Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH 31, 216 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, including its strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. We stress that the above mentioned list of important factors is not exhaustive. We encourage you to consider these and other factors carefully before making any investment decisions and we urge you to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance. This annual Management Report of Fund Performance contains financial highlights, but does not contain the complete audited annual financial statements of the investment fund. If the audited annual financial statements of your investment fund did not accompany the mailing of this report, you may receive a copy of them, at your request, and at no cost, by calling 1-888-746-6344 (1-8-661-4578 if you live in Québec) or by writing to us at 447 Portage Avenue, Winnipeg, Manitoba, R3B 3H5 (21, boulevard Robert-Bourassa, bureau 2, Montréal (Québec), H3A 2A6 if you live in Québec), or by visiting our website at www.investorsgroup.com or SEDAR at www.sedar.com. Securityholders may also use 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. Every effort has been made to ensure that the information contained in this Report is accurate as of March 31, 216 (except when stated otherwise), however, the Fund cannot guarantee the accuracy or the completeness of this material. Please refer to the Fund s Prospectus and audited annual financial statements for more information. References to Consultant or Consultants mean Representative or Representatives in Québec. For current net asset values per security for the Fund and for more recent information on general market events, please visit our website at www.investorsgroup.com. CAUTION REGARDING FUTURE PERFORMANCE Sales commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Fund s offering documents before investing. The indicated rates of return are the historical annual compounded total returns including changes in security value and reinvestment of all distributions (except for fee rebates) and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any investor that would have reduced returns. Mutual funds are not guaranteed. Their values change frequently and past performance may not be repeated. Copyright Investors Group Inc. 216 Trademarks owned by IGM Financial Inc. and licensed to its subsidiary corporations.
Management Discussion of Fund Performance This management discussion of Fund performance presents views of the portfolio management team about the significant factors and developments during the past year that have affected the Fund s performance and outlook. Please read the caution regarding forward-looking statements located on the first page of this document. Investment Objective and Strategies The Fund aims to provide long-term capital growth by investing primarily in equity securities of companies in growth industries located throughout Asia, including Japan. To achieve its investment objective, the Fund intends to invest primarily in the common shares of companies in Asia, including Japan, following a top-down sector selection, and a bottom-up stock selection, management style. Risk The overall level of risk of investing in the Fund remains as discussed in the Prospectus, and is not expected to have significantly increased or decreased as a result of operations during the period. Accordingly, the Fund also remains suitable for the same investors as discussed in the Prospectus. Results of Operations CHANGES IN NET ASSETS The Fund s net assets increased by 18.5% during the period to $76. million. This change was comprised primarily of a loss from operations of $42.2 million and an increase of $152.2 million due to net securityholder activity. FEES AND EXPENSES The management expense ratios (MERs) for all series are generally similar to the MERs for the 12-month period ended March 31, 215. Total expenses paid vary period to period mainly as a result of changes in average assets in each series. Average net assets of the Fund for the period were $633.8 million, an increase of 19.% compared to the period ended March 31, 215. INVESTMENT PERFORMANCE In accordance with National Instrument 81-16, the following comparison to a broad-based index has been included to help you understand the Fund s performance relative to the general performance of the markets. However, the portfolio management team cautions that the Fund s mandate may be different from the index shown. For a description of the index, see Annual Compound Returns. Also, it is important to note that investors cannot invest in an index. Indirect investments in an index are available; however, there are fees and transaction costs and other variables that will impact returns when investing in these products. Index returns included in the comparison below do not reflect these costs and variables. In addition, unlike the index, this Fund may be subject to valuation adjustments as outlined in the Fund s valuation policies as it relates to non-north American equities held either directly or indirectly by the Fund. A fair value adjustment can either positively or negatively impact the Fund s rate of return. For the returns of all series and for longer-term performance of the Fund, see the Past Performance section of this report. Performance will vary by series primarily because fees and expenses may differ between series, or because securities of a series were not issued and outstanding for the entire reporting period. See Series Information for the annual expense rates for each series. For the year ended March 31, 216, the Series A securities returned -8.7% (after deducting fees and expenses paid by the Fund). In comparison, the MSCI AC Asia Pacific Index (Net) $ CAD returned -7.4%. Markets in the Pacific region fell over the period. After a positive start, including 18-year highs for Japan s major stock market index, most markets declined on concerns about the Chinese and global economies