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Interim Financial Report FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2017 The accompanying interim financial statements have not been reviewed by the external auditors of the Fund. The external auditors
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Interim Financial Report FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2017 The accompanying interim financial statements have not been reviewed by the external auditors of the Fund. The external auditors will be auditing the annual financial statements of the Fund as at March 31, 2018, in accordance with Canadian generally accepted auditing standards. Copyright Investors Group Inc Trademarks, including Investors Group, are owned by IGM Financial Inc. and licensed to its subsidiary corporations. INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2017 STATEMENTS OF FINANCIAL POSITION at September 30, 2017 (unaudited) with comparative figures at March 31, 2017 (in $ 000 except per security amounts) Assets Current assets: Sep. 30 Mar Non-derivative investments 57,855 57,899 Cash and cash equivalents 1,903 1,572 Accrued interest receivable - - Dividends receivable Accounts receivable for investments sold - - Accounts receivable for securities issued - - Accounts receivable from the Manager - - Margin on derivative contracts - - Derivative assets - - Other assets - - Non-current assets: 59,782 59,488 Taxes recoverable Other assets Total assets 60,198 60,448 Liabilities Current liabilities: Bank indebtedness - - Accounts payable for investments purchased - - Accounts payable for securities redeemed - - Dividends payable - - Accrued expenses and miscellaneous payables 4 - Dividends payable on investments sold short - - Derivative liabilities - - Taxes payable - - Other liabilities Total liabilities Net assets attributable to securityholders 60,177 60,432 STATEMENTS OF COMPREHENSIVE INCOME for the six-month periods ended September 30 (unaudited) (in $ 000 except per security amounts) Income: Gains (losses) on derivative and non-derivative investments: a2017 b2016 Dividends Interest income 10 1 Net realized gain (loss) 2,041 1,620 Net unrealized gain (loss) 401 4,943 Income (loss) from derivatives - - Income (loss) from short selling - - Other - - Net gain (loss) on derivative and non-derivative investments 2,752 6,819 Securities lending income 5 2 Other - - Total income 2,757 6,821 Expenses: Management fees Service fees Administration fees Commissions and other portfolio transaction costs Independent Review Committee costs - - Other 2 3 Expenses before amounts absorbed by Manager Expenses absorbed by Manager - - Net expenses Increase (decrease) in net assets attributable to securityholders from operations before tax 2,130 5,960 Foreign withholding taxes paid (recovered) Foreign income taxes paid (recovered) - - Income tax paid (recovered) - - Increase (decrease) in net assets attributable to securityholders from operations 2,088 5,922 Net assets attributable to securityholders per security per series Sep. 30 Mar. 31 Sep. 30 Mar Series A ,091 15,677 Series B ,158 3,160 Series Jdsc ,943 19,229 Series Jnl ,474 3,760 Series U ,511 18,606 60,177 60,432 Increase (decrease) in net assets attributable to securityholders from operations per security per series a2017 b2016 a2017 b2016 Series A ,623 Series B Series Jdsc ,303 Series Jnl Series U ,382 2,088 5,922 See accompanying notes. INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2017 STATEMENTS OF CHANGES IN FINANCIAL POSITION for the six-month periods ended September 30 (unaudited) (in $ 000 except when stated) TOTAL SERIES A SERIES B SERIES Jdsc a2017 b2016 a2017 b2016 a2017 b2016 a2017 b2016 Net assets attributable to securityholders, beginning of period 60,432 65,408 15,677 18,985 3,160 2,682 19,229 25,772 Increase (decrease) in net assets attributable to securityholders resulting from: Operations 2,088 5, , ,303 Dividends: Ordinary - (670) - (108) - (13) - (223) Capital gains Return of capital Total dividends - (670) - (108) - (13) - (223) Security transactions: Proceeds from sale of securities 7,909 6, , ,286 Proceeds from securities issued on merger Reinvested from dividends Payment on redemption of securities (10,252) (11,417) (2,385) (3,518) (972) (677) (4,809) (4,416) Total security transactions (2,343) (4,262) (2,067) (2,117) (98) (150) (3,918) (1,907) Increase (decrease) in assets attributable to securityholders (255) 990 (1,586) (602) (2) 74 (3,286) 173 Net assets attributable to securityholders, end of period 60,177 66,398 14,091 18,383 3,158 2,756 15,943 25,945 Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period ,404 Add (deduct): Securities sold Securities issued on merger Reinvested from dividends Securities redeemed (100) (177) (41) (34) (211) (232) Securities outstanding, end of period ,304 SERIES Jnl SERIES U a2017 b2016 a2017 b2016 Net assets attributable to securityholders, beginning of period 3,760 4,266 18,606 13,703 Increase (decrease) in net assets