UNITED CORPOTATE CLASSES - CI · The Funds’ independent auditors have not performed a review of...

UNITED CORPOTATE CLASSES

SEMI-ANNUAL FINANCIAL STATEMENTS - SEPTEMBER 30, 2017

Table of Contents

Semi-Annual Financial Statements - September 30, 2017

Income Fund(s)

Short Term Income Corporate Class ............................................................................................ 1

Canadian Fixed Income Corporate Class ..................................................................................... 15

Global Fixed Income Corporate Class .......................................................................................... 29

Enhanced Income Corporate Class .............................................................................................. 43

Canadian Equity Fund(s)

Canadian Equity Value Corporate Class ...................................................................................... 66

Canadian Equity Growth Corporate Class ................................................................................... 79

Canadian Equity Small Cap Corporate Class............................................................................... 92

Canadian Equity Alpha Corporate Class ...................................................................................... 104

US Equity Fund(s)

US Equity Value Corporate Class ................................................................................................ 116

US Equity Growth Corporate Class .............................................................................................. 130

US Equity Small Cap Corporate Class ......................................................................................... 144

US Equity Alpha Corporate Class ................................................................................................ 158

International Equity Fund(s)

International Equity Value Corporate Class ................................................................................ 172

International Equity Growth Corporate Class .............................................................................. 186

Emerging Markets Equity Corporate Class .................................................................................. 200

International Equity Alpha Corporate Class ................................................................................ 216

Specialty Fund(s)

Real Estate Investment Corporate Class ..................................................................................... 229

Currency Hedged Fund(s)

International Equity Value Currency Hedged Corporate Class ................................................... 244

US Equity Value Currency Hedged Corporate Class ................................................................... 257

Notes to the Financial Statements ...................................................................................... 270

Legal Notice ............................................................................................................................. 295

CI Investments Inc., the Manager of the Funds, appoints independent auditors to audit the Funds’

Annual Financial Statements. Under Canadian securities laws (National Instrument 81-106), if

an auditor has not reviewed the Semi-Annual Financial Statements, this must be disclosed in an

accompanying notice.

The Funds’ independent auditors have not performed a review of these Semi-Annual Financial

Statements in accordance with standards established by the Canadian Institute of Chartered

Accountants.

Short Term Income Corporate Class

– 1 –Semi-Annual Financial Statements - September 30, 2017

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

as at as at Sept. 30, 2017 Mar. 31, 2017

18,037 30,722 - 103

- - - -

- - - - - - - - - - - - - - - - 289 - 31 14,531 128 128 18,485 45,484

- - 205 -

- - - - - - - -

- - - - - 14,527 306 4 - - - - - - - - 11 18 522 14,549

17,963 30,935

18,156 31,176 - -

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

Net assets attributable to holders of redeemable shares

per class (Note 4):

Net assets attributable to holders of redeemable

shares per share: Number of redeemable

shares outstanding:

as at Sept. 30, 2017

as at Mar. 31, 2017


as at Mar. 31, 2017


as at Mar. 31, 2017

A Shares - 1 10.96 11.09 32 15E Shares 67 143 10.20 10.34 6,546 13,858E3 Shares 10 - 9.87 - 1,000 -E4 Shares 10 - 9.87 - 1,000 -E5 Shares 10 - 9.87 - 1,000 -ET8 Shares 32 33 6.22 6.57 5,225 5,057E3T8 Shares 10 - 9.54 - 1,035 -E4T8 Shares 10 - 9.54 - 1,035 -E5T8 Shares 10 - 9.54 - 1,035 -F Shares 10 - 9.92 - 1,000 -F3 Shares 10 - 9.92 - 1,000 -F4 Shares 10 - 9.92 - 1,000 -F5 Shares 10 - 9.92 - 1,000 -FT8 Shares 10 - 9.58 - 1,035 -F3T8 Shares 10 - 9.58 - 1,035 -F4T8 Shares 10 - 9.59 - 1,035 -F5T8 Shares 10 - 9.59 - 1,035 -I Shares 2,255 1,929 12.70 12.73 177,677 151,510IT8 Shares 60 60 6.90 7.21 8,643 8,310OF Shares 10 10 10.17 10.28 998 998W Shares 15,322 28,678 13.23 13.28 1,158,102 2,159,535WT8 Shares 77 81 6.83 7.14 11,242 11,314

AssetsCurrent assetsInvestments*CashUnrealized gain on futures and foreign currency forward contractsSwaps, swaptions and optionsCash collateral received for securities on loan (Note 6)Daily variation margin on derivative instrumentsFees rebate receivableMargin for short salesDividends receivableInterest receivableReceivable for distribution from investmentsSecurities lending revenue receivable (Note 6)Receivable for investments soldReceivable for share subscriptionsOther

LiabilitiesCurrent liabilitiesInvestments sold short**Bank overdraftUnrealized 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 6)Daily variation margin on derivative instrumentsPayable for investments purchasedPayable for share redemptionsDividends payable to holders of redeemable shares Management fees payableAdministration fees payableAccrued liabilitiesOther


*Investments at cost**Investments sold short at cost

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

Financial Statements (unaudited)

CIG - 17652



Statements of Comprehensive Incomefor the periods ended September 30(in $000’s except for per share amounts and number of shares)

2017 2016

- - 1 1 - - - - - - - -

- - - -

(358) (76)

335 295 (22) 220 - - - - - - 22 23 22 23 - 243

2 1 18 18 - - - - - - - 1 - - 2 3 22 23 28 27

(50) 193



Statements of Comprehensive Income (cont’d)for the periods ended September 30(in $000’s except for per share amounts and number of shares)

Increase (decrease) in net assets attributable to

holders of redeemable shares per class:


holders of redeemable shares per share:

Weighted average number of shares:

2017 2016 2017 2016 2017 2016A Shares (1) - (0.19) (0.03) 729 1,234E Shares (1) - (0.16) (0.02) 11,703 10,012E3 Shares - - (0.13) - 1,005 -E4 Shares - - (0.12) - 1,004 -E5 Shares - - (0.12) - 1,000 -ET8 Shares (1) - (0.07) (0.01) 5,167 5,056E3T8 Shares - - (0.13) - 1,014 -E4T8 Shares - - (0.12) - 1,014 -E5T8 Shares - - (0.12) - 1,014 -F Shares - - (0.19) - 1,359 -F3 Shares - - (0.08) - 1,000 -F4 Shares - - (0.08) - 1,000 -F5 Shares - - (0.07) - 1,000 -FT8 Shares - - (0.08) - 1,014 -F3T8 Shares - - (0.08) - 1,014 -F4T8 Shares - - (0.08) - 1,014 -F5T8 Shares - - (0.07) - 1,014 -I Shares (3) 22 (0.02) 0.11 166,395 186,779IT8 Shares - 1 (0.01) 0.11 8,538 6,829OF Shares - - (0.11) - 999 999W Shares (44) 169 (0.04) 0.10 1,533,709 1,615,180WT8 Shares - 1 (0.03) 0.07 11,483 7,461

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 derivativesOther income Foreign exchange gain (loss) on cash Commitment fee income Securities lending revenue (Note 6) Fees rebateTotal other incomeTotal incomeExpensesManagement fees (Note 5)Administration fees (Note 5)Commissions and other portfolio transaction costsSecurities borrowing fees (Note 2)Margin feesInterest expenseWithholding taxesHarmonized sales taxTotal expensesIncome taxIncrease (decrease) in net assets attributable to holders of redeemable shares



Statements of Changes in Net Assets Attributable to Holders of Redeemable Sharesfor the periods ended September 30 (in $000’s)

Net assets attributable to holders of redeemable shares at the beginning of periodIncrease (decrease) in net assets attributable to holders of redeemable sharesDividends to holders of redeemable shares From net investment income From net realized gains Return of capitalTotal 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 sharesNet 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 period







A Shares 2017 2016 1 24 (1) -

- - - - - - - -

11 - - - (11) (1) - (20) - (21) (1) (21) - 3

E Shares 2017 2016 143 405 (1) -

- - - - - - - -

4,024 - - - (4,099) (1) - (337) (75) (338) (76) (338) 67 67

E3 Shares 2017 2016 - - - -

- - - - - - - -

17 - - - (7) - - - 10 - 10 - 10 -

E4 Shares 2017 2016 - - - -

- - - - - - - -

16 - - - (6) - - - 10 - 10 - 10 -

E5 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

ET8 Shares 2017 2016 33 33 (1) -

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

1 - - - - - - 5 1 5 (1) 3 32 36

E3T8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

E4T8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

E5T8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

F Shares 2017 2016 - - - -

- - - - - - - -

272 - - - (262) - - - 10 - 10 - 10 -

F3 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

F4 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -





Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (cont’d)for the periods ended September 30 (in $000’s)







F5 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

FT8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

F3T8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

F4T8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

F5T8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

I Shares 2017 2016 1,929 3,749 (3) 22

- - - - - - - -

20,809 69 - - (20,480) (212) - (1,571) 329 (1,714) 326 (1,692) 2,255 2,057

IT8 Shares 2017 2016 60 51 - 1

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

63 - 1 1 (62) (1) - (1) 2 (1) - (2) 60 49

OF Shares 2017 2016 10 10 - -

- - - - - - - -

- - - - - - - - - - - - 10 10

W Shares 2017 2016 28,678 21,539 (44) 169

- - - - - - - -

5,104 18,170 - - (18,416) (5,832) - (15,269) (13,312) (2,931) (13,356) (2,762) 15,322 18,777

WT8 Shares 2017 2016 81 11 - 1

- - - - (3) (3) (3) (3)

4 - 2 2 (7) - - 62 (1) 64 (4) 62 77 73

Total Fund 2017 2016 30,935 25,822 (50) 193

- - - - (6) (7) (6) (7)

30,431 18,239 3 3 (43,350) (6,047) - (17,131) (12,916) (4,936) (12,972) (4,750) 17,963 21,072



Statements of Cash Flowsfor the periods ended September 30 (in $000’s)

2017 2016

(50) 193

358 76 - - - -

(335) (295) 37,644 50,426 (39,798) (47,401) - - - - - - - - - - - - - - - - (7) (121) (2,188) 2,878

(3) (3) 44,931 16,432 (43,048) (3,917) - (17,131) 1,880 (4,619)

- - (308) (1,741) 103 1,352 (205) (389)

- - 1 1 - - - 1

*Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. The accompanying notes are an integral part of these financial statements.


Cash flows from (used in) operating activitiesIncrease (decrease) in net assets attributable to holders of redeemable sharesAdjustments 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 and derivatives Purchase of investments and derivatives (Increase) decrease in margin for short sales Non-cash distributions from investments Change in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in securities lending revenue receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payableNet cash from (used in) operating activities

Cash flows from (used in) financing activitiesDividends paid to holders of redeemable shares, net of reinvested dividendsProceeds from issuance of redeemable sharesAmounts paid on redemption of redeemable sharesConversion of sharesNet cash from (used in) financing activities Unrealized foreign exchange gain (loss) on cashNet increase (decrease) in cashCash (bank overdraft), beginning of periodCash (bank overdraft), end of period

Supplementary Information:Dividends received, net of withholding tax*Interest received, net of withholding tax*Dividends paid*Interest paid*



FUND (100.4%) 1,345,046 Short Term Income Pool (Class W)† 18,155,595 18,036,937

Total Fund (100.4%) 18,155,595 18,036,937 Other Net Assets (Liabilities) (-0.4%) (73,790) Net Assets Attributable to Holders of Redeemable Shares (100.0%) 17,963,147

