INTERIM REPORT - Scotiabank · The Boards of Directors of DGFC and DMPL, with respect to the...

INTERIM REPORTPeriod ended December 31, 2016

TABLE OF CONTENTSManagement Responsibility for Financial Reporting 1 DynamicEdge Trust Portfolios

DynamicEdge Balanced Growth Portfolio 317DynamicEdge Balanced Portfolio 322

DYNAMIC TRUST FUNDS DynamicEdge Defensive Portfolio 326DynamicEdge Equity Portfolio 330Dynamic Core FundsDynamicEdge Growth Portfolio 334Dynamic Blue Chip Balanced Fund 2

Dynamic Blue Chip Equity Fund 9Dynamic Aurion FundDynamic Global Balanced Fund 14Dynamic Aurion Total Return Bond Fund 338Dynamic Global Equity Fund 19

Dynamic Equity Income FundsDYNAMIC GLOBAL FUND CORPORATON LTD.Dynamic Dividend Fund 24Corporate Class Core FundsDynamic Dividend Income Fund 29Dynamic Blue Chip U.S. Balanced Class 345Dynamic Equity Income Fund 37

Dynamic Global Equity Income Fund 42Corporate Class Equity Income FundsDynamic Global Strategic Yield Fund 47Dynamic Dividend Income Class 351Dynamic Small Business Fund 52Dynamic Preferred Yield Class 359

Dynamic Strategic Yield Fund 58 Dynamic Strategic Yield Class 368Dynamic U.S. Equity Income Fund 66Dynamic U.S. Strategic Yield Fund 72 Corporate Class Fixed Income Funds

Dynamic Advantage Bond Class 377Dynamic Fixed Income Funds Dynamic Corporate Bond Strategies Class 384Dynamic Advantage Bond Fund 78 Dynamic Money Market Class 390Dynamic Canadian Bond Fund 85Dynamic Corporate Bond Strategies Fund 92 Corporate Class Power FundsDynamic Credit Spectrum Fund 99 Dynamic Power American Growth Class 393Dynamic High Yield Bond Fund 107 Dynamic Power Balanced Class 396Dynamic Investment Grade Floating Rate Fund 115 Dynamic Power Canadian Growth Class 403Dynamic Money Market Fund 122 Dynamic Power Dividend Growth Class 409Dynamic Short Term Bond Fund 125 Dynamic Power Global Balanced Class 414

Dynamic Power Global Growth Class 417Dynamic Strategic Bond Fund 131Dynamic Power Global Navigator Class 422

Dynamic Power FundsCorporate Class Value FundsDynamic Power American Currency Neutral Fund 137Dynamic American Class (Fomerly Dynamic AmericanDynamic Power American Growth Fund 141

Value Class) 427Dynamic Power Balanced Fund 144Dynamic Canadian Asset Allocation Class 430Dynamic Power Canadian Growth Fund 151Dynamic Canadian Value Class 435Dynamic Power Global Growth Fund 157Dynamic Dividend Advantage Class 440Dynamic Power Small Cap Fund 161Dynamic EAFE Value Class 446Dynamic Emerging Markets Class 452Dynamic Specialty FundsDynamic Global Asset Allocation Class 458Dynamic Alternative Yield Fund 166Dynamic Global Discovery Class 462Dynamic Diversified Real Asset Fund 176Dynamic Global Dividend Class 467Dynamic Dollar-Cost Averaging Fund 181Dynamic Global Value Class 472Dynamic Energy Income Fund 184Dynamic Value Balanced Class 477Dynamic Financial Services Fund 190

Dynamic Global All-Terrain Fund 195Corporate Class Specialty FundsDynamic Global Infrastructure Fund 200Dynamic Alternative Yield Class 484Dynamic Global Real Estate Fund 206Dynamic Global Infrastructure Class 490Dynamic Precious Metals Fund 212Dynamic Premium Yield Class 494Dynamic Premium Yield Fund 217Dynamic Strategic Energy Class 501Dynamic Resource Fund 225Dynamic Strategic Gold Class 507Dynamic Strategic Resource Class 510Dynamic Strategic PortfoliosDynamic U.S. Sector Focus Class 516Dynamic Strategic Growth Portfolio 231

Dynamic Strategic Income Portfolio 234 DynamicEdge Corporate Class PortfoliosDynamicEdge Balanced Class Portfolio 521Dynamic Value FundsDynamicEdge Balanced Growth Class Portfolio 526Dynamic American Fund (Fomerly Dynamic AmericanDynamicEdge Conservative Class Portfolio 531Value Fund) 238DynamicEdge Equity Class Portfolio 535Dynamic Canadian Dividend Fund 243DynamicEdge Growth Class Portfolio 540Dynamic Dividend Advantage Fund 248

Dynamic Emerging Markets Fund 253 Dynamic Aurion Corporate Class FundsDynamic European Value Fund 259 Dynamic Aurion Tactical Balanced Class 545Dynamic Far East Value Fund 263 Dynamic Aurion Total Return Bond Class 552Dynamic Global Asset Allocation Fund 269Dynamic Global Discovery Fund 274Dynamic Global Dividend Fund 279 DYNAMIC MANAGED PORTFOLIOS LTD.Dynamic Global Value Fund 284 DMP Power Global Growth Class 558Dynamic U.S. Dividend Advantage Fund 291 DMP Resource Class 562Dynamic U.S. Monthly Income Fund 297 DMP Value Balanced Class 568Dynamic Value Balanced Fund 305Dynamic Value Fund of Canada 312 Notes to the Financial Statements 572

17FEB201708245873 16SEP201622081309

Dynamic FundsMANAGEMENT RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying financial statements of the Funds (as defined in Note 1) have been prepared by 1832 Asset Management L.P., in itscapacity as manager (the Manager) of the Funds, and have been approved by the Boards of Directors of Dynamic Global FundCorporation (DGFC) and Dynamic Managed Portfolios Ltd. (DMPL), with respect to the Funds that are corporate funds(the Corporate Funds), and by the Board of Directors of 1832 Asset Management G.P. Inc., as general partner for and on behalf of1832 Asset Management L.P., in its capacity as trustee (the Trustee) of the Funds, with respect to the Funds that are trust funds(the Trust Funds). The Boards of Directors of DGFC and DMPL, with respect to the Corporate Funds, and the Board of Directors of1832 Asset Management G.P. Inc., as general partner for and on behalf of 1832 Asset Management L.P., with respect to the Trust Funds,are responsible for the information and representations contained in these financial statements and the management report of fundperformance.

The Manager maintains appropriate processes to ensure that relevant and reliable financial information is produced. The financialstatements have been prepared in accordance with International Financial Reporting Standards (IFRS) and include certain amountsthat are based on estimates and judgments made by the Manager. The significant accounting policies which the Manager believes areappropriate for the Funds are described in Note 2 to the financial statements.

The Finance Committee of the Board of Directors of 1832 Asset Management G.P. Inc. is responsible for reviewing the financialstatements and the management report of fund performance and recommending them to the Boards of Directors of DGFC, DMPL and1832 Asset Management G.P. Inc. for approval, in addition to meeting with management, internal auditors and external auditors todiscuss internal controls over the financial reporting process, auditing matters and financial reporting issues.

PricewaterhouseCoopers LLP is the external auditor of the Funds, appointed by the shareholders of the Corporate Funds and the Trusteeof the Trust Funds. The auditor of the Funds has not reviewed these financial statements. Applicable securities laws require that if anexternal auditor has not reviewed the Funds financial statements, this must be disclosed in an accompanying notice.

GLEN GOWLAND ABDURREHMAN MUHAMMADIPresident Chief Financial Officer1832 Asset Management L.P. 1832 Asset Management L.P.

February 16, 2017

1

Dynamic Blue Chip Balanced Fund (Unaudited)

STATEMENTS OF F INANCIAL POSIT ION STATEMENTS OF COMPREHENSIVE INCOMEAs at For the periods ended December 31 (note 1),

December 31, June 30,(in $000s except per unit amounts) 2016 2016 (in $000s except per unit amounts and average units) 2016 2015ASSETS INCOMECurrent assets Net gain (loss) on investmentsInvestments Dividends 5,117 4,070

Non-derivative financial assets 851,253 891,939 Interest for distribution purposes 5,620 5,548Unrealized gain on currency forward contracts 25 Net realized gain (loss) on non-derivative financial assets 32,587 70,573Unrealized gain on futures contracts 347 Net realized gain (loss) on currency forward contracts (799) (9,526)

Cash 16,510 56,179 Net realized gain (loss) on futures contracts 1,347 (2,105)Margin deposited on derivatives 2,936 3,945 Net realized gain (loss) on swap contracts (3,874)Receivable for securities sold 12,290 8,920 Change in unrealized gain (loss) on non-derivative financialSubscriptions receivable 199 394 assets (20,218) (17,931)Accrued investment income and other 2,653 3,085 Change in unrealized gain (loss) on currency forward contracts (131) (8,080)

Change in unrealized gain (loss) on currency spot contracts (35) 886,213 964,462Change in unrealized gain (loss) on futures contracts 2,875 (919)

LIABILITIESNet gain (loss) on investments 26,363 37,756Current liabilitiesSecurities lending 25 Management fee payable 1,432 1,524Net realized and unrealized foreign currency translation gain (loss) (213) 418Payable for securities purchased 9,723 686

Redemptions payable 1,417 4,400 Total income (loss), net 26,175 38,174Accrued expenses 122 126Distributions payable 33 EXPENSESUnrealized loss on currency forward contracts 156 Management fees (note 5) 8,208 9,223Unrealized loss on currency spot contracts 36 Fixed administration fees (note 6) 690 767Unrealized loss on futures contracts 2,528 Independent Review Committee fees 1 1

12,919 9,264 Interest expense and bank overdraft charges 4 Foreign withholding taxes/tax reclaims 511 542Net assets attributable to holders of redeemable units 873,294 955,198Other fund costs 1 Harmonized Sales Tax/Goods and Services Tax 957 1,074Transaction costs 242 697NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER SERIES

Series A 576,872 633,208 Total expenses 10,614 12,304Series F 35,771 34,943 Expenses absorbed by the Manager Series FT 517 996

Net expenses 10,614 12,304Series G 156,134 170,646Series I 18,810 21,484 Net increase (decrease) in net assets attributable to holdersSeries O 67,641 74,432 of redeemable units from operations 15,561 25,870Series T 17,549 19,489

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OFNET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT REDEEMABLE UNITS FROM OPERATIONS PER SERIESSeries A 13.42 15.01 Series A 9,298 16,877Series F 8.17 9.03 Series F 764 771Series FT 10.06 11.79 Series FT 20 39Series G 13.51 15.10 Series G 2,610 4,389Series I 6.45 7.40 Series I 548 709Series O 11.83 13.42 Series O 2,026 2,576Series T 4.33 4.65 Series T 295 509

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OFREDEEMABLE UNITS FROM OPERATIONS PER UNIT

Series A 0.23 0.39Series F 0.20 0.26Series FT 0.27 0.33Series G 0.24 0.39Series I 0.19 0.29Series O 0.37 0.52Series T 0.07 0.13

WEIGHTED AVERAGE NUMBER OF UNITS PER SERIESSeries A 40,532,494 42,884,834Series F 3,916,328 2,926,542Series FT 73,023 117,752Series G 10,850,487 10,861,474Series I 2,915,102 2,427,989Series O 5,457,734 4,978,877Series T 4,133,680 4,041,060

The increase (decrease) in net assets attributable to holders of redeemable units from operationsper unit is calculated by dividing the increase (decrease) in net assets attributable to holders ofredeemable units from operations per series by the weighted average number of units per series.

