AGF MUTUAL FUNDS Semi-Annual Report 2016

AGF MUTUAL FUNDS Semi-Annual Report 2016

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Table of Contents 2 Management s Responsibility for Financial Reporting 3 Notice to Shareholders/Unitholders 4 AGF American Growth Class 10 AGF Asian Growth Class 16 AGF Canadian Growth Equity Class 23 AGF Canadian Large Cap Dividend Class 28 AGF China Focus Class 34 AGF Diversified Income Class 39 AGF Emerging Markets Class 44 AGF European Equity Class 50 AGF Global Equity Class 57 AGF Global Resources Class 63 AGF Short-Term Income Class 70 AGF U.S. Sector Class 76 AGF Elements Balanced Portfolio Class 82 AGF Elements Conservative Portfolio Class 88 AGF Elements Global Portfolio Class 94 AGF Elements Growth Portfolio Class 100 AGF American Growth Fund 106 AGF Asian Growth Fund 112 AGF Canadian Asset Allocation Fund 122 AGF Canadian Large Cap Dividend Fund 130 AGF Canadian Money Market Fund 136 AGF Canadian Small Cap Fund 142 AGF Canadian Stock Fund 149 AGF Diversified Income Fund 159 AGF Dividend Income Fund 166 AGF EAFE Equity Fund 174 AGF Emerging Markets Balanced Fund 179 AGF Emerging Markets Bond Fund 187 AGF Emerging Markets Fund 195 AGF Equity Income Focus Fund 200 AGF European Equity Fund 206 AGF Fixed Income Plus Fund 214 AGF Flex Asset Allocation Fund 220 AGF Floating Rate Income Fund 234 AGF Global Bond Fund 243 AGF Global Convertible Bond Fund 251 AGF Global Dividend Fund 258 AGF Global Equity Fund 265 AGF Global Resources Fund 271 AGF Global Select Fund 277 AGF Global Sustainable Growth Equity Fund 284 AGF High Yield Bond Fund 292 AGF Income Focus Fund 297 AGF Monthly High Income Fund 307 AGF Precious Metals Fund 313 AGF Tactical Fund 321 AGF Tactical Income Fund 329 AGF Total Return Bond Fund 338 AGF Traditional Income Fund 347 AGF U.S. Risk Managed Fund 353 AGF U.S. Small-Mid Cap Fund 359 AGF World Balanced Fund 370 AGF Elements Balanced Portfolio 376 AGF Elements Conservative Portfolio 382 AGF Elements Global Portfolio 388 AGF Elements Growth Portfolio 394 AGF Elements Yield Portfolio 400 Notes to Financial Statements The next report on the funds will contain annual audited financial information as at September 30, 2016.

Management s Responsibility for Financial Reporting May 11, 2016 The accompanying financial statements of the Funds (as defined in Note 1(a) and (b)) have been prepared by AGF Investments Inc. (the Manager ). The Manager of the Funds is responsible for the information and representations contained in these financial statements. The Manager maintains appropriate processes to ensure that relevant and reliable financial information is produced. The financial statements have been prepared in accordance with International Financial Reporting Standards and include certain amounts that are based on estimates and judgments. The significant accounting policies which management believes are appropriate for the Funds are described in Note 2 to the financial statements. The Board of Directors of the Classes (as defined in Note 1 (a)) is responsible for reviewing and approving the financial statements after reviewing management s report of its financial reporting responsibilities. The Board of Directors of AGF Investments Inc., as trustee, is responsible for reviewing and approving the financial statements of the Trust Funds (as defined in Note 1(b)) and reviewing management s report of its financial reporting responsibilities. Blake C. Goldring, CFA Chairman AGF Investments Inc. Robert J. Bogart Executive Vice President & Chief Financial Officer AGF Investments Inc. 2 SEMI-ANNUAL REPORT 2016

Notice to Shareholders/Unitholders The Auditor of the Funds has not reviewed these financial statements. AGF Investments Inc., the Manager of the Funds, appoints an independent auditor to audit the Funds annual financial statements. Applicable securities laws require that if an auditor has not reviewed the Funds interim financial statements, this must be disclosed in an accompanying notice. SEMI-ANNUAL REPORT 2016 3

AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF FINANCIAL POSITION (UNAUDITED) As at March 31, 2016 September 30, 2015 Assets Current Assets Investments at fair value through profit or loss $ 887,475 $ 782,754 Foreign exchange forward contracts at fair value through profit or loss Cash and cash equivalents 60,337 55,939 Cash collateral received for securities on loan (Note 9) Receivable for shares issued 495 608 Receivable for investments sold Receivable for foreign exchange forward contracts Receivable from Manager (Note 7(b)) Dividends and interest receivable 175 168 Tax reclaims receivable Taxes recoverable (Note 5) Refundable capital gains and dividend taxes (Note 5) 948,482 839,469 Liabilities Current Liabilities Bank overdraft Written options at fair value through profit or loss Foreign exchange forward contracts at fair value through profit or loss Payable for cash collateral under securities lending (Note 9) Accrued management and advisory fees (Note 7(a)) 423 282 Accrued expenses (Note 7(b)) 319 882 Payable for shares redeemed 1,959 700 Payable for dividends and distributions 42 40 Payable for investments purchased Payable for foreign exchange forward contracts Taxes payable (Note 5) 2,743 1,904 Shares (Note 2) $ 945,739 $ 837,565 Investments at Cost (Note 2) $ 771,897 $ 597,233 Shares Mutual Fund Shares $ 759,672 $ 663,490 Series D Shares $ 317 $ 368 Series F Shares $ 38,376 $ 33,932 Series O Shares $ 133,742 $ 124,227 Series Q Shares $ 5,377 $ 6,374 Series S Shares $ $ Series T Shares $ 7,345 $ 8,316 Series V Shares $ 910 $ 858 Series W Shares $ $ Shares per Share (Note 6) Mutual Fund Shares $ 37.46 $ 37.92 Series D Shares $ 39.24 $ 39.72 Series F Shares $ 47.20 $ 47.44 Series O Shares $ 57.64 $ 57.58 Series Q Shares $ 20.25 $ 20.23 Series S Shares $ $ Series T Shares $ 20.34 $ 21.47 Series V Shares $ 25.27 $ 26.25 Series W Shares $ $ Approved by the Board W. Robert Farquharson, Director Louise Morwick, Director 4 SEMI-ANNUAL REPORT 2016 The accompanying notes are an integral part of these financial statements.

AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Income Dividends $ 3,419 $ 4,773 Interest for distribution purposes (Note 2) 20 44 Net realized gain (loss) on investments 74,305 52,883 Net change in unrealized appreciation (depreciation) in value of investments (69,943) 122,850 Net gain (loss) on investments 7,801 180,550 Net realized gain (loss) on derivatives Net change in unrealized appreciation (depreciation) in value of derivatives Net gain (loss) on derivatives Securities lending income (Note 9) 15 117 Exchange gain (loss) on foreign currencies and other net assets (649) 3,777 Total Income (Loss), Net 7,167 184,444 Expenses Management and advisory fees (Note 7(a)) 8,996 9,860 Shareholder servicing and administrative fees (Note 7(c)) 694 759 Annual and interim reports 38 34 Audit fees 6 5 Custodian fees and bank charges 29 10 Legal fees Registration fees 25 24 Directors fees and expenses Interest 5 4 Independent review committee fees 1 1 Income taxes (Note 5) Harmonized sales tax and other taxes 1,060 1,161 Foreign withholding taxes 435 484 Commissions and other portfolio transaction costs (Note 2) 282 333 Total expenses 11,571 12,675 Less expenses waived/absorbed by Manager (Note 7(b)) (1,352) (1,341) Net expenses 10,219 11,334 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations $ (3,052) $ 173,110 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations Mutual Fund Shares $ (2,237) $ 143,147 Series D Shares $ (2) $ 70 Series F Shares $ (355) $ 4,240 Series O Shares $ (143) $ 23,334 Series Q Shares $ (156) $ 705 Series S Shares $ $ Series T Shares $ (143) $ 1,477 Series V Shares $ (16) $ 137 Series W Shares $ $ Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations per Share (Note 2) Mutual Fund Shares $ (0.12) $ 6.43 Series D Shares $ (0.28) $ 6.71 Series F Shares $ (0.46) $ 8.01 Series O Shares $ (0.06) $ 10.41 Series Q Shares $ (0.50) $ 3.63 Series S Shares $ $ Series T Shares $ (0.37) $ 3.93 Series V Shares $ (0.42) $ 4.62 Series W Shares $ $ STATEMENTS OF CASH FLOWS (UNAUDITED) Cash Flows from Operating Activities Increase (decrease) in net assets attributable to holders of redeemable shares from operations $ (3,052) $ 173,110 Adjustments for: Exchange (gain) loss on foreign currencies 1,478 (1,605) Net realized (gain) loss on investments and derivatives (74,305) (52,883) Net change in unrealized (appreciation) depreciation in value of investments and derivatives 69,943 (122,850) Purchases of investments and derivatives (365,724) (304,995) Proceeds from sale and maturity of investments and derivatives 265,365 356,679 Non-cash dividends reinvested (Increase) decrease in receivable from Manager (Increase) decrease in dividends and interest receivable (7) 337 (Increase) decrease in accrued interest for short-term investments (Increase) decrease in tax reclaims receivable Net change in taxes recoverable/payable (Increase) decrease in refundable capital gains and dividend taxes Increase (decrease) in accrued management and advisory fees 141 95 Increase (decrease) in accrued expenses (563) 50 Net Cash Generated (Used) by Operating Activities (106,724) 47,938 Cash Flows from Financing Activities Dividends and distributions of capital paid to holders of redeemable shares, net of reinvestments (259) (224) Proceeds from redeemable shares issued and redeemable shares converted into the Class 194,107 64,797 Amounts paid on redemption of redeemable shares and on redeemable shares converted out of the Class (81,248) (112,257) Net Cash Generated (Used) by Financing Activities 112,600 (47,684) Exchange gain (loss) on foreign currencies (1,478) 1,605 Net increase (decrease) in cash and cash equivalents 5,876 254 Cash and cash equivalents beginning of period 55,939 47,775 Cash and Cash Equivalents End of Period $ 60,337 $ 49,634 Cash and cash equivalents comprise: Cash (overdraft) at bank $ 55,241 $ 7,035 Short-term deposits 5,096 42,599 $ 60,337 $ 49,634 Interest received, net of withholding tax * $ 20 $ 44 Dividends received, net of withholding tax * $ 2,982 $ 4,441 Income taxes (paid) recovered * $ $ * Included as part of Cash Flows from Operating Activities The accompanying notes are an integral part of these financial statements. SEMI-ANNUAL REPORT 2016 5

AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES (UNAUDITED) Shares at Beginning of Period Mutual Fund Shares $ 663,490 $ 735,165 Series D Shares 368 372 Series F Shares 33,932 21,674 Series O Shares 124,227 101,903 Series Q Shares 6,374 2,825 Series S Shares Series T Shares 8,316 6,763 Series V Shares 858 701 Series W Shares Shares at Beginning of Period 837,565 869,403 Increase (decrease) in net assets attributable to holders of redeemable shares from operations Mutual Fund Shares (2,237) 143,147 Series D Shares (2) 70 Series F Shares (355) 4,240 Series O Shares (143) 23,334 Series Q Shares (156) 705 Series S Shares Series T Shares (143) 1,477 Series V Shares (16) 137 Series W Shares (3,052) 173,110 Redeemable share transactions (Note 6): Proceeds from redeemable shares issued Mutual Fund Shares 99,477 37,922 Series D Shares 5 1 Series F Shares 4,670 2,701 Series O Shares 18,588 14,433 Series Q Shares 960 267 Series S Shares Series T Shares 540 1,268 Series V Shares 129 76 Series W Shares 124,369 56,668 Proceeds from redeemable shares converted into the Class Mutual Fund Shares 66,003 6,480 Series D Shares Series F Shares 2,975 2,370 Series O Shares 31 Series Q Shares 513 1,057 Series S Shares Series T Shares 75 206 Series V Shares 59 18 Series W Shares 69,625 10,162 Reinvestment of dividends and distributions to holders of redeemable shares Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares 91 73 Series V Shares 15 13 Series W Shares 106 86 Payments on redemption of redeemable shares Mutual Fund Shares (61,110) (85,874) Series D Shares (54) (45) Series F Shares (2,797) (3,257) Series O Shares (8,930) (11,896) Series Q Shares (2,017) (206) Series S Shares Series T Shares (1,135) (474) Series V Shares (108) (99) Series W Shares (76,151) (101,851) Value of redeemable shares converted out of the Class Mutual Fund Shares $ (5,951) $ (9,268) Series D Shares Series F Shares (49) (37) Series O Shares Series Q Shares (297) (126) Series S Shares Series T Shares (56) (112) Series V Shares (3) Series W Shares (6,356) (9,543) Net increase (decrease) from redeemable share transactions 111,593 (44,478) Dividends to holders of redeemable shares (Note 5): Ordinary dividends Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Capital gains dividends Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Distribution of capital (Note 5): Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares (343) (303) Series V Shares (24) (17) Series W Shares (367) (320) Increase (decrease) in net assets attributable to holders of redeemable shares for the period 108,174 128,312 Shares at End of Period Mutual Fund Shares 759,672 827,572 Series D Shares 317 398 Series F Shares 38,376 27,691 Series O Shares 133,742 127,805 Series Q Shares 5,377 4,522 Series S Shares Series T Shares 7,345 8,898 Series V Shares 910 829 Series W Shares Shares at End of Period $ 945,739 $ 997,715 6 SEMI-ANNUAL REPORT 2016 The accompanying notes are an integral part of these financial statements.

AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) SCHEDULE OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2016 (UNAUDITED) No. of Shares Average Cost ($) Fair Value ($) Consumer Discretionary (23.1%) 55,412 Amazon.com Inc. 13,636,112 42,722,095 349,760 Dollar General Corporation 34,166,458 38,883,868 131,646 Harman International Industries Inc. 17,501,950 15,223,636 542,465 Lennar Corporation A 30,596,333 34,070,898 244,940 Lowe s Companies Inc. 24,087,480 24,097,274 411,522 Norwegian Cruise Line Holdings Limited 26,157,309 29,550,525 136,939 Ulta Salon, Cosmetics & Fragrance Inc. 29,765,755 34,456,567 175,911,397 219,004,863 Consumer Staples (2.6%) 123,177 Costco Wholesale Corporation 25,587,746 25,209,038 Energy (4.0%) 872,102 Newfield Exploration Company 36,581,314 37,660,362 Financials (16.3%) 233,644 American Tower Corporation 28,058,559 31,063,679 68,152 Equinix Inc. 25,357,901 29,271,939 740,797 Morgan Stanley 34,692,388 24,062,374 329,291 Primerica Inc. 9,994,449 19,043,998 329,641 Raymond James Financial Inc. 25,228,996 20,382,853 839,289 The Charles Schwab Corporation 35,675,937 30,542,545 159,008,230 154,367,388 Health Care (7.9%) 141,171 Edwards Lifesciences Corporation 15,609,353 16,172,936 89,291 Illumina Inc. 10,141,816 18,799,360 153,877 Laboratory Corporation of America Holdings 24,151,771 23,408,167 34,236 Regeneron Pharmaceuticals Inc. 14,067,182 16,026,606 63,970,122 74,407,069 Industrials (4.4%) 325,765 Fortune Brands Home & Security Inc. 23,912,868 23,709,812 293,649 Robert Half International Inc. 12,961,798 17,764,524 36,874,666 41,474,336 Information Technology (29.1%) 236,467 Adobe Systems Inc. 28,233,337 28,807,060 40,235 Alphabet Inc. A 42,482,327 39,865,497 380,458 Cognizant Technology Solutions Corporation A 27,264,341 30,981,313 731,290 Corning Inc. 15,788,579 19,840,547 374,466 Facebook Inc. A 27,603,803 55,491,134 153,171 MasterCard Inc. A 17,212,642 18,798,964 99,175 Palo Alto Networks Inc. 20,370,736 21,013,008 249,172 Red Hat Inc. 17,820,316 24,112,340 376,931 salesforce.com inc. 21,141,229 36,142,674 217,917,310 275,052,537 Materials (3.0%) 206,115 Vulcan Materials Company 28,091,625 28,260,229 Telecommunication Services (3.4%) 644,105 T-Mobile US Inc. 28,415,128 32,039,152 Commissions and other portfolio transaction costs (Note 2) (460,325) Total Portfolio (93.8%) 771,897,213 887,474,974 Note: Percentages shown relate investments at fair value to total Net Assets Attributable to Holders of Redeemable Shares ( Net Assets ) as at March 31, 2016 attributable to AGF American Growth Class (the Fund ). The accompanying notes are an integral part of these financial statements. SEMI-ANNUAL REPORT 2016 7

