IProfileTM Emerging Markets Private Pool - IG Wealth Management
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iProfileTM Emerging Markets Private Pool
Annual Management Report of Fund Performance
FOR THE PERIOD ENDED MARCH 31, 2021
CAUTION REGARDING FORWARD-LOOKING STATEMENTS This Annual Management Report of Fund Performance contains financial highlights but does not
This report may contain forward-looking statements that reflect our current contain the complete annual financial statements of the investment fund. You may obtain a copy
expectations or forecasts of future events. Forward-looking statements include
of the annual financial statements, at no cost, by calling 1-888-746-6344 (1-800-661-4578 if you
statements that are predictive in nature, depend upon or refer to future events or
conditions, or include words such as “expects”, “anticipates”, “intends”, “plans”, live in Quebec) or by writing to us at 447 Portage Avenue, Winnipeg, Manitoba, R3B 3H5 (2001,
“believes”, “estimates”, “preliminary”, “typical” and other similar expressions. boulevard Robert-Bourassa, bureau 2000, Montreal (Quebec), H3A 2A6 if you live in Quebec), or
In addition, these statements may relate to future corporate actions, future
by visiting the SEDAR website at www.sedar.com.
financial performance of a fund or a security and their future investment
strategies and prospects. Forward-looking statements are inherently subject to, Securityholders may also contact us using one of these methods to request a copy of the investment
among other things, risks, uncertainties and assumptions that could cause actual
events, results, performance or prospects to differ materially from those expressed
fund’s interim financial report, proxy voting policies and procedures, proxy voting disclosure record
in, or implied by, these forward-looking statements. These risks, uncertainties or quarterly portfolio disclosure. For more information, please refer to the Pool’s Simplified
and assumptions include, without limitation, general economic, political Prospectus, Annual Information Form and Fund Facts, which may also be obtained, at no cost, using
and market factors in North America and internationally, interest and foreign
any of the methods outlined above.
exchange rates, the volatility of global equity and capital markets, business
competition, technological change, changes in government regulations, changes For the Pool’s current net asset values per security and for more recent information on general
in securities laws and regulations, changes in tax laws, unexpected judicial or
regulatory proceedings, catastrophic events, outbreaks of disease or pandemics
market events, please visit our website at www.ig.ca
(such as COVID-19), and the ability of manager to attract or retain key employees.
References to “Consultant” or “Consultants” mean “Representative” or “Representatives” in Quebec.
The foregoing list of important risks, uncertainties and assumptions is not
exhaustive. Please consider these and other factors carefully and do not place
undue reliance on forward-looking statements.
The forward-looking information contained in this report is current only as of the
date of this report. There should not be an expectation that such information will
in all circumstances be updated, supplemented or revised whether as a result of
new information, changing circumstances, future events or otherwise.
© Copyright Investors Group Inc. 2021
TM
Trademarks, including IG Wealth Management, are owned by
IGM Financial Inc. and licensed to its subsidiary corporations.iProfileTM Emerging Markets Private Pool
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2021
Management Discussion of Emerging market equities rebounded strongly over the period as
COVID-19 vaccines showed positive results and vaccine production
Fund Performance ramped up. Investors took this as a signal that global economies would
begin to reopen and factored higher expected economic growth rates
JUNE 8, 2021 into equity valuations. Equities were also supported by low bond yields
as most central banks kept interest rates low or reduced rates. A weaker
This management discussion of Pool performance presents views
U.S. dollar helped support commodity-sensitive emerging markets.
of the portfolio management team about the significant factors and
Currency movements reduced returns in Canadian dollar terms.
developments during the past year that have affected the Pool’s
performance and outlook. Within the MSCI Emerging Markets (Net) Index, Taiwan, South Korea
and South Africa were the strongest-performing countries in Canadian
Please read the Caution Regarding Forward-looking Statements located on
dollar terms, while Egypt, Turkey and Kuwait were the weakest. The
the first page of this document.
information technology, materials and consumer discretionary sectors
were the strongest performers, while real estate, utilities and consumer
Investment Objective and Strategies staples were the weakest.
