Investors Canadian High Yield Income Fund

Transcription

1 Investors Canadian High Yield Income Fund Annual Financial Report MARCH 31, 2018 Copyright Investors Group Inc Trademarks, including Investors Group, are owned by IGM Financial Inc. and licensed to its subsidiary corporations.

2 STATEMENTS OF FINANCIAL POSITION at March 31 (in $ 000 except per security amounts) STATEMENTS OF COMPREHENSIVE INCOME for the periods ended March 31 (in $ 000 except per security amounts) Assets Current assets: Non-derivative investments 1,086,080 1,220,371 Cash and cash equivalents 30,852 14,621 Accrued interest receivable 10,962 11,207 Dividends receivable Accounts receivable for investments sold 6,207 5,058 Accounts receivable for securities issued - - Accounts receivable from the Manager 1 - Margin on derivative contracts - - Derivative assets 991 4,579 Other assets ,135,229 1,256,265 Non-current assets: Taxes recoverable - - Other assets Total assets 1,135,229 1,256,265 Liabilities Current liabilities: Bank indebtedness - - Accounts payable for investments purchased 40,697 7,887 Accounts payable for securities redeemed Distributions payable - - Accrued expenses and miscellaneous payables 70 2 Dividends payable on investments sold short - - Margin on derivative contracts Derivative liabilities 6, Taxes payable - - Other liabilities - - Total liabilities 47,951 9,027 Net assets attributable to securityholders 1,087,278 1,247,238 a2018 b2017 Income: Gains (losses) on derivative and non-derivative investments: Dividends 2,187 2,675 Interest income 50,761 59,048 Net realized gain (loss) 36,195 58,473 Net unrealized gain (loss) (63,482) 16,758 Income (loss) from derivatives - - Income (loss) from short selling - - Other - - Net gain (loss) on derivative and non-derivative investments 25, ,954 Securities lending income Other 18 - Total income 25, ,226 Expenses: Management fees 12,904 15,099 Management fee rebates (76) (83) Service fees - - Service fee rebates - - Administration fees Trustee fees Commissions and other portfolio transaction costs Independent Review Committee costs 4 8 Other Expenses before amounts absorbed by Manager 14,162 16,570 Expenses absorbed by Manager (19) - Net expenses 14,143 16,570 Increase (decrease) in net assets attributable to securityholders from operations before tax 11, ,656 Foreign withholding taxes paid (recovered) Foreign income taxes paid (recovered) - - Income tax paid (recovered) - - Increase (decrease) in net assets attributable to securityholders from operations 11, ,594 Net assets attributable to securityholders per security per series Series A , ,233 Series B ,105 58,549 Series C , ,052 Series Jdsc , ,335 Series Jnl ,546 37,399 Series P , ,005 Series U ,192 56,665 1,087,278 1,247,238 Increase (decrease) in net assets attributable to securityholders from operations per security per series a2018 b2017 a2018 b2017 Series A ,463 Series B ,703 Series C ,678 Series Jdsc ,011 Series Jnl ,294 Series P ,001 42,678 Series U ,329 3,767 11, ,594 See accompanying notes.

3 STATEMENTS OF CHANGES IN FINANCIAL POSITION for the periods ended March 31 (in $ 000 except when stated) TOTAL SERIES A SERIES B SERIES C a2018 b2017 a2018 b2017 a2018 b2017 a2018 b2017 Net assets attributable to securityholders, beginning of period 1,247,238 1,232, , ,587 58,549 52, , ,680 Increase (decrease) in net assets attributable to securityholders resulting from: Operations 11, , , , ,678 Distributions: Income (39,441) (45,873) (6,787) (9,814) (1,442) (1,528) (2,131) (3,071) Capital gains (1,422) - (266) - (58) - (81) - Return of capital Management fee rebates (76) (83) (2) (6) Service fee rebates Total distributions (40,939) (45,956) (7,053) (9,814) (1,500) (1,528) (2,214) (3,077) Security transactions: Proceeds from sale of securities 207, ,075 11,863 29,079 23,578 22,751 5,540 5,099 Proceeds from securities issued on merger Reinvested from distributions 40,779 45,740 7,027 9,776 1,492 1,519 2,197 3,054 Payment on redemption of securities (379,465) (352,624) (87,099) (85,858) (26,057) (20,940) (27,046) (25,382) Total security transactions (130,819) (59,809) (68,209) (47,003) (987) 3,330 (19,309) (17,229) Increase (decrease) in assets attributable to securityholders (159,960) 14,829 (75,022) (26,354) (2,444) 6,505 (21,468) (10,628) Net assets attributable to securityholders, end of period 1,087,278 1,247, , ,233 56,105 58,549 78, ,052 Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period 31,520 36,267 5,839 5,513 9,477 11,134 Add (deduct): Securities sold 1,194 2,955 2,372 2, Securities issued on merger Reinvested from distributions Securities redeemed (8,769) (8,694) (2,625) (2,121) (2,587) (2,444) Securities outstanding, end of period 24,654 31,520 5,737 5,839 7,631 9,477 SERIES Jdsc SERIES Jnl SERIES P SERIES U a2018 b2017 a2018 b2017 a2018 b2017 a2018 b2017 Net assets attributable to securityholders, beginning of period 259, ,027 37,399 36, , ,655 56,665 34,097 Increase (decrease) in net assets attributable to securityholders resulting from: Operations , ,294 9,001 42,678 1,329 3,767 Distributions: Income (5,847) (8,925) (930) (1,128) (18,733) (19,742) (3,571) (1,665) Capital gains (210) - (36) - (627) - (144) - Return of capital Management fee rebates (63) (65) (11) (12) Service fee rebates Total distributions (6,120) (8,990) (977) (1,140) (19,360) (19,742) (3,715) (1,665) Security transactions: Proceeds from sale of securities 25,825 39,181 13,000 15,519 49, ,180 78,270 33,266 Proceeds from securities issued on merger Reinvested from distributions 6,062 8, ,123 19,360 19,742 3,679 1,628 Payment on redemption of securities (109,083) (87,792) (21,004) (17,716) (80,140) (100,508) (29,036) (14,428) Total security transactions (77,196) (39,713) (7,042) (1,074) (10,989) 21,414 52,913 20,466 Increase (decrease) in assets attributable to securityholders (82,352) (22,692) (7,853) 1,080 (21,348) 44,350 50,527 22,568 Net assets attributable to securityholders, end of period 176, ,335 29,546 37, , , ,192 56,665 Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period 25,750 29,742 3,717 3,834 41,591 39,482 5,662 3,618 Add (deduct): Securities sold 2,587 3,952 1,305 1,562 4,961 10,289 7,883 3,344 Securities issued on merger Reinvested from distributions ,946 1, Securities redeemed (10,931) (8,843) (2,108) (1,793) (8,025) (10,172) (2,935) (1,465) Securities outstanding, end of period 18,015 25,750 3,011 3,717 40,473 41,591 10,982 5,662 See accompanying notes.

