MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING

Transcription

1 MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements have been prepared by RBC Global Asset Management Inc. ( RBC GAM ) as manager of the RBC GAM Investment Funds (the Funds ) and approved by the Board of Directors of RBC GAM. We are responsible for the information contained within the financial statements. We have maintained appropriate procedures and controls to ensure that timely and reliable financial information is produced. The financial statements have been prepared in compliance with International Financial Reporting Standards ( IFRS ) (and they include certain amounts that are based on estimates and judgments). The significant accounting policies, which we believe are appropriate for the Funds, are described in Note 3 to the financial statements. PricewaterhouseCoopers LLP, Chartered Professional Accountants, Licensed Public Accountants, have performed an independent audit of the financial statements in accordance with IFRS. Their report is set out on the next page. Damon G. Williams, FSA, FCIA, CFA Chief Executive Officer RBC Global Asset Management Inc. Heidi Johnston, CPA, CA Chief Financial Officer RBC GAM Funds March 8, 2018

2 INDEPENDENT AUDITOR S REPORT To the Unitholders of: RBC FUNDS & RBC PRIVATE POOLS RBC Canadian T-Bill Fund RBC Canadian Money Market Fund RBC Premium Money Market Fund RBC $U.S. Money Market Fund RBC Premium $U.S. Money Market Fund RBC Canadian Short-Term Income Fund RBC Monthly Income Bond Fund RBC Canadian Bond Index Fund (formerly, RBC Advisor Canadian Bond Fund) RBC Canadian Government Bond Index Fund RBC Bond Fund RBC Vision Bond Fund (formerly, Phillips, Hager & North Community Values Bond Fund) RBC Global Bond Fund RBC $U.S. Investment Grade Corporate Bond Fund RBC Global Corporate Bond Fund RBC High Yield Bond Fund RBC $U.S. High Yield Bond Fund RBC Global High Yield Bond Fund RBC Strategic Income Bond Fund RBC Emerging Markets Foreign Exchange Fund RBC Emerging Markets Bond Fund RBC Emerging Markets Bond Fund (CAD Hedged) BlueBay Global Monthly Income Bond Fund BlueBay Global Sovereign Bond Fund (Canada) BlueBay Global Investment Grade Corporate Bond Fund (Canada) BlueBay European High Yield Bond Fund (Canada) BlueBay Emerging Markets Corporate Bond Fund BlueBay Global Convertible Bond Fund (Canada) BlueBay $U.S. Global Convertible Bond Fund (Canada) RBC Managed Payout Solution RBC Managed Payout Solution Enhanced RBC Managed Payout Solution Enhanced Plus RBC Monthly Income Fund RBC U.S. Monthly Income Fund RBC Balanced Fund RBC Global Balanced Fund RBC Vision Balanced Fund (formerly, RBC Jantzi Balanced Fund) RBC Conservative Growth & Income Fund RBC Balanced Growth & Income Fund RBC Global Growth & Income Fund RBC Retirement Income Solution RBC Retirement 2020 Portfolio RBC Retirement 2025 Portfolio RBC Retirement 2030 Portfolio RBC Retirement 2035 Portfolio RBC Retirement 2040 Portfolio RBC Retirement 2045 Portfolio RBC Retirement 2050 Portfolio RBC Select Very Conservative Portfolio RBC Select Conservative Portfolio RBC Select Balanced Portfolio RBC Select Growth Portfolio RBC Select Aggressive Growth Portfolio RBC Select Choices Conservative Portfolio RBC Select Choices Balanced Portfolio RBC Select Choices Growth Portfolio RBC Select Choices Aggressive Growth Portfolio RBC Target 2020 Education Fund RBC Target 2025 Education Fund RBC Target 2030 Education Fund RBC Target 2035 Education Fund RBC Canadian Dividend Fund RBC Canadian Equity Fund RBC QUBE Canadian Equity Fund RBC QUBE Low Volatility Canadian Equity Fund RBC Trend Canadian Equity Fund RBC Vision Canadian Equity Fund (formerly, RBC Jantzi Canadian Equity Fund) RBC Canadian Index Fund RBC O Shaughnessy Canadian Equity Fund RBC O Shaughnessy All-Canadian Equity Fund RBC Canadian Equity Income Fund RBC Canadian Small & Mid-Cap Resources Fund RBC North American Value Fund RBC North American Growth Fund RBC U.S. Dividend Fund RBC U.S. Dividend Currency Neutral Fund RBC U.S. Equity