Investors Short Term Capital Yield Class

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1 Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH, CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, including its strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. We stress that the above mentioned list of important factors is not exhaustive. We encourage you to consider these and other factors carefully before making any investment decisions and we urge you to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance. Investors Group Corporate Class Inc. has separate classes of shares and separate series of each class. Each class of shares represents a separate investment fund which has a separate portfolio of investments. The following report is for the above-named fund, which is one such class of Investors Group Corporate Class Inc. This annual Management Report of Fund Performance contains financial highlights, but does not contain the complete audited annual financial statements of the investment fund. If the audited annual financial statements of your investment fund did not accompany the mailing of this report, you may receive a copy of them, at your request, and at no cost, by calling ( if you live in Québec) or by writing to us at 7 Portage Avenue, Winnipeg, Manitoba, RB H ( University Street, Suite, Montréal, Québec, HA A6 if you live in Québec), or by visiting our website at or SEDAR at Securityholders may also use 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. Every effort has been made to ensure that the information contained in this Report is accurate as of March, (except when stated otherwise), however, the Fund cannot guarantee the accuracy or the completeness of this material. Please refer to the Fund s Prospectus and audited annual financial statements for more information. References to Consultant or Consultants mean Representative or Representatives in Québec. For current net asset values per share for the Fund and for more recent information on general market events, please visit our website at CAUTION REGARDING FUTURE PERFORMANCE Sales commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all dividends (except for fee rebates) and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any investor that would have reduced returns. Mutual funds are not guaranteed. Their values change frequently and past performance may not be repeated. Copyright Investors Group Inc. Trademarks owned by IGM Financial Inc. and licensed to its subsidiary corporations.

2 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH, Management Discussion of Fund Performance This management discussion of Fund performance presents views of the portfolio management team about the significant factors and developments during the past year that have affected the Fund s performance and outlook. Please read the caution regarding forward-looking statements located on the first page of this document. Investment Objective and Strategies The Fund aims to provide a return similar to that of a short-term Canadian fixed income fund. The Fund aims to achieve this objective by investing in equity securities and entering into forward contracts in order to provide the Fund with a return similar to what would be achieved by an investment directly in units of Investors Group Short Term Income Fund, an Investors Group sponsored fund that is not otherwise offered to the public and which aims to generate income by investing primarily in Canadian corporate and government fixed income securities with average terms to maturity primarily concentrated between one and five years. The forward price will be determined with reference to the net asset value of the units of Investors Group Short Term Income Fund. The Fund expects that the earnings derived from those forward contracts will be treated as capital gains and if distributed to security holders, will be capital gains dividends for tax purposes. However, recent amendments to the Income Tax Act will tax gains or losses realized from the settlement of the forward contracts on account of income and not capital, subject to the transitional and grandfathering rules. The Fund expects to limit or eliminate the use of forward contracts in the future. Preservation of capital is also considered to be an important factor in the management of the Portfolio. The Fund may also seek to achieve its objective by investing directly in fixed income securities which may include preferred shares or asset-backed debt securities with average terms to maturity primarily concentrated between one and five years. Other than with respect to return of capital distributions on Series T shares and Series Tj shares, this Fund does not intend to provide a steady flow of income. The Fund may reduce its investment in equity securities and forward contracts and