and extreme volatility in China s stock market. Economic uncertainty drove markets downward in September and August, and again in early 216. A devaluation of the Chinese currency caused many Asian currencies to fall and intensified foreign selling in the region s equity markets as concerns surfaced about how companies would pay back U.S. dollar debt. After peaking earlier in the period, Japan s market declined on concerns about the domestic economy and worries that global weakness would hurt exporters. The Fund s stock selection in the consumer discretionary and information technology sectors had a negative impact on relative performance. Stock selection in the materials and industrials sectors had a positive impact on relative performance. Stock selection in India detracted from relative performance, while stock selection in China and Hong Kong contributed positively to relative performance. Recent Developments (BASED ON INFORMATION AS AT APRIL 22, 216) Global growth expectations have declined over the last nths led by China, while commodity prices have fallen, reflecting lower demand expectations, stable supply and a stronger U.S. dollar. With the exception of the U.S. Federal Reserve, central banks globally maintained an easing bias, with the Bank of Japan having joined a host of central banks in Europe by introducing negative interest rates on bank reserves. Despite the introduction of negative interest rates in Japan, the yen has strengthened considerably on falling inflation expectations, a flight to safety, and concerns that the Bank of Japan is approaching policy limits. For the foreseeable future, focus will remain on the trajectory of Chinese growth and the stability of the renminbi as the central government seeks to control capital flight. Over the past 12-month period, the portfolio management team has reduced the weighting in Hong Kong/China and increased the Fund s weighting in cash. At the sector level, the Fund has taken on a more defensive positioning through increased allocations to the health care and telecommunications sectors, funded from lower weightings in financials and information technology.
Related Party Transactions I.G. Investment Management, Ltd. is the Manager and Trustee, and I.G. International Management Limited is the Portfolio Advisor of the Fund. The Fund is offered through the Consultants of Investors Group Financial Services Inc. and Investors Group Securities Inc., together referred to as the Distributors. The Manager, Portfolio Advisor, Distributors and Trustee are, indirectly, wholly owned subsidiaries of IGM Financial Inc. The following sub-advisor has been retained to provide investment services to the Fund: I.G. Investment Management (Hong Kong) Limited I.G. Investment Management (Hong Kong) Limited is, indirectly, a wholly owned subsidiary of IGM Financial Inc. The Fund paid a management fee to the Manager and Portfolio Advisor for management and portfolio advisory services (see Management Fees). The Fund also paid the Manager an administration fee and in exchange the Manager paid the operating costs and expenses of the Fund, except for certain specified costs. The Fund paid the Distributors a service fee as compensation for providing or arranging for the provision of services to the Fund, including the issue or allotment of securities. A portion of the service fee for Series C is rebated by the Distributors to the Fund quarterly as outlined in the Prospectus. The Trustee is responsible for the overall direction and management of the affairs of the Fund. The Fund paid the Trustee a fee for its services. See Series Information for the annual rates paid by each series (as a percent of average net assets) for these fees. Securityholders in Series U also pay an advisory fee directly to Investors Group. This fee is not included in the Fund s expenses. Certain other investment funds distributed by Investors Group and other qualified investors may invest in Series DC, F or S of this Fund. All such transactions in the Fund are executed in accordance with standing instructions approved by the Investors Group Funds Independent Review Committee and based on the net asset value per security determined in accordance with the stated policies of the Fund on each transaction day. No commissions or other transaction fees were paid by the Fund in relation to these transactions. As at March 31, 216, these series comprised approximately 75.7% of the Fund s net assets. IGM Financial Inc. maintains a defined benefit employee pension plan and is the pension plan sponsor. The pension plan is a separate trust and its assets are invested in various mutual funds managed by the Manager. As at March 31, 216, the pension plan held securities valued at $17,284, in Series C of the Fund. Investors Group has an investment in the Fund which, at March 31, 216, was $1,48 for Series DC. Management Fees The Fund pays Investors Group a management fee. The management fee paid by each series is calculated as a percentage of the net asset value of the series, as of the close of business on each business day (see Series Information for rates payable by each series). Generally, management fees are used in part to pay costs incurred in providing investment advisory and management services and distribution-related services provided by the Distributors. Securityholders in Series U pay an advisory fee directly to the Distributors and therefore the management fee in that series is for investment advisory and management services only. For all other retail series (i.e. excluding Series DC, F, P and S if issued), approximately 57% of management fees paid during the period represents investment advisory and management services, and approximately 43% represents distribution-related services. This may vary by series. Approximately 6% of the total fees paid by the Fund for the period relates to services provided by the Manager, Trustee and Portfolio Advisor, and approximately 4% relates to services provided by the Distributors.
