MDPIM Pooled Funds 2017 ANNUAL FINANCIAL STATEMENTS

Transcription

1 MDPIM Pooled Funds 2017 ANNUAL FINANCIAL STATEMENTS

2 Management s Responsibility for Financial Reporting 2 Independent Auditor s Report 3 MDPIM Canadian Bond Pool 5 MDPIM Dividend Pool 38 MDPIM Canadian Equity Pool 48 MDPIM US Equity Pool 59 MDPIM International Equity Pool 70 MDPIM Canadian Long Term Bond Pool 90 MDPIM Strategic Yield Pool 109 MDPIM Strategic Opportunities Pool 114 MDPIM Emerging Markets Equity Pool 119 MDPIM S&P/TSX Capped Composite Index Pool 141 MDPIM S&P 500 Index Pool 151 MDPIM International Equity Index Pool 165 Notes to Financial Statements 189 Audited Annual Financial Statements for the Year Ended December 31, 2017 These audited Annual Financial Statements do not contain the Annual Management Report of Fund Performance ( MRFP ) of the investment fund. If you have not received a copy of the Annual MRFP with this report, you may obtain a copy of the Annual 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 Dr., Ottawa ON K1G 6R7, by visiting our website at md.cma.ca or by visiting the SEDAR website at sedar.com. 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. 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

3 MDPIM Pooled Funds Management s Responsibility for Financial Reporting Management acknowledges responsibility for the preparation and presentation of the financial statements of MDPIM Canadian Bond Pool, MDPIM Dividend Pool, MDPIM Canadian Equity Pool, MDPIM US Equity Pool, MDPIM International Equity Pool, MDPIM Canadian Long Term Bond Pool, MDPIM Strategic Yield Pool, MDPIM Strategic Opportunities Pool, MDPIM Emerging Markets Equity Pool, MDPIM S&P TSX Capped Composite Index Pool, MDPIM S&P 500 Index Pool, and MDPIM International Equity Index Pool (collectively the funds ). These financial statements have also been approved, in its capacity as trustee, by the Board of Directors of MD Financial Management Inc. The financial statements have been prepared by management in accordance with International Financial Reporting Standards. When alternative accounting methods exist, management has chosen those it deems most appropriate in the circumstances. Management has, where required, made these judgments and estimates on a reasonable basis to ensure that the financial statements are presented fairly in all material respects. Management also maintains strong internal controls to provide reasonable assurance that the financial information provided is reliable and accurate, that the funds assets are appropriately accounted for and safeguarded, and that any compliance requirements arising under corporate legislation, securities regulations and internal codes of business conduct are strictly adhered to. The Board of Directors of MD Financial Management Inc. are responsible to ensure that management fulfils its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the financial statements as outlined above. The Board of Directors meets with management and the external auditors periodically to discuss internal control, accounting and auditing matters and financial reporting issues, to satisfy themselves that each party has properly discharged its responsibilities. The Board reviews unaudited semi-annual financial statements and audited annual financial statements including the external auditors report thereon. The Board considers these findings when making its ultimate approval of the financial statements for issuance. The Board also reviews the appointment of the external auditor annually. The financial statements have been audited by PricewaterhouseCoopers LLP, the external auditors, in accordance with Canadian generally accepted auditing standards. PricewaterhouseCoopers LLP has full and free access to the Board of MD Financial Management Inc. Signed on behalf of MD Financial Management Inc. in its capacity as trustee of MDPIM Canadian Bond Pool, MDPIM Dividend Pool, MDPIM Canadian Equity Pool, MDPIM US Equity Pool, MDPIM International Equity Pool, MDPIM Canadian Long Term Bond Pool, MDPIM Strategic Yield Pool, MDPIM Strategic Opportunities Pool, MDPIM Emerging Markets Equity Pool, MDPIM S&P TSX Capped Composite Index Pool, MDPIM S&P 500 Index Pool, and MDPIM International Equity Index Pool. Brian Peters President and Chief Executive Officer MD Financial Management Inc. John Riviere Chief Financial Officer MD Financial Management Inc.

4 March 12, 2018 Independent Auditor s Report To the Unitholders and Trustee of: MDPIM Canadian Bond Pool MDPIM Canadian Long Term Bond Pool MDPIM Dividend Pool MDPIM Canadian Equity Pool MDPIM US Equity Pool MDPIM International Equity Pool MDPIM Strategic Yield Pool MDPIM Strategic Opportunities Pool MDPIM Emerging Markets Equity Pool MDPIM Global Tactical Opportunities Pool MDPIM S&P/TSX Capped Composite Index Pool MDPIM S&P 500 Index Pool MDPIM International Equity Index Pool (collectively, the Funds) We have audited the accompanying financial statements of each of the Funds, which comprise the statements of financial position, comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows as at and for the years or periods indicated in the accompanying financial statements, 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 these financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of the 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 these financial statements 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 of each Fund 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 PricewaterhouseCoopers LLP PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2 T: , F: PwC refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

5 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 of each Fund. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements of each Fund present fairly, in all material respects, the financial position of each Fund as at December 31, 2017 and 2016 and their financial performance and their cash flows for the years or periods then ended in accordance with International Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants

6 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue DOMESTIC BONDS Corporate Bonds (38.62%) B.C. Unlimited Liability Company, Floating Rate Note 02/16/ % 2,501 USD 3,262 3, B.C. Unlimited Liability Company / New Red Finance, Inc. 05/15/ % 1,990 USD 2,712 2, B.C. Unlimited Liability Company / New Red Finance, Inc. 01/15/ % 1,760 USD 2,395 2, B.C. Unlimited Liability Company / New Red Finance, Inc. 10/15/ % 1,630 USD 2,017 2, International Inc. 05/04/ % 7,000 6,997 6,817 AIMCo Realty Investors LP 06/26/ % 1,815 1,815 1,763 Air Canada, Floating Rate Note 10/06/ % 7 USD 10 9 Algonquin Power Co. 02/17/ % 5,460 5,456 5,643 Algonquin Power Co. 02/15/ % 7,260 7,250 7,727 Alimentation Couche-Tard Inc. 11/01/ % 5,000 5,140 5,094 AltaGas, Ltd. 09/28/ % 3,630 3,629 3,746 AltaGas, Ltd. 01/15/ % 2,129 2,170 2,185 AltaGas, Ltd. 10/04/ % 6,240 6,255 6,354 AltaGas, Ltd. 04/07/ % 1,635 1,689 1,699 AltaGas, Ltd. 03/15/ % 5,400 5,791 5,724 AltaLink, LP 05/29/ % AltaLink, LP 11/06/ % 4,695 5,116 4,986 AltaLink, LP 05/29/ % 1,945 2,147 1,974 Artis Real Estate Investment Trust 03/27/ % 1,085 1,093 1,092 Bank of Montreal 10/28/ % 42,800 42,515 41,534 Bank of Montreal 03/31/ % 7,070 7,075 6,964 Bank of Montreal 10/06/ % 8,245 8,361 8,205 Bank of Montreal 07/11/ % 15,000 14,999 14,846 Bank of Montreal 06/01/ % 4,396 4,424 4,327 Bank of Montreal 09/11/ % 1,515 1,515 1,514 Bank of Montreal 06/04/ % 10,000 10,190 10,143 Bank of Montreal 09/19/ % 5,000 5,061 5,052 Bank of Montreal 10/06/ % 2,480 AUD 2,406 2,437 Bank of Montreal 06/01/ % 9,125 9,124 9,282 bcimc Realty Corporation 06/03/ % 10,310 10,306 10,211 bcimc Realty Corporation 03/31/ % 1,420 1,423 1,424 bcimc Realty Corporation 06/29/ % 1,520 1,638 1,582 Bell Canada 10/01/ % 7,800 7,785 7,638 Bell Canada 08/12/ % 3,045 3,052 2,944 Bell Canada 09/29/ % 2,480 2,470 2,528 Bell Canada 06/18/ % 26,000 27,095 26,449 Bell Canada 02/26/ % 7,850 8,769 8,159 Bell Canada Inc. 02/27/ % 14,000 14,088 13,770 Bell Canada Inc. 09/29/ % 3,020 3,011 3,055 BMW Canada Inc. 12/11/ % 2,095 2,095 2,066 BMW Canada Inc. 06/14/ % 1,225 1,227 1,234 Bow Centre Street LP 06/14/ % 2,570 2,686 2,536 Bow Centre Street LP 06/13/ % 1,275 1,315 1,230 Brookfield Asset Management Inc. 04/09/ % 18,010 18,538 18,401 Brookfield Infrastructure Finance ULC 10/30/ % 18,525 18,548 18,984 Brookfield Renewable Energy Partners ULC 06/02/ % 9,420 9,424 9,630 Brookfield Renewable Energy Partners ULC 11/05/ % 4,000 4,334 4,110 Bruce Power LP 06/21/ % 1,345 1,349 1,345 Cadillac view Finance Trust 01/25/ % 12,511 14,320 13,297 Caisse Centrale Desjardins 03/02/ % 28,510 28,510 28,229 Caisse Centrale Desjardins 07/17/ % 10,000 10,136 10,056 Caisse Centrale Desjardins 11/19/ % 14,920 15,036 15,051 MD Financial Management Inc. MDPIM Annual Financial Statements

7 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Cameco Corporation 11/14/ % 2,625 2,722 2,593 Cameco Corporation 09/02/ % 1,690 1,899 1,753 Canadian Commercial Mortgage Origination Trust 1 11/12/ % 5,466 5,466 5,478 Canadian Imperial Bank of Commerce 07/12/ % 10,000 10,044 9,746 Canadian Imperial Bank of Commerce 01/20/ % 26,250 26,198 25,980 Canadian Imperial Bank of Commerce 07/14/ % 15,300 15,221 15,151 Canadian Imperial Bank of Commerce 03/21/ % 10,500 10,408 10,318 Canadian Imperial Bank of Commerce 07/11/ % 11,085 11,086 10,986 Canadian Imperial Bank of Commerce 06/24/ % 27,190 27,611 27,310 Canadian Imperial Bank of Commerce 10/28/ % 16,230 16,585 16,380 Canadian Imperial Bank of Commerce 01/26/ % 12,765 13,060 13,016 Canadian Mortgage Pools 03/01/ % 2,010 2,012 1,976 Canadian National Railway Company 09/22/ % 1,365 1,382 1,374 Canadian Natural Resources Limited 06/01/ % 5,700 5,699 5,641 Canadian Natural Resources Limited 12/01/ % 2,530 2,509 2,487 Canadian Natural Resources, Ltd. 08/14/ % 3,640 3,668 3,673 Canadian Natural Resources, Ltd. 02/11/ % Canadian Utilities Limited 11/09/ % 1,865 1,975 1,920 Canadian Western Bank 01/23/ % 16,600 16,583 16,562 Canadian Western Bank 06/16/ % 3,000 3,000 2,976 Canadian Western Bank 03/01/ % 8,900 8,900 8,940 Canadian Western Bank 12/15/ % 5,000 5,000 4,978 Capital Desjardins Inc. 05/05/ % 3,680 4,182 3,912 Capital Power Corp. 02/21/ % 7,710 7,875 7,914 Capital Power Corp. 09/18/ % 1,375 1,375 1,398 Caterpillar Financial Services Limited 06/08/ % 1,620 1,618 1,591 CDP Financial Inc. 07/15/ % 48,435 53,661 51,461 Central 1 Credit Union 11/07/ % 23,000 22,991 22,789 CHIP Mortgage Trust 04/29/ % 1,860 1,860 1,830 CHIP Mortgage Trust 09/25/ % 2,470 2,470 2,498 Choice Properties Limited Partnership 09/20/ % 9,330 9,348 9,580 Choice Properties Limited Partnership 09/20/ % 13,070 13,550 13,440 Choice Properties Real Estate Investment Trust 09/14/ % 4,930 4,930 4,902 Choice Properties Real Estate Investment Trust 02/08/ % 10,460 10,484 10,722 Choice Properties Real Estate Investment Trust 07/05/ % 5,000 5,247 5,045 Choice Properties Real Estate Investment Trust 07/05/ % 5,000 5,632 5,435 CIBC Capital Trust 06/30/ % 8,170 10,139 9,021 Cogeco Cable Inc. 05/01/ % 1,165 USD 1,556 1,484 Cogeco Cable Inc. 02/14/ % Cogeco Cable Inc. 11/16/ % Cominar Real Estate Investment Trust 06/21/ % 2,045 2,045 2,054 Cominar Real Estate Investment Trust 06/01/ % Cominar Real Estate Investment Trust 12/08/ % CPPIB Capital Inc. 01/15/ % 13,905 13,905 13,814 CPPIB Capital Inc. 06/10/ % 17,500 17,497 17,337 CU Inc. 01/23/ % 6,700 7,580 6,946 CU Inc. 05/01/ % 4,600 6,768 6,081 Daimler Canada Finance Inc. 05/25/ % 5,000 5,000 4,910 Daimler Canada Finance Inc. 07/08/ % 1,305 1,304 1,279 Daimler Canada Finance Inc. 11/23/ % Daimler Canada Finance Inc. 12/16/ % DHX Media Ltd., Floating Rate Note 12/29/ % 358 USD Dollarama Inc. 03/16/ % Dollarama Inc. 07/22/ % Eagle Credit Card Trust 09/17/ % MD Financial Management Inc. MDPIM Annual Financial Statements 2017