† 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 September 30, 2017 (unaudited)

No. of Units DescriptionAverageCost ($)

FairValue ($)



Financial Instruments by Category (Note 2)

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

as at September 30, 2017

Held forTrading

Financial Assets/Liabilities as FVTPL

Designated at Inception Total

Financial Assets/Liabilities at

Amortized Cost Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)

AssetsInvestments - 18,037 18,037 - 18,037Cash - - - - -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 - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 289 289Receivable for share subscriptions - - - 31 31 - 18,037 18,037 320 18,357LiabilitiesInvestments sold short - - - - -Bank overdraft - - - 205 205Unrealized 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 - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for share redemptions - - - 306 306Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 511 511

Fund Specific Notes to Financial Statements (unaudited)






Financial Instruments by Category (Note 2) (cont’d)

as at March 31, 2017

Held forTrading






AssetsInvestments - 30,722 30,722 - 30,722Cash - - - 103 103Unrealized 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 - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for share subscriptions - - - 14,531 14,531 - 30,722 30,722 14,634 45,356LiabilitiesInvestments 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 - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 14,527 14,527Payable for share redemptions - - - 4 4Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 14,531 14,531





Net Gain (Loss) on Financial Instruments (Note 2)for the periods ended September 30 (in $000’s)

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

2017 2016Financial Instruments at FVTPLHeld for trading - -Designated at fair value through profit or loss (22) 220Total (22) 220

Interest in Non-Consolidated Structured Entities (Note 2)

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

as at September 30, 2017 Fair Value of

the Underlying Funds / ETFsFair Value of the Fund’s Investment

in the Underlying Funds / ETFsOwnership in the

Underlying Funds / ETFs

Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Short Term Income Pool 34,906 18,037 51.7

as at March 31, 2017 Fair Value of




Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Short Term Income Pool 34,356 30,722 89.4



Redeemable Share Transactions (Note 4)for the periods ended September 30

Number of redeemable shares at the beginning of periodRedeemable shares issued for cashRedeemable shares issued for reinvested dividendsRedeemable shares issued (redeemed) on conversion (net)Redeemable shares redeemedNumber of redeemable shares at the end of period






†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.

Commissions (Note 2)for the periods ended September 30 (in $000’s)

2017 2016Brokerage commissions - -Soft dollar commissions† - -

A Shares 2017 2016 15 2,200 1,061 - - - - (1,855) (1,044) (72) 32 273

E Shares 2017 2016 13,858 38,613 391,463 - - - - (32,065) (398,775) (140) 6,546 6,408

E3 Shares 2017 2016 - - 1,686 - - - - - (686) - 1,000 -

E4 Shares 2017 2016 - - 1,575 - - - - - (575) - 1,000 -

E5 Shares 2017 2016 - - 1,000 - - - - - - - 1,000 -

ET8 Shares 2017 2016 5,057 4,631 103 - 65 61 - 510 - - 5,225 5,202

E3T8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

E4T8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

E5T8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

F Shares 2017 2016 - - 27,261 - - - - - (26,261) - 1,000 -

F3 Shares 2017 2016 - - 1,000 - - - - - - - 1,000 -

F4 Shares 2017 2016 - - 1,000 - - - - - - - 1,000 -

F5 Shares 2017 2016 - - 1,000 - - - - - - - 1,000 -

FT8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

F3T8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

F4T8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

F5T8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

I Shares 2017 2016 151,510 298,487 1,634,034 5,484 - - - (124,715) (1,607,867) (16,858) 177,677 162,398

IT8 Shares 2017 2016 8,310 6,636 8,732 1 182 153 - (7) (8,581) (228) 8,643 6,555

OF Shares 2017 2016 998 998 - - - - - - - - 998 998



Redeemable Share Transactions (Note 4) (cont’d)for the periods ended September 30




W Shares 2017 2016 2,159,535 1,641,065 384,319 1,380,343 - - - (1,159,816) (1,385,752) (442,117) 1,158,102 1,419,475

WT8 Shares 2017 2016 11,314 1,416 504 - 258 208 - 8,179 (834) - 11,242 9,803





Management and Administration Fees (Note 5) as at September 30, 2017 (%)

Annual management

fee rate:

Annual fixed administration

fee rate:

A Shares 1.750 0.17E Shares 1.650 0.17E3 Shares 1.620 0.16E4 Shares 1.600 0.12E5 Shares 1.580 0.08ET8 Shares 1.650 0.17E3T8 Shares 1.620 0.16E4T8 Shares 1.600 0.12E5T8 Shares 1.580 0.08F Shares 0.650 0.17F3 Shares 0.620 0.16F4 Shares 0.600 0.12F5 Shares 0.580 0.08FT8 Shares 0.650 0.17F3T8 Shares 0.620 0.16F4T8 Shares 0.600 0.12F5T8 Shares 0.580 0.08I Shares Paid directly by investor -IT8 Shares Paid directly by investor -OF Shares 1.250 0.17W Shares Paid directly by investor 0.17WT8 Shares Paid directly by investor 0.17

Securities Lending (Note 6)as at September 30 (in $000’s)

2017 2016Loaned - -Collateral (non-cash) - -

Securities Lending Revenue Reconciliation (Note 6)for the periods ended September 30 (in $000’s)

2017 2016Gross securities lending revenue - -Charges - -Securities lending revenue - -% of gross securities lending revenue - -

Related Party Investments (Note 9)as at September 30 (in $000’s)

Investments 2017Short Term Income Pool (Class W) 18,037

Investments 2016Short Term Income Pool (Class W) 20,742




Credit Risk (cont’d)

as at March 31, 2017 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 18.0AA/Aa/A+ 24.7A 39.9BBB/Baa/B++ 11.3BB/Ba/B+ 1.2Not Rated 1.4 Total 96.5

^Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s

Investors Service or Dominion Bond Rating Service, respectively.

