - - 981,447 - 23,468 - (328,414) - 676,501 -

E4 Shares 2018 2017 - - 344,619 - 9,000 - (161,510) - 192,109 -

E5 Shares 2018 2017 - - 160,134 - 3,345 - (14,995) - 148,484 -

ET8 Shares 2018 2017 56,970 82,442 20,264 47,897 2,419 3,782 (32,181) (77,151) 47,472 56,970

E3T8 Shares 2018 2017 - - 16,338 - 651 - (4,656) - 12,333 -

E4T8 Shares 2018 2017 - - 10,291 - 406 - (4,656) - 6,041 -

E5T8 Shares 2018 2017 - - 1,000 - 118 - - - 1,118 -

F Shares 2018 2017 - - 397,366 - 6,289 - (237,010) - 166,645 -

F3 Shares 2018 2017 - - 203,024 - 5,704 - (46,722) - 162,006 -

F4 Shares 2018 2017 - - 92,019 - 2,939 - (14,145) - 80,813 -

F5 Shares 2018 2017 - - 1,000 - 38 - - - 1,038 -

FT8 Shares 2018 2017 - - 7,739 - 372 - (18) - 8,093 -

F3T8 Shares 2018 2017 - - 1,409 - 133 - - - 1,542 -

F4T8 Shares 2018 2017 - - 1,000 - 118 - - - 1,118 -

F5T8 Shares 2018 2017 - - 1,000 - 117 - - - 1,117 -

I Shares 2018 2017 10,529,571 8,164,814 2,781,323 4,971,843 437,915 517,169 (1,666,110) (3,124,255) 12,082,699 10,529,571

IT8 Shares 2018 2017 340,408 227,535 141,792 225,171 27,198 22,418 (41,841) (134,716) 467,557 340,408

OF Shares 2018 2017 5,320 9,088 61,913 2,025 2,383 262 (3,765) (6,055) 65,851 5,320







W Shares 2018 2017 12,498,723 13,936,820 2,420,225 5,296,893 492,645 613,669 (1,825,612) (7,348,659) 13,585,981 12,498,723

WT8 Shares 2018 2017 1,378,758 1,839,645 221,735 641,639 112,701 123,923 (196,515) (1,226,449) 1,516,679 1,378,758






Annual management

fee rate:


fee rate:







Investments 2018CI Financial Corp. 12,858







Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 102,306 (79,868) 22,438 5.0 Euro 4,605 - 4,605 1.0 Total 106,911 (79,868) 27,043 6.0


Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 104,000 (47,211) 56,789 14.3 Total 104,000 (47,211) 56,789 14.3



Interest Rate RiskAs at March 31, 2018 and 2017, the Fund did not have a significant exposure to interest rate risk as substantially all of its assets were invested in equities and derivatives.




(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 383,798 - - 383,798 Foreign currency forward contracts, net - 100 - 100 Options 1,320 - - 1,320 Total 385,118 100 - 385,218


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 372,889 - - 372,889 Foreign currency forward contracts, net - 648 - 648 Total 372,889 648 - 373,537





as at March 31, 2017 Categories Net Assets (%)Financials 26.4 Energy 21.1 Industrials 12.9 Consumer Discretionary 11.2 Materials 7.1 Information Technology 6.1 Other Net Assets (Liabilities) 6.0 Health Care 3.5 Real Estate 2.8 Consumer Staples 2.7 Foreign Currency Forward Contracts 0.2

Credit RiskThe Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the table below.

as at March 31, 2018 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 0.3 AA/Aa/A+ 0.2 Total 0.5




As at March 31, 2017, the Fund’s exposure to credit risk through derivative instruments was insignificant.

Other Price RiskAs at March 31, 2018 and 2017, the Fund was predominantly invested in Canadian equities and therefore was sensitive to changes in general economic conditions in Canada.






2018 2017

170,298 151,721 - 454

- - - -

- - - - - - - - - - - - - - - - 422 - 463 314 614 588 171,797 153,077

- - 37 -

- - - - - - - -

- - - - 10 150 86 48 - 2 - - - - - - 282 81 415 281

171,382 152,796

160,010 132,732 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 123 157 15.86 16.46 7,742 9,478E Shares 731 1,063 24.15 24.94 30,269 42,637E3 Shares 95 - 9.52 - 9,952 -E4 Shares 67 - 9.55 - 6,967 -E5 Shares 10 - 9.55 - 1,065 -ET8 Shares 23 23 12.04 13.56 1,931 1,706E3T8 Shares 10 - 8.83 - 1,120 -E4T8 Shares 10 - 8.84 - 1,120 -E5T8 Shares 10 - 8.85 - 1,120 -F Shares 139 - 9.61 - 14,428 -F3 Shares 423 - 9.62 - 43,961 -F4 Shares 446 - 9.63 - 46,308 -F5 Shares 10 - 9.64 - 1,038 -FT8 Shares 10 - 8.92 - 1,119 -F3T8 Shares 10 - 8.92 - 1,119 -F4T8 Shares 10 - 8.93 - 1,119 -F5T8 Shares 10 - 8.94 - 1,119 -I Shares 26,199 23,753 29.07 29.33 901,355 809,926IT8 Shares 249 157 14.04 15.43 17,720 10,203OF Shares 73 37 18.71 19.24 3,893 1,941W Shares 129,289 115,509 21.02 21.26 6,149,574 5,433,107WT8 Shares 13,435 12,097 12.53 13.81 1,072,095 876,234







CIG - 17658




2018 2017

- - 5 3 869 883 10,645 6,916 - - - -

- - - -

1,936 2,639

(8,701) 13,847 4,754 24,288 - - - - - - 368 269 368 269 5,122 24,557

30 25 281 226 - - - - - - - - - - 36 26 347 277 512 174

4,263 24,106









2018 2017 2018 2017 2018 2017A Shares - 40 0.02 3.25 7,981 11,999E Shares 9 197 0.24 4.67 36,526 42,294E3 Shares (2) - (0.15) - 9,979 -E4 Shares (1) - (0.21) - 6,688 -E5 Shares - - (0.08) - 1,018 -ET8 Shares - 4 0.05 2.62 1,778 1,554E3T8 Shares - - (0.11) - 1,036 -E4T8 Shares - - (0.10) - 1,036 -E5T8 Shares - - (0.09) - 1,036 -F Shares 2 - 0.18 - 7,602 -F3 Shares 9 - 0.38 - 22,544 -F4 Shares 10 - 0.41 - 21,955 -F5 Shares - - 0.02 - 1,000 -FT8 Shares - - (0.02) - 1,036 -F3T8 Shares - - (0.01) - 1,036 -F4T8 Shares - - - - 1,036 -F5T8 Shares - - 0.01 - 1,036 -I Shares 689 3,773 0.82 5.68 837,510 663,062IT8 Shares 5 25 0.30 3.31 14,603 7,845OF Shares 1 6 0.21 3.59 2,950 1,838W Shares 3,208 18,768 0.55 4.13 5,847,167 4,544,122WT8 Shares 333 1,293 0.35 2.54 960,735 510,427
















A Shares 2018 2017 157 202 - 40

(1) (1) (4) (6) - - (5) (7)

5 4 4 7 (38) (89) (29) (78) (34) (45) 123 157

E Shares 2018 2017 1,063 922 9 197

(4) (10) (22) (43) - - (26) (53)

509 441 26 53 (850) (497) (315) (3) (332) 141 731 1,063

E3 Shares 2018 2017 - - (2) -

- - (3) - - - (3) -

165 - 3 - (68) - 100 - 95 - 95 -

E4 Shares 2018 2017 - - (1) -

- - (2) - - - (2) -

74 - 2 - (6) - 70 - 67 - 67 -

E5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

ET8 Shares 2018 2017 23 19 - 4

- - (1) (1) (2) (2) (3) (3)

- - 3 3 - - 3 3 - 4 23 23

E3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

E4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - 2 -

(1) - (5) - - - (6) -

925 - 5 - (787) - 143 - 139 - 139 -

F3 Shares 2018 2017 - - 9 -

(2) - (12) - - - (14) -

543 - 14 - (129) - 428 - 423 - 423 -

F4 Shares 2018 2017 - - 10 -

(3) - (14) - - - (17) -

523 - 16 - (86) - 453 - 446 - 446 -












F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 23,753 15,507 689 3,773

(151) (213) (795) (967) - - (946) (1,180)

6,856 12,641 945 1,180 (5,098) (8,168) 2,703 5,653 2,446 8,246 26,199 23,753

IT8 Shares 2018 2017 157 86 5 25

(1) (1) (8) (6) (19) (10) (28) (17)

102 130 14 11 (1) (78) 115 63 92 71 249 157

OF Shares 2018 2017 37 29 1 6

- - (2) (2) - - (2) (2)

36 2 2 2 (1) - 37 4 36 8 73 37

W Shares 2018 2017 115,509 76,025 3,208 18,768

(741) (1,035) (3,914) (4,694) - - (4,655) (5,729)

33,012 63,196 4,655 5,727 (22,440) (42,478) 15,227 26,445 13,780 39,484 129,289 115,509

WT8 Shares 2018 2017 12,097 5,427 333 1,293

(77) (109) (407) (493) (1,115) (575) (1,599) (1,177)

2,046 8,683 942 879 (384) (3,008) 2,604 6,554 1,338 6,670 13,435 12,097

Total Fund 2018 2017 152,796 98,217 4,263 24,106

(981) (1,369) (5,189) (6,212) (1,143) (587) (7,313) (8,168)

44,886 85,097 6,638 7,862 (29,888) (54,318) 21,636 38,641 18,586 54,579 171,382 152,796




2018 2017

4,263 24,106

(1,936) (2,639) - - - -

8,701 (13,847) 17,816 19,465 (32,206) (49,214) - - (11,514) (7,799) - - - - - - - - - - - - 175 (474) (14,701) (30,402)

(677) (304) 40,437 84,981 (25,550) (54,320) 14,210 30,357

- - (491) (45) 454 499 (37) 454

- - 5 3 - - - - (337) -









FUND (99.4%) 3,449,897 Canadian Equity Growth Pool (Class W)† 160,009,855 170,297,610





FairValue ($)






Held forTrading






AssetsInvestments - 170,298 170,298 - 170,298Cash - - - - -Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 422 422Receivable for share subscriptions - - - 463 463 - 170,298 170,298 885 171,183LiabilitiesInvestments sold short - - - - -Bank overdraft - - - 37 37Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 10 10Payable for share redemptions - - - 86 86Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 133 133









Held forTrading






AssetsInvestments - 151,721 151,721 - 151,721Cash - - - 454 454Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 314 314 - 151,721 151,721 768 152,489LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 150 150Payable for share redemptions - - - 48 48Dividends payable to holders of redeemable shares - - - 2 2Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 200 200











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Equity Growth Pool 247,445 170,298 68.8





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Equity Growth Pool 219,029 151,721 69.3



2018 2017Financial Instruments at FVTPLHeld for trading - -Designated at fair value through profit or loss 4,754 24,288Total 4,754 24,288













A Shares 2018 2017 9,478 14,072 274 228 282 471 (2,292) (5,293) 7,742 9,478

E Shares 2018 2017 42,637 42,619 20,226 17,897 1,105 2,118 (33,699) (19,997) 30,269 42,637

E3 Shares 2018 2017 - - 16,395 - 363 - (6,806) - 9,952 -

E4 Shares 2018 2017 - - 7,361 - 254 - (648) - 6,967 -

E5 Shares 2018 2017 - - 1,031 - 39 - (5) - 1,065 -

ET8 Shares 2018 2017 1,706 1,498 - - 225 208 - - 1,931 1,706

E3T8 Shares 2018 2017 - - 1,000 - 120 - - - 1,120 -

E4T8 Shares 2018 2017 - - 1,000 - 120 - - - 1,120 -

E5T8 Shares 2018 2017 - - 1,000 - 120 - - - 1,120 -

F Shares 2018 2017 - - 94,549 - 574 - (80,695) - 14,428 -

F3 Shares 2018 2017 - - 55,318 - 1,537 - (12,894) - 43,961 -

F4 Shares 2018 2017 - - 53,162 - 1,687 - (8,541) - 46,308 -

F5 Shares 2018 2017 - - 1,000 - 38 - - - 1,038 -

FT8 Shares 2018 2017 - - 1,000 - 119 - - - 1,119 -

F3T8 Shares 2018 2017 - - 1,000 - 119 - - - 1,119 -

F4T8 Shares 2018 2017 - - 1,000 - 119 - - - 1,119 -

F5T8 Shares 2018 2017 - - 1,000 - 119 - - - 1,119 -

I Shares 2018 2017 809,926 624,021 229,533 429,547 32,874 40,252 (170,978) (283,894) 901,355 809,926

IT8 Shares 2018 2017 10,203 6,080 6,614 8,234 974 716 (71) (4,827) 17,720 10,203

OF Shares 2018 2017 1,941 1,756 1,862 128 123 96 (33) (39) 3,893 1,941







W Shares 2018 2017 5,433,107 4,210,543 1,525,935 2,986,745 223,855 269,393 (1,033,323) (2,033,574) 6,149,574 5,433,107

WT8 Shares 2018 2017 876,234 428,072 151,035 592,836 73,181 63,300 (28,355) (207,974) 1,072,095 876,234






Annual management

fee rate:


fee rate:







Investments 2018Canadian Equity Growth Pool (Class W) 170,298

Investments 2017Canadian Equity Growth Pool (Class W) 151,721




Other Price Risk (cont’d)As at March 31, 2018, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (March 31, 2017 - 10%), with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have increased or decreased, respectively, by approximately $15,174,000 (March 31, 2017 - $12,456,000). In practice, actual results may differ from this analysis and the difference may be material.




as at March 31, 2018~ Currency Net Assets (%)US Dollar 14.7 British Pound 9.5 Total 24.2

as at March 31, 2017~ Currency Net Assets (%)U.S. Dollar 10.4 British Pound 0.3 Total 10.7


As at March 31, 2018, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have indirectly decreased or increased, respectively, by approximately $4,121,000 (March 31, 2017 - $1,623,000). In practice, actual results may differ from this analysis and the difference may be material.


As at March 31, 2018 and 2017, the Fund indirectly bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund did not have a significant exposure to interest rate risk as substantially all of its assets were invested in equities and derivatives.







as at March 31, 2018 Categories Net Assets (%)Industrials 21.3Energy 13.7Consumer Staples 11.3Cash & Equivalents 11.0Financials 10.7Consumer Discretionary 9.7Information Technology 9.5Materials 7.8Real Estate 2.0Utilities 2.0Health Care 1.2Other Net Assets (Liabilities) 0.0Foreign Currency Forward Contracts (0.2)

as at March 31, 2017 Categories Net Assets (%)Cash & Equivalents 17.7Energy 14.6Industrials 13.6Consumer Staples 13.0Financials 10.3Consumer Discretionary 10.0Information Technology 9.5Materials 5.1Utilities 4.0Health Care 1.0Private Placements 1.0Other Net Assets (Liabilities) 0.2Foreign Currency Forward Contracts 0.0



As at March 31, 2018 and 2017, the Underlying Fund did not have a significant exposure to credit risk as substantially all of its assets were invested in equities and derivatives.


As at March 31, 2018 and 2017, the Underlying Fund was predominantly invested in Canadian equities and therefore was sensitive to changes in general economic conditions in Canada.





2018 2017

223,126 199,253 2,761 8,119

- - - -

- - - - - - - - 912 649 65 13 - - - - - - 1,804 329 1,468 1,759 230,136 210,122

- - - -

- - - - - - - -

- - - - 1,437 - 232 120 - 15 - - - - - - 432 177 2,101 312

228,035 209,810

210,972 166,260 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 87 120 12.82 14.25 6,767 8,394E Shares 9,287 15,627 15.42 17.04 602,225 917,038E3 Shares 3,403 - 9.22 - 369,091 -E4 Shares 1,223 - 9.23 - 132,494 -E5 Shares 830 - 9.24 - 89,836 -ET8 Shares 120 161 7.36 8.91 16,286 18,112E3T8 Shares 75 - 8.54 - 8,784 -E4T8 Shares 9 - 8.55 - 1,110 -E5T8 Shares 10 - 8.57 - 1,110 -F Shares 727 - 9.31 - 78,200 -F3 Shares 641 - 9.32 - 68,856 -F4 Shares 299 - 9.32 - 32,064 -F5 Shares 10 - 9.33 - 1,037 -FT8 Shares 54 - 8.64 - 6,205 -F3T8 Shares 10 - 8.64 - 1,119 -F4T8 Shares 10 - 8.64 - 1,119 -F5T8 Shares 10 - 8.66 - 1,119 -I Shares 94,478 86,371 18.82 20.32 5,021,243 4,251,500IT8 Shares 1,885 1,686 9.45 11.14 199,505 151,362OF Shares 197 41 16.32 17.96 12,096 2,278W Shares 103,942 95,102 17.04 18.44 6,100,644 5,158,437WT8 Shares 10,728 10,702 8.40 9.93 1,277,011 1,077,367







CIG - 17659




2018 2017

6,782 6,498 171 69 - - - - - - - -

- - - -

5,729 24,610

(20,839) 12,565 (8,157) 43,742 (2) (1) - - 155 560 - - 153 559 (8,004) 44,301

306 371 255 279 164 172 - - - - - - 39 118 60 69 824 1,009 679 382

(9,507) 42,910









2018 2017 2018 2017 2018 2017A Shares (7) 35 (0.76) 2.37 8,169 14,183E Shares (755) 3,289 (1.18) 2.89 637,624 1,138,948E3 Shares (124) - (0.36) - 337,272 -E4 Shares (47) - (0.34) - 139,527 -E5 Shares (27) - (0.43) - 61,294 -ET8 Shares (7) 37 (0.55) 1.56 13,520 23,999E3T8 Shares (3) - (0.40) - 7,015 -E4T8 Shares (1) - (0.46) - 1,034 -E5T8 Shares - - (0.40) - 1,032 -F Shares (26) - (0.71) - 37,642 -F3 Shares (21) - (0.62) - 34,971 -F4 Shares (11) - (1.29) - 8,349 -F5 Shares - - (0.32) - 1,000 -FT8 Shares (2) - (0.49) - 3,219 -F3T8 Shares - - (0.32) - 1,036 -F4T8 Shares - - (0.31) - 1,036 -F5T8 Shares - - (0.30) - 1,036 -I Shares (3,653) 18,532 (0.78) 3.83 4,619,219 4,842,472IT8 Shares (69) 328 (0.39) 2.18 176,766 149,760OF Shares (8) 9 (0.72) 3.11 9,621 2,993W Shares (4,298) 18,453 (0.78) 3.35 5,577,207 5,504,348WT8 Shares (448) 2,227 (0.38) 1.91 1,163,271 1,164,215
















A Shares 2018 2017 120 252 (7) 35

(1) (1) (2) (5) - - (3) (6)

24 31 3 6 (50) (198) (23) (161) (33) (132) 87 120

E Shares 2018 2017 15,627 19,953 (755) 3,289

(92) (157) (240) (600) - - (332) (757)

5,196 6,850 331 754 (10,780) (14,462) (5,253) (6,858) (6,340) (4,326) 9,287 15,627

E3 Shares 2018 2017 - - (124) -

(32) - (85) - - - (117) -

5,522 - 116 - (1,994) - 3,644 - 3,403 - 3,403 -

E4 Shares 2018 2017 - - (47) -

(13) - (35) - - - (48) -

1,944 - 48 - (674) - 1,318 - 1,223 - 1,223 -

E5 Shares 2018 2017 - - (27) -

(6) - (17) - - - (23) -

1,041 - 23 - (184) - 880 - 830 - 830 -

ET8 Shares 2018 2017 161 223 (7) 37

(1) (2) (3) (6) (10) (17) (14) (25)

124 127 5 11 (149) (212) (20) (74) (41) (62) 120 161

E3T8 Shares 2018 2017 - - (3) -

(1) - (2) - (5) - (8) -

103 - 4 - (21) - 86 - 75 - 75 -

E4T8 Shares 2018 2017 - - (1) -

- - - - (1) - (1) -

18 - 1 - (8) - 11 - 9 - 9 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - (26) -

(8) - (20) - - - (28) -

1,782 - 27 - (1,028) - 781 - 727 - 727 -

F3 Shares 2018 2017 - - (21) -

(6) - (15) - - - (21) -

1,023 - 21 - (361) - 683 - 641 - 641 -

F4 Shares 2018 2017 - - (11) -

(3) - (7) - - - (10) -

340 - 10 - (30) - 320 - 299 - 299 -












F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - (2) -

(1) - (1) - (2) - (4) -

57 - 3 - - - 60 - 54 - 54 -

F3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 86,371 91,647 (3,653) 18,532

(926) (868) (2,426) (3,318) - - (3,352) (4,186)

39,895 43,750 3,348 4,182 (28,131) (67,554) 15,112 (19,622) 8,107 (5,276) 94,478 86,371

IT8 Shares 2018 2017 1,686 1,394 (69) 328

(18) (17) (48) (64) (166) (130) (232) (211)

1,038 1,353 128 119 (666) (1,297) 500 175 199 292 1,885 1,686

OF Shares 2018 2017 41 67 (8) 9

(2) - (5) (2) - - (7) (2)

172 2 7 2 (8) (37) 171 (33) 156 (26) 197 41

W Shares 2018 2017 95,102 95,768 (4,298) 18,453

(1,015) (954) (2,658) (3,647) - - (3,673) (4,601)

26,851 38,603 3,673 4,594 (13,713) (57,715) 16,811 (14,518) 8,840 (666) 103,942 95,102

WT8 Shares 2018 2017 10,702 11,434 (448) 2,227

(105) (108) (275) (411) (969) (896) (1,349) (1,415)

1,729 6,159 860 878 (766) (8,581) 1,823 (1,544) 26 (732) 10,728 10,702

Total Fund 2018 2017 209,810 220,738 (9,507) 42,910

(2,230) (2,107) (5,839) (8,053) (1,157) (1,043) (9,226) (11,203)

86,909 96,875 8,612 10,546 (58,563) (150,056) 36,958 (42,635) 18,225 (10,928) 228,035 209,810




2018 2017

(9,507) 42,910

(5,729) (24,610) - - 164 172

20,839 (12,565) 89,744 152,212 (127,454) (96,141) - - - - - - (263) 137 (52) (5) - - - - - - 546 (1,041) (31,712) 61,069

(629) (642) 68,854 96,832 (41,871) (150,286) 26,354 (54,096)

- - (5,358) 6,973 8,119 1,146 2,761 8,119

6,492 6,602 119 62 - - - - (134) -









SHORT-TERM INVESTMENTS (8.7%) 10,000,000 Canadian Treasury Bill 1.03034% 04/19/2018 9,952,800 9,952,800 6,500,000 Canadian Treasury Bill 1.04112% 05/17/2018 6,470,580 6,470,580 3,500,000 Canadian Treasury Bill 1.05071% 06/14/2018 3,489,380 3,489,380 19,912,760 19,912,760



ENERGY (20.1%) 351,620 AltaGas Ltd. 10,200,972 8,382,621 105,610 AltaGas Ltd., Sub-Receipt 3,080,437 2,603,286 316,575 Gibson Energy Inc.* 6,772,003 5,258,311 305,225 Mullen Group Ltd. 4,637,136 4,495,964 342,055 Parkland Fuel Corp. 8,435,786 9,916,174 189,051 Pason Systems Inc. 2,878,357 3,261,130 280,620 Peyto Exploration & Development Corp. 3,919,606 3,030,696 877,630 Secure Energy Services Inc. 8,199,466 6,441,804 94,160 ShawCor Ltd. 3,266,735 2,297,504 51,390,498 45,687,490 FINANCIALS (17.0%) 404,995 Canadian Western Bank* 10,652,849 13,385,085 12,010 E-L Financial Corp., Ltd. 5,930,656 9,704,080 237,050 Industrial Alliance Insurance and Financial Services Inc. 9,760,101 12,563,650 65,750 Laurentian Bank of Canada* 2,954,514 3,113,920 29,298,120 38,766,735 CONSUMER DISCRETIONARY (13.2%) 474,700 Aritzia Inc. 7,329,402 5,724,882 149,622 Cineplex Inc.* 6,541,444 4,690,650 504,280 Enercare Inc.* 9,494,738 8,895,499 336,057 Leon’s Furniture Ltd. 3,717,131 5,712,969 71,320 Linamar Corp. 4,278,131 5,019,502 31,360,846 30,043,502 INDUSTRIALS (13.0%) 71,523 Maxar Technologies Ltd. 4,535,994 4,261,340 75,170 Richelieu Hardware Ltd. 708,438 2,264,120 82,078 Ritchie Bros. Auctioneers Inc. 3,152,489 3,324,159 205,330 SNC-Lavalin Group Inc. 10,002,008 11,615,518 187,410 Stantec Inc. 6,142,642 5,957,764 40,553 Toromont Industries Ltd. 1,225,773 2,268,129 25,767,344 29,691,030 UTILITIES (12.5%) 499,930 Algonquin Power & Utilities Corp.* 5,705,890 6,384,106 324,695 Atco Ltd., Class I 12,214,189 13,435,879 706,035 Superior Plus Corp. 7,946,248 8,712,472 25,866,327 28,532,457 MATERIALS (4.7%) 77,945 Domtar Corp. 3,467,457 4,272,165 175,760 Labrador Iron Ore Royalty Corp.* 2,272,573 3,708,536 423,625 Major Drilling Group International Inc. 3,408,549 2,821,342 9,148,579 10,802,043 CONSUMER STAPLES (4.2%) 273,640 Empire Co., Ltd., Class A 6,390,907 7,076,330 103,685 Jean Coutu Group Inc., Class A 1,518,826 2,546,504 7,909,733 9,622,834 REAL ESTATE (2.3%) 411,690 Cominar Real Estate Investment Trust 5,415,299 5,306,684 HEALTH CARE (2.1%) 614,215 Knight Therapeutics Inc. 5,147,327 4,760,166




AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)






Held forTrading






AssetsInvestments - 223,126 223,126 - 223,126Cash - - - 2,761 2,761Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 912 912Interest receivable - - - 65 65Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 1,804 1,804 - 223,126 223,126 5,542 228,668LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 1,437 1,437Payable for share redemptions - - - 232 232Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 1,669 1,669









Held forTrading






AssetsInvestments - 199,253 199,253 - 199,253Cash - - - 8,119 8,119Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 649 649Interest receivable - - - 13 13Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 329 329 - 199,253 199,253 9,110 208,363LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 120 120Dividends payable to holders of redeemable shares - - - 15 15Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 135 135



2018 2017Financial Instruments at FVTPLHeld for trading - -Designated at fair value through profit or loss (8,157) 43,742Total (8,157) 43,742













A Shares 2018 2017 8,394 19,739 1,729 2,099 240 407 (3,596) (13,851) 6,767 8,394

E Shares 2018 2017 917,038 1,308,332 313,558 400,138 21,519 44,235 (649,890) (835,667) 602,225 917,038

E3 Shares 2018 2017 - - 557,497 - 12,572 - (200,978) - 369,091 -

E4 Shares 2018 2017 - - 196,305 - 5,281 - (69,092) - 132,494 -

E5 Shares 2018 2017 - - 105,675 - 2,520 - (18,359) - 89,836 -

ET8 Shares 2018 2017 18,112 25,879 15,125 13,684 694 1,199 (17,645) (22,650) 16,286 18,112

E3T8 Shares 2018 2017 - - 10,498 - 464 - (2,178) - 8,784 -

E4T8 Shares 2018 2017 - - 1,821 - 118 - (829) - 1,110 -

E5T8 Shares 2018 2017 - - 1,000 - 118 - (8) - 1,110 -

F Shares 2018 2017 - - 178,747 - 2,952 - (103,499) - 78,200 -

F3 Shares 2018 2017 - - 102,483 - 2,295 - (35,922) - 68,856 -

F4 Shares 2018 2017 - - 33,851 - 1,109 - (2,896) - 32,064 -

F5 Shares 2018 2017 - - 1,000 - 37 - - - 1,037 -

FT8 Shares 2018 2017 - - 5,931 - 299 - (25) - 6,205 -

F3T8 Shares 2018 2017 - - 1,000 - 119 - - - 1,119 -

F4T8 Shares 2018 2017 - - 1,000 - 119 - - - 1,119 -

F5T8 Shares 2018 2017 - - 1,000 - 119 - - - 1,119 -

I Shares 2018 2017 4,251,500 5,159,388 1,992,700 2,175,653 178,518 205,790 (1,401,475) (3,289,331) 5,021,243 4,251,500

IT8 Shares 2018 2017 151,362 132,520 99,054 118,638 12,927 10,661 (63,838) (110,457) 199,505 151,362

OF Shares 2018 2017 2,278 4,179 9,874 124 414 110 (470) (2,135) 12,096 2,278







W Shares 2018 2017 5,158,437 5,927,785 1,478,761 2,109,505 216,345 249,149 (752,899) (3,128,002) 6,100,644 5,158,437

WT8 Shares 2018 2017 1,077,367 1,216,321 183,591 601,276 96,787 87,828 (80,734) (828,058) 1,277,011 1,077,367






Annual management

fee rate:


fee rate:











Interest Rate RiskAs at March 31, 2018 and 2017, the Fund did not have a significant exposure to interest rate risk as substantially all of its assets were invested in equities and short-term investments. Short-term investments exposure to interest rate risk is insignificant due to their short term to maturity.




(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 203,213 - - 203,213 Short-term investments - 19,913 - 19,913 Total 203,213 19,913 - 223,126







as at March 31, 2017 Categories Net Assets (%)Energy 22.9 Financials 22.3 Industrials 16.1 Consumer Discretionary 8.7 Utilities 8.6 Materials 5.9 Short-Term Investments 5.5 Other Net Assets (Liabilities) 5.0 Health Care 1.9 Consumer Staples 1.7 Information Technology 1.4


as at March 31, 2018 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 8.7 Total 8.7







Currency RiskAs at March 31, 2018 and 2017, the Fund’s investments were mostly denominated in Canadian dollars, the functional currency of the Fund. As a result, the Fund did not have a significant exposure to currency risk.





2018 2017

964,844 877,019 4,343 3,888

- - - -

- - - - - - - - 2,460 1,482 315 84 - - - - - - 2,251 984 4,261 4,424 978,474 887,881

- - - -

- - - - - - - -

- - - - - - 1,177 745 1 19 - - - - - - 1,691 585 2,869 1,349

975,605 886,532

882,498 740,959 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 2,377 2,905 13.86 14.86 171,566 195,507E Shares 178,975 242,474 15.00 15.99 11,927,934 15,159,990E3 Shares 41,320 - 9.34 - 4,421,875 -E4 Shares 7,138 - 9.36 - 762,856 -E5 Shares 5,427 - 9.37 - 579,334 -ET8 Shares 350 433 7.40 8.60 47,238 50,289E3T8 Shares 88 - 8.65 - 10,118 -E4T8 Shares 83 - 8.67 - 9,562 -E5T8 Shares 10 - 8.68 - 1,115 -F Shares 5,069 - 9.43 - 537,320 -F3 Shares 3,296 - 9.44 - 349,149 -F4 Shares 1,139 - 9.45 - 120,571 -F5 Shares 10 - 9.46 - 1,033 -FT8 Shares 107 - 9.06 - 11,842 -F3T8 Shares 14 - 9.06 - 1,505 -F4T8 Shares 10 - 9.07 - 1,076 -F5T8 Shares 10 - 9.08 - 1,076 -I Shares 359,335 292,826 18.49 19.26 19,433,512 15,207,084IT8 Shares 4,265 3,806 8.84 10.03 482,318 379,525OF Shares 261 300 16.86 17.89 15,511 16,759W Shares 335,399 312,828 20.86 21.77 16,080,716 14,370,742WT8 Shares 30,922 30,960 8.42 9.58 3,671,291 3,233,036







CIG - 17672




2018 2017

25,124 20,038 844 500 - - - - - - - -

- - - -

23,490 31,655

(53,714) 55,139 (4,256) 107,332 (32) (76) - - 319 910 - - 287 834 (3,969) 108,166

4,659 4,419 1,201 1,141 405 306 - - - - - - 641 274 662 621 7,568 6,761 2,857 1,263

(14,394) 100,142









2018 2017 2018 2017 2018 2017A Shares (95) 341 (0.50) 1.52 187,471 223,379E Shares (5,486) 25,262 (0.44) 1.76 12,460,242 14,443,639E3 Shares (1,382) - (0.38) - 3,749,330 -E4 Shares (240) - (0.38) - 612,947 -E5 Shares (116) - (0.28) - 395,033 -ET8 Shares (8) 49 (0.17) 0.98 53,577 48,888E3T8 Shares (3) - (0.58) - 6,623 -E4T8 Shares (2) - (0.36) - 8,745 -E5T8 Shares - - (0.32) - 1,036 -F Shares (86) - (0.35) - 258,797 -F3 Shares (59) - (0.36) - 160,195 -F4 Shares (22) - (0.48) - 44,185 -F5 Shares - - (0.22) - 1,000 -FT8 Shares (2) - (0.26) - 4,978 -F3T8 Shares - - (0.40) - 1,089 -F4T8 Shares - - (0.25) - 1,010 -F5T8 Shares - - (0.23) - 1,010 -I Shares (3,208) 32,265 (0.19) 2.50 16,901,999 12,890,768IT8 Shares (32) 392 (0.08) 1.37 426,707 285,058OF Shares (9) 37 (0.44) 1.99 16,763 18,667W Shares (3,360) 38,030 (0.22) 2.78 15,029,849 13,669,553WT8 Shares (284) 3,766 (0.09) 1.29 3,407,978 2,919,360
















A Shares 2018 2017 2,905 3,513 (95) 341

(19) (21) (57) (100) - - (76) (121)

380 439 75 121 (812) (1,388) (357) (828) (528) (608) 2,377 2,905

E Shares 2018 2017 242,474 211,206 (5,486) 25,262

(1,408) (1,745) (4,304) (8,353) - - (5,712) (10,098)

62,292 91,747 5,710 10,093 (120,303) (85,736) (52,301) 16,104 (63,499) 31,268 178,975 242,474

E3 Shares 2018 2017 - - (1,382) -

(316) - (966) - - - (1,282) -

61,773 - 1,280 - (19,069) - 43,984 - 41,320 - 41,320 -

E4 Shares 2018 2017 - - (240) -

(58) - (177) - - - (235) -

11,730 - 235 - (4,352) - 7,613 - 7,138 - 7,138 -

E5 Shares 2018 2017 - - (116) -

(37) - (113) - - - (150) -

7,233 - 150 - (1,690) - 5,693 - 5,427 - 5,427 -

ET8 Shares 2018 2017 433 413 (8) 49

(3) (3) (9) (15) (38) (34) (50) (52)

403 280 18 26 (446) (283) (25) 23 (83) 20 350 433

E3T8 Shares 2018 2017 - - (3) -

(1) - (2) - (5) - (8) -

266 - 5 - (172) - 99 - 88 - 88 -

E4T8 Shares 2018 2017 - - (2) -

(1) - (2) - (7) - (10) -

211 - 5 - (121) - 95 - 83 - 83 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - (86) -

(41) - (124) - - - (165) -

10,100 - 164 - (4,944) - 5,320 - 5,069 - 5,069 -

F3 Shares 2018 2017 - - (59) -

(24) - (74) - - - (98) -

4,306 - 98 - (951) - 3,453 - 3,296 - 3,296 -

F4 Shares 2018 2017 - - (22) -

(9) - (27) - - - (36) -

1,327 - 36 - (166) - 1,197 - 1,139 - 1,139 -












F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - (2) -

(1) - (3) - (3) - (7) -

112 - 4 - - - 116 - 107 - 107 -

F3T8 Shares 2018 2017 - - - -

- - - - - - - -

14 - - - - - 14 - 14 - 14 -

F4T8 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

I Shares 2018 2017 292,826 211,282 (3,208) 32,265

(2,807) (2,106) (8,580) (10,079) - - (11,387) (12,185)

112,949 131,426 11,379 12,177 (43,224) (82,139) 81,104 61,464 66,509 81,544 359,335 292,826

IT8 Shares 2018 2017 3,806 2,128 (32) 392

(33) (27) (101) (130) (353) (234) (487) (391)

1,336 2,778 252 232 (610) (1,333) 978 1,677 459 1,678 4,265 3,806

OF Shares 2018 2017 300 343 (9) 37

(2) (2) (6) (10) - - (8) (12)

19 70 8 12 (49) (150) (22) (68) (39) (43) 261 300

W Shares 2018 2017 312,828 275,035 (3,360) 38,030

(2,621) (2,250) (8,011) (10,771) - - (10,632) (13,021)

64,006 120,632 10,627 13,014 (38,070) (120,862) 36,563 12,784 22,571 37,793 335,399 312,828

WT8 Shares 2018 2017 30,960 25,444 (284) 3,766

(242) (223) (739) (1,066) (2,690) (2,272) (3,671) (3,561)

4,484 14,349 2,212 2,210 (2,779) (11,248) 3,917 5,311 (38) 5,516 30,922 30,960

Total Fund 2018 2017 886,532 729,364 (14,394) 100,142

(7,623) (6,377) (23,295) (30,524) (3,097) (2,540) (34,015) (39,441)

342,981 361,721 32,259 37,885 (237,758) (303,139) 137,482 96,467 89,073 157,168 975,605 886,532




2018 2017

(14,394) 100,142

(23,490) (31,655) - - 405 306

53,714 (55,139) 485,656 438,776 (604,110) (512,829) - - - - - - (978) 569 (231) (55) - - - - - - 1,269 (3,449) (102,159) (63,334)

(1,774) (1,537) 203,704 361,466 (99,316) (303,340) 102,614 56,589

- - 455 (6,745) 3,888 10,633 4,343 3,888

23,526 20,393 613 442 - - - - (1,587) -









SHORT-TERM INVESTMENTS (13.0%) 44,000,000 Canadian Treasury Bill 0.95087% 04/19/2018 43,801,320 43,801,320 25,000,000 Canadian Treasury Bill 1.06896% 06/14/2018 24,935,800 24,935,800 58,000,000 Canadian Treasury Bill 1.15119% 05/17/2018 57,778,870 57,778,870 126,515,990 126,515,990



FINANCIALS (21.6%) 375,700 Canadian Imperial Bank of Commerce 40,539,934 42,724,604 41,072 E-L Financial Corp., Ltd. 18,378,786 33,186,176 402,257 Industrial Alliance Insurance and Financial Services Inc. 15,903,500 21,319,621 1,201,805 Power Financial Corp.* 38,556,234 38,770,229 355,610 The Bank of Nova Scotia 24,287,388 28,221,210 396,510 Toronto-Dominion Bank 19,543,193 28,988,846 264,890 Wells Fargo & Co. 16,767,770 17,884,554 173,976,805 211,095,240 ENERGY (19.4%) 1,450,472 AltaGas Ltd.* 41,313,028 34,579,252 445,325 AltaGas Ltd., Sub-Receipt 12,940,454 10,977,261 950,734 Canadian Natural Resources Ltd. 34,483,711 38,504,727 2,259,167 Mullen Group Ltd. 36,032,995 33,277,530 576,476 Pason Systems Inc. 7,583,633 9,944,211 579,913 PrairieSky Royalty Ltd. 17,077,073 16,336,149 1,026,860 Suncor Energy Inc. 37,605,413 45,685,001 187,036,307 189,304,131 UTILITIES (11.2%) 1,338,921 Atco Ltd., Class I 53,888,543 55,404,551 1,006,290 Canadian Utilities Ltd., Class A, Special Shares* 31,590,068 34,606,313 449,300 Fortis Inc. 18,413,236 19,540,057 103,891,847 109,550,921 CONSUMER STAPLES (11.1%) 616,039 Empire Co., Ltd., Class A 13,636,819 15,930,769 741,531 Loblaw Co., Ltd. 44,993,590 48,266,253 600,850 Saputo Inc. 25,337,084 24,845,148 169,675 Wal-Mart Stores Inc. 15,878,271 19,447,323 99,845,764 108,489,493 INDUSTRIALS (10.3%) 308,425 Canadian National Railway Co. 23,481,904 29,041,298 211,750 Maxar Technologies Ltd.* 17,937,626 12,616,065 1,034,250 SNC-Lavalin Group Inc. 51,356,737 58,507,522 92,776,267 100,164,885 INFORMATION TECHNOLOGY (4.5%) 272,950 CGI Group Inc.* 12,083,900 20,280,185 521,750 Open Text Corp.* 15,591,791 23,384,835 27,675,691 43,665,020 TELECOMMUNICATION SERVICES (3.5%) 743,415 AT&T Inc. 34,968,859 34,142,022 CONSUMER DISCRETIONARY (2.5%) 60,540 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares* 5,329,035 10,255,476 437,290 Cineplex Inc.* 18,468,172 13,709,042 23,797,207 23,964,518 MATERIALS (1.8%) 327,525 Domtar Corp. 12,647,845 17,951,645




AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)






Held forTrading






AssetsInvestments - 964,844 964,844 - 964,844Cash - - - 4,343 4,343Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 2,460 2,460Interest receivable - - - 315 315Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 2,251 2,251 - 964,844 964,844 9,369 974,213LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 1,177 1,177Dividends payable to holders of redeemable shares - - - 1 1Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 1,178 1,178









Held forTrading






AssetsInvestments - 877,019 877,019 - 877,019Cash - - - 3,888 3,888Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 1,482 1,482Interest receivable - - - 84 84Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 984 984 - 877,019 877,019 6,438 883,457LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 745 745Dividends payable to holders of redeemable shares - - - 19 19Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 764 764



2018 2017Financial Instruments at FVTPLHeld for trading - -Designated at fair value through profit or loss (4,256) 107,332Total (4,256) 107,332













A Shares 2018 2017 195,507 251,099 25,811 29,523 5,511 8,144 (55,263) (93,259) 171,566 195,507

E Shares 2018 2017 15,159,990 14,116,393 3,932,118 5,766,125 385,314 631,234 (7,549,488) (5,353,762) 11,927,934 15,159,990

E3 Shares 2018 2017 - - 6,216,974 - 138,722 - (1,933,821) - 4,421,875 -

E4 Shares 2018 2017 - - 1,183,547 - 25,454 - (446,145) - 762,856 -

E5 Shares 2018 2017 - - 731,799 - 16,256 - (168,721) - 579,334 -

ET8 Shares 2018 2017 50,289 47,452 48,400 31,620 2,355 2,972 (53,806) (31,755) 47,238 50,289

E3T8 Shares 2018 2017 - - 27,113 - 559 - (17,554) - 10,118 -

E4T8 Shares 2018 2017 - - 21,402 - 591 - (12,431) - 9,562 -

E5T8 Shares 2018 2017 - - 1,000 - 115 - - - 1,115 -

F Shares 2018 2017 - - 1,019,042 - 17,642 - (499,364) - 537,320 -

F3 Shares 2018 2017 - - 433,820 - 10,587 - (95,258) - 349,149 -

F4 Shares 2018 2017 - - 133,153 - 3,875 - (16,457) - 120,571 -

F5 Shares 2018 2017 - - 1,000 - 33 - - - 1,033 -

FT8 Shares 2018 2017 - - 11,468 - 423 - (49) - 11,842 -

F3T8 Shares 2018 2017 - - 1,415 - 90 - - - 1,505 -

F4T8 Shares 2018 2017 - - 1,000 - 76 - - - 1,076 -

F5T8 Shares 2018 2017 - - 1,000 - 76 - - - 1,076 -

I Shares 2018 2017 15,207,084 12,006,507 5,833,678 6,889,273 623,368 632,239 (2,230,618) (4,320,935) 19,433,512 15,207,084

IT8 Shares 2018 2017 379,525 214,597 138,794 270,449 27,603 23,028 (63,604) (128,549) 482,318 379,525

OF Shares 2018 2017 16,759 20,577 1,042 3,850 498 698 (2,788) (8,366) 15,511 16,759







W Shares 2018 2017 14,370,742 13,794,895 2,924,825 5,631,456 516,095 597,787 (1,730,946) (5,653,396) 16,080,716 14,370,742

WT8 Shares 2018 2017 3,233,036 2,680,324 485,361 1,465,738 251,995 228,948 (299,101) (1,141,974) 3,671,291 3,233,036






Annual management

fee rate:


fee rate:





2018 2017Gross securities lending revenue 375 1,070Charges (56) (160)Securities lending revenue 319 910% of gross securities lending revenue 14.9 15.0






Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 71,727 - 71,727 7.4 Total 71,727 - 71,727 7.4


Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 85,109 - 85,109 9.6 Total 85,109 - 85,109 9.6



Interest Rate RiskAs at March 31, 2018 and 2017, the Fund did not have a significant exposure to interest rate risk as substantially all of its assets were invested in equities and short-term investments. Short-term investments exposure to interest rate risk is insignificant due to their short-term to maturity.











as at March 31, 2017 Categories Net Assets (%)Financials 19.5 Energy 17.5 Short-Term Investments 12.7 Consumer Staples 12.2 Utilities 12.1 Industrials 8.8 Information Technology 5.5 Telecommunication Services 5.1 Consumer Discretionary 3.7 Materials 1.8 Other Net Assets (Liabilities) 1.1













2018 2017

496,696 435,442 17,221 19,409

301 643 5,074 -

- - - - - - - - 457 505 - - - - - - 741 3,987 792 1,096 2,751 3,216 524,033 464,298

- - - -

6,672 551 2,331 - - - - -

- - - - - 6,421 541 367 - 16 - - - - - - 886 300 10,430 7,655

513,603 456,643

367,344 285,150 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 358 438 13.23 12.92 27,119 33,939E Shares 17,091 26,215 17.04 16.54 1,003,258 1,584,860E3 Shares 5,283 - 10.11 - 522,778 -E4 Shares 913 - 10.12 - 90,261 -E5 Shares 1,557 - 10.13 - 153,788 -ET8 Shares 334 474 10.92 11.50 30,622 41,216E3T8 Shares 119 - 9.38 - 12,688 -E4T8 Shares 48 - 9.39 - 5,064 -E5T8 Shares 11 - 9.41 - 1,118 -F Shares 1,657 - 10.20 - 162,406 -F3 Shares 1,545 - 10.21 - 151,277 -F4 Shares 673 - 10.22 - 65,808 -F5 Shares 11 - 10.23 - 1,039 -FT8 Shares 85 - 9.49 - 8,920 -F3T8 Shares 14 - 9.48 - 1,529 -F4T8 Shares 11 - 9.49 - 1,118 -F5T8 Shares 11 - 9.51 - 1,118 -I Shares 184,751 158,395 21.40 20.30 8,633,494 7,804,199IT8 Shares 4,145 3,092 13.03 13.38 318,170 231,072OF Shares 708 92 16.57 16.00 42,750 5,729W Shares 268,921 243,151 17.56 16.70 15,310,913 14,562,047WT8 Shares 25,357 24,786 12.10 12.46 2,096,262 1,989,453







CIG - 17660




2018 2017

9,558 8,182 136 79 - - - - - - - -

- - - -

65,896 43,904

(27,117) 21,562 48,473 73,727 (868) 423 - - 47 52 - - (821) 475 47,652 74,202

538 503 655 585 197 121 - - - - - 1 1,119 1,075 137 125 2,646 2,410 1,488 648

43,518 71,144









2018 2017 2018 2017 2018 2017A Shares 23 106 0.81 1.66 27,648 63,734E Shares 1,514 3,722 1.35 2.38 1,129,003 1,562,998E3 Shares 223 - 0.47 - 471,312 -E4 Shares 48 - 0.38 - 123,234 -E5 Shares 62 - 0.53 - 115,534 -ET8 Shares 34 73 0.94 1.72 35,380 42,841E3T8 Shares 3 - 0.23 - 11,176 -E4T8 Shares 1 - 0.39 - 3,600 -E5T8 Shares 1 - 0.50 - 1,035 -F Shares 52 - 0.60 - 86,947 -F3 Shares 56 - 0.75 - 75,412 -F4 Shares 3 - 0.13 - 23,674 -F5 Shares 1 - 0.62 - 1,000 -FT8 Shares 3 - 0.65 - 4,356 -F3T8 Shares - - 0.33 - 1,110 -F4T8 Shares 1 - 0.59 - 1,035 -F5T8 Shares 1 - 0.60 - 1,035 -I Shares 15,791 23,639 1.94 3.41 8,149,852 6,916,478IT8 Shares 330 472 1.23 2.35 269,708 200,577OF Shares 47 16 1.29 2.26 37,033 6,831W Shares 23,063 38,687 1.57 2.74 14,711,834 14,138,799WT8 Shares 2,261 4,429 1.11 2.19 2,019,190 2,028,851
















A Shares 2018 2017 438 977 23 106

(2) (3) (11) (19) - - (13) (22)

37 28 13 22 (140) (673) (90) (623) (80) (539) 358 438

E Shares 2018 2017 26,215 24,099 1,514 3,722

(108) (201) (528) (1,114) - - (636) (1,315)

6,651 9,844 636 1,315 (17,289) (11,450) (10,002) (291) (9,124) 2,116 17,091 26,215

E3 Shares 2018 2017 - - 223 -

(32) - (155) - - - (187) -

8,113 - 187 - (3,053) - 5,247 - 5,283 - 5,283 -

E4 Shares 2018 2017 - - 48 -

(8) - (40) - - - (48) -

1,871 - 48 - (1,006) - 913 - 913 - 913 -

E5 Shares 2018 2017 - - 62 -

(7) - (35) - - - (42) -

1,817 - 42 - (322) - 1,537 - 1,557 - 1,557 -

ET8 Shares 2018 2017 474 510 34 73

(2) (4) (10) (20) (33) (42) (45) (66)

214 399 18 32 (361) (474) (129) (43) (140) (36) 334 474

E3T8 Shares 2018 2017 - - 3 -

(1) - (4) - (8) - (13) -

200 - 6 - (77) - 129 - 119 - 119 -

E4T8 Shares 2018 2017 - - 1 -

- - (1) - (3) - (4) -

80 - 3 - (32) - 51 - 48 - 48 -

E5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F Shares 2018 2017 - - 52 -

(11) - (52) - - - (63) -

3,927 - 63 - (2,322) - 1,668 - 1,657 - 1,657 -

F3 Shares 2018 2017 - - 56 -

(9) - (45) - - - (54) -

2,065 - 54 - (576) - 1,543 - 1,545 - 1,545 -

F4 Shares 2018 2017 - - 3 -

(4) - (20) - - - (24) -

770 - 24 - (100) - 694 - 673 - 673 -












F5 Shares 2018 2017 - - 1 -

- - - - - - - -

10 - - - - - 10 - 11 - 11 -

FT8 Shares 2018 2017 - - 3 -

(1) - (3) - (3) - (7) -

85 - 4 - - - 89 - 85 - 85 -

F3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

14 - 1 - - - 15 - 14 - 14 -

F4T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

I Shares 2018 2017 158,395 118,052 15,791 23,639

(1,149) (1,214) (5,601) (6,731) - - (6,750) (7,945)

41,375 66,042 6,743 7,936 (30,803) (49,329) 17,315 24,649 26,356 40,343 184,751 158,395

IT8 Shares 2018 2017 3,092 2,261 330 472

(26) (24) (125) (130) (296) (226) (447) (380)

1,353 2,002 236 214 (419) (1,477) 1,170 739 1,053 831 4,145 3,092

OF Shares 2018 2017 92 120 47 16

(4) (1) (22) (4) - - (26) (5)

663 22 26 5 (94) (66) 595 (39) 616 (28) 708 92

W Shares 2018 2017 243,151 213,635 23,063 38,687

(1,671) (1,858) (8,143) (10,303) - - (9,814) (12,161)

47,260 93,646 9,811 12,156 (44,550) (102,812) 12,521 2,990 25,770 29,516 268,921 243,151

WT8 Shares 2018 2017 24,786 23,325 2,261 4,429

(158) (190) (771) (1,053) (2,052) (2,123) (2,981) (3,366)

2,731 8,491 1,785 2,114 (3,225) (10,207) 1,291 398 571 1,461 25,357 24,786

Total Fund 2018 2017 456,643 382,979 43,518 71,144

(3,193) (3,495) (15,566) (19,374) (2,399) (2,391) (21,158) (25,260)

119,266 180,474 19,703 23,794 (104,369) (176,488) 34,600 27,780 56,960 73,664 513,603 456,643




2018 2017

43,518 71,144

(65,896) (43,904) (22) (162) 197 121

27,117 (21,562) 205,681 143,752 (227,808) (138,327) - - - - - - 48 (239) - - - - - - - - 1,051 (1,767) (16,114) 9,056

(1,471) (1,450) 90,629 179,625 (75,254) (176,832) 13,904 1,343

22 162 (2,210) 10,399 19,409 8,848 17,221 19,409

7,531 6,871 135 76 - - - 1 (436) -









MATERIALS (6.2%) 112,070 DowDuPont Inc. 5,023,178 9,198,041 64,593 Eastman Chemical Co. 7,564,887 8,785,480 28,253 Ecolab Inc. 3,796,481 4,988,907 33,106 Martin Marietta Materials Inc.* 8,038,382 8,841,061 24,422,927 31,813,489 CONSUMER STAPLES (5.0%) 127,109 Coca-Cola Co. 7,115,470 7,111,554 39,290 Costco Wholesale Corp. 9,544,839 9,537,406 91,305 Molson Coors Brewing Co., Class B (USD) 10,169,867 8,860,555 26,830,176 25,509,515 ENERGY (3.4%) 104,540 Anadarko Petroleum Corp. 9,630,096 8,135,602 112,699 Occidental Petroleum Corp. 10,157,125 9,431,146 19,787,221 17,566,748 UTILITIES (1.5%) 94,829 WEC Energy Group Inc. 3,187,447 7,659,618




Long Option Contracts (1.0%) (see Schedule B) 5,095,447 5,073,506

Short Option Contracts (-0.5%) (see Schedule C) (2,637,931) (2,330,740)


INFORMATION TECHNOLOGY (28.2%) 12,851 Alphabet Inc., Class C 13,152,701 17,081,524 118,677 Apple Inc. 11,042,437 25,651,049 214,828 Applied Materials Inc. 3,881,457 15,390,126 25,719 Broadcom Ltd. 7,557,132 7,807,642 269,510 First Data Corp., Class A 5,072,181 5,555,118 410,527 Marvell Technology Group Ltd.* 8,889,943 11,106,044 224,078 Microsoft Corp. 7,754,705 26,346,665 116,943 PTC Inc. 9,922,478 11,752,301 62,699 Universal Display Corp.* 13,424,907 8,157,938 106,281 Visa Inc., Class A* 4,373,475 16,377,885 85,071,416 145,226,292 FINANCIALS (19.0%) 92,563 American International Group Inc. 5,028,490 6,489,248 30,896 Ameriprise Financial Inc. 2,674,620 5,888,250 398,948 Bank of America Corp. 12,350,424 15,413,141 146,760 Bank of the Ozarks Inc.* 8,905,056 9,126,061 11,137 BlackRock Inc. (USD) 2,508,798 7,772,155 24,918 Chubb Ltd. 3,947,517 4,390,383 135,919 Citizens Financial Group Inc. 4,622,497 7,350,570 81,866 Discover Financial Services Inc. 7,353,567 7,585,986 151,588 MetLife Inc. 10,450,413 8,961,512 187,959 Morgan Stanley 10,724,769 13,065,723 41,088 Signature Bank 7,287,353 7,513,612 20,576 Willis Towers Watson PLC 3,515,135 4,034,089 79,368,639 97,590,730 HEALTH CARE (12.5%) 39,972 AbbVie Inc. 1,820,756 4,873,881 44,110 Allergan PLC 14,410,840 9,562,991 70,665 Centene Corp. 8,516,558 9,728,784 78,153 Danaher Corp. 2,956,009 9,857,598 202,781 Pfizer Inc. 9,061,578 9,271,108 56,192 UnitedHealth Group Inc. 3,428,395 15,491,257 34,210 Universal Health Services Inc., Class B 5,753,262 5,218,430 45,947,398 64,004,049 CONSUMER DISCRETIONARY (10.9%) 32,988 CarMax Inc.* 2,706,361 2,632,241 184,624 Comcast Corp., Class A 7,639,561 8,127,024 76,140 Dollar General Corp. 7,431,065 9,176,035 47,445 Home Depot Inc. 5,665,885 10,894,167 100,555 Starbucks Corp. 7,339,301 7,499,039 44,047 Time Warner Inc. 4,908,801 5,366,783 66,512 TJX Co., Inc. 2,264,512 6,988,366 5,125 Ulta Salon Cosmetics & Fragrance Inc. 1,306,356 1,348,643 20,639 Whirlpool Corp. 4,657,017 4,070,902 43,918,859 56,103,200 INDUSTRIALS (10.0%) 29,260 Boeing Co. 2,115,508 12,359,122 79,417 Fortune Brands Home & Security Inc. 6,275,621 6,024,950 82,621 Ingersoll-Rand PLC 4,460,855 9,101,348 63,957 Jacobs Engineering Group Inc. 5,124,663 4,873,503 210,801 Johnson Controls International PLC* 11,735,628 9,569,890 91,745 Nielsen Holdings PLC* 5,193,842 3,757,261 31,651 Norfolk Southern Corp. 4,043,696 5,536,326 38,949,813 51,222,400




AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)





1 Bank of Montreal A-1 16-Apr-18 0.79 (13,575,968) US $ 17,266,799 Canadian $ (216,181)1 Bank of Montreal A-1 16-May-18 0.80 (22,320,356) US $ 27,951,179 Canadian $ (774,906)1 Bank of Montreal A-1 16-Apr-18 0.79 (4,887,348) US $ 6,213,906 Canadian $ (79,964)1 Bank of Montreal A-1 16-Apr-18 0.79 (5,560,716) US $ 7,072,480 Canadian $ (88,548)1 Bank of Montreal A-1 16-Apr-18 0.81 (5,950,652) US $ 7,384,759 Canadian $ (278,252)1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (22,320,355) US $ 27,944,080 Canadian $ (781,988)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (4,228,234) US $ 5,407,256 Canadian $ (37,844)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (5,281,768) US $ 6,756,147 Canadian $ (45,690)1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.29 (6,640,073) US $ 8,545,110 Canadian $ 3,542 1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.81 (8,925,977) US $ 11,080,306 Canadian $ (414,212)1 Citigroup Inc. A-2 12-Jun-18 1.30 (8,271,570) US $ 10,711,683 Canadian $ 71,164 1 Citigroup Inc. A-2 16-May-18 0.80 (11,160,178) US $ 13,998,769 Canadian $ (364,327)1 Citigroup Inc. A-2 16-Apr-18 0.78 (4,404,410) US $ 5,634,341 Canadian $ (37,639)1 Citigroup Inc. A-2 16-Apr-18 0.81 (5,950,652) US $ 7,385,146 Canadian $ (277,866)1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (6,617,256) US $ 8,521,041 Canadian $ 8,804 1 HSBC Holdings PLC A-1 16-Apr-18 0.81 (8,925,977) US $ 11,081,600 Canadian $ (412,919)1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (11,160,178) US $ 13,997,653 Canadian $ (365,440)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.78 (1,585,588) US $ 2,028,734 Canadian $ (13,179)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.81 (5,950,652) US $ 7,383,390 Canadian $ (279,619)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.79 (8,145,581) US $ 10,359,037 Canadian $ (130,750)1 Morgan Stanley A-2 12-Jun-18 1.29 (8,271,570) US $ 10,710,153 Canadian $ 69,640 1 Morgan Stanley A-2 16-May-18 0.80 (11,160,178) US $ 13,990,957 Canadian $ (372,121)1 Morgan Stanley A-2 16-Apr-18 0.79 (5,430,387) US $ 6,905,178 Canadian $ (88,012)1 Morgan Stanley A-2 16-Apr-18 0.81 (5,950,652) US $ 7,384,759 Canadian $ (278,252)1 Royal Bank of Canada A-1+ 16-May-18 0.79 (12,468,713) US $ 15,704,718 Canadian $ (342,605)1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (14,888,826) US $ 19,229,097 Canadian $ 76,356 1 Royal Bank of Canada A-1+ 16-Apr-18 0.80 (4,520,460) US $ 5,615,826 Canadian $ (205,447)1 The Bank of Nova Scotia A-1 12-Jun-18 1.30 (8,271,569) US $ 10,712,509 Canadian $ 71,989 1 The Bank of Nova Scotia A-1 16-May-18 0.80 (11,160,178) US $ 13,988,703 Canadian $ (374,370)1 The Bank of Nova Scotia A-1 16-Apr-18 0.81 (8,925,978) US $ 11,081,923 Canadian $ (412,598) Total Foreign Currency Forward Contracts Value (6,371,234)




DateContracts


Gain (Loss) ($)


Premium Paid FairContracts Underlying Interest Expiry Date Strike Price ($) Currency (Received) ($) Value ($)3,785 SPDR S&P 500 ETF Trust Put @ 253 15-Jun-18 253.00 US $ 2,472,145 2,540,410 3,785 SPDR S&P 500 ETF Trust Put @ 253 18-May-18 253.00 US $ 1,721,237 1,689,543 3,785 SPDR S&P 500 ETF Trust Put @ 253 20-Apr-18 253.00 US $ 902,065 843,553 Total Long Option Contracts Value 5,095,447 5,073,506




Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.

Schedule CShort Option Contracts (-0.5%)

Premium Paid FairContracts Underlying Interest Expiry Date Strike Price ($) Currency (Received) ($) Value ($)(3,785) SPDR S&P 500 ETF Trust Put @ 239 15-Jun-18 239.00 US $ (1,438,428) (1,343,345)(3,785) SPDR S&P 500 ETF Trust Put @ 239 18-May-18 239.00 US $ (867,933) (753,346)(3,785) SPDR S&P 500 ETF Trust Put @ 239 20-Apr-18 239.00 US $ (331,570) (234,049)Total Short Option Contracts Value (2,637,931) (2,330,740)






Held forTrading






AssetsInvestments - 496,696 496,696 - 496,696Cash - - - 17,221 17,221Unrealized gain on futures and foreign currency forward contracts 301 - 301 - 301Swaps, swaptions and options 5,074 - 5,074 - 5,074Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 457 457Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 741 741Receivable for share subscriptions - - - 792 792 5,375 496,696 502,071 19,211 521,282LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 6,672 - 6,672 - 6,672Swaps, swaptions and options 2,331 - 2,331 - 2,331Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 541 541Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 9,003 - 9,003 541 9,544









Held forTrading






AssetsInvestments - 435,442 435,442 - 435,442Cash - - - 19,409 19,409Unrealized gain on futures and foreign currency forward contracts 643 - 643 - 643Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 505 505Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 3,987 3,987Receivable for share subscriptions - - - 1,096 1,096 643 435,442 436,085 24,997 461,082LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 551 - 551 - 551Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 6,421 6,421Payable for share redemptions - - - 367 367Dividends payable to holders of redeemable shares - - - 16 16Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 551 - 551 6,804 7,355














NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 301 (301) - -Derivative assets - Swaps and swaptions - - - -Total 301 (301) - -Derivative liabilities - Foreign currency forward contracts (6,672) 301 - (6,371)Derivative liabilities - Swaps and swaptions - - - -Total (6,672) 301 - (6,371)





NetExposure














A Shares 2018 2017 33,939 82,936 2,715 2,173 1,008 1,703 (10,543) (52,873) 27,119 33,939

E Shares 2018 2017 1,584,860 1,606,676 385,214 611,141 37,895 79,569 (1,004,711) (712,526) 1,003,258 1,584,860

E3 Shares 2018 2017 - - 799,238 - 18,726 - (295,186) - 522,778 -

E4 Shares 2018 2017 - - 184,346 - 4,826 - (98,911) - 90,261 -

E5 Shares 2018 2017 - - 180,502 - 4,177 - (30,891) - 153,788 -

ET8 Shares 2018 2017 41,216 44,869 18,518 34,342 1,666 2,804 (30,778) (40,799) 30,622 41,216

E3T8 Shares 2018 2017 - - 19,824 - 658 - (7,794) - 12,688 -

E4T8 Shares 2018 2017 - - 8,008 - 325 - (3,269) - 5,064 -

E5T8 Shares 2018 2017 - - 1,000 - 118 - - - 1,118 -

F Shares 2018 2017 - - 381,018 - 6,249 - (224,861) - 162,406 -

F3 Shares 2018 2017 - - 199,365 - 5,384 - (53,472) - 151,277 -

F4 Shares 2018 2017 - - 72,601 - 2,448 - (9,241) - 65,808 -

F5 Shares 2018 2017 - - 1,000 - 39 - - - 1,039 -

FT8 Shares 2018 2017 - - 8,559 - 408 - (47) - 8,920 -

F3T8 Shares 2018 2017 - - 1,396 - 133 - - - 1,529 -

F4T8 Shares 2018 2017 - - 1,000 - 118 - - - 1,118 -

F5T8 Shares 2018 2017 - - 1,000 - 118 - - - 1,118 -

I Shares 2018 2017 7,804,199 6,566,747 1,920,770 3,366,749 319,802 390,955 (1,411,277) (2,520,252) 8,633,494 7,804,199

IT8 Shares 2018 2017 231,072 175,291 99,616 149,142 18,018 15,992 (30,536) (109,353) 318,170 231,072

OF Shares 2018 2017 5,729 8,296 40,913 1,464 1,614 288 (5,506) (4,319) 42,750 5,729







W Shares 2018 2017 14,562,047 14,410,966 2,677,345 5,862,220 566,936 727,885 (2,495,415) (6,439,024) 15,310,913 14,562,047

WT8 Shares 2018 2017 1,989,453 1,937,886 212,075 692,258 145,704 170,303 (250,970) (810,994) 2,096,262 1,989,453






Annual management

fee rate:


fee rate:









Currency Risk (cont’d)


Currency


Net Exposure

Net Assets








(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 496,696 - - 496,696 Foreign currency forward contracts, net - (6,371) - (6,371)Options 5,074 - - 5,074 Total 501,770 (6,371) - 495,399

Short Positions at fair value as at March 31, 2018Level 1 Level 2 Level 3 Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Options (2,331) - - (2,331) Total (2,331) - - (2,331)







as at March 31, 2017 Categories Net Assets (%)Information Technology 25.5 Financials 17.8 Industrials 12.3 Consumer Discretionary 12.1 Health Care 11.1 Consumer Staples 5.9 Other Net Assets (Liabilities) 4.6 Materials 4.0 Utilities 4.0 Energy 2.7 Foreign Currency Forward Contracts 0.0







Other Price RiskAs at March 31, 2018 and 2017, the Fund was invested in U.S. equities and therefore was sensitive to changes in general economic conditions in the United States.




Currency


Net Exposure

Net Assets






2018 2017

147,218 125,788 1,987 1,808

88 178 1,474 -

- - - - - - - - 33 54 - - - - - - - 293 331 102 608 619 151,739 128,842

- - - -

1,929 145 677 - - - - -

- - - - 32 524 161 71 - 1 - - - - - - 252 86 3,051 827

148,688 128,015

103,575 91,610 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 133 167 20.71 18.50 6,310 9,017E Shares 1,603 4,451 31.74 28.19 50,496 157,851E3 Shares 617 - 10.84 - 56,921 -E4 Shares 65 - 10.85 - 5,968 -E5 Shares 941 - 10.86 - 86,705 -ET8 Shares 80 85 14.13 13.55 5,638 6,298E3T8 Shares 11 - 10.08 - 1,116 -E4T8 Shares 11 - 10.09 - 1,116 -E5T8 Shares 11 - 10.10 - 1,116 -F Shares 368 - 10.94 - 33,656 -F3 Shares 423 - 10.94 - 38,691 -F4 Shares 304 - 10.96 - 27,791 -F5 Shares 11 - 10.97 - 1,039 -FT8 Shares 11 - 10.18 - 1,107 -F3T8 Shares 11 - 10.18 - 1,107 -F4T8 Shares 11 - 10.20 - 1,107 -F5T8 Shares 11 - 10.21 - 1,107 -I Shares 50,299 41,212 37.40 32.45 1,344,926 1,270,020IT8 Shares 842 512 16.34 15.30 51,509 33,495OF Shares 51 35 25.90 22.90 1,960 1,535W Shares 84,325 74,070 27.41 23.84 3,076,914 3,107,228WT8 Shares 8,549 7,483 15.15 14.21 564,418 526,681







CIG - 17662




2018 2017

1,643 1,306 23 11 - - - - - - - -

- - - -

16,644 14,370

7,674 1,570 25,984 17,257 (40) 6 - - 18 26 - - (22) 32 25,962 17,289

86 93 194 160 57 32 - - - - - - 229 179 32 28 598 492 422 185

24,942 16,612









2018 2017 2018 2017 2018 2017A Shares 23 23 3.10 1.93 7,133 11,189E Shares 433 557 5.85 3.36 74,022 165,756E3 Shares 82 - 1.07 - 76,003 -E4 Shares 8 - 1.32 - 5,718 -E5 Shares 118 - 1.26 - 94,347 -ET8 Shares 17 5 2.29 1.57 7,416 3,647E3T8 Shares 1 - 1.05 - 1,658 -E4T8 Shares 1 - 1.23 - 1,038 -E5T8 Shares 1 - 1.23 - 1,035 -F Shares 28 - 1.37 - 20,711 -F3 Shares 48 - 1.97 - 24,529 -F4 Shares 29 - 2.05 - 14,081 -F5 Shares 1 - 1.39 - 1,000 -FT8 Shares 1 - 1.31 - 1,030 -F3T8 Shares 1 - 1.31 - 1,030 -F4T8 Shares 1 - 1.33 - 1,030 -F5T8 Shares 1 - 1.35 - 1,030 -I Shares 8,198 5,262 6.41 4.80 1,279,149 1,096,920IT8 Shares 120 49 2.82 2.52 41,834 19,754OF Shares 7 4 3.92 2.88 1,781 1,449W Shares 14,351 9,798 4.69 3.42 3,058,114 2,864,570WT8 Shares 1,472 914 2.65 2.32 554,924 392,078
















A Shares 2018 2017 167 222 23 23

(1) (1) (4) (7) - - (5) (8)

7 7 5 8 (64) (85) (52) (70) (34) (55) 133 167

E Shares 2018 2017 4,451 4,499 433 557

(17) (37) (47) (183) - - (64) (220)

785 1,465 64 220 (4,066) (2,070) (3,217) (385) (2,848) (48) 1,603 4,451

E3 Shares 2018 2017 - - 82 -

(5) - (15) - - - (20) -

1,514 - 20 - (979) - 555 - 617 - 617 -

E4 Shares 2018 2017 - - 8 -

(1) - (2) - - - (3) -

139 - 2 - (81) - 60 - 65 - 65 -

E5 Shares 2018 2017 - - 118 -

(9) - (26) - - - (35) -

1,258 - 35 - (435) - 858 - 941 - 941 -

ET8 Shares 2018 2017 85 55 17 5

(1) (1) (2) (4) (8) (4) (11) (9)

51 45 6 7 (68) (18) (11) 34 (5) 30 80 85

E3T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

47 - 1 - (37) - 11 - 11 - 11 -

E4T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

22 - 1 - (12) - 11 - 11 - 11 -

E5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F Shares 2018 2017 - - 28 -

(4) - (10) - - - (14) -

1,185 - 14 - (845) - 354 - 368 - 368 -

F3 Shares 2018 2017 - - 48 -

(4) - (11) - - - (15) -

628 - 15 - (253) - 390 - 423 - 423 -

F4 Shares 2018 2017 - - 29 -

(3) - (8) - - - (11) -

347 - 11 - (72) - 286 - 304 - 304 -












F5 Shares 2018 2017 - - 1 -

- - - - - - - -

10 - - - - - 10 - 11 - 11 -

FT8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F3T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F4T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

I Shares 2018 2017 41,212 30,309 8,198 5,262

(483) (345) (1,367) (1,697) - - (1,850) (2,042)

12,837 17,895 1,849 2,042 (11,947) (12,254) 2,739 7,683 9,087 10,903 50,299 41,212

IT8 Shares 2018 2017 512 229 120 49

(8) (4) (23) (21) (52) (26) (83) (51)

374 441 39 33 (120) (189) 293 285 330 283 842 512

OF Shares 2018 2017 35 30 7 4

- - (1) (2) - - (1) (2)

15 1 1 2 (6) - 10 3 16 5 51 35

W Shares 2018 2017 74,070 60,145 14,351 9,798

(806) (621) (2,283) (3,049) - - (3,089) (3,670)

15,391 39,470 3,089 3,668 (19,487) (35,341) (1,007) 7,797 10,255 13,925 84,325 74,070

WT8 Shares 2018 2017 7,483 4,843 1,472 914

(82) (63) (233) (308) (639) (473) (954) (844)

1,523 4,947 638 632 (1,613) (3,009) 548 2,570 1,066 2,640 8,549 7,483

Total Fund 2018 2017 128,015 100,332 24,942 16,612

(1,424) (1,072) (4,032) (5,271) (706) (503) (6,162) (6,846)

36,183 64,271 5,795 6,612 (40,085) (52,966) 1,893 17,917 20,673 27,683 148,688 128,015




2018 2017

24,942 16,612

(16,644) (14,370) (4) (17) 57 32

(7,674) (1,570) 61,729 69,433 (58,020) (80,459) - - - - - - 21 10 - - - - - - - - 177 (504) 4,584 (10,833)

(368) (233) 27,921 64,375 (31,962) (52,949) (4,409) 11,193

4 17 175 360 1,808 1,431 1,987 1,808

1,436 1,138 23 10 - - - - (244) -









INDUSTRIALS (11.9%) 15,013 AMETEK Inc. 1,038,365 1,469,292 8,281 Boeing Co. 2,172,640 3,497,809 11,327 Eaton Corp. PLC 771,215 1,166,043 5,045 Equifax Inc. 373,851 765,670 16,012 Fortune Brands Home & Security Inc. 1,167,936 1,214,746 20,421 Gardner Denver Holdings Inc. 712,803 807,106 15,705 IHS Markit Ltd. 898,212 975,986 6,323 Illinois Tool Works Inc. 500,642 1,276,085 7,493 JB Hunt Transport Services Inc. 498,177 1,130,828 5,963 Middleby Corp.* 799,294 950,930 7,019 Nordson Corp. 1,079,775 1,232,812 6,140 Norfolk Southern Corp. 1,173,230 1,073,996 6,624 Snap-on Inc.* 1,401,976 1,259,008 9,464 United Continental Holdings Inc. 903,446 846,975 13,491,562 17,667,286 FINANCIALS (5.2%) 11,189 Allstate Corp. 1,085,201 1,366,463 1,672 BlackRock Inc. (USD) 750,971 1,166,835 11,582 Capital One Financial Corp. 1,328,557 1,429,678 15,303 Intercontinental Exchange Group Inc. 1,014,487 1,429,660 4,453 MarketAxess Holdings Inc.* 1,134,554 1,247,356 3,365 SVB Financial Group 813,560 1,040,430 6,127,330 7,680,422 CONSUMER STAPLES (5.1%) 16,216 Colgate-Palmolive Co. 1,300,188 1,497,408 8,520 Costco Wholesale Corp. 1,165,047 2,068,179 10,385 Estée Lauder Co., Inc. 973,296 2,003,017 26,666 Monster Beverages Corp. 928,619 1,965,297 4,367,150 7,533,901 MATERIALS (1.9%) 13,592 PPG Industries Inc. 1,906,300 1,954,096 1,636 Sherwin-Williams Co. 520,534 826,420 2,426,834 2,780,516 TELECOMMUNICATION SERVICES (1.2%) 30,111 Verizon Communications Inc. 1,839,942 1,854,954 ENERGY (0.8%) 15,276 Continental Resources Inc.* 1,048,599 1,160,090

INFORMATION TECHNOLOGY (40.0%) 9,611 Adobe Systems Inc. 1,331,156 2,675,356 4,712 Alphabet Inc., Class A 4,250,156 6,295,657 2,196 Alphabet Inc., Class C 602,844 2,918,919 36,732 Apple Inc. 4,168,665 7,939,317 11,683 CDW Corp. 1,011,647 1,058,205 11,769 Cognizant Technology Solutions Corp. 1,261,264 1,220,489 25,336 Facebook Inc. 3,165,004 5,215,381 6,329 FleetCor Technologies Inc. 1,455,041 1,651,043 12,700 Global Payments Inc. 1,262,760 1,824,546 29,033 GoDaddy Inc.* 1,447,653 2,297,207 3,848 IPG Photonics Corp. 1,089,383 1,156,903 6,173 Lam Research Corp.* 1,348,525 1,615,596 22,408 Mastercard Inc., Class A 2,180,265 5,056,342 18,941 Micron Technology Inc. 961,061 1,272,250 42,740 Microsoft Corp. 2,685,165 5,025,288 20,518 NetApp Inc. 1,060,727 1,630,603 5,364 NVIDIA Corp. 1,017,702 1,600,320 34,177 ON Semiconductor Corp. 1,158,906 1,076,933 16,888 PayPal Holdings Inc. 1,178,053 1,650,618 17,086 Salesforce.com Inc. 1,664,404 2,559,873 6,474 ServiceNow Inc.* 1,214,849 1,379,869 13,837 SS&C Technologies Holdings Inc. 870,152 956,157 10,146 Workday Inc.* 1,184,427 1,661,395 37,569,809 59,738,267 CONSUMER DISCRETIONARY (19.5%) 3,596 Amazon.com Inc. 1,710,897 6,704,843 1,077 Booking Holdings Inc. 2,536,037 2,886,416 67,977 Comcast Corp., Class A 2,775,355 2,992,302 15,890 Dollar Tree Inc.* 1,385,794 1,942,623 15,223 Hilton Worldwide Holdings Inc. 1,096,459 1,544,558 4,605 Mohawk Industries Inc. 1,182,743 1,377,614 5,249 Netflix Inc. 696,250 1,997,156 37,304 NIKE Inc., Class B 2,887,882 3,192,886 20,205 TJX Co., Inc. 1,593,011 2,122,924 8,124 Under Armour Inc., Class A* 182,751 171,114 67,266 Under Armour Inc., Class C* 1,188,538 1,243,500 20,757 VF Corp. 1,671,907 1,981,976 9,048 Wayfair Inc.* 770,395 787,132 19,678,019 28,945,044 HEALTH CARE (12.8%) 7,174 Aetna Inc. 1,225,599 1,561,876 6,589 Allergan PLC 1,382,236 1,428,487 15,749 Baxter International Inc. 1,229,711 1,319,568 2,869 Biogen Inc. 1,039,368 1,012,032 36,327 Boston Scientific Corp. 1,324,066 1,278,523 19,437 Bristol-Myers Squibb Co. 1,207,850 1,583,756 18,752 Hologic Inc.* 1,015,920 902,512 5,580 Incyte Corp., Ltd. 455,061 599,010 12,666 Medtronic PLC 1,309,145 1,308,942 11,591 Seattle Genetics Inc.* 762,942 781,543 4,422 TESARO Inc.* 711,886 325,505 7,798 Thermo Fisher Scientific Inc. 1,533,456 2,074,042 12,735 UnitedHealth Group Inc. 1,783,932 3,510,841 6,078 Vertex Pharmaceuticals Inc. 1,172,078 1,276,126 16,153,250 18,962,763




AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)





1 Bank of Montreal A-1 16-Apr-18 0.79 (1,572,790) US $ 1,999,688 Canadian $ (25,733)1 Bank of Montreal A-1 16-Apr-18 0.79 (1,789,486) US $ 2,275,985 Canadian $ (28,495)1 Bank of Montreal A-1 16-Apr-18 0.81 (1,856,008) US $ 2,303,306 Canadian $ (86,787)1 Bank of Montreal A-1 16-Apr-18 0.79 (4,368,862) US $ 5,556,603 Canadian $ (69,569)1 Bank of Montreal A-1 16-May-18 0.80 (5,896,641) US $ 7,384,204 Canadian $ (204,716)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (1,418,504) US $ 1,814,047 Canadian $ (12,696)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (1,771,948) US $ 2,266,578 Canadian $ (15,328)1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.29 (1,947,032) US $ 2,505,635 Canadian $ 1,039 1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.81 (2,784,012) US $ 3,455,947 Canadian $ (129,193)1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (5,896,641) US $ 7,382,329 Canadian $ (206,587)1 Citigroup Inc. A-2 16-Apr-18 0.78 (1,477,609) US $ 1,890,231 Canadian $ (12,627)1 Citigroup Inc. A-2 16-Apr-18 0.81 (1,856,008) US $ 2,303,427 Canadian $ (86,666)1 Citigroup Inc. A-2 16-May-18 0.80 (2,948,321) US $ 3,698,226 Canadian $ (96,249)1 Citigroup Inc. A-2 12-Jun-18 1.30 (2,425,428) US $ 3,140,929 Canadian $ 20,867 1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (1,940,341) US $ 2,498,577 Canadian $ 2,582 1 HSBC Holdings PLC A-1 16-Apr-18 0.81 (2,784,012) US $ 3,456,351 Canadian $ (128,789)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.81 (1,856,008) US $ 2,302,879 Canadian $ (87,213)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.79 (2,621,317) US $ 3,333,626 Canadian $ (42,076)1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (2,948,321) US $ 3,697,932 Canadian $ (96,543)




DateContracts


Gain (Loss) ($)

EXCHANGE-TRADED FUND(S) (0.6%) 5,101 iShares Russell 1000 Growth ETF 899,571 894,293





Short Option Contracts (-0.5%) (see Schedule C) (766,637) (677,362)

Total Investment Portfolio (98.3%) 104,289,027 146,173,761

Other Net Assets (Liabilities) (1.7%) 2,514,220 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 148,687,981


AverageCost ($)

FairValue ($)





1 JPMorgan Chase & Co. A-2 16-Apr-18 0.78 (531,939) US $ 680,607 Canadian $ (4,421)1 Morgan Stanley A-2 16-Apr-18 0.79 (1,747,545) US $ 2,222,145 Canadian $ (28,323)1 Morgan Stanley A-2 16-Apr-18 0.81 (1,856,008) US $ 2,303,306 Canadian $ (86,787)1 Morgan Stanley A-2 16-May-18 0.80 (2,948,320) US $ 3,696,161 Canadian $ (98,308)1 Morgan Stanley A-2 12-Jun-18 1.29 (2,425,427) US $ 3,140,479 Canadian $ 20,420 1 Royal Bank of Canada A-1+ 16-Apr-18 0.80 (1,409,932) US $ 1,751,577 Canadian $ (64,079)1 Royal Bank of Canada A-1+ 16-May-18 0.79 (3,294,012) US $ 4,148,907 Canadian $ (90,510)1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (4,365,768) US $ 5,638,442 Canadian $ 22,389 1 The Bank of Nova Scotia A-1 16-Apr-18 0.81 (2,784,012) US $ 3,456,451 Canadian $ (128,689)1 The Bank of Nova Scotia A-1 16-May-18 0.80 (2,948,321) US $ 3,695,567 Canadian $ (98,902)1 The Bank of Nova Scotia A-1 12-Jun-18 1.30 (2,425,427) US $ 3,141,171 Canadian $ 21,109 Total Foreign Currency Forward Contracts Value (1,840,880)




DateContracts


Gain (Loss) ($)


Premium Paid FairContracts Underlying Interest Expiry Date Strike Price ($) Currency (Received) ($) Value ($)1,100 SPDR S&P 500 ETF Trust Put @ 253 15-Jun-18 253.00 US $ 718,457 738,296 1,100 SPDR S&P 500 ETF Trust Put @ 253 18-May-18 253.00 US $ 500,228 491,017 1,100 SPDR S&P 500 ETF Trust Put @ 253 20-Apr-18 253.00 US $ 262,159 245,154 Total Long Option Contracts Value 1,480,844 1,474,467


Premium Paid FairContracts Underlying Interest Expiry Date Strike Price ($) Currency (Received) ($) Value ($)(1,100) SPDR S&P 500 ETF Trust Put @ 239 15-Jun-18 239.00 US $ (418,037) (390,404)(1,100) SPDR S&P 500 ETF Trust Put @ 239 18-May-18 239.00 US $ (252,239) (218,938)(1,100) SPDR S&P 500 ETF Trust Put @ 239 20-Apr-18 239.00 US $ (96,361) (68,020)Total Short Option Contracts Value (766,637) (677,362)






Held forTrading






AssetsInvestments - 147,218 147,218 - 147,218Cash - - - 1,987 1,987Unrealized gain on futures and foreign currency forward contracts 88 - 88 - 88Swaps, swaptions and options 1,474 - 1,474 - 1,474Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 33 33Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 331 331 1,562 147,218 148,780 2,351 151,131LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 1,929 - 1,929 - 1,929Swaps, swaptions and options 677 - 677 - 677Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 32 32Payable for share redemptions - - - 161 161Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 2,606 - 2,606 193 2,799









Held forTrading






AssetsInvestments - 125,788 125,788 - 125,788Cash - - - 1,808 1,808Unrealized gain on futures and foreign currency forward contracts 178 - 178 - 178Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 54 54Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 293 293Receivable for share subscriptions - - - 102 102 178 125,788 125,966 2,257 128,223LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 145 - 145 - 145Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 524 524Payable for share redemptions - - - 71 71Dividends payable to holders of redeemable shares - - - 1 1Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 145 - 145 596 741







2018 2017Financial Instruments at FVTPLHeld for trading 2,169 (687)Designated at fair value through profit or loss 23,815 17,944Total 25,984 17,257







NetExposure






NetExposure








Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)iShares Russell 1000 Growth ETF 51,571,940 894 -













A Shares 2018 2017 9,017 12,872 283 358 235 447 (3,225) (4,660) 6,310 9,017

E Shares 2018 2017 157,851 171,362 25,523 53,529 2,034 7,826 (134,912) (74,866) 50,496 157,851

E3 Shares 2018 2017 - - 147,572 - 1,880 - (92,531) - 56,921 -

E4 Shares 2018 2017 - - 13,362 - 222 - (7,616) - 5,968 -

E5 Shares 2018 2017 - - 124,248 - 3,224 - (40,767) - 86,705 -

ET8 Shares 2018 2017 6,298 3,972 3,642 3,182 402 484 (4,704) (1,340) 5,638 6,298

E3T8 Shares 2018 2017 - - 4,645 - 116 - (3,645) - 1,116 -

E4T8 Shares 2018 2017 - - 2,113 - 116 - (1,113) - 1,116 -

E5T8 Shares 2018 2017 - - 1,000 - 116 - - - 1,116 -

F Shares 2018 2017 - - 113,952 - 1,251 - (81,547) - 33,656 -

F3 Shares 2018 2017 - - 60,280 - 1,398 - (22,987) - 38,691 -

F4 Shares 2018 2017 - - 33,103 - 1,033 - (6,345) - 27,791 -

F5 Shares 2018 2017 - - 1,000 - 39 - - - 1,039 -

FT8 Shares 2018 2017 - - 1,000 - 115 - (8) - 1,107 -

F3T8 Shares 2018 2017 - - 1,000 - 115 - (8) - 1,107 -

F4T8 Shares 2018 2017 - - 1,000 - 115 - (8) - 1,107 -

F5T8 Shares 2018 2017 - - 1,000 - 115 - (8) - 1,107 -

I Shares 2018 2017 1,270,020 1,026,874 351,966 569,909 49,905 62,930 (326,965) (389,693) 1,344,926 1,270,020

IT8 Shares 2018 2017 33,495 15,138 22,761 28,131 2,390 2,143 (7,137) (11,917) 51,509 33,495

OF Shares 2018 2017 1,535 1,407 595 52 67 76 (237) - 1,960 1,535







W Shares 2018 2017 3,107,228 2,768,179 584,789 1,743,663 113,770 153,870 (728,873) (1,558,484) 3,076,914 3,107,228

WT8 Shares 2018 2017 526,681 343,527 101,493 345,789 42,392 44,381 (106,148) (207,016) 564,418 526,681






Annual management

fee rate:


fee rate:











Currency


Net Exposure

Net Assets








(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 146,324 - - 146,324 Exchange-traded fund(s) 894 - - 894 Foreign currency forward contracts, net - (1,841) - (1,841)Options 1,474 - - 1,474 Total 148,692 (1,841) - 146,851


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Options (677) - - (677) Total (677) - - (677)







as at March 31, 2017 Categories Net Assets (%)Information Technology 33.2 Consumer Discretionary 22.4 Health Care 13.8 Consumer Staples 10.5 Industrials 10.1 Financials 4.7 Materials 3.0 Other Net Assets (Liabilities) 1.7 Energy 0.6 Foreign Currency Forward Contracts 0.0







Other Price RiskAs at March 31, 2018 and 2017, the Fund was predominantly invested in U.S. equities and therefore was sensitive to changes in general economic conditions in the United States.




