Annual Financial Statements - March 31, 2019

Table of Contents

Annual Financial Statements - March 31, 2019

Independent Auditor’s Report .............................................................................................. 1

Equity Fund(s)

CI American Equity Corporate Class

(formerly Cambridge American Equity Corporate Class) ......................................................... 6

CI American Managers® Corporate Class ................................................................................. 19

CI American Small Companies Corporate Class ........................................................................ 34

CI American Value Corporate Class ........................................................................................... 45

CI Canadian Investment Corporate Class ................................................................................... 58

CI Can-Am Small Cap Corporate Class ...................................................................................... 73

CI Global Health Sciences Corporate Class ............................................................................... 84

CI Global High Dividend Advantage Corporate Class ................................................................ 93

CI Global Small Companies Corporate Class ............................................................................. 106

CI Global Value Corporate Class ................................................................................................ 117

CI International Value Corporate Class ...................................................................................... 132

Harbour Corporate Class ............................................................................................................ 146

Harbour Global Equity Corporate Class ...................................................................................... 162

Harbour Voyageur Corporate Class ............................................................................................ 179

Signature Asian Opportunities Corporate Class

(formerly CI Pacific Corporate Class) ........................................................................................ 191

Signature Emerging Markets Corporate Class ........................................................................... 201

Signature Global Dividend Corporate Class ............................................................................... 216

Signature Global Energy Corporate Class .................................................................................. 232

Signature Global Equity Corporate Class ................................................................................... 243

Signature Global Resource Corporate Class .............................................................................. 259

Signature Global Technology Corporate Class

(formerly Signature Global Science & Technology Corporate Class) ...................................... 270

Signature Select Canadian Corporate Class .............................................................................. 282

Synergy American Corporate Class ............................................................................................ 300

Synergy Canadian Corporate Class ............................................................................................ 311

Synergy Global Corporate Class ................................................................................................. 326

Balanced Fund(s)

Harbour Global Growth & Income Corporate Class ................................................................... 340

Harbour Growth & Income Corporate Class ............................................................................... 359

Signature Global Income & Growth Corporate Class ................................................................ 373

Signature Income & Growth Corporate Class ............................................................................ 388

Income / Specialty Fund(s)

CI Short-Term Corporate Class ................................................................................................... 403

CI Short-Term US$ Corporate Class ........................................................................................... 412

Signature Canadian Bond Corporate Class ................................................................................ 423

Signature Corporate Bond Corporate Class ............................................................................... 437

Signature Diversified Yield Corporate Class .............................................................................. 451

Signature Dividend Corporate Class .......................................................................................... 471

Signature Global Bond Corporate Class ..................................................................................... 490

Signature Gold Corporate Class ................................................................................................. 505

Signature High Income Corporate Class .................................................................................... 515

Signature High Yield Bond Corporate Class .............................................................................. 531

Notes to the Financial Statements ...................................................................................... 544

Legal Notice ............................................................................................................................. 571

– 1 –Annual Financial Statements - March 31, 2019

PricewaterhouseCoopers LLP 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2 T: +1 416 863 1133, F: +1 416 365 8215

“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

Independent Auditor’s Report

To the Shareholders of

CI American Equity Corporate Class (formerly Cambridge American Equity Corporate Class) CI American Managers® Corporate Class CI American Small Companies Corporate Class CI American Value Corporate Class CI Canadian Investment Corporate Class CI Can-Am Small Cap Corporate Class CI Global Health Sciences Corporate Class CI Global High Dividend Advantage Corporate Class CI Global Small Companies Corporate Class CI Global Value Corporate Class CI International Value Corporate Class CI Short-Term Corporate Class CI Short-Term US$ Corporate Class Harbour Corporate Class Harbour Global Equity Corporate Class Harbour Global Growth & Income Corporate Class Harbour Growth & Income Corporate Class Harbour Voyageur Corporate Class Signature Asian Opportunities Corporate Class (formerly CI Pacific Corporate Class) Signature Canadian Bond Corporate Class Signature Corporate Bond Corporate Class Signature Diversified Yield Corporate Class Signature Dividend Corporate Class Signature Emerging Markets Corporate Class Signature Global Bond Corporate Class Signature Global Dividend Corporate Class Signature Global Energy Corporate Class Signature Global Equity Corporate Class Signature Global Income & Growth Corporate Class Signature Global Resource Corporate Class Signature Global Technology Corporate Class (formerly Signature Global Science & Technology Corporate Class) Signature Gold Corporate Class Signature High Income Corporate Class Signature High Yield Bond Corporate Class Signature Income & Growth Corporate Class Signature Select Canadian Corporate Class Synergy American Corporate Class Synergy Canadian Corporate Class Synergy Global Corporate Class


Select 100e Managed Portfolio Corporate Class Select 20i80e Managed Portfolio Corporate Class Select 30i70e Managed Portfolio Corporate Class Select 40i60e Managed Portfolio Corporate Class Select 50i50e Managed Portfolio Corporate Class Select 60i40e Managed Portfolio Corporate Class Select 70i30e Managed Portfolio Corporate Class Select 80i20e Managed Portfolio Corporate Class Select Canadian Equity Managed Corporate Class Select Income Managed Corporate Class Select International Equity Managed Corporate Class Select U.S. Equity Managed Corporate Class Cambridge Asset Allocation Corporate Class Cambridge Canadian Dividend Corporate Class Cambridge Canadian Equity Corporate Class Cambridge Global Dividend Corporate Class Cambridge Global Equity Corporate Class Cambridge Growth Companies Corporate Class Cambridge Monthly Income Corporate Class Cambridge Pure Canadian Equity Corporate Class Canadian Equity Alpha Corporate Class Canadian Equity Growth Corporate Class Canadian Equity Small Cap Corporate Class Canadian Equity Value Corporate Class Canadian Fixed Income Corporate Class Emerging Markets Equity Corporate Class Enhanced Income Corporate Class Global Fixed Income Corporate Class International Equity Alpha Corporate Class International Equity Growth Corporate Class International Equity Value Corporate Class International Equity Value Currency Hedged Corporate Class Real Estate Investment Corporate Class Short Term Income Corporate Class US Equity Alpha Corporate Class US Equity Growth Corporate Class US Equity Small Cap Corporate Class US Equity Value Corporate Class US Equity Value Currency Hedged Corporate Class Black Creek Global Balanced Corporate Class Black Creek Global Leaders Corporate Class Black Creek International Equity Corporate Class

(collectively the Funds, individually the Fund)


Our opinion

In our opinion, the accompanying March 31, 2019 annual financial statements of each of the Funds present fairly, in all material respects, the financial position of each Fund, its financial performance and its cash flows as at and for the periods indicated in note 1 in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board (IFRS).

What we have audited The financial statements of each of the Funds comprise:

the statements of financial position as at the period-end dates indicated in note 1;

the statements of comprehensive income for periods indicated in note 1;

the statements of changes in net assets attributable to holders of redeemable shares for the periods indicated in note 1;

the statements of cash flows for the periods indicated in note 1; and

the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence We are independent of each of the Funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Other information

Management is responsible for the other information of each of the Funds. The other information comprises the Management Report of Fund Performance of each of the Funds.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements of each of the Funds, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements of each of the Funds or our knowledge obtained in the audit, or otherwise appears to be materially misstated.


