REAL ESTATE INVESTMENT CORPORATE CLASS

REAL ESTATE INVESTMENT CORPORATE CLASSMANAGEMENT REPORT OF FUND PERFORMANCE for the year ended March 31, 2013

INVESTMENT OBJECTIVE AND STRATEGIESThe objective of the Real Estate Investment Corporate Class (the “Fund”) is to provide an ongoing flow of current income and long-term capital appreciation, primarily by investing throughout the world in a diversified portfolio of real estate investment trust units, equity securities and equity-related securities of companies or entities in the real estate industry. Equity-related securities include convertible preferred shares, convertible debt obligations and warrants. This Fund also may invest in other mutual funds.

The portfolio advisor establishes target sector weights following an analysis of national and regional economic trends, capital market conditions and property-type fundamentals. The Fund’s investments are allocated in a diversified portfolio of securities with individual weightings based on the outlook for each major property sector. The portfolio advisor selects securities among those companies that are considered to be best positioned, subject to an evaluation that includes understanding the quality of properties owned and the track record of company management. The Fund will not have any direct ownership or investment in land or buildings. The Fund may use derivatives, but only as permitted by securities regulations.

This Fund may also enter into securities lending transactions, repurchase transactions and reverse repurchase transactions, to the extent permitted by securities regulations, to earn additional income.

The Fund may, from time to time, engage in active and frequent trading of investments. This increases the possibility that an investor will receive taxable capital gain dividends. This can increase trading costs, which will reduce the Fund’s performance.

RISKThe risks of investing in the Fund remain as discussed in the prospectus. This Fund is suitable for investors who can tolerate high risk, want an investment that is focused on generating capital growth with a reasonable potential for current income and are planning to hold their investment for the medium and/or long term. This Fund is designed for investors who want to defer tax on capital gains outside a registered plan.

RESULTS OF OPERATIONS The net asset value of the Fund increased by $29.3 million to $169.2 million from March 31, 2012 to March 31, 2013. The Fund had net redemptions of $2.8 million during the period. The portfolio’s performance increased assets by $33.2 million. The Fund paid distributions totalling $1.1 million. The one-year return for Class A shares, Class E shares, Class ET8 shares, Class F shares, Class I shares,

Class IT8 shares, Class W shares and Class WT8 shares was 20.8%, 21.7%, 21.7%, 22.2%, 24.9%, 24.9%, 24.6% and 24.6%, respectively, compared to the return of the FTSE EPRA/NAREIT Developed Real Estate Total Return Index of 23.3% for the same period.

Cohen & Steers Capital Management Inc.The portfolio had a positive total return in the period and performed in line with its benchmark. Factors that contributed to relative performance included favourable stock selection in Japan. Our overweight position in Mitsubishi Estate Co., Ltd., one of Japan’s leading development companies, was beneficial as the stock rose more than 50% in the period. Stock selection in Germany and Australia also helped performance. Our position in Germany was mostly represented by Deutsche Wohnen, an apartment owner that was aided by stable fundamentals in the residential markets that it targets. Our out-of-index allocation to Mexico also performed well.

Stock selection in the United States detracted from relative returns, in part because of our underweight positioning in health care property companies. Despite our Hong Kong allocation producing strong results in absolute terms, we did not have enough exposure to some of the best performers from that region and our stock selection hindered performance.

Stock selection in Singapore also detracted, as did our out-of-index position in PDG Realty, Brazil’s largest homebuilder. The stock declined more than 20% amid difficulties integrating Agra (acquired in 2010), which resulted in cost overruns due to the need for third-party contractors.

RECENT DEVELOPMENTSCohen & Steers Capital Management Inc.Global real estate securities generated sizable total returns in the 12-month period ended March 31, 2013. Markets in Asia-Pacific and Europe saw sharp reversals from their losses in the previous 12-month period, while the United States continued to produce strong total returns. The category significantly outperformed broader global equity markets, as demand for real estate improved despite relatively meagre economic growth. The trend of easing monetary policy was particularly beneficial to real estate companies: declining interest rates helped drive property prices higher, while the low cost of capital reduced interest expense and made acquisitions more attractive.

