united corporate classes · a nnua fina nc ia s tate men ts as at march 31, 2015 – 5 – short...

UNITED CORPORATE CLASSESANNUAL FINANCIAL STATEMENTS – MARCH 31, 2015

– 1 –

Please find attached the financial statements for your United Financial holdings. These financial statements also include a complete list of portfolio holdings for each fund.

If you have any questions about the information in this report, or your account, please contact your Assante advisor or the United Financial Service Centre at 1-888-664-4784 or by e-mail at [email protected].

Thank you for your continued confidence in our United Financial team.

Table of Contents

Message to our Investors .......................................... 1

About the Board of Governors Letter from the Board of Governors ....................... 2

Independent Auditor’s Report ................................... 3

Income Corporate ClassShort Term Income Corporate Class ................................ 5Canadian Fixed Income Corporate Class ......................... 19Global Fixed Income Corporate Class .............................. 33Enhanced Income Corporate Class .................................. 48

Canadian Equity Corporate ClassCanadian Equity Value Corporate Class .......................... 63Canadian Equity Growth Corporate Class ....................... 78Canadian Equity Small Cap Corporate Class................... 92Canadian Equity Alpha Corporate Class .......................... 105 US Equity Corporate ClassUS Equity Value Corporate Class .................................... 118US Equity Growth Corporate Class .................................. 133US Equity Small Cap Corporate Class ............................. 149US Equity Value Currency Hedged Corporate Class ............................................................. 164US Equity Alpha Corporate Class .................................... 177

International Equity Corporate ClassInternational Equity Value Corporate Class .................... 192International Equity Growth Corporate Class .................. 207Emerging Markets Equity Corporate Class ...................... 226International Equity Alpha Corporate Class .................... 245International Equity Value Currency Hedged Corporate Class ............................................................. 262

Specialty Corporate ClassReal Estate Investment Corporate Class ......................... 276

Notes to the Financial Statements .......................... 291

Legal Notice ................................................................. 306

Message to our Investors

Annual Financial Statements as at March 31, 2015

– 2 –

The United Funds Board of Governors was voluntarily established in 2004.

The Board of Governors acts as an independent governance body of all United Funds, providing

impartial judgment on conflicts of interest with a view to the best interests of the United Funds and

United Funds investors. The Board of Governors recommends the best course of action to achieve a

fair and reasonable result on any conflict of interest issues, and United Financial takes into account

its recommendation in accordance with its fiduciary duty to the United Funds. All of the members of

the Board are independent of United Financial.

The Board of Governors mandate is set out in a separate charter and reviewed annually by the

Board to ensure its mandate conforms to the expectations and requirements of Canadian securities

regulators. Along with dealing with conflicts of interest, the mandate provides that the Board acts as

an audit committee for the United Funds for the purpose of reviewing the financial statements of the

United Funds with the auditors of the United Funds.

The Board also reviews and discusses on a regular basis matters including compliance of the United

Funds with United Financial’s relevant policies and procedures, approval of the United Funds’ auditors

and the fees paid to those auditors, and the performance of the Board and its members.

The Board of Governors adheres to the guidelines set out by Canadian securities regulators in

National Instrument 81-107 Independent Review Committee for Mutual Funds which requires all

mutual funds in Canada to have independent review committees.

Members of the Board of Governors are compensated as recommended by the Canadian securities

regulators and as set out in its mandate. These expenses are paid out of the assets of the United Pools.

The members of the Board of Governors are:

William Harding, Managing Partner, Alpine Asset Advisors AG

Governor since June 2005

Stuart P. Hensman, Corporate Director

Governor since December 2004

Christopher M. Hopper, President, KLQ Mechanical Ltd.

Governor since May 2007

John Reucassel, President, The International Group, Inc.

Governor since March 2015

Mary M. Robertson, Managing Director, Scotiabank

Governor since September 2014

James M. Werry, Corporate Director

Governor since September 2011

Further information regarding the Board is available at www.unitedfinancial.com including the

Board’s full mandate.

Your United Funds Board of Governors is pleased to report on its activities in respect of the year

ended March 31, 2015 and to date. The Governors are appointed pursuant to the Declarations of

Trust governing the United Funds.

The Governors have reviewed, commented on and approved the United Financial Code of Ethics and

Conduct, which establishes rules of conduct designed to ensure fair treatment of the United Funds’

securityholders and that, at all times, the interests of the United Funds and their securityholders are

placed above personal interests of employees, officers and directors of the Manager and each of its

subsidiaries and affiliates, the subadvisors, and the Governors, through the application of the highest

standards of integrity and ethical business conduct. The Code of Ethics and Conduct requires the

prior clearance of personal trades and restricts the ability of staff to trade any securities held by the

United Funds. The objective is not only to remove any potential for real conflict of interest but to avoid

any perception of conflict. The Manager’s year 2014 report on compliance with the Code of Ethics

and Conduct and other relevant policies has been provided to the Governors in a timely and

satisfactory manner.

The Governors report that management has been open and cooperative, permitting the Governors to

meet with subadvisors, to meet with individual department heads and personnel to review control

mechanisms and compliance procedures, including those relating to the personal securities trading

activity of employees, and to consider other matters that affect the United Funds. During 2014, the

Governors also acted as the audit committee of the United Funds. The audit committee reviewed, with

the United Funds’ auditors, the planning, scope and results of the audit of the financial statements

of the United Funds for the year 2014. In May 2015, the Board of Governors received and accepted

the 2014 Annual Financial Statements of the United Funds.

Stuart P. Hensman

Chair, United Pools Board of Governors

May 20, 2015

Letter from the United Funds Board of Governors

Annual Financial Statements as at March 31, 2015

About the United Funds Board of Governors

– 3 –Annual Financial Statements as at March 31, 2015

CI Corporate Class Limited Independent Auditor’s Report

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 Corporate Class

CI Global Health Sciences Corporate Class

CI Global High Dividend Advantage Corporate Class

CI Global Managers® 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 Advantage 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

Red Sky Canadian Equity 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 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 International Corporate Class

Signature Select Canadian Corporate Class

Signature Select Global 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 Canadian Asset Allocation Corporate Class

Cambridge Canadian Equity Corporate Class

Cambridge Global Dividend Corporate Class

Cambridge Global Equity Corporate Class

Cambridge Growth Companies Corporate Class

Cambridge Income 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 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.

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, 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 23, 2015

CI Corporate Class Limited Independent Auditor’s Report



as at as at as at Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013

23,479 10,160 14,285 1,882 - 990

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 56 140 731 197 158 384 2 5 2 25,616 10,463 16,392

- - - - 19 -

- - - - - - - - - - - - - - - 1,836 241 969 122 49 853 - - 1 - - - - - - - - - 1,958 309 1,823

23,658 10,154 14,569

23,592 10,318 14,679 - - -


27 34 75 291 234 630 39 10 14 10 10 10 2,403 2,019 1,576 13 10 10 20,812 7,714 12,119 63 123 135

11.36 11.17 11.21 10.75 10.61 10.67 7.93 8.47 9.24 10.42 10.21 10.19 12.51 12.05 11.83 8.35 8.72 9.31 13.10 12.65 12.44 8.31 8.71 9.31

2,358 2,951 6,635 27,058 22,037 59,041 4,938 1,188 1,563 994 994 992 192,120 167,487 133,189 1,588 1,197 1,099 1,588,820 609,953 973,934 7,597 14,171 14,474

Assets Current assets Investments* Cash Unrealized gain on futures and foreign currency forward contracts Swaps, swaptions and options Cash collateral received for securities on loan (Note 8) Daily variation margin on derivative instrumentsFees rebate receivable Margin for short salesDividends receivableInterest receivableReceivable for distribution from investmentsSecurity lending income receivable (Note 8)Receivable for investments sold Receivable for share subscriptionsOther

Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized 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 8)Payable for investments purchasedPayable for share redemptions Dividends payable to holders of redeemable shares Management fees payable Administration fees payable Accrued liabilities

Net assets attributable to holders of redeemable shares

*Investments at cost **Investments sold short at cost

Net assets attributable to holders of redeemable shares per class (Note 6): A Shares E Shares ET8 Shares F SharesI SharesIT8 Shares W SharesWT8 Shares

Net assets attributable to holders of redeemable shares per share: A Shares E Shares ET8 Shares F SharesI SharesIT8 Shares W SharesWT8 Shares

Number of redeemable shares outstanding: A Shares E Shares ET8 Shares F SharesI SharesIT8 Shares W SharesWT8 Shares

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

Financial Statements

CIG - 17652

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

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





2015 2014

- - 4 5 305 318 - - - - - - - - - - 153 (379)

45 236 507 180 - - - - - - 26 21 26 21 533 201 6 9 19 15 - - 1 1 - - 3 3 29 28 - -

504 173

- - - (6) - 1 - - 88 53 3 2 410 121 3 2

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 derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 8) Fees rebate Total other income Total income Expenses Management fees (Note 7) Administration fees (Note 7)Commissions and other portfolio transaction costs Interest expenseWithholding taxesHarmonized sales tax Total expenses Provision for income taxIncrease (decrease) in net assets attributable to holders of redeemable shares Increase (decrease) in net assets attributable to holders of redeemable shares per class:A Shares E Shares ET8 Shares F SharesI SharesIT8 Shares W SharesWT8 Shares

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

2015 2014

0.18 0.01 0.01 (0.13) (0.01) - 0.22 0.04 0.43 0.28 0.62 0.71 0.48 0.18 0.28 0.16

2,916 3,315 29,041 44,229 1,597 2,665 995 992 204,138 184,093 4,602 3,516 837,720 654,774 9,695 14,504

Increase (decrease) in net assets attributable to holders of redeemable shares per share: A Shares E Shares ET8 Shares F SharesI SharesIT8 Shares W SharesWT8 Shares

Weighted average number of shares: A Shares E Shares ET8 Shares F SharesI SharesIT8 Shares W SharesWT8 Shares

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





2015 2014

34 75

- -

- - - - - - - -

5 1 - - (7) (6) (5) (36)

(7) (41)

(7) (41)

27 34

234 630

- (6)

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

- - - 1 (71) (43) 128 (347) 57 (389)

57 (396)

291 234

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

A Shares Net assets attributable to holders of redeemable shares at the beginning of year Increase (decrease) in net assets attributable to holders of redeemable shares Dividends to holders of redeemable shares From net investment income From net realized gains Return of capital Total 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 shares Conversion of special share Net 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

E Shares Net assets attributable to holders of redeemable shares at the beginning of year Increase (decrease) in net assets attributable to holders of redeemable shares Dividends to holders of redeemable shares From net investment income From net realized gains Return of capital Total dividends to holders of redeemable shares


2015 2014

10 14

- 1

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

- - 1 1 - (6) 29 2 30 (3)

29 (4)

39 10

10 10

- -

- - - - - - - -

- - - - - - - - - -

- -

10 10

ET8 Shares Net assets attributable to holders of redeemable shares at the beginning of year Increase (decrease) in net assets attributable to holders of redeemable shares Dividends to holders of redeemable shares From net investment income From net realized gains Return of capital Total dividends to holders of redeemable shares


F SharesNet assets attributable to holders of redeemable shares at the beginning of year Increase (decrease) in net assets attributable to holders of redeemable shares Dividends to holders of redeemable shares From net investment income From net realized gains Return of capital Total dividends to holders of redeemable shares


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






2015 2014

2,019 1,576

88 53

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

- 487 - 5 (801) (392) 1,097 295 296 395

384 443

2,403 2,019

10 10

3 2

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

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

3 -

13 10

I SharesNet assets attributable to holders of redeemable shares at the beginning of year Increase (decrease) in net assets attributable to holders of redeemable shares Dividends to holders of redeemable shares From net investment income From net realized gains Return of capital Total dividends to holders of redeemable shares


IT8 SharesNet assets attributable to holders of redeemable shares at the beginning of year Increase (decrease) in net assets attributable to holders of redeemable shares Dividends to holders of redeemable shares From net investment income From net realized gains Return of capital Total dividends to holders of redeemable shares


2015 2014

7,714 12,119

410 121

- (19) - - - - - (19)

11,952 4,289 - 18 (2,731) (7,855) 3,467 (959) 12,688 (4,507)

13,098 (4,405)

20,812 7,714

123 135

3 2

- - - - (7) (11) (7) (11)

- 7 1 3 (19) (30) (38) 17 (56) (3)

(60) (12)

63 123

W SharesNet assets attributable to holders of redeemable shares at the beginning of year Increase (decrease) in net assets attributable to holders of redeemable shares Dividends to holders of redeemable shares From net investment income From net realized gains Return of capital Total dividends to holders of redeemable shares


WT8 SharesNet assets attributable to holders of redeemable shares at the beginning of year Increase (decrease) in net assets attributable to holders of redeemable shares Dividends to holders of redeemable shares From net investment income From net realized gains Return of capital Total dividends to holders of redeemable shares





* Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund.




2015 2014

10,154 14,569

504 173

- (25) - - (10) (15) (10) (40)

11,957 4,784 3 29 (3,629) (8,333) 4,679 (1,028) 13,010 (4,548)

13,504 (4,415)

23,658 10,154

Total FundNet assets attributable to holders of redeemable shares at the beginning of year Increase (decrease) in net assets attributable to holders of redeemable shares Dividends to holders of redeemable shares From net investment income From net realized gains Return of capital Total dividends to holders of redeemable shares


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

2015 2014

504 173

(153) 379 - - - -

(45) (236) 78,956 103,011 (90,093) (98,848) - - (305) (318) - - - - - - - - - - - - 3 (3) (11,133) 4,158

(7) (12) 11,918 5,010 (3,556) (9,137) 4,679 (1,028) 13,034 (5,167)

- - 1,901 (1,009) (19) 990 1,882 (19)

- - 4 5 - - (1) (1)

Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable shares Adjustments 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 Purchase of investments Margin for short sales Non-cash distribution from investments (Increase) decrease in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in security lending income receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Net change in non-cash balances related to operations Net cash from (used in) operating activities

Cash flows from (used in) financing activities Dividends paid to holders of redeemable shares, net of reinvested dividendsProceeds from issuance of redeemable sharesAmounts paid on redemption of redeemable sharesConversion of special shareNet 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*



FUND (99.2%) 1,782,768 Short Term Income Pool (Class W)† 23,591,664 23,479,052 Total Fund (99.2%) 23,591,664 23,479,052

Other Net Assets (Liabilities) (0.8%) 178,997 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 23,658,049

Average Fair

No. of Units Description Cost ($) Value ($)

† 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, 2015



Financial Instruments by Category (Note 3)

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

as at March 31, 2015 Financial Assets/ Financial Assets/ Held for Liabilities at FVTPL Liabilities at Trading Designated at Inception Total Amortized Cost Total (in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)

- 23,479 23,479 - 23,479 - - - 1,882 1,882 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 56 56 - - - 197 197 - - - 2 2 - 23,479 23,479 2,137 25,616 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,836 1,836 - - - 122 122 - - - - - - - - - - - - - - - - - - - - - - - 1,958 1,958

Fund Specific Notes to Financial Statements


AssetsInvestments Cash 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 Security lending income receivable Receivable for investments sold Receivable for share subscriptions Other Liabilities Investments 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 Payable for investments purchased Payable for share redemptions Dividends payable to holders of redeemable shares Management fees payable Administration fees payable Accrued liabilities


Short Term Income Corporate ClassFund Specific Notes to Financial Statements


Financial Instruments by Category (Note 3) (cont’d)


- 10,160 10,160 - 10,160 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 140 140 - - - 158 158 - - - 5 5 - 10,160 10,160 303 10,463 - - - - - - - - 19 19 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 241 241 - - - 49 49 - - - - - - - - - - - - - - - - - - - - - - - 309 309

AssetsInvestments Cash 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 Security lending income receivable Receivable for investments sold Receivable for share subscriptions Other Liabilities Investments 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 Payable for investments purchased Payable for share redemptions Dividends payable to holders of redeemable shares Management fees payable Administration fees payable Accrued liabilities


Short Term Income Corporate ClassFund Specific Notes to Financial Statements



as at April 1, 2013 Financial Assets/ Financial Assets/ Held for Liabilities at FVTPL Liabilities at Trading Designated at Inception Total Amortized Cost Total (in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)

- 14,285 14,285 - 14,285 - - - 990 990 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 731 731 - - - 384 384 - - - 2 2 - 14,285 14,285 2,107 16,392 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 969 969 - - - 853 853 - - - 1 1 - - - - - - - - - - - - - - - - - - 1,823 1,823

AssetsInvestments Cash 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 Security lending income receivable Receivable for investments sold Receivable for share subscriptionsOther Liabilities Investments 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 Payable for investments purchased Payable for share redemptions Dividends payable to holders of redeemable shares Management fees payable Administration fees payable Accrued liabilities





for the year ended for the year ended Mar. 31, 2015 Mar. 31, 2014 (in $000’s) (in $000’s)

- - 507 180 507 180

Net Gain (Loss) on Financial Instruments (Note 3)

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

Financial Instruments at FVTPL Held for tradingDesignated at fair value through profit or lossTotal

Interest in Non-Consolidated Structured Entities (Note 3)

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

as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETF Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Short Term Income Pool 47,712 23,479 49.2

as at March 31, 2014 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETF Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Short Term Income Pool 42,102 10,160 24.1

as at April 1, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETF Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Short Term Income Pool 39,513 14,968 37.9



† 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.


2015 2014

2,951 6,635 409 45 - 9 (420) (3,222) (582) (516) 2,358 2,951

22,037 59,041 - - - 50 11,151 (32,956) (6,130) (4,098) 27,058 22,037

1,188 1,563 - - 104 140 3,646 83 - (598) 4,938 1,188

994 992 - - - 2 - - - - 994 994

167,487 133,189 - 40,978 - 415 90,276 25,849 (65,643) (32,944) 192,120 167,487

Redeemable Share Transactions (Note 5) for the years ended March 31

A Shares Number of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

E Shares Number of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

ET8 Shares Number of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

F SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

I SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net) Redeemable shares redeemed Number of redeemable shares at the end of year

Redeemable Share Transactions (Note 5) (cont’d)for the years ended March 31

2015 2014

1,197 1,099 - 1 141 156 250 34 - (93) 1,588 1,197

609,953 973,934 940,490 343,133 29 1,441 251,102 (77,004) (212,754) (631,551) 1,588,820 609,953

14,171 14,474 - 818 129 335 (4,480) 1,878 (2,223) (3,334) 7,597 14,171

IT8 SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

W SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

WT8 SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

2015 2014 - - - -

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

Brokerage Commissions Soft Dollar Commissions†

1.75 1.65 1.65 1.25 Paid directly by investor Paid directly by investor Paid directly by investor Paid directly by investor

0.17 0.17 0.17 0.17 - - 0.17 0.17

Management and Administration Fees (Note 7) as at March 31, 2015 (%)

Annual management fee rate:A Shares E Shares ET8 Shares F SharesI SharesIT8 Shares W SharesWT8 Shares

Annual fixed administration fee rate:A Shares E Shares ET8 Shares F SharesI SharesIT8 Shares W SharesWT8 Shares





as at as at Mar. 31, 2014 Apr. 1, 2013

10,154 14,569 - -

10,154 14,569

Reconciliation of Equity as previously reported under Canadian GAAP to IFRS (Note 12) (in $000’s)

EquityEquity as reported under Canadian GAAPRevaluation of investments at FVTPLNet assets attributable to holders of redeemable shares

for the year ended Mar. 31, 2014

173 -

173

Reconciliation of Comprehensive Income as previously reported under Canadian GAAP to IFRS (Note 12) (in $000’s)

Comprehensive IncomeComprehensive income as reported under Canadian GAAPRevaluation of investments at FVTPLIncrease (decrease) in net assets attributable to holders of redeemable shares

as at as at as atInvestments Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013 23,479 10,160 14,968Short Term Income Pool (Class W)

Related Party Investments (Note 10) (in $000’s)

as at as at as at Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013 - - - - - -

Securities Lending (Note 8) (in $000’s)

LoanedCollateral (non-cash)




Credit Risk (cont’d)

as at March 31, 2014 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 32.0 AA/Aa/A+ 15.1 A 20.8 BBB/Baa/B++ 25.7 BB/Ba/B+ 0.3 B 0.1 Not Rated 0.9 Total 94.9

as at April 1, 2013 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 53.0 AA/Aa/A+ 12.1 A 18.5 BBB/Baa/B++ 13.0 BB/Ba/B+ 0.3 Not Rated 0.1 Total 97.0

^ Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody’s

Investors Service or Dominion Bond Rating Services, respectively.

* Refer to Note 11 for Credit Rating Chart reference.

Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. As at March 31, 2015, March 31, 2014 and April 1, 2013, the Underlying Fund did not have a significant exposure to other price risk as the Underlying Fund was predominantly invested in fixed income securities and its market risk exposure is described below.

Currency RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund had no significant direct exposure to currency risk.

As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears the currency risk exposure of the Underlying Fund. As at March 31, 2015, the Underlying Fund exposure to currency risk was insignificant.

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

as at March 31, 2014~ Currency Net Assets (%)New Zealand Dollar 0.5 US Dollar 0.2Total 0.7

as at April 1, 2013~ Currency Net Assets (%)US Dollar 1.0 New Zealand Dollar 0.5 Australian Dollar 0.1 Total 1.6

~ Includes monetary and non-monetary instruments.

Financial Instruments Risks (Note 11)

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

as at March 31, 2015Categories Net Assets (%)Funds 41.3Corporate Bonds 27.6Canadian Government Bonds 13.5Provincial Bonds 7.8Other Net Assets (Liabilities) 4.3Municipal Bonds 2.8Cash & Equivalents 1.9Asset Backed Securities 0.8

as at March 31, 2014 Categories Net Assets (%)Corporate Bonds 61.8 Canadian Government Bonds 26.7 Municipal Bonds 5.0 Cash & Equivalents 2.9 Other Net Assets (Liabilities) 2.1 Asset-Backed Securities 0.9 Provincial Bonds 0.5 Consumer Discretionary 0.1

as at April 1, 2013 Categories Net Assets (%)Corporate Bonds 44.1 Canadian Government Bonds 43.3 Municipal Bonds 5.2 Other Net Assets (Liabilities) 3.9 Foreign Government Bonds 2.4 Asset-backed Securities 1.5 Provincial Bonds 0.5 Cash & Equivalents (0.9)

Credit RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund had no significant direct exposure to credit risk.

As at March 31, 2015, March 31, 2014 and April 1, 2013, 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, 2015Credit Rating^* Net Assets (%)AAA/Aaa/A++ 16.6AA/Aa/A+ 9.0 A 17.2 BBB/Baa/B++ 10.2 BB/Ba/B+ 0.1 Total 53.1




Fair Value Hierarchy (cont’d)

Long Positions at fair value as at March 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 10,160 - - 10,160 Total 10,160 - - 10,160

There were no transfers between Level 1, 2 and 3 during the years ended March 31, 2015 and 2014.

Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 14,285 - - 14,285Total 14,285 - - 14,285


Currency Risk (cont’d)As at March 31, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, 2014 and April 1, 2013 - 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 a nominal amount (March 31, 2014 - $7,000 and April 1, 2013 - $24,000). In practice, actual results may differ from this analysis and the difference may be material.

Interest Rate RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund had no significant direct exposure to interest rate risk.

As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears the 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.

as at March 31, 2015 Greater Less than 1 - 3 3 - 5 than 1 Year Years Years 5 Years Total (%) (%) (%) (%) (%)Interest Rate Exposure 7.5 26.8 16.5 3.5 54.3


as at April 1, 2013 Greater Less than 1 - 3 3 - 5 than 1 Year Years Years 5 Years Total (%) (%) (%) (%) (%)Interest Rate Exposure 12.6 33.8 41.4 8.3 96.1

As at March 31, 2015, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2014 and April 1, 2013 - 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 $38,000 (March 31, 2014 - $63,000 and April 1, 2013 - $93,000). 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.






564,128 435,113 334,114 3,531 1,008 1,166

- - - - - - - - - - - - - - - - - - - - - - - 1 - - - - - - 97 273 357 1,027 849 434 67 156 74 568,850 437,399 336,146

- - - - - -

- - - - - - - - - - - - - - - 719 991 279 1,321 1,278 452 - 1 56 - - - - - - - - - 2,040 2,270 787

566,810 435,129 335,359

541,068 431,974 327,776 - - -


1,342 1,326 1,393 47,397 41,990 27,900 630 577 385 16 10 10 140,439 90,798 57,166 1,988 832 611 354,094 286,825 240,522 20,904 12,771 7,372

13.00 12.40 12.41 12.96 12.32 12.27 8.40 8.65 9.37 12.70 11.98 11.86 14.61 13.60 13.28 8.94 9.01 9.55 15.30 14.27 13.96 8.93 9.02 9.58

103,398 106,792 112,141 3,657,176 3,409,547 2,273,968 74,963 66,683 41,070 1,249 873 870 9,613,966 6,675,212 4,304,677 222,437 92,327 64,041 23,142,563 20,093,327 17,227,542 2,340,237 1,415,223 769,480










CIG - 17653







2015 2014

- - 9 15 16,574 13,738 - - - - - - - - - -

2,457 807

19,921 (3,199) 38,961 11,361 - - - - - - - - - - 38,961 11,361

768 622 642 516 - - 1 - 72 38 163 132 1,646 1,308 - -

37,315 10,053

67 5 2,571 462 34 10 2 - 9,264 2,438 118 29 23,971 6,851 1,288 258






2015 2014

0.68 0.05 0.72 0.16 0.51 0.21 0.80 0.15 1.13 0.45 0.77 0.34 1.12 0.37 0.68 0.23

102,968 99,253 3,518,276 2,924,389 66,998 46,904 1,171 870 8,192,273 5,446,270 154,431 79,507 21,310,822 18,188,845 1,888,468 1,144,231








2015 2014

1,326 1,393

67 5

(3) (4) (6) - - - (9) (4)

113 108 9 4 (248) (348) 84 168

(42) (68)

16 (67)

1,342 1,326

41,990 27,900

2,571 462

(99) (135) (201) - - - (300) (135)

12,588 15,269 298 134 (5,589) (4,867) (4,161) 3,227 3,136 13,763

5,407 14,090

47,397 41,990






2015 2014

577 385

34 10

(1) (2) (3) - (46) (34) (50) (36)

126 241 22 12 (16) (7) (63) (28) 69 218

53 192

630 577

10 10

2 -

- - - - - - - -

- - - - - - 4 - 4 -

6 -

16 10











2015 2014

90,798 57,166

9,264 2,438

(293) (289) (596) - - - (889) (289)

43,158 28,372 888 289 (24,348) (16,745) 21,568 19,567 41,266 31,483

49,641 33,632

140,439 90,798

832 611

118 29

(4) (3) (8) - (113) (61) (125) (64)

1,417 397 43 23 (237) (321) (60) 157 1,163 256

1,156 221

1,988 832





2015 2014

286,825 240,522

23,971 6,851

(742) (920) (1,508) - - - (2,250) (920)

100,141 84,916 2,250 918 (67,814) (60,814) 10,971 15,352 45,548 40,372

67,269 46,303

354,094 286,825

12,771 7,372

1,288 258

(42) (41) (85) - (1,365) (884) (1,492) (925)

3,448 1,861 791 506 (2,383) (1,862) 6,481 5,561 8,337 6,066

8,133 5,399

20,904 12,771












2015 2014

435,129 335,359

37,315 10,053

(1,184) (1,394) (2,407) - (1,524) (979) (5,115) (2,373)

160,991 131,164 4,301 1,886 (100,635) (84,964) 34,824 44,004 99,481 92,090

131,681 99,770

566,810 435,129




2015 2014

37,315 10,053

(2,457) (807) - - - -

(19,921) 3,199 70,079 62,536 (160,238) (151,393) - - (16,574) (13,738) - - - - - 1 - - - - - - 89 (82) (91,707) (90,231)

(815) (542) 160,813 130,749 (100,592) (84,138) 34,824 44,004 94,230 90,073 - - 2,523 (158) 1,008 1,166 3,531 1,008

- - 9 16 - - (1) -







FUND (99.5%) 37,988,429 Canadian Fixed Income Pool (Class I)† 541,067,919 564,128,176

Total Fund (99.5%) 541,067,919 564,128,176

Other Net Assets (Liabilities) (0.5%) 2,682,321 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 566,810,497

Average Fair No. of Units Description Cost ($) Value ($)








- 564,128 564,128 - 564,128 - - - 3,531 3,531 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 97 97 - - - 1,027 1,027 - - - 67 67 - 564,128 564,128 4,722 568,850 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 719 719 - - - 1,321 1,321 - - - - - - - - - - - - - - - - - - - - - - - 2,040 2,040





Canadian Fixed Income Corporate ClassFund Specific Notes to Financial Statements




- 435,113 435,113 - 435,113 - - - 1,008 1,008 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 273 273 - - - 849 849 - - - 156 156 - 435,113 435,113 2,286 437,399 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 991 991 - - - 1,278 1,278 - - - 1 1 - - - - - - - - - - - - - - - - - - 2,270 2,270



Canadian Fixed Income Corporate ClassFund Specific Notes to Financial Statements




- 334,114 334,114 - 334,114 - - - 1,166 1,166 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 - - - - - - - - - - - - - 357 357 - - - 434 434 - - - 74 74 - 334,114 334,114 2,032 336,146 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 279 279 - - - 452 452 - - - 56 56 - - - - - - - - - - - - - - - - - - 787 787







- - 38,961 11,361 38,961 11,361






as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Fixed Income Pool 1,951,348 564,128 28.9

as at March 31, 2014 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Fixed Income Pool 1,401,509 435,113 31.0

as at April 1, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Fixed Income Pool 1,224,405 334,114 27.3





2015 2014

106,792 112,141 8,912 8,783 663 336 6,512 13,630 (19,481) (28,098) 103,398 106,792

3,409,547 2,273,968 995,778 1,256,774 23,033 10,874 (329,221) 267,351 (441,961) (399,420) 3,657,176 3,409,547

66,683 41,070 14,863 27,052 2,540 1,371 (7,265) (2,060) (1,858) (750) 74,963 66,683

873 870 - - 8 3 368 - - - 1,249 873

6,675,212 4,304,677 3,056,828 2,134,505 60,848 21,223 1,537,628 1,473,468 (1,716,550) (1,258,661) 9,613,966 6,675,212








2015 2014

92,327 64,041 158,093 43,591 4,778 2,537 (6,384) 17,587 (26,377) (35,429) 222,437 92,327

20,093,327 17,227,542 6,756,500 6,060,669 147,146 64,301 732,524 1,096,792 (4,586,934) (4,355,977) 23,142,563 20,093,327

1,415,223 769,480 384,262 203,364 88,296 55,284 717,663 591,631 (265,207) (204,536) 2,340,237 1,415,223




2015 2014 - - - -




0.17 0.17 0.17 0.17 - - 0.17 0.17








as at as at Mar. 31, 2014 Apr. 1, 2013

435,129 335,359 - -

435,129 335,359




10,053 -

10,053



as at as at as atInvestments Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013 564,128 435,113 334,114Canadian Fixed Income Pool (Class I)









As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears credit risk exposure of the Underlying Fund.


as at March 31, 2015Credit Rating^* Net Assets (%)AAA/Aaa/A++ 13.9 AA/Aa/A+ 18.1 A 21.8 BBB/Baa/B++ 18.9 BB/Ba/B+ 7.8 B 4.8 CCC/Caa/C++ 1.6 Not Rated 1.3 Total 88.2

as at March 31, 2014 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 26.7 AA/Aa/A+ 11.2 A 16.7 BBB/Baa/B++ 19.2 BB/Ba/B+ 7.3 B 5.0 CCC/Caa/C++ 1.2 Not Rated 2.5 Total 89.8

as at April 1, 2013 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 30.1 AA/Aa/A+ 11.5 A 24.3 BBB/Baa/B++ 15.6 BB/Ba/B+ 5.3 B 2.3 CCC/Caa/C++ 0.7 Not Rated 0.5 Total 90.3




Other Price Risk As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund did not have a significant exposure to other price risk as the Underlying Fund was predominantly invested in fixed income securities and its market risk exposure is described below.



as at March 31, 2015Categories Net Assets (%)Corporate Bonds 50.4Provincial Bonds 25.7Cash & Equivalents 11.0Canadian Government Bonds 8.1Foreign Government Bonds 1.5Municipal Bonds 1.3Other Net Assets (Liabilities) 0.9Financials 0.7Short-Term Investments 0.4Consumer Discretionary 0.1Health Care 0.1Foreign Currency Forward Contracts (0.1)Interest Rate Swaps (0.1)

as at March 31, 2014 Categories Net Assets (%)Corporate Bonds 50.1 Canadian Government Bonds 20.6 Provincial Bonds 13.5 Cash & Equivalents 9.8 Foreign Government Bonds 3.1 Municipal Bonds 1.2 Asset-Backed Securities 0.6 Other Net Assets (Liabilities) 0.5 Financials 0.4 Consumer Discretionary 0.1 Foreign Currency Forward Contracts 0.1

as at April 1, 2013 Categories Net Assets (%)

Long Positions:Corporate Bonds 47.5 Canadian Government Bonds 17.3 Provincial Bonds 15.6 Cash & Equivalents 8.2 Foreign Government Bonds 4.9 Short-Term Investments 2.4 Other Net Assets (Liabilities) 1.6 Municipal Bonds 1.5 Asset-backed Securities 0.9 Consumer Discretionary 0.1 Foreign Currency Forward Contracts 0.1Total Long Positions 100.1

Short Position:Future Contracts (0.1) Total Short Position (0.1)




Interest Rate Risk (cont’d)



As at March 31, 2015, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2014 and April 1, 2013 - 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 $7,335,000 (March 31, 2014 - $5,355,000 and April 1, 2013 - $4,675,000). In practice, actual results may differ from this analysis and the difference may be material.






Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 334,114 - - 334,114 Total 334,114 - - 334,114



As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears the currency risk exposure of the Underlying Fund.


as at March 31, 2015~ Currency Net Assets (%)US Dollar 4.7 Euro 0.4 British Pound 0.1 Total 5.2

as at March 31, 2014~ Currency Net Assets (%)US Dollar 4.4 New Zealand Dollar 0.3 British Pound 0.1 Euro 0.1 Australian Dollar 0.1Total 5.0

as at April 1, 2013~ Currency Net Assets (%)US Dollar 3.5 New Zealand Dollar 0.3 Euro 0.1 British Pound 0.1 Total 4.0


As at March 31, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, 2014 and April 1, 2013 - 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 $2,934,000 (March 31, 2014 - $2,176,000 and April 1, 2013 - $1,337,000). In practice, actual results may differ from this analysis and the difference may be material.









286,225 205,640 142,955 1,326 353 558

- - - - - - - - - - - - - - - - - - - - - - - 1 - - - - - - 242 102 141 529 372 420 6 15 - 288,328 206,482 144,075

- - - - - -

- - - - - - - - - - - - - - - 438 303 236 840 582 105 - - 38 - 4 1 - 3 1 - - - 1,278 892 381

287,050 205,590 143,694

257,629 198,395 140,963 - - -


656 632 571 29,256 23,707 14,291 369 320 105 12 11 10 77,279 49,399 28,789 1,373 584 302 166,239 123,106 94,305 11,866 7,831 5,321

14.23 13.12 12.74 13.41 12.33 11.94 8.76 8.72 9.18 12.93 11.78 11.33 13.65 12.28 11.64 9.42 9.16 9.43 16.74 15.09 14.33 9.51 9.27 9.56

46,093 48,164 44,803 2,181,843 1,923,443 1,197,110 42,090 36,719 11,437 910 903 900 5,662,924 4,023,677 2,472,741 145,797 63,749 32,014 9,933,522 8,160,810 6,580,612 1,247,297 844,558 556,863










CIG - 17654







2015 2014

- - 9 8 6,345 5,134 - - - - - - - - - -

2,300 625

21,351 5,253 30,005 11,020 - - - - - - - - - - 30,005 11,020 473 356 315 242 - - - - 76 58 94 69 958 725 - -

29,047 10,295

58 20 2,648 871 37 17 1 1 8,212 2,574 162 32 16,714 6,357 1,215 423






2015 2014

1.23 0.44 1.28 0.53 0.90 0.74 1.25 0.50 1.65 0.79 1.44 0.68 1.88 0.86 1.15 0.57

47,140 44,470 2,068,724 1,621,579 39,781 24,268 902 899 4,961,258 3,262,813 113,206 46,911 8,894,046 7,360,345 1,062,198 736,940








2015 2014

632 571

58 20

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

16 12 6 2 (77) (61) 27 90

(28) 43

24 61

656 632

23,707 14,291

2,648 871

(67) (82) (182) - - - (249) (82)

6,586 8,344 248 82 (3,164) (1,890) (520) 2,091 3,150 8,627

5,549 9,416

29,256 23,707






2015 2014

320 105

37 17

(1) (1) (2) - (27) (18) (30) (19)

59 173 13 7 (17) (1) (13) 38 42 217

49 215

369 320

11 10

1 1

- - - - - - - -

- - - - - - - - - -

1 1

12 11











2015 2014

49,399 28,789

8,212 2,574

(179) (171) (483) - - - (662) (171)

18,712 13,560 662 170 (12,050) (6,959) 13,006 11,436 20,330 18,207

27,880 20,610

77,279 49,399

584 302

162 32

(3) (2) (8) - (82) (36) (93) (38)

891 227 32 13 (44) (157) (159) 205 720 288

789 282

1,373 584





2015 2014

123,106 94,305

16,714 6,357

(383) (428) (1,036) - - - (1,419) (428)

37,916 26,000 1,419 426 (26,950) (24,286) 15,453 20,732 27,838 22,872

43,133 28,801

166,239 123,106

7,831 5,321

1,215 423

(26) (27) (71) - (773) (566) (870) (593)

1,719 767 482 338 (854) (2,475) 2,343 4,050 3,690 2,680

4,035 2,510

11,866 7,831












2015 2014

205,590 143,694

29,047 10,295

(661) (713) (1,786) - (882) (620) (3,329) (1,333)

65,899 49,083 2,862 1,038 (43,156) (35,829) 30,137 38,642 55,742 52,934

81,460 61,896

287,050 205,590




2015 2014

29,047 10,295

(2,300) (625) - (1) - -

(21,351) (5,253) 38,283 28,133 (88,877) (79,700) - - (6,345) (5,134) - - - - - 1 - - (4) 3 (3) 2 9 (15) (51,541) (52,294)

(467) (333) 65,742 49,131 (42,898) (35,352) 30,137 38,642 52,514 52,088

- 1 973 (206) 353 558 1,326 353

- - 9 9 - - - -







FUND (99.7%) 17,833,317 Global Fixed Income Pool (Class I)† 257,629,221 286,224,740

Total Fund (99.7%) 257,629,221 286,224,740 Other Net Assets (Liabilities) (0.3%) 825,445 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 287,050,185









- 286,225 286,225 - 286,225 - - - 1,326 1,326 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 242 242 - - - 529 529 - - - 6 6 - 286,225 286,225 2,103 288,328 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 438 438 - - - 840 840 - - - - - - - - - - - - - - - - - - - - - - - 1,278 1,278





Global Fixed Income Corporate ClassFund Specific Notes to Financial Statements




- 205,640 205,640 - 205,640 - - - 353 353 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 102 102 - - - 372 372 - - - 15 15 - 205,640 205,640 842 206,482 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 303 303 - - - 582 582 - - - - - - - - 4 4 - - - 3 3 - - - - - - - - 892 892



Global Fixed Income Corporate ClassFund Specific Notes to Financial Statements




- 142,955 142,955 - 142,955 - - - 558 558 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 - - - - - - - - - - - - - 141 141 - - - 420 420 - - - - - - 142,955 142,955 1,120 144,075 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 236 236 - - - 105 105 - - - 38 38 - - - 1 1 - - - 1 1 - - - - - - - - 381 381







- - 30,005 11,020 30,005 11,020






as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Global Fixed Income Pool 626,974 286,225 45.7

as at March 31, 2014 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Global Fixed Income Pool 422,240 205,640 48.7

as at April 1, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Global Fixed Income Pool 349,291 142,955 40.9





2015 2014

48,164 44,803 1,211 914 404 164 2,021 7,068 (5,707) (4,785) 46,093 48,164

1,923,443 1,197,110 527,433 698,644 18,555 6,645 (33,811) 179,466 (253,777) (158,422) 2,181,843 1,923,443

36,719 11,437 7,115 20,057 1,563 774 (1,303) 4,588 (2,004) (137) 42,090 36,719

903 900 - - 7 3 - - - - 910 903

4,023,677 2,472,741 1,478,883 1,151,612 48,577 13,865 1,076,515 980,126 (964,728) (594,667) 5,662,924 4,023,677








2015 2014

63,749 32,014 98,722 25,160 3,517 1,476 (15,255) 22,576 (4,936) (17,477) 145,797 63,749

8,160,810 6,580,612 2,414,654 1,792,385 84,993 28,231 1,027,365 1,445,383 (1,754,300) (1,685,801) 9,933,522 8,160,810

844,558 556,863 188,318 83,034 52,151 36,563 256,145 435,231 (93,875) (267,133) 1,247,297 844,558




2015 2014 - - - -




0.18 0.18 0.18 0.18 - - 0.18 0.18








as at as at Mar. 31, 2014 Apr. 1, 2013

205,590 143,694 - -

205,590 143,694




10,295 -

10,295



as at as at as atInvestments Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013 286,225 205,640 142,955Global Fixed Income Pool (Class I)








Concentration Risk (cont’d)

as at April 1, 2013 Categories Net Assets (%)U.S.A. 29.9 Cash & Equivalents 16.4 U.K. 6.6 Germany 6.4 Australia 6.3 Canada 3.7 France 3.5 Netherlands 3.5 Austria 3.4 Mexico 2.9 Sweden 2.3 Malaysia 1.9 Norway 1.4 Poland 1.4 Peru 1.3 Luxembourg 1.3 Indonesia 1.2 Brazil 1.2 Spain 1.1 Ireland 1.0 Other Net Assets (Liabilities) 0.9 Colombia 0.9 Japan 0.7 Philippines 0.5 South Africa 0.3


As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears credit risk exposure of the Underlying Fund.


as at March 31, 2015Credit Rating^* Net Assets (%)AAA/Aaa/A++ 4.5 AA/Aa/A+ 21.2 A 21.8 BBB/Baa/B++ 12.6 BB/Ba/B+ 1.6 Not Rated 36.5 Total 98.2

as at March 31, 2014 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 16.6 AA/Aa/A+ 21.2 A 9.1 BBB/Baa/B++ 8.2 BB/Ba/B+ 1.1 B 0.5 Not Rated 29.2Total 85.9



as at March 31, 2015Categories Net Assets (%)U.S.A. 42.1Japan 14.5France 11.1U.K. 9.3Italy 4.8Canada 2.9Mexico 2.8Australia 2.5Norway 1.7Spain 1.3Cash & Equivalents 1.2Brazil 1.0Sweden 1.0New Zealand 0.9Other Net Assets (Liabilities) 0.8Ireland 0.7Netherlands 0.5Jersey Island 0.4Indonesia 0.3Foreign Currency Forward Contracts 0.2

as at March 31, 2014 Categories Net Assets (%)U.S.A. 35.6 Cash & Equivalents 13.1 U.K. 8.8 Germany 5.3 Canada 4.8 Japan 4.4 Mexico 3.3 Netherlands 3.0 Australia 2.8 Austria 2.7 Norway 2.4 France 2.2 Sweden 2.1 Ireland 1.5 Other Net Assets (Liabilities) 1.4 Brazil 1.3 Malaysia 1.2 Luxembourg 1.0 Poland 0.8 Peru 0.7 Colombia 0.5 Jersey Island 0.5 Philippines 0.4 Spain 0.4 Foreign Currency Forward Contracts (0.2)




Currency Risk (cont’d)

as at March 31, 2014~ Currency Net Assets (%)US Dollar 39.2 Japanese Yen 11.3 British Pound 9.2 Euro 7.2 Mexican Peso 3.4 Swedish Krona 2.3 Norwegian Krone 1.9 New Zealand Dollar 1.4 Australian Dollar 1.3 Malaysian Ringgit 1.2 Polish Zloty 0.8 Peruvian Nuevo Sol 0.7 Brazilian Real 0.7 Colombian Peso 0.5 Philippine Peso 0.4 Total 81.5

as at April 1, 2013~ Currency Net Assets (%)US Dollar 43.8 Euro 12.2 Japanese Yen 4.4 British Pound 3.6 Australian Dollar 3.4 Mexican Peso 2.9 Malaysian Ringgit 1.9 Swedish Krona 1.6 Brazilian Real 1.3 Indonesian Rupiah 1.3 Peruvian Nuevo Sol 1.3 Colombian Peso 0.9 Polish Zloty 0.7 New Zealand Dollar 0.6 Philippine Peso 0.5 Total 80.4



Interest Rate RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund has no significant direct exposure to interest rate risk.