Fund RBC U.S. Equity Currency Neutral Fund RBC QUBE U.S. Equity Fund RBC QUBE Low Volatility U.S. Equity Fund RBC QUBE Low Volatility U.S. Equity Currency Neutral Fund RBC U.S. Equity Value Fund RBC U.S. Index Fund RBC U.S. Index Currency Neutral Fund RBC O Shaughnessy U.S. Value Fund RBC U.S. Mid-Cap Growth Equity Fund RBC U.S. Mid-Cap Growth Equity Currency Neutral Fund RBC U.S. Mid-Cap Value Equity Fund RBC U.S. Small-Cap Core Equity Fund RBC U.S. Small-Cap Value Equity Fund RBC O Shaughnessy U.S. Growth Fund RBC O Shaughnessy U.S. Growth Fund II RBC Life Science and Technology Fund RBC International Dividend Growth Fund RBC International Equity Fund RBC International Equity Currency Neutral Fund RBC International Index Currency Neutral Fund RBC O Shaughnessy International Equity Fund RBC European Dividend Fund RBC European Equity Fund RBC European Mid-Cap Equity Fund RBC Asian Equity Fund RBC Asia Pacific ex-japan Equity Fund RBC Japanese Equity Fund RBC Emerging Markets Multi-Strategy Equity Fund RBC Emerging Markets Dividend Fund RBC Emerging Markets Equity Fund RBC Emerging Markets Small-Cap Equity Fund RBC Global Dividend Growth Fund RBC Global Dividend Growth Currency Neutral Fund RBC Global Equity Fund RBC Global Equity Focus Fund RBC QUBE Global Equity Fund RBC QUBE Low Volatility Global Equity Fund RBC Vision Global Equity Fund (formerly, RBC Jantzi Global Equity Fund) RBC Vision Fossil Fuel Free Global Equity Fund RBC O Shaughnessy Global Equity Fund RBC QUBE All Country World Equity Fund RBC QUBE Low Volatility All Country World Equity Fund RBC Global Energy Fund RBC Global Precious Metals Fund RBC Global Resources Fund RBC Global Technology Fund RBC Private Short-Term Income Pool RBC Private Canadian Corporate Bond Pool RBC Private Income Pool RBC Private Canadian Dividend Pool RBC Private Canadian Growth and Income Equity Pool RBC Private Canadian Equity Pool RBC Private Canadian Growth Equity Pool RBC Private Canadian Mid-Cap Equity Pool RBC Private U.S. Large-Cap Value Equity Pool RBC Private U.S. Large-Cap Value Equity Currency Neutral Pool RBC Private U.S. Growth Equity Pool RBC Private U.S. Large-Cap Core Equity Pool RBC Private U.S. Large-Cap Core Equity Currency Neutral Pool RBC Private U.S. Small-Cap Equity Pool RBC Private EAFE Equity Pool RBC Private Overseas Equity Pool RBC Private World Equity Pool PHILLIPS, HAGER & NORTH INVESTMENT FUNDS Phillips, Hager & North Canadian Money Market Fund Phillips, Hager & North $U.S. Money Market Fund Phillips, Hager & North Short Term Bond & Mortgage Fund Phillips, Hager & North Bond Fund Phillips, Hager & North Total Return Bond Fund Phillips, Hager & North Inflation-Linked Bond Fund Phillips, Hager & North High Yield Bond Fund Phillips, Hager & North Long Inflation-linked Bond Fund Phillips, Hager & North Monthly Income Fund Phillips, Hager & North Balanced Fund Phillips, Hager & North Dividend Income Fund Phillips, Hager & North Canadian Equity Fund Phillips, Hager & North Canadian Equity Value Fund Phillips, Hager & North Canadian Equity Underlying Fund Phillips, Hager & North Canadian Equity Underlying Fund II Phillips, Hager & North Canadian Growth Fund Phillips, Hager & North Canadian Income Fund Phillips, Hager & North Vintage Fund Phillips, Hager & North U.S. Dividend Income Fund Phillips, Hager & North U.S. Multi-Style All-Cap Equity Fund Phillips, Hager & North U.S. Equity Fund Phillips, Hager & North Currency-Hedged U.S. Equity Fund Phillips, Hager & North U.S. Growth Fund Phillips, Hager & North Overseas Equity Fund Phillips, Hager & North Currency-Hedged Overseas Equity Fund Phillips, Hager & North Global Equity Fund Phillips, Hager & North LifeTime 2015 Fund Phillips, Hager & North LifeTime 2020 Fund Phillips, Hager & North LifeTime 2025 Fund Phillips, Hager & North LifeTime 2030 Fund Phillips, Hager & North LifeTime 2035 Fund Phillips, Hager & North LifeTime 2040 Fund Phillips, Hager & North LifeTime 2045 Fund Phillips, Hager & North LifeTime 2050 Fund (collectively referred to as the Funds )