The Pool aims to provide long-term capital growth through the
allocation of assets to Emerging Markets and China Equity mandates. The Pool’s investments in emerging market shares, which account
for more than 95% of the Pool’s assets, outperformed the index.
Risk Underweight exposure to China and overweight exposure to India
The risks of the Pool remain as discussed in the Pool’s Simplified contributed to performance, as did stock selection in the United
Prospectus. States, Hong Kong, China and Taiwan. Overweight exposure to the
information technology sector and stock selection in the financials,
The Pool is suitable for long-term investors looking for capital
energy, communication services and industrials sectors also contributed.
growth who intend to hold the Pool as one component of a diversified
Overweight exposure to the financials and consumer staples sectors
investment portfolio and who have a medium to high tolerance for risk.
and underweight exposure to the materials sector detracted from
performance, along with exposure to the United States and overweight
Results of Operations exposure to Hong Kong.
CHANGES IN NET ASSETS
The Pool’s net assets increased by 91.0% during the period to The Pool’s China equity shares investments outperformed the index.
$358.9 million. This change was comprised primarily of gains from Stock selection in the industrials, information technology and consumer
operations of $100.2 million and an increase of $70.8 million due to net staples sector contributed. Stock selection in the health care sector
securityholder activity. detracted from performance.
FEES AND EXPENSES
Recent Developments
The management expense ratios (MERs) for all series are generally
The portfolio management team believes the near-term outlook for
similar to the MERs for the period ended March 31, 2020. Total
stocks is positive. As COVID-19 vaccines continue to roll out, the team
expenses paid vary period to period mainly as a result of changes in
expects the global economy to experience a broad, synchronized recovery.
average assets in each series.
Economies should be supported by massive monetary stimulus and
INVESTMENT PERFORMANCE fiscal stimulus. The team expects investment performance to favour the
In accordance with National Instrument 81-106, the following beneficiaries of economic reopening.
comparison to one or more market indices has been included to help you
The Pool’s emerging market holdings remain oriented toward companies
understand the Pool’s performance relative to the general performance
positioned to benefit from consumer consumption growth and increasing
of the markets. However, the portfolio management team cautions that
penetration of financial products in underserved markets. A shift in investor
the Pool’s mandate may be different from the index or indices shown.
preference toward more cyclical sectors could prove challenging for the
For a description of the index or indices, see Annual Compound Returns.
Pool. However, the team has confidence in the long-term opportunities for
Also, it is important to note that investors cannot invest in an index.
significant market share gains for companies in the portfolio.
Indirect investments in an index are available; however, there are fees
and transaction costs and other variables that will impact returns when The team believes expectations of policy and liquidity tightening, the
investing in these products. Index returns included in the comparison dynamics of U.S.-China relations and other potential events could result in
below do not reflect these costs and variables. In addition, unlike the uncertainty for China equity shares. It expects volatility to remain high. In
index, this Pool may be subject to valuation adjustments as outlined in the this environment, the team will continue to focus on stock selection based
Pool’s valuation policies as it relates to non-North American equities held on long-term visibility and sustainability of growth.
either directly or indirectly by the Pool. A fair value adjustment can either
positively or negatively impact the Pool’s rate of return. Other Developments
COVID-19
For the returns of all series and for longer-term performance of the
Governments worldwide have enacted various measures in seeking to
Pool, see the Past Performance section of this report. Performance will
combat the spread of the COVID-19 virus. These measures have led
vary by series primarily because fees and expenses may differ between
to significant volatility in equity markets and material disruption to
series, or because securities of a series were not issued and outstanding
businesses globally, resulting in an economic slowdown.
for the entire reporting period. See Series Information for the annual
expense rates for each series. Ongoing uncertainty regarding the duration and long-term impact of
the pandemic and the implementation of vaccination programs, as well
For the year ended March 31, 2021, the Series I securities returned
as the efficacy of government and central bank monetary and fiscal
51.2% (after deducting fees and expenses paid by the Pool). In
interventions, may continue to affect the Fund’s performance in future
comparison, the MSCI Emerging Markets (Net) Index returned 41.2%.
