WINDWISE FUNDS. Financial Statements as at December 31, 2016

Transcription

1 WINDWISE FUNDS Financial Statements as at December 31, 2016

2 WINDWISE FUNDS Financial Statements as at December 31, 2016 Independent Auditor s Report... 1 WindWise Canadian 20+ Strip Bond Index Non-Lending Fund... 2 WindWise Canadian Equity Enhanced Non-Lending Fund... 3 WindWise Canadian Long Term Bond Index Non-Lending Fund... 4 WindWise Canadian Long Term Government Bond Index Non-Lending Fund... 5 WindWise Canadian Managed Volatility Non-Lending Fund... 6 WindWise Canadian Real Return Bond Index Non-Lending Fund... 7 WindWise Canadian Short Term Bond Index Non-Lending Fund... 8 WindWise Canadian Short Term Investment Non-Lending Fund... 9 WindWise Canadian Universe Bond Index Non-Lending Fund WindWise Canadian Universe Bond Index Securities Lending Fund WindWise Global Managed Volatility Non-Lending Fund WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations WindWise S&P/TSX Capped Composite Index Non-Lending Fund WindWise S&P/TSX Composite Index Non-Lending Fund WindWise U.S. Managed Volatility Non-Lending Fund Notes to Financial Statements... 21

3 March 29, 2017 Independent Auditor s Report To the Unitholders of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund (formerly SSGA Canadian 20+ Strip Bond Index Fund) WindWise Canadian Equity Enhanced Non Lending Fund (formerly SSGA MA Canadian Equity Index Plus Fund) WindWise Canadian Long Term Government Bond Index Non-Lending Fund (formerly SSGA Canadian Long Term Government Bond Index Fund) WindWise Canadian Managed Volatility Non-Lending Fund (formerly SSGA MA Canadian Managed Volatility Fund) WindWise Canadian Real Return Bond Index Non-Lending Fund (formerly SSGA Canadian Real Return Bond Index Fund) WindWise Canadian Short Term Bond Index Non-Lending Fund (formerly SSGA Canadian Short Term Bond Index Fund) WindWise Canadian Short Term Investment Non-Lending Fund (formerly SSGA Canadian Short Term Investment Fund) WindWise Canadian Universe Bond Index Non-Lending Fund (formerly SSGA Canadian Universe Bond Index Fund) WindWise Global Managed Volatility Non-Lending Fund (formerly SSGA MA Global Managed Volatility Fund) WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations (formerly SSGA MSCI EAFE Index Fund for Canadian Pension Plans) WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations (formerly SSGA S&P 500 Index Fund for Canadian Pension Plans) WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations (formerly SSGA S&P 500 Index Fund Hedged to Canadian Dollars for Canadian Pension Plans) WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations (formerly SSGA S&P MidCap 400 Index Fund for Canadian Pension Plans) WindWise S&P/TSX Capped Composite Index Non-Lending Fund (formerly SSGA MA S&P/TSX Capped Composite Index Fund) WindWise S&P/TSX Composite Index Non-Lending Fund (formerly SSGA S&P/TSX Composite Index Fund) WindWise U.S. Managed Volatility Non-Lending Fund (formerly SSGA U.S. Managed Volatility Fund) (collectively, the Existing Funds ) PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l René-Lévesque Boulevard West, Suite 2500, Montréal, Quebec, Canada H3B 4Y1 T: , F: , PwC refers to PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l., an Ontario limited liability partnership.

4 WindWise Canadian Long Term Bond Index Non-Lending Fund WindWise Canadian Universe Bond Index Securities Lending Fund WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations (collectively, the New Funds and together with the Existing Funds, the Funds ) We have audited the accompanying financial statements of each of the Funds, which comprise the statements of financial position of the Existing Funds as at December 31, 2016 and December 31, 2015 and the New Funds as at December 31, 2016 and the statements of comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows for years or period ended, as indicated in the statements of comprehensive income of each of the Funds, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements The Funds Manager and Trustee are responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on the financial statements of each of the Funds based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial statements. (2)

5 We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements of each of the Funds present fairly, in all material respects, the financial position of each of the Existing Funds as at December 31, 2016 and December 31, 2015 and each of the New Funds as at December 31, 2016 and the financial performance and cash flows of each of the Funds for the years or period ended, as indicated in the statements of comprehensive income of each of the Funds, in accordance with International Financial Reporting Standards. 1 CPA auditor, CA, public accountancy permit No. A (3)

6 WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 67,241,454 79,588,514 Cash 3,865 1,300 Receivable for investments sold 91,597 80,720 Total assets 67,336,916 79,670,534 Liabilities Current liabilities Payable for units redeemed 84,746 76,000 Accrued expenses 29,252 1,098 Total liabilities 113,998 77,098 Net assets attributable to holders of redeemable units 67,222,918 79,593,436 Number of redeemable units outstanding 6,087,151 6,746,096 Net assets attributable to holders of redeemable units per unit * Investments at cost 64,596,351 73,492,162 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

7 WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Interest for distribution purposes 3,926,884 4,319,429 Other changes in fair of investments Net realized gain (loss) 2,300,544 1,975,414 Net change in unrealized appreciation (depreciation) (3,451,249) (2,453,093) Total income (loss) 2,776,179 3,841,750 Expenses Audit fees 29,582 24,793 Custodial fees 26,399 16,955 Other fees Regulatory fees 1, Trustee fees 2,431 - Total expenses 59,581 42,308 Waivers and reimbursements (5,204) - Net expenses 54,377 42,308 Increase (decrease) in net assets attributable to holders of redeemable units 2,721,802 3,799,442 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year

8 WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 2,721,802 3,799,442 Distributions to holders of redeemable units From net investment income (3,872,558) (4,279,847) From capital gains (2,304,801) (1,972,762) Total distributions to holders of redeemable units (6,177,359) (6,252,609) Redeemable unit transactions Proceeds from redeemable units issued 1,995,953 2,778,333 Reinvestment of distribution to holders of redeemable units 6,177,359 6,252,609 Redemption of redeemable units (17,088,273) (2,488,822) Increase (decrease) from redeemable unit transactions (8,914,961) 6,542,120 Net increase (decrease) in net assets attributable to holders of redeemable units (12,370,518) 4,088,953 Net assets attributable to holders of redeemable units Beginning of year 79,593,436 75,504,483 Net assets attributable to holders of redeemable units End of year 67,222,918 79,593,436 Number of redeemable units outstanding Beginning of year 6,746,096 6,188,766 Issued 155, ,184 Reinvested 559, ,952 Redeemed (1,373,434) (191,806) Number of redeemable units outstanding End of year 6,087,151 6,746,096

9 WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 2,721,802 3,799,442 Adjustments for: Amortization income (3,923,398) (4,318,570) Net realized (gain) loss on investments (2,300,544) (1,975,414) Net change in unrealized (appreciation) depreciation on investments 3,451,249 2,453,093 Proceeds from sale of investments 19,485,831 17,536,704 Purchases of investments (4,376,955) (17,805,756) Accrued expenses 28, Net cash from (used in) operating activities 15,086,139 (310,278) Cash flows from (used in) financing activities Proceeds from redeemable units issued 1,995,953 2,778,333 Redemption of redeemable units (17,079,527) (2,472,822) Net cash from (used in) financing activities (15,083,574) 305,511 Net increase (decrease) in cash during the year 2,565 (4,767) Cash Beginning of year 1,300 6,067 Cash End of year 3,865 1,300 Interest received* 3, * Included as part of cash flows from operating activities

10 WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Government debt instruments 100.0% Federal government bonds 6.0% 695,000 Government of Canada 0.00 Jun. 1, , , ,000 Government of Canada 0.00 Jun. 1, , , ,000 Government of Canada 0.00 Jun. 1, , ,645 2,565,000 Government of Canada 0.00 Dec. 1, ,230,610 1,300,404 1,260,000 Government of Canada 0.00 Dec. 1, , ,510 2,980,000 Government of Canada 0.00 Dec. 1, ,138,979 1,040,704 3,996,763 4,009,927 Provincial government bonds 93.8% 2,800,000 Hydro-Quebec 0.00 Feb. 15, ,412,657 1,395, ,000 Hydro-Quebec 0.00 Aug. 15, , ,424 1,300,000 Hydro-Quebec 0.00 Feb. 15, , ,596 1,300,000 Hydro-Quebec 0.00 Aug. 15, , ,107 1,450,000 Hydro-Quebec 0.00 Feb. 15, , ,333 1,450,000 Hydro-Quebec 0.00 Aug. 15, , ,438 6,505,000 Hydro-Quebec 0.00 Feb. 15, ,736,716 2,983,504 1,450,000 Hydro-Quebec 0.00 Feb. 15, , ,798 1,100,000 Hydro-Quebec 0.00 Aug. 15, , ,505 1,000,000 Hydro-Quebec 0.00 Feb. 15, , , ,000 Hydro-Quebec 0.00 Aug. 15, , ,724 1,500,000 Hydro-Quebec 0.00 Feb. 15, , , ,000 Hydro-Quebec 0.00 Aug. 15, , , ,000 Hydro-Quebec 0.00 Feb. 15, , , ,000 Hydro-Quebec 0.00 Aug. 15, , ,525 9,140,000 Hydro-Quebec 0.00 Feb. 15, ,444,288 3,617,581 1,325,000 Hydro-Quebec 0.00 Feb. 15, , , ,000 Hydro-Quebec 0.00 Aug. 15, , , ,000 Hydro-Quebec 0.00 Feb. 15, , , ,000 Hydro-Quebec 0.00 Feb. 15, , , ,000 Hydro-Quebec 0.00 Aug. 15, , , ,000 Hydro-Quebec 0.00 Feb. 15, , , ,000 Hydro-Quebec 0.00 Aug. 15, , , ,000 Hydro-Quebec 0.00 Aug. 15, ,552 98,664 14,100,000 Hydro-Quebec 0.00 Feb. 15, ,457,675 4,933,903 2,790,000 Hydro-Quebec 0.00 Feb. 15, , , ,000 Hydro-Quebec 0.00 Aug. 15, , ,601 2,580,000 Hydro-Quebec 0.00 Feb. 15, , , ,000 Hydro-Quebec 0.00 Feb. 15, , , ,000 Hydro-Quebec 0.00 Feb. 15, ,161 93,272 1,350,000 Hydro-Quebec 0.00 Aug. 15, , , ,000 Hydro-Quebec 0.00 Aug. 15, ,145 67,887 1,225,000 Hydro-Quebec 0.00 Feb. 15, , ,372 1,150,000 Province of British Columbia 0.00 Jun. 18, , ,537 2,005,000 Province of British Columbia 0.00 Jun. 18, , ,272 2,785,000 Province of British Columbia 0.00 Jun. 18, ,196,190 1,242, ,000 Province of Manitoba 0.00 Mar. 5, ,143 60,006 1,050,000 Province of Manitoba 0.00 Mar. 5, , ,699 1,595,000 Province of Manitoba 0.00 Mar. 5, , , ,000 Province of Manitoba 0.00 Sep. 5, , , ,000 Province of New Brunswick 0.00 Sep. 26, , , ,000 Province of Nova Scotia 0.00 Jun. 1, , ,930 8,605,000 Province of Ontario 0.00 Jun. 2, ,157,761 4,414,437 2,055,000 Province of Ontario 0.00 Jun. 2, ,119 1,024,150 1,250,000 Province of Ontario 0.00 Dec. 2, , ,002 1,700,000 Province of Ontario 0.00 Jun. 2, , ,177

11 WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 1,500,000 Province of Ontario 0.00 Dec. 2, , ,817 11,600,000 Province of Ontario 0.00 Jun. 2, ,209,760 5,525,677 1,500,000 Province of Ontario 0.00 Jun. 2, , ,794 3,035,000 Province of Ontario 0.00 Dec. 2, ,263,581 1,390, ,000 Province of Ontario 0.00 Jan. 10, , , ,000 Province of Ontario 0.00 Dec. 2, ,775 66,363 9,885,000 Province of Ontario 0.00 Jun. 2, ,219,044 4,416,243 2,710,000 Province of Ontario 0.00 Dec. 2, ,017,588 1,165, ,000 Province of Ontario 0.00 Dec. 2, , , ,000 Province of Ontario 0.00 Jun. 2, , , ,000 Province of Ontario 0.00 Dec. 2, , ,283 2,875,000 Province of Ontario 0.00 Jun. 2, ,195,565 1,213, ,000 Province of Ontario 0.00 Jun. 2, , , ,000 Province of Ontario 0.00 Jan. 10, , ,761 8,625,000 Province of Ontario 0.00 Jun. 2, ,394,080 3,429, ,000 Province of Ontario 0.00 Jun. 2, , , ,000 Province of Ontario 0.00 Jun. 2, , ,537 1,275,000 Province of Ontario 0.00 Dec. 2, , , ,000 Province of Ontario 0.00 Jun. 2, , , ,000 Province of Ontario 0.00 Jun. 2, , ,411 2,355,000 Province of Quebec 0.00 Dec. 1, ,064,030 1,130,178 1,420,000 Province of Quebec 0.00 Jun. 1, , ,045 2,660,000 Province of Quebec 0.00 Dec. 1, ,066,565 1,157,783 1,300,000 Province of Quebec 0.00 Dec. 1, , ,322 1,890,000 Province of Quebec 0.00 Dec. 1, , ,840 2,800,000 Province of Quebec 0.00 Sep. 21, , , ,000 Province of Quebec 0.00 Jun. 1, ,647 31,364 5,950,000 Province of Quebec 0.00 Sep. 21, ,127,906 1,240,584 60,448,421 63,081,199 Municipal government bonds 0.2% 400,000 City of Montreal 0.00 Jun. 1, , ,328 Total investments 100.0% 64,596,351 67,241,454

12 Notes to financial statements of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match the FTSE TMX Canada 20+ Strip Bond Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds 4,009,927 63,231,527-67,241,454 As at December 31, 2015 Level 1 Level 2 Level 3 Total Bonds 5,615,545 73,972,969-79,588,514 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

13 Notes to financial statements of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund December 31, 2016 and 2015 Total exposure Term to maturity Less than 1 year years years years 67,241,454 79,588,514 Total 67,241,454 79,588,514 Impact on net assets attributable to holders of redeemable units 18,230,000 21,126,000 Impact on net assets attributable to holders of redeemable units 27% 27% Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating 2016 % 2015 % AAA 6 11 AA+/AA/AA A+/A/A 46 - Total

14 Notes to financial statements of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Federal government bonds 6 7 Municipal government bonds - - Provincial government bonds Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the year ended December 31, 2016 and 2015 are calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 2,721,802 3,799,442 Average units outstanding during the year 5,962,180 6,111,018 Increase (decrease) in net assets attributable to holders of redeemable units per unit

15 WindWise Canadian Equity Enhanced Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 114,242,065 94,231,404 Cash 337, ,664 Receivable for investments sold - 117,426 Dividends receivable 333, ,364 Total assets 114,912,550 95,121,858 Liabilities Current liabilities Payable for units redeemed 9, ,243 Accrued expenses 30,291 2,342 Total liabilities 39, ,585 Net assets attributable to holders of redeemable units 114,873,259 94,649,273 Number of redeemable units outstanding 9,990,035 9,440,384 Net assets attributable to holders of redeemable units per unit * Investments at cost 94,072,051 88,325,121 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

16 WindWise Canadian Equity Enhanced Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Dividends 3,055,979 3,328,037 Interest for distribution purposes 67,355 44,810 Other changes in fair of investments Net realized gain (loss) 1,370,350 1,224,525 Net change in unrealized appreciation (depreciation) 14,262,903 (12,038,071) Other changes in fair of derivative financial instruments Net realized gain (loss) (283) (10,854) Total income (loss) 18,756,304 (7,451,553) Expenses Audit fees 29,582 24,503 Custodial fees 32,846 26,920 Other fees Proxy fees Regulatory fees 1, Transaction costs 54, ,706 Trustee fees 2,445 - Total expenses 121, ,789 Waivers and reimbursements (5,512) - Net expenses 116, ,789 Increase (decrease) in net assets attributable to holders of redeemable units 18,640,260 (7,610,342) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.94 (0.71)

17 WindWise Canadian Equity Enhanced Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 18,640,260 (7,610,342) Distributions to holders of redeemable units From net investment income (2,991,765) (3,349,631) From capital gains (1,561,662) (1,592,821) Total distributions to holders of redeemable units (4,553,427) (4,942,452) Redeemable unit transactions Proceeds from redeemable units issued 4,218,084 5,409,979 Reinvestment of distributions to holders of redeemable units 4,553,427 4,942,452 Redemption of redeemable units (2,634,358) (29,299,977) Increase (decrease) from redeemable unit transactions 6,137,153 (18,947,546) Net increase (decrease) in net assets attributable to holders of redeemable units 20,223,986 (31,500,340) Net assets attributable to holders of redeemable units Beginning of year 94,649, ,149,613 Net assets attributable to holders of redeemable units End of year 114,873,259 94,649,273 Number of redeemable units outstanding Beginning of year 9,440,384 11,172,984 Issued 400, ,067 Reinvested 408, ,160 Redeemed (259,253) (2,683,827) Number of redeemable units outstanding End of year 9,990,035 9,440,384

18 WindWise Canadian Equity Enhanced Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 18,640,260 (7,610,342) Adjustments for: Net realized (gain) loss on investments (1,368,974) (928,349) Net change in unrealized (appreciation) depreciation on investments and derivatives (14,263,731) 12,038,573 Proceeds from sale of investments 51,677,595 80,842,040 Purchases of investments (55,938,125) (61,171,695) Dividends receivable (45,061) 27,834 Accrued expenses 27, Net cash from (used in) operating activities (1,270,087) 23,198,145 Cash flows from (used in) financing activities Proceeds from redeemable units issued 4,218,084 5,409,979 Redemption of redeemable units (3,095,601) (29,297,485) Net cash from (used in) financing activities 1,122,483 (23,887,506) Net increase (decrease) in cash during the year (147,604) (689,361) Cash Beginning of year 484,664 1,174,025 Cash End of year 337, ,664 Interest received* 67,355 44,810 Dividends received, net of foreign withholding taxes* 3,010,918 3,355,871 * Included as part of cash flows from operating activities

19 WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities 100.0% Common stock 100.0% 68,398 Advantage Oil & Gas Limited 547, ,790 5,177 Agnico Eagle Mines Limited 263, ,242 7,777 Agrium Inc. 910,799 1,049,584 6,929 Aimia Inc. 50,464 61,530 15,180 Alimentation Couche-Tard Inc. Cl. B 464, , Allied Properties Real Estate Investment Trust 31,560 31,600 20,755 Altus Group Limited 600, ,575 31,280 ARC Resources Limited 848, ,881 50,134 Artis Real Estate Investment Trust 689, ,702 15,726 ATCO Limited NV Cl. I 726, , ,581 B2Gold Corporation 522, ,553 33,093 Bank of Montreal 2,157,131 3,195,791 65,558 Bank of Nova Scotia (The) 3,792,863 4,901,116 88,193 Barrick Gold Corporation 2,376,215 1,895,268 40,112 BCE Inc. 1,822,772 2,327, ,399 Bonavista Energy Corporation 422, ,599 1,434 Boyd Group Income Fund 108, ,693 36,463 Brookfield Asset Management Inc. Cl. A 1,034,299 1,615,311 13,735 BRP Inc. 375, ,387 45,081 CAE Inc. 676, ,621 11,860 Canadian Apartment Properties Real Estate Investment Trust 286, ,048 27,706 Canadian Imperial Bank of Commerce 2,241,239 3,035,469 49,847 Canadian National Railway Company 2,608,683 4,504,175 75,383 Canadian Natural Resources Limited 2,430,194 3,225,639 5,369 Canadian Pacific Railway Limited 713,350 1,028, Canadian Tire Corporation Limited Cl. A 69,158 74,649 3,428 Canadian Utilities Limited Cl. A 126, ,059 28,913 Capital Power Corporation 621, ,649 28,279 Celestica Inc. 376, ,919 20,107 Cenovus Energy Inc. 500, ,172 14,976 CGI Group Inc. Cl. A 527, ,053 14,491 Chartwell Retirement Residences 198, ,293 31,869 CI Financial Corporation 808, , Constellation Software Inc. 116, ,024 46,377 Corus Entertainment Inc. Cl. B 481, ,350 46,786 Crescent Point Energy Corporation 1,017, ,845 8,628 Dollarama Inc. 658, ,823 9,983 Dorel Industries Inc. Cl. B 360, ,340 69,950 ECN Capital Corporation 223, ,835 13,686 Emera Inc. 650, ,208 45,217 Enbridge Inc. 1,979,005 2,554,760 7,605 Enbridge Income Fund Holdings Inc. 229, ,426 20,450 Encana Corporation 290, ,292 25,246 Endeavour Mining Corporation 595, ,435 37,761 Enerflex Limited 489, , Fairfax Financial Holdings Limited 222, ,648 7,625 Finning International Inc. 202, ,461 7,592 First Quantum Minerals Limited 88, ,353 17,632 Fortis Inc. 684, ,023 4,773 Franco-Nevada Corporation 261, ,176 2,611 Genworth MI Canada Inc. 84,033 87,886 7,562 George Weston Limited 764, ,968

20 WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 3,881 Gildan Activewear Inc. 143, ,303 21,469 Goldcorp Inc. 557, , ,970 Gran Tierra Energy Inc. 526, ,758 15,567 Granite Real Estate Investment Trust 676, ,869 9,683 Great Canadian Gaming Corporation 180, ,881 29,659 Great-West Lifeco Inc. 779,136 1,043,107 28,694 H&R Real Estate Investment Trust 615, ,885 14,319 Home Capital Group Inc. 498, ,757 50,363 Husky Energy Inc. 773, ,413 15,073 IGM Financial Inc. 565, ,789 25,356 Imperial Oil Limited 1,297,083 1,184,379 8,373 Industrial Alliance Insurance and Financial Services Inc. 432, ,034 1,627 Intact Financial Corporation 137, ,355 37,585 Inter Pipeline Limited 1,111,122 1,114,019 4,781 Interfor Corporation 71,840 71,858 25,039 Intertape Polymer Group Inc. 573, ,482 15,100 ishares S&P/TSX 60 Index ETF 304, ,864 12,268 Keyera Corporation 539, , ,132 Kinross Gold Corporation 760, ,873 32,895 Labrador Iron Ore Royalty Corporation 483, ,505 8,536 Laurentian Bank of Canada 425, ,783 8,202 Linamar Corporation 509, ,173 4,802 Loblaw Companies Limited 286, , ,214 Lucara Diamond Corporation 773, ,051 21,516 Magna International Inc. 710,309 1,254,383 89,190 Manulife Financial Corporation 1,456,858 2,132,533 16,430 Maple Leaf Foods Inc. 481, ,012 5,213 Methanex Corporation 259, ,994 27,331 METRO INC. 791,707 1,097,613 31,995 Milestone Apartments Real Estate Investment Trust 528, ,905 10,999 Mitel Networks Corporation 108, ,311 29,515 National Bank of Canada 1,188,160 1,609, ,073 Nevsun Resources Limited 535, ,803 12,748 North West Company Inc. (The) 320, , ,142 OceanaGold Corporation 434, ,235 2,402 Onex Corporation 191, ,495 13,885 Open Text Corporation 771,053 1,151,344 42,033 Parex Resources Inc. 482, ,358 8,902 Pembina Pipeline Corporation 317, ,528 42,456 Potash Corporation of Saskatchewan Inc. 1,703,281 1,031,256 37,411 Power Corporation of Canada 1,076,663 1,124,201 22,645 Power Financial Corporation 702, ,966 6,371 ProMetic Life Sciences Inc. 18,747 14,207 16,949 Quebecor Inc. Cl. B 483, ,537 55,848 Raging River Exploration Inc. 493, ,755 14,202 Restaurant Brands International Inc. 728, ,218 26,130 Rogers Communications Inc. Cl. B 1,240,803 1,353,273 85,065 Royal Bank of Canada 5,275,255 7,729,857 14,725 Saputo Inc. 589, , ,524 SEMAFO Inc. 546, ,576 1,550 Shaw Communications Inc. Cl. B 41,888 41,757 1,055 ShawCor Limited Cl. A 46,092 37,811 18,053 SNC-Lavalin Group Inc. 955,589 1,043,283 45,647 Sun Life Financial Inc. 1,327,574 2,353,103 98,170 Suncor Energy Inc. 3,241,545 4,309,663

21 WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 32,010 Tahoe Resources Inc. 368, ,926 45,284 Teck Resources Limited Cl. B 441,265 1,216,781 46,857 TELUS Corporation 1,747,388 2,003,137 7,809 Thomson Reuters Corporation 329, ,857 96,804 Toronto-Dominion Bank (The) 4,119,069 6,410,361 58,426 TransCanada Corporation 3,143,945 3,537,110 4,883 Transcontinental Inc. Cl. A 108, ,354 14,634 TransForce Inc. 404, ,580 13,898 Valeant Pharmaceuticals International Inc. 1,015, ,594 5,204 Veresen Inc. 56,866 68,224 9,032 Waste Connections Inc. 861, ,431 4,043 West Fraser Timber Company 210, , ,428 Western Forest Products Inc. 211, ,709 31,768 WestJet Airlines Limited 731, ,935 15,681 Westshore Terminals Investment Corporation 394, , ,160 Yamana Gold Inc. 580, ,243 94,126, ,242,065 Adjustment for transaction costs (54,782) - Total investments 100.0% 94,072, ,242,065

22 Notes to financial statements of WindWise Canadian Equity Enhanced Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to outperform the S&P /TSX Composite Index (the Index ) over the long term in a risk controlled manner. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 114,242, ,242,065 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 94,231, ,231,404 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant using a predicted tracking method, net assets attributable to holders of redeemable units would have increased or decreased by approximately 12,567,000 or 10,282,000 (December 31, ,507,000 or 8,339,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant.

23 Notes to financial statements of WindWise Canadian Equity Enhanced Non-Lending Fund December 31, 2016 and 2015 Credit risk and 2015, the Fund had no significant investments in either debt securities or derivative financial instruments. As a result, the Fund is not significantly exposed to credit risk. Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Consumer discretionary 5 7 Consumer staples 4 4 Energy Financials Health care - 3 Industrials 9 9 Information technology 3 3 Materials 12 9 Real estate 3 - Telecommunication services 5 6 Utilities Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 18,640,260 (7,610,342) Average units outstanding during the year 9,592,859 10,657,098 Increase (decrease) in net assets attributable to holders of redeemable units per unit 1.94 (0.71)

24 WindWise Canadian Long Term Bond Index Non-Lending Fund Statement of financial position Assets Current assets Investments* 769,678,975 Cash 1,627,664 Receivable for investments sold 19,988 Interest receivable 4,435,810 Total assets 775,762,437 Liabilities Current liabilities Payable for units redeemed 45,613 Payable for investments purchased 1,589,356 Accrued expenses 32,236 Total liabilities 1,667,205 Net assets attributable to holders of redeemable units 774,095,232 Number of redeemable units outstanding 85,541,762 Net assets attributable to holders of redeemable units per unit 9.05 * Investments at cost 844,061,195 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

25 WindWise Canadian Long Term Bond Index Non-Lending Fund Statement of comprehensive income For the period from July 8 to December 31, 2016 Investment income Interest for distribution purposes 15,321,305 Other changes in fair of investments Net realized gain (loss) (11,639,881) Net change in unrealized appreciation (depreciation) (74,382,220) Total income (loss) (70,700,796) Expenses Audit fees 3,566 Custodial fees 32,837 Other fees 28 Proxy fees 11 Regulatory fees 2,363 Trustee fees 2,404 Total expenses 41,209 Waivers and reimbursements (4,416) Net expenses 36,793 Increase (decrease) in net assets attributable to holders of redeemable units (70,737,589) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the period (0.77)

26 WindWise Canadian Long Term Bond Index Non-Lending Fund Statement of changes in net assets attributable to holders of redeemable units For the period from July 8 to December 31, 2016 Increase (decrease) in net assets attributable to holders of redeemable units (70,737,589) Distributions to holders of redeemable units From net investment income (15,296,913) Total distributions to holders of redeemable units (15,296,913) Redeemable unit transactions Proceeds from redeemable units issued 972,485,388 Reinvestment of distribution to holders of redeemable units 15,296,913 Redemption of redeemable units (127,652,567) Increase (decrease) from redeemable unit transactions 860,129,734 Net increase (decrease) in net assets attributable to holders of redeemable units 774,095,232 Net assets attributable to holders of redeemable units Beginning of period - Net assets attributable to holders of redeemable units End of period 774,095,232 Number of redeemable units outstanding Beginning of period - Issued 97,465,548 Reinvested 1,690,383 Redeemed (13,614,169) Number of redeemable units outstanding End of period 85,541,762

27 WindWise Canadian Long Term Bond Index Non-Lending Fund Statement of cash flows For the period from July 8 to December 31, 2016 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units (70,737,589) Adjustments for: Net realized (gain) loss on investments 11,639,881 Net change in unrealized (appreciation) depreciation on investments 74,382,220 Proceeds from sale of investments 398,174,436 Purchases of investments (312,781,205) Interest receivable 1,275,994 Accrued expenses (26,792) Net cash from (used in) operating activities 101,926,945 Cash flows from (used in) financing activities Proceeds from redeemable units issued 27,307,673 Redemption of redeemable units (127,606,954) Net cash from (used in) financing activities (100,299,281) Net increase (decrease) in cash during the period 1,627,664 Cash Beginning of period - Cash End of period 1,627,664 Interest received* 16,597,299 Redeemable units issued in kind 945,177,715 * Included as part of cash flows from operating activities

28 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 22.6% Corporate bonds 22.6% 181, East Development Group General Partnership 4.47 Jun. 23, , , , International Inc May 4, , , , International Inc Mar. 27, , , , International Inc May 21, , , , International Inc May 11, , , , International Inc Sep. 11, , , , International Inc Apr. 25, , , , International Inc Nov. 15, , , , International Inc Oct. 7, , , , International Inc Feb. 14, ,041, , , International Inc Dec. 3, , , , International Inc Jul. 27, , , , International Inc Jul. 27, , , ,000 Access Prairies Partnership 4.23 Mar. 1, , , ,560 Access Search Montreal SEC 7.07 Dec. 31, , , ,000 Aeroports de Montreal 3.92 Sep. 26, , , ,000 Aeroports de Montreal 3.92 Jun. 12, , , ,000 Aeroports de Montreal 5.17 Sep. 17, , , ,000 Aeroports de Montreal 5.47 Apr. 16, , , ,000 Aeroports de Montreal 5.67 Oct. 16, , , ,000 Aeroports de Montreal 6.55 Oct. 11, , ,576 23,395 Aeroports de Montreal 6.61 Oct. 11, ,000 29, ,431 Aeroports de Montreal 6.95 Apr. 16, , ,838 84,658 Alliance Pipeline Limited Partnership 6.77 Dec. 31, ,997 95, ,386 Alliance Pipeline Limited Partnership 7.22 Dec. 31, , , ,000 AltaGas Limited 4.50 Aug. 15, , , ,000 AltaGas Limited 5.16 Jan. 13, , , ,000 AltaLink Limited Partnership 3.72 Dec. 3, , , ,000 AltaLink Limited Partnership 3.99 Jun. 30, ,030, , ,000 AltaLink Limited Partnership 4.05 Nov. 21, , , ,000 AltaLink Limited Partnership 4.09 Jun. 30, , , ,000 AltaLink Limited Partnership 4.27 Jun. 6, , , ,000 AltaLink Limited Partnership 4.45 Jul. 11, , , ,000 AltaLink Limited Partnership 4.46 Nov. 8, , , ,000 AltaLink Limited Partnership 4.87 Nov. 15, , , ,000 AltaLink Limited Partnership 4.92 Sep. 17, , , ,000 AltaLink Limited Partnership 5.25 Sep. 22, , , ,000 AltaLink Limited Partnership 5.38 Mar. 26, , , ,507 Arrow Lakes Power Corporation 5.52 Apr. 5, , , ,000 Asian Development Bank 4.65 Feb. 16, ,061, , ,000 Bell Canada Inc Dec. 18, , , ,000 Bell Canada Inc Sep. 29, , , ,000 Bell Canada Inc Mar. 16, , , ,000 Bell Canada Inc Feb. 26, , , ,000 Bell Canada Inc May 1, , , ,000 Bell Canada Inc Sep. 24, , , ,000 Bell Canada Inc Feb. 23, , , ,000 Bell Canada Inc Dec. 30, , , ,000 Bell Canada Inc Apr. 2, , , ,000 Blackbird Infrastructure 407 General Partnership 3.76 Jun. 30, , , ,000 British Columbia Ferry Services Inc Apr. 28, , , ,000 British Columbia Ferry Services Inc Oct. 23, , , ,000 British Columbia Ferry Services Inc Mar. 20, , , ,000 British Columbia Ferry Services Inc Jan. 11, , ,807

29 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 440,000 British Columbia Ferry Services Inc Oct. 13, , , ,000 Brookfield Asset Management Inc Mar. 16, , , ,000 Brookfield Asset Management Inc Jun. 14, , , ,000 Brookfield Renewable Partners ULC 3.63 Jan. 15, , , ,000 Brookfield Renewable Partners ULC 5.84 Nov. 5, , , ,000 Cameco Corporation 5.09 Nov. 14, , , ,000 Canada Life Assurance Company (The) 6.40 Dec. 11, , , ,000 Canada Life Capital Trust 7.53 Jun. 30, , , ,000 Canadian National Railway Company 3.95 Sep. 22, , , ,000 Canadian Pacific Railway Company 6.45 Nov. 17, ,018, , ,000 Canadian Tire Corporation Limited 5.61 Sep. 4, , , ,000 Canadian Tire Corporation Limited 6.38 Apr. 13, , , ,000 Canadian Tire Corporation Limited 6.45 Feb. 24, , ,986 1,025,000 Capital City Link General Partnership 4.39 Mar. 31, ,126,657 1,050, ,000 Choice Properties Real Estate Investment Trust 5.27 Mar. 7, , , ,000 CIBC Capital Trust Jun. 30, , , ,000 Clarica Life Insurance Company 6.30 May 15, , ,802 1,104,227 Comber Wind Financial Corporation 5.13 Nov. 15, ,213,887 1,189,375 70,000 Concordia University 6.55 Sep. 2, ,270 99, ,000 Crosslinx Transit Solutions General Partnership 4.56 Jun. 30, , , ,000 Crosslinx Transit Solutions General Partnership 4.65 Sep. 30, ,045, ,617 34,683 CSS (FSCC) Partnership 6.92 Jul. 31, ,773 45, ,000 CU Inc Nov. 19, , , ,000 CU Inc Sep. 10, , , ,000 CU Inc Sep. 11, , , ,000 CU Inc Nov. 14, , , ,000 CU Inc Jul. 27, , ,267 1,735,000 CU Inc Sep. 2, ,983,533 1,820, ,000 CU Inc Oct. 29, , , ,000 CU Inc Oct. 24, ,095,348 1,011, ,000 CU Inc Nov. 7, , , ,000 CU Inc Oct. 24, , , ,000 CU Inc Sep. 9, ,155,491 1,065, ,000 CU Inc Nov. 18, , , ,000 CU Inc Nov. 20, , , ,000 CU Inc Nov. 21, , , ,000 CU Inc May 26, , , ,000 CU Inc Oct. 30, , , ,000 CU Inc May 26, , , ,000 CU Inc Nov. 20, , , ,000 CU Inc Mar. 7, , ,710 41,021 Edmonton Regional Airports Authority 7.21 Nov. 1, ,157 52, ,000 Enbridge Gas Distribution Inc Aug. 22, , , ,000 Enbridge Gas Distribution Inc Nov. 23, , , ,000 Enbridge Gas Distribution Inc Nov. 22, , , ,000 Enbridge Gas Distribution Inc Feb. 25, , , ,000 Enbridge Gas Distribution Inc May 19, , , ,000 Enbridge Gas Distribution Inc Dec. 16, , , ,000 Enbridge Gas Distribution Inc Nov. 3, , , ,000 Enbridge Gas Distribution Inc Nov. 15, , , ,000 Enbridge Gas Distribution Inc Oct. 29, , , ,000 Enbridge Inc Aug. 27, , , ,000 Enbridge Inc Mar. 28, , , ,000 Enbridge Inc Mar. 11, , , ,000 Enbridge Inc Sep. 28, , , ,000 Enbridge Inc Nov. 14, , , ,000 Enbridge Inc Sep. 2, , ,059

30 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 83,000 Enbridge Inc Jul. 14, ,934 93, ,000 Enbridge Inc Jun. 18, , , ,000 Enbridge Inc Jul. 24, , , ,000 Enbridge Income Fund 4.87 Nov. 21, , , ,000 Enbridge Pipelines Inc Aug. 9, , , ,000 Enbridge Pipelines Inc Aug. 17, , , ,000 Enbridge Pipelines Inc Sep. 29, , , ,000 Enbridge Pipelines Inc Dec. 19, , , ,000 Enbridge Pipelines Inc Apr. 6, , , ,000 Enbridge Pipelines Inc Nov. 10, , ,743 53,000 Enbridge Pipelines Inc Feb. 12, ,992 63, ,000 Enersource Corporation 5.30 Apr. 29, , , ,000 EPCOR Utilities Inc Feb. 28, , , ,000 EPCOR Utilities Inc Nov. 16, , , ,000 EPCOR Utilities Inc Nov. 24, , , ,000 EPCOR Utilities Inc Apr. 15, , , ,000 EPCOR Utilities Inc Jun. 28, , , ,000 Finning International Inc Jun. 13, , , ,000 Fortis Inc Jul. 4, , , ,000 FortisAlberta Inc Sep. 21, , , ,000 FortisAlberta Inc Oct. 23, , , ,000 FortisAlberta Inc Sep. 29, , , ,000 FortisAlberta Inc Sep. 22, , , ,000 FortisAlberta Inc Oct. 18, , , ,000 FortisAlberta Inc Oct. 27, , , ,000 FortisAlberta Inc Sep. 11, , , ,000 FortisAlberta Inc Jan. 3, , ,628 90,000 FortisAlberta Inc Oct. 30, , , ,000 FortisAlberta Inc Apr. 21, , , ,000 FortisAlberta Inc Apr. 15, , , ,000 FortisAlberta Inc Oct. 31, , , ,000 FortisAlberta Inc Feb. 14, , ,982 59,000 FortisBC Energy Inc Apr. 13, ,218 54, ,000 FortisBC Energy Inc Apr. 9, , , ,000 FortisBC Energy Inc Mar. 6, , , ,000 FortisBC Energy Inc Dec. 9, , , ,000 FortisBC Energy Inc Dec. 6, , , ,000 FortisBC Energy Inc Sep. 25, , , ,000 FortisBC Energy Inc May 13, , , ,000 FortisBC Energy Inc Feb. 26, , , ,000 FortisBC Energy Inc Oct. 2, , , ,000 FortisBC Energy Inc Feb. 15, , , ,000 FortisBC Energy Inc May 1, , , ,000 FortisBC Energy Inc Feb. 24, , , ,000 FortisBC Energy Inc Sep. 21, , , ,000 FortisBC Inc Oct. 28, , , ,000 FortisBC Inc Nov. 24, , , ,000 FortisBC Inc Nov. 9, , , ,000 FortisBC Inc Jul. 4, , , ,000 FortisBC Inc Jun. 2, , , ,000 Gaz Metro Inc Oct. 9, , ,656 71,000 Gaz Metro Inc Mar. 31, ,032 65, ,000 Gaz Metro Inc Jul. 10, , , ,000 Gaz Metro Inc Oct. 31, , , ,000 Gaz Metro Inc Oct. 30, , ,708 7,000 Gaz Metro Inc Nov. 19, ,926 9, ,000 George Weston Limited 6.69 Mar. 1, , ,626

31 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 243,000 George Weston Limited 7.10 Feb. 5, , , ,937 Grand Renewable Solar Limited Partnership 3.93 Jan. 31, , , ,000 GrandLinq GP 4.77 Mar. 31, , , ,000 Greater Toronto Airports Authority 4.53 Dec. 2, , , ,000 Greater Toronto Airports Authority 5.30 Feb. 25, ,322,794 1,214, ,000 Greater Toronto Airports Authority 5.63 Jun. 7, ,023, , ,000 Greater Toronto Airports Authority 6.45 Dec. 3, , , ,306 Greater Toronto Airports Authority 6.45 Jul. 30, , , ,000 Greater Toronto Airports Authority 6.47 Feb. 2, ,177,778 1,103, ,000 Greater Toronto Airports Authority 6.98 Oct. 15, ,384,526 1,297, ,000 Greater Toronto Airports Authority 7.05 Jun. 12, ,306,957 1,225, ,000 Greater Toronto Airports Authority 7.10 Jun. 4, ,324,961 1,244, ,000 Great-West Lifeco Inc Nov. 16, , , ,000 Great-West Lifeco Inc Mar. 21, , , ,000 Great-West Lifeco Inc Nov. 24, , , ,000 Halifax International Airport Authority 4.89 Nov. 15, , , ,000 Halifax International Airport Authority 5.50 Jul. 19, , ,808 2,174,000 Health Montreal Collective Limited Partnership 6.72 Sep. 30, ,055,215 2,702, ,000 Hospital for Sick Children (The) 5.22 Dec. 16, , , ,565 Hospital Infrastructure Partners (NOH) Partnership 5.44 Jan. 31, ,042, , ,000 IGM Financial Inc Dec. 10, , , ,000 IGM Financial Inc Dec. 13, , , ,000 IGM Financial Inc Mar. 7, , , ,678 IGM Financial Inc May 9, , , ,000 InPower BC General Partnership 4.47 Mar. 31, , , ,000 Intact Financial Corporation 5.16 Jun. 16, , , ,000 Intact Financial Corporation 6.40 Nov. 23, , , ,000 Integrated Team Solutions PCH Partnership 4.88 May 31, , , ,397 Integrated Team Solutions SJHC Partnership 5.95 Nov. 30, , ,810 1,020,000 Inter Pipeline Limited 4.64 May 30, ,066,470 1,032, ,000 Investors Group Inc Dec. 31, , ,904 1,142,000 Kingston Solar Limited Partnership 3.57 Jul. 31, ,142,000 1,098, ,000 Loblaw Companies Limited 5.90 Jan. 18, , , ,000 Loblaw Companies Limited 6.05 Jun. 9, , , ,000 Loblaw Companies Limited 6.15 Jan. 29, , ,190 79,000 Loblaw Companies Limited 6.45 Feb. 9, ,446 98, ,000 Loblaw Companies Limited 6.45 Mar. 1, , , ,000 Loblaw Companies Limited 6.50 Jan. 22, , , ,000 Loblaw Companies Limited 6.54 Feb. 17, , , ,000 Loblaw Companies Limited 6.65 Nov. 8, , , ,000 Loblaw Companies Limited 6.85 Mar. 1, , , ,000 Lower Mattagami Energy Limited Partnership 4.18 Feb. 23, , , ,000 Lower Mattagami Energy Limited Partnership 4.18 Apr. 23, , , ,000 Lower Mattagami Energy Limited Partnership 4.94 Sep. 21, , , ,000 Lower Mattagami Energy Limited Partnership 5.14 May 18, , ,582 1,130,000 Manulife Finance (Delaware) Limited Partnership 5.06 Dec. 15, ,219,106 1,197,270 23,512 MaRS Development Trust (The) 6.40 Feb. 4, ,212 30,188 94,000 McGill University 3.98 Jan. 29, ,643 94, ,000 McGill University 6.15 Sep. 22, , , ,000 McGill University Health Centre 5.36 Dec. 31, , , ,000 McMaster University 4.11 Nov. 26, , , ,000 METRO INC Dec. 1, , , ,000 METRO INC Oct. 15, , , ,000 NAV Canada 3.53 Feb. 23, , , ,000 NAV Canada 7.40 Jun. 1, , , ,550 NAV Canada 7.56 Mar. 1, , ,930 1,542,317 North Battleford Power Limited Partnership 4.96 Dec. 31, ,806,971 1,700,827

32 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 746,000 North West Redwater Partnership/NWR Financing Company Limited 3.70 Feb. 23, , ,296 1,354,000 North West Redwater Partnership/NWR Financing Company Limited 4.05 Jul. 22, ,398,552 1,381, ,000 North West Redwater Partnership/NWR Financing Company Limited 4.15 Jun. 1, , ,061 1,115,000 North West Redwater Partnership/NWR Financing Company Limited 4.25 Jun. 1, ,226,568 1,193, ,000 North West Redwater Partnership/NWR Financing Company Limited 4.35 Jan. 10, , , ,000 North West Redwater Partnership/NWR Financing Company Limited 4.75 Jun. 1, , , ,430 Northland Power Solar Finance One Limited Partners 4.40 Jun. 30, , , ,786 Northwestconnect Group Partnership 5.95 Apr. 30, , , ,000 NOVA Gas Transmission Limited 6.30 May 27, , ,530 60,000 NOVA Gas Transmission Limited 8.46 Jun. 5, ,001 79,405 19,000 NOVA Gas Transmission Limited 8.90 May 27, ,974 26,305 44,000 NOVA Gas Transmission Limited 9.90 Dec. 16, ,466 64, ,000 Nova Scotia Power Inc May 1, , , ,000 Nova Scotia Power Inc Mar. 6, , , ,000 Nova Scotia Power Inc Jul. 20, , , ,000 Nova Scotia Power Inc Jun. 15, , , ,000 Nova Scotia Power Inc Nov. 14, , , ,000 Nova Scotia Power Inc Jul. 27, , , ,000 Nova Scotia Power Inc Aug. 25, , , ,069 Ornge Issuer Trust 5.73 Jun. 11, , , ,000 Ottawa Macdonald-Cartier International Airport Authority 3.93 Jun. 9, , , ,374 Ottawa Macdonald-Cartier International Airport Authority 6.97 May 25, , ,628 4,097 Pearson International Fuel Facilities Corporation 5.09 Mar. 9, ,672 4, ,000 Pembina Pipeline Corporation 4.24 Jun. 15, , , ,000 Pembina Pipeline Corporation 4.75 Apr. 30, , , ,000 Pembina Pipeline Corporation 4.81 Mar. 25, , , ,192 Plenary Health Bridgepoint Limited Partnership 7.25 Aug. 31, , , ,000 Plenary Health Care Partnerships Humber Limited Partnership 4.82 Nov. 30, , , ,221 Plenary Health Care Partnerships Humber Limited Partnership 4.90 May 31, , , ,506 Plenary Health Hamilton Limited Partnership 5.80 May 31, , ,300 1,421,008 Plenary Properties LTAP Limited Partnership 6.29 Jan. 31, ,970,009 1,816, ,000 Power Corporation of Canada 8.57 Apr. 22, , , ,000 Power Financial Corporation 6.90 Mar. 11, , , ,000 PowerStream Inc Jul. 30, , , ,000 PSS Generating Station Limited Partnership 4.80 Oct. 24, , ,345 34,000 Queen's University 6.10 Nov. 19, ,524 44,142 1,244,000 Rogers Communications Inc Aug. 25, ,594,045 1,505, ,000 Rogers Communications Inc Mar. 22, , , ,000 Rogers Communications Inc Nov. 4, ,193,466 1,123,443 1,204,000 Scotiabank Capital Trust 5.65 Dec. 31, ,420,177 1,389, ,829 Sea To Sky Highway Investment Limited Partnership 2.63 Oct. 31, , , ,666 SEC LP and Arci Limited 5.19 Aug. 29, , , ,000 SGTP Highway Bypass Limited Partnership 4.11 Jan. 31, , , ,000 SGTP Highway Bypass Limited Partnership 4.16 Jul. 31, , ,643 2,321,000 Shaw Communications Inc Nov. 9, ,968,081 2,782,022 40,000 Simon Fraser University 5.61 Jun. 10, ,351 52, ,000 Sinai Health System 3.53 Jun. 9, , ,548 1,268,797 SNC-Lavalin Innisfree McGill Finance Inc Jun. 30, ,740,973 1,618, ,000 Sobeys Inc Oct. 6, , ,929

33 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 262,000 Sobeys Inc Oct. 29, , , ,000 Sobeys Inc Jun. 7, , , ,000 Societe en commandite CE Sebastopol 4.14 Jul. 31, , , ,298 Spy Hill Power Limited Partnership 4.14 Mar. 31, , , ,000 SSL Finance Inc./SSL Financement Inc Oct. 31, ,044, , ,000 SSL Finance Inc./SSL Financement Inc Apr. 30, , , ,000 Sun Life Capital Trust 7.09 Jun. 30, , , ,000 Sun Life Financial Inc May 29, , , ,000 Suncor Energy Inc Sep. 13, , ,417 1,126,000 Suncor Energy Inc Mar. 26, ,303,879 1,259, ,000 TD Capital Trust IV Jun. 30, ,047, , ,000 TELUS Corporation 4.40 Apr. 1, , , ,000 TELUS Corporation 4.40 Jan. 29, , , ,000 TELUS Corporation 4.75 Jan. 17, , ,615 1,453,000 TELUS Corporation 4.85 Apr. 5, ,577,258 1,484, ,000 TELUS Corporation 5.15 Nov. 26, , , ,000 Teranet Holdings Limited Partnership 5.75 Dec. 17, , , ,000 Teranet Holdings Limited Partnership 6.10 Jun. 17, , , ,000 THP Partnership 4.39 Oct. 31, , , ,000 Toronto Hydro Corporation 3.55 Jul. 28, , , ,000 Toronto Hydro Corporation 3.96 Apr. 9, , , ,000 Toronto Hydro Corporation 4.08 Sep. 16, , , ,000 Toronto Hydro Corporation 5.54 May 21, , , ,000 TransAlta Corporation 6.90 Nov. 15, , , ,000 TransAlta Corporation 7.30 Oct. 22, , , ,000 TransCanada Pipelines Limited 4.35 Jun. 6, ,072,302 1,011,764 1,831,000 TransCanada Pipelines Limited 4.55 Nov. 15, ,037,937 1,913, ,000 TransCanada Pipelines Limited 6.28 May 26, , , ,000 TransCanada Pipelines Limited 6.50 Dec. 9, , , ,000 TransCanada Pipelines Limited 6.89 Aug. 7, , ,103 34,000 TransCanada Pipelines Limited 7.34 Jul. 18, ,689 44, ,000 TransCanada Pipelines Limited 7.90 Apr. 15, , , ,000 TransCanada Pipelines Limited 8.05 Feb. 17, ,253,247 1,195,829 4,000 TransCanada Pipelines Limited 8.21 Apr. 25, ,801 5, ,000 TransCanada Pipelines Limited 8.23 Jan. 16, , , ,000 TransEd Partners General Partnership 3.95 Sep. 30, , , ,376 Trillium Windpower Limited Partnership 5.80 Feb. 15, , ,457 40,448 UMH Energy Partnership 7.59 May 8, ,297 56, ,000 Union Gas Limited 3.80 Jun. 1, , , ,000 Union Gas Limited 4.20 Jun. 2, ,000, , ,000 Union Gas Limited 4.88 Jun. 21, , , ,000 Union Gas Limited 5.20 Jul. 23, , , ,000 Union Gas Limited 5.46 Sep. 11, , , ,000 Union Gas Limited 6.05 Sep. 2, , ,532 75,000 University of British Columbia 4.82 Jul. 26, ,194 86, ,000 University of British Columbia 6.65 Dec. 1, , ,830 32,000 University of Guelph 6.24 Oct. 10, ,003 44, ,925 University of Ontario Institute of Technology 6.35 Oct. 15, , , ,000 University of Ottawa 3.26 Oct. 12, , , ,000 University of Ottawa 6.28 Apr. 15, , , ,000 University of Toronto 4.25 Dec. 7, , , ,753 University of Toronto 6.78 Jul. 18, , , ,000 University of Western Ontario 4.80 May 24, , , ,000 University of Windsor 5.37 Jun. 29, , , ,000 Vancouver Airport Authority 3.86 Nov. 10, , , ,000 Westcoast Energy Inc Oct. 28, , , ,000 Westcoast Energy Inc Dec. 15, , ,834

34 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 394,000 Westcoast Energy Inc Mar. 20, , , ,000 Westcoast Energy Inc Dec. 18, , ,744 67,000 Westcoast Energy Inc Jul. 21, ,194 93,695 65,000 Wilfrid Laurier University 5.43 Feb. 1, ,260 79,601 90,000 Windsor Canada Utilities Limited 4.13 Nov. 6, ,641 87, ,797 Winnipeg Airport Authority Inc Sep. 28, , , ,188 Winnipeg Airport Authority Inc Nov. 20, , , ,000 York University 4.46 Feb. 26, , , ,000 York University 6.48 Mar. 7, , ,829 Government debt instruments 77.2% 185,401, ,655,598 Federal government bonds 22.0% 165,796 Broadcast Centre Trust 7.53 May 1, , ,081 1,192,000 Canada Post Corporation 4.36 Jul. 16, ,666,354 1,470, ,085 CBC Monetization Trust 4.69 May 15, , ,898 8,193,000 Government of Canada 1.00 Jun. 1, ,859,171 7,548,646 18,000 Government of Canada 1.50 Jun. 1, ,475 17,663 15,633,000 Government of Canada 2.75 Dec. 1, ,898,712 17,177,652 4,304,000 Government of Canada 2.75 Dec. 1, ,110,018 4,873,952 20,189,000 Government of Canada 3.50 Dec. 1, ,898,484 25,099,434 23,371,000 Government of Canada 4.00 Jun. 1, ,830,708 30,539,538 17,212,000 Government of Canada 5.00 Jun. 1, ,551,168 24,747,080 14,784,000 Government of Canada 5.75 Jun. 1, ,566,452 20,861,161 16,516,000 Government of Canada 5.75 Jun. 1, ,954,847 24,579,518 4,665,000 Government of Canada 8.00 Jun. 1, ,876,601 7,386,137 2,372,000 Maritime Link Financing Trust 3.50 Dec. 1, ,803,818 2,509,804 1,896,240 Royal Office Finance Limited Partnership 5.21 Nov. 12, ,464,239 2,299, ,851, ,447,425 Provincial government bonds 52.6% 4,000 Alberta Capital Finance Authority 4.45 Dec. 15, ,849 4, ,000 Centre Hospitalier de l'universite de Montreal 4.45 Oct. 1, , ,110 2,523,000 Financement-Quebec 5.25 Jun. 1, ,447,160 3,178, ,000 Hydro One Inc Nov. 18, , , ,000 Hydro One Inc Jul. 31, , , ,000 Hydro One Inc Feb. 23, , , ,000 Hydro One Inc Dec. 22, , , ,000 Hydro One Inc Jun. 6, , , ,000 Hydro One Inc Sep. 26, , , ,000 Hydro One Inc Oct. 9, , , ,000 Hydro One Inc Mar. 13, , , ,000 Hydro One Inc Oct. 19, , , ,000 Hydro One Inc May 20, ,098,869 1,029, ,000 Hydro One Inc Jul. 16, ,094,113 1,010, ,000 Hydro One Inc Mar. 3, , , ,000 Hydro One Inc Jan. 31, , , ,000 Hydro One Inc Jun. 1, ,091,798 1,027, ,000 Hydro One Inc Jun. 3, ,129,216 1,059, ,000 Hydro-Quebec 4.00 Feb. 15, , ,268 2,461,000 Hydro-Quebec 5.00 Feb. 15, ,626,451 3,241,911 2,903,000 Hydro-Quebec 5.00 Feb. 15, ,445,206 3,943, ,000 Hydro-Quebec 6.00 Aug. 15, ,394,065 1,294,631 1,983,000 Hydro-Quebec 6.00 Feb. 15, ,153,284 2,859, ,000 Hydro-Quebec 6.50 Jan. 16, , ,449

35 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 3,206,000 Hydro-Quebec 6.50 Feb. 15, ,054,878 4,643,846 1,293,000 Labrador-Island Link Funding Trust 3.76 Jun. 1, ,572,258 1,424,494 1,739,000 Labrador-Island Link Funding Trust 3.85 Dec. 1, ,367,257 2,004,978 1,251,000 Labrador-Island Link Funding Trust 3.86 Dec. 1, ,646,046 1,420,706 1,063,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.63 Jun. 1, ,258,114 1,161,894 1,450,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.83 Jun. 1, ,804,340 1,614,226 2,088,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.86 Dec. 1, ,781,985 2,392, ,277 New Brunswick F-M Project Company Inc Nov. 30, , , ,000 Newfoundland and Labrador Hydro 3.60 Dec. 1, , ,660 59,000 Newfoundland and Labrador Hydro 5.70 Jul. 14, ,553 73, ,000 Newfoundland and Labrador Hydro 6.65 Aug. 27, , , ,000 Ontario Infrastructure and Lands Corporation 4.70 Jun. 1, , ,274 69,837 Ontario School Boards Financing Corporation 4.79 Aug. 8, ,943 77,848 53,497 Ontario School Boards Financing Corporation 5.07 Apr. 18, ,439 60, ,635 Ontario School Boards Financing Corporation 5.38 Jun. 25, , , ,841 Ontario School Boards Financing Corporation 5.48 Nov. 26, , , ,709 Ontario School Boards Financing Corporation 5.80 Nov. 7, , , ,907 Ontario School Boards Financing Corporation 5.90 Oct. 11, , ,830 2 Ontario School Boards Financing Corporation 6.55 Oct. 19, ,000 OPB Finance Trust 3.89 Jul. 4, , ,848 2,347,000 Province of Alberta 2.90 Sep. 20, ,481,326 2,332,551 7,191,000 Province of Alberta 3.30 Dec. 1, ,793,318 7,177,202 4,031,000 Province of Alberta 3.45 Dec. 1, ,580,517 4,119,197 2,009,000 Province of Alberta 3.50 Jun. 1, ,246,953 2,101,765 1,918,000 Province of Alberta 3.90 Dec. 1, ,250,466 2,086,953 1,057,000 Province of Alberta 4.50 Dec. 1, ,385,542 1,261,558 5,006,000 Province of British Columbia 2.80 Jun. 18, ,253,253 4,678,619 6,570,000 Province of British Columbia 3.20 Jun. 18, ,447,836 6,619,936 5,031,000 Province of British Columbia 4.30 Jun. 18, ,738,380 6,021,801 2,177,000 Province of British Columbia 4.70 Jun. 18, ,939,852 2,690,686 3,161,000 Province of British Columbia 4.95 Jun. 18, ,520,911 4,092, ,000 Province of British Columbia 5.40 Jun. 18, ,269,786 1,162, ,000 Province of British Columbia 5.62 Aug. 17, , ,864 4,316,000 Province of British Columbia 5.70 Jun. 18, ,042,409 5,639, ,000 Province of British Columbia 6.15 Nov. 19, , ,573 2,913,000 Province of British Columbia 6.35 Jun. 18, ,407,110 4,087,799 3,256,000 Province of Manitoba 2.85 Sep. 5, ,293,361 2,928, ,000 Province of Manitoba 3.15 Sep. 5, , , ,000 Province of Manitoba 3.25 Sep. 5, , ,852 1,004,000 Province of Manitoba 3.35 Mar. 5, ,112, ,144 2,468,000 Province of Manitoba 4.05 Sep. 5, ,100,993 2,758,278 2,003,000 Province of Manitoba 4.10 Mar. 5, ,473,859 2,231, ,000 Province of Manitoba 4.40 Mar. 5, , ,718 1,418,000 Province of Manitoba 4.60 Mar. 5, ,845,496 1,678,271 1,186,000 Province of Manitoba 4.65 Mar. 5, ,569,929 1,421, ,000 Province of Manitoba 4.70 Mar. 5, , ,576 1,130,000 Province of Manitoba 5.70 Mar. 5, ,649,872 1,512, ,000 Province of Manitoba 6.30 Mar. 5, ,160,750 1,080, ,166 Province of Manitoba Mar. 5, , , ,000 Province of New Brunswick 3.10 Aug. 14, , ,209 1,857,000 Province of New Brunswick 3.55 Jun. 3, ,059,878 1,856, ,000 Province of New Brunswick 3.55 Jun. 3, , ,166 2,047,000 Province of New Brunswick 3.80 Aug. 14, ,377,647 2,139,596 1,322,000 Province of New Brunswick 4.55 Mar. 26, ,656,912 1,518,365 1,064,000 Province of New Brunswick 4.65 Sep. 26, ,344,185 1,235,542 1,656,000 Province of New Brunswick 4.80 Sep. 26, ,168,479 1,976,629

36 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 1,579,000 Province of New Brunswick 4.80 Jun. 3, ,089,445 1,895, ,000 Province of New Brunswick 5.50 Jan. 27, ,032, , ,000 Province of New Brunswick 5.65 Dec. 27, ,046, ,711 2,768,000 Province of Newfoundland and Labrador 3.30 Oct. 17, ,830,607 2,524, ,000 Province of Newfoundland and Labrador 3.70 Oct. 17, , , ,000 Province of Newfoundland and Labrador 4.50 Apr. 17, , , ,000 Province of Newfoundland and Labrador 4.65 Oct. 17, ,162,128 1,051, ,000 Province of Newfoundland and Labrador 5.60 Oct. 17, , , ,000 Province of Newfoundland and Labrador 5.70 Oct. 17, , , ,000 Province of Newfoundland and Labrador 6.15 Apr. 17, , , ,000 Province of Newfoundland and Labrador 6.50 Oct. 17, , , ,000 Province of Newfoundland and Labrador 6.55 Oct. 17, , , ,000 Province of Nova Scotia 2.10 Jun. 1, , , ,000 Province of Nova Scotia 3.45 Jun. 1, , ,251 2,073,000 Province of Nova Scotia 3.50 Jun. 2, ,446,445 2,099,943 1,385,000 Province of Nova Scotia 4.40 Jun. 1, ,782,995 1,608,329 1,318,000 Province of Nova Scotia 4.50 Jun. 1, ,676,120 1,530,736 1,015,000 Province of Nova Scotia 4.70 Jun. 1, ,358,187 1,226, ,000 Province of Nova Scotia 4.90 Jun. 1, , , ,000 Province of Nova Scotia 5.80 Jun. 1, , , ,000 Province of Nova Scotia 6.60 Jun. 1, ,134,484 1,071, ,000 Province of Nova Scotia 6.60 Dec. 1, , ,827 8,698,000 Province of Ontario 2.80 Jun. 2, ,574,944 8,009,026 23,169,000 Province of Ontario 2.90 Dec. 2, ,794,358 21,715,548 19,977,000 Province of Ontario 3.45 Jun. 2, ,496,424 20,767,696 16,525,000 Province of Ontario 3.50 Jun. 2, ,442,246 17,281,795 8,709,000 Province of Ontario 4.60 Jun. 2, ,515,458 10,609,081 13,052,000 Province of Ontario 4.65 Jun. 2, ,950,435 16,148,998 9,406,000 Province of Ontario 4.70 Jun. 2, ,614,764 11,510,178 9,169,000 Province of Ontario 5.60 Jun. 2, ,373,550 12,296, ,000 Province of Ontario 5.65 Jul. 13, , ,238 6,346,000 Province of Ontario 5.85 Mar. 8, ,275,440 8,570,667 3,849,000 Province of Ontario 6.20 Jun. 2, ,697,725 5,292,390 80,000 Province of Ontario 6.25 Aug. 25, , ,240 7,975,000 Province of Ontario 6.50 Mar. 8, ,724,389 10,978,781 5,316,000 Province of Ontario 7.60 Jun. 2, ,242,305 7,736, ,000 Province of Prince Edward Island 3.60 Jan. 17, , , ,000 Province of Prince Edward Island 3.65 Jun. 27, , , ,000 Province of Prince Edward Island 3.85 Jul. 17, , , ,000 Province of Prince Edward Island 4.60 May 19, , , ,000 Province of Prince Edward Island 4.65 Nov. 19, , , ,000 Province of Prince Edward Island 5.30 May 19, , , ,000 Province of Prince Edward Island 5.60 Feb. 21, , , ,000 Province of Prince Edward Island 5.70 Jun. 15, , ,401 7,000 Province of Prince Edward Island 6.10 Jul. 29, ,636 9,035 88,000 Province of Prince Edward Island 6.25 Jan. 29, , , ,000 Province of Prince Edward Island 6.80 Feb. 21, , ,823 15,819,000 Province of Quebec 3.50 Dec. 1, ,644,987 16,520,420 8,649,000 Province of Quebec 3.50 Dec. 1, ,797,438 9,113,648 11,305,000 Province of Quebec 4.25 Dec. 1, ,830,269 13,280,273 5,954,000 Province of Quebec 5.00 Dec. 1, ,294,747 7,575,575 13,596,000 Province of Quebec 5.00 Dec. 1, ,524,121 17,589,135 5,234,000 Province of Quebec 5.75 Dec. 1, ,786,152 7,168,728 4,391,000 Province of Quebec 6.00 Oct. 1, ,221,653 5,847,495 6,745,000 Province of Quebec 6.25 Jun. 1, ,056,048 9,370,683 3,652,000 Province of Saskatchewan 2.75 Dec. 2, ,614,880 3,244, ,000 Province of Saskatchewan 3.30 Jun. 2, , ,458 1,391,000 Province of Saskatchewan 3.40 Feb. 3, ,556,111 1,399,509 2,244,000 Province of Saskatchewan 3.90 Jun. 2, ,744,343 2,467,515

37 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 1,745,000 Province of Saskatchewan 4.75 Jun. 1, ,351,664 2,137, ,000 Province of Saskatchewan 5.00 Mar. 5, , , ,000 Province of Saskatchewan 5.60 Sep. 5, , , ,000 Province of Saskatchewan 5.75 Mar. 5, ,024, , ,000 Province of Saskatchewan 5.80 Sep. 5, ,224,605 1,133, ,000 Province of Saskatchewan 6.40 Sep. 5, ,245,401 1,159, ,000 Yukon Development Corporation 5.00 Jun. 29, , , ,416, ,209,928 Municipal government bonds 2.6 % 370, Ontario School Board Trust (The) 5.90 Jun. 2, , , ,000 City of Montreal 4.10 Dec. 1, , , ,000 City of Montreal 4.25 Dec. 1, , , ,000 City of Montreal 6.00 Jun. 1, ,452,224 1,315, ,000 City of Ottawa 3.05 Apr. 23, , , ,000 City of Ottawa 3.10 Jul. 27, , , ,000 City of Ottawa 4.20 Jul. 30, , , ,000 City of Ottawa 4.40 Oct. 22, , , ,000 City of Ottawa 4.60 Jul. 14, , ,429 49,000 City of Ottawa 5.05 Aug. 13, ,146 57, ,000 City of Toronto 2.95 Apr. 28, , , ,000 City of Toronto 3.25 Jun. 24, , , ,000 City of Toronto 3.50 Jun. 2, , , ,000 City of Toronto 3.80 Dec. 13, , , ,000 City of Toronto 4.15 Mar. 10, , , ,000 City of Toronto 4.70 Jun. 10, ,112,504 1,002, ,000 City of Toronto 5.20 Jun. 1, ,296,941 1,172,424 37,145 City of Toronto 5.34 Jul. 18, ,240 42, ,000 City of Vancouver 3.70 Oct. 18, , , ,000 City of Winnipeg 4.10 Jun. 1, , , ,000 City of Winnipeg 4.30 Nov. 15, , , ,000 City of Winnipeg 5.20 Jul. 17, , , ,000 City of Winnipeg 5.90 Feb. 2, , , ,000 Hydro Ottawa Holding Inc Feb. 2, , , ,000 Hydro Ottawa Holding Inc May 14, , , ,000 Municipal Finance Authority of British Columbia 4.95 Dec. 1, , ,374 6,005 Municipal Finance Authority of British Columbia 4.98 Apr. 6, ,910 6, ,000 Regional Municipality of Halton (The) 3.15 Apr. 6, , , ,000 Regional Municipality of Halton (The) 4.05 Oct. 11, , ,786 19,000 Regional Municipality of Niagara (The) 5.20 Jun. 30, ,303 23, ,000 Regional Municipality of Peel (The) 3.85 Oct. 30, , , ,000 Regional Municipality of Peel (The) 4.25 Dec. 2, , , ,000 Regional Municipality of Peel (The) 5.10 Jun. 29, ,298,107 1,175, ,000 Regional Municipality of York (The) 3.65 May 13, , , ,000 Regional Municipality of York (The) 3.75 May 13, , , ,000 Regional Municipality of York (The) 4.00 May 31, , , ,000 Regional Municipality of York (The) 4.05 May 1, , , ,000 Regional Municipality of York (The) 4.15 Nov. 18, , , ,000 South Coast British Columbia Transportation Authority 3.85 Feb. 9, , , ,000 South Coast British Columbia Transportation Authority 4.45 Jun. 9, , , ,000 South Coast British Columbia Transportation Authority 4.65 Jun. 20, , , ,000 TCHC Issuer Trust 4.88 May 11, , ,587 88,000 TCHC Issuer Trust 5.40 Feb. 22, , ,691 22,081,627 20,056,024

38 WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Short-term investments 0.2% Term deposits 0.2% 1,310,000 Royal Bank of Canada 0.45 Jan. 3, ,310,000 1,310,000 Total investments 100.0% 844,061, ,678,975

39 Notes to financial statements of WindWise Canadian Long Term Bond Index Non-Lending Fund December 31, 2016 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match as closely as possible, the performance of the FTSE TMX Canada Overall Long Term Bond Index (the Index ) while minimizing transaction costs. Fair hierarchy The following table illustrates the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016: Level 1 Level 2 Level 3 Total Bonds 162,830, ,538, ,368,975 Short-term investments - 1,310,000-1,310, ,830, ,848, ,678,975 Currency risk, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

40 Notes to financial statements of WindWise Canadian Long Term Bond Index Non-Lending Fund December 31, 2016 Total exposure December 31, 2016 Term to maturity Less than 1 year 1,635, years 6, years 7,995, years 760,041,380 Total 769,678,975 Impact on net assets attributable to holders of redeemable units 114,995,000 Impact on net assets attributable to holders of redeemable units 15% Price risk The Fund s significant price risk exposures have been discussed in previous sections., the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016: Rating % AAA 29 AA+/AA/AA 11 A+/A/A 51 BBB+/BBB/BBB 9 Total 100 Liquidity risk, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

41 Notes to financial statements of WindWise Canadian Long Term Bond Index Non-Lending Fund December 31, 2016 Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector December 31, 2016 % Corporate bonds 22 Federal government bonds 22 Municipal government bonds 3 Provincial government bonds Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the period from July 8, 2016 (inception date) to December 31, 2016 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units (70,737,589) Average units outstanding during the period 91,323,394 Increase (decrease) in net assets attributable to holders of redeemable units per unit (0.77)

42 WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 702,234, ,013,776 Cash 319,408 9,850 Interest receivable 3,192,344 3,337,934 Total assets 705,746, ,361,560 Liabilities Current liabilities Payable for units redeemed 93,500 - Payable for investments purchased 300,000 - Accrued expenses 29,794 16,910 Total liabilities 423,294 16,910 Net assets attributable to holders of redeemable units 705,323, ,344,650 Number of redeemable units outstanding 62,573,682 61,381,124 Net assets attributable to holders of redeemable units per unit * Investments at cost 673,030, ,465,146 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

43 WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Interest for distribution purposes 25,988,943 25,836,837 Other changes in fair of investments Net realized gain (loss) 11,518,035 12,402,824 Net change in unrealized appreciation (depreciation) (27,344,168) (7,314,872) Total income (loss) 10,162,810 30,924,789 Expenses Audit fees 29,582 24,793 Custodial fees 85, ,464 Other fees Regulatory fees 1, Trustee fees 2,417 - Total expenses 118, ,665 Waivers and reimbursements (6,315) - Net expenses 111, ,665 Increase (decrease) in net assets attributable to holders of redeemable units 10,050,900 30,777,124 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year

44 WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 10,050,900 30,777,124 Distributions to holders of redeemable units From net investment income (25,859,869) (25,688,303) From capital gains (11,905,023) (12,445,454) Total distributions to holders of redeemable units (37,764,892) (38,133,757) Redeemable unit transactions Proceeds from redeemable units issued 6,602,439 3,654,779 Reinvestment of distribution to holders of redeemable units 37,764,892 38,133,757 Redemption of redeemable units (32,674,977) (7,128,701) Increase (decrease) from redeemable unit transactions 11,692,354 34,659,835 Net increase (decrease) in net assets attributable to holders of redeemable units (16,021,638) 27,303,202 Net assets attributable to holders of redeemable units Beginning of year 721,344, ,041,448 Net assets attributable to holders of redeemable units End of year 705,323, ,344,650 Number of redeemable units outstanding Beginning of year 61,381,124 58,418,097 Issued 543, ,446 Reinvested 3,350,364 3,244,902 Redeemed (2,701,183) (570,321) Number of redeemable units outstanding End of year 62,573,682 61,381,124

45 WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 10,050,900 30,777,124 Adjustments for: Net realized (gain) loss on investments (11,518,035) (12,402,824) Net change in unrealized (appreciation) depreciation on investments and derivatives 27,344,168 7,314,872 Proceeds from sale of investments 302,600, ,109,282 Purchases of investments (302,347,819) (403,831,299) Interest receivable 145,590 (21,841) Accrued expenses 12,884 (3,117) Net cash from (used in) operating activities 26,288,596 2,942,197 Cash flows from (used in) financing activities Proceeds from redeemable units issued 6,602,439 3,654,779 Redemption of redeemable units (32,581,477) (7,208,101) Net cash from (used in) financing activities (25,979,038) (3,553,322) Net increase (decrease) in cash during the year 309,558 (611,125) Cash Beginning of year 9, ,975 Cash End of year 319,408 9,850 Interest received* 26,134,533 25,814,996 * Included as part of cash flows from operating activities