3 INDEPENDENT AUDITOR S REPORT We have audited the accompanying financial statements of each of the Funds, which comprise the statements of financial position, comprehensive income, cash flows and changes in net assets attributable to holders of redeemable units as at and for the periods indicated in note 2, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements Management is 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 audits 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 management, as well as evaluating the overall presentation of the financial statements. 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, financial performance and cash flows of each of the Funds as at and for the periods indicated in note 2, in accordance with International Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants Toronto, Ontario March 8, 2018

4 2017 ANNUAL FINANCIAL STATEMENTS SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) Fair % of Net Holdings Security Cost Value Assets EQUITIES Canada Bank of Montreal, Preferred Series 38, 4.850% $ $ Bank of Montreal, Preferred Series 40, 4.500% Bank of Nova Scotia, Preferred Series 38, 4.850% Canadian Imperial Bank of Commerce, Preferred Series 45, 4.400% Capital Power Corp., Preferred Series 5, 4.500% Emera Inc., Preferred Series C, 4.100% Enbridge Inc., Preferred Series 1, 4.000% Enbridge Inc., Preferred Series 11, 4.400% Enbridge Inc., Preferred Series 13, 4.400% Enbridge Inc., Preferred Series 17, 5.150% Enbridge Inc., Preferred Series 19, 4.900% Enbridge Inc., Preferred Series L, 4.000% Enbridge Inc., Preferred Series N, 4.000% Manulife Financial Corporation, Preferred Series 13, 3.800% National Bank of Canada, Preferred Series 36, 5.400% National Bank of Canada, Preferred Series 38, 4.450% Toronto-Dominion Bank, Preferred Series 14, 4.850% TransCanada Corp., Preferred Series 13, 5.500% TransCanada Corp., Preferred Series 15, 4.900% TOTAL EQUITIES Number Fair % of Net of Units Security Cost Value Assets MUTUAL FUND UNITS BlueBay Emerging Markets Corporate Bond Fund* $ $ RBC Emerging Markets Foreign Exchange Fund* TOTAL MUTUAL FUND UNITS Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets BONDS CANADIAN BONDS CORPORATE International Inc Sep-2022 $ $ International Inc May International Inc Feb International Inc Sep International Inc May International Inc May Aéroports de Montréal Apr Aéroports de Montréal Oct Aéroports de Montréal Jun AIMCo Realty Investors LP Jun AIMCo Realty Investors LP Jun Alectra Inc May Alimentation Couche-Tard Inc Nov Alimentation Couche-Tard Inc Nov Alimentation Couche-Tard Inc Jul Alliance Pipeline LP Dec Alliance Pipeline LP Dec The accompanying notes are an integral part of the financial statements.