4 STATEMENTS OF CASH FLOWS for the periods ended March 31 (in $ 000 except when stated) Cash flows from operating activities a2018 b2017 Increase (decrease) in net assets attributable to securityholders from operations 11, ,594 Less non-cash impact of: Net realized (gain) loss (36,195) (58,473) Change in net unrealized (gain) loss 63,482 (16,758) Distributions received from Underlying Funds (967) (1,140) Adjustments for: Proceeds from sale and maturity of investments 1,109, ,932 Purchases of investments (960,170) (902,711) (Increase) decrease in accounts receivable and other assets 537 3,784 Increase (decrease) in accounts payable and other liabilities (625) 677 Net cash provided by (used in) operating activities 187,280 90,905 Cash flows from financing activities: Proceeds from securities issued 121, ,429 Proceeds from securities issued on merger - - Payments on redemption of securities (292,823) (301,960) Distributions paid net of reinvestments (160) (216) Net cash provided by (used in) financing activities (171,018) (105,747) Increase (decrease) in cash and cash equivalents 16,262 (14,842) Cash and cash equivalents at beginning of period 14,621 28,519 Effect of exchange rate fluctuations on cash and cash equivalents (31) 944 Cash and cash equivalents, end of period 30,852 14,621 Cash 13,705 11,221 Cash equivalents 17,147 3,400 Bank indebtedness - - Supplementary disclosures on cash flow from operating activities: 30,852 14,621 Dividends received net of withholding taxes 2,190 2,726 Interest received net of withholding taxes 51,006 62,978 Interest paid - - See accompanying notes.

5 SCHEDULE OF INVESTMENTS as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS AECOM 5.13% Callable 2026 United States Corporate USD 200, The AES Corp. 5.50% Callable 2020 United States Corporate USD 796, ,064 AGT Food and Ingredients Inc. 5.88% Callable 2018 Canada Corporate 2,500,000 2,500 2,463 AIMCo Realty Investors LP 3.04% Callable 2028 Canada Corporate 420, Air Medical Merger 6.38% Callable A United States Corporate USD 860,000 1,050 1,054 AK Steel Corp. 6.38% Callable 2020 United States Corporate USD 285, Algonquin Power & Utilities Corp. 4.65% Canada Corporate 5,825,000 6,119 6,160 Alibaba Group Holding Ltd. 3.40% Callable 2027 China Corporate USD 380, Alliance Data Systems Corp. 5.38% Callable 144A United States Corporate USD 610, Allied Properties Real Estate Investment Trust 3.75% Series A Canada Corporate 4,600,000 4,600 4,674 Allied Properties Real Estate Investment Trust 3.93% Series B Canada Corporate 3,900,000 3,924 3,965 Allied Properties Real Estate Investment Trust 3.64% Callable 2025 Canada Corporate 5,000,000 4,950 4,886 Ally Financial Inc. 8.00% United States Corporate USD 1,390,000 1,939 2,190 Altice Finco SA 7.63% Callable A Luxembourg Corporate USD 275, Altice SA 7.75% Callable 144A Luxembourg Corporate USD 955,000 1,094 1,146 Altice SA 7.63% Callable A Luxembourg Corporate USD 490, AMC Entertainment Holdings Inc. 5.75% Callable 2020 United States Corporate USD 310, AMC Entertainment Holdings Inc. 5.88% Callable United States Corporate USD 2,955,000 3,640 3,754 AMC Entertainment Holdings Inc. 6.13% Callable United States Corporate USD 260, American Builders & Contractors Supply Co. Inc. 5.75% Callable A United States Corporate USD 661, American International Group Inc. 8.18% ) Callable 2038 United States Corporate USD 635, ,089 Amneal Pharmaceuticals LLC Term loan B 1st Lien F/R United States Bank Loans USD 2,090,000 2,676 2,697 Antero Resources Corp. 5.38% Callable United States Corporate USD 470, Antero Resources Corp. 5.63% Callable United States Corporate USD 230, Aramark Services Inc. 4.75% Callable 2021 United States Corporate USD 950,000 1,200 1,187 ArcelorMittal SA 6.13% Luxembourg Corporate USD 265, ArcelorMittal SA 7.00% Luxembourg Corporate USD 305, Arch Merger Sub Inc. 8.50% Callable A United States Corporate USD 4,020,000 4,766 4,797 Ardagh Packaging Finance PLC 7.25% Callable A Ireland Corporate USD 895,000 1,122 1,227 Ashtead Capital Inc. 4.13% Callable A United Kingdom Corporate USD 605, Ashtead Capital Inc. 4.38% Callable A United Kingdom Corporate USD 510, ASP AMC Merger Sub Inc. 8.00% Callable A United States Corporate USD 615, ATS Automation Tooling Systems Inc. 6.50% Callable A Canada Corporate USD 425, ATS Consolidated Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 740, AutoCanada Income Fund 5.63% Canada Corporate 700, Avolon Holdings Funding Ltd. 5.50% Callable A Ireland Corporate USD 720, Axalta Coating Systems LLC 4.88% Callable A United States Corporate USD 510, Bank of Montreal 1.88% DPNT Canada Corporate 1,500,000 1,500 1,473 Bank of Montreal 2.27% DPNT Canada Corporate 3,660,000 3,660 3,600 Bank of Montreal 2.70% DPNT Canada Corporate 5,640,000 5,637 5,592 Bank of Montreal 3.12% MTN Canada Corporate 13,175,000 13,329 13,278 Bank of Montreal F/R Callable 2027 Canada Corporate USD 640, The Bank of Nova Scotia 2.29% Canada Corporate 3,000,000 2,953 2,907 Baytex Energy Corp. 6.63% Callable 2018 Reg S Canada Corporate 6,500,000 6,207 6,340 BC Telecom Inc. 9.65% Canada Corporate 2,450,000 3,635 3,055 Beacon Escrow Corp. 