Currency


Net Exposure

Net Assets






2018 2017

270,634 230,011 9,101 12,627

155 365 2,781 -

- - - - - - - - 217 191 - - - - - - 417 - 891 551 1,559 1,828 285,755 245,573

- - - -

3,861 278 1,278 - - - - -

- - - - - - 409 197 - 16 - - - - - - 493 181 6,041 672

279,714 244,901

234,935 190,809 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 122 154 17.18 17.53 6,941 8,813E Shares 11,624 18,283 20.15 20.43 576,993 894,810E3 Shares 3,975 - 9.70 - 409,857 -E4 Shares 1,327 - 9.71 - 136,607 -E5 Shares 1,044 - 9.72 - 107,427 -ET8 Shares 182 267 9.11 10.06 20,000 26,514E3T8 Shares 95 - 8.98 - 10,607 -E4T8 Shares 10 - 8.99 - 1,120 -E5T8 Shares 10 - 9.00 - 1,120 -F Shares 1,121 - 9.79 - 114,510 -F3 Shares 899 - 9.80 - 91,702 -F4 Shares 407 - 9.81 - 41,532 -F5 Shares 10 - 9.82 - 1,038 -FT8 Shares 56 - 9.08 - 6,143 -F3T8 Shares 13 - 9.08 - 1,406 -F4T8 Shares 10 - 9.09 - 1,120 -F5T8 Shares 10 - 9.10 - 1,120 -I Shares 112,278 96,582 23.93 23.71 4,691,314 4,073,337IT8 Shares 2,720 2,227 12.28 13.23 221,615 168,362OF Shares 214 42 21.12 21.32 10,152 1,950W Shares 129,329 113,670 22.86 22.70 5,656,636 5,006,622WT8 Shares 14,258 13,676 11.41 12.32 1,249,741 1,109,954







CIG - 17670




2018 2017

3,820 4,598 75 48 - - - - - - - -

- - - -

17,873 45,863

(7,140) 5,446 14,628 55,955 (509) 301 - - 177 138 - - (332) 439 14,296 56,394

366 420 325 300 169 222 - - - - - 2 570 671 77 81 1,507 1,696 785 391

12,004 54,307









2018 2017 2018 2017 2018 2017A Shares 4 54 0.48 3.33 8,124 16,534E Shares 436 4,336 0.70 3.95 624,914 1,098,943E3 Shares 23 - 0.06 - 376,746 -E4 Shares 17 - 0.12 - 138,055 -E5 Shares 6 - 0.07 - 81,356 -ET8 Shares 8 77 0.38 2.01 20,376 37,529E3T8 Shares 1 - 0.13 - 8,079 -E4T8 Shares - - 0.07 - 1,040 -E5T8 Shares - - 0.09 - 1,037 -F Shares 7 - 0.14 - 52,324 -F3 Shares 25 - 0.55 - 45,973 -F4 Shares (6) - (0.55) - 10,333 -F5 Shares - - 0.19 - 1,000 -FT8 Shares 1 - 0.52 - 3,251 -F3T8 Shares - - 0.04 - 1,089 -F4T8 Shares - - 0.17 - 1,036 -F5T8 Shares - - 0.18 - 1,036 -I Shares 5,059 23,231 1.16 5.09 4,347,251 4,560,181IT8 Shares 130 448 0.67 2.89 194,699 155,172OF Shares 6 11 0.78 3.99 8,301 2,598W Shares 5,650 23,505 1.08 4.67 5,265,735 5,033,760WT8 Shares 637 2,645 0.55 2.61 1,164,308 1,011,623
















A Shares 2018 2017 154 345 4 54

(1) (1) (4) (7) - - (5) (8)

28 76 4 8 (63) (321) (31) (237) (32) (191) 122 154

E Shares 2018 2017 18,283 21,309 436 4,336

(69) (128) (359) (791) - - (428) (919)

5,501 11,164 427 919 (12,595) (18,526) (6,667) (6,443) (6,659) (3,026) 11,624 18,283

E3 Shares 2018 2017 - - 23 -

(23) - (118) - - - (141) -

6,375 - 140 - (2,422) - 4,093 - 3,975 - 3,975 -

E4 Shares 2018 2017 - - 17 -

(9) - (45) - - - (54) -

1,998 - 53 - (687) - 1,364 - 1,327 - 1,327 -

E5 Shares 2018 2017 - - 6 -

(5) - (26) - - - (31) -

1,303 - 31 - (265) - 1,069 - 1,044 - 1,044 -

ET8 Shares 2018 2017 267 413 8 77

(1) (2) (5) (12) (17) (31) (23) (45)

101 226 10 20 (181) (424) (70) (178) (85) (146) 182 267

E3T8 Shares 2018 2017 - - 1 -

(1) - (3) - (6) - (10) -

112 - 5 - (13) - 104 - 95 - 95 -

E4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

22 - 1 - (12) - 11 - 10 - 10 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - 7 -

(7) - (37) - - - (44) -

2,467 - 44 - (1,353) - 1,158 - 1,121 - 1,121 -

F3 Shares 2018 2017 - - 25 -

(5) - (25) - - - (30) -

1,305 - 30 - (431) - 904 - 899 - 899 -

F4 Shares 2018 2017 - - (6) -

(2) - (12) - - - (14) -

448 - 14 - (35) - 427 - 407 - 407 -












F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - 1 -

- - (2) - (2) - (4) -

56 - 3 - - - 59 - 56 - 56 -

F3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

13 - 1 - - - 14 - 13 - 13 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 96,582 93,282 5,059 23,231

(664) (678) (3,434) (4,181) - - (4,098) (4,859)

33,299 58,733 4,092 4,851 (22,656) (78,656) 14,735 (15,072) 15,696 3,300 112,278 96,582

IT8 Shares 2018 2017 2,227 1,736 130 448

(16) (15) (83) (95) (213) (167) (312) (277)

943 1,749 169 160 (437) (1,589) 675 320 493 491 2,720 2,227

OF Shares 2018 2017 42 65 6 11

(1) - (6) (2) - - (7) (2)

183 3 7 2 (17) (37) 173 (32) 172 (23) 214 42

W Shares 2018 2017 113,670 99,159 5,650 23,505

(761) (796) (3,936) (4,907) - - (4,697) (5,703)

26,223 54,445 4,697 5,696 (16,214) (63,432) 14,706 (3,291) 15,659 14,511 129,329 113,670

WT8 Shares 2018 2017 13,676 11,138 637 2,645

(84) (96) (435) (592) (1,184) (1,015) (1,703) (1,703)

1,975 9,024 1,081 1,151 (1,408) (8,579) 1,648 1,596 582 2,538 14,258 13,676

Total Fund 2018 2017 244,901 227,447 12,004 54,307

(1,649) (1,716) (8,530) (10,587) (1,427) (1,213) (11,606) (13,516)

82,392 135,420 10,812 12,807 (58,789) (171,564) 34,415 (23,337) 34,813 17,454 279,714 244,901




2018 2017

12,004 54,307

(17,873) (45,863) 4 (202) 169 222

7,140 (5,446) 123,983 203,493 (152,169) (168,337) - - - - - - (26) (22) - - - - - - - - 581 (1,067) (26,187) 37,085

(810) (693) 62,349 135,083 (38,874) (171,599) 22,665 (37,209)

(4) 202 (3,522) (124) 12,627 12,549 9,101 12,627

3,238 3,914 75 48 - - - 2 (204) -









HEALTH CARE (12.4%) 21,269 Bio-Rad Laboratories Inc. 3,952,634 6,852,111 21,081 Bio-Techne Corp. 3,497,345 4,101,867 55,967 CONMED Corp. 3,326,351 4,566,042 65,306 Encompass Health Corp. 3,689,887 4,809,719 81,733 LeMaitre Vascular Inc.* 3,425,371 3,814,733 35,511 LivaNova PLC 3,319,696 4,048,597 29,121 Molina Healthcare Inc.* 2,786,264 3,045,466 82,640 Pacira Pharmaceuticals Inc.* 4,503,607 3,316,246 28,501,155 34,554,781 REAL ESTATE (5.9%) 35,135 Colliers International Group Inc. 1,877,331 3,143,479 74,675 CubeSmart 2,201,407 2,712,831 128,325 Geo Group Inc. 3,656,713 3,383,978 26,266 Howard Hughes Corp. 3,868,316 4,707,747 123,584 Physicians Realty Trust* 3,235,289 2,478,844 14,839,056 16,426,879 MATERIALS (4.3%) 47,691 Compass Minerals International Inc.* 4,508,519 3,704,692 126,989 Summit Materials Inc.* 4,022,769 4,953,593 120,243 Valvoline Inc.* 3,626,683 3,427,990 12,157,971 12,086,275 ENERGY (2.9%) 12,148 Core Laboratories N.V.* 1,774,953 1,693,599 189,954 Newpark Resources Inc.* 1,891,209 1,982,129 132,892 Oil States International Inc.* 4,921,040 4,485,372 8,587,202 8,161,100 CONSUMER STAPLES (2.1%) 97,632 B&G Foods Inc.* 3,983,816 2,980,842 58,715 Central Garden & Pet Co. 2,387,166 2,996,072 6,370,982 5,976,914 UTILITIES (1.2%) 146,135 Algonquin Power & Utilities Corp. (USD) 1,982,346 1,867,516 20,862 Black Hills Corp.* 1,699,262 1,459,332 3,681,608 3,326,848





Short Option Contracts (-0.5%) (see Schedule C) (1,446,157) (1,277,751) Total Investment Portfolio (96.0%) 236,282,397 268,432,091 Other Net Assets (Liabilities) (4.0%) 11,281,748 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 279,713,839

FINANCIALS (18.3%) 65,462 Artisan Partners Asset Management Inc.* 2,586,636 2,808,225 46,723 Bank of Hawaii Corp.* 3,422,188 5,001,844 113,747 Bank of the Ozarks Inc.* 7,177,607 7,073,195 14,030 Diamond Hill Investment Group Inc. 2,764,302 3,733,381 45,974 Eagle Bancorp Inc. 3,533,485 3,544,662 10,931 Hingham Institution for Savings* 2,737,325 2,900,852 81,859 Horizon Bancorp Inc.* 2,910,225 3,164,687 24,141 LegacyTexas Financial Group Inc. 1,301,126 1,331,681 29,519 Morningstar Inc. 2,817,531 3,632,406 39,196 ProAssurance Corp. 3,193,322 2,451,486 151,941 Pzena Investment Management Inc. 1,951,999 2,178,555 16,709 Signature Bank 2,856,601 3,055,514 45,880 Texas Capital Bancshares Inc.* 2,909,692 5,313,510 63,963 Western Alliance Bancorp. 3,420,548 4,788,264 43,582,587 50,978,262 CONSUMER DISCRETIONARY (17.7%) 56,095 Brunswick Corp. 4,202,804 4,291,764 30,951 Carter’s Inc.* 3,780,171 4,150,723 52,626 Cheesecake Factory Inc.* 3,227,456 3,269,083 48,072 Dorman Products Inc. 4,222,431 4,100,286 100,380 Eldorado Resorts Inc.* 2,743,806 4,267,362 31,794 LCI Industries 4,132,304 4,265,823 49,633 LGI Homes Inc* 4,330,300 4,512,207 250,138 Lindblad Expeditions Holdings Inc.* 3,150,917 3,309,394 50,127 Papa John’s International Inc.* 3,728,310 3,700,196 224,716 Playa Hotels & Resorts N.V. 3,311,992 2,958,580 66,494 Red Rock Resorts Inc.* 2,033,202 2,508,141 96,694 Service Corp. International 2,487,384 4,701,103 67,420 TripAdvisor Inc.* 3,255,203 3,551,438 44,606,280 49,586,100 INDUSTRIALS (17.7%) 20,503 Alamo Group Inc. 2,864,834 2,902,776 33,918 American Woodmark Corp.* 3,479,071 4,301,742 153,224 Casella Waste Systems Inc., Class A* 3,368,805 4,614,979 39,477 Genesee & Wyoming Inc.* 3,258,270 3,600,099 64,369 Gibraltar Industries Inc.* 2,690,550 2,806,944 70,022 Hexcel Corp.* 3,179,319 5,826,372 59,935 Insteel Industries Inc.* 2,402,873 2,133,339 28,545 John Bean Technologies Corp.* 1,280,535 4,170,052 43,256 Kadant Inc., 4,070,875 5,265,948 104,908 Knoll Inc. 2,820,429 2,728,622 47,621 Timken Co. 3,018,431 2,797,446 69,397 US Ecology Inc. 3,939,580 4,765,037 38,165 Woodward Inc. 1,976,608 3,523,226 38,350,180 49,436,582 INFORMATION TECHNOLOGY (14.3%) 18,706 Coherent Inc.* 5,510,692 4,515,948 71,803 CyberArk Software Ltd.* 4,225,554 4,719,342 186,142 Cypress Semiconductor Corp.* 2,444,729 4,066,948 424,381 Harmonic Inc.* 2,742,973 2,077,485 97,833 Ichor Holdings Ltd.* 2,772,946 3,051,255 120,274 Inphi Corp.* 5,457,611 4,663,765 68,190 PTC Inc. 3,339,620 6,852,820 27,810 QAD Inc., Class A 1,492,169 1,492,157 13,460 Stamps.com Inc.* 3,254,119 3,486,162 32,887 Universal Display Corp.* 2,045,011 4,279,017 45,213 VeriFone Systems Inc.* 1,115,885 895,814 34,401,309 40,100,713




AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)








DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 16-May-18 0.80 (11,356,945) US $ 14,221,996 Canadian $ (394,284)1 Bank of Montreal A-1 16-Apr-18 0.79 (11,915,078) US $ 15,154,371 Canadian $ (189,733)1 Bank of Montreal A-1 16-Apr-18 0.81 (3,593,437) US $ 4,459,455 Canadian $ (168,029)1 Bank of Montreal A-1 16-Apr-18 0.79 (4,289,428) US $ 5,453,695 Canadian $ (70,181)1 Bank of Montreal A-1 16-Apr-18 0.79 (4,880,416) US $ 6,207,230 Canadian $ (77,715)1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (11,356,945) US $ 14,218,384 Canadian $ (397,888)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (2,155,035) US $ 2,755,956 Canadian $ (19,288)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (2,691,998) US $ 3,443,456 Canadian $ (23,287)1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.29 (3,417,268) US $ 4,397,682 Canadian $ 1,823 1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.81 (5,390,156) US $ 6,691,097 Canadian $ (250,132)1 Citigroup Inc. A-2 16-Apr-18 0.78 (2,244,829) US $ 2,871,698 Canadian $ (19,184)1 Citigroup Inc. A-2 16-Apr-18 0.81 (3,593,437) US $ 4,459,689 Canadian $ (167,796)1 Citigroup Inc. A-2 12-Jun-18 1.30 (4,256,907) US $ 5,512,695 Canadian $ 36,624 1 Citigroup Inc. A-2 16-May-18 0.80 (5,678,472) US $ 7,122,791 Canadian $ (185,375)1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (3,405,526) US $ 4,385,296 Canadian $ 4,531 1 HSBC Holdings PLC A-1 16-Apr-18 0.81 (5,390,156) US $ 6,691,879 Canadian $ (249,351)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.81 (3,593,437) US $ 4,458,629 Canadian $ (168,855)1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (5,678,472) US $ 7,122,224 Canadian $ (185,942)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.79 (7,149,047) US $ 9,091,708 Canadian $ (114,754)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.78 (808,138) US $ 1,034,000 Canadian $ (6,717)1 Morgan Stanley A-2 16-Apr-18 0.81 (3,593,437) US $ 4,459,455 Canadian $ (168,029)1 Morgan Stanley A-2 16-Apr-18 0.79 (4,766,031) US $ 6,060,395 Canadian $ (77,245)1 Morgan Stanley A-2 12-Jun-18 1.29 (4,256,907) US $ 5,511,907 Canadian $ 35,840 1 Morgan Stanley A-2 16-May-18 0.80 (5,678,472) US $ 7,118,816 Canadian $ (189,341)1 Royal Bank of Canada A-1+ 16-Apr-18 0.80 (2,729,784) US $ 3,391,246 Canadian $ (124,064)1 Royal Bank of Canada A-1+ 16-May-18 0.79 (6,344,275) US $ 7,990,805 Canadian $ (174,323)1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (7,662,432) US $ 9,896,123 Canadian $ 39,296 1 The Bank of Nova Scotia A-1 16-Apr-18 0.81 (5,390,156) US $ 6,692,073 Canadian $ (249,157)1 The Bank of Nova Scotia A-1 12-Jun-18 1.30 (4,256,907) US $ 5,513,120 Canadian $ 37,048 1 The Bank of Nova Scotia A-1 16-May-18 0.80 (5,678,472) US $ 7,117,669 Canadian $ (190,485) Total Foreign Currency Forward Contracts Value (3,705,993)


Premium Paid FairContracts Underlying Interest Expiry Date Strike Price ($) Currency (Received) ($) Value ($)2,075 SPDR S&P 500 ETF Trust Put @ 253 15-Jun-18 253.00 US $ 1,355,271 1,392,695 2,075 SPDR S&P 500 ETF Trust Put @ 253 18-May-18 253.00 US $ 943,611 926,236 2,075 SPDR S&P 500 ETF Trust Put @ 253 20-Apr-18 253.00 US $ 494,527 462,450 Total Long Option Contracts Value 2,793,409 2,781,381




Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.


Premium Paid FairContracts Underlying Interest Expiry Date Strike Price ($) Currency (Received) ($) Value ($)(2,075) SPDR S&P 500 ETF Trust Put @ 239 15-Jun-18 239.00 US $ (788,570) (736,444)(2,075) SPDR S&P 500 ETF Trust Put @ 239 18-May-18 239.00 US $ (475,815) (412,997)(2,075) SPDR S&P 500 ETF Trust Put @ 239 20-Apr-18 239.00 US $ (181,772) (128,310) Total Short Option Contracts Value (1,446,157) (1,277,751)






Held forTrading






AssetsInvestments - 270,634 270,634 - 270,634Cash - - - 9,101 9,101Unrealized gain on futures and foreign currency forward contracts 155 - 155 - 155Swaps, swaptions and options 2,781 - 2,781 - 2,781Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 217 217Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 417 417Receivable for share subscriptions - - - 891 891 2,936 270,634 273,570 10,626 284,196LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 3,861 - 3,861 - 3,861Swaps, swaptions and options 1,278 - 1,278 - 1,278Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 409 409Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 5,139 - 5,139 409 5,548









Held forTrading






AssetsInvestments - 230,011 230,011 - 230,011Cash - - - 12,627 12,627Unrealized gain on futures and foreign currency forward contracts 365 - 365 - 365Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 191 191Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 551 551 365 230,011 230,376 13,369 243,745LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 278 - 278 - 278Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 197 197Dividends payable to holders of redeemable shares - - - 16 16Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 278 - 278 213 491














NetExposure






NetExposure














A Shares 2018 2017 8,813 22,471 1,503 4,240 255 443 (3,630) (18,341) 6,941 8,813

E Shares 2018 2017 894,810 1,200,596 265,955 553,589 21,427 44,989 (605,199) (904,364) 576,993 894,810

E3 Shares 2018 2017 - - 637,480 - 14,594 - (242,217) - 409,857 -

E4 Shares 2018 2017 - - 200,276 - 5,556 - (69,225) - 136,607 -

E5 Shares 2018 2017 - - 130,515 - 3,262 - (26,350) - 107,427 -

ET8 Shares 2018 2017 26,514 43,503 10,443 22,530 1,089 2,016 (18,046) (41,535) 20,000 26,514

E3T8 Shares 2018 2017 - - 11,391 - 552 - (1,336) - 10,607 -

E4T8 Shares 2018 2017 - - 2,236 - 120 - (1,236) - 1,120 -

E5T8 Shares 2018 2017 - - 1,000 - 120 - - - 1,120 -

F Shares 2018 2017 - - 246,095 - 4,559 - (136,144) - 114,510 -

F3 Shares 2018 2017 - - 130,492 - 3,060 - (41,850) - 91,702 -

F4 Shares 2018 2017 - - 43,331 - 1,500 - (3,299) - 41,532 -

F5 Shares 2018 2017 - - 1,000 - 38 - - - 1,038 -

FT8 Shares 2018 2017 - - 5,853 - 305 - (15) - 6,143 -

F3T8 Shares 2018 2017 - - 1,276 - 130 - - - 1,406 -

F4T8 Shares 2018 2017 - - 1,000 - 120 - - - 1,120 -

F5T8 Shares 2018 2017 - - 1,000 - 120 - - - 1,120 -

I Shares 2018 2017 4,073,337 4,636,116 1,370,311 2,549,960 172,769 204,614 (925,103) (3,317,353) 4,691,314 4,073,337

IT8 Shares 2018 2017 168,362 142,432 73,583 131,223 13,549 12,170 (33,879) (117,463) 221,615 168,362

OF Shares 2018 2017 1,950 3,526 8,595 163 363 98 (756) (1,837) 10,152 1,950







W Shares 2018 2017 5,006,622 5,134,875 1,133,929 2,475,777 207,628 250,937 (691,543) (2,854,967) 5,656,636 5,006,622

WT8 Shares 2018 2017 1,109,954 978,634 161,393 712,442 92,711 93,977 (114,317) (675,099) 1,249,741 1,109,954






Annual management

fee rate:


fee rate:











Currency


Net Exposure

Net Assets










(in $000’s) (in $000’s) (in $000’s) (in $000’s)Options (1,278) - - (1,278)Total (1,278) - - (1,278)


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 230,010 - - 230,010 Bonds - 1 - 1 Foreign currency forward contracts, net - 87 - 87 Total 230,010 88 - 230,098





as at March 31, 2017 Categories Net Assets (%)Industrials 19.4 Financials 17.3 Information Technology 13.5 Consumer Discretionary 12.1 Health Care 10.8 Real Estate 6.3 Other Net Assets (Liabilities) 6.1 Materials 4.5 Consumer Staples 4.3 Utilities 3.0 Energy 2.7 Foreign Currency Forward Contracts 0.0











Currency


Net Exposure

Net Assets






2018 2017

707,854 639,474 63,440 45,766

596 1,045 7,663 -

- - - - - - - - 975 453 - - - - - - 14,089 - 1,920 994 1,467 196 798,004 687,928

- - - -

9,401 336 3,520 - - - - -

- - - - 11,557 - 1,344 560 2 18 - - - - - - 1,369 508 27,193 1,422

770,811 686,506

702,951 497,467 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 1,895 2,310 16.56 16.84 114,405 137,143E Shares 139,876 187,205 17.31 17.51 8,078,766 10,693,592E3 Shares 31,596 - 9.78 - 3,231,885 -E4 Shares 5,443 - 9.79 - 556,120 -E5 Shares 3,413 - 9.80 - 348,334 -ET8 Shares 266 343 9.47 10.42 28,112 32,902E3T8 Shares 60 - 9.06 - 6,559 -E4T8 Shares 51 - 9.08 - 5,643 -E5T8 Shares 10 - 9.09 - 1,119 -F Shares 3,756 - 9.87 - 380,481 -F3 Shares 2,533 - 9.88 - 256,421 -F4 Shares 739 - 9.89 - 74,791 -F5 Shares 10 - 9.90 - 1,038 -FT8 Shares 83 - 9.17 - 9,067 -F3T8 Shares 13 - 9.16 - 1,401 -F4T8 Shares 10 - 9.17 - 1,119 -F5T8 Shares 10 - 9.18 - 1,118 -I Shares 305,037 248,921 21.56 21.30 14,147,644 11,688,554IT8 Shares 3,727 3,138 11.36 12.20 328,106 257,215OF Shares 192 166 18.01 18.13 10,675 9,135W Shares 251,924 225,248 23.59 23.35 10,680,877 9,646,003WT8 Shares 20,167 19,175 10.81 11.64 1,865,907 1,647,495







CIG - 17674




2018 2017

11,878 14,011 662 138 - - - - - - - -

- - - -

179,678 86,677

(146,187) 24,248 46,031 125,074 (4,986) 755 - - 38 46 - - (4,948) 801 41,083 125,875

3,629 3,724 942 938 947 492 - - - - 1 - 1,590 1,904 522 527 7,631 7,585 2,234 1,098

31,218 117,192









2018 2017 2018 2017 2018 2017A Shares 54 426 0.42 2.58 128,650 164,961E Shares 4,657 30,748 0.53 2.74 8,667,065 11,194,129E3 Shares 358 - 0.12 - 2,848,567 -E4 Shares 58 - 0.13 - 439,519 -E5 Shares 44 - 0.17 - 243,330 -ET8 Shares 12 61 0.38 1.70 34,105 36,115E3T8 Shares (1) - (0.11) - 7,823 -E4T8 Shares 1 - 0.23 - 5,122 -E5T8 Shares - - 0.16 - 1,036 -F Shares 35 - 0.19 - 184,187 -F3 Shares 37 - 0.29 - 122,250 -F4 Shares 1 - 0.03 - 29,322 -F5 Shares - - 0.27 - 1,000 -FT8 Shares 1 - 0.38 - 4,162 -F3T8 Shares - - 0.12 - 1,087 -F4T8 Shares - - 0.25 - 1,036 -F5T8 Shares - - 0.26 - 1,036 -I Shares 13,517 40,769 1.06 3.72 12,720,199 10,957,571IT8 Shares 174 467 0.59 2.26 286,978 207,712OF Shares 6 57 0.64 2.81 10,142 19,932W Shares 11,297 41,020 1.12 4.07 10,003,442 10,070,224WT8 Shares 967 3,644 0.55 2.15 1,747,728 1,694,053
















A Shares 2018 2017 2,310 2,904 54 426

(9) (13) (60) (102) - - (69) (115)

207 269 69 115 (676) (1,289) (400) (905) (415) (594) 1,895 2,310

E Shares 2018 2017 187,205 185,021 4,657 30,748

(676) (1,064) (4,424) (8,271) - - (5,100) (9,335)

41,123 61,775 5,098 9,333 (93,107) (90,337) (46,886) (19,229) (47,329) 2,184 139,876 187,205

E3 Shares 2018 2017 - - 358 -

(150) - (978) - - - (1,128) -

46,421 - 1,127 - (15,182) - 32,366 - 31,596 - 31,596 -

E4 Shares 2018 2017 - - 58 -

(26) - (172) - - - (198) -

8,403 - 198 - (3,018) - 5,583 - 5,443 - 5,443 -

E5 Shares 2018 2017 - - 44 -

(15) - (97) - - - (112) -

4,486 - 112 - (1,117) - 3,481 - 3,413 - 3,413 -

ET8 Shares 2018 2017 343 392 12 61

(1) (2) (9) (15) (29) (32) (39) (49)

291 213 16 25 (357) (299) (50) (61) (77) (49) 266 343

E3T8 Shares 2018 2017 - - (1) -

- - (2) - (6) - (8) -

222 - 4 - (157) - 69 - 60 - 60 -

E4T8 Shares 2018 2017 - - 1 -

- - (2) - (4) - (6) -

119 - 4 - (67) - 56 - 51 - 51 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - 35 -

(18) - (121) - - - (139) -

7,537 - 139 - (3,816) - 3,860 - 3,756 - 3,756 -

F3 Shares 2018 2017 - - 37 -

(12) - (76) - - - (88) -

3,135 - 87 - (638) - 2,584 - 2,533 - 2,533 -

F4 Shares 2018 2017 - - 1 -

(4) - (23) - - - (27) -

860 - 27 - (122) - 765 - 739 - 739 -












F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - 1 -

- - (3) - (3) - (6) -

85 - 4 - (1) - 88 - 83 - 83 -

F3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

13 - 1 - - - 14 - 13 - 13 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 248,921 206,920 13,517 40,769

(1,464) (1,412) (9,578) (10,981) - - (11,042) (12,393)

83,990 92,190 11,030 12,384 (41,379) (90,949) 53,641 13,625 56,116 42,001 305,037 248,921

IT8 Shares 2018 2017 3,138 2,002 174 467

(18) (18) (116) (138) (292) (217) (426) (373)

1,010 2,095 226 227 (395) (1,280) 841 1,042 589 1,136 3,727 3,138

OF Shares 2018 2017 166 372 6 57

(1) (1) (6) (7) - - (7) (8)

36 289 7 8 (16) (552) 27 (255) 26 (206) 192 166

W Shares 2018 2017 225,248 222,461 11,297 41,020

(1,209) (1,277) (7,910) (9,933) - - (9,119) (11,210)

48,023 83,311 9,118 11,204 (32,643) (121,538) 24,498 (27,023) 26,676 2,787 251,924 225,248

WT8 Shares 2018 2017 19,175 18,839 967 3,644

(97) (109) (635) (847) (1,693) (1,674) (2,425) (2,630)

2,540 8,244 1,548 1,690 (1,638) (10,612) 2,450 (678) 992 336 20,167 19,175

Total Fund 2018 2017 686,506 638,911 31,218 117,192

(3,700) (3,896) (24,212) (30,294) (2,031) (1,923) (29,943) (36,113)

248,541 248,386 28,818 34,986 (194,329) (316,856) 83,030 (33,484) 84,305 47,595 770,811 686,506




2018 2017

31,218 117,192

(179,678) (86,677) (286) (829) 947 492

146,187 (24,248) 1,292,435 443,807 (1,325,432) (366,741) - - - - - - (522) - - - - - - - - - (410) 508 (35,541) 83,504

(1,141) (1,109) 139,809 248,008 (85,739) (317,025) 52,929 (70,126)

286 829 17,388 13,378 45,766 31,559 63,440 45,766

9,767 12,109 661 135 - - 1 - (2,644) -









HEALTH CARE (8.6%) 79,173 Anthem Inc. 23,540,925 22,408,126 95,065 Cerner Corp. 8,557,657 7,103,085 299,727 Gilead Sciences Inc. 29,268,856 29,109,718 27,202 UnitedHealth Group Inc. 4,055,112 7,499,167 65,422,550 66,120,096 INDUSTRIALS (8.5%) 490,269 CSX Corp. 33,784,034 35,185,682 138,796 Middleby Corp. 21,629,702 22,134,051 33,480 Teledyne Technologies Inc. 6,342,267 8,072,723 61,756,003 65,392,456 TELECOMMUNICATION SERVICES (3.5%) 442,099 Verizon Communications Inc. 28,656,839 27,235,007 UTILITIES (2.1%) 320,253 Exelon Corp. 15,894,360 16,094,131 REAL ESTATE (1.5%) 372,258 STORE Capital Corp. 11,056,133 11,902,665





Short Option Contracts (-0.5%) (see Schedule C) (3,984,425) (3,520,434)


INFORMATION TECHNOLOGY (19.5%) 222,908 Activision Blizzard Inc. 18,450,923 19,371,818 13,559 Alphabet Inc., Class A 16,580,046 18,116,047 209,540 Atlassian Corp., PLC 13,970,550 14,555,101 60,079 Broadcom Ltd. 18,943,691 18,238,475 73,231 Electronic Arts Inc. 10,001,164 11,437,715 57,842 Facebook Inc. 11,569,021 11,906,697 65,842 Microsoft Corp. 2,844,379 7,741,577 1,002,347 Symantec Corp. 37,543,033 33,379,285 50,323 Visa Inc., Class A* 7,622,691 7,754,766 75,498 Wix.com Ltd. 7,835,245 7,737,025 145,360,743 150,238,506 FINANCIALS (14.2%) 720,664 Athene Holding Ltd. 45,684,569 44,386,404 132,387 Chubb Ltd. 24,763,020 23,325,694 165,972 Intercontinental Exchange Group Inc. 15,069,160 15,505,687 59,689 Signature Bank 10,572,975 10,915,109 228,023 Wells Fargo & Co. 15,261,143 15,395,408 111,350,867 109,528,302 MATERIALS (12.5%) 389,368 Crown Holdings Inc. 27,834,870 25,456,265 90,318 Ecolab Inc. 15,163,967 15,948,326 173,767 Praxair Inc. 30,588,349 32,302,194 106,645 Randgold Resources Ltd., ADR 11,611,678 11,435,916 19,099 Sherwin-Williams Co. 8,160,713 9,647,794 15,099 W.R. Grace & Co. 1,299,091 1,190,997 94,658,668 95,981,492 CONSUMER STAPLES (12.2%) 53,807 Anheuser-Busch InBev S.A./N.V., ADR 7,617,775 7,620,665 145,103 Philip Morris International Inc. 19,081,047 18,580,661 192,184 Pinnacle Foods Inc. 14,072,983 13,394,080 452,572 US Foods Holding Corp. 17,469,672 19,105,680 423,014 Walgreens Boots Alliance Inc. 40,347,170 35,677,587 98,588,647 94,378,673 CONSUMER DISCRETIONARY (9.2%) 478,610 Extended Stay America Inc.* 10,515,182 12,189,526 462,725 LKQ Corp. 22,251,182 22,622,111 203,463 Restaurant Brands International Inc. (USD) 16,230,851 14,919,309 157,937 Starbucks Corp. 11,465,310 11,778,387 35,998 Ulta Salon Cosmetics & Fragrance Inc. 9,926,835 9,472,865 70,389,360 70,982,198

*Denotes all or part of securities on loan.‡Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Service.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.



AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)




DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 16-Apr-18 0.81 (11,469,646) US $ 14,233,831 Canadian $ (536,320)1 Bank of Montreal A-1 16-Apr-18 0.79 (17,655,979) US $ 22,456,022 Canadian $ (281,150)1 Bank of Montreal A-1 16-May-18 0.80 (23,328,601) US $ 29,213,777 Canadian $ (809,910)1 Bank of Montreal A-1 16-Apr-18 0.79 (6,356,153) US $ 8,081,385 Canadian $ (103,995)1 Bank of Montreal A-1 16-Apr-18 0.79 (7,231,889) US $ 9,197,987 Canadian $ (115,159)1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.29 (13,124,795) US $ 16,890,299 Canadian $ 7,001








DateContracts


Gain (Loss) ($)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.81 (17,204,469) US $ 21,356,854 Canadian $ (798,378)1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (23,328,601) US $ 29,206,359 Canadian $ (817,311)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (4,882,928) US $ 6,244,508 Canadian $ (43,704)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (6,099,591) US $ 7,802,261 Canadian $ (52,765)1 Citigroup Inc. A-2 16-Apr-18 0.81 (11,469,646) US $ 14,234,576 Canadian $ (535,575)1 Citigroup Inc. A-2 16-May-18 0.80 (11,664,301) US $ 14,631,116 Canadian $ (380,784)1 Citigroup Inc. A-2 12-Jun-18 1.30 (16,349,617) US $ 21,172,754 Canadian $ 140,664 1 Citigroup Inc. A-2 16-Apr-18 0.78 (5,086,383) US $ 6,506,755 Canadian $ (43,467)1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (13,079,694) US $ 16,842,722 Canadian $ 17,402 1 HSBC Holdings PLC A-1 16-Apr-18 0.81 (17,204,469) US $ 21,359,348 Canadian $ (795,886)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.79 (10,593,587) US $ 13,472,257 Canadian $ (170,045)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.81 (11,469,646) US $ 14,231,193 Canadian $ (538,955)1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (11,664,301) US $ 14,629,950 Canadian $ (381,948)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.78 (1,831,098) US $ 2,342,861 Canadian $ (15,220)1 Morgan Stanley A-2 16-Apr-18 0.81 (11,469,646) US $ 14,233,831 Canadian $ (536,320)1 Morgan Stanley A-2 16-May-18 0.80 (11,664,300) US $ 14,622,950 Canadian $ (388,930)1 Morgan Stanley A-2 12-Jun-18 1.29 (16,349,617) US $ 21,169,729 Canadian $ 137,650 1 Morgan Stanley A-2 16-Apr-18 0.79 (7,062,392) US $ 8,980,405 Canadian $ (114,462)1 Royal Bank of Canada A-1+ 16-May-18 0.79 (13,031,944) US $ 16,414,124 Canadian $ (358,081)1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (29,429,311) US $ 38,008,308 Canadian $ 150,925 1 Royal Bank of Canada A-1+ 16-Apr-18 0.80 (8,713,009) US $ 10,824,284 Canadian $ (395,990)1 The Bank of Nova Scotia A-1 16-May-18 0.80 (11,664,301) US $ 14,620,595 Canadian $ (391,281)1 The Bank of Nova Scotia A-1 16-Apr-18 0.81 (17,204,469) US $ 21,359,968 Canadian $ (795,267)1 The Bank of Nova Scotia A-1 12-Jun-18 1.30 (16,349,617) US $ 21,174,389 Canadian $ 142,293Total Foreign Currency Forward Contracts Value (8,804,968)


Premium Paid FairContracts Underlying Interest Expiry Date Strike Price ($) Currency (Received) ($) Value ($)5,717 SPDR S&P 500 ETF Trust Put @ 253 15-Jun-18 253.00 US $ 3,734,017 3,837,126 5,717 SPDR S&P 500 ETF Trust Put @ 253 18-May-18 253.00 US $ 2,599,819 2,551,947 5,717 SPDR S&P 500 ETF Trust Put @ 253 20-Apr-18 253.00 US $ 1,362,511 1,274,132 Total Long Option Contracts Value 7,696,347 7,663,205


Premium Paid FairContracts Underlying Interest Expiry Date Strike Price ($) Currency (Received) ($) Value ($)(5,717) SPDR S&P 500 ETF Trust Put @ 239 15-Jun-18 239.00 US $ (2,172,653) (2,029,037)(5,717) SPDR S&P 500 ETF Trust Put @ 239 18-May-18 239.00 US $ (1,310,957) (1,137,881)(5,717) SPDR S&P 500 ETF Trust Put @ 239 20-Apr-18 239.00 US $ (500,815) (353,516) Total Short Option Contracts Value (3,984,425) (3,520,434)






Held forTrading






AssetsInvestments - 707,854 707,854 - 707,854Cash - - - 63,440 63,440Unrealized gain on futures and foreign currency forward contracts 596 - 596 - 596Swaps, swaptions and options 7,663 - 7,663 - 7,663Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 975 975Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 14,089 14,089Receivable for share subscriptions - - - 1,920 1,920 8,259 707,854 716,113 80,424 796,537LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 9,401 - 9,401 - 9,401Swaps, swaptions and options 3,520 - 3,520 - 3,520Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 11,557 11,557Payable for share redemptions - - - 1,344 1,344Dividends payable to holders of redeemable shares - - - 2 2Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 12,921 - 12,921 12,903 25,824









Held forTrading






AssetsInvestments - 639,474 639,474 - 639,474Cash - - - 45,766 45,766Unrealized gain on futures and foreign currency forward contracts 1,045 - 1,045 - 1,045Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 453 453Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 994 994 1,045 639,474 640,519 47,213 687,732LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 336 - 336 - 336Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 560 560Dividends payable to holders of redeemable shares - - - 18 18Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 336 - 336 578 914














NetExposure






NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 1,045 (191) - 854Derivative assets - Swaps and swaptions - - - -Total 1,045 (191) - 854Derivative liabilities - Foreign currency forward contracts (336) 191 - (145)Derivative liabilities - Swaps and swaptions - - - -Total (336) 191 - (145)













A Shares 2018 2017 137,143 190,570 12,147 15,853 4,188 6,837 (39,073) (76,117) 114,405 137,143

E Shares 2018 2017 10,693,592 11,751,409 2,306,858 3,546,185 297,204 532,997 (5,218,888) (5,136,999) 8,078,766 10,693,592

E3 Shares 2018 2017 - - 4,619,091 - 116,316 - (1,503,522) - 3,231,885 -

E4 Shares 2018 2017 - - 834,671 - 20,406 - (298,957) - 556,120 -

E5 Shares 2018 2017 - - 445,919 - 11,517 - (109,102) - 348,334 -

ET8 Shares 2018 2017 32,902 38,419 28,097 19,841 1,635 2,368 (34,522) (27,726) 28,112 32,902

E3T8 Shares 2018 2017 - - 22,241 - 408 - (16,090) - 6,559 -

E4T8 Shares 2018 2017 - - 12,070 - 387 - (6,814) - 5,643 -

E5T8 Shares 2018 2017 - - 1,000 - 119 - - - 1,119 -

F Shares 2018 2017 - - 742,730 - 14,259 - (376,508) - 380,481 -

F3 Shares 2018 2017 - - 309,139 - 8,933 - (61,651) - 256,421 -

F4 Shares 2018 2017 - - 83,642 - 2,753 - (11,604) - 74,791 -

F5 Shares 2018 2017 - - 1,000 - 38 - - - 1,038 -

FT8 Shares 2018 2017 - - 8,732 - 410 - (75) - 9,067 -

F3T8 Shares 2018 2017 - - 1,272 - 129 - - - 1,401 -

F4T8 Shares 2018 2017 - - 1,000 - 119 - - - 1,119 -

F5T8 Shares 2018 2017 - - 1,000 - 118 - - - 1,118 -

I Shares 2018 2017 11,688,554 11,060,038 3,816,741 4,361,036 516,568 581,405 (1,874,219) (4,313,925) 14,147,644 11,688,554

IT8 Shares 2018 2017 257,215 171,721 84,069 167,425 19,607 18,475 (32,785) (100,406) 328,106 257,215

OF Shares 2018 2017 9,135 22,931 2,000 15,413 391 455 (851) (29,664) 10,675 9,135







W Shares 2018 2017 9,646,003 10,818,883 1,990,656 3,636,655 390,328 479,850 (1,346,110) (5,289,385) 10,680,877 9,646,003

WT8 Shares 2018 2017 1,647,495 1,690,072 219,258 697,662 139,569 144,402 (140,415) (884,641) 1,865,907 1,647,495






Annual management

fee rate:


fee rate:











Currency


Net Exposure

Net Assets










(in $000’s) (in $000’s) (in $000’s) (in $000’s)Options (3,520) - - (3,520)Total (3,520) - - (3,520)







as at March 31, 2017 Categories Net Assets (%)Financials 16.2 Energy 15.4 Information Technology 14.6 Industrials 13.9 Health Care 13.7 Consumer Discretionary 10.8 Other Net Assets (Liabilities) 6.8 Materials 3.7 Consumer Staples 2.5 Real Estate 2.3 Foreign Currency Forward Contracts 0.1











Currency


Net Exposure

Net Assets






2018 2017

473,398 394,237 19,196 31,829

- 650 - -

- - - - - - - - 2,162 1,636 - - - - - - 2,098 4,277 744 859 2,535 2,984 500,133 436,472

- - - -

- 731 - - - - - -

- - - - 835 1,671 2,160 598 - 25 - - - - - - 812 258 3,807 3,283

496,326 433,189

389,767 311,747 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 351 416 9.51 9.10 36,934 45,935E Shares 17,008 24,319 13.11 12.47 1,297,551 1,950,748E3 Shares 5,039 - 10.13 - 497,226 -E4 Shares 909 - 10.15 - 89,616 -E5 Shares 876 - 10.15 - 86,307 -ET8 Shares 330 455 9.67 9.96 34,107 45,657E3T8 Shares 133 - 9.41 - 14,099 -E4T8 Shares 47 - 9.42 - 5,030 -E5T8 Shares 11 - 9.43 - 1,117 -F Shares 1,520 - 10.23 - 148,665 -F3 Shares 1,467 - 10.24 - 143,288 -F4 Shares 645 - 10.25 - 62,967 -F5 Shares 11 - 10.26 - 1,038 -FT8 Shares 59 - 9.51 - 6,151 -F3T8 Shares 13 - 9.51 - 1,405 -F4T8 Shares 11 - 9.52 - 1,117 -F5T8 Shares 11 - 9.53 - 1,117 -I Shares 169,033 142,207 16.43 15.26 10,286,831 9,317,585IT8 Shares 3,769 2,723 12.01 12.06 313,873 225,734OF Shares 665 79 11.66 11.04 57,053 7,143W Shares 264,519 233,877 12.63 11.76 20,935,686 19,880,458WT8 Shares 29,899 29,113 10.39 10.46 2,878,784 2,782,794







