Black Creek Global Leaders Fund Management Report of Fund Performance for the Period Ended September 30, 2020

Black Creek Global Leaders 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 RECENT DEVELOPMENTS The Fund’s net assets increased by $318.9 million to $2,851.8 million from March 31, 2020 At Black Creek, we buy companies based on their underlying fundamentals and focus to September 30, 2020. The Fund had net redemptions of $200.9 million during the period. on businesses that are inexpensive relative to their long-term cash flows. This approach The portfolio’s performance increased assets by $519.8 million. Series A units returned has lagged in a narrowly led market, and the pandemic has only compounded this trend. 20.3% after fees and expenses for the six-month period ended September 30, 2020. Over These are extraordinary times, and while near-term performance has not kept up with the the same time period, the Fund’s benchmark returned 22.2%. The benchmark is the MSCI market, we believe that given our time horizon, our portfolio of winning businesses will World Total Return Index (the Benchmark). ultimately demonstrate their value.

The performance of the Fund’s other Series is substantially similar to that of Series A We believe that whatever shape the post-pandemic recovery follows, it will favour a units, except for differences in the structure of fees and expenses. For the returns of the broader rally in stocks and help to rebalance equity markets that have become heavily Fund’s other Series, please refer to the “Past Performance” section. tilted towards large-cap growth and momentum stocks.

Global equities performed well over the six-month period, given the sharp recovery after Effective April 3, 2020, Stuart Hensman resigned as a member of the Independent Review the coronavirus downturn. Committee (IRC) of CI Funds and effective April 3, 2020, Donna Toth was appointed as a member of the IRC. In U.S.-dollar terms, global stocks (as defined by the MSCI ACWI Index) returned 28.9%. Markets were supported by accommodative monetary and fiscal policy, signs of improving Effective July 29, 2020, units that were previously issued as Class A, Class A1, economic data, and positive news on therapeutic treatments and vaccine progress. Class A2, 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, Investors continued to lean towards what has worked, favouring familiar high-valuation Class C, Class D, Class E, Class ET5, Class ET8, Class EF, Class EFT5, Class EFT8, momentum and growth stocks. Despite rising trade tensions, China and the United States, Class F, Class F1, Class F2, Class F3, Class F4, Class F5, Class FH, Class FT5, Class F1T5, led by large-cap technology and e-commerce stocks, were among the best-performing Class FT8, Class F1T8, Class F2T8, Class F3T8, Class H, Class I, Class IH, Insight Class, markets. The United Kingdom, which has been hampered by Brexit uncertainty, was Class IT8, Class IU, Class O, Class OO, Class OT5, Class OT8, Class P, Class PH, Class PP, among the laggards. Class PT5, Class PT8, Class S, Class U, Class UT6, Class W, Class WH, Class X, Class Y, Class Y1, Class Y2, Class Y3, Class Z, Class Z1, Class Z2, Class Z3 and Class Z4, as The Fund performed well on an absolute basis during the period, but modestly trailed its applicable, were renamed as Series A, Series A1, Series A2, Series A3, Series A4, benchmark. Series A5, Series AH, Series AT5, Series A1T5, Series A2T5, Series A3T5, Series AT6, Series AT8, Series A1T8, Series A2T8, Series A3T8, Series C, Series D, Series E, From a sector perspective, good stock selection in industrials, consumer staples and Series ET5, Series ET8, Series EF, Series EFT5, Series EFT8, Series F, Series F1, Series F2, financials was offset by weak selection in the information technology, communication Series F3, Series F4, Series F5, Series FH, Series FT5, Series F1T5, Series FT8, services and materials sectors. Series F1T8, Series F2T8, Series F3T8, Series H, Series I, Series IH, Insight Series, Series IT8, Series IU, Series O, Series OO, Series OT5, Series OT8, Series P, Series PH, From a stock perspective, top contributors included BorgWarner Inc., Makita Corp., Weir Series PP, Series PT5, Series PT8, Series S, Series U, Series UT6, Series W, Series WH, Group PLC, Schneider Electric S.E. and Vinda International Holdings Ltd. Notable detractors Series X, Series Y, Series Y1, Series Y2, Series Y3, Series Z, Series Z1, Series Z2, included Galp Energia S.A., Glanbia PLC, ConvaTec Group PLC and GlaxoSmithKline PLC. Series Z3 and Series Z4, respectively.