8 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Eagle Credit Card Trust 10/15/ % Emera Incorporated 06/16/ % Emera Incorporated 06/15/ % 3,565 USD 5,035 5,043 Enbridge Gas Distribution Inc. 08/22/ % 4,660 4,829 4,796 Enbridge Gas Distribution Inc. 07/05/ % 5,000 6,104 5,832 Enbridge Inc. 05/24/ % 1,900 1,900 1,906 Enbridge Inc. 12/05/ % 4,750 4,954 4,800 Enbridge Inc. 06/08/ % 5,500 5,498 5,314 Enbridge Inc. 10/01/ % 1,405 USD 1,886 1,833 Enbridge Inc. 09/02/ % 8,080 8,591 8,398 Enbridge Inc. 09/27/ % Enbridge Income Fund 01/13/ % Enbridge Income Fund 11/19/ % 2,175 2,245 2,245 Enbridge Income Fund 02/22/ % 9,980 10,179 10,183 Enbridge Pipelines Inc. 09/29/ % 12,225 12,683 12,593 Enercare Solutions Inc. 02/21/ % 4,500 4,499 4,613 ENMAX Corporation 12/05/ % 2,540 2,540 2,576 Equitable Bank Canadian Mortgage Pools 10/01/ % 1,255 1,249 1,244 Export Development Canada 12/07/ % 1,075 GBP 1,741 1,819 Export Development Canada 06/07/ % 2,015 AUD 1,968 1,967 Export Development Canada 01/24/ % 690 NZD fax Financial Holdings Limited 12/06/ % 21,000 20,998 20,810 fax Financial Holdings Limited 12/16/ % 9,000 8,970 9,321 fax Financial Holdings Limited 03/03/ % 3,330 3,301 3,534 fax Financial Holdings Limited 10/14/ % 6,470 6,559 7,149 fax Financial Holdings Limited 05/25/ % 16,196 17,200 17,881 Federated Co-operatives Limited 06/17/ % 1,840 1,876 1,822 Federation des Caisses Desjardins du Quebec 01/17/ % 29,125 29,133 28,702 Federation des Caisses Desjardins du Quebec 08/25/ % 28,100 28,100 27,897 First Capital Realty Inc. 05/06/ % 3,585 3,659 3,558 First Capital Realty Inc. 07/12/ % 9,180 9,120 9,097 First Capital Realty Inc. 10/30/ % 3,000 3,146 3,104 First Capital Realty Inc. 07/31/ % 5,570 5,575 5,846 First Capital Realty Inc. 08/30/ % First Capital Realty Inc. 11/30/ % 3,400 3,665 3,490 First National 07/01/ % 2,702 2,692 2,709 First Nations Finance Authority 06/26/ % First Quantum Minerals Ltd. Series 144A 04/01/ % 200 USD Ford Auto Securitization Trust 03/15/ % 1,326 1,326 1,327 Ford Auto Securitization Trust 11/15/ % Ford Credit Canada Company 09/21/ % 1,530 1,530 1,542 Ford Credit Canada Company 06/22/ % 20,000 20,000 19,779 Ford Credit Canada Company 09/19/ % 8,625 8,625 8,729 Ford Credit Canada Limited 05/07/ % 14,830 14,830 14,779 Ford Credit Canada Limited 06/14/ % 16,200 16,384 16,376 Ford Credit Canada Limited 07/02/ % 32,615 32,987 33,075 Ford Floorplan Auto Securitization Trust 07/15/ % 4,820 4,820 4,792 Fortified Trust 10/23/ % 19,550 19,570 19,473 Fortis Inc. 12/12/ % Fortis Inc. 10/04/ % 1,360 USD 1,782 1,647 FortisAlberta Inc. 09/30/ % 2,815 2,965 2,923 General Motors Financial of Canada, Ltd. 06/01/ % 12,500 12,487 12,272 General Motors Financial of Canada, Ltd. 05/22/ % 16,000 16,094 16,160 Glacier Credit Card Trust 09/20/ % 8,030 8,030 7,810 Glacier Credit Card Trust 09/20/ % MD Financial Management Inc. MDPIM Annual Financial Statements

9 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Granite REIT Holdings LP 07/05/ % 1,465 1,474 1,485 Greater Toronto Airports Authority 04/17/ % 2,600 2,811 2,628 Great-West Lifeco Inc. 08/13/ % 4,185 4,643 4,431 H&R Real Estate Investment Trust 03/01/ % 2,160 2,165 2,182 Hollis Receivables Term Trust II 06/26/ % 2,500 2,505 2,513 Home Trust Co. 12/10/ % Honda Canada Finance Inc. 08/12/ % 6,580 6,580 6,534 Honda Canada Finance Inc. 12/19/ % HSBC Bank Canada 06/29/ % 5,815 5,815 5,711 HSBC Bank Canada 05/13/ % 29,981 30,391 30,145 HSBC Bank Canada 01/31/ % 8,100 8,100 8,037 HSBC Bank Canada 01/14/ % 7,150 7,150 7,248 HSBC Bank Canada 09/29/ % 19,910 19,996 20,205 Husky Energy Inc. 03/10/ % 11,970 11,948 11,937 Husky Energy Inc. 03/12/ % 5,000 4,982 5,267 Hydro One Inc. 01/13/ % 3,025 3,234 3,122 Hydro-Quebec 02/15/ % 14,096 12,261 12,067 Hydro-Quebec 02/01/ % 2,279 USD 4,065 3,390 Hydro-Quebec 10/15/ % IGM Financial Inc. 01/26/ % 10,440 10,433 10,468 Industrial Alliance Insurance and Financial Services Inc. 02/23/ % 8,425 8,467 8,348 Industrial Alliance Insurance and Financial Services Inc. 05/16/ % 8,525 8,569 8,553 Industrial Alliance Insurance and Financial Services Inc. 09/15/ % 2,000 2,000 2,028 Intact Financial Corporation 06/07/ % 5,370 5,369 5,170 Inter Pipeline, Ltd. 09/13/ % 7,500 7,459 7,326 Inter Pipeline, Ltd. 04/18/ % 2,605 2,605 2,539 Inter Pipeline, Ltd. 03/24/ % 10,610 10,505 10,515 Inter Pipeline, Ltd. 12/16/ % 10,435 10,504 10,404 Inter Pipeline, Ltd. 05/30/ % 5,000 5,368 5,193 Inter Pipeline, Ltd. 02/02/ % John Deere Canada Funding Inc. 09/17/ % 8,200 8,304 8,144 Laurentian Bank of Canada 01/23/ % 5,500 5,523 5,485 Laurentian Bank of Canada 04/22/ % 5,000 5,133 4,980 Laurentian Bank of Canada 09/12/ % 14,000 13,975 13,932 Lions Gate Entertainment Corp. 11/01/ % 1,555 USD 2,071 2,066 Lions Gate Entertainment Corp.. Floating Rate Note 12/08/ % 64 USD Loblaw Companies Limited 09/12/ % 4,700 5,133 5,153 Lower Mattagami Energy LP 10/21/ % 1,000 1, Lower Mattagami Energy LP 06/20/ % 1,510 1,605 1,579 Manitoba Telecom Services Inc. 05/27/ % 1,850 1,926 1,946 Manulife Bank of Canada 06/01/ % 2,730 2,731 2,734 Manulife Bank of Canada 05/26/ % Manulife Financial Capital Trust II 12/31/ % 3,335 4,014 3,637 Manulife Financial Corporation 08/20/ % 1,095 1,095 1,087 Maritimes & Northeast Pipeline LP 11/30/ % Master Credit Card Trust II 11/21/ % 1,050 1,096 1,058 MCAP Service 02/01/ % 15,036 15,023 14,874 MCAP Service 04/01/ % 1,464 1,461 1,442 MCAP Service 04/01/ % 2,102 2,107 2,117 MCAP Service 03/01/ % MCAP Service 08/01/ % 7,045 6,983 7,065 Merrill Lynch 06/01/ % Merrill Lynch Canadian Mortgage Pools 09/01/ % 1,235 1,218 1,220 Metro Inc. 02/27/ % 2,290 2,293 2,300 Morguard Corporation 11/18/ % MD Financial Management Inc. MDPIM Annual Financial Statements 2017