attributable to securityholders resulting from: Operations ,382 Dividends: Ordinary - (33) - (293) Capital gains Return of capital Total dividends - (33) - (293) Security transactions: Proceeds from sale of securities ,186 1,926 Proceeds from securities issued on merger Reinvested from dividends Payment on redemption of securities (1,045) (1,031) (1,041) (1,775) Total security transactions (405) (532) 4, Increase (decrease) in assets attributable to securityholders (286) (188) 4,905 1,533 Net assets attributable to securityholders, end of period 3,474 4,078 23,511 15,236 Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period , Add (deduct): Securities sold Securities issued on merger Reinvested from dividends Securities redeemed (46) (54) (54) (110) Securities outstanding, end of period , See accompanying notes. INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2017 STATEMENTS OF CASH FLOWS for the six-month periods ended September 30 (unaudited) (in $ 000 except when stated) Cash flows from operating activities a2017 b2016 Increase (decrease) in net assets attributable to securityholders from operations 2,088 5,922 Less non-cash impact of: Net realized (gain) loss (2,041) (1,620) Change in net unrealized (gain) loss (401) (4,943) Adjustments for: Proceeds from sale and maturity of investments 12,313 23,752 Purchases of investments (9,837) (22,179) (Increase) decrease in accounts receivable and other assets 537 (143) Increase (decrease) in accounts payable and other liabilities 5 4 Net cash provided by (used in) operating activities 2, Cash flows from financing activities: Proceeds from securities issued 2,638 4,056 Proceeds from securities issued on merger - - Payments on redemption of securities (4,981) (8,909) Dividends paid net of reinvestments - (1) Net cash provided by (used in) financing activities (2,343) (4,854) Increase (decrease) in cash and cash equivalents 321 (4,061) Cash and cash equivalents at beginning of period 1,572 4,284 Effect of exchange rate fluctuations on cash and cash equivalents Cash and cash equivalents, end of period 1, Cash Cash equivalents 1,123 - Bank indebtedness - - Supplementary disclosures on cash flow from operating activities: 1, Dividends received net of withholding taxes Interest received net of withholding taxes 10 1 Interest paid - - See accompanying notes. INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2017 SCHEDULE OF INVESTMENTS as at September 30, 2017 (unaudited) No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES Activision Blizzard Inc. United States Information Technology 15,417 1,215 1,241 Adobe Systems Inc. United States Information Technology 8, ,530 Alaska Air Group Inc. United States Industrials 16,794 2,100 1,598 Albemarle Corp. United States Materials 14,139 1,554 2,405 Amazon.com Inc. United States Consumer Discretionary 2, ,205 Amphenol Corp. Class A United States Information Technology 16,266 1,262 1,718 Broadcom Ltd. United States Information Technology 3, ,143 Celgene Corp. United States Health Care 10,311 1,670 1,876 The Charles Schwab Corp. United States Financials 35,017 1,627 1,912 Concho Resources Inc. United States Energy 8,847 1,527 1,454 Corning Inc. United States Information Technology 44, ,648 Costco Wholesale Corp. United States Consumer Staples 9,579 2,050 1,964 Edwards Lifesciences Corp. United States Health Care 6, Equinix Inc. United States Real Estate 3,285 1,211 1,830 Facebook Inc. United States Information Technology 11, ,431 FedEx Corp. United States Industrials 7,827 2,046 2,204 Fortune Brands Home & Security Inc. United States Industrials 10, Intuitive Surgical Inc. United States Health Care 1,344 1,167 1,754 Lennar Corp. Class A United States Consumer Discretionary 16, ,106 LKQ Corp. United States Consumer Discretionary 17, Medtronic PLC United States Health Care 10,685 1,240 1,037 Microchip Technology Inc. United States Information Technology 14,769 1,366 1,655 Netflix Inc. United States Consumer Discretionary 6,830 1,411 1,546 NVIDIA Corp. United States Information Technology 18, ,036 PayPal Holdings Inc. United States Information Technology 16,109 1,203 1,287 Primerica Inc. United States Financials 12, ,261 Raymond James Financial Inc. United States Financials 23,174 1,802 2,439 Regeneron Pharmaceuticals Inc. United States Health Care 1, TD Ameritrade Holding Corp. United States Financials 33,191 1,651 2,022 T-Mobile USA Inc. United States Telecommunication Services 31,052 1,364 2,390 Ulta Beauty Inc. United States Consumer Discretionary 2, UnitedHealth Group Inc. United States Health Care 6,295 1,072 1,539 Vantiv Inc. United States Information Technology 13, ,146 Vulcan Materials Co. United States Materials 8,660 1,301 1,293 Workday Inc. Class A United States Information Technology 8,728 1,175 1,148 42,297 57,855 COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS (22) - TOTAL NON-DERIVATIVE INVESTMENTS 42,275 57,855 Net Assets (see asset composition): Total non-derivative investments 57,855 Cash and cash equivalents 1,903 Other net