AGF American Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION (UNAUDITED) Investment Objective The Fund s investment objective is to provide long-term capital growth by investing primarily in equity securities of established U.S. companies. Summary of Investment Portfolio As at March 31, 2016 and September 30, 2015, the Fund s major portfolio categories, as a percentage of Net Assets, are included in the following tables: Portfolio by Country March 31, 2016 (%) United States 93.8 September 30, 2015 (%) United States 93.5 Portfolio by Sector March 31, 2016 (%) Information Technology 29.1 Consumer Discretionary 23.1 Financials 16.3 Health Care 7.9 Industrials 4.4 Energy 4.0 Telecommunication Services 3.4 Materials 3.0 Consumer Staples 2.6 September 30, 2015 (%) Information Technology 30.6 Consumer Discretionary 17.8 Financials 16.4 Health Care 13.0 Industrials 5.4 Energy 5.2 Telecommunication Services 3.7 Consumer Staples 1.4 Portfolio by Asset Mix March 31, 2016 (%) United States Equity 93.8 September 30, 2015 (%) United States Equity 93.5 Interest in Unconsolidated Structured Entities (Note 2) As at March 31, 2016 and September 30, 2015, the Fund had no investments in underlying funds or exchange traded funds. DISCUSSION OF FINANCIAL INSTRUMENT RISK MANAGEMENT (Note 4) Credit Risk As at March 31, 2016 and September 30, 2015, the Fund had no significant investments in debt instruments and derivatives. Accordingly, the Fund was not subject to significant credit risk. Interest Rate Risk The majority of the Fund s financial assets and liabilities are noninterest bearing, accordingly, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Other Price Risk The Schedule of Investment Portfolio of the Fund classifies securities by market segment. The impact on Net Assets of the Fund due to a 80 percent change in benchmark (September 30, 2015 90 percent), using historical correlation between the return of the Mutual Fund Shares as compared to the return of the Fund s benchmark, as at March 31, 2016 and September 30, 2015, with all other variables held constant, is included in the following table. Regression analysis has been utilized to estimate the historical correlation. The analysis uses 36 monthly data points, unless the inception of the Fund is less than three years, in which case since inception data has been used. The returns of the other series of the Fund are substantially similar to that of the Mutual Fund Shares, save for differences in expense structure. Effective December 1, 2015, the Fund s benchmark was changed from S&P 500 Index to S&P 500 Net Return Index to better reflect the investment opportunity set of the Fund. Benchmark Impact on Net Assets ($ 000) March 31, 2016 September 30, 2015 S&P 500 Net Return Index 932,667 N/A S&P 500 Index N/A 838,140 The historical correlation may not be representative of the future correlation, and accordingly the impact on Net Assets could be materially different. Currency Risk The amounts in the following tables are based on the fair value of the Fund s financial instruments (including cash and cash equivalents) as well as the underlying principal amounts of foreign exchange forward contracts, as applicable. Other financial assets (including cash collateral received for securities on loan, dividends and interest receivables and receivables for investments sold) and financial liabilities (including payable for cash collateral under securities lending and payable for investments purchased) that are denominated in foreign currencies do not expose the Fund to significant currency risk. 8 SEMI-ANNUAL REPORT 2016 The accompanying notes are an integral part of these financial statements.

Currencies to which the Fund had exposure as at March 31, 2016 and September 30, 2015, were as follows: March 31, 2016 ($ 000) Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) United States Dollar 944,681 944,681 99.9 Reconciliation of Level 3 Fair Value Measurement (Note 4) For the periods ended March 31, 2016 and September 30, 2015, the Fund did not hold financial instruments within level 3 of the fair value hierarchy. September 30, 2015 ($ 000) Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) United States Dollar 835,386 835,386 99.7 ** Includes both monetary and non-monetary instruments, as applicable As at March 31, 2016 and September 30, 2015, if the Canadian dollar had strengthened or weakened by 2 percent, in relation to all currencies, with all other variables held constant, Net Assets would have decreased or increased, respectively, by approximately $18,894,000 (September 30, 2015 $16,708,000). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Note 4) The following tables illustrate the classifications of the Fund s financial instruments within the fair value hierarchy as at March 31, 2016 and September 30, 2015. March 31, 2016 ($ 000) Level 1 Level 2 Level 3 Total Equities 887,475 887,475 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 887,475 887,475 Derivative Assets Derivative Liabilities September 30, 2015 ($ 000) Level 1 Level 2 Level 3 Total Equities 782,754 782,754 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 782,754 782,754 Derivative Assets Derivative Liabilities There were no significant transfers between levels 1 and 2 during the periods ended March 31, 2016 and September 30, 2015. The accompanying notes are an integral part of these financial statements. SEMI-ANNUAL REPORT 2016 9

AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF FINANCIAL POSITION (UNAUDITED) As at March 31, 2016 September 30, 2015 Assets Current Assets Investments at fair value through profit or loss $ 31,871 $ 31,566 Foreign exchange forward contracts at fair value through profit or loss Cash and cash equivalents 1,693 296 Cash collateral received for securities on loan (Note 9) Receivable for shares issued 75 755 Receivable for investments sold 252 487 Receivable for foreign exchange forward contracts Receivable from Manager (Note 7(b)) Dividends and interest receivable 94 63 Tax reclaims receivable Taxes recoverable (Note 5) Refundable capital gains and dividend taxes (Note 5) 33,985 33,167 Liabilities Current Liabilities Bank overdraft Written options at fair value through profit or loss Foreign exchange forward contracts at fair value through profit or loss Payable for cash collateral under securities lending (Note 9) Accrued management and advisory fees (Note 7(a)) 38 24 Accrued expenses (Note 7(b)) 74 80 Payable for shares redeemed 458 49 Payable for dividends and distributions Payable for investments purchased 30 Payable for foreign exchange forward contracts Taxes payable (Note 5) 570 183 Shares (Note 2) $ 33,415 $ 32,984 Investments at Cost (Note 2) $ 27,367 $ 27,156 Shares Mutual Fund Shares $ 25,507 $ 26,309 Series D Shares $ $ Series F Shares $ 603 $ 585 Series O Shares $ 702 $ Series Q Shares $ $ Series S Shares $ 6,603 $ 6,090 Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Shares per Share (Note 6) Mutual Fund Shares $ 14.83 $ 14.83 Series D Shares $ $ Series F Shares $ 18.24 $ 18.10 Series O Shares $ 15.08 $ Series Q Shares $ $ Series S Shares $ 19.59 $ 19.38 Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Approved by the Board W. Robert Farquharson, Director Louise Morwick, Director 10 SEMI-ANNUAL REPORT 2016 The accompanying notes are an integral part of these financial statements.

AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Income Dividends $ 153 $ 205 Interest for distribution purposes (Note 2) 7 2 Net realized gain (loss) on investments 909 3,814 Net change in unrealized appreciation (depreciation) in value of investments 94 3,369 Net gain (loss) on investments 1,163 7,390 Net realized gain (loss) on derivatives Net change in unrealized appreciation (depreciation) in value of derivatives Net gain (loss) on derivatives Securities lending income (Note 9) 1 2 Exchange gain (loss) on foreign currencies and other net assets (130) 90 Total Income (Loss), Net 1,034 7,482 Expenses Management and advisory fees (Note 7(a)) 369 420 Shareholder servicing and administrative fees (Note 7(c)) 109 104 Annual and interim reports 14 12 Audit fees 7 5 Custodian fees and bank charges 18 47 Legal fees Registration fees 10 9 Directors fees and expenses Interest 1 Independent review committee fees 1 1 Income taxes (Note 5) Harmonized sales tax and other taxes 52 60 Foreign withholding taxes 30 32 Commissions and other portfolio transaction costs (Note 2) 94 89 Total expenses 705 779 Less expenses waived/absorbed by Manager (Note 7(b)) (126) (140) Net expenses 579 639 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations $ 455 $ 6,843 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations Mutual Fund Shares $ 388 $ 5,086 Series D Shares $ $ Series F Shares $ 4 $ 125 Series O Shares $ (3) $ Series Q Shares $ $ Series S Shares $ 66 $ 1,632 Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations per Share (Note 2) Mutual Fund Shares $ 0.22 $ 2.63 Series D Shares $ $ Series F Shares $ 0.11 $ 3.03 Series O Shares $ (0.06) $ Series Q Shares $ $ Series S Shares $ 0.21 $ 3.15 Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ STATEMENTS OF CASH FLOWS (UNAUDITED) Cash Flows from Operating Activities Increase (decrease) in net assets attributable to holders of redeemable shares from operations $ 455 $ 6,843 Adjustments for: Exchange (gain) loss on foreign currencies 34 (11) Net realized (gain) loss on investments and derivatives (909) (3,814) Net change in unrealized (appreciation) depreciation in value of investments and derivatives (94) (3,369) Purchases of investments and derivatives (10,720) (8,818) Proceeds from sale and maturity of investments and derivatives 11,623 17,974 Non-cash dividends reinvested (Increase) decrease in receivable from Manager (Increase) decrease in dividends and interest receivable (31) (84) (Increase) decrease in accrued interest for short-term investments (Increase) decrease in tax reclaims receivable Net change in taxes recoverable/payable (Increase) decrease in refundable capital gains and dividend taxes Increase (decrease) in accrued management and advisory fees 14 10 Increase (decrease) in accrued expenses (6) (10) Net Cash Generated (Used) by Operating Activities 366 8,721 Cash Flows from Financing Activities Dividends and distributions of capital paid to holders of redeemable shares, net of reinvestments Proceeds from redeemable shares issued and redeemable shares converted into the Class 25,237 7,021 Amounts paid on redemption of redeemable shares and on redeemable shares converted out of the Class (24,172) (16,628) Net Cash Generated (Used) by Financing Activities 1,065 (9,607) Exchange gain (loss) on foreign currencies (34) 11 Net increase (decrease) in cash and cash equivalents 1,431 (886) Cash and cash equivalents beginning of period 296 1,500 Cash and Cash Equivalents End of Period $ 1,693 $ 625 Cash and cash equivalents comprise: Cash (overdraft) at bank $ 1,692 $ 625 Short-term deposits 1 $ 1,693 $ 625 Interest received, net of withholding tax * $ 8 $ 2 Dividends received, net of withholding tax * $ 91 $ 89 Income taxes (paid) recovered * $ $ * Included as part of Cash Flows from Operating Activities The accompanying notes are an integral part of these financial statements. SEMI-ANNUAL REPORT 2016 11

AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES (UNAUDITED) Shares at Beginning of Period Mutual Fund Shares $ 26,309 $ 28,779 Series D Shares Series F Shares 585 899 Series O Shares Series Q Shares Series S Shares 6,090 12,116 Series T Shares Series V Shares Series W Shares Shares at Beginning of Period 32,984 41,794 Increase (decrease) in net assets attributable to holders of redeemable shares from operations Mutual Fund Shares 388 5,086 Series D Shares Series F Shares 4 125 Series O Shares (3) Series Q Shares Series S Shares 66 1,632 Series T Shares Series V Shares Series W Shares 455 6,843 Redeemable share transactions (Note 6): Proceeds from redeemable shares issued Mutual Fund Shares 13,654 3,959 Series D Shares Series F Shares 93 38 Series O Shares 847 Series Q Shares Series S Shares 584 55 Series T Shares Series V Shares Series W Shares 15,178 4,052 Proceeds from redeemable shares converted into the Class Mutual Fund Shares 9,258 2,942 Series D Shares Series F Shares 121 11 Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares 9,379 2,953 Reinvestment of dividends and distributions to holders of redeemable shares Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Payments on redemption of redeemable shares Mutual Fund Shares (14,731) (5,739) Series D Shares Series F Shares (157) (249) Series O Shares (142) Series Q Shares Series S Shares (137) (7,039) Series T Shares Series V Shares Series W Shares (15,167) (13,027) Value of redeemable shares converted out of the Class Mutual Fund Shares $ (9,371) $ (3,622) Series D Shares Series F Shares (43) Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares (9,414) (3,622) Net increase (decrease) from redeemable share transactions (24) (9,644) Dividends to holders of redeemable shares (Note 5): Ordinary dividends Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Capital gains dividends Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Distribution of capital (Note 5): Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Increase (decrease) in net assets attributable to holders of redeemable shares for the period 431 (2,801) Shares at End of Period Mutual Fund Shares 25,507 31,405 Series D Shares Series F Shares 603 824 Series O Shares 702 Series Q Shares Series S Shares 6,603 6,764 Series T Shares Series V Shares Series W Shares Shares at End of Period $ 33,415 $ 38,993 12 SEMI-ANNUAL REPORT 2016 The accompanying notes are an integral part of these financial statements.

AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) SCHEDULE OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2016 (UNAUDITED) No. of Shares Average Cost ($) Fair Value ($) No. of Shares Average Cost ($) Fair Value ($) China (32.6%) 9,900 Alibaba Group Holding Limited ADR 1,053,869 1,016,138 2,600 Baidu Inc. ADR 518,594 644,554 1,115,000 China Construction Bank Corporation H 902,488 924,043 54,000 China Mobile Limited 804,906 781,576 115,000 China Pacific Insurance Group Company Limited H 550,846 558,352 200,000 China Resources Land Limited 503,091 666,339 330,000 China Unicom (Hong Kong) Limited 605,446 565,752 830,000 China ZhengTong Auto Services Holdings Limited 669,830 411,322 450,000 CNOOC Limited 757,182 690,113 46,000 Hengan International Group Company Limited 399,966 518,305 880,000 Huaneng Renewables Corporation Limited H 387,850 355,068 12,000 JD.com Inc. ADR 425,820 413,003 320,000 Phoenix Healthcare Group Company Limited 689,720 460,209 136,000 Ping An Insurance (Group) Company of China Limited H 602,962 844,744 900,000 Shenzhen Investment Limited 476,039 464,093 60,000 Tencent Holdings Limited 466,694 1,591,177 9,815,303 10,904,788 Hong Kong (14.7%) 160,000 AIA Group Limited 672,756 1,177,310 45,000 ASM Pacific Technology Limited 496,934 458,820 200,000 BOC Hong Kong (Holdings) Limited 695,283 775,163 28,000 Hong Kong Exchanges and Clearing Limited 618,963 875,683 1,200,000 Hutchison Telecommunications Hong Kong Holdings Limited 543,415 548,474 300,000 MGM China Holdings Limited 573,447 595,687 760,000 SITC International Holdings Company Limited 324,878 487,332 3,925,676 4,918,469 India (2.2%) 9,000 HDFC Bank Limited ADR 639,895 720,378 Indonesia (2.0%) 150,000 PT Blue Bird Tbk 115,055 84,845 3,600,000 PT Matahari Putra Prima Tbk 647,690 571,215 762,745 656,060 Malaysia (1.8%) 180,000 Genting Berhad 476,091 587,209 Singapore (6.9%) 42,000 DBS Group Holdings Limited 511,312 622,429 320,000 First Resources Limited 650,077 622,853 65,000 Singapore Exchange Limited 502,830 497,926 180,000 Singapore Technologies Engineering Limited 565,457 560,220 2,229,676 2,303,428 South Korea (18.3%) 4,000 Hanatour Service Inc. 462,249 384,310 10,000 Kia Motors Corporation 624,492 548,528 2,500 LG Chem Limited 639,907 929,828 700 LG Household & Health Care Limited 629,050 751,244 700 NAVER Corporation 500,546 506,394 1,600 POSCO 386,686 398,847 South Korea (continued) 1,250 Samsung Electronics Company Limited 1,175,062 1,862,496 16,000 Shinhan Financial Group Company Limited 689,982 735,913 5,107,974 6,117,560 Taiwan (12.8%) 500,001 Advanced Semiconductor Engineering Inc. 879,883 755,628 232,000 Chipbond Technology Corporation 592,994 486,829 600,000 CTBC Financial Holding Company Limited 389,885 411,610 60,000 Taiwan FamilyMart Company Limited 513,054 538,725 320,000 Taiwan Semiconductor Manufacturing Company Limited 899,051 2,091,946 3,274,867 4,284,738 Thailand (1.6%) 32,000 The Siam Cement Public Company Limited NVDR 459,819 550,510 The Philippines (2.5%) 356,000 Metropolitan Bank and Trust Company 749,656 827,911 Commissions and other portfolio transaction costs (Note 2) (74,504) Total Portfolio (95.4%) 27,367,198 31,871,051 ADR American Depository Receipt NVDR Non-voting Depository Receipt Note: Percentages shown relate investments at fair value to total Net Assets Attributable to Holders of Redeemable Shares ( Net Assets ) as at March 31, 2016 attributable to AGF Asian Growth Class (the Fund ). The accompanying notes are an integral part of these financial statements. SEMI-ANNUAL REPORT 2016 13

AGF Asian Growth Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) NOTES TO FINANCIAL STATEMENTS FUND SPECIFIC INFORMATION (UNAUDITED) Investment Objective The Fund s investment objective is to provide long-term capital growth by investing primarily in shares of companies that are located or active mainly in Asia or the Pacific Rim Region and are principally traded on Asian stock exchanges. Summary of Investment Portfolio As at March 31, 2016 and September 30, 2015, the Fund s major portfolio categories, as a percentage of Net Assets, are included in the following tables: Portfolio by Country March 31, 2016 (%) China 32.6 South Korea 18.3 Hong Kong 14.7 Taiwan 12.8 Singapore 6.9 The Philippines 2.5 India 2.2 Indonesia 2.0 Malaysia 1.8 Thailand 1.6 September 30, 2015 (%) China 36.3 South Korea 18.2 Taiwan 11.6 Hong Kong 11.6 Singapore 7.5 Thailand 3.3 The Philippines 2.5 Indonesia 2.5 India 2.2 Portfolio by Sector March 31, 2016 (%) Financials 30.2 Information Technology 28.2 Consumer Discretionary 10.4 Consumer Staples 7.4 Telecommunication Services 5.7 Materials 5.6 Industrials 3.4 Energy 2.1 Health Care 1.4 Utilities 1.0 September 30, 2015 (%) Financials 36.7 Information Technology 23.5 Consumer Staples 8.1 Industrials 7.2 Telecommunication Services 7.0 Materials 5.2 Consumer Discretionary 2.8 Health Care 2.2 Utilities 1.6 Energy 1.4 Portfolio by Asset Mix March 31, 2016 (%) International Equity 95.4 September 30, 2015 (%) International Equity 95.7 Interest in Unconsolidated Structured Entities (Note 2) As at March 31, 2016 and September 30, 2015, the Fund had no investments in underlying funds or exchange traded funds. DISCUSSION OF FINANCIAL INSTRUMENT RISK MANAGEMENT (Note 4) Credit Risk As at March 31, 2016 and September 30, 2015, the Fund had no significant investments in debt instruments and derivatives. Accordingly, the Fund was not subject to significant credit risk. Interest Rate Risk The majority of the Fund s financial assets and liabilities are noninterest bearing, accordingly, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Other Price Risk The Schedule of Investment Portfolio of the Fund classifies securities by geographic region. The impact on Net Assets of the Fund due to a 60 percent change in benchmarks (September 30, 2015 75 percent), using historical correlation between the return of the Mutual Fund Shares as compared to the return of the Fund s benchmarks, as at March 31, 2016 and September 30, 2015, with all other variables held constant, is included in the following table. Regression analysis has been utilized to estimate the historical correlation. The analysis uses 36 monthly data points, unless the inception of the Fund is less than three years, in which case since inception data has been used. The returns of the other series of the Fund are substantially similar to that of the Mutual Fund Shares, save for differences in expense structure. Impact on Net Assets ($ 000) Benchmark March 31, 2016 September 30, 2015 MSCI Pacific Free ex-japan Index 13,269 13,875 MSCI All Country Far East ex-japan Index 20,100 23,846 14 SEMI-ANNUAL REPORT 2016 The accompanying notes are an integral part of these financial statements.