46 WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 1.4% Corporate bonds 1.4% 1,022,000 Asian Development Bank 4.65 Feb. 16, ,020,942 1,197, ,000 Concordia University 6.55 Sep. 2, , , ,000 Hospital for Sick Children (The) 5.22 Dec. 16, , ,594 82,000 McGill University 3.98 Jan. 29, ,000 82, ,000 McGill University 6.15 Sep. 22, , , ,000 McGill University Health Centre 5.36 Dec. 31, , , ,000 McMaster University 4.11 Nov. 26, , ,855 94,000 McMaster University 6.15 Oct. 7, , , Milit-Air Inc Jun. 30, ,647 Ornge Issuer Trust 5.73 Jun. 11, , , ,000 Queen's University 6.10 Nov. 19, , , ,000 Simon Fraser University 5.61 Jun. 10, , , ,000 Sinai Health System 3.53 Jun. 9, , , ,000 University of British Columbia 4.82 Jul. 26, , , ,000 University of British Columbia 6.65 Dec. 1, , , ,000 University of Guelph 6.24 Oct. 10, , , ,175 University of Ontario Institute of Technology 6.35 Oct. 15, , , ,000 University of Ottawa 3.26 Oct. 12, , , ,000 University of Ottawa 6.28 Apr. 15, , , ,000 University of Toronto 4.25 Dec. 7, , , ,000 University of Toronto 6.78 Jul. 18, , , ,000 University of Western Ontario 4.80 May 24, , , ,000 University of Windsor 5.37 Jun. 29, , , ,000 Wilfrid Laurier University 5.43 Feb. 1, , , ,000 York University 4.46 Feb. 26, , , ,000 York University 6.48 Mar. 7, , ,704 Government debt instruments 98.6% 7,801,258 9,312,337 Federal government bonds 28.7% 406,391 Broadcast Centre Trust 7.53 May 1, , , ,000 Canada Post Corporation 4.36 Jul. 16, ,407 1,175, ,922 CBC Monetization Trust 4.69 May 15, , ,661 10,123,000 Government of Canada 1.00 Jun. 1, ,841,128 9,326, ,000 Government of Canada 1.50 Jun. 1, , ,437 17,832,000 Government of Canada 2.75 Dec. 1, ,923,986 19,593,929 5,202,000 Government of Canada 2.75 Dec. 1, ,214,150 5,890,868 24,096,000 Government of Canada 3.50 Dec. 1, ,617,177 29,956,707 27,113,000 Government of Canada 4.00 Jun. 1, ,781,023 35,429,313 22,436,000 Government of Canada 5.00 Jun. 1, ,623,708 32,258,046 17,002,000 Government of Canada 5.75 Jun. 1, ,040,521 23,990,899 20,179,000 Government of Canada 5.75 Jun. 1, ,513,803 30,030,884 4,661,000 Government of Canada 8.00 Jun. 1, ,450,768 7,379,804 2,830,000 Maritime Link Financing Trust 3.50 Dec. 1, ,820,406 2,994,412 2,277,169 Royal Office Finance Limited Partnership 5.21 Nov. 12, ,278,429 2,761, ,081, ,865,984

47 WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Government debt instruments... continued Provincial government bonds 66.4% 194,000 Centre Hospitalier de l'universite de Montreal 4.45 Oct. 1, , ,235 3,056,000 Financement-Quebec 5.25 Jun. 1, ,378,851 3,849, ,000 Hydro-Quebec 4.00 Feb. 15, , ,964 2,796,000 Hydro-Quebec 5.00 Feb. 15, ,161,392 3,683,211 3,272,000 Hydro-Quebec 5.00 Feb. 15, ,820,506 4,444,642 1,043,000 Hydro-Quebec 6.00 Aug. 15, ,225,716 1,405,098 2,171,000 Hydro-Quebec 6.00 Feb. 15, ,585,405 3,130, ,000 Hydro-Quebec 6.50 Jan. 16, , ,446 3,779,000 Hydro-Quebec 6.50 Feb. 15, ,119,580 5,473,829 1,464,000 Labrador-Island Link Funding Trust 3.76 Jun. 1, ,503,433 1,612,884 2,440,000 Labrador-Island Link Funding Trust 3.85 Dec. 1, ,480,675 2,813,196 1,104,000 Labrador-Island Link Funding Trust 3.86 Dec. 1, ,133,325 1,253,764 1,312,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.63 Jun. 1, ,343,884 1,434,059 1,365,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.83 Jun. 1, ,405,027 1,519,599 2,482,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.86 Dec. 1, ,547,616 2,844, ,908 New Brunswick F-M Project Company Inc Nov. 30, , , ,000 Newfoundland and Labrador Hydro 3.60 Dec. 1, , , ,000 Newfoundland and Labrador Hydro 5.70 Jul. 14, , , ,000 Newfoundland and Labrador Hydro 6.65 Aug. 27, , , ,000 Ontario Electricity Financial Corporation 8.25 Jun. 22, ,170 1,029, ,601 Ontario School Boards Financing Corporation 4.79 Aug. 8, , , ,622 Ontario School Boards Financing Corporation 5.07 Apr. 18, , , ,235 Ontario School Boards Financing Corporation 5.38 Jun. 25, , , ,295 Ontario School Boards Financing Corporation 5.48 Nov. 26, , , ,563 Ontario School Boards Financing Corporation 5.80 Nov. 7, , , ,132 Ontario School Boards Financing Corporation 5.90 Oct. 11, , , ,738 Ontario School Boards Financing Corporation 7.20 Jun. 9, , , ,000 OPB Finance Trust 3.89 Jul. 4, , ,624 2,908,000 Province of Alberta 2.90 Sep. 20, ,742,573 2,890,097 8,263,000 Province of Alberta 3.30 Dec. 1, ,468,093 8,247,145 5,006,000 Province of Alberta 3.45 Dec. 1, ,007,066 5,115,530 2,475,000 Province of Alberta 3.50 Jun. 1, ,491,994 2,589,282 2,236,000 Province of Alberta 3.90 Dec. 1, ,305,998 2,432,965 1,139,000 Province of Alberta 4.50 Dec. 1, ,202,238 1,359,427 6,016,000 Province of British Columbia 2.80 Jun. 18, ,790,270 5,622,567 7,921,000 Province of British Columbia 3.20 Jun. 18, ,369,985 7,981,205 5,839,000 Province of British Columbia 4.30 Jun. 18, ,584,306 6,988,928 2,641,000 Province of British Columbia 4.70 Jun. 18, ,087,084 3,264,172 3,591,000 Province of British Columbia 4.95 Jun. 18, ,116,594 4,649, ,000 Province of British Columbia 5.40 Jun. 18, ,138,286 1,322, ,000 Province of British Columbia 5.62 Aug. 17, , ,299 5,375,000 Province of British Columbia 5.70 Jun. 18, ,683,349 7,023, ,000 Province of British Columbia 6.15 Nov. 19, , ,129 3,554,000 Province of British Columbia 6.35 Jun. 18, ,525,254 4,987,311 3,760,000 Province of Manitoba 2.85 Sep. 5, ,517,356 3,381, ,000 Province of Manitoba 3.15 Sep. 5, , , ,000 Province of Manitoba 3.25 Sep. 5, , ,120 1,137,000 Province of Manitoba 3.35 Mar. 5, ,089,078 1,124,706 2,838,000 Province of Manitoba 4.05 Sep. 5, ,028,448 3,171,797 2,471,000 Province of Manitoba 4.10 Mar. 5, ,761,826 2,752, ,000 Province of Manitoba 4.40 Mar. 5, , ,267 1,568,000 Province of Manitoba 4.60 Mar. 5, ,755,951 1,855,803 1,364,000 Province of Manitoba 4.65 Mar. 5, ,436,837 1,634,623

48 WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 384,000 Province of Manitoba 4.70 Mar. 5, , ,770 1,356,000 Province of Manitoba 5.70 Mar. 5, ,579,670 1,815,229 1,072,000 Province of Manitoba 6.30 Mar. 5, ,397,568 1,455, ,000 Province of Manitoba Mar. 5, , , ,000 Province of New Brunswick 3.10 Aug. 14, , ,540 2,249,000 Province of New Brunswick 3.55 Jun. 3, ,148,496 2,247, ,000 Province of New Brunswick 3.55 Jun. 3, , ,867 2,448,000 Province of New Brunswick 3.80 Aug. 14, ,579,936 2,558,736 1,691,000 Province of New Brunswick 4.55 Mar. 26, ,901,383 1,942,175 1,246,000 Province of New Brunswick 4.65 Sep. 26, ,336,459 1,446,884 1,811,000 Province of New Brunswick 4.80 Sep. 26, ,973,889 2,161,640 1,902,000 Province of New Brunswick 4.80 Jun. 3, ,057,794 2,283,299 1,072,000 Province of New Brunswick 5.50 Jan. 27, ,169,611 1,359, ,000 Province of New Brunswick 5.65 Dec. 27, ,969 1,162,034 3,288,000 Province of Newfoundland and Labrador 3.30 Oct. 17, ,127,655 2,998, ,000 Province of Newfoundland and Labrador 3.70 Oct. 17, , , ,000 Province of Newfoundland and Labrador 4.50 Apr. 17, , , ,000 Province of Newfoundland and Labrador 4.65 Oct. 17, ,010,699 1,129, ,000 Province of Newfoundland and Labrador 5.60 Oct. 17, , , ,000 Province of Newfoundland and Labrador 5.70 Oct. 17, , , ,000 Province of Newfoundland and Labrador 6.15 Apr. 17, , , ,000 Province of Newfoundland and Labrador 6.50 Oct. 17, , , ,000 Province of Newfoundland and Labrador 6.55 Oct. 17, , , ,000 Province of Nova Scotia 2.10 Jun. 1, , , ,000 Province of Nova Scotia 3.45 Jun. 1, , ,683 2,543,000 Province of Nova Scotia 3.50 Jun. 2, ,491,575 2,576,051 1,670,000 Province of Nova Scotia 4.40 Jun. 1, ,878,732 1,939,284 1,625,000 Province of Nova Scotia 4.50 Jun. 1, ,747,779 1,887,288 1,261,000 Province of Nova Scotia 4.70 Jun. 1, ,437,360 1,523, ,000 Province of Nova Scotia 4.90 Jun. 1, , , ,000 Province of Nova Scotia 5.80 Jun. 1, ,007,144 1,105, ,000 Province of Nova Scotia 6.60 Jun. 1, ,961 1,089, ,000 Province of Nova Scotia 6.60 Dec. 1, , ,510 10,022,000 Province of Ontario 2.80 Jun. 2, ,795,555 9,228,151 28,049,000 Province of Ontario 2.90 Dec. 2, ,002,757 26,289,413 24,650,000 Province of Ontario 3.45 Jun. 2, ,755,628 25,625,655 20,227,000 Province of Ontario 3.50 Jun. 2, ,233,416 21,153,336 10,399,000 Province of Ontario 4.60 Jun. 2, ,646,420 12,667,795 14,377,000 Province of Ontario 4.65 Jun. 2, ,420,316 17,788,396 11,006,000 Province of Ontario 4.70 Jun. 2, ,612,578 13,468,107 10,950,000 Province of Ontario 5.60 Jun. 2, ,997,528 14,685, ,000 Province of Ontario 5.65 Jul. 13, , ,139 7,288,000 Province of Ontario 5.85 Mar. 8, ,320,993 9,842,896 4,081,000 Province of Ontario 6.20 Jun. 2, ,251,125 5,611, ,000 Province of Ontario 6.25 Aug. 25, , ,777 8,587,000 Province of Ontario 6.50 Mar. 8, ,404,295 11,821,291 5,374,000 Province of Ontario 7.60 Jun. 2, ,660,802 7,821, ,000 Province of Ontario 8.00 Dec. 2, , , ,000 Province of Prince Edward Island 3.60 Jan. 17, , , ,000 Province of Prince Edward Island 3.65 Jun. 27, , , ,000 Province of Prince Edward Island 3.85 Jul. 17, , , ,000 Province of Prince Edward Island 4.60 May 19, , , ,000 Province of Prince Edward Island 4.65 Nov. 19, , , ,000 Province of Prince Edward Island 5.30 May 19, , , ,000 Province of Prince Edward Island 5.60 Feb. 21, , ,909 76,000 Province of Prince Edward Island 6.10 Jul. 29, ,572 98, ,000 Province of Prince Edward Island 6.25 Jan. 29, , ,765 76,000 Province of Prince Edward Island 6.80 Feb. 21, , ,529

49 WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 19,319,000 Province of Quebec 3.50 Dec. 1, ,384,310 20,175,611 10,665,000 Province of Quebec 3.50 Dec. 1, ,412,806 11,237,953 13,074,000 Province of Quebec 4.25 Dec. 1, ,363,594 15,358,362 7,837,000 Province of Quebec 5.00 Dec. 1, ,270,588 9,971,412 15,444,000 Province of Quebec 5.00 Dec. 1, ,828,527 19,979,892 6,651,000 Province of Quebec 5.75 Dec. 1, ,480,826 9,109,516 4,984,000 Province of Quebec 6.00 Oct. 1, ,374,910 6,637,194 7,698,000 Province of Quebec 6.25 Jun. 1, ,956,497 10,694,666 4,288,000 Province of Saskatchewan 2.75 Dec. 2, ,042,989 3,809, ,000 Province of Saskatchewan 3.30 Jun. 2, , ,214 1,622,000 Province of Saskatchewan 3.40 Feb. 3, ,590,889 1,631,922 2,774,000 Province of Saskatchewan 3.90 Jun. 2, ,949,289 3,050,306 1,978,000 Province of Saskatchewan 4.75 Jun. 1, ,259,577 2,422, ,000 Province of Saskatchewan 5.00 Mar. 5, , , ,000 Province of Saskatchewan 5.60 Sep. 5, ,102,384 1,056, ,000 Province of Saskatchewan 5.75 Mar. 5, ,420 1,048,417 1,111,000 Province of Saskatchewan 5.80 Sep. 5, ,345,493 1,476, ,000 Province of Saskatchewan 6.40 Sep. 5, ,192,999 1,381,871 34,000 Province of Saskatchewan 8.75 May 30, ,738 49, ,000 Yukon Development Corporation 5.00 Jun. 29, , , ,591, ,951,585 Municipal government bonds 3.5% 1,572, Ontario School Board Trust (The) 5.90 Jun. 2, ,570,894 2,052, ,000 City of Montreal 4.10 Dec. 1, ,991 1,033,647 1,115,000 City of Montreal 4.25 Dec. 1, ,119,634 1,217,997 1,091,000 City of Montreal 6.00 Jun. 1, ,163,800 1,528, ,000 City of Ottawa 3.05 Apr. 23, , , ,000 City of Ottawa 3.10 Jul. 27, , , ,000 City of Ottawa 4.20 Jul. 30, , , ,000 City of Ottawa 4.40 Oct. 22, , , ,000 City of Ottawa 4.60 Jul. 14, , ,180 82,000 City of Ottawa 5.05 Aug. 13, ,082 97, ,000 City of Toronto 2.95 Apr. 28, , , ,000 City of Toronto 3.25 Jun. 24, , , ,000 City of Toronto 3.50 Jun. 2, , , ,000 City of Toronto 3.80 Dec. 13, , , ,000 City of Toronto 4.15 Mar. 10, , , ,000 City of Toronto 4.70 Jun. 10, ,158 1,038,504 1,357,000 City of Toronto 5.20 Jun. 1, ,492,014 1,696, ,422 City of Toronto 5.34 Jul. 18, , , ,000 City of Vancouver 3.70 Oct. 18, , , ,000 City of Winnipeg 4.10 Jun. 1, , , ,000 City of Winnipeg 4.30 Nov. 15, , , ,000 City of Winnipeg 5.20 Jul. 17, , , ,000 City of Winnipeg 5.90 Feb. 2, , , ,000 Municipal Finance Authority of British Columbia 4.95 Dec. 1, , , ,000 Regional Municipality of Halton (The) 3.15 Apr. 6, , , ,000 Regional Municipality of Halton (The) 4.05 Oct. 11, , , ,000 Regional Municipality of Peel (The) 3.85 Oct. 30, , , ,000 Regional Municipality of Peel (The) 4.25 Dec. 2, , ,313 1,240,000 Regional Municipality of Peel (The) 5.10 Jun. 29, ,244,012 1,540,763 1,077,000 Regional Municipality of York (The) 3.65 May 13, ,004,702 1,108, ,000 Regional Municipality of York (The) 4.00 May 31, , , ,000 Regional Municipality of York (The) 4.05 May 1, , , ,000 South Coast British Columbia Transportation Authority 3.85 Feb. 9, , ,550

50 WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Municipal government bonds... continued 506,000 South Coast British Columbia Transportation Authority 4.45 Jun. 9, , , ,000 South Coast British Columbia Transportation Authority 4.65 Jun. 20, , , ,000 TCHC Issuer Trust 4.88 May 11, , , ,000 TCHC Issuer Trust 5.40 Feb. 22, , ,571 Short-term investments 0.0% 22,255,827 24,804,648 Term deposits 0.0% 300,000 Royal Bank of Canada 0.45 Jan. 3, , ,000 Total investments 100.0% 673,030, ,234,554

51 Notes to financial statements of WindWise Canadian Long Term Government Bond Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match the FTSE TMX Canada Long Term Government Bond Index (the Index ) while minimizing transaction costs. Fair measurement of financial instruments The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds 194,096, ,837, ,934,554 Short-term investments - 300, , ,096, ,137, ,234,554 As at December 31, 2015 Level 1 Level 2 Level 3 Total Bonds 207,913, ,100, ,013,776 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

52 Notes to financial statements of WindWise Canadian Long Term Government Bond Index Non-Lending Fund December 31, 2016 and 2015 Total exposure December 31, 2016 December 31, 2015 Term to maturity Less than 1 year 300, , years 157, years 6,236,595 5,947, years 695,540, ,366,222 Total 702,234, ,013,776 Impact on net assets attributable to holders of redeemable units 108,259, ,437,000 Impact on net assets attributable to holders of redeemable units 15% 15% Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating 2016 % 2015 % AAA AA+/AA/AA 14 8 A+/A/A Total

53 Notes to financial statements of WindWise Canadian Long Term Government Bond Index Non-Lending Fund December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Corporate bonds 1 4 Federal government bonds Municipal government bonds 4 3 Provincial government bonds Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 10,050,900 30,777,124 Average units outstanding during the year 60,930,119 58,251,121 Increase (decrease) in net assets attributable to holders of redeemable units per unit

54 WindWise Canadian Managed Volatility Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 76,557,236 68,027,763 Cash 249, ,389 Dividends receivable 247, ,359 Total assets 77,053,440 68,418,511 Liabilities Current liabilities Accrued expenses 3,665 1,696 Total liabilities 3,665 1,696 Net assets attributable to holders of redeemable units 77,049,775 68,416,815 Number of redeemable units outstanding 6,198,976 6,039,654 Net assets attributable to holders of redeemable units per unit * Investments at cost 65,932,550 64,174,800 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

55 WindWise Canadian Managed Volatility Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Dividends 1,952,030 1,605,748 Interest for distribution purposes 238, ,780 Other changes in fair of investments Net realized gain (loss) 2,569,068 1,326,621 Net change in unrealized appreciation (depreciation) 6,771,433 (4,029,182) Other changes in fair of derivative financial instruments Net realized gain (loss) - (1,565) Total income (loss) 11,531,366 (890,598) Expenses Audit fees 29,582 24,503 Custodial fees 24,509 13,625 Other fees Proxy fees Regulatory fees 1, Transaction costs 15,941 19,254 Trustee fees 2,447 - Total expenses 74,851 57,942 Waivers and reimbursements (28,693) (24,503) Net expenses 46,158 33,439 Increase (decrease) in net assets attributable to holders of redeemable units 11,485,208 (924,037) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.90 (0.19)

56 WindWise Canadian Managed Volatility Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 11,485,208 (924,037) Distributions to holders of redeemable units From net investment income (2,128,522) (1,750,589) From capital gains (2,594,585) (1,327,088) Total distributions to holders of redeemable units (4,723,107) (3,077,677) Redeemable unit transactions Proceeds from redeemable units issued 3,406,915 20,955,566 Reinvestment of distributions to holders of redeemable units 4,723,107 3,077,677 Redemption of redeemable units (6,259,163) (779,147) Increase (decrease) from redeemable unit transactions 1,870,859 23,254,096 Net increase (decrease) in net assets attributable to holders of redeemable units 8,632,960 19,252,382 Net assets attributable to holders of redeemable units Beginning of year 68,416,815 49,164,433 Net assets attributable to holders of redeemable units End of year 77,049,775 68,416,815 Number of redeemable units outstanding Beginning of year 6,039,654 4,097,649 Issued 281,055 1,742,164 Reinvested 379, ,141 Redeemed (501,584) (66,300) Number of redeemable units outstanding End of year 6,198,976 6,039,654

57 WindWise Canadian Managed Volatility Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 11,485,208 (924,037) Adjustments for: Net realized (gain) loss on investments (2,571,068) (1,274,520) Net change in unrealized (appreciation) depreciation on investments and derivatives (6,771,723) 4,029,724 Proceeds from sale of investments 19,159,815 14,984,922 Purchases of investments (18,346,497) (36,860,385) Dividends receivable 4,214 (73,174) Other assets Accrued expenses 1,969 1,554 Net cash from (used in) operating activities 2,961,918 (20,115,342) Cash flows from (used in) financing activities Proceeds from redeemable units issued 3,406,915 20,955,566 Redemption of redeemable units (6,259,163) (779,147) Net cash from (used in) financing activities (2,852,248) 20,176,419 Net increase (decrease) in cash during the year 109,670 61,077 Cash Beginning of year 139,389 78,312 Cash End of year 249, ,389 Interest received* 238, ,780 Dividends received, net of foreign withholding taxes* 1,956,244 1,532,574 * Included as part of cash flows from operating activities

58 WindWise Canadian Managed Volatility Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Equities 100.0% Average cost Fair Common stock 100.0% 52,500 Aimia Inc. 710, ,200 40,000 Alacer Gold Corporation 98,773 89,600 4,400 Alaris Royalty Corporation 124, ,380 58,300 Algonquin Power & Utilities Corporation 687, ,037 28,950 Artis Real Estate Investment Trust 356, ,665 20,436 Bank of Montreal 1,296,540 1,973,504 11,800 Bank of Nova Scotia (The) 906, ,168 10,400 Barrick Gold Corporation 187, ,496 57,743 BCE Inc. 2,773,847 3,350,826 1,300 Boardwalk Real Estate Investment Trust 71,256 63,245 2,700 Boyd Group Income Fund 177, ,012 23,700 CAE Inc. 357, ,086 32,700 Canadian Apartment Properties Real Estate Investment Trust 745,596 1,025,799 20,637 Canadian Imperial Bank of Commerce 1,641,950 2,260,990 27,693 Canadian Real Estate Investment Trust 1,192,806 1,282,186 6,346 Canadian Tire Corporation Limited Cl. A 558, ,807 22,835 Capital Power Corporation 452, , CCL Industries Inc. Cl. B 184, ,040 46,182 Celestica Inc. 721, ,756 72,448 Chartwell Retirement Residences 882,559 1,061,363 20,100 Chemtrade Logistics Income Fund 423, ,694 11,300 CI Financial Corporation 399, ,231 24,062 Cineplex Inc. 978,794 1,232,456 8,605 Cogeco Communications Inc. 445, ,995 64,567 Cominar Real Estate Investment Trust 1,086, ,426 32,600 Corus Entertainment Inc. Cl. B 671, ,760 33,194 Crombie Real Estate Investment Trust 418, ,775 28,700 Descartes Systems Group Inc. (The) 615, ,681 14,691 Dollarama Inc. 533,849 1,445,301 8,900 Dorel Industries Inc. Cl. B 346, ,320 40,200 Dream Global Real Estate Investment Trust 354, ,890 22,903 Dream Office Real Estate Investment Trust 668, ,754 35,400 Empire Company Limited Cl. A 1,017, ,488 39,400 Enercare Inc. 580, ,896 3,900 Enghouse Systems Limited 239, ,166 33,600 Extendicare Inc. 259, ,968 2,276 Fairfax Financial Holdings Limited 1,479,092 1,475,986 45,536 First Capital Realty Inc. 869, ,229 2,100 FirstService Corporation 101, ,854 26,266 Franco-Nevada Corporation 1,523,479 2,108,634 11,300 Genworth MI Canada Inc. 335, ,358 17,043 George Weston Limited 1,635,189 1,935,914 10,500 Gildan Activewear Inc. 246, ,945 17,800 Granite Real Estate Investment Trust 688, ,974 14,200 Great Canadian Gaming Corporation 324, ,716 8,300 Great-West Lifeco Inc. 307, ,911 84,267 H&R Real Estate Investment Trust 1,860,027 1,885,053 63,113 Hydro One Limited 1,597,541 1,488,205 15,700 Innergex Renewable Energy Inc. 162, ,271 17,700 Intact Financial Corporation 1,461,463 1,700,970 16,400 Intertape Polymer Group Inc. 303, ,952 29,099 Jean Coutu Group (PJC) Inc. Cl. A (The) 516, ,751 11,535 Laurentian Bank of Canada 554, ,916 25,837 Loblaw Companies Limited 1,785,420 1,830,293 4,800 MacDonald Dettwiler and Associates Limited 397, ,072 30,820 Manitoba Telecom Services Inc. 933,884 1,169,927

59 WindWise Canadian Managed Volatility Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 26,500 Maple Leaf Foods Inc. 506, ,180 81,792 METRO INC. 2,553,781 3,284,767 10,700 New Flyer Industries Inc. 317, ,988 18,400 North West Company Inc. (The) 479, ,368 8,900 Northland Power Inc. 160, ,370 20,254 Onex Corporation 1,690,102 1,850,810 8,400 Open Text Corporation 530, ,528 33,500 Osisko Gold Royalties Limited 482, ,515 9,700 Premium Brands Holdings Corporation 612, ,912 36,200 Pure Industrial Real Estate Trust 150, ,358 27,568 Quebecor Inc. Cl. B 642,355 1,028,838 44,260 RioCan Real Estate Investment Trust 1,228,908 1,178,644 11,800 Ritchie Bros. Auctioneers Inc. 504, ,490 60,510 Rogers Communications Inc. Cl. B 2,719,145 3,133,813 14,866 Saputo Inc. 359, , ,615 Shaw Communications Inc. Cl. B 3,331,436 3,195,488 43,804 Smart Real Estate Investment Trust 1,352,943 1,414,431 63,844 TELUS Corporation 2,345,826 2,729,331 64,669 Thomson Reuters Corporation 2,710,531 3,799,950 7,200 TMX Group Limited 378, ,944 9,900 Toromont Industries Limited 252, ,265 22,146 Toronto-Dominion Bank (The) 973,505 1,466,508 32,900 TransForce Inc. 709,591 1,147,881 2,800 Uni-Select Inc. 91,608 82,572 1,251 Waste Connections Inc. 87, ,780 11,600 Winpak Limited 538, ,872 65,960,781 76,557,236 Adjustment for transaction costs (28,231) - Total investments 100.0% 65,932,550 76,557,236

60 Notes to financial statements of WindWise Canadian Managed Volatility Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to provide competitive returns and maintain low volatility, compared to the S&P /TSX Composite Index (the Index ) over the long term by constructing a portfolio of stocks with low expected volatility relative to the Index. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 76,557, ,557,236 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 68,027, ,027,763 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant using a predicted tracking method, net assets attributable to holders of redeemable units would have increased or decreased by approximately 11,713,000 or 3,598,000 (December 31, ,694,000 or 912,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant.

61 Notes to financial statements of WindWise Canadian Managed Volatility Non-Lending Fund December 31, 2016 and 2015 Credit risk and 2015, the Fund had no significant investments in either debt securities or derivative financial instruments. As a result, the Fund is not significantly exposed to credit risk. Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Consumer discretionary 14 7 Consumer staples Financials Health care 2 - Industrials 5 8 Information technology 3 6 Materials 6 6 Real estate 15 - Telecommunication services Utilities Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 11,485,208 (924,037) Average units outstanding during the year 6,038,113 4,973,037 Increase (decrease) in net assets attributable to holders of redeemable units per unit 1.90 (0.19)

62 WindWise Canadian Real Return Bond Index Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 226,608, ,747,655 Cash 55,499 16,405 Interest receivable 315, ,893 Total assets 226,979, ,159,953 Liabilities Current liabilities Accrued expenses 32,376 4,948 Total liabilities 32,376 4,948 Net assets attributable to holders of redeemable units 226,947, ,155,005 Number of redeemable units outstanding 20,547,310 18,984,556 Net assets attributable to holders of redeemable units per unit * Investments at cost 216,570, ,339,884 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

63 WindWise Canadian Real Return Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Interest for distribution purposes 6,978,963 6,203,276 Other changes in fair of investments Net realized gain (loss) 267, ,042 Net change in unrealized appreciation (depreciation) (1,369,696) (845,175) Total income (loss) 5,877,245 5,753,143 Expenses Audit fees 29,582 24,793 Custodial fees 33,674 34,991 Other fees 28 - Regulatory fees 3, Trustee fees 2,448 - Total expenses 68,734 60,344 Waivers and reimbursements (4,416) - Net expenses 64,318 60,344 Increase (decrease) in net assets attributable to holders of redeemable units 5,812,927 5,692,799 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year

64 WindWise Canadian Real Return Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 5,812,927 5,692,799 Distributions to holders of redeemable units From net investment income (7,015,167) (6,143,440) From capital gains (683,925) (1,282,277) Total distributions to holders of redeemable units (7,699,092) (7,425,717) Redeemable unit transactions Proceeds from redeemable units issued 10,000,001 - Reinvestment of distribution to holders of redeemable units 7,699,092 7,425,717 Redemption of redeemable units (20,544) (220,839) Increase (decrease) from redeemable unit transactions 17,678,549 7,204,878 Net increase (decrease) in net assets attributable to holders of redeemable units 15,792,384 5,471,960 Net assets attributable to holders of redeemable units Beginning of year 211,155, ,683,045 Net assets attributable to holders of redeemable units End of year 226,947, ,155,005 Number of redeemable units outstanding Beginning of year 18,984,556 18,336,136 Issued 867,746 - Reinvested 696, ,632 Redeemed (1,727) (19,212) Number of redeemable units outstanding End of year 20,547,310 18,984,556

65 WindWise Canadian Real Return Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 5,812,927 5,692,799 Adjustments for: Net realized (gain) loss on investments (267,978) (395,042) Net change in unrealized (appreciation) depreciation on investments 1,369, ,175 Proceeds from sale of investments 18,822,298 16,130,442 Purchases of investments (35,784,634) (22,044,829) Interest receivable 79,900 (5,225) Accrued expenses 27, Net cash from (used in) operating activities (9,940,363) 223,822 Cash flows from (used in) financing activities Proceeds from redeemable units issued 10,000,001 - Redemption of redeemable units (20,544) (220,839) Net cash from (used in) financing activities 9,979,457 (220,839) Net increase (decrease) in cash during the year 39,094 2,983 Cash Beginning of year 16,405 13,422 Cash End of year 55,499 16,405 Interest received* 7,058,863 6,198,051 * Included as part of cash flows from operating activities

66 WindWise Canadian Real Return Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Government debt instruments 100.0% Federal real return bonds 88.7% 19,770,000 Government of Canada 1.25 Dec. 1, ,051,239 25,105,629 20,860,000 Government of Canada 1.50 Dec. 1, ,373,077 29,263,637 17,745,000 Government of Canada 2.00 Dec. 1, ,178,420 27,761,010 16,140,000 Government of Canada 3.00 Dec. 1, ,018,911 29,946,064 15,517,795 Government of Canada 4.00 Dec. 1, ,510,058 33,446,792 14,041,700 Government of Canada 4.25 Dec. 1, ,810,879 26,497,082 14,063,000 Government of Canada 4.25 Dec. 1, ,864,649 28,876, ,807, ,896,676 Provincial real return bonds 11.3% 334,000 Province of Manitoba 1.74 Dec. 1, , , ,000 Province of Manitoba 2.00 Dec. 1, , ,981 7,676,000 Province of Ontario 2.00 Dec. 1, ,678,375 10,476,752 1,704,000 Province of Quebec 3.25 Dec. 1, ,419,552 2,552,648 2,735,000 Province of Quebec 4.25 Dec. 1, ,110,230 5,168,269 1,332,000 Province of Quebec 4.50 Dec. 1, ,252,709 2,128,361 2,483,000 Province of Quebec 4.50 Dec. 1, ,687,039 4,730,782 24,762,965 25,711,597 Total investments 100.0% 216,570, ,608,273

67 Notes to financial statements of WindWise Canadian Real Return Bond Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track the performance of the FTSE TMX Canada Real Return Bond Index (the Index ) within ten basis points over a three-year period. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds 200,896,676 25,711, ,608,273 As at December 31, 2015 Level 1 Level 2 Level 3 Total Bonds 185,171,985 25,575, ,747,655 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

68 Notes to financial statements of WindWise Canadian Real Return Bond Index Non-Lending Fund December 31, 2016 and 2015 Total exposure Term to maturity Less than 1 year years 29,038, , years 33,607,244 28,652, years 163,962, ,681,716 Total 226,608, ,747,655 Impact on net assets attributable to holders of redeemable units 34,935,000 32,751,000 Impact on net assets attributable to holders of redeemable units 15% 16% Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating 2016 % 2015 % AAA AA+/AA/AA - 5 A+/A/A 11 7 Total

69 Notes to financial statements of WindWise Canadian Real Return Bond Index Non-Lending Fund December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Federal real return bonds Provincial real return bonds Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 5,812,927 5,692,799 Average units outstanding during the year 19,041,514 18,324,148 Increase (decrease) in net assets attributable to holders of redeemable units per unit

70 WindWise Canadian Short Term Bond Index Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 152,680, ,610,895 Cash 124,104 99,762 Interest receivable 676, ,478 Total assets 153,481, ,445,135 Liabilities Current liabilities Payable for investments purchased 39,415 91,579 Accrued expenses 29,723 4,470 Total liabilities 69,138 96,049 Net assets attributable to holders of redeemable units 153,412, ,349,086 Number of redeemable units outstanding 15,363,360 14,625,963 Net assets attributable to holders of redeemable units per unit * Investments at cost 154,619, ,533,585 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

71 WindWise Canadian Short Term Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Interest for distribution purposes 3,937,153 4,864,097 Other changes in fair of investments Net realized gain (loss) (404,117) (142,921) Net change in unrealized appreciation (depreciation) (2,015,793) (174,000) Total income (loss) 1,517,243 4,547,176 Expenses Audit fees 29,582 24,793 Custodial fees 35,899 41,569 Other fees Regulatory fees 1, Trustee fees 2,521 - Total expenses 69,171 67,207 Waivers and reimbursements (4,416) - Net expenses 64,755 67,207 Increase (decrease) in net assets attributable to holders of redeemable units 1,452,488 4,479,969 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year

72 WindWise Canadian Short Term Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 1,452,488 4,479,969 Distributions to holders of redeemable units From net investment income (3,868,140) (4,800,310) Total distributions to holders of redeemable units (3,868,140) (4,800,310) Redeemable unit transactions Proceeds from redeemable units issued 17,451,045 32,321,670 Reinvestment of distribution to holders of redeemable units 3,868,140 4,800,310 Redemption of redeemable units (13,840,177) (54,169,845) Increase (decrease) from redeemable unit transactions 7,479,008 (17,047,865) Net increase (decrease) in net assets attributable to holders of redeemable units 5,063,356 (17,368,206) Net assets attributable to holders of redeemable units Beginning of year 148,349, ,717,292 Net assets attributable to holders of redeemable units End of year 153,412, ,349,086 Number of redeemable units outstanding Beginning of year 14,625,963 16,218,355 Issued 1,705,548 3,130,363 Reinvested 387, ,270 Redeemed (1,355,522) (5,196,025) Number of redeemable units outstanding End of year 15,363,360 14,625,963

73 WindWise Canadian Short Term Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 1,452,488 4,479,969 Adjustments for: Amortization income - (32) Net realized (gain) loss on investments 404, ,920 Net change in unrealized (appreciation) depreciation on investments 2,015, ,000 Proceeds from sale of investments 90,087, ,679,352 Purchases of investments (97,628,800) (104,755,565) Interest receivable 57, ,084 Accrued expenses 25,253 (320) Net cash from (used in) operating activities (3,586,526) 21,856,408 Cash flows from (used in) financing activities Proceeds from redeemable units issued 17,451,045 32,321,670 Redemption of redeemable units (13,840,177) (54,169,845) Net cash from (used in) financing activities 3,610,868 (21,848,175) Net increase (decrease) in cash during the year 24,342 8,233 Cash Beginning of year 99,762 91,529 Cash End of year 124,104 99,762 Interest received* 3,994,764 5,000,149 * Included as part of cash flows from operating activities

74 WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 34.1% Corporate bonds 34.1% 100, International Inc May 26, , ,958 90, International Inc Jun. 16, , , ,000 Aimia Inc May 17, , ,795 50,000 Algonquin Power Company 5.50 Jul. 25, ,223 52, ,000 Alimentation Couche-Tard Inc Nov. 1, , ,922 75,000 Alimentation Couche-Tard Inc Aug. 21, ,125 80,549 30,000 Alliance Pipeline Limited Partnership 4.93 Dec. 16, ,219 31,559 57,000 Allied Properties Real Estate Investment Trust 3.75 May 13, ,000 58,584 75,000 AltaGas Limited 3.72 Sep. 28, ,014 79,223 65,000 AltaGas Limited 4.07 Jun. 1, ,362 69,069 45,000 AltaGas Limited 4.55 Jan. 17, ,640 47,475 50,000 AltaGas Limited 4.60 Jan. 15, ,375 51,590 50,000 AltaLink Investments Limited Partnership 3.67 Jun. 5, ,291 51,882 50,000 AltaLink Limited Partnership 3.62 Sep. 17, ,953 53,418 60,000 AltaLink Limited Partnership 5.24 May 29, ,057 63, ,000 American Express Canada Credit Corporation 2.31 Mar. 29, , ,696 75,000 Aon Finance N.S. 1 ULC 4.76 Mar. 8, ,287 77,442 58,000 Artis Real Estate Investment Trust 3.75 Mar. 27, ,812 58, ,000 Bank of Montreal 1.61 Oct. 28, , , ,000 Bank of Montreal 1.88 Mar. 31, , , ,000 Bank of Montreal 2.10 Oct. 6, , , ,000 Bank of Montreal 2.43 Mar. 4, , , ,000 Bank of Montreal 2.84 Jun. 4, , , ,000 Bank of Montreal 3.21 Sep. 13, , , ,000 Bank of Montreal 3.40 Apr. 23, , , ,000 Bank of Montreal 6.02 May 2, , , ,000 Bank of Montreal 6.17 Mar. 28, , , ,000 Bank of Nova Scotia (The) 1.33 May 1, , , ,000 Bank of Nova Scotia (The) 1.90 Dec. 2, , , ,000 Bank of Nova Scotia (The) 2.09 Sep. 9, , , ,000 Bank of Nova Scotia (The) 2.13 Jun. 15, , , ,000 Bank of Nova Scotia (The) 2.24 Mar. 22, , , ,000 Bank of Nova Scotia (The) 2.27 Jan. 13, , , ,000 Bank of Nova Scotia (The) 2.37 Jan. 11, , , ,000 Bank of Nova Scotia (The) 2.40 Oct. 28, , , ,000 Bank of Nova Scotia (The) 2.46 Mar. 14, , , ,000 Bank of Nova Scotia (The) 2.75 Aug. 13, , , ,000 Bank of Nova Scotia (The) 2.87 Jun. 4, , , ,000 Bank of Nova Scotia (The) 3.04 Oct. 18, , , ,000 Bank of Nova Scotia (The) 3.27 Jan. 11, , ,064 75,000 bcimc Realty Corporation 2.10 Jun. 3, ,684 75, ,000 bcimc Realty Corporation 2.79 Aug. 2, , , ,000 bcimc Realty Corporation 2.96 Mar. 7, , ,559 50,000 bcimc Realty Corporation 5.65 Jan. 5, ,670 52, ,000 Bell Canada Inc Oct. 1, , , ,000 Bell Canada Inc Sep. 29, , , ,000 Bell Canada Inc Jun. 17, , , ,000 Bell Canada Inc Jun. 18, , ,172 78,000 Bell Canada Inc Sep. 10, ,451 80, ,000 Bell Canada Inc Jun. 12, , , ,000 Bell Canada Inc Mar. 16, , ,010 60,000 Bell Canada Inc Apr. 26, ,541 62, ,000 Bell Canada Inc May 19, , ,268 60,000 Bell Canada Inc Feb. 26, ,021 64,906 75,000 Blackbird Infrastructure 407 General Partnership 1.71 Oct. 8, ,416 74,188

75 WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 100,000 BMO Capital Trust II Dec. 31, , ,643 50,000 BMW Canada Inc Oct. 19, ,984 49, ,000 BMW Canada Inc Jun. 15, , ,980 57,000 BMW Canada Inc Nov. 26, ,985 57,841 75,000 BMW Canada Inc May 23, ,032 76,027 20,000 BMW Canada Inc Sep. 26, ,302 20, ,708 BP Limited Partnership 3.24 Jan. 9, , , ,000 Brookfield Asset Management Inc Apr. 9, , ,245 70,000 Brookfield Asset Management Inc Mar. 1, ,091 77, ,000 Brookfield Infrastructure Finance ULC 3.54 Oct. 30, , ,639 85,000 Brookfield Renewable Partners ULC 5.14 Oct. 13, ,316 93, ,000 Brookfield Renewable Partners ULC 5.25 Nov. 5, , , ,000 Bruce Power Limited Partnership 2.84 Jun. 23, , , ,000 Cadillac Fairview Finance Trust 3.64 May 9, , , ,000 Cadillac Fairview Finance Trust 4.31 Jan. 25, , , ,000 Caisse Centrale Desjardins 1.75 Mar. 2, , , ,000 Caisse Centrale Desjardins 2.44 Jul. 17, , , ,000 Caisse Centrale Desjardins 2.80 Nov. 19, , , ,000 Cameco Corporation 5.67 Sep. 2, , , ,000 Canadian Credit Card Trust II 1.83 Mar. 24, , , ,000 Canadian Imperial Bank of Commerce 1.64 Jul. 12, , , ,000 Canadian Imperial Bank of Commerce 1.70 Oct. 9, , , ,000 Canadian Imperial Bank of Commerce 1.85 Jul. 14, , , ,000 Canadian Imperial Bank of Commerce 1.90 Apr. 26, , , ,000 Canadian Imperial Bank of Commerce 2.22 Mar. 7, , , ,000 Canadian Imperial Bank of Commerce 2.35 Jun. 24, , ,790 90,000 Canadian Imperial Bank of Commerce 6.00 Jun. 6, ,213 95,491 45,000 Canadian National Railway Company 2.75 Feb. 18, ,912 46, ,000 Canadian Natural Resources Limited 2.60 Dec. 3, , , ,000 Canadian Natural Resources Limited 2.89 Aug. 14, , , ,000 Canadian Natural Resources Limited 3.05 Jun. 19, , ,606 60,000 Canadian Pacific Railway Company 6.25 Jun. 1, ,490 63,965 11,000 Canadian Real Estate Investment Trust 3.68 Jul. 24, ,000 11,266 59,000 Canadian Western Bank 2.75 Jun. 29, ,000 59,361 19,000 Canadian Western Bank 2.79 Sep. 13, ,000 18, ,000 Canadian Western Bank 3.08 Jan. 14, , ,041 65,000 Canadian Western Bank 3.46 Dec. 17, ,657 66, ,000 Capital Desjardins Inc May 5, , ,397 65,000 Capital Power Corporation 4.85 Feb. 21, ,392 67, ,000 CARDS II Trust 2.16 Oct. 16, , ,658 39,000 Caterpillar Financial Services Limited 1.75 Jun. 3, ,993 39, ,000 Caterpillar Financial Services Limited 2.29 Jun. 1, , , ,000 CDP Financial Inc Jul. 15, , ,774 55,000 Central 1 Credit Union 2.89 Apr. 25, ,992 55,064 50,000 Central 1 Credit Union 3.06 Oct. 14, ,979 49,560 59,000 Chip Mortgage Trust 2.33 Apr. 29, ,000 58,233 25,000 Chip Mortgage Trust 2.98 Nov. 15, ,000 24,879 58,000 Choice Properties Limited Partnership 3.00 Sep. 20, ,098 59,548 35,000 Choice Properties Limited Partnership 3.60 Apr. 20, ,275 36,556 45,000 Choice Properties Limited Partnership 3.60 Sep. 20, ,785 47,117 70,000 Choice Properties Real Estate Investment Trust 2.30 Sep. 14, ,853 70,177 60,000 Choice Properties Real Estate Investment Trust 3.50 Feb. 8, ,408 62,676 95,000 Choice Properties Real Estate Investment Trust 3.55 Jul. 5, ,020 97,713 95,000 CI Financial Corporation 2.65 Dec. 7, ,000 95,370 79,000 CI Investments Inc Nov. 25, ,000 79, ,000 CIBC Capital Trust 9.98 Jun. 30, , ,804

76 WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 35,000 Cogeco Communications Inc Nov. 16, ,641 38,204 60,000 Cominar Real Estate Investment Trust 3.62 Jun. 21, ,992 61,182 75,000 Cominar Real Estate Investment Trust 4.23 Dec. 4, ,386 77,663 35,000 Cominar Real Estate Investment Trust 4.25 Dec. 8, ,015 36,081 80,000 Cominar Real Estate Investment Trust 4.94 Jul. 27, ,800 84,609 47,000 Crombie Real Estate Investment Trust 2.78 Feb. 10, ,891 46,529 24,000 Crombie Real Estate Investment Trust 3.99 Oct. 31, ,000 24,606 36,000 CT Real Estate Investment Trust 2.16 Jun. 1, ,000 35,539 40,000 CU Inc Nov. 22, ,876 45,496 50,000 CU Inc Jan. 23, ,075 54,048 85,000 CU Inc Aug. 13, ,025 96,440 91,000 Daimler Canada Finance Inc Oct. 2, ,982 90, ,000 Daimler Canada Finance Inc Aug. 19, , ,215 82,000 Daimler Canada Finance Inc Dec. 16, ,995 82, ,000 Daimler Canada Finance Inc Jul. 8, , ,526 95,000 Daimler Canada Finance Inc Dec. 16, ,991 94,905 90,000 Daimler Canada Finance Inc Mar. 26, ,787 91, ,000 Dollarama Inc Jul. 22, , , ,000 Dollarama Inc Nov. 5, , ,471 35,000 Dream Office Real Estate Investment Trust 3.42 Jun. 13, ,849 35,125 50,000 Dream Office Real Estate Investment Trust 4.07 Jan. 21, ,645 50,507 32,000 Eagle Credit Card Trust 2.15 Sep. 17, ,000 32,365 39,000 Eagle Credit Card Trust 2.85 Oct. 18, ,652 39,999 65,000 Emera Inc Dec. 2, ,700 70,105 75,000 Empire Life Insurance Company (The) 2.87 May 31, ,801 75,121 86,000 Empire Life Insurance Company (The) 3.38 Dec. 16, ,000 86,255 85,000 Enbridge Gas Distribution Inc Nov. 23, ,225 92,226 40,000 Enbridge Gas Distribution Inc Dec. 17, ,074 45, ,000 Enbridge Inc Mar. 11, , ,754 50,000 Enbridge Inc Feb. 1, ,028 53, ,000 Enbridge Inc Mar. 9, , ,486 55,000 Enbridge Inc Sep. 2, ,650 59,206 60,000 Enbridge Income Fund 2.92 Dec. 14, ,915 60,882 50,000 Enbridge Income Fund 4.10 Feb. 22, ,855 52, ,000 Enbridge Pipelines Inc Apr. 6, , ,400 80,000 Enbridge Pipelines Inc Nov. 12, ,856 86,617 70,000 Enbridge Pipelines Inc Nov. 19, ,202 76,672 25,000 Enersource Corporation 4.52 Apr. 29, ,902 27, ,000 ENMAX Corporation 6.15 Jun. 19, , , ,000 EPCOR Utilities Inc Jan. 31, , ,805 75,000 Fairfax Financial Holdings Limited 6.40 May 25, ,452 84,892 50,000 Fairfax Financial Holdings Limited 7.25 Jun. 22, ,395 57,022 75,000 Fairfax Financial Holdings Limited 7.50 Aug. 19, ,812 84, ,000 Finning International Inc Jun. 1, , ,591 50,000 First Capital Realty Inc Mar. 1, ,900 53,851 55,000 First Capital Realty Inc Nov. 30, ,691 58,143 45,000 First Capital Realty Inc Jul. 30, ,233 48,818 50,000 First Capital Realty Inc Apr. 30, ,125 55,287 64,000 First National Financial Corporation 4.01 Apr. 9, ,974 63, ,000 Ford Credit Canada Limited 2.45 May 7, , , ,000 Ford Credit Canada Limited 2.58 May 10, , , ,000 Ford Credit Canada Limited 2.92 Sep. 16, , , ,000 Ford Credit Canada Limited 2.94 Feb. 19, , , ,000 Ford Credit Canada Limited 3.14 Jun. 14, , , ,000 Ford Credit Canada Limited 3.28 Jul. 2, , ,427 90,000 Ford Credit Canada Limited 3.70 Aug. 2, ,047 92,613

77 WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 186,000 Fortified Trust 1.67 Jul. 23, , ,831 46,000 Gaz Metro Inc May 25, ,984 45, ,000 GE Capital Canada Funding Company 2.42 May 31, , , ,000 GE Capital Canada Funding Company 5.68 Sep. 10, , , ,000 General Motors Financial of Canada Limited 3.08 May 22, , , ,000 Genesis Trust II 1.68 Sep. 17, , , ,000 Genesis Trust II 1.70 Apr. 15, , , ,000 Genesis Trust II 2.43 May 15, , ,474 65,000 Genworth MI Canada Inc Jun. 15, ,579 70, ,000 Glacier Credit Card Trust 2.24 Sep. 20, , , ,000 Glacier Credit Card Trust 2.57 Sep. 20, , ,662 58,000 Glacier Credit Card Trust 2.76 Nov. 20, ,000 59,372 50,000 Granite REIT Holdings Limited Partnership 3.79 Jul. 5, ,795 51,305 46,000 Greater Toronto Airports Authority 1.51 Feb. 16, ,995 45, ,000 Greater Toronto Airports Authority 5.26 Apr. 17, , , ,000 Greater Toronto Airports Authority 5.96 Nov. 20, , , ,000 Great-West Lifeco Finance (Delaware) Limited Partnership 5.69 Jun. 21, , , ,000 Great-West Lifeco Finance (Delaware) Limited Partnership 7.13 Jun. 26, , , ,000 Great-West Lifeco Inc Aug. 13, , ,715 75,000 Great-West Lifeco Inc Mar. 21, ,913 79,238 25,000 H&R Real Estate Investment Trust 3.34 Jun. 20, ,023 25,540 43,000 HCN Canadian Holdings-1 Limited Partnership 3.35 Nov. 25, ,888 44, ,000 Hollis Receivables Term Trust II 1.79 Feb. 26, , , ,000 Hollis Receivables Term Trust II 2.43 Jun. 26, , ,377 33,000 Home Trust Company 2.28 Mar. 6, ,996 32,921 66,000 Home Trust Company 3.40 Dec. 10, ,754 66, ,000 Honda Canada Finance Inc Aug. 12, , ,092 80,000 Honda Canada Finance Inc Dec. 7, ,226 78,942 77,000 Honda Canada Finance Inc Feb. 18, ,000 77,612 80,000 Honda Canada Finance Inc Jun. 4, ,502 81, ,000 HSBC Bank Canada 1.82 Jul. 7, , , ,000 HSBC Bank Canada 2.08 Nov. 26, , , ,000 HSBC Bank Canada 2.45 Jan. 29, , , ,000 HSBC Bank Canada 2.49 May 13, , , ,000 HSBC Bank Canada 2.91 Sep. 29, , , ,000 HSBC Bank Canada 2.94 Jan. 14, , , ,000 Husky Energy Inc Mar. 12, , , ,000 IGM Financial Inc Apr. 8, , ,639 60,000 Industrial Alliance Insurance and Financial Services Inc May 16, ,831 60, ,000 Intact Financial Corporation 5.41 Sep. 3, , , ,000 Inter Pipeline Limited 3.45 Jul. 20, , ,791 55,000 Inter Pipeline Limited 3.84 Jul. 30, ,811 57,029 70,000 Inter Pipeline Limited 4.97 Feb. 2, ,475 77, ,000 International Bank for Reconstruction and Development 1.13 Mar. 11, , , ,000 International Bank for Reconstruction and Development 1.88 May 30, , ,602 52,000 John Deere Canada Funding Inc Jul. 13, ,932 51,591 28,000 John Deere Canada Funding Inc Jan. 28, ,968 28,145 45,000 John Deere Canada Funding Inc Sep. 17, ,970 45,284 85,000 John Deere Canada Funding Inc Jan. 17, ,043 85,978 70,000 John Deere Canada Funding Inc Jun. 24, ,924 71,355 89,000 John Deere Canada Funding Inc Jul. 16, ,368 90,696

78 WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 72,000 Kraft Canada Inc Jul. 6, ,050 73,077 88,000 Laurentian Bank of Canada 2.50 Jan. 23, ,466 88,683 91,000 Laurentian Bank of Canada 2.75 Apr. 22, ,806 91, ,000 Laurentian Bank of Canada 2.81 Jun. 13, , , ,000 Laurentian Bank of Canada 3.28 Oct. 15, , ,386 65,000 Leisureworld Senior Care Limited Partnership 3.47 Feb. 3, ,738 68, ,000 Loblaw Companies Limited 3.75 Mar. 12, , , ,000 Loblaw Companies Limited 5.22 Jun. 18, , ,759 50,000 Lower Mattagami Energy Limited Partnership 4.33 May 18, ,007 55,054 55,000 Manitoba Telecom Services Inc Oct. 1, ,289 57,801 50,000 Manitoba Telecom Services Inc Dec. 16, ,510 55, ,000 Manufacturers Life Insurance Company (The) 2.10 Jun. 1, , ,275 80,000 Manufacturers Life Insurance Company (The) 2.39 Jan. 5, ,711 80, ,000 Manufacturers Life Insurance Company (The) 2.64 Jan. 15, , , ,000 Manufacturers Life Insurance Company (The) 2.81 Feb. 21, , ,565 40,000 Manufacturers Life Insurance Company (The) 2.82 Feb. 26, ,502 40, ,000 Manufacturers Life Insurance Company (The) 2.93 Nov. 29, , ,668 26,000 Manulife Bank of Canada 1.41 Feb. 27, ,000 26,039 37,000 Manulife Bank of Canada 1.92 Sep. 1, ,000 36, ,000 Manulife Financial Capital Trust II 7.41 Dec. 31, , ,470 70,000 Manulife Financial Corporation 5.51 Jun. 26, ,463 73,997 75,000 Manulife Financial Corporation 7.77 Apr. 8, ,818 84, ,000 Master Credit Card Trust II 2.72 Nov. 21, , ,208 30,000 MCAP Commercial Limited Partnership 3.96 Mar. 11, ,000 29,640 75,000 METRO INC Dec. 1, ,054 77,985 74,000 Morguard Corporation 4.01 Nov. 18, ,000 74, ,000 National Bank of Canada 1.74 Mar. 3, , , ,000 National Bank of Canada 1.81 Jul. 26, , , ,000 National Bank of Canada 2.40 Oct. 28, , , ,000 National Bank of Canada 2.79 Aug. 9, , , ,000 NAV Canada 1.95 Apr. 19, , ,508 60,000 NAV Canada 4.40 Feb. 18, ,908 66,407 54,000 NAV Canada 5.30 Apr. 17, ,425 58, ,000 NBC Asset Trust 7.24 Dec. 29, , , ,000 Nissan Canada Financial Services Inc Oct. 7, , ,552 58,000 OMERS Realty Corporation 2.47 Nov. 12, ,000 59, ,000 OMERS Realty Corporation 2.50 Jun. 5, , ,550 60,000 OMERS Realty Corporation 2.97 Apr. 5, ,914 62,498 75,000 OMERS Realty Corporation 3.20 Jul. 24, ,018 78,576 45,000 Pembina Pipeline Corporation 4.89 Mar. 29, ,699 49,381 33,000 Penske Truck Leasing Canada Inc Jun. 12, ,989 33,380 86,000 Penske Truck Leasing Canada Inc Feb. 1, ,903 87,651 50,000 Power Corporation of Canada 7.57 Apr. 22, ,691 56, ,000 RBC Capital Trust 6.82 Dec. 29, , ,884 70,000 Reliance Limited Partnership 3.81 Sep. 15, ,825 70,404 75,000 Reliance Limited Partnership 4.08 Aug. 2, ,242 75,459 90,000 Reliance Limited Partnership 5.19 Mar. 15, ,422 93,932 56,000 RioCan Real Estate Investment Trust 2.19 Aug. 26, ,000 55,762 50,000 RioCan Real Estate Investment Trust 2.87 Mar. 5, ,219 50,774 50,000 RioCan Real Estate Investment Trust 3.62 Jun. 1, ,764 52,193 45,000 RioCan Real Estate Investment Trust 3.72 Dec. 13, ,180 47,224 80,000 RioCan Real Estate Investment Trust 3.85 Jun. 28, ,766 83,756 70,000 Rogers Communications Inc Mar. 13, ,980 71, ,000 Rogers Communications Inc Sep. 29, , , ,000 Rogers Communications Inc Mar. 22, , , ,000 Rogers Communications Inc Nov. 4, , ,451

79 WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 477,000 Royal Bank of Canada 1.40 Apr. 26, , , ,000 Royal Bank of Canada 1.58 Sep. 13, , , ,000 Royal Bank of Canada 1.59 Mar. 23, , , ,000 Royal Bank of Canada 1.65 Jul. 15, , , ,000 Royal Bank of Canada 1.92 Jul. 17, , , ,000 Royal Bank of Canada 2.03 Mar. 15, , , ,000 Royal Bank of Canada 2.26 Mar. 12, , , ,000 Royal Bank of Canada 2.35 Dec. 9, , , ,000 Royal Bank of Canada 2.77 Dec. 11, , , ,000 Royal Bank of Canada 2.82 Jul. 12, , , ,000 Royal Bank of Canada 2.86 Mar. 4, , , ,000 Royal Bank of Canada 2.89 Oct. 11, , , ,000 Royal Bank of Canada 2.98 May 7, , , ,000 Royal Bank of Canada 2.99 Dec. 6, , , ,000 Royal Bank of Canada 3.77 Mar. 30, , ,654 26,000 Saputo Inc Jun. 23, ,000 26,010 73,000 Saputo Inc Nov. 26, ,000 74, ,000 Scotiabank Tier 1 Trust 7.80 Jun. 30, , ,492 84,000 Shaw Communications Inc Feb. 19, ,373 85, ,000 Shaw Communications Inc Dec. 7, , , ,000 Shaw Communications Inc Oct. 1, , , ,000 Shoppers Drug Mart Corporation 2.36 May 24, , ,190 30,000 Smart Real Estate Investment Trust 3.75 Feb. 11, ,440 31,419 40,000 Smart Real Estate Investment Trust 4.05 Jul. 27, ,884 42,205 60,000 SNC-Lavalin Group Inc Jul. 3, ,652 64, ,000 Sobeys Inc Aug. 8, , , ,000 Sun Life Capital Trust II 5.86 Dec. 31, , , ,000 Sun Life Financial Inc Sep. 25, , ,964 10,000 Sun Life Financial Inc May 13, ,996 10,148 81,000 Sun Life Financial Inc Feb. 19, ,907 83,058 50,000 Sun Life Financial Inc Jan. 30, ,100 52, ,000 Sun Life Financial Inc Jul. 2, , , ,000 Suncor Energy Inc Nov. 26, , , ,000 Suncor Energy Inc May 22, , , ,000 TD Capital Trust III 7.24 Dec. 29, , , ,000 TD Capital Trust IV 6.63 Jun. 30, , ,806 80,000 TD Capital Trust IV 9.52 Jun. 30, ,679 93,271 38,000 TELUS Corporation 1.50 Mar. 27, ,986 38, ,000 TELUS Corporation 3.20 Apr. 5, , , ,000 TELUS Corporation 3.60 Jan. 26, , , ,000 TELUS Corporation 5.05 Dec. 4, , , ,000 TELUS Corporation 5.05 Jul. 23, , , ,000 Teranet Holdings Limited Partnership 4.81 Dec. 16, , , ,000 Thomson Reuters Corporation 3.31 Nov. 12, , , ,000 Thomson Reuters Corporation 3.37 May 23, , , ,000 Thomson Reuters Corporation 4.35 Sep. 30, , , ,000 TMX Group Limited 3.25 Oct. 3, , ,701 65,000 Toronto Hydro Corporation 4.49 Nov. 12, ,520 70, ,000 Toronto-Dominion Bank (The) 1.68 Jun. 8, , , ,000 Toronto-Dominion Bank (The) 1.69 Apr. 2, , , ,000 Toronto-Dominion Bank (The) 2.05 Mar. 8, , , ,000 Toronto-Dominion Bank (The) 2.17 Apr. 2, , , ,000 Toronto-Dominion Bank (The) 2.45 Apr. 2, , , ,000 Toronto-Dominion Bank (The) 2.56 Jun. 24, , , ,000 Toronto-Dominion Bank (The) 2.62 Dec. 22, , , ,000 Toronto-Dominion Bank (The) 5.83 Jul. 9, , ,925

80 WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 45,000 Toyota Credit Canada Inc Jul. 21, ,925 44, ,000 Toyota Credit Canada Inc Feb. 19, , , ,000 Toyota Credit Canada Inc May 20, , ,969 94,000 Toyota Credit Canada Inc Feb. 25, ,814 94,819 65,000 Toyota Credit Canada Inc May 23, ,884 66,077 45,000 Toyota Credit Canada Inc Nov. 19, ,994 46, ,000 Toyota Credit Canada Inc Jul. 18, , ,759 72,000 Toyota Credit Canada Inc Nov. 21, ,277 73,764 60,000 TransAlta Corporation 6.40 Nov. 18, ,372 63, ,000 TransCanada Pipelines Limited 3.65 Nov. 15, , ,664 40,000 TransCanada Pipelines Limited 9.45 Mar. 20, ,680 43,525 60,000 Transcontinental Inc May 13, ,000 61,200 75,000 Union Gas Limited 5.35 Apr. 27, ,625 78, ,000 Union Gas Limited 8.75 Aug. 3, , ,728 10,000 Union Gas Limited 9.70 Nov. 6, ,080 10,684 50,000 Vancouver Airport Authority 4.42 Dec. 7, ,243 52,945 98,000 Ventas Canada Finance Limited 3.00 Sep. 30, , ,507 45,000 Veresen Inc Jun. 13, ,982 45, ,000 Veresen Inc Nov. 10, , ,537 75,000 Veresen Inc Nov. 22, ,575 77,397 69,000 VW Credit Canada Inc Apr. 4, ,988 69, ,000 VW Credit Canada Inc Jun. 24, , ,131 84,000 VW Credit Canada Inc Oct. 1, ,953 84,978 30,000 VW Credit Canada Inc Aug. 20, ,974 30, ,000 Wells Fargo Canada Corporation 2.78 Nov. 15, , , ,000 Wells Fargo Canada Corporation 2.94 Jul. 25, , , ,000 Wells Fargo Canada Corporation 3.04 Jan. 29, , ,680 30,000 Westcoast Energy Inc Oct. 28, ,493 32,001 60,000 Westcoast Energy Inc Jul. 2, ,920 64, ,000 Westcoast Energy Inc Jan. 16, , , ,000 WestJet Airlines Limited 3.29 Jul. 23, , ,352 Government debt instruments 65.9% 52,508,551 52,032,817 Federal government bonds 46.9% 1,275,000 Canada Housing Trust 1.15 Dec. 15, ,244,451 1,251,266 1,275,000 Canada Housing Trust 1.20 Jun. 15, ,267,815 1,272,772 2,545,000 Canada Housing Trust 1.25 Dec. 15, ,541,298 2,535,871 2,308,000 Canada Housing Trust 1.25 Jun. 15, ,331,884 2,288,728 1,147,000 Canada Housing Trust 1.45 Jun. 15, ,148,331 1,154,662 1,679,000 Canada Housing Trust 1.50 Dec. 15, ,671,331 1,675,522 1,195,000 Canada Housing Trust 1.75 Jun. 15, ,193,021 1,211,817 2,291,000 Canada Housing Trust 1.95 Jun. 15, ,317,588 2,342,131 2,683,000 Canada Housing Trust 2.00 Dec. 15, ,739,354 2,750,154 1,182,000 Canada Housing Trust 2.05 Jun. 15, ,198,336 1,203,719 2,621,000 Canada Housing Trust 2.35 Dec. 15, ,688,862 2,693,693 1,040,000 Canada Housing Trust 3.35 Dec. 15, ,142,861 1,119,847 1,130,000 Canada Housing Trust 3.75 Mar. 15, ,270,149 1,220,941 1,710,000 Canada Housing Trust 3.80 Jun. 15, ,941,964 1,882,779 1,800,000 Canada Housing Trust 4.10 Dec. 15, ,971,957 1,910, ,000 CPPIB Capital Inc Jan. 15, , , ,000 CPPIB Capital Inc Jun. 10, , , ,000 CPPIB Capital Inc Jun. 4, , ,472 2,960,000 Government of Canada 0.25 May 1, ,942,663 2,943,189

81 WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Federal government bonds... continued 3,400,000 Government of Canada 0.50 Aug. 1, ,396,034 3,387,819 2,645,000 Government of Canada 0.50 Nov. 1, ,642,758 2,633, ,000 Government of Canada 0.50 Feb. 1, , ,544 2,436,000 Government of Canada 0.75 Sep. 1, ,440,980 2,414,855 2,848,000 Government of Canada 0.75 Mar. 1, ,858,847 2,811,187 2,174,000 Government of Canada 0.75 Sep. 1, ,169,597 2,138,306 2,995,000 Government of Canada 1.25 Feb. 1, ,026,427 3,014,964 1,849,000 Government of Canada 1.25 Mar. 1, ,852,439 1,861,667 1,865,000 Government of Canada 1.25 Sep. 1, ,885,858 1,880,775 2,700,000 Government of Canada 1.50 Mar. 1, ,774,606 2,747,960 2,048,000 Government of Canada 1.75 Mar. 1, ,095,652 2,090,627 3,263,000 Government of Canada 1.75 Sep. 1, ,371,047 3,341,184 2,483,000 Government of Canada 3.25 Jun. 1, ,790,595 2,712,981 2,873,000 Government of Canada 3.50 Jun. 1, ,229,988 3,117,397 3,702,000 Government of Canada 3.75 Jun. 1, ,097,687 3,961,315 2,016,000 Government of Canada 4.25 Jun. 1, ,234,151 2,115, ,000 PSP Capital Inc Aug. 18, , , ,000 PSP Capital Inc Oct. 22, , ,615 72,409,392 71,609,806 Provincial government bonds 17.5% 375,000 Financement-Quebec 2.40 Dec. 1, , , ,000 Financement-Quebec 2.45 Dec. 1, , , ,000 Hydro One Inc Nov. 18, , ,141 87,000 Hydro One Inc Apr. 30, ,991 87, ,000 Hydro One Inc Feb. 24, , , ,000 Hydro One Inc Oct. 9, , , ,000 Hydro One Inc Jun. 1, , , ,000 Hydro-Quebec 1.00 May 25, , , ,000 Hydro-Quebec Aug. 15, , , ,000 Province of Alberta 1.25 Jun. 1, , , ,000 Province of Alberta 1.35 Sep. 1, , , ,000 Province of Alberta 1.60 Jun. 15, , , ,000 Province of Alberta 2.00 Jun. 1, , , ,000 Province of Alberta 4.00 Dec. 1, , , ,000 Province of British Columbia 2.25 Mar. 1, , , ,000 Province of British Columbia 3.25 Dec. 18, , , ,000 Province of British Columbia 3.70 Dec. 18, , , ,000 Province of British Columbia 4.10 Dec. 18, , , ,000 Province of British Columbia 4.65 Dec. 18, , , ,000 Province of British Columbia 4.80 Jun. 15, , , ,000 Province of Manitoba 1.15 Nov. 21, , , ,000 Province of Manitoba 1.55 Sep. 5, , , ,000 Province of Manitoba 1.60 Sep. 5, , ,448 85,000 Province of Manitoba 1.85 Sep. 5, ,874 86, ,000 Province of Manitoba 3.85 Dec. 1, , , ,000 Province of Manitoba 4.15 Jun. 3, , ,857 75,000 Province of Manitoba 4.25 Mar. 5, ,762 77, ,000 Province of Manitoba 4.75 Feb. 11, , ,771 25,000 Province of Manitoba 5.50 Nov. 15, ,637 27, ,000 Province of New Brunswick 3.35 Dec. 3, , , ,000 Province of New Brunswick 4.40 Jun. 3, , , ,000 Province of New Brunswick 4.45 Mar. 26, , , ,000 Province of New Brunswick 4.50 Jun. 2, , ,631 85,000 Province of New Brunswick 6.00 Dec. 27, ,614 89, ,000 Province of Nova Scotia 4.10 Jun. 1, , ,200

82 WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Federal government bonds... continued 225,000 Province of Nova Scotia 4.15 Nov. 25, , ,071 93,000 Province of Ontario 1.75 Oct. 9, ,835 94,260 1,788,000 Province of Ontario 2.10 Sep. 8, ,814,144 1,821, ,000 Province of Ontario 2.10 Sep. 8, , ,276 2,230,000 Province of Ontario 4.00 Jun. 2, ,517,702 2,455, ,000 Province of Ontario 4.20 Mar. 8, , ,314 2,707,000 Province of Ontario 4.20 Jun. 2, ,052,819 2,957,548 1,840,000 Province of Ontario 4.40 Jun. 2, ,038,190 1,981, ,000 Province of Ontario 5.50 Jun. 2, , ,042 40,000 Province of Prince Edward Island 4.25 Sep. 24, ,480 43,041 1,725,000 Province of Quebec 4.25 Dec. 1, ,933,624 1,930, ,000 Province of Quebec 4.50 Dec. 1, ,091,775 1,055,141 1,120,000 Province of Quebec 4.50 Dec. 1, ,260,587 1,222,910 1,540,000 Province of Quebec 4.50 Dec. 1, ,756,731 1,715, ,000 Province of Saskatchewan 1.95 Mar. 1, , ,038 80,000 Province of Saskatchewan 3.90 Jul. 28, ,234 86,758 27,345,276 26,749,386 Municipal government bonds 1.5% 100,000 City of Montreal 4.50 Dec. 1, , , ,000 City of Montreal 5.00 Dec. 1, , , ,000 City of Montreal 5.45 Dec. 1, , , ,000 City of Toronto 3.50 Dec. 6, , , ,000 City of Toronto 4.50 Dec. 2, , , ,000 City of Toronto 4.95 Jun. 27, , , ,000 Municipal Finance Authority of British Columbia 1.65 Apr. 19, ,770 99,592 36,000 Municipal Finance Authority of British Columbia 1.75 Oct. 15, ,950 36, ,000 Municipal Finance Authority of British Columbia 2.05 Jun. 2, , ,440 46,000 Municipal Finance Authority of British Columbia 2.35 Dec. 3, ,922 47, ,000 Municipal Finance Authority of British Columbia 4.15 Jun. 1, , , ,000 Municipal Finance Authority of British Columbia 4.45 Jun. 1, , , ,000 Municipal Finance Authority of British Columbia 4.60 Apr. 23, , , ,000 Municipal Finance Authority of British Columbia 4.88 Jun. 3, , , ,000 Municipal Finance Authority of British Columbia 5.10 Nov. 20, , ,318 85,000 Regional Municipality of York (The) 4.00 Jun. 30, ,982 92, ,000 Regional Municipality of York (The) 5.00 Apr. 29, , ,060 70,000 South Coast British Columbia Transportation Authority 3.80 Nov. 2, ,636 75,338 2,355,873 2,288,600 Total investments 100.0% 154,619, ,680,609

83 Notes to financial statements of WindWise Canadian Short Term Bond Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match as closely as possible the FTSE TMX Canada Short Term Overall Bond Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds 43,794, ,885, ,680,609 As at December 31, 2015 Level 1 Level 2 Level 3 Total Bonds 42,982, ,628, ,610,895 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

84 Notes to financial statements of WindWise Canadian Short Term Bond Index Non-Lending Fund December 31, 2016 and 2015 Total exposure December 31, 2016 December 31, 2015 Term to maturity Less than 1 year 492, , years 152,076, ,392, years 111, years - - Total 152,680, ,610,895 Impact on net assets attributable to holders of redeemable units 4,324,000 4,156,000 Impact on net assets attributable to holders of redeemable units 3% 3% Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating 2016 % 2015 % AAA AA+/AA/AA 14 8 A+/A/A BBB+/BBB/BBB Total

85 Notes to financial statements of WindWise Canadian Short Term Bond Index Non-Lending Fund December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Corporate bonds Federal government bonds Municipal government bonds 1 2 Provincial government bonds Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 1,452,488 4,479,969 Average units outstanding during the year 14,664,731 16,983,655 Increase (decrease) in net assets attributable to holders of redeemable units per unit

86 WindWise Canadian Short Term Investment Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 274,299, ,979,237 Cash Interest receivable 22,250 9,294 Total assets 274,321, ,989,042 Liabilities Current liabilities Accrued expenses 17,419 8,506 Total liabilities 17,419 8,506 Net assets attributable to holders of redeemable units 274,304, ,980,536 Number of redeemable units outstanding 27,430,436 31,698,054 Net assets attributable to holders of redeemable units per unit * Investments at cost 274,299, ,979,237 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

87 WindWise Canadian Short Term Investment Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Interest for distribution purposes 2,081,743 2,701,749 Total income (loss) 2,081,743 2,701,749 Expenses Audit fees 29,582 24,793 Custodial fees 54,750 69,773 Interest expenses 2,268 - Other fees Regulatory fees 4,364 57,884 Trustee fees 2,431 - Total expenses 93, ,450 Waivers and reimbursements (5,023) - Net expenses 88, ,450 Increase (decrease) in net assets attributable to holders of redeemable units 1,993,202 2,549,299 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year

88 WindWise Canadian Short Term Investment Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 1,993,202 2,549,299 Distributions to holders of redeemable units From net investment income (1,993,201) (2,549,299) Total distributions to holders of redeemable units (1,993,201) (2,549,299) Redeemable unit transactions Proceeds from redeemable units issued 823,283,600 1,017,636,880 Reinvestment of distributions to holders of redeemable units 1,993,201 2,549,299 Redemption of redeemable units (867,952,978) (1,024,065,347) Increase (decrease) from redeemable unit transactions (42,676,177) (3,879,168) Net increase (decrease) in net assets attributable to holders of redeemable units (42,676,176) (3,879,168) Net assets attributable to holders of redeemable units Beginning of year 316,980, ,859,704 Net assets attributable to holders of redeemable units End of year 274,304, ,980,536 Number of redeemable units outstanding Beginning of year 31,698,054 32,085,970 Issued 82,328, ,763,689 Reinvested 199, ,930 Redeemed (86,795,298) (102,406,535) Number of redeemable units outstanding End of year 27,430,436 31,698,054

89 WindWise Canadian Short Term Investment Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 1,993,202 2,549,299 Adjustments for: Amortization income (1,613,319) (1,766,589) Proceeds from sale of investments 8,553,968,604 8,175,346,627 Purchases of investments (8,509,675,237) (8,169,746,085) Interest receivable (12,956) 176,990 Accrued expenses 8,913 (131,931) Net cash from (used in) operating activities 44,669,207 6,428,311 Cash flows from (used in) financing activities Proceeds from redeemable units issued 823,283,600 1,017,636,880 Redemption of redeemable units (867,952,978) (1,024,065,347) Net cash from (used in) financing activities (44,669,378) (6,428,467) Net increase (decrease) in cash during the year (171) (156) Cash Beginning of year Cash End of year Interest received* 455,468 1,112,150 Interest paid* (2,268) - * Included as part of cash flows from operating activities

90 WindWise Canadian Short Term Investment Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 0.6% Corporate bonds 0.6% 1,600,000 Bank of Nova Scotia (The) 2.60 Feb. 27, ,604,330 1,604,330 Short-term investments 99.4% Bankers acceptances 19.9% 1,500,000 Bank of Montreal 0.77 Feb. 15, ,498,575 1,498,575 3,000,000 Bank of Montreal 0.77 Feb. 21, ,996,770 2,996,770 4,000,000 Bank of Montreal 0.78 Jan. 30, ,997,524 3,997,524 1,000,000 Bank of Montreal 0.82 Jan. 20, , ,576 2,500,000 Bank of Nova Scotia (The) 0.81 Jan. 23, ,498,783 2,498, ,000 Bank of Nova Scotia (The) 0.85 Jan. 27, , ,580 2,000,000 Canadian Imperial Bank of Commerce 0.77 Jan. 31, ,998,733 1,998,733 2,700,000 Canadian Imperial Bank of Commerce 0.77 Feb. 6, ,697,948 2,697,948 10,000,000 Firstbank Bankers Acceptance 0.78 Jan. 24, ,995,102 9,995,102 3,000,000 HSBC Bank Canada 0.79 Jan. 4, ,999,806 2,999,806 6,400,000 HSBC Bank Canada 0.86 Jan. 13, ,398,208 6,398,208 4,750,000 National Bank of Canada 0.78 Jan. 26, ,747,467 4,747,467 4,500,000 Toronto-Dominion Bank (The) 0.78 Feb. 7, ,496,478 4,496,478 4,269,000 Toronto-Dominion Bank (The) 0.79 Feb. 1, ,266,147 4,266,147 4,400,000 Toronto-Dominion Bank (The) 0.82 Jan. 23, ,397,829 4,397,829 54,688,526 54,688,526 Commercial paper 51.9% 6,000,000 Bay Street Fund 0.92 Feb. 24, ,991,849 5,991,849 5,000,000 Caisse Centrale Desjardins 0.78 Jan. 19, ,998,095 4,998,095 4,500,000 Caisse Centrale Desjardins 0.82 Jan. 23, ,497,794 4,497,794 1,750,000 Caisse Centrale Desjardins 0.82 Feb. 1, ,748,787 1,748,787 1,000,000 Canada Master Trust 0.89 Feb. 27, , ,610 5,000,000 CDP Financial Inc Jan. 16, ,998,747 4,998,747 5,000,000 CDP Financial Inc Feb. 28, ,995,167 4,995,167 2,000,000 Clarity Trust 0.92 Feb. 2, ,998,393 1,998, ,000 Clarity Trust 0.94 Feb. 24, , ,653 9,000,000 CPPIB Capital Inc Feb. 6, ,994,683 8,994,683 2,000,000 CPPIB Capital Inc Jan. 12, ,999,626 1,999,626 3,000,000 Fusion Trust 0.94 Jan. 17, ,998,769 2,998,769 8,000,000 Fusion Trust 0.94 Feb. 22, ,989,296 7,989, ,000 Honda Canada Finance Inc Jan. 9, , ,905 4,700,000 Honda Canada Finance Inc Jan. 17, ,698,376 4,698, ,000 Honda Canada Finance Inc Jan. 3, , ,991 4,500,000 Honda Canada Finance Inc Jan. 20, ,498,119 4,498,119 1,000,000 Honda Canada Finance Inc Jan. 6, , ,888 11,250,000 King Street Funding Trust 0.95 Jan. 3, ,249,415 11,249,415 5,000,000 Merit Trust 0.95 Mar. 16, ,990,380 4,990,380 4,000,000 Meritrust Credit Union 0.90 Jan. 5, ,999,607 3,999,607 8,000,000 National Bank of Canada 0.78 Jan. 27, ,995,569 7,995,569 4,500,000 Nestle Capital Canada Limited 0.64 Feb. 14, ,496,535 4,496,535 5,000,000 Nestle Capital Canada Limited 0.66 Feb. 2, ,997,120 4,997,120 5,000,000 Ontario Teacher Finance Trust 0.74 Jan. 6, ,999,494 4,999,494 5,000,000 Ontario Teacher Finance Trust 0.82 Jan. 25, ,997,315 4,997,315 5,000,000 PSP Capital Inc Jan. 12, ,999,101 4,999,101 2,000,000 PSP Capital Inc Jan. 17, ,999,457 1,999,457

91 WindWise Canadian Short Term Investment Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Commercial paper... continued 2,750,000 PSP Capital Inc Feb. 8, ,748,175 2,748,175 1,500,000 PSP Capital Inc Feb. 14, ,498,830 1,498,830 4,000,000 Ridge Trust 0.89 Feb. 28, ,994,350 3,994,350 1,900,000 Safe Trust 0.95 Jan. 17, ,899,211 1,899,211 8,000,000 Safe Trust 0.95 Jan. 24, ,995,220 7,995,220 2,000,000 Sound Trust 0.95 Feb. 10, ,997,922 1,997,922 4,000,000 Toyota Credit Canada Inc Jan. 5, ,999,628 3,999, ,263, ,263,077 Floating rate notes 3.6% 3,250,000 Bank of Nova Scotia (The) 1.07 Jul. 14, ,250,000 3,250,000 4,100,000 Canadian Imperial Bank of Commerce 1.11 Feb. 3, ,100,106 4,100,106 2,500,000 Toronto-Dominion Bank (The) 1.07 Jun. 1, ,500,000 2,500,000 9,850,106 9,850,106 Term deposits 6.9% 18,909,000 Royal Bank of Canada 0.45 Jan. 3, ,909,000 18,909,000 Treasury bills 17.1% 24,000,000 Government of Canada 0.42 Jan. 12, ,996,945 23,996,945 13,000,000 Government of Canada 0.50 Feb. 23, ,990,649 12,990,649 10,000,000 Government of Canada 0.51 Jan. 26, ,996,556 9,996,556 46,984,150 46,984,150 Total investments 100.0% 274,299, ,299,189

92 Notes to financial statements of WindWise Canadian Short Term Investment Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks as high a level of income as is consistent with the preservation of capital and liquidity. Fair hierarchy The following tables illustrate the classification of the Fund s assets and liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds - 1,604,330-1,604,330 Short-term investments - 272,694, ,694, ,299, ,299,189 As at December 31, 2015 Level 1 Level 2 Level 3 Total Short-term investments - 316,979, ,979,237 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Fund has minimal fair sensitivity to changes in interest rates since securities are usually held to maturity and tend to be short term in nature.