*Refer to Note 10 for Credit Rating Chart reference.

Currency RiskAs at September 30, 2017 and March 31, 2017, the Fund had no significant direct exposure to currency risk.

As at September 30, 2017 and March 31, 2017, the Fund indirectly bears the currency risk exposure of the Underlying Fund.

The table below summarizes the Underlying Fund’s exposure to currency risk.

as at September 30, 2017 ~ Currency Net Assets (%)US Dollar 1.5 Total 1.5

~Includes monetary and non-monetary instruments.

As at September 30, 2017, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 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 $27,000 (March 31, 2017 - nil). In practice, actual results may differ from this analysis and the difference may be material.

As at March 31, 2017, the currency risk exposure of Underlying Fund was insignificant as the Underlying Fund’s investment were denominated in Canadian dollars the functional currency of the Underlying Fund.

Interest Rate RiskAs at September 30, 2017 and March 31, 2017, the Fund had no significant direct exposure to interest rate risk.

As at September 30, 2017 and March 31, 2017, 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.


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure 44.2 25.1 14.8 15.1 99.2

Financial Instruments Risks (Note 10)

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

as at September 30, 2017 Categories Net Assets (%)Provincial Bonds 49.8 Corporate Bonds 27.1 Canadian Government Bonds 8.1 Other Net Assets (Liabilities) 5.3 Asset-Backed Securities 4.6 Foreign Government Bonds 2.7 Municipal Bonds 2.4 Short-Term Investments 0.0 Foreign Currency Forward Contracts 0.0

as at March 31, 2017 Categories Net Assets (%)Provincial Bonds 31.4Corporate Bonds 30.3Canadian Government Bonds 16.7Municipal Bonds 15.9Other Net Assets (Liabilities) 4.2Asset-Backed Securities 1.7Foreign Government Bonds 0.5Foreign Currency Forward Contracts 0.0Cash & Equivalents (0.7)

During the six-month period ended September 30, 2017, the Fund’s credit risk, currency risk and interest rate risk exposure changed significantly as disclosed in the section below. For details relating to other price risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2017, as the Fund’s exposure to those risks remains unchanged.

Credit RiskAs at September 30, 2017 and March 31, 2017, the Fund had no significant direct exposure to credit risk.

As at September 30, 2017 and March 31, 2017, 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 September 30, 2017 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 10.6 AA/Aa/A+ 5.6 A 60.8 BBB/Baa/B++ 12.6 BB/Ba/B+ 1.6 B 0.1 Not Rated 3.5 Total 94.8





Interest Rate Risk (cont’d)


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total


As at September 30, 2017, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2017 - 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 $76,000 (March 31, 2017 - $146,000). In practice, actual results may differ from this analysis and the difference may be material.


Canadian Fixed Income Corporate Class




762,982 703,670 6,511 3,664

- - - -

- - - - - - - - - - - - - - - - 536 75 1,351 2,633 67 67 771,447 710,109

- - - -

- - - - - - - -

- - - - 361 1,685 961 579 - 18 - - - - - - 224 479 1,546 2,761

769,901 707,348

760,071 698,383 - -



per class (Note 4):



shares outstanding:


as at Mar. 31, 2017


as at Mar. 31, 2017


as at Mar. 31, 2017

A Shares 433 531 12.44 12.64 34,846 42,098E Shares 30,791 48,049 12.52 12.69 2,459,645 3,785,683E3 Shares 8,680 - 9.76 - 889,778 -E4 Shares 2,716 - 9.76 - 278,363 -E5 Shares 5,021 - 9.76 - 514,521 -ET8 Shares 1,345 1,434 6.58 6.97 204,266 205,928E3T8 Shares 126 - 9.42 - 13,397 -E4T8 Shares 221 - 9.43 - 23,432 -E5T8 Shares 10 - 9.43 - 1,035 -F Shares 1,901 - 9.79 - 194,161 -F3 Shares 2,018 - 9.80 - 205,865 -F4 Shares 723 - 9.80 - 73,769 -F5 Shares 10 - 9.80 - 1,000 -FT8 Shares 66 - 9.47 - 6,993 -F3T8 Shares 10 - 9.47 - 1,035 -F4T8 Shares 10 - 9.47 - 1,035 -F5T8 Shares 10 - 9.47 - 1,035 -I Shares 235,124 211,494 14.85 14.90 15,834,730 14,192,223IT8 Shares 7,905 6,858 7.40 7.74 1,067,961 885,462OF Shares 548 55 12.49 12.62 43,906 4,344W Shares 439,369 406,804 15.48 15.55 28,386,729 26,163,597WT8 Shares 32,864 32,123 7.36 7.71 4,466,260 4,168,273







CIG - 17653




2017 2016

- - 13 4 - - - - - - - -

- - - -

247 1,201

(2,376) 30,903 (2,116) 32,108 - - - - - - - - - - (2,116) 32,108

423 387 435 383 - - 1 - - - - - - - 101 91 960 861 1,239 716

(4,315) 30,531









2017 2016 2017 2016 2017 2016A Shares (6) 31 (0.17) 0.49 36,643 64,243E Shares (283) 1,788 (0.11) 0.51 2,822,505 3,468,706E3 Shares (195) - (0.25) - 786,860 -E4 Shares (70) - (0.27) - 251,549 -E5 Shares (113) - (0.25) - 461,778 -ET8 Shares (18) 51 (0.09) 0.30 214,551 161,684E3T8 Shares (6) - (0.55) - 11,558 -E4T8 Shares (3) - (0.12) - 21,372 -E5T8 Shares - - (0.24) - 1,014 -F Shares (34) - (0.26) - 138,927 -F3 Shares (25) - (0.26) - 102,338 -F4 Shares (7) - (0.19) - 37,938 -F5 Shares - - (0.20) - 1,000 -FT8 Shares (1) - (0.28) - 3,496 -F3T8 Shares - - (0.20) - 1,014 -F4T8 Shares - - (0.20) - 1,014 -F5T8 Shares - - (0.19) - 1,014 -I Shares (1,060) 8,690 (0.07) 0.75 15,134,861 11,596,256IT8 Shares (34) 178 (0.03) 0.43 972,926 424,547OF Shares (10) 2 (0.30) 0.54 29,410 3,409W Shares (2,284) 18,459 (0.08) 0.77 27,474,785 24,105,169WT8 Shares (166) 1,332 (0.04) 0.40 4,328,932 3,315,682
















