Cambridge Global Equity Fund Management Report of Fund Performance for the Period Ended September 30, 2020

Cambridge Global Equity Fund Management Report of Fund Performance for the period ended September 30, 2020

This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual or annual financial statements of the investment fund. You can get a copy of the semi-annual or annual financial statements at your request, and at no cost, by calling 1-800-563-5181, by writing to us at CI Investments Inc., 2 Queen Street East, Twentieth Floor, Toronto, ON, M5C 3G7 or by visiting our website at www.ci.com or SEDAR at www.sedar.com.

Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure.

RESULTS OF OPERATIONS contributors to performance included holdings in Facebook Inc., DuPont de Nemours Inc. The Fund’s net assets increased by $2.4 million to $12.6 million from March 31, 2020 and Ashtead Group PLC. Facebook operates a social networking website that allows to September 30, 2020. The Fund had net sales of $0.6 million during the period. people to communicate with their family and friends and connects people around the The portfolio’s performance increased assets by $1.8 million. Series A units returned world. The company broke through to an all-time high during the period as engagement 16.8% after fees and expenses for the six-month period ended September 30, 2020. in its online networking properties accelerated. Its business demonstrated stability in Over the same time period, the Fund’s benchmark returned 22.2%. The benchmark is the ad revenues despite the economic volatility and it signalled a commitment to managing MSCI World Total Return Index (the Benchmark). expenses to maintain margins in the future, which pleased investors. DuPont operates as a global chemical company. Over the period, the firm benefitted from cost and The performance of the Fund’s other Series is substantially similar to that of Series A productivity actions, while continuing to make investments in innovation and new product units, except for differences in the structure of fees and expenses. For the returns of the developments. Ashtead is a British-based industrial equipment rental company, operating Fund’s other Series, please refer to the “Past Performance” section. national networks in the United States, the United Kingdom and Canada. The company is one of two large rental companies in North America that are rapidly consolidating the The following commentary pertains to the results of operations of the Cambridge Global equipment rental industry. The stock was negatively impacted recently by the broad- Equity Corporate Class (the Underlying Fund). based global economic slowdown and resulting impact on non-residential construction. It has rebounded nicely over the period and is well positioned over the long term as it While COVID-19’s global spread does not fall under the conventional definition of a leverages its scalable platform, where it can deploy capital at very high incremental “macroeconomic” event, it nonetheless was the greatest such event since the Great rates of return. Depression. In a matter of weeks, unemployment went from record lows of 3.5% to 14.7%. This led us to conduct thorough reviews of our portfolio holdings to ensure we Over the period, we added new positions in Ferguson PLC and Microsoft Corp., and had a margin of safety in light of these events. In most cases we saw only a temporary eliminated the Underlying Fund’s holdings in Ambev S.A. Sponsored ADR. impact to fundamentals, while in a handful of companies their fundamentals improved, especially our holdings oriented to the digital economy. There were also two examples The Fund underperformed its benchmark for the period. of businesses in the travel industry that were directly affected by COVID-19, where we saw an ongoing impact. We adjusted our position size in the case of one and exited the RECENT DEVELOPMENTS position altogether for the other. We continue to find opportunities in businesses with strong fundamentals benefitting from shifts in consumer behaviour. As the budgets of consumers are moving away The Underlying Fund underperformed the benchmark for the period. Security selection from travel to improving their homes, companies such as Ferguson have benefited as a in the information technology and consumer discretionary sectors detracted from distributor of home improvement products. We believe there are opportunities available performance. The largest individual detractors from performance included Amazon. today across the market from beneficiaries such as Ferguson to highly profitable com Inc., Wells Fargo & Co. and Imperial Brands PLC. Amazon is an online retailer that businesses seeing a temporary slowdown in growth such as Visa. While this type of offers a wide range of products, including personalized shopping services, web-based operating environment requires greater agility and flexibility on the application of our credit card payment and direct shipping to customers. The company has performed well process, the underlying process remains consistent. We continue to own a portfolio of and not owning the shares has been a headwind to relative performance. Wells Fargo quality business that have favourable future prospects which we believe will result in is a diversified financial services company providing a wide range of services to its strong risk adjusted returns for our investors. largely U.S. customer base. The company has not participated in the market recovery, challenged by expectations for weaker loan growth and a flat yield curve. The company Effective April 3, 2020, Stuart Hensman resigned as a member of the Independent Review should re-rate higher if a lasting recovery takes hold. Tobacco producer Imperial Brands Committee (IRC) of CI Funds and effective April 3, 2020, Donna Toth was appointed as underperformed the strong rally in the quarter but announced only a mid-single digit a member of the IRC. impact from COVID-19. We believe the company offers good value at around five times our 2021 earnings estimates. A new CEO with a strong history of value creation could be Effective July 29, 2020, units that were previously issued as Class A, Class A1, Class A2, a positive catalyst for the share price in the coming quarters. Class A3, Class A4, Class A5, Class AH, Class AT5, Class A1T5, Class A2T5, Class A3T5, Class AT6, Class AT8, Class A1T8, Class A2T8, Class A3T8, Class C, Class D, Class E, Security selection in the communication services, industrials and materials sectors Class ET5, Class ET8, Class EF, Class EFT5, Class EFT8, Class F, Class F1, Class F2, was the largest contributor to the Underlying Fund’s performance. The top individual Class F3, Class F4, Class F5, Class FH, Class FT5, Class F1T5, Class FT8, Class F1T8,