93 Notes to financial statements of WindWise Canadian Short Term Investment Non-Lending Fund December 31, 2016 and 2015 The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. Total exposure December 31, 2016 December 31, 2015 Term to maturity Less than 1 year 274,299, ,979, years years years - - Total 274,299, ,979,237 Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating 2016 % 2015 % A A Total

94 Notes to financial statements of WindWise Canadian Short Term Investment Non-Lending Fund December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Banker s acceptances Commercial paper Corporate bonds 1 - Floating rate notes 3 3 Term deposits 7 13 Treasury bills Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 1,993,202 2,549,299 Average units outstanding during the year 27,797,353 31,638,878 Increase (decrease) in net assets attributable to holders of redeemable units per unit

95 WindWise Canadian Universe Bond Index Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 1,841,028,315 1,745,058,873 Cash 1,330,581 26,565 Receivable for investments sold - 426,163 Receivable for units sold - 34,476 Interest receivable 9,312,269 9,330,380 Total assets 1,851,671,165 1,754,876,457 Liabilities Current liabilities Payable for units redeemed 419, ,390 Payable for investments purchased 820,000 1,533,553 Accrued expenses 42, ,365 Total liabilities 1,281,665 2,077,308 Net assets attributable to holders of redeemable units 1,850,389,500 1,752,799,149 Number of redeemable units outstanding 168,319, ,445,732 Net assets attributable to holders of redeemable units per unit * Investments at cost 1,833,886,002 1,680,754,120 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

96 WindWise Canadian Universe Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Interest for distribution purposes 54,740,956 53,240,002 Securities lending income 23, ,163 Other changes in fair of investments Net realized gain (loss) 33,228,079 18,153,022 Net change in unrealized appreciation (depreciation) (57,162,440) (16,732,831) Total income (loss) 30,829,700 54,765,356 Expenses Audit fees 18,885 24,793 Custodial fees 202, ,377 Interest expense Other fees 28 - Proxy fees 39 - Regulatory fees 12,171 82,100 Trustee fees 2,348 - Total expenses 236, ,270 Waivers and reimbursements (26,964) - Net expenses 209, ,270 Increase (decrease) in net assets attributable to holders of redeemable units 30,620,229 54,377,086 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year

97 WindWise Canadian Universe Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 30,620,229 54,377,086 Distributions to holders of redeemable units From net investment income (54,429,268) (52,907,647) From capital gains (32,704,463) (17,847,610) From securities lending income (23,105) (105,163) Total distributions to holders of redeemable units (87,156,836) (70,860,420) Redeemable unit transactions Proceeds from redeemable units issued 609,020, ,104,584 Reinvestment of distribution to holders of redeemable units 87,133,731 70,755,257 Redemption of redeemable units (542,027,615) (510,376,687) Increase (decrease) from redeemable unit transactions 154,126,958 93,483,154 Net increase (decrease) in net assets attributable to holders of redeemable units 97,590,351 76,999,820 Net assets attributable to holders of redeemable units Beginning of year 1,752,799,149 1,675,799,329 Net assets attributable to holders of redeemable units End of year 1,850,389,500 1,752,799,149 Number of redeemable units outstanding Beginning of year 154,445, ,671,459 Issued 52,733,718 45,310,253 Reinvested 7,739,447 6,234,516 Redeemed (46,598,969) (43,770,496) Number of redeemable units outstanding End of year 168,319, ,445,732

98 WindWise Canadian Universe Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 30,620,229 54,377,086 Adjustments for: Net realized (gain) loss on investments (33,228,079) (18,153,023) Net change in unrealized (appreciation) depreciation on investments and derivatives 57,162,440 16,732,831 Proceeds from sale of investments 858,649,461 1,102,016,536 Purchases of investments (797,253,787) (1,079,520,493) Interest receivable 1,257, ,756 Accrued expenses (91,352) 56,828 Net cash from (used in) operating activities 117,116,746 75,855,521 Cash flows from (used in) financing activities Proceeds from redeemable units issued 120,655, ,914,601 Distributions paid to holders of redeemable units, net of reinvested distributions (23,105) (105,163) Redemption of redeemable units (236,445,055) (511,656,653) Net cash from (used in) financing activities (115,812,730) (75,847,215) Net increase (decrease) in cash during the year 1,304,016 8,306 Cash Beginning of year 26,565 18,259 Cash End of year 1,330,581 26,565 Interest received* 55,998,790 53,585,758 Interest paid* (786) - Redeemable units issued in kind 488,399,888 97,155,507 Redeemable units redeemed in kind (305,586,687) - * Included as part of cash flows from operating activities

99 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 28.3% Corporate bonds 28.3% 118, East Development Group General Partnership 4.47 Jun. 23, , , , International Inc May 4, , , , International Inc Mar. 27, , , , International Inc May 16, , , , International Inc May 21, , , , International Inc May 11, , ,372 50, International Inc Nov. 24, ,601 51, , International Inc Sep. 11, , , , International Inc Apr. 25, , , , International Inc May 26, , , , International Inc Nov. 15, , , , International Inc Oct. 7, , ,378 49, International Inc Jun. 16, ,073 54, , International Inc Feb. 14, , , , International Inc Dec. 3, , , , International Inc Jul. 27, ,310 1,025, ,000 Access Prairies Partnership 4.23 Mar. 1, , ,690 16,457 Access Search Montreal SEC 7.07 Dec. 31, ,950 22, ,000 Aeroports de Montreal 3.92 Sep. 26, , , ,000 Aeroports de Montreal 3.92 Jun. 12, , , ,000 Aeroports de Montreal 5.17 Sep. 17, , ,053 75,000 Aeroports de Montreal 5.47 Apr. 16, ,354 96, ,000 Aeroports de Montreal 5.67 Oct. 16, , , ,000 Aeroports de Montreal 6.55 Oct. 11, , , ,670 Aeroports de Montreal 6.95 Apr. 16, , , ,000 Aimia Inc Jan. 22, , , ,000 Aimia Inc May 17, , , ,000 Algonquin Power Company 4.65 Feb. 15, , ,793 25,000 Algonquin Power Company 4.82 Feb. 15, ,666 26, ,000 Alimentation Couche-Tard Inc Nov. 1, , ,818 1,012,000 Alimentation Couche-Tard Inc Jun. 2, ,024,155 1,038, ,000 Alimentation Couche-Tard Inc Nov. 1, , , ,000 Alimentation Couche-Tard Inc Aug. 21, , ,503 28,000 Alliance Pipeline Limited Partnership 4.93 Dec. 16, ,724 29, ,519 Alliance Pipeline Limited Partnership 5.55 Dec. 31, , , ,993 Alliance Pipeline Limited Partnership 6.77 Dec. 31, , , ,022 Alliance Pipeline Limited Partnership 7.18 Jun. 30, , , ,434 Alliance Pipeline Limited Partnership 7.22 Dec. 31, , , ,000 Allied Properties Real Estate Investment Trust 3.75 May 13, , , ,000 Allied Properties Real Estate Investment Trust 3.93 Nov. 14, , , ,000 AltaGas Limited 3.57 Jun. 12, , , ,000 AltaGas Limited 3.72 Sep. 28, , , ,000 AltaGas Limited 3.84 Jan. 15, , ,419 15,000 AltaGas Limited 4.07 Jun. 1, ,847 15, ,000 AltaGas Limited 4.12 Apr. 7, , , ,000 AltaGas Limited 4.40 Mar. 15, , , ,000 AltaGas Limited 4.50 Aug. 15, , , ,000 AltaGas Limited 4.55 Jan. 17, , , ,000 AltaGas Limited 4.60 Jan. 15, , ,594 22,000 AltaGas Limited 5.16 Jan. 13, ,063 23, ,000 AltaLink Investments Limited Partnership 2.24 Mar. 7, , , ,000 AltaLink Investments Limited Partnership 3.27 Jun. 5, , , ,000 AltaLink Investments Limited Partnership 3.67 Jun. 5, , , ,000 AltaLink Limited Partnership 2.75 May 29, , ,684

100 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 435,000 AltaLink Limited Partnership 2.98 Nov. 28, , , ,000 AltaLink Limited Partnership 3.40 Jun. 6, , , ,000 AltaLink Limited Partnership 3.62 Sep. 17, , , ,000 AltaLink Limited Partnership 3.67 Nov. 6, , , ,000 AltaLink Limited Partnership 3.72 Dec. 3, , , ,000 AltaLink Limited Partnership 3.99 Jun. 30, , , ,000 AltaLink Limited Partnership 4.05 Nov. 21, , , ,000 AltaLink Limited Partnership 4.09 Jun. 30, , , ,000 AltaLink Limited Partnership 4.27 Jun. 6, , , ,000 AltaLink Limited Partnership 4.45 Jul. 11, , , ,000 AltaLink Limited Partnership 4.46 Nov. 8, , , ,000 AltaLink Limited Partnership 4.87 Nov. 15, , , ,000 AltaLink Limited Partnership 4.92 Sep. 17, , , ,000 AltaLink Limited Partnership 5.24 May 29, , , ,000 AltaLink Limited Partnership 5.25 Sep. 22, , , ,000 AltaLink Limited Partnership 5.38 Mar. 26, , , ,000 American Express Canada Credit Corporation 2.31 Mar. 29, , ,365 36,000 Aon Finance N.S. 1 ULC 4.76 Mar. 8, ,544 37,172 28,724 Arrow Lakes Power Corporation 5.52 Apr. 5, ,601 32, ,000 Artis Real Estate Investment Trust 3.75 Mar. 27, , , ,000 Asian Development Bank 4.65 Feb. 16, , ,422 3,221,000 Bank of Montreal 1.61 Oct. 28, ,211,172 3,161,100 1,429,000 Bank of Montreal 1.88 Mar. 31, ,432,605 1,427,580 1,948,000 Bank of Montreal 2.10 Oct. 6, ,960,452 1,969,742 1,674,000 Bank of Montreal 2.12 Mar. 16, ,667,699 1,674,122 3,332,000 Bank of Montreal 2.24 Dec. 11, ,332,986 3,367, ,000 Bank of Montreal 2.43 Mar. 4, , , ,000 Bank of Montreal 2.70 Dec. 9, , ,714 2,028,000 Bank of Montreal 2.84 Jun. 4, ,073,041 2,102,887 1,568,000 Bank of Montreal 3.21 Sep. 13, ,590,437 1,616,758 1,617,000 Bank of Montreal 3.40 Apr. 23, ,638,721 1,714, ,000 Bank of Montreal 4.61 Sep. 10, ,048,571 1,126,548 1,200,000 Bank of Montreal 6.02 May 2, ,369,671 1,274, ,000 Bank of Montreal 6.17 Mar. 28, , ,458 2,218,000 Bank of Nova Scotia (The) 1.33 May 1, ,216,707 2,220,652 2,777,000 Bank of Nova Scotia (The) 1.90 Dec. 2, ,774,046 2,757,071 2,116,000 Bank of Nova Scotia (The) 2.09 Sep. 9, ,133,387 2,137,751 2,405,000 Bank of Nova Scotia (The) 2.13 Jun. 15, ,420,639 2,435,226 2,310,000 Bank of Nova Scotia (The) 2.24 Mar. 22, ,309,478 2,338,816 1,620,000 Bank of Nova Scotia (The) 2.27 Jan. 13, ,624,890 1,649,885 1,777,000 Bank of Nova Scotia (The) 2.37 Jan. 11, ,814,647 1,799,312 1,725,000 Bank of Nova Scotia (The) 2.40 Oct. 28, ,732,761 1,762,643 1,468,000 Bank of Nova Scotia (The) 2.46 Mar. 14, ,473,943 1,499, ,000 Bank of Nova Scotia (The) 2.62 Dec. 2, , , ,000 Bank of Nova Scotia (The) 2.75 Aug. 13, , ,844 1,179,000 Bank of Nova Scotia (The) 2.87 Jun. 4, ,188,219 1,223,497 2,068,000 Bank of Nova Scotia (The) 3.04 Oct. 18, ,078,988 2,134,066 1,809,000 Bank of Nova Scotia (The) 3.27 Jan. 11, ,870,538 1,905, ,740 Bankers Hall Limited Partnership 4.38 Nov. 20, , , ,000 bcimc Realty Corporation 2.10 Jun. 3, , , ,000 bcimc Realty Corporation 2.79 Aug. 2, , ,171 1,026,000 bcimc Realty Corporation 2.84 Jun. 3, ,035,118 1,031, ,000 bcimc Realty Corporation 2.96 Mar. 7, , , ,000 bcimc Realty Corporation 3.51 Jun. 29, , , ,000 bcimc Realty Corporation 5.65 Jan. 5, , ,179

101 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 1,060,000 Bell Canada Inc Oct. 1, ,057,922 1,048, ,000 Bell Canada Inc Aug. 12, , ,557 1,121,000 Bell Canada Inc Oct. 3, ,126,820 1,151,957 1,069,000 Bell Canada Inc Sep. 29, ,072,017 1,113,975 1,360,000 Bell Canada Inc Jun. 17, ,383,993 1,420,273 1,495,000 Bell Canada Inc Jun. 18, ,526,769 1,555,827 1,083,000 Bell Canada Inc Mar. 22, ,125,762 1,127, ,000 Bell Canada Inc Sep. 10, , , ,000 Bell Canada Inc Jun. 12, , , ,000 Bell Canada Inc Mar. 2, , , ,000 Bell Canada Inc Dec. 18, , ,146 1,379,000 Bell Canada Inc Mar. 16, ,387,196 1,429, ,000 Bell Canada Inc Sep. 11, , , ,000 Bell Canada Inc Sep. 29, , , ,000 Bell Canada Inc Apr. 26, , , ,000 Bell Canada Inc May 19, , , ,000 Bell Canada Inc Feb. 26, , , ,000 Bell Canada Inc Mar. 16, , , ,000 Bell Canada Inc Feb. 26, , , ,000 Bell Canada Inc May 1, , , ,000 Bell Canada Inc Sep. 24, , , ,000 Bell Canada Inc Feb. 23, , , ,000 Bell Canada Inc Dec. 30, , , ,000 Bell Canada Inc Apr. 2, , ,940 64,000 Bell Canada Inc Apr. 17, ,314 86, ,000 Blackbird Infrastructure 407 General Partnership 1.71 Oct. 8, , , ,000 Blackbird Infrastructure 407 General Partnership 3.76 Jun. 30, , , ,000 BMO Capital Trust II Dec. 31, ,016, , ,000 BMW Canada Inc Oct. 19, , , ,000 BMW Canada Inc Jun. 15, , , ,000 BMW Canada Inc Nov. 26, , , ,000 BMW Canada Inc May 23, , , ,000 BMW Canada Inc Sep. 26, , ,780 19,844 Borealis Infrastructure Trust 6.35 Dec. 1, ,313 21,659 75,000 Bow Centre Street Limited Partnership 3.69 Jun. 14, ,591 74,677 81,000 Bow Centre Street Limited Partnership 3.80 Jun. 13, ,507 78, ,000 British Columbia Ferry Services Inc Apr. 28, , , ,000 British Columbia Ferry Services Inc Oct. 23, , ,448 87,000 British Columbia Ferry Services Inc Mar. 20, , , ,000 British Columbia Ferry Services Inc Jan. 11, , , ,000 British Columbia Ferry Services Inc Oct. 13, , , ,000 Brookfield Asset Management Inc Mar. 16, , , ,000 Brookfield Asset Management Inc Apr. 9, , , ,000 Brookfield Asset Management Inc Mar. 31, , ,983 1,253,000 Brookfield Asset Management Inc Jan. 28, ,332,110 1,357, ,000 Brookfield Asset Management Inc Mar. 8, , , ,000 Brookfield Asset Management Inc Mar. 1, , , ,000 Brookfield Asset Management Inc Jun. 14, , , ,000 Brookfield Infrastructure Finance ULC 3.45 Mar. 11, , , ,000 Brookfield Infrastructure Finance ULC 3.54 Oct. 30, , , ,000 Brookfield Renewable Partners ULC 3.63 Jan. 15, , , ,000 Brookfield Renewable Partners ULC 3.75 Jun. 2, , , ,000 Brookfield Renewable Partners ULC 4.79 Feb. 7, , , ,000 Brookfield Renewable Partners ULC 5.14 Oct. 13, , , ,000 Brookfield Renewable Partners ULC 5.25 Nov. 5, , ,020 82,000 Brookfield Renewable Partners ULC 5.84 Nov. 5, ,272 88,845

102 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 512,000 Bruce Power Limited Partnership 2.84 Jun. 23, , , ,000 Bruce Power Limited Partnership 3.97 Jun. 23, , , ,000 Cadillac Fairview Finance Trust 3.64 May 9, , , ,000 Cadillac Fairview Finance Trust 4.31 Jan. 25, ,584 1,021,456 1,734,000 Caisse Centrale Desjardins 1.75 Mar. 2, ,734,285 1,735, ,000 Caisse Centrale Desjardins 2.44 Jul. 17, , ,673 1,501,000 Caisse Centrale Desjardins 2.80 Nov. 19, ,520,246 1,539, ,000 Cameco Corporation 3.75 Nov. 14, , , ,000 Cameco Corporation 4.19 Jun. 24, , ,534 4,000 Cameco Corporation 5.09 Nov. 14, ,961 3, ,000 Cameco Corporation 5.67 Sep. 2, , , ,000 Canada Life Assurance Company (The) 6.40 Dec. 11, , ,777 1,210,000 Canadian Credit Card Trust II 1.83 Mar. 24, ,211,659 1,212,601 1,763,000 Canadian Imperial Bank of Commerce 1.64 Jul. 12, ,761,144 1,738,045 1,978,000 Canadian Imperial Bank of Commerce 1.70 Oct. 9, ,983,720 1,989,527 1,585,000 Canadian Imperial Bank of Commerce 1.85 Jul. 14, ,592,880 1,590,321 1,830,000 Canadian Imperial Bank of Commerce 1.90 Apr. 26, ,835,607 1,829,326 1,984,000 Canadian Imperial Bank of Commerce 2.22 Mar. 7, ,998,684 2,007,947 1,375,000 Canadian Imperial Bank of Commerce 2.35 Jun. 24, ,380,797 1,403, ,000 Canadian Imperial Bank of Commerce 6.00 Jun. 6, , , ,000 Canadian National Railway Company 2.75 Feb. 18, , , ,000 Canadian National Railway Company 2.80 Sep. 22, , , ,000 Canadian National Railway Company 3.95 Sep. 22, , , ,000 Canadian Natural Resources Limited 2.60 Dec. 3, , ,369 1,448,000 Canadian Natural Resources Limited 2.89 Aug. 14, ,456,540 1,467, ,000 Canadian Natural Resources Limited 3.05 Jun. 19, , ,132 1,217,000 Canadian Natural Resources Limited 3.31 Feb. 11, ,216,817 1,243, ,000 Canadian Natural Resources Limited 3.55 Jun. 3, , , ,000 Canadian Pacific Railway Company 5.10 Jan. 14, , , ,000 Canadian Pacific Railway Company 6.25 Jun. 1, , , ,000 Canadian Pacific Railway Company 6.45 Nov. 17, , ,581 54,736 Canadian Pacific Railway Company 6.91 Oct. 1, ,814 64, ,000 Canadian Real Estate Investment Trust 3.68 Jul. 24, , , ,000 Canadian Real Estate Investment Trust 4.32 Jan. 15, , , ,000 Canadian Tire Corporation Limited 5.61 Sep. 4, , , ,000 Canadian Tire Corporation Limited 6.38 Apr. 13, , , ,000 Canadian Tire Corporation Limited 6.45 Feb. 24, , , ,000 Canadian Utilities Limited 3.12 Nov. 9, , , ,000 Canadian Western Bank 2.53 Mar. 22, , , ,000 Canadian Western Bank 2.75 Jun. 29, , ,305 99,000 Canadian Western Bank 2.79 Sep. 13, ,000 98, ,000 Canadian Western Bank 3.08 Jan. 14, , , ,000 Canadian Western Bank 3.46 Dec. 17, , , ,000 Capital City Link General Partnership 4.39 Mar. 31, , , ,000 Capital Desjardins Inc Dec. 15, , ,187 1,206,000 Capital Desjardins Inc May 5, ,349,720 1,322, ,000 Capital Power Corporation 4.85 Feb. 21, , , ,000 Capital Power Corporation 5.28 Nov. 16, , , ,000 CARDS II Trust 2.16 Oct. 16, , ,803 62,000 Caterpillar Financial Services Limited 1.75 Jun. 3, ,221 62, ,000 Caterpillar Financial Services Limited 2.29 Jun. 1, , ,851 1,327,000 CDP Financial Inc Jul. 15, ,379,319 1,461, ,000 Central 1 Credit Union 2.89 Apr. 25, , , ,000 Central 1 Credit Union 3.06 Oct. 14, , , ,000 Chip Mortgage Trust 2.33 Apr. 29, , , ,000 Chip Mortgage Trust 2.98 Nov. 15, , ,383

103 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 157,000 Choice Properties Limited Partnership 3.00 Sep. 20, , , ,000 Choice Properties Limited Partnership 3.60 Apr. 20, , , ,000 Choice Properties Limited Partnership 3.60 Sep. 20, , , ,000 Choice Properties Limited Partnership 3.60 Sep. 20, , , ,000 Choice Properties Real Estate Investment Trust 2.30 Sep. 14, , , ,000 Choice Properties Real Estate Investment Trust 3.20 Mar. 7, , , ,000 Choice Properties Real Estate Investment Trust 3.50 Feb. 8, , , ,000 Choice Properties Real Estate Investment Trust 3.55 Jul. 5, , , ,000 Choice Properties Real Estate Investment Trust 4.06 Nov. 24, , , ,000 Choice Properties Real Estate Investment Trust 4.29 Feb. 8, , , ,000 Choice Properties Real Estate Investment Trust 4.90 Jul. 5, , , ,000 Choice Properties Real Estate Investment Trust 5.27 Mar. 7, , ,033 1,077,000 CI Financial Corporation 2.65 Dec. 7, ,081,746 1,081, ,000 CI Investments Inc Nov. 25, , ,375 1,497,000 CIBC Capital Trust 9.98 Jun. 30, ,925,162 1,760, ,000 CIBC Capital Trust Jun. 30, , , ,000 Cogeco Communications Inc May 26, , , ,000 Cogeco Communications Inc Feb. 14, , , ,000 Cogeco Communications Inc Nov. 16, , , ,041 Comber Wind Financial Corporation 5.13 Nov. 15, , , ,000 Cominar Real Estate Investment Trust 3.62 Jun. 21, , , ,000 Cominar Real Estate Investment Trust 4.16 Jun. 1, , , ,000 Cominar Real Estate Investment Trust 4.23 Dec. 4, , , ,000 Cominar Real Estate Investment Trust 4.25 Dec. 8, , , ,000 Cominar Real Estate Investment Trust 4.25 May 23, , , ,000 Cominar Real Estate Investment Trust 4.94 Jul. 27, , ,198 14,000 Concordia University 6.55 Sep. 2, ,097 19, ,000 Crombie Real Estate Investment Trust 2.78 Feb. 10, , , ,000 Crombie Real Estate Investment Trust 3.96 Jun. 1, , , ,000 Crombie Real Estate Investment Trust 3.99 Oct. 31, , , ,000 Crosslinx Transit Solutions General Partnership 4.56 Jun. 30, , , ,000 Crosslinx Transit Solutions General Partnership 4.65 Sep. 30, , , ,000 CT Real Estate Investment Trust 2.16 Jun. 1, , , ,000 CT Real Estate Investment Trust 2.85 Jun. 9, , , ,000 CT Real Estate Investment Trust 3.29 Jun. 1, , , ,000 CT Real Estate Investment Trust 3.53 Jun. 9, , , ,000 CU Inc Nov. 19, , , ,000 CU Inc Sep. 10, , , ,000 CU Inc Sep. 11, , , ,000 CU Inc Nov. 14, , , ,000 CU Inc Jul. 27, , ,316 1,475,000 CU Inc Sep. 2, ,566,730 1,547, ,000 CU Inc Oct. 29, , , ,000 CU Inc Oct. 24, , , ,000 CU Inc Nov. 7, , , ,000 CU Inc Oct. 24, , , ,000 CU Inc Sep. 9, , , ,000 CU Inc Nov. 22, , , ,000 CU Inc Nov. 18, , ,023 50,000 CU Inc Nov. 20, ,594 58, ,000 CU Inc Nov. 21, , , ,000 CU Inc Jan. 23, , , ,000 CU Inc May 26, , , ,000 CU Inc Oct. 30, , ,474 40,000 CU Inc May 26, ,746 50, ,000 CU Inc Nov. 20, , ,690

104 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 69,000 CU Inc Mar. 6, ,154 85, ,000 CU Inc Mar. 7, , , ,000 CU Inc Aug. 13, , ,621 14,000 CU Inc Apr. 1, ,996 19,090 58,000 Daimler Canada Finance Inc Oct. 2, ,518 57, ,000 Daimler Canada Finance Inc Aug. 19, , , ,000 Daimler Canada Finance Inc Dec. 16, , , ,000 Daimler Canada Finance Inc Jul. 8, , , ,000 Daimler Canada Finance Inc Dec. 16, , , ,000 Daimler Canada Finance Inc Mar. 26, , , ,000 Dollarama Inc Jul. 22, , , ,000 Dollarama Inc Nov. 5, , , ,000 Dream Office Real Estate Investment Trust 3.42 Jun. 13, , , ,000 Dream Office Real Estate Investment Trust 4.07 Jan. 21, , , ,000 Eagle Credit Card Trust 2.15 Sep. 17, , , ,000 Eagle Credit Card Trust 2.85 Oct. 18, , ,167 68,095 Edmonton Regional Airports Authority 7.21 Nov. 1, ,659 86, ,000 Emera Inc Jun. 16, , ,327 50,000 Emera Inc Dec. 2, ,368 53, ,000 Empire Life Insurance Company (The) 2.87 May 31, , , ,000 Empire Life Insurance Company (The) 3.38 Dec. 16, , , ,000 Enbridge Gas Distribution Inc Aug. 5, , , ,000 Enbridge Gas Distribution Inc Aug. 22, , , ,000 Enbridge Gas Distribution Inc Sep. 11, , , ,000 Enbridge Gas Distribution Inc Aug. 22, , , ,000 Enbridge Gas Distribution Inc Nov. 23, , , ,000 Enbridge Gas Distribution Inc Nov. 23, , , ,000 Enbridge Gas Distribution Inc Dec. 17, , , ,000 Enbridge Gas Distribution Inc Nov. 22, , ,929 45,000 Enbridge Gas Distribution Inc Dec. 4, ,409 46, ,000 Enbridge Gas Distribution Inc Feb. 25, , ,777 20,000 Enbridge Gas Distribution Inc Dec. 16, ,777 25, ,000 Enbridge Gas Distribution Inc Nov. 3, , ,799 16,000 Enbridge Gas Distribution Inc Nov. 15, ,515 21, ,000 Enbridge Gas Distribution Inc Oct. 29, , , ,000 Enbridge Inc Mar. 11, , , ,000 Enbridge Inc Dec. 5, , , ,000 Enbridge Inc Jun. 30, , , ,000 Enbridge Inc Aug. 27, , , ,000 Enbridge Inc Feb. 1, , , ,000 Enbridge Inc Mar. 9, ,034,053 1,061, ,000 Enbridge Inc Mar. 28, , , ,000 Enbridge Inc Mar. 11, , , ,000 Enbridge Inc Sep. 2, , ,762 12,000 Enbridge Inc Sep. 28, ,455 12, ,000 Enbridge Inc Nov. 14, , , ,000 Enbridge Inc Sep. 2, , ,352 14,000 Enbridge Inc Jun. 18, ,392 17,869 16,000 Enbridge Inc Jul. 24, ,656 20, ,000 Enbridge Income Fund 2.92 Dec. 14, , , ,000 Enbridge Income Fund 3.94 Jan. 13, , , ,000 Enbridge Income Fund 3.95 Nov. 19, , , ,000 Enbridge Income Fund 4.10 Feb. 22, , , ,000 Enbridge Income Fund 4.85 Feb. 22, , , ,000 Enbridge Income Fund 4.87 Nov. 21, , , ,000 Enbridge Pipelines Inc Nov. 30, , ,647

105 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 830,000 Enbridge Pipelines Inc Aug. 10, , , ,000 Enbridge Pipelines Inc Sep. 29, , , ,000 Enbridge Pipelines Inc Aug. 17, , , ,000 Enbridge Pipelines Inc Aug. 9, , , ,000 Enbridge Pipelines Inc Apr. 6, , , ,000 Enbridge Pipelines Inc Nov. 12, , , ,000 Enbridge Pipelines Inc Aug. 17, , , ,000 Enbridge Pipelines Inc Sep. 29, , , ,000 Enbridge Pipelines Inc Dec. 19, , , ,000 Enbridge Pipelines Inc Apr. 6, , , ,000 Enbridge Pipelines Inc Nov. 10, , , ,000 Enbridge Pipelines Inc Nov. 17, , , ,000 Enbridge Pipelines Inc Nov. 19, , ,266 7,000 Enercare Solutions Inc Nov. 30, ,172 7,139 20,000 Enercare Solutions Inc Feb. 3, ,988 21,004 45,000 Enersource Corporation 4.52 Apr. 29, ,161 49, ,000 Enersource Corporation 5.30 Apr. 29, , , ,000 ENMAX Corporation 3.81 Dec. 5, , , ,000 ENMAX Corporation 6.15 Jun. 19, , , ,000 EPCOR Utilities Inc Feb. 28, , , ,000 EPCOR Utilities Inc Nov. 16, , ,137 94,000 EPCOR Utilities Inc Nov. 24, , , ,000 EPCOR Utilities Inc Jan. 31, , , ,000 EPCOR Utilities Inc Apr. 15, , , ,000 Fairfax Financial Holdings Limited 4.50 Mar. 22, , , ,000 Fairfax Financial Holdings Limited 4.70 Dec. 16, , , ,000 Fairfax Financial Holdings Limited 4.95 Mar. 3, , , ,000 Fairfax Financial Holdings Limited 5.84 Oct. 14, , , ,000 Fairfax Financial Holdings Limited 6.40 May 25, , , ,000 Fairfax Financial Holdings Limited 7.25 Jun. 22, , , ,000 Federated Co-operatives Limited 3.92 Jun. 17, , , ,109 Fifth Avenue Limited Partnership 4.71 Aug. 5, , , ,000 Finning International Inc Jul. 3, , , ,000 Finning International Inc Jun. 13, , ,638 84,000 Finning International Inc Jun. 1, ,064 88, ,000 First Capital Realty Inc May 6, , , ,000 First Capital Realty Inc Oct. 30, , , ,000 First Capital Realty Inc Dec. 5, , , ,000 First Capital Realty Inc Jul. 31, , , ,000 First Capital Realty Inc Jan. 31, , , ,000 First Capital Realty Inc Mar. 1, , , ,000 First Capital Realty Inc Aug. 30, , , ,000 First Capital Realty Inc Jul. 30, , ,519 47,000 First Capital Realty Inc Apr. 30, ,861 51, ,000 First National Financial Corporation 4.01 Apr. 9, , , ,000 First Nations Finance Authority 3.40 Jun. 26, , , ,000 Ford Credit Canada Limited 2.45 May 7, , ,139 1,024,000 Ford Credit Canada Limited 2.58 May 10, ,024,687 1,016, ,000 Ford Credit Canada Limited 2.92 Sep. 16, , , ,000 Ford Credit Canada Limited 2.94 Feb. 19, , , ,000 Ford Credit Canada Limited 3.14 Jun. 14, , , ,000 Ford Credit Canada Limited 3.28 Jul. 2, , , ,000 Ford Credit Canada Limited 3.32 Dec. 19, , , ,000 Ford Credit Canada Limited 3.70 Aug. 2, , ,107 1,039,000 Fortified Trust 1.67 Jul. 23, ,038,730 1,026, ,000 Fortis Inc Dec. 12, , ,030

106 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 434,000 Fortis Inc Jul. 4, , , ,000 FortisAlberta Inc Sep. 30, , , ,000 FortisAlberta Inc Sep. 21, , ,875 18,000 FortisAlberta Inc Oct. 23, ,151 17,983 65,000 FortisAlberta Inc Sep. 29, ,687 67,692 86,000 FortisAlberta Inc Sep. 22, ,779 91, ,000 FortisAlberta Inc Oct. 18, , ,067 78,000 FortisAlberta Inc Oct. 27, ,945 90, ,000 FortisAlberta Inc Sep. 11, , , ,000 FortisAlberta Inc Jan. 3, , , ,000 FortisAlberta Inc Oct. 30, , , ,000 FortisAlberta Inc Apr. 21, , ,668 43,000 FortisAlberta Inc Apr. 15, ,144 55,344 37,000 FortisAlberta Inc Oct. 31, ,579 48, ,000 FortisBC Energy Inc Apr. 8, , , ,000 FortisBC Energy Inc Apr. 13, , ,138 72,000 FortisBC Energy Inc Apr. 9, ,877 69, ,000 FortisBC Energy Inc Mar. 6, , , ,000 FortisBC Energy Inc Dec. 9, , , ,000 FortisBC Energy Inc Dec. 6, , , ,000 FortisBC Energy Inc Sep. 25, , , ,000 FortisBC Energy Inc May 13, , ,300 38,000 FortisBC Energy Inc Feb. 26, ,136 48, ,000 FortisBC Energy Inc Oct. 2, , , ,000 FortisBC Energy Inc Feb. 15, , ,474 54,000 FortisBC Energy Inc May 1, ,650 72,661 19,000 FortisBC Energy Inc Feb. 24, ,551 26, ,000 FortisBC Inc Oct. 28, , , ,000 FortisBC Inc Nov. 24, , , ,000 FortisBC Inc Nov. 9, , ,035 10,000 FortisBC Inc Jun. 2, ,963 13, ,000 Gaz Metro Inc May 25, , ,925 75,000 Gaz Metro Inc Oct. 9, ,886 68,195 38,000 Gaz Metro Inc Mar. 31, ,697 34, ,000 Gaz Metro Inc Jul. 10, , , ,000 Gaz Metro Inc Oct. 31, , , ,000 Gaz Metro Inc Oct. 30, , , ,000 Gaz Metro Inc May 16, , ,415 1,261,000 GE Capital Canada Funding Company 4.60 Jan. 26, ,320,910 1,417, ,000 General Motors Financial of Canada Limited 3.08 May 22, , ,000 1,061,000 Genesis Trust II 1.68 Sep. 17, ,063,407 1,066, ,000 Genesis Trust II 1.70 Apr. 15, , ,065 1,183,000 Genesis Trust II 2.43 May 15, ,193,900 1,208, ,000 Genworth MI Canada Inc Apr. 1, , , ,000 Genworth MI Canada Inc Jun. 15, , , ,000 George Weston Limited 4.12 Jun. 17, , ,579 21,000 George Weston Limited 6.69 Mar. 1, ,608 25, ,000 George Weston Limited 7.10 Feb. 5, , , ,000 Glacier Credit Card Trust 2.24 Sep. 20, , , ,000 Glacier Credit Card Trust 2.57 Sep. 20, , , ,000 Glacier Credit Card Trust 2.76 Nov. 20, , , ,144 Grand Renewable Solar Limited Partnership 3.93 Jan. 31, , , ,000 GrandLinq GP 4.77 Mar. 31, , , ,000 Granite REIT Holdings Limited Partnership 3.79 Jul. 5, , ,206 1,141,000 Granite REIT Holdings Limited Partnership 3.87 Nov. 30, ,141,023 1,146,139 91,000 Greater Toronto Airports Authority 1.51 Feb. 16, ,398 90,476

107 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 469,000 Greater Toronto Airports Authority 3.04 Sep. 21, , , ,000 Greater Toronto Airports Authority 4.53 Dec. 2, , , ,000 Greater Toronto Airports Authority 5.26 Apr. 17, , , ,000 Greater Toronto Airports Authority 5.30 Feb. 25, ,041,721 1,147, ,000 Greater Toronto Airports Authority 5.63 Jun. 7, , ,299 1,243,000 Greater Toronto Airports Authority 5.96 Nov. 20, ,452,768 1,402, ,000 Greater Toronto Airports Authority 6.45 Dec. 3, , , ,967 Greater Toronto Airports Authority 6.45 Jul. 30, , , ,000 Greater Toronto Airports Authority 6.47 Feb. 2, , , ,000 Greater Toronto Airports Authority 6.98 Oct. 15, , , ,000 Greater Toronto Airports Authority 7.05 Jun. 12, , , ,000 Greater Toronto Airports Authority 7.10 Jun. 4, , ,986 1,845,000 Great-West Lifeco Finance (Delaware) Limited Partnership 5.69 Jun. 21, ,835,181 1,831, ,000 Great-West Lifeco Finance (Delaware) Limited Partnership 7.13 Jun. 26, , , ,000 Great-West Lifeco Inc Aug. 13, , , ,000 Great-West Lifeco Inc Nov. 16, , , ,000 Great-West Lifeco Inc Mar. 21, , , ,000 Great-West Lifeco Inc Mar. 21, , , ,000 Great-West Lifeco Inc Nov. 24, , , ,000 H&R Real Estate Investment Trust 2.92 May 6, , , ,000 H&R Real Estate Investment Trust 3.34 Jun. 20, , , ,000 H&R Real Estate Investment Trust 4.45 Mar. 2, , , ,000 Halifax International Airport Authority 4.89 Nov. 15, , , ,000 Halifax International Airport Authority 5.50 Jul. 19, , , ,000 HCN Canadian Holdings-1 Limited Partnership 3.35 Nov. 25, , ,156 1,730,000 Health Montreal Collective Limited Partnership 6.72 Sep. 30, ,301,397 2,150, ,000 Hollis Receivables Term Trust II 1.79 Feb. 26, , , ,000 Hollis Receivables Term Trust II 2.43 Jun. 26, , , ,000 Home Trust Company 2.28 Mar. 6, , , ,000 Home Trust Company 3.40 Dec. 10, , , ,000 Honda Canada Finance Inc Aug. 12, , , ,000 Honda Canada Finance Inc Dec. 7, , , ,000 Honda Canada Finance Inc Feb. 18, , , ,000 Honda Canada Finance Inc Jun. 4, , , ,000 Hospital for Sick Children (The) 5.22 Dec. 16, , ,397 1,514,519 Hospital Infrastructure Partners (NOH) Partnership 5.44 Jan. 31, ,813,971 1,690, ,000 HSBC Bank Canada 1.82 Jul. 7, , ,579 1,030,000 HSBC Bank Canada 2.08 Nov. 26, ,032,272 1,040,511 1,464,000 HSBC Bank Canada 2.45 Jan. 29, ,470,482 1,484,617 1,159,000 HSBC Bank Canada 2.49 May 13, ,169,234 1,179,711 1,359,000 HSBC Bank Canada 2.91 Sep. 29, ,365,915 1,400,008 1,485,000 HSBC Bank Canada 2.94 Jan. 14, ,529,593 1,531, ,000 Husky Energy Inc Mar. 12, , , ,000 Husky Energy Inc Mar. 12, , ,267 92,000 IGM Financial Inc Dec. 10, , , ,000 IGM Financial Inc Mar. 7, , , ,000 IGM Financial Inc Apr. 8, ,041,093 1,058, ,000 Industrial Alliance Insurance and Financial Services Inc Feb. 23, , , ,000 Industrial Alliance Insurance and Financial Services Inc May 16, , , ,000 Industrial Alliance Insurance and Financial Services Inc Sep. 15, , , ,000 InPower BC General Partnership 4.47 Mar. 31, , , ,000 Intact Financial Corporation 3.77 Mar. 2, , , ,000 Intact Financial Corporation 4.70 Aug. 18, , , ,000 Intact Financial Corporation 5.16 Jun. 16, , ,733 66,000 Intact Financial Corporation 5.41 Sep. 3, ,190 72, ,000 Intact Financial Corporation 6.40 Nov. 23, , ,765

108 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 123,000 Integrated Team Solutions PCH Partnership 4.88 May 31, , , ,788 Integrated Team Solutions SJHC Partnership 5.95 Nov. 30, , , ,000 Inter Pipeline Limited 2.61 Sep. 13, , , ,000 Inter Pipeline Limited 3.17 Mar. 24, , , ,000 Inter Pipeline Limited 3.45 Jul. 20, , , ,000 Inter Pipeline Limited 3.48 Dec. 16, , , ,000 Inter Pipeline Limited 3.78 May 30, , , ,000 Inter Pipeline Limited 3.84 Jul. 30, , , ,000 Inter Pipeline Limited 4.64 May 30, , , ,000 Inter Pipeline Limited 4.97 Feb. 2, , , ,000 Inter-American Development Bank 1.88 Mar. 20, , , ,000 Inter-American Development Bank 4.40 Jan. 26, , ,682 1,384,000 International Bank for Reconstruction and Development 1.88 May 30, ,388,590 1,407, ,000 Investors Group Inc Dec. 31, , , ,000 John Deere Canada Funding Inc Jul. 13, , , ,000 John Deere Canada Funding Inc Jan. 28, , , ,000 John Deere Canada Funding Inc Sep. 17, , , ,000 John Deere Canada Funding Inc May 13, , , ,000 John Deere Canada Funding Inc Jan. 17, , , ,000 John Deere Canada Funding Inc Jun. 24, , , ,000 John Deere Canada Funding Inc Jul. 16, , , ,000 Kingston Solar Limited Partnership 3.57 Jul. 31, , , ,000 Kraft Canada Inc Jul. 6, , , ,000 Laurentian Bank of Canada 2.50 Jan. 23, , , ,000 Laurentian Bank of Canada 2.75 Apr. 22, , , ,000 Laurentian Bank of Canada 2.81 Jun. 13, , , ,000 Laurentian Bank of Canada 3.28 Oct. 15, , , ,000 Leisureworld Senior Care Limited Partnership 3.47 Feb. 3, , , ,000 Loblaw Companies Limited 3.75 Mar. 12, , ,713 1,272,000 Loblaw Companies Limited 4.86 Sep. 12, ,316,525 1,426, ,000 Loblaw Companies Limited 5.22 Jun. 18, , , ,000 Loblaw Companies Limited 5.90 Jan. 18, , , ,000 Loblaw Companies Limited 6.05 Jun. 9, , , ,000 Loblaw Companies Limited 6.15 Jan. 29, , , ,000 Loblaw Companies Limited 6.50 Jan. 22, , ,643 42,000 Loblaw Companies Limited 6.54 Feb. 17, ,415 52, ,000 Loblaw Companies Limited 6.85 Mar. 1, , , ,000 Lower Mattagami Energy Limited Partnership 2.31 Oct. 21, , , ,000 Lower Mattagami Energy Limited Partnership 3.42 Jun. 20, , ,652 71,000 Lower Mattagami Energy Limited Partnership 4.18 Feb. 23, ,463 75, ,000 Lower Mattagami Energy Limited Partnership 4.18 Apr. 23, , , ,000 Lower Mattagami Energy Limited Partnership 4.33 May 18, , , ,000 Lower Mattagami Energy Limited Partnership 4.94 Sep. 21, , , ,000 Lower Mattagami Energy Limited Partnership 5.14 May 18, , , ,000 Magna International Inc Dec. 15, , , ,000 Manitoba Telecom Services Inc May 27, , , ,000 Manitoba Telecom Services Inc Oct. 1, , , ,000 Manitoba Telecom Services Inc Dec. 16, , ,596 1,085,000 Manufacturers Life Insurance Company (The) 2.10 Jun. 1, ,079,265 1,080, ,000 Manufacturers Life Insurance Company (The) 2.39 Jan. 5, , , ,000 Manufacturers Life Insurance Company (The) 2.64 Jan. 15, , , ,000 Manufacturers Life Insurance Company (The) 2.81 Feb. 21, , , ,000 Manufacturers Life Insurance Company (The) 2.82 Feb. 26, , , ,000 Manufacturers Life Insurance Company (The) 2.93 Nov. 29, , ,102 1,581,000 Manufacturers Life Insurance Company (The) 3.18 Nov. 22, ,595,813 1,626, ,000 Manulife Bank of Canada 1.41 Feb. 27, , ,771

109 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 201,000 Manulife Bank of Canada 1.92 Sep. 1, , , ,000 Manulife Finance (Delaware) Limited Partnership 5.06 Dec. 15, , ,980 1,590,000 Manulife Financial Capital Trust II 7.41 Dec. 31, ,735,581 1,810, ,000 Manulife Financial Corporation 5.51 Jun. 26, , , ,000 Manulife Financial Corporation 7.77 Apr. 8, , ,143 63,000 Maritimes & Northeast Pipeline Limited Partnership 4.34 Nov. 30, ,440 64,241 1,417,000 Master Credit Card Trust II 2.72 Nov. 21, ,430,774 1,453, ,000 MCAP Commercial Limited Partnership 3.96 Mar. 11, , ,883 21,000 McGill University 3.98 Jan. 29, ,778 21, ,000 McGill University 6.15 Sep. 22, , , ,000 McGill University Health Centre 5.36 Dec. 31, , , ,000 McMaster University 4.11 Nov. 26, , ,879 28,000 McMaster University 6.15 Oct. 7, ,830 40, ,147 Melancthon Wolfe Wind Limited Partnership 3.83 Dec. 31, , , ,000 METRO INC Dec. 1, , , ,000 METRO INC Dec. 1, , , ,000 METRO INC Oct. 15, , , ,002 Milit-Air Inc Jun. 30, , , ,000 Morguard Corporation 4.01 Nov. 18, , ,267 1,588,000 National Bank of Canada 1.74 Mar. 3, ,591,916 1,589,007 1,025,000 National Bank of Canada 1.95 Dec. 11, ,026,672 1,032,981 1,286,000 National Bank of Canada 2.11 Mar. 18, ,289,858 1,282, ,000 National Bank of Canada 2.40 Oct. 28, , ,405 1,297,000 National Bank of Canada 2.79 Aug. 9, ,319,799 1,326,802 1,110,000 NAV Canada 1.95 Apr. 19, ,110,770 1,122, ,000 NAV Canada 3.53 Feb. 23, , ,207 80,000 NAV Canada 4.40 Feb. 18, ,464 88, ,000 NAV Canada 5.30 Apr. 17, , , ,000 NAV Canada 7.40 Jun. 1, , , ,250 NAV Canada 7.56 Mar. 1, , , ,000 NBC Asset Trust 7.24 Dec. 29, , ,564 47,000 NBC Asset Trust 7.45 Dec. 29, ,332 53, ,000 Nissan Canada Financial Services Inc Oct. 7, , , ,185 North Battleford Power Limited Partnership 4.96 Dec. 31, , , ,000 North West Redwater Partnership/NWR Financing Company Limited 2.10 Feb. 23, , , ,000 North West Redwater Partnership/NWR Financing Company Limited 3.20 Jul. 22, , , ,000 North West Redwater Partnership/NWR Financing Company Limited 3.20 Apr. 24, , , ,000 North West Redwater Partnership/NWR Financing Company Limited 3.70 Feb. 23, , ,817 1,024,000 North West Redwater Partnership/NWR Financing Company Limited 4.05 Jul. 22, ,027,486 1,045, ,000 North West Redwater Partnership/NWR Financing Company Limited 4.15 Jun. 1, , , ,000 North West Redwater Partnership/NWR Financing Company Limited 4.25 Jun. 1, , , ,000 North West Redwater Partnership/NWR Financing Company Limited 4.35 Jan. 10, , , ,000 North West Redwater Partnership/NWR Financing Company Limited 4.75 Jun. 1, , , ,397 Northland Power Solar Finance One Limited Partners 4.40 Jun. 30, , , ,619 Northwestconnect Group Partnership 5.95 Apr. 30, , , ,000 NOVA Gas Transmission Limited 9.90 Dec. 16, , , ,000 Nova Scotia Power Inc May 1, , ,467

110 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 464,000 Nova Scotia Power Inc Mar. 6, , , ,000 Nova Scotia Power Inc Jul. 20, , , ,000 Nova Scotia Power Inc Jun. 15, , , ,000 Nova Scotia Power Inc Nov. 14, , ,288 60,000 Nova Scotia Power Inc Jul. 27, ,813 77,741 95,000 Nova Scotia Power Inc Aug. 25, , ,078 20,000 Nova Scotia Power Inc May 19, ,386 28, ,000 OMERS Realty Corporation 1.82 May 9, , , ,000 OMERS Realty Corporation 2.47 Nov. 12, , , ,000 OMERS Realty Corporation 2.50 Jun. 5, , , ,000 OMERS Realty Corporation 2.86 Feb. 23, , , ,000 OMERS Realty Corporation 2.97 Apr. 5, , , ,000 OMERS Realty Corporation 3.20 Jul. 24, , , ,000 OMERS Realty Corporation 3.33 Nov. 12, , , ,000 OMERS Realty Corporation 3.36 Jun. 5, , , ,000 OMERS Realty Corporation 4.74 Jun. 4, , , ,000 OPB Finance Trust 2.95 Feb. 2, , , ,593 Original Wempi Inc Feb. 13, , , ,000 Original Wempi Inc Feb. 13, , , ,256 Ornge Issuer Trust 5.73 Jun. 11, , , ,000 Ottawa Macdonald-Cartier International Airport Authority 3.93 Jun. 9, , ,481 40,000 Ottawa Macdonald-Cartier International Airport Authority 4.73 May 2, ,124 40,480 26,098 Ottawa Macdonald-Cartier International Airport Authority 6.97 May 25, ,223 33,597 68,000 Ottawa-Carleton Catholic District School Board 6.50 Mar. 22, ,811 80, ,000 Pembina Pipeline Corporation 3.54 Feb. 3, , , ,000 Pembina Pipeline Corporation 3.71 Aug. 11, , , ,000 Pembina Pipeline Corporation 3.77 Oct. 24, , , ,000 Pembina Pipeline Corporation 4.24 Jun. 15, , , ,000 Pembina Pipeline Corporation 4.75 Apr. 30, , , ,000 Pembina Pipeline Corporation 4.81 Mar. 25, , , ,000 Pembina Pipeline Corporation 4.89 Mar. 29, , , ,000 Penske Truck Leasing Canada Inc Jun. 12, , , ,000 Penske Truck Leasing Canada Inc Feb. 1, , , ,000 Plenary Health Care Partnerships Humber Limited Partnership 4.82 Nov. 30, , , ,578 Plenary Health Care Partnerships Humber Limited Partnership 4.90 May 31, , , ,960 Plenary Health Hamilton Limited Partnership 5.80 May 31, , ,028 1,189,387 Plenary Properties LTAP Limited Partnership 6.29 Jan. 31, ,377,657 1,520, ,000 Power Corporation of Canada 7.57 Apr. 22, , , ,000 Power Corporation of Canada 8.57 Apr. 22, , ,307 73,000 Power Financial Corporation 6.90 Mar. 11, ,671 95, ,000 PowerStream Inc Nov. 21, , , ,000 PowerStream Inc Jul. 30, , , ,000 PSS Generating Station Limited Partnership 4.80 Oct. 24, , ,963 28,000 Queen's University 6.10 Nov. 19, ,764 36, ,000 RBC Capital Trust 6.82 Dec. 29, , , ,000 Reliance Limited Partnership 3.81 Sep. 15, , , ,000 Reliance Limited Partnership 4.08 Aug. 2, , , ,000 Reliance Limited Partnership 5.19 Mar. 15, , , ,000 RioCan Real Estate Investment Trust 2.19 Aug. 26, , , ,000 RioCan Real Estate Investment Trust 2.87 Mar. 5, , , ,000 RioCan Real Estate Investment Trust 3.29 Feb. 12, , , ,000 RioCan Real Estate Investment Trust 3.62 Jun. 1, , , ,000 RioCan Real Estate Investment Trust 3.72 Dec. 13, , , ,000 RioCan Real Estate Investment Trust 3.73 Apr. 18, , ,509

111 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 415,000 RioCan Real Estate Investment Trust 3.75 May 30, , , ,000 RioCan Real Estate Investment Trust 3.85 Jun. 28, , , ,000 Rogers Communications Inc Mar. 13, , , ,000 Rogers Communications Inc Jun. 6, , , ,000 Rogers Communications Inc Mar. 13, , ,464 1,184,000 Rogers Communications Inc Sep. 29, ,226,201 1,298,300 1,818,000 Rogers Communications Inc Mar. 22, ,921,270 2,049, ,000 Rogers Communications Inc Nov. 4, , ,059 1,049,000 Rogers Communications Inc Aug. 25, ,113,106 1,269, ,000 Rogers Communications Inc Mar. 22, , , ,000 Rogers Communications Inc Nov. 4, , ,423 2,478,000 Royal Bank of Canada 1.40 Apr. 26, ,484,984 2,478,551 2,107,000 Royal Bank of Canada 1.58 Sep. 13, ,099,404 2,064, ,000 Royal Bank of Canada 1.59 Mar. 23, , ,810 2,123,000 Royal Bank of Canada 1.65 Jul. 15, ,123,409 2,091,343 2,254,000 Royal Bank of Canada 1.92 Jul. 17, ,264,408 2,264,676 2,486,000 Royal Bank of Canada 1.97 Mar. 2, ,485,874 2,462,986 3,172,000 Royal Bank of Canada 2.03 Mar. 15, ,186,630 3,183,921 3,610,000 Royal Bank of Canada 2.26 Mar. 12, ,638,548 3,654,483 2,280,000 Royal Bank of Canada 2.33 Dec. 5, ,280,000 2,264,592 1,794,000 Royal Bank of Canada 2.35 Dec. 9, ,802,749 1,830,849 2,062,000 Royal Bank of Canada 2.77 Dec. 11, ,072,860 2,115,226 2,691,000 Royal Bank of Canada 2.82 Jul. 12, ,733,452 2,752,040 2,892,000 Royal Bank of Canada 2.86 Mar. 4, ,958,147 2,997,709 1,253,000 Royal Bank of Canada 2.89 Oct. 11, ,259,946 1,285, ,000 Royal Bank of Canada 2.98 May 7, ,016,669 1,032,328 2,206,000 Royal Bank of Canada 2.99 Dec. 6, ,228,920 2,276,756 1,301,000 Royal Bank of Canada 3.77 Mar. 30, ,383,598 1,342, ,000 Royal Bank of Canada 4.93 Jul. 16, ,088 1,032, ,000 Saputo Inc Jun. 23, , , ,000 Saputo Inc Nov. 26, , , ,000 Saputo Inc Nov. 21, , , ,000 Scotiabank Capital Trust 5.65 Dec. 31, ,781 1,085,991 1,026,000 Scotiabank Tier 1 Trust 7.80 Jun. 30, ,119,081 1,153, ,118 Sea To Sky Highway Investment Limited Partnership 2.63 Oct. 31, , , ,948 SEC LP and Arci Limited 5.19 Aug. 29, , , ,000 SGTP Highway Bypass Limited Partnership 4.11 Jan. 31, , , ,000 SGTP Highway Bypass Limited Partnership 4.16 Jul. 31, , , ,000 Shaw Communications Inc Feb. 19, , , ,000 Shaw Communications Inc Jan. 31, , , ,000 Shaw Communications Inc Dec. 7, , ,220 1,478,000 Shaw Communications Inc Oct. 1, ,542,608 1,612,732 1,721,000 Shaw Communications Inc Nov. 9, ,988,499 2,062, ,000 Shoppers Drug Mart Corporation 2.36 May 24, , , ,000 Simon Fraser University 5.61 Jun. 10, , , ,000 Sinai Health System 3.53 Jun. 9, , , ,000 Smart Real Estate Investment Trust 2.99 Aug. 28, , , ,000 Smart Real Estate Investment Trust 3.39 Dec. 1, , , ,000 Smart Real Estate Investment Trust 3.44 Aug. 28, , , ,000 Smart Real Estate Investment Trust 3.56 Feb. 6, , , ,000 Smart Real Estate Investment Trust 3.73 Jul. 22, , , ,000 Smart Real Estate Investment Trust 3.75 Feb. 11, , , ,000 Smart Real Estate Investment Trust 3.99 May 30, , , ,000 Smart Real Estate Investment Trust 4.05 Jul. 27, , , ,000 SNC-Lavalin Group Inc Jul. 3, , , ,749 SNC-Lavalin Innisfree McGill Finance Inc Jun. 30, ,168,037 1,220,757

112 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 767,000 Sobeys Inc Aug. 8, , , ,000 Sobeys Inc Aug. 8, , , ,000 Sobeys Inc Oct. 29, , , ,000 Sobeys Inc Jun. 7, , , ,000 Societe en commandite CE Sebastopol 4.14 Jul. 31, , , ,138 SP/SP1 Limited Partnership 3.21 Jun. 15, , , ,000 SSL Finance Inc/SSL Financement Inc Oct. 31, , , ,000 SSL Finance Inc/SSL Financement Inc Apr. 30, , , ,000 Sun Life Capital Trust 7.09 Jun. 30, , , ,000 Sun Life Capital Trust II 5.86 Dec. 31, , , ,000 Sun Life Financial Inc Sep. 25, , , ,000 Sun Life Financial Inc May 13, , ,122 1,105,000 Sun Life Financial Inc Sep. 19, ,103,409 1,105, ,000 Sun Life Financial Inc Feb. 19, , , ,000 Sun Life Financial Inc Aug. 23, , , ,000 Sun Life Financial Inc May 29, , , ,000 Sun Life Financial Inc Jan. 30, , , ,000 Sun Life Financial Inc Jul. 2, , , ,000 Suncor Energy Inc Sep. 14, , ,213 1,067,000 Suncor Energy Inc Nov. 26, ,084,834 1,112, ,000 Suncor Energy Inc Sep. 13, , , ,000 Suncor Energy Inc Mar. 26, , ,889 1,082,000 Suncor Energy Inc May 22, ,107,833 1,146,520 1,251,000 TD Capital Trust III 7.24 Dec. 29, ,419,016 1,381,570 1,063,000 TD Capital Trust IV 6.63 Jun. 30, ,189,474 1,229, ,000 TD Capital Trust IV 9.52 Jun. 30, , , ,000 TD Capital Trust IV Jun. 30, , , ,000 TELUS Communications Inc Sep. 22, , , ,000 TELUS Communications Inc Apr. 8, , , ,000 TELUS Communications Inc Jun. 19, , , ,000 TELUS Corporation 1.50 Mar. 27, , ,271 1,309,000 TELUS Corporation 2.35 Mar. 28, ,304,303 1,301, ,000 TELUS Corporation 3.20 Apr. 5, , , ,000 TELUS Corporation 3.35 Mar. 15, , ,672 1,620,000 TELUS Corporation 3.35 Apr. 1, ,652,260 1,662, ,000 TELUS Corporation 3.60 Jan. 26, , , ,000 TELUS Corporation 3.75 Jan. 17, , , ,000 TELUS Corporation 3.75 Mar. 10, , , ,000 TELUS Corporation 4.40 Apr. 1, , , ,000 TELUS Corporation 4.40 Jan. 29, , , ,000 TELUS Corporation 4.75 Jan. 17, , ,764 1,104,000 TELUS Corporation 4.85 Apr. 5, ,125,011 1,128,069 1,361,000 TELUS Corporation 5.05 Dec. 4, ,437,977 1,486,363 1,054,000 TELUS Corporation 5.05 Jul. 23, ,064,866 1,163, ,000 TELUS Corporation 5.15 Nov. 26, , , ,000 Teranet Holdings Limited Parternship 3.65 Nov. 18, , , ,000 Teranet Holdings Limited Partnership 4.81 Dec. 16, , , ,000 Teranet Holdings Limited Partnership 5.75 Dec. 17, , , ,000 Teranet Holdings Limited Partnership 6.10 Jun. 17, , , ,000 Thomson Reuters Corporation 3.31 Nov. 12, , , ,000 Thomson Reuters Corporation 3.37 May 23, , ,432 1,055,000 Thomson Reuters Corporation 4.35 Sep. 30, ,109,855 1,135, ,000 THP Partnership 4.39 Oct. 31, , , ,000 TMX Group Limited 3.25 Oct. 3, , , ,000 TMX Group Limited 4.46 Oct. 3, , , ,000 Toronto Hydro Corporation 2.52 Aug. 25, , ,511

113 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 186,000 Toronto Hydro Corporation 2.91 Apr. 10, , , ,000 Toronto Hydro Corporation 3.54 Nov. 18, , ,184 96,000 Toronto Hydro Corporation 3.55 Jul. 28, ,699 91, ,000 Toronto Hydro Corporation 3.96 Apr. 9, , ,571 80,000 Toronto Hydro Corporation 4.08 Sep. 16, ,437 83, ,000 Toronto Hydro Corporation 4.49 Nov. 12, , , ,000 Toronto Hydro Corporation 5.54 May 21, , ,529 2,702,000 Toronto-Dominion Bank (The) 1.68 Jun. 8, ,709,029 2,683,364 1,615,000 Toronto-Dominion Bank (The) 1.69 Apr. 2, ,618,169 1,615,160 2,516,000 Toronto-Dominion Bank (The) 1.91 Jul. 18, ,514,093 2,448,257 1,769,000 Toronto-Dominion Bank (The) 2.05 Mar. 8, ,778,861 1,779,414 1,685,000 Toronto-Dominion Bank (The) 2.17 Apr. 2, ,688,745 1,705,008 2,919,000 Toronto-Dominion Bank (The) 2.45 Apr. 2, ,953,728 2,982,464 2,769,000 Toronto-Dominion Bank (The) 2.56 Jun. 24, ,819,479 2,846,370 2,605,000 Toronto-Dominion Bank (The) 2.62 Dec. 22, ,662,930 2,676,765 2,945,000 Toronto-Dominion Bank (The) 3.23 Jul. 24, ,080,971 3,096,136 2,172,000 Toronto-Dominion Bank (The) 5.76 Dec. 18, ,260,751 2,259, ,000 Toronto-Dominion Bank (The) 5.83 Jul. 9, , , ,000 Toyota Credit Canada Inc Jul. 21, , , ,000 Toyota Credit Canada Inc Feb. 19, , , ,000 Toyota Credit Canada Inc May 20, , , ,000 Toyota Credit Canada Inc Feb. 25, , , ,000 Toyota Credit Canada Inc May 23, , , ,000 Toyota Credit Canada Inc Nov. 19, , ,539 1,228,000 Toyota Credit Canada Inc Jul. 18, ,243,911 1,253, ,000 Toyota Credit Canada Inc Nov. 21, , , ,000 TransAlta Corporation 5.00 Nov. 25, , , ,000 TransAlta Corporation 6.40 Nov. 18, , ,178 75,000 TransAlta Corporation 6.90 Nov. 15, ,834 74,129 14,000 TransAlta Corporation 7.30 Oct. 22, ,564 14, ,000 TransCanada Pipelines Limited 3.30 Jul. 17, , ,512 1,013,000 TransCanada Pipelines Limited 3.65 Nov. 15, ,041,640 1,090, ,000 TransCanada Pipelines Limited 3.69 Jul. 19, , , ,000 TransCanada Pipelines Limited 4.35 Jun. 6, , ,599 1,143,000 TransCanada Pipelines Limited 4.55 Nov. 15, ,162,553 1,194, ,000 TransCanada Pipelines Limited 6.28 May 26, , ,639 9,000 TransCanada Pipelines Limited 6.50 Dec. 9, ,832 10, ,000 TransCanada Pipelines Limited 6.89 Aug. 7, , ,213 36,000 TransCanada Pipelines Limited 7.90 Apr. 15, ,596 48, ,000 TransCanada Pipelines Limited 8.05 Feb. 17, , ,310 17,000 TransCanada Pipelines Limited 8.20 Aug. 15, ,123 23, ,000 TransCanada Pipelines Limited 8.21 Apr. 25, ,241,075 1,176, ,000 TransCanada Pipelines Limited 8.29 Feb. 5, , ,430 23,000 TransCanada Pipelines Limited Nov. 20, ,401 30, ,000 Transcontinental Inc May 13, , , ,000 TransEd Partners General Partnership 3.95 Sep. 30, , , ,694 Trillium Windpower Limited Partnership 5.80 Feb. 15, , , ,000 Union Gas Limited 2.76 Jun. 2, , , ,000 Union Gas Limited 2.81 Jun. 1, , , ,000 Union Gas Limited 3.19 Sep. 17, , , ,000 Union Gas Limited 3.79 Jul. 10, , , ,000 Union Gas Limited 3.80 Jun. 1, , , ,000 Union Gas Limited 4.20 Jun. 2, , , ,000 Union Gas Limited 4.85 Apr. 25, , , ,000 Union Gas Limited 4.88 Jun. 21, , , ,000 Union Gas Limited 5.20 Jul. 23, , ,324