If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the ability of each of the Funds to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate any of the Funds or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the financial reporting process of each of the Funds.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole for each Fund are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements of each of the Funds.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements of each of the Funds, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of each of the Funds.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.


Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of each of the Funds to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements of each of the Funds or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause any of the Funds to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements of each of the Funds, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario June 24, 2019

CI American Equity Corporate Class (formerly Cambridge American Equity Corporate Class)


Statements of Financial Position as at March 31(in $000’s except for per share amounts and shares outstanding)

2019 2018

341,263 362,189 - 16,943

- - - -

- - - - - - - - 139 491 - - - - - - - 7,475 170 975 4,221 3,954 345,793 392,027

- - 132 -

- - - - - - - -

- - - - - 5,835 705 1,102 1 1 1 - - - - - 549 913 1,388 7,851

344,405 384,176

335,409 356,863 - -

Statements of Financial Position (cont’d)as at March 31(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:

2019 2018 2019 2018 2019 2018A Shares 91,197 126,986 7.56 7.31 12,062,746 17,366,150A1 Shares 39,542 24,905 9.65 9.33 4,095,517 2,669,846A2 Shares 10,085 11,422 9.66 9.33 1,044,345 1,224,369A3 Shares 6,448 7,061 9.68 9.34 665,983 755,823A4 Shares 649 769 9.69 9.35 66,984 82,342A5 Shares 545 720 9.72 9.36 56,035 76,964AT5 Shares 618 1,005 9.69 9.87 63,732 101,751A1T5 Shares 776 159 8.73 8.89 88,879 17,939AT8 Shares 1,809 2,183 5.26 5.54 343,912 394,267A1T8 Shares 333 166 8.21 8.63 40,542 19,295A2T8 Shares 15 32 8.21 8.63 1,787 3,741A3T8 Shares 29 152 8.23 8.64 3,541 17,635A4T8 Shares 34 10 8.24 8.65 4,151 1,123A5T8 Shares 10 10 8.27 8.66 1,264 1,123E Shares 13,019 13,817 19.99 19.31 651,222 715,457EF Shares 3,327 4,282 10.84 10.36 306,950 413,497EFT5 Shares 485 114 8.47 8.52 57,304 13,382EFT8 Shares 148 170 7.53 7.81 19,613 21,821ET5 Shares 606 615 12.49 12.71 48,476 48,401ET8 Shares 23 21 10.15 10.67 2,222 1,972F Shares 5,034 7,835 10.00 9.57 503,451 819,091F1 Shares 3,392 2,561 9.86 9.42 343,963 271,823F2 Shares 1,567 1,598 9.86 9.42 158,973 169,585F3 Shares 921 865 9.88 9.43 93,241 91,711F4 Shares 330 167 9.90 9.44 33,370 17,690F5 Shares 23 15 9.93 9.45 2,293 1,626FT5 Shares 160 180 10.17 10.23 15,729 17,596F1T5 Shares 32 10 8.92 8.98 3,531 1,090F2T5 Shares 11 10 8.93 8.98 1,187 1,090FT8 Shares 321 383 8.96 9.32 35,799 41,071F1T8 Shares 11 10 8.39 8.72 1,263 1,123F2T8 Shares 11 10 8.40 8.72 1,263 1,123F3T8 Shares 11 10 8.41 8.73 1,263 1,123F4T8 Shares 11 10 8.43 8.74 1,263 1,123F5T8 Shares 11 10 8.45 8.75 1,263 1,123I Shares 124,781 134,046 21.35 20.14 5,845,820 6,654,361IT8 Shares 553 675 11.97 12.27 46,176 55,020O Shares 36,087 39,870 23.55 22.26 1,532,354 1,791,002OT5 Shares 306 329 14.49 14.41 21,157 22,811OT8 Shares 890 879 11.79 12.11 75,478 72,609P Shares 198 62 10.05 9.51 19,712 6,542PT5 Shares 11 10 9.11 9.06 1,187 1,090PT8 Shares 11 10 8.56 8.80 1,262 1,122W Shares 12 11 10.93 10.34 1,075 1,039WT8 Shares 12 11 9.54 9.81 1,231 1,095

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

CIG - 294



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

2019 2018

4,877 5,543 336 553 - - - - (962) 1,720 - -

- - - -

30,609 23,335

528 (11,603) 35,388 19,548 170 (3,059) - - 13 41 - - 183 (3,018) 35,571 16,530

3,734 4,286 456 519 289 401 - - - - 4 - 579 691 457 523 5,519 6,420 290 1,177

29,762 8,933



Statements of Comprehensive Income (cont’d)for the years ended March 31(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:

2019 2018 2019 2018 2019 2018A Shares 7,819 1,828 0.52 0.09 14,889,632 21,008,935A1 Shares 2,009 58 0.62 0.03 3,254,509 1,811,509A2 Shares 798 (25) 0.68 (0.02) 1,191,140 980,940A3 Shares 482 (50) 0.67 (0.10) 723,984 532,574A4 Shares 64 10 0.65 0.14 97,725 71,196A5 Shares 60 12 0.85 0.49 70,112 21,956AT5 Shares 55 14 0.62 0.11 88,783 121,017A1T5 Shares 10 3 0.16 0.36 61,505 7,507AT8 Shares 131 27 0.36 0.06 375,546 443,082A1T8 Shares 17 7 0.70 0.47 23,720 15,906A2T8 Shares 3 1 0.97 0.35 2,555 2,737A3T8 Shares 12 (6) 1.23 (1.18) 9,317 5,354A4T8 Shares - - 0.20 (0.28) 3,152 1,038A5T8 Shares - - 0.62 (0.27) 1,180 1,038E Shares 902 134 1.35 0.18 669,175 716,201EF Shares 289 119 0.80 0.27 365,633 437,105EFT5 Shares 31 4 1.43 0.22 21,588 13,731EFT8 Shares 14 3 0.64 0.15 20,893 22,169ET5 Shares 43 6 0.88 0.13 48,432 48,359ET8 Shares 2 - 0.71 0.11 2,074 1,813F Shares 522 183 0.84 0.17 624,610 1,047,785F1 Shares 205 30 0.69 0.24 298,663 131,799F2 Shares 128 7 0.78 0.13 163,392 55,704F3 Shares 71 19 0.71 0.31 100,993 62,766F4 Shares 17 (5) 0.70 (1.09) 24,989 4,236F5 Shares 2 (1) 0.95 (0.29) 1,828 1,159FT5 Shares 16 5 0.95 0.32 17,213 17,966F1T5 Shares 1 - 0.13 (0.21) 2,296 1,023F2T5 Shares 1 - 0.72 (0.20) 1,127 1,023FT8 Shares 25 7 0.70 0.19 36,248 42,094F1T8 Shares 1 - 0.67 (0.19) 1,180 1,038F2T8 Shares 1 - 0.69 (0.19) 1,180 1,038F3T8 Shares 1 - 0.69 (0.18) 1,180 1,038F4T8 Shares 1 - 0.70 (0.17) 1,179 1,038F5T8 Shares 1 - 0.71 (0.16) 1,179 1,038I Shares 12,420 5,068 2.00 0.73 6,206,008 6,890,117IT8 Shares 61 26 1.23 0.49 49,687 52,938O Shares 3,418 1,411 2.13 0.78 1,602,934 1,813,684OT5 Shares 28 8 1.32 0.46 22,206 19,244OT8 Shares 78 30 1.01 0.42 77,366 74,699P Shares 19 (2) 1.91 (0.67) 10,381 2,648PT5 Shares 1 - 0.82 (0.12) 1,127 1,023PT8 Shares 1 - 0.79 (0.12) 1,179 1,038W Shares 1 1 0.95 0.74 1,048 1,001WT8 Shares 1 1 0.88 0.72 1,150 1,024