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

2

Dynamic Blue Chip Balanced Fund (Unaudited Continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWSATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS For the periods ended December 31 (note 1),For the periods ended December 31 (note 1), (in $000s) 2016 2015(in $000s) 2016 2015 CASH FLOWS FROM OPERATING ACTIVITIES

Increase (decrease) in net assets attributable to holders ofNET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIODredeemable units 15,561 25,870Series A 633,208 700,996

Adjustments for:Series F 34,943 24,489Net realized (gain) loss on non-derivative financial assets (32,587) (70,573)Series FT 996 890Unrealized foreign currency translation (gain) loss 14 61Series G 170,646 172,324Change in unrealized (gain) loss on non-derivative financialSeries I 21,484 17,987

assets 20,218 17,931Series O 74,432 70,136Change in unrealized (gain) loss on currency forward contracts 131 8,080Series T 19,489 20,025Change in unrealized (gain) loss on currency spot contracts 35

955,198 1,006,847 Change in unrealized (gain) loss on futures contracts (2,875) 919Purchases of portfolio investments (120,940) (393,039)Proceeds from sale of portfolio investments 179,663 349,199INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSMargin deposited on derivatives 1,009 708FROM OPERATIONSAccrued investment income and other 432 (213)Series A 9,298 16,877Accrued expenses and other payables (96) 60Series F 764 771

Series FT 20 39 Net cash provided by (used in) operating activities 60,565 (60,997)Series G 2,610 4,389Series I 548 709 CASH FLOWS FROM FINANCING ACTIVITIESSeries O 2,026 2,576 Proceeds from issue of redeemable units 20,159 72,409Series T 295 509 Amounts paid on redemption of redeemable units (116,106) (64,555)

Distributions to unitholders of redeemable units (4,273) (1,853)15,561 25,870Net cash provided by (used in) financing activities (100,220) 6,001

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITSUnrealized foreign currency translation gain (loss) (14) (61)From net realized gains on investmentsNet increase (decrease) in cash (39,669) (55,057)Series A (69,253) (36,522)Cash (bank overdraft), beginning of period 56,179 74,455Series F (4,163) (1,456)

Series FT (107) (52) CASH (BANK OVERDRAFT), END OF PERIOD 16,510 19,398Series G (18,879) (9,112)Series I (2,868) (1,056)

Interest paid(1) 4 Series O (9,696) (4,375)Interest received(1) 5,743 5,418Series T (1,603) (606)Dividends received, net of withholding taxes(1) 4,979 3,444(106,569) (53,179)

(1) Classified as operating items.REDEEMABLE UNIT TRANSACTIONSProceeds from issue

Series A 10,696 43,607Series F 7,760 9,092Series FT 289 1,184Series G 3,606 17,758Series I 1,599 5,180Series O 5,216 5,212Series T 555 2,801

Reinvested distributionsSeries A 67,536 35,622Series F 3,359 1,211Series FT 19 14Series G 18,536 8,967Series I 2,842 1,020Series O 9,696 4,375Series T 275 104

Payments on redemptionSeries A (74,613) (56,900)Series F (6,892) (2,291)Series FT (700) (136)Series G (20,385) (10,012)Series I (4,795) (2,158)Series O (14,033) (3,426)Series T (1,462) (1,941)

9,104 59,283

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSSeries A (56,336) 2,684Series F 828 7,327Series FT (479) 1,049Series G (14,512) 11,990Series I (2,674) 3,695Series O (6,791) 4,362Series T (1,940) 867

(81,904) 31,974

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIODSeries A 576,872 703,680Series F 35,771 31,816Series FT 517 1,939Series G 156,134 184,314Series I 18,810 21,682Series O 67,641 74,498Series T 17,549 20,892

873,294 1,038,821


3


SCHEDULE OF INVESTMENT PORTFOLIOAs at December 31, 2016

Par Value Par Value($000s)/ Average Carrying ($000s)/ Average Carrying

Number of Cost Value Number of Cost ValueShares/Units ($000s) ($000s) Shares/Units ($000s) ($000s)

BONDS AND DEBENTURES (38.8%) BONDS AND DEBENTURES (38.8%) (contd)Canadian Bonds and Debentures (34.0%) Canadian Bonds and Debentures (34.0%) (contd)Federal (7.9%) Corporate (12.0%) (contd)CPPIB Capital Inc., 1.10% Jun. 10 19, Canadian National Railway Company, 2.80%

Series C 2,512 2,511 2,506 Jun. 22 25 1,154 1,154 1,178CPPIB Capital Inc., 1.40% Jun. 04 20, Canadian Natural Resources Limited, 3.05%

Series A 2,958 2,952 2,953 Jun. 19 19 910 909 929Government of Canada, 1.25% Mar. 01 18 705 711 710 Canadian Natural Resources Limited, 2.89%Government of Canada, 0.50% Aug. 01 18 4,022 4,015 4,008 Aug. 14 20 2,013 2,013 2,040Government of Canada, 1.75% Mar. 01 19 1,706 1,780 1,742 Canadian Natural Resources Limited, 3.55%Government of Canada, 3.50% Jun. 01 20 1,850 2,004 2,007 Mar. 03 24 2,041 2,034 2,064Government of Canada, 0.75% Sep. 01 20 7,290 7,244 7,227 Canadian Utilities Limited, 3.122% Nov. 09 22 670 670 708Government of Canada, 0.75% Mar. 01 21 25,500 25,509 25,170 Centra Gas Ontario Inc., 8.65% Oct. 19 18 2,046 2,660 2,284Government of Canada, 3.25% Jun. 01 21 14,960 16,817 16,346 CI Financial Corp., 2.645% Dec. 07 20 803 803 806Government of Canada, 2.75% Jun. 01 22 760 839 819 Emera Incorporated, 4.83% Dec. 02 19,Government of Canada, 5.75% Jun. 01 29 849 1,133 1,198 Series G 2,300 2,446 2,481Government of Canada, 3.50% Dec. 01 45 3,718 4,967 4,622 Enbridge Gas Distribution Inc., 5.16%

Dec. 04 17 262 300 27270,482 69,308Enbridge Gas Distribution Inc., 4.04%

Provincial (14.1%) Nov. 23 20 1,935 2,044 2,100Financement-Quebec, 5.25% Jun. 01 34 2,530 2,739 3,187 Enbridge Income Fund Holdings Inc., 3.94%Ontario Electricity Financial Corporation, Jan. 13 23 1,415 1,415 1,506

8.25% Jun. 22 26 2,464 3,775 3,613 Enbridge Pipelines Inc., 8.20% Feb. 15 24,Province of Alberta, 3.10% Jun. 01 24 1,210 1,326 1,278 Series K 811 1,098 1,060Province of British Columbia, 3.70% Enbridge Southern Lights LP, 4.014%

Dec. 18 20 3,944 3,963 4,285 Jun. 30 40 770 770 770Province of British Columbia, 2.70% First Capital Realty Inc., 4.95% Nov. 30 18,

Dec. 18 22 1,454 1,529 1,523 Series K 2,937 2,951 3,105Province of British Columbia, 3.30% Fortis Inc., 2.85% Oct. 12 23 661 662 663

Dec. 18 23 400 433 433 Greater Toronto Airports Authority, 1.51%Province of British Columbia, 2.30% Jun. 18 26 1,500 1,515 1,491 Feb. 16 21 849 849 844Province of British Columbia, 6.35% Jun. 18 31 5,772 8,174 8,100 Hydro One Inc., 1.48% Nov. 18 19 500 500 501Province of Manitoba, 2.55% Jun. 02 23 1,172 1,066 1,203 Hydro One Inc., 1.62% Apr. 30 20 1,155 1,155 1,155Province of Manitoba, 3.30% Jun. 02 24 1,351 1,451 1,442 Institutional Mortgage Securities Canada Inc.,Province of Manitoba, 2.45% Jun. 02 25 2,993 2,985 2,993 4.697% Feb. 12 21, Series 2011-1,Province of Manitoba, 6.30% Mar. 05 31 1,470 2,118 1,996 Class A2 1,581 1,581 1,720Province of New Brunswick, 4.50% Jun. 02 20 1,340 1,523 1,475 Inter Pipeline (Corridor) Inc., 4.897%Province of New Brunswick, 3.35% Dec. 03 21 890 968 955 Feb. 03 20, Series C 365 373 398Province of New Brunswick, 3.65% Jun. 03 24 2,013 2,212 2,190 Inter Pipeline Fund, 3.839% Jul. 30 18,Province of Nova Scotia, 4.10% Jun. 01 21 125 140 138 Series 2 1,968 2,015 2,041Province of Nova Scotia, 6.60% Dec. 01 31 1,288 1,835 1,802 Inter Pipeline Fund, 4.967% Feb. 02 21 935 1,037 1,036Province of Ontario, 4.20% Jun. 02 20 10,057 11,129 10,988 Lower Mattagami Energy Limited Partnership,Province of Ontario, 4.00% Jun. 02 21 3,635 3,997 4,002 2.228% Oct. 23 17 1,300 1,300 1,312Province of Ontario, 3.15% Jun. 02 22 16,069 16,617 17,146 Lower Mattagami Energy Limited Partnership,Province of Ontario, 2.85% Jun. 02 23 7,153 7,553 7,495 4.331% May 18 21 200 200 220Province of Ontario, 2.60% Jun. 02 25 3,681 3,730 3,741 Lower Mattagami Energy Limited Partnership,Province of Ontario, 6.50% Mar. 08 29 4,383 6,097 6,034 3.416% Jun. 20 24, Series 2014-1 1,533 1,533 1,626Province of Ontario, 6.20% Jun. 02 31 823 1,130 1,132 North West Redwater Partnership/NWRProvince of Quebec, 1.111% Dec. 19 18 6,196 6,212 6,219 Financing Co. Ltd., 3.20% Apr. 23 24,Province of Quebec, 4.50% Dec. 01 20 6,175 7,173 6,878 Series A 1,838 1,873 1,909Province of Quebec, 3.00% Sep. 01 23 3,657 3,819 3,865 North West Redwater Partnership/NWRProvince of Quebec, 3.75% Sep. 01 24 7,932 8,901 8,758 Financing Co. Ltd., 3.20% Jan. 24 26 114 114 116Province of Quebec, 2.75% Sep. 01 25 8,772 8,973 9,003 OMERS Realty Corporation, 2.498% Jun. 05 18 941 941 957

OMERS Realty Corporation, 2.971%123,083 123,365Apr. 05 21, Series 4 2,972 2,995 3,096Corporate (12.0%)

Pembina Pipeline Corporation, 4.89%Alliance Pipeline Limited Partnership, 6.765%Mar. 29 21 905 916 993Dec. 31 25 1,094 1,283 1,240

Pembina Pipeline Corporation, 3.77%AltaGas Ltd., 3.72% Sep. 28 21, Series 8 1,000 1,036 1,056Oct. 24 22 1,870 1,886 1,963AltaLink, L.P., 2.978% Nov. 28 22,

