Select Income Managed Corporate Class · Select Income Managed Corporate Class Management Report of...

Select Income Managed Corporate ClassManagement Report of Fund Performance for the year ended March 31, 2020

INVESTMENT OBJECTIVE AND STRATEGIESThe investment objective of the Select Income Managed Corporate Class (the Fund) is to provide exposure to a diversified portfolio of income-generating securities in a manner that is similar to holding multiple income-generating funds. The Fund invests primarily in investment grade fixed income securities issued by governments and corporations in Canada and globally. The Fund may invest up to 50% in other income generating securities such as preferred shares, common shares and real estate investment trusts. The Fund’s investments will be made primarily through investments in other mutual funds, either directly or by entering into derivatives and the Fund may directly hold securities.

The portfolio advisor intends to invest 100% of this Fund’s assets in units of CI Income Fund (the Underlying Fund). While the Underlying Fund may invest up to 50% in other income-generating securities such as preferred shares, common shares and real estate investment trusts the portfolio advisor is following a tighter internal guideline which limits the Underlying Fund’s exposure to such securities to 30%.

For a complete discussion of the Fund’s and the Underlying Fund’s respective investment objective and strategies, please refer to the Fund’s and the Underlying Fund’s most recently filed simplified prospectus.

RISKNo changes affecting the overall level of risk associated with investing in the Fund were made during the year. The risks of the Fund remain as discussed in the Fund’s most recently filed simplified prospectus or its amendments. The Manager reviews the risk rating for the Fund on an annual basis, at a minimum, based on the methodology mandated by the Canadian Securities Administrators to determine the risk level of the Fund. Any change to the risk rating made during the year was as a result of such review and was not a result of any change to the investment objective, strategies or management of the Fund.

RESULTS OF OPERATIONS The net asset value of the Fund decreased by $185.6 million to $2,620.3 million from March 31, 2019 to March 31, 2020. The Fund had net redemptions of $105.9 million during the year. The portfolio’s performance decreased assets by $11.8 million. The Fund paid distributions totalling $67.9 million. Class A shares returned -1.6% after fees and expenses for the one-year period ended March 31, 2020. Over the same time period, the Fund’s benchmark returned 4.5%. The benchmark is the FTSE Canada Universe Bond Total Return Index (the Benchmark).

The performance of the Fund’s other classes is substantially similar to that of Class A shares, except for differences in the structure of fees and expenses. For the returns of the Fund’s other classes, please refer to the “Past performance” section.

The following commentary pertains to the results of operations of the CI Income Fund (the Underlying Fund).

Much of the year was dominated by trade concerns. The North American Free Trade Agreement was renegotiated and re-named the United States-Mexico-Canada Agreement. The United States and China reached a “phase-one” trade deal in their negotiations to reduce tariffs. Near the end of the year, the global spread of COVID-19 led to various levels of quarantine or “social distancing” to help slow the rate of infection. Governments and central banks around the world enacted monetary and fiscal stimulus measures to help support economies and financial markets. Around the same time, just as oil demand was declining, Saudi Arabia and Russia ended their agreement regarding oil production cuts, which led to a collapse in oil prices.

Our diversified exposure to cash, gold and government bonds added relative value. Our core investment objectives remain preserving capital and outpacing inflation over a three-year period. We focus on careful portfolio construction and asset allocation, built on a foundation of government bonds for safety and income. Interest rate sensitivity is hedged by diversifying into other asset classes, such as gold bullion, corporate bonds and stocks. Within the corporate bond portion, we maintain a short-term to maturity as we near the latter stages of the economic cycle when credit defaults could become more frequent. Currency hedging detracted over the year as the U.S. dollar appreciated against the Canadian dollar. We continue to attempt to limit the effects of exchange rate fluctuations by maintaining our long-standing, partial hedge on the Underlying Fund. The U.S. deficit and debt expansion are significant concerns, as we believe these will weaken the U.S. dollar. The Underlying Fund’s positioning provided strong downside protection during years of volatility.

The Underlying Fund underperformed its benchmark for the reporting year.

RECENT DEVELOPMENTSShort-term results remain unclear as they depend on consumer confidence and the evolution of the pandemic, something markets appear to have priced in. As long as the pandemic doesn’t worsen, further downside should be limited. In the meantime, central banks and governments are doing whatever they can to avoid a deep recession.

On July 25, 2019, the Manager announced that effective March 31, 2020, Ernst & Young LLP replaced PricewaterhouseCoopers LLP as the auditor to the Fund.

Effective after the close of business on August 2, 2019, the Fund transitioned from a CI Preferred Pricing Program (CIPP) model to a fee rebate model. Please refer to the most recent simplified prospectus for further details.

CIG - 2265

This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of

the annual financial statements at your request, and at no cost, by calling 1-800-563-5181, by writing to us at CI Investments Inc., 2 Queen Street East, Twentieth Floor, Toronto, ON, M5C 3G7

or by visiting our website at www.ci.com or SEDAR at www.sedar.com.

Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly

portfolio disclosure.


Effective August 15, 2019 and April 3, 2020, respectively, John Reucassel and Stuart Hensman resigned as members of the Independent Review Committee (IRC) of CI Funds and effective September 19, 2019 and April 3, 2020, respectively, James McPhedran and Donna Toth were appointed as members of the IRC.

RELATED PARTY TRANSACTIONSManager, Portfolio Advisor and RegistrarCI Investments Inc. is the Manager, Portfolio Advisor and Registrar of the Fund. CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration for management fees, provides management services required in the day-to-day operations of the Fund. The Manager bears all of the operating expenses of the Fund (other than taxes, borrowing costs and new governmental fees) in return for an administration fee.

Management fee and administration fee rates as at March 31, 2020, for each of the classes are shown below:

Annual management fee rate (%)

Annual administration fee rate (%)

A Shares 1.650 0.17

A2 Shares^ 1.650 0.16

A3 Shares^ 1.625 0.12

A4 Shares^ 1.600 0.10

A5 Shares^ 1.500 0.08

AT5 Shares 1.650 0.17

A2T5 Shares^ 1.650 0.16

A3T5 Shares^ 1.625 0.12

A4T5 Shares^ 1.600 0.10

AT8 Shares 1.650 0.17

A2T8 Shares^ 1.650 0.16

A3T8 Shares^ 1.625 0.12

A4T8 Shares^ 1.600 0.10

A5T8 Shares^ 1.500 0.08

E Shares 1.650 0.15

EF Shares 0.650 0.15

EFT5 Shares 0.650 0.15

EFT8 Shares 0.650 0.15

ET5 Shares 1.650 0.15

ET8 Shares 1.650 0.15

F Shares 0.650 0.17

F1 Shares^ 0.650 0.17

F2 Shares^ 0.650 0.16

F3 Shares^ 0.625 0.12

F4 Shares^ 0.600 0.10

Annual management fee rate (%)

Annual administration fee rate (%)

F5 Shares^ 0.500 0.08

FT5 Shares 0.650 0.17

F1T5 Shares^ 0.650 0.17

F2T5 Shares^ 0.650 0.16

FT8 Shares 0.650 0.17

F1T8 Shares^ 0.650 0.17

F2T8 Shares^ 0.650 0.16

F3T8 Shares^ 0.625 0.12

F4T8 Shares^ 0.600 0.10

F5T8 Shares^ 0.500 0.08

I Shares Paid directly by investor Paid directly by investor

IT5 Shares Paid directly by investor Paid directly by investor

IT8 Shares Paid directly by investor Paid directly by investor

O Shares Paid directly by investor 0.15

OT5 Shares Paid directly by investor 0.15

OT8 Shares Paid directly by investor 0.15

P Shares Paid directly by investor 0.17

PT5 Shares Paid directly by investor 0.17

PT8 Shares Paid directly by investor 0.17

U Shares 1.200 0.17

V Shares 0.550 0.17

W Shares 0.650 0.17

PCW Shares Paid directly by investor 0.11*

WT5 Shares 0.650 0.17

PCWT8 Shares Paid directly by investor 0.11*

Y Shares 0.550 0.17

Z Shares 1.550 0.17

^Effective after the close of business on August 2, 2019, the Fund transitioned from a CI Preferred Pricing

Program (CIPP) model to a fee rebate model. Please refer to most recent simplified prospectus for further details.

*Effective August 2, 2019, the annual administration fee rate was reduced for PCW Shares from 0.17% to

0.11% and for PCWT8 Shares from 0.17% to 0.11%.

The Manager received $21.6 million in management fees and $3.2 million in administration fees for the year.

Management Fees Approximately 26% of total management fees were used to pay for sales and trailing commissions. The remaining 74% of management fees were used to pay for investment management and other general administration.

3


Related Fund TradingRelated fund trading occurs when a Fund purchases or sells units/shares of another Fund managed by the Manager. During the year ended March 31, 2020, the Fund engaged in related fund trading or held position(s) in related fund(s) at the end of the year.

Independent Review Committee The Fund has standing instructions from the Fund’s IRC with respect to the following related party transactions:

a) trades in securities of CI Financial Corp.; andb) purchases or sales of securities of an issuer from or to another investment fund managed by the Manager.

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

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

Except as otherwise noted above, the Fund was not a party to any related party transactions during the year ended March 31, 2020.


FINANCIAL HIGHLIGHTS

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the past five years, as applicable.