increase its position in Canadian debt instruments where the portfolio management team believes it is advantageous to the Fund s shareholders. The Fund would be invested in a diversified portfolio of equity and/or fixed income securities in most circumstances. The Fund may use derivatives to hedge against losses caused by changes in the securities prices or exchange rates. The Fund may also use derivatives for non-hedging purposes in order to invest indirectly in securities or financial markets, gain exposure to other currencies and provide downside protection to the Fund s portfolio, provided that the use of the derivatives is consistent with the Fund s investment objectives. It is not the current intention of the Fund to invest any of its assets in foreign securities but the Fund may invest up to % of its assets in foreign securities. Risk The overall level of risk of investing in the Fund remains as discussed in the Prospectus, and is not expected to have significantly increased or decreased as a result of operations during the period. Accordingly, the Fund also remains suitable for the same investors as discussed in the Prospectus. Results of Operations CHANGES IN NET ASSETS The Fund s net assets decreased by.% during the period to $7.7 million. This change was comprised primarily of gains of $.8 million from investment operations and a decrease of $. million due to net securityholder redemptions. This level of securityholder activity relative to net assets is unusual, but often typical in funds that are available only for the reinvestment of distributions and investments through pre-authorized investment plans by current shareholders. The Manager does not believe that net shareholder redemption activity had a significant impact on the Fund s performance. Effective April 6,, the Fund is available only for the reinvestment of distributions and investments through pre-authorized investment plans by current shareholders. FEES AND EXPENSES The management expense ratios (MERs) before waivers or absorptions for the period are generally similar to the MERs before waivers or absorptions for the -month period ended March,. During both periods, Investors Group absorbed a portion of the Fund s management fees and/ or operating expenses to ensure returns remained competitive. The amount absorbed in the most recent period is less, relative to average assets, than the amount absorbed in the prior period. As a result, the MERs net of waivers or absorptions are higher in the current period. Total expenses paid also vary period to period mainly as a result of changes in average assets in each series. Average net assets of the Fund for the period were $9.6 million, a decrease of 9.9% compared to the period ended March,. RECENT REDUCTION IN FEES Effective July,, the annual management fee rate for Series A, B, Tdsc and Tnl decreased by.% to.%. Effective June,, the annual management fee rate for Series A, B, Tdsc and Tnl was further decreased by.% to.%. Also effective June,, the annual administration fee rate for Series A and Tdsc decreased by.% to.%. INVESTMENT PERFORMANCE In accordance with National Instrument 8-6, the following comparison to a broad-based index has been included to help you understand the Fund s performance relative to the general performance of the markets, but the portfolio management team cautions that the Fund s mandate may be different from the index shown. For a description of the index, see Annual Compound Returns. Also, investors cannot invest in an index without incurring fees and expenses, which are not reflected in the index returns. For the returns of all series and for longer-term performance of the Fund, see the Past Performance section of this report. Performance will vary by series primarily because fees and expenses may differ between series, or because securities of a series were not issued and outstanding for the entire reporting period. See Series Information for the annual expense rates for each series. For the year ended March,, the Series A securities returned.% (after deducting fees and expenses paid by the Fund). In comparison, the FTSE TMX Canada Universe Bond Total Return Index returned.8%. Canadian bonds were volatile over the period as bond markets grappled with the winding down of the U.S. Federal Reserve s (the Fed) asset purchase program. Yields rose and bond prices fell as bond markets sold off early in the period, particularly in May and June, amid uncertainty over when the Fed would begin tapering asset purchases and what impact that might have. Bond markets later stabilized as the Fed began an orderly reduction of its U.S.$8 billion monthly asset purchase program in three successive U.S.$ billion increments. Canadian bond yields began to fall again in early, generating positive returns for investors toward the end of the period.