5 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets CORPORATE (cont.) 422 Alliance Pipeline LP Dec-2025 $ 461 $ AltaGas Ltd Sep AltaGas Ltd Jun AltaGas Ltd Mar AltaGas Ltd Jan AltaLink Investments LP Jun AltaLink LP Nov AltaLink LP May AltaLink LP Nov AltaLink LP Nov AltaLink LP Dec Bank of Montreal Mar Bank of Montreal Jun Bank of Montreal Oct Bank of Montreal Mar Bank of Montreal Apr Bank of Montreal Oct Bank of Montreal GBP Dec Bank of Montreal Jul Bank of Montreal Mar Bank of Montreal Sep Bank of Nova Scotia Mar Bank of Nova Scotia Oct Bank of Nova Scotia Jan Bank of Nova Scotia Jun Bank of Nova Scotia Sep Bank of Nova Scotia Jan Bank of Nova Scotia Jun Bank of Nova Scotia Dec Bank of Nova Scotia Apr Bank of Nova Scotia Nov Bank of Nova Scotia Jun Baytex Energy Corp. USD Jun Baytex Energy Corp. USD Jun BC Tel Apr bcimc Realty Corp Aug bcimc Realty Corp Mar bcimc Realty Corp Jun bcimc Realty Corp Mar Bell Canada Jun Bell Canada Jun Bell Canada Jun Bell Canada May Bell Canada Oct Bell Canada Oct Bell Canada Mar Bell Canada Feb Bell Canada Mar Bell Canada Sep Bell Canada Mar Bell Canada Sep Bell Canada Dec BMW Canada Inc Jun Brookfield Infrastructure Finance ULC Feb Brookfield Renewable Energy Partners ULC Oct Brookfield Renewable Energy Partners ULC Jun Brookfield Renewable Energy Partners ULC Jan The accompanying notes are an integral part of the financial statements.

6 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets CORPORATE (cont.) Brookfield Renewable Energy Partners ULC Nov-2036 $ $ Bruce Power LP Jun Bruce Power LP Jun Caisse Centrale Desjardins Jul Caisse Centrale Desjardins Mar Caisse Centrale Desjardins Jan Calloway Real Estate Investment Trust Jul Calloway Real Estate Investment Trust May Cameco Corp Sep Canadian Credit Card Trust II Mar Canadian Imperial Bank of Commerce Jun Canadian Imperial Bank of Commerce Jan Canadian Imperial Bank of Commerce Jul Canadian Imperial Bank of Commerce Apr Canadian Imperial Bank of Commerce Jul Canadian Imperial Bank of Commerce Dec Canadian Natural Resources Ltd Dec Canadian Natural Resources Ltd Aug Canadian Pacific Railway Ltd Jan Canadian Real Estate Investment Trust Jul Canadian Real Estate Investment Trust Nov Canadian Real Estate Investment Trust Jan Canadian Real Estate Investment Trust Jan Canadian Utilities Ltd May Canadian Western Bank Mar Canadian Western Bank Jan Canadian Western Bank Jan Canadian Western Bank Jun Canadian Western Bank Mar Canadian Western Bank Sep Canadian Western Bank Dec Capital Desjardins Inc May Capital Power Corp Feb Cards II Trust Oct Cenovus Energy Inc. USD Nov Choice Properties LP Sep Choice Properties LP Sep Choice Properties LP Sep Choice Properties Real Estate Investment Trust Jul Choice Properties Real Estate Investment Trust Sep Choice Properties Real Estate Investment Trust Mar Choice Properties Real Estate Investment Trust Nov Crombie Real Estate Investment Trust Oct CT Real Estate Investment Trust Jun Daimler Canada Finance Inc Aug Daimler Canada Finance Inc May Daimler Canada Finance Inc Jul Daimler Canada Finance Inc Dec Daimler Canada Finance Inc Nov Dollarama Inc Jul Dollarama Inc Nov Emera Inc Dec Emera Inc Jun Enbridge Gas Distribution Inc Aug Enbridge Gas Distribution Inc Sep Enbridge Gas Distribution Inc Feb Enbridge Gas Distribution Inc Nov The accompanying notes are an integral part of the financial statements.