Rogers Communications Inc., 5.34%Series 2012-2 3,196 3,195 3,351Mar. 22 21 3,280 3,365 3,697AltaLink, L.P., 3.668% Nov. 06 23,

Royal Bank of Canada, 1.92% Jul. 17 20 3,539 3,524 3,556Series 2013-4 817 899 889Royal Bank of Canada, 2.86% Mar. 04 21 1,163 1,222 1,206Bank of Montreal, 3.40% Apr. 23 21 1,087 1,161 1,153Royal Bank of Canada, 2.03% Mar. 15 21 451 451 453Bank of Montreal, 1.61% Oct. 28 21 656 656 644Royal Bank of Canada, 1.65% Jul. 15 21 424 424 418Bank of Montreal, 2.12% Mar. 16 22 2,315 2,308 2,315Royal Bank of Canada, 2.333% Dec. 05 23 396 396 393Bank of Nova Scotia (The), 2.27% Jan. 13 20 1,390 1,425 1,416Smart Real Estate Investment Trust, 3.385%Bank of Nova Scotia (The), 2.13% Jun. 15 20 950 960 962

Dec. 01 17, Series J 1,214 1,214 1,235Bank of Nova Scotia (The), 1.90% Dec. 02 21 399 399 396Smart Real Estate Investment Trust, 3.73%bcIMC Realty Corporation, 2.10% Jun. 03 21 1,600 1,599 1,607

Jul. 22 22, Series M 600 618 622bcIMC Realty Corporation, 3.51% Jun. 29 22 885 929 941Suncor Energy Inc., 5.80% May 22 18 1,656 1,804 1,755Bell Canada, 4.40% Mar. 16 18, Series M-22 1,876 1,884 1,944TELUS Corporation, 5.05% Jul. 23 20,Bell Canada, 3.25% Jun. 17 20, Series M-27 2,549 2,561 2,662

Series CH 3,620 3,611 3,995Brookfield Asset Management Inc., 5.30%Toronto-Dominion Bank (The), 2.447%Mar. 01 21 2,953 2,952 3,258

Apr. 02 19 99 101 101Brookfield Asset Management Inc., 5.04%Toronto-Dominion Bank (The), 2.563%Dec. 08 23 192 193 212

Jun. 24 20 1,426 1,479 1,466Brookfield Renewable Partners L.P., 3.63%Toronto-Dominion Bank (The), 2.621%Oct. 15 26 810 810 793

Dec. 22 21 2,019 2,097 2,075Brookfield Renewable Partners ULC, 4.79%Toronto-Dominion Bank (The), 1.909%Feb. 07 22, Series 8 1,947 1,947 2,120

Jul. 18 23 91 91 89Canadian Imperial Bank of Commerce, 2.22%Toronto-Dominion Bank (The), 3.226%Mar. 07 18 370 378 374

Jul. 24 24 2,531 2,665 2,661Canadian Imperial Bank of Commerce, 2.35%Union Gas Limited, 3.79% Apr. 10 23 1,450 1,450 1,573Jun. 24 19 974 1,012 994Union Gas Limited, 3.19% Jun. 17 25,Canadian Imperial Bank of Commerce, 1.85%

Series 13 31 31 32Jul. 14 20 2,420 2,431 2,428Ventas Canada Finance Limited, 3.00%

Sep. 01 19, Series A 1,638 1,639 1,680


4


SCHEDULE OF INVESTMENT PORTFOLIO (Continued)As at December 31, 2016



BONDS AND DEBENTURES (38.8%) (contd) EQUITIES (58.4%) (contd)Singapore (2.9%)Canadian Bonds and Debentures (34.0%) (contd)DBS Group Holdings Ltd. 814,200 13,077 13,057Corporate (12.0%) (contd)

Ventas Canada Finance Limited, 4.125% United Overseas Bank Limited 654,000 12,232 12,336Jun. 30 24, Series B 1,279 1,274 1,343 25,309 25,393

Westcoast Energy Inc., 5.60% Jan. 16 19 447 523 480Switzerland (4.9%)Westcoast Energy Inc., 4.57% Jul. 02 20 568 634 614Nestle SA 284,000 29,043 27,412Westcoast Energy Inc., 3.12% Dec. 05 22 3,053 3,037 3,124Novartis AG, Sponsored ADR 160,300 16,538 15,678

102,865 105,17645,581 43,090

Foreign Bonds and Debentures (4.8%)United Kingdom (6.1%)Australia (0.3%)Admiral Group PLC 346,600 11,961 10,448Brookfield Infrastructure Partners L.P., 3.455%Diageo PLC 386,000 13,652 13,424Oct. 10 17, Series 1 2,824 2,832 2,861Nielsen Holdings PLC 259,700 16,991 14,628

United Kingdom (0.2%) WPP PLC 492,200 14,262 14,791Heathrow Funding Limited, 3.00% Jun. 17 21 244 251 251

56,866 53,291Heathrow Funding Limited, 3.25% May 21 25,Class A 1,640 1,626 1,665 United States (28.5%)

3M Company 71,000 14,904 17,0351,877 1,916Alphabet Inc., Class C 21,361 8,017 22,157

United States (4.3%) Capital One Financial Corporation 133,000 13,466 15,579Aetna Inc., 2.75% Aug. 15 22 USD 599 740 791 Cognizant Technology Solutions Corporation,Altria Group, Inc., 4.75% May 05 21 USD 1,449 2,112 2,122 Class A 243,000 16,213 18,281Boston Properties Limited Partnership, 5.625% Deere & Company 135,300 14,585 18,719

Nov. 15 20 USD 628 952 931 Ecolab Inc. 82,200 4,201 12,938CC Holdings GS V LLC/Crown Castle GS III Estee Lauder Companies Inc. (The), Class A 92,600 6,792 9,510

Corp., 3.849% Apr. 15 23 USD 347 345 474 Express Scripts Holding Company 163,400 16,872 15,092Comcast Cable Communications Holdings, Inc., Johnson & Johnson 112,300 15,927 17,380

9.455% Nov. 15 22 USD 830 1,619 1,509 Microsoft Corporation 261,000 7,401 21,777Medtronic, Inc., 3.15% Mar. 15 22 USD 280 346 385 Omnicom Group Inc. 144,900 14,800 16,562Medtronic, Inc., 3.50% Mar. 15 25 USD 1,549 1,996 2,144 Oracle Corporation 420,600 22,370 21,714Simon Property Group, L.P., 2.50% Apr. 15 21 USD 300 424 403 Progressive Corporation (The) 282,700 11,919 13,481Thermo Fisher Scientific Inc., 3.30% Feb. 15 22 USD 179 226 244 Union Pacific Corporation 112,200 5,942 15,628United States Treasury, 2.375% May 31 18 USD 4,760 6,439 6,512 Visa Inc., Class A 126,300 2,343 13,246United States Treasury, 0.875% Sep. 15 19 USD 3,075 4,020 4,075

175,752 249,099United States Treasury, 1.125% Feb. 28 21 USD 5,620 7,350 7,343United States Treasury, 1.625% Feb. 15 26 USD 5,855 7,487 7,347 AVERAGE COST AND CARRYING VALUEUnitedHealth Group Incorporated, 2.875% OF INVESTMENTS (97.2%) 782,847 851,253

Dec. 15 21 USD 189 236 257 TRANSACTION COSTS (0.0%) (653) Visa Inc., 3.15% Sep. 14 25 USD 353 497 477

TOTAL AVERAGE COST AND CARRYING VALUEWalt Disney Company (The), 2.35% Dec. 01 22 USD 886 1,126 1,172OF INVESTMENTS (97.2%) 782,194 851,253Walt Disney Company (The), 3.15% Sep. 17 25 USD 382 506 521

Wells Fargo & Company, 2.509% Oct. 27 23 1,158 1,158 1,139 UNREALIZED GAIN (LOSS) ON DERIVATIVES (0%) 21637,579 37,846 CASH AND SHORT TERM INSTRUMENTS

(BANK OVERDRAFT) (1.9%)EQUITIES (58.4%)Canadian 15,170 15,170Denmark (0.5%)Foreign 1,355 1,340Topdanmark A/S 120,677 4,098 4,124

16,525 16,510France (4.0%)LVMH Moet Hennessy Louis Vuitton SA 73,700 17,445 18,917 OTHER NET ASSETS (LIABILITIES) (0.9%) 5,315Schneider Electric SA 175,300 16,184 16,398 NET ASSETS ATTRIBUTABLE TO HOLDERS

33,629 35,315 OF REDEEMABLE UNITS (100.0%) 873,294Germany (1.9%) Where applicable, distributions received from holdings as a return of capital are used to reduce theFresenius SE & Co. KGaA 156,600 14,629 16,467 adjusted cost base of the securities in the portfolio.Hong Kong (1.8%) Average cost or carrying values of some securities may include non-zero amounts that are roundedCK Hutchison Holdings Limited 1,045,500 18,916 15,849 to zero.Japan (5.1%)Fanuc Corporation 67,100 13,773 15,248Fuji Heavy Industries Ltd. 199,000 11,131 10,878KDDI Corporation 399,700 14,323 13,562Kuraray Co., Ltd. 246,000 4,984 4,947

44,211 44,635Luxembourg (1.1%)LOccitane International SA 3,779,800 10,173 9,587Netherlands (1.6%)Unilever NV 251,800 14,965 13,931

Schedule of Derivative Instruments

Unrealized Gain on Currency Forward ContractsPar Value of Par Value of Unrealized

Credit Delivery Currency Bought Currency Sold Contract Market GainCounterparty Rating Date ($000s) ($000s) Price ($) Price ($) ($000s)Toronto-Dominion Bank (The) A-1+ 19-Jan-17 CAD 3,773 (USD) (2,800) 0.742 0.745 14Toronto-Dominion Bank (The) A-1+ 19-Jan-17 USD 200 (CAD) (262) 1.310 1.342 6Bank of Montreal A-1 19-Jan-17 USD 1,300 (CAD) (1,740) 1.338 1.342 5

25


5


SCHEDULE OF INVESTMENT PORTFOLIO (Continued)As at December 31, 2016

Unrealized Loss on Currency Forward ContractsPar Value of Par Value of Unrealized

Credit Delivery Currency Bought Currency Sold Contract Market LossCounterparty Rating Date ($000s) ($000s) Price ($) Price ($) ($000s)Canadian Imperial Bank of Commerce A-1 24-Feb-17 CAD 8,956 (USD) (6,700) 0.748 0.745 (35)Bank of Montreal A-1 24-Feb-17 CAD 8,674 (USD) (6,500) 0.749 0.745 (47)Royal Bank of Canada A-1+ 24-Feb-17 CAD 8,407 (USD) (6,300) 0.749 0.745 (46)Toronto-Dominion Bank (The) A-1+ 24-Feb-17 CAD 8,828 (USD) (6,600) 0.748 0.745 (28)

(156)

Unrealized Gain (Loss) on Futures ContractsNumber of Notional Carrying UnrealizedContracts Delivery Cost Value Gain (Loss)