Two new holdings added to the Fund during the period: DBS Group Holdings Ltd. and RELATED PARTY TRANSACTIONS Merck KGaA. There were two outright sales: Daikin Industries Ltd. and Nielsen Holdings Manager, Portfolio Advisor, Trustee and Registrar PLC. CI Investments Inc. is the Manager, Portfolio Advisor, Trustee and Registrar of the Fund. CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration for management fees, provides management services required in the day-to-day operations of the Fund. The Manager bears all of the operating expenses of the Fund (other than taxes, borrowing costs and new governmental fees) in return for an administration fee.

CIG - 11106 Black Creek Global Leaders Fund Management Report of Fund Performance for the period ended September 30, 2020

Management fee and administration fee rates as at September 30, 2020, for each of the Series are shown below:

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

Series AT6 2.000 0.22

Series D 1.650 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 $16.0 million in management fees and $2.0 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.

Independent Review Committee The Fund has standing instructions from the Fund’s IRC with respect to the following related party transactions: a) trades in securities of CI Financial Corp.; and b) purchases or sales of securities of an issuer from or to another investment fund managed by the Manager.

The applicable standing instructions require, amongst others, that related party transactions be conducted in accordance with the Manager’s policies and procedures and applicable law and that the Manager advise the IRC of any material breach of such policies. The standing instructions also require that investment decisions in respect of related party transactions (a) are free from any influence by an entity related to the Manager and without taking into account any consideration relevant to an entity related to the Manager; (b) represent the business judgment of the Manager uninfluenced by considerations other than the best interests of the Fund; (c) are made in compliance with the Manager’s policies and procedures; and (d) achieve a fair and reasonable result for the Fund. Transactions made by the Manager under the standing instructions are subsequently reviewed by the IRC on a quarterly basis to monitor compliance.

The Fund relied on the IRC’s standing instructions regarding related party transactions during this reporting period.

Except as otherwise noted above, the Fund was not a party to any related party transactions during the period ended September 30, 2020. Black Creek Global Leaders 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 six periods, as applicable.

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 February 01, 2005 Sept. 30, 2020 10.94 0.18 (0.15) (0.05) 2.27 2.25 - - - - - 13.15 Mar. 31, 2020 13.02 0.22 (0.32) 1.10 (2.28) (1.28) (0.13) - (0.80) - (0.93) 10.94 Mar. 31, 2019 13.73 0.34 (0.33) 0.72 (0.49) 0.24 (0.04) - (0.93) - (0.97) 13.02 Mar. 31, 2018 13.22 0.25 (0.35) 1.91 (0.55) 1.26 (0.04) - (0.83) - (0.87) 13.73 Mar. 31, 2017 12.20 0.23 (0.31) 0.82 1.09 1.83 (0.02) - (0.75) - (0.77) 13.22 Mar. 31, 2016 12.51 0.17 (0.31) 1.43 (0.54) 0.75 (0.04) - (1.02) - (1.06) 12.20

Series AT6 Commencement of operations July 07, 2008 Sept. 30, 2020 12.10 0.19 (0.17) (0.05) 2.44 2.41 - - - (0.45) (0.45) 14.08 Mar. 31, 2020 15.32 0.31 (0.38) 1.33 (2.39) (1.13) (0.16) - (1.80) - (1.96) 12.10 Mar. 31, 2019 17.23 0.41 (0.41) 0.89 (0.62) 0.27 (0.05) - (2.16) - (2.21) 15.32 Mar. 31, 2018 17.58 0.33 (0.45) 2.48 (0.53) 1.83 (0.05) - (2.11) - (2.16) 17.23 Mar. 31, 2017 17.26 0.33 (0.43) 1.16 1.35 2.41 (0.03) - (2.10) - (2.13) 17.58 Mar. 31, 2016 18.78 0.26 (0.45) 2.08 (0.83) 1.06 (0.05) - (2.54) - (2.59) 17.26

