MDPIM Pooled Funds 2017 INTERIM FINANCIAL STATEMENTS

Transcription

1 MDPIM Pooled Funds 2017 INTERIM FINANCIAL STATEMENTS

2 MDPIM Canadian Bond Pool 3 MDPIM Dividend Pool 34 MDPIM Canadian Equity Pool 44 MDPIM US Equity Pool 55 MDPIM International Equity Pool 65 MDPIM Canadian Long Term Bond Pool 86 MDPIM Strategic Yield Pool 103 MDPIM Strategic Opportunities Pool 109 MDPIM Emerging Markets Equity Pool 115 MDPIM S&P/TSX Capped Composite Index Pool 137 MDPIM S&P 500 Index Pool 148 MDPIM International Equity Index Pool 163 Notes to Financial Statements 187 Interim Unaudited Financial Statements for the Six-Month Period Ended June 30, 2017 These Interim Unaudited Financial Statements do not contain the Interim Management Report of Fund Performance ( MRFP ) of the investment fund. If you have not received a copy of the Interim MRFP with this report, you may obtain a copy of the Interim MRFP at your request, and at no cost, by calling the toll-free number , by writing to us at MD Financial Management Inc., 1870 Alta Vista Drive, Ottawa ON K1G 6R7, by visiting our website at md.cma.ca or by visiting the SEDAR website at sedar.com. Copies of the Annual Financial Statements or Annual MRFP may also be obtained, at no cost, using any of the methods outlined above. Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure. NOTICE OF NO AUDITOR REVIEW OF THE INTERIM FINANCIAL STATEMENTS MD Financial Management Inc, the Manager of the Fund, appoints independent auditors to audit the Fund s Annual Financial Statements. Under Canadian securities laws (National Instrument ), if an auditor has not reviewed the Interim Financial Statements, this must be disclosed in an accompanying notice. The Fund s independent auditors have not performed a review of these Interim Financial Statements in accordance with standards established by the Canadian Institute of Chartered Accountants. MD Financial Management Inc. wholly owns or has a majority interest in its seven subsidiaries (the MD Group of Companies).It provides financial products and services, is the fund manager for the MD Family of Funds and offers investment counselling services. For a detailed list of the MD Group of Companies, visit md.cma.ca. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Standard performance data assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges payable by any securityholder which would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing. You may obtain a copy of the prospectus before investing by calling your MD Advisor or the MD Trade Centre at

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4 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue DOMESTIC BONDS Corporate Bonds (38.45%) B.C. Unlimited Liability Company, Floating Rate Note 02/16/ % 2,513 USD 3,278 3, B.C. Unlimited Liability Company / New Red Finance, Inc. 05/15/ % 1,790 USD 2,453 2, B.C. Unlimited Liability Company / New Red Finance, Inc. 01/15/ % 2,080 USD 2,831 2, B.C. Unlimited Liability Company / New Red Finance, Inc. 04/01/ % 487 USD International Inc. 05/04/ % 7,000 6,997 6,931 AIMCo Realty Investors LP 06/26/ % 1,815 1,815 1,794 Air Canada, Floating Rate Note 10/06/ % 7 USD Algonquin Power Co. 02/17/ % 5,460 5,456 5,738 Algonquin Power Co. 02/15/ % 7,260 7,250 7,859 AltaGas, Ltd. 09/28/ % 3,630 3,629 3,802 AltaGas, Ltd. 01/15/ % 2,364 2,410 2,469 AltaGas, Ltd. 04/07/ % 1,635 1,689 1,725 AltaGas, Ltd. 03/15/ % 5,400 5,791 5,833 AltaLink, LP 05/29/ % AltaLink, LP 06/06/ % 14,990 15,106 15,992 AltaLink, LP 11/06/ % 4,695 5,116 5,090 AltaLink, LP 05/29/ % 1,945 2,147 2,011 Artis Real Estate Investment Trust 03/27/ % 1,085 1,093 1,099 Bank of Montreal 03/31/ % 7,070 7,075 7,050 Bank of Montreal 10/06/ % 23,095 23,419 23,292 Bank of Montreal, Floating Rate Note 06/01/ % 4,396 4,424 4,366 Bank of Montreal, Floating Rate Note 06/01/ % 9,125 9,124 9,410 Bank of Montreal, Floating Rate Note 03/28/ % 16,820 17,824 17,389 Bank of Montreal 10/28/ % 42,800 42,515 42,025 bcimc Realty Corporation 06/03/ % 10,310 10,306 10,344 bcimc Realty Corporation 03/31/ % 1,420 1,423 1,447 bcimc Realty Corporation 06/29/ % 1,520 1,638 1,613 Bell Canada 10/01/ % 7,800 7,785 7,721 Bell Canada 02/27/ % 14,000 14,088 14,003 Bell Canada 08/12/ % 4,830 4,841 4,783 Bell Canada 10/03/ % 18,360 18,295 18,897 Bell Canada 09/29/ % 17,280 17,211 17,906 Bell Canada 06/18/ % 26,000 27,095 26,763 Bell Canada 09/10/ % 9,800 10,145 10,012 Bell Canada 02/26/ % 7,850 8,769 8,329 BMW Canada Inc., Floating Rate Note 06/14/ % 1,225 1,227 1,235 BMW Canada Inc. 12/11/ % 2,095 2,095 2,089 Bow Centre Street LP 06/14/ % 2,570 2,686 2,562 Bow Centre Street LP 06/13/ % 1,275 1,315 1,231 Brookfield Asset Management Inc. 04/09/ % 18,010 18,538 18,647 Brookfield Infrastructure Finance ULC 10/30/ % 18,525 18,548 19,146 Brookfield Renewable Energy Partners ULC 06/02/ % 9,420 9,424 9,752 Brookfield Renewable Energy Partners ULC 11/05/ % 4,000 4,334 4,183 Bruce Power LP 06/21/ % 1,345 1,349 1,356 Cadillac view Finance Trust 01/25/ % 12,511 14,320 13,566 Caisse Centrale Desjardins 03/02/ % 28,510 28,510 28,489 Caisse Centrale Desjardins 11/19/ % 14,920 15,036 15,173 Cameco Corporation 11/14/ % 2,625 2,722 2,642 Cameco Corporation 09/02/ % 1,690 1,899 1,786 Canadian Commercial Mortgage Origination Trust 1 11/12/ % 4,486 4,486 4,490 Canadian Commercial Mortgage Origination Trust 1 11/12/ % 6,186 6,186 6,222 Canadian Imperial Bank of Commerce, Floating Rate Note 06/01/ % MD Financial Management Inc. MDPIM Interim Financial Statements

