Investors Dividend Fund

Transcription

1 Interim Financial Report FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2018 The accompanying interim financial statements have not been reviewed by the external auditors of the Fund. The external auditors will be auditing the annual financial statements of the Fund as at March 31, 2019, in accordance with Canadian generally accepted auditing standards. Copyright Investors Group Inc TM Trademarks, including IG Wealth Management, are owned by IGM Financial Inc. and licensed to its subsidiary corporations.

2 STATEMENTS OF FINANCIAL POSITION at September 30, 2018 (unaudited) with comparative figures at March 31, 2018 (in $ 000 except per security amounts) Assets Current assets: Sep. 30 Mar Non-derivative investments 13,994,775 15,059,536 Cash and cash equivalents 6,788 43,234 Accrued interest receivable 16,959 5,438 Dividends receivable 30,799 28,175 Accounts receivable for investments sold 86,112 - Accounts receivable for securities issued - - Accounts receivable from the Manager - 62 Margin on derivative contracts 1,523 - Derivative assets 8,916 - Other assets - - Non-current assets: 14,145,872 15,136,445 Taxes recoverable - - Other assets Total assets 14,145,872 15,136,445 Liabilities Current liabilities: Bank indebtedness - - Accounts payable for investments purchased 99,916 - Accounts payable for securities redeemed 9,794 10,579 Distributions payable - - Accrued expenses and miscellaneous payables 1,333 1,452 Dividends payable on investments sold short - - Derivative liabilities 11 - Taxes payable - - Other liabilities 32 1 Total liabilities 111,086 12,032 Net assets attributable to securityholders 14,034,786 15,124,413 STATEMENTS OF COMPREHENSIVE INCOME for the six-month periods ended September 30 (unaudited) (in $ 000 except per security amounts) Income: Gains (losses) on derivative and non-derivative investments: a2018 b2017 Dividends 269, ,215 Interest income 29,660 11,372 Net realized gain (loss) 626, ,523 Net unrealized gain (loss) (545,962) (288,758) Income (loss) from derivatives (3,440) - Income (loss) from short selling - - Other - - Net gain (loss) on derivative and non-derivative investments 376, ,352 Securities lending income Other 5 - Total income 376, ,121 Expenses: Management fees 102, ,577 Management fee rebates (1,219) (1,401) Service fees 16,957 20,804 Service fee rebates (4,832) (5,178) Administration fees 10,682 11,949 Trustee fees 3,594 4,020 Commissions and other portfolio transaction costs 8,019 3,018 Independent Review Committee costs Other 16 9 Expenses before amounts absorbed by Manager 135, ,827 Expenses absorbed by Manager - - Net expenses 135, ,827 Increase (decrease) in net assets attributable to securityholders from operations before tax 240, ,294 Foreign withholding taxes paid (recovered) 5, Foreign income taxes paid (recovered) - - Income tax paid (recovered) - - Increase (decrease) in net assets attributable to securityholders from operations 235, ,600 Net assets attributable to securityholders per security per series Sep. 30 Mar. 31 Sep. 30 Mar Series A ,246,317 3,602,152 Series B ,616 1,002,536 Series C ,902,776 2,091,577 Series Jdsc ,710,023 3,051,104 Series Jnl , ,210 Series P ,593,157 1,785,544 Series S , ,249 Series Tdsc Series Tnl Series Tc Series Tjdsc ,148 5,579 Series Tjnl Series Tu ,205 12,397 Series U ,773,927 2,705,545 14,034,786 15,124,413 Increase (decrease) in net assets attributable to securityholders from operations per security per series a2018 b2017 a2018 b2017 Series A ,719 36,883 Series B ,381 9,454 Series C ,025 21,652 Series Jdsc ,923 37,962 Series Jnl ,870 5,572 Series P ,966 49,281 Series S ,513 4,852 Series Tdsc Series Tnl Series Tc Series Tjdsc Series Tjnl Series Tu Series U ,765 41, , ,600 See accompanying notes.

3 STATEMENTS OF CHANGES IN FINANCIAL POSITION for the six-month periods ended September 30 (unaudited) (in $ 000 except when stated) TOTAL SERIES A SERIES B SERIES C a2018 b2017 a2018 b2017 a2018 b2017 a2018 b2017 Net assets attributable to securityholders, beginning of period 15,124,413 17,233,119 3,602,152 4,561,361 1,002, ,948 2,091,577 2,628,726 Increase (decrease) in net assets attributable to securityholders resulting from: Operations 235, ,600 44,719 36,883 12,381 9,454 27,025 21,652 Distributions: Income (229,254) (307,862) (43,330) (66,293) (12,696) (14,770) (21,139) (33,040) Capital gains Return of capital (79) (44) Management fee rebates (1,219) (1,401) (101) (105) - (3) (661) (685) Service fee rebates (4,832) (5,178) (4,831) (5,177) Total distributions (235,384) (314,485) (43,431) (66,398) (12,696) (14,773) (26,631) (38,902) Security transactions: Proceeds from sale of securities 632,818 1,793,404 23,598 44, , ,331 8,683 19,076 Proceeds from securities issued on merger Reinvested from distributions 228, ,669 43,005 65,721 12,570 14,614 26,355 38,049 Payment on redemption of securities (1,950,672) (2,370,052) (423,726) (479,363) (162,668) (154,827) (224,233) (284,830) Total security transactions (1,089,723) (270,979) (357,123) (368,674) (39,605) 81,118 (189,195) (227,705) Increase (decrease) in assets attributable to securityholders (1,089,627) (377,864) (355,835) (398,189) (39,920) 75,799 (188,801) (244,955) Net assets attributable to securityholders, end of period 14,034,786 16,855,255 3,246,317 4,163, , ,747 1,902,776 2,383,771 Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period 147, ,053 41,586 35,083 89, ,229 Add (deduct): Securities sold 955 1,737 4,530 8, Securities issued on merger Reinvested from distributions 1,729 2, ,107 1,543 Securities redeemed (17,124) (18,567) (6,661) (6,081) (9,463) (11,521) Securities outstanding, end of period 133, ,781 39,967 38,265 81,312 96,020 SERIES Jdsc SERIES Jnl SERIES P SERIES S a2018 b2017 a2018 b2017 a2018 b2017 a2018 b2017 Net assets attributable to securityholders, beginning of period 3,051,104 4,280, , ,616 1,785,544 2,298, , ,317 Increase (decrease) in net assets attributable to securityholders resulting from: Operations 41,923 37,962 6,870 5,572 42,966 49,281 5,513 4,852 Distributions: Income (40,317) (64,166) (6,800) (8,558) (41,322) (62,807) (5,626) (7,087) Capital gains Return of capital Management fee rebates (380) (512) (76) (95) Service fee rebates Total distributions (40,697) (64,678) (6,876) (8,653) (41,322) (62,807) (5,626) (7,087) Security transactions: Proceeds from sale of securities 79, ,774 61, ,704 58, ,166 2,494 10,023 Proceeds from securities issued on merger Reinvested from distributions 39,395 62,279 6,709 8,421 41,322 62,807 5,626 7,087 Payment on redemption of securities (461,088) (896,908) (96,901) (142,051) (293,526) (283,002) (25,104) (19,996) Total security transactions (342,307) (565,855) (28,362) (4,926) (194,031) (6,029) (16,984) (2,886) Increase (decrease) in assets attributable to securityholders (341,081) (592,571) (28,368) (8,007) (192,387) (19,555) (17,097) (5,121) Net assets attributable to securityholders, end of period 2,710,023 3,688, , ,609 1,593,157 2,279, , ,196 Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period 255, ,409 41,355 40, , ,590 14,858 15,459 Add (deduct): Securities sold 6,553 21,272 5,112 10,191 5,205 18, Securities issued on merger Reinvested from distributions 3,235 4, ,671 5, Securities redeemed (38,061) (70,824) (8,000) (11,241) (26,113) (24,078) (991) (757) Securities outstanding, end of period 226, ,806 39,019 40, , ,169 14,186 15,350 See accompanying notes.