CIG - 17664




2018 2017

12,101 9,502 247 100 - - - - - - - -

- - - -

41,740 16,608

1,222 47,374 55,310 73,584 (6) (203) - - 168 115 - - 162 (88) 55,472 73,496

502 425 671 567 635 360 - - - - - - 1,571 1,461 135 115 3,514 2,928 1,411 557

50,547 70,011









2018 2017 2018 2017 2018 2017A Shares 28 107 0.77 1.35 37,065 79,709E Shares 1,964 3,521 1.37 2.04 1,427,888 1,735,872E3 Shares 156 - 0.35 - 446,129 -E4 Shares 34 - 0.28 - 122,463 -E5 Shares 19 - 0.44 - 43,843 -ET8 Shares 41 79 1.07 1.75 38,268 45,527E3T8 Shares 2 - 0.18 - 10,457 -E4T8 Shares 2 - 0.56 - 3,782 -E5T8 Shares 1 - 0.52 - 1,035 -F Shares 63 - 0.79 - 78,660 -F3 Shares 61 - 0.92 - 67,028 -F4 Shares 22 - 0.97 - 22,536 -F5 Shares 1 - 0.65 - 1,000 -FT8 Shares 2 - 0.62 - 2,591 -F3T8 Shares 1 - 0.57 - 1,088 -F4T8 Shares 1 - 0.61 - 1,035 -F5T8 Shares 1 - 0.62 - 1,035 -I Shares 17,328 21,206 1.79 2.83 9,656,404 7,483,885IT8 Shares 361 424 1.38 2.31 261,744 183,422OF Shares 40 15 0.81 1.77 48,180 8,521W Shares 27,200 39,362 1.36 2.13 19,950,549 18,448,175WT8 Shares 3,219 5,297 1.16 2.00 2,771,784 2,637,551
















A Shares 2018 2017 416 818 28 107

(2) (2) (11) (18) - - (13) (20)

33 55 13 20 (126) (564) (80) (489) (65) (402) 351 416

E Shares 2018 2017 24,319 18,297 1,964 3,521

(90) (131) (535) (1,064) - - (625) (1,195)

6,464 10,646 625 1,195 (15,739) (8,145) (8,650) 3,696 (7,311) 6,022 17,008 24,319

E3 Shares 2018 2017 - - 156 -

(26) - (152) - - - (178) -

7,689 - 177 - (2,805) - 5,061 - 5,039 - 5,039 -

E4 Shares 2018 2017 - - 34 -

(7) - (40) - - - (47) -

1,952 - 47 - (1,077) - 922 - 909 - 909 -

E5 Shares 2018 2017 - - 19 -

(2) - (14) - - - (16) -

963 - 16 - (106) - 873 - 876 - 876 -

ET8 Shares 2018 2017 455 463 41 79

(2) (2) (10) (20) (30) (39) (42) (61)

187 420 18 30 (329) (476) (124) (26) (125) (8) 330 455

E3T8 Shares 2018 2017 - - 2 -

(1) - (4) - (8) - (13) -

182 - 7 - (45) - 144 - 133 - 133 -

E4T8 Shares 2018 2017 - - 2 -

- - (1) - (3) - (4) -

68 - 3 - (22) - 49 - 47 - 47 -

E5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F Shares 2018 2017 - - 63 -

(8) - (49) - - - (57) -

3,431 - 57 - (1,974) - 1,514 - 1,520 - 1,520 -

F3 Shares 2018 2017 - - 61 -

(7) - (44) - - - (51) -

1,847 - 51 - (441) - 1,457 - 1,467 - 1,467 -

F4 Shares 2018 2017 - - 22 -

(3) - (20) - - - (23) -

693 - 23 - (70) - 646 - 645 - 645 -












F5 Shares 2018 2017 - - 1 -

- - - - - - - -

10 - - - - - 10 - 11 - 11 -

FT8 Shares 2018 2017 - - 2 -

- - (2) - (2) - (4) -

58 - 3 - - - 61 - 59 - 59 -

F3T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

12 - 1 - - - 13 - 13 - 13 -

F4T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

I Shares 2018 2017 142,207 87,119 17,328 21,206

(889) (767) (5,285) (6,220) - - (6,174) (6,987)

38,421 66,285 6,161 6,978 (28,910) (32,394) 15,672 40,869 26,826 55,088 169,033 142,207

IT8 Shares 2018 2017 2,723 1,704 361 424

(19) (15) (116) (118) (256) (192) (391) (325)

1,290 1,942 209 182 (423) (1,204) 1,076 920 1,046 1,019 3,769 2,723

OF Shares 2018 2017 79 100 40 15

(4) - (21) (4) - - (25) (4)

609 21 24 4 (62) (57) 571 (32) 586 (21) 665 79

W Shares 2018 2017 233,877 184,030 27,200 39,362

(1,377) (1,261) (8,190) (10,229) - - (9,567) (11,490)

41,995 85,504 9,567 11,474 (38,553) (75,003) 13,009 21,975 30,642 49,847 264,519 233,877

WT8 Shares 2018 2017 29,113 24,068 3,219 5,297

(156) (157) (928) (1,273) (2,339) (2,377) (3,423) (3,807)

3,059 12,086 2,136 2,485 (4,205) (11,016) 990 3,555 786 5,045 29,899 29,113

Total Fund 2018 2017 433,189 316,599 50,547 70,011

(2,593) (2,335) (15,422) (18,946) (2,642) (2,608) (20,657) (23,889)

108,993 176,959 19,141 22,368 (94,887) (128,859) 33,247 70,468 63,137 116,590 496,326 433,189




2018 2017

50,547 70,011

(41,740) (16,608) 6 (18) 635 360

(1,222) (47,374) 139,955 78,538 (175,527) (124,057) - - - - - - (526) (416) - - - - - - - - 1,003 (1,522) (26,869) (41,086)

(1,541) (1,496) 82,665 176,445 (66,882) (128,709) 14,242 46,240

(6) 18 (12,627) 5,154 31,829 26,657 19,196 31,829

10,005 7,625 247 100 - - - - (408) -









IRELAND (4.3%) 100,568 Medtronic PLC 7,329,430 10,392,998 55,485 Willis Towers Watson PLC 6,275,906 10,878,277 13,605,336 21,271,275 JERSEY ISLAND (3.6%) 156,223 Shire PLC 10,009,851 10,080,497 371,199 WPP PLC 8,569,422 7,597,189 18,579,273 17,677,686 DENMARK (2.8%) 1,309,207 TDC AS 8,890,874 13,951,958 BERMUDA (2.2%) 151,602 XL Group Ltd. 7,384,473 10,792,305 BRAZIL (2.0%) 369,221 Ambev S.A. ADR 2,774,183 3,457,954 820,231 Cielo S.A. 7,464,241 6,622,226 10,238,424 10,080,180 HONG KONG (1.4%) 569,094 China Mobile Ltd. (Hong Kong) 7,403,356 6,721,182 NETHERLANDS ANTILLES (1.2%) 72,806 Schlumberger Ltd. 6,977,927 6,075,842 ISRAEL (1.1%) 44,507 Check Point Software Technologies Ltd. 5,185,607 5,695,749 CAYMAN ISLANDS (1.0%) 16,547 Baidu Inc., ADR 3,657,514 4,757,649 SWEDEN (0.9%) 538,887 Telefonaktiebolaget LM Ericsson, Class B* 5,053,926 4,400,422 INDIA (0.9%) 377,632 ICICI Bank Ltd., ADR 3,534,514 4,305,370 LUXEMBOURG (0.8%) 181,997 Tenaris S.A.* 3,248,426 4,024,249 THAILAND (0.6%) 343,014 Bangkok Bank PCL, Non-Voting Depository Receipt 2,113,369 2,799,790 SOUTH KOREA (0.5%) 1,749 Samsung Electronics Co., Ltd., GDR 1,445,344 2,582,099 MEXICO (0.5%) 116,039 Grupo Televisa S.A.B. de C.V., ADR 3,202,344 2,385,807

JAPAN (23.6%) 747,445 Astellas Pharma Inc. 13,890,691 14,622,316 765,246 Concordia Financial Group Ltd. 4,400,333 5,493,528 785,576 Hitachi Ltd. 6,332,338 7,257,135 70,575 Hoya Corp. 4,008,017 4,535,855 382,595 INPEX Corp. 5,354,674 6,004,922 362,207 Japan Exchange Group Inc. 7,293,777 8,616,184 97,381 Mitsubishi Corp. 2,307,004 3,330,927 1,300,761 Mitsubishi UFJ Financial Group Inc.* 8,926,726 10,964,516 241,670 MS&AD Insurance Group Holdings Inc.* 7,935,071 9,584,340 15,095 Nintendo Co., Ltd.* 3,485,153 8,526,551 237,806 Sumitomo Mitsui Trust Holdings Inc.* 10,746,269 12,387,672 36,552 THK Co., Ltd.* 900,889 1,913,784 215,595 Tokio Marine Holdings Inc. 8,875,554 12,457,350 2,015,886 Yahoo! Japan Corp.* 11,854,040 12,055,590 96,310,536 117,750,670 U.K. (15.6%) 164,550 Anglo American PLC* 3,655,436 4,939,414 217,884 Antofagasta PLC 2,820,251 3,626,544 74,904 Aon PLC 7,771,436 13,541,099 392,019 Babcock International Group PLC* 5,261,881 4,738,177 58,834 BP PLC, ADR 2,730,667 3,072,632 2,161,602 BT Group PLC 10,104,625 8,887,202 228,702 Diageo PLC 6,608,631 9,969,083 621,243 GlaxoSmithKline PLC 14,786,192 15,650,644 359,181 Vodafone Group PLC, ADR 13,405,154 12,872,677 67,144,273 77,297,472 SWITZERLAND (12.5%) 84,977 Chubb Ltd. 12,225,540 14,972,373 91,777 Nestle S.A., Registered Shares 6,496,405 9,352,078 78,427 Novartis AG, Registered Shares 6,363,617 8,165,032 35,596 Roche Holding AG 8,330,572 10,509,478 54,660 Swiss Re Ltd. 6,435,321 7,165,240 27,978 Zurich Financial Services AG 10,529,839 11,815,531 50,381,294 61,979,732 GERMANY (8.5%) 14,614 Adidas AG 1,797,947 4,555,221 36,472 Deutsche Boerse AG 3,070,191 6,393,830 67,049 Henkel AG & Co., KGaA, Preferred, Non-Voting Shares 7,850,216 11,355,681 50,004 Linde AG 10,302,331 13,561,293 22,624 Siemens AG, Registered Shares 2,470,811 3,712,274 72,653 Uniper S.E. 1,468,350 2,850,199 26,959,846 42,428,498 NETHERLANDS (6.2%) 75,290 Akzo Nobel N.V. 6,781,525 9,158,101 72,792 Euronext N.V. 5,399,448 6,853,559 91,509 Heineken N.V. 7,649,903 12,662,644 208,456 Trivago N.V., ADR* 2,739,629 1,866,369 22,570,505 30,540,673 FRANCE (4.9%) 51,121 Danone S.A.* 4,093,030 5,326,100 99,921 Sanofi* 11,053,036 10,347,032 42,151 SCOR S.E. 2,217,688 2,222,166 23,643 Sodexo S.A. 3,285,434 3,069,254 46,705 Total S.A.* 2,935,172 3,415,020 23,584,360 24,379,572




AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)





RUSSIA (0.3%) 63,164 Magnit PJSC, GDR* 3,027,920 1,500,069




AverageCost ($)

FairValue ($)






Held forTrading






AssetsInvestments - 473,398 473,398 - 473,398Cash - - - 19,196 19,196Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 2,162 2,162Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 2,098 2,098Receivable for share subscriptions - - - 744 744 - 473,398 473,398 24,200 497,598LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 835 835Payable for share redemptions - - - 2,160 2,160Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 2,995 2,995









Held forTrading






AssetsInvestments - 394,237 394,237 - 394,237Cash - - - 31,829 31,829Unrealized gain on futures and foreign currency forward contracts 650 - 650 - 650Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 1,636 1,636Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 4,277 4,277Receivable for share subscriptions - - - 859 859 650 394,237 394,887 38,601 433,488LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 731 - 731 - 731Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 1,671 1,671Payable for share redemptions - - - 598 598Dividends payable to holders of redeemable shares - - - 25 25Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 731 - 731 2,294 3,025







2018 2017Financial Instruments at FVTPLHeld for trading 564 2,954Designated at fair value through profit or loss 54,746 70,630Total 55,310 73,584







NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts - - - -Derivative assets - Swaps and swaptions - - - -Total - - - -Derivative liabilities - Foreign currency forward contracts - - - -Derivative liabilities - Swaps and swaptions - - - -Total - - - -





NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 650 (650) - -Derivative assets - Swaps and swaptions - - - -Total 650 (650) - -Derivative liabilities - Foreign currency forward contracts (731) 650 - (81)Derivative liabilities - Swaps and swaptions - - - -Total (731) 650 - (81)













A Shares 2018 2017 45,935 100,577 3,448 6,298 1,354 2,256 (13,803) (63,196) 36,934 45,935

E Shares 2018 2017 1,950,748 1,649,257 491,260 876,868 48,257 95,901 (1,192,714) (671,278) 1,297,551 1,950,748

E3 Shares 2018 2017 - - 755,377 - 17,734 - (275,885) - 497,226 -

E4 Shares 2018 2017 - - 191,336 - 4,698 - (106,418) - 89,616 -

E5 Shares 2018 2017 - - 94,983 - 1,688 - (10,364) - 86,307 -

ET8 Shares 2018 2017 45,657 47,791 18,284 41,753 1,825 3,049 (31,659) (46,936) 34,107 45,657

E3T8 Shares 2018 2017 - - 17,930 - 700 - (4,531) - 14,099 -

E4T8 Shares 2018 2017 - - 6,877 - 327 - (2,174) - 5,030 -

E5T8 Shares 2018 2017 - - 1,000 - 117 - - - 1,117 -

F Shares 2018 2017 - - 336,718 - 5,675 - (193,728) - 148,665 -

F3 Shares 2018 2017 - - 180,624 - 5,044 - (42,380) - 143,288 -

F4 Shares 2018 2017 - - 67,329 - 2,343 - (6,705) - 62,967 -

F5 Shares 2018 2017 - - 1,000 - 38 - - - 1,038 -

FT8 Shares 2018 2017 - - 5,849 - 302 - - - 6,151 -

F3T8 Shares 2018 2017 - - 1,277 - 128 - - - 1,405 -

F4T8 Shares 2018 2017 - - 1,000 - 117 - - - 1,117 -

F5T8 Shares 2018 2017 - - 1,000 - 117 - - - 1,117 -

I Shares 2018 2017 9,317,585 6,566,417 2,356,289 4,501,008 379,848 457,269 (1,766,891) (2,207,109) 10,286,831 9,317,585

IT8 Shares 2018 2017 225,734 149,151 104,960 160,444 17,364 15,051 (34,185) (98,912) 313,873 225,734

OF Shares 2018 2017 7,143 10,204 53,055 2,098 2,120 351 (5,265) (5,510) 57,053 7,143







W Shares 2018 2017 19,880,458 17,952,039 3,356,869 7,644,715 767,691 975,710 (3,069,332) (6,692,006) 20,935,686 19,880,458

WT8 Shares 2018 2017 2,782,794 2,422,399 280,967 1,165,941 204,033 237,844 (389,010) (1,043,390) 2,878,784 2,782,794






Annual management

fee rate:


fee rate:









Other Price RiskAs at March 31, 2018 and 2017, the Fund was predominantly invested in foreign equities and therefore was sensitive to changes in general economic conditions across the world.




Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)Japanese Yen 121,114 - 121,114 24.4 U.S. Dollar 110,840 - 110,840 22.3 Euro 98,704 - 98,704 19.9 British Pound 65,899 - 65,899 13.3 Swiss Franc 47,007 - 47,007 9.5 Danish Krone 13,952 - 13,952 2.8 Brazilian Real 6,744 - 6,744 1.4 Hong Kong Dollar 6,721 - 6,721 1.4 Swedish Krona 4,471 - 4,471 0.9 Thai Baht 2,800 - 2,800 0.6 Total 478,252 - 478,252 96.5


Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 102,993 - 102,993 23.8 Japanese Yen 100,180 - 100,180 23.1 Euro 93,600 - 93,600 21.6 British Pound 41,949 - 41,949 9.7 Swiss Franc 35,971 - 35,971 8.3 Danish Krone 7,729 - 7,729 1.8 Thai Baht 6,191 - 6,191 1.4 Hong Kong Dollar 5,600 - 5,600 1.3 Swedish Krona 4,906 - 4,906 1.1 Total 399,119 - 399,119 92.1







as at March 31, 2017 Categories Net Assets (%)Japan 22.3 U.K. 11.5 Switzerland 11.4 Other Net Assets (Liabilities) 9.0 Germany 8.6 France 7.4 Netherlands 5.1 Ireland 4.1 Jersey Island 3.8 Mexico 2.0 Denmark 1.8 India 1.5 Thailand 1.4 Cayman Islands 1.3 Hong Kong 1.3 Netherlands Antilles 1.2 U.S.A. 1.2 South Korea 1.1 Sweden 1.1 Bermuda 0.8 Israel 0.8 Russia 0.8 Luxembourg 0.5 Foreign Currency Forward Contracts 0.0


as at March 31, 2018 Credit Rating^* Net Assets (%)Not Rated 2.3 Total 2.3

as at March 31, 2017 Credit Rating^* Net Assets (%)AA/Aa/A+ 0.2 Not Rated 2.1 Total 2.3










(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 473,398 - - 473,398 Total 473,398 - - 473,398


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 394,237 - - 394,237 Foreign currency forward contracts, net - (81) - (81)Total 394,237 (81) - 394,156







2018 2017

226,946 172,368 15,671 27,808

1,446 323 - -

- - - - - - - - 386 328 - - - - - - 5 - 326 231 1,655 10,766 246,435 211,824

- - - -

- 578 - - - - - -

- - - - - - 503 190 - 13 - - - - - - 398 121 901 902

245,534 210,922

200,997 152,313 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 109 143 12.06 11.36 9,156 12,641E Shares 15,277 22,427 16.90 15.83 904,066 1,416,593E3 Shares 5,149 - 10.10 - 510,054 -E4 Shares 1,847 - 10.11 - 182,692 -E5 Shares 55 - 10.11 - 5,393 -ET8 Shares 302 454 8.53 8.64 35,333 52,488E3T8 Shares 126 - 9.38 - 13,399 -E4T8 Shares 53 - 9.39 - 5,670 -E5T8 Shares 10 - 9.40 - 1,116 -F Shares 1,583 - 10.18 - 155,452 -F3 Shares 1,281 - 10.20 - 125,630 -F4 Shares 627 - 10.21 - 61,472 -F5 Shares 11 - 10.22 - 1,038 -FT8 Shares 72 - 9.48 - 7,599 -F3T8 Shares 15 - 9.47 - 1,537 -F4T8 Shares 11 - 9.49 - 1,116 -F5T8 Shares 11 - 9.50 - 1,116 -I Shares 140,676 119,130 20.58 18.84 6,835,007 6,324,086IT8 Shares 3,670 2,900 11.79 11.65 311,337 248,847OF Shares 54 30 16.92 15.79 3,220 1,906W Shares 70,659 62,895 16.00 14.68 4,416,294 4,284,611WT8 Shares 3,936 2,943 10.82 10.72 363,813 274,484







CIG - 17666




2018 2017

4,263 2,841 203 141 - - - - - - - -

- - - -

18,111 3,906

7,595 13,510 30,172 20,398 (144) (156) - - 51 112 - - (93) (44) 30,079 20,354

458 380 208 183 597 657 - - - - 1 1 659 442 72 59 1,995 1,722 711 261

27,373 18,371









2018 2017 2018 2017 2018 2017A Shares 11 10 1.27 0.69 9,829 14,910E Shares 2,170 1,655 2.20 1.35 987,205 1,223,682E3 Shares 136 - 0.31 - 455,001 -E4 Shares 46 - 0.27 - 162,796 -E5 Shares 2 - 0.33 - 4,609 -ET8 Shares 50 35 1.18 0.70 41,953 50,637E3T8 Shares 1 - 0.06 - 9,559 -E4T8 Shares 2 - 0.53 - 5,150 -E5T8 Shares - - 0.47 - 1,035 -F Shares 24 - 0.30 - 77,954 -F3 Shares 27 - 0.45 - 60,075 -F4 Shares (2) - (0.19) - 15,365 -F5 Shares 1 - 0.60 - 1,000 -FT8 Shares - - 0.35 - 3,072 -F3T8 Shares 1 - 0.41 - 1,112 -F4T8 Shares 1 - 0.57 - 1,035 -F5T8 Shares 1 - 0.58 - 1,035 -I Shares 15,948 10,474 2.51 2.11 6,362,616 4,964,991IT8 Shares 404 239 1.49 1.33 270,668 178,362OF Shares 4 2 1.63 1.31 2,664 1,794W Shares 8,146 5,730 1.96 1.53 4,165,574 3,748,980WT8 Shares 400 226 1.23 1.46 326,057 155,863
















A Shares 2018 2017 143 185 11 10

(1) (1) (3) (6) - - (4) (7)

6 13 4 7 (51) (65) (41) (45) (34) (42) 109 143

E Shares 2018 2017 22,427 17,485 2,170 1,655

(91) (84) (467) (1,007) - - (558) (1,091)

6,125 11,361 558 1,089 (15,445) (8,072) (8,762) 4,378 (7,150) 4,942 15,277 22,427

E3 Shares 2018 2017 - - 136 -

(29) - (147) - - - (176) -

8,107 - 174 - (3,092) - 5,189 - 5,149 - 5,149 -

E4 Shares 2018 2017 - - 46 -

(11) - (55) - - - (66) -

2,498 - 65 - (696) - 1,867 - 1,847 - 1,847 -

E5 Shares 2018 2017 - - 2 -

- - (2) - - - (2) -

113 - 2 - (60) - 55 - 55 - 55 -

ET8 Shares 2018 2017 454 408 50 35

(2) (2) (9) (20) (29) (40) (40) (62)

189 375 17 32 (368) (334) (162) 73 (152) 46 302 454

E3T8 Shares 2018 2017 - - 1 -

(1) - (4) - (7) - (12) -

198 - 7 - (68) - 137 - 126 - 126 -

E4T8 Shares 2018 2017 - - 2 -

- - (2) - (4) - (6) -

100 - 4 - (47) - 57 - 53 - 53 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - 24 -

(10) - (49) - - - (59) -

3,298 - 59 - (1,739) - 1,618 - 1,583 - 1,583 -

F3 Shares 2018 2017 - - 27 -

(7) - (37) - - - (44) -

1,780 - 44 - (526) - 1,298 - 1,281 - 1,281 -

F4 Shares 2018 2017 - - (2) -

(4) - (19) - - - (23) -

644 - 22 - (14) - 652 - 627 - 627 -












F5 Shares 2018 2017 - - 1 -

- - - - - - - -

10 - - - - - 10 - 11 - 11 -

FT8 Shares 2018 2017 - - - -

- - (2) - (2) - (4) -

73 - 3 - - - 76 - 72 - 72 -

F3T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

14 - 1 - - - 15 - 15 - 15 -

F4T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

I Shares 2018 2017 119,130 75,339 15,948 10,474

(826) (445) (4,217) (5,351) - - (5,043) (5,796)

33,645 65,451 5,033 5,786 (28,037) (32,124) 10,641 39,113 21,546 43,791 140,676 119,130

IT8 Shares 2018 2017 2,900 1,614 404 239

(22) (11) (110) (129) (260) (189) (392) (329)

1,255 1,984 214 200 (711) (808) 758 1,376 770 1,286 3,670 2,900

OF Shares 2018 2017 30 27 4 2

- - (2) (1) - - (2) (1)

22 1 2 1 (2) - 22 2 24 3 54 30

W Shares 2018 2017 62,895 48,487 8,146 5,730

(412) (235) (2,103) (2,823) - - (2,515) (3,058)

12,548 32,379 2,515 3,057 (12,930) (23,700) 2,133 11,736 7,764 14,408 70,659 62,895

WT8 Shares 2018 2017 2,943 1,099 400 226

(23) (11) (118) (132) (291) (151) (432) (294)

1,284 2,146 264 195 (523) (429) 1,025 1,912 993 1,844 3,936 2,943

Total Fund 2018 2017 210,922 144,644 27,373 18,371

(1,439) (789) (7,346) (9,469) (597) (380) (9,382) (10,638)

71,939 113,710 8,991 10,367 (64,309) (65,532) 16,621 58,545 34,612 66,278 245,534 210,922




2018 2017

27,373 18,371

(18,111) (3,906) 8 (95) 597 657

(7,595) (13,510) 183,902 191,554 (215,077) (233,676) - - - - - - (58) (225) - - - - - - - - 9,388 (9,879) (19,573) (50,709)

(404) (258) 49,043 113,707 (41,195) (65,433) 7,444 48,016

(8) 95 (12,129) (2,693) 27,808 30,406 15,671 27,808

3,546 2,158 203 140 - - 1 1 8,678 -









SWEDEN (3.2%) 26,239 Nolato AB* 978,905 2,465,706 189,096 Thule Group AB* 4,131,579 5,269,590 5,110,484 7,735,296 BRAZIL (3.1%) 806,275 Ambev S.A. 6,687,288 7,572,976 HONG KONG (2.3%) 762,096 Techtronic Industries Co. 5,295,136 5,723,104 NORWAY (2.2%) 47,835 Ekornes ASA 695,402 864,865 374,755 Sbanken ASA* 4,468,842 4,533,518 5,164,244 5,398,383 CAYMAN ISLANDS (1.1%) 126,300 China Metal Recycling Holdings Ltd. 101,644 - 39,117 Tencent Holdings Ltd. 2,677,934 2,630,004 2,779,578 2,630,004 ITALY (1.0%) 110,676 Eni SpA 2,420,086 2,506,520 ISRAEL (0.4%) 138,263 Tamar Petroleum Ltd. 1,125,394 880,747



Foreign Currency Forward Contracts (0.6%) (see Schedule A) 1,445,843


JAPAN (21.4%) 16,573 Disco Corp. 2,769,984 4,478,070 47,858 East Japan Railway Co. 6,081,063 5,719,463 14,756 FANUC Corp. 4,202,717 4,746,306 76,428 KDDI Corp. 2,449,071 2,503,200 9,416 Keyence Corp. 4,692,017 7,466,263 26,993 Koito Manufacturing Co., Ltd. 1,959,853 2,395,249 26,897 Nitori Holdings Co., Ltd. 4,709,646 6,018,924 115,552 Pigeon Corp. 4,427,809 6,665,549 70,517 Seria Co., Ltd.* 3,740,978 4,456,151 22,666 SoftBank Corp. 2,446,773 2,141,899 33,424 Tsuruha Holdings Inc. 4,561,360 6,146,272 42,041,271 52,737,346 GERMANY (14.1%) 13,075 Continental AG 4,617,344 4,648,548 21,050 Fielmann AG 2,276,803 2,192,117 135,993 Infineon Technologies AG 4,693,030 4,686,218 10,582 Isra Vision AG 2,459,157 2,868,205 16,100 Linde AG 3,682,742 4,366,387 38,794 Nemetschek AG 4,533,243 5,595,673 28,322 Sartorius AG 3,830,410 5,095,257 43,512 Stabilus S.A. 3,256,525 5,348,564 29,349,254 34,800,969 FRANCE (10.8%) 177,925 AXA S.A.* 6,912,373 6,091,680 42,968 Cap Gemini S.A.* 6,702,758 6,892,424 21,861 Dassault Systemes S.A. 3,021,229 3,825,476 12,235 LVMH Moet Hennessy Louis Vuitton S.A. 4,676,525 4,852,188 66,182 Total S.A.* 4,766,363 4,839,157 26,079,248 26,500,925 DENMARK (10.3%) 43,129 Chr. Hansen Holding AS* 3,873,846 4,777,744 43,448 Coloplast AS* 4,483,814 4,717,006 46,332 DSV AS 2,780,321 4,672,507 127,705 Novo Nordisk AS 7,086,003 8,078,127 46,251 Novozymes AS* 2,885,145 3,072,189 21,109,129 25,317,573 SWITZERLAND (9.2%) 220,856 ABB Ltd. 7,095,149 6,761,688 49,935 Nestle S.A., Registered Shares 5,395,185 5,088,377 8,850 Partners Group Holding AG 8,062,251 8,467,188 14,026 Temenos Group AG* 1,909,116 2,162,208 22,461,701 22,479,461 U.K. (5.4%) 180,370 Auto Trader Group PLC 1,158,862 1,142,837 562,749 BP PLC* 4,872,338 4,873,992 35,958 Croda International PLC 2,100,521 2,968,449 41,022 Randgold Resources Ltd. 4,685,366 4,360,635 12,817,087 13,345,913 NETHERLANDS (4.7%) 70,498 Euronext N.V. 5,870,411 6,637,577 180,558 RELX N.V.* 4,817,534 4,816,673 10,687,945 11,454,250 BELGIUM (3.2%) 41,297 KBC Groep N.V. 4,682,285 4,629,212 47,517 Umicore S.A. 3,493,345 3,233,376 8,175,630 7,862,588




AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)



1 Bank of Montreal A-1 26-Jun-18 1.84 (2,116,497) British Pound 3,887,116 Canadian $ 53,962 1 Canadian Imperial Bank of Commerce A-1 26-Jun-18 1.84 (2,110,503) British Pound 3,876,002 Canadian $ 53,704 1 Citigroup Inc. A-2 26-Jun-18 1.62 (11,874,077) Euro 19,197,414 Canadian $ 280,162 1 Citigroup Inc. A-2 26-Jun-18 0.01 (904,612,542) Japanese Yen 11,234,881 Canadian $ 235,243 1 HSBC Holdings PLC A-1 26-Jun-18 0.01 (941,535,503) Japanese Yen 11,690,877 Canadian $ 242,286 1 Royal Bank of Canada A-1+ 26-Jun-18 1.62 (12,082,878) Euro 19,535,065 Canadian $ 285,161 1 Royal Bank of Canada A-1+ 26-Jun-18 1.62 (1,722,905) Euro 2,796,370 Canadian $ 51,465 1 Royal Bank of Canada A-1+ 26-Jun-18 0.01 (263,761,580) Japanese Yen 3,274,513 Canadian $ 67,309 1 Royal Bank of Canada A-1+ 26-Jun-18 1.39 (5,855,000) Swiss Franc 8,115,578 Canadian $ 176,551 Total Foreign Currency Forward Contracts Value 1,445,843






DateContracts


Gain (Loss) ($)







Held forTrading






AssetsInvestments - 226,946 226,946 - 226,946Cash - - - 15,671 15,671Unrealized gain on futures and foreign currency forward contracts 1,446 - 1,446 - 1,446Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 386 386Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 5 5Receivable for share subscriptions - - - 326 326 1,446 226,946 228,392 16,388 244,780LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 503 503Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 503 503









Held forTrading






AssetsInvestments - 172,368 172,368 - 172,368Cash - - - 27,808 27,808Unrealized gain on futures and foreign currency forward contracts 323 - 323 - 323Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 328 328Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 231 231 323 172,368 172,691 28,367 201,058LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 578 - 578 - 578Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 190 190Dividends payable to holders of redeemable shares - - - 13 13Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 578 - 578 203 781







2018 2017Financial Instruments at FVTPLHeld for trading (4,417) 606Designated at fair value through profit or loss 34,589 19,792Total 30,172 20,398







NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 1,446 - - 1,446Derivative assets - Swaps and swaptions - - - -Total 1,446 - - 1,446Derivative liabilities - Foreign currency forward contracts - - - -Derivative liabilities - Swaps and swaptions - - - -Total - - - -





NetExposure














A Shares 2018 2017 12,641 16,629 422 1,168 331 615 (4,238) (5,771) 9,156 12,641

E Shares 2018 2017 1,416,593 1,136,067 355,584 723,535 33,349 68,775 (901,460) (511,784) 904,066 1,416,593

E3 Shares 2018 2017 - - 792,187 - 17,427 - (299,560) - 510,054 -

E4 Shares 2018 2017 - - 243,704 - 6,523 - (67,535) - 182,692 -

E5 Shares 2018 2017 - - 10,940 - 195 - (5,742) - 5,393 -

ET8 Shares 2018 2017 52,488 44,426 20,969 41,485 1,972 3,699 (40,096) (37,122) 35,333 52,488

E3T8 Shares 2018 2017 - - 19,464 - 718 - (6,783) - 13,399 -

E4T8 Shares 2018 2017 - - 9,989 - 377 - (4,696) - 5,670 -

E5T8 Shares 2018 2017 - - 1,000 - 116 - - - 1,116 -

F Shares 2018 2017 - - 316,834 - 5,865 - (167,247) - 155,452 -

F3 Shares 2018 2017 - - 170,876 - 4,331 - (49,577) - 125,630 -

F4 Shares 2018 2017 - - 60,584 - 2,200 - (1,312) - 61,472 -

F5 Shares 2018 2017 - - 1,000 - 38 - - - 1,038 -

FT8 Shares 2018 2017 - - 7,250 - 351 - (2) - 7,599 -

F3T8 Shares 2018 2017 - - 1,406 - 131 - - - 1,537 -

F4T8 Shares 2018 2017 - - 1,000 - 116 - - - 1,116 -

F5T8 Shares 2018 2017 - - 1,000 - 116 - - - 1,116 -

I Shares 2018 2017 6,324,086 4,211,526 1,615,621 3,532,367 247,099 307,106 (1,351,799) (1,726,913) 6,835,007 6,324,086

IT8 Shares 2018 2017 248,847 133,691 102,207 165,728 17,966 17,017 (57,683) (67,589) 311,337 248,847

OF Shares 2018 2017 1,906 1,749 1,343 64 108 93 (137) - 3,220 1,906







W Shares 2018 2017 4,284,611 3,469,682 778,230 2,256,946 158,811 208,274 (805,358) (1,650,291) 4,416,294 4,284,611

WT8 Shares 2018 2017 274,484 98,716 111,849 197,113 24,037 18,043 (46,557) (39,388) 363,813 274,484






Annual management

fee rate:


fee rate:











Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)Euro 83,179 (40,704) 42,475 17.3 Japanese Yen 52,910 (25,542) 27,368 11.1 Danish Krone 25,318 - 25,318 10.3 Swiss Franc 22,479 (7,890) 14,589 5.9 Hong Kong Dollar 8,353 - 8,353 3.4 Swedish Krona 7,735 - 7,735 3.2 Brazilian Real 7,573 - 7,573 3.1 British Pound 13,282 (7,639) 5,643 2.3 Norwegian Krone 5,403 - 5,403 2.2 Taiwan Dollar 3,313 - 3,313 1.3 Israeli Shekel 881 - 881 0.4 U.S. Dollar 451 - 451 0.2 Total 230,877 (81,775) 149,102 60.7


Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)Euro 47,159 (22,071) 25,088 11.9 Japanese Yen 43,213 (20,370) 22,843 10.8 British Pound 33,118 (16,851) 16,267 7.7 Danish Krone 14,009 - 14,009 6.6 Swedish Krona 7,067 - 7,067 3.4 U.S. Dollar 7,000 - 7,000 3.3 Swiss Franc 10,093 (3,816) 6,277 3.0 Norwegian Krone 4,561 - 4,561 2.2 New Zealand Dollar 3,213 - 3,213 1.5 Taiwan Dollar 3,049 - 3,049 1.4 South Africa Rand 1,558 (1,545) 13 - Total 174,040 (64,653) 109,387 51.8







as at March 31, 2017 Categories Net Assets (%)Japan 20.5 Other Net Assets (Liabilities) 18.4 U.K. 17.9 Denmark 6.6 Germany 6.4 Switzerland 4.8 France 4.4 Spain 4.0 Italy 3.6 Sweden 3.3 Norway 2.2 Ireland 1.7 New Zealand 1.5 Austria 1.3 Netherlands 1.0 Luxembourg 0.9 Taiwan 0.9 South Africa 0.7 Cayman Islands 0.0 Foreign Currency Forward Contracts (0.1)

















(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 226,946 - - 226,946 Foreign currency forward contracts, net - 1,446 - 1,446 Total 226,946 1,446 - 228,392


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 172,368 - - 172,368 Foreign currency forward contracts, net - (255) - (255) Total 172,368 (255) - 172,113





2018 2017

299,166 277,780 9,084 2,981

163 478 - -

- - - - - - - - 381 269 - - - - - - 113 3,807 671 377 602 69 310,180 285,761

- - - -

312 308 - - - - - -

- - - - 384 468 622 474 - 8 - - - - - - 565 220 1,883 1,478

308,297 284,283

239,289 235,183 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 133 171 11.05 9.67 11,899 17,721E Shares 14,105 23,380 15.36 13.35 918,431 1,751,172E3 Shares 4,846 - 10.94 - 442,863 -E4 Shares 1,612 - 10.95 - 147,186 -E5 Shares 1,371 - 10.95 - 125,198 -ET8 Shares 206 316 7.57 7.08 27,226 44,617E3T8 Shares 113 - 10.19 - 11,082 -E4T8 Shares 13 - 10.20 - 1,233 -E5T8 Shares 11 - 10.20 - 1,115 -F Shares 1,310 - 11.03 - 118,789 -F3 Shares 1,158 - 11.06 - 104,705 -F4 Shares 479 - 11.06 - 43,289 -F5 Shares 11 - 11.07 - 1,039 -FT8 Shares 69 - 10.30 - 6,726 -F3T8 Shares 14 - 10.30 - 1,373 -F4T8 Shares 11 - 10.30 - 1,115 -F5T8 Shares 11 - 10.31 - 1,115 -I Shares 135,848 123,785 17.55 14.90 7,742,614 8,306,722IT8 Shares 3,245 2,863 10.27 9.37 315,998 305,535OF Shares 236 40 11.91 10.31 19,798 3,852W Shares 130,523 120,713 14.71 12.52 8,872,934 9,638,533WT8 Shares 12,972 13,015 9.14 8.36 1,419,031 1,556,269







CIG - 17671




2018 2017

5,861 5,743 49 110 - - - - - - - -

- - - -

40,638 7,551

16,961 43,184 63,509 56,588 (254) (684) - - 158 81 - - (96) (603) 63,413 55,985

461 522 361 355 1,376 1,161 8 8 - - 10 3 580 607 90 98 2,886 2,754 908 476

59,619 52,755









2018 2017 2018 2017 2018 2017A Shares 31 39 2.00 1.21 14,826 32,664E Shares 3,279 4,108 3.01 1.92 1,090,675 2,145,132E3 Shares 591 - 1.38 - 428,696 -E4 Shares 239 - 1.42 - 168,590 -E5 Shares 126 - 1.31 - 95,570 -ET8 Shares 46 64 1.57 1.11 30,061 58,471E3T8 Shares 12 - 1.30 - 9,102 -E4T8 Shares 1 - 1.11 - 1,150 -E5T8 Shares 1 - 1.34 - 1,034 -F Shares 59 - 1.04 - 56,869 -F3 Shares 65 - 1.35 - 47,622 -F4 Shares 1 - 0.03 - 11,093 -F5 Shares 1 - 1.49 - 1,000 -FT8 Shares 5 - 1.42 - 3,528 -F3T8 Shares 1 - 1.25 - 1,081 -F4T8 Shares 1 - 1.43 - 1,034 -F5T8 Shares 1 - 1.43 - 1,034 -I Shares 26,517 23,523 3.40 2.47 7,813,177 9,534,119IT8 Shares 635 466 2.09 1.68 305,057 278,939OF Shares 34 9 2.02 1.58 17,074 5,185W Shares 25,278 22,185 2.81 2.14 8,989,516 10,368,886WT8 Shares 2,695 2,361 1.84 1.47 1,469,477 1,624,795
















A Shares 2018 2017 171 370 31 39

(1) - (4) (5) - - (5) (5)

12 78 5 5 (81) (316) (64) (233) (38) (199) 133 171

E Shares 2018 2017 23,380 26,620 3,279 4,108

(84) - (447) (701) - - (531) (701)

6,107 13,373 530 700 (18,660) (20,720) (12,023) (6,647) (9,275) (3,240) 14,105 23,380

E3 Shares 2018 2017 - - 591 -

(28) - (148) - - - (176) -

7,812 - 174 - (3,555) - 4,431 - 4,846 - 4,846 -

E4 Shares 2018 2017 - - 239 -

(11) - (57) - - - (68) -

2,624 - 68 - (1,251) - 1,441 - 1,612 - 1,612 -

E5 Shares 2018 2017 - - 126 -

(6) - (34) - - - (40) -

1,675 - 40 - (430) - 1,285 - 1,371 - 1,371 -

ET8 Shares 2018 2017 316 420 46 64

(1) - (6) (9) (16) (33) (23) (42)

124 272 10 16 (267) (414) (133) (126) (110) (104) 206 316

E3T8 Shares 2018 2017 - - 12 -

(1) - (4) - (7) - (12) -

152 - 6 - (45) - 113 - 113 - 113 -

E4T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

45 - 1 - (33) - 13 - 13 - 13 -

E5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F Shares 2018 2017 - - 59 -

(8) - (44) - - - (52) -

2,870 - 52 - (1,619) - 1,303 - 1,310 - 1,310 -

F3 Shares 2018 2017 - - 65 -

(6) - (33) - - - (39) -

1,613 - 39 - (520) - 1,132 - 1,158 - 1,158 -

F4 Shares 2018 2017 - - 1 -

(3) - (15) - - - (18) -

521 - 17 - (42) - 496 - 479 - 479 -












F5 Shares 2018 2017 - - 1 -

- - - - - - - -

10 - - - - - 10 - 11 - 11 -

FT8 Shares 2018 2017 - - 5 -

- - (2) - (3) - (5) -

67 - 3 - (1) - 69 - 69 - 69 -

F3T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

13 - 1 - - - 14 - 14 - 14 -

F4T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

I Shares 2018 2017 123,785 119,054 26,517 23,523

(799) - (4,254) (3,713) - - (5,053) (3,713)

34,291 75,539 5,047 3,708 (48,739) (94,326) (9,401) (15,079) 12,063 4,731 135,848 123,785

IT8 Shares 2018 2017 2,863 2,044 635 466

(19) - (102) (85) (227) (208) (348) (293)

873 2,229 185 146 (963) (1,729) 95 646 382 819 3,245 2,863

OF Shares 2018 2017 40 63 34 9

(1) - (7) (1) - - (8) (1)

216 13 8 1 (54) (45) 170 (31) 196 (23) 236 40

W Shares 2018 2017 120,713 112,083 25,278 22,185

(765) - (4,072) (3,619) - - (4,837) (3,619)

23,671 61,060 4,837 3,616 (39,139) (74,612) (10,631) (9,936) 9,810 8,630 130,523 120,713

WT8 Shares 2018 2017 13,015 12,131 2,695 2,361

(76) - (406) (390) (975) (1,083) (1,457) (1,473)

2,048 8,817 900 870 (4,229) (9,691) (1,281) (4) (43) 884 12,972 13,015

Total Fund 2018 2017 284,283 272,785 59,619 52,755

(1,809) - (9,635) (8,523) (1,233) (1,324) (12,677) (9,847)

84,774 161,381 11,926 9,062 (119,628) (201,853) (22,928) (31,410) 24,014 11,498 308,297 284,283




2018 2017

59,619 52,755

(40,638) (7,551) 117 (2,723) 1,376 1,161

(16,961) (43,184) 330,205 362,236 (291,438) (371,600) - - - - - - (112) (66) - - - - - - - - (188) 220 41,980 (8,752)

(759) (777) 60,002 161,351 (95,002) (201,669) (35,759) (41,095)