A Shares 2017 2016 531 834 (6) 31

- - - - - - - -

33 - - - (125) (18) - (38) (92) (56) (98) (25) 433 809

E Shares 2017 2016 48,049 42,489 (283) 1,788

- - - - - - - -

9,246 5,375 - - (24,161) (2,217) (2,060) 107 (16,975) 3,265 (17,258) 5,053 30,791 47,542

E3 Shares 2017 2016 - - (195) -

- - - - - - - -

12,591 - - - (2,746) - (970) - 8,875 - 8,680 - 8,680 -

E4 Shares 2017 2016 - - (70) -

- - - - - - - -

3,552 - - - (399) - (367) - 2,786 - 2,716 - 2,716 -

E5 Shares 2017 2016 - - (113) -

- - - - - - - -

5,376 - - - (242) - - - 5,134 - 5,021 - 5,021 -

ET8 Shares 2017 2016 1,434 1,179 (18) 51

- - - - (61) (50) (61) (50)

317 222 14 15 (710) (14) 369 (177) (10) 46 (89) 47 1,345 1,226

E3T8 Shares 2017 2016 - - (6) -

- - - - (4) - (4) -

421 - 1 - (286) - - - 136 - 126 - 126 -

E4T8 Shares 2017 2016 - - (3) -

- - - - (8) - (8) -

525 - 3 - (296) - - - 232 - 221 - 221 -

E5T8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

F Shares 2017 2016 - - (34) -

- - - - - - - -

2,215 - - - (2,926) - 2,646 - 1,935 - 1,901 - 1,901 -

F3 Shares 2017 2016 - - (25) -

- - - - - - - -

2,335 - - - (155) - (137) - 2,043 - 2,018 - 2,018 -

F4 Shares 2017 2016 - - (7) -

- - - - - - - -

735 - - - (2) - (3) - 730 - 723 - 723 -












F5 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

FT8 Shares 2017 2016 - - (1) -

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

62 - - - - - 6 - 68 - 66 - 66 -

F3T8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

F4T8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

F5T8 Shares 2017 2016 - - - -

- - - - - - - -

10 - - - - - - - 10 - 10 - 10 -

I Shares 2017 2016 211,494 161,979 (1,060) 8,690

- - - - - - - -

42,507 22,507 - - (18,289) (10,257) 472 2,743 24,690 14,993 23,630 23,683 235,124 185,662

IT8 Shares 2017 2016 6,858 2,671 (34) 178

- - - - (311) (143) (311) (143)

1,590 842 111 59 (750) (143) 441 32 1,392 790 1,047 825 7,905 3,496

OF Shares 2017 2016 55 45 (10) 2

- - - - - - - -

26 4 - - (8) (1) 485 (6) 503 (3) 493 (1) 548 44

W Shares 2017 2016 406,804 360,850 (2,284) 18,459

- - - - - - - -

62,546 35,885 - - (25,653) (26,590) (2,044) 6,502 34,849 15,797 32,565 34,256 439,369 395,106

WT8 Shares 2017 2016 32,123 24,325 (166) 1,332

- - - - (1,376) (1,110) (1,376) (1,110)

1,499 675 631 487 (1,012) (920) 1,165 1,413 2,283 1,655 741 1,877 32,864 26,202

Total Fund 2017 2016 707,348 594,372 (4,315) 30,531

- - - - (1,761) (1,303) (1,761) (1,303)

145,626 65,510 760 561 (77,760) (40,160) 3 10,576 68,629 36,487 62,553 65,715 769,901 660,087




2017 2016

(4,315) 30,531

(247) (1,201) - - - -

2,376 (30,903) 21,025 46,259 (84,251) (78,105) - - - - - - - - - - - - - - - - (255) 161 (65,667) (33,258)

(1,019) (630) 146,908 65,599 (77,378) (39,937) 3 10,576 68,514 35,608

- - 2,847 2,350 3,664 1,976 6,511 4,326

- - 13 4 - - - -









FUND (99.1%) 48,730,118 Canadian Fixed Income Pool (Class I)† 760,071,410 762,982,084

Total Fund (99.1%) 760,071,410 762,982,084 Other Net Assets (Liabilities) (0.9%) 6,918,774 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 769,900,858




FairValue ($)






Held forTrading






AssetsInvestments - 762,982 762,982 - 762,982Cash - - - 6,511 6,511Unrealized 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 - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 536 536Receivable for share subscriptions - - - 1,351 1,351 - 762,982 762,982 8,398 771,380LiabilitiesInvestments 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 - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 361 361Payable for share redemptions - - - 961 961Dividends payable to holders of redeemable shares - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 1,322 1,322







Financial Instruments by Category (Note 2) (cont’d)


Held forTrading






AssetsInvestments - 703,670 703,670 - 703,670Cash - - - 3,664 3,664Unrealized 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 - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - 75 75Receivable for share subscriptions - - - 2,633 2,633 - 703,670 703,670 6,372 710,042LiabilitiesInvestments 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 - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 1,685 1,685Payable for share redemptions - - - 579 579Dividends payable to holders of redeemable shares - - - 18 18Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - - - - 2,282 2,282





Net Gain (Loss) on Financial Instruments (Note 2)for the periods ended September 30 (in $000’s)

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

2017 2016Financial Instruments at FVTPLHeld for trading - -Designated at fair value through profit or loss (2,116) 32,108Total (2,116) 32,108

Interest in Non-Consolidated Structured Entities (Note 2)

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

as at September 30, 2017 Fair Value of




Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Fixed Income Pool 2,562,208 762,982 29.8

as at March 31, 2017 Fair Value of




Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Canadian Fixed Income Pool 2,450,481 703,670 28.7



Redeemable Share Transactions (Note 4)for the periods ended September 30







†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.

