WAM COLLINS INCOME POOL Q1 REPORT - SERIES A MARCH 31, 2018

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1 WAM COLLINS INCOME POOL Q1 REPORT - SERIES A MARCH 31, 2018

2 COMMENTARY The bonds in the portfolio finally started to increase in price this quarter as the fear of rising interest rates has subsided. We chose to take gains on one of our low interest rate bonds in this recent rally: Toronto bonds paid 2.4% interest and will mature in We bought these in the fall of 2018 when the prices were low. We earned a total $1, in interest while held them and we sold them for a gain of $5, In total we earned 7.63% from purchase in September 2018 to sale. All told the WAM Collins Income Pool Series A earned 4.52% for the quarter and -0.15% over the past year versus the FTSE TMX Canada Bond Index with earned 3.92% and 5.28% respectively.

3 ASSET ALLOCATION & PERFORMANCE HISTORY ASSET ALLOCATION 4.4% Cash & Cash Equivalent 75.7% Fixed Income Securities 14.3% Canadian Equities 5.6% American Equities PERFORMANCE HISTORY $10, $10, $9, $9, $9, $9,200.00

4 PORTFOLIO HOLDINGS CASH & CASH EQUIVALENT FIXED INCOME SECURITIES

5 PORTFOLIO HOLDINGS CANADIAN EQUITY AMERICAN EQUITY

6 INVESTMENT INCOME Preferred Share Weighted Yield: 5.45% Bond Weighted Yield: 4.04% ETF Weighted Yield: 3.76% Dividends Earned: $48, Interest Earned: $42, Accrued Interest Earned: $92, This summary does not include fund expenses for the quarter, it is not a full representation of the net asset value.

7 TRADING ACTIVITY BUY PURPOSE HIGH INT SVGS ETF FORTIS INC 4.75%-J 1ST PF BMO COVRD CALL CDN BK ETF CONSTEL SFTWR S1 FR31MR40 EXCH ICM CV RD5.35%30JN25 ATRIUM CV RED 5.25%30JN20 AVERAGE PURCHASE PRICE CAD CAD CAD CAD CAD CAD DISPOSITION TORONTO 2.4% 7JN27 PURPOSE HIGH INT SVGS ETF ISHR CORE CDN UNIV BD ETF BMO COVERED CALL UTIL ETF AVERAGE DISPOSITION PRICE CAD CAD CAD CAD

8 DISCLAIMER Disclosure: Data as of March 31, This report doesn t represent your personal portfolio and it is not meant to replace the investment account statements provided by your financial institution. The under lying holdings and data provided in this report represent those of the WAM Collins Income Pool. Your personal investment account held at your financial institution may include other securities in addition to the WAM Collins Income Pool. For specific information including the amount of units you hold in the WAM Collins Income Pool, your cost base and any income distributions, please refer to your investment account statements or contact your financial advisor. Commissions, trailing commissions, performance fees, management fees and expenses may be associated with pooled and mutual fund investments. Please read the WAM Collins Income Pool Simplified Prospectus before investing. You can obtain a Simplified Prospectus from Willoughby Asset Management Inc. The Simplified Prospectus for Willoughby Asset Management Inc. s investment funds does not constitute an offer or solicitation to anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. The fund returns are not guaranteed, values change frequently and past performance may not be repeated. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. All returns are presented net of all fees, including the management fee, administration fees and expenses and any performance fee that might apply. Your financial institution may charge other fees and expenses. The portfolio return figures represent those of the WAM Collins Income Pool A. The management fee may vary from series to series. For further information on different fund pricing options please refer to the Simplified Prospectus. WILLOUGHBY ASSET MANAGEMENT INC. MNP Tower, W Hastings St. Vancouver, British Columbia, V6E 0C3 Phone (local): Toll Free: admin@willoughbyasset.com