CIG - 17668

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

get a copy of the annual financial statements at your request, and at no cost, by calling 1-888-664-4784, by writing to us at United Financial, 2 Queen Street East, Twentieth

Floor, Toronto, ON, M5C 3G7 or by visiting our website at www.assante.com/united financial or SEDAR at www.sedar.com.

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

or quarterly portfolio disclosure.


U.S. real estate securities had strong absolute performance in the period and outperformed the wider equity market. REITs continued to benefit from modest demand growth and scant new supply creation within a slowly recovering domestic economy. These fundamentals generally allowed for increases in rents that contributed to rising cash flows for landlords. Returns were positive for nearly all property types, with good performance from the shopping centre, industrial, and regional mall sectors. These companies benefited from demand from retailers as consumer spending improved, aided by early signs of a recovery in the housing market.

Canada had a relatively modest gain after its market-leading performance in 2011, and continued to offer attractive dividend yields. During the period, concerns grew about the country’s banking system amid fears of declining home prices and high consumer debt.

European real estate securities posted a gain for the period, although the region struggled in the final few months amid disappointing economic data and heightened political uncertainty. The U.K., France, and Germany outperformed mostly because of better market liquidity, and having larger, higher-quality companies. Prime offices in London’s West End and Paris’s central business district saw strong tenant demand, which helped push rents to multi-year highs despite the broader economic gloom. Germany’s residential sector was another area of impressive strength because of low unemployment, rising household formation, and low relative rents.

International Financial Reporting StandardsAs previously confirmed by the Canadian Accounting Standards Board (“AcSB”), most Canadian publicly accountable entities adopted International Financial Reporting Standards (“IFRS”), as published by the International Accounting Standards Board, on January 1, 2011. However, the AcSB has allowed most investment funds to defer adoption of IFRS until fiscal years beginning on or after January 1, 2014. Accordingly, the Fund will adopt IFRS for its fiscal period beginning April 1, 2014, and will issue its initial financial statements in accordance with IFRS, including comparative information, for the interim period ending September 30, 2014.

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

Management fee and fixed administration fee rates as at March 31, 2013, for each of the classes are shown below:

The Manager received $0.3 million in management fees and $0.3 million in fixed administrative fees for the period.

Management Fees Approximately 28% of total management fees were used to pay for sales and trailing commissions and other services required. The remaining 72% of management fees were used to pay for investment management and other general administration.

Principal DistributorThe Manager has the exclusive right to arrange for the distribution of shares of the Fund. Pursuant to a series of agreements, the right to distribute such shares has been granted, on a collective basis, to the following dealers, each of which is an affiliate of the Manager.

Assante Capital Management Ltd.Assante Financial Management Ltd.

Broker commissionsDuring the period, the Fund paid $1,882 in brokerage commissions to The Bank of Nova Scotia or its subsidiaries. The Bank of Nova Scotia has a significant interest in CI Financial Corp., the parent company of CI Investments Inc.

Independent Review CommitteeThe Fund received standing instructions from the Board of Governors (“BoG”) in its capacity as the Independent Review Committee (“IRC”) with respect to the following Related Party Transactions:

Annual management fee rate (%)

Annual fixed administration fee rate (%)T

A Shares 2.75 0.22

E Shares 2.10 0.22

F Shares 1.75 0.22

I SharesPaid directlyby investor

–

W SharesPaid directlyby investor

0.22

ET8 Shares 2.10 0.22

IT8 SharesPaid directlyby investor

–

WT8 SharesPaid directlyby investor

0.22


a) trades in securities of CI Financial Corp. and The Bank of Nova Scotia; b) purchases or sales of securities of an issuer from or to another investment

fund managed by the Manager (referred to as “Inter-Fund Trades”); and c) mergers of funds with another fund that is subject to National Instrument

81-102 (“Fund Mergers”).