Commissions (Note 2)for the periods ended September 30 (in $000’s)

2017 2016Brokerage commissions - -Soft dollar commissions† - -

A Shares 2017 2016 42,098 66,066 2,571 3 - - - (2,951) (9,823) (1,390) 34,846 61,728

E Shares 2017 2016 3,785,683 3,368,066 723,475 416,522 - - (161,286) 7,416 (1,888,227) (171,756) 2,459,645 3,620,248

E3 Shares 2017 2016 - - 1,263,464 - - - (97,809) - (275,877) - 889,778 -

E4 Shares 2017 2016 - - 356,499 - - - (37,454) - (40,682) - 278,363 -

E5 Shares 2017 2016 - - 539,003 - - - - - (24,482) - 514,521 -

ET8 Shares 2017 2016 205,928 156,879 45,845 29,468 2,003 1,947 52,869 (23,250) (102,379) (1,863) 204,266 163,181

E3T8 Shares 2017 2016 - - 42,411 - 61 - - - (29,075) - 13,397 -

E4T8 Shares 2017 2016 - - 53,039 - 285 - - - (29,892) - 23,432 -

E5T8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

F Shares 2017 2016 - - 223,548 - - - 265,748 - (295,135) - 194,161 -

F3 Shares 2017 2016 - - 235,528 - - - (13,864) - (15,799) - 205,865 -

F4 Shares 2017 2016 - - 74,205 - - - (281) - (155) - 73,769 -

F5 Shares 2017 2016 - - 1,000 - - - - - - - 1,000 -

FT8 Shares 2017 2016 - - 6,339 - 35 - 619 - - - 6,993 -

F3T8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

F4T8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

F5T8 Shares 2017 2016 - - 1,000 - 35 - - - - - 1,035 -

I Shares 2017 2016 14,192,223 11,160,466 2,830,021 1,510,766 - - 32,010 181,390 (1,219,524) (688,569) 15,834,730 12,164,053

IT8 Shares 2017 2016 885,462 326,462 207,564 102,469 14,587 7,146 58,726 4,487 (98,378) (17,380) 1,067,961 423,184

OF Shares 2017 2016 4,344 3,634 2,023 280 - - 38,201 (465) (662) (62) 43,906 3,387



Redeemable Share Transactions (Note 4) (cont’d)for the periods ended September 30




W Shares 2017 2016 26,163,597 23,783,560 3,995,885 2,307,151 - - (130,277) 401,780 (1,642,476) (1,706,543) 28,386,729 24,785,948

WT8 Shares 2017 2016 4,168,273 2,981,425 195,556 82,012 83,431 59,458 151,007 172,907 (132,007) (112,171) 4,466,260 3,183,631





Management and Administration Fees (Note 5) as at September 30, 2017 (%)

Annual management

fee rate:

Annual fixed administration

fee rate:

A Shares 2.000 0.17E Shares 1.650 0.17E3 Shares 1.620 0.16E4 Shares 1.600 0.12E5 Shares 1.580 0.08ET8 Shares 1.650 0.17E3T8 Shares 1.620 0.16E4T8 Shares 1.600 0.12E5T8 Shares 1.580 0.08F Shares 0.650 0.17F3 Shares 0.620 0.16F4 Shares 0.600 0.12F5 Shares 0.580 0.08FT8 Shares 0.650 0.17F3T8 Shares 0.620 0.16F4T8 Shares 0.600 0.12F5T8 Shares 0.580 0.08I Shares Paid directly by investor -IT8 Shares Paid directly by investor -OF Shares 1.000 0.17W Shares Paid directly by investor 0.17WT8 Shares Paid directly by investor 0.17

Securities Lending (Note 6)as at September 30 (in $000’s)

2017 2016Loaned - -Collateral (non-cash) - -

Securities Lending Revenue Reconciliation (Note 6)for the periods ended September 30 (in $000’s)

2017 2016Gross securities lending revenue - -Charges - -Securities lending revenue - -% of gross securities lending revenue - -

Related Party Investments (Note 9)as at September 30 (in $000’s)

Investments 2017Canadian Fixed Income Pool (Class I) 762,982

Investments 2016Canadian Fixed Income Pool (Class I) 656,925




Concentration Risk (cont’d)

as at March 31, 2017 Categories Net Assets (%)Long PositionsCorporate Bonds 43.5Provincial Bonds 30.6Cash & Equivalents 9.6Canadian Government Bonds 7.8Asset-Backed Securities 4.5Foreign Government Bonds 3.4Financials 0.9Exchange-Traded Funds 0.5Utilities 0.2Energy 0.2Private Placements 0.1Real Estate 0.1Short-Term Investments 0.1Foreign Currency Forward Contracts 0.1Health Care 0.1Warrants 0.0Telecommunication Services 0.0Consumer Staples 0.0Interest Rate Swaps 0.0Materials 0.0Future Contracts 0.0Other Net Assets (Liabilities) (1.7)Total Long Positions 100.0

Short PositionsFuture Contracts 0.0Total Short Positions 0.0

During the six-month period ended September 30, 2017, the Fund’s credit risk, other price risk and interest rate risk exposure changed significantly as disclosed in the section below. For details relating to currency risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2017, as the Fund’s exposure to those risks remains unchanged.