4 STATEMENTS OF CHANGES IN FINANCIAL POSITION (continued) for the six-month periods ended September 30 (unaudited) (in $ 000 except when stated) SERIES Tdsc SERIES Tnl SERIES Tc SERIES Tjdsc a2018 b2017 a2018 b2017 a2018 b2017 a2018 b2017 Net assets attributable to securityholders, beginning of period ,579 7,175 Increase (decrease) in net assets attributable to securityholders resulting from: Operations Distributions: Income (4) (8) (13) (8) (5) (7) (69) (116) Capital gains Return of capital (3) (2) (8) (2) (5) (4) (40) (28) Management fee rebates (1) (1) Service fee rebates (1) (1) - - Total distributions (7) (10) (21) (10) (11) (12) (110) (145) Security transactions: Proceeds from sale of securities Proceeds from securities issued on merger Reinvested from distributions Payment on redemption of securities (12) (124) (135) (12) - (117) (1,600) (997) Total security transactions 61 (94) (41) (1,399) (587) Increase (decrease) in assets attributable to securityholders 57 (100) (4) (48) (1,431) (664) Net assets attributable to securityholders, end of period ,148 6,511 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 (1) (9) (12) (1) - (10) (142) (83) Securities outstanding, end of period SERIES Tjnl SERIES Tu SERIES U a2018 b2017 a2018 b2017 a2018 b2017 Net assets attributable to securityholders, beginning of period 836 1,478 12,397 8,557 2,705,545 1,611,800 Increase (decrease) in net assets attributable to securityholders resulting from: Operations ,765 41,658 Distributions: Income (11) (25) (296) (205) (57,626) (50,772) Capital gains Return of capital (7) (6) (16) (2) - - Management fee rebates Service fee rebates Total distributions (18) (31) (312) (207) (57,626) (50,772) Security transactions: Proceeds from sale of securities ,384 4, , ,587 Proceeds from securities issued on merger Reinvested from distributions ,010 46,544 Payment on redemption of securities (141) (169) (547) (1,449) (260,991) (106,207) Total security transactions (48) (90) 6,909 2,807 72, ,924 Increase (decrease) in assets attributable to securityholders (56) (107) 6,808 2,790 68, ,810 Net assets attributable to securityholders, end of period 780 1,371 19,205 11,347 2,773,927 2,424,610 Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period , , ,490 Add (deduct): Securities sold ,544 76,775 Securities issued on merger Reinvested from distributions ,814 4,086 Securities redeemed (13) (15) (52) (132) (23,753) (9,275) Securities outstanding, end of period ,842 1, , ,076 See accompanying notes.

5 STATEMENTS OF CASH FLOWS for the six-month periods ended September 30 (unaudited) (in $ 000 except when stated) Cash flows from operating activities a2018 b2017 Increase (decrease) in net assets attributable to securityholders from operations 235, ,600 Less non-cash impact of: Net realized (gain) loss (626,524) (336,523) Change in net unrealized (gain) loss 545, ,758 Adjustments for: Proceeds from sale and maturity of investments 10,116,953 3,720,459 Purchases of investments (8,965,828) (3,049,213) (Increase) decrease in accounts receivable and other assets (16,543) 3,526 Increase (decrease) in accounts payable and other liabilities (88) 741 Net cash provided by (used in) operating activities 1,289, ,348 Cash flows from financing activities: Proceeds from securities issued 296, ,656 Proceeds from securities issued on merger - - Payments on redemption of securities (1,615,250) (1,269,797) Distributions paid net of reinvestments (7,253) (8,816) Net cash provided by (used in) financing activities (1,325,892) (585,957) Increase (decrease) in cash and cash equivalents (36,480) 249,391 Cash and cash equivalents at beginning of period 43, ,819 Effect of exchange rate fluctuations on cash and cash equivalents 34 - Cash and cash equivalents, end of period 6, ,210 Cash - - Cash equivalents 14, ,094 Bank indebtedness (7,462) (7,884) Supplementary disclosures on cash flow from operating activities: 6, ,210 Dividends received net of withholding taxes 261, ,636 Interest received net of withholding taxes 18,139 10,876 Interest paid - - See accompanying notes.