4.88% Callable A United States Corporate USD 575, Beacon Roofing Supply Inc. 6.38% Callable United States Corporate USD 820,000 1,111 1,114 Bell Canada 2.70% Callable Canada Corporate 5,000,000 4,900 4,886 Bell Canada 3.60% Callable MTN Canada Corporate 2,660,000 2,679 2,685 BMC Acquisition Inc. Term Loan 1st Lien F/R United States Bank Loans USD 768, BMC East LLC 5.50% Callable A United States Corporate USD 355, Boardriders Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 2,610,000 3,297 3,329 Briggs & Stratton Corp. 6.88% United States Corporate USD 880, ,227 Brookfield Residential Properties Inc. 6.50% Callable 144A Canada Corporate USD 490, Bruce Power LP 3.00% Callable 2024 Canada Corporate 2,440,000 2,470 2,417 Bruce Power LP 3.97% Canada Corporate 530, Builders FirstSource Inc. 5.63% Callable A United States Corporate USD 450, Building Materials Corp. of America 5.38% Callable A United States Corporate USD 830, ,085 BWAY Holding Co. 5.50% Callable A United States Corporate USD 690, BWAY Holding Co. 7.25% A United States Corporate USD 1,235,000 1,634 1,630 Calfrac Well Services Ltd. 7.50% Callable Canada Corporate USD 4,715,000 4,113 5,989 California Resources Corp. 8.00% Callable A United States Corporate USD 4,445,000 4,339 4,510 Calpine Corp. 5.25% Callable A United States Corporate USD 1,270,000 1,591 1,580 Cameco Corp. 5.67% Series D Canada Corporate 3,800,000 3,816 3,935 Canada Housing Trust No % Canada Federal Government 5,000,000 4,980 5,063 Canadian Credit Card Trust II 1.99% Series C Canada Corporate 2,500,000 2,500 2,504 Canadian Imperial Bank of Commerce 2.47% Canada Corporate 2,470,000 2,470 2,447 Canadian Imperial Bank of Commerce 3.00% Callable 2019 Canada Corporate 5,400,000 5,396 5,434 Canadian Imperial Bank of Commerce 3.42% Callable 2021 Canada Corporate 5,640,000 5,687 5,709 Canadian Imperial Bank of Commerce F/R Callable 2023 Canada Corporate 380, Canadian Western Bank 2.79% DPNT Canada Corporate 2,800,000 2,800 2,791 Canadian Western Bank 2.92% Canada Corporate 690,

6 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Capital Power Corp. 4.28% Callable 2024 Canada Corporate 4,300,000 4,300 4,358 CCO Holdings LLC 5.88% Callable A United States Corporate USD 860,000 1,182 1,131 CCO Holdings LLC 5.50% Callable A United States Corporate USD 880,000 1,137 1,113 CCO Holdings LLC 5.88% Callable A United States Corporate USD 275, CDK Global Inc. 4.88% Callable A United States Corporate USD 245, Cemex Finance LLC 6.00% Callable A Mexico Corporate USD 640, Cenovus Energy Inc. 6.75% Callable Canada Corporate USD 385, Centene Escrow Corp. 6.13% Callable 2019 United States Corporate USD 670, Centennial Resource Production LLC 5.38% Callable A United States Corporate USD 1,850,000 2,361 2,342 Central 1 Credit Union 2.60% Canada Corporate 470, Central 1 Credit Union F/R Callable Canada Corporate 4,000,000 4,012 3,959 Cequel Communications Holdings I LLC 5.13% Callable A United States Corporate USD 230, Cequel Communications Holdings I LLC 5.13% Callable A United States Corporate USD 767, CES Energy Solutions Corp. 6.38% Callable 2020 Canada Corporate 1,100,000 1,100 1,112 CF Industries Inc. 4.95% United States Corporate USD 130, Chartwell Retirement Residences 3.79% Callable 2023 Canada Corporate 2,300,000 2,300 2,304 CHC Group LLC 0% Conv. Cayman Islands Corporate USD 269, Cheniere Corpus Christi Holdings LLC 5.88% United States Corporate USD 1,045,000 1,414 1,410 Cheniere Corpus Christi Holdings LLC 5.13% United States Corporate USD 460, Choice Properties Real Estate Investment Trust 3.01% Callable 2022 Canada Corporate 260, Choice Properties Real Estate Investment Trust 3.56% Callable 2024 Canada Corporate 11,800,000 11,800 11,854 Choice Properties Real Estate Investment Trust 3.55% Callable 2024 Canada Corporate 430, Choice Properties Real Estate Investment Trust 4.18% Callable 2027 Canada Corporate 730, CHS/Community Health Systems Inc. 5.13% United States Corporate USD 840,000 1,042 1,007 CI Financial Corp. 2.65% Callable Canada Corporate 3,650,000 3,650 3,648 CI Financial Corp. 2.78% MTN Canada Corporate 1,700,000 1,700 1,695 CI Financial Corp. 3.90% Callable Canada Corporate 2,000,000 2,000 2,041 CIT Group Inc. 5.00% Callable United States Corporate USD 305, CIT Group Inc. 5.00% United States Corporate USD 660, Citigroup Inc. 4.09% Series MPLE United States Corporate 3,400,000 3,399 3,498 Clear Channel Worldwide Holdings Inc. 7.63% Callable United States Corporate USD 370, Clear Channel Worldwide Holdings Inc. 6.50% Callable United States Corporate USD 695, CNH Capital Canada Receivables Trust 2.50% Series 17-1 Class B Canada Corporate 3,500,000 3,500 3,426 Coeur Mining Inc. 5.88% Callable 2020 United States Corporate USD 2,710,000 3,352 3,476 Cogeco Communications Inc. 4.93% Canada Corporate 3,100,000 3,101 3,316 Cominar Real Estate Investment Trust 4.16% Series 9 Canada Corporate 6,100,000 6,123 6,082 Commonwealth of Bahamas 6.00% Callable 2028 Bahamas Foreign Governments USD 6,200,000 7,893 8,340 Compass Minerals International Inc. 4.88% Callable A United States Corporate USD 915,000 1,077 1,156 Constellium NV 5.75% Callable A