INCOME FUND (PORTICO)

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1 Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the interim financial report or annual financial statements of the investment fund. You may obtain a copy of the interim financial report or annual financial statements, at no cost, by contacting us using one of the methods noted under Fund Formation and Series Information or by visiting the SEDAR website at 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. Every effort has been made to ensure that the information contained in this report is accurate as of the dates indicated in the report; however, the Fund cannot guarantee the accuracy or the completeness of this material. For more information, please refer to the Fund s Simplified Prospectus, Annual Information Form and Fund Facts, which may also be obtained, at no cost, using any of the methods outlined above. For the Fund s current net asset values per security and for more recent information on general market events, please visit our website. A NOTE ON FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements that reflect our current expectations or forecasts of future events. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as expects, anticipates, intends, plans, believes, estimates, preliminary, typical and other similar expressions. In addition, these statements may relate to future corporate actions, future financial performance of a fund or a security and their future investment strategies and prospects. Forward-looking statements are inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual events, results, performance or prospects to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, the volatility of global equity and capital markets, business competition, technological change, changes in government regulations, changes in securities laws and regulations, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events and the ability of Mackenzie to attract or retain key employees. The foregoing list of important risks, uncertainties and assumptions is not exhaustive. Please consider these and other factors carefully and do not place undue reliance on forward-looking statements. The forward-looking information contained in this report is current only as of the date of this report. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

2 Management Discussion of Fund Performance November 13, This Management Discussion of Fund Performance presents the portfolio management team s view on the significant factors and developments during the period ended September 30,, that have affected the Fund s performance and outlook. If the Fund was established during the period, period represents the period from inception to the end of the fiscal period. For information on the Fund s longer-term performance, as applicable, please refer to the Past Performance section of the report. In this report, Mackenzie refers to Mackenzie Financial Corporation, the manager of the Fund. In addition, net asset value ( NAV ) refers to the value of the Fund as calculated for transaction purposes, on which the discussion of Fund performance is based. Results of Operations Investment Performance The performance of the Fund s Quadrus Series securities is discussed below. The performance of all series is shown in the Past Performance section of the report. Where series returns differ, it is primarily because different levels of fees and expenses were charged to each series, or because securities of a series were not issued and outstanding for the entire reporting period. Please refer to the Fund Formation and Series Information section of this report for the varying management and administration fees payable by each series. During the period, the Fund s Quadrus Series securities returned 0.3% (after deducting fees and expenses paid by the series). This compares with a return of 1.2% for a blended index composed of a 75% weighting in the Fund s broad-based index, the FTSE TMX Canada Universe Bond Index (returned 0.4%), and a 25% weighting in the S&P/TSX Composite Index (returned 6.2%). All index and series returns are calculated on a total return basis in Canadian dollar terms. Investors cannot invest in the index without incurring fees, expenses and commissions, which are not reflected in the index returns. The Canadian bond market fell over the period as yields increased in response to strong economic growth. The Bank of Canada raised its policy rate by 25 basis points to 1.50% in July as it continued to tighten its monetary policy. Given a strong economy and rising interest rates, yields of short- and mid-term bonds rose significantly relative to longer-term bond yields, flattening the Canadian yield curve. Despite heightened trade uncertainty and rising interest rates, the Canadian equity market posted a gain over the period in response to improved economic growth and strong corporate earnings. Higher oil prices led to more favourable investor sentiment toward the energy sector. Higher interest rates helped bolster bank stocks, which also benefited from improved profit margins. The health care sector experienced significant growth as valuations of cannabis-related stocks surged. Within the S&P/TSX Composite Index, health care, industrials and information technology were the strongest sectors, while materials, consumer discretionary and utilities were the weakest. The Fund outperformed the broad-based index primarily because of its allocation to equities, which outperformed fixed income. Given the Fund s mandate, the return of the blended index is a more meaningful comparison. The Fund underperformed the blended index primarily because of the underperformance of its income-focused equity portfolio. Within the fixed income portion of the Fund, a slightly shorter duration than the broad-based index contributed to performance as yields rose. Overweight exposure to corporate bonds also contributed to performance because they offer a higher yield than government bonds. Conversely, yield curve positioning in federal and provincial bonds detracted from performance. Within corporate bonds, overweight positions in energy and infrastructure also detracted. Within the equity portion of the Fund, an underweight position in the industrials sector detracted from performance, as did lack of exposure to the health care sector. Conversely, an underweight position and stock selection in the materials sector contributed. Over the period, portfolio activity and market effect resulted in increased exposure to fixed income and decreased exposure to equities. Within the fixed income portion of the Fund, exposure to provincial bonds increased. The sector positioning of the equity portion of the Fund did not change significantly. Net Assets The Fund s NAV declined by 7.8% to $267.8 million at September 30,, from $290.3 million at March 31,. This change was composed primarily of $1.4 million in net income (including dividend and interest income) from investment performance, after deducting fees and expenses, and $23.6 million in net redemptions. Fees and Expenses The annualized management expense ratio ( MER ) for Quadrus Series of 1.85% during the period ended September 30,, was unchanged from the MER for the year ended March 31,. The MERs (before and after waivers or absorptions, if any) for each series are presented in the Financial Highlights section of this report. Recent Developments The portfolio management team responsible for asset allocation decisions for the Fund believes that the world economy and financial markets are progressing through the later stage of the business cycle. Synchronized global economic growth, low inflation and favourable financial conditions are powerful drivers of corporate earnings, and hence equity prices. The team is monitoring the yield curve and economic indicators in both the United States and Canada as monetary policy appears to be tightening. As market volatility rose, the Fund ended the period with a neutral weighting toward Canadian equities. Despite strengthening commodity prices and higher stock prices in the Canadian energy sector, the Fund maintained an underweight exposure because the team believes risks remain. The Fund held an overweight position in financials, where the team expects earnings growth to continue through. Although the team believes the outlook for fixed income remains challenging, fixed income remains important for mitigating risk, especially as the end of this business cycle approaches.