Credit RiskAs at September 30, 2017 and March 31, 2017, the Fund had no significant direct exposure to credit risk.

As at September 30, 2017 and March 31, 2017, the Fund indirectly bears 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 September 30, 2017 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 9.0 AA/Aa/A+ 3.4 A 42.4 BBB/Baa/B++ 18.2 BB/Ba/B+ 8.5 B 6.2 CCC/Caa/C++ 1.6 Not Rated 4.4 Total 93.7

Financial Instruments Risks (Note 10)

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

as at September 30, 2017 Categories Net Assets (%)Long PositionsCorporate Bonds 43.7 Provincial Bonds 35.4 Other Net Assets (Liabilities) 5.2 Canadian Government Bonds 5.1 Asset-Backed Securities 3.2 Foreign Government Bonds 2.6 Short-Term Investments 1.4 Financials 1.4 Exchange-Traded Funds 1.1 Energy 0.3 Utilities 0.3 Real Estate 0.1 Private Placements 0.1 Telecommunication Services 0.1 Warrants 0.0 Health Care 0.0 Interest Rate Swaps 0.0 Foreign Currency Forward Contracts 0.0 Consumer Staples 0.0 Industrials 0.0 Preferred Shares 0.0 Materials 0.0 Future Contracts 0.0 Total Long Positions 100.0

Short PositionsFuture Contracts 0.0 Total Short Positions 0.0




Interest Rate Risk (cont’d)


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total


As at September 30, 2017, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2017 - 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 $11,940,000 (March 31, 2017 - $9,150,000). In practice, actual results may differ from this analysis and the difference may be material.


Credit Risk (cont’d)

as at March 31, 2017 Credit Rating^* Net Assets (%)AAA/Aaa/A++ 13.4AA/Aa/A+ 5.2A 35.7BBB/Baa/B++ 17.6BB/Ba/B+ 7.9B 5.8CCC/Caa/C++ 1.4Not Rated 5.6 Total 92.6

^Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s

Investors Service or Dominion Bond Rating Service, respectively.

*Refer to Note 10 for Credit Rating Chart reference.

Other Price RiskAs at September 30, 2017 and March 31, 2017, the Fund had no significant direct exposure to other price risk.

As at September 30, 2017 and March 31, 2017, the Fund bears the other price risk exposure of the Underlying Fund. As at September 30, 2017 and March 31, 2017, the Underlying Fund was exposed to other price risk as some of its assets were invested in equities.

As at September 30, 2017, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (March 31, 2017 - 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 $2,594,000 (March 31, 2017 - $1,548,000). In practice, actual results may differ from this analysis and the difference may be material.

Interest Rate RiskAs at September 30, 2017 and March 31, 2017, the Fund had no significant direct exposure to interest rate risk.

As at September 30, 2017 and March 31, 2017, 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.


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total(%) (%) (%) (%) (%)

Interest Rate Exposure 7.4 6.9 16.9 65.0 96.2


Global Fixed Income Corporate Class




400,130 386,959 933 1,502

- - - -

- - - - - - - - - - - - - - - - 1,254 18 1,105 555 6 6 403,428 389,040

- - - -

- - - - - - - -

- - - - 28 746 446 335 - 14 - - - - - - 126 261 600 1,356

402,828 387,684

384,040 360,359 - -



per class (Note 4):



shares outstanding:


as at Mar. 31, 2017


as at Mar. 31, 2017


as at Mar. 31, 2017

A Shares 166 208 12.81 13.28 12,829 15,705E Shares 18,431 31,178 12.14 12.58 1,518,463 2,478,787E3 Shares 5,523 - 9.37 - 589,713 -E4 Shares 1,207 - 9.37 - 128,805 -E5 Shares 4,158 - 9.37 - 443,864 -ET8 Shares 1,092 1,066 6.43 6.96 169,694 153,064E3T8 Shares 57 - 9.04 - 6,341 -E4T8 Shares 184 - 9.04 - 20,303 -E5T8 Shares 9 - 9.04 - 1,036 -F Shares 1,319 - 9.40 - 140,327 -F3 Shares 1,462 - 9.41 - 155,410 -F4 Shares 305 - 9.41 - 32,404 -F5 Shares 9 - 9.41 - 1,000 -FT8 Shares 28 - 9.08 - 3,056 -F3T8 Shares 9 - 9.08 - 1,036 -F4T8 Shares 9 - 9.08 - 1,036 -F5T8 Shares 9 - 9.09 - 1,036 -I Shares 136,902 128,628 13.05 13.37 10,494,131 9,620,286IT8 Shares 5,226 4,580 7.33 7.84 713,002 583,924OF Shares 157 25 11.95 12.33 13,106 1,988W Shares 210,140 205,358 15.93 16.34 13,194,984 12,568,489WT8 Shares 16,426 16,641 7.36 7.89 2,231,076 2,109,761







