WINDWISE FUNDS. Financial Statements as at December 31, 2016

WINDWISE FUNDS Financial Statements as at December 31, 2016

WINDWISE FUNDS Financial Statements as at December 31, 2016 Independent Auditor s Report... 1 WindWise Canadian 20+ Strip Bond Index Non-Lending Fund... 2 WindWise Canadian Equity Enhanced Non-Lending Fund... 3 WindWise Canadian Long Term Bond Index Non-Lending Fund... 4 WindWise Canadian Long Term Government Bond Index Non-Lending Fund... 5 WindWise Canadian Managed Volatility Non-Lending Fund... 6 WindWise Canadian Real Return Bond Index Non-Lending Fund... 7 WindWise Canadian Short Term Bond Index Non-Lending Fund... 8 WindWise Canadian Short Term Investment Non-Lending Fund... 9 WindWise Canadian Universe Bond Index Non-Lending Fund... 10 WindWise Canadian Universe Bond Index Securities Lending Fund... 11 WindWise Global Managed Volatility Non-Lending Fund... 12 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations... 13 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations... 14 WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations... 15 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations... 16 WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations... 17 WindWise S&P/TSX Capped Composite Index Non-Lending Fund... 18 WindWise S&P/TSX Composite Index Non-Lending Fund... 19 WindWise U.S. Managed Volatility Non-Lending Fund... 20 Notes to Financial Statements... 21

March 29, 2017 Independent Auditor s Report To the Unitholders of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund (formerly SSGA Canadian 20+ Strip Bond Index Fund) WindWise Canadian Equity Enhanced Non Lending Fund (formerly SSGA MA Canadian Equity Index Plus Fund) WindWise Canadian Long Term Government Bond Index Non-Lending Fund (formerly SSGA Canadian Long Term Government Bond Index Fund) WindWise Canadian Managed Volatility Non-Lending Fund (formerly SSGA MA Canadian Managed Volatility Fund) WindWise Canadian Real Return Bond Index Non-Lending Fund (formerly SSGA Canadian Real Return Bond Index Fund) WindWise Canadian Short Term Bond Index Non-Lending Fund (formerly SSGA Canadian Short Term Bond Index Fund) WindWise Canadian Short Term Investment Non-Lending Fund (formerly SSGA Canadian Short Term Investment Fund) WindWise Canadian Universe Bond Index Non-Lending Fund (formerly SSGA Canadian Universe Bond Index Fund) WindWise Global Managed Volatility Non-Lending Fund (formerly SSGA MA Global Managed Volatility Fund) WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations (formerly SSGA MSCI EAFE Index Fund for Canadian Pension Plans) WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations (formerly SSGA S&P 500 Index Fund for Canadian Pension Plans) WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations (formerly SSGA S&P 500 Index Fund Hedged to Canadian Dollars for Canadian Pension Plans) WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations (formerly SSGA S&P MidCap 400 Index Fund for Canadian Pension Plans) WindWise S&P/TSX Capped Composite Index Non-Lending Fund (formerly SSGA MA S&P/TSX Capped Composite Index Fund) WindWise S&P/TSX Composite Index Non-Lending Fund (formerly SSGA S&P/TSX Composite Index Fund) WindWise U.S. Managed Volatility Non-Lending Fund (formerly SSGA U.S. Managed Volatility Fund) (collectively, the Existing Funds ) PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l. 1250 René-Lévesque Boulevard West, Suite 2500, Montréal, Quebec, Canada H3B 4Y1 T: +1 514 205 5000, F: +1 514 876 1502, www.pwc.com/ca PwC refers to PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l., an Ontario limited liability partnership.

WindWise Canadian Long Term Bond Index Non-Lending Fund WindWise Canadian Universe Bond Index Securities Lending Fund WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations (collectively, the New Funds and together with the Existing Funds, the Funds ) We have audited the accompanying financial statements of each of the Funds, which comprise the statements of financial position of the Existing Funds as at December 31, 2016 and December 31, 2015 and the New Funds as at December 31, 2016 and the statements of comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows for years or period ended, as indicated in the statements of comprehensive income of each of the Funds, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements The Funds Manager and Trustee are responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on the financial statements of each of the Funds based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial statements. (2)

We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements of each of the Funds present fairly, in all material respects, the financial position of each of the Existing Funds as at December 31, 2016 and December 31, 2015 and each of the New Funds as at December 31, 2016 and the financial performance and cash flows of each of the Funds for the years or period ended, as indicated in the statements of comprehensive income of each of the Funds, in accordance with International Financial Reporting Standards. 1 CPA auditor, CA, public accountancy permit No. A123633 (3)

WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of financial position As at December 31, 2016 2015 Assets Current assets Investments* 67,241,454 79,588,514 Cash 3,865 1,300 Receivable for investments sold 91,597 80,720 Total assets 67,336,916 79,670,534 Liabilities Current liabilities Payable for units redeemed 84,746 76,000 Accrued expenses 29,252 1,098 Total liabilities 113,998 77,098 Net assets attributable to holders of redeemable units 67,222,918 79,593,436 Number of redeemable units outstanding 6,087,151 6,746,096 Net assets attributable to holders of redeemable units per unit 11.05 11.80 * Investments at cost 64,596,351 73,492,162 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Interest for distribution purposes 3,926,884 4,319,429 Other changes in fair of investments Net realized gain (loss) 2,300,544 1,975,414 Net change in unrealized appreciation (depreciation) (3,451,249) (2,453,093) Total income (loss) 2,776,179 3,841,750 Expenses Audit fees 29,582 24,793 Custodial fees 26,399 16,955 Other fees 169 - Regulatory fees 1,000 560 Trustee fees 2,431 - Total expenses 59,581 42,308 Waivers and reimbursements (5,204) - Net expenses 54,377 42,308 Increase (decrease) in net assets attributable to holders of redeemable units 2,721,802 3,799,442 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 0.46 0.62

WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 2,721,802 3,799,442 Distributions to holders of redeemable units From net investment income (3,872,558) (4,279,847) From capital gains (2,304,801) (1,972,762) Total distributions to holders of redeemable units (6,177,359) (6,252,609) Redeemable unit transactions Proceeds from redeemable units issued 1,995,953 2,778,333 Reinvestment of distribution to holders of redeemable units 6,177,359 6,252,609 Redemption of redeemable units (17,088,273) (2,488,822) Increase (decrease) from redeemable unit transactions (8,914,961) 6,542,120 Net increase (decrease) in net assets attributable to holders of redeemable units (12,370,518) 4,088,953 Net assets attributable to holders of redeemable units Beginning of year 79,593,436 75,504,483 Net assets attributable to holders of redeemable units End of year 67,222,918 79,593,436 Number of redeemable units outstanding Beginning of year 6,746,096 6,188,766 Issued 155,211 219,184 Reinvested 559,278 529,952 Redeemed (1,373,434) (191,806) Number of redeemable units outstanding End of year 6,087,151 6,746,096

WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 2,721,802 3,799,442 Adjustments for: Amortization income (3,923,398) (4,318,570) Net realized (gain) loss on investments (2,300,544) (1,975,414) Net change in unrealized (appreciation) depreciation on investments 3,451,249 2,453,093 Proceeds from sale of investments 19,485,831 17,536,704 Purchases of investments (4,376,955) (17,805,756) Accrued expenses 28,154 223 Net cash from (used in) operating activities 15,086,139 (310,278) Cash flows from (used in) financing activities Proceeds from redeemable units issued 1,995,953 2,778,333 Redemption of redeemable units (17,079,527) (2,472,822) Net cash from (used in) financing activities (15,083,574) 305,511 Net increase (decrease) in cash during the year 2,565 (4,767) Cash Beginning of year 1,300 6,067 Cash End of year 3,865 1,300 Interest received* 3,486 859 * Included as part of cash flows from operating activities

WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Government debt instruments 100.0% Federal government bonds 6.0% 695,000 Government of Canada 0.00 Jun. 1, 2037 398,163 426,687 190,000 Government of Canada 0.00 Jun. 1, 2037 103,515 113,977 935,000 Government of Canada 0.00 Jun. 1, 2041 492,690 522,645 2,565,000 Government of Canada 0.00 Dec. 1, 2045 1,230,610 1,300,404 1,260,000 Government of Canada 0.00 Dec. 1, 2048 632,806 605,510 2,980,000 Government of Canada 0.00 Dec. 1, 2064 1,138,979 1,040,704 3,996,763 4,009,927 Provincial government bonds 93.8% 2,800,000 Hydro-Quebec 0.00 Feb. 15, 2037 1,412,657 1,395,350 685,000 Hydro-Quebec 0.00 Aug. 15, 2037 312,702 334,424 1,300,000 Hydro-Quebec 0.00 Feb. 15, 2038 605,467 623,596 1,300,000 Hydro-Quebec 0.00 Aug. 15, 2038 592,629 613,107 1,450,000 Hydro-Quebec 0.00 Feb. 15, 2039 649,444 672,333 1,450,000 Hydro-Quebec 0.00 Aug. 15, 2039 639,252 661,438 6,505,000 Hydro-Quebec 0.00 Feb. 15, 2040 2,736,716 2,983,504 1,450,000 Hydro-Quebec 0.00 Feb. 15, 2040 627,082 648,798 1,100,000 Hydro-Quebec 0.00 Aug. 15, 2040 530,117 485,505 1,000,000 Hydro-Quebec 0.00 Feb. 15, 2042 432,568 418,561 730,000 Hydro-Quebec 0.00 Aug. 15, 2042 271,240 303,724 1,500,000 Hydro-Quebec 0.00 Feb. 15, 2043 627,729 614,989 800,000 Hydro-Quebec 0.00 Aug. 15, 2043 311,353 320,930 800,000 Hydro-Quebec 0.00 Feb. 15, 2044 306,140 318,601 800,000 Hydro-Quebec 0.00 Aug. 15, 2044 301,168 313,525 9,140,000 Hydro-Quebec 0.00 Feb. 15, 2045 3,444,288 3,617,581 1,325,000 Hydro-Quebec 0.00 Feb. 15, 2045 456,578 511,034 500,000 Hydro-Quebec 0.00 Aug. 15, 2045 183,284 189,823 465,000 Hydro-Quebec 0.00 Feb. 15, 2046 178,101 171,212 600,000 Hydro-Quebec 0.00 Feb. 15, 2047 211,356 213,512 600,000 Hydro-Quebec 0.00 Aug. 15, 2047 211,142 211,257 550,000 Hydro-Quebec 0.00 Feb. 15, 2048 189,260 189,155 350,000 Hydro-Quebec 0.00 Aug. 15, 2048 115,648 119,092 300,000 Hydro-Quebec 0.00 Aug. 15, 2049 104,552 98,664 14,100,000 Hydro-Quebec 0.00 Feb. 15, 2050 4,457,675 4,933,903 2,790,000 Hydro-Quebec 0.00 Feb. 15, 2050 977,073 904,984 600,000 Hydro-Quebec 0.00 Aug. 15, 2053 200,976 177,601 2,580,000 Hydro-Quebec 0.00 Feb. 15, 2055 813,656 778,197 400,000 Hydro-Quebec 0.00 Feb. 15, 2055 111,429 110,064 350,000 Hydro-Quebec 0.00 Feb. 15, 2056 108,161 93,272 1,350,000 Hydro-Quebec 0.00 Aug. 15, 2056 417,099 353,741 300,000 Hydro-Quebec 0.00 Aug. 15, 2059 66,145 67,887 1,225,000 Hydro-Quebec 0.00 Feb. 15, 2060 326,528 305,372 1,150,000 Province of British Columbia 0.00 Jun. 18, 2037 605,687 581,537 2,005,000 Province of British Columbia 0.00 Jun. 18, 2040 848,971 919,272 2,785,000 Province of British Columbia 0.00 Jun. 18, 2042 1,196,190 1,242,601 125,000 Province of Manitoba 0.00 Mar. 5, 2038 56,143 60,006 1,050,000 Province of Manitoba 0.00 Mar. 5, 2040 462,321 471,699 1,595,000 Province of Manitoba 0.00 Mar. 5, 2042 653,979 691,458 500,000 Province of Manitoba 0.00 Sep. 5, 2044 214,753 192,531 500,000 Province of New Brunswick 0.00 Sep. 26, 2039 225,980 223,429 900,000 Province of Nova Scotia 0.00 Jun. 1, 2041 372,912 383,930 8,605,000 Province of Ontario 0.00 Jun. 2, 2037 4,157,761 4,414,437 2,055,000 Province of Ontario 0.00 Jun. 2, 2037 944,119 1,024,150 1,250,000 Province of Ontario 0.00 Dec. 2, 2037 593,873 612,002 1,700,000 Province of Ontario 0.00 Jun. 2, 2038 764,260 817,177

WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 1,500,000 Province of Ontario 0.00 Dec. 2, 2038 689,631 710,817 11,600,000 Province of Ontario 0.00 Jun. 2, 2039 5,209,760 5,525,677 1,500,000 Province of Ontario 0.00 Jun. 2, 2039 675,929 699,794 3,035,000 Province of Ontario 0.00 Dec. 2, 2039 1,263,581 1,390,830 600,000 Province of Ontario 0.00 Jan. 10, 2040 284,896 271,493 150,000 Province of Ontario 0.00 Dec. 2, 2040 67,775 66,363 9,885,000 Province of Ontario 0.00 Jun. 2, 2041 4,219,044 4,416,243 2,710,000 Province of Ontario 0.00 Dec. 2, 2041 1,017,588 1,165,502 700,000 Province of Ontario 0.00 Dec. 2, 2041 276,433 297,336 250,000 Province of Ontario 0.00 Jun. 2, 2042 97,780 105,812 265,000 Province of Ontario 0.00 Dec. 2, 2042 99,383 110,283 2,875,000 Province of Ontario 0.00 Jun. 2, 2043 1,195,565 1,213,975 800,000 Province of Ontario 0.00 Jun. 2, 2043 299,397 327,308 950,000 Province of Ontario 0.00 Jan. 10, 2045 410,589 371,761 8,625,000 Province of Ontario 0.00 Jun. 2, 2045 3,394,080 3,429,664 385,000 Province of Ontario 0.00 Jun. 2, 2045 155,215 148,441 425,000 Province of Ontario 0.00 Jun. 2, 2046 164,289 159,537 1,275,000 Province of Ontario 0.00 Dec. 2, 2046 539,989 487,856 425,000 Province of Ontario 0.00 Jun. 2, 2047 169,990 154,490 925,000 Province of Ontario 0.00 Jun. 2, 2048 343,308 339,411 2,355,000 Province of Quebec 0.00 Dec. 1, 2038 1,064,030 1,130,178 1,420,000 Province of Quebec 0.00 Jun. 1, 2041 548,199 615,045 2,660,000 Province of Quebec 0.00 Dec. 1, 2041 1,066,565 1,157,783 1,300,000 Province of Quebec 0.00 Dec. 1, 2043 510,701 535,322 1,890,000 Province of Quebec 0.00 Dec. 1, 2045 623,335 702,840 2,800,000 Province of Quebec 0.00 Sep. 21, 2051 870,652 886,525 150,000 Province of Quebec 0.00 Jun. 1, 2065 36,647 31,364 5,950,000 Province of Quebec 0.00 Sep. 21, 2065 1,127,906 1,240,584 60,448,421 63,081,199 Municipal government bonds 0.2% 400,000 City of Montreal 0.00 Jun. 1, 2043 151,167 150,328 Total investments 100.0% 64,596,351 67,241,454

Notes to financial statements of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match the FTSE TMX Canada 20+ Strip Bond Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds 4,009,927 63,231,527-67,241,454 As at December 31, 2015 Level 1 Level 2 Level 3 Total Bonds 5,615,545 73,972,969-79,588,514 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

Notes to financial statements of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund December 31, 2016 and 2015 Total exposure 2016 2015 Term to maturity Less than 1 year - - 1-5 years - - 5-10 years - - 10+ years 67,241,454 79,588,514 Total 67,241,454 79,588,514 Impact on net assets attributable to holders of redeemable units 18,230,000 21,126,000 Impact on net assets attributable to holders of redeemable units 27% 27% Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating 2016 % 2015 % AAA 6 11 AA+/AA/AA 48 89 A+/A/A 46 - Total 100 100

Notes to financial statements of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Federal government bonds 6 7 Municipal government bonds - - Provincial government bonds 94 93 100 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the year ended December 31, 2016 and 2015 are calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 2,721,802 3,799,442 Average units outstanding during the year 5,962,180 6,111,018 Increase (decrease) in net assets attributable to holders of redeemable units per unit 0.46 0.62

WindWise Canadian Equity Enhanced Non-Lending Fund Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 114,242,065 94,231,404 Cash 337,060 484,664 Receivable for investments sold - 117,426 Dividends receivable 333,425 288,364 Total assets 114,912,550 95,121,858 Liabilities Current liabilities Payable for units redeemed 9,000 470,243 Accrued expenses 30,291 2,342 Total liabilities 39,291 472,585 Net assets attributable to holders of redeemable units 114,873,259 94,649,273 Number of redeemable units outstanding 9,990,035 9,440,384 Net assets attributable to holders of redeemable units per unit 11.50 10.03 * Investments at cost 94,072,051 88,325,121 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Canadian Equity Enhanced Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Dividends 3,055,979 3,328,037 Interest for distribution purposes 67,355 44,810 Other changes in fair of investments Net realized gain (loss) 1,370,350 1,224,525 Net change in unrealized appreciation (depreciation) 14,262,903 (12,038,071) Other changes in fair of derivative financial instruments Net realized gain (loss) (283) (10,854) Total income (loss) 18,756,304 (7,451,553) Expenses Audit fees 29,582 24,503 Custodial fees 32,846 26,920 Other fees 201 - Proxy fees 797 - Regulatory fees 1,200 660 Transaction costs 54,485 106,706 Trustee fees 2,445 - Total expenses 121,556 158,789 Waivers and reimbursements (5,512) - Net expenses 116,044 158,789 Increase (decrease) in net assets attributable to holders of redeemable units 18,640,260 (7,610,342) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.94 (0.71)

WindWise Canadian Equity Enhanced Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 18,640,260 (7,610,342) Distributions to holders of redeemable units From net investment income (2,991,765) (3,349,631) From capital gains (1,561,662) (1,592,821) Total distributions to holders of redeemable units (4,553,427) (4,942,452) Redeemable unit transactions Proceeds from redeemable units issued 4,218,084 5,409,979 Reinvestment of distributions to holders of redeemable units 4,553,427 4,942,452 Redemption of redeemable units (2,634,358) (29,299,977) Increase (decrease) from redeemable unit transactions 6,137,153 (18,947,546) Net increase (decrease) in net assets attributable to holders of redeemable units 20,223,986 (31,500,340) Net assets attributable to holders of redeemable units Beginning of year 94,649,273 126,149,613 Net assets attributable to holders of redeemable units End of year 114,873,259 94,649,273 Number of redeemable units outstanding Beginning of year 9,440,384 11,172,984 Issued 400,249 483,067 Reinvested 408,655 468,160 Redeemed (259,253) (2,683,827) Number of redeemable units outstanding End of year 9,990,035 9,440,384

WindWise Canadian Equity Enhanced Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 18,640,260 (7,610,342) Adjustments for: Net realized (gain) loss on investments (1,368,974) (928,349) Net change in unrealized (appreciation) depreciation on investments and derivatives (14,263,731) 12,038,573 Proceeds from sale of investments 51,677,595 80,842,040 Purchases of investments (55,938,125) (61,171,695) Dividends receivable (45,061) 27,834 Accrued expenses 27,949 84 Net cash from (used in) operating activities (1,270,087) 23,198,145 Cash flows from (used in) financing activities Proceeds from redeemable units issued 4,218,084 5,409,979 Redemption of redeemable units (3,095,601) (29,297,485) Net cash from (used in) financing activities 1,122,483 (23,887,506) Net increase (decrease) in cash during the year (147,604) (689,361) Cash Beginning of year 484,664 1,174,025 Cash End of year 337,060 484,664 Interest received* 67,355 44,810 Dividends received, net of foreign withholding taxes* 3,010,918 3,355,871 * Included as part of cash flows from operating activities

WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities 100.0% Common stock 100.0% 68,398 Advantage Oil & Gas Limited 547,529 623,790 5,177 Agnico Eagle Mines Limited 263,218 292,242 7,777 Agrium Inc. 910,799 1,049,584 6,929 Aimia Inc. 50,464 61,530 15,180 Alimentation Couche-Tard Inc. Cl. B 464,723 924,158 879 Allied Properties Real Estate Investment Trust 31,560 31,600 20,755 Altus Group Limited 600,707 642,575 31,280 ARC Resources Limited 848,047 722,881 50,134 Artis Real Estate Investment Trust 689,585 636,702 15,726 ATCO Limited NV Cl. I 726,642 702,323 130,581 B2Gold Corporation 522,100 416,553 33,093 Bank of Montreal 2,157,131 3,195,791 65,558 Bank of Nova Scotia (The) 3,792,863 4,901,116 88,193 Barrick Gold Corporation 2,376,215 1,895,268 40,112 BCE Inc. 1,822,772 2,327,699 128,399 Bonavista Energy Corporation 422,921 617,599 1,434 Boyd Group Income Fund 108,803 122,693 36,463 Brookfield Asset Management Inc. Cl. A 1,034,299 1,615,311 13,735 BRP Inc. 375,325 389,387 45,081 CAE Inc. 676,438 846,621 11,860 Canadian Apartment Properties Real Estate Investment Trust 286,369 372,048 27,706 Canadian Imperial Bank of Commerce 2,241,239 3,035,469 49,847 Canadian National Railway Company 2,608,683 4,504,175 75,383 Canadian Natural Resources Limited 2,430,194 3,225,639 5,369 Canadian Pacific Railway Limited 713,350 1,028,486 536 Canadian Tire Corporation Limited Cl. A 69,158 74,649 3,428 Canadian Utilities Limited Cl. A 126,986 124,059 28,913 Capital Power Corporation 621,128 671,649 28,279 Celestica Inc. 376,261 449,919 20,107 Cenovus Energy Inc. 500,969 408,172 14,976 CGI Group Inc. Cl. A 527,834 965,053 14,491 Chartwell Retirement Residences 198,679 212,293 31,869 CI Financial Corporation 808,184 920,058 200 Constellation Software Inc. 116,024 122,024 46,377 Corus Entertainment Inc. Cl. B 481,298 584,350 46,786 Crescent Point Energy Corporation 1,017,108 853,845 8,628 Dollarama Inc. 658,302 848,823 9,983 Dorel Industries Inc. Cl. B 360,764 387,340 69,950 ECN Capital Corporation 223,140 230,835 13,686 Emera Inc. 650,495 621,208 45,217 Enbridge Inc. 1,979,005 2,554,760 7,605 Enbridge Income Fund Holdings Inc. 229,276 264,426 20,450 Encana Corporation 290,603 322,292 25,246 Endeavour Mining Corporation 595,926 506,435 37,761 Enerflex Limited 489,522 643,825 368 Fairfax Financial Holdings Limited 222,630 238,648 7,625 Finning International Inc. 202,393 200,461 7,592 First Quantum Minerals Limited 88,392 101,353 17,632 Fortis Inc. 684,828 731,023 4,773 Franco-Nevada Corporation 261,745 383,176 2,611 Genworth MI Canada Inc. 84,033 87,886 7,562 George Weston Limited 764,628 858,968

WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 3,881 Gildan Activewear Inc. 143,841 132,303 21,469 Goldcorp Inc. 557,058 392,453 147,970 Gran Tierra Energy Inc. 526,012 600,758 15,567 Granite Real Estate Investment Trust 676,019 697,869 9,683 Great Canadian Gaming Corporation 180,530 241,881 29,659 Great-West Lifeco Inc. 779,136 1,043,107 28,694 H&R Real Estate Investment Trust 615,438 641,885 14,319 Home Capital Group Inc. 498,100 448,757 50,363 Husky Energy Inc. 773,445 820,413 15,073 IGM Financial Inc. 565,268 575,789 25,356 Imperial Oil Limited 1,297,083 1,184,379 8,373 Industrial Alliance Insurance and Financial Services Inc. 432,599 447,034 1,627 Intact Financial Corporation 137,850 156,355 37,585 Inter Pipeline Limited 1,111,122 1,114,019 4,781 Interfor Corporation 71,840 71,858 25,039 Intertape Polymer Group Inc. 573,275 630,482 15,100 ishares S&P/TSX 60 Index ETF 304,294 341,864 12,268 Keyera Corporation 539,234 496,363 128,132 Kinross Gold Corporation 760,675 536,873 32,895 Labrador Iron Ore Royalty Corporation 483,915 612,505 8,536 Laurentian Bank of Canada 425,394 492,783 8,202 Linamar Corporation 509,739 473,173 4,802 Loblaw Companies Limited 286,268 340,174 210,214 Lucara Diamond Corporation 773,404 639,051 21,516 Magna International Inc. 710,309 1,254,383 89,190 Manulife Financial Corporation 1,456,858 2,132,533 16,430 Maple Leaf Foods Inc. 481,125 462,012 5,213 Methanex Corporation 259,121 306,994 27,331 METRO INC. 791,707 1,097,613 31,995 Milestone Apartments Real Estate Investment Trust 528,044 607,905 10,999 Mitel Networks Corporation 108,368 100,311 29,515 National Bank of Canada 1,188,160 1,609,453 130,073 Nevsun Resources Limited 535,161 539,803 12,748 North West Company Inc. (The) 320,624 350,825 148,142 OceanaGold Corporation 434,690 579,235 2,402 Onex Corporation 191,038 219,495 13,885 Open Text Corporation 771,053 1,151,344 42,033 Parex Resources Inc. 482,773 710,358 8,902 Pembina Pipeline Corporation 317,429 373,528 42,456 Potash Corporation of Saskatchewan Inc. 1,703,281 1,031,256 37,411 Power Corporation of Canada 1,076,663 1,124,201 22,645 Power Financial Corporation 702,785 759,966 6,371 ProMetic Life Sciences Inc. 18,747 14,207 16,949 Quebecor Inc. Cl. B 483,342 632,537 55,848 Raging River Exploration Inc. 493,352 589,755 14,202 Restaurant Brands International Inc. 728,504 908,218 26,130 Rogers Communications Inc. Cl. B 1,240,803 1,353,273 85,065 Royal Bank of Canada 5,275,255 7,729,857 14,725 Saputo Inc. 589,831 699,585 103,524 SEMAFO Inc. 546,256 457,576 1,550 Shaw Communications Inc. Cl. B 41,888 41,757 1,055 ShawCor Limited Cl. A 46,092 37,811 18,053 SNC-Lavalin Group Inc. 955,589 1,043,283 45,647 Sun Life Financial Inc. 1,327,574 2,353,103 98,170 Suncor Energy Inc. 3,241,545 4,309,663

WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 32,010 Tahoe Resources Inc. 368,768 404,926 45,284 Teck Resources Limited Cl. B 441,265 1,216,781 46,857 TELUS Corporation 1,747,388 2,003,137 7,809 Thomson Reuters Corporation 329,049 458,857 96,804 Toronto-Dominion Bank (The) 4,119,069 6,410,361 58,426 TransCanada Corporation 3,143,945 3,537,110 4,883 Transcontinental Inc. Cl. A 108,879 108,354 14,634 TransForce Inc. 404,677 510,580 13,898 Valeant Pharmaceuticals International Inc. 1,015,366 270,594 5,204 Veresen Inc. 56,866 68,224 9,032 Waste Connections Inc. 861,925 951,431 4,043 West Fraser Timber Company 210,680 194,104 110,428 Western Forest Products Inc. 211,311 208,709 31,768 WestJet Airlines Limited 731,061 731,935 15,681 Westshore Terminals Investment Corporation 394,960 405,981 132,160 Yamana Gold Inc. 580,831 498,243 94,126,833 114,242,065 Adjustment for transaction costs (54,782) - Total investments 100.0% 94,072,051 114,242,065

Notes to financial statements of WindWise Canadian Equity Enhanced Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to outperform the S&P /TSX Composite Index (the Index ) over the long term in a risk controlled manner. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 114,242,065 - - 114,242,065 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 94,231,404 - - 94,231,404 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant using a predicted tracking method, net assets attributable to holders of redeemable units would have increased or decreased by approximately 12,567,000 or 10,282,000 (December 31, 2015 10,507,000 or 8,339,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant.

Notes to financial statements of WindWise Canadian Equity Enhanced Non-Lending Fund December 31, 2016 and 2015 Credit risk and 2015, the Fund had no significant investments in either debt securities or derivative financial instruments. As a result, the Fund is not significantly exposed to credit risk. Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Consumer discretionary 5 7 Consumer staples 4 4 Energy 21 19 Financials 35 38 Health care - 3 Industrials 9 9 Information technology 3 3 Materials 12 9 Real estate 3 - Telecommunication services 5 6 Utilities 3 2 100 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 18,640,260 (7,610,342) Average units outstanding during the year 9,592,859 10,657,098 Increase (decrease) in net assets attributable to holders of redeemable units per unit 1.94 (0.71)

WindWise Canadian Long Term Bond Index Non-Lending Fund Statement of financial position Assets Current assets Investments* 769,678,975 Cash 1,627,664 Receivable for investments sold 19,988 Interest receivable 4,435,810 Total assets 775,762,437 Liabilities Current liabilities Payable for units redeemed 45,613 Payable for investments purchased 1,589,356 Accrued expenses 32,236 Total liabilities 1,667,205 Net assets attributable to holders of redeemable units 774,095,232 Number of redeemable units outstanding 85,541,762 Net assets attributable to holders of redeemable units per unit 9.05 * Investments at cost 844,061,195 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Canadian Long Term Bond Index Non-Lending Fund Statement of comprehensive income For the period from July 8 to December 31, 2016 Investment income Interest for distribution purposes 15,321,305 Other changes in fair of investments Net realized gain (loss) (11,639,881) Net change in unrealized appreciation (depreciation) (74,382,220) Total income (loss) (70,700,796) Expenses Audit fees 3,566 Custodial fees 32,837 Other fees 28 Proxy fees 11 Regulatory fees 2,363 Trustee fees 2,404 Total expenses 41,209 Waivers and reimbursements (4,416) Net expenses 36,793 Increase (decrease) in net assets attributable to holders of redeemable units (70,737,589) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the period (0.77)

WindWise Canadian Long Term Bond Index Non-Lending Fund Statement of changes in net assets attributable to holders of redeemable units For the period from July 8 to December 31, 2016 Increase (decrease) in net assets attributable to holders of redeemable units (70,737,589) Distributions to holders of redeemable units From net investment income (15,296,913) Total distributions to holders of redeemable units (15,296,913) Redeemable unit transactions Proceeds from redeemable units issued 972,485,388 Reinvestment of distribution to holders of redeemable units 15,296,913 Redemption of redeemable units (127,652,567) Increase (decrease) from redeemable unit transactions 860,129,734 Net increase (decrease) in net assets attributable to holders of redeemable units 774,095,232 Net assets attributable to holders of redeemable units Beginning of period - Net assets attributable to holders of redeemable units End of period 774,095,232 Number of redeemable units outstanding Beginning of period - Issued 97,465,548 Reinvested 1,690,383 Redeemed (13,614,169) Number of redeemable units outstanding End of period 85,541,762

WindWise Canadian Long Term Bond Index Non-Lending Fund Statement of cash flows For the period from July 8 to December 31, 2016 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units (70,737,589) Adjustments for: Net realized (gain) loss on investments 11,639,881 Net change in unrealized (appreciation) depreciation on investments 74,382,220 Proceeds from sale of investments 398,174,436 Purchases of investments (312,781,205) Interest receivable 1,275,994 Accrued expenses (26,792) Net cash from (used in) operating activities 101,926,945 Cash flows from (used in) financing activities Proceeds from redeemable units issued 27,307,673 Redemption of redeemable units (127,606,954) Net cash from (used in) financing activities (100,299,281) Net increase (decrease) in cash during the period 1,627,664 Cash Beginning of period - Cash End of period 1,627,664 Interest received* 16,597,299 Redeemable units issued in kind 945,177,715 * Included as part of cash flows from operating activities

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 22.6% Corporate bonds 22.6% 181,632 407 East Development Group General Partnership 4.47 Jun. 23, 2045 194,213 190,729 281,000 407 International Inc. 2.43 May 4, 2027 280,896 272,201 349,000 407 International Inc. 3.30 Mar. 27, 2045 352,079 318,930 705,000 407 International Inc. 3.60 May 21, 2047 757,008 680,390 816,000 407 International Inc. 3.83 May 11, 2046 902,254 818,573 666,000 407 International Inc. 3.98 Sep. 11, 2052 756,468 677,344 748,000 407 International Inc. 4.19 Apr. 25, 2042 874,395 797,730 568,000 407 International Inc. 4.45 Nov. 15, 2041 685,533 629,789 289,000 407 International Inc. 4.68 Oct. 7, 2053 370,760 333,633 783,000 407 International Inc. 5.75 Feb. 14, 2036 1,041,349 980,682 654,000 407 International Inc. 5.96 Dec. 3, 2035 926,968 864,149 679,000 407 International Inc. 6.47 Jul. 27, 2029 965,093 911,085 260,331 407 International Inc. 6.75 Jul. 27, 2039 373,460 345,376 312,000 Access Prairies Partnership 4.23 Mar. 1, 2048 336,040 310,054 618,560 Access Search Montreal SEC 7.07 Dec. 31, 2042 907,872 835,181 424,000 Aeroports de Montreal 3.92 Sep. 26, 2042 489,881 441,644 361,000 Aeroports de Montreal 3.92 Jun. 12, 2045 417,809 377,128 585,000 Aeroports de Montreal 5.17 Sep. 17, 2035 765,852 706,016 255,000 Aeroports de Montreal 5.47 Apr. 16, 2040 358,190 326,998 427,000 Aeroports de Montreal 5.67 Oct. 16, 2037 602,020 550,960 345,000 Aeroports de Montreal 6.55 Oct. 11, 2033 507,623 470,576 23,395 Aeroports de Montreal 6.61 Oct. 11, 2033 32,000 29,961 499,431 Aeroports de Montreal 6.95 Apr. 16, 2032 684,614 647,838 84,658 Alliance Pipeline Limited Partnership 6.77 Dec. 31, 2025 95,997 95,909 152,386 Alliance Pipeline Limited Partnership 7.22 Dec. 31, 2025 173,994 175,545 515,000 AltaGas Limited 4.50 Aug. 15, 2044 491,478 495,477 176,000 AltaGas Limited 5.16 Jan. 13, 2044 187,546 185,568 308,000 AltaLink Limited Partnership 3.72 Dec. 3, 2046 308,000 305,187 920,000 AltaLink Limited Partnership 3.99 Jun. 30, 2042 1,030,779 952,883 431,000 AltaLink Limited Partnership 4.05 Nov. 21, 2044 489,730 452,165 604,000 AltaLink Limited Partnership 4.09 Jun. 30, 2045 691,046 636,366 256,000 AltaLink Limited Partnership 4.27 Jun. 6, 2064 304,781 275,684 480,000 AltaLink Limited Partnership 4.45 Jul. 11, 2053 581,880 531,451 404,000 AltaLink Limited Partnership 4.46 Nov. 8, 2041 485,692 449,437 279,000 AltaLink Limited Partnership 4.87 Nov. 15, 2040 352,042 326,729 670,000 AltaLink Limited Partnership 4.92 Sep. 17, 2043 862,606 798,267 251,000 AltaLink Limited Partnership 5.25 Sep. 22, 2036 322,964 304,289 220,000 AltaLink Limited Partnership 5.38 Mar. 26, 2040 294,490 275,044 467,507 Arrow Lakes Power Corporation 5.52 Apr. 5, 2041 567,470 531,002 850,000 Asian Development Bank 4.65 Feb. 16, 2027 1,061,325 996,276 885,000 Bell Canada Inc. 4.35 Dec. 18, 2045 928,045 856,684 788,000 Bell Canada Inc. 4.75 Sep. 29, 2044 878,041 815,305 664,000 Bell Canada Inc. 6.10 Mar. 16, 2035 852,495 801,737 449,000 Bell Canada Inc. 6.17 Feb. 26, 2037 583,069 547,359 263,000 Bell Canada Inc. 6.55 May 1, 2029 343,571 328,434 370,000 Bell Canada Inc. 7.00 Sep. 24, 2027 497,512 473,221 532,000 Bell Canada Inc. 7.30 Feb. 23, 2032 739,289 701,646 221,000 Bell Canada Inc. 7.65 Dec. 30, 2031 298,287 271,829 530,000 Bell Canada Inc. 7.85 Apr. 2, 2031 765,407 724,079 351,000 Blackbird Infrastructure 407 General Partnership 3.76 Jun. 30, 2047 361,876 332,099 353,000 British Columbia Ferry Services Inc. 4.29 Apr. 28, 2044 425,415 387,772 313,000 British Columbia Ferry Services Inc. 4.70 Oct. 23, 2043 399,403 364,825 421,000 British Columbia Ferry Services Inc. 5.02 Mar. 20, 2037 540,194 501,834 353,000 British Columbia Ferry Services Inc. 5.58 Jan. 11, 2038 486,162 448,807

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 440,000 British Columbia Ferry Services Inc. 6.25 Oct. 13, 2034 630,519 590,304 821,000 Brookfield Asset Management Inc. 3.80 Mar. 16, 2027 820,721 814,734 623,000 Brookfield Asset Management Inc. 5.95 Jun. 14, 2035 724,268 684,649 214,000 Brookfield Renewable Partners ULC 3.63 Jan. 15, 2027 213,893 209,386 237,000 Brookfield Renewable Partners ULC 5.84 Nov. 5, 2036 271,229 256,784 309,000 Cameco Corporation 5.09 Nov. 14, 2042 313,792 286,746 109,000 Canada Life Assurance Company (The) 6.40 Dec. 11, 2028 144,273 139,628 256,000 Canada Life Capital Trust 7.53 Jun. 30, 2052 352,516 345,383 634,000 Canadian National Railway Company 3.95 Sep. 22, 2045 722,270 658,379 757,000 Canadian Pacific Railway Company 6.45 Nov. 17, 2039 1,018,396 961,132 372,000 Canadian Tire Corporation Limited 5.61 Sep. 4, 2035 455,373 418,372 188,000 Canadian Tire Corporation Limited 6.38 Apr. 13, 2028 240,421 226,666 373,000 Canadian Tire Corporation Limited 6.45 Feb. 24, 2034 493,447 454,986 1,025,000 Capital City Link General Partnership 4.39 Mar. 31, 2046 1,126,657 1,050,362 273,000 Choice Properties Real Estate Investment Trust 5.27 Mar. 7, 2046 317,870 290,411 578,000 CIBC Capital Trust 10.25 Jun. 30, 2108 815,152 766,102 149,000 Clarica Life Insurance Company 6.30 May 15, 2028 191,931 186,802 1,104,227 Comber Wind Financial Corporation 5.13 Nov. 15, 2030 1,213,887 1,189,375 70,000 Concordia University 6.55 Sep. 2, 2042 108,270 99,685 327,000 Crosslinx Transit Solutions General Partnership 4.56 Jun. 30, 2051 336,047 302,486 981,000 Crosslinx Transit Solutions General Partnership 4.65 Sep. 30, 2046 1,045,480 959,617 34,683 CSS (FSCC) Partnership 6.92 Jul. 31, 2042 48,773 45,943 136,000 CU Inc. 3.76 Nov. 19, 2046 136,000 135,512 894,000 CU Inc. 3.81 Sep. 10, 2042 969,594 897,595 373,000 CU Inc. 3.83 Sep. 11, 2062 405,810 365,970 501,000 CU Inc. 3.86 Nov. 14, 2052 546,839 498,169 455,000 CU Inc. 3.96 Jul. 27, 2045 511,424 467,267 1,735,000 CU Inc. 4.09 Sep. 2, 2044 1,983,533 1,820,370 384,000 CU Inc. 4.21 Oct. 29, 2055 450,735 406,847 902,000 CU Inc. 4.54 Oct. 24, 2041 1,095,348 1,011,513 551,000 CU Inc. 4.56 Nov. 7, 2053 684,364 620,803 273,000 CU Inc. 4.59 Oct. 24, 2061 346,090 313,600 923,000 CU Inc. 4.72 Sep. 9, 2043 1,155,491 1,065,434 300,000 CU Inc. 4.95 Nov. 18, 2050 393,994 359,500 219,000 CU Inc. 5.03 Nov. 20, 2036 276,184 257,242 254,000 CU Inc. 5.18 Nov. 21, 2035 324,860 302,089 235,000 CU Inc. 5.56 May 26, 2028 301,566 285,420 334,000 CU Inc. 5.56 Oct. 30, 2037 448,724 418,976 367,000 CU Inc. 5.58 May 26, 2038 496,486 462,180 448,000 CU Inc. 5.90 Nov. 20, 2034 608,645 570,642 235,000 CU Inc. 6.50 Mar. 7, 2039 353,179 328,710 41,021 Edmonton Regional Airports Authority 7.21 Nov. 1, 2030 55,157 52,131 551,000 Enbridge Gas Distribution Inc. 4.00 Aug. 22, 2044 612,709 566,673 285,000 Enbridge Gas Distribution Inc. 4.50 Nov. 23, 2043 340,092 316,316 534,000 Enbridge Gas Distribution Inc. 4.95 Nov. 22, 2050 677,584 633,601 441,000 Enbridge Gas Distribution Inc. 5.21 Feb. 25, 2036 557,992 523,278 199,000 Enbridge Gas Distribution Inc. 6.10 May 19, 2028 255,681 245,611 311,000 Enbridge Gas Distribution Inc. 6.16 Dec. 16, 2033 426,246 401,353 216,000 Enbridge Gas Distribution Inc. 6.65 Nov. 3, 2027 294,313 278,490 136,000 Enbridge Gas Distribution Inc. 6.90 Nov. 15, 2032 197,653 186,218 114,000 Enbridge Gas Distribution Inc. 7.60 Oct. 29, 2026 159,881 155,112 959,000 Enbridge Inc. 4.24 Aug. 27, 2042 902,679 902,944 426,000 Enbridge Inc. 4.56 Mar. 28, 2064 390,416 390,994 774,000 Enbridge Inc. 4.57 Mar. 11, 2044 767,645 765,411 146,000 Enbridge Inc. 5.12 Sep. 28, 2040 156,252 155,014 101,000 Enbridge Inc. 5.57 Nov. 14, 2035 113,062 112,291 342,000 Enbridge Inc. 5.75 Sep. 2, 2039 393,338 392,059

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 83,000 Enbridge Inc. 6.10 Jul. 14, 2028 94,934 93,689 539,000 Enbridge Inc. 7.20 Jun. 18, 2032 700,265 687,953 176,000 Enbridge Inc. 7.22 Jul. 24, 2030 225,465 222,308 410,000 Enbridge Income Fund 4.87 Nov. 21, 2044 423,875 420,234 287,000 Enbridge Pipelines Inc. 4.13 Aug. 9, 2046 286,902 280,115 627,000 Enbridge Pipelines Inc. 4.55 Aug. 17, 2043 685,806 653,665 423,000 Enbridge Pipelines Inc. 4.55 Sep. 29, 2045 464,752 440,061 358,000 Enbridge Pipelines Inc. 5.08 Dec. 19, 2036 410,868 395,748 801,000 Enbridge Pipelines Inc. 5.33 Apr. 6, 2040 965,751 922,662 352,000 Enbridge Pipelines Inc. 5.35 Nov. 10, 2039 424,144 405,743 53,000 Enbridge Pipelines Inc. 6.05 Feb. 12, 2029 64,992 63,074 317,000 Enersource Corporation 5.30 Apr. 29, 2041 413,460 382,925 530,000 EPCOR Utilities Inc. 4.55 Feb. 28, 2042 645,157 590,744 482,000 EPCOR Utilities Inc. 5.65 Nov. 16, 2035 642,311 600,082 327,000 EPCOR Utilities Inc. 5.75 Nov. 24, 2039 458,398 422,593 180,000 EPCOR Utilities Inc. 6.65 Apr. 15, 2038 274,064 253,426 245,000 EPCOR Utilities Inc. 6.80 Jun. 28, 2029 346,165 327,158 313,000 Finning International Inc. 5.08 Jun. 13, 2042 351,983 317,431 320,000 Fortis Inc. 6.51 Jul. 4, 2039 432,432 412,248 210,000 FortisAlberta Inc. 3.34 Sep. 21, 2046 209,643 189,933 284,000 FortisAlberta Inc. 3.98 Oct. 23, 2052 313,843 283,724 137,000 FortisAlberta Inc. 4.11 Sep. 29, 2044 155,694 142,674 247,000 FortisAlberta Inc. 4.27 Sep. 22, 2045 291,840 263,998 269,000 FortisAlberta Inc. 4.54 Oct. 18, 2041 323,819 297,335 210,000 FortisAlberta Inc. 4.80 Oct. 27, 2050 266,618 243,129 336,000 FortisAlberta Inc. 4.85 Sep. 11, 2043 423,483 389,600 145,000 FortisAlberta Inc. 4.99 Jan. 3, 2047 188,881 172,628 90,000 FortisAlberta Inc. 5.37 Oct. 30, 2039 119,153 110,260 150,000 FortisAlberta Inc. 5.40 Apr. 21, 2036 194,227 181,393 205,000 FortisAlberta Inc. 5.85 Apr. 15, 2038 283,017 263,849 437,000 FortisAlberta Inc. 6.22 Oct. 31, 2034 608,012 570,907 152,000 FortisAlberta Inc. 7.06 Feb. 14, 2039 239,271 221,982 59,000 FortisBC Energy Inc. 3.38 Apr. 13, 2045 60,218 54,548 205,000 FortisBC Energy Inc. 3.67 Apr. 9, 2046 220,563 198,835 246,000 FortisBC Energy Inc. 3.78 Mar. 6, 2047 245,702 245,198 242,000 FortisBC Energy Inc. 4.25 Dec. 9, 2041 282,488 260,976 231,000 FortisBC Energy Inc. 5.20 Dec. 6, 2040 304,192 279,456 195,000 FortisBC Energy Inc. 5.55 Sep. 25, 2036 259,585 243,406 520,000 FortisBC Energy Inc. 5.80 May 13, 2038 722,466 670,458 468,000 FortisBC Energy Inc. 5.90 Feb. 26, 2035 638,985 598,159 295,000 FortisBC Energy Inc. 6.00 Oct. 2, 2037 416,166 388,399 505,000 FortisBC Energy Inc. 6.05 Feb. 15, 2038 707,080 660,814 256,000 FortisBC Energy Inc. 6.50 May 1, 2034 367,127 344,466 209,000 FortisBC Energy Inc. 6.55 Feb. 24, 2039 315,300 294,535 185,000 FortisBC Energy Inc. 6.95 Sep. 21, 2029 265,896 251,458 219,000 FortisBC Inc. 4.00 Oct. 28, 2044 243,714 222,186 257,000 FortisBC Inc. 5.00 Nov. 24, 2050 334,197 303,091 184,000 FortisBC Inc. 5.60 Nov. 9, 2035 242,712 225,551 170,000 FortisBC Inc. 5.90 Jul. 4, 2047 249,278 227,402 175,000 FortisBC Inc. 6.10 Jun. 2, 2039 250,567 229,746 114,000 Gaz Metro Inc. 3.28 Oct. 9, 2046 113,827 103,656 71,000 Gaz Metro Inc. 3.30 Mar. 31, 2045 72,032 65,011 341,000 Gaz Metro Inc. 5.70 Jul. 10, 2036 463,273 429,320 204,000 Gaz Metro Inc. 6.30 Oct. 31, 2033 287,751 268,333 338,000 Gaz Metro Inc. 7.05 Oct. 30, 2030 492,580 456,708 7,000 Gaz Metro Inc. 7.20 Nov. 19, 2027 9,926 9,443 194,000 George Weston Limited 6.69 Mar. 1, 2033 252,758 236,626