The applicable standing instructions require that Related Party Transactions be conducted in accordance with the Manager’s policies and procedures. The Manager is required to advise the BoG of any material breach of a condition of the standing instructions. The standing instructions require, among other things, that the investment decision in respect to Related Party Transactions (a) are made by the Manager free from any influence by any entities related to the Manager and without taking into account any consideration to any affiliate of the Manager; (b) represent the business judgment of the Manager uninfluenced by considerations other than the best interests of the Fund; and (c) are made in compliance with the Manager’s policies and procedures. Transactions made by the Manager under the standing instructions are subsequently reviewed by the BoG on a quarterly basis to monitor compliance.

The Fund relied on the BoG’s standing instructions regarding Related Party Transactions during this reporting period.


FINANCIAL HIGHLIGHTS

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

The Ratios & Supplemental Data shown below are based on net asset values.

The Fund’s Net Assets per Share ($) (1) (2)*

A Shares

Commencement of operations October 22, 2007

Net assets, beginning of year (1, 7)

Increase (decrease) in operations:

Total revenue

Total expenses

Realized gains (losses) for the year

Unrealized gains (losses) for the year

Total increase (decrease) from operations (2)

Dividends:

From income (excluding dividends)

From dividends

From capital gains

Return of capital

Total dividends (2, 3)

Net assets at end of year shown (2, 7)

Ratios & Supplemental Data

Total net asset value ($000’s) (7)

Number of shares outstanding (000’s)

Portfolio turnover rate (%) (5)

Trading expense ratio (%) (6)

Net asset value per share ($) (7)

Management Expense Ratio

Management expense ratio before taxes (%) (4)

Harmonized sales tax (HST)/Goods and services tax (GST) (%) (4)

Management expense ratio after taxes (%) (4)

Effective HST Rate/GST, for the prior year or period (%) (4)

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

Year ended Year ended Year ended Year ended Year ended

March 31, 2013 March 31, 2012 March 31, 2011 March 31, 2010 March 31, 2009

$ $ $ $ $

8.03 8.14 7.52 5.03 9.11 10.00

0.22 0.19 0.18 0.18 0.29 0.05

(0.28) (0.26) (0.26) (0.21) (0.22) (0.12)

0.87 0.28 0.79 0.72 (2.09) (1.08)

0.70 (0.18) (0.02) 1.87 (2.21) 0.84

1.51 0.03 0.69 2.56 (4.23) (0.31)

– – – – – –

(0.06) (0.06) (0.04) – – –

– – – – – –

– – – – – –

(0.06) (0.06) (0.04) – – –

9.64 8.03 8.14 7.52 5.03 9.11

744 995 1,294 1,311 867 575

77 124 159 174 172 63

131.70 122.18 120.66 182.56 140.70 155.58

0.37 0.37 0.43 0.70 0.58 0.01

9.65 8.04 8.15 7.52 5.04 9.12

2.97 3.04 2.98 2.98 2.98 2.86

0.35 0.35 0.30 0.15 0.15 0.15

3.32 3.39 3.28 3.13 3.13 3.01

12.12 11.79 9.95 5.00 5.00 5.75


FINANCIAL HIGHLIGHTS (cont’d)


E Shares

Commencement of operations September 26, 2008



Total revenue

Total expenses




Dividends:


From dividends

From capital gains

Return of capital















Period from

Year ended Year ended Year ended Year ended Inception to


$ $ $ $ $

10.02 10.09 9.25 6.15 10.00 –

0.27 0.24 0.22 0.22 0.20 –

(0.27) (0.25) (0.25) (0.21) (0.08) –

1.20 0.30 0.96 0.96 (2.00) –

1.00 (0.32) (0.06) 1.87 0.01 –

2.20 (0.03) 0.87 2.84 (1.87) –

– – – – – –

(0.07) (0.07) (0.05) – – –

– – – – – –

– – – – – –

(0.07) (0.07) (0.05) – – –

12.12 10.02 10.09 9.25 6.15 –

13,246 9,461 10,335 8,284 3,260 –

1,091 943 1,023 894 529 –

131.70 122.18 120.66 182.56 140.70 –

0.37 0.37 0.43 0.70 0.58 –

12.14 10.04 10.10 9.26 6.16 –

2.32 2.39 2.33 2.33 2.34 –

0.26 0.25 0.22 0.12 0.12 –

2.58 2.64 2.55 2.45 2.46 –

11.00 10.68 9.28 5.00 5.00 –




F Shares

Commencement of operations May 22, 2008



Total revenue

Total expenses




Dividends:


From dividends

From capital gains

Return of capital















Period from



$ $ $ $ $

9.12 9.15 8.36 5.53 10.00 –

0.21 0.20 0.21 0.21 0.24 –

(0.22) (0.21) (0.19) (0.15) (0.13) –

1.42 1.10 0.85 0.69 (2.54) –

1.31 (0.98) 0.09 2.36 (0.78) –

2.72 0.11 0.96 3.11 (3.21) –

– – – – – –

(0.07) (0.07) (0.04) – – –

– – – – – –

– – – – – –

(0.07) (0.07) (0.04) – – –

11.07 9.12 9.15 8.36 5.53 –

12 2 19 35 42 –

1 – 2 4 8 –

131.70 122.18 120.66 182.56 140.70 155.58

0.37 0.37 0.43 0.70 0.58 0.01

11.08 9.13 9.17 8.37 5.55 –

1.97 2.04 1.98 1.98 1.99 –

0.24 0.20 0.21 0.10 0.10 –

2.21 2.24 2.19 2.08 2.09 –

11.32 12.45 10.97 5.00 5.00 –




I Shares

Commencement of operations September 8, 2008



Total revenue

Total expenses




Dividends:


From dividends

From capital gains

Return of capital















Period from



$ $ $ $ $

10.54 10.34 9.24 5.99 10.00 –

0.29 0.25 0.22 0.21 0.21 –

– (0.01) – – – –

1.28 0.34 1.04 1.00 (2.09) –

1.08 (0.20) (0.11) 1.53 (0.45) –

2.65 0.38 1.15 2.74 (2.33) –

– – – – – –

(0.08) (0.08) (0.05) – – –

– – – – – –

– – – – – –

(0.08) (0.08) (0.05) – – –

13.07 10.54 10.34 9.24 5.99 –

36,684 27,167 27,051 15,219 4,139 –

2,803 2,575 2,613 1,646 689 –

131.70 122.18 120.66 182.56 140.70 –

0.37 0.37 0.43 0.70 0.58 –

13.09 10.55 10.35 9.25 6.01 –

– 0.07 0.01 0.01 0.02 –

– – – – – –

– 0.07 0.01 0.01 0.02 –

– – – – – –




W Shares

Commencement of operations October 22, 2007



Total revenue

Total expenses




Dividends:


From dividends

From capital gains

Return of capital















Year ended Year ended Year ended Year ended Year ended


$ $ $ $ $

9.16 9.01 8.07 5.24 9.22 10.00

0.25 0.21 0.20 0.19 0.30 0.04

(0.02) (0.03) (0.02) (0.02) (0.02) (0.01)

1.07 0.30 0.85 0.75 (2.18) (1.06)

0.90 (0.26) (0.06) 2.05 (2.28) 1.16

2.20 0.22 0.97 2.97 (4.18) 0.13

– – – – – –

(0.07) (0.07) (0.04) – – –

– – – – – –

– – – – – –

(0.07) (0.07) (0.04) – – –

11.33 9.16 9.01 8.07 5.24 9.22

113,063 101,886 125,987 123,106 98,363 69,810

9,964 11,111 13,970 15,241 18,710 7,555

131.70 122.18 120.66 182.56 140.70 155.58

0.37 0.37 0.43 0.70 0.58 0.01

11.35 9.17 9.02 8.08 5.26 9.24

0.22 0.29 0.23 0.23 0.24 0.11

0.02 0.02 0.02 0.01 0.01 –

0.24 0.31 0.25 0.24 0.25 0.11

11.46 11.10 9.52 5.00 5.00 –




ET8 Shares

Commencement of operations June 22, 2011



Total revenue

Total expenses




Dividends:


