Investors U.S. Opportunities Fund

Investors U.S. Opportunities Fund

Annual Financial Report

MARCH 31, 2019

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Investors U.S. Opportunities Fund

ANNUAL FINANCIAL STATEMENTS

STATEMENTS OF FINANCIAL POSITION at March 31 (in $ 000 except per security amounts)

MARCH 31, 2019

STATEMENTS OF COMPREHENSIVE INCOME for the periods ended March 31 (in $ 000 except per security amounts)

Assets Current assets: Non-derivative investments Cash and cash equivalents 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: Taxes recoverable Other assets

Total assets Liabilities Current liabilities: Bank indebtedness Accounts payable for investments purchased Accounts payable for securities redeemed Distributions payable Accrued expenses and miscellaneous payables Dividends payable on investments sold short Derivative liabilities Taxes payable Other liabilities Total liabilities Net assets attributable to securityholders

2019

2018

546,242 3,907 1 378 3,783 6 3

554,320

573,637 7,143 1 344 11,321 -

592,446

554,320

592,446

2,076

328 -

53 -

2,457 551,863

10,701

132 -

61 8

10,902 581,544

Income: Gains (losses) on derivative and non-derivative investments: Dividends Interest income Net realized gain (loss) Net unrealized gain (loss) Income (loss) from derivatives Income (loss) from short selling Other Net gain (loss) on derivative and non-derivative investments Securities lending income Other Total income Expenses: Management fees Management fee rebates Service fees Service fee rebates Administration fees Trustee fees Commissions and other portfolio transaction costs Independent Review Committee costs Other Expenses before amounts absorbed by Manager Expenses absorbed by Manager Net expenses Increase (decrease) in net assets attributable to securityholders

from operations before tax Foreign withholding taxes paid (recovered) Foreign income taxes paid (recovered) Income tax paid (recovered) Increase (decrease) in net assets attributable to securityholders

from operations

2019

2018

8,291 148

37,535 4,410

50,384 267 50,651

14,766 43

116,464 (109,122)

22,151 213 22,364

7,918 (31)

1,225 (351) 900 250 731

2 12 10,656

10,656

8,969 (42)

1,448 (363) 977 271 1,067

2 38 12,367

12,367

39,995 1,112

-

9,997 1,991

-

38,883

8,006

Series A Series B Series C Series J DSC Series J NL Series P Series U

Net assets attributable to securityholders

per security

per series

2019

2018

2019

2018

26.30

30.43

119,579 141,122

25.94

30.01

39,213

35,825

25.71

29.71

70,879

79,113

15.99

18.51

91,383 115,949

15.93

18.44

14,686

15,350

23.12

26.94

108,134 109,913

11.66

13.55

107,989

84,272

551,863 581,544

Series A Series B Series C Series J DSC Series J NL Series P Series U

Increase (decrease) in net assets attributable to securityholders from operations

per security

per series

a2019

b2018

a2019

b2018

0.91

0.37

7,818

1,049

0.89

0.35

2,369

433

0.95

0.37

4,602

634

0.59

0.28

6,305

1,170

0.59

0.28

879

179

1.37

1.06

9,330

2,185

0.57

0.38

7,580

2,356

38,883

8,006

See accompanying notes.

Investors U.S. Opportunities Fund

ANNUAL FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN FINANCIAL POSITION for the periods ended March 31 (in $ 000 except when stated)

Net assets attributable to securityholders, beginning of period Increase (decrease) in net assets attributable to securityholders resulting from: Operations Distributions: Income Capital gains Return of capital Management fee rebates Service fee rebates Total distributions Security transactions: Proceeds from sale of securities Proceeds from securities issued on merger Reinvested from distributions Payment on redemption of securities Total security transactions Increase (decrease) in assets attributable to securityholders Net assets attributable to securityholders, end of period

Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period Add (deduct): Securities sold Securities issued on merger Reinvested from distributions Securities redeemed Securities outstanding, end of period

Net assets attributable to securityholders, beginning of period Increase (decrease) in net assets attributable to securityholders resulting from: Operations Distributions: Income Capital gains Return of capital Management fee rebates Service fee rebates Total distributions Security transactions: Proceeds from sale of securities Proceeds from securities issued on merger Reinvested from distributions Payment on redemption of securities Total security transactions Increase (decrease) in assets attributable to securityholders Net assets attributable to securityholders, end of period

Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period Add (deduct): Securities sold Securities issued on merger Reinvested from distributions Securities redeemed Securities outstanding, end of period

See accompanying notes.