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 243,000 George Weston Limited 7.10 Feb. 5, 2032 323,402 306,455 288,937 Grand Renewable Solar Limited Partnership 3.93 Jan. 31, 2035 299,377 286,326 233,000 GrandLinq GP 4.77 Mar. 31, 2047 254,379 238,788 654,000 Greater Toronto Airports Authority 4.53 Dec. 2, 2041 820,722 750,698 958,000 Greater Toronto Airports Authority 5.30 Feb. 25, 2041 1,322,794 1,214,223 715,000 Greater Toronto Airports Authority 5.63 Jun. 7, 2040 1,023,640 937,427 439,000 Greater Toronto Airports Authority 6.45 Dec. 3, 2027 623,915 585,908 612,306 Greater Toronto Airports Authority 6.45 Jul. 30, 2029 792,120 758,187 802,000 Greater Toronto Airports Authority 6.47 Feb. 2, 2034 1,177,778 1,103,867 912,000 Greater Toronto Airports Authority 6.98 Oct. 15, 2032 1,384,526 1,297,204 882,000 Greater Toronto Airports Authority 7.05 Jun. 12, 2030 1,306,957 1,225,133 881,000 Greater Toronto Airports Authority 7.10 Jun. 4, 2031 1,324,961 1,244,076 585,000 Great-West Lifeco Inc. 6.00 Nov. 16, 2039 788,605 747,073 621,000 Great-West Lifeco Inc. 6.67 Mar. 21, 2033 852,305 812,266 420,000 Great-West Lifeco Inc. 6.74 Nov. 24, 2031 575,642 548,437 295,000 Halifax International Airport Authority 4.89 Nov. 15, 2050 402,945 348,095 350,000 Halifax International Airport Authority 5.50 Jul. 19, 2041 499,957 445,808 2,174,000 Health Montreal Collective Limited Partnership 6.72 Sep. 30, 2049 3,055,215 2,702,115 396,000 Hospital for Sick Children (The) 5.22 Dec. 16, 2049 555,543 491,035 866,565 Hospital Infrastructure Partners (NOH) Partnership 5.44 Jan. 31, 2045 1,042,752 967,292 354,000 IGM Financial Inc. 6.00 Dec. 10, 2040 464,711 430,896 103,000 IGM Financial Inc. 6.65 Dec. 13, 2027 136,232 128,466 241,000 IGM Financial Inc. 7.11 Mar. 7, 2033 337,758 318,366 352,678 IGM Financial Inc. 7.45 May 9, 2031 499,926 474,770 566,000 InPower BC General Partnership 4.47 Mar. 31, 2033 632,645 593,768 399,000 Intact Financial Corporation 5.16 Jun. 16, 2042 473,118 455,130 358,000 Intact Financial Corporation 6.40 Nov. 23, 2039 481,641 469,715 204,000 Integrated Team Solutions PCH Partnership 4.88 May 31, 2046 239,444 219,528 550,397 Integrated Team Solutions SJHC Partnership 5.95 Nov. 30, 2042 709,674 674,810 1,020,000 Inter Pipeline Limited 4.64 May 30, 2044 1,066,470 1,032,001 225,000 Investors Group Inc. 7.00 Dec. 31, 2032 312,053 293,904 1,142,000 Kingston Solar Limited Partnership 3.57 Jul. 31, 2035 1,142,000 1,098,960 520,000 Loblaw Companies Limited 5.90 Jan. 18, 2036 662,978 616,739 398,000 Loblaw Companies Limited 6.05 Jun. 9, 2034 509,697 476,385 327,000 Loblaw Companies Limited 6.15 Jan. 29, 2035 425,533 396,190 79,000 Loblaw Companies Limited 6.45 Feb. 9, 2028 102,446 98,150 118,000 Loblaw Companies Limited 6.45 Mar. 1, 2039 161,791 150,332 252,000 Loblaw Companies Limited 6.50 Jan. 22, 2029 328,214 310,006 327,000 Loblaw Companies Limited 6.54 Feb. 17, 2033 432,389 405,328 187,000 Loblaw Companies Limited 6.65 Nov. 8, 2027 244,326 232,719 410,000 Loblaw Companies Limited 6.85 Mar. 1, 2032 552,639 521,364 291,000 Lower Mattagami Energy Limited Partnership 4.18 Feb. 23, 2046 338,870 310,107 420,000 Lower Mattagami Energy Limited Partnership 4.18 Apr. 23, 2052 486,643 440,593 398,000 Lower Mattagami Energy Limited Partnership 4.94 Sep. 21, 2043 514,152 473,823 482,000 Lower Mattagami Energy Limited Partnership 5.14 May 18, 2041 631,237 583,582 1,130,000 Manulife Finance (Delaware) Limited Partnership 5.06 Dec. 15, 2041 1,219,106 1,197,270 23,512 MaRS Development Trust (The) 6.40 Feb. 4, 2035 32,212 30,188 94,000 McGill University 3.98 Jan. 29, 2056 104,643 94,320 404,000 McGill University 6.15 Sep. 22, 2042 615,437 552,686 595,000 McGill University Health Centre 5.36 Dec. 31, 2043 825,082 743,548 178,000 McMaster University 4.11 Nov. 26, 2065 220,641 185,177 541,000 METRO INC. 5.03 Dec. 1, 2044 620,640 574,702 652,000 METRO INC. 5.97 Oct. 15, 2035 813,747 761,880 421,000 NAV Canada 3.53 Feb. 23, 2046 463,600 419,379 460,000 NAV Canada 7.40 Jun. 1, 2027 689,965 650,152 165,550 NAV Canada 7.56 Mar. 1, 2027 217,484 208,930 1,542,317 North Battleford Power Limited Partnership 4.96 Dec. 31, 2032 1,806,971 1,700,827

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 746,000 North West Redwater Partnership/NWR Financing Company Limited 3.70 Feb. 23, 2043 724,543 716,296 1,354,000 North West Redwater Partnership/NWR Financing Company Limited 4.05 Jul. 22, 2044 1,398,552 1,381,876 576,000 North West Redwater Partnership/NWR Financing Company Limited 4.15 Jun. 1, 2033 604,937 603,061 1,115,000 North West Redwater Partnership/NWR Financing Company Limited 4.25 Jun. 1, 2029 1,226,568 1,193,790 864,000 North West Redwater Partnership/NWR Financing Company Limited 4.35 Jan. 10, 2039 914,500 913,731 803,000 North West Redwater Partnership/NWR Financing Company Limited 4.75 Jun. 1, 2037 909,680 900,601 379,430 Northland Power Solar Finance One Limited Partners 4.40 Jun. 30, 2032 416,859 397,551 630,786 Northwestconnect Group Partnership 5.95 Apr. 30, 2041 827,269 748,617 146,000 NOVA Gas Transmission Limited 6.30 May 27, 2030 182,745 175,530 60,000 NOVA Gas Transmission Limited 8.46 Jun. 5, 2026 83,001 79,405 19,000 NOVA Gas Transmission Limited 8.90 May 27, 2025 26,974 26,305 44,000 NOVA Gas Transmission Limited 9.90 Dec. 16, 2024 67,466 64,039 242,000 Nova Scotia Power Inc. 3.61 May 1, 2045 249,302 226,709 338,000 Nova Scotia Power Inc. 4.15 Mar. 6, 2042 380,131 348,889 584,000 Nova Scotia Power Inc. 4.50 Jul. 20, 2043 692,873 635,572 404,000 Nova Scotia Power Inc. 5.61 Jun. 15, 2040 546,927 505,235 334,000 Nova Scotia Power Inc. 5.67 Nov. 14, 2035 437,986 410,279 343,000 Nova Scotia Power Inc. 5.95 Jul. 27, 2039 478,201 444,418 395,000 Nova Scotia Power Inc. 6.95 Aug. 25, 2033 576,741 540,852 533,069 Ornge Issuer Trust 5.73 Jun. 11, 2034 656,634 623,211 619,000 Ottawa Macdonald-Cartier International Airport Authority 3.93 Jun. 9, 2045 674,389 612,400 178,374 Ottawa Macdonald-Cartier International Airport Authority 6.97 May 25, 2032 244,718 229,628 4,097 Pearson International Fuel Facilities Corporation 5.09 Mar. 9, 2032 4,672 4,473 883,000 Pembina Pipeline Corporation 4.24 Jun. 15, 2027 911,785 919,243 844,000 Pembina Pipeline Corporation 4.75 Apr. 30, 2043 821,316 834,904 916,000 Pembina Pipeline Corporation 4.81 Mar. 25, 2044 898,463 912,757 385,192 Plenary Health Bridgepoint Limited Partnership 7.25 Aug. 31, 2042 564,341 522,863 321,000 Plenary Health Care Partnerships Humber Limited Partnership 4.82 Nov. 30, 2044 396,521 356,463 599,221 Plenary Health Care Partnerships Humber Limited Partnership 4.90 May 31, 2039 699,070 663,900 532,506 Plenary Health Hamilton Limited Partnership 5.80 May 31, 2043 682,640 641,300 1,421,008 Plenary Properties LTAP Limited Partnership 6.29 Jan. 31, 2044 1,970,009 1,816,842 318,000 Power Corporation of Canada 8.57 Apr. 22, 2039 524,624 492,253 489,000 Power Financial Corporation 6.90 Mar. 11, 2033 677,314 637,775 439,000 PowerStream Inc. 3.96 Jul. 30, 2042 476,102 437,317 315,000 PSS Generating Station Limited Partnership 4.80 Oct. 24, 2067 361,987 325,345 34,000 Queen's University 6.10 Nov. 19, 2032 47,524 44,142 1,244,000 Rogers Communications Inc. 6.11 Aug. 25, 2040 1,594,045 1,505,369 656,000 Rogers Communications Inc. 6.56 Mar. 22, 2041 888,428 838,660 872,000 Rogers Communications Inc. 6.68 Nov. 4, 2039 1,193,466 1,123,443 1,204,000 Scotiabank Capital Trust 5.65 Dec. 31, 2056 1,420,177 1,389,515 708,829 Sea To Sky Highway Investment Limited Partnership 2.63 Oct. 31, 2030 719,242 684,475 795,666 SEC LP and Arci Limited 5.19 Aug. 29, 2033 881,440 834,104 426,000 SGTP Highway Bypass Limited Partnership 4.11 Jan. 31, 2045 458,993 429,102 221,000 SGTP Highway Bypass Limited Partnership 4.16 Jul. 31, 2049 241,155 216,643 2,321,000 Shaw Communications Inc. 6.75 Nov. 9, 2039 2,968,081 2,782,022 40,000 Simon Fraser University 5.61 Jun. 10, 2043 58,351 52,070 331,000 Sinai Health System 3.53 Jun. 9, 2056 355,640 307,548 1,268,797 SNC-Lavalin Innisfree McGill Finance Inc. 6.63 Jun. 30, 2044 1,740,973 1,618,912 213,000 Sobeys Inc. 5.79 Oct. 6, 2036 213,421 189,929

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 262,000 Sobeys Inc. 6.06 Oct. 29, 2035 292,175 243,968 270,000 Sobeys Inc. 6.64 Jun. 7, 2040 301,045 265,922 337,000 Societe en commandite CE Sebastopol 4.14 Jul. 31, 2047 346,167 329,017 168,298 Spy Hill Power Limited Partnership 4.14 Mar. 31, 2036 186,612 171,859 977,000 SSL Finance Inc./SSL Financement Inc. 4.10 Oct. 31, 2045 1,044,545 972,180 463,000 SSL Finance Inc./SSL Financement Inc. 4.18 Apr. 30, 2049 494,180 450,887 432,000 Sun Life Capital Trust 7.09 Jun. 30, 2052 567,047 550,103 680,000 Sun Life Financial Inc. 5.40 May 29, 2042 789,791 764,456 213,000 Suncor Energy Inc. 4.34 Sep. 13, 2046 212,787 207,417 1,126,000 Suncor Energy Inc. 5.39 Mar. 26, 2037 1,303,879 1,259,211 755,000 TD Capital Trust IV 10.00 Jun. 30, 2108 1,047,388 987,457 926,000 TELUS Corporation 4.40 Apr. 1, 2043 940,091 884,594 671,000 TELUS Corporation 4.40 Jan. 29, 2046 680,352 638,720 698,000 TELUS Corporation 4.75 Jan. 17, 2045 746,639 702,615 1,453,000 TELUS Corporation 4.85 Apr. 5, 2044 1,577,258 1,484,678 755,000 TELUS Corporation 5.15 Nov. 26, 2043 852,365 804,162 786,000 Teranet Holdings Limited Partnership 5.75 Dec. 17, 2040 962,144 844,077 441,000 Teranet Holdings Limited Partnership 6.10 Jun. 17, 2041 569,942 494,521 417,000 THP Partnership 4.39 Oct. 31, 2046 463,673 430,412 308,000 Toronto Hydro Corporation 3.55 Jul. 28, 2045 322,780 293,621 321,000 Toronto Hydro Corporation 3.96 Apr. 9, 2063 363,501 322,475 363,000 Toronto Hydro Corporation 4.08 Sep. 16, 2044 415,499 380,004 322,000 Toronto Hydro Corporation 5.54 May 21, 2040 442,097 408,224 198,000 TransAlta Corporation 6.90 Nov. 15, 2030 157,943 195,700 293,000 TransAlta Corporation 7.30 Oct. 22, 2029 243,999 294,203 994,000 TransCanada Pipelines Limited 4.35 Jun. 6, 2046 1,072,302 1,011,764 1,831,000 TransCanada Pipelines Limited 4.55 Nov. 15, 2041 2,037,937 1,913,391 530,000 TransCanada Pipelines Limited 6.28 May 26, 2028 662,536 646,354 202,000 TransCanada Pipelines Limited 6.50 Dec. 9, 2030 256,124 244,921 396,000 TransCanada Pipelines Limited 6.89 Aug. 7, 2028 519,152 504,103 34,000 TransCanada Pipelines Limited 7.34 Jul. 18, 2028 45,689 44,697 385,000 TransCanada Pipelines Limited 7.90 Apr. 15, 2027 525,131 515,154 787,000 TransCanada Pipelines Limited 8.05 Feb. 17, 2039 1,253,247 1,195,829 4,000 TransCanada Pipelines Limited 8.21 Apr. 25, 2030 5,801 5,411 115,000 TransCanada Pipelines Limited 8.23 Jan. 16, 2031 165,881 159,926 880,000 TransEd Partners General Partnership 3.95 Sep. 30, 2050 852,596 790,457 384,376 Trillium Windpower Limited Partnership 5.80 Feb. 15, 2033 439,254 427,457 40,448 UMH Energy Partnership 7.59 May 8, 2041 62,297 56,966 428,000 Union Gas Limited 3.80 Jun. 1, 2046 463,215 423,728 870,000 Union Gas Limited 4.20 Jun. 2, 2044 1,000,850 920,348 505,000 Union Gas Limited 4.88 Jun. 21, 2041 631,699 585,227 417,000 Union Gas Limited 5.20 Jul. 23, 2040 540,285 504,522 108,000 Union Gas Limited 5.46 Sep. 11, 2036 140,571 131,948 602,000 Union Gas Limited 6.05 Sep. 2, 2038 850,919 793,532 75,000 University of British Columbia 4.82 Jul. 26, 2035 95,194 86,845 283,000 University of British Columbia 6.65 Dec. 1, 2031 415,913 383,830 32,000 University of Guelph 6.24 Oct. 10, 2042 49,003 44,129 167,925 University of Ontario Institute of Technology 6.35 Oct. 15, 2034 211,274 202,139 207,000 University of Ottawa 3.26 Oct. 12, 2056 207,000 182,711 113,000 University of Ottawa 6.28 Apr. 15, 2043 175,716 158,452 459,000 University of Toronto 4.25 Dec. 7, 2051 567,858 490,119 103,753 University of Toronto 6.78 Jul. 18, 2031 151,569 139,372 674,000 University of Western Ontario 4.80 May 24, 2047 889,363 788,951 482,000 University of Windsor 5.37 Jun. 29, 2046 667,026 595,950 354,000 Vancouver Airport Authority 3.86 Nov. 10, 2045 412,971 367,938 355,000 Westcoast Energy Inc. 4.79 Oct. 28, 2041 383,333 367,171 278,000 Westcoast Energy Inc. 6.75 Dec. 15, 2027 355,030 343,834

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 394,000 Westcoast Energy Inc. 7.15 Mar. 20, 2031 519,819 500,468 146,000 Westcoast Energy Inc. 7.30 Dec. 18, 2026 192,262 187,744 67,000 Westcoast Energy Inc. 8.85 Jul. 21, 2025 94,194 93,695 65,000 Wilfrid Laurier University 5.43 Feb. 1, 2045 90,260 79,601 90,000 Windsor Canada Utilities Limited 4.13 Nov. 6, 2042 99,641 87,279 335,797 Winnipeg Airport Authority Inc. 5.21 Sep. 28, 2040 405,064 376,125 358,188 Winnipeg Airport Authority Inc. 6.10 Nov. 20, 2040 468,893 434,401 248,000 York University 4.46 Feb. 26, 2054 315,159 275,133 395,000 York University 6.48 Mar. 7, 2042 625,565 564,829 Government debt instruments 77.2% 185,401,240 173,655,598 Federal government bonds 22.0% 165,796 Broadcast Centre Trust 7.53 May 1, 2027 223,222 213,081 1,192,000 Canada Post Corporation 4.36 Jul. 16, 2040 1,666,354 1,470,652 109,085 CBC Monetization Trust 4.69 May 15, 2027 129,077 123,898 8,193,000 Government of Canada 1.00 Jun. 1, 2027 7,859,171 7,548,646 18,000 Government of Canada 1.50 Jun. 1, 2026 18,475 17,663 15,633,000 Government of Canada 2.75 Dec. 1, 2048 18,898,712 17,177,652 4,304,000 Government of Canada 2.75 Dec. 1, 2064 6,110,018 4,873,952 20,189,000 Government of Canada 3.50 Dec. 1, 2045 28,898,484 25,099,434 23,371,000 Government of Canada 4.00 Jun. 1, 2041 34,830,708 30,539,538 17,212,000 Government of Canada 5.00 Jun. 1, 2037 27,551,168 24,747,080 14,784,000 Government of Canada 5.75 Jun. 1, 2029 22,566,452 20,861,161 16,516,000 Government of Canada 5.75 Jun. 1, 2033 26,954,847 24,579,518 4,665,000 Government of Canada 8.00 Jun. 1, 2027 7,876,601 7,386,137 2,372,000 Maritime Link Financing Trust 3.50 Dec. 1, 2052 2,803,818 2,509,804 1,896,240 Royal Office Finance Limited Partnership 5.21 Nov. 12, 2032 2,464,239 2,299,209 188,851,346 169,447,425 Provincial government bonds 52.6% 4,000 Alberta Capital Finance Authority 4.45 Dec. 15, 2025 4,849 4,581 202,000 Centre Hospitalier de l'universite de Montreal 4.45 Oct. 1, 2049 252,049 224,110 2,523,000 Financement-Quebec 5.25 Jun. 1, 2034 3,447,160 3,178,031 736,000 Hydro One Inc. 3.72 Nov. 18, 2047 736,000 723,414 571,000 Hydro One Inc. 3.79 Jul. 31, 2062 623,212 557,211 462,000 Hydro One Inc. 3.91 Feb. 23, 2046 516,394 471,287 289,000 Hydro One Inc. 4.00 Dec. 22, 2051 327,443 296,232 555,000 Hydro One Inc. 4.17 Jun. 6, 2044 643,943 589,600 449,000 Hydro One Inc. 4.39 Sep. 26, 2041 534,877 492,054 767,000 Hydro One Inc. 4.59 Oct. 9, 2043 943,205 867,839 632,000 Hydro One Inc. 4.89 Mar. 13, 2037 784,485 731,962 595,000 Hydro One Inc. 5.00 Oct. 19, 2046 787,213 724,498 843,000 Hydro One Inc. 5.36 May 20, 2036 1,098,869 1,029,786 803,000 Hydro One Inc. 5.49 Jul. 16, 2040 1,094,113 1,010,544 498,000 Hydro One Inc. 6.03 Mar. 3, 2039 713,334 660,826 550,000 Hydro One Inc. 6.35 Jan. 31, 2034 779,702 733,591 744,000 Hydro One Inc. 6.93 Jun. 1, 2032 1,091,798 1,027,920 756,000 Hydro One Inc. 7.35 Jun. 3, 2030 1,129,216 1,059,051 491,000 Hydro-Quebec 4.00 Feb. 15, 2055 656,488 574,268 2,461,000 Hydro-Quebec 5.00 Feb. 15, 2045 3,626,451 3,241,911 2,903,000 Hydro-Quebec 5.00 Feb. 15, 2050 4,445,206 3,943,397 961,000 Hydro-Quebec 6.00 Aug. 15, 2031 1,394,065 1,294,631 1,983,000 Hydro-Quebec 6.00 Feb. 15, 2040 3,153,284 2,859,836 305,000 Hydro-Quebec 6.50 Jan. 16, 2035 478,296 438,449

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 3,206,000 Hydro-Quebec 6.50 Feb. 15, 2035 5,054,878 4,643,846 1,293,000 Labrador-Island Link Funding Trust 3.76 Jun. 1, 2033 1,572,258 1,424,494 1,739,000 Labrador-Island Link Funding Trust 3.85 Dec. 1, 2053 2,367,257 2,004,978 1,251,000 Labrador-Island Link Funding Trust 3.86 Dec. 1, 2045 1,646,046 1,420,706 1,063,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.63 Jun. 1, 2029 1,258,114 1,161,894 1,450,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.83 Jun. 1, 2037 1,804,340 1,614,226 2,088,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.86 Dec. 1, 2048 2,781,985 2,392,583 747,277 New Brunswick F-M Project Company Inc. 6.47 Nov. 30, 2027 955,949 916,468 299,000 Newfoundland and Labrador Hydro 3.60 Dec. 1, 2045 322,962 286,660 59,000 Newfoundland and Labrador Hydro 5.70 Jul. 14, 2033 79,553 73,537 346,000 Newfoundland and Labrador Hydro 6.65 Aug. 27, 2031 502,277 465,086 226,000 Ontario Infrastructure and Lands Corporation 4.70 Jun. 1, 2037 287,854 263,274 69,837 Ontario School Boards Financing Corporation 4.79 Aug. 8, 2030 76,943 77,848 53,497 Ontario School Boards Financing Corporation 5.07 Apr. 18, 2031 63,439 60,307 413,635 Ontario School Boards Financing Corporation 5.38 Jun. 25, 2032 505,997 478,970 461,841 Ontario School Boards Financing Corporation 5.48 Nov. 26, 2029 572,944 546,789 154,709 Ontario School Boards Financing Corporation 5.80 Nov. 7, 2028 191,671 184,053 107,907 Ontario School Boards Financing Corporation 5.90 Oct. 11, 2027 132,845 127,830 2 Ontario School Boards Financing Corporation 6.55 Oct. 19, 2026 1 2 690,000 OPB Finance Trust 3.89 Jul. 4, 2042 788,930 709,848 2,347,000 Province of Alberta 2.90 Sep. 20, 2029 2,481,326 2,332,551 7,191,000 Province of Alberta 3.30 Dec. 1, 2046 7,793,318 7,177,202 4,031,000 Province of Alberta 3.45 Dec. 1, 2043 4,580,517 4,119,197 2,009,000 Province of Alberta 3.50 Jun. 1, 2031 2,246,953 2,101,765 1,918,000 Province of Alberta 3.90 Dec. 1, 2033 2,250,466 2,086,953 1,057,000 Province of Alberta 4.50 Dec. 1, 2040 1,385,542 1,261,558 5,006,000 Province of British Columbia 2.80 Jun. 18, 2048 5,253,253 4,678,619 6,570,000 Province of British Columbia 3.20 Jun. 18, 2044 7,447,836 6,619,936 5,031,000 Province of British Columbia 4.30 Jun. 18, 2042 6,738,380 6,021,801 2,177,000 Province of British Columbia 4.70 Jun. 18, 2037 2,939,852 2,690,686 3,161,000 Province of British Columbia 4.95 Jun. 18, 2040 4,520,911 4,092,332 877,000 Province of British Columbia 5.40 Jun. 18, 2035 1,269,786 1,162,409 335,000 Province of British Columbia 5.62 Aug. 17, 2028 457,470 426,864 4,316,000 Province of British Columbia 5.70 Jun. 18, 2029 6,042,409 5,639,618 285,000 Province of British Columbia 6.15 Nov. 19, 2027 406,433 380,573 2,913,000 Province of British Columbia 6.35 Jun. 18, 2031 4,407,110 4,087,799 3,256,000 Province of Manitoba 2.85 Sep. 5, 2046 3,293,361 2,928,070 511,000 Province of Manitoba 3.15 Sep. 5, 2052 555,907 482,529 779,000 Province of Manitoba 3.25 Sep. 5, 2029 852,330 798,852 1,004,000 Province of Manitoba 3.35 Mar. 5, 2043 1,112,903 993,144 2,468,000 Province of Manitoba 4.05 Sep. 5, 2045 3,100,993 2,758,278 2,003,000 Province of Manitoba 4.10 Mar. 5, 2041 2,473,859 2,231,003 602,000 Province of Manitoba 4.40 Mar. 5, 2042 780,849 700,718 1,418,000 Province of Manitoba 4.60 Mar. 5, 2038 1,845,496 1,678,271 1,186,000 Province of Manitoba 4.65 Mar. 5, 2040 1,569,929 1,421,307 291,000 Province of Manitoba 4.70 Mar. 5, 2050 412,141 363,576 1,130,000 Province of Manitoba 5.70 Mar. 5, 2037 1,649,872 1,512,691 796,000 Province of Manitoba 6.30 Mar. 5, 2031 1,160,750 1,080,947 155,166 Province of Manitoba 10.50 Mar. 5, 2031 305,163 284,536 369,000 Province of New Brunswick 3.10 Aug. 14, 2048 358,279 340,209 1,857,000 Province of New Brunswick 3.55 Jun. 3, 2043 2,059,878 1,856,153 376,000 Province of New Brunswick 3.55 Jun. 3, 2055 426,552 373,166 2,047,000 Province of New Brunswick 3.80 Aug. 14, 2045 2,377,647 2,139,596 1,322,000 Province of New Brunswick 4.55 Mar. 26, 2037 1,656,912 1,518,365 1,064,000 Province of New Brunswick 4.65 Sep. 26, 2035 1,344,185 1,235,542 1,656,000 Province of New Brunswick 4.80 Sep. 26, 2039 2,168,479 1,976,629

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 1,579,000 Province of New Brunswick 4.80 Jun. 3, 2041 2,089,445 1,895,547 753,000 Province of New Brunswick 5.50 Jan. 27, 2034 1,032,106 954,906 783,000 Province of New Brunswick 5.65 Dec. 27, 2028 1,046,479 984,711 2,768,000 Province of Newfoundland and Labrador 3.30 Oct. 17, 2046 2,830,607 2,524,480 781,000 Province of Newfoundland and Labrador 3.70 Oct. 17, 2048 777,168 771,487 635,000 Province of Newfoundland and Labrador 4.50 Apr. 17, 2037 766,362 699,829 930,000 Province of Newfoundland and Labrador 4.65 Oct. 17, 2040 1,162,128 1,051,563 455,000 Province of Newfoundland and Labrador 5.60 Oct. 17, 2033 610,381 563,231 417,000 Province of Newfoundland and Labrador 5.70 Oct. 17, 2035 574,831 527,453 450,000 Province of Newfoundland and Labrador 6.15 Apr. 17, 2028 608,478 570,607 306,000 Province of Newfoundland and Labrador 6.50 Oct. 17, 2029 430,979 402,750 481,000 Province of Newfoundland and Labrador 6.55 Oct. 17, 2030 686,367 638,376 744,000 Province of Nova Scotia 2.10 Jun. 1, 2027 733,856 700,898 467,000 Province of Nova Scotia 3.45 Jun. 1, 2045 519,988 468,251 2,073,000 Province of Nova Scotia 3.50 Jun. 2, 2062 2,446,445 2,099,943 1,385,000 Province of Nova Scotia 4.40 Jun. 1, 2042 1,782,995 1,608,329 1,318,000 Province of Nova Scotia 4.50 Jun. 1, 2037 1,676,120 1,530,736 1,015,000 Province of Nova Scotia 4.70 Jun. 1, 2041 1,358,187 1,226,006 658,000 Province of Nova Scotia 4.90 Jun. 1, 2035 868,607 796,356 584,000 Province of Nova Scotia 5.80 Jun. 1, 2033 830,295 768,526 796,000 Province of Nova Scotia 6.60 Jun. 1, 2027 1,134,484 1,071,661 604,000 Province of Nova Scotia 6.60 Dec. 1, 2031 908,156 844,827 8,698,000 Province of Ontario 2.80 Jun. 2, 2048 8,574,944 8,009,026 23,169,000 Province of Ontario 2.90 Dec. 2, 2046 24,794,358 21,715,548 19,977,000 Province of Ontario 3.45 Jun. 2, 2045 23,496,424 20,767,696 16,525,000 Province of Ontario 3.50 Jun. 2, 2043 19,442,246 17,281,795 8,709,000 Province of Ontario 4.60 Jun. 2, 2039 11,515,458 10,609,081 13,052,000 Province of Ontario 4.65 Jun. 2, 2041 17,950,435 16,148,998 9,406,000 Province of Ontario 4.70 Jun. 2, 2037 12,614,764 11,510,178 9,169,000 Province of Ontario 5.60 Jun. 2, 2035 13,373,550 12,296,979 456,000 Province of Ontario 5.65 Jul. 13, 2039 686,247 622,238 6,346,000 Province of Ontario 5.85 Mar. 8, 2033 9,275,440 8,570,667 3,849,000 Province of Ontario 6.20 Jun. 2, 2031 5,697,725 5,292,390 80,000 Province of Ontario 6.25 Aug. 25, 2028 113,729 106,240 7,975,000 Province of Ontario 6.50 Mar. 8, 2029 11,724,389 10,978,781 5,316,000 Province of Ontario 7.60 Jun. 2, 2027 8,242,305 7,736,732 231,000 Province of Prince Edward Island 3.60 Jan. 17, 2053 264,704 229,285 284,000 Province of Prince Edward Island 3.65 Jun. 27, 2042 315,993 282,696 148,000 Province of Prince Edward Island 3.85 Jul. 17, 2054 178,453 154,222 255,000 Province of Prince Edward Island 4.60 May 19, 2041 327,819 294,992 312,000 Province of Prince Edward Island 4.65 Nov. 19, 2037 395,485 359,537 195,000 Province of Prince Edward Island 5.30 May 19, 2036 264,863 242,258 191,000 Province of Prince Edward Island 5.60 Feb. 21, 2034 263,393 242,445 163,000 Province of Prince Edward Island 5.70 Jun. 15, 2035 229,629 210,401 7,000 Province of Prince Edward Island 6.10 Jul. 29, 2027 9,636 9,035 88,000 Province of Prince Edward Island 6.25 Jan. 29, 2032 127,652 117,894 194,000 Province of Prince Edward Island 6.80 Feb. 21, 2030 287,211 266,823 15,819,000 Province of Quebec 3.50 Dec. 1, 2045 18,644,987 16,520,420 8,649,000 Province of Quebec 3.50 Dec. 1, 2048 9,797,438 9,113,648 11,305,000 Province of Quebec 4.25 Dec. 1, 2043 14,830,269 13,280,273 5,954,000 Province of Quebec 5.00 Dec. 1, 2038 8,294,747 7,575,575 13,596,000 Province of Quebec 5.00 Dec. 1, 2041 19,524,121 17,589,135 5,234,000 Province of Quebec 5.75 Dec. 1, 2036 7,786,152 7,168,728 4,391,000 Province of Quebec 6.00 Oct. 1, 2029 6,221,653 5,847,495 6,745,000 Province of Quebec 6.25 Jun. 1, 2032 10,056,048 9,370,683 3,652,000 Province of Saskatchewan 2.75 Dec. 2, 2046 3,614,880 3,244,582 646,000 Province of Saskatchewan 3.30 Jun. 2, 2048 643,362 643,458 1,391,000 Province of Saskatchewan 3.40 Feb. 3, 2042 1,556,111 1,399,509 2,244,000 Province of Saskatchewan 3.90 Jun. 2, 2045 2,744,343 2,467,515

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 1,745,000 Province of Saskatchewan 4.75 Jun. 1, 2040 2,351,664 2,137,236 564,000 Province of Saskatchewan 5.00 Mar. 5, 2037 766,237 701,736 614,000 Province of Saskatchewan 5.60 Sep. 5, 2035 882,942 811,045 747,000 Province of Saskatchewan 5.75 Mar. 5, 2029 1,024,093 959,764 853,000 Province of Saskatchewan 5.80 Sep. 5, 2033 1,224,605 1,133,587 838,000 Province of Saskatchewan 6.40 Sep. 5, 2031 1,245,401 1,159,167 156,000 Yukon Development Corporation 5.00 Jun. 29, 2040 211,671 188,089 446,416,982 405,209,928 Municipal government bonds 2.6 % 370,000 55 Ontario School Board Trust (The) 5.90 Jun. 2, 2033 524,439 482,978 836,000 City of Montreal 4.10 Dec. 1, 2034 963,441 890,854 849,000 City of Montreal 4.25 Dec. 1, 2032 993,070 927,425 939,000 City of Montreal 6.00 Jun. 1, 2043 1,452,224 1,315,602 212,000 City of Ottawa 3.05 Apr. 23, 2046 216,121 191,081 279,000 City of Ottawa 3.10 Jul. 27, 2048 277,124 253,297 367,000 City of Ottawa 4.20 Jul. 30, 2053 469,200 409,953 297,000 City of Ottawa 4.40 Oct. 22, 2033 361,256 332,947 600,000 City of Ottawa 4.60 Jul. 14, 2042 777,248 701,429 49,000 City of Ottawa 5.05 Aug. 13, 2030 62,146 57,972 653,000 City of Toronto 2.95 Apr. 28, 2035 659,661 603,901 313,000 City of Toronto 3.25 Jun. 24, 2046 321,590 292,078 419,000 City of Toronto 3.50 Jun. 2, 2036 455,322 416,178 584,000 City of Toronto 3.80 Dec. 13, 2042 672,677 601,030 510,000 City of Toronto 4.15 Mar. 10, 2044 624,044 555,953 853,000 City of Toronto 4.70 Jun. 10, 2041 1,112,504 1,002,086 938,000 City of Toronto 5.20 Jun. 1, 2040 1,296,941 1,172,424 37,145 City of Toronto 5.34 Jul. 18, 2027 44,240 42,684 191,000 City of Vancouver 3.70 Oct. 18, 2052 222,502 193,564 283,000 City of Winnipeg 4.10 Jun. 1, 2045 340,262 302,136 498,000 City of Winnipeg 4.30 Nov. 15, 2051 636,706 558,886 266,000 City of Winnipeg 5.20 Jul. 17, 2036 358,191 327,760 189,000 City of Winnipeg 5.90 Feb. 2, 2029 256,174 239,288 197,000 Hydro Ottawa Holding Inc. 3.64 Feb. 2, 2045 207,314 187,361 336,000 Hydro Ottawa Holding Inc. 3.99 May 14, 2043 373,541 339,218 525,000 Municipal Finance Authority of British Columbia 4.95 Dec. 1, 2027 664,269 625,374 6,005 Municipal Finance Authority of British Columbia 4.98 Apr. 6, 2025 6,910 6,753 199,000 Regional Municipality of Halton (The) 3.15 Apr. 6, 2045 206,202 183,093 218,000 Regional Municipality of Halton (The) 4.05 Oct. 11, 2041 260,395 232,786 19,000 Regional Municipality of Niagara (The) 5.20 Jun. 30, 2040 26,303 23,675 539,000 Regional Municipality of Peel (The) 3.85 Oct. 30, 2042 628,964 562,842 404,000 Regional Municipality of Peel (The) 4.25 Dec. 2, 2033 485,057 447,306 946,000 Regional Municipality of Peel (The) 5.10 Jun. 29, 2040 1,298,107 1,175,453 672,000 Regional Municipality of York (The) 3.65 May 13, 2033 749,055 691,422 175,000 Regional Municipality of York (The) 3.75 May 13, 2043 200,686 179,143 766,000 Regional Municipality of York (The) 4.00 May 31, 2032 888,630 823,728 746,000 Regional Municipality of York (The) 4.05 May 1, 2034 873,271 803,584 172,000 Regional Municipality of York (The) 4.15 Nov. 18, 2041 209,615 187,468 469,000 South Coast British Columbia Transportation Authority 3.85 Feb. 9, 2052 559,823 490,324 528,000 South Coast British Columbia Transportation Authority 4.45 Jun. 9, 2044 657,990 604,372 321,000 South Coast British Columbia Transportation Authority 4.65 Jun. 20, 2041 416,285 374,338 115,000 TCHC Issuer Trust 4.88 May 11, 2037 148,337 134,587 88,000 TCHC Issuer Trust 5.40 Feb. 22, 2040 123,790 111,691 22,081,627 20,056,024

WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Short-term investments 0.2% Term deposits 0.2% 1,310,000 Royal Bank of Canada 0.45 Jan. 3, 2017 1,310,000 1,310,000 Total investments 100.0% 844,061,195 769,678,975

Notes to financial statements of WindWise Canadian Long Term Bond Index Non-Lending Fund December 31, 2016 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match as closely as possible, the performance of the FTSE TMX Canada Overall Long Term Bond Index (the Index ) while minimizing transaction costs. Fair hierarchy The following table illustrates the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016: Level 1 Level 2 Level 3 Total Bonds 162,830,781 605,538,194-768,368,975 Short-term investments - 1,310,000-1,310,000 162,830,781 606,848,194-769,678,975 Currency risk, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

Notes to financial statements of WindWise Canadian Long Term Bond Index Non-Lending Fund December 31, 2016 Total exposure December 31, 2016 Term to maturity Less than 1 year 1,635,345 1-5 years 6,753 5-10 years 7,995,497 10+ years 760,041,380 Total 769,678,975 Impact on net assets attributable to holders of redeemable units 114,995,000 Impact on net assets attributable to holders of redeemable units 15% Price risk The Fund s significant price risk exposures have been discussed in previous sections., the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016: Rating % AAA 29 AA+/AA/AA 11 A+/A/A 51 BBB+/BBB/BBB 9 Total 100 Liquidity risk, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

Notes to financial statements of WindWise Canadian Long Term Bond Index Non-Lending Fund December 31, 2016 Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector December 31, 2016 % Corporate bonds 22 Federal government bonds 22 Municipal government bonds 3 Provincial government bonds 53 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the period from July 8, 2016 (inception date) to December 31, 2016 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units (70,737,589) Average units outstanding during the period 91,323,394 Increase (decrease) in net assets attributable to holders of redeemable units per unit (0.77)

WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 702,234,554 718,013,776 Cash 319,408 9,850 Interest receivable 3,192,344 3,337,934 Total assets 705,746,306 721,361,560 Liabilities Current liabilities Payable for units redeemed 93,500 - Payable for investments purchased 300,000 - Accrued expenses 29,794 16,910 Total liabilities 423,294 16,910 Net assets attributable to holders of redeemable units 705,323,012 721,344,650 Number of redeemable units outstanding 62,573,682 61,381,124 Net assets attributable to holders of redeemable units per unit 11.27 11.75 * Investments at cost 673,030,092 661,465,146 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Interest for distribution purposes 25,988,943 25,836,837 Other changes in fair of investments Net realized gain (loss) 11,518,035 12,402,824 Net change in unrealized appreciation (depreciation) (27,344,168) (7,314,872) Total income (loss) 10,162,810 30,924,789 Expenses Audit fees 29,582 24,793 Custodial fees 85,057 122,464 Other fees 169 - Regulatory fees 1,000 408 Trustee fees 2,417 - Total expenses 118,225 147,665 Waivers and reimbursements (6,315) - Net expenses 111,910 147,665 Increase (decrease) in net assets attributable to holders of redeemable units 10,050,900 30,777,124 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 0.16 0.53

WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 10,050,900 30,777,124 Distributions to holders of redeemable units From net investment income (25,859,869) (25,688,303) From capital gains (11,905,023) (12,445,454) Total distributions to holders of redeemable units (37,764,892) (38,133,757) Redeemable unit transactions Proceeds from redeemable units issued 6,602,439 3,654,779 Reinvestment of distribution to holders of redeemable units 37,764,892 38,133,757 Redemption of redeemable units (32,674,977) (7,128,701) Increase (decrease) from redeemable unit transactions 11,692,354 34,659,835 Net increase (decrease) in net assets attributable to holders of redeemable units (16,021,638) 27,303,202 Net assets attributable to holders of redeemable units Beginning of year 721,344,650 694,041,448 Net assets attributable to holders of redeemable units End of year 705,323,012 721,344,650 Number of redeemable units outstanding Beginning of year 61,381,124 58,418,097 Issued 543,377 288,446 Reinvested 3,350,364 3,244,902 Redeemed (2,701,183) (570,321) Number of redeemable units outstanding End of year 62,573,682 61,381,124

WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 10,050,900 30,777,124 Adjustments for: Net realized (gain) loss on investments (11,518,035) (12,402,824) Net change in unrealized (appreciation) depreciation on investments and derivatives 27,344,168 7,314,872 Proceeds from sale of investments 302,600,908 381,109,282 Purchases of investments (302,347,819) (403,831,299) Interest receivable 145,590 (21,841) Accrued expenses 12,884 (3,117) Net cash from (used in) operating activities 26,288,596 2,942,197 Cash flows from (used in) financing activities Proceeds from redeemable units issued 6,602,439 3,654,779 Redemption of redeemable units (32,581,477) (7,208,101) Net cash from (used in) financing activities (25,979,038) (3,553,322) Net increase (decrease) in cash during the year 309,558 (611,125) Cash Beginning of year 9,850 620,975 Cash End of year 319,408 9,850 Interest received* 26,134,533 25,814,996 * Included as part of cash flows from operating activities

WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 1.4% Corporate bonds 1.4% 1,022,000 Asian Development Bank 4.65 Feb. 16, 2027 1,020,942 1,197,876 171,000 Concordia University 6.55 Sep. 2, 2042 173,535 243,516 440,000 Hospital for Sick Children (The) 5.22 Dec. 16, 2049 441,364 545,594 82,000 McGill University 3.98 Jan. 29, 2056 82,000 82,279 399,000 McGill University 6.15 Sep. 22, 2042 409,095 545,846 687,000 McGill University Health Centre 5.36 Dec. 31, 2043 686,698 858,516 170,000 McMaster University 4.11 Nov. 26, 2065 170,000 176,855 94,000 McMaster University 6.15 Oct. 7, 2052 94,526 134,986 49 Milit-Air Inc. 5.75 Jun. 30, 2019 51 52 498,647 Ornge Issuer Trust 5.73 Jun. 11, 2034 512,877 582,969 109,000 Queen's University 6.10 Nov. 19, 2032 109,064 141,514 235,000 Simon Fraser University 5.61 Jun. 10, 2043 235,000 305,914 362,000 Sinai Health System 3.53 Jun. 9, 2056 362,000 336,352 231,000 University of British Columbia 4.82 Jul. 26, 2035 231,000 267,484 180,000 University of British Columbia 6.65 Dec. 1, 2031 208,437 244,132 155,000 University of Guelph 6.24 Oct. 10, 2042 161,067 213,752 362,175 University of Ontario Institute of Technology 6.35 Oct. 15, 2034 362,171 435,966 227,000 University of Ottawa 3.26 Oct. 12, 2056 227,000 200,364 231,000 University of Ottawa 6.28 Apr. 15, 2043 236,736 323,916 394,000 University of Toronto 4.25 Dec. 7, 2051 399,228 420,712 178,000 University of Toronto 6.78 Jul. 18, 2031 195,141 239,109 413,000 University of Western Ontario 4.80 May 24, 2047 413,000 483,437 308,000 University of Windsor 5.37 Jun. 29, 2046 308,000 380,814 239,000 Wilfrid Laurier University 5.43 Feb. 1, 2045 239,000 292,687 201,000 York University 4.46 Feb. 26, 2054 201,000 222,991 304,000 York University 6.48 Mar. 7, 2042 322,326 434,704 Government debt instruments 98.6% 7,801,258 9,312,337 Federal government bonds 28.7% 406,391 Broadcast Centre Trust 7.53 May 1, 2027 491,034 522,295 953,000 Canada Post Corporation 4.36 Jul. 16, 2040 954,407 1,175,782 277,922 CBC Monetization Trust 4.69 May 15, 2027 277,923 315,661 10,123,000 Government of Canada 1.00 Jun. 1, 2027 9,841,128 9,326,858 244,000 Government of Canada 1.50 Jun. 1, 2026 252,997 239,437 17,832,000 Government of Canada 2.75 Dec. 1, 2048 19,923,986 19,593,929 5,202,000 Government of Canada 2.75 Dec. 1, 2064 5,214,150 5,890,868 24,096,000 Government of Canada 3.50 Dec. 1, 2045 31,617,177 29,956,707 27,113,000 Government of Canada 4.00 Jun. 1, 2041 33,781,023 35,429,313 22,436,000 Government of Canada 5.00 Jun. 1, 2037 32,623,708 32,258,046 17,002,000 Government of Canada 5.75 Jun. 1, 2029 24,040,521 23,990,899 20,179,000 Government of Canada 5.75 Jun. 1, 2033 28,513,803 30,030,884 4,661,000 Government of Canada 8.00 Jun. 1, 2027 7,450,768 7,379,804 2,830,000 Maritime Link Financing Trust 3.50 Dec. 1, 2052 2,820,406 2,994,412 2,277,169 Royal Office Finance Limited Partnership 5.21 Nov. 12, 2032 2,278,429 2,761,089 200,081,460 201,865,984

WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Government debt instruments... continued Provincial government bonds 66.4% 194,000 Centre Hospitalier de l'universite de Montreal 4.45 Oct. 1, 2049 194,008 215,235 3,056,000 Financement-Quebec 5.25 Jun. 1, 2034 3,378,851 3,849,410 501,000 Hydro-Quebec 4.00 Feb. 15, 2055 541,285 585,964 2,796,000 Hydro-Quebec 5.00 Feb. 15, 2045 3,161,392 3,683,211 3,272,000 Hydro-Quebec 5.00 Feb. 15, 2050 3,820,506 4,444,642 1,043,000 Hydro-Quebec 6.00 Aug. 15, 2031 1,225,716 1,405,098 2,171,000 Hydro-Quebec 6.00 Feb. 15, 2040 2,585,405 3,130,965 225,000 Hydro-Quebec 6.50 Jan. 16, 2035 240,885 323,446 3,779,000 Hydro-Quebec 6.50 Feb. 15, 2035 5,119,580 5,473,829 1,464,000 Labrador-Island Link Funding Trust 3.76 Jun. 1, 2033 1,503,433 1,612,884 2,440,000 Labrador-Island Link Funding Trust 3.85 Dec. 1, 2053 2,480,675 2,813,196 1,104,000 Labrador-Island Link Funding Trust 3.86 Dec. 1, 2045 1,133,325 1,253,764 1,312,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.63 Jun. 1, 2029 1,343,884 1,434,059 1,365,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.83 Jun. 1, 2037 1,405,027 1,519,599 2,482,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.86 Dec. 1, 2048 2,547,616 2,844,057 695,908 New Brunswick F-M Project Company Inc. 6.47 Nov. 30, 2027 760,326 853,469 424,000 Newfoundland and Labrador Hydro 3.60 Dec. 1, 2045 420,756 406,501 142,000 Newfoundland and Labrador Hydro 5.70 Jul. 14, 2033 141,201 176,987 187,000 Newfoundland and Labrador Hydro 6.65 Aug. 27, 2031 202,731 251,361 702,000 Ontario Electricity Financial Corporation 8.25 Jun. 22, 2026 957,170 1,029,213 218,601 Ontario School Boards Financing Corporation 4.79 Aug. 8, 2030 218,599 243,677 243,622 Ontario School Boards Financing Corporation 5.07 Apr. 18, 2031 243,625 274,633 347,235 Ontario School Boards Financing Corporation 5.38 Jun. 25, 2032 347,235 402,082 514,295 Ontario School Boards Financing Corporation 5.48 Nov. 26, 2029 514,295 608,891 600,563 Ontario School Boards Financing Corporation 5.80 Nov. 7, 2028 625,139 714,476 183,132 Ontario School Boards Financing Corporation 5.90 Oct. 11, 2027 181,064 216,943 129,738 Ontario School Boards Financing Corporation 7.20 Jun. 9, 2025 144,855 157,878 717,000 OPB Finance Trust 3.89 Jul. 4, 2042 739,693 737,624 2,908,000 Province of Alberta 2.90 Sep. 20, 2029 2,742,573 2,890,097 8,263,000 Province of Alberta 3.30 Dec. 1, 2046 8,468,093 8,247,145 5,006,000 Province of Alberta 3.45 Dec. 1, 2043 5,007,066 5,115,530 2,475,000 Province of Alberta 3.50 Jun. 1, 2031 2,491,994 2,589,282 2,236,000 Province of Alberta 3.90 Dec. 1, 2033 2,305,998 2,432,965 1,139,000 Province of Alberta 4.50 Dec. 1, 2040 1,202,238 1,359,427 6,016,000 Province of British Columbia 2.80 Jun. 18, 2048 5,790,270 5,622,567 7,921,000 Province of British Columbia 3.20 Jun. 18, 2044 7,369,985 7,981,205 5,839,000 Province of British Columbia 4.30 Jun. 18, 2042 6,584,306 6,988,928 2,641,000 Province of British Columbia 4.70 Jun. 18, 2037 3,087,084 3,264,172 3,591,000 Province of British Columbia 4.95 Jun. 18, 2040 4,116,594 4,649,024 998,000 Province of British Columbia 5.40 Jun. 18, 2035 1,138,286 1,322,787 322,000 Province of British Columbia 5.62 Aug. 17, 2028 367,653 410,299 5,375,000 Province of British Columbia 5.70 Jun. 18, 2029 6,683,349 7,023,389 230,000 Province of British Columbia 6.15 Nov. 19, 2027 256,077 307,129 3,554,000 Province of British Columbia 6.35 Jun. 18, 2031 4,525,254 4,987,311 3,760,000 Province of Manitoba 2.85 Sep. 5, 2046 3,517,356 3,381,309 729,000 Province of Manitoba 3.15 Sep. 5, 2052 643,755 688,382 868,000 Province of Manitoba 3.25 Sep. 5, 2029 853,893 890,120 1,137,000 Province of Manitoba 3.35 Mar. 5, 2043 1,089,078 1,124,706 2,838,000 Province of Manitoba 4.05 Sep. 5, 2045 3,028,448 3,171,797 2,471,000 Province of Manitoba 4.10 Mar. 5, 2041 2,761,826 2,752,275 770,000 Province of Manitoba 4.40 Mar. 5, 2042 767,983 896,267 1,568,000 Province of Manitoba 4.60 Mar. 5, 2038 1,755,951 1,855,803 1,364,000 Province of Manitoba 4.65 Mar. 5, 2040 1,436,837 1,634,623

WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 384,000 Province of Manitoba 4.70 Mar. 5, 2050 460,261 479,770 1,356,000 Province of Manitoba 5.70 Mar. 5, 2037 1,579,670 1,815,229 1,072,000 Province of Manitoba 6.30 Mar. 5, 2031 1,397,568 1,455,747 279,000 Province of Manitoba 10.50 Mar. 5, 2031 447,836 511,618 557,000 Province of New Brunswick 3.10 Aug. 14, 2048 552,106 513,540 2,249,000 Province of New Brunswick 3.55 Jun. 3, 2043 2,148,496 2,247,974 283,000 Province of New Brunswick 3.55 Jun. 3, 2055 287,947 280,867 2,448,000 Province of New Brunswick 3.80 Aug. 14, 2045 2,579,936 2,558,736 1,691,000 Province of New Brunswick 4.55 Mar. 26, 2037 1,901,383 1,942,175 1,246,000 Province of New Brunswick 4.65 Sep. 26, 2035 1,336,459 1,446,884 1,811,000 Province of New Brunswick 4.80 Sep. 26, 2039 1,973,889 2,161,640 1,902,000 Province of New Brunswick 4.80 Jun. 3, 2041 2,057,794 2,283,299 1,072,000 Province of New Brunswick 5.50 Jan. 27, 2034 1,169,611 1,359,441 924,000 Province of New Brunswick 5.65 Dec. 27, 2028 987,969 1,162,034 3,288,000 Province of Newfoundland and Labrador 3.30 Oct. 17, 2046 3,127,655 2,998,733 823,000 Province of Newfoundland and Labrador 3.70 Oct. 17, 2048 819,886 812,976 716,000 Province of Newfoundland and Labrador 4.50 Apr. 17, 2037 800,060 789,099 999,000 Province of Newfoundland and Labrador 4.65 Oct. 17, 2040 1,010,699 1,129,582 607,000 Province of Newfoundland and Labrador 5.60 Oct. 17, 2033 645,528 751,387 677,000 Province of Newfoundland and Labrador 5.70 Oct. 17, 2035 765,850 856,321 748,000 Province of Newfoundland and Labrador 6.15 Apr. 17, 2028 896,445 948,475 364,000 Province of Newfoundland and Labrador 6.50 Oct. 17, 2029 436,218 479,088 572,000 Province of Newfoundland and Labrador 6.55 Oct. 17, 2030 765,505 759,150 655,000 Province of Nova Scotia 2.10 Jun. 1, 2027 654,620 617,054 628,000 Province of Nova Scotia 3.45 Jun. 1, 2045 658,610 629,683 2,543,000 Province of Nova Scotia 3.50 Jun. 2, 2062 2,491,575 2,576,051 1,670,000 Province of Nova Scotia 4.40 Jun. 1, 2042 1,878,732 1,939,284 1,625,000 Province of Nova Scotia 4.50 Jun. 1, 2037 1,747,779 1,887,288 1,261,000 Province of Nova Scotia 4.70 Jun. 1, 2041 1,437,360 1,523,146 532,000 Province of Nova Scotia 4.90 Jun. 1, 2035 575,170 643,863 840,000 Province of Nova Scotia 5.80 Jun. 1, 2033 1,007,144 1,105,414 809,000 Province of Nova Scotia 6.60 Jun. 1, 2027 969,961 1,089,163 696,000 Province of Nova Scotia 6.60 Dec. 1, 2031 845,694 973,510 10,022,000 Province of Ontario 2.80 Jun. 2, 2048 9,795,555 9,228,151 28,049,000 Province of Ontario 2.90 Dec. 2, 2046 27,002,757 26,289,413 24,650,000 Province of Ontario 3.45 Jun. 2, 2045 23,755,628 25,625,655 20,227,000 Province of Ontario 3.50 Jun. 2, 2043 20,233,416 21,153,336 10,399,000 Province of Ontario 4.60 Jun. 2, 2039 11,646,420 12,667,795 14,377,000 Province of Ontario 4.65 Jun. 2, 2041 16,420,316 17,788,396 11,006,000 Province of Ontario 4.70 Jun. 2, 2037 12,612,578 13,468,107 10,950,000 Province of Ontario 5.60 Jun. 2, 2035 13,997,528 14,685,563 250,000 Province of Ontario 5.65 Jul. 13, 2039 328,813 341,139 7,288,000 Province of Ontario 5.85 Mar. 8, 2033 9,320,993 9,842,896 4,081,000 Province of Ontario 6.20 Jun. 2, 2031 5,251,125 5,611,391 167,000 Province of Ontario 6.25 Aug. 25, 2028 198,401 221,777 8,587,000 Province of Ontario 6.50 Mar. 8, 2029 11,404,295 11,821,291 5,374,000 Province of Ontario 7.60 Jun. 2, 2027 7,660,802 7,821,144 374,000 Province of Ontario 8.00 Dec. 2, 2026 518,436 549,391 390,000 Province of Prince Edward Island 3.60 Jan. 17, 2053 373,148 387,105 252,000 Province of Prince Edward Island 3.65 Jun. 27, 2042 251,315 250,843 220,000 Province of Prince Edward Island 3.85 Jul. 17, 2054 218,843 229,249 475,000 Province of Prince Edward Island 4.60 May 19, 2041 484,096 549,496 425,000 Province of Prince Edward Island 4.65 Nov. 19, 2037 417,124 489,755 243,000 Province of Prince Edward Island 5.30 May 19, 2036 241,440 301,891 215,000 Province of Prince Edward Island 5.60 Feb. 21, 2034 213,999 272,909 76,000 Province of Prince Edward Island 6.10 Jul. 29, 2027 75,572 98,090 120,000 Province of Prince Edward Island 6.25 Jan. 29, 2032 123,412 160,765 76,000 Province of Prince Edward Island 6.80 Feb. 21, 2030 93,187 104,529

WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 19,319,000 Province of Quebec 3.50 Dec. 1, 2045 19,384,310 20,175,611 10,665,000 Province of Quebec 3.50 Dec. 1, 2048 11,412,806 11,237,953 13,074,000 Province of Quebec 4.25 Dec. 1, 2043 14,363,594 15,358,362 7,837,000 Province of Quebec 5.00 Dec. 1, 2038 9,270,588 9,971,412 15,444,000 Province of Quebec 5.00 Dec. 1, 2041 18,828,527 19,979,892 6,651,000 Province of Quebec 5.75 Dec. 1, 2036 8,480,826 9,109,516 4,984,000 Province of Quebec 6.00 Oct. 1, 2029 6,374,910 6,637,194 7,698,000 Province of Quebec 6.25 Jun. 1, 2032 9,956,497 10,694,666 4,288,000 Province of Saskatchewan 2.75 Dec. 2, 2046 4,042,989 3,809,630 708,000 Province of Saskatchewan 3.30 Jun. 2, 2048 706,067 705,214 1,622,000 Province of Saskatchewan 3.40 Feb. 3, 2042 1,590,889 1,631,922 2,774,000 Province of Saskatchewan 3.90 Jun. 2, 2045 2,949,289 3,050,306 1,978,000 Province of Saskatchewan 4.75 Jun. 1, 2040 2,259,577 2,422,609 674,000 Province of Saskatchewan 5.00 Mar. 5, 2037 828,924 838,599 800,000 Province of Saskatchewan 5.60 Sep. 5, 2035 1,102,384 1,056,736 816,000 Province of Saskatchewan 5.75 Mar. 5, 2029 919,420 1,048,417 1,111,000 Province of Saskatchewan 5.80 Sep. 5, 2033 1,345,493 1,476,453 999,000 Province of Saskatchewan 6.40 Sep. 5, 2031 1,192,999 1,381,871 34,000 Province of Saskatchewan 8.75 May 30, 2025 45,738 49,908 313,000 Yukon Development Corporation 5.00 Jun. 29, 2040 310,881 377,383 442,591,547 465,951,585 Municipal government bonds 3.5% 1,572,000 55 Ontario School Board Trust (The) 5.90 Jun. 2, 2033 1,570,894 2,052,003 970,000 City of Montreal 4.10 Dec. 1, 2034 998,991 1,033,647 1,115,000 City of Montreal 4.25 Dec. 1, 2032 1,119,634 1,217,997 1,091,000 City of Montreal 6.00 Jun. 1, 2043 1,163,800 1,528,564 190,000 City of Ottawa 3.05 Apr. 23, 2046 188,153 171,252 306,000 City of Ottawa 3.10 Jul. 27, 2048 303,933 277,809 310,000 City of Ottawa 4.20 Jul. 30, 2053 309,225 346,282 216,000 City of Ottawa 4.40 Oct. 22, 2033 215,687 242,143 705,000 City of Ottawa 4.60 Jul. 14, 2042 739,683 824,180 82,000 City of Ottawa 5.05 Aug. 13, 2030 95,082 97,015 749,000 City of Toronto 2.95 Apr. 28, 2035 711,014 692,682 339,000 City of Toronto 3.25 Jun. 24, 2046 337,617 316,340 429,000 City of Toronto 3.50 Jun. 2, 2036 427,233 426,111 563,000 City of Toronto 3.80 Dec. 13, 2042 561,097 579,418 614,000 City of Toronto 4.15 Mar. 10, 2044 610,138 669,323 884,000 City of Toronto 4.70 Jun. 10, 2041 919,158 1,038,504 1,357,000 City of Toronto 5.20 Jun. 1, 2040 1,492,014 1,696,140 188,422 City of Toronto 5.34 Jul. 18, 2027 188,422 216,518 142,000 City of Vancouver 3.70 Oct. 18, 2052 141,030 143,906 465,000 City of Winnipeg 4.10 Jun. 1, 2045 514,638 496,443 400,000 City of Winnipeg 4.30 Nov. 15, 2051 416,040 448,904 320,000 City of Winnipeg 5.20 Jul. 17, 2036 376,701 394,298 119,000 City of Winnipeg 5.90 Feb. 2, 2029 132,591 150,663 526,000 Municipal Finance Authority of British Columbia 4.95 Dec. 1, 2027 529,540 626,565 405,000 Regional Municipality of Halton (The) 3.15 Apr. 6, 2045 403,595 372,627 217,000 Regional Municipality of Halton (The) 4.05 Oct. 11, 2041 215,954 231,718 565,000 Regional Municipality of Peel (The) 3.85 Oct. 30, 2042 561,813 589,992 544,000 Regional Municipality of Peel (The) 4.25 Dec. 2, 2033 541,835 602,313 1,240,000 Regional Municipality of Peel (The) 5.10 Jun. 29, 2040 1,244,012 1,540,763 1,077,000 Regional Municipality of York (The) 3.65 May 13, 2033 1,004,702 1,108,127 859,000 Regional Municipality of York (The) 4.00 May 31, 2032 864,290 923,737 880,000 Regional Municipality of York (The) 4.05 May 1, 2034 908,336 947,928 386,000 South Coast British Columbia Transportation Authority 3.85 Feb. 9, 2052 389,398 403,550

WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Municipal government bonds... continued 506,000 South Coast British Columbia Transportation Authority 4.45 Jun. 9, 2044 537,057 579,190 500,000 South Coast British Columbia Transportation Authority 4.65 Jun. 20, 2041 499,520 583,080 642,000 TCHC Issuer Trust 4.88 May 11, 2037 642,000 751,345 381,000 TCHC Issuer Trust 5.40 Feb. 22, 2040 381,000 483,571 Short-term investments 0.0% 22,255,827 24,804,648 Term deposits 0.0% 300,000 Royal Bank of Canada 0.45 Jan. 3, 2017 300,000 300,000 Total investments 100.0% 673,030,092 702,234,554

Notes to financial statements of WindWise Canadian Long Term Government Bond Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match the FTSE TMX Canada Long Term Government Bond Index (the Index ) while minimizing transaction costs. Fair measurement of financial instruments The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds 194,096,745 507,837,809-701,934,554 Short-term investments - 300,000-300,000 194,096,745 508,137,809-702,234,554 As at December 31, 2015 Level 1 Level 2 Level 3 Total Bonds 207,913,137 510,100,639-718,013,776 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

Notes to financial statements of WindWise Canadian Long Term Government Bond Index Non-Lending Fund December 31, 2016 and 2015 Total exposure December 31, 2016 December 31, 2015 Term to maturity Less than 1 year 300,000 700,000 1-5 years 157,930 73 5-10 years 6,236,595 5,947,481 10+ years 695,540,029 711,366,222 Total 702,234,554 718,013,776 Impact on net assets attributable to holders of redeemable units 108,259,000 108,437,000 Impact on net assets attributable to holders of redeemable units 15% 15% Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating 2016 % 2015 % AAA 37 43 AA+/AA/AA 14 8 A+/A/A 49 49 Total 100 100

Notes to financial statements of WindWise Canadian Long Term Government Bond Index Non-Lending Fund December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Corporate bonds 1 4 Federal government bonds 29 29 Municipal government bonds 4 3 Provincial government bonds 66 64 100 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 10,050,900 30,777,124 Average units outstanding during the year 60,930,119 58,251,121 Increase (decrease) in net assets attributable to holders of redeemable units per unit 0.16 0.53

WindWise Canadian Managed Volatility Non-Lending Fund Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 76,557,236 68,027,763 Cash 249,059 139,389 Dividends receivable 247,145 251,359 Total assets 77,053,440 68,418,511 Liabilities Current liabilities Accrued expenses 3,665 1,696 Total liabilities 3,665 1,696 Net assets attributable to holders of redeemable units 77,049,775 68,416,815 Number of redeemable units outstanding 6,198,976 6,039,654 Net assets attributable to holders of redeemable units per unit 12.43 11.33 * Investments at cost 65,932,550 64,174,800 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Canadian Managed Volatility Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Dividends 1,952,030 1,605,748 Interest for distribution purposes 238,835 207,780 Other changes in fair of investments Net realized gain (loss) 2,569,068 1,326,621 Net change in unrealized appreciation (depreciation) 6,771,433 (4,029,182) Other changes in fair of derivative financial instruments Net realized gain (loss) - (1,565) Total income (loss) 11,531,366 (890,598) Expenses Audit fees 29,582 24,503 Custodial fees 24,509 13,625 Other fees 326 - Proxy fees 546 - Regulatory fees 1,500 560 Transaction costs 15,941 19,254 Trustee fees 2,447 - Total expenses 74,851 57,942 Waivers and reimbursements (28,693) (24,503) Net expenses 46,158 33,439 Increase (decrease) in net assets attributable to holders of redeemable units 11,485,208 (924,037) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.90 (0.19)

WindWise Canadian Managed Volatility Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 11,485,208 (924,037) Distributions to holders of redeemable units From net investment income (2,128,522) (1,750,589) From capital gains (2,594,585) (1,327,088) Total distributions to holders of redeemable units (4,723,107) (3,077,677) Redeemable unit transactions Proceeds from redeemable units issued 3,406,915 20,955,566 Reinvestment of distributions to holders of redeemable units 4,723,107 3,077,677 Redemption of redeemable units (6,259,163) (779,147) Increase (decrease) from redeemable unit transactions 1,870,859 23,254,096 Net increase (decrease) in net assets attributable to holders of redeemable units 8,632,960 19,252,382 Net assets attributable to holders of redeemable units Beginning of year 68,416,815 49,164,433 Net assets attributable to holders of redeemable units End of year 77,049,775 68,416,815 Number of redeemable units outstanding Beginning of year 6,039,654 4,097,649 Issued 281,055 1,742,164 Reinvested 379,851 266,141 Redeemed (501,584) (66,300) Number of redeemable units outstanding End of year 6,198,976 6,039,654

WindWise Canadian Managed Volatility Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 11,485,208 (924,037) Adjustments for: Net realized (gain) loss on investments (2,571,068) (1,274,520) Net change in unrealized (appreciation) depreciation on investments and derivatives (6,771,723) 4,029,724 Proceeds from sale of investments 19,159,815 14,984,922 Purchases of investments (18,346,497) (36,860,385) Dividends receivable 4,214 (73,174) Other assets - 574 Accrued expenses 1,969 1,554 Net cash from (used in) operating activities 2,961,918 (20,115,342) Cash flows from (used in) financing activities Proceeds from redeemable units issued 3,406,915 20,955,566 Redemption of redeemable units (6,259,163) (779,147) Net cash from (used in) financing activities (2,852,248) 20,176,419 Net increase (decrease) in cash during the year 109,670 61,077 Cash Beginning of year 139,389 78,312 Cash End of year 249,059 139,389 Interest received* 238,835 207,780 Dividends received, net of foreign withholding taxes* 1,956,244 1,532,574 * Included as part of cash flows from operating activities

WindWise Canadian Managed Volatility Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Equities 100.0% Average cost Fair Common stock 100.0% 52,500 Aimia Inc. 710,139 466,200 40,000 Alacer Gold Corporation 98,773 89,600 4,400 Alaris Royalty Corporation 124,611 105,380 58,300 Algonquin Power & Utilities Corporation 687,042 664,037 28,950 Artis Real Estate Investment Trust 356,454 367,665 20,436 Bank of Montreal 1,296,540 1,973,504 11,800 Bank of Nova Scotia (The) 906,046 882,168 10,400 Barrick Gold Corporation 187,680 223,496 57,743 BCE Inc. 2,773,847 3,350,826 1,300 Boardwalk Real Estate Investment Trust 71,256 63,245 2,700 Boyd Group Income Fund 177,903 231,012 23,700 CAE Inc. 357,075 445,086 32,700 Canadian Apartment Properties Real Estate Investment Trust 745,596 1,025,799 20,637 Canadian Imperial Bank of Commerce 1,641,950 2,260,990 27,693 Canadian Real Estate Investment Trust 1,192,806 1,282,186 6,346 Canadian Tire Corporation Limited Cl. A 558,628 883,807 22,835 Capital Power Corporation 452,776 530,457 800 CCL Industries Inc. Cl. B 184,577 211,040 46,182 Celestica Inc. 721,707 734,756 72,448 Chartwell Retirement Residences 882,559 1,061,363 20,100 Chemtrade Logistics Income Fund 423,629 380,694 11,300 CI Financial Corporation 399,075 326,231 24,062 Cineplex Inc. 978,794 1,232,456 8,605 Cogeco Communications Inc. 445,862 569,995 64,567 Cominar Real Estate Investment Trust 1,086,890 950,426 32,600 Corus Entertainment Inc. Cl. B 671,380 410,760 33,194 Crombie Real Estate Investment Trust 418,842 450,775 28,700 Descartes Systems Group Inc. (The) 615,240 821,681 14,691 Dollarama Inc. 533,849 1,445,301 8,900 Dorel Industries Inc. Cl. B 346,000 345,320 40,200 Dream Global Real Estate Investment Trust 354,581 379,890 22,903 Dream Office Real Estate Investment Trust 668,929 447,754 35,400 Empire Company Limited Cl. A 1,017,784 556,488 39,400 Enercare Inc. 580,466 702,896 3,900 Enghouse Systems Limited 239,289 218,166 33,600 Extendicare Inc. 259,159 331,968 2,276 Fairfax Financial Holdings Limited 1,479,092 1,475,986 45,536 First Capital Realty Inc. 869,175 941,229 2,100 FirstService Corporation 101,536 133,854 26,266 Franco-Nevada Corporation 1,523,479 2,108,634 11,300 Genworth MI Canada Inc. 335,370 380,358 17,043 George Weston Limited 1,635,189 1,935,914 10,500 Gildan Activewear Inc. 246,595 357,945 17,800 Granite Real Estate Investment Trust 688,131 797,974 14,200 Great Canadian Gaming Corporation 324,328 354,716 8,300 Great-West Lifeco Inc. 307,885 291,911 84,267 H&R Real Estate Investment Trust 1,860,027 1,885,053 63,113 Hydro One Limited 1,597,541 1,488,205 15,700 Innergex Renewable Energy Inc. 162,834 220,271 17,700 Intact Financial Corporation 1,461,463 1,700,970 16,400 Intertape Polymer Group Inc. 303,325 412,952 29,099 Jean Coutu Group (PJC) Inc. Cl. A (The) 516,390 608,751 11,535 Laurentian Bank of Canada 554,269 665,916 25,837 Loblaw Companies Limited 1,785,420 1,830,293 4,800 MacDonald Dettwiler and Associates Limited 397,661 321,072 30,820 Manitoba Telecom Services Inc. 933,884 1,169,927

WindWise Canadian Managed Volatility Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 26,500 Maple Leaf Foods Inc. 506,007 745,180 81,792 METRO INC. 2,553,781 3,284,767 10,700 New Flyer Industries Inc. 317,205 436,988 18,400 North West Company Inc. (The) 479,616 506,368 8,900 Northland Power Inc. 160,070 207,370 20,254 Onex Corporation 1,690,102 1,850,810 8,400 Open Text Corporation 530,250 696,528 33,500 Osisko Gold Royalties Limited 482,901 438,515 9,700 Premium Brands Holdings Corporation 612,148 668,912 36,200 Pure Industrial Real Estate Trust 150,552 202,358 27,568 Quebecor Inc. Cl. B 642,355 1,028,838 44,260 RioCan Real Estate Investment Trust 1,228,908 1,178,644 11,800 Ritchie Bros. Auctioneers Inc. 504,665 537,490 60,510 Rogers Communications Inc. Cl. B 2,719,145 3,133,813 14,866 Saputo Inc. 359,349 706,284 118,615 Shaw Communications Inc. Cl. B 3,331,436 3,195,488 43,804 Smart Real Estate Investment Trust 1,352,943 1,414,431 63,844 TELUS Corporation 2,345,826 2,729,331 64,669 Thomson Reuters Corporation 2,710,531 3,799,950 7,200 TMX Group Limited 378,242 514,944 9,900 Toromont Industries Limited 252,287 419,265 22,146 Toronto-Dominion Bank (The) 973,505 1,466,508 32,900 TransForce Inc. 709,591 1,147,881 2,800 Uni-Select Inc. 91,608 82,572 1,251 Waste Connections Inc. 87,780 131,780 11,600 Winpak Limited 538,650 526,872 65,960,781 76,557,236 Adjustment for transaction costs (28,231) - Total investments 100.0% 65,932,550 76,557,236

Notes to financial statements of WindWise Canadian Managed Volatility Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to provide competitive returns and maintain low volatility, compared to the S&P /TSX Composite Index (the Index ) over the long term by constructing a portfolio of stocks with low expected volatility relative to the Index. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 76,557,236 - - 76,557,236 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 68,027,763 - - 68,027,763 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant using a predicted tracking method, net assets attributable to holders of redeemable units would have increased or decreased by approximately 11,713,000 or 3,598,000 (December 31, 2015 12,694,000 or 912,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant.

Notes to financial statements of WindWise Canadian Managed Volatility Non-Lending Fund December 31, 2016 and 2015 Credit risk and 2015, the Fund had no significant investments in either debt securities or derivative financial instruments. As a result, the Fund is not significantly exposed to credit risk. Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Consumer discretionary 14 7 Consumer staples 14 20 Financials 23 30 Health care 2 - Industrials 5 8 Information technology 3 6 Materials 6 6 Real estate 15 - Telecommunication services 14 18 Utilities 4 5 100 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 11,485,208 (924,037) Average units outstanding during the year 6,038,113 4,973,037 Increase (decrease) in net assets attributable to holders of redeemable units per unit 1.90 (0.19)

WindWise Canadian Real Return Bond Index Non-Lending Fund Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 226,608,273 210,747,655 Cash 55,499 16,405 Interest receivable 315,993 395,893 Total assets 226,979,765 211,159,953 Liabilities Current liabilities Accrued expenses 32,376 4,948 Total liabilities 32,376 4,948 Net assets attributable to holders of redeemable units 226,947,389 211,155,005 Number of redeemable units outstanding 20,547,310 18,984,556 Net assets attributable to holders of redeemable units per unit 11.05 11.12 * Investments at cost 216,570,198 199,339,884 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Canadian Real Return Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Interest for distribution purposes 6,978,963 6,203,276 Other changes in fair of investments Net realized gain (loss) 267,978 395,042 Net change in unrealized appreciation (depreciation) (1,369,696) (845,175) Total income (loss) 5,877,245 5,753,143 Expenses Audit fees 29,582 24,793 Custodial fees 33,674 34,991 Other fees 28 - Regulatory fees 3,002 560 Trustee fees 2,448 - Total expenses 68,734 60,344 Waivers and reimbursements (4,416) - Net expenses 64,318 60,344 Increase (decrease) in net assets attributable to holders of redeemable units 5,812,927 5,692,799 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 0.31 0.31

WindWise Canadian Real Return Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 5,812,927 5,692,799 Distributions to holders of redeemable units From net investment income (7,015,167) (6,143,440) From capital gains (683,925) (1,282,277) Total distributions to holders of redeemable units (7,699,092) (7,425,717) Redeemable unit transactions Proceeds from redeemable units issued 10,000,001 - Reinvestment of distribution to holders of redeemable units 7,699,092 7,425,717 Redemption of redeemable units (20,544) (220,839) Increase (decrease) from redeemable unit transactions 17,678,549 7,204,878 Net increase (decrease) in net assets attributable to holders of redeemable units 15,792,384 5,471,960 Net assets attributable to holders of redeemable units Beginning of year 211,155,005 205,683,045 Net assets attributable to holders of redeemable units End of year 226,947,389 211,155,005 Number of redeemable units outstanding Beginning of year 18,984,556 18,336,136 Issued 867,746 - Reinvested 696,735 667,632 Redeemed (1,727) (19,212) Number of redeemable units outstanding End of year 20,547,310 18,984,556

WindWise Canadian Real Return Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 5,812,927 5,692,799 Adjustments for: Net realized (gain) loss on investments (267,978) (395,042) Net change in unrealized (appreciation) depreciation on investments 1,369,696 845,175 Proceeds from sale of investments 18,822,298 16,130,442 Purchases of investments (35,784,634) (22,044,829) Interest receivable 79,900 (5,225) Accrued expenses 27,428 502 Net cash from (used in) operating activities (9,940,363) 223,822 Cash flows from (used in) financing activities Proceeds from redeemable units issued 10,000,001 - Redemption of redeemable units (20,544) (220,839) Net cash from (used in) financing activities 9,979,457 (220,839) Net increase (decrease) in cash during the year 39,094 2,983 Cash Beginning of year 16,405 13,422 Cash End of year 55,499 16,405 Interest received* 7,058,863 6,198,051 * Included as part of cash flows from operating activities

WindWise Canadian Real Return Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Government debt instruments 100.0% Federal real return bonds 88.7% 19,770,000 Government of Canada 1.25 Dec. 1, 2047 24,051,239 25,105,629 20,860,000 Government of Canada 1.50 Dec. 1, 2044 27,373,077 29,263,637 17,745,000 Government of Canada 2.00 Dec. 1, 2041 24,178,420 27,761,010 16,140,000 Government of Canada 3.00 Dec. 1, 2036 28,018,911 29,946,064 15,517,795 Government of Canada 4.00 Dec. 1, 2031 31,510,058 33,446,792 14,041,700 Government of Canada 4.25 Dec. 1, 2021 27,810,879 26,497,082 14,063,000 Government of Canada 4.25 Dec. 1, 2026 28,864,649 28,876,462 191,807,233 200,896,676 Provincial real return bonds 11.3% 334,000 Province of Manitoba 1.74 Dec. 1, 2018 398,658 412,804 183,000 Province of Manitoba 2.00 Dec. 1, 2036 216,402 241,981 7,676,000 Province of Ontario 2.00 Dec. 1, 2036 9,678,375 10,476,752 1,704,000 Province of Quebec 3.25 Dec. 1, 2036 2,419,552 2,552,648 2,735,000 Province of Quebec 4.25 Dec. 1, 2031 5,110,230 5,168,269 1,332,000 Province of Quebec 4.50 Dec. 1, 2021 2,252,709 2,128,361 2,483,000 Province of Quebec 4.50 Dec. 1, 2026 4,687,039 4,730,782 24,762,965 25,711,597 Total investments 100.0% 216,570,198 226,608,273

Notes to financial statements of WindWise Canadian Real Return Bond Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track the performance of the FTSE TMX Canada Real Return Bond Index (the Index ) within ten basis points over a three-year period. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds 200,896,676 25,711,597-226,608,273 As at December 31, 2015 Level 1 Level 2 Level 3 Total Bonds 185,171,985 25,575,670-210,747,655 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

Notes to financial statements of WindWise Canadian Real Return Bond Index Non-Lending Fund December 31, 2016 and 2015 Total exposure 2016 2015 Term to maturity Less than 1 year - - 1-5 years 29,038,248 412,940 5-10 years 33,607,244 28,652,999 10+ years 163,962,781 181,681,716 Total 226,608,273 210,747,655 Impact on net assets attributable to holders of redeemable units 34,935,000 32,751,000 Impact on net assets attributable to holders of redeemable units 15% 16% Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating 2016 % 2015 % AAA 89 88 AA+/AA/AA - 5 A+/A/A 11 7 Total 100 100

Notes to financial statements of WindWise Canadian Real Return Bond Index Non-Lending Fund December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Federal real return bonds 89 88 Provincial real return bonds 11 12 100 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 5,812,927 5,692,799 Average units outstanding during the year 19,041,514 18,324,148 Increase (decrease) in net assets attributable to holders of redeemable units per unit 0.31 0.31

WindWise Canadian Short Term Bond Index Non-Lending Fund Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 152,680,609 147,610,895 Cash 124,104 99,762 Interest receivable 676,867 734,478 Total assets 153,481,580 148,445,135 Liabilities Current liabilities Payable for investments purchased 39,415 91,579 Accrued expenses 29,723 4,470 Total liabilities 69,138 96,049 Net assets attributable to holders of redeemable units 153,412,442 148,349,086 Number of redeemable units outstanding 15,363,360 14,625,963 Net assets attributable to holders of redeemable units per unit 9.99 10.14 * Investments at cost 154,619,092 147,533,585 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Canadian Short Term Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Interest for distribution purposes 3,937,153 4,864,097 Other changes in fair of investments Net realized gain (loss) (404,117) (142,921) Net change in unrealized appreciation (depreciation) (2,015,793) (174,000) Total income (loss) 1,517,243 4,547,176 Expenses Audit fees 29,582 24,793 Custodial fees 35,899 41,569 Other fees 169 - Regulatory fees 1,000 845 Trustee fees 2,521 - Total expenses 69,171 67,207 Waivers and reimbursements (4,416) - Net expenses 64,755 67,207 Increase (decrease) in net assets attributable to holders of redeemable units 1,452,488 4,479,969 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 0.10 0.26

WindWise Canadian Short Term Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 1,452,488 4,479,969 Distributions to holders of redeemable units From net investment income (3,868,140) (4,800,310) Total distributions to holders of redeemable units (3,868,140) (4,800,310) Redeemable unit transactions Proceeds from redeemable units issued 17,451,045 32,321,670 Reinvestment of distribution to holders of redeemable units 3,868,140 4,800,310 Redemption of redeemable units (13,840,177) (54,169,845) Increase (decrease) from redeemable unit transactions 7,479,008 (17,047,865) Net increase (decrease) in net assets attributable to holders of redeemable units 5,063,356 (17,368,206) Net assets attributable to holders of redeemable units Beginning of year 148,349,086 165,717,292 Net assets attributable to holders of redeemable units End of year 153,412,442 148,349,086 Number of redeemable units outstanding Beginning of year 14,625,963 16,218,355 Issued 1,705,548 3,130,363 Reinvested 387,371 473,270 Redeemed (1,355,522) (5,196,025) Number of redeemable units outstanding End of year 15,363,360 14,625,963

WindWise Canadian Short Term Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 1,452,488 4,479,969 Adjustments for: Amortization income - (32) Net realized (gain) loss on investments 404,117 142,920 Net change in unrealized (appreciation) depreciation on investments 2,015,793 174,000 Proceeds from sale of investments 90,087,012 121,679,352 Purchases of investments (97,628,800) (104,755,565) Interest receivable 57,611 136,084 Accrued expenses 25,253 (320) Net cash from (used in) operating activities (3,586,526) 21,856,408 Cash flows from (used in) financing activities Proceeds from redeemable units issued 17,451,045 32,321,670 Redemption of redeemable units (13,840,177) (54,169,845) Net cash from (used in) financing activities 3,610,868 (21,848,175) Net increase (decrease) in cash during the year 24,342 8,233 Cash Beginning of year 99,762 91,529 Cash End of year 124,104 99,762 Interest received* 3,994,764 5,000,149 * Included as part of cash flows from operating activities

WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 34.1% Corporate bonds 34.1% 100,000 407 International Inc. 4.30 May 26, 2021 112,470 109,958 90,000 407 International Inc. 4.99 Jun. 16, 2020 104,013 100,191 100,000 Aimia Inc. 5.60 May 17, 2019 110,300 102,795 50,000 Algonquin Power Company 5.50 Jul. 25, 2018 55,223 52,426 120,000 Alimentation Couche-Tard Inc. 3.32 Nov. 1, 2019 121,800 124,922 75,000 Alimentation Couche-Tard Inc. 4.21 Aug. 21, 2020 82,125 80,549 30,000 Alliance Pipeline Limited Partnership 4.93 Dec. 16, 2019 32,219 31,559 57,000 Allied Properties Real Estate Investment Trust 3.75 May 13, 2020 57,000 58,584 75,000 AltaGas Limited 3.72 Sep. 28, 2021 80,014 79,223 65,000 AltaGas Limited 4.07 Jun. 1, 2020 70,362 69,069 45,000 AltaGas Limited 4.55 Jan. 17, 2019 48,640 47,475 50,000 AltaGas Limited 4.60 Jan. 15, 2018 53,375 51,590 50,000 AltaLink Investments Limited Partnership 3.67 Jun. 5, 2019 52,291 51,882 50,000 AltaLink Limited Partnership 3.62 Sep. 17, 2020 53,953 53,418 60,000 AltaLink Limited Partnership 5.24 May 29, 2018 67,057 63,227 130,000 American Express Canada Credit Corporation 2.31 Mar. 29, 2018 129,964 131,696 75,000 Aon Finance N.S. 1 ULC 4.76 Mar. 8, 2018 80,287 77,442 58,000 Artis Real Estate Investment Trust 3.75 Mar. 27, 2019 58,812 58,704 563,000 Bank of Montreal 1.61 Oct. 28, 2021 561,930 552,530 372,000 Bank of Montreal 1.88 Mar. 31, 2021 372,950 371,630 373,000 Bank of Montreal 2.10 Oct. 6, 2020 373,378 377,163 180,000 Bank of Montreal 2.43 Mar. 4, 2019 180,700 183,739 350,000 Bank of Montreal 2.84 Jun. 4, 2020 365,361 362,924 280,000 Bank of Montreal 3.21 Sep. 13, 2018 287,735 288,707 360,000 Bank of Montreal 3.40 Apr. 23, 2021 387,474 381,719 250,000 Bank of Montreal 6.02 May 2, 2018 283,528 265,580 150,000 Bank of Montreal 6.17 Mar. 28, 2023 172,176 158,289 379,000 Bank of Nova Scotia (The) 1.33 May 1, 2018 378,917 379,453 475,000 Bank of Nova Scotia (The) 1.90 Dec. 2, 2021 474,555 471,591 421,000 Bank of Nova Scotia (The) 2.09 Sep. 9, 2020 421,055 425,328 430,000 Bank of Nova Scotia (The) 2.13 Jun. 15, 2020 429,880 435,404 405,000 Bank of Nova Scotia (The) 2.24 Mar. 22, 2018 407,211 410,052 286,000 Bank of Nova Scotia (The) 2.27 Jan. 13, 2020 287,479 291,276 315,000 Bank of Nova Scotia (The) 2.37 Jan. 11, 2018 318,149 318,955 318,000 Bank of Nova Scotia (The) 2.40 Oct. 28, 2019 317,927 324,939 243,000 Bank of Nova Scotia (The) 2.46 Mar. 14, 2019 244,653 248,284 187,000 Bank of Nova Scotia (The) 2.75 Aug. 13, 2018 186,948 191,169 290,000 Bank of Nova Scotia (The) 2.87 Jun. 4, 2021 306,309 300,945 365,000 Bank of Nova Scotia (The) 3.04 Oct. 18, 2024 375,011 376,661 375,000 Bank of Nova Scotia (The) 3.27 Jan. 11, 2021 396,859 395,064 75,000 bcimc Realty Corporation 2.10 Jun. 3, 2021 76,684 75,347 119,000 bcimc Realty Corporation 2.79 Aug. 2, 2018 121,686 121,649 145,000 bcimc Realty Corporation 2.96 Mar. 7, 2019 148,915 149,559 50,000 bcimc Realty Corporation 5.65 Jan. 5, 2018 55,670 52,232 175,000 Bell Canada Inc. 2.00 Oct. 1, 2021 174,846 173,127 190,000 Bell Canada Inc. 3.15 Sep. 29, 2021 200,941 197,994 225,000 Bell Canada Inc. 3.25 Jun. 17, 2020 235,162 234,972 250,000 Bell Canada Inc. 3.35 Jun. 18, 2019 257,250 260,172 78,000 Bell Canada Inc. 3.50 Sep. 10, 2018 80,451 80,612 100,000 Bell Canada Inc. 3.54 Jun. 12, 2020 105,160 105,327 220,000 Bell Canada Inc. 4.40 Mar. 16, 2018 238,892 228,010 60,000 Bell Canada Inc. 4.88 Apr. 26, 2018 65,541 62,738 115,000 Bell Canada Inc. 4.95 May 19, 2021 130,433 128,268 60,000 Bell Canada Inc. 5.52 Feb. 26, 2019 67,021 64,906 75,000 Blackbird Infrastructure 407 General Partnership 1.71 Oct. 8, 2021 74,416 74,188

WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 100,000 BMO Capital Trust II 10.22 Dec. 31, 2107 129,150 115,643 50,000 BMW Canada Inc. 1.78 Oct. 19, 2020 49,984 49,827 116,000 BMW Canada Inc. 1.83 Jun. 15, 2021 116,456 114,980 57,000 BMW Canada Inc. 2.27 Nov. 26, 2018 56,985 57,841 75,000 BMW Canada Inc. 2.33 May 23, 2018 74,032 76,027 20,000 BMW Canada Inc. 2.33 Sep. 26, 2018 20,302 20,301 142,708 BP Limited Partnership 3.24 Jan. 9, 2020 146,632 145,658 150,000 Brookfield Asset Management Inc. 3.95 Apr. 9, 2019 156,194 156,245 70,000 Brookfield Asset Management Inc. 5.30 Mar. 1, 2021 77,091 77,223 112,000 Brookfield Infrastructure Finance ULC 3.54 Oct. 30, 2020 112,000 114,639 85,000 Brookfield Renewable Partners ULC 5.14 Oct. 13, 2020 94,316 93,049 100,000 Brookfield Renewable Partners ULC 5.25 Nov. 5, 2018 109,572 106,048 139,000 Bruce Power Limited Partnership 2.84 Jun. 23, 2021 140,530 141,271 200,000 Cadillac Fairview Finance Trust 3.64 May 9, 2018 213,459 206,340 185,000 Cadillac Fairview Finance Trust 4.31 Jan. 25, 2021 207,831 203,193 368,000 Caisse Centrale Desjardins 1.75 Mar. 2, 2020 367,473 368,375 171,000 Caisse Centrale Desjardins 2.44 Jul. 17, 2019 172,570 174,797 252,000 Caisse Centrale Desjardins 2.80 Nov. 19, 2018 254,163 258,450 130,000 Cameco Corporation 5.67 Sep. 2, 2019 145,911 139,331 210,000 Canadian Credit Card Trust II 1.83 Mar. 24, 2022 210,042 210,451 431,000 Canadian Imperial Bank of Commerce 1.64 Jul. 12, 2021 431,357 424,899 390,000 Canadian Imperial Bank of Commerce 1.70 Oct. 9, 2018 390,218 392,273 262,000 Canadian Imperial Bank of Commerce 1.85 Jul. 14, 2020 262,235 262,880 351,000 Canadian Imperial Bank of Commerce 1.90 Apr. 26, 2021 351,266 350,871 390,000 Canadian Imperial Bank of Commerce 2.22 Mar. 7, 2018 391,737 394,707 231,000 Canadian Imperial Bank of Commerce 2.35 Jun. 24, 2019 233,199 235,790 90,000 Canadian Imperial Bank of Commerce 6.00 Jun. 6, 2023 102,213 95,491 45,000 Canadian National Railway Company 2.75 Feb. 18, 2021 46,912 46,609 125,000 Canadian Natural Resources Limited 2.60 Dec. 3, 2019 125,062 126,238 200,000 Canadian Natural Resources Limited 2.89 Aug. 14, 2020 204,556 202,665 175,000 Canadian Natural Resources Limited 3.05 Jun. 19, 2019 178,787 178,606 60,000 Canadian Pacific Railway Company 6.25 Jun. 1, 2018 68,490 63,965 11,000 Canadian Real Estate Investment Trust 3.68 Jul. 24, 2018 11,000 11,266 59,000 Canadian Western Bank 2.75 Jun. 29, 2020 59,000 59,361 19,000 Canadian Western Bank 2.79 Sep. 13, 2021 19,000 18,973 108,000 Canadian Western Bank 3.08 Jan. 14, 2019 110,337 110,041 65,000 Canadian Western Bank 3.46 Dec. 17, 2024 66,657 66,048 200,000 Capital Desjardins Inc. 5.19 May 5, 2020 227,480 219,397 65,000 Capital Power Corporation 4.85 Feb. 21, 2019 66,392 67,722 181,000 CARDS II Trust 2.16 Oct. 16, 2023 181,000 183,658 39,000 Caterpillar Financial Services Limited 1.75 Jun. 3, 2019 38,993 39,176 129,000 Caterpillar Financial Services Limited 2.29 Jun. 1, 2018 131,235 130,664 215,000 CDP Financial Inc. 4.60 Jul. 15, 2020 247,035 236,774 55,000 Central 1 Credit Union 2.89 Apr. 25, 2024 54,992 55,064 50,000 Central 1 Credit Union 3.06 Oct. 14, 2026 49,979 49,560 59,000 Chip Mortgage Trust 2.33 Apr. 29, 2040 59,000 58,233 25,000 Chip Mortgage Trust 2.98 Nov. 15, 2021 25,000 24,879 58,000 Choice Properties Limited Partnership 3.00 Sep. 20, 2019 58,098 59,548 35,000 Choice Properties Limited Partnership 3.60 Apr. 20, 2020 37,275 36,556 45,000 Choice Properties Limited Partnership 3.60 Sep. 20, 2021 47,785 47,117 70,000 Choice Properties Real Estate Investment Trust 2.30 Sep. 14, 2020 69,853 70,177 60,000 Choice Properties Real Estate Investment Trust 3.50 Feb. 8, 2021 63,408 62,676 95,000 Choice Properties Real Estate Investment Trust 3.55 Jul. 5, 2018 96,020 97,713 95,000 CI Financial Corporation 2.65 Dec. 7, 2020 95,000 95,370 79,000 CI Investments Inc. 2.78 Nov. 25, 2021 79,000 79,074 300,000 CIBC Capital Trust 9.98 Jun. 30, 2108 390,602 352,804

WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 35,000 Cogeco Communications Inc. 5.15 Nov. 16, 2020 38,641 38,204 60,000 Cominar Real Estate Investment Trust 3.62 Jun. 21, 2019 59,992 61,182 75,000 Cominar Real Estate Investment Trust 4.23 Dec. 4, 2019 77,386 77,663 35,000 Cominar Real Estate Investment Trust 4.25 Dec. 8, 2021 36,015 36,081 80,000 Cominar Real Estate Investment Trust 4.94 Jul. 27, 2020 85,800 84,609 47,000 Crombie Real Estate Investment Trust 2.78 Feb. 10, 2020 46,891 46,529 24,000 Crombie Real Estate Investment Trust 3.99 Oct. 31, 2018 24,000 24,606 36,000 CT Real Estate Investment Trust 2.16 Jun. 1, 2021 36,000 35,539 40,000 CU Inc. 4.80 Nov. 22, 2021 45,876 45,496 50,000 CU Inc. 5.43 Jan. 23, 2019 57,075 54,048 85,000 CU Inc. 6.80 Aug. 13, 2019 102,025 96,440 91,000 Daimler Canada Finance Inc. 1.42 Oct. 2, 2018 90,982 90,850 109,000 Daimler Canada Finance Inc. 1.78 Aug. 19, 2019 108,962 109,215 82,000 Daimler Canada Finance Inc. 1.80 Dec. 16, 2019 81,995 82,029 126,000 Daimler Canada Finance Inc. 1.91 Jul. 8, 2021 125,965 124,526 95,000 Daimler Canada Finance Inc. 2.23 Dec. 16, 2021 94,991 94,905 90,000 Daimler Canada Finance Inc. 2.27 Mar. 26, 2018 90,787 91,029 146,000 Dollarama Inc. 2.34 Jul. 22, 2021 146,534 145,569 100,000 Dollarama Inc. 3.10 Nov. 5, 2018 101,024 102,471 35,000 Dream Office Real Estate Investment Trust 3.42 Jun. 13, 2018 34,849 35,125 50,000 Dream Office Real Estate Investment Trust 4.07 Jan. 21, 2020 52,645 50,507 32,000 Eagle Credit Card Trust 2.15 Sep. 17, 2020 32,000 32,365 39,000 Eagle Credit Card Trust 2.85 Oct. 18, 2021 39,652 39,999 65,000 Emera Inc. 4.83 Dec. 2, 2019 71,700 70,105 75,000 Empire Life Insurance Company (The) 2.87 May 31, 2023 76,801 75,121 86,000 Empire Life Insurance Company (The) 3.38 Dec. 16, 2026 86,000 86,255 85,000 Enbridge Gas Distribution Inc. 4.04 Nov. 23, 2020 92,225 92,226 40,000 Enbridge Gas Distribution Inc. 4.77 Dec. 17, 2021 45,074 45,251 115,000 Enbridge Inc. 3.16 Mar. 11, 2021 115,311 118,754 50,000 Enbridge Inc. 4.26 Feb. 1, 2021 51,028 53,855 150,000 Enbridge Inc. 4.53 Mar. 9, 2020 165,720 161,486 55,000 Enbridge Inc. 4.77 Sep. 2, 2019 60,650 59,206 60,000 Enbridge Income Fund 2.92 Dec. 14, 2017 60,915 60,882 50,000 Enbridge Income Fund 4.10 Feb. 22, 2019 52,855 52,368 100,000 Enbridge Pipelines Inc. 4.45 Apr. 6, 2020 113,060 108,400 80,000 Enbridge Pipelines Inc. 4.49 Nov. 12, 2019 87,856 86,617 70,000 Enbridge Pipelines Inc. 6.62 Nov. 19, 2018 83,202 76,672 25,000 Enersource Corporation 4.52 Apr. 29, 2021 27,902 27,476 115,000 ENMAX Corporation 6.15 Jun. 19, 2018 129,536 121,648 140,000 EPCOR Utilities Inc. 5.80 Jan. 31, 2018 158,510 146,805 75,000 Fairfax Financial Holdings Limited 6.40 May 25, 2021 83,452 84,892 50,000 Fairfax Financial Holdings Limited 7.25 Jun. 22, 2020 57,395 57,022 75,000 Fairfax Financial Holdings Limited 7.50 Aug. 19, 2019 86,812 84,118 100,000 Finning International Inc. 6.02 Jun. 1, 2018 112,880 105,591 50,000 First Capital Realty Inc. 4.50 Mar. 1, 2021 54,900 53,851 55,000 First Capital Realty Inc. 4.95 Nov. 30, 2018 58,691 58,143 45,000 First Capital Realty Inc. 5.48 Jul. 30, 2019 50,233 48,818 50,000 First Capital Realty Inc. 5.60 Apr. 30, 2020 57,125 55,287 64,000 First National Financial Corporation 4.01 Apr. 9, 2020 63,974 63,864 148,000 Ford Credit Canada Limited 2.45 May 7, 2020 146,454 147,862 186,000 Ford Credit Canada Limited 2.58 May 10, 2021 186,000 184,722 152,000 Ford Credit Canada Limited 2.92 Sep. 16, 2020 151,797 153,788 125,000 Ford Credit Canada Limited 2.94 Feb. 19, 2019 126,194 127,384 154,000 Ford Credit Canada Limited 3.14 Jun. 14, 2019 155,054 157,802 125,000 Ford Credit Canada Limited 3.28 Jul. 2, 2021 129,654 127,427 90,000 Ford Credit Canada Limited 3.70 Aug. 2, 2018 92,047 92,613

WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 186,000 Fortified Trust 1.67 Jul. 23, 2021 186,000 183,831 46,000 Gaz Metro Inc. 1.52 May 25, 2020 45,984 45,809 100,000 GE Capital Canada Funding Company 2.42 May 31, 2018 102,148 101,664 100,000 GE Capital Canada Funding Company 5.68 Sep. 10, 2019 113,621 110,878 109,000 General Motors Financial of Canada Limited 3.08 May 22, 2020 108,955 110,514 156,000 Genesis Trust II 1.68 Sep. 17, 2018 156,000 156,861 153,000 Genesis Trust II 1.70 Apr. 15, 2020 153,000 153,165 205,000 Genesis Trust II 2.43 May 15, 2019 206,337 209,474 65,000 Genworth MI Canada Inc. 5.68 Jun. 15, 2020 72,579 70,213 100,000 Glacier Credit Card Trust 2.24 Sep. 20, 2020 100,723 101,172 110,000 Glacier Credit Card Trust 2.57 Sep. 20, 2019 110,258 112,662 58,000 Glacier Credit Card Trust 2.76 Nov. 20, 2018 58,000 59,372 50,000 Granite REIT Holdings Limited Partnership 3.79 Jul. 5, 2021 51,795 51,305 46,000 Greater Toronto Airports Authority 1.51 Feb. 16, 2021 45,995 45,735 120,000 Greater Toronto Airports Authority 5.26 Apr. 17, 2018 132,124 126,245 165,000 Greater Toronto Airports Authority 5.96 Nov. 20, 2019 194,689 186,211 200,000 Great-West Lifeco Finance (Delaware) Limited Partnership 5.69 Jun. 21, 2067 217,847 198,563 125,000 Great-West Lifeco Finance (Delaware) Limited Partnership 7.13 Jun. 26, 2068 146,843 133,884 100,000 Great-West Lifeco Inc. 4.65 Aug. 13, 2020 113,830 109,715 75,000 Great-West Lifeco Inc. 6.14 Mar. 21, 2018 85,913 79,238 25,000 H&R Real Estate Investment Trust 3.34 Jun. 20, 2018 25,023 25,540 43,000 HCN Canadian Holdings-1 Limited Partnership 3.35 Nov. 25, 2020 42,888 44,221 125,000 Hollis Receivables Term Trust II 1.79 Feb. 26, 2020 124,620 125,206 154,000 Hollis Receivables Term Trust II 2.43 Jun. 26, 2019 154,000 157,377 33,000 Home Trust Company 2.28 Mar. 6, 2018 32,996 32,921 66,000 Home Trust Company 3.40 Dec. 10, 2018 67,754 66,718 127,000 Honda Canada Finance Inc. 1.63 Aug. 12, 2019 126,650 127,092 80,000 Honda Canada Finance Inc. 1.82 Dec. 7, 2021 79,226 78,942 77,000 Honda Canada Finance Inc. 2.16 Feb. 18, 2021 77,000 77,612 80,000 Honda Canada Finance Inc. 2.35 Jun. 4, 2018 80,502 81,187 250,000 HSBC Bank Canada 1.82 Jul. 7, 2020 248,875 248,536 173,000 HSBC Bank Canada 2.08 Nov. 26, 2018 173,000 174,765 225,000 HSBC Bank Canada 2.45 Jan. 29, 2021 225,345 228,169 275,000 HSBC Bank Canada 2.49 May 13, 2019 275,513 279,914 265,000 HSBC Bank Canada 2.91 Sep. 29, 2021 278,273 272,996 250,000 HSBC Bank Canada 2.94 Jan. 14, 2020 259,479 257,889 125,000 Husky Energy Inc. 5.00 Mar. 12, 2020 141,275 135,473 105,000 IGM Financial Inc. 7.35 Apr. 8, 2019 126,594 117,639 60,000 Industrial Alliance Insurance and Financial Services Inc. 2.80 May 16, 2024 60,831 60,593 100,000 Intact Financial Corporation 5.41 Sep. 3, 2019 113,770 109,631 115,000 Inter Pipeline Limited 3.45 Jul. 20, 2020 120,641 120,791 55,000 Inter Pipeline Limited 3.84 Jul. 30, 2018 57,811 57,029 70,000 Inter Pipeline Limited 4.97 Feb. 2, 2021 76,475 77,547 300,000 International Bank for Reconstruction and Development 1.13 Mar. 11, 2020 301,710 297,829 153,000 International Bank for Reconstruction and Development 1.88 May 30, 2019 152,960 155,602 52,000 John Deere Canada Funding Inc. 1.60 Jul. 13, 2020 51,932 51,591 28,000 John Deere Canada Funding Inc. 1.75 Jan. 28, 2019 27,968 28,145 45,000 John Deere Canada Funding Inc. 2.05 Sep. 17, 2020 44,970 45,284 85,000 John Deere Canada Funding Inc. 2.30 Jan. 17, 2018 86,043 85,978 70,000 John Deere Canada Funding Inc. 2.35 Jun. 24, 2019 69,924 71,355 89,000 John Deere Canada Funding Inc. 2.65 Jul. 16, 2018 91,368 90,696

WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 72,000 Kraft Canada Inc. 2.70 Jul. 6, 2020 72,050 73,077 88,000 Laurentian Bank of Canada 2.50 Jan. 23, 2020 88,466 88,683 91,000 Laurentian Bank of Canada 2.75 Apr. 22, 2021 90,806 91,859 100,000 Laurentian Bank of Canada 2.81 Jun. 13, 2019 100,130 101,772 100,000 Laurentian Bank of Canada 3.28 Oct. 15, 2018 100,830 102,386 65,000 Leisureworld Senior Care Limited Partnership 3.47 Feb. 3, 2021 68,738 68,214 185,000 Loblaw Companies Limited 3.75 Mar. 12, 2019 194,115 193,239 100,000 Loblaw Companies Limited 5.22 Jun. 18, 2020 113,720 110,759 50,000 Lower Mattagami Energy Limited Partnership 4.33 May 18, 2021 56,007 55,054 55,000 Manitoba Telecom Services Inc. 4.59 Oct. 1, 2018 58,289 57,801 50,000 Manitoba Telecom Services Inc. 5.63 Dec. 16, 2019 56,510 55,270 175,000 Manufacturers Life Insurance Company (The) 2.10 Jun. 1, 2025 174,080 174,275 80,000 Manufacturers Life Insurance Company (The) 2.39 Jan. 5, 2026 79,711 80,181 125,000 Manufacturers Life Insurance Company (The) 2.64 Jan. 15, 2025 126,925 126,836 155,000 Manufacturers Life Insurance Company (The) 2.81 Feb. 21, 2024 156,079 157,565 40,000 Manufacturers Life Insurance Company (The) 2.82 Feb. 26, 2023 40,502 40,439 100,000 Manufacturers Life Insurance Company (The) 2.93 Nov. 29, 2023 103,150 101,668 26,000 Manulife Bank of Canada 1.41 Feb. 27, 2018 26,000 26,039 37,000 Manulife Bank of Canada 1.92 Sep. 1, 2021 37,000 36,551 220,000 Manulife Financial Capital Trust II 7.41 Dec. 31, 2108 268,180 250,470 70,000 Manulife Financial Corporation 5.51 Jun. 26, 2018 78,463 73,997 75,000 Manulife Financial Corporation 7.77 Apr. 8, 2019 91,818 84,628 202,000 Master Credit Card Trust II 2.72 Nov. 21, 2018 204,325 207,208 30,000 MCAP Commercial Limited Partnership 3.96 Mar. 11, 2019 30,000 29,640 75,000 METRO INC. 3.20 Dec. 1, 2021 78,054 77,985 74,000 Morguard Corporation 4.01 Nov. 18, 2020 74,000 74,645 252,000 National Bank of Canada 1.74 Mar. 3, 2020 250,305 252,160 168,000 National Bank of Canada 1.81 Jul. 26, 2021 168,200 166,606 207,000 National Bank of Canada 2.40 Oct. 28, 2019 208,313 211,644 206,000 National Bank of Canada 2.79 Aug. 9, 2018 209,345 210,733 130,000 NAV Canada 1.95 Apr. 19, 2018 130,933 131,508 60,000 NAV Canada 4.40 Feb. 18, 2021 67,908 66,407 54,000 NAV Canada 5.30 Apr. 17, 2019 61,425 58,768 200,000 NBC Asset Trust 7.24 Dec. 29, 2049 232,660 215,368 110,000 Nissan Canada Financial Services Inc. 1.58 Oct. 7, 2019 110,169 109,552 58,000 OMERS Realty Corporation 2.47 Nov. 12, 2019 58,000 59,351 152,000 OMERS Realty Corporation 2.50 Jun. 5, 2018 153,838 154,550 60,000 OMERS Realty Corporation 2.97 Apr. 5, 2021 62,914 62,498 75,000 OMERS Realty Corporation 3.20 Jul. 24, 2020 80,018 78,576 45,000 Pembina Pipeline Corporation 4.89 Mar. 29, 2021 48,699 49,381 33,000 Penske Truck Leasing Canada Inc. 2.95 Jun. 12, 2020 32,989 33,380 86,000 Penske Truck Leasing Canada Inc. 3.65 Feb. 1, 2018 85,903 87,651 50,000 Power Corporation of Canada 7.57 Apr. 22, 2019 58,691 56,186 150,000 RBC Capital Trust 6.82 Dec. 29, 2049 173,190 160,884 70,000 Reliance Limited Partnership 3.81 Sep. 15, 2020 69,825 70,404 75,000 Reliance Limited Partnership 4.08 Aug. 2, 2021 77,242 75,459 90,000 Reliance Limited Partnership 5.19 Mar. 15, 2019 96,422 93,932 56,000 RioCan Real Estate Investment Trust 2.19 Aug. 26, 2020 56,000 55,762 50,000 RioCan Real Estate Investment Trust 2.87 Mar. 5, 2018 49,219 50,774 50,000 RioCan Real Estate Investment Trust 3.62 Jun. 1, 2020 52,764 52,193 45,000 RioCan Real Estate Investment Trust 3.72 Dec. 13, 2021 47,180 47,224 80,000 RioCan Real Estate Investment Trust 3.85 Jun. 28, 2019 83,766 83,756 70,000 Rogers Communications Inc. 2.80 Mar. 13, 2019 69,980 71,814 200,000 Rogers Communications Inc. 4.70 Sep. 29, 2020 220,007 219,308 335,000 Rogers Communications Inc. 5.34 Mar. 22, 2021 383,619 377,575 115,000 Rogers Communications Inc. 5.38 Nov. 4, 2019 130,008 126,451

WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 477,000 Royal Bank of Canada 1.40 Apr. 26, 2019 476,861 477,106 396,000 Royal Bank of Canada 1.58 Sep. 13, 2021 395,108 388,014 187,000 Royal Bank of Canada 1.59 Mar. 23, 2020 186,974 186,949 378,000 Royal Bank of Canada 1.65 Jul. 15, 2021 377,868 372,363 371,000 Royal Bank of Canada 1.92 Jul. 17, 2020 371,046 372,757 575,000 Royal Bank of Canada 2.03 Mar. 15, 2021 576,000 577,161 565,000 Royal Bank of Canada 2.26 Mar. 12, 2018 568,304 571,962 365,000 Royal Bank of Canada 2.35 Dec. 9, 2019 368,880 372,497 445,000 Royal Bank of Canada 2.77 Dec. 11, 2018 449,893 456,487 461,000 Royal Bank of Canada 2.82 Jul. 12, 2018 469,381 471,457 420,000 Royal Bank of Canada 2.86 Mar. 4, 2021 437,865 435,352 264,000 Royal Bank of Canada 2.89 Oct. 11, 2018 269,356 270,948 225,000 Royal Bank of Canada 2.98 May 7, 2019 232,675 232,506 415,000 Royal Bank of Canada 2.99 Dec. 6, 2024 424,252 428,311 270,000 Royal Bank of Canada 3.77 Mar. 30, 2018 287,866 278,654 26,000 Saputo Inc. 2.20 Jun. 23, 2021 26,000 26,010 73,000 Saputo Inc. 2.65 Nov. 26, 2019 73,000 74,789 125,000 Scotiabank Tier 1 Trust 7.80 Jun. 30, 2108 152,663 140,492 84,000 Shaw Communications Inc. 3.15 Feb. 19, 2021 84,373 85,739 100,000 Shaw Communications Inc. 5.50 Dec. 7, 2020 112,920 111,013 285,000 Shaw Communications Inc. 5.65 Oct. 1, 2019 320,471 310,980 100,000 Shoppers Drug Mart Corporation 2.36 May 24, 2018 101,781 101,190 30,000 Smart Real Estate Investment Trust 3.75 Feb. 11, 2021 31,440 31,419 40,000 Smart Real Estate Investment Trust 4.05 Jul. 27, 2020 42,884 42,205 60,000 SNC-Lavalin Group Inc. 6.19 Jul. 3, 2019 68,652 64,937 115,000 Sobeys Inc. 3.52 Aug. 8, 2018 117,701 116,435 135,000 Sun Life Capital Trust II 5.86 Dec. 31, 2108 155,642 147,904 111,000 Sun Life Financial Inc. 2.60 Sep. 25, 2025 110,928 111,964 10,000 Sun Life Financial Inc. 2.77 May 13, 2024 9,996 10,148 81,000 Sun Life Financial Inc. 3.10 Feb. 19, 2026 80,907 83,058 50,000 Sun Life Financial Inc. 5.59 Jan. 30, 2023 55,100 52,075 100,000 Sun Life Financial Inc. 5.70 Jul. 2, 2019 114,120 109,873 120,000 Suncor Energy Inc. 3.10 Nov. 26, 2021 125,184 125,128 165,000 Suncor Energy Inc. 5.80 May 22, 2018 182,355 174,839 260,000 TD Capital Trust III 7.24 Dec. 29, 2049 310,025 287,137 165,000 TD Capital Trust IV 6.63 Jun. 30, 2108 193,265 190,806 80,000 TD Capital Trust IV 9.52 Jun. 30, 2108 103,679 93,271 38,000 TELUS Corporation 1.50 Mar. 27, 2018 37,986 38,076 140,000 TELUS Corporation 3.20 Apr. 5, 2021 146,250 145,473 125,000 TELUS Corporation 3.60 Jan. 26, 2021 132,164 132,051 220,000 TELUS Corporation 5.05 Dec. 4, 2019 246,335 240,264 240,000 TELUS Corporation 5.05 Jul. 23, 2020 271,304 264,838 165,000 Teranet Holdings Limited Partnership 4.81 Dec. 16, 2020 180,425 178,395 100,000 Thomson Reuters Corporation 3.31 Nov. 12, 2021 104,390 103,915 125,000 Thomson Reuters Corporation 3.37 May 23, 2019 128,807 129,361 185,000 Thomson Reuters Corporation 4.35 Sep. 30, 2020 199,615 199,160 130,000 TMX Group Limited 3.25 Oct. 3, 2018 134,471 133,701 65,000 Toronto Hydro Corporation 4.49 Nov. 12, 2019 71,520 70,366 674,000 Toronto-Dominion Bank (The) 1.68 Jun. 8, 2021 676,601 669,351 367,000 Toronto-Dominion Bank (The) 1.69 Apr. 2, 2020 366,552 367,036 343,000 Toronto-Dominion Bank (The) 2.05 Mar. 8, 2021 343,912 345,019 310,000 Toronto-Dominion Bank (The) 2.17 Apr. 2, 2018 311,673 313,681 450,000 Toronto-Dominion Bank (The) 2.45 Apr. 2, 2019 455,197 459,784 385,000 Toronto-Dominion Bank (The) 2.56 Jun. 24, 2020 396,826 395,757 500,000 Toronto-Dominion Bank (The) 2.62 Dec. 22, 2021 510,845 513,775 175,000 Toronto-Dominion Bank (The) 5.83 Jul. 9, 2023 197,612 185,925

WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 45,000 Toyota Credit Canada Inc. 1.75 Jul. 21, 2021 44,925 44,445 106,000 Toyota Credit Canada Inc. 1.80 Feb. 19, 2020 105,899 106,178 116,000 Toyota Credit Canada Inc. 2.05 May 20, 2020 115,978 116,969 94,000 Toyota Credit Canada Inc. 2.20 Feb. 25, 2021 93,814 94,819 65,000 Toyota Credit Canada Inc. 2.25 May 23, 2019 64,884 66,077 45,000 Toyota Credit Canada Inc. 2.48 Nov. 19, 2019 44,994 46,058 183,000 Toyota Credit Canada Inc. 2.75 Jul. 18, 2018 185,478 186,759 72,000 Toyota Credit Canada Inc. 2.80 Nov. 21, 2018 73,277 73,764 60,000 TransAlta Corporation 6.40 Nov. 18, 2019 66,372 63,917 100,000 TransCanada Pipelines Limited 3.65 Nov. 15, 2021 107,830 107,664 40,000 TransCanada Pipelines Limited 9.45 Mar. 20, 2018 48,680 43,525 60,000 Transcontinental Inc. 3.90 May 13, 2019 60,000 61,200 75,000 Union Gas Limited 5.35 Apr. 27, 2018 83,625 78,843 100,000 Union Gas Limited 8.75 Aug. 3, 2018 122,058 110,728 10,000 Union Gas Limited 9.70 Nov. 6, 2017 12,080 10,684 50,000 Vancouver Airport Authority 4.42 Dec. 7, 2018 54,243 52,945 98,000 Ventas Canada Finance Limited 3.00 Sep. 30, 2019 97,719 100,507 45,000 Veresen Inc. 3.06 Jun. 13, 2019 44,982 45,522 122,000 Veresen Inc. 3.43 Nov. 10, 2021 121,989 122,537 75,000 Veresen Inc. 4.00 Nov. 22, 2018 79,575 77,397 69,000 VW Credit Canada Inc. 1.60 Apr. 4, 2018 68,988 69,012 176,000 VW Credit Canada Inc. 2.15 Jun. 24, 2020 177,419 175,131 84,000 VW Credit Canada Inc. 2.50 Oct. 1, 2019 83,953 84,978 30,000 VW Credit Canada Inc. 2.80 Aug. 20, 2018 29,974 30,513 240,000 Wells Fargo Canada Corporation 2.78 Nov. 15, 2018 244,132 245,912 310,000 Wells Fargo Canada Corporation 2.94 Jul. 25, 2019 317,854 320,240 300,000 Wells Fargo Canada Corporation 3.04 Jan. 29, 2021 313,544 312,680 30,000 Westcoast Energy Inc. 3.88 Oct. 28, 2021 32,493 32,001 60,000 Westcoast Energy Inc. 4.57 Jul. 2, 2020 64,920 64,867 175,000 Westcoast Energy Inc. 5.60 Jan. 16, 2019 196,070 187,809 119,000 WestJet Airlines Limited 3.29 Jul. 23, 2019 118,247 121,352 Government debt instruments 65.9% 52,508,551 52,032,817 Federal government bonds 46.9% 1,275,000 Canada Housing Trust 1.15 Dec. 15, 2021 1,244,451 1,251,266 1,275,000 Canada Housing Trust 1.20 Jun. 15, 2020 1,267,815 1,272,772 2,545,000 Canada Housing Trust 1.25 Dec. 15, 2020 2,541,298 2,535,871 2,308,000 Canada Housing Trust 1.25 Jun. 15, 2021 2,331,884 2,288,728 1,147,000 Canada Housing Trust 1.45 Jun. 15, 2020 1,148,331 1,154,662 1,679,000 Canada Housing Trust 1.50 Dec. 15, 2021 1,671,331 1,675,522 1,195,000 Canada Housing Trust 1.75 Jun. 15, 2018 1,193,021 1,211,817 2,291,000 Canada Housing Trust 1.95 Jun. 15, 2019 2,317,588 2,342,131 2,683,000 Canada Housing Trust 2.00 Dec. 15, 2019 2,739,354 2,750,154 1,182,000 Canada Housing Trust 2.05 Jun. 15, 2018 1,198,336 1,203,719 2,621,000 Canada Housing Trust 2.35 Dec. 15, 2018 2,688,862 2,693,693 1,040,000 Canada Housing Trust 3.35 Dec. 15, 2020 1,142,861 1,119,847 1,130,000 Canada Housing Trust 3.75 Mar. 15, 2020 1,270,149 1,220,941 1,710,000 Canada Housing Trust 3.80 Jun. 15, 2021 1,941,964 1,882,779 1,800,000 Canada Housing Trust 4.10 Dec. 15, 2018 1,971,957 1,910,511 258,000 CPPIB Capital Inc. 1.00 Jan. 15, 2019 258,000 257,524 307,000 CPPIB Capital Inc. 1.10 Jun. 10, 2019 307,397 306,255 291,000 CPPIB Capital Inc. 1.40 Jun. 4, 2020 290,456 290,472 2,960,000 Government of Canada 0.25 May 1, 2018 2,942,663 2,943,189

WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Federal government bonds... continued 3,400,000 Government of Canada 0.50 Aug. 1, 2018 3,396,034 3,387,819 2,645,000 Government of Canada 0.50 Nov. 1, 2018 2,642,758 2,633,296 625,000 Government of Canada 0.50 Feb. 1, 2019 621,735 621,544 2,436,000 Government of Canada 0.75 Sep. 1, 2020 2,440,980 2,414,855 2,848,000 Government of Canada 0.75 Mar. 1, 2021 2,858,847 2,811,187 2,174,000 Government of Canada 0.75 Sep. 1, 2021 2,169,597 2,138,306 2,995,000 Government of Canada 1.25 Feb. 1, 2018 3,026,427 3,014,964 1,849,000 Government of Canada 1.25 Mar. 1, 2018 1,852,439 1,861,667 1,865,000 Government of Canada 1.25 Sep. 1, 2018 1,885,858 1,880,775 2,700,000 Government of Canada 1.50 Mar. 1, 2020 2,774,606 2,747,960 2,048,000 Government of Canada 1.75 Mar. 1, 2019 2,095,652 2,090,627 3,263,000 Government of Canada 1.75 Sep. 1, 2019 3,371,047 3,341,184 2,483,000 Government of Canada 3.25 Jun. 1, 2021 2,790,595 2,712,981 2,873,000 Government of Canada 3.50 Jun. 1, 2020 3,229,988 3,117,397 3,702,000 Government of Canada 3.75 Jun. 1, 2019 4,097,687 3,961,315 2,016,000 Government of Canada 4.25 Jun. 1, 2018 2,234,151 2,115,844 346,000 PSP Capital Inc. 1.34 Aug. 18, 2021 346,323 340,617 100,000 PSP Capital Inc. 3.03 Oct. 22, 2020 106,950 105,615 72,409,392 71,609,806 Provincial government bonds 17.5% 375,000 Financement-Quebec 2.40 Dec. 1, 2018 383,398 384,672 375,000 Financement-Quebec 2.45 Dec. 1, 2019 387,078 387,310 120,000 Hydro One Inc. 1.48 Nov. 18, 2019 119,882 120,141 87,000 Hydro One Inc. 1.62 Apr. 30, 2020 86,991 87,025 136,000 Hydro One Inc. 1.84 Feb. 24, 2021 136,195 136,521 127,000 Hydro One Inc. 2.78 Oct. 9, 2018 128,611 130,248 100,000 Hydro One Inc. 4.40 Jun. 1, 2020 113,050 109,084 234,000 Hydro-Quebec 1.00 May 25, 2019 233,204 233,169 600,000 Hydro-Quebec 11.00 Aug. 15, 2020 881,520 799,642 667,000 Province of Alberta 1.25 Jun. 1, 2020 662,219 663,766 614,000 Province of Alberta 1.35 Sep. 1, 2021 614,744 605,747 283,000 Province of Alberta 1.60 Jun. 15, 2018 282,699 285,885 150,000 Province of Alberta 2.00 Jun. 1, 2019 153,601 153,024 335,000 Province of Alberta 4.00 Dec. 1, 2019 370,296 360,868 235,000 Province of British Columbia 2.25 Mar. 1, 2019 241,760 241,109 425,000 Province of British Columbia 3.25 Dec. 18, 2021 456,730 457,643 515,000 Province of British Columbia 3.70 Dec. 18, 2020 572,388 559,564 460,000 Province of British Columbia 4.10 Dec. 18, 2019 511,763 498,280 405,000 Province of British Columbia 4.65 Dec. 18, 2018 452,551 433,695 125,000 Province of British Columbia 4.80 Jun. 15, 2021 146,387 142,076 125,000 Province of Manitoba 1.15 Nov. 21, 2019 124,828 124,534 215,000 Province of Manitoba 1.55 Sep. 5, 2021 216,835 213,870 100,000 Province of Manitoba 1.60 Sep. 5, 2020 101,057 100,448 85,000 Province of Manitoba 1.85 Sep. 5, 2018 86,874 86,216 130,000 Province of Manitoba 3.85 Dec. 1, 2021 142,961 142,830 210,000 Province of Manitoba 4.15 Jun. 3, 2020 236,124 228,857 75,000 Province of Manitoba 4.25 Mar. 5, 2018 82,762 77,958 125,000 Province of Manitoba 4.75 Feb. 11, 2020 146,462 137,771 25,000 Province of Manitoba 5.50 Nov. 15, 2018 28,637 27,052 195,000 Province of New Brunswick 3.35 Dec. 3, 2021 209,386 209,198 225,000 Province of New Brunswick 4.40 Jun. 3, 2019 249,064 242,022 160,000 Province of New Brunswick 4.45 Mar. 26, 2018 174,504 166,971 325,000 Province of New Brunswick 4.50 Jun. 2, 2020 371,079 357,631 85,000 Province of New Brunswick 6.00 Dec. 27, 2017 97,614 89,292 235,000 Province of Nova Scotia 4.10 Jun. 1, 2021 264,289 259,200

WindWise Canadian Short Term Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Federal government bonds... continued 225,000 Province of Nova Scotia 4.15 Nov. 25, 2019 249,922 243,071 93,000 Province of Ontario 1.75 Oct. 9, 2018 92,835 94,260 1,788,000 Province of Ontario 2.10 Sep. 8, 2018 1,814,144 1,821,427 794,000 Province of Ontario 2.10 Sep. 8, 2019 808,768 812,276 2,230,000 Province of Ontario 4.00 Jun. 2, 2021 2,517,702 2,455,425 670,000 Province of Ontario 4.20 Mar. 8, 2018 729,285 696,314 2,707,000 Province of Ontario 4.20 Jun. 2, 2020 3,052,819 2,957,548 1,840,000 Province of Ontario 4.40 Jun. 2, 2019 2,038,190 1,981,643 250,000 Province of Ontario 5.50 Jun. 2, 2018 284,175 266,042 40,000 Province of Prince Edward Island 4.25 Sep. 24, 2019 44,480 43,041 1,725,000 Province of Quebec 4.25 Dec. 1, 2021 1,933,624 1,930,762 990,000 Province of Quebec 4.50 Dec. 1, 2018 1,091,775 1,055,141 1,120,000 Province of Quebec 4.50 Dec. 1, 2019 1,260,587 1,222,910 1,540,000 Province of Quebec 4.50 Dec. 1, 2020 1,756,731 1,715,411 112,000 Province of Saskatchewan 1.95 Mar. 1, 2019 112,462 114,038 80,000 Province of Saskatchewan 3.90 Jul. 28, 2020 90,234 86,758 27,345,276 26,749,386 Municipal government bonds 1.5% 100,000 City of Montreal 4.50 Dec. 1, 2021 111,827 111,421 140,000 City of Montreal 5.00 Dec. 1, 2018 155,864 149,668 150,000 City of Montreal 5.45 Dec. 1, 2019 173,565 166,397 100,000 City of Toronto 3.50 Dec. 6, 2021 107,561 107,287 125,000 City of Toronto 4.50 Dec. 2, 2019 139,300 135,746 125,000 City of Toronto 4.95 Jun. 27, 2018 139,918 132,089 100,000 Municipal Finance Authority of British Columbia 1.65 Apr. 19, 2021 99,770 99,592 36,000 Municipal Finance Authority of British Columbia 1.75 Oct. 15, 2020 35,950 36,135 139,000 Municipal Finance Authority of British Columbia 2.05 Jun. 2, 2019 138,772 141,440 46,000 Municipal Finance Authority of British Columbia 2.35 Dec. 3, 2018 45,922 47,037 110,000 Municipal Finance Authority of British Columbia 4.15 Jun. 1, 2021 123,231 120,988 140,000 Municipal Finance Authority of British Columbia 4.45 Jun. 1, 2020 159,404 153,331 160,000 Municipal Finance Authority of British Columbia 4.60 Apr. 23, 2018 176,515 167,470 230,000 Municipal Finance Authority of British Columbia 4.88 Jun. 3, 2019 261,614 249,405 100,000 Municipal Finance Authority of British Columbia 5.10 Nov. 20, 2018 112,695 107,318 85,000 Regional Municipality of York (The) 4.00 Jun. 30, 2021 94,982 92,878 180,000 Regional Municipality of York (The) 5.00 Apr. 29, 2019 202,347 195,060 70,000 South Coast British Columbia Transportation Authority 3.80 Nov. 2, 2020 76,636 75,338 2,355,873 2,288,600 Total investments 100.0% 154,619,092 152,680,609

Notes to financial statements of WindWise Canadian Short Term Bond Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match as closely as possible the FTSE TMX Canada Short Term Overall Bond Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds 43,794,910 108,885,699-152,680,609 As at December 31, 2015 Level 1 Level 2 Level 3 Total Bonds 42,982,168 104,628,727-147,610,895 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

Notes to financial statements of WindWise Canadian Short Term Bond Index Non-Lending Fund December 31, 2016 and 2015 Total exposure December 31, 2016 December 31, 2015 Term to maturity Less than 1 year 492,672 218,014 1-5 years 152,076,121 147,392,881 5-10 years 111,816-10+ years - - Total 152,680,609 147,610,895 Impact on net assets attributable to holders of redeemable units 4,324,000 4,156,000 Impact on net assets attributable to holders of redeemable units 3% 3% Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating 2016 % 2015 % AAA 52 52 AA+/AA/AA 14 8 A+/A/A 23 29 BBB+/BBB/BBB 11 11 Total 100 100

Notes to financial statements of WindWise Canadian Short Term Bond Index Non-Lending Fund December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Corporate bonds 34 35 Federal government bonds 47 45 Municipal government bonds 1 2 Provincial government bonds 18 18 100 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 1,452,488 4,479,969 Average units outstanding during the year 14,664,731 16,983,655 Increase (decrease) in net assets attributable to holders of redeemable units per unit 0.10 0.26

WindWise Canadian Short Term Investment Non-Lending Fund Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 274,299,189 316,979,237 Cash 340 511 Interest receivable 22,250 9,294 Total assets 274,321,779 316,989,042 Liabilities Current liabilities Accrued expenses 17,419 8,506 Total liabilities 17,419 8,506 Net assets attributable to holders of redeemable units 274,304,360 316,980,536 Number of redeemable units outstanding 27,430,436 31,698,054 Net assets attributable to holders of redeemable units per unit 10.00 10.00 * Investments at cost 274,299,189 316,979,237 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Canadian Short Term Investment Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Interest for distribution purposes 2,081,743 2,701,749 Total income (loss) 2,081,743 2,701,749 Expenses Audit fees 29,582 24,793 Custodial fees 54,750 69,773 Interest expenses 2,268 - Other fees 169 - Regulatory fees 4,364 57,884 Trustee fees 2,431 - Total expenses 93,564 152,450 Waivers and reimbursements (5,023) - Net expenses 88,541 152,450 Increase (decrease) in net assets attributable to holders of redeemable units 1,993,202 2,549,299 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 0.07 0.08

WindWise Canadian Short Term Investment Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 1,993,202 2,549,299 Distributions to holders of redeemable units From net investment income (1,993,201) (2,549,299) Total distributions to holders of redeemable units (1,993,201) (2,549,299) Redeemable unit transactions Proceeds from redeemable units issued 823,283,600 1,017,636,880 Reinvestment of distributions to holders of redeemable units 1,993,201 2,549,299 Redemption of redeemable units (867,952,978) (1,024,065,347) Increase (decrease) from redeemable unit transactions (42,676,177) (3,879,168) Net increase (decrease) in net assets attributable to holders of redeemable units (42,676,176) (3,879,168) Net assets attributable to holders of redeemable units Beginning of year 316,980,536 320,859,704 Net assets attributable to holders of redeemable units End of year 274,304,360 316,980,536 Number of redeemable units outstanding Beginning of year 31,698,054 32,085,970 Issued 82,328,360 101,763,689 Reinvested 199,320 254,930 Redeemed (86,795,298) (102,406,535) Number of redeemable units outstanding End of year 27,430,436 31,698,054

WindWise Canadian Short Term Investment Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 1,993,202 2,549,299 Adjustments for: Amortization income (1,613,319) (1,766,589) Proceeds from sale of investments 8,553,968,604 8,175,346,627 Purchases of investments (8,509,675,237) (8,169,746,085) Interest receivable (12,956) 176,990 Accrued expenses 8,913 (131,931) Net cash from (used in) operating activities 44,669,207 6,428,311 Cash flows from (used in) financing activities Proceeds from redeemable units issued 823,283,600 1,017,636,880 Redemption of redeemable units (867,952,978) (1,024,065,347) Net cash from (used in) financing activities (44,669,378) (6,428,467) Net increase (decrease) in cash during the year (171) (156) Cash Beginning of year 511 667 Cash End of year 340 511 Interest received* 455,468 1,112,150 Interest paid* (2,268) - * Included as part of cash flows from operating activities

WindWise Canadian Short Term Investment Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 0.6% Corporate bonds 0.6% 1,600,000 Bank of Nova Scotia (The) 2.60 Feb. 27, 2017 1,604,330 1,604,330 Short-term investments 99.4% Bankers acceptances 19.9% 1,500,000 Bank of Montreal 0.77 Feb. 15, 2017 1,498,575 1,498,575 3,000,000 Bank of Montreal 0.77 Feb. 21, 2017 2,996,770 2,996,770 4,000,000 Bank of Montreal 0.78 Jan. 30, 2017 3,997,524 3,997,524 1,000,000 Bank of Montreal 0.82 Jan. 20, 2017 999,576 999,576 2,500,000 Bank of Nova Scotia (The) 0.81 Jan. 23, 2017 2,498,783 2,498,783 700,000 Bank of Nova Scotia (The) 0.85 Jan. 27, 2017 699,580 699,580 2,000,000 Canadian Imperial Bank of Commerce 0.77 Jan. 31, 2017 1,998,733 1,998,733 2,700,000 Canadian Imperial Bank of Commerce 0.77 Feb. 6, 2017 2,697,948 2,697,948 10,000,000 Firstbank Bankers Acceptance 0.78 Jan. 24, 2017 9,995,102 9,995,102 3,000,000 HSBC Bank Canada 0.79 Jan. 4, 2017 2,999,806 2,999,806 6,400,000 HSBC Bank Canada 0.86 Jan. 13, 2017 6,398,208 6,398,208 4,750,000 National Bank of Canada 0.78 Jan. 26, 2017 4,747,467 4,747,467 4,500,000 Toronto-Dominion Bank (The) 0.78 Feb. 7, 2017 4,496,478 4,496,478 4,269,000 Toronto-Dominion Bank (The) 0.79 Feb. 1, 2017 4,266,147 4,266,147 4,400,000 Toronto-Dominion Bank (The) 0.82 Jan. 23, 2017 4,397,829 4,397,829 54,688,526 54,688,526 Commercial paper 51.9% 6,000,000 Bay Street Fund 0.92 Feb. 24, 2017 5,991,849 5,991,849 5,000,000 Caisse Centrale Desjardins 0.78 Jan. 19, 2017 4,998,095 4,998,095 4,500,000 Caisse Centrale Desjardins 0.82 Jan. 23, 2017 4,497,794 4,497,794 1,750,000 Caisse Centrale Desjardins 0.82 Feb. 1, 2017 1,748,787 1,748,787 1,000,000 Canada Master Trust 0.89 Feb. 27, 2017 998,610 998,610 5,000,000 CDP Financial Inc. 0.61 Jan. 16, 2017 4,998,747 4,998,747 5,000,000 CDP Financial Inc. 0.61 Feb. 28, 2017 4,995,167 4,995,167 2,000,000 Clarity Trust 0.92 Feb. 2, 2017 1,998,393 1,998,393 250,000 Clarity Trust 0.94 Feb. 24, 2017 249,653 249,653 9,000,000 CPPIB Capital Inc. 0.60 Feb. 6, 2017 8,994,683 8,994,683 2,000,000 CPPIB Capital Inc. 0.62 Jan. 12, 2017 1,999,626 1,999,626 3,000,000 Fusion Trust 0.94 Jan. 17, 2017 2,998,769 2,998,769 8,000,000 Fusion Trust 0.94 Feb. 22, 2017 7,989,296 7,989,296 550,000 Honda Canada Finance Inc. 0.79 Jan. 9, 2017 549,905 549,905 4,700,000 Honda Canada Finance Inc. 0.79 Jan. 17, 2017 4,698,376 4,698,376 200,000 Honda Canada Finance Inc. 0.80 Jan. 3, 2017 199,991 199,991 4,500,000 Honda Canada Finance Inc. 0.81 Jan. 20, 2017 4,498,119 4,498,119 1,000,000 Honda Canada Finance Inc. 0.82 Jan. 6, 2017 999,888 999,888 11,250,000 King Street Funding Trust 0.95 Jan. 3, 2017 11,249,415 11,249,415 5,000,000 Merit Trust 0.95 Mar. 16, 2017 4,990,380 4,990,380 4,000,000 Meritrust Credit Union 0.90 Jan. 5, 2017 3,999,607 3,999,607 8,000,000 National Bank of Canada 0.78 Jan. 27, 2017 7,995,569 7,995,569 4,500,000 Nestle Capital Canada Limited 0.64 Feb. 14, 2017 4,496,535 4,496,535 5,000,000 Nestle Capital Canada Limited 0.66 Feb. 2, 2017 4,997,120 4,997,120 5,000,000 Ontario Teacher Finance Trust 0.74 Jan. 6, 2017 4,999,494 4,999,494 5,000,000 Ontario Teacher Finance Trust 0.82 Jan. 25, 2017 4,997,315 4,997,315 5,000,000 PSP Capital Inc. 0.60 Jan. 12, 2017 4,999,101 4,999,101 2,000,000 PSP Capital Inc. 0.62 Jan. 17, 2017 1,999,457 1,999,457

WindWise Canadian Short Term Investment Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Commercial paper... continued 2,750,000 PSP Capital Inc. 0.64 Feb. 8, 2017 2,748,175 2,748,175 1,500,000 PSP Capital Inc. 0.65 Feb. 14, 2017 1,498,830 1,498,830 4,000,000 Ridge Trust 0.89 Feb. 28, 2017 3,994,350 3,994,350 1,900,000 Safe Trust 0.95 Jan. 17, 2017 1,899,211 1,899,211 8,000,000 Safe Trust 0.95 Jan. 24, 2017 7,995,220 7,995,220 2,000,000 Sound Trust 0.95 Feb. 10, 2017 1,997,922 1,997,922 4,000,000 Toyota Credit Canada Inc. 0.85 Jan. 5, 2017 3,999,628 3,999,628 142,263,077 142,263,077 Floating rate notes 3.6% 3,250,000 Bank of Nova Scotia (The) 1.07 Jul. 14, 2017 3,250,000 3,250,000 4,100,000 Canadian Imperial Bank of Commerce 1.11 Feb. 3, 2017 4,100,106 4,100,106 2,500,000 Toronto-Dominion Bank (The) 1.07 Jun. 1, 2017 2,500,000 2,500,000 9,850,106 9,850,106 Term deposits 6.9% 18,909,000 Royal Bank of Canada 0.45 Jan. 3, 2017 18,909,000 18,909,000 Treasury bills 17.1% 24,000,000 Government of Canada 0.42 Jan. 12, 2017 23,996,945 23,996,945 13,000,000 Government of Canada 0.50 Feb. 23, 2017 12,990,649 12,990,649 10,000,000 Government of Canada 0.51 Jan. 26, 2017 9,996,556 9,996,556 46,984,150 46,984,150 Total investments 100.0% 274,299,189 274,299,189

Notes to financial statements of WindWise Canadian Short Term Investment Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks as high a level of income as is consistent with the preservation of capital and liquidity. Fair hierarchy The following tables illustrate the classification of the Fund s assets and liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds - 1,604,330-1,604,330 Short-term investments - 272,694,859-272,694,859-274,299,189-274,299,189 As at December 31, 2015 Level 1 Level 2 Level 3 Total Short-term investments - 316,979,237-316,979,237 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Fund has minimal fair sensitivity to changes in interest rates since securities are usually held to maturity and tend to be short term in nature.

Notes to financial statements of WindWise Canadian Short Term Investment Non-Lending Fund December 31, 2016 and 2015 The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. Total exposure December 31, 2016 December 31, 2015 Term to maturity Less than 1 year 274,299,189 316,979,237 1-5 years - - 5-10 years - - 10+ years - - Total 274,299,189 316,979,237 Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating 2016 % 2015 % A-1+ 74 39 A-1 26 61 Total 100 100

Notes to financial statements of WindWise Canadian Short Term Investment Non-Lending Fund December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Banker s acceptances 20 33 Commercial paper 52 51 Corporate bonds 1 - Floating rate notes 3 3 Term deposits 7 13 Treasury bills 17-100 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 1,993,202 2,549,299 Average units outstanding during the year 27,797,353 31,638,878 Increase (decrease) in net assets attributable to holders of redeemable units per unit 0.07 0.08

WindWise Canadian Universe Bond Index Non-Lending Fund Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 1,841,028,315 1,745,058,873 Cash 1,330,581 26,565 Receivable for investments sold - 426,163 Receivable for units sold - 34,476 Interest receivable 9,312,269 9,330,380 Total assets 1,851,671,165 1,754,876,457 Liabilities Current liabilities Payable for units redeemed 419,263 423,390 Payable for investments purchased 820,000 1,533,553 Accrued expenses 42,402 120,365 Total liabilities 1,281,665 2,077,308 Net assets attributable to holders of redeemable units 1,850,389,500 1,752,799,149 Number of redeemable units outstanding 168,319,928 154,445,732 Net assets attributable to holders of redeemable units per unit 10.99 11.35 * Investments at cost 1,833,886,002 1,680,754,120 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Canadian Universe Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Interest for distribution purposes 54,740,956 53,240,002 Securities lending income 23,105 105,163 Other changes in fair of investments Net realized gain (loss) 33,228,079 18,153,022 Net change in unrealized appreciation (depreciation) (57,162,440) (16,732,831) Total income (loss) 30,829,700 54,765,356 Expenses Audit fees 18,885 24,793 Custodial fees 202,178 281,377 Interest expense 786 - Other fees 28 - Proxy fees 39 - Regulatory fees 12,171 82,100 Trustee fees 2,348 - Total expenses 236,435 388,270 Waivers and reimbursements (26,964) - Net expenses 209,471 388,270 Increase (decrease) in net assets attributable to holders of redeemable units 30,620,229 54,377,086 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 0.20 0.38

WindWise Canadian Universe Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 30,620,229 54,377,086 Distributions to holders of redeemable units From net investment income (54,429,268) (52,907,647) From capital gains (32,704,463) (17,847,610) From securities lending income (23,105) (105,163) Total distributions to holders of redeemable units (87,156,836) (70,860,420) Redeemable unit transactions Proceeds from redeemable units issued 609,020,842 533,104,584 Reinvestment of distribution to holders of redeemable units 87,133,731 70,755,257 Redemption of redeemable units (542,027,615) (510,376,687) Increase (decrease) from redeemable unit transactions 154,126,958 93,483,154 Net increase (decrease) in net assets attributable to holders of redeemable units 97,590,351 76,999,820 Net assets attributable to holders of redeemable units Beginning of year 1,752,799,149 1,675,799,329 Net assets attributable to holders of redeemable units End of year 1,850,389,500 1,752,799,149 Number of redeemable units outstanding Beginning of year 154,445,732 146,671,459 Issued 52,733,718 45,310,253 Reinvested 7,739,447 6,234,516 Redeemed (46,598,969) (43,770,496) Number of redeemable units outstanding End of year 168,319,928 154,445,732

WindWise Canadian Universe Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 30,620,229 54,377,086 Adjustments for: Net realized (gain) loss on investments (33,228,079) (18,153,023) Net change in unrealized (appreciation) depreciation on investments and derivatives 57,162,440 16,732,831 Proceeds from sale of investments 858,649,461 1,102,016,536 Purchases of investments (797,253,787) (1,079,520,493) Interest receivable 1,257,834 345,756 Accrued expenses (91,352) 56,828 Net cash from (used in) operating activities 117,116,746 75,855,521 Cash flows from (used in) financing activities Proceeds from redeemable units issued 120,655,430 435,914,601 Distributions paid to holders of redeemable units, net of reinvested distributions (23,105) (105,163) Redemption of redeemable units (236,445,055) (511,656,653) Net cash from (used in) financing activities (115,812,730) (75,847,215) Net increase (decrease) in cash during the year 1,304,016 8,306 Cash Beginning of year 26,565 18,259 Cash End of year 1,330,581 26,565 Interest received* 55,998,790 53,585,758 Interest paid* (786) - Redeemable units issued in kind 488,399,888 97,155,507 Redeemable units redeemed in kind (305,586,687) - * Included as part of cash flows from operating activities

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 28.3% Corporate bonds 28.3% 118,498 407 East Development Group General Partnership 4.47 Jun. 23, 2045 119,455 124,433 387,000 407 International Inc. 2.43 May 4, 2027 382,811 374,882 188,000 407 International Inc. 3.30 Mar. 27, 2045 186,201 171,802 411,000 407 International Inc. 3.35 May 16, 2024 425,068 437,082 453,000 407 International Inc. 3.60 May 21, 2047 459,548 437,187 435,000 407 International Inc. 3.83 May 11, 2046 451,461 436,372 50,000 407 International Inc. 3.87 Nov. 24, 2017 51,601 51,132 681,000 407 International Inc. 3.98 Sep. 11, 2052 697,977 692,599 500,000 407 International Inc. 4.19 Apr. 25, 2042 528,571 533,242 808,000 407 International Inc. 4.30 May 26, 2021 916,408 888,462 553,000 407 International Inc. 4.45 Nov. 15, 2041 605,003 613,157 119,000 407 International Inc. 4.68 Oct. 7, 2053 121,544 137,378 49,000 407 International Inc. 4.99 Jun. 16, 2020 56,073 54,549 656,000 407 International Inc. 5.75 Feb. 14, 2036 700,535 821,618 524,000 407 International Inc. 5.96 Dec. 3, 2035 645,785 692,376 764,000 407 International Inc. 6.47 Jul. 27, 2029 989,310 1,025,138 210,000 Access Prairies Partnership 4.23 Mar. 1, 2048 213,507 208,690 16,457 Access Search Montreal SEC 7.07 Dec. 31, 2042 22,950 22,220 311,000 Aeroports de Montreal 3.92 Sep. 26, 2042 318,512 323,942 320,000 Aeroports de Montreal 3.92 Jun. 12, 2045 332,112 334,296 503,000 Aeroports de Montreal 5.17 Sep. 17, 2035 523,142 607,053 75,000 Aeroports de Montreal 5.47 Apr. 16, 2040 102,354 96,176 548,000 Aeroports de Montreal 5.67 Oct. 16, 2037 628,594 707,087 212,000 Aeroports de Montreal 6.55 Oct. 11, 2033 301,737 289,166 131,670 Aeroports de Montreal 6.95 Apr. 16, 2032 139,883 170,795 113,000 Aimia Inc. 4.35 Jan. 22, 2018 113,617 114,397 491,000 Aimia Inc. 5.60 May 17, 2019 493,230 504,723 342,000 Algonquin Power Company 4.65 Feb. 15, 2022 347,618 364,793 25,000 Algonquin Power Company 4.82 Feb. 15, 2021 26,666 26,770 215,000 Alimentation Couche-Tard Inc. 3.32 Nov. 1, 2019 224,433 223,818 1,012,000 Alimentation Couche-Tard Inc. 3.60 Jun. 2, 2025 1,024,155 1,038,594 735,000 Alimentation Couche-Tard Inc. 3.90 Nov. 1, 2022 706,797 784,875 615,000 Alimentation Couche-Tard Inc. 4.21 Aug. 21, 2020 618,351 660,503 28,000 Alliance Pipeline Limited Partnership 4.93 Dec. 16, 2019 28,724 29,455 297,519 Alliance Pipeline Limited Partnership 5.55 Dec. 31, 2023 296,365 317,315 390,993 Alliance Pipeline Limited Partnership 6.77 Dec. 31, 2025 421,387 442,954 426,022 Alliance Pipeline Limited Partnership 7.18 Jun. 30, 2023 477,552 486,232 481,434 Alliance Pipeline Limited Partnership 7.22 Dec. 31, 2025 490,084 554,601 261,000 Allied Properties Real Estate Investment Trust 3.75 May 13, 2020 262,955 268,252 477,000 Allied Properties Real Estate Investment Trust 3.93 Nov. 14, 2022 478,712 483,017 351,000 AltaGas Limited 3.57 Jun. 12, 2023 351,806 363,904 644,000 AltaGas Limited 3.72 Sep. 28, 2021 657,454 680,260 392,000 AltaGas Limited 3.84 Jan. 15, 2025 393,882 407,419 15,000 AltaGas Limited 4.07 Jun. 1, 2020 15,847 15,939 172,000 AltaGas Limited 4.12 Apr. 7, 2026 174,085 180,234 260,000 AltaGas Limited 4.40 Mar. 15, 2024 276,235 281,568 435,000 AltaGas Limited 4.50 Aug. 15, 2044 427,085 418,510 507,000 AltaGas Limited 4.55 Jan. 17, 2019 542,801 534,880 113,000 AltaGas Limited 4.60 Jan. 15, 2018 116,919 116,594 22,000 AltaGas Limited 5.16 Jan. 13, 2044 22,063 23,196 292,000 AltaLink Investments Limited Partnership 2.24 Mar. 7, 2022 291,705 290,571 356,000 AltaLink Investments Limited Partnership 3.27 Jun. 5, 2020 356,682 367,815 248,000 AltaLink Investments Limited Partnership 3.67 Jun. 5, 2019 265,278 257,336 170,000 AltaLink Limited Partnership 2.75 May 29, 2026 171,303 169,684

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 435,000 AltaLink Limited Partnership 2.98 Nov. 28, 2022 436,672 456,113 443,000 AltaLink Limited Partnership 3.40 Jun. 6, 2024 447,713 471,427 319,000 AltaLink Limited Partnership 3.62 Sep. 17, 2020 325,260 340,804 673,000 AltaLink Limited Partnership 3.67 Nov. 6, 2023 687,097 732,193 629,000 AltaLink Limited Partnership 3.72 Dec. 3, 2046 625,640 623,256 698,000 AltaLink Limited Partnership 3.99 Jun. 30, 2042 733,619 722,948 318,000 AltaLink Limited Partnership 4.05 Nov. 21, 2044 332,167 333,616 422,000 AltaLink Limited Partnership 4.09 Jun. 30, 2045 428,271 444,613 115,000 AltaLink Limited Partnership 4.27 Jun. 6, 2064 116,615 123,842 358,000 AltaLink Limited Partnership 4.45 Jul. 11, 2053 399,137 396,374 257,000 AltaLink Limited Partnership 4.46 Nov. 8, 2041 264,522 285,904 179,000 AltaLink Limited Partnership 4.87 Nov. 15, 2040 190,530 209,622 357,000 AltaLink Limited Partnership 4.92 Sep. 17, 2043 364,562 425,345 206,000 AltaLink Limited Partnership 5.24 May 29, 2018 224,780 217,078 185,000 AltaLink Limited Partnership 5.25 Sep. 22, 2036 229,873 224,276 305,000 AltaLink Limited Partnership 5.38 Mar. 26, 2040 305,000 381,311 871,000 American Express Canada Credit Corporation 2.31 Mar. 29, 2018 875,593 882,365 36,000 Aon Finance N.S. 1 ULC 4.76 Mar. 8, 2018 37,544 37,172 28,724 Arrow Lakes Power Corporation 5.52 Apr. 5, 2041 33,601 32,625 153,000 Artis Real Estate Investment Trust 3.75 Mar. 27, 2019 154,637 154,857 508,000 Asian Development Bank 4.65 Feb. 16, 2027 509,646 595,422 3,221,000 Bank of Montreal 1.61 Oct. 28, 2021 3,211,172 3,161,100 1,429,000 Bank of Montreal 1.88 Mar. 31, 2021 1,432,605 1,427,580 1,948,000 Bank of Montreal 2.10 Oct. 6, 2020 1,960,452 1,969,742 1,674,000 Bank of Montreal 2.12 Mar. 16, 2022 1,667,699 1,674,122 3,332,000 Bank of Montreal 2.24 Dec. 11, 2017 3,332,986 3,367,753 939,000 Bank of Montreal 2.43 Mar. 4, 2019 954,879 958,504 569,000 Bank of Montreal 2.70 Dec. 9, 2026 568,903 566,714 2,028,000 Bank of Montreal 2.84 Jun. 4, 2020 2,073,041 2,102,887 1,568,000 Bank of Montreal 3.21 Sep. 13, 2018 1,590,437 1,616,758 1,617,000 Bank of Montreal 3.40 Apr. 23, 2021 1,638,721 1,714,557 974,000 Bank of Montreal 4.61 Sep. 10, 2025 1,048,571 1,126,548 1,200,000 Bank of Montreal 6.02 May 2, 2018 1,369,671 1,274,786 334,000 Bank of Montreal 6.17 Mar. 28, 2023 358,017 352,458 2,218,000 Bank of Nova Scotia (The) 1.33 May 1, 2018 2,216,707 2,220,652 2,777,000 Bank of Nova Scotia (The) 1.90 Dec. 2, 2021 2,774,046 2,757,071 2,116,000 Bank of Nova Scotia (The) 2.09 Sep. 9, 2020 2,133,387 2,137,751 2,405,000 Bank of Nova Scotia (The) 2.13 Jun. 15, 2020 2,420,639 2,435,226 2,310,000 Bank of Nova Scotia (The) 2.24 Mar. 22, 2018 2,309,478 2,338,816 1,620,000 Bank of Nova Scotia (The) 2.27 Jan. 13, 2020 1,624,890 1,649,885 1,777,000 Bank of Nova Scotia (The) 2.37 Jan. 11, 2018 1,814,647 1,799,312 1,725,000 Bank of Nova Scotia (The) 2.40 Oct. 28, 2019 1,732,761 1,762,643 1,468,000 Bank of Nova Scotia (The) 2.46 Mar. 14, 2019 1,473,943 1,499,920 850,000 Bank of Nova Scotia (The) 2.62 Dec. 2, 2026 849,856 843,256 935,000 Bank of Nova Scotia (The) 2.75 Aug. 13, 2018 941,728 955,844 1,179,000 Bank of Nova Scotia (The) 2.87 Jun. 4, 2021 1,188,219 1,223,497 2,068,000 Bank of Nova Scotia (The) 3.04 Oct. 18, 2024 2,078,988 2,134,066 1,809,000 Bank of Nova Scotia (The) 3.27 Jan. 11, 2021 1,870,538 1,905,790 259,740 Bankers Hall Limited Partnership 4.38 Nov. 20, 2023 262,303 270,579 530,000 bcimc Realty Corporation 2.10 Jun. 3, 2021 532,512 532,455 412,000 bcimc Realty Corporation 2.79 Aug. 2, 2018 417,518 421,171 1,026,000 bcimc Realty Corporation 2.84 Jun. 3, 2025 1,035,118 1,031,272 806,000 bcimc Realty Corporation 2.96 Mar. 7, 2019 809,457 831,344 296,000 bcimc Realty Corporation 3.51 Jun. 29, 2022 301,847 314,846 228,000 bcimc Realty Corporation 5.65 Jan. 5, 2018 231,295 238,179