From dividends

From capital gains

Return of capital















Period from

Year ended Inception to

March 31, 2013 March 31, 2012

$ $

9.05 10.00 – – – –

0.24 0.17 – – – –

(0.24) (0.17) – – – –

1.02 0.26 – – – –

0.88 0.54 – – – –

1.90 0.80 – – – –

– – – – – –

(0.06) (0.07) – – – –

– – – – – –

(0.70) (0.57) – – – –

(0.76) (0.64) – – – –

10.16 9.05 – – – –

145 107 – – – –

14 12 – – – –

131.70 122.18 – – – –

0.37 0.37 – – – –

10.17 9.06 – – – –

2.32 2.39 – – – –

0.30 0.30 – – – –

2.62 2.69 – – – –

12.90 13.00 – – – –




IT8 Shares




Total revenue

Total expenses




Dividends:


From dividends

From capital gains

Return of capital















Period from


March 31, 2013 March 31, 2012

$ $

9.80 10.00 – – – –

0.28 0.16 – – – –

– – – – – –

1.08 0.29 – – – –

0.81 0.44 – – – –

2.17 0.89 – – – –

– – – – – –

(0.07) (0.07) – – – –

– – – – – –

(0.75) (0.52) – – – –

(0.82) (0.59) – – – –

11.31 9.80 – – – –

222 172 – – – –

20 18 – – – –

131.70 122.18 – – – –

0.37 0.37 – – – –

11.32 9.81 – – – –

– 0.07 – – – –

– – – – – –

– 0.07 – – – –

– – – – – –



The Fund’s Net Assets per Share ($) (1) (2)

WT8 Shares




Total revenue

Total expenses




Dividends:


From dividends

From capital gains

Return of capital














(1) This information is derived from the Fund’s audited annual financial statements. The net assets per share presented in the financial statements differs from the net asset value calculated for Fund pricing purposes. An explanation of these differences can be found in the notes to the financial statements or in footnote (7) below.

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

(3) Dividends were paid in cash or automatically reinvested in additional shares of the Fund.

(4) Management expense ratio is calculated based on expenses charged to the Fund (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of daily average net asset value for the period. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on shareholder residency and can be different from 13%. For any particular year, the rate shown will be prorated based on the different rates in effect during that year. For the year ended March 31, 2011, the rate applied is 5% for the period April 1, 2010 to June 30, 2010 and the Fund’s Effective HST rate for the period from July 1, 2010 to March 31, 2011. The rate shown for the year ended March 31, 2011 is the time weighted average of these rates. Beginning April 1, 2011, the HST rate is based on the residency of the shareholder.

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

(6) The trading expense ratio represents total commissions and other portfolio transaction costs disclosed in the Statements of Operations expressed as an annualized percentage of daily average net asset value of the Fund during the year.

(7) Section 14.2 of National Instrument 81-106 requires the net assets of an investment fund to be calculated using the fair value of the Fund’s assets and liabilities. Canadian GAAP requires a different valuation method for calculating net assets for financial statement purposes. For the purpose of processing shareholder transactions, net assets are calculated based on the closing market price (referred to as “Net Asset Value”), while for financial statement purposes net assets are calculated based on bid/ask price (referred to as “Net Assets”).

Period from


March 31, 2013 March 31, 2012

$ $

9.31 10.00 – – – –

0.23 0.15 – – – –

(0.02) (0.02) – – – –

1.58 (0.06) – – – –

1.60 (0.22) – – – –

3.39 (0.15) – – – –

– – – – – –

(0.06) (0.07) – – – –

– – – – – –

(0.71) (0.57) – – – –

(0.77) (0.64) – – – –

10.71 9.31 – – – –

5,122 135 – – – –

478 14 – – – –

131.70 126.58 – – – –

0.37 0.37 – – – –

10.73 9.32 – – – –

0.22 0.29 – – – –

0.03 0.03 – – – –

0.25 0.32 – – – –

12.64 12.65 – – – –


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

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

*This figure is for the period from May 22, 2008 to March 31, 2009.**This figure is for the period from September 8, 2008 to March 31, 2009.