6 SCHEDULE OF INVESTMENTS as at September 30, 2018 (unaudited) No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS 407 International Inc. 3.72% Callable 2047 Canada Corporate 9,800,000 9,889 9,768 AbbVie Inc. 3.75% Callable 2023 United States Corporate USD 1,250,000 1,623 1,613 Adtalem Global Education Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 219, Aegis Toxicology Sciences Corp. Term Loan B 1st Lien F/R United States Bank Loans USD 60, AerCap Ireland Capital Designated Activity Co. 3.30% Callable 2022 Netherlands Corporate USD 4,600,000 5,759 5,730 AerCap Ireland Capital Designated Activity Co. 4.45% Callable 2025 Netherlands Corporate USD 2,610,000 3,409 3,349 AI Ladder Luxembourg Term Loan B 1st Lien F/R United States Bank Loans USD 190, AL Midcoast Holdings LLC Term Loan B 1st Lien F/R United States Bank Loans USD 1,860,000 2,442 2,413 Alcami Carolinas Corp. Term Loan 1st Lien F/R United States Bank Loans USD 1,570,000 2,056 2,044 Alera Group Intermediate Holdings Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 578, Algonquin Power & Utilities Corp. 4.09% Callable Canada Corporate 11,100,000 11,162 11,068 Altice France SA Term Loan B13 1st Lien F/R France Bank Loans USD 2,380,000 3,053 3,058 Amneal Pharmaceuticals LLC Term loan B 1st Lien F/R United States Bank Loans USD 1,187,024 1,548 1,550 Arch Merger Sub Inc. 8.50% Callable A United States Corporate USD 2,631,000 3,193 3,211 Aroundtown SA 4.63% Callable 2025 Germany Corporate 5,220,000 5,198 5,189 ASP AMC Merger Sub Inc. 8.00% Callable A United States Corporate USD 2,563,000 2,832 2,525 AT&T Inc. 4.00% Callable 2025 United States Corporate 8,120,000 8,121 8,108 ATS Consolidated Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 79, Avolon Holdings Funding Ltd. 5.13% Callable A Ireland Corporate USD 810,000 1,065 1,056 Ball Metalpack Finco LLC Term Loan B 1st Lien F/R United States Bank Loans USD 1,226,925 1,596 1,604 Bank of America Corp. F/R Callable 2024 United States Corporate 14,940,000 14,818 14,757 Bank of Montreal 2.89% Canada Corporate 7,320,000 7,319 7,260 Bank of Montreal 2.70% DPNT Canada Corporate 15,190,000 14,851 14,817 Bank of Montreal 3.19% Canada Corporate 6,970,000 6,915 6,891 The Bank of Nova Scotia 2.98% Canada Corporate 25,000,000 24,929 24,895 The Bank of Nova Scotia 2.29% Canada Corporate 11,980,000 11,449 11,436 Bausch Health Cos Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 78, Beacon Escrow Corp. 4.88% Callable A United States Corporate USD 20, Bell Canada 3.80% Callable 2028 Canada Corporate 5,440,000 5,434 5,385 Boardriders Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,246,875 1,615 1,632 BP Capital Markets PLC 3.47% United Kingdom Corporate 9,910,000 9,906 9,883 Brookfield Infrastructure Finance ULC 4.20% Callable 2018 Canada Corporate 6,390,000 6,390 6,310 Brookfield Renewable Partners ULC 4.25% Callable 2028 Canada Corporate 5,920,000 5,916 5,914 Bruce Power LP 3.00% Callable 2024 Canada Corporate 7,250,000 7,103 7,054 Bruce Power LP 3.97% Canada Corporate 2,590,000 2,647 2,622 Bulldog Purchaser Inc. Delayed Draw Term Loan 1st Lien F/R United States Bank Loans USD 528, Bulldog Purchaser Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 971,429 1,250 1,255 Calpine Corp. 5.25% Callable A United States Corporate USD 607, Can Am Construction Inc./Canada Term Loan B 1st Lien F/R Canada Bank Loans USD 626, Canada Housing Trust No % Canada Federal Government 207,200, , ,784 Canada Housing Trust No % Canada Federal Government 145,000, , ,400 Canada Housing Trust No % Canada Federal Government 213,000, , ,995 Canada Housing Trust No % Canada Federal Government 208,000, , ,700 Canada Housing Trust No % Canada Federal Government 194,380, , ,149 Canada Housing Trust No. 1 F/R Canada Federal Government 35,330,000 35,288 35,338 Canadian Imperial Bank of Commerce 2.97% Canada Corporate 17,260,000 17,224 17,168 Canadian Imperial Bank of Commerce 3.30% Canada Corporate 61,810,000 61,868 62,072 Canadian National Railway Co. 3.60% Callable 2048 Canada Corporate 4,750,000 4,679 4,620 Canadian Natural Resources Ltd. 3.55% Canada Corporate 4,500,000 4,532 4,495 Canadian Western Bank 2.75% DPNT Canada Corporate 3,980,000 3,977 3,965 Capital Power Corp. 4.28% Callable 2024 Canada Corporate 5,790,000 5,854 5,790 Careerbuilder LLC Term Loan 1st Lien F/R United States Bank Loans USD 1,186,762 1,539 1,537 CCS-CMGC Holdings Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,020,000 1,307 1,302 CEVA Logistics Finance BV Term Loan B 1st Lien F/R United States Bank Loans USD 1,160,000 1,509 1,509 CEVA Logistics Finance BV 5.25% Callable 2021 United States Corporate EUR 500, Charter Communications Operating LLC 4.50% Callable 2024 United States Corporate USD 4,730,000 6,266 6,153 Chartwell Retirement Residences 4.21% Callable 2025 Canada Corporate 5,560,000 5,651 5,577 CI Financial Corp. 3.52% Callable 2023 Canada Corporate 3,850,000 3,850 3,809 Citigroup Inc. 4.09% Series MPLE United States Corporate 3,900,000 3,922 3,919 Commonwealth of Bahamas 5.75% Bahamas Foreign Governments USD 991,000 1,306 1,311 Commonwealth of Bahamas 6.00% Callable 2028 Bahamas Foreign Governments USD 2,639,000 3,461 3,476 Commonwealth of Bahamas 6.95% Bahamas Foreign Governments USD 1,309,000 1,828 1,817 Coronado Australian Holdings Pty Ltd. Term Loan B 1st Lien F/R United States Bank Loans USD 596, Coronado Australian Holdings Pty Ltd. Term Loan C 1st Lien F/R United States Bank Loans USD 163, Daseke Inc. Term Loan 1st Lien F/R United States Bank Loans USD 417, Digicert Holdings Inc. Term Loan 1st Lien F/R United States Bank Loans USD 199, Eagle Credit Card Trust 3.04% Canada Corporate 2,680,000 2,681 2,656 EagleTree-Carbide Acquisition Corp. Term Loan 1st Lien F/R United States Bank Loans USD 308, Eastern Power LLC Term Loan B 1st Lien F/R United States Bank Loans USD 950,000 1,244 1,227 Electrical Components International Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,915,200 2,516 2,497 EmployBridge LLC Term Loan B 1st Lien F/R United States Bank Loans USD 1,017,125 1,335 1,328 Enterprise Merger Sub Inc. Term Loan 1st Lien F/R United States Bank Loans USD 5,570,000 7,180 7,180