assets (liabilities) ,177 INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2017 Schedule of Asset Composition as at September 30, 2017 (unaudited) PORTFOLIO ALLOCATION % of net assets Equities 96.1 Cash and cash equivalents 3.2 Other net assets (liabilities) 0.7 Total COUNTRY ALLOCATION United States 96.1 SECTOR ALLOCATION Information Technology 31.5 Health Care 13.1 Financials 12.7 Consumer Discretionary 12.3 Industrials 7.7 Materials 6.1 Telecommunication Services 4.0 Consumer Staples 3.3 Real Estate 3.0 Energy as at March 31, 2017 PORTFOLIO ALLOCATION % of net assets Equities 95.8 Cash and cash equivalents 2.6 Other net assets (liabilities) 1.6 Total COUNTRY ALLOCATION United States 95.8 SECTOR ALLOCATION Information Technology 33.3 Consumer Discretionary 12.2 Financials 12.2 Health Care 10.2 Industrials 6.7 Materials 5.8 Energy 4.7 Telecommunication Services 4.6 Consumer Staples 3.1 Real Estate NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, ORGANIZATION OF THE CORPORATION, THE FUND, FISCAL PERIODS AND GENERAL INFORMATION (a) Organization of the Corporation and the Fund Investors Group Corporate Class Inc. (the Corporation) is a mutual fund corporation incorporated under the laws of Canada on July 17, The address of the Corporation s registered office is 447 Portage Avenue, Winnipeg, Manitoba, Canada. The Fund is a class of shares of the Corporation. The Corporation is authorized to issue an unlimited number of common shares and mutual fund shares. If issued, Series P shares are only available for purchase by other Investors Group Funds or other qualified investors. All series generally share in the operations of the Fund on a pro rata basis except for items that can be specifically attributed to one or more series. Dividends for each series may vary, partly due to the differences in expenses between the series. (b) Financial periods The Statements of Financial Position are presented as at September 30, 2017 and March 31, The Statements of Comprehensive Income, Statements of Changes in Financial Position and Statements of Cash Flows are for the six-month periods ended September 30, 2017 and The Schedule of Investments is presented as at September 30, Where a Fund or series of a Fund was established during either period, the information for the Fund or series is provided from inception date. (c) General information I.G. Investment Management, Ltd. is the Manager of the Fund. I.G. Investment Management, Ltd. and/or I.G. International Management Limited acts as Portfolio Advisor(s) to the Fund. In some cases, I.G. Investment Management (Hong Kong) Limited has been engaged as sub-advisor to provide investment services to the Fund. The Fund is distributed by Investors Group Financial Services Inc. and Investors Group Securities Inc. (collectively, the Distributors). These companies are, indirectly, wholly owned subsidiaries of IGM Financial Inc. IGM Financial Inc. is a subsidiary of Power Financial Corp. and Power Corporation of Canada. Companies related to Power Financial Corporation are therefore considered affiliates of the Manager and the Distributors. The Fund may invest in certain securities within the Power Group of Companies, subject to certain governance criteria, and these holdings, as at the end of the period, have been identified on the Schedule of Investments for the Fund. Any transactions during the periods were executed through market intermediaries and under prevailing market terms and conditions. 2. BASIS OF PREPARATION AND PRESENTATION These unaudited interim financial statements (financial statements) have been prepared in accordance with International Financial Reporting Standards (IFRS), including International Accounting Standard 34 Interim Financial Reporting (IAS 34), as issued by the International Accounting Standards Board (IASB). These financial statements were prepared using the same accounting policies, critical judgments and estimates as applied in the Fund s most recent audited annual financial statements for the year ended March 31, A summary of the Fund s significant accounting policies under IFRS is presented in Note 3. These financial statements are presented in Canadian dollars, which is the Fund s functional currency, and rounded to the nearest thousand unless otherwise indicated. These financial statements are prepared on a going concern basis using the historical cost basis, except for financial assets and liabilities that have been measured at fair value. These financial statements were authorized for issue by the Manager on November 9, Standards issued but not yet effective for the current accounting year are described in Note SIGNIFICANT ACCOUNTING POLICIES (a) Financial instruments Investments include financial assets and liabilities such as debt and equity securities, openended investment funds and derivatives. The Fund classifies and measures financial instruments in accordance with IFRS 9 Financial Instruments (IFRS 9). Upon initial recognition, financial instruments are classified as fair