^Effective after the close of business on August 2, 2019, the Fund transitioned from a CI Preferred Pricing Program (CIPP) model to a fee rebate model. Please refer to most recent simplified prospectus for further details. *Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

Net Assets per Share ($) (1) (2) (4) * Increase (decrease) from operations: Dividends:

Net assets at the beginning

of year (2) Total

revenue

Total expenses

(excluding distributions)

Realized gains

(losses) for the year

Unrealized gains


Total increase (decrease)

from operations (2)

From net investment

income (excluding dividends)

From dividends

From capital

gains Return of capitalTotal

dividends (2, 3)

Net assets at the end

of the year shown (2)

$ $ $ $ $ $ $ $ $ $ $ $

A Shares Commencement of operations September 17, 2010Mar. 31, 2020 11.44 0.33 (0.28) 0.03 (0.32) (0.24) - (0.10) (0.16) - (0.26) 10.99Mar. 31, 2019 11.25 0.37 (0.24) (0.06) 0.12 0.19 - - (0.08) - (0.08) 11.44Mar. 31, 2018 11.36 0.30 (0.26) 0.07 (0.14) (0.03) - - (0.06) - (0.06) 11.25Mar. 31, 2017 11.39 0.39 (0.26) 0.25 0.05 0.43 - - (0.46) - (0.46) 11.36Mar. 31, 2016 12.22 0.29 (0.25) 0.86 (1.14) (0.24) - (0.03) (0.56) - (0.59) 11.39

A2 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 9.93 0.01 (0.08) - 0.30 0.23 - - (0.03) - (0.03) -Mar. 31, 2019 9.76 0.33 (0.20) (0.05) 0.13 0.21 - - (0.07) - (0.07) 9.93Mar. 31, 2018 10.00 0.35 (0.21) 0.07 (0.36) (0.15) - - (0.05) - (0.05) 9.76




AT5 Shares Commencement of operations September 17, 2010Mar. 31, 2020 7.38 0.19 (0.17) 0.02 (0.09) (0.05) - (0.06) (0.10) (0.36) (0.52) 6.75Mar. 31, 2019 7.64 0.25 (0.16) (0.04) 0.08 0.13 - - (0.05) (0.38) (0.43) 7.38Mar. 31, 2018 8.14 0.20 (0.18) 0.05 (0.10) (0.03) - - (0.04) (0.42) (0.46) 7.64Mar. 31, 2017 8.59 0.26 (0.19) 0.17 0.09 0.33 - - (0.33) (0.45) (0.78) 8.14Mar. 31, 2016 9.70 0.23 (0.19) 0.68 (0.90) (0.18) - (0.02) (0.42) (0.48) (0.92) 8.59


FINANCIAL HIGHLIGHTS (cont’d)



of year (2) Total

revenue

Total expenses


Realized gains


Unrealized gains



from operations (2)

From net investment


From dividends

From capital


dividends (2, 3)



$ $ $ $ $ $ $ $ $ $ $ $


A2T5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 9.00 0.01 (0.07) - 0.26 0.20 - - (0.02) (0.15) (0.17) -Mar. 31, 2019 9.31 0.29 (0.19) (0.05) - 0.05 - - (0.06) (0.47) (0.53) 9.00Mar. 31, 2018 10.00 0.42 (0.21) 0.07 (0.40) (0.12) - - (0.05) (0.45) (0.50) 9.31

A3T5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 8.99 0.01 (0.07) - 0.27 0.21 - - (0.02) (0.15) (0.17) -Mar. 31, 2019 9.31 0.19 (0.19) (0.05) 0.08 0.03 - - (0.06) (0.47) (0.53) 8.99Mar. 31, 2018 10.00 0.13 (0.19) 0.04 (0.42) (0.44) - - (0.05) (0.45) (0.50) 9.31


AT8 Shares Commencement of operations September 17, 2010Mar. 31, 2020 5.62 0.16 (0.13) 0.01 (0.14) (0.10) - (0.05) (0.07) (0.44) (0.56) 4.98Mar. 31, 2019 6.02 0.19 (0.12) (0.03) 0.07 0.11 - - (0.04) (0.48) (0.52) 5.62Mar. 31, 2018 6.62 0.16 (0.15) 0.04 (0.07) (0.02) - - (0.03) (0.54) (0.57) 6.02Mar. 31, 2017 7.23 0.23 (0.16) 0.14 0.04 0.25 - - (0.27) (0.60) (0.87) 6.62Mar. 31, 2016 8.42 0.20 (0.16) 0.58 (0.76) (0.14) - (0.02) (0.35) (0.66) (1.03) 7.23







of year (2) Total

revenue

Total expenses


Realized gains


Unrealized gains



from operations (2)

From net investment


From dividends

From capital


dividends (2, 3)



$ $ $ $ $ $ $ $ $ $ $ $



A5T8 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 8.50 0.01 (0.06) - 0.25 0.20 - - (0.02) (0.22) (0.24) -Mar. 31, 2019 9.07 0.19 (0.16) (0.03) 0.76 0.76 - - (0.06) (0.73) (0.79) 8.50Mar. 31, 2018 10.00 0.17 (0.17) 0.05 0.21 0.26 - - (0.05) (0.72) (0.77) 9.07

E Shares Commencement of operations October 4, 2011Mar. 31, 2020 11.35 0.30 (0.27) 0.03 (0.21) (0.15) - (0.10) (0.16) - (0.26) 10.91Mar. 31, 2019 11.16 0.34 (0.23) (0.06) 0.12 0.17 - - (0.08) - (0.08) 11.35Mar. 31, 2018 11.27 0.33 (0.26) 0.07 (0.19) (0.05) - - (0.06) - (0.06) 11.16Mar. 31, 2017 11.30 0.40 (0.25) 0.23 0.01 0.39 - - (0.45) - (0.45) 11.27Mar. 31, 2016 12.13 0.30 (0.26) 0.88 (1.15) (0.23) - (0.03) (0.55) - (0.58) 11.30

EF Shares Commencement of operations December 5, 2014Mar. 31, 2020 10.03 0.27 (0.13) 0.02 (0.18) (0.02) - (0.09) (0.14) - (0.23) 9.75Mar. 31, 2019 9.75 0.32 (0.10) (0.05) 0.09 0.26 - - (0.07) - (0.07) 10.03Mar. 31, 2018 9.75 0.26 (0.12) 0.06 (0.15) 0.05 - - (0.05) - (0.05) 9.75Mar. 31, 2017 9.66 0.37 (0.11) 0.23 (0.06) 0.43 - - (0.39) - (0.39) 9.75Mar. 31, 2016 10.26 0.29 (0.11) 0.86 (1.09) (0.05) - (0.03) (0.47) - (0.50) 9.66

EFT5 Shares Commencement of operations December 5, 2014Mar. 31, 2020 8.07 0.20 (0.10) 0.02 (0.21) (0.09) - (0.07) (0.11) (0.40) (0.58) 7.47Mar. 31, 2019 8.26 0.24 (0.08) (0.04) 0.08 0.20 - - (0.06) (0.42) (0.48) 8.07Mar. 31, 2018 8.69 0.24 (0.10) 0.05 (0.15) 0.04 - - (0.05) (0.44) (0.49) 8.26Mar. 31, 2017 9.08 0.35 (0.10) 0.21 (0.06) 0.40 - - (0.35) (0.47) (0.82) 8.69Mar. 31, 2016 10.14 0.29 (0.10) 0.85 (1.12) (0.08) - (0.03) (0.44) (0.50) (0.97) 9.08

EFT8 Shares Commencement of operations December 5, 2014Mar. 31, 2020 7.00 0.17 (0.08) 0.02 (0.05) 0.06 - (0.06) (0.09) (0.55) (0.70) 6.28Mar. 31, 2019 7.40 0.23 (0.07) (0.04) 0.07 0.19 - - (0.05) (0.60) (0.65) 7.00Mar. 31, 2018 8.04 0.23 (0.09) 0.05 (0.13) 0.06 - - (0.04) (0.66) (0.70) 7.40Mar. 31, 2017 8.67 0.32 (0.09) 0.20 (0.08) 0.35 - - (0.32) (0.73) (1.05) 8.04Mar. 31, 2016 10.00 0.32 (0.09) 0.93 (1.18) (0.02) - (0.03) (0.43) (0.78) (1.24) 8.67





of year (2) Total

revenue

Total expenses


Realized gains


Unrealized gains



from operations (2)

From net investment


From dividends

From capital


dividends (2, 3)



$ $ $ $ $ $ $ $ $ $ $ $


ET5 Shares Commencement of operations December 7, 2011Mar. 31, 2020 7.67 0.19 (0.17) 0.02 (0.10) (0.06) - (0.07) (0.10) (0.38) (0.55) 7.02Mar. 31, 2019 7.94 0.26 (0.16) (0.04) 0.07 0.13 - - (0.05) (0.40) (0.45) 7.67Mar. 31, 2018 8.45 0.23 (0.19) 0.05 (0.13) (0.04) - - (0.04) (0.43) (0.47) 7.94Mar. 31, 2017 8.92 0.30 (0.19) 0.19 0.04 0.34 - - (0.34) (0.47) (0.81) 8.45Mar. 31, 2016 10.07 0.24 (0.20) 0.71 (0.94) (0.19) - (0.03) (0.44) (0.49) (0.96) 8.92

ET8 Shares Commencement of operations January 6, 2012Mar. 31, 2020 6.09 0.14 (0.14) 0.01 (0.06) (0.05) - (0.05) (0.08) (0.48) (0.61) 5.40Mar. 31, 2019 6.51 0.22 (0.13) (0.03) 0.09 0.15 - - (0.04) (0.52) (0.56) 6.09Mar. 31, 2018 7.16 0.22 (0.16) 0.04 (0.12) (0.02) - - (0.04) (0.59) (0.63) 6.51Mar. 31, 2017 7.82 0.24 (0.17) 0.14 0.10 0.31 - - (0.29) (0.65) (0.94) 7.16Mar. 31, 2016 9.12 0.24 (0.19) 0.70 (0.90) (0.15) - (0.02) (0.38) (0.71) (1.11) 7.82