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 years ended March 31 (in $000’s)

Net assets attributable to holders of redeemable shares at the beginning of yearIncrease (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 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 year







A Shares 2019 2018 126,986 203,309 7,819 1,828

(659) (729) (2,873) (4,003) - - (3,532) (4,732)

16,141 22,904 3,476 4,672 (59,693) (100,995) (40,076) (73,419) (35,789) (76,323) 91,197 126,986

A1 Shares 2019 2018 24,905 - 2,009 58

(283) (141) (891) (772) - - (1,174) (913)

25,167 34,336 1,161 908 (12,526) (9,484) 13,802 25,760 14,637 24,905 39,542 24,905

A2 Shares 2019 2018 11,422 - 798 (25)

(75) (64) (304) (349) - - (379) (413)

5,760 17,929 374 410 (7,890) (6,479) (1,756) 11,860 (1,337) 11,422 10,085 11,422

A3 Shares 2019 2018 7,061 - 482 (50)

(44) (40) (180) (218) - - (224) (258)

3,574 9,831 223 257 (4,668) (2,719) (871) 7,369 (613) 7,061 6,448 7,061

A4 Shares 2019 2018 769 - 64 10

(5) (7) (25) (36) - - (30) (43)

1,390 1,534 30 43 (1,574) (775) (154) 802 (120) 769 649 769

A5 Shares 2019 2018 720 - 60 12

(4) (2) (16) (10) - - (20) (12)

819 910 20 11 (1,054) (201) (215) 720 (175) 720 545 720

AT5 Shares 2019 2018 1,005 1,267 55 14

(4) (6) (22) (32) (47) (68) (73) (106)

913 328 18 24 (1,300) (522) (369) (170) (387) (262) 618 1,005

A1T5 Shares 2019 2018 159 - 10 3

(6) (1) (18) (5) (27) (4) (51) (10)

958 160 10 6 (310) - 658 166 617 159 776 159

AT8 Shares 2019 2018 2,183 2,970 131 27

(13) (13) (54) (69) (172) (231) (239) (313)

507 427 44 54 (817) (982) (266) (501) (374) (787) 1,809 2,183

A1T8 Shares 2019 2018 166 - 17 7

(2) (1) (6) (5) (17) (12) (25) (18)

239 259 10 6 (74) (88) 175 177 167 166 333 166

A2T8 Shares 2019 2018 32 - 3 1

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

- 50 2 2 (20) (18) (18) 34 (17) 32 15 32

A3T8 Shares 2019 2018 152 - 12 (6)

- (1) (2) (5) (6) (4) (8) (10)

42 162 3 6 (172) - (127) 168 (123) 152 29 152





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







A4T8 Shares 2019 2018 10 - - -

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

32 10 2 1 (7) - 27 11 24 10 34 10

A5T8 Shares 2019 2018 10 - - -

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

- 10 1 1 - - 1 11 - 10 10 10

E Shares 2019 2018 13,817 13,270 902 134

(93) (80) (357) (442) - - (450) (522)

370 3,733 448 520 (2,068) (3,318) (1,250) 935 (798) 547 13,019 13,817

EF Shares 2019 2018 4,282 4,617 289 119

(24) (25) (101) (135) - - (125) (160)

129 656 107 145 (1,355) (1,095) (1,119) (294) (955) (335) 3,327 4,282

EFT5 Shares 2019 2018 114 145 31 4

(4) (1) (7) (4) (10) (7) (21) (12)

360 - 1 1 - (24) 361 (23) 371 (31) 485 114

EFT8 Shares 2019 2018 170 201 14 3

(1) (1) (4) (5) (14) (16) (19) (22)

- - 3 3 (20) (15) (17) (12) (22) (31) 148 170

ET5 Shares 2019 2018 615 667 43 6

(4) (4) (17) (20) (32) (35) (53) (59)

1 1 - - - - 1 1 (9) (52) 606 615

ET8 Shares 2019 2018 21 21 2 -

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

- - 3 3 - - 3 3 2 - 23 21

F Shares 2019 2018 7,835 12,628 522 183

(37) (46) (159) (252) - - (196) (298)

2,025 5,141 172 270 (5,324) (10,089) (3,127) (4,678) (2,801) (4,793) 5,034 7,835

F1 Shares 2019 2018 2,561 - 205 30

(24) (14) (82) (79) - - (106) (93)

2,292 3,533 101 80 (1,661) (989) 732 2,624 831 2,561 3,392 2,561

F2 Shares 2019 2018 1,598 - 128 7

(11) (9) (43) (47) - - (54) (56)

1,033 2,124 51 56 (1,189) (533) (105) 1,647 (31) 1,598 1,567 1,598

F3 Shares 2019 2018 865 - 71 19

(6) (5) (25) (26) - - (31) (31)

649 1,032 31 31 (664) (186) 16 877 56 865 921 865












F4 Shares 2019 2018 167 - 17 (5)

(2) (1) (7) (5) - - (9) (6)

223 173 9 6 (77) (1) 155 178 163 167 330 167

F5 Shares 2019 2018 15 - 2 (1)

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

6 16 1 - - - 7 16 8 15 23 15

FT5 Shares 2019 2018 180 235 16 5

(1) (1) (5) (6) (9) (10) (15) (17)

13 71 2 2 (36) (116) (21) (43) (20) (55) 160 180

F1T5 Shares 2019 2018 10 - 1 -

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

22 10 1 - - - 23 10 22 10 32 10

F2T5 Shares 2019 2018 10 - 1 -

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

- 10 1 - - - 1 10 1 10 11 10

FT8 Shares 2019 2018 383 470 25 7

(2) (2) (9) (12) (28) (37) (39) (51)

8 38 1 3 (57) (84) (48) (43) (62) (87) 321 383

F1T8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10

F2T8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10

F3T8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10

F4T8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10

F5T8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10

I Shares 2019 2018 134,046 135,415 12,420 5,068

(901) (764) (3,491) (4,193) - - (4,392) (4,957)

8,857 27,721 4,391 4,954 (30,541) (34,155) (17,293) (1,480) (9,265) (1,369) 124,781 134,046












IT8 Shares 2019 2018 675 608 61 26

(4) (4) (16) (21) (50) (60) (70) (85)

21 216 33 44 (167) (134) (113) 126 (122) 67 553 675

O Shares 2019 2018 39,870 43,896 3,418 1,411

(260) (228) (990) (1,250) - - (1,250) (1,478)

1,671 6,747 1,210 1,414 (8,832) (12,120) (5,951) (3,959) (3,783) (4,026) 36,087 39,870

OT5 Shares 2019 2018 329 306 28 8

(2) (2) (9) (10) (16) (15) (27) (27)