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 1,060,000 Bell Canada Inc. 2.00 Oct. 1, 2021 1,057,922 1,048,653 761,000 Bell Canada Inc. 2.90 Aug. 12, 2026 758,968 736,557 1,121,000 Bell Canada Inc. 3.00 Oct. 3, 2022 1,126,820 1,151,957 1,069,000 Bell Canada Inc. 3.15 Sep. 29, 2021 1,072,017 1,113,975 1,360,000 Bell Canada Inc. 3.25 Jun. 17, 2020 1,383,993 1,420,273 1,495,000 Bell Canada Inc. 3.35 Jun. 18, 2019 1,526,769 1,555,827 1,083,000 Bell Canada Inc. 3.35 Mar. 22, 2023 1,125,762 1,127,996 358,000 Bell Canada Inc. 3.50 Sep. 10, 2018 358,690 369,989 234,000 Bell Canada Inc. 3.54 Jun. 12, 2020 243,164 246,464 886,000 Bell Canada Inc. 3.55 Mar. 2, 2026 908,941 909,841 558,000 Bell Canada Inc. 4.35 Dec. 18, 2045 557,670 540,146 1,379,000 Bell Canada Inc. 4.40 Mar. 16, 2018 1,387,196 1,429,209 765,000 Bell Canada Inc. 4.70 Sep. 11, 2023 822,654 852,694 703,000 Bell Canada Inc. 4.75 Sep. 29, 2044 713,578 727,360 248,000 Bell Canada Inc. 4.88 Apr. 26, 2018 265,710 259,317 513,000 Bell Canada Inc. 4.95 May 19, 2021 551,570 572,189 434,000 Bell Canada Inc. 5.52 Feb. 26, 2019 483,773 469,486 590,000 Bell Canada Inc. 6.10 Mar. 16, 2035 614,201 712,387 264,000 Bell Canada Inc. 6.17 Feb. 26, 2037 320,628 321,832 165,000 Bell Canada Inc. 6.55 May 1, 2029 201,090 206,052 106,000 Bell Canada Inc. 7.00 Sep. 24, 2027 108,398 135,571 401,000 Bell Canada Inc. 7.30 Feb. 23, 2032 514,465 528,873 366,000 Bell Canada Inc. 7.65 Dec. 30, 2031 331,854 450,178 404,000 Bell Canada Inc. 7.85 Apr. 2, 2031 537,824 551,940 64,000 Bell Canada Inc. 8.88 Apr. 17, 2026 68,314 86,951 279,000 Blackbird Infrastructure 407 General Partnership 1.71 Oct. 8, 2021 277,007 275,979 192,000 Blackbird Infrastructure 407 General Partnership 3.76 Jun. 30, 2047 191,739 181,661 793,000 BMO Capital Trust II 10.22 Dec. 31, 2107 1,016,791 917,051 400,000 BMW Canada Inc. 1.78 Oct. 19, 2020 399,996 398,615 312,000 BMW Canada Inc. 1.83 Jun. 15, 2021 313,075 309,256 243,000 BMW Canada Inc. 2.27 Nov. 26, 2018 243,585 246,584 262,000 BMW Canada Inc. 2.33 May 23, 2018 262,330 265,587 251,000 BMW Canada Inc. 2.33 Sep. 26, 2018 252,808 254,780 19,844 Borealis Infrastructure Trust 6.35 Dec. 1, 2020 22,313 21,659 75,000 Bow Centre Street Limited Partnership 3.69 Jun. 14, 2021 75,591 74,677 81,000 Bow Centre Street Limited Partnership 3.80 Jun. 13, 2023 82,507 78,327 392,000 British Columbia Ferry Services Inc. 4.29 Apr. 28, 2044 409,007 430,614 353,000 British Columbia Ferry Services Inc. 4.70 Oct. 23, 2043 379,362 411,448 87,000 British Columbia Ferry Services Inc. 5.02 Mar. 20, 2037 106,197 103,704 421,000 British Columbia Ferry Services Inc. 5.58 Jan. 11, 2038 469,519 535,263 331,000 British Columbia Ferry Services Inc. 6.25 Oct. 13, 2034 445,282 444,070 793,000 Brookfield Asset Management Inc. 3.80 Mar. 16, 2027 792,730 786,948 733,000 Brookfield Asset Management Inc. 3.95 Apr. 9, 2019 748,045 763,516 801,000 Brookfield Asset Management Inc. 4.54 Mar. 31, 2023 830,251 862,983 1,253,000 Brookfield Asset Management Inc. 4.82 Jan. 28, 2026 1,332,110 1,357,779 714,000 Brookfield Asset Management Inc. 5.04 Mar. 8, 2024 722,341 787,078 150,000 Brookfield Asset Management Inc. 5.30 Mar. 1, 2021 157,314 165,478 376,000 Brookfield Asset Management Inc. 5.95 Jun. 14, 2035 379,561 413,207 530,000 Brookfield Infrastructure Finance ULC 3.45 Mar. 11, 2022 531,312 538,413 675,000 Brookfield Infrastructure Finance ULC 3.54 Oct. 30, 2020 680,613 690,905 596,000 Brookfield Renewable Partners ULC 3.63 Jan. 15, 2027 588,795 583,151 550,000 Brookfield Renewable Partners ULC 3.75 Jun. 2, 2025 555,248 557,125 806,000 Brookfield Renewable Partners ULC 4.79 Feb. 7, 2022 826,035 877,443 426,000 Brookfield Renewable Partners ULC 5.14 Oct. 13, 2020 470,789 466,340 331,000 Brookfield Renewable Partners ULC 5.25 Nov. 5, 2018 357,580 351,020 82,000 Brookfield Renewable Partners ULC 5.84 Nov. 5, 2036 91,272 88,845

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 512,000 Bruce Power Limited Partnership 2.84 Jun. 23, 2021 514,088 520,365 564,000 Bruce Power Limited Partnership 3.97 Jun. 23, 2026 567,611 580,613 678,000 Cadillac Fairview Finance Trust 3.64 May 9, 2018 686,369 699,494 930,000 Cadillac Fairview Finance Trust 4.31 Jan. 25, 2021 975,584 1,021,456 1,734,000 Caisse Centrale Desjardins 1.75 Mar. 2, 2020 1,734,285 1,735,765 796,000 Caisse Centrale Desjardins 2.44 Jul. 17, 2019 800,218 813,673 1,501,000 Caisse Centrale Desjardins 2.80 Nov. 19, 2018 1,520,246 1,539,416 818,000 Cameco Corporation 3.75 Nov. 14, 2022 823,935 823,157 827,000 Cameco Corporation 4.19 Jun. 24, 2024 838,718 833,534 4,000 Cameco Corporation 5.09 Nov. 14, 2042 3,961 3,712 625,000 Cameco Corporation 5.67 Sep. 2, 2019 648,737 669,861 138,000 Canada Life Assurance Company (The) 6.40 Dec. 11, 2028 147,551 176,777 1,210,000 Canadian Credit Card Trust II 1.83 Mar. 24, 2022 1,211,659 1,212,601 1,763,000 Canadian Imperial Bank of Commerce 1.64 Jul. 12, 2021 1,761,144 1,738,045 1,978,000 Canadian Imperial Bank of Commerce 1.70 Oct. 9, 2018 1,983,720 1,989,527 1,585,000 Canadian Imperial Bank of Commerce 1.85 Jul. 14, 2020 1,592,880 1,590,321 1,830,000 Canadian Imperial Bank of Commerce 1.90 Apr. 26, 2021 1,835,607 1,829,326 1,984,000 Canadian Imperial Bank of Commerce 2.22 Mar. 7, 2018 1,998,684 2,007,947 1,375,000 Canadian Imperial Bank of Commerce 2.35 Jun. 24, 2019 1,380,797 1,403,511 565,000 Canadian Imperial Bank of Commerce 6.00 Jun. 6, 2023 646,432 599,469 327,000 Canadian National Railway Company 2.75 Feb. 18, 2021 327,450 338,691 353,000 Canadian National Railway Company 2.80 Sep. 22, 2025 358,044 360,379 396,000 Canadian National Railway Company 3.95 Sep. 22, 2045 413,249 411,227 643,000 Canadian Natural Resources Limited 2.60 Dec. 3, 2019 640,873 649,369 1,448,000 Canadian Natural Resources Limited 2.89 Aug. 14, 2020 1,456,540 1,467,298 880,000 Canadian Natural Resources Limited 3.05 Jun. 19, 2019 881,214 898,132 1,217,000 Canadian Natural Resources Limited 3.31 Feb. 11, 2022 1,216,817 1,243,375 678,000 Canadian Natural Resources Limited 3.55 Jun. 3, 2024 673,539 685,675 232,000 Canadian Pacific Railway Company 5.10 Jan. 14, 2022 231,343 261,238 250,000 Canadian Pacific Railway Company 6.25 Jun. 1, 2018 270,455 266,522 729,000 Canadian Pacific Railway Company 6.45 Nov. 17, 2039 796,469 925,581 54,736 Canadian Pacific Railway Company 6.91 Oct. 1, 2024 56,814 64,290 154,000 Canadian Real Estate Investment Trust 3.68 Jul. 24, 2018 154,278 157,727 109,000 Canadian Real Estate Investment Trust 4.32 Jan. 15, 2021 109,595 115,077 298,000 Canadian Tire Corporation Limited 5.61 Sep. 4, 2035 346,968 335,147 117,000 Canadian Tire Corporation Limited 6.38 Apr. 13, 2028 140,178 141,064 115,000 Canadian Tire Corporation Limited 6.45 Feb. 24, 2034 119,589 140,277 353,000 Canadian Utilities Limited 3.12 Nov. 9, 2022 349,447 372,795 305,000 Canadian Western Bank 2.53 Mar. 22, 2018 304,484 307,468 377,000 Canadian Western Bank 2.75 Jun. 29, 2020 380,283 379,305 99,000 Canadian Western Bank 2.79 Sep. 13, 2021 99,000 98,858 152,000 Canadian Western Bank 3.08 Jan. 14, 2019 153,390 154,872 373,000 Canadian Western Bank 3.46 Dec. 17, 2024 376,674 379,013 541,000 Capital City Link General Partnership 4.39 Mar. 31, 2046 546,754 554,386 428,000 Capital Desjardins Inc. 4.95 Dec. 15, 2026 440,319 476,187 1,206,000 Capital Desjardins Inc. 5.19 May 5, 2020 1,349,720 1,322,965 265,000 Capital Power Corporation 4.85 Feb. 21, 2019 270,573 276,095 333,000 Capital Power Corporation 5.28 Nov. 16, 2020 343,245 358,257 940,000 CARDS II Trust 2.16 Oct. 16, 2023 947,086 953,803 62,000 Caterpillar Financial Services Limited 1.75 Jun. 3, 2019 62,221 62,280 531,000 Caterpillar Financial Services Limited 2.29 Jun. 1, 2018 533,590 537,851 1,327,000 CDP Financial Inc. 4.60 Jul. 15, 2020 1,379,319 1,461,388 525,000 Central 1 Credit Union 2.89 Apr. 25, 2024 526,398 525,611 253,000 Central 1 Credit Union 3.06 Oct. 14, 2026 252,896 250,772 271,000 Chip Mortgage Trust 2.33 Apr. 29, 2040 271,560 267,478 128,000 Chip Mortgage Trust 2.98 Nov. 15, 2021 128,000 127,383

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 157,000 Choice Properties Limited Partnership 3.00 Sep. 20, 2019 157,258 161,190 754,000 Choice Properties Limited Partnership 3.60 Apr. 20, 2020 786,826 787,526 113,000 Choice Properties Limited Partnership 3.60 Sep. 20, 2021 113,831 118,317 282,000 Choice Properties Limited Partnership 3.60 Sep. 20, 2022 279,546 294,137 228,000 Choice Properties Real Estate Investment Trust 2.30 Sep. 14, 2020 226,724 228,577 579,000 Choice Properties Real Estate Investment Trust 3.20 Mar. 7, 2023 585,827 588,919 214,000 Choice Properties Real Estate Investment Trust 3.50 Feb. 8, 2021 215,093 223,544 448,000 Choice Properties Real Estate Investment Trust 3.55 Jul. 5, 2018 450,510 460,793 283,000 Choice Properties Real Estate Investment Trust 4.06 Nov. 24, 2025 290,113 295,134 215,000 Choice Properties Real Estate Investment Trust 4.29 Feb. 8, 2024 219,908 230,645 216,000 Choice Properties Real Estate Investment Trust 4.90 Jul. 5, 2023 230,743 239,706 173,000 Choice Properties Real Estate Investment Trust 5.27 Mar. 7, 2046 179,900 184,033 1,077,000 CI Financial Corporation 2.65 Dec. 7, 2020 1,081,746 1,081,193 403,000 CI Investments Inc. 2.78 Nov. 25, 2021 403,000 403,375 1,497,000 CIBC Capital Trust 9.98 Jun. 30, 2108 1,925,162 1,760,494 426,000 CIBC Capital Trust 10.25 Jun. 30, 2108 616,095 564,636 421,000 Cogeco Communications Inc. 4.18 May 26, 2023 427,988 439,584 347,000 Cogeco Communications Inc. 4.93 Feb. 14, 2022 364,863 378,141 353,000 Cogeco Communications Inc. 5.15 Nov. 16, 2020 357,444 385,311 731,041 Comber Wind Financial Corporation 5.13 Nov. 15, 2030 737,174 787,412 262,000 Cominar Real Estate Investment Trust 3.62 Jun. 21, 2019 263,036 267,160 441,000 Cominar Real Estate Investment Trust 4.16 Jun. 1, 2022 443,772 449,586 703,000 Cominar Real Estate Investment Trust 4.23 Dec. 4, 2019 703,788 727,960 270,000 Cominar Real Estate Investment Trust 4.25 Dec. 8, 2021 271,017 278,341 341,000 Cominar Real Estate Investment Trust 4.25 May 23, 2023 342,433 344,796 420,000 Cominar Real Estate Investment Trust 4.94 Jul. 27, 2020 432,967 444,198 14,000 Concordia University 6.55 Sep. 2, 2042 19,097 19,937 160,000 Crombie Real Estate Investment Trust 2.78 Feb. 10, 2020 159,541 158,395 160,000 Crombie Real Estate Investment Trust 3.96 Jun. 1, 2021 161,107 163,063 260,000 Crombie Real Estate Investment Trust 3.99 Oct. 31, 2018 260,697 266,562 192,000 Crosslinx Transit Solutions General Partnership 4.56 Jun. 30, 2051 189,682 177,607 576,000 Crosslinx Transit Solutions General Partnership 4.65 Sep. 30, 2046 583,487 563,445 209,000 CT Real Estate Investment Trust 2.16 Jun. 1, 2021 208,830 206,324 202,000 CT Real Estate Investment Trust 2.85 Jun. 9, 2022 203,597 203,037 285,000 CT Real Estate Investment Trust 3.29 Jun. 1, 2026 285,543 276,947 349,000 CT Real Estate Investment Trust 3.53 Jun. 9, 2025 353,313 350,928 490,000 CU Inc. 3.76 Nov. 19, 2046 495,252 488,240 675,000 CU Inc. 3.81 Sep. 10, 2042 643,175 677,714 249,000 CU Inc. 3.83 Sep. 11, 2062 248,963 244,307 268,000 CU Inc. 3.86 Nov. 14, 2052 261,322 266,486 531,000 CU Inc. 3.96 Jul. 27, 2045 539,707 545,316 1,475,000 CU Inc. 4.09 Sep. 2, 2044 1,566,730 1,547,577 282,000 CU Inc. 4.21 Oct. 29, 2055 290,626 298,778 529,000 CU Inc. 4.54 Oct. 24, 2041 543,983 593,226 142,000 CU Inc. 4.56 Nov. 7, 2053 144,679 159,989 234,000 CU Inc. 4.59 Oct. 24, 2061 239,858 268,800 682,000 CU Inc. 4.72 Sep. 9, 2043 719,665 787,244 340,000 CU Inc. 4.80 Nov. 22, 2021 383,085 386,720 106,000 CU Inc. 4.95 Nov. 18, 2050 105,231 127,023 50,000 CU Inc. 5.03 Nov. 20, 2036 61,594 58,731 276,000 CU Inc. 5.18 Nov. 21, 2035 265,146 328,255 454,000 CU Inc. 5.43 Jan. 23, 2019 498,889 490,759 351,000 CU Inc. 5.56 May 26, 2028 393,424 426,309 277,000 CU Inc. 5.56 Oct. 30, 2037 316,553 347,474 40,000 CU Inc. 5.58 May 26, 2038 52,746 50,374 229,000 CU Inc. 5.90 Nov. 20, 2034 266,881 291,690

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 69,000 CU Inc. 6.22 Mar. 6, 2024 88,154 85,150 248,000 CU Inc. 6.50 Mar. 7, 2039 263,751 346,894 443,000 CU Inc. 6.80 Aug. 13, 2019 529,991 502,621 14,000 CU Inc. 9.92 Apr. 1, 2022 19,996 19,090 58,000 Daimler Canada Finance Inc. 1.42 Oct. 2, 2018 57,518 57,904 513,000 Daimler Canada Finance Inc. 1.78 Aug. 19, 2019 513,019 514,010 443,000 Daimler Canada Finance Inc. 1.80 Dec. 16, 2019 442,973 443,158 728,000 Daimler Canada Finance Inc. 1.91 Jul. 8, 2021 727,486 719,482 517,000 Daimler Canada Finance Inc. 2.23 Dec. 16, 2021 516,953 516,482 590,000 Daimler Canada Finance Inc. 2.27 Mar. 26, 2018 591,642 596,746 654,000 Dollarama Inc. 2.34 Jul. 22, 2021 654,324 652,067 558,000 Dollarama Inc. 3.10 Nov. 5, 2018 566,923 571,788 125,000 Dream Office Real Estate Investment Trust 3.42 Jun. 13, 2018 125,245 125,445 269,000 Dream Office Real Estate Investment Trust 4.07 Jan. 21, 2020 269,427 271,727 163,000 Eagle Credit Card Trust 2.15 Sep. 17, 2020 163,987 164,858 358,000 Eagle Credit Card Trust 2.85 Oct. 18, 2021 360,751 367,167 68,095 Edmonton Regional Airports Authority 7.21 Nov. 1, 2030 74,659 86,538 600,000 Emera Inc. 2.90 Jun. 16, 2023 601,446 598,327 50,000 Emera Inc. 4.83 Dec. 2, 2019 54,368 53,927 391,000 Empire Life Insurance Company (The) 2.87 May 31, 2023 391,428 391,631 470,000 Empire Life Insurance Company (The) 3.38 Dec. 16, 2026 470,000 471,396 258,000 Enbridge Gas Distribution Inc. 2.50 Aug. 5, 2026 259,167 251,254 280,000 Enbridge Gas Distribution Inc. 3.15 Aug. 22, 2024 292,061 292,498 579,000 Enbridge Gas Distribution Inc. 3.31 Sep. 11, 2025 592,907 606,375 484,000 Enbridge Gas Distribution Inc. 4.00 Aug. 22, 2044 498,296 497,767 713,000 Enbridge Gas Distribution Inc. 4.04 Nov. 23, 2020 756,571 773,617 267,000 Enbridge Gas Distribution Inc. 4.50 Nov. 23, 2043 282,622 296,338 465,000 Enbridge Gas Distribution Inc. 4.77 Dec. 17, 2021 531,134 526,047 391,000 Enbridge Gas Distribution Inc. 4.95 Nov. 22, 2050 410,228 463,929 45,000 Enbridge Gas Distribution Inc. 5.16 Dec. 4, 2017 48,409 46,664 374,000 Enbridge Gas Distribution Inc. 5.21 Feb. 25, 2036 392,833 443,777 20,000 Enbridge Gas Distribution Inc. 6.16 Dec. 16, 2033 26,777 25,810 103,000 Enbridge Gas Distribution Inc. 6.65 Nov. 3, 2027 116,295 132,799 16,000 Enbridge Gas Distribution Inc. 6.90 Nov. 15, 2032 19,515 21,908 199,000 Enbridge Gas Distribution Inc. 7.60 Oct. 29, 2026 258,495 270,765 495,000 Enbridge Inc. 3.16 Mar. 11, 2021 496,161 511,158 753,000 Enbridge Inc. 3.19 Dec. 5, 2022 745,113 773,732 635,000 Enbridge Inc. 3.94 Jun. 30, 2023 637,817 674,724 851,000 Enbridge Inc. 4.24 Aug. 27, 2042 817,104 801,257 251,000 Enbridge Inc. 4.26 Feb. 1, 2021 256,223 270,351 986,000 Enbridge Inc. 4.53 Mar. 9, 2020 1,034,053 1,061,501 218,000 Enbridge Inc. 4.56 Mar. 28, 2064 214,255 200,086 596,000 Enbridge Inc. 4.57 Mar. 11, 2044 588,518 589,387 520,000 Enbridge Inc. 4.77 Sep. 2, 2019 530,455 559,762 12,000 Enbridge Inc. 5.12 Sep. 28, 2040 12,455 12,741 261,000 Enbridge Inc. 5.57 Nov. 14, 2035 301,544 290,179 344,000 Enbridge Inc. 5.75 Sep. 2, 2039 358,331 394,352 14,000 Enbridge Inc. 7.20 Jun. 18, 2032 17,392 17,869 16,000 Enbridge Inc. 7.22 Jul. 24, 2030 18,656 20,210 206,000 Enbridge Income Fund 2.92 Dec. 14, 2017 208,863 209,030 130,000 Enbridge Income Fund 3.94 Jan. 13, 2023 137,250 138,349 669,000 Enbridge Income Fund 3.95 Nov. 19, 2024 673,690 706,643 650,000 Enbridge Income Fund 4.10 Feb. 22, 2019 671,510 680,785 452,000 Enbridge Income Fund 4.85 Feb. 22, 2022 453,780 501,746 343,000 Enbridge Income Fund 4.87 Nov. 21, 2044 342,782 351,562 318,000 Enbridge Pipelines Inc. 2.93 Nov. 30, 2022 323,123 327,647

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 830,000 Enbridge Pipelines Inc. 3.00 Aug. 10, 2026 829,925 822,975 678,000 Enbridge Pipelines Inc. 3.45 Sep. 29, 2025 684,532 704,491 310,000 Enbridge Pipelines Inc. 3.79 Aug. 17, 2023 319,236 332,453 494,000 Enbridge Pipelines Inc. 4.13 Aug. 9, 2046 491,432 482,149 430,000 Enbridge Pipelines Inc. 4.45 Apr. 6, 2020 471,923 466,118 471,000 Enbridge Pipelines Inc. 4.49 Nov. 12, 2019 516,804 509,956 316,000 Enbridge Pipelines Inc. 4.55 Aug. 17, 2043 321,457 329,439 584,000 Enbridge Pipelines Inc. 4.55 Sep. 29, 2045 593,457 607,554 167,000 Enbridge Pipelines Inc. 5.08 Dec. 19, 2036 177,091 184,609 318,000 Enbridge Pipelines Inc. 5.33 Apr. 6, 2040 354,652 366,300 291,000 Enbridge Pipelines Inc. 5.35 Nov. 10, 2039 329,893 335,429 207,000 Enbridge Pipelines Inc. 6.35 Nov. 17, 2023 231,970 250,569 370,000 Enbridge Pipelines Inc. 6.62 Nov. 19, 2018 424,332 405,266 7,000 Enercare Solutions Inc. 4.30 Nov. 30, 2017 7,172 7,139 20,000 Enercare Solutions Inc. 4.60 Feb. 3, 2020 20,988 21,004 45,000 Enersource Corporation 4.52 Apr. 29, 2021 47,161 49,456 326,000 Enersource Corporation 5.30 Apr. 29, 2041 408,209 393,796 401,000 ENMAX Corporation 3.81 Dec. 5, 2024 403,721 410,931 140,000 ENMAX Corporation 6.15 Jun. 19, 2018 150,475 148,093 363,000 EPCOR Utilities Inc. 4.55 Feb. 28, 2042 392,432 404,604 172,000 EPCOR Utilities Inc. 5.65 Nov. 16, 2035 201,433 214,137 94,000 EPCOR Utilities Inc. 5.75 Nov. 24, 2039 114,755 121,479 629,000 EPCOR Utilities Inc. 5.80 Jan. 31, 2018 647,854 659,573 258,000 EPCOR Utilities Inc. 6.65 Apr. 15, 2038 280,208 363,244 541,000 Fairfax Financial Holdings Limited 4.50 Mar. 22, 2023 543,586 562,862 197,000 Fairfax Financial Holdings Limited 4.70 Dec. 16, 2026 196,348 199,226 427,000 Fairfax Financial Holdings Limited 4.95 Mar. 3, 2025 431,700 449,144 508,000 Fairfax Financial Holdings Limited 5.84 Oct. 14, 2022 548,150 566,945 380,000 Fairfax Financial Holdings Limited 6.40 May 25, 2021 432,466 430,118 236,000 Fairfax Financial Holdings Limited 7.25 Jun. 22, 2020 271,012 269,144 165,000 Federated Co-operatives Limited 3.92 Jun. 17, 2025 165,990 161,858 347,109 Fifth Avenue Limited Partnership 4.71 Aug. 5, 2021 380,464 367,913 199,000 Finning International Inc. 3.23 Jul. 3, 2020 201,649 203,046 257,000 Finning International Inc. 5.08 Jun. 13, 2042 266,050 260,638 84,000 Finning International Inc. 6.02 Jun. 1, 2018 91,064 88,697 612,000 First Capital Realty Inc. 3.60 May 6, 2026 626,483 607,420 430,000 First Capital Realty Inc. 3.90 Oct. 30, 2023 453,910 449,639 400,000 First Capital Realty Inc. 3.95 Dec. 5, 2022 432,456 422,357 320,000 First Capital Realty Inc. 4.32 Jul. 31, 2025 334,218 338,103 498,000 First Capital Realty Inc. 4.43 Jan. 31, 2022 504,169 535,750 287,000 First Capital Realty Inc. 4.50 Mar. 1, 2021 289,751 309,103 186,000 First Capital Realty Inc. 4.79 Aug. 30, 2024 198,312 203,795 124,000 First Capital Realty Inc. 5.48 Jul. 30, 2019 138,099 134,519 47,000 First Capital Realty Inc. 5.60 Apr. 30, 2020 52,861 51,970 230,000 First National Financial Corporation 4.01 Apr. 9, 2020 230,199 229,513 163,000 First Nations Finance Authority 3.40 Jun. 26, 2024 173,651 170,656 923,000 Ford Credit Canada Limited 2.45 May 7, 2020 919,874 922,139 1,024,000 Ford Credit Canada Limited 2.58 May 10, 2021 1,024,687 1,016,966 754,000 Ford Credit Canada Limited 2.92 Sep. 16, 2020 753,692 762,870 675,000 Ford Credit Canada Limited 2.94 Feb. 19, 2019 676,248 687,873 427,000 Ford Credit Canada Limited 3.14 Jun. 14, 2019 430,642 437,542 351,000 Ford Credit Canada Limited 3.28 Jul. 2, 2021 353,552 357,816 733,000 Ford Credit Canada Limited 3.32 Dec. 19, 2017 751,013 745,443 968,000 Ford Credit Canada Limited 3.70 Aug. 2, 2018 970,040 996,107 1,039,000 Fortified Trust 1.67 Jul. 23, 2021 1,038,730 1,026,885 427,000 Fortis Inc. 2.85 Dec. 12, 2023 426,919 428,030

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 434,000 Fortis Inc. 6.51 Jul. 4, 2039 449,687 559,111 108,000 FortisAlberta Inc. 3.30 Sep. 30, 2024 109,131 113,444 242,000 FortisAlberta Inc. 3.34 Sep. 21, 2046 241,589 218,875 18,000 FortisAlberta Inc. 3.98 Oct. 23, 2052 18,151 17,983 65,000 FortisAlberta Inc. 4.11 Sep. 29, 2044 65,687 67,692 86,000 FortisAlberta Inc. 4.27 Sep. 22, 2045 89,779 91,918 200,000 FortisAlberta Inc. 4.54 Oct. 18, 2041 213,474 221,067 78,000 FortisAlberta Inc. 4.80 Oct. 27, 2050 77,945 90,305 261,000 FortisAlberta Inc. 4.85 Sep. 11, 2043 270,675 302,636 416,000 FortisAlberta Inc. 4.99 Jan. 3, 2047 520,176 495,265 355,000 FortisAlberta Inc. 5.37 Oct. 30, 2039 369,199 434,914 352,000 FortisAlberta Inc. 5.40 Apr. 21, 2036 397,960 425,668 43,000 FortisAlberta Inc. 5.85 Apr. 15, 2038 46,144 55,344 37,000 FortisAlberta Inc. 6.22 Oct. 31, 2034 50,579 48,338 230,000 FortisBC Energy Inc. 2.58 Apr. 8, 2026 231,318 227,305 303,000 FortisBC Energy Inc. 3.38 Apr. 13, 2045 300,561 280,138 72,000 FortisBC Energy Inc. 3.67 Apr. 9, 2046 72,877 69,835 187,000 FortisBC Energy Inc. 3.78 Mar. 6, 2047 186,774 186,390 188,000 FortisBC Energy Inc. 4.25 Dec. 9, 2041 189,133 202,742 141,000 FortisBC Energy Inc. 5.20 Dec. 6, 2040 140,597 170,577 256,000 FortisBC Energy Inc. 5.55 Sep. 25, 2036 300,559 319,549 319,000 FortisBC Energy Inc. 5.80 May 13, 2038 383,996 411,300 38,000 FortisBC Energy Inc. 5.90 Feb. 26, 2035 41,136 48,568 417,000 FortisBC Energy Inc. 6.00 Oct. 2, 2037 444,922 549,025 196,000 FortisBC Energy Inc. 6.05 Feb. 15, 2038 218,275 256,474 54,000 FortisBC Energy Inc. 6.50 May 1, 2034 62,650 72,661 19,000 FortisBC Energy Inc. 6.55 Feb. 24, 2039 22,551 26,776 227,000 FortisBC Inc. 4.00 Oct. 28, 2044 234,104 230,303 189,000 FortisBC Inc. 5.00 Nov. 24, 2050 188,675 222,896 226,000 FortisBC Inc. 5.60 Nov. 9, 2035 246,425 277,035 10,000 FortisBC Inc. 6.10 Jun. 2, 2039 13,963 13,128 259,000 Gaz Metro Inc. 1.52 May 25, 2020 259,077 257,925 75,000 Gaz Metro Inc. 3.28 Oct. 9, 2046 74,886 68,195 38,000 Gaz Metro Inc. 3.30 Mar. 31, 2045 37,697 34,794 162,000 Gaz Metro Inc. 5.70 Jul. 10, 2036 210,241 203,959 192,000 Gaz Metro Inc. 6.30 Oct. 31, 2033 192,113 252,548 101,000 Gaz Metro Inc. 7.05 Oct. 30, 2030 144,396 136,472 667,000 Gaz Metro Inc. 9.00 May 16, 2025 918,317 956,415 1,261,000 GE Capital Canada Funding Company 4.60 Jan. 26, 2022 1,320,910 1,417,246 720,000 General Motors Financial of Canada Limited 3.08 May 22, 2020 722,689 730,000 1,061,000 Genesis Trust II 1.68 Sep. 17, 2018 1,063,407 1,066,857 985,000 Genesis Trust II 1.70 Apr. 15, 2020 986,100 986,065 1,183,000 Genesis Trust II 2.43 May 15, 2019 1,193,900 1,208,817 249,000 Genworth MI Canada Inc. 4.24 Apr. 1, 2024 249,987 251,362 146,000 Genworth MI Canada Inc. 5.68 Jun. 15, 2020 155,277 157,710 272,000 George Weston Limited 4.12 Jun. 17, 2024 274,524 288,579 21,000 George Weston Limited 6.69 Mar. 1, 2033 20,608 25,614 350,000 George Weston Limited 7.10 Feb. 5, 2032 396,597 441,396 747,000 Glacier Credit Card Trust 2.24 Sep. 20, 2020 751,976 755,756 639,000 Glacier Credit Card Trust 2.57 Sep. 20, 2019 643,949 654,465 290,000 Glacier Credit Card Trust 2.76 Nov. 20, 2018 291,698 296,858 203,144 Grand Renewable Solar Limited Partnership 3.93 Jan. 31, 2035 204,781 201,309 115,000 GrandLinq GP 4.77 Mar. 31, 2047 115,805 117,857 391,000 Granite REIT Holdings Limited Partnership 3.79 Jul. 5, 2021 397,297 401,206 1,141,000 Granite REIT Holdings Limited Partnership 3.87 Nov. 30, 2023 1,141,023 1,146,139 91,000 Greater Toronto Airports Authority 1.51 Feb. 16, 2021 91,398 90,476

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 469,000 Greater Toronto Airports Authority 3.04 Sep. 21, 2022 502,446 494,648 441,000 Greater Toronto Airports Authority 4.53 Dec. 2, 2041 450,402 506,204 233,000 Greater Toronto Airports Authority 5.26 Apr. 17, 2018 251,609 245,125 905,000 Greater Toronto Airports Authority 5.30 Feb. 25, 2041 1,041,721 1,147,048 496,000 Greater Toronto Airports Authority 5.63 Jun. 7, 2040 555,758 650,299 1,243,000 Greater Toronto Airports Authority 5.96 Nov. 20, 2019 1,452,768 1,402,791 573,000 Greater Toronto Airports Authority 6.45 Dec. 3, 2027 738,174 764,750 389,967 Greater Toronto Airports Authority 6.45 Jul. 30, 2029 417,982 482,876 578,000 Greater Toronto Airports Authority 6.47 Feb. 2, 2034 765,054 795,555 689,000 Greater Toronto Airports Authority 6.98 Oct. 15, 2032 862,397 980,014 584,000 Greater Toronto Airports Authority 7.05 Jun. 12, 2030 812,503 811,199 626,000 Greater Toronto Airports Authority 7.10 Jun. 4, 2031 790,661 883,986 1,845,000 Great-West Lifeco Finance (Delaware) Limited Partnership 5.69 Jun. 21, 2067 1,835,181 1,831,745 767,000 Great-West Lifeco Finance (Delaware) Limited Partnership 7.13 Jun. 26, 2068 848,133 821,511 560,000 Great-West Lifeco Inc. 4.65 Aug. 13, 2020 571,519 614,406 413,000 Great-West Lifeco Inc. 6.00 Nov. 16, 2039 487,536 527,420 347,000 Great-West Lifeco Inc. 6.14 Mar. 21, 2018 381,606 366,606 537,000 Great-West Lifeco Inc. 6.67 Mar. 21, 2033 653,809 702,394 298,000 Great-West Lifeco Inc. 6.74 Nov. 24, 2031 404,685 389,129 568,000 H&R Real Estate Investment Trust 2.92 May 6, 2022 568,545 565,670 284,000 H&R Real Estate Investment Trust 3.34 Jun. 20, 2018 284,633 290,139 181,000 H&R Real Estate Investment Trust 4.45 Mar. 2, 2020 181,792 191,437 375,000 Halifax International Airport Authority 4.89 Nov. 15, 2050 396,283 442,493 216,000 Halifax International Airport Authority 5.50 Jul. 19, 2041 217,585 275,127 252,000 HCN Canadian Holdings-1 Limited Partnership 3.35 Nov. 25, 2020 253,319 259,156 1,730,000 Health Montreal Collective Limited Partnership 6.72 Sep. 30, 2049 2,301,397 2,150,257 827,000 Hollis Receivables Term Trust II 1.79 Feb. 26, 2020 828,313 828,365 796,000 Hollis Receivables Term Trust II 2.43 Jun. 26, 2019 803,742 813,453 113,000 Home Trust Company 2.28 Mar. 6, 2018 112,904 112,730 281,000 Home Trust Company 3.40 Dec. 10, 2018 282,466 284,056 429,000 Honda Canada Finance Inc. 1.63 Aug. 12, 2019 429,495 429,312 883,000 Honda Canada Finance Inc. 1.82 Dec. 7, 2021 883,000 871,325 479,000 Honda Canada Finance Inc. 2.16 Feb. 18, 2021 481,624 482,806 824,000 Honda Canada Finance Inc. 2.35 Jun. 4, 2018 831,110 836,224 235,000 Hospital for Sick Children (The) 5.22 Dec. 16, 2049 254,521 291,397 1,514,519 Hospital Infrastructure Partners (NOH) Partnership 5.44 Jan. 31, 2045 1,813,971 1,690,562 926,000 HSBC Bank Canada 1.82 Jul. 7, 2020 922,735 920,579 1,030,000 HSBC Bank Canada 2.08 Nov. 26, 2018 1,032,272 1,040,511 1,464,000 HSBC Bank Canada 2.45 Jan. 29, 2021 1,470,482 1,484,617 1,159,000 HSBC Bank Canada 2.49 May 13, 2019 1,169,234 1,179,711 1,359,000 HSBC Bank Canada 2.91 Sep. 29, 2021 1,365,915 1,400,008 1,485,000 HSBC Bank Canada 2.94 Jan. 14, 2020 1,529,593 1,531,860 981,000 Husky Energy Inc. 3.55 Mar. 12, 2025 983,913 992,751 588,000 Husky Energy Inc. 5.00 Mar. 12, 2020 650,332 637,267 92,000 IGM Financial Inc. 6.00 Dec. 10, 2040 117,843 111,984 250,000 IGM Financial Inc. 7.11 Mar. 7, 2033 330,468 330,255 945,000 IGM Financial Inc. 7.35 Apr. 8, 2019 1,041,093 1,058,747 417,000 Industrial Alliance Insurance and Financial Services Inc. 2.64 Feb. 23, 2027 416,065 414,535 437,000 Industrial Alliance Insurance and Financial Services Inc. 2.80 May 16, 2024 437,516 441,319 485,000 Industrial Alliance Insurance and Financial Services Inc. 3.30 Sep. 15, 2028 488,109 489,991 517,000 InPower BC General Partnership 4.47 Mar. 31, 2033 519,318 542,364 580,000 Intact Financial Corporation 3.77 Mar. 2, 2026 592,192 613,733 578,000 Intact Financial Corporation 4.70 Aug. 18, 2021 581,697 643,454 581,000 Intact Financial Corporation 5.16 Jun. 16, 2042 586,764 662,733 66,000 Intact Financial Corporation 5.41 Sep. 3, 2019 71,190 72,356 105,000 Intact Financial Corporation 6.40 Nov. 23, 2039 137,312 137,765

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 123,000 Integrated Team Solutions PCH Partnership 4.88 May 31, 2046 125,065 132,363 172,788 Integrated Team Solutions SJHC Partnership 5.95 Nov. 30, 2042 176,756 211,845 774,000 Inter Pipeline Limited 2.61 Sep. 13, 2023 774,000 766,321 332,000 Inter Pipeline Limited 3.17 Mar. 24, 2025 332,624 334,611 603,000 Inter Pipeline Limited 3.45 Jul. 20, 2020 606,312 633,366 329,000 Inter Pipeline Limited 3.48 Dec. 16, 2026 329,000 332,566 101,000 Inter Pipeline Limited 3.78 May 30, 2022 107,224 107,445 446,000 Inter Pipeline Limited 3.84 Jul. 30, 2018 446,308 462,454 450,000 Inter Pipeline Limited 4.64 May 30, 2044 449,328 455,295 517,000 Inter Pipeline Limited 4.97 Feb. 2, 2021 550,050 572,739 313,000 Inter-American Development Bank 1.88 Mar. 20, 2020 313,545 317,609 804,000 Inter-American Development Bank 4.40 Jan. 26, 2026 807,583 921,682 1,384,000 International Bank for Reconstruction and Development 1.88 May 30, 2019 1,388,590 1,407,536 138,000 Investors Group Inc. 7.00 Dec. 31, 2032 150,033 180,261 375,000 John Deere Canada Funding Inc. 1.60 Jul. 13, 2020 374,309 372,053 174,000 John Deere Canada Funding Inc. 1.75 Jan. 28, 2019 174,239 174,903 237,000 John Deere Canada Funding Inc. 2.05 Sep. 17, 2020 237,913 238,494 528,000 John Deere Canada Funding Inc. 2.05 May 13, 2022 527,753 523,724 615,000 John Deere Canada Funding Inc. 2.30 Jan. 17, 2018 623,094 622,073 362,000 John Deere Canada Funding Inc. 2.35 Jun. 24, 2019 363,446 369,006 314,000 John Deere Canada Funding Inc. 2.65 Jul. 16, 2018 317,511 319,983 743,000 Kingston Solar Limited Partnership 3.57 Jul. 31, 2035 743,000 714,998 751,000 Kraft Canada Inc. 2.70 Jul. 6, 2020 755,781 762,235 309,000 Laurentian Bank of Canada 2.50 Jan. 23, 2020 310,723 311,397 521,000 Laurentian Bank of Canada 2.75 Apr. 22, 2021 521,939 525,916 330,000 Laurentian Bank of Canada 2.81 Jun. 13, 2019 338,943 335,849 893,000 Laurentian Bank of Canada 3.28 Oct. 15, 2018 919,209 914,303 818,000 Leisureworld Senior Care Limited Partnership 3.47 Feb. 3, 2021 824,421 858,452 757,000 Loblaw Companies Limited 3.75 Mar. 12, 2019 762,042 790,713 1,272,000 Loblaw Companies Limited 4.86 Sep. 12, 2023 1,316,525 1,426,930 530,000 Loblaw Companies Limited 5.22 Jun. 18, 2020 582,065 587,023 651,000 Loblaw Companies Limited 5.90 Jan. 18, 2036 796,000 772,109 306,000 Loblaw Companies Limited 6.05 Jun. 9, 2034 321,159 366,266 157,000 Loblaw Companies Limited 6.15 Jan. 29, 2035 167,621 190,219 346,000 Loblaw Companies Limited 6.50 Jan. 22, 2029 304,146 425,643 42,000 Loblaw Companies Limited 6.54 Feb. 17, 2033 54,415 52,061 261,000 Loblaw Companies Limited 6.85 Mar. 1, 2032 297,966 331,893 284,000 Lower Mattagami Energy Limited Partnership 2.31 Oct. 21, 2026 278,016 271,645 374,000 Lower Mattagami Energy Limited Partnership 3.42 Jun. 20, 2024 380,368 396,652 71,000 Lower Mattagami Energy Limited Partnership 4.18 Feb. 23, 2046 74,463 75,662 376,000 Lower Mattagami Energy Limited Partnership 4.18 Apr. 23, 2052 377,706 394,435 464,000 Lower Mattagami Energy Limited Partnership 4.33 May 18, 2021 477,574 510,904 353,000 Lower Mattagami Energy Limited Partnership 4.94 Sep. 21, 2043 367,518 420,250 297,000 Lower Mattagami Energy Limited Partnership 5.14 May 18, 2041 338,567 359,593 594,000 Magna International Inc. 3.10 Dec. 15, 2022 604,087 608,691 185,000 Manitoba Telecom Services Inc. 4.00 May 27, 2024 186,693 195,942 175,000 Manitoba Telecom Services Inc. 4.59 Oct. 1, 2018 186,664 183,911 518,000 Manitoba Telecom Services Inc. 5.63 Dec. 16, 2019 567,473 572,596 1,085,000 Manufacturers Life Insurance Company (The) 2.10 Jun. 1, 2025 1,079,265 1,080,508 537,000 Manufacturers Life Insurance Company (The) 2.39 Jan. 5, 2026 536,135 538,217 681,000 Manufacturers Life Insurance Company (The) 2.64 Jan. 15, 2025 682,520 691,001 369,000 Manufacturers Life Insurance Company (The) 2.81 Feb. 21, 2024 369,905 375,107 247,000 Manufacturers Life Insurance Company (The) 2.82 Feb. 26, 2023 250,552 249,714 186,000 Manufacturers Life Insurance Company (The) 2.93 Nov. 29, 2023 187,442 189,102 1,581,000 Manufacturers Life Insurance Company (The) 3.18 Nov. 22, 2027 1,595,813 1,626,693 508,000 Manulife Bank of Canada 1.41 Feb. 27, 2018 507,767 508,771

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 201,000 Manulife Bank of Canada 1.92 Sep. 1, 2021 201,000 198,560 554,000 Manulife Finance (Delaware) Limited Partnership 5.06 Dec. 15, 2041 525,187 586,980 1,590,000 Manulife Financial Capital Trust II 7.41 Dec. 31, 2108 1,735,581 1,810,214 410,000 Manulife Financial Corporation 5.51 Jun. 26, 2018 442,939 433,408 710,000 Manulife Financial Corporation 7.77 Apr. 8, 2019 725,377 801,143 63,000 Maritimes & Northeast Pipeline Limited Partnership 4.34 Nov. 30, 2019 64,440 64,241 1,417,000 Master Credit Card Trust II 2.72 Nov. 21, 2018 1,430,774 1,453,534 260,000 MCAP Commercial Limited Partnership 3.96 Mar. 11, 2019 260,053 256,883 21,000 McGill University 3.98 Jan. 29, 2056 23,778 21,071 604,000 McGill University 6.15 Sep. 22, 2042 612,690 826,292 391,000 McGill University Health Centre 5.36 Dec. 31, 2043 397,909 488,617 121,000 McMaster University 4.11 Nov. 26, 2065 128,000 125,879 28,000 McMaster University 6.15 Oct. 7, 2052 34,830 40,209 564,147 Melancthon Wolfe Wind Limited Partnership 3.83 Dec. 31, 2028 565,747 575,906 630,000 METRO INC. 3.20 Dec. 1, 2021 646,081 655,070 307,000 METRO INC. 5.03 Dec. 1, 2044 323,809 326,125 251,000 METRO INC. 5.97 Oct. 15, 2035 276,270 293,300 722,002 Milit-Air Inc. 5.75 Jun. 30, 2019 759,971 766,975 375,000 Morguard Corporation 4.01 Nov. 18, 2020 375,000 378,267 1,588,000 National Bank of Canada 1.74 Mar. 3, 2020 1,591,916 1,589,007 1,025,000 National Bank of Canada 1.95 Dec. 11, 2017 1,026,672 1,032,981 1,286,000 National Bank of Canada 2.11 Mar. 18, 2022 1,289,858 1,282,789 954,000 National Bank of Canada 2.40 Oct. 28, 2019 960,275 975,405 1,297,000 National Bank of Canada 2.79 Aug. 9, 2018 1,319,799 1,326,802 1,110,000 NAV Canada 1.95 Apr. 19, 2018 1,110,770 1,122,880 206,000 NAV Canada 3.53 Feb. 23, 2046 210,215 205,207 80,000 NAV Canada 4.40 Feb. 18, 2021 90,464 88,543 143,000 NAV Canada 5.30 Apr. 17, 2019 158,559 155,627 156,000 NAV Canada 7.40 Jun. 1, 2027 228,849 220,486 602,250 NAV Canada 7.56 Mar. 1, 2027 740,209 760,060 619,000 NBC Asset Trust 7.24 Dec. 29, 2049 706,743 666,564 47,000 NBC Asset Trust 7.45 Dec. 29, 2049 54,332 53,992 618,000 Nissan Canada Financial Services Inc. 1.58 Oct. 7, 2019 617,333 615,485 883,185 North Battleford Power Limited Partnership 4.96 Dec. 31, 2032 896,572 973,954 969,000 North West Redwater Partnership/NWR Financing Company Limited 2.10 Feb. 23, 2022 966,467 967,929 506,000 North West Redwater Partnership/NWR Financing Company Limited 3.20 Jul. 22, 2024 513,569 525,478 500,000 North West Redwater Partnership/NWR Financing Company Limited 3.20 Apr. 24, 2026 505,598 509,586 532,000 North West Redwater Partnership/NWR Financing Company Limited 3.70 Feb. 23, 2043 518,133 510,817 1,024,000 North West Redwater Partnership/NWR Financing Company Limited 4.05 Jul. 22, 2044 1,027,486 1,045,082 403,000 North West Redwater Partnership/NWR Financing Company Limited 4.15 Jun. 1, 2033 407,167 421,933 616,000 North West Redwater Partnership/NWR Financing Company Limited 4.25 Jun. 1, 2029 631,664 659,529 939,000 North West Redwater Partnership/NWR Financing Company Limited 4.35 Jan. 10, 2039 949,899 993,047 712,000 North West Redwater Partnership/NWR Financing Company Limited 4.75 Jun. 1, 2037 733,587 798,540 187,397 Northland Power Solar Finance One Limited Partners 4.40 Jun. 30, 2032 189,409 196,347 307,619 Northwestconnect Group Partnership 5.95 Apr. 30, 2041 377,854 365,082 500,000 NOVA Gas Transmission Limited 9.90 Dec. 16, 2024 758,170 727,713 230,000 Nova Scotia Power Inc. 3.61 May 1, 2045 229,734 215,467