114 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 694,000 Union Gas Limited 5.35 Apr. 27, , , ,000 Union Gas Limited 5.46 Sep. 11, , , ,000 Union Gas Limited 6.05 Sep. 2, , , ,505 University Health Network 5.64 Dec. 8, , , ,000 University of British Columbia 4.82 Jul. 26, , , ,000 University of British Columbia 6.65 Dec. 1, , ,378 12,000 University of Guelph 6.24 Oct. 10, ,036 16, ,004 University of Ontario Institute of Technology 6.35 Oct. 15, , , ,000 University of Ottawa 3.26 Oct. 12, , ,277 19,000 University of Ottawa 6.28 Apr. 15, ,877 26, ,000 University of Toronto 4.25 Dec. 7, , ,509 73,000 University of Toronto 4.49 Dec. 13, ,475 81, ,000 University of Toronto 6.78 Jul. 18, , , ,000 University of Western Ontario 4.80 May 24, , , ,000 University of Windsor 5.37 Jun. 29, , , ,000 Vancouver Airport Authority 3.86 Nov. 10, , , ,000 Vancouver Airport Authority 4.42 Dec. 7, , , ,000 Ventas Canada Finance Limited 3.00 Sep. 30, , , ,000 Ventas Canada Finance Limited 3.30 Feb. 1, , , ,000 Ventas Canada Finance Limited 4.13 Sep. 30, , , ,000 Veresen Inc Jun. 13, , , ,000 Veresen Inc Nov. 10, , , ,000 Veresen Inc Nov. 22, , , ,000 VW Credit Canada Inc Apr. 4, , , ,000 VW Credit Canada Inc Jun. 24, , , ,000 VW Credit Canada Inc Oct. 1, , , ,000 VW Credit Canada Inc Aug. 20, , ,628 1,210,000 Wells Fargo Canada Corporation 2.78 Nov. 15, ,214,879 1,239,808 2,197,000 Wells Fargo Canada Corporation 2.94 Jul. 25, ,237,143 2,269,572 1,135,000 Wells Fargo Canada Corporation 3.04 Jan. 29, ,160,423 1,182, ,000 Wells Fargo Canada Corporation 3.46 Jan. 24, , ,676 60,000 Westcoast Energy Inc Dec. 5, ,783 61, ,000 Westcoast Energy Inc Sep. 12, , , ,000 Westcoast Energy Inc Dec. 8, , , ,000 Westcoast Energy Inc Oct. 28, , , ,000 Westcoast Energy Inc Jul. 2, , , ,000 Westcoast Energy Inc Oct. 28, , , ,000 Westcoast Energy Inc Jan. 16, , ,132 67,000 Westcoast Energy Inc Dec. 15, ,348 82,866 57,000 Westcoast Energy Inc Mar. 20, ,061 72, ,000 Westcoast Energy Inc Dec. 18, , , ,000 Westcoast Energy Inc Jul. 21, , , ,000 WestJet Airlines Limited 3.29 Jul. 23, , , ,000 Wilfrid Laurier University 5.43 Feb. 1, , ,883 12,000 Windsor Canada Utilities Limited 4.13 Nov. 6, ,337 11, ,728 Winnipeg Airport Authority Inc Sep. 28, , , ,235 Winnipeg Airport Authority Inc Nov. 20, , , ,000 York University 4.46 Feb. 26, , ,004 86,000 York University 6.48 Mar. 7, , , ,089, ,559,389

115 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Government debt instruments 71.7% Federal government bonds 35.5% 429,885 Broadcast Centre Trust 7.53 May 1, , ,489 87,000 Business Development Bank of Canada 4.35 Feb. 28, ,441 98,178 6,638,000 Canada Housing Trust 1.15 Dec. 15, ,624,923 6,514,435 5,603,000 Canada Housing Trust 1.20 Jun. 15, ,602,068 5,593,210 12,097,000 Canada Housing Trust 1.25 Dec. 15, ,118,242 12,053,610 13,535,000 Canada Housing Trust 1.25 Jun. 15, ,601,632 13,421,984 7,051,000 Canada Housing Trust 1.45 Jun. 15, ,092,322 7,098,104 5,161,000 Canada Housing Trust 1.50 Dec. 15, ,157,800 5,150,310 4,936,000 Canada Housing Trust 1.70 Dec. 15, ,958,218 4,983,615 5,501,000 Canada Housing Trust 1.75 Jun. 15, ,518,750 5,578,414 6,885,000 Canada Housing Trust 1.90 Sep. 15, ,935,648 6,691,737 1,892,000 Canada Housing Trust 1.90 Sep. 15, ,857,433 1,838,891 12,342,000 Canada Housing Trust 1.95 Jun. 15, ,442,273 12,617,453 2,910,000 Canada Housing Trust 1.95 Dec. 15, ,927,243 2,865,355 13,016,000 Canada Housing Trust 2.00 Dec. 15, ,255,317 13,341,783 5,915,000 Canada Housing Trust 2.05 Jun. 15, ,934,094 6,023,688 4,620,000 Canada Housing Trust 2.25 Dec. 15, ,735,387 4,661,031 12,649,000 Canada Housing Trust 2.35 Dec. 15, ,905,582 12,999,817 5,242,000 Canada Housing Trust 2.35 Sep. 15, ,259,129 5,414,729 7,937,000 Canada Housing Trust 2.40 Dec. 15, ,141,338 8,243,167 6,888,000 Canada Housing Trust 2.55 Mar. 15, ,163,463 7,149,350 8,072,000 Canada Housing Trust 2.65 Mar. 15, ,321,162 8,496,558 7,179,000 Canada Housing Trust 2.90 Jun. 15, ,577,761 7,653,334 2,269,000 Canada Housing Trust 3.15 Sep. 15, ,435,445 2,457,267 5,305,000 Canada Housing Trust 3.35 Dec. 15, ,371,935 5,712,298 7,129,000 Canada Housing Trust 3.75 Mar. 15, ,904,140 7,702,731 9,748,000 Canada Housing Trust 3.80 Jun. 15, ,796,535 10,732,943 8,990,000 Canada Housing Trust 4.10 Dec. 15, ,377,403 9,541, ,000 Canada Post Corporation 4.08 Jul. 16, , , ,000 Canada Post Corporation 4.36 Jul. 16, , , ,338 CBC Monetization Trust 4.69 May 15, , , ,000 City of Vancouver 2.70 Dec. 15, , ,913 1,579,000 CPPIB Capital Inc Jan. 15, ,578,552 1,576, ,000 CPPIB Capital Inc Jun. 10, , ,599 1,678,000 CPPIB Capital Inc Jun. 4, ,680,843 1,674, ,000 Farm Credit Canada 4.55 Apr. 12, , ,578 8,260,000 Government of Canada 0.25 May 1, ,215,914 8,213,088 8,932,000 Government of Canada 0.50 Aug. 1, ,917,302 8,899,999 17,750,000 Government of Canada 0.50 Nov. 1, ,702,925 17,671,456 5,250,000 Government of Canada 0.50 Feb. 1, ,223,007 5,220,967 7,600,000 Government of Canada 0.50 Mar. 1, ,406,974 7,336,546 12,318,000 Government of Canada 0.75 Sep. 1, ,329,041 12,211,076 13,842,000 Government of Canada 0.75 Mar. 1, ,898,978 13,663,078 12,374,000 Government of Canada 0.75 Sep. 1, ,286,389 12,170,834 7,348,000 Government of Canada 1.00 Jun. 1, ,101,605 6,770,103 14,136,000 Government of Canada 1.25 Feb. 1, ,276,923 14,230,229 11,904,000 Government of Canada 1.25 Mar. 1, ,894,506 11,985,554 11,648,000 Government of Canada 1.25 Sep. 1, ,605,698 11,746,524 17,609,000 Government of Canada 1.50 Mar. 1, ,085,116 17,921,785 13,429,000 Government of Canada 1.50 Jun. 1, ,277,794 13,514,452 14,883,000 Government of Canada 1.50 Jun. 1, ,092,919 14,604,688 8,691,000 Government of Canada 1.75 Mar. 1, ,872,815 8,871,895 13,878,000 Government of Canada 1.75 Sep. 1, ,293,452 14,210,529 15,263,000 Government of Canada 2.25 Jun. 1, ,484,287 16,004,961

116 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Federal government bonds... continued 14,081,000 Government of Canada 2.50 Jun. 1, ,251,898 15,048,498 11,803,000 Government of Canada 2.75 Jun. 1, ,982,079 12,722,770 11,591,000 Government of Canada 2.75 Dec. 1, ,226,881 12,736,274 3,217,000 Government of Canada 2.75 Dec. 1, ,608,502 3,643,007 12,375,000 Government of Canada 3.25 Jun. 1, ,896,786 13,521,199 14,833,000 Government of Canada 3.50 Jun. 1, ,682,204 16,094,798 15,689,000 Government of Canada 3.50 Dec. 1, ,012,876 19,504,930 21,538,000 Government of Canada 3.75 Jun. 1, ,835,432 23,046,680 17,530,500 Government of Canada 4.00 Jun. 1, ,184,601 22,907,593 19,245,000 Government of Canada 4.25 Jun. 1, ,278,094 20,198,125 14,955,000 Government of Canada 5.00 Jun. 1, ,166,324 21,502,009 11,948,000 Government of Canada 5.75 Jun. 1, ,386,028 16,859,385 13,720,000 Government of Canada 5.75 Jun. 1, ,245,409 20,418,441 2,408,000 Government of Canada 8.00 Jun. 1, ,585,474 3,379,145 3,637,000 Government of Canada 8.00 Jun. 1, ,770,856 5,758, ,000 Government of Canada 9.00 Jun. 1, ,059, ,626 19,000 Government of Canada 9.25 Jun. 1, ,659 26,940 1,484,000 Maritime Link Financing Trust 3.50 Dec. 1, ,527,660 1,570,215 1,201,000 PSP Capital Inc Aug. 18, ,200,652 1,182,314 1,636,000 PSP Capital Inc 2.09 Nov. 22, ,635,787 1,623, ,000 PSP Capital Inc Oct. 22, , ,751 1,315,000 PSP Capital Inc Apr. 4, ,362,466 1,402,841 1,407,009 Royal Office Finance Limited Partnership 5.21 Nov. 12, ,490,826 1,706, ,089, ,572,616 Provincial government bonds 34.1% 428,000 Alberta Capital Finance Authority 4.45 Dec. 15, , ,155 74,000 Alberta Capital Finance Authority 4.65 Jun. 15, ,604 75, ,000 Centre Hospitalier de l'universite de Montreal 4.45 Oct. 1, , ,812 1,889,000 Financement-Quebec 2.40 Dec. 1, ,904,335 1,937,723 1,869,000 Financement-Quebec 2.45 Dec. 1, ,899,844 1,930,354 1,958,000 Financement-Quebec 5.25 Jun. 1, ,305,929 2,466, ,000 Hydro One Inc Nov. 18, , , ,000 Hydro One Inc Apr. 30, , , ,000 Hydro One Inc Feb. 24, , , ,000 Hydro One Inc Feb. 24, , ,821 1,365,000 Hydro One Inc Oct. 9, ,372,460 1,399, ,000 Hydro One Inc Jan. 13, , , ,000 Hydro One Inc Nov. 18, , , ,000 Hydro One Inc Jul. 31, , ,056 72,000 Hydro One Inc Feb. 23, ,772 73, ,000 Hydro One Inc Dec. 22, , , ,000 Hydro One Inc Jun. 6, ,033,996 1,013, ,000 Hydro One Inc Sep. 26, , ,410 89,000 Hydro One Inc Jun. 1, ,880 97, ,000 Hydro One Inc Oct. 9, , , ,000 Hydro One Inc Mar. 13, , , ,000 Hydro One Inc Oct. 19, , , ,000 Hydro One Inc May 20, , , ,000 Hydro One Inc Jul. 16, , , ,000 Hydro One Inc Mar. 3, , , ,000 Hydro One Inc Jan. 31, , , ,000 Hydro One Inc Jun. 1, , , ,000 Hydro One Inc Jun. 3, , ,168

117 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 1,099,000 Hydro-Quebec 1.00 May 25, ,095,957 1,095, ,000 Hydro-Quebec 4.00 Feb. 15, , ,017 1,512,000 Hydro-Quebec 5.00 Feb. 15, ,839,980 1,991,779 2,035,000 Hydro-Quebec 5.00 Feb. 15, ,723,924 2,764, ,000 Hydro-Quebec 6.00 Aug. 15, ,144,264 1,169,344 1,397,000 Hydro-Quebec 6.00 Feb. 15, ,950,957 2,014,720 14,000 Hydro-Quebec 6.50 Jan. 16, ,811 20,126 2,425,000 Hydro-Quebec 6.50 Feb. 15, ,381,080 3,512,579 1,006,000 Hydro-Quebec 9.63 Jul. 15, ,484,990 1,412, ,000 Hydro-Quebec Oct. 15, , ,033 2,881,000 Hydro-Quebec Aug. 15, ,550,824 3,839,614 1,009,000 Labrador-Island Link Funding Trust 3.76 Jun. 1, ,079,129 1,111,612 1,289,000 Labrador-Island Link Funding Trust 3.85 Dec. 1, ,379,364 1,486, ,000 Labrador-Island Link Funding Trust 3.86 Dec. 1, , , ,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.63 Jun. 1, , , ,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.83 Jun. 1, , ,552 1,427,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.86 Dec. 1, ,523,972 1,635,161 1,362,200 New Brunswick F-M Project Company Inc Nov. 30, ,581,950 1,670, ,000 Newfoundland and Labrador Hydro 3.60 Dec. 1, , , ,000 Newfoundland and Labrador Hydro 5.70 Jul. 14, , , ,000 Newfoundland and Labrador Hydro 6.65 Aug. 27, ,985 1,082,064 16,000 Newfoundland and Labrador Hydro 8.40 Feb. 27, ,796 22,804 17,000 Newfoundland and Labrador Hydro Jul. 14, ,223 17,836 1,231,000 Ontario Electricity Financial Corporation 8.25 Jun. 22, ,669,111 1,804,788 73,000 Ontario Electricity Financial Corporation 8.40 Nov. 6, ,179 90,506 21,000 Ontario Electricity Financial Corporation 8.50 May 26, ,465 30, ,000 Ontario Electricity Financial Corporation 8.90 Aug. 18, , ,522 10,000 Ontario Electricity Financial Corporation 9.00 May 26, ,810 14,858 60,000 Ontario Electricity Financial Corporation Oct. 15, ,066 82,892 3,000 Ontario Electricity Financial Corporation Aug. 6, ,520 4,188 65,650 Ontario School Boards Financing Corporation 4.79 Aug. 8, ,912 73,181 96,870 Ontario School Boards Financing Corporation 5.07 Apr. 18, , , ,609 Ontario School Boards Financing Corporation 5.38 Jun. 25, , , ,787 Ontario School Boards Financing Corporation 5.48 Nov. 26, , , ,000 Ontario School Boards Financing Corporation 5.70 Oct. 11, , , ,054 Ontario School Boards Financing Corporation 5.80 Nov. 7, , , ,210 Ontario School Boards Financing Corporation 5.90 Oct. 11, , , ,287 Ontario School Boards Financing Corporation 6.55 Oct. 19, , ,826 24,519 Ontario School Boards Financing Corporation 7.20 Jun. 9, ,205 29, ,000 OPB Finance Trust 1.88 Feb. 24, , , ,000 OPB Finance Trust 2.90 May 24, , , ,000 OPB Finance Trust 3.89 Jul. 4, , ,750 3,586,000 Province of Alberta 1.25 Jun. 1, ,568,097 3,568,613 3,505,000 Province of Alberta 1.35 Sep. 1, ,498,843 3,457,886 1,117,000 Province of Alberta 1.60 Jun. 15, ,111,532 1,128,388 1,288,000 Province of Alberta 1.70 Dec. 15, ,284,397 1,299, ,000 Province of Alberta 2.00 Jun. 1, , ,437 4,395,000 Province of Alberta 2.20 Jun. 1, ,389,766 4,269,263 3,897,000 Province of Alberta 2.35 Jun. 1, ,935,345 3,873,714 2,445,000 Province of Alberta 2.55 Dec. 15, ,488,745 2,524,597 1,693,000 Province of Alberta 2.90 Sep. 20, ,638,497 1,682, ,000 Province of Alberta 3.10 Jun. 1, ,029,063 1,055,248 5,300,000 Province of Alberta 3.30 Dec. 1, ,461,892 5,289,830

118 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 561,000 Province of Alberta 3.40 Dec. 1, , ,054 3,016,000 Province of Alberta 3.45 Dec. 1, ,084,641 3,081,989 1,385,000 Province of Alberta 3.50 Jun. 1, ,456,478 1,448,952 1,485,000 Province of Alberta 3.90 Dec. 1, ,534,531 1,615,811 1,498,000 Province of Alberta 4.00 Dec. 1, ,555,869 1,613, ,000 Province of Alberta 4.50 Dec. 1, , ,531 1,570,000 Province of British Columbia 2.25 Mar. 1, ,591,111 1,610,813 1,301,000 Province of British Columbia 2.30 Jun. 18, ,317,570 1,292,861 1,780,000 Province of British Columbia 2.70 Dec. 18, ,809,292 1,864,977 3,852,000 Province of British Columbia 2.80 Jun. 18, ,745,922 3,600,088 2,797,000 Province of British Columbia 2.85 Jun. 18, ,936,833 2,921,125 5,003,000 Province of British Columbia 3.20 Jun. 18, ,023,670 5,041,026 2,239,000 Province of British Columbia 3.25 Dec. 18, ,327,006 2,410,973 1,882,000 Province of British Columbia 3.30 Dec. 18, ,963,458 2,035,300 2,317,000 Province of British Columbia 3.70 Dec. 18, ,443,589 2,517,494 2,020,000 Province of British Columbia 4.10 Dec. 18, ,162,791 2,188,098 3,526,000 Province of British Columbia 4.30 Jun. 18, ,075,750 4,220,408 2,659,000 Province of British Columbia 4.65 Dec. 18, ,953,334 2,847,394 1,549,000 Province of British Columbia 4.70 Jun. 18, ,834,966 1,914, ,000 Province of British Columbia 4.80 Jun. 15, , ,026 2,398,000 Province of British Columbia 4.95 Jun. 18, ,065,432 3,104,528 30,000 Province of British Columbia 5.30 Jun. 17, ,546 33, ,000 Province of British Columbia 5.40 Jun. 18, , , ,000 Province of British Columbia 5.60 Jun. 1, , , ,000 Province of British Columbia 5.62 Aug. 17, , ,166 3,225,000 Province of British Columbia 5.70 Jun. 18, ,141,812 4,214,034 19,000 Province of British Columbia 6.15 Nov. 19, ,522 25,372 2,042,000 Province of British Columbia 6.35 Jun. 18, ,847,400 2,865, ,000 Province of British Columbia 8.00 Sep. 8, , ,595 54,000 Province of British Columbia 8.75 Aug. 19, ,753 73,629 2,000 Province of British Columbia 9.00 Aug. 23, ,176 2,939 1,000 Province of British Columbia 9.50 Jun. 9, ,553 1, ,000 Province of British Columbia 9.95 May 15, , ,477 84,000 Province of British Columbia Sep. 5, , , ,000 Province of Manitoba 1.15 Nov. 21, , ,638 1,305,000 Province of Manitoba 1.55 Sep. 5, ,306,763 1,298, ,000 Province of Manitoba 1.60 Sep. 5, , , ,000 Province of Manitoba 1.85 Sep. 5, , ,792 2,283,000 Province of Manitoba 2.45 Jun. 2, ,299,807 2,282,672 1,258,000 Province of Manitoba 2.55 Jun. 2, ,243,676 1,291,491 2,325,000 Province of Manitoba 2.55 Jun. 2, ,373,458 2,321,333 2,490,000 Province of Manitoba 2.85 Sep. 5, ,349,407 2,239, ,000 Province of Manitoba 3.15 Sep. 5, , , ,000 Province of Manitoba 3.25 Sep. 5, , ,768 1,155,000 Province of Manitoba 3.30 Jun. 2, ,207,032 1,232, ,000 Province of Manitoba 3.35 Mar. 5, , , ,000 Province of Manitoba 3.85 Dec. 1, , ,862 1,956,000 Province of Manitoba 4.05 Sep. 5, ,142,430 2,186,059 1,731,000 Province of Manitoba 4.10 Mar. 5, ,949,703 1,928, ,000 Province of Manitoba 4.15 Jun. 3, , , ,000 Province of Manitoba 4.40 Sep. 5, , , ,000 Province of Manitoba 4.40 Mar. 5, , ,439 1,114,000 Province of Manitoba 4.60 Mar. 5, ,179,829 1,318, ,000 Province of Manitoba 4.65 Mar. 5, , , ,000 Province of Manitoba 4.70 Mar. 5, , , ,000 Province of Manitoba 4.75 Feb. 11, ,086,366 1,037, ,000 Province of Manitoba 5.50 Nov. 15, , ,413

119 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 811,000 Province of Manitoba 5.70 Mar. 5, ,001,398 1,085, ,000 Province of Manitoba 6.30 Mar. 5, , , ,000 Province of Manitoba 7.75 Dec. 22, , ,042 47,000 Province of Manitoba Mar. 5, ,150 86, ,000 Province of New Brunswick 1.55 May 4, , , ,000 Province of New Brunswick 2.60 Aug. 14, , ,989 1,224,000 Province of New Brunswick 2.85 Jun. 2, ,248,786 1,274, ,000 Province of New Brunswick 3.10 Aug. 14, , ,919 1,233,000 Province of New Brunswick 3.35 Dec. 3, ,277,517 1,322,775 1,333,000 Province of New Brunswick 3.55 Jun. 3, ,266,662 1,332, ,000 Province of New Brunswick 3.55 Jun. 3, , , ,000 Province of New Brunswick 3.65 Jun. 3, , ,233 1,593,000 Province of New Brunswick 3.80 Aug. 14, ,702,951 1,665,060 1,018,000 Province of New Brunswick 4.40 Jun. 3, ,045,604 1,095,016 1,019,000 Province of New Brunswick 4.45 Mar. 26, ,003,517 1,063,397 1,905,000 Province of New Brunswick 4.50 Jun. 2, ,053,716 2,096, ,000 Province of New Brunswick 4.55 Mar. 26, ,044,625 1,056, ,000 Province of New Brunswick 4.65 Sep. 26, , ,593 1,217,000 Province of New Brunswick 4.80 Sep. 26, ,455,713 1,452,631 1,237,000 Province of New Brunswick 4.80 Jun. 3, ,345,317 1,484, ,000 Province of New Brunswick 5.50 Jan. 27, , , ,000 Province of New Brunswick 5.65 Dec. 27, , ,539 75,000 Province of New Brunswick 6.00 Dec. 27, ,507 78, ,000 Province of Newfoundland and Labrador 1.95 Jun. 2, , , ,000 Province of Newfoundland and Labrador 2.30 Jun. 2, , ,005 1,374,000 Province of Newfoundland and Labrador 3.00 Jun. 2, ,400,978 1,379,707 2,047,000 Province of Newfoundland and Labrador 3.30 Oct. 17, ,966,628 1,866, ,000 Province of Newfoundland and Labrador 3.70 Oct. 17, , , ,000 Province of Newfoundland and Labrador 4.50 Apr. 17, , , ,000 Province of Newfoundland and Labrador 4.65 Oct. 17, , , ,000 Province of Newfoundland and Labrador 5.60 Oct. 17, , , ,000 Province of Newfoundland and Labrador 5.70 Oct. 17, , , ,000 Province of Newfoundland and Labrador 6.15 Apr. 17, , , ,000 Province of Newfoundland and Labrador 6.50 Oct. 17, , , ,000 Province of Newfoundland and Labrador 6.55 Oct. 17, , ,898 72,000 Province of Newfoundland and Labrador 8.45 Feb. 5, , ,015 3,000 Province of Newfoundland and Labrador 9.15 Jul. 7, ,816 4, ,000 Province of Newfoundland and Labrador Apr. 15, , ,488 1,097,000 Province of Nova Scotia 2.10 Jun. 1, ,063,793 1,033, ,000 Province of Nova Scotia 2.15 Jun. 1, , , ,000 Province of Nova Scotia 3.45 Jun. 1, , ,578 1,338,000 Province of Nova Scotia 3.50 Jun. 2, ,348,602 1,355,390 1,175,000 Province of Nova Scotia 4.10 Jun. 1, ,267,544 1,296,002 1,175,000 Province of Nova Scotia 4.15 Nov. 25, ,215,797 1,269,369 1,282,000 Province of Nova Scotia 4.40 Jun. 1, ,501,127 1,488,720 54,000 Province of Nova Scotia 4.45 Oct. 24, ,928 60,614 1,135,000 Province of Nova Scotia 4.50 Jun. 1, ,217,558 1,318, ,000 Province of Nova Scotia 4.70 Jun. 1, , , ,000 Province of Nova Scotia 4.90 Jun. 1, , , ,000 Province of Nova Scotia 5.80 Jun. 1, , , ,000 Province of Nova Scotia 6.60 Jun. 1, , , ,000 Province of Nova Scotia 6.60 Dec. 1, , , ,000 Province of Nova Scotia 9.60 Jan. 30, , ,164 1,212,000 Province of Ontario 1.35 Mar. 8, ,209,673 1,186, ,000 Province of Ontario 1.75 Oct. 9, , ,285

120 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 969,000 Province of Ontario 1.95 Jan. 27, , ,398 9,538,000 Province of Ontario 2.10 Sep. 8, ,660,124 9,716,313 4,358,000 Province of Ontario 2.10 Sep. 8, ,426,627 4,458,308 10,562,000 Province of Ontario 2.40 Jun. 2, ,765,257 10,485,699 18,001,000 Province of Ontario 2.60 Jun. 2, ,534,997 18,292,432 6,427,000 Province of Ontario 2.80 Jun. 2, ,283,824 5,917,913 15,039,000 Province of Ontario 2.85 Jun. 2, ,432,133 15,758,063 17,521,000 Province of Ontario 2.90 Dec. 2, ,100,339 16,421,862 15,662,000 Province of Ontario 3.15 Jun. 2, ,332,052 16,711,282 15,637,000 Province of Ontario 3.45 Jun. 2, ,758,087 16,255,917 14,742,000 Province of Ontario 3.50 Jun. 2, ,762,597 16,010,702 12,433,000 Province of Ontario 3.50 Jun. 2, ,987,964 13,002,394 11,572,000 Province of Ontario 4.00 Jun. 2, ,672,272 12,741,786 3,731,000 Province of Ontario 4.20 Mar. 8, ,903,690 3,877,532 13,902,000 Province of Ontario 4.20 Jun. 2, ,444,703 15,188,707 10,030,000 Province of Ontario 4.40 Jun. 2, ,050,468 10,802,111 6,809,000 Province of Ontario 4.60 Jun. 2, ,806,611 8,294,549 9,616,000 Province of Ontario 4.65 Jun. 2, ,033,055 11,897,699 7,072,000 Province of Ontario 4.70 Jun. 2, ,056,524 8,654, ,000 Province of Ontario 4.85 Jun. 2, , ,206 1,221,000 Province of Ontario 5.50 Jun. 2, ,308,208 1,299,351 6,696,000 Province of Ontario 5.60 Jun. 2, ,719,295 8,980, ,000 Province of Ontario 5.75 Jul. 13, , ,560 4,712,000 Province of Ontario 5.85 Mar. 8, ,189,328 6,363,848 2,810,000 Province of Ontario 6.20 Jun. 2, ,847,787 3,863,761 5,000 Province of Ontario 6.25 Aug. 25, ,717 6,640 5,722,000 Province of Ontario 6.50 Mar. 8, ,787,033 7,877, ,000 Province of Ontario 7.50 Feb. 7, , ,960 4,089,000 Province of Ontario 7.60 Jun. 2, ,915,231 5,950,997 90,000 Province of Ontario 8.00 Jun. 2, , ,663 10,000 Province of Ontario 8.00 Dec. 2, ,223 14,690 1,971,000 Province of Ontario 8.10 Sep. 8, ,772,256 2,701, ,000 Province of Ontario 8.25 Jun. 20, , , ,000 Province of Ontario 9.50 Jul. 13, , ,864 9,000 Province of Ontario 9.50 Jun. 2, ,734 13, ,500 Province of Prince Edward Island 2.35 Aug. 25, , , ,000 Province of Prince Edward Island 3.60 Jan. 17, , , ,000 Province of Prince Edward Island 3.65 Jun. 27, , , ,000 Province of Prince Edward Island 3.70 Sep. 2, , , ,000 Province of Prince Edward Island 3.85 Jul. 17, , , ,000 Province of Prince Edward Island 4.60 May 19, , , ,000 Province of Prince Edward Island 4.65 Nov. 19, , ,613 80,000 Province of Prince Edward Island 5.30 May 19, ,191 99,388 29,000 Province of Prince Edward Island 5.60 Feb. 21, ,881 36,811 54,000 Province of Prince Edward Island 5.70 Jun. 15, ,490 69,704 12,000 Province of Prince Edward Island 6.10 Jul. 29, ,863 15, ,000 Province of Prince Edward Island 6.25 Jan. 29, , ,339 55,000 Province of Prince Edward Island 6.80 Feb. 21, ,362 75,646 2,000 Province of Prince Edward Island 8.50 Dec. 15, ,994 2,784 7,913,000 Province of Quebec 2.50 Sep. 1, ,062,770 7,905,576 7,841,000 Province of Quebec 2.75 Sep. 1, ,139,158 8,047,859 8,025,000 Province of Quebec 3.00 Sep. 1, ,194,265 8,480,633 8,926,000 Province of Quebec 3.50 Dec. 1, ,705,322 9,705,644 12,222,000 Province of Quebec 3.50 Dec. 1, ,799,552 12,763,927 7,185,000 Province of Quebec 3.50 Dec. 1, ,809,651 7,570,998 7,682,000 Province of Quebec 3.75 Sep. 1, ,341,821 8,481,939

121 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 9,220,000 Province of Quebec 4.25 Dec. 1, ,308,120 10,319,781 8,091,000 Province of Quebec 4.25 Dec. 1, ,479,351 9,504,705 5,853,000 Province of Quebec 4.50 Dec. 1, ,452,783 6,238,120 6,729,000 Province of Quebec 4.50 Dec. 1, ,249,506 7,347,285 7,721,000 Province of Quebec 4.50 Dec. 1, ,753,801 8,600,448 5,060,000 Province of Quebec 5.00 Dec. 1, ,505,347 6,438,094 10,011,000 Province of Quebec 5.00 Dec. 1, ,525,057 12,951,223 1,280,000 Province of Quebec 5.35 Jun. 1, ,367,204 1,558,393 4,116,000 Province of Quebec 5.75 Dec. 1, ,578,435 5,637,463 3,240,000 Province of Quebec 6.00 Oct. 1, ,098,196 4,314,709 4,982,000 Province of Quebec 6.25 Jun. 1, ,756,230 6,921, ,000 Province of Quebec 8.50 Apr. 1, ,360,145 1,292,477 1,152,000 Province of Quebec 9.38 Jan. 16, ,761,162 1,633,710 3,000 Province of Quebec 9.50 Mar. 30, ,692 4, ,000 Province of Saskatchewan 1.95 Mar. 1, , ,193 1,505,000 Province of Saskatchewan 2.55 Jun. 2, ,521,502 1,504,381 2,676,000 Province of Saskatchewan 2.75 Dec. 2, ,512,943 2,377,465 1,182,000 Province of Saskatchewan 3.20 Jun. 3, ,241,028 1,256, ,000 Province of Saskatchewan 3.30 Jun. 2, , ,237 1,039,000 Province of Saskatchewan 3.40 Feb. 3, ,053,002 1,045, ,000 Province of Saskatchewan 3.90 Jul. 28, , ,596 1,848,000 Province of Saskatchewan 3.90 Jun. 2, ,004,711 2,032,071 1,200,000 Province of Saskatchewan 4.75 Jun. 1, ,354,587 1,469, ,000 Province of Saskatchewan 5.00 Mar. 5, , , ,000 Province of Saskatchewan 5.60 Sep. 5, , , ,000 Province of Saskatchewan 5.75 Mar. 5, , , ,000 Province of Saskatchewan 5.80 Sep. 5, , , ,000 Province of Saskatchewan 6.40 Sep. 5, , ,996 1,000 Province of Saskatchewan 8.75 May 30, ,579 1,468 23,000 Province of Saskatchewan 9.60 Feb. 4, ,840 31, ,000 Yukon Development Corporation 5.00 Jun. 29, , , ,906, ,010,738 Municipal government bonds 2.1% 1,078, Ontario School Board Trust (The) 5.90 Jun. 2, ,264,397 1,407, ,000 City of Edmonton 8.50 Sep. 14, ,213,054 1,014, ,000 City of Montreal 2.75 Sep. 1, , , ,000 City of Montreal 3.00 Sep. 1, , , ,000 City of Montreal 3.50 Sep. 1, , , ,000 City of Montreal 3.50 Sep. 1, , , ,000 City of Montreal 4.10 Dec. 1, , , ,000 City of Montreal 4.25 Dec. 1, , , ,000 City of Montreal 4.50 Dec. 1, , , ,000 City of Montreal 5.00 Dec. 1, , , ,000 City of Montreal 5.45 Dec. 1, , , ,000 City of Montreal 6.00 Jun. 1, , , ,000 City of Ottawa 3.05 Apr. 23, , , ,000 City of Ottawa 3.10 Jul. 27, , , ,000 City of Ottawa 4.20 Jul. 30, , , ,000 City of Ottawa 4.40 Oct. 22, , , ,000 City of Ottawa 4.60 Jul. 14, , ,958 5,000 City of Ottawa 5.05 Aug. 13, ,043 5, ,000 City of Toronto 2.40 Jun. 24, , , ,000 City of Toronto 2.45 Feb. 6, , , ,000 City of Toronto 2.95 Apr. 28, , ,141

122 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Municipal government bonds... continued 216,000 City of Toronto 3.25 Jun. 24, , , ,000 City of Toronto 3.40 May 21, , , ,000 City of Toronto 3.50 Dec. 6, , , ,000 City of Toronto 3.50 Jun. 2, , , ,000 City of Toronto 3.80 Dec. 13, , , ,000 City of Toronto 3.90 Sep. 29, , , ,000 City of Toronto 4.15 Mar. 10, , , ,000 City of Toronto 4.50 Dec. 2, , , ,000 City of Toronto 4.70 Jun. 10, , , ,000 City of Toronto 4.95 Jun. 27, , , ,000 City of Toronto 5.20 Jun. 1, , , ,709 City of Toronto 5.34 Jul. 18, , ,128 50,000 City of Toronto 5.60 Dec. 18, ,285 54, ,000 City of Toronto 6.10 Dec. 12, , , ,000 City of Toronto 6.80 Jul. 26, , , ,000 City of Vancouver 2.90 Nov. 20, , , ,000 City of Vancouver 3.05 Oct. 16, , , ,000 City of Vancouver 3.45 Dec. 2, , , ,000 City of Vancouver 3.70 Oct. 18, , , ,000 City of Vancouver 3.75 Oct. 24, , , ,000 City of Vancouver 4.50 Jun. 1, , , ,000 City of Winnipeg 4.10 Jun. 1, , ,930 58,000 City of Winnipeg 5.20 Jul. 17, ,364 71,466 65,000 City of Winnipeg 5.90 Feb. 2, ,169 82,295 10,000 City of Winnipeg 6.25 Nov. 17, ,922 10, ,000 Durham District School Board 6.75 Nov. 19, , , ,000 Hydro Ottawa Holding Inc Feb. 3, , , ,000 Hydro Ottawa Holding Inc Feb. 2, , , ,000 Hydro Ottawa Holding Inc May 14, , , ,000 Municipal Finance Authority of British Columbia 1.65 Apr. 19, , , ,000 Municipal Finance Authority of British Columbia 1.75 Oct. 15, , , ,000 Municipal Finance Authority of British Columbia 2.05 Jun. 2, , , ,000 Municipal Finance Authority of British Columbia 2.35 Dec. 3, , , ,000 Municipal Finance Authority of British Columbia 2.50 Apr. 19, , , ,000 Municipal Finance Authority of British Columbia 2.65 Oct. 2, , , ,000 Municipal Finance Authority of British Columbia 2.95 Oct. 14, , , ,000 Municipal Finance Authority of British Columbia 3.35 Jun. 1, , , ,000 Municipal Finance Authority of British Columbia 3.75 Sep. 26, , , ,000 Municipal Finance Authority of British Columbia 4.15 Jun. 1, ,062,115 1,078, ,000 Municipal Finance Authority of British Columbia 4.45 Jun. 1, , , ,000 Municipal Finance Authority of British Columbia 4.60 Apr. 23, , , ,000 Municipal Finance Authority of British Columbia 4.88 Jun. 3, , , ,000 Municipal Finance Authority of British Columbia 4.95 Dec. 1, , , ,000 Municipal Finance Authority of British Columbia 5.10 Nov. 20, , , ,000 Municipal Finance Authority of British Columbia 5.35 Dec. 2, , , ,000 Regional Municipality of Halton (The) 3.15 Apr. 6, , , ,000 Regional Municipality of Halton (The) 4.05 Oct. 11, , ,582 22,000 Regional Municipality of Ottawa-Carleton (The) 5.88 Sep. 14, ,890 23, ,000 Regional Municipality of Ottawa-Carleton (The) 6.20 Sep. 10, , , ,000 Regional Municipality of Peel (The) 2.30 Nov. 2, , , ,000 Regional Municipality of Peel (The) 3.50 Dec. 1, , , ,000 Regional Municipality of Peel (The) 3.85 Oct. 30, , , ,000 Regional Municipality of Peel (The) 4.25 Dec. 2, , , ,000 Regional Municipality of Peel (The) 5.10 Jun. 29, , ,722 17,000 Regional Municipality Of Waterloo (The) 5.15 Nov. 29, ,001 18, ,000 Regional Municipality of York (The) 2.50 Jun. 2, , ,739

123 WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Municipal government bonds... continued 450,000 Regional Municipality of York (The) 2.60 Dec. 15, , , ,000 Regional Municipality of York (The) 3.65 May 13, , , ,000 Regional Municipality of York (The) 4.00 Jun. 30, , , ,000 Regional Municipality of York (The) 4.00 May 31, , , ,000 Regional Municipality of York (The) 4.05 May 1, , ,065 87,000 Regional Municipality of York (The) 4.15 Nov. 18, ,252 94, ,000 Regional Municipality of York (The) 4.50 Jun. 30, , ,393 46,000 Regional Municipality of York (The) 5.00 Apr. 29, ,967 49,849 5,000 Simcoe County District School Board 6.80 Jun. 19, ,548 6, ,000 South Coast British Columbia Transportation Authority 3.05 Jun. 4, , , ,000 South Coast British Columbia Transportation Authority 3.80 Nov. 2, , , ,000 South Coast British Columbia Transportation Authority 3.85 Feb. 9, , , ,000 South Coast British Columbia Transportation Authority 4.45 Jun. 9, , , ,000 South Coast British Columbia Transportation Authority 4.65 Jun. 20, , , ,000 TCHC Issuer Trust 4.88 May 11, , ,493 22,578 York Region District School Board 5.30 Jun. 3, ,953 25, ,634 York Region District School Board 6.45 Jun. 4, , , ,000 York Region District School Board 6.55 Apr. 12, , ,413 Short-term investments 0.0% 36,980,770 38,065,572 Term deposits 0.0% 820,000 Royal Bank of Canada 0.45 Jan. 3, , ,000 Total investments 100.0% 1,833,886,002 1,841,028,315

124 Notes to financial statements of WindWise Canadian Universe Bond Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match as closely as possible, the performance of the FTSE TMX Canada Universe Bond Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds 443,611,679 1,396,596,636-1,840,208,315 Short-term investments - 820, , ,611,679 1,397,416,636-1,841,028,315 As at December 31, 2015 Level 1 Level 2 Level 3 Total Bonds 426,764,415 1,318,294,458-1,745,058,873 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk.

125 Notes to financial statements of WindWise Canadian Universe Bond Index Non-Lending Fund December 31, 2016 and 2015 Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Total exposure December 31, 2016 December 31, 2015 Term to maturity Less than 1 year 19,288,178 3,092, years 810,447, ,437, years 441,281, ,975, years 570,011, ,553,192 Total 1,841,028,315 1,745,058,873 Impact on net assets attributable to holders of redeemable units 138,587, ,808,000 Impact on net assets attributable to holders of redeemable units 7% 7% Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments.

126 Notes to financial statements of WindWise Canadian Universe Bond Index Non-Lending Fund December 31, 2016 and 2015 The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating December 31, 2016 % December 31, 2015 % AAA AA+/AA/AA 13 8 A+/A/A BBB+/BBB/BBB Total Effective July 15, 2016 the Fund no longer participates in securities lending. Prior to that date, the Fund entered into securities lending transactions with counterparties whereby it temporarily exchanged securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. The former securities lending agent, State Street Bank and Trust Company, indemnified the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan. As at December 31, 2015, State Street Bank and Trust Company had a credit rating of A from Standard & Poor s. Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Corporate bonds Federal government bonds Municipal government bonds 2 2 Provincial government bonds Term deposits

127 Notes to financial statements of WindWise Canadian Universe Bond Index Non-Lending Fund December 31, 2016 and 2015 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 30,620,229 54,377,086 Average units outstanding during the year 153,569, ,388,106 Increase (decrease) in net assets attributable to holders of redeemable units per unit

128 WindWise Canadian Universe Bond Index Securities Lending Fund Statement of financial position Assets Current assets Investments* 277,190,505 Cash 352,169 Receivable for investments sold 270,701 Interest receivable 1,424,915 Total assets 279,238,290 Liabilities Current liabilities Payable for units redeemed 310,162 Accrued expenses 31,433 Total liabilities 341,595 Net assets attributable to holders of redeemable units 278,896,695 Number of redeemable units outstanding 29,296,687 Net assets attributable to holders of redeemable units per unit 9.52 * Investments at cost 290,411,465 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

129 WindWise Canadian Universe Bond Index Securities Lending Fund Statement of comprehensive income For the period from July 8 to December 31, 2016 Investment income Interest for distribution purposes 4,338,025 Securities lending income 6,968 Other changes in fair of investments and derivatives Net realized gain (loss) (1,174,762) Net change in unrealized appreciation (depreciation) (13,220,960) Total income (loss) (10,050,729) Expenses Audit fees 28,341 Custodial fees 24,080 Other fees 28 Proxy fees 8 Regulatory fees 167 Trustee fees 2,402 Total expenses 55,026 Waivers and reimbursements (4,416) Net expenses 50,610 Increase (decrease) in net assets attributable to holders of redeemable units (10,101,339) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the period (0.33)

130 WindWise Canadian Universe Bond Index Securities Lending Fund Statement of changes in net assets attributable to holders of redeemable units For the period from July 8 to December 31, 2016 Increase (decrease) in net assets attributable to holders of redeemable units (10,101,339) Distributions to holders of redeemable units From net investment income (4,288,312) From securities lending income (6,968) Total distributions to holders of redeemable units (4,295,280) Redeemable unit transactions Proceeds from redeemable units issued 306,206,671 Reinvestment of distribution to holders of redeemable units 4,295,280 Redemption of redeemable units (17,208,637) Increase (decrease) from redeemable unit transactions 293,293,314 Net increase (decrease) in net assets attributable to holders of redeemable units 278,896,695 Net assets attributable to holders of redeemable units Beginning of period - Net assets attributable to holders of redeemable units End of period 278,896,695 Number of redeemable units outstanding Beginning of period - Issued 30,621,500 Reinvested 451,196 Redeemed (1,776,009) Number of redeemable units outstanding End of period 29,296,687

131 WindWise Canadian Universe Bond Index Securities Lending Fund Statement of cash flows For the period from July 8 to December 31, 2016 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units (10,101,339) Adjustments for: Net realized (gain) loss on investments 1,174,762 Net change in unrealized (appreciation) depreciation on investments 13,220,960 Proceeds from sale of investments 58,307,696 Purchases of investments (46,269,629) Interest receivable 277,731 Accrued expenses 20,479 Net cash from (used in) operating activities 16,630,660 Cash flows from (used in) financing activities Proceeds from redeemable units issued 619,984 Redemption of redeemable units (16,898,475) Net cash from (used in) financing activities (16,278,491) Net increase (decrease) in cash during the period 352,169 Cash Beginning of period - Cash End of period 352,169 Interest received* 4,615,756 Redeemable units issued in kind 305,586,687 * Included as part of cash flows from operating activities

132 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 28.8% Corporate bonds 28.8% 24, East Development Group General Partnership 4.47 Jun. 23, ,740 25,499 30, International Inc May 4, ,989 29,061 35, International Inc Mar. 27, ,309 31,984 59, International Inc May 16, ,826 62,744 96, International Inc May 21, ,082 92,649 42, International Inc May 11, ,440 42, , International Inc Sep. 11, , ,788 72, International Inc Apr. 25, ,166 76, , International Inc May 26, , ,145 93, International Inc Nov. 15, , ,117 24, International Inc Oct. 7, ,790 27,707 6, International Inc Jun. 16, ,849 6, , International Inc Feb. 14, , ,539 95, International Inc Dec. 3, , ,526 47, International Inc Jul. 27, ,803 63,065 30,000 Access Prairies Partnership 4.23 Mar. 1, ,312 29,813 2,904 Access Search Montreal SEC 7.07 Dec. 31, ,262 3,921 94,000 Aeroports de Montreal 3.92 Sep. 26, ,606 97,912 47,000 Aeroports de Montreal 3.92 Jun. 12, ,396 49,100 94,000 Aeroports de Montreal 5.17 Sep. 17, , , ,000 Aeroports de Montreal 5.67 Oct. 16, , ,482 2,000 Aeroports de Montreal 6.55 Oct. 11, ,943 2,728 28,150 Aeroports de Montreal 6.95 Apr. 16, ,587 36,514 80,000 Aimia Inc May 17, ,901 82,236 52,000 Algonquin Power Company 4.65 Feb. 15, ,419 55, ,000 Alimentation Couche-Tard Inc Jun. 2, , ,388 40,000 Alimentation Couche-Tard Inc Nov. 1, ,655 42, ,000 Alimentation Couche-Tard Inc Aug. 21, , ,026 6,000 Alliance Pipeline Limited Partnership 4.93 Dec. 16, ,301 6,312 63,046 Alliance Pipeline Limited Partnership 5.55 Dec. 31, ,125 67,241 82,962 Alliance Pipeline Limited Partnership 6.77 Dec. 31, ,076 93,987 65,864 Alliance Pipeline Limited Partnership 7.18 Jun. 30, ,396 75, ,156 Alliance Pipeline Limited Partnership 7.22 Dec. 31, , ,681 38,000 Allied Properties Real Estate Investment Trust 3.75 May 13, ,008 39,056 71,000 Allied Properties Real Estate Investment Trust 3.93 Nov. 14, ,527 71,896 68,000 AltaGas Limited 3.57 Jun. 12, ,881 70, ,000 AltaGas Limited 3.72 Sep. 28, , ,376 72,000 AltaGas Limited 3.84 Jan. 15, ,395 74,832 25,000 AltaGas Limited 4.12 Apr. 7, ,330 26,197 43,000 AltaGas Limited 4.40 Mar. 15, ,801 46,567 61,000 AltaGas Limited 4.50 Aug. 15, ,214 58, ,000 AltaGas Limited 4.55 Jan. 17, , ,774 4,000 AltaGas Limited 5.16 Jan. 13, ,262 4,217 46,000 AltaLink Investments Limited Partnership 2.24 Mar. 7, ,211 45,775 72,000 AltaLink Investments Limited Partnership 3.27 Jun. 5, ,310 74,390 52,000 AltaLink Investments Limited Partnership 3.67 Jun. 5, ,400 53,958 26,000 AltaLink Limited Partnership 2.75 May 29, ,034 25,952 89,000 AltaLink Limited Partnership 2.98 Nov. 28, ,472 93,320 85,000 AltaLink Limited Partnership 3.40 Jun. 6, ,246 90,454 53,000 AltaLink Limited Partnership 3.62 Sep. 17, ,530 56, ,000 AltaLink Limited Partnership 3.67 Nov. 6, , ,818 36,000 AltaLink Limited Partnership 3.72 Dec. 3, ,000 35,671 66,000 AltaLink Limited Partnership 3.99 Jun. 30, ,947 68,359 38,000 AltaLink Limited Partnership 4.05 Nov. 21, ,178 39,866 78,000 AltaLink Limited Partnership 4.09 Jun. 30, ,241 82,180

133 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 22,000 AltaLink Limited Partnership 4.27 Jun. 6, ,192 23,692 52,000 AltaLink Limited Partnership 4.45 Jul. 11, ,037 57,574 91,000 AltaLink Limited Partnership 4.46 Nov. 8, , ,235 27,000 AltaLink Limited Partnership 4.87 Nov. 15, ,069 31,619 71,000 AltaLink Limited Partnership 4.92 Sep. 17, ,411 84,592 43,000 AltaLink Limited Partnership 5.24 May 29, ,108 45,312 2,000 AltaLink Limited Partnership 5.25 Sep. 22, ,573 2,425 64,000 AltaLink Limited Partnership 5.38 Mar. 26, ,670 80, ,000 American Express Canada Credit Corporation 2.31 Mar. 29, , ,670 5,943 Arrow Lakes Power Corporation 5.52 Apr. 5, ,214 6,750 29,000 Artis Real Estate Investment Trust 3.75 Mar. 27, ,947 29, ,000 Asian Development Bank 4.65 Feb. 16, , , ,000 Asian Development Bank 4.75 Jun. 15, , , ,000 Bank of Montreal 1.61 Oct. 28, , ,167 76,000 Bank of Montreal 1.88 Mar. 31, ,265 75, ,000 Bank of Montreal 2.10 Oct. 6, , , ,000 Bank of Montreal 2.12 Mar. 16, , , ,000 Bank of Montreal 2.43 Mar. 4, , ,344 90,000 Bank of Montreal 2.70 Dec. 9, ,985 89, ,000 Bank of Montreal 2.84 Jun. 4, , , ,000 Bank of Montreal 3.21 Sep. 13, , , ,000 Bank of Montreal 3.40 Apr. 23, , , ,000 Bank of Montreal 4.61 Sep. 10, , , ,000 Bank of Montreal 6.02 May 2, , , ,000 Bank of Nova Scotia (The) 1.33 May 1, , , ,000 Bank of Nova Scotia (The) 1.90 Dec. 2, , , ,000 Bank of Nova Scotia (The) 2.09 Sep. 9, , , ,000 Bank of Nova Scotia (The) 2.13 Jun. 15, , , ,000 Bank of Nova Scotia (The) 2.24 Mar. 22, , , ,000 Bank of Nova Scotia (The) 2.27 Jan. 13, , , ,000 Bank of Nova Scotia (The) 2.37 Jan. 11, , , ,000 Bank of Nova Scotia (The) 2.40 Oct. 28, , , ,000 Bank of Nova Scotia (The) 2.46 Mar. 14, , , ,000 Bank of Nova Scotia (The) 2.62 Dec. 2, , , ,000 Bank of Nova Scotia (The) 2.75 Aug. 13, , , ,000 Bank of Nova Scotia (The) 2.87 Jun. 4, , , ,000 Bank of Nova Scotia (The) 3.04 Oct. 18, , , ,000 Bank of Nova Scotia (The) 3.27 Jan. 11, , ,236 50,242 Bankers Hall Limited Partnership 4.38 Nov. 20, ,933 52, ,000 bcimc Realty Corporation 2.10 Jun. 3, , ,690 53,000 bcimc Realty Corporation 2.79 Aug. 2, ,598 54,180 45,000 bcimc Realty Corporation 2.84 Jun. 3, ,490 45, ,000 bcimc Realty Corporation 2.96 Mar. 7, , ,968 50,000 bcimc Realty Corporation 3.51 Jun. 29, ,919 53,184 32,000 bcimc Realty Corporation 5.65 Jan. 5, ,057 33, ,000 Bell Canada Inc Oct. 1, , , ,000 Bell Canada Inc Aug. 12, , , ,000 Bell Canada Inc Oct. 3, , , ,000 Bell Canada Inc Sep. 29, , , ,000 Bell Canada Inc Jun. 17, , , ,000 Bell Canada Inc Jun. 18, , , ,000 Bell Canada Inc Mar. 22, , ,977 71,000 Bell Canada Inc Sep. 10, ,993 73,378 40,000 Bell Canada Inc Jun. 12, ,575 42,131 63,000 Bell Canada Inc Mar. 2, ,124 64,695 99,000 Bell Canada Inc Dec. 18, ,815 95, ,000 Bell Canada Inc Mar. 16, , , ,000 Bell Canada Inc Sep. 11, , ,017

134 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 111,000 Bell Canada Inc Sep. 29, , ,846 52,000 Bell Canada Inc Apr. 26, ,058 54,373 92,000 Bell Canada Inc May 19, , ,615 82,000 Bell Canada Inc Feb. 26, ,091 88,705 72,000 Bell Canada Inc Mar. 16, ,439 86,935 46,000 Bell Canada Inc Feb. 26, ,735 56,077 35,000 Bell Canada Inc May 1, ,722 43,708 23,000 Bell Canada Inc Sep. 24, ,926 29,416 24,000 Bell Canada Inc Feb. 23, ,351 31,653 77,000 Bell Canada Inc Dec. 30, ,928 94,710 61,000 Bell Canada Inc Apr. 2, ,094 83,337 14,000 Bell Canada Inc Apr. 17, ,861 19,020 52,000 Blackbird Infrastructure 407 General Partnership 1.71 Oct. 8, ,984 51,437 36,000 Blackbird Infrastructure 407 General Partnership 3.76 Jun. 30, ,115 34, ,000 BMO Capital Trust II Dec. 31, , ,554 42,000 BMW Canada Inc Oct. 19, ,987 41,855 52,000 BMW Canada Inc Jun. 15, ,432 51,543 45,000 BMW Canada Inc Nov. 26, ,032 45,664 52,000 BMW Canada Inc May 23, ,030 52,712 34,000 BMW Canada Inc Sep. 26, ,766 34,512 3,721 Borealis Infrastructure Trust 6.35 Dec. 1, ,102 4,061 9,000 Bow Centre Street Limited Partnership 3.80 Jun. 13, ,865 8,703 63,000 British Columbia Ferry Services Inc Apr. 28, ,924 69,206 55,000 British Columbia Ferry Services Inc Oct. 23, ,183 64,107 6,000 British Columbia Ferry Services Inc Mar. 20, ,699 7,152 63,000 British Columbia Ferry Services Inc Jan. 11, ,765 80,099 44,000 British Columbia Ferry Services Inc Oct. 13, ,052 59, ,000 Brookfield Asset Management Inc Mar. 16, , , ,000 Brookfield Asset Management Inc Apr. 9, , , ,000 Brookfield Asset Management Inc Mar. 31, , , ,000 Brookfield Asset Management Inc Jan. 28, , , ,000 Brookfield Asset Management Inc Mar. 8, , ,431 24,000 Brookfield Asset Management Inc Mar. 1, ,171 26,476 59,000 Brookfield Asset Management Inc Jun. 14, ,590 64,838 98,000 Brookfield Infrastructure Finance ULC 3.45 Mar. 11, ,566 99,556 98,000 Brookfield Infrastructure Finance ULC 3.54 Oct. 30, , ,309 25,000 Brookfield Renewable Partners ULC 3.63 Jan. 15, ,988 24,461 78,000 Brookfield Renewable Partners ULC 3.75 Jun. 2, ,768 79, ,000 Brookfield Renewable Partners ULC 4.79 Feb. 7, , ,700 63,000 Brookfield Renewable Partners ULC 5.14 Oct. 13, ,361 68,966 44,000 Brookfield Renewable Partners ULC 5.25 Nov. 5, ,305 46,661 1,000 Brookfield Renewable Partners ULC 5.84 Nov. 5, ,144 1,083 79,000 Bruce Power Limited Partnership 2.84 Jun. 23, ,233 80,291 86,000 Bruce Power Limited Partnership 3.97 Jun. 23, ,136 88, ,000 Cadillac Fairview Finance Trust 3.64 May 9, , , ,000 Cadillac Fairview Finance Trust 4.31 Jan. 25, , , ,000 Caisse Centrale Desjardins 1.75 Mar. 2, , , ,000 Caisse Centrale Desjardins 2.44 Jul. 17, , , ,000 Caisse Centrale Desjardins 2.80 Nov. 19, , , ,000 Cameco Corporation 3.75 Nov. 14, , , ,000 Cameco Corporation 4.19 Jun. 24, , ,980 1,000 Cameco Corporation 5.09 Nov. 14, , ,000 Cameco Corporation 5.67 Sep. 2, ,801 90,029 29,000 Canada Life Assurance Company (The) 6.40 Dec. 11, ,385 37, ,000 Canadian Credit Card Trust II 1.83 Mar. 24, , , ,000 Canadian Imperial Bank of Commerce 1.64 Jul. 12, , , ,000 Canadian Imperial Bank of Commerce 1.70 Oct. 9, , , ,000 Canadian Imperial Bank of Commerce 1.85 Jul. 14, , ,493

135 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 269,000 Canadian Imperial Bank of Commerce 1.90 Apr. 26, , , ,000 Canadian Imperial Bank of Commerce 2.22 Mar. 7, , , ,000 Canadian Imperial Bank of Commerce 2.35 Jun. 24, , , ,000 Canadian Imperial Bank of Commerce 6.00 Jun. 6, , ,321 63,000 Canadian National Railway Company 2.75 Feb. 18, ,528 65,252 51,000 Canadian National Railway Company 2.80 Sep. 22, ,312 52,066 46,000 Canadian National Railway Company 3.95 Sep. 22, ,404 47, ,000 Canadian Natural Resources Limited 2.60 Dec. 3, , , ,000 Canadian Natural Resources Limited 2.89 Aug. 14, , , ,000 Canadian Natural Resources Limited 3.05 Jun. 19, , , ,000 Canadian Natural Resources Limited 3.31 Feb. 11, , ,446 95,000 Canadian Natural Resources Limited 3.55 Jun. 3, ,610 96,075 49,000 Canadian Pacific Railway Company 5.10 Jan. 14, ,461 55, ,000 Canadian Pacific Railway Company 6.45 Nov. 17, , ,202 11,286 Canadian Pacific Railway Company 6.91 Oct. 1, ,567 13,256 30,000 Canadian Real Estate Investment Trust 3.68 Jul. 24, ,897 30,726 21,000 Canadian Real Estate Investment Trust 4.32 Jan. 15, ,515 22,171 52,000 Canadian Tire Corporation Limited (*) 5.61 Sep. 4, ,654 58,482 25,000 Canadian Tire Corporation Limited 6.38 Apr. 13, ,971 30,142 20,000 Canadian Tire Corporation Limited 6.45 Feb. 24, ,458 24,396 72,000 Canadian Utilities Limited 3.12 Nov. 9, ,090 76,037 35,000 Canadian Western Bank 2.53 Mar. 22, ,173 35,283 61,000 Canadian Western Bank 2.75 Jun. 29, ,596 61,373 17,000 Canadian Western Bank 2.79 Sep. 13, ,000 16,976 15,000 Canadian Western Bank 3.08 Jan. 14, ,272 15,283 52,000 Canadian Western Bank 3.46 Dec. 17, ,280 52, ,000 Capital City Link General Partnership 4.39 Mar. 31, , ,499 75,000 Capital Desjardins Inc Dec. 15, ,557 83, ,000 Capital Desjardins Inc. (*) 5.19 May 5, , , ,000 Capital Power Corporation 5.28 Nov. 16, , , ,000 CARDS II Trust 2.16 Oct. 16, , ,952 1,000 Caterpillar Financial Services Limited 1.75 Jun. 3, ,007 1,005 78,000 Caterpillar Financial Services Limited 2.29 Jun. 1, ,294 79, ,000 CDP Financial Inc Jul. 15, , , ,000 Central 1 Credit Union 2.89 Apr. 25, , ,116 42,000 Central 1 Credit Union 3.06 Oct. 14, ,983 41,630 39,000 Chip Mortgage Trust 2.33 Apr. 29, ,591 38,493 21,000 Chip Mortgage Trust 2.98 Nov. 15, ,000 20,899 30,000 Choice Properties Limited Partnership 3.00 Sep. 20, ,034 30,801 52,000 Choice Properties Limited Partnership 3.60 Apr. 20, ,070 54,312 22,000 Choice Properties Limited Partnership 3.60 Sep. 20, ,494 23,035 53,000 Choice Properties Limited Partnership 3.60 Sep. 20, ,726 55,281 46,000 Choice Properties Real Estate Investment Trust 2.30 Sep. 14, ,580 46,116 44,000 Choice Properties Real Estate Investment Trust 3.20 Mar. 7, ,079 44,754 41,000 Choice Properties Real Estate Investment Trust 3.50 Feb. 8, ,526 42,829 79,000 Choice Properties Real Estate Investment Trust 3.55 Jul. 5, ,818 81,256 52,000 Choice Properties Real Estate Investment Trust 4.06 Nov. 24, ,742 54,230 35,000 Choice Properties Real Estate Investment Trust 4.29 Feb. 8, ,771 37,547 43,000 Choice Properties Real Estate Investment Trust 4.90 Jul. 5, ,461 47,719 25,000 Choice Properties Real Estate Investment Trust 5.27 Mar. 7, ,109 26, ,000 CI Financial Corporation 2.65 Dec. 7, , ,607 67,000 CI Investments Inc Nov. 25, ,000 67, ,000 CIBC Capital Trust 9.98 Jun. 30, , ,772 63,000 CIBC Capital Trust Jun. 30, ,849 83,502 79,000 Cogeco Communications Inc May 26, ,635 82,487 40,000 Cogeco Communications Inc Feb. 14, ,502 43,590 64,000 Cogeco Communications Inc Nov. 16, ,849 69, ,497 Comber Wind Financial Corporation 5.13 Nov. 15, , ,100

136 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 42,000 Cominar Real Estate Investment Trust 3.62 Jun. 21, ,777 42,827 64,000 Cominar Real Estate Investment Trust 4.16 Jun. 1, ,721 65,246 87,000 Cominar Real Estate Investment Trust 4.23 Dec. 4, ,076 90,089 50,000 Cominar Real Estate Investment Trust (*) 4.25 Dec. 8, ,840 51,545 51,000 Cominar Real Estate Investment Trust 4.25 May 23, ,198 51,568 53,000 Cominar Real Estate Investment Trust 4.94 Jul. 27, ,396 56,054 3,000 Concordia University 6.55 Sep. 2, ,640 4,272 30,000 Crombie Real Estate Investment Trust 2.78 Feb. 10, ,944 29,699 31,000 Crombie Real Estate Investment Trust 3.96 Jun. 1, ,403 31,593 50,000 Crombie Real Estate Investment Trust 3.99 Oct. 31, ,699 51,262 27,000 Crosslinx Transit Solutions General Partnership 4.56 Jun. 30, ,747 24,976 80,000 Crosslinx Transit Solutions General Partnership 4.65 Sep. 30, ,258 78,256 31,000 CT Real Estate Investment Trust 2.16 Jun. 1, ,189 30,603 29,000 CT Real Estate Investment Trust 2.85 Jun. 9, ,889 29,149 43,000 CT Real Estate Investment Trust 3.29 Jun. 1, ,706 41,785 50,000 CT Real Estate Investment Trust 3.53 Jun. 9, ,537 50,276 16,000 CU Inc Nov. 19, ,000 15, ,000 CU Inc Sep. 10, , ,515 50,000 CU Inc Sep. 11, ,398 49,058 52,000 CU Inc Nov. 14, ,758 51,706 98,000 CU Inc Jul. 27, , , ,000 CU Inc Sep. 2, , ,135 49,000 CU Inc Oct. 29, ,516 51,915 97,000 CU Inc Oct. 24, , ,777 28,000 CU Inc Nov. 7, ,777 31,547 45,000 CU Inc Oct. 24, ,048 51, ,000 CU Inc Sep. 9, , ,746 70,000 CU Inc Nov. 22, ,630 79,619 23,000 CU Inc Nov. 18, ,206 27,562 58,000 CU Inc Nov. 21, ,181 68,981 24,000 CU Inc May 26, ,798 29,149 48,000 CU Inc Oct. 30, ,487 60,212 38,000 CU Inc Nov. 20, ,626 48,403 53,000 CU Inc Mar. 7, ,653 74,135 87,000 CU Inc Aug. 13, ,252 98,709 2,000 CU Inc Apr. 1, ,841 2,727 4,000 Daimler Canada Finance Inc Oct. 2, ,000 3,993 72,000 Daimler Canada Finance Inc Aug. 19, ,483 72,142 67,000 Daimler Canada Finance Inc Dec. 16, ,996 67, ,000 Daimler Canada Finance Inc Jul. 8, , ,689 81,000 Daimler Canada Finance Inc Dec. 16, ,993 80, ,000 Daimler Canada Finance Inc Mar. 26, , ,143 40,000 Dollarama Inc Jul. 22, ,000 39,882 80,000 Dollarama Inc Nov. 5, ,492 81,977 52,000 Dream Office Real Estate Investment Trust 4.07 Jan. 21, ,995 52,527 23,000 Eagle Credit Card Trust 2.15 Sep. 17, ,557 23,262 60,000 Eagle Credit Card Trust 2.85 Oct. 18, ,085 61,536 13,947 Edmonton Regional Airports Authority 7.21 Nov. 1, ,753 17,725 54,000 Empire Life Insurance Company (The) 2.87 May 31, ,180 54,087 74,000 Empire Life Insurance Company (The) 3.38 Dec. 16, ,000 74,220 13,000 Enbridge Gas Distribution Inc Aug. 5, ,991 12,660 15,000 Enbridge Gas Distribution Inc Aug. 22, ,176 15,670 82,000 Enbridge Gas Distribution Inc Sep. 11, ,152 85,877 45,000 Enbridge Gas Distribution Inc Aug. 22, ,040 46, ,000 Enbridge Gas Distribution Inc Nov. 23, , ,182 36,000 Enbridge Gas Distribution Inc Nov. 23, ,959 39,956 98,000 Enbridge Gas Distribution Inc Dec. 17, , ,866 92,000 Enbridge Gas Distribution Inc Nov. 22, , ,160

137 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 10,000 Enbridge Gas Distribution Inc Dec. 4, ,533 10,370 67,000 Enbridge Gas Distribution Inc Feb. 25, ,774 79,500 22,000 Enbridge Gas Distribution Inc Nov. 3, ,976 28,365 3,000 Enbridge Gas Distribution Inc Nov. 15, ,360 4,108 42,000 Enbridge Gas Distribution Inc Oct. 29, ,904 57,146 95,000 Enbridge Inc Mar. 11, ,815 98,101 67,000 Enbridge Inc Dec. 5, ,707 68, ,000 Enbridge Inc Jun. 30, , , ,000 Enbridge Inc Aug. 27, , ,161 37,000 Enbridge Inc Feb. 1, ,870 39, ,000 Enbridge Inc Mar. 9, , ,639 42,000 Enbridge Inc Mar. 28, ,492 38, ,000 Enbridge Inc Mar. 11, , ,680 83,000 Enbridge Inc Sep. 2, ,527 89,347 51,000 Enbridge Inc Nov. 14, ,091 56,702 49,000 Enbridge Inc Sep. 2, ,356 56,172 3,000 Enbridge Inc Jun. 18, ,898 3,829 3,000 Enbridge Inc Jul. 24, ,843 3,789 44,000 Enbridge Income Fund 2.92 Dec. 14, ,620 44, ,000 Enbridge Income Fund 3.95 Nov. 19, , ,977 61,000 Enbridge Income Fund 4.10 Feb. 22, ,993 63,889 91,000 Enbridge Income Fund 4.85 Feb. 22, , ,015 64,000 Enbridge Income Fund 4.87 Nov. 21, ,166 65,598 52,000 Enbridge Pipelines Inc Nov. 30, ,164 53, ,000 Enbridge Pipelines Inc Aug. 10, , , ,000 Enbridge Pipelines Inc Sep. 29, , ,649 42,000 Enbridge Pipelines Inc Aug. 17, ,725 45,042 32,000 Enbridge Pipelines Inc Aug. 9, ,989 31,232 70,000 Enbridge Pipelines Inc. (*) 4.45 Apr. 6, ,498 75,880 79,000 Enbridge Pipelines Inc Nov. 12, ,069 85,534 93,000 Enbridge Pipelines Inc Aug. 17, ,722 96,955 95,000 Enbridge Pipelines Inc Sep. 29, ,377 98,832 14,000 Enbridge Pipelines Inc Dec. 19, ,067 15,476 48,000 Enbridge Pipelines Inc Apr. 6, ,873 55,291 41,000 Enbridge Pipelines Inc Nov. 10, ,403 47,260 44,000 Enbridge Pipelines Inc Nov. 17, ,498 53,261 70,000 Enbridge Pipelines Inc Nov. 19, ,023 76,672 9,000 Enersource Corporation 4.52 Apr. 29, ,161 9,891 48,000 Enersource Corporation 5.30 Apr. 29, ,606 57,982 74,000 ENMAX Corporation 3.81 Dec. 5, ,685 75,833 42,000 EPCOR Utilities Inc Feb. 28, ,126 46,814 15,000 EPCOR Utilities Inc Nov. 16, ,989 18,675 9,000 EPCOR Utilities Inc Nov. 24, ,616 11,631 84,000 EPCOR Utilities Inc Jan. 31, ,861 88,083 46,000 EPCOR Utilities Inc Apr. 15, ,039 64, ,000 Fairfax Financial Holdings Limited 4.50 Mar. 22, , ,061 84,000 Fairfax Financial Holdings Limited 4.95 Mar. 3, ,612 88,356 87,000 Fairfax Financial Holdings Limited 5.84 Oct. 14, ,880 97,095 70,000 Fairfax Financial Holdings Limited 6.40 May 25, ,188 79,232 39,000 Fairfax Financial Holdings Limited 7.25 Jun. 22, ,604 44,477 35,000 Federated Co-operatives Limited 3.92 Jun. 17, ,834 34,334 43,169 Fifth Avenue Limited Partnership 4.71 Aug. 5, ,465 45,756 20,000 Finning International Inc Jul. 3, ,624 20,407 37,000 Finning International Inc Jun. 13, ,608 37,524 7,000 Finning International Inc Jun. 1, ,525 7,391 98,000 First Capital Realty Inc May 6, ,946 97,267 70,000 First Capital Realty Inc Oct. 30, ,217 73,197 60,000 First Capital Realty Inc Jul. 31, ,724 63,394

138 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 102,000 First Capital Realty Inc Jan. 31, , ,732 59,000 First Capital Realty Inc Mar. 1, ,231 63,544 21,000 First Capital Realty Inc Aug. 30, ,152 23,009 26,000 First Capital Realty Inc Jul. 30, ,791 28,206 43,000 First National Financial Corporation 4.01 Apr. 9, ,569 42,909 23,000 First Nations Finance Authority 3.40 Jun. 26, ,193 24, ,000 Ford Credit Canada Limited 2.45 May 7, , , ,000 Ford Credit Canada Limited 2.58 May 10, , , ,000 Ford Credit Canada Limited 2.92 Sep. 16, , , ,000 Ford Credit Canada Limited 2.94 Feb. 19, , ,479 62,000 Ford Credit Canada Limited 3.14 Jun. 14, ,886 63,531 57,000 Ford Credit Canada Limited 3.28 Jul. 2, ,188 58,107 67,000 Ford Credit Canada Limited 3.70 Aug. 2, ,440 68, ,000 Fortified Trust 1.67 Jul. 23, , ,088 67,000 Fortis Inc Dec. 12, ,987 67,162 81,000 Fortis Inc Jul. 4, , ,350 20,000 FortisAlberta Inc Sep. 30, ,824 21,008 39,000 FortisAlberta Inc Sep. 21, ,934 35,273 2,000 FortisAlberta Inc Oct. 23, ,210 1,998 12,000 FortisAlberta Inc Sep. 29, ,637 12,497 12,000 FortisAlberta Inc Sep. 22, ,178 12,826 27,000 FortisAlberta Inc Oct. 18, ,502 29,844 17,000 FortisAlberta Inc Oct. 27, ,583 19,682 47,000 FortisAlberta Inc Sep. 11, ,237 54,498 3,000 FortisAlberta Inc Jan. 3, ,908 3,572 64,000 FortisAlberta Inc Oct. 30, ,731 78,407 40,000 FortisAlberta Inc Apr. 21, ,794 48,371 9,000 FortisAlberta Inc Apr. 15, ,425 11,584 34,000 FortisBC Energy Inc Apr. 8, ,067 33,602 32,000 FortisBC Energy Inc Apr. 13, ,661 29,586 11,000 FortisBC Energy Inc Apr. 9, ,835 10,669 31,000 FortisBC Energy Inc Mar. 6, ,962 30,899 36,000 FortisBC Energy Inc Dec. 9, ,023 38,823 30,000 FortisBC Energy Inc Dec. 6, ,505 36,293 59,000 FortisBC Energy Inc Sep. 25, ,541 73,646 53,000 FortisBC Energy Inc May 13, ,636 68,335 8,000 FortisBC Energy Inc Feb. 26, ,923 10,225 78,000 FortisBC Energy Inc Oct. 2, , ,695 26,000 FortisBC Energy Inc Feb. 15, ,404 34,022 12,000 FortisBC Energy Inc May 1, ,209 16,147 4,000 FortisBC Energy Inc Feb. 24, ,034 5,637 28,000 FortisBC Inc Oct. 28, ,160 28,407 82,000 FortisBC Inc Nov. 24, ,631 96,706 45,000 FortisBC Inc Nov. 9, ,359 55,162 39,000 Gaz Metro Inc May 25, ,252 38,838 12,000 Gaz Metro Inc Oct. 9, ,982 10,911 7,000 Gaz Metro Inc Mar. 31, ,102 6,409 13,000 Gaz Metro Inc Jul. 10, ,661 16,367 41,000 Gaz Metro Inc Oct. 31, ,832 53, ,000 Gaz Metro Inc May 16, , , ,000 GE Capital Canada Funding Company 4.60 Jan. 26, , , ,000 General Motors Financial of Canada Limited 3.08 May 22, , , ,000 Genesis Trust II 1.68 Sep. 17, , , ,000 Genesis Trust II 1.70 Apr. 15, , , ,000 Genesis Trust II 2.43 May 15, , , ,000 Genworth MI Canada Inc Apr. 1, , ,005 9,000 Genworth MI Canada Inc Jun. 15, ,850 9,722 52,000 George Weston Limited 4.12 Jun. 17, ,665 55,170