7 SCHEDULE OF INVESTMENTS (continued) as at September 30, 2018 (unaudited) No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Enterprise Merger Sub Inc. 8.75% Callable A United States Corporate USD 430, Exela Intermediate LLC 10.00% Callable A United States Corporate USD 2,412,000 3,215 3,324 Fairfax Financial Holdings Ltd. 5.84% Canada Corporate 8,180,000 8,995 8,893 Federation des Caisses Desjardins du Quebec 2.09% Canada Corporate 14,740,000 14,352 14,338 Federation des Caisses Desjardins du Quebec 3.06% Canada Corporate 16,490,000 16,469 16,415 FortisAlberta Inc. 3.74% Callable 2048 Canada Corporate 1,080,000 1,080 1,074 Fortress Transportation and Infrastructure Investors LLC 6.50% Callable A United States Corporate USD 1,360,000 1,746 1,750 Foundation Building Materials LLC Term Loan B 1st Lien F/R United States Bank Loans USD 60, Frontera Generation Holdings LLC Term Loan B 1st Lien F/R United States Bank Loans USD 149, Fusion Connect Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,046,750 1,310 1,288 FXI Holdings Inc. 7.88% Callable A United States Corporate USD 1,149,000 1,488 1,418 Gentiva Health Services Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,407,421 1,854 1,843 GFL Environmental Inc. 5.38% Callable A Canada Corporate USD 20, GFL Environmental Inc. 7.00% Callable A Canada Corporate USD 30, Gibson Energy Inc. 5.25% Callable 2020 Reg S Canada Corporate 5,532,000 5,522 5,546 Glacier Credit Card Trust 3.14% Canada Corporate 4,400,000 4,400 4,373 The Goldman Sachs Group Inc. 2.43% Callable United States Corporate 8,340,000 8,100 8,069 Government of Canada 0.50% Canada Federal Government 10,000,000 9,895 9,992 Government of Canada 2.00% Canada Federal Government 28,060,000 26,862 27,052 Green Plains Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 159, Greenhill & Co. Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 154, Hadrian Merger Sub Inc. 8.50% Callable A United States Corporate USD 91, Halo Buyer Inc. Delayed Draw Term Loan 1st Lien F/R United States Bank Loans USD 248, Halo Buyer Inc. Term Loan 1st Lien F/R United States Bank Loans USD 589, Hearthside Group Holdings LLC Term Loan 1st Lien F/R United States Bank Loans USD 1,007,475 1,295 1,299 Heartland Dental LLC Delay Draw Term Loan 1st Lien F/R United States Bank Loans USD 185, Heartland Dental LLC Term Loan 1st Lien F/R United States Bank Loans USD 1,234,298 1,608 1,598 Heathrow Funding Ltd. 3.25% United Kingdom Corporate 7,100,000 7,065 7,031 Heathrow Funding Ltd. 3.40% United Kingdom Corporate 15,000,000 14,833 14,698 Heathrow Funding Ltd. 3.79% Callable 2030 United Kingdom Corporate 5,840,000 5,840 5,773 Hornblower Sub LLC Term Loan 1st Lien F/R United States Bank Loans USD 238, HSBC Bank Canada 2.54% Canada Corporate 15,400,000 15,011 15,007 HSBC Bank Canada 3.25% Canada Corporate 16,620,000 16,619 16,594 Hub International Ltd. Term Loan B 1st Lien F/R United States Bank Loans USD 89, Hub International Ltd. 7.00% Callable A United States Corporate USD 80, Hydro One Inc. 2.97% Callable 2025 Canada Corporate 2,700,000 2,699 2,644 Hydro One Inc. 3.72% Canada Corporate 9,960,000 9,909 9,694 Hydro One Inc. 3.63% Callable 2048 Canada Corporate 3,280,000 3,279 3,133 Integro Ltd. United States Term Loan B1 1st Lien F/R United States Bank Loans USD 885,449 1,144 1,147 Inter Pipeline Ltd. 2.73% Callable 2024 Canada Corporate 2,070,000 1,984 1,979 Interior Logic Group Holdings IV LLC Term Loan B 1st Lien F/R United States Bank Loans USD 1,180,000 1,552 1,529 Intermedia Holdings Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,650,000 2,149 2,142 International Textile Group Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,162,688 1,527 1,508 Itron Inc. 5.00% Callable A United States Corporate USD 1,886,000 2,344 2,344 Ivanhoe Cambridge II Inc. 2.91% Callable 2023 Canada Corporate 3,210,000 3,213 3,176 JBS USA LUX SA Term Loan B 1st Lien F/R Brazil Bank Loans USD 59, JPMorgan Chase & Co. 3.19% United States Corporate 14,680,000 14,811 14,772 Keane Group Holdings LLC Term Loan B 1st Lien F/R United States Bank Loans USD 99, KEMET Corp. Term Loan B 1st Lien F/R United States Bank Loans USD 593, Kestrel Acquisition LLC Term Loan B 1st Lien F/R United States Bank Loans USD 69, The KeyW Holding Corp Term Loan 1st Lien F/R United States Bank Loans USD 95, Kindred Healthcare Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,280,000 1,686 1,664 Kruger Products LP 6.00% Callable 2021 Canada Corporate 1,062,000 1,072 1,069 L&W Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,107,225 1,430 1,447 Lantheus Medical Imaging Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 179, Laurentian Bank of Canada 3.45% Canada Corporate 3,220,000 3,219 3,187 LBM Borrower LLC Term Loan 1st Lien F/R United States Bank Loans USD 358, LD Intermediate Holdings Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 878,516 1,073 1,101 LifeMiles Ltd. Term Loan B 1st Lien F/R Colombia Bank Loans USD 306, LifeScan Global Corp. Term Loan 1st Lien F/R United States Bank Loans USD 4,790,000 6,163 6,138 Manulife Bank of Canada 1.92% DPNT Canada Corporate 876, Manulife Bank of Canada 2.08% Canada Corporate 10,270,000 9,919 9,916 Manulife Bank of Canada 2.84% Canada Corporate 420, Mastronardi Produce Ltd. Term Loan B 1st Lien F/R Canada Bank Loans USD 109, Mattamy Group Corp. 6.50% Callable 2020 Canada Corporate 1,041,000 1,040 1,034 Mattamy Group Corp. 6.50% Callable A Canada Corporate USD 80, Matterhorn Merger Sub LLC 8.50% Callable A United States Corporate USD 1,059,000 1,349 1,338 McAfee LLC Term Loan B 1st Lien F/R United States Bank Loans USD 1,380,080 1,794 1,800 McDermott Technology Americas Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,174,100 1,528 1,540 McDonald s Corp. 3.80% Callable 2028 United States Corporate USD 2,070,000 2,704 2,631 Morgan Stanley 3.00% Series MPLE United States Corporate 15,000,000 14,762 14,648