As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears interest rate risk exposure of the Underlying Fund.



as at April 1, 2013 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 42.9 AA/Aa/A+ 18.4 A 7.7 BBB/Baa/B++ 11.2 BB/Ba/B+ 2.3 B 0.4 Total 82.9




Other Price Risk As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund did not have a significant exposure to other price risk as the Underlying Fund was predominantly invested in fixed income securities and its market risk exposure is described below.

Currency RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund has no significant direct exposure to currency risk.

As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears currency risk exposure of the Underlying Fund.


as at March 31, 2015~

Currency Net Assets (%)US Dollar 46.5 Euro 18.5 Japanese Yen 14.1 British Pound 9.4 Australian Dollar 2.7 Norwegian Krone 1.9 Mexican Peso 1.2 Swedish Krona 1.1 New Zealand Dollar 1.1 Total 96.5





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




As at March 31, 2015, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2014 and April 1, 2013 - 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 $5,358,000 (March 31, 2014 - $2,408,000 and April 1, 2013 - $1,799,000). In practice, actual results may differ from this analysis and the difference may be material.




Long Positions at fair value as at March 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 205,640 - - 205,640Total 205,640 - - 205,640







341,913 268,745 174,356 261 - 498

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 80 372 103 656 320 277 3,692 256 158 346,602 269,693 175,392

- - - - 39 -

- - - - - - - - - - - - - - - 212 243 208 527 516 138 - 1 43 - - - - 3 1 - - - 3,582 - - 4,321 802 390

342,281 268,891 175,002

301,439 239,547 154,766 - - -


680 610 818 33,290 29,127 15,716 242 201 68 14 12 11 129,696 95,275 42,231 1,681 1,309 73 163,983 133,069 109,634 12,695 9,288 6,451

14.92 14.13 13.18 15.65 14.79 13.75 9.44 9.65 9.73 15.21 14.25 13.16 17.33 16.02 14.59 10.55 10.54 10.38 17.51 16.22 14.81 10.26 10.27 10.15

45,602 43,178 62,038 2,126,983 1,969,921 1,142,657 25,683 20,808 6,995 930 861 850 7,485,789 5,947,932 2,895,344 159,372 124,272 7,043 9,363,485 8,201,876 7,405,169 1,237,565 904,009 635,486


Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized 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 8)Payable for investments purchasedPayable for share redemptions Dividends payable to holders of redeemable shares Management fees payable Administration fees payable Accrued liabilitiesOther








CIG - 17669







2015 2014

- - 5 8 13,632 10,395 - - - - - - - - - -

3,790 4,668

11,276 9,608 28,703 24,679 - - - - - - 670 510 670 510 29,373 25,189

547 445 376 305 - - 1 - 438 311 108 83 1,470 1,144 - -

27,903 24,045

44 51 2,256 2,134 15 19 1 1 10,789 8,272 129 104 13,645 12,584 1,024 880





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

2015 2014

1.04 1.17 1.14 1.24 0.74 0.64 1.20 1.29 1.62 1.67 1.01 1.32 1.58 1.64 0.98 1.09

42,727 44,114 1,979,608 1,719,064 22,298 30,689 903 852 6,656,729 4,942,999 128,356 79,157 8,565,449 7,721,426 1,051,659 808,894



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





2015 2014

610 818

44 51

(3) (7) (8) - - - (11) (7)

38 16 11 7 (53) (257) 41 (18)

37 (252)

70 (208)

680 610

29,127 15,716

2,256 2,134

(161) (350) (387) - - - (548) (350)

6,303 8,828 546 349 (3,228) (2,007) (1,166) 4,457 2,455 11,627

4,163 13,411

33,290 29,127






2015 2014

201 68

15 19

(1) (4) (3) - (17) (25) (21) (29)

46 132 10 12 (9) (3) - 2 47 143

41 133

242 201

12 11

1 1

- - - - - - - -

- - - - - - 1 - 1 -

2 1

14 12











2015 2014

95,275 42,231

10,789 8,272

(637) (1,097) (1,534) - - - (2,171) (1,097)

27,808 22,323 2,170 1,096 (11,490) (6,961) 7,315 29,411 25,803 45,869

34,421 53,044

129,696 95,275

1,309 73

129 104

(8) (14) (19) - (107) (73) (134) (87)

668 205 59 37 (29) (42) (321) 1,019 377 1,219

372 1,236

1,681 1,309





2015 2014

133,069 109,634

13,645 12,584

(795) (1,592) (1,915) - - - (2,710) (1,592)

31,418 27,632 2,709 1,589 (15,766) (15,773) 1,618 (1,005) 19,979 12,443

30,914 23,435

163,983 133,069

9,288 6,451

1,024 880

(60) (110) (144) - (861) (662) (1,065) (772)

320 1,060 610 429 (852) (749) 3,370 1,989 3,448 2,729

3,407 2,837

12,695 9,288












2015 2014

268,891 175,002

27,903 24,045

(1,665) (3,174) (4,010) - (985) (760) (6,660) (3,934)

66,601 60,196 6,115 3,519 (31,427) (25,792) 10,858 35,855 52,147 73,778

73,390 93,889

342,281 268,891




2015 2014

27,903 24,045

(3,790) (4,668) - - - -

(11,276) (9,608) 29,553 40,731 (73,762) (110,683) - - (13,632) (10,395) - - - - - - - - - - (3) 2 146 (98) (44,861) (70,674)

(546) (457) 66,265 60,153 (31,416) (25,414) 10,858 35,855 45,161 70,137

- - 300 (537) (39) 498 261 (39)

- - 5 8 - - 1 -







FUND (99.9%) 15,684,085 Enhanced Income Pool (Class W)† 301,439,126 341,913,062

Total Fund (99.9%) 301,439,126 341,913,062 Other Net Assets (Liabilities) (0.1%) 367,904 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 342,280,966

Average Fair

No. of Units Description Cost ($) Value ($)








- 341,913 341,913 - 341,913 - - - 261 261 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 80 80 - - - 656 656 - - - 3,692 3,692 - 341,913 341,913 4,689 346,602 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 212 212 - - - 527 527 - - - - - - - - - - - - - - - - - - - - - - - 3,582 3,582 - - - 4,321 4,321



AssetsInvestments Cash 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 Security lending income receivable Receivable for investments sold Receivable for share subscriptionsOther Liabilities Investments 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 Payable for investments purchased Payable for share redemptions Dividends payable to holders of redeemable shares Management fees payable Administration fees payable Accrued liabilitiesOther


Enhanced Income Corporate ClassFund Specific Notes to Financial Statements




- 268,745 268,745 - 268,745 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 372 372 - - - 320 320 - - - 256 256 - 268,745 268,745 948 269,693 - - - - - - - - 39 39 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 243 243 - - - 516 516 - - - 1 1 - - - - - - - - 3 3 - - - - - - - - - - - - - 802 802



Enhanced Income Corporate ClassFund Specific Notes to Financial Statements




- 174,356 174,356 - 174,356 - - - 498 498 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 103 103 - - - 277 277 - - - 158 158 - 174,356 174,356 1,036 175,392 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 208 208 - - - 138 138 - - - 43 43 - - - - - - - - 1 1 - - - - - - - - - - - - - 390 390







- - 28,703 24,679 28,703 24,679






as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Enhanced Income Pool 780,976 341,913 43.8

as at March 31, 2014 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Enhanced Income Pool 563,339 268,745 47.7

as at April 1, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Enhanced Income Pool 411,896 174,356 42.3



2015 2014

43,178 62,038 2,598 1,159 761 538 2,690 (1,411) (3,625) (19,146) 45,602 43,178

1,969,921 1,142,657 409,266 626,823 35,005 24,299 (77,271) 318,791 (209,938) (142,649) 2,126,983 1,969,921

20,808 6,995 4,783 13,862 1,041 1,311 (20) (1,002) (929) (358) 25,683 20,808

861 850 - - 15 11 54 - - - 930 861

5,947,932 2,895,344 1,654,893 1,477,151 125,590 70,723 437,102 1,964,674 (679,728) (459,960) 7,485,789 5,947,932










2015 2014

124,272 7,043 62,609 19,999 5,547 3,558 (30,341) 97,747 (2,715) (4,075) 159,372 124,272

8,201,876 7,405,169 1,844,406 1,791,909 155,165 101,289 89,070 (68,488) (927,032) (1,028,003) 9,363,485 8,201,876 904,009 635,486 30,733 104,885 59,167 42,491 325,995 195,617 (82,339) (74,470) 1,237,565 904,009




2015 2014 - - - -


Brokerage CommissionsSoft Dollar Commissions†


0.20 0.20 0.20 0.20 - - 0.20 0.20








as at as at Mar. 31, 2014 Apr. 1, 2013

268,891 175,002 - -

268,891 175,002




24,045 -

24,045






as at as at as atInvestments Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013 341,913 268,745 174,356Enhanced Income Pool (Class W)






as at April 1, 2013 Categories Net Assets (%)Corporate Bonds 41.3 Financials 21.8 Energy 13.6 Telecommunication Services 5.9 Utilities 4.6 Industrials 4.2 Short-Term Investments 4.1 Consumer Discretionary 1.7 Cash & Equivalents 0.8 Other Net Assets (Liabilities) 0.7 Materials 0.4 Foreign Currency Forward Contracts 0.3 Canadian Government Bonds 0.3 Foreign Government Bonds 0.2 Consumer Staples 0.1


As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears the credit risk exposure of the Underlying Fund.


as at March 31, 2015Credit Rating^* Net Assets (%)AAA/Aaa/A++ 0.3 AA/Aa/A+ 0.7 A 4.3 BBB/Baa/B++ 7.8 BB/Ba/B+ 17.5 B 14.4 CCC/Caa/C++ 5.0 Not Rated 1.9 Total 51.9

as at March 31, 2014 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 0.1 AA/Aa/A+ 0.7 A 2.6 BBB/Baa/B++ 7.6 BB/Ba/B+ 15.8 B 12.6 CCC/Caa/C++ 3.4 Not Rated 1.1 Total 43.9



as at March 31, 2015Categories Net Assets (%)Corporate Bonds 48.7Financials 17.5Funds 7.6Energy 7.1Telecommunication Services 5.5Industrials 4.2Utilities 3.8Cash & Equivalents 3.3Consumer Discretionary 1.2Other Net Assets (Liabilities) 0.9Canadian Government Bonds 0.2Health Care 0.1Foreign Currency Forward Contracts (0.1)

as at March 31, 2014 Categories Net Assets (%)Corporate Bonds 38.6 Financials 14.6 Energy 14.2 Funds 14.2 Telecommunication Services 5.9 Cash & Equivalents 4.4 Industrials 4.4 Utilities 4.1 Consumer Discretionary 1.4 Materials 0.2 Canadian Government Bonds 0.1 Consumer Staples 0.1 Preferred Shares 0.1 Foreign Currency Forward Contracts (0.1)Other Net Assets (Liabilities) (2.2)






Currency Net Assets (%)US Dollar 12.2 Singapore Dollar 1.2 Hong Kong Dollar 0.6 British Pound 0.4 Australian Dollar 0.4 Euro 0.3 Total 15.1

as at April 1, 2013~ Currency Net Assets (%)US Dollar 13.3 Singapore Dollar 1.3 Australian Dollar 0.5 Euro 0.4 British Pound 0.2 Brazilian Real 0.1 Total 15.8










as at April 1, 2013 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 2.0 AA/Aa/A+ 3.6 A 2.5 BBB/Baa/B++ 7.4 BB/Ba/B+ 14.7 B 15.3 CCC/Caa/C++ 4.2 Not Rated 2.7 Total 52.4




Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. As at March 31, 2015, March 31, 2014 and April 1, 2013, the Underlying Fund was invested in Canadian equities and therefore was sensitive to changes in general economic conditions in Canada. The rest of the Underlying Fund’s assets were invested in fixed income securities and its market exposure is described below.

As at March 31, 2015, had the Canadian markets increased or decreased by 10% (March 31, 2014 and April 1, 2013 - 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 $16,378,000 (March 31, 2014 - $15,802,000 and April 1, 2013 - $9,258,000). In practice, actual results may differ from this analysis and the difference may be material.





Currency Net Assets (%)US Dollar 20.4 Singapore Dollar 0.6 Australian Dollar 0.5 Swiss Franc 0.4 Euro 0.1 British Pound 0.1 Total 22.1





Interest Rate Risk (cont’d)


As at March 31, 2015, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2014 and April 1, 2013 - 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 $1,157,000 (March 31, 2014 - $726,000 and April 1, 2013 - $695,000). In practice, actual results may differ from this analysis and the difference may be material.











313,176 268,485 217,987 23,691 17,022 6,096

343 342 - - - - - - - - - - - - - - - - 605 407 391 - - - - - - - - - - 1,075 - 492 273 239 1,628 752 673 339,935 288,356 225,386

- - - - - -

175 69 432 - - - - - - - - - - - - 1,511 57 151 227 408 503 - 1 33 - - - - - - - - - 1,306 - - 3,219 535 1,119

336,716 287,821 224,267

242,312 197,726 194,149 - - -


1,160 1,235 1,416 27,697 26,677 20,189 282 195 93 28 13 9 102,495 76,968 47,748 1,140 749 76 192,576 173,948 149,588 11,338 8,036 5,148

11.50 11.49 9.44 13.73 13.63 11.12 9.18 9.86 8.67 12.99 12.85 10.45 15.72 15.25 12.17 11.36 11.90 10.21 14.06 13.67 10.92 9.68 10.18 8.75

100,917 107,396 150,003 2,017,389 1,957,155 1,815,583 30,743 19,811 10,735 2,162 991 831 6,518,589 5,045,746 3,924,985 100,372 62,992 7,406 13,693,969 12,721,475 13,693,671 1,170,920 789,568 588,326










CIG - 17656







2015 2014

6,839 6,206 123 67 - - - - - - - - - - - -

9,626 7,377

- 47,626 16,588 61,276 741 129 - - 22 36 - - 763 165 17,351 61,441 548 482 436 383 356 242 - - 187 179 108 94 1,635 1,380 - -

15,716 60,061

31 268 889 5,132 10 41 - 2 4,602 14,847 32 64 9,632 38,084 520 1,623






2015 2014

0.31 2.17 0.46 2.71 0.39 2.19 0.07 2.60 0.81 3.34 0.48 2.68 0.76 2.93 0.60 2.32

102,081 122,726 1,922,567 1,892,961 24,972 18,647 1,703 946 5,623,243 4,436,535 64,394 24,425 12,707,590 13,022,877 878,153 699,532








2015 2014

1,235 1,416

31 268

(8) (19) (18) - - - (26) (19)

41 73 26 19 (164) (305) 17 (217)

(80) (430)

(75) (181)

1,160 1,235

26,677 20,189

889 5,132

(196) (372) (428) - - - (624) (372)

4,429 5,447 620 370 (3,297) (2,621) (997) (1,468) 755 1,728

1,020 6,488

27,697 26,677






2015 2014

195 93

10 41

(2) (3) (4) - (20) (13) (26) (16)

11 109 12 5 (16) (1) 96 (36) 103 77

87 102

282 195

13 9

- 2

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

- 2 1 - - - 15 - 16 2

15 4

28 13











2015 2014

76,968 47,748

4,602 14,847

(725) (1,028) (1,584) - - - (2,309) (1,028)

18,633 13,499 2,308 1,028 (10,930) (6,959) 13,223 7,833 23,234 15,401

25,527 29,220

102,495 76,968

749 76

32 64

(8) (8) (17) - (61) (24) (86) (32)

447 153 40 12 (123) (27) 81 503 445 641

391 673

1,140 749





2015 2014

173,948 149,588

9,632 38,084

(1,370) (2,482) (2,994) - - - (4,364) (2,482)

29,609 22,127 4,363 2,477 (18,199) (15,205) (2,413) (20,641) 13,360 (11,242)

18,628 24,360

192,576 173,948

8,036 5,148

520 1,623

(76) (113) (166) - (709) (495) (951) (608)

1,029 1,151 570 336 (866) (1,224) 3,000 1,610 3,733 1,873

3,302 2,888

11,338 8,036












2015 2014

287,821 224,267

15,716 60,061

(2,385) (4,025) (5,212) - (790) (532) (8,387) (4,557)

54,199 42,561 7,940 4,247 (33,595) (26,342) 13,022 (12,416) 41,566 8,050

48,895 63,554

336,716 287,821




2015 2014

15,716 60,061

(9,626) (7,377) (202) 34 356 242

- (47,626) 116,599 90,008 (149,386) (87,619) - - - - - - (198) (16) - - - - - - - - 430 (79) (26,311) 7,628

(448) (342) 53,980 42,527 (33,776) (26,437) 13,022 (12,416) 32,778 3,332

202 (34) 6,467 10,960 17,022 6,096 23,691 17,022

6,455 6,015 123 67 - - - -







CONSUMER DISCRETIONARY (11.0%) (cont’d) 117,692 Thomson Reuters Corp. 3,721,352 6,043,484 93,519 Uni-Select Inc. 2,652,963 4,084,910 14,836 Walt Disney Co. 629,026 1,971,255 99,301 Whistler Blackcomb Holdings Inc. 1,966,147 1,794,369 25,814 Wyndham Worldwide Corp. 2,186,326 2,958,365 26,270,283 37,120,684 INDUSTRIALS (9.7%) 385,783 Air Canada 1,253,300 4,779,851 15,707 Boeing Co. 1,244,075 2,986,125 56,100 Canadian National Railway Co. 1,545,870 4,758,402 17,463 Delta Air Lines Inc. 765,472 994,574 153,225 Horizon North Logistics Inc. 1,058,690 355,482 14,458 Norfolk Southern Corp. 951,103 1,884,950 194,632 Progressive Waste Solutions Ltd. 5,939,768 7,236,418 12,569 Ryder System Inc. 1,327,834 1,510,821 25,849 United Rentals Inc. 2,460,538 2,984,970 175,290 WestJet Airlines Ltd. 3,622,029 5,199,101 20,168,679 32,690,694 INFORMATION TECHNOLOGY (9.5%) 117,627 CGI Group Inc. 2,959,569 6,318,922 19,026 Check Point Software Technologies Ltd. 950,987 1,975,579 91,756 Cisco Systems Inc. 2,003,489 3,199,290 25,132 Citrix Systems Inc. 1,664,758 2,033,367 83,297 Corning Inc. 1,298,037 2,393,119 3,254 Google Inc., Class C 585,615 2,258,863 59,355 Intel Corp. 1,468,221 2,351,132 13,875 Mastercard Inc., Class A 1,401,761 1,518,408 58,628 Microsoft Corp. 1,639,809 3,019,332 36,247 Nielsen Holdings N.V. 1,926,564 2,046,476 72,778 Open Text Corp. 2,600,923 4,865,937 18,499,733 31,980,425 HEALTH CARE (4.4%) 12,873 HCA Holdings Inc. 761,548 1,226,769 22,729 Johnson & Johnson 1,665,291 2,896,478 10,084 Medtronic PLC 977,124 996,239 65,285 Pfizer Inc. 2,230,717 2,877,132 19,664 Thermo Fisher Scientific Inc. 1,820,503 3,346,332 22,253 UnitedHealth Group Inc. 1,441,931 3,334,483 8,897,114 14,677,433 MATERIALS (3.4%) 28,627 Agrium Inc. 2,673,836 3,778,764 22,467 BHP Billiton Ltd., ADR 1,378,427 1,322,542 33,125 CCL Industries Inc., Class B 968,270 4,720,312 25,132 Dow Chemical Co. 1,023,865 1,527,493 6,044,398 11,349,111 UTILITIES (0.5%) 37,220 Atco Ltd., Class I 1,486,441 1,679,366 TELECOMMUNICATION SERVICES (0.4%) 23,588 Verizon Communications Inc. 1,295,295 1,453,072

FINANCIALS (32.4%) 32,106 Aflac Inc. 1,171,324 2,603,310 43,307 American International Group Inc. 1,808,895 3,005,739 102,572 Canadian Imperial Bank of Commerce 7,930,591 9,418,161 19,491 Capital One Financial Corp. 1,934,708 1,946,088 125,784 CI Financial Corp.~ 4,064,867 4,454,011 61,492 Citigroup Inc. 3,065,082 4,013,159 9,260 Genworth MI Canada Inc. 259,186 259,280 10,111 Goldman Sachs Group Inc. 1,652,014 2,407,546 105,282 IGM Financial Inc. 4,481,232 4,738,743 47,473 Intact Financial Corp. 1,913,449 4,529,874 39,736 JPMorgan Chase & Co. 2,024,259 3,049,336 499,271 Manulife Financial Corp. 10,125,372 10,739,319 193,427 Power Corp. of Canada 5,312,868 6,483,673 188,247 Royal Bank of Canada 9,555,790 14,351,951 26,057 State Street Corp. 1,501,651 2,427,062 92,452 Sun Life Financial Inc. 3,788,506 3,608,402 186,217 The Bank of Nova Scotia 10,669,997 11,832,228 312,243 Toronto-Dominion Bank 11,133,045 16,926,693 35,874 Wells Fargo & Co. 1,107,856 2,472,126 83,500,692 109,266,701 ENERGY (21.6%) 33,481 Anadarko Petroleum Corp. 2,642,173 3,512,150 146,175 Baytex Energy Corp. 3,037,906 2,927,885 225,839 Canadian Natural Resources Ltd. 7,510,915 8,767,070 361,811 Canyon Services Group Inc. 4,039,059 2,387,953 181,949 Capital Power Corp.* 4,371,283 4,459,570 4,353 EOG Resources Inc. 491,015 505,595 46,101 Gibson Energy Inc.* 1,153,670 1,197,704 11,996 Helmerich & Payne Inc.* 958,606 1,034,389 244,903 MEG Energy Corp. 7,385,322 5,010,715 243,816 Mullen Group Ltd. 4,413,302 4,898,263 50,063 Noble Corp PLC* 1,345,768 905,601 75,683 Paramount Resources Ltd., Class A* 2,345,539 2,361,310 121,829 PrairieSky Royalty Ltd.* 3,350,029 3,640,251 530,039 Precision Drilling Corp. 5,559,354 4,261,514 12,447 Royal Dutch Shell PLC 1,052,947 988,608 323,051 Savanna Energy Services Corp. 3,555,754 549,187 28,891 Schlumberger Ltd. 2,268,247 3,053,717 21,670 Spectra Energy Corp. 934,082 992,886 199,890 Suncor Energy Inc. 6,706,440 7,397,929 64,267 Suncor Energy Inc. (USD) 2,374,618 2,381,254 186,551 Tourmaline Oil Corp. 6,598,293 7,150,500 31,619 Vermilion Energy Inc.* 1,677,087 1,683,712 174,679 Whitecap Resources Inc. 2,223,403 2,508,390 75,994,812 72,576,153 CONSUMER DISCRETIONARY (11.0%) 182,916 BRP Inc. 5,099,914 4,435,713 28,375 DR Horton Inc. 959,456 1,023,688 93,650 Magna International Inc., Class A 1,527,109 6,341,042 136,370 Quebecor Inc., Class B 4,368,818 4,620,216 135,385 Shaw Communications Inc., Class B 3,159,172 3,847,642

No. of Shares/ Average Fair Par Value Description Cost ($) Value ($)


~CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. Investments in CI Financial Corp. are identified above.* 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.




‡ Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Services. 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, 2015 (cont’d)

CONSUMER STAPLES (0.1%) 5,484 Alimentation Couche-Tard Inc., Class B 270,414 276,777 1,015 Procter & Gamble Co. 104,861 105,355 375,275 382,132

Commissions and other portfolio transaction costs (221,064)

Total Equities (93.0%) 242,311,658 313,175,771

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (0.0%) (see Schedule A) 168,323

Total Investments (93.0%) 242,311,658 313,344,094 Other Net Assets (Liabilities) (7.0%) 23,372,233 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 336,716,327


Schedule AForeign Currency Forward Contracts (0.0%)

Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 The Bank of Nova Scotia A-1 13-May-15 1.28 (31,000,000) US $ 39,634,740 Canadian $ 343,754 1 Toronto-Dominion Bank A-1+ 15-Apr-15 0.81 (7,000,000) US $ 8,693,300 Canadian $ (175,431)Total Foreign Currency Forward Contracts Value 168,323






- 313,176 313,176 - 313,176 - - - 23,691 23,691 343 - 343 - 343 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 605 605 - - - - - - - - - - - - - - - - - - - - - - - 492 492 - - - 1,628 1,628 343 313,176 313,519 26,416 339,935 - - - - - - - - - - 175 - 175 - 175 - - - - - - - - - - - - - - - - - - - - - - - 1,511 1,511 - - - 227 227 - - - - - - - - - - - - - - - - - - - - - - - 1,306 1,306 175 - 175 3,044 3,219





Canadian Equity Value Corporate ClassFund Specific Notes to Financial Statements




- 268,485 268,485 - 268,485 - - - 17,022 17,022 342 - 342 - 342 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 407 407 - - - - - - - - - - - - - - - - - - 1,075 1,075 - - - 273 273 - - - 752 752 342 268,485 268,827 19,529 288,356 - - - - - - - - - - 69 - 69 - 69 - - - - - - - - - - - - - - - - - - - - - - - 57 57 - - - 408 408 - - - 1 1 - - - - - - - - - - - - - - - - - - - - 69 - 69 466 535



Canadian Equity Value Corporate ClassFund Specific Notes to Financial Statements




- 217,987 217,987 - 217,987 - - - 6,096 6,096 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 391 391 - - - - - - - - - - - - - - - - - - - - - - - 239 239 - - - 673 673 - 217,987 217,987 7,399 225,386 - - - - - - - - - - 432 - 432 - 432 - - - - - - - - - - - - - - - - - - - - - - - 151 151 - - - 503 503 - - - 33 33 - - - - - - - - - - - - - - - - - - - - 432 - 432 687 1,119







(6,228) (2,994) 22,816 64,270 16,588 61,276




as at March 31, 2015 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 343 - - 343 - - - - 343 - - 343 (175) - - (175) - - - - (175) - - (175)

as at March 31, 2014 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 342 - - 342 - - - - 342 - - 342 (69) - - (69) - - - - (69) - - (69)

as at April 1, 2013 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) - - - - - - - - - - - - (432) - - (432) - - - - (432) - - (432)

Offsetting of Financial Instruments (Note 3)

The following tables show the net impact on the Fund’s statement of financial position if all rights of offset were exercised.

Derivative assets - Foreign currency forward contractsDerivative assets - Swaps and swaptions Total Derivative liabilities - Foreign currency forward contractsDerivative liabilities - Swaps and swaptionsTotal







2015 2014

107,396 150,003 3,519 7,041 2,298 1,723 1,589 (20,814) (13,885) (30,557) 100,917 107,396

1,957,155 1,815,583 317,406 441,325 45,380 28,732 (66,308) (112,409) (236,244) (216,076) 2,017,389 1,957,155

19,811 10,735 1,168 12,218 1,230 581 10,228 (3,594) (1,694) (129) 30,743 19,811

991 831 - 186 49 15 1,122 - - (41) 2,162 991

5,045,746 3,924,985 1,175,219 984,462 147,481 71,535 842,806 581,042 (692,663) (516,278) 6,518,589 5,045,746








2015 2014

62,992 7,406 37,800 13,695 3,465 1,011 6,755 43,236 (10,640) (2,356) 100,372 62,992

12,721,475 13,693,671 2,097,318 1,760,343 311,610 192,989 (144,620) (1,657,412) (1,291,814) (1,268,116) 13,693,969 12,721,475

789,568 588,326 105,673 121,335 57,322 35,157 305,041 176,000 (86,684) (131,250) 1,170,920 789,568




2015 2014 353 240 49 26




0.20 0.20 0.20 0.20 - - 0.20 0.20








as at as at Mar. 31, 2014 Apr. 1, 2013

287,722 224,142 99 125

287,821 224,267




60,087 (26)

60,061



as at as at as atInvestments Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013 4,454 - -CI Financial Corp.


as at as at as at Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013 13,683 11,648 10,523 14,368 12,230 11,049






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


Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 97,825 (48,137) 49,688 14.8Total 97,825 (48,137) 49,688 14.8

as at March 31, 2014~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 80,459 (55,268) 25,191 8.8Total 80,459 (55,268) 25,191 8.8

as at April 1, 2013~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 63,808 (45,718) 18,090 8.1Total 63,808 (45,718) 18,090 8.1


As at March 31, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, 2014 and April 1, 2013 - 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 $4,969,000 (March 31, 2014 - $2,519,000 and April 1, 2013 - $1,809,000). In practice, actual results may differ from this analysis and the difference may be material.

Interest Rate RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund did not have a significant exposure to interest rate risk as substantially all of its assets were invested in equities and derivatives.



Long Positions at fair value as at March 31, 2015 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 313,176 - - 313,176 Foreign currency forward contracts, net - 168 - 168 Total 313,176 168 - 313,344


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

For Concentration Risk as at March 31, 2015, refer to the Schedule of Investment Portfolio.

as at March 31, 2014 Categories Net Assets (%)Financials 28.3 Energy 22.1 Industrials 12.5 Information Technology 9.5 Materials 8.2 Consumer Discretionary 7.8 Other Net Assets (Liabilities) 6.6 Health Care 2.9 Consumer Staples 1.5 Utilities 0.5 Foreign Currency Forward Contracts 0.1

as at April 1, 2013 Categories Net Assets (%)Financials 25.9 Energy 24.5 Materials 12.0 Information Technology 9.6 Consumer Discretionary 9.3 Industrials 9.1 Health Care 3.7 Other Net Assets (Liabilities) 3.0 Consumer Staples 2.6 Utilities 0.5 Foreign Currency Forward Contracts (0.2)

Credit RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund’s exposure to credit risk through derivative instruments was insignificant.

Other Price Risk As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund was predominantly invested in Canadian equities and therefore was sensitive to changes in general economic conditions in Canada.









Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 217,862 - - 217,862 Foreign currency forward contracts, net - (432) - (432)Total 217,862 (432) - 217,430





80,077 56,318 35,997 49 250 375

- - - - - - - - - - - - - 1 - - - - - - - - - - - - - - - - 7 - 4 610 83 111 33 76 57 80,776 56,728 36,544

- - - - - -

- - - - - - - - - - - - - - - 109 188 191 513 172 69 - 1 8 - - - - 1 - - - - 622 362 268

80,154 56,366 36,276

58,165 37,993 24,572 - - -


329 368 466 1,803 1,220 1,162 28 23 13 21 17 13 17,279 11,141 5,386 252 109 13 56,832 41,401 27,917 3,610 2,087 1,306

16.40 14.58 11.35 24.55 21.69 16.78 15.77 15.05 12.47 18.78 16.53 12.73 27.55 23.79 17.97 17.08 15.91 12.86 20.06 17.36 13.15 15.36 14.33 11.61

20,057 25,157 40,887 73,467 56,267 69,266 1,753 1,515 1,057 1,112 1,057 1,039 627,111 468,319 299,626 14,748 6,838 1,044 2,832,789 2,384,625 2,123,407 235,052 145,612 112,470










CIG - 17658







2015 2014

- - 1 2 289 144 5,914 3,596 - - - - - - - -

2,921 2,254

3,587 6,900 12,712 12,896 - - - - - - 143 98 143 98 12,855 12,994 37 30 102 73 - - - - - - 15 11 154 114 - -

12,701 12,880

58 98 250 292 3 5 4 4 2,459 2,244 15 7 9,356 9,745 556 485






2015 2014

2.62 3.43 4.06 5.24 2.29 3.76 3.21 4.07 4.83 6.21 1.86 3.74 3.81 4.50 3.01 3.89

22,981 28,664 61,640 55,800 1,493 1,122 1,057 1,043 508,245 361,398 7,944 1,640 2,458,350 2,166,915 185,099 124,069








2015 2014

368 466

58 98

(2) (6) (14) - - - (16) (6)

7 11 16 6 (26) (83) (78) (124)

(81) (190)

(39) (98)

329 368

1,220 1,162

250 292

(12) (19) (76) - - - (88) (19)

314 173 88 19 (60) (70) 79 (337) 421 (215)

583 58

1,803 1,220






2015 2014

23 13

3 5

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

- - 3 1 - - 2 5 5 6

5 10

28 23

17 13

4 4

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

- - 1 - - - - - 1 -

4 4

21 17











2015 2014

11,141 5,386

2,459 2,244

(112) (158) (728) - - - (840) (158)

1,594 825 840 158 (561) (183) 2,646 2,869 4,519 3,669

6,138 5,755

17,279 11,141

109 13

15 7

(2) (1) (11) - (11) (2) (24) (3)

- 6 17 2 (2) (1) 137 85 152 92

143 96

252 109





2015 2014

41,401 27,917

9,356 9,745

(372) (624) (2,412) - - - (2,784) (624)

10,812 6,860 2,784 623 (2,295) (2,432) (2,442) (688) 8,859 4,363

15,431 13,484

56,832 41,401

2,087 1,306

556 485

(20) (30) (132) - (215) (113) (367) (143)

273 262 249 74 (291) (260) 1,103 363 1,334 439

1,523 781

3,610 2,087







Canadian Equity Growth Corporate ClassFinancial Statements





2015 2014

56,366 36,276

12,701 12,880

(520) (838) (3,375) - (228) (116) (4,123) (954)

13,000 8,137 3,998 883 (3,235) (3,029) 1,447 2,173 15,210 8,164

23,788 20,090

80,154 56,366




2015 2014

12,701 12,880

(2,921) (2,254) - - - - (3,587) (6,900) 8,973 6,239 (20,107) (13,665) - - (6,203) (3,740) - - - - - - - - - - (1) 1 44 (20) (11,101) (7,459)

(126) (78) 12,473 8,165 (2,894) (2,926) 1,447 2,173 10,900 7,334

- - (201) (125) 250 375 49 250

- - 1 2 - - - -







FUND (99.9%) 1,962,199 Canadian Equity Growth Pool (Class W)† 58,164,546 80,077,325 Total Fund (99.9%) 58,164,546 80,077,325 Other Net Assets (Liabilities) (0.1%) 76,357 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 80,153,682









- 80,077 80,077 - 80,077 - - - 49 49 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7 7 - - - 610 610 - - - 33 33 - 80,077 80,077 699 80,776 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 109 109 - - - 513 513 - - - - - - - - - - - - - - - - - - - - - - - 622 622





Canadian Equity Growth Corporate ClassFund Specific Notes to Financial Statements




- 56,318 56,318 - 56,318 - - - 250 250 - - - - - - - - - - - - - - - - - - - - - - - 1 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 83 83 - - - 76 76 - 56,318 56,318 410 56,728 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 188 188 - - - 172 172 - - - 1 1 - - - - - - - - 1 1 - - - - - - - - 362 362



Canadian Equity Growth Corporate ClassFund Specific Notes to Financial Statements




- 35,997 35,997 - 35,997 - - - 375 375 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4 4 - - - 111 111 - - - 57 57 - 35,997 35,997 547 36,544 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 191 191 - - - 69 69 - - - 8 8 - - - - - - - - - - - - - - - - - - 268 268







- - 12,712 12,896 12,712 12,896






as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Equity Growth Pool 137,593 80,077 58.2

as at March 31, 2014 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Equity Growth Pool 93,299 56,318 60.4

as at April 1, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Equity Growth Pool 74,101 35,997 48.6





2015 2014

25,157 40,887 425 954 984 461 (4,812) (10,211) (1,697) (6,934) 20,057 25,157

56,267 69,266 12,900 8,596 3,606 921 3,297 (19,066) (2,603) (3,450) 73,467 56,267

1,515 1,057 - - 185 98 53 360 - - 1,753 1,515

1,057 1,039 - - 55 18 - - - - 1,112 1,057

468,319 299,626 61,074 39,595 30,760 7,096 88,409 130,916 (21,451) (8,914) 627,111 468,319








2015 2014

6,838 1,044 - 394 991 151 7,022 5,334 (103) (85) 14,748 6,838

2,384,625 2,123,407 561,567 435,618 139,996 38,618 (135,993) (55,510) (117,406) (157,508) 2,832,789 2,384,625

145,612 112,470 16,805 19,275 16,397 5,503 75,018 27,426 (18,780) (19,062) 235,052 145,612




2015 2014 - - - -




0.20 0.20 0.20 0.20 - - 0.20 0.20








as at as at Mar. 31, 2014 Apr. 1, 2013

56,366 36,276 - -

56,366 36,276




12,880 -

12,880



as at as at as atInvestments Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013 80,077 56,318 35,997Canadian Equity Growth Pool (Class W)








Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. As at March 31, 2015, March 31, 2014 and April 1, 2013, the Underlying Fund was predominantly invested in Canadian equities and therefore was sensitive to changes in general economic conditions in Canada.






Currency Net Assets (%)US Dollar 22.6 Total 22.6

as at March 31, 2014~ Currency Net Assets (%)US Dollar 23.6 Total 23.6

as at April 1, 2013~ Currency Net Assets (%)US Dollar 24.9 Total 24.9


As at March 31, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, 2014 and April 1, 2013 - 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 $1,810,000 (March 31, 2014 - $1,329,000 and April 1, 2013 - $896,000). In practice, actual results may differ from this analysis and the difference may be material.


As at March 31, 2015, March 31, 2014 and April 1, 2013, 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.



as at March 31, 2015Categories Net Assets (%)Financials 23.1Consumer Discretionary 17.0Energy 14.4Cash & Equivalents 12.7Industrials 10.5Information Technology 9.8Consumer Staples 8.5Materials 2.5Other Net Assets (Liabilities) 1.5

as at March 31, 2014 Categories Net Assets (%)Consumer Discretionary 29.1 Cash & Equivalents 14.0 Information Technology 13.8 Industrials 13.2 Energy 11.1 Financials 7.7 Consumer Staples 5.8 Materials 2.5 Warrants 2.3 Health Care 1.9 Foreign Currency Forward Contracts (0.1)Other Net Assets (Liabilities) (1.3)

as at April 1, 2013 Categories Net Assets (%)Energy 26.1 Consumer Staples 17.0 Cash & Equivalents 14.2 Information Technology 14.0 Industrials 11.8 Consumer Discretionary 8.7 Financials 3.7 Health Care 2.4 Materials 1.7 Other Net Assets (Liabilities) 0.4


As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears the credit risk exposure of the Underlying Fund. The Underlying Fund did not have a significant exposure to credit risk as substantially all of its assets were invested in equities.










Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 35,997 - - 35,997Total 35,997 - - 35,997





198,306 171,626 122,063 819 1,976 1,188

- - - - - - - - - - - - - - - - - - 586 523 403 19 21 8 - - - - - - - 11 33 628 132 94 541 362 278 200,899 174,651 124,067

- - - - - -

- - - - - - - - - - - - - - - 298 832 22 363 191 93 - - 21 - - - - - - - - - 386 - - 1,047 1,023 136

199,852 173,628 123,931

156,761 119,129 94,687 - - -


366 470 632 21,300 21,458 16,180 140 115 29 25 16 12 76,582 62,722 36,989 782 552 18 92,153 82,330 66,738 8,504 5,965 3,333

14.15 15.01 12.05 16.71 17.60 14.02 10.31 11.77 10.08 17.46 18.33 14.55 19.01 19.58 15.24 12.29 13.69 11.43 17.33 17.88 13.95 11.01 12.30 10.31

25,834 31,333 52,478 1,275,092 1,219,014 1,154,013 13,609 9,791 2,892 1,428 854 833 4,028,414 3,203,762 2,426,643 63,671 40,319 1,554 5,318,047 4,603,702 4,783,852 772,113 484,793 323,385










CIG - 17659







2015 2014

4,531 6,042 166 133 - - - - - - - - - - - -

7,824 9,310

(10,952) 25,121 1,569 40,606 1 (8) - - 38 81 - - 39 73 1,608 40,679 408 376 227 194 93 65 - - 29 23 69 62 826 720 - -

782 39,959

(8) 124 (289) 4,865 (2) 21 (1) 4 447 13,613 (3) 47 594 19,948 44 1,337



derivatives Change in unrealized appreciation (depreciation) in value

of investments and derivativesTotal net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 8) Fees rebate Total other income Total income Expenses Management fees (Note 7) Administration fees (Note 7)Commissions and other portfolio transaction costs Interest expenseWithholding taxesHarmonized sales tax Total expenses Provision for income taxIncrease (decrease) in net assets attributable to holders of redeemable shares Increase (decrease) in net assets attributable to holders of redeemable shares per class:A Shares E Shares ET8 Shares F SharesI SharesIT8 Shares W SharesWT8 Shares


2015 2014

(0.34) 3.15 (0.24) 4.03 (0.14) 3.00 (0.43) 4.24 0.13 4.90 (0.07) 4.02 0.12 4.33 0.07 3.22

28,989 38,884 1,182,594 1,206,742 11,096 7,473 1,143 838 3,489,657 2,777,304 41,050 12,009 4,712,498 4,593,701 610,172 414,480








2015 2014

470 632

(8) 124

(3) (12) (10) - - - (13) (12)

14 46 13 12 (32) (63) (78) (269)

(83) (274)

(104) (162)

366 470

21,458 16,180

(289) 4,865

(199) (507) (575) - - - (774) (507)

3,701 4,276 771 505 (1,923) (983) (1,644) (2,878) 905 920

(158) 5,278

21,300 21,458






2015 2014

115 29

(2) 21

(1) (2) (4) - (10) (6) (15) (8)

4 51 7 3 (10) - 41 19 42 73

25 86

140 115

16 12

(1) 4

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

- - 1 - - - 10 - 11 -

9 4

25 16











2015 2014

62,722 36,989

447 13,613

(716) (1,404) (2,064) - - - (2,780) (1,404)

12,737 9,528 2,779 1,403 (6,084) (1,869) 6,761 4,462 16,193 13,524

13,860 25,733

76,582 62,722

552 18

(3) 47

(7) (9) (21) - (44) (14) (72) (23)

203 98 40 12 (104) (16) 166 416 305 510

230 534

782 552





2015 2014

82,330 66,738

594 19,948

(865) (1,938) (2,494) - - - (3,359) (1,938)

15,202 9,607 3,358 1,934 (8,062) (4,151) 2,090 (9,808) 12,588 (2,418)

9,823 15,592

92,153 82,330

5,965 3,333

44 1,337

(76) (132) (218) - (586) (345) (880) (477)

137 229 520 257 (361) (131) 3,079 1,417 3,375 1,772

2,539 2,632

8,504 5,965












2015 2014

173,628 123,931

782 39,959

(1,867) (4,004) (5,387) - (640) (365) (7,894) (4,369)

31,998 23,835 7,489 4,126 (16,576) (7,213) 10,425 (6,641) 33,336 14,107

26,224 49,697

199,852 173,628




2015 2014

782 39,959

(7,824) (9,310) - - 93 65

10,952 (25,121) 81,521 68,898 (111,945) (83,263) - - - - - - (63) (120) 2 (13) - - - - - - 207 (84) (26,275) (8,989)

(405) (264) 31,502 23,797 (16,404) (7,115) 10,425 (6,641) 25,118 9,777

- - (1,157) 788 1,976 1,188 819 1,976

4,439 5,905 168 120 - - - -







SHORT-TERM INVESTMENTS (7.9%) 4,300,000 Canadian Treasury Bill 0.48064% 06/18/2015 4,294,277 4,294,277 2,600,000 Canadian Treasury Bill 0.48108% 05/21/2015 2,596,646 2,596,646 9,000,000 Canadian Treasury Bill 0.87732% 04/23/2015 8,978,750 8,978,750 15,869,673 15,869,673


Total Investments (99.2%) 156,760,806 198,306,363

Other Net Assets (Liabilities) (0.8%) 1,545,661 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 199,852,024

FINANCIALS (21.5%) 435,125 Canadian Western Bank* 11,422,649 12,066,016 12,510 E-L Financial Corp., Ltd. 6,177,561 8,256,600 456,925 GMP Capital Inc. 3,433,863 2,631,888 117,654 Home Capital Group Inc.* 3,740,334 5,007,354 189,700 Industrial Alliance Insurance and Financial Services Inc. 6,869,755 8,037,589 145,100 Laurentian Bank of Canada* 6,342,524 6,855,975 37,986,686 42,855,422 ENERGY (17.0%) 191,325 AltaGas Ltd. 4,871,219 8,085,394 277,950 Ensign Energy Services Inc. 3,801,381 2,760,044 203,950 Gibson Energy Inc.* 5,101,733 5,298,621 178,075 Mullen Group Ltd. 2,885,081 3,577,527 179,000 Parkland Fuel Corp.* 3,663,282 4,451,730 234,900 Pason Systems Inc. 3,316,939 4,688,604 104,750 PrairieSky Royalty Ltd.* 3,245,464 3,129,930 53,850 ShawCor Ltd. 2,311,944 1,895,520 29,197,043 33,887,370 INDUSTRIALS (10.5%) 101,855 Richelieu Hardware Ltd. 2,442,033 6,417,884 153,318 Ritchie Bros. Auctioneers Inc. 4,532,097 4,843,316 85,325 Toromont Industries Ltd. 2,390,120 2,793,540 166,475 WSP Global Inc.* 4,011,298 6,978,632 13,375,548 21,033,372 INFORMATION TECHNOLOGY (9.7%) 80,433 MacDonald Dettwiler & Associates Ltd. 4,583,404 7,894,499 424,665 Mitel Networks Corp. 2,049,727 5,461,192 89,975 Open Text Corp. 3,678,976 6,015,728 10,312,107 19,371,419 CONSUMER STAPLES (8.8%) 78,350 Empire Co., Ltd., Class A 4,110,650 6,919,088 186,425 Jean Coutu Group Inc., Class A 2,401,883 5,046,525 164,450 Metro Inc., Class A 2,404,682 5,643,924 8,917,215 17,609,537 CONSUMER DISCRETIONARY (7.8%) 116,857 Cineplex Inc. 4,970,941 5,828,827 383,817 Leon’s Furniture Ltd. 4,178,122 5,607,566 258,900 RONA Inc. 4,086,292 4,194,180 13,235,355 15,630,573 MATERIALS (6.0%) 17,525 CCL Industries Inc., Class B 718,306 2,497,312 114,550 Domtar Corp. 4,979,464 6,698,884 411,350 Major Drilling Group International Inc.* 3,659,461 2,825,974 9,357,231 12,022,170 UTILITIES (5.6%) 249,550 Atco Ltd., Class I 7,937,828 11,259,696 TELECOMMUNICATION SERVICES (4.4%) 365,145 Manitoba Telecom Services Inc.* 10,739,466 8,767,131



* 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.