10 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Morguard Corporation 09/15/ % National Bank of Canada 03/03/ % 26,250 26,111 25,985 National Bank of Canada 07/26/ % 15,680 15,705 15,361 National Bank of Canada 06/30/ % 14,310 14,329 13,970 National Bank of Canada 10/28/ % 34,500 34,857 34,681 NHA Mortgage Backed Securities 05/01/ % Nissan Canada Financial Services Inc. 10/07/ % 23,750 23,617 23,489 Nissan Canada Financial Services Inc. 04/09/ % 4,500 4,500 4,444 Nissan Canada Financial Services Inc. 10/19/ % 16,800 16,800 16,812 North Battleford Power LP 12/31/ % 12,231 12,232 13,511 North West Redwater Partnership / NWR Financing Co., Ltd. 07/22/ % 3,045 3,043 3,098 North West Redwater Partnership / NWR Financing Co., Ltd. 04/24/ % 2,915 2,947 2,940 North West Redwater Partnership / NWR Financing Co., Ltd. 06/01/ % 2,405 2,399 2,329 Northwest Acquisitions ULC / Dominion Finco Inc 11/01/ % 100 USD Nova Scotia Power Inc. 05/19/ % OMERS Realty Corporation 05/09/ % 2,600 2,600 2,529 OMERS Realty Corporation 11/12/ % 24,890 24,890 25,046 OMERS Realty Corporation 02/23/ % 2,118 2,147 2,135 OMERS Realty Corporation 10/04/ % 3,520 3,520 3,584 OMERS Realty Corporation 06/04/ % 2,415 2,597 2,447 Ontario Electricity Financial Corporation 05/26/ % 10,518 8,559 8,546 OPB Finance Trust 02/24/ % 8,222 8,021 8,088 OPB Finance Trust 05/24/ % 6,695 7,032 6,851 OPB Finance Trust 02/02/ % OPB Finance Trust 01/25/ % 9,340 9,343 9,444 Pembina Pipeline Corporation 01/22/ % 15,850 15,756 15,625 Pembina Pipeline Corporation 02/03/ % 9,020 9,017 9,091 Pembina Pipeline Corporation 08/11/ % Pembina Pipeline Corporation 03/29/ % 2,105 2,340 2,246 PSP Capital Inc. 08/18/ % 25,790 25,777 25,109 PSP Capital Inc. 06/21/ % 4,253 4,231 4,165 PSP Capital Inc. 11/22/ % 42,235 42,072 41,598 PSP Capital Inc. 10/22/ % 20,985 22,239 21,586 PSP Capital Inc. 04/04/ % 5,590 6,138 5,877 RBC Dominion Securities Inc. 01/01/ % Reliance LP 09/15/ % 10,400 10,401 10,593 Reliance LP 03/15/ % 9,675 9,675 9,661 RioCan Real Estate Investment Trust 04/09/ % 3,500 3,500 3,449 RioCan Real Estate Investment Trust 10/03/ % 7,350 7,350 7,299 RioCan Real Estate Investment Trust 06/28/ % 19,000 20,181 19,434 Rogers Communications Inc. 09/29/ % 7,755 7,759 8,231 Royal Bank of Canada 04/26/ % 5,000 4,998 4,969 Royal Bank of Canada 09/13/ % 4,465 4,464 4,332 Royal Bank of Canada 07/15/ % 10,000 9,997 9,749 Royal Bank of Canada 07/17/ % 27,500 27,550 27,270 Royal Bank of Canada 03/15/ % 5,820 5,878 5,759 Royal Bank of Canada 12/05/ % 16,275 16,571 16,001 Royal Bank of Canada 12/09/ % 69,020 69,551 69,291 Royal Bank of Canada 12/05/ % 10,715 10,714 10,611 Royal Bank of Canada 06/04/ % 12,700 12,698 12,673 Royal Bank of Canada 03/04/ % 9,820 9,819 9,968 Royal Bank of Canada 12/06/ % 17,490 17,769 17,720 Royal Bank of Canada 01/20/ % 4,040 4,095 4,109 Royal Bank of Canada 09/29/ % 5,105 5,103 5,215 Saputo Inc. 06/13/ % 4,200 4,200 4,074 MD Financial Management Inc. MDPIM Annual Financial Statements