Futures Contracts Bought (Sold) Price ($) Date ($000s) ($000s) ($000s)Government of Canada 10 Year Bond Futures, Mar. 17 (237) CAD 138.8600 22-Mar-17 (32,909) (32,594) 315United States Treasury 10 Year Bond Futures, Mar. 17 (5) USD 125.1563 22-Mar-17 (840) (834) 6United States Treasury Ultra 10-Year Treasury Note Futures, Mar. 17 (24) USD 134.8828 22-Mar-17 (4,346) (4,320) 26

(38,095) (37,748) 347


6

Dynamic Blue Chip Balanced Fund (Unaudited)

FUND SPECIF IC NOTESFor the periods indicated in note 1

June 30, 2016The Fund (note 1)Gross Currency

The Funds investment objective is to maximize returns and provide currency hedging Net currency Percentage ofexposure contracts exposure net assetslong-term growth of capital consistent with preserving capital and

Currency ($000s) ($000s) ($000s) (%)providing income by investing primarily in a full range of equity and US Dollar 323,893 (1) 323,892 33.9

Pound Sterling 57,646 57,646 6.0fixed income securities.Japanese Yen 44,891 44,891 4.7Euro 44,600 44,600 4.7

Risks associated with financial instruments (note 4) Swiss Franc 31,912 31,912 3.3Singapore Dollar 24,189 24,189 2.5Hong Kong Dollar 18,479 1 18,480 1.9Interest rate risk

545,610 (0) 545,610 57.0The table below summarizes the Funds exposure to interest raterisk by the remaining term to maturity (earlier of maturity date or

If the Canadian dollar strengthened or weakened by 10% in relationinterest reset date) of the Funds portfolio, excluding underlying

to all other foreign currencies, with all other variables held constant,funds, preferred shares, cash and overdrafts, as applicable.

net assets of the Fund could possibly have decreased or increased,December 31, 2016 June 30, 2016 respectively, by $52,502,000 or approximately 6.0% (June 30, 2016

Interest rate exposure ($000s) ($000s) $54,561,000 or approximately 5.7%). In practice, actual results mayLess than 1 year 6,027 8,510

differ from this sensitivity analysis and the difference could1-3 years 45,398 68,7953-5 years 139,230 142,766 be material.5-10 years 118,810 125,295> 10 years 31,354 32,727

Price risk340,819 378,093

Price risk is the risk that the carrying value of financial instrumentsAs at December 31, 2016, had the prevailing interest rates increased will fluctuate as a result of changes in market prices (other thanor decreased by 0.25%, assuming a parallel shift in the yield curve those arising from interest rate risk or currency risk) caused byand all other variables held constant, net assets attributable to factors specific to a security, its issuer or all factors affecting aholders of redeemable units would have decreased or increased, market or a market segment. Exposure to price risk is mainly inrespectively, by $4,246,000 or approximately 0.5% (June 30, 2016 equities, underlying funds, derivatives and commodities, as$4,859,000 or approximately 0.5%). In practice, actual results may applicable. As at December 31, 2016, approximately 58.4% (June 30,differ from this sensitivity analysis and the difference could 2016 53.5%) of the Funds net assets were exposed to price risk. Ifbe material. prices of these instruments had decreased or increased by 10%, with

all other variables held constant, net assets of the Fund would haveCurrency risk decreased or increased, respectively, by approximately $51,078,000

(June 30, 2016 $51,132,000). In practice, actual results may differThe Funds exposure to currency risk is summarized in the tablesfrom this sensitivity analysis and the difference could be material.below. Amounts shown are based on the carrying value of monetary

and non-monetary assets and liabilities of the Fund net of currencyCredit riskhedging contracts, as applicable.The table below summarizes the credit ratings of the bonds andDecember 31, 2016debentures, money market instruments and preferred shares held byGross Currencythe Fund.currency hedging Net currency Percentage of

exposure contracts exposure net assetsDecember 31, 2016 June 30, 2016Currency ($000s) ($000s) ($000s) (%)

US Dollar 331,929 (36,768) 295,161 33.8 Percentage of Percentage ofEuro 65,783 65,783 7.5 total credit total creditJapanese Yen 43,038 (35) 43,003 4.9 rated Percentage of rated Percentage ofPound Sterling 38,663 38,663 4.4 instruments net assets instruments net assetsSwiss Franc 27,601 27,601 3.2 Credit ratings (%) (%) (%) (%)Hong Kong Dollar 25,436 25,436 2.9 AAA 32.9 12.7 36.1 14.4Singapore Dollar 25,393 25,393 2.9 AA 9.7 3.8 9.2 3.6Danish Krone 3,977 (0) 3,977 0.5 A 40.7 15.8 38.2 15.3

561,820 (36,803) 525,017 60.1 BBB 16.5 6.4 16.3 6.5Unrated 0.2 0.1 0.2 0.1

100.0 38.8 100.0 39.9

Concentration risk

Concentration risk arises as a result of the concentration ofexposures within the same category, geographical location, asset


7



December 31, 2016type or industry sector, as applicable. The table below is a summaryGross Master Collateralof the Funds concentration risk:

amount of netting pledged/assets offset received Net amountPercentage of net assets (%)

Financial assets by type ($000s) ($000s) ($000s) ($000s)December 31, 2016 June 30, 2016

Currency forward contracts 25 (25) BONDS AND DEBENTURES 38.8 39.9 Options contracts OTC Canadian Bonds and Debentures Swap contracts OTC Federal 7.9 10.2

25 (25) Provincial 14.1 13.4Corporate 12.0 12.0Foreign Bonds and Debentures December 31, 2016Australia 0.3 0.4

Gross Master CollateralUnited Kingdom 0.2 0.2amount of netting pledged/United States 4.3 3.7liabilities offset received Net amountEQUITIES 58.4 53.5

Financial liabilities by type ($000s) ($000s) ($000s) ($000s)Canada 0.0Currency forward contracts 156 (25) 131Denmark 0.5 Options contracts OTC France 4.0 1.5Swap contracts OTC Germany 1.9 1.6

Hong Kong 1.8 1.6 156 (25) 131Japan 5.1 4.7Luxembourg 1.1 0.4Netherlands 1.6 1.6 As at June 30, 2016, the Fund did not enter into any agreementSingapore 2.9 2.5 whereby the financial instruments were eligible for offset.Switzerland 4.9 5.1United Kingdom 6.1 6.0United States 28.5 28.5 Interest in Underlying Funds (note 2)CASH AND SHORT TERM INSTRUMENTS

(BANK OVERDRAFT) 1.9 5.9 The Fund did not hold any interest in Underlying Funds as atDecember 31, 2016 or June 30, 2016.

Fair value classification (note 2)

Comparison of net asset value per unit and netThe tables below illustrate the classification of the Funds financialinstruments within the fair value hierarchy. assets per unit (note 2)

Level 1 Level 2 Level 3 Total The table below provides a comparison of the net asset valueDecember 31, 2016 ($000s) ($000s) ($000s) ($000s)

per unit and net assets per unit. A difference could arise when theEquities 279,405 231,376 510,781last traded market price for a financial instrument is not with in theBonds and debentures 340,472 340,472

Unrealized gain on currency forward contracts 25 25 bid-ask spread (note 2).Unrealized gain on futures contracts 347 347

279,752 571,873 851,625 December 31, 2016 June 30, 2016Unrealized loss on currency forward contracts (156) (156) Net asset Net assets Net asset Net assetsUnrealized loss on currency spot contracts (36) (36) value per unit per unit value per unit per unit

279,752 571,681 851,433 ($) ($) ($) ($)

Series A 13.42 13.42 15.01 15.01Level 1 Level 2 Level 3 Total Series F 8.17 8.17 9.03 9.03

June 30, 2016 ($000s) ($000s) ($000s) ($000s) Series FT 10.06 10.06 11.79 11.79Series G 13.50 13.51 15.10 15.10Equities 289,888 221,430 511,318Series I 6.45 6.45 7.40 7.40Bonds and debentures 380,621 380,621Series O 11.83 11.83 13.42 13.42289,888 602,051 891,939Series T 4.33 4.33 4.65 4.65Unrealized loss on futures contracts (2,528) (2,528)

287,360 602,051 889,411

Transfers between levels

During the periods ended December 31, 2016 and June 30, 2016,there were no significant transfers between Level 1 and Level 2.

Offsetting of financial assets and liabilities (note 2)

The following tables present offsetting of financial assets andliabilities and collateral amounts that would occur if future events,such as bankruptcy or termination of contracts, were to arise. Noamounts were offset in the financial statements.


8

Dynamic Blue Chip Equity Fund (Unaudited)



Non-derivative financial assets 406,789 369,119 Interest for distribution purposes 89 353Unrealized gain on currency spot contracts 1 Net realized gain (loss) on non-derivative financial assets 20,356 43,511

Cash 25,708 82,218 Net realized gain (loss) on currency forward contracts (5,892)Subscriptions receivable 156 567 Net realized gain (loss) on swap contracts (3,087)Accrued investment income and other 538 705 Change in unrealized gain (loss) on non-derivative financial

assets 42 (4,274)433,191 452,610Change in unrealized gain (loss) on currency forward contracts (5,565)

LIABILITIES Change in unrealized gain (loss) on currency spot contracts (24) Current liabilities

Net gain (loss) on investments 24,085 27,777Management fee payable 388 389Securities lending 6 Payable for securities purchased 6,610 319Net realized and unrealized foreign currency translation gain (loss) 470 786Redemptions payable 859 1,204

Accrued expenses 43 46 Total income (loss), net 24,561 28,563Distributions payable 3 Unrealized loss on currency spot contracts 24 EXPENSES

7,927 1,958 Management fees (note 5) 2,169 2,432Fixed administration fees (note 6) 249 283Net assets attributable to holders of redeemable units 425,264 450,652Independent Review Committee fees 1 1Foreign withholding taxes/tax reclaims 356 355Harmonized Sales Tax/Goods and Services Tax 255 292NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER SERIESTransaction costs 145 380Series A 169,213 174,751

Series E 2,470 1,621 Total expenses 3,175 3,743Series F 11,647 10,070 Expenses absorbed by the Manager Series FI n/a 866

Net expenses 3,175 3,743Series G 34,016 34,220Series I 3,382 3,172 Net increase (decrease) in net assets attributable to holdersSeries O 204,536 225,952 of redeemable units from operations 21,386 24,820

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OFSeries A 15.93 18.12 REDEEMABLE UNITS FROM OPERATIONS PER SERIESSeries E 13.86 14.88 Series A 7,264 9,085Series F 9.76 11.01 Series E 75 35Series FI n/a 15.16 Series F 519 478Series G 16.12 18.25 Series FI 25 26Series I 8.27 9.34 Series G 1,461 1,649Series O 8.57 9.99 Series I 180 152

Series O 11,862 13,395


Series A 0.78 0.91Series E 0.50 0.61Series F 0.55 0.50Series FI 0.54 0.52Series G 0.79 0.92Series I 0.51 0.54Series O 0.56 0.63

WEIGHTED AVERAGE NUMBER OF UNITS PER SERIESSeries A 9,344,913 9,969,299Series E 148,769 57,147Series F 941,968 955,806Series FI 46,684 49,360Series G 1,838,551 1,799,352Series I 356,340 280,350Series O 21,196,442 21,182,990



9

Dynamic Blue Chip Equity Fund (Unaudited Continued)