- 198,306 198,306 - 198,306 - - - 819 819 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 586 586 - - - 19 19 - - - - - - - - - - - - - - - - - - 628 628 - - - 541 541 - 198,306 198,306 2,593 200,899 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 298 298 - - - 363 363 - - - - - - - - - - - - - - - - - - - - - - - 386 386 - - - 1,047 1,047





Canadian Equity Small Cap Corporate ClassFund Specific Notes to Financial Statements




- 171,626 171,626 - 171,626 - - - 1,976 1,976 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 523 523 - - - 21 21 - - - - - - - - - - - - - 11 11 - - - 132 132 - - - 362 362 - 171,626 171,626 3,025 174,651 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 832 832 - - - 191 191 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,023 1,023



Canadian Equity Small Cap Corporate ClassFund Specific Notes to Financial Statements




- 122,063 122,063 - 122,063 - - - 1,188 1,188 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 403 403 - - - 8 8 - - - - - - - - - - - - - 33 33 - - - 94 94 - - - 278 278 - 122,063 122,063 2,004 124,067 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 22 22 - - - 93 93 - - - 21 21 - - - - - - - - - - - - - - - - - - - - - - - 136 136

AssetsInvestments Cash 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 Security lending income receivable Receivable for investments sold Receivable for share subscriptions Other Liabilities Investments 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 Payable for investments purchased Payable for share redemptions Dividends payable to holders of redeemable shares Management fees payable Administration fees payable Accrued liabilitiesOther






- - 1,569 40,606 1,569 40,606















2015 2014




2015 2014 92 64 5 8




0.20 0.20 0.20 0.20 - - 0.20 0.20




2015 2014

31,333 52,478 974 3,406 936 862 (5,247) (20,597) (2,162) (4,816) 25,834 31,333

1,219,014 1,154,013 211,173 276,067 45,985 30,530 (90,607) (177,242) (110,473) (64,354) 1,275,092 1,219,014

9,791 2,892 380 4,923 620 285 3,725 1,733 (907) (42) 13,609 9,791

854 833 - - 52 21 522 - - - 1,428 854

3,203,762 2,426,643 647,075 548,652 145,644 76,345 341,679 261,236 (309,746) (109,114) 4,028,414 3,203,762

40,319 1,554 15,639 7,961 3,205 887 12,584 31,210 (8,076) (1,293) 63,671 40,319

4,603,702 4,783,852 847,044 594,437 192,989 115,669 124,060 (625,812) (449,748) (264,444) 5,318,047 4,603,702

484,793 323,385 11,764 19,856 45,567 22,269 261,223 130,646 (31,234) (11,363) 772,113 484,793





as at as at Mar. 31, 2014 Apr. 1, 2013

173,118 123,573 510 358

173,628 123,931




39,807 152

39,959











Currency RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, 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.

Interest Rate RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, 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.



Long Positions at fair value as at March 31, 2015 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 182,436 - - 182,436 Short-term investments - 15,870 - 15,870 Total 182,436 15,870 - 198,306



Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 112,822 - - 112,822 Short-term investments - 8,891 - 8,891Total 112,822 8,891 - 121,713




as at March 31, 2014 Categories Net Assets (%)Financials 21.2 Energy 17.5 Consumer Staples 11.3 Information Technology 9.2 Materials 7.9 Short-Term Investments 7.8 Consumer Discretionary 7.4 Industrials 5.9 Utilities 5.9 Telecommunication Services 4.8 Other Net Assets (Liabilities) 1.1

as at April 1, 2013 Categories Net Assets (%)Financials 21.6 Consumer Staples 15.0 Energy 13.3 Materials 10.6 Information Technology 8.3 Short-Term Investments 7.2 Consumer Discretionary 6.7 Utilities 6.0 Industrials 5.5 Telecommunication Services 4.3 Other Net Assets (Liabilities) 1.5

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, 2015Credit Rating^* Net Assets (%)AAA/Aaa/A++ 7.9 Total 7.9

as at March 31, 2014 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 7.8 Total 7.8

as at April 1, 2013 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 7.2 Total 7.2









CIG - 17672


655,839 557,673 411,367 3,506 6,871 1,282

- - - - - - - - - - - - - - - - - - 2,458 1,561 1,417 64 69 10 - - - - - - - - 105 1,464 667 515 390 911 652 663,721 567,752 415,348

- - - - - -

- - - - - - - - - - - - - - - - 36 - 961 615 429 - 1 54 - - - - - - - - - 961 652 483

662,760 567,100 414,865

552,677 415,141 335,114 - - -


4,332 5,578 7,573 195,201 171,326 115,421 267 220 84 287 168 135 170,603 132,547 86,819 1,378 927 318 269,706 241,419 196,015 20,986 14,915 8,500

14.92 15.57 13.11 15.87 16.44 13.76 10.08 11.31 10.19 17.60 18.16 15.14 18.23 18.46 15.09 11.20 12.25 10.75 20.70 21.00 17.21 10.75 11.80 10.39

290,284 358,351 577,685 12,303,674 10,420,659 8,388,846 26,486 19,421 8,236 16,312 9,259 8,913 9,359,230 7,182,163 5,754,519 123,108 75,719 29,601 13,030,943 11,495,048 11,391,480 1,952,640 1,264,470 817,906














2015 2014

15,044 14,922 563 395 - - - - - - - - - - - -

36,280 27,089

(39,370) 66,279 12,517 108,685 4 - - - 85 357 - - 89 357 12,606 109,042 3,570 2,837 913 748 261 300 - - 90 135 494 395 5,328 4,415 - -

7,278 104,627

(13) 1,174 (458) 28,741 (2) 34 - 31 2,610 24,058 4 115 4,826 47,679 311 2,795






2015 2014

(0.04) 2.68 (0.04) 3.09 (0.03) 2.31 0.06 3.43 0.33 3.81 0.03 2.75 0.40 4.24 0.20 2.54

313,865 437,607 10,875,533 9,312,600 21,852 15,156 12,597 9,035 7,883,160 6,315,066 80,381 41,660 11,759,538 11,235,367 1,516,715 1,100,050








2015 2014

5,578 7,573

(13) 1,174

(39) (129) (105) - - - (144) (129)

612 589 144 129 (1,710) (3,215) (135) (543)

(1,089) (3,040)

(1,246) (1,995)

4,332 5,578

171,326 115,421

(458) 28,741

(1,753) (3,467) (4,692) - - - (6,445) (3,467)

51,791 48,691 6,442 3,464 (21,045) (17,176) (6,410) (4,348) 30,778 30,631

23,875 55,905

195,201 171,326






2015 2014

220 84

(2) 34

(2) (4) (6) - (19) (12) (27) (16)

14 101 13 6 (12) - 61 11 76 118

47 136

267 220

168 135

- 31

(3) (4) (7) - - - (10) (4)

55 - 10 4 (58) - 122 2 129 6

119 33

287 168











2015 2014

132,547 86,819

2,610 24,058

(1,530) (2,666) (4,094) - - - (5,624) (2,666)

36,229 28,019 5,623 2,664 (18,221) (13,130) 17,439 6,783 41,070 24,336

38,056 45,728

170,603 132,547

927 318

4 115

(12) (16) (32) - (78) (38) (122) (54)

405 143 59 20 (98) (30) 203 415 569 548

451 609

1,378 927





2015 2014

241,419 196,015

4,826 47,679

(2,433) (5,055) (6,511) - - - (8,944) (5,055)

53,566 37,255 8,940 5,045 (31,563) (25,824) 1,462 (13,696) 32,405 2,780

28,287 45,404

269,706 241,419

14,915 8,500

311 2,795

(179) (306) (479) - (1,405) (907) (2,063) (1,213)

899 761 1,279 687 (902) (522) 6,547 3,907 7,823 4,833

6,071 6,415

20,986 14,915







Canadian Equity Alpha Corporate ClassFinancial Statements


2015 2014

567,100 414,865

7,278 104,627

(5,951) (11,647) (15,926) - (1,502) (957) (23,379) (12,604)

143,571 115,559 22,510 12,019 (73,609) (59,897) 19,289 (7,469) 111,761 60,212

95,660 152,235

662,760 567,100




2015 2014

7,278 104,627

(36,280) (27,089) - - 261 300 39,370 (66,279) 320,585 293,120 (422,138) (346,217) - - - - - - (897) (144) 5 (59) - - - - - - 521 (259) (91,295) (42,000)

(870) (638) 142,774 115,407 (73,263) (59,711) 19,289 (7,469) 87,930 47,589

- - (3,365) 5,589 6,871 1,282 3,506 6,871

14,058 14,738 568 336 - - - -









SHORT-TERM INVESTMENTS (10.5%) 20,000,000 Canadian Treasury Bill 0.46179% 05/21/2015 19,974,480 19,974,480 21,000,000 Canadian Treasury Bill 0.507% 06/18/2015 20,974,250 20,974,250 29,000,000 Canadian Treasury Bill 0.57037% 04/23/2015 28,938,370 28,938,370 69,887,100 69,887,100



FINANCIALS (22.1%) 244,320 Canadian Imperial Bank of Commerce 25,050,487 22,433,462 40,202 E-L Financial Corp., Ltd.* 17,778,853 26,533,320 452,287 Industrial Alliance Insurance and Financial Services Inc.* 15,406,887 19,163,400 272,175 National Bank of Canada 12,803,227 12,585,372 738,900 Power Financial Corp.* 21,924,189 27,701,361 200,375 The Bank of Nova Scotia 13,748,414 12,731,828 453,900 Toronto-Dominion Bank 19,525,918 24,605,919 126,237,975 145,754,662 ENERGY (17.8%) 557,872 AltaGas Ltd. 11,983,488 23,575,671 758,750 Canadian Natural Resources Ltd. 26,153,739 29,454,675 754,930 Mullen Group Ltd.* 13,525,592 15,166,544 525,591 Pason Systems Inc. 6,630,943 10,490,796 344,500 PrairieSky Royalty Ltd.* 10,663,603 10,293,660 779,375 Suncor Energy Inc. 27,940,655 28,844,669 96,898,020 117,826,015 TELECOMMUNICATION SERVICES (8.5%) 961,625 Manitoba Telecom Services Inc.* 29,329,734 23,088,616 380,300 Rogers Communications Inc., Class B 16,373,136 16,124,720 414,160 TELUS Corp. 7,789,511 17,423,711 53,492,381 56,637,047 UTILITIES (8.5%) 827,850 Atco Ltd., Class I* 30,779,150 37,352,592 479,150 Canadian Utilities Ltd., Class A, Special Shares* 12,089,000 19,055,796 42,868,150 56,408,388 INFORMATION TECHNOLOGY (8.0%) 418,550 CGI Group Inc.* 18,171,868 22,484,506 99,900 MacDonald Dettwiler & Associates Ltd. 9,819,171 9,805,185 314,500 Open Text Corp. 11,851,456 21,027,470 39,842,495 53,317,161 CONSUMER STAPLES (7.9%) 339,178 Empire Co., Ltd., Class A 20,717,318 29,952,809 248,775 Jean Coutu Group Inc., Class A 2,824,431 6,734,339 252,675 Loblaw Co., Ltd. 12,616,783 15,645,636 36,158,532 52,332,784 CONSUMER DISCRETIONARY (5.9%) 192,300 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 16,430,156 24,812,469 281,100 Cineplex Inc. 12,046,181 14,021,268 28,476,337 38,833,737 INDUSTRIALS (5.0%) 151,200 Canadian National Railway Co. 10,647,040 12,824,784 509,175 SNC-Lavalin Group Inc.* 22,542,147 20,025,853 33,189,187 32,850,637 MATERIALS (4.8%) 326,125 Barrick Gold Corp. 6,128,657 4,516,831 359,500 Domtar Corp. 13,589,490 21,023,560 281,475 Goldcorp Inc. 6,330,476 6,451,407 26,048,623 31,991,798










- 655,839 655,839 - 655,839 - - - 3,506 3,506 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,458 2,458 - - - 64 64 - - - - - - - - - - - - - - - - - - 1,464 1,464 - - - 390 390 - 655,839 655,839 7,882 663,721 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 961 961 - - - - - - - - - - - - - - - - - - - - - - - 961 961





Canadian Equity Alpha Corporate ClassFund Specific Notes to Financial Statements




- 557,673 557,673 - 557,673 - - - 6,871 6,871 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,561 1,561 - - - 69 69 - - - - - - - - - - - - - - - - - - 667 667 - - - 911 911 - 557,673 557,673 10,079 567,752 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 36 36 - - - 615 615 - - - 1 1 - - - - - - - - - - - - - - - - - - 652 652



Canadian Equity Alpha Corporate ClassFund Specific Notes to Financial Statements




- 411,367 411,367 - 411,367 - - - 1,282 1,282 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,417 1,417 - - - 10 10 - - - - - - - - - - - - - 105 105 - - - 515 515 - - - 652 652 - 411,367 411,367 3,981 415,348 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 429 429 - - - 54 54 - - - - - - - - - - - - - - - - - - 483 483







- - 12,517 108,685 12,517 108,685








2015 2014

358,351 577,685 39,392 41,547 9,674 8,766 (8,564) (38,651) (108,569) (230,996) 290,284 358,351

10,420,659 8,388,846 3,128,513 3,234,021 404,615 221,516 (383,709) (285,844) (1,266,404) (1,137,880) 12,303,674 10,420,659

19,421 8,236 1,259 9,669 1,223 585 5,637 1,016 (1,054) (85) 26,486 19,421

9,259 8,913 2,994 - 538 206 6,697 140 (3,176) - 16,312 9,259

7,182,163 5,754,519 1,920,758 1,658,402 307,620 152,496 918,787 392,563 (970,098) (775,817) 9,359,230 7,182,163








2015 2014

75,719 29,601 33,851 12,501 5,201 1,702 16,669 34,537 (8,332) (2,622) 123,108 75,719

11,495,048 11,391,480 2,501,481 1,946,016 430,636 254,221 81,656 (736,018) (1,477,878) (1,360,651) 13,030,943 11,495,048

1,264,470 817,906 78,843 69,285 114,574 61,194 574,897 362,637 (80,144) (46,552) 1,952,640 1,264,470




2015 2014 255 296 13 37




0.20 0.20 0.20 0.20 - - 0.20 0.20








as at as at Mar. 31, 2014 Apr. 1, 2013

565,840 413,875 1,260 990

567,100 414,865




104,357 270

104,627











Currency RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, the majority of the Fund’s investments were denominated in Canadian dollars, the functional currency of the Fund. As a result, the Fund was not exposed to currency risk.

Interest Rate RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, 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.


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




Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 394,505 - - 394,505 Short-term investments - 15,882 - 15,882 Total 394,505 15,882 - 410,387




as at March 31, 2014 Categories Net Assets (%)Energy 22.6 Financials 22.6 Telecommunication Services 10.3 Short-Term Investments 10.0 Consumer Staples 8.7 Utilities 7.9 Materials 5.2 Industrials 4.7 Consumer Discretionary 3.4 Information Technology 2.9 Other Net Assets (Liabilities) 1.7

as at April 1, 2013 Categories Net Assets (%)Financials 22.9 Energy 19.1 Utilities 11.7 Industrials 11.3 Telecommunication Services 9.8 Consumer Staples 9.5 Materials 4.3 Information Technology 3.9 Short-Term Investments 3.8 Consumer Discretionary 2.8 Other Net Assets (Liabilities) 0.9


as at March 31, 2015Credit Rating^* Net Assets (%)AAA/Aaa/A++ 10.5Total 10.5

as at March 31, 2014 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 10.0 Total 10.0

as at April 1, 2013 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 3.8Total 3.8








368,268 307,507 226,374 21,700 9,496 2,825

858 379 203 - - - - - - - - - - - - - - - 148 143 167 - - - - - - - - - - - - 362 463 232 1,149 120 51 392,485 318,108 229,852

- - - - - -

1,288 312 439 - - - - - - - - - - - - 341 - - 167 366 585 1 1 47 - - - - - - - - - 1,098 - - 2,895 679 1,071

389,590 317,429 228,781

192,137 186,761 162,554 - - -


1,464 1,486 1,706 26,957 23,206 14,119 197 157 27 32 14 9 102,982 70,683 38,902 1,184 675 12 238,838 208,770 166,245 17,936 12,438 7,761

13.02 11.31 8.96 16.46 14.19 11.17 13.57 12.65 10.69 15.79 13.55 10.62 19.26 16.22 12.47 15.02 13.63 11.23 15.92 13.44 10.35 14.06 12.82 10.59

112,368 131,495 190,498 1,638,006 1,635,605 1,264,532 14,496 12,445 2,522 2,057 1,001 854 5,346,261 4,357,008 3,119,565 78,791 49,507 1,048 15,001,198 15,534,461 16,055,927 1,275,737 970,502 733,136










CIG - 17660







2015 2014

6,869 5,305 101 65 - - - - - - - - - - - - 14,017 11,879

54,888 57,229 75,875 74,478 498 135 - - 16 9 - - 514 144 76,389 74,622 512 399 555 456 63 40 - - 987 767 121 97 2,238 1,759 - -

74,151 72,863

275 381 4,717 4,661 34 18 4 3 18,720 14,560 143 52 47,076 50,393 3,182 2,795






2015 2014

2.23 2.50 2.91 3.20 2.51 2.76 2.97 3.04 3.89 3.94 3.06 2.92 3.10 3.26 2.90 3.21

122,954 151,929 1,618,505 1,456,848 12,880 6,756 1,648 925 4,817,800 3,696,782 46,108 17,538 15,194,036 15,425,632 1,098,394 869,662








2015 2014

1,486 1,706

275 381

(7) (20) (49) - - - (56) (20)

40 77 56 20 (103) (235) (234) (443)

(241) (581)

(22) (220)

1,464 1,486

23,206 14,119

4,717 4,661

(135) (270) (893) - - - (1,028) (270)

4,708 5,947 1,027 269 (1,409) (1,166) (4,264) (354) 62 4,696

3,751 9,087

26,957 23,206






2015 2014

157 27

34 18

(1) (2) (7) - (13) (6) (21) (8)

6 98 10 3 (4) - 15 19 27 120

40 130

197 157

14 9

4 3

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

- 5 1 - - (3) 14 - 15 2

18 5

32 14











2015 2014

70,683 38,902

18,720 14,560

(514) (802) (3,395) - - - (3,909) (802)

16,994 13,635 3,908 802 (2,816) (2,710) (598) 6,296 17,488 18,023

32,299 31,781

102,982 70,683

675 12

143 52

(6) (6) (37) - (53) (20) (96) (26)

507 209 53 9 (1) (37) (97) 456 462 637

509 663

1,184 675





2015 2014

208,770 166,245

47,076 50,393

(1,198) (2,531) (7,913) - - - (9,111) (2,531)

32,224 26,256 9,109 2,526 (11,343) (11,667) (37,887) (22,452) (7,897) (5,337)

30,068 42,525

238,838 208,770

12,438 7,761

3,182 2,795

(87) (149) (573) - (1,158) (737) (1,818) (886)

424 908 1,169 455 (177) (429) 2,718 1,834 4,134 2,768

5,498 4,677

17,936 12,438












2015 2014

317,429 228,781

74,151 72,863

(1,948) (3,780) (12,868) - (1,224) (763) (16,040) (4,543)

54,903 47,135 15,333 4,084 (15,853) (16,247) (40,333) (14,644) 14,050 20,328

72,161 88,648

389,590 317,429




2015 2014

74,151 72,863

(14,017) (11,879) (84) (4) 63 40

(54,888) (57,229) 68,236 31,721 (59,317) (44,089) - - - - - - (5) 24 - - - - - - - - 69 (69) 14,208 (8,622)

(707) (505) 55,004 46,904 (16,052) (16,466) (40,333) (14,644) (2,088) 15,289

84 4 12,120 6,667 9,496 2,825 21,700 9,496

5,877 4,563 101 65 - - - -







ENERGY (5.8%) 42,900 Anadarko Petroleum Corp. 4,405,220 4,500,201 52,929 Cameron International Corp. 1,657,376 3,025,204 57,490 Devon Energy Corp. 4,121,055 4,392,113 48,850 Exxon Mobil Corp. 4,184,433 5,259,874 59,557 Occidental Petroleum Corp. 5,246,643 5,507,412 19,614,727 22,684,804 MATERIALS (5.1%) 65,900 E.I. du Pont de Nemours & Co.* 2,162,514 5,966,245 9,367 Ecolab Inc. 632,327 1,357,196 86,520 International Paper Co. 2,855,505 6,081,679 41,800 Praxair Inc. 3,203,540 6,393,215 8,853,886 19,798,335 CONSUMER STAPLES (4.6%) 45,100 Colgate-Palmolive Co. 1,787,239 3,961,432 59,870 CVS Caremark Corp. 3,185,451 7,827,497 51,350 PepsiCo Inc. 3,603,149 6,219,866 8,575,839 18,008,795 UTILITIES (2.9%) 82,546 Eversource Energy* 2,698,013 5,282,643 95,990 Wisconsin Energy Corp.* 2,500,684 6,018,982 5,198,697 11,301,625 TELECOMMUNICATION SERVICES (1.4%) 126,279 CenturyLink Inc. 4,085,110 5,526,766


Total Equities (94.5%) 192,137,105 368,267,548


Foreign Currency Forward Contracts (-0.1%) (see Schedule A) (429,769)


FINANCIALS (24.5%) 61,784 American Express Co. 4,567,897 6,114,066 108,395 American International Group Inc. 4,991,472 7,523,197 45,570 Ameriprise Financial Inc. 2,618,747 7,552,860 24,080 BlackRock Inc. (USD) 4,308,057 11,159,367 131,130 CIT Group Inc. 5,948,419 7,494,851 108,900 Citigroup Inc. 5,634,616 7,107,152 93,917 Citizens Financial Group Inc. 2,791,965 2,870,737 78,100 CME Group Inc. 4,658,206 9,369,982 102,950 Marsh & McLennan Co. Inc. 3,533,619 7,314,820 79,180 MetLife Inc. 4,542,235 5,070,240 133,790 Morgan Stanley 4,684,886 6,048,700 65,875 Northern Trust Corp. 4,408,904 5,812,107 60,250 Synchrony Financial* 2,409,886 2,316,368 116,228 Visa Inc., Class A * 3,368,019 9,630,455 58,466,928 95,384,902 INFORMATION TECHNOLOGY (21.4%) 103,300 Agilent Technologies Inc. 2,899,532 5,437,049 108,506 Apple Inc. 5,975,774 17,102,938 217,530 Applied Materials Inc.* 3,050,334 6,216,560 62,680 Check Point Software Technologies Ltd. 3,806,877 6,508,423 67,650 Citrix Systems Inc. 4,361,344 5,473,392 87,160 Fidelity National Information Services Inc. 2,619,689 7,514,516 226,150 Microsoft Corp. 5,041,350 11,646,688 165,850 Oracle Corp. 3,801,309 9,065,425 84,650 Seagate Technology PLC 4,249,717 5,579,209 120,900 Texas Instruments Inc. 3,270,585 8,757,906 39,076,511 83,302,106 CONSUMER DISCRETIONARY (11.4%) 50,155 Comcast Corp., Special Class A* 910,351 3,562,033 31,550 Genuine Parts Co. 1,386,610 3,724,436 57,540 Home Depot Inc. 5,178,488 8,280,914 54,970 Kohl’s Corp.* 2,824,437 5,448,814 23,525 Las Vegas Sands Corp.* 1,613,710 1,640,212 48,310 McDonald’s Corp. 4,586,456 5,963,019 75,485 Time Warner Inc. 2,824,600 8,074,223 87,400 TJX Co., Inc. 2,018,301 7,755,529 21,342,953 44,449,180 INDUSTRIALS (10.1%) 62,200 Boeing Co. 2,871,782 11,825,107 79,150 Danaher Corp. 2,810,299 8,512,370 64,800 Ingersoll-Rand PLC 2,188,366 5,588,386 61,480 Rockwell Collins Inc. 3,714,539 7,519,310 40,480 United Technologies Corp. 4,134,934 6,009,800 15,719,920 39,454,973 HEALTH CARE (7.3%) 112,060 Abbott Laboratories Inc. 3,264,006 6,576,651 92,950 AbbVie Inc. 3,180,533 6,892,773 30,790 AmerisourceBergen Corp. 2,285,038 4,433,507 69,760 UnitedHealth Group Inc. 2,590,258 10,453,131 11,319,835 28,356,062






US Equity Value Corporate ClassSchedule of Investment Portfolio as at March 31, 2015 (cont’d)


Schedule AForeign Currency Forward Contracts (-0.1%)

Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 Bank of Montreal A-1 25-Jun-15 1.28 (11,200,000) US $ 14,353,360 Canadian $ 149,635 1 Bank of Montreal A-1 08-May-15 0.79 (28,466,000) US $ 35,830,154 Canadian $ (245,810)1 Bank of Montreal A-1 30-Apr-15 0.80 (6,600,000) US $ 8,225,118 Canadian $ (138,251)1 Canadian Imperial Bank of Commerce A-1 08-May-15 1.28 (9,600,000) US $ 12,296,928 Canadian $ 130,288 1 Canadian Imperial Bank of Commerce A-1 30-Apr-15 0.80 (15,545,000) US $ 19,376,687 Canadian $ (321,584)1 Canadian Imperial Bank of Commerce A-1 08-May-15 0.79 (23,307,000) US $ 29,342,348 Canadian $ (195,441)1 Canadian Imperial Bank of Commerce A-1 25-Jun-15 1.28 (26,996,000) US $ 34,583,361 Canadian $ 347,342 1 Credit Suisse Group AG BBB+ 25-Jun-15 1.28 (3,587,000) US $ 4,595,141 Canadian $ 46,148 1 Credit Suisse Group AG BBB+ 30-Apr-15 0.80 (4,891,000) US $ 6,094,602 Canadian $ (103,161)1 Royal Bank of Canada A-1+ 25-Jun-15 1.28 (8,154,000) US $ 10,445,992 Canadian $ 105,181 1 Royal Bank of Canada A-1+ 08-May-15 0.80 (2,600,000) US $ 3,268,655 Canadian $ (26,412)1 Royal Bank of Canada A-1+ 30-Apr-15 0.80 (6,581,000) US $ 8,203,217 Canadian $ (136,077)1 The Bank of Nova Scotia A-1 25-Jun-15 1.28 (2,417,000) US $ 3,097,047 Canadian $ 31,834 1 The Bank of Nova Scotia A-1 30-Apr-15 0.80 (5,884,000) US $ 7,334,406 Canadian $ (121,665)1 Toronto-Dominion Bank A-1+ 25-Jun-15 1.28 (3,732,000) US $ 4,781,084 Canadian $ 48,204 Total Foreign Currency Forward Contracts Value (429,769)






- 368,268 368,268 - 368,268 - - - 21,700 21,700 858 - 858 - 858 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 148 148 - - - - - - - - - - - - - - - - - - - - - - - 362 362 - - - 1,149 1,149 858 368,268 369,126 23,359 392,485 - - - - - - - - - - 1,288 - 1,288 - 1,288 - - - - - - - - - - - - - - - - - - - - - - - 341 341 - - - 167 167 - - - 1 1 - - - - - - - - - - - - - - - - - - 1,098 1,098 1,288 - 1,288 1,607 2,895





US Equity Value Corporate ClassFund Specific Notes to Financial Statements




- 307,507 307,507 - 307,507 - - - 9,496 9,496 379 - 379 - 379 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 143 143 - - - - - - - - - - - - - - - - - - - - - - - 463 463 - - - 120 120 379 307,507 307,886 10,222 318,108 - - - - - - - - - - 312 - 312 - 312 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 366 366 - - - 1 1 - - - - - - - - - - - - - - - - - - - - 312 - 312 367 679



US Equity Value Corporate ClassFund Specific Notes to Financial Statements




- 226,374 226,374 - 226,374 - - - 2,825 2,825 203 - 203 - 203 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 167 167 - - - - - - - - - - - - - - - - - - - - - - - 232 232 - - - 51 51 203 226,374 226,577 3,275 229,852 - - - - - - - - - - 439 - 439 - 439 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 585 585 - - - 47 47 - - - - - - - - - - - - - - - - - - - - 439 - 439 632 1,071







(19,839) (3,749) 95,714 78,227 75,875 74,478




as at March 31, 2015 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 858 (810) - 48 - - - - 858 (810) - 48 (1,288) 810 - (478) - - - - (1,288) 810 - (478)

as at March 31, 2014 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 379 (262) - 117 - - - - 379 (262) - 117 (312) 262 - (50) - - - - (312) 262 - (50)

as at April 1, 2013 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 203 (127) - 76 - - - - 203 (127) - 76 (439) 127 - (312) - - - - (439) 127 - (312)










2015 2014

131,495 190,498 3,421 7,524 4,354 1,866 (18,373) (44,473) (8,529) (23,920) 112,368 131,495

1,635,605 1,264,532 304,073 464,279 62,902 20,235 (272,378) (22,846) (92,196) (90,595) 1,638,006 1,635,605

12,445 2,522 489 8,146 766 216 1,100 1,561 (304) - 14,496 12,445

1,001 854 - 440 79 13 977 - - (306) 2,057 1,001

4,357,008 3,119,565 947,393 930,034 204,516 53,047 (3,032) 440,216 (159,624) (185,854) 5,346,261 4,357,008








2015 2014

49,507 1,048 34,480 16,671 3,550 711 (8,703) 33,842 (43) (2,765) 78,791 49,507

15,534,461 16,055,927 2,189,192 2,135,730 576,908 202,491 (2,535,241) (1,882,276) (764,122) (977,411) 15,001,198 15,534,461

970,502 733,136 30,078 77,660 84,785 37,816 203,509 158,804 (13,137) (36,914) 1,275,737 970,502




2015 2014 60 38 1 2




0.21 0.21 0.21 0.21 - - 0.21 0.21








as at as at Mar. 31, 2014 Apr. 1, 2013

317,426 228,693 3 88

317,429 228,781




72,948 (85)

72,863



















Long Positions at fair value as at March 31, 2015 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 368,268 - - 368,268 Foreign currency forward contracts, net - (430) - (430)Total 368,268 (430) - 367,838

Long Positions at fair value as at March 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 307,504 - - 307,504 Foreign currency forward contracts, net - 67 - 67Total 307,504 67 - 307,571





as at March 31, 2014 Categories Net Assets (%)Information Technology 21.2 Financials 20.6 Consumer Discretionary 13.2 Industrials 9.2 Energy 8.4 Health Care 8.4 Consumer Staples 5.8 Materials 5.5 Other Net Assets (Liabilities) 3.1 Utilities 3.1 Telecommunication Services 1.5 Foreign Currency Forward Contracts -

as at April 1, 2013 Categories Net Assets (%)Financials 19.8 Information Technology 18.2 Consumer Discretionary 13.9 Health Care 11.7 Energy 9.2 Industrials 8.7 Consumer Staples 6.1 Materials 5.6 Utilities 3.6 Telecommunication Services 2.1 Other Net Assets (Liabilities) 1.2 Foreign Currency Forward Contracts (0.1)


Other Price Risk As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund was invested in U.S. equities and therefore was sensitive to changes in general economic conditions in the United States.

As at March 31, 2015, had the U.S. markets increased or decreased by 10% (March 31, 2014 and April 1, 2013 - 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 $36,827,000 (March 31, 2014 - $30,750,000 and April 1, 2013 - $22,629,000). In practice, actual results may differ from this analysis and the difference may be material.






Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 226,286 - - 226,286 Foreign currency forward contracts, net - (236) - (236) Total 226,286 (236) - 226,050





91,844 69,097 44,020 2,173 884 475

200 80 43 - - - - - - - - - - - - - - - 63 50 45 - - - - - - - - - 215 57 26 570 88 33 29 67 50 95,094 70,323 44,692

- - - - - -

314 80 85 - - - - - - - - - - - - 1,156 84 21 525 170 18 - - 8 - 1 - - 1 - - - - 1,995 336 132

93,099 69,987 44,560

55,352 47,063 32,937 - - -


352 402 458 6,060 5,194 3,023 35 34 18 20 15 12 27,586 19,936 11,216 321 176 30 55,417 42,419 28,592 3,308 1,811 1,211

18.16 15.23 11.76 27.36 22.81 17.50 15.53 13.98 11.51 22.04 18.29 13.98 30.05 24.47 18.34 16.70 14.68 11.78 22.17 18.10 13.59 15.58 13.72 11.04

19,391 26,419 38,945 221,473 227,750 172,757 2,231 2,426 1,530 889 848 834 917,975 814,864 611,695 19,247 11,996 2,505 2,499,281 2,344,176 2,103,490 212,301 132,030 109,701










CIG - 17662







2015 2014

1,013 739 1 - - - - - - - - - - - - -

4,823 5,142

14,344 10,993 20,181 16,874 148 46 - - 6 10 - - 154 56 20,335 16,930

109 97 117 88 25 18 - - 145 98 25 20 421 321 - -

19,914 16,609

90 110 1,214 1,270 6 6 5 3 5,598 4,325 28 13 12,290 10,424 683 458






2015 2014

3.71 3.71 5.84 5.74 2.88 3.48 4.82 4.59 6.76 6.35 2.58 2.80 5.14 4.78 3.88 3.82

24,169 29,446 208,047 221,205 2,097 1,978 847 837 827,243 680,814 10,935 4,739 2,388,697 2,180,384 175,822 120,115








2015 2014

402 458

90 110

(2) (6) (14) - - - (16) (6)

7 17 16 6 (27) (66) (120) (117)

(124) (160)

(50) (56)

352 402

5,194 3,023

1,214 1,270

(33) (79) (247) - - - (280) (79)

1,110 1,846 280 79 (986) (329) (472) (616) (68) 980

866 2,171

6,060 5,194






2015 2014

34 18

6 6

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

- 3 3 2 (3) - (2) 7 (2) 12

1 16

35 34

15 12

5 3

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

- - 1 - - - - - 1 -

5 3

20 15











2015 2014

19,936 11,216

5,598 4,325

(152) (269) (1,123) - - - (1,275) (269)

3,290 2,462 1,275 269 (756) (471) (482) 2,404 3,327 4,664

7,650 8,720

27,586 19,936

176 30

28 13

(2) (2) (13) - (14) (5) (29) (7)

47 6 20 4 (5) - 84 130 146 140

145 146

321 176





2015 2014

42,419 28,592

12,290 10,424

(307) (608) (2,275) - - - (2,582) (608)

9,645 7,177 2,582 606 (1,869) (2,248) (7,068) (1,524) 3,290 4,011

12,998 13,827

55,417 42,419

1,811 1,211

683 458

(16) (25) (117) - (198) (106) (331) (131)

481 16 224 68 (574) (10) 1,014 199 1,145 273

1,497 600

3,308 1,811












2015 2014

69,987 44,560

19,914 16,609

(512) (989) (3,791) - (214) (113) (4,517) (1,102)

14,580 11,527 4,401 1,034 (4,220) (3,124) (7,046) 483 7,715 9,920

23,112 25,427

93,099 69,987




2015 2014

19,914 16,609

(4,823) (5,142) (23) 2 25 18 (14,344) (10,993) 34,937 28,114 (37,514) (37,084) - - - - - - (13) (5) - - - - (1) 1 (1) 1 38 (17) (1,805) (8,496)

(116) (76) 14,098 11,472 (3,865) (2,972) (7,046) 483 3,071 8,907

23 (2) 1,266 411 884 475 2,173 884

855 636 1 - - - - -







CONSUMER STAPLES (13.1%) 23,240 Altria Group Inc. 733,349 1,472,556 14,380 Colgate-Palmolive Co. 1,051,739 1,263,091 8,642 Costco Wholesale Corp. 867,055 1,658,458 24,428 Coty Inc.* 421,907 751,017 11,598 CVS Caremark Corp. 490,505 1,516,341 12,630 Estée Lauder Companies Inc. 1,008,557 1,330,484 29,223 Mondelez International Inc. 1,188,171 1,335,991 8,150 Monster Beverage Corp. 442,132 1,428,795 13,553 Walgreens Boots Alliance Inc. 621,262 1,453,812 6,824,677 12,210,545 INDUSTRIALS (8.4%) 7,052 Eaton Corp PLC 346,004 606,918 29,588 Hertz Global Holdings Inc. 518,354 812,581 9,446 Honeywell International Inc. 1,077,777 1,248,147 9,622 Illinois Tool Works Inc. 544,893 1,184,010 7,236 JB Hunt Transport Services Inc.* 343,246 782,750 6,130 Middleby Corp. 724,088 797,097 4,310 Norfolk Southern Corp. 345,981 561,913 2,327 TransDigm Group Inc. 217,699 644,728 6,181 United Continental Holdings Inc. 165,791 526,554 7,439 Verisk Analytics Inc.* 476,228 672,829 4,760,061 7,837,527 ENERGY (3.8%) 9,450 Anadarko Petroleum Corp. 852,567 991,303 7,720 EOG Resources Inc. 747,732 896,667 20,323 Halliburton Co. 1,065,310 1,129,656 2,340 Pioneer Natural Resources Co. 472,718 484,677 3,138,327 3,502,303 MATERIALS (3.0%) 16,287 Crown Holdings Inc.* 736,732 1,114,519 16,730 Dow Chemical Co. 605,560 1,016,829 8,057 Eastman Chemical Co. 457,136 706,883 1,799,428 2,838,231 FINANCIALS (3.0%) 8,264 Ameriprise Financial Inc. 401,426 1,369,691 1,630 BlackRock Inc. (USD) 713,303 755,389 6,600 Prudential Financial Inc. 589,884 671,437 1,704,613 2,796,517 EXCHANGE-TRADED FUNDS (2.0%) 14,804 iShares Russell 1000 Growth Index Fund 1,858,258 1,855,048


Total Equities (98.7%) 55,351,823 91,844,120



INFORMATION TECHNOLOGY (31.6%) 9,506 Accenture PLC 539,070 1,128,192 25,362 Activision Blizzard Inc. 563,152 730,095 10,201 Akamai Technologies Inc. 438,157 918,054 40,366 Apple Inc. 2,709,460 6,362,572 9,456 Automatic Data Processing Inc. 525,911 1,025,831 18,860 Cisco Systems Inc. 531,104 657,599 13,138 Cognizant Technology Solutions Corp. 525,542 1,038,332 7,615 Equifax Inc. 373,854 897,108 14,531 Facebook Inc. 492,242 1,513,347 16,015 Freescale Semiconductor Ltd.* 465,291 826,900 29,602 Genpact Ltd. 542,424 871,838 2,508 Google Inc., Class A 1,752,871 1,762,291 2,191 Google Inc., Class C 111,328 1,520,950 9,721 Intuit Inc. 670,484 1,193,976 9,513 Jack Henry & Associates Inc.* 592,959 842,218 12,940 Mastercard Inc., Class A 615,239 1,416,086 16,071 Micron Technology Inc. 655,234 552,312 45,698 Microsoft Corp. 1,927,922 2,353,439 15,280 Nielsen Holdings N.V. 773,044 862,696 11,285 Salesforce.com Inc.* 732,670 955,069 3,570 Skyworks Solutions Inc. 345,270 444,498 8,070 Solera Holdings Inc. 540,810 528,104 11,357 SunPower Corp. 395,638 450,442 4,120 Zillow Group Inc. 526,564 523,468 17,346,240 29,375,417 CONSUMER DISCRETIONARY (17.1%) 6,604 Advance Auto Parts Inc. 689,933 1,252,252 3,471 Amazon.com Inc. 957,618 1,636,086 13,995 Dollar Tree Inc. 652,044 1,438,555 20,104 Lowe’s Co., Inc. 667,950 1,894,475 18,910 Michaels Cos Inc. 589,759 648,203 1,015 Priceline.com Inc. 1,372,665 1,496,811 7,528 PVH Corp. 756,862 1,016,168 2,433 Ralph Lauren Corp. 422,130 405,284 10,322 Ross Stores Inc.* 602,661 1,377,627 15,144 Starbucks Corp. 913,348 1,816,697 15,484 TJX Co., Inc. 772,385 1,373,989 35,411 Twenty-First Century Fox Inc.* 929,079 1,517,960 9,326,434 15,874,107 HEALTH CARE (16.7%) 5,494 Actavis PLC 929,414 2,071,298 7,029 Aetna Inc. 652,670 948,544 6,532 Alkermes PLC 558,949 504,492 1,726 Biogen Idec Inc. 1,014,457 923,192 21,785 Bristol-Myers Squibb Co. 1,119,929 1,779,956 6,850 Celgene Corp. 716,450 1,000,314 10,790 Cerner Corp.* 598,441 1,001,337 11,854 Envision Healthcare Holdings Inc. 392,974 575,867 9,158 Gilead Sciences Inc. 286,071 1,138,398 5,900 Incyte Corp., Ltd. 331,267 685,052 3,711 McKesson Corp. 315,627 1,063,348 9,670 Merck & Co., Inc. 474,370 704,101 1,683 Regeneron Pharmaceuticals Inc. 133,836 962,531 5,393 UnitedHealth Group Inc. 229,523 808,110 5,191 Vertex Pharmaceuticals Inc. 535,808 775,737 4,112 Zimmer Holdings Inc. 321,417 612,148 8,611,203 15,554,425










Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 Bank of Montreal A-1 30-Apr-15 0.80 (1,500,000) US $ 1,869,345 Canadian $ (31,421)1 Bank of Montreal A-1 25-Jun-15 1.28 (2,300,000) US $ 2,947,565 Canadian $ 30,729 1 Bank of Montreal A-1 08-May-15 0.79 (6,810,000) US $ 8,571,747 Canadian $ (58,806)1 Canadian Imperial Bank of Commerce A-1 08-May-15 0.79 (1,600,000) US $ 2,025,712 Canadian $ (2,037)1 Canadian Imperial Bank of Commerce A-1 08-May-15 1.28 (3,600,000) US $ 4,611,348 Canadian $ 48,858 1 Canadian Imperial Bank of Commerce A-1 30-Apr-15 0.80 (4,851,000) US $ 6,046,723 Canadian $ (100,354)1 Canadian Imperial Bank of Commerce A-1 08-May-15 0.79 (5,341,000) US $ 6,724,052 Canadian $ (44,787)1 Canadian Imperial Bank of Commerce A-1 25-Jun-15 1.28 (6,048,000) US $ 7,747,821 Canadian $ 77,816 1 Credit Suisse Group AG BBB+ 25-Jun-15 1.28 (1,196,000) US $ 1,532,141 Canadian $ 15,387 1 Credit Suisse Group AG BBB+ 30-Apr-15 0.80 (930,000) US $ 1,158,859 Canadian $ (19,616)1 Royal Bank of Canada A-1+ 08-May-15 0.80 (1,100,000) US $ 1,382,893 Canadian $ (11,175)1 Royal Bank of Canada A-1+ 30-Apr-15 0.80 (2,192,000) US $ 2,732,328 Canadian $ (45,325)1 Royal Bank of Canada A-1+ 25-Jun-15 1.28 (2,129,000) US $ 2,727,436 Canadian $ 27,463 1 The Bank of Nova Scotia A-1 30-Apr-15 0.80 (13,000) US $ 16,205 Canadian $ (269)Total Foreign Currency Forward Contracts Value (113,537)






- 91,844 91,844 - 91,844 - - - 2,173 2,173 200 - 200 - 200 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 63 63 - - - - - - - - - - - - - - - - - - 215 215 - - - 570 570 - - - 29 29 200 91,844 92,044 3,050 95,094 - - - - - - - - - - 314 - 314 - 314 - - - - - - - - - - - - - - - - - - - - - - - 1,156 1,156 - - - 525 525 - - - - - - - - - - - - - - - - - - - - 314 - 314 1,681 1,995





US Equity Growth Corporate ClassFund Specific Notes to Financial Statements




- 69,097 69,097 - 69,097 - - - 884 884 80 - 80 - 80 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 50 50 - - - - - - - - - - - - - - - - - - 57 57 - - - 88 88 - - - 67 67 80 69,097 69,177 1,146 70,323 - - - - - - - - - - 80 - 80 - 80 - - - - - - - - - - - - - - - - - - - - - - - 84 84 - - - 170 170 - - - - - - - - 1 1 - - - 1 1 - - - - - 80 - 80 256 336



US Equity Growth Corporate ClassFund Specific Notes to Financial Statements




- 44,020 44,020 - 44,020 - - - 475 475 43 - 43 - 43 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 45 45 - - - - - - - - - - - - - - - - - - 26 26 - - - 33 33 - - - 50 50 43 44,020 44,063 629 44,692 - - - - - - - - - - 85 - 85 - 85 - - - - - - - - - - - - - - - - - - - - - - - 21 21 - - - 18 18 - - - 8 8 - - - - - - - - - - - - - - - 85 - 85 47 132







(4,518) (831) 24,699 17,705 20,181 16,874




as at March 31, 2015 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 200 (200) - - - - - - 200 (200) - - (314) 200 - (114) - - - - (314) 200 - (114)












as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)iShares Russell 1000 Growth Index Fund 29,141,832 1,855 -

as at March 31, 2014 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)iShares Russell 1000 Growth Index Fund 22,985,024 1,888 -





2015 2014 26,419 38,945 472 7,258 900 449 (6,711) - (1,689) (20,233) 19,391 26,419

227,750 172,757 44,474 161,232 10,274 3,719 (20,374) - (40,651) (109,958) 221,473 227,750

2,426 1,530 - 1,431 211 122 (207) - (199) (657) 2,231 2,426

848 834 - - 41 14 - - - - 889 848

814,864 611,695 119,933 505,808 42,602 11,839 (31,814) - (27,610) (314,478) 917,975 814,864










2015 2014 11,996 2,505 2,869 14,989 1,232 254 3,478 - (328) (5,752) 19,247 11,996

2,344,176 2,103,490 472,733 916,005 117,013 36,166 (344,617) - (90,024) (711,485) 2,499,281 2,344,176 132,030 109,701 29,723 31,956 14,806 5,297 73,808 - (38,066) (14,924) 212,301 132,030




2015 2014 25 17 2 2




0.21 0.21 0.21 0.21 - - 0.21 0.21








as at as at Mar. 31, 2014 Apr. 1, 2013

69,979 44,540 8 20

69,987 44,560




16,621 (12)

16,609












as at March 31, 2014~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 70,007 (18,481) 51,526 73.6 Total 70,007 (18,481) 51,526 73.6

as at April 1, 2013~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 44,528 (8,114) 36,414 81.8 Total 44,528 (8,114) 36,414 81.8






Long Positions at fair value as at March 31, 2015 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 89,989 - - 89,989 Exchange-traded funds 1,855 - - 1,855 Foreign currency forward contracts, net - (114) - (114)Total 91,844 (114) - 91,730




as at March 31, 2014 Categories Net Assets (%)Information Technology 28.6 Consumer Discretionary 18.6 Health Care 14.0 Consumer Staples 11.8 Industrials 11.8 Energy 4.5 Materials 3.8 Financials 2.9 Exchange-Trade Funds 2.7 Other Net Assets (Liabilities) 1.3 Foreign Currency Forward Contracts -

as at April 1, 2013 Categories Net Assets (%)Information Technology 28.7 Consumer Discretionary 18.8 Health Care 14.3 Consumer Staples 13.0 Industrials 12.0 Energy 5.6 Materials 3.6 Financials 2.8 Other Net Assets (Liabilities) 1.3 Foreign Currency Forward Contracts (0.1)


Other Price Risk As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund was predominantly invested in U.S. equities and therefore was sensitive to changes in general economic conditions in the United States.