11 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Saputo Inc. 11/26/ % 5,000 5,065 5,042 Scotiabank Tier I Trust 06/30/ % 3,935 4,356 4,227 Shaw Communications Inc. 03/01/ % 2,000 1,998 2,041 Shaw Communications Inc. 10/01/ % 28,000 31,855 29,611 Smart Real Estate Investment Trust 08/28/ % 2,500 2,446 2,440 Smart Real Estate Investment Trust 07/22/ % 4,880 5,094 5,009 Smart Real Estate Investment Trust 05/30/ % 1,365 1,432 1,412 SmartCentres Real Estate Investment Trust 12/21/ % 2,015 2,015 2,020 SNC-Lavalin Group Inc. 11/24/ % 10,000 10,000 9,999 South Coast British Columbia Transportation Authority 06/04/ % 3,800 3,973 3,887 Street Capital Financial Corp. 09/01/ % Sun Life Capital Trust II 12/31/ % 5,495 6,343 5,827 Sun Life Financial Inc. 09/25/ % 7,840 7,835 7,844 Sun Life Financial Inc. 05/13/ % 11,225 11,303 11,280 Sun Life Financial Inc. 09/19/ % 2,340 2,344 2,350 Sun Life Financial Inc. 02/19/ % Suncor Energy Inc. 09/14/ % TD Capital Trust IV 06/30/ % 6,945 7,242 7,778 TD Capital Trust IV 06/30/ % 4,090 4,823 4,486 TD Securities Inc. 07/01/ % 6,367 6,165 6,367 TELUS Corporation 04/05/ % 8,770 8,747 8,955 TELUS Corporation 03/15/ % 7,000 7,366 7,165 TELUS Corporation 04/01/ % 5,000 5,253 5,092 TELUS Corporation 12/04/ % 10,000 11,031 10,533 TELUS Corporation 07/23/ % 5,000 5,586 5,333 The Bank of Nova Scotia 04/27/ % 8,000 7,997 7,777 The Bank of Nova Scotia 12/02/ % 24,200 24,260 23,705 The Bank of Nova Scotia 01/13/ % 13,240 13,235 13,266 The Bank of Nova Scotia 06/28/ % 9,120 9,119 8,893 The Bank of Nova Scotia 11/08/ % 16,105 16,103 15,953 The Bank of Nova Scotia 10/28/ % 32,970 33,744 33,142 The Bank of Nova Scotia 03/30/ % 1,455 1,448 1,433 The Bank of Nova Scotia 12/02/ % 1,805 1,792 1,772 The Bank of Nova Scotia 06/04/ % 7,480 7,654 7,594 The Bank of Nova Scotia 10/18/ % 4,980 5,133 5,045 The Bank of Nova Scotia 01/11/ % 51,100 51,097 52,470 The Empire Life Insurance Company 05/31/ % 6,110 6,110 6,133 The Empire Life Insurance Company 12/16/ % 7,000 7,015 7,022 The Empire Life Insurance Company 03/15/ % The Manufacturers Life Insurance Company 06/01/ % 1,650 1,651 1,638 The Manufacturers Life Insurance Company 01/05/ % 13,240 13,246 13,199 The Manufacturers Life Insurance Company 01/15/ % 14,860 14,860 14,943 The Manufacturers Life Insurance Company 02/21/ % 22,089 22,089 22,250 The TD Bank 07/01/ % 1,125 1,308 1,279 The Toronto-Dominion Bank 06/08/ % 2,000 1,999 1,960 The Toronto-Dominion Bank 07/18/ % The Toronto-Dominion Bank 02/18/ % 2,845 2,863 2,869 The Toronto-Dominion Bank 03/23/ % The Toronto-Dominion Bank 12/01/ % 4,438 4,301 4,391 The Toronto-Dominion Bank 06/24/ % 30,925 31,328 31,176 The Toronto-Dominion Bank 12/22/ % 5,000 5,113 5,039 The Toronto-Dominion Bank 06/24/ % 6,455 6,455 6,473 The Toronto-Dominion Bank 09/30/ % 4,955 4,955 5,008 The Toronto-Dominion Bank 07/25/ % 17,295 17,326 17,291 The Toronto-Dominion Bank 07/24/ % 7,980 8,379 8, MD Financial Management Inc. MDPIM Annual Financial Statements 2017

12 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue The Toronto-Dominion Bank 03/04/ % 2,535 2,826 2,800 The Toronto-Dominion Bank 07/09/ % 17,300 17,332 17,657 Thomson Reuters Corporation 11/12/ % 10,980 10,980 11,255 Thomson Reuters Corporation 05/23/ % 7,600 7,881 7,724 Toromont Industries Ltd. 10/27/ % 2,610 2,610 2,672 Toyota Credit Canada Inc. 07/18/ % 1,300 1,300 1,304 Toyota Credit Canada Inc. 10/13/ % 1,465 1,465 1,471 Toyota Credit Canada Inc. 02/19/ % 12,050 12,019 11,954 Toyota Credit Canada Inc. 02/28/ % Toyota Credit Canada Inc. 05/20/ % 10,670 10,668 10,625 Toyota Credit Canada Inc. 11/19/ % 13,100 13,098 13,184 Toyota Credit Canada Inc. 10/11/ % 4,400 4,400 4,412 Toyota Credit Canada Inc. 11/21/ % 15,080 15,076 15,212 TransCanada PipeLines Limited 07/17/ % 4,735 4,856 4,873 TransCanada PipeLines Limited 01/15/ % 1,435 USD 2,146 2,013 TransCanada Trust 05/18/ % 1,375 1,375 1,374 Union Gas Limited 09/17/ % 3,400 3,420 3,503 Valeant Pharmaceuticals International, Inc., Floating Rate Note 04/01/ % 227 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 22,501 Veresen Inc. 11/10/ % Wells Fargo Canada Corporation 07/25/ % 10,000 10,360 10,132 Wells Fargo Canada Corporation 01/24/ % 7,765 8,413 8,069 Westcoast Energy Inc. 09/12/ % 3,525 3,561 3,634 WTH Car Rental, ULC 07/20/ % 2,820 2,820 2,780 WTH Car Rental, ULC 08/20/ % Total for Corporate Bonds 2,719,440 2,695,602 Government of Canada Bonds (15.11%) Canada Housing Trust No. 1 12/15/ % 55,355 54,889 54,315 Canada Housing Trust No. 1 06/15/ % 76,406 76,374 74,540 Canada Housing Trust No. 1 06/15/ % 16,070 16,210 15,834 Canada Housing Trust No. 1 09/15/ % 48,026 47,269 46,238 Canada Housing Trust No. 1 12/15/ % 129, , ,623 Canada Housing Trust No. 1 06/15/ % 90,000 91,838 89,678 Canada Housing Trust No. 1 12/15/ % 236, , ,353 Canada Housing Trust No. 1 06/15/ % 125, , ,102 Canada Housing Trust No. 1 03/15/ % 8,400 9,357 8,752 Government of Canada 03/01/ % 9,004 9,011 8,723 Government of Canada 09/01/ % 41,876 40,992 40,271 Government of Canada 06/01/ % 118, , ,240 Government of Canada 11/01/ % 7,345 7,301 7,288 Government of Canada 06/01/ % 1,970 2,002 1,930 Government of Canada 06/01/ % 70,395 68,630 67,556 Government of Canada 09/01/ % 2,073 2,122 2,076 Government of Canada 12/01/ % 22,356 30,203 29,985 Total for Government of Canada Bonds 1,069,128 1,054,504 Municipal Bonds (3.42%) City of Montreal 09/01/ % 2,000 2,033 1,995 City of Montreal 09/01/ % 4,940 4,974 5,035 City of Montreal 09/01/ % 14,000 14,025 14,211 City of Montreal 09/01/ % 1,945 2,100 2,049 City of Montreal 09/01/ % 19,170 20,724 20,200 MD Financial Management Inc. MDPIM Annual Financial Statements

