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1 Annual Financial Report MARCH 31, 2018 Copyright Investors Group Inc Trademarks, including Investors Group, are owned by IGM Financial Inc. and licensed to its subsidiary corporations.

2 STATEMENTS OF FINANCIAL POSITION at March 31 (in $ 000 except per security amounts) STATEMENTS OF COMPREHENSIVE INCOME for the periods ended March 31 (in $ 000 except per security amounts) Assets Current assets: Non-derivative investments 2,124,524 1,051,453 Cash and cash equivalents 225,879 40,338 Accrued interest receivable 14,143 6,486 Dividends receivable Accounts receivable for investments sold 31,328 3,793 Accounts receivable for securities issued 3,390 - Accounts receivable from the Manager 82 - Margin on derivative contracts - - Derivative assets 1, Other assets 2 3 2,400,920 1,102,351 Non-current assets: Taxes recoverable - - Other assets Total assets 2,400,920 1,102,351 Liabilities Current liabilities: Bank indebtedness - - Accounts payable for investments purchased 123,152 21,951 Accounts payable for securities redeemed - - Distributions payable - - Accrued expenses and miscellaneous payables Dividends payable on investments sold short - - Derivative liabilities 3, Taxes payable - - Other liabilities Total liabilities 126,427 22,923 Net assets attributable to securityholders 2,274,493 1,079,428 a2018 b2017 Income: Gains (losses) on derivative and non-derivative investments: Dividends Interest income 46,607 21,505 Net realized gain (loss) (4,102) (288) Net unrealized gain (loss) 1, Income (loss) from derivatives Income (loss) from short selling - - Other 6,296 2,630 Net gain (loss) on derivative and non-derivative investments 51,393 24,607 Securities lending income Other - - Total income 51,446 24,654 Expenses: Pool advisory fees 4,592 1,924 Administration fees 4,592 1,924 Audit fees 5 5 Custody fees Registration fees and expenses Trustee fees Securityholder reporting Commissions and other portfolio transaction costs Independent Review Committee costs 4 3 Other Expenses before amounts absorbed by Manager 10,488 4,510 Expenses absorbed by Manager - - Net expenses 10,488 4,510 Increase (decrease) in net assets attributable to securityholders from operations before tax 40,958 20,144 Foreign withholding taxes paid (recovered) Foreign income taxes paid (recovered) - - Income tax paid (recovered) - - Increase (decrease) in net assets attributable to securityholders from operations 40,928 20,121 Net assets attributable to securityholders per security per series Series I ,234,237 1,051,764 Series Ti ,256 27,664 2,274,493 1,079,428 Increase (decrease) in net assets attributable to securityholders from operations per security per series a2018 b2017 a2018 b2017 Series I ,078 19,506 Series Ti ,928 20,121 See accompanying notes.

3 STATEMENTS OF CHANGES IN FINANCIAL POSITION for the periods ended March 31 (in $ 000 except when stated) TOTAL SERIES I SERIES Ti a2018 b2017 a2018 b2017 a2018 b2017 Net assets attributable to securityholders, beginning of period 1,079, ,079 1,051, ,334 27,664 18,745 Increase (decrease) in net assets attributable to securityholders resulting from: Operations 40,928 20,121 40,078 19, Distributions: Income (42,865) (19,507) (41,919) (18,866) (946) (641) Capital gains - (3,758) - (3,489) - (269) Return of capital (70) (38) - - (70) (38) Pool advisory fee rebates Total distributions (42,935) (23,303) (41,919) (22,355) (1,016) (948) Security transactions: Proceeds from sale of securities 1,455, ,942 1,429, ,728 26,526 15,214 Proceeds from securities issued on merger Reinvested from distributions 42,279 22,836 41,654 22, Payment on redemption of securities (300,942) (131,247) (286,549) (124,544) (14,393) (6,703) Total security transactions 1,197, ,531 1,184, ,279 12,758 9,252 Increase (decrease) in assets attributable to securityholders 1,195, ,349 1,182, ,430 12,592 8,919 Net assets attributable to securityholders, end of period 2,274,493 1,079,428 2,234,237 1,051,764 40,256 27,664 Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period 89,181 45,243 2,763 1,845 Add (deduct): Securities sold 121,505 52,549 2,659 1,506 Securities issued on merger Reinvested from distributions 3,550 1, Securities redeemed (24,431) (10,471) (1,450) (661) Securities outstanding, end of period 189,805 89,181 4,035 2,763 See accompanying notes.

4 STATEMENTS OF CASH FLOWS for the periods ended March 31 (in $ 000 except when stated) Cash flows from operating activities a2018 b2017 Increase (decrease) in net assets attributable to securityholders from operations 40,928 20,121 Less non-cash impact of: Net realized (gain) loss 4, Change in net unrealized (gain) loss (1,677) (519) Distributions received from Underlying Funds (12,814) (6,780) Adjustments for: Proceeds from sale and maturity of investments 1,175, ,176 Purchases of investments (2,163,451) (835,287) (Increase) decrease in accounts receivable and other assets (7,755) (2,406) Increase (decrease) in accounts payable and other liabilities (113) 188 Net cash provided by (used in) operating activities (965,184) (473,219) Cash flows from financing activities: Proceeds from securities issued 1,447, ,342 Proceeds from securities issued on merger - - Payments on redemption of securities (296,370) (128,667) Distributions paid net of reinvestments (656) (467) Net cash provided by (used in) financing activities 1,150, ,208 Increase (decrease) in cash and cash equivalents 185,563 31,989 Cash and cash equivalents at beginning of period 40,338 8,349 Effect of exchange rate fluctuations on cash and cash equivalents (22) - Cash and cash equivalents, end of period 225,879 40,338 Cash 23,767 13,038 Cash equivalents 202,112 27,300 Bank indebtedness - - Supplementary disclosures on cash flow from operating activities: 225,879 40,338 Dividends received net of withholding taxes Interest received net of withholding taxes 38,950 19,078 Interest paid - - See accompanying notes.