Series D Commencement of operations May 01, 2000 Sept. 30, 2020 11.46 0.19 (0.13) (0.05) 2.38 2.39 - - - - - 13.81 Mar. 31, 2020 13.65 0.25 (0.28) 1.20 (2.32) (1.15) (0.15) - (0.89) - (1.04) 11.46 Mar. 31, 2019 14.39 0.36 (0.29) 0.77 (0.47) 0.37 (0.04) - (1.03) - (1.07) 13.65 Mar. 31, 2018 13.86 0.26 (0.30) 2.01 (0.48) 1.49 (0.04) - (0.93) - (0.97) 14.39 Mar. 31, 2017 12.80 0.25 (0.27) 0.87 1.09 1.94 (0.02) - (0.85) - (0.87) 13.86 Mar. 31, 2016 13.14 0.19 (0.27) 1.50 (0.61) 0.81 (0.04) - (1.13) - (1.17) 12.80

Series E Commencement of operations August 04, 2015 Sept. 30, 2020 8.19 0.15 (0.11) (0.05) 1.75 1.74 - - - - - 9.86 Mar. 31, 2020 9.76 0.19 (0.23) 0.86 (1.70) (0.88) (0.10) - (0.61) - (0.71) 8.19 Mar. 31, 2019 10.29 0.28 (0.23) 0.54 (0.32) 0.27 (0.03) - (0.71) - (0.74) 9.76 Mar. 31, 2018 9.91 0.18 (0.25) 1.44 (0.61) 0.76 (0.03) - (0.63) - (0.66) 10.29 Mar. 31, 2017 9.12 0.17 (0.22) 0.59 1.13 1.67 (0.02) - (0.57) - (0.59) 9.91 Mar. 31, 2016 10.00 0.05 (0.14) 0.74 0.22 0.87 (0.03) - (0.77) - (0.80) 9.12

Series EF Commencement of operations August 04, 2015 Sept. 30, 2020 8.09 0.14 (0.06) (0.03) 1.68 1.73 - - - - - 9.80 Mar. 31, 2020 9.64 0.18 (0.12) 0.86 (1.65) (0.73) (0.12) - (0.71) - (0.83) 8.09 Mar. 31, 2019 10.18 0.26 (0.12) 0.55 (0.33) 0.36 (0.03) - (0.81) - (0.84) 9.64 Mar. 31, 2018 9.81 0.18 (0.13) 1.42 (0.38) 1.09 (0.03) - (0.75) - (0.78) 10.18 Mar. 31, 2017 9.06 0.16 (0.12) 0.61 0.96 1.61 (0.02) - (0.68) - (0.70) 9.81 Mar. 31, 2016 10.00 0.05 (0.07) 0.74 (0.20) 0.52 (0.03) - (0.89) - (0.92) 9.06

Series F Commencement of operations June 12, 2006 Sept. 30, 2020 11.97 0.20 (0.09) (0.06) 2.50 2.55 - - - - - 14.47 Mar. 31, 2020 14.26 0.24 (0.20) 1.22 (2.46) (1.20) (0.17) - (1.03) - (1.20) 11.97 Mar. 31, 2019 15.05 0.38 (0.20) 0.78 (0.52) 0.44 (0.05) - (1.18) - (1.23) 14.26 Mar. 31, 2018 14.51 0.26 (0.21) 2.10 (0.71) 1.44 (0.05) - (1.09) - (1.14) 15.05 Mar. 31, 2017 13.40 0.25 (0.19) 0.89 1.29 2.24 (0.03) - (0.99) - (1.02) 14.51 Mar. 31, 2016 13.75 0.19 (0.19) 1.58 (0.58) 1.00 (0.05) - (1.29) - (1.34) 13.40

*Footnotes for the tables are found at the end of the Net Assets per Unit section of the Financial Highlights. Black Creek Global Leaders 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 I Commencement of operations June 07, 2006 Sept. 30, 2020 13.37 0.22 - (0.06) 2.79 2.95 - - - - - 16.29 Mar. 31, 2020 15.96 0.29 - 1.41 (2.88) (1.18) (0.23) - (1.37) - (1.60) 13.37 Mar. 31, 2019 16.88 0.43 - 0.88 (0.59) 0.72 (0.06) - (1.55) - (1.61) 15.96 Mar. 31, 2018 16.28 0.30 - 2.38 (0.77) 1.91 (0.07) - (1.48) - (1.55) 16.88 Mar. 31, 2017 15.06 0.28 - 1.01 1.42 2.71 (0.04) - (1.34) - (1.38) 16.28 Mar. 31, 2016 15.48 0.21 - 1.78 (0.69) 1.30 (0.06) - (1.68) - (1.74) 15.06