- 113 13 14 (37) (85) (24) 42 (23) 23 306 329

OT8 Shares 2019 2018 879 1,016 78 30

(7) (5) (26) (28) (78) (83) (111) (116)

193 29 60 72 (209) (152) 44 (51) 11 (137) 890 879

P Shares 2019 2018 62 - 19 (2)

(1) - (3) (2) - - (4) (2)

132 64 4 2 (15) - 121 66 136 62 198 62

PT5 Shares 2019 2018 10 - 1 -

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

- 10 1 - - - 1 10 1 10 11 10

PT8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10

W Shares 2019 2018 11 - 1 1

- - - - - - - -

- 10 - - - - - 10 1 11 12 11

WT8 Shares 2019 2018 11 - 1 1

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

- 10 1 1 - - 1 11 1 11 12 11

Total Fund 2019 2018 384,176 421,041 29,762 8,933

(2,479) (2,197) (9,746) (12,043) (523) (595) (12,748) (14,835)

73,547 140,368 12,025 14,028 (142,357) (185,359) (56,785) (30,963) (39,771) (36,865) 344,405 384,176



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

2019 2018

29,762 8,933

(30,609) (23,335) - (90) 289 401

(528) 11,603 642,148 419,620 (588,734) (428,983) - - - - - 8,506 352 (170) - - - - 1 - - - (631) 1,517 52,050 (1,998)

(723) (1,483) 23,094 45,442 (91,496) (102,277) (69,125) (58,318)

- 90 (17,075) (60,316) 16,943 77,169 (132) 16,943

4,650 4,687 335 547 - - 4 - (920) 340

*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 sharesNet cash from (used in) financing activities Unrealized foreign exchange gain (loss) on cashNet increase (decrease) in cashCash (bank overdraft), beginning of yearCash (bank overdraft), end of year

Supplementary Information:Dividends received, net of withholding tax*Interest received, net of withholding tax*Dividends paid*Interest paid*Tax recoverable (paid)



ENERGY (1.0%) 59,400 Schlumberger Ltd. 3,482,252 3,457,890

Commissions and other portfolio transaction costs (55,053)

Total Investment Portfolio (99.1%) 335,408,535 341,262,829 Other Net Assets (Liabilities) (0.9%) 3,141,982 Net Assets Attributable to Holders of Redeemable Shares (100.0%) 344,404,811

INFORMATION TECHNOLOGY (31.3%) 15,900 Alphabet Inc., Class C 23,313,851 24,925,685 51,700 CGI Group Inc. 4,383,824 4,749,672 111,600 Cisco Systems Inc. 7,153,921 8,050,349 91,600 Cognizant Technology Solutions Corp. 8,679,697 8,866,885 53,100 Facebook Inc. 11,603,837 11,826,093 68,600 Mastercard Inc., Class A 18,730,078 21,580,426 49,600 Microsoft Corp. 7,336,284 7,815,918 97,800 Visa Inc., Class A* 18,706,799 20,409,355 99,908,291 108,224,383 FINANCIALS (28.0%) 36,000 American Express Co. 5,387,777 5,257,265 93,000 Bank of America Corp. 3,132,706 3,428,245 50 Berkshire Hathaway Inc., Class A 20,998,767 20,122,587 381,257 Brookfield Asset Management Inc., Class A (USD) 21,531,722 23,763,296 16,100 Enstar Group Ltd.* 3,739,951 3,742,935 143,000 JPMorgan Chase & Co. 21,210,105 19,341,158 191,700 KKR & Co., Inc. 5,746,763 6,016,478 207,400 SLM Corp. 2,795,831 2,746,121 112,300 US Bancorp. 7,952,127 7,230,593 19,800 Willis Towers Watson PLC 4,205,092 4,646,763 96,700,841 96,295,441 HEALTH CARE (11.9%) 7,000 Becton Dickinson and Co. 2,232,432 2,335,640 52,800 CIGNA Corp. 15,310,554 11,345,175 53,100 Laboratory Corp. of America Holdings 10,249,732 10,853,414 53,000 Medtronic PLC 6,913,631 6,449,649 30,200 UnitedHealth Group Inc. 11,336,132 9,976,955 46,042,481 40,960,833 COMMUNICATION SERVICES (10.7%) 112,620 Cinemark Holdings Inc.* 5,746,064 6,017,334 111,700 Comcast Corp., Class A 5,748,378 5,966,686 85,281 Liberty Braves Group 2,861,161 3,164,211 363,600 Liberty Global PLC, Series C* 11,649,201 11,761,315 117,600 Live Nation Entertainment Inc.* 8,654,289 9,983,705 34,659,093 36,893,251 INDUSTRIALS (7.7%) 54,700 AerCap Holdings N.V. 3,766,261 3,401,347 117,600 Axalta Coating Systems LLC* 3,919,583 3,961,114 81,539 Brookfield Business Partners L.P., Units (USD) 3,724,396 4,310,362 71,776 Sensata Technologies Holding PLC* 4,402,631 4,317,397 69,500 United Parcel Service Inc., Class B 10,082,029 10,376,017 25,894,900 26,366,237 CONSUMER DISCRETIONARY (5.5%) 5,100 Booking Holdings Inc.* 12,776,840 11,889,961 55,271 Liberty Expedia Holdings Inc. 3,068,905 3,160,664 63,682 Penske Automotive Group Inc.* 3,573,400 3,799,053 19,419,145 18,849,678 UTILITIES (3.0%) 182,601 Brookfield Infrastructure Partners L.P. (USD) 9,356,585 10,215,116

*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.

Schedule of Investment Portfolio as at March 31, 2019

No. of Shares/Par Value Description

AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)



Redeemable Share Transactions (Note 4)for the years ended March 31

Number of redeemable shares at the beginning of yearRedeemable shares issued for cashRedeemable shares issued for reinvested dividendsRedeemable shares redeemedNumber of redeemable shares at the end of year





Fund Specific Notes to Financial Statements

†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 years ended March 31 (in $000’s)

2019 2018Brokerage commissions 285 354Soft dollar commissions† 41 36

A Shares 2019 2018 17,366,150 27,000,503 2,160,499 2,969,947 458,581 648,100 (7,922,484) (13,252,400) 12,062,746 17,366,150

A1 Shares 2019 2018 2,669,846 - 2,604,135 3,551,136 120,515 98,759 (1,298,979) (980,049) 4,095,517 2,669,846

A2 Shares 2019 2018 1,224,369 - 599,875 1,847,681 38,709 44,556 (818,608) (667,868) 1,044,345 1,224,369

A3 Shares 2019 2018 755,823 - 370,299 1,008,648 22,972 27,877 (483,111) (280,702) 665,983 755,823

A4 Shares 2019 2018 82,342 - 141,963 159,687 3,084 4,631 (160,405) (81,976) 66,984 82,342

A5 Shares 2019 2018 76,964 - 83,721 96,039 2,039 1,235 (106,689) (20,310) 56,035 76,964

AT5 Shares 2019 2018 101,751 118,032 92,842 31,389 1,804 2,484 (132,665) (50,154) 63,732 101,751