3 Related Party Transactions The following arrangements result in fees paid by the Fund to Mackenzie or to companies affiliated with the Fund. Management and Administration Services For each applicable series, the Fund paid management fees and administration fees to Mackenzie at the annual rates specified under Fund Formation and Series Information in this report and as more fully described in the Prospectus. In return for the administration fees, Mackenzie pays all costs and expenses (other than certain specified fund costs) required to operate the Fund that are not included in management fees. See also Management Fees. Other Related Party Transactions Series S securities are offered on a prospectus-exempt basis to London Life Insurance Company, The Great-West Life Assurance Company and The Canada Life Assurance Company (collectively, the Related Insurance Companies ), all of which are companies affiliated with Mackenzie. At September 30,, the Related Insurance Companies owned 1.0% of the Fund s NAV. All related party transactions are based on the NAV per security on each transaction day. At September 30,, London Life Insurance Company had an investment of $5,129 in the Fund (less than 0.1% of the Fund s NAV). The Fund did not rely on an approval, positive recommendation or standing instruction from the Mackenzie Funds Independent Review Committee with respect to any related party transactions.

4 Past Performance The following bar charts present the performance of each series of the Fund for each of the fiscal periods shown. The charts show, in percentage terms, how much an investment made on the first day of each fiscal period, or on the series inception or reinstatement date, as applicable, would have increased or decreased by the last day of the fiscal period presented. Series inception or reinstatement dates can be found under Fund Formation and Series Information.