5 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Canadian Imperial Bank of Commerce 07/12/ % 10,000 10,044 9,863 Canadian Imperial Bank of Commerce 01/20/ % 16,250 16,247 16,218 Canadian Imperial Bank of Commerce 10/09/ % 10,000 10,100 10,030 Canadian Imperial Bank of Commerce 03/21/ % 4,085 4,084 4,073 Canadian Imperial Bank of Commerce 06/24/ % 28,190 28,684 28,585 Canadian Imperial Bank of Commerce, Floating Rate Note 10/28/ % 6,230 6,420 6,344 Canadian Imperial Bank of Commerce, Floating Rate Note 01/26/ % 3,570 3,627 3,687 Canadian Mortgage Pools 03/01/ % 2,104 2,105 2,084 Canadian National Railway Company 09/22/ % 1,365 1,382 1,404 Canadian Natural Resources Limited 06/01/ % 5,700 5,699 5,652 Canadian Natural Resources Limited 12/01/ % 1,045 1,045 1,019 Canadian Natural Resources, Ltd. 08/14/ % 3,640 3,668 3,689 Canadian Natural Resources, Ltd. 06/19/ % 1,435 1,433 1,459 Canadian Natural Resources, Ltd. 02/11/ % Canadian Utilities Limited 11/09/ % 1,865 1,975 1,958 Canadian Western Bank 01/23/ % 4,800 4,800 4,806 Canadian Western Bank 03/22/ % 6,650 6,650 6,692 Canadian Western Bank 06/16/ % 3,000 3,000 2,983 Capital Desjardins Inc. 05/05/ % 26,240 29,146 28,511 Capital Power Corp. 02/21/ % 7,710 7,875 8,006 Caterpillar Financial Services Limited 06/08/ % 1,620 1,618 1,603 CDP Financial Inc. 07/15/ % 45,135 50,129 49,007 CHIP Mortgage Trust 04/29/ % 1,860 1,860 1,834 CHIP Mortgage Trust 09/25/ % 2,470 2,470 2,517 Choice Properties Limited Partnership 09/20/ % 9,330 9,348 9,717 Choice Properties Real Estate Investment Trust 09/14/ % 4,930 4,930 4,938 Choice Properties Real Estate Investment Trust 02/08/ % 10,460 10,484 10,858 Choice Properties Real Estate Investment Trust 07/05/ % 15,000 15,740 15,283 Choice Properties Real Estate Investment Trust 07/05/ % 5,000 5,632 5,527 CIBC Capital Trust, Floating Rate Note 06/30/ % 16,205 20,641 18,539 Cogeco Cable Inc. 05/01/ % 1,165 USD 1,556 1,554 Cogeco Cable Inc. 02/14/ % Cogeco Cable Inc. 11/16/ % Cominar Real Estate Investment Trust 06/21/ % 10,420 10,421 10,388 Cominar Real Estate Investment Trust 06/01/ % Cominar Real Estate Investment Trust 12/08/ % Cominar Real Estate Investment Trust 07/27/ % 1,935 1,956 1,979 CPPIB Capital Inc. 01/15/ % 19,905 19,905 19,821 CPPIB Capital Inc. 06/10/ % 17,500 17,497 17,420 CPPIB Capital Inc. 06/04/ % 1,675 1,683 1,668 CU Inc. 01/23/ % 6,500 7,372 6,883 CU Inc. 05/01/ % 4,600 6,768 6,285 Daimler Canada Finance Inc. 05/25/ % 5,000 5,000 4,945 Daimler Canada Finance Inc. 07/08/ % 1,305 1,304 1,292 Daimler Canada Finance Inc. 12/16/ % DHX Media Ltd., Floating Rate Note 12/22/ % 360 USD Dollarama Inc., Floating Rate Note 03/16/ % Dollarama Inc. 07/22/ % Eagle Credit Card Trust 09/17/ % Emera Incorporated 06/16/ % Emera Incorporated, Floating Rate Note 06/15/ % 2,820 USD 3,967 4,155 Enbridge Gas Distribution Inc. 08/22/ % 4,660 4,829 4,883 Enbridge Gas Distribution Inc. 07/05/ % 5,000 6,104 5,947 Enbridge Inc., Floating Rate Note 05/24/ % 1,900 1,900 1,903 Enbridge Inc. 12/05/ % 4,750 4,954 4,874 4 MD Financial Management Inc. MDPIM Interim Financial Statements 2017

6 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Enbridge Inc. 06/08/ % 5,500 5,498 5,367 Enbridge Inc. 10/01/ % 1,405 USD 1,886 1,918 Enbridge Inc. 09/02/ % 3,680 3,955 3,897 Enbridge Income Fund 12/14/ % 7,700 7,824 7,753 Enbridge Income Fund 01/13/ % 1,325 1,390 1,406 Enbridge Income Fund 11/19/ % 2,175 2,245 2,302 Enbridge Income Fund 02/22/ % 9,980 10,179 10,338 Enbridge Pipelines Inc. 09/29/ % 12,225 12,683 12,780 Enercare Solutions Inc. Series /21/ % 4,500 4,499 4,609 ENMAX Corporation 12/05/ % 2,540 2,540 2,630 Equitable Bank Canadian Mortgage Pools 10/01/ % 1,338 1,332 1,337 Export Development Canada 12/07/ % 1,075 GBP 1,741 1,818 Export Development Canada 06/07/ % 2,015 AUD 1,968 2,000 Export Development Canada 08/08/ % 160 AUD Export Development Canada 01/24/ % 690 NZD fax Financial Holdings Limited 12/16/ % 9,000 8,970 9,334 fax Financial Holdings Limited 03/03/ % 3,330 3,300 3,550 fax Financial Holdings Limited 10/14/ % 6,470 6,559 7,212 fax Financial Holdings Limited 05/25/ % 16,196 17,200 18,151 Federated Co-operatives Limited 06/17/ % 1,590 1,622 1,600 Federation des Caisses Desjardins du Quebec 01/17/ % 29,125 29,133 29,089 First Capital Realty Inc. 05/06/ % 3,585 3,659 3,608 First Capital Realty Inc. 10/30/ % 3,000 3,147 3,144 First Capital Realty Inc. 07/31/ % 5,570 5,575 5,924 First Capital Realty Inc. 11/30/ % 3,400 3,665 3,543 First National 07/01/ % 3,032 3,021 3,060 First Nations Finance Authority 06/26/ % First Quantum Minerals Ltd. Series 144A 04/01/ % 200 USD Ford Auto Securitization Trust 03/15/ % 4,147 4,147 4,157 Ford Auto Securitization Trust 11/15/ % Ford Auto Securitization Trust 10/15/ % 2,127 2,127 2,131 Ford Credit Canada Company 06/22/ % 20,000 20,000 19,916 Ford Credit Canada Limited 05/07/ % 14,830 14,830 14,873 Ford Credit Canada Limited 06/14/ % 16,200 16,364 16,526 Ford Credit Canada Limited 07/02/ % 22,615 22,828 23,134 Ford Credit Canada Limited 12/19/ % 15,000 15,436 15,129 Ford Credit Canada Limited 08/02/ % 15,000 15,525 15,300 Fortis Inc. 12/12/ % Fortis Inc. 10/04/ % 1,360 USD 1,782 1,706 FortisAlberta Inc. 09/30/ % 2,815 2,965 2,977 General Motors Financial of Canada, Ltd. 06/01/ % 12,500 12,488 12,302 General Motors Financial of Canada, Ltd. 05/22/ % 16,000 16,094 16,282 Glacier Credit Card Trust 09/20/ % 8,030 8,030 7,931 Glacier Credit Card Trust 09/20/ % Glacier Credit Card Trust 09/20/ % 2,625 2,707 2,668 Granite REIT Holdings LP 07/05/ % 1,465 1,473 1,500 Greater Toronto Airports Authority 04/17/ % 2,600 2,811 2,680 Great-West Lifeco Inc. 08/13/ % 4,185 4,643 4,532 H&R Real Estate Investment Trust, Floating Rate Note 03/01/ % 2,160 2,165 2,183 HCN Canadian Holdings-1 LP 11/25/ % 1,035 1,037 1,071 Hollis Receivables Term Trust II 06/26/ % 2,500 2,505 2,536 Home Trust Co. 12/10/ % Honda Canada Finance Inc. 08/12/ % 6,580 6,580 6,568 Honda Canada Finance Inc. 07/15/ % Honda Canada Finance Inc. 06/04/ % 11,160 11,151 11,259 MD Financial Management Inc. MDPIM Interim Financial Statements