value through profit or loss (FVTPL). All financial assets and liabilities are recognized in the Statement of Financial Position when the Fund becomes a party to the contractual requirements of the instrument. Financial instruments are derecognized when the right to receive cash flows from the instrument has expired or the Fund has transferred substantially all risks and rewards of ownership. As such, investment purchase and sale transactions are recorded as of the trade date. Financial instruments are subsequently measured as FVTPL with changes in fair value recognized in the Statement of Comprehensive Income. The cost of investments (cost) is based on the weighted average cost of investments and excludes commissions and other portfolio transaction costs, which are separately reported in the Statement of Comprehensive Income. Realized gains and losses on disposition, including foreign exchange gains or losses on such investments, are determined based on the cost of investments. Gains and losses arising from changes in the fair value of the investments are included in the Statement of Comprehensive Income for the period in which they arise. Gains and losses realized on certain derivatives, including interest rate and currency swaps, and futures are reported as Income (loss) from derivatives within the Statement of Comprehensive Income. The Fund accounts for its holdings in unlisted open-ended investment funds at FVTPL. The Fund has concluded that unlisted open-ended investment funds in which it invests do not meet the definition of structured entities. The Fund s investment in unlisted open-ended funds, if any, is presented in the Schedule of Investments at fair value which represents the Fund s maximum exposure on these investments. (b) Fair value measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund s valuation policies are as follows: (i) Equity securities, fixed-income securities and other investment funds Fair value for securities listed on a public securities exchange or traded on an over-thecounter market is determined as the last traded market price or close price recorded by the security exchange on which the security is principally traded, where the close price falls within the bid-ask spread of the security. In situations where the last traded market price is not within the bid-ask spread, the Manager selects the point within the bid-ask spread that is most representative of fair value. Fair value of fixed-income securities includes consideration of the creditworthiness of the issuer. Investments in securities of another investment fund are valued at the net asset value per security calculated in accordance with the offering documents of such investment fund or as reported by that fund s manager. Unlisted or non-exchange traded securities, or securities for which a last traded market price is unavailable or securities for which market quotations are, in the Manager s opinion, inaccurate, unreliable or not reflective of all available material information, are valued at their estimated fair value, determined by using appropriate and accepted industry valuation techniques including valuation models. The estimated fair value of a security determined using valuation models requires the use of inputs and assumptions based on observable market data including volatility and other applicable rates or prices. In limited circumstances, the estimated fair value of a security may be determined using valuation techniques that are not supported by observable market data. (ii) Futures and swaps contracts Futures and swaps contracts are valued at the gain or loss that would be realized upon closure of the contract. The values for such contracts fluctuate and are best determined at the settlement price established each day by the board of trade or exchange on which the contracts are traded. Margin accounts represent margin deposits held with brokers in respect of open futures and swaps contracts. Any change in the variation margin requirement is settled daily. Margin paid or deposited in respect of futures contracts or swaps is reflected as a receivable at fair value in the Statement of Financial Position. (iii) Forward contracts Forward contracts, including forward currency contracts, are valued at the gain or loss that would arise as a result of closing the position at the reporting date. (iv) Options contracts Premiums received from writing options are included in the Statement of Financial Position as a liability and subsequently adjusted daily to fair value. (c) Cash and cash equivalents Cash and cash equivalents includes cash on deposit with banks and short term investments that are readily convertible to cash, are subject to an insignificant risk of changes in value, and are used by the Fund in the management of short-term commitments. Cash and cash equivalents are reported at fair value which closely approximates their amortized cost due to their nature of being highly liquid and having shor
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