Long Positions at fair value as at March 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 67,201 - - 67,201 Exchange-traded funds 1,888 - - 1,888Total 69,089 - - 69,089







155,249 122,616 89,490 8,974 3,513 2,527

355 156 99 - - - - - - - - - - - - - - - 187 131 86 - - - - - - - - - 638 683 524 269 103 61 580 160 121 166,252 127,362 92,908

- - - - - -

552 124 125 - - - - - - - - - - - - 1,752 60 693 248 132 76 1 - 14 - - - - - - - - - 512 - - 3,065 316 908

163,187 127,046 92,000

100,150 84,862 68,099 - - -


386 417 555 16,676 14,794 10,947 136 104 16 25 15 12 59,470 41,257 25,636 574 266 14 79,793 66,396 52,432 6,127 3,797 2,388

17.56 16.00 12.46 20.19 18.27 14.12 11.73 11.51 9.54 20.89 18.83 14.51 22.35 19.77 14.94 14.70 14.07 11.38 21.49 19.05 14.42 13.76 13.21 10.72

22,060 26,017 44,503 826,103 809,762 775,089 11,574 9,043 1,639 1,197 776 813 2,660,400 2,086,648 1,716,148 39,077 18,920 1,232 3,712,167 3,484,729 3,634,926 445,261 287,385 222,847










CIG - 17670







2015 2014

2,157 1,485 32 19 - - - - - - - - - - - -

5,289 13,936

17,116 16,421 24,594 31,861 178 21 - - 46 28 - - 224 49 24,818 31,910

292 262 188 159 86 83 - - 326 223 53 46 945 773 - -

23,873 31,137

51 124 2,141 3,553 17 20 3 4 8,778 9,443 76 28 11,920 16,998 887 967






2015 2014

2.11 3.76 2.70 4.43 1.74 3.11 3.36 4.57 3.73 5.12 3.01 3.41 3.33 4.92 2.41 3.65

24,697 32,707 795,746 801,898 9,870 6,669 989 771 2,354,112 1,844,154 25,250 8,435 3,576,587 3,455,308 368,109 264,710








2015 2014

417 555

51 124

(2) (7) (13) - - - (15) (7)

12 41 14 7 (22) (53) (71) (250)

(67) (255)

(31) (138)

386 417

14,794 10,947

2,141 3,553

(77) (215) (542) - - - (619) (215)

2,470 3,447 617 214 (694) (402) (2,033) (2,750) 360 509

1,882 3,847

16,676 14,794






2015 2014

104 16

17 20

(1) (1) (4) - (9) (5) (14) (6)

2 48 7 2 (5) - 25 24 29 74

32 88

136 104

15 12

3 4

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

- - 1 - - (1) 7 - 8 (1)

10 3

25 15











2015 2014

41,257 25,636

8,778 9,443

(273) (565) (1,935) - - - (2,208) (565)

9,282 7,981 2,207 565 (2,476) (1,012) 2,630 (791) 11,643 6,743

18,213 15,621

59,470 41,257

266 14

76 28

(3) (3) (18) - (29) (9) (50) (12)

185 121 30 6 (71) (1) 138 110 282 236

308 252

574 266





2015 2014

66,396 52,432

11,920 16,998

(368) (951) (2,607) - - - (2,975) (951)

11,825 8,697 2,975 949 (5,373) (3,726) (4,975) (8,003) 4,452 (2,083)

13,397 13,964

79,793 66,396

3,797 2,388

887 967

(26) (54) (186) - (390) (224) (602) (278)

57 77 391 141 (95) (102) 1,692 604 2,045 720

2,330 1,409

6,127 3,797












2015 2014

127,046 92,000

23,873 31,137

(750) (1,796) (5,306) - (428) (238) (6,484) (2,034)

23,833 20,412 6,242 1,884 (8,736) (5,297) (2,587) (11,056) 18,752 5,943

36,141 35,046

163,187 127,046




2015 2014

23,873 31,137

(5,289) (13,936) (37) 4 86 83 (17,116) (16,421) 38,551 38,287 (46,899) (41,989) - - - - - - (56) (45) - - - - - - - - 92 (39) (6,795) (2,919)

(241) (164) 23,667 20,370 (8,620) (5,241) (2,587) (11,056) 12,219 3,909

37 (4) 5,424 990 3,513 2,527 8,974 3,513

1,775 1,222 32 19 - - - -







CONSUMER DISCRETIONARY (15.0%) (cont’d) 45,950 Pier 1 Imports Inc. 817,242 813,738 48,650 Steven Madden Ltd. 1,792,691 2,341,846 18,016,315 24,490,932 INFORMATION TECHNOLOGY (12.9%) 30,372 Ceva Inc.* 699,262 820,262 34,665 CommVault Systems Inc.* 1,869,132 1,918,954 152,440 Cypress Semiconductor Corp.* 1,675,760 2,724,695 82,310 EVERTEC Inc. 2,099,166 2,279,264 33,570 Forrester Research Inc. 1,033,751 1,564,066 312,900 Harmonic Inc. 2,072,411 2,937,079 42,100 National Instruments Corp. 1,134,935 1,708,703 21,745 OSI Systems Inc. 1,416,398 2,045,532 32,480 Teradyne Inc. 467,412 775,567 40,136 Universal Display Corp.* 1,861,719 2,376,882 47,980 Veeco Instruments Inc.* 1,466,200 1,856,792 15,796,146 21,007,796 HEALTH CARE (12.4%) 9,795 Bio-Rad Laboratories Inc.* 1,284,264 1,677,292 52,585 Bio-Reference Laboratories Inc. 1,221,772 2,347,414 26,350 Greatbatch Inc. 1,007,008 1,930,971 36,918 Integra LifeSciences Holdings Corp. 1,387,856 2,883,123 65,600 Service Corp. International 651,629 2,164,729 15,850 Sirona Dental Systems Inc.* 861,345 1,806,822 16,902 Tornier N.V. 300,714 561,387 38,786 US Physical Therapy Inc.* 1,194,062 2,333,783 22,790 WellCare Health Plans Inc.* 1,326,858 2,640,386 59,630 Wright Medical Group Inc.* 1,226,570 1,948,841 10,462,078 20,294,748 MATERIALS (6.2%) 38,978 Chemtura Corp.* 695,371 1,347,457 62,790 Flotek Industries Inc.* 951,812 1,172,411 26,600 Innophos Holdings Inc. 1,436,534 1,899,085 45,750 KapStone Paper and Packaging Corp. 730,881 1,903,207 19,550 Methanex Corp. (USD) 428,208 1,326,662 33,810 Silgan Holdings Inc. 1,489,870 2,489,645 5,732,676 10,138,467 UTILITIES (4.0%) 67,350 Great Plains Energy Inc. 1,424,273 2,276,226 42,400 Vectren Corp. 1,267,369 2,370,773 38,400 Westar Energy Inc.* 962,905 1,885,415 3,654,547 6,532,414 CONSUMER STAPLES (2.7%) 60,805 B&G Foods Inc.* 1,944,934 2,266,843 52,395 SpartanNash Co.* 921,233 2,094,685 2,866,167 4,361,528 TELECOMMUNICATION SERVICES (1.0%) 81,673 Lumos Networks Corp. 1,272,029 1,578,792

FINANCIALS (23.5%) 39,390 Bank of Hawaii Corp.* 2,109,393 3,054,219 88,230 Bankunited Inc. 2,577,526 3,659,206 41,100 Blackstone Mortgage Trust Inc., Class A 1,306,404 1,477,043 157,305 Brookline Bancorp., Inc. 1,628,879 2,002,629 100,020 Capitol Federal Financial Inc. 1,263,816 1,583,758 15,920 CBOE Holdings Inc.* 411,354 1,157,670 34,200 CubeSmart 663,594 1,046,249 98,386 CVB Financial Corp. 1,238,275 1,986,614 11,580 Diamond Hill Investment Group Inc.* 1,396,041 2,347,040 45,290 eHealth Inc. 1,130,246 538,142 68,090 First Financial Bancorp 1,232,474 1,536,169 69,960 Flushing Financial Corp.* 1,056,723 1,778,644 219,002 Investors Bancorp Inc. 1,541,346 3,251,379 93,440 LegacyTexas Financial Group Inc. 1,620,225 2,690,445 65,625 NorthStar Realty Finance Corp. 1,252,855 1,506,327 78,600 Northwest Bancshares Inc. 1,224,723 1,179,866 34,630 Texas Capital Bancshares Inc.* 1,829,046 2,134,161 229,625 TrustCo Bank Corp.* 1,670,813 2,001,241 86,272 Umpqua Holdings Corp. 1,391,552 1,877,521 25,770 Waddell & Reed Financial Inc. 691,734 1,617,195 27,237,019 38,425,518 INDUSTRIALS (16.7%) 43,030 Armstrong World Industries Inc. 1,997,387 3,132,596 37,390 Comfort Systems USA Inc. 799,196 996,536 16,250 Curtiss-Wright Corp. 651,768 1,522,035 9,897 Genesee & Wyoming Inc. 526,581 1,209,073 45,575 Hexcel Corp.* 1,154,326 2,968,593 49,150 John Bean Technologies Corp. 1,063,551 2,223,959 196,841 Monster Worldwide Inc. 1,209,479 1,580,872 68,700 Mueller Industries Inc. 1,060,964 3,144,246 147,700 Mueller Water Products Inc. 1,152,139 1,842,929 40,640 Simpson Manufacturing Co., Inc. 1,213,087 1,923,839 14,550 Teleflex Inc.* 937,178 2,227,048 47,400 Werner Enterprises Inc.* 1,306,120 1,885,985 40,550 Woodward Inc.* 1,231,770 2,620,222 14,303,546 27,277,933 CONSUMER DISCRETIONARY (15.0%) 60,710 Big 5 Sporting Goods Corp. 1,199,061 1,020,524 46,290 Brinker International Inc. 2,140,330 3,609,754 64,130 Brown Shoe Co., Inc.* 1,906,535 2,664,569 57,965 Dana Holding Corp. 1,124,073 1,553,722 67,050 Express Inc.* 1,141,419 1,403,988 33,860 Iconix Brand Group Inc.* 658,048 1,444,182 17,930 Life Time Fitness Inc.* 844,218 1,611,706 68,520 M/I Homes Inc.* 1,559,024 2,069,262 71,895 Monarch Casino & Resort Inc.* 1,062,191 1,743,141 26,998 Morningstar Inc. 2,186,986 2,561,906 45,743 Movado Group Inc.* 1,584,497 1,652,594






US Equity Small Cap Corporate ClassSchedule of Investment Portfolio as at March 31, 2015 (cont’d)

ENERGY (0.7%) 13,173 Dril-Quip Inc. 935,521 1,141,219 Commissions and other portfolio transaction costs (126,053)

Total Equities (95.1%) 100,149,991 155,249,347






Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 Bank of Montreal A-1 08-May-15 0.79 (11,269,000) US $ 14,184,290 Canadian $ (97,310)1 Bank of Montreal A-1 30-Apr-15 0.80 (2,200,000) US $ 2,741,706 Canadian $ (46,084)1 Bank of Montreal A-1 25-Jun-15 1.28 (4,500,000) US $ 5,766,975 Canadian $ 60,121 1 Canadian Imperial Bank of Commerce A-1 25-Jun-15 1.28 (10,043,000) US $ 12,865,635 Canadian $ 129,218 1 Canadian Imperial Bank of Commerce A-1 08-May-15 1.28 (5,400,000) US $ 6,917,022 Canadian $ 73,287 1 Canadian Imperial Bank of Commerce A-1 30-Apr-15 0.80 (8,535,000) US $ 10,638,792 Canadian $ (176,566)1 Canadian Imperial Bank of Commerce A-1 08-May-15 0.79 (8,895,000) US $ 11,198,360 Canadian $ (74,589)1 Credit Suisse Group AG BBB+ 30-Apr-15 0.80 (1,530,000) US $ 1,906,510 Canadian $ (32,271)1 Credit Suisse Group AG BBB+ 25-Jun-15 1.28 (1,668,000) US $ 2,136,798 Canadian $ 21,460 1 Royal Bank of Canada A-1+ 08-May-15 0.80 (1,900,000) US $ 2,388,633 Canadian $ (19,301)1 Royal Bank of Canada A-1+ 25-Jun-15 1.28 (3,328,000) US $ 4,263,461 Canadian $ 42,929 1 Royal Bank of Canada A-1+ 30-Apr-15 0.80 (5,079,000) US $ 6,330,974 Canadian $ (105,020)1 The Bank of Nova Scotia A-1 25-Jun-15 1.28 (1,027,000) US $ 1,315,957 Canadian $ 13,526 1 The Bank of Nova Scotia A-1 30-Apr-15 0.80 (22,000) US $ 27,423 Canadian $ (455)1 Toronto-Dominion Bank A-1+ 25-Jun-15 1.28 (1,096,000) US $ 1,404,091 Canadian $ 14,156 Total Foreign Currency Forward Contracts Value (196,899)







- 155,249 155,249 - 155,249 - - - 8,974 8,974 355 - 355 - 355 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 187 187 - - - - - - - - - - - - - - - - - - 638 638 - - - 269 269 - - - 580 580 355 155,249 155,604 10,648 166,252 - - - - - - - - - - 552 - 552 - 552 - - - - - - - - - - - - - - - - - - - - - - - 1,752 1,752 - - - 248 248 - - - 1 1 - - - - - - - - - - - - - - - - - - 512 512 552 - 552 2,513 3,065



AssetsInvestments Cash 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 Security lending income receivable Receivable for investments sold Receivable for share subscriptions Other

Liabilities Investments 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 Payable for investments purchased Payable for share redemptions Dividends payable to holders of redeemable shares Management fees payable Administration fees payable Accrued liabilitiesOther


US Equity Small Cap Corporate ClassFund Specific Notes to Financial Statements




- 122,616 122,616 - 122,616 - - - 3,513 3,513 156 - 156 - 156 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 131 131 - - - - - - - - - - - - - - - - - - 683 683 - - - 103 103 - - - 160 160 156 122,616 122,772 4,590 127,362 - - - - - - - - - - 124 - 124 - 124 - - - - - - - - - - - - - - - - - - - - - - - 60 60 - - - 132 132 - - - - - - - - - - - - - - - - - - - - - - - - - 124 - 124 192 316



US Equity Small Cap Corporate ClassFund Specific Notes to Financial Statements




- 89,490 89,490 - 89,490 - - - 2,527 2,527 99 - 99 - 99 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 86 86 - - - - - - - - - - - - - - - - - - 524 524 - - - 61 61 - - - 121 121 99 89,490 89,589 3,319 92,908 - - - - - - - - - - 125 - 125 - 125 - - - - - - - - - - - - - - - - - - - - - - - 693 693 - - - 76 76 - - - 14 14 - - - - - - - - - - - - - - - - - - - - 125 - 125 783 908







(7,945) (1,465) 32,539 33,326 24,594 31,861














2015 2014

26,017 44,503 776 3,172 829 454 (4,201) (18,171) (1,361) (3,941) 22,060 26,017

809,762 775,089 132,545 215,418 30,967 12,648 (109,465) (168,119) (37,706) (25,274) 826,103 809,762

9,043 1,639 172 4,930 573 204 2,271 2,293 (485) (23) 11,574 9,043

776 813 - - 45 12 376 - - (49) 1,197 776

2,086,648 1,716,148 456,336 452,972 100,071 30,948 140,505 (56,288) (123,160) (57,132) 2,660,400 2,086,648




A SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

E SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

ET8 SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year




2015 2014

18,920 1,232 13,007 9,599 2,056 444 10,231 7,720 (5,137) (75) 39,077 18,920

3,484,729 3,634,926 608,634 501,601 140,187 54,078 (243,104) (485,100) (278,279) (220,776) 3,712,167 3,484,729 287,385 222,847 4,109 6,552 29,306 11,479 131,870 54,568 (7,409) (8,061) 445,261 287,385




2015 2014 85 82 1 2




0.21 0.21 0.21 0.21 - - 0.21 0.21








as at as at Mar. 31, 2014 Apr. 1, 2013

126,995 91,973 51 27

127,046 92,000




31,113 24

31,137












as at March 31, 2014~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 124,155 (32,937) 91,218 71.8 Total 124,155 (32,937) 91,218 71.8











as at March 31, 2014 Categories Net Assets (%)Financials 19.2 Industrials 18.3 Health Care 13.7 Information Technology 13.4 Consumer Discretionary 13.3 Materials 6.9 Utilities 5.1 Consumer Staples 4.7 Other Net Assets (Liabilities) 3.5 Energy 1.0 Telecommunication Services 0.9 Foreign Currency Forward Contracts -

as at April 1, 2013 Categories Net Assets (%)Industrials 19.8 Consumer Discretionary 16.5 Financials 16.2 Health Care 13.4 Information Technology 12.5 Materials 5.9 Utilities 5.7 Consumer Staples 4.3 Other Net Assets (Liabilities) 2.7 Telecommunication Services 2.0 Energy 1.0








58,415 56,749 61,294 - 403 311

33 227 164 - - - - - - - - - - - - - - - - - - - - - - - - - - - 110 43 61 9 22 52 194 28 9 58,761 57,472 61,891

- - - 438 - -

248 65 445 - - - - - - - - - - - - 53 66 82 32 189 25 - 1 2 - - - - - - - - - 182 - - 953 321 554

57,808 57,151 61,337

31,467 34,785 47,043 - - -


37,720 39,128 40,460 43 79 142 19,827 17,772 20,581 218 172 154

17.15 15.71 13.02 11.36 11.28 10.06 24.31 21.75 17.61 12.58 12.18 10.57 2,199,570 2,490,765 3,106,936 3,815 7,030 14,070 815,417 816,768 1,168,508 17,324 14,159 14,610





Net assets attributable to holders of redeemable shares per class (Note 6): E Shares ET8 Shares I SharesIT8 Shares Net assets attributable to holders of redeemable shares per share: E Shares ET8 Shares I SharesIT8 Shares

Number of redeemable shares outstanding: E Shares ET8 Shares I SharesIT8 Shares



CIG - 17673







2015 2014

- - 6 2 1,368 1,064 - - - - - - - - - -

2,443 4,501

4,607 8,156 8,424 13,723 - - - - - - 134 143 134 143 8,558 13,866

736 788 81 87 - - 1 1 205 160 87 95 1,110 1,131 - -

7,448 12,735

4,697 8,259 12 38 2,707 4,398 32 40

2.03 2.93 1.66 2.44 3.38 4.49 1.86 2.78

2,310,209 2,819,905 7,936 15,826 802,009 981,145 16,567 14,039




value of investments and derivativesTotal net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 8) Fees rebate Total other income Total income Expenses Management fees (Note 7) Administration fees (Note 7)Commissions and other portfolio transaction costs Interest expenseWithholding taxesHarmonized sales tax Total expenses Provision for income taxIncrease (decrease) in net assets attributable to holders of redeemable shares Increase (decrease) in net assets attributable to holders of redeemable shares per class:E Shares ET8 Shares I SharesIT8 Shares

Increase (decrease) in net assets attributable to holders of redeemable shares per share: E Shares ET8 Shares I SharesIT8 Shares

Weighted average number of shares: E Shares ET8 Shares I SharesIT8 Shares


2015 2014

39,128 40,460

4,697 8,259

(161) (522) (1,078) - - - (1,239) (522)

2,486 4,881 1,237 522 (6,124) (10,744) (2,465) (3,728) (4,866) (9,069)

(1,408) (1,332)

37,720 39,128

79 142

12 38

- (2) (1) - (7) (12) (8) (14)

- 66 3 4 - (1) (43) (156) (40) (87)

(36) (63)

43 79











2015 2014

17,772 20,581

2,707 4,398

(84) (243) (566) - - - (650) (243)

1,457 2,194 650 243 (1,804) (3,591) (305) (5,810) (2) (6,964)

2,055 (2,809)

19,827 17,772

172 154

32 40

(1) (3) (6) - (17) (12) (24) (15)

- 1 13 5 - - 25 (13) 38 (7)

46 18

218 172






2015 2014

57,151 61,337

7,448 12,735

(246) (770) (1,651) - (24) (24) (1,921) (794)

3,943 7,142 1,903 774 (7,928) (14,336) (2,788) (9,707) (4,870) (16,127)

657 (4,186)

57,808 57,151




US Equity Value Currency Hedged Corporate ClassFinancial Statements


2015 2014

7,448 12,735

(2,443) (4,501) - - - -

(4,607) (8,156) 10,263 20,940 (3,214) (3,115) - - (1,368) (1,064) - - - - - - - - - - - - 16 (19) 6,095 16,820

(19) (21) 3,956 7,172 (8,085) (14,172) (2,788) (9,707) (6,936) (16,728)

- - (841) 92 403 311 (438) 403

- (160) 6 2 - - (1) (1)









FUND (101.1%) 2,082,539 US Equity Value Pool (Class W)† 31,466,533 58,415,223

Total Fund (101.1%) 31,466,533 58,415,223



Total Investments (100.7%) 31,466,533 58,199,808 Other Net Assets (Liabilities) (-0.7%) (391,698) Net Assets Attributable to Holders of Redeemable Shares (100.0%) 57,808,110


† 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 Standard & Poor’s, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Services.

Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.



Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 Bank of Montreal A-1 30-Apr-15 0.80 (1,500,000) US $ 1,869,345 Canadian $ (31,421)1 Canadian Imperial Bank of Commerce A-1 08-May-15 0.79 (227,000) US $ 285,782 Canadian $ (1,904)1 Canadian Imperial Bank of Commerce A-1 25-Jun-15 1.28 (644,000) US $ 824,999 Canadian $ 8,286 1 Credit Suisse Group AG BBB+ 30-Apr-15 0.80 (1,000,000) US $ 1,246,085 Canadian $ (21,092)1 Credit Suisse Group AG BBB+ 25-Jun-15 1.28 (1,138,000) US $ 1,457,839 Canadian $ 14,641 1 Credit Suisse Group AG BBB+ 08-May-15 0.79 (3,993,000) US $ 5,025,546 Canadian $ (34,923)1 Royal Bank of Canada A-1+ 08-May-15 0.80 (1,050,697) US $ 1,320,910 Canadian $ (10,674)1 The Bank of Nova Scotia A-1 30-Apr-15 0.80 (2,264,000) US $ 2,822,076 Canadian $ (46,813)1 The Bank of Nova Scotia A-1 25-Jun-15 1.28 (204,000) US $ 261,397 Canadian $ 2,687 1 The Bank of Nova Scotia A-1 08-May-15 0.79 (2,933,000) US $ 3,689,611 Canadian $ (27,481)1 Toronto-Dominion Bank A-1+ 08-May-15 0.79 (2,274,000) US $ 2,860,851 Canadian $ (21,068)1 Toronto-Dominion Bank A-1+ 30-Apr-15 0.80 (2,546,000) US $ 3,173,334 Canadian $ (52,899)1 Toronto-Dominion Bank A-1+ 25-Jun-15 1.28 (561,000) US $ 718,700 Canadian $ 7,246 Total Foreign Currency Forward Contracts Value (215,415)






- 58,415 58,415 - 58,415 - - - - - 33 - 33 - 33 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 110 110 - - - 9 9 - - - 194 194 33 58,415 58,448 313 58,761 - - - - - - - - 438 438 248 - 248 - 248 - - - - - - - - - - - - - - - - - - - - - - - 53 53 - - - 32 32 - - - - - - - - - - - - - - - - - - - - - - - 182 182 248 - 248 705 953





US Equity Value Currency Hedged Corporate ClassFund Specific Notes to Financial Statements




- 56,749 56,749 - 56,749 - - - 403 403 227 - 227 - 227 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 43 43 - - - 22 22 - - - 28 28 227 56,749 56,976 496 57,472 - - - - - - - - - - 65 - 65 - 65 - - - - - - - - - - - - - - - - - - - - - - - 66 66 - - - 189 189 - - - 1 1 - - - - - - - - - - - - - - - - - - - - 65 - 65 256 321



US Equity Value Currency Hedged Corporate ClassFund Specific Notes to Financial Statements




- 61,294 61,294 - 61,294 - - - 311 311 164 - 164 - 164 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 61 61 - - - 52 52 - - - 9 9 164 61,294 61,458 433 61,891 - - - - - - - - - - 445 - 445 - 445 - - - - - - - - - - - - - - - - - - - - - - - 82 82 - - - 25 25 - - - 2 2 - - - - - - - - - - - - - - - - - - - - 445 - 445 109 554







(3,998) (3,579) 12,422 17,302 8,424 13,723





as at March 31, 2014 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 227 (65) - 162 - - - - 227 (65) - 162 (65) 65 - - - - - - (65) 65 - -











as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)US Equity Value Pool 372,064 58,415 15.7

as at March 31, 2014 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)US Equity Value Pool 319,562 56,749 17.8

as at April 1, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)US Equity Value Pool 276,579 61,294 22.2







2015 2014

2,490,765 3,106,936 148,162 341,238 72,531 35,033 (145,962) (253,821) (365,926) (738,621) 2,199,570 2,490,765

7,030 14,070 1 6,349 266 407 (3,482) (13,725) - (71) 3,815 7,030

816,768 1,168,508 62,553 109,816 26,916 11,906 (13,926) (293,854) (76,894) (179,608) 815,417 816,768

14,159 14,610 6 68 1,055 453 2,104 (972) - - 17,324 14,159






2015 2014 - - - -



1.90 1.90 Paid directly by investor Paid directly by investor

0.21 0.21 - -


Annual management fee rate:E Shares ET8 Shares I SharesIT8 Shares

Annual fixed administration fee rate:E Shares ET8 Shares I SharesIT8 Shares




as at as at as atInvestments Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013 58,415 56,749 61,294US Equity Value Pool (Class W)


as at as at Mar. 31, 2014 Apr. 1, 2013

57,151 61,337 - -

57,151 61,337




12,735 -

12,735






Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. As at March 31, 2015, March 31, 2014 and April 1, 2013, 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, 2015, March 31, 2014 and April 1, 2013, 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.


Financial Instruments Derivatives Exposure from Exposure Total Currency Net Underlying Fund of the Fund Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 26,637 (25,759) 878 1.5 Total 26,637 (25,759) 878 1.5

as at March 31, 2014~ Financial Instruments Derivatives Exposure from Exposure Total Currency Net Underlying Fund of the Fund Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 41,030 (35,663) 5,367 9.4 Total 41,030 (35,663) 5,367 9.4

as at April 1, 2013~ Financial Instruments Derivatives Exposure from Exposure Total Currency Net Underlying Fund of the Fund Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 49,893 (41,337) 8,556 13.9 Total 49,893 (41,337) 8,556 13.9


As at March 31, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, 2014 and April 1, 2013 - 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 $88,000 (March 31, 2014 - $537,000 and April 1, 2013 - $856,000). In practice, actual results may differ from this analysis and the difference may be material.



as at March 31, 2015Categories Net Assets (%)Financials 24.6Information Technology 21.5Consumer Discretionary 11.5Industrials 10.2Health Care 7.3Energy 5.9Cash & Equivalents 5.1Materials 5.1Consumer Staples 4.6Utilities 2.9Telecommunication Services 1.4Foreign Currency Forward Contracts (0.1)

as at March 31, 2014 Categories Net Assets (%)Information Technology 21.4Financials 20.8Consumer Discretionary 13.4Industrials 9.3Health Care 8.5Energy 8.5Consumer Staples 5.8Materials 5.6Utilities 3.1Cash & Equivalents 1.9Telecommunication Services 1.6Other Net Assets (Liabilities) 0.1

as at April 1, 2013 Categories Net Assets (%)Financials 19.7 Information Technology 18.1 Consumer Discretionary 13.8 Health Care 11.7 Energy 9.1 Industrials 8.6 Consumer Staples 6.1 Materials 5.6 Utilities 3.6 Telecommunication Services 2.1 Cash & Equivalents 1.7 Foreign Currency Forward Contracts (0.1)


As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears the credit risk exposure of the Underlying Fund. The Underlying Fund did not have a significant exposure to credit risk as substantially all its assets were invested in equities and derivatives.






The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at March 31, 2015, March 31, 2014 and April 1, 2013, 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.



Long Positions at fair value as at March 31, 2015 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 58,415 - - 58,415 Foreign currency forward contracts, net - (215) - (215)Total 58,415 (215) - 58,200

Long Positions at fair value as at March 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 56,749 - - 56,749 Foreign currency forward contracts, net - 162 - 162 Total 56,749 162 - 56,911


Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 61,294 - - 61,294 Foreign currency forward contracts, net - (281) - (281)Total 61,294 (281) - 61,013






CIG - 17674


601,497 494,951 371,484 45,677 37,541 14,272

1,295 637 293 - - - - - - - - - - - - - - - 438 387 310 - - - - - - - - - - - - 1,442 610 589 196 458 408 650,545 534,584 387,356

- - - - - -

2,248 512 836 - - - - - - - - - - - - 697 - 4,083 787 454 467 - - 41 - - - - - - - - - 3,732 966 5,427

646,813 533,618 381,929

416,924 348,270 318,439 - - -


4,190 5,063 7,073 196,358 165,716 108,492 300 249 57 384 285 229 189,730 140,568 89,106 1,359 919 208 238,141 209,600 170,114 16,351 11,218 6,650

17.21 15.97 11.98 17.67 16.29 12.14 12.47 12.41 9.91 18.15 16.67 12.38 20.51 18.47 13.45 13.89 13.47 10.49 22.60 20.40 14.89 13.32 12.98 10.13

243,490 316,999 590,385 11,113,724 10,172,404 8,934,007 24,028 20,051 5,798 21,144 17,118 18,503 9,251,917 7,610,582 6,625,933 97,898 68,192 19,787 10,539,469 10,274,868 11,427,087 1,227,429 864,523 656,206














2015 2014

10,188 8,340 13 9 - - - - - - - - - - - -

33,404 45,812

36,814 94,304 80,419 148,465 4,654 968 - - 29 65 - - 4,683 1,033 85,102 149,498 3,517 2,746 878 716 507 478 4 - 1,258 1,126 486 383 6,650 5,449 - -

78,452 144,049

518 1,769 21,354 40,973 32 50 41 81 23,358 36,976 119 128 31,089 61,049 1,941 3,023









2015 2014

1.87 4.22 2.05 4.34 1.52 3.42 2.22 4.48 2.81 5.22 1.81 3.79 3.06 5.76 1.92 3.79

276,947 419,518 10,387,072 9,437,200 21,659 14,121 17,857 18,039 8,295,634 7,079,869 66,619 33,787 10,158,828 10,589,761 1,013,388 797,431





2015 2014

5,063 7,073

518 1,769

(20) (62) (133) - - - (153) (62)

386 475 153 62 (1,593) (3,684) (184) (570)

(1,238) (3,717)

(873) (2,010)

4,190 5,063

165,716 108,492

21,354 40,973

(927) (1,729) (6,161) - - - (7,088) (1,729)

39,963 47,807 7,086 1,729 (18,601) (23,907) (12,072) (7,649) 16,376 17,980

30,642 57,224

196,358 165,716






2015 2014

249 57

32 50

(1) (2) (9) - (21) (12) (31) (14)

8 116 15 4 - (1) 27 37 50 156

51 192

300 249

285 229

41 81

(2) (3) (12) - - - (14) (3)

8 15 14 3 (3) (30) 53 (10) 72 (22)

99 56

384 285











2015 2014

140,568 89,106

23,358 36,976

(893) (1,471) (5,933) - - - (6,826) (1,471)

32,278 32,328 6,825 1,471 (13,807) (17,896) 7,334 54 32,630 15,957

49,162 51,462

189,730 140,568

919 208

119 128

(6) (8) (41) - (72) (32) (119) (40)

450 179 63 12 (39) (32) (34) 464 440 623

440 711

1,359 919





2015 2014

209,600 170,114

31,089 61,049

(1,128) (2,283) (7,497) - - - (8,625) (2,283)

41,418 29,813 8,623 2,278 (24,553) (27,811) (19,411) (23,560) 6,077 (19,280)

28,541 39,486

238,141 209,600

11,218 6,650

1,941 3,023

(72) (120) (480) - (1,045) (649) (1,597) (769)

287 765 1,001 370 (162) (382) 3,663 1,561 4,789 2,314

5,133 4,568

16,351 11,218







US Equity Alpha Corporate ClassFinancial Statements


2015 2014

533,618 381,929

78,452 144,049

(3,049) (5,678) (20,266) - (1,138) (693) (24,453) (6,371)

114,798 111,498 23,780 5,929 (58,758) (73,743) (20,624) (29,673) 59,196 14,011

113,195 151,689

646,813 533,618




2015 2014

78,452 144,049

(33,404) (45,812) (1,318) 232 507 478 (36,814) (94,304) 292,964 239,004 (328,024) (227,584) - - - - - - (51) (77) - - - - - - - - 262 (50) (27,426) 15,936

(673) (483) 113,966 111,477 (58,425) (73,756) (20,624) (29,673) 34,244 7,565

1,318 (232) 6,818 23,501 37,541 14,272 45,677 37,541

8,882 7,156 13 9 - - (4) -









MATERIALS (2.9%) 145,006 BHP Billiton Ltd., ADR 8,899,251 8,535,924 166,331 Dow Chemical Co. 6,813,919 10,109,399 15,713,170 18,645,323 TELECOMMUNICATION SERVICES (1.5%) 155,376 Verizon Communications Inc. 8,525,152 9,571,502 CONSUMER STAPLES (0.1%) 6,706 Procter & Gamble Co. 692,808 696,068


Total Equities (93.0%) 416,924,339 601,497,057




FINANCIALS (22.2%) 212,801 Aflac Inc. 10,180,533 17,254,937 282,100 American International Group Inc. 11,959,104 19,579,259 128,490 Capital One Financial Corp. 12,754,293 12,829,143 402,866 Citigroup Inc. 20,092,546 26,292,286 66,422 Goldman Sachs Group Inc. 10,780,224 15,815,844 251,762 JPMorgan Chase & Co. 13,232,701 19,320,187 171,448 State Street Corp. 10,108,348 15,969,410 235,316 Wells Fargo & Co. 7,750,131 16,215,944 96,857,880 143,277,010 INFORMATION TECHNOLOGY (21.3%) 125,294 Check Point Software Technologies Ltd. 6,401,453 13,009,994 611,350 Cisco Systems Inc. 13,626,670 21,316,167 165,332 Citrix Systems Inc. 10,920,362 13,376,599 550,424 Corning Inc. 8,605,390 15,813,656 21,534 Google Inc., Class C 3,794,642 14,948,484 395,929 Intel Corp. 9,805,182 15,683,286 90,347 Mastercard Inc., Class A 9,084,295 9,887,104 391,262 Microsoft Corp. 11,230,284 20,149,929 240,482 Nielsen Holdings N.V. 12,774,045 13,577,415 86,242,323 137,762,634 HEALTH CARE (14.8%) 85,347 HCA Holdings Inc. 5,046,129 8,133,382 150,882 Johnson & Johnson 11,225,301 19,227,698 65,000 Medtronic PLC 6,298,398 6,421,613 428,334 Pfizer Inc. 14,621,815 18,876,821 127,129 Thermo Fisher Scientific Inc. 11,695,942 21,634,250 144,201 UnitedHealth Group Inc. 9,492,381 21,607,682 58,379,966 95,901,446 ENERGY (13.7%) 220,826 Anadarko Petroleum Corp. 17,712,430 23,164,603 29,033 EOG Resources Inc. 3,274,898 3,372,141 79,942 Helmerich & Payne Inc.* 6,353,821 6,893,228 333,883 Noble Corp PLC* 9,002,101 6,039,686 83,105 Royal Dutch Shell PLC 7,023,728 6,600,648 191,864 Schlumberger Ltd. 15,298,652 20,279,613 145,448 Spectra Energy Corp. 6,269,517 6,664,202 428,194 Suncor Energy Inc. (USD) 15,830,658 15,865,667 80,765,805 88,879,788 INDUSTRIALS (10.4%) 100,894 Boeing Co. 8,367,723 19,181,388 114,274 Delta Air Lines Inc. 4,976,898 6,508,271 94,010 Norfolk Southern Corp. 6,570,540 12,256,478 82,605 Ryder System Inc. 8,721,905 9,929,301 170,714 United Rentals Inc.* 16,182,696 19,713,572 44,819,762 67,589,010 CONSUMER DISCRETIONARY (6.1%) 187,320 DR Horton Inc. 6,332,162 6,757,966 97,303 Walt Disney Co. 4,505,875 12,928,621 170,045 Wyndham Worldwide Corp. 14,390,465 19,487,689 25,228,502 39,174,276








Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 Bank of Montreal A-1 25-Jun-15 1.28 (16,600,000) US $ 21,273,730 Canadian $ 221,780 1 Bank of Montreal A-1 08-May-15 0.79 (57,009,000) US $ 71,757,228 Canadian $ (492,286)1 Bank of Montreal A-1 30-Apr-15 0.80 (7,100,000) US $ 8,848,233 Canadian $ (148,724)1 Canadian Imperial Bank of Commerce A-1 30-Apr-15 0.80 (27,411,000) US $ 34,167,537 Canadian $ (567,059)1 Canadian Imperial Bank of Commerce A-1 08-May-15 0.79 (38,353,000) US $ 48,284,509 Canadian $ (321,609)1 Canadian Imperial Bank of Commerce A-1 25-Jun-15 1.28 (49,386,000) US $ 63,266,182 Canadian $ 635,421 1 Canadian Imperial Bank of Commerce A-1 08-May-15 1.28 (6,800,000) US $ 8,710,324 Canadian $ 92,287 1 Credit Suisse Group AG BBB+ 25-Jun-15 1.28 (10,715,000) US $ 13,726,494 Canadian $ 137,853 1 Credit Suisse Group AG BBB+ 30-Apr-15 0.80 (7,658,000) US $ 9,542,519 Canadian $ (161,522)1 Royal Bank of Canada A-1+ 25-Jun-15 1.28 (13,683,000) US $ 17,529,127 Canadian $ 176,502 1 Royal Bank of Canada A-1+ 30-Apr-15 0.80 (20,351,000) US $ 25,367,522 Canadian $ (420,803)1 The Bank of Nova Scotia A-1 30-Apr-15 0.80 (6,585,000) US $ 8,208,203 Canadian $ (136,160)1 Toronto-Dominion Bank A-1+ 25-Jun-15 1.28 (2,440,000) US $ 3,125,896 Canadian $ 31,516 Total Foreign Currency Forward Contracts Value (952,804)