Summary of Investment Portfolio AT MARCH 31, 216 The largest positions of the Fund (up to 25) at the end of the period, and the major asset classes in which the Fund was invested, are indicated below. The Fund held no short positions at the end of the period. This summary of investment portfolio may change due to ongoing portfolio transactions. The Fund s summary of investment portfolio will be updated as at the end of the next quarter. Please see the front page for information about how it can be obtained. Summary of Top 25 Long Positions % of net assets Cash and cash equivalents 7.2 Toyota Motor Corp. 3.9 Samsung Electronics Co. Ltd. 2.8 Tencent Holdings Ltd. 2.3 Japan Tobacco Inc. 2. Taiwan Semiconductor Manufacturing Co. Ltd. 1.8 CK Hutchison Holdings Ltd. 1.8 Seven & I Holdings Co. Ltd. 1.7 Astellas Pharma Inc. 1.7 Sun Hung Kai Properties Ltd. 1.6 Nippon Telegraph & Telephone Corp. (NTT) 1.6 CSL Ltd. 1.6 Shionogi & Co. Ltd. 1.6 Sumitomo Mitsui Financial Group Inc. 1.5 China Mobile Ltd. 1.5 Telstra Corp. Ltd. 1.5 Bridgestone Corp. 1.5 ICICI Bank Ltd. 1.5 East Japan Railway Co. 1.5 Reliance Industries Ltd. 1.4 KDDI Corp. 1.4 Hoya Corp. 1.4 LG Chem Ltd. 1.4 Daiwa Securities Group Inc. 1.4 QBE Insurance Group Ltd. 1.4 49. Summary of Composition of the Portfolio PORTFOLIO ALLOCATION % of net assets Equities 92.4 Cash and cash equivalents 7.2 Other net assets (liabilities).4 Total 1. COUNTRY ALLOCATION Japan 43.7 Australia 12. China 9.9 South Korea 7.2 Cash and cash equivalents 7.2 Taiwan 5.6 Hong Kong 5.6 India 5.1 Other 3.3 Other net assets (liabilities).4 1. SECTOR ALLOCATION Financials 23.6 Information Technology 17.4 Consumer Discretionary 12.9 Industrials 11. Telecommunication Services 8.1 Cash and cash equivalents 7.2 Health Care 6.6 Consumer Staples 4.6 Materials 4.1 Energy 2.7 Utilities 1.4 Other net assets (liabilities).4 1. Series Information AT MARCH 31, 216 Inception Management Service Administration Trustee Series date 1 fee (%) fee (%) fee (%) fee (%) Series A n/a 1.95.3.18.5 Series B n/a 1.95.4.18.5 Series C n/a 2. up to.5 2.18.5 Series DC 3 8/1/212 1.95 - - - Series F 3 7/13/29 - - - - Series Jdsc 7/13/212 1.7.3.18.5 Series Jnl 7/13/212 1.7.4.18.5 Series S 3 11/16/29 1.95 -.1.5 Series U 7/12/213.95 -.18.5 1 Inception dates of the series are shown if within 1 years. 2 Eligible clients are entitled to a rebate of the service fee based on their asset levels held in the Fund and in other Investors Group funds as outlined in the Fund s Prospectus. 3 For details see Related Party Transactions. Securities are only available for purchase by other investment funds or other qualified investors.