5 SCHEDULE OF INVESTMENTS as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS 407 International Inc. 3.43% MTN Canada Corporate 1,200,000 1,199 1, International Inc. 4.45% Callable 2041 Canada Corporate 3,150,000 3,583 3, International Inc. 3.60% Callable Canada Corporate 7,200,000 7,146 7,293 AAC Holdings Inc. Term Loan 1st Lien F/R United States Bank Loans USD 250, Advanced Micro Devices Inc. 7.50% United States Corporate USD 1,000,000 1,403 1,406 AECOM 5.13% Callable 2026 United States Corporate USD 270, AerCap Ireland Capital Designated Activity Co. 3.30% Callable 2022 Netherlands Corporate USD 910,000 1,128 1,142 Aeroports de Montreal 3.92% Canada Corporate 2,000,000 2,290 2,241 Aeroports de Montreal 3.92% Series M Callable 2044 Canada Corporate 2,500,000 2,704 2,811 Agence Francaise de Developpement 2.00% EMTN France Corporate USD 500, Agence Francaise de Developpement 1.38% France Corporate USD 3,000,000 3,720 3,810 AGT Food and Ingredients Inc. 5.88% Callable 2018 Canada Corporate 500, AIMCo Realty Investors LP 3.04% Callable 2028 Canada Corporate 1,000,000 1, Algonquin Power & Utilities Corp. 4.65% Canada Corporate 1,475,000 1,586 1,560 Algonquin Power & Utilities Corp. 4.09% Callable Canada Corporate 3,900,000 3,922 4,003 Allied Properties Real Estate Investment Trust 3.75% Series A Canada Corporate 1,400,000 1,442 1,422 Allied Properties Real Estate Investment Trust 3.93% Series B Canada Corporate 850, Allied Properties Real Estate Investment Trust 3.64% Callable 2025 Canada Corporate 8,264,000 8,135 8,076 AltaLink LP 4.87% Canada Corporate 4,300,000 5,068 5,194 AltaLink LP 3.72% Callable MTN Canada Corporate 2,000,000 2,048 2,074 AMC Entertainment Holdings Inc. 5.88% Callable United States Corporate USD 900,000 1,087 1,143 Amneal Pharmaceuticals LLC Term loan B 1st Lien F/R United States Bank Loans USD 1,580,000 2,023 2,039 Antero Resources Corp. 5.00% United States Corporate USD 2,500,000 3,253 3,242 Aramark Services Inc. 4.75% Callable 2021 United States Corporate USD 1,310,000 1,654 1,637 Arch Merger Sub Inc. 8.50% Callable A United States Corporate USD 3,730,000 4,484 4,451 ASP AMC Merger Sub Inc. 8.00% Callable A United States Corporate USD 1,000,000 1,210 1,209 ATS Consolidated Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 380, Avolon Holdings Funding Ltd. 5.50% Callable A Ireland Corporate USD 380, Bank Nederlandse Gemeenten NV 1.88% Netherlands Corporate USD 2,300,000 3,118 2,947 Bank of America Corp. 3.23% Series MPLE United States Corporate 370, Bank of America Corp. F/R Callable 2022 United States Corporate 1,050,000 1,048 1,037 Bank of America Corp. F/R Callable 2024 United States Corporate 1,220,000 1,249 1,228 Bank of Montreal 1.88% DPNT Canada Corporate 500, Bank of Montreal 1.61% DPNT Canada Corporate 2,470,000 2,455 2,388 Bank of Montreal 2.27% DPNT Canada Corporate 1,110,000 1,110 1,092 Bank of Montreal 2.70% DPNT Canada Corporate 7,620,000 7,612 7,555 Bank of Montreal 3.12% MTN Canada Corporate 3,775,000 3,841 3,804 Bank of Montreal 3.32% Canada Corporate 3,580,000 3,649 3,620 Bank of Montreal F/R Callable 2027 Canada Corporate USD 1,580,000 2,031 1,938 The Bank of Nova Scotia 1.83% Canada Corporate 3,740,000 3,622 3,619 The Bank of Nova Scotia 2.36% Canada Corporate 18,230,000 18,000 17,959 The Bank of Nova Scotia 2.29% Canada Corporate 7,000,000 6,890 6,783 Baytex Energy Corp. 6.63% Callable 2018 Reg S Canada Corporate 1,053, ,027 BC Telecom Inc. 9.65% Canada Corporate 599, Bell Canada 2.70% Callable Canada Corporate 1,500,000 1,470 1,466 Bell Canada 3.60% Callable MTN Canada Corporate 4,070,000 4,078 4,109 Bell Canada 4.45% Callable Canada Corporate 3,000,000 3,016 3,079 BMC Acquisition Inc. Term Loan 1st Lien F/R United States Bank Loans USD 299, BNP Paribas SA 2.88% EMTN France Corporate EUR 250, Boardriders Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,960,000 2,476 2,500 BP Capital Markets PLC 2.99% EMTN United Kingdom Corporate EUR 250, Bruce Power LP 3.00% Callable 2024 Canada Corporate 572, Bruce Power LP 3.97% Canada Corporate 1,780,000 1,831 1,851 Bruce Power LP 4.01% Callable 2029 Canada Corporate 5,300,000 5,401 5,460 Bundesrepublik Deutschland 2.50% Germany Foreign Governments EUR 500, Bundesrepublik Deutschland 0.50% Germany Foreign Governments EUR 3,350,000 5,110 5,343 Burger King France SAS 6.00% Callable 2020 France Corporate EUR 1,000,000 1,677 1,679 Caisse d Amortissement de la Dette Sociale 3.38% France Corporate USD 1,100,000 1,560 1,452 Calfrac Well Services Ltd. 7.50% Callable Canada Corporate USD 425, California Resources Corp. 8.00% Callable A United States Corporate USD 1,140,000 1,129 1,157 Calpine Corp. 5.25% Callable A United States Corporate USD 1,660,000 2,057 2,067 Cameco Corp. 5.67% Series D Canada Corporate 1,100,000 1,177 1,139 Camelot Finance SA 7.88% Callable A United States Corporate USD 450, Canada Goose Inc. Term Loan 1st Lien F/R Canada Bank Loans USD 375, Canada Housing Trust No. 1 F/R Canada Federal Government 20,000,000 20,070 20,081 Canada Housing Trust No % Canada Federal Government 17,690,000 17,679 17,731 Canada Housing Trust No % Canada Federal Government 24,170,000 24,072 24,476 Canadian Credit Card Trust II 1.99% Series B Canada Corporate 3,500,000 3,500 3,496 Canadian Credit Card Trust II 1.99% Series C Canada Corporate 500, Canadian Imperial Bank of Commerce 2.47% Canada Corporate 17,320,000 17,164 17,156 Canadian Imperial Bank of Commerce 3.00% Callable 2019 Canada Corporate 4,600,000 4,642 4,629 Canadian Imperial Bank of Commerce 3.42% Callable 2021 Canada Corporate 1,500,000 1,536 1,518