Netherlands Corporate USD 250, Constellium NV 6.63% Callable A Netherlands Corporate USD 875,000 1,159 1,147 Continental Resources Inc. 4.50% Callable 2023 United States Corporate USD 395, Continental Resources Inc. 4.90% Callable 2043 United States Corporate USD 495, Coronado Australian Holdings Pty Ltd. Term Loan B 1st Lien F/R United States Bank Loans USD 1,233,571 1,543 1,573 Coronado Australian Holdings Pty Ltd. Term Loan C 1st Lien F/R United States Bank Loans USD 336, CPG Merger Sub LLC 8.00% Callable 144A United States Corporate USD 425, Crew Energy Inc. 6.50% Callable Canada Corporate 6,000,000 6,000 5,650 Crombie Real Estate Investment Trust 2.78% Canada Corporate 2,200,000 2,174 2,181 CrownRock LP/CrownRock Finance Inc. 5.63% Callable 144A United States Corporate USD 470, CSC Holdings LLC 6.75% Callable United States Corporate USD 180, CSC Holdings LLC 10.13% Callable A United States Corporate USD 1,215,000 1,747 1,739 CSC Holdings LLC 5.25% United States Corporate USD 810, CSC Holdings LLC Term Loan B 1st Lien F/R United States Bank Loans USD 630, CT Real Estate Investment Trust 3.53% Series B Callable Canada Corporate 7,200,000 7,128 7,192 DaVita Healthcare Partners Inc. 5.00% Callable 2020 United States Corporate USD 950,000 1,177 1,186 Denbury Resources Inc. 9.00% Callable 144A United States Corporate USD 710, Denbury Resources Inc. 5.50% Callable United States Corporate USD 430, DHX Media Ltd. Term Loan B 1st Lien F/R Canada Bank Loans USD 2,692,372 3,437 3,489 Diamond (BC) BV 5.63% Callable 2020 United States Corporate EUR 510, Diamond 1 Finance Corp. 5.45% Callable A United States Corporate USD 525, Diamond 1 Finance Corp. 7.13% Callable A United States Corporate USD 950,000 1,338 1,308 Diamondback Energy Inc. 5.38% Callable United States Corporate USD 965,000 1,289 1,263 Dresdner Funding Trust I 8.15% Callable A Germany Corporate USD 555, Dynegy Inc. 7.38% Callable 2018 United States Corporate USD 670, Dynegy Inc. 8.13% Callable A United States Corporate USD 550, EMI Music Publishing Group North America Holdings Inc. 7.63% Callable 144A United States Corporate USD 700, The Empire Life Insurance Co. F/R Callable 2023 Canada Corporate 3,300,000 3,300 3,320 Enbridge Inc. 3.20% Callable 2027 Canada Corporate 6,700,000 6,697 6,427 Enbridge Inc. 5.37% Callable 2027 Canada Corporate 6,440,000 6,360 6,208 EnerCare Solutions Inc. 3.99% Callable 2023 Canada Corporate 6,300,000 6,299 6,448 Energy Transfer Equity LP 5.88% Callable 2023 United States Corporate USD 490, Energy Transfer Equity LP 5.50% Callable 2027 United States Corporate USD 340,

7 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Envigo Holdings Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,890,000 2,327 2,392 EPCOR Utilities Inc. 6.80% Callable Canada Corporate 2,750,000 3,787 3,650 EPCOR Utilities Inc. 3.55% Callable 2047 Canada Corporate 540, Equitable Bank F/R DPNT Canada Corporate 4,000,000 4,000 4,001 ESH Hospitality Inc. 5.25% Callable A United States Corporate USD 760, Exela Intermediate LLC 10.00% Callable A United States Corporate USD 1,000,000 1,284 1,313 FAGE International SA/FAGE USA Dairy Industry Inc. 5.63% Callable A Luxembourg Corporate USD 2,610,000 3,152 3,148 Fairfax Financial Holdings Ltd. 4.25% Callable 2027 Canada Corporate 9,550,000 9,549 9,470 First Capital Realty Inc. 4.79% Canada Corporate 10,600,000 11,262 11,366 First Capital Realty Inc. 3.60% Callable 2026 Canada Corporate 4,150,000 4,184 4,102 First Data Corp. 7.00% Callable A United States Corporate USD 705, First Data Corp. 5.75% Callable A United States Corporate USD 860,000 1,128 1,120 First National Financial Corp. 4.01% Canada Mortgage Backed 3,323,000 3,319 3,348 First Quantum Minerals Ltd. 7.00% Callable A Canada Corporate USD 225, First Quantum Minerals Ltd. 7.25% Callable 144A Canada Corporate USD 385, First Quantum Minerals Ltd. 7.25% Callable A Canada Corporate USD 380, First Quantum Minerals Ltd. 7.50% Callable A Canada Corporate USD 325, First Quantum Minerals Ltd. 6.88% Callable A Zambia Corporate USD 2,770,000 3,504 3,392 Ford Credit Canada Co. 2.45% United States Corporate 2,420,000 2,409 2,403 Ford Credit Canada Co. 3.35% United States Corporate 2,600,000 2,600 2,600 Ford Floorplan Auto Securitization Trust 2.20% Canada Corporate 4,600,000 4,600 4,565 Fortress Transportation and Infrastructure Investors LLC 6.75% Callable A United States Corporate USD 2,550,000 3,387 3,339 Gates Global LLC 6.00% Callable 144A United States Corporate USD 598, GCP Applied Technologies Inc. 9.50% Callable A United States Corporate USD 310, General Motors Financial of Canada Ltd. 3.08% United States Corporate 8,500,000 8,548 8,552 GenOn Energy Inc. 9.88% Callable United States Corporate USD 80, Genworth MI Canada Inc. 4.24% Canada Corporate 3,130,000 3,219 3,173 GFL Environmental Inc. 5.38% Callable A Canada Corporate USD 4,000,000 5,075 5,068 Gibson Energy Inc. 5.38% Callable Canada Corporate 8,000,000 7,578 8,117 Gibson Energy Inc. 5.25% Callable 2020 Reg S Canada Corporate 6,910,000 6,913 6,958 Glacier Credit Card Trust 3.24% Canada Corporate 5,840,000 5,877 5,838 Glacier Credit Card Trust 3.30% Canada