Series O Commencement of operations August 04, 2015 Sept. 30, 2020 8.08 0.13 (0.01) (0.04) 1.68 1.76 - - - - - 9.83 Mar. 31, 2020 9.64 0.18 (0.02) 0.85 (1.66) (0.65) (0.14) - (0.81) - (0.95) 8.08 Mar. 31, 2019 10.19 0.26 (0.02) 0.53 (0.32) 0.45 (0.04) - (0.92) - (0.96) 9.64 Mar. 31, 2018 9.83 0.17 (0.02) 1.43 (0.53) 1.05 (0.04) - (0.87) - (0.91) 10.19 Mar. 31, 2017 9.09 0.15 (0.02) 0.57 1.22 1.92 (0.02) - (0.79) - (0.81) 9.83 Mar. 31, 2016 10.00 0.04 (0.01) 0.74 0.09 0.86 (0.03) - (0.92) - (0.95) 9.09

Series P Commencement of operations May 01, 2017 Sept. 30, 2020 7.79 0.13 (0.01) (0.02) 1.59 1.69 - - - - - 9.48 Mar. 31, 2020 9.30 0.16 (0.02) 0.82 (1.79) (0.83) (0.13) - (0.77) - (0.90) 7.79 Mar. 31, 2019 9.82 0.27 (0.02) 0.52 0.08 0.85 (0.04) - (0.88) - (0.92) 9.30 Mar. 31, 2018 10.00 0.11 (0.02) 1.27 (0.91) 0.45 (0.04) - (0.83) - (0.87) 9.82

(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. Black Creek Global Leaders 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 February 01, 2005 Sept. 30, 2020 1,342,202 102,036 2.21 0.24 2.45 11.00 0.07 15.55 Mar. 31, 2020 1,193,989 109,181 2.22 0.24 2.46 10.97 0.10 32.44 Mar. 31, 2019 1,072,222 82,337 2.22 0.24 2.46 11.01 0.12 36.93 Mar. 31, 2018 1,236,837 90,060 2.22 0.25 2.47 11.10 0.15 41.49 Mar. 31, 2017 1,009,510 76,348 2.22 0.25 2.47 11.14 0.14 31.04 Mar. 31, 2016 857,598 70,276 2.23 0.25 2.48 11.15 0.16 36.91

Series AT6 Commencement of operations July 07, 2008 Sept. 30, 2020 746 53 2.21 0.23 2.44 10.48 0.07 15.55 Mar. 31, 2020 632 52 2.22 0.25 2.47 11.40 0.10 32.44 Mar. 31, 2019 1,199 78 2.22 0.26 2.48 11.73 0.12 36.93 Mar. 31, 2018 1,532 89 2.22 0.26 2.48 11.51 0.15 41.49 Mar. 31, 2017 1,649 94 2.22 0.25 2.47 11.30 0.14 31.04 Mar. 31, 2016 1,799 104 2.23 0.25 2.48 11.06 0.16 36.91

Series D Commencement of operations May 01, 2000 Sept. 30, 2020 10,738 778 1.86 0.19 2.05 10.09 0.07 15.55 Mar. 31, 2020 9,646 842 1.87 0.19 2.06 10.04 0.10 32.44 Mar. 31, 2019 11,971 877 1.87 0.19 2.06 10.04 0.12 36.93 Mar. 31, 2018 12,787 888 1.87 0.19 2.06 9.98 0.15 41.49 Mar. 31, 2017 12,832 926 1.87 0.18 2.05 9.85 0.14 31.04 Mar. 31, 2016 12,401 969 1.87 0.18 2.05 9.83 0.16 36.91

Series E Commencement of operations August 04, 2015 Sept. 30, 2020 41,256 4,183 2.09 0.23 2.32 11.18 0.07 15.55 Mar. 31, 2020 38,277 4,672 2.10 0.23 2.33 11.04 0.10 32.44 Mar. 31, 2019 48,304 4,950 2.10 0.23 2.33 10.98 0.12 36.93 Mar. 31, 2018 46,568 4,525 2.10 0.23 2.33 11.14 0.15 41.49 Mar. 31, 2017 20,160 2,034 2.10 0.24 2.34 11.22 0.14 31.04 Mar. 31, 2016 6,350 697 2.10 0.23 2.33 12.53 0.16 36.91