139 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 4,000 George Weston Limited 6.69 Mar. 1, ,212 4,879 63,000 George Weston Limited 7.10 Feb. 5, ,845 79, ,000 Glacier Credit Card Trust 2.24 Sep. 20, , , ,000 Glacier Credit Card Trust 2.57 Sep. 20, , ,541 52,000 Glacier Credit Card Trust 2.76 Nov. 20, ,655 53,230 30,570 Grand Renewable Solar Limited Partnership 3.93 Jan. 31, ,675 30,294 22,000 GrandLinq GP 4.77 Mar. 31, ,019 22,546 51,000 Granite REIT Holdings Limited Partnership 3.79 Jul. 5, ,396 52,331 79,000 Granite REIT Holdings Limited Partnership 3.87 Nov. 30, ,002 79,356 94,000 Greater Toronto Airports Authority 3.04 Sep. 21, ,377 99,140 88,000 Greater Toronto Airports Authority 4.53 Dec. 2, , ,011 17,000 Greater Toronto Airports Authority 5.26 Apr. 17, ,237 17, ,000 Greater Toronto Airports Authority 5.30 Feb. 25, , ,362 85,000 Greater Toronto Airports Authority 5.63 Jun. 7, , , ,000 Greater Toronto Airports Authority 5.96 Nov. 20, , ,682 90,000 Greater Toronto Airports Authority 6.45 Dec. 3, , ,118 67,880 Greater Toronto Airports Authority 6.45 Jul. 30, ,815 84, ,000 Greater Toronto Airports Authority 6.47 Feb. 2, , ,898 29,000 Greater Toronto Airports Authority 6.98 Oct. 15, ,026 41, ,000 Greater Toronto Airports Authority 7.05 Jun. 12, , , ,000 Greater Toronto Airports Authority 7.10 Jun. 4, , , ,000 Great-West Lifeco Finance (Delaware) Limited Partnership 5.69 Jun. 21, , ,793 24,000 Great-West Lifeco Finance (Delaware) Limited Partnership 7.13 Jun. 26, ,097 25,706 94,000 Great-West Lifeco Inc Aug. 13, , ,132 44,000 Great-West Lifeco Inc Nov. 16, ,314 56,190 54,000 Great-West Lifeco Inc Mar. 21, ,207 57, ,000 Great-West Lifeco Inc Mar. 21, , ,340 52,000 Great-West Lifeco Inc Nov. 24, ,270 67,902 94,000 H&R Real Estate Investment Trust 2.92 May 6, ,090 93,614 56,000 H&R Real Estate Investment Trust 3.34 Jun. 20, ,210 57,211 36,000 H&R Real Estate Investment Trust 4.45 Mar. 2, ,476 38,076 66,000 Halifax International Airport Authority 4.89 Nov. 15, ,150 77,879 44,000 Halifax International Airport Authority 5.50 Jul. 19, ,852 56,044 37,000 HCN Canadian Holdings-1 Limited Partnership 3.35 Nov. 25, ,052 38, ,000 Health Montreal Collective Limited Partnership 6.72 Sep. 30, , , ,000 Hollis Receivables Term Trust II 1.79 Feb. 26, , , ,000 Hollis Receivables Term Trust II 2.43 Jun. 26, , ,609 21,000 Home Trust Company 2.28 Mar. 6, ,881 20,950 30,000 Home Trust Company 3.40 Dec. 10, ,394 30,326 52,000 Honda Canada Finance Inc Aug. 12, ,356 52,038 67,000 Honda Canada Finance Inc Dec. 7, ,000 66,114 70,000 Honda Canada Finance Inc Feb. 18, ,689 70, ,000 Honda Canada Finance Inc Jun. 4, , ,988 47,000 Hospital for Sick Children (The) 5.22 Dec. 16, ,936 58,279 92,565 Hospital Infrastructure Partners (NOH) Partnership 5.44 Jan. 31, , , ,000 HSBC Bank Canada 1.82 Jul. 7, , , ,000 HSBC Bank Canada 2.08 Nov. 26, , , ,000 HSBC Bank Canada 2.45 Jan. 29, , , ,000 HSBC Bank Canada 2.49 May 13, , , ,000 HSBC Bank Canada 2.91 Sep. 29, , , ,000 HSBC Bank Canada 2.94 Jan. 14, , , ,000 Husky Energy Inc Mar. 12, , ,617 87,000 Husky Energy Inc Mar. 12, ,876 94,290 3,000 IGM Financial Inc Dec. 10, ,938 3,652 11,000 IGM Financial Inc Mar. 7, ,416 14, ,000 IGM Financial Inc Apr. 8, , ,740

140 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 72,000 Industrial Alliance Insurance and Financial Services Inc Feb. 23, ,937 71,574 83,000 Industrial Alliance Insurance and Financial Services Inc May 16, ,575 83,820 23,000 Industrial Alliance Insurance and Financial Services Inc Sep. 15, ,994 23,237 99,000 InPower BC General Partnership 4.47 Mar. 31, , ,857 84,000 Intact Financial Corporation 3.77 Mar. 2, ,638 88,885 68,000 Intact Financial Corporation 4.70 Aug. 18, ,388 75,700 74,000 Intact Financial Corporation 5.16 Jun. 16, ,746 84,410 3,000 Intact Financial Corporation 5.41 Sep. 3, ,320 3,289 3,000 Intact Financial Corporation 6.40 Nov. 23, ,036 3,936 24,000 Integrated Team Solutions PCH Partnership 4.88 May 31, ,170 25,827 36,888 Integrated Team Solutions SJHC Partnership 5.95 Nov. 30, ,562 45, ,000 Inter Pipeline Limited 2.61 Sep. 13, , ,780 38,000 Inter Pipeline Limited 3.17 Mar. 24, ,529 38, ,000 Inter Pipeline Limited 3.45 Jul. 20, , ,640 51,000 Inter Pipeline Limited 3.84 Jul. 30, ,044 52,882 90,000 Inter Pipeline Limited 4.64 May 30, ,100 91,059 83,000 Inter Pipeline Limited 4.97 Feb. 2, ,803 91,948 58,000 Inter-American Development Bank 1.88 Mar. 20, ,656 58, ,000 Inter-American Development Bank 4.40 Jan. 26, , , ,000 International Bank for Reconstruction and Development 1.88 May 30, , ,523 29,000 Investors Group Inc Dec. 31, ,220 37,881 49,000 John Deere Canada Funding Inc Jul. 13, ,081 48,615 25,000 John Deere Canada Funding Inc Jan. 28, ,244 25,130 35,000 John Deere Canada Funding Inc Sep. 17, ,702 35,221 98,000 John Deere Canada Funding Inc May 13, ,842 97, ,000 John Deere Canada Funding Inc Jan. 17, , ,150 64,000 John Deere Canada Funding Inc Jun. 24, ,727 65,239 37,000 John Deere Canada Funding Inc Jul. 16, ,978 37, ,000 Kingston Solar Limited Partnership 3.57 Jul. 31, , , ,000 Kraft Canada Inc Jul. 6, , ,571 58,000 Laurentian Bank of Canada 2.50 Jan. 23, ,603 58,450 77,000 Laurentian Bank of Canada 2.75 Apr. 22, ,378 77,727 70,000 Laurentian Bank of Canada 2.81 Jun. 13, ,630 71, ,000 Laurentian Bank of Canada 3.28 Oct. 15, , , ,000 Leisureworld Senior Care Limited Partnership 3.47 Feb. 3, , , ,000 Loblaw Companies Limited 3.75 Mar. 12, , , ,000 Loblaw Companies Limited 4.86 Sep. 12, , , ,000 Loblaw Companies Limited 5.22 Jun. 18, , ,297 64,000 Loblaw Companies Limited 5.90 Jan. 18, ,597 75,906 49,000 Loblaw Companies Limited 6.05 Jun. 9, ,752 58,650 23,000 Loblaw Companies Limited 6.15 Jan. 29, ,930 27,867 69,000 Loblaw Companies Limited 6.50 Jan. 22, ,868 84,883 3,000 Lower Mattagami Energy Limited Partnership 2.23 Oct. 23, ,038 3,027 14,000 Lower Mattagami Energy Limited Partnership 2.31 Oct. 21, ,000 13,391 68,000 Lower Mattagami Energy Limited Partnership 3.42 Jun. 20, ,943 72,118 12,000 Lower Mattagami Energy Limited Partnership 4.18 Feb. 23, ,974 12,788 77,000 Lower Mattagami Energy Limited Partnership 4.18 Apr. 23, ,218 80,775 77,000 Lower Mattagami Energy Limited Partnership 4.33 May 18, ,904 84,784 65,000 Lower Mattagami Energy Limited Partnership 4.94 Sep. 21, ,970 77,383 34,000 Lower Mattagami Energy Limited Partnership 5.14 May 18, ,527 41,166 87,000 Magna International Inc Dec. 15, ,161 89,152 35,000 Manitoba Telecom Services Inc May 27, ,539 37,070 35,000 Manitoba Telecom Services Inc Oct. 1, ,235 36,782 46,000 Manitoba Telecom Services Inc Dec. 16, ,634 50,848

141 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 142,000 Manufacturers Life Insurance Company (The) 2.10 Jun. 1, , ,412 77,000 Manufacturers Life Insurance Company (The) 2.39 Jan. 5, ,111 77, ,000 Manufacturers Life Insurance Company (The) 2.64 Jan. 15, , ,865 71,000 Manufacturers Life Insurance Company (The) 2.81 Feb. 21, ,178 72,175 47,000 Manufacturers Life Insurance Company (The) 2.82 Feb. 26, ,599 47,516 22,000 Manufacturers Life Insurance Company (The) 2.93 Nov. 29, ,401 22, ,000 Manufacturers Life Insurance Company (The) 3.18 Nov. 22, , ,647 95,000 Manulife Bank of Canada 1.41 Feb. 27, ,023 95,144 32,000 Manulife Bank of Canada 1.92 Sep. 1, ,000 31, ,000 Manulife Finance (Delaware) Limited Partnership 5.06 Dec. 15, , , ,000 Manulife Financial Capital Trust II 7.41 Dec. 31, , ,470 76,000 Manulife Financial Corporation 5.51 Jun. 26, ,552 80,339 54,000 Manulife Financial Corporation 7.77 Apr. 8, ,519 60, ,000 Master Credit Card Trust II 2.72 Nov. 21, , ,125 50,000 MCAP Commercial Limited Partnership 3.96 Mar. 11, ,257 49, ,000 McGill University 6.15 Sep. 22, , ,636 79,000 McGill University Health Centre 5.36 Dec. 31, ,549 98,723 18,000 McMaster University 4.11 Nov. 26, ,312 18,726 6,000 McMaster University 6.15 Oct. 7, ,748 8,616 79,768 Melancthon Wolfe Wind Limited Partnership 3.83 Dec. 31, ,444 81, ,000 METRO INC Dec. 1, , ,139 36,000 METRO INC Dec. 1, ,299 38,243 23,000 METRO INC Oct. 15, ,706 26, ,263 Milit-Air Inc Jun. 30, , ,190 61,000 Morguard Corporation 4.01 Nov. 18, ,000 61, ,000 National Bank of Canada 1.74 Mar. 3, , , ,000 National Bank of Canada 1.81 Jul. 26, , , ,000 National Bank of Canada 2.11 Mar. 18, , , ,000 National Bank of Canada 2.40 Oct. 28, , , ,000 National Bank of Canada 2.79 Aug. 9, , , ,000 NAV Canada 1.95 Apr. 19, , ,634 30,000 NAV Canada 3.53 Feb. 23, ,036 29,884 9,000 NAV Canada 7.40 Jun. 1, ,499 12, ,600 NAV Canada 7.56 Mar. 1, , , ,000 NBC Asset Trust 7.24 Dec. 29, , ,066 31,000 Nissan Canada Financial Services Inc Oct. 7, ,000 30, ,777 North Battleford Power Limited Partnership 4.96 Dec. 31, , , ,000 North West Redwater Partnership/NWR Financing Company Limited 2.10 Feb. 23, , , ,000 North West Redwater Partnership/NWR Financing Company Limited 3.20 Jul. 22, , ,890 71,000 North West Redwater Partnership/NWR Financing Company Limited 3.20 Apr. 24, ,095 72,361 53,000 North West Redwater Partnership/NWR Financing Company Limited 3.70 Feb. 23, ,476 50, ,000 North West Redwater Partnership/NWR Financing Company Limited 4.05 Jul. 22, , ,562 62,000 North West Redwater Partnership/NWR Financing Company Limited 4.15 Jun. 1, ,115 64,913 90,000 North West Redwater Partnership/NWR Financing Company Limited 4.25 Jun. 1, ,005 96, ,000 North West Redwater Partnership/NWR Financing Company Limited 4.35 Jan. 10, , ,288 69,000 North West Redwater Partnership/NWR Financing Company Limited 4.75 Jun. 1, ,167 77,387 34,325 Northland Power Solar Finance One Limited Partners 4.40 Jun. 30, ,711 35,964

142 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 58,373 Northwestconnect Group Partnership 5.95 Apr. 30, ,556 69,277 62,000 Nova Scotia Power Inc May 1, ,871 58,082 84,000 Nova Scotia Power Inc Mar. 6, ,470 86,706 89,000 Nova Scotia Power Inc Jul. 20, ,592 96,859 87,000 Nova Scotia Power Inc Jun. 15, , ,801 23,000 Nova Scotia Power Inc Nov. 14, ,161 28,253 29,000 OMERS Realty Corporation 1.82 May 9, ,000 28,449 44,000 OMERS Realty Corporation 2.47 Nov. 12, ,455 45, ,000 OMERS Realty Corporation 2.50 Jun. 5, , ,248 86,000 OMERS Realty Corporation 2.86 Feb. 23, ,247 87,661 37,000 OMERS Realty Corporation 2.97 Apr. 5, ,359 38,540 70,000 OMERS Realty Corporation 3.20 Jul. 24, ,702 73,338 50,000 OMERS Realty Corporation 3.33 Nov. 12, ,896 52,267 96,000 OMERS Realty Corporation 3.36 Jun. 5, , ,219 47,000 OMERS Realty Corporation 4.74 Jun. 4, ,144 49,289 29,000 OPB Finance Trust 2.95 Feb. 2, ,918 29, ,425 Original Wempi Inc Feb. 13, , ,302 69,000 Original Wempi Inc Feb. 13, ,656 72,085 67,957 Ornge Issuer Trust 5.73 Jun. 11, ,710 79, ,000 Ottawa Macdonald-Cartier International Airport Authority 3.93 Jun. 9, , ,753 5,247 Ottawa Macdonald-Cartier International Airport Authority 6.97 May 25, ,198 6,754 14,000 Ottawa-Carleton Catholic District School Board 6.50 Mar. 22, ,328 16,639 39,000 Pembina Pipeline Corporation 3.54 Feb. 3, ,526 39, ,000 Pembina Pipeline Corporation 3.71 Aug. 11, , , ,000 Pembina Pipeline Corporation 3.77 Oct. 24, , , ,000 Pembina Pipeline Corporation 4.24 Jun. 15, , ,541 58,000 Pembina Pipeline Corporation 4.75 Apr. 30, ,441 57, ,000 Pembina Pipeline Corporation 4.81 Mar. 25, , ,550 85,000 Pembina Pipeline Corporation 4.89 Mar. 29, ,342 93,276 56,000 Penske Truck Leasing Canada Inc Jun. 12, ,876 56,644 64,000 Penske Truck Leasing Canada Inc Feb. 1, ,533 65,229 88,000 Plenary Health Care Partnerships Humber Limited Partnership 4.82 Nov. 30, ,704 97,722 88,809 Plenary Health Care Partnerships Humber Limited Partnership 4.90 May 31, ,608 98,395 33,703 Plenary Health Hamilton Limited Partnership 5.80 May 31, ,205 40, ,666 Plenary Properties LTAP Limited Partnership 6.29 Jan. 31, , ,685 30,000 Power Corporation of Canada 7.57 Apr. 22, ,490 33,711 57,000 Power Corporation of Canada 8.57 Apr. 22, ,036 88,234 5,000 Power Financial Corporation 6.90 Mar. 11, ,926 6,521 68,000 PowerStream Inc Nov. 21, ,774 70,240 62,000 PowerStream Inc Jul. 30, ,240 61,762 31,000 PSS Generating Station Limited Partnership 4.80 Oct. 24, ,624 32,018 6,000 Queen's University 6.10 Nov. 19, ,387 7, ,000 RBC Capital Trust 6.82 Dec. 29, , ,780 55,000 Reliance Limited Partnership 3.81 Sep. 15, ,668 55,317 25,000 Reliance Limited Partnership 4.08 Aug. 2, ,584 25, ,000 Reliance Limited Partnership 5.19 Mar. 15, , ,587 48,000 RioCan Real Estate Investment Trust 2.19 Aug. 26, ,000 47,796 79,000 RioCan Real Estate Investment Trust 2.87 Mar. 5, ,624 80,224 49,000 RioCan Real Estate Investment Trust 3.29 Feb. 12, ,916 49,148 52,000 RioCan Real Estate Investment Trust 3.62 Jun. 1, ,157 54,280 36,000 RioCan Real Estate Investment Trust 3.72 Dec. 13, ,759 37,779 17,000 RioCan Real Estate Investment Trust 3.73 Apr. 18, ,252 17,625 78,000 RioCan Real Estate Investment Trust 3.75 May 30, ,749 81,527

143 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 64,000 RioCan Real Estate Investment Trust 3.85 Jun. 28, ,780 67, ,000 Rogers Communications Inc Mar. 13, , , ,000 Rogers Communications Inc Jun. 6, , ,143 93,000 Rogers Communications Inc Mar. 13, , , ,000 Rogers Communications Inc Sep. 29, , , ,000 Rogers Communications Inc Mar. 22, , ,993 95,000 Rogers Communications Inc Nov. 4, , , ,000 Rogers Communications Inc Aug. 25, , ,625 91,000 Rogers Communications Inc Mar. 22, , ,338 95,000 Rogers Communications Inc Nov. 4, , , ,000 Royal Bank of Canada 1.40 Apr. 26, , , ,000 Royal Bank of Canada 1.58 Sep. 13, , , ,000 Royal Bank of Canada 1.59 Mar. 23, , , ,000 Royal Bank of Canada 1.65 Jul. 15, , , ,000 Royal Bank of Canada 1.92 Jul. 17, , , ,000 Royal Bank of Canada 1.97 Mar. 2, , , ,000 Royal Bank of Canada 2.03 Mar. 15, , , ,000 Royal Bank of Canada 2.26 Mar. 12, , , ,000 Royal Bank of Canada 2.33 Dec. 5, , , ,000 Royal Bank of Canada 2.35 Dec. 9, , , ,000 Royal Bank of Canada 2.77 Dec. 11, , , ,000 Royal Bank of Canada 2.82 Jul. 12, , , ,000 Royal Bank of Canada 2.86 Mar. 4, , , ,000 Royal Bank of Canada 2.89 Oct. 11, , , ,000 Royal Bank of Canada 2.98 May 7, , , ,000 Royal Bank of Canada 2.99 Dec. 6, , , ,000 Royal Bank of Canada 3.77 Mar. 30, , , ,000 Royal Bank of Canada 4.93 Jul. 16, , ,644 24,000 Saputo Inc Jun. 23, ,225 24,010 56,000 Saputo Inc Nov. 26, ,626 57,372 92,000 Saputo Inc Nov. 21, ,000 92, ,000 Scotiabank Capital Trust 5.65 Dec. 31, , , ,000 Scotiabank Tier 1 Trust 7.80 Jun. 30, , ,112 76,791 Sea To Sky Highway Investment Limited Partnership 2.63 Oct. 31, ,918 74,152 75,822 SEC LP and Arci Limited 5.19 Aug. 29, ,996 79,485 36,000 SGTP Highway Bypass Limited Partnership 4.11 Jan. 31, ,788 36,262 19,000 SGTP Highway Bypass Limited Partnership 4.16 Jul. 31, ,733 18,625 31,000 Shaw Communications Inc Feb. 19, ,971 31, ,000 Shaw Communications Inc Jan. 31, , , ,000 Shaw Communications Inc Dec. 7, , , ,000 Shaw Communications Inc Oct. 1, , , ,000 Shaw Communications Inc Nov. 9, , ,459 81,000 Shoppers Drug Mart Corporation 2.36 May 24, ,338 81,963 79,000 Simon Fraser University 5.61 Jun. 10, , ,839 36,000 Sinai Health System 3.53 Jun. 9, ,680 33,449 23,000 Smart Real Estate Investment Trust 2.99 Aug. 28, ,031 22,045 45,000 Smart Real Estate Investment Trust 3.44 Aug. 28, ,061 43,162 47,000 Smart Real Estate Investment Trust 3.56 Feb. 6, ,908 46,752 31,000 Smart Real Estate Investment Trust 3.73 Jul. 22, ,045 32,148 30,000 Smart Real Estate Investment Trust 3.75 Feb. 11, ,933 31,419 52,000 Smart Real Estate Investment Trust 3.99 May 30, ,230 54,251 49,000 Smart Real Estate Investment Trust 4.05 Jul. 27, ,610 51, ,000 SNC-Lavalin Group Inc Jul. 3, , , ,510 SNC-Lavalin Innisfree McGill Finance Inc Jun. 30, , , ,000 Sobeys Inc Aug. 8, , , ,000 Sobeys Inc Aug. 8, , ,500 35,000 Sobeys Inc Oct. 29, ,031 32,591

144 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 40,000 Sobeys Inc Jun. 7, ,599 39,396 25,000 Societe en commandite CE Sebastopol 4.14 Jul. 31, ,680 24, ,047 SP/SP1 Limited Partnership 3.21 Jun. 15, , , ,000 SSL Finance Inc/SSL Financement Inc Oct. 31, , ,428 38,000 SSL Finance Inc/SSL Financement Inc Apr. 30, ,559 37,006 37,000 Sun Life Capital Trust 7.09 Jun. 30, ,567 47,115 84,000 Sun Life Capital Trust II 5.86 Dec. 31, ,542 92,029 84,000 Sun Life Financial Inc Sep. 25, ,733 84,730 17,000 Sun Life Financial Inc May 13, ,228 17, ,000 Sun Life Financial Inc Sep. 19, , ,121 77,000 Sun Life Financial Inc Feb. 19, ,349 78,956 86,000 Sun Life Financial Inc Aug. 23, ,128 95,190 74,000 Sun Life Financial Inc May 29, ,948 83,191 87,000 Sun Life Financial Inc Jan. 30, ,848 90,611 57,000 Sun Life Financial Inc Jul. 2, ,680 62, ,000 Suncor Energy Inc Sep. 14, , , ,000 Suncor Energy Inc Nov. 26, , ,495 24,000 Suncor Energy Inc Sep. 13, ,976 23, ,000 Suncor Energy Inc Mar. 26, , , ,000 Suncor Energy Inc May 22, , , ,000 TD Capital Trust III 7.24 Dec. 29, , , ,000 TD Capital Trust IV 6.63 Jun. 30, , ,303 7,000 TD Capital Trust IV 9.52 Jun. 30, ,312 8, ,000 TD Capital Trust IV Jun. 30, , , ,000 TELUS Communications Inc Sep. 22, , ,672 54,000 TELUS Communications Inc Apr. 8, ,670 71,810 76,000 TELUS Communications Inc Jun. 19, , ,401 25,000 TELUS Corporation 1.50 Mar. 27, ,980 25, ,000 TELUS Corporation 2.35 Mar. 28, , ,291 87,000 TELUS Corporation 3.35 Mar. 15, ,188 90, ,000 TELUS Corporation 3.35 Apr. 1, , ,501 82,000 TELUS Corporation 3.60 Jan. 26, ,651 86, ,000 TELUS Corporation 3.75 Jan. 17, , ,722 61,000 TELUS Corporation 3.75 Mar. 10, ,427 63, ,000 TELUS Corporation 4.40 Apr. 1, , , ,000 TELUS Corporation 4.40 Jan. 29, ,449 98,997 83,000 TELUS Corporation 4.75 Jan. 17, ,784 83, ,000 TELUS Corporation 4.85 Apr. 5, , , ,000 TELUS Corporation 5.05 Dec. 4, , , ,000 TELUS Corporation 5.05 Jul. 23, , ,492 83,000 TELUS Corporation 5.15 Nov. 26, ,704 88,405 17,000 Teranet Holdings Limited Parternship 3.65 Nov. 18, ,037 17, ,000 Teranet Holdings Limited Partnership 4.81 Dec. 16, , ,207 87,000 Teranet Holdings Limited Partnership 5.75 Dec. 17, ,497 93,428 26,000 Teranet Holdings Limited Partnership 6.10 Jun. 17, ,602 29,155 99,000 Thomson Reuters Corporation 3.31 Nov. 12, , ,876 96,000 Thomson Reuters Corporation 3.37 May 23, ,876 99,349 96,000 Thomson Reuters Corporation 4.35 Sep. 30, , ,348 34,000 THP Partnership 4.39 Oct. 31, ,805 35,094 97,000 TMX Group Limited 3.25 Oct. 3, ,773 99, ,000 TMX Group Limited 4.46 Oct. 3, , ,206 77,000 Toronto Hydro Corporation 2.52 Aug. 25, ,962 75,401 29,000 Toronto Hydro Corporation 2.91 Apr. 10, ,990 30,101 57,000 Toronto Hydro Corporation 3.54 Nov. 18, ,857 61,306 18,000 Toronto Hydro Corporation 3.55 Jul. 28, ,864 17,160 34,000 Toronto Hydro Corporation 3.96 Apr. 9, ,502 34,156 10,000 Toronto Hydro Corporation 4.08 Sep. 16, ,446 10,468 87,000 Toronto Hydro Corporation 4.49 Nov. 12, ,858 94,182

145 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 60,000 Toronto Hydro Corporation 5.54 May 21, ,378 76, ,000 Toronto-Dominion Bank (The) 1.68 Jun. 8, , , ,000 Toronto-Dominion Bank (The) 1.69 Apr. 2, , , ,000 Toronto-Dominion Bank (The) 1.91 Jul. 18, , , ,000 Toronto-Dominion Bank (The) 2.05 Mar. 8, , , ,000 Toronto-Dominion Bank (The) 2.17 Apr. 2, , , ,000 Toronto-Dominion Bank (The) 2.45 Apr. 2, , , ,000 Toronto-Dominion Bank (The) 2.56 Jun. 24, , , ,000 Toronto-Dominion Bank (The) 2.62 Dec. 22, , , ,000 Toronto-Dominion Bank (The) 3.23 Jul. 24, , ,680 98,000 Toronto-Dominion Bank (The) 5.76 Dec. 18, , , ,000 Toronto-Dominion Bank (The) 5.83 Jul. 9, , ,928 40,000 Toyota Credit Canada Inc Jul. 21, ,933 39,507 72,000 Toyota Credit Canada Inc Feb. 19, ,807 72, ,000 Toyota Credit Canada Inc May 20, , ,960 84,000 Toyota Credit Canada Inc Feb. 25, ,244 84, ,000 Toyota Credit Canada Inc May 23, , ,839 36,000 Toyota Credit Canada Inc Nov. 19, ,200 36, ,000 Toyota Credit Canada Inc Jul. 18, , , ,000 Toyota Credit Canada Inc Nov. 21, , , ,000 TransAlta Corporation 5.00 Nov. 25, , ,972 64,000 TransAlta Corporation 6.40 Nov. 18, ,477 68,178 3,000 TransAlta Corporation 7.30 Oct. 22, ,498 3, ,000 TransCanada Pipelines Limited 3.30 Jul. 17, , , ,000 TransCanada Pipelines Limited 3.65 Nov. 15, , , ,000 TransCanada Pipelines Limited 3.69 Jul. 19, , , ,000 TransCanada Pipelines Limited 4.35 Jun. 6, , , ,000 TransCanada Pipelines Limited 4.55 Nov. 15, , ,820 46,000 TransCanada Pipelines Limited 6.28 May 26, ,503 56,099 2,000 TransCanada Pipelines Limited 6.50 Dec. 9, ,536 2,425 25,000 TransCanada Pipelines Limited 6.89 Aug. 7, ,775 31,825 2,000 TransCanada Pipelines Limited 7.90 Apr. 15, ,728 2, ,000 TransCanada Pipelines Limited 8.05 Feb. 17, , ,026 4,000 TransCanada Pipelines Limited 8.20 Aug. 15, ,802 5,572 58,000 TransCanada Pipelines Limited 8.29 Feb. 5, ,790 78,726 5,000 TransCanada Pipelines Limited Nov. 20, ,962 6,720 96,000 Transcontinental Inc May 13, ,095 97,920 82,000 TransEd Partners General Partnership 3.95 Sep. 30, ,446 73,656 41,480 Trillium Windpower Limited Partnership 5.80 Feb. 15, ,402 46,129 63,000 Union Gas Limited 2.76 Jun. 2, ,271 65,247 96,000 Union Gas Limited 2.81 Jun. 1, ,508 95,930 41,000 Union Gas Limited 3.19 Sep. 17, ,215 42,512 62,000 Union Gas Limited 3.79 Jul. 10, ,270 67,257 43,000 Union Gas Limited 3.80 Jun. 1, ,538 42,571 98,000 Union Gas Limited 4.20 Jun. 2, , ,671 88,000 Union Gas Limited 4.88 Jun. 21, , ,980 43,000 Union Gas Limited 5.20 Jul. 23, ,713 52, ,000 Union Gas Limited 5.35 Apr. 27, , ,713 55,000 Union Gas Limited 5.46 Sep. 11, ,587 67,196 20,000 Union Gas Limited 6.05 Sep. 2, ,270 26,363 73,118 University Health Network 5.64 Dec. 8, ,591 81,608 34,000 University of British Columbia 4.82 Jul. 26, ,155 39,370 83,000 University of British Columbia 6.65 Dec. 1, , ,572 3,000 University of Guelph 6.24 Oct. 10, ,594 4,137 88,549 University of Ontario Institute of Technology 6.35 Oct. 15, , ,590 22,000 University of Ottawa 3.26 Oct. 12, ,000 19,419 4,000 University of Ottawa 6.28 Apr. 15, ,220 5,609 91,000 University of Toronto 4.25 Dec. 7, ,582 97,170

146 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 16,000 University of Toronto 4.49 Dec. 13, ,309 17,830 29,000 University of Toronto 6.78 Jul. 18, ,365 38, ,000 University of Western Ontario 4.80 May 24, , ,024 73,000 University of Windsor 5.37 Jun. 29, ,023 90,258 61,000 Vancouver Airport Authority 3.86 Nov. 10, ,162 63,402 6,000 Vancouver Airport Authority 4.42 Dec. 7, ,470 6,353 63,000 Ventas Canada Finance Limited 3.00 Sep. 30, ,733 64,612 49,000 Ventas Canada Finance Limited 3.30 Feb. 1, ,835 50,147 47,000 Ventas Canada Finance Limited 4.13 Sep. 30, ,568 49,356 74,000 Veresen Inc Jun. 13, ,285 74, ,000 Veresen Inc Nov. 10, , ,444 14,000 Veresen Inc Nov. 22, ,232 14,447 90,000 VW Credit Canada Inc Apr. 4, ,661 90,016 49,000 VW Credit Canada Inc Jun. 24, ,950 48, ,000 VW Credit Canada Inc Oct. 1, , ,607 75,000 VW Credit Canada Inc Aug. 20, ,388 76, ,000 Wells Fargo Canada Corporation 2.78 Nov. 15, , , ,000 Wells Fargo Canada Corporation 2.94 Jul. 25, , , ,000 Wells Fargo Canada Corporation 3.04 Jan. 29, , , ,000 Wells Fargo Canada Corporation 3.46 Jan. 24, , ,565 86,000 Westcoast Energy Inc Sep. 12, ,631 87,988 43,000 Westcoast Energy Inc Dec. 8, ,566 44,518 67,000 Westcoast Energy Inc Oct. 28, ,171 71,469 95,000 Westcoast Energy Inc Jul. 2, , ,707 46,000 Westcoast Energy Inc Oct. 28, ,671 47,577 52,000 Westcoast Energy Inc Jan. 16, ,639 55,806 14,000 Westcoast Energy Inc Dec. 15, ,879 17,315 96,000 Westcoast Energy Inc Dec. 18, , ,448 48,000 Westcoast Energy Inc Jul. 21, ,483 67,125 73,000 WestJet Airlines Limited 3.29 Jul. 23, ,009 74,443 38,000 Wilfrid Laurier University 5.43 Feb. 1, ,768 46,536 1,000 Windsor Canada Utilities Limited 4.13 Nov. 6, , ,455 Winnipeg Airport Authority Inc Sep. 28, , ,360 25,601 Winnipeg Airport Authority Inc Nov. 20, ,514 31,049 25,000 York University 4.46 Feb. 26, ,770 27,735 18,000 York University 6.48 Mar. 7, ,507 25,739 Government debt instruments 71.2% 81,932,106 79,719,654 Federal government bonds 35.0% 91,188 Broadcast Centre Trust 7.53 May 1, , ,195 17,000 Business Development Bank of Canada 4.35 Feb. 28, ,984 19, ,000 Canada Housing Trust 1.15 Dec. 15, , ,935 1,020,000 Canada Housing Trust 1.20 Jun. 15, ,033,920 1,018,218 1,733,000 Canada Housing Trust 1.25 Dec. 15, ,759,450 1,726,784 2,015,000 Canada Housing Trust 1.25 Jun. 15, ,043,727 1,998,175 1,005,000 Canada Housing Trust 1.45 Jun. 15, ,028,265 1,011, ,000 Canada Housing Trust 1.50 Dec. 15, , ,322 1,017,000 Canada Housing Trust 1.75 Jun. 15, ,038,771 1,031, ,000 Canada Housing Trust 1.90 Sep. 15, , , ,000 Canada Housing Trust 1.90 Sep. 15, , ,326 1,977,000 Canada Housing Trust 1.95 Jun. 15, ,045,730 2,021, ,000 Canada Housing Trust (*) 1.95 Dec. 15, , ,526 2,069,000 Canada Housing Trust 2.00 Dec. 15, ,152,488 2,120,786 1,121,000 Canada Housing Trust 2.05 Jun. 15, ,151,427 1,141, ,000 Canada Housing Trust 2.25 Dec. 15, , ,279

147 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Federal government bonds... continued 1,814,000 Canada Housing Trust 2.35 Dec. 15, ,886,415 1,864, ,000 Canada Housing Trust 2.35 Sep. 15, , ,316 1,251,000 Canada Housing Trust 2.40 Dec. 15, ,349,580 1,299,257 1,003,000 Canada Housing Trust 2.55 Mar. 15, ,098,705 1,041,057 1,294,000 Canada Housing Trust 2.65 Mar. 15, ,408,468 1,362,060 1,183,000 Canada Housing Trust 2.90 Jun. 15, ,325,799 1,261, ,000 Canada Housing Trust (*) 3.15 Sep. 15, , , ,000 Canada Housing Trust 3.35 Dec. 15, , , ,000 Canada Housing Trust 3.75 Mar. 15, , ,520 1,451,000 Canada Housing Trust 3.80 Jun. 15, ,649,517 1,597,610 1,537,000 Canada Housing Trust 4.10 Dec. 15, ,662,861 1,631, ,000 Canada Post Corporation 4.08 Jul. 16, , , ,000 Canada Post Corporation 4.36 Jul. 16, , ,156 91,020 CBC Monetization Trust 4.69 May 15, , ,379 24,000 City of Vancouver 2.70 Dec. 15, ,971 23, ,000 CPPIB Capital Inc Jan. 15, , , ,000 CPPIB Capital Inc Jun. 10, , , ,000 CPPIB Capital Inc Jun. 4, , ,600 30,000 Farm Credit Canada 4.55 Apr. 12, ,897 33, ,000 Government of Canada (*) 0.25 May 1, , ,945 2,318,000 Government of Canada (*) 0.50 Aug. 1, ,313,915 2,309,695 2,175,000 Government of Canada (*) 0.50 Nov. 1, ,171,586 2,165,376 1,350,000 Government of Canada (*) 0.50 Feb. 1, ,341,938 1,342, ,000 Government of Canada 0.50 Mar. 1, , ,868 1,807,000 Government of Canada (*) 0.75 Sep. 1, ,825,408 1,791,315 2,230,000 Government of Canada (*) 0.75 Mar. 1, ,253,566 2,201,175 1,546,000 Government of Canada (*) 0.75 Sep. 1, ,532,400 1,520, ,000 Government of Canada (*) 1.00 Jun. 1, , ,218 1,814,000 Government of Canada 1.25 Feb. 1, ,834,939 1,826,092 1,492,000 Government of Canada 1.25 Mar. 1, ,511,212 1,502,222 1,721,000 Government of Canada (*) 1.25 Sep. 1, ,750,404 1,735,557 1,894,000 Government of Canada 1.50 Mar. 1, ,956,769 1,927,643 1,795,000 Government of Canada (*) 1.50 Jun. 1, ,849,942 1,806,422 2,122,000 Government of Canada (*) 1.50 Jun. 1, ,139,393 2,082,319 1,220,000 Government of Canada (*) 1.75 Mar. 1, ,261,808 1,245,393 1,857,000 Government of Canada (*) 1.75 Sep. 1, ,927,338 1,901,495 2,570,000 Government of Canada (*) 2.25 Jun. 1, ,877,633 2,694,932 2,285,000 Government of Canada 2.50 Jun. 1, ,589,047 2,442,001 1,827,000 Government of Canada 2.75 Jun. 1, ,051,120 1,969,372 1,602,000 Government of Canada 2.75 Dec. 1, ,002,780 1,760, ,000 Government of Canada 2.75 Dec. 1, , ,609 1,976,000 Government of Canada (*) 3.25 Jun. 1, ,229,112 2,159,021 2,600,000 Government of Canada (*) 3.50 Jun. 1, ,900,843 2,821,174 2,258,000 Government of Canada 3.50 Dec. 1, ,166,749 2,807,198 3,468,000 Government of Canada 3.75 Jun. 1, ,794,738 3,710,924 2,648,000 Government of Canada (*) 4.00 Jun. 1, ,947,972 3,460,215 2,718,000 Government of Canada 4.25 Jun. 1, ,911,052 2,852,611 2,199,000 Government of Canada (*) 5.00 Jun. 1, ,546,831 3,161,680 1,866,000 Government of Canada 5.75 Jun. 1, ,863,135 2,633,044 1,890,000 Government of Canada 5.75 Jun. 1, ,103,888 2,812, ,000 Government of Canada 8.00 Jun. 1, , , ,000 Government of Canada 8.00 Jun. 1, ,032, ,735 59,000 Government of Canada (*) 9.00 Jun. 1, ,250 93,093 2,000 Government of Canada 9.25 Jun. 1, ,000 2, ,000 Maritime Link Financing Trust 3.50 Dec. 1, , , ,000 PSP Capital Inc Aug. 18, , , ,000 PSP Capital Inc Nov. 22, , ,915

148 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Federal government bonds... continued 138,000 PSP Capital Inc Oct. 22, , , ,000 PSP Capital Inc Apr. 4, , , ,488 Royal Office Finance Limited Partnership 5.21 Nov. 12, , , ,220,507 97,007,908 Provincial government bonds 33.9% 91,000 Alberta Capital Finance Authority 4.45 Dec. 15, , ,215 37,000 Centre Hospitalier de l'universite de Montreal 4.45 Oct. 1, ,167 41, ,000 Financement-Quebec 2.40 Dec. 1, , , ,000 Financement-Quebec 2.45 Dec. 1, , , ,000 Financement-Quebec 5.25 Jun. 1, , ,560 25,000 Hydro One Inc Nov. 18, ,999 25,029 61,000 Hydro One Inc Apr. 30, ,538 61,017 78,000 Hydro One Inc Feb. 24, ,326 78, ,000 Hydro One Inc Feb. 24, , , ,000 Hydro One Inc Oct. 9, , ,495 99,000 Hydro One Inc Jan. 13, , ,074 80,000 Hydro One Inc Nov. 18, ,000 78, ,000 Hydro One Inc Jul. 31, , ,319 10,000 Hydro One Inc Feb. 23, ,177 10,201 43,000 Hydro One Inc Dec. 22, ,720 44,076 68,000 Hydro One Inc Jun. 6, ,897 72,239 66,000 Hydro One Inc Sep. 26, ,623 72,329 4,000 Hydro One Inc Jun. 1, ,453 4,363 39,000 Hydro One Inc Oct. 9, ,960 44,127 24,000 Hydro One Inc Mar. 13, ,791 27,796 68,000 Hydro One Inc Oct. 19, ,967 82,800 38,000 Hydro One Inc May 20, ,534 46, ,000 Hydro One Inc Jul. 16, , , ,000 Hydro One Inc Mar. 3, , ,696 84,000 Hydro One Inc Jan. 31, , ,039 87,000 Hydro One Inc Jun. 1, , ,200 65,000 Hydro One Inc Jun. 3, ,089 91, ,000 Hydro-Quebec 1.00 May 25, , ,418 65,000 Hydro-Quebec 4.00 Feb. 15, ,908 76, ,000 Hydro-Quebec 5.00 Feb. 15, , , ,000 Hydro-Quebec 5.00 Feb. 15, , , ,000 Hydro-Quebec 6.00 Aug. 15, , , ,000 Hydro-Quebec 6.00 Feb. 15, , ,129 3,000 Hydro-Quebec 6.50 Jan. 16, ,705 4, ,000 Hydro-Quebec 6.50 Feb. 15, , , ,000 Hydro-Quebec 9.63 Jul. 15, , ,506 54,000 Hydro-Quebec Oct. 15, ,314 75, ,000 Hydro-Quebec Aug. 15, , , ,000 Labrador-Island Link Funding Trust 3.76 Jun. 1, , , ,000 Labrador-Island Link Funding Trust 3.85 Dec. 1, , , ,000 Labrador-Island Link Funding Trust 3.86 Dec. 1, , , ,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.63 Jun. 1, , ,095 80,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.83 Jun. 1, ,550 89, ,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.86 Dec. 1, , , ,459 New Brunswick F-M Project Company Inc Nov. 30, , ,411 49,000 Newfoundland and Labrador Hydro 3.60 Dec. 1, ,927 46,978 46,000 Newfoundland and Labrador Hydro 5.70 Jul. 14, ,025 57, ,000 Newfoundland and Labrador Hydro 6.65 Aug. 27, , ,538

149 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 3,000 Newfoundland and Labrador Hydro 8.40 Feb. 27, ,539 4,276 4,000 Newfoundland and Labrador Hydro Jul. 14, ,378 4, ,000 Ontario Electricity Financial Corporation 8.25 Jun. 22, , ,740 16,000 Ontario Electricity Financial Corporation 8.40 Nov. 6, ,579 19,837 4,000 Ontario Electricity Financial Corporation 8.50 May 26, ,176 5,795 38,000 Ontario Electricity Financial Corporation 8.90 Aug. 18, ,498 51,940 2,000 Ontario Electricity Financial Corporation 9.00 May 26, ,169 2,972 10,000 Ontario Electricity Financial Corporation Oct. 15, ,510 13,815 1,000 Ontario Electricity Financial Corporation Aug. 6, ,466 1,396 13,968 Ontario School Boards Financing Corporation 4.79 Aug. 8, ,390 15,571 20,242 Ontario School Boards Financing Corporation 5.07 Apr. 18, ,003 22,819 77,843 Ontario School Boards Financing Corporation 5.38 Jun. 25, ,224 90,138 37,465 Ontario School Boards Financing Corporation 5.48 Nov. 26, ,478 44,356 78,000 Ontario School Boards Financing Corporation 5.70 Oct. 11, ,627 80,836 32,639 Ontario School Boards Financing Corporation 5.80 Nov. 7, ,437 38, ,888 Ontario School Boards Financing Corporation 5.90 Oct. 11, , , ,250 Ontario School Boards Financing Corporation 6.55 Oct. 19, , ,434 4,903 Ontario School Boards Financing Corporation 7.20 Jun. 9, ,193 5,967 38,000 OPB Finance Trust 1.88 Feb. 24, ,467 37, ,000 OPB Finance Trust 2.90 May 24, , ,558 67,000 OPB Finance Trust 3.89 Jul. 4, ,606 68, ,000 Province of Alberta 1.25 Jun. 1, , , ,000 Province of Alberta 1.35 Sep. 1, , , ,000 Province of Alberta 1.60 Jun. 15, , , ,000 Province of Alberta 2.00 Jun. 1, , , ,000 Province of Alberta 2.20 Jun. 1, , , ,000 Province of Alberta 2.35 Jun. 1, , , ,000 Province of Alberta 2.55 Dec. 15, , , ,000 Province of Alberta 2.90 Sep. 20, , , ,000 Province of Alberta 3.10 Jun. 1, , , ,000 Province of Alberta 3.30 Dec. 1, , ,413 77,000 Province of Alberta 3.40 Dec. 1, ,461 83, ,000 Province of Alberta 3.45 Dec. 1, , , ,000 Province of Alberta 3.50 Jun. 1, , , ,000 Province of Alberta 3.90 Dec. 1, , , ,000 Province of Alberta 4.00 Dec. 1, , , ,000 Province of Alberta 4.50 Dec. 1, , , ,000 Province of British Columbia 2.25 Mar. 1, , , ,000 Province of British Columbia 2.30 Jun. 18, , , ,000 Province of British Columbia 2.70 Dec. 18, , , ,000 Province of British Columbia 2.80 Jun. 18, , , ,000 Province of British Columbia 2.85 Jun. 18, , , ,000 Province of British Columbia 3.20 Jun. 18, , , ,000 Province of British Columbia 3.25 Dec. 18, , , ,000 Province of British Columbia 3.30 Dec. 18, , , ,000 Province of British Columbia 3.70 Dec. 18, , , ,000 Province of British Columbia 4.10 Dec. 18, , , ,000 Province of British Columbia 4.30 Jun. 18, , , ,000 Province of British Columbia 4.65 Dec. 18, , , ,000 Province of British Columbia 4.70 Jun. 18, , ,192 78,000 Province of British Columbia 4.80 Jun. 15, ,605 88, ,000 Province of British Columbia 4.95 Jun. 18, , ,586 4,000 Province of British Columbia 5.30 Jun. 17, ,511 4,402 81,000 Province of British Columbia 5.40 Jun. 18, , ,360 69,000 Province of British Columbia 5.60 Jun. 1, ,271 73,515 36,000 Province of British Columbia 5.62 Aug. 17, ,161 45, ,000 Province of British Columbia 5.70 Jun. 18, , ,219 4,000 Province of British Columbia 6.15 Nov. 19, ,704 5,341

150 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 275,000 Province of British Columbia 6.35 Jun. 18, , ,906 70,000 Province of British Columbia 8.00 Sep. 8, ,810 95,637 11,000 Province of British Columbia 8.75 Aug. 19, ,724 14,999 1,000 Province of British Columbia 9.00 Aug. 23, ,559 1,470 43,000 Province of British Columbia 9.95 May 15, ,791 57, ,000 Province of Manitoba 1.15 Nov. 21, , , ,000 Province of Manitoba 1.55 Sep. 5, , ,007 82,000 Province of Manitoba 1.60 Sep. 5, ,606 82,367 81,000 Province of Manitoba 1.85 Sep. 5, ,791 82, ,000 Province of Manitoba 2.45 Jun. 2, , , ,000 Province of Manitoba 2.55 Jun. 2, , , ,000 Province of Manitoba 2.55 Jun. 2, , , ,000 Province of Manitoba 2.85 Sep. 5, , , ,000 Province of Manitoba 3.15 Sep. 5, ,140 98, ,000 Province of Manitoba 3.25 Sep. 5, , , ,000 Province of Manitoba 3.30 Jun. 2, , ,259 87,000 Province of Manitoba 3.35 Mar. 5, ,437 86, ,000 Province of Manitoba 3.85 Dec. 1, , , ,000 Province of Manitoba 4.05 Sep. 5, , , ,000 Province of Manitoba 4.10 Mar. 5, , , ,000 Province of Manitoba 4.15 Jun. 3, , , ,000 Province of Manitoba 4.40 Sep. 5, , ,087 71,000 Province of Manitoba 4.40 Mar. 5, ,093 82, ,000 Province of Manitoba 4.60 Mar. 5, , , ,000 Province of Manitoba 4.65 Mar. 5, , ,745 27,000 Province of Manitoba 4.70 Mar. 5, ,240 33, ,000 Province of Manitoba 4.75 Feb. 11, , ,594 27,000 Province of Manitoba 5.50 Nov. 15, ,887 29, ,000 Province of Manitoba 5.70 Mar. 5, , ,784 93,000 Province of Manitoba 6.30 Mar. 5, , ,291 11,000 Province of Manitoba 7.75 Dec. 22, ,375 15,444 8,000 Province of Manitoba Mar. 5, ,733 14, ,000 Province of New Brunswick (*) 1.55 May 4, , ,818 50,000 Province of New Brunswick 2.60 Aug. 14, ,034 49, ,000 Province of New Brunswick 2.85 Jun. 2, , ,949 45,000 Province of New Brunswick 3.10 Aug. 14, ,783 41, ,000 Province of New Brunswick 3.35 Dec. 3, , , ,000 Province of New Brunswick 3.55 Jun. 3, , ,902 54,000 Province of New Brunswick 3.55 Jun. 3, ,260 53, ,000 Province of New Brunswick 3.65 Jun. 3, , , ,000 Province of New Brunswick 3.80 Aug. 14, , , ,000 Province of New Brunswick 4.40 Jun. 3, , , ,000 Province of New Brunswick 4.45 Mar. 26, , , ,000 Province of New Brunswick 4.50 Jun. 2, , , ,000 Province of New Brunswick 4.55 Mar. 26, , , ,000 Province of New Brunswick 4.65 Sep. 26, , , ,000 Province of New Brunswick 4.80 Sep. 26, , , ,000 Province of New Brunswick 4.80 Jun. 3, , ,092 91,000 Province of New Brunswick 5.50 Jan. 27, , ,400 16,000 Province of New Brunswick 6.00 Dec. 27, ,221 16, ,000 Province of Newfoundland and Labrador 1.95 Jun. 2, , , ,000 Province of Newfoundland and Labrador 2.30 Jun. 2, , , ,000 Province of Newfoundland and Labrador 3.00 Jun. 2, , , ,000 Province of Newfoundland and Labrador 3.30 Oct. 17, , ,551 62,000 Province of Newfoundland and Labrador 3.70 Oct. 17, ,952 61,245 77,000 Province of Newfoundland and Labrador 4.50 Apr. 17, ,929 84, ,000 Province of Newfoundland and Labrador 4.65 Oct. 17, , ,640

151 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 9,000 Province of Newfoundland and Labrador 5.60 Oct. 17, ,073 11,141 11,000 Province of Newfoundland and Labrador 5.70 Oct. 17, ,163 13,914 45,000 Province of Newfoundland and Labrador 6.15 Apr. 17, ,848 57,061 6,000 Province of Newfoundland and Labrador 6.50 Oct. 17, ,451 7,897 5,000 Province of Newfoundland and Labrador 6.55 Oct. 17, ,135 6,636 15,000 Province of Newfoundland and Labrador 8.45 Feb. 5, ,777 21,461 1,000 Province of Newfoundland and Labrador 9.15 Jul. 7, ,545 1,459 30,000 Province of Newfoundland and Labrador Apr. 15, ,155 41,093 64,000 Province of Nova Scotia 2.10 Jun. 1, ,963 60,292 63,000 Province of Nova Scotia 2.15 Jun. 1, ,482 61,303 33,000 Province of Nova Scotia 3.45 Jun. 1, ,186 33, ,000 Province of Nova Scotia 3.50 Jun. 2, , , ,000 Province of Nova Scotia 4.10 Jun. 1, , , ,000 Province of Nova Scotia 4.15 Nov. 25, , , ,000 Province of Nova Scotia 4.40 Jun. 1, , ,703 96,000 Province of Nova Scotia 4.45 Oct. 24, , , ,000 Province of Nova Scotia 4.50 Jun. 1, , , ,000 Province of Nova Scotia 4.70 Jun. 1, , ,441 76,000 Province of Nova Scotia 4.90 Jun. 1, ,325 91,980 72,000 Province of Nova Scotia 5.80 Jun. 1, ,365 94,750 46,000 Province of Nova Scotia 6.60 Jun. 1, ,561 61,930 54,000 Province of Nova Scotia 6.60 Dec. 1, ,193 75, ,000 Province of Ontario 1.35 Mar. 8, , ,795 76,000 Province of Ontario 1.75 Oct. 9, ,599 77, ,000 Province of Ontario 1.95 Jan. 27, , ,767 1,295,000 Province of Ontario 2.10 Sep. 8, ,331,356 1,319, ,000 Province of Ontario 2.10 Sep. 8, , ,388 1,529,000 Province of Ontario 2.40 Jun. 2, ,582,786 1,517,954 2,376,000 Province of Ontario 2.60 Jun. 2, ,547,501 2,414, ,000 Province of Ontario 2.80 Jun. 2, , ,770 2,400,000 Province of Ontario 2.85 Jun. 2, ,619,858 2,514,752 2,478,000 Province of Ontario 2.90 Dec. 2, ,651,916 2,322,549 2,284,000 Province of Ontario 3.15 Jun. 2, ,521,764 2,437,017 2,432,000 Province of Ontario 3.45 Jun. 2, ,864,719 2,528,259 2,244,000 Province of Ontario 3.50 Jun. 2, ,561,541 2,437,119 1,892,000 Province of Ontario 3.50 Jun. 2, ,225,556 1,978,648 1,639,000 Province of Ontario 4.00 Jun. 2, ,860,363 1,804, ,000 Province of Ontario 4.20 Mar. 8, , ,111 2,094,000 Province of Ontario 4.20 Jun. 2, ,345,833 2,287,811 1,540,000 Province of Ontario 4.40 Jun. 2, ,693,073 1,658, ,000 Province of Ontario 4.60 Jun. 2, ,335,316 1,207,211 1,210,000 Province of Ontario 4.65 Jun. 2, ,651,043 1,497,111 1,071,000 Province of Ontario 4.70 Jun. 2, ,439,176 1,310,589 23,000 Province of Ontario 4.85 Jun. 2, ,332 25, ,000 Province of Ontario 5.50 Jun. 2, , , ,000 Province of Ontario 5.60 Jun. 2, ,452,516 1,330,418 24,000 Province of Ontario 5.75 Jul. 13, ,644 32, ,000 Province of Ontario 5.85 Mar. 8, , , ,000 Province of Ontario 6.20 Jun. 2, , ,752 1,000 Province of Ontario 6.25 Aug. 25, ,422 1, ,000 Province of Ontario 6.50 Mar. 8, ,247,443 1,166, ,000 Province of Ontario 7.50 Feb. 7, , , ,000 Province of Ontario 7.60 Jun. 2, , ,337 19,000 Province of Ontario 8.00 Jun. 2, ,593 27,795 2,000 Province of Ontario 8.00 Dec. 2, ,134 2, ,000 Province of Ontario 8.10 Sep. 8, , ,174 31,000 Province of Ontario 8.25 Jun. 20, ,476 52,665 15,000 Province of Ontario 9.50 Jul. 13, ,982 20,934

152 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 2,000 Province of Ontario (*) 9.50 Jun. 2, ,289 3,086 22,000 Province of Prince Edward Island 2.35 Aug. 25, ,569 21,420 51,000 Province of Prince Edward Island 3.60 Jan. 17, ,441 50,621 3,000 Province of Prince Edward Island 3.65 Jun. 27, ,338 2,986 48,000 Province of Prince Edward Island 3.70 Sep. 2, ,625 51,441 25,000 Province of Prince Edward Island 3.85 Jul. 17, ,144 26,051 24,000 Province of Prince Edward Island 4.60 May 19, ,854 27,764 46,000 Province of Prince Edward Island 4.65 Nov. 19, ,309 53,009 17,000 Province of Prince Edward Island 5.30 May 19, ,091 21,120 6,000 Province of Prince Edward Island 5.60 Feb. 21, ,274 7,616 11,000 Province of Prince Edward Island 5.70 Jun. 15, ,496 14,199 3,000 Province of Prince Edward Island 6.10 Jul. 29, ,130 3,872 44,000 Province of Prince Edward Island 6.25 Jan. 29, ,826 58,947 12,000 Province of Prince Edward Island 6.80 Feb. 21, ,766 16,505 1,204,000 Province of Quebec 2.50 Sep. 1, ,245,335 1,202,870 1,099,000 Province of Quebec 2.75 Sep. 1, ,189,434 1,127,994 1,251,000 Province of Quebec 3.00 Sep. 1, ,377,483 1,322,028 1,130,000 Province of Quebec 3.50 Dec. 1, ,273,900 1,228,700 1,857,000 Province of Quebec 3.50 Dec. 1, ,188,431 1,939, ,000 Province of Quebec 3.50 Dec. 1, ,057, ,747 1,251,000 Province of Quebec 3.75 Sep. 1, ,451,949 1,381,269 1,427,000 Province of Quebec 4.25 Dec. 1, ,649,706 1,597,215 1,274,000 Province of Quebec 4.25 Dec. 1, ,665,720 1,496, ,000 Province of Quebec 4.50 Dec. 1, ,001, , ,000 Province of Quebec 4.50 Dec. 1, ,096,984 1,072,230 1,243,000 Province of Quebec 4.50 Dec. 1, ,423,582 1,384, ,000 Province of Quebec 5.00 Dec. 1, ,133,550 1,030,604 1,550,000 Province of Quebec 5.00 Dec. 1, ,226,322 2,005, ,000 Province of Quebec 5.35 Jun. 1, , , ,000 Province of Quebec 5.75 Dec. 1, , , ,000 Province of Quebec 6.00 Oct. 1, , , ,000 Province of Quebec 6.25 Jun. 1, ,176,077 1,090,584 1,000 Province of Quebec 8.50 Apr. 1, ,578 1, ,000 Province of Quebec 9.38 Jan. 16, , ,029 1,000 Province of Quebec 9.50 Mar. 30, ,506 1, ,000 Province of Saskatchewan 1.95 Mar. 1, , , ,000 Province of Saskatchewan 2.55 Jun. 2, , , ,000 Province of Saskatchewan 2.75 Dec. 2, , , ,000 Province of Saskatchewan 3.20 Jun. 3, , ,804 70,000 Province of Saskatchewan 3.30 Jun. 2, ,809 69, ,000 Province of Saskatchewan 3.40 Feb. 3, , ,003 39,000 Province of Saskatchewan 3.90 Jul. 28, ,336 42, ,000 Province of Saskatchewan 3.90 Jun. 2, , , ,000 Province of Saskatchewan 4.75 Jun. 1, , ,382 67,000 Province of Saskatchewan 5.00 Mar. 5, ,025 83,362 74,000 Province of Saskatchewan 5.60 Sep. 5, ,413 97,748 94,000 Province of Saskatchewan 5.75 Mar. 5, , ,774 96,000 Province of Saskatchewan 5.80 Sep. 5, , ,578 91,000 Province of Saskatchewan 6.40 Sep. 5, , ,876 5,000 Province of Saskatchewan 9.60 Feb. 4, ,196 6,847 42,000 Yukon Development Corporation 5.00 Jun. 29, ,988 50, ,406,057 93,996,078 Municipal government bonds 2.3% 228, Ontario School Board Trust (The) 5.90 Jun. 2, , , ,000 City of Edmonton 8.50 Sep. 14, , ,960 69,000 City of Montreal 2.75 Sep. 1, ,648 68,431

153 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Municipal government bonds... continued 86,000 City of Montreal 3.00 Sep. 1, ,752 87, ,000 City of Montreal 3.50 Sep. 1, , ,940 87,000 City of Montreal 3.50 Sep. 1, ,443 92, ,000 City of Montreal 4.10 Dec. 1, , ,627 94,000 City of Montreal 4.25 Dec. 1, , , ,000 City of Montreal 4.50 Dec. 1, , , ,000 City of Montreal 5.00 Dec. 1, , ,530 77,000 City of Montreal 5.45 Dec. 1, ,453 85, ,000 City of Montreal 6.00 Jun. 1, , ,534 21,000 City of Ottawa 3.05 Apr. 23, ,408 18,928 30,000 City of Ottawa 3.10 Jul. 27, ,795 27,236 53,000 City of Ottawa 4.20 Jul. 30, ,759 59,203 29,000 City of Ottawa 4.40 Oct. 22, ,274 32,510 81,000 City of Ottawa 4.60 Jul. 14, ,928 94,693 1,000 City of Ottawa 5.05 Aug. 13, ,268 1,183 28,000 City of Toronto 2.40 Jun. 24, ,628 27,098 70,000 City of Toronto 2.45 Feb. 6, ,718 69,241 82,000 City of Toronto 2.95 Apr. 28, ,836 75,834 34,000 City of Toronto 3.25 Jun. 24, ,922 31,727 94,000 City of Toronto 3.40 May 21, ,448 99, ,000 City of Toronto 3.50 Dec. 6, , ,506 44,000 City of Toronto 3.50 Jun. 2, ,814 43,704 47,000 City of Toronto 3.80 Dec. 13, ,137 48,371 99,000 City of Toronto 3.90 Sep. 29, , ,543 48,000 City of Toronto 4.15 Mar. 10, ,734 52, ,000 City of Toronto 4.50 Dec. 2, , , ,000 City of Toronto 4.70 Jun. 10, , ,352 27,000 City of Toronto 4.95 Jun. 27, ,089 28, ,000 City of Toronto 5.20 Jun. 1, , ,489 43,221 City of Toronto 5.34 Jul. 18, ,476 49,666 10,000 City of Toronto 5.60 Dec. 18, ,094 10,844 21,000 City of Toronto 6.80 Jul. 26, ,493 25,485 15,000 City of Vancouver 2.90 Nov. 20, ,062 15,221 21,000 City of Vancouver 3.05 Oct. 16, ,842 21,803 57,000 City of Vancouver 3.45 Dec. 2, ,822 61,027 25,000 City of Vancouver 3.70 Oct. 18, ,123 25,336 33,000 City of Vancouver 3.75 Oct. 24, ,472 35,918 45,000 City of Vancouver 4.50 Jun. 1, ,530 49,287 27,000 City of Winnipeg 4.10 Jun. 1, ,961 28,826 10,000 City of Winnipeg 5.20 Jul. 17, ,466 12,322 13,000 City of Winnipeg 5.90 Feb. 2, ,620 16,459 1,000 City of Winnipeg 6.25 Nov. 17, ,072 1,046 59,000 Durham District School Board 6.75 Nov. 19, ,299 67,427 50,000 Hydro Ottawa Holding Inc Feb. 3, ,830 49,323 39,000 Hydro Ottawa Holding Inc Feb. 2, ,042 37,092 41,000 Hydro Ottawa Holding Inc May 14, ,581 41,393 98,000 Municipal Finance Authority of British Columbia 1.65 Apr. 19, ,525 97,600 27,000 Municipal Finance Authority of British Columbia 1.75 Oct. 15, ,528 27, ,000 Municipal Finance Authority of British Columbia (*) 2.05 Jun. 2, , ,913 94,000 Municipal Finance Authority of British Columbia 2.35 Dec. 3, ,980 96, ,000 Municipal Finance Authority of British Columbia 2.50 Apr. 19, , ,221 27,000 Municipal Finance Authority of British Columbia 2.65 Oct. 2, ,460 27,060 57,000 Municipal Finance Authority of British Columbia 2.95 Oct. 14, ,716 58, ,000 Municipal Finance Authority of British Columbia 3.35 Jun. 1, , , ,000 Municipal Finance Authority of British Columbia 3.75 Sep. 26, , , ,000 Municipal Finance Authority of British Columbia 4.15 Jun. 1, , ,481 41,000 Municipal Finance Authority of British Columbia 4.45 Jun. 1, ,019 44,904 94,000 Municipal Finance Authority of British Columbia 4.60 Apr. 23, ,144 98,388

154 WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Municipal government bonds... continued 17,000 Municipal Finance Authority of British Columbia 4.88 Jun. 3, ,827 18,434 12,000 Municipal Finance Authority of British Columbia 4.95 Dec. 1, ,183 14,294 77,000 Municipal Finance Authority of British Columbia 5.10 Nov. 20, ,356 82,635 2,000 Municipal Finance Authority of British Columbia 5.35 Dec. 2, ,530 2,404 45,000 Regional Municipality of Halton (The) 3.15 Apr. 6, ,629 41,403 44,000 Regional Municipality of Halton (The) 4.05 Oct. 11, ,557 46,984 5,000 Regional Municipality of Ottawa-Carleton (The) 5.88 Sep. 14, ,509 5,384 21,000 Regional Municipality of Peel (The) 2.30 Nov. 2, ,931 20,161 61,000 Regional Municipality of Peel (The) 3.50 Dec. 1, ,486 65,479 58,000 Regional Municipality of Peel (The) 3.85 Oct. 30, ,681 60,566 41,000 Regional Municipality of Peel (The) 4.25 Dec. 2, ,226 45, ,000 Regional Municipality of Peel (The) 5.10 Jun. 29, , ,651 3,000 Regional Municipality Of Waterloo (The) 5.15 Nov. 29, ,288 3,217 33,000 Regional Municipality of York (The) 2.50 Jun. 2, ,121 32,361 66,000 Regional Municipality of York (The) 2.60 Dec. 15, ,098 65,519 69,000 Regional Municipality of York (The) 3.65 May 13, ,912 70,994 90,000 Regional Municipality of York (The) 4.00 Jun. 30, ,252 98,342 87,000 Regional Municipality of York (The) 4.00 May 31, ,928 93,557 98,000 Regional Municipality of York (The) 4.05 May 1, , ,565 68,000 Regional Municipality of York (The) 4.50 Jun. 30, ,456 74,615 9,000 Regional Municipality of York (The) 5.00 Apr. 29, ,966 9,753 7,000 Regional Municipality of York (The) 7.25 Jun. 19, ,417 7,203 1,000 Simcoe County District School Board 6.80 Jun. 19, ,381 1,303 35,000 South Coast British Columbia Transportation Authority 3.05 Jun. 4, ,945 36, ,000 South Coast British Columbia Transportation Authority 3.80 Nov. 2, , ,294 58,000 South Coast British Columbia Transportation Authority 3.85 Feb. 9, ,232 60,637 61,000 South Coast British Columbia Transportation Authority 4.45 Jun. 9, ,998 69,823 43,000 South Coast British Columbia Transportation Authority 4.65 Jun. 20, ,764 50, ,000 TCHC Issuer Trust 4.88 May 11, , ,482 4,725 York Region District School Board 5.30 Jun. 3, ,516 5,323 44,296 York Region District School Board 6.45 Jun. 4, ,374 51,942 90,000 York Region District School Board 6.55 Apr. 12, , ,939 6,852,795 6,466,865 Total investments 100.0% 290,411, ,190,505 (*), the fair of securities loaned by the Fund was 23,838,427. Securities with a market of 25,387,342 have been provided as collateral by borrowers to the Fund.