13 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue City of Montreal 12/01/ % City of Montreal 12/01/ % 16,900 17,583 19,842 City of Toronto 06/07/ % 15,000 14,960 14,506 City of Toronto 05/21/ % 3,110 3,342 3,257 City of Toronto 12/06/ % 14,251 14,487 14,929 City of Toronto 12/02/ % 26,019 28,209 27,264 Municipal Finance Authority of British Columbia 10/15/ % 9,325 9,312 9,258 Municipal Finance Authority of British Columbia 12/01/ % 2,300 2,299 2,284 Municipal Finance Authority of British Columbia 04/19/ % 2,385 2,329 2,360 Municipal Finance Authority of British Columbia 10/02/ % 1,935 1,936 1,942 Municipal Finance Authority of British Columbia 10/14/ % 4,634 4,786 4,761 Municipal Finance Authority of British Columbia 09/26/ % 3,934 4,337 4,221 Municipal Finance Authority of British Columbia 06/01/ % 8,350 9,249 8,910 Municipal Finance Authority of British Columbia 06/01/ % 8,265 9,162 8,750 Municipal Finance Authority of British Columbia 12/01/ % 5,000 5,851 5,954 Municipal Finance Authority of British Columbia 04/06/ % 1,939 2,255 2,119 The Regional Municipality of York 06/09/ % 7,000 6,896 6,757 The Regional Municipality of York 06/02/ % 5,000 4,998 4,914 The Regional Municipality of York 12/15/ % 1,250 1,239 1,241 The Regional Municipality of York 06/30/ % 8,100 8,633 8,585 The Regional Municipality of York 04/29/ % 40,945 45,395 42,674 Total for Municipal Bonds 241, ,832 Provincial Bonds (24.29%) Province of Alberta 11/15/ % 1,775 GBP 2,919 2,998 Province of Alberta 06/01/ % 10,000 9,893 9,845 Province of Alberta 09/01/ % 10,000 9,976 9,725 Province of Alberta 06/01/ % 14,810 14,856 14,628 Province of Alberta 12/15/ % Province of Alberta 06/01/ % 47,000 46,645 46,593 Province of Alberta 12/01/ % 2,000 2,166 2,112 Province of Alberta 12/01/ % 4,865 5,425 5,063 Province of British Columbia 12/18/ % 42,038 44,333 43,027 Province of British Columbia 06/18/ % 25,800 27,142 26,502 Province of British Columbia 12/18/ % 45,136 49,418 47,596 Province of British Columbia 01/09/ % 41,000 INR Province of Manitoba 09/05/ % 31,650 31,704 31,053 Province of Manitoba 06/02/ % Province of Manitoba 06/02/ % 22,000 22,025 21,864 Province of Manitoba 12/01/ % 8,385 9,415 8,921 Province of Manitoba 06/03/ % 8,945 10,057 9,413 Province of Manitoba 09/05/ % 3,975 4,654 4,471 Province of New Brunswick 05/04/ % 11,100 10,821 10,797 Province of New Brunswick 08/14/ % 15,000 14,793 14,515 Province of New Brunswick 06/02/ % 16,380 17,226 16,781 Province of New Brunswick 06/03/ % Province of New Brunswick 06/03/ % 6,620 7,388 6,865 Province of Newfoundland 06/02/ % 7,815 7,700 7,611 Province of Newfoundland 06/02/ % 12,200 12,730 12,402 Province of Nova Scotia 06/01/ % 17,600 16,656 16,805 Province of Nova Scotia 06/01/ % 10,345 11,316 11,039 Province of Ontario 07/13/ % 17,260 15,044 15,452 Province of Ontario 12/02/ % 21,297 17,729 18,356 Province of Ontario 06/02/ % 24,717 21,576 20,945 Province of Ontario 03/08/ % 33,000 32,289 31, MD Financial Management Inc. MDPIM Annual Financial Statements 2017

14 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Province of Ontario 06/27/ % 3,680 3,680 3,707 Province of Ontario 01/27/ % 2,000 2,005 1,972 Province of Ontario 09/08/ % 6,875 7,044 6,911 Province of Ontario 06/02/ % 53,040 52,916 52,386 Province of Ontario 06/02/ % 93,501 96,685 94,110 Province of Ontario 06/02/ % 31,000 30,741 30,969 Province of Ontario 06/02/ % 100, , ,888 Province of Ontario 06/02/ % 94, ,210 98,570 Province of Ontario 06/02/ % 129, , ,683 Province of Ontario 06/02/ % 98, , ,470 Province of Ontario 06/02/ % 120, , ,219 Province of Ontario 06/02/ % 1,235 1,298 1,281 Province of Quebec 04/01/ % 4,340 3,551 3,440 Province of Quebec 03/03/ % 10,000 9,990 9,810 Province of Quebec 10/13/ % 7,257 7,265 7,384 Province of Quebec 09/01/ % 55,300 56,564 55,073 Province of Quebec 09/01/ % 15,200 16,133 15,466 Province of Quebec 09/01/ % 14,768 15,493 15,308 Province of Quebec 12/01/ % 124, , ,317 Province of Quebec 09/01/ % 48,437 55,256 52,406 Province of Quebec 12/01/ % 39,200 43,300 42,326 Province of Quebec 12/01/ % 4,115 4,254 4,224 Province of Quebec 12/01/ % 105, , ,885 Province of Quebec 06/01/ % 1,000 1,236 1,188 Province of Quebec 04/01/ % Province of Saskatchewan 06/02/ % 3,125 3,199 3,114 Province of Saskatchewan 06/02/ % 8,000 7,967 8,006 Province of Saskatchewan 06/03/ % Total for Provincial Bonds 1,738,482 1,695,427 Total for Domestic Bonds (81.44%) 5,769,010 5,684,365 FOREIGN BONDS Australia (1.14%) APT Pipelines, Ltd. 03/23/ % 13,310 USD 16,973 17,329 Aristocrat International Property, Ltd., Floating Rate Note 10/20/ % 23 USD Aristocrat International Property, Ltd., Floating Rate Note 09/19/ % 117 USD BHP Billiton Finance Limited 05/15/ % 2,180 2,185 2,218 FBG Finance Pty Ltd. 09/06/ % 2,160 AUD 2,135 2,122 FMG Resources (August 2006) Pty Ltd. 05/15/ % 100 USD Government of Australia 07/15/ % 520 AUD Inter-American Development Bank 03/20/ % 7,685 7,928 7,670 Inter-American Development Bank 05/15/ % 1,400 NZD 1,262 1,276 Inter-American Development Bank 10/09/ % 455 AUD Inter-American Development Bank 08/20/ % 965 AUD 1,050 1,010 International Finance Corporation 07/22/ % 2,025 AUD 1,966 2,015 International Finance Corporation 05/20/ % 3,350 NZD 3,008 3,057 International Finance Corporation 02/26/ % 1,545 NZD 1,369 1,377 National Australia Bank Limited 07/23/ % 700 USD New South Wales Treasury Corporation 04/08/ % 880 AUD New South Wales Treasury Corporation 05/01/ % 3,115 AUD 3,441 3,314 New South Wales Treasury Corporation 03/01/ % 3,570 AUD 4,139 3,991 Queensland Treasury Corporation 06/21/ % 4,005 AUD 4,484 4,327 Queensland Treasury Corporation 07/21/ % 2,575 AUD 3,012 2,898 MD Financial Management Inc. MDPIM Annual Financial Statements