Series EF Commencement of operations August 04, 2015 Sept. 30, 2020 32,930 3,362 1.10 0.13 1.23 11.74 0.07 15.55 Mar. 31, 2020 28,692 3,545 1.10 0.13 1.23 11.49 0.10 32.44 Mar. 31, 2019 31,296 3,245 1.10 0.13 1.23 11.36 0.12 36.93 Mar. 31, 2018 28,932 2,842 1.10 0.12 1.22 11.20 0.15 41.49 Mar. 31, 2017 22,592 2,303 1.10 0.13 1.23 12.02 0.14 31.04 Mar. 31, 2016 10,215 1,127 1.10 0.14 1.24 12.83 0.16 36.91

Series F Commencement of operations June 12, 2006 Sept. 30, 2020 445,368 30,776 1.22 0.14 1.36 11.33 0.07 15.55 Mar. 31, 2020 405,514 33,886 1.22 0.14 1.36 11.36 0.10 32.44 Mar. 31, 2019 382,834 26,845 1.22 0.14 1.36 11.32 0.12 36.93 Mar. 31, 2018 416,435 27,667 1.22 0.14 1.36 11.12 0.15 41.49 Mar. 31, 2017 259,825 17,913 1.22 0.14 1.36 11.16 0.14 31.04 Mar. 31, 2016 183,446 13,694 1.22 0.14 1.36 11.15 0.16 36.91

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

FINANCIAL HIGHLIGHTS (cont’d)

Ratios and Supplemental Data (1) (5)

Series I Commencement of operations June 07, 2006 Sept. 30, 2020 922,359 56,621 - - - - 0.07 15.55 Mar. 31, 2020 808,201 60,430 - - - - 0.10 32.44 Mar. 31, 2019 1,010,280 63,284 - - - - 0.12 36.93 Mar. 31, 2018 1,030,123 61,044 - - - - 0.15 41.49 Mar. 31, 2017 708,400 43,519 - - - - 0.14 31.04 Mar. 31, 2016 531,507 35,298 - - - - 0.16 36.91

Series O Commencement of operations August 04, 2015 Sept. 30, 2020 48,493 4,931 0.15 0.02 0.17 11.62 0.07 15.55 Mar. 31, 2020 41,779 5,169 0.15 0.02 0.17 11.59 0.10 32.44 Mar. 31, 2019 52,803 5,477 0.15 0.02 0.17 11.62 0.12 36.93 Mar. 31, 2018 47,092 4,623 0.15 0.02 0.17 12.04 0.15 41.49 Mar. 31, 2017 21,911 2,230 0.15 0.02 0.17 12.87 0.14 31.04 Mar. 31, 2016 5,573 613 0.15 0.02 0.17 13.03 0.16 36.91

Series P Commencement of operations May 01, 2017 Sept. 30, 2020 7,736 816 0.22 0.02 0.24 11.20 0.07 15.55 Mar. 31, 2020 6,208 797 0.22 0.02 0.24 10.93 0.10 32.44 Mar. 31, 2019 5,593 602 0.22 0.03 0.25 11.63 0.12 36.93 Mar. 31, 2018 2,735 278 0.22 0.03 0.25 11.45 0.15 41.49

(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. Black Creek Global Leaders 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 AT6 Series D Series E 60 60 60 60 50 50 50 50 38.0 40 37.3 40 37.4 40 40 29.51 29.41 30.01 30 30 30 30 20.3 20.3 20.5 20.4 20 15.3 20 15.2 20 15.7 20 15.7 11.7 10.2 11.6 10.2 12.2 10.7 10.4 10 6.1 10 6.0 10 6.5 10 -14.8 2.4 -10.1 -14.8 2.4 -10.2 -14.3 2.8 -9.8 -0.72 2.5 -10.0 0 0 0 0 -10 -10 -10 -10 -20 -20 -20 -20 -30 -30 -30 -30 Mar. 2016 Mar. 2017 Mar. 2018 Mar. 2019 Mar. 2020 Mar. Mar. 2013 Mar. 2014 Mar. 2015 Mar. 2016 Mar. 2017 Mar. 2018 Mar. 2019 Mar. 2020 Mar. 2013 Mar. 2014 Mar. 2015 Mar. 2016 Mar. 2017 Mar. 2018 Mar. 2019 Mar. 2020 Mar. 2013 Mar. 2014 Mar. 2015 Mar. 2016 Mar. 2017 Mar. 2018 Mar. 2019 Mar. 2020 Mar. Dec. 2011 Dec. 2011 Dec. 2011 Sept. 2020 Sept. 2020 Sept. 2020 Sept. 2020