A1T5 Shares 2019 2018 17,939 - 107,022 17,220 1,159 719 (37,241) - 88,879 17,939

AT8 Shares 2019 2018 394,267 476,997 93,938 70,273 8,124 9,713 (152,417) (162,716) 343,912 394,267

A1T8 Shares 2019 2018 19,295 - 28,822 28,152 1,143 734 (8,718) (9,591) 40,542 19,295

A2T8 Shares 2019 2018 3,741 - - 5,362 222 252 (2,176) (1,873) 1,787 3,741

A3T8 Shares 2019 2018 17,635 - 4,664 16,899 346 736 (19,104) - 3,541 17,635

A4T8 Shares 2019 2018 1,123 - 3,580 1,007 275 116 (827) - 4,151 1,123

A5T8 Shares 2019 2018 1,123 - - 1,007 141 116 - - 1,264 1,123

E Shares 2019 2018 715,457 667,965 18,417 186,846 22,410 27,319 (105,062) (166,673) 651,222 715,457

EF Shares 2019 2018 413,497 438,167 11,869 62,003 9,857 14,216 (128,273) (100,889) 306,950 413,497

EFT5 Shares 2019 2018 13,382 15,832 43,802 21 120 101 - (2,572) 57,304 13,382

EFT8 Shares 2019 2018 21,821 23,247 8 41 331 369 (2,547) (1,836) 19,613 21,821

ET5 Shares 2019 2018 48,401 48,330 75 71 - - - - 48,476 48,401

ET8 Shares 2019 2018 1,972 1,737 2 2 248 233 - - 2,222 1,972



Redeemable Share Transactions (Note 4) (cont’d)for the years ended March 31









F Shares 2019 2018 819,091 1,296,467 204,067 517,981 17,245 28,594 (536,952) (1,023,951) 503,451 819,091

F1 Shares 2019 2018 271,823 - 231,674 365,483 10,327 8,592 (169,861) (102,252) 343,963 271,823

F2 Shares 2019 2018 169,585 - 89,295 217,499 5,134 5,985 (105,041) (53,899) 158,973 169,585

F3 Shares 2019 2018 91,711 - 65,423 107,411 3,143 3,348 (67,036) (19,048) 93,241 91,711

F4 Shares 2019 2018 17,690 - 22,570 17,130 996 664 (7,886) (104) 33,370 17,690

F5 Shares 2019 2018 1,626 - 602 1,566 69 61 (4) (1) 2,293 1,626

FT5 Shares 2019 2018 17,596 21,352 1,246 6,575 189 204 (3,302) (10,535) 15,729 17,596

F1T5 Shares 2019 2018 1,090 - 2,344 1,004 97 86 - - 3,531 1,090

F2T5 Shares 2019 2018 1,090 - - 1,004 97 86 - - 1,187 1,090

FT8 Shares 2019 2018 41,071 45,317 810 3,773 96 348 (6,178) (8,367) 35,799 41,071

F1T8 Shares 2019 2018 1,123 - - 1,007 140 116 - - 1,263 1,123

F2T8 Shares 2019 2018 1,123 - - 1,007 140 116 - - 1,263 1,123

F3T8 Shares 2019 2018 1,123 - - 1,007 140 116 - - 1,263 1,123

F4T8 Shares 2019 2018 1,123 - - 1,007 140 116 - - 1,263 1,123

F5T8 Shares 2019 2018 1,123 - - 1,007 140 116 - - 1,263 1,123

I Shares 2019 2018 6,654,361 6,689,544 428,344 1,355,401 206,728 249,588 (1,443,613) (1,640,172) 5,845,820 6,654,361

IT8 Shares 2019 2018 55,020 45,191 1,795 16,688 2,729 3,524 (13,368) (10,383) 46,176 55,020

O Shares 2019 2018 1,791,002 1,958,986 68,804 280,513 51,648 64,488 (379,100) (512,985) 1,532,354 1,791,002

OT5 Shares 2019 2018 22,811 19,987 - 7,387 894 971 (2,548) (5,534) 21,157 22,811

OT8 Shares 2019 2018 72,609 76,447 15,275 2,191 4,973 5,759 (17,379) (11,788) 75,478 72,609

P Shares 2019 2018 6,542 - 14,192 6,325 479 245 (1,501) (28) 19,712 6,542

PT5 Shares 2019 2018 1,090 - - 1,009 97 81 - - 1,187 1,090

PT8 Shares 2019 2018 1,122 - - 1,014 140 108 - - 1,262 1,122

W Shares 2019 2018 1,039 - - 1,000 36 39 - - 1,075 1,039



Redeemable Share Transactions (Note 4) (cont’d)for the years ended March 31




WT8 Shares 2019 2018 1,095 - - 1,000 136 95 - - 1,231 1,095





Management and Administration Fees (Note 5) as at March 31, 2019 (%)

Annual management

fee rate:

Annual fixed administration

fee rate:

A Shares 2.000 0.21A1 Shares 1.925 0.21A2 Shares 1.900 0.20A3 Shares 1.850 0.15A4 Shares 1.800 0.12A5 Shares 1.700 0.10AT5 Shares 2.000 0.21A1T5 Shares 1.925 0.21AT8 Shares 2.000 0.21A1T8 Shares 1.925 0.21A2T8 Shares 1.900 0.20A3T8 Shares 1.850 0.15A4T8 Shares 1.800 0.12A5T8 Shares 1.700 0.10E Shares 1.950 0.15EF Shares 0.950 0.15EFT5 Shares 0.950 0.15EFT8 Shares 0.950 0.15ET5 Shares 1.950 0.15ET8 Shares 1.950 0.15F Shares 1.000 0.21F1 Shares 0.925 0.21F2 Shares 0.900 0.20F3 Shares 0.850 0.15F4 Shares 0.800 0.12F5 Shares 0.700 0.10FT5 Shares 1.000 0.21F1T5 Shares 0.925 0.21F2T5 Shares 0.900 0.20FT8 Shares 1.000 0.21F1T8 Shares 0.925 0.21F2T8 Shares 0.900 0.20F3T8 Shares 0.850 0.15F4T8 Shares 0.800 0.12F5T8 Shares 0.700 0.10I Shares Paid directly by investor -IT8 Shares Paid directly by investor -O Shares Paid directly by investor 0.15OT5 Shares Paid directly by investor 0.15OT8 Shares Paid directly by investor 0.15P Shares Paid directly by investor 0.21PT5 Shares Paid directly by investor 0.21PT8 Shares Paid directly by investor 0.21W Shares Paid directly by investor 0.21WT8 Shares Paid directly by investor 0.21

Securities Lending (Note 6)as at March 31 (in $000’s)

2019 2018Loaned 53,233 372Collateral (non-cash) 54,298 379

Securities Lending Revenue Reconciliation (Note 6)for the years ended March 31 (in $000’s)

2019 2018Gross securities lending revenue 15 48Charges (2) (7)Securities lending revenue 13 41% of gross securities lending revenue 13.3 14.6




Currency Risk (cont’d)

as at March 31, 2018~

Currency

Financial Instruments Exposure Derivatives

Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 380,802 - 380,802 99.1 Total 380,802 - 380,802 99.1

~Includes monetary and non-monetary instruments.

As at March 31, 2019, had the Canadian dollar strengthened or weakened by 10% (March 31, 2018 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable shares of the Fund would have decreased or increased, respectively, by approximately $34,078,000 (March 31, 2018 - $38,080,000). In practice, actual results may differ from this analysis and the difference may be material.