15 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Queensland Treasury Corporation 02/21/ % 5,770 AUD 6,344 6,128 Sydney Airport Finance Company Property Limited 04/28/ % 1,000 USD 1,270 1,267 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 9,647 Western Australian Treasury Corporation 07/23/ % 2,355 AUD 2,254 2,255 Western Australian Treasury Corporation 10/20/ % 2,190 AUD 2,151 2,156 Westpac Banking Corporation 02/25/ % 300 USD Westpac Banking Corporation 02/11/ % 600 AUD Total for Australia 80,149 79,572 Belgium (0.23%) Anheuser-Busch InBev Finance Inc. 05/15/ % 6,260 6,258 6,126 Anheuser-Busch InBev Finance Inc. 01/25/ % 5,000 5,252 5,140 Anheuser-Busch Inbev Finance Inc. 02/01/ % 3,595 USD 4,893 4,652 Total for Belgium 16,403 15,918 Bermuda (0.01%) IHS Markit Ltd. 03/01/ % 200 USD Weatherford International, Ltd. 06/15/ % 200 USD Total for Bermuda Brazil (0.13%) Federative Republic of Brazil 01/01/ % 11,690 BRL 4,977 4,411 Federative Republic of Brazil 01/01/ % 5,610 BRL 2,235 2,179 Federative Republic of Brazil 01/01/ % 5,730 BRL 2,262 2,190 Total for Brazil 9,474 8,780 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 1,255 Cayman Islands (0.07%) Alibaba Group Holding Limited 06/06/ % 200 USD Flagship CLO 01/16/ % 320 USD Jay Park CLO, Ltd. 10/20/ % 970 USD 1,252 1,218 METAL Cayman 10/15/ % 1,305 USD 1,675 1,636 Neuberger Berman CLO Ltd. 10/18/ % 270 USD Park Aerospace Holdings Limited 02/15/ % 200 USD Voya CLO, Ltd. 10/15/ % 430 USD Voya CLO, Ltd. 07/20/ % 156 USD Total for Cayman Islands 4,983 4,832 Chile (0.00%) Colbun SA 10/11/ % 200 USD Total for Chile China (0.02%) Bank of China (Hong Kong) Limited 06/30/ % 400 USD Bank of China Macau Branch 04/20/ % 300 USD Industrial and Commercial Bank of China Limited 11/08/ % 250 USD The Export-Import Bank of China 07/31/ % 300 USD Total for China 1,633 1, MD Financial Management Inc. MDPIM Annual Financial Statements 2017

16 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Colombia (0.07%) Republic of Colombia 01/28/ % 1,550 USD 2,098 2,073 Republic of Colombia 09/11/ % 6,381,100 COP 3,053 2,773 Total for Colombia 5,151 4,846 Germany (0.17%) KfW 12/23/ % 2,010 GBP 3,400 3,439 KfW 02/15/ % 1,545 NZD 1,420 1,401 KfW 05/29/ % 1,890 NZD 1,671 1,728 KfW 08/20/ % 1,812 AUD 1,968 1,937 Landwirtschaftliche Rentenbank 09/05/ % 2,180 AUD 2,074 2,135 Landwirtschaftliche Rentenbank 04/23/ % 1,200 NZD 1,232 1,190 Unitymedia GmbH 01/15/ % 200 USD Total for Germany 12,036 12,095 Hong Kong (0.01%) CGNPC International Limited 12/11/ % 300 USD Total for Hong Kong India (0.05%) Adani Ports and Special Economic Zone Limited 07/30/ % 1,350 USD 1,771 1,680 ICICI Bank Ltd/Dubai 12/14/ % 300 USD NTPC Limited 11/26/ % 1,118 USD 1,569 1,477 Total for India 3,724 3,528 Indonesia (0.37%) Indonesia Treasury Bond 05/15/ % 43,596,000 IDR 4,350 4,195 Pertamina Persero PT 05/20/ % 1,335 USD 1,844 1,751 PT Pelabuhan Indonesia II 05/05/ % 880 USD 1,119 1,129 Republic of Indonesia 07/18/ % 850 EUR 1,253 1,344 Republic of Indonesia 05/15/ % 32,931,000 IDR 3,274 3,193 Republic of Indonesia 08/15/ % 11,545,000 IDR 1,168 1,130 Republic of Indonesia 05/15/ % 7,316,000 IDR Republic of Indonesia 07/15/ % 54,985,000 IDR 5,569 5,466 Republic of Indonesia 03/15/ % 19,979,000 IDR 2,070 2,053 Republic of Indonesia 09/15/ % 21,893,000 IDR 2,401 2,288 Republic of Indonesia 05/15/ % 17,516,000 IDR 1,944 1,888 Republic of Indonesia 03/15/ % 9,266,000 IDR 1,025 1,011 Total for Indonesia 26,717 26,157 Ireland (0.00%) Ardagh Packaging Finance PLC / Ardagh MP Holdings USA Inc. 02/15/ % 200 USD Total for Ireland Italy (0.01%) Intesa Sanpaolo SPA 01/15/ % 500 USD Total for Italy Jersey (0.15%) Heathrow Funding Limited 06/17/ % 1,430 1,481 1,449 Heathrow Funding Limited 05/21/ % 7,860 7,832 7,946 Heathrow Funding Limited 07/03/ % 1,180 1,275 1,211 Total for Jersey 10,588 10,606 Luxembourg (0.05%) Allergan Funding SCS 03/15/ % 500 USD MD Financial Management Inc. MDPIM Annual Financial Statements