periods.iProfileTM Emerging Markets Private Pool
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2021
Related Party Transactions
I.G. Investment Management, Ltd. is the Manager, Trustee and
Management Fees
Portfolio Advisor of the Pool. The Pool is offered through the The Pool pays a pool advisory fee, and this fee, paid by each series,
Consultants of Investors Group Financial Services Inc. and Investors is calculated as a percentage of the net asset value of the series at the
Group Securities Inc., together referred to as the Distributors. The close of each business day (see Series Information for rates payable by
Manager, Portfolio Advisor, Distributors and Trustee are, indirectly, each series). The pool advisory fees pay the costs incurred to provide
wholly owned subsidiaries of IGM Financial Inc. investment management services. The Manager waived a portion of
The following sub-advisors provided investment services to the Pool: pool advisory fees to ensure returns remained competitive.
• JPMorgan Asset Management (Canada) Inc. Securityholders in the iProfile Program also pay a program advisory
• China Asset Management Co., Ltd. fee directly to the Distributors. This fee is not included in the Pool’s
China Asset Management Co., Ltd. is affiliated with IGM Financial Inc. expenses. Distribution-related services were paid for out of the program
advisory fee and other revenue sources.
The Pool paid a pool advisory fee to the Portfolio Advisor for investment
management and portfolio advisory services (see Management Fees).
The Pool also paid the Manager an administration fee for
administrative services.
The Trustee is responsible for the overall direction of the affairs of the
Pool. The Pool 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.
During the period, the Pool invested in other funds also managed
by the Manager or affiliates of the Manager. The Manager relied
on standing instructions approved by the IG Wealth Management
Funds Independent Review Committee for the execution of all such
transactions.
Investment, if any, in unlisted open-ended funds managed by the
Manager and/or affiliates of the Manager will be in series that do not
pay fees. The exchange-traded funds (ETFs) into which the Pool may
invest may have their own fees and expenses which reduce the value
of the ETF. Generally, the Manager has determined that fees paid by
an ETF are not duplicative with the fees paid by the Pool. However,
where the ETF is managed by Mackenzie Financial Corporation, the
ETF may distribute a fee rebate to the Pool to offset fees paid within
the ETF.
Certain other investment funds, distributed by IG Wealth Management,
and other qualified investors may invest in Series P of this Pool. As
at March 31, 2021, this series comprised approximately 30.9% of
the Pool’s net assets. The Manager relied on standing instructions
approved by the IG Wealth Management Funds Independent Review
Committee for the execution of all such transactions, which are based
on the net asset value per security determined in accordance with the
stated policies of the Pool on each transaction day. Investments by other
investment funds in the Pool increase the risk of large redemption or
purchase orders, which could result in larger than normal cash positions
in the Pool for short periods of time. This could have an impact on
the Pool’s operations. However, the Manager uses various strategies
to minimize the potential dilutive impact associated with large cash
positions. These strategies may include transferring securities in-kind
where possible, utilizing ETFs to maintain market exposure in lieu of
cash and spreading transactions in smaller increments over a period of
time.iProfileTM Emerging Markets Private Pool
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2021
Summary of Investment Portfolio Summary of Composition of the Portfolio
% of net assets
The largest positions of the Pool (up to 25) at the end of the period, PORTFOLIO ALLOCATION
and the major asset classes in which the Pool was invested, are Equities 92.9
indicated below. This summary of investment portfolio may change due Mutual Funds 4.5
to ongoing portfolio transactions. The Pool’s summary of investment Cash and cash equivalents 2.8
Other net assets (liabilities) (0.2)
portfolio will be updated as at the end of the next quarter. Please see the
Total 100.0
front page for information about how it can be obtained.