(117) 2,723 6,221 (49,847) 2,981 50,105 9,085 2,981

5,014 4,950 49 110 - - 10 3 (1,097) -









CANADA (5.4%) 1,183,217 Ivanhoe Mines Ltd.* 3,653,909 3,218,350 625,500 Kinross Gold Corp. 3,097,602 3,183,795 504,250 Lundin Mining Corp. 2,946,125 4,260,912 228,550 Parex Resources Inc. 3,611,318 4,141,326 1,390,800 Trevali Mining Corp. 1,681,853 1,808,040 14,990,807 16,612,423 HONG KONG (4.1%) 601,228 AIA Group Ltd. 4,635,547 6,552,969 1,524,550 China State Construction International Holdings Ltd. 3,289,392 2,397,386 2,189,000 China Unicom (Hong Kong) Ltd. 4,055,313 3,557,229 11,980,252 12,507,584 U.K. (3.5%) 89,700 Mondi PLC 3,183,289 3,104,339 134,950 Royal Dutch Shell PLC 4,920,586 5,447,118 69,444 TBC Bank Group PLC 1,923,653 2,309,194 10,027,528 10,860,651 SOUTH AFRICA (3.5%) 93,200 Barclays Africa Group Ltd. 1,333,942 1,923,960 28,000 Naspers Ltd. 8,981,447 8,811,404 10,315,389 10,735,364 RUSSIA (3.4%) 68,804 Sberbank of Russia (RUB) 398,191 391,309 421,500 Sberbank of Russia, ADR (London) 6,821,268 10,116,000 7,219,459 10,507,309 JERSEY ISLAND (2.3%) 688,295 Glencore PLC 3,817,084 4,400,889 26,000 Randgold Resources Ltd., ADR 3,059,172 2,788,071 6,876,256 7,188,960 ARGENTINA (2.1%) 11,300 Banco Macro S.A., ADR 1,586,333 1,571,737 23,100 Pampa Energia S.A. 1,778,835 1,773,604 107,200 YPF S.A., ADR 2,721,768 2,985,719 6,086,936 6,331,060 INDONESIA (2.0%) 902,600 Bank Central Asia Tbk PT 1,260,007 1,968,219 5,035,086 Bank Rakyat Indonesia Persero Tbk PT 1,129,603 1,696,413 11,613,700 Perusahaan Gas Negara Persero Tbk PT 1,857,940 2,499,888 4,247,550 6,164,520 PANAMA (1.7%) 102,936 Intercorp Financial Services Inc. 4,027,727 5,370,574 MEXICO (1.6%) 317,411 Grupo Financiero Banorte S.A.B. de C.V. 2,276,065 2,499,280 399,850 Infraestructura Energetica Nova S.A.B. de C.V. 2,165,973 2,519,174 4,442,038 5,018,454 CZECH REPUBLIC (1.5%) 863,773 Moneta Money Bank AS 3,798,520 4,608,390 LUXEMBOURG (1.5%) 118,116 Corp America Airports S.A. 2,463,588 1,877,683 116,400 Nexa Resources S.A. 2,393,283 2,625,654 4,856,871 4,503,337 THAILAND (1.5%) 1,248,700 CP ALL PCL 2,881,064 4,491,299

CAYMAN ISLANDS (18.9%) 58,860 AirTAC International Group 636,179 1,351,781 67,250 Alibaba Group Holding Ltd., ADR* 8,787,688 15,900,889 304,950 Anta Sports Products Ltd. 1,002,904 1,982,233 7,400 Baidu Inc., ADR 2,283,755 2,127,673 2,421,000 China Everbright Greentech Ltd. 2,465,935 3,119,574 150,611 GDS Holdings Ltd., ADR* 4,867,055 5,325,954 70,350 JD.com Inc., ADR 2,771,511 3,669,528 347,428 Sands China Ltd. 2,130,227 2,406,623 241,300 Tencent Holdings Ltd. 9,285,138 16,223,633 32,100 Weibo Corp., ADR* 4,174,929 4,943,297 2,128,887 YiXin Group Ltd. 2,331,566 1,586,497 40,736,887 58,637,682 CHINA (9.7%) 44,300 A-Living Services Co., Ltd. 88,269 83,043 1,723,624 Baoshan Iron & Steel Co., Ltd. 3,245,096 3,050,125 3,173,800 China Construction Bank Corp., Shares H 3,751,645 4,198,996 6,240,400 China Longyuan Power Group Corp., Ltd., Shares H 5,940,821 6,166,514 180,442 Media Group Co., Ltd. 2,133,880 2,043,733 1,210,518 PICC Property & Casualty Co., Ltd., Shares H 2,719,733 2,730,165 581,000 Ping An Insurance (Group) Co. of China Ltd., Shares H 5,430,975 7,610,442 127,993 SAIC Motor Corp., Ltd. 713,389 863,517 215,609 Soufeiya Home Collection Co., Ltd. 1,500,794 1,491,722 149,062 Zhejiang Dingli Machinery Co., Ltd. 1,947,389 2,034,221 27,471,991 30,272,478 INDIA (8.4%) 81,866 Godrej Consumer Products Ltd. 1,073,904 1,771,329 256,100 Housing Development Finance Corp., Ltd. 6,533,767 9,249,804 1,584,200 ICICI Bank Ltd. 7,799,267 8,724,058 376,700 ITC Ltd. 1,961,241 1,904,162 91,650 Larsen & Toubro Ltd. 1,953,328 2,376,946 60,800 Shriram Transport Finance Co., Ltd. 1,124,607 1,731,660 20,446,114 25,757,959 TAIWAN (7.1%) 312,800 GlobalWafers Co., Ltd. 3,956,866 6,415,571 233,300 Himax Technologies Inc., ADR* 2,755,765 1,851,373 183,250 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 5,842,049 10,330,461 243,800 WIN Semiconductors Corp. 3,384,701 3,376,734 15,939,381 21,974,139 SOUTH KOREA (5.9%) 37,900 Hankook Tire Co., Ltd. 2,502,417 2,417,668 170,600 Hanon Systems 2,508,644 2,389,641 4,489 Samsung Electronics Co., Ltd. 7,484,755 13,348,784 12,495,816 18,156,093 BRAZIL (5.5%) 554,300 Ambev S.A. 4,358,306 5,206,289 208,450 Banco do Brasil S.A. 2,456,784 3,337,419 236,500 IRB Brasil Resseguros S.A. 2,960,624 3,863,115 95,000 Raia Drogasil S.A. 2,114,096 2,772,889 354,100 Rumo S.A. 1,690,140 1,817,017 13,579,950 16,996,729




AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)



NORWAY (1.4%) 139,400 Statoil ASA 3,294,221 4,230,797 GERMANY (1.2%) 57,900 Delivery Hero AG 2,234,504 3,606,762 SINGAPORE (1.1%) 119,514 Great Eastern Holdings Ltd. 2,456,142 3,481,823 EXCHANGE-TRADED FUND(S) (1.0%) 69,400 iShares MSCI India ETF* 3,250,923 3,051,365 PORTUGAL (0.8%) 99,100 Galp Energia SGPS S.A. 1,742,718 2,404,105 MALAYSIA (0.8%) 2,515,200 Inari Amertron Bhd 1,935,804 2,345,534 U.S.A. (0.6%) 31,300 Air Lease Corp.* 1,382,889 1,718,526 BERMUDA (0.5%) 5,580 Credicorp Ltd. 1,040,675 1,632,056



Foreign Currency Forward Contracts (0.0%) (see Schedule A) (149,488)


*Denotes all or part of securities on loan.‡Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Service.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.





DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 16-May-18 0.80 (333,091) US $ 417,121 Canadian $ (11,564)1 Bank of Montreal A-1 16-May-18 0.80 (166,742) US $ 208,683 Canadian $ (5,912)1 Bank of Montreal A-1 16-Apr-18 0.81 (109,818) US $ 136,284 Canadian $ (5,135)1 Bank of Montreal A-1 12-Jun-18 1.31 (199,703) US $ 261,324 Canadian $ 4,417 1 Bank of Montreal A-1 16-Apr-18 0.79 (665,179) Canadian $ 522,995 US $ 8,328 1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (333,091) US $ 417,015 Canadian $ (11,670)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.81 (164,726) US $ 204,483 Canadian $ (7,644)


AverageCost ($)

FairValue ($)





1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (198,566) US $ 248,680 Canadian $ (6,873)1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.29 (449,080) US $ 577,921 Canadian $ 240 1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.31 (35,727) US $ 46,690 Canadian $ 729 1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (743,616) Canadian $ 581,475 US $ 5,204 1 Citigroup Inc. A-2 16-May-18 0.80 (194,532) US $ 243,285 Canadian $ (7,075)1 Citigroup Inc. A-2 16-May-18 0.80 (166,545) US $ 208,906 Canadian $ (5,437)1 Citigroup Inc. A-2 16-Apr-18 0.81 (109,818) US $ 136,291 Canadian $ (5,128)1 Citigroup Inc. A-2 12-Jun-18 1.29 (313,777) US $ 404,120 Canadian $ 486 1 Citigroup Inc. A-2 16-May-18 0.79 (278,201) Canadian $ 218,721 US $ 3,301 1 Citigroup Inc. A-2 12-Jun-18 1.31 (185,483) US $ 242,472 Canadian $ 3,858 1 Citigroup Inc. A-2 12-Jun-18 1.30 (559,420) US $ 724,449 Canadian $ 4,813 1 HSBC Holdings PLC A-1 16-May-18 0.80 (277,903) US $ 348,813 Canadian $ (8,848)1 HSBC Holdings PLC A-1 16-Apr-18 0.81 (164,726) US $ 204,507 Canadian $ (7,620)1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (447,536) US $ 576,292 Canadian $ 595 1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (272,223) US $ 350,814 Canadian $ 633 1 HSBC Holdings PLC A-1 16-May-18 0.79 (968,385) Canadian $ 761,149 US $ 11,242 1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (166,546) US $ 208,890 Canadian $ (5,454)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.81 (109,818) US $ 136,259 Canadian $ (5,160)1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (55,598) US $ 69,662 Canadian $ (1,893)1 JPMorgan Chase & Co. A-2 12-Jun-18 1.31 (191,482) US $ 250,273 Canadian $ 3,943 1 Morgan Stanley A-2 16-May-18 0.80 (250,113) US $ 312,898 Canadian $ (8,994)1 Morgan Stanley A-2 16-May-18 0.80 (166,545) US $ 208,789 Canadian $ (5,553)1 Morgan Stanley A-2 16-Apr-18 0.81 (109,817) US $ 136,283 Canadian $ (5,135)1 Morgan Stanley A-2 12-Jun-18 1.29 (559,420) US $ 724,345 Canadian $ 4,710 1 Royal Bank of Canada A-1+ 11-Jun-18 0.31 (3,340,354) US $ 10,918,000 Brazilian Real (70,364)1 Royal Bank of Canada A-1+ 11-Jun-18 0.31 (3,340,354) US $ 10,918,000 Brazilian Real (70,364)1 Royal Bank of Canada A-1+ 16-May-18 0.79 (1,275,000) US $ 1,619,212 Canadian $ (21,753)1 Royal Bank of Canada A-1+ 28-Jun-18 0.71 (2,314,540) British Pound 3,255,456 US $ (5,475)1 Royal Bank of Canada A-1+ 16-May-18 0.79 (186,073) US $ 234,365 Canadian $ (5,113)1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (1,334,832) Canadian $ 1,034,000 US $ (4,714)1 Royal Bank of Canada A-1+ 16-Apr-18 0.80 (83,424) US $ 103,639 Canadian $ (3,791)1 Royal Bank of Canada A-1+ 28-Jun-18 0.81 (1,090,000) Euro 1,348,888 US $ (2,062)1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (1,006,956) US $ 1,300,496 Canadian $ 5,164 1 Royal Bank of Canada A-1+ 12-Jun-18 0.78 (2,476,220) Canadian $ 1,935,000 US $ 12,848 1 Royal Bank of Canada A-1+ 11-Jun-18 0.30 (21,836,000) Brazilian Real 6,635,402 US $ 82,639 1 The Bank of Nova Scotia A-1 16-Apr-18 0.81 (164,726) US $ 204,513 Canadian $ (7,614)1 The Bank of Nova Scotia A-1 16-May-18 0.80 (166,546) US $ 208,757 Canadian $ (5,587)1 The Bank of Nova Scotia A-1 12-Jun-18 1.31 (191,482) US $ 250,293 Canadian $ 3,962 1 The Bank of Nova Scotia A-1 12-Jun-18 1.30 (559,420) US $ 724,505 Canadian $ 4,869 1 Toronto-Dominion Bank A-1+ 12-Jun-18 1.31 (22,618) US $ 29,559 Canadian $ 463 Total Foreign Currency Forward Contracts Value (149,488)

Schedule A (cont’d)Foreign Currency Forward Contracts (0.0%)



DateContracts


Gain (Loss) ($)






Held forTrading






AssetsInvestments - 299,166 299,166 - 299,166Cash - - - 9,084 9,084Unrealized gain on futures and foreign currency forward contracts 163 - 163 - 163Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 381 381Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 113 113Receivable for share subscriptions - - - 671 671 163 299,166 299,329 10,249 309,578LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 312 - 312 - 312Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 384 384Payable for share redemptions - - - 622 622Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 312 - 312 1,006 1,318









Held forTrading






AssetsInvestments - 277,780 277,780 - 277,780Cash - - - 2,981 2,981Unrealized gain on futures and foreign currency forward contracts 478 - 478 - 478Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 269 269Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 3,807 3,807Receivable for share subscriptions - - - 377 377 478 277,780 278,258 7,434 285,692LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 308 - 308 - 308Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 468 468Payable for share redemptions - - - 474 474Dividends payable to holders of redeemable shares - - - 8 8Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 308 - 308 950 1,258














NetExposure






NetExposure










Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)iShares MSCI India ETF 6,799,116 3,051 -





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)iShares MSCI Malaysia ETF 456,400 3,486 0.8iShares MSCI India ETF 6,336,268 4,434 0.1














2018 2017Brokerage commissions 1,238 1,135Soft dollar commissions† 169 233

A Shares 2018 2017 17,721 43,443 1,171 8,774 442 534 (7,435) (35,030) 11,899 17,721

E Shares 2018 2017 1,751,172 2,282,909 406,572 1,079,480 34,520 52,450 (1,273,833) (1,663,667) 918,431 1,751,172

E3 Shares 2018 2017 - - 757,133 - 15,939 - (330,209) - 442,863 -

E4 Shares 2018 2017 - - 255,563 - 6,221 - (114,598) - 147,186 -

E5 Shares 2018 2017 - - 161,611 - 3,735 - (40,148) - 125,198 -

ET8 Shares 2018 2017 44,617 62,447 16,505 39,238 1,279 2,328 (35,175) (59,396) 27,226 44,617

E3T8 Shares 2018 2017 - - 14,723 - 556 - (4,197) - 11,082 -

E4T8 Shares 2018 2017 - - 4,193 - 121 - (3,081) - 1,233 -

E5T8 Shares 2018 2017 - - 1,000 - 115 - - - 1,115 -

F Shares 2018 2017 - - 262,645 - 4,786 - (148,642) - 118,789 -

F3 Shares 2018 2017 - - 146,508 - 3,520 - (45,323) - 104,705 -

F4 Shares 2018 2017 - - 45,267 - 1,580 - (3,558) - 43,289 -

F5 Shares 2018 2017 - - 1,000 - 39 - - - 1,039 -

FT8 Shares 2018 2017 - - 6,494 - 323 - (91) - 6,726 -

F3T8 Shares 2018 2017 - - 1,251 - 124 - (2) - 1,373 -

F4T8 Shares 2018 2017 - - 1,000 - 115 - - - 1,115 -

F5T8 Shares 2018 2017 - - 1,000 - 115 - - - 1,115 -

I Shares 2018 2017 8,306,722 9,363,975 2,004,339 5,531,734 287,625 248,841 (2,856,072) (6,837,828) 7,742,614 8,306,722

IT8 Shares 2018 2017 305,535 235,427 85,219 246,639 18,000 15,789 (92,756) (192,320) 315,998 305,535

OF Shares 2018 2017 3,852 7,069 19,906 1,394 723 115 (4,683) (4,726) 19,798 3,852







W Shares 2018 2017 9,638,533 10,465,366 1,654,232 5,345,768 328,774 288,847 (2,748,605) (6,461,448) 8,872,934 9,638,533

WT8 Shares 2018 2017 1,556,269 1,561,582 223,544 1,099,988 98,039 106,457 (458,821) (1,211,758) 1,419,031 1,556,269






Annual management

fee rate:


fee rate:











Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 84,815 (404) 84,411 27.4 Hong Kong Dollar 58,562 - 58,562 19.0 Indian Rupee 25,776 - 25,776 8.4 Korean Won 18,156 - 18,156 5.9 Brazilian Real 17,178 - 17,178 5.6 British Pound 15,373 (4,183) 11,190 3.6 South Africa Rand 10,735 - 10,735 3.5 Chinese Renminbi 9,481 - 9,481 3.1 Taiwan Dollar 9,170 - 9,170 3.0 Indonesian Rupiah 6,165 - 6,165 2.0 Mexican Peso 5,018 - 5,018 1.6 Czech Koruna 4,608 - 4,608 1.5 Thai Baht 4,491 - 4,491 1.5 Euro 6,094 (1,728) 4,366 1.4 Norwegian Krone 4,265 - 4,265 1.4 Singapore Dollar 3,482 - 3,482 1.1 Malaysian Ringgit 2,367 - 2,367 0.8 Philippine Peso 1,190 - 1,190 0.4 Russian Rouble 394 - 394 0.1 Total 287,320 (6,315) 281,005 91.3


Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 63,254 (331) 62,923 22.1 Hong Kong Dollar 45,500 - 45,500 16.0 Indian Rupee 30,014 - 30,014 10.6 Korean Won 25,837 (6,804) 19,033 6.7 Taiwan Dollar 17,333 - 17,333 6.1 Brazilian Real 13,334 - 13,334 4.7 British Pound 10,987 (2,236) 8,751 3.1 Philippine Peso 7,730 - 7,730 2.7 Indonesian Rupiah 7,627 - 7,627 2.7 Mexican Peso 7,117 - 7,117 2.5 Euro 10,331 (3,926) 6,405 2.3 Thai Baht 4,971 - 4,971 1.7 Israeli Shekel 4,228 - 4,228 1.5 Singapore Dollar 4,027 - 4,027 1.4 Norwegian Krone 3,186 - 3,186 1.1 Chilean Peso 2,906 - 2,906 1.0 Chinese Renminbi 1,374 - 1,374 0.5 Polish Zloty 1,372 - 1,372 0.5 Total 261,128 (13,297) 247,831 87.2






as at March 31, 2017 Categories Net Assets (%)Cayman Islands 14.4 India 10.6 South Korea 9.2 Canada 8.2 U.S.A. 6.5 Taiwan 6.4 Hong Kong 6.0 Brazil 4.6 China 3.4 Bermuda 3.3 Austria 2.9 U.K. 2.9 Philippines 2.7 Indonesia 2.6 Mexico 2.5 Other Net Assets (Liabilities) 2.2 Chile 2.1 Thailand 1.7 Israel 1.5 Panama 1.5 Singapore 1.4 Norway 1.1 Jersey Island 1.0 Portugal 0.7 Poland 0.5 Foreign Currency Forward Contracts 0.1

Credit RiskAs at March 31, 2018 and 2017, the Fund’s exposure to credit risk through derivative instruments was insignificant.

Other Price RiskAs at March 31, 2018 and 2017, the Fund was predominantly invested in global equities and therefore was sensitive to changes in general economic conditions across the world.










(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 296,115 - - 296,115 Exchange-traded fund(s) 3,051 - - 3,051 Foreign currency forward contracts, net - (149) - (149) Total 299,166 (149) - 299,017


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 275,690 2,090 - 277,780 Foreign currency forward contracts, net - 170 - 170 Total 275,690 2,260 - 277,950






2018 2017

634,239 605,466 38,030 14,144

- 13 - -

- - - - - - - - 222 256 - - - - - - 1,547 5,118 1,646 695 2,725 2,744 678,409 628,436

- - - -

- 15 - - - - - -

- - - - 227 2,295 999 828 1 18 - - - - - - 1,149 378 2,376 3,534

676,033 624,902

629,135 547,992 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 1,723 2,235 13.44 13.88 128,360 161,025E Shares 140,711 189,350 15.20 15.60 9,257,693 12,135,199E3 Shares 30,797 - 9.22 - 3,341,854 -E4 Shares 5,247 - 9.23 - 568,654 -E5 Shares 3,808 - 9.24 - 412,321 -ET8 Shares 240 327 8.30 9.20 28,856 35,510E3T8 Shares 66 - 8.53 - 7,697 -E4T8 Shares 21 - 8.55 - 2,506 -E5T8 Shares 10 - 8.56 - 1,120 -F Shares 4,180 - 9.30 - 449,459 -F3 Shares 2,592 - 9.31 - 278,465 -F4 Shares 713 - 9.32 - 76,545 -F5 Shares 10 - 9.33 - 1,038 -FT8 Shares 98 - 8.63 - 11,344 -F3T8 Shares 12 - 8.63 - 1,415 -F4T8 Shares 10 - 8.64 - 1,120 -F5T8 Shares 10 - 8.65 - 1,120 -I Shares 265,974 224,141 18.86 18.91 14,102,134 11,852,310IT8 Shares 3,491 3,136 11.55 12.50 302,327 250,923OF Shares 127 157 17.49 17.88 7,234 8,802W Shares 204,302 193,763 22.42 22.53 9,114,137 8,599,814WT8 Shares 11,891 11,793 9.62 10.43 1,236,608 1,130,364







CIG - 17676




2018 2017

12,536 10,675 185 73 - - - - - - - -

- - - -

65,608 33,250

(52,368) 75,014 25,961 119,012 (273) (435) - - 68 68 - - (205) (367) 25,756 118,645

3,630 3,249 879 780 1,109 1,039 - - - - - - 1,265 1,163 518 461 7,401 6,692 1,984 818

16,371 111,135









2018 2017 2018 2017 2018 2017A Shares 29 402 0.21 2.13 144,322 188,807E Shares 4,616 31,747 0.47 2.72 9,635,198 11,678,555E3 Shares (1,613) - (0.58) - 2,809,938 -E4 Shares (255) - (0.57) - 451,129 -E5 Shares (126) - (0.51) - 246,150 -ET8 Shares 11 60 0.32 1.61 33,393 37,555E3T8 Shares (3) - (0.64) - 5,443 -E4T8 Shares (1) - (0.75) - 2,210 -E5T8 Shares - - (0.40) - 1,036 -F Shares (107) - (0.53) - 204,648 -F3 Shares (43) - (0.33) - 126,901 -F4 Shares (18) - (0.61) - 29,721 -F5 Shares - - (0.33) - 1,000 -FT8 Shares - - (0.17) - 4,943 -F3T8 Shares (1) - (0.50) - 1,090 -F4T8 Shares - - (0.32) - 1,036 -F5T8 Shares - - (0.30) - 1,036 -I Shares 7,343 39,895 0.59 3.87 12,428,941 10,311,626IT8 Shares 110 534 0.41 2.75 264,092 194,664OF Shares 4 45 0.40 2.47 8,604 18,229W Shares 6,050 36,427 0.72 4.34 8,439,365 8,405,935WT8 Shares 375 2,025 0.32 2.23 1,152,046 909,283
















A Shares 2018 2017 2,235 2,575 29 402

(16) (16) (47) (93) - - (63) (109)

192 324 63 109 (733) (1,066) (478) (633) (512) (340) 1,723 2,235

E Shares 2018 2017 189,350 153,894 4,616 31,747

(1,300) (1,370) (3,849) (7,845) - - (5,149) (9,215)

43,764 67,762 5,147 9,213 (97,017) (64,051) (48,106) 12,924 (48,639) 35,456 140,711 189,350

E3 Shares 2018 2017 - - (1,613) -

(278) - (825) - - - (1,103) -

46,443 - 1,102 - (14,032) - 33,513 - 30,797 - 30,797 -

E4 Shares 2018 2017 - - (255) -

(52) - (155) - - - (207) -

8,783 - 207 - (3,281) - 5,709 - 5,247 - 5,247 -

E5 Shares 2018 2017 - - (126) -

(28) - (83) - - - (111) -

4,842 - 111 - (908) - 4,045 - 3,808 - 3,808 -

ET8 Shares 2018 2017 327 326 11 60

(2) (2) (7) (14) (24) (29) (33) (45)

181 183 13 23 (259) (220) (65) (14) (87) 1 240 327

E3T8 Shares 2018 2017 - - (3) -

(1) - (2) - (4) - (7) -

140 - 4 - (68) - 76 - 66 - 66 -

E4T8 Shares 2018 2017 - - (1) -

- - (1) - (2) - (3) -

56 - 2 - (33) - 25 - 21 - 21 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - (107) -

(39) - (116) - - - (155) -

8,007 - 155 - (3,720) - 4,442 - 4,180 - 4,180 -

F3 Shares 2018 2017 - - (43) -

(22) - (66) - - - (88) -

3,283 - 88 - (648) - 2,723 - 2,592 - 2,592 -

F4 Shares 2018 2017 - - (18) -

(7) - (19) - - - (26) -

850 - 26 - (119) - 757 - 713 - 713 -












F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - - -

(1) - (3) - (4) - (8) -

102 - 4 - - - 106 - 98 - 98 -

F3T8 Shares 2018 2017 - - (1) -

- - - - (1) - (1) -

13 - 1 - - - 14 - 12 - 12 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 224,141 152,973 7,343 39,895

(2,439) (1,620) (7,223) (9,277) - - (9,662) (10,897)

77,313 95,965 9,649 10,887 (42,810) (64,682) 44,152 42,170 41,833 71,168 265,974 224,141

IT8 Shares 2018 2017 3,136 1,779 110 534

(32) (22) (94) (129) (256) (202) (382) (353)

943 2,098 203 220 (519) (1,142) 627 1,176 355 1,357 3,491 3,136

OF Shares 2018 2017 157 332 4 45

(1) (1) (3) (7) - - (4) (8)

13 203 4 8 (47) (423) (30) (212) (30) (175) 127 157

W Shares 2018 2017 193,763 162,569 6,050 36,427

(1,875) (1,401) (5,554) (8,020) - - (7,429) (9,421)

40,401 70,383 7,425 9,416 (35,908) (75,611) 11,918 4,188 10,539 31,194 204,302 193,763

WT8 Shares 2018 2017 11,793 8,120 375 2,025

(109) (85) (324) (489) (933) (788) (1,366) (1,362)

1,788 6,643 784 931 (1,483) (4,564) 1,089 3,010 98 3,673 11,891 11,793

Total Fund 2018 2017 624,902 482,568 16,371 111,135

(6,202) (4,517) (18,371) (25,874) (1,227) (1,019) (25,800) (31,410)

237,154 243,561 24,991 30,807 (201,585) (211,759) 60,560 62,609 51,131 142,334 676,033 624,902




2018 2017

16,371 111,135

(65,608) (33,250) (4) 3 1,109 1,039

52,368 (75,014) 274,071 221,248 (289,212) (259,286) - - - - - - 34 (160) - - - - - - - - 790 (2,236) (10,081) (36,521)

(826) (585) 131,841 243,321 (97,052) (211,609) 33,963 31,127

4 (3) 23,882 (5,394) 14,144 19,541 38,030 14,144

11,305 9,352 184 70 - - - - (1,196) -









BELGIUM (3.1%) 612,962 Ontex Group N.V. 24,770,530 21,102,783 AUSTRIA (2.8%) 584,009 Wienerberger AG 14,202,910 18,810,035 LUXEMBOURG (2.4%) 930,002 SES S.A. 25,919,474 16,193,111 CAYMAN ISLANDS (0.0%) 3,101,800 China Metal Recycling Holdings Ltd. 3,065,493 1 Commissions and other portfolio transaction costs (1,381,755)


U.K. (17.9%) 654,880 BAE Systems PLC 6,980,670 6,880,891 1,163,512 BTG PLC 14,226,957 14,214,301 207,285 Carnival PLC 15,276,441 17,156,998 390,870 Dialog Semiconductor PLC 20,269,212 11,954,281 24,843,233 Lloyds Banking Group PLC 28,694,571 29,030,315 3,540,269 Morgan Advanced Materials PLC* 17,811,950 20,371,230 2,114,510 Tate & Lyle PLC 23,966,419 20,811,113 127,226,220 120,419,129 JAPAN (9.4%) 149,721 Daikin Industries Ltd. 20,507,429 21,106,575 429,088 Dentsu Inc. 27,744,059 24,154,324 870,198 Santen Pharmaceutical Co., Ltd. 16,373,709 18,540,708 64,625,197 63,801,607 NETHERLANDS (8.0%) 140,390 ASM International N.V. 7,135,584 13,186,944 714,310 Boskalis Westminster N.V. 33,065,112 26,946,976 107,412 Koninklijke DSM N.V. 8,563,006 13,729,341 48,763,702 53,863,261 FRANCE (7.4%) 128,718 Accor S.A. 7,216,028 8,946,543 667,660 Altran Technologies S.A.* 14,835,773 12,720,559 606,482 Altran Technologies S.A., Rights (09Apr18)* - 1,307,384 170,750 Cap Gemini S.A. 19,950,688 27,389,719 42,002,489 50,364,205 BERMUDA (6.8%) 4,187,194 Haier Electronics Group Co., Ltd. 10,449,273 19,210,370 23,886,414 Kunlun Energy Co., Ltd. 26,736,296 26,544,250 37,185,569 45,754,620 INDIA (5.3%) 3,157,929 ICICI Bank Ltd., ADR 29,248,372 36,003,442 GERMANY (5.0%) 269,182 HeidelbergCement AG 30,154,289 34,039,753 CHINA (4.9%) 5,176,111 Sinopharm Group Co., Ltd., Shares H 29,170,093 33,390,811 SPAIN (4.6%) 3,275,090 Distribuidora Internacional de Alimentacion S.A. 25,292,478 17,894,142 475,079 Grifols S.A., ADR 10,821,041 12,974,782 36,113,519 30,868,924 ITALY (4.4%) 1,200,627 Assicurazioni Generali SpA* 27,504,116 29,735,448 SWITZERLAND (4.4%) 642,935 Aryzta AG 28,345,607 18,410,415 124,984 Basilea Pharmaceutica AG 15,924,081 11,183,045 44,269,688 29,593,460 PORTUGAL (3.7%) 1,037,212 Galp Energia SGPS S.A. 15,923,996 25,162,120 MEXICO (3.7%) 2,721,339 Banco Santander Mexico S.A. Institucion de Banca Multiple 30,371,154 25,136,233




AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)






Held forTrading






AssetsInvestments - 634,239 634,239 - 634,239Cash - - - 38,030 38,030Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 222 222Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 1,547 1,547Receivable for share subscriptions - - - 1,646 1,646 - 634,239 634,239 41,445 675,684LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 227 227Payable for share redemptions - - - 999 999Dividends payable to holders of redeemable shares - - - 1 1Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 1,227 1,227









Held forTrading






AssetsInvestments - 605,466 605,466 - 605,466Cash - - - 14,144 14,144Unrealized gain on futures and foreign currency forward contracts 13 - 13 - 13Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 256 256Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 5,118 5,118Receivable for share subscriptions - - - 695 695 13 605,466 605,479 20,213 625,692LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 15 - 15 - 15Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 2,295 2,295Payable for share redemptions - - - 828 828Dividends payable to holders of redeemable shares - - - 18 18Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 15 - 15 3,141 3,156







2018 2017Financial Instruments at FVTPLHeld for trading 1,240 3,698Designated at fair value through profit or loss 24,721 115,314Total 25,961 119,012







NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts - - - -Derivative assets - Swaps and swaptions - - - -Total - - - -Derivative liabilities - Foreign currency forward contracts - - - -Derivative liabilities - Swaps and swaptions - - - -Total - - - -





NetExposure













2018 2017Brokerage commissions 1,060 969Soft dollar commissions† 31 15

A Shares 2018 2017 161,025 209,790 13,317 25,115 4,709 7,834 (50,691) (81,714) 128,360 161,025

E Shares 2018 2017 12,135,199 11,220,251 2,698,483 4,718,675 340,941 590,569 (5,916,930) (4,394,296) 9,257,693 12,135,199

E3 Shares 2018 2017 - - 4,647,914 - 120,376 - (1,426,436) - 3,341,854 -

E4 Shares 2018 2017 - - 885,525 - 22,577 - (339,448) - 568,654 -

E5 Shares 2018 2017 - - 492,410 - 12,106 - (92,195) - 412,321 -

ET8 Shares 2018 2017 35,510 36,894 19,310 20,651 1,573 2,582 (27,537) (24,617) 28,856 35,510

E3T8 Shares 2018 2017 - - 14,072 - 483 - (6,858) - 7,697 -

E4T8 Shares 2018 2017 - - 5,854 - 249 - (3,597) - 2,506 -

E5T8 Shares 2018 2017 - - 1,000 - 120 - - - 1,120 -

F Shares 2018 2017 - - 812,069 - 16,865 - (379,475) - 449,459 -

F3 Shares 2018 2017 - - 334,159 - 9,560 - (65,254) - 278,465 -

F4 Shares 2018 2017 - - 85,499 - 2,799 - (11,753) - 76,545 -

F5 Shares 2018 2017 - - 1,000 - 38 - - - 1,038 -

FT8 Shares 2018 2017 - - 10,848 - 496 - - - 11,344 -

F3T8 Shares 2018 2017 - - 1,284 - 131 - - - 1,415 -

F4T8 Shares 2018 2017 - - 1,000 - 120 - - - 1,120 -

F5T8 Shares 2018 2017 - - 1,000 - 120 - - - 1,120 -

I Shares 2018 2017 11,852,310 9,421,569 3,881,600 5,539,429 515,308 575,727 (2,147,084) (3,684,415) 14,102,134 11,852,310

IT8 Shares 2018 2017 250,923 152,026 75,046 175,484 17,073 17,931 (40,715) (94,518) 302,327 250,923

OF Shares 2018 2017 8,802 21,202 693 12,350 266 428 (2,527) (25,178) 7,234 8,802







W Shares 2018 2017 8,599,814 8,384,015 1,705,924 3,442,796 333,634 417,929 (1,525,235) (3,644,926) 9,114,137 8,599,814

WT8 Shares 2018 2017 1,130,364 829,314 166,610 663,859 78,729 91,167 (139,095) (453,976) 1,236,608 1,130,364






Annual management

fee rate:


fee rate:











Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)Euro 279,120 - 279,120 41.3 British Pound 108,465 - 108,465 16.0 Hong Kong Dollar 79,790 - 79,790 11.8 U.S. Dollar 74,115 - 74,115 11.0 Japanese Yen 64,925 - 64,925 9.6 Swiss Franc 29,593 - 29,593 4.4 Total 636,008 - 636,008 94.1


Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)Euro 250,260 - 250,260 40.0 Hong Kong Dollar 120,243 - 120,243 19.2 U.S. Dollar 102,801 - 102,801 16.5 British Pound 62,825 - 62,825 10.1 Japanese Yen 40,719 - 40,719 6.5 Swiss Franc 31,698 - 31,698 5.1 Total 608,546 - 608,546 97.4







(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 632,932 - - 632,932 Rights 1,307 - - 1,307 Total 634,239 - - 634,239




as at March 31, 2017 Categories Net Assets (%)U.K. 11.5 France 11.4 Netherlands 9.1 Bermuda 8.1 Spain 7.9 Mexico 7.4 Japan 6.5 India 5.3 Switzerland 5.2 Germany 4.4 Portugal 4.0 Hong Kong 3.8 Cayman Islands 3.5 China 3.3 Other Net Assets (Liabilities) 3.1 Austria 3.0 Belgium 2.5 Foreign Currency Forward Contracts 0.0 Luxembourg 0.0










(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 605,466 - - 605,466 Foreign currency forward contracts, net - (2) - (2) Total 605,466 (2) - 605,464






2018 2017

490,871 417,104 6,679 7,092

81 589 - -

- - - - - - - - 1,521 1,291 - - - - - - 577 318 826 740 2,581 3,027 503,136 430,161

- - - -

3,272 546 - - - - - -

- - - - 20 1,102 757 252 1 23 - - - - - - 824 276 4,874 2,199

498,262 427,962

465,820 393,461 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017A Shares 206 247 11.64 11.77 17,608 21,026E Shares 12,464 29,530 15.17 15.24 821,424 1,937,509E2 Shares 6,725 - 9.60 - 700,510 -E3 Shares 5,809 - 9.61 - 604,506 -E4 Shares 1,624 - 9.62 - 168,848 -E5 Shares 2,138 - 9.63 - 222,103 -ET8 Shares 332 580 8.50 9.30 39,030 62,387E2T8 Shares 156 - 8.89 - 17,493 -E3T8 Shares 99 - 8.90 - 11,138 -E4T8 Shares 27 - 8.91 - 3,022 -E5T8 Shares 10 - 8.92 - 1,110 -F Shares 812 - 9.67 - 83,983 -F2 Shares 1,558 - 9.70 - 160,694 -F3 Shares 2,144 - 9.70 - 220,927 -F4 Shares 1,335 - 9.72 - 137,394 -F5 Shares 10 - 9.73 - 1,029 -FT8 Shares 48 - 8.99 - 5,358 -F2T8 Shares 54 - 8.99 - 6,014 -F3T8 Shares 20 - 8.99 - 2,169 -F4T8 Shares 10 - 9.00 - 1,110 -F5T8 Shares 10 - 9.01 - 1,109 -I Shares 199,364 165,328 18.61 18.22 10,711,805 9,074,076IT8 Shares 5,452 4,381 10.82 11.52 503,639 380,185OF Shares 346 61 14.10 14.11 24,556 4,289W Shares 236,677 207,774 15.95 15.65 14,841,526 13,276,257WT8 Shares 20,832 20,061 10.13 10.80 2,057,499 1,857,045







CIG - 17668




2018 2017

17,242 14,390 130 88 - - - - - - - -

- - - -

11,420 30,129

(1,826) (20,387) 26,966 24,220 (557) (96) - - 131 99 - - (426) 3 26,540 24,223

655 618 603 533 882 970 - - - - 1 - 1,972 2,112 144 131 4,257 4,364 1,424 597

20,859 19,262









2018 2017 2018 2017 2018 2017A Shares 6 5 0.30 0.12 17,247 34,490E Shares 1,021 771 1.03 0.43 998,120 1,770,757E2 Shares (123) - (0.20) - 634,254 -E3 Shares (87) - (0.17) - 539,632 -E4 Shares (30) - (0.20) - 149,282 -E5 Shares (30) - (0.15) - 211,875 -ET8 Shares 21 27 0.46 0.41 45,580 65,055E2T8 Shares (2) - (0.16) - 21,119 -E3T8 Shares (1) - (0.09) - 6,460 -E4T8 Shares - - (0.01) - 1,598 -E5T8 Shares - - (0.09) - 1,036 -F Shares (2) - (0.04) - 52,506 -F2 Shares 12 - 0.16 - 81,166 -F3 Shares 7 - 0.06 - 115,553 -F4 Shares 15 - 0.27 - 56,550 -F5 Shares - - - - 1,000 -FT8 Shares (1) - (0.20) - 3,644 -F2T8 Shares 1 - 0.76 - 1,183 -F3T8 Shares - - (0.15) - 1,231 -F4T8 Shares - - (0.01) - 1,036 -F5T8 Shares - - 0.01 - 1,036 -I Shares 8,604 7,462 0.88 0.99 9,722,931 7,541,682IT8 Shares 231 182 0.52 0.72 440,046 251,156OF Shares 1 2 0.04 0.35 20,207 4,097W Shares 10,253 9,861 0.74 0.83 13,749,818 12,035,370WT8 Shares 963 952 0.49 0.62 1,926,161 1,533,660
















A Shares 2018 2017 247 528 6 5

- (2) (5) (10) - - (5) (12)

19 35 5 12 (66) (321) (42) (274) (41) (281) 206 247

E Shares 2018 2017 29,530 26,737 1,021 771

(27) (243) (320) (1,248) - - (347) (1,491)

6,093 11,486 347 1,488 (24,180) (9,461) (17,740) 3,513 (17,066) 2,793 12,464 29,530

E2 Shares 2018 2017 - - (123) -

(14) - (168) - - - (182) -

11,544 - 182 - (4,696) - 7,030 - 6,725 - 6,725 -

E3 Shares 2018 2017 - - (87) -

(12) - (141) - - - (153) -

9,217 - 151 - (3,319) - 6,049 - 5,809 - 5,809 -

E4 Shares 2018 2017 - - (30) -

(3) - (41) - - - (44) -

2,517 - 44 - (863) - 1,698 - 1,624 - 1,624 -

E5 Shares 2018 2017 - - (30) -

(5) - (54) - - - (59) -

2,474 - 58 - (305) - 2,227 - 2,138 - 2,138 -

ET8 Shares 2018 2017 580 743 21 27

(1) (5) (8) (24) (35) (57) (44) (86)

176 520 16 41 (417) (665) (225) (104) (248) (163) 332 580

E2T8 Shares 2018 2017 - - (2) -

- - (5) - (16) - (21) -

278 - 7 - (106) - 179 - 156 - 156 -

E3T8 Shares 2018 2017 - - (1) -

- - (2) - (5) - (7) -

179 - 4 - (76) - 107 - 99 - 99 -

E4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

33 - 1 - (6) - 28 - 27 - 27 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - (2) -

(2) - (22) - - - (24) -

5,367 - 24 - (4,553) - 838 - 812 - 812 -












F2 Shares 2018 2017 - - 12 -

(3) - (39) - - - (42) -

2,408 - 42 - (862) - 1,588 - 1,558 - 1,558 -

F3 Shares 2018 2017 - - 7 -

(4) - (53) - - - (57) -

2,774 - 57 - (637) - 2,194 - 2,144 - 2,144 -

F4 Shares 2018 2017 - - 15 -

(3) - (34) - - - (37) -

1,405 - 37 - (85) - 1,357 - 1,335 - 1,335 -

F5 Shares 2018 2017 - - - -

- - - - - - - -

10 - - - - - 10 - 10 - 10 -

FT8 Shares 2018 2017 - - (1) -

- - (2) - (3) - (5) -

93 - 3 - (42) - 54 - 48 - 48 -

F2T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

53 - 1 - - - 54 - 54 - 54 -

F3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

20 - 1 - - - 21 - 20 - 20 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

I Shares 2018 2017 165,328 121,910 8,604 7,462

(424) (1,362) (5,012) (6,984) - - (5,436) (8,346)

56,555 74,730 5,428 8,337 (31,115) (38,765) 30,868 44,302 34,036 43,418 199,364 165,328

IT8 Shares 2018 2017 4,381 2,269 231 182

(12) (36) (136) (183) (423) (271) (571) (490)

1,664 3,142 290 312 (543) (1,034) 1,411 2,420 1,071 2,112 5,452 4,381

OF Shares 2018 2017 61 52 1 2

(1) - (9) (3) - - (10) (3)

299 30 9 3 (14) (23) 294 10 285 9 346 61








W Shares 2018 2017 207,774 183,639 10,253 9,861

(501) (1,710) (5,922) (8,766) - - (6,423) (10,476)

44,038 85,730 6,423 10,465 (25,388) (71,445) 25,073 24,750 28,903 24,135 236,677 207,774

WT8 Shares 2018 2017 20,061 16,224 963 952

(44) (165) (523) (848) (1,733) (1,546) (2,300) (2,559)

2,296 9,947 1,394 1,767 (1,582) (6,270) 2,108 5,444 771 3,837 20,832 20,061

Total Fund 2018 2017 427,962 352,102 20,859 19,262

(1,056) (3,523) (12,496) (18,066) (2,221) (1,874) (15,773) (23,463)

149,542 185,620 14,527 22,425 (98,855) (127,984) 65,214 80,061 70,300 75,860 498,262 427,962




2018 2017

20,859 19,262

(11,420) (30,129) (5) 6 882 970

1,826 20,387 390,672 401,171 (453,834) (464,713) - - - - - - (230) (508) - - - - - - - - 994 (1,630) (50,256) (55,184)

(1,268) (1,015) 106,398 185,217 (55,292) (128,328) 49,838 55,874

5 (6) (418) 690 7,092 6,408 6,679 7,092

13,367 11,772 130 86 - - 1 - (430) -









U.K. (8.0%) (cont’d) 341,849 Safestore Holdings PLC 2,245,598 3,033,358 824,076 Segro PLC 6,764,431 8,953,528 310,676 Unite Group PLC 3,496,629 4,443,923 100,967 Workspace Group PLC 1,412,311 1,810,085 34,139,038 39,709,801 HONG KONG (7.8%) 2,609,000 Hang Lung Properties Ltd. 8,607,734 7,828,546 1,374,500 Link REIT 13,256,281 15,116,470 782,826 Sun Hung Kai Properties Ltd. 14,964,747 15,933,741 36,828,762 38,878,757 AUSTRALIA (6.0%) 854,212 Charter Hall Group 4,765,407 4,842,290 1,174,419 DEXUS Property Group 10,348,137 10,828,529 1,007,598 Goodman Group 8,414,442 8,403,212 1,224,405 GPT Group 5,998,544 5,741,613 29,526,530 29,815,644 GERMANY (4.9%) 255,159 Alstria Office REIT AG 4,681,086 5,148,558 318,051 Deutsche Wohnen AG 14,697,323 19,106,552 19,378,409 24,255,110 CANADA (3.5%) 200,483 Allied Properties Real Estate Investment Trust 6,935,526 8,131,590 206,629 Boardwalk REIT* 8,502,058 9,147,466 15,437,584 17,279,056 SPAIN (3.2%) 56,335 Aedas Homes S.A.U. 2,608,832 2,669,905 349,473 Inmobiliaria Colonial SOCIMI S.A. 4,430,765 5,207,003 421,402 Merlin Properties Socimi S.A. 6,740,970 8,309,279 13,780,567 16,186,187 CAYMAN ISLANDS (2.8%) 1,275,000 CK Asset Holdings Ltd. 12,270,971 13,781,510 FRANCE (2.2%) 38,922 Fonciere Des Regions* 5,106,656 5,530,849 23,479 Gecina S.A. 4,541,039 5,251,132 9,647,695 10,781,981 BRAZIL (1.4%) 741,385 BR Malls Participacoes S.A. 3,575,278 3,370,366 223,472 Iguatemi Empresa de Shopping Centers S.A. 3,638,001 3,423,582 7,213,279 6,793,948 CYPRUS (1.3%) 89,554 ADO Properties S.A. 4,563,281 6,489,893 NORWAY (0.6%) 160,475 Entra ASA 2,639,552 2,817,012 BELGIUM (0.3%) 13,774 Aedifica S.A.* 1,581,574 1,633,082

U.S.A. (45.2%) 37,272 Agree Realty Corp. 2,316,470 2,306,663 53,725 American Tower Corp., Class A 9,606,618 10,059,119 128,583 Apartment Investment & Management Co. 7,182,278 6,750,090 94,938 Corporate Office Properties Trust 4,076,785 3,159,096 519,277 Cousins Properties Inc., REIT 5,808,777 5,806,537 35,047 Crown Castle International Corp. 4,963,230 4,948,794 37,867 Cyrusone Inc.* 2,517,154 2,498,124 85,711 Digital Realty Trust Inc. 10,206,425 11,635,717 106,702 Douglas Emmett Inc. 5,287,563 5,052,967 170,104 Empire State Realty Trust Inc. 4,515,188 3,679,287 6,601 Equinix Inc. 3,343,701 3,555,739 69,044 Equity Lifestyle Properties Inc. 7,673,089 7,806,753 32,545 Essex Property Trust Inc. 9,926,582 10,090,732 122,782 Extra Space Storage Inc.* 12,285,130 13,818,017 52,530 Geo Group Inc. 2,094,552 1,385,236 317,611 GGP Inc.* 9,222,287 8,371,428 34,348 Hilton Worldwide Holdings Inc. 2,704,825 3,485,022 526,401 Host Hotels & Resorts Inc. 13,097,123 12,640,405 389,350 Invitation Homes Inc.* 11,351,322 11,451,028 137,753 Kilroy Realty Corp. 12,083,191 12,592,532 28,601 Life Storage Inc.* 2,931,583 3,077,302 158,644 Prologis Inc. 12,444,690 12,873,411 188,453 Realty Income Corp.* 14,061,232 12,558,678 58,479 Regency Centers Corp. 4,433,113 4,443,274 42,580 Simon Property Group Inc. 8,885,839 8,466,632 95,274 Sun Communities Inc. 9,111,689 11,214,410 260,942 Sunstone Hotel Investors Inc. 5,218,774 5,116,312 219,055 UDR Inc. 9,664,877 10,051,838 536,034 VEREIT Inc. 4,691,529 4,806,179 141,011 VICI Properties Inc. 3,546,900 3,327,950 239,718 Weingarten Realty Investors 9,742,270 8,671,538 224,994,786 225,700,810 JAPAN (11.3%) 926 Activia Properties Inc.* 5,789,450 5,319,156 1,666 Daiwa House REIT Investment Corp.* 5,004,704 5,171,167 2,430 GLP J-REIT 3,190,428 3,450,642 177,800 Hulic Co., Ltd. 2,389,535 2,470,980 4,389 Invincible Investment Corp.* 2,186,782 2,598,185 1,004 Japan Retail Fund Investment Corp. 2,784,511 2,503,782 21 Kenedix Realty Investment Corp. 142,605 164,482 586,100 Mitsui Fudosan Co., Ltd. 16,819,014 17,965,155 164,800 Nomura Real Estate Holdings Inc.* 4,915,403 4,919,782 1,217 Orix JREIT Inc. 2,432,998 2,433,863 505,000 Tokyo Tatemono Co., Ltd. 8,744,043 9,750,966 54,399,473 56,748,160 U.K. (8.0%) 4,673,564 Assura PLC 4,709,342 5,008,536 250,781 Big Yellow Group PLC 3,690,204 3,865,909 153,262 British Land Co., PLC 1,632,633 1,778,187 65,040 Derwent London PLC 3,123,088 3,646,114 276,731 Land Securities Group PLC 4,820,782 4,686,533 771,207 LondoMetric Property PLC 2,244,020 2,483,628




AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)



‡ Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Service.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.