6 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Canadian Imperial Bank of Commerce F/R Callable 2023 Canada Corporate 1,890,000 1,889 1,897 Canadian Real Estate Investment Trust 2.95% Callable 2022 Canada Corporate 2,420,000 2,420 2,389 Canadian Western Bank 2.79% DPNT Canada Corporate 800, Canadian Western Bank 2.92% Canada Corporate 1,850,000 1,849 1,839 Capital Power Corp. 4.28% Callable 2024 Canada Corporate 5,350,000 5,350 5,422 Careerbuilder LLC Term Loan 1st Lien F/R United States Bank Loans USD 2,250,000 2,866 2,895 Casablanca US Holdings Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,450,000 1,884 1,887 Centennial Resource Production LLC 5.38% Callable A United States Corporate USD 660, Central 1 Credit Union F/R Canada Corporate 670, Central 1 Credit Union 2.60% Canada Corporate 2,090,000 2,074 2,054 Central 1 Credit Union F/R Callable Canada Corporate 3,200,000 3,202 3,167 CenturyLink Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,750,000 2,219 2,221 Cequel Communications Holdings I LLC 7.50% Callable A United States Corporate USD 1,500,000 1,938 1,983 CES Energy Solutions Corp. 6.38% Callable 2020 Canada Corporate 400, Chartwell Retirement Residences 3.79% Callable 2023 Canada Corporate 4,400,000 4,400 4,408 Choice Properties Real Estate Investment Trust 3.01% Callable 2022 Canada Corporate 630, Choice Properties Real Estate Investment Trust 3.56% Callable 2024 Canada Corporate 3,590,000 3,590 3,606 Choice Properties Real Estate Investment Trust 3.55% Callable 2024 Canada Corporate 1,060,000 1,060 1,060 Choice Properties Real Estate Investment Trust 4.18% Callable 2027 Canada Corporate 2,540,000 2,540 2,579 CHS/Community Health Systems Inc. 5.13% United States Corporate USD 360, CI Financial Corp. 2.65% Callable Canada Corporate 750, CI Financial Corp. 2.78% MTN Canada Corporate 300, CI Financial Corp. 3.90% Callable Canada Corporate 1,000,000 1,000 1,020 Citigroup Inc. 4.09% Series MPLE United States Corporate 5,385,000 5,487 5,541 City of Montreal 3.50% Canada Municipal Governments 10,000,000 10,511 10,456 City of Montreal 3.15% Canada Municipal Governments 3,500,000 3,492 3,483 City of Toronto 3.50% Canada Municipal Governments 4,300,000 4,634 4,466 CNH Capital Canada Receivables Trust 2.50% Series 17-1 Class B Canada Corporate 786, Coeur Mining Inc. 5.88% Callable 2020 United States Corporate USD 2,000,000 2,474 2,566 Cogeco Communications Inc. 4.93% Canada Corporate 100, Comfort Holding LLC Term Loan 1st Lien F/R United States Bank Loans USD 400, Cominar Real Estate Investment Trust 4.16% Series 9 Canada Corporate 1,800,000 1,814 1,795 Cominar Real Estate Investment Trust 4.25% Canada Corporate 1,300,000 1,329 1,293 Commonwealth of Bahamas 6.00% Callable 2028 Bahamas Foreign Governments USD 2,220,000 2,826 2,986 Communications Sales & Leasing Inc. 7.13% Callable A United States Corporate USD 450, Constellium NV 6.63% Callable A Netherlands Corporate USD 200, Coronado Australian Holdings Pty Ltd. Term Loan B 1st Lien F/R United States Bank Loans USD 927,143 1,159 1,182 Coronado Australian Holdings Pty Ltd. Term Loan C 1st Lien F/R United States Bank Loans USD 252, CPPIB Capital Inc. 1.10% Series C Canada Corporate 8,700,000 8,653 8,632 Crew Energy Inc. 6.50% Callable Canada Corporate 1,140,000 1,140 1,074 Crombie Real Estate Investment Trust 2.78% Canada Corporate 1,250,000 1,236 1,239 Crombie Real Estate Investment Trust 3.96% Canada Corporate 3,500,000 3,555 3,529 CSC Holdings LLC Term Loan B 1st Lien F/R United States Bank Loans USD 420, CSM NV Term Loan B F/R United States Bank Loans USD 1,925,000 2,442 2,457 CT Real Estate Investment Trust 3.53% Series B Callable Canada Corporate 7,583,000 7,705 7,575 CT Real Estate Investment Trust 3.47% Series E Callable Canada Corporate 2,400,000 2,400 2,340 CU Inc. 3.81% Canada Corporate 9,235,000 9,375 9,631 CU Inc. 3.76% Callable 2046 Canada Corporate 3,140,000 3,227 3,258 CVR Partners LP 9.25% Callable A United States Corporate USD 450, DaVita Healthcare Partners Inc. 5.00% Callable 2020 United States Corporate USD 1,300,000 1,611 1,622 Denbury Resources Inc. 9.00% Callable 144A United States Corporate USD 480, Denbury Resources Inc. 5.50% Callable United States Corporate USD 280, Diamond (BC) BV Term Loan 1st Lien F/R United States Bank Loans USD 200, Durham District School Board 6.75% Canada Provincial Governments 1,750,000 2,127 1,877 Eagle Credit Card Trust 2.63% Canada Corporate 360, Eagle Credit Card Trust 4.08% Series 171C Canada Corporate 550, The Empire Life Insurance Co. F/R Callable 2023 Canada Corporate 1,000,000 1,000 1,006 Enbridge Gas Distribution Inc. 2.50% Callable 2026 Canada Corporate 1,100,000 1,099 1,067 Enbridge Inc. 3.20% Callable 2027 Canada Corporate 2,200,000 2,199 2,110 Enbridge Inc. 4.57% Canada Corporate 8,400,000 8,521 8,420 Enbridge Inc. 5.37% Callable 2027 Canada Corporate 9,690,000 9,647 9,341 Enbridge Pipelines Inc. 4.55% Callable 2045 MTN Canada Corporate 2,393,000 2,542 2,591 Enbridge Pipelines Inc. 4.13% Callable MTN Canada Corporate 3,834,000 3,902 3,898 EnerCare Solutions Inc. 4.60% Callable Canada Corporate 7,000,000 7,400 7,245 EnerCare Solutions Inc. 3.99% Callable 2023 Canada Corporate 5,700,000 5,759 5,834 Envigo Holdings Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 740, EPCOR Utilities Inc. 6.80% Callable Canada Corporate 550, EPCOR Utilities Inc. 3.55% Callable 2047 Canada Corporate 1,280,000 1,280 1,281 Equitable Bank F/R DPNT Canada Corporate 1,000,000 1,000 1,000 European Investment Bank 2.13% Reg S Supranational Supranational USD 1,000,000 1,336 1,287 European Investment Bank 1.63% United States Supranational USD 1,500,000 1,882 1,873 Exela Intermediate LLC 10.00% Callable A United States Corporate USD 750,