7 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue HSBC Bank Canada 11/26/ % 7,490 7,563 7,538 HSBC Bank Canada 06/29/ % 5,815 5,815 5,772 HSBC Bank Canada 05/13/ % 29,981 30,391 30,394 HSBC Bank Canada 09/29/ % 19,910 19,997 20,498 HSBC Bank Canada 01/14/ % 7,150 7,150 7,342 Husky Energy Inc. 03/10/ % 11,970 11,948 11,935 Husky Energy Inc. 03/12/ % 5,000 4,982 5,363 Hydro One Inc. 01/13/ % 3,025 3,234 3,177 Hydro-Quebec 02/15/ % 14,096 12,121 12,031 Hydro-Quebec 02/01/ % 2,279 USD 4,065 3,624 Hydro-Quebec 10/15/ % IGM Financial Inc. 01/26/ % 10,440 10,433 10,648 Industrial Alliance Insurance and Financial Services Inc., Floating Rate Note 02/23/ % 8,425 8,467 8,469 Industrial Alliance Insurance and Financial Services Inc., Floating Rate Note 05/16/ % 8,525 8,569 8,618 Industrial Alliance Insurance and Financial Services Inc., Floating Rate Note 09/15/ % 2,000 2,000 2,064 Intact Financial Corporation 06/07/ % 5,370 5,369 5,263 Inter Pipeline, Ltd. 09/13/ % 7,500 7,459 7,432 Inter Pipeline, Ltd. 04/18/ % 2,605 2,605 2,584 Inter Pipeline, Ltd. 03/24/ % 10,610 10,505 10,706 Inter Pipeline, Ltd. 12/16/ % 8,675 8,751 8,805 Inter Pipeline, Ltd. 05/30/ % 5,000 5,368 5,269 Inter Pipeline, Ltd. 02/02/ % John Deere Canada Funding Inc. 09/17/ % 8,200 8,304 8,230 Laurentian Bank of Canada 03/26/ % 26,200 26,376 26,388 Laurentian Bank of Canada 04/22/ % 5,000 5,134 5,050 Lions Gate Entertainment Corp., Floating Rate Note 12/08/ % 66 USD Lions Gate Entertainment Corp. 11/01/ % 1,555 USD 2,071 2,135 Lower Mattagami Energy LP 10/21/ % 1,000 1, Lower Mattagami Energy LP 06/20/ % 1,510 1,605 1,612 Manitoba Telecom Services Inc. 05/27/ % 1,850 1,926 1,980 Manitoba Telecom Services Inc. 10/01/ % 8,000 8,537 8,283 Manulife Bank of Canada, Floating Rate Note 06/01/ % 2,730 2,731 2,739 Manulife Bank of Canada 05/26/ % Manulife Financial Capital Trust II, Floating Rate Note 12/31/ % 3,335 4,014 3,741 Maritimes & Northeast Pipeline LP 11/30/ % Master Credit Card Trust II 11/21/ % 1,050 1,096 1,068 MCAP Service 02/01/ % 16,716 16,701 16,630 MCAP Service 04/01/ % 2,399 2,406 2,414 MCAP Service 04/01/ % 1,568 1,565 1,556 MCAP Service 03/01/ % 2,301 2,291 2,307 MCAP Service 08/01/ % 7,760 7,692 7,826 Merrill Lynch 06/01/ % 1, Merrill Lynch Mortgage Investors Trust 12/01/ % 1,007 1, Metro Inc., Floating Rate Note 02/27/ % 2,290 2,293 2,296 Morguard Corporation 11/18/ % Morguard Corporation 12/10/ % National Bank of Canada 03/03/ % 8,250 8,250 8,238 National Bank of Canada 07/26/ % 15,680 15,705 15,540 National Bank of Canada 06/30/ % 14,310 14,329 14,168 National Bank of Canada 08/09/ % 8,900 8,900 9,031 NHA Mortgage Backed Securities 02/01/ % 3,623 3,791 3,688 NHA Mortgage Backed Securities 05/01/ % Nissan Canada Financial Services Inc. 10/07/ % 8,750 8,749 8,702 Nissan Canada Financial Services Inc. 04/09/ % 4,500 4,500 4,482 North Battleford Power LP 12/31/ % 12,419 12,420 13,963 6 MD Financial Management Inc. MDPIM Interim Financial Statements 2017

8 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue North West Redwater Partnership / NWR Financing Co., Ltd. 06/01/ % 2,405 2,399 2,361 North West Redwater Partnership / NWR Financing Co., Ltd. 07/22/ % 3,045 3,043 3,147 North West Redwater Partnership / NWR Financing Co., Ltd. 04/24/ % 2,915 2,947 2,988 OMERS Realty Corporation 05/09/ % 2,600 2,600 2,558 OMERS Realty Corporation 11/12/ % 24,890 24,890 25,331 OMERS Realty Corporation 02/23/ % 2,118 2,147 2,174 OMERS Realty Corporation 06/04/ % 2,415 2,597 2,489 Ontario Electricity Financial Corporation 05/26/ % 10,518 8,440 8,530 OPB Finance Trust 02/24/ % 8,222 8,021 8,163 OPB Finance Trust 05/24/ % 6,695 7,032 6,929 OPB Finance Trust 02/02/ % OPB Finance Trust 01/25/ % 9,340 9,343 9,579 Pembina Pipeline Corporation 01/22/ % 2,500 2,500 2,497 Pembina Pipeline Corporation 02/03/ % 9,565 9,562 9,780 Pembina Pipeline Corporation 08/11/ % Pembina Pipeline Corporation 03/29/ % 2,105 2,340 2,287 PSP Capital Inc. 08/18/ % 25,790 25,777 25,315 PSP Capital Inc. 06/21/ % 2,553 2,553 2,527 PSP Capital Inc. 11/22/ % 30,235 30,308 30,094 PSP Capital Inc. 10/22/ % 15,500 16,568 16,199 PSP Capital Inc. 04/04/ % 5,590 6,138 5,964 RBC Capital Trust, Floating Rate Note 12/29/ % 8,000 8,898 8,396 RBC Dominion Securities Inc. 01/01/ % Reliance LP 09/15/ % 10,400 10,401 10,663 RioCan Real Estate Investment Trust 04/09/ % 3,500 3,500 3,465 RioCan Real Estate Investment Trust 10/03/ % 7,350 7,350 7,365 RioCan Real Estate Investment Trust 03/05/ % 10,000 10,177 10,091 RioCan Real Estate Investment Trust 06/28/ % 19,000 20,181 19,691 Rogers Communications Inc. 09/29/ % 7,755 7,759 8,397 Royal Bank of Canada 04/26/ % 5,000 4,998 4,989 Royal Bank of Canada 09/13/ % 4,465 4,464 4,378 Royal Bank of Canada 07/15/ % 10,000 9,997 9,857 Royal Bank of Canada 07/17/ % 22,000 22,088 22,068 Royal Bank of Canada 03/15/ % 5,820 5,878 5,832 Royal Bank of Canada 03/12/ % 12,105 12,114 12,186 Royal Bank of Canada 12/05/ % 16,275 16,571 16,268 Royal Bank of Canada 12/09/ % 29,070 29,213 29,499 Royal Bank of Canada, Floating Rate Note 06/04/ % 12,700 12,698 12,760 Royal Bank of Canada 07/12/ % 20,000 20,578 20,281 Royal Bank of Canada 03/04/ % 9,820 9,820 10,130 Royal Bank of Canada 10/11/ % 7,000 7,182 7,123 Royal Bank of Canada, Floating Rate Note 12/06/ % 17,490 17,769 17,913 Royal Bank of Canada, Floating Rate Note 01/20/ % 4,040 4,095 4,158 Royal Bank of Canada, Floating Rate Note 09/29/ % 5,105 5,103 5,282 Saputo Inc. 06/13/ % 4,200 4,200 4,128 Scotiabank Tier I Trust, Floating Rate Note 06/30/ % 1,500 1,666 1,657 Shaw Communications Inc. 03/01/ % 2,000 1,998 2,061 Shaw Communications Inc. 10/01/ % 28,000 31,855 30,235 Smart Real Estate Investment Trust 07/22/ % 4,880 5,094 5,059 Smart Real Estate Investment Trust 05/30/ % 1,365 1,432 1,427 South Coast British Columbia Transportation Authority 06/04/ % 2,490 2,645 2,583 Street Capital Financial Corp. 09/01/ % Sun Life Capital Trust II, Floating Rate Note 12/31/ % 5,320 6,156 5,769 Sun Life Financial Inc., Floating Rate Note 09/25/ % 7,840 7,835 7,943 Sun Life Financial Inc., Floating Rate Note 05/13/ % 11,225 11,303 11,378 MD Financial Management Inc. MDPIM Interim Financial Statements