MALTA (0.0%) 3,360,825 BGP Holdings Inc., Private Placement - 5








DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 16-Apr-18 0.79 (1,377,816) US $ 1,751,792 Canadian $ (22,543)1 Bank of Montreal A-1 16-Apr-18 0.79 (1,567,649) US $ 1,993,838 Canadian $ (24,963)1 Bank of Montreal A-1 16-Apr-18 0.79 (3,827,267) US $ 4,867,767 Canadian $ (60,945)1 Bank of Montreal A-1 16-Apr-18 0.81 (3,847,010) US $ 4,774,139 Canadian $ (179,886)1 Bank of Montreal A-1 16-May-18 0.80 (9,235,059) US $ 11,564,815 Canadian $ (320,618)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (1,582,178) US $ 2,023,360 Canadian $ (14,161)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (1,976,403) US $ 2,528,106 Canadian $ (17,097)1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.29 (1,769,675) US $ 2,277,395 Canadian $ 944 1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.81 (5,770,516) US $ 7,163,259 Canadian $ (267,782)1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (9,235,058) US $ 11,561,877 Canadian $ (323,548)1 Citigroup Inc. A-2 16-Apr-18 0.78 (1,648,102) US $ 2,108,334 Canadian $ (14,084)1 Citigroup Inc. A-2 12-Jun-18 1.30 (2,204,492) US $ 2,854,817 Canadian $ 18,966 1 Citigroup Inc. A-2 16-Apr-18 0.81 (3,847,010) US $ 4,774,389 Canadian $ (179,636)1 Citigroup Inc. A-2 16-May-18 0.80 (4,617,529) US $ 5,791,998 Canadian $ (150,740)1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (1,763,594) US $ 2,270,980 Canadian $ 2,346 1 HSBC Holdings PLC A-1 16-Apr-18 0.81 (5,770,516) US $ 7,164,096 Canadian $ (266,946)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.79 (2,296,361) US $ 2,920,367 Canadian $ (36,860)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.81 (3,847,010) US $ 4,773,255 Canadian $ (180,770)1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (4,617,529) US $ 5,791,536 Canadian $ (151,201)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.78 (593,317) US $ 759,140 Canadian $ (4,932)1 Morgan Stanley A-2 16-Apr-18 0.79 (1,530,907) US $ 1,946,673 Canadian $ (24,812)1 Morgan Stanley A-2 12-Jun-18 1.29 (2,204,492) US $ 2,854,409 Canadian $ 18,560 1 Morgan Stanley A-2 16-Apr-18 0.81 (3,847,010) US $ 4,774,139 Canadian $ (179,886)1 Morgan Stanley A-2 16-May-18 0.80 (4,617,529) US $ 5,788,765 Canadian $ (153,965)1 Royal Bank of Canada A-1+ 16-Apr-18 0.80 (2,922,412) US $ 3,630,550 Canadian $ (132,818)1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (3,968,086) US $ 5,124,831 Canadian $ 20,350


AverageCost ($)

FairValue ($)




‡ Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Service.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.




DateContracts


Gain (Loss) ($)1 Royal Bank of Canada A-1+ 16-May-18 0.79 (5,158,936) US $ 6,497,835 Canadian $ (141,753)1 The Bank of Nova Scotia A-1 12-Jun-18 1.30 (2,204,492) US $ 2,855,038 Canadian $ 19,186 1 The Bank of Nova Scotia A-1 16-May-18 0.80 (4,617,529) US $ 5,787,832 Canadian $ (154,896)1 The Bank of Nova Scotia A-1 16-Apr-18 0.81 (5,770,516) US $ 7,164,303 Canadian $ (266,739) Total Foreign Currency Forward Contracts Value (3,191,229)






Held forTrading






AssetsInvestments - 490,871 490,871 - 490,871Cash - - - 6,679 6,679Unrealized gain on futures and foreign currency forward contracts 81 - 81 - 81Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 1,521 1,521Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 577 577Receivable for share subscriptions - - - 826 826 81 490,871 490,952 9,603 500,555LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 3,272 - 3,272 - 3,272Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 20 20Payable for share redemptions - - - 757 757Dividends payable to holders of redeemable shares - - - 1 1Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 3,272 - 3,272 778 4,050









Held forTrading






AssetsInvestments - 417,104 417,104 - 417,104Cash - - - 7,092 7,092Unrealized gain on futures and foreign currency forward contracts 589 - 589 - 589Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - 1,291 1,291Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 318 318Receivable for share subscriptions - - - 740 740 589 417,104 417,693 9,441 427,134LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 546 - 546 - 546Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 1,102 1,102Payable for share redemptions - - - 252 252Dividends payable to holders of redeemable shares - - - 23 23Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 546 - 546 1,377 1,923







2018 2017Financial Instruments at FVTPLHeld for trading 3,525 369Designated at fair value through profit or loss 23,441 23,851Total 26,966 24,220







NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 81 (80) - 1Derivative assets - Swaps and swaptions - - - -Total 81 (80) - 1Derivative liabilities - Foreign currency forward contracts (3,272) 80 - (3,192)Derivative liabilities - Swaps and swaptions - - - -Total (3,272) 80 - (3,192)





NetExposure













2018 2017Brokerage commissions 860 951Soft dollar commissions† 42 -

A Shares 2018 2017 21,026 43,532 1,554 2,895 489 1,061 (5,461) (26,462) 17,608 21,026

E Shares 2018 2017 1,937,509 1,710,149 388,711 724,489 23,345 97,638 (1,528,141) (594,767) 821,424 1,937,509

E2 Shares 2018 2017 - - 1,157,757 - 19,411 - (476,658) - 700,510 -

E3 Shares 2018 2017 - - 923,399 - 16,085 - (334,978) - 604,506 -

E4 Shares 2018 2017 - - 251,927 - 4,690 - (87,769) - 168,848 -

E5 Shares 2018 2017 - - 246,685 - 6,168 - (30,750) - 222,103 -

ET8 Shares 2018 2017 62,387 71,396 18,921 51,539 1,802 4,316 (44,080) (64,864) 39,030 62,387

E2T8 Shares 2018 2017 - - 27,885 - 803 - (11,195) - 17,493 -

E3T8 Shares 2018 2017 - - 18,246 - 470 - (7,578) - 11,138 -

E4T8 Shares 2018 2017 - - 3,464 - 142 - (584) - 3,022 -

E5T8 Shares 2018 2017 - - 1,000 - 110 - - - 1,110 -

F Shares 2018 2017 - - 542,551 - 2,497 - (461,065) - 83,983 -

F2 Shares 2018 2017 - - 243,244 - 4,425 - (86,975) - 160,694 -

F3 Shares 2018 2017 - - 279,684 - 5,997 - (64,754) - 220,927 -

F4 Shares 2018 2017 - - 142,198 - 3,838 - (8,642) - 137,394 -

F5 Shares 2018 2017 - - 1,000 - 29 - - - 1,029 -

FT8 Shares 2018 2017 - - 9,736 - 359 - (4,737) - 5,358 -

F2T8 Shares 2018 2017 - - 5,899 - 116 - (1) - 6,014 -

F3T8 Shares 2018 2017 - - 2,030 - 139 - - - 2,169 -

F4T8 Shares 2018 2017 - - 1,000 - 110 - - - 1,110 -








F5T8 Shares 2018 2017 - - 1,000 - 109 - - - 1,109 -

I Shares 2018 2017 9,074,076 6,693,372 2,984,657 3,989,109 297,792 457,567 (1,644,720) (2,065,972) 10,711,805 9,074,076

IT8 Shares 2018 2017 380,185 180,775 144,650 255,495 26,327 26,574 (47,523) (82,659) 503,639 380,185

OF Shares 2018 2017 4,289 3,579 20,539 2,039 674 217 (946) (1,546) 24,556 4,289

W Shares 2018 2017 13,276,257 11,709,372 2,716,209 5,328,897 411,546 668,670 (1,562,486) (4,430,682) 14,841,526 13,276,257

WT8 Shares 2018 2017 1,857,045 1,375,170 211,397 864,035 134,398 158,797 (145,341) (540,957) 2,057,499 1,857,045






Annual management

fee rate:


fee rate:

A Shares 2.750 0.22E Shares 2.100 0.22E2 Shares 2.050 0.22E3 Shares 1.990 0.21E4 Shares 1.940 0.15E5 Shares 1.870 0.10ET8 Shares 2.100 0.22E2T8 Shares 2.050 0.22E3T8 Shares 1.990 0.21E4T8 Shares 1.940 0.15E5T8 Shares 1.870 0.10F Shares 1.100 0.22F2 Shares 1.050 0.22F3 Shares 0.990 0.21F4 Shares 0.940 0.15F5 Shares 0.870 0.10FT8 Shares 1.100 0.22F2T8 Shares 1.050 0.22F3T8 Shares 0.990 0.21F4T8 Shares 0.940 0.15F5T8 Shares 0.870 0.10I Shares Paid directly by investor -IT8 Shares Paid directly by investor -OF Shares 1.750 0.22W Shares Paid directly by investor 0.22WT8 Shares Paid directly by investor 0.22










Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 226,768 (139,435) 87,333 17.5 Euro 59,346 - 59,346 11.9 Japanese Yen 57,540 - 57,540 11.5 Hong Kong Dollar 52,660 - 52,660 10.6 British Pound 40,054 - 40,054 8.0 Australian Dollar 29,816 - 29,816 6.0 Brazilian Real 6,794 - 6,794 1.4 Norwegian Krone 2,817 - 2,817 0.6 Total 475,795 (139,435) 336,360 67.5


Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 246,405 (105,908) 140,497 32.8 Euro 49,086 - 49,086 11.5 Japanese Yen 38,000 - 38,000 8.9 Hong Kong Dollar 28,908 - 28,908 6.8 British Pound 23,737 - 23,737 5.5 Australian Dollar 21,136 - 21,136 4.9 Swedish Krona 3,152 - 3,152 0.7 Total 410,424 (105,908) 304,516 71.1







(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 490,871 - - 490,871 Foreign currency forward contracts, net - (3,191) - (3,191) Total 490,871 (3,191) - 487,680




as at March 31, 2017 Categories Net Assets (%)U.S.A. 56.5 Japan 8.9 U.K. 5.6 Australia 4.9 Hong Kong 4.5 France 3.8 Germany 3.8 Other Net Assets (Liabilities) 2.5 Austria 2.3 Cayman Islands 2.2 Canada 1.7 Bermuda 0.9 Spain 0.9 Cyprus 0.8 Sweden 0.7 Foreign Currency Forward Contracts 0.0 Malta 0.0


Other Price RiskAs at March 31, 2018 and 2017, the Fund was predominantly invested in global equities and therefore was sensitive to changes in general economic conditions across the world.








(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 417,041 - 63 417,104 Foreign currency forward contracts, net - 43 - 43 Total 417,041 43 63 417,147



Level 3 ReconciliationThe tables below summarize the movement in financial instruments classified as Level 3.



InTransfers

(Out)Realized Gain


(Loss)*Balance at


Long Positions/Assets:Equities 63 - - - - - (63) - Total 63 - - - - - (63) -

*Change in unrealized gain (loss) related to investments held at March 31, 2018 was ($63,410).



InTransfers

(Out)Realized Gain


(Loss)**Balance at


Long Positions/Assets:Equities - - - - - - 63 63 Total - - - - - - 63 63

**Change in unrealized gain (loss) related to investments held at March 31, 2017 was $63,410.

Investments classified as Level 3 are valued at fair value based on unobservable inputs and assumptions, which may include credit spreads, industry multipliers, and discount rates. Management has assessed that the effect of changing these inputs to reasonably possible alternatives would not have a significant impact on the net assets attributable to holders of redeemable shares of the Fund as at March 31, 2017.




2018 2017

37,573 35,798 293 3,456

363 16 - -

- - - - - - - - - - - - - - - - 40 77 70 20 642 966 38,981 40,333

- - - -

- 437 - - - - - -

- - - - - 14 163 83 - 1 - - - - - - 73 28 236 563

38,745 39,770

25,375 24,204 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017E Shares 14,442 23,059 12.87 12.76 1,122,355 1,807,351E3 Shares 5,137 - 9.94 - 516,987 -E4 Shares 1,168 - 9.95 - 117,383 -E5 Shares 306 - 9.96 - 30,732 -ET8 Shares 23 23 8.15 8.77 2,760 2,660E3T8 Shares 10 - 9.23 - 1,117 -E4T8 Shares 10 - 9.24 - 1,117 -E5T8 Shares 10 - 9.25 - 1,117 -F Shares 54 - 10.03 - 5,395 -F3 Shares 230 - 10.03 - 22,894 -F4 Shares 77 - 10.05 - 7,662 -F5 Shares 11 - 10.06 - 1,038 -FT8 Shares 10 - 9.32 - 1,116 -F3T8 Shares 10 - 9.32 - 1,116 -F4T8 Shares 10 - 9.34 - 1,116 -F5T8 Shares 11 - 9.35 - 1,116 -I Shares 16,871 16,322 19.26 18.66 875,986 874,809IT8 Shares 355 366 10.09 10.59 35,190 34,582







CIG - 17675




2018 2017

- - 34 12 730 749 - - - - - -

- - - -

772 3,609

1,388 2,739 2,924 7,109 - - - - - - 85 83 85 83 3,009 7,192

427 438 49 51 - - - - - - - - 109 112 50 51 635 652 121 61

2,253 6,479









2018 2017 2018 2017 2018 2017E Shares 1,022 3,724 0.78 2.00 1,292,796 1,866,410E3 Shares 36 - 0.08 - 451,958 -E4 Shares 12 - 0.13 - 100,190 -E5 Shares (2) - (0.15) - 12,371 -ET8 Shares 2 10 0.40 1.42 2,659 7,708E3T8 Shares - - 0.30 - 1,035 -E4T8 Shares - - 0.31 - 1,035 -E5T8 Shares - - 0.32 - 1,035 -F Shares - - (0.09) - 3,409 -F3 Shares 4 - 0.29 - 12,768 -F4 Shares 2 - 0.27 - 6,156 -F5 Shares 1 - 0.44 - 1,000 -FT8 Shares - - 0.41 - 1,035 -F3T8 Shares - - 0.41 - 1,035 -F4T8 Shares - - 0.41 - 1,035 -F5T8 Shares 1 - 0.43 - 1,035 -I Shares 1,150 2,704 1.33 3.30 862,068 817,676IT8 Shares 25 41 0.75 1.92 35,018 21,024
















E Shares 2018 2017 23,059 22,231 1,022 3,724

(63) (124) (456) (1,024) - - (519) (1,148)

2,901 6,897 518 1,147 (12,539) (9,792) (9,120) (1,748) (8,617) 828 14,442 23,059

E3 Shares 2018 2017 - - 36 -

(22) - (161) - - - (183) -

6,871 - 182 - (1,769) - 5,284 - 5,137 - 5,137 -

E4 Shares 2018 2017 - - 12 -

(5) - (33) - - - (38) -

1,569 - 38 - (413) - 1,194 - 1,168 - 1,168 -

E5 Shares 2018 2017 - - (2) -

(1) - (10) - - - (11) -

421 - 11 - (113) - 319 - 306 - 306 -

ET8 Shares 2018 2017 23 85 2 10

- - (1) (1) (2) (6) (3) (7)

2 4 1 2 (2) (71) 1 (65) - (62) 23 23

E3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

E4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

E5T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F Shares 2018 2017 - - - -

- - (2) - - - (2) -

344 - 2 - (290) - 56 - 54 - 54 -

F3 Shares 2018 2017 - - 4 -

(1) - (7) - - - (8) -

240 - 8 - (14) - 234 - 230 - 230 -

F4 Shares 2018 2017 - - 2 -

- - (2) - - - (2) -

76 - 2 - (1) - 77 - 77 - 77 -

F5 Shares 2018 2017 - - 1 -

- - - - - - - -

10 - - - - - 10 - 11 - 11 -










FT8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F3T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F4T8 Shares 2018 2017 - - - -

- - - - (1) - (1) -

10 - 1 - - - 11 - 10 - 10 -

F5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

I Shares 2018 2017 16,322 13,482 1,150 2,704

(73) (88) (532) (725) - - (605) (813)

2,282 6,842 605 813 (2,883) (6,706) 4 949 549 2,840 16,871 16,322

IT8 Shares 2018 2017 366 169 25 41

(2) (2) (11) (16) (30) (20) (43) (38)

30 233 22 25 (45) (64) 7 194 (11) 197 355 366

Total Fund 2018 2017 39,770 35,967 2,253 6,479

(167) (214) (1,215) (1,766) (39) (26) (1,421) (2,006)

14,816 13,976 1,396 1,987 (18,069) (16,633) (1,857) (670) (1,025) 3,803 38,745 39,770




2018 2017

2,253 6,479

(772) (3,609) - - - -

(1,388) (2,739) 5,839 8,619 (5,485) (3,932) - - (730) (749) - - - - - - - - - - - - 369 (168) 86 3,901

(26) (18) 2,732 14,033 (5,955) (16,627) (3,249) (2,612)

- - (3,163) 1,289 3,456 2,167 293 3,456

- - 34 12 - - - - 249 -









UNDERLYING FUND(S) (97.0%) 1,430,030 International Equity Value Pool (Class W)† 25,375,314 37,573,460


Foreign Currency Forward Contracts (0.9%) (see Schedule A) 363,297

Total Investment Portfolio (97.9%) 25,375,314 37,936,757 Other Net Assets (Liabilities) (2.1%) 807,815 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 38,744,572

† The Fund invests in an Underlying Fund. The Fund and the Underlying Fund are commonly managed by CI Investments Inc.‡Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Service.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.





DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 26-Jun-18 1.84 (1,242,259) British Pound 2,281,508 Canadian $ 31,673 1 Canadian Imperial Bank of Commerce A-1 26-Jun-18 1.84 (1,238,741) British Pound 2,274,985 Canadian $ 31,521 1 Citigroup Inc. A-2 26-Jun-18 1.62 (2,154,731) Euro 3,483,661 Canadian $ 50,840 1 Citigroup Inc. A-2 26-Jun-18 0.01 (312,436,544) Japanese Yen 3,880,321 Canadian $ 81,249 1 HSBC Holdings PLC A-1 26-Jun-18 0.01 (325,189,055) Japanese Yen 4,037,814 Canadian $ 83,681 1 Royal Bank of Canada A-1+ 26-Jun-18 1.62 (2,192,622) Euro 3,544,935 Canadian $ 51,747 1 Royal Bank of Canada A-1+ 26-Jun-18 1.62 (312,647) Euro 507,443 Canadian $ 9,339 1 Royal Bank of Canada A-1+ 26-Jun-18 0.01 (91,098,401) Japanese Yen 1,130,957 Canadian $ 23,247 Total Foreign Currency Forward Contracts Value 363,297


FairValue ($)






Held forTrading






AssetsInvestments - 37,573 37,573 - 37,573Cash - - - 293 293Unrealized gain on futures and foreign currency forward contracts 363 - 363 - 363Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 40 40Receivable for share subscriptions - - - 70 70 363 37,573 37,936 403 38,339LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 163 163Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 163 163









Held forTrading






AssetsInvestments - 35,798 35,798 - 35,798Cash - - - 3,456 3,456Unrealized gain on futures and foreign currency forward contracts 16 - 16 - 16Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 77 77Receivable for share subscriptions - - - 20 20 16 35,798 35,814 3,553 39,367LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 437 - 437 - 437Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 14 14Payable for share redemptions - - - 83 83Dividends payable to holders of redeemable shares - - - 1 1Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 437 - 437 98 535














NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 363 - - 363Derivative assets - Swaps and swaptions - - - -Total 363 - - 363Derivative liabilities - Foreign currency forward contracts - - - -Derivative liabilities - Swaps and swaptions - - - -Total - - - -





NetExposure










Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)International Equity Value Pool 395,541 37,573 9.5





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)International Equity Value Pool 348,189 35,798 10.3















E Shares 2018 2017 1,807,351 1,946,229 219,263 551,461 40,994 89,902 (945,253) (780,241) 1,122,355 1,807,351

E3 Shares 2018 2017 - - 671,057 - 18,686 - (172,756) - 516,987 -

E4 Shares 2018 2017 - - 153,524 - 3,887 - (40,028) - 117,383 -

E5 Shares 2018 2017 - - 40,544 - 1,116 - (10,928) - 30,732 -

ET8 Shares 2018 2017 2,660 9,899 239 447 100 194 (239) (7,880) 2,760 2,660

E3T8 Shares 2018 2017 - - 1,000 - 117 - - - 1,117 -

E4T8 Shares 2018 2017 - - 1,000 - 117 - - - 1,117 -

E5T8 Shares 2018 2017 - - 1,000 - 117 - - - 1,117 -

F Shares 2018 2017 - - 33,433 - 196 - (28,234) - 5,395 -

F3 Shares 2018 2017 - - 23,383 - 831 - (1,320) - 22,894 -

F4 Shares 2018 2017 - - 7,448 - 278 - (64) - 7,662 -

F5 Shares 2018 2017 - - 1,000 - 38 - - - 1,038 -

FT8 Shares 2018 2017 - - 1,000 - 116 - - - 1,116 -

F3T8 Shares 2018 2017 - - 1,000 - 116 - - - 1,116 -

F4T8 Shares 2018 2017 - - 1,000 - 116 - - - 1,116 -

F5T8 Shares 2018 2017 - - 1,000 - 116 - - - 1,116 -

I Shares 2018 2017 874,809 826,217 115,875 381,126 31,982 43,561 (146,680) (376,095) 875,986 874,809

IT8 Shares 2018 2017 34,582 16,777 2,753 21,514 2,117 2,351 (4,262) (6,060) 35,190 34,582






Annual management

fee rate:


fee rate: E Shares 1.900 0.22E3 Shares 1.890 0.21E4 Shares 1.840 0.15E5 Shares 1.770 0.10ET8 Shares 1.900 0.22E3T8 Shares 1.890 0.21E4T8 Shares 1.840 0.15E5T8 Shares 1.770 0.10F Shares 0.900 0.22F3 Shares 0.890 0.21F4 Shares 0.840 0.15F5 Shares 0.770 0.10FT8 Shares 0.900 0.22F3T8 Shares 0.890 0.21F4T8 Shares 0.840 0.15F5T8 Shares 0.770 0.10I Shares Paid directly by investor -IT8 Shares Paid directly by investor -






Investments 2018International Equity Value Pool (Class W) 37,573

Investments 2017International Equity Value Pool (Class W) 35,798





as at March 31, 2017 Categories Net Assets (%)Japan 22.3U.K. 11.6Switzerland 11.5Germany 8.7Cash & Equivalents 7.5France 7.4Netherlands 5.1Ireland 4.1Jersey Island 3.9Mexico 2.0Denmark 1.8India 1.5Thailand 1.4Hong Kong 1.3Cayman Islands 1.3U.S.A. 1.3Netherlands Antilles 1.2Sweden 1.1South Korea 1.1Other Net Assets (Liabilities) 1.0Israel 0.8Bermuda 0.8Russia 0.8Luxembourg 0.5Foreign Currency Forward Contracts 0.0


as at March 31, 2018Credit Rating^* Net Assets (%)AAA/Aaa/A++ 0.2 AA/Aa/A+ 0.7 Total 0.9

As at March 31, 2017, the Fund’s direct exposure to credit risk through derivative instruments was insignificant.



as at March 31, 2018 Credit Rating^* Net Assets (%)Not Rated 2.2 Total 2.2



as at March 31, 2018 Categories Net Assets (%)Japan 23.3U.K. 15.3Switzerland 12.3Germany 8.4Netherlands 6.1Cash & Equivalents 5.5France 4.8Ireland 4.2Jersey Island 3.5Denmark 2.8Bermuda 2.1Brazil 2.0Hong Kong 1.3Netherlands Antilles 1.2Israel 1.1Cayman Islands 0.9Sweden 0.9India 0.9Luxembourg 0.8Other Net Assets (Liabilities) 0.7Thailand 0.6South Korea 0.5Mexico 0.5Russia 0.3







Currency

Financial Instruments Exposure from

Underlying Fund

Derivatives Exposure of

the FundNet

ExposureNet

Assets (%)(in $000’s) (in $000’s) (in $000’s)

U.S. Dollar 8,556 - 8,556 21.5 Swiss Franc 2,971 - 2,971 7.5 Japanese Yen 8,341 (7,624) 717 1.8 Danish Krone 644 - 644 1.6 Thai Baht 501 - 501 1.3 Hong Kong Dollar 465 - 465 1.2 Euro 7,768 (7,321) 447 1.1 Swedish Krona 394 - 394 1.0 British Pound 3,508 (3,634) (126) (0.3)Total 33,148 (18,579) 14,569 36.7


As at March 31, 2018, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have indirectly decreased or increased, respectively, by approximately $1,493,000 (March 31, 2017 - $1,457,000). In practice, actual results may differ from this analysis and the difference may be material.


As at March 31, 2018 and 2017, the Fund indirectly bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund did not have a significant exposure to interest rate risk as substantially all of its assets were invested in equities and derivatives.




(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 37,573 - - 37,573 Foreign currency forward contracts, net - 363 - 363 Total 37,573 363 - 37,936


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 35,798 - - 35,798 Foreign currency forward contracts, net - (421) - (421) Total 35,798 (421) - 35,377








As at March 31, 2018 and 2017, the Underlying Fund was predominantly invested in foreign equities and therefore was sensitive to changes in general economic conditions across the world.


Currency RiskAs at March 31, 2018 and 2017, the Fund indirectly bears the currency risk exposure of the Underlying Fund. The Fund has entered into forward currency contracts for hedging purposes to reduce foreign currency exposures in the Underlying Fund.

The tables below summarize the Fund’s exposure to currency risk.


Currency


Underlying Fund


the FundNet

ExposureNet


U.S. Dollar 8,228 - 8,228 21.2 Swiss Franc 3,494 - 3,494 9.0 Danish Krone 1,052 - 1,052 2.7 Hong Kong Dollar 488 - 488 1.3 Brazilian Real 488 - 488 1.3 British Pound 4,922 (4,484) 438 1.1 Swedish Krona 338 - 338 0.9 Thai Baht 225 - 225 0.6 Japanese Yen 9,018 (8,822) 196 0.5 Euro 7,364 (7,386) (22) (0.1)Total 35,617 (20,692) 14,925 38.5





2018 2017

40,429 44,931 2,930 212

145 12 - -

- - - - - - - - - - - - - - - - 30 55 117 21 349 445 44,000 45,676

- - - -

495 89 - - - - - -

- - - - - 16 131 64 - 2 - - - - - - 86 36 712 207

43,288 45,469

21,296 24,448 - -



per class (Note 4):



shares outstanding:

2018 2017 2018 2017 2018 2017E Shares 15,803 26,147 17.21 16.59 918,368 1,576,481E3 Shares 5,926 - 10.29 - 575,696 -E4 Shares 1,258 - 10.31 - 122,124 -E5 Shares 342 - 10.32 - 33,114 -ET8 Shares 18 22 8.87 9.26 2,024 2,331E3T8 Shares 11 - 9.57 - 1,116 -E4T8 Shares 11 - 9.58 - 1,111 -E5T8 Shares 11 - 9.59 - 1,111 -F Shares 53 - 10.39 - 5,142 -F3 Shares 174 - 10.40 - 16,774 -F4 Shares 75 - 10.41 - 7,238 -F5 Shares 11 - 10.42 - 1,038 -FT8 Shares 11 - 9.67 - 1,111 -F3T8 Shares 11 - 9.67 - 1,111 -F4T8 Shares 11 - 9.68 - 1,111 -F5T8 Shares 11 - 9.70 - 1,111 -I Shares 19,172 18,894 26.17 24.64 732,481 766,698IT8 Shares 379 406 10.54 10.75 35,966 37,782







CIG - 17673




2018 2017

- - 15 1 436 493 - - - - - -

- - - -

5,898 5,871

(1,623) 886 4,726 7,251 - - - - - - 101 106 101 106 4,827 7,357

484 552 52 61 - - - - - - - - 65 74 58 66 659 753 138 78

4,030 6,526









2018 2017 2018 2017 2018 2017E Shares 1,612 3,831 1.46 2.12 1,101,370 1,811,997E3 Shares 302 - 0.57 - 528,428 -E4 Shares 80 - 0.74 - 108,954 -E5 Shares 2 - 0.14 - 14,478 -ET8 Shares 2 7 0.80 1.35 2,250 4,946E3T8 Shares 1 - 0.66 - 1,035 -E4T8 Shares 1 - 0.67 - 1,031 -E5T8 Shares 1 - 0.69 - 1,031 -F Shares 1 - 0.56 - 3,346 -F3 Shares 6 - 0.64 - 9,977 -F4 Shares 5 - 0.88 - 6,042 -F5 Shares 1 - 0.81 - 1,000 -FT8 Shares 1 - 0.76 - 1,030 -F3T8 Shares 1 - 0.76 - 1,030 -F4T8 Shares 1 - 0.78 - 1,030 -F5T8 Shares 1 - 0.79 - 1,030 -I Shares 1,969 2,653 2.64 3.72 748,938 712,998IT8 Shares 43 35 1.14 1.73 37,821 20,255
















E Shares 2018 2017 26,147 30,934 1,612 3,831

(96) (128) (483) (1,189) - - (579) (1,317)

3,587 8,211 578 1,314 (15,542) (16,826) (11,377) (7,301) (10,344) (4,787) 15,803 26,147

E3 Shares 2018 2017 - - 302 -

(36) - (180) - - - (216) -

8,351 - 214 - (2,725) - 5,840 - 5,926 - 5,926 -

E4 Shares 2018 2017 - - 80 -

(7) - (35) - - - (42) -

1,876 - 42 - (698) - 1,220 - 1,258 - 1,258 -

E5 Shares 2018 2017 - - 2 -

(2) - (10) - - - (12) -

516 - 12 - (176) - 352 - 342 - 342 -

ET8 Shares 2018 2017 22 49 2 7

- - (1) (1) (2) (4) (3) (5)

2 23 1 1 (6) (53) (3) (29) (4) (27) 18 22

E3T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

E4T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

E5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F Shares 2018 2017 - - 1 -

- - (2) - - - (2) -

290 - 2 - (238) - 54 - 53 - 53 -

F3 Shares 2018 2017 - - 6 -

(1) - (5) - - - (6) -

191 - 6 - (23) - 174 - 174 - 174 -

F4 Shares 2018 2017 - - 5 -

- - (2) - - - (2) -

75 - 2 - (5) - 72 - 75 - 75 -

F5 Shares 2018 2017 - - 1 -

- - - - - - - -

10 - - - - - 10 - 11 - 11 -










FT8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F3T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F4T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

F5T8 Shares 2018 2017 - - 1 -

- - - - (1) - (1) -

10 - 1 - - - 11 - 11 - 11 -

I Shares 2018 2017 18,894 16,352 1,969 2,653

(116) (92) (583) (859) - - (699) (951)

2,808 9,295 699 951 (4,499) (9,406) (992) 840 278 2,542 19,172 18,894

IT8 Shares 2018 2017 406 163 43 35

(2) (2) (12) (18) (33) (19) (47) (39)

23 327 23 27 (69) (107) (23) 247 (27) 243 379 406

Total Fund 2018 2017 45,469 47,498 4,030 6,526

(260) (222) (1,313) (2,067) (42) (23) (1,615) (2,312)

17,799 17,856 1,586 2,293 (23,981) (26,392) (4,596) (6,243) (2,181) (2,029) 43,288 45,469




2018 2017

4,030 6,526

(5,898) (5,871) - - - -

1,623 (886) 11,481 13,384 (1,986) (3,920) - - (436) (493) - - - - - - - - - - - - 146 (214) 8,960 8,526

(31) (17) 3,419 17,929 (9,630) (26,431) (6,242) (8,519)

- - 2,718 7 212 205 2,930 212

- - 15 1 - - - - 8 -









UNDERLYING FUND(S) (93.4%) 1,131,380 US Equity Value Pool (Class W)† 21,296,347 40,428,830

Commissions and other portfolio transaction costs -


Foreign Currency Forward Contracts (-0.8%) (see Schedule A) (349,771)


† The Fund invests in an Underlying Fund. The Fund and the Underlying Fund are commonly managed by CI Investments Inc.‡Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Service.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.



FairValue ($)




DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 16-Apr-18 0.79 (1,526,238) Canadian $ 1,200,000 US $ 19,109 1 Bank of Montreal A-1 16-May-18 0.80 (2,011,849) US $ 2,519,384 Canadian $ (69,846)1 Bank of Montreal A-1 16-Apr-18 0.81 (431,333) US $ 535,284 Canadian $ (20,169)1 Bank of Montreal A-1 16-Apr-18 0.78 (7,400,000) US $ 9,524,799 Canadian $ (4,944)1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.78 (16,628,885) Canadian $ 13,000,000 US $ 112,458 1 Canadian Imperial Bank of Commerce A-1 16-May-18 0.80 (2,011,849) US $ 2,518,744 Canadian $ (70,485)1 Canadian Imperial Bank of Commerce A-1 12-Jun-18 1.29 (294,690) US $ 379,237 Canadian $ 157 1 Canadian Imperial Bank of Commerce A-1 16-Apr-18 0.81 (647,000) US $ 803,157 Canadian $ (30,024)1 Citigroup Inc. A-2 16-May-18 0.80 (1,005,925) US $ 1,261,782 Canadian $ (32,839)1 Citigroup Inc. A-2 16-Apr-18 0.81 (431,333) US $ 535,312 Canadian $ (20,141)1 Citigroup Inc. A-2 12-Jun-18 1.30 (367,096) US $ 475,389 Canadian $ 3,158 1 HSBC Holdings PLC A-1 12-Jun-18 1.29 (293,677) US $ 378,168 Canadian $ 391 1 HSBC Holdings PLC A-1 16-Apr-18 0.81 (647,000) US $ 803,251 Canadian $ (29,930)1 JPMorgan Chase & Co. A-2 16-May-18 0.80 (1,005,925) US $ 1,261,681 Canadian $ (32,939)1 JPMorgan Chase & Co. A-2 16-Apr-18 0.81 (431,333) US $ 535,185 Canadian $ (20,268)1 Morgan Stanley A-2 16-May-18 0.80 (1,005,925) US $ 1,261,078 Canadian $ (33,541)1 Morgan Stanley A-2 16-Apr-18 0.81 (431,334) US $ 535,285 Canadian $ (20,169)1 Morgan Stanley A-2 12-Jun-18 1.29 (367,096) US $ 475,321 Canadian $ 3,091 1 Royal Bank of Canada A-1+ 16-May-18 0.79 (1,123,869) US $ 1,415,547 Canadian $ (30,881)1 Royal Bank of Canada A-1+ 16-Apr-18 0.80 (327,666) US $ 407,064 Canadian $ (14,892)1 Royal Bank of Canada A-1+ 12-Jun-18 1.29 (660,774) US $ 853,398 Canadian $ 3,389 1 The Bank of Nova Scotia A-1 16-May-18 0.80 (1,005,925) US $ 1,260,875 Canadian $ (33,744)1 The Bank of Nova Scotia A-1 12-Jun-18 1.30 (367,097) US $ 475,427 Canadian $ 3,195 1 The Bank of Nova Scotia A-1 16-Apr-18 0.81 (647,001) US $ 803,275 Canadian $ (29,907) Total Foreign Currency Forward Contracts Value (349,771)






Held forTrading






AssetsInvestments - 40,429 40,429 - 40,429Cash - - - 2,930 2,930Unrealized gain on futures and foreign currency forward contracts 145 - 145 - 145Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 30 30Receivable for share subscriptions - - - 117 117 145 40,429 40,574 3,077 43,651LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 495 - 495 - 495Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 131 131Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 495 - 495 131 626









Held forTrading






AssetsInvestments - 44,931 44,931 - 44,931Cash - - - 212 212Unrealized gain on futures and foreign currency forward contracts 12 - 12 - 12Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 55 55Receivable for share subscriptions - - - 21 21 12 44,931 44,943 288 45,231LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 89 - 89 - 89Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 16 16Payable for share redemptions - - - 64 64Dividends payable to holders of redeemable shares - - - 2 2Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 89 - 89 82 171







2018 2017Financial Instruments at FVTPLHeld for trading 504 (729)Designated at fair value through profit or loss 4,222 7,980Total 4,726 7,251







NetExposure






NetExposure










Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)US Equity Value Pool 411,367 40,429 9.8





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)US Equity Value Pool 382,611 44,931 11.7















E Shares 2018 2017 1,576,481 2,024,720 206,160 503,067 34,058 79,260 (898,331) (1,030,566) 918,368 1,576,481

E3 Shares 2018 2017 - - 815,584 - 21,078 - (260,966) - 575,696 -

E4 Shares 2018 2017 - - 183,894 - 4,145 - (65,915) - 122,124 -

E5 Shares 2018 2017 - - 48,150 - 1,223 - (16,259) - 33,114 -

ET8 Shares 2018 2017 2,331 5,246 186 2,435 75 142 (568) (5,492) 2,024 2,331

E3T8 Shares 2018 2017 - - 1,000 - 116 - - - 1,116 -

E4T8 Shares 2018 2017 - - 1,000 - 116 - (5) - 1,111 -

E5T8 Shares 2018 2017 - - 1,000 - 116 - (5) - 1,111 -

F Shares 2018 2017 - - 27,822 - 190 - (22,870) - 5,142 -

F3 Shares 2018 2017 - - 18,270 - 619 - (2,115) - 16,774 -

F4 Shares 2018 2017 - - 7,463 - 267 - (492) - 7,238 -

F5 Shares 2018 2017 - - 1,000 - 38 - - - 1,038 -

FT8 Shares 2018 2017 - - 1,000 - 116 - (5) - 1,111 -

F3T8 Shares 2018 2017 - - 1,000 - 116 - (5) - 1,111 -

F4T8 Shares 2018 2017 - - 1,000 - 116 - (5) - 1,111 -

F5T8 Shares 2018 2017 - - 1,000 - 116 - (5) - 1,111 -

I Shares 2018 2017 766,698 737,365 106,857 383,755 27,076 38,620 (168,150) (393,042) 732,481 766,698

IT8 Shares 2018 2017 37,782 15,514 2,132 29,672 2,164 2,514 (6,112) (9,918) 35,966 37,782






Annual management

fee rate:


fee rate: E Shares 1.900 0.21E3 Shares 1.900 0.20E4 Shares 1.840 0.15E5 Shares 1.770 0.10ET8 Shares 1.900 0.21E3T8 Shares 1.900 0.20E4T8 Shares 1.840 0.15E5T8 Shares 1.770 0.10F Shares 0.900 0.21F3 Shares 0.900 0.20F4 Shares 0.840 0.15F5 Shares 0.770 0.10FT8 Shares 0.900 0.21F3T8 Shares 0.900 0.20F4T8 Shares 0.840 0.15F5T8 Shares 0.770 0.10I Shares Paid directly by investor -IT8 Shares Paid directly by investor -






Investments 2018US Equity Value Pool (Class W) 40,429

Investments 2017US Equity Value Pool (Class W) 44,931




Credit Risk (cont’d)The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the table below.

as at March 31, 2018Credit Rating^* Net Assets (%)AAA/Aaa/A++ 1.0 AA/Aa/A+ 0.1 Total 1.1




As at March 31, 2017, the Underlying Fund did not have a significant exposure to credit risk as substantially all its assets were invested in equities and derivatives.