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6 Summary of Investment Portfolio at September 30, Portfolio Allocation % of NAV Bonds 66.8 Equities 30.1 Cash and short-term investments 2.4 Other assets (liabilities) 0.7 Regional Allocation % of NAV Canada 96.1 Cash and short-term investments 2.4 United States 0.8 Other assets (liabilities) 0.7 Sector Allocation % of NAV Corporate bonds 27.5 Provincial bonds 24.1 Financials 14.8 Federal bonds 13.2 Telecommunication services 4.1 Energy 3.2 Consumer staples 2.6 Consumer discretionary 2.4 Cash and short-term investments 2.4 Municipal bonds 1.9 Utilities 1.4 Materials 0.9 Other assets (liabilities) 0.7 Industrials 0.4 Real estate 0.3 Supra-national bonds 0.1 Bonds by Credit Rating * % of NAV AAA 19.3 AA 29.0 A 13.9 BBB 4.0 Less than BBB 0.6 Top 25 Holdings Issuer % of NAV Royal Bank of Canada 2.6 The Toronto-Dominion Bank 2.5 Cash and short-term investments 2.4 The Bank of Nova Scotia 2.3 Bank of Montreal 2.2 Canadian Imperial Bank of Commerce 2.0 BCE Inc. 2.0 Magna International Inc. 2.0 Government of Canada 3.50% Suncor Energy Inc. 1.6 Government of Canada 4.00% TELUS Corp. 1.2 Province of Ontario 3.15% Province of Quebec 3.50% Province of Quebec 5.00% National Bank of Canada 1.1 Province of British Columbia 4.30% Government of Canada 2.75% Government of Canada 1.50% Sun Life Financial Inc. 1.0 Province of Ontario 3.50% Province of Ontario 2.85% Province of Ontario 4.65% Nutrien Ltd. 0.9 Canada Housing Trust No % Top long positions as a percentage of total net asset value 37.4 The Fund held no short positions at the end of the period. The investments and percentages may have changed since September 30,, due to the ongoing portfolio transactions of the Fund. Quarterly updates of holdings are available within 60 days of the end of each quarter except for March 31, the Fund s fiscal year end, when they are available within 90 days. * Credit ratings and rating categories are based on ratings issued by a designated rating organization.

7 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 each of the fiscal periods presented below. If during the period a fund or series was established or reinstated, period represents the period from inception or reinstatement to the end of that fiscal period. Series inception or reinstatement dates can be found under Fund Formation and Series Information. THE FUND S NET ASSETS PER SECURITY ($) 1 Quadrus Series Net assets, beginning of period Total revenue Total expenses (0.14) (0.29) (0.31) (0.35) (0.36) (0.35) Realized gains (losses) for the period Unrealized gains (losses) for the period (0.24) (0.36) 0.31 (0.64) operations (0.36) (excluding dividends) (0.06) (0.05) (0.01) (0.02) (0.02) From dividends (0.12) (0.18) (0.20) (0.18) (0.18) (0.19) Return of capital Total annual distributions 3 (0.12) (0.24) (0.25) (0.19) (0.20) (0.21) Net assets, end of period H Series Net assets, beginning of period Total revenue Total expenses (0.08) (0.17) (0.19) (0.20) (0.21) (0.21) Realized gains (losses) for the period Unrealized gains (losses) for the period (0.22) (0.33) 0.29 (0.60) operations (excluding dividends) (0.07) (0.06) (0.03) (0.03) (0.03) From dividends (0.16) (0.24) (0.30) (0.27) (0.27) (0.28) Return of capital Total annual distributions 3 (0.16) (0.31) (0.36) (0.30) (0.30) (0.31) Net assets, end of period H5 Series Net assets, beginning of period Total revenue Total expenses (0.07) (0.14) (0.17) (0.19) (0.18) (0.23) Realized gains (losses) for the period (0.89) Unrealized gains (losses) for the period (0.20) (0.31) 0.28 (0.60) operations (0.16) 1.37 (0.53) (excluding dividends) (0.07) (0.06) (0.02) (0.01) (0.02) From dividends (0.11) (0.25) (0.23) (0.25) (0.22) (0.29) Return of capital (0.24) (0.47) (0.52) (0.55) (0.59) (0.55) Total annual distributions 3 (0.35) (0.79) (0.81) (0.82) (0.82) (0.86) Net assets, end of period HW Series Net assets, beginning of period n/a n/a n/a n/a n/a Total revenue 0.05 n/a n/a n/a n/a n/a Total expenses (0.01) n/a n/a n/a n/a n/a Realized gains (losses) for the period (0.18) n/a n/a n/a n/a n/a Unrealized gains (losses) for the period (0.05) n/a n/a n/a n/a n/a operations 2 (0.19) n/a n/a n/a n/a n/a (excluding dividends) n/a n/a n/a n/a n/a From dividends (0.06) n/a n/a n/a n/a n/a From capital gains n/a n/a n/a n/a n/a Return of capital n/a n/a n/a n/a n/a Total annual distributions 3 (0.06) n/a n/a n/a n/a n/a Net assets, end of period 9.92 n/a n/a n/a n/a n/a (1) These calculations are prescribed by securities regulations and are not intended to be a reconciliation between opening and closing net assets per security. This information is derived from the Fund s unaudited interim financial statements and audited annual financial statements. The net assets per security presented in the financial statements may differ from the net asset value per security calculated for fund pricing purposes. An explanation of these differences can be found in the Notes to Financial Statements. (2) Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of securities outstanding over the fiscal period. (3) Distributions were paid in cash/reinvested in additional securities of the Fund, or both.