155 Notes to financial statements of WindWise Canadian Universe Bond Index Securities Lending Fund December 31, 2016 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match as closely as possible, the performance of the FTSE TMX Canada Universe Bond Index (the Index ) while minimizing transaction costs. Fair hierarchy The following table illustrates the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016: Level 1 Level 2 Level 3 Total Bonds 65,399, ,791, ,190,505 Currency risk, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

156 Notes to financial statements of WindWise Canadian Universe Bond Index Securities Lending Fund December 31, 2016 Total exposure December 31, 2016 Term to maturity Less than 1 year 1,123, years 123,309, years 66,710, years 86,047,324 Total 277,190,505 Impact on net assets attributable to holders of redeemable units 20,875,000 Impact on net assets attributable to holders of redeemable units 7% Price risk The Fund s significant price risk exposures have been discussed in previous sections., the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016: Rating % AAA 40 AA+/AA/AA 13 A+/A/A 36 BBB+/BBB/BBB 11 Total 100

157 Notes to financial statements of WindWise Canadian Universe Bond Index Securities Lending Fund December 31, 2016 The Fund enters into securities lending transactions with counterparties whereby it temporarily exchanges securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. CIBC Mellon Global Securities Services Company, as lending agent, indemnifies the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan., CIBC Mellon had a credit rating of AA- from Standard & Poor s. Liquidity risk, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector December 31, 2016 % Corporate bonds 29 Federal government bonds 35 Municipal government bonds 2 Provincial government bonds Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the period from July 8, 2016 (inception date) to December 31, 2016 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units (10,101,339) Average units outstanding during the period 30,238,641 Increase (decrease) in net assets attributable to holders of redeemable units per unit (0.33)

158 WindWise Global Managed Volatility Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 25,270,828 23,265,750 Cash 106,596 78,771 Receivable for investments sold - 1,484 Dividends receivable 63,126 57,399 Total assets 25,440,550 23,403,404 Liabilities Current liabilities Payable for investments purchased - 1,484 Accrued expenses 4,094 3,897 Total liabilities 4,094 5,381 Net assets attributable to holders of redeemable units 25,436,456 23,398,023 Number of redeemable units outstanding 2,349,783 2,129,392 Net assets attributable to holders of redeemable units per unit * Investments at cost 19,903,906 17,561,914 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

159 WindWise Global Managed Volatility Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Dividends 787, ,716 Other changes in fair of investments Net realized gain (loss) 1,081, ,073 Net change in unrealized appreciation (depreciation) (341,902) 3,151,627 Other changes in fair of derivative financial instruments Net realized gain (loss) (232) (10,581) Total income (loss) 1,527,082 4,422,835 Expenses Audit fees 29,582 24,503 Custodial fees 37,149 24,059 Foreign withholding taxes 34,770 26,379 Interest expense Other fees Proxy fees 1,045 - Regulatory fees 1, Transaction costs 6,098 7,000 Trustee fees 2,459 - Total expenses 112,319 82,531 Waivers and reimbursements (34,629) (24,503) Net expenses 77,690 58,028 Increase (decrease) in net assets attributable to holders of redeemable units 1,449,392 4,364,807 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year

160 WindWise Global Managed Volatility Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 1,449,392 4,364,807 Distributions to holders of redeemable units From net investment income (715,678) (646,883) From capital gains (1,076,450) (550,415) Total distributions to holders of redeemable units (1,792,128) (1,197,298) Redeemable unit transactions Proceeds from redeemable units issued 1,100,271 4,813,887 Reinvestment of distributions to holders of redeemable units 1,792,128 1,197,298 Redemption of redeemable units (511,230) (474,703) Increase (decrease) from redeemable unit transactions 2,381,169 5,536,482 Net increase (decrease) in net assets attributable to holders of redeemable units 2,038,433 8,703,991 Net assets attributable to holders of redeemable units Beginning of year 23,398,023 14,694,032 Net assets attributable to holders of redeemable units End of year 25,436,456 23,398,023 Number of redeemable units outstanding Beginning of year 2,129,392 1,579,162 Issued 100, ,291 Reinvested 164, ,351 Redeemed (44,495) (46,412) Number of redeemable units outstanding End of year 2,349,783 2,129,392

161 WindWise Global Managed Volatility Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 1,449,392 4,364,807 Adjustments for: Net realized (gain) loss on investments (1,081,043) (551,571) Net change in unrealized (appreciation) depreciation on investments and derivatives 336,914 (3,146,480) Proceeds from sale of investments 5,823,966 5,001,146 Purchases of investments (7,084,915) (10,007,191) Dividends receivable (5,727) (24,216) Accrued expenses 197 2,068 Net cash from (used in) operating activities (561,216) (4,361,437) Cash flows from (used in) financing activities Proceeds from redeemable units issued 1,100,271 4,813,887 Redemption of redeemable units (511,230) (474,703) Net cash from (used in) financing activities 589,041 4,339,184 Net increase (decrease) in cash during the year 27,825 (22,253) Cash Beginning of year 78, ,024 Cash End of year 106,596 78,771 Dividends received, net of foreign withholding taxes* 747, ,121 Interest paid* (19) (30) * Included as part of cash flows from operating activities

162 WindWise Global Managed Volatility Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Equities 100.0% Average cost Fair Common stock 100.0% 12,361 AGL Energy Limited 177, ,151 1,300 AGNC Investment Corporation 31,686 31,607 5,164 Alliant Energy Corporation 171, ,395 1,100 Ally Financial Inc. 31,270 28,057 2,571 Altria Group Inc. 91, ,143 38,855 Alumina Limited 52,463 69, American Water Works Company Inc. 61,084 87,335 1,676 AmerisourceBergen Corporation 151, ,740 9,379 Antofagasta PLC 114, ,906 2,000 Arch Capital Group Limited 142, ,438 17,000 Ascendas Real Estate Investment Trust 33,955 35,821 1,100 Atmos Energy Corporation 107, ,383 9,172 Auckland International Airport Limited 25,735 53,605 62,509 AusNet Services Group 84,025 95, AutoZone Inc. 117, , AvalonBay Communities Inc. 91, , Baker Hughes Inc. 13,360 17,426 1,366 Baloise Holding AG 220, ,249 31,126 Bank Leumi Le-Israel B.M. 128, , Barry Callebaut AG 78,372 82, Becton Dickinson and Company 89, , Bed Bath & Beyond Inc. 22,227 16, Benesse Corporation 34,387 29,618 60,756 Bezeq Israeli Telecommunication Corporation Limited 121, ,966 7,105 Boliden AB 163, ,516 1,828 British American Tobacco PLC 100, ,991 2,000 Brother Industries Limited 41,040 48,498 2,440 Brown-Forman Corporation Cl. B 87, ,985 3,754 Caltex Australia Limited 112, , Camden Property Trust 71, ,468 2,585 Campbell Soup Company 119, ,626 37,000 Capitaland Commercial Trust Management Limited 51,334 50,831 74,000 CapitaLand Mall Trust 130, , Cardinal Health Inc. 35,195 28, CenterPoint Energy Inc. 16,214 16,522 3,777 Centrica PLC 22,018 14, CenturyLink Inc. 20,595 18,050 2,500 CH Robinson Worldwide Inc. 249, , Chevron Corporation 59,481 63, Chocoladefabriken Lindt & Spruengli AG 77, ,205 1 Chocoladefabriken Lindt & Spruengli AG 44,072 81,676 3,786 Church & Dwight Company Inc. 136, ,362 1,264 Clorox Company (The) 121, ,444 18,500 CLP Holdings Limited 173, ,994 4,213 CMS Energy Corporation 135, ,146 17,807 Coca-Cola Amatil Limited 158, ,991 3,612 Coca-Cola HBC AG 104, ,940 2,750 Colgate-Palmolive Company 199, ,335 2,982 Colruyt SA 192, ,265 1,900 Conagra Brands Inc. 81, ,773 1,914 Consolidated Edison Inc. 118, ,120 1,100 Constellation Brands Inc. Cl. A 147, ,156 42,747 Contact Energy Limited 211, , Cooper Companies Inc. (The) 23,875 23, Core Laboratories NV 131, , Costco Wholesale Corporation 39,872 64,415

163 WindWise Global Managed Volatility Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 534 Coty Inc. Cl. A 15,628 13, Danone SA 20,561 21,543 2,311 DaVita Inc. 168, ,966 2,340 DENTSPLY SIRONA Inc. 103, ,160 2,300 Dick's Sporting Goods Inc. 139, , Dollar General Corporation 84,839 79, Dominion Resources Inc. 14,487 25,061 1,511 Dr. Pepper Snapple Group Inc. 73, ,727 1,450 DTE Energy Company 102, ,555 47,435 DUET Group 109, , Duke Energy Corporation 45,508 65,890 2,233 Edgewell Personal Care Company 284, ,573 1,500 Edison International 123, ,813 1,100 Entergy Corporation 113, ,380 2,441 Eversource Energy 112, ,796 3,800 Expeditors International of Washington Inc. 245, ,884 1,600 Exxon Mobil Corporation 188, , FamilyMart UNY Holdings Company Limited 77,041 71, Federal Realty Investment Trust 100, ,423 3,400 FMC Technologies Inc. 163, , Fonciere Des Regions 21,089 21, Fresenius Medical Care AG & Company KGaA 41,876 68, Fresnillo PLC 10,545 12,119 1,998 General Mills Inc. 94, ,508 3,514 Gjensidige Forsikring ASA 74,371 75,003 2,500 Halliburton Company 138, ,343 1,000 Hang Seng Bank Limited 20,464 24,959 35,560 Harvey Norman Holdings Limited 154, , Helmerich & Payne Inc. 23,673 31, Henry Schein Inc. 102, ,551 1,300 Hershey Company (The) 150, , ,911 HK Electric Investments and HK Electric Investments Limited 195, ,338 42,834 Hong Kong & China Gas Company Limited (The) 105, ,799 3,800 Hormel Foods Corporation 78, , ICADE 40,717 39, Iliad SA 115,500 97,916 2,131 Imperial Brands PLC 78, ,093 5,445 Intu Properties PLC 29,179 25,381 2,584 Israel Chemicals Limited 19,837 14, Japan Prime Realty Investment Corporation 64,209 58,242 1,346 J.M. Smucker Company (The) 148, ,155 5,000 Kamigumi Company Limited 57,536 64,043 1,692 Kellogg Company 107, ,252 1,621 Kimberly-Clark Corporation 199, ,079 4,300 Kimco Realty Corporation 141, ,086 1,300 Kobe Steel Limited 19,190 16,696 1,349 Kuehne + Nagel International AG 192, , Laboratory Corporation of America Holdings 88, , Liberty Media Corp-Liberty SiriusXM 35,517 40,940 3,900 Liberty Property Trust 180, , Macerich Company (The) 59,849 85,500 6,100 Maruichi Steel Tube Limited 169, ,871 1,747 McCormick & Company Inc. 135, ,655 1,500 McDonald's Holdings Company (Japan) Limited 55,925 52,775 3,600 Medipal Holdings Corporation 51,126 76,286 22,771 Mercury NZ Limited 63,396 63,029 2,200 Miraca Holdings Inc. 110, ,800 1,300 Mitsubishi Materials Corporation 50,165 53,660

164 WindWise Global Managed Volatility Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 11,246 Mizrahi Tefahot Bank Limited 138, ,815 1,504 Motorola Solutions Inc. 98, ,184 1,308 National Grid PLC 21,431 20,625 3,200 National Oilwell Varco Inc. 165, , New World Development Company Limited ,603 New York Community Bancorp Inc. 165, , NEXT PLC 42,597 51, NextEra Energy Inc. 8,251 16, Nice Limited 9,416 18, Nippon Prologis REIT Inc. 60,080 54, Nippon Steel & Sumitomo Metal Corporation 14,322 14,987 47,586 Norsk Hydro ASA 239, ,187 2,949 Nucor Corporation 161, ,387 2,500 Occidental Petroleum Corporation 247, ,807 4,520 OGE Energy Corporation 155, ,759 20,258 Orkla ASA 218, ,809 3,757 Patterson Cos Inc. 169, ,722 11,361 People's United Financial Inc. 174, ,963 1,192 PepsiCo Inc. 93, ,254 1,531 Philip Morris International Inc. 147, ,842 1,800 Phillips , ,584 1,907 Pinnacle West Capital Corporation 112, , Pioneer Natural Resources Company 23,620 24, Procter & Gamble Company (The) 70,477 83,439 3,200 Public Service Enterprise Group Inc. 192, ,305 2,500 Quest Diagnostics Inc. 207, , Randgold Resources Limited 22,684 19, Red Electrica Corporation 26,726 24,137 1,934 Regency Centers Corporation 108, ,828 1,400 RenaissanceRe Holdings Limited 207, , Ross Stores Inc. 24,410 52,784 30,971 Ryman Healthcare Limited 224, ,877 4,000 Sankyo Company Limited 164, ,617 2,702 SCANA Corporation 167, ,531 2,300 Schlumberger Limited 257, , Sempra Energy 64,285 80, Severn Trent PLC 11,562 14,139 38,000 Shangri-La Asia Limited 61,573 53,766 2,700 Showa Shell Sekiyu K.K. 34,821 33,745 10,000 Singapore Exchange Limited 64,622 66,463 59,338 Singapore Press Holdings Limited 213, ,435 6,834 Sonic Healthcare Limited 97, , Sonova Holding AG 82, ,559 3,092 Southern Company (The) 156, ,968 64,433 Spark New Zealand Limited 159, ,460 4,653 SSE PLC 111, ,742 1,800 Staples Inc. 23,312 21,846 61,216 StarHub Limited 221, ,676 2,882 Statoil ASA 62,058 71,123 8,000 Sumitomo Metal Mining Company Limited 137, ,618 66,000 Suntec Real Estate Investment Trust 103, ,087 4,200 Suzuken Company Limited 131, ,471 1,340 Swiss Prime Site AG 111, , Swisscom AG 182, ,988 3,722 Sysco Corporation 146, , Taisho Pharmaceutical Holdings Company Limited 18,644 22,306 17,540 Tate & Lyle PLC 217, ,635 19,300 TDC AS 126, ,128

165 WindWise Global Managed Volatility Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 2,042 Technip 145, ,859 4,301 Telefonica Deutschland Holding AG 26,268 24,760 6,606 Telenor ASA 144, ,766 21,661 Telstra Corporation Limited 107, ,273 3,017 Terna SpA 20,732 18,572 1,338 thyssenkrupp AG 43,044 42,848 1,000 Tractor Supply Company 53, ,665 7,047 Treasury Wine Estates Limited 32,905 73,083 3,800 UDR Inc. 108, , United Urban Investment Corporation 49,211 61,364 1,500 Varian Medical Systems Inc. 165, ,599 1,089 Verizon Communications Inc. 54,675 77,956 2,398 Voestalpine AG 113, ,484 2,336 WEC Energy Group Inc. 103, , Welltower Inc. 36,443 44,878 5,920 Weyerhaeuser Company 183, ,885 3,730 William Demant Holding AS 68,551 87,135 34,000 Wilmar International Limited 114, ,303 4,318 Wm Morrison Supermarkets PLC 13,938 16, Woolworths Limited 20,767 15,141 3,853 Xcel Energy Inc. 130, ,300 19,916,633 25,270,828 Adjustment for transaction costs (12,727) - Total investments 100.0% 19,903,906 25,270,828

166 Notes to financial statements of WindWise Global Managed Volatility Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to provide competitive returns and maintain low volatility, compared to the MSCI World ex Canada Index (the Index ) over the long term by constructing a portfolio of stocks with low expected volatility relative to the Index. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 25,270, ,270,828 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 23,265, ,265,750 Currency risk The following tables summarize the Fund s exposure to currency risk: Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Net exposure Percentage of net assets % Australian dollar 1,357,340 12, ,369,412 5 Danish krone 220, ,280 1 Euro 879,991 3, ,323 4 Hong Kong dollar 620,429 5, ,148 3 Israeli new sheqel 580,138 4, ,506 2 Japanese yen 1,555,097 12, ,567,788 6 New Zealand dollar 743,247 7, ,584 3 Norwegian krone 831,888 4, ,700 3 Pound sterling 975,165 7, ,314 4 Singapore dollar 851,099 7, ,755 3 Swedish krona 249,516 5, ,806 1 Swiss franc 1,233,834 19, ,253,453 5 United States dollar 15,172,822 49, ,222, ,270, , ,410,

167 Notes to financial statements of WindWise Global Managed Volatility Non-Lending Fund December 31, 2016 and 2015 As at December 31, 2015 Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Net exposure Percentage of net assets % Australian dollar 1,350,048 8,859 - (1,484) 1,357,423 6 Danish krone 99, ,570 - Euro 721,111 5, ,777 3 Hong Kong dollar 1,120,431 2, ,123,349 5 Israeli new sheqel 630,709 1, ,490 3 Japanese yen 1,428,804 4, ,433,728 6 New Zealand dollar 782,532 5, ,557 3 Norwegian krone 272,040 2, ,223 1 Pound sterling 1,057,823 8, ,066,226 5 Singapore dollar 818,429 15, ,141 3 Swiss franc 1,526,844 23, ,550,193 7 United States dollar 13,457,874 55, ,513, ,265, ,903 - (1,484) 23,399, , had the Canadian dollar strengthened or weakened by 5% in relation to the foreign currencies, with all other variables held constant, the impact on net assets attributable to holders of redeemable units would have been approximately 1,271,000 (December 31, ,170,000). In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are non-interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant using a predicted tracking method, net assets attributable to holders of redeemable units would have increased or decreased by approximately 3,669,000 or 1,385,000 (December 31, ,615,000 or 1,038,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk and 2015, the Fund had no significant investments in either debt securities or derivative financial instruments. As a result, the Fund is not significantly exposed to credit risk. Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

168 Notes to financial statements of WindWise Global Managed Volatility Non-Lending Fund December 31, 2016 and 2015 Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Country 2016 % 2015 % United States Japan 6 6 Australia 5 6 Switzerland 5 7 Singapore 3 3 Norway 3 1 New Zealand 3 3 United Kingdom 3 5 Hong Kong 3 5 Israel 2 3 Other countries Sector 2016 % 2015 % Consumer discretionary 6 6 Consumer staples Energy 8 5 Financials 7 18 Health care Industrials 3 5 Information technology 1 2 Materials 7 5 Real estate 9 - Telecommunication services 5 6 Utilities Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the year ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 1,449,392 4,364,807 Average units outstanding during the year 2,214,758 2,029,157 Increase (decrease) in net assets attributable to holders of redeemable units per unit

169 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Statements of financial position As at December 31, Assets Current assets Investments* 850,817, ,362,649 Cash 5,202,489 2,539,002 Cash, segregated 456, ,742 Receivable for investments sold 129, ,513 Receivable for units sold 251,432 3,000 Dividends receivable 3,057,132 2,468,318 Forward foreign currency contracts, at fair - 39 Futures contracts, at fair - 88,104 Total assets 859,914, ,578,367 Liabilities Current liabilities Payable for units redeemed 54,725 1,513,507 Payable for investments purchased 2,857,230 43,660 Accrued expenses 92, ,063 Forward foreign currency contracts, at fair 6, Futures contracts, at fair 16,327 - Total liabilities 3,027,244 1,732,840 Net assets attributable to holders of redeemable units 856,886, ,845,527 Number of redeemable units outstanding 88,480,801 71,314,665 Net assets attributable to holders of redeemable units per unit * Investments at cost 683,045, ,657,008 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

170 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Statements of comprehensive income For the years ended December 31, Investment income Dividends 26,778,945 33,343,785 Interest for distribution purposes 11, Securities lending income 2,483 96,490 Other changes in fair of investments Net realized gain (loss) 8,006, ,283,737 Net change in unrealized appreciation (depreciation) (46,065,761) 21,279,116 Other changes in fair of derivatrive financial instruments Net realized gain (loss) 364,133 (1,208,468) Net change in unrealized appreciation (depreciation) (110,250) 136,116 Total income (loss) (11,012,378) 172,931,698 Expenses Audit fees 29,582 24,793 Custodial fees 446, ,827 Foreign withholding taxes 2,432,325 2,853,400 Interest expense Other fees 1,142 - Proxy fees 7,019 - Regulatory fees 24,403 12,158 Transaction costs 301, ,197 Trustee fees 2,473 - Total expenses 3,245,810 3,883,375 Waivers and reimbursements (35,875) - Net expenses 3,209,935 3,883,375 Increase (decrease) in net assets attributable to holders of redeemable units (14,222,313) 169,048,323 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year (0.18) 2.14

171 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units (14,222,313) 169,048,323 Distributions to holders of redeemable units From net investment income (23,288,825) (28,883,003) From capital gains (4,950,364) (110,042,330) From securities lending income (2,483) (96,490) Total distributions to holders of redeemable units (28,241,672) (139,021,823) Redeemable unit transactions Proceeds from redeemable units issued 179,613,624 88,622,235 Reinvestment of distribution to holders of redeemable units 28,239, ,925,333 Redemption of redeemable units (40,347,574) (477,879,774) Increase (decrease) from redeemable unit transactions 167,505,239 (250,332,206) Net increase (decrease) in net assets attributable to holders of redeemable units 125,041,254 (220,305,706) Net assets attributable to holders of redeemable units Beginning of year 731,845, ,151,233 Net assets attributable to holders of redeemable units End of year 856,886, ,845,527 Number of redeemable units outstanding Beginning of year 71,314,665 89,468,136 Issued 18,455,998 7,353,400 Reinvested 2,915,931 13,537,565 Redeemed (4,205,793) (39,044,436) Number of redeemable units outstanding End of year 88,480,801 71,314,665

172 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units (14,222,313) 169,048,323 Adjustments for: Net realized (gain) loss on investments (8,275,130) (118,259,152) Net change in unrealized (appreciation) depreciation on investments and derivatives 46,044,883 (21,249,896) Proceeds from sale of investments 57,264, ,842,037 Purchases of investments (215,017,569) (118,424,000) Cash, segregated (16,075) 1,060,263 Dividends receivable (588,814) (625,893) Accrued expenses (82,491) (10,169) Net cash from (used in) operating activities (134,892,866) 179,381,513 Cash flows from (used in) financing activities Proceeds from redeemable units issued 179,365,192 88,619,235 Distributions paid to holders of redeemable units, net of reinvested distributions (2,483) (96,490) Redemption of redeemable units (41,806,356) (271,719,785) Net cash from (used in) financing activities 137,556,353 (183,197,040) Net increase (decrease) in cash during the year 2,663,487 (3,815,527) Cash Beginning of year 2,539,002 6,354,529 Cash End of year 5,202,489 2,539,002 Interest received* 11, Dividends received, net of foreign withholding taxes* 23,757,806 29,864,492 Interest paid (620) - Redeemable units redeemed in kind - (204,687,876) * Included as part of cash flows from operating activities

173 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities 100.0% 50,937 3i Group PLC 291, ,219 96,910 ABB Limited 2,152,453 2,746,658 1,500 ABC-MART Inc. 74, ,173 50,135 Aberdeen Asset Management PLC 234, ,757 33,538 Abertis Infraestructuras SA 598, ,696 14,912 ABN AMRO Group NV 403, ,999 9,046 Accor SA 410, ,338 20,900 ACOM Company Limited 81, ,796 5,026 Actelion Limited 379,141 1,462,287 9,329 Actividades de Construccion y Servicios SA 321, ,132 8,647 Adecco Group AG 598, ,444 9,670 adidas AG 961,415 2,053,744 10,221 Admiral Group PLC 237, ,437 98,134 AEGON NV 677, ,687 3,516 Aena SA 463, ,786 34,100 Aeon Company Limited 485, ,278 6,500 AEON Financial Service Company Limited 152, ,227 5,500 AEON Mall Company Limited 132, ,963 8,826 AerCap Holdings NV 465, ,500 1,483 Aeroports de Paris 145, ,542 10,247 ageas SA/NV 475, ,123 35,163 AGL Energy Limited 533, , ,151 AIA Group Limited 3,064,329 4,783,719 8,000 Air Water Inc. 120, ,083 30,258 Airbus Group SE 1,704,832 2,689,496 10,000 Aisin Seiki Company Limited 390, ,940 28,800 Ajinomoto Company Inc. 453, ,498 12,851 Akzo Nobel NV 859,834 1,079,555 16,151 Alfa Laval AB 318, ,534 8,900 Alfresa Holdings Corporation 141, ,908 54,000 All Nippon Airways Company Limited 158, ,454 23,806 Allianz SE 3,678,213 5,286,650 10,100 Alps Electric Company Limited 397, ,178 8,318 Alstom SA 363, ,964 5,893 Altice NV 271, ,791 19,478 Altice NV Cl. A 54, , ,544 Alumina Limited 181, ,541 18,600 Amada Holdings Company Limited 178, ,087 22,559 Amadeus IT Holding SA 788,917 1,377,515 59,950 Amcor Limited 554, , ,461 AMP Limited 785, ,055 3,569 Andritz AG 194, ,776 72,269 Anglo American PLC 2,218,572 1,389,154 39,473 Anheuser-Busch InBev SA/NV 3,791,865 5,614,055 20,029 Antofagasta PLC 279, ,028 65,000 Aozora Bank Limited 232, , AP Moeller - Maersk A/S Cl. A 398, , AP Moeller - Maersk A/S Cl. B 600, ,924 60,342 APA Group 415, ,162 95,524 ArcelorMittal 1,141, ,974 26,737 Aristocrat Leisure Limited 212, ,428 3,589 Arkema SA 329, ,814 4,854 Aryzta AG 255, ,253 54,000 Asahi Glass Company Limited 465, ,223 20,000 Asahi Group Holdings Limited 513, ,540 66,000 Asahi Kasei Corporation 458, ,655

174 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 122,900 Ascendas Real Estate Investment Trust 218, ,967 25,315 Ashtead Group PLC 480, ,789 8,100 ASICS Corporation 120, ,464 12,067 ASM Pacific Technology Limited 132, ,464 19,379 ASML Holding NV 1,496,862 2,923,390 51,569 Assa Abloy AB Cl. B 656,247 1,287,275 60,493 Assicurazioni Generali SpA 1,189,067 1,208,187 18,482 Associated British Foods PLC 527, , ,200 Astellas Pharma Inc. 1,347,344 2,075,741 65,889 AstraZeneca PLC 3,956,938 4,844,975 10,474 ASX Limited 367, ,897 21,491 Atlantia SpA 471, ,669 34,556 Atlas Copco AB Cl. A 852,679 1,415,551 20,302 Atlas Copco AB Cl. B 458, ,039 4,623 Atos SE 384, ,545 47,306 Auckland International Airport Limited 128, , ,672 Aurizon Holdings Limited 414, ,716 81,401 AusNet Services Group 81, , ,615 Australia and New Zealand Banking Group Limited 3,884,231 4,537,705 48,771 Auto Trader Group PLC 380, , ,077 Aviva PLC 1,443,742 1,677, ,158 AXA SA 2,415,835 3,431,899 2,303 Axel Springer SE 127, ,270 1,873 Azrieli Group 100, ,056 12,809 Babcock International Group PLC 175, , ,706 BAE Systems PLC 1,052,574 1,594,772 2,490 Baloise Holding AG 288, , ,171 Banco Bilbao Vizcaya Argentaria SA 3,035,536 3,113, ,800 Banco de Sabadell SA 670, , ,990 Banco Popular Espanol SA 698, , ,373 Banco Santander SA 5,269,931 5,305,479 57,844 Bank Hapoalim B.M. 281, ,764 76,864 Bank Leumi Le-Israel B.M. 310, ,779 64,283 Bank of East Asia Limited (The) 280, ,232 1,466,638 Bank of Ireland 413, ,437 16,000 Bank of Kyoto Limited (The) 158, ,682 17,840 Bank of Queensland Limited 209, , ,218 Bankia SA 318, ,783 36,073 Bankinter SA 350, , ,411 Barclays PLC 3,630,504 3,267,319 53,002 Barratt Developments PLC 588, , Barry Callebaut AG 149, ,576 47,831 BASF SE 4,279,062 5,974,669 43,064 Bayer AG 4,529,714 6,038,290 17,015 Bayerische Motoren Werke AG 1,633,275 2,135,968 2,677 Bayerische Motoren Werke AG Non-Voting Preferred 179, ,282 5,258 Beiersdorf AG 427, ,446 25,555 Bendigo and Adelaide Bank Limited 246, ,402 3,500 Benesse Corporation 146, ,581 6,400 Berkeley Group Holdings PLC (The) 380, , ,378 Bezeq Israeli Telecommunication Corporation Limited 202, , ,562 BHP Billiton Limited 5,009,059 4,101, ,609 BHP Billiton PLC 2,760,981 2,351,340 55,205 BNP Paribas SA 3,453,957 4,728, ,924 BOC Hong Kong (Holdings) Limited 588, ,211 14,519 Boliden AB 261, , Bollore SA ,969 Bollore SA 284, ,869

175 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 64,584 Boral Limited 301, ,286 10,969 Bouygues SA 467, , ,599 BP PLC 7,537,899 8,255,254 81,987 Brambles Limited 589, ,211 8,083 Brenntag AG 386, ,672 33,400 Bridgestone Corporation 1,050,928 1,618,293 97,047 British American Tobacco PLC 5,472,949 7,431,994 49,061 British Land Company PLC 486, ,767 12,000 Brother Industries Limited 167, , ,593 BT Group PLC 2,354,629 2,678,709 17,468 Bunzl PLC 335, ,464 23,340 Burberry Group PLC 490, ,979 13,018 Bureau Veritas SA 299, , ,666 CaixaBank SA 717, ,886 4,100 Calbee Inc. 122, ,537 14,219 Caltex Australia Limited 389, ,574 54,850 Canon Inc. 2,248,587 2,078,012 8,443 Cap Gemini SA 616, ,183 35,271 Capita Group PLC (The) 470, ,351 96,000 Capitaland Commercial Trust Management Limited 126, , ,747 CapitaLand Limited 354, , ,688 CapitaLand Mall Trust 196, ,175 5,569 Carlsberg A/S Cl. B 531, ,706 9,994 Carnival PLC 437, ,130 28,849 Carrefour SA 831, ,052 3,190 Casino Guichard-Perrachon SA 279, ,710 12,600 Casio Computer Company Limited 173, ,475 55,355 Cathay Pacific Airways Limited 112,915 97,662 7,400 Central Japan Railway Company 937,630 1,636, ,722 Centrica PLC 1,361,388 1,104,492 28,042 Challenger Limited 223, ,069 6,725 Check Point Software Technologies Limited 752, ,708 32,742 Cheung Kong Infrastructure Holdings Limited 269, , ,357 Cheung Kong Property Holdings Limited 825,806 1,137,938 38,000 Chiba Bank Limited (The) 251, ,270 5 Chocoladefabriken Lindt & Spruengli AG 368, , Chocoladefabriken Lindt & Spruengli AG 259, ,813 5,268 Chr Hansen Holding AS 438, ,938 2,842 Christian Dior SE 446, ,971 33,600 Chubu Electric Power Company Inc. 643, ,872 11,728 Chugai Pharmaceutical Company Limited 310, ,410 7,800 Chugoku Bank Limited (The) 103, ,488 14,800 Chugoku Electric Power Company Inc. (The) 267, ,300 5,135 CIMIC Group Limited 122, ,224 18,177 City Developments Limited 152, , ,163 CK Hutchison Holdings Limited 378,348 2,161,435 84,756 CLP Holdings Limited 780,748 1,044,533 53,721 CNH Industrial NV 495, ,032 9,650 CNP Assurances SA 189, ,234 82,560 Cobham PLC 256, ,954 30,731 Coca-Cola Amatil Limited 356, ,996 11,352 Coca-Cola European Partners PLC 588, ,034 9,510 Coca-Cola HBC AG 268, ,929 3,024 Cochlear Limited 239, ,864 6,236 Coloplast AS Cl. B 345, ,028 3,369 Colruyt SA 171, , ,300 ComfortDelGro Corporation Limited 200, ,651 56,043 Commerzbank AG 938, ,400

176 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 88,853 Commonwealth Bank of Australia 5,658,049 7,110,423 25,590 Compagnie de Saint-Gobain SA 1,278,141 1,601,869 26,845 Compagnie Financiere Richemont SA 1,937,256 2,389,170 9,367 Compagnie Generale des Etablissements Michelin Series B 847,316 1,400,458 84,387 Compass Group PLC 1,234,958 2,098,923 25,429 Computershare Limited 244, ,674 59,000 Concordia Financial Group Limited 324, ,652 35,307 Contact Energy Limited 150, ,855 5,652 Continental AG 871,667 1,468,608 3,822 Covestro AG 228, ,370 58,478 Credit Agricole SA 708, ,389 8,435 Credit Saison Company Limited 180, , ,576 Credit Suisse Group AG 2,825,269 1,977,414 43,757 CRH PLC 1,183,939 2,039,686 6,450 Croda International PLC 267, ,591 19,771 Crown Resorts Limited 195, ,321 24,034 CSL Limited 1,419,196 2,343,400 6,300 CYBERDYNE Inc. 163, ,665 26,000 Dai Nippon Printing Company Limited 264, ,280 14,400 Daicel Corporation 157, ,584 55,700 Dai-ichi Life Insurance Company Limited (The) 871,114 1,246,276 31,124 Daiichi Sankyo Company Limited 658, ,819 12,100 Daikin Industries Limited 594,536 1,493,494 50,162 Daimler AG 3,629,656 5,017,780 3,600 Daito Trust Construction Company Limited 407, ,675 29,200 Daiwa House Industry Company Limited 602,023 1,073, Daiwa House REIT Investment Corporation 240, ,919 87,000 Daiwa Securities Group Inc. 496, ,524 30,828 Danone SA 2,336,127 2,625,042 35,437 Danske Bank AS 847,857 1,443, Dassault Aviation SA 184, ,700 6,677 Dassault Systemes SA 370, ,682 93,671 DBS Group Holdings Limited 1,197,307 1,507,723 4,652 DCC PLC 562, ,604 5,700 DeNA Company Limited 234, ,383 25,000 DENSO Corporation 1,004,829 1,455,338 11,200 Dentsu Inc. 455, ,267 71,143 Deutsche Bank Aktiengesellschaft 2,994,854 1,735,864 9,966 Deutsche Boerse AG 767,802 1,093,053 11,496 Deutsche Lufthansa AG 211, ,520 49,864 Deutsche Post AG 1,349,574 2,203, ,683 Deutsche Telekom AG 2,807,869 3,948,529 17,500 Deutsche Wohnen AG 500, ,638 52,452 Dexus Property Group 333, , ,211 Diageo PLC 3,665,094 4,587,678 68,382 Direct Line Insurance Group PLC 358, ,580 29,617 Distribuidora Internacional de Alimentacion SA 202, ,428 47,733 Dixons Carphone PLC 310, ,477 50,626 DNB ASA 686,718 1,012,737 3,371 Domino's Pizza Enterprises Limited 223, ,740 6,500 Don Quijote Holdings Company Limited 195, ,233 4,581 DONG Energy AS 210, ,201 9,917 DSV AS 337, , ,332 DUET Group 310, ,755 2,330 Dufry AG 406, , ,486 E.ON SE 2,327, ,733 17,100 East Japan Railway Company 1,402,523 1,985,791 7,562 easyjet PLC 168, ,934

177 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 10,604 Edenred 291, , ,474 EDP-Energias de Portugal SA 449, ,252 2,958 Eiffage SA 288, ,191 13,050 Eisai Company Limited 632,108 1,006,514 1,294 Elbit Systems Limited 177, ,847 8,060 Electric Power Development Company Limited 259, ,289 12,577 Electricite de France SA 435, ,205 13,108 Electrolux AB Cl. B 333, ,885 7,830 Elisa OYJ Cl. A 214, , EMS-Chemie Holding AG 149, ,911 11,951 Enagas SA 334, ,818 17,203 Endesa SA 444, , ,589 Enel SpA 2,004,447 2,378,937 75,082 ENGIE SA 2,064,067 1,287, ,805 Eni SpA 3,012,795 2,927,906 16,153 Erste Group Bank AG 578, ,745 10,617 Essilor International SA 1,132,697 1,612,124 1,997 Eurazeo SA 122, , Eurofins Scientific SE 345, ,405 9,786 Eutelsat Communications SA 339, ,624 8,132 Evonik Industries AG 369, ,441 5,638 EXOR NV 225, ,807 49,417 Experian PLC 802,571 1,288,906 4,400 FamilyMart UNY Holdings Company Limited 255, ,594 10,000 FANUC Corporation 1,821,298 2,278,296 2,800 Fast Retailing Company Limited 811,001 1,346,672 6,643 Ferrari NV 334, ,618 25,771 Ferrovial SA 425, ,508 48,113 Fiat Chrysler Automobiles NV 323, , ,500 First Pacific Company Limited 132, ,342 34,483 Fletcher Building Limited 207, ,803 2,801 Flight Centre Travel Group Limited 96,702 85,134 1,584 Fonciere Des Regions 144, ,829 82,921 Fortescue Metals Group Limited 360, ,267 23,358 Fortum OYJ 559, ,382 2,118 Fraport AG Frankfurt Airport Services Worldwide 153, ,277 11,278 Fresenius Medical Care AG & Company KGaA 856,716 1,283,372 21,058 Fresenius SE & Company KGaA 1,070,796 2,211,905 10,555 Fresnillo PLC 200, ,557 2,133 Frutarom Industries Limited 154, ,492 3,225 FUCHS PETROLUB SE 153, ,920 27,000 Fuji Electric Holdings Company Limited 79, ,128 31,600 Fuji Heavy Industries Limited 688,365 1,733,818 22,600 FUJIFILM Holdings Corporation 712,983 1,152,439 97,000 Fujitsu Limited 544, ,381 39,000 Fukuoka Financial Group Inc. 170, ,728 78,125 G4S PLC 327, , ,000 Galaxy Entertainment Group Limited 489, , Galenica AG 363, ,571 26,414 Galp Energia SGPS SA 443, ,165 18,418 Gas Natural SDG SA 361, ,587 9,523 GEA Group AG 412, ,959 1,950 Geberit AG 516,652 1,050,290 2,182 Gecina SA 330, ,704 4,275 Gemalto NV 301, ,094 2,964 Genmab A/S 526, , ,000 Genting Singapore PLC 371, ,903 9,948 Getinge AB Cl. B 253, ,548

178 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 476 Givaudan SA 649,273 1,171,980 9,306 Gjensidige Forsikring ASA 132, ,628 90,152 GKN PLC 355, , ,811 GlaxoSmithKline PLC 6,207,167 6,569, ,594 Glencore PLC 3,379,922 2,934, ,000 Global Logistic Properties Limited 272, , ,226 Golden Agri-Resources Limited 186, ,196 92,647 Goodman Group 392, ,452 94,642 GPT Group (The) 353, ,270 15,834 Grifols SA 257, ,851 4,267 Groupe Bruxelles Lambert SA 389, ,154 22,626 Groupe Eurotunnel SA 241, ,123 50,062 H&M Hennes & Mauritz AB Cl. B 1,810,122 1,872,639 19,000 Hachijuni Bank Limited (The) 121, ,115 11,900 Hakuhodo DY Holdings Inc. 92, ,027 7,900 Hamamatsu Photonics K.K. 181, ,311 39,197 Hammerson PLC 337, ,175 48,000 Hang Lung Group Limited 238, , ,508 Hang Lung Properties Limited 432, ,833 39,530 Hang Seng Bank Limited 645, ,643 13,000 Hankyu Hanshin Holdings Inc. 410, ,519 3,200 Hannover Rueck SE 275, ,305 13,059 Hargreaves Lansdown PLC 189, ,489 28,086 Harvey Norman Holdings Limited 67, ,183 83,261 Healthscope Limited 206, ,149 7,740 HeidelbergCement AG 595, ,323 5,311 Heineken Holding NV 338, ,861 11,856 Heineken NV 806,887 1,195,029 57,541 Henderson Land Development Company Limited 384, ,552 9,121 Henkel AG & Company KGaA Preferred 823,862 1,461,084 5,391 Henkel AG & Company KGaA 401, ,764 1,373 Hermes International 593, ,408 13,429 Hexagon AB 431, ,259 1,000 Hikari Tsushin Inc. 90, ,211 6,898 Hikma Pharmaceuticals PLC 293, ,378 12,000 Hino Motors Limited 118, ,189 1,800 Hirose Electric Company Limited 221, ,887 29,000 Hiroshima Bank Limited (The) 148, ,057 3,100 Hisamitsu Pharmaceutical Company Inc. 155, ,513 4,800 Hitachi Chemical Company Limited 84, ,319 6,200 Hitachi Construction Machinery Company Limited 144, ,426 3,600 Hitachi High-Technologies Corporation 90, , ,000 Hitachi Limited 1,582,910 1,802,125 11,000 Hitachi Metals Limited 153, , ,653 HK Electric Investments and HK Electric Investments Limited 146, , ,640 HKT Trust and HKT Limited 174, ,502 1,133 HOCHTIEF AG 193, ,226 9,900 Hokuriku Electric Power Company 176, ,115 85,000 Honda Motor Company Limited 3,155,730 3,337, ,833 Hong Kong & China Gas Company Limited (The) 877, ,355 60,942 Hong Kong Exchanges and Clearing Limited 1,341,826 1,931,119 62,000 Hongkong Land Holdings Limited 539, ,308 2,500 Hoshizaki Corporation 250, ,887 20,900 Hoya Corporation 626,620 1,180,137 1,034,857 HSBC Holdings PLC 10,550,130 11,264,706 3,709 HUGO BOSS AG 460, ,966 15,100 Hulic CompanyLimited 129, ,388 19,902 Husqvarna AB Cl. B 133, ,150

179 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 264,000 Hutchison Port Holdings Trust 215, ,006 30,636 Hysan Development Company Limited 118, , ,735 Iberdrola SA 1,990,809 2,510,742 4,214 ICA Gruppen AB 188, ,871 1,735 ICADE 176, ,364 4,100 Idemitsu Kosan Company Limited 101, ,373 79,000 IHI Corporation 241, ,132 7,000 Iida Group Holdings Company Limited 154, ,435 1,296 Iliad SA 271, ,826 1,646 Imerys 103, ,795 13,746 IMI PLC 233, ,892 50,037 Imperial Brands PLC 2,318,957 2,937,253 92,091 Incitec Pivot Limited 311, ,931 57,394 Industria de Diseno Textil SA 1,555,689 2,632,740 9,286 Industrivarden AB 171, ,758 58,258 Infineon Technologies AG 634,510 1,360, ,626 ING Groep NV 2,492,087 3,850,872 2,701 Ingenico Group SA 420, ,861 21,991 Inmarsat PLC 246, ,851 7,100 innogy SE 386, ,511 49,700 INPEX Corporation 733, , ,581 Insurance Australia Group Limited 566, ,273 9,432 InterContinental Hotels Group PLC 352, ,600 45,209 International Consolidated Airlines Group SA 237, ,984 8,529 Intertek Group PLC 363, ,974 42,344 Intesa Sanpaolo SpA 131, , ,280 Intesa Sanpaolo SpA 1,877,639 2,293,210 45,145 Intu Properties PLC 271, ,436 33,623 Investec PLC 256, ,636 23,499 Investor AB Cl. B 622,301 1,181,152 15,940 Isetan Mitsukoshi Holdings Limited 182, ,927 23,348 Israel Chemicals Limited 297, ,541 8,846 ISS A/S 356, ,178 32,000 Isuzu Motors Limited 393, ,905 77,100 ITOCHU Corporation 913,769 1,375, ,715 ITV PLC 384, ,861 11,500 J. Front Retailing Company Limited 169, ,255 81,979 J. Sainsbury PLC 426, ,661 24,111 James Hardie Industries PLC 244, ,385 6,000 Japan Airlines Corporation 205, ,591 2,200 Japan Airport Terminal Company Limited 149, ,872 28,100 Japan Exchange Group Inc. 310, ,559 21,500 Japan Post Bank Company Limited 404, ,826 22,900 Japan Post Holdings Company Limited 462, , Japan Prime Realty Investment Corporation 151, , Japan Real Estate Investment Corporation 375, , Japan Retail Fund Investment Corporation 269, ,854 56,600 Japan Tobacco Inc. 1,929,653 2,501,589 5,180 Jardine Cycle & Carriage Limited 174, ,249 12,800 Jardine Matheson Holdings Limited 1,005, ,391 3,429 JCDecaux SA 97, ,467 13,526 Jeronimo Martins SGPS SA 240, ,008 27,400 JFE Holdings Inc. 628, ,772 11,558 JGC Corporation 306, ,263 10,189 Johnson Matthey PLC 450, ,245 10,900 JSR Corporation 213, ,977 10,600 JTEKT Corporation 157, ,910 11,686 Julius Baer Gruppe AG 498, ,420

180 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 111,000 JX Holdings Inc. 631, ,366 10,557 K+S AG 494, ,820 47,000 Kajima Corporation 211, ,182 6,900 Kakaku.com Inc. 149, ,434 12,000 Kamigumi Company Limited 110, ,703 16,000 Kaneka Corporation 132, ,135 37,100 Kansai Electric Power Company Inc. 626, ,156 11,100 Kansai Paint Company Limited 129, ,779 26,400 Kao Corporation 1,024,453 1,681,931 78,000 Kawasaki Heavy Industries Limited 289, ,137 12,971 KBC Group NV 581,310 1,079,361 95,700 KDDI Corporation 2,032,344 3,256,465 25,000 Keihan Holdings CompanyLimited 168, ,758 25,680 Keihin Electric Express Railway Company Limited 244, ,083 28,000 Keio Corporation 224, ,384 6,500 Keisei Electric Railway Company Limited 127, ,026 77,539 Keppel Corporation Limited 535, ,741 3,915 Kering 707,855 1,181,183 8,204 Kerry Group PLC 456, ,934 31,320 Kerry Properties Limited 106, ,036 2,575 Keyence Corporation 1,206,524 2,374,475 8,000 Kikkoman Corporation 165, , ,127 Kingfisher PLC 596, ,693 12,771 Kinnevik AB 331, ,545 95,310 Kintetsu Group Holdings Company Limited 415, ,753 42,600 Kirin Holdings Company Limited 636, ,369 11,462 Klepierre 530, ,463 15,700 Kobe Steel Limited 243, ,636 6,000 Koito Manufacturing Company Limited 168, ,030 47,500 Komatsu Limited 1,234,991 1,445,925 4,500 Konami Holdings Corporation 127, ,214 17,385 KONE OYJ Cl. B 641,440 1,046,822 22,100 Konica Minolta Inc. 210, ,013 67,616 Koninklijke Ahold Delhaize NV 1,252,888 1,915,689 9,410 Koninklijke DSM NV 585, , ,414 Koninklijke KPN NV 822, ,165 48,992 Koninklijke Philips NV 1,421,318 2,009,637 3,385 Koninklijke Vopak NV 185, ,861 1,500 KOSE Corporation 179, ,466 54,600 Kubota Corporation 683,944 1,047,454 2,847 Kuehne + Nagel International AG 396, ,632 17,500 Kuraray Company Limited 246, ,328 4,600 Kurita Water Industries Limited 115, ,139 16,600 Kyocera Corporation 834,357 1,109,302 13,024 Kyowa Hakko Kirin Company Limited 195, ,992 23,200 Kyushu Electric Power Company Inc. 363, ,239 18,000 Kyushu Financial Group Inc. 165, ,120 2,099 L E Lundbergforetagen AB 164, ,051 9,492 LafargeHolcim Limited 647, ,167 13,841 LafargeHolcim Limited Cl. B 919, ,803 5,656 Lagardere SCA 204, ,167 20,289 L'Air Liquide SA 2,407,487 3,031,968 41,340 Land Securities Group PLC 606, ,244 4,495 LANXESS AG 325, ,425 3,200 Lawson Inc. 236, , ,842 Legal and General Group PLC 838,815 1,258,942 13,785 Legrand SA 617,098 1,051,944 29,300 LendLease Group 287, ,967

181 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 21,485 Leonardo-Finmeccanica SpA 270, , ,026 Li & Fung Limited 424, ,708 9,543 Linde AG 1,693,669 2,107,086 2,000 LINE Corporation 104,040 92, ,645 Link (The) 527,149 1,008,148 13,000 Lion Corporation 285, ,986 14,500 LIXIL Group Corporation 344, ,471 3,350,121 Lloyds Banking Group PLC 3,630,490 3,470,166 16,288 London Stock Exchange Group PLC 519, ,498 2,756 Lonza Group AG 308, ,111 13,142 L'Oreal SA 2,159,765 3,223,332 10,140 Lundin Petroleum AB 231, ,525 8,867 Luxottica Group SpA 401, ,903 14,561 LVMH Moet Hennessy Louis Vuitton SE 2,632,801 3,736,139 10,300 M3 Inc. 179, ,770 2,400 Mabuchi Motor Company Limited 85, ,328 15,767 Macquarie Group Limited 739,077 1,333,860 5,900 Makita Corporation 336, ,165 1,742 MAN SE 206, ,430 60,214 MAPFRE SA 239, ,996 20,171 Marine Harvest ASA 445, ,299 81,305 Marks & Spencer Group PLC 532, ,548 86,400 Marubeni Corporation 580, ,434 10,600 Marui Group CompanyLimited 139, ,044 2,600 Maruichi Steel Tube Limited 75, ,748 30,000 Mazda Motor Corporation 438, ,516 3,100 McDonald's Holdings Company (Japan) Limited 77, ,068 51,471 Mebuki Financial Group Inc. 219, , ,973 Medibank Private Limited 301, ,606 18,012 Mediclinic International PLC 325, ,121 30,880 Mediobanca Societa Per Azioni 285, ,730 8,100 Medipal Holdings Corporation 128, ,643 38,004 Meggitt PLC 257, ,804 6,000 MEIJI Holdings Company Limited 262, ,921 10,448 Melco Crown Entertainment Limited ADR 216, ,780 6,687 Merck KGaA 497, ,818 29,716 Mercury NZ Limited 77,621 82,252 65,640 Meridian Energy Limited 133, ,590 34,468 Merlin Entertainments PLC 243, ,222 9,720 METRO AG 453, ,252 5,358 Metso OYJ 200, ,384 45,959 MGM China Holdings Limited 79, ,827 3,296 Millicom International Cellular SA 306, ,413 16,000 Minebea Company Limited 222, ,626 2,600 Miraca Holdings Inc. 115, , ,410 Mirvac Group 255, ,287 14,600 MISUMI Group Inc. 353, ,979 70,900 Mitsubishi Chemical Holdings Corporation 440, ,919 77,700 Mitsubishi Corporation 1,780,538 2,224,521 99,200 Mitsubishi Electric Corporation 1,086,461 1,858,584 65,947 Mitsubishi Estate Company Limited 1,447,637 1,764,822 9,000 Mitsubishi Gas Chemical Company Inc. 116, , ,000 Mitsubishi Heavy Industries Limited 819,917 1,016,542 6,000 Mitsubishi Logistics Corporation 73, ,036 5,300 Mitsubishi Materials Corporation 176, ,769 35,000 Mitsubishi Motors Corporation 410, ,015 11,100 Mitsubishi Tanabe Pharma Corporation 196, , ,120 Mitsubishi UFJ Financial Group Inc. 4,039,488 5,499,406

182 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 25,300 Mitsubishi UFJ Lease & Finance Company Limited 115, ,701 87,500 Mitsui & Company Limited 1,386,788 1,616,739 44,000 Mitsui Chemicals Inc. 157, ,600 46,000 Mitsui Fudosan Company Limited 1,154,026 1,430,676 57,000 Mitsui O.S.K. Lines Limited 280, ,342 2,300 mixi Inc. 116, ,920 7,461 Mizrahi Tefahot Bank Limited 86, ,497 1,258,360 Mizuho Financial Group Inc. 2,588,465 3,035,474 9,218 Mobileye NV 473, ,232 19,265 Mondi PLC 539, ,844 26,214 MS & AD Insurance Group Holdings Inc. 678,825 1,092,289 77,468 MTR Corporation Limited 336, ,162 8,274 Muenchener Rueckversicherungs-Gesellschaft AG 1,571,371 2,102,506 10,000 Murata Manufacturing Company Limited 977,833 1,799,411 5,600 Nabtesco Corporation 120, ,071 49,000 Nagoya Railroad Company Limited 227, ,318 9,950 NAMCO BANDAI Holdings Inc. 176, , ,480 National Australia Bank Limited 3,721,208 4,154, ,444 National Grid PLC 2,630,694 3,097,658 50,454 Natixis SA 276, , ,000 NEC Corporation 393, ,313 6,812 Neste Oyj 164, , ,853 Nestle SA 11,607,376 15,600, ,932 New World Development Company Limited 425, ,334 39,697 Newcrest Mining Limited 1,030, ,596 17,114 NEX Group PLC 203, ,730 9,000 NEXON Company Limited 161, ,296 7,073 NEXT PLC 417, ,030 13,900 NGK Insulators Limited 247, ,312 9,000 NGK Spark Plug Company Limited 179, ,842 9,000 NH Foods Limited 190, ,481 3,252 Nice Limited 166, ,565 12,300 NIDEC Corporation 818,284 1,426,255 18,200 Nikon Corporation 416, ,226 5,900 Nintendo Company Limited 1,216,312 1,664, Nippon Building Fund Inc. 423, ,615 21,000 Nippon Electric Glass Company Limited 180, ,599 41,000 Nippon Express Company Limited 184, ,518 8,200 Nippon Paint Holdings Company Limited 177, , Nippon Prologis REIT Inc. 162, ,266 41,700 Nippon Steel & Sumitomo Metal Corporation 1,339,966 1,249,951 36,200 Nippon Telegraph and Telephone Corporation 1,207,908 2,044,481 91,000 Nippon Yusen Kabushiki Kaisha 318, ,048 6,600 Nissan Chemical Industries Limited 296, , ,920 Nissan Motor Company Limited 1,348,364 1,715,413 10,200 Nisshin Seifun Group Inc. 123, ,705 3,000 Nissin Foods Holdings Company Limited 139, ,790 4,200 Nitori Holdings Company Limited 319, ,167 8,600 Nitto Denko Corporation 525, ,867 18,525 NKSJ Holdings Inc. 536, ,470 16,041 NN Group NV 634, ,490 4,600 NOK Corporation 87, ,138 60,316 Nokia OYJ 474, , ,490 Nokia OYJ 1,964,475 1,606,111 5,784 Nokian Renkaat OYJ 238, , ,400 Nomura Holdings Inc. 1,184,768 1,484,800 5,800 Nomura Real Estate Holdings Inc. 123, , Nomura Real Estate Master Fund Inc. 340, ,465

183 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 6,490 Nomura Research Institute Limited 154, , ,937 Nordea Bank AB 1,828,216 2,391,650 71,677 Norsk Hydro ASA 389, , ,169 Novartis AG 8,827,052 11,358, ,312 Novo Nordisk AS Cl. B 3,942,687 4,860,326 12,013 Novozymes AS Cl. B 397, ,460 24,100 NSK Limited 234, ,190 6,700 NTT Data Corporation 285, ,251 71,200 NTT DOCOMO Inc. 1,478,071 2,180,054 4,104 Numericable-SFR SA 195, ,748 82,164 NWS Holdings Limited 138, ,637 15,507 NXP Semiconductors NV 1,895,602 2,038,183 35,300 Obayashi Corporation 281, ,361 3,200 OBIC Company Limited 230, ,013 14,500 Odakyu Electric Railway Company Limited 284, ,620 72,010 Oil Search Limited 551, ,367 45,833 Oji Holdings Corporation 233, , ,324 Old Mutual PLC 741, ,064 15,200 Olympus Corporation 536, ,059 10,200 OMRON Corporation 309, ,991 7,967 OMV AG 310, ,191 21,400 Ono Pharmaceutical Company Limited 393, ,790 2,000 Oracle Corporation Japan 96, , ,483 Orange SA 1,905,906 2,092,489 20,057 Orica Limited 460, ,343 11,300 Oriental Land Company Limited 453, ,288 92,187 Origin Energy Limited 822, ,927 5,046 Orion OYJ 125, ,842 68,100 ORIX Corporation 864,856 1,428,197 42,893 Orkla ASA 405, ,578 98,000 Osaka Gas Company Limited 416, ,604 4,356 OSRAM Licht AG 239, ,994 3,000 OTSUKA Corporation 115, ,335 20,100 Otsuka Holdings Company Limited 684,144 1,177, ,382 Oversea-Chinese Banking Corporation Limited 1,252,467 1,377,649 4,282 Paddy Power Betfair PLC 904, , ,200 Panasonic Corporation 1,287,422 1,548,200 5,796 Pandora AS 632,746 1,018,788 1,651 Pargesa Holding SA 139, ,432 4,900 Park24 Company Limited 102, , Partners Group Holding AG 305, , ,442 PCCW Limited 95, ,341 43,061 Pearson PLC 740, ,041 10,881 Pernod Ricard SA 1,241,025 1,584,491 16,198 Persimmon PLC 370, ,699 12,487 Petrofac Limited 260, ,812 25,629 Peugeot SA 446, ,717 1,000 Pola Orbis Holdings Inc. 113, ,954 8,034 Porsche Automobil Holding SE 545, ,967 28,545 Poste Italiane SpA 281, ,571 71,814 Power Assets Holdings Limited 621, ,013 12,518 ProSiebenSat.1 Media AG 573, ,230 7,866 Provident Financial PLC 546, ,353 8,404 Proximus SADP 305, , ,497 Prudential PLC 2,296,738 3,627,220 10,399 Prysmian SpA 218, ,902 9,801 Publicis Groupe SA 630, ,736 26,077 Qantas Airways Limited 59,680 84,323

184 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 71,466 QBE Insurance Group Limited 1,040, ,915 12,071 Qiagen NV 274, ,537 6,755 Raiffeisen International Bank-Holding AG 198, ,062 48,200 Rakuten Inc. 568, ,831 7,440 Ramsay Health Care Limited 228, ,443 4,885 Randgold Resources Limited 451, ,280 6,322 Randstad Holding NV 319, ,796 2,665 REA Group Limited 103, ,927 32,971 Reckitt Benckiser Group PLC 2,546,554 3,762,178 19,000 Recruit Holdings Company Limited 840,514 1,024,572 22,589 Red Electrica Corporation 384, ,731 51,271 Relx NV 864,241 1,159,617 56,290 RELX PLC 746,897 1,351,574 1,292 Remy Cointreau SA 133, ,064 9,926 Renault SA 680,521 1,186,525 57,303 Repsol SA 1,117,620 1,087,738 57,303 Repsol SA, Rights 26,833 28, ,200 Resona Holdings Inc. 642, ,068 14,880 Rexel SA 304, ,075 34,000 Ricoh Company Limited 422, ,235 1,700 Rinnai Corporation 133, ,322 21,880 Rio Tinto Limited 1,314,635 1,272,675 64,529 Rio Tinto PLC 3,286,080 3,377,350 36,550 Roche Holding AG 8,635,775 11,217,570 4,600 Rohm Company Limited 281, ,950 4,362,134 Rolls-Royce Holdings PLC 7,056 7,228 94,829 Rolls-Royce Holdings PLC 1,169,063 1,049, ,175 Royal Bank of Scotland Group PLC (The) 1,453, ,127 4,601 Royal Boskalis Westminster NV 199, , ,137 Royal Dutch Shell PLC Cl. A 7,608,071 8,366, ,960 Royal Dutch Shell PLC Cl. B 6,513,065 7,604,878 47,993 Royal Mail PLC 490, ,497 53,867 RSA Insurance Group PLC 467, ,071 1,932 RTL Group SA 247, ,555 25,751 RWE AG 1,139, ,350 1,518 Ryanair Holdings PLC 43, ,494 18,028 Ryman Healthcare Limited 118, ,720 1,200 Ryohin Keikaku Company Limited 348, ,098 16,022 Safran SA 906,249 1,550,580 56,190 Sage Group PLC (The) 393, , ,804 Saipem SpA 721, ,414 23,007 Sampo OYJ 847,509 1,385, ,096 Sands China Limited 479, ,018 55,353 Sandvik AB 775, ,883 2,500 Sankyo Company Limited 126, ,511 60,403 Sanofi 5,544,530 6,570,211 18,100 Santen Pharmaceutical Company Limited 162, ,598 98,288 Santos Limited 711, ,681 51,180 SAP AG 4,032,503 5,994,839 37,300 SATS Limited 168, ,926 12,077 SBI Holdings Inc. 175, , ,112 Scentre Group 1,252,387 1,235,064 9,275 Schaeffler AG 193, ,391 3,940 Schibsted ASA 181, ,601 4,589 Schibsted ASA Cl. B 202, ,836 2,036 Schindler Holding AG 268, , Schindler Holding AG 132, ,294 27,941 Schneider Electric SE 2,117,306 2,612,784

185 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 1,408 Schneider Electric SE 135, ,970 6,685 Schroders PLC 232, ,103 8,701 SCOR SE 269, ,049 1,225 SEB SA 222, ,089 10,800 SECOM Company Limited 624,101 1,061,462 17,218 Securitas AB Cl. B 215, ,478 15,667 SEEK Limited 173, ,377 9,300 Sega Sammy Holdings Inc. 175, ,951 44,291 SEGRO PLC 266, ,214 9,000 SEIBU Holdings Inc. 205, ,895 13,800 Seiko Epson Corporation 240, ,709 21,600 Sekisui Chemical Company Limited 219, ,930 31,400 Sekisui House Limited 442, ,388 57,566 Sembcorp Industries Limited 195, ,292 19,030 SES SA 532, ,247 38,700 Seven & i Holdings Company Limited 1,520,253 1,981,435 28,100 Seven Bank Limited 76, ,235 12,355 Severn Trent PLC 348, , SGS SA 571, ,443 66,233 Shangri-La Asia Limited 141,737 93,712 71,000 Sharp Corporation 124, ,413 12,000 Shimadzu Corporation 132, ,908 1,100 Shimamura Company Limited 122, ,529 3,900 Shimano Inc. 365, ,394 28,000 Shimizu Corporation 176, ,153 20,000 Shin-Etsu Chemical Company Limited 1,284,957 2,085,017 97,000 Shinsei Bank Limited 197, ,597 15,400 Shionogi & Company Limited 475, ,396 46,945 Shire PLC 2,919,589 3,643,733 19,900 Shiseido Company Limited 413, ,925 29,000 Shizuoka Bank Limited (The) 305, ,435 8,100 Showa Shell Sekiyu K.K. 78, ,235 39,831 Siemens AG 4,430,163 6,580, Sika AG 336, ,946 25,913 Singapore Airlines Limited 242, ,601 44,490 Singapore Exchange Limited 259, ,694 78,891 Singapore Press Holdings Limited 248, ,505 74,532 Singapore Technologies Engineering Limited 210, , ,450 Singapore Telecommunications Limited 1,137,663 1,387, ,115 Sino Land Company Limited 300, , ,008 SJM Holdings Limited 140, ,638 78,474 Skandinaviska Enskilda Banken AB Cl. A 727,900 1,106,868 17,827 Skanska AB 343, ,054 20,945 SKF AB Cl. B 491, ,195 53,495 Sky PLC 708, ,470 3,000 SMC Corporation 674, ,541 46,274 Smith & Nephew PLC 603, ,252 20,750 Smiths Group PLC 377, , ,818 Snam SpA 718, ,096 1,555 Societe BIC 164, ,066 40,065 Societe Generale SA 1,917,813 2,649,078 4,899 Sodexo SA 450, ,701 50,100 SoftBank Group Corporation 2,454,339 4,472,963 3,400 Sohgo Security Services Company Limited 221, ,721 3,876 Solvay SA Cl. A 479, ,476 21,454 Sonic Healthcare Limited 317, ,826 2,798 Sonova Holding AG 356, ,580 65,000 Sony Corporation 1,814,059 2,447,602

186 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 8,100 Sony Financial Holdings Inc. 152, , ,184 South32 Limited 380, , ,791 South32 Limited 220, , ,943 Spark New Zealand Limited 182, ,881 51,834 SSE PLC 1,257,976 1,333,910 27,773 St. James's Place PLC 516, , ,523 Standard Chartered PLC 3,020,685 1,853, ,223 Standard Life PLC 532, ,297 7,200 Stanley Electric Company Limited 130, ,496 27,000 StarHub Limited 77,376 70,427 9,800 Start Today Company Limited 201, ,498 59,378 Statoil ASA 1,427,400 1,465,341 34,006 STMicroelectronics NV 344, , ,685 Stockland 484, ,317 27,664 Stora Enso OYJ 254, ,517 17,362 Suez Environnement Company SA 295, ,181 83,000 Sumitomo Chemical Company Limited 416, ,602 61,500 Sumitomo Corporation 838, ,639 7,600 Sumitomo Dainippon Pharma Company Limited 78, ,641 39,200 Sumitomo Electric Industries Limited 556, ,131 26,000 Sumitomo Heavy Industries Limited 152, ,105 26,000 Sumitomo Metal Mining Company Limited 385, ,508 70,000 Sumitomo Mitsui Financial Group Inc. 2,802,131 3,589,624 17,319 Sumitomo Mitsui Trust Holdings Inc. 725, ,965 19,000 Sumitomo Realty & Development Company Limited 560, ,533 8,100 Sumitomo Rubber Industries Limited 99, ,854 74,373 Sun Hung Kai Properties Limited 1,115,595 1,260,690 66,731 Suncorp Group Limited 700, ,088 2,000 Sundrug Company Limited 216, , ,700 Suntec Real Estate Investment Trust 223, ,246 7,400 Suntory Beverage & Food Limited 335, ,083 9,000 Suruga Bank Limited 118, ,981 3,700 Suzuken Company Limited 119, ,510 18,300 Suzuki Motor Corporation 485, ,628 31,274 Svenska Cellulosa Aktiebolaget SCA Cl. B 688,317 1,187,852 80,458 Svenska Handelsbanken AB Cl. A 1,039,851 1,503,634 1,612 Swatch Group AG (The) 692, ,620 2,763 Swatch Group AG (The) Cl. B 215, ,946 46,572 Swedbank AB 947,644 1,514,532 9,534 Swedish Match AB 338, ,861 28,919 Swire Pacific Limited Cl. A 327, ,404 54,538 Swire Properties Limited 190, ,874 1,679 Swiss Life Holding AG 353, ,479 3,710 Swiss Prime Site AG 347, ,020 16,652 Swiss Re Limited 1,419,370 2,120,291 1,343 Swisscom AG 651, ,235 54,040 Sydney Airport 202, ,330 6,441 Symrise AG 480, ,867 4,764 Syngenta AG 1,837,209 2,530,109 8,100 Sysmex Corporation 329, ,507 30,600 T&D Holdings Inc. 424, ,759 39,427 Tabcorp Holdings Limited 48, ,154 59,000 Taiheiyo Cement Corporation 146, ,998 55,000 Taisei Corporation 211, ,288 1,800 Taisho Pharmaceutical Holdings Company Limited 136, ,752 6,100 Taiyo Nippon Sanso Corporation 85,337 94,965 17,000 Takashimaya Company Limited 154, ,427 37,200 Takeda Pharmaceutical Company Limited 1,922,867 2,068,024

187 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 647 Taro Pharmaceutical Industries Limited 123,509 91,338 22,222 Tate & Lyle PLC 253, ,525 71,716 Tatts Group Limited 201, , ,427 Taylor Wimpey PLC 596, ,585 43,400 TDC AS 356, ,365 6,400 TDK Corporation 439, ,633 5,817 Technip 536, ,940 73,000 Techtronic Industries Company Limited 283, ,022 10,200 Teijin Limited 185, ,831 17,242 Tele2 AB Cl. B 270, , ,756 Telecom Italia SpA 717, , ,612 Telecom Italia SpA di Risp Non Convertible 367, , ,804 Telefonaktiebolaget LM Ericsson 1,820,950 1,246,267 36,860 Telefonica Deutschland Holding AG 239, , ,077 Telefonica SA 3,879,891 3,057,494 2,539 Telenet Group Holding NV 121, ,336 38,898 Telenor ASA 727, , ,882 TeliaSonera AB 916, , ,701 Telstra Corporation Limited 890,529 1,092,994 25,026 Tenaris SA 467, ,714 79,514 Terna SpA 383, ,471 17,700 Terumo Corporation 606, , ,903 Tesco PLC 2,196,774 1,442,706 1,400 Teva Pharmaceutical Industries Limited ADR 68,900 68,058 46,669 Teva Pharmaceutical Industries Limited 2,566,337 2,248,988 5,501 Thales SA 309, ,865 6,900 THK Company Limited 159, ,160 19,227 thyssenkrupp AG 541, ,719 53,000 Tobu Railway Company Limited 275, ,443 5,470 Toho Company Limited 117, ,862 20,000 Toho Gas Company Limited 133, ,689 24,100 Tohoku Electric Power Company Inc. 365, ,273 35,000 Tokio Marine Holdings Inc. 1,206,851 1,930,027 76,300 Tokyo Electric Power Company Holdings Inc. 628, ,078 8,100 Tokyo Electron Limited 550,231 1,028, ,000 Tokyo Gas Company Limited 557, ,608 10,500 Tokyo Tatemono Company Limited 174, ,697 57,000 Tokyu Corporation 391, ,968 23,700 Tokyu Fudosan Holdings Corporation 52, ,024 14,000 TonenGeneral Sekiyu K.K. 148, ,315 26,000 Toppan Printing Company Limited 226, ,621 76,000 Toray Industries Inc. 600, , ,108 Toshiba Corporation 939, , ,252 TOTAL SA 6,644,864 8,080,198 7,600 TOTO Limited 184, ,149 7,700 Toyo Seikan Group Holdings Limited 121, ,180 4,500 Toyo Suisan Kaisha Limited 127, ,120 2,900 Toyoda Gosei Company Limited 62,955 91,162 8,500 Toyota Industries Corporation 326, , ,900 Toyota Motor Corporation 7,732,281 10,984,505 10,400 Toyota Tsusho Corporation 242, ,113 13,987 TP ICAP PLC 96, ,425 15,726 TPG Telecom Limited 112, , ,907 Transurban Group 754,185 1,051,302 11,999 Travis Perkins PLC 336, ,703 39,228 Treasury Wine Estates Limited 247, ,828 6,200 Trend Micro Inc. 236, ,196 6,549 Tryg A 108, ,092

188 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 2,000 Tsuruha Holdings Inc. 278, ,252 26,238 TUI AG 536, , ,674 UBS Group AG 3,097,761 4,012,858 6,590 UCB SA 410, ,765 5,040 Umicore SA 268, ,032 5,248 Unibail-Rodamco SE 1,245,803 1,683,200 21,100 Unicharm Corporation 436, , ,439 UniCredit SpA 1,872,461 1,053,567 85,477 Unilever NV 3,530,356 4,729,194 66,929 Unilever PLC 2,776,153 3,651,576 52,226 UnipolSai SpA 182, ,961 6,573 United Internet AG 230, ,884 66,734 United Overseas Bank Limited 1,049,508 1,263, United Urban Investment Corporation 259, ,411 35,631 United Utilities Group PLC 468, ,977 24,840 UOL Group Limited 126, ,117 27,732 UPM-Kymmene OYJ 479, ,538 11,000 USS Company Limited 134, ,499 12,338 Valeo SA 562, ,041 24,050 Veolia Environnement SA 593, ,242 11,415 Vestas Wind Systems A/S 736, , ,261 Vicinity Centres 440, ,765 26,034 VINCI SA 1,670,303 2,382,537 53,310 Vivendi SA 1,261,063 1,361,447 23,727 Vocus Communications Limited 174,389 89,166 1,386,534 Vodafone Group PLC 5,299,594 4,591,715 5,642 Voestalpine AG 227, ,591 1,677 Volkswagen AG 326, ,381 9,524 Volkswagen AG 1,693,142 1,796,416 79,482 Volvo AB Cl. B 1,102,138 1,248,388 24,020 Vonovia SE 926,609 1,050,017 8,019 Wartsila OYJ Cl. B 338, ,104 11,522 Weir Group PLC (The) 337, ,853 1,580 Wendel SA 181, ,669 59,290 Wesfarmers Limited 2,188,438 2,426,160 8,600 West Japan Railway Company 471, , ,027 Westfield Corporation 668, , ,348 Westpac Banking Corporation 4,627,527 5,487, ,633 WH Group Limited 395, ,520 70,902 Wharf (Holdings) Limited (The) 475, ,199 41,000 Wheelock & Company Limited 146, ,553 9,535 Whitbread PLC 371, ,613 6,255 William Demant Holding AS 114, ,120 41,580 William Hill PLC 274, ,950 93,000 Wilmar International Limited 339, , ,449 Wm Morrison Supermarkets PLC 485, ,231 13,046 Wolseley PLC 575,030 1,072,690 15,641 Wolters Kluwer nv 420, ,500 39,119 Woodside Petroleum Limited 1,414,282 1,183,664 67,605 Woolworths Limited 1,795,487 1,582,120 94,820 Worldpay Group PLC 506, ,075 65,920 WPP PLC 1,058,426 1,983,688 77,459 Wynn Macau Limited 178, ,331 77,800 Yahoo Japan Corporation 354, ,645 4,300 Yakult Honsha Company Limited 181, ,969 34,000 Yamada Denki Company Limited 208, ,284 10,000 Yamaguchi Financial Group Inc. 103, ,367 8,200 Yamaha Corporation 135, ,588

189 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 14,900 Yamaha Motor Company Limited 280, ,972 17,700 Yamato Holdings Company Limited 341, ,645 7,000 Yamazaki Baking Company Limited 147, ,735 84,000 Yangzijiang Shipbuilding (Holdings) Limited 81,936 63,548 9,520 Yara International ASA 431, ,282 12,900 YASKAWA Electric Corporation 151, ,650 12,600 Yokogawa Electric Corporation 154, ,270 6,400 Yokohama Rubber Company Limited (The) 141, ,237 37,768 Yue Yuen Industrial (Holdings) Limited 136, ,895 4,363 Zalando SE 193, ,958 9,041 Zardoya Otis SA 129, ,690 10,840 Zodiac Aerospace 296, ,487 7,751 Zurich Insurance Group AG 2,163,057 2,867, ,729, ,817,003 Adjustment for transaction costs (683,730) - Total investments 100.0% 683,045, ,817,003.