Corporate 3,200,000 3,200 3,127 The Goldman Sachs Group Inc. 2.43% Callable United States Corporate 8,000,000 8,017 7,803 The Goodyear Tire & Rubber Co. 4.88% Callable 2026 United States Corporate USD 380, Government of Canada 2.00% Canada Federal Government 9,290,000 9,035 9,198 Granite REIT Holdings LP 3.87% Callable 2023 Canada Corporate 4,570,000 4,596 4,606 Gray Television Inc. 5.88% Callable A United States Corporate USD 505, Great Canadian Gaming Corp. 6.63% Callable 144A Canada Corporate 870, GW Honos Security Corp. 8.75% Callable A Canada Corporate USD 3,660,000 4,940 4,947 H&R Real Estate Investment Trust 3.42% Callable 2022 Canada Corporate 200, H&R Real Estate Investment Trust 3.37% Callable 2023 Canada Corporate 6,600,000 6,587 6,526 Hanesbrands Inc. 4.63% Callable A United States Corporate USD 360, HCA Holdings Inc. 5.25% Callable 2025 United States Corporate USD 835,000 1,119 1,092 HCA Inc. 6.50% Callable United States Corporate USD 420, HCA Inc. 7.50% Callable United States Corporate USD 180, HCA Inc. 5.50% Callable 2046 United States Corporate USD 955,000 1,290 1,189 Heathrow Funding Ltd. 3.40% United Kingdom Corporate 670, Hilton Worldwide Finance LLC 4.88% Callable 2022 United States Corporate USD 625, Holly Energy Partners LP 6.00% Callable A United States Corporate USD 800,000 1,050 1,055 Hornblower Sub LLC Term Loan 1st Lien F/R United States Bank Loans USD 1,710,000 2,198 2,208 Howard Hughes Corp. 5.38% Callable A United States Corporate USD 830,000 1,117 1,057 HSBC Bank Canada 2.17% Canada Corporate 1,230,000 1,230 1,200 HSBC Bank Canada 2.54% Canada Corporate 770, HSBC Holdings PLC 3.20% United Kingdom Corporate 4,150,000 4,129 4,168 Hub Holdings LLC 8.13% Callable 144A United States Corporate USD 505, Hudson River Trading LLC Term Loan 1st Lien F/R United States Bank Loans USD 1,450,000 1,878 1,875 Icahn Enterprises LP 5.88% United States Corporate USD 260, Icahn Enterprises LP 6.25% Callable 2019 United States Corporate USD 400, Icahn Enterprises LP 6.75% Callable 2020 United States Corporate USD 410, IHS Markit Ltd. 4.75% Callable A United States Corporate USD 670, Inter Pipeline Ltd. 2.73% Callable 2024 Canada Corporate 2,800,000 2,792 2,706 Inter Pipeline Ltd. 3.48% Callable 2026 Canada Corporate 7,100,000 7,177 6,980 Iron Mountain Canada Operations ULC 5.38% Callable 2019 United States Corporate 5,070,000 5,235 5,160 Iron Mountain Inc. 4.88% Callable A United States Corporate USD 650, Itron Inc. 5.00% Callable A United States Corporate USD 945,000 1,186 1,201 Kinetic Concepts Inc % Callable A United States Corporate USD 340, Kraton Polymers LLC 10.50% Callable A United States Corporate USD 410, Kraton Polymers LLC 7.00% Callable A United States Corporate USD 365, Kronos Acquisition Holdings Inc. 9.00% A Canada Corporate USD 440, Lamb Weston Holdings Inc. 4.63% Callable A United States Corporate USD 350,

8 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Lamb Weston Holdings Inc. 4.88% Callable A United States Corporate USD 2,880,000 3,709 3,688 Laurentian Bank of Canada F/R Canada Corporate 410, Laurentian Bank of Canada 3.00% Canada Corporate 3,900,000 3,893 3,865 LG FinanceCo Corp. 5.88% Callable A United States Corporate USD 585, Loblaw Companies Ltd. 6.50% Callable Canada Corporate 1,950,000 2,185 2,399 Manitowoc Foodservice Inc. 9.50% Callable 2019 United States Corporate USD 700, ,007 Manulife Bank of Canada 2.08% Canada Corporate 2,900,000 2,900 2,825 Manulife Bank of Canada 2.84% Canada Corporate 500, Masonite International Corp. 5.63% Callable A United States Corporate USD 860,000 1,111 1,141 Mattamy Group Corp. 6.88% Callable A Canada Corporate USD 180, Mattamy Group Corp. 6.50% Callable 2020 Canada Corporate 2,070,000 2,159 2,113 Mattamy Group Corp. 6.50% Callable A Canada Corporate USD 4,735,000 6,207 6,168 MCAP Commercial LP 3.96% Canada Corporate 7,300,000 7,387 7,358 MEG Energy Corp. 7.00% Callable A Canada Corporate USD 1,930,000 2,148 2,064 MEG Energy Corp. Term Loan B 1st Lien F/R Canada Bank Loans USD 12, Mercer International Inc. 6.50% Callable 2020 Canada Corporate USD 635, Mercer International Inc. 5.50% Callable A Canada Corporate USD 1,835,000 2,372 2,351 Meredith Corp. 6.88% Callable A United States Corporate USD 1,710,000 2,138 2,263 Meredith Corp. Term Loan B 1st Lien F/R United States Bank Loans USD 1,760,000 2,181 2,284 Metro Inc. 2.68% Callable 2022 Canada Corporate 260, Metro Inc. 3.39% Callable 2027 Canada Corporate 550, Molina Healthcare Inc. 5.38% Callable 2022 United States Corporate USD 470, Molina Healthcare Inc. 4.88% Callable A United States Corporate USD 115, Mondelez International Inc. 3.25% Callable 2025 United States Corporate 590, Morgan Stanley 3.00% Series MPLE United States Corporate 8,600,000 8,606 8,499 Morguard Corp. 4.33% Callable 2022 Canada Corporate 2,300,000 2,300 2,343 Motors Liquidation Co. 8.25% United States Corporate USD 50, Motors Liquidation Co. 8.38% United States Corporate USD 45, Mountain Province Diamonds Inc. 8.00% Callable A Canada Corporate USD 1,020,000 1,268 1,314 Neenah Foundry Co. Term Loan B 1st Lien F/R United States Bank Loans USD 1,270,000 