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Semi-Annual Financial Statements- June 30, 2019

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Semi-Annual Financial Statements- June 30, 2019 Semi-Annual Financial Statements - June 30, 2019 JFT Strategies Fund Table of Contents JFT Strategies Fund Financial Statements STATEMENTS OF FINANCIAL POSITION .............................................................................................................. 1 STATEMENTS OF COMPREHENSIVE INCOME ..................................................................................................... 2 STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SECURITIES ...................................................................................................... 4 STATEMENTS OF CASH FLOWS ........................................................................................................................... 7 SCHEDULE OF INVESTMENT PORTFOLIO ............................................................................................................. 8 FUND SPECIFIC NOTES TO FINANCIAL STATEMENTS ........................................................................................ 15 NOTES TO FINANCIAL STATEMENTS .................................................................................................................. 19 NOTICE TO READER: CI Investments Inc., the Manager of the Fund, appoints independent auditors to audit the Fund’s Annual Financial Statements. Under Canadian securities laws (National Instrument 81-106), if an auditor has not reviewed the Semi-Annual Financial Statements, this must be disclosed in an accompanying notice. Semi-Annual Financial Statements - June 30, 2019 JFT Strategies Fund STATEMENTS OF FINANCIAL POSITION (Unaudited) As at Jun. 30, 2019 Dec. 31, 2018 $ $ ASSETS Current assets Investments, at fair value (note 2) 166,668,597 153,067,644 Cash and cash equivalents 31,597,364 36,834,085 Cash on deposit with broker as collateral 29,969,697 86,138,090 Due from broker 526,308 829,877 Unrealized gain on futures and forward foreign currency contracts - - Swaps and options - - Subscriptions receivable - - Dividends receivable 140,572 130,304 Interest receivable 671,616 954,914 229,574,154 277,954,914 LIABILITIES Current liabilities Investments sold short 38,978,801 47,454,441 Bank overdraft - - Due to broker 6,726,032 9,661,604 Unrealized loss on futures and forward foreign currency contracts - - Swaps and options - - Dividends payable on investments sold short 69,270 97,277 Distributions payable to holders of redeemable securities (note 8) - - Management fee payable 72,850 90,490 Redemptions payable - - Performance fee payable 985,290 261,925 Accounts payable and accrued liabilities 539,199 500,691 47,371,442 58,066,428 Net assets attributable to holders of redeemable securities 182,202,712 219,888,486 Net assets attributable to holders of redeemable securities per class Class A 93,404,717 116,122,504 Class F 83,146,343 98,335,623 Private Placement Class 5,651,652 5,430,359 Net assets attributable to holders of redeemable securities per security Class A 14.73 14.38 Class F 15.47 15.08 Private Placement Class 19.82 19.05 See accompanying notes to financial statements. Semi-Annual Financial Statements - June 30, 2019 – 1 – 580640067 JFT Strategies Fund STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Periods ended June 30 (in $ except for number of securities) 2019 2018 $ $ INCOME Net gains (losses) on investments and derivatives Dividends 638,930 1,212,307 Interest for distribution purposes 2,006,707 1,170,534 Change in unrealized appreciation (depreciation) in value of investments and derivatives (535,104) (5,935,193) Net realized gain (loss) on sale of investments and derivatives 8,617,779 6,490,078 Net gains (losses) on investments and derivatives (1) 10,728,312 2,937,726 Other income Securities lending revenue (2) - - Foreign exchange gain (loss) on cash (987,945) 1,411,707 Other income - - Total other income (987,945) 1,411,707 Total income 9,740,367 4,349,433 EXPENSES Custodian and fund valuation fees 7,293 4,237 Securityholder reporting costs 40,536 56,168 Performance fees (note 7) 1,023,768 143,048 Management fee (notes 7 and 11) (1) 1,366,358 1,622,068 Dealer service fee (notes 7 and 11) (1) 242,211 312,958 Transaction costs (note 7) (3) 1,531,181 1,004,541 Withholding taxes (note 9) 4,124 14,351 Harmonized Sales Tax 338,708 267,719 Audit fees 30,250 11,500 Legal fees - 10,294 Interest expense - - Independent Review Committee fees (note 11) 3,282 3,553 Dividends paid on investments sold short 828,910 944,464 Other expenses - - Total expenses 5,416,621 4,394,901 Increase (decrease) in net assets attributable to holders of redeemable securities from operations (excluding distributions) 4,323,746 (45,468) Increase (decrease) in net assets attributable to holders