As at March 31, 2018 and 2017, the Underlying Fund was predominantly invested in U.S. equities and therefore was sensitive to changes in general economic conditions in the United States.


Currency RiskAs at March 31, 2018 and 2017, the Fund indirectly bears the currency risk exposure of the Underlying Fund. The Fund has entered into forward currency contracts for hedging purposes to reduce foreign currency exposures in the Underlying Fund.

The tables below summarize the Fund’s exposure to currency risk.


Currency


Underlying Fund


the FundNet

ExposureNet


US Dollar 13,746 (11,228) 2,518 5.8 Total 13,746 (11,228) 2,518 5.8


Currency


Underlying Fund


the FundNet

ExposureNet


U.S. Dollar 25,027 (23,028) 1,999 4.4 Total 25,027 (23,028) 1,999 4.4




as at March 31, 2018 Categories Net Assets (%)Long PositionsInformation Technology 28.7Financials 19.1Health Care 12.5Consumer Discretionary 11.0Industrials 10.0Materials 6.2Consumer Staples 5.0Energy 3.4Cash & Equivalents 3.0Utilities 1.5Options Contracts 1.0Other Net Assets (Liabilities) 0.3Foreign Currency Forward Contracts (1.2)Total Long Positions 100.5

Short PositionsOptions Contracts (0.5)Total Short Positions (0.5)

as at March 31, 2017 Categories Net Assets (%)Information Technology 25.4Financials 17.8Industrials 12.9Consumer Discretionary 12.9Health Care 11.0Consumer Staples 5.8Cash & Equivalents 5.3Utilities 3.9Energy 2.7Materials 2.6Foreign Currency Forward Contracts 0.1Other Net Assets (Liabilities) (0.4)

Credit RiskAs at March 31, 2018 and 2017, the Fund’s direct exposure to credit risk through derivative instruments was insignificant.






Currency Risk (cont’d)As at March 31, 2018, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have indirectly decreased or increased, respectively, by approximately $252,000 (March 31, 2017 - $200,000). In practice, actual results may differ from this analysis and the difference may be material.



As at March 31, 2018 and 2017, the Underlying Fund did not have a significant exposure to interest rate risk as substantially all of its assets were invested in equities and derivatives.




(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 40,429 - - 40,429 Foreign currency forward contracts, net - (350) - (350)Total 40,429 (350) - 40,079


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 44,931 - - 44,931 Foreign currency forward contracts, net - (77) - (77) Total 44,931 (77) - 44,854



– 286 –



Notes to the Financial Statements

1. THE FUNDS

CI Corporate Class Limited (the “Corporation”) was incorporated on July 8, 1987 under the laws of the Province of Ontario. The address of the Corporation’s registered office is 2 Queen Street East, Twentieth Floor,

Toronto, Ontario, M5C 3G7. CI Investments Inc. is the manager (the “Manager”) of the Funds.

These financial statements were authorized for issue by the Manager on June 18, 2018. CI Investments Inc. is a subsidiary of CI Financial Corp. RBC Investor Services Trust is the custodian (the “Custodian”)

of the Funds.

The Corporation is authorized to issue an unlimited number of non-cumulative, redeemable, restricted voting, convertible special shares of various designated classes and an unlimited number of common shares.

Each designated class of shares holds a separate proprietary right in the investments and net assets acquired specifically for that class of shares. Each class of shares has a right of conversion to any other class

of shares of the Corporation.

Each class of shares is referred to as a “Fund”.

The objective of each Fund is to pool and manage money contributed by investors (“Shareholders”) with similar investment goals. The Funds may invest in equities, fixed income securities, derivatives, underlying

funds or some combination thereof according to their specific investment objectives and strategies. Investments may be held for income or capital appreciation or both. Shareholders share the Fund’s income,

expenses, and any gains or losses a Fund makes on its investments generally in proportion to the value of the securities they own.

These financial statements only present the financial information of each of the Classes presented as separate reporting entities. If a class cannot satisfy its obligations, the other Classes may be required to satisfy

those obligations using assets attributable to those Classes. The Manager believes the risk of such cross class liability is remote.

The following Funds are a class of shares of the Corporation. “Inception Date” is the date upon which shares of a series of a Fund were first created under prospectus.

CI CORPORATE CLASS





















Inception Date:

A Shares A1 Shares A2 Shares A3 Shares A4 Shares A5 Shares AT5 Shares

Jul. 17, 00 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Feb. 24, 00 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Jul. 31, 01 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07


Dec. 29, 97† May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Jul. 23, 96 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -

Feb. 22, 07* May 1, 17* May 1, 17* May 1, 17* May 1, 17* May 1, 17* Sept. 28, 07*

Feb. 24, 00 May 1, 17 May 1, 17 May 1, 17 - - -

Jul. 23, 96 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Mar. 31, 11

Jul. 23, 96 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Mar. 31, 11

Nov. 30, 87 May 1, 17 May 1, 17 May 1, 17 - - -

Nov. 30, 87 May 1, 17 - May 1, 17 May 1, 17 May 1, 17 -

Jul. 31, 01 May 1, 17 - May 1, 17 May 1, 17 - -

Jun. 27, 97 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07

Dec. 31, 01 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07

Dec. 23, 02 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - Sept. 28, 07

Jul. 28, 06 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - Sept. 28, 07

Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Jul. 27, 11

Aug. 28, 02* May 1, 17* May 1, 17* May 1, 17* May 1, 17* May 1, 17* Jun. 2, 11*

Jul. 15, 03* May 1, 17* May 1, 17* May 1, 17* May 1, 17* May 1, 17* Mar. 31, 11*

*Classes of shares are no longer available for new purchases.†Inception dates as a result of amalgamation and becoming a share class within CI Corporate Class Limited.

– 287 –



Notes to the Financial Statements (cont’d)

CI CORPORATE CLASS (cont’d)










































Inception Date: (cont’d)

A1T5 Shares A2T5 Shares A3T5 Shares AT6 Shares AT8 Shares A1T8 Shares A2T8 Shares

- - - - Dec. 29, 11 May 1, 17 May 1, 17

- - - - Dec. 29, 11 May 1, 17 May 1, 17

May 1, 17 - - - Sept. 28, 07 May 1, 17 May 1, 17

May 1, 17 May 1, 17 - Jul. 26, 12* Sept. 28, 07 May 1, 17 May 1, 17

- - - - Dec. 29, 11 May 1, 17 May 1, 17

- - - - - - -

May 1, 17* May 1, 17* May 1, 17* - Sept. 28, 07* May 1, 17* May 1, 17*

- - - - Mar. 2, 12 - -

- - - - Mar. 31, 11 May 1, 17 May 1, 17

- - - - Mar. 31, 11 May 1, 17 May 1, 17

- - - - - - -

- - - - Oct. 12, 16 - -

- - - - - - -

May 1, 17 May 1, 17 May 1, 17 - Sept. 28, 07 May 1, 17 May 1, 17




May 1, 17 - - - Jul. 27, 11 May 1, 17 May 1, 17

May 1, 17* - - - Jun. 2, 11* May 1, 17* May 1, 17*

May 1, 17* - - - Mar. 31, 11* May 1, 17* May 1, 17*

A3T8 Shares A4T8 Shares A5T8 Shares D Shares E Shares ET5 Shares ET8 Shares

May 1, 17 May 1, 17 May 1, 17 - Aug. 4, 15 - Aug. 4, 15

May 1, 17 May 1, 17 May 1, 17 - Jul. 27, 11 - Aug. 4, 15

May 1, 17 May 1, 17 May 1, 17 - Jul. 27, 11 Aug. 29, 12 Aug. 29, 12

May 1, 17 May 1, 17 May 1, 17 Jul. 26, 12* Jul. 27, 11 Jul. 27, 11 Jul. 27, 11


- - - - Aug. 4, 15 - -

May 1, 17* May 1, 17* May 1, 17* - Jul. 27, 11* Jul. 27, 11* Jul. 27, 11*

- - - - Jul. 27, 11 - Aug. 4, 15

May 1, 17 May 1, 17 May 1, 17 - Aug. 4, 15 Aug. 4, 15 Aug. 4, 15


- - - - Aug. 4, 15 - -

- - - - May 24, 13 - -

- - - - Aug. 29, 12 - -

May 1, 17 May 1, 17 May 1, 17 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11


- - - - Aug. 4, 15 Aug. 4, 15 Aug. 4, 15

- - - - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11


May 1, 17* May 1, 17* May 1, 17* - Jul. 27, 11* Aug. 29, 12* Aug. 4, 15*


*Classes of shares are no longer available for new purchases.

– 288 –















































EF Shares EFT5 Shares EFT8 Shares F Shares F1 Shares F2 Shares F3 Shares

Aug. 4, 15 - Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17


Nov. 27, 14 Aug. 4, 15 Aug. 4, 15 Dec. 18, 01 May 1, 17 May 1, 17 May 1, 17

Nov. 27, 14 Aug. 4, 15 Aug. 4, 15 Jul. 15, 03 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 - Aug. 4, 15 Nov. 30, 00† May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 - - Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17

- - - Feb. 21, 07* May 1, 17* May 1, 17* May 1, 17*

Aug. 4, 15 - Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17 -

Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Dec. 18, 01 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 - - Aug. 8, 00 May 1, 17 May 1, 17 -

Nov. 27, 14 - - Aug. 8, 00 May 1, 17 - May 1, 17

- - - May 1, 17 May 1, 17 - May 1, 17

Nov. 27, 14 Aug. 4, 15 Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17

Nov. 27, 14 Aug. 4, 15 Aug. 4, 15 May 30, 02 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Jan. 6, 03 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Jul. 31, 06 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17

Nov. 27, 14* Nov. 27, 14* Aug. 4, 15* Sept. 16, 02* May 1, 17* May 1, 17* May 1, 17*

Nov. 27, 14* Nov. 27, 14* Aug. 4, 15* Jul. 15, 03* May 1, 17* May 1, 17* May 1, 17*

F4 Shares F5 Shares FT5 Shares F1T5 Shares F2T5 Shares F3T5 Shares F4T5 Shares

May 1, 17 May 1, 17 - - - - -

May 1, 17 May 1, 17 - - - - -

May 1, 17 May 1, 17 Sept. 28, 07 May 1, 17 May 1, 17 May 1, 17 -

May 1, 17 May 1, 17 Sept. 28, 07 May 1, 17 - - -

May 1, 17 May 1, 17 - - - - -

May 1, 17 - - - - - -

May 1, 17* May 1, 17* Sept. 28, 07* - - - -

- - - - - - -

May 1, 17 May 1, 17 - - - - -

May 1, 17 May 1, 17 - - - - -

- - - - - - -

May 1, 17 May 1, 17 - - - - -

May 1, 17 May 1, 17 - - - - -

May 1, 17 May 1, 17 Sept. 28, 07 - - - -

May 1, 17 May 1, 17 Sept. 28, 07 May 1, 17 May 1, 17 May 1, 17 May 1, 17

- - Sept. 28, 07 May 1, 17 - - -

- - Sept. 28, 07 May 1, 17 May 1, 17 - -

May 1, 17 May 1, 17 - - - - -

May 1, 17* May 1, 17* - - - - -

May 1, 17* May 1, 17* Sept. 11, 15* May 1, 17* May 1, 17* - -


– 289 –














































F5T5 Shares FT8 Shares F1T8 Shares F2T8 Shares F3T8 Shares F4T8 Shares F5T8 Shares

- Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17


- Sept. 28, 07 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17



- - - - - - -

- Sept. 28, 07* May 1, 17* May 1, 17* May 1, 17* May 1, 17* May 1, 17*

- - - - - - -



- - - - - - -

- - - - - - -

- - - - - - -



- Sept. 28, 07 May 1, 17 - - - -

- Sept. 28, 07 May 1, 17 May 1, 17 - - -

- Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17

- Jul. 28, 17* Jul. 28, 17* Jul. 28, 17* Jul. 28, 17* Jul. 28, 17* Jul. 28, 17*

- Sept. 11, 15* May 1, 17* May 1, 17* May 1, 17* May 1, 17* May 1, 17*

I Shares IT5 Shares IT8 Shares Insight Shares O Shares OT5 Shares OT8 Shares

Sept. 26, 01 - Dec. 29, 11 - Jul. 30, 13 - Aug. 4, 15

Jul. 12, 08 - Dec. 29, 11 - Jul. 27, 11 - Aug. 4, 15

Jan. 6, 03 - Sept. 28, 07 - Jul. 27, 11 Aug. 29, 12 Aug. 29, 12

Jun. 29, 05 Sept. 17, 07* Sept. 28, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jan. 2, 03† - Dec. 29, 11 - Jul. 27, 11 - Aug. 4, 15

Dec. 17, 01 - - - Jul. 30, 13 - -

Feb. 21, 07* - - - Jul. 27, 11* Jul. 27, 11* Jul. 27, 11*

Jul. 27, 11 - Dec. 29, 11 - Jul. 27, 11 - Aug. 4, 15

Jun. 29, 05 - Dec. 29, 11 - Jul. 30, 13 Aug. 4, 15 Aug. 4, 15


- - - - Aug. 4, 15 - -

Jun. 29, 05 - Oct. 12, 16 - May 24, 13 - -

- - - - Aug. 29, 12 - -

Jun. 29, 05 Sept. 17, 07* Sept. 28, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

May 30, 02 Sept. 17, 07* Sept. 28, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jan. 6, 03 Sept. 28, 07 Sept. 28, 07 - Jul. 30, 13 Jul. 30, 13 Aug. 4, 15

Jul. 31, 06 Sept. 28, 07 Sept. 28, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jul. 27, 11 - Nov. 18, 11* - Aug. 29, 12 Aug. 29, 12 Aug. 29, 12

Jun. 29, 05* - Dec. 29, 11* - Jul. 27, 11* Aug. 29, 12* Aug. 4, 15*

Dec. 15, 06* - Dec. 29, 11* - Jul. 27, 11* Aug. 29, 12* Aug. 4, 15*



– 290 –














































P Shares PT5 Shares PT8 Shares W Shares WT8 Shares X Shares Y Shares

May 1, 17 - - Jul. 27, 17^ Jul. 27, 17^ - -

May 1, 17 - - Jul. 27, 17^ Jul. 27, 17^ - -

May 1, 17 May 1, 17 May 1, 17 Jul. 27, 17^ Jul. 27, 17^ - -

May 1, 17 May 1, 17 May 1, 17 - - - -

May 1, 17 - - Jul. 27, 17^ Jul. 27, 17^ - -

May 1, 17 - - - - - Aug. 14, 09*

- - - - - - -

May 1, 17 - - - - - -

May 1, 17 - - Jul. 27, 17^ Jul. 27, 17^ - -

May 1, 17 - - Jul. 27, 17^ Jul. 27, 17^ - -

May 1, 17 - - - - - -

May 1, 17 - - Jul. 27, 17^ - - -

May 1, 17 - - - - - -



May 1, 17 May 1, 17 May 1, 17 - - - -

May 1, 17 May 1, 17 May 1, 17 - - - -

May 1, 17 - May 1, 17 - - - -

May 1, 17* - - - - - -

May 1, 17* May 1, 17* May 1, 17* - - Jul. 15, 03* -

Z Shares

-

-

-

-

-

Aug. 14, 09*

-

-

-

-

-

-

-

-

-

-

-

-

-

-



^Private Client Managed Portfolios are made available through Assante Private Client, a division of CI Private Counsel LP. The pools used in the Private Client Managed Portfolios are managed by CI Investments Inc., and affiliate of CI Private Counsel LP.

– 291 –











































Nov. 10, 09* May 1, 17* May 1, 17* May 1, 17* May 1, 17* - Nov. 11, 09*

Aug. 28, 02 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07

Dec. 18, 92 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Aug. 28, 02* May 1, 17* May 1, 17* May 1, 17* May 1, 17* May 1, 17* Mar. 31, 11*

Dec. 20, 12 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Dec. 20, 12

Jun. 11, 98 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -

Nov. 30, 87 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07

Feb. 22, 07 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07

Jul. 31, 01 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -

Jul. 23, 96 May 1, 17 May 1, 17 May 1, 17 - - -


Aug. 28, 02* May 1, 17* May 1, 17* May 1, 17* May 1, 17* May 1, 17* Sept. 28, 07*

Jan. 9, 12* May 1, 17* May 1, 17* May 1, 17* May 1, 17* - Jan. 9, 12*

Mar. 30, 05 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07



Dec. 29, 97† May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Mar. 30, 99 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07


May 1, 17* May 1, 17* May 1, 17* - Nov. 11, 09* May 1, 17* May 1, 17*


- - - - Dec. 29, 11 May 1, 17 May 1, 17

May 1, 17* - - - Mar. 31, 11* May 1, 17* May 1, 17*

May 1, 17 May 1, 17 May 1, 17 - Dec. 20, 12 May 1, 17 May 1, 17

- - - - - - -

May 1, 17 - - - Sept. 28, 07 May 1, 17 May 1, 17

May 1, 17 May 1, 17 - - Sept. 28, 07 May 1, 17 May 1, 17

- - - - - - -

- - - - - - -

- - - - - - -

May 1, 17* May 1, 17* May 1, 17* - Sept. 28, 07* May 1, 17* May 1, 17*

May 1, 17* May 1, 17* May 1, 17* - Jan. 9, 12* May 1, 17* May 1, 17*



- - - - Dec. 29, 11 May 1, 17 May 1, 17

- - - - Dec. 29, 11 May 1, 17 May 1, 17




– 292 –











































May 1, 17* May 1, 17* - - Jul. 27, 11* Jul. 27, 11* Jul. 27, 11*




May 1, 17 May 1, 17 May 1, 17 - Dec. 20, 12 Dec. 20, 12 Dec. 20, 12

- - - - Aug. 4, 15 - -


May 1, 17 - - - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

- - - - Jul. 27, 11 - -

- - - - Aug. 4, 15 - -

- - - - Jul. 27, 11 - -

May 1, 17* May 1, 17* May 1, 17* - Jul. 27, 11* Jul. 27, 11* Jul. 27, 11*

May 1, 17* May 1, 17* - - Aug. 29, 12* - Aug. 29, 12*

May 1, 17 - - - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11


May 1, 17 May 1, 17 May 1, 17 - May 7, 14 - Aug. 4, 15




- - - Nov. 11, 09* May 1, 17* May 1, 17* May 1, 17*

Nov. 27, 14 Aug. 4, 15 Nov. 27, 14 Sept. 16, 02 May 1, 17 May 1, 17 May 1, 17

Nov. 27, 14 - Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15* Aug. 4, 15* Aug. 4, 15* Sept. 16, 02* May 1, 17* May 1, 17* May 1, 17*

Nov. 27, 14 Aug. 4, 15 Nov. 27, 14 Dec. 20, 12 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 - - Dec. 18, 01 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17

Nov. 27, 14 Aug. 4, 15 Nov. 27, 14 Feb. 21, 07 May 1, 17 May 1, 17 May 1, 17


Aug. 4, 15 - - Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17


Nov. 27, 14* Nov. 27, 14* Nov. 27, 14* Sept. 16, 02* May 1, 17* May 1, 17* May 1, 17*

- - - Jan. 9, 12* May 1, 17* May 1, 17* May 1, 17*

Nov. 27, 14 Aug. 4, 15 Nov. 27, 14 Mar. 29, 05 May 1, 17 May 1, 17 May 1, 17



Aug. 4, 15 - Aug. 4, 15 Nov. 30, 00† May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Nov. 30, 00 May 1, 17 May 1, 17 May 1, 17



– 293 –











































- - Nov. 11, 09* May 1, 17* May 1, 17* - -

May 1, 17 May 1, 17 Sept. 28, 07 May 1, 17 - - -

May 1, 17 May 1, 17 - - - - -

May 1, 17* May 1, 17* - - - - -

May 1, 17 May 1, 17 Dec. 20, 12 May 1, 17 May 1, 17 May 1, 17 -

May 1, 17 May 1, 17 - - - - -

May 1, 17 May 1, 17 - - - - -

May 1, 17 May 1, 17 Sept. 28, 07 May 1, 17 May 1, 17 May 1, 17 -

- - - - - - -

May 1, 17 - - - - - -

May 1, 17 May 1, 17 - - - - -

May 1, 17* May 1, 17* Sept. 28, 07* May 1, 17* May 1, 17* May 1, 17* May 1, 17*

- - Jan. 9, 12* - - - -

May 1, 17 - Sept. 28, 07 May 1, 17 May 1, 17 May 1, 17 May 1, 17

May 1, 17 May 1, 17 Sept. 28, 07 May 1, 17 - - -

May 1, 17 May 1, 17 - - - - -

May 1, 17 May 1, 17 - - - - -

May 1, 17 May 1, 17 - - - - -

F5T5 Shares FT8 Shares F1T8 Shares F2T8 Shares F3T8 Shares F4T8 Shares F5T8 Shares

- Nov. 11, 09* May 1, 17* May 1, 17* - - -



- Jul. 28, 17* Jul. 28, 17* Jul. 28, 17* Jul. 28, 17* Jul. 28, 17* Jul. 28, 17*

- Dec. 20, 12 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17

- - - - - - -


- Sept. 28, 07 May 1, 17 - - - -

- - - - - - -

- - - - - - -

- - - - - - -

May 1, 17* Sept. 28, 07* May 1, 17* May 1, 17* May 1, 17* May 1, 17* May 1, 17*

- Jan. 9, 12* - - - - -

- Sept. 28, 07 May 1, 17 May 1, 17 May 1, 17 - -







– 294 –










































I Shares IT5 Shares IT8 Shares Insight Shares O Shares OT5 Shares OT8 Shares

Nov. 11, 09* Nov. 11, 09* Nov. 11, 09* - Jul. 27, 11* Jul. 27, 11* Jul. 27, 11*

Jun. 29, 05 - Dec. 29, 11 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Dec. 15, 06 - Dec. 29, 11 - Jul. 27, 11 - Aug. 4, 15

Jul. 12, 08* - Dec. 29, 11* - Jul. 27, 11* Aug. 29, 12* Aug. 4, 15*

Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12 Dec. 20, 12

- - - - Aug. 4, 15 - -


Feb. 21, 07 Sept. 28, 07 Sept. 28, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Aug. 28, 09 - - - Jul. 27, 11 - -

Dec. 17, 01 - - - Jul. 30, 13 - -

Dec. 13, 10 - - - Jul. 27, 11 - -

Jun. 29, 05* - Dec. 29, 11* - Jul. 27, 11* Jul. 27, 11* Jul. 27, 11*

- - - - Aug. 29, 12* Jan. 9, 12* Aug. 29, 12*

Jun. 29, 05 Sept. 28, 07 Sept. 28, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jun. 29, 05 Sept. 28, 07 Sept. 28, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jul. 12, 08 - Dec. 29, 11 - May 7, 14 - Aug. 4, 15

Jan. 2, 03† - Dec. 29, 11 Sept. 2 , 04 Jul. 27, 11 - Aug. 4, 15

Sept. 3 , 04 - Dec. 29, 11 - Jul. 30, 13 Aug. 4, 15 Aug. 4, 15

P Shares PT5 Shares PT8 Shares W Shares WT8 Shares X Shares Y Shares

- - - - - - -


May 1, 17 - - - - - -

May 1, 17* - - - - - -


May 1, 17 - - - - - -

May 1, 17 - May 1, 17 Jul. 27, 17^ Jul. 27, 17^ - -

May 1, 17 May 1, 17 May 1, 17 - - - -

May 1, 17 - - - - - -

May 1, 17 - - - - - -

May 1, 17 - - - - - -

May 1, 17* May 1, 17* May 1, 17* - - - -

- - - - - - -

May 1, 17 May 1, 17 May 1, 17 - - - -


May 1, 17 - - Jul. 27, 17^ Jul. 27, 17^ - -

May 1, 17 - - Jul. 27, 17^ Jul. 27, 17^ - Aug. 14, 09*

May 1, 17 - - Jul. 27, 17^ Jul. 27, 17^ - Aug. 14, 09*




– 295 –






















PORTFOLIO SELECT SERIES













PORTFOLIO SELECT SERIES (cont’d)














Z Shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Aug. 14, 09*

Aug. 14, 09*








Nov. 22, 06 - May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07

Nov. 22, 06 - May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07

Nov. 7, 05 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Jul. 14, 10 - May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 17, 10



A1T5 Shares A2T5 Shares A3T5 Shares A4T5 Shares AT8 Shares A1T8 Shares A2T8 Shares

May 1, 17 May 1, 17 - - Sept. 28, 07 May 1, 17 Aug. 30, 17

May 1, 17 - - - Sept. 28, 07 May 1, 17 -


May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07 May 1, 17 May 1, 17



- May 1, 17 May 1, 17 - Sept. 28, 07 - May 1, 17

- May 1, 17 - - Sept. 28, 07 - May 1, 17

- - - - - - -

- May 1, 17 May 1, 17 May 1, 17 Sept. 17, 10 - May 1, 17

- - - - - - -

- - - - - - -



– 296 –











































A3T8 Shares A4T8 Shares A5T8 Shares E Shares ET5 Shares ET8 Shares EF Shares

Aug. 30, 17 Aug. 30, 17 Aug. 30, 17 Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 Nov. 27, 14

- - - Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 Nov. 27, 14

- - - Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 Nov. 27, 14

May 1, 17 May 1, 17 - Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 Nov. 27, 14

- - - Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 Nov. 27, 14

- - - Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 Nov. 27, 14

May 1, 17 - - Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 Nov. 27, 14

May 1, 17 - - Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 Nov. 27, 14

- - - Jul. 27, 11 - - Nov. 27, 14

May 1, 17 May 1, 17 May 1, 17 Jul. 27, 11 Oct. 31, 11 Oct. 31, 11 Nov. 27, 14

- - - Jul. 27, 11 - - Nov. 27, 14

- - - Jul. 27, 11 - - Nov. 27, 14

EFT5 Shares EFT8 Shares F Shares F1 Shares F2 Shares F3 Shares F4 Shares

Aug. 4, 15 Aug. 4, 15 Nov. 27, 06 May 1, 17 May 1, 17 May 1, 17 May 1, 17



Aug. 4, 15 Nov. 27, 14 Nov. 27, 06 May 1, 17 May 1, 17 May 1, 17 May 1, 17





- - Dec. 30, 05 May 1, 17 May 1, 17 May 1, 17 May 1, 17

Nov. 27, 14 Nov. 27, 14 Sept. 17, 10 May 1, 17 May 1, 17 May 1, 17 May 1, 17



F5 Shares FT5 Shares F1T5 Shares F2T5 Shares F3T5 Shares FT8 Shares F1T8 Shares

May 1, 17 Sept. 28, 07 - - - Sept. 28, 07 Aug. 30, 17

May 1, 17 - - - - Sept. 28, 07 May 1, 17

May 1, 17 - - - - Sept. 28, 07 May 1, 17

May 1, 17 Sept. 28, 07 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07 May 1, 17

May 1, 17 Sept. 28, 07 May 1, 17 May 1, 17 - Sept. 28, 07 May 1, 17

May 1, 17 Dec. 22, 11 May 1, 17 May 1, 17 May 1, 17 Dec. 23, 11 May 1, 17


May 1, 17 Sept. 28, 07 May 1, 17 May 1, 17 - Sept. 28, 07 -

May 1, 17 - - - - - -


May 1, 17 - - - - - -

May 1, 17 - - - - - -


– 297 –











































F2T8 Shares F3T8 Shares F4T8 Shares F5T8 Shares I Shares IT5 Shares IT8 Shares

Aug. 30, 17 Aug. 30, 17 Aug. 30, 17 Aug. 30, 17 Nov. 27, 06 Sept. 28, 07 Sept. 28, 07

- - - - Nov. 27, 06 - Jun. 2, 11

May 1, 17 - - - Nov. 27, 06 - Jun. 2, 11

- - - - Nov. 27, 06 - Jun. 2, 11

- - - - Nov. 27, 06 - Jun. 2, 11

- - - - Nov. 27, 06 - Jun. 2, 11

- - - - Nov. 27, 06 - Jun. 2, 11

- - - - Nov. 27, 06 - Jun. 2, 11

- - - - Mar. 22, 06 - -

May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 17, 10 Sept. 17, 10 Sept. 17, 10

- - - - Mar. 22, 06 - -

- - - - Mar. 22, 06 - -

O Shares OT5 Shares OT8 Shares P Shares PT5 Shares PT8 Shares W Shares

Jul. 27, 11 Jul. 30, 13 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17 Nov. 27, 06

Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 May 1, 17 - May 1, 17 Nov. 27, 06

Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 May 1, 17 - May 1, 17 Nov. 27, 06

Jul. 27, 11 Aug. 4, 15 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17 Nov. 27, 06





Jul. 27, 11 - - May 1, 17 - - Dec. 30, 05

Jul. 27, 11 Oct. 31, 11 Oct. 31, 11 May 1, 17 May 1, 17 May 1, 17 Sept. 17, 10

Jul. 27, 11 - - May 1, 17 - - Dec. 30, 05

Jul. 27, 11 - - May 1, 17 - - Dec. 30, 05

PCW Shares WT5 Shares WT8 Shares PCWT8 Shares U Shares V Shares Y Shares

- - Sept. 28, 07 - - - -

- - - - - - -

- Sept. 28, 07 - - - - -

- Sept. 28, 07 Sept. 28, 07 - - - -

- Sept. 17, 07* Sept. 28, 07 - - - -

- Sept. 28, 07 Sept. 28, 07 - - - -

- - Sept. 28, 07 - - - -

- Sept. 28, 07 Sept. 28, 07 - - - -

- - - - - Sept. 17, 10* Sept. 17, 10*

Jul. 27, 17^ Sept. 17, 10 Sept. 17, 10 Jul. 27, 17^ Sept. 17, 10* Sept. 17, 10* Sept. 17, 10*

- - - - - Sept. 17, 10* Sept. 17, 10*

- - - - - Sept. 17, 10* Sept. 17, 10*




– 298 –
















CAMBRIDGE CORPORATE CLASS








Cambridge Monthly Income Corporate Class

(formerly Cambridge Income Corporate Class)


CAMBRIDGE CORPORATE CLASS (cont’d)












Z Shares

-

-

-

-

-

-

-

-

Sept. 17, 10*

Sept. 17, 10*

Sept. 17, 10*

Sept. 17, 10*


Feb. 24, 00 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07


Dec. 21, 15 May 1, 17 May 1, 17 May 1, 17 - - Dec. 21, 15





Jan. 9, 12* May 1, 17* May 1, 17* May 1, 17* May 1, 17* - Jan. 9, 12*

Dec. 21, 15 May 1, 17 May 1, 17 May 1, 17 - - Dec. 21, 15


May 1, 17 - - - Sept. 28, 07 May 1, 17 May 1, 17


May 1, 17 - - - Dec. 21, 15 May 1, 17 -

May 1, 17 May 1, 17 May 1, 17 Jul. 26, 12* Dec. 31, 07 May 1, 17 May 1, 17

May 1, 17 - - - Jul. 30, 13 May 1, 17 May 1, 17


- - - - Jul. 31, 14 May 1, 17 May 1, 17

May 1, 17* May 1, 17* May 1, 17* - Jan. 9, 12* May 1, 17* May 1, 17*

- - - - Dec. 21, 15 May 1, 17 May 1, 17



– 299 –

















































May 1, 17 May 1, 17 May 1, 17 - Jul. 27, 11 Aug. 29, 12 Aug. 29, 12

May 1, 17 - - - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

- - - - Dec. 21, 15 Dec. 21, 15 Dec. 21, 15

May 1, 17 May 1, 17 May 1, 17 Jul. 26, 12* Jul. 27, 11 Jul. 27, 11 Jul. 27, 11



May 1, 17 May 1, 17 May 1, 17 - Jul. 29, 14 Aug. 4, 15 Jul. 31, 14

May 1, 17* May 1, 17* - - Jan. 9, 12* Jan. 9, 12* Jan. 9, 12*

May 1, 17 - - - Dec. 21, 15 Dec. 21, 15 Dec. 21, 15


Nov. 27, 14 Aug. 4, 15 Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17


Dec. 21, 15 Dec. 21, 15 Dec. 21, 15 Dec. 21, 15 May 1, 17 May 1, 17 May 1, 17


Nov. 27, 14 Aug. 4, 15 Nov. 27, 14 Jul. 30, 13 May 1, 17 May 1, 17 May 1, 17


Nov. 27, 14 Aug. 4, 15 Aug. 4, 15 Jul. 31, 14 May 1, 17 May 1, 17 May 1, 17

- - - Jan. 9, 12* May 1, 17* May 1, 17* -

Dec. 21, 15 Dec. 21, 15 Dec. 21, 15 Dec. 21, 15 May 1, 17 - -

F4 Shares F5 Shares FT5 Shares F1T5 Shares F2T5 Shares F3T5 Shares FT8 Shares

May 1, 17 May 1, 17 Sept. 28, 07 May 1, 17 May 1, 17 - Sept. 28, 07

May 1, 17 - Dec. 31, 07 May 1, 17 May 1, 17 May 1, 17 Dec. 31, 07

May 1, 17 - Dec. 21, 15 May 1, 17 - - Dec. 21, 15

May 1, 17 May 1, 17 Dec. 31, 07 May 1, 17 May 1, 17 May 1, 17 Dec. 31, 07

May 1, 17 May 1, 17 Jul. 30, 13 May 1, 17 May 1, 17 - Jul. 30, 13

May 1, 17 May 1, 17 Dec. 31, 07 May 1, 17 May 1, 17 May 1, 17 Dec. 31, 07

May 1, 17 May 1, 17 - - - - Jul. 31, 14

- - Jan. 9, 12* May 1, 17* - - Jan. 9, 12*

- - Dec. 21, 15 May 1, 17 - - Dec. 21, 15

F1T8 Shares F2T8 Shares F3T8 Shares F4T8 Shares F5T8 Shares I Shares IT5 Shares

May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Nov. 18, 11 -

May 1, 17 May 1, 17 May 1, 17 - - Dec. 31, 07 Dec. 31, 07

May 1, 17 - - - - Dec. 21, 15 Dec. 17, 15*

May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Dec. 31, 07 Oct. 3, 11

May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Jul. 30, 13 -

May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Dec. 31, 07 -

May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Jul. 31, 14 -

May 1, 17* - - - - - -

- - - - - Dec. 21, 15 Dec. 17, 15*



– 300 –

























UNITED CORPORATE CLASS





















IT8 Shares O Shares OT5 Shares OT8 Shares P Shares PT5 Shares PT8 Shares

Nov. 18, 11 Jul. 27, 11 Aug. 29, 12 Aug. 29, 12 May 1, 17 May 1, 17 May 1, 17

Dec. 31, 07 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17


Aug. 3, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17

Jul. 30, 13 Jul. 30, 13 Jul. 30, 13 Jul. 30, 13 May 1, 17 May 1, 17 May 1, 17

Dec. 31, 07 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17

Jul. 31, 14 Jul. 31, 14 Aug. 4, 15 Jul. 31, 14 May 1, 17 - May 1, 17

- Jan. 9, 12* Jan. 9, 12* Jan. 9, 12* - - -


W Shares PCW Shares WT8 Shares PCWT8 Shares Y Shares Z Shares

Jul. 27, 17^ - Jul. 27, 17^ - - -

Dec. 27, 07* - - - - -

- - - - - -

Jul. 27, 17^ - Jul. 27, 17^ - Jul. 30, 13* Jul. 30, 13*

Jul. 27, 17^ - Jul. 27, 17^ - - -

Dec. 31, 07 Jul. 27, 17^ - Jul. 27, 17^ - -

Jul. 27, 17^ - Jul. 27, 17^ - - -

- - - - - -

- - - - - -

A Shares E Shares E2 Shares E3 Shares E4 Shares E5 Shares ET8 Shares

Jul. 30, 08 Aug. 19, 08 - May 1, 17 May 1, 17 May 1, 17 Jun. 15, 11

Oct. 2, 07 Aug. 19, 08 - May 1, 17 May 1, 17 May 1, 17 Jun. 15, 11





Oct. 2, 07 Aug. 19, 08 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Jun. 15, 11





- Aug. 19, 08 - May 1, 17 May 1, 17 May 1, 17 Jun. 15, 11

Oct. 2, 07 Aug. 19, 08 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Jun. 15, 11






- Aug. 18, 08 - May 1, 17 May 1, 17 May 1, 17 Jun. 15, 11




– 301 –



UNITED CORPORATE CLASS (cont’d)









































E2T8 Shares E3T8 Shares E4T8 Shares E5T8 Shares F Shares F2 Shares F3 Shares

- May 1, 17 May 1, 17 May 1, 17 May 1, 17 - May 1, 17






May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17














May 1, 17 May 1, 17 May 1, 17 - May 1, 17 May 1, 17 May 1, 17

May 1, 17 May 1, 17 May 1, 17 a- May 1, 17 May 1, 17 May 1, 17



















– 302 –























BLACK CREEK CORPORATE CLASS




BLACK CREEK CORPORATE CLASS (cont’d)













I Shares IT8 Shares OF Shares W Shares WT8 Shares

Aug. 18, 08 Jun. 15, 11 Jul. 30, 08^ Jul. 30, 08 Jul. 25, 08

Aug. 18, 08 Jun. 15, 11 Oct. 2, 07^ Oct. 2, 07 Jul. 25, 08










Aug. 18, 08 Jun. 15, 11 - - -







Aug. 18, 08 Jun. 15, 11 - - -





A1T5 Shares A2T5 Shares A3T5 Shares AT8 Shares A1T8 Shares A2T8 Shares A3T8 Shares

May 1, 17 May 1, 17 May 1, 17 Jul. 27, 11 May 1, 17 May 1, 17 -

May 1, 17 May 1, 17 May 1, 17 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17

A4T8 Shares A5T8 Shares E Shares ET5 Shares ET8 Shares EF Shares EFT5 Shares

- - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Nov. 27, 14 Aug. 4, 15

May 1, 17 May 1, 17 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Nov. 27, 14 Aug. 4, 15

May 1, 17 May 1, 17 Jul. 27, 11 Aug. 4, 15 Aug. 4, 15 Nov. 27, 14 Aug. 4, 15

EFT8 Shares F Shares F1 Shares F2 Shares F3 Shares F4 Shares F5 Shares

Nov. 27, 14 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Aug. 4, 15 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17



– 303 –
















FT5 Shares F1T5 Shares F2T5 Shares F3T5 Shares FT8 Shares F1T8 Shares F2T8 Shares

Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17 Jul. 27, 11 May 1, 17 May 1, 17

Jul. 27, 11 May 1, 17 - - Jul. 27, 11 May 1, 17 May 1, 17

Jul. 27, 11 May 1, 17 May 1, 17 - Jul. 27, 11 May 1, 17 May 1, 17

F3T8 Shares F4T8 Shares F5T8 Shares I Shares IT8 Shares O Shares OT5 Shares

- - - Jul. 27, 11 - Jul. 27, 11 Jul. 27, 11

May 1, 17 May 1, 17 May 1, 17 Jul. 27, 11 Nov. 18, 11* Jul. 27, 11 Jul. 27, 11

May 1, 17 May 1, 17 May 1, 17 Jul. 27, 11 Nov. 18, 11* Jul. 27, 11 Aug. 4, 15

OT8 Shares P Shares PT5 Shares PT8 Shares W Shares WT8 Shares

Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17 - -

Jul. 27, 11 May 1, 17 May 1, 17 May 1, 17 Jul. 27, 17^ Jul. 27, 17^

Aug. 4, 15 May 1, 17 May 1, 17 May 1, 17 - -




Effective as of close of business on November 3, 2017, the following Funds merged:

Terminating Funds Continuing Funds

CI International Corporate Class CI International Value Corporate Class

Effective as of close of business on November 24, 2017, the following Funds merged:

Terminating Funds Continuing Funds

CI Global Managers® Corporate Class Select 100e Managed Portfolio Corporate Class

The Manager adopted the acquisition method of accounting for the merger of the Funds. Under this

method one of the Funds is identified as the acquiring Fund and is referred to as the “Continuing Fund”

and the other Fund involved in the merger is referred to as the “Terminating Fund”. This identification

is based on a comparison of the relative net asset value of the Funds as well as consideration of the

continuation of such aspects of the Continuing Fund as: investment objectives and practices and type

of portfolio securities.

Effective as of the close of business on November 3, 2017 and November 24, 2017, the Continuing Fund

acquired all of the assets of the Terminating Fund in exchange for shares in the Continuing Fund. The value

of the shares of the Continuing Fund issued in connection with this merger, were equal to the net assets

transferred from the Terminating Fund. The cost associated with the merger was borne by the Manager.

Net Asset Shares

Terminating Funds Continuing Funds Acquired ($) Issued

CI Global Managers® Corporate Class Select 100e Managed Portfolio

Corporate Class 46,977,821 3,508,902

CI International Corporate Class CI International Value

Corporate Class 68,807,749 4,468,000

The Terminating Funds’ results are not included in these financial statements.

Prior to January 12, 2017, Signature High Yield Bond Corporate Class had a forward purchase agreement

(“Forward Purchase Agreement”) with Bank of Montreal. Under the Forward Purchase Agreement, the

Fund agreed to buy securities from Bank of Montreal in return for a purchase price of the Signature High

Yield Bond II Fund (“underlying fund”). The Fund’s restricted cash subject to forward agreement was

deposited with Bank of Montreal and pledged to the counterparty as security for performance of the

Fund of its obligations under the forward agreement. On January 12, 2017, the Signature High Yield Bond

Corporate Class settled the forward purchase agreement.

Prior to January 20, 2017, the Cambridge Monthly Income Corporate Class (formerly Cambridge Income

Corporate Class) had a forward purchase agreement (“Forward Purchase Agreement”) with Bank of Montreal.

Under the Forward Purchase Agreement, the Fund agreed to buy securities from Bank of Montreal in return

for a purchase price of the Cambridge Income Trust (“underlying trust”). The Fund’s restricted cash subject

to forward agreement was deposited with Bank of Montreal and pledged to the counterparty as security for

performance of the Fund of its obligations under the forward agreement. On January 20, 2017, the Cambridge

Monthly Income Corporate Class settled the forward purchase agreement.

The Statements of Financial Position are as at March 31, 2018 and 2017. The Statements of Comprehensive

Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares and

Statements of Cash Flows are for the years ended March 31, 2018 and 2017, except for Funds established

during either period, in which case the information provided relates to the period from inception to

March 31, 2018 or 2017, as applicable.

– 304 –



2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in compliance with International Financial Reporting

Standards (“IFRS”) as published by the International Accounting Standards Board (“IASB”). The

following is a summary of the significant accounting policies of the Funds:

In accordance with IFRS 10: Consolidated Financial Statements, the Manager has determined that the

Funds meet the definition of an Investment Entity which requires that the Funds obtain funds from

one or more investors for the purpose of providing investment management services, commit to their

investors that their business purpose is to invest funds solely for returns from capital appreciation,

investment income, or both; and measure and evaluate the performance of their investments on a fair

value basis. Consequently, the Funds do not consolidate their investment in subsidiaries, if any, but

instead measure these at FVTPL, as required by the accounting standard.

a. Classification and recognition of financial instruments

The Funds recognize financial instruments at fair value upon initial recognition, inclusive of transaction

costs in the case of financial instruments not measured at fair value. Purchases and sales of

financial assets are recognized at their trade date. The Funds’ investments and derivative assets and

liabilities are measured at fair value through profit or loss (“FVTPL”). The Funds’ obligations for net

assets attributable to holders of redeemable shares are presented at the redemption amount, which

approximates their fair value. All other financial assets and liabilities are measured at amortized cost,

which approximates fair value. Under this method, financial assets and liabilities reflect the amount

required to be received or paid, discounted, when appropriate, at the effective rate of interest.