Series EF Series F Series I Series O 60 60 60 60 50 50 50 50 38.8 40.7 1 40 40 31.21 40 33.4 40 30 21.0 30 20.9 30 21.8 30 21.7 16.7 16.6 18.1 18.0 20 11.6 20 13.0 11.4 20 14.5 13.0 20 12.8 7.3 8.8 10 3.7 10 3.5 10 4.9 10 4.8 -0.12 -9.0 -13.8 -9.1 -12.5 -7.9 0.52 -8.0 0 0 0 0 -10 -10 -10 -10 -20 -20 -20 -20 -30 -30 -30 -30 Mar. 2016 Mar. 2017 Mar. 2018 Mar. 2019 Mar. 2020 Mar. 2016 Mar. 2017 Mar. 2018 Mar. 2019 Mar. 2020 Mar. Mar. 2013 Mar. 2014 Mar. 2015 Mar. 2016 Mar. 2017 Mar. 2018 Mar. 2019 Mar. 2020 Mar. 2013 Mar. 2014 Mar. 2015 Mar. 2016 Mar. 2017 Mar. 2018 Mar. 2019 Mar. 2020 Mar. Dec. 2011 Dec. 2011 Sept. 2020 Sept. 2020 Sept. 2020 Sept. 2020

Series P 60 50 40 30 21.6 20 3 10 7.4 4.7 -8.1 0 -10 -20 -30 Mar. 2018 Mar. 2019 Mar. 2020 Mar. Sept. 2020

1 2013 return is for the period from January 1, 2012 to March 31, 2013. 2 2016 return is for the period from August 4, 2015 to March 31, 2016. 3 2018 return is for the period from May 1, 2017 to March 31, 2018. Black Creek Global Leaders 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 U.S.A...... 22.4 Industrials ...... 23.5 Makita Corp...... 5.5 Japan ...... 16.2 Health Care ...... 16.1 Nutrien Ltd...... 5.2 U.K...... 14.3 Materials ...... 13.9 Santen Pharmaceutical Co., Ltd...... 5.1 Germany ...... 6.9 Information Technology ...... 9.9 Interpublic Group of Co., Inc...... 4.8 France ...... 6.9 Consumer Staples ...... 9.5 HeidelbergCement AG ...... 4.5 Cayman Islands ...... 6.6 Communication Services ...... 9.2 Baidu Inc., ADR ...... 4.3 Switzerland ...... 6.5 Consumer Discretionary ...... 8.6 DS Smith PLC ...... 4.2 Canada ...... 5.2 Financials ...... 6.2 DBS Group Holdings Ltd...... 4.2 Singapore ...... 4.2 Energy ...... 2.8 Booz Allen Hamilton Holding Corp...... 4.0 Portugal ...... 2.8 Other Net Assets (Liabilities) ...... 0.4 Bureau Veritas S.A...... 3.7 Mexico ...... 2.3 Cash & Cash Equivalents ...... (0.1) DKSH Holding AG ...... 3.6 Ireland ...... 2.2 Weir Group PLC ...... 3.6 India ...... 2.0 GlaxoSmithKline PLC, ADR ...... 3.5 Malaysia ...... 1.2 BorgWarner Inc...... 3.3 Other Net Assets (Liabilities) ...... 0.4 Schneider Electric S.A...... 3.2 Cash & Cash Equivalents ...... (0.1) Oracle Corp...... 3.2 ConvaTec Group PLC ...... 3.0 Asics Corp...... 2.9 OC Oerlikon Corp., AG ...... 2.8 Galp Energia SGPS S.A...... 2.8 Murata Manufacturing Co., Ltd...... 2.7 The Hain Celestial Group Inc...... 2.6 Merck KGaA ...... 2.4 Expedia Inc...... 2.3 Becle S.A.B. de C.V...... 2.3

Total Net Assets (in $000’s) $2,851,828

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