7 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) The Fédération des Caisses Desjardins du Québec 2.39% Canada Corporate 2,080,000 2,054 2,054 FAGE International SA/FAGE USA Dairy Industry Inc. 5.63% Callable A Luxembourg Corporate USD 2,530,000 3,056 3,052 Fairfax Financial Holdings Ltd. 4.50% Canada Corporate 720, Fairfax Financial Holdings Ltd. 4.25% Callable 2027 Canada Corporate 5,940,000 5,940 5,890 First Capital Realty Inc. 4.79% Canada Corporate 2,980,000 3,278 3,195 First Capital Realty Inc. 3.60% Callable 2026 Canada Corporate 3,850,000 3,930 3,806 First Capital Realty Inc. 3.75% Callable 2027 Canada Corporate 7,000,000 7,000 6,903 First National Financial Corp. 4.01% Canada Mortgage Backed 2,150,000 2,146 2,166 First Quantum Minerals Ltd. 6.88% Callable A Zambia Corporate USD 2,110,000 2,672 2,584 FMS Wertmanagement 1.25% Germany Corporate USD 600, Ford Credit Canada Co. 2.45% United States Corporate 830, Ford Credit Canada Co. 3.35% United States Corporate 2,000,000 2,000 2,000 Ford Floorplan Auto Securitization Trust 2.20% Canada Corporate 1,400,000 1,400 1,389 Fortified Trust 2.16% Canada Corporate 2,080,000 2,067 2,065 FortisAlberta Inc. 4.27% MTN Canada Corporate 1,950,000 2,129 2,198 FortisBC Inc. 3.38% Callable 2044 MTN Canada Corporate 1,890,000 1,850 1,837 FortisBC Energy Inc. 3.78% Callable MTN Canada Corporate 1,585,000 1,614 1,659 Fortress Transportation and Infrastructure Investors LLC 6.75% Callable A United States Corporate USD 980,000 1,302 1,283 France Government OAT 3.25% France Foreign Governments EUR 5,227,000 11,219 11,573 FXI Holdings Inc. 7.88% Callable A United States Corporate USD 2,250,000 2,850 2,840 Garda World Security Corp. 7.25% Callable 144A Canada Corporate USD 3,000,000 3,934 3,924 Gateway Casinos & Entertainment Ltd. 8.25% Callable A Canada Corporate USD 2,450,000 3,367 3,356 General Motors Financial of Canada Ltd. 3.08% United States Corporate 2,100,000 2,135 2,113 Genworth MI Canada Inc. 4.24% Canada Corporate 4,040,000 4,241 4,096 GFL Environmental Inc. 5.38% Callable A Canada Corporate USD 1,340,000 1,700 1,698 Gibson Energy Inc. 5.38% Callable Canada Corporate 1,238,000 1,157 1,256 Gibson Energy Inc. 5.25% Callable 2020 Reg S Canada Corporate 6,860,000 6,873 6,907 Glacier Credit Card Trust 3.07% Canada Corporate 2,600,000 2,611 2,605 Glacier Credit Card Trust 3.24% Canada Corporate 1,074,000 1,087 1,074 Glacier Credit Card Trust 3.30% Canada Corporate 6,300,000 6,303 6,157 The Goldman Sachs Group Inc. 2.43% Callable United States Corporate 2,300,000 2,306 2,243 The Goldman Sachs Group Inc. 3.31% F/R Callable 2024 United States Corporate 3,610,000 3,611 3,580 The Goodyear Tire & Rubber Co. 4.88% Callable 2026 United States Corporate USD 520, Government of Australia 4.25% Australia Foreign Governments AUD 7,450,000 8,187 8,282 Government of Canada 3.25% Canada Federal Government 3,370,000 3,508 3,508 Government of Canada 1.50% Canada Federal Government 33,420,000 32,402 32,646 Government of Canada 2.50% Canada Federal Government 620, Government of Canada 1.00% Canada Federal Government 3,400,000 3,036 3,093 Government of Canada 2.00% Canada Federal Government 24,550,000 23,811 24,306 Government of Canada 1.25% Real Return Canada Federal Government 3,360,000 4,072 4,305 Government of Canada 2.75% Canada Federal Government 5,580,000 6,003 6,226 Government of France 0.50% France Foreign Governments EUR 11,428,000 18,253 18,201 Government of France 1.00% France Foreign Governments EUR 11,656,576 18,159 19,156 Government of France 1.50% France Foreign Governments EUR 14,070,000 23,174 23,816 Government of Japan 1.40% Japan Foreign Governments JPY 530,000,000 6,610 7,496 Government of Japan 2.00% Japan Foreign Governments JPY 628,000,000 8,977 9,606 Government of Japan 2.00% Japan Foreign Governments JPY 362,400,000 4,612 5,727 Government of Japan 30 Year Bond 1.40% Japan Foreign Governments JPY 935,400,000 13,266 13,353 Government of Norway 2.00% Norway Foreign Governments NOK 2,500, Government of Spain 1.15% Spain Foreign Governments EUR 7,000,000 11,580 11,480 Government of Spain 1.60% Spain Foreign Governments EUR 2,000,000 3,390 3,383 Government of Sweden 3.50% Sweden Foreign Governments SEK 3,200, Government of Sweden 1.00% Series 1059 Sweden Foreign Governments SEK 4,000, Granite REIT Holdings LP 3.87% Callable 2023 Canada Corporate 2,900,000 2,932 2,923 Great Canadian Gaming Corp. 6.63% Callable 144A Canada Corporate 450, Green Plains Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 199, H&R Real Estate Investment Trust 3.42% Callable 2022 Canada Corporate 890, H&R Real Estate Investment Trust 3.37% Callable 2023 Canada Corporate 6,575,000 6,590 6,501 Heathrow Funding Ltd. 