CIG - 70159 Cambridge Global Equity Fund Management Report of Fund Performance for the period ended September 30, 2020

Class F2T8, Class F3T8, Class H, Class I, Class IH, Insight Class, Class IT8, Class IU, Independent Review Committee Class O, Class OO, Class OT5, Class OT8, Class P, Class PH, Class PP, Class PT5, The Fund has standing instructions from the Fund’s IRC with respect to the following Class PT8, Class S, Class U, Class UT6, Class W, Class WH, Class X, Class Y, Class Y1, related party transactions: Class Y2, Class Y3, Class Z, Class Z1, Class Z2, Class Z3 and Class Z4, as applicable, were renamed as Series A, Series A1, Series A2, Series A3, Series A4, Series A5, a) trades in securities of CI Financial Corp.; and Series AH, Series AT5, Series A1T5, Series A2T5, Series A3T5, Series AT6, Series AT8, b) purchases or sales of securities of an issuer from or to another investment fund Series A1T8, Series A2T8, Series A3T8, Series C, Series D, Series E, Series ET5, managed by the Manager. Series ET8, Series EF, Series EFT5, Series EFT8, Series F, Series F1, Series F2, Series F3, Series F4, Series F5, Series FH, Series FT5, Series F1T5, Series FT8, The applicable standing instructions require, amongst others, that related party Series F1T8, Series F2T8, Series F3T8, Series H, Series I, Series IH, Insight Series, transactions be conducted in accordance with the Manager’s policies and procedures Series IT8, Series IU, Series O, Series OO, Series OT5, Series OT8, Series P, Series PH, and applicable law and that the Manager advise the IRC of any material breach of such Series PP, Series PT5, Series PT8, Series S, Series U, Series UT6, Series W, Series WH, policies. The standing instructions also require that investment decisions in respect of Series X, Series Y, Series Y1, Series Y2, Series Y3, Series Z, Series Z1, Series Z2, related party transactions (a) are free from any influence by an entity related to the Series Z3 and Series Z4, respectively. Manager and without taking into account any consideration relevant to an entity related to the Manager; (b) represent the business judgment of the Manager uninfluenced by RELATED PARTY TRANSACTIONS considerations other than the best interests of the Fund; (c) are made in compliance Manager, Portfolio Advisor, Trustee and Registrar with the Manager’s policies and procedures; and (d) achieve a fair and reasonable result CI Investments Inc. is the Manager, Portfolio Advisor, Trustee and Registrar of the Fund. for the Fund. Transactions made by the Manager under the standing instructions are CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration for subsequently reviewed by the IRC on a quarterly basis to monitor compliance. management fees, provides management services required in the day-to-day operations of the Fund. The Manager bears all of the operating expenses of the Fund (other than taxes, The Fund relied on the IRC’s standing instructions regarding related party transactions borrowing costs and new governmental fees) in return for an administration fee. during this reporting period.

Management fee and administration fee rates as at September 30, 2020, for each of the Except as otherwise noted above, the Fund was not a party to any related party transactions Series are shown below: during the period ended September 30, 2020.

Annual management Annual administration fee rate (%) fee rate (%) Series A 2.000 0.22

Series E 1.950 0.15

Series EF 0.950 0.15

Series F 1.000 0.22

Series I Paid directly by investor Paid directly by investor

Series O Paid directly by investor 0.15

Series P Paid directly by investor 0.22

The Manager received $0.1 million in management fees and $0.01 million in administration fees for the period.