8 SCHEDULE OF INVESTMENTS (continued) as at September 30, 2018 (unaudited) No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) National Bank of Canada 1.96% Canada Corporate 35,850,000 34,561 34,546 Neenah Foundry Co. Term Loan B 1st Lien F/R United States Bank Loans USD 1,036,271 1,338 1,332 New Red Finance Inc. 5.00% Callable A Canada Corporate USD 2,046,000 2,503 2,534 Nouvelle Autoroute 30 Financement Inc. 4.11% Canada Corporate 4,580,000 4,580 4,587 OCI Beaumont LLC Term Loan B 1st Lien F/R United States Bank Loans USD 89, Office Depot Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 311, OMERS Realty Corp. 3.63% Callable 2030 Canada Corporate 18,130,000 18,366 18,216 Ontario Power Generation Inc. 3.84% Callable 2047 Canada Corporate 3,980,000 3,980 3,883 OpenLink International Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 128, Osteon Merger Sub Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 119, Owens & Minor Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,280,000 1,624 1,567 OZ Management LP Term Loan 1st Lien F/R United States Bank Loans USD 1,096,000 1,444 1,427 Parkland Fuel Corp. 6.00% Callable A Canada Corporate USD 6,291,000 8,083 8,171 Pembina Pipeline Corp. 3.54% Callable MTN Canada Corporate 5,000,000 4,983 4,950 PetSmart Inc. Term Loan B2 1st Lien F/R United States Bank Loans USD 30, Pisces Midco Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,137,150 1,484 1,484 PLH Group Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,965,000 2,479 2,501 PNI Canada Acquireco Corp. Term Loan B 1st Lien F/R Canada Bank Loans USD 1,103,278 1,441 1,431 Polar US Borrower LLC Term Loan 1st Lien F/R United States Bank Loans USD 1,950,000 2,442 2,536 Province of Alberta 3.05% Canada Provincial Governments 43,360,000 43,720 42,277 Province of Alberta 3.10% Canada Provincial Governments 10,300,000 10,273 10,158 Province of Newfoundland 3.00% Canada Provincial Governments 4,000,000 3,976 3,976 Province of Newfoundland 2.85% Canada Provincial Governments 25,000,000 24,561 24,285 Province of Ontario 2.60% Canada Provincial Governments 140,010, , ,060 Province of Ontario 2.90% Canada Provincial Governments 174,270, , ,916 Province of Quebec 4.25% Canada Provincial Governments 90,000,000 97,884 94,704 Province of Quebec 3.50% Canada Provincial Governments 99,260, , ,308 Province of Saskatchewan 3.30% Canada Provincial Governments 9,560,000 9,878 9,781 R1 RCM Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 110, Rackspace Hosting Inc. 8.63% Callable A United States Corporate USD 180, Red Ventures LLC Term Loan B 1st Lien F/R United States Bank Loans USD 164, Reliance Intermediate Holdings LP 6.50% Callable A Canada Corporate USD 1,407,000 1,907 1,892 Research Now Group Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,332,413 1,678 1,733 Royal Bank of Canada 2.36% Canada Corporate 25,000,000 24,392 24,364 Royal Bank of Canada 3.30% Canada Corporate 19,580,000 19,583 19,607 Saputo Inc. 3.61% Callable 2025 Canada Corporate 4,720,000 4,720 4,697 Savage Enterprises LLC Term Loan B 1st Lien F/R United States Bank Loans USD 1,852,500 2,388 2,430 Sea to Sky Highway Investment LP 2.63% Canada Corporate 1,363,185 1,306 1,298 Sigma Bidco BV Term Loan B 1st Lien F/R Netherlands Bank Loans EUR 1,120,000 1,678 1,678 Sigma US Corp. Term Loan B 1st Lien F/R Netherlands Bank Loans USD 1,110,000 1,430 1,438 SIRVA Worldwide Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,817,000 2,330 2,357 Solenis International LP Term Loan 1st Lien F/R United States Bank Loans USD 1,639,650 2,145 2,139 SRS Distribution Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,110,000 1,434 1,427 SRS Distribution Inc. 8.25% Callable A United States Corporate USD 141, St. Joseph Energy Center LLC Term Loan 1st Lien F/R United States Bank Loans USD 177, Starfruit US Holdco LLC Term Loan B 1st Lien F/R United States Bank Loans USD 2,000,000 2,568 2,596 Stars Group Holdings BV 7.00% Callable A Canada Corporate USD 70, Sun Life Financial Inc. F/R Callable 2023 Canada Corporate 3,620,000 3,589 3,569 Superior Plus LP 7.00% Callable A Canada Corporate USD 1,830,000 2,425 2,386 Sysco Canada Inc. 3.65% Callable 2025 United States Corporate 6,090,000 6,094 6,105 Talen Energy Supply LLC 9.50% Callable A United States Corporate USD 145, Talen Energy Supply LLC 10.50% Callable A United States Corporate USD 20, TELUS Corp. 3.63% Callable 2027 Canada Corporate 10,000,000 9,807 9,829 TerraForm Power Operating LLC 5.00% Callable A United States Corporate USD 2,844,000 3,509 3,431 Teva Pharmaceutical Finance Netherlands III BV 3.15% Callable Israel Corporate USD 31, Titan Acquisition Ltd. Term Loan 1st Lien F/R United Kingdom Bank Loans USD 1,124,350 1,449 1,415 Titan Acquisition Ltd. 7.75% Callable A United Kingdom Corporate USD 70, TMX Group Ltd. 3.78% Callable 2028 Canada Corporate 2,020,000 2,020 2,030 The Toronto-Dominion Bank 3.01% Canada Corporate 57,890,000 57,892 57,801 The Toronto-Dominion Bank F/R Callable 2023 Canada Corporate 8,150,000 8,150 8,130 TransCanada PipeLines Ltd. 3.39% Callable 2027 Canada Corporate 18,010,000 17,911 17,650 TransCanada PipeLines Ltd. 4.18% Callable 2048 Canada Corporate 3,900,000 3,899 3,796 Trico Products Corp. Term Loan 1st Lien F/R United States Bank Loans USD 1,106,000 1,433 1,438 Ultra Clean Holdings Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 2,820,000 3,622 3,617 Unimin Corp. Term Loan 1st Lien F/R United States Bank Loans USD 149, Ventas Canada Finance Ltd. 2.55% Callable 2023 United States Corporate 4,000,000 3,856 3,860 VeriFone Systems Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,290,000 1,674 1,680 Verra Mobility Corp. Term Loan B 1st Lien F/R United States Bank Loans USD 10, Vertex Aerospace Services Corp. Term Loan B 1st Lien F/R United States Bank Loans USD 1,027,425 1,340 1,342 Vistage Worldwide Inc. Term Loan 1st Lien F/R United States Bank Loans USD 169, Vodafone Group PLC 3.75% United Kingdom Corporate USD 2,430,000 3,092 3,113 VVC Holding Corp. Term Loan 1st Lien F/R United States Bank Loans USD 2,360,000 3,038 3,016