Financial assets and liabilities are offset and the net amounts are presented in the Statements of

Financial Position when, and only when, the Funds have a legal right to offset the amounts and

intend either to settle on a net basis or to realize the asset and settle the liability simultaneously.

In the normal course of business, the Funds enter into various master netting agreements or similar

agreements that do not meet the criteria for offsetting in the Statements of Financial Position, but still

allow for the related amounts to be offset in certain circumstances, such as bankruptcy or termination

of the contracts.

b. Fair valuation of financial investments

At the financial reporting date, listed securities are valued 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. In circumstances where the last traded price is not within the bid-ask spread, the Manager

determines the point within the bid-ask spread that is most representative of fair value based on the

existing market conditions. Unlisted securities are valued based on price quotations from recognized

investment dealers, or failing that, their fair value is determined by the Manager on the basis of the

latest reported information available. Unlisted warrants, if any, are valued based on a pricing model

which considers factors such as the market value of the underlying security, strike price and terms

of the warrant. Fixed income securities, debentures and other debt instruments including short-term

investments, are valued at the quotation from recognized investment dealers. Underlying funds are

valued on each business day at their net asset value as reported by the underlying funds’ managers.

The fair value of securities where no market price exists is determined by using valuation models

that may be based, in part, on assumptions that are not supported by observable market inputs.

These methods and procedures may include, but are not limited to, performing comparisons with

prices of comparable or similar securities, obtaining valuation related information from issuers and/

or other analytical data relating to the investment and using other available indications of value.

These values are independently assessed by the Manager to ensure that they are reasonable.

However, because of the inherent uncertainty of valuation, the estimated fair values for these

securities may be materially different from the values that would have been used had a ready market

for the investment existed. The fair values of securities where no market price exists are affected by

the perceived credit risks of the issuer, predictability of cash flows and the length of time to maturity.

c. Financial assets and liabilities at fair value

The Funds classify their investments in equity, fixed income securities and derivatives as financial

assets or financial liabilities at fair value through profit or loss.

This category has two sub-categories: financial assets or financial liabilities held for trading (“HFT”);

and those designated at FVTPL at inception.

Financial assets or financial liabilities held for trading

A financial asset or financial liability is classified as HFT if it is acquired or incurred principally

for the purpose of selling or repurchasing in the near term or if on initial recognition it is part of a

portfolio of identifiable financial investments that are managed together and for which there is an

evidence of a recent actual pattern of short-term profit taking. The Funds’ derivative instruments,

warrants and securities sold short are categorized as HFT.

Financial assets or financial liabilities designated at fair value through profit or loss at

inception

Financial assets and financial liabilities designated at FVTPL at inception are financial instruments

that are not classified as HFT, but are managed and their performance is evaluated on a fair value

basis in accordance with the Funds’ documented investment strategy. The Funds’ investments

excluding derivative instruments, warrants and securities sold short are designated as FVTPL.

d. Cash

Cash is comprised of cash on deposit.

e. Cost of investments

Cost of investments represents the amount paid for each security and is determined on an average

cost basis excluding commissions and transactions costs. Average cost does not include amortization

of premiums or discounts on fixed income securities with the exception of zero coupon bonds.

f. Investment transactions and income recognition

Investment transactions are recorded on the trade date – the date on which a Fund commits to

purchase or sell the investment. The interest for distribution purposes, disclosed in the Statements

of Comprehensive Income, represents the coupon interest received by the Funds and is accounted for

on an accrual basis. The Funds do not amortize premiums paid or discounts received on the purchase

of fixed income securities except for zero coupon bonds which are amortized on a straight-line basis.

Dividends and distributions from investments are recognized on the ex-dividend/ex-distribution date.

Distributions received from income trusts and underlying funds holdings are recorded as income,

capital gains or a return of capital based on the best information available to the Manager. Due to the

nature of these investments, actual allocations could vary from this information. Distributions from

income trusts and underlying funds that are treated as a return of capital for income tax purposes

reduce the average cost of the income trusts and underlying funds.

g. Functional and presentation currency

The Funds’ functional and presentation currency is Canadian dollar, except for CI Short-Term US$

Corporate Class as this Fund’s functional and presentation currency is U.S. dollar.


– 305 –



h. Foreign exchange

Foreign currency amounts are translated into the functional currency as follows: fair value of

investments, foreign currency forward contracts and other assets and liabilities at the closing rate

of exchange on each business day; income and expenses, purchases and sales and settlements of

investments at the rate of exchange prevailing on the respective dates of such transactions. Foreign

exchange gains (losses) relating to cash are presented as “Foreign exchange gain (loss) on cash” and

those relating to other financial assets and liabilities are presented within “Net realized gain (loss) on

sale of investments and derivatives” and “Change in unrealized appreciation (depreciation) in value of

investments and derivatives” in the Statements of Comprehensive Income.

i. Shares valuation

Net asset value (‘NAV”) per share of each class is calculated at the end of each day on which the

Toronto Stock Exchange is open for business by dividing the total NAV of each class of a Fund by the

number of shares of that class outstanding.

The NAV of each class is computed by calculating the value of that class’ proportionate share of the

Fund’s assets less that class’ proportionate share of the Fund’s common liabilities and less class

specific liabilities. Expenses directly attributable to a class are charged to that class. Other income and

expenses, and gains and losses, are allocated to each class proportionately based upon the relative

total NAV of each class.

As at March 31, 2018 and 2017, there were no differences between the NAV used for transactions

with shareholders and the net assets attributable to holders of redeemable shares used for reporting

purposes under IFRS.

j. Classification of shares

The shares of each of the Funds do not meet the “identical features” criteria under IAS 32.16A(c)

to be classified as equity and therefore, have been classified as liabilities.

k. Commissions and other portfolio transaction costs

Transaction costs, such as brokerage commissions, incurred in the purchase and sale of securities,

are included in “Commissions and other portfolio transaction costs” in the Statements of

Comprehensive Income.

l. Increase (decrease) in net assets attributable to holders of redeemable shares per share

Increase (decrease) in net assets attributable to holders of redeemable shares per share in the

Statements of Comprehensive Income is calculated by dividing the increase (decrease) in net assets

attributable to holders of redeemable shares of each class of a Fund by the weighted average number

of shares of that class outstanding during the year.

m. Foreign currency forward contracts

A Fund may, from time to time, enter into foreign currency forward contracts. Foreign currency forward

contracts are valued on each valuation day based on the difference between the contract rate and the

current forward rates at the measurement date applied to the contract’s notional amount and adjusted

for counterparty risk.

All unrealized gains (losses) arising from foreign currency forward contracts are recorded as part of

“Change in unrealized appreciation (depreciation) in value of investments and derivatives” in the

Statements of Comprehensive Income and “Unrealized gain (loss) on futures and foreign currency

forward contracts” in the Statements of Financial Position until the contracts are closed out or expire,

at which time the gains (losses) are realized and reported as “Net realized gain (loss) on sale of


n. Forward agreements

A Fund may enter into forward purchase agreement (“Forward Purchase Agreement”) with counterparty

(“Counterparty”). Pursuant to Forward Purchase Agreement, a Fund agrees to purchase from the

Counterparty on a future date (“Forward Date”) a specified portfolio of Canadian securities. The

amount paid by the Counterparty on the Forward Date is determined by reference to the returns of

reference trust/fund. During the term of the Forward Purchase Agreement, the Fund pledges its assets

to the Counterparty. The Fund’s assets are comprised solely of its cash and its Forward Purchase

Agreement. The Fund’s cash is deposited with and pledged to the Counterparty as security for

performance by the Fund of its obligations under the forward transaction.

The value of forward contracts on the valuation date is equal to the gain or loss that would be

realized if the contracts were closed out or expired. Investments sold forward as part of such Forward

Agreements, are valued at the market close price, and the underlying trust/fund are valued at their

net asset value as reported by the underlying trust/fund manager on the valuation date for purposes of

determining the value of the forward contracts. All gains (losses) arising from the forward agreements

are recorded as part of “Change in unrealized appreciation (depreciation) in value of investments and

derivatives” in the Statements of Comprehensive Income and “Unrealized gain (loss) on purchase

forward agreement” in the Statements of Financial Position until the contract is closed out or expires;

at which time the gains (losses) are realized and reported as “Net realized gain (loss) on sale of


o. Futures contracts

Futures contracts are valued on each valuation day using the closing price posted on the relevant

public exchange. Cash and cash equivalents are held as margin against futures contracts which are

reflected in the “Daily variation margin on derivative instruments” in the Statements of Financial

Position. All unrealized gains (losses) arising from futures contracts are recorded as part of “Change

in unrealized appreciation (depreciation) in value of investments and derivatives” in the Statements of

Comprehensive Income and “Unrealized gain (loss) on futures and foreign currency forward contracts”

in the Statements of Financial Position until the contracts are closed out or expire, at which time

the gains (losses) are realized and reported as “Net realized gain (loss) on sale of investments and

derivatives” in the Statements of Comprehensive Income.

p. Options contracts

Over-the-counter options (“OTC”) are valued using the Black Scholes model, whereas, exchange

traded options are valued at last traded price taken from the exchange. Options contracts are valued

on each valuation day according to the gain or loss that would be realized if the contract were closed

out. All unrealized gains (losses) arising from option contracts are recorded as part of “Change in

unrealized appreciation (depreciation) in value of investments and derivatives” in the Statements of

Comprehensive Income until the contracts are closed out or expire, at which time the gains (losses)

are realized and reflected in the Statements of Comprehensive Income in “Net realized gain (loss) on

sale of investments and derivatives”.

q. Interest rate swaps

The fair value of interest rate swaps is determined using indicative closing market values obtained

from third-party broker-dealers. The broker-dealers determine the fair value using valuation models

that are based on assumptions that are supported by observable market inputs, including the interest

rates for that day. The indicative closing market values are independently assessed internally to

ensure that they are reasonable.

Any income (expense) received (incurred) for interest rate swaps contracts is recorded as “Derivative

income (loss)” in the Statements of Comprehensive Income. The unrealized gain or loss on interest

rate swaps is reflected in the Statements of Comprehensive Income as part of “Change in unrealized

appreciation (depreciation) in value of investments and derivatives”. When the interest rate swaps


– 306 –



contracts are closed out, any gains (losses) are recorded as “Net realized gain (loss) on sale of


r. Credit default swaps

Credit default swaps are agreements that help to mitigate credit risk exposure to certain issuing

entities (“Referenced Entity”) or to increase credit risk exposure to the Referenced Entity by creating a

notional investment position. When a notional investment position is created, the credit risk exposure

is comparable to the exposure that would have resulted had a Fund invested directly in the Referenced

Entity. Under a credit default swap agreement, the protection buyer, whose intention is to reduce its

credit risk exposure to the Referenced Entity, pays a premium to the protection seller, who assumes

the credit risk of a default of the bond of a Referenced Entity. This premium is paid at regular intervals

over the term of the credit default swap agreement. In return for the premium paid, the protection

buyer is entitled to receive from the protection seller full payment for a loss arising from a credit

default event of the Referenced Entity. A credit default event may be triggered by bankruptcy, failure

to pay or restructuring of the Referenced Entity. If a credit default event occurs, the credit default

swap may be settled by either the physical delivery of the bond for proceeds equal to par value or a cash

payment equal to the loss amount. Credit default swaps are valued based on dealer-supplied valuations.

Changes in value of credit default swap agreements are recorded as part of “Change in unrealized

appreciation (depreciation) in value of investments and derivatives” in the Statements of Comprehensive

Income. Premiums paid or received from credit default swap agreements are included in “Derivative

income (loss)” in the Statements of Comprehensive Income. When credit default swap agreements expire

or are closed out, gains or losses are included in “Net realized gain (loss) on sale of investments and

derivatives” in the Statements of Comprehensive Income.

s. Mortgage-backed and asset-backed securities

Certain Funds invest in mortgage-related and other asset-backed securities. These securities may

include: mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-

backed securities, asset-backed securities, collateralized debt obligations and other securities that

directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans

on real property. The debt and equity securities issued by these securities may include tranches with

varying levels of subordination. These securities may provide a monthly payment which consists of

both interest and principal payments.

Mortgage-related securities are created from pools of residential or commercial mortgage loans,

including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks

and others. Asset-backed securities are created from many types of assets, including auto loans, credit

card receivables, home equity loans and student loans.

Mortgage-related and asset-backed securities are issued as separate tranches, or classes, of

securities within each deal. The securities are also normally valued by pricing service providers that

use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing

models for these securities usually consider tranche-level attributes, current market data, estimated

cash-flows, and market-based yield spreads for each tranche, and incorporate deal collateral

performance, as available. The carrying values of mortgage-related and other asset-backed securities

are included in “Investments” in the Statements of Financial Position. The change in fair values of

mortgage-related and other asset-backed securities are included in the Statements of Comprehensive

Income in “Change in unrealized appreciation (depreciation) in value of investments and derivatives”.

t. Bullion

Gold and platinum bullion are carried at FVTPL based on North America closing spot price of the

underlying commodity. All unrealized gains (losses) arising from bullion holdings are recorded as part

of “Change in unrealized appreciation (depreciation) in value of investments and derivatives” in the

Statements of Comprehensive Income until the bullion holdings are sold, at which time the gains

(losses) are realized and reflected in the Statements of Comprehensive Income in “Net realized gain

(loss) on sale of investments and derivatives”.

u. Short selling

When a Fund sells a security short, it will borrow that security from a broker to complete the sale.

As the Fund borrows a security from the broker, the Fund is required to maintain a margin account with

the broker containing cash or liquid securities. The cash held on margin in respect of short sale activity

is included in the “Margin for short sales” in the Statements of Financial Position. The maximum loss

on securities sold short can be unlimited. The Fund will incur a loss as a result of a short sale if the

price of the borrowed security increases between the date of the short sale and the date on which the

Fund closes out its short position by buying that security. The Fund will realize a gain if the security

declines in price between those dates. The gain or loss that would be realized if the position was to

be closed out on the valuation date is reflected in the Statements of Comprehensive Income as part

of “Change in unrealized appreciation (depreciation) in value of investments and derivatives” and in

the Statements of Financial Position in “Investments sold short”. When the short position is closed

out, gains and losses are realized and included in “Net realized gain (loss) on sale of investments

and derivatives” in the Statements of Comprehensive Income. Fees paid to a broker for borrowing

a security are included in “Securities borrowing fees” in the Statements of Comprehensive Income.

v. Offsetting of financial instruments

The disclosures set out in the Offsetting of Financial Instruments tables in the Fund Specific Notes

to Financial Statements of each Fund, where applicable, include foreign currency forward contracts

assets and liabilities that are subject to an enforceable master netting arrangement. Transactions

with individual Counterparties are governed by separate master netting agreements. Each agreement

allows for net settlement of certain open contracts where the Funds and respective counterparty both

elect to settle on a net basis. In the absence of such an election, contracts will be settled on a gross

basis. However, each party to the master netting agreement will have the option to settle all open

contracts on a net basis in the event of default of the other party. All other derivative instruments held

by the Funds are settled on a gross basis.

International Swaps and Derivatives Association Inc. Master Agreements (“ISDA Master Agreements”)

govern OTC financial derivative transactions entered into by the Funds and select counterparties. The

ISDA Master Agreements maintain provisions for general obligations, representations, agreements,

collateral and events of default or termination. Events of termination include conditions that may

entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions

under the applicable ISDA Master Agreement. Any election to terminate early could be material to the

financial statements. The fair value of OTC financial derivative transactions net of collateral received

in or pledged by counterparty is disclosed in the Fund Specific Notes to Financial Statements.

Funds may be subject to various master agreements or netting arrangements with select counterparties.

These master agreements reduce the counterparty risk associated with relevant transactions by

specifying credit protection mechanisms and providing standardization that improves legal certainty.

Since different types of transactions have different mechanics and are sometimes traded out of

different legal entities of a particular counterparty organization, each type of transaction may be

covered by a different master agreement resulting in the need for multiple agreements with a single

counterparty. As the master agreements are specific to unique operations of different asset types, they

allow the Funds to close out and net their total exposure to a counterparty in the event of a default

with respect to the transactions governed under a single agreement with a counterparty.

w. Investments in associates, joint ventures, subsidiaries and structured entities

Subsidiaries are entities, including investments in other investment entities, over which a Fund has

control. A Fund controls an entity when it is exposed to, or has rights to, variable returns from its


– 307 –



involvement with the entity, and has the ability to affect those returns through its power over the entity.

Associates and joint ventures are investments over which a Fund has significant influence or joint control.

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant

factors in deciding, who controls the entity, or when voting rights relate to administrative tasks only and

the relevant activities are directed by means of contractual arrangements.

The Manager has determined that underlying funds or exchange-traded funds (“ETFs”) held typically

by the Funds meet the definition of structured entities. Mortgage-backed securities or asset-backed

securities are also considered to be unconsolidated structured entities. The Funds account for their

investments in non-consolidated structured entities at FVTPL.

The Funds that invest in underlying funds are subject to the terms and conditions of the respective

underlying fund’s offering documents and are susceptible to market price risk arising from uncertainties

about future values of those underlying funds. All of the underlying funds in the investment portfolio

are managed by portfolio managers who are compensated by the respective underlying fund for

their services. Such compensation generally consists of an asset-based fee and is reflected in the

valuation of each of the underlying funds, except when the Funds invest in certain classes of the

underlying funds where the compensation to portfolio managers is negotiated and paid outside each

of the underlying funds. The underlying funds finance their operations by issuing redeemable units

that entitle the holders to an equal beneficial interest in a respective underlying fund. The Funds can

redeem their investments in the underlying funds on daily basis.

Certain Funds invest in ETFs. The ETFs finance their operations by issuing redeemable shares which

are puttable at the holder’s option and entitle the holder to a proportional stake in each ETF’s net asset

value. The ETFs are domiciled in Canada, the U.S. and Japan and listed on recognized public stock

exchanges. The Funds’ maximum exposure to loss from their interest in ETFs is equal to the total fair

value of their investments in the ETFs.

The Funds’ investments in underlying funds or ETFs are accounted for at FVTPL and included in

“Investments” in the Statements of Financial Position. All unrealized gains (losses) arising from these

investments are recorded as part of “Change in unrealized appreciation (depreciation) in value of

investments and derivatives” in the Statements of Comprehensive Income until these investments are

sold, at which time the gains (losses) are realized and reflected in the Statements of Comprehensive

Income in “Net realized gain (loss) on sale of investments and derivatives”.

The Funds’ maximum exposure to loss from their interest in ETFs, underlying funds and mortgage/

asset-backed securities is equal to the total fair value of their investments in these non-consolidated

structured entities.

Additional information related to Interest in Non-Consolidated Structured Entities for each of the Funds

appears under the Fund Specific Notes to Financial Statements, where applicable.

x. Withholding taxes

A Fund may, from time to time, incur withholding taxes imposed by certain countries on investment

income and capital gains. Such income and gains are recorded on a gross basis and the related

withholding taxes are shown separately in the Statements of Comprehensive Income.

y. Harmonized Sales tax

Certain provinces including Ontario, Prince Edward Island, Nova Scotia, New Brunswick and Newfoundland

and Labrador (each a Participating Tax Jurisdiction) have harmonized their provincial sales tax (“PST”)

with the federal goods and services tax (“GST”). The Harmonized Sales Tax (“HST”) combines the

federal GST rate of 5% with the PST rate of the participating provinces. The province of Quebec also

applies the Quebec sales tax (“QST”) of 9.975%. The Provincial HST liability or refund is calculated

using the residency of shareholders and the value of their interest in the Fund as at specific times,

rather than the physical location of the Fund. The effective sales tax rate charged to each class of the

Fund is based on the shareholders’ proportionate investments by province, using each province’s HST

rate, GST rate in the case of non-participating provinces and/or QST rate. All amounts are presented

as “Harmonized sales tax” in the Statements of Comprehensive Income.

z. Non-cash transactions

Non-cash transactions included in the Statements of Cash Flows include reinvested distributions from

the underlying mutual funds and stock dividends from equity investments. These amounts represent

non-cash income recognized in the Statements of Comprehensive Income.

aa. Accounting standards issued but not yet adopted

IFRS 9, Financial Instruments

The final version of IFRS 9, Financial Instruments, was issued by the IASB in July 2014 and will

replace IAS 39 Financial Instruments – Recognition and Measurement. IFRS 9 introduces a model

for classification and measurement, a single, forward-looking ‘expected loss’ impairment model and

a substantially reformed approach to hedge accounting. The new single, principle based approach

for determining the classification of financial assets is driven by cash flow characteristics and the

business model in which an asset is held. The new model also results in a single impairment model

being applied to all financial instruments, which will require more timely recognition of expected

credit losses. It also includes changes in respect of the entity’s own credit risk in measuring liabilities

elected to be measured at fair value, so that gains caused by the deterioration of an entity’s own credit

risk on such liabilities are no longer recognized in profit or loss. IFRS 9 is effective for annual periods

beginning on or after January 1, 2018. The Manager has currently determined that the impact to the

Funds may require additional disclosures related to changes to the classification of certain financial

instruments to align with the classifications under IFRS 9. Adoption of the standard will not impact

net assets attributable to holders of redeemable shares.

3. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES

The preparation of financial statements in accordance with IFRS requires management to make

judgments, estimates and assumptions that affect the application of accounting policies and

reported amounts of assets and liabilities at the reporting date and the reported amounts of income

and expenses during the reporting year. The following discusses the most significant accounting

judgments and estimates that the Funds have made in preparing their financial statements:

Fair value measurement of investments and derivatives not quoted in active market

The Funds may, from time to time, hold financial instruments that are not quoted in active markets,

such as unlisted securities, private securities or derivatives. Unlisted securities are valued based on

price quotations from recognized investment dealers, or failing that, their fair value is determined

by the Manager on the basis of the latest reported information available. The fair value of private

securities is determined by using valuation models that may be based, in part, on assumptions

that are not supported by observable market inputs. These methods and procedures may include,

but are not limited to, performing comparisons with prices of comparable or similar securities,

obtaining valuation related information from issuers and/or other analytical data relating to

the investment and using other available indications of value. These values are independently

assessed by the Manager to ensure that they are reasonable. However, because of the inherent

uncertainty of valuation, the estimated fair values for these securities may be materially different

from the values that would have been used had a ready market for the investment existed. The fair

values of private securities are affected by the perceived credit risks of the issuer, predictability of

cash flows and the length of time to maturity.


– 308 –



Valuation models use observable data, to the extent practicable. However, areas such as credit risk

(both own and counterparty); volatilities and correlations require the Manager to make estimates.

Changes in assumptions about these factors could affect the reported fair values of financial

instruments.

The Funds consider observable data to be market data that is readily available, regularly distributed

and updated, reliable and verifiable, not proprietary and provided by independent sources that are

actively involved in the relevant market.

Classification and measurement of investments and application of the fair value option

In classifying and measuring financial instruments held by the Funds, the Manager is required to

make significant judgments about whether or not the business of the Funds is to invest on a total

return basis for the purpose of applying the fair value option for the financial assets under IAS 39,

Financial Instruments – Recognition and Measurement. The most significant judgment made includes

the determination that the fair value option can be applied to those investments that are not HFT.

4. REDEEMABLE SHARES

Redeemable shares issued and outstanding represent the capital of each Fund.

Each Fund is authorized to issue an unlimited number of redeemable, transferable shares of each class.

Generally, the Funds have no restrictions or specific capital requirements, except for the minimum

subscription/redemption amounts. The relevant changes pertaining to subscription and redemption of

each Fund’s shares are disclosed in the Statements of Changes in Net Assets Attributable to Holders

of Redeemable Shares. In accordance with the objectives and risk management policies outlined in

Notes 1 and 10, the Funds endeavor to invest subscriptions received in appropriate investments while

maintaining sufficient liquidity to meet redemptions through utilizing a short-term borrowing facility

or disposal of investments when necessary.

Redeemable share transactions information appears in the Fund Specific Notes to Financial Statements

of each of the Funds.

Commencing in the current period, the amounts related to conversion by shareholders of their shares

in one corporate class to another corporate class fund are included within “Proceeds from issuance of

redeemable shares” and “Amounts paid on redemption of redeemable shares” on the Statements of

Changes in Net Assets Attributable to Holders of Redeemable Shares and the Statements of Cash Flows

of the impacted Funds, in the same manner as in any other subscription or redemption. Previously,

these amounts were netted and separately reported as “Conversion of Shares”. The comparative

figures have been reclassified to conform to this presentation. The change in presentation has no

impact on net shareholder activity as reported in the financial statements.

In order to establish each individual class, the Manager has made initial investments in certain Funds.

As at March 31, the Manager held investments in the Funds as follows:

2018 2017

Fund (in $) (in $)

CI American Managers® Corporate Class 305,989 88,360

CI American Small Companies Corporate Class 313,489 94,005

CI American Value Corporate Class 307,992 54,990

CI Canadian Investment Corporate Class 278,097 90,397

CI Can-Am Small Cap Corporate Class 239,848 54,606

CI Global Health Sciences Corporate Class 40,434 -

CI Global High Dividend Advantage Corporate Class 207,267 17,313

CI Global Small Companies Corporate Class 133,578 75,835

2018 2017

Fund (cont’d) (in $) (in $)

CI Global Value Corporate Class 372,891 146,627

CI International Value Corporate Class 678,711 130,169

CI Pacific Corporate Class 89,528 32,242

CI Short-Term Corporate Class 90,740 20,385

CI Short-Term US$ Corporate Class 106,138 13,272

Harbour Corporate Class 248,183 41,029

Harbour Global Equity Corporate Class 306,146 52,356

Harbour Global Growth & Income Corporate Class 205,770 98,998

Harbour Growth & Income Corporate Class 143,313 24,534

Harbour Voyageur Corporate Class 361,545 136,450

Signature Canadian Bond Corporate Class 212,346 42,779

Signature Corporate Bond Corporate Class 224,323 21,816

Signature Diversified Yield Corporate Class 95,507 -

Signature Dividend Corporate Class 248,264 28,749

Signature Emerging Markets Corporate Class 284,446 56,450

Signature Global Bond Corporate Class 261,341 69,333

Signature Global Dividend Corporate Class 307,053 36,791

Signature Global Energy Corporate Class 60,620 11,120

Signature Global Equity Corporate Class 523,174 262,368

Signature Global Income & Growth Corporate Class 105,243 -

Signature Global Resource Corporate Class 45,414 11,902

Signature Global Science & Technology Corporate Class 12,032 -

Signature Gold Corporate Class 85,949 12,516

Signature High Income Corporate Class 163,479 -

Signature High Yield Bond Corporate Class 158,870 43,520

Signature Income & Growth Corporate Class 137,225 -

Signature Select Canadian Corporate Class 306,843 74,741

Synergy American Corporate Class 278,196 42,744

Synergy Canadian Corporate Class 269,233 64,540

Synergy Global Corporate Class 328,328 84,382

Select 100e Managed Portfolio Corporate Class 342,622 78,590

Select 20i80e Managed Portfolio Corporate Class 172,427 78,072




Select 60i40e Managed Portfolio Corporate Class 180,121 -

Select 70i30e Managed Portfolio Corporate Class 149,686 -


Select Income Managed Corporate Class 200,339 -

Select Canadian Equity Managed Corporate Class 60,960 -

Select U.S. Equity Managed Corporate Class 64,013 -

Select International Equity Managed Corporate Class 63,928 -

Cambridge American Equity Corporate Class 271,616 43,147

Cambridge Asset Allocation Corporate Class 104,904 16,085

Cambridge Canadian Dividend Corporate Class 162,327 59,472

Cambridge Canadian Equity Corporate Class 198,120 -

Cambridge Global Dividend Corporate Class 303,723 68,908

Cambridge Global Equity Corporate Class 277,154 68,309

Cambridge Growth Companies Corporate Class 266,870 92,700

Cambridge Monthly Income Corporate Class 140,816 29,997

Cambridge Pure Canadian Equity Corporate Class 147,933 90,395


– 309 –



2018 2017

Fund (cont’d) (in $) (in $)

Canadian Equity Alpha Corporate Class 69,119 -

Canadian Equity Growth Corporate Class 204,148 72,650

Canadian Equity Small Cap Corporate Class 94,551 17,613

Canadian Equity Value Corporate Class 73,195 14,128

Canadian Fixed Income Corporate Class 80,998 11,456

Emerging Markets Equity Corporate Class 107,799 12,516

Enhanced Income Corporate Class 94,906 13,406

Global Fixed Income Corporate Class 92,644 12,350

International Equity Alpha Corporate Class 68,478 -

International Equity Growth Corporate Class 108,697 19,874

International Equity Value Corporate Class 79,782 18,985

International Equity Value Currency Hedged Corporate Class 124,851 203

Real Estate Investment Corporate Class 107,300 15,324

Short Term Income Corporate Class 180,534 42,413

US Equity Alpha Corporate Class 72,641 -

US Equity Growth Corporate Class 188,968 44,492

US Equity Small Cap Corporate Class 111,856 28,847

US Equity Value Corporate Class 75,127 18,407

US Equity Value Currency Hedged Corporate Class 128,926 203

Black Creek Global Balanced Corporate Class 87,040 -

Black Creek Global Leaders Corporate Class 252,987 37,599

Black Creek International Equity Corporate Class 241,074 44,624

5. MANAGEMENT FEES AND OTHER EXPENSES

The Manager of the Corporation in consideration for management fees, provides management services

required in the day-to-day operations of the Funds including management of the investment portfolios

of the Funds and provision of key management personnel.

The management fee is calculated based on a percentage of the net asset values of each class of a

Fund (other than Class I, IT5, IT8, O, OT5, OT8, P, PT5 or PT8 and Class W and WT8 of United Corporate

Classes and classes offered under Private Client Managed Portfolios) at the end of each business day

and are subjected to application taxes including HST, GST and QST. Investors in Class I, IT5, IT8, O,

OT5, OT8, P, PT5 or PT8 shares and Class W and WT8 shares of United Corporate Classes and Private

Client Managed Portfolios are charged management fees directly as negotiated between the investor

and the Manager.

For each Class W and WT8 share of a United Corporate Class and Private Client Managed Portfolios,

management fees are paid directly by investors on a quarterly basis (or monthly at the discretion of

the Manager) and are not charged to the Funds.

During the year ended March 31, 2018, the Manager of the Funds absorbed $113,000 (2017-$169,000)

and U.S.$15,000 (2017-U.S.$30,000) in management fees due to the declining yields generated by the

following funds: CI Short-Term Corporate Class and CI Short-Term US$ Corporate Class, respectively.

The Manager bears all of the operating expenses of the Funds (other than certain taxes, borrowing

costs and new governmental fees) in return for fixed annual administration fees. Administration fees

are calculated as a fixed annual percentage of the net asset value of each class of a Fund (other than

Class I, IT5 and IT8) at the end of each business day and are subjected to application taxes including

HST, GST and QST.

Investors in Class I, IT5 and IT8 shares are charged administration fees directly as negotiated between

the investor and the Manager.

A Fund that invests in units/shares of underlying funds will not pay a duplicate management and

administration fee on the portion of assets that are invested in units/shares of underlying funds. During

the reporting year, a Fund may have received a management and/or administration fee rebate from the

underlying funds’ Manager relating to its investment in the underlying funds. The management and/or

administration fee rebates, if applicable, are included in “Fees rebate receivable” and in “Fees rebate”

as reflected in the Statements of Financial Position and Statements of Comprehensive Income of each

Fund, if applicable.

Refer to the Management and Administration Fees in the Fund Specific Notes to Financial Statements

for the management and administrative fee rates applicable to each class.

Prior to settlement of forward purchase agreements Signature High Yield Bond Corporate Class and

Cambridge Monthly Income Corporate Class paid to the counterparty under the Forward Agreement

or Forward Purchase Agreement a fee of no more than 0.50% per annum of the market value of

notional exposure to the underlying trust/fund under the Forward Agreement, calculated and paid

monthly. Forward fees paid to the counterparties are included in “Forward fees” in the Statements of

Comprehensive Income.

6. SECURITIES LENDING

Certain Funds have entered into a securities lending program with their Custodian. The aggregate

market value of all securities loaned by a Fund cannot exceed 50% of the assets of the Fund. A Fund

will receive collateral of at least 102% of the value of securities on loan. Collateral will generally

be comprised of cash and obligations of or guaranteed by the Government of Canada or a province

thereof, or by the United States government or its agencies, but may include obligations of other

governments with appropriate credit ratings. For those Funds participating in the program, amounts for

securities loaned and the collateral received as well as reconciliation between gross securities lending

revenue and securities lending revenue received by each Fund appear on the Fund Specific Notes to

Financial Statements. Revenue from securities lending is included in “Securities lending revenue” in

the Statements of Comprehensive Income and any cash collateral received or cash collateral payable

is included in the Statements of Financial Position in “Cash collateral received for securities on loan”

or “Payable for cash collateral under securities lending”.

7. INCOME TAXES

The Corporation presently qualifies as a “mutual fund corporation” as defined in the Income Tax Act

(Canada). The Corporation computes its net income (loss) and net capital gains (losses) for income tax

purposes as a single entity. Net losses of one Fund may be used to offset net gains of another Fund

to reduce the net income or net gain of the Corporation as a whole. As a mutual fund corporation,

the Corporation is subject to Part IV federal tax. Taxable dividends received from taxable Canadian

corporations are subject to a tax of 38 1/3%. Such taxes are fully refundable upon payment of taxable

dividends to its shareholders on a basis of $1.15 for every $3 of dividends paid. The Corporation is

also subject to Part I tax on other income and taxable capital gain for the year. All tax on net taxable

realized capital gains is refundable when the gains are distributed to shareholders as capital gains

dividends or through redemption of shares at the request of shareholders, while the Corporation

qualifies as a mutual fund corporation. Accordingly, the corporation does not record a provision for

income taxes in respect of dividends from taxable Canadian Corporations and capital gains. Interest

income and foreign dividends, net of applicable expenses, are taxed at full corporate rates applicable

to mutual fund corporations with credits, subject to certain limitations, for foreign taxes paid. Income

taxes (if any) are allocated to the Funds of the Corporation on a reasonable basis.


– 310 –



Certain Funds may be subject to foreign taxation related to income received, capital gains on the sale

of securities and certain foreign currency transactions in the foreign jurisdictions in which it invests.

Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign

markets in which the Funds invest. When a capital gain tax is determined to apply the Funds record

an estimated deferred tax liability in an amount that would be payable if the securities were disposed

of on the valuation date.

The tax payable and tax recoverable amounts are included in “Other” in the Statements of Financial

Position.

Effective January 1, 2017, conversion of shares between two classes of a mutual fund corporation

(including CI Corporate Class Limited) is treated as a disposition of shares at their fair market value.

As at March 31, 2018, the Corporation had no unused capital and non-capital losses for income

tax purposes.

The Corporation’s marginal and effective corporate tax rates on net investment income for the year

ended March 31, 2018 were as follows:

%

Statutory Tax Rate 39.50

Realized and Unrealized Gain (Loss) on Investments (27.05)

Canadian Dividends (5.79)

Foreign Taxes (grouped) (1.10)

Miscellaneous Adjustment 4.35

Effective Tax Rate 9.91

8. REINVESTMENT OF DIVIDENDS

When a Fund pays a dividend to a shareholder, it will be paid in the same currency in which the shares

are held. Dividends are automatically reinvested without charge in the same Fund or paid out in cash

to the shareholder. The Manager may change the dividend policy at its discretion.

9. RELATED PARTY TRANSACTIONS

The Funds may have direct or indirect holdings in CI Financial Corp. or its affiliates or other funds

managed by the Manager as identified in the Schedule of Investment Portfolio and the Fund Specific

Notes to Financial Statements, where applicable.

The Manager of the Funds may, from time to time, make initial investments in certain classes of

certain Funds to help establish a class or a Fund. Details of the investments made by the Manager

are disclosed in Note 4.

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 the years ended March 31, 2018 and 2017 certain

Funds executed inter-fund trades.

10. FINANCIAL INSTRUMENTS RISK

Risk management

The Funds are exposed to a variety of financial instruments risks: credit risk, liquidity risk and market

risk (including other price risk, currency risk and interest rate risk). The level of risk to which each

Fund is exposed depends on the investment objective and the type of investments the Fund holds.

The value of investments within a portfolio can fluctuate daily as a result of changes in prevailing

interest rates, economic and market conditions and company specific news related to investments

held by the Fund. The Manager of the Funds may minimize potential adverse effects of these risks on

the Funds’ performance by, but not limited to, regular monitoring of the Funds’ positions and market

events, diversification of the investment portfolio by asset type, country, sector, term to maturity

within the constraints of the stated objectives, and through the usage of derivatives to hedge certain

risk exposures.

Concentration risk

Concentration risk arises as a result of the concentration of exposures within the same category,

whether it is a geographical allocation, asset type, industry sector or counterparty.

Credit risk

Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet

its financial obligations. The fair value of a debt instrument includes consideration for the credit

worthiness of the debt issuer. The carrying amount of debt instruments as shown on the Schedule

of Investment Portfolio represents the credit risk exposure of each Fund. Credit risk exposure for

derivative instruments is based on each Fund’s unrealized gain on the contractual obligations with the

counterparty as at the reporting date. The credit rating of a counterparty to a derivative instrument is

disclosed in the Schedule of Investment Portfolio or in Fund Specific Notes to Financial Statements

of each Fund, if applicable. The credit risk exposure of the Fund’s other assets is represented by their

carrying amount as disclosed in the Statements of Financial Position.

The Funds that invest only in units/shares of underlying funds may be exposed to indirect credit risk

in the event that the underlying funds invest in debt instruments, preferred securities or derivatives.

Credit ratings for debt securities, preferred securities and derivative instruments are obtained from

S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service

or Dominion Bond Rating Service.

Credit ratings can be either long-term or short-term. Short-term credit ratings are generally assigned

to those obligations and derivative instruments considered short-term in nature. The table below

provides a cross-reference between the long-term credit ratings disclosed in the Credit Rating table

inclusive of the short-term credit ratings disclosed in the derivatives schedules in the Schedule of

Investment Portfolio.

Credit Rating as per Credit Risk Table Credit Rating as per Derivative Schedules

AAA/Aaa/A++ A-1+

AA/Aa/A+ A-1, A-2, A-3

A B, B-1

BBB/Baa/B++ B-2

BB/Ba/B+ B-3

B C

CCC/Caa/C++ -

CC/Ca/C+ -

C and Lower D

Not Rated WR

Cash balances, with exception of restricted cash balances and margin accounts, as disclosed in

the Statements of Financial Position are maintained by the Custodian. The Manager monitors the

credit worthiness of the Custodian on a regular basis. As at March 31, 2018, the credit rating of the

Custodian was AA- (March 31, 2017 – AA-).


– 311 –



All transactions executed by a Fund in listed securities are settled/paid for upon delivery using

approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made

once the broker has received payment. Payment is made on a purchase once the securities have been

received by the broker. The trade will fail if either party fails to meet its obligation.

Liquidity risk

Liquidity risk is the risk that a Fund may not be able to settle or meet its obligations, on time or at a

reasonable price. The Funds are exposed to daily cash redemption of redeemable shares. Therefore,

the Funds invest the majority of their assets in investments that are traded in active markets and can

be readily disposed of. In addition, the Funds retain sufficient cash and cash equivalents positions to

maintain liquidity. From time to time, the Funds may enter into derivative contracts or invest in unlisted

securities that may not trade in an organized market and may be illiquid. All financial liabilities are

due within three months.

Market risk

The Funds’ investments are subject to market risk which is the risk that the fair value of future cash

flows of a financial instrument will fluctuate due to changes in market conditions.

Other price risk

Other price risk is the risk that the value of financial instruments will fluctuate as a result of

changes in market prices (other than those arising from currency risk or interest rate risk).

The value of each investment is influenced by the outlook of the issuer and by general economic

and political conditions, as well as industry and market trends. All securities present a risk of loss

of capital. Except for options written, future contracts sold short and investments sold short, the

maximum risk resulting from financial instruments is equivalent to their fair value. On written call

options, short future positions and on equity and debt sold short, the maximum loss of capital

can be unlimited.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not

subject to significant other price risk.

Currency risk

Currency risk arises from financial instruments that are denominated in a currency other than the

functional currency of the Funds. As a result, the Funds may be exposed to the risk that the value

of securities denominated in other currencies will fluctuate due to changes in exchange rates.

The Schedule of Investment Portfolio identifies all bonds and derivative instruments denominated

in foreign currencies. Equities traded in foreign markets are also exposed to currency risk as

the prices denominated in foreign currencies are converted to the Funds’ functional currency to

determine their fair value.

The Funds that invest only in units/shares of underlying funds may be exposed to indirect currency

risk in the event that the underlying funds invest in financial instruments that are denominated in

a currency other than the functional currency of the Funds.

Interest rate risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to

changes in prevailing levels of market interest rates. As a result, the value of the Funds that invest

in debt securities and/or income trusts will be affected by changes in applicable interest rates.

If interest rates fall, the fair value of existing debt securities may increase due to the increase in

yield. Alternatively, if interest rates rise, the yield of existing debt securities may decrease which

may then lead to a decrease in their fair value. The magnitude of the decline will generally be

greater for long-term debt securities than for short-term debt securities.

Interest rate risk also applies to Funds that invest in convertible securities. The fair value of these

securities varies inversely with interest rates, similar to other debt securities. However, since

they may be converted into common shares, convertible securities are generally less affected by

interest rate fluctuations than other debt securities.

The Funds that invest only in units/shares of underlying funds may be exposed to indirect interest

rate risk in the event that the underlying funds invest in interest bearing financial instruments.

Fair value hierarchy

The Funds are required to classify financial instruments measured at fair value using a fair value

hierarchy. Investments whose values are based on quoted market prices in active markets are

classified as Level 1. This Level includes publicly traded equities, exchange-traded and retail mutual

funds, exchange-traded warrants, futures contracts, traded options, American depositary receipts

(“ADRs”) and Global depositary receipts (“GDRs”).

Financial instruments that trade in markets that are not considered to be active but are valued based

on quoted market prices, dealer quotations or alternative pricing sources supported by observable

inputs are classified as Level 2. These include fixed-income securities, mortgage-backed securities

(“MBS”), short-term instruments, non-traded warrants, over-the-counter options, structured notes of

indexed securities, foreign currency forward contracts and swap instruments.

Investments classified as Level 3 have significant unobservable inputs. Level 3 instruments include

private equities, private term-loans, private equity funds and certain derivatives. As observable prices

are not available for these securities, the Funds may use a variety of valuation techniques to derive

the fair value.

The Funds’ policy is to recognize transfers into and out of the fair value hierarchy levels as of the date

of the event or change in circumstances giving rise to the transfer.

Details of each Fund’s exposure to financial instruments risks including concentration risk and fair

value hierarchy classification are available in the Fund Specific Notes to Financial Statements of

each Fund.


– 312 –

Legal Notice


You can get additional copies of these Financial Statements at your request, and at no cost, by

calling 1-888-664-4784, by emailing [email protected], or by asking your representative.

Certain names, words, phrases, graphics or designs in this document may constitute trade names,

registered or unregistered trademarks or service marks of CI Investments Inc. ®CI Financial,

CI Investments, the CI Investments design are registered trademarks of CI Investments Inc.

This document, and other information about the funds, is available at www.assante.com, or at

www.sedar.com.

UNITED CORPORATE CLASSES INCOME FUND(S)Short Term Income Corporate Class




CANADIAN EQUITY FUND(S)Canadian Equity Value Corporate Class




US EQUITY FUND(S)US Equity Value Corporate Class




INTERNATIONAL EQUITY FUND(S)International Equity Value Corporate Class




SPECIALTY FUND(S)Real Estate Investment Corporate Class

CURRENCY HEDGED FUND(S)International Equity Value Currency Hedged Corporate Class


For more information about United Corporate Classes, please contact your advisor or the United Financial Service Centre at 1-888-664-4784 or by e-mail at [email protected], or visit www.assante.com.

United Corporate Classes are managed under the United Financial brand by CI Investments Inc. and are available exclusively through your Assante Wealth Management advisor. United Financial and the United Financial design are trademarks of CI Investments Inc.

CI Investments Inc. 2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 UCC_AR_06/18E

united corporate classes - ci investments · signature global bond corporate class signature global...

Documents