9 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Sun Life Financial Inc., Floating Rate Note 09/19/ % 2,340 2,344 2,384 Sun Life Financial Inc., Floating Rate Note 02/19/ % 1,285 1,295 1,322 Sun Life Financial Inc., Floating Rate Note 01/30/ % 10,940 11,210 11,195 Suncor Energy Inc. 11/26/ % TD Capital Trust IV, Floating Rate Note 06/30/ % 5,540 5,656 6,356 TD Capital Trust IV, Floating Rate Note 06/30/ % 1,860 2,288 2,113 TD Securities Inc. 07/01/ % 7,491 7,253 7,504 TELUS Corporation 04/05/ % 8,770 8,747 9,084 TELUS Corporation 03/15/ % 7,000 7,366 7,284 TELUS Corporation 04/01/ % 15,000 15,760 15,505 TELUS Corporation 12/04/ % 10,000 11,031 10,744 TELUS Corporation 07/23/ % 5,000 5,586 5,444 The Bank of Nova Scotia 09/01/ % 8,579 8,503 8,583 The Bank of Nova Scotia 04/27/ % 8,000 7,997 7,878 The Bank of Nova Scotia 12/02/ % 24,200 24,260 24,000 The Bank of Nova Scotia 09/09/ % 3,640 3,663 3,667 The Bank of Nova Scotia 01/13/ % 13,240 13,235 13,410 The Bank of Nova Scotia 06/28/ % 14,120 14,119 13,994 The Bank of Nova Scotia 10/28/ % 32,025 32,895 32,526 The Bank of Nova Scotia, Floating Rate Note 03/30/ % 1,455 1,448 1,449 The Bank of Nova Scotia 06/04/ % 7,480 7,654 7,722 The Bank of Nova Scotia, Floating Rate Note 10/18/ % 8,400 8,705 8,603 The Bank of Nova Scotia 01/11/ % 51,100 51,097 53,444 The Bank of Nova Scotia 12/02/ % 1,805 1,792 1,802 The Empire Life Insurance Company, Floating Rate Note 05/31/ % 6,110 6,110 6,138 The Empire Life Insurance Company, Floating Rate Note 12/16/ % 7,000 7,015 7,061 The Manufacturers Life Insurance Company, Floating Rate Note 06/01/ % 1,650 1,651 1,653 The Manufacturers Life Insurance Company, Floating Rate Note 01/05/ % 14,325 14,342 14,424 The Manufacturers Life Insurance Company, Floating Rate Note 01/15/ % 14,860 14,860 15,099 The Manufacturers Life Insurance Company, Floating Rate Note 02/21/ % 22,089 22,089 22,435 The Manufacturers Life Insurance Company, Floating Rate Note 09/21/ % 5,100 5,100 5,129 The TD Bank 07/01/ % 1,163 1,351 1,355 The Toronto-Dominion Bank, Floating Rate Note 02/18/ % 2,845 2,863 2,869 The Toronto-Dominion Bank 06/08/ % 2,000 1,999 1,982 The Toronto-Dominion Bank 07/18/ % The Toronto-Dominion Bank 03/23/ % 7,900 7,900 7,867 The Toronto-Dominion Bank 12/01/ % 4,617 4,475 4,609 The Toronto-Dominion Bank 04/02/ % 23,900 24,229 24,060 The Toronto-Dominion Bank 06/24/ % 45,925 46,523 46,957 The Toronto-Dominion Bank 12/22/ % 5,000 5,113 5,118 The Toronto-Dominion Bank, Floating Rate Note 06/24/ % 6,455 6,455 6,528 The Toronto-Dominion Bank, Floating Rate Note 09/30/ % 7,200 7,239 7,344 The Toronto-Dominion Bank 07/24/ % 7,755 8,143 8,181 The Toronto-Dominion Bank, Floating Rate Note 03/04/ % 2,535 2,826 2,853 The Toronto-Dominion Bank, Floating Rate Note 12/18/ % 38,775 41,711 39,530 The Toronto-Dominion Bank, Floating Rate Note 07/09/ % 17,300 17,332 18,034 Thomson Reuters Corporation 11/12/ % 10,980 10,980 11,392 Thomson Reuters Corporation 05/23/ % 7,600 7,881 7,809 TMX Group Limited 10/03/ % 6,200 6,200 6,319 Toyota Credit Canada Inc. 02/19/ % 9,870 9,861 9,871 Toyota Credit Canada Inc. 02/28/ % Toyota Credit Canada Inc. 05/20/ % 10,670 10,668 10,727 Toyota Credit Canada Inc. 11/19/ % 15,235 15,307 15,487 Toyota Credit Canada Inc. 11/21/ % 15,080 15,076 15,335 TransCanada PipeLines Limited 07/17/ % 4,535 4,647 4,739 8 MD Financial Management Inc. MDPIM Interim Financial Statements 2017