Adjustments for:Series E 1,621 554Net realized (gain) loss on non-derivative financial assets (20,356) (43,511)Series F 10,070 9,406Unrealized foreign currency translation (gain) loss 43 (550)Series FI 866 539Change in unrealized (gain) loss on non-derivative financialSeries G 34,220 34,594

assets (42) 4,274Series I 3,172 2,352Change in unrealized (gain) loss on currency forward contracts 5,565Series O 225,952 222,662Change in unrealized (gain) loss on currency spot contracts 24

450,652 463,448 Purchases of portfolio investments (65,894) (113,604)Proceeds from sale of portfolio investments 54,914 168,555Accrued investment income and other 167 (62)INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSAccrued expenses and other payables (4) 25FROM OPERATIONS

Series A 7,264 9,085 Net cash provided by (used in) operating activities (9,762) 45,512Series E 75 35Series F 519 478 CASH FLOWS FROM FINANCING ACTIVITIESSeries FI 25 26 Proceeds from issue of redeemable units 11,412 31,093Series G 1,461 1,649 Amounts paid on redemption of redeemable units (57,271) (26,321)Series I 180 152 Distributions to unitholders of redeemable units (846) (209)Series O 11,862 13,395

Net cash provided by (used in) financing activities (46,705) 4,56321,386 24,820

Unrealized foreign currency translation gain (loss) (43) 550Net increase (decrease) in cash (56,510) 50,625DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITSCash (bank overdraft), beginning of period 82,218 34,328From net investment income

Series F (27) CASH (BANK OVERDRAFT), END OF PERIOD 25,708 84,953Series I (29) Series O (2,003)

Interest received(1) 109 329From net realized gains on investmentsDividends received, net of withholding taxes(1) 3,451 2,334Series A (27,033) (8,400)

Series E (271) (24)(1) Classified as operating items.Series F (1,829) (551)

Series FI (36)Series G (5,287) (1,561)Series I (536) (147)Series O (36,798) (15,250)

(73,813) (25,969)

REDEEMABLE UNIT TRANSACTIONSProceeds from issue

Series A 4,130 12,599Series E 1,023 677Series F 2,364 4,472Series FI 620Series G 811 2,692Series I 606 739Series O 5,936 13,131

Reinvested distributionsSeries A 26,581 8,276Series E 271 24Series F 1,605 480Series FI 36Series G 5,242 1,546Series I 464 147Series O 38,801 15,250

Payments on redemptionSeries A (16,480) (15,539)Series E (249) (135)Series F (1,055) (2,602)Series FI (891) (113)Series G (2,431) (2,520)Series I (475) (92)Series O (39,214) (8,539)

27,039 31,149

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSSeries A (5,538) 6,021Series E 849 577Series F 1,577 2,277Series FI (866) 533Series G (204) 1,806Series I 210 799Series O (21,416) 17,987

(25,388) 30,000

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIODSeries A 169,213 199,362Series E 2,470 1,131Series F 11,647 11,683Series FI n/a 1,072Series G 34,016 36,400Series I 3,382 3,151Series O 204,536 240,649

425,264 493,448


10



Par Value($000s)/ Average Carrying

Number of Cost ValueShares/Units ($000s) ($000s)

EQUITIES (95.5%)Denmark (0.6%)Topdanmark A/S 80,200 2,723 2,741France (6.4%)LVMH Moet Hennessy Louis Vuitton SA 52,600 12,450 13,501Schneider Electric SA 146,900 13,562 13,741

26,012 27,242Germany (2.9%)Fresenius SE & Co. KGaA 118,200 10,996 12,429Hong Kong (3.1%)CK Hutchison Holdings Limited 881,300 15,840 13,360Japan (8.1%)Fanuc Corporation 51,800 10,739 11,771Fuji Heavy Industries Ltd. 96,500 5,398 5,275KDDI Corporation 354,400 12,716 12,025Kuraray Co., Ltd. 211,000 4,275 4,243USS Co., Ltd. 56,500 1,119 1,207

34,247 34,521Luxembourg (1.0%)LOccitane International SA 1,756,300 4,727 4,455Netherlands (2.5%)Unilever NV 193,200 11,482 10,689Singapore (4.7%)DBS Group Holdings Ltd. 619,500 9,950 9,934United Overseas Bank Limited 527,700 9,870 9,954

19,820 19,888Switzerland (5.8%)Nestle SA 150,700 15,411 14,546Novartis AG, Sponsored ADR 103,900 10,574 10,162

25,985 24,708United Kingdom (10.0%)Admiral Group PLC 297,300 10,260 8,961Diageo PLC 388,400 13,701 13,507Nielsen Holdings PLC 229,100 15,039 12,904WPP PLC 232,700 6,743 6,993

45,743 42,365United States (50.4%)3M Company 57,100 11,986 13,700Alphabet Inc., Class C 20,587 8,615 21,354Capital One Financial Corporation 96,000 9,720 11,245Cognizant Technology Solutions Corporation,

Class A 210,000 14,011 15,799Deere & Company 103,000 11,103 14,250Ecolab Inc. 69,600 3,556 10,954Estee Lauder Companies Inc. (The), Class A 51,500 3,563 5,289Express Scripts Holding Company 147,200 14,844 13,596Johnson & Johnson 80,100 11,360 12,396Microsoft Corporation 270,500 7,465 22,569Omnicom Group Inc. 68,500 6,996 7,829Oracle Corporation 251,400 13,370 12,979Progressive Corporation (The) 236,300 9,963 11,268Union Pacific Corporation 122,500 6,382 17,062Visa Inc., Class A 109,800 2,033 11,524Walt Disney Company (The) 89,800 6,153 12,577

141,120 214,391AVERAGE COST AND CARRYING VALUE

OF INVESTMENTS (95.5%) 338,695 406,789TRANSACTION COSTS (0.0%) (407) TOTAL AVERAGE COST AND CARRYING VALUE

OF INVESTMENTS (95.5%) 338,288 406,789UNREALIZED GAIN (LOSS) ON DERIVATIVES (0%) CASH AND SHORT TERM INSTRUMENTS

(BANK OVERDRAFT) (6.0%)Canadian 8,541 8,541Foreign 17,184 17,167

25,725 25,708OTHER NET ASSETS (LIABILITIES) (1.5%) (7,233)NET ASSETS ATTRIBUTABLE TO HOLDERS OF

REDEEMABLE UNITS (100.0%) 425,264

Where applicable, distributions received from holdings as a return of capital are used to reduce theadjusted cost base of the securities in the portfolio.

Average cost or carrying values of some securities may include non-zero amounts that are roundedto zero.


11

Dynamic Blue Chip Equity Fund (Unaudited)


those arising from interest rate risk or currency risk) caused byThe Fund (note 1)factors specific to a security, its issuer or all factors affecting a

The Funds investment objective is to achieve long-term capital market or a market segment. Exposure to price risk is mainly ingrowth by investing primarily in equity securities of businesses equities, underlying funds, derivatives and commodities, asaround the world. applicable. As at December 31, 2016, approximately 95.5% (June 30,

2016 81.9%) of the Funds net assets were exposed to price risk. IfRisks associated with financial instruments (note 4) prices of these instruments had decreased or increased by 10%, with

all other variables held constant, net assets of the Fund would haveInterest rate riskdecreased or increased, respectively, by approximately $40,679,000The majority of the Funds financial instruments were non-interest(June 30, 2016 $36,912,000). In practice, actual results may differbearing as at December 31, 2016 and June 30, 2016. Accordingly, thefrom this sensitivity analysis and the difference could be material.Fund is not directly subject to significant risk due to fluctuations in

the prevailing levels of market interest rates. Credit risk

The Fund had no significant exposure to bonds and debentures,Currency riskmoney market instruments or preferred shares as at December 31,The Funds exposure to currency risk is summarized in the tables2016 or June 30, 2016.below. Amounts shown are based on the carrying value of monetary

and non-monetary assets and liabilities of the Fund net of currency Concentration riskhedging contracts, as applicable.

Concentration risk arises as a result of the concentration ofDecember 31, 2016 exposures within the same category, geographical location, asset

Gross Currency type or industry sector, as applicable. The table below is a summarycurrency hedging Net currency Percentage ofof the Funds concentration risk:exposure contracts exposure net assets

Currency ($000s) ($000s) ($000s) (%)Percentage of net assets (%)US Dollar 265,736 (0) 265,736 62.5

Euro 50,405 50,405 11.9 December 31, 2016 June 30, 2016Japanese Yen 33,144 (24) 33,120 7.8 EQUITIES 95.5 81.9Pound Sterling 29,461 29,461 6.9 Denmark 0.6 Singapore Dollar 19,888 19,888 4.7 France 6.4 2.3Hong Kong Dollar 17,815 17,815 4.2 Germany 2.9 2.5Swiss Franc 14,636 14,636 3.4 Hong Kong 3.1 2.6Danish Krone 2,645 0 2,645 0.6 Japan 8.1 5.8

433,730 (24) 433,706 102.0 Luxembourg 1.0 0.4Netherlands 2.5 2.6Singapore 4.7 4.2June 30, 2016Switzerland 5.8 5.8

Gross Currency United Kingdom 10.0 7.6currency hedging Net currency Percentage of United States 50.4 48.1exposure contracts exposure net assets CASH AND SHORT TERM INSTRUMENTS

Currency ($000s) ($000s) ($000s) (%) (BANK OVERDRAFT) 6.0 18.2US Dollar 240,809 240,809 53.4Pound Sterling 34,392 34,392 7.6

Fair value classification (note 2)Euro 33,254 33,254 7.4Japanese Yen 26,067 26,067 5.8

The tables below illustrate the classification of the Funds financialSingapore Dollar 18,944 18,944 4.2Swiss Franc 15,166 15,166 3.4 instruments within the fair value hierarchy.Hong Kong Dollar 13,429 1 13,430 3.0

382,061 1 382,062 84.8 Level 1 Level 2 Level 3 TotalDecember 31, 2016 ($000s) ($000s) ($000s) ($000s)Equities 237,457 169,332 406,789

If the Canadian dollar strengthened or weakened by 10% in relation 237,457 169,332 406,789to all other foreign currencies, with all other variables held constant, Unrealized loss on currency spot contracts (24) (24)

237,457 169,308 406,765net assets of the Fund could possibly have decreased or increased,respectively, by $43,370,000 or approximately 10.2% (June 30, 2016

Level 1 Level 2 Level 3 Total$38,206,000 or approximately 8.5%). In practice, actual results mayJune 30, 2016 ($000s) ($000s) ($000s) ($000s)

differ from this sensitivity analysis and the difference could Equities 228,010 141,109 369,119Unrealized gain on currency spot contracts 1 1be material.

228,010 141,110 369,120

Price risk

Price risk is the risk that the carrying value of financial instrumentswill fluctuate as a result of changes in market prices (other than


12






As at December 31, 2016 and June 30, 2016, the Fund did not enterinto any agreement whereby the financial instruments were eligiblefor offset.

Interest in Underlying Funds (note 2)

The Fund did not hold any interest in Underlying Funds as atDecember 31, 2016 or June 30, 2016.

Comparison of net asset value per unit and netassets per unit (note 2)

As at December 31, 2016 and June 30, 2016, there were nodifferences between the net asset value per unit and the net assetsper unit for any series of the Fund.