The historical correlation may not be representative of the future correlation, and accordingly the impact on Net Assets could be materially different. Currency Risk The amounts in the following tables are based on the fair value of the Fund s financial instruments (including cash and cash equivalents) as well as the underlying principal amounts of foreign exchange forward contracts, as applicable. Other financial assets (including cash collateral received for securities on loan, dividends and interest receivables and receivables for investments sold) and financial liabilities (including payable for cash collateral under securities lending and payable for investments purchased) that are denominated in foreign currencies do not expose the Fund to significant currency risk. Currencies to which the Fund had exposure as at March 31, 2016 and September 30, 2015, were as follows: March 31, 2016 ($ 000) Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) Hong Kong Dollar 13,761 13,761 41.2 South Korean Won 6,118 6,118 18.3 United States Dollar 4,448 4,448 13.3 New Taiwanese Dollar 4,292 4,292 12.8 Singapore Dollar 2,303 2,303 6.9 Philippine Peso 828 828 2.5 Indonesian Rupiah 656 656 2.0 Malaysian Ringgit 587 587 1.8 Thai Baht 551 551 1.6 September 30, 2015 ($ 000) Financial Instruments Foreign Exchange Forward Contracts Total** Percentage of Net Assets (%) Hong Kong Dollar 14,186 14,186 43.0 South Korean Won 6,002 6,002 18.2 New Taiwanese Dollar 3,957 3,957 12.0 Singapore Dollar 2,491 2,491 7.6 United States Dollar 2,472 2,472 7.5 Thai Baht 1,083 1,083 3.3 Indonesian Rupiah 918 918 2.8 Philippine Peso 833 833 2.5 ** Includes both monetary and non-monetary instruments, as applicable As at March 31, 2016 and September 30, 2015, if the Canadian dollar had strengthened or weakened by 2 percent, in relation to all currencies, with all other variables held constant, Net Assets would have decreased or increased, respectively, by approximately $671,000 (September 30, 2015 $639,000). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Note 4) The following tables illustrate the classifications of the Fund s financial instruments within the fair value hierarchy as at March 31, 2016 and September 30, 2015. March 31, 2016 ($ 000) Level 1 Level 2 Level 3 Total Equities 31,871 31,871 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 31,871 31,871 Derivative Assets Derivative Liabilities September 30, 2015 ($ 000) Level 1 Level 2 Level 3 Total Equities 31,566 31,566 Debt Instruments Short-Term Investments Investments in Underlying Funds Total Investments 31,566 31,566 Derivative Assets Derivative Liabilities There were no significant transfers between levels 1 and 2 during the periods ended March 31, 2016 and September 30, 2015. Reconciliation of Level 3 Fair Value Measurement (Note 4) For the periods ended March 31, 2016 and September 30, 2015, the Fund did not hold financial instruments within level 3 of the fair value hierarchy. The accompanying notes are an integral part of these financial statements. SEMI-ANNUAL REPORT 2016 15

AGF Canadian Growth Equity Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF FINANCIAL POSITION (UNAUDITED) As at March 31, 2016 September 30, 2015 Assets Current Assets Investments at fair value through profit or loss $ 533,720 $ 522,529 Foreign exchange forward contracts at fair value through profit or loss Cash and cash equivalents 58,769 66,953 Cash collateral received for securities on loan (Note 9) Receivable for shares issued 21 85 Receivable for investments sold 7,806 2,269 Receivable for foreign exchange forward contracts Receivable from Manager (Note 7(b)) Dividends and interest receivable 605 467 Tax reclaims receivable Taxes recoverable (Note 5) Refundable capital gains and dividend taxes (Note 5) 2,404 2,404 603,325 594,707 Liabilities Current Liabilities Bank overdraft Written options at fair value through profit or loss Foreign exchange forward contracts at fair value through profit or loss Payable for cash collateral under securities lending (Note 9) Accrued management and advisory fees (Note 7(a)) 312 269 Accrued expenses (Note 7(b)) 407 522 Payable for shares redeemed 2,308 296 Payable for dividends and distributions Payable for investments purchased 1,689 2,516 Payable for foreign exchange forward contracts Taxes payable (Note 5) 4,716 3,603 Shares (Note 2) $ 598,609 $ 591,104 Investments at Cost (Note 2) $ 506,035 $ 526,145 Shares Mutual Fund Shares $ 580,748 $ 573,781 Series D Shares $ $ Series F Shares $ 3,776 $ 3,176 Series O Shares $ 14,085 $ 14,147 Series Q Shares $ $ Series S Shares $ $ Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Shares per Share (Note 6) Mutual Fund Shares $ 53.91 $ 52.62 Series D Shares $ $ Series F Shares $ 63.01 $ 61.18 Series O Shares $ 74.22 $ 71.37 Series Q Shares $ $ Series S Shares $ $ Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Approved by the Board W. Robert Farquharson, Director Louise Morwick, Director 16 SEMI-ANNUAL REPORT 2016 The accompanying notes are an integral part of these financial statements.