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 464,000 Nova Scotia Power Inc. 4.15 Mar. 6, 2042 469,890 478,948 370,000 Nova Scotia Power Inc. 4.50 Jul. 20, 2043 382,650 402,674 560,000 Nova Scotia Power Inc. 5.61 Jun. 15, 2040 663,909 700,326 137,000 Nova Scotia Power Inc. 5.67 Nov. 14, 2035 145,597 168,288 60,000 Nova Scotia Power Inc. 5.95 Jul. 27, 2039 81,813 77,741 95,000 Nova Scotia Power Inc. 6.95 Aug. 25, 2033 135,844 130,078 20,000 Nova Scotia Power Inc. 8.85 May 19, 2025 29,386 28,062 484,000 OMERS Realty Corporation 1.82 May 9, 2022 484,000 474,807 239,000 OMERS Realty Corporation 2.47 Nov. 12, 2019 239,873 244,568 703,000 OMERS Realty Corporation 2.50 Jun. 5, 2018 711,697 714,796 590,000 OMERS Realty Corporation 2.86 Feb. 23, 2024 599,064 601,399 238,000 OMERS Realty Corporation 2.97 Apr. 5, 2021 241,666 247,909 430,000 OMERS Realty Corporation 3.20 Jul. 24, 2020 450,983 450,505 272,000 OMERS Realty Corporation 3.33 Nov. 12, 2024 274,881 284,332 708,000 OMERS Realty Corporation 3.36 Jun. 5, 2023 731,341 746,494 224,000 OMERS Realty Corporation 4.74 Jun. 4, 2018 223,292 234,907 201,000 OPB Finance Trust 2.95 Feb. 2, 2026 204,073 203,754 664,593 Original Wempi Inc. 4.06 Feb. 13, 2024 672,952 685,811 388,000 Original Wempi Inc. 4.31 Feb. 13, 2024 395,487 405,347 336,256 Ornge Issuer Trust 5.73 Jun. 11, 2034 344,633 393,117 799,000 Ottawa Macdonald-Cartier International Airport Authority 3.93 Jun. 9, 2045 814,659 790,481 40,000 Ottawa Macdonald-Cartier International Airport Authority 4.73 May 2, 2017 41,124 40,480 26,098 Ottawa Macdonald-Cartier International Airport Authority 6.97 May 25, 2032 28,223 33,597 68,000 Ottawa-Carleton Catholic District School Board 6.50 Mar. 22, 2022 75,811 80,819 209,000 Pembina Pipeline Corporation 3.54 Feb. 3, 2025 209,085 212,687 580,000 Pembina Pipeline Corporation 3.71 Aug. 11, 2026 586,512 585,759 652,000 Pembina Pipeline Corporation 3.77 Oct. 24, 2022 666,643 684,348 821,000 Pembina Pipeline Corporation 4.24 Jun. 15, 2027 825,718 854,698 405,000 Pembina Pipeline Corporation 4.75 Apr. 30, 2043 392,206 400,635 874,000 Pembina Pipeline Corporation 4.81 Mar. 25, 2044 861,979 870,906 438,000 Pembina Pipeline Corporation 4.89 Mar. 29, 2021 441,751 480,646 387,000 Penske Truck Leasing Canada Inc. 2.95 Jun. 12, 2020 388,258 391,452 340,000 Penske Truck Leasing Canada Inc. 3.65 Feb. 1, 2018 341,359 346,527 414,000 Plenary Health Care Partnerships Humber Limited Partnership 4.82 Nov. 30, 2044 418,347 459,737 422,578 Plenary Health Care Partnerships Humber Limited Partnership 4.90 May 31, 2039 426,693 468,190 156,960 Plenary Health Hamilton Limited Partnership 5.80 May 31, 2043 156,959 189,028 1,189,387 Plenary Properties LTAP Limited Partnership 6.29 Jan. 31, 2044 1,377,657 1,520,701 209,000 Power Corporation of Canada 7.57 Apr. 22, 2019 218,378 234,856 267,000 Power Corporation of Canada 8.57 Apr. 22, 2039 290,428 413,307 73,000 Power Financial Corporation 6.90 Mar. 11, 2033 92,671 95,210 367,000 PowerStream Inc. 3.24 Nov. 21, 2024 370,889 379,088 304,000 PowerStream Inc. 3.96 Jul. 30, 2042 304,423 302,835 212,000 PSS Generating Station Limited Partnership 4.80 Oct. 24, 2067 219,349 218,963 28,000 Queen's University 6.10 Nov. 19, 2032 32,764 36,352 792,000 RBC Capital Trust 6.82 Dec. 29, 2049 870,057 849,468 326,000 Reliance Limited Partnership 3.81 Sep. 15, 2020 326,494 327,880 131,000 Reliance Limited Partnership 4.08 Aug. 2, 2021 131,204 131,802 445,000 Reliance Limited Partnership 5.19 Mar. 15, 2019 472,468 464,440 300,000 RioCan Real Estate Investment Trust 2.19 Aug. 26, 2020 299,622 298,723 652,000 RioCan Real Estate Investment Trust 2.87 Mar. 5, 2018 652,522 662,098 262,000 RioCan Real Estate Investment Trust 3.29 Feb. 12, 2024 262,872 262,790 268,000 RioCan Real Estate Investment Trust 3.62 Jun. 1, 2020 269,824 279,753 188,000 RioCan Real Estate Investment Trust 3.72 Dec. 13, 2021 189,575 197,292 340,000 RioCan Real Estate Investment Trust 3.73 Apr. 18, 2023 341,975 352,509

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 415,000 RioCan Real Estate Investment Trust 3.75 May 30, 2022 419,143 433,764 336,000 RioCan Real Estate Investment Trust 3.85 Jun. 28, 2019 347,044 351,775 625,000 Rogers Communications Inc. 2.80 Mar. 13, 2019 632,747 641,199 569,000 Rogers Communications Inc. 4.00 Jun. 6, 2022 569,782 614,633 514,000 Rogers Communications Inc. 4.00 Mar. 13, 2024 519,997 553,464 1,184,000 Rogers Communications Inc. 4.70 Sep. 29, 2020 1,226,201 1,298,300 1,818,000 Rogers Communications Inc. 5.34 Mar. 22, 2021 1,921,270 2,049,046 563,000 Rogers Communications Inc. 5.38 Nov. 4, 2019 575,708 619,059 1,049,000 Rogers Communications Inc. 6.11 Aug. 25, 2040 1,113,106 1,269,398 485,000 Rogers Communications Inc. 6.56 Mar. 22, 2041 526,452 620,046 702,000 Rogers Communications Inc. 6.68 Nov. 4, 2039 877,203 904,423 2,478,000 Royal Bank of Canada 1.40 Apr. 26, 2019 2,484,984 2,478,551 2,107,000 Royal Bank of Canada 1.58 Sep. 13, 2021 2,099,404 2,064,507 696,000 Royal Bank of Canada 1.59 Mar. 23, 2020 696,294 695,810 2,123,000 Royal Bank of Canada 1.65 Jul. 15, 2021 2,123,409 2,091,343 2,254,000 Royal Bank of Canada 1.92 Jul. 17, 2020 2,264,408 2,264,676 2,486,000 Royal Bank of Canada 1.97 Mar. 2, 2022 2,485,874 2,462,986 3,172,000 Royal Bank of Canada 2.03 Mar. 15, 2021 3,186,630 3,183,921 3,610,000 Royal Bank of Canada 2.26 Mar. 12, 2018 3,638,548 3,654,483 2,280,000 Royal Bank of Canada 2.33 Dec. 5, 2023 2,280,000 2,264,592 1,794,000 Royal Bank of Canada 2.35 Dec. 9, 2019 1,802,749 1,830,849 2,062,000 Royal Bank of Canada 2.77 Dec. 11, 2018 2,072,860 2,115,226 2,691,000 Royal Bank of Canada 2.82 Jul. 12, 2018 2,733,452 2,752,040 2,892,000 Royal Bank of Canada 2.86 Mar. 4, 2021 2,958,147 2,997,709 1,253,000 Royal Bank of Canada 2.89 Oct. 11, 2018 1,259,946 1,285,978 999,000 Royal Bank of Canada 2.98 May 7, 2019 1,016,669 1,032,328 2,206,000 Royal Bank of Canada 2.99 Dec. 6, 2024 2,228,920 2,276,756 1,301,000 Royal Bank of Canada 3.77 Mar. 30, 2018 1,383,598 1,342,699 876,000 Royal Bank of Canada 4.93 Jul. 16, 2025 919,088 1,032,827 153,000 Saputo Inc. 2.20 Jun. 23, 2021 153,100 153,061 710,000 Saputo Inc. 2.65 Nov. 26, 2019 712,275 727,396 561,000 Saputo Inc. 2.83 Nov. 21, 2023 561,000 562,123 941,000 Scotiabank Capital Trust 5.65 Dec. 31, 2056 995,781 1,085,991 1,026,000 Scotiabank Tier 1 Trust 7.80 Jun. 30, 2108 1,119,081 1,153,157 500,118 Sea To Sky Highway Investment Limited Partnership 2.63 Oct. 31, 2030 500,576 482,935 527,948 SEC LP and Arci Limited 5.19 Aug. 29, 2033 594,715 553,453 260,000 SGTP Highway Bypass Limited Partnership 4.11 Jan. 31, 2045 264,849 261,893 135,000 SGTP Highway Bypass Limited Partnership 4.16 Jul. 31, 2049 137,443 132,339 214,000 Shaw Communications Inc. 3.15 Feb. 19, 2021 215,509 218,430 718,000 Shaw Communications Inc. 4.35 Jan. 31, 2024 752,934 765,868 683,000 Shaw Communications Inc. 5.50 Dec. 7, 2020 747,660 758,220 1,478,000 Shaw Communications Inc. 5.65 Oct. 1, 2019 1,542,608 1,612,732 1,721,000 Shaw Communications Inc. 6.75 Nov. 9, 2039 1,988,499 2,062,844 512,000 Shoppers Drug Mart Corporation 2.36 May 24, 2018 513,726 518,090 375,000 Simon Fraser University 5.61 Jun. 10, 2043 379,079 488,160 232,000 Sinai Health System 3.53 Jun. 9, 2056 234,880 215,563 139,000 Smart Real Estate Investment Trust 2.99 Aug. 28, 2024 139,186 133,229 248,000 Smart Real Estate Investment Trust 3.39 Dec. 1, 2017 251,292 252,274 281,000 Smart Real Estate Investment Trust 3.44 Aug. 28, 2026 281,379 269,520 251,000 Smart Real Estate Investment Trust 3.56 Feb. 6, 2025 252,763 249,678 161,000 Smart Real Estate Investment Trust 3.73 Jul. 22, 2022 162,337 166,965 194,000 Smart Real Estate Investment Trust 3.75 Feb. 11, 2021 197,219 203,176 298,000 Smart Real Estate Investment Trust 3.99 May 30, 2023 286,794 310,898 241,000 Smart Real Estate Investment Trust 4.05 Jul. 27, 2020 241,972 254,287 651,000 SNC-Lavalin Group Inc. 6.19 Jul. 3, 2019 742,955 704,572 956,749 SNC-Lavalin Innisfree McGill Finance Inc. 6.63 Jun. 30, 2044 1,168,037 1,220,757

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 767,000 Sobeys Inc. 3.52 Aug. 8, 2018 775,570 776,572 938,000 Sobeys Inc. 4.70 Aug. 8, 2023 952,211 934,852 240,000 Sobeys Inc. 6.06 Oct. 29, 2035 245,461 223,482 212,000 Sobeys Inc. 6.64 Jun. 7, 2040 213,695 208,798 185,000 Societe en commandite CE Sebastopol 4.14 Jul. 31, 2047 185,324 180,617 796,138 SP/SP1 Limited Partnership 3.21 Jun. 15, 2019 797,371 811,649 833,000 SSL Finance Inc/SSL Financement Inc. 4.10 Oct. 31, 2045 847,131 828,890 276,000 SSL Finance Inc/SSL Financement Inc. 4.18 Apr. 30, 2049 279,161 268,779 224,000 Sun Life Capital Trust 7.09 Jun. 30, 2052 264,149 285,239 630,000 Sun Life Capital Trust II 5.86 Dec. 31, 2108 652,800 690,218 579,000 Sun Life Financial Inc. 2.60 Sep. 25, 2025 579,513 584,031 143,000 Sun Life Financial Inc. 2.77 May 13, 2024 143,702 145,122 1,105,000 Sun Life Financial Inc. 3.05 Sep. 19, 2028 1,103,409 1,105,757 520,000 Sun Life Financial Inc. 3.10 Feb. 19, 2026 523,466 533,211 483,000 Sun Life Financial Inc. 4.57 Aug. 23, 2021 495,171 534,616 525,000 Sun Life Financial Inc. 5.40 May 29, 2042 545,984 590,205 413,000 Sun Life Financial Inc. 5.59 Jan. 30, 2023 451,760 430,141 396,000 Sun Life Financial Inc. 5.70 Jul. 2, 2019 435,524 435,097 828,000 Suncor Energy Inc. 3.00 Sep. 14, 2026 825,938 817,213 1,067,000 Suncor Energy Inc. 3.10 Nov. 26, 2021 1,084,834 1,112,593 394,000 Suncor Energy Inc. 4.34 Sep. 13, 2046 388,739 383,672 726,000 Suncor Energy Inc. 5.39 Mar. 26, 2037 751,109 811,889 1,082,000 Suncor Energy Inc. 5.80 May 22, 2018 1,107,833 1,146,520 1,251,000 TD Capital Trust III 7.24 Dec. 29, 2049 1,419,016 1,381,570 1,063,000 TD Capital Trust IV 6.63 Jun. 30, 2108 1,189,474 1,229,252 278,000 TD Capital Trust IV 9.52 Jun. 30, 2108 331,188 324,115 696,000 TD Capital Trust IV 10.00 Jun. 30, 2108 923,771 910,292 507,000 TELUS Communications Inc. 8.80 Sep. 22, 2025 709,706 704,453 265,000 TELUS Communications Inc. 9.65 Apr. 8, 2022 345,009 352,400 367,000 TELUS Communications Inc. 10.65 Jun. 19, 2021 548,544 489,662 136,000 TELUS Corporation 1.50 Mar. 27, 2018 135,910 136,271 1,309,000 TELUS Corporation 2.35 Mar. 28, 2022 1,304,303 1,301,694 547,000 TELUS Corporation 3.20 Apr. 5, 2021 549,680 568,383 525,000 TELUS Corporation 3.35 Mar. 15, 2023 548,016 543,672 1,620,000 TELUS Corporation 3.35 Apr. 1, 2024 1,652,260 1,662,641 452,000 TELUS Corporation 3.60 Jan. 26, 2021 455,189 477,495 937,000 TELUS Corporation 3.75 Jan. 17, 2025 968,570 980,590 422,000 TELUS Corporation 3.75 Mar. 10, 2026 427,903 436,725 675,000 TELUS Corporation 4.40 Apr. 1, 2043 672,906 644,818 503,000 TELUS Corporation 4.40 Jan. 29, 2046 508,319 478,802 418,000 TELUS Corporation 4.75 Jan. 17, 2045 414,840 420,764 1,104,000 TELUS Corporation 4.85 Apr. 5, 2044 1,125,011 1,128,069 1,361,000 TELUS Corporation 5.05 Dec. 4, 2019 1,437,977 1,486,363 1,054,000 TELUS Corporation 5.05 Jul. 23, 2020 1,064,866 1,163,082 453,000 TELUS Corporation 5.15 Nov. 26, 2043 462,719 482,497 118,000 Teranet Holdings Limited Parternship 3.65 Nov. 18, 2022 119,999 120,939 813,000 Teranet Holdings Limited Partnership 4.81 Dec. 16, 2020 891,663 879,000 471,000 Teranet Holdings Limited Partnership 5.75 Dec. 17, 2040 538,764 505,802 359,000 Teranet Holdings Limited Partnership 6.10 Jun. 17, 2041 431,789 402,570 737,000 Thomson Reuters Corporation 3.31 Nov. 12, 2021 749,602 765,856 557,000 Thomson Reuters Corporation 3.37 May 23, 2019 571,083 576,432 1,055,000 Thomson Reuters Corporation 4.35 Sep. 30, 2020 1,109,855 1,135,748 180,000 THP Partnership 4.39 Oct. 31, 2046 181,624 185,790 644,000 TMX Group Limited 3.25 Oct. 3, 2018 651,642 662,335 598,000 TMX Group Limited 4.46 Oct. 3, 2023 615,418 651,972 505,000 Toronto Hydro Corporation 2.52 Aug. 25, 2026 506,932 494,511

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 186,000 Toronto Hydro Corporation 2.91 Apr. 10, 2023 190,366 193,061 426,000 Toronto Hydro Corporation 3.54 Nov. 18, 2021 465,208 458,184 96,000 Toronto Hydro Corporation 3.55 Jul. 28, 2045 95,699 91,518 342,000 Toronto Hydro Corporation 3.96 Apr. 9, 2063 342,900 343,571 80,000 Toronto Hydro Corporation 4.08 Sep. 16, 2044 83,437 83,748 463,000 Toronto Hydro Corporation 4.49 Nov. 12, 2019 515,455 501,219 297,000 Toronto Hydro Corporation 5.54 May 21, 2040 305,575 376,529 2,702,000 Toronto-Dominion Bank (The) 1.68 Jun. 8, 2021 2,709,029 2,683,364 1,615,000 Toronto-Dominion Bank (The) 1.69 Apr. 2, 2020 1,618,169 1,615,160 2,516,000 Toronto-Dominion Bank (The) 1.91 Jul. 18, 2023 2,514,093 2,448,257 1,769,000 Toronto-Dominion Bank (The) 2.05 Mar. 8, 2021 1,778,861 1,779,414 1,685,000 Toronto-Dominion Bank (The) 2.17 Apr. 2, 2018 1,688,745 1,705,008 2,919,000 Toronto-Dominion Bank (The) 2.45 Apr. 2, 2019 2,953,728 2,982,464 2,769,000 Toronto-Dominion Bank (The) 2.56 Jun. 24, 2020 2,819,479 2,846,370 2,605,000 Toronto-Dominion Bank (The) 2.62 Dec. 22, 2021 2,662,930 2,676,765 2,945,000 Toronto-Dominion Bank (The) 3.23 Jul. 24, 2024 3,080,971 3,096,136 2,172,000 Toronto-Dominion Bank (The) 5.76 Dec. 18, 2106 2,260,751 2,259,796 652,000 Toronto-Dominion Bank (The) 5.83 Jul. 9, 2023 717,770 692,703 253,000 Toyota Credit Canada Inc. 1.75 Jul. 21, 2021 252,615 249,879 385,000 Toyota Credit Canada Inc. 1.80 Feb. 19, 2020 384,926 385,645 783,000 Toyota Credit Canada Inc. 2.05 May 20, 2020 786,726 789,538 466,000 Toyota Credit Canada Inc. 2.20 Feb. 25, 2021 466,605 470,062 584,000 Toyota Credit Canada Inc. 2.25 May 23, 2019 584,753 593,673 193,000 Toyota Credit Canada Inc. 2.48 Nov. 19, 2019 193,875 197,539 1,228,000 Toyota Credit Canada Inc. 2.75 Jul. 18, 2018 1,243,911 1,253,225 710,000 Toyota Credit Canada Inc. 2.80 Nov. 21, 2018 730,223 727,398 662,000 TransAlta Corporation 5.00 Nov. 25, 2020 653,333 680,919 355,000 TransAlta Corporation 6.40 Nov. 18, 2019 354,372 378,178 75,000 TransAlta Corporation 6.90 Nov. 15, 2030 58,834 74,129 14,000 TransAlta Corporation 7.30 Oct. 22, 2029 13,564 14,057 778,000 TransCanada Pipelines Limited 3.30 Jul. 17, 2025 777,433 807,512 1,013,000 TransCanada Pipelines Limited 3.65 Nov. 15, 2021 1,041,640 1,090,635 772,000 TransCanada Pipelines Limited 3.69 Jul. 19, 2023 803,767 828,136 705,000 TransCanada Pipelines Limited 4.35 Jun. 6, 2046 719,225 717,599 1,143,000 TransCanada Pipelines Limited 4.55 Nov. 15, 2041 1,162,553 1,194,433 217,000 TransCanada Pipelines Limited 6.28 May 26, 2028 233,043 264,639 9,000 TransCanada Pipelines Limited 6.50 Dec. 9, 2030 9,832 10,912 118,000 TransCanada Pipelines Limited 6.89 Aug. 7, 2028 133,847 150,213 36,000 TransCanada Pipelines Limited 7.90 Apr. 15, 2027 47,596 48,170 555,000 TransCanada Pipelines Limited 8.05 Feb. 17, 2039 697,264 843,310 17,000 TransCanada Pipelines Limited 8.20 Aug. 15, 2031 22,123 23,680 870,000 TransCanada Pipelines Limited 8.21 Apr. 25, 2030 1,241,075 1,176,986 351,000 TransCanada Pipelines Limited 8.29 Feb. 5, 2026 457,465 476,430 23,000 TransCanada Pipelines Limited 11.80 Nov. 20, 2020 35,401 30,914 510,000 Transcontinental Inc. 3.90 May 13, 2019 511,001 520,202 566,000 TransEd Partners General Partnership 3.95 Sep. 30, 2050 526,846 508,408 215,694 Trillium Windpower Limited Partnership 5.80 Feb. 15, 2033 218,066 239,869 327,000 Union Gas Limited 2.76 Jun. 2, 2021 328,257 338,662 239,000 Union Gas Limited 2.81 Jun. 1, 2026 240,605 238,825 290,000 Union Gas Limited 3.19 Sep. 17, 2025 296,125 300,694 311,000 Union Gas Limited 3.79 Jul. 10, 2023 313,010 337,368 491,000 Union Gas Limited 3.80 Jun. 1, 2046 493,039 486,099 603,000 Union Gas Limited 4.20 Jun. 2, 2044 615,439 637,896 267,000 Union Gas Limited 4.85 Apr. 25, 2022 308,788 303,262 554,000 Union Gas Limited 4.88 Jun. 21, 2041 590,615 642,011 316,000 Union Gas Limited 5.20 Jul. 23, 2040 349,612 382,324

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 694,000 Union Gas Limited 5.35 Apr. 27, 2018 774,218 729,563 268,000 Union Gas Limited 5.46 Sep. 11, 2036 282,652 327,425 169,000 Union Gas Limited 6.05 Sep. 2, 2038 207,000 222,769 344,505 University Health Network 5.64 Dec. 8, 2022 365,398 384,506 162,000 University of British Columbia 4.82 Jul. 26, 2035 158,198 187,586 394,000 University of British Columbia 6.65 Dec. 1, 2031 420,891 534,378 12,000 University of Guelph 6.24 Oct. 10, 2042 16,036 16,549 420,004 University of Ontario Institute of Technology 6.35 Oct. 15, 2034 437,891 505,577 134,000 University of Ottawa 3.26 Oct. 12, 2056 134,000 118,277 19,000 University of Ottawa 6.28 Apr. 15, 2043 25,877 26,642 450,000 University of Toronto 4.25 Dec. 7, 2051 456,195 480,509 73,000 University of Toronto 4.49 Dec. 13, 2046 62,475 81,348 138,000 University of Toronto 6.78 Jul. 18, 2031 143,410 185,377 660,000 University of Western Ontario 4.80 May 24, 2047 665,207 772,563 359,000 University of Windsor 5.37 Jun. 29, 2046 382,226 443,871 423,000 Vancouver Airport Authority 3.86 Nov. 10, 2045 439,536 439,654 124,000 Vancouver Airport Authority 4.42 Dec. 7, 2018 133,850 131,303 529,000 Ventas Canada Finance Limited 3.00 Sep. 30, 2019 533,654 542,532 386,000 Ventas Canada Finance Limited 3.30 Feb. 1, 2022 390,710 395,033 257,000 Ventas Canada Finance Limited 4.13 Sep. 30, 2024 262,375 269,882 461,000 Veresen Inc. 3.06 Jun. 13, 2019 459,685 466,349 620,000 Veresen Inc. 3.43 Nov. 10, 2021 619,944 622,727 141,000 Veresen Inc. 4.00 Nov. 22, 2018 141,793 145,506 529,000 VW Credit Canada Inc. 1.60 Apr. 4, 2018 528,639 529,095 344,000 VW Credit Canada Inc. 2.15 Jun. 24, 2020 342,146 342,301 743,000 VW Credit Canada Inc. 2.50 Oct. 1, 2019 742,002 751,651 505,000 VW Credit Canada Inc. 2.80 Aug. 20, 2018 506,863 513,628 1,210,000 Wells Fargo Canada Corporation 2.78 Nov. 15, 2018 1,214,879 1,239,808 2,197,000 Wells Fargo Canada Corporation 2.94 Jul. 25, 2019 2,237,143 2,269,572 1,135,000 Wells Fargo Canada Corporation 3.04 Jan. 29, 2021 1,160,423 1,182,973 637,000 Wells Fargo Canada Corporation 3.46 Jan. 24, 2023 684,749 674,676 60,000 Westcoast Energy Inc. 3.12 Dec. 5, 2022 61,783 61,395 523,000 Westcoast Energy Inc. 3.43 Sep. 12, 2024 526,741 535,089 294,000 Westcoast Energy Inc. 3.77 Dec. 8, 2025 298,382 304,376 315,000 Westcoast Energy Inc. 3.88 Oct. 28, 2021 315,214 336,010 682,000 Westcoast Energy Inc. 4.57 Jul. 2, 2020 702,220 737,325 317,000 Westcoast Energy Inc. 4.79 Oct. 28, 2041 322,895 327,868 398,000 Westcoast Energy Inc. 5.60 Jan. 16, 2019 437,376 427,132 67,000 Westcoast Energy Inc. 6.75 Dec. 15, 2027 75,348 82,866 57,000 Westcoast Energy Inc. 7.15 Mar. 20, 2031 74,061 72,403 454,000 Westcoast Energy Inc. 7.30 Dec. 18, 2026 558,797 583,808 225,000 Westcoast Energy Inc. 8.85 Jul. 21, 2025 318,219 314,647 533,000 WestJet Airlines Limited 3.29 Jul. 23, 2019 536,262 543,534 182,000 Wilfrid Laurier University 5.43 Feb. 1, 2045 189,831 222,883 12,000 Windsor Canada Utilities Limited 4.13 Nov. 6, 2042 12,337 11,637 507,728 Winnipeg Airport Authority Inc. 5.21 Sep. 28, 2040 511,034 568,705 136,235 Winnipeg Airport Authority Inc. 6.10 Nov. 20, 2040 168,692 165,222 128,000 York University 4.46 Feb. 26, 2054 131,290 142,004 86,000 York University 6.48 Mar. 7, 2042 108,542 122,975 511,089,620 521,559,389

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Government debt instruments 71.7% Federal government bonds 35.5% 429,885 Broadcast Centre Trust 7.53 May 1, 2027 551,086 552,489 87,000 Business Development Bank of Canada 4.35 Feb. 28, 2022 100,441 98,178 6,638,000 Canada Housing Trust 1.15 Dec. 15, 2021 6,624,923 6,514,435 5,603,000 Canada Housing Trust 1.20 Jun. 15, 2020 5,602,068 5,593,210 12,097,000 Canada Housing Trust 1.25 Dec. 15, 2020 12,118,242 12,053,610 13,535,000 Canada Housing Trust 1.25 Jun. 15, 2021 13,601,632 13,421,984 7,051,000 Canada Housing Trust 1.45 Jun. 15, 2020 7,092,322 7,098,104 5,161,000 Canada Housing Trust 1.50 Dec. 15, 2021 5,157,800 5,150,310 4,936,000 Canada Housing Trust 1.70 Dec. 15, 2017 4,958,218 4,983,615 5,501,000 Canada Housing Trust 1.75 Jun. 15, 2018 5,518,750 5,578,414 6,885,000 Canada Housing Trust 1.90 Sep. 15, 2026 6,935,648 6,691,737 1,892,000 Canada Housing Trust 1.90 Sep. 15, 2026 1,857,433 1,838,891 12,342,000 Canada Housing Trust 1.95 Jun. 15, 2019 12,442,273 12,617,453 2,910,000 Canada Housing Trust 1.95 Dec. 15, 2025 2,927,243 2,865,355 13,016,000 Canada Housing Trust 2.00 Dec. 15, 2019 13,255,317 13,341,783 5,915,000 Canada Housing Trust 2.05 Jun. 15, 2018 5,934,094 6,023,688 4,620,000 Canada Housing Trust 2.25 Dec. 15, 2025 4,735,387 4,661,031 12,649,000 Canada Housing Trust 2.35 Dec. 15, 2018 12,905,582 12,999,817 5,242,000 Canada Housing Trust 2.35 Sep. 15, 2023 5,259,129 5,414,729 7,937,000 Canada Housing Trust 2.40 Dec. 15, 2022 8,141,338 8,243,167 6,888,000 Canada Housing Trust 2.55 Mar. 15, 2025 7,163,463 7,149,350 8,072,000 Canada Housing Trust 2.65 Mar. 15, 2022 8,321,162 8,496,558 7,179,000 Canada Housing Trust 2.90 Jun. 15, 2024 7,577,761 7,653,334 2,269,000 Canada Housing Trust 3.15 Sep. 15, 2023 2,435,445 2,457,267 5,305,000 Canada Housing Trust 3.35 Dec. 15, 2020 5,371,935 5,712,298 7,129,000 Canada Housing Trust 3.75 Mar. 15, 2020 7,904,140 7,702,731 9,748,000 Canada Housing Trust 3.80 Jun. 15, 2021 10,796,535 10,732,943 8,990,000 Canada Housing Trust 4.10 Dec. 15, 2018 9,377,403 9,541,942 619,000 Canada Post Corporation 4.08 Jul. 16, 2025 649,384 710,494 636,000 Canada Post Corporation 4.36 Jul. 16, 2040 656,100 784,677 436,338 CBC Monetization Trust 4.69 May 15, 2027 455,763 495,587 154,000 City of Vancouver 2.70 Dec. 15, 2026 153,812 152,913 1,579,000 CPPIB Capital Inc. 1.00 Jan. 15, 2019 1,578,552 1,576,085 989,000 CPPIB Capital Inc. 1.10 Jun. 10, 2019 988,958 986,599 1,678,000 CPPIB Capital Inc. 1.40 Jun. 4, 2020 1,680,843 1,674,952 141,000 Farm Credit Canada 4.55 Apr. 12, 2021 158,379 158,578 8,260,000 Government of Canada 0.25 May 1, 2018 8,215,914 8,213,088 8,932,000 Government of Canada 0.50 Aug. 1, 2018 8,917,302 8,899,999 17,750,000 Government of Canada 0.50 Nov. 1, 2018 17,702,925 17,671,456 5,250,000 Government of Canada 0.50 Feb. 1, 2019 5,223,007 5,220,967 7,600,000 Government of Canada 0.50 Mar. 1, 2022 7,406,974 7,336,546 12,318,000 Government of Canada 0.75 Sep. 1, 2020 12,329,041 12,211,076 13,842,000 Government of Canada 0.75 Mar. 1, 2021 13,898,978 13,663,078 12,374,000 Government of Canada 0.75 Sep. 1, 2021 12,286,389 12,170,834 7,348,000 Government of Canada 1.00 Jun. 1, 2027 7,101,605 6,770,103 14,136,000 Government of Canada 1.25 Feb. 1, 2018 14,276,923 14,230,229 11,904,000 Government of Canada 1.25 Mar. 1, 2018 11,894,506 11,985,554 11,648,000 Government of Canada 1.25 Sep. 1, 2018 11,605,698 11,746,524 17,609,000 Government of Canada 1.50 Mar. 1, 2020 18,085,116 17,921,785 13,429,000 Government of Canada 1.50 Jun. 1, 2023 13,277,794 13,514,452 14,883,000 Government of Canada 1.50 Jun. 1, 2026 15,092,919 14,604,688 8,691,000 Government of Canada 1.75 Mar. 1, 2019 8,872,815 8,871,895 13,878,000 Government of Canada 1.75 Sep. 1, 2019 14,293,452 14,210,529 15,263,000 Government of Canada 2.25 Jun. 1, 2025 16,484,287 16,004,961

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Federal government bonds... continued 14,081,000 Government of Canada 2.50 Jun. 1, 2024 15,251,898 15,048,498 11,803,000 Government of Canada 2.75 Jun. 1, 2022 12,982,079 12,722,770 11,591,000 Government of Canada 2.75 Dec. 1, 2048 13,226,881 12,736,274 3,217,000 Government of Canada 2.75 Dec. 1, 2064 3,608,502 3,643,007 12,375,000 Government of Canada 3.25 Jun. 1, 2021 13,896,786 13,521,199 14,833,000 Government of Canada 3.50 Jun. 1, 2020 16,682,204 16,094,798 15,689,000 Government of Canada 3.50 Dec. 1, 2045 21,012,876 19,504,930 21,538,000 Government of Canada 3.75 Jun. 1, 2019 23,835,432 23,046,680 17,530,500 Government of Canada 4.00 Jun. 1, 2041 23,184,601 22,907,593 19,245,000 Government of Canada 4.25 Jun. 1, 2018 21,278,094 20,198,125 14,955,000 Government of Canada 5.00 Jun. 1, 2037 22,166,324 21,502,009 11,948,000 Government of Canada 5.75 Jun. 1, 2029 17,386,028 16,859,385 13,720,000 Government of Canada 5.75 Jun. 1, 2033 21,245,409 20,418,441 2,408,000 Government of Canada 8.00 Jun. 1, 2023 3,585,474 3,379,145 3,637,000 Government of Canada 8.00 Jun. 1, 2027 5,770,856 5,758,495 631,000 Government of Canada 9.00 Jun. 1, 2025 1,059,861 995,626 19,000 Government of Canada 9.25 Jun. 1, 2022 28,659 26,940 1,484,000 Maritime Link Financing Trust 3.50 Dec. 1, 2052 1,527,660 1,570,215 1,201,000 PSP Capital Inc. 1.34 Aug. 18, 2021 1,200,652 1,182,314 1,636,000 PSP Capital Inc 2.09 Nov. 22, 2023 1,635,787 1,623,497 708,000 PSP Capital Inc. 3.03 Oct. 22, 2020 715,569 747,751 1,315,000 PSP Capital Inc. 3.29 Apr. 4, 2024 1,362,466 1,402,841 1,407,009 Royal Office Finance Limited Partnership 5.21 Nov. 12, 2032 1,490,826 1,706,011 662,089,130 653,572,616 Provincial government bonds 34.1% 428,000 Alberta Capital Finance Authority 4.45 Dec. 15, 2025 426,669 490,155 74,000 Alberta Capital Finance Authority 4.65 Jun. 15, 2017 76,604 75,300 181,000 Centre Hospitalier de l'universite de Montreal 4.45 Oct. 1, 2049 183,375 200,812 1,889,000 Financement-Quebec 2.40 Dec. 1, 2018 1,904,335 1,937,723 1,869,000 Financement-Quebec 2.45 Dec. 1, 2019 1,899,844 1,930,354 1,958,000 Financement-Quebec 5.25 Jun. 1, 2034 2,305,929 2,466,343 649,000 Hydro One Inc. 1.48 Nov. 18, 2019 650,161 649,763 419,000 Hydro One Inc. 1.62 Apr. 30, 2020 419,613 419,120 534,000 Hydro One Inc. 1.84 Feb. 24, 2021 536,315 536,047 943,000 Hydro One Inc. 2.77 Feb. 24, 2026 948,333 949,821 1,365,000 Hydro One Inc. 2.78 Oct. 9, 2018 1,372,460 1,399,907 823,000 Hydro One Inc. 3.20 Jan. 13, 2022 832,072 873,494 490,000 Hydro One Inc. 3.72 Nov. 18, 2047 490,000 481,621 536,000 Hydro One Inc. 3.79 Jul. 31, 2062 534,071 523,056 72,000 Hydro One Inc. 3.91 Feb. 23, 2046 73,772 73,447 220,000 Hydro One Inc. 4.00 Dec. 22, 2051 221,546 225,505 954,000 Hydro One Inc. 4.17 Jun. 6, 2044 1,033,996 1,013,474 411,000 Hydro One Inc. 4.39 Sep. 26, 2041 457,207 450,410 89,000 Hydro One Inc. 4.40 Jun. 1, 2020 98,880 97,085 244,000 Hydro One Inc. 4.59 Oct. 9, 2043 259,171 276,079 215,000 Hydro One Inc. 4.89 Mar. 13, 2037 240,808 249,006 352,000 Hydro One Inc. 5.00 Oct. 19, 2046 430,463 428,610 269,000 Hydro One Inc. 5.36 May 20, 2036 316,990 328,603 751,000 Hydro One Inc. 5.49 Jul. 16, 2040 950,578 945,104 519,000 Hydro One Inc. 6.03 Mar. 3, 2039 571,411 688,692 472,000 Hydro One Inc. 6.35 Jan. 31, 2034 637,275 629,554 513,000 Hydro One Inc. 6.93 Jun. 1, 2032 731,413 708,768 659,000 Hydro One Inc. 7.35 Jun. 3, 2030 940,669 923,168

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 1,099,000 Hydro-Quebec 1.00 May 25, 2019 1,095,957 1,095,098 519,000 Hydro-Quebec 4.00 Feb. 15, 2055 605,563 607,017 1,512,000 Hydro-Quebec 5.00 Feb. 15, 2045 1,839,980 1,991,779 2,035,000 Hydro-Quebec 5.00 Feb. 15, 2050 2,723,924 2,764,317 868,000 Hydro-Quebec 6.00 Aug. 15, 2031 1,144,264 1,169,344 1,397,000 Hydro-Quebec 6.00 Feb. 15, 2040 1,950,957 2,014,720 14,000 Hydro-Quebec 6.50 Jan. 16, 2035 19,811 20,126 2,425,000 Hydro-Quebec 6.50 Feb. 15, 2035 3,381,080 3,512,579 1,006,000 Hydro-Quebec 9.63 Jul. 15, 2022 1,484,990 1,412,528 255,000 Hydro-Quebec 10.50 Oct. 15, 2021 413,613 357,033 2,881,000 Hydro-Quebec 11.00 Aug. 15, 2020 4,550,824 3,839,614 1,009,000 Labrador-Island Link Funding Trust 3.76 Jun. 1, 2033 1,079,129 1,111,612 1,289,000 Labrador-Island Link Funding Trust 3.85 Dec. 1, 2053 1,379,364 1,486,151 804,000 Labrador-Island Link Funding Trust 3.86 Dec. 1, 2045 861,307 913,068 833,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.63 Jun. 1, 2029 872,658 910,496 464,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.83 Jun. 1, 2037 502,298 516,552 1,427,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.86 Dec. 1, 2048 1,523,972 1,635,161 1,362,200 New Brunswick F-M Project Company Inc. 6.47 Nov. 30, 2027 1,581,950 1,670,616 264,000 Newfoundland and Labrador Hydro 3.60 Dec. 1, 2045 263,975 253,104 217,000 Newfoundland and Labrador Hydro 5.70 Jul. 14, 2033 222,505 270,466 805,000 Newfoundland and Labrador Hydro 6.65 Aug. 27, 2031 814,985 1,082,064 16,000 Newfoundland and Labrador Hydro 8.40 Feb. 27, 2026 24,796 22,804 17,000 Newfoundland and Labrador Hydro 10.25 Jul. 14, 2017 24,223 17,836 1,231,000 Ontario Electricity Financial Corporation 8.25 Jun. 22, 2026 1,669,111 1,804,788 73,000 Ontario Electricity Financial Corporation 8.40 Nov. 6, 2020 97,179 90,506 21,000 Ontario Electricity Financial Corporation 8.50 May 26, 2025 30,465 30,423 334,000 Ontario Electricity Financial Corporation 8.90 Aug. 18, 2022 486,212 456,522 10,000 Ontario Electricity Financial Corporation 9.00 May 26, 2025 15,810 14,858 60,000 Ontario Electricity Financial Corporation 10.13 Oct. 15, 2021 90,066 82,892 3,000 Ontario Electricity Financial Corporation 10.75 Aug. 6, 2021 4,520 4,188 65,650 Ontario School Boards Financing Corporation 4.79 Aug. 8, 2030 66,912 73,181 96,870 Ontario School Boards Financing Corporation 5.07 Apr. 18, 2031 101,414 109,201 368,609 Ontario School Boards Financing Corporation 5.38 Jun. 25, 2032 380,800 426,832 177,787 Ontario School Boards Financing Corporation 5.48 Nov. 26, 2029 186,747 210,488 567,000 Ontario School Boards Financing Corporation 5.70 Oct. 11, 2017 613,092 587,617 154,054 Ontario School Boards Financing Corporation 5.80 Nov. 7, 2028 153,525 183,274 646,210 Ontario School Boards Financing Corporation 5.90 Oct. 11, 2027 646,727 765,520 509,287 Ontario School Boards Financing Corporation 6.55 Oct. 19, 2026 508,675 610,826 24,519 Ontario School Boards Financing Corporation 7.20 Jun. 9, 2025 29,205 29,837 264,000 OPB Finance Trust 1.88 Feb. 24, 2022 259,961 262,209 543,000 OPB Finance Trust 2.90 May 24, 2023 545,470 560,890 478,000 OPB Finance Trust 3.89 Jul. 4, 2042 496,473 491,750 3,586,000 Province of Alberta 1.25 Jun. 1, 2020 3,568,097 3,568,613 3,505,000 Province of Alberta 1.35 Sep. 1, 2021 3,498,843 3,457,886 1,117,000 Province of Alberta 1.60 Jun. 15, 2018 1,111,532 1,128,388 1,288,000 Province of Alberta 1.70 Dec. 15, 2017 1,284,397 1,299,638 865,000 Province of Alberta 2.00 Jun. 1, 2019 874,144 882,437 4,395,000 Province of Alberta 2.20 Jun. 1, 2026 4,389,766 4,269,263 3,897,000 Province of Alberta 2.35 Jun. 1, 2025 3,935,345 3,873,714 2,445,000 Province of Alberta 2.55 Dec. 15, 2022 2,488,745 2,524,597 1,693,000 Province of Alberta 2.90 Sep. 20, 2029 1,638,497 1,682,577 999,000 Province of Alberta 3.10 Jun. 1, 2024 1,029,063 1,055,248 5,300,000 Province of Alberta 3.30 Dec. 1, 2046 5,461,892 5,289,830

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 561,000 Province of Alberta 3.40 Dec. 1, 2023 583,612 605,054 3,016,000 Province of Alberta 3.45 Dec. 1, 2043 3,084,641 3,081,989 1,385,000 Province of Alberta 3.50 Jun. 1, 2031 1,456,478 1,448,952 1,485,000 Province of Alberta 3.90 Dec. 1, 2033 1,534,531 1,615,811 1,498,000 Province of Alberta 4.00 Dec. 1, 2019 1,555,869 1,613,672 814,000 Province of Alberta 4.50 Dec. 1, 2040 887,433 971,531 1,570,000 Province of British Columbia 2.25 Mar. 1, 2019 1,591,111 1,610,813 1,301,000 Province of British Columbia 2.30 Jun. 18, 2026 1,317,570 1,292,861 1,780,000 Province of British Columbia 2.70 Dec. 18, 2022 1,809,292 1,864,977 3,852,000 Province of British Columbia 2.80 Jun. 18, 2048 3,745,922 3,600,088 2,797,000 Province of British Columbia 2.85 Jun. 18, 2025 2,936,833 2,921,125 5,003,000 Province of British Columbia 3.20 Jun. 18, 2044 5,023,670 5,041,026 2,239,000 Province of British Columbia 3.25 Dec. 18, 2021 2,327,006 2,410,973 1,882,000 Province of British Columbia 3.30 Dec. 18, 2023 1,963,458 2,035,300 2,317,000 Province of British Columbia 3.70 Dec. 18, 2020 2,443,589 2,517,494 2,020,000 Province of British Columbia 4.10 Dec. 18, 2019 2,162,791 2,188,098 3,526,000 Province of British Columbia 4.30 Jun. 18, 2042 4,075,750 4,220,408 2,659,000 Province of British Columbia 4.65 Dec. 18, 2018 2,953,334 2,847,394 1,549,000 Province of British Columbia 4.70 Jun. 18, 2037 1,834,966 1,914,503 476,000 Province of British Columbia 4.80 Jun. 15, 2021 514,373 541,026 2,398,000 Province of British Columbia 4.95 Jun. 18, 2040 3,065,432 3,104,528 30,000 Province of British Columbia 5.30 Jun. 17, 2019 34,546 33,018 598,000 Province of British Columbia 5.40 Jun. 18, 2035 746,642 792,612 376,000 Province of British Columbia 5.60 Jun. 1, 2018 413,190 400,605 172,000 Province of British Columbia 5.62 Aug. 17, 2028 196,297 219,166 3,225,000 Province of British Columbia 5.70 Jun. 18, 2029 4,141,812 4,214,034 19,000 Province of British Columbia 6.15 Nov. 19, 2027 25,522 25,372 2,042,000 Province of British Columbia 6.35 Jun. 18, 2031 2,847,400 2,865,529 332,000 Province of British Columbia 8.00 Sep. 8, 2023 467,736 453,595 54,000 Province of British Columbia 8.75 Aug. 19, 2022 80,753 73,629 2,000 Province of British Columbia 9.00 Aug. 23, 2024 3,176 2,939 1,000 Province of British Columbia 9.50 Jun. 9, 2022 1,553 1,390 228,000 Province of British Columbia 9.95 May 15, 2021 342,359 307,477 84,000 Province of British Columbia 10.60 Sep. 5, 2020 115,674 111,160 634,000 Province of Manitoba 1.15 Nov. 21, 2019 633,125 631,638 1,305,000 Province of Manitoba 1.55 Sep. 5, 2021 1,306,763 1,298,142 558,000 Province of Manitoba 1.60 Sep. 5, 2020 559,698 560,498 405,000 Province of Manitoba 1.85 Sep. 5, 2018 405,335 410,792 2,283,000 Province of Manitoba 2.45 Jun. 2, 2025 2,299,807 2,282,672 1,258,000 Province of Manitoba 2.55 Jun. 2, 2023 1,243,676 1,291,491 2,325,000 Province of Manitoba 2.55 Jun. 2, 2026 2,373,458 2,321,333 2,490,000 Province of Manitoba 2.85 Sep. 5, 2046 2,349,407 2,239,218 602,000 Province of Manitoba 3.15 Sep. 5, 2052 543,075 568,458 658,000 Province of Manitoba 3.25 Sep. 5, 2029 714,346 674,768 1,155,000 Province of Manitoba 3.30 Jun. 2, 2024 1,207,032 1,232,867 620,000 Province of Manitoba 3.35 Mar. 5, 2043 639,245 613,296 718,000 Province of Manitoba 3.85 Dec. 1, 2021 791,983 788,862 1,956,000 Province of Manitoba 4.05 Sep. 5, 2045 2,142,430 2,186,059 1,731,000 Province of Manitoba 4.10 Mar. 5, 2041 1,949,703 1,928,041 524,000 Province of Manitoba 4.15 Jun. 3, 2020 547,696 571,053 713,000 Province of Manitoba 4.40 Sep. 5, 2025 746,830 815,410 582,000 Province of Manitoba 4.40 Mar. 5, 2042 657,944 677,439 1,114,000 Province of Manitoba 4.60 Mar. 5, 2038 1,179,829 1,318,472 767,000 Province of Manitoba 4.65 Mar. 5, 2040 848,250 919,176 240,000 Province of Manitoba 4.70 Mar. 5, 2050 282,364 299,856 941,000 Province of Manitoba 4.75 Feb. 11, 2020 1,086,366 1,037,137 200,000 Province of Manitoba 5.50 Nov. 15, 2018 220,025 216,413