8 THE FUND S NET ASSETS PER SECURITY ($) 1 (cont d) HW5 Series Net assets, beginning of period n/a n/a n/a n/a n/a Total revenue 0.07 n/a n/a n/a n/a n/a Total expenses (0.02) n/a n/a n/a n/a n/a Realized gains (losses) for the period (0.01) n/a n/a n/a n/a n/a Unrealized gains (losses) for the period (0.07) n/a n/a n/a n/a n/a operations 2 (0.03) n/a n/a n/a n/a n/a (excluding dividends) n/a n/a n/a n/a n/a From dividends (0.06) n/a n/a n/a n/a n/a From capital gains n/a n/a n/a n/a n/a Return of capital (0.07) n/a n/a n/a n/a n/a Total annual distributions 3 (0.13) n/a n/a n/a n/a n/a Net assets, end of period n/a n/a n/a n/a n/a L Series Net assets, beginning of period Total revenue Total expenses (0.09) (0.18) (0.18) (0.20) (0.21) (0.20) Realized gains (losses) for the period Unrealized gains (losses) for the period (0.17) (0.26) 0.22 (0.47) operations (excluding dividends) (0.05) (0.04) (0.01) (0.01) (0.01) From dividends (0.10) (0.15) (0.20) (0.16) (0.16) (0.17) Return of capital Total annual distributions 3 (0.10) (0.20) (0.24) (0.17) (0.17) (0.18) Net assets, end of period L5 Series Net assets, beginning of period Total revenue Total expenses (0.10) (0.21) (0.23) (0.26) (0.27) (0.28) Realized gains (losses) for the period Unrealized gains (losses) for the period (0.20) (0.31) 0.28 (0.60) operations (excluding dividends) (0.05) (0.05) (0.02) (0.02) (0.02) From dividends (0.11) (0.23) (0.22) (0.22) (0.24) (0.20) Return of capital (0.23) (0.47) (0.52) (0.55) (0.55) (0.59) Total annual distributions 3 (0.34) (0.75) (0.79) (0.79) (0.81) (0.81) Net assets, end of period N Series Net assets, beginning of period Total revenue Total expenses Realized gains (losses) for the period Unrealized gains (losses) for the period (0.17) (0.26) 0.23 (0.47) operations (excluding dividends) (0.09) (0.08) (0.03) (0.04) (0.03) From dividends (0.19) (0.29) (0.38) (0.35) (0.32) (0.33) Return of capital Total annual distributions 3 (0.19) (0.38) (0.46) (0.38) (0.36) (0.36) Net assets, end of period