9 SCHEDULE OF INVESTMENTS (continued) as at September 30, 2018 (unaudited) No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Vyaire Medical Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 149, W/S Packaging Holdings Inc. 9.00% Callable 2020 United States Corporate USD 70, W/S Packaging Holdings Inc. 9.00% Callable A United States Corporate USD 90, Wells Fargo & Co. 2.51% United States Corporate 8,140,000 7,817 7,796 Welltower Inc. 4.25% Callable 2028 United States Corporate USD 3,800,000 4,902 4,839 Williams Scotsman International Inc. 7.88% Callable A United States Corporate USD 1,116,000 1,515 1,492 Yak Access LLC Term Loan B 1st Lien F/R United States Bank Loans USD 3,170,000 4,044 3,963 YRC Worldwide Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,190,271 1,559 1,568 2,526,676 2,492,219 MUTUAL FUNDS 1 Investors Mortgage and Short Term Income Fund Series P n/a Mutual Funds 14,325, , ,351 2 Mackenzie International Dividend Fund Series IG n/a Mutual Funds 75,492, , , , ,737 EQUITIES Alibaba Group Holding Ltd. ADR China Information Technology 419, ,373 89,329 Allergan PLC United States Health Care 712, , ,350 Alphabet Inc. Class A United States Information Technology 40,826 66,155 63,685 Amazon.com Inc. United States Consumer Discretionary 31,180 71,084 80,709 Apple Inc. United States Information Technology 196,022 54,165 57,185 Baker Hughes a GE Co. United States Energy 1,500,980 65,392 65,621 Bank of Montreal Canada Financials 1,795, , ,277 The Bank of Nova Scotia Canada Financials 9,661, , ,837 BCE Inc. Canada Telecommunication Services 1,362,789 72,199 71,315 BCE Inc. 4.15% Non-Cum. Pfd. Series AK Canada Telecommunication Services 430,200 9,367 8,169 BCE Inc. 4.85% Cum. Pfd. Series AM Perpetual Callable Canada Telecommunication Services 566,300 11,900 11,128 Berkshire Hathaway Inc. Class A United States Financials ,259 86,016 Biogen Inc. United States Health Care 184,999 86,538 84,468 Broadcom Inc. United States Information Technology 395, , ,191 Cabot Oil & Gas Corp. United States Energy 2,865,610 85,824 83,397 Canadian Imperial Bank of Commerce Canada Financials 440,000 51,421 53,253 Canadian National Railway Co. Canada Industrials 823,300 81,852 95,420 Canadian Natural Resources Ltd. Canada Energy 6,925, , ,235 Canadian Utilities Ltd. 4.50% Pfd. Callable Canada Utilities 962,400 23,415 20,249 Canadian Utilities Ltd. 4.50% Pfd. Series CC $25 PV Canada Utilities 919,600 22,434 19,413 Canadian Utilities Ltd. 4.90% Cum. Pfd. Callable Canada Utilities 458,700 10,777 10,610 Canadian Utilities Ltd. 4.90% Cum. Pfd. Callable Canada Utilities 493,000 11,575 11,285 Canadian Utilities Ltd. 5.25% Cum. Red. Pfd. Series EE Canada Utilities 614,700 14,989 15,060 Canadian Utilities Ltd. Class B Canada Utilities 1,343,300 10,713 42,462 CI Financial Corp. Canada Financials 2,919,524 74,378 59,879 Constellation Brands Inc. Class A United States Consumer Staples 279,923 76,564 78,000 Coty Inc. Class A United States Consumer Staples 8,155, , ,377 CU Inc. 4.60% Cum. Red. Pfd. Series 1 Canada Utilities 488,800 10,752 10,475 Dentsply Sirona Inc. United States Health Care 2,301, , ,257 Emera Inc. Canada Utilities 8,332, , ,650 Emera Inc. 4.40% Pfd. Series A Canada Utilities 178,000 2,894 3,478 Emera Inc. 4.50% Cum. Red. First Pfd. Series E Canada Utilities 764,800 17,951 16,053 Enbridge Inc. Canada Energy 9,160, , ,806 Enbridge Inc. 4.00% Cum. Pfd. Canada Energy 2,179,200 54,104 42,168 Enbridge Inc. 4.00% Cum. Red. Pfd. Series B Canada Energy 515,400 8,824 9,468 Enbridge Inc. 4.00% Cum. Red. Pfd. Series D Canada Energy 398,400 7,374 7,769 Enbridge Inc. 4.00% Cum. Red. Pfd. Series F Canada Energy 170,300 3,157 3,418 Enbridge Inc. 4.00% Cum. Red. Pfd. Series H Canada Energy 247,700 5,774 4,575 Enbridge Inc. 4.00% Cum. Red. Pfd. Series R Canada Energy 312,100 6,163 6,211 Enbridge Inc. 4.40% Cum. Pfd. Callable Canada Energy 800,000 20,000 16,232 Enbridge Inc. 4.40% Cum. Red. Pfd. Series 5 Canada Energy 440,000 11,345 12,817 Enbridge Inc. 4.40% Cum. Red. Pfd. Series 7 Callable Canada Energy 797,600 19,940 16,096 Enbridge Inc. 4.40% Cum. Red. Pfd. Series 9 Canada Energy 643,100 16,078 13,068 Enbridge Inc. 4.40% Cum. Red. Pfd. Series 11 Canada Energy 632,900 15,823 12,804 Enbridge Inc. 4.40% Cum. Pfd. Series 15 Callable Canada Energy 404,000 10,100 8,221 Enbridge Inc. 5.15% Cum. Red. Pfd. Series 17 Canada Energy 128,200 3,205 3,263 Enbridge Inc. 5.50% Cum. Red. Pfd. Series A Canada Energy 400,000 10,016 9,700 Equifax Inc. United States Industrials 557,022 92,893 93,990 Facebook Inc. United States Information Technology 262,559 65,618 55,802 Fortis Inc. Canada Utilities 3,769, , ,871 Fortis Inc. 4.25% Perpetual Pfd. Callable Series H Canada Utilities 577,400 12,231 10,555 Fortis Inc. 4.75% Pfd. Series J Canada Utilities 570,000 13,071 12,563 Fortis Inc. 4.90% Pfd. Series F Callable Canada Utilities 572,600 13,298 13,021 George Weston Ltd. 4.75% Pfd. Series 5 Callable Canada Consumer Staples 1,118,000 25,132 24,775 George Weston Ltd. 5.20% Pfd. Series 3 Callable Canada Consumer Staples 904,800 21,829 21,751 George Weston Ltd. 5.20% Pfd. Series 4 Callable Canada Consumer Staples 926,300 21,725 22,203 1 This fund is managed by the Manager of the Fund. 2 This fund is managed by the sub-advisor of the Fund.