10 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue TransCanada PipeLines Limited 01/15/ % 1,435 USD 2,146 2,086 TransCanada Trust, Floating Rate Note 05/18/ % 1,375 1,375 1,383 Union Gas Limited 09/17/ % 3,400 3,420 3,564 Valeant Pharmaceuticals International, Inc., Floating Rate Note 04/01/ % 427 USD Valeant Pharmaceuticals International, Inc. 04/15/ % 100 USD Valeant Pharmaceuticals International, Inc. 03/15/ % 100 USD Ventas Canada Finance Limited 09/30/ % 22,240 22,176 22,695 Veresen Inc. 11/10/ % VW Credit Canada, Inc. 06/24/ % Wells Fargo Canada Corporation 07/25/ % 10,000 10,360 10,243 Wells Fargo Canada Corporation 01/24/ % 7,765 8,413 8,216 Westcoast Energy Inc. 09/12/ % 3,525 3,561 3,665 WestJet Airlines, Ltd. 07/23/ % WTH Car Rental, ULC 07/20/ % 2,820 2,820 2,790 WTH Car Rental, ULC 08/20/ % Total for Corporate Bonds 2,631,850 2,632,474 Government of Canada Bonds (12.53%) Canada Housing Trust No. 1 12/15/ % 36,355 36,227 36,014 Canada Housing Trust No. 1 06/15/ % 66,406 66,606 65,439 Canada Housing Trust No. 1 12/15/ % 3,495 3,493 3,465 Canada Housing Trust No. 1 12/15/ % 2,555 2,596 2,564 Canada Housing Trust No. 1 06/15/ % 119, , ,025 Canada Housing Trust No. 1 09/15/ % 25,026 24,951 24,441 Canada Housing Trust No. 1 12/15/ % 109, , ,589 Canada Housing Trust No. 1 06/15/ % 60,000 61,869 60,561 Canada Housing Trust No. 1 12/15/ % 3,980 4,179 4,101 Canada Housing Trust No. 1 06/15/ % 119, , ,964 Canada Housing Trust No. 1 03/15/ % 8,400 9,357 8,924 Government of Canada 03/01/ % 6,000 5,788 5,764 Government of Canada 03/01/ % 9,004 9,011 8,831 Government of Canada 09/01/ % 59,576 59,155 58,314 Government of Canada 06/01/ % 124, , ,258 Government of Canada 03/01/ % 9,010 9,092 9,030 Government of Canada 06/01/ % 1,970 2,002 1,971 Government of Canada 06/01/ % 64,055 63,903 63,033 Government of Canada 09/01/ % 3,018 3,089 3,058 Government of Canada 06/01/ % 7,857 8,629 8,374 Government of Canada 12/01/ % 14,849 20,274 20,230 Total for Government of Canada Bonds 865, ,950 Municipal Bonds (4.02%) City of Montreal 09/01/ % 2,000 2,033 2,018 City of Montreal 09/01/ % 4,940 4,975 5,109 City of Montreal 09/01/ % 8,000 8,036 8,211 City of Montreal 09/01/ % 1,945 2,100 2,080 City of Montreal 09/01/ % 19,170 20,724 20,548 City of Montreal 12/01/ % 21,655 23,819 23,910 City of Montreal 12/01/ % 8,750 8,681 9,195 City of Montreal 12/01/ % 16,900 17,583 20,322 City of Toronto 06/07/ % 15,000 14,960 14,670 City of Toronto 05/21/ % 3,110 3,342 3,312 City of Toronto 12/06/ % 15,311 15,646 16,290 City of Toronto 12/02/ % 26,019 28,209 27,827 Municipal Finance Authority of British Columbia 10/15/ % 9,325 9,312 9,351 MD Financial Management Inc. MDPIM Interim Financial Statements

11 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Municipal Finance Authority of British Columbia 10/02/ % 1,935 1,936 1,968 Municipal Finance Authority of British Columbia 10/14/ % 4,634 4,786 4,829 Municipal Finance Authority of British Columbia 06/01/ % 7,785 7,776 8,281 Municipal Finance Authority of British Columbia 09/26/ % 3,934 4,337 4,292 Municipal Finance Authority of British Columbia 06/01/ % 12,350 13,833 13,433 Municipal Finance Authority of British Columbia 06/01/ % 8,265 9,162 8,933 Municipal Finance Authority of British Columbia 06/03/ % 6,145 6,955 6,552 Municipal Finance Authority of British Columbia 04/06/ % 2,044 2,378 2,278 Municipal Finance Authority of British Columbia 11/20/ % 6,610 7,545 6,956 The Regional Municipality of York 06/09/ % 5,000 5,000 4,877 The Regional Municipality of York 06/02/ % 5,000 4,998 4,976 The Regional Municipality of York 12/15/ % 1,250 1,239 1,256 The Regional Municipality of York 04/29/ % 40,945 45,395 43,587 Total for Municipal Bonds 274, ,061 Provincial Bonds (24.74%) Province of Alberta 11/15/ % 820 GBP 1,333 1,385 Province of Alberta 06/01/ % 10,000 9,893 9,920 Province of Alberta 09/01/ % 10,000 9,976 9,817 Province of Alberta 06/01/ % 14,485 14,532 14,482 Province of Alberta 12/15/ % Province of Alberta 06/01/ % 7,000 7,074 7,007 Province of Alberta 12/01/ % 2,000 2,166 2,146 Province of Alberta 12/01/ % 4,865 5,425 5,162 Province of British Columbia 12/18/ % 42,038 44,333 43,696 Province of British Columbia 06/18/ % 32,800 34,506 34,233 Province of British Columbia 12/18/ % 45,136 49,417 48,430 Province of British Columbia 01/09/ % 41,000 INR Province of Manitoba 09/05/ % 31,650 31,704 31,352 Province of Manitoba 06/02/ % Province of Manitoba 12/01/ % 8,060 9,067 8,744 Province of Manitoba 06/03/ % 8,570 9,661 9,208 Province of Manitoba 09/05/ % 3,975 4,654 4,561 Province of New Brunswick 05/04/ % 11,100 10,821 10,907 Province of New Brunswick 08/14/ % 10,000 9,997 9,787 Province of New Brunswick 06/02/ % 15,905 16,736 16,551 Province of New Brunswick 06/03/ % Province of New Brunswick 06/03/ % 6,620 7,388 7,004 Province of Newfoundland 06/02/ % 7,515 7,404 7,419 Province of Newfoundland 06/02/ % 12,200 12,730 12,591 Province of Nova Scotia, Floating Rate Note 06/15/ % 9,875 9,812 9,871 Province of Nova Scotia 06/01/ % 7,600 7,111 7,320 Province of Nova Scotia 06/01/ % 4,300 4,774 4,680 Province of Ontario 07/13/ % 17,260 14,818 15,476 Province of Ontario 12/02/ % 21,297 17,455 18,325 Province of Ontario 06/02/ % 24,717 21,346 20,929 Province of Ontario, Floating Rate Note 06/27/ % 9,280 9,280 9,259 Province of Ontario 03/08/ % 20,500 20,271 20,038 Province of Ontario 09/08/ % 1,365 1,385 1,368 Province of Ontario 01/27/ % 2,000 2,005 1,995 Province of Ontario 09/08/ % 56,875 58,272 57,795 Province of Ontario 06/02/ % 33,140 33,377 33,169 Province of Ontario 06/02/ % 93,501 96,685 95,532 Province of Ontario 06/02/ % 10,000 10,185 10,124 Province of Ontario 06/02/ % 100, , , MD Financial Management Inc. MDPIM Interim Financial Statements 2017