CIG - 17654




2017 2016

- - 6 3 - - - - - - - -

- - - -

920 2,276

(10,510) 15,824 (9,584) 18,103 - - - - - - - - - - (9,584) 18,103

286 267 235 214 - - 1 - - - - - - - 64 59 586 540 645 391

(10,815) 17,172









2017 2016 2017 2016 2017 2016A Shares (3) 11 (0.42) 0.57 13,737 23,862E Shares (402) 1,180 (0.22) 0.56 1,789,243 2,101,637E3 Shares (318) - (0.64) - 490,232 -E4 Shares (79) - (0.65) - 120,688 -E5 Shares (247) - (0.64) - 385,381 -ET8 Shares (40) 53 (0.23) 0.38 173,057 140,040E3T8 Shares (9) - (1.18) - 6,919 -E4T8 Shares (8) - (0.42) - 18,260 -E5T8 Shares (1) - (0.63) - 1,014 -F Shares (50) - (0.54) - 93,242 -F3 Shares (37) - (0.52) - 68,799 -F4 Shares (4) - (0.33) - 13,140 -F5 Shares (1) - (0.59) - 1,000 -FT8 Shares - - (0.56) - 1,755 -F3T8 Shares (1) - (0.59) - 1,014 -F4T8 Shares (1) - (0.58) - 1,014 -F5T8 Shares (1) - (0.58) - 1,014 -I Shares (3,423) 5,411 (0.34) 0.75 10,039,967 7,241,637IT8 Shares (132) 141 (0.20) 0.48 646,463 292,647OF Shares (6) 1 (0.69) 0.60 8,173 1,807W Shares (5,627) 9,737 (0.43) 0.89 13,024,580 10,938,652WT8 Shares (425) 638 (0.19) 0.47 2,160,997 1,351,029
















A Shares 2017 2016 208 344 (3) 11

- - - - - - - -

5 1 - - (44) (2) - (5) (39) (6) (42) 5 166 349

E Shares 2017 2016 31,178 27,272 (402) 1,180

- - - - - - - -

4,556 3,386 - - (15,347) (1,428) (1,554) 602 (12,345) 2,560 (12,747) 3,740 18,431 31,012

E3 Shares 2017 2016 - - (318) -

- - - - - - - -

7,458 - - - (1,244) - (373) - 5,841 - 5,523 - 5,523 -

E4 Shares 2017 2016 - - (79) -

- - - - - - - -

1,768 - - - (172) - (310) - 1,286 - 1,207 - 1,207 -

E5 Shares 2017 2016 - - (247) -

- - - - - - - -

4,509 - - - (104) - - - 4,405 - 4,158 - 4,158 -

ET8 Shares 2017 2016 1,066 1,111 (40) 53

- - - - (51) (47) (51) (47)

224 247 9 10 (537) (25) 421 (401) 117 (169) 26 (163) 1,092 948

E3T8 Shares 2017 2016 - - (9) -

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

409 - 1 - (342) - - - 68 - 57 - 57 -

E4T8 Shares 2017 2016 - - (8) -

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

382 - 3 - (186) - - - 199 - 184 - 184 -

E5T8 Shares 2017 2016 - - (1) -

- - - - - - - -

10 - - - - - - - 10 - 9 - 9 -

F Shares 2017 2016 - - (50) -

- - - - - - - -

1,401 - - - (2,060) - 2,028 - 1,369 - 1,319 - 1,319 -

F3 Shares 2017 2016 - - (37) -

- - - - - - - -

1,663 - - - (98) - (66) - 1,499 - 1,462 - 1,462 -

F4 Shares 2017 2016 - - (4) -

- - - - - - - -

309 - - - - - - - 309 - 305 - 305 -












F5 Shares 2017 2016 - - (1) -

- - - - - - - -

10 - - - - - - - 10 - 9 - 9 -

FT8 Shares 2017 2016 - - - -

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

25 - - - - - 4 - 29 - 28 - 28 -

F3T8 Shares 2017 2016 - - (1) -

- - - - - - - -

10 - - - - - - - 10 - 9 - 9 -

F4T8 Shares 2017 2016 - - (1) -

- - - - - - - -

10 - - - - - - - 10 - 9 - 9 -

F5T8 Shares 2017 2016 - - (1) -

- - - - - - - -

10 - - - - - - - 10 - 9 - 9 -

I Shares 2017 2016 128,628 96,163 (3,423) 5,411

- - - - - - - -

22,074 13,308 - - (10,272) (5,122) (105) 4,642 11,697 12,828 8,274 18,239 136,902 114,402

IT8 Shares 2017 2016 4,580 2,191 (132) 141

- - - - (216) (114) (216) (114)

1,003 444 78 40 (365) (162) 278 193 994 515 646 542 5,226 2,733

OF Shares 2017 2016 25 23 (6) 1

- - - - - - - -

4 - - - - - 134 1 138 1 132 2 157 25

W Shares 2017 2016 205,358 183,524 (5,627) 9,737

- - - - - - - -

26,248 18,928 - - (15,126) (12,271) (713) 4,461 10,409 11,118 4,782 20,855 210,140 204,379

WT8 Shares 2017 2016 16,641 11,285 (425) 638

- - - - (724) (533) (724) (533)

522 842 328 260 (241) (123) 325 1,026 934 2,005 (215) 2,110 16,426 13,395

Total Fund 2017 2016 387,684 321,913 (10,815) 17,172

- - - - (1,001) (694) (1,001) (694)

72,610 37,156 419 310 (46,138) (19,133) 69 10,519 26,960 28,852 15,144 45,330 402,828 367,243




2017 2016

(10,815) 17,172

(920) (2,276) - - - -

10,510 (15,824) 14,270 17,893 (38,985) (44,378) - - - - - - - - - - - - - - - - (135) 88 (26,075) (27,325)

(596) (320) 72,060 37,766 (46,027) (19,408) 69 10,519 25,506 28,557

- - (569) 1,232 1,502 590 933 1,822

- - 6 3 - - - -









FUND (99.3%) 23,616,964 Global Fixed Income Pool (Class I)† 384,040,186 400,130,409

Total Fund (99.3%) 384,040,186 400,130,409 Other Net Assets (Liabilities) (0.7%) 2,697,750 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 402,828,159




FairValue ($)






Held forTrading






AssetsInvestments - 400,130 400,130 - 400,130Cash - - - 933 933Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options -

Date post:	27-Mar-2021
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