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 811,000 Province of Manitoba 5.70 Mar. 5, 2037 1,001,398 1,085,657 594,000 Province of Manitoba 6.30 Mar. 5, 2031 786,575 806,636 161,000 Province of Manitoba 7.75 Dec. 22, 2025 234,213 226,042 47,000 Province of Manitoba 10.50 Mar. 5, 2031 91,150 86,186 819,000 Province of New Brunswick 1.55 May 4, 2022 801,736 803,983 337,000 Province of New Brunswick 2.60 Aug. 14, 2026 339,029 334,989 1,224,000 Province of New Brunswick 2.85 Jun. 2, 2023 1,248,786 1,274,632 283,000 Province of New Brunswick 3.10 Aug. 14, 2048 281,633 260,919 1,233,000 Province of New Brunswick 3.35 Dec. 3, 2021 1,277,517 1,322,775 1,333,000 Province of New Brunswick 3.55 Jun. 3, 2043 1,266,662 1,332,392 319,000 Province of New Brunswick 3.55 Jun. 3, 2055 349,622 316,595 685,000 Province of New Brunswick 3.65 Jun. 3, 2024 713,162 745,233 1,593,000 Province of New Brunswick 3.80 Aug. 14, 2045 1,702,951 1,665,060 1,018,000 Province of New Brunswick 4.40 Jun. 3, 2019 1,045,604 1,095,016 1,019,000 Province of New Brunswick 4.45 Mar. 26, 2018 1,003,517 1,063,397 1,905,000 Province of New Brunswick 4.50 Jun. 2, 2020 2,053,716 2,096,271 920,000 Province of New Brunswick 4.55 Mar. 26, 2037 1,044,625 1,056,653 779,000 Province of New Brunswick 4.65 Sep. 26, 2035 824,546 904,593 1,217,000 Province of New Brunswick 4.80 Sep. 26, 2039 1,455,713 1,452,631 1,237,000 Province of New Brunswick 4.80 Jun. 3, 2041 1,345,317 1,484,985 658,000 Province of New Brunswick 5.50 Jan. 27, 2034 797,117 834,433 235,000 Province of New Brunswick 5.65 Dec. 27, 2028 310,230 295,539 75,000 Province of New Brunswick 6.00 Dec. 27, 2017 86,507 78,787 862,000 Province of Newfoundland and Labrador 1.95 Jun. 2, 2022 862,295 856,425 849,000 Province of Newfoundland and Labrador 2.30 Jun. 2, 2025 835,565 816,005 1,374,000 Province of Newfoundland and Labrador 3.00 Jun. 2, 2026 1,400,978 1,379,707 2,047,000 Province of Newfoundland and Labrador 3.30 Oct. 17, 2046 1,966,628 1,866,912 544,000 Province of Newfoundland and Labrador 3.70 Oct. 17, 2048 541,558 537,374 538,000 Province of Newfoundland and Labrador 4.50 Apr. 17, 2037 644,132 592,926 673,000 Province of Newfoundland and Labrador 4.65 Oct. 17, 2040 798,040 760,970 102,000 Province of Newfoundland and Labrador 5.60 Oct. 17, 2033 133,579 126,263 152,000 Province of Newfoundland and Labrador 5.70 Oct. 17, 2035 197,883 192,261 412,000 Province of Newfoundland and Labrador 6.15 Apr. 17, 2028 527,939 522,422 289,000 Province of Newfoundland and Labrador 6.50 Oct. 17, 2029 402,305 380,375 125,000 Province of Newfoundland and Labrador 6.55 Oct. 17, 2030 175,950 165,898 72,000 Province of Newfoundland and Labrador 8.45 Feb. 5, 2026 105,948 103,015 3,000 Province of Newfoundland and Labrador 9.15 Jul. 7, 2025 4,816 4,377 169,000 Province of Newfoundland and Labrador 10.95 Apr. 15, 2021 263,245 231,488 1,097,000 Province of Nova Scotia 2.10 Jun. 1, 2027 1,063,793 1,033,447 336,000 Province of Nova Scotia 2.15 Jun. 1, 2025 335,637 326,949 589,000 Province of Nova Scotia 3.45 Jun. 1, 2045 624,531 590,578 1,338,000 Province of Nova Scotia 3.50 Jun. 2, 2062 1,348,602 1,355,390 1,175,000 Province of Nova Scotia 4.10 Jun. 1, 2021 1,267,544 1,296,002 1,175,000 Province of Nova Scotia 4.15 Nov. 25, 2019 1,215,797 1,269,369 1,282,000 Province of Nova Scotia 4.40 Jun. 1, 2042 1,501,127 1,488,720 54,000 Province of Nova Scotia 4.45 Oct. 24, 2021 52,928 60,614 1,135,000 Province of Nova Scotia 4.50 Jun. 1, 2037 1,217,558 1,318,198 712,000 Province of Nova Scotia 4.70 Jun. 1, 2041 817,279 860,016 409,000 Province of Nova Scotia 4.90 Jun. 1, 2035 437,239 495,000 435,000 Province of Nova Scotia 5.80 Jun. 1, 2033 546,469 572,446 268,000 Province of Nova Scotia 6.60 Jun. 1, 2027 347,447 360,811 253,000 Province of Nova Scotia 6.60 Dec. 1, 2031 251,692 353,876 500,000 Province of Nova Scotia 9.60 Jan. 30, 2022 711,753 683,164 1,212,000 Province of Ontario 1.35 Mar. 8, 2022 1,209,673 1,186,275 464,000 Province of Ontario 1.75 Oct. 9, 2018 465,698 470,285

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 969,000 Province of Ontario 1.95 Jan. 27, 2023 974,582 967,398 9,538,000 Province of Ontario 2.10 Sep. 8, 2018 9,660,124 9,716,313 4,358,000 Province of Ontario 2.10 Sep. 8, 2019 4,426,627 4,458,308 10,562,000 Province of Ontario 2.40 Jun. 2, 2026 10,765,257 10,485,699 18,001,000 Province of Ontario 2.60 Jun. 2, 2025 18,534,997 18,292,432 6,427,000 Province of Ontario 2.80 Jun. 2, 2048 6,283,824 5,917,913 15,039,000 Province of Ontario 2.85 Jun. 2, 2023 15,432,133 15,758,063 17,521,000 Province of Ontario 2.90 Dec. 2, 2046 17,100,339 16,421,862 15,662,000 Province of Ontario 3.15 Jun. 2, 2022 16,332,052 16,711,282 15,637,000 Province of Ontario 3.45 Jun. 2, 2045 15,758,087 16,255,917 14,742,000 Province of Ontario 3.50 Jun. 2, 2024 15,762,597 16,010,702 12,433,000 Province of Ontario 3.50 Jun. 2, 2043 12,987,964 13,002,394 11,572,000 Province of Ontario 4.00 Jun. 2, 2021 12,672,272 12,741,786 3,731,000 Province of Ontario 4.20 Mar. 8, 2018 3,903,690 3,877,532 13,902,000 Province of Ontario 4.20 Jun. 2, 2020 15,444,703 15,188,707 10,030,000 Province of Ontario 4.40 Jun. 2, 2019 11,050,468 10,802,111 6,809,000 Province of Ontario 4.60 Jun. 2, 2039 7,806,611 8,294,549 9,616,000 Province of Ontario 4.65 Jun. 2, 2041 12,033,055 11,897,699 7,072,000 Province of Ontario 4.70 Jun. 2, 2037 8,056,524 8,654,048 107,000 Province of Ontario 4.85 Jun. 2, 2020 112,386 119,206 1,221,000 Province of Ontario 5.50 Jun. 2, 2018 1,308,208 1,299,351 6,696,000 Province of Ontario 5.60 Jun. 2, 2035 8,719,295 8,980,322 112,000 Province of Ontario 5.75 Jul. 13, 2038 129,417 151,560 4,712,000 Province of Ontario 5.85 Mar. 8, 2033 6,189,328 6,363,848 2,810,000 Province of Ontario 6.20 Jun. 2, 2031 3,847,787 3,863,761 5,000 Province of Ontario 6.25 Aug. 25, 2028 6,717 6,640 5,722,000 Province of Ontario 6.50 Mar. 8, 2029 7,787,033 7,877,189 697,000 Province of Ontario 7.50 Feb. 7, 2024 886,978 937,960 4,089,000 Province of Ontario 7.60 Jun. 2, 2027 5,915,231 5,950,997 90,000 Province of Ontario 8.00 Jun. 2, 2026 135,102 131,663 10,000 Province of Ontario 8.00 Dec. 2, 2026 15,223 14,690 1,971,000 Province of Ontario 8.10 Sep. 8, 2023 2,772,256 2,701,778 148,000 Province of Ontario 8.25 Jun. 20, 2036 224,189 251,432 528,000 Province of Ontario 9.50 Jul. 13, 2022 768,827 736,864 9,000 Province of Ontario 9.50 Jun. 2, 2025 14,734 13,888 154,500 Province of Prince Edward Island 2.35 Aug. 25, 2025 154,912 150,424 265,000 Province of Prince Edward Island 3.60 Jan. 17, 2053 261,378 263,033 224,000 Province of Prince Edward Island 3.65 Jun. 27, 2042 242,244 222,972 239,000 Province of Prince Edward Island 3.70 Sep. 2, 2020 238,793 256,136 133,000 Province of Prince Edward Island 3.85 Jul. 17, 2054 134,879 138,592 130,000 Province of Prince Edward Island 4.60 May 19, 2041 137,587 150,388 365,000 Province of Prince Edward Island 4.65 Nov. 19, 2037 399,086 420,613 80,000 Province of Prince Edward Island 5.30 May 19, 2036 88,191 99,388 29,000 Province of Prince Edward Island 5.60 Feb. 21, 2034 28,881 36,811 54,000 Province of Prince Edward Island 5.70 Jun. 15, 2035 63,490 69,704 12,000 Province of Prince Edward Island 6.10 Jul. 29, 2027 15,863 15,488 210,000 Province of Prince Edward Island 6.25 Jan. 29, 2032 214,970 281,339 55,000 Province of Prince Edward Island 6.80 Feb. 21, 2030 71,362 75,646 2,000 Province of Prince Edward Island 8.50 Dec. 15, 2023 2,994 2,784 7,913,000 Province of Quebec 2.50 Sep. 1, 2026 8,062,770 7,905,576 7,841,000 Province of Quebec 2.75 Sep. 1, 2025 8,139,158 8,047,859 8,025,000 Province of Quebec 3.00 Sep. 1, 2023 8,194,265 8,480,633 8,926,000 Province of Quebec 3.50 Dec. 1, 2022 9,705,322 9,705,644 12,222,000 Province of Quebec 3.50 Dec. 1, 2045 12,799,552 12,763,927 7,185,000 Province of Quebec 3.50 Dec. 1, 2048 7,809,651 7,570,998 7,682,000 Province of Quebec 3.75 Sep. 1, 2024 8,341,821 8,481,939

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 9,220,000 Province of Quebec 4.25 Dec. 1, 2021 10,308,120 10,319,781 8,091,000 Province of Quebec 4.25 Dec. 1, 2043 9,479,351 9,504,705 5,853,000 Province of Quebec 4.50 Dec. 1, 2018 6,452,783 6,238,120 6,729,000 Province of Quebec 4.50 Dec. 1, 2019 7,249,506 7,347,285 7,721,000 Province of Quebec 4.50 Dec. 1, 2020 8,753,801 8,600,448 5,060,000 Province of Quebec 5.00 Dec. 1, 2038 6,505,347 6,438,094 10,011,000 Province of Quebec 5.00 Dec. 1, 2041 12,525,057 12,951,223 1,280,000 Province of Quebec 5.35 Jun. 1, 2025 1,367,204 1,558,393 4,116,000 Province of Quebec 5.75 Dec. 1, 2036 5,578,435 5,637,463 3,240,000 Province of Quebec 6.00 Oct. 1, 2029 4,098,196 4,314,709 4,982,000 Province of Quebec 6.25 Jun. 1, 2032 6,756,230 6,921,385 871,000 Province of Quebec 8.50 Apr. 1, 2026 1,360,145 1,292,477 1,152,000 Province of Quebec 9.38 Jan. 16, 2023 1,761,162 1,633,710 3,000 Province of Quebec 9.50 Mar. 30, 2023 4,692 4,300 725,000 Province of Saskatchewan 1.95 Mar. 1, 2019 732,552 738,193 1,505,000 Province of Saskatchewan 2.55 Jun. 2, 2026 1,521,502 1,504,381 2,676,000 Province of Saskatchewan 2.75 Dec. 2, 2046 2,512,943 2,377,465 1,182,000 Province of Saskatchewan 3.20 Jun. 3, 2024 1,241,028 1,256,504 448,000 Province of Saskatchewan 3.30 Jun. 2, 2048 446,777 446,237 1,039,000 Province of Saskatchewan 3.40 Feb. 3, 2042 1,053,002 1,045,356 303,000 Province of Saskatchewan 3.90 Jul. 28, 2020 314,911 328,596 1,848,000 Province of Saskatchewan 3.90 Jun. 2, 2045 2,004,711 2,032,071 1,200,000 Province of Saskatchewan 4.75 Jun. 1, 2040 1,354,587 1,469,732 449,000 Province of Saskatchewan 5.00 Mar. 5, 2037 509,607 558,652 425,000 Province of Saskatchewan 5.60 Sep. 5, 2035 518,622 561,391 478,000 Province of Saskatchewan 5.75 Mar. 5, 2029 558,921 614,146 685,000 Province of Saskatchewan 5.80 Sep. 5, 2033 912,461 910,324 681,000 Province of Saskatchewan 6.40 Sep. 5, 2031 931,555 941,996 1,000 Province of Saskatchewan 8.75 May 30, 2025 1,579 1,468 23,000 Province of Saskatchewan 9.60 Feb. 4, 2022 35,840 31,495 207,000 Yukon Development Corporation 5.00 Jun. 29, 2040 211,637 249,579 622,906,482 627,010,738 Municipal government bonds 2.1% 1,078,000 55 Ontario School Board Trust (The) 5.90 Jun. 2, 2033 1,264,397 1,407,163 905,000 City of Edmonton 8.50 Sep. 14, 2018 1,213,054 1,014,363 459,000 City of Montreal 2.75 Sep. 1, 2026 460,874 455,217 592,000 City of Montreal 3.00 Sep. 1, 2025 605,609 603,688 904,000 City of Montreal 3.50 Sep. 1, 2023 911,184 963,938 537,000 City of Montreal 3.50 Sep. 1, 2024 567,618 570,865 652,000 City of Montreal 4.10 Dec. 1, 2034 684,559 694,781 562,000 City of Montreal 4.25 Dec. 1, 2032 590,091 613,914 526,000 City of Montreal 4.50 Dec. 1, 2021 561,210 586,074 879,000 City of Montreal 5.00 Dec. 1, 2018 909,519 939,703 396,000 City of Montreal 5.45 Dec. 1, 2019 423,276 439,289 566,000 City of Montreal 6.00 Jun. 1, 2043 745,206 793,004 115,000 City of Ottawa 3.05 Apr. 23, 2046 113,275 103,653 187,000 City of Ottawa 3.10 Jul. 27, 2048 185,747 169,772 265,000 City of Ottawa 4.20 Jul. 30, 2053 269,668 296,015 149,000 City of Ottawa 4.40 Oct. 22, 2033 151,677 167,034 402,000 City of Ottawa 4.60 Jul. 14, 2042 430,535 469,958 5,000 City of Ottawa 5.05 Aug. 13, 2030 6,043 5,915 185,000 City of Toronto 2.40 Jun. 24, 2026 185,392 179,041 403,000 City of Toronto 2.45 Feb. 6, 2025 402,971 398,631 570,000 City of Toronto 2.95 Apr. 28, 2035 548,360 527,141

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Municipal government bonds... continued 216,000 City of Toronto 3.25 Jun. 24, 2046 215,967 201,562 493,000 City of Toronto 3.40 May 21, 2024 498,026 522,919 527,000 City of Toronto 3.50 Dec. 6, 2021 539,207 565,404 305,000 City of Toronto 3.50 Jun. 2, 2036 309,701 302,946 420,000 City of Toronto 3.80 Dec. 13, 2042 443,052 432,248 297,000 City of Toronto 3.90 Sep. 29, 2023 299,988 325,629 306,000 City of Toronto 4.15 Mar. 10, 2044 327,235 333,572 570,000 City of Toronto 4.50 Dec. 2, 2019 580,337 619,004 596,000 City of Toronto 4.70 Jun. 10, 2041 640,139 700,168 278,000 City of Toronto 4.95 Jun. 27, 2018 285,362 293,765 551,000 City of Toronto 5.20 Jun. 1, 2040 610,248 688,705 210,709 City of Toronto 5.34 Jul. 18, 2027 215,147 242,128 50,000 City of Toronto 5.60 Dec. 18, 2018 55,285 54,222 315,000 City of Toronto 6.10 Dec. 12, 2017 337,371 330,073 200,000 City of Toronto 6.80 Jul. 26, 2021 229,054 242,713 105,000 City of Vancouver 2.90 Nov. 20, 2025 106,627 106,546 115,000 City of Vancouver 3.05 Oct. 16, 2024 116,206 119,399 524,000 City of Vancouver 3.45 Dec. 2, 2021 548,539 561,018 125,000 City of Vancouver 3.70 Oct. 18, 2052 124,790 126,678 169,000 City of Vancouver 3.75 Oct. 24, 2023 171,054 183,942 221,000 City of Vancouver 4.50 Jun. 1, 2020 221,086 242,055 206,000 City of Winnipeg 4.10 Jun. 1, 2045 237,013 219,930 58,000 City of Winnipeg 5.20 Jul. 17, 2036 63,364 71,466 65,000 City of Winnipeg 5.90 Feb. 2, 2029 73,169 82,295 10,000 City of Winnipeg 6.25 Nov. 17, 2017 10,922 10,457 287,000 Durham District School Board 6.75 Nov. 19, 2019 335,875 327,994 267,000 Hydro Ottawa Holding Inc. 2.61 Feb. 3, 2025 267,637 263,384 210,000 Hydro Ottawa Holding Inc. 3.64 Feb. 2, 2045 209,724 199,725 208,000 Hydro Ottawa Holding Inc. 3.99 May 14, 2043 209,161 209,992 680,000 Municipal Finance Authority of British Columbia 1.65 Apr. 19, 2021 681,252 677,226 187,000 Municipal Finance Authority of British Columbia 1.75 Oct. 15, 2020 187,675 187,704 703,000 Municipal Finance Authority of British Columbia 2.05 Jun. 2, 2019 707,447 715,340 484,000 Municipal Finance Authority of British Columbia 2.35 Dec. 3, 2018 485,223 494,907 828,000 Municipal Finance Authority of British Columbia 2.50 Apr. 19, 2026 832,844 815,929 190,000 Municipal Finance Authority of British Columbia 2.65 Oct. 2, 2025 192,064 190,423 388,000 Municipal Finance Authority of British Columbia 2.95 Oct. 14, 2024 403,121 400,943 584,000 Municipal Finance Authority of British Columbia 3.35 Jun. 1, 2022 601,373 623,775 671,000 Municipal Finance Authority of British Columbia 3.75 Sep. 26, 2023 689,943 732,098 981,000 Municipal Finance Authority of British Columbia 4.15 Jun. 1, 2021 1,062,115 1,078,989 218,000 Municipal Finance Authority of British Columbia 4.45 Jun. 1, 2020 233,209 238,758 470,000 Municipal Finance Authority of British Columbia 4.60 Apr. 23, 2018 500,361 491,943 331,000 Municipal Finance Authority of British Columbia 4.88 Jun. 3, 2019 367,085 358,927 246,000 Municipal Finance Authority of British Columbia 4.95 Dec. 1, 2027 303,500 293,032 537,000 Municipal Finance Authority of British Columbia 5.10 Nov. 20, 2018 568,359 576,297 370,000 Municipal Finance Authority of British Columbia 5.35 Dec. 2, 2024 462,603 444,818 241,000 Regional Municipality of Halton (The) 3.15 Apr. 6, 2045 239,796 221,736 215,000 Regional Municipality of Halton (The) 4.05 Oct. 11, 2041 215,637 229,582 22,000 Regional Municipality of Ottawa-Carleton (The) 5.88 Sep. 14, 2018 24,890 23,690 413,000 Regional Municipality of Ottawa-Carleton (The) 6.20 Sep. 10, 2019 474,419 463,668 129,000 Regional Municipality of Peel (The) 2.30 Nov. 2, 2026 128,577 123,843 508,000 Regional Municipality of Peel (The) 3.50 Dec. 1, 2021 528,509 545,297 292,000 Regional Municipality of Peel (The) 3.85 Oct. 30, 2042 293,216 304,916 457,000 Regional Municipality of Peel (The) 4.25 Dec. 2, 2033 462,352 505,987 440,000 Regional Municipality of Peel (The) 5.10 Jun. 29, 2040 478,129 546,722 17,000 Regional Municipality Of Waterloo (The) 5.15 Nov. 29, 2018 18,001 18,227 220,000 Regional Municipality of York (The) 2.50 Jun. 2, 2026 221,311 215,739

WindWise Canadian Universe Bond Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Municipal government bonds... continued 450,000 Regional Municipality of York (The) 2.60 Dec. 15, 2025 452,778 446,719 399,000 Regional Municipality of York (The) 3.65 May 13, 2033 370,211 410,532 602,000 Regional Municipality of York (The) 4.00 Jun. 30, 2021 618,036 657,797 550,000 Regional Municipality of York (The) 4.00 May 31, 2032 578,932 591,450 532,000 Regional Municipality of York (The) 4.05 May 1, 2034 558,474 573,065 87,000 Regional Municipality of York (The) 4.15 Nov. 18, 2041 103,252 94,824 333,000 Regional Municipality of York (The) 4.50 Jun. 30, 2020 333,515 365,393 46,000 Regional Municipality of York (The) 5.00 Apr. 29, 2019 48,967 49,849 5,000 Simcoe County District School Board 6.80 Jun. 19, 2026 6,548 6,514 186,000 South Coast British Columbia Transportation Authority 3.05 Jun. 4, 2025 187,229 191,430 656,000 South Coast British Columbia Transportation Authority 3.80 Nov. 2, 2020 657,565 706,020 287,000 South Coast British Columbia Transportation Authority 3.85 Feb. 9, 2052 295,478 300,049 337,000 South Coast British Columbia Transportation Authority 4.45 Jun. 9, 2044 362,067 385,745 211,000 South Coast British Columbia Transportation Authority 4.65 Jun. 20, 2041 217,759 246,060 637,000 TCHC Issuer Trust 4.88 May 11, 2037 640,125 745,493 22,578 York Region District School Board 5.30 Jun. 3, 2025 22,953 25,436 211,634 York Region District School Board 6.45 Jun. 4, 2024 231,074 248,169 423,000 York Region District School Board 6.55 Apr. 12, 2023 421,245 521,413 Short-term investments 0.0% 36,980,770 38,065,572 Term deposits 0.0% 820,000 Royal Bank of Canada 0.45 Jan. 3, 2017 820,000 820,000 Total investments 100.0% 1,833,886,002 1,841,028,315

Notes to financial statements of WindWise Canadian Universe Bond Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match as closely as possible, the performance of the FTSE TMX Canada Universe Bond Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Bonds 443,611,679 1,396,596,636-1,840,208,315 Short-term investments - 820,000-820,000 443,611,679 1,397,416,636-1,841,028,315 As at December 31, 2015 Level 1 Level 2 Level 3 Total Bonds 426,764,415 1,318,294,458-1,745,058,873 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk.

Notes to financial statements of WindWise Canadian Universe Bond Index Non-Lending Fund December 31, 2016 and 2015 Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Total exposure December 31, 2016 December 31, 2015 Term to maturity Less than 1 year 19,288,178 3,092,435 1-5 years 810,447,048 764,437,541 5-10 years 441,281,937 438,975,705 10+ years 570,011,152 538,553,192 Total 1,841,028,315 1,745,058,873 Impact on net assets attributable to holders of redeemable units 138,587,000 129,808,000 Impact on net assets attributable to holders of redeemable units 7% 7% Price risk The Fund s significant price risk exposures have been discussed in previous sections. and 2015, the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments.

Notes to financial statements of WindWise Canadian Universe Bond Index Non-Lending Fund December 31, 2016 and 2015 The Fund s percentage of fixed income securities by rating category as at December 31, 2016 and 2015: Rating December 31, 2016 % December 31, 2015 % AAA 40 43 AA+/AA/AA 13 8 A+/A/A 36 39 BBB+/BBB/BBB 11 10 Total 100 100 Effective July 15, 2016 the Fund no longer participates in securities lending. Prior to that date, the Fund entered into securities lending transactions with counterparties whereby it temporarily exchanged securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. The former securities lending agent, State Street Bank and Trust Company, indemnified the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan. As at December 31, 2015, State Street Bank and Trust Company had a credit rating of A from Standard & Poor s. Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Corporate bonds 28 29 Federal government bonds 36 35 Municipal government bonds 2 2 Provincial government bonds 34 34 Term deposits - - 100 100

Notes to financial statements of WindWise Canadian Universe Bond Index Non-Lending Fund December 31, 2016 and 2015 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 30,620,229 54,377,086 Average units outstanding during the year 153,569,658 141,388,106 Increase (decrease) in net assets attributable to holders of redeemable units per unit 0.20 0.38

WindWise Canadian Universe Bond Index Securities Lending Fund Statement of financial position Assets Current assets Investments* 277,190,505 Cash 352,169 Receivable for investments sold 270,701 Interest receivable 1,424,915 Total assets 279,238,290 Liabilities Current liabilities Payable for units redeemed 310,162 Accrued expenses 31,433 Total liabilities 341,595 Net assets attributable to holders of redeemable units 278,896,695 Number of redeemable units outstanding 29,296,687 Net assets attributable to holders of redeemable units per unit 9.52 * Investments at cost 290,411,465 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Canadian Universe Bond Index Securities Lending Fund Statement of comprehensive income For the period from July 8 to December 31, 2016 Investment income Interest for distribution purposes 4,338,025 Securities lending income 6,968 Other changes in fair of investments and derivatives Net realized gain (loss) (1,174,762) Net change in unrealized appreciation (depreciation) (13,220,960) Total income (loss) (10,050,729) Expenses Audit fees 28,341 Custodial fees 24,080 Other fees 28 Proxy fees 8 Regulatory fees 167 Trustee fees 2,402 Total expenses 55,026 Waivers and reimbursements (4,416) Net expenses 50,610 Increase (decrease) in net assets attributable to holders of redeemable units (10,101,339) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the period (0.33)

WindWise Canadian Universe Bond Index Securities Lending Fund Statement of changes in net assets attributable to holders of redeemable units For the period from July 8 to December 31, 2016 Increase (decrease) in net assets attributable to holders of redeemable units (10,101,339) Distributions to holders of redeemable units From net investment income (4,288,312) From securities lending income (6,968) Total distributions to holders of redeemable units (4,295,280) Redeemable unit transactions Proceeds from redeemable units issued 306,206,671 Reinvestment of distribution to holders of redeemable units 4,295,280 Redemption of redeemable units (17,208,637) Increase (decrease) from redeemable unit transactions 293,293,314 Net increase (decrease) in net assets attributable to holders of redeemable units 278,896,695 Net assets attributable to holders of redeemable units Beginning of period - Net assets attributable to holders of redeemable units End of period 278,896,695 Number of redeemable units outstanding Beginning of period - Issued 30,621,500 Reinvested 451,196 Redeemed (1,776,009) Number of redeemable units outstanding End of period 29,296,687

WindWise Canadian Universe Bond Index Securities Lending Fund Statement of cash flows For the period from July 8 to December 31, 2016 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units (10,101,339) Adjustments for: Net realized (gain) loss on investments 1,174,762 Net change in unrealized (appreciation) depreciation on investments 13,220,960 Proceeds from sale of investments 58,307,696 Purchases of investments (46,269,629) Interest receivable 277,731 Accrued expenses 20,479 Net cash from (used in) operating activities 16,630,660 Cash flows from (used in) financing activities Proceeds from redeemable units issued 619,984 Redemption of redeemable units (16,898,475) Net cash from (used in) financing activities (16,278,491) Net increase (decrease) in cash during the period 352,169 Cash Beginning of period - Cash End of period 352,169 Interest received* 4,615,756 Redeemable units issued in kind 305,586,687 * Included as part of cash flows from operating activities

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate debt instruments 28.8% Corporate bonds 28.8% 24,282 407 East Development Group General Partnership 4.47 Jun. 23, 2045 26,740 25,499 30,000 407 International Inc. 2.43 May 4, 2027 29,989 29,061 35,000 407 International Inc. 3.30 Mar. 27, 2045 35,309 31,984 59,000 407 International Inc. 3.35 May 16, 2024 65,826 62,744 96,000 407 International Inc. 3.60 May 21, 2047 103,082 92,649 42,000 407 International Inc. 3.83 May 11, 2046 46,440 42,132 105,000 407 International Inc. 3.98 Sep. 11, 2052 119,263 106,788 72,000 407 International Inc. 4.19 Apr. 25, 2042 84,166 76,787 132,000 407 International Inc. 4.30 May 26, 2021 149,442 145,145 93,000 407 International Inc. 4.45 Nov. 15, 2041 112,244 103,117 24,000 407 International Inc. 4.68 Oct. 7, 2053 30,790 27,707 6,000 407 International Inc. 4.99 Jun. 16, 2020 6,849 6,679 117,000 407 International Inc. 5.75 Feb. 14, 2036 155,604 146,539 95,000 407 International Inc. 5.96 Dec. 3, 2035 134,651 125,526 47,000 407 International Inc. 6.47 Jul. 27, 2029 66,803 63,065 30,000 Access Prairies Partnership 4.23 Mar. 1, 2048 32,312 29,813 2,904 Access Search Montreal SEC 7.07 Dec. 31, 2042 4,262 3,921 94,000 Aeroports de Montreal 3.92 Sep. 26, 2042 108,606 97,912 47,000 Aeroports de Montreal 3.92 Jun. 12, 2045 54,396 49,100 94,000 Aeroports de Montreal 5.17 Sep. 17, 2035 123,060 113,445 105,000 Aeroports de Montreal 5.67 Oct. 16, 2037 148,038 135,482 2,000 Aeroports de Montreal 6.55 Oct. 11, 2033 2,943 2,728 28,150 Aeroports de Montreal 6.95 Apr. 16, 2032 38,587 36,514 80,000 Aimia Inc. 5.60 May 17, 2019 81,901 82,236 52,000 Algonquin Power Company 4.65 Feb. 15, 2022 55,419 55,466 167,000 Alimentation Couche-Tard Inc. 3.60 Jun. 2, 2025 178,236 171,388 40,000 Alimentation Couche-Tard Inc. 3.90 Nov. 1, 2022 43,655 42,714 122,000 Alimentation Couche-Tard Inc. 4.21 Aug. 21, 2020 132,792 131,026 6,000 Alliance Pipeline Limited Partnership 4.93 Dec. 16, 2019 6,301 6,312 63,046 Alliance Pipeline Limited Partnership 5.55 Dec. 31, 2023 66,125 67,241 82,962 Alliance Pipeline Limited Partnership 6.77 Dec. 31, 2025 94,076 93,987 65,864 Alliance Pipeline Limited Partnership 7.18 Jun. 30, 2023 75,396 75,173 102,156 Alliance Pipeline Limited Partnership 7.22 Dec. 31, 2025 116,642 117,681 38,000 Allied Properties Real Estate Investment Trust 3.75 May 13, 2020 39,008 39,056 71,000 Allied Properties Real Estate Investment Trust 3.93 Nov. 14, 2022 72,527 71,896 68,000 AltaGas Limited 3.57 Jun. 12, 2023 70,881 70,500 131,000 AltaGas Limited 3.72 Sep. 28, 2021 138,162 138,376 72,000 AltaGas Limited 3.84 Jan. 15, 2025 75,395 74,832 25,000 AltaGas Limited 4.12 Apr. 7, 2026 26,330 26,197 43,000 AltaGas Limited 4.40 Mar. 15, 2024 46,801 46,567 61,000 AltaGas Limited 4.50 Aug. 15, 2044 58,214 58,688 105,000 AltaGas Limited 4.55 Jan. 17, 2019 111,016 110,774 4,000 AltaGas Limited 5.16 Jan. 13, 2044 4,262 4,217 46,000 AltaLink Investments Limited Partnership 2.24 Mar. 7, 2022 46,211 45,775 72,000 AltaLink Investments Limited Partnership 3.27 Jun. 5, 2020 75,310 74,390 52,000 AltaLink Investments Limited Partnership 3.67 Jun. 5, 2019 54,400 53,958 26,000 AltaLink Limited Partnership 2.75 May 29, 2026 27,034 25,952 89,000 AltaLink Limited Partnership 2.98 Nov. 28, 2022 95,472 93,320 85,000 AltaLink Limited Partnership 3.40 Jun. 6, 2024 93,246 90,454 53,000 AltaLink Limited Partnership 3.62 Sep. 17, 2020 57,530 56,623 123,000 AltaLink Limited Partnership 3.67 Nov. 6, 2023 137,558 133,818 36,000 AltaLink Limited Partnership 3.72 Dec. 3, 2046 36,000 35,671 66,000 AltaLink Limited Partnership 3.99 Jun. 30, 2042 73,947 68,359 38,000 AltaLink Limited Partnership 4.05 Nov. 21, 2044 43,178 39,866 78,000 AltaLink Limited Partnership 4.09 Jun. 30, 2045 89,241 82,180

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 22,000 AltaLink Limited Partnership 4.27 Jun. 6, 2064 26,192 23,692 52,000 AltaLink Limited Partnership 4.45 Jul. 11, 2053 63,037 57,574 91,000 AltaLink Limited Partnership 4.46 Nov. 8, 2041 109,401 101,235 27,000 AltaLink Limited Partnership 4.87 Nov. 15, 2040 34,069 31,619 71,000 AltaLink Limited Partnership 4.92 Sep. 17, 2043 91,411 84,592 43,000 AltaLink Limited Partnership 5.24 May 29, 2018 46,108 45,312 2,000 AltaLink Limited Partnership 5.25 Sep. 22, 2036 2,573 2,425 64,000 AltaLink Limited Partnership 5.38 Mar. 26, 2040 85,670 80,013 128,000 American Express Canada Credit Corporation 2.31 Mar. 29, 2018 130,285 129,670 5,943 Arrow Lakes Power Corporation 5.52 Apr. 5, 2041 7,214 6,750 29,000 Artis Real Estate Investment Trust 3.75 Mar. 27, 2019 28,947 29,352 108,000 Asian Development Bank 4.65 Feb. 16, 2027 134,851 126,586 472,000 Asian Development Bank 4.75 Jun. 15, 2017 489,517 480,882 475,000 Bank of Montreal 1.61 Oct. 28, 2021 474,081 466,167 76,000 Bank of Montreal 1.88 Mar. 31, 2021 77,265 75,924 283,000 Bank of Montreal 2.10 Oct. 6, 2020 290,692 286,159 324,000 Bank of Montreal 2.12 Mar. 16, 2022 332,456 324,024 161,000 Bank of Montreal 2.43 Mar. 4, 2019 165,866 164,344 90,000 Bank of Montreal 2.70 Dec. 9, 2026 89,985 89,638 325,000 Bank of Montreal 2.84 Jun. 4, 2020 342,665 337,001 214,000 Bank of Montreal 3.21 Sep. 13, 2018 223,168 220,654 293,000 Bank of Montreal 3.40 Apr. 23, 2021 318,341 310,677 148,000 Bank of Montreal 4.61 Sep. 10, 2025 180,867 171,180 218,000 Bank of Montreal 6.02 May 2, 2018 236,700 231,586 317,000 Bank of Nova Scotia (The) 1.33 May 1, 2018 317,442 317,379 311,000 Bank of Nova Scotia (The) 1.90 Dec. 2, 2021 310,913 308,768 205,000 Bank of Nova Scotia (The) 2.09 Sep. 9, 2020 209,687 207,107 342,000 Bank of Nova Scotia (The) 2.13 Jun. 15, 2020 350,351 346,298 415,000 Bank of Nova Scotia (The) 2.24 Mar. 22, 2018 422,079 420,177 305,000 Bank of Nova Scotia (The) 2.27 Jan. 13, 2020 313,409 310,626 323,000 Bank of Nova Scotia (The) 2.37 Jan. 11, 2018 328,619 327,056 316,000 Bank of Nova Scotia (The) 2.40 Oct. 28, 2019 325,932 322,896 283,000 Bank of Nova Scotia (The) 2.46 Mar. 14, 2019 291,285 289,153 134,000 Bank of Nova Scotia (The) 2.62 Dec. 2, 2026 133,977 132,937 167,000 Bank of Nova Scotia (The) 2.75 Aug. 13, 2018 172,048 170,723 220,000 Bank of Nova Scotia (The) 2.87 Jun. 4, 2021 233,426 228,303 285,000 Bank of Nova Scotia (The) 3.04 Oct. 18, 2024 294,214 294,105 210,000 Bank of Nova Scotia (The) 3.27 Jan. 11, 2021 225,810 221,236 50,242 Bankers Hall Limited Partnership 4.38 Nov. 20, 2023 53,933 52,339 149,000 bcimc Realty Corporation 2.10 Jun. 3, 2021 152,470 149,690 53,000 bcimc Realty Corporation 2.79 Aug. 2, 2018 54,598 54,180 45,000 bcimc Realty Corporation 2.84 Jun. 3, 2025 47,490 45,231 158,000 bcimc Realty Corporation 2.96 Mar. 7, 2019 164,697 162,968 50,000 bcimc Realty Corporation 3.51 Jun. 29, 2022 54,919 53,184 32,000 bcimc Realty Corporation 5.65 Jan. 5, 2018 34,057 33,429 151,000 Bell Canada Inc. 2.00 Oct. 1, 2021 150,704 149,384 132,000 Bell Canada Inc. 2.90 Aug. 12, 2026 131,648 127,760 188,000 Bell Canada Inc. 3.00 Oct. 3, 2022 197,015 193,192 197,000 Bell Canada Inc. 3.15 Sep. 29, 2021 207,756 205,288 182,000 Bell Canada Inc. 3.25 Jun. 17, 2020 191,984 190,066 168,000 Bell Canada Inc. 3.35 Jun. 18, 2019 175,937 174,835 192,000 Bell Canada Inc. 3.35 Mar. 22, 2023 204,847 199,977 71,000 Bell Canada Inc. 3.50 Sep. 10, 2018 73,993 73,378 40,000 Bell Canada Inc. 3.54 Jun. 12, 2020 42,575 42,131 63,000 Bell Canada Inc. 3.55 Mar. 2, 2026 67,124 64,695 99,000 Bell Canada Inc. 4.35 Dec. 18, 2045 103,815 95,832 251,000 Bell Canada Inc. 4.40 Mar. 16, 2018 263,058 260,139 131,000 Bell Canada Inc. 4.70 Sep. 11, 2023 150,690 146,017

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 111,000 Bell Canada Inc. 4.75 Sep. 29, 2044 123,683 114,846 52,000 Bell Canada Inc. 4.88 Apr. 26, 2018 55,058 54,373 92,000 Bell Canada Inc. 4.95 May 19, 2021 104,721 102,615 82,000 Bell Canada Inc. 5.52 Feb. 26, 2019 90,091 88,705 72,000 Bell Canada Inc. 6.10 Mar. 16, 2035 92,439 86,935 46,000 Bell Canada Inc. 6.17 Feb. 26, 2037 59,735 56,077 35,000 Bell Canada Inc. 6.55 May 1, 2029 45,722 43,708 23,000 Bell Canada Inc. 7.00 Sep. 24, 2027 30,926 29,416 24,000 Bell Canada Inc. 7.30 Feb. 23, 2032 33,351 31,653 77,000 Bell Canada Inc. 7.65 Dec. 30, 2031 103,928 94,710 61,000 Bell Canada Inc. 7.85 Apr. 2, 2031 88,094 83,337 14,000 Bell Canada Inc. 8.88 Apr. 17, 2026 19,861 19,020 52,000 Blackbird Infrastructure 407 General Partnership 1.71 Oct. 8, 2021 51,984 51,437 36,000 Blackbird Infrastructure 407 General Partnership 3.76 Jun. 30, 2047 37,115 34,061 125,000 BMO Capital Trust II 10.22 Dec. 31, 2107 148,491 144,554 42,000 BMW Canada Inc. 1.78 Oct. 19, 2020 41,987 41,855 52,000 BMW Canada Inc. 1.83 Jun. 15, 2021 52,432 51,543 45,000 BMW Canada Inc. 2.27 Nov. 26, 2018 46,032 45,664 52,000 BMW Canada Inc. 2.33 May 23, 2018 53,030 52,712 34,000 BMW Canada Inc. 2.33 Sep. 26, 2018 34,766 34,512 3,721 Borealis Infrastructure Trust 6.35 Dec. 1, 2020 4,102 4,061 9,000 Bow Centre Street Limited Partnership 3.80 Jun. 13, 2023 8,865 8,703 63,000 British Columbia Ferry Services Inc. 4.29 Apr. 28, 2044 75,924 69,206 55,000 British Columbia Ferry Services Inc. 4.70 Oct. 23, 2043 70,183 64,107 6,000 British Columbia Ferry Services Inc. 5.02 Mar. 20, 2037 7,699 7,152 63,000 British Columbia Ferry Services Inc. 5.58 Jan. 11, 2038 86,765 80,099 44,000 British Columbia Ferry Services Inc. 6.25 Oct. 13, 2034 63,052 59,030 127,000 Brookfield Asset Management Inc. 3.80 Mar. 16, 2027 126,957 126,031 109,000 Brookfield Asset Management Inc. 3.95 Apr. 9, 2019 114,578 113,538 148,000 Brookfield Asset Management Inc. 4.54 Mar. 31, 2023 164,293 159,453 234,000 Brookfield Asset Management Inc. 4.82 Jan. 28, 2026 263,856 253,568 141,000 Brookfield Asset Management Inc. 5.04 Mar. 8, 2024 160,817 155,431 24,000 Brookfield Asset Management Inc. 5.30 Mar. 1, 2021 27,171 26,476 59,000 Brookfield Asset Management Inc. 5.95 Jun. 14, 2035 68,590 64,838 98,000 Brookfield Infrastructure Finance ULC 3.45 Mar. 11, 2022 100,566 99,556 98,000 Brookfield Infrastructure Finance ULC 3.54 Oct. 30, 2020 101,093 100,309 25,000 Brookfield Renewable Partners ULC 3.63 Jan. 15, 2027 24,988 24,461 78,000 Brookfield Renewable Partners ULC 3.75 Jun. 2, 2025 81,768 79,011 132,000 Brookfield Renewable Partners ULC 4.79 Feb. 7, 2022 147,821 143,700 63,000 Brookfield Renewable Partners ULC 5.14 Oct. 13, 2020 70,361 68,966 44,000 Brookfield Renewable Partners ULC 5.25 Nov. 5, 2018 47,305 46,661 1,000 Brookfield Renewable Partners ULC 5.84 Nov. 5, 2036 1,144 1,083 79,000 Bruce Power Limited Partnership 2.84 Jun. 23, 2021 80,233 80,291 86,000 Bruce Power Limited Partnership 3.97 Jun. 23, 2026 89,136 88,533 116,000 Cadillac Fairview Finance Trust 3.64 May 9, 2018 121,229 119,677 130,000 Cadillac Fairview Finance Trust 4.31 Jan. 25, 2021 146,333 142,784 325,000 Caisse Centrale Desjardins 1.75 Mar. 2, 2020 328,069 325,331 142,000 Caisse Centrale Desjardins 2.44 Jul. 17, 2019 146,489 145,153 224,000 Caisse Centrale Desjardins 2.80 Nov. 19, 2018 231,699 229,733 134,000 Cameco Corporation 3.75 Nov. 14, 2022 139,411 134,845 124,000 Cameco Corporation 4.19 Jun. 24, 2024 131,544 124,980 1,000 Cameco Corporation 5.09 Nov. 14, 2042 1,016 928 84,000 Cameco Corporation 5.67 Sep. 2, 2019 91,801 90,029 29,000 Canada Life Assurance Company (The) 6.40 Dec. 11, 2028 38,385 37,149 189,000 Canadian Credit Card Trust II 1.83 Mar. 24, 2022 191,185 189,406 270,000 Canadian Imperial Bank of Commerce 1.64 Jul. 12, 2021 271,034 266,178 374,000 Canadian Imperial Bank of Commerce 1.70 Oct. 9, 2018 377,838 376,180 147,000 Canadian Imperial Bank of Commerce 1.85 Jul. 14, 2020 149,416 147,493

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 269,000 Canadian Imperial Bank of Commerce 1.90 Apr. 26, 2021 274,005 268,901 371,000 Canadian Imperial Bank of Commerce 2.22 Mar. 7, 2018 377,279 375,478 249,000 Canadian Imperial Bank of Commerce 2.35 Jun. 24, 2019 256,580 254,163 120,000 Canadian Imperial Bank of Commerce 6.00 Jun. 6, 2023 129,504 127,321 63,000 Canadian National Railway Company 2.75 Feb. 18, 2021 66,528 65,252 51,000 Canadian National Railway Company 2.80 Sep. 22, 2025 54,312 52,066 46,000 Canadian National Railway Company 3.95 Sep. 22, 2045 52,404 47,769 103,000 Canadian Natural Resources Limited 2.60 Dec. 3, 2019 102,490 104,020 207,000 Canadian Natural Resources Limited 2.89 Aug. 14, 2020 207,510 209,759 139,000 Canadian Natural Resources Limited 3.05 Jun. 19, 2019 140,327 141,864 159,000 Canadian Natural Resources Limited 3.31 Feb. 11, 2022 158,976 162,446 95,000 Canadian Natural Resources Limited 3.55 Jun. 3, 2024 94,610 96,075 49,000 Canadian Pacific Railway Company 5.10 Jan. 14, 2022 56,461 55,175 112,000 Canadian Pacific Railway Company 6.45 Nov. 17, 2039 150,674 142,202 11,286 Canadian Pacific Railway Company 6.91 Oct. 1, 2024 13,567 13,256 30,000 Canadian Real Estate Investment Trust 3.68 Jul. 24, 2018 30,897 30,726 21,000 Canadian Real Estate Investment Trust 4.32 Jan. 15, 2021 22,515 22,171 52,000 Canadian Tire Corporation Limited (*) 5.61 Sep. 4, 2035 63,654 58,482 25,000 Canadian Tire Corporation Limited 6.38 Apr. 13, 2028 31,971 30,142 20,000 Canadian Tire Corporation Limited 6.45 Feb. 24, 2034 26,458 24,396 72,000 Canadian Utilities Limited 3.12 Nov. 9, 2022 78,090 76,037 35,000 Canadian Western Bank 2.53 Mar. 22, 2018 35,173 35,283 61,000 Canadian Western Bank 2.75 Jun. 29, 2020 61,596 61,373 17,000 Canadian Western Bank 2.79 Sep. 13, 2021 17,000 16,976 15,000 Canadian Western Bank 3.08 Jan. 14, 2019 15,272 15,283 52,000 Canadian Western Bank 3.46 Dec. 17, 2024 52,280 52,838 101,000 Capital City Link General Partnership 4.39 Mar. 31, 2046 111,017 103,499 75,000 Capital Desjardins Inc. 4.95 Dec. 15, 2026 85,557 83,444 172,000 Capital Desjardins Inc. (*) 5.19 May 5, 2020 192,375 188,682 126,000 Capital Power Corporation 5.28 Nov. 16, 2020 130,333 135,557 201,000 CARDS II Trust 2.16 Oct. 16, 2023 206,906 203,952 1,000 Caterpillar Financial Services Limited 1.75 Jun. 3, 2019 1,007 1,005 78,000 Caterpillar Financial Services Limited 2.29 Jun. 1, 2018 79,294 79,006 198,000 CDP Financial Inc. 4.60 Jul. 15, 2020 223,500 218,052 100,000 Central 1 Credit Union 2.89 Apr. 25, 2024 101,687 100,116 42,000 Central 1 Credit Union 3.06 Oct. 14, 2026 41,983 41,630 39,000 Chip Mortgage Trust 2.33 Apr. 29, 2040 39,591 38,493 21,000 Chip Mortgage Trust 2.98 Nov. 15, 2021 21,000 20,899 30,000 Choice Properties Limited Partnership 3.00 Sep. 20, 2019 31,034 30,801 52,000 Choice Properties Limited Partnership 3.60 Apr. 20, 2020 55,070 54,312 22,000 Choice Properties Limited Partnership 3.60 Sep. 20, 2021 23,494 23,035 53,000 Choice Properties Limited Partnership 3.60 Sep. 20, 2022 56,726 55,281 46,000 Choice Properties Real Estate Investment Trust 2.30 Sep. 14, 2020 46,580 46,116 44,000 Choice Properties Real Estate Investment Trust 3.20 Mar. 7, 2023 46,079 44,754 41,000 Choice Properties Real Estate Investment Trust 3.50 Feb. 8, 2021 43,526 42,829 79,000 Choice Properties Real Estate Investment Trust 3.55 Jul. 5, 2018 81,818 81,256 52,000 Choice Properties Real Estate Investment Trust 4.06 Nov. 24, 2025 56,742 54,230 35,000 Choice Properties Real Estate Investment Trust 4.29 Feb. 8, 2024 38,771 37,547 43,000 Choice Properties Real Estate Investment Trust 4.90 Jul. 5, 2023 49,461 47,719 25,000 Choice Properties Real Estate Investment Trust 5.27 Mar. 7, 2046 29,109 26,594 156,000 CI Financial Corporation 2.65 Dec. 7, 2020 159,181 156,607 67,000 CI Investments Inc. 2.78 Nov. 25, 2021 67,000 67,062 243,000 CIBC Capital Trust 9.98 Jun. 30, 2108 290,872 285,772 63,000 CIBC Capital Trust 10.25 Jun. 30, 2108 88,849 83,502 79,000 Cogeco Communications Inc. 4.18 May 26, 2023 84,635 82,487 40,000 Cogeco Communications Inc. 4.93 Feb. 14, 2022 44,502 43,590 64,000 Cogeco Communications Inc. 5.15 Nov. 16, 2020 70,849 69,858 137,497 Comber Wind Financial Corporation 5.13 Nov. 15, 2030 151,152 148,100