12 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Province of Ontario 06/02/ % 159, , ,182 Province of Ontario 06/02/ % 132, , ,443 Province of Ontario 06/02/ % 50,200 55,508 54,485 Province of Ontario 06/02/ % 81,830 89,699 88,056 Province of Quebec 04/01/ % 4,340 3,508 3,441 Province of Quebec, Floating Rate Note 10/13/ % 7,257 7,265 7,304 Province of Quebec 03/03/ % 10,000 9,990 9,925 Province of Quebec 09/01/ % 81,300 83,158 82,101 Province of Quebec 09/01/ % 11,000 11,833 11,367 Province of Quebec 09/01/ % 14,768 15,492 15,561 Province of Quebec 12/01/ % 124, , ,742 Province of Quebec 09/01/ % 48,437 55,256 53,427 Province of Quebec 12/01/ % 21,500 24,076 23,703 Province of Quebec 12/01/ % 168, , ,097 Province of Quebec 06/01/ % 1,000 1,236 1,215 Province of Quebec 04/01/ % Province of Saskatchewan 06/02/ % 3,125 3,199 3,158 Province of Saskatchewan 06/03/ % Total for Provincial Bonds 1,715,520 1,694,034 Total for Domestic Bonds (79.74%) 5,487,946 5,459,519 FOREIGN BONDS Australia (1.88%) APT Pipelines, Ltd. 03/23/ % 13,310 USD 16,973 17,867 APT Pipelines, Ltd. 07/24/ % 11,290 11,389 11,675 BHP Billiton Finance Limited 05/15/ % 2,180 2,185 2,238 Commonwealth Bank of Australia 04/09/ % 33,900 36,107 36,765 FMG Resources (August 2006) Pty Ltd. 05/15/ % 100 USD Inter-American Development Bank 03/20/ % 7,685 7,928 7,764 Inter-American Development Bank 05/15/ % 1,400 NZD 1,262 1,352 Inter-American Development Bank 10/09/ % 455 AUD Inter-American Development Bank 08/20/ % 965 AUD 1,050 1,049 International Finance Corporation 07/22/ % 2,025 AUD 1,966 2,064 International Finance Corporation 05/20/ % 2,270 NZD 2,040 2,207 International Finance Corporation 02/26/ % 1,545 NZD 1,369 1,484 National Australia Bank Limited 11/10/ % 800 GBP 1,346 1,351 National Australia Bank Limited 07/23/ % 700 USD New South Wales Treasury Corporation 05/01/ % 3,115 AUD 3,441 3,437 New South Wales Treasury Corporation 03/01/ % 3,570 AUD 4,139 4,133 Queensland Treasury Corporation 06/21/ % 2,095 AUD 2,136 2,169 Queensland Treasury Corporation 06/21/ % 5,430 AUD 6,080 6,064 Queensland Treasury Corporation 07/21/ % 1,900 AUD 2,277 2,210 Queensland Treasury Corporation 02/21/ % 5,770 AUD 6,344 6,360 Queensland Treasury Corporation 09/18/ % 1,406 NZD 1,393 1,351 Sydney Airport Finance Company Property Limited 04/28/ % 1,000 USD 1,270 1,310 Telstra Corporation Limited 04/19/ % 970 AUD Telstra Corporation Limited 07/15/ % 390 AUD Transurban Finance Company Property, Ltd. 03/06/ % 9,500 9,500 9,735 Western Australian Treasury Corporation 07/23/ % 2,355 AUD 2,254 2,277 Westpac Banking Corporation 02/25/ % 300 USD Westpac Banking Corporation 02/11/ % 600 AUD Total for Australia 126, ,831 MD Financial Management Inc. MDPIM Interim Financial Statements

13 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Belgium (0.16%) Anheuser-Busch Inbev Finance Inc. 01/17/ % 685 USD Anheuser-Busch InBev Finance Inc. 01/25/ % 5,000 5,252 5,209 Anheuser-Busch Inbev Finance Inc. 02/01/ % 3,595 USD 4,893 4,817 Total for Belgium 11,062 10,914 Bermuda (0.00%) Weatherford International, Ltd. 06/15/ % 200 USD Total for Bermuda Brazil (0.06%) Federative Republic of Brazil 01/01/ % 10,635 BRL 4,561 4,209 Total for Brazil 4,561 4,209 British Virgin Island (0.02%) Sinopec Capital (2013) Limited 04/24/ % 400 USD Sinopec Group Overseas Development Ltd. 04/12/ % 200 USD State of Grid Overseas Investment 2016 Ltd. 05/04/ % 400 USD Total for British Virgin Island 1,326 1,299 Cayman Islands (0.06%) Ares Enhanced Loan Investment Strategy IR Ltd, Floating Rate Note 07/23/ % 500 USD Flagship CLO Series 14-8A, Floating Rate Note 01/16/ % 320 USD Jay Park CLO, Ltd Series A Cl. A2, Floating Rate Note 10/20/ % 970 USD 1,252 1,260 Octagon Investment Partners 24 Ltd. Series 15-1A Cl. A1, Floating Rate Note 05/21/ % 500 USD Park Aerospace Holdings Limited 02/15/ % 200 USD Voya CLO, Ltd., Series Cl. A2R, Floating Rate Note 10/15/ % 430 USD Total for Cayman Islands 3,817 3,811 China (0.01%) Bank of China (Hong Kong) Limited 06/30/ % 400 USD Total for China Colombia (0.07%) Republic of Colombia 01/28/ % 1,550 USD 2,098 2,147 Republic of Colombia 09/11/ % 6,381,100 COP 3,053 2,813 Total for Colombia 5,151 4,960 Germany (0.11%) KfW 02/15/ % 1,545 NZD 1,420 1,486 KfW 05/29/ % 1,890 NZD 1,671 1,842 KfW 08/20/ % 1,812 AUD 1,968 2,004 Landwirtschaftliche Rentenbank 09/05/ % 2,180 AUD 2,074 2,169 Unitymedia GmbH 01/15/ % 200 USD Total for Germany 7,404 7,781 India (0.05%) Adani Ports and Special Economic Zone Limited 07/30/ % 1,350 USD 1,771 1,741 NTPC Limited 11/26/ % 1,118 USD 1,569 1,519 Total for India 3,340 3,260 Indonesia (0.32%) Indonesia Treasury Bond 05/15/ % 27,181,000 IDR 2,768 2,687 Pertamina Persero PT 05/20/ % 1,335 USD 1,844 1,799 Republic of Indonesia 05/15/ % 23,675,000 IDR 2,385 2,335 Republic of Indonesia 08/15/ % 24,402,000 IDR 2,488 2, MD Financial Management Inc. MDPIM Interim Financial Statements 2017