F Shares Commencement of operations September 17, 2010Mar. 31, 2020 12.30 0.43 (0.16) 0.03 (0.72) (0.42) - (0.11) (0.17) - (0.28) 11.95Mar. 31, 2019 11.97 0.34 (0.13) (0.06) 0.09 0.24 - - (0.08) - (0.08) 12.30Mar. 31, 2018 12.00 0.31 (0.18) 0.07 (0.14) 0.06 - - (0.07) - (0.07) 11.97Mar. 31, 2017 11.93 0.42 (0.17) 0.26 - 0.51 - - (0.48) - (0.48) 12.00Mar. 31, 2016 12.69 0.32 (0.15) 0.95 (1.25) (0.13) - (0.03) (0.59) - (0.62) 11.93

F1 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 10.14 0.01 (0.04) - 0.31 0.28 - - (0.03) - (0.03) -Mar. 31, 2019 9.86 0.41 (0.10) (0.06) 0.19 0.44 - - (0.07) - (0.07) 10.14Mar. 31, 2018 10.00 0.44 (0.11) 0.07 (0.42) (0.02) - - (0.05) - (0.05) 9.86

F2 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 10.14 0.01 (0.04) - 0.32 0.29 - - (0.03) - (0.03) -Mar. 31, 2019 9.86 0.36 (0.10) (0.05) 0.13 0.34 - - (0.07) - (0.07) 10.14Mar. 31, 2018 10.00 0.44 (0.11) 0.08 (0.40) 0.01 - - (0.05) - (0.05) 9.86

F3 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 10.16 0.01 (0.04) - 0.32 0.29 - - (0.03) - (0.03) -Mar. 31, 2019 9.87 0.35 (0.09) (0.05) 0.19 0.40 - - (0.07) - (0.07) 10.16Mar. 31, 2018 10.00 0.38 (0.11) 0.06 (0.29) 0.04 - - (0.05) - (0.05) 9.87





of year (2) Total

revenue

Total expenses


Realized gains


Unrealized gains



from operations (2)

From net investment


From dividends

From capital


dividends (2, 3)



$ $ $ $ $ $ $ $ $ $ $ $


F4 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 10.17 0.01 (0.04) - 0.32 0.29 - - (0.03) - (0.03) -Mar. 31, 2019 9.87 0.27 (0.09) (0.05) 0.29 0.42 - - (0.07) - (0.07) 10.17Mar. 31, 2018 10.00 0.52 (0.10) 0.09 (0.55) (0.04) - - (0.05) - (0.05) 9.87

F5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 10.19 0.01 (0.03) 0.01 0.34 0.33 - - (0.03) - (0.03) -Mar. 31, 2019 9.88 0.37 (0.07) (0.05) 0.16 0.41 - - (0.07) - (0.07) 10.19Mar. 31, 2018 10.00 0.25 (0.09) 0.02 (0.16) 0.02 - - (0.05) - (0.05) 9.88

FT5 Shares Commencement of operations September 17, 2010Mar. 31, 2020 7.96 0.25 (0.10) 0.02 (0.55) (0.38) - (0.07) (0.11) (0.39) (0.57) 7.37Mar. 31, 2019 8.16 0.20 (0.09) (0.04) 0.06 0.13 - - (0.06) (0.41) (0.47) 7.96Mar. 31, 2018 8.62 0.19 (0.13) 0.05 (0.05) 0.06 - - (0.04) (0.44) (0.48) 8.16Mar. 31, 2017 9.02 0.33 (0.12) 0.21 (0.06) 0.36 - - (0.35) (0.47) (0.82) 8.62Mar. 31, 2016 10.10 0.28 (0.12) 0.82 (1.07) (0.09) - (0.03) (0.44) (0.49) (0.96) 9.02

F1T5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 9.19 0.01 (0.04) - 0.28 0.25 - - (0.02) (0.15) (0.17) -Mar. 31, 2019 9.41 0.38 (0.09) (0.05) 0.15 0.39 - - (0.06) (0.47) (0.53) 9.19Mar. 31, 2018 10.00 0.56 (0.10) 0.09 (0.55) - - - (0.05) (0.45) (0.50) 9.41

F2T5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 9.20 0.01 (0.04) - 0.28 0.25 - - (0.02) (0.15) (0.17) -Mar. 31, 2019 9.41 0.33 (0.09) (0.05) 0.12 0.31 - - (0.06) (0.47) (0.53) 9.20Mar. 31, 2018 10.00 0.53 (0.11) 0.08 (0.48) 0.02 - - (0.05) (0.45) (0.50) 9.41

FT8 Shares Commencement of operations September 17, 2010Mar. 31, 2020 6.06 0.22 (0.07) 0.02 (0.51) (0.34) - (0.05) (0.08) (0.48) (0.61) 5.44Mar. 31, 2019 6.42 0.15 (0.07) (0.03) 0.02 0.07 - - (0.04) (0.52) (0.56) 6.06Mar. 31, 2018 7.00 0.10 (0.10) 0.03 0.04 0.07 - - (0.04) (0.57) (0.61) 6.42Mar. 31, 2017 7.58 0.29 (0.10) 0.18 (0.10) 0.27 - - (0.28) (0.63) (0.91) 7.00Mar. 31, 2016 8.75 0.20 (0.10) 0.58 (0.75) (0.07) - (0.02) (0.37) (0.69) (1.08) 7.58





of year (2) Total

revenue

Total expenses


Realized gains


Unrealized gains



from operations (2)

From net investment


From dividends

From capital


dividends (2, 3)



$ $ $ $ $ $ $ $ $ $ $ $


F1T8 Shares^Commencement of operations May 1, 2017Mar. 31, 2020 8.65 0.01 (0.03) - 0.25 0.23 - - (0.02) (0.23) (0.25) -Mar. 31, 2019 9.14 0.40 (0.09) (0.05) 0.17 0.43 - - (0.06) (0.74) (0.80) 8.65Mar. 31, 2018 10.00 0.46 (0.11) 0.08 (0.29) 0.14 - - (0.05) (0.72) (0.77) 9.14

F2T8 Shares^Commencement of operations May 1, 2017Mar. 31, 2020 8.65 0.01 (0.04) - 0.26 0.23 - - (0.02) (0.23) (0.25) -Mar. 31, 2019 9.14 0.21 (0.08) (0.05) 0.13 0.21 - - (0.06) (0.74) (0.80) 8.65Mar. 31, 2018 10.00 0.61 (0.10) 0.09 (0.60) - - - (0.05) (0.72) (0.77) 9.14

F3T8 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 8.66 0.01 (0.03) - 0.26 0.24 - - (0.02) (0.23) (0.25) -Mar. 31, 2019 9.15 0.32 (0.08) (0.05) 0.13 0.32 - - (0.06) (0.74) (0.80) 8.66Mar. 31, 2018 10.00 0.28 (0.10) 0.06 (0.31) (0.07) - - (0.05) (0.72) (0.77) 9.15

F4T8 Shares Commencement of operations May 1, 2017Mar. 31, 2020 8.67 0.01 (0.03) - 0.26 0.24 - - (0.02) (0.23) (0.25) -Mar. 31, 2019 9.15 0.32 (0.08) (0.05) 0.13 0.32 - - (0.06) (0.74) (0.80) 8.67Mar. 31, 2018 10.00 0.28 (0.10) 0.06 (0.31) (0.07) - - (0.05) (0.72) (0.77) 9.15

F5T8 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 8.69 0.01 (0.03) - 0.26 0.24 - - (0.02) (0.23) (0.25) -Mar. 31, 2019 9.16 0.32 (0.06) (0.05) 0.13 0.34 - - (0.06) (0.74) (0.80) 8.69Mar. 31, 2018 10.00 0.28 (0.09) 0.06 (0.31) (0.06) - - (0.05) (0.72) (0.77) 9.16

I Shares Commencement of operations September 17, 2010Mar. 31, 2020 13.56 0.38 (0.04) 0.03 (0.31) 0.06 - (0.13) (0.19) - (0.32) 13.30Mar. 31, 2019 13.07 0.46 (0.01) (0.07) 0.16 0.54 - - (0.09) - (0.09) 13.56Mar. 31, 2018 12.94 0.38 (0.04) 0.08 (0.22) 0.20 - - (0.07) - (0.07) 13.07Mar. 31, 2017 12.71 0.42 (0.02) 0.26 0.08 0.74 - - (0.52) - (0.52) 12.94Mar. 31, 2016 13.36 0.34 - 1.00 (1.29) 0.05 - (0.04) (0.62) - (0.66) 12.71





of year (2) Total

revenue

Total expenses


Realized gains


Unrealized gains



from operations (2)

From net investment


From dividends

From capital


dividends (2, 3)



$ $ $ $ $ $ $ $ $ $ $ $

*Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

IT5 Shares Commencement of operations September 17, 2010Mar. 31, 2020 8.81 0.23 (0.03) 0.02 (0.18) 0.04 - (0.08) (0.12) (0.43) (0.63) 8.23Mar. 31, 2019 8.94 0.35 (0.01) (0.05) (0.02) 0.27 - - (0.06) (0.45) (0.51) 8.81Mar. 31, 2018 9.32 0.24 (0.03) 0.05 (0.13) 0.13 - - (0.05) (0.48) (0.53) 8.94Mar. 31, 2017 9.64 0.21 (0.02) 0.14 0.51 0.84 - - (0.38) (0.50) (0.88) 9.32Mar. 31, 2016 10.66 0.26 - 0.75 (1.01) - - (0.03) (0.47) (0.52) (1.02) 9.64

IT8 Shares Commencement of operations September 17, 2010Mar. 31, 2020 6.73 0.17 (0.02) 0.02 (0.11) 0.06 - (0.06) (0.09) (0.53) (0.68) 6.10Mar. 31, 2019 7.06 0.25 (0.01) (0.04) 0.05 0.25 - - (0.05) (0.57) (0.62) 6.73Mar. 31, 2018 7.60 0.22 (0.02) 0.05 (0.14) 0.11 - - (0.04) (0.62) (0.66) 7.06Mar. 31, 2017 8.12 0.22 (0.01) 0.14 0.14 0.49 - - (0.31) (0.68) (0.99) 7.60Mar. 31, 2016 9.26 0.21 - 0.60 (0.70) 0.11 - (0.02) (0.40) (0.73) (1.15) 8.12