7 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets CORPORATE (cont.) Enbridge Gas Distribution Inc Aug-2044 $ $ Enbridge Inc Sep Enbridge Inc Dec Enbridge Inc Jun Enbridge Inc Nov Enbridge Inc Mar Enbridge Inc. USD Jun Enbridge Inc Sep Enbridge Income Fund Feb Enbridge Pipelines Inc Nov Enbridge Pipelines Inc Apr Enbridge Pipelines Inc Sep Enbridge Pipelines Inc Aug Enbridge Pipelines Inc Aug EPCOR Utilities Inc Feb EPCOR Utilities Inc Nov Fairfax Financial Holdings Ltd Aug Fairfax Financial Holdings Ltd May Fairfax Financial Holdings Ltd Oct Fairfax Financial Holdings Ltd Dec Federation des Caisses Desjardins du Quebec Aug Finning International Inc Sep First Capital Realty Inc Jan First Capital Realty Inc Aug Ford Credit Canada Ltd Feb Ford Credit Canada Ltd Jun Ford Credit Canada Ltd Sep Ford Credit Canada Ltd May Ford Credit Canada Ltd Feb Ford Credit Canada Ltd Jun Fortified Trust Oct Fortis Inc Dec FortisAlberta Inc Oct FortisAlberta Inc Sep FortisAlberta Inc Sep FortisAlberta Inc Sep FortisBC Energy Inc Apr FortisBC Energy Inc Feb FortisBC Energy Inc Apr FortisBC Energy Inc Oct General Motors Financial of Canada Ltd May General Motors Financial of Canada Ltd Jun Genesis Trust II Apr Genworth MI Canada Inc Jun George Weston Ltd Jun Gibson Energy Inc Jul Gibson Energy Inc Jul Glacier Credit Card Trust Sep Glacier Credit Card Trust Sep Greater Toronto Airports Authority Nov Greater Toronto Airports Authority Sep Greater Toronto Airports Authority Oct Greater Toronto Airports Authority Feb Great-West Life & Annuity Insurance Co May Great-West Lifeco Inc Mar Great-West Lifeco Inc Aug Great-West Lifeco Inc Nov The accompanying notes are an integral part of the financial statements.

8 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets CORPORATE (cont.) H&R Real Estate Investment Trust Jun-2018 $ $ H&R Real Estate Investment Trust May H&R Real Estate Investment Trust Jan Hollis Receivables Term Trust II Feb Honda Canada Finance Inc Aug Honda Canada Finance Inc Feb Honda Canada Finance Inc Mar HSBC Bank Canada May HSBC Bank Canada Jan HSBC Bank Canada Jan HSBC Bank Canada Sep HSBC Bank Canada Jun HSBC Bank Canada Jan Husky Energy Inc Mar Hydro One Inc Nov Hydro One Inc Feb Hydro One Inc Jun Hydro One Inc May Hydro One Inc Jun Hydro One Inc Feb Hydro One Inc Nov Inter Pipeline Ltd Jul Inter Pipeline Ltd Jul Inter Pipeline Ltd Feb Inter Pipeline Ltd Apr Inter Pipeline Ltd May Loblaw Companies Ltd Mar Loblaw Companies Ltd Jun Loblaw Companies Ltd Sep Loblaw Companies Ltd Feb Loblaw Companies Ltd Jun Loblaw Companies Ltd Jan Manulife Bank of Canada Sep Manulife Bank of Canada May Manulife Financial Corporation Dec Master Credit Card Trust II Nov Mattamy Group Corp. USD Oct Metro Inc Dec National Bank of Canada Aug National Bank of Canada Oct National Bank of Canada Mar National Bank of Canada Jul National Bank of Canada Mar National Bank of Canada Jun New Gold Inc. USD Nov New Gold Inc. USD May Nissan Canada Financial Services Inc Oct Nissan Canada Financial Services Inc Oct North West Redwater Partnership Jul North West Redwater Partnership Jun North West Redwater Partnership Jun Nova Gas Transmission Ltd Dec Nova Scotia Power Inc Jun Nova Scotia Power Inc Mar Nova Scotia Power Inc Jul Nova Scotia Power Inc May OMERS Realty Corp Nov The accompanying notes are an integral part of the financial statements.