14 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Republic of Indonesia 07/15/ % 54,985,000 IDR 5,569 5,647 Republic of Indonesia 03/15/ % 7,535,000 IDR Republic of Indonesia 09/15/ % 30,302,000 IDR 3,344 3,263 Republic of Indonesia 05/15/ % 17,516,000 IDR 1,944 1,927 Republic of Indonesia 03/15/ % 9,266,000 IDR 1,025 1,030 Total for Indonesia 22,162 21,898 Ireland (0.03%) Ardagh Packaging Finance PLC / Ardagh MP Holdings USA Inc. 02/15/ % 200 USD Shire Acquisitions Investments Ireland Designated Activity Company 09/23/ % 1,405 USD 1,850 1,787 Total for Ireland 2,116 2,060 Italy (0.01%) Intesa Sanpaolo SPA 01/15/ % 500 USD Total for Italy Jersey (0.16%) Heathrow Funding Limited 06/17/ % 1,430 1,480 1,474 Heathrow Funding Limited 05/21/ % 7,860 7,832 8,120 Heathrow Funding Limited 07/03/ % 1,180 1,275 1,230 Total for Jersey 10,587 10,824 Luxembourg (0.04%) Actavis Funding SCS 03/15/ % 1,790 USD 2,324 2,408 ArcelorMittal 03/01/ % 150 USD Intelsat Jackson Holdings SA 10/15/ % 200 USD Total for Luxembourg 2,778 2,865 Mexico (0.63%) Banco Nacional de Comercio Exterior, SNC 10/14/ % 1,220 USD 1,610 1,643 Mexico City Airport Trust 10/31/ % 3,157 USD 4,202 4,212 Mexico City Airport Trust 10/31/ % 1,910 USD 2,470 2,517 Petroleos Mexicanos 09/21/ % 1,670 USD 2,199 2,199 Petroleos Mexicanos 03/05/ % 1,410 USD 2,000 1,967 Petroleos Mexicanos 11/24/ % 27,471 MXN 1,732 1,929 Trust F/ /15/ % 1,170 USD 1,598 1,590 United Mexican States 01/23/ % 1,427 USD 1,743 1,815 United Mexican States 06/14/ % 37,910 MXN 3,013 2,671 United Mexican States 06/10/ % 96,231 MXN 7,088 6,891 United Mexican States 05/29/ % 34,541 MXN 2,833 2,659 United Mexican States 06/11/ % 28,526 MXN 2,105 2,127 United Mexican States 12/07/ % 53,130 MXN 4,605 4,083 United Mexican States 12/13/ % 20,526 MXN 1,732 1,509 United Mexican States 12/05/ % 64,463 MXN 6,373 5,521 Total for Mexico 45,303 43,333 Netherlands (0.13%) Bank Nederlandse Gemeenten NV 02/15/ % 2,665 2,978 2,793 Bayer Capital Corporation BV 11/22/ % 1,200 EUR 1,730 2,167 LYB International Finance BV 07/15/ % 600 USD NXP BV and NXP Funding LLC 06/01/ % 2,370 USD 3,360 3,327 Total for Netherlands 8,890 9,114 New Zealand (0.66%) Asian Development Bank 07/20/ % 1,350 NZD 1,197 1,284 Asian Development Bank 03/06/ % 1,850 NZD 1,680 1,820 MD Financial Management Inc. MDPIM Interim Financial Statements

15 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Asian Development Bank 03/09/ % 1,145 AUD 1,210 1,261 Asian Development Bank 12/20/ % 108,670 INR 2,195 2,183 Asian Development Bank 08/08/ % 85,030 INR 1,672 1,743 Asian Development Bank 01/16/ % 44,700 INR Government of New Zealand 04/15/ % 5,850 NZD 5,299 5,670 Government of New Zealand 03/15/ % 7,490 NZD 7,205 7,466 Government of New Zealand 12/15/ % 909 NZD Government of New Zealand 05/15/ % 2,007 NZD 2,029 2,161 Government of New Zealand 05/15/ % 4,325 NZD 4,703 4,658 International Bank for Reconstruction & Development 03/12/ % 1,420 AUD 1,399 1,425 International Bank for Reconstruction & Development 01/13/ % 2,010 AUD 2,015 2,028 International Bank for Reconstruction & Development 01/22/ % 1,880 NZD 1,701 1,821 International Bank for Reconstruction & Development 06/22/ % 850 NOK International Bank for Reconstruction & Development 02/26/ % 1,835 NZD 1,672 1,805 International Bank for Reconstruction & Development 10/06/ % 2,320 NZD 2,138 2,340 International Bank for Reconstruction & Development 10/28/ % 64,250 INR 1,375 1,293 New Zealand Local Government Funding Agency Limited 03/15/ % 1,500 NZD 1,369 1,488 New Zealand Local Government Funding Agency Limited 12/15/ % 2,605 NZD 2,405 2,520 Total for New Zealand 43,151 44,911 Norway (0.24%) European Investment Bank Series EMTN 05/12/ % 10,250 NOK 1,653 1,602 Kingdom of Norway 05/25/ % 30,355 NOK 5,381 5,208 Kingdom of Norway 05/22/ % 31,520 NOK 5,577 5,240 Nordic Investment Bank 07/15/ % 8,790 NOK 1,375 1,379 Nordic Investment Bank 03/19/ % 1,935 NZD 1,885 1,904 Nordic Investment Bank 04/19/ % 1,105 AUD 1,245 1,218 Total for Norway 17,116 16,551 Philippines (0.23%) Republic of the Philippines 03/20/ % 293,260 PHP 8,102 7,407 Republic of the Philippines 04/21/ % 175,330 PHP 4,548 4,327 Republic of the Philippines 08/20/ % 24,000 PHP Republic of the Philippines 09/09/ % 12,918 PHP Republic of the Philippines 07/19/ % 100,295 PHP 3,807 3,438 Total for Philippines 17,503 16,088 Portugal (0.04%) Republic of Portugal 10/15/ % 2,050 USD 2,731 2,721 Total for Portugal 2,731 2,721 Singapore (0.30%) Republic of Singapore 06/01/ % 9,985 SGD 9,915 9,644 Republic of Singapore 09/01/ % 10,685 SGD 10,685 10,667 Total for Singapore 20,600 20,311 South Korea (0.01%) The Export-Import Bank of Korea 11/10/ % 400 USD Total for South Korea Sweden (0.01%) Kingdom of Sweden 12/01/ % 3,525 SEK Total for Sweden United Kingdom (0.43%) Barclays PLC 03/16/ % 500 USD MD Financial Management Inc. MDPIM Interim Financial Statements 2017