Interest Rate RiskAs at March 31, 2019 and 2018, the Fund did not have a significant exposure to interest rate risk as substantially all of its assets were invested in equities.

Fair Value Hierarchy

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

Long Positions at fair value as at March 31, 2019Level 1 Level 2 Level 3 Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 341,263 - - 341,263 Total 341,263 - - 341,263

Long Positions at fair value as at March 31, 2018Level 1 Level 2 Level 3 Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Equities 362,189 - - 362,189 Total 362,189 - - 362,189

There were no transfers between Level 1, 2 and 3 during the years ended March 31, 2019 and 2018.

Financial Instruments Risks (Note 10)

Concentration RiskFor Concentration Risk as at March 31, 2019, refer to the Schedule of Investment Portfolio.

The Fund’s investments were concentrated in the following segments:

as at March 31, 2018 Categories Net Assets (%)Information Technology 20.2 Financials 14.5 Materials 12.7 Consumer Staples 12.6 Consumer Discretionary 9.5 Health Care 8.8 Industrials 8.7 Other Net Assets (Liabilities) 5.7 Telecommunication Services 3.6 Utilities 2.1 Real Estate 1.6

Credit RiskAs at March 31, 2019 and 2018, the Fund did not have a significant exposure to credit risk as substantially all of its assets were invested in equities.

Other Price RiskAs at March 31, 2019 and 2018, the Fund was predominantly invested in U.S. equities and therefore was sensitive to changes in general economic conditions in the United States.

As at March 31, 2019, had the equities in the investment portfolio increased or decreased by 10% (March 31, 2018 - 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 $34,126,000 (March 31, 2018 - $36,219,000). In practice, actual results may differ from this analysis and the difference may be material.

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

as at March 31, 2019~

Currency

Financial Instruments Exposure Derivatives

Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 340,777 - 340,777 98.9 Total 340,777 - 340,777 98.9


CI American Managers® Corporate Class


Statements of Financial Position as at March 31(in $000’s except for per share amounts and shares outstanding)

2019 2018

520,151 509,299 35,659 41,991

128 313 - -

- - 2,146 - - - - - 301 625 - - - - - - 180 6,358 70 198 5,460 3,201 564,095 561,985

- - - -

2,606 6,834 246 - - - - -

- - - - 462 7,421 208 8,531 - - - - - - - - 795 989 4,317 23,775

559,778 538,210

425,080 427,067 - -

Statements of Financial Position (cont’d)as at March 31(in $000’s except for per share amounts and shares outstanding)


per class (Note 4):

Net assets attributable to holders of redeemable

shares per share: Number of redeemable

shares outstanding:

2019 2018 2019 2018 2019 2018A Shares 19,376 458,096 19.51 19.22 993,309 23,836,370A1 Shares 10,162 5,140 10.09 9.93 1,007,217 517,519A2 Shares 1,751 1,674 10.09 9.93 173,418 168,506A3 Shares 1,306 704 10.12 9.95 129,093 70,793A4 Shares 78 74 10.13 9.95 7,683 7,468A5 Shares 293 57 10.15 9.96 28,849 5,747AT8 Shares 69 87 9.78 10.47 7,096 8,314A1T8 Shares 11 10 8.60 9.21 1,258 1,119A2T8 Shares 11 10 8.61 9.21 1,258 1,119A3T8 Shares 11 10 8.63 9.22 1,258 1,119A4T8 Shares 11 10 8.65 9.23 1,258 1,119A5T8 Shares 11 10 8.67 9.24 1,258 1,119E Shares 1,479 1,159 10.15 9.99 145,671 116,025EF Shares 109 103 10.56 10.28 10,331 9,981EFT8 Shares 13 12 7.78 8.23 1,622 1,441ET8 Shares 12 11 7.45 7.98 1,622 1,441F Shares 6,795 9,162 23.90 23.29 284,270 393,423F1 Shares 3,454 1,451 10.30 10.03 335,331 144,691F2 Shares 871 617 10.31 10.03 84,454 61,449F3 Shares 429 35 10.33 10.04 41,579 3,529F4 Shares 11 10 10.34 10.05 1,075 1,039F5 Shares 11 10 10.37 10.06 1,075 1,039FT8 Shares 11 11 9.24 9.78 1,230 1,094F1T8 Shares 11 11 9.25 9.79 1,230 1,094F2T8 Shares 11 11 9.26 9.79 1,230 1,094F3T8 Shares 11 11 9.28 9.80 1,229 1,094F4T8 Shares 11 11 9.29 9.80 1,229 1,094F5T8 Shares 11 11 9.31 9.81 1,229 1,094I Shares 501,503 48,629 29.09 27.97 17,239,640 1,738,602IT8 Shares 38 40 11.78 12.29 3,259 3,286O Shares 11,631 10,877 15.67 15.09 742,303 720,794OT8 Shares 13 12 8.10 8.47 1,610 1,433P Shares 229 112 10.50 10.12 21,819 11,076W Shares 12 11 10.78 10.39 1,075 1,039WT8 Shares 12 11 9.42 9.86 1,229 1,094

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



CIG - 209



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

2019 2018

7,527 8,735 636 456 - - - - 139 519 - -

- - - -

15,036 52,143

16,861 (13,870) 40,199 47,983 720 (2,181) - - 57 87 - - 777 (2,094) 40,976 45,889

8,996 9,286 974 1,002 347 467 - - - - 4 - 899 1,082 1,040 1,086 12,260 12,923 514 1,591

28,202 31,375



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


holders of redeemable shares per class:


holders of redeemable shares per share:

Weighted average number of shares:

2019 2018 2019 2018 2019 2018A Shares 19,815 25,131 0.90 1.08 21,889,999 23,326,166A1 Shares 212 116 0.28 0.42 743,943 278,070A2 Shares 64 61 0.35 0.51 179,474 117,736A3 Shares 17 20 0.17 0.39 99,434 52,106A4 Shares 5 - 0.70 0.17 7,096 3,747A5 Shares - 3 (0.03) 0.43 21,751 7,490AT8 Shares 5 6 0.64 0.63 7,632 8,237A1T8 Shares 1 - 0.44 0.29 1,175 1,036A2T8 Shares 1 - 0.45 0.29 1,175 1,036A3T8 Shares 1 - 0.46 0.30 1,175 1,036A4T8 Shares 1 - 0.46 0.31 1,175 1,036A5T8 Shares 1 - 0.48 0.32 1,175 1,036E Shares 15 58 0.10 0.62 153,561 94,004EF Shares 6 - 0.64 (0.20) 10,069 3,477EFT8 Shares 1 1 0.49 0.58 1,514 1,328ET8 Shares 1 - 0.39 0.47 1,515 1,329F Shares 589 703 1.72 1.59 342,125 442,902F1 Shares 37 25 0.15 0.42 241,488 59,452F2 Shares 23 15 0.28 0.43 80,816 32,953F3 Shares 14 (1) 0.79 (0.32) 17,587 1,838F4 Shares 1 - 0.64 0.44 1,048 1,000F5 Shares 1 - 0.66 0.46 1,048 1,000FT8 Shares - 1 0.58 0.69 1,149 1,025F1T8 Shares - 1 0.59 0.69 1,149 1,025F2T8 Shares - 1 0.59 0.70 1,149 1,025F3T8 Shares - 1 0.60 0.71 1,149 1,025F4T8 Shares - 1 0.61 0.71 1,149 1,025F5T8 Shares - 1 0.62 0.72 1,149 1,025I Shares 6,640 4,424 2.85 2.35 2,331,080 1,887,481IT8 Shares 3 2 0.92 1.02 3,254 3,115O Shares 733 802 1.00 1.18 736,411 682,150OT8 Shares 1 1 0.60 0.68 1,505 1,323P Shares 12 - 0.60 0.01 20,230 4,198W Shares 1 1 0.75 0.77 1,048 1,001WT8 Shares 1 1 0.69 0.77 1,149 1,025