- 601,497 601,497 - 601,497 - - - 45,677 45,677 1,295 - 1,295 - 1,295 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 438 438 - - - - - - - - - - - - - - - - - - - - - - - 1,442 1,442 - - - 196 196 1,295 601,497 602,792 47,753 650,545 - - - - - - - - - - 2,248 - 2,248 - 2,248 - - - - - - - - - - - - - - - - - - - - - - - 697 697 - - - 787 787 - - - - - - - - - - - - - - - - - - - - 2,248 - 2,248 1,484 3,732





US Equity Alpha Corporate ClassFund Specific Notes to Financial Statements




- 494,951 494,951 - 494,951 - - - 37,541 37,541 637 - 637 - 637 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 387 387 - - - - - - - - - - - - - - - - - - - - - - - 610 610 - - - 458 458 637 494,951 495,588 38,996 534,584 - - - - - - - - - - 512 - 512 - 512 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 454 454 - - - - - - - - - - - - - - - - - - - - 512 - 512 454 966



US Equity Alpha Corporate ClassFund Specific Notes to Financial Statements




- 371,484 371,484 - 371,484 - - - 14,272 14,272 293 - 293 - 293 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 310 310 - - - - - - - - - - - - - - - - - - - - - - - 589 589 - - - 408 408 293 371,484 371,777 15,579 387,356 - - - - - - - - - - 836 - 836 - 836 - - - - - - - - - - - - - - - - - - - - - - - 4,083 4,083 - - - 467 467 - - - 41 41 - - - - - - - - - - - - - - - 836 - 836 4,591 5,427







(33,731) (6,374) 114,150 154,839 80,419 148,465




as at March 31, 2015 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 1,295 (1,264) - 31 - - - - 1,295 (1,264) - 31 (2,248) 1,264 - (984) - - - - (2,248) 1,264 - (984)












2015 2014

316,999 590,385 22,755 34,281 8,944 4,245 (10,864) (41,051) (94,344) (270,861) 243,490 316,999

10,172,404 8,934,007 2,317,863 3,325,935 403,515 114,319 (702,605) (528,135) (1,077,453) (1,673,722) 11,113,724 10,172,404

20,051 5,798 621 10,616 1,229 366 2,162 3,325 (35) (54) 24,028 20,051

17,118 18,503 447 1,064 768 210 2,958 (636) (147) (2,023) 21,144 17,118

7,610,582 6,625,933 1,628,801 1,999,796 334,873 86,345 376,350 (6,307) (698,689) (1,095,185) 9,251,917 7,610,582








2015 2014

68,192 19,787 31,957 14,762 4,525 897 (4,081) 35,294 (2,695) (2,548) 97,898 68,192

10,274,868 11,427,087 1,896,369 1,648,080 383,942 121,304 (891,192) (1,342,788) (1,124,518) (1,578,815) 10,539,469 10,274,868

864,523 656,206 19,546 64,566 75,156 30,935 280,340 144,728 (12,136) (31,912) 1,227,429 864,523




2015 2014 502 471 70 51




0.21 0.21 0.21 0.21 - - 0.21 0.21








as at as at Mar. 31, 2014 Apr. 1, 2013

533,615 381,729 3 200

533,618 381,929




144,246 (197)

144,049























as at March 31, 2014 Categories Net Assets (%)Financials 22.1 Information Technology 21.1 Industrials 12.6 Energy 12.5 Health Care 10.5 Consumer Discretionary 9.8 Other Net Assets (Liabilities) 7.2 Materials 2.6 Consumer Staples 1.6 Foreign Currency Forward Contracts -

as at April 1, 2013 Categories Net Assets (%)Information Technology 22.6 Financials 20.4 Energy 14.2 Health Care 12.9 Industrials 9.5 Consumer Discretionary 7.9 Materials 7.1 Other Net Assets (Liabilities) 2.8 Consumer Staples 2.7 Foreign Currency Forward Contracts (0.1)








326,787 249,810 192,887 14,815 14,592 6,613

- 34 - - - - - - - - - - - - - - - - 1,368 884 824 - - - - - - - - - - - - 639 424 368 1,204 28 27 344,813 265,772 200,719

- - - - - -

- - - - - - - - - - - - - - - - - 84 609 460 209 - - 67 - - - - - - - - - 1,192 - - 1,801 460 360

343,012 265,312 200,359

243,141 192,371 167,805 - - -


1,345 1,302 1,453 22,540 18,893 11,818 188 155 15 29 12 10 82,041 52,442 29,240 962 352 11 211,074 174,805 147,048 24,833 17,351 10,764

9.16 8.28 6.93 12.39 11.13 9.25 11.69 11.36 10.18 10.87 9.72 8.05 14.47 12.69 10.31 13.46 12.74 11.13 11.21 9.85 8.02 11.73 11.15 9.77

146,646 157,034 209,493 1,818,654 1,698,240 1,277,333 16,121 13,675 1,470 2,655 1,249 1,232 5,669,291 4,133,445 2,836,977 71,498 27,659 1,021 18,832,315 17,746,095 18,335,855 2,116,703 1,555,754 1,101,897










CIG - 17664







2015 2014

8,340 7,114 107 84 - - - - - - - - - - - -

16,353 10,406

26,173 32,391 50,973 49,995 954 214 - - 175 170 - - 1,129 384 52,102 50,379

411 324 500 419 278 203 - - 1,167 937 105 86 2,461 1,969 - -

49,641 48,410

172 248 2,881 2,901 26 16 4 2 11,639 8,384 115 25 31,311 33,640 3,493 3,194






2015 2014

1.13 1.42 1.66 1.98 1.77 2.16 1.71 1.82 2.40 2.50 2.79 2.58 1.72 1.91 1.93 2.25

152,203 175,594 1,734,330 1,473,176 14,529 7,840 2,128 1,205 4,859,113 3,354,083 40,619 9,766 18,232,695 17,659,951 1,803,522 1,413,735








2015 2014

1,302 1,453

172 248

(5) (10) (31) - - - (36) (10)

39 78 36 10 (120) (264) (48) (213)

(93) (389)

43 (151)

1,345 1,302

18,893 11,818

2,881 2,901

(89) (135) (523) - - - (612) (135)

3,898 4,676 612 134 (1,703) (1,377) (1,429) 876 1,378 4,309

3,647 7,075

22,540 18,893






2015 2014

155 15

26 16

(1) (1) (4) - (13) (7) (18) (8)

14 80 8 2 (13) 1 16 49 25 132

33 140

188 155

12 10

4 2

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

- 2 1 - - (2) 13 - 14 -

17 2

29 12











2015 2014

52,442 29,240

11,639 8,384

(323) (364) (1,893) - - - (2,216) (364)

14,901 10,583 2,215 364 (5,213) (3,853) 8,273 8,088 20,176 15,182

29,599 23,202

82,041 52,442

352 11

115 25

(4) (2) (21) - (42) (10) (67) (12)

460 109 33 4 (30) (19) 99 234 562 328

610 341

962 352





2015 2014

174,805 147,048

31,311 33,640

(837) (1,320) (4,908) - - - (5,745) (1,320)

32,274 24,167 5,744 1,316 (19,732) (16,504) (7,583) (13,542) 10,703 (4,563)

36,269 27,757

211,074 174,805

17,351 10,764

3,493 3,194

(95) (130) (556) - (1,596) (1,109) (2,247) (1,239)

887 1,441 1,368 592 (1,453) (692) 5,434 3,291 6,236 4,632

7,482 6,587

24,833 17,351












2015 2014

265,312 200,359

49,641 48,410

(1,354) (1,962) (7,937) - (1,651) (1,126) (10,942) (3,088)

52,473 41,136 10,017 2,422 (28,264) (22,710) 4,775 (1,217) 39,001 19,631

77,700 64,953

343,012 265,312




2015 2014

49,641 48,410

(16,353) (10,406) (50) 36 278 203

(26,173) (32,391) 62,051 45,032 (96,746) (59,479) - - - - - - (484) (60) - - - - - - - - 16 (1) (27,820) (8,656)

(925) (733) 52,258 41,080 (28,115) (22,459) 4,775 (1,217) 27,993 16,671

50 (36) 173 8,015 14,592 6,613 14,815 14,592

6,689 6,117 107 84 - - - -







IRELAND (5.1%) 69,163 Medtronic PLC 2,401,478 6,832,893 173,248 Willis Group Holdings PLC 6,488,849 10,573,698 8,890,327 17,406,591 SOUTH KOREA (3.4%) 22,850 Hyundai Motor Co. 4,898,635 4,398,189 77,100 KB Financial Group Inc., ADR 3,290,157 3,432,006 4,870 Samsung Electronics Co., Ltd., GDR 3,370,444 3,972,891 11,559,236 11,803,086 NETHERLANDS (3.3%) 78,201 Heineken N.V. 4,019,970 7,564,094 203,760 ING Groep N.V. 3,083,945 3,786,128 7,103,915 11,350,222 JERSEY ISLAND (2.9%) 115,910 Experian PLC 2,289,912 2,433,537 591,651 Glencore Xstrata PLC 3,288,774 3,179,389 145,220 WPP PLC 2,474,015 4,178,934 8,052,701 9,791,860 MEXICO (1.9%) 152,103 Grupo Televisa S.A., ADR 4,310,831 6,360,265 U.S.A. (1.7%) 59,970 Philip Morris International Inc. 3,925,175 5,722,607 PANAMA (1.7%) 93,652 Carnival Corp. 3,804,277 5,675,447 SWEDEN (1.3%) 277,950 Telefonaktiebolaget LM Ericsson, Class B 3,056,127 4,431,013 BRAZIL (1.3%) 99,210 Banco do Brasil S.A. 997,328 902,572 87,380 Embraer S.A., ADR 3,286,968 3,403,682 4,284,296 4,306,254 BERMUDA (1.1%) 132,790 Genpact Ltd. 2,241,723 3,910,931 HONG KONG (1.1%) 222,334 China Mobile Ltd. (Hong Kong) 2,550,905 3,676,467 SOUTH AFRICA (0.8%) 124,460 MTN Group Ltd. 2,295,532 2,664,712 MAURITIUS (0.7%) 5,702,562 Golden Agri-Resources Ltd. 2,936,182 2,236,939 CAYMAN ISLANDS (0.6%) 73,217 CK Hutchinson Holdings Ltd. 1,036,601 1,899,795

JAPAN (26.0%) 287,105 Amada Co., Ltd. 2,097,815 3,508,342 1,113,676 Bank of Yokohama Ltd. 5,993,792 8,280,554 445,816 Hitachi Ltd. 3,778,667 3,876,045 364,552 INPEX Corp. 5,306,632 5,103,488 182,400 Kyowa Hakko Kirin Co., Ltd. 2,104,677 3,018,712 174,682 Mitsubishi Corp.* 3,791,161 4,465,613 1,471,921 Mitsubishi UFJ Financial Group Inc. 9,444,417 11,561,392 205,337 MS&AD Insurance Group Holdings Inc. 5,466,504 7,308,445 22,465 Nintendo Co., Ltd.* 4,746,876 4,193,665 67,670 NKSJ Holdings Inc. 2,116,913 2,669,406 12,889 SMC Corp. 2,121,454 4,879,504 33,184 Sugi Holdings Co., Ltd.* 967,933 2,081,819 1,449,425 Sumitomo Mitsui Trust Holdings Inc.* 5,871,457 7,585,204 198,198 Suzuki Motor Corp. 4,950,770 7,561,970 124,817 THK Co., Ltd. 2,630,484 4,033,880 199,278 Tokio Marine Holdings Inc. 6,823,188 9,552,115 68,212,740 89,680,154 U.K. (15.9%) 94,300 Anglo American PLC 2,945,642 1,793,726 74,381 Aon PLC 6,265,705 9,056,651 86,740 BP PLC, ADR* 4,038,241 4,297,334 269,681 Diageo PLC 6,562,425 9,425,630 339,575 GlaxoSmithKline PLC 7,974,342 9,867,544 166,450 Noble Corp PLC* 4,877,915 3,010,952 417,591 Standard Chartered PLC 8,134,309 8,582,895 204,695 Vodafone Group PLC, ADR 7,551,466 8,473,858 48,350,045 54,508,590 GERMANY (9.5%) 61,000 Adidas AG 4,656,691 6,121,265 27,050 Daimler AG* 1,706,155 3,305,276 80,912 Deutsche Boerse AG 4,703,668 8,380,541 151,730 E.ON AG* 4,017,714 2,868,931 30,630 Henkel AG & Co., KGaA, Preferred, Non-Voting Shares 1,766,990 4,569,432 35,720 Siemens AG, Registered Shares 3,291,900 4,898,281 31,809 Symrise AG 794,982 2,548,740 20,938,100 32,692,466 SWITZERLAND (9.3%) 83,070 Nestle S.A., Registered Shares 4,363,489 7,947,935 80,878 Novartis AG, Registered Shares 5,020,558 10,136,633 26,420 Roche Holding AG 5,004,024 9,233,018 197,370 UBS Group AG 3,213,476 4,713,252 17,601,547 32,030,838 FRANCE (7.5%) 80,702 Carrefour S.A.* 2,832,646 3,416,708 61,520 Danone S.A.* 4,090,592 5,246,047 14,700 L’Oreal S.A. 1,802,058 3,430,080 82,000 Sanofi* 9,041,700 10,265,354 55,510 Total S.A.* 3,424,424 3,498,005 21,191,420 25,856,194









RUSSIA (0.2%) 135,850 Sberbank of Russia, ADR 1,262,054 752,026 5,540 Sberbank of Russia, ADR (London Listed) 26,481 30,836 1,288,535 782,862









- 326,787 326,787 - 326,787 - - - 14,815 14,815 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,368 1,368 - - - - - - - - - - - - - - - - - - - - - - - 639 639 - - - 1,204 1,204 - 326,787 326,787 18,026 344,813 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 609 609 - - - - - - - - - - - - - - - - - - - - - - - 1,192 1,192 - - - 1,801 1,801





International Equity Value Corporate ClassFund Specific Notes to Financial Statements




- 249,810 249,810 - 249,810 - - - 14,592 14,592 34 - 34 - 34 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 884 884 - - - - - - - - - - - - - - - - - - - - - - - 424 424 - - - 28 28 34 249,810 249,844 15,928 265,772 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 460 460 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 460 460



International Equity Value Corporate ClassFund Specific Notes to Financial Statements




- 192,887 192,887 - 192,887 - - - 6,613 6,613 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 824 824 - - - - - - - - - - - - - - - - - - - - - - - 368 368 - - - 27 27 - 192,887 192,887 7,832 200,719 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 84 84 - - - 209 209 - - - 67 67 - - - - - - - - - - - - - - - - - - - - - - - 360 360







1,397 (167) 49,576 50,162 50,973 49,995




as at March 31, 2014 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 34 - - 34 - - - - 34 - - 34 - - - - - - - - - - - -


The following table shows the net impact on the Fund’s statement of financial position if all rights of offset were exercised.




2015 2014

157,034 209,493 4,651 10,130 3,994 1,312 (4,899) (28,305) (14,134) (35,596) 146,646 157,034

1,698,240 1,277,333 339,757 455,328 49,135 12,595 (118,322) 86,250 (150,156) (133,266) 1,818,654 1,698,240

13,675 1,470 1,280 7,283 678 199 1,624 4,723 (1,136) - 16,121 13,675

1,249 1,232 - 282 72 10 1,334 - - (275) 2,655 1,249

4,133,445 2,836,977 1,125,815 908,011 152,428 30,068 657,604 689,869 (400,001) (331,480) 5,669,291 4,133,445




A SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

E SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year

ET8 SharesNumber of redeemable shares at the beginning of year Redeemable shares issued for cash Redeemable shares issued for reinvested dividends Redeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemed Number of redeemable shares at the end of year




2015 2014

27,659 1,021 35,666 9,008 2,499 356 8,099 18,750 (2,425) (1,476) 71,498 27,659

17,746,095 18,335,855 3,165,851 2,652,043 510,542 140,695 (650,743) (1,528,604) (1,939,430) (1,853,894) 18,832,315 17,746,095 1,555,754 1,101,897 78,989 137,385 119,543 55,842 494,954 326,405 (132,537) (65,775) 2,116,703 1,555,754




2015 2014 260 202 41 35




0.22 0.22 0.22 0.22 - - 0.22 0.22








as at as at Mar. 31, 2014 Apr. 1, 2013

265,235 200,237 77 122

265,312 200,359




48,455 (45)

48,410










as at March 31, 2015Credit Rating^* Net Assets (%)Not Rated 1.3Total 1.3

as at March 31, 2014 Credit Rating^* Net Assets (%)Not Rated 1.5 Total 1.5

as at April 1, 2013 Credit Rating^* Net Assets (%)Not Rated 2.0Total 2.0




Other Price Risk As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund was predominantly invested in foreign equities and therefore was sensitive to changes in general economic conditions across the world.

As at March 31, 2015, had foreign markets increased or decreased by 10% (March 31, 2014 and April 1, 2013 - 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 $32,679,000 (March 31, 2014 - $24,973,000 and April 1, 2013 - $19,277,000). In practice, actual results may differ from this analysis and the difference may be material.



Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)Japanese Yen 90,289 - 90,289 26.3US Dollar 81,845 - 81,845 23.9Euro 69,899 - 69,899 20.4British Pound 39,718 - 39,718 11.6Swiss Franc 32,031 - 32,031 9.3Hong Kong Dollar 5,612 - 5,612 1.6Swedish Krona 4,431 - 4,431 1.3Korean Won 4,398 - 4,398 1.3South Africa Rand 2,665 - 2,665 0.8Singapore Dollar 2,237 - 2,237 0.7Brazilian Real 918 - 918 0.3Total 334,043 - 334,043 97.5





as at March 31, 2014 Categories Net Assets (%)Japan 22.0 U.K. 13.9 Germany 13.2 Switzerland 11.4 France 7.6 Other Net Assets (Liabilities) 5.8 Ireland 5.1 Hong Kong 2.3 U.S.A. 2.3 Netherlands 2.2 Jersey Island 2.0 Mexico 1.9 Bermuda 1.6 Panama 1.5 Qatar 1.3 Sweden 1.3 Brazil 1.1 Mauritius 1.1 South Africa 0.9 Thailand 0.6 Turkey 0.4 Russia 0.3 Australia 0.2 Foreign Currency Forward Contracts -

as at April 1, 2013 Categories Net Assets (%)Japan 22.5 U.K. 17.8 Germany 14.2 Switzerland 14.0 France 6.6 Other Net Assets (Liabilities) 3.7 Netherlands Antilles 2.5 Sweden 2.5 Ireland 2.3 Singapore 2.1 Netherlands 2.0 Australia 1.8 U.S.A. 1.7 South Africa 1.7 Qatar 1.3 Hong Kong 1.0 Norway 0.9 Malaysia 0.9 Mexico 0.5






Long Positions at fair value as at March 31, 2015 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 326,035 752 - 326,787 Total 326,035 752 - 326,787

During the year ended March 31, 2015, investments with a fair value of $752,000 were transferred out of Level 1 into Level 2 as quoted market prices were no longer available for these investments.

There were no transfers between Level 1 and Level 3 and Level 2 and Level 3 during the year ended March 31, 2015.


There were no transfers between 1, 2 and 3 during the year ended March 31, 2014.

Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 192,765 - - 192,765 Total 192,765 - - 192,765



as at March 31, 2014~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)Japanese Yen 58,743 - 58,743 22.1 US Dollar 58,461 - 58,461 22.0 Euro 60,912 (18,407) 42,505 16.0 Swiss Franc 27,469 - 27,469 10.4 British Pound 26,162 - 26,162 9.9 Hong Kong Dollar 6,151 - 6,151 2.3 Singapore Dollar 4,733 - 4,733 1.8 Swedish Krona 3,550 - 3,550 1.3 Qatar Rial 3,512 - 3,512 1.3 South Africa Rand 2,518 - 2,518 0.9 Thai Baht 1,525 - 1,525 0.6 Turkish Lira 990 - 990 0.4 Australian Dollar 486 - 486 0.2Total 255,212 (18,407) 236,805 89.2

as at April 1, 2013~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)Euro 45,574 - 45,574 22.8 Japanese Yen 45,465 - 45,465 22.7 US Dollar 40,625 - 40,625 20.3 Swiss Franc 20,493 - 20,493 10.2 British Pound 19,588 - 19,588 9.8 Swedish Krona 4,977 - 4,977 2.5 Singapore Dollar 4,079 - 4,079 2.0 Australian Dollar 3,649 - 3,649 1.8 South Africa Rand 3,536 - 3,536 1.8 Qatar Rial 2,519 - 2,519 1.3 Hong Kong Dollar 2,014 - 2,014 1.0 Norwegian Krone 1,840 - 1,840 0.9 Malaysian Ringgit 1,739 - 1,739 0.9Total 196,098 - 196,098 98.0








125,761 86,302 57,392 8,131 11,985 2,640

315 33 738 - - - - - - - - - - - - - - - 368 193 173 - - - - - - - - - 1,681 1,146 997 119 163 65 766 67 53 137,141 99,889 62,058

- - - - - -

1,116 563 4 - - - - - - - - - - - - 649 1,944 1,889 99 172 80 - - 2 - - - - - - - - - 737 - - 2,601 2,679 1,975

134,540 97,210 60,083

104,329 73,330 48,377 - - -


307 335 391 20,569 16,962 12,541 247 166 9 18 16 13 67,547 46,220 24,416 1,034 831 62 44,078 32,145 22,323 740 535 328

11.79 10.79 8.98 16.23 14.76 12.20 10.45 10.31 9.16 16.05 14.54 11.97 18.42 16.37 13.22 13.42 12.89 11.16 14.43 12.85 10.40 12.42 11.99 10.42

25,969 31,042 43,470 1,267,490 1,148,869 1,027,838 23,635 16,045 1,017 1,140 1,092 1,080 3,666,452 2,823,267 1,847,107 77,075 64,522 5,551 3,055,661 2,501,514 2,146,375 59,615 44,621 31,470










CIG - 17666







2015 2014

2,607 1,611 72 47 - - - - - - - - - - - -

10,123 12,903

8,189 2,693 20,991 17,254 (167) 60 - - 68 70 - - (99) 130 20,892 17,384

350 299 121 94 532 465 - - 439 244 51 43 1,493 1,145 - -

19,399 16,239

43 67 2,669 2,978 30 21 2 3 10,031 7,333 119 28 6,392 5,727 113 82






2015 2014

1.44 2.00 2.25 2.72 1.78 1.83 2.22 2.72 3.13 3.24 2.26 1.50 2.35 2.57 2.13 2.37 29,779 33,615 1,187,352 1,093,441 17,631 11,012 1,092 1,082 3,197,057 2,260,162 53,314 19,488 2,733,386 2,227,023 53,409 34,894








2015 2014

335 391

43 67

(1) (4) (12) - - - (13) (4)

9 12 13 4 (28) (68) (52) (67)

(58) (119)

(28) (56)

307 335

16,962 12,541

2,669 2,978

(93) (177) (773) - - - (866) (177)

3,420 4,166 864 175 (1,457) (1,018) (1,023) (1,703) 1,804 1,620

3,607 4,421

20,569 16,962






2015 2014

166 9

30 21

(1) (2) (9) - (15) (8) (25) (10)

15 112 13 3 (12) (3) 60 34 76 146

81 157

247 166

16 13

2 3

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

- - 1 - - - - - 1 -

2 3

18 16











2015 2014

46,220 24,416

10,031 7,333

(305) (441) (2,536) - - - (2,841) (441)

12,278 10,423 2,840 441 (4,751) (2,048) 3,770 6,096 14,137 14,912

21,327 21,804

67,547 46,220

831 62

119 28

(4) (6) (36) - (55) (21) (95) (27)

355 34 56 9 (79) (16) (153) 741 179 768

203 769

1,034 831





2015 2014

32,145 22,323

6,392 5,727

(199) (320) (1,656) - - - (1,855) (320)

8,558 5,768 1,855 320 (3,445) (2,113) 428 440 7,396 4,415

11,933 9,822

44,078 32,145

535 328

113 82

(3) (5) (28) - (52) (30) (83) (35)

11 3 51 16 (82) - 195 141 175 160

205 207

740 535












2015 2014

97,210 60,083

19,399 16,239

(606) (955) (5,051) - (122) (59) (5,779) (1,014)

24,646 20,518 5,693 968 (9,854) (5,266) 3,225 5,682 23,710 21,902

37,330 37,127

134,540 97,210




2015 2014

19,399 16,239

(10,123) (12,903) 30 (31) 532 465

(8,189) (2,693) 142,362 116,924 (165,600) (129,533) - - - - - - (175) (20) - - - - - - - - 38 (14) (21,726) (11,566)

(86) (48) 24,690 20,420 (9,927) (5,174) 3,225 5,682 17,902 20,880

(30) 31 (3,824) 9,314 11,985 2,640 8,131 11,985

1,993 1,347 72 47 - - - -







U.K. (12.3%) (cont’d) 16,500 Croda International PLC 664,051 849,454 8,100 Dialog Semiconductor PLC 262,141 463,990 100,000 GKN PLC 464,531 674,022 13,100 Imperial Tobacco Group PLC 599,106 729,570 7,600 InterContinental Hotels Group PLC 390,196 376,264 134,698 ITV PLC 311,890 640,286 99,300 Man Strategic Holdings PLC 292,710 380,380 50,000 Millennium & Copthorne Hotels PLC 526,337 539,443 17,300 Mondi PLC 278,564 422,070 6,000 Next PLC 725,081 792,249 75,000 Poundland Group PLC 475,013 514,257 35,100 Rexam PLC 341,266 381,988 22,400 Royal Dutch Shell PLC, Shares B 957,558 883,740 4,800 SABMiller PLC 335,148 319,380 100,000 Senior PLC 386,163 611,244 7,400 Smith & Nephew PLC 159,454 159,119 80,800 Spire Healthcare Group PLC 558,996 567,998 345,400 Taylor Wimpey PLC 706,516 1,005,629 239,100 Vodafone Group PLC 940,817 990,726 8,000 Whitbread PLC 585,389 788,677 275,000 Wincanton PLC 621,233 817,975 14,145,069 16,497,678 GERMANY (10.6%) 2,900 Allianz S.E.* 573,786 639,166 6,000 Bayer AG 863,107 1,143,476 5,000 Bayerische Motoren Werke AG 559,264 792,889 4,000 Bertrandt AG 511,168 738,622 22,000 Carl Zeiss Meditec AG 658,495 729,349 18,700 Commerzbank AG 304,924 327,226 2,600 Daimler AG* 291,442 317,698 45,000 Deutsche Lufthansa AG 930,160 801,536 5,000 Draegerwerk AG & Co., KGaA* 669,837 790,165 75,430 Evotec AG 403,334 386,220 20,000 Fresenius S.E. & Co., KGaA 1,218,543 1,514,013 15,000 Hella KGaA Hueck & Co. 896,143 915,312 10,000 Isra Vision AG 664,140 869,352 7,800 Merck KGaA 741,079 1,110,507 5,000 Nemetschek AG 533,626 821,146 40,000 RIB Software AG 656,867 712,477 5,000 Sartorius AG 847,189 807,528 20,000 Stabilus S.A. 704,958 875,616 12,028,062 14,292,298 FRANCE (8.3%) 16,100 AXA S.A. 427,099 514,238 17,500 Bastide le Confort Medical S.A. 449,020 452,788 8,000 Cap Gemini S.A. 450,098 831,985 3,000 Christian Dior S.A. 560,414 717,992 5,800 Criteo S.A., ADR 307,491 290,213 7,500 Dassault Systemes S.A.* 398,919 644,865 7,500 DBV Technologies S.A.* 228,384 434,880 18,300 Groupe Eurotunnel S.A.* 249,006 332,437 5,000 ID Logistics Group 368,175 577,049 1,200 Iliad S.A. 333,500 355,094

JAPAN (20.3%) 28,500 Asahi Kasei Corp. 259,713 345,854 90,900 Bank of Yokohama Ltd. 487,906 675,872 12,500 Brother Industries Ltd. 197,631 252,553 1,900 Central Japan Railway Co. 253,943 436,356 41,500 Chiba Bank Ltd. 318,672 386,585 17,800 COMSYS Holdings Corp. 250,764 279,174 2,500 Fast Retailing Co., Ltd. 1,100,160 1,227,649 12,700 Fuji Heavy Industries Ltd. 306,903 535,320 41,400 Haseko Corp. 334,491 512,455 32,700 Hitachi Ltd. 239,854 284,303 12,500 Hogy Medical Co., Ltd. 675,920 778,915 17,500 Japan Airlines Co., Ltd. 497,849 691,254 2,000 Keyence Corp. 1,051,786 1,385,676 12,500 Makita Corp.* 672,763 823,801 45,600 Mitsubishi Chemical Holdings Corp. 253,590 336,451 25,600 Mitsubishi Electric Corp. 339,001 386,232 169,200 Mitsubishi UFJ Financial Group Inc. 985,718 1,329,003 2,100 Murata Manufacturing Co., Ltd. 212,841 366,734 97 Nippon Prologis REIT Inc. 246,081 270,870 5,900 Nippon Shinyaku Co., Ltd. 183,761 272,620 98,400 Nippon Steel & Sumitomo Metal Corp. 304,707 314,375 10,000 Nitori Holdings Co., Ltd. 647,171 859,711 200,000 Nomura Holdings Inc. 1,491,878 1,491,714 23,700 ORIX Corp.* 401,761 422,646 12,000 Pigeon Corp.* 889,638 1,281,328 55,200 Resona Holdings Inc.* 306,061 347,816 9,400 Resorttrust Inc. 315,705 310,742 34,300 Sekisui House Ltd. 492,648 632,327 17,500 Seria Co., Ltd. 677,008 802,150 8,500 Seven & I Holdings Co., Ltd. 380,678 453,624 32,600 Shimizu Corp. 243,881 279,921 29,000 Showa Shell Sekiyu K.K. 280,546 336,301 16,600 Sony Corp. 555,572 559,277 42,500 Sumitomo Heavy Industries Ltd. 250,240 353,258 21,900 Sumitomo Metal Mining Co., Ltd.* 384,823 406,738 24,300 Sumitomo Mitsui Financial Group Inc.* 920,722 1,180,956 61,600 Sumitomo Mitsui Trust Holdings Inc. 309,381 322,368 21,000 Sumitomo Rubber Industries Ltd. 376,089 491,936 75,300 Taisei Corp. 485,188 539,999 12,700 Temp Holdings Co., Ltd. 446,413 557,988 25,000 Terumo Corp. 675,953 837,003 30,000 THK Co., Ltd. 861,235 969,551 49,400 Tosoh Corp. 256,915 316,175 18,300 Toyota Motor Corp. 1,148,686 1,620,236 21,972,246 27,265,817 U.K. (12.3%) 12,500 Ashtead Group PLC 263,318 254,685 8,000 AstraZeneca PLC 630,075 695,675 29,000 BG Group PLC 480,740 451,873 14,300 BHP Billiton PLC 410,466 396,050 10,800 British American Tobacco PLC 712,694 708,152 150,000 Cambian Group PLC 648,942 656,918 54,900 Carphone Warehouse Group PLC 416,674 425,864









IRELAND (3.0%) 10,000 Accenture PLC 866,372 1,186,821 26,800 Greencore Group PLC 160,376 162,403 10,000 Kerry Group PLC, Class A 754,554 851,104 5,000 Perrigo Co., PLC 765,818 1,048,555 12,500 Seagate Technology PLC 743,671 823,864 3,290,791 4,072,747 ITALY (2.7%) 45,000 Assicurazioni Generali SpA 1,095,222 1,122,028 20,200 Banca Popolare dell’Emilia Romagna S.c.r.l. 225,716 223,775 23,500 Banco Popolare SC 416,769 465,942 15,000 Brembo SpA 607,023 776,616 15,600 ERG SpA 220,847 258,534 95,500 Intesa Sanpaolo SpA 335,172 411,734 27,100 Mediobanca SpA 280,498 329,736 3,181,247 3,588,365 LUXEMBOURG (2.2%) 240,100 B&M European Value Retail S.A. 1,199,746 1,410,282 2,000 Eurofins Scientific* 523,915 682,926 7,000 RTL Group S.A.* 878,917 852,766 2,602,578 2,945,974 JERSEY ISLAND (2.1%) 40,300 Experian PLC 734,871 846,101 19,600 Shire PLC 1,405,883 1,976,468 2,140,754 2,822,569 NETHERLANDS (1.9%) 4,100 Akzo Nobel N.V. 357,883 393,172 40,000 Fiat Chrysler Automobiles N.V. 541,063 826,430 38,300 Koninklijke Ahold N.V. 950,041 957,057 9,300 Wolters Kluwer N.V. 268,910 384,999 2,117,897 2,561,658 HONG KONG (1.9%) 41,000 AIA Group Ltd. 198,905 326,925 179,200 BOC Hong Kong Holdings Ltd. 660,436 809,613 26,400 China Mobile Ltd. (Hong Kong) 445,222 436,545 25,500 Hutchison Whampoa Ltd. 311,932 448,329 37,500 Power Assets Holdings Ltd. 374,363 485,902 1,990,858 2,507,314 SPAIN (1.5%) 33,400 Distribuidora Internacional de Alimentacion S.A. 244,416 331,389 13,400 Endesa S.A. 321,512 328,458 69,493 Iberdrola S.A. 528,020 567,991 21,000 Mediaset Espana Comunicacion S.A. 323,234 333,442 26,400 Merlin Properties Socimi S.A. 383,087 455,854 1,800,269 2,017,134 NORWAY (1.2%) 31,300 DnB ASA 618,067 638,299 115,000 Nordic Semiconductor ASA 1,006,341 935,725 1,624,408 1,574,024 NEW ZEALAND (1.1%) 200,000 Air New Zealand Ltd. 342,968 516,128 100,000 Ebos Group Ltd. 857,841 1,013,315 1,200,809 1,529,443

FRANCE (8.3%) (cont’d) 10,000 Klépierre 600,543 622,191 22,500 Korian 794,147 965,459 15,100 Peugeot S.A. 319,059 320,572 6,400 Rallye S.A. 233,152 305,210 17,600 Rexel S.A. 401,644 420,982 15,900 Societe Generale S.A. 910,540 973,695 10,000 Stef S.A. 778,842 766,675 25,000 Ubisoft Entertainment 579,316 585,730 3,600 Valeo S.A.* 358,374 681,673 5,200 Vinci S.A. 382,211 376,932 9,129,934 11,170,660 SWITZERLAND (5.5%) 2,900 Actelion Ltd. 241,564 425,648 668 BB Biotech AG 238,781 260,135 1,400 Geberit AG 540,707 666,093 135 Givaudan S.A. 275,637 310,066 10,000 Lonza Group AG, Registered Shares 1,222,155 1,583,763 7,600 Novartis AG, Registered Shares 755,756 952,526 6,400 Roche Holding AG 1,733,134 2,236,613 3,000 Siegfried Holding AG 551,527 581,495 500 Swisscom AG, Registered Shares 311,640 367,915 5,870,901 7,384,254 AUSTRALIA (5.2%) 125,000 AMP Ltd. 672,432 776,682 34,600 Coca-Cola Amatil Ltd.* 353,695 359,867 10,000 Commonwealth Bank of Australia* 749,999 901,144 5,300 CSL Ltd. 466,455 471,061 200,000 Healthscope Ltd. 482,336 590,471 10,000 Macquarie Group Ltd. 543,936 739,729 50,000 Magellan Financial Group Ltd. 974,446 947,456 15,000 Ramsay Health Care Ltd.* 760,299 973,120 100,000 Regis Healthcare Ltd. 414,289 578,894 33,800 Suncorp Group Ltd. 458,938 440,249 8,200 Woodside Petroleum Ltd. 278,908 273,107 6,155,733 7,051,780 SWEDEN (3.7%) 30,000 Arcam AB* 692,041 697,084 16,500 Boliden AB 283,334 415,912 13,000 Investor AB 511,583 657,098 125,000 Mycronic AB 911,814 983,492 14,000 Svenska Cellulosa AB, B Shares 408,629 409,103 38,500 Telefonaktiebolaget LM Ericsson, Class B 542,769 613,758 50,000 Thule Group AB 654,657 680,172 22,500 Vitrolife AB 460,526 532,740 4,465,353 4,989,359 DENMARK (3.3%) 182 AP Moller - Maersk AS* 516,011 482,328 6,000 Coloplast AS 250,458 575,233 25,000 Danske Bank AS 747,582 836,148 17,500 DSV AS 466,844 689,924 20,000 Novo Nordisk AS 694,908 1,356,063 4,300 Pandora AS 302,878 496,503 2,978,681 4,436,199







GREECE (0.1%) 125,400 National Bank of Greece S.A. 422,626 187,842


Total Equities (93.5%) 104,328,719 125,761,207




CAYMAN ISLANDS (0.9%) 126,300 China Metal Recycling Holdings Ltd. 101,644 - 49,100 CK Hutchinson Holdings Ltd. 904,138 1,274,020 1,005,782 1,274,020 SINGAPORE (0.9%) 29,800 DBS Group Holdings Ltd. 477,811 560,001 64,675 Oversea-Chinese Banking Corp., Ltd. 541,210 630,967 1,019,021 1,190,968 CHINA (0.8%) 583,300 Huadian Fuxin Energy Corp Ltd., Shares H 330,331 362,176 26,300 Ping An Insurance (Group) Co. of China Ltd., Shares H 251,323 400,512 39,100 Zhuzhou CSR Times Electric Co., Ltd. 258,875 325,191 840,529 1,087,879 SOUTH KOREA (0.7%) 7,000 Hynix Semiconductor Inc. 279,281 364,229 333 Samsung Electronics Co., Ltd. 398,346 548,146 677,627 912,375 AUSTRIA (0.7%) 15,000 AMS AG 497,727 912,130 FINLAND (0.6%) 8,400 Kone OYJ* 428,521 472,195 12,700 UPM-Kymmene OYJ 323,326 313,375 751,847 785,570 BELGIUM (0.6%) 8,800 KBC Groep N.V. 595,752 689,773 9,461 Materialise N.V. ADR 121,017 83,773 716,769 773,546 GUERNSEY (0.5%) 19,900 Pershing Square Holdings Ltd. 555,730 668,022 BRAZIL (0.3%) 71,900 Kroton Educacional S.A. 344,852 293,796 50,100 Minerva S.A. 198,793 146,227 1,355 Minerva S.A., Rights (17Apr15) - 5 543,645 440,028 PORTUGAL (0.3%) 81,800 Energias de Portugal S.A. 386,035 388,203 BERMUDA (0.2%) 20,000 Lancashire Holdings Ltd.* 236,239 234,949 ISRAEL (0.1%) 84,000 Bezeq The Israeli Telecommunication Corp., Ltd. 182,603 198,402




International Equity Growth Corporate ClassSchedule of Investment Portfolio as at March 31, 2015 (cont’d)



Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 Bank of Montreal A-1 15-Jun-15 0.97 (1,121,200) Australian $ 1,088,411 Canadian $ 10,240 1 Bank of Montreal A-1 15-Jun-15 1.88 (328,000) British Pound 617,181 Canadian $ 390 1 Bank of Montreal A-1 15-Jun-15 5.51 (1,842,413) Danish Krone 334,474 Canadian $ (2,607)1 Bank of Montreal A-1 15-Jun-15 0.74 (1,062,000) Euro 1,434,438 Canadian $ (14,657)1 Bank of Montreal A-1 15-Jun-15 94.91 (203,592,000) Japanese Yen 2,145,005 Canadian $ (9,692)1 Bank of Montreal A-1 15-Jun-15 1.08 (727,300) New Zealand $ 676,367 Canadian $ (7,940)1 Bank of Montreal A-1 15-Jun-15 1.28 (1,111,563) US $ 1,419,021 Canadian $ 9,535 1 Canadian Imperial Bank of Commerce A-1 08-Apr-15 0.56 (1,306,229) British Pound 2,343,767 Canadian $ (111,488)1 Canadian Imperial Bank of Commerce A-1 08-Apr-15 0.01 (3,222,796) Canadian $ 304,320,581 Japanese Yen (7,986)1 Canadian Imperial Bank of Commerce A-1 08-Apr-15 99.93 (1,026,273,113) Japanese Yen 10,270,279 Canadian $ (571,018)1 Canadian Imperial Bank of Commerce A-1 08-Apr-15 95.04 (89,849,804) Japanese Yen 945,389 Canadian $ (3,773)1 Canadian Imperial Bank of Commerce A-1 15-Jun-15 0.74 (528,721) Euro 713,588 Canadian $ (7,848)1 Credit Suisse Group AG BBB+ 15-Jun-15 1.88 (735,811) British Pound 1,384,135 Canadian $ 472 1 Credit Suisse Group AG BBB+ 15-Jun-15 0.74 (4,149,690) Euro 5,604,405 Canadian $ (57,830)1 Credit Suisse Group AG BBB+ 15-Jun-15 0.73 (752,000) Euro 1,023,978 Canadian $ (2,141)1 Credit Suisse Group AG BBB+ 15-Jun-15 95.05 (191,045,800) Japanese Yen 2,009,920 Canadian $ (11,989)1 Credit Suisse Group AG BBB+ 15-Jun-15 0.15 (9,975,738) Swedish Krona 1,471,694 Canadian $ 1,347 1 Royal Bank of Canada A-1+ 08-Apr-15 1.36 (1,392,310) Canadian $ 1,025,478 Swiss Franc (54,979)1 Royal Bank of Canada A-1+ 08-Apr-15 1.41 (5,443,990) Euro 7,685,433 Canadian $ 270,486 1 Royal Bank of Canada A-1+ 08-Apr-15 0.85 (1,025,478) Swiss Franc 1,206,984 Canadian $ (130,303)1 The Bank of Nova Scotia A-1 15-Jun-15 0.97 (390,000) Australian $ 379,134 Canadian $ 4,101 1 The Bank of Nova Scotia A-1 15-Jun-15 1.88 (824,580) British Pound 1,552,364 Canadian $ 1,772 1 The Bank of Nova Scotia A-1 15-Jun-15 5.51 (7,774,775) Danish Krone 1,411,461 Canadian $ (10,984)1 The Bank of Nova Scotia A-1 15-Jun-15 94.97 (25,100,800) Japanese Yen 264,298 Canadian $ (1,354)1 The Bank of Nova Scotia A-1 15-Jun-15 0.15 (1,832,000) Swedish Krona 270,396 Canadian $ 373 1 Toronto-Dominion Bank A-1+ 15-Jun-15 0.97 (1,593,500) Australian $ 1,548,452 Canadian $ 16,105 1 Toronto-Dominion Bank A-1+ 15-Jun-15 0.74 (1,018,418) Euro 1,376,051 Canadian $ (13,578)1 Toronto-Dominion Bank A-1+ 15-Jun-15 95.02 (626,028,025) Japanese Yen 6,588,519 Canadian $ (36,973)1 Toronto-Dominion Bank A-1+ 15-Jun-15 1.08 (85,450) New Zealand $ 79,379 Canadian $ (1,020)1 Toronto-Dominion Bank A-1+ 15-Jun-15 6.41 (2,130,000) Norwegian Krone 332,059 Canadian $ (2,477)1 Toronto-Dominion Bank A-1+ 15-Jun-15 0.15 (3,518,575) Swedish Krona 519,002 Canadian $ 391 1 Toronto-Dominion Bank A-1+ 15-Jun-15 0.79 (1,222,425) Swiss Franc 1,554,457 Canadian $ (45,649)1 Toronto-Dominion Bank A-1+ 15-Jun-15 0.78 (310,000) Swiss Franc 395,762 Canadian $ (10,019)Total Foreign Currency Forward Contracts Value (801,093)






- 125,761 125,761 - 125,761 - - - 8,131 8,131 315 - 315 - 315 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 368 368 - - - - - - - - - - - - - - - - - - 1,681 1,681 - - - 119 119 - - - 766 766 315 125,761 126,076 11,065 137,141 - - - - - - - - - - 1,116 - 1,116 - 1,116 - - - - - - - - - - - - - - - - - - - - - - - 649 649 - - - 99 99 - - - - - - - - - - - - - - - - - - - - - - - 737 737 1,116 - 1,116 1,485 2,601





International Equity Growth Corporate ClassFund Specific Notes to Financial Statements




- 86,302 86,302 - 86,302 - - - 11,985 11,985 33 - 33 - 33 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 193 193 - - - - - - - - - - - - - - - - - - 1,146 1,146 - - - 163 163 - - - 67 67 33 86,302 86,335 13,554 99,889 - - - - - - - - - - 563 - 563 - 563 - - - - - - - - - - - - - - - - - - - - - - - 1,944 1,944 - - - 172 172 - - - - - - - - - - - - - - - - - - - - - - - - - 563 - 563 2,116 2,679



International Equity Growth Corporate ClassFund Specific Notes to Financial Statements




- 57,392 57,392 - 57,392 - - - 2,640 2,640 738 - 738 - 738 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 173 173 - - - - - - - - - - - - - - - - - - 997 997 - - - 65 65 - - - 53 53 738 57,392 58,130 3,928 62,058 - - - - - - - - - - 4 - 4 - 4 - - - - - - - - - - - - - - - - - - - - - - - 1,889 1,889 - - - 80 80 - - - 2 2 - - - - - - - - - - - - - - - - - - - - 4 - 4 1,971 1,975







1,930 (1,753) 19,061 19,007 20,991 17,254




as at March 31, 2015 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 315 (229) - 86 - - - - 315 (229) - 86 (1,116) 229 - (887) - - - - (1,116) 229 - (887)


as at April 1, 2013 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 738 (4) - 734 - - - - 738 (4) - 734 (4) 4 - - - - - - (4) 4 - -











The following table presents the Fund’s interest in Non-Consolidated Structured Entities.

as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Funds / ETFs in the Underlying Funds / ETFs Underlying Funds / ETFsNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Pershing Square Holdings Ltd. 6,363,406 668 - BB Biotech AG 3,540,188 260 -



2015 2014 31,042 43,470 788 1,208 1,093 355 (4,367) (7,123) (2,587) (6,868) 25,969 31,042

1,148,869 1,027,838 226,491 301,879 53,295 12,363 (63,962) (120,066) (97,203) (73,145) 1,267,490 1,148,869

16,045 1,017 1,509 11,518 1,244 282 6,076 3,468 (1,239) (240) 23,635 16,045

1,092 1,080 - - 48 12 - - - - 1,140 1,092

2,823,267 1,847,107 730,210 682,705 154,338 28,127 244,673 396,195 (286,036) (130,867) 3,666,452 2,823,267










2015 2014

64,522 5,551 27,327 2,706 4,201 704 (12,674) 56,787 (6,301) (1,226) 77,075 64,522

2,501,514 2,146,375 644,113 477,245 128,724 26,001 46,231 31,821 (264,921) (179,928) 3,055,661 2,501,514 44,621 31,470 920 238 4,211 1,365 16,885 11,548 (7,022) - 59,615 44,621




2015 2014 517 452 40 24




0.22 0.22 0.22 0.22 - - 0.22 0.22








as at as at Mar. 31, 2014 Apr. 1, 2013

97,101 59,996 109 87

97,210 60,083




16,217 22

16,239










as at April 1, 2013 Categories Net Assets (%)Japan 28.4 U.K. 13.1 France 9.8 Germany 9.5 Switzerland 6.7 Sweden 4.5 Other Net Assets (Liabilities) 3.3 Denmark 2.7 Norway 2.2 South Korea 2.1 Italy 1.9 Jersey Island 1.9 Hong Kong 1.6 Thailand 1.2 China 1.2 Foreign Currency Forward Contracts 1.2 Spain 0.9 Australia 0.8 Netherlands 0.7 Malaysia 0.7 Russia 0.6 Belgium 0.5 Austria 0.5 Turkey 0.5 Brazil 0.5 Singapore 0.4 Finland 0.4 Taiwan 0.4 Israel 0.4 Cayman Islands 0.4 Ireland 0.4 Bermuda 0.3 South Africa 0.3

Credit RiskAs at March 31, 2015, the Fund’s exposure to credit risk through derivative instruments was insignificant.