Management Fees Approximately 26% of total management fees were used to pay for sales and trailing commissions. The remaining 74% of management fees were used to pay for investment management and other general administration.

Related Fund Trading Related fund trading occurs when a Fund purchases or sells units/shares of another Fund managed by the Manager. During the period ended September 30, 2020, the Fund engaged in related fund trading or held position(s) in related fund(s) at the end of the period. Cambridge Global Equity Fund Management Report of Fund Performance for the period ended September 30, 2020

FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the past periods.

Net Assets per Unit ($) (1) (2) (4) * Increase (decrease) from operations: Distributions: From net Total Realized Unrealized Total increase investment Net assets Net assets at expenses gains gains (decrease) income From at the end of the beginning Total (excluding (losses) for (losses) for from (excluding From capital Total the period of period (2) revenue distributions) the period the period operations (2) dividends) dividends gains Return of capital distributions (2, 3) shown (2) $ $ $ $ $ $ $ $ $ $ $ $

Series A Commencement of operations July 27, 2017 Sept. 30, 2020 9.94 - (0.14) 0.14 1.64 1.64 - - - - - 11.61 Mar. 31, 2020 10.72 0.05 (0.27) 0.48 (1.74) (1.48) - - (0.05) - (0.05) 9.94 Mar. 31, 2019 10.43 0.11 (0.26) 0.25 0.43 0.53 - - (0.07) - (0.07) 10.72 Mar. 31, 2018 10.00 0.18 (0.17) 1.26 (1.38) (0.11) - - - - - 10.43 Mar. 31, 2017 ------Mar. 31, 2016 ------

Series E Commencement of operations July 27, 2017 Sept. 30, 2020 9.96 0.02 (0.13) 0.15 1.62 1.66 - - - - - 11.64 Mar. 31, 2020 10.73 0.07 (0.25) 0.43 (1.47) (1.22) - - (0.06) - (0.06) 9.96 Mar. 31, 2019 10.44 0.13 (0.25) 0.23 0.61 0.72 - - (0.08) - (0.08) 10.73 Mar. 31, 2018 10.00 0.16 (0.17) 1.09 (1.32) (0.24) - - - - - 10.44 Mar. 31, 2017 ------Mar. 31, 2016 ------

Series EF Commencement of operations July 27, 2017 Sept. 30, 2020 9.97 - (0.07) 0.14 1.68 1.75 - - - - - 11.72 Mar. 31, 2020 10.75 0.04 (0.14) 0.47 (1.45) (1.08) - - (0.19) - (0.19) 9.97 Mar. 31, 2019 10.46 0.08 (0.12) 0.17 0.09 0.22 - - (0.20) - (0.20) 10.75 Mar. 31, 2018 10.00 0.06 (0.09) 0.51 0.03 0.51 - - (0.05) - (0.05) 10.46 Mar. 31, 2017 ------Mar. 31, 2016 ------

Series F Commencement of operations July 27, 2017 Sept. 30, 2020 9.98 - (0.08) 0.14 1.62 1.68 - - - - - 11.72 Mar. 31, 2020 10.76 0.05 (0.15) 0.50 (1.73) (1.33) - - (0.17) - (0.17) 9.98 Mar. 31, 2019 10.46 0.13 (0.14) 0.25 0.54 0.78 - - (0.18) - (0.18) 10.76 Mar. 31, 2018 10.00 0.17 (0.09) 1.13 (1.51) (0.30) - - (0.04) - (0.04) 10.46 Mar. 31, 2017 ------Mar. 31, 2016 ------

Series I Commencement of operations July 27, 2017 Sept. 30, 2020 9.92 - - - 3.23 3.23 - - - - - 11.73 Mar. 31, 2020 10.70 0.03 - 0.48 (0.99) (0.48) - - (0.34) - (0.34) 9.92 Mar. 31, 2019 10.41 0.09 - 0.21 0.34 0.64 - - (0.33) - (0.33) 10.70 Mar. 31, 2018 10.00 0.06 - 0.52 0.02 0.60 - - (0.19) - (0.19) 10.41 Mar. 31, 2017 ------Mar. 31, 2016 ------