O Shares Commencement of operations October 4, 2011Mar. 31, 2020 13.11 0.35 (0.07) 0.03 (0.23) 0.08 - (0.12) (0.19) - (0.31) 12.84Mar. 31, 2019 12.66 0.42 (0.03) (0.07) 0.15 0.47 - - (0.09) - (0.09) 13.11Mar. 31, 2018 12.55 0.37 (0.06) 0.08 (0.22) 0.17 - - (0.07) - (0.07) 12.66Mar. 31, 2017 12.36 0.44 (0.04) 0.28 (0.01) 0.67 - - (0.51) - (0.51) 12.55Mar. 31, 2016 13.01 0.33 (0.02) 0.96 (1.26) 0.01 - (0.04) (0.61) - (0.65) 12.36

OT5 Shares Commencement of operations January 6, 2012Mar. 31, 2020 8.81 0.23 (0.04) 0.02 (0.18) 0.03 - (0.08) (0.12) (0.43) (0.63) 8.22Mar. 31, 2019 8.96 0.31 (0.02) (0.05) 0.09 0.33 - - (0.06) (0.45) (0.51) 8.81Mar. 31, 2018 9.36 0.25 (0.04) 0.05 (0.14) 0.12 - - (0.05) (0.48) (0.53) 8.96Mar. 31, 2017 9.70 0.33 (0.03) 0.20 0.03 0.53 - - (0.38) (0.51) (0.89) 9.36Mar. 31, 2016 10.73 0.26 (0.02) 0.78 (1.03) (0.01) - (0.03) (0.48) (0.53) (1.04) 9.70

OT8 Shares Commencement of operations January 6, 2012Mar. 31, 2020 7.01 0.19 (0.03) 0.02 (0.12) 0.06 - (0.06) (0.09) (0.55) (0.70) 6.34Mar. 31, 2019 7.36 0.25 (0.02) (0.04) 0.10 0.29 - - (0.05) (0.59) (0.64) 7.01Mar. 31, 2018 7.94 0.22 (0.04) 0.05 (0.11) 0.12 - - (0.04) (0.65) (0.69) 7.36Mar. 31, 2017 8.50 0.29 (0.03) 0.17 0.01 0.44 - - (0.32) (0.71) (1.03) 7.94Mar. 31, 2016 9.71 0.24 (0.02) 0.71 (0.94) (0.01) - (0.02) (0.42) (0.76) (1.20) 8.50

P Shares Commencement of operations May 1, 2017Mar. 31, 2020 10.27 0.29 (0.05) 0.02 (0.31) (0.05) - (0.09) (0.15) - (0.24) 10.06Mar. 31, 2019 9.92 0.37 (0.03) (0.05) 0.16 0.45 - - (0.07) - (0.07) 10.27Mar. 31, 2018 10.00 0.42 (0.05) 0.07 (0.35) 0.09 - - (0.05) - (0.05) 9.92





of year (2) Total

revenue

Total expenses


Realized gains


Unrealized gains



from operations (2)

From net investment


From dividends

From capital


dividends (2, 3)



$ $ $ $ $ $ $ $ $ $ $ $

*Footnotes for the tables are found at the end of the Net Assets per Share section of the Financial Highlights.

PT5 Shares Commencement of operations May 1, 2017Mar. 31, 2020 9.32 0.53 (0.05) 0.02 (1.22) (0.72) - (0.08) (0.13) (0.46) (0.67) 8.69Mar. 31, 2019 9.47 0.34 (0.03) (0.05) 0.14 0.40 - - (0.06) (0.48) (0.54) 9.32Mar. 31, 2018 10.00 0.28 (0.05) 0.06 (0.31) (0.02) - - (0.05) (0.45) (0.50) 9.47

PT8 Shares Commencement of operations May 1, 2017Mar. 31, 2020 8.77 0.23 (0.05) 0.02 (0.19) 0.01 - (0.07) (0.12) (0.69) (0.88) 7.93Mar. 31, 2019 9.20 0.32 (0.03) (0.05) 0.13 0.37 - - (0.06) (0.74) (0.80) 8.77Mar. 31, 2018 10.00 0.28 (0.05) 0.06 (0.31) (0.02) - - (0.05) (0.72) (0.77) 9.20

U Shares Commencement of operations September 17, 2010Mar. 31, 2020 11.92 0.31 (0.22) 0.03 (0.13) (0.01) - (0.11) (0.17) - (0.28) 11.52Mar. 31, 2019 11.66 0.41 (0.19) (0.06) 0.16 0.32 - - (0.08) - (0.08) 11.92Mar. 31, 2018 11.72 0.33 (0.21) 0.07 (0.18) 0.01 - - (0.06) - (0.06) 11.66Mar. 31, 2017 11.69 0.39 (0.20) 0.24 0.08 0.51 - - (0.47) - (0.47) 11.72Mar. 31, 2016 12.47 0.29 (0.19) 0.85 (1.14) (0.19) - (0.03) (0.57) - (0.60) 11.69

V Shares Commencement of operations September 17, 2010Mar. 31, 2020 12.67 0.34 (0.15) 0.03 (0.17) 0.05 - (0.12) (0.18) - (0.30) 12.32Mar. 31, 2019 12.30 0.42 (0.11) (0.07) 0.14 0.38 - - (0.09) - (0.09) 12.67Mar. 31, 2018 12.28 0.35 (0.14) 0.08 (0.20) 0.09 - - (0.07) - (0.07) 12.30Mar. 31, 2017 12.16 0.41 (0.12) 0.26 0.08 0.63 - - (0.49) - (0.49) 12.28Mar. 31, 2016 12.88 0.30 (0.10) 0.88 (1.17) (0.09) - (0.04) (0.60) - (0.64) 12.16

W Shares Commencement of operations September 17, 2010Mar. 31, 2020 12.27 0.32 (0.16) 0.03 (0.18) 0.01 - (0.11) (0.17) - (0.28) 11.93Mar. 31, 2019 11.96 0.41 (0.14) (0.07) 0.14 0.34 - - (0.08) - (0.08) 12.27Mar. 31, 2018 11.98 0.33 (0.18) 0.07 (0.17) 0.05 - - (0.07) - (0.07) 11.96Mar. 31, 2017 11.91 0.37 (0.17) 0.23 0.15 0.58 - - (0.48) - (0.48) 11.98Mar. 31, 2016 12.66 0.31 (0.15) 0.90 (1.20) (0.14) - (0.03) (0.58) - (0.61) 11.91

PCW Shares Commencement of operations July 27, 2017Mar. 31, 2020 10.46 0.33 (0.05) 0.03 (0.64) (0.33) - (0.10) (0.15) - (0.25) 10.24Mar. 31, 2019 10.10 0.72 (0.03) (0.05) 0.85 1.49 - - (0.07) - (0.07) 10.46Mar. 31, 2018 10.00 0.28 (0.04) 0.05 (0.14) 0.15 - - (0.06) - (0.06) 10.10Mar. 31, 2017 - - - - - - - - - - - -Mar. 31, 2016 - - - - - - - - - - - -Mar. 31, 2015



Net Assets per Share ($) (1) (2) (4) Increase (decrease) from operations: Dividends:


of year (2) Total

revenue

Total expenses


Realized gains


Unrealized gains



from operations (2)

From net investment


From dividends

From capital


dividends (2, 3)



$ $ $ $ $ $ $ $ $ $ $ $

WT5 Shares Commencement of operations September 17, 2010Mar. 31, 2020 8.09 0.22 (0.10) 0.02 (0.16) (0.02) - (0.07) (0.11) (0.40) (0.58) 7.48Mar. 31, 2019 8.29 0.29 (0.09) (0.04) 0.11 0.27 - - (0.06) (0.42) (0.48) 8.09Mar. 31, 2018 8.76 0.25 (0.13) 0.05 (0.14) 0.03 - - (0.05) (0.45) (0.50) 8.29Mar. 31, 2017 9.17 0.30 (0.13) 0.19 0.06 0.42 - - (0.35) (0.48) (0.83) 8.76Mar. 31, 2016 10.26 0.24 (0.12) 0.70 (0.93) (0.11) - (0.03) (0.45) (0.50) (0.98) 9.17

PCWT8 Shares Commencement of operations July 27, 2017Mar. 31, 2020 9.11 0.24 (0.04) 0.02 (0.19) 0.03 - (0.08) (0.12) (0.72) (0.92) 8.24Mar. 31, 2019 9.57 0.34 (0.03) (0.05) 0.14 0.40 - - (0.06) (0.77) (0.83) 9.11Mar. 31, 2018 10.00 0.28 (0.04) 0.05 (0.14) 0.15 - - (0.05) (0.53) (0.58) 9.57Mar. 31, 2017 - - - - - - - - - - - -Mar. 31, 2016 - - - - - - - - - - - -Mar. 31, 2015

Y Shares Commencement of operations September 17, 2010Mar. 31, 2020 12.66 0.32 (0.15) 0.03 (0.14) 0.06 - (0.12) (0.18) - (0.30) 12.31Mar. 31, 2019 12.29 0.45 (0.11) (0.07) 0.12 0.39 - - (0.09) - (0.09) 12.66Mar. 31, 2018 12.27 0.35 (0.14) 0.08 (0.23) 0.06 - - (0.07) - (0.07) 12.29Mar. 31, 2017 12.16 0.41 (0.12) 0.26 0.08 0.63 - - (0.49) - (0.49) 12.27Mar. 31, 2016 12.88 0.31 (0.11) 0.91 (1.21) (0.10) - (0.04) (0.60) - (0.64) 12.16

Z Shares Commencement of operations September 17, 2010Mar. 31, 2020 11.52 0.31 (0.27) 0.03 (0.20) (0.13) - (0.10) (0.16) - (0.26) 11.08Mar. 31, 2019 11.32 0.40 (0.23) (0.06) 0.14 0.25 - - (0.08) - (0.08) 11.52Mar. 31, 2018 11.42 0.33 (0.25) 0.07 (0.18) (0.03) - - (0.06) - (0.06) 11.32Mar. 31, 2017 11.44 0.38 (0.25) 0.24 0.08 0.45 - - (0.46) - (0.46) 11.42Mar. 31, 2016 12.25 0.29 (0.23) 0.85 (1.13) (0.22) - (0.03) (0.56) - (0.59) 11.44

(1) This information is derived from the Fund’s audited annual financial statements.