AGF Canadian Growth Equity Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Income Dividends $ 3,935 $ 2,234 Interest for distribution purposes (Note 2) 155 37 Net realized gain (loss) on investments (11,402) 8,129 Net change in unrealized appreciation (depreciation) in value of investments 31,301 (19,346) Net gain (loss) on investments 23,989 (8,946) Net realized gain (loss) on derivatives Net change in unrealized appreciation (depreciation) in value of derivatives Net gain (loss) on derivatives Securities lending income (Note 9) 124 8 Exchange gain (loss) on foreign currencies and other net assets (150) 1,218 Total Income (Loss), Net 23,963 (7,720) Expenses Management and advisory fees (Note 7(a)) 7,273 4,404 Shareholder servicing and administrative fees (Note 7(c)) 561 382 Annual and interim reports 26 24 Audit fees 20 19 Custodian fees and bank charges 25 10 Legal fees 12 15 Registration fees 22 19 Directors fees and expenses Interest 2 Independent review committee fees 1 1 Income taxes (Note 5) Harmonized sales tax and other taxes 827 503 Foreign withholding taxes 31 3 Commissions and other portfolio transaction costs (Note 2) 857 468 Total expenses 9,657 5,848 Less expenses waived/absorbed by Manager (Note 7(b)) (121) (6) Net expenses 9,536 5,842 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations $ 14,427 $ (13,562) Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations Mutual Fund Shares $ 13,795 $ (12,656) Series D Shares $ $ Series F Shares $ 102 $ (108) Series O Shares $ 530 $ (798) Series Q Shares $ $ Series S Shares $ $ Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Shares from Operations per Share (Note 2) Mutual Fund Shares $ 1.25 $ (1.99) Series D Shares $ $ Series F Shares $ 1.78 $ (1.78) Series O Shares $ 2.75 $ (3.22) Series Q Shares $ $ Series S Shares $ $ Series T Shares $ $ Series V Shares $ $ Series W Shares $ $ STATEMENTS OF CASH FLOWS (UNAUDITED) Cash Flows from Operating Activities Increase (decrease) in net assets attributable to holders of redeemable shares from operations $ 14,427 $ (13,562) Adjustments for: Exchange (gain) loss on foreign currencies 15 (1,098) Net realized (gain) loss on investments and derivatives 11,402 (8,129) Net change in unrealized (appreciation) depreciation in value of investments and derivatives (31,301) 19,346 Purchases of investments and derivatives (194,884) (116,420) Proceeds from sale and maturity of investments and derivatives 197,228 94,617 Non-cash dividends reinvested (Increase) decrease in receivable from Manager (Increase) decrease in dividends and interest receivable (138) (96) (Increase) decrease in accrued interest for short-term investments (Increase) decrease in tax reclaims receivable Net change in taxes recoverable/payable (Increase) decrease in refundable capital gains and dividend taxes Increase (decrease) in accrued management and advisory fees 43 32 Increase (decrease) in accrued expenses (115) 80 Net Cash Generated (Used) by Operating Activities (3,323) (25,230) Cash Flows from Financing Activities Dividends and distributions of capital paid to holders of redeemable shares, net of reinvestments Proceeds from redeemable shares issued and redeemable shares converted into the Class 45,435 41,459 Amounts paid on redemption of redeemable shares and on redeemable shares converted out of the Class (50,281) (27,122) Net Cash Generated (Used) by Financing Activities (4,846) 14,337 Exchange gain (loss) on foreign currencies (15) 1,098 Net increase (decrease) in cash and cash equivalents (8,169) (10,893) Cash and cash equivalents beginning of period 66,953 16,059 Cash and Cash Equivalents End of Period $ 58,769 $ 6,264 Cash and cash equivalents comprise: Cash (overdraft) at bank $ 58,769 $ 4,464 Short-term deposits 1,800 $ 58,769 $ 6,264 Interest received, net of withholding tax * $ 156 $ 37 Dividends received, net of withholding tax * $ 3,789 $ 2,138 Income taxes (paid) recovered * $ $ * Included as part of Cash Flows from Operating Activities The accompanying notes are an integral part of these financial statements. SEMI-ANNUAL REPORT 2016 17

AGF Canadian Growth Equity Class (Note 1) (CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED) THOUSANDS OF DOLLARS STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES (UNAUDITED) Shares at Beginning of Period Mutual Fund Shares $ 573,781 $ 359,434 Series D Shares Series F Shares 3,176 3,894 Series O Shares 14,147 21,814 Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Shares at Beginning of Period 591,104 385,142 Increase (decrease) in net assets attributable to holders of redeemable shares from operations Mutual Fund Shares 13,795 (12,656) Series D Shares Series F Shares 102 (108) Series O Shares 530 (798) Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares 14,427 (13,562) Redeemable share transactions (Note 6): Proceeds from redeemable shares issued Mutual Fund Shares 41,880 38,617 Series D Shares Series F Shares 643 1,476 Series O Shares 2,440 851 Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares 44,963 40,944 Proceeds from redeemable shares converted into the Class Mutual Fund Shares 251 147 Series D Shares Series F Shares 157 240 Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares 408 387 Reinvestment of dividends and distributions to holders of redeemable shares Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Payments on redemption of redeemable shares Mutual Fund Shares (35,039) (19,223) Series D Shares Series F Shares (268) (1,064) Series O Shares (3,032) (5,474) Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares (38,339) (25,761) Value of redeemable shares converted out of the Class Mutual Fund Shares $ (13,920) $ (1,545) Series D Shares Series F Shares (34) (10) Series O Shares (31) Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares (13,954) (1,586) Net increase (decrease) from redeemable share transactions (6,922) 13,984 Dividends to holders of redeemable shares (Note 5): Ordinary dividends Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Capital gains dividends Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Distribution of capital (Note 5): Mutual Fund Shares Series D Shares Series F Shares Series O Shares Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Increase (decrease) in net assets attributable to holders of redeemable shares for the period 7,505 422 Shares at End of Period Mutual Fund Shares 580,748 364,774 Series D Shares Series F Shares 3,776 4,428 Series O Shares 14,085 16,362 Series Q Shares Series S Shares Series T Shares Series V Shares Series W Shares Shares at End of Period $ 598,609 $ 385,564 18 SEMI-ANNUAL REPORT 2016 The accompanying notes are an integral part of these financial statements.