MARCH 31, 2019

TOTAL

a2019

b2018

581,544 731,428

38,883

8,006

(161) (91,821)

(31) (351) (92,364)

(2,588) (20,821)

(42) (363) (23,814)

73,553 -

91,951 (141,704)

23,800 (29,681) 551,863

146,482 -

23,748 (304,306) (134,076) (149,884) 581,544

SERIES A

a2019

b2018

141,122 179,182

7,818

1,049

(35) (20,055)

(20,090)

(469) (3,774)

(4,243)

6,236 -

20,083 (35,590) (9,271) (21,543) 119,579

10,732 -

4,243 (49,841) (34,866) (38,060) 141,122

SERIES B

a2019

b2018

35,825

28,490

2,369

433

(10)

(105)

(5,864)

(845)

-

-

-

-

-

-

(5,874)

(950)

13,339 -

5,863 (12,309)

6,893 3,388 39,213

20,904 -

949 (14,001)

7,852 7,335 35,825

SERIES C

a2019

b2018

79,113

96,606

4,602

634

(20) (11,378)

(1) (351) (11,750)

(225) (1,812)

(1) (363) (2,401)

2,154 -

11,714 (14,954) (1,086) (8,234) 70,879

2,771 -

2,387 (20,884) (15,726) (17,493) 79,113

4,638

216 -

919 (1,227) 4,546

5,791

353 -

136 (1,642) 4,638

1,194

476 -

272 (431) 1,511

934

697 -

31 (468) 1,194

2,663

78 -

544 (528) 2,757

3,198

94 -

78 (707) 2,663

SERIES J DSC

a2019

b2018

115,949 153,245

6,305

1,170

(28) (15,845)

(24)

(15,897)

(428) (3,446)

(34)

(3,908)

7,583 -

15,722 (38,279) (14,974) (24,566) 91,383

20,165 -

3,891 (58,614) (34,558) (37,296) 115,949

SERIES J NL

a2019

b2018

15,350

13,942

879

179

(4)

(50)

(2,319)

(404)

-

-

(6)

(7)

-

-

(2,329)

(461)

4,928 -

2,287 (6,429)

786 (664) 14,686

8,891 -

453 (7,654) 1,690 1,408 15,350

SERIES P

a2019

b2018

109,913 213,102

9,330

2,185

(35) (19,719)

(19,754)

(941) (7,572)

(8,513)

4,010 -

19,754 (15,119)

8,645 (1,779) 108,134

34,039 -

8,513 (139,413) (96,861) (103,189) 109,913

SERIES U

a2019

b2018

84,272

46,861

7,580

2,356

(29) (16,641)

(16,670)

(370) (2,968)

(3,338)

35,303 -

16,528 (19,024) 32,807 23,717 107,989

48,980 -

3,312 (13,899) 38,393 37,411 84,272

6,266

421 -

1,185 (2,155) 5,717

8,142

1,095 -

205 (3,176) 6,266

833

744

282

483

-

-

173

24

(366)

(418)

922

833

4,080

158 -

1,036 (597) 4,677

7,772

1,268 -

310 (5,270) 4,080

6,220

2,823 -

1,714 (1,498) 9,259

3,399

3,605 -

239 (1,023) 6,220

Investors U.S. Opportunities Fund

ANNUAL FINANCIAL STATEMENTS

STATEMENTS OF CASH FLOWS for the periods ended March 31 (in $ 000 except when stated)

Cash flows from operating activities Increase (decrease) in net assets attributable to securityholders

from operations Less non-cash impact of: Net realized (gain) loss Change in net unrealized (gain) loss Adjustments for: Proceeds from sale and maturity of investments Purchases of investments (Increase) decrease in accounts receivable and other assets Increase (decrease) in accounts payable and other liabilities Net cash provided by (used in) operating activities Cash flows from financing activities: Proceeds from securities issued Proceeds from securities issued on merger Payments on redemption of securities Distributions paid net of reinvestments Net cash provided by (used in) financing activities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Effect of exchange rate fluctuations on cash and cash equivalents Cash and cash equivalents, end of period Cash Cash equivalents Bank indebtedness