(2) Net assets per share and dividends per share are based on the actual number of shares outstanding for the relevant class at the relevant time. The increase (decrease) in net assets from operations per share is based on the weighted average number of shares outstanding for the relevant class over the fiscal year.

(3) Dividends are automatically reinvested in additional shares of the Fund.

(4) This information is provided for the years ended March 31.


^Effective after the close of business on August 2, 2019, the Fund transitioned from a CI Preferred Pricing Program (CIPP) model to a fee rebate model. Please refer to most recent simplified prospectus for further details. *Footnotes for the tables are found at the end of the Financial Highlights section.


Ratios and Supplemental Data (1) (5) *

Total net assets (5)

Number of shares

outstanding (5)

Management expense ratio before taxes (2)

Harmonized sales tax (2)

Management expense ratio

after taxes (2)

Effective HST rate for the

year (2)

Trading expense ratio (3)

Portfolio turnover rate (4)

$000’s 000’s % % % % % %

A Shares Commencement of operations September 17, 2010Mar. 31, 2020 828,684 75,400 1.82 0.21 2.03 11.65 0.01 10.85Mar. 31, 2019 738,295 64,558 1.82 0.21 2.03 11.69 0.02 6.71Mar. 31, 2018 1,032,571 91,819 1.82 0.21 2.03 11.64 0.02 15.43Mar. 31, 2017 1,664,102 146,458 1.82 0.21 2.03 11.68 0.02 21.15Mar. 31, 2016 2,049,786 179,907 1.82 0.21 2.03 11.71 0.01 9.79

A2 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 1.81 0.20 2.01 10.79 0.01 10.85Mar. 31, 2019 104,816 10,554 1.81 0.19 2.00 10.67 0.02 6.71Mar. 31, 2018 119,378 12,228 1.81 0.19 2.00 10.63 0.02 15.43



A5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 1.58 0.17 1.75 11.05 0.01 10.85Mar. 31, 2019 8,210 823 1.58 0.19 1.77 12.20 0.02 6.71Mar. 31, 2018 6,816 697 1.57 0.19 1.76 12.21 0.02 15.43

AT5 Shares Commencement of operations September 17, 2010Mar. 31, 2020 12,277 1,820 1.82 0.21 2.03 11.77 0.01 10.85Mar. 31, 2019 14,774 2,003 1.82 0.21 2.03 11.73 0.02 6.71Mar. 31, 2018 20,978 2,746 1.82 0.21 2.03 11.64 0.02 15.43Mar. 31, 2017 33,505 4,118 1.82 0.21 2.03 11.56 0.02 21.15Mar. 31, 2016 43,834 5,100 1.82 0.21 2.03 11.75 0.01 9.79


A2T5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 1.81 0.15 1.96 8.53 0.01 10.85Mar. 31, 2019 542 60 1.81 0.17 1.98 9.40 0.02 6.71Mar. 31, 2018 1,190 128 1.81 0.21 2.02 12.00 0.02 15.43

A3T5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 1.74 0.23 1.97 14.09 0.01 10.85Mar. 31, 2019 10 1 1.74 0.23 1.97 13.27 0.02 6.71Mar. 31, 2018 22 2 1.75 0.23 1.98 13.00 0.02 15.43


AT8 Shares Commencement of operations September 17, 2010Mar. 31, 2020 11,032 2,214 1.82 0.23 2.05 12.79 0.01 10.85Mar. 31, 2019 10,532 1,874 1.82 0.23 2.05 12.50 0.02 6.71Mar. 31, 2018 13,451 2,236 1.82 0.22 2.04 12.00 0.02 15.43Mar. 31, 2017 20,472 3,093 1.82 0.21 2.03 11.76 0.02 21.15Mar. 31, 2016 23,317 3,227 1.82 0.21 2.03 11.36 0.01 9.79

A2T8 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 1.81 0.22 2.03 12.20 0.01 10.85Mar. 31, 2019 2,077 246 1.81 0.25 2.06 13.89 0.02 6.71Mar. 31, 2018 1,972 218 1.81 0.26 2.07 14.34 0.02 15.43






Number of shares

outstanding (5)




after taxes (2)


year (2)



$000’s 000’s % % % % % %




E Shares Commencement of operations October 4, 2011Mar. 31, 2020 154,266 14,136 1.80 0.19 1.99 10.55 0.01 10.85Mar. 31, 2019 175,872 15,494 1.80 0.19 1.99 10.76 0.02 6.71Mar. 31, 2018 285,520 25,589 1.80 0.19 1.99 10.73 0.02 15.43Mar. 31, 2017 341,969 30,345 1.80 0.19 1.99 10.80 0.02 21.15Mar. 31, 2016 281,706 24,938 1.94 0.21 2.15 10.81 0.01 9.79

EF Shares Commencement of operations December 5, 2014Mar. 31, 2020 61,345 6,289 0.80 0.09 0.89 11.76 0.01 10.85Mar. 31, 2019 70,118 6,988 0.80 0.10 0.90 11.94 0.02 6.71Mar. 31, 2018 103,618 10,622 0.80 0.10 0.90 12.27 0.02 15.43Mar. 31, 2017 148,345 15,220 0.80 0.10 0.90 12.48 0.02 21.15Mar. 31, 2016 101,510 10,506 0.93 0.12 1.05 12.88 0.01 9.79

EFT5 Shares Commencement of operations December 5, 2014Mar. 31, 2020 1,933 259 0.80 0.07 0.87 9.27 0.01 10.85Mar. 31, 2019 2,358 292 0.80 0.08 0.88 9.67 0.02 6.71Mar. 31, 2018 5,101 618 0.80 0.08 0.88 10.49 0.02 15.43Mar. 31, 2017 6,063 697 0.80 0.08 0.88 10.13 0.02 21.15Mar. 31, 2016 4,192 462 0.92 0.09 1.01 12.24 0.01 9.79

EFT8 Shares Commencement of operations December 5, 2014Mar. 31, 2020 2,353 375 0.80 0.07 0.87 8.62 0.01 10.85Mar. 31, 2019 3,217 460 0.80 0.07 0.87 8.78 0.02 6.71Mar. 31, 2018 5,087 688 0.80 0.06 0.86 7.92 0.02 15.43Mar. 31, 2017 5,089 633 0.80 0.07 0.87 9.57 0.02 21.15Mar. 31, 2016 2,652 306 0.92 0.09 1.01 12.30 0.01 9.79





Number of shares

outstanding (5)




after taxes (2)


year (2)



$000’s 000’s % % % % % %


ET5 Shares Commencement of operations December 7, 2011Mar. 31, 2020 2,733 389 1.80 0.15 1.95 8.14 0.01 10.85Mar. 31, 2019 2,931 382 1.80 0.14 1.94 7.80 0.02 6.71Mar. 31, 2018 5,061 638 1.80 0.17 1.97 9.30 0.02 15.43Mar. 31, 2017 6,721 796 1.80 0.17 1.97 9.48 0.02 21.15Mar. 31, 2016 9,395 1,054 1.94 0.16 2.10 8.21 0.01 9.79

ET8 Shares Commencement of operations January 6, 2012Mar. 31, 2020 2,316 429 1.80 0.18 1.98 10.12 0.01 10.85Mar. 31, 2019 3,757 617 1.80 0.19 1.99 10.60 0.02 6.71Mar. 31, 2018 4,420 679 1.80 0.18 1.98 10.20 0.02 15.43Mar. 31, 2017 5,147 719 1.80 0.22 2.02 12.12 0.02 21.15Mar. 31, 2016 6,377 816 1.94 0.22 2.16 11.42 0.01 9.79

F Shares Commencement of operations September 17, 2010Mar. 31, 2020 192,370 16,092 0.82 0.10 0.92 12.07 0.01 10.85Mar. 31, 2019 62,436 5,076 0.93 0.12 1.05 12.40 0.02 6.71Mar. 31, 2018 114,425 9,557 1.07 0.13 1.20 12.58 0.02 15.43Mar. 31, 2017 182,532 15,213 1.07 0.13 1.20 12.39 0.02 21.15Mar. 31, 2016 170,592 14,298 1.07 0.13 1.20 12.36 0.01 9.79

F1 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 0.82 0.10 0.92 12.07 0.01 10.85Mar. 31, 2019 48,671 4,799 0.82 0.09 0.91 11.53 0.02 6.71Mar. 31, 2018 39,464 4,002 0.82 0.09 0.91 11.58 0.02 15.43







Number of shares

outstanding (5)




after taxes (2)


year (2)



$000’s 000’s % % % % % %


F4 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 0.70 0.08 0.78 11.31 0.01 10.85Mar. 31, 2019 7,539 742 0.70 0.09 0.79 12.60 0.02 6.71Mar. 31, 2018 5,745 582 0.70 0.09 0.79 12.92 0.02 15.43

F5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 0.58 0.08 0.66 13.77 0.01 10.85Mar. 31, 2019 1,654 162 0.58 0.08 0.66 14.34 0.02 6.71Mar. 31, 2018 1,329 134 0.58 0.08 0.66 14.56 0.02 15.43