F Shares

I Shares

*This figure is for the period from October 22, 2007 to March 31, 2008.**This figure is for the period from September 26, 2008 to March 31, 2009.

A Shares

E Shares

-60-45-30-15

015304560

Mar

. 200

9

Mar

. 200

8

Mar

. 201

0

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

3

Mar

. 201

2

Mar

. 201

1

Mar

. 201

0

Mar

. 200

9

W SharesET8 Shares

*This figure is for the period from October 22, 2007 to March 31, 2008.**This figure is for the period from June 22, 2011 to March 31, 2012.

Mar

. 200

9

Mar

. 201

0

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

0

Mar

. 200

9

Mar

. 201

0

Mar

. 201

1

Mar

. 201

2

Mar

. 200

9

Mar

. 200

8

Mar

. 201

3

-60-45-30-15

015304560

21.7

-60-45-30-15

015304560

22.2

-60-45-30-15

015304560

24.9

-60-45-30-15

015304560

24.6

21.7

-44.

5* 10.1

0.4

50.8

2.812

.4

53.9

-39.

9**

Mar

. 201

2

Mar

. 201

3

-60-45-30-15

015304560

-4.9

**

-8.8

*

-44.

7 8.9

-0.6

20.8

49.2

0.29.

6

50.3

-38.

5**

*This figure is for the period from June 22, 2011 to March 31, 2012. IT8 Shares

WT8 Shares

-60-45-30-15

015304560

Mar

. 201

2

Mar

. 201

3

Mar

. 201

3

Mar

. 201

2

-60-45-30-15

015304560

4.5*

24.9

24.6

-1.2

**

-43.

1 12.2

2.5

53.6

-7.6

*

Annual Compound ReturnsThe following table shows the Fund’s annual compound returns for each period indicated, compared to the FTSE EPRA/NAREIT Developed Real Estate Total Return Index.

The FTSE EPRA/NAREIT Developed Real Estate Total Return Index is a float adjusted market capitalization weighted index that tracks the performance of eligible real estate equities in developed markets. The FTSE EPRA/NAREIT Developed Real Estate Index is a subset of the FTSE EPRA/NAREIT Global Real Estate Index.

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

One Three Five Ten Since Year Years Years Years Inception

A Shares (%) 20.8 9.4 1.5 n/a (0.3)

FTSE EPRA/NAREIT Developed

Real Estate Total Return Index (%) 23.3 13.2 2.7 n/a 0.5

E Shares (%) 21.7 10.1 n/a n/a 4.7


Real Estate Total Return Index (%) 23.3 13.2 n/a n/a 6.8

F Shares (%) 22.2 10.5 n/a n/a 2.5



I Shares (%) 24.9 13.0 n/a n/a 6.5



W Shares (%) 24.6 12.7 4.6 n/a 2.7


Real Estate Total Return Index (%) 23.3 13.2 2.7 n/a 0.5

ET8 Shares (%) 21.7 n/a n/a n/a 8.6


Real Estate Total Return Index (%) 23.3 n/a n/a n/a 15.0

IT8 Shares (%) 24.9 n/a n/a n/a 16.2



WT8 Shares (%) 24.6 n/a n/a n/a 12.5



*This figure is for the period from May 22, 2008 to March 31, 2009.**This figure is for the period from September 8, 2008 to March 31, 2009.

F Shares

I Shares

*This figure is for the period from October 22, 2007 to March 31, 2008.**This figure is for the period from September 26, 2008 to March 31, 2009.

A Shares

E Shares

-60-45-30-15

015304560

Mar

. 200

9

Mar

. 200

8

Mar

. 201

0

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

3

Mar

. 201

2

Mar

. 201

1

Mar

. 201

0

Mar

. 200

9

W SharesET8 Shares

*This figure is for the period from October 22, 2007 to March 31, 2008.**This figure is for the period from June 22, 2011 to March 31, 2012.