The 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, 2014 Credit Rating^* Net Assets (%)Not Rated 1.0Total 1.0

as at April 1, 2013 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 0.3 AA/Aa/A+ 0.9 Not Rated 1.1 Total 2.3







as at March 31, 2014 Categories Net Assets (%)U.K. 17.7 Japan 14.5 France 13.1 Other Net Assets (Liabilities) 11.7 Germany 10.2 Sweden 4.7 Spain 4.5 Denmark 3.4 Switzerland 2.6 Australia 2.4 Hong Kong 2.3 Italy 2.1 Netherlands 1.9 South Korea 1.6 Jersey Island 1.4 Cayman Islands 1.0 China 0.9 New Zealand 0.8 Ireland 0.7 Luxembourg 0.7 Norway 0.6 Russia 0.6 Greece 0.4 Austria 0.2 Taiwan 0.2 Thailand 0.2 Guernsey 0.1 Foreign Currency Forward Contracts (0.5)





as at April 1, 2013~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)Euro 14,781 (7,669) 7,112 11.9 British Pound 8,815 (3,639) 5,176 8.6 Japanese Yen 16,355 (12,378) 3,977 6.6 Swiss Franc 3,913 (987) 2,926 4.9 Hong Kong Dollar 2,312 (269) 2,043 3.4 Swedish Krona 2,628 (841) 1,787 3.0 Korean Won 1,242 - 1,242 2.1 Danish Krone 1,573 (644) 929 1.5 Taiwan Dollar 911 - 911 1.5 Norwegian Krone 1,343 (446) 897 1.5 US Dollar 890 - 890 1.5 Thai Baht 723 - 723 1.2 Australian Dollar 468 - 468 0.8 Malaysian Ringgit 415 - 415 0.7 Brazilian Real 297 - 297 0.5 Turkish Lira 294 - 294 0.5 Singapore Dollar 253 - 253 0.4 South Africa Rand 155 - 155 0.3Total 57,368 (26,873) 30,495 50.9






Long Positions at fair value as at March 31, 2015 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 125,515 246 - 125,761 Foreign currency forward contracts, net - (801) - (801) Total 125,515 (555) - 124,960

During the year ended March 31, 2015, investments with a fair value of $853,000 were transferred out of Level 2 into Level 1 as quoted market prices became available for these investments.

There were no transfers between Level 1 and Level 3 and Level 2 and Level 3 during the year ended March 31, 2015.






Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)Euro 38,096 (17,641) 20,455 15.2British Pound 20,386 (6,005) 14,381 10.7Japanese Yen 27,841 (19,619) 8,222 6.1Swiss Franc 8,296 (1,998) 6,298 4.7Hong Kong Dollar 4,945 - 4,945 3.7Australian Dollar 7,308 (2,995) 4,313 3.2US Dollar 5,381 (1,408) 3,973 3.0Swedish Krona 4,989 (2,254) 2,735 2.0Danish Krone 4,484 (1,753) 2,731 2.0Norwegian Krone 1,574 (335) 1,239 0.9Singapore Dollar 1,191 - 1,191 0.9Korean Won 912 - 912 0.7New Zealand Dollar 1,545 (770) 775 0.6Brazilian Real 440 - 440 0.3Israeli Shekel 198 - 198 0.1Total 127,586 (54,778) 72,808 54.1

as at March 31, 2014~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)Euro 32,129 (16,729) 15,400 15.9 British Pound 18,895 (4,771) 14,124 14.5 Japanese Yen 13,745 (9,581) 4,164 4.3 Hong Kong Dollar 3,560 - 3,560 3.7 Swiss Franc 2,934 (719) 2,215 2.3 Swedish Krona 4,549 (2,357) 2,192 2.3 US Dollar 1,600 - 1,600 1.6 Korean Won 1,394 - 1,394 1.4 Australian Dollar 2,236 (932) 1,304 1.3 Danish Krone 3,283 (2,038) 1,245 1.3 Taiwan Dollar 981 - 981 1.0 Norwegian Krone 602 - 602 0.6 Thai Baht 226 - 226 0.2 New Zealand Dollar 746 (690) 56 0.1 Total 86,880 (37,817) 49,063 50.5






Long Positions at fair value as at March 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 85,952 241 - 86,193 Foreign currency forward contracts, net - (530) - (530) Total 85,952 (289) - 85,663

There were no transfers between Level 1 and 2 and Level 1 and 3 during the year ended March 31, 2014.

Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 56,592 - 713 57,305 Foreign currency forward contracts, net - 734 - 734 Total 56,592 734 713 58,039


Level 3 ReconciliationThe table below summarizes the movement in financial instruments classified as Level 3.

for the year ended March 31, 2014 Balance at Transfers Transfers Realized gain Unrealized gain Balance at Apr. 1, 2013 Purchases Sales in (out) (loss) (loss)* Mar. 31, 2014 (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 713 - - - (417) - (296) -Total 713 - - - (417) - (296) - *Change in unrealized gain (loss) related to investments held at March 31, 2014 was ($296,271). During the year ended March 31, 2014, investments with a fair value of $417,000 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 thatthe 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, 2014.


Emerging Markets Equity Corporate ClassFinancial Statements

CIG - 17671


184,512 143,268 106,355 13,057 14,992 7,821

2,048 1 214 - - - - - - - - - - - - - - - 305 371 154 - - - - - - - - - 2,669 1,754 1,550 466 189 167 69 161 145 203,126 160,736 116,406

- - - - - -

894 344 95 - - - - - - - - - - - - 52 4,412 928 489 162 121 - - 20 - - - - - - - - - 1,435 4,918 1,164

201,691 155,818 115,242

159,824 126,814 93,516 - - -


432 470 679 21,226 18,657 14,186 137 98 21 21 11 12 77,251 53,968 33,722 840 516 17 94,293 77,403 63,639 7,491 4,695 2,966

10.05 9.39 8.99 13.68 12.69 12.08 8.59 8.61 8.90 10.48 9.68 9.17 14.57 13.20 12.27 10.81 10.58 10.66 12.30 11.18 10.41 9.70 9.52 9.62

42,880 49,914 75,537 1,551,075 1,469,671 1,174,716 16,003 11,414 2,383 2,046 1,159 1,267 5,301,630 4,088,357 2,749,021 77,683 48,754 1,579 7,663,528 6,925,408 6,112,993 772,281 493,152 308,505














2015 2014

3,607 2,900 10 10 - - - - - - - - - - - -

6,101 5,196

9,731 3,153 19,449 11,259 2,268 926 - - 41 59 - - 2,309 985 21,758 12,244 378 323 240 195 486 364 1 - 330 349 68 57 1,503 1,288 - -

20,255 10,956

39 22 1,848 1,044 11 3 2 - 7,684 3,944 65 25 9,901 5,564 705 354






2015 2014

0.82 0.36 1.25 0.77 0.86 0.70 1.09 0.53 1.65 1.18 1.27 2.20 1.36 0.86 1.18 0.85

47,147 57,012 1,472,500 1,346,112 13,166 7,246 1,690 1,164 4,665,501 3,350,668 51,324 11,297 7,216,580 6,458,381 601,045 417,712








2015 2014

470 679

39 22

(1) (1) (6) - - - (7) (1)

11 43 7 1 (34) (142) (54) (132)

(70) (230)

(38) (209)

432 470

18,657 14,186

1,848 1,044

(57) (55) (276) - - - (333) (55)

3,390 4,844 332 55 (2,761) (3,346) 93 1,929 1,054 3,482

2,569 4,471

21,226 18,657






2015 2014

98 21

11 3

- - (2) - (9) (5) (11) (5)

4 47 3 1 (9) (5) 41 36 39 79

39 77

137 98

11 12

2 -

- - - - - - - -

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

10 (1)

21 11











2015 2014

53,968 33,722

7,684 3,944

(205) (158) (1,000) - - - (1,205) (158)

12,980 11,687 1,204 158 (11,286) (13,529) 13,906 18,144 16,804 16,460

23,283 20,246

77,251 53,968

516 17

65 25

(2) (2) (11) - (43) (12) (56) (14)

203 38 25 3 (46) (37) 133 484 315 488

324 499

840 516





2015 2014

77,403 63,639

9,901 5,564

(252) (228) (1,229) - - - (1,481) (228)

14,914 13,272 1,480 227 (11,333) (14,628) 3,409 9,557 8,470 8,428

16,890 13,764

94,293 77,403

4,695 2,966

705 354

(19) (14) (91) - (449) (319) (559) (333)

225 209 299 146 (961) (847) 3,087 2,200 2,650 1,708

2,796 1,729

7,491 4,695









2015 2014

155,818 115,242

20,255 10,956

(536) (458) (2,615) - (501) (336) (3,652) (794)

31,727 30,140 3,350 591 (26,430) (32,535) 20,623 32,218 29,270 30,414

45,873 40,576

201,691 155,818




2015 2014

20,255 10,956

(6,101) (5,196) (526) (37) 486 364

(9,731) (3,153) 119,590 93,955 (152,260) (119,141) - - - - - - 66 (217) - - - - - - - - 92 (16) (28,129) (22,485)

(302) (223) 31,450 30,118 (26,103) (32,494) 20,623 32,218 25,668 29,619

526 37 (2,461) 7,134 14,992 7,821 13,057 14,992

3,088 2,337 10 10 - - (1) -









INDIA (5.8%) (cont’d) 86,400 Shriram Transport Finance Co., Ltd. 1,185,551 1,958,351 179,400 Tata Motors Ltd. 1,381,410 2,007,697 8,208,156 11,620,292 HONG KONG (5.1%) 545,628 AIA Group Ltd. 2,672,362 4,350,717 809,400 Beijing Enterprises Water Group Ltd. 632,742 698,299 187,600 China Mobile Ltd. (Hong Kong) 2,054,592 3,102,113 356,000 Dah Sing Banking Group Ltd. 685,316 781,796 327,200 Techtronic Industries Co. 1,104,730 1,400,744 7,149,742 10,333,669 CHILE (3.7%) 48,951 Banco de Chile, ADR 4,098,608 4,158,311 2,970,700 Enersis S.A. 1,048,989 1,229,137 211,900 S.A.C.I. Falabella 1,906,960 2,053,799 87,800 Sociedad Matriz del Banco de Chile S.A. 31,874 32,497 7,086,431 7,473,744 TURKEY (3.6%) 470,135 Akbank T.A.S. 1,703,306 1,753,218 170,100 Turkcell Iletisim Hizmetleri AS, ADR 2,648,530 2,807,635 419,873 Turkiye Halk Bankasi AS 3,111,970 2,630,104 7,463,806 7,190,957 PHILIPPINES (3.5%) 268,880 Ayala Corp. 4,119,427 6,058,408 26,400 GT Capital Holdings Inc. 901,310 1,001,136 26,100 GT Capital Holdings Inc., Rights (08Apr15) - - 5,020,737 7,059,544 U.K. (2.5%) 86,150 BHP Billiton PLC 2,855,134 2,385,994 69,700 Royal Dutch Shell PLC, Shares A 2,694,942 2,630,634 5,550,076 5,016,628 THAILAND (2.4%) 419,633 Bangkok Bank PCL, Foreign Registered Shares 2,408,923 3,031,248 939,100 Robinson Department Store PCL, Depository Receipt 1,629,704 1,737,054 4,038,627 4,768,302 SINGAPORE (2.2%) 859,500 Global Logistic Properties Ltd. 2,056,241 2,102,262 63,865 Great Eastern Holdings Ltd. 947,550 1,467,768 225,300 Singapore Telecommunications Ltd. 885,646 910,816 3,889,437 4,480,846 INDONESIA (2.2%) 3,257,123 Bank Mandiri Persero Tbk PT 2,601,704 3,936,633 13,353,000 Panin Financial Tbk PT 281,025 437,266 2,882,729 4,373,899 BERMUDA (1.9%) 14,980 Credicorp Ltd. 2,212,712 2,668,589 684,314 Shangri-La Asia Ltd. 1,215,276 1,191,947 3,427,988 3,860,536 BRAZIL (1.9%) 156,293 Ambev S.A. 1,090,805 1,145,083 208,400 Brasil Insurance Participacoes e Administracao S.A. 818,793 161,374 68,300 Embraer S.A. 642,177 665,845 66,400 Equatorial Energia S.A. 808,567 823,985 84,000 Raia Drogasil S.A. 812,734 955,330 4,173,076 3,751,617

CAYMAN ISLANDS (12.0%) 153,700 21Vianet Group Inc., ADR 3,239,490 3,438,400 68,400 Alibaba Group Holding Ltd.* 6,507,778 7,212,404 163,700 ENN Energy Holdings Ltd. 1,144,325 1,271,872 341,200 HKBN Ltd. 500,471 537,440 31,800 iKang Healthcare Group Inc. 683,042 653,386 268,300 Tencent Holdings Ltd. 4,931,785 6,453,165 647,600 Tingyi Holding Corp. (Cayman Islands) 1,821,583 1,765,010 1,026,050 Want Want China Holdings Ltd. 1,300,449 1,379,789 1,125,000 Wasion Group Holdings Ltd. 738,848 1,724,248 20,867,771 24,435,714 U.S.A. (9.1%) 19,700 Anadarko Petroleum Corp. 1,994,699 2,066,526 7,800 China Biologic Products Inc. 670,128 943,703 22,800 Citigroup Inc. 1,370,693 1,487,999 84,900 iShares MSCI India ETF 3,482,999 3,440,439 49,500 Noble Energy Inc. 3,094,548 3,066,238 11,700 Occidental Petroleum Corp. 1,109,438 1,081,934 42,900 SPDR Gold Trust 6,477,547 6,176,704 18,200,052 18,263,543 SOUTH KOREA (7.7%) 63,520 Hynix Semiconductor Inc. 2,160,427 3,305,115 18,297 Hyundai Motor Co. 3,738,396 3,521,823 9,200 Korea Aerospace Industries Ltd. 458,553 592,727 26,788 LG Display Co., Ltd. 915,627 957,795 2,859 Samsung Electronics Co., Ltd. 3,243,693 4,706,151 52,084 Shinhan Financial Group Co., Ltd. 2,322,851 2,495,882 12,839,547 15,579,493 CHINA (7.0%) 647,000 CGN Power Co., Ltd. 270,281 353,098 980,200 China CNR Corp., Ltd., Shares H 777,040 1,784,203 3,831,300 China Construction Bank Corp., Shares H 3,291,111 4,031,590 4,929,800 Huadian Fuxin Energy Corp Ltd., Shares H 2,771,690 3,060,957 2,134,700 Huaneng Renewables Corp., Ltd. 813,267 980,139 28,434 PetroChina Co., Ltd., ADR 3,528,834 4,005,656 11,452,223 14,215,643 MEXICO (6.3%) 853,024 Cemex S.A.B. de C.V. 1,057,731 1,025,272 138,343 El Puerto de Liverpool S.A.B. de C.V. 1,661,953 2,068,536 214,500 Grupo Aeroportuario del Centro Norte S.A.B. de C.V. 819,205 1,323,631 629,400 Grupo Financiero Banorte S.A.B. de C.V. 4,153,275 4,627,830 874,700 OHL Mexico S.A.B. de C.V. 2,030,895 2,107,735 494,800 Wal-Mart de Mexico S.A.B. de C.V. 1,344,348 1,566,311 11,067,407 12,719,315 TAIWAN (6.2%) 82,328 Asustek Computer Inc. 825,143 1,051,135 51,200 Hermes Microvision Inc. 2,053,973 3,745,824 559,972 Hon Hai Precision Industry Co., Ltd. 2,107,759 2,079,036 188,600 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 3,347,868 5,609,597 8,334,743 12,485,592 INDIA (5.8%) 309,322 Adani Port and Special Economic Zone Ltd. 1,174,659 1,939,093 66,100 Housing Development Finance Corp., Ltd. 1,094,753 1,768,941 171,800 ICICI Bank Ltd 843,919 1,102,497 81,300 Larsen & Toubro Ltd. 2,527,864 2,843,713









GREECE (0.1%) 94,740 National Bank of Greece S.A. 267,816 141,915


Total Equities (91.5%) 159,823,674 184,511,897


Foreign Currency Forward Contracts (0.6%) (see Schedule A) 1,153,776


SOUTH AFRICA (1.5%) 1,074,204 African Bank Investments Ltd. 1,785,719 - 77,400 Aspen Pharmacare Holdings Ltd. 2,345,186 3,104,122 4,130,905 3,104,122 GERMANY (1.4%) 44,600 Rocket Internet AG 2,775,203 2,798,964 SPAIN (0.9%) 137,724 Banco Bilbao Vizcaya Argentaria S.A. 1,464,230 1,764,452 158,224 Banco Bilbao Vizcaya Argentaria S.A., Rights (14Apr15) - 28,872 1,464,230 1,793,324 LUXEMBOURG (0.8%) 17,400 Millicom International Cellular S.A. 1,510,956 1,596,765 PANAMA (0.7%) 38,200 Intercorp Financial Services Inc. 1,342,895 1,402,825 COLOMBIA (0.6%) 24,250 Bancolombia S.A., ADR 1,459,549 1,208,169 POLAND (0.6%) 103,200 Powszechna Kasa Oszczednosci Bank Polski S.A. 1,351,934 1,172,657 MALAYSIA (0.5%) 498,000 AMMB Holdings Bhd 1,176,201 1,083,327 JERSEY ISLAND (0.5%) 180,800 Glencore Xstrata PLC 1,092,167 971,575 CANADA (0.5%) 178,600 Lundin Mining Corp. 902,849 912,646 PORTUGAL (0.3%) 50,800 Galp Energia SGPS S.A. 905,220 696,274




Emerging Markets Equity Corporate ClassSchedule of Investment Portfolio as at March 31, 2015 (cont’d)



Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 Bank of Montreal A-1 16-Apr-15 1.51 (597,000) British Pound 903,174 US $ 22,100 1 Bank of Montreal A-1 16-Apr-15 2.62 (8,023,000) Turkish Lira (New) 3,067,248 US $ (7,502)1 Credit Suisse Group AG BBB+ 16-Apr-15 1.51 (505,000) British Pound 764,396 US $ 19,206 1 HSBC Holdings PLC A-1 10-Apr-15 0.34 (6,575,000) Brazilian Real 2,249,786 US $ 246,007 1 HSBC Holdings PLC A-1 10-Apr-15 0.37 (2,656,000) Brazilian Real 990,047 US $ 202,276 1 HSBC Holdings PLC A-1 10-Apr-15 1,112.25 (3,214,926,000) Korean Won 2,890,476 US $ (10,127)1 HSBC Holdings PLC A-1 10-Apr-15 0.00 (6,994,142,000) Korean Won 6,408,383 US $ 130,082 1 HSBC Holdings PLC A-1 10-Apr-15 1,132.26 (734,492,000) Korean Won 648,696 US $ (17,097)1 HSBC Holdings PLC A-1 16-Apr-15 0.73 (2,080,000) Singaporean $ 1,515,549 US $ 685 1 HSBC Holdings PLC A-1 16-Apr-15 0.09 (24,066,000) South African Rand 2,085,568 US $ 134,487 1 HSBC Holdings PLC A-1 16-Apr-15 0.40 (6,981,000) Turkish Lira (New) 2,816,566 US $ 180,532 1 HSBC Holdings PLC A-1 10-Apr-15 0.33 (1,196,727) US $ 3,642,000 Brazilian Real (73,610)1 HSBC Holdings PLC A-1 16-Apr-15 0.38 (1,218,294) US $ 3,170,000 Turkish Lira (5,118)1 HSBC Holdings PLC A-1 16-Apr-15 12.33 (1,296,170) US $ 15,981,000 South African Rand 23,107 1 HSBC Holdings PLC A-1 10-Apr-15 0.35 (220,366) US $ 633,000 Brazilian Real (28,460)1 HSBC Holdings PLC A-1 10-Apr-15 0.36 (287,064) US $ 790,000 Brazilian Real (50,772)1 HSBC Holdings PLC A-1 16-Apr-15 2.64 (1,202,352) US $ 3,170,000 Turkish Lira 15,075 1 HSBC Holdings PLC A-1 16-Apr-15 2.66 (240,643) US $ 641,000 Turkish Lira 6,193 1 HSBC Holdings PLC A-1 10-Apr-15 0.35 (644,938) US $ 1,866,000 Brazilian Real (77,980)1 HSBC Holdings PLC A-1 16-Apr-15 0.08 (678,613) US $ 8,085,000 South African Rand (17,270)1 HSBC Holdings PLC A-1 10-Apr-15 0.32 (731,878) US $ 2,300,000 Brazilian Real (16,237)1 Morgan Stanley A-2 16-Apr-15 1.15 (2,256,000) Euro 2,605,071 US $ 227,167 1 Morgan Stanley A-2 16-Apr-15 1.15 (790,000) Euro 906,728 US $ 72,571 1 Morgan Stanley A-2 16-Apr-15 0.07 (29,375,000) Mexican Peso 2,005,399 US $ 102,866 1 Morgan Stanley A-2 16-Apr-15 0.07 (37,294,000) Mexican Peso 2,472,503 US $ 37,478 1 Morgan Stanley A-2 16-Apr-15 0.07 (7,845,000) Mexican Peso 519,364 US $ 6,945 1 Morgan Stanley A-2 16-Apr-15 0.73 (2,119,000) Singaporean $ 1,546,749 US $ 4,224 1 Morgan Stanley A-2 16-Apr-15 0.03 (86,679,000) Thai Baht 2,664,586 US $ 2,963 1 Morgan Stanley A-2 16-Apr-15 0.07 (2,493,969) US $ 37,220,000 Mexican Peso (70,808)1 Morgan Stanley A-2 16-Apr-15 0.93 (363,532) US $ 339,000 Euro 1,230 1 Morgan Stanley A-2 16-Apr-15 1.09 (526,314) US $ 485,000 Euro (6,113)1 Royal Bank of Canada A-1+ 10-Apr-15 0.38 (591,000) Brazilian Real 222,935 US $ 48,346 1 Royal Bank of Canada A-1+ 10-Apr-15 0.37 (2,650,000) Brazilian Real 987,516 US $ 201,446 1 Royal Bank of Canada A-1+ 16-Apr-15 1.14 (139,000) Euro 157,935 US $ 10,739 1 Royal Bank of Canada A-1+ 16-Apr-15 1.16 (136,000) Euro 158,294 US $ 15,279 1 Royal Bank of Canada A-1+ 16-Apr-15 1.13 (160,000) Euro 180,236 US $ 10,385 1 Royal Bank of Canada A-1+ 16-Apr-15 1.10 (258,000) Euro 284,470 US $ 8,942 1 Royal Bank of Canada A-1+ 16-Apr-15 1.15 (267,000) Euro 308,256 US $ 26,813 1 Royal Bank of Canada A-1+ 16-Apr-15 1.14 (459,000) Euro 524,233 US $ 38,888 1 Royal Bank of Canada A-1+ 16-Apr-15 0.07 (27,941,000) Mexican Peso 1,900,554 US $ 89,046 1 Royal Bank of Canada A-1+ 16-Apr-15 15.33 (37,523,000) Mexican Peso 2,448,163 US $ (12,352)1 Royal Bank of Canada A-1+ 16-Apr-15 12.34 (27,068,000) South African Rand 2,192,718 US $ (42,539)1 Royal Bank of Canada A-1+ 16-Apr-15 1.13 (164,517) US $ 145,000 Euro (10,903)1 Royal Bank of Canada A-1+ 16-Apr-15 0.07 (1,871,467) US $ 27,941,000 Mexican Peso (52,203)1 Royal Bank of Canada A-1+ 10-Apr-15 0.35 (20,404) US $ 59,000 Brazilian Real (2,481)1 Royal Bank of Canada A-1+ 10-Apr-15 0.36 (290,317) US $ 802,000 Brazilian Real (50,140)1 Royal Bank of Canada A-1+ 16-Apr-15 1.16 (466,670) US $ 403,000 Euro (42,245)1 Royal Bank of Canada A-1+ 10-Apr-15 0.32 (757,335) US $ 2,380,000 Brazilian Real (16,802)1 State Street Corp. A-1 16-Apr-15 1.51 (732,000) British Pound 1,107,673 US $ 27,431 1 State Street Corp. A-1 16-Apr-15 1.51 (122,000) British Pound 184,627 US $ 4,591 1 State Street Corp. A-1 16-Apr-15 1.50 (138,000) British Pound 207,461 US $ 3,445 1 State Street Corp. A-1 16-Apr-15 1.55 (1,029,174) US $ 663,000 British Pound (57,668)1 The Bank of Nova Scotia A-1 10-Apr-15 3.29 (8,263,000) Brazilian Real 2,510,787 US $ (91,849)1 The Bank of Nova Scotia A-1 16-Apr-15 1.51 (136,000) British Pound 205,868 US $ 5,186 1 The Bank of Nova Scotia A-1 16-Apr-15 1.51 (225,000) British Pound 340,301 US $ 8,214


Emerging Markets Equity Corporate ClassSchedule of Investment Portfolio as at March 31, 2015 (cont’d)


Schedule A (cont’d)Foreign Currency Forward Contracts (0.6%)

Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 The Bank of Nova Scotia A-1 16-Apr-15 1.13 (248,000) Euro 280,873 US $ 18,006 1 The Bank of Nova Scotia A-1 16-Apr-15 1.10 (268,000) Euro 294,888 US $ 8,520 1 The Bank of Nova Scotia A-1 16-Apr-15 1.15 (507,000) Euro 584,738 US $ 50,153 1 The Bank of Nova Scotia A-1 16-Apr-15 0.07 (9,960,000) Mexican Peso 681,815 US $ 37,230 1 The Bank of Nova Scotia A-1 16-Apr-15 1.50 (189,530) US $ 126,000 British Pound (3,284)1 The Bank of Nova Scotia A-1 16-Apr-15 1.49 (189,812) US $ 127,000 British Pound (1,762)1 The Bank of Nova Scotia A-1 10-Apr-15 0.32 (2,644,245) US $ 8,263,000 Brazilian Real (77,199)1 The Bank of Nova Scotia A-1 16-Apr-15 1.16 (364,559) US $ 315,000 Euro (32,756)1 The Bank of Nova Scotia A-1 16-Apr-15 0.07 (667,265) US $ 9,960,000 Mexican Peso (18,801)Total Foreign Currency Forward Contracts Value 1,153,776






- 184,512 184,512 - 184,512 - - - 13,057 13,057 2,048 - 2,048 - 2,048 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 305 305 - - - - - - - - - - - - - - - - - - 2,669 2,669 - - - 466 466 - - - 69 69 2,048 184,512 186,560 16,566 203,126 - - - - - - - - - - 894 - 894 - 894 - - - - - - - - - - - - - - - - - - - - - - - 52 52 - - - 489 489 - - - - - - - - - - - - - - - - - - - - 894 - 894 541 1,435





Emerging Markets Equity Corporate ClassFund Specific Notes to Financial Statements




- 143,268 143,268 - 143,268 - - - 14,992 14,992 1 - 1 - 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 371 371 - - - - - - - - - - - - - - - - - - 1,754 1,754 - - - 189 189 - - - 161 161 1 143,268 143,269 17,467 160,736 - - - - - - - - - - 344 - 344 - 344 - - - - - - - - - - - - - - - - - - - - - - - 4,412 4,412 - - - 162 162 - - - - - - - - - - - - - - - - - - - - 344 - 344 4,574 4,918



Emerging Markets Equity Corporate ClassFund Specific Notes to Financial Statements




- 106,355 106,355 - 106,355 - - - 7,821 7,821 214 - 214 - 214 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 154 154 - - - - - - - - - - - - - - - - - - 1,550 1,550 - - - 167 167 - - - 145 145 214 106,355 106,569 9,837 116,406 - - - - - - - - - - 95 - 95 - 95 - - - - - - - - - - - - - - - - - - - - - - - 928 928 - - - 121 121 - - - 20 20 - - - - - - - - - - - - - - - 95 - 95 1,069 1,164







2,196 (975) 17,253 12,234 19,449 11,259




as at March 31, 2015 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 2,048 (772) - 1,276 - - - - 2,048 (772) - 1,276 (894) 772 - (122) - - - - (894) 772 - (122)

as at March 31, 2014 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 1 (1) - - - - - - 1 (1) - - (344) 1 - (343) - - - - (344) 1 - (343)











as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Funds / ETFs in the Underlying Funds / ETFs Underlying Funds / ETFsNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)iShares MSCI India ETF 3,408,002 3,440 0.1 SPDR Gold Trust 28,062,654 6,177 -







2015 2014

49,914 75,537 1,191 4,854 683 147 (5,381) (14,721) (3,527) (15,903) 42,880 49,914

1,469,671 1,174,716 259,256 405,549 24,694 4,353 8,458 164,448 (211,004) (279,395) 1,551,075 1,469,671

11,414 2,383 478 5,377 364 108 4,775 4,228 (1,028) (682) 16,003 11,414

1,159 1,267 - - 33 3 854 - - (111) 2,046 1,159

4,088,357 2,749,021 945,676 946,873 84,190 12,079 1,017,186 1,481,390 (833,779) (1,101,006) 5,301,630 4,088,357








2015 2014

48,754 1,579 19,181 3,724 2,330 274 11,898 46,838 (4,480) (3,661) 77,683 48,754

6,925,408 6,112,993 1,288,934 1,268,313 122,501 20,522 313,747 936,424 (987,062) (1,412,844) 7,663,528 6,925,408

493,152 308,505 24,162 22,807 31,422 15,779 326,189 238,412 (102,644) (92,351) 772,281 493,152




2015 2014 470 351 91 83




0.22 0.22 0.22 0.22 - - 0.22 0.22








as at as at Mar. 31, 2014 Apr. 1, 2013

155,570 115,064 248 178

155,818 115,242




10,886 70

10,956










as at April 1, 2013 Categories Net Assets (%)South Korea 8.9 Brazil 8.6 Hong Kong 7.7 Other Net Assets (Liabilities) 7.6Thailand 5.7 Cayman Islands 5.4 Taiwan 5.3 U.S.A. 5.0 China 4.4 Indonesia 4.1 Mexico 4.0 India 3.0 Bermuda 2.8 U.K. 2.8 South Africa 2.7 Turkey 2.7 Chile 2.4 Russia 2.4 Poland 2.3 Singapore 1.7 Jersey Island 1.7 Netherlands 1.5 Netherlands Antilles 1.1 Japan 1.1 Switzerland 1.0 Luxembourg 0.8 Hungary 0.6 Denmark 0.6 Israel 0.4 Canada 0.4 Colombia 0.4 Peru 0.3 Panama 0.3 Czech Republic 0.2 Foreign Currency Forward Contracts 0.1


as at March 31, 2015Credit Rating^* Net Assets (%)AAA/Aaa/A++ 0.2AA/Aa/A+ 0.8Total 1.0

as at March 31, 2014 Credit Rating^* Net Assets (%)Not Rated 1.0 Total 1.0




as at March 31, 2014 Categories Net Assets (%)South Korea 9.8 China 8.5 Other Net Assets (Liabilities) 8.3 Taiwan 7.9 Cayman Islands 7.7 Brazil 6.8 Hong Kong 5.4 Mexico 5.4 U.K. 4.3 India 3.7 Turkey 3.5 Thailand 3.3 Russia 3.1 Chile 3.0 South Africa 2.7 U.S.A. 2.6 Jersey Island 2.5 Indonesia 2.2 Philippines 2.0 Bermuda 1.9 Netherlands Antilles 1.3 Hungary 1.0 Colombia 0.8 Singapore 0.8 Italy 0.6 Portugal 0.5 Canada 0.4 Austria 0.1 Japan 0.1 Malaysia - Foreign Currency Forward Contracts (0.2)





as at March 31, 2014~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 44,380 - 44,380 28.5 Hong Kong Dollar 26,964 - 26,964 17.3 Korean Won 14,979 - 14,979 9.6 Mexican Peso 7,891 - 7,891 5.1 Indian Rupee 7,367 - 7,367 4.7 British Pound 6,262 - 6,262 4.0 Thai Baht 5,036 - 5,036 3.2 Taiwan Dollar 4,995 - 4,995 3.2 Brazilian Real 10,542 (6,319) 4,223 2.7 South Africa Rand 4,168 - 4,168 2.7 Turkish Lira 3,508 - 3,508 2.3 Indonesian Rupiah 3,416 - 3,416 2.2 Russian Rouble 3,321 - 3,321 2.1 Philippine Peso 3,068 - 3,068 2.0 Chilean Peso 1,727 - 1,727 1.1 Hungarian Forint 1,502 - 1,502 1.0 Euro 4,298 (2,983) 1,315 0.8 Singapore Dollar 1,142 - 1,142 0.7 Japanese Yen 311 - 311 0.2 Malaysian Ringgit 71 - 71 - Total 154,948 (9,302) 145,646 93.4

as at April 1, 2013~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 26,813 - 26,813 23.3 Hong Kong Dollar 20,701 - 20,701 18.0 Brazilian Real 10,333 - 10,333 9.0 Korean Won 9,866 - 9,866 8.6 Thai Baht 6,411 - 6,411 5.6 Taiwan Dollar 5,612 - 5,612 4.9 Indonesian Rupiah 4,668 - 4,668 4.1 Indian Rupee 4,033 - 4,033 3.5 Mexican Peso 3,007 - 3,007 2.6 Polish Zloty 2,713 - 2,713 2.4 British Pound 4,353 (2,303) 2,050 1.8 Singapore Dollar 1,904 - 1,904 1.7 Turkish Lira 1,704 - 1,704 1.5 Swiss Franc 1,699 - 1,699 1.5 Chilean Peso 1,285 - 1,285 1.1 Japanese Yen 1,240 - 1,240 1.1 Euro 1,935 (1,016) 919 0.8 Hungarian Forint 725 - 725 0.6 Danish Krone 642 - 642 0.6 Israeli Shekel 499 - 499 0.4 Czech Koruna 268 - 268 0.2 Malaysian Ringgit 41 - 41 - South Africa Rand 3,076 (3,175) (99) (0.1) Total 113,528 (6,494) 107,034 93.2




as at April 1, 2013 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 0.1 AA/Aa/A+ 0.1 Not Rated 1.5 Total 1.7




Other Price Risk As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund was predominantly invested in global equities and therefore was sensitive to changes in general economic conditions across the world.

As at March 31, 2015, had global markets increased or decreased by 10% (March 31, 2014 and April 1, 2013 - 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 $18,451,000 (March 31, 2014 - $14,302,000 and April 1, 2013 - $10,618,000). In practice, actual results may differ from this analysis and the difference may be material.



Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 63,205 40,540 103,745 51.4Hong Kong Dollar 35,210 - 35,210 17.5Indian Rupee 11,623 - 11,623 5.8Taiwan Dollar 9,122 - 9,122 4.5Philippine Peso 7,060 - 7,060 3.5Mexican Peso 12,719 (6,215) 6,504 3.2Indonesian Rupiah 4,427 - 4,427 2.2Korean Won 16,893 (12,501) 4,392 2.2Brazilian Real 3,778 - 3,778 1.9Chilean Peso 3,315 - 3,315 1.6British Pound 5,921 (2,893) 3,028 1.5Swedish Krona 1,597 - 1,597 0.8Thai Baht 4,794 (3,375) 1,419 0.7Polish Zloty 1,173 - 1,173 0.6Malaysian Ringgit 1,083 - 1,083 0.5Singapore Dollar 4,481 (3,876) 605 0.3Euro 5,695 (5,176) 519 0.3Turkish Lira 4,389 (3,911) 478 0.2South Africa Rand 3,052 (2,828) 224 0.1Total 199,537 (235) 199,302 98.8





Currency Risk (cont’d)As at March 31, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, 2014 and April 1, 2013 - 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 $19,930,000 (March 31, 2014 - $14,565,000 and April 1, 2013 - $10,703,000). In practice, actual results may differ from this analysis and the difference may be material.