FT5 Shares Commencement of operations September 17, 2010Mar. 31, 2020 6,711 911 0.82 0.08 0.90 10.38 0.01 10.85Mar. 31, 2019 2,201 276 0.93 0.09 1.02 10.20 0.02 6.71Mar. 31, 2018 4,611 565 1.07 0.13 1.20 11.53 0.02 15.43Mar. 31, 2017 9,454 1,097 1.07 0.13 1.20 11.92 0.02 21.15Mar. 31, 2016 8,080 895 1.07 0.12 1.19 11.57 0.01 9.79

F1T5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 0.82 0.08 0.90 9.38 0.01 10.85Mar. 31, 2019 2,086 227 0.82 0.06 0.88 7.36 0.02 6.71Mar. 31, 2018 1,791 190 0.82 0.05 0.87 5.57 0.02 15.43

F2T5 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 0.81 0.04 0.85 5.06 0.01 10.85Mar. 31, 2019 1,319 143 0.81 0.04 0.85 5.09 0.02 6.71Mar. 31, 2018 1,602 170 0.81 0.07 0.88 10.88 0.02 15.43

FT8 Shares Commencement of operations September 17, 2010Mar. 31, 2020 1,349 248 0.82 0.09 0.91 10.45 0.01 10.85Mar. 31, 2019 215 36 0.94 0.11 1.05 11.62 0.02 6.71Mar. 31, 2018 568 89 1.07 0.13 1.20 12.11 0.02 15.43Mar. 31, 2017 1,517 217 1.07 0.11 1.18 10.70 0.02 21.15Mar. 31, 2016 1,816 240 1.07 0.11 1.18 10.25 0.01 9.79





Number of shares

outstanding (5)




after taxes (2)


year (2)



$000’s 000’s % % % % % %


F1T8 Shares^Commencement of operations May 1, 2017Mar. 31, 2020 - - 0.82 0.07 0.89 8.04 0.01 10.85Mar. 31, 2019 473 55 0.82 0.06 0.88 7.47 0.02 6.71Mar. 31, 2018 309 34 0.82 0.08 0.90 11.46 0.02 15.43

F2T8 Shares^ Commencement of operations May 1, 2017Mar. 31, 2020 - - 0.81 0.11 0.92 13.00 0.01 10.85Mar. 31, 2019 278 32 0.81 0.11 0.92 13.00 0.02 6.71Mar. 31, 2018 887 97 0.81 0.11 0.92 13.00 0.02 15.43




I Shares Commencement of operations September 17, 2010Mar. 31, 2020 765,597 57,554 - - - - 0.01 10.85Mar. 31, 2019 780,328 57,542 - - - - 0.02 6.71Mar. 31, 2018 886,200 67,821 - - - - 0.02 15.43Mar. 31, 2017 926,689 71,634 - - - - 0.02 21.15Mar. 31, 2016 630,727 49,621 - - - - 0.01 9.79





Number of shares

outstanding (5)




after taxes (2)


year (2)



$000’s 000’s % % % % % %


IT5 Shares Commencement of operations September 17, 2010Mar. 31, 2020 179 22 - - - - 0.01 10.85Mar. 31, 2019 187 21 - - - - 0.02 6.71Mar. 31, 2018 986 110 - - - - 0.02 15.43Mar. 31, 2017 1,624 174 - - - - 0.02 21.15Mar. 31, 2016 4,471 464 - - - - 0.01 9.79

IT8 Shares Commencement of operations September 17, 2010Mar. 31, 2020 2,896 475 - - - - 0.01 10.85Mar. 31, 2019 3,498 519 - - - - 0.02 6.71Mar. 31, 2018 5,033 713 - - - - 0.02 15.43Mar. 31, 2017 5,399 710 - - - - 0.02 21.15Mar. 31, 2016 6,695 824 - - - - 0.01 9.79

O Shares Commencement of operations October 4, 2011Mar. 31, 2020 407,435 31,725 0.15 0.02 0.17 10.44 0.01 10.85Mar. 31, 2019 473,640 36,116 0.15 0.02 0.17 10.30 0.02 6.71Mar. 31, 2018 635,811 50,232 0.15 0.02 0.17 10.45 0.02 15.43Mar. 31, 2017 702,957 55,995 0.15 0.02 0.17 10.47 0.02 21.15Mar. 31, 2016 605,635 49,012 0.15 0.02 0.17 10.34 0.01 9.79

OT5 Shares Commencement of operations January 6, 2012Mar. 31, 2020 6,066 738 0.15 0.01 0.16 8.67 0.01 10.85Mar. 31, 2019 7,037 798 0.15 0.01 0.16 9.85 0.02 6.71Mar. 31, 2018 9,468 1,057 0.15 0.02 0.17 10.72 0.02 15.43Mar. 31, 2017 10,643 1,137 0.15 0.02 0.17 10.95 0.02 21.15Mar. 31, 2016 10,439 1,077 0.15 0.02 0.17 11.12 0.01 9.79

OT8 Shares Commencement of operations January 6, 2012Mar. 31, 2020 13,113 2,068 0.15 0.01 0.16 9.37 0.01 10.85Mar. 31, 2019 14,601 2,082 0.15 0.01 0.16 9.81 0.02 6.71Mar. 31, 2018 17,775 2,415 0.15 0.01 0.16 9.53 0.02 15.43Mar. 31, 2017 22,810 2,872 0.15 0.01 0.16 9.07 0.02 21.15Mar. 31, 2016 13,693 1,611 0.15 0.01 0.16 9.27 0.01 9.79

P Shares Commencement of operations May 1, 2017Mar. 31, 2020 14,694 1,461 0.17 0.02 0.19 10.91 0.01 10.85Mar. 31, 2019 12,661 1,232 0.17 0.02 0.19 9.07 0.02 6.71Mar. 31, 2018 9,320 940 0.17 0.01 0.18 8.22 0.02 15.43

*Footnotes for the tables are found at the end of the Financial Highlights section.




Number of shares

outstanding (5)




after taxes (2)


year (2)



$000’s 000’s % % % % % %


PT5 Shares Commencement of operations May 1, 2017Mar. 31, 2020 85 10 0.17 0.02 0.19 13.00 0.01 10.85Mar. 31, 2019 10 1 0.18 0.03 0.21 13.00 0.02 6.71Mar. 31, 2018 10 1 0.18 0.03 0.21 13.00 0.02 15.43

PT8 Shares Commencement of operations May 1, 2017Mar. 31, 2020 10 1 0.17 0.03 0.20 13.00 0.01 10.85Mar. 31, 2019 10 1 0.18 0.03 0.21 13.00 0.02 6.71Mar. 31, 2018 10 1 0.18 0.03 0.21 13.00 0.02 15.43

U Shares Commencement of operations September 17, 2010Mar. 31, 2020 7,100 616 1.37 0.15 1.52 10.64 0.01 10.85Mar. 31, 2019 9,016 756 1.37 0.15 1.52 10.60 0.02 6.71Mar. 31, 2018 9,717 833 1.37 0.14 1.51 10.31 0.02 15.43Mar. 31, 2017 10,497 895 1.37 0.14 1.51 9.93 0.02 21.15Mar. 31, 2016 11,377 973 1.37 0.13 1.50 9.74 0.01 9.79

V Shares Commencement of operations September 17, 2010Mar. 31, 2020 13,858 1,125 0.72 0.09 0.81 11.82 0.01 10.85Mar. 31, 2019 16,797 1,326 0.72 0.09 0.81 12.06 0.02 6.71Mar. 31, 2018 20,303 1,650 0.72 0.09 0.81 12.05 0.02 15.43Mar. 31, 2017 23,723 1,932 0.72 0.09 0.81 11.94 0.02 21.15Mar. 31, 2016 24,972 2,053 0.72 0.09 0.81 11.96 0.01 9.79

W Shares Commencement of operations September 17, 2010Mar. 31, 2020 8,380 702 0.82 0.09 0.91 10.78 0.01 10.85Mar. 31, 2019 10,020 816 0.97 0.10 1.07 10.52 0.02 6.71Mar. 31, 2018 12,066 1,009 1.07 0.11 1.18 10.67 0.02 15.43Mar. 31, 2017 15,307 1,278 1.07 0.11 1.18 10.53 0.02 21.15Mar. 31, 2016 19,645 1,649 1.07 0.12 1.19 11.15 0.01 9.79

PCW Shares Commencement of operations July 27, 2017Mar. 31, 2020 25,719 2,511 0.12 0.01 0.13 11.68 0.01 10.85Mar. 31, 2019 5,685 544 0.17 0.02 0.19 13.00 0.02 6.71Mar. 31, 2018 10 1 0.17 0.03 0.20 13.00 0.02 15.43Mar. 31, 2017 - - - - - - - -Mar. 31, 2016 - - - - - - - -Mar. 31, 2015

*Footnotes for the tables are found at the end of the Financial Highlights section.