1,617 1,628 Neptune Finco Corp % Callable A United States Corporate USD 465, New Gold Inc. 6.25% Callable 144A Canada Corporate USD 415, New Gold Inc. 6.38% Callable A Canada Corporate USD 160, New Red Finance Inc. 4.25% Callable A Canada Corporate USD 480, New Red Finance Inc. 5.00% Callable A Canada Corporate USD 4,485,000 5,602 5,519 Newell Brands Inc. 4.20% Callable 2026 United States Corporate USD 1,100,000 1,389 1,406 Newfield Exploration Co. 5.38% Callable United States Corporate USD 410, Nexstar Escrow Corp. 5.63% Callable A United States Corporate USD 990,000 1,289 1,252 The Nielsen Co. (Luxembourg) S.a.r.l. 5.00% Callable A United States Corporate USD 380, Nielsen Finance LLC/Nielsen Finance Co. 5.00% Callable 144A United States Corporate USD 555, Norbord Inc. 6.25% A Canada Corporate USD 590, North West Redwater Partnership 3.65% Callable 2034 Canada Corporate 520, NOVA Chemicals Corp. 4.88% Callable 144A Canada Corporate USD 343, NOVA Chemicals Corp. 5.25% Callable A Canada Corporate USD 612, NRG Energy Inc. 7.25% Callable 2021 United States Corporate USD 425, NRG Energy Inc. 6.63% Callable 2021 United States Corporate USD 705, Numericable-SFR 6.00% Callable 144A France Corporate USD 2,305,000 2,767 2,907 NuVista Energy Ltd. 6.50% Callable 2020 Canada Corporate 3,000,000 3,000 3,011 NVA Holdings Inc. 6.88% Callable 2021 United States Corporate USD 720, Ocean Bidco Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,110,000 1,425 1,437 OCI Beaumont LLC Term Loan B 1st Lien F/R United States Bank Loans USD 1,020,000 1,279 1,324 OMERS Realty Corp. 3.24% Callable 2027 Canada Corporate 2,860,000 2,860 2,905 Ortho-Clinical Diagnostics Inc. 6.63% Callable 144A United States Corporate USD 1,016,000 1,091 1,291 Oshkosh Corp. 5.38% Callable 2020 United States Corporate USD 740, Osteon Merger Sub Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 670, Outdoor Americas Capital LLC/Outfront Media Capital Corp. 5.88% United States Corporate USD 540, Pactiv LLC 8.38% United States Corporate USD 110, Parkland Fuel Corp. 5.63% Callable 2020 Canada Corporate 2,200,000 2,200 2,219 Parkland Fuel Corp. 6.00% Callable A Canada Corporate USD 10,000,000 13,092 12,966 Park-Ohio Industries Inc. 6.63% Callable 2022 United States Corporate USD 620, Parsley Energy LLC 5.63% Callable A United States Corporate USD 190, Pembina Pipeline Corp. 2.99% Callable 2023 Canada Corporate 4,880,000 4,834 4,804 Pembina Pipeline Corp. 3.71% Callable 2026 Canada Corporate 2,600,000 2,599 2,607 Pembina Pipeline Corp. 4.24% Callable 2027 MTN Canada Corporate 8,500,000 8,499 8,795 Pembina Pipeline Corp. 4.75% Canada Corporate 4,300,000 4,378 4,386 Pembina Pipeline Corp. 4.81% MTN Canada Corporate 5,000,000 4,951 5,151 Penske Automotive Group Inc. 5.75% Callable United States Corporate USD 565, Penske Automotive Group Inc. 5.38% Callable 2019 United States Corporate USD 615, Penske Automotive Group Inc. 5.50% Callable 2021 United States Corporate USD 335, Penske Truck Leasing Canada Inc. 2.95% Canada Corporate 4,500,000 4,499 4,528 Petroleos De Venezuela SA 6.00% Venezuela Corporate USD 4,632,000 1,480 1,624 PetSmart Inc. Term Loan B2 1st Lien F/R United States Bank Loans USD 672,

9 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) Pilgrim s Pride Corp. 5.75% Callable A United States Corporate USD 450, Pisces Midco Inc. 8.00% Callable A United States Corporate USD 1,260,000 1,623 1,623 Pisces Midco Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,810,000 2,320 2,320 Plantronics Inc. 5.50% Callable A United States Corporate USD 565, Precision Drilling Corp. 7.75% Callable 2019 Canada Corporate USD 455, Prospect Medical Holdings Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 2,530,000 3,113 3,267 Province of Ontario 2.60% Canada Provincial Governments 9,200,000 9,199 9,262 Province of Ontario 2.60% Canada Provincial Governments 32,940,000 33,113 32,546 PS HoldCo LLC Term Loan 1st Lien F/R United States Bank Loans USD 860,000 1,103 1,119 Quebecor Media Inc. 6.63% Canada Corporate 4,875,000 4,996 5,306 Rackspace Hosting Inc. 8.63% Callable A United States Corporate USD 5,680,000 7,645 7,249 Reliance Intermediate Holdings LP 6.50% Callable A Canada Corporate USD 5,320,000 7,132 7,148 Reliance LP 3.84% Callable 2025 Canada Corporate 600, Research Now Group Inc. Term Loan 1st Lien F/R United States Bank Loans USD 3,162,075 3,864 4,054 Research Now Group Inc. Term Loan 2nd Lien F/R United States Bank Loans USD 520, Resolute Forest Products Inc. 5.88% United States Corporate USD 6,740,000 8,756 8,888 Reynolds Group Issuer Inc. 7.00% Callable A United States Corporate USD 250, RioCan Real Estate Investment Trust 2.19% Canada Corporate 2,600,000 2,600 2,572 RioCan Real Estate Investment Trust 2.19% Canada Corporate 5,000,000 4,949 4,916 RioCan Real Estate Investment Trust 2.83% Canada Corporate 10,300,000 10,388 10,195 Rite Aid Corp. 7.70% United States Corporate USD 2,350,000 2,636 2,574 Rogers Communications Inc. 5.34% Callable Canada Corporate 6,850,000 7,100 7,373 Rose Rock Midstream LP/Rose Rock Finance Corp. 5.63% United States Corporate USD 460, Royal Bank of Canada 2.36% Canada