3 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH, RECENT DEVELOPMENTS (CONTINUED) The Fund underperformed the index. Compared to the index, the Fund maintained greater exposure to short-term bonds, particularly corporate bonds, which positively influenced performance. The Fund was negatively affected by lower sensitivity to provincial bonds and a lower running yield compared to the index as a result of the Fund s shorter-term focus. Recent Developments (BASED ON INFORMATION AS AT APRIL, ) The portfolio management team believes that economic growth in Canada will remain positive, though moderate, led by an improving U.S. economy. Short-term interest rates are likely to remain near current ranges for an extended period as the Bank of Canada maintains neutral monetary policy and holds its key rates near record lows to spur inflation, as it expects the economy to rebalance toward exports and investment. The portfolio management team s expectations of longer-term yield valuations have become more positive. Consequently, the Fund maintained an average term to maturity of the Fund s bonds closer to the index with a focus on generating yield. Fund positioning is tilted toward the prospect of rangebound yields, with overweight exposure to corporate bonds pending signs of further recovery in the U.S. Other Developments INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Investment funds that are publicly accountable enterprises are required by the Canadian Accounting Standards Board (AcSB) to adopt International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) for fiscal years beginning on or after January,. Accordingly, the Fund will adopt IFRS for its fiscal period beginning April,, and will issue its initial financial statements in accordance with IFRS, including comparative information, for the interim period ending September,. The Manager has identified the key differences between IFRS and Canadian generally accepted accounting principles (GAAP) that are expected to affect the Fund. A changeover plan has been developed that addresses key elements of the conversion to IFRS. These elements of the plan include evaluating the impacts of the changeover on all business activities, accounting policies, information technology and data systems, internal controls over financial reporting, and disclosure controls and procedures. As the Fund s changeover plans are implemented, requirements for financial reporting resources and training will be modified appropriately. Based on the Manager s current assessment, the adoption of IFRS is not expected to have a significant impact on the calculation of net asset value per security (pricing NAV). The requirements under IFRS will likely result in changes to the overall presentation of the Fund s financial statements and additional disclosure in the accompanying notes. The potentially significant impacts on the Fund s financial statements under IFRS are as follows: IFRS First Time Adoption of IFRS sets out requirements to be applied in the year of adoption of IFRS, including the requirement for presenting an opening statement of net assets. For the Fund, this will require the presentation of three statements of net assets as of the date of transition: April,, March, and September,. Any changes to recognition and measurement between GAAP and IFRS will be required to be applied retrospectively, meaning that the opening balances as of the comparative period would need to be restated to reflect IFRS. IAS 7 Statement of Cash Flows requires the Fund to present a Statement of Cash Flow as an integral part of its financial statements. Under GAAP, the Fund is exempt from this requirement. IFRS Consolidated Financial Statements defines criteria for an entity to qualify as an investment entity and exempts such entities from consolidation requirements. Where the Fund holds controlling interest in an investment, the Manager expects that the Fund will qualify as an investment entity with accounting policies that are consistent with existing treatment under GAAP. IFRS Fair Value Measurement sets out guidance on the measurement of fair value and allows for the use of closing market prices to value investments. This standard may eliminate the difference under GAAP between net assets per security and net asset value per security at the financial statement reporting date. IAS Financial Instruments: Presentation requires net assets attributable to security holders to be classified as a liability in the financial statements unless certain conditions are met. The Manager has assessed the Fund s capital structure and expects that net assets attributable to security holders will be classified as a liability in the Fund s financial statements. The Manager continues to monitor changes to IFRS proposed by the IASB and relevant amendments by the AcSB. The current assessment and IFRS changeover plans may change in response to any new standards or new interpretations of existing standards. Related Party Transactions I.G. Investment Management, Ltd. is the Manager and Portfolio Advisor of the Fund. The Fund is offered through the Consultants of Investors Group Financial Services Inc. and Investors Group Securities Inc., together referred to as the Distributors. The Manager, Portfolio Advisor and Distributors are, indirectly, wholly owned subsidiaries of IGM Financial Inc. The Fund paid a management fee to the Manager and Portfolio Advisor for management and portfolio advisory services (see Management Fees). The Fund also paid the Manager an administration fee and in exchange the Manager paid the operating costs and expenses of the Fund, except for certain specified costs. See Series Information for the annual rates paid by each series (as a percent of average net assets) for these fees. During the period, Investors Group reimbursed the Fund $.7 thousand so that the Fund returns remained competitive. There is no assurance that fees or expenses will be waived in the future. IGM Financial Inc. is a subsidiary of Power Financial Corporation and Power Corporation of Canada. Power Financial Corporation also owns a majority of Great-West Lifeco Inc. and its related companies and, therefore, those companies are considered affiliates of the Manager. As at March,, the Fund held bonds issued by Power Corporation of Canada valued at $.6 million. This investment is in accordance with standing instructions approved by the Independent Review Committee and represents.% of the Fund s net assets.