9 THE FUND S NET ASSETS PER SECURITY ($) 1 (cont d) N5 Series Net assets, beginning of period Total revenue Total expenses (0.01) Realized gains (losses) for the period Unrealized gains (losses) for the period (0.21) (0.33) 0.29 (0.62) operations (excluding dividends) (0.13) (0.08) (0.02) (0.03) (0.03) From dividends (0.12) (0.30) (0.28) (0.31) (0.28) (0.33) Return of capital (0.24) (0.48) (0.54) (0.56) (0.55) (0.56) Total annual distributions 3 (0.36) (0.91) (0.90) (0.89) (0.86) (0.92) Net assets, end of period D5 Series Net assets, beginning of period Total revenue Total expenses (0.11) (0.22) (0.25) (0.30) (0.32) (0.32) Realized gains (losses) for the period (0.23) Unrealized gains (losses) for the period (0.18) (0.29) 0.26 (0.55) operations (0.62) (excluding dividends) (0.04) (0.04) (0.01) (0.02) (0.02) From dividends (0.10) (0.15) (0.13) (0.16) (0.17) (0.19) Return of capital (0.22) (0.50) (0.55) (0.56) (0.55) (0.54) Total annual distributions 3 (0.32) (0.69) (0.72) (0.73) (0.74) (0.75) Net assets, end of period QF Series Net assets, beginning of period n/a n/a n/a Total revenue n/a n/a n/a Total expenses (0.06) (0.12) (0.09) n/a n/a n/a Realized gains (losses) for the period n/a n/a n/a Unrealized gains (losses) for the period (0.15) (0.23) 0.14 n/a n/a n/a operations n/a n/a n/a (excluding dividends) (0.05) (0.05) n/a n/a n/a From dividends (0.11) (0.16) (0.19) n/a n/a n/a From capital gains n/a n/a n/a Return of capital n/a n/a n/a Total annual distributions 3 (0.11) (0.21) (0.24) n/a n/a n/a Net assets, end of period n/a n/a n/a QF5 Series Net assets, beginning of period n/a n/a n/a Total revenue n/a n/a n/a Total expenses (0.08) (0.17) (0.13) n/a n/a n/a Realized gains (losses) for the period n/a n/a n/a Unrealized gains (losses) for the period (0.21) (0.33) 0.22 n/a n/a n/a operations n/a n/a n/a (excluding dividends) (0.08) (0.07) n/a n/a n/a From dividends (0.12) (0.26) (0.20) n/a n/a n/a From capital gains n/a n/a n/a Return of capital (0.24) (0.49) (0.44) n/a n/a n/a Total annual distributions 3 (0.36) (0.83) (0.71) n/a n/a n/a Net assets, end of period n/a n/a n/a

10 THE FUND S NET ASSETS PER SECURITY ($) 1 (cont d) QFW Series Net assets, beginning of period n/a n/a n/a n/a n/a Total revenue 0.05 n/a n/a n/a n/a n/a Total expenses (0.01) n/a n/a n/a n/a n/a Realized gains (losses) for the period (0.14) n/a n/a n/a n/a n/a Unrealized gains (losses) for the period (0.05) n/a n/a n/a n/a n/a operations 2 (0.15) n/a n/a n/a n/a n/a (excluding dividends) n/a n/a n/a n/a n/a From dividends (0.06) n/a n/a n/a n/a n/a From capital gains n/a n/a n/a n/a n/a Return of capital n/a n/a n/a n/a n/a Total annual distributions 3 (0.06) n/a n/a n/a n/a n/a Net assets, end of period 9.92 n/a n/a n/a n/a n/a Series S Net assets, beginning of period Total revenue Total expenses (0.01) (0.01) (0.01) (0.01) Realized gains (losses) for the period Unrealized gains (losses) for the period (0.19) (0.29) 0.26 (0.53) operations (excluding dividends) (0.10) (0.10) (0.04) (0.04) (0.05) From dividends (0.21) (0.32) (0.42) (0.40) (0.46) (0.42) Return of capital Total annual distributions 3 (0.21) (0.42) (0.52) (0.44) (0.50) (0.47) Net assets, end of period QFW5 Series Net assets, beginning of period n/a n/a n/a n/a n/a Total revenue 0.07 n/a n/a n/a n/a n/a Total expenses (0.02) n/a n/a n/a n/a n/a Realized gains (losses) for the period (0.01) n/a n/a n/a n/a n/a Unrealized gains (losses) for the period (0.07) n/a n/a n/a n/a n/a operations 2 (0.03) n/a n/a n/a n/a n/a (excluding dividends) n/a n/a n/a n/a n/a From dividends (0.06) n/a n/a n/a n/a n/a From capital gains n/a n/a n/a n/a n/a Return of capital (0.07) n/a n/a n/a n/a n/a Total annual distributions 3 (0.13) n/a n/a n/a n/a n/a Net assets, end of period n/a n/a n/a n/a n/a