Long Positions at fair value as at March 31, 2015 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 183,236 1,276 - 184,512 Foreign currency forward contracts, net - 1,154 - 1,154 Total 183,236 2,430 - 185,666

Long Positions at fair value as at March 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 143,020 - - 143,020 Foreign currency forward contracts, net - (343) - (343) Total 143,020 (343) - 142,677


Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 105,565 612 - 106,177 Foreign currency forward contracts, net - 119 - 119 Total 105,565 731 - 106,296






CIG - 17676


468,196 359,934 266,094 14,984 17,435 17,891

2,350 - 2,053 - - - - - - - - - - - - - - - 1,322 1,392 1,063 - - - - - - - - - 12,821 13,006 2,328 919 684 433 130 304 264 500,722 392,755 290,126

- - - - - -

6,934 5,274 104 - - - - - - - - - - - - 4,601 13,387 3,697 828 304 408 - - 13 - - - - - - - - - 12,363 18,965 4,222

488,359 373,790 285,904

419,008 332,243 236,233 - - -











3,673 3,979 6,084 162,648 126,981 89,648 268 181 30 213 141 124 140,057 96,328 66,530 1,206 658 114 174,480 142,504 121,318 5,814 3,018 2,056

12.22 11.38 10.00 13.57 12.56 10.96 9.43 9.50 8.93 15.42 14.22 12.35 15.69 14.18 12.09 12.18 11.96 10.97 18.78 17.02 14.54 10.22 10.08 9.26

300,652 349,502 608,480 11,986,678 10,108,530 8,177,622 28,439 19,045 3,329 13,837 9,954 10,047 8,928,007 6,791,913 5,504,254 98,987 54,966 10,420 9,289,397 8,370,320 8,341,223 568,646 299,420 222,012





2015 2014

8,452 7,345 66 43 - - - - - - - - - - - -

33,104 58,939

22,187 (9,393) 63,809 56,934 1,148 497 - - 197 187 - - 1,345 684 65,154 57,618 2,741 2,191 659 548 2,605 2,121 5 1 1,335 1,084 380 306 7,725 6,251 - -

57,429 51,367

381 753 17,114 15,068 29 13 21 19 17,323 13,287 127 26 21,835 21,783 599 418









2015 2014

1.15 1.72 1.56 1.70 1.28 1.03 1.91 2.01 2.21 2.22 2.08 1.13 2.48 2.70 1.52 1.55

328,749 438,390 11,018,727 8,880,306 22,919 12,212 10,813 9,955 7,864,457 5,977,462 62,064 22,326 8,827,384 8,074,156 392,896 271,135





2015 2014

3,979 6,084

381 753

(14) (49) (105) - - - (119) (49)

507 450 119 49 (1,165) (2,847) (29) (461)

(568) (2,809)

(306) (2,105)

3,673 3,979

126,981 89,648

17,114 15,068

(605) (1,325) (4,575) - - - (5,180) (1,325)

38,949 41,138 5,178 1,324 (16,088) (15,234) (4,306) (3,638) 23,733 23,590

35,667 37,333

162,648 126,981






2015 2014

181 30

29 13

(1) (2) (8) - (18) (9) (27) (11)

17 78 13 3 (22) (1) 77 69 85 149

87 151

268 181

141 124

21 19

(1) (2) (6) - - - (7) (2)

1 - 7 2 (3) - 53 (2) 58 -

72 17

213 141











2015 2014

96,328 66,530

17,323 13,287

(520) (1,014) (3,930) - - - (4,450) (1,014)

26,768 24,088 4,448 1,013 (17,944) (13,058) 17,584 5,482 30,856 17,525

43,729 29,798

140,057 96,328

658 114

127 26

(4) (5) (32) - (62) (23) (98) (28)

410 161 52 8 (101) (9) 158 386 519 546

548 544

1,206 658





2015 2014

142,504 121,318

21,835 21,783

(652) (1,544) (4,932) - - - (5,584) (1,544)

33,714 24,518 5,583 1,541 (29,370) (19,381) 5,798 (5,731) 15,725 947

31,976 21,186

174,480 142,504

3,018 2,056

599 418

(19) (32) (141) - (330) (199) (490) (231)

198 384 308 113 (599) (574) 2,780 852 2,687 775

2,796 962

5,814 3,018







International Equity Alpha Corporate ClassFinancial Statements


2015 2014

373,790 285,904

57,429 51,367

(1,816) (3,973) (13,729) - (410) (231) (15,955) (4,204)

100,564 90,817 15,708 4,053 (65,292) (51,104) 22,115 (3,043) 73,095 40,723

114,569 87,886

488,359 373,790




2015 2014

57,429 51,367

(33,104) (58,939) 301 (319) 2,605 2,121

(22,187) 9,393 655,093 489,401 (719,960) (529,581) - - - - - - 70 (329) - - - - - - - - 174 (40) (59,579) (36,926)

(247) (164) 100,329 90,566 (64,768) (51,208) 22,115 (3,043) 57,429 36,151

(301) 319 (2,150) (775) 17,435 17,891 14,984 17,435

7,187 5,939 66 43 - - (5) (1)









CHINA (3.8%) 12,998,200 Huadian Fuxin Energy Corp Ltd., Shares H 7,477,470 8,070,699 678,700 Ping An Insurance (Group) Co. of China Ltd., Shares H 6,569,143 10,335,657 14,046,613 18,406,356 HONG KONG (3.1%) 959,500 AIA Group Ltd. 4,372,664 7,650,840 445,000 China Mobile Ltd. (Hong Kong) 7,660,182 7,358,425 12,032,846 15,009,265 GUERNSEY (2.5%) 363,800 Pershing Square Holdings Ltd. 10,161,842 12,212,384 LUXEMBOURG (2.1%) 1,751,700 B&M European Value Retail S.A. 9,145,368 10,289,011 SWEDEN (1.9%) 309,900 Svenska Cellulosa AB, B Shares 9,265,359 9,055,793 SOUTH KOREA (1.7%) 159,000 Hynix Semiconductor Inc. 7,816,895 8,273,195 JERSEY ISLAND (1.5%) 71,300 Shire PLC 5,190,303 7,189,905 DENMARK (1.1%) 44,750 Pandora AS 3,530,099 5,167,098 NORWAY (1.0%) 211,900 Statoil ASA 4,826,760 4,757,725 NETHERLANDS (0.7%) 36,700 Akzo Nobel N.V. 3,474,985 3,519,370 CAYMAN ISLANDS (0.0%) 3,101,800 China Metal Recycling Holdings Ltd. 3,065,493 1


Total Equities (95.9%) 419,008,454 468,195,645


Foreign Currency Forward Contracts (-0.9%) (see Schedule A) (4,584,070)


JAPAN (29.2%) 1,255,100 Hitachi Ltd. 9,084,679 10,912,181 751,900 Mitsubishi Electric Corp. 10,720,774 11,344,051 3,514,600 Mitsubishi UFJ Financial Group Inc. 20,701,470 27,605,876 118,400 Nippon Shinyaku Co., Ltd. 3,733,056 5,470,885 473,600 ORIX Corp.* 7,650,870 8,445,796 187,200 Resorttrust Inc. 6,347,058 6,188,395 740,400 Sekisui House Ltd. 11,115,711 13,649,417 124,000 Seven & I Holdings Co., Ltd. 4,576,882 6,617,574 586,000 Sony Corp. 19,766,598 19,743,137 147,300 Sumitomo Mitsui Financial Group Inc.* 7,171,808 7,158,632 1,379,400 Sumitomo Mitsui Trust Holdings Inc. 7,472,642 7,218,746 202,100 Temp Holdings Co., Ltd.* 7,118,458 8,879,479 109,400 Toyota Motor Corp. 6,262,420 9,686,004 121,722,426 142,920,173 U.K. (14.6%) 242,200 Ashtead Group PLC 5,122,921 4,934,774 447,800 BG Group PLC 7,382,334 6,977,543 366,200 BHP Billiton PLC 9,011,932 10,142,204 768,400 Man Strategic Holdings PLC 2,248,585 2,943,442 134,000 Rio Tinto PLC 8,099,584 6,981,712 185,700 Royal Dutch Shell PLC, Shares B 7,815,528 7,326,359 152,500 SABMiller PLC 10,673,199 10,146,984 3,006,000 Taylor Wimpey PLC 6,853,259 8,751,939 3,332,600 Vodafone Group PLC 12,747,151 13,808,839 69,954,493 72,013,796 FRANCE (13.1%) 311,000 AXA S.A.* 8,233,776 9,933,416 97,800 Criteo S.A., ADR 5,325,635 4,893,593 20,700 Iliad S.A. 5,643,533 6,125,378 154,000 Rexel S.A. 3,767,307 3,683,593 335,600 Societe Generale S.A. 19,285,889 20,551,695 47,700 Valeo S.A.* 7,325,070 9,032,172 133,300 Vinci S.A. 9,929,102 9,662,498 59,510,312 63,882,345 ITALY (6.4%) 701,400 Banco Popolare SC 12,423,146 13,906,888 1,972,900 Intesa Sanpaolo SpA 8,563,437 8,505,871 721,300 Mediobanca SpA 7,623,888 8,776,337 28,610,471 31,189,096 SWITZERLAND (5.3%) 41,900 Actelion Ltd. 5,589,958 6,149,877 59,300 Novartis AG, Registered Shares 7,130,756 7,432,211 35,400 Roche Holding AG 10,765,278 12,371,265 23,485,992 25,953,353 GERMANY (4.0%) 431,500 Commerzbank AG 7,514,436 7,550,692 96,900 Daimler AG* 11,106,862 11,840,342 18,621,298 19,391,034 SPAIN (3.9%) 902,200 Distribuidora Internacional de Alimentacion S.A. 6,992,024 8,951,479 181,400 Ferrovial S.A. 4,236,907 4,891,086 296,700 Merlin Properties Socimi S.A. 4,316,241 5,123,180 15,545,172 18,965,745






International Equity Alpha Corporate ClassSchedule of Investment Portfolio as at March 31, 2015 (cont’d)



Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 Canadian Imperial Bank of Commerce A-1 08-Apr-15 0.56 (7,274,136) British Pound 13,051,982 Canadian $ (620,853)1 Canadian Imperial Bank of Commerce A-1 08-Apr-15 0.01 (32,219,728) Canadian $ 3,042,428,481 Japanese Yen (79,837)1 Canadian Imperial Bank of Commerce A-1 08-Apr-15 95.04 (1,557,217,695) Japanese Yen 16,384,867 Canadian $ (65,390)1 Canadian Imperial Bank of Commerce A-1 08-Apr-15 99.93 (9,267,312,747) Japanese Yen 92,741,289 Canadian $ (5,156,325)1 Royal Bank of Canada A-1+ 08-Apr-15 1.36 (7,605,067) Canadian $ 5,601,360 Swiss Franc (300,304)1 Royal Bank of Canada A-1+ 08-Apr-15 1.41 (47,305,265) Euro 66,782,167 Canadian $ 2,350,377 1 Royal Bank of Canada A-1+ 08-Apr-15 0.85 (5,601,360) Swiss Franc 6,592,783 Canadian $ (711,738)Total Foreign Currency Forward Contracts Value (4,584,070)






- 468,196 468,196 - 468,196 - - - 14,984 14,984 2,350 - 2,350 - 2,350 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,322 1,322 - - - - - - - - - - - - - - - - - - 12,821 12,821 - - - 919 919 - - - 130 130 2,350 468,196 470,546 30,176 500,722 - - - - - - - - - - 6,934 - 6,934 - 6,934 - - - - - - - - - - - - - - - - - - - - - - - 4,601 4,601 - - - 828 828 - - - - - - - - - - - - - - - - - - - - 6,934 - 6,934 5,429 12,363





International Equity Alpha Corporate ClassFund Specific Notes to Financial Statements




- 359,934 359,934 - 359,934 - - - 17,435 17,435 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,392 1,392 - - - - - - - - - - - - - - - - - - 13,006 13,006 - - - 684 684 - - - 304 304 - 359,934 359,934 32,821 392,755 - - - - - - - - - - 5,274 - 5,274 - 5,274 - - - - - - - - - - - - - - - - - - - - - - - 13,387 13,387 - - - 304 304 - - - - - - - - - - - - - - - - - - - - 5,274 - 5,274 13,691 18,965



International Equity Alpha Corporate ClassFund Specific Notes to Financial Statements




- 266,094 266,094 - 266,094 - - - 17,891 17,891 2,053 - 2,053 - 2,053 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,063 1,063 - - - - - - - - - - - - - - - - - - 2,328 2,328 - - - 433 433 - - - 264 264 2,053 266,094 268,147 21,979 290,126 - - - - - - - - - - 104 - 104 - 104 - - - - - - - - - - - - - - - - - - - - - - - 3,697 3,697 - - - 408 408 - - - 13 13 - - - - - - - - - - - - - - - 104 - 104 4,118 4,222







5,671 (5,165) 58,138 62,099 63,809 56,934




as at March 31, 2015 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 2,350 (1,012) - 1,338 - - - - 2,350 (1,012) - 1,338 (6,934) 1,012 - (5,922) - - - - (6,934) 1,012 - (5,922)

as at March 31, 2014 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) - - - - - - - - - - - - (5,274) - - (5,274) - - - - (5,274) - - (5,274)

as at April 1, 2013 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 2,053 (104) - 1,949 - - - - 2,053 (104) - 1,949 (104) 104 - - - - - - (104) 104 - -












as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Pershing Square Holdings Ltd. 6,363,406 12,212 0.2





2015 2014

349,502 608,480 44,733 40,523 9,709 4,452 (2,263) (41,992) (101,029) (261,961) 300,652 349,502

10,108,530 8,177,622 3,084,951 3,374,825 381,877 108,490 (324,862) (297,513) (1,263,818) (1,254,894) 11,986,678 10,108,530

19,045 3,329 1,843 8,228 1,378 355 8,521 7,236 (2,348) (103) 28,439 19,045

9,954 10,047 62 - 441 114 3,554 (172) (174) (35) 13,837 9,954

6,791,913 5,504,254 1,857,047 1,769,074 283,693 73,969 1,248,671 397,763 (1,253,317) (953,147) 8,928,007 6,791,913








2015 2014

54,966 10,420 34,679 13,639 4,299 660 13,915 30,990 (8,872) (743) 98,987 54,966

8,370,320 8,341,223 1,950,303 1,484,159 297,424 93,753 378,842 (354,440) (1,707,492) (1,194,375) 9,289,397 8,370,320

299,420 222,012 19,942 38,197 30,713 11,312 279,634 84,677 (61,063) (56,778) 568,646 299,420




2015 2014 2,564 2,091 379 198




0.22 0.22 0.22 0.22 - - 0.22 0.22








as at as at Mar. 31, 2014 Apr. 1, 2013

373,481 285,535 309 369

373,790 285,904




51,427 (60)

51,367










as at March 31, 2015Credit Rating^* Net Assets (%)AAA/Aaa/A++ 0.5Total 0.5

as at April 1, 2013 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 0.7 Total 0.7




As at March 31, 2014, the Fund’s exposure to credit risk through derivative instruments was insignificant.





Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)British Pound 87,626 (13,672) 73,954 15.1Japanese Yen 154,041 (82,191) 71,850 14.7Euro 133,471 (64,418) 69,053 14.1Hong Kong Dollar 33,416 - 33,416 6.8Swiss Franc 24,828 - 24,828 5.1US Dollar 19,667 - 19,667 4.0Swedish Krona 9,056 - 9,056 1.9Korean Won 8,273 - 8,273 1.7Danish Krone 5,167 - 5,167 1.1Norwegian Krone 4,758 - 4,758 1.0Total 480,303 (160,281) 320,022 65.5





as at March 31, 2014 Categories Net Assets (%)Japan 32.6 U.K. 12.0 South Korea 8.6 France 7.4 China 6.8 Germany 6.2 Other Net Assets (Liabilities) 5.1 Netherlands 4.6 Hong Kong 4.2 Sweden 3.1 Switzerland 2.5 Russia 2.0 Thailand 2.0 Denmark 1.3 Jersey Island 1.1 Spain 1.0 Cayman Islands 0.9 Foreign Currency Forward Contracts (1.4)

at April 1, 2013 Categories Net Assets (%)Japan 38.4 U.K. 8.7 Hong Kong 7.8 France 7.6 South Korea 7.2 Other Net Assets (Liabilities) 6.2 Switzerland 4.1 Thailand 2.9 Germany 2.8 China 2.7 Sweden 2.4 Norway 2.3 Russia 1.6 Belgium 1.5 Cayman Islands 1.3 Netherlands 1.0 Australia 0.8 Foreign Currency Forward Contracts 0.7






Long Positions at fair value as at March 31, 2015 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 467,394 802 - 468,196 Foreign currency forward contracts, net - (4,584) - (4,584) Total 467,394 (3,782) - 463,612

Long Positions at fair value as at March 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 350,689 8,936 - 359,625 Foreign currency forward contracts, net - (5,274) - (5,274)Total 350,689 3,662 - 354,351


Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 261,897 - 3,828 265,725 Foreign currency forward contracts, net - 1,949 - 1,949Total 261,897 1,949 3,828 267,674



as at March 31, 2014~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)Hong Kong Dollar 40,263 - 40,263 10.8 British Pound 51,915 (11,910) 40,005 10.7 Euro 71,108 (34,493) 36,615 9.8 Japanese Yen 121,131 (85,480) 35,651 9.5 Korean Won 29,185 - 29,185 7.8 US Dollar 12,930 - 12,930 3.5 Thai Baht 9,810 - 9,810 2.6 Swedish Krona 7,798 - 7,798 2.1 Danish Krone 7,232 - 7,232 1.9 Swiss Franc 9,377 (2,700) 6,677 1.8 Taiwan Dollar 4,459 - 4,459 1.2 Total 365,208 (134,583) 230,625 61.7

as at April 1, 2013~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)Japanese Yen 111,867 (59,345) 52,522 18.4 Hong Kong Dollar 32,665 - 32,665 11.4 Korean Won 20,709 - 20,709 7.3 US Dollar 10,907 - 10,907 3.8 Swiss Franc 10,260 - 10,260 3.6 British Pound 24,646 (14,842) 9,804 3.4 Thai Baht 8,269 - 8,269 2.9 Taiwan Dollar 7,579 - 7,579 2.7 Euro 36,964 (29,496) 7,468 2.6 Swedish Krona 6,755 - 6,755 2.4 Norwegian Krone 6,447 - 6,447 2.3 Australian Dollar 2,160 - 2,160 0.8Total 279,228 (103,683) 175,545 61.6









Level 3 Reconciliation The table below summarizes the movement in financial instruments classified as Level 3.

for the year ended March 31, 2014 Balance at Transfers Transfers Realized gain Unrealized gain Balance at Apr. 1, 2013 Purchases Sales in (out) (loss) (loss)* Mar. 31, 2014 (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 3,828 - - - - - 3,828 - Total 3,828 - - - - - 3,828 -

*Change in unrealized gain (loss) related to investments held at March 31, 2014 was ($3,028,190).

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, 2014.




48,855 47,273 46,948 811 15 1,403

390 222 630 - - - - - - - - - - - - - - - - - - - - - - - - - - - 115 39 56 2 16 46 770 14 8 50,943 47,579 49,091

- - - - - -

11 101 - - - - - - - - - - - - - 49 62 107 57 195 24 - - 1 - - - - - - - - - 764 - - 881 358 132

50,062 47,221 48,959

33,501 35,504 41,521 - - -


30,274 30,180 30,991 128 108 52 19,403 16,754 17,850 257 179 66

13.19 11.61 10.12 10.71 10.22 9.59 18.41 15.83 13.48 12.31 11.46 10.48 2,295,007 2,598,713 3,061,003 11,927 10,577 5,424 1,054,069 1,058,360 1,324,436 20,866 15,582 6,286





Net assets attributable to holders of redeemable shares per class (Note 6): E Shares ET8 Shares I SharesIT8 Shares Net assets attributable to holders of redeemable shares per share: E Shares ET8 Shares I SharesIT8 Shares

Number of redeemable shares outstanding: E Shares ET8 Shares I SharesIT8 Shares



CIG - 17675








2015 2014

- - 6 12 1,750 1,409 - - - - - - - - - -

3,193 1,061

3,843 5,833 8,792 8,315 - - - - - - 113 117 113 117 8,905 8,432

562 596 65 69 - - - - 240 211 66 71 933 947 - -

7,972 7,485

4,620 4,530 22 15 3,287 2,921 43 19

1.90 1.60 1.69 1.45 3.10 2.45 2.14 2.26

2,435,931 2,848,463 12,848 9,993 1,059,620 1,187,086 20,527 8,202




value of investments and derivativesTotal net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 8) Fees rebate Total other income Total income Expenses Management fees (Note 7) Administration fees (Note 7)Commissions and other portfolio transaction costs Interest expenseWithholding taxesHarmonized sales tax Total expenses Provision for income taxIncrease (decrease) in net assets attributable to holders of redeemable shares Increase (decrease) in net assets attributable to holders of redeemable shares per class:E Shares ET8 Shares I SharesIT8 Shares

Increase (decrease) in net assets attributable to holders of redeemable shares per share: E Shares ET8 Shares I SharesIT8 Shares

Weighted average number of shares: E Shares ET8 Shares I SharesIT8 Shares


2015 2014

30,180 30,991

4,620 4,530

(121) (255) (740) - - - (861) (255)

2,435 4,052 860 255 (5,061) (6,523) (1,899) (2,870) (3,665) (5,086)

94 (811)

30,274 30,180

108 52

22 15 (1) (1) (3) - (11) (8) (15) (9)

- 43 6 2 (6) (1) 13 6 13 50

20 56

128 108











2015 2014

16,754 17,850

3,287 2,921

(78) (143) (475) - - - (553) (143)

1,639 2,269 553 143 (1,769) (2,838) (508) (3,448) (85) (3,874)

2,649 (1,096)

19,403 16,754

179 66

43 19

(1) (1) (6) - (19) (7) (26) (8)

56 6 16 3 (45) - 34 93 61 102

78 113

257 179






2015 2014

47,221 48,959

7,972 7,485

(201) (400) (1,224) - (30) (15) (1,455) (415)

4,130 6,370 1,435 403 (6,881) (9,362) (2,360) (6,219) (3,676) (8,808)

2,841 (1,738)

50,062 47,221




International Equity Value Currency Hedged Corporate ClassFinancial Statements


2015 2014

7,972 7,485

(3,193) (1,061) - - - -

(3,843) (5,833) 9,614 12,111 (2,757) (3,652) - - (1,750) (1,409) - - - - - - - - - - - - 8 (6) 6,051 7,635

(20) (13) 4,144 6,400 (7,019) (9,191) (2,360) (6,219) (5,255) (9,023)

- - 796 (1,388) 15 1,403 811 15

- - 6 12 - - - -









FUND (97.6%) 2,424,586 International Equity Value Pool (Class W)† 33,501,058 48,855,400

Total Fund (97.6%) 33,501,058 48,855,400


Foreign Currency Forward Contracts (0.8%) (see Schedule A) 379,279

Total Investments (98.4%) 33,501,058 49,234,679 Other Net Assets (Liabilities) (1.6%) 827,528 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 50,062,207


† 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 Standard & Poor’s, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Services.




Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 Bank of Montreal A-1 08-May-15 1.44 (1,556,000) Euro 2,239,138 Canadian $ 118,045 1 Bank of Montreal A-1 25-Jun-15 0.73 (385,000) Euro 524,459 Canadian $ (1,024)1 Bank of Montreal A-1 25-Jun-15 0.01 (35,700,000) Japanese Yen 378,897 Canadian $ 954 1 Canadian Imperial Bank of Commerce A-1 08-May-15 1.91 (119,000) British Pound 227,701 Canadian $ 3,980 1 Canadian Imperial Bank of Commerce A-1 30-Apr-15 1.89 (121,000) British Pound 228,700 Canadian $ 1,237 1 Canadian Imperial Bank of Commerce A-1 25-Jun-15 0.53 (393,000) British Pound 738,054 Canadian $ (1,003)1 Canadian Imperial Bank of Commerce A-1 30-Apr-15 1.41 (755,000) Euro 1,066,075 Canadian $ 37,142 1 Canadian Imperial Bank of Commerce A-1 08-May-15 1.44 (789,000) Euro 1,134,957 Canadian $ 59,416 1 Canadian Imperial Bank of Commerce A-1 25-Jun-15 0.73 (404,000) Euro 550,775 Canadian $ (641)1 Canadian Imperial Bank of Commerce A-1 25-Jun-15 0.01 (99,490,000) Japanese Yen 1,055,580 Canadian $ 2,317 1 Canadian Imperial Bank of Commerce A-1 08-May-15 0.01 (156,131,000) Japanese Yen 1,673,565 Canadian $ 22,835 1 Royal Bank of Canada A-1+ 08-May-15 1.91 (66,000) British Pound 126,174 Canadian $ 2,094 1 Royal Bank of Canada A-1+ 25-Jun-15 0.53 (356,000) British Pound 668,162 Canadian $ (1,313)1 Royal Bank of Canada A-1+ 08-May-15 1.44 (409,000) Euro 588,006 Canadian $ 30,470 1 Royal Bank of Canada A-1+ 25-Jun-15 0.73 (664,000) Euro 904,268 Canadian $ (2,018)1 Royal Bank of Canada A-1+ 08-May-15 0.01 (98,826,000) Japanese Yen 1,058,060 Canadian $ 13,201 1 Royal Bank of Canada A-1+ 25-Jun-15 0.01 (63,350,000) Japanese Yen 672,320 Canadian $ 1,657 1 The Bank of Nova Scotia A-1 08-May-15 1.91 (79,000) British Pound 151,169 Canadian $ 2,648 1 The Bank of Nova Scotia A-1 08-May-15 1.91 (200,000) British Pound 382,172 Canadian $ 6,170 1 The Bank of Nova Scotia A-1 25-Jun-15 0.53 (447,000) British Pound 839,104 Canadian $ (1,502)1 The Bank of Nova Scotia A-1 30-Apr-15 1.41 (709,000) Euro 1,001,193 Canadian $ 34,949 1 The Bank of Nova Scotia A-1 25-Jun-15 0.73 (348,000) Euro 474,050 Canadian $ (932)1 The Bank of Nova Scotia A-1 25-Jun-15 0.01 (138,346,000) Japanese Yen 1,468,144 Canadian $ 3,528 1 The Bank of Nova Scotia A-1 30-Apr-15 0.01 (243,987,000) Japanese Yen 2,585,379 Canadian $ 6,339 1 Toronto-Dominion Bank A-1+ 25-Jun-15 0.53 (464,000) British Pound 870,780 Canadian $ (1,795)1 Toronto-Dominion Bank A-1+ 08-May-15 1.91 (336,000) British Pound 642,718 Canadian $ 11,034 1 Toronto-Dominion Bank A-1+ 25-Jun-15 0.73 (255,000) Euro 347,274 Canadian $ (772)1 Toronto-Dominion Bank A-1+ 08-May-15 1.44 (386,000) Euro 555,412 Canadian $ 29,228 1 Toronto-Dominion Bank A-1+ 25-Jun-15 0.01 (135,144,000) Japanese Yen 1,433,752 Canadian $ 3,035 Total Foreign Currency Forward Contracts Value 379,279






- 48,855 48,855 - 48,855 - - - 811 811 390 - 390 - 390 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 115 115 - - - 2 2 - - - 770 770 390 48,855 49,245 1,698 50,943 - - - - - - - - - - 11 - 11 - 11 - - - - - - - - - - - - - - - - - - - - - - - 49 49 - - - 57 57 - - - - - - - - - - - - - - - - - - - - - - - 764 764 11 - 11 870 881





International Equity Value Currency Hedged Corporate ClassFund Specific Notes to Financial Statements




- 47,273 47,273 - 47,273 - - - 15 15 222 - 222 - 222 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 39 39 - - - 16 16 - - - 14 14 222 47,273 47,495 84 47,579 - - - - - - - - - - 101 - 101 - 101 - - - - - - - - - - - - - - - - - - - - - - - 62 62 - - - 195 195 - - - - - - - - - - - - - - - - - - - - - - - - - 101 - 101 257 358



International Equity Value Currency Hedged Corporate ClassFund Specific Notes to Financial Statements




- 46,948 46,948 - 46,948 - - - 1,403 1,403 630 - 630 - 630 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 56 56 - - - 46 46 - - - 8 8 630 46,948 47,578 1,513 49,091 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 107 107 - - - 24 24 - - - 1 1 - - - - - - - - - - - - - - - - - - - - - - - 132 132







1,059 (1,578) 7,733 9,893 8,792 8,315






as at April 1, 2013 Amounts Eligible for Offset Gross Assets/ Financial Collateral Net (Liabilities) Instruments Received/(Paid) Exposure (in $000’s) (in $000’s) (in $000’s) (in $000’s) 630 - - 630 - - - - 630 - - 630 - - - - - - - - - - - -










as at March 31, 2015 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)International Equity Value Pool 320,080 48,855 15.3

as at March 31, 2014 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)International Equity Value Pool 264,870 47,273 17.8

as at April 1, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund / ETF in the Underlying Fund / ETF Underlying Fund / ETFNon-Consolidated Structured Entities (in $000’s) (in $000’s) (%)International Equity Value Pool 233,516 46,948 20.1







2015 2014

2,598,713 3,061,003 200,555 375,549 65,018 22,859 (151,510) (261,811) (417,769) (598,887) 2,295,007 2,598,713

10,577 5,424 - 4,415 553 194 1,402 620 (605) (76) 11,927 10,577

1,058,360 1,324,436 99,417 153,983 29,940 9,481 (27,788) (237,230) (105,860) (192,310) 1,054,069 1,058,360

15,582 6,286 4,809 550 1,297 284 3,038 8,462 (3,860) - 20,866 15,582






2015 2014 - - - -



1.90 1.90 Paid directly by investor Paid directly by investor

0.22 0.22 - -


Annual management fee rate:E Shares ET8 Shares I SharesIT8 Shares

Annual fixed administration fee rate:E Shares ET8 Shares I SharesIT8 Shares




as at as at as atInvestments Mar. 31, 2015 Mar. 31, 2014 Apr. 1, 2013 48,855 47,273 46,948International Equity Value Pool (Class W)


as at as at Mar. 31, 2014 Apr. 1, 2013

47,221 48,959 - -

47,221 48,959




7,485 -

7,485







as at April 1, 2013 Categories Net Assets (%)Japan 23.1 U.K. 18.4 Germany 14.6 Switzerland 14.2 France 6.6 Netherlands Antilles 2.5 Sweden 2.5 Ireland 2.3 Singapore 2.1 Netherlands 2.0 Australia 1.9 U.S.A. 1.8 South Africa 1.8 Cash & Equivalents 1.3 Qatar 1.3 Norway 1.0 Hong Kong 0.9 Malaysia 0.9 Mexico 0.5 Other Net Assets (Liabilities) 0.3

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, 2015 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 0.2AA/Aa/A+ 0.6 Total 0.8




As at March 31, 2014 and April 1, 2013, the Fund had no significant direct exposure to credit risk.

As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund indirectly bears the credit risk exposure of the Underlying Fund. The Underlying Fund did not have a significant exposure to credit risk as substantially all its assets were invested in equities and derivatives.

Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. As at March 31, 2015, March 31, 2014 and April 1, 2013, the Underlying Fund was predominantly invested in foreign equities and therefore was sensitive to changes in general economic conditions across the world.




as at March 31, 2015Categories Net Assets (%)Japan 26.1U.K. 16.0Germany 9.6Switzerland 9.4France 7.6Ireland 5.1Cash & Equivalents 3.8South Korea 3.4Netherlands 3.3Jersey Island 2.9Mexico 1.9U.S.A. 1.7Panama 1.7Sweden 1.3Brazil 1.3Bermuda 1.1Hong Kong 1.1South Africa 0.8Mauritus 0.7Cayman Islands 0.6Other Net Assets (Liabilities) 0.4Russia 0.2

as at March 31, 2014 Categories Net Assets (%)Japan 22.1 U.K. 14.1 Germany 13.3 Switzerland 11.5 France 7.7 Ireland 5.1 Cash & Equivalents 4.3 Hong Kong 2.3 U.S.A. 2.3 Netherlands 2.2 Jersey Island 2.0 Mexico 1.9 Bermuda 1.7 Panama 1.6 Sweden 1.4 Qatar 1.3 Brazil 1.2 Mauritius 1.1 South Africa 1.0 Thailand 0.6 Other Net Assets (Liabilities) 0.4 Turkey 0.4 Russia 0.3 Australia 0.2





as at April 1, 2013~

Financial Instruments Derivatives Exposure from Exposure Total Currency Net Underlying Fund of the Fund Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 9,530 - 9,530 19.5 Swiss Franc 4,930 - 4,930 10.1 Japanese Yen 10,892 (7,167) 3,725 7.6 Euro 10,892 (9,212) 1,680 3.4 Swedish Krona 1,174 - 1,174 2.4 Singapore Dollar 986 - 986 2.0 British Pound 4,742 (3,850) 892 1.8 Australian Dollar 892 - 892 1.8 South Africa Rand 845 - 845 1.7 Qatar Rial 610 - 610 1.2 Norwegian Krone 469 - 469 1.0 Hong Kong Dollar 423 - 423 0.9 Malaysian Ringgit 423 - 423 0.9 Total 46,808 (20,229) 26,579 54.3




The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at March 31, 2015, March 31, 2014 and April 1, 2013, 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.



Long Positions at fair value as at March 31, 2015 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 48,855 - - 48,855 Foreign currency forward contracts, net - 379 - 379 Total 48,855 379 - 49,234


Currency RiskAs at March 31, 2015, March 31, 2014 and April 1, 2013, 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.


Financial Instruments Derivatives Exposure from Exposure Total Currency Net Underlying Fund of the Fund Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 11,579 - 11,579 23.1 Swiss Franc 4,592 - 4,592 9.2 Japanese Yen 12,947 (10,255) 2,692 5.4 Euro 10,015 (9,069) 946 1.9 Hong Kong Dollar 782 - 782 1.6 British Pound 5,667 (4,851) 816 1.6 Swedish Krona 635 - 635 1.3 Korean Won 635 - 635 1.3South Africa Rand 391 - 391 0.8 Singapore Dollar 342 - 342 0.7 Brazilian Real 147 - 147 0.3 Total 47,732 (24,175) 23,557 47.2

as at March 31, 2014~ Financial Instruments Derivatives Exposure from Exposure Total Currency Net Underlying Fund of the Fund Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 10,400 - 10,400 22.0 Swiss Franc 4,964 - 4,964 10.5 Hong Kong Dollar 1,087 - 1,087 2.3 Singapore Dollar 851 - 851 1.8 Japanese Yen 10,589 (9,816) 773 1.6 Euro 7,611 (6,915) 696 1.5 Swedish Krona 662 - 662 1.4 Qatar Rial 615 - 615 1.3 South Africa Rand 473 - 473 1.0 British Pound 4,680 (4,388) 292 0.6 Thai Baht 284 - 284 0.6 Turkish Lira 189 - 189 0.4 Australian Dollar 95 - 95 0.2Total 42,500 (21,119) 21,381 45.2






Long Positions at fair value as at March 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 47,273 - - 47,273 Foreign currency forward contracts, net - 121 - 121Total 47,273 121 - 47,394


Long Positions at fair value as at April 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 46,948 - - 46,948 Foreign currency forward contracts, net - 630 - 630 Total 46,948 630 - 47,578





309,061 230,170 168,121 3,853 1,753 -

296 148 85 - - - - - - - - - - - - - - - 827 644 459 - - - - - - - - - 232 3,059 1,447 522 303 158 1,121 278 227 315,912 236,355 170,497

- - - - - 129

481 94 137 - - - - - - - - - - - - - 1,219 763 519 346 196 - - 34 - - - - - - - - - 1,002 - - 2,002 1,659 1,259

313,910 234,696 169,238

242,645 207,367 144,393 - - -


753 662 744 27,746 22,343 13,246 269 261 145 19 11 12 97,889 64,033 36,684 1,255 958 222 174,398 138,347 113,063 11,581 8,081 5,122

12.46 10.32 9.65 15.91 13.08 12.14 11.46 10.14 10.17 14.63 11.98 11.08 18.06 14.47 13.09 13.47 11.60 11.32 15.59 12.52 11.35 12.70 10.96 10.73

60,577 64,168 77,238 1,743,844 1,708,452 1,091,469 23,421 25,790 14,229 1,298 943 1,063 5,420,312 4,426,379 2,802,856 93,128 82,573 19,582 11,188,441 11,053,781 9,963,884 912,004 737,210 477,514










CIG - 17668







2015 2014

6,136 5,127 42 82 - - - - - - - - - - - -

25,260 20,204

43,374 (819) 74,812 24,594 (305) (166) - - 61 35 - - (244) (131) 74,568 24,463 547 389 418 318 645 640 1 - 918 796 108 79 2,637 2,222 - -

71,931 22,241

157 50 6,065 1,713 64 16 4 - 21,821 5,902 243 66 41,035 13,746 2,542 748






2015 2014

2.64 0.74 3.51 1.23 2.64 0.71 3.22 1.06 4.40 1.68 3.29 1.76 3.70 1.35 3.14 1.17

59,895 66,843 1,728,530 1,399,371 24,363 25,225 1,190 947 4,963,293 3,515,401 73,724 37,055 11,097,038 10,151,406 808,898 637,634








2015 2014

662 744

157 50

(3) (5) (27) - - - (30) (5)

54 41 30 5 (56) (80) (64) (93)

(36) (127)

91 (82)

753 662

22,343 13,246

6,065 1,713

(125) (161) (972) - - - (1,097) (161)

4,962 7,286 1,094 160 (1,071) (1,255) (4,550) 1,354 435 7,545

5,403 9,097

27,746 22,343






2015 2014

261 145

64 16

(1) (2) (9) - (19) (20) (29) (22)

22 186 14 6 (5) (2) (58) (68) (27) 122

8 116

269 261

11 12

4 -

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

- - 1 - - (1) 4 - 5 (1)

8 (1)

19 11











2015 2014

64,033 36,684

21,821 5,902

(441) (454) (3,428) - - - (3,869) (454)

16,478 15,190 3,867 453 (3,825) (3,831) (616) 10,089 15,904 21,901

33,856 27,349

97,889 64,033

958 222

243 66

(6) (6) (44) - (68) (35) (118) (41)

493 198 67 14 (2) (45) (386) 544 172 711

297 736

1,255 958





2015 2014

138,347 113,063

41,035 13,746

(790) (1,035) (6,140) - - - (6,930) (1,035)

28,864 24,354 6,929 1,033 (9,428) (9,111) (24,419) (3,703) 1,946 12,573

36,051 25,284

174,398 138,347

8,081 5,122

2,542 748

(49) (60) (379) - (699) (526) (1,127) (586)

502 538 757 322 (600) (318) 1,426 2,255 2,085 2,797

3,500 2,959

11,581 8,081












2015 2014

234,696 169,238

71,931 22,241

(1,415) (1,723) (11,000) - (786) (581) (13,201) (2,304)

51,375 47,793 12,759 1,993 (14,987) (14,643) (28,663) 10,378 20,484 45,521

79,214 65,458

313,910 234,696




2015 2014

71,931 22,241

(25,260) (20,204) 1 1 645 640 (43,374) 819 239,170 216,228 (248,225) (260,794) - - - - - - (183) (185) - - - - - - - - 159 (51) (5,136) (41,305)

(442) (345) 51,156 47,648 (14,814) (14,493) (28,663) 10,378 7,237 43,188

(1) (1) 2,101 1,883 1,753 (129) 3,853 1,753

4,948 4,147 42 82 - - (1) -







FRANCE (4.1%) 18,325 Gecina S.A. 2,690,297 3,140,509 158,563 Klépierre 7,610,579 9,865,653 10,300,876 13,006,162 SINGAPORE (3.6%) 883,200 City Developments Ltd. 7,814,853 8,200,724 1,209,000 Global Logistic Properties Ltd. 2,852,874 2,957,109 10,667,727 11,157,833 AUSTRALIA (3.2%) 714,741 Goodman Group 3,404,945 4,378,949 630,328 Westfield Group 4,642,198 5,807,877 8,047,143 10,186,826 NETHERLANDS (3.0%) 463,121 Nieuwe Steen Investments N.V. 2,599,394 2,638,063 78,979 Wereldhave N.V. 6,332,782 6,721,937 8,932,176 9,360,000 BERMUDA (2.3%) 186,575 Belmond Ltd. 2,360,382 2,902,309 455,198 Hongkong Land Holdings Ltd. 2,782,634 4,353,506 5,143,016 7,255,815 SWEDEN (1.3%) 66,969 Atrium Ljungberg AB* 1,083,734 1,293,140 292,170 Kungsleden AB* 2,260,493 2,868,098 3,344,227 4,161,238 CAYMAN ISLANDS (1.2%) 1,021,777 China Resources Land Ltd. 3,383,279 3,656,323 CHINA (1.0%) 1,095,600 China Vanke Co., Ltd. 3,050,761 3,293,928 SPAIN (0.8%) 141,264 Hispania Activos Inmobiliarios S.A.U. 2,164,335 2,355,554 CANADA (0.7%) 408,665 Pure Industrial Real Estate Trust 1,824,832 2,063,758 MALTA (0.0%) 3,360,825 BGP Holdings Inc., Private Placement - 5


Total Equities (98.5%) 242,645,197 309,060,678




U.S.A. (44.0%) 19,100 American Tower Corp., Class A 1,767,757 2,277,957 219,556 Apartment Investment & Management Co. 6,761,946 10,946,928 286,845 CubeSmart 7,438,979 8,775,185 409,479 DDR Corp. 8,361,691 9,658,355 269,729 DiamondRock Hospitality Co. 4,643,134 4,827,938 150,040 Douglas Emmett Inc. 3,762,006 5,665,796 171,566 Empire State Realty Trust Inc.* 2,996,936 4,088,010 170,127 Equity Residential 11,417,071 16,779,519 162,999 Extended Stay America Inc. 3,845,047 4,032,543 101,096 Forest City Enterprises Inc., Class A 1,730,996 3,268,184 29,406 Home Properties Inc. 1,938,158 2,581,062 146,784 La Quinta Holdings Inc. 4,329,945 4,403,037 37,043 Macerich Co. 3,438,577 3,957,128 70,497 Prologis Inc. 2,593,077 3,890,007 59,400 Regency Centers Corp. 2,816,749 5,119,678 34,821 Simon Property Group Inc. 4,323,240 8,629,602 60,161 SL Green Realty Corp.* 5,960,531 9,783,726 76,500 Sovran Self Storage Inc. 7,336,692 9,103,405 155,331 Starwood Waypoint Residential Trust 4,435,535 5,086,401 41,990 Sun Communities Inc. 2,325,325 3,548,900 106,856 UDR Inc. 4,311,922 4,606,305 50,214 Vornado Realty Trust 4,647,247 7,124,177 101,182,561 138,153,843 JAPAN (13.3%) 89,500 AEON Mall Co., Ltd. 1,647,870 2,249,717 220,200 Hulic Co., Ltd.* 2,839,810 3,141,959 824 Hulic REIT Inc. 1,305,222 1,605,652 395 Japan Real Estate Investment Corp. 2,139,895 2,357,075 350,000 Mitsui Fudosan Co., Ltd. 11,775,228 13,046,953 642 Nippon Building Fund Inc. 3,761,470 4,000,506 329 Nomura Real Estate Office Fund Inc. 1,685,349 2,025,780 140,000 Sumitomo Realty & Development Co., Ltd. 5,209,543 6,394,282 742,000 Tokyo Tatemono Co., Ltd.* 6,495,587 6,896,273 36,859,974 41,718,197 U.K. (8.3%) 123,222 Derwent London PLC 6,474,080 7,930,232 474,624 Hammerson PLC 4,381,254 5,932,465 409,934 Helical Bar PLC 2,078,770 3,037,732 388,859 Land Securities Group PLC 6,187,497 9,158,136 19,121,601 26,058,565 HONG KONG (7.3%) 956,000 China Overseas Land & Investment Ltd. 3,040,447 3,913,001 4,709,958 New World Development Co., Ltd. 6,035,400 6,918,645 126,826 Sun Hung Kai Properties Ltd. 1,770,110 2,478,471 683,500 The Link REIT 3,992,262 5,338,395 466,000 Wharf Holdings Ltd. 3,798,540 4,123,146 18,636,759 22,771,658 GERMANY (4.4%) 93,751 Deutsche Annington Immobilien S.E. 3,601,488 3,983,849 252,327 Deutsche Wohnen AG 5,553,696 8,191,676 16,755 LEG Immobilien AG 1,192,724 1,685,448 10,347,908 13,860,973










Credit Rating of Settlement Contract UnrealizedContracts Counterparty the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)1 Bank of Montreal A-1 30-Apr-15 0.80 (2,700,000) US $ 3,364,821 Canadian $ (56,557)1 Bank of Montreal A-1 25-Jun-15 1.28 (7,100,000) US $ 9,099,005 Canadian $ 94,858 1 Bank of Montreal A-1 08-May-15 0.79 (9,497,000) US $ 11,953,874 Canadian $ (82,009)1 Canadian Imperial Bank of Commerce A-1 25-Jun-15 1.28 (8,179,000) US $ 10,477,749 Canadian $ 105,235 1 Canadian Imperial Bank of Commerce A-1 08-May-15 0.79 (7,733,000) US $ 9,735,460 Canadian $ (64,845)1 Canadian Imperial Bank of Commerce A-1 30-Apr-15 0.80 (8,092,000) US $ 10,086,597 Canadian $ (167,401)1 Credit Suisse Group AG BBB+ 25-Jun-15 1.28 (2,209,000) US $ 2,829,848 Canadian $ 28,420 1 Credit Suisse Group AG BBB+ 30-Apr-15 0.80 (620,000) US $ 772,573 Canadian $ (13,077)1 Royal Bank of Canada A-1+ 08-May-15 0.80 (1,600,000) US $ 2,011,480 Canadian $ (16,254)1 Royal Bank of Canada A-1+ 30-Apr-15 0.80 (3,255,000) US $ 4,057,358 Canadian $ (67,305)1 Royal Bank of Canada A-1+ 25-Jun-15 1.28 (2,921,000) US $ 3,742,058 Canadian $ 37,679 1 The Bank of Nova Scotia A-1 25-Jun-15 1.28 (1,302,000) US $ 1,668,331 Canadian $ 17,148 1 The Bank of Nova Scotia A-1 30-Apr-15 0.80 (655,000) US $ 816,458 Canadian $ (13,544)1 Toronto-Dominion Bank A-1+ 25-Jun-15 1.28 (973,000) US $ 1,246,515 Canadian $ 12,568 Total Foreign Currency Forward Contracts Value (185,084)






- 309,061 309,061 - 309,061 - - - 3,853 3,853 296 - 296 - 296 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 827 827 - - - - - - - - - - - - - - - - - - 232 232 - - - 522 522 - - - 1,121 1,121 296 309,061 309,357 6,555 315,912 - - - - - - - - - - 481 - 481 - 481 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 519 519 - - - - - - - - - - - - - - - - - - - - - - - 1,002 1,002 481 - 481 1,521 2,002





Real Estate Investment Corporate ClassFund Specific Notes to Financial Statements




- 230,170 230,170 - 230,170 - - - 1,753 1,753 148 - 148 - 148 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 644 644 - - - - - - - - - - - - - - - - - - 3,059 3,059 - - - 303 303 - - - 278 278 148 230,170 230,318 6,037 236,355 - - - - - - - - - - 94 - 94 - 94 - - - - - - - - - - - - - - - - - - - - - - - 1,219 1,219 - - - 346 346 - - - - - - - - - - - - - - - - - - - - - - - - - 94 - 94 1,565 1,659



Real Estate Investment Corporate ClassFund Specific Notes to Financial Statements




- 168,121 168,121 - 168,121 - - - - - 85 - 85 - 85 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 459 459 - - - - - - - - - - - - - - - - - - 1,447 1,447 - - - 158 158 - - - 227 227 85 168,121 168,206 2,291 170,497 - - - - - - - - 129 129 137 - 137 - 137 - - - - - - - - - - - - - - - - - - - - - - - 763 763 - - - 196 196 - - - 34 34 - - - - - - - - - - - - - - - - - - - - 137 - 137 1,122 1,259







(7,549) (1,254) 82,361 25,848 74,812 24,594














2015 2014

64,168 77,238 5,071 4,232 2,430 522 (6,217) (9,392) (4,875) (8,432) 60,577 64,168

1,708,452 1,091,469 342,744 591,058 68,747 12,671 (301,630) 115,075 (74,469) (101,821) 1,743,844 1,708,452

25,790 14,229 2,183 18,352 1,270 579 (5,305) (7,132) (517) (238) 23,421 25,790

943 1,063 - - 51 8 304 - - (128) 1,298 943

4,426,379 2,802,856 1,017,322 1,126,868 214,147 32,618 (911) 749,668 (236,625) (285,631) 5,420,312 4,426,379










2015 2014

82,573 19,582 39,426 17,771 5,019 1,271 (33,708) 47,929 (182) (3,980) 93,128 82,573

11,053,781 9,963,884 2,046,089 2,081,549 444,468 86,132 (1,686,508) (298,554) (669,389) (779,230) 11,188,441 11,053,781 737,210 477,514 41,252 50,775 61,440 30,342 123,084 208,341 (50,982) (29,762) 912,004 737,210




2015 2014 628 627 - -




0.22 0.22 0.22 0.22 - - 0.22 0.22








as at as at Mar. 31, 2014 Apr. 1, 2013

234,454 169,038 242 200

234,696 169,238




22,199 42

22,241









Other Price Risk As at March 31, 2015, March 31, 2014 and April 1, 2013, the Fund was predominantly invested in global equities and therefore was sensitive to changes in general economic conditions across the world.