13

Dynamic Global Balanced Fund (Unaudited)


December 31, June 30,(in $000s except per unit amounts) 2016 2016 (in $000s except per unit amounts and average units) 2016 2015ASSETS INCOMECurrent assets Net gain (loss) on investmentsInvestments Dividends 291 196

Non-derivative financial assets 48,070 46,715 Interest for distribution purposes 250 25Cash 913 7,269 Net realized gain (loss) on non-derivative financial assets 679 406Receivable for securities sold 440 65 Net realized gain (loss) on currency forward contracts (17)Subscriptions receivable 136 88 Change in unrealized gain (loss) on non-derivative financialAccrued investment income and other 35 82 assets 1,437 1,043

Change in unrealized gain (loss) on currency forward contracts 1749,594 54,219Change in unrealized gain (loss) on currency spot contracts (2) (1)

LIABILITIESNet gain (loss) on investments 2,655 1,669Current liabilitiesSecurities lending 1 Management fee payable 86 95Net realized and unrealized foreign currency translation gain (loss) 2 10Payable for securities purchased 474 27

Redemptions payable 39 167 Total income (loss), net 2,658 1,679Accrued expenses 10 12Unrealized loss on currency spot contracts 2 EXPENSES

611 301 Management fees (note 5) 493 245Fixed administration fees (note 6) 58 31Net assets attributable to holders of redeemable units 48,983 53,918Independent Review Committee fees 1 1Interest expense and bank overdraft charges 1 Foreign withholding taxes/tax reclaims 24 13NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER SERIESHarmonized Sales Tax/Goods and Services Tax 63 28Series A 34,764 34,518Transaction costs 23 28Series E 1,199 2,082

Series F 4,406 4,318 Total expenses 663 346Series FI n/a 305 Expenses absorbed by the Manager (12)Series I 331 340

Net expenses 663 334Series T 8,283 12,355Net increase (decrease) in net assets attributable to holders

of redeemable units from operations 1,995 1,345NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNITSeries A 11.29 10.99Series E 10.29 10.00 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OFSeries F 11.31 10.98 REDEEMABLE UNITS FROM OPERATIONS PER SERIESSeries FI n/a 10.70 Series A 1,279 1,012Series I 11.39 11.06 Series E 68 44Series T 10.36 10.25 Series F 188 192

Series FI 7 7Series I 16 16Series T 437 74


Series A 0.40 0.59Series E 0.35 0.70Series F 0.52 0.64Series FI 0.25 0.64Series I 0.55 0.66Series T 0.45 0.48

WEIGHTED AVERAGE NUMBER OF UNITS PER SERIESSeries A 3,170,514 1,711,533Series E 192,048 63,263Series F 362,505 301,941Series FI 28,556 10,859Series I 29,147 24,788Series T 973,112 155,491



14

Dynamic Global Balanced Fund (Unaudited Continued)



Adjustments for:Series E 2,082 171Net realized (gain) loss on non-derivative financial assets (679) (406)Series F 4,318 2,791Unrealized foreign currency translation (gain) loss 1 1Series FI 305 115Change in unrealized (gain) loss on non-derivative financialSeries I 340 239

assets (1,437) (1,043)Series T 12,355 228Change in unrealized (gain) loss on currency forward contracts (17)

53,918 17,827 Change in unrealized (gain) loss on currency spot contracts 2 1Other non-cash transactions (245) (89)Purchases of portfolio investments (7,584) (14,955)INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSProceeds from sale of portfolio investments 8,662 2,672FROM OPERATIONSAccrued investment income and other 47 (20)Series A 1,279 1,012Accrued expenses and other payables (11) 39Series E 68 44

Series F 188 192 Net cash provided by (used in) operating activities 751 (12,472)Series FI 7 7Series I 16 16 CASH FLOWS FROM FINANCING ACTIVITIESSeries T 437 74 Proceeds from issue of redeemable units 4,213 18,951

Amounts paid on redemption of redeemable units (11,080) (1,219)1,995 1,345Distributions to unitholders of redeemable units (239) (29)Net cash provided by (used in) financing activities (7,106) 17,703DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS

From net investment incomeUnrealized foreign currency translation gain (loss) (1) (1)Series A (40) (30)Net increase (decrease) in cash (6,356) 5,230Series E (3) (1)Cash (bank overdraft), beginning of period 7,269 1,661Series F (31) (25)

Series FI (1) (1) CASH (BANK OVERDRAFT), END OF PERIOD 913 6,891Series I (4) (4)Series T (13) (1)

Interest paid(1) 1 From return of capitalInterest received(1) 8 5Series A (272) (165)Dividends received, net of withholding taxes(1) 302 101Series E (14) (11)

Series F (30) (26)(1) Classified as operating items.Series FI (1) (1)

Series I (2) (4)Series T (240) (44)

(651) (313)


Series A 3,689 12,038Series E 165 1,663Series F 837 1,090Series I 366Series T 903 4,163

Reinvested distributionsSeries A 309 193Series E 13 12Series F 52 48Series FI 1 2Series I 6 8Series T 31 21

Payments on redemptionSeries A (4,719) (1,297)Series E (1,112) Series F (928) (247)Series FI (311) Series I (25) (2)Series T (5,190) (112)

(6,279) 17,946

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSSeries A 246 11,751Series E (883) 1,707Series F 88 1,032Series FI (305) 7Series I (9) 380Series T (4,072) 4,101

(4,935) 18,978

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIODSeries A 34,764 26,034Series E 1,199 1,878Series F 4,406 3,823Series FI n/a 122Series I 331 619Series T 8,283 4,329

48,983 36,805


15





EQUITIES (69.4%) INVESTMENTS IN UNDERLYING FUNDS (28.7%)Australia (1.8%) PIMCO Global Advantage Strategy Bond FundAnsell Limited 36,772 724 881 (Canada), Series I 1,383,932 14,185 14,048Brazil (0.2%) AVERAGE COST AND CARRYING VALUEOdontoPrev SA 17,900 62 93 OF INVESTMENTS (98.1%) 45,725 48,070Denmark (0.6%) TRANSACTION COSTS (0.0%) (67) Chr. Hansen Holding A/S 2,100 92 156 TOTAL AVERAGE COST AND CARRYING VALUETopdanmark A/S 4,600 156 157 OF INVESTMENTS (98.1%) 45,658 48,070

248 313 UNREALIZED GAIN (LOSS) ON DERIVATIVES (0%) Finland (1.8%) CASH AND SHORT TERM INSTRUMENTSNokian Renkaat OYJ 18,000 746 903 (BANK OVERDRAFT) (1.9%)France (6.8%) Canadian 751 751Dassault Systemes SA 8,600 776 882 Foreign 161 162LVMH Moet Hennessy Louis Vuitton SA 3,700 843 950 912 913Schneider Electric SA 10,400 960 973

OTHER NET ASSETS (LIABILITIES) (0.0%) Technip SA 5,645 406 539NET ASSETS ATTRIBUTABLE TO HOLDERS OF2,985 3,344

REDEEMABLE UNITS (100.0%) 48,983Germany (2.3%)Fresenius SE & Co. KGaA 10,700 997 1,125 Where applicable, distributions received from holdings as a return of capital are used to reduce the

adjusted cost base of the securities in the portfolio.Hong Kong (3.9%)Average cost or carrying values of some securities may include non-zero amounts that are roundedCK Hutchison Holdings Limited 70,800 1,315 1,073to zero.Li & Fung Limited 1,420,700 1,136 834

2,451 1,907Israel (2.0%)Check Point Software Technologies Ltd. 8,600 844 975Japan (4.7%)Fanuc Corporation 3,800 795 864Fuji Heavy Industries Ltd. 7,900 442 432Kuraray Co., Ltd. 14,300 290 288USS Co., Ltd. 4,100 80 88ON Delight Co., Ltd. 17,200 547 644

2,154 2,316Norway (3.5%)Gjensidige Forsikring ASA 17,400 363 372Kongsberg Gruppen ASA 40,292 836 782TGS-Nopec Geophysical Company ASA 18,100 450 540

1,649 1,694Russia (1.0%)Mobile TeleSystems OJSC, Sponsored ADR 40,150 489 491Singapore (4.0%)ComfortDelGro Corporation Limited 271,200 647 619DBS Group Holdings Ltd. 28,800 476 462Mapletree Logistics Trust 429,600 406 406United Overseas Bank Limited 25,300 471 477

2,000 1,964South Korea (2.1%)Samsung Electronics Co., Ltd. 515 685 1,022Switzerland (3.4%)Nestle SA 11,730 1,105 1,132SGS SA 200 499 547

1,604 1,679United Kingdom (8.2%)Admiral Group PLC 13,400 435 404Diageo PLC 26,300 920 915Inchcape PLC 51,700 722 599Intertek Group PLC 8,033 401 461Nielsen Holdings PLC 19,000 1,129 1,070WPP PLC 19,000 552 571

4,159 4,020United States (22.2%)3M Company 4,350 833 1,044Alphabet Inc., Class A 1,000 820 1,065AutoZone, Inc. 910 817 966Capital One Financial Corporation 3,700 362 433Cognizant Technology Solutions Corporation,

Class A 13,000 867 978Deere & Company 8,900 915 1,231Estee Lauder Companies Inc. (The), Class A 3,700 454 380Express Scripts Holding Company 11,600 1,088 1,071Microsoft Corporation 14,478 833 1,208Omnicom Group Inc. 5,200 505 594Oracle Corporation 18,000 969 929Progressive Corporation (The) 11,100 435 529Visa Inc., Class A 4,200 361 441

9,259 10,869Vietnam (0.9%)Vietnam Dairy Products Joint Stock Company 57,560 484 426


16

Dynamic Global Balanced Fund (Unaudited)


June 30, 2016The Fund (note 1)Gross Currency

The Funds investment objective is to seek to achieve long-term currency hedging Net currency Percentage ofexposure contracts exposure net assetscapital growth and income through investing primarily in equity

Currency ($000s) ($000s) ($000s) (%)securities and debt obligations of businesses located outside US Dollar 10,622 10,622 19.6

Euro 3,966 3,966 7.4of Canada.Japanese Yen 3,600 3,600 6.7Pound Sterling 3,426 3,426 6.4The Fund also invests a portion of its assets in funds managed by theSwiss Franc 2,898 2,898 5.4Manager and/or by third party investment managers Singapore Dollar 2,045 2,045 3.8

(the Underlying Funds). In addition to the risks described below, Norwegian Krone 1,647 1,647 3.1Hong Kong Dollar 1,375 0 1,375 2.5the Fund could be exposed to indirect risk to the extent that theSouth Korean Won 996 996 1.8

Underlying Funds held financial instruments that were subject to Danish Krone 180 180 0.3Brazilian Real 96 96 0.2the below risks.

30,851 0 30,851 57.2

Risks associated with financial instruments (note 4)If the Canadian dollar strengthened or weakened by 10% in relation

Interest rate risk to all other foreign currencies, with all other variables held constant,net assets of the Fund could possibly have decreased or increased,The majority of the Funds financial instruments were non-interestrespectively, by $3,442,000 or approximately 7.0% (June 30, 2016 bearing as at December 31, 2016 and June 30, 2016. Accordingly, the$3,085,000 or approximately 5.7%). In practice, actual results mayFund is not directly subject to significant risk due to fluctuations indiffer from this sensitivity analysis and the difference couldthe prevailing levels of market interest rates.be material.