EQUITIES
Summary of Top 25 Long Positions REGIONAL ALLOCATION
% of net assets Pacific ex Japan 75.5
Latin America 9.9
Tencent Holdings Ltd. 7.8 United States 4.4
Samsung Electronics Co. Ltd. 6.1 Middle East and Africa 1.9
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 5.7 Europe ex U.K. 1.2
HDFC Bank Ltd. ADR 4.6 92.9
China AMC – IG China Equity Pool Series P 4.5
MercadoLibre Inc. 3.6 SECTOR ALLOCATION
Housing Development Finance Corp. Ltd. 3.4
AIA Group Ltd. 3.4 Financials 24.8
Tata Consultancy Services Ltd. 3.1 Information Technology 23.2
Sea Ltd. 3.0 Consumer Discretionary 15.5
Taiwan Semiconductor Manufacturing Co. Ltd. 3.0 Communication Services 13.6
Ping An Insurance (Group) Co. of China Ltd. H 2.8 Consumer Staples 10.2
Cash and cash equivalents 2.8 Industrials 3.1
Alibaba Group Holding Ltd. 2.8 Health Care 1.6
Infosys Ltd. ADR 2.7 Materials 0.9
JD.com Inc. ADR 1.9 92.9
Alibaba Group Holding Ltd. ADR 1.8
Kweichow Moutai Co. Ltd. Class A 1.7
Techtronic Industries Co. Ltd. 1.7
Series Information
WuXi Biologics Cayman Inc. 1.6
Naver Corp. 1.5
Hong Kong Exchanges and Clearing Ltd. 1.5
Kotak Mahindra Bank Ltd. 1.4
EPAM Systems Inc. 1.3 Date
LG Household & Health Care Ltd. 1.2 operations Pool advisory Administration Trustee
74.9 Series commenced fee (%) fee (%) fee (%)
Series I n/a 0.25 up to 0.25 0.05
Series P n/a - - -
Summary of Top 25 Short Positions Series Ti 03/01/2013 0.25 up to 0.25 0.05
% of net assets
The fee rates in the table above are rounded to two decimals.
n/a -
Inception dates of the series are shown if within 10 years.5.6 22.0 21.4
15% 4.8 14.7
0% 5.6 4.8
0% –2.2 –0.7
–15% –2.2 –8.4 –0.7 –8.2
–15% –8.4 –8.2
iProfileTM Emerging Markets Private Pool Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2021
Past Performance Series P
Series P
60%
60% 52.2
It is important to remember that past performance doesn’t necessarily 45% 52.2
indicate future performance. The returns presented below: 45%
30% 22.9 22.2
• assume that all distributions, except for fee rebates, are reinvested into 30% 15.5 22.9 22.2
the Pool; 15%
6.2 15.5
15% 5.6
• do not include sales charges, income taxes, optional expenses or 0% 6.2 5.6
advisory fees payable directly by securityholders in certain series, 0% –1.6 –0.1
–15% –1.6 –7.7 –0.1 –7.6
that reduce returns; –7.7 –7.6
–15%
• show performance based on Canadian dollar returns; and Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
• show performance for each of the past 10 financial years, or since the
series started. Financial years are for the 12 months ended March 31.
Inception dates within these periods are shown in Series Information.
Performance during these periods may have been impacted by the
following events: Series Ti
Series Ti
• During some performance measurement periods, certain fees or 60%
60% 51.2
expenses may have been waived or absorbed by the Manager. 45% 51.2
There is no assurance that fees will be waived in the future. 45%
30%
30% 22.0
Year-by-Year Returns 15% 14.7 22.0
21.4
21.4
4.7 14.7
These bar charts show how much an investment in securities made on 15%
0% 4.7
the first day of each financial year would have increased or decreased 0% –2.3 –0.8
by the end of the respective period. For the first year of a series, –15% –8.4 –0.8 –8.2
–2.3
–15% –8.4 –8.2
the percentage shown will be the actual return of the series from its Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
inception date. The charts illustrate how the Pool’s performance has Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
changed over time.
Series I
Annual Compound Returns
The following table compares the historical annual compound returns
60%
51.2 for each series with the index (or indices) shown below, for the periods
45% shown ending March 31, 2021.
30% For a discussion of the Pool’s recent performance relative to the index
22.0 21.4 (or indices), see Results of Operations.
15% 14.7
5.6 4.8
0%
–2.2 –0.7
–8.4 –8.2 Since
–15%
(%) 1 yr 3 yrs 5 yrs 10 yrs inception
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Series I 51.2 11.3 15.3 8.8 n/a
Series P 52.2 12.0 16.1 9.5 n/a
Series Ti 51.2 11.3 15.3 n/a 10.2
MSCI Emerging Markets (Net) Index 41.2 5.6 11.3 6.4 Note 1
Series P The MSCI Emerging Markets (Net) Index represents large- and mid-cap equity performance across 26 emerging markets.