4 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH, Management Fees The Fund pays Investors Group a management fee. The management fee paid by each series is calculated as a percentage of the net asset value of the series, as of the close of business on each business day (see Series Information for rates payable by each series). Management fees were used in part to pay costs incurred in providing investment advisory and management services, and distribution-related services including the cost of financial planning services, Consultant commissions and bonuses, marketing and other Fund promotional activities and educational conferences. For the -month period ended March,, on average approximately % of the total management fee revenue received from all Investors Group funds was attributable to investment advisory and management services. The balance of these fees was used to fund the payment of distributionrelated services. For this Fund, investment advisory and management services represented approximately %, and distribution-related services represented approximately %, of the management fees paid (excluding fees paid by Series DC, S or Z if issued) for the period ended March,. This may vary by series depending upon the assets invested in each series.

5 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH, Summary of Investment Portfolio AT MARCH, The largest holdings of the Fund (up to ) at the end of the period, and the major asset classes to which the Fund was exposed, directly or indirectly through derivative contracts, are indicated below. Equity securities held by the Fund which are subject to forward contract arrangements are not included below. In accordance with the terms of the forward contract, the Fund s equity securities have been replaced by the indirect exposure to the fixed income securities of the Investors Group Short Term Income Fund. The Fund held no short positions at the end of the period. This summary of investment portfolio may change due to ongoing portfolio transactions. The Fund s summary of investment portfolio will be updated as at the end of the next quarter. Please see the front page for information about how it can be obtained. The Management Report of Fund Performance, Prospectus, Financial Statements and other information for the Investors Group Short Term Income Fund are available upon request, and at no cost, by using one of the methods located on the front of this document. Summary of Top Holdings % of net asset value Canada Housing Trust No..7% Province of Ontario.9% Canada Housing Trust No..7% --.7 Royal Bank of Canada.% Bank of Montreal.89% --. Canadian Imperial Bank of Commerce.6% Hydro One Inc..78% -9-8 Series MTN. Canada Housing Trust No..% Canadian Imperial Bank of Commerce.% --6. Bank of Montreal.96% 8--6 Callable. Bank of Montreal.% --7 Callable. Canada Housing Trust No..7% Financement-Quebec.% Enbridge Inc..% Callable.7 Canadian Imperial Bank of Commerce.7% Province of Ontario.% Province of Ontario.% The Toronto-Dominion Bank.% Province of Ontario.% 6--. Government of Canada.7% Royal Bank of Canada.77% --8 Series DPNT. Government of Canada.7% 6--. Cadillac Fairview Finance Trust.% --6 Callable. Bell Canada.% John Deere Canada Funding Inc..% Summary of Composition of the Portfolio BY ASSET TYPE % of net asset value Fixed Income 98. Cash and short-term investments. Other net assets (liabilities). Total. BY CURRENCY Canadian dollars 98. BY SECTOR Corporate 7.8 Federal Government. Provincial Governments.7 Mortgage Backed Series Information AT MARCH, Purchase Options Management Service Administration Series Available Fee (%) Fee (%) Fee (%) Series A DSC. -. Series B NL. -. Series Jdsc DSC. -. Series Jnl NL. -. Series Tdsc DSC. -. Series Tnl NL. -. Series Tjdsc DSC. -. Series Tjnl NL. -. Deferred Sales Charge (DSC) investments have a redemption fee when sold of up to.% that declines to % after 7 years. No Load (NL) investments generally do not have a DSC when sold. Other fees may apply. See the Fund s Prospectus for additional information.