Currency riskPrice riskThe Funds exposure to currency risk is summarized in the tablesPrice risk is the risk that the carrying value of financial instrumentsbelow. Amounts shown are based on the carrying value of monetarywill fluctuate as a result of changes in market prices (other thanand non-monetary assets and liabilities of the Fund net of currencythose arising from interest rate risk or currency risk) caused byhedging contracts, as applicable.factors specific to a security, its issuer or all factors affecting a

December 31, 2016market or a market segment. Exposure to price risk is mainly in

Gross Currencyequities, underlying funds, derivatives and commodities, ascurrency hedging Net currency Percentage of

exposure contracts exposure net assets applicable. As at December 31, 2016, approximately 98.1% (June 30,Currency ($000s) ($000s) ($000s) (%) 2016 86.5%) of the Funds net assets were exposed to price risk. IfUS Dollar 13,497 13,497 27.6

prices of these instruments had decreased or increased by 10%, withEuro 5,379 5,379 11.0Pound Sterling 2,950 2,950 6.0 all other variables held constant, net assets of the Fund would haveJapanese Yen 2,223 (2) 2,221 4.5

decreased or increased, respectively, by approximately $4,807,000Hong Kong Dollar 2,057 0 2,057 4.2Singapore Dollar 1,976 1,976 4.0 (June 30, 2016 $4,672,000). In practice, actual results may differNorwegian Krone 1,714 1,714 3.5 from this sensitivity analysis and the difference could be material.Swiss Franc 1,695 1,695 3.5South Korean Won 1,220 1,220 2.5Australian Dollar 881 881 1.8 Credit riskVietnamese Dong 427 427 0.9Danish Krone 311 (0) 311 0.6 The Fund had no significant exposure to bonds and debentures,Brazilian Real 93 93 0.2 money market instruments or preferred shares as at December 31,

34,423 (2) 34,421 70.32016 or June 30, 2016.

Concentration risk

Concentration risk arises as a result of the concentration ofexposures within the same category, geographical location, assettype or industry sector, as applicable. The table below is a summaryof the Funds concentration risk:


17



Interest in Underlying Funds (note 2)Percentage of net assets (%)

December 31, 2016 June 30, 2016 The following tables present the percentage of the Underlying FundsEQUITIES 69.4 56.7 owned by the Fund.Australia 1.8 Brazil 0.2 0.2 December 31, 2016Denmark 0.6 0.3

Carrying value OwnershipFinland 1.8 1.7of the percentage inFrance 6.8 3.7

Underlying Fund Underlying FundGermany 2.3 1.9($000s) (%)Hong Kong 3.9 2.2

PIMCO Global Advantage Strategy Bond FundIsrael 2.0 1.7(Canada), Series I 14,048 7.8Japan 4.7 6.7

Luxembourg 0.3 14,048Norway 3.5 3.0Russia 1.0 0.8

June 30, 2016Singapore 4.0 3.8South Korea 2.1 1.8 Carrying value OwnershipSwitzerland 3.4 5.3 of the percentage inUnited Kingdom 8.2 6.3 Underlying Fund Underlying FundUnited States 22.2 17.0 ($000s) (%)Vietnam 0.9 PIMCO Global Advantage Strategy Bond FundINVESTMENTS IN UNDERLYING FUNDS 28.7 29.8 (Canada), Series I 16,083 8.6CASH AND SHORT TERM INSTRUMENTS

16,083(BANK OVERDRAFT) 1.9 13.5

Fair value classification (note 2) Comparison of net asset value per unit and netassets per unit (note 2)The tables below illustrate the classification of the Funds financial

instruments within the fair value hierarchy. As at December 31, 2016 and June 30, 2016, there were nodifferences between the net asset value per unit and the net assetsLevel 1 Level 2 Level 3 Total

December 31, 2016 ($000s) ($000s) ($000s) ($000s) per unit for any series of the Fund.Equities 13,405 20,617 34,022Underlying funds 14,048 14,048

27,453 20,617 48,070Unrealized loss on currency spot contracts (2) (2)

27,453 20,615 48,068

Level 1 Level 2 Level 3 TotalJune 30, 2016 ($000s) ($000s) ($000s) ($000s)Equities 10,610 20,022 30,632Underlying funds 16,083 16,083

26,693 20,022 46,715






18

Dynamic Global Equity Fund (Unaudited)



Non-derivative financial assets 577,327 469,012 Interest for distribution purposes 92 47Cash 62,920 75,792 Net realized gain (loss) on non-derivative financial assets 12,458 16,249Subscriptions receivable 332 227 Net realized gain (loss) on currency forward contracts (730)Accrued investment income and other 672 1,219 Change in unrealized gain (loss) on non-derivative financial

assets 19,892 31,777641,251 546,250Change in unrealized gain (loss) on currency forward contracts 730

LIABILITIES Change in unrealized gain (loss) on currency spot contracts (32) 1Current liabilities

Net gain (loss) on investments 36,919 51,191Management fee payable 43 42Securities lending 11 Payable for securities purchased 10,143 383Net realized and unrealized foreign currency translation gain (loss) 403 1,142Redemptions payable 1,048 697

Accrued expenses 28 25 Total income (loss), net 37,333 52,333Unrealized loss on currency spot contracts 31

11,293 1,147 EXPENSESManagement fees (note 5) 235 149Net assets attributable to holders of redeemable units 629,958 545,103Fixed administration fees (note 6) 142 112Independent Review Committee fees 1 1Interest expense and bank overdraft charges 5 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER SERIESForeign withholding taxes/tax reclaims 416 303Series A 20,798 20,382Harmonized Sales Tax/Goods and Services Tax 38 28Series E 364 247Transaction costs 273 460Series F 4,158 3,214

Series FI n/a 1,264 Total expenses 1,110 1,053Series I 922 1,169 Expenses absorbed by the Manager (5)Series O 603,716 518,827

Net expenses 1,110 1,048Net increase (decrease) in net assets attributable to holdersNET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT

of redeemable units from operations 36,223 51,285Series A 12.70 12.26Series E 9.60 9.29Series F 12.67 12.37 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OFSeries FI n/a 12.29 REDEEMABLE UNITS FROM OPERATIONS PER SERIESSeries I 12.50 12.32 Series A 1,052 1,159Series O 13.02 12.67 Series E 11 (1)

Series F 197 250Series FI 49 226Series I 71 117Series O 34,843 49,534


Series A 0.64 1.20Series E 0.47 (0.08)Series F 0.74 1.25Series FI 0.65 1.38Series I 0.89 1.32Series O 0.83 1.40

WEIGHTED AVERAGE NUMBER OF UNITS PER SERIESSeries A 1,645,639 963,686Series E 23,410 6,355Series F 267,511 198,972Series FI 75,880 163,038Series I 79,799 88,758Series O 42,215,399 35,569,156



19

Dynamic Global Equity Fund (Unaudited Continued)



Adjustments for:Series E 247 Net realized (gain) loss on non-derivative financial assets (12,458) (16,249)Series F 3,214 2,193Unrealized foreign currency translation (gain) loss 95 (151)Series FI 1,264 1,897Change in unrealized (gain) loss on non-derivative financialSeries I 1,169 1,184

assets (19,892) (31,777)Series O 518,827 448,635Change in unrealized (gain) loss on currency forward contracts (730)

545,103 464,495 Change in unrealized (gain) loss on currency spot contracts 32 (1)Purchases of portfolio investments (112,056) (100,427)Proceeds from sale of portfolio investments 45,850 101,163INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSAccrued investment income and other 547 (132)FROM OPERATIONSAccrued expenses and other payables 4 13Series A 1,052 1,159

Series E 11 (1) Net cash provided by (used in) operating activities (61,655) 2,994Series F 197 250Series FI 49 226 CASH FLOWS FROM FINANCING ACTIVITIESSeries I 71 117 Proceeds from issue of redeemable units 67,403 32,781Series O 34,843 49,534 Amounts paid on redemption of redeemable units (18,333) (38,274)

Distributions to unitholders of redeemable units (192) (6)36,223 51,285Net cash provided by (used in) financing activities 48,878 (5,499)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITSUnrealized foreign currency translation gain (loss) (95) 151From net investment incomeNet increase (decrease) in cash (12,872) (2,354)Series A (80)Cash (bank overdraft), beginning of period 75,792 37,701Series F (40) (45)

Series FI (32) CASH (BANK OVERDRAFT), END OF PERIOD 62,920 35,347Series I (22) (41)Series O (10,553) (13,757)

Interest paid(1) 5 From net realized gains on investmentsInterest received(1) 97 56Series A (331) Dividends received, net of withholding taxes(1) 4,680 2,692Series E (3)

Series F (89) (1) Classified as operating items.Series I (22)

Series O (10,362) (21,422) (13,955)


Series A 1,797 5,771Series E 365 64Series F 1,474 825Series FI 636Series I 3 201Series O 66,019 25,504

Reinvested distributionsSeries A 314 75Series E 3 Series F 126 44Series FI 32Series I 44 41Series O 20,743 13,757

Payments on redemptionSeries A (2,416) (1,101)Series E (259) Series F (724) (224)Series FI (1,313) (1,558)Series I (321) (250)Series O (15,801) (35,099)

70,054 8,718

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSSeries A 416 5,824Series E 117 63Series F 944 850Series FI (1,264) (696)Series I (247) 68Series O 84,889 39,939

84,855 46,048

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIODSeries A 20,798 16,410Series E 364 63Series F 4,158 3,043Series FI n/a 1,201Series I 922 1,252Series O 603,716 488,574

629,958 510,543


20





EQUITIES (91.8%) EQUITIES (91.8%) (contd)Australia (2.3%) Vietnam (1.1%)Ansell Limited 616,118 12,373 14,762 Vietnam Dairy Products Joint Stock Company 971,520 8,087 7,198Brazil (0.3%) AVERAGE COST AND CARRYING VALUEOdontoPrev SA 368,900 1,271 1,919 OF INVESTMENTS (91.8%) 507,513 577,327Denmark (1.1%) TRANSACTION COSTS (0.0%) (1,050) Chr. Hansen Holding A/S 61,067 2,437 4,547 TOTAL AVERAGE COST AND CARRYING VALUETopdanmark A/S 69,100 2,347 2,362 OF INVESTMENTS (91.8%) 506,463 577,327

4,784 6,909 UNREALIZED GAIN (LOSS) ON DERIVATIVES (0%) Finland (2.6%) CASH AND SHORT TERM INSTRUMENTSNokian Renkaat OYJ 330,200 11,875 16,568 (BANK OVERDRAFT) (10.0%)France (8.7%) Canadian 53,013 53,013Dassault Systemes SA 144,900 9,984 14,860 Foreign 9,923 9,907LVMH Moet Hennessy Louis Vuitton SA 59,500 13,634 15,272 62,936 62,920Schneider Electric SA 159,400 14,716 14,910

OTHER NET ASSETS (LIABILITIES) (1.8%) (10,289)Technip SA 101,120 6,761 9,660NET ASSETS ATTRIBUTABLE TO HOLDERS OF45,095 54,702