3.40% United Kingdom Corporate 2,260,000 2,257 2,290 Hornblower Sub LLC Term Loan 1st Lien F/R United States Bank Loans USD 1,320,000 1,697 1,705 HSBC Bank Canada 2.17% Canada Corporate 1,710,000 1,710 1,668 HSBC Bank Canada 2.54% Canada Corporate 1,960,000 1,960 1,931 HSBC Holdings PLC 3.20% United Kingdom Corporate 850, Hudson River Trading LLC Term Loan 1st Lien F/R United States Bank Loans USD 1,090,000 1,412 1,409 Hydro-Quebec 6.50% Canada Provincial Governments 4,000,000 5,960 5,819 Institutional Mortgage Securities Canada Inc. 4.33% Canada Mortgage Backed 3,562,000 3,605 3,547 Institutional Mortgage Securities Canada Inc. 3.63% Canada Mortgage Backed 1,100,000 1,091 1,080 Institutional Mortgage Securities Canada Inc. 2.94% Callable Canada Mortgage Backed 3,621,000 3,460 3,351 Institutional Mortgage Securities Canada Inc. 3.60% Series Class C Callable Canada Mortgage Backed 1,352,000 1,289 1,253 Inter Pipeline Ltd. 2.73% Callable 2024 Canada Corporate 1,500,000 1,500 1,449

8 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Inter Pipeline Ltd. 3.17% Callable 2024 MTN Canada Corporate 3,000,000 3,011 2,935 Inter Pipeline Ltd. 3.48% Callable 2026 Canada Corporate 5,725,000 5,707 5,628 Interior Logic Group Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 225, iqor US Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 2,550,000 3,278 3,300 Iron Mountain Canada Operations ULC 5.38% Callable 2019 United States Corporate 1,240,000 1,271 1,262 Italy Buoni Poliennali Del Tesoro 0.45% Italy Foreign Governments EUR 22,600,000 34,856 36,295 Italy Buoni Poliennali Del Tesoro 4.75% Italy Foreign Governments EUR 9,911,000 18,446 19,023 Italy Buoni Poliennali Del Tesoro 1.50% Italy Foreign Governments EUR 4,863,000 7,854 7,831 Italy Buoni Poliennali Del Tesoro 2.70% Italy Foreign Governments EUR 3,050,000 4,317 4,786 Itron Inc. 5.00% Callable A United States Corporate USD 1,305,000 1,637 1,659 Government of Japan 10 Year Bond 0.10% Japan Foreign Governments JPY 680,000,000 8,091 8,333 JBS USA LUX SA Term Loan B 1st Lien F/R Brazil Bank Loans USD 1,325,000 1,692 1,704 JPMorgan Chase & Co. 3.19% United States Corporate 6,000,000 6,204 6,102 KEMET Corp. Term Loan B 1st Lien F/R United States Bank Loans USD 987,179 1,300 1,297 Keystone Peer Review Organization Holdings Inc. Term Loan 1st Lien F/R United States Bank Loans USD 523, Kingdom of Sweden 2.50% Sweden Foreign Governments SEK 1,000, Kommunalbanken AS 1.13% Reg S Norway Corporate USD 900,000 1,181 1,158 Kommunalbanken AS 1.63% Reg S Norway Foreign Governments USD 1,300,000 1,744 1,651 Kreditanstalt fuer Wiederaufbau 2.05% Germany Foreign Governments JPY 58,000, Kreditanstalt fuer Wiederaufbau 2.60% Germany Foreign Governments JPY 80,000, ,372 Kronos Acquisition Holdings Inc. 9.00% A Canada Corporate USD 170, Lamb Weston Holdings Inc. 4.63% Callable A United States Corporate USD 370, Lamb Weston Holdings Inc. 4.88% Callable A United States Corporate USD 1,590,000 2,024 2,036 Laurentian Bank of Canada F/R Canada Corporate 1,780,000 1,780 1,781 Laurentian Bank of Canada 2.50% DPNT Canada Corporate 2,500,000 2,474 2,491 Laurentian Bank of Canada 3.00% Canada Corporate 1,100,000 1,098 1,090 LD Intermediate Holdings Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,300,000 1,507 1,507 Lee Enterprises Inc. 9.50% Callable A United States Corporate USD 1,950,000 2,628 2,627 Loblaw Companies Ltd. 6.50% Callable Canada Corporate 450, Manulife Bank of Canada 1.92% DPNT Canada Corporate 1,330,000 1,299 1,298 Manulife Bank of Canada 2.08% Canada Corporate 800, Manulife Bank of Canada 2.84% Canada Corporate 1,320,000 1,320 1,321 Mattamy Group Corp. 6.50% Callable A Canada Corporate USD 4,000,000 5,249 5,211 McAfee LLC Term Loan B 1st Lien F/R United States Bank Loans USD 1,000,000 1,300 1,303 MCAP CMBS 3.20% Class C Series Canada Corporate 2,000,000 1,986 1,974 MCAP Commercial LP 3.96% Canada Corporate 12,619,000 12,609 12,718 MEG Energy Corp. 7.00% Callable A Canada Corporate USD 1,090,000 1,231 1,166 Meredith Corp. 6.88% Callable A United States Corporate USD 800,000 1,000 1,059 Meredith Corp. Term Loan B 1st Lien F/R United States Bank Loans USD 1,190,000 1,474 1,544 Metro Inc. 2.68% Callable 2022 Canada Corporate 1,090,000 1,085 1,079 Metro Inc. 3.39% Callable 2027 Canada Corporate 1,330,000 1,329 1,312 Mexican Bonos 8.00% Mexico Foreign Governments MXN 62,300,000 4,804 4,578 Mondelez International Inc. 3.25% Callable 2025 United States Corporate 2,040,000 2,031 2,035 Morgan Stanley 3.00% Series MPLE United States Corporate 2,400,000 2,416 2,372 Morguard Corp. 4.33% Callable 2022 Canada Corporate 5,100,000 5,100 5,194 Mountain Province Diamonds Inc. 8.00% Callable A Canada Corporate USD 380, Municipal Finance Authority of British Columbia 4.60% Canada Municipal Governments 690, Municipal Finance Authority of British Columbia 2.50% Canada Municipal Governments 5,700,000 5,743 5,591 Municipal Finance Authority of British Columbia 4.95% Canada Municipal Governments 7,300,000 8,622 8,582 National Bank of Canada 1.96% Canada Corporate 20,000,000 19,422 19,428 NAV Canada 3.29% Callable 2047 Canada Corporate 1,130,000 1,132 1,153 Neenah Foundry Co. Term Loan B 1st Lien F/R United States Bank Loans USD 480, New Red Finance Inc. 5.00% Callable A Canada Corporate USD 1,540,000 1,922 1,895 New South Wales Treasury Corp. 