6 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH, Past Performance It is important to remember that past performance doesn t necessarily indicate future performance. The returns presented below: assume that all dividends are reinvested into the Fund; do not include sales charges, income taxes, optional expenses or advisory fees payable directly by securityholders in certain series, that reduce returns; show performance based on Canadian dollar returns; and show performance for each of the past financial years, or since the series started. Financial years are as follows: - to 8 nths ended September - 9 six months ended March - to nths ended March Inception dates of the series within these periods are: - Series A, December, - Series B, December, - Series Jdsc, July, - Series Jnl, July, - Series Tdsc, July, 9 - Series Tnl, July, 9 - Series Tjdsc, July, - Series Tjnl, July, Performance during these periods may have been impacted by the following events: During some performance measurement periods, certain fees or expenses may have been waived or absorbed by the Manager. There is no assurance that fees will be waived in the future. In October 7, the Fund began to pay an administration fee. In exchange, the Manager began to pay certain operating costs and expenses which previously had been paid by the Fund. Effective September, 9, the Fund s investment objective was revised to provide the Fund with more flexibility to re-allocate its assets directly in fixed income securities. Effective July,, the annual management fee for Series A, B, Tdsc and Tnl decreased by.% to.%. Effective June,, the annual management fee rate for Series A, B, Tdsc and Tnl decreased by.% to.%. Effective June,, the annual administration fee rate for Series A and Tdsc decreased by.% to.%. Year-by-Year Returns These bar charts show how much an investment in shares made on the first day of each financial year would have increased or decreased by the end of the respective period. For the first year of a series, the percentage shown will be the actual return of the series from its inception date. The charts illustrate how the Fund s performance has changed over time. SERIES A SERIES B SERIES Jdsc SERIES Jnl SERIES Tdsc % % % % %

7 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH, YEAR-BY-YEAR RETURNS (CONTINUED) SERIES Tnl SERIES Tjdsc % %.6 Annual Compound Returns The following table compares the historical annual compound returns for each series with the index (or indices) shown below, for the periods shown ending March,. For a discussion of the Fund s recent performance relative to the index (or indices), see Results of Operations. Since (%) yr yrs yrs yrs inception Series A..8. n/a.9 Series B..8. n/a.9 Series Jdsc.6 n/a n/a n/a.9 Series Jnl.6 n/a n/a n/a.8 Series Tdsc..8 n/a n/a. Series Tnl..8 n/a n/a. Series Tjdsc.6 n/a n/a n/a.9 Series Tjnl.6 n/a n/a n/a.9 FTSE TMX Canada Universe Bond Total Return Index.8.. n/a. The annual compound return since inception for the index presented in the table corresponds to Series A and B. The comparative annual compound return since inception for the index for each of the remaining series is as follows: Series Jdsc, Jnl, Tjdsc and Tjnl:.%; Series Tdsc and Tnl:.%. The FTSE TMX Canada Universe Bond Total Return Index is designed to be a broad measure of the Canadian investment-grade fixed income market weighted by market cap. SERIES Tjnl %.6