11 RATIOS AND SUPPLEMENTAL DATA Quadrus Series Total net asset value ($000) 1 163, , , , , ,797 Securities outstanding (000) 1 10,460 11,412 12,630 13,500 17,428 17,810 Management expense ratio (%) waivers or absorptions (%) Net asset value per security ($) H Series Total net asset value ($000) 1 12,455 14,091 14,448 10,155 6,548 6,165 Securities outstanding (000) Management expense ratio (%) waivers or absorptions (%) Net asset value per security ($) H5 Series Total net asset value ($000) Securities outstanding (000) Management expense ratio (%) waivers or absorptions (%) Net asset value per security ($) HW Series Total net asset value ($000) 1 1,304 n/a n/a n/a n/a n/a Securities outstanding (000) n/a n/a n/a n/a n/a Management expense ratio (%) n/a n/a n/a n/a n/a waivers or absorptions (%) n/a n/a n/a n/a n/a Trading expense ratio (%) n/a n/a n/a n/a n/a Portfolio turnover rate (%) n/a n/a n/a n/a n/a Net asset value per security ($) 9.92 n/a n/a n/a n/a n/a HW5 Series Total net asset value ($000) 1 1 n/a n/a n/a n/a n/a Securities outstanding (000) 1 n/a n/a n/a n/a n/a Management expense ratio (%) n/a n/a n/a n/a n/a waivers or absorptions (%) n/a n/a n/a n/a n/a Trading expense ratio (%) n/a n/a n/a n/a n/a Portfolio turnover rate (%) n/a n/a n/a n/a n/a Net asset value per security ($) n/a n/a n/a n/a n/a L Series Total net asset value ($000) 1 39,207 42,040 45,291 37,457 7,608 3,830 Securities outstanding (000) 1 3,505 3,741 4,007 3, Management expense ratio (%) waivers or absorptions (%) Net asset value per security ($) L5 Series Total net asset value ($000) 1 12,049 12,020 14,208 15,091 2,484 2,719 Securities outstanding (000) ,027 1, Management expense ratio (%) waivers or absorptions (%) Net asset value per security ($) (1) This information is provided as at the end of the fiscal period shown. (2) Management expense ratio 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 asset value during the period. If in the period a series was established or reinstated, the management expense ratio is annualized from the date of inception or reinstatement. Mackenzie and Quadrus may waive or absorb operating expenses at their discretion and stop waiving or absorbing such expenses at any time without notice. (3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. (4) The Fund s portfolio turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period. 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 year. There is not necessarily a relationship between a high turnover rate and the performance of a fund. The portfolio turnover rate is not provided when the Fund is less than one year old. The value of any trades to realign the Fund s portfolio after a fund merger, if any, is excluded from the portfolio turnover rate.