17 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue Almonde, Inc., Floating Rate Note 06/13/ % 1,736 USD 2,375 2,181 ArcelorMittal 03/01/ % 150 USD Endo International PLC, Floating Rate Note 04/27/ % 306 USD Intelsat Jackson Holdings SA 10/15/ % 200 USD Total for Luxembourg 3,891 3,645 Malaysia (0.09%) Federation of Malaysia 04/15/ % 4,435 MYR 1,266 1,285 Federation of Malaysia 09/30/ % 15,845 MYR 4,704 4,950 Total for Malaysia 5,970 6,235 Mexico (0.66%) Banco Nacional de Comercio Exterior, SNC 10/14/ % 1,220 USD 1,610 1,592 Mexico City Airport Trust 04/30/ % 4,085 USD 4,976 5,063 Mexico City Airport Trust 10/31/ % 3,157 USD 4,202 4,051 Mexico City Airport Trust 07/31/ % 4,130 USD 5,169 5,131 Mexico City Airport Trust 10/31/ % 1,910 USD 2,470 2,370 Petroleos Mexicanos 09/21/ % 1,670 USD 2,199 2,156 Petroleos Mexicanos 03/05/ % 1,410 USD 2,000 1,875 Petroleos Mexicanos 11/24/ % 27,471 MXN 1,732 1,674 Trust F/ /15/ % 1,170 USD 1,598 1,562 United Mexican States 01/23/ % 1,427 USD 1,744 1,766 United Mexican States 06/10/ % 73,731 MXN 5,431 4,543 United Mexican States 05/29/ % 51,751 MXN 4,096 3,303 United Mexican States 06/11/ % 28,526 MXN 2,105 1,834 United Mexican States 12/07/ % 53,130 MXN 4,605 3,444 United Mexican States 12/13/ % 20,526 MXN 1,732 1,319 United Mexican States 12/05/ % 64,463 MXN 6,373 4,635 Total for Mexico 52,042 46,318 Netherlands (0.16%) Bank Nederlandse Gemeenten NV 02/15/ % 2,665 2,978 2,744 Bayer Capital Corporation BV 11/22/ % 1,200 EUR 1,730 2,034 CNH Industrial NV 11/15/ % 100 USD Greenko Dutch BV 07/24/ % 1,090 USD 1,381 1,386 LYB International Finance BV 07/15/ % 600 USD NXP BV and NXP Funding LLC 06/01/ % 2,370 USD 3,360 3,111 UPC Holding BV 01/15/ % 845 USD 1,056 1,026 Total for Netherlands 11,453 11,213 New Zealand (0.68%) Asian Development Bank 03/06/ % 1,850 NZD 1,680 1,690 Asian Development Bank 03/09/ % 590 AUD Asian Development Bank 12/20/ % 108,670 INR 2,195 2,106 Asian Development Bank 08/08/ % 85,030 INR 1,672 1,690 Asian Development Bank 01/16/ % 44,700 INR Government of New Zealand 04/15/ % 5,850 NZD 5,299 5,328 Government of New Zealand 03/15/ % 10,715 NZD 10,145 9,882 Government of New Zealand 04/15/ % 5,335 NZD 5,562 5,506 Government of New Zealand 05/15/ % 6,332 NZD 6,732 6,351 International Bank for Reconstruction & Development 03/12/ % 1,420 AUD 1,399 1,396 International Bank for Reconstruction & Development 01/13/ % 1,075 AUD 1,078 1,063 International Bank for Reconstruction & Development 01/25/ % 1,365 NZD 1,230 1,239 International Bank for Reconstruction & Development 01/22/ % 1,880 NZD 1,701 1,714 International Bank for Reconstruction & Development 06/22/ % 850 NOK MD Financial Management Inc. MDPIM Annual Financial Statements 2017

18 MDPIM Canadian Bond Pool Maturity Date Coupon (%) Principal Amount in Currency of Issue International Bank for Reconstruction & Development 02/26/ % 1,835 NZD 1,672 1,676 International Bank for Reconstruction & Development 10/06/ % 2,320 NZD 2,137 2,200 International Bank for Reconstruction & Development 10/28/ % 64,250 INR 1,375 1,259 New Zealand Local Government Funding Agency Limited 04/15/ % 1,750 NZD 1,452 1,495 New Zealand Local Government Funding Agency Limited 03/15/ % 1,500 NZD 1,369 1,378 Total for New Zealand 48,361 47,638 Norway (0.24%) European Investment Bank Series EMTN 05/12/ % 10,250 NOK 1,653 1,585 Kingdom of Norway 05/25/ % 30,355 NOK 5,381 5,087 Kingdom of Norway 05/22/ % 34,070 NOK 6,004 5,505 Nordic Investment Bank 07/15/ % 8,790 NOK 1,375 1,360 Nordic Investment Bank 03/19/ % 1,935 NZD 1,885 1,782 Nordic Investment Bank 04/19/ % 1,105 AUD 1,245 1,185 Total for Norway 17,543 16,504 Philippines (0.23%) Republic of the Philippines 03/20/ % 273,660 PHP 7,560 6,668 Republic of the Philippines 04/21/ % 175,330 PHP 4,549 4,147 Republic of the Philippines 01/26/ % 53,370 PHP 1,287 1,310 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 3,166 Total for Philippines 18,249 16,140 Portugal (0.04%) Republic of Portugal 10/15/ % 2,050 USD 2,731 2,763 Total for Portugal 2,731 2,763 Singapore (0.32%) BOC Aviation Limited 09/18/ % 1,145 USD 1,382 1,404 Republic of Singapore 06/01/ % 12,295 SGD 12,061 11,654 Republic of Singapore 09/01/ % 9,735 SGD 9,735 9,495 Total for Singapore 23,178 22,553 South Korea (0.01%) The Export-Import Bank of Korea 11/10/ % 400 USD Total for South Korea United Kingdom (0.35%) Barclays PLC 03/16/ % 500 USD BG Energy Capital PLC 10/15/ % 100 USD BP Capital Markets PLC 11/09/ % 15,720 15,768 16,207 HSBC Holdings PLC 12/05/ % 1,335 1,339 1,349 HSBC Holdings PLC 03/14/ % 200 USD HSBC Holdings PLC 03/08/ % 500 USD HSBC Holdings PLC 12/31/ % 1,665 USD 2,272 2,196 Vedanta Resources PLC 07/30/ % 2,050 USD 2,734 2,685 Total for United Kingdom 23,840 24,142 United States (10.81%) 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 09/15/ % 500 USD AbbVie Inc. 05/17/ % 870 EUR 1,350 1,337 MD Financial Management Inc. MDPIM Annual Financial Statements