8 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH, Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for up to the past five financial years. Footnotes are presented after the Ratios and Supplemental Data tables. Net Assets per Share SERIES A (in $), beginning of period Total revenue Total expenses (.9) (.8) (.) (.) (.) for the period (.).8 (.).. for the period (.) (.8). (.). Total increase operations Ordinary Capital gains Return of capital Total annual dividends at period end SERIES Jdsc JDSC (in $), beginning of period.8. n/a n/a n/a Total revenue..7 n/a n/a n/a Total expenses (.) (.) n/a n/a n/a for the period (.). n/a n/a n/a for the period (.) (.) n/a n/a n/a Total increase operations.6.7 n/a n/a n/a Ordinary - - n/a n/a n/a Capital gains - - n/a n/a n/a Return of capital - - n/a n/a n/a Total annual dividends - - n/a n/a n/a at period end..8 n/a n/a n/a SERIES B (in $), beginning of period Total revenue Total expenses (.8) (.8) (.) (.) (.) for the period (.).7 (.).. for the period (.) (.8). (.). Total increase operations Ordinary Capital gains Return of capital Total annual dividends at period end SERIES Jnl JNL (in $), beginning of period.8. n/a n/a n/a Total revenue..7 n/a n/a n/a Total expenses (.) (.) n/a n/a n/a for the period (.). n/a n/a n/a for the period (.) (.) n/a n/a n/a Total increase operations..8 n/a n/a n/a Ordinary - - n/a n/a n/a Capital gains - - n/a n/a n/a Return of capital - - n/a n/a n/a Total annual dividends - - n/a n/a n/a at period end..8 n/a n/a n/a

9 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH, Net Assets per Share (CONTINUED) SERIES Tdsc TDSC (in $), beginning of period Total revenue..... Total expenses (.) (.) (.8) (.9) (.) for the period (.). (.98).. for the period (.) (.6). (.8).9 Total increase operations Ordinary Capital gains Return of capital (.) (.) (.) (.) (.8) Total annual dividends (.) (.) (.) (.) (.8) at period end SERIES Tjdsc TJDSC (in $), beginning of period 9.9. n/a n/a n/a Total revenue..7 n/a n/a n/a Total expenses (.) (.) n/a n/a n/a for the period (.). n/a n/a n/a for the period (.) (.) n/a n/a n/a Total increase operations..7 n/a n/a n/a Ordinary - - n/a n/a n/a Capital gains - - n/a n/a n/a Return of capital (.) (.7) n/a n/a n/a Total annual dividends (.) (.7) n/a n/a n/a at period end n/a n/a n/a SERIES Tnl TNL SERIES Tjnl TJNL (in $) (in $), beginning of period Total revenue..... Total expenses (.) (.) (.8) (.9) (.6) for the period (.). (.98).. for the period (.) (.6). (.8). Total increase operations Ordinary Capital gains Return of capital (.) (.) (.) (.) (.8) Total annual dividends (.) (.) (.) (.) (.8) at period end , beginning of period 9.9. n/a n/a n/a Total revenue..7 n/a n/a n/a Total expenses (.) (.) n/a n/a n/a for the period (.). n/a n/a n/a for the period (.) (.) n/a n/a n/a Total increase operations..7 n/a n/a n/a Ordinary - - n/a n/a n/a Capital gains - - n/a n/a n/a Return of capital (.) (.7) n/a n/a n/a Total annual dividends (.) (.7) n/a n/a n/a at period end n/a n/a n/a

10 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH, Ratios and Supplemental Data SERIES A Total net asset value (pricing NAV) ($ s) 96,98,8 7, 8,79,7 outstanding ( s) 8,6,78,9,,7 Management expense ratio (%) or absorptions (%) ratio (%) rate (%) Net asset value per share (pricing NAV) ($) SERIES Jnl JNL Total net asset value (pricing NAV) ($ s),6,97 n/a n/a n/a outstanding ( s),89,9 n/a n/a n/a Management expense ratio (%).9. n/a n/a n/a or absorptions (%).. n/a n/a n/a ratio (%) - - n/a n/a n/a rate (%) n/a n/a n/a Net asset value per share (pricing NAV) ($)..9 n/a n/a n/a SERIES B Total net asset value (pricing NAV) ($ s) 7,8 9,9,7 79,6 66,79 outstanding ( s),96 7,96 8,96 6,97,9 Management expense ratio (%) or absorptions (%) ratio (%) rate (%) Net asset value per share (pricing NAV) ($) SERIES Tdsc TDSC Total net asset value (pricing NAV) ($ s),,89,6,6 98 outstanding ( s) 9 Management expense ratio (%) or absorptions (%) ratio (%) rate (%) Net asset value per share (pricing NAV) ($) SERIES Jdsc JDSC Total net asset value (pricing NAV) ($ s),6,96 n/a n/a n/a outstanding ( s),69, n/a n/a n/a Management expense ratio (%)..8 n/a n/a n/a or absorptions (%).. n/a n/a n/a ratio (%) - - n/a n/a n/a rate (%) n/a n/a n/a Net asset value per share (pricing NAV) ($)..9 n/a n/a n/a SERIES Tnl TNL Total net asset value (pricing NAV) ($ s),79,6,7 79 outstanding ( s) Management expense ratio (%) or absorptions (%) ratio (%) rate (%) Net asset value per share (pricing NAV) ($)