3.00% Australia Foreign Governments AUD 16,310,000 15,931 15,829 Newell Brands Inc. 4.20% Callable 2026 United States Corporate USD 800,000 1,015 1,023 Nokia OYJ 5.38% Finland Corporate USD 450, North West Redwater Partnership 3.65% Callable 2034 Canada Corporate 50, Numericable-SFR 6.00% Callable 144A France Corporate USD 4,830,000 6,056 6,091 NuVista Energy Ltd. 6.50% Callable 2020 Canada Corporate 1,040,000 1,040 1,044 NVA Holdings Inc. 6.88% Callable 2021 United States Corporate USD 530, Ocean Bidco Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 580, OCI Beaumont LLC Term Loan B 1st Lien F/R United States Bank Loans USD 510, Oesterreichische Kontrollbank AG 1.38% Austria Foreign Governments USD 2,500,000 3,160 3,158 Office Depot Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,400,000 1,847 1,841 OMERS Realty Corp. 3.24% Callable 2027 Canada Corporate 770, Ontario Power Generation Inc. 3.32% Callable 2027 Canada Corporate 5,000,000 5,000 5,057 OPB Finance Trust 1.88% Canada Provincial Governments 3,890,000 3,833 3,810 OPB Finance Trust 2.98% Canada Provincial Governments 3,500,000 3,507 3,521 Osteon Merger Sub Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 330, Parkland Fuel Corp. 6.00% Callable Canada Corporate 450, Parkland Fuel Corp. 5.63% Callable 2020 Canada Corporate 800, Parkland Fuel Corp. 6.00% Callable A Canada Corporate USD 4,000,000 5,237 5,187

9 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Pembina Pipeline Corp. 2.99% Callable 2023 Canada Corporate 1,340,000 1,327 1,319 Pembina Pipeline Corp. 3.54% Callable MTN Canada Corporate 4,950,000 5,030 4,962 Pembina Pipeline Corp. 3.71% Callable 2026 Canada Corporate 400, Pembina Pipeline Corp. 4.24% Callable 2027 MTN Canada Corporate 2,830,000 2,966 2,928 Pembina Pipeline Corp. 4.02% Callable 2027 Canada Corporate 1,520,000 1,521 1,539 Pembina Pipeline Corp. 4.75% Canada Corporate 800, Pembina Pipeline Corp. 4.81% MTN Canada Corporate 1,000, ,030 Penske Truck Leasing Canada Inc. 2.95% Canada Corporate 800, PepsiCo Inc. 3.13% Callable United States Corporate USD 330, Petroleos De Venezuela SA 6.00% Venezuela Corporate USD 1,791, PetSmart Inc. Term Loan B2 1st Lien F/R United States Bank Loans USD 1,500,000 1,558 1,556 Pilgrim s Pride Corp. 5.88% Callable A United States Corporate USD 450, Pisces Midco Inc. 8.00% Callable A United States Corporate USD 940,000 1,211 1,211 Pisces Midco Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,390,000 1,782 1,782 Poland Government Bond 2.50% Poland Foreign Governments PLN 59,000,000 20,247 21,413 Prospect Medical Holdings Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,280,000 1,575 1,653 Province of Alberta 2.20% Canada Provincial Governments 7,500,000 7,312 7,207 Province of Alberta 3.05% Canada Provincial Governments 3,000,000 3,043 2,972 Province of Newfoundland 3.70% Canada Provincial Governments 1,770,000 1,958 1,912 Province of Ontario F/R Canada Provincial Governments 25,000,000 25,184 25,161 Province of Ontario 2.60% Canada Provincial Governments 42,490,000 42,493 42,778 Province of Ontario 2.60% Canada Provincial Governments 77,170,000 76,327 76,246 Province of Ontario 4.60% Canada Provincial Governments 1,670,000 2,051 2,085 Province of Ontario 2.90% Canada Provincial Governments 160, Province of Ontario 2.80% Canada Provincial Governments 9,330,000 8,926 8,919 Province of Quebec 3.50% Canada Provincial Governments 3,900,000 4,260 4,094 Province of Quebec 9.38% Canada Provincial Governments 7,100,000 10,138 9,314 Province of Quebec 2.75% Canada Provincial Governments 34,010,000 34,121 34,143 Province of Quebec 5.75% Canada Provincial Governments 7,500,000 10,315 10,512 PS HoldCo LLC Term Loan 1st Lien F/R United States Bank Loans USD 460, PSP Capital Inc. 3.03% Series 5 Canada Federal Government 2,000,000 2,068 2,046 PSP Capital Inc. 2.09% Series 9 Canada Federal Government 2,600,000 2,600 2,546 QCP SNF West 8.13% Callable A United States Corporate USD 750,000 1,004 1,006 Quad Graphics Inc. 7.00% United States Corporate USD 1,450,000 1,940 1,934 Quebecor Media Inc. 6.63% Canada Corporate 625, Quinpario Acquisition Corp. 2 B Term Loan 1st Lien F/R United States Bank Loans USD 993,711 1,295 1,293 Rackspace Hosting Inc. 8.63% Callable A United States Corporate USD 2,310,000 3,057 2,948 Reliance Intermediate Holdings LP 6.50% Callable A Canada Corporate USD 2,020,000 2,708 2,714 Reliance LP 3.84% Callable 2025 Canada Corporate 1,500,000 1,500 1,496 Republic of South Africa 7.00% South Africa Foreign Governments ZAR 11,800, ,140 Research Now Group Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,197,000 1,463 1,535 Research Now Group Inc. Term Loan 2nd Lien F/R United States Bank Loans USD 200, Resolute Forest Products Inc. 5.88% United States Corporate USD 2,330,000 3,027 3,073 Reynolds Group Issuer Inc. 5.13% Callable A United States Corporate USD 250, RioCan Real Estate Investment Trust 2.19% Canada Corporate 400, RioCan Real Estate Investment Trust 2.19% Canada Corporate 2,000,000 2,000 1,966 RioCan Real Estate Investment Trust 2.83% Canada Corporate 3,350,000 3,362 3,316 RioCan Real Estate Investment Trust 3.29% Series W Canada Corporate 1,850,000 1,896 1,847 Rite Aid Corp. 7.70% United States Corporate USD 670, Rogers Communications Inc. 5.34% Callable Canada Corporate 2,000,000 2,241 2,153 Rogers Communications Inc. 