9 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets CORPORATE (cont.) OMERS Realty Corp Oct-2027 $ $ Parkland Fuel Corp Sep Parkland Fuel Corp May Pembina Pipeline Corp Mar Pembina Pipeline Corp Oct Pembina Pipeline Corp Jan Pembina Pipeline Corp Feb Pembina Pipeline Corp Jun Pembina Pipeline Corp Apr Penske Truck Leasing Canada Inc Dec Precision Drilling Corp. USD Dec Reliance LP Mar RioCan Real Estate Investment Trust Apr Rogers Communications Inc Nov Rogers Communications Inc Sep Rogers Communications Inc Mar Rogers Communications Inc Mar Rogers Communications Inc Aug Royal Bank of Canada* Dec Royal Bank of Canada* Jul Royal Bank of Canada* Mar Royal Bank of Canada* Mar Royal Bank of Canada* Sep Royal Bank of Canada* Mar Royal Bank of Canada* Mar Royal Bank of Canada* Dec Scotiabank Capital Trust Jun Seven Generations Energy Ltd. USD Sep Shaw Communications Inc Oct Shaw Communications Inc Feb Shaw Communications Inc Jan Shaw Communications Inc Mar Shaw Communications Inc Nov Sobeys Inc Aug Sun Life Financial Inc Jul Sun Life Financial Inc May Suncor Energy Inc Nov Suncor Energy Inc Mar Superior Plus LP Feb TCHC Issuer Trust May TELUS Corp Mar TELUS Corp Dec TELUS Corp Jul TELUS Corp Jan TELUS Corp Apr TELUS Corp Mar TELUS Corp Mar TELUS Corp Apr TELUS Corp Jan Teranet Holdings LP Dec Teranet Holdings LP Dec The Manufacturers Life Insurance Co Nov The Manufacturers Life Insurance Co Feb The Manufacturers Life Insurance Co Jan The Manufacturers Life Insurance Co Nov Thomson Reuters Corp Sep Thomson Reuters Corp Nov The accompanying notes are an integral part of the financial statements.

10 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) The accompanying notes are an integral part of the financial statements. Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets CORPORATE (cont.) Toronto Hydro Corp Aug-2026 $ $ Toronto Hydro Corp Sep Toronto-Dominion Bank Apr Toronto-Dominion Bank Apr Toronto-Dominion Bank Jun Toronto-Dominion Bank Mar Toronto-Dominion Bank Dec Toronto-Dominion Bank Mar Toronto-Dominion Bank Jul Toronto-Dominion Bank Jul Toyota Credit Canada Inc Feb Toyota Credit Canada Inc Feb Toyota Credit Canada Inc Jul Toyota Credit Canada Inc Feb Toyota Credit Canada Inc Jul Toyota Credit Canada Inc Oct TransCanada PipeLines Ltd Jul TransCanada PipeLines Ltd Jul TransCanada PipeLines Ltd Mar TransCanada PipeLines Ltd Jun TransCanada PipeLines Ltd Nov TransCanada PipeLines Ltd Sep Union Gas Ltd Sep Union Gas Ltd Jun Union Gas Ltd Sep Union Gas Ltd Sep Union Gas Ltd Jun Union Gas Ltd Jun Vermilion Energy Inc. USD Mar Videotron Ltd Jun Videotron Ltd Jan VW Credit Canada Inc Oct VW Credit Canada Inc Jun Wells Fargo Canada Corp Nov Wells Fargo Canada Corp Jul Wells Fargo Canada Corp Jan Wells Fargo Canada Corp Jan Westcoast Energy Inc Jan Westcoast Energy Inc Oct Westcoast Energy Inc Dec FEDERAL Canada Housing Trust No Dec Canada Housing Trust No Mar Canada Housing Trust No Sep Canada Housing Trust No Sep Government of Canada Sep Government of Canada Mar Government of Canada Jun Government of Canada Sep Government of Canada Jun Government of Canada Jun Government of Canada Jun Government of Canada Jun Government of Canada Jun Government of Canada Jun Government of Canada Jun

11 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets FEDERAL (cont.) Government of Canada Jun-2033 $ $ Government of Canada Jun Government of Canada Jun Government of Canada Dec Government of Canada Dec Government of Canada Dec PROVINCIAL/MUNICIPAL Cadillac Fairview Finance Trust May CDP Financial Inc Jul Ontario Infrastructure Projects Corp Jun Province of British Columbia May Province of British Columbia Jun Province of Manitoba Jun Province of Manitoba Mar Province of Manitoba Mar Province of New Brunswick Jun Province of New Brunswick Jun Province of New Brunswick Jun Province of New Brunswick Jun Province of New Brunswick Aug Province of Newfoundland and Labrador Apr Province of Nova Scotia Jan Province of Nova Scotia Dec Province of Nova Scotia Jun Province of Ontario Jun Province of Ontario Sep Province of Ontario Jun Province of Ontario Jun Province of Ontario Mar Province of Ontario Jun Province of Ontario Jun Province of Ontario Jun Province of Ontario Jun Province of Ontario Jun Province of Ontario Dec Province of Ontario Jun Province of Ontario Mar Province of Ontario Jun Province of Ontario Jun Province of Ontario Jun Province of Ontario Jun Province of Ontario Jun Province of Ontario Jun Province of Ontario Dec Province of Ontario Jun Province of Prince Edward Island Nov Province of Quebec Dec Province of Quebec Dec Province of Quebec Dec Province of Quebec Sep Province of Quebec Sep Province of Quebec Sep Province of Quebec Sep Province of Quebec Sep Province of Quebec Oct The accompanying notes are an integral part of the financial statements.