11 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH, Ratios and Supplemental Data (CONTINUED) SERIES Tjdsc TJDSC Total net asset value (pricing NAV) ($ s) 9 69 n/a n/a n/a outstanding ( s) 98 7 n/a n/a n/a Management expense ratio (%)..7 n/a n/a n/a or absorptions (%).. n/a n/a n/a ratio (%) - - n/a n/a n/a rate (%) n/a n/a n/a Net asset value per share (pricing NAV) ($) n/a n/a n/a SERIES Tjnl TJNL Total net asset value (pricing NAV) ($ s) 87 6 n/a n/a n/a outstanding ( s) 7 n/a n/a n/a Management expense ratio (%).8.9 n/a n/a n/a or absorptions (%)..7 n/a n/a n/a ratio (%) - - n/a n/a n/a rate (%) n/a n/a n/a Net asset value per share (pricing NAV) ($) n/a n/a n/a These calculations are prescribed by securities regulations and are not intended to be a reconciliation between opening and closing net assets per share. This information is derived from the Fund s audited annual financial statements. The net assets per security presented in the financial statements may differ from the net asset value calculated for Fund pricing purposes. This difference is due to the requirements of generally accepted accounting principles (GAAP), including CPA Canada Handbook Section 8, and may result in a different valuation of securities held by the Fund in accordance with GAAP than the market value used to determine net asset value of the Fund for the purchase and redemption of the Fund s shares (pricing NAV). The pricing NAV per share at the end of the period is disclosed in Ratios and Supplemental Data. Net asset value and dividends are based on the actual number of shares outstanding at the relevant time. The increase/ decrease from operations is based on the weighted average number of shares outstanding over the financial period. In the period a series is established, the financial information is provided from the date of inception to the end of the period. Dividends were paid in cash, reinvested in additional shares of the Fund, or both. ratio (MER) is based on total expenses, excluding commissions and other portfolio transaction costs, for the stated period and is expressed as an annualized percentage of daily average net assets during the period, except as noted. In the period a series is established, the MER is annualized from the date of inception to the end of the period. Where a Fund directly or indirectly via derivative contract invests in units/shares of an Underlying Fund, the MERs presented for the Fund include the portion of MERs of the Underlying Fund(s) attributable to this investment. Correspondingly, the MERs presented for the Fund exclude any management or other fees that are waived as a result of its investment in the Underlying Fund(s). Certain expenses that are non-recurring and/or otherwise uncertain as to their future timing and amount have not been annualized. 6 The trading expense ratio (TER) represents total commissions and other portfolio transaction costs incurred as an annualized percentage of daily average net assets during the period. Where a Fund, directly or indirectly, invests in units/ shares of an Underlying Fund, the TERs presented for the Fund include the portion of TERs of the Underlying Fund(s) attributable to this investment. 7 The Fund s portfolio turnover rate indicates how actively the Fund s Portfolio Advisor manages its portfolio investments. A portfolio turnover rate of % is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period. Generally, the higher a Fund s portfolio turnover rate in a period, the greater the trading costs payable by the Fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of a Fund. Transactions incurred to realign the Fund s portfolio after a fund merger, if any, are excluded from the portfolio turnover rate.

12 Memo