6.68% Canada Corporate 4,316,000 5,571 5,785 Royal Bank of Canada 2.36% Canada Corporate 17,490,000 17,334 17,236 Russel Metals Inc. 6.00% Callable Reg S Canada Corporate 1,491,000 1,504 1,532 Russel Metals Inc. 6.00% Callable 2021 Canada Corporate 1,280,000 1,280 1,288 Scientific Games International Inc. 6.25% Callable United States Corporate USD 310, Scientific Games International Inc. 3.38% Callable 2021 United States Corporate EUR 1,200,000 1,831 1,850 Scientific Games International Inc. 5.50% Callable 2021 United States Corporate EUR 1,600,000 2,442 2,406 Shaw Communications Inc. 5.50% Canada Corporate 3,185,000 3,562 3,418 Shaw Communications Inc. 3.80% Callable Canada Corporate 2,950,000 3,025 2,996 Shaw Communications Inc. 6.75% Canada Corporate 8,300,000 10,247 10,499 Sigma Bidco BV Term Loan B 1st Lien F/R Netherlands Bank Loans EUR 1,150,000 1,832 1,808 Sigma US Corp. Term Loan B 1st Lien F/R Netherlands Bank Loans USD 1,150,000 1,481 1,483 Singapore Government Bond 3.00% Singapore Foreign Governments SGD 2,450,000 2,488 2,527 Smart Real Estate Investment Trust 2.88% Canada Corporate 500, SmartCentres Real Estate Investment Trust 3.83% Callable 2027 Canada Corporate 1,600,000 1,600 1,572 SNC-Lavalin Group Inc. 2.69% Canada Corporate 710, SNC-Lavalin Group Inc. 3.24% Callable 2023 Canada Corporate 1,250,000 1,251 1,257 SoftBank Group Corp. 5.38% Callable 2022 Japan Corporate USD 1,250,000 1,626 1,640 Source Energy Services Canada LP 10.50% Callable A Canada Corporate 1,450,000 1,581 1,582 South Africa Government Bond 6.75% South Africa Foreign Governments ZAR 19,200,000 1,899 2,076 Spain Government Bond 2.75% Spain Foreign Governments EUR 5,900,000 9,902 10,706 Spain Government Bond 1.95% Spain Foreign Governments EUR 7,674,000 12,522 13,207

10 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Spain Government Bond 5.15% Spain Foreign Governments EUR 1,510,000 3,318 3,881 Springleaf Finance Corp. 6.88% United States Corporate USD 1,000,000 1,290 1,294 Sprint Capital Corp. 6.88% United States Corporate USD 1,560,000 2,108 1,879 Sprint Corp. 7.88% United States Corporate USD 480, Sprint Corp. 7.63% Callable 2024 United States Corporate USD 460, Sprint Spectrum Co. LLC 4.74% A United States Corporate USD 850,000 1,100 1,101 Staples Inc. Term Loan 1st Lien F/R United States Bank Loans USD 250, Stepstone Group LP Term Loan B 1st Lien F/R United States Bank Loans USD 580, Sun Life Financial Inc. F/R Callable 2022 Canada Corporate 1,240,000 1,239 1,229 Superior Plus LP 5.25% Callable 2020 Canada Corporate 1,450,000 1,461 1,465 Superior Plus LP 5.13% Callable 2021 Canada Corporate 2,000,000 2,000 2,007 Syniverse Holdings Inc. Term Loan 1st Lien F/R United States Bank Loans USD 280, Talen Energy Supply LLC 9.50% Callable A United States Corporate USD 2,220,000 2,943 2,780 Talen Energy Supply LLC 10.50% Callable A United States Corporate USD 550, TD Capital Trust IV 9.52% Perpetual ) Callable 2019 Canada Corporate 11,126,000 13,447 12,034 Team Health Holdings Inc. 6.38% Callable A United States Corporate USD 250, Telenet Finance Luxembourg Notes Sarl 5.50% Callable A Belgium Corporate USD 400, TELUS Corp. 3.35% Callable MTN Canada Corporate 5,230,000 5,364 5,301 TELUS Corp. 3.63% Callable 2027 Canada Corporate 1,200,000 1,191 1,206 TELUS Corp. 4.85% Series SP Canada Corporate 3,250,000 3,363 3,435 TELUS Corp. 4.70% Callable 2047 Canada Corporate 7,250,000 7,431 7,506 Tenet Healthcare Corp. 6.75% United States Corporate USD 2,300,000 2,870 2,908 TerraForm Power Operating LLC 5.00% Callable A United States Corporate USD 3,130,000 3,979 3,853 Teva Pharmaceutical Finance Netherlands III BV 3.15% Callable Israel Corporate USD 2,209,000 2,294 2,286 Titan Acquisition Ltd. Term Loan 1st Lien F/R United Kingdom Bank Loans USD 1,380,000 1,802 1,777 Titan Acquisition Ltd. 7.75% Callable A United Kingdom Corporate USD 5,180,000 6,782 6,671 TMX Group Ltd. 2.30% Callable 2024 Canada Corporate 1,310,000 1,313 1,300 Toronto Hydro Corp. 3.55% Callable 2045 Canada Corporate 2,450,000 2,397 2,472 The Toronto-Dominion Bank 2.17% DPNT Canada Corporate 500, The Toronto-Dominion Bank 1.99% Canada Corporate 5,900,000 5,900 5,764 The Toronto-Dominion Bank 1.91% DPNT Canada Corporate 2,960,000 2,827 2,843 The Toronto-Dominion Bank F/R Callable 2024 Canada Corporate 200, Toyota Credit Canada Inc. 2.62% Canada Corporate 250, TransAlta Corp. 7.30% Canada Corporate 100, TransCanada PipeLines Ltd. 3.69% Canada Corporate 1,245,000 1,326 1,298 TransCanada PipeLines Ltd. 3.39% Callable 2027 Canada Corporate 1,300,000 1,299 1,313 TransCanada PipeLines Ltd. 4.55% Canada Corporate 7,700,000 8,210 8,304 TransCanada Trust F/R Callable 2027 Canada Corporate 8,550,000 8,553 8,449 Transcontinental Inc. 3.90% Canada Corporate 400, TransMontaigne Partners LP 6.13% Callable 2021 United States Corporate USD 990,000 1,244 1,280 Trico Products Corp. Term Loan 1st Lien F/R United States Bank Loans USD 630, Trilogy Energy Corp. 7.25% Callable Canada Corporate 345, Uber Technologies Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,496,203 1,854 1,937 Uber Technologies Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,770,000 2,275 2,293 Union Gas Ltd. 2.88% Callable 2027 Canada Corporate 730, Union Gas Ltd. 3.59% Callable 2047 Canada Corporate 2,760,000 2,755 2,769 United Kingdom Gilt 1.50% United