12 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets PROVINCIAL/MUNICIPAL (cont.) Province of Quebec Jun-2032 $ $ Province of Quebec Dec Province of Quebec Dec Province of Quebec Dec Province of Quebec Dec Province of Quebec Dec Simcoe County Board of Education Jun TOTAL CANADIAN BONDS FOREIGN BONDS Australia FMG Resources (August 2006) Pty Ltd. USD May Azerbaijan 965 Republic of Azerbaijan USD Mar State Oil Co. of the Azerbaijan Republic USD Mar Bahamas 625 Bahamas Government USD Jan Brazil 600 Banco Nacional de Desenvolvimento Economico e Social USD Jun Banco Nacional de Desenvolvimento Economico e Social USD Sep Petrobras Global Finance BV USD May Petrobras Global Finance BV USD May Republic of Brazil USD Jan Republic of Brazil USD Jan Chile Republic of Chile USD Jun China 950 Sinochem Overseas Capital Co. Ltd. USD Nov Sinopec Group Overseas Development 2012 Ltd. USD May Sinopec Group Overseas Development 2012 Ltd. USD May State Grid Overseas Investment 2014 Ltd. USD May The Export-Import Bank of China USD Jul Colombia Republic of Colombia USD May Republic of Colombia USD Jan Costa Rica 330 Banco Nacional de Costa Rica USD Nov Costa Rica Government USD Apr Croatia Croatia Government USD Nov Croatia Government USD Apr Hrvatska Elektroprivreda USD Oct The accompanying notes are an integral part of the financial statements.

13 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets Dominican Republic Dominican Republic USD May-2021 $ $ Dominican Republic USD Apr France Numericable Group S.A. USD May Guatemala 475 Republic of Guatemala USD Jun Republic of Guatemala USD May Honduras 350 Honduras Government USD Jan Hungary Hungary Government USD Jan Hungary Government USD Mar India 650 Export-Import Bank of India USD Aug NTPC Ltd. USD Jul Indonesia Government of Indonesia USD May Government of Indonesia USD Jan Government of Indonesia USD Jan Pelabuhan Indonesia II PT USD May Perusahaan Gas Negara Persero PT USD May Perusahaan Listrik Negara PT USD Nov Ireland Ardagh Packaging Finance Plc. USD May Jordan 940 Hikma Pharmaceuticals Plc. USD Apr Jordan Government USD Jan Kazakhstan Government of Kazakhstan USD Jul Government of Kazakhstan USD Oct KazMunayGas National Co. JSC USD Apr Kenya 350 Kenya Government USD Jun Luxembourg Altice Financing S.A. USD Feb ArcelorMittal USD Oct Dana Financing Luxembourg S.a.r.l. USD Apr Malaysia MDB Energy Ltd. USD May Petronas Capital Ltd. USD Mar The accompanying notes are an integral part of the financial statements.

14 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) The accompanying notes are an integral part of the financial statements. Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets Mexico 500 Banco Nacional de Comercio Exterior SNC USD Aug-2026 $ 631 $ Cemex S.A.B. de C.V. USD Jan Comision Federal de Electricidad USD May Pemex Project Funding Master Trust USD Jun Petroleos Mexicanos USD Mar United Mexican States USD Oct Morocco 985 Morocco Government USD Dec OCP S.A. USD Apr OCP S.A. USD Apr Netherlands ING Bank N.V. USD Nov New Zealand Reynolds Group Issuer Inc. USD Jul Oman Oman Government USD Jun Panama Republic of Panama USD Jan Republic of Panama USD Jan Paraguay Republic of Paraguay USD Jan Republic of Paraguay USD Aug Peru Corp Financiera de Desarrollo S.A. USD Feb Peruvian Government USD Nov Philippines Republic of Philippines USD Jan Poland Government of Poland USD Apr Government of Poland USD Apr Qatar 700 State of Qatar USD Jun State of Qatar USD Jan Romania Romanian Government USD Feb Romanian Government USD Jan Russia Gazprom PAO USD Apr Gazprom PAO USD Aug Russian Foreign Bond - Eurobond USD Sep Russian Foreign Bond - Eurobond USD May