Past Performance It is important to remember that past performance doesn t necessarily indicate future performance. The returns presented below: assume that all distributions, except for fee rebates, are reinvested into the Fund; do not include sales charges, income taxes, optional expenses or advisory fees payable directly by securityholders in certain series, that reduce returns; show performance based on Canadian dollar returns; and show performance for each of the past 1 financial years, or since the series started. Financial years are as follows: - 27 to 28 nths ended September 3-29 six months ended March 31-21 to 216 nths ended March 31 Inception dates of the series within these periods are shown in Series Information. Performance during these periods may have been impacted by the following events: In October 27, the Fund began to pay an administration fee. In exchange, the Manager began to pay certain operating costs and expenses which previously had been paid by the Fund. Effective July 1, 21, the administration fees for Series A and B decreased by.2% to.18%. Effective June 3, 212, the annual management fee rate for Series A and B decreased by.5% to 1.95%. Effective August 31, 212, the annual management fee rate for Series S decreased by.5% to 1.95%. Effective June 3, 212, the annual service fee rate for Series B decreased by.5% to.4%. Year-by-Year Returns These bar charts show how much an investment in securities made on the first day of each financial year would have increased or decreased by the end of the respective period. For the first year of a series, the percentage shown will be the actual return of the series from its inception date. The charts illustrate how the Fund s performance has changed over time. SERIES A 4 2-2 -4 27 28 29 21 211 212 213 214 215 216 % 17.3 (3.3) (15.9) 27.9 5.4 (5.6) 4.5 8.5 23. (8.7) SERIES B 4 2-2 -4 27 28 29 21 211 212 213 214 215 216 % 17.1 (3.4) (16.) 27.7 5.2 (5.7) 4.4 8.4 22.9 (8.8) SERIES C 4 2-2 -4 27 28 29 21 211 212 213 214 215 216 % 17.1 (3.4) (16.) 27.7 5.2 (5.7) 4.3 8.3 22.7 (8.9) SERIES DC 4 2-2 -4 27 28 29 21 211 212 213 214 215 216 % 13.6 9.2 23.7 (8.2) SERIES F 4 2-2 -4 27 28 29 21 211 212 213 214 215 216 % 13. 8.3 (2.9) 7.4 11.5 26.4 (6.3)
YEAR-BY-YEAR RETURNS (CONTINUED) SERIES Jdsc 4 2-2 -4 27 28 29 21 211 212 213 214 215 216 % 14. 8.8 23.4 (8.5) SERIES Jnl 4 2-2 -4 27 28 29 21 211 212 213 214 215 216 % 13.9 8.7 23.2 (8.6) SERIES S Annual Compound Returns The following table compares the historical annual compound returns for each series with the index (or indices) shown below, for the periods shown ending March 31, 216. For a discussion of the Fund s recent performance relative to the index (or indices), see Results of Operations. Since (%) 1 yr 3 yrs 5 yrs 1 yrs inception Series A (8.7) 6.8 3.8.2 n/a Series B (8.8) 6.7 3.6. n/a Series C (8.9) 6.6 3.5 (.) n/a Series DC (8.2) 7.4 n/a n/a 9.9 Series F (6.3) 9.7 6.6 n/a 8.1 Series Jdsc (8.5) 7.1 n/a n/a 9.5 Series Jnl (8.6) 7. n/a n/a 9.4 Series S (8.4) 7.2 4.1 n/a 4.6 Series U (7.5) n/a n/a n/a 8.6 MSCI AC Asia Pacific Index (Net) $ CAD (7.4) 9.4 7.6 3.3 12.5 1 1 The annual compound return since inception for the index presented in the table corresponds to Series DC. The comparative annual compound return since inception for the index for each of the remaining series is as follows: Series F: 8.7%; Series Jdsc and Jnl: 12.9%; Series S: 7.3%; Series U: 9.3%. The MSCI AC Asia Pacific Total Return Index (Net) $ CAD is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the Pacific region and Asia and is comprised of 13 developed and emerging market countries. 4 2-2 -4 27 28 29 21 211 212 213 214 215 216 % 2.7 5.9 (5.2) 4.9 8.9 23.5 (8.4) SERIES U 4 2-2 -4 27 28 29 21 211 212 213 214 215 216 % 8.3 24.7 (7.5)