190 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Index futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized loss MSCI EAFE Mini Futures 51 March 2017 USD 1,676 (16,327) Futures contracts, at fair (16,327), 456,817 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 5,730,012. Legend USD = United States d0llar

191 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued Forward foreign currency contracts The following forward foreign currency contracts were open as at December 31, 2016: Counterparty Credit rating for counterparty Settlement date Currency buys Par Currency sells Par Forward rate Current rate Unrealized loss BNP Paribas SA A Jan. 3, 2017 EUR 598,718 CAD (850,000) (3,022) BNP Paribas SA A Jan. 4, 2017 CHF 188,975 CAD (250,000) (588) BNP Paribas SA A Jan. 4, 2017 GBP 571,945 CAD (950,000) (2,186) Westpac Banking Corporation AA- Jan. 4, 2017 AUD 30,895 CAD (30,000) (4) Westpac Banking Corporation AA- Jan. 6, 2017 JPY 66,898,839 CAD (770,000) (590) (6,390) Legend AUD = Australian dollar CAD = Canadian dollar CHF = Swiss franc EUR = Euro GBP = Pound sterling JPY = Japanese yen

192 Notes to financial statements of WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match as closely as possible, the performance of the MSCI EAFE Index (the Index ). Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 850,809,775 7, ,817,003 Forward foreign currency contracts - (6,390) - (6,390) Futures contracts (16,327) - - (16,327) 850,793, ,794,286 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 727,359,155 3, ,362,649 Forward foreign currency contracts - (571) - (571) Futures contracts 88, , ,447,259 2, ,450,182

193 Notes to financial statements of WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Currency risk The following tables summarize the Fund s exposure to currency risk: Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Forward foreign currency contracts Net exposure Percentage of net assets % Australian dollar 62,933, ,279 - (68,100) 29,996 63,080,228 7 Danish krone 14,098, , ,203,481 2 Euro 262,020, ,825 - (846,120) 846, ,554, Hong Kong dollar 25,978,399 23, ,001,440 3 Israeli new sheqel 4,423,614 29, ,452,763 1 Japanese yen 204,769, ,689 - (765,398) 769, ,061, New Zealand dollar 1,472,579 3, ,476,557 - Norwegian krone 5,688,262 21, ,709,564 1 Pound sterling 156,004, ,132 - (921,507) 947, ,630, Singapore dollar 10,359,006 47, ,406,893 1 Swedish krona 24,246,602 31, ,278,246 3 Swiss franc 72,878,742 1,684,634 - (256,105) 249,412 74,556,683 9 United States dollar 5,943,998 2,152, ,096, ,817,003 5,705,423 - (2,857,230) 2,843, ,508, As at December 31, 2015 Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Forward foreign currency contracts Net exposure Percentage of net assets % Australian dollar 49,779, ,642 - (43,660) - 50,215,833 7 Danish krone 13,866,538 80, ,947,247 2 Euro 219,828, , (430,034) 220,171, Hong Kong dollar 22,235, , (219,390) 22,283,795 3 Israeli new sheqel 4,738,033 72, ,810,308 1 Japanese yen 170,817, , ,071, New Zealand dollar 1,148,933 10, ,159,928 - Norwegian krone 4,006,158 21, ,027,503 1 Pound sterling 141,081, , ,982, Singapore dollar 8,992,803 82, ,075,270 1 Swedish krona 20,969,601 10, ,979,782 3 Swiss franc 67,850,326 1,398, (300,005) 68,948,571 9 United States dollar 2,047, , ,713, ,362,649 5,018,249 - (43,660) (949,429) 731,387, , had the Canadian dollar strengthened or weakened by 5% in relation to the foreign currencies, with all other variables held constant, the impact on net assets attributable to holders of redeemable units would have been approximately 42,825,000 (December 31, ,617,000). In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

194 Notes to financial statements of WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 85,082,000 (December 31, ,736,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk Effective July 8, 2016, the Fund no longer participates in securities lending. Prior to that date, the Fund entered into securities lending transactions with counterparties whereby it temporarily exchanged securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. The former securities lending agent, State Street Bank and Trust Company, indemnified the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan. As at December 31, 2015, State Street Bank and Trust Company had a credit rating of A from Standard & Poor s., the counterparties to the derivative financial instruments had a credit rating of at least BBB+ from Standard & Poor s (December 31, 2015 at least BBB+). Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

195 Notes to financial statements of WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Country 2016 % 2015 % Japan United Kingdom France Germany 9 9 Switzerland 9 10 Australia 7 7 Netherlands 5 3 Hong Kong 3 3 Spain 3 3 Sweden 3 3 Italy 2 2 Other countries Sector 2016 % 2015 % Consumer discretionary Consumer staples Energy 6 5 Financials Health care Industrials Information technology 5 5 Materials 8 6 Real estate 4 - Telecommunication services 5 5 Utilities

196 Notes to financial statements of WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units (14,222,313) 169,048,323 Average units outstanding during the year 80,066,643 78,975,126 Increase (decrease) in net assets attributable to holders of redeemable units per unit (0.18) 2.14

197 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Statements of financial position As at December 31, Assets Current assets Investments* 1,303,287,765 1,352,719,516 Cash 6,688,979 7,804,870 Cash, segregated 585,896 1,972,180 Receivable for investments sold - 15,282 Receivable for units sold - 6,000 Dividends receivable 1,687,656 1,814,099 Futures contracts, at fair - 70,956 Total assets 1,312,250,296 1,364,402,903 Liabilities Current liabilities Payable for units redeemed 672, ,106 Payable for investments purchased - 20,410 Accrued expenses 43,599 37,019 Distributions payable - 1,968,199 Futures contracts, at fair 55,550 - Total liabilities 771,796 2,981,734 Net assets attributable to holders of redeemable units 1,311,478,500 1,361,421,169 Number of redeemable units outstanding 11,743,562 11,285,343 Net assets attributable to holders of redeemable units per unit * Investments at cost 932,741, ,319,835 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

198 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Statements of comprehensive income For the years ended December 31, Investment income Dividends 29,557,892 45,261,367 Interest for distribution purposes 267 1,590 Securities lending income 4,097 4,891 Other changes in fair of investments Net realized gain (loss) 335,767, ,702,291 Net change in unrealized appreciation (depreciation) (277,977,003) (44,032,395) Other changes in fair of derivative financial instruments Net realized gain (loss) 926, ,632 Net change in unrealized appreciation (depreciation) (126,506) (25,028) Total income (loss) 88,153, ,052,348 Expenses Audit fees 29,582 24,793 Custodial fees 156, ,801 Foreign withholding taxes - 3,535 Interest expense 2,286 - Other fees Proxy fees Regulatory fees 21,873 6,371 Transaction costs 29,013 51,271 Trustee fees 2,470 - Total expenses 243, ,771 Waivers and reimbursements (16,322) - Net expenses 226, ,771 Increase (decrease) in net assets attributable to holders of redeemable units 87,926, ,594,577 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year

199 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 87,926, ,594,577 Distributions to holders of redeemable units From net investment income (30,331,668) (45,295,023) From capital gains (158,283,060) - From securities lending income (4,097) (4,891) Total distributions to holders of redeemable units (188,618,825) (45,299,914) Redeemable unit transactions Proceeds from redeemable units issued 636,068, ,782,260 Reinvestment of distributions to holders of redeemable units 187,362,110 43,326,824 Redemption of redeemable units (772,680,218) (731,341,523) Increase (decrease) from redeemable unit transactions 50,749,953 (581,232,439) Net increase (decrease) in net assets attributable to holders of redeemable units (49,942,669) (313,937,776) Net assets attributable to holders of redeemable units Beginning of year 1,361,421,169 1,675,358,945 Net assets attributable to holders of redeemable units End of year 1,311,478,500 1,361,421,169 Number of redeemable units outstanding Beginning of year 11,285,343 16,335,929 Issued 5,363, ,340 Reinvested 1,670, ,153 Redeemed (6,575,424) (6,370,079) Number of redeemable units outstanding End of year 11,743,562 11,285,343

200 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 87,926, ,594,577 Adjustments for: Net realized (gain) loss on investments (335,642,816) (310,760,516) Net change in unrealized (appreciation) depreciation on investments and derivatives 277,980,349 44,177,043 Proceeds from sale of investments 340,002, ,028,557 Purchases of investments (120,001,057) (171,032,469) Cash, segregated 1,604,945 (142,282) Dividends receivable 129, ,360 Accrued expenses 28,535 (63,551) Net cash from (used in) operating activities 252,028, ,252,719 Cash flows from (used in) financing activities Proceeds from redeemable units issued 85,230,967 96,184,459 Distributions paid to holders of redeemable units, net of reinvested distributions (3,224,914) (4,891) Redemption of redeemable units (335,150,132) (576,898,100) Net cash from (used in) financing activities (253,144,079) (480,718,532) Net increase (decrease) in cash during the year (1,115,891) 3,534,187 Cash Beginning of year 7,804,870 4,270,683 Cash End of year 6,688,979 7,804,870 Interest received* 267 1,590 Dividends received, net of foreign withholding taxes* 29,686,939 45,709,192 Interest paid* (2,286) - Redeemable units issued in kind 550,843,094 10,591,801 Redeemable units redeemed in kind (437,813,545) (154,400,417) * Included as part of cash flows from operating activities

201 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities 100.0% Common stock 100.0% 30,563 3M Company 5,065,215 7,318,961 75,105 Abbott Laboratories 2,780,706 3,868,638 81,560 AbbVie Inc. 4,804,911 6,849,128 31,577 Accenture PLC Cl. A 3,385,359 4,960,026 34,393 Activision Blizzard Inc. 1,698,088 1,665,492 2,223 Acuity Brands Inc. 719, ,229 25,339 Adobe Systems Inc. 2,099,620 3,498,330 3,880 Advance Auto Parts Inc. 816, ,978 31,940 AES Corporation (The) 530, ,721 17,993 Aetna Inc. 1,769,071 2,992,301 2,729 Affiliated Managers Group Inc. 559, ,758 20,183 Aflac Inc. 1,417,804 1,883,822 16,048 Agilent Technologies Inc. 671, ,505 10,882 Air Products and Chemicals Inc. 1,579,713 2,098,809 8,705 Akamai Technologies Inc. 487, ,412 6,270 Alaska Air Group Inc. 527, ,076 5,680 Albemarle Corporation 606, ,686 11,598 Alexion Pharmaceuticals Inc. 1,677,325 1,902,970 4,581 Allegion PLC 271, ,174 19,085 Allergan PLC 5,488,933 5,374,983 2,919 Alliance Data Systems Corporation 817, ,469 11,583 Alliant Energy Corporation 594, ,560 18,958 Allstate Corporation (The) 1,252,350 1,884,399 14,980 Alphabet Inc. Cl. A 12,169,105 15,919,472 14,964 Alphabet Inc. Cl. C 7,671,845 15,488,476 98,030 Altria Group Inc. 5,210,678 8,889,537 19,925 Amazon.com Inc. 11,638,313 20,036,842 12,138 Ameren Corporation 621, ,926 26,195 American Airlines Group Inc. 1,548,041 1,640,164 25,296 American Electric Power Company Inc. 1,634,767 2,135,805 39,205 American Express Company 2,706,231 3,894,820 48,883 American International Group Inc. 2,079,592 4,281,367 21,718 American Tower Corporation Cl. A 2,309,451 3,077,922 8,876 American Water Works Company Inc. 862, ,313 7,774 Ameriprise Financial Inc. 652,917 1,156,585 8,038 AmerisourceBergen Corporation 585, ,838 11,235 AMETEK Inc. 622, ,241 37,442 Amgen Inc. 5,373,355 7,341,437 15,455 Amphenol Corporation Cl. A 790,222 1,392,782 28,654 Anadarko Petroleum Corporation 2,131,465 2,679,476 15,210 Analog Devices Inc. 903,747 1,481,257 13,519 Anthem Inc. 1,689,431 2,606,501 13,549 Aon PLC 1,258,495 2,026,487 19,037 Apache Corporation 1,609,122 1,620,362 7,918 Apartment Investment and Management Company Cl. A 370, , ,142 Apple Inc. 24,054,250 41,803,246 54,204 Applied Materials Inc. 1,357,817 2,345,715 28,375 Archer Daniels Midland Company 1,272,315 1,737,087 21,381 Arconic Inc. 983, ,597 8,260 Arthur J Gallagher & Company 521, ,565 2,734 Assurant Inc. 221, , ,655 AT&T Inc. 13,915,347 17,661,129 9,893 Autodesk Inc. 501, ,891

202 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 23,068 Automatic Data Processing Inc. 2,010,104 3,179,534 3,478 AutoNation Inc. 203, ,912 1,414 AutoZone Inc. 867,233 1,497,635 6,787 AvalonBay Communities Inc. 1,255,525 1,612,367 4,079 Avery Dennison Corporation 285, ,113 21,790 Baker Hughes Inc. 1,308,486 1,898,520 8,524 Ball Corporation 541, , ,346 Bank of America Corporation 9,144,346 15,095,592 52,732 Bank of New York Mellon Corporation (The) 2,241,522 3,350,536 24,648 Baxter International Inc. 1,024,652 1,465,623 41,558 BB&T Corporation 1,714,943 2,620,488 10,681 Becton Dickinson and Company 1,684,056 2,371,298 7,992 Bed Bath & Beyond Inc. 418, ,566 95,731 Berkshire Hathaway Inc. Cl. B 13,859,642 20,923,382 13,640 Best Buy Company Inc. 560, ,516 10,900 Biogen Inc. 2,582,814 4,145,215 6,089 BlackRock Inc. Cl. A 1,999,867 3,107,358 29,169 Boeing Company (The) 3,715,349 6,089,748 9,441 BorgWarner Inc. 349, ,344 7,833 Boston Properties Inc. 1,059,694 1,321,249 68,437 Boston Scientific Corporation 1,438,710 1,985,146 83,909 Bristol-Myers Squibb Company 5,489,820 6,576,029 20,215 Broadcom Limited 3,063,483 4,792,116 8,672 Brown-Forman Corporation Cl. B 346, ,401 3,694 C.R. Bard Inc. 665,592 1,112,929 14,900 CA Inc. 518, ,817 24,010 Cabot Oil & Gas Corporation 614, ,160 10,258 Campbell Soup Company 636, ,855 24,728 Capital One Financial Corporation 1,802,660 2,893,008 16,531 Cardinal Health Inc. 1,204,144 1,595,496 9,973 CarMax Inc. 471, ,171 21,174 Carnival Corporation 1,029,071 1,478,264 29,841 Caterpillar Inc. 2,737,379 3,711,295 15,487 CBRE Group Inc. 470, ,011 19,928 CBS Corporation Cl. B 948,615 1,700,209 39,406 Celgene Corporation 3,486,597 6,116,857 8,232 Centene Corporation 716, ,843 20,337 CenterPoint Energy Inc. 488, ,005 28,268 CenturyLink Inc. 1,230, ,471 14,957 Cerner Corporation 817, ,151 11,213 CF Industries Holdings Inc. 347, ,371 7,318 CH Robinson Worldwide Inc. 551, ,959 61,614 Charles Schwab Corporation (The) 1,780,925 3,261,306 11,000 Charter Communications Inc. 3,948,397 4,247,266 40,960 Chesapeake Energy Corporation 662, ,604 95,146 Chevron Corporation 11,204,569 15,017,995 1,464 Chipotle Mexican Grill Inc. Cl. A 571, ,791 23,679 Chubb Limited 3,143,718 4,195,434 12,540 Church & Dwight Company Inc. 775, ,133 13,166 Cigna Corporation 1,479,551 2,355,169 4,791 Cimarex Energy Company 732, ,154 7,122 Cincinnati Financial Corporation 470, ,485 4,369 Cintas Corporation 332, , ,374 Cisco Systems Inc. 7,781,103 10,227, ,829 Citigroup Inc. 8,484,068 11,462,970 24,974 Citizens Financial Group Inc. 717,666 1,193,298

203 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 8,206 Citrix Systems Inc. 674, ,826 6,392 Clorox Company (The) 753,031 1,028,810 17,386 CME Group Inc. Cl. A 1,848,551 2,689,442 13,956 CMS Energy Corporation 518, ,947 14,690 Coach Inc. 746, , ,169 Coca-Cola Company (The) 8,978,335 10,851,383 31,114 Cognizant Technology Solutions Corporation Cl. A 1,620,440 2,337,876 45,327 Colgate-Palmolive Company 3,246,168 3,977, ,841 Comcast Corporation Cl. A 6,918,090 11,097,217 8,164 Comerica Inc. 397, ,691 20,233 Conagra Brands Inc. 862,013 1,073,129 7,231 Concho Resources Inc. 1,045,588 1,285,840 63,198 ConocoPhillips 3,287,505 4,249,449 15,083 Consolidated Edison Inc. 1,148,369 1,490,330 8,886 Constellation Brands Inc. Cl. A 1,079,620 1,826,929 2,500 Cooper Companies Inc. (The) 600, ,475 49,168 Corning Inc. 1,120,674 1,600,285 22,223 Costco Wholesale Corporation 3,348,412 4,771,623 23,574 Coty Inc. Cl. A 666, ,851 18,200 Crown Castle International Corporation 1,744,042 2,117,805 6,310 CSRA Inc. 184, ,431 46,518 CSX Corporation 1,236,344 2,241,420 7,998 Cummins Inc. 897,375 1,465,884 54,246 CVS Health Corporation 4,544,960 5,740,434 17,454 D.R. Horton Inc. 605, ,705 31,116 Danaher Corporation 2,048,753 3,248,116 5,754 Darden Restaurants Inc. 324, ,137 8,408 DaVita Inc. 633, ,890 14,849 Deere & Company 1,308,928 2,051,861 13,592 Delphi Automotive PLC 825,278 1,227,626 37,071 Delta Air Lines Inc. 1,391,203 2,445,435 11,696 DENTSPLY SIRONA Inc. 772, ,490 26,030 Devon Energy Corporation 1,413,711 1,594,227 8,159 Digital Realty Trust Inc. 1,047,466 1,075,124 19,842 Discover Financial Services 936,378 1,918,251 7,174 Discovery Communications Inc. Cl. A 189, ,703 10,549 Discovery Communications Inc. Cl. C 247, ,850 13,062 Dollar General Corporation 1,108,587 1,297,469 11,675 Dollar Tree Inc. 1,032,384 1,208,389 31,997 Dominion Resources Inc. 2,421,467 3,286,445 7,659 Dover Corporation 508, ,614 57,124 Dow Chemical Company (The) 2,913,198 4,383,403 9,275 Dr. Pepper Snapple Group Inc. 682,191 1,127,775 8,976 DTE Energy Company 776,471 1,185,791 35,151 Duke Energy Corporation 3,015,622 3,658,948 1,707 Dun & Bradstreet Corporation (The) 207, ,722 13,722 E*Trade Financial Corporation 363, ,625 44,297 E. I. du Pont de Nemours and Company 2,969,432 4,360,290 7,348 Eastman Chemical Company 470, ,122 22,406 Eaton Corporation PLC 1,471,727 2,015,891 51,730 ebay Inc. 1,216,527 2,059,670 13,515 Ecolab Inc. 1,483,376 2,124,529 16,436 Edison International 1,154,359 1,586,767 10,622 Edwards Lifesciences Corporation 876,459 1,334,722 14,861 Electronic Arts Inc. 908,225 1,569,635 49,513 Eli Lilly & Company 3,771,501 4,883,677

204 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 32,991 Emerson Electric Company 2,047,080 2,466,524 10,583 Endo International PLC 750, ,748 8,686 Entergy Corporation 782, ,805 5,833 Envision Healthcare Corporation 526, ,076 29,396 EOG Resources Inc. 2,555,831 3,985,514 8,903 EQT Corporation 644, ,835 5,959 Equifax Inc. 577, ,813 3,672 Equinix Inc. 1,462,021 1,760,007 18,483 Equity Residential 1,317,812 1,595,267 3,396 Essex Property Trust Inc. 821,562 1,058,853 11,215 Estee Lauder Companies Inc. Cl. A (The) 916,599 1,150,400 15,758 Eversource Energy 829,381 1,167,135 47,364 Exelon Corporation 2,194,921 2,254,236 6,147 Expedia Inc. 632, ,816 8,760 Expeditors International of Washington Inc. 465, ,153 31,147 Express Scripts Holding Company 2,383,676 2,873,337 6,125 Extra Space Storage Inc. 750, , ,213 Exxon Mobil Corporation 21,363,115 25,323,805 3,279 F5 Networks Inc. 440, , ,086 Facebook Inc. Cl. A 13,335,770 18,219,229 14,422 Fastenal Company 612, ,622 3,480 Federal Realty Investment Trust 743, ,207 12,535 FedEx Corporation 1,905,203 3,130,034 16,531 Fidelity National Information Services Inc. 1,131,010 1,676,855 37,749 Fifth Third Bancorp 793,155 1,365,310 4,080 First Solar Inc. 428, ,580 21,342 FirstEnergy Corporation 1,043, ,383 10,678 Fiserv Inc. 845,206 1,521,901 7,033 FLIR Systems Inc. 260, ,330 6,635 Flowserve Corporation 313, ,543 6,720 Fluor Corporation 395, ,303 6,793 FMC Corporation 325, ,248 12,061 FMC Technologies Inc. 430, ,677 6,559 Foot Locker Inc. 521, , ,361 Ford Motor Company 3,025,096 3,242,993 15,408 Fortive Corporation 681,075 1,108,151 7,843 Fortune Brands Home & Security Inc. 592, ,285 16,824 Franklin Resources Inc. 673, ,997 61,501 Freeport-McMoRan Inc. Cl. B 1,836,986 1,087,857 59,040 Frontier Communications Corporation 446, ,614 10,592 Gap Inc. (The) 297, ,747 6,074 Garmin Limited 304, ,977 14,268 General Dynamics Corporation 1,848,041 3,303, ,041 General Electric Company 14,601,624 18,901,960 28,881 General Growth Properties Inc. 894, ,497 30,321 General Mills Inc. 1,980,987 2,511,690 69,373 General Motors Company 2,702,759 3,241,258 7,349 Genuine Parts Company 656, ,583 66,973 Gilead Sciences Inc. 4,917,504 6,431,591 7,298 Global Payments Inc. 699, ,314 18,551 Goldman Sachs Group Inc. (The) 3,399,878 5,956,994 13,015 Goodyear Tire & Rubber Company (The) 362, ,798 9,831 H&R Block Inc. 261, ,097 44,176 Halliburton Company 2,158,814 3,204,412 18,965 Hanesbrands Inc. 745, ,590 8,892 Harley-Davidson Inc. 476, ,682

205 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 3,606 Harman International Industries Inc. 358, ,550 6,416 Harris Corporation 496, ,670 18,629 Hartford Financial Services Group Inc. (The) 910,041 1,190,412 5,947 Hasbro Inc. 454, ,393 14,463 HCA Holdings Inc. 1,391,126 1,435,663 23,161 HCP Inc. 1,015, ,105 5,042 Helmerich & Payne Inc. 344, ,346 4,124 Henry Schein Inc. 831, ,031 7,028 Hershey Company (The) 649, ,817 13,023 Hess Corporation 892,208 1,087,863 82,904 Hewlett Packard Enterprise Company 1,893,426 2,572,668 14,011 Hologic Inc. 655, ,833 61,293 Home Depot Inc. (The) 6,802,521 11,020,971 38,209 Honeywell International Inc. 4,041,013 5,936,175 14,283 Hormel Foods Corporation 400, ,758 36,451 Host Hotels & Resorts Inc. 684, ,948 86,634 HP Inc. 1,543,586 1,724,119 7,685 Humana Inc. 1,048,362 2,102,727 54,711 Huntington Bancshares Inc. 580, ,954 15,831 Illinois Tool Works Inc. 1,472,352 2,599,846 7,259 Illumina Inc. 1,559,522 1,246,429 12,625 Ingersoll-Rand PLC 756,402 1,270, ,389 Intel Corporation 8,317,102 11,595,213 29,665 Intercontinental Exchange Inc. 1,491,732 2,244,514 43,511 International Business Machines Corporation 7,906,116 9,685,587 3,846 International Flavors & Fragrances Inc. 406, ,729 20,260 International Paper Company 899,707 1,441,623 20,689 Interpublic Group of Companies Inc. (The) 434, ,510 12,155 Intuit Inc. 1,106,672 1,868,196 1,925 Intuitive Surgical Inc. 1,100,445 1,637,123 20,394 Invesco Limited 611, ,780 12,671 Iron Mountain Inc. 564, ,915 5,984 Jacobs Engineering Group Inc. 356, ,416 4,308 JB Hunt Transport Services Inc. 455, ,797 5,928 J.M. Smucker Company (The) 810,712 1,018, ,201 Johnson & Johnson 15,900,966 21,197,880 47,952 Johnson Controls International PLC 2,731,217 2,648, ,501 JPMorgan Chase & Company 11,935,944 20,887,432 18,796 Juniper Networks Inc. 519, ,332 5,349 Kansas City Southern 633, ,653 12,688 Kellogg Company 1,003,403 1,254,194 54,987 KeyCorp 769,726 1,347,236 18,338 Kimberly-Clark Corporation 2,232,595 2,806,459 21,331 Kimco Realty Corporation 640, ,725 98,286 Kinder Morgan Inc. 3,492,394 2,729,711 7,626 KLA-Tencor Corporation 536, ,648 8,392 Kohl's Corporation 445, ,727 30,492 Kraft Heinz Company (The) 2,485,607 3,570,628 46,691 Kroger Company (The) 1,451,530 2,160,842 11,635 L Brands Inc. 682,773 1,027,309 3,952 L-3 Communications Holdings Inc. 521, ,157 4,990 Laboratory Corporation of America Holdings 661, ,098 8,158 Lam Research Corporation 572,977 1,156,716 6,514 Leggett & Platt Inc. 275, ,996 10,454 Lennar Corporation Cl. A 532, ,850 14,881 Leucadia National Corporation 395, ,981

206 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 14,318 Level 3 Communications Inc. 898,486 1,082,177 11,918 Lincoln National Corporation 586,876 1,059,169 12,378 Linear Technology Corporation 572,563 1,034,980 14,752 LKQ Corporation 618, ,354 12,589 Lockheed Martin Corporation 2,665,475 4,219,607 13,866 Loews Corporation 628, ,804 44,299 Lowe's Companies Inc. 3,060,368 4,225,038 16,609 LyondellBasell Industries NV Cl. A 1,276,009 1,910,621 7,809 M&T Bank Corporation 1,054,035 1,638,176 5,785 Macerich Company (The) 525, ,575 15,449 Macy's Inc. 626, ,907 5,619 Mallinckrodt PLC 443, ,412 41,147 Marathon Oil Corporation 955, ,169 26,258 Marathon Petroleum Corporation 847,656 1,772,989 16,049 Marriott International Inc. Cl. A 1,145,952 1,779,481 26,432 Marsh & McLennan Companies Inc. 1,625,916 2,395,838 3,174 Martin Marietta Materials Inc. 607, ,941 16,528 Masco Corporation 467, ,853 47,801 MasterCard Inc. Cl. A 3,768,662 6,618,690 17,102 Mattel Inc. 593, ,849 5,761 McCormick & Company Inc. 493, ,048 41,991 McDonald's Corporation 4,828,896 6,854,300 11,389 McKesson Corporation 1,956,425 2,145,124 9,230 Mead Johnson Nutrition Company Cl. A 821, ,860 68,918 Medtronic PLC 6,030,365 6,583, ,683 Merck & Company Inc. 9,162,015 10,948,692 56,015 MetLife Inc. 2,742,544 4,048,158 1,300 Mettler-Toledo International Inc. 679, ,703 8,937 Michael Kors Holdings Limited 694, ,114 10,786 Microchip Technology Inc. 537, ,902 51,437 Micron Technology Inc. 736,300 1,512, ,313 Microsoft Corporation 20,153,579 32,692,559 5,600 Mid-America Apartment Communities Inc. 663, ,367 3,297 Mohawk Industries Inc. 697, ,874 9,068 Molson Coors Brewing Company Cl. B 826,239 1,183,352 78,747 Mondelez International Inc. Cl. A 3,094,151 4,681,410 22,361 Monsanto Company 2,429,064 3,154,955 20,013 Monster Beverage Corporation 1,048,553 1,190,016 8,286 Moody's Corporation 758,348 1,047,523 72,805 Morgan Stanley 2,440,686 4,125,085 17,425 Mosaic Company (The) 848, ,377 8,316 Motorola Solutions Inc. 634, ,404 7,822 Murphy Oil Corporation 383, ,544 23,224 Mylan NV 1,077,281 1,188,164 5,577 Nasdaq Inc. 309, ,993 18,463 National Oilwell Varco Inc. 915, ,007 17,150 Navient Corporation 258, ,874 13,874 NetApp Inc. 478, ,224 21,909 Netflix Inc. 1,708,273 3,637,376 24,526 Newell Brands Inc. 1,182,858 1,468,565 9,426 Newfield Exploration Company 543, ,950 26,327 Newmont Mining Corporation 1,328,213 1,202,869 19,690 News Corporation Cl. A 240, ,604 5,964 News Corporation Cl. B 111,893 94,377 23,812 NextEra Energy Inc. 2,712,400 3,814,726 16,513 Nielsen Holdings PLC 913, ,973

207 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 66,992 NIKE Inc. Cl. B 3,187,468 4,566,548 17,083 NiSource Inc. 338, ,209 21,083 Noble Energy Inc. 998,572 1,076,084 6,032 Nordstrom Inc. 278, ,716 14,475 Norfolk Southern Corporation 1,283,971 2,097,822 10,530 Northern Trust Corporation 736,851 1,257,498 8,865 Northrop Grumman Corporation 1,457,708 2,765,006 16,407 NRG Energy Inc. 403, ,752 16,456 Nucor Corporation 981,169 1,313,506 27,524 NVIDIA Corporation 1,248,353 3,939,887 39,031 Occidental Petroleum Corporation 3,451,713 3,728,358 11,979 Omnicom Group Inc. 892,912 1,367,244 10,099 ONEOK Inc. 426, , ,535 Oracle Corporation 6,296,258 7,762,092 4,810 O'Reilly Automotive Inc. 1,001,448 1,795,870 17,289 PACCAR Inc. 1,012,718 1,481,548 6,617 Parker-Hannifin Corporation 708,401 1,242,322 4,054 Patterson Cos Inc. 194, ,064 15,884 Paychex Inc. 884,823 1,296,819 56,114 PayPal Holdings Inc. 2,016,636 2,970,184 7,945 Pentair PLC 469, ,406 15,566 People's United Financial Inc. 292, ,136 72,072 PepsiCo Inc. 7,664,071 10,112,715 5,270 PerkinElmer Inc. 248, ,561 6,980 Perrigo Company PLC 1,008, , ,786 Pfizer Inc. 11,198,715 13,319,214 26,001 PG&E Corporation 1,649,967 2,118,967 78,009 Philip Morris International Inc. 7,697,620 9,571,132 22,694 Phillips 66 1,598,995 2,629,784 5,149 Pinnacle West Capital Corporation 376, ,802 8,728 Pioneer Natural Resources Company 1,321,839 2,107,663 10,058 Pitney Bowes Inc. 307, ,887 24,488 PNC Financial Services Group Inc. (The) 2,206,144 3,840,923 12,990 PPG Industries Inc. 1,174,562 1,650,742 34,158 PPL Corporation 1,325,894 1,559,748 14,619 Praxair Inc. 1,786,796 2,297,488 2,489 Priceline Group Inc. (The) 2,855,692 4,893,523 12,898 Principal Financial Group Inc. 563,474 1,000, ,843 Procter & Gamble Company (The) 12,549,857 15,204,288 28,758 Progressive Corporation (The) 886,571 1,369,090 26,560 Prologis Inc. 1,420,297 1,880,289 21,962 Prudential Financial Inc. 1,787,551 3,064,790 25,590 Public Service Enterprise Group Inc. 1,178,755 1,505,851 7,445 Public Storage 1,664,720 2,231,450 16,235 PulteGroup Inc. 375, ,168 3,697 PVH Corporation 457, ,397 6,809 Qorvo Inc. 610, ,489 75,077 QUALCOMM Inc. 4,756,341 6,564,467 7,818 Quanta Services Inc. 228, ,379 7,044 Quest Diagnostics Inc. 556, ,120 2,891 Ralph Lauren Corporation 342, ,168 9,048 Range Resources Corporation 522, ,918 15,075 Raytheon Company 1,734,144 2,870,719 13,340 Realty Income Corporation 1,003,844 1,028,295 8,857 Red Hat Inc. 553, ,874 3,751 Regeneron Pharmaceuticals Inc. 1,300,926 1,846,565

208 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 61,862 Regions Financial Corporation 721,614 1,191,306 11,676 Republic Services Inc. 553, ,295 42,317 Reynolds American Inc. 1,939,778 3,180,226 6,971 Robert Half International Inc. 264, ,018 6,377 Rockwell Automation Inc. 658,435 1,149,372 6,483 Rockwell Collins Inc. 529, ,458 4,968 Roper Technologies Inc. 758,394 1,219,741 20,413 Ross Stores Inc. 958,609 1,795,790 8,471 Royal Caribbean Cruises Limited 758, ,977 2,523 Ryder System Inc. 173, ,865 12,874 S&P Global Inc. 1,268,895 1,856,643 32,146 salesforce.com inc. 2,169,189 2,951,269 6,745 SCANA Corporation 456, ,846 69,913 Schlumberger Limited 6,198,241 7,870,886 4,919 Scripps Networks Interactive Inc. Cl. A 324, ,801 14,522 Seagate Technology PLC 512, ,350 9,809 Sealed Air Corporation 391, ,419 12,631 Sempra Energy 1,306,333 1,704,721 4,198 Sherwin-Williams Company (The) 1,047,098 1,512,933 3,502 Signet Jewelers Limited 482, ,679 16,018 Simon Property Group Inc. 3,203,029 3,816,518 9,060 Skyworks Solutions Inc. 937, ,113 5,375 SL Green Realty Corporation 832, ,236 2,866 Snap-on Inc. 342, ,268 50,127 Southern Company (The) 2,728,957 3,306,690 30,562 Southwest Airlines Company 984,563 2,042,701 22,384 Southwestern Energy Company 594, ,795 36,056 Spectra Energy Corporation 1,352,418 1,986,821 14,285 St. Jude Medical Inc. 987,103 1,536,192 7,503 Stanley Black & Decker Inc. 752,572 1,153,999 32,816 Staples Inc. 541, ,271 74,054 Starbucks Corporation 3,517,957 5,513,698 18,453 State Street Corporation 1,161,906 1,923,290 4,054 Stericycle Inc. 426, ,837 15,891 Stryker Corporation 1,669,223 2,553,226 25,367 SunTrust Banks Inc. 1,151,692 1,865,910 30,327 Symantec Corporation 756, ,607 39,056 Synchrony Financial 1,111,633 1,899,679 25,252 Sysco Corporation 1,221,187 1,875,060 12,192 T. Rowe Price Group Inc. 948,746 1,230,507 28,353 Target Corporation 2,156,177 2,746,386 18,288 TE Connectivity Limited 1,055,967 1,699,100 11,363 TEGNA Inc. 426, ,948 6,972 Teradata Corporation 259, ,034 5,576 Tesoro Corporation 379, ,924 50,950 Texas Instruments Inc. 2,954,277 4,985,785 13,373 Textron Inc. 498, ,868 20,189 Thermo Fisher Scientific Inc. 2,748,864 3,820,206 5,397 Tiffany & Company 339, ,411 38,607 Time Warner Inc. 2,760,075 4,997,736 33,281 TJX Companies Inc. (The) 2,100,818 3,353,163 5,734 Torchmark Corporation 299, ,183 7,781 Total System Services Inc. 361, ,614 6,670 Tractor Supply Company 650, ,106 2,590 TransDigm Group Inc. 905, ,718 21,379 Transocean Limited 700, ,600

209 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 14,242 Travelers Companies Inc. (The) 1,516,450 2,338,128 5,933 TripAdvisor Inc. 384, ,941 52,653 Twenty-First Century Fox Inc. Cl. A 1,421,600 1,979,913 25,494 Twenty-First Century Fox Inc. Cl. B 955, ,643 14,542 Tyson Foods Inc. Cl. A 791,198 1,202,856 81,264 U.S. Bancorp 3,496,630 5,598,256 13,751 UDR Inc. 642, ,720 3,074 Ulta Salon Cosmetics & Fragrance Inc. 917,946 1,050,962 9,427 Under Armour Inc. Cl. A 506, ,252 9,493 Under Armour Inc. Cl. C 184, ,429 41,391 Union Pacific Corporation 3,490,447 5,755,007 14,841 United Continental Holdings Inc. 1,034,466 1,450,496 35,090 United Parcel Service Inc. Cl. B 3,876,180 5,394,665 4,508 United Rentals Inc. 501, ,279 38,397 United Technologies Corporation 4,168,868 5,644,586 47,877 UnitedHealth Group Inc. 5,674,345 10,275,440 4,369 Universal Health Services Inc. Cl. B 645, ,285 11,361 Unum Group 361, ,303 4,873 Urban Outfitters Inc. 192, ,115 22,509 Valero Energy Corporation 1,032,213 2,062,287 4,865 Varian Medical Systems Inc. 388, ,743 18,361 Ventas Inc. 1,302,519 1,539,431 4,680 VeriSign Inc. 310, ,424 8,104 Verisk Analytics Inc. Cl. A 872, , ,458 Verizon Communications Inc. 11,852,940 14,707,762 12,380 Vertex Pharmaceuticals Inc. 1,176,939 1,223,084 16,950 VF Corporation 868,343 1,212,688 17,293 Viacom Inc. Cl. B 920, ,996 93,885 Visa Inc. Cl. A 6,161,564 9,823,067 8,957 Vornado Realty Trust 942,430 1,253,670 6,449 Vulcan Materials Company 715,416 1,082,351 2,796 W.W. Grainger Inc. 617, ,839 43,609 Walgreens Boots Alliance Inc. 3,373,999 4,839,958 76,496 Wal-Mart Stores Inc. 6,026,790 7,090,673 73,633 Walt Disney Company (The) 6,484,110 10,291,260 20,878 Waste Management Inc. 1,296,127 1,985,370 3,973 Waters Corporation 506, ,029 15,579 WEC Energy Group Inc. 903,323 1,225, ,916 Wells Fargo & Company 11,474,495 16,844,193 17,979 Welltower Inc. 1,423,788 1,613,732 14,121 Western Digital Corporation 730,991 1,286,767 24,532 Western Union Company (The) 549, ,558 12,598 WestRock Company 700, ,736 36,765 Weyerhaeuser Company 1,246,327 1,483,548 3,852 Whirlpool Corporation 581, ,974 15,407 Whole Foods Market Inc. 626, ,550 33,366 Williams Companies Inc. (The) 970,922 1,393,374 6,351 Willis Towers Watson PLC 1,066,271 1,041,460 5,676 Wyndham Worldwide Corporation 378, ,313 4,048 Wynn Resorts Limited 415, ,626 25,487 Xcel Energy Inc. 990,144 1,391,099 42,895 Xerox Corporation 512, ,188 12,384 Xilinx Inc. 584,594 1,002,599 12,925 XL Group Limited 504, ,830 9,463 Xylem Inc. 404, ,426 44,983 Yahoo! Inc. 1,581,864 2,332,747

210 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 18,035 Yum! Brands Inc. 1,426,449 1,531,689 9,942 Zimmer Biomet Holdings Inc. 1,214,019 1,375,937 10,177 Zions Bancorporation 320, ,404 24,969 Zoetis Inc. 1,139,717 1,792, ,759,649 1,303,287,765 Adjustment for transaction costs (17,722) - Total investments 100.0% 932,741,927 1,303,287,765

211 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized loss S&P 500 E-Mini Index Futures 57 March 2017 USD 2,236 (55,550) Futures contracts, at fair (55,550) As at December , 585,896 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 8,546,740. Legend USD = United States dollar

212 Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P 500 Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 1,303,287, ,303,287,765 Futures contracts (55,550) - - (55,550) 1,303,232, ,303,232,215 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 1,352,719, ,352,719,516 Futures contracts 70, ,956 Currency risk The following tables summarize the Fund s exposure to currency risk: 1,352,790, ,352,790,472 Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Net exposure Percentage of net assets % United States dollar 1,303,287,765 8,480, ,311,768, As at December 31, 2015 Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Net exposure Percentage of net assets % United States dollar 1,352,719,516 10,072,819 - (20,410) 1,362,771,

213 Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015, had the Canadian dollar strengthened or weakened by 5% in relation to the United States dollar, with all other variables held constant, the impact on net assets attributable to holders of redeemable units would have been approximately 65,588,000 (December 31, ,139,000). In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are non-interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 130,329,000 (December 31, ,272,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk Effective July 15, 2016 the Fund no longer participates in securities lending. Prior to that date, the Fund entered into securities lending transactions with counterparties whereby it temporarily exchanged securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. The former securities lending agent, State Street Bank and Trust Company, indemnified the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan. As at December 31, 2015, State Street Bank and Trust Company had a credit rating of A from Standard & Poor s., the counterparty to the derivative financial instruments had a credit rating of BBB+ from Standard & Poor s (December 31, 2015 BBB+). Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

214 Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector December 31, 2016 % December 31, 2015 % Consumer discretionary Consumer staples 9 9 Energy 8 6 Financials Health care Industrials Information technology Materials 3 3 Real estate 3 - Telecommunication services 3 2 Utilities Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 87,926, ,594,577 Average units outstanding during the year 10,149,861 13,650,792 Increase (decrease) in net assets attributable to holders of redeemable units per unit

215 WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Statements of financial position As at December 31, Assets Current assets Investments* 565,448, ,030,731 Cash 541,372 4,191,429 Cash, segregated - 570,026 Receivable for investments sold 500,000 20,365,872 Dividends receivable 28, ,462 Forward foreign currency contracts, at fair 1,285, ,748 Futures contracts, at fair - 35,423 Total assets 567,804, ,129,691 Liabilities Current liabilities Payable for units redeemed 588, ,640 Payable for investments purchased - 163,692 Accrued expenses 38,768 17,055 Forward foreign currency contracts, at fair 29,171 19,493,401 Total liabilities 656,104 20,579,788 Net assets attributable to holders of redeemable units 567,148, ,549,903 Number of redeemable units outstanding 71,215,797 40,366,622 Net assets attributable to holders of redeemable units per unit * Investments at cost 596,019, ,364,533 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

216 WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Statements of comprehensive income For the years ended December 31, Investment income Dividends 6,309,380 14,173,215 Income from underlying funds 6,331,229 - Interest for distribution purposes - 1,483 Other changes in fair of investments Net realized gain (loss) 237,405, ,170,553 Net change in unrealized appreciation (depreciation) (200,278,610) (24,117,966) Other changes in fair of derivative financial instruments Net realized gain (loss) (9,556,726) (83,616,585) Net change in unrealized appreciation (depreciation) 20,380,903 (10,716,122) Total income (loss) 60,591,730 7,894,578 Expenses Audit fees 29,582 24,793 Custodial fees 79, ,623 Foreign withholding taxes 70,165 1,062 Interest expense 60 - Other fees 1,198 - Proxy fees 1,350 - Regulatory fees 26,603 4,413 Transaction costs 10,057 17,124 Trustee fees 2,239 - Total expenses 220, ,015 Waivers and reimbursements (16,680) - Net expenses 203, ,015 Increase (decrease) in net assets attributable to holders of redeemable units 60,387,830 7,690,563 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year

217 WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 60,387,830 7,690,563 Distributions to holders of redeemable units From net investment income (12,169,960) (14,098,869) From capital gains (178,047,674) (25,092,769) Total distributions to holders of redeemable units (190,217,634) (39,191,638) Redeemable unit transactions Proceeds from redeemable units issued 108,775,600 44,498,265 Reinvestment of distribution to holders of redeemable units 190,217,634 39,191,638 Redemption of redeemable units (36,565,290) (173,447,655) Increase (decrease) from redeemable unit transactions 262,427,944 (89,757,752) Net increase (decrease) in net assets attributable to holders of redeemable units 132,598,140 (121,258,827) Net assets attributable to holders of redeemable units Beginning of year 434,549, ,808,730 Net assets attributable to holders of redeemable units End of year 567,148, ,549,903 Number of redeemable units outstanding Beginning of year 40,366,622 47,355,163 Issued 10,213,083 3,813,770 Reinvested 23,883,834 3,640,448 Redeemed (3,247,742) (14,442,759) Number of redeemable units outstanding End of year 71,215,797 40,366,622

218 WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 60,387,830 7,690,563 Adjustments for: Net realized (gain) loss on investments (240,064,590) (111,653,859) Net change in unrealized (appreciation) depreciation on investments and derivatives 179,856,902 34,867,324 Proceeds from sale of investments 97,725, ,020,535 Purchases of investments (168,282,883) (83,189,547) Reinvestment of income distributions from underlying fund (6,331,229) - Cash, segregated 570,026 (64,608) Dividends receivable 573, ,321 Accrued expenses 21,713 (22,852) Net cash from (used in) operating activities (75,542,892) 48,793,877 Cash flows from (used in) financing activities Proceeds from redeemable units issued 108,775,600 22,272,253 Redemption of redeemable units (36,882,765) (70,518,964) Net cash from (used in) financing activities 71,892,835 (48,246,711) Net increase (decrease) in cash during the year (3,650,057) 547,166 Cash Beginning of year 4,191,429 3,644,263 Cash End of year 541,372 4,191,429 Interest received* - 1,483 Dividends received, net of foreign withholding taxes* 6,812,880 14,318,474 Interest paid* (60) - Redeemable units issued in kind - 22,226,012 Redeemable units redeemed in kind - (102,023,051) * Included as part of cash flows from operating activities

219 WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Investment in underlying funds 100.0% Equity funds 100.0% 5,063,273 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations 596,019, ,448,134 Total investments 100.0% 596,019, ,448,134

220 WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Schedule of investment portfolio... continued Forward foreign currency contracts The following forward foreign currency contracts were open as at December 31, 2016: Counterparty Credit rating for counterparty Settlement date Currency buys Par Currency sells Par Forward rate Current rate Unrealized gain (loss) Bank of America, N.A. A+ Jan. 5, 2017 CAD 108,911,573 USD (81,034,191) ,560 Bank of Montreal A+ Jan. 5, 2017 CAD 108,912,384 USD (81,034,191) ,370 Goldman Sachs & Co. BBB+ Jan. 5, 2017 CAD 108,913,194 USD (81,034,191) ,180 Goldman Sachs & Co. BBB+ Feb. 3, 2017 CAD 111,420,908 USD (83,119,537) HSBC Bank USA, N.A. AA- Jan. 5, 2017 CAD 108,913,194 USD (81,034,191) ,180 Royal Bank of Canada AA- Jan. 5, 2017 CAD 16,621,000 USD (12,367,110) ,139 Royal Bank of Canada AA- Jan. 5, 2017 USD 1,940,382 CAD (2,599,000) ,984 Westpac Banking Corporation AA- Jan. 5, 2017 CAD 108,914,008 USD (81,034,193) ,991 Westpac Banking Corporation AA- Feb. 3, 2017 CAD 111,420,909 USD (83,119,537) ,285,844 Bank of America, N.A. A+ Feb. 3, 2017 CAD 9,419,000 USD (7,026,949) (494) Goldman Sachs & Co. BBB+ Jan. 5, 2017 USD 83,119,537 CAD (111,464,546) (4,156) Royal Bank of Canada AA- Jan. 5, 2017 USD 83,119,537 CAD (111,465,793) (5,403) Royal Bank of Canada AA- Feb. 3, 2017 CAD 111,418,415 USD (83,119,537) (1,773) Societe Generale A Jan. 5, 2017 USD 83,119,537 CAD (111,466,042) (5,652) Societe Generale A Feb. 3, 2017 CAD 111,420,077 USD (83,119,537) (111) UBS AG A+ Jan. 5, 2017 USD 83,119,537 CAD (111,466,624) (6,234) UBS AG A+ Feb. 3, 2017 CAD 111,419,412 USD (83,119,537) (776) Westpac Banking Corporation AA- Jan. 5, 2017 USD 83,119,537 CAD (111,464,962) (4,572) (29,171) Legend CAD = Canadian dollar USD = United States dollar

221 Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P 500 Index (the Index ) hedged to Canadian dollars while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Investment in underlying funds - 565,448, ,448,134 Forward foreign currency contracts - 1,256,673-1,256, ,704, ,704,807 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 429,030, ,030,731 Forward foreign currency contracts - (19,159,653) - (19,159,653) Futures contracts 35, , ,066,154 (19,159,653) - 409,906,501 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in United States dollars but hedged to Canadian dollars through the use of forward foreign currency contracts. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

222 Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations December 31, 2016 and 2015 Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 56,545,000 (December 31, ,903,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk, the counterparties to derivative financial instruments had a credit rating of at least BBB+ from Standard & Poor s (December 31, 2015 at least BBB+). Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk, a single underlying fund, WindWise S&P 500 Index Non-lending Fund for Exempt Organizations, comprises 100% of the Fund s investments. As such, the Fund is exposed to the concentration risk of the underlying fund. Refer to the Concentration risk note for WindWise S&P 500 Index Non-lending fund for Exempt Organizations, contained in this publication, for details. the Fund owns 43% of the underlying fund. The following is a summary of the Fund s concentration risk as a percentage of investments as at December 31, 2015: Sector 2015 % Consumer discretionary 14 Consumer staples 9 Energy 7 Financials 17 Health care 14 Industrials 11 Information technology 17 Materials 3 Telecommunication services 5 Utilities 3 Total 100

223 Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations December 31, 2016 and 2015 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 60,387,830 7,690,563 Average units outstanding during the year 45,984,016 42,378,331 Increase (decrease) in net assets attributable to holders of redeemable units per unit

224 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Statement of financial position Assets Current assets Investments* 460,130,558 Cash 3,844,586 Cash, segregated 281,650 Interest receivable 1,743 Dividends receivable 607,511 Total assets 464,866,048 Liabilities Current liabilities Payable for investments purchased 798,330 Accrued expenses 36,946 Futures contracts, at fair 24,756 Total liabilities 860,032 Net assets attributable to holders of redeemable units 464,006,016 Number of redeemable units outstanding 43,258,723 Net assets attributable to holders of redeemable units per unit * Investments at cost 428,348,447 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

225 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Statement of comprehensive income For the period from July 8 to December 31, 2016 Investment income Dividends 5,238,038 Securities lending income 6,688 Other changes in fair of investments Net realized gain (loss) 2,087,367 Net change in unrealized appreciation (depreciation) 31,765,075 Other changes in fair of derivative financial instruments Net realized gain (loss) 91,724 Net change in unrealized appreciation (depreciation) (24,756) Total income (loss) 39,164,136 Expenses Audit fees 24,582 Custodial fees 26,124 Foreign with holding taxes 1,367 Interest expense 352 Other fees 29 Proxy fees 525 Transaction costs 1,469 Trustee fees 2,404 Total expenses 56,852 Waivers and reimbursements (4,416) Net expenses 52,436 Increase (decrease) in net assets attributable to holders of redeemable units 39,111,700 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the period 0.89

226 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Statement of changes in net assets attributable to holders of redeemable units For the period from July 8 to December 31, 2016 Increase (decrease) in net assets attributable to holders of redeemable units 39,111,700 Distributions to holders of redeemable units From net investment income (4,828,448) From capital gains (1,947,977) From securities lending income (6,688) Total distributions to holders of redeemable units (6,783,113) Redeemable unit transactions Proceeds from redeemable units issued 441,089,816 Reinvestment of distributions to holders of redeemable units 6,783,113 Redemption of redeemable units (16,195,500) Increase (decrease) from redeemable unit transactions 431,677,429 Net increase (decrease) in net assets attributable to holders of redeemable units 464,006,016 Net assets attributable to holders of redeemable units Beginning of period - Net assets attributable to holders of redeemable units End of period 464,006,016 Number of redeemable units outstanding Beginning of period - Issued 44,104,590 Reinvested 632,382 Redeemed (1,478,249) Number of redeemable units outstanding End of period 43,258,723

227 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Statement of cash flows For the period from July 8 to December 31, 2016 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 39,111,700 Adjustments for: Net realized (gain) loss on investments (1,844,382) Net change in unrealized (appreciation) depreciation on investments and derivatives (31,757,355) Proceeds from sale of investments 19,082,194 Purchases of investments (7,568,256) Cash, segregated (281,650) Dividends receivable 8,316 Interest receivable (1,743) Accrued expenses 14,991 Net cash from (used in) operating activities 16,763,815 Cash flows from (used in) financing activities Proceeds from redeemable units issued 3,276,271 Redemption of redeemable units (16,195,500) Net cash from (used in) financing activities (12,919,229) Net increase (decrease) in cash during the period 3,844,586 Cash Beginning of period - Cash End of period 3,844,586 Dividends received, net of foreign withholding taxes* 5,244,987 Interest paid* (352) Redeemable units issued in kind 437,813,545 * Included as part of cash flows from operating activities

228 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock 100.0% 10,545 3M Company 2,444,019 2,525,225 26,519 Abbott Laboratories 1,453,643 1,365,987 28,609 AbbVie Inc. 2,401,364 2,402,485 10,866 Accenture PLC Cl. A 1,636,715 1,706,801 12,388 Activision Blizzard Inc. 684, , Acuity Brands Inc. (*) 269, ,555 8,630 Adobe Systems Inc. 1,093,029 1,191,467 1,320 Advance Auto Parts Inc. 284, ,374 11,905 AES Corporation (The) 191, ,516 6,350 Aetna Inc. 972,187 1,056, Affiliated Managers Group Inc. 176, ,204 7,465 Aflac Inc. 708, ,761 5,932 Agilent Technologies Inc. 353, ,435 3,907 Air Products and Chemicals Inc. 739, ,542 3,175 Akamai Technologies Inc. 234, ,912 2,330 Alaska Air Group Inc. (*) 182, ,250 2,020 Albemarle Corporation 220, ,184 4,053 Alexion Pharmaceuticals Inc. 659, ,006 1,722 Allegion PLC 157, ,794 6,526 Allergan PLC (*) 2,054,542 1,837,943 1,092 Alliance Data Systems Corporation 287, ,621 4,117 Alliant Energy Corporation 218, ,195 6,780 Allstate Corporation (The) 618, ,923 5,331 Alphabet Inc. Cl. A 5,032,613 5,665,334 5,249 Alphabet Inc. Cl. C 4,856,508 5,432,973 34,332 Altria Group Inc. 3,137,122 3,113,288 6,997 Amazon.com Inc. 6,838,876 7,036,275 4,365 Ameren Corporation 303, ,084 8,847 American Airlines Group Inc. 347, ,943 8,885 American Electric Power Company Inc. 822, ,183 13,406 American Express Company 1,078,684 1,331,819 17,016 American International Group Inc. 1,180,336 1,490,329 7,686 American Tower Corporation Cl. A 1,143,137 1,089,277 3,224 American Water Works Company Inc. 351, ,852 2,647 Ameriprise Financial Inc. 314, ,810 2,714 AmerisourceBergen Corporation 290, ,581 4,213 AMETEK Inc. 252, ,582 13,066 Amgen Inc. 2,754,410 2,561,915 5,565 Amphenol Corporation Cl. A 417, ,510 10,209 Anadarko Petroleum Corporation 757, ,658 5,526 Analog Devices Inc. (*) 417, ,161 4,758 Anthem Inc. 822, ,356 4,784 Aon PLC 685, ,530 6,789 Apache Corporation 490, ,856 3,086 Apartment Investment and Management Company Cl. A 183, ,094 95,130 Apple Inc. 12,062,440 14,775,631 19,682 Applied Materials Inc. 642, ,752 10,618 Archer Daniels Midland Company 604, ,023 7,913 Arconic Inc. 305, ,741 3,340 Arthur J Gallagher & Company 212, ,734 1,122 Assurant Inc. 126, , ,597 AT&T Inc. 6,048,106 6,193,814 3,254 Autodesk Inc. 234, ,963 7,837 Automatic Data Processing Inc. (*) 968,800 1,080,198

229 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 1,299 AutoNation Inc. 86,299 84, AutoZone Inc. 580, ,236 2,470 AvalonBay Communities Inc. 597, ,790 1,726 Avery Dennison Corporation 166, ,535 7,194 Baker Hughes Inc. 411, ,799 3,234 Ball Corporation (*) 303, , ,604 Bank of America Corporation 3,077,991 5,293,323 18,363 Bank of New York Mellon Corporation (The) 924,873 1,166,766 8,961 Baxter International Inc. 547, ,840 14,832 BB&T Corporation 683, ,249 3,838 Becton Dickinson and Company 882, ,078 2,778 Bed Bath & Beyond Inc. 161, ,402 33,655 Berkshire Hathaway Inc. Cl. B 6,328,398 7,355,782 4,428 Best Buy Company Inc. 179, ,382 3,941 Biogen Inc. 1,295,953 1,498,742 2,080 BlackRock Inc. Cl. A 939,560 1,061,472 10,030 Boeing Company (The) 1,707,400 2,094,010 3,118 BorgWarner Inc. (*) 124, ,914 2,741 Boston Properties Inc. 478, ,344 24,487 Boston Scientific Corporation 765, ,292 29,335 Bristol-Myers Squibb Company 2,889,722 2,299,012 6,911 Broadcom Limited 1,414,168 1,638,304 3,606 Brown-Forman Corporation Cl. B 231, ,225 1,320 C.R. Bard Inc. 412, ,690 5,326 CA Inc. (*) 235, ,915 8,197 Cabot Oil & Gas Corporation 272, ,787 3,238 Campbell Soup Company 284, ,580 8,349 Capital One Financial Corporation 706, ,776 5,878 Cardinal Health Inc. 618, ,317 3,602 CarMax Inc. (*) 248, ,033 7,133 Carnival Corporation 415, ,991 10,553 Caterpillar Inc. (*) 1,068,412 1,312,466 5,275 CBRE Group Inc. 180, ,761 6,682 CBS Corporation Cl. B 499, ,092 13,592 Celgene Corporation 1,868,044 2,109,839 3,068 Centene Corporation 284, ,501 7,768 CenterPoint Energy Inc. 242, ,682 9,624 CenturyLink Inc. (*) 380, ,911 5,356 Cerner Corporation (*) 424, ,243 4,227 CF Industries Holdings Inc. (*) 137, ,448 2,581 CH Robinson Worldwide Inc. 251, ,571 21,708 Charles Schwab Corporation (The) 730,886 1,149,031 3,900 Charter Communications Inc. 1,396,480 1,505,849 11,913 Chesapeake Energy Corporation (*) 66, ,151 33,729 Chevron Corporation 4,631,591 5,323, Chipotle Mexican Grill Inc. Cl. A(*) 286, ,291 8,370 Chubb Limited 1,426,462 1,482,993 4,738 Church & Dwight Company Inc. 314, ,779 4,624 Cigna Corporation 784, ,153 1,709 Cimarex Energy Company 264, ,463 2,666 Cincinnati Financial Corporation 264, ,824 1,566 Cintas Corporation 204, ,686 88,528 Cisco Systems Inc. 3,395,583 3,587,733

230 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 50,295 Citigroup Inc. 2,762,852 4,008,441 8,626 Citizens Financial Group Inc. 224, ,164 2,813 Citrix Systems Inc. 307, ,911 2,340 Clorox Company (The) 423, ,630 6,097 CME Group Inc. Cl. A 789, ,146 5,040 CMS Energy Corporation 300, ,305 5,031 Coach Inc. 273, ,274 68,539 Coca-Cola Company (The) 4,069,983 3,810,764 10,948 Cognizant Technology Solutions Corporation Cl. A 829, ,622 16,118 Colgate-Palmolive Company 1,566,022 1,414,488 42,068 Comcast Corporation Cl. A 3,694,277 3,895,476 3,176 Comerica Inc. 172, ,092 7,879 Conagra Brands Inc. 497, ,891 2,574 Concho Resources Inc. 402, ,717 22,376 ConocoPhillips 1,238,549 1,504,568 5,604 Consolidated Edison Inc. 589, ,723 3,175 Constellation Brands Inc. Cl. A 689, , Cooper Companies Inc. (The) 216, ,131 16,210 Corning Inc. (*) 443, ,591 7,613 Costco Wholesale Corporation 1,648,112 1,634,629 8,545 Coty Inc. Cl. A 262, ,819 6,166 Crown Castle International Corporation 811, ,494 2,489 CSRA Inc. 78, ,278 16,198 CSX Corporation 562, ,483 2,594 Cummins Inc. 389, ,432 18,700 CVS Health Corporation 2,367,217 1,978,876 5,974 D.R. Horton Inc. 264, ,952 10,807 Danaher Corporation 1,143,482 1,128,114 2,074 Darden Restaurants Inc. 168, ,259 2,944 DaVita Inc. 300, ,465 4,991 Deere & Company 528, ,665 4,947 Delphi Automotive PLC 419, ,812 12,752 Delta Air Lines Inc. 623, ,202 4,222 DENTSPLY SIRONA Inc. 350, ,862 9,667 Devon Energy Corporation 475, ,063 2,641 Digital Realty Trust Inc. 380, ,009 6,805 Discover Financial Services 489, ,882 2,714 Discovery Communications Inc. Cl. A (*) 90,987 99,762 4,306 Discovery Communications Inc. Cl. C 137, ,643 4,319 Dollar General Corporation (*) 533, ,013 4,201 Dollar Tree Inc. 522, ,813 11,139 Dominion Resources Inc. (*) 1,139,693 1,144,098 2,808 Dover Corporation 258, ,162 19,580 Dow Chemical Company (The) 1,265,698 1,502,469 3,323 Dr. Pepper Snapple Group Inc. 422, ,054 3,224 DTE Energy Company 418, ,912 12,426 Duke Energy Corporation 1,398,526 1,293, Dun & Bradstreet Corporation (The) 107, ,193 5,031 E*Trade Financial Corporation 155, ,777 15,185 E. I. du Pont de Nemours and Company 1,265,541 1,494,706 2,676 Eastman Chemical Company 239, ,902 7,775 Eaton Corporation PLC 629, ,525 19,087 ebay Inc. 614, ,964

231 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 4,763 Ecolab Inc. 742, ,733 5,890 Edison International 602, ,633 3,808 Edwards Lifesciences Corporation 521, ,499 5,584 Electronic Arts Inc. 571, ,788 17,535 Eli Lilly & Company 1,827,833 1,729,551 11,628 Emerson Electric Company 813, ,350 4,117 Endo International PLC 93,847 90,933 3,217 Entergy Corporation 340, ,961 2,140 Envision Healthcare Corporation 193, ,633 10,426 EOG Resources Inc. 1,140,102 1,413,559 3,044 EQT Corporation (*) 309, ,973 2,155 Equifax Inc. 372, ,680 1,237 Equinix Inc. 630, ,900 6,639 Equity Residential 612, ,012 1,204 Essex Property Trust Inc. 364, ,400 4,000 Estee Lauder Companies Inc. Cl. A (The) 486, ,308 5,897 Eversource Energy 459, ,768 16,665 Exelon Corporation 787, ,152 2,112 Expedia Inc. 302, ,843 3,453 Expeditors International of Washington Inc. 225, ,239 10,739 Express Scripts Holding Company 1,094, ,682 2,175 Extra Space Storage Inc. 265, ,292 74,040 Exxon Mobil Corporation 9,057,490 8,962,037 1,193 F5 Networks Inc. 182, ,534 41,402 Facebook Inc. Cl. A 6,358,383 6,387,824 5,229 Fastenal Company 309, ,440 1,320 Federal Realty Investment Trust 289, ,561 4,227 FedEx Corporation 864,090 1,055,497 5,947 Fidelity National Information Services Inc. 591, ,246 13,872 Fifth Third Bancorp 313, ,724 1,503 First Solar Inc. (*) 89,684 64,681 7,736 FirstEnergy Corporation 364, ,294 4,014 Fiserv Inc. 576, ,103 2,714 FLIR Systems Inc. 112, ,717 2,585 Flowserve Corporation (*) 154, ,571 2,525 Fluor Corporation 170, ,841 2,639 FMC Corporation (*) 160, ,168 4,532 FMC Technologies Inc. 156, ,938 2,641 Foot Locker Inc. (*) 198, ,072 70,480 Ford Motor Company 1,207,246 1,146,494 5,403 Fortive Corporation 354, ,587 2,757 Fortune Brands Home & Security Inc. 217, ,656 6,658 Franklin Resources Inc. 296, ,398 20,946 Freeport-McMoRan Inc. Cl. B(*) 308, ,502 23,185 Frontier Communications Corporation (*) 150, ,092 4,099 Gap Inc. (The)(*) 121, ,352 2,333 Garmin Limited 132, ,709 5,195 General Dynamics Corporation 954,971 1,202, ,058 General Electric Company 6,660,342 6,698,052 10,529 General Growth Properties Inc. 426, ,715 10,753 General Mills Inc. 1,019, ,743 24,119 General Motors Company 936,097 1,126,892 2,786 Genuine Parts Company (*) 382, ,953

232 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 23,167 Gilead Sciences Inc. 2,623,779 2,224,787 2,769 Global Payments Inc. 266, ,745 6,496 Goldman Sachs Group Inc. (The) 1,278,281 2,085,959 4,798 Goodyear Tire & Rubber Company (The) 166, ,629 4,068 H&R Block Inc. (*) 125, ,419 15,530 Halliburton Company 915,090 1,126,506 6,835 Hanesbrands Inc. (*) 234, ,712 3,265 Harley-Davidson Inc. (*) 208, ,443 1,428 Harman International Industries Inc. 137, ,874 2,376 Harris Corporation 261, ,504 6,340 Hartford Financial Services Group Inc. (The) 361, ,133 2,017 Hasbro Inc. (*) 223, ,414 5,437 HCA Holdings Inc. 556, ,701 8,593 HCP Inc. 404, ,483 1,957 Helmerich & Payne Inc. (*) 170, ,131 1,476 Henry Schein Inc. 349, ,293 2,542 Hershey Company (The) 368, ,588 4,887 Hess Corporation 363, ,231 30,023 Hewlett Packard Enterprise Company 748, ,671 5,489 Hologic Inc. 261, ,324 21,485 Home Depot Inc. (The) 3,776,861 3,863,175 13,362 Honeywell International Inc. 2,077,899 2,075,929 4,873 Hormel Foods Corporation 233, ,481 13,544 Host Hotels & Resorts Inc. 297, ,194 30,878 HP Inc. 528, ,509 2,681 Humana Inc. 554, ,560 20,374 Huntington Bancshares Inc. 236, ,204 5,450 Illinois Tool Works Inc. 772, ,026 2,641 Illumina Inc. 488, ,481 4,585 Ingersoll-Rand PLC 394, ,400 83,690 Intel Corporation 3,726,818 4,070,672 10,660 Intercontinental Exchange Inc. 716, ,557 15,262 International Business Machines Corporation 3,084,735 3,397,335 1,528 International Flavors & Fragrances Inc. 258, ,448 7,343 International Paper Company 410, ,499 7,746 Interpublic Group of Companies Inc. (The) 240, ,178 4,217 Intuit Inc. 637, , Intuitive Surgical Inc. 612, ,963 7,553 Invesco Limited 253, ,312 4,311 Iron Mountain Inc. 224, ,776 2,216 Jacobs Engineering Group Inc. 148, ,391 1,592 JB Hunt Transport Services Inc. 177, ,240 2,142 J.M. Smucker Company (The) 431, ,856 48,166 Johnson & Johnson 7,742,943 7,441,761 17,124 Johnson Controls International PLC 1,037, ,893 63,897 JPMorgan Chase & Company 5,190,427 7,394,110 6,393 Juniper Networks Inc. 189, ,282 1,936 Kansas City Southern 228, ,294 4,565 Kellogg Company 493, ,245 19,618 KeyCorp 287, ,660 6,487 Kimberly-Clark Corporation 1,154, ,775 7,877 Kimco Realty Corporation 325, ,776 34,930 Kinder Morgan Inc. 855, ,116

233 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 2,511 KLA-Tencor Corporation 242, ,945 2,818 Kohl's Corporation (*) 144, ,611 10,756 Kraft Heinz Company (The) 1,264,618 1,259,533 17,227 Kroger Company (The)(*) 853, ,259 3,998 L Brands Inc. 361, ,002 1,441 L-3 Communications Holdings Inc. 282, ,945 1,846 Laboratory Corporation of America Holdings 326, ,815 2,892 Lam Research Corporation (*) 321, ,054 2,421 Leggett & Platt Inc. 164, ,698 3,333 Lennar Corporation Cl. A 214, ,885 6,026 Leucadia National Corporation 137, ,887 5,282 Level 3 Communications Inc. 364, ,222 4,220 Lincoln National Corporation 214, ,037 4,559 Linear Technology Corporation 282, ,198 5,748 LKQ Corporation 248, ,261 4,378 Lockheed Martin Corporation 1,440,701 1,467,427 4,692 Loews Corporation 250, ,664 15,222 Lowe's Companies Inc. 1,640,110 1,451,805 6,165 LyondellBasell Industries NV Cl. A 619, ,192 2,862 M&T Bank Corporation 434, ,392 2,209 Macerich Company (The) 252, ,855 5,563 Macy's Inc. 250, ,152 1,981 Mallinckrodt PLC 161, ,353 15,652 Marathon Oil Corporation 305, ,339 9,564 Marathon Petroleum Corporation 455, ,779 5,855 Marriott International Inc. Cl. A 534, ,191 9,425 Marsh & McLennan Companies Inc. 828, ,297 1,126 Martin Marietta Materials Inc. 289, ,515 6,028 Masco Corporation 254, ,611 16,739 MasterCard Inc. Cl. A 1,939,802 2,317,739 6,146 Mattel Inc. 262, ,070 2,063 McCormick & Company Inc. 288, ,205 14,560 McDonald's Corporation 2,311,257 2,376,667 4,064 McKesson Corporation 1,025, ,456 3,401 Mead Johnson Nutrition Company Cl. A 397, ,730 24,185 Medtronic PLC 2,796,354 2,310,224 48,684 Merck & Company Inc. 3,782,199 3,843,486 19,827 MetLife Inc. 1,017,029 1,432, Mettler-Toledo International Inc. 261, ,655 3,198 Michael Kors Holdings Limited 210, ,327 3,879 Microchip Technology Inc. (*) 263, ,704 18,405 Micron Technology Inc. 303, , ,740 Microsoft Corporation 9,510,062 11,561,599 2,100 Mid-America Apartment Communities Inc. 248, ,763 1,141 Mohawk Industries Inc. 289, ,538 3,265 Molson Coors Brewing Company Cl. B 438, ,075 27,027 Mondelez International Inc. Cl. A 1,630,381 1,606,721 7,893 Monsanto Company 1,060,519 1,113,638 7,599 Monster Beverage Corporation 535, ,853 3,018 Moody's Corporation 382, ,538 25,191 Morgan Stanley 869,252 1,427,306 6,303 Mosaic Company (The)(*) 210, ,916 2,857 Motorola Solutions Inc. 248, ,583

234 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 2,883 Murphy Oil Corporation (*) 115, ,356 8,301 Mylan NV 485, ,688 2,096 Nasdaq Inc. 180, ,664 6,823 National Oilwell Varco Inc. (*) 290, ,575 5,969 Navient Corporation 99, ,518 5,236 NetApp Inc. 168, ,657 7,752 Netflix Inc. 984,565 1,287,002 8,859 Newell Brands Inc. 569, ,458 3,699 Newfield Exploration Company 212, ,902 9,451 Newmont Mining Corporation 508, ,812 6,984 News Corporation Cl. A 106, ,333 2,136 News Corporation Cl. B 33,653 33,801 8,327 NextEra Energy Inc. 1,415,756 1,334,001 6,485 Nielsen Holdings PLC 448, ,827 23,364 NIKE Inc. Cl. B 1,728,846 1,592,620 5,825 NiSource Inc. 199, ,949 7,808 Noble Energy Inc. 367, ,523 2,308 Nordstrom Inc. 121, ,350 5,026 Norfolk Southern Corporation 568, ,404 3,992 Northern Trust Corporation 337, ,727 3,058 Northrop Grumman Corporation 888, ,795 6,228 NRG Energy Inc. 122, ,396 5,633 Nucor Corporation 392, ,622 9,384 NVIDIA Corporation (*) 634,272 1,343,260 13,800 Occidental Petroleum Corporation 1,374,755 1,318,217 4,318 Omnicom Group Inc. (*) 469, ,843 3,810 ONEOK Inc. 236, ,331 52,720 Oracle Corporation 2,819,489 2,718,421 1,760 O'Reilly Automotive Inc. 646, ,117 6,285 PACCAR Inc. 428, ,581 2,404 Parker-Hannifin Corporation 350, ,344 1,513 Patterson Cos Inc. (*) 98,655 83,250 5,772 Paychex Inc. 463, ,244 19,903 PayPal Holdings Inc. 973,006 1,053,491 3,251 Pentair PLC 261, ,451 6,097 People's United Financial Inc. 118, ,295 25,301 PepsiCo Inc. 3,584,562 3,550,086 1,961 PerkinElmer Inc. 138, ,144 2,595 Perrigo Company PLC 318, , ,221 Pfizer Inc. 5,066,913 4,670,258 8,966 PG&E Corporation 760, ,690 27,308 Philip Morris International Inc. 3,675,698 3,350,491 7,634 Phillips , ,629 2,018 Pinnacle West Capital Corporation 214, ,168 3,151 Pioneer Natural Resources Company 641, ,913 3,889 Pitney Bowes Inc. 90,583 79,221 8,513 PNC Financial Services Group Inc. (The) 898,082 1,335,257 4,894 PPG Industries Inc. 680, ,919 12,214 PPL Corporation 598, ,725 5,155 Praxair Inc. 773, , Priceline Group Inc. (The) 1,565,698 1,769,454 5,060 Principal Financial Group Inc. (*) 279, ,621 47,857 Procter & Gamble Company (The) 5,394,946 5,396,139

235 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 10,481 Progressive Corporation (The) 462, ,972 9,486 Prologis Inc. 615, ,552 7,441 Prudential Financial Inc. 691,224 1,038,389 9,149 Public Service Enterprise Group Inc. 552, ,375 2,680 Public Storage 902, ,262 6,287 PulteGroup Inc. (*) 168, ,965 1,459 PVH Corporation 185, ,563 2,291 Qorvo Inc. (*) 167, ,005 25,921 QUALCOMM Inc. 1,848,432 2,266,440 2,579 Quanta Services Inc. 82, ,531 2,565 Quest Diagnostics Inc. 275, ,117 1,012 Ralph Lauren Corporation 123, ,577 3,086 Range Resources Corporation 178, ,198 5,060 Raytheon Company 916, ,571 4,660 Realty Income Corporation 426, ,209 3,265 Red Hat Inc. (*) 310, ,183 1,425 Regeneron Pharmaceuticals Inc. (*) 705, ,508 23,411 Regions Financial Corporation 258, ,837 4,412 Republic Services Inc. 303, ,548 14,969 Reynolds American Inc. 1,040,694 1,124,957 2,615 Robert Half International Inc. 132, ,064 2,351 Rockwell Automation Inc. 355, ,737 2,343 Rockwell Collins Inc. 257, ,459 1,823 Roper Technologies Inc. 405, ,582 7,310 Ross Stores Inc. 556, ,082 3,029 Royal Caribbean Cruises Limited 271, , Ryder System Inc. 80,778 95,336 4,763 S&P Global Inc. 678, ,903 11,035 salesforce.com inc. 1,168,039 1,013,104 2,594 SCANA Corporation 254, ,918 24,495 Schlumberger Limited 2,523,848 2,757,675 1,889 Scripps Networks Interactive Inc. Cl. A(*) 159, ,798 5,284 Seagate Technology PLC 166, ,477 3,579 Sealed Air Corporation 220, ,615 4,256 Sempra Energy 630, ,404 1,423 Sherwin-Williams Company (The) 570, ,840 1,398 Signet Jewelers Limited 154, ,718 5,490 Simon Property Group Inc. 1,569,311 1,308,071 3,340 Skyworks Solutions Inc. (*) 274, ,410 1,825 SL Green Realty Corporation (*) 253, ,220 1,058 Snap-on Inc. 221, ,003 17,837 Southern Company (The) 1,261,722 1,176,640 10,595 Southwest Airlines Company 562, ,148 9,133 Southwestern Energy Company (*) 153, ,521 12,555 Spectra Energy Corporation 597, ,828 5,089 St. Jude Medical Inc. 536, ,265 2,700 Stanley Black & Decker Inc. 406, ,274 12,762 Staples Inc. 147, ,886 25,572 Starbucks Corporation 1,890,951 1,903,966 6,251 State Street Corporation 435, ,519 1,643 Stericycle Inc. (*) 225, ,746 5,666 Stryker Corporation 906, ,363 9,036 SunTrust Banks Inc. 489, ,657

236 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 11,055 Symantec Corporation 299, ,177 13,443 Synchrony Financial 480, ,866 8,670 Sysco Corporation 585, ,782 4,486 T. Rowe Price Group Inc. 429, ,760 9,731 Target Corporation 908, ,584 6,469 TE Connectivity Limited 486, ,021 4,391 TEGNA Inc. 135, ,956 2,641 Teradata Corporation 89,646 96,228 2,204 Tesoro Corporation 209, ,474 17,553 Texas Instruments Inc. 1,453,247 1,717,674 4,863 Textron Inc. 235, ,685 7,111 Thermo Fisher Scientific Inc. 1,420,796 1,345,559 1,972 Tiffany & Company 158, ,768 13,516 Time Warner Inc. 1,378,829 1,749,667 11,344 TJX Companies Inc. (The) 1,172,097 1,142,943 2,046 Torchmark Corporation 164, ,382 3,046 Total System Services Inc. 215, ,280 2,330 Tractor Supply Company 285, , TransDigm Group Inc. (*) 285, ,433 6,210 Transocean Limited (*) 98, ,754 4,866 Travelers Companies Inc. (The) 751, ,858 2,231 TripAdvisor Inc. 195, ,734 18,209 Twenty-First Century Fox Inc. Cl. A 660, ,714 8,006 Twenty-First Century Fox Inc. Cl. B 293, ,568 4,834 Tyson Foods Inc. Cl. A 437, ,849 28,025 U.S. Bancorp 1,470,185 1,930,635 5,049 UDR Inc. 245, , Ulta Salon Cosmetics & Fragrance Inc. 303, ,588 3,573 Under Armour Inc. Cl. A(*) 189, ,195 3,598 Under Armour Inc. Cl. C 173, ,448 14,496 Union Pacific Corporation 1,720,275 2,015,525 4,859 United Continental Holdings Inc. 263, ,898 12,068 United Parcel Service Inc. Cl. B 1,729,494 1,855,310 1,592 United Rentals Inc. 140, ,408 13,457 United Technologies Corporation 1,825,365 1,978,258 16,783 UnitedHealth Group Inc. 3,107,852 3,601,995 1,631 Universal Health Services Inc. Cl. B 292, ,680 4,495 Unum Group 183, ,811 1,825 Urban Outfitters Inc. 69,470 69,702 7,777 Valero Energy Corporation 485, ,533 1,788 Varian Medical Systems Inc. (*) 198, ,274 6,061 Ventas Inc. 576, ,169 1,729 VeriSign Inc. (*) 193, ,382 2,796 Verisk Analytics Inc. Cl. A 305, ,353 71,996 Verizon Communications Inc. 5,266,359 5,153,852 4,433 Vertex Pharmaceuticals Inc. 516, ,959 6,140 VF Corporation 514, ,286 6,249 Viacom Inc. Cl. B 369, ,146 32,913 Visa Inc. Cl. A 3,291,280 3,443,645 2,870 Vornado Realty Trust (*) 377, ,701 2,392 Vulcan Materials Company 386, ,455 1,027 W.W. Grainger Inc. 309, ,868 14,993 Walgreens Boots Alliance Inc. 1,604,842 1,664,003

237 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 26,473 Wal-Mart Stores Inc. 2,557,909 2,453,872 25,862 Walt Disney Company (The) 3,371,312 3,614,583 7,472 Waste Management Inc. 661, ,541 1,454 Waters Corporation 278, ,045 5,699 WEC Energy Group Inc. 484, ,241 79,978 Wells Fargo & Company 5,002,355 5,910,795 6,442 Welltower Inc. (*) 637, ,211 5,091 Western Digital Corporation 328, ,914 8,864 Western Union Company (The)(*) 226, ,187 4,568 WestRock Company 230, ,013 13,511 Weyerhaeuser Company 542, ,198 1,380 Whirlpool Corporation 309, ,392 5,809 Whole Foods Market Inc. (*) 255, ,625 12,613 Williams Companies Inc. (The) 351, ,723 2,114 Willis Towers Watson PLC 345, ,661 2,036 Wyndham Worldwide Corporation 192, ,519 1,451 Wynn Resorts Limited 170, ,337 9,098 Xcel Energy Inc. 530, ,576 16,862 Xerox Corporation (*) 210, ,410 4,596 Xilinx Inc. 282, ,088 5,333 XL Group Limited 229, ,477 3,215 Xylem Inc. 195, ,504 15,794 Yahoo! Inc. 779, ,052 5,870 Yum! Brands Inc. 658, ,531 3,651 Zimmer Biomet Holdings Inc. 596, ,285 3,970 Zions Bancorporation 128, ,144 9,153 Zoetis Inc. 583, , ,348, ,130,558 Adjustment for transaction costs (428) - Total investments 100.0% 428,348, ,130,558 ( * ), the fair of securities loaned by the Fund was 18,549,542. Securities with a market of 20,048,301 have been provided as collateral by borrowers to the Fund.