15 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets Senegal 235 Senegal Government USD Jul-2024 $ 338 $ Serbia 625 Republic of Serbia USD Dec Republic of Serbia USD Sep South Africa 140 Eskom Holdings SOC Ltd. USD Feb Republic of South Africa USD Jan Republic of South Africa USD Mar Transnet SOC Ltd. USD Jul Supranational Inter-American Development Bank CAD Jan Turkey Export Credit Bank of Turkey USD Feb Export Credit Bank of Turkey USD Oct Republic of Turkey USD Feb Republic of Turkey USD Apr United Arab Emirates 950 Emirate of Dubai USD Oct Emirate of Dubai USD Jan United Kingdom Ashtead Capital Inc. USD Aug Aviva Plc. CAD May HSBC Holdings Plc. CAD Dec Ineos Finance Plc. EUR May United States Adient Global Holdings Ltd. EUR Aug Alcoa Nederland Holding BV Sep American Axle & Manufacturing Inc Apr American Axle & Manufacturing Inc Apr Avis Budget Car Rental LLC Mar Builders FirstSource Inc Sep CalAtlantic Group Inc Jun CCO Holdings LLC Feb Cedar Fair LP Apr CenturyLink Inc Apr Charter Communications Operating LLC Jul Cinemark USA Inc Jun Consol Energy Inc Apr CSC Holdings LLC Apr Dana Inc Dec Denbury Resources Inc May Diamond 1 Finance Corp Jun Diamond 1 Finance Corp Jul Enbridge Energy Partners LP Mar Enbridge Energy Partners LP Apr Equinix Inc Jan Everest Reinsurance Holdings Inc May Frontier Communications Corp Sep The accompanying notes are an integral part of the financial statements.

16 SCHEDULE OF INVESTMENT PORTFOLIO (in $000s) The accompanying notes are an integral part of the financial statements. Par Value Coupon Fair % of Net (000s) Security Rate % Maturity Cost Value Assets United States (cont.) GE Capital Canada Funding Co. CAD Jan-2022 $ $ Hanesbrands Inc May HCA Inc Feb HCA Inc Feb Herc Rentals Inc Jun Ingles Markets Inc Jun International Game Technology Plc Feb Lear Corp Mar Lear Corp Jan Lehman Brothers Holdings Inc. CAD Jun Lennar Corp May Lincoln National Corp Apr Mobile Mini Inc Jul MPLX LP Feb MPLX LP Dec MPLX LP Jun New Albertson's Inc Jun Nexstar Escrow Corp Aug Owens-Brockway Glass Container Inc Aug Parsley Energy LLC Jun Qwest Corp Dec Regal Entertainment Group Jun Regal Entertainment Group Feb Rite Aid Corp Apr Sabine Pass Liquefaction LLC May SemGroup Corp Mar Six Flags Entertainment Corp Apr SM Energy Co Sep Sonic Automotive Inc May Sonic Automotive Inc Mar Sprint Capital Corp Nov Sprint Corp Sep T-Mobile USA Inc Apr Targa Resources Partners LP Jan Tempur Sealy International Inc Jun Tenet Healthcare Corp Jul The AES Corp Mar The EW Scripps Co May The Goodyear Tire & Rubber Co May Toll Brothers Finance Corp Nov Toll Brothers Finance Corp Mar Unit Corp May United Rentals North America Inc Sep Universal Health Services Inc Jun Valvoline Inc Jul Western Digital Corp Apr Western Digital Corp Apr Whiting Petroleum Corp Mar Whiting Petroleum Corp Jan WPX Energy Inc Jan Wynn Las Vegas LLC Corp May Uruguay Republic of Uruguay USD Aug Republic of Uruguay USD Mar Republic of Uruguay USD Jun