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 financial years. Footnotes are presented after Ratios and Supplemental Data. Net Assets per Security 1 SERIES A SERIES B beginning of period 13.54 11.19 1.32 9.88 1.53 beginning of period 13.73 11.35 1.46 1. 1.64 Total revenue.28.25.28.22.28 3 Total expenses (.4) (.36) (.32) (.26) (.27) for the period 1.1 1.23.45 (.7) (.14) for the period (2.9) 1.5.54 1.22 (.39) operations (1.11) 2.62.95.48 (.52) (excluding dividends) (.12) (.7) - (.1) (.5) From dividends - - - - - From capital gains (.76) (.13) - - - Return of capital - - - - - distributions (.88) (.2) - (.1) (.5) at period end 11.73 13.73 11.35 1.44 1. Total revenue.28.24.27.22.27 3 Total expenses (.41) (.37) (.33) (.27) (.28) for the period 1.9 1.21.44 (.7) (.14) for the period (2.7) 1.47.53 1.19 (.37) operations (1.11) 2.55.91.44 (.52) (excluding dividends) (.12) (.7) - (.1) (.5) From dividends - - - - - From capital gains (.73) (.11) - - - Return of capital - - - - - distributions (.85) (.18) - (.1) (.5) at period end 11.56 13.54 11.19 1.31 9.88 SERIES C SERIES DC beginning of period 14.99 12.39 11.34 1. n/a beginning of period 13.44 11.11 1.26 9.84 1.48 Total revenue.27.24.27.22.27 3 Total expenses (.26) (.33) (.29) (.24) (.25) for the period 1.7 1.2.44 (.69) (.13) for the period (2.2) 1.46.53 1.19 (.39) operations (.94) 2.57.95.48 (.5) (excluding dividends) (.14) (.6) - (.1) (.5) From dividends - - - - - From capital gains (.84) (.1) - - - Return of capital - - - - - distributions (.98) (.16) - (.1) (.5) at period end 11.34 13.44 11.11 1.24 9.84 Total revenue.31.27.3.14 n/a 3 Total expenses (.35) (.32) (.28) (.13) n/a for the period 1.18 1.34.48 (.49) n/a for the period (2.28) 1.63.59 1.82 n/a operations (1.14) 2.92 1.9 1.34 n/a (excluding dividends) (.15) (.11) - (.2) n/a From dividends - - - - n/a From capital gains (.9) (.18) - - n/a Return of capital - - - - n/a distributions (1.5) (.29) - (.2) n/a at period end 12.79 14.99 12.39 11.32 n/a
Net Assets per Security 1 (CONTINUED) SERIES F SERIES Jdsc JDSC beginning of period 14.99 12.39 11.39 1. n/a beginning of period 16.83 13.92 12.66 11.79 12.2 Total revenue.34.31.34.26.32 3 Total expenses (.5) (.5) (.4) - - for the period 1.36 1.51.55 (.85) (.16) for the period (2.56) 1.82.67 1.47 (.47) operations (.91) 3.59 1.52.88 (.31) (excluding dividends) (.22) (.24) (.2) (.2) (.6) From dividends - - - - - From capital gains (1.34) (.39) - - - Return of capital - - - - - distributions (1.56) (.63) (.2) (.2) (.6) at period end 14.33 16.83 13.92 12.64 11.79 Total revenue.31.27.3.16 n/a 3 Total expenses (.39) (.36) (.32) (.18) n/a for the period 1.18 1.34.49 (.51) n/a for the period (2.29) 1.63.58 1.91 n/a operations (1.19) 2.88 1.5 1.38 n/a (excluding dividends) (.14) (.9) - (.2) n/a From dividends - - - - n/a From capital gains (.87) (.16) - - n/a Return of capital - - - - n/a distributions (1.1) (.25) - (.2) n/a at period end 12.8 14.99 12.39 11.37 n/a SERIES Jnl JNL SERIES S beginning of period 14.14 11.69 1.73 1.22 1.84 beginning of period 14.96 12.37 11.38 1. n/a Total revenue.3.27.3.16 n/a 3 Total expenses (.4) (.37) (.33) (.19) n/a for the period 1.18 1.33.48 (.5) n/a for the period (2.28) 1.62.58 1.9 n/a operations (1.2) 2.85 1.3 1.37 n/a (excluding dividends) (.14) (.9) - (.2) n/a From dividends - - - - n/a From capital gains (.85) (.15) - - n/a Return of capital - - - - n/a distributions (.99) (.24) - (.2) n/a at period end 12.77 14.96 12.37 11.36 n/a Total revenue.29.26.28.23.28 3 Total expenses (.36) (.32) (.29) (.23) (.24) for the period 1.13 1.26.46 (.73) (.14) for the period (2.14) 1.54.56 1.25 (.37) operations (1.8) 2.74 1.1.52 (.47) (excluding dividends) (.14) (.9) - (.1) (.5) From dividends - - - - - From capital gains (.83) (.16) - - - Return of capital - - - - - distributions (.97) (.25) - (.1) (.5) at period end 12.6 14.14 11.69 1.71 1.22