Supplementary disclosures on cash flow from operating activities: Dividends received net of withholding taxes Interest received net of withholding taxes Interest paid

a2019

b2018

38,883

8,006

(37,535) (116,464) (4,410) 109,122

812,986 (744,733)

(43) (16) 65,132

696,534 (537,979)

366 69 159,654

49,904 -

(117,859) (413)

(68,368) (3,236) 7,143

3,907

507 3,400

3,907

91,680 -

(249,372) (66)

(157,758) 1,896 5,247 7,143 510 6,633 7,143

7,145 148 -

13,139 42 -

MARCH 31, 2019

See accompanying notes.

Investors U.S. Opportunities Fund

ANNUAL FINANCIAL STATEMENTS

SCHEDULE OF INVESTMENTS as at March 31, 2019

Country Sector

EQUITIES Bright Horizons Family Solutions Inc. Brown & Brown Inc. Cambrex Corp. Cantel Medical Corp. Carter's Inc. Cerner Corp. Cognex Corp. CommVault Systems Inc. CoreLogic Inc. CoStar Group Inc. Dave & Buster's Entertainment Inc. Dentsply Sirona Inc. DexCom Inc. Dolby Laboratories Inc. Class A Endologix Inc. Equifax Inc. ExlService Holdings Inc. First Republic Bank Gartner Inc. Glanbia PLC Globant SA Healthcare Services Group Inc. Hudson Ltd. Instructure Inc. Kennedy-Wilson Holdings Inc. Markel Corp. MAXIMUS Inc. Middleby Corp. Nielsen Holdings PLC Polo Ralph Lauren Corp. Class A Premier Inc. Class A The Progressive Corp. Signature Bank Silicon Laboratories Inc. Spirit Airlines Inc. Syneos Health Inc. Teradyne Inc. Tyler Technologies Inc. Varonis Systems Inc. Verisk Analytics Inc. Wabtec Corp. Waters Corp. Worldpay Inc.

COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS

TOTAL NON-DERIVATIVE INVESTMENTS

United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

Ireland United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

Consumer Discretionary Financials

Health Care Health Care Consumer Discretionary Health Care Information Technology Information Technology Information Technology Industrials Consumer Discretionary Health Care Health Care Information Technology Health Care Industrials Information Technology

Financials Information Technology

Consumer Staples Information Technology

Industrials Consumer Discretionary Information Technology

Real Estate Financials Information Technology Industrials Industrials Consumer Discretionary Health Care Financials Financials Information Technology Industrials Health Care Information Technology Information Technology Information Technology Industrials Industrials Health Care Information Technology

Net Assets (see asset composition): Total non-derivative investments Cash and cash equivalents Other net assets (liabilities)

MARCH 31, 2019

No. of Units,

Shares, or

Cost

Par Value (CAD$ 000)

Fair Value (CAD$ 000)

29,783 63,400 216,599 145,968 177,704 248,740 54,200 194,500 149,700 48,129 293,200 434,457 125,257 131,443 26,990 119,288 239,100 16,800 68,000 493,400 57,101 134,120 234,475 224,000 496,700 9,700 241,504 46,400 361,600 80,100 87,229 255,900 64,700 25,300 217,500 355,900 28,200 4,968 62,900 134,700 109,900 21,130 142,392

4,380 2,385 13,145 15,322 22,539 18,375 3,388 15,376 8,818 23,782 21,982 20,727 21,544 11,592

543 17,991 19,351 1,923 13,053 10,942 3,523 5,695 6,300 9,646 12,338 13,833 20,834 6,889 12,676 13,360 4,010 23,423 9,106 2,662 14,300 20,958 1,578 1,215 4,425 20,307 13,663 5,085 17,279

510,263

(371)

509,892

5,058 2,500 11,244 13,046 23,931 19,014 3,683 16,825 7,453 29,995 19,537 28,788 19,933 11,059

238 18,887 19,175 2,255 13,781 12,900 5,447 5,912 4,308 14,103 14,196 12,912 22,904 8,062 11,436 13,879 4,020 24,649 11,071 2,733 15,362 24,614 1,501 1,357 5,012 23,937 10,825 7,106 21,594

546,242

-

546,242

546,242 3,907 1,714

551,863

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