12 RATIOS AND SUPPLEMENTAL DATA (cont d) N Series Total net asset value ($000) 1 23,813 26,866 23,364 19,421 20,254 9,372 Securities outstanding (000) 1 2,116 2,376 2,054 1,757 1, Management expense ratio (%) 2 waivers or absorptions (%) 2 Net asset value per security ($) N5 Series Total net asset value ($000) 1 3,464 3,795 2,977 1,553 1, Securities outstanding (000) Management expense ratio (%) 2 waivers or absorptions (%) 2 Net asset value per security ($) D5 Series Total net asset value ($000) 1 4,261 4,128 4,044 4,172 17,165 19,191 Securities outstanding (000) ,231 1,379 Management expense ratio (%) waivers or absorptions (%) Net asset value per security ($) QF Series Total net asset value ($000) 1 4,479 3,988 1,837 n/a n/a n/a Securities outstanding (000) n/a n/a n/a Management expense ratio (%) n/a n/a n/a waivers or absorptions (%) n/a n/a n/a Trading expense ratio (%) n/a n/a n/a Portfolio turnover rate (%) n/a n/a n/a Net asset value per security ($) n/a n/a n/a QF5 Series Total net asset value ($000) n/a n/a n/a Securities outstanding (000) n/a n/a n/a Management expense ratio (%) n/a n/a n/a waivers or absorptions (%) n/a n/a n/a Trading expense ratio (%) n/a n/a n/a Portfolio turnover rate (%) n/a n/a n/a Net asset value per security ($) n/a n/a n/a QFW Series Total net asset value ($000) 1 82 n/a n/a n/a n/a n/a Securities outstanding (000) 1 8 n/a n/a n/a n/a n/a Management expense ratio (%) n/a n/a n/a n/a n/a waivers or absorptions (%) n/a n/a n/a n/a n/a Trading expense ratio (%) n/a n/a n/a n/a n/a Portfolio turnover rate (%) n/a n/a n/a n/a n/a Net asset value per security ($) 9.92 n/a n/a n/a n/a n/a QFW5 Series Total net asset value ($000) 1 1 n/a n/a n/a n/a n/a Securities outstanding (000) 1 n/a n/a n/a n/a n/a Management expense ratio (%) n/a n/a n/a n/a n/a waivers or absorptions (%) n/a n/a n/a n/a n/a Trading expense ratio (%) n/a n/a n/a n/a n/a Portfolio turnover rate (%) n/a n/a n/a n/a n/a Net asset value per security ($) n/a n/a n/a n/a n/a Series S Total net asset value ($000) 1 2,704 3,709 3,783 3,657 4,092 3,989 Securities outstanding (000) Management expense ratio (%) waivers or absorptions (%) Net asset value per security ($)

13 Management Fees The management fee for each applicable series is calculated and accrued daily as a percentage of its NAV. The Fund s management fees were used by Mackenzie in part to pay GLC Asset Management Group Ltd., an affiliate of Mackenzie, for investment advisory services, including managing the investment portfolio of the Fund and/or the underlying fund(s), as applicable, including providing investment analysis and recommendations, making investment decisions and making brokerage arrangements for the purchase and sale of the investment portfolio. Quadrus Investment Services Ltd. ( Quadrus ), an affiliate of Mackenzie, is the principal distributor for the Fund and is paid trailing commissions out of the management fees. London Life Insurance Company, which is also an affiliate of Mackenzie, provides certain services to Mackenzie in connection with Mackenzie s portfolio management activities. London Life Insurance Company is responsible for paying certain administrative costs and all sales commissions, trailing commissions and any other compensation (collectively, distribution-related payments ) to registered dealers whose clients invest in the Fund. As such, Quadrus and London Life Insurance Company receive a portion of the management fees that the Fund pays to Mackenzie. Approximately 78% of the total management fees that Mackenzie received from the Quadrus Group of Funds during the period was paid under these arrangements. Mackenzie used approximately 43% of the total management fee revenues received from all Mackenzie funds during the period to fund distributionrelated payments to registered dealers and brokers. In comparison, such distribution-related payments for the Fund represented on average 27% of the management fees paid by all applicable series of the Fund during the period. The actual percentage for each series may be higher or lower than the average depending on the level of trailing commissions and sales commissions paid for that series.