Series O Commencement of operations July 27, 2017 Sept. 30, 2020 9.93 - (0.01) 0.13 1.85 1.97 - - - - - 11.73 Mar. 31, 2020 10.71 0.07 (0.02) 0.37 (3.95) (3.53) - - (0.31) - (0.31) 9.93 Mar. 31, 2019 10.42 0.10 (0.02) 0.22 0.42 0.72 - - (0.31) - (0.31) 10.71 Mar. 31, 2018 10.00 0.16 (0.01) 1.14 (1.04) 0.25 - - (0.17) - (0.17) 10.42 Mar. 31, 2017 ------Mar. 31, 2016 ------

*Footnotes for the tables are found at the end of the Net Assets per Unit section of the Financial Highlights. Cambridge Global Equity Fund Management Report of Fund Performance for the period ended September 30, 2020

FINANCIAL HIGHLIGHTS (cont’d)

Net Assets per Unit ($) (1) (2) (4) Increase (decrease) from operations: Distributions: From net Total Realized Unrealized Total increase investment Net assets Net assets at expenses gains gains (decrease) income From at the end of the beginning Total (excluding (losses) for (losses) for from (excluding From capital Total the period of period (2) revenue distributions) the period the period operations (2) dividends) dividends gains Return of capital distributions (2, 3) shown (2) $ $ $ $ $ $ $ $ $ $ $ $

Series P Commencement of operations July 27, 2017 Sept. 30, 2020 9.93 - (0.01) 0.14 1.64 1.77 - - - - - 11.73 Mar. 31, 2020 10.71 0.03 (0.03) 0.47 (1.36) (0.89) - - (0.31) - (0.31) 9.93 Mar. 31, 2019 10.42 0.34 (0.03) 0.47 1.53 2.31 - - (0.30) - (0.30) 10.71 Mar. 31, 2018 10.00 0.06 (0.02) 0.51 0.02 0.57 - - (0.16) - (0.16) 10.42 Mar. 31, 2017 ------Mar. 31, 2016 ------

(1) This information is derived from the Fund’s semi-annual and annual financial statements. (2) Net assets per unit and distributions per unit are based on the actual number of units outstanding for the relevant Series at the relevant time. The increase (decrease) in net assets from operations per unit is based on the weighted average number of units outstanding for the relevant Series over the fiscal period. (3) Distributions are automatically reinvested in additional units of the Fund. (4) This information is provided for the period ended September 30, 2020 and the years ended March 31. Cambridge Global Equity Fund Management Report of Fund Performance for the period ended September 30, 2020

FINANCIAL HIGHLIGHTS (cont’d)

Ratios and Supplemental Data (1) (5) *

Number Management Management Effective HST Total net of units expense ratio Harmonized expense ratio rate for the Trading Portfolio assets (5) outstanding (5) before taxes (2) sales tax (2) after taxes (2) period (2) expense ratio (3) turnover rate (4) $000’s 000’s % % % % % %

Series A Commencement of operations July 27, 2017 Sept. 30, 2020 7,286 627 2.21 0.24 2.45 10.71 - 16.14 Mar. 31, 2020 5,894 593 2.22 0.23 2.45 10.24 - 22.35 Mar. 31, 2019 1,783 166 2.22 0.27 2.49 12.15 0.18 45.99 Mar. 31, 2018 823 79 2.18 0.28 2.46 12.83 0.26 130.88 Mar. 31, 2017 ------Mar. 31, 2016 ------

Series E Commencement of operations July 27, 2017 Sept. 30, 2020 1,356 116 2.09 0.19 2.28 9.12 - 16.14 Mar. 31, 2020 948 95 2.10 0.19 2.29 9.26 - 22.35 Mar. 31, 2019 238 22 2.10 0.27 2.37 13.15 0.18 45.99 Mar. 31, 2018 182 17 2.10 0.29 2.39 14.41 0.26 130.88 Mar. 31, 2017 ------Mar. 31, 2016 ------

Series EF Commencement of operations July 27, 2017 Sept. 30, 2020 298 25 1.10 0.07 1.17 6.50 - 16.14 Mar. 31, 2020 260 26 1.10 0.12 1.22 11.38 - 22.35 Mar. 31, 2019 131 12 1.10 0.16 1.26 13.00 0.18 45.99 Mar. 31, 2018 11 1 1.09 0.16 1.25 13.00 0.26 130.88 Mar. 31, 2017 ------Mar. 31, 2016 ------