Net Assets per Security 1 (CONTINUED) SERIES U beginning of period 13.5 1.79 1. n/a n/a Total revenue.27.24.19 n/a n/a 3 Total expenses (.2) (.18) (.13) n/a n/a for the period 1.5 1.17.29 n/a n/a for the period (1.99) 1.41.47 n/a n/a operations (.87) 2.64.82 n/a n/a (excluding dividends) (.15) (.13) (.4) n/a n/a From dividends - - - n/a n/a From capital gains (.88) (.21) - n/a n/a Return of capital - - - n/a n/a distributions (1.3) (.34) (.4) n/a n/a at period end 11.13 13.5 1.79 n/a n/a Ratios and Supplemental Data SERIES A 216 215 214 213 212 (pricing NAV) ($ s) 73,244 79,334 63,632 36,486 29,76 outstanding ( s) 6,246 5,776 5,64 3,488 2,9 expense ratio (%) 2.71 2.7 2.71 2.71 2.75 or absorptions (%) 2.71 2.7 2.71 2.71 2.75 ratio (%).31.28.26.24.24 rate (%) 65.96 56.43 47.5 42.31 41.1 (pricing NAV) ($) 11.73 13.73 11.35 1.46 1.3 SERIES B 216 215 214 213 212 (pricing NAV) ($ s) 4,11 3,764 2,714 1,241 873 outstanding ( s) 347 278 243 12 88 expense ratio (%) 2.81 2.81 2.81 2.81 2.88 or absorptions (%) 2.81 2.81 2.81 2.81 2.88 ratio (%).31.28.26.24.24 rate (%) 65.96 56.43 47.5 42.31 41.1 (pricing NAV) ($) 11.56 13.54 11.19 1.32 9.9 SERIES C 216 215 214 213 212 (pricing NAV) ($ s) 44,614 55,555 5,26 16,771 15,767 outstanding ( s) 3,935 4,133 4,519 1,635 1,6 expense ratio (%) 2.92 2.93 2.95 2.95 2.94 or absorptions (%) 2.92 2.93 2.95 2.95 2.94 ratio (%).31.28.26.24.24 rate (%) 65.96 56.43 47.5 42.31 41.1 (pricing NAV) ($) 11.34 13.44 11.11 1.26 9.86
Ratios and Supplemental Data (CONTINUED) SERIES DC 216 215 214 213 212 (pricing NAV) ($ s) 11 56 19 4 n/a outstanding ( s) 9 4 2 - n/a expense ratio (%) 2.11 2.13 2.1 2.6 n/a or absorptions (%) 2.11 2.13 2.1 2.6 n/a ratio (%).31.28.26.24 n/a rate (%) 65.96 56.43 47.5 42.31 n/a (pricing NAV) ($) 12.79 14.99 12.39 11.34 n/a SERIES Jnl JNL 216 215 214 213 212 (pricing NAV) ($ s) 1,795 1,291 544 22 n/a outstanding ( s) 141 86 44 18 n/a expense ratio (%) 2.52 2.53 2.55 2.56 n/a or absorptions (%) 2.52 2.53 2.55 2.56 n/a ratio (%).31.28.26.24 n/a rate (%) 65.96 56.43 47.5 42.31 n/a (pricing NAV) ($) 12.77 14.96 12.37 11.38 n/a SERIES F 216 215 214 213 212 (pricing NAV) ($ s) 513,412 396,78 347,645 9,545 8,721 outstanding ( s) 35,834 23,567 24,971 754 738 expense ratio (%) - -.1 - - or absorptions (%) - -.1 - - ratio (%).31.28.26.24.24 rate (%) 65.96 56.43 47.5 42.31 41.1 (pricing NAV) ($) 14.33 16.83 13.92 12.66 11.81 SERIES S 216 215 214 213 212 (pricing NAV) ($ s) 21,116 2,879 19,196 17,44 11,95 outstanding ( s) 1,75 1,477 1,642 1,589 1,162 expense ratio (%) 2.32 2.32 2.33 2.35 2.38 or absorptions (%) 2.32 2.32 2.33 2.35 2.38 ratio (%).31.28.26.24.24 rate (%) 65.96 56.43 47.5 42.31 41.1 (pricing NAV) ($) 12.6 14.14 11.69 1.73 1.24 SERIES JDSC SERIES Jdsc 216 215 214 213 212 (pricing NAV) ($ s) 45,37 36,748 17,989 6,181 n/a outstanding ( s) 3,545 2,451 1,451 543 n/a expense ratio (%) 2.42 2.43 2.45 2.44 n/a or absorptions (%) 2.42 2.43 2.45 2.44 n/a ratio (%).31.28.26.24 n/a rate (%) 65.96 56.43 47.5 42.31 n/a (pricing NAV) ($) 12.8 14.99 12.39 11.39 n/a SERIES U 216 215 214 213 212 (pricing NAV) ($ s) 2,357 1,641 522 n/a n/a outstanding ( s) 212 126 48 n/a n/a expense ratio (%) 1.29 1.3 1.32 n/a n/a or absorptions (%) 1.29 1.3 1.32 n/a n/a ratio (%).31.28.26 n/a n/a rate (%) 65.96 56.43 47.5 n/a n/a (pricing NAV) ($) 11.13 13.5 1.79 n/a n/a