Corporate 5,130,000 5,130 5,056 Russel Metals Inc. 6.00% Callable Reg S Canada Corporate 8,000,000 8,044 8,218 Russel Metals Inc. 6.00% Callable 2021 Canada Corporate 2,400,000 2,400 2,415 Scientific Games International Inc. 6.25% Callable United States Corporate USD 870,000 1,130 1,129 Scientific Games International Inc % Callable 2018 United States Corporate USD 1,690,000 1,803 2,352 Scientific Games International Inc. 3.38% Callable 2021 United States Corporate EUR 1,800,000 2,747 2,775 Scientific Games International Inc. 5.50% Callable 2021 United States Corporate EUR 2,400,000 3,663 3,609 Service Corp. International 5.38% Callable 2019 United States Corporate USD 1,005,000 1,205 1,347 Seven Generations Energy Ltd. 6.75% Callable 144A Canada Corporate USD 340, Seven Generations Energy Ltd. 5.38% Callable A Canada Corporate USD 3,355,000 4,123 4,156 Shaw Communications Inc. 5.50% Canada Corporate 11,100,000 12,419 11,912 Sigma Bidco BV Term Loan B 1st Lien F/R Netherlands Bank Loans EUR 2,160,000 3,441 3,396 Sigma US Corp. Term Loan B 1st Lien F/R Netherlands Bank Loans USD 2,160,000 2,783 2,785 Six Flags Entertainment Corp. 4.88% Callable A United States Corporate USD 855,000 1,128 1,074 Six Flags Entertainment Corp. 5.50% Callable A United States Corporate USD 705, SM Energy Co. 5.00% Callable 2018 United States Corporate USD 400, Smart Real Estate Investment Trust 2.88% Canada Corporate 2,400,000 2,400 2,377 SmartCentres Real Estate Investment Trust 3.83% Callable 2027 Canada Corporate 3,560,000 3,560 3,498 SNC-Lavalin Group Inc. 2.69% Canada Corporate 170, SNC-Lavalin Group Inc. 3.24% Callable 2023 Canada Corporate 370, SoftBank Group Corp. 5.38% Callable 2022 Japan Corporate USD 250, Solenis International LP Term Loan 2nd Lien F/R United States Bank Loans USD 535, Southern Star Central Corp. 5.13% Callable 144A United States Corporate USD 640, Sprint Capital Corp. 6.88% United States Corporate USD 5,390,000 6,563 6,493 Sprint Corp. 7.25% United States Corporate USD 470, Sprint Corp. 7.88% United States Corporate USD 3,395,000 4,184 4,469 Sprint Corp. 7.63% Callable 2024 United States Corporate USD 1,550,000 2,036 1,973 Stepstone Group LP Term Loan B 1st Lien F/R United States Bank Loans USD 790,000 1,018 1,024 Sun Life Financial Inc. F/R Callable 2022 Canada Corporate 520, Superior Plus LP 5.13% Callable 2021 Canada Corporate 3,000,000 3,000 3,011 Syniverse Holdings Inc. Term Loan 1st Lien F/R United States Bank Loans USD 560, Talen Energy Supply LLC 9.50% Callable A United States Corporate USD 3,480,000 4,663 4,359 Talen Energy Supply LLC 10.50% Callable A United States Corporate USD 1,500,000 1,873 1,664 Targa Resources Partners LP 5.38% Callable 2022 United States Corporate USD 495, Targa Resources Partners LP 5.00% Callable A United States Corporate USD 940,000 1,176 1,157 Team Health Holdings Inc. 6.38% Callable A United States Corporate USD 700, Teck Resources Ltd. 4.75% Callable 2021 Canada Corporate USD 155, Teck Resources Ltd. 3.75% Callable 2022 Canada Corporate USD 3,275,000 4,038 4,064 Telenet Finance Luxembourg Notes Sarl 5.50% Callable A Belgium Corporate USD 1,400,000 1,800 1,721 TELUS Corp. 3.35% Callable MTN Canada Corporate 7,000,000 7,067 7,096 TELUS Corp. 3.63% Callable 2027 Canada Corporate 360, TELUS Corp. 4.70% Callable 2047 Canada Corporate 2,900,000 2,873 3,002 Tenet Healthcare Corp. 8.13% United States Corporate USD 280, Tenet Healthcare Corp. 6.75% United States Corporate USD 1,450,000 1,763 1,833 TerraForm Power Operating LLC 5.00% Callable A United States Corporate USD 6,880,000 8,832 8,469 Tesoro Logistics LP/Tesoro Logistics Finance Corp. 5.25% Callable 2021 United States Corporate USD 270, Teva Pharmaceutical Finance Netherlands III BV 3.15% Callable Israel Corporate USD 2,888,000 2,983 2,989 Titan Acquisition Ltd. 7.75% Callable A United Kingdom Corporate USD 6,970,000 9,125 8,976 Titan Acquisition Ltd. Term Loan 1st Lien F/R United Kingdom Bank Loans USD 1,860,000 2,429 2,395

10 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) BONDS (continued) T-Mobile USA Inc. 6.38% Callable 2019 United States Corporate USD 505, T-Mobile USA Inc. 5.38% Callable 2022 United States Corporate USD 340, TMX Group Ltd. 2.30% Callable 2024 Canada Corporate 540, The Toronto-Dominion Bank 1.99% Canada Corporate 4,100,000 4,100 4,005 Toyota Credit Canada Inc. 2.62% Canada Corporate 800, TransAlta Corp. 7.30% Canada Corporate 2,750,000 3,025 3,022 TransCanada PipeLines Ltd. 3.69% Canada Corporate 3,885,000 3,948 4,051 TransCanada Trust F/R Callable 2027 Canada Corporate 6,500,000 6,500 6,423 Transcontinental Inc. 3.90% Canada Corporate 1,525,000 1,536 1,543 TransMontaigne Partners LP 6.13% Callable 2021 United States Corporate USD 2,010,000 2,526 2,599 Traverse Midstream Partners LLC Term Loan B 1st Lien F/R United States Bank Loans USD 295, Trico Products Corp. Term Loan 1st Lien F/R United States Bank Loans USD 1,300,000 1,563 1,687 Trilogy Energy Corp. 7.25% Callable Canada Corporate 5,405,000 5,447 5,496 U.S. Concrete Inc. 6.38% United States Corporate USD 980,000 1,316 1,314 Uber Technologies Inc. Term Loan B 1st Lien F/R United States