14 Fund Formation and Series Information The Fund may have undergone a number of changes, such as a reorganization or a change in manager, mandate or name. A history of the major changes affecting the Fund in the last 10 years can be found in the Fund s Annual Information Form. Date of Formation August 17, 1999 The Fund may issue an unlimited number of securities of each series. The number of issued and outstanding securities of each series is disclosed in Financial Highlights. Series Distributed by Quadrus Investment Services Ltd. (255 Dufferin Ave., London, Ontario, N6A 4K1; ; Quadrus Investment Services Ltd. ( Quadrus ) is the principal distributor of the series of securities listed below: Quadrus Series and D5 Series securities are offered to investors investing a minimum of $500. Investors in D5 Series securities also want to receive a regular monthly cash flow of 5% per year. H Series and H5 Series securities are offered to investors investing a minimum of $500, who are enrolled in a Quadrus-sponsored fee for service or wrap program and who are subject to an asset based fee. Investors in H5 Series securities also want to receive a monthly cash flow of 5% per year. HW Series and HW5 Series securities are offered to high net worth investors investing a minimum of $100,000 and who have eligible minimum total holdings of $500,000, who are enrolled in a Quadrus-sponsored fee-for-service or wrap program and who are subject to an asset-based fee. Investors in HW5 Series securities also want to receive a monthly cash flow of 5% per year. L Series and L5 Series securities are offered to investors investing a minimum of $100,000 and who have eligible minimum total holdings of $500,000. Investors in L5 Series securities also want to receive a regular monthly cash flow of 5% per year. N Series and N5 Series securities are offered to investors investing a minimum of $100,000, who have eligible minimum total holdings of $500,000, and who have entered into an N type series account agreement with Mackenzie and Quadrus. Investors in N5 Series securities also want to receive a regular monthly cash flow of 5% per year. QF Series and QF5 Series securities are offered to retail investors investing a minimum of $500. Investors are required to negotiate their advisor service fee, which cannot exceed 1.25%, with their financial advisor. Investors in QF5 Series securities also want to receive a monthly cash flow of 5% per year. QFW Series and QFW5 Series securities are offered to high net worth investors investing a minimum of $100,000 and who have eligible minimum total holdings of $500,000. Investors are required to negotiate their advisor service fee, which cannot exceed 1.25%, with their financial advisor. Investors in QFW5 Series securities also want to receive a monthly cash flow of 5% per year. Series S securities are offered to the Related Insurance Companies and certain other mutual funds, but may be sold to other investors as determined by Mackenzie. An investor in the Fund may choose among different purchase options that are available under each series. These purchase options are a sales charge purchase option, a redemption charge purchase option, a low-load purchase option and a no-load purchase option. The charges under the sales charge purchase option are negotiated by investors with their dealers. The charges under the redemption charge and low-load purchase options are paid to Mackenzie if an investor redeems securities of the Fund during specific periods. Not all purchase options are available under each series of the Fund, and the charges for each purchase option may vary among the different series. For further details on these purchase options, please refer to the Fund s Simplified Prospectus and Fund Facts.

15 Fund Formation and Series Information (cont d) Series Inception/ Reinstatement Date Management Fees Administration Fees Net Asset Value per Security ($),, Quadrus Series September 7, % (2) 0.21% H Series January 15, % (3) 0.15% (5) H5 Series November 3, % (3) 0.15% (5) HW Series August 7, 0.75% 0.15% 9.92 HW5 Series August 7, 0.75% 0.15% L Series October 4, % (4) 0.15% L5 Series January 31, % (4) 0.15% N Series October 24, 2011 (1) (1) N5 Series March 22, 2012 (1) (1) D5 Series August 5, % (2) 0.21% QF Series July 12, 0.95% 0.21% QF5 Series July 12, 0.95% 0.21% QFW Series August 7, 0.75% 0.15% 9.92 QFW5 Series August 7, 0.75% 0.15% Series S August 24, 2004 (1) 0.025% (1) This fee is negotiable and payable directly to Mackenzie by investors in this series. (2) Prior to June 29,, the management fee for this series was charged to the Fund at a rate of 1.80%. (3) Prior to June 29,, the management fee for this series was charged to the Fund at a rate of 1.10%. (4) Prior to June 29,, the management fee for this series was charged to the Fund at a rate of 1.55%. (5) Prior to June 28,, the administration fee for this series was charged to the Fund at a rate of 0.16%.

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