1 These calculations are prescribed by securities regulations and are not intended to be a reconciliation between opening and closing net assets per security. This information is derived from the Fund s audited annual financial statements. The financial information is determined in accordance with IFRS, except for information for periods prior to April 1, 213, which is derived from financial statements prepared in accordance with Canadian GAAP. 2 Prior to April 1, 213, the net assets per security presented in the financial statements may be different from the net asset value calculated for Fund pricing purposes. This difference was due to the requirements of Canadian GAAP which may have resulted in a different valuation of investments held by the Fund in accordance with Canadian GAAP than the market value used to determine net asset value of the Fund for the purchase and redemption of the Fund s securities (pricing NAV). The pricing NAV per security at the end of the period is disclosed in Ratios and Supplemental Data. 3 Effective April 1, 213, commissions and other portfolio transaction costs are included in total expenses. Prior to April 1, 213, these costs were reported within realized and unrealized gains (losses) for the period for the purposes of these tables. 4 Net asset value and distributions are based on the actual number of securities outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of securities outstanding over the financial period. In the period a series is established, the financial information is provided from the date of inception to the end of the period. 5 Distributions were paid in cash, reinvested in additional securities of the Fund, or both. 6 ratio (MER) is based on total expenses, excluding commissions and other portfolio transaction costs, for the stated period and is expressed as an annualized percentage of daily average net assets during the period, except as noted. In the period a series is established, the MER is annualized from the date of inception to the end of the period. Where a Fund directly or indirectly via derivative contract invests in securities of an Underlying Fund, the MERs presented for the Fund include the portion of MERs of the Underlying Fund(s) attributable to this investment. Correspondingly, the MERs presented for the Fund exclude any management or other fees that are waived as a result of its investment in the Underlying Fund(s). Certain expenses that are non-recurring and/or otherwise uncertain as to their future timing and amount have not been annualized. For Series C, the service fees are divided by the assets attributable to Series C on the days on which the fee is charged. The MERs presented for Series C represent the maximum MER applicable to an account because service fee rebates have not been offset against service fees. Eligible clients in Series C are entitled to a rebate of service fees based on their asset levels held in the Fund and in other Investors Group funds as outlined in the Fund s Prospectus. The rebate is distributed as a return of capital distribution to eligible securityholders and is required to be reinvested in additional Series C securities. 7 The trading expense ratio (TER) represents total commissions and other portfolio transaction costs incurred as an annualized percentage of daily average net assets during the period. Where a Fund invests in securities of an Underlying Fund, the TERs presented for the Fund include the portion of TERs of the Underlying Fund(s) attributable to this investment. 8 The Fund s portfolio turnover rate indicates how actively the Fund s Portfolio Advisor manages its portfolio investments. A portfolio turnover rate of 1% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period. Generally, the higher a Fund s portfolio turnover rate in a period, the greater the trading costs payable by the Fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of a Fund. Transactions incurred to realign the Fund s portfolio after a fund merger, if any, are excluded from the portfolio turnover rate. There were no such transactions related to the June 213 merger.
Memo