10 SCHEDULE OF INVESTMENTS (continued) as at September 30, 2018 (unaudited) No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES (continued) George Weston Ltd. 5.80% Cum. Red. Pfd. Shares Series I Canada Consumer Staples 880,000 22,000 22,546 3 Great-West Lifeco Inc. Canada Financials 6,365, , ,507 3 Great-West Lifeco Inc. 4.50% Non-Cum. Pfd. Callable Series I Canada Financials 1,040,000 22,842 22,058 3 Great-West Lifeco Inc. 4.80% Perpetual Pfd. Callable Series R Canada Financials 554,600 12,957 12,373 3 Great-West Lifeco Inc. 4.85% Non Cum. Pfd. Callable Series H Canada Financials 726,800 17,111 16,360 3 Great-West Lifeco Inc. 5.15% Non Cum. Pfd. Callable Series Q Canada Financials 99,700 2,367 2,357 3 Great-West Lifeco Inc. 5.15% Non-Cum. Pref. Series T Canada Financials 485,000 12,125 11,562 3 Great-West Lifeco Inc. 5.20% Non-cum. Red. Pfd. Series G Canada Financials 676,800 14,872 16,216 3 Great-West Lifeco Inc. 5.25% Non-Cum. Red. Pfd. Series S Canada Financials 514,800 12,870 12,602 Harley-Davidson Inc. United States Consumer Discretionary 1,410,107 80,017 82,550 Husky Energy Inc. 4.45% Pfd. Series 1 Canada Energy 502,300 11,751 8,916 Hydro One Inc. Canada Utilities 237,545 5,443 4,665 Intact Financial Corp. 4.20% Pfd. Series 1 Canada Financials 177,400 4,233 3,575 IPG Photonics Corp. United States Information Technology 538, , ,583 ishares S&P/TSX 60 Index ETF Canada Exchange Traded Funds 2,450,000 59,806 58,653 Johnson Controls International PLC United States Industrials 1,764,084 80,482 79,791 Kinder Morgan Inc. United States Energy 732,451 16,867 16,782 The Kraft Heinz Co. United States Consumer Staples 1,973, , ,545 Loblaw Companies Ltd. Canada Consumer Staples 3,008, , ,611 Loblaw Companies Ltd. 5.30% Cum. Red. 2nd Pfd. Series B Canada Consumer Staples 745,700 18,643 18,754 LogMeIn Inc. United States Information Technology 745, ,864 85,805 Magna International Inc. Canada Consumer Discretionary 1,578, , ,094 Manulife Financial Corp. Canada Financials 16,690, , ,374 Manulife Financial Corp. 4.50% Non-cum. Red. Class A Pfd. Series 3 Canada Financials 1,050,000 22,871 22,145 Manulife Financial Corp. 4.65% Non-cum. Red. Class A Pfd. Series 2 Canada Financials 1,300,000 26,991 28,535 Nasdaq Inc. United States Financials 533,669 65,820 59,173 Nike Inc. Class B United States Consumer Discretionary 1, Nokia OYJ ADR Finland Information Technology 19,779, , ,635 Northern Trust Corp. United States Financials 820, , ,285 Philip Morris International Inc. United States Consumer Staples 1,083, , ,144 3 Power Corp. of Canada 5.00% Non-cum. Red. First Pfd. Series D Canada Financials 885,000 22,125 20,063 3 Power Corp. of Canada 5.60% Non-cum. Red. First Pfd. Series G Canada Financials 234,000 5,850 5,876 3 Power Corp. of Canada Sub. voting Canada Financials 6,458, , ,229 3 Power Financial Corp. Canada Financials 15,077, , ,151 3 Power Financial Corp. 4.80% Non-Cum. Pfd. Perpetual Callable Series S Canada Financials 1,175,300 28,062 25,669 3 Power Financial Corp. 4.95% Non-cum. Red. First Pfd. Series K Canada Financials 476,900 11,605 10,730 3 Power Financial Corp. 5.10% Non-cum. Red. First Pfd. Series L Canada Financials 450,000 11,250 10,440 3 Power Financial Corp. 5.25% Non-cum. Red. First Pfd. Series E Canada Financials 648,000 14,951 15,533 PrairieSky Royalty Ltd. Canada Energy 1,669,554 39,617 37,882 Range Resources Corp. United States Energy 2,436,486 51,886 53,496 Rogers Communications Inc. Class B non-voting Canada Telecommunication Services 968,602 61,145 64,344 Royal Bank of Canada Canada Financials 6,209, , ,970 Royal Bank of Canada 4.90% Non-cum. Red. First Pfd. Series W Canada Financials 434,300 10,856 10,818 Sabre Corp. United States Information Technology 2,653,552 87,161 89,434 Shaw Communications Inc. Class B non-voting Canada Consumer Discretionary 22,334, , ,158 The Sherwin-Williams Co. United States Materials 138,711 74,673 81,600 Sun Life Financial Inc. Canada Financials 3,210,400 99, ,854 Sun Life Financial Inc. 4.45% Non-cum. Red. Class A Pfd. Series 3 Canada Financials 1,000,000 21,380 21,400 Sun Life Financial Inc. 4.45% Non-cum. Red. Class A Pfd. Series 4 Canada Financials 1,191,800 25,537 25,576 Sun Life Financial Inc. 4.50% Non-cum. Red. Class A Pfd. Series 5 Canada Financials 1,000,000 18,479 21,490 Sun Life Financial Inc. 4.75% Non-cum. Red. Class A Pfd. Series 1 Canada Financials 1,437,800 35,944 32,063 Sun Life Financial