238 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized loss S&P 500 E-Mini Index Futures 26 March 2017 USD 2,236 (24,756) Futures contracts, at fair (24,756) As at December , 281,650 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 3,898,513 Legend USD = United States dollar

239 Notes to financial statements of WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations December 31, 2016 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P 500 Index (the Index ) while minimizing transaction costs. Fair hierarchy The following table illustrates the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016: Level 1 Level 2 Level 3 Total Equities 460,130, ,130,558 Futures contracts (24,756) - - (24,756) 460,105, ,105,802 Currency risk The following table summarizes the Fund s exposure to currency risk: Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Forward foreign currency contracts Net exposure Percentage of net assets % United States dollar 460,130,558 3,976,309 - (798,330) - 463,308, ,130,558 3,976,309 - (798,330) - 463,308, , had the Canadian dollar strengthened or weakened by 5% in relation to the United States dollar, with all other variables held constant, the impact on net assets attributable to holders of redeemable units would have been approximately 23,165,000. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Interest rate risk, the majority of the Fund s financial assets and financial liabilities are non interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

240 Notes to financial statements of WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations December 31, 2016 Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 46,013,000. In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk The Fund enters into securities lending transactions with counterparties whereby it temporarily exchanges securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. CIBC Mellon Global Securities Services Company, as lending agent, indemnifies the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan., CIBC Mellon had a credit rating of AA- from Standard & Poor s., the counterparty to the derivative financial instruments had a credit rating of BBB+ from Standard & Poor s. Liquidity risk, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

241 Notes to financial statements of WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations December 31, 2016 Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector December 31, 2016 % Consumer discretionary 12 Consumer staples 9 Energy 8 Financials 15 Health care 13 Industrials 10 Information technology 21 Materials 3 Real estate 3 Telecommunication services 3 Utilities Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the period from July 8, 2016 (inception date) to December 31, 2016 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 39,111,700 Average units outstanding during the year 43,907,764 Increase (decrease) in net assets attributable to holders of redeemable units per unit 0.89

242 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Statements of financial position As at December 31, Assets Current assets Investments* 309,182, ,264,303 Cash 8,496,960 8,700,878 Cash, segregated 655, ,553 Receivable for investments sold ,031 Interest receivable 5,151 - Dividends receivable 381, ,583 Futures contracts, at fair - 79,873 Total assets 318,721, ,734,221 Liabilities Current liabilities Payable for investments purchased 46,113 81,483 Accrued expenses 57,136 12,093 Futures contracts, at fair 125,757 - Total liabilities 229,006 93,576 Net assets attributable to holders of redeemable units 318,492, ,640,645 Number of redeemable units outstanding 21,094,384 22,327,923 Net assets attributable to holders of redeemable units per unit * Investments at cost 202,711, ,787,507 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

243 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Statements of comprehensive income For the years ended December 31, Investment income Dividends 5,633,389 8,299,232 Interest for distribution purposes Securities lending income 35,945 31,709 Other changes in fair of investments and derivatives Net realized gain (loss) 64,536,831 32,572,133 Net change in unrealized appreciation (depreciation) (25,420,432) 15,874,191 Other changes in fair of derivative financial instruments Net realized gain (loss) 1,714,409 (353,861) Net change in unrealized appreciation (depreciation) (205,630) (120,724) Total income (loss) 46,294,891 56,302,680 Expenses Audit fees 29,582 24,793 Custodial fees 103,561 88,262 Other fees 30 - Proxy fees Regulatory fees 8, Transaction costs 22,357 12,631 Trustee fees 2,554 - Total expenses 167, ,031 Waivers and reimbursements (8,117) - Net expenses 159, ,031 Increase (decrease) in net assets attributable to holders of redeemable units 46,135,341 56,176,649 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year

244 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 46,135,341 56,176,649 Distributions to holders of redeemable units From net investment income (7,605,202) (7,413,840) From capital gains (68,700,078) (32,336,452) From securities lending income (35,945) (31,709) Total distributions to holders of redeemable units (76,341,225) (39,782,001) Redeemable unit transactions Proceeds from redeemable units issued 33,949,731 31,709 Reinvestment of distribution to holders of redeemable units 76,336,095 39,750,292 Redemption of redeemable units (142,227,774) - Increase (decrease) from redeemable unit transactions (31,941,948) 39,782,001 Net increase (decrease) in net assets attributable to holders of redeemable units (62,147,832) 56,176,649 Net assets attributable to holders of redeemable units Beginning of year 380,640, ,463,996 Net assets attributable to holders of redeemable units End of year 318,492, ,640,645 Number of redeemable units outstanding Beginning of year 22,327,923 19,994,478 Issued 2,122,451 1,745 Reinvested 5,055,880 2,331,700 Redeemed (8,411,870) - Number of redeemable units outstanding End of year 21,094,384 22,327,923

245 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 46,135,341 56,176,649 Adjustments for: Net realized (gain) loss on investments (64,127,213) (31,348,935) Net change in unrealized (appreciation) depreciation on investments and derivatives 25,211,562 (15,411,475) Proceeds from sale of investments 200,543,265 75,374,996 Purchases of investments (71,015,150) (82,785,494) Cash, segregated 271, ,381 Dividends receivable 155,656 (250,047) Interest receivable (5,151) - Accrued expenses 45,043 (9,600) Net cash from (used in) operating activities 137,214,762 2,005,475 Cash flows from (used in) financing activities Proceeds from redeemable units issued 4,814,224 31,709 Distributions paid to holders of redeemable units, net of reinvested distributions (5,130) (31,709) Redemption of redeemable units (142,227,774) - Net cash from (used in) financing activities (137,418,680) - Net increase (decrease) in cash during the year (203,918) 2,005,475 Cash Beginning of year 8,700,878 6,695,403 Cash End of year 8,496,960 8,700,878 Interest received Dividends received, net of foreign withholding taxes* 5,789,045 8,049,185 Redeemable units issued in kind 29,135,507 - * Included as part of cash flows from operating activities

246 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities 100.0% Common stock 100.0% 15,096 3D Systems Corporation 618, ,049 9,002 Aaron's Inc. (*) 226, ,188 5,731 ABIOMED Inc. 712, ,009 16,635 ACI Worldwide Inc. (*) 229, ,897 11,008 Acxiom Corporation (*) 212, , ,932 Advanced Micro Devices Inc. 523,733 1,641,377 21,825 AECOM 520,529 1,064,200 9,563 AGCO Corporation 421, ,023 12,437 Akorn Inc. (*) 610, ,095 6,513 Alexander & Baldwin Inc. (*) 162, ,906 11,262 Alexandria Real Estate Equities Inc. 980,956 1,678,386 10,623 Align Technology Inc. 807,873 1,369,465 2,190 Alleghany Corporation 920,131 1,785,987 15,395 Allegheny Technologies Inc. 527, ,882 26,233 Allscripts Healthcare Solutions Inc. (*) 449, ,185 8,373 AMC Networks Inc. 499, ,706 18,764 American Campus Communities Inc. 903,371 1,252,386 24,225 American Eagle Outfitters Inc. 445, ,827 10,365 American Financial Group Inc. 509,960 1,224,867 12,292 ANSYS Inc. 825,881 1,524,622 20,924 A.O. Smith Corporation 673,546 1,328,647 8,894 AptarGroup Inc. 503, ,060 25,211 Aqua America Inc. 581,643 1,015,629 27,054 ARRIS International PLC 987,191 1,093,140 12,711 Arrow Electronics Inc. 546,403 1,215,386 8,832 Ashland Global Holdings Inc. 713,359 1,294,448 8,571 Aspen Insurance Holdings Limited (*) 321, ,178 21,002 Associated Banc-Corp 319, ,669 14,802 Atmos Energy Corporation 759,388 1,471,894 12,500 Avis Budget Group Inc. 622, ,871 18,116 Avnet Inc. 685,935 1,156,659 61,937 Avon Products Inc. 543, ,625 14,451 B/E Aerospace Inc. 482,877 1,166,453 12,113 BancorpSouth Inc. 278, ,381 6,072 Bank of Hawaii Corporation 352, ,190 12,862 Bank of the Ozarks Inc. 715, ,103 5,951 Belden Inc. 495, ,709 13,290 Bemis Company Inc. 662, ,275 6,369 Big Lots Inc. 244, ,851 2,980 Bio-Rad Laboratories Inc. Cl. A 378, ,451 5,345 Bio-Techne Corporation 473, ,076 7,550 Black Hills Corporation 346, ,063 1,330 Boston Beer Company Inc. Cl. A (The)(*) 478, ,944 7,018 Brinker International Inc. (*) 202, ,151 16,909 Broadridge Financial Solutions Inc. 650,405 1,503,406 57,100 Brocade Communications Systems Inc. 680, ,409 16,342 Brown & Brown Inc. 449, ,127 12,713 Brunswick Corporation 653, ,840 2,595 Buffalo Wild Wings Inc. (*) 609, ,316 7,334 Cabela's Inc. Cl. A(*) 429, , Cable One Inc. 227, ,637 8,871 Cabot Corporation 343, ,247

247 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 40,659 Cadence Design Systems Inc. 596,433 1,375,139 10,383 CalAtlantic Group Inc. (*) 543, ,559 12,427 Camden Property Trust 836,532 1,401,046 11,901 Care Capital Properties Inc. 507, ,996 9,171 Carlisle Companies Inc. 600,987 1,356,431 6,606 Carpenter Technology Corporation 266, ,429 7,019 Carter's Inc. 496, ,174 5,606 Casey's General Stores Inc. (*) 708, ,731 17,727 Catalent Inc. (*) 712, ,915 10,569 Cathay General Bancorp 200, ,020 11,558 CBOE Holdings Inc. (*) 493,871 1,145,284 21,237 CDK Global Inc. 889,569 1,699,964 4,613 CEB Inc. 198, ,888 6,723 Charles River Laboratories International Inc. 360, ,920 6,302 Cheesecake Factory Inc. (The) 221, ,064 10,000 Chemical Financial Corporation 607, ,447 18,322 Chico's FAS Inc. 290, ,573 1,769 Churchill Downs Inc. 293, ,915 19,766 Ciena Corporation (*) 388, ,041 14,997 Cinemark Holdings Inc. (*) 466, ,486 9,050 Cirrus Logic Inc. 669, ,198 6,874 CLARCOR Inc. (*) 382, ,240 7,414 Clean Harbors Inc. (*) 348, ,303 24,586 CNO Financial Group Inc. (*) 550, ,396 12,169 Cognex Corporation (*) 596,128 1,038,230 12,348 Commerce Bancshares Inc. 537, ,292 16,406 Commercial Metals Company 301, ,188 19,910 Communications Sales & Leasing Inc. 724, ,455 5,933 Commvault Systems Inc. 435, ,962 4,800 Compass Minerals International Inc. (*) 432, ,342 19,963 Computer Sciences Corporation 853,125 1,590,755 6,430 comscore Inc. 343, ,313 25,100 CONSOL Energy Inc. (*) 351, ,628 13,560 Convergys Corporation 245, ,615 14,458 Copart Inc. (*) 470,551 1,074,339 16,705 CoreCivic Inc. 569, ,959 12,225 CoreLogic Inc. 339, ,803 13,417 Corporate Office Properties Trust 441, ,737 48,500 Cousins Properties Inc. 636, ,498 3,415 Cracker Barrel Old Country Store Inc. (*) 656, ,716 7,121 Crane Company 339, ,718 14,190 Cree Inc. (*) 718, ,188 10,710 CST Brands Inc. (*) 386, ,561 7,945 Cullen/Frost Bankers Inc. 501, ,059 6,309 Curtiss-Wright Corporation 617, ,193 45,522 Cypress Semiconductor Corporation 807, ,381 20,373 Dana Inc. 515, ,557 12,900 DCT Industrial Trust Inc. 682, ,302 12,867 Dean Foods Company (*) 474, ,820 4,601 Deckers Outdoor Corporation 301, ,766 6,903 Deluxe Corporation 241, ,913 56,449 Denbury Resources Inc. 433, ,579 8,086 DeVry Education Group Inc. 209, ,324 9,100 Diamond Offshore Drilling Inc. (*) 210, ,003 12,447 Dick's Sporting Goods Inc. 507, ,348 10,691 Diebold Nixdorf Inc. (*) 345, ,580

248 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 6,830 Domino's Pizza Inc. 643,174 1,458,538 8,875 Domtar Corporation 431, ,528 18,764 Donaldson Company Inc. (*) 587,661 1,058,878 20,464 Douglas Emmett Inc. (*) 793,893 1,003,325 5,337 Dril-Quip Inc. 422, ,789 4,577 DST Systems Inc. 409, ,685 50,333 Duke Realty Corporation 927,107 1,792,775 13,037 Dunkin' Brands Group Inc. 837, ,823 4,500 Dycom Industries Inc. (*) 502, ,528 6,852 Eagle Materials Inc. 506, ,380 20,427 East West Bancorp Inc. 584,212 1,392,418 16,092 Eaton Vance Corporation (*) 572, ,778 8,227 Edgewell Personal Care Company 499, ,285 10,400 Education Realty Trust Inc. 575, ,955 8,615 EMCOR Group Inc. 556, ,501 9,151 Endurance Specialty Holdings Limited (*) 819,205 1,133,928 13,761 Energen Corporation 708,675 1,064,253 8,811 Energizer Holdings Inc. 175, ,111 6,200 EnerSys 579, ,363 42,940 Ensco PLC (*) 576, ,723 9,078 EPR Properties 728, ,732 13,200 Equity One Inc. 359, ,270 4,201 Esterline Technologies Corporation 347, ,531 5,836 Everest Re Group Limited 769,824 1,693,626 29,544 F.N.B. Corporation 488, ,108 5,659 FactSet Research Systems Inc. 674,075 1,240,271 4,382 Fair Isaac Corporation 231, ,594 13,234 Federated Investors Inc. Cl. B 345, ,898 15,562 First American Financial Corporation (*) 397, ,447 33,049 First Horizon National Corporation 426, ,850 16,600 First Industrial Realty Trust Inc. 503, ,433 25,906 Flowers Foods Inc. (*) 436, ,783 20,872 Fortinet Inc. 618, ,071 5,942 Fossil Group Inc. 293, ,066 6,051 FTI Consulting Inc. (*) 281, ,810 24,540 Fulton Financial Corporation 277, ,696 14,500 GameStop Corporation Cl. A 600, ,186 11,758 Gartner Inc. 624,301 1,593,678 5,642 GATX Corporation (*) 228, ,927 8,744 Genesee & Wyoming Inc. Cl. A 715, ,911 40,624 Gentex Corporation 528,974 1,072,688 70,520 Genworth Financial Inc. Cl. A 400, ,315 10,200 Globus Medical Inc. Cl. A 315, ,369 7,893 Graco Inc. 431, , Graham Holdings Company Cl. B(*) 293, ,810 5,611 Granite Construction Inc. (*) 225, ,855 30,576 Great Plains Energy Inc. 876,163 1,121,458 3,632 Greif Inc. Cl. A(*) 193, ,915 21,880 Gulfport Energy Corporation (*) 1,145, ,965 14,698 Hain Celestial Group Inc. (The) 745, ,311 6,623 Halyard Health Inc. 279, ,448 11,820 Hancock Holding Company 399, ,187 6,049 Hanover Insurance Group Inc. (The) 370, ,274 15,367 Hawaiian Electric Industries Inc. (*) 435, ,504 16,400 Healthcare Realty Trust Inc. 658, ,834 12,700 HealthSouth Corporation (*) 688, ,372

249 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 4,000 Helen of Troy Limited (*) 537, ,007 8,529 Herman Miller Inc. 215, ,173 14,236 Highwoods Properties Inc. 619, ,841 8,465 Hill-Rom Holdings Inc. 330, ,301 6,350 HNI Corporation (*) 233, ,196 24,995 HollyFrontier Corporation (*) 846,129 1,098,100 23,272 Hospitality Properties Trust 656, ,571 4,497 HSN Inc. 223, ,853 7,324 Hubbell Inc. 635,777 1,146,210 6,586 Huntington Ingalls Industries Inc. 513,414 1,626,795 7,160 IDACORP Inc. (*) 379, ,434 10,806 IDEX Corporation (*) 575,405 1,305,094 12,745 IDEXX Laboratories Inc. 639,072 2,004,342 10,285 Ingredion Inc. 686,159 1,723,536 19,000 Integrated Device Technology Inc. 233, ,308 4,849 InterDigital Inc. 210, ,026 8,265 International Bancshares Corporation 192, ,218 3,715 International Speedway Corporation Cl. A 123, ,338 19,456 Intersil Corporation Cl. A 303, ,840 5,265 IPG Photonics Corporation (*) 501, ,955 12,543 ITT Inc. 358, ,778 43,641 J.C. Penney Company Inc. (*) 491, ,341 6,800 j2 Global Inc. (*) 703, ,946 26,337 Jabil Circuit Inc. (*) 645, ,006 11,095 Jack Henry & Associates Inc. 553,239 1,320,953 4,593 Jack in the Box Inc. 510, ,640 20,165 Janus Capital Group Inc. 192, ,851 45,989 JetBlue Airways Corporation 760,988 1,382,721 6,334 John Wiley & Sons Inc. Cl. A 316, ,934 6,422 Jones Lang LaSalle Inc. 636, ,179 13,956 Joy Global Inc. 313, ,039 18,182 Kate Spade & Company 730, ,230 11,814 KB Home (*) 179, ,480 20,197 KBR Inc. 440, ,052 6,930 Kemper Corporation (*) 213, ,701 11,354 Kennametal Inc. 366, ,974 24,138 Keysight Technologies Inc. 877,523 1,183,781 13,098 Kilroy Realty Corporation (*) 843,732 1,286,115 7,640 Kirby Corporation (*) 442, ,334 7,433 KLX Inc. (*) 129, ,658 12,572 Knowles Corporation 390, ,725 11,749 Lamar Advertising Company Cl. A(*) 511,448 1,059,433 19,700 Lamb Weston Holdings Inc. 806, ,947 2,802 Lancaster Colony Corporation 222, ,290 5,927 Landstar System Inc. 318, ,999 16,053 LaSalle Hotel Properties 605, ,954 12,800 Legg Mason Inc. 548, ,418 20,271 Leidos Holdings Inc. 912,576 1,390,211 5,504 Lennox International Inc. 454,433 1,130,569 20,840 Liberty Property Trust 777,927 1,103,926 6,597 Life Storage Inc. 861, ,287 5,675 LifePoint Health Inc. (*) 274, ,274 8,783 Lincoln Electric Holdings Inc. 380, ,053 3,200 Littelfuse Inc. 644, ,300 6,259 LivaNova PLC 522, ,462 18,761 Live Nation Entertainment Inc. (*) 504, ,241

250 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 20,217 Louisiana-Pacific Corporation 239, ,230 12,691 Mack-Cali Realty Corporation 390, ,899 10,134 Manhattan Associates Inc. (*) 726, ,688 9,513 ManpowerGroup Inc. 664,905 1,133,751 5,379 MarketAxess Holdings Inc. 752,277 1,059,809 9,214 MAXIMUS Inc. 718, ,365 10,097 MB Financial Inc. 506, ,522 27,701 MDU Resources Group Inc. 703,376 1,068,760 45,500 Medical Properties Trust Inc. (*) 853, ,519 13,174 MEDNAX Inc. (*) 633,118 1,177,682 15,550 Mentor Graphics Corporation 274, ,279 5,165 Mercury General Corporation (*) 253, ,046 5,185 Meredith Corporation 222, ,290 16,323 Microsemi Corporation 723,905 1,181,401 4,939 Minerals Technologies Inc. 214, ,661 6,035 Molina Healthcare Inc. (*) 517, ,139 5,300 Monolithic Power Systems Inc. 533, ,323 4,393 MSA Safety Inc. 173, ,439 6,343 MSC Industrial Direct Company Inc. Cl. A 455, ,895 13,352 MSCI Inc. Cl. A 719,641 1,410,611 5,154 Murphy USA Inc. (*) 261, ,867 40,200 Nabors Industries Limited (*) 625, ,127 12,085 National Fuel Gas Company (*) 710, ,941 14,975 National Instruments Corporation (*) 425, ,934 20,842 National Retail Properties Inc. 826,725 1,235,397 17,580 NCR Corporation 410, ,229 13,038 NetScout Systems Inc. (*) 602, ,765 7,765 NeuStar Inc. Cl. A 235, ,803 12,200 New Jersey Resources Corporation (*) 552, ,809 69,170 New York Community Bancorp Inc. 1,154,581 1,475,818 17,224 New York Times Company Cl. A (The) 201, ,207 1,323 NewMarket Corporation 402, ,981 34,399 Noble Corporation PLC (*) 564, ,094 7,583 Nordson Corporation 450,964 1,139,457 6,900 NorthWestern Corporation 539, ,232 15,234 NOW Inc. 490, ,193 7,152 NuVasive Inc. (*) 633, , NVR Inc. 542,987 1,121,344 13,908 Oceaneering International Inc. 592, ,154 74,764 Office Depot Inc. (*) 450, ,185 28,373 OGE Energy Corporation 778,966 1,272,760 7,268 Oil States International Inc. (*) 218, ,123 9,877 Old Dominion Freight Line Inc. (*) 643,153 1,136,336 34,605 Old Republic International Corporation (*) 510, ,734 23,463 Olin Corporation 515, ,820 27,746 Omega Healthcare Investors Inc. 990,299 1,163,146 7,410 ONE Gas Inc. 355, ,582 8,334 Orbital ATK Inc. (*) 518, ,498 10,602 Oshkosh Corporation Cl. B 455, ,613 8,692 Owens & Minor Inc. 306, ,355 23,000 Owens-Illinois Inc. 563, ,997 13,269 Packaging Corporation of America 584,047 1,509,320 17,103 PacWest Bancorp 873,977 1,248,635 3,128 Panera Bread Company Cl. A(*) 430, ,312 3,800 Papa John's International Inc. 442, ,115 16,422 Parametric Technology Corporation 424,512 1,018,991

251 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 7,526 PAREXEL International Corporation (*) 656, ,295 21,071 Patterson-UTI Energy Inc. 405, ,686 4,722 Plantronics Inc. 169, ,764 11,337 PNM Resources Inc. 251, ,479 8,501 Polaris Industries Inc. (*) 677, ,268 11,939 PolyOne Corporation 486, ,986 5,861 Pool Corporation 644, ,101 9,249 Post Holdings Inc. (*) 515, ,107 5,731 Potlatch Corporation 213, ,103 7,500 Prestige Brands Holdings Inc. 538, ,015 6,550 Primerica Inc. 253, ,405 11,300 PrivateBancorp Inc. 533, ,188 9,871 Prosperity Bancshares Inc. 555, ,188 33,995 QEP Resources Inc. 696, ,293 13,300 Quality Care Properties Inc. 265, ,457 17,919 Raymond James Financial Inc. 756,254 1,664,577 17,402 Rayonier Inc. 433, ,763 6,381 Regal Beloit Corporation 415, ,589 14,825 Regency Centers Corporation (*) 891,127 1,370,800 9,148 Reinsurance Group of America Inc. 645,582 1,543,673 10,312 Reliance Steel & Aluminum Company 625,311 1,099,951 5,846 RenaissanceRe Holdings Limited (*) 686,868 1,067,934 19,981 ResMed Inc. 907,406 1,662,662 5,400 Restoration Hardware Holdings Inc. (*) 304, ,319 13,584 Rollins Inc. 241, ,364 17,837 Rowan Companies PLC Cl. A(*) 521, ,855 9,285 Royal Gold Inc. 697, ,812 18,975 RPM International Inc. 650,764 1,369,781 20,500 Sally Beauty Holdings Inc. 765, ,326 6,399 Science Applications International Corporation 287, ,701 6,306 Scotts Miracle-Gro Company Cl. A (The) 365, ,034 19,100 SEI Investments Company 609,258 1,264,310 33,709 Senior Housing Properties Trust (*) 794, ,739 6,327 Sensient Technologies Corporation 270, ,737 27,062 Service Corporation International 401,462 1,030,678 7,626 Signature Bank 768,148 1,536,072 5,271 Silgan Holdings Inc. (*) 256, ,775 5,900 Silicon Laboratories Inc. 301, ,293 18,917 Skechers U.S.A. Inc. Cl. A(*) 858, ,561 60,813 SLM Corporation 600, ,717 13,710 SM Energy Company (*) 683, ,942 12,113 Snyder's-Lance Inc. 524, ,800 14,160 Sonoco Products Company (*) 559,223 1,000,734 6,494 Sotheby's Cl. A(*) 201, ,132 6,785 Southwest Gas Holdings Inc. 690, ,167 18,941 Sprouts Farmers Market Inc. (*) 639, ,584 34,623 Steel Dynamics Inc. 705,048 1,652,021 12,122 STERIS PLC 739,388 1,095,506 9,379 Stifel Financial Corporation 517, ,257 21,554 Superior Energy Services Inc. (*) 527, ,916 7,429 SVB Financial Group 604,013 1,710,190 4,963 Synaptics Inc. (*) 534, ,609 4,148 SYNNEX Corporation (*) 523, ,195 21,513 Synopsys Inc. 788,188 1,698,112 17,405 Synovus Financial Corporation 395, ,847 13,608 Tanger Factory Outlet Centers Inc. (*) 546, ,950

252 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 8,584 Taubman Centers Inc. 592, ,051 24,231 TCF Financial Corporation 371, ,577 5,044 Tech Data Corporation (*) 304, ,797 4,950 Teledyne Technologies Inc. 616, ,498 6,280 Teleflex Inc. 658,120 1,357,172 13,235 Telephone and Data Systems Inc. 424, ,408 7,165 Tempur Sealy International Inc. (*) 406, ,077 11,300 Tenet Healthcare Corporation (*) 458, ,883 28,590 Teradyne Inc. 575, ,852 15,019 Terex Corporation 365, ,053 9,100 Texas Roadhouse Inc. Cl. A 519, ,699 6,809 Thor Industries Inc. (*) 327, ,578 14,004 Time Inc. (*) 349, ,224 9,891 Timken Company (The) 229, ,594 21,220 Toll Brothers Inc. 608, ,170 2,439 Tootsie Roll Industries Inc. 75, ,015 15,502 Toro Company (The) 762,680 1,163,142 8,048 TreeHouse Foods Inc. (*) 818, ,130 20,660 TRI Pointe Group Inc. (*) 381, ,066 35,539 Trimble Navigation Limited 797,398 1,436,936 21,654 Trinity Industries Inc. (*) 354, ,125 7,004 Triumph Group Inc. 384, ,907 9,649 Trustmark Corporation 233, ,304 7,161 Tupperware Brands Corporation (*) 440, ,323 4,735 Tyler Technologies Inc. (*) 670, ,571 24,520 UGI Corporation 689,117 1,515,228 4,145 Ultimate Software Group Inc. (The)(*) 749,588 1,013,620 6,200 UMB Financial Corporation 645, ,215 31,217 Umpqua Holdings Corporation 637, ,198 7,160 United Natural Foods Inc. (*) 410, ,204 24,488 United States Steel Corporation 655,553 1,084,036 6,025 United Therapeutics Corporation (*) 553,186 1,158,889 13,033 Urban Edge Properties 383, ,817 36,020 Valley National Bancorp (*) 448, ,266 3,204 Valmont Industries Inc. 383, ,408 10,376 Valspar Corporation (The) 578,505 1,441,706 11,522 VCA Inc. 423,588 1,060,751 11,739 Vectren Corporation 432, ,976 15,684 VeriFone Systems Inc. 553, ,916 15,400 Versum Materials Inc. 566, ,706 7,300 ViaSat Inc. 690, ,272 19,001 Vishay Intertechnology Inc. (*) 200, ,797 8,319 Vista Outdoor Inc. 208, ,664 13,825 W. R. Berkley Corporation (*) 552,615 1,233,096 12,653 Wabtec Corporation (*) 622,046 1,408,709 11,773 Waddell & Reed Financial Inc. Cl. A(*) 422, ,027 12,645 Washington Federal Inc. (*) 271, ,493 26,295 Washington Prime Group Inc. 541, ,087 3,664 Watsco Inc. Cl. A 343, ,803 5,268 WebMD Health Corporation 429, ,195 13,022 Webster Financial Corporation (*) 327, ,900 16,760 Weingarten Realty Investors 503, ,416 6,284 WellCare Health Plans Inc. 404,515 1,155,195 28,378 Wendy's Company (The)(*) 199, ,521 6,292 Werner Enterprises Inc. 159, ,401 10,406 West Pharmaceutical Services Inc. 826,916 1,183,800

253 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 20,150 Westar Energy Inc. 741,581 1,522,699 11,276 Western Refining Inc. 496, ,356 5,456 WEX Inc. 433, ,551 7,263 WGL Holdings Inc. 359, ,971 25,165 WhiteWave Foods Company Cl. A (The) 943,014 1,876,362 11,570 Williams-Sonoma Inc. 502, ,817 16,183 WisdomTree Investments Inc. (*) 417, ,763 7,906 Woodward Inc. 302, ,092 9,977 World Fuel Services Corporation 465, ,260 6,218 Worthington Industries Inc. 133, ,585 48,866 WPX Energy Inc. (*) 817, ,798 7,499 Zebra Technologies Corporation Cl. A(*) 368, , ,718, ,182,588 Adjustment for transaction costs (6,690) - Total investments 100.0% 202,711, ,182,588 ( * ), the fair of securities loaned by the Fund was 49,021,187. Securities with a market of 52,305,507 have been provided as collateral by borrowers to the Fund.

254 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized (loss) S&P Midcap 400 E-Mini Index Futures 42 March 2017 USD 1,659 (125,757) Futures contracts, at fair (125,757), 655,144 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 9,344,731. Legend USD = United States dollar

255 Notes to financial statements of WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P MidCap 400 Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 309,182, ,182,588 Futures contracts (125,757) - - (125,757) 309,056, ,056,831 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 370,264, ,264,303 Futures contracts 79, , ,344, ,344,176 Currency risk The following tables summarize the Fund s exposure to currency risk: Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Forward foreign currency contracts Net exposure Percentage of net assets % United States dollar 309,182,588 9,424,297 - (46,113) - 318,560, As at December 31, 2015 Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Forward foreign currency contracts Net exposure Percentage of net assets % United States dollar 370,264,303 10,325,823 - (81,483) - 380,508,

256 Notes to financial statements of WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations December 31, 2016 and 2015, had the Canadian dollar strengthened or weakened by 5% in relation to the United States dollar, with all other variables held constant, the impact on net assets attributable to holders of redeemable units would have been approximately 15,928,000 (December 31, ,025,000). In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are non-interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 30,918,000 (December 31, ,026,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk The Fund enters into securities lending transactions with counterparties whereby it temporarily exchanges securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. CIBC Mellon Global Securities Services Company, as lending agent, indemnifies the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan., CIBC Mellon had a credit rating of AA- from Standard & Poor s. Prior to July 8, 2016, State Street Bank and Trust Company served as the lending agent. As at December 31, 2015, State Street Bank and Trust Company had a credit rating of A from Standard & Poor s., the counterparty to the derivative financial instruments had a credit rating of BBB+ from Standard & Poor s (December 31, 2015 BBB+).

257 Notes to financial statements of WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Consumer discretionary Consumer staples 4 7 Energy 4 3 Financials Health care 8 6 Industrials Information technology 17 8 Materials 8 4 Real estate 10 - Telecommunication services 1 - Utilities Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 46,135,341 56,176,649 Average units outstanding during the year 17,892,782 19,990,112 Increase (decrease) in net assets attributable to holders of redeemable units per unit

258 WindWise S&P/TSX Capped Composite Index Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 526,097, ,609,661 Cash 1,534,132 1,611,996 Cash, segregated 146, ,355 Dividends receivable 1,307,902 1,555,203 Other assets - 25,792 Futures contracts, at fair - 11,743 Total assets 529,085, ,917,750 Liabilities Current liabilities Payable for investments purchased 909, ,425 Accrued expenses 3, ,523 Forward foreign currency contracts, at fair Futures contracts, at fair 17,540 - Total liabilities 930,852 1,143,325 Net assets attributable to holders of redeemable units 528,154, ,774,425 Number of redeemable units outstanding 68,835,206 77,246,058 Net assets attributable to holders of redeemable units per unit * Investments at cost 505,175, ,303,613 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

259 WindWise S&P/TSX Capped Composite Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Dividends 15,935,769 3,206,740 Interest for distribution purposes 302,291 71,351 Foreign withholding taxes Other changes in fair of investments Net realized gain (loss) 52,217,742 10,037,290 Net change in unrealized appreciation (depreciation) 35,612,653 (26,410,799) Other changes in fair of derivative financial instruments Net realized gain (loss) 480,019 (22,508) Net change in unrealized appreciation (depreciation) (28,906) (4,934) Total income (loss) 104,519,568 (13,122,566) Expenses Audit fees 29,582 24,503 Custodial fees 84,651 35,782 Foreign withholding taxes 20 - Other fees 30 - Proxy fees 1,686 - Regulatory fees ,085 Transaction costs 66,009 31,251 Trustee fees 2,431 - Total expenses 184, ,621 Waivers and reimbursements (6,670) (25,792) Net expenses 178, ,829 Increase (decrease) in net assets attributable to holders of redeemable units 104,341,457 (13,359,395) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.55 (1.22)

260 WindWise S&P/TSX Capped Composite Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 104,341,457 (13,359,395) Distributions to holders of redeemable units From net investment income (16,374,272) (1,969,763) From capital gains (68,493,157) (9,842,281) Total distributions to holders of redeemable units (84,867,429) (11,812,044) Redeemable unit transactions Proceeds from redeemable units issued 513,793, ,935,734 Reinvestment of distributions to holders of redeemable units 84,867,429 11,812,044 Redemption of redeemable units (670,754,053) (64,508,238) Increase (decrease) from redeemable unit transactions (72,093,501) 517,239,540 Net increase (decrease) in net assets attributable to holders of redeemable units (52,619,473) 492,068,101 Net assets attributable to holders of redeemable units Beginning of year 580,774,425 88,706,324 Net assets attributable to holders of redeemable units End of year 528,154, ,774,425 Number of redeemable units outstanding Beginning of year 77,246,058 10,273,734 Issued 59,887,962 72,620,815 Reinvested 11,021,851 1,557,886 Redeemed (79,320,665) (7,206,377) Number of redeemable units outstanding End of year 68,835,206 77,246,058

261 WindWise S&P/TSX Capped Composite Index Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 104,341,457 (13,359,395) Adjustments for: Net realized (gain) loss on investments (52,228,665) (10,008,587) Net change in unrealized (appreciation) depreciation on investments and derivatives (35,586,664) 26,417,987 Proceeds from sale of investments 193,210,375 3,611,722 Purchases of investments (52,104,403) (77,191,575) Cash, segregated (42,827) (39,577) Dividends receivable 247,301 (1,353,402) Other assets 25,792 (25,792) Accrued expenses (181,528) 183,492 Net cash from (used in) operating activities 157,680,838 (71,765,127) Cash flows from (used in) financing activities Proceeds from redeemable units issued 4,606,953 75,509,161 Redemption of redeemable units (162,365,655) (2,459,327) Net cash from (used in) financing activities (157,758,702) 73,049,834 Net increase (decrease) in cash during the year (77,864) 1,284,707 Cash Beginning of year 1,611, ,289 Cash End of year 1,534,132 1,611,996 Interest received* 302,291 71,351 Dividends received, net of foreign withholding taxes* 16,183,050 1,853,632 Redeemable units issued in kind 509,186, ,426,573 Redeemable units redeemed in kind (508,388,398) (62,048,911) * Included as part of cash flows from operating activities

262 WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Equities 100.0% Average cost Fair Common stock 100.0% 47,700 Advantage Oil & Gas Limited 430, ,024 16,500 Aecon Group Inc. 291, ,625 58,847 Agnico Eagle Mines Limited 4,146,476 3,321,913 36,133 Agrium Inc. 4,327,940 4,876,510 39,190 Aimia Inc. 331, ,007 71,791 Air Canada 729, ,383 84,451 Alacer Gold Corporation 281, ,170 68,976 Alamos Gold Inc. 730, ,718 10,500 Alaris Royalty Corporation 237, ,475 70,951 Algonquin Power & Utilities Corporation 838, , ,904 Alimentation Couche-Tard Inc. Cl. B 6,944,959 6,690,956 21,964 Allied Properties Real Estate Investment Trust 809, ,606 43,127 AltaGas Limited 1,434,553 1,462,005 9,400 Altus Group Limited 276, ,024 27,358 Amaya Inc. 579, ,076 92,015 ARC Resources Limited 2,131,877 2,126,467 40,611 Artis Real Estate Investment Trust 505, ,760 54,200 Asanko Gold Inc. 294, ,304 19,422 ATCO Limited NV Cl. I 899, ,387 21,599 ATS Automation Tooling Systems Inc. 242, , ,211 B2Gold Corporation 841, ,793 9,500 Badger Daylighting Limited 266, , ,882 Bank of Montreal 14,439,961 16,308, ,866 Bank of Nova Scotia (The) 22,127,912 23,614, ,995 Barrick Gold Corporation 6,975,690 6,554,343 54,130 Baytex Energy Corporation 310, , ,557 BCE Inc. 13,801,038 13,205,133 57,131 Birchcliff Energy Limited 502, , ,787 BlackBerry Limited 1,306,864 1,153,032 9,475 Boardwalk Real Estate Investment Trust 479, , ,436 Bombardier Inc. Cl. B 834,251 1,085,262 59,845 Bonavista Energy Corporation 248, ,854 6,400 Bonterra Energy Corporation 166, ,176 4,644 Boyd Group Income Fund 375, , ,384 Brookfield Asset Management Inc. Cl. A 10,531,936 10,073,111 5,051 Brookfield Business Partners Limited Partnership 210, ,945 55,997 Brookfield Property Partners Limited Partnership 1,692,126 1,642,392 29,542 Brookfield Renewable Energy Partners Limited Partnership 1,175,836 1,177,249 8,026 BRP Inc. 210, ,537 69,982 CAE Inc. 1,293,275 1,314, ,011 Cameco Corporation 1,206,536 1,446,274 35,102 Canadian Apartment Properties Real Estate Investment Trust 1,045,540 1,101,150 65,500 Canadian Energy Services & Technology Corporation 335, , ,772 Canadian Imperial Bank of Commerce 10,475,201 11,369, ,575 Canadian National Railway Company 16,936,734 18,123, ,049 Canadian Natural Resources Limited 12,029,465 12,368,407 38,186 Canadian Pacific Railway Limited 7,544,902 7,314,910 18,989 Canadian Real Estate Investment Trust 892, ,191 17,987 Canadian Tire Corporation Limited Cl. A 2,336,555 2,505,049 31,232 Canadian Utilities Limited Cl. A 1,156,115 1,130,286 23,554 Canadian Western Bank 593, ,628 18,763 Canfor Corporation 271, ,511 22,384 Capital Power Corporation 455, ,980 7,203 CCL Industries Inc. Cl. B 1,844,170 1,900,151

263 WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 32,253 Celestica Inc. 455, , ,107 Cenovus Energy Inc. 4,121,831 4,427,572 55,368 Centerra Gold Inc. 389, ,265 71,069 CGI Group Inc. Cl. A 4,431,978 4,579,686 49,507 Chartwell Retirement Residences 759, ,278 17,780 Chemtrade Logistics Income Fund 324, ,753 70,765 CI Financial Corporation 1,794,209 2,042,986 16,542 Cineplex Inc. 834, ,281 5,939 Cogeco Communications Inc. 385, ,399 8,993 Colliers International Group Inc. 497, ,064 44,888 Cominar Real Estate Investment Trust 655, ,751 20,624 Computer Modelling Group Limited 203, ,885 5,162 Constellation Software Inc. 3,046,304 3,149,439 29,399 Corus Entertainment Inc. Cl. B 351, ,427 35,667 Cott Corporation 657, , ,108 Crescent Point Energy Corporation 2,476,429 2,575,221 40,531 Crew Energy Inc. 270, ,388 22,649 Crombie Real Estate Investment Trust 318, ,573 19,679 Descartes Systems Group Inc. (The) 553, ,410 45,450 Detour Gold Corporation 1,269, ,281 27,577 DH Corporation 776, ,416 34,000 DHX Media Limited Cl. B 239, ,700 28,257 Dollarama Inc. 2,920,351 2,779,924 21,879 Dominion Diamond Corporation 274, ,646 7,500 Dorel Industries Inc. Cl. B 262, ,000 32,700 Dream Global Real Estate Investment Trust 287, ,015 28,111 Dream Office Real Estate Investment Trust 469, , ,735 ECN Capital Corporation 416, , ,805 Eldorado Gold Corporation 974, , ,635 Element Fleet Management Corporation 1,276,800 1,253,912 52,263 Emera Inc. 2,454,764 2,372,218 41,484 Empire Company Limited Cl. A 840, , ,377 Enbridge Inc. 14,032,391 13,863,800 25,648 Enbridge Income Fund Holdings Inc. 859, , ,158 Encana Corporation 3,365,406 4,005,530 17,500 Endeavour Mining Corporation 429, ,050 26,900 Enercare Inc. 506, ,896 23,063 Enerflex Limited 334, ,224 62,417 Enerplus Corporation 512, ,193 4,788 Enghouse Systems Limited 255, ,841 35,851 Ensign Energy Services Inc. 273, ,282 6,700 Exchange Income Corporation 284, ,725 25,400 Extendicare Inc. 238, ,952 6,029 Fairfax Financial Holdings Limited 4,524,151 3,909,806 43,761 Finning International Inc. 1,065,762 1,150,477 35,878 First Capital Realty Inc. 792, ,598 43,900 First Majestic Silver Corporation 582, , ,892 First Quantum Minerals Limited 1,891,496 2,401,558 8,048 FirstService Corporation 483, , ,662 Fortis Inc. 4,414,002 4,339,287 38,000 Fortuna Silver Mines Inc. 271, ,420 46,543 Franco-Nevada Corporation 4,260,239 3,736,472 26,319 Freehold Royalties Limited 336, ,940 10,212 Genworth MI Canada Inc. 335, ,736 12,307 George Weston Limited 1,349,176 1,397,952 36,684 Gibson Energy Inc. 637, ,262

264 WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 60,450 Gildan Activewear Inc. 2,220,383 2,060, ,800 Goldcorp Inc. 4,809,442 4,072, ,834 Gran Tierra Energy Inc. 397, ,386 12,208 Granite Real Estate Investment Trust 489, ,285 12,500 Great Canadian Gaming Corporation 282, ,250 72,520 Great-West Lifeco Inc. 2,349,693 2,550,528 44,900 Guyana Goldfields Inc. 369, ,788 74,143 H&R Real Estate Investment Trust 1,642,325 1,658,579 15,600 Home Capital Group Inc. 417, ,904 61,165 HudBay Minerals Inc. 302, ,747 29,259 Hudson's Bay Company 500, ,926 78,467 Husky Energy Inc. 1,271,215 1,278,227 43,300 Hydro One Limited 1,121,808 1,021, ,680 IAMGOLD Corporation 626, ,569 21,229 IGM Financial Inc. 762, ,948 66,398 Imperial Oil Limited 2,765,172 3,101,451 26,744 Industrial Alliance Insurance and Financial Services Inc. 1,262,749 1,427,862 26,612 Innergex Renewable Energy Inc. 387, ,366 34,265 Intact Financial Corporation 3,252,476 3,292,866 93,713 Inter Pipeline Limited 2,587,982 2,777,653 17,230 Interfor Corporation 251, ,967 18,235 Intertain Group Limited (The) 205, ,044 15,111 Intertape Polymer Group Inc. 342, , ,500 Ivanhoe Mines Limited Cl. A 326, ,490 20,000 Jean Coutu Group (PJC) Inc. Cl. A (The) 404, ,400 23,647 Just Energy Group Inc. 159, ,569 40,530 Kelt Exploration Limited 229, ,388 48,240 Keyera Corporation 2,050,320 1,951,790 6,400 Kinaxis Inc. 416, , ,124 Kinross Gold Corporation 1,768,641 1,358,080 47,100 Kirkland Lake Gold Limited 442, ,642 39,400 Klondex Mines Limited 296, ,250 26,300 Knight Therapeutics Inc. 264, ,462 17,863 Labrador Iron Ore Royalty Corporation 246, ,609 8,750 Laurentian Bank of Canada 440, ,137 11,798 Linamar Corporation 641, ,627 55,067 Loblaw Companies Limited 3,727,308 3,900,946 77,300 Lucara Diamond Corporation 302, , ,951 Lundin Mining Corporation 837,748 1,049,286 9,441 MacDonald Dettwiler and Associates Limited 753, ,508 19,800 MAG Silver Corporation 396, ,644 95,470 Magna International Inc. 5,269,271 5,565,901 19,284 Manitoba Telecom Services Inc. 718, , ,827 Manulife Financial Corporation 9,564,499 12,333,424 22,692 Maple Leaf Foods Inc. 672, ,099 23,801 Martinrea International Inc. 196, ,451 44,905 MEG Energy Corporation 281, ,473 23,348 Methanex Corporation 1,103,966 1,374,964 61,567 METRO INC. 2,651,343 2,472,531 21,000 Milestone Apartments Real Estate Investment Trust 397, ,000 22,363 Mitel Networks Corporation 218, ,951 14,600 Morneau Shepell Inc. 276, ,174 26,779 Mullen Group Limited 437, ,028 88,423 National Bank of Canada 4,103,990 4,821,706 82,654 Nevsun Resources Limited 333, ,014 12,600 New Flyer Industries Inc. 504, ,584

265 WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 133,005 New Gold Inc. 753, ,454 10,324 Norbord Inc. 345, ,087 12,450 North West Company Inc. (The) 324, ,624 29,249 Northland Power Inc. 710, ,502 11,967 Northview Apartment Real Estate Investment Trust 254, ,178 60,166 Novagold Resources Inc. 443, ,419 44,313 NuVista Energy Limited 295, , ,733 OceanaGold Corporation 631, ,736 21,505 Onex Corporation 1,801,007 1,965,127 31,727 Open Text Corporation 2,668,580 2,630,803 27,433 Osisko Gold Royalties Limited 397, ,098 39,582 Pan American Silver Corporation 906, ,535 39,518 Parex Resources Inc. 650, ,854 24,750 Parkland Fuel Corporation 763, ,218 18,850 Pason Systems Inc. 319, , ,122 Pembina Pipeline Corporation 4,109,460 4,326,999 42,875 Peyto Exploration & Development Corporation 1,575,436 1,423, ,754 Potash Corporation of Saskatchewan Inc. 4,759,972 5,337,825 95,144 Power Corporation of Canada 2,667,998 2,859,077 63,222 Power Financial Corporation 1,933,798 2,121,730 53,019 PrairieSky Royalty Limited 1,419,637 1,693,427 75,908 Precision Drilling Corporation 420, ,647 6,900 Premium Brands Holdings Corporation 427, ,824 38,282 Pretium Resources Inc. 517, , ,411 ProMetic Life Sciences Inc. 489, ,327 62,607 Pure Industrial Real Estate Trust 342, ,973 21,651 Quebecor Inc. Cl. B 860, ,015 55,784 Raging River Exploration Inc. 600, ,079 61,223 Restaurant Brands International Inc. 3,516,351 3,915,211 84,763 RioCan Real Estate Investment Trust 2,289,946 2,257,239 27,722 Ritchie Bros. Auctioneers Inc. 1,233,656 1,262,737 93,774 Rogers Communications Inc. Cl. B 5,227,529 4,856, ,478 Royal Bank of Canada 31,423,965 35,300,996 15,950 Russel Metals Inc. 332, ,001 41,400 Sandstorm Gold Limited 275, ,178 56,414 Saputo Inc. 2,531,309 2,680,229 41,741 Secure Energy Services Inc. 393, ,787 83,450 SEMAFO Inc. 450, ,849 65,051 Seven Generations Energy Limited 2,007,571 2,036, ,659 Shaw Communications Inc. Cl. B 2,835,188 2,846,453 16,705 ShawCor Limited Cl. A 533, ,707 9,300 Sierra Wireless Inc. 176, ,486 30,750 Silver Standard Resources Inc. 482, , ,239 Silver Wheaton Corporation 4,071,040 2,989,300 9,600 Sleep Country Canada Holdings Inc. 306, ,288 29,982 Smart Real Estate Investment Trust 1,023, ,119 39,139 SNC-Lavalin Group Inc. 1,980,894 2,261,843 86,200 Spartan Energy Corporation 288, ,046 29,608 Stantec Inc. 908,547 1,004,303 10,929 Stella-Jones Inc. 504, , ,380 Sun Life Financial Inc. 6,801,282 8,267, ,442 Suncor Energy Inc. 15,869,128 19,115,904 36,766 Superior Plus Corporation 431, ,767 56,000 Surge Energy Inc. 150, ,360 80,900 Tahoe Resources Inc. 1,384,064 1,023, ,744 Teck Resources Limited Cl. B 2,879,481 3,271,261

266 WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 154,857 TELUS Corporation 6,680,050 6,620,137 74,828 Thomson Reuters Corporation 4,017,351 4,396,894 7,450 TMX Group Limited 444, ,824 33,267 TORC Oil & Gas Limited 264, ,118 20,465 Torex Gold Resources Inc. 572, ,467 20,291 Toromont Industries Limited 784, , ,825 Toronto-Dominion Bank (The) 28,209,456 32,171,331 64,173 Tourmaline Oil Corporation 2,269,686 2,304,452 74,430 TransAlta Corporation 435, ,015 23,100 TransAlta Renewables Inc. 336, , ,834 TransCanada Corporation 13,908,826 13,671,990 16,266 Transcontinental Inc. Cl. A 292, ,943 23,549 TransForce Inc. 636, ,625 30,455 Tricon Capital Group Inc. 284, , ,730 Turquoise Hill Resources Limited 1,011,033 1,106,506 10,900 Uni-Select Inc. 341, ,441 78,221 Valeant Pharmaceuticals International Inc. 2,934,708 1,522,963 81,161 Veresen Inc. 1,049,431 1,064,021 30,645 Vermilion Energy Inc. 1,542,763 1,731,136 45,842 Waste Connections Inc. 4,466,693 4,828,996 18,720 West Fraser Timber Company 760, , ,976 Western Forest Products Inc. 233, ,855 31,071 WestJet Airlines Limited 718, ,876 14,433 Westshore Terminals Investment Corporation 342, ,670 95,637 Whitecap Resources Inc. 1,071,987 1,162,946 7,900 Winpak Limited 353, ,818 16,462 WSP Global Inc. 679, , ,338 Yamana Gold Inc. 1,404, , ,211, ,097,588 Adjustment for transaction costs (35,365) - Total investments 100.0% 505,175, ,097,588

267 WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized loss S&P TSE 60 Index Futures 10 March 2017 CAD 897 (17,540) Futures contracts, at fair (17,540), 146,182 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 1,793,800. Legend CAD = Canadian dollar

268 Notes to financial statements of WindWise S&P/TSX Capped Composite Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P/TSX Capped Composite Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 526,097, ,097,588 Futures contracts (17,540) - - (17,540) 526,080, ,080,048 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 578,609, ,609,661 Forward foreign currency contracts - (377) - (377) Futures contracts 11, , ,621,404 (377) - 578,621,027 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

269 Notes to financial statements of WindWise S&P/TSX Capped Composite Index Non-Lending Fund December 31, 2016 and 2015 Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 52,610,000 (December 31, ,861,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk, the counterparty to the derivative financial instruments had a credit rating of BBB+ from Standard & Poor s (December 31, 2015 BBB+). Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Consumer discretionary 5 8 Consumer staples 4 3 Energy Financials Health care 1 3 Industrials 9 8 Information technology 2 3 Materials 12 9 Real estate 3 - Telecommunication services 5 6 Utilities

270 Notes to financial statements of WindWise S&P/TSX Capped Composite Index Non-Lending Fund December 31, 2016 and 2015 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 104,341,457 (13,359,395) Average units outstanding during the year 67,349,259 10,933,127 Increase (decrease) in net assets attributable to holders of redeemable units per unit 1.55 (1.22)

271 WindWise S&P/TSX Composite Index Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 650,476, ,199,730 Cash 1,234,307 1,884,874 Cash, segregated 149, ,218 Receivable for units sold - 13,000 Dividends receivable 1,623,520 1,722,196 Total assets 653,484, ,199,018 Liabilities Current liabilities Payable for units redeemed 154,500 - Payable for investments purchased - 1,007,220 Accrued expenses 36,973 28,649 Futures contracts, at fair 9,090 5,315 Total liabilities 200,563 1,041,184 Net assets attributable to holders of redeemable units 653,283, ,157,834 Number of redeemable units outstanding 72,096,853 80,804,210 Net assets attributable to holders of redeemable units per unit * Investments at cost 541,856, ,900,230 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

272 WindWise S&P/TSX Composite Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, Investment income Dividends 18,612,223 22,638,409 Interest for distribution purposes 348, ,374 Securities lending income - 21,490 Foreign withholding taxes - 3,905 Other changes in fair of investments Net realized gain (loss) 6,364,066 29,987,075 Net change in unrealized appreciation (depreciation) 97,318,300 (112,883,574) Other changes in fair of derivative financial instruments Net realized gain (loss) 358,433 (247,678) Net change in unrealized appreciation (depreciation) (3,775) (206,072) Total income (loss) 122,998,215 (60,262,071) Expenses Audit fees 29,582 24,793 Custodial fees 87, ,562 Other fees 30 - Proxy fees 1,686 - Regulatory fees 7,690 12,141 Transaction costs 57,129 80,568 Trustee fees 2,657 - Total expenses 186, ,064 Waivers and reimbursements (6,670) - Net expenses 179, ,064 Increase (decrease) in net assets attributable to holders of redeemable units 122,818,384 (60,523,135) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.62 (0.67)

273 WindWise S&P/TSX Composite Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, Increase (decrease) in net assets attributable to holders of redeemable units 122,818,384 (60,523,135) Distributions to holders of redeemable units From net investment income (19,142,973) (22,871,364) From securities lending income - (21,490) Total distributions to holders of redeemable units (19,142,973) (22,892,854) Redeemable unit transactions Proceeds from redeemable units issued 30,474,678 94,060,848 Reinvestment of distribution to holders of redeemable units 19,142,973 22,871,364 Redemption of redeemable units (123,167,269) (309,367,086) Increase (decrease) from redeemable unit transactions (73,549,618) (192,434,874) Net increase (decrease) in net assets attributable to holders of redeemable units 30,125,793 (275,850,863) Net assets attributable to holders of redeemable units Beginning of year 623,157, ,008,697 Net assets attributable to holders of redeemable units End of year 653,283, ,157,834 Number of redeemable units outstanding Beginning of year 80,804, ,943,666 Issued 3,452,090 10,538,706 Reinvested 2,112,632 2,965,709 Redeemed (14,272,079) (35,643,871) Number of redeemable units outstanding End of year 72,096,853 80,804,210

274 WindWise S&P/TSX Composite Index Non-Lending Fund Statements of cash flows For the years ended December 31, Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 122,818,384 (60,523,135) Adjustments for: Net realized (gain) loss on investments (6,369,112) (29,751,989) Net change in unrealized (appreciation) depreciation on investments and derivatives (97,316,706) 113,089,777 Proceeds from sale of investments 153,752, ,283,175 Purchases of investments (81,347,172) (83,879,484) Cash, segregated 229, ,670 Dividends receivable 98, ,512 Accrued expenses 8,324 (25,915) Net cash from (used in) operating activities 91,874,524 80,088,611 Cash flows from (used in) financing activities Proceeds from redeemable units issued 30,487,678 46,079,547 Distributions paid to holders of redeemable units, net of reinvested distributions - (21,490) Redemption of redeemable units (123,012,769) (127,560,310) Net cash from (used in) financing activities (92,525,091) (81,502,253) Net increase (decrease) in cash during the year (650,567) (1,413,642) Cash Beginning of year 1,884,874 3,298,516 Cash End of year 1,234,307 1,884,874 Interest received* 348, ,374 Dividends received, net of foreign withholding taxes* 18,710,899 23,010,826 Redeemable units issued in kind - 47,968,301 Redeemable units redeemed in kind - (184,906,276) * Included as part of cash flows from operating activities

275 WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock 100.0% 59,418 Advantage Oil & Gas Limited 309, ,892 18,069 Aecon Group Inc. 195, ,552 72,638 Agnico Eagle Mines Limited 3,162,869 4,100,415 44,622 Agrium Inc. 4,167,599 6,022,185 48,775 Aimia Inc. 659, ,122 89,369 Air Canada 396,303 1,221,674 91,464 Alacer Gold Corporation 565, ,879 86,115 Alamos Gold Inc. 922, ,425 11,419 Alaris Royalty Corporation 388, ,485 91,090 Algonquin Power & Utilities Corporation 792,440 1,037, ,609 Alimentation Couche-Tard Inc. Cl. B 3,089,464 8,255,876 28,218 Allied Properties Real Estate Investment Trust 780,510 1,014,437 53,147 AltaGas Limited 1,836,730 1,801,683 11,000 Altus Group Limited 309, ,560 34,100 Amaya Inc. 1,116, , ,538 ARC Resources Limited 2,717,847 2,623,863 50,052 Artis Real Estate Investment Trust 579, ,660 66,000 Asanko Gold Inc. 352, ,920 24,867 ATCO Limited NV Cl. I 921,543 1,110,560 23,545 ATS Automation Tooling Systems Inc. 323, , ,326 B2Gold Corporation 886, ,420 11,729 Badger Daylighting Limited 338, , ,650 Bank of Montreal 13,580,545 20,149, ,452 Bank of Nova Scotia (The) 22,590,186 29,190, ,184 Barrick Gold Corporation 11,365,377 8,084,194 66,750 Baytex Energy Corporation 2,458, , ,260 BCE Inc. 12,552,557 16,321,518 71,030 Birchcliff Energy Limited 633, , ,648 BlackBerry Limited 2,766,873 1,419,708 11,870 Boardwalk Real Estate Investment Trust 656, , ,887 Bombardier Inc. Cl. B 2,288,321 1,386,476 71,945 Bonavista Energy Corporation 1,238, ,055 7,932 Bonterra Energy Corporation 389, ,742 5,800 Boyd Group Income Fund 351, , ,748 Brookfield Asset Management Inc. Cl. A 7,240,168 12,437,136 6,019 Brookfield Business Partners Limited Partnership 124, ,173 68,968 Brookfield Property Partners Limited Partnership 1,556,902 2,022,831 37,631 Brookfield Renewable Energy Partners Limited Partnership 1,259,648 1,499,595 9,957 BRP Inc. 295, ,281 86,156 CAE Inc. 996,900 1,618, ,128 Cameco Corporation 2,662,354 1,784,877 44,943 Canadian Apartment Properties Real Estate Investment Trust 943,364 1,409,862 78,073 Canadian Energy Services & Technology Corporation 472, , ,307 Canadian Imperial Bank of Commerce 10,523,036 14,057, ,927 Canadian National Railway Company 12,546,237 22,402, ,247 Canadian Natural Resources Limited 11,938,066 15,286,599 47,279 Canadian Pacific Railway Limited 5,762,018 9,056,765 24,365 Canadian Real Estate Investment Trust 970,627 1,128,100 21,819 Canadian Tire Corporation Limited Cl. A 1,705,192 3,038,732 38,515 Canadian Utilities Limited Cl. A 1,299,408 1,393,858 28,686 Canadian Western Bank 812, ,333 23,378 Canfor Corporation 356, ,982 27,822 Capital Power Corporation 654, ,305 8,866 CCL Industries Inc. Cl. B 609,636 2,338,851 40,119 Celestica Inc. 591, , ,787 Cenovus Energy Inc. 7,901,358 5,456,376 71,272 Centerra Gold Inc. 805, ,301 87,739 CGI Group Inc. Cl. A 2,647,939 5,653,901

276 WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 63,647 Chartwell Retirement Residences 519, ,429 22,091 Chemtrade Logistics Income Fund 466, ,404 86,314 CI Financial Corporation 2,439,590 2,491,885 21,077 Cineplex Inc. 694,195 1,079,564 7,368 Cogeco Communications Inc. 358, ,056 10,481 Colliers International Group Inc. 297, ,705 57,339 Cominar Real Estate Investment Trust 954, ,030 24,006 Computer Modelling Group Limited 302, ,695 6,320 Constellation Software Inc. 1,444,012 3,855,958 36,571 Corus Entertainment Inc. Cl. B 721, ,795 44,479 Cott Corporation 475, , ,323 Crescent Point Energy Corporation 5,976,512 3,181,395 45,546 Crew Energy Inc. 385, ,050 29,383 Crombie Real Estate Investment Trust 371, ,021 24,461 Descartes Systems Group Inc. (The) 377, ,318 56,691 Detour Gold Corporation 1,041,942 1,036,878 34,417 DH Corporation 960, ,811 42,000 DHX Media Limited Cl. B 404, ,100 34,430 Dollarama Inc. 1,124,082 3,387,223 27,172 Dominion Diamond Corporation 383, ,508 8,353 Dorel Industries Inc. Cl. B 266, ,096 42,107 Dream Global Real Estate Investment Trust 374, ,911 34,968 Dream Office Real Estate Investment Trust 957, , ,844 ECN Capital Corporation 364, , ,827 Eldorado Gold Corporation 2,752,845 1,001, ,044 Element Fleet Management Corporation 1,449,321 1,545,588 64,532 Emera Inc. 2,477,424 2,929,107 51,758 Empire Company Limited Cl. A 1,238, , ,293 Enbridge Inc. 13,041,954 17,136,055 32,957 Enbridge Income Fund Holdings Inc. 933,712 1,145, ,861 Encana Corporation 5,823,610 4,946,449 21,300 Endeavour Mining Corporation 445, ,278 33,500 Enercare Inc. 487, ,640 28,320 Enerflex Limited 356, ,856 79,946 Enerplus Corporation 1,421,865 1,018,512 5,900 Enghouse Systems Limited 311, ,046 39,783 Ensign Energy Services Inc. 597, ,165 8,700 Exchange Income Corporation 369, ,225 28,106 Extendicare Inc. 215, ,687 7,428 Fairfax Financial Holdings Limited 3,451,405 4,817,058 53,928 Finning International Inc. 1,270,448 1,417,767 46,110 First Capital Realty Inc. 858, ,094 52,409 First Majestic Silver Corporation 653, , ,159 First Quantum Minerals Limited 3,890,613 2,965,823 10,461 FirstService Corporation 192, , ,953 Fortis Inc. 4,755,188 5,346,391 49,100 Fortuna Silver Mines Inc. 348, ,669 57,443 Franco-Nevada Corporation 3,020,939 4,611,524 29,880 Freehold Royalties Limited 538, ,400 13,072 Genworth MI Canada Inc. 337, ,004 15,227 George Weston Limited 1,184,197 1,729,635 47,160 Gibson Energy Inc. 1,077, ,097 74,578 Gildan Activewear Inc. 1,560,590 2,542, ,259 Goldcorp Inc. 9,793,464 5,031, ,755 Gran Tierra Energy Inc. 743, ,865 15,155 Granite Real Estate Investment Trust 483, ,399 16,500 Great Canadian Gaming Corporation 343, ,170 88,932 Great-West Lifeco Inc. 2,385,273 3,127,738

277 WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 52,800 Guyana Goldfields Inc. 496, ,136 91,342 H&R Real Estate Investment Trust 1,909,218 2,043,321 19,452 Home Capital Group Inc. 571, ,626 78,771 HudBay Minerals Inc. 780, ,961 33,713 Hudson's Bay Company 640, ,674 96,736 Husky Energy Inc. 2,547,947 1,575,829 55,300 Hydro One Limited 1,353,675 1,303, ,246 IAMGOLD Corporation 1,666, ,827 27,174 IGM Financial Inc. 1,189,173 1,038,047 81,915 Imperial Oil Limited 3,613,491 3,826,250 32,999 Industrial Alliance Insurance and Financial Services Inc. 1,169,663 1,761,817 30,210 Innergex Renewable Energy Inc. 315, ,846 42,272 Intact Financial Corporation 2,751,923 4,062, ,877 Inter Pipeline Limited 2,161,238 3,434,594 21,910 Interfor Corporation 353, ,307 20,400 Intertain Group Limited (The) 378, ,352 18,012 Intertape Polymer Group Inc. 273, , ,700 Ivanhoe Mines Limited Cl. A 309, ,878 24,780 Jean Coutu Group (PJC) Inc. Cl. A (The) 377, ,398 29,188 Just Energy Group Inc. 298, ,240 46,086 Kelt Exploration Limited 526, ,002 59,449 Keyera Corporation 1,709,386 2,405,307 7,400 Kinaxis Inc. 353, , ,313 Kinross Gold Corporation 3,506,457 1,673,121 57,901 Kirkland Lake Gold Limited 571, ,465 47,900 Klondex Mines Limited 348, ,375 34,000 Knight Therapeutics Inc. 343, ,160 20,284 Labrador Iron Ore Royalty Corporation 630, ,688 11,297 Laurentian Bank of Canada 543, ,176 15,215 Linamar Corporation 475, ,753 67,661 Loblaw Companies Limited 3,226,575 4,793,105 95,600 Lucara Diamond Corporation 356, , ,033 Lundin Mining Corporation 1,026,567 1,337,811 11,721 MacDonald Dettwiler and Associates Limited 730, ,018 23,200 MAG Silver Corporation 388, , ,868 Magna International Inc. 3,815,774 6,871,704 24,740 Manitoba Telecom Services Inc. 775, , ,483 Manulife Financial Corporation 10,497,579 15,242,219 28,271 Maple Leaf Foods Inc. 406, ,981 28,948 Martinrea International Inc. 283, ,663 53,141 MEG Energy Corporation 1,740, ,491 28,817 Methanex Corporation 1,106,929 1,697,033 74,853 METRO INC. 1,559,857 3,006,096 27,000 Milestone Apartments Real Estate Investment Trust 468, ,000 27,598 Mitel Networks Corporation 311, ,694 17,100 Morneau Shepell Inc. 318, ,149 33,348 Mullen Group Limited 684, , ,030 National Bank of Canada 4,323,184 5,945,406 95,317 Nevsun Resources Limited 452, ,566 16,100 New Flyer Industries Inc. 470, , ,662 New Gold Inc. 1,435, ,268 12,886 Norbord Inc. 395, ,964 15,572 North West Company Inc. (The) 331, ,541 37,664 Northland Power Inc. 654, ,571 15,798 Northview Apartment Real Estate Investment Trust 396, ,066 69,220 Novagold Resources Inc. 406, ,011 57,959 NuVista Energy Limited 422, , ,091 OceanaGold Corporation 511, ,626

278 WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 26,482 Onex Corporation 1,206,600 2,419,925 39,144 Open Text Corporation 1,445,167 3,245,820 33,946 Osisko Gold Royalties Limited 546, ,353 50,621 Pan American Silver Corporation 991,239 1,025,075 50,800 Parex Resources Inc. 637, ,520 31,926 Parkland Fuel Corporation 594, ,078 24,245 Pason Systems Inc. 413, , ,376 Pembina Pipeline Corporation 4,009,017 5,344,697 52,888 Peyto Exploration & Development Corporation 1,378,890 1,756, ,015 Potash Corporation of Saskatchewan Inc. 10,856,714 6,582, ,521 Power Corporation of Canada 3,176,274 3,531,506 78,012 Power Financial Corporation 2,294,142 2,618,083 65,298 PrairieSky Royalty Limited 1,954,106 2,085,618 97,793 Precision Drilling Corporation 905, ,845 8,200 Premium Brands Holdings Corporation 427, ,472 49,933 Pretium Resources Inc. 530, , ,500 ProMetic Life Sciences Inc. 552, ,955 81,600 Pure Industrial Real Estate Trust 396, ,144 27,773 Quebecor Inc. Cl. B 586,942 1,036,488 70,903 Raging River Exploration Inc. 530, ,736 75,456 Restaurant Brands International Inc. 3,329,577 4,825, ,714 RioCan Real Estate Investment Trust 2,542,675 2,788,534 34,236 Ritchie Bros. Auctioneers Inc. 799,833 1,559, ,525 Rogers Communications Inc. Cl. B 4,740,314 5,983, ,195 Royal Bank of Canada 29,729,809 43,635,320 19,808 Russel Metals Inc. 505, ,689 50,400 Sandstorm Gold Limited 360, ,608 69,526 Saputo Inc. 1,722,955 3,303,180 53,543 Secure Energy Services Inc. 641, , ,409 SEMAFO Inc. 554, ,488 80,125 Seven Generations Energy Limited 1,678,623 2,508, ,341 Shaw Communications Inc. Cl. B 3,054,986 3,511,387 20,865 ShawCor Limited Cl. A 755, ,802 10,000 Sierra Wireless Inc. 490, ,200 38,265 Silver Standard Resources Inc. 581, , ,167 Silver Wheaton Corporation 4,004,389 3,687,812 11,700 Sleep Country Canada Holdings Inc. 365, ,726 38,375 Smart Real Estate Investment Trust 983,070 1,239,129 48,347 SNC-Lavalin Group Inc. 2,183,651 2,793, ,900 Spartan Energy Corporation 324, ,997 37,806 Stantec Inc. 829,332 1,282,380 13,600 Stella-Jones Inc. 611, , ,946 Sun Life Financial Inc. 6,073,573 10,204, ,154 Suncor Energy Inc. 19,699,857 23,624,961 45,771 Superior Plus Corporation 472, ,580 74,916 Surge Energy Inc. 510, , ,237 Tahoe Resources Inc. 1,584,281 1,305, ,952 Teck Resources Limited Cl. B 4,434,668 4,029, ,907 TELUS Corporation 6,150,243 8,161,274 92,496 Thomson Reuters Corporation 3,184,087 5,435,065 9,692 TMX Group Limited 481, ,172 43,600 TORC Oil & Gas Limited 522, ,572 25,373 Torex Gold Resources Inc. 434, ,505 25,428 Toromont Industries Limited 551,597 1,076, ,488 Toronto-Dominion Bank (The) 26,290,099 39,764,315 79,268 Tourmaline Oil Corporation 2,800,967 2,846,514 96,006 TransAlta Corporation 1,512, ,325 28,800 TransAlta Renewables Inc. 346, ,992

279 WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 279,124 TransCanada Corporation 13,684,425 16,898,167 20,188 Transcontinental Inc. Cl. A 248, ,972 28,080 TransForce Inc. 499, ,711 33,800 Tricon Capital Group Inc. 371, , ,196 Turquoise Hill Resources Limited 1,745,966 1,410,215 13,400 Uni-Select Inc. 375, ,166 96,382 Valeant Pharmaceuticals International Inc. 9,328,354 1,876, ,167 Veresen Inc. 1,512,612 1,365,629 37,881 Vermilion Energy Inc. 1,943,113 2,139,898 56,629 Waste Connections Inc. 4,287,664 5,965,299 22,335 West Fraser Timber Company 753,076 1,072, ,200 Western Forest Products Inc. 296, ,738 38,698 WestJet Airlines Limited 727, ,602 18,008 Westshore Terminals Investment Corporation 435, , ,054 Whitecap Resources Inc. 1,375,666 1,435,537 9,800 Winpak Limited 467, ,116 21,268 WSP Global Inc. 683, , ,743 Yamana Gold Inc. 3,439,796 1,186, ,952, ,476,730 Adjustment for transaction costs (95,926) - Total investments 100.0% 541,856, ,476,730

280 WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized loss S&P TSE 60 Index Futures 12 March 2017 CAD 897 (9,090) Futures contracts, at fair (9,090) As at December , 149,633 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 2,152,560. Legend CAD = Canadian d0llar

281 Notes to financial statements of WindWise S&P/TSX Composite Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P/TSX Composite Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 650,476, ,476,730 Futures contracts (9,090) - - (9,090) 650,467, ,467,640 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 620,199, ,199,730 Futures contracts (5,315) - - (5,315) 620,194, ,194,415 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 65,048,000 (December 31, ,020,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant.

282 Notes to financial statements of WindWise S&P/TSX Composite Index Non-Lending Fund December 31, 2016 and 2015 Credit risk Effective July 8, 2016 the Fund no longer participates in securities lending. Prior to that date, the Fund entered into securities lending transactions with counterparties whereby it temporarily exchanged securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. The former securities lending agent, State Street Bank and Trust Company, indemnified the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan. As at December 31, 2015, State Street Bank and Trust Company had a credit rating of A from Standard & Poor s., the counterparty to the derivative financial instruments had a credit rating of BBB+ from Standard & Poor s (December 31, 2015 BBB+). Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Consumer discretionary 5 8 Consumer staples 4 3 Energy Financials Health care 1 3 Industrials 9 8 Information technology 2 3 Materials 12 9 Real estate 3 - Telecommunication services 5 6 Utilities

283 Notes to financial statements of WindWise S&P/TSX Composite Index Non-Lending Fund December 31, 2016 and 2015 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 122,818,384 (60,523,135) Average units outstanding during the year 75,957,032 90,558,105 Increase (decrease) in net assets attributable to holders of redeemable units per unit 1.62 (0.67)

284 WindWise U.S. Managed Volatility Non-Lending Fund Statements of financial position As at December 31, Assets Current assets Investments* 127,076, ,665,832 Cash 266, ,447 Receivable for investments sold 14,712,791 - Receivable for units sold Dividends receivable 473, ,368 Forward foreign currency contracts, at fair 6,974 - Total assets 142,536, ,370,647 Liabilities Current liabilities Payable for units redeemed 1,042, Payable for investments purchased 13,915,503 - Accrued expenses 29,491 2,716 Total liabilities 14,987,824 2,850 Net assets attributable to holders of redeemable units 127,548, ,367,797 Number of redeemable units outstanding 9,487,425 9,430,210 Net assets attributable to holders of redeemable units per unit *Investments at cost 107,535, ,047,212 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director