Bank Loans USD 1,994,937 2,471 2,583 Uber Technologies Inc. Term Loan 1st Lien F/R United States Bank Loans USD 2,350,000 3,020 3,045 Union Gas Ltd. 2.88% Callable 2027 Canada Corporate 2,380,000 2,378 2,363 United States Treasury 2.25% United States Foreign Governments USD 1,790,000 2,259 2,210 Univar Inc. 6.75% Callable A United States Corporate USD 485, Univision Communications Inc. 5.13% Callable A United States Corporate USD 580, USG Corp. 5.50% Callable A United States Corporate USD 320, USG Corp. 4.88% Callable A United States Corporate USD 655, Valeant Pharmaceuticals International Inc. 5.63% Callable 144A United States Corporate USD 730, Valeant Pharmaceuticals International Inc. 5.50% Callable A United States Corporate USD 780, Valeant Pharmaceuticals International Inc. 7.00% Callable A United States Corporate USD 695, Venator Finance SARL/Venator Materials Corp. 5.75% Callable 2020 United States Corporate USD 380, Videotron Ltd./Videotron Ltee. 5.13% Callable A Canada Corporate USD 6,839,000 8,916 8,646 Videotron Ltee 5.63% Callable 2025 Reg S Canada Corporate 7,200,000 7,244 7,609 Vistage Worldwide Inc. Term Loan 1st Lien F/R United States Bank Loans USD 1,080,000 1,349 1,402 VRX Escrow Corp. 5.88% Callable A United States Corporate USD 785,000 1, W.R. Grace & Co.-Conn. 5.63% A United States Corporate USD 479, W/S Packaging Holdings Inc. 9.00% Callable A United States Corporate USD 4,440,000 5,737 5,820 Watco Companies LLC 6.38% Callable A United States Corporate USD 835, ,104 WellCare Health Plans Inc. 5.25% Callable 2020 United States Corporate USD 275, Wells Fargo & Co. 2.09% Series MPLE United States Corporate 4,800,000 4,705 4,652 Wind Tre SpA 5.00% Callable 2020 Italy Corporate USD 3,470,000 3,906 3,807 Wolverine World Wide Inc. 5.00% Callable A United States Corporate USD 385, WTH Car Rental ULC 2.97% Sinkable Canada Corporate 5,000,000 5,000 4,899 Wyndham Worldwide Corp. 4.50% Callable United States Corporate USD 350, Zotec Partners LLC Term Loan 1st Lien F/R United States Bank Loans USD 1,510,000 1,880 1, , ,931 MUTUAL FUNDS 1 Investors Mortgage and Short Term Income Fund Series P n/a Mutual Funds 7,910,675 84,469 84,273 EQUITIES AltaGas Ltd. Pfd. Series K Canada Energy 67,715 1,701 1,718 Brookfield Asset Management Inc. Pfd. Series 46 Canada Financials 36, Brookfield Asset Management Inc. Pfd. Series 48 Canada Financials 34, Brookfield Renewable Partners LP Pfd. Series 11 Canada Utilities 103,099 2,603 2,597 Brookfield Renewable Partners LP Pfd. Series 13 Canada Utilities 142,000 3,550 3,573 CHC Group LLC Cayman Islands Energy 5, Crescent Point Energy Corp. Canada Energy 700,000 12,782 6,132 Husky Energy Inc. 4.45% Pfd. Series 1 Canada Energy 86,020 1,550 1,530 Journey Energy Inc. Canada Energy 810,276 7,194 1,284 Lehman Brothers Holdings Inc. 7.25% Non-cum. Conv. Pfd. Series P United States Financials Mirant Corp. Escrow Notes United States Utilities 950, MWO Holdings LLC United States Energy Nine Point Energy Holdings Inc. United States Energy 7, Nine Point Energy Holdings Inc. Pfd. United States Energy Pembina Pipeline Corp. Canada Energy 214,350 5,208 8,617 Surge Energy Inc. Canada Energy 2,340,716 11,003 4,611 Tervita Corp. Class A Voting Canada Health Care 1, TransAlta Corp. Pfd. Series A Canada Utilities 70,503 1,033 1,048 TransCanada Corp. Pfd. Series 15 Canada Energy 160,541 4,134 4,182 1 The issuer of this security is related to the Manager of the Fund.

11 SCHEDULE OF INVESTMENTS (continued) as at March 31, 2018 No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES (continued) Vermilion Energy Inc. Canada Energy 55,800 2,344 2,318 Whitecap Resources Inc. Canada Energy 1,000,000 11,933 7,880 Zargon Oil & Gas Ltd. Canada Energy 225,777 2, ,398 47,876 COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS (47) - TOTAL NON-DERIVATIVE INVESTMENTS 1,101,522 1,086,080 Net Assets (see Schedule of Asset Composition): Total non-derivative investments 1,086,080 Cash and cash equivalents 30,852 Derivative assets (see schedule of derivative instruments) 991 Derivative liabilities (see schedule of derivative instruments) (6,444) Other net assets (liabilities) (24,201) 1,087,278 Schedule of Asset Composition as at March 31, 2018 PORTFOLIO ALLOCATION % of net assets Bonds 87.7 Mutual Funds 7.8 Equities 4.4 Cash and cash equivalents 2.8 Other net assets (liabilities) (2.7) Total BONDS SECTOR ALLOCATION Corporate Financials 14.5 Corporate Energy 13.1 Corporate Real Estate 10.3 Bank Loans 5.7 Corporate Utilities 4.4 Corporate Information Technology 4.0 Provincial Governments 3.8 Federal Government 1.3 Foreign Governments 1.0 Mortgage Backed 0.3 Corporate Other as at March 31, 2017 PORTFOLIO ALLOCATION % of net assets Bonds 87.7 Mutual Funds 5.1 Equities 5.0 Cash and cash equivalents 1.1 Other net assets (liabilities) 1.1 Total BONDS SECTOR ALLOCATION Corporate Financials 14.4 Corporate Energy 12.5 Corporate Real Estate 8.5 Federal Government 4.5 Corporate Consumer Discretionary 3.5 Corporate Information Technology 3.5 Corporate Telecommunication Services 3.5 Corporate Industrials 2.9 Provincial Governments 2.9 Bank Loans 1.9 Corporate Other