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 years ended March 31 (in $000’s)









A Shares 2019 2018 458,096 451,498 19,815 25,131

(177) (3,157) (7,450) (13,620) - - (7,627) (16,777)

68,561 9,791 7,608 16,777 (527,077) (28,324) (450,908) (1,756) (438,720) 6,598 19,376 458,096

A1 Shares 2019 2018 5,140 - 212 116

(92) (33) (198) (143) - - (290) (176)

8,528 6,989 289 176 (3,717) (1,965) 5,100 5,200 5,022 5,140 10,162 5,140

A2 Shares 2019 2018 1,674 - 64 61

(16) (12) (46) (50) - - (62) (62)

1,709 2,609 62 61 (1,696) (995) 75 1,675 77 1,674 1,751 1,674

A3 Shares 2019 2018 704 - 17 20

(12) (6) (26) (25) - - (38) (31)

1,135 1,049 38 31 (550) (365) 623 715 602 704 1,306 704

A4 Shares 2019 2018 74 - 5 -

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

28 86 2 3 (28) (12) 2 77 4 74 78 74

A5 Shares 2019 2018 57 - - 3

(3) - (7) (2) - - (10) (2)

277 138 9 2 (40) (84) 246 56 236 57 293 57

AT8 Shares 2019 2018 87 97 5 6

(1) (1) (2) (3) (7) (8) (10) (12)

- 2 4 5 (17) (11) (13) (4) (18) (10) 69 87

A1T8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10

A2T8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10

A3T8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10

A4T8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10

A5T8 Shares 2019 2018 10 - 1 -

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

- 10 1 1 - - 1 11 1 10 11 10












E Shares 2019 2018 1,159 731 15 58

(15) (8) (40) (34) - - (55) (42)

1,221 529 54 42 (915) (159) 360 412 320 428 1,479 1,159

EF Shares 2019 2018 103 11 6 -

(1) (1) (3) (3) - - (4) (4)

- 92 4 4 - - 4 96 6 92 109 103

EFT8 Shares 2019 2018 12 11 1 1

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

- - 1 1 - - 1 1 1 1 13 12

ET8 Shares 2019 2018 11 11 1 -

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

- - 1 1 - - 1 1 1 - 12 11

F Shares 2019 2018 9,162 11,012 589 703

(61) (64) (197) (275) - - (258) (339)

1,487 1,252 177 229 (4,362) (3,695) (2,698) (2,214) (2,367) (1,850) 6,795 9,162

F1 Shares 2019 2018 1,451 - 37 25

(31) (10) (66) (43) - - (97) (53)

2,644 1,822 88 48 (669) (391) 2,063 1,479 2,003 1,451 3,454 1,451

F2 Shares 2019 2018 617 - 23 15

(8) (4) (22) (18) - - (30) (22)

551 603 26 22 (316) (1) 261 624 254 617 871 617

F3 Shares 2019 2018 35 - 14 (1)

(4) - (6) (1) - - (10) (1)

411 48 10 1 (31) (12) 390 37 394 35 429 35

F4 Shares 2019 2018 10 - 1 -

- - - - - - - -

- 10 - - - - - 10 1 10 11 10

F5 Shares 2019 2018 10 - 1 -

- - - - - - - -

- 10 - - - - - 10 1 10 11 10

FT8 Shares 2019 2018 11 - - 1

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

- 10 1 1 - - 1 11 - 11 11 11

F1T8 Shares 2019 2018 11 - - 1

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

- 10 1 1 - - 1 11 - 11 11 11












F2T8 Shares 2019 2018 11 - - 1

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

- 10 1 1 - - 1 11 - 11 11 11

F3T8 Shares 2019 2018 11 - - 1

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

- 10 1 1 - - 1 11 - 11 11 11

F4T8 Shares 2019 2018 11 - - 1

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

- 10 1 1 - - 1 11 - 11 11 11

F5T8 Shares 2019 2018 11 - - 1

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

- 10 1 1 - - 1 11 - 11 11 11

I Shares 2019 2018 48,629 48,697 6,640 4,424

(4,488) (390) (4,996) (1,683) - - (9,484) (2,073)

462,136 8,292 9,484 2,073 (15,902) (12,784) 455,718 (2,419) 452,874 (68) 501,503 48,629

IT8 Shares 2019 2018 40 39 3 2

- - (1) (1) (3) (3) (4) (4)

2 4 4 4 (7) (5) (1) 3 (2) 1 38 40

O Shares 2019 2018 10,877 9,255 733 802

(105) (75) (286) (323) - - (391) (398)

2,726 2,180 391 398 (2,705) (1,360) 412 1,218 754 1,622 11,631 10,877

OT8 Shares 2019 2018 12 11 1 1

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

- - 1 1 - - 1 1 1 1 13 12

P Shares 2019 2018 112 - 12 -

(2) (1) (5) (3) - - (7) (4)

324 113 7 4 (219) (1) 112 116 117 112 229 112

W Shares 2019 2018 11 - 1 1

- - - - - - - -

- 10 - - - - - 10 1 11 12 11

WT8 Shares 2019 2018 11 - 1 1

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

- 10 1 1 - - 1 11 1 11 12 11

Total Fund 2019 2018 538,210 521,373 28,202 31,375

(5,017) (3,763) (13,353) (16,229) (25) (26) (18,395) (20,018)

551,740 35,749 18,272 19,895 (558,251) (50,164) 11,761 5,480 21,568 16,837 559,778 538,210



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

2019 2018

28,202 31,375

(15,036) (52,143) 118 (218) 347 467

(16,861) 13,870 429,302 376,283 (413,182) (370,680) - - - - (2,146) 2,303 324 (182) - - - - - - - - (2,453) 1,197 8,615 2,272

(123) (582) 86,203 22,314 (100,909) (24,111) (14,829) (2,379)

(118) 218 (6,214) (107) 41,991 41,880 35,659 41,991

6,374 7,199 636 456 - - 4 - (2,967) (393)

*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 sharesNet cash from (used in) financing activities Unrealized foreign exchange gain (loss) on cashNet increase (decrease) in cashCash (bank overdraft), beginning of yearCash (bank overdraft), end of year

Supplementary Information:Dividends received, net of withholding tax*Interest received, net of withholding tax*Dividends paid*Interest paid*Tax recoverable (paid)