As at March 31, 2015, had global markets increased or decreased by 10% (March 31, 2014 and April 1, 2013 - 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 $30,906,000 (March 31, 2014 - $22,993,000 and April 1, 2013 - $16,792,000). In practice, actual results may differ from this analysis and the difference may be material.



Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 146,106 (71,997) 74,109 23.6Japanese Yen 41,833 - 41,833 13.3Euro 38,583 - 38,583 12.3Hong Kong Dollar 29,814 - 29,814 9.5British Pound 26,204 - 26,204 8.3Singapore Dollar 11,158 - 11,158 3.6Australian Dollar 10,187 - 10,187 3.2Swedish Krona 4,161 - 4,161 1.3Total 308,046 (71,997) 236,049 75.1

as at March 31, 2014~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 113,957 (29,640) 84,317 36.0 Japanese Yen 30,143 - 30,143 12.9 Hong Kong Dollar 21,993 - 21,993 9.4 Euro 19,283 - 19,283 8.2 British Pound 17,432 - 17,432 7.4 Australian Dollar 15,560 - 15,560 6.6 Singapore Dollar 4,880 - 4,880 2.1 Swedish Krona 3,160 - 3,160 1.3 Mexican Peso 1,987 - 1,987 0.8 Norwegian Krone 1,215 - 1,215 0.5 Indian Rupee 748 - 748 0.3 Total 230,358 (29,640) 200,718 85.5





as at March 31, 2014 Categories Net Assets (%)U.S.A. 46.0 Japan 12.7 Hong Kong 9.0 U.K. 7.4 Australia 6.6 France 2.7 Spain 2.5 Bermuda 2.3 Singapore 2.1 Other Net Assets (Liabilities) 1.9 Germany 1.3 Netherlands 1.3 Sweden 1.3 Canada 0.9 Mexico 0.8 Norway 0.5 Ireland 0.4 India 0.3 Foreign Currency Forward Contracts - Malta -

as at April 1, 2013 Categories Net Assets (%)U.S.A. 44.7 Japan 13.6 Australia 8.8 Hong Kong 8.0 Singapore 4.4 U.K. 4.1 Canada 3.2 Bermuda 2.8 France 2.7 Netherlands 2.3 Mexico 1.4 Other Net Assets (Liabilities) 0.7 Norway 0.7 Germany 0.7 Philippines 0.5 India 0.5 Cayman Islands 0.5 Jersey Island 0.4









as at April 1, 2013~ Financial Instruments Net Exposure Derivatives Total Assets Currency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 82,786 (14,483) 68,303 40.4 Japanese Yen 22,861 - 22,861 13.5 Australian Dollar 15,028 - 15,028 8.9 Hong Kong Dollar 14,386 - 14,386 8.5 Euro 10,182 - 10,182 6.0 Singapore Dollar 7,392 - 7,392 4.4 British Pound 6,885 - 6,885 4.1 Mexican Peso 2,313 - 2,313 1.4 Norwegian Krone 1,171 - 1,171 0.7 Philippine Peso 910 - 910 0.5 Indian Rupee 797 - 797 0.5 Total 164,711 (14,483) 150,228 88.9







Long Positions at fair value as at March 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 229,785 143 - 229,928 Foreign currency forward contracts, net - 54 - 54Total 229,785 197 - 229,982




CI Corporate Class LimitedNotes to the Financial Statements

*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.

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 Corporate’s registered office is 2 Queen Street, M5C 3G7 Toronto,

Ontario. These financial statements were authorized for issue by CI Investments Inc. (the “Manager”) on June 23, 2015. CI Investments Inc. is a subsidiary of CI Financial Corp.

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 (the “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

them 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 AT5 Shares AT6 Shares AT8 Shares D Shares E Shares EF Shares EFT5 Shares EFT8 Shares ET5 Shares

Jul. 17, 00 - - Jan. 31, 12 - - - - - -

Feb. 24, 00 - - Jan. 31, 12 - Jul. 27, 11 - - - -

Jul. 31, 01 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Nov. 26, 14 - - Jul. 26, 12

Jul. 15, 03 Sep. 17, 07 Jul. 26, 12 Sep. 17, 07 Jul. 26, 12 Jul. 27, 11 Nov. 26, 14 - - Jul. 27, 11

Sep. 29, 05† - - Jan. 31, 12 - Jul. 27, 11 - - - -

Jul. 8, 87 Sep. 17, 07 - Sep. 17, 07 - - - - - -

Jul. 23, 96 - - - - - - - - -

Feb. 22, 07* Sep. 17, 07* - Sep. 17, 07* - Jul. 27, 11* - - - Jul. 27, 11*

Feb. 24, 00 - - Jan. 31, 12 - - - - - -

Feb. 24, 00 - - Jan. 31, 12 - Jul. 27, 11 - - - -

Jul. 23, 96 Jul. 18, 08 - Jul. 18, 08 - - - - - -

Jul. 23, 96 Jul. 18, 08 - Jul. 18, 08 - - - - - -

Oct. 30, 81 - - - - - - - - -

May 6, 08* - - Jan. 31, 12* - Jul. 27, 11* - - - -

Jul. 8, 87 - - - - Jul. 26, 13 Nov. 26, 14 - - -

Jul. 31, 01 - - - - Jul. 26, 12 - - - -

Jun. 27, 97 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Nov. 26, 14 - - Jul. 27, 11

Dec. 31, 01 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Nov. 26, 14 - - Jul. 27, 11

Dec. 23, 02 Sep. 17, 07 - Sep. 17, 07 - - - - - -

Jul. 28, 06 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 - - - Jul. 27, 11

Jul. 27, 11 Jul. 27, 11 - Jul. 27, 11 - Jul. 26, 12 - - - Jul. 26, 12

Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 - - - Dec. 20, 12

Aug. 28, 02 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 Nov. 26, 14 Nov. 26, 14 - Jul. 26, 12

Jul. 15, 03 Jul. 17, 08 - Jul. 17, 08 - Jul. 27, 11 Nov. 26, 14 Nov. 26, 14 - Jul. 26, 12

Nov. 10, 09* Nov. 10, 09* - Nov. 10, 09* - Jul. 27, 11* - - - Jul. 27, 11*

Aug. 28, 02 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Nov. 26, 14 - Nov. 26, 14 Jul. 27, 11

Sep. 21, 92 - - Jan. 31, 12 - Jul. 27, 11 Nov. 26, 14 - - -

Aug. 28, 02 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 - - - Jul. 26, 12

Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Nov. 26, 14 - Nov. 26, 14 Dec. 20, 12

Jun. 11, 98 - - - - - - - - -

Feb. 22, 07 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Nov. 26, 14 - Nov. 26, 14 Jul. 27, 11

Jul. 31, 01 - - - - Jul. 27, 11 - - - -

Jul. 23, 96 - - - - - - - - -

Dec. 13, 10 - - - - Jul. 27, 11 - - - -

Aug. 28, 02 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Nov. 26, 14 Nov. 26, 14 Nov. 26, 14 Jul. 27, 11

Dec. 29, 11* Dec. 29, 11* - Dec. 29, 11* - Jul. 26, 12* - - - Jul. 26, 12*


CI Corporate Class LimitedNotes to the Financial Statements (cont’d)


CI CORPORATE CLASS (cont’d)












































Insight

ET8 Shares F Shares FT5 Shares FT8 Shares I Shares IT5 Shares IT8 Shares Shares O Shares OT5 Shares

- Jul. 17, 00 - - Aug. 28, 02 - Jan. 31, 12 - Jul. 26, 13 -

- Jul. 17, 00 - - Jul. 18, 08 - Jan. 31, 12 - Jul. 27, 11 -

Jul. 26, 12 Jul. 31, 01 Sep. 17, 07 Sep. 17, 07 Aug. 28, 02 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 26, 12

Jul. 27, 11 Jul. 15, 03 Sep. 17, 07 Sep. 17, 07 Jun. 20, 05 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11

- Sep. 29, 05† - - Sep. 29, 05† - Jan. 31, 12 - Jul. 27, 11 -

- Jul. 17, 00 Sep. 17, 07 Sep. 17, 07 Jun. 28, 05 - Jan. 31, 12 - Jul. 26, 13 -

- Jul. 17, 00 - - Jul. 31, 01 - - - Jul. 26, 13 -

Jul. 27, 11* Feb. 22, 07* Sep. 17, 07* Sep. 17, 07* Feb. 22, 07* Sep. 17, 07* Sep. 17, 07* - Jul. 27, 11* Jul. 27, 11*

- Jul. 17, 00 - - Jul. 31, 01 - Jan. 31, 12 - Jul. 26, 13 -

- Jul. 17, 00 - - Jul. 27, 11 - Jan. 31, 12 - Jul. 27, 11 -

- Jul. 17, 00 - - Jun. 28, 05 - Jan. 31, 12 - Jul. 26, 13 -

- Jul. 31, 01 - - Jun. 20, 05 - Jan. 31, 12 - Jul. 26, 13 -

- Jul. 17, 00 - - - - - - - -

- May 6, 08* - - May 6, 08* - Jan. 31, 12* - Jul. 27, 11* -

- Jul. 17, 00 - - Jun. 20, 05 - - - Jul. 26, 13 -

- - - - - - - - Jul. 26, 12 -


Jul. 27, 11 Dec. 31, 01 Sep. 17, 07 Sep. 17, 07 Dec. 31, 01 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11

- Dec. 23, 02 Sep. 17, 07 Sep. 17, 07 Dec. 23, 02 Jul. 26, 12 Jul. 26, 12 - Jul. 26, 13 Jul. 26, 13

Jul. 27, 11 Jul. 28, 06 Sep. 17, 07 Sep. 17, 07 Jul. 28, 06 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11

Jul. 26, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Aug. 5, 11 - Dec. 7, 11 - Jul. 26, 12 Jul. 26, 12

Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12

- Aug. 28, 02 - - Jun. 20, 05 - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12

- Jul. 15, 03 - - Jul. 20, 07 - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12

Jul. 27, 11* Nov. 10, 09* Nov. 10, 09* Nov. 10, 09* Nov. 10, 09* Nov. 10, 09* Nov. 10, 09* - Jul. 27, 11* Jul. 27, 11*

Jul. 27, 11 Aug. 28, 02 Sep. 17, 07 Sep. 17, 07 Jun. 20, 05 - Jan. 31, 12 - Jul. 27, 11 Jul. 27, 11

- Jul. 17, 00 - - Jul. 20, 07 - Jan. 31, 12 - Jul. 27, 11 -

- Aug. 28, 02 - - Jul. 18, 08 - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12

Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12

- Jul. 31, 01 - - - - - - - -

Jul. 27, 11 Feb. 22, 07 Sep. 17, 07 Sep. 17, 07 Feb. 22, 07 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11

- Jul. 31, 01 - - Jul. 18, 09 - - - Jul. 27, 11 -

- Jul. 17, 00 - - Jul. 31, 01 - - - Jul. 26, 13 -

- Dec. 13, 10 - - Dec. 13, 10 - - - Jul. 27, 11 -

Jul. 27, 11 Aug. 28, 02 Sep. 17, 07 Sep. 17, 07 Jun. 20, 05 - Jan. 31, 12 - Jul. 27, 11 Jul. 27, 11

Jul. 26, 12* Dec. 29, 11* Dec. 29, 11* Dec. 29, 11* - - - - Jul. 26, 12* Jul. 26, 12*

Jul. 27, 11 Mar. 30, 05 Sep. 17, 07 Sep. 17, 07 Jul. 28, 06 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11

- Jul. 31, 01 - - Jul. 18, 08 - Jan. 31, 12 - Jul. 27, 11 -


Jul. 27, 11 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 - Dec. 7, 11 - Jul. 27, 11 Jul. 27, 11

- Jul. 17, 00 - - Jul. 18, 08 - Jan. 31, 12 - Apr. 22, 14 -

- Sep. 26, 05† - - Sep. 26, 05† - Jan. 31, 12 Sep. 26, 05 Jul. 27, 11 -

- Jul. 23, 04 - - Sep. 2 , 04 - Jan. 31, 12 - Jul. 26, 13 -









Inception Date: (cont’d)


Mar. 30, 05 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Nov. 26, 14 - Nov. 26, 14 Jul. 27, 11

Jul. 31, 01 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 - - - -

Jul. 31, 01 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Nov. 26, 14 - - Jul. 27, 11

Jul. 14, 10 Jul. 14, 10 - Jul. 14, 10 - Jul. 27, 11 - - - Jul. 27, 11

Sep. 21, 92 - - Jan. 31, 12 - Apr. 22, 14 - - - -

Sep. 26, 05† - - Jan. 31, 12 - Jul. 27, 11 - - - -

Jul. 23, 04 Sep. 17, 07 - Sep. 17, 07 - - - - - -
















































OT8 Shares X Shares Y Shares Z Shares

- - - -

- - - -

Jul. 26, 12 - - -

Jul. 27, 11 - - -

- - - -

- - - -

- - Jun. 11, 09 Jun. 11, 09

Jul. 27, 11* - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

Jul. 27, 11 - - -

Jul. 27, 11 - - -

- - - -

Jul. 27, 11 - - -

Jul. 26, 12 - - -

Dec. 20, 12 - - -

- - - -

- Jun. 11, 09* - -

Jul. 27, 11* - - -

Jul. 27, 11 - - -

- - - -

- - - -

Dec. 20, 12 - - -

- - - -

Jul. 27, 11 - - -

- - - -

- - - -

- - - -

Jul. 27, 11 - - -

Jul. 26, 12* - - -

Jul. 27, 11 - - -

- - - -

Jul. 27, 11 - - -

Jul. 27, 11 - - -

- - - -

- - Jun. 11, 09 Jun. 11, 09

- - Jun. 11, 09 Jun. 11, 09




PORTFOLIO SELECT SERIES













PORTFOLIO SELECT SERIES (cont’d)













PORTFOLIO SELECT SERIES (cont’d)














A Shares AT5 Shares AT8 Shares E Shares EF Shares EFT5 Shares EFT8 Shares ET5 Shares ET8 Shares F Shares

Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Jul. 27, 11 Nov. 26, 14 - - - Jul. 27, 11 Nov. 27, 06



Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Jul. 27, 11 Nov. 26, 14 - Nov. 26, 14 - Jul. 27, 11 Nov. 27, 06





Nov. 7, 05 - - Jul. 27, 11 Nov. 26, 14 - - - - Nov. 7, 05

Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 27, 11 Nov. 26, 14 Nov. 26, 14 Nov. 26, 14 Jul. 26, 12 Jul. 26, 12 Jul. 14, 10

Nov. 7, 05 - - Jul. 27, 11 Nov. 26, 14 - - - - Nov. 7, 05

Nov. 7, 05 - - Jul. 27, 11 Nov. 26, 14 - - - - Nov. 7, 05

FT5 Shares FT8 Shares I Shares IT5 Shares IT8 Shares O Shares OT5 Shares OT8 Shares U Shares V Shares

Sep. 17, 07 Sep. 17, 07 Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Jul. 27, 11 Jul. 26, 13 Jul. 27, 11 - -

Sep. 17, 07 Sep. 17, 07 Nov. 27, 06 - Jul. 17, 11 Jul. 27, 11 - Jul. 27, 11 - -







- - Nov. 7, 05 - - Jul. 27, 11 - - - Jul. 14, 10

Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 Jul. 14, 10 Jul. 14, 10

- - Nov. 7, 05 - - Jul. 27, 11 - - - Jul. 14, 10

- - Nov. 7, 05 - - Jul. 27, 11 - - - Jul. 14, 10

W Shares WT5 Shares WT8 Shares Y Shares Z Shares

Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 - -

Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 - -

Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 - -

Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 - -

Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 - -

Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 - -

Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 - -

Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 - -

Nov. 7, 05 - - Jul. 14, 10 Jul. 14, 10

Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10

Nov. 7, 05 - - Jul. 14, 10 Jul. 14, 10

Nov. 7, 05 - - Jul. 14, 10 Jul. 14, 10




CAMBRIDGE CORPORATE CLASS








CAMBRIDGE CORPORATE CLASS (cont’d)








CAMBRIDGE CORPORATE CLASS (cont’d)








UNITED CORPORATE CLASS






















Feb. 24, 00 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Nov. 26, 14 - - Jul. 26, 12

Dec. 27, 07 Dec. 27, 07 - Dec. 27, 07 - Jul. 27, 11 Nov. 26, 14 - Nov. 26, 14 Jul. 27, 11

Dec. 27, 07 Dec. 27, 07 Jul. 26, 12 Dec. 27, 07 Jul. 26, 12 Jul. 27, 11 Nov. 26, 14 - Nov. 26, 14 Jul. 27, 11

Jul. 26, 13 Jul. 26, 13 - Jul. 26, 13 - Jul. 26, 13 Nov. 26, 14 - Nov. 26, 14 Jul. 26, 13

Dec. 27, 07 Dec. 27, 07 - Dec. 27, 07 - Jul. 27, 11 Nov. 26, 14 - - Jul. 27, 11

Jul. 29, 14 - - Jul. 29, 14 - Jul. 29, 14 Nov. 26, 14 - - -

Dec. 29, 11* Dec. 29, 11* - Dec. 29, 11* - Dec. 29, 11* - - - Dec. 29, 11*

ET8 Shares F Shares FT5 Shares FT8 Shares I Shares IT5 Shares IT8 Shares O Shares OT5 Shares OT8 Shares

Jul. 26, 12 Jul. 17, 00 Sep. 17, 07 Sep. 17, 07 Dec. 7, 11 - Dec. 7, 11 Jul. 27, 11 Jul. 26, 12 Jul. 26, 12

Jul. 27, 11 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jul. 27, 11 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 Jan. 31, 12 Jan. 31, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 - Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 Jul. 26, 13

Jul. 27, 11 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 - Dec. 27, 07 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jul. 29, 14 Jul. 29, 14 - Jul. 29, 14 Jul. 29, 14 - Jul. 29, 14 Jul. 29, 14 - Jul. 29, 14

Dec. 29, 11* Dec. 29, 11* Dec. 29, 11* Dec. 29, 11* - - - Dec. 29, 11* Dec. 29, 11* Dec. 29, 11*

W Shares Y Shares Z Shares

- - -

Dec. 27, 07 - -

Dec. 27, 07 Jul. 26, 13 Jul. 26, 13

- - -

Dec. 27, 07 - -

- - -

- - -

A Shares E Shares ET8 Shares F Shares I Shares IT8 Shares W Shares WT8 Shares

Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08

Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08




Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08






- Jul. 25, 08 Jul. 25, 08 - Jul. 25, 08 Jul. 25, 08 - -







- Jul. 25, 08 Jul. 25, 08 - Jul. 25, 08 Jul. 25, 08 - -




BLACK CREEK CORPORATE CLASS




BLACK CREEK CORPORATE CLASS (cont’d)





A Shares AT5 Shares AT8 Shares E Shares EF Shares EFT5 Shares EFT8 Shares ET5 Shares ET8 Shares F Shares

Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Nov. 26, 14 - Nov. 26, 14 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Nov. 26, 14 - - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Nov. 26, 14 - - - - Jul. 27, 11

FT5 Shares FT8 Shares I Shares IT8 Shares O Shares OT5 Shares OT8 Shares

Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 7, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 7, 11 Jul. 27, 11 - -


Effective as of close of business on July 26, 2013, the following Funds merged:

Terminating Funds Continuing Funds

CI Japanese Corporate Class CI Pacific Corporate Class

Cambridge Canadian Stock Fund Cambridge Canadian Equity 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 any 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 July 26, 2013, the Continuing Funds acquired all of the assets

of the corresponding Terminating Funds in exchange for shares in the Continuing Funds. The value of

the shares of the Continuing Funds issued in connection with these mergers, were equal to the net

assets transferred from the respective Terminating Funds. The cost associated with the merger was

borne by the Manager.

Net Asset Shares

Terminating Funds Continuing Funds Acquired ($) Issued

CI Japanese Corporate Class CI Pacific Corporate Class 3,296,321 401,388

Cambridge Canadian Stock Fund Cambridge Canadian Equity

Corporate Class 43,936,155 4,342,831

The Terminating Funds’ results are not included in these financial statements.

Prior to December 16, 2014, the CI Global High Dividend Advantage Corporate Class had a forward

purchase agreement (the “Forward Purchase Agreement”) with National Bank of Canada. Under the

Forward Purchase Agreement the Fund agreed to buy securities from the National Bank of Canada in

return for a purchase price of the National Bank of Canada Global BB Units (“Underlying Account”).

The Fund’s restricted cash subject to forward agreement was deposited with National Bank of Canada

and pledged to the counterparty as security for performance of the Fund of its obligations under the

forward agreement. On December 16, 2014, the CI Global High Dividend Advantage Corporate Class

settled the forward purchase agreement.

Prior to December 22, 2014, the CI Short-Term Advantage Corporate Class had a forward agreement

(the “Forward Agreement”) with Bank of Montreal and provided shareholders with exposure to the

performance of the CI Short-Term Advantage Trust (“Underlying Trust”), in exchange for a Canadian

equity portfolio. The Underlying Trust consists of money market instruments issued in Canada and

other developed countries. However, neither the Fund nor the shareholders will have any ownership

interest in the Underlying Trust. On December 31, 2014, the Short-Term Advantage Corporate Class

settled the forward agreement.

The Signature Diversified Yield Corporate Class entered into a forward purchase agreements (the

“Forward Purchase Agreements”) with Bank of Montreal and National Bank of Canada. Under the

Forward Purchase Agreements the Fund agrees to buy securities from the Bank of Montreal and

National Bank of Canada in return for a purchase price of the Signature Diversified Yield Trust

(“Underlying Trust”). The Fund’s restricted cash subject to forward agreements was deposited with

Bank of Montreal and National Bank of Canada and pledged to the counterparties as security for

performance of the Fund of its obligations under the forward agreements. Through the forward

agreements the Fund provides shareholders with exposure to the performance of the Underlying Trust.

The Underlying Trust consists of fixed income and high-yielding equity securities issued by issuers

anywhere in the world. However, neither the Fund nor the shareholders will have any ownership

interest in the Underlying Trust.

The Signature High Yield Bond Corporate Class entered into a forward purchase agreement (the

“Forward Purchase Agreement”) with Bank of Montreal. Under the Forward Purchase Agreement the

Fund agrees to buy securities from the 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. Through the forward agreement the Fund

provides shareholders with exposure to the performance of the Underlying Fund. The Underlying Fund

consists of high-yielding corporate bonds and debt obligations that are rated BBB or below, bank loans,

convertible bonds, floating rate debt instruments and private placements issued by issuers anywhere

in the world. However, neither the Fund nor the shareholders will have any ownership interest in the

Underlying Fund.



The Cambridge Income Corporate Class entered into a forward purchase agreement (the “Forward

Purchase Agreement”) with Bank of Montreal. Under the Forward Purchase Agreement the Fund

agrees to buy securities from the 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. Through the forward agreement the Fund

provides shareholders with exposure to the performance of the Underlying Trust. The Underlying

Trust consists of fixed income and high-yielding equity investments that may include common shares,

preferred shares, real estate investment trusts and royalty trust issued by issuers anywhere in the

world. However, neither the Fund nor the shareholders will have any ownership interest in the

Underlying Trust.

CI Short-Term Advantage Corporate Class, Signature Diversified Yield Corporate Class, Signature High

Yield Bond Corporate Class and Cambridge Income Corporate Class may partially settle the Forward

Agreements prior to the Settlement Date in order to fund their daily distributions, redemptions of

shares, payment for purchases of shares in the market and expenses of each Fund.

The Statements of Financial Position are as at March 31, 2015, March 31, 2014 and April 1, 2013, or

inception date, where applicable. 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, 2015 and 2014 except for Funds established during either period, in which case

the information provided relates to the period from inception to March 31, 2015 or 2014.

2. BASIS OF PRESENTATION AND ADOPTION OF IFRS

These financial statements have been prepared in compliance with International Financial Reporting

Standards (“IFRS”) as published by the International Accounting Standards Board (“IASB”). The Funds

adopted this basis on April 1, 2014 as required by Canadian securities legislation and the Canadian

Accounting Standards Board. Previously, the Funds prepared their financial statements in accordance

with Canadian generally accepted accounting principles as defined in the Part V of CPA Canada

Handbook (“Canadian GAAP”). The Funds have consistently applied the accounting policies used in the

preparation of their opening statements of financial position and throughout all years presented, as

if these policies had always been in effect. Note 12 discloses the impact of the transition to IFRS on

the Funds’ reported financial position, financial performance and cash flows, including the nature and

effect of significant changes in accounting policies from those used in the Funds’ financial statements

for the year ended March 31, 2014 prepared under Canadian GAAP.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with IFRS. The following is a summary

of the significant accounting policies of the Funds.

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. As at March 31, 2015,

March 31, 2014 and April 1, 2013 or inception date, there were no differences between the net asset

value (“NAV”) used for transactions with shareholders and the net assets attributable to holders of

redeemable shares used for reporting purposes under IFRS.

Financial assets and liabilities are offset and the net amount 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. 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 Fund’s manager.

The fair value of private placements 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 placements 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; and those

designated at fair value through profit or loss at inception.

Financial assets or financial liabilities held for trading

A financial asset or financial liability is classified as held for trading (“HFT”) if it is acquired or

incurred principally for the purpose of selling or repurchasing in the near term or if on initial

recognition is part of a portfolio of identifiable financial investments that are managed together

and for which there is 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 fair value through profit or loss 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. 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.

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. Cash

Cash is comprised of cash on deposit.

g. 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 shown on 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.

Commitment fee income is accounted for on an accrual basis on the term of the commitment.

h. 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. dollars.

i. 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.

j. 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


k. Forward agreements

Some Funds entered into a forward purchase agreement (“Forward Purchase Agreement”) or forward

sale agreements (“Forward Agreement”) with counterparties (“Counterparty”).

Pursuant to each Forward Purchase Agreement, a Fund agreed to purchase from the relevant

Counterparty on a future date (“Forward Date”) a specified portfolio of Canadian securities. The

amount paid by the Counterparty on the Forward Date will be determined by reference to the returns

of reference fund. During the term of the Forward Purchase Agreement, the Fund will pledge its assets

to the relevant Counterparty. The Fund’s assets will be comprised solely of its cash and its Forward

Purchase Agreement. The Fund’s cash will be deposited with and pledged to the Counterparty as

security for performance by the Fund of its obligations under the forward transaction.

Pursuant to each Forward Agreement, a Fund agreed to sell to the relevant Counterparty on a future

date (“Forward Date”) a specified portfolio of Canadian securities. The amount delivered by the

Counterparty on the Forward Date will be determined by reference to the returns of the reference fund.

CI Short-Term Advantage Corporate Class, Signature Diversified Yield Corporate Class, Signature High

Yield Bond Corporate Class and Cambridge Income Corporate Class entered into Forward Purchase

Agreements or Forward Agreements with third parties and the value of these 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 Trusts/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) of investments and derivatives” in the Statements

of Comprehensive Income and “Unrealized gain (loss) on forward agreement”/”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 investments and derivatives” in the Statements of Comprehensive Income.

l. Futures contracts

Futures contracts are valued on each valuation day using the closing price posted on the relevant

public exchange. 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


m. 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 received 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) of investments and derivatives”. When the interest rate swaps contracts are closed out,

any gains (losses) are recorded as “Net realized gain (loss) on sale of investments and derivatives” in

the Statements of Comprehensive Income.

n. Options contracts

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”.

Over-the-counter options are valued using the Black Scholes model, whereas, exchange traded options

are valued at last traded price taken from the exchange.

o. Credit default swaps

Credit default swaps are agreements 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. Where 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”. Premiums paid or received

from credit default swap agreements are included in derivative 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”.

p. Mortgage-backed and asset-back 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 value of mortgage related and other asset-backed securities included in “Investments”

in the Statements of Financial Position. The change in fair value 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”. Mortgage-related and asset-

backed securities are issued as separate tranches, or classes, of securities within each deal and are

considered structured entities. See Note 3(w) for further information on structured entities.

q. 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”.

r. Short selling

When a Fund sells a security short, it will borrow that security from a broker to complete the sale. 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)

of investments and derivatives” and in the Statements of Financial Position in “Investments sold short

at fair value”. When the short position is closed out, gains and losses are realized and included in

“Net realized gain (loss) on investments and derivatives” in the Statements of Comprehensive Income.

s. Shares valuation

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.

t. 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 outstanding during the year of that class.



u. 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.

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 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 as at period end is disclosed in the Fund Specific Notes to Financial

Statements.

Arrangements

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

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 held typically meet the

definition of structured entities. The Funds account for their investments in unconsolidated structured

entities at fair value through profit or loss.

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 Funds 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 the Underlying Funds. The

Funds can redeem their investments in the Underlying Funds on daily basis. Information related to

Interest in Underlying Funds for each of the Funds appears under the Fund Specific Notes to Financial

Statements. These investments are included in “Investments” at fair value through profit or loss in

the Statements of Financial Position. The Funds’ maximum exposure to loss from their interest in

Underlying Funds is equal to the total fair value of their investments in Underlying Funds.

Certain Funds invest in ETFs (“Exchange-traded Funds” or “ETFs”) which are disclosed on the Schedule

of Investment Portfolio and these Funds have determined that their investments in such ETFs are

unconsolidated structured entities. These 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 the U.S. 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.

Information related to Interest in Non-Consolidated Structured Entities for each Fund appears under

the Fund Specific Notes to Financial Statements.

x. Accounting standards issued but yet not 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 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, however is available for early adoption. In addition, the own credit changes

can be early applied in isolation without otherwise changing the accounting for financial instruments.

The Funds are in the process of assessing the impact of IFRS 9 and have not yet determined when it

will adopt the new standard.

IAS 24, Related Party Disclosures

IAS 24, Related Party Disclosures, has been amended to clarify the identification and disclosure

requirements for related party transactions when key management personnel services are provided

by a management entity. The amendments are effective for annual periods beginning on or after

July 1, 2014. At this time, management is evaluating IAS 24 to determine the impact to the financial

statements.



4. 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 period. 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.

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.

5. 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 11, 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.

In order to establish each individual class the Manager has made initial investments in certain Funds.

As at March 31, 2015, March 31, 2014 and April 1, 2013, CI Investments Inc. held investments in the

Funds as follows:

2015 2014 2013

Fund (in $) (in $) (in $)

CI American Managers® Corporate Class 38,206 30,691 23,812

CI American Small Companies Corporate Class 41,255 20,742 24,938

CI American Value Corporate Class 18,869 41,029 45,731

CI Canadian Investment Corporate Class 74,853 73,364 48,010

CI Can-Am Small Cap Corporate Class 16,612 20,936 24,597

CI Global Corporate Class 50,158 40,669 35,627

CI Global High Dividend Advantage Corporate Class 15,864 30,541 23,379

CI Global Managers® Corporate Class 34,666 30,526 23,803

CI Global Small Companies Corporate Class 37,452 20,519 36,522

CI Global Value Corporate Class 53,712 40,667 36,481

CI International Value Corporate Class 49,896 40,448 36,097

CI Short-Term Advantage Corporate Class 20,239 20,042 20,076

CI Short-Term Corporate Class 10,000 10,026 -

CI Short-Term US$ Corporate Class 12,660 10,019 20,340

Harbour Corporate Class 30,257 30,683 33,794

Harbour Global Equity Corporate Class 76,184 40,896 59,623

Harbour Global Growth & Income Corporate Class 27,002 30,460 11,836

Harbour Growth & Income Corporate Class 25,758 30,927 44,076

Harbour Voyageur Corporate Class 81,343 91,358 103,287

Red Sky Canadian Equity Corporate Class 99,549 100,421 160,651

Signature Canadian Bond Corporate Class 44,417 40,332 51,277

Signature Corporate Bond Corporate Class 10,578 20,378 32,162

Signature Diversified Yield Corporate Class - - 124

Signature Dividend Corporate Class 40,841 31,164 46,719

Signature Emerging Markets Corporate Class 24,488 10,163 11,707

Signature Global Bond Corporate Class 47,397 40,266 51,471

Signature Global Dividend Corporate Class 43,401 30,088 163,506

Signature Global Income & Growth Corporate Class 16,560 10,161 70,252

Signature Global Resource Corporate Class - - 105

Signature Global Science & Technology Corporate Class - 10,188 -

Signature Gold Corporate Class 70 100 86

Signature High Income Corporate Class 10,459 - 122

Signature High Yield Bond Corporate Class 38,285 52,107 77,298

Signature Income & Growth Corporate Class - - 247

Signature International Corporate Class 65,489 40,571 60,014

Signature Select Canadian Corporate Class 26,232 30,827 34,763

Signature Select Global Corporate Class 123,681 91,204 109,013



2015 2014 2013

Fund (cont’d) (in $) (in $) (in $)

Synergy American Corporate Class 25,062 10,355 11,990

Synergy Canadian Corporate Class 31,882 30,887 35,115

Synergy Global Corporate Class 20,173 20,365 12,500

Select 100e Managed Portfolio Corporate Class 49,387 61,235 71,228

Select 20i80e Managed Portfolio Corporate Class 63,099 71,360 81,732




Select 60i40e Managed Portfolio Corporate Class - 30,438 44,928



Select Canadian Equity Managed Corporate Class 10,341 - 129

Select Income Managed Corporate Class - 10,059 21,451

Select International Equity Managed Corporate Class 11,026 - 127

Select U.S. Equity Managed Corporate Class 10,692 - 133

Cambridge American Equity Corporate Class 29,083 51,129 95,179

Cambridge Canadian Asset Allocation Corporate Class 14,819 10,211 34,006

Cambridge Canadian Equity Corporate Class 28,186 20,796 63,052

Cambridge Global Dividend Corporate Class 64,672 100,276 -

Cambridge Global Equity Corporate Class 41,744 20,516 36,386

Cambridge Growth Companies Corporate Class 35,432 - -

Cambridge Income Corporate Class 41,579 32,036 35,109

Canadian Equity Growth Corporate Class 63,486 31,223 39,827

Canadian Equity Small Cap Corporate Class 15,487 10,519 12,128

Canadian Equity Value Corporate Class 13,181 9,701 8,264

Canadian Fixed Income Corporate Class 11,150 10,084 10,313

Emerging Markets Equity Corporate Class 12,341 9,175 10,595

Enhanced Income Corporate Class 13,305 10,270 21,994

Global Fixed Income Corporate Class 11,764 10,057 10,185

International Equity Growth Corporate Class 18,291 10,221 12,923

International Equity Value Corporate Class 16,863 14,136 13,747

International Equity Value Currency Hedged Corporate Class 181 102 127

Real Estate Investment Corporate Class 14,376 8,946 10,372

Short Term Income Corporate Class 42,235 40,184 40,651

US Equity Growth Corporate Class 59,572 30,932 35,102

US Equity Small Cap Corporate Class 25,608 24,997 28,831

US Equity Value Corporate Class 16,432 10,342 17,585

US Equity Value Currency Hedged Corporate Class 181 103 125

Black Creek Global Balanced Corporate Class - 10,045 88,454

Black Creek Global Leaders Corporate Class 58,728 60,106 89,840

Black Creek International Equity Corporate Class 20,125 10,031 65,080

6. 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, taxable

dividends received from taxable Canadian corporations are subject to a tax of 33 1/3%. Such taxes

are fully refundable upon payment of taxable dividends to its shareholders on a basis of $1 for every

$3 of dividends paid. Any such tax paid is reported as an amount receivable until recovered through

the payment to shareholders of dividends out of net investment income. 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.

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.

7. MANAGEMENT FEES AND OTHER EXPENSES

CI Investments Inc. is the Manager of the Corporation, and 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.

The management fee is calculated based on the net asset values of each class of a Fund (other than

Class I, IT5, IT8, O, OT5 or OT8 and Class W, WT5 and WT8 of United Corporate Classes) at the end

of each business day. Investors in Class I, IT5, IT8, O, OT5 or OT8 shares and Class W, WT5 and

WT8 shares of United Corporate Classes are charged management fees directly as negotiated

between the investor and the Manager.

For each Class W share of a United Corporate Class, 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.

The maximum annual rate for a particular Fund is reduced for investors who elect to use the Asset

Management Services offered by the Manager. Investors who qualify for and have elected to use

the Asset Management Service pay a fee of up to 1.00% of the aggregate net asset value of shares

managed through the service. Further, the Manager may, in its sole discretion, offer to qualified

investors a management fee reduction program of up to 0.50% in certain circumstances. For complete

information regarding management fees, and the circumstances in which fee reductions apply, refer

to the Funds’ simplified prospectus.

During the year ended March 31, 2015, the Manager of the Funds absorbed $193,000 (March 31,

2014 - $186,000 and April 1, 2013 - $189,000), $89,000 (March 31, 2014 - $150,000 and April 1,

2013 - $261,000) and U.S.$50,000 (March 31, 2014 – U.S.$59,000 and April 1, 2013 U.S.$47,000)

in management fees due to the declining yields generated by the following funds: CI Short-Term

Corporate Class, CI Short-Term Advantage Corporate Class and CI Short-Term US$ Corporate Class,

respectively.

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 period, a Fund may have received a management and/or administration fee

rebate from an Underlying Fund. 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.



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”). 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, IT8, E, EF, EFT5, EFT8, ET5, ET8, O, OT5, or OT8) at the end of

each business day.

Refer to the Management and Administration Fees in the financial statements for the management and

administrative fee rate applicable to each class in the Fund Specific Notes to the Financial Statements.

The CI Global High Dividend Advantage Corporate Class, CI Short Term Advantage Corporate Class,

Signature Diversified Yield Corporate Class, Signature High Yield Bond Corporate Class and Cambridge

Income Corporate Class will pay 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 Account/Trust/Fund under the Forward Agreement, calculated and paid monthly.

8. SECURITIES LENDING

Certain Funds, except for CI Global High Dividend Advantage Corporate Class and CI Short-Term

Advantage Corporate Class, have entered into a securities lending program with their custodian,

RBC Investor Services Trust (“RBC IS&T”). The CI Global High Dividend Advantage Corporate Class and

CI Short-Term Advantage Corporate Class entered into a securities lending program with National

Bank of Canada and the Bank of Montreal, respectively. The aggregate market value of all securities

loaned by a Fund cannot exceed 50% of the assets of the Fund, except for CI Global High Dividend

Advantage Corporate Class and CI Short-Term Advantage Corporate Class as these Funds received

permission from the Canadian securities regulatory authorities to deviate from National Instrument

81-102 in order to lend up to 100% of their portfolio securities pursuant to securities lending

arrangements. The permission also allows the Funds to appoint a person, other than the Funds’

custodian, as the agent of the Funds for arranging securities loans, and allows each Fund to pledge

the collateral it receives for each such loan. 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,

appear on the Fund Specific Notes to Financial Statements. Income from securities lending is included

in “Securities lending” 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”.

9. 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.

10. 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 Fund Specific Notes to the Financial Statements.

11. 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 are 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

Standard & Poor’s, where available, otherwise ratings are obtained from: Moody’s Investors Service

or Dominion Bond Rating.

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, RBC IS&T. The Manager monitors

the credit worthiness of the custodian on a regular basis. As at March 31, 2015, the credit rating of

RBC IS&T was AA- (March 31, 2014 – AA- and April 1, 2013 – AA-).

As at March 31, 2015, the credit rating of National Bank of Canada (Global) Limited was AAA and Bank

of Montreal was AA- (March 31, 2014 – AAA and AA- and April 1, 2013 – AAA and AA-), respectively.

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.

i. 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 interest rate risk or currency 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.

ii. 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.

iii. 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 instrument 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 for

each Fund.

12. TRANSITION TO IFRS

The effects of the Funds’ transition to IFRS are as follows:

Transition elections

The only voluntary exemption adopted by the Funds upon transition was the ability to designate a

financial asset or financial liability at fair value through profit and loss. All financial assets designated

at FVTPL upon transition were previously carried at fair value under Canadian GAAP as required by

Accounting Guideline 18, Investment Companies.



Statement of cash flows

Under Canadian GAAP, the Funds were exempt from providing a Statement of Cash Flows. IAS 1,

Presentation of Financial Statements, requires that a complete set of financial statements include a

Statement of Cash Flows for the current and comparative years.

Classification of redeemable shares issued by the Funds

Under Canadian GAAP, the Funds accounted for their redeemable shares as equity. Under IFRS, IAS 32,

Financial Instruments: Presentation, requires shares of an entity that include a contractual obligation

for the Issuer to repurchase or redeem the shares for cash or another financial asset should be

classified as financial liability. The Funds’ units do not meet the criteria in IAS 32 for classification as

equity and therefore have been reclassified as financial liabilities on transition to IFRS.

Revaluation of investments at FVTPL

Under Canadian GAAP, the Funds measured the fair values of their investments in accordance with

Section 3855, Financial Instruments – Recognition and Measurement, which required the use of bid

prices for long positions and ask prices for short positions; to the extent such prices were available.

Under IFRS, the Funds measure the fair values of their investments using the guidance in IFRS 13, Fair

Value Measurement, which requires that if an asset or a liability has a bid price and an ask price, then

its fair value is to be based on a price within the bid-ask spread that is most representative of fair

value. As a result, upon adoption of IFRS an adjustment was recognized to adjust the carrying amount

of the Funds’ investments as well as to adjust the Funds’ increase (decrease) in net assets attributable

to holder of redeemable shares.

Details of the adjustments for each of the Funds are available in the Fund Specific Notes to Financial

Statements of each Fund.

Reclassification adjustments

Withholding taxes for the year ended March 31, 2014 which were previously netted against dividend

income and interest income under Canadian GAAP, have been reclassified and presented separately

an expense under IFRS.

13. SUBSEQUENT EVENTS

On May 4, 2015, CI Investments Inc. announced merger of the flowing funds. Subject to required

unitholder and regulatory approvals, the mergers will take effect on July 10, 2015.

Terminating Funds Continuing Funds

Signature Diversified Yield Fund Signature Diversified Yield II Fund

CI U.S. Equity Plus Fund Cambridge American Equity Corporate Class

CI Alpine Growth Equity Fund CI Canadian Small/Mid Cap Fund


NOTICE: Should you require additional copies of this Annual Report or have received more than

one copy, please contact United Financial c/o CI Investments Inc. (the “Manager”) or your financial

advisor.

Commissions, trailing commissions, management fees and expenses all maybe associated with

mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated

and except for returns for periods less than one year, the indicated rates of return are the historical

annual compounded total returns including changes in security value. All performance data assume

reinvestment of all distributions or dividends and do not take into account sales, redemption,

distribution or optional charges or income taxes payable by any securityholder that would have

reduced returns. Mutual funds are not guaranteed, their values change frequently and past

performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit

Insurance Corporation or by any other government deposit insurer.

The commentaries contained herein are provided as a general source of information and should not

be considered personal investment advice or an offer or solicitation to buy or sell securities. Every

effort has been made to ensure that the material contained in these commentaries is accurate at

the time of publication. However, the Manager cannot guarantee its accuracy or completeness and

accepts no responsibility for any loss arising from any use of or reliance on the information contained

herein.

Legal Notice

UNITED CORPORATE CLASSES INCOME POOLS Short Term Income Corporate ClassCanadian Fixed Income Corporate ClassGlobal Fixed Income Corporate ClassEnhanced Income Corporate Class

CANADIAN EQUITY POOLSCanadian Equity Value Corporate ClassCanadian Equity Growth Corporate ClassCanadian Equity Small Cap Corporate ClassCanadian Equity Alpha Corporate Class

US EQUITY POOLSUS Equity Value Corporate ClassUS Equity Growth Corporate ClassUS Equity Small Cap Corporate ClassUS Equity Value Currency Hedged Corporate ClassUS Equity Alpha Corporate Class

INTERNATIONAL EQUITY POOLSInternational Equity Value Corporate ClassInternational Equity Growth Corporate ClassEmerging Markets Equity Corporate ClassInternational Equity Alpha Corporate ClassInternational Equity Value Currency Hedged Corporate Class

SPECIALITY POOLReal Estate Investment 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/unitedfinancial.

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_06/15E

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