Kingdom Foreign Governments GBP 7,292,000 13,477 13,416 United Kingdom Treasury 4.00% United Kingdom Foreign Governments GBP 1,920,000 3,706 3,887 United Kingdom Treasury 2.25% United Kingdom Foreign Governments GBP 1,600,000 3,016 3,071 United Kingdom Treasury 4.25% United Kingdom Foreign Governments GBP 2,300,000 4,857 5,251 United Kingdom Treasury 4.50% United Kingdom Foreign Governments GBP 774,562 1,828 1,978 United Kingdom Treasury 3.25% United Kingdom Foreign Governments GBP 900,000 1,995 2,143 United Kingdom Treasury 3.50% United Kingdom Foreign Governments GBP 2,940,000 6,797 7,332 United Kingdom Treasury 4.25% United Kingdom Foreign Governments GBP 1,260,000 3,202 3,585 United States Treasury Note/Bond 1.38% United States Foreign Governments USD 10,600,000 14,014 13,427 United States Treasury Note/Bond 3.63% United States Foreign Governments USD 4,100,000 5,997 5,464 United States Treasury Note/Bond 2.00% United States Foreign Governments USD 10,500,000 13,713 13,325 United States Treasury Note/Bond 1.88% United States Foreign Governments USD 8,350,000 11,090 10,537 United States Treasury Note/Bond 1.75% United States Foreign Governments USD 8,400,000 10,990 10,518 United States Treasury Note/Bond 1.63% United States Foreign Governments USD 11,800,000 15,169 14,500 United States Treasury Note/Bond 2.75% United States Federal Government USD 8,000,000 10,406 10,374 United States Treasury 2.50% United States Foreign Governments USD 12,100,000 15,853 15,460 United States Treasury 1.63% United States Foreign Governments USD 15,449,200 18,491 18,313 United States Treasury 2.38% United States Foreign Governments USD 13,684,000 17,199 17,113 United States Treasury 2.25% United States Foreign Governments USD 34,140,000 40,279 42,147 United States Treasury 3.50% United States Foreign Governments USD 2,750,000 4,025 3,894 United States Treasury Note/Bond 4.25% United States Foreign Governments USD 3,250,000 4,792 5,095 United States Treasury Note/Bond 2.75% United States Foreign Governments USD 2,730,000 3,453 3,398 United States Treasury 3.00% United States Foreign Governments USD 11,550,000 15,227 14,960 United States Treasury Note/Bond 2.88% United States Foreign Governments USD 9,250,000 11,892 11,682 Valeant Pharmaceuticals International Inc. 5.63% Callable 144A United States Corporate USD 690, Valeant Pharmaceuticals International Inc. 5.50% Callable A United States Corporate USD 1,000,000 1,136 1,130

11 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Ventas Canada Finance Ltd. 2.55% Callable 2023 United States Corporate 130, Ventas Realty LP 4.00% Callable 2027 United States Corporate USD 930,000 1,154 1,182 Videotron Ltd./Videotron Ltee. 5.13% Callable A Canada Corporate USD 2,870,000 3,671 3,628 Videotron Ltee 5.63% Callable 2025 Reg S Canada Corporate 1,500,000 1,525 1,585 Vistage Worldwide Inc. Term Loan 1st Lien F/R United States Bank Loans USD 530, VW Credit Canada Inc. 3.25% Germany Corporate 930, W/S Packaging Holdings Inc. 9.00% Callable A United States Corporate USD 3,290,000 4,251 4,312 Wells Fargo & Co. 2.09% Series MPLE United States Corporate 1,200,000 1,176 1,163 Westcoast Energy Inc. 4.79% Canada Corporate 3,600,000 3,792 3,971 Western Dental Services Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 199, Williams Scotsman International Inc. 7.88% Callable A United States Corporate USD 1,000,000 1,337 1,333 Wind Tre SpA 5.00% Callable 2020 Italy Corporate USD 1,190,000 1,345 1,306 WTH Car Rental ULC 2.97% Sinkable Canada Corporate 2,777,000 2,753 2,721 YRC Worldwide Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,325,000 1,718 1,724 Zotec Partners LLC Term Loan 1st Lien F/R United States Bank Loans USD 760, ,777,746 1,786,369 MUTUAL FUNDS 1 Investors Mortgage and Short Term Income Fund Series P n/a Mutual Funds 8,629,342 92,308 91,929 1 Investors Real Property Fund Series P n/a Mutual Funds 17,971, , , , ,555 EQUITIES AltaGas Ltd. Pfd. Series K Canada Energy 50,223 1,262 1,274 Brookfield Asset Management Inc. Pfd. Series 46 Canada Financials 26, Brookfield Asset Management Inc. Pfd. Series 48 Canada Financials 25, Brookfield Renewable Partners LP Pfd. Series 11 Canada Utilities 76,466 1,931 1,926 Brookfield Renewable Partners LP Pfd. Series 13 Canada Utilities 94,000 2,350 2,365 Crescent Point Energy Corp. Canada Energy 211,500 3,316 1,853 Husky Energy Inc. 4.45% Pfd. Series 1 Canada Energy 48, Journey Energy Inc. Canada Energy 56, Mirant Corp. Escrow Notes United States Utilities 50, Pembina Pipeline Corp. Canada Energy 52,301 1,570 2,103 Surge Energy Inc. Canada Energy 704,984 2,073 1,389 TransAlta Corp. Pfd. Series A Canada Utilities 52, TransCanada Corp. Pfd. Series 15 Canada Energy 119,069 3,066 3,102 Vermilion Energy Inc. Canada Energy 18, Whitecap Resources Inc. Canada Energy 350,000 3,654 2,758 Zargon Oil & Gas Ltd. Canada Energy 7, ,413 20,600 COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS (38) - TOTAL NON-DERIVATIVE INVESTMENTS 2,114,222 2,124,524 Net Assets (see Schedule of Asset Composition): Total non-derivative investments 2,124,524 Cash and cash equivalents 225,879 Derivative assets (see schedule of derivative instruments) 1,525 Derivative liabilities (see schedule of derivative instruments) (3,185) Other net assets (liabilities) (74,250) 2,274,493 1 This Fund is managed by the Manager of the Fund.