FINANCIALS (16.6%) (cont’d) 21,100 First Republic Bank* 2,284,777 2,832,128 6,700 Green Dot Corp., Class A 651,034 542,929 50,648 Hartford Financial Services Group Inc. 3,019,584 3,364,578 3,900 Houlihan Lokey Inc. 214,148 238,914 43,763 Intercontinental Exchange Inc. 2,348,654 4,452,021 78,700 JPMorgan Chase & Co. 11,048,464 10,644,400 130,600 KKR & Co., Inc. 3,939,513 4,098,863 43,472 Loews Corp. 2,178,152 2,783,904 6,400 LPL Financial Holdings Inc. 526,115 595,578 40,284 MetLife Inc. 2,729,097 2,291,255 52,584 Morgan Stanley 3,043,587 2,964,854 3,200 Reinsurance Group of America Inc. 380,648 607,036 22,200 Santander Consumer USA Holdings Inc. 538,871 626,743 37,800 The Progressive Corp. 3,368,849 3,640,860 6,900 Webster Financial Corp. 547,280 467,129 84,369,309 93,175,988 HEALTH CARE (16.4%) 42,200 Abbott Laboratories Inc. 3,049,899 4,507,272 24,000 Agilent Technologies Inc. 1,452,694 2,577,487 8,500 Align Technology Inc.* 2,507,822 3,229,080 8,200 Becton Dickinson and Co. 2,506,504 2,736,036 8,464 Biogen Inc. 2,925,612 2,673,152 68,772 Boston Scientific Corp. 3,063,655 3,526,581 43,225 Bristol-Myers Squibb Co. 2,938,660 2,755,381 8,100 CareDx Inc.* 244,341 341,121 38,777 Centene Corp. 3,166,305 2,751,097 29,850 CIGNA Corp. 8,200,232 6,413,891 13,600 Elanco Animal Health Inc. 543,353 582,740 27,841 Encompass Health Corp. 1,032,981 2,172,375 7,200 Glaukos Corp. 301,997 753,910 34,500 Haemonetics Corp. 2,767,407 4,032,414 27,500 HealthEquity Inc.* 1,509,854 2,718,218 10,400 IDEXX Laboratories Inc. 2,574,323 3,107,008 4,000 Inogen Inc. 533,260 509,693 12,268 Intercept Pharmaceuticals Inc.* 1,452,795 1,833,521 7,500 Intuitive Surgical Inc. 2,102,991 5,717,616 13,929 Ionis Pharmaceuticals Inc.* 763,815 1,510,611 18,500 Laboratory Corp. of America Holdings 3,540,316 3,781,321 38,233 Medtronic PLC 2,657,689 4,652,631 3,700 Penumbra Inc.* 610,301 726,751 58,416 Pfizer Inc. 2,841,716 3,314,754 8,500 PRA Health Sciences Inc. 911,632 1,252,542 1,400 Sage Therapeutics Inc.* 298,483 297,508 4,900 Staar Surgical Co. 247,272 223,837 34,925 UnitedHealth Group Inc. 7,579,604 11,537,919 17,528 Universal Health Services Inc., Class B 2,780,754 3,132,768 15,300 Vertex Pharmaceuticals Inc. 2,954,652 3,760,351 3,200 WellCare Health Plans Inc.* 970,253 1,153,317 26,100 Zoetis Inc. 2,135,679 3,510,571 71,166,851 91,793,474 INDUSTRIALS (10.9%) 10,900 Allegion PLC* 986,849 1,321,049 27,113 AMETEK Inc. 1,839,516 3,005,632 80,100 Axalta Coating Systems LLC 2,675,900 2,698,004 5,900 Axon Enterprise Inc.* 503,164 428,912

INFORMATION TECHNOLOGY (23.4%) 46,700 Advanced Micro Devices Inc.* 1,409,377 1,592,336 2,400 Alphabet Inc., Class A 3,726,951 3,773,847 8,868 Alphabet Inc., Class C 11,946,302 13,901,948 30,062 Apple Inc. 3,877,426 7,629,470 66,024 Applied Materials Inc. 2,845,542 3,498,580 9,518 Broadcom Inc. 3,367,618 3,824,114 6,900 Broadridge Financial Solutions Inc. 511,644 955,924 18,000 Cadence Design Systems Inc. 866,597 1,527,397 9,400 Ciena Corp. 408,477 468,964 28,040 Cisco Systems Inc. 769,449 2,022,686 5,600 Cognex Corp.* 392,319 380,541 42,100 Cognizant Technology Solutions Corp. 3,980,130 4,075,282 203,394 Conduent Inc.* 3,985,956 3,758,353 7,300 CoStar Group Inc. 3,191,672 4,549,223 3,700 CyberArk Software Ltd. 429,001 588,530 6,900 Dolby Laboratories Inc. 481,715 580,524 71,715 eBay Inc.* 2,477,224 3,558,681 41,257 Facebook Inc. 8,901,435 9,188,495 32,800 Fiserv Inc.* 3,590,915 3,868,774 4,600 Fortinet Inc. 242,652 516,083 119,279 Marvell Technology Group Ltd. 2,828,310 3,169,830 30,400 Mastercard Inc., Class A 6,833,420 9,563,338 82,569 Microsoft Corp. 5,651,905 13,011,140 3,600 New Relic Inc.* 368,937 474,741 83,864 Oracle Corp. 3,459,340 6,018,218 28,400 PayPal Holdings Inc. 2,780,597 3,940,218 9,200 Pluralsight Inc. 398,909 390,150 25,002 PTC Inc. 2,070,133 3,079,276 15,872 QUALCOMM Inc. 1,274,992 1,209,406 52,617 Sabre Corp. 1,706,716 1,503,745 28,600 SailPoint Technologies Holding Inc. 561,170 1,097,457 15,500 Salesforce.com Inc. 1,961,440 3,279,758 25,500 Tableau Software Inc.* 3,430,103 4,336,482 17,557 Universal Display Corp.* 1,690,318 3,585,527 29,800 Viavi Solutions Inc. 410,281 492,917 23,700 Visa Inc., Class A* 4,468,183 4,945,825 97,297,156 130,357,780 FINANCIALS (16.6%) 6,100 American Financial Group Inc. 585,704 784,129 38,307 American International Group Inc. 2,653,058 2,203,887 27,540 Aon PLC 2,739,431 6,281,085 8,100 Associated Banc-Corp. 252,733 231,058 234,277 Bank of America Corp. 7,965,946 8,636,118 72,057 Bank OZK* 3,536,999 2,790,049 20,650 Berkshire Hathaway Inc., Class B 5,915,964 5,542,626 128,202 Brookfield Asset Management Inc., Class A (USD) 7,178,847 7,990,678 19,137 Capital One Financial Corp. 2,199,355 2,088,719 36,372 Chubb Ltd. 5,578,641 6,807,388 44,675 Citizens Financial Group Inc. 2,142,035 1,939,926 14,100 CME Group Inc. 2,809,796 3,100,512 13,200 E*TRADE Financial Corp. 577,093 818,860 9,300 Enstar Group Ltd. 2,170,071 2,162,068 29,041 Fifth Third Bancorp. 755,311 978,574 43,700 First BanCorp. 489,552 669,119

*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable shares of the Fund.

Schedule of Investment Portfolio as at March 31, 2019


AverageCost ($)

FairValue ($)


AverageCost ($)

FairValue ($)

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