Series F Commencement of operations July 27, 2017 Sept. 30, 2020 2,752 235 1.22 0.12 1.34 9.86 - 16.14 Mar. 31, 2020 2,144 215 1.22 0.13 1.35 10.37 - 22.35 Mar. 31, 2019 366 34 1.22 0.15 1.37 12.39 0.18 45.99 Mar. 31, 2018 112 11 1.11 0.15 1.26 13.00 0.26 130.88 Mar. 31, 2017 ------Mar. 31, 2016 ------

Series I Commencement of operations July 27, 2017 Sept. 30, 2020 1 ------16.14 Mar. 31, 2020 11 1 - - - - - 22.35 Mar. 31, 2019 11 1 - - - - 0.18 45.99 Mar. 31, 2018 11 1 - - - - 0.26 130.88 Mar. 31, 2017 ------Mar. 31, 2016 ------

Series O Commencement of operations July 27, 2017 Sept. 30, 2020 701 60 0.15 0.02 0.17 13.00 - 16.14 Mar. 31, 2020 817 82 0.15 0.02 0.17 13.00 - 22.35 Mar. 31, 2019 131 12 0.15 0.02 0.17 13.00 0.18 45.99 Mar. 31, 2018 95 9 0.15 0.02 0.17 13.00 0.26 130.88 Mar. 31, 2017 ------Mar. 31, 2016 ------

*Footnotes for the tables are found at the end of the Financial Highlights section. Cambridge Global Equity Fund Management Report of Fund Performance for the period ended September 30, 2020

FINANCIAL HIGHLIGHTS (cont’d)

Ratios and Supplemental Data (1) (5)

Series P Commencement of operations July 27, 2017 Sept. 30, 2020 167 14 0.22 0.02 0.24 11.31 - 16.14 Mar. 31, 2020 132 13 0.22 0.03 0.25 12.58 - 22.35 Mar. 31, 2019 90 8 0.22 0.03 0.25 13.00 0.18 45.99 Mar. 31, 2018 11 1 0.22 0.03 0.25 13.00 0.26 130.88 Mar. 31, 2017 ------Mar. 31, 2016 ------

(1) This information is derived from the Fund’s semi-annual and annual financial statements. (2) Management expense ratio is calculated based on expenses charged to the Fund (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of daily average net assets for the period, including the Fund’s proportionate share of any underlying fund(s) expenses, if applicable. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. (3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the period, including the Fund’s proportionate share of such expenses of any underlying fund(s), if applicable. (4) The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the fiscal period. The higher a Fund’s portfolio turnover rate in a period, the greater the trading costs payable by the Fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a higher turnover rate and the performance of a Fund. Portfolio turnover rate is calculated by dividing the lesser of the cost of purchases and the proceeds of sales of portfolio securities for the period, and excluding cash and short-term investments maturing in less than one year, and before assets acquired from a merger, if applicable, by the average of the monthly fair value of investments during the period. (5) This information is provided for the period ended September 30, 2020 and the years ended March 31. Cambridge Global Equity Fund Management Report of Fund Performance for the period ended September 30, 2020

PAST PERFORMANCE This section describes how the Fund has performed in the past. Remember, past returns do not indicate how the Fund will perform in the future. The information shown assumes that distributions made by the Fund in the periods shown were reinvested in additional units of the relevant Series of the Fund. In addition, the information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance.

Year-by-Year Returns The following charts show the Fund’s semi-annual and annual performance for each of the periods shown and illustrate how the Fund’s performance has changed from period to period. In percentage terms, the charts show how much an investment made on the first day of each financial period would have grown or decreased by the last day of each financial period, except where noted.

Series A Series E Series EF Series F 30 30 30 30

20 16.8 20 16.9 20 17.5 20 17.4

1 1 10 6.4 10 10 1 10 7.5 3.6 4.41 3.7 5.1 4.9 4.7 -6.9 -6.7 -5.7 -5.8 0 0 0 0

-10 -10 -10 -10

-20 -20 -20 -20 Mar. 2018 Mar. 2019 Mar. 2020 Mar. 2018 Mar. 2019 Mar. 2020 Mar. 2018 Mar. 2019 Mar. 2020 Mar. 2018 Mar. 2019 Mar. 2020 Mar. Sept. 2020 Sept. 2020 Sept. 2020 Sept. 2020