Mar

. 200

9

Mar

. 201

0

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

1

Mar

. 201

2

Mar

. 201

3

Mar

. 201

0

Mar

. 200

9

Mar

. 201

0

Mar

. 201

1

Mar

. 201

2

Mar

. 200

9

Mar

. 200

8

Mar

. 201

3

-60-45-30-15

015304560

21.7

-60-45-30-15

015304560

22.2

-60-45-30-15

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24.9

-60-45-30-15

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24.6

21.7

-44.

5* 10.1

0.4

50.8

2.812

.4

53.9

-39.

9**

Mar

. 201

2

Mar

. 201

3

-60-45-30-15

015304560

-4.9

**

-8.8

*

-44.

7 8.9

-0.6

20.8

49.2

0.29.

6

50.3

-38.

5**

*This figure is for the period from June 22, 2011 to March 31, 2012. IT8 Shares

WT8 Shares

-60-45-30-15

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Mar

. 201

2

Mar

. 201

3

Mar

. 201

3

Mar

. 201

2

-60-45-30-15

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4.5*

24.9

24.6

-1.2

**

-43.

1 12.2

2.5

53.6

-7.6

*


The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund and updates are available on a quarterly basis.

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

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

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

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

A NOTE ON FORWARD-LOOKING STATEMENTS

Portfolio Breakdown

Percentage of

Category Net Asset Value (%)

Country allocation

U.S.A. ..................................................................................... 44.8

Japan ...................................................................................... 13.5

Australia ................................................................................. 8.8

Hong Kong ............................................................................. 8.0

Singapore ................................................................................ 4.4

U.K. ........................................................................................ 4.1

Canada ................................................................................... 3.2

Bermuda ................................................................................. 2.8

France ..................................................................................... 2.7

Netherlands ............................................................................ 2.3

Mexico .................................................................................... 1.4

Other Net Assets (Liabilities) ................................................... 0.8

Norway ................................................................................... 0.7

Germany ................................................................................. 0.7

Philippines .............................................................................. 0.5

India ....................................................................................... 0.5

Cayman Islands ....................................................................... 0.5

Jersey Island ............................................................................ 0.4

Cash & Equivalents ................................................................. (0.1)

Portfolio Breakdown (cont’d)

Percentage of

Category Net Asset Value (%)

Sector allocation

Financials ................................................................................ 86.9

Industrials ............................................................................... 8.5

Consumer Discretionary .......................................................... 2.9

Telecommunication Services .................................................... 1.0

Other Net Assets (Liabilities) ................................................... 0.8

Cash & Equivalents ................................................................. (0.1)

Top 25 Holdings

Percentage of

Security Name Net Asset Value (%)

Simon Property Group Inc. ...................................................... 5.4

Mitsubishi Estate Co., Ltd. ...................................................... 3.6

Mitsui Fudosan Co., Ltd. ......................................................... 3.1

Ventas Inc. .............................................................................. 2.6

Sun Hung Kai Properties Ltd. .................................................. 2.4

Prologis Inc. ............................................................................ 2.4

Corio N.V. ............................................................................... 2.3

Hongkong Land Holdings Ltd. ................................................. 2.2

SL Green Realty Corp. ............................................................. 2.2

Vornado Realty Trust .............................................................. 2.2

Unibail-Rodamco S.E............................................................... 2.1

Cromwell Property Group........................................................ 2.1

Charter Hall Retail REIT ........................................................... 2.0

DDR Corp................................................................................ 1.9

Public Storage Inc. .................................................................. 1.9

Allied Properties REIT .............................................................. 1.7

Federation Centres .................................................................. 1.7

Kimco Realty Corp. ................................................................. 1.7

Mirvac Group .......................................................................... 1.6

Japan Real Estate Investment Corp. ........................................ 1.6

Land Securities Group PLC ...................................................... 1.5

Derwent London PLC .............................................................. 1.5

Digital Realty Trust Inc. ........................................................... 1.5

United Urban Investment Corp. .............................................. 1.5

Goodman Group ..................................................................... 1.5

Total Net Asset Value (in $000’s) $169,238

Summary of Investment Portfolio as at March 31, 2013

Documents

REAL ESTATE INVESTMENT CORPORATE CLASS