REDEEMABLE UNITS (100.0%) 629,958Germany (2.2%)Fresenius SE & Co. KGaA 128,900 12,013 13,554 Where applicable, distributions received from holdings as a return of capital are used to reduce the

adjusted cost base of the securities in the portfolio.Hong Kong (5.1%)Average cost or carrying values of some securities may include non-zero amounts that are roundedCK Hutchison Holdings Limited 1,286,600 25,914 19,504to zero.Li & Fung Limited 21,238,500 21,061 12,469

46,975 31,973Israel (2.2%)Check Point Software Technologies Ltd. 122,300 9,319 13,869Japan (6.5%)Fanuc Corporation 62,800 13,118 14,271Fuji Heavy Industries Ltd. 141,900 7,937 7,757Kuraray Co., Ltd. 258,400 5,235 5,196USS Co., Ltd. 57,800 1,144 1,235ON Delight Co., Ltd. 330,400 8,419 12,364

35,853 40,823Luxembourg (0.9%)LOccitane International SA 2,112,800 5,686 5,359Norway (4.6%)Gjensidige Forsikring ASA 426,255 8,966 9,104Kongsberg Gruppen ASA 506,179 10,493 9,825TGS-Nopec Geophysical Company ASA 335,080 8,590 10,004

28,049 28,933Russia (1.4%)Mobile TeleSystems OJSC, Sponsored ADR 697,840 8,710 8,536Singapore (5.3%)ComfortDelGro Corporation Limited 5,095,000 10,531 11,633DBS Group Holdings Ltd. 482,100 8,214 7,731Mapletree Logistics Trust 7,180,300 6,709 6,778United Overseas Bank Limited 392,600 7,285 7,406

32,739 33,548South Korea (3.2%)Samsung Electronics Co., Ltd. 10,194 12,459 20,224Switzerland (4.9%)Nestle SA 175,480 14,695 16,937SGS SA 5,000 11,302 13,664

25,997 30,601United Kingdom (10.4%)Admiral Group PLC 201,100 6,110 6,062Diageo PLC 389,700 13,620 13,552Inchcape PLC 797,200 12,435 9,232Intertek Group PLC 158,732 6,908 9,103Nielsen Holdings PLC 338,500 20,011 19,066WPP PLC 274,500 8,236 8,249

67,320 65,264United States (29.0%)3M Company 65,800 10,501 15,787Alphabet Inc., Class A 13,287 8,188 14,145AutoZone, Inc. 14,750 9,580 15,664Capital One Financial Corporation 74,600 7,528 8,738Cognizant Technology Solutions Corporation,

Class A 272,300 18,168 20,486Deere & Company 125,000 11,736 17,294Estee Lauder Companies Inc. (The), Class A 75,700 9,285 7,775Express Scripts Holding Company 178,200 15,222 16,459Microsoft Corporation 239,500 11,630 19,983Omnicom Group Inc. 76,800 7,327 8,778Oracle Corporation 302,500 16,206 15,617Progressive Corporation (The) 165,900 5,785 7,911Visa Inc., Class A 132,900 7,752 13,948

138,908 182,585


21

Dynamic Global Equity Fund (Unaudited)


$47,979,000 or approximately 8.8%). In practice, actual results mayThe Fund (note 1)differ from this sensitivity analysis and the difference could

The Funds investment objective is to seek to achieve long-term be material.capital growth through investing primarily in equity securities ofbusinesses located outside of Canada. Price risk

Price risk is the risk that the carrying value of financial instrumentsRisks associated with financial instruments (note 4)will fluctuate as a result of changes in market prices (other than

Interest rate risk those arising from interest rate risk or currency risk) caused byfactors specific to a security, its issuer or all factors affecting aThe majority of the Funds financial instruments were non-interestmarket or a market segment. Exposure to price risk is mainly inbearing as at December 31, 2016 and June 30, 2016. Accordingly, theequities, underlying funds, derivatives and commodities, asFund is not directly subject to significant risk due to fluctuations inapplicable. As at December 31, 2016, approximately 91.8% (June 30,the prevailing levels of market interest rates.2016 86.2%) of the Funds net assets were exposed to price risk. Ifprices of these instruments had decreased or increased by 10%, withCurrency riskall other variables held constant, net assets of the Fund would haveThe Funds exposure to currency risk is summarized in the tablesdecreased or increased, respectively, by approximately $57,733,000below. Amounts shown are based on the carrying value of monetary(June 30, 2016 $46,901,000). In practice, actual results may differand non-monetary assets and liabilities of the Fund net of currencyfrom this sensitivity analysis and the difference could be material.hedging contracts, as applicable.

December 31, 2016 Credit riskGross Currency The Fund had no significant exposure to bonds and debentures,currency hedging Net currency Percentage of

money market instruments or preferred shares as at December 31,exposure contracts exposure net assetsCurrency ($000s) ($000s) ($000s) (%) 2016 or June 30, 2016.US Dollar 235,775 235,775 37.4Euro 84,935 84,935 13.5

Concentration riskPound Sterling 46,198 46,198 7.3Japanese Yen 39,138 (30) 39,108 6.2

Concentration risk arises as a result of the concentration ofHong Kong Dollar 36,972 (1) 36,971 5.9Singapore Dollar 33,707 33,707 5.4 exposures within the same category, geographical location, assetSwiss Franc 30,963 30,963 4.9 type or industry sector, as applicable. The table below is a summaryNorwegian Krone 29,206 29,206 4.6South Korean Won 20,224 20,224 3.2 of the Funds concentration risk:Australian Dollar 14,762 14,762 2.3Vietnamese Dong 7,248 7,248 1.2 Percentage of net assets (%)Danish Krone 6,861 (0) 6,861 1.1

December 31, 2016 June 30, 2016Brazilian Real 1,922 1,922 0.3EQUITIES 91.8 86.2Israeli Shekel 2 2 0.0Australia 2.3 587,913 (31) 587,882 93.3Brazil 0.3 0.4Denmark 1.1 1.0

June 30, 2016 Finland 2.6 2.8France 8.7 6.1Gross Currency Germany 2.2 2.3currency hedging Net currency Percentage of Hong Kong 5.1 3.8exposure contracts exposure net assets Israel 2.2 2.3Currency ($000s) ($000s) ($000s) (%) Japan 6.5 7.5

US Dollar 165,270 165,270 30.3 Luxembourg 0.9 0.4Euro 60,815 60,815 11.2 Norway 4.6 4.8Pound Sterling 52,701 52,701 9.7 Russia 1.4 1.4Swiss Franc 52,216 52,216 9.6 Singapore 5.3 6.4Japanese Yen 40,950 40,950 7.5 South Korea 3.2 3.0Singapore Dollar 35,099 35,099 6.4 Switzerland 4.9 9.5Norwegian Krone 26,166 26,166 4.8 United Kingdom 10.4 9.6Hong Kong Dollar 22,864 22,864 4.2 United States 29.0 24.9South Korean Won 16,504 16,504 3.0 Vietnam 1.1 Danish Krone 5,217 5,217 1.0 CASH AND SHORT TERM INSTRUMENTSBrazilian Real 1,985 1,985 0.4 (BANK OVERDRAFT) 10.0 13.9Israeli Shekel 2 2 0.0

479,789 479,789 88.1Fair value classification (note 2)

The tables below illustrate the classification of the Funds financialIf the Canadian dollar strengthened or weakened by 10% in relationinstruments within the fair value hierarchy.to all other foreign currencies, with all other variables held constant,

net assets of the Fund could possibly have decreased or increased,respectively, by $58,788,000 or approximately 9.3% (June 30, 2016


22



Level 1 Level 2 Level 3 TotalDecember 31, 2016 ($000s) ($000s) ($000s) ($000s)Equities 224,056 353,271 577,327

224,056 353,271 577,327Unrealized loss on currency spot contracts (31) (31)

224,056 353,240 577,296

Level 1 Level 2 Level 3 TotalJune 30, 2016 ($000s) ($000s) ($000s) ($000s)Equities 157,932 311,080 469,012

157,932 311,080 469,012





Interest in Underlying Funds (note 2)

The Fund did not hold any interest in Underlying Funds as atDecember 31, 2016 or June 30, 2016.

Comparison of net asset value per unit and netassets per unit (note 2)

The table below provides a comparison of the net asset valueper unit and net assets per unit. A difference could arise when thelast traded market price for a financial instrument is not within thebid-ask spread (note 2).

December 31, 2016 June 30, 2016

Net asset Net assets Net asset Net assetsvalue per unit per unit value per unit per unit

($) ($) ($) ($)Series A 12.74 12.70 12.26 12.26Series E 9.60 9.60 9.29 9.29Series F 12.67 12.67 12.37 12.37Series FI n/a n/a 12.29 12.29Series I 12.50 12.50 12.32 12.32Series O 13.02 13.02 12.67 12.67


23

Dynamic Dividend Fund (Unaudited)



Non-derivative financial assets 630,630 561,094 Interest for distribution purposes 219 204Unrealized gain on currency forward contracts 423 Net realized gain (loss) on non-derivative financial assets 10,275 7,705

Cash 50,825 38,541 Net realized gain (loss) on currency forward contracts (6,022) (6,864)Margin deposited on derivatives 910 350 Change in unrealized gain (loss) on non-derivative financialReceivable for securities sold 3,069 assets 33,770 (14,122)Subscriptions receivable 1,437 911 Change in unrealized gain (loss) on currency forward contracts 1,597 306Accrued investment income and other 1,703 1,710 Change in unrealized gain (loss) on currency spot contracts 1 1

685,928 605,675 Net gain (loss) on investments 48,230 (4,164)Securities lending 7 LIABILITIESNet realized and unrealized foreign currency translation gain (loss) 21 1Current liabilities

Management fee payable 544 469 Total income (loss), net 48,258 (4,163)Payable for securities purchased 626Redemptions payable 1,047 1,163 EXPENSESAccrued expenses 82 71 Management fees (note 5) 2,767 2,449Unrealized loss on currency forward contracts 302 1,476 Fixed administration fees (note 6) 420 367Unrealized loss on currency spot contracts 1 Independent Review Committee fees 1 1

1,975 3,806 Foreign withholding taxes/tax reclaims 385 257Other fund costs 4 Net assets attributable to holders of redeemable units 683,953 601,869Harmonized Sales Tax/Goods and Services Tax 342 302Transaction costs 123 81

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER SERIES Total expenses 4,042 3,457Series A 348,426 308,838 Expenses absorbed by the Manager Series F 50,866 27,293

Net expenses 4,042 3,457Series G 75,951 65,533Series I 202 188 Net increase (decrease) in net assets attributable to holdersSeries IT 3,134 2,753 of redeemable units from operations 44,216 (7,620)Series O 193,698 185,871Series T 11,676 11,393

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OFREDEEMABLE UNITS FROM OPERATIONS PER SERIES

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A 21,694 (4,830)Series A 13.46 12.70 Series F 2,695 (221)Series F 10.08 9.49 Series G 4,687 (920)Series G 13.51 12.75 Series I 15 (2)Series I 9.17 8.65 Series IT 221 (19)Series IT 12.56 11.99 Series O 14,177 (1,395)Series O 9.04 8.53 Series T 727 (233)Series T 5.15 4.97


Series A 0.87 (0.19)Series F 0.70 (0.10)Series G 0.88 (0.18)Series I 0.69 (0.02)Series IT 0.88 (0.12)Series

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