16 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue BP Capital Markets PLC 11/09/ % 19,635 19,944 20,542 HSBC Holdings PLC 12/05/ % 2,125 2,132 2,161 HSBC Holdings PLC 03/14/ % 200 USD HSBC Holdings PLC 03/08/ % 500 USD HSBC Holdings PLC, Floating Rate Note 12/31/ % 1,665 USD 2,272 2,240 Vedanta Resources PLC 07/30/ % 2,050 USD 2,734 2,677 Total for United Kingdom 28,664 29,226 United States (12.54%) 21st Century Fox America, Inc. 10/15/ % 600 USD M Company 08/07/ % 560 USD Abacus Innovations Corporation, Floating Rate Note 08/16/ % 30 USD Abbott Laboratories 03/15/ % 1,410 USD 1,855 1,790 Abbott Laboratories 09/15/ % 500 USD AbbVie Inc. 05/14/ % 1,635 USD 2,210 2,126 AbbVie Inc. 05/14/ % 1,890 USD 2,512 2,507 Access Midstream Partners LP 05/15/ % 1,415 USD 1,947 1,911 Activision Blizzard, Inc. 09/15/ % 790 USD 1,038 1,029 Adjustable Rate Mortgage Trust Series, Floating Rate Note 04/25/ % 296 USD AECOM 03/15/ % 3,705 USD 4,878 4,840 Aecom 10/15/ % 1,995 USD 2,893 2,830 Air Lease Corporation 12/01/ % 1,855 USD 3,375 3,335 Air Lease Corporation 09/15/ % 920 USD 1,195 1,189 Air Medical Group Holdings, Inc., Floating Rate Note 04/28/ % 675 USD Air Methods Corp., Floating Rate Note 04/21/ % 679 USD Albertson's LLC, Floating Rate Note 08/22/ % 1,170 USD 1,561 1,501 Allison Transmission, Inc., Floating Rate Note 09/23/ % 115 USD Almonde, Inc., Floating Rate Note 06/13/ % 1,740 USD 2,381 2,262 Alpine Finance Merger Sub LLC 08/01/ % 100 USD Altice US Finance I Corporation, Floating Rate Note 07/28/ % 615 USD Altice US Finance I Corporation 05/15/ % 250 USD Amazon.com, Inc. 11/29/ % 935 USD 1,249 1,214 AMC Entertainment Holdings, Inc., Floating Rate Note 12/15/ % 15 USD AMC Entertainment Holdings, Inc., Floating Rate Note 12/15/ % 10 USD AMC Entertainment Holdings, Inc. 11/15/ % 1,425 USD 1,977 1,936 American Airlines, Inc., Floating Rate Note 04/28/ % 1,228 USD 1,650 1,597 American Axle & Manufacturing, Inc. 10/15/ % 1,375 USD 1,905 1,839 American Express Credit Account Master Trust 06/15/ % 1,560 USD 2,099 2,026 American Express Credit Account Master Trust 11/15/ % 2,545 USD 3,448 3,301 American Tower Corporation 06/01/ % 1,600 USD 2,120 2,155 American Tower Corporation 03/15/ % 220 USD American Tower Corporation 02/15/ % 600 USD Ameriquest Mortgage Securities Inc., Series 2004-R7, Floating Rate Note 08/25/ % 970 USD 1,276 1,252 Amgen Inc. 08/19/ % 1,375 USD 1,754 1,747 Amgen Inc. 08/19/ % 2,245 USD 2,857 2,764 Anheuser-Busch InBev Finance Inc. 05/15/ % 6,260 6,258 6,202 Anheuser-Busch InBev Worldwide, Inc. 01/15/ % 1,880 USD 2,842 2,655 Antero Midstream Partners LP / Antero Midstream Finance Corp. 09/15/ % 1,740 USD 2,382 2,321 Antero Resources Corporation 06/01/ % 1,020 USD 1,404 1,347 Antero Resources Corporation 03/01/ % 1,920 USD 2,544 2,430 Anthem, Inc. 10/15/ % 1,010 USD 2,554 3,384 Anthem, Inc. 08/15/ % 705 USD Apple Inc. 05/03/ % 1,200 USD 1,631 1,552 Apple Inc. 08/28/ % 1,620 AUD 1,535 1,629 Apple Inc. 05/13/ % 2,030 USD 2,754 2,694 MD Financial Management Inc. MDPIM Interim Financial Statements

17 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Applebee's / IHOP Funding LLC 09/05/ % 1,330 USD 1,797 1,702 Aramark Services, Inc., Floating Rate Note 03/28/ % 1,566 USD 2,121 2,049 Aramark Services, Inc. 04/01/ % 895 USD 1,209 1,230 Aramark Services, Inc. 01/15/ % 2,210 USD 3,067 3,023 Aristocrat International Property, Ltd., Floating Rate Note 10/20/ % 23 USD Ascena Retail Group, Inc., Floating Rate Note 08/21/ % 159 USD AT&T Inc. 11/25/ % 9,715 9,901 10,168 AT&T Inc. 01/15/ % 600 USD Atrium CDO Corp. Series 10A Cl. CR, Floating Rate Note 07/16/ % 680 USD Avis Budget Car Rental LLC, Floating Rate Note 03/15/ % 214 USD B&G Foods, Inc. 06/01/ % 1,795 USD 2,356 2,386 B&G Foods, Inc. 04/01/ % 975 USD 1,304 1,294 BAC Capital Trust XIV, Floating Rate Note 09/29/ % 1,095 USD 1,095 1,241 BAE Systems Holdings Inc. 12/15/ % 1,330 USD 1,827 1,800 Ball Corporation 11/15/ % 2,040 USD 2,570 2,718 Ball Corporation 12/15/ % 715 USD Ball Corporation 03/15/ % 1,250 USD 1,667 1,738 Ball Corporation 07/01/ % 3,195 USD 4,444 4,594 Banc of America Commercial Mortgage Trust 2015-UBS7 09/15/ % 500 USD Banc of America Merrill Lynch Large Commercial Mortgage Securities Trust 2012-PARK 12/10/ % 440 USD Bank of America Corporation, Floating Rate Note 03/15/ % 1,680 1,683 1,679 Bank of America Corporation 04/21/ % 600 USD Bank of America Credit Card Trust, Floating Rate Note 06/15/ % 700 USD Bank of Ozarks, Inc., Floating Rate Note 07/01/ % 595 USD BankUnited, Inc. 11/17/ % 1,460 USD 1,924 1,972 Barclays Commercial Mortgage Securities LLC Series 2015-STP Cl. A 09/10/ % 508 USD Baxalta Incorporated 06/23/ % 700 USD Bear Stearns Adjustable Rate Mortgage Trust, Floating Rate Note 08/25/ % 179 USD Bear Stearns Adjustable Rate Mortgage Trust, Floating Rate Note 03/25/ % 328 USD Bear Stearns ALT-A Trust, Floating Rate Note 01/25/ % 273 USD Bear Stearns ATL-A Trust, Floating Rate Note 09/25/ % 496 USD Berry Plastics Corporation, Floating Rate Note 02/08/ % 645 USD Berry Plastics Corporation, Floating Rate Note 10/01/ % 2,098 USD 2,885 2,730 Biogen Inc. 09/15/ % 700 USD BJ's Wholesale Club, Inc., Floating Rate Note 02/03/ % 1,955 USD 2,572 2,466 Bluemountain CLO Ltd. Series A Cl. C, Floating Rate Note 07/20/ % 418 USD Bluemountain CLO, Ltd. Series A Cl. A, Floating Rate Note 10/29/ % 500 USD Boardwalk Pipelines, LP 07/15/ % 1,125 USD 1,485 1,498 Bowie Resource Holdings LLC, Floating Rate Note 08/16/ % 24 USD Bravo Mortgage Asset Trust Series 06-1A Cl. A2, Floating Rate Note 07/25/ % 1,345 USD 1,759 1,710 BreitBurn Energy Partners LP / BreitBurn Finance Corporation 04/15/ % 100 USD Burnham Park CLO, Ltd. Series 16-1A Cl. A, Floating Rate Note 10/20/ % 600 USD BXP Trust Series 2017-GM Cl. C, Floating Rate Note 06/13/ % 1,420 USD 1,894 1,847 Caesars Entertainment Operating Company, Inc., Floating Rate Note 03/31/ % 15 USD California Resources Corporation 12/15/ % 200 USD Calpine Construction Finance Company, LP, Floating Rate Note 05/03/ % 199 USD Calpine Corporation, Floating Rate Note 01/15/ % 295 USD Calpine Corporation 01/15/ % 660 USD Capital One Bank, (USA), NA 02/15/ % 500 USD Capital One Financial Corporation 07/28/ % 1,205 USD 1,588 1,529 Capital One Multi-Asset Execution Trust 07/15/ % 860 USD 1,136 1,117 Cardinal Health, Inc. 06/15/ % 1,090 USD 1,447 1,419 Carlyle Global Market Strategies A Cl. B, Floating Rate Note 07/20/ % 471 USD Carlyle Global Market Strategies Series A Cl. A1AR, Floating Rate Note 07/27/ % 500 USD CBS Radio Inc., Floating Rate Note 10/17/ % 1,445 USD 1,948 1, MD Financial Management Inc. MDPIM Interim Financial Statements 2017