Number of shares

outstanding (5)




after taxes (2)


year (2)



$000’s 000’s % % % % % %


WT5 Shares Commencement of operations September 17, 2010Mar. 31, 2020 122 16 0.82 0.11 0.93 13.00 0.01 10.85Mar. 31, 2019 129 16 0.96 0.13 1.09 13.00 0.02 6.71Mar. 31, 2018 132 16 1.07 0.14 1.21 13.00 0.02 15.43Mar. 31, 2017 140 16 1.07 0.14 1.21 13.00 0.02 21.15Mar. 31, 2016 204 22 1.07 0.14 1.21 13.00 0.01 9.79

PCWT8 Shares Commencement of operations July 27, 2017Mar. 31, 2020 11 1 0.13 0.01 0.14 13.00 0.01 10.85Mar. 31, 2019 11 1 0.17 0.03 0.20 13.00 0.02 6.71Mar. 31, 2018 10 1 0.17 0.03 0.20 13.00 0.02 15.43Mar. 31, 2017 - - - - - - - -Mar. 31, 2016 - - - - - - - -Mar. 31, 2015

Y Shares Commencement of operations September 17, 2010Mar. 31, 2020 808 66 0.72 0.10 0.82 13.55 0.01 10.85Mar. 31, 2019 1,004 79 0.72 0.10 0.82 13.76 0.02 6.71Mar. 31, 2018 1,110 90 0.72 0.11 0.83 14.58 0.02 15.43Mar. 31, 2017 1,346 110 0.72 0.11 0.83 14.68 0.02 21.15Mar. 31, 2016 1,395 115 0.72 0.10 0.82 13.99 0.01 9.79

Z Shares Commencement of operations September 17, 2010Mar. 31, 2020 76,821 6,931 1.72 0.21 1.93 11.97 0.01 10.85Mar. 31, 2019 88,678 7,697 1.72 0.21 1.93 11.97 0.02 6.71Mar. 31, 2018 99,841 8,822 1.72 0.20 1.92 11.83 0.02 15.43Mar. 31, 2017 111,650 9,775 1.72 0.20 1.92 11.63 0.02 21.15Mar. 31, 2016 119,203 10,420 1.72 0.20 1.92 11.36 0.01 9.79

(1) This information is derived from the Fund’s audited annual financial statements.

(2) Management expense ratio is calculated based on expenses charged to the Fund (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of daily average net assets for the year, including the Fund’s proportionate share of any underlying fund(s) expenses, if applicable. The Effective HST tax rate is calculated using the attribution percentage for each province based on shareholder residency and can be different from 13%.

(3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the year, including the Fund’s proportionate share of such expenses of any underlying fund(s), if applicable.

(4) The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the fiscal year. The higher a Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a higher turnover rate and the performance of a Fund. Portfolio turnover rate is calculated by dividing the lesser of the cost of purchases and the proceeds of sales of portfolio securities for the year, and excluding cash and short-term investments maturing in less than one year, and before assets acquired from a merger, if applicable, by the average of the monthly fair value of investments during the year.

(5) This information is provided for the years ended March 31.


Ratios and Supplemental Data (1) (5)


Number of shares

outstanding (5)




after taxes (2)


year (2)



$000’s 000’s % % % % % %


PAST PERFORMANCE This section describes how the Fund has performed in the past. Remember, past returns do not indicate how the Fund will perform in the future. The information shown assumes that dividends made by the Fund in the years shown were reinvested in additional shares of the relevant classes of the Fund. In addition, the information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance.

Year-by-Year Returns The following charts show the Fund’s annual performance for each of the years shown and illustrate how the Fund’s performance has changed from year to year. In percentage terms, the charts show how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year, except where noted.

1 2011 return is for the period from September 17, 2010 to March 31, 2011.2 2012 return is for the period from October 4, 2011 to March 31, 2012.3 2015 return is for the period from December 5, 2014 to March 31, 2015.4 2012 return is for the period from December 7, 2011 to March 31, 2012.5 2012 return is for the period from January 6, 2012 to March 31, 2012.6 2018 return is for the period from May 1, 2017 to March 31, 2018.7 2018 return is for the period from July 27, 2017 to March 31, 2018.

A Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.31

4.8 6.3 5.0 6.4

-2.03.8

-0.42.4

-1.6-1.6

AT5 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.21

4.66.4 4.9 6.4

-2.13.8

-0.52.4

-1.6-1.6

AT8 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.11

4.7 6.3 5.0 6.4

-2.03.6

-0.42.4

-1.6-1.6

E Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

4.92 6.1 4.7 6.2

-2.03.8

-0.42.4

-1.5-1.5

EF Shares

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

4.13

-1.0

5.0

0.53.6

-0.4-0.4

EFT5 Shares

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

4.23

-1.0

4.80.7

3.6-0.4-0.4

EFT8 Shares

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

4.23

-1.1

4.90.7

3.6-0.4-0.4

ET5 Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

2.24

6.2 4.8 6.2

-2.13.7

-0.42.5

-1.5-1.5

ET8 Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

2.356.2 4.8 6.2

-2.13.6

-0.42.4

-1.5-1.5

F Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.71

5.7 7.2 5.9 7.2

-1.1

4.60.3

3.5-0.5-0.5

FT5 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.51

5.7 7.2 5.9 7.2

-1.3

4.60.3

3.5-0.5-0.5

FT8 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.51

5.7 7.2 5.9 7.2

-1.2

4.40.4

3.5-0.5-0.5

I Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.21

6.8 8.5 7.1 8.6

0.1

5.91.6

4.50.50.5

IT5 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.21

6.8 8.5 7.2 8.5

-0.1

5.81.6

4.50.50.5

IT8 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.11

6.9 8.6 7.0 8.6

0.0

5.81.6

4.50.50.5

O Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

5.828.3 6.9 8.4

-0.1

5.61.4

4.30.30.3

OT5 Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

2.55

8.3 6.9 8.4

-0.1

5.61.4

4.30.30.3

OT8 Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

2.45

8.3 7.0 8.3

-0.2

5.61.4

4.30.30.3

P Shares

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

-0.36

4.30.30.3

PT5 Shares

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

-0.26

4.30.30.3

PT8 Shares

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

-0.26

4.30.30.3

U Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.41

5.2 6.9 5.5 6.9

-1.44.3

0.02.9

-1.1-1.1

V Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.81

6.0 7.7 6.2 7.7

-0.7

5.1

0.73.7

-0.3-0.3

W Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.61

5.6 7.3 5.9 7.2

-1.0

4.60.4

3.4-0.5-0.5

PCW Shares

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.674.3

0.30.3

WT5 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.21

5.5 7.2 5.8 7.2

-1.2

4.60.3

3.4-0.5-0.5

PCWT8 Shares

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.574.3

0.30.3

Y Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.81

6.0 7.6 6.3 7.7

-0.7

5.00.7

3.7-0.4-0.4

Z Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.21

4.8 6.5 5.1 6.5

-1.83.8

-0.32.5

-1.5-1.5


1 2011 return is for the period from September 17, 2010 to March 31, 2011.2 2012 return is for the period from October 4, 2011 to March 31, 2012.3 2015 return is for the period from December 5, 2014 to March 31, 2015.4 2012 return is for the period from December 7, 2011 to March 31, 2012.5 2012 return is for the period from January 6, 2012 to March 31, 2012.6 2018 return is for the period from May 1, 2017 to March 31, 2018.7 2018 return is for the period from July 27, 2017 to March 31, 2018.

A Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.31

4.8 6.3 5.0 6.4

-2.03.8

-0.42.4

-1.6-1.6

AT5 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.21

4.66.4 4.9 6.4

-2.13.8

-0.52.4

-1.6-1.6

AT8 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.11

4.7 6.3 5.0 6.4

-2.03.6

-0.42.4

-1.6-1.6

E Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

4.92 6.1 4.7 6.2

-2.03.8

-0.42.4

-1.5-1.5

EF Shares

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

4.13

-1.0

5.0

0.53.6

-0.4-0.4

EFT5 Shares

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

4.23

-1.0

4.80.7

3.6-0.4-0.4

EFT8 Shares

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

4.23

-1.1

4.90.7

3.6-0.4-0.4

ET5 Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

2.24

6.2 4.8 6.2

-2.13.7

-0.42.5

-1.5-1.5

ET8 Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

2.356.2 4.8 6.2

-2.13.6

-0.42.4

-1.5-1.5

F Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.71

5.7 7.2 5.9 7.2

-1.1

4.60.3

3.5-0.5-0.5

FT5 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.51

5.7 7.2 5.9 7.2

-1.3

4.60.3

3.5-0.5-0.5

FT8 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.51

5.7 7.2 5.9 7.2

-1.2

4.40.4

3.5-0.5-0.5

I Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.21

6.8 8.5 7.1 8.6

0.1

5.91.6

4.50.50.5

IT5 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.21

6.8 8.5 7.2 8.5

-0.1

5.81.6

4.50.50.5

IT8 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.11

6.9 8.6 7.0 8.6

0.0

5.81.6

4.50.50.5

O Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

5.828.3 6.9 8.4

-0.1

5.61.4

4.30.30.3

OT5 Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

2.55

8.3 6.9 8.4

-0.1

5.61.4

4.30.30.3

OT8 Shares

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

2.45

8.3 7.0 8.3

-0.2

5.61.4

4.30.30.3

P Shares

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

-0.36

4.30.30.3

PT5 Shares

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

-0.26

4.30.30.3

PT8 Shares

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

-0.26

4.30.30.3

U Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.41

5.2 6.9 5.5 6.9

-1.44.3

0.02.9

-1.1-1.1

V Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.81

6.0 7.7 6.2 7.7

-0.7

5.1

0.73.7

-0.3-0.3

W Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.61

5.6 7.3 5.9 7.2

-1.0

4.60.4

3.4-0.5-0.5

PCW Shares

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.674.3

0.30.3

WT5 Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.21

5.5 7.2 5.8 7.2

-1.2

4.60.3

3.4-0.5-0.5

PCWT8 Shares

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

1.574.3

0.30.3

Y Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.81

6.0 7.6 6.3 7.7

-0.7

5.00.7

3.7-0.4-0.4

Z Shares

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

4

Mar

. 201

5

Mar

. 201

6

Mar

. 201

7

Mar

. 201

8

Mar

. 201

9

Mar

. 202

0

-20

-10

0

10

20

0.21

4.8 6.5 5.1 6.5

-1.83.8

-0.32.5

-1.5-1.5

24


Annual Compound ReturnsThe following table shows the Fund’s annual compound returns for each year indicated, compared to the FTSE Canada Universe Bond Total Return Index.