Series I Series O Series P 30 30 30

20 18.2 20 18.1 20 18.1

8.71 10 5.91 6.2 10 5.91 6.0 10 5.9 -4.6 -4.7 -4.8 0 0 0

-10 -10 -10

-20 -20 -20 Mar. 2018 Mar. 2019 Mar. 2020 Mar. 2018 Mar. 2019 Mar. 2020 Mar. 2018 Mar. 2019 Mar. 2020 Mar. Sept. 2020 Sept. 2020 Sept. 2020

1 2018 return is for the period from July 27, 2017 to March 31, 2018. Cambridge Global Equity Fund Management Report of Fund Performance for the period ended September 30, 2020

SUMMARY OF INVESTMENT PORTFOLIO as at September 30, 2020

Category* % of Net Assets Category* % of Net Assets Top 25 Holdings* % of Net Assets Country allocation Sector allocation Long Positions Long Positions U.S.A...... 68.9 Communication Services ...... 24.7 Facebook Inc...... 5.1 U.K...... 8.6 Health Care ...... 14.6 DuPont de Nemours Inc...... 5.0 Cayman Islands ...... 4.6 Industrials ...... 13.3 Anthem Inc...... 4.6 Ireland ...... 3.7 Materials ...... 13.0 McKesson Corp...... 4.5 Japan ...... 3.6 Financials ...... 10.3 Alphabet Inc., Class A ...... 4.4 Jersey Island ...... 3.5 Information Technology ...... 8.3 Berry Plastics Group Inc...... 4.3 Short-Term Investments ...... 2.5 Consumer Staples ...... 7.2 Microsoft Corp...... 4.0 Bermuda ...... 1.7 Consumer Discretionary ...... 5.5 Linde PLC (EUR) ...... 3.7 Denmark ...... 1.1 Short-Term Investments ...... 2.5 Philip Morris International Inc...... 3.6 Canada ...... 0.9 Energy ...... 0.9 Imperial Brands PLC ...... 3.6 Luxembourg ...... 0.6 Other Net Assets (Liabilities) ...... 1.0 Nintendo Co., Ltd...... 3.6 Guernsey ...... 0.6 Cash & Cash Equivalents ...... (1.2) Ferguson PLC ...... 3.5 Other Net Assets (Liabilities) ...... 1.0 Total Long Positions...... 100.1 Jacobs Engineering Group Inc...... 3.3 Cash & Cash Equivalents ...... (1.2) Verizon Communications Inc...... 3.2 Total Long Positions...... 100.1 Short Positions Ashtead Group PLC ...... 3.2 Option Contract(s) ...... (0.1) Intercontinental Exchange Inc...... 3.1 Short Positions Total Short Positions...... (0.1) Electronic Arts Inc...... 2.9 Option Contract(s) ...... (0.1) Activision Blizzard Inc...... 2.8 Total Short Positions...... (0.1) LKQ Corp...... 2.8 Tencent Holdings Ltd...... 2.7 Boston Scientific Corp...... 2.6 Short-Term Investments ...... 2.5 CBOE Holdings Inc...... 2.3 Visa Inc., Class A ...... 2.2 Salesforce.com Inc...... 2.1

Total Net Assets (in $000’s) $12,561

*These are holdings and the breakdown of the underlying fund. The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund and updates will be available on a quarterly basis.

A NOTE ON FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, its future performance, strategies economic, political and market factors in Canada, the United States and internationally, interest or prospects, and possible future Fund action. The words “may,” “could,” “should,” “would,” “suspect,” and foreign exchanges rates, global equity and capital markets, business competition, technological “outlook,” “believe,” “plan,” “anticipate,” “estimate,” “expect,” “intend,” “forecast,” “objective,” and changes, changes in laws and regulations, judicial or regulatory judgments, legal proceedings and similar expressions are intended to identify forward-looking statements. catastrophic events.

Forward-looking statements are not guarantees of future performance. Forward-looking statements The above list of important factors that may affect future results is not exhaustive. Before making any involve inherent risks and uncertainties, both about the Fund and general economic factors, so it is investment decisions, we encourage you to consider these and other factors carefully. All opinions possible that predictions, forecasts, projections and other forward-looking statements will not be contained in forward-looking statements are subject to change without notice and are provided in good achieved. We caution you not to place undue reliance on these statements as a number of important faith but without legal responsibility. factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement made by the Fund. These factors include, but are not limited to, general