Net total returns are calculated after the deduction of withholding tax from the foreign income and dividends of its
60% constituents.
52.2
(1) The return of the MSCI Emerging Markets (Net) Index since inception for each applicable series is as follows:
45%
Series Ti 7.9%.
30% 22.9 22.2
15.5
15%
6.2 5.6
0%
–1.6 –0.1
–15% –7.7 –7.6
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Series Ti
60%
51.2
45%
30%
22.0 21.4
15% 14.7
4.7iProfileTM Emerging Markets Private Pool
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2021
Financial Highlights
The following tables show selected key financial information about Series Ti Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31
the Pool and are intended to help you understand the Pool’s financial (in $) 2021 2020 2019 2018 2017
performance for each of the fiscal periods presented below. If during the Net assets,
period a series was established or reinstated, “period” represents the period beginning of period 8.18 9.64 10.49 9.24 8.15
from inception or reinstatement to the end of that fiscal period. Series Increase (decrease)
inception or reinstatement dates can be found under Series Information. from operations:
Total revenue 0.12 0.20 0.18 0.18 0.32
Total expenses (0.12) (0.06) (0.10) (0.09) (0.08)
Realized gains (losses)
Net Assets per Security1 for the period 0.20 (0.10) (0.11) (0.03) 0.04
Series I Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Unrealized gains (losses)
(in $) 2021 2020 2019 2018 2017 for the period 3.86 (0.75) (0.07) 1.83 1.44
Net assets, Total increase
beginning of period 28.78 31.71 32.25 26.79 22.47 (decrease) from
operations2 4.06 (0.71) (0.10) 1.89 1.72
Increase (decrease) Distributions:
from operations: From net investment income
Total revenue 0.45 0.66 0.58 0.53 0.91 (excluding Canadian dividends) (0.06) (0.11) (0.09) (0.09) (0.11)
Total expenses (0.41) (0.18) (0.30) (0.26) (0.23) From Canadian dividends - - - - -
Realized gains (losses)
From capital gains - - - - -
for the period 0.39 (0.35) (0.34) (0.08) 0.11
Unrealized gains (losses) Return of capital (0.77) (0.63) (0.65) (0.57) (0.53)
for the period 14.08 (2.67) (0.17) 5.47 4.07 Total annual
Total increase distributions3 (0.83) (0.74) (0.74) (0.66) (0.64)
(decrease) from Net assets
operations2 14.51 (2.54) (0.23) 5.66 4.86 at period end 11.43 8.18 9.64 10.49 9.24
Distributions:
From net investment income
(excluding Canadian dividends) (0.19) (0.40) (0.30) (0.23) (0.56)
From Canadian dividends - - - - - 1
These calculations are prescribed by securities regulations and are not intended to be a reconciliation between opening
From capital gains - - - - -
and closing net assets per security. This information is derived from the Fund’s audited annual financial statements.
Return of capital - - - - - The net assets per security presented in the financial statements may differ from the net asset value per security
Total annual calculated for fund pricing purposes. An explanation of these differences, if any, can be found in the Notes to Financial
distributions3 (0.19) (0.40) (0.30) (0.23) (0.56) Statements.
Net assets
2
Net asset value and distributions are based on the actual number of securities outstanding at the relevant time. The
at period end 43.34 28.78 31.71 32.25 26.79 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.
3
Distributions were paid in cash, reinvested in additional securities of the Pool, or both.