Inc. 4.80% Non-cum. Red. Class A Pfd. Series 2 Canada Financials 1,264,600 27,148 28,567 TELUS Corp. Canada Telecommunication Services 11,323, , ,119 Thomson Reuters Corp. Canada Financials 1,189,700 64,558 70,121 The Toronto-Dominion Bank Canada Financials 6,463, , ,345 TransCanada Corp. Canada Energy 7,111, , ,668 TransCanada Corp. 4.25% First Pfd. Cum. Red. Series 9 Canada Energy 709,100 17,728 16,075 TransCanada Corp. 4.40% Perpetual Pfd. Callable Canada Energy 304,249 6,833 5,361 TransCanada Corp. Perpetual Pfd. Callable Series 3 Canada Energy 613,000 12,477 10,721 Union Gas Ltd. 5.00% Cum. Red. Class A Pfd. Series C Canada Utilities 10, United Technologies Corp. United States Industrials 834, , ,850 Vermilion Energy Inc. Canada Energy 200,000 8,420 8,512 3 The issuer of this security is related to the Manager of the Fund.

11 SCHEDULE OF INVESTMENTS (continued) as at September 30, 2018 (unaudited) No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES (continued) Walgreens Boots Alliance Inc. United States Consumer Staples 836,537 70,167 78,809 Westcoast Energy Inc. 5.50% Cum. Red. First Pfd. Series 7 Canada Energy 665,200 16,580 16,577 Westcoast Energy Inc. 5.60% Cum. Red. First Pfd. Series 8 Canada Energy 421,800 10,545 10,545 9,798,316 10,634,819 COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS (4,214) - TOTAL NON-DERIVATIVE INVESTMENTS 13,216,622 13,994,775 Net Assets (see asset composition): Total non-derivative investments 13,994,775 Cash and cash equivalents 6,788 Derivative assets (see schedule of derivative instruments) 8,916 Derivative liabilities (see schedule of derivative instruments) (11) Other net assets (liabilities) 24,318 14,034,786 Schedule of Asset Composition as at September 30, 2018 (unaudited) PORTFOLIO ALLOCATION % of net assets Long Positions Equities 75.8 Bonds 17.7 Mutual Funds 6.2 Cash and cash equivalents 99.7 as at March 31, 2018 PORTFOLIO ALLOCATION % of net assets Equities 88.8 Bonds 9.8 Mutual Funds 1.0 Cash and cash equivalents 0.3 Other net assets (liabilities) 0.1 Total Short Positions Bonds (5.2) Other net assets (liabilities) 5.5 Total EQUITIES COUNTRY ALLOCATION Canada 56.0 United States 18.1 Other SECTOR ALLOCATION Financials 30.5 Energy 11.0 Consumer Staples 6.1 Consumer Discretionary 5.9 Information Technology 5.8 Telecommunication Services 4.9 Utilities 4.9 Industrials 3.0 Health Care 2.7 Other EQUITIES COUNTRY ALLOCATION Canada 83.7 United States SECTOR ALLOCATION Financials 43.5 Energy 14.1 Utilities 10.8 Telecommunication Services 9.6 Consumer Discretionary 6.6 Consumer Staples 1.8 Health Care 1.6 Industrials BONDS SECTOR ALLOCATION Federal Government 7.3 Corporate 5.4 Other (0.2) 12.5

12 Schedule of Derivative Instruments as at September 30, 2018 (unaudited) Schedule of Forward Currency Contracts Currency to Contract Currency to Current Unrealized Unrealized Counterparty Settlement be received costs be delivered fair value gains losses credit rating date (000) (CAD$ 000) (000) (CAD$ 000) (CAD$ 000) (CAD$ 000) AA ,452 CAD 2,452 1,603 EUR 2, AA ,956 CAD 27,956 21,530 USD 27, AA ,001 CAD 19,001 14,310 USD 18, AA ,035 CAD 13,035 10,000 USD 12, A ,082 CAD 18,082 13,860 USD 17, A ,711 CAD 18,711 14,310 USD 18, AA ,219 CAD 18,219 13,860 USD 17, AA ,924 CAD 27,924 21,530 USD 27, AA ,679 CAD 18,679 14,310 USD 18, AA ,795 CAD 18,795 14,310 USD 18, ,332 - Schedule of Futures Contracts Notional Unrealized Unrealized Type of No. of Expiration Average rate value gains losses contract contracts date of contracts (CAD$ 000) (CAD$ 000) (CAD$ 000) CBOT U.S. 10 Year Treasury Note (3,993) December USD (612,933) 6,253 - OSE Japan 10 Year Bond (70) December JPY (119,524) (732,457) 6,372 - Schedule of Options Purchased Premium Fair Underlying No. of Option Strike Expiration paid value security options Notional currency type price date (CAD$ 000) (CAD$ 000) Currency Option AUD/USD 92,944,000 AUD Call 0.73 USD Currency Option AUD/USD 69,710,000 AUD Call 0.74 USD Currency Option EUR/NOK 31,200,000 EUR Put 9.30 EUR Currency Option USD/CAD 32,720,000 USD Call 1.33 CAD Currency Option USD/CAD 98,150,000 USD Call 1.33 CAD , Schedule of Options Written Premium Fair Underlying No. of Option Strike Expiration received value security options Notional currency type price date (CAD$ 000) (CAD$ 000) Currency Option EUR/NOK 31,200,000 EUR Put 8.90 EUR (62) (11) TOTAL DERIVATIVE ASSETS 8,916 TOTAL DERIVATIVE LIABILITIES (11)