of redeemable securities from operations (excluding distributions) per class Class A 2,066,967 (116,464) Class F 2,035,486 17,171 Private Placement Class 221,293 53,825 Increase (decrease) in net assets attributable to holders of redeemable securities from operations (excluding distributions) per security (note 2) Class A 0.31 (0.01) Class F 0.37 - Private Placement Class 0.78 0.20 Weighted average number of securities Class A 6,642,323 8,796,170 Class F 5,572,134 6,126,211 Private Placement Class 285,093 272,839 See accompanying notes to financial statements. Semi-Annual Financial Statements - June 30, 2019 – 2 – JFT Strategies Fund STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (cont’d) Periods ended June 30 (1) Management and dealer service fee rates (notes 7 and 11) % Management fee Class A 1.50 Class F 1.50 Private Placement Class - Dealer service fee Class A 0.50 Class F - Private Placement Class - (2) Securities lending (note 2) 2019 2018 $ $ Value of securities loaned - - Value of collateral received - - Gross amount generated from the securities lending transactions - - Charges - - Net securities lending revenue as reported in the Statements of Comprehensive Income - - (3) Commissions (note 7) 2019 2018 $ $ Brokerage commissions 405,459 377,871 Soft dollar commissions - - See accompanying notes to financial statements. Semi-Annual Financial Statements - June 30, 2019 – 3 – JFT Strategies Fund STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SECURITIES (Unaudited) Periods ended June 30 2019 2018 $ $ Class A Net assets attributable to holders of redeemable securities, beginning of period 116,122,504 137,854,414 Increase (decrease) in net assets attributable to holders of redeemable securities from operations (excluding distributions) 2,066,967 (116,464) Distributions to holders of redeemable securities (note 8) (1) From net investment income - - From capital gains - - Return of capital - - - - Redeemable securities transactions (note 6) (1) Issuance of securities - - Distributions reinvested - - Agents’ fees and expenses of issue - - Redemption of securities (25,830,964) (11,672,654) Securities converted from Class F to Class A 4,920,897 3,766,789 Securities converted from Class A to Class F (3,874,687) (9,435,407) (24,784,754) (17,341,272) Net increase (decrease) in net assets attributable to holders of redeemable securities (22,717,787) (17,457,736) Net assets attributable to holders of redeemable securities, end of period 93,404,717 120,396,678 Class F Net assets attributable to holders of redeemable securities, beginning of period 98,335,623 93,889,823 Increase (decrease) in net assets attributable to holders of redeemable securities from operations (excluding distributions) 2,035,486 17,171 Distributions to holders of redeemable securities (note 8) (1) From net investment income - - From capital gains - - Return of capital - - - - Redeemable securities transactions (note 6) (1) Issuance of securities - - Distributions reinvested - - Agents’ fees and expenses of issue - - Redemption of securities (16,178,556) (5,984,685) Securities converted from Class F to Class A (4,920,897) (3,766,789) Securities converted from Class A to Class F 3,874,687 9,435,407 (17,224,766) (316,067) Net increase (decrease) in net assets attributable to holders of redeemable securities (15,189,280) (298,896) Net assets attributable to holders of redeemable securities, end of period 83,146,343 93,590,927 See accompanying notes to financial statements. Semi-Annual Financial Statements - June 30, 2019 – 4 – JFT Strategies Fund STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SECURITIES (Unaudited) (cont’d) Periods ended June 30 2019 2018 $ $ Private Placement Class Net assets attributable to holders of redeemable securities, beginning of period 5,430,359 4,595,921 Increase (decrease) in net assets attributable to holders of redeemable securities from operations (excluding distributions) 221,293 53,825 Distributions to holders of redeemable securities (note 8) (1) From net investment income - - From capital gains - - Return of capital - - - - Redeemable securities transactions (note 6) (1) Issuance of securities - 699,982 Distributions reinvested - - Agents’ fees and expenses of issue - - Redemption of securities - - Securities converted from Class F to Class A - - Securities converted from Class A to Class F - - - 699,982 Net increase (decrease) in net assets attributable to holders of redeemable securities 221,293 753,807 Net assets attributable to holders of redeemable securities, end of period 5,651,652 5,349,728 The Fund Net assets attributable to holders of redeemable securities, beginning of period 219,888,486 236,340,158 Increase (decrease) in net assets attributable to holders of redeemable securities from operations (excluding distributions) 4,323,746
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