The FTSE Canada Universe Bond Index is a market capitalization weighted index that measures the performance of the Canadian investment-grade fixed income market. The Index consists of fixed rate bonds denominated in Canadian dollars, with a remaining effective term to maturity of at least one year, rated BBB or higher. The Index is comprised of four main credit or borrower categories: bonds issued by the Government of Canada (including Crown Corporations), Provincial bonds (including provincially-guaranteed securities), Municipal bonds and Corporate bonds. The Corporate sector is further divided into sub-sectors based on major industry groups: Financial, Communication, Industrial, Energy, Infrastructure, Real Estate and Securitization. The Corporate sector is also divided into sub-indices based on credit rating: a combined AAA/AA sector, a single A sector and a BBB sector.

A discussion of the performance of the Fund as compared to the benchmark is found in the Results of Operations section of this report.

One Year (%) Three Years (%) Five Years (%) Ten Years (%)Since

Inception (%)

A Shares (1.6) 0.1 0.4 n/a 2.5FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.2AT5 Shares (1.6) 0.1 0.4 n/a 2.5FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0AT8 Shares (1.6) 0.1 0.4 n/a 2.5FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0E Shares (1.5) 0.1 0.4 n/a 2.7FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 3.9EF Shares (0.4) 1.2 1.5 n/a 2.2FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 3.4EFT5 Shares (0.4) 1.3 1.5 n/a 2.2FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 3.4EFT8 Shares (0.4) 1.3 1.6 n/a 2.2FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 3.4ET5 Shares (1.5) 0.2 0.5 n/a 2.5FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 3.7ET8 Shares (1.5) 0.2 0.4 n/a 2.5FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 3.7F Shares (0.5) 1.1 1.3 n/a 3.5FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0FT5 Shares (0.5) 1.1 1.3 n/a 3.5FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0FT8 Shares (0.5) 1.1 1.4 n/a 3.5FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0I Shares 0.5 2.2 2.5 n/a 4.6FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0IT5 Shares 0.5 2.2 2.5 n/a 4.6FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0IT8 Shares 0.5 2.2 2.5 n/a 4.6FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0O Shares 0.3 2.0 2.3 n/a 4.7FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 3.9OT5 Shares 0.3 2.0 2.3 n/a 4.4FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 3.7OT8 Shares 0.3 2.0 2.3 n/a 4.4FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 3.7P Shares 0.3 n/a n/a n/a 1.5FTSE Canada Universe Bond Total Return Index 4.5 n/a n/a n/a 3.3PCW Shares 0.3 n/a n/a n/a 2.3FTSE Canada Universe Bond Total Return Index 4.5 n/a n/a n/a 4.3PCWT8 Shares 0.3 n/a n/a n/a 2.3FTSE Canada Universe Bond Total Return Index 4.5 n/a n/a n/a 4.3PT5 Shares 0.3 n/a n/a n/a 1.5FTSE Canada Universe Bond Total Return Index 4.5 n/a n/a n/a 3.3PT8 Shares 0.3 n/a n/a n/a 1.5FTSE Canada Universe Bond Total Return Index 4.5 n/a n/a n/a 3.3

25


One Year (%) Three Years (%) Five Years (%) Ten Years (%)Since

Inception (%)

U Shares (1.1) 0.6 0.9 n/a 3.1FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0V Shares (0.3) 1.3 1.7 n/a 3.8FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0W Shares (0.5) 1.1 1.3 n/a 3.4FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0WT5 Shares (0.5) 1.1 1.3 n/a 3.5FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0Y Shares (0.4) 1.3 1.6 n/a 3.8FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0Z Shares (1.5) 0.2 0.5 n/a 2.7FTSE Canada Universe Bond Total Return Index 4.5 3.7 2.7 n/a 4.0


Country allocationLong PositionsCanada ........................................................................................... 47.8U.S.A. ............................................................................................. 20.3Cash & Cash Equivalents ............................................................... 11.9Exchange-Traded Fund(s) ............................................................... 11.0Fund(s) ............................................................................................ 3.0Short-Term Investments ................................................................ 1.4Spain .............................................................................................. 1.0U.K. ................................................................................................. 1.0France ............................................................................................. 0.9Australia ......................................................................................... 0.7Japan ............................................................................................. 0.6Indonesia ........................................................................................ 0.5Brazil .............................................................................................. 0.4Mexico ........................................................................................... 0.4Italy ................................................................................................ 0.4Russia ............................................................................................. 0.3Netherlands ................................................................................... 0.3Colombia ........................................................................................ 0.3Germany ......................................................................................... 0.2Cayman Islands .............................................................................. 0.2Turkey ............................................................................................. 0.2Jersey Island .................................................................................. 0.2Denmark ......................................................................................... 0.2South Africa ................................................................................... 0.2Switzerland .................................................................................... 0.2Luxembourg .................................................................................... 0.2Sweden .......................................................................................... 0.1Philippines ...................................................................................... 0.1Thailand ......................................................................................... 0.1New Zealand .................................................................................. 0.1Bermuda ......................................................................................... 0.1Peru ................................................................................................ 0.1Ireland ............................................................................................ 0.1Panama .......................................................................................... 0.1Ukraine ........................................................................................... 0.1Hong Kong ...................................................................................... 0.0Qatar .............................................................................................. 0.0Belgium .......................................................................................... 0.0Bahamas ........................................................................................ 0.0St. Lucia ......................................................................................... 0.0British Virgin Islands ...................................................................... 0.0Interest Rate Swap Contract(s) ..................................................... 0.0Foreign Currency Forward Contract(s) ........................................... (1.7)Other Net Assets (Liabilities) ........................................................ (3.0)Total Long Positions .................................................................. 100.0

Country allocation (cont’d)Short PositionsFuture Contract(s) ........................................................................... (0.0)Options Contract(s) ........................................................................ (0.0)Total Short Positions ................................................................. (0.0)

Sector allocationLong PositionsCorporate Bonds ............................................................................ 34.2Provincial Bonds ............................................................................. 14.3Cash & Cash Equivalents ............................................................... 11.9Foreign Government Bonds ........................................................... 11.1Exchange-Traded Fund(s) ............................................................... 11.0Canadian Government Bonds ........................................................ 3.1Fund(s) ............................................................................................ 3.0Utilities ........................................................................................... 2.2Financials ....................................................................................... 2.0Industrials ...................................................................................... 2.0Asset-Backed Securities ................................................................ 1.8Real Estate ..................................................................................... 1.8Energy ............................................................................................ 1.4Short-Term Investments ................................................................ 1.4Municipal Bonds ............................................................................ 1.2Consumer Discretionary ................................................................. 0.6Consumer Staples .......................................................................... 0.5Materials ........................................................................................ 0.5Communication Services ............................................................... 0.4Information Technology ................................................................. 0.2Health Care .................................................................................... 0.1Warrants ........................................................................................ 0.0Interest Rate Swap Contract(s) ..................................................... 0.0Foreign Currency Forward Contract(s) ........................................... (1.7)Other Net Assets (Liabilities) ........................................................ (3.0)Total Long Positions .................................................................. 100.0

Short PositionsFuture Contract(s) ........................................................................... (0.0)Options Contract(s) ........................................................................ (0.0)Total Short Positions ................................................................. (0.0)

Cash & Cash Equivalents ............................................................... 11.9SPDR Gold Trust ............................................................................ 3.6United States Treasury Note/Bond 2% 02/15/2050 .................... 2.5Province of Ontario 2.6% 06/02/2025 .......................................... 2.2Province of Quebec 2.5% 09/01/2026 .......................................... 1.6Signature Global Dividend Fund (Class I) ...................................... 1.5CI Munro Alternative Global Growth Fund (Class I) ...................... 1.4United States Treasury Note/Bond 2.375% 11/15/2049 ............. 1.4Short-Term Investments ................................................................ 1.4Mackenzie Floating Rate Income ETF ........................................... 1.3Province of Ontario 2.65% 12/02/2050 ........................................ 1.3Government of Canada 2.75% 12/01/2048 .................................. 1.2Province of Alberta 2.35% 06/01/2025 ........................................ 1.2Province of Ontario 2.7% 06/02/2029 .......................................... 1.2Vanguard Real Estate ETF ............................................................. 1.2CI First Asset Health Care Giants Covered Call ETF (CAD-Hedged Common Units) ....................................................... 1.1iShares DEX Universe Bond Index Fund ........................................ 1.1Government of Canada 1.5% 02/01/2022 .................................... 1.1Province of Ontario 3.5% 06/02/2024 .......................................... 1.0iShares MSCI Hong Kong ETF ....................................................... 1.0United States Treasury Note/Bond 1.125% 02/28/2022 ............. 0.8iShares iBoxx $ Investment Grade Corporate Bond ETF ............... 0.8Province of Quebec 2.75% 09/01/2025 ........................................ 0.8Province of Ontario 2.9% 06/02/2028 .......................................... 0.7Province of Quebec 3.1% 12/01/2051 .......................................... 0.6

Total Net Assets (in $000’s) $2,620,263

SUMMARY OF INVESTMENT PORTFOLIO as at March 31, 2020

Category* % of Net Assets Category* % of Net Assets Top 25 Holdings* % of Net Assets

*These are holdings and the breakdown of the underlying fund. The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund and updates will be available on a quarterly basis.

This report may contain forward-looking statements about the Fund, its future performance, strategies or prospects, and possible future Fund action. The words “may,” “could,” “should,” “would,” “suspect,” “outlook,” “believe,” “plan,” “anticipate,” “estimate,” “expect,” “intend,” “forecast,” “objective,” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties, both about the Fund and general economic factors, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any

forward-looking statement made by the Fund. These factors include, but are not limited to, general economic, political and market factors in Canada, the United States and internationally, interest and foreign exchanges rates, global equity and capital markets, business competition, technological changes, changes in laws and regulations, judicial or regulatory judgments, legal proceedings and catastrophic events.

The above list of important factors that may affect future results is not exhaustive. Before making any investment decisions, we encourage you to consider these and other factors carefully. All opinions contained in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility.

A NOTE ON FORWARD-LOOKING STATEMENTS

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