Series P Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31
(in $) 2021 2020 2019 2018 2017
Net assets,
beginning of period 14.72 16.21 16.49 13.70 11.49
Increase (decrease)
from operations:
Total revenue 0.23 0.34 0.30 0.27 0.47
Total expenses (0.09) - (0.05) (0.03) (0.03)
Realized gains (losses)
for the period (0.65) (0.18) (0.17) (0.04) 0.06
Unrealized gains (losses)
for the period 7.15 (1.35) (0.09) 2.80 2.08
Total increase
(decrease) from
operations2 6.64 (1.19) (0.01) 3.00 2.58
Distributions:
From net investment income
(excluding Canadian dividends) (0.24) (0.31) (0.26) (0.23) (0.37)
From Canadian dividends - - - - -
From capital gains - - - - -
Return of capital - - - - -
Total annual
distributions3 (0.24) (0.31) (0.26) (0.23) (0.37)
Net assets
at period end 22.15 14.72 16.21 16.49 13.70iProfileTM Emerging Markets Private Pool
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2021
Ratios and Supplemental Data
Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31
1
Management expense ratio (MER) is based on total expenses, excluding commissions and other portfolio transaction
Series I 2021 2020 2019 2018 2017 costs, income taxes, and withholding taxes, 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
Total net asset value from the date of inception to the end of the period. Where a Pool directly or indirectly via derivative contract invests
($000’s) 246,572 144,916 122,178 77,473 33,002 in securities of another fund (including exchange-traded funds or ETFs), the MERs presented for the Pool include
Number of securities the portion of MERs of the other fund(s) attributable to this investment. Any income distributions received from ETFs
outstanding (000’s) 5,690 5,035 3,854 2,402 1,232 managed by affiliates of the Manager, with the intention of offsetting fees paid within those ETFs but which are not
considered to be duplicative fees under regulatory requirements, are treated as waived expenses for MER purposes.
Management
Certain expenses that are non-recurring and/or otherwise uncertain as to their future timing and amount have not been
expense ratio (%)1 0.64 0.66 0.68 0.69 0.75
annualized.
Management expense 2
The trading expense ratio (TER) represents total commissions and other portfolio transaction costs incurred as an
ratio before waivers
annualized percentage of daily average net assets during the period. Where a Pool invests in securities of another fund
or absorptions (%) 0.64 0.66 0.68 0.69 0.79
(including exchange-traded funds or ETFs), the TERs presented for the Pool include the portion of TERs of the other
Trading expense fund(s) attributable to this investment.
ratio (%)2 0.05 0.06 0.06 0.12 0.17 3
The Pool’s portfolio turnover rate indicates how actively the Pool’s Portfolio Advisor manages its portfolio investments.
Portfolio turnover A portfolio turnover rate of 100% is equivalent to the Pool buying and selling all of the securities in its portfolio once in
rate (%)3 4.35 8.15 4.20 4.97 5.20 the course of the period. Generally, the higher a Pool’s portfolio turnover rate in a period, the greater the trading costs
Net asset value payable by it in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There
per security ($) 43.34 28.78 31.71 32.25 26.79 is not necessarily a relationship between a high turnover rate and the performance of a Pool. Transactions incurred to
realign the Pool’s portfolio after a fund merger, if any, are excluded from the portfolio turnover rate.
Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31
Series P 2021 2020 2019 2018 2017
Total net asset value
($000’s) 110,891 41,966 42,957 35,589 18,953
Number of securities
outstanding (000’s) 5,007 2,852 2,651 2,158 1,384
Management
expense ratio (%)1 0.01 0.02 0.04 0.03 0.07
Management expense
ratio before waivers
or absorptions (%) 0.01 0.02 0.04 0.03 0.07
Trading expense
ratio (%)2 0.05 0.06 0.06 0.12 0.17
Portfolio turnover
rate (%)3 4.35 8.15 4.20 4.97 5.20
Net asset value
per security ($) 22.15 14.72 16.21 16.49 13.70
Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31
Series Ti 2021 2020 2019 2018 2017
Total net asset value
($000’s) 1,391 963 1,196 1,212 1,008
Number of securities
outstanding (000’s) 122 118 124 115 109
Management
expense ratio (%)1 0.65 0.69 0.72 0.70 0.75
Management expense
ratio before waivers
or absorptions (%) 0.77 0.75 0.72 0.79 0.98
Trading expense
ratio (%)2 0.05 0.06 0.06 0.12 0.17
Portfolio turnover
rate (%)3 4.35 8.15 4.20 4.97 5.20
Net asset value
per security ($) 11.43 8.18 9.64 10.49 9.24Memo
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