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 42,000 Cominar Real Estate Investment Trust 3.62 Jun. 21, 2019 42,777 42,827 64,000 Cominar Real Estate Investment Trust 4.16 Jun. 1, 2022 65,721 65,246 87,000 Cominar Real Estate Investment Trust 4.23 Dec. 4, 2019 90,076 90,089 50,000 Cominar Real Estate Investment Trust (*) 4.25 Dec. 8, 2021 51,840 51,545 51,000 Cominar Real Estate Investment Trust 4.25 May 23, 2023 52,198 51,568 53,000 Cominar Real Estate Investment Trust 4.94 Jul. 27, 2020 56,396 56,054 3,000 Concordia University 6.55 Sep. 2, 2042 4,640 4,272 30,000 Crombie Real Estate Investment Trust 2.78 Feb. 10, 2020 29,944 29,699 31,000 Crombie Real Estate Investment Trust 3.96 Jun. 1, 2021 32,403 31,593 50,000 Crombie Real Estate Investment Trust 3.99 Oct. 31, 2018 51,699 51,262 27,000 Crosslinx Transit Solutions General Partnership 4.56 Jun. 30, 2051 27,747 24,976 80,000 Crosslinx Transit Solutions General Partnership 4.65 Sep. 30, 2046 85,258 78,256 31,000 CT Real Estate Investment Trust 2.16 Jun. 1, 2021 31,189 30,603 29,000 CT Real Estate Investment Trust 2.85 Jun. 9, 2022 29,889 29,149 43,000 CT Real Estate Investment Trust 3.29 Jun. 1, 2026 43,706 41,785 50,000 CT Real Estate Investment Trust 3.53 Jun. 9, 2025 52,537 50,276 16,000 CU Inc. 3.76 Nov. 19, 2046 16,000 15,943 128,000 CU Inc. 3.81 Sep. 10, 2042 138,823 128,515 50,000 CU Inc. 3.83 Sep. 11, 2062 54,398 49,058 52,000 CU Inc. 3.86 Nov. 14, 2052 56,758 51,706 98,000 CU Inc. 3.96 Jul. 27, 2045 110,153 100,642 145,000 CU Inc. 4.09 Sep. 2, 2044 165,771 152,135 49,000 CU Inc. 4.21 Oct. 29, 2055 57,516 51,915 97,000 CU Inc. 4.54 Oct. 24, 2041 117,792 108,777 28,000 CU Inc. 4.56 Nov. 7, 2053 34,777 31,547 45,000 CU Inc. 4.59 Oct. 24, 2061 57,048 51,692 115,000 CU Inc. 4.72 Sep. 9, 2043 143,967 132,746 70,000 CU Inc. 4.80 Nov. 22, 2021 81,630 79,619 23,000 CU Inc. 4.95 Nov. 18, 2050 30,206 27,562 58,000 CU Inc. 5.18 Nov. 21, 2035 74,181 68,981 24,000 CU Inc. 5.56 May 26, 2028 30,798 29,149 48,000 CU Inc. 5.56 Oct. 30, 2037 64,487 60,212 38,000 CU Inc. 5.90 Nov. 20, 2034 51,626 48,403 53,000 CU Inc. 6.50 Mar. 7, 2039 79,653 74,135 87,000 CU Inc. 6.80 Aug. 13, 2019 101,252 98,709 2,000 CU Inc. 9.92 Apr. 1, 2022 2,841 2,727 4,000 Daimler Canada Finance Inc. 1.42 Oct. 2, 2018 4,000 3,993 72,000 Daimler Canada Finance Inc. 1.78 Aug. 19, 2019 72,483 72,142 67,000 Daimler Canada Finance Inc. 1.80 Dec. 16, 2019 66,996 67,024 112,000 Daimler Canada Finance Inc. 1.91 Jul. 8, 2021 112,544 110,689 81,000 Daimler Canada Finance Inc. 2.23 Dec. 16, 2021 80,993 80,919 100,000 Daimler Canada Finance Inc. 2.27 Mar. 26, 2018 101,569 101,143 40,000 Dollarama Inc. 2.34 Jul. 22, 2021 40,000 39,882 80,000 Dollarama Inc. 3.10 Nov. 5, 2018 82,492 81,977 52,000 Dream Office Real Estate Investment Trust 4.07 Jan. 21, 2020 52,995 52,527 23,000 Eagle Credit Card Trust 2.15 Sep. 17, 2020 23,557 23,262 60,000 Eagle Credit Card Trust 2.85 Oct. 18, 2021 62,085 61,536 13,947 Edmonton Regional Airports Authority 7.21 Nov. 1, 2030 18,753 17,725 54,000 Empire Life Insurance Company (The) 2.87 May 31, 2023 54,180 54,087 74,000 Empire Life Insurance Company (The) 3.38 Dec. 16, 2026 74,000 74,220 13,000 Enbridge Gas Distribution Inc. 2.50 Aug. 5, 2026 12,991 12,660 15,000 Enbridge Gas Distribution Inc. 3.15 Aug. 22, 2024 16,176 15,670 82,000 Enbridge Gas Distribution Inc. 3.31 Sep. 11, 2025 89,152 85,877 45,000 Enbridge Gas Distribution Inc. 4.00 Aug. 22, 2044 50,040 46,280 108,000 Enbridge Gas Distribution Inc. 4.04 Nov. 23, 2020 119,048 117,182 36,000 Enbridge Gas Distribution Inc. 4.50 Nov. 23, 2043 42,959 39,956 98,000 Enbridge Gas Distribution Inc. 4.77 Dec. 17, 2021 113,438 110,866 92,000 Enbridge Gas Distribution Inc. 4.95 Nov. 22, 2050 116,737 109,160

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 10,000 Enbridge Gas Distribution Inc. 5.16 Dec. 4, 2017 10,533 10,370 67,000 Enbridge Gas Distribution Inc. 5.21 Feb. 25, 2036 84,774 79,500 22,000 Enbridge Gas Distribution Inc. 6.65 Nov. 3, 2027 29,976 28,365 3,000 Enbridge Gas Distribution Inc. 6.90 Nov. 15, 2032 4,360 4,108 42,000 Enbridge Gas Distribution Inc. 7.60 Oct. 29, 2026 58,904 57,146 95,000 Enbridge Inc. 3.16 Mar. 11, 2021 97,815 98,101 67,000 Enbridge Inc. 3.19 Dec. 5, 2022 68,707 68,845 126,000 Enbridge Inc. 3.94 Jun. 30, 2023 134,193 133,882 117,000 Enbridge Inc. 4.24 Aug. 27, 2042 110,129 110,161 37,000 Enbridge Inc. 4.26 Feb. 1, 2021 39,870 39,852 152,000 Enbridge Inc. 4.53 Mar. 9, 2020 163,854 163,639 42,000 Enbridge Inc. 4.56 Mar. 28, 2064 38,492 38,549 119,000 Enbridge Inc. 4.57 Mar. 11, 2044 118,023 117,680 83,000 Enbridge Inc. 4.77 Sep. 2, 2019 89,527 89,347 51,000 Enbridge Inc. 5.57 Nov. 14, 2035 57,091 56,702 49,000 Enbridge Inc. 5.75 Sep. 2, 2039 56,356 56,172 3,000 Enbridge Inc. 7.20 Jun. 18, 2032 3,898 3,829 3,000 Enbridge Inc. 7.22 Jul. 24, 2030 3,843 3,789 44,000 Enbridge Income Fund 2.92 Dec. 14, 2017 44,620 44,647 124,000 Enbridge Income Fund 3.95 Nov. 19, 2024 131,292 130,977 61,000 Enbridge Income Fund 4.10 Feb. 22, 2019 63,993 63,889 91,000 Enbridge Income Fund 4.85 Feb. 22, 2022 101,320 101,015 64,000 Enbridge Income Fund 4.87 Nov. 21, 2044 66,166 65,598 52,000 Enbridge Pipelines Inc. 2.93 Nov. 30, 2022 54,164 53,577 133,000 Enbridge Pipelines Inc. 3.00 Aug. 10, 2026 132,988 131,874 119,000 Enbridge Pipelines Inc. 3.45 Sep. 29, 2025 125,953 123,649 42,000 Enbridge Pipelines Inc. 3.79 Aug. 17, 2023 45,725 45,042 32,000 Enbridge Pipelines Inc. 4.13 Aug. 9, 2046 31,989 31,232 70,000 Enbridge Pipelines Inc. (*) 4.45 Apr. 6, 2020 76,498 75,880 79,000 Enbridge Pipelines Inc. 4.49 Nov. 12, 2019 86,069 85,534 93,000 Enbridge Pipelines Inc. 4.55 Aug. 17, 2043 101,722 96,955 95,000 Enbridge Pipelines Inc. 4.55 Sep. 29, 2045 104,377 98,832 14,000 Enbridge Pipelines Inc. 5.08 Dec. 19, 2036 16,067 15,476 48,000 Enbridge Pipelines Inc. 5.33 Apr. 6, 2040 57,873 55,291 41,000 Enbridge Pipelines Inc. 5.35 Nov. 10, 2039 49,403 47,260 44,000 Enbridge Pipelines Inc. 6.35 Nov. 17, 2023 54,498 53,261 70,000 Enbridge Pipelines Inc. 6.62 Nov. 19, 2018 78,023 76,672 9,000 Enersource Corporation 4.52 Apr. 29, 2021 10,161 9,891 48,000 Enersource Corporation 5.30 Apr. 29, 2041 62,606 57,982 74,000 ENMAX Corporation 3.81 Dec. 5, 2024 78,685 75,833 42,000 EPCOR Utilities Inc. 4.55 Feb. 28, 2042 51,126 46,814 15,000 EPCOR Utilities Inc. 5.65 Nov. 16, 2035 19,989 18,675 9,000 EPCOR Utilities Inc. 5.75 Nov. 24, 2039 12,616 11,631 84,000 EPCOR Utilities Inc. 5.80 Jan. 31, 2018 89,861 88,083 46,000 EPCOR Utilities Inc. 6.65 Apr. 15, 2038 70,039 64,764 150,000 Fairfax Financial Holdings Limited 4.50 Mar. 22, 2023 155,404 156,061 84,000 Fairfax Financial Holdings Limited 4.95 Mar. 3, 2025 88,612 88,356 87,000 Fairfax Financial Holdings Limited 5.84 Oct. 14, 2022 96,880 97,095 70,000 Fairfax Financial Holdings Limited 6.40 May 25, 2021 79,188 79,232 39,000 Fairfax Financial Holdings Limited 7.25 Jun. 22, 2020 44,604 44,477 35,000 Federated Co-operatives Limited 3.92 Jun. 17, 2025 35,834 34,334 43,169 Fifth Avenue Limited Partnership 4.71 Aug. 5, 2021 47,465 45,756 20,000 Finning International Inc. 3.23 Jul. 3, 2020 20,624 20,407 37,000 Finning International Inc. 5.08 Jun. 13, 2042 41,608 37,524 7,000 Finning International Inc. 6.02 Jun. 1, 2018 7,525 7,391 98,000 First Capital Realty Inc. 3.60 May 6, 2026 100,946 97,267 70,000 First Capital Realty Inc. 3.90 Oct. 30, 2023 76,217 73,197 60,000 First Capital Realty Inc. 4.32 Jul. 31, 2025 66,724 63,394

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 102,000 First Capital Realty Inc. 4.43 Jan. 31, 2022 113,279 109,732 59,000 First Capital Realty Inc. 4.50 Mar. 1, 2021 65,231 63,544 21,000 First Capital Realty Inc. 4.79 Aug. 30, 2024 24,152 23,009 26,000 First Capital Realty Inc. 5.48 Jul. 30, 2019 28,791 28,206 43,000 First National Financial Corporation 4.01 Apr. 9, 2020 43,569 42,909 23,000 First Nations Finance Authority 3.40 Jun. 26, 2024 25,193 24,080 157,000 Ford Credit Canada Limited 2.45 May 7, 2020 158,176 156,854 138,000 Ford Credit Canada Limited 2.58 May 10, 2021 138,957 137,052 142,000 Ford Credit Canada Limited 2.92 Sep. 16, 2020 145,251 143,670 130,000 Ford Credit Canada Limited 2.94 Feb. 19, 2019 133,072 132,479 62,000 Ford Credit Canada Limited 3.14 Jun. 14, 2019 63,886 63,531 57,000 Ford Credit Canada Limited 3.28 Jul. 2, 2021 59,188 58,107 67,000 Ford Credit Canada Limited 3.70 Aug. 2, 2018 69,440 68,945 164,000 Fortified Trust 1.67 Jul. 23, 2021 164,000 162,088 67,000 Fortis Inc. 2.85 Dec. 12, 2023 66,987 67,162 81,000 Fortis Inc. 6.51 Jul. 4, 2039 109,459 104,350 20,000 FortisAlberta Inc. 3.30 Sep. 30, 2024 21,824 21,008 39,000 FortisAlberta Inc. 3.34 Sep. 21, 2046 38,934 35,273 2,000 FortisAlberta Inc. 3.98 Oct. 23, 2052 2,210 1,998 12,000 FortisAlberta Inc. 4.11 Sep. 29, 2044 13,637 12,497 12,000 FortisAlberta Inc. 4.27 Sep. 22, 2045 14,178 12,826 27,000 FortisAlberta Inc. 4.54 Oct. 18, 2041 32,502 29,844 17,000 FortisAlberta Inc. 4.80 Oct. 27, 2050 21,583 19,682 47,000 FortisAlberta Inc. 4.85 Sep. 11, 2043 59,237 54,498 3,000 FortisAlberta Inc. 4.99 Jan. 3, 2047 3,908 3,572 64,000 FortisAlberta Inc. 5.37 Oct. 30, 2039 84,731 78,407 40,000 FortisAlberta Inc. 5.40 Apr. 21, 2036 51,794 48,371 9,000 FortisAlberta Inc. 5.85 Apr. 15, 2038 12,425 11,584 34,000 FortisBC Energy Inc. 2.58 Apr. 8, 2026 35,067 33,602 32,000 FortisBC Energy Inc. 3.38 Apr. 13, 2045 32,661 29,586 11,000 FortisBC Energy Inc. 3.67 Apr. 9, 2046 11,835 10,669 31,000 FortisBC Energy Inc. 3.78 Mar. 6, 2047 30,962 30,899 36,000 FortisBC Energy Inc. 4.25 Dec. 9, 2041 42,023 38,823 30,000 FortisBC Energy Inc. 5.20 Dec. 6, 2040 39,505 36,293 59,000 FortisBC Energy Inc. 5.55 Sep. 25, 2036 78,541 73,646 53,000 FortisBC Energy Inc. 5.80 May 13, 2038 73,636 68,335 8,000 FortisBC Energy Inc. 5.90 Feb. 26, 2035 10,923 10,225 78,000 FortisBC Energy Inc. 6.00 Oct. 2, 2037 110,037 102,695 26,000 FortisBC Energy Inc. 6.05 Feb. 15, 2038 36,404 34,022 12,000 FortisBC Energy Inc. 6.50 May 1, 2034 17,209 16,147 4,000 FortisBC Energy Inc. 6.55 Feb. 24, 2039 6,034 5,637 28,000 FortisBC Inc. 4.00 Oct. 28, 2044 31,160 28,407 82,000 FortisBC Inc. 5.00 Nov. 24, 2050 106,631 96,706 45,000 FortisBC Inc. 5.60 Nov. 9, 2035 59,359 55,162 39,000 Gaz Metro Inc. 1.52 May 25, 2020 39,252 38,838 12,000 Gaz Metro Inc. 3.28 Oct. 9, 2046 11,982 10,911 7,000 Gaz Metro Inc. 3.30 Mar. 31, 2045 7,102 6,409 13,000 Gaz Metro Inc. 5.70 Jul. 10, 2036 17,661 16,367 41,000 Gaz Metro Inc. 6.30 Oct. 31, 2033 57,832 53,930 113,000 Gaz Metro Inc. 9.00 May 16, 2025 170,900 162,031 192,000 GE Capital Canada Funding Company 4.60 Jan. 26, 2022 223,133 215,790 104,000 General Motors Financial of Canada Limited 3.08 May 22, 2020 105,595 105,444 170,000 Genesis Trust II 1.68 Sep. 17, 2018 171,576 170,938 109,000 Genesis Trust II 1.70 Apr. 15, 2020 110,251 109,118 234,000 Genesis Trust II 2.43 May 15, 2019 241,453 239,107 106,000 Genworth MI Canada Inc. 4.24 Apr. 1, 2024 110,555 107,005 9,000 Genworth MI Canada Inc. 5.68 Jun. 15, 2020 9,850 9,722 52,000 George Weston Limited 4.12 Jun. 17, 2024 57,665 55,170

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 4,000 George Weston Limited 6.69 Mar. 1, 2033 5,212 4,879 63,000 George Weston Limited 7.10 Feb. 5, 2032 83,845 79,451 102,000 Glacier Credit Card Trust 2.24 Sep. 20, 2020 104,530 103,196 105,000 Glacier Credit Card Trust 2.57 Sep. 20, 2019 108,497 107,541 52,000 Glacier Credit Card Trust 2.76 Nov. 20, 2018 53,655 53,230 30,570 Grand Renewable Solar Limited Partnership 3.93 Jan. 31, 2035 31,675 30,294 22,000 GrandLinq GP 4.77 Mar. 31, 2047 24,019 22,546 51,000 Granite REIT Holdings Limited Partnership 3.79 Jul. 5, 2021 53,396 52,331 79,000 Granite REIT Holdings Limited Partnership 3.87 Nov. 30, 2023 79,002 79,356 94,000 Greater Toronto Airports Authority 3.04 Sep. 21, 2022 102,377 99,140 88,000 Greater Toronto Airports Authority 4.53 Dec. 2, 2041 110,434 101,011 17,000 Greater Toronto Airports Authority 5.26 Apr. 17, 2018 18,237 17,885 121,000 Greater Toronto Airports Authority 5.30 Feb. 25, 2041 167,075 153,362 85,000 Greater Toronto Airports Authority 5.63 Jun. 7, 2040 121,692 111,442 192,000 Greater Toronto Airports Authority 5.96 Nov. 20, 2019 222,220 216,682 90,000 Greater Toronto Airports Authority 6.45 Dec. 3, 2027 127,910 120,118 67,880 Greater Toronto Airports Authority 6.45 Jul. 30, 2029 87,815 84,053 106,000 Greater Toronto Airports Authority 6.47 Feb. 2, 2034 155,666 145,898 29,000 Greater Toronto Airports Authority 6.98 Oct. 15, 2032 44,026 41,249 107,000 Greater Toronto Airports Authority 7.05 Jun. 12, 2030 158,554 148,627 117,000 Greater Toronto Airports Authority 7.10 Jun. 4, 2031 175,960 165,218 168,000 Great-West Lifeco Finance (Delaware) Limited Partnership 5.69 Jun. 21, 2067 164,403 166,793 24,000 Great-West Lifeco Finance (Delaware) Limited Partnership 7.13 Jun. 26, 2068 26,097 25,706 94,000 Great-West Lifeco Inc. 4.65 Aug. 13, 2020 104,977 103,132 44,000 Great-West Lifeco Inc. 6.00 Nov. 16, 2039 59,314 56,190 54,000 Great-West Lifeco Inc. 6.14 Mar. 21, 2018 58,207 57,051 105,000 Great-West Lifeco Inc. 6.67 Mar. 21, 2033 144,110 137,340 52,000 Great-West Lifeco Inc. 6.74 Nov. 24, 2031 71,270 67,902 94,000 H&R Real Estate Investment Trust 2.92 May 6, 2022 94,090 93,614 56,000 H&R Real Estate Investment Trust 3.34 Jun. 20, 2018 57,210 57,211 36,000 H&R Real Estate Investment Trust 4.45 Mar. 2, 2020 38,476 38,076 66,000 Halifax International Airport Authority 4.89 Nov. 15, 2050 90,150 77,879 44,000 Halifax International Airport Authority 5.50 Jul. 19, 2041 62,852 56,044 37,000 HCN Canadian Holdings-1 Limited Partnership 3.35 Nov. 25, 2020 38,052 38,051 232,000 Health Montreal Collective Limited Partnership 6.72 Sep. 30, 2049 326,039 288,358 126,000 Hollis Receivables Term Trust II 1.79 Feb. 26, 2020 127,326 126,208 119,000 Hollis Receivables Term Trust II 2.43 Jun. 26, 2019 122,592 121,609 21,000 Home Trust Company 2.28 Mar. 6, 2018 20,881 20,950 30,000 Home Trust Company 3.40 Dec. 10, 2018 30,394 30,326 52,000 Honda Canada Finance Inc. 1.63 Aug. 12, 2019 52,356 52,038 67,000 Honda Canada Finance Inc. 1.82 Dec. 7, 2021 67,000 66,114 70,000 Honda Canada Finance Inc. 2.16 Feb. 18, 2021 71,689 70,556 134,000 Honda Canada Finance Inc. 2.35 Jun. 4, 2018 136,632 135,988 47,000 Hospital for Sick Children (The) 5.22 Dec. 16, 2049 65,936 58,279 92,565 Hospital Infrastructure Partners (NOH) Partnership 5.44 Jan. 31, 2045 111,385 103,324 155,000 HSBC Bank Canada 1.82 Jul. 7, 2020 154,315 154,093 149,000 HSBC Bank Canada 2.08 Nov. 26, 2018 150,462 150,521 212,000 HSBC Bank Canada 2.45 Jan. 29, 2021 216,201 214,986 211,000 HSBC Bank Canada 2.49 May 13, 2019 215,298 214,771 252,000 HSBC Bank Canada 2.91 Sep. 29, 2021 262,069 259,604 270,000 HSBC Bank Canada 2.94 Jan. 14, 2020 279,755 278,520 135,000 Husky Energy Inc. 3.55 Mar. 12, 2025 139,062 136,617 87,000 Husky Energy Inc. 5.00 Mar. 12, 2020 94,876 94,290 3,000 IGM Financial Inc. 6.00 Dec. 10, 2040 3,938 3,652 11,000 IGM Financial Inc. 7.11 Mar. 7, 2033 15,416 14,531 164,000 IGM Financial Inc. 7.35 Apr. 8, 2019 187,991 183,740

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 72,000 Industrial Alliance Insurance and Financial Services Inc. 2.64 Feb. 23, 2027 71,937 71,574 83,000 Industrial Alliance Insurance and Financial Services Inc. 2.80 May 16, 2024 83,575 83,820 23,000 Industrial Alliance Insurance and Financial Services Inc. 3.30 Sep. 15, 2028 22,994 23,237 99,000 InPower BC General Partnership 4.47 Mar. 31, 2033 110,657 103,857 84,000 Intact Financial Corporation 3.77 Mar. 2, 2026 90,638 88,885 68,000 Intact Financial Corporation 4.70 Aug. 18, 2021 76,388 75,700 74,000 Intact Financial Corporation 5.16 Jun. 16, 2042 87,746 84,410 3,000 Intact Financial Corporation 5.41 Sep. 3, 2019 3,320 3,289 3,000 Intact Financial Corporation 6.40 Nov. 23, 2039 4,036 3,936 24,000 Integrated Team Solutions PCH Partnership 4.88 May 31, 2046 28,170 25,827 36,888 Integrated Team Solutions SJHC Partnership 5.95 Nov. 30, 2042 47,562 45,226 123,000 Inter Pipeline Limited 2.61 Sep. 13, 2023 123,000 121,780 38,000 Inter Pipeline Limited 3.17 Mar. 24, 2025 38,529 38,299 112,000 Inter Pipeline Limited 3.45 Jul. 20, 2020 117,866 117,640 51,000 Inter Pipeline Limited 3.84 Jul. 30, 2018 53,044 52,882 90,000 Inter Pipeline Limited 4.64 May 30, 2044 94,100 91,059 83,000 Inter Pipeline Limited 4.97 Feb. 2, 2021 92,803 91,948 58,000 Inter-American Development Bank 1.88 Mar. 20, 2020 59,656 58,854 156,000 Inter-American Development Bank 4.40 Jan. 26, 2026 190,871 178,834 266,000 International Bank for Reconstruction and Development 1.88 May 30, 2019 273,367 270,523 29,000 Investors Group Inc. 7.00 Dec. 31, 2032 40,220 37,881 49,000 John Deere Canada Funding Inc. 1.60 Jul. 13, 2020 49,081 48,615 25,000 John Deere Canada Funding Inc. 1.75 Jan. 28, 2019 25,244 25,130 35,000 John Deere Canada Funding Inc. 2.05 Sep. 17, 2020 35,702 35,221 98,000 John Deere Canada Funding Inc. 2.05 May 13, 2022 99,842 97,206 100,000 John Deere Canada Funding Inc. 2.30 Jan. 17, 2018 101,577 101,150 64,000 John Deere Canada Funding Inc. 2.35 Jun. 24, 2019 65,727 65,239 37,000 John Deere Canada Funding Inc. 2.65 Jul. 16, 2018 37,978 37,705 122,000 Kingston Solar Limited Partnership 3.57 Jul. 31, 2035 122,000 117,402 105,000 Kraft Canada Inc. 2.70 Jul. 6, 2020 107,056 106,571 58,000 Laurentian Bank of Canada 2.50 Jan. 23, 2020 58,603 58,450 77,000 Laurentian Bank of Canada 2.75 Apr. 22, 2021 78,378 77,727 70,000 Laurentian Bank of Canada 2.81 Jun. 13, 2019 71,630 71,241 122,000 Laurentian Bank of Canada 3.28 Oct. 15, 2018 125,608 124,910 158,000 Leisureworld Senior Care Limited Partnership 3.47 Feb. 3, 2021 168,666 165,814 140,000 Loblaw Companies Limited 3.75 Mar. 12, 2019 147,813 146,235 207,000 Loblaw Companies Limited 4.86 Sep. 12, 2023 240,664 232,213 105,000 Loblaw Companies Limited 5.22 Jun. 18, 2020 118,537 116,297 64,000 Loblaw Companies Limited 5.90 Jan. 18, 2036 81,597 75,906 49,000 Loblaw Companies Limited 6.05 Jun. 9, 2034 62,752 58,650 23,000 Loblaw Companies Limited 6.15 Jan. 29, 2035 29,930 27,867 69,000 Loblaw Companies Limited 6.50 Jan. 22, 2029 89,868 84,883 3,000 Lower Mattagami Energy Limited Partnership 2.23 Oct. 23, 2017 3,038 3,027 14,000 Lower Mattagami Energy Limited Partnership 2.31 Oct. 21, 2026 14,000 13,391 68,000 Lower Mattagami Energy Limited Partnership 3.42 Jun. 20, 2024 74,943 72,118 12,000 Lower Mattagami Energy Limited Partnership 4.18 Feb. 23, 2046 13,974 12,788 77,000 Lower Mattagami Energy Limited Partnership 4.18 Apr. 23, 2052 89,218 80,775 77,000 Lower Mattagami Energy Limited Partnership 4.33 May 18, 2021 86,904 84,784 65,000 Lower Mattagami Energy Limited Partnership 4.94 Sep. 21, 2043 83,970 77,383 34,000 Lower Mattagami Energy Limited Partnership 5.14 May 18, 2041 44,527 41,166 87,000 Magna International Inc. 3.10 Dec. 15, 2022 91,161 89,152 35,000 Manitoba Telecom Services Inc. 4.00 May 27, 2024 38,539 37,070 35,000 Manitoba Telecom Services Inc. 4.59 Oct. 1, 2018 37,235 36,782 46,000 Manitoba Telecom Services Inc. 5.63 Dec. 16, 2019 51,634 50,848

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 142,000 Manufacturers Life Insurance Company (The) 2.10 Jun. 1, 2025 140,941 141,412 77,000 Manufacturers Life Insurance Company (The) 2.39 Jan. 5, 2026 77,111 77,174 127,000 Manufacturers Life Insurance Company (The) 2.64 Jan. 15, 2025 128,624 128,865 71,000 Manufacturers Life Insurance Company (The) 2.81 Feb. 21, 2024 72,178 72,175 47,000 Manufacturers Life Insurance Company (The) 2.82 Feb. 26, 2023 47,599 47,516 22,000 Manufacturers Life Insurance Company (The) 2.93 Nov. 29, 2023 22,401 22,367 230,000 Manufacturers Life Insurance Company (The) 3.18 Nov. 22, 2027 238,841 236,647 95,000 Manulife Bank of Canada 1.41 Feb. 27, 2018 95,023 95,144 32,000 Manulife Bank of Canada 1.92 Sep. 1, 2021 32,000 31,611 100,000 Manulife Finance (Delaware) Limited Partnership 5.06 Dec. 15, 2041 107,886 105,953 220,000 Manulife Financial Capital Trust II 7.41 Dec. 31, 2108 253,182 250,470 76,000 Manulife Financial Corporation 5.51 Jun. 26, 2018 81,552 80,339 54,000 Manulife Financial Corporation 7.77 Apr. 8, 2019 62,519 60,932 160,000 Master Credit Card Trust II 2.72 Nov. 21, 2018 165,431 164,125 50,000 MCAP Commercial Limited Partnership 3.96 Mar. 11, 2019 50,257 49,401 124,000 McGill University 6.15 Sep. 22, 2042 188,896 169,636 79,000 McGill University Health Centre 5.36 Dec. 31, 2043 109,549 98,723 18,000 McMaster University 4.11 Nov. 26, 2065 22,312 18,726 6,000 McMaster University 6.15 Oct. 7, 2052 9,748 8,616 79,768 Melancthon Wolfe Wind Limited Partnership 3.83 Dec. 31, 2028 81,444 81,431 104,000 METRO INC. 3.20 Dec. 1, 2021 109,893 108,139 36,000 METRO INC. 5.03 Dec. 1, 2044 41,299 38,243 23,000 METRO INC. 5.97 Oct. 15, 2035 28,706 26,876 127,263 Milit-Air Inc. 5.75 Jun. 30, 2019 136,916 135,190 61,000 Morguard Corporation 4.01 Nov. 18, 2020 61,000 61,531 262,000 National Bank of Canada 1.74 Mar. 3, 2020 264,465 262,166 103,000 National Bank of Canada 1.81 Jul. 26, 2021 103,000 102,145 197,000 National Bank of Canada 2.11 Mar. 18, 2022 201,199 196,508 160,000 National Bank of Canada 2.40 Oct. 28, 2019 164,934 163,590 113,000 National Bank of Canada 2.79 Aug. 9, 2018 116,483 115,596 227,000 NAV Canada 1.95 Apr. 19, 2018 230,445 229,634 30,000 NAV Canada 3.53 Feb. 23, 2046 33,036 29,884 9,000 NAV Canada 7.40 Jun. 1, 2027 13,499 12,720 127,600 NAV Canada 7.56 Mar. 1, 2027 167,629 161,036 131,000 NBC Asset Trust 7.24 Dec. 29, 2049 143,331 141,066 31,000 Nissan Canada Financial Services Inc. 1.58 Oct. 7, 2019 31,000 30,874 174,777 North Battleford Power Limited Partnership 4.96 Dec. 31, 2032 204,768 192,740 182,000 North West Redwater Partnership/NWR Financing Company Limited 2.10 Feb. 23, 2022 182,390 181,799 153,000 North West Redwater Partnership/NWR Financing Company Limited 3.20 Jul. 22, 2024 161,537 158,890 71,000 North West Redwater Partnership/NWR Financing Company Limited 3.20 Apr. 24, 2026 74,095 72,361 53,000 North West Redwater Partnership/NWR Financing Company Limited 3.70 Feb. 23, 2043 51,476 50,890 173,000 North West Redwater Partnership/NWR Financing Company Limited 4.05 Jul. 22, 2044 178,692 176,562 62,000 North West Redwater Partnership/NWR Financing Company Limited 4.15 Jun. 1, 2033 65,115 64,913 90,000 North West Redwater Partnership/NWR Financing Company Limited 4.25 Jun. 1, 2029 99,005 96,360 144,000 North West Redwater Partnership/NWR Financing Company Limited 4.35 Jan. 10, 2039 152,417 152,288 69,000 North West Redwater Partnership/NWR Financing Company Limited 4.75 Jun. 1, 2037 78,167 77,387 34,325 Northland Power Solar Finance One Limited Partners 4.40 Jun. 30, 2032 37,711 35,964

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 58,373 Northwestconnect Group Partnership 5.95 Apr. 30, 2041 76,556 69,277 62,000 Nova Scotia Power Inc. 3.61 May 1, 2045 63,871 58,082 84,000 Nova Scotia Power Inc. 4.15 Mar. 6, 2042 94,470 86,706 89,000 Nova Scotia Power Inc. 4.50 Jul. 20, 2043 105,592 96,859 87,000 Nova Scotia Power Inc. 5.61 Jun. 15, 2040 117,779 108,801 23,000 Nova Scotia Power Inc. 5.67 Nov. 14, 2035 30,161 28,253 29,000 OMERS Realty Corporation 1.82 May 9, 2022 29,000 28,449 44,000 OMERS Realty Corporation 2.47 Nov. 12, 2019 45,455 45,025 134,000 OMERS Realty Corporation 2.50 Jun. 5, 2018 137,086 136,248 86,000 OMERS Realty Corporation 2.86 Feb. 23, 2024 91,247 87,661 37,000 OMERS Realty Corporation 2.97 Apr. 5, 2021 39,359 38,540 70,000 OMERS Realty Corporation 3.20 Jul. 24, 2020 74,702 73,338 50,000 OMERS Realty Corporation 3.33 Nov. 12, 2024 54,896 52,267 96,000 OMERS Realty Corporation 3.36 Jun. 5, 2023 105,353 101,219 47,000 OMERS Realty Corporation 4.74 Jun. 4, 2018 50,144 49,289 29,000 OPB Finance Trust 2.95 Feb. 2, 2026 30,918 29,397 121,425 Original Wempi Inc. 4.06 Feb. 13, 2024 130,352 125,302 69,000 Original Wempi Inc. 4.31 Feb. 13, 2024 75,656 72,085 67,957 Ornge Issuer Trust 5.73 Jun. 11, 2034 83,710 79,449 117,000 Ottawa Macdonald-Cartier International Airport Authority 3.93 Jun. 9, 2045 127,469 115,753 5,247 Ottawa Macdonald-Cartier International Airport Authority 6.97 May 25, 2032 7,198 6,754 14,000 Ottawa-Carleton Catholic District School Board 6.50 Mar. 22, 2022 17,328 16,639 39,000 Pembina Pipeline Corporation 3.54 Feb. 3, 2025 39,526 39,688 104,000 Pembina Pipeline Corporation 3.71 Aug. 11, 2026 105,172 105,033 148,000 Pembina Pipeline Corporation 3.77 Oct. 24, 2022 155,261 155,343 135,000 Pembina Pipeline Corporation 4.24 Jun. 15, 2027 139,401 140,541 58,000 Pembina Pipeline Corporation 4.75 Apr. 30, 2043 56,441 57,375 127,000 Pembina Pipeline Corporation 4.81 Mar. 25, 2044 124,569 126,550 85,000 Pembina Pipeline Corporation 4.89 Mar. 29, 2021 93,342 93,276 56,000 Penske Truck Leasing Canada Inc. 2.95 Jun. 12, 2020 56,876 56,644 64,000 Penske Truck Leasing Canada Inc. 3.65 Feb. 1, 2018 65,533 65,229 88,000 Plenary Health Care Partnerships Humber Limited Partnership 4.82 Nov. 30, 2044 108,704 97,722 88,809 Plenary Health Care Partnerships Humber Limited Partnership 4.90 May 31, 2039 103,608 98,395 33,703 Plenary Health Hamilton Limited Partnership 5.80 May 31, 2043 43,205 40,588 143,666 Plenary Properties LTAP Limited Partnership 6.29 Jan. 31, 2044 199,171 183,685 30,000 Power Corporation of Canada 7.57 Apr. 22, 2019 34,490 33,711 57,000 Power Corporation of Canada 8.57 Apr. 22, 2039 94,036 88,234 5,000 Power Financial Corporation 6.90 Mar. 11, 2033 6,926 6,521 68,000 PowerStream Inc. 3.24 Nov. 21, 2024 73,774 70,240 62,000 PowerStream Inc. 3.96 Jul. 30, 2042 67,240 61,762 31,000 PSS Generating Station Limited Partnership 4.80 Oct. 24, 2067 35,624 32,018 6,000 Queen's University 6.10 Nov. 19, 2032 8,387 7,790 121,000 RBC Capital Trust 6.82 Dec. 29, 2049 131,963 129,780 55,000 Reliance Limited Partnership 3.81 Sep. 15, 2020 55,668 55,317 25,000 Reliance Limited Partnership 4.08 Aug. 2, 2021 25,584 25,153 105,000 Reliance Limited Partnership 5.19 Mar. 15, 2019 110,624 109,587 48,000 RioCan Real Estate Investment Trust 2.19 Aug. 26, 2020 48,000 47,796 79,000 RioCan Real Estate Investment Trust 2.87 Mar. 5, 2018 80,624 80,224 49,000 RioCan Real Estate Investment Trust 3.29 Feb. 12, 2024 50,916 49,148 52,000 RioCan Real Estate Investment Trust 3.62 Jun. 1, 2020 55,157 54,280 36,000 RioCan Real Estate Investment Trust 3.72 Dec. 13, 2021 38,759 37,779 17,000 RioCan Real Estate Investment Trust 3.73 Apr. 18, 2023 18,252 17,625 78,000 RioCan Real Estate Investment Trust 3.75 May 30, 2022 83,749 81,527

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 64,000 RioCan Real Estate Investment Trust 3.85 Jun. 28, 2019 67,780 67,005 120,000 Rogers Communications Inc. 2.80 Mar. 13, 2019 123,715 123,110 114,000 Rogers Communications Inc. 4.00 Jun. 6, 2022 125,563 123,143 93,000 Rogers Communications Inc. 4.00 Mar. 13, 2024 102,697 100,140 166,000 Rogers Communications Inc. 4.70 Sep. 29, 2020 184,757 182,025 236,000 Rogers Communications Inc. 5.34 Mar. 22, 2021 271,044 265,993 95,000 Rogers Communications Inc. 5.38 Nov. 4, 2019 105,985 104,459 141,000 Rogers Communications Inc. 6.11 Aug. 25, 2040 180,675 170,625 91,000 Rogers Communications Inc. 6.56 Mar. 22, 2041 123,242 116,338 95,000 Rogers Communications Inc. 6.68 Nov. 4, 2039 130,022 122,393 173,000 Royal Bank of Canada 1.40 Apr. 26, 2019 173,915 173,038 241,000 Royal Bank of Canada 1.58 Sep. 13, 2021 241,000 236,140 129,000 Royal Bank of Canada 1.59 Mar. 23, 2020 130,322 128,965 224,000 Royal Bank of Canada 1.65 Jul. 15, 2021 223,935 220,660 297,000 Royal Bank of Canada 1.92 Jul. 17, 2020 302,294 298,407 447,000 Royal Bank of Canada 1.97 Mar. 2, 2022 454,049 442,862 458,000 Royal Bank of Canada 2.03 Mar. 15, 2021 468,077 459,721 626,000 Royal Bank of Canada 2.26 Mar. 12, 2018 636,916 633,714 233,000 Royal Bank of Canada 2.33 Dec. 5, 2023 233,000 231,425 316,000 Royal Bank of Canada 2.35 Dec. 9, 2019 325,880 322,491 386,000 Royal Bank of Canada 2.77 Dec. 11, 2018 399,519 395,964 413,000 Royal Bank of Canada 2.82 Jul. 12, 2018 425,717 422,368 358,000 Royal Bank of Canada 2.86 Mar. 4, 2021 379,073 371,086 238,000 Royal Bank of Canada 2.89 Oct. 11, 2018 246,517 244,264 187,000 Royal Bank of Canada 2.98 May 7, 2019 195,563 193,239 409,000 Royal Bank of Canada 2.99 Dec. 6, 2024 422,021 422,118 249,000 Royal Bank of Canada 3.77 Mar. 30, 2018 260,239 256,981 160,000 Royal Bank of Canada 4.93 Jul. 16, 2025 198,907 188,644 24,000 Saputo Inc. 2.20 Jun. 23, 2021 24,225 24,010 56,000 Saputo Inc. 2.65 Nov. 26, 2019 57,626 57,372 92,000 Saputo Inc. 2.83 Nov. 21, 2023 92,000 92,184 172,000 Scotiabank Capital Trust 5.65 Dec. 31, 2056 202,882 198,502 130,000 Scotiabank Tier 1 Trust 7.80 Jun. 30, 2108 147,937 146,112 76,791 Sea To Sky Highway Investment Limited Partnership 2.63 Oct. 31, 2030 77,918 74,152 75,822 SEC LP and Arci Limited 5.19 Aug. 29, 2033 83,996 79,485 36,000 SGTP Highway Bypass Limited Partnership 4.11 Jan. 31, 2045 38,788 36,262 19,000 SGTP Highway Bypass Limited Partnership 4.16 Jul. 31, 2049 20,733 18,625 31,000 Shaw Communications Inc. 3.15 Feb. 19, 2021 31,971 31,642 112,000 Shaw Communications Inc. 4.35 Jan. 31, 2024 122,666 119,467 118,000 Shaw Communications Inc. 5.50 Dec. 7, 2020 133,615 130,996 229,000 Shaw Communications Inc. 5.65 Oct. 1, 2019 253,776 249,875 249,000 Shaw Communications Inc. 6.75 Nov. 9, 2039 318,420 298,459 81,000 Shoppers Drug Mart Corporation 2.36 May 24, 2018 82,338 81,963 79,000 Simon Fraser University 5.61 Jun. 10, 2043 115,243 102,839 36,000 Sinai Health System 3.53 Jun. 9, 2056 38,680 33,449 23,000 Smart Real Estate Investment Trust 2.99 Aug. 28, 2024 23,031 22,045 45,000 Smart Real Estate Investment Trust 3.44 Aug. 28, 2026 45,061 43,162 47,000 Smart Real Estate Investment Trust 3.56 Feb. 6, 2025 48,908 46,752 31,000 Smart Real Estate Investment Trust 3.73 Jul. 22, 2022 33,045 32,148 30,000 Smart Real Estate Investment Trust 3.75 Feb. 11, 2021 31,933 31,419 52,000 Smart Real Estate Investment Trust 3.99 May 30, 2023 56,230 54,251 49,000 Smart Real Estate Investment Trust 4.05 Jul. 27, 2020 52,610 51,701 117,000 SNC-Lavalin Group Inc. 6.19 Jul. 3, 2019 129,946 126,628 130,510 SNC-Lavalin Innisfree McGill Finance Inc. 6.63 Jun. 30, 2044 179,079 166,523 113,000 Sobeys Inc. 3.52 Aug. 8, 2018 115,623 114,410 149,000 Sobeys Inc. 4.70 Aug. 8, 2023 159,919 148,500 35,000 Sobeys Inc. 6.06 Oct. 29, 2035 39,031 32,591

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 40,000 Sobeys Inc. 6.64 Jun. 7, 2040 44,599 39,396 25,000 Societe en commandite CE Sebastopol 4.14 Jul. 31, 2047 25,680 24,408 159,047 SP/SP1 Limited Partnership 3.21 Jun. 15, 2019 163,881 162,146 116,000 SSL Finance Inc/SSL Financement Inc. 4.10 Oct. 31, 2045 124,020 115,428 38,000 SSL Finance Inc/SSL Financement Inc. 4.18 Apr. 30, 2049 40,559 37,006 37,000 Sun Life Capital Trust 7.09 Jun. 30, 2052 48,567 47,115 84,000 Sun Life Capital Trust II 5.86 Dec. 31, 2108 92,542 92,029 84,000 Sun Life Financial Inc. 2.60 Sep. 25, 2025 84,733 84,730 17,000 Sun Life Financial Inc. 2.77 May 13, 2024 17,228 17,252 177,000 Sun Life Financial Inc. 3.05 Sep. 19, 2028 176,745 177,121 77,000 Sun Life Financial Inc. 3.10 Feb. 19, 2026 79,349 78,956 86,000 Sun Life Financial Inc. 4.57 Aug. 23, 2021 97,128 95,190 74,000 Sun Life Financial Inc. 5.40 May 29, 2042 85,948 83,191 87,000 Sun Life Financial Inc. 5.59 Jan. 30, 2023 91,848 90,611 57,000 Sun Life Financial Inc. 5.70 Jul. 2, 2019 63,680 62,628 133,000 Suncor Energy Inc. 3.00 Sep. 14, 2026 132,669 131,267 152,000 Suncor Energy Inc. 3.10 Nov. 26, 2021 160,819 158,495 24,000 Suncor Energy Inc. 4.34 Sep. 13, 2046 23,976 23,371 113,000 Suncor Energy Inc. 5.39 Mar. 26, 2037 130,851 126,368 194,000 Suncor Energy Inc. 5.80 May 22, 2018 209,219 205,568 209,000 TD Capital Trust III 7.24 Dec. 29, 2049 234,441 230,814 149,000 TD Capital Trust IV 6.63 Jun. 30, 2108 174,096 172,303 7,000 TD Capital Trust IV 9.52 Jun. 30, 2108 8,312 8,161 136,000 TD Capital Trust IV 10.00 Jun. 30, 2108 188,669 177,873 107,000 TELUS Communications Inc. 8.80 Sep. 22, 2025 157,289 148,672 54,000 TELUS Communications Inc. 9.65 Apr. 8, 2022 74,670 71,810 76,000 TELUS Communications Inc. 10.65 Jun. 19, 2021 105,495 101,401 25,000 TELUS Corporation 1.50 Mar. 27, 2018 24,980 25,050 127,000 TELUS Corporation 2.35 Mar. 28, 2022 128,149 126,291 87,000 TELUS Corporation 3.35 Mar. 15, 2023 92,188 90,094 171,000 TELUS Corporation 3.35 Apr. 1, 2024 180,501 175,501 82,000 TELUS Corporation 3.60 Jan. 26, 2021 87,651 86,625 166,000 TELUS Corporation 3.75 Jan. 17, 2025 179,226 173,722 61,000 TELUS Corporation 3.75 Mar. 10, 2026 65,427 63,128 120,000 TELUS Corporation 4.40 Apr. 1, 2043 121,826 114,634 104,000 TELUS Corporation 4.40 Jan. 29, 2046 105,449 98,997 83,000 TELUS Corporation 4.75 Jan. 17, 2045 88,784 83,549 151,000 TELUS Corporation 4.85 Apr. 5, 2044 163,913 154,292 212,000 TELUS Corporation 5.05 Dec. 4, 2019 234,194 231,528 198,000 TELUS Corporation 5.05 Jul. 23, 2020 221,971 218,492 83,000 TELUS Corporation 5.15 Nov. 26, 2043 93,704 88,405 17,000 Teranet Holdings Limited Parternship 3.65 Nov. 18, 2022 18,037 17,423 175,000 Teranet Holdings Limited Partnership 4.81 Dec. 16, 2020 194,095 189,207 87,000 Teranet Holdings Limited Partnership 5.75 Dec. 17, 2040 106,497 93,428 26,000 Teranet Holdings Limited Partnership 6.10 Jun. 17, 2041 33,602 29,155 99,000 Thomson Reuters Corporation 3.31 Nov. 12, 2021 104,117 102,876 96,000 Thomson Reuters Corporation 3.37 May 23, 2019 99,876 99,349 96,000 Thomson Reuters Corporation 4.35 Sep. 30, 2020 104,705 103,348 34,000 THP Partnership 4.39 Oct. 31, 2046 37,805 35,094 97,000 TMX Group Limited 3.25 Oct. 3, 2018 100,773 99,762 102,000 TMX Group Limited 4.46 Oct. 3, 2023 116,560 111,206 77,000 Toronto Hydro Corporation 2.52 Aug. 25, 2026 78,962 75,401 29,000 Toronto Hydro Corporation 2.91 Apr. 10, 2023 30,990 30,101 57,000 Toronto Hydro Corporation 3.54 Nov. 18, 2021 62,857 61,306 18,000 Toronto Hydro Corporation 3.55 Jul. 28, 2045 18,864 17,160 34,000 Toronto Hydro Corporation 3.96 Apr. 9, 2063 38,502 34,156 10,000 Toronto Hydro Corporation 4.08 Sep. 16, 2044 11,446 10,468 87,000 Toronto Hydro Corporation 4.49 Nov. 12, 2019 95,858 94,182

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 60,000 Toronto Hydro Corporation 5.54 May 21, 2040 82,378 76,066 420,000 Toronto-Dominion Bank (The) 1.68 Jun. 8, 2021 423,378 417,103 326,000 Toronto-Dominion Bank (The) 1.69 Apr. 2, 2020 329,443 326,032 395,000 Toronto-Dominion Bank (The) 1.91 Jul. 18, 2023 395,000 384,365 295,000 Toronto-Dominion Bank (The) 2.05 Mar. 8, 2021 302,188 296,737 324,000 Toronto-Dominion Bank (The) 2.17 Apr. 2, 2018 329,401 327,847 383,000 Toronto-Dominion Bank (The) 2.45 Apr. 2, 2019 395,061 391,327 317,000 Toronto-Dominion Bank (The) 2.56 Jun. 24, 2020 330,734 325,857 326,000 Toronto-Dominion Bank (The) 2.62 Dec. 22, 2021 343,037 334,981 364,000 Toronto-Dominion Bank (The) 3.23 Jul. 24, 2024 400,640 382,680 98,000 Toronto-Dominion Bank (The) 5.76 Dec. 18, 2106 103,314 101,961 127,000 Toronto-Dominion Bank (The) 5.83 Jul. 9, 2023 137,178 134,928 40,000 Toyota Credit Canada Inc. 1.75 Jul. 21, 2021 39,933 39,507 72,000 Toyota Credit Canada Inc. 1.80 Feb. 19, 2020 72,807 72,121 115,000 Toyota Credit Canada Inc. 2.05 May 20, 2020 117,305 115,960 84,000 Toyota Credit Canada Inc. 2.20 Feb. 25, 2021 86,244 84,732 111,000 Toyota Credit Canada Inc. 2.25 May 23, 2019 113,621 112,839 36,000 Toyota Credit Canada Inc. 2.48 Nov. 19, 2019 37,200 36,847 136,000 Toyota Credit Canada Inc. 2.75 Jul. 18, 2018 139,862 138,794 136,000 Toyota Credit Canada Inc. 2.80 Nov. 21, 2018 140,565 139,332 104,000 TransAlta Corporation 5.00 Nov. 25, 2020 99,108 106,972 64,000 TransAlta Corporation 6.40 Nov. 18, 2019 64,477 68,178 3,000 TransAlta Corporation 7.30 Oct. 22, 2029 2,498 3,012 164,000 TransCanada Pipelines Limited 3.30 Jul. 17, 2025 173,710 170,221 181,000 TransCanada Pipelines Limited 3.65 Nov. 15, 2021 196,142 194,872 154,000 TransCanada Pipelines Limited 3.69 Jul. 19, 2023 167,958 165,198 123,000 TransCanada Pipelines Limited 4.35 Jun. 6, 2046 132,689 125,198 196,000 TransCanada Pipelines Limited 4.55 Nov. 15, 2041 218,152 204,820 46,000 TransCanada Pipelines Limited 6.28 May 26, 2028 57,503 56,099 2,000 TransCanada Pipelines Limited 6.50 Dec. 9, 2030 2,536 2,425 25,000 TransCanada Pipelines Limited 6.89 Aug. 7, 2028 32,775 31,825 2,000 TransCanada Pipelines Limited 7.90 Apr. 15, 2027 2,728 2,676 104,000 TransCanada Pipelines Limited 8.05 Feb. 17, 2039 165,613 158,026 4,000 TransCanada Pipelines Limited 8.20 Aug. 15, 2031 5,802 5,572 58,000 TransCanada Pipelines Limited 8.29 Feb. 5, 2026 80,790 78,726 5,000 TransCanada Pipelines Limited 11.80 Nov. 20, 2020 6,962 6,720 96,000 Transcontinental Inc. 3.90 May 13, 2019 98,095 97,920 82,000 TransEd Partners General Partnership 3.95 Sep. 30, 2050 79,446 73,656 41,480 Trillium Windpower Limited Partnership 5.80 Feb. 15, 2033 47,402 46,129 63,000 Union Gas Limited 2.76 Jun. 2, 2021 66,271 65,247 96,000 Union Gas Limited 2.81 Jun. 1, 2026 99,508 95,930 41,000 Union Gas Limited 3.19 Sep. 17, 2025 44,215 42,512 62,000 Union Gas Limited 3.79 Jul. 10, 2023 69,270 67,257 43,000 Union Gas Limited 3.80 Jun. 1, 2046 46,538 42,571 98,000 Union Gas Limited 4.20 Jun. 2, 2044 112,739 103,671 88,000 Union Gas Limited 4.88 Jun. 21, 2041 110,078 101,980 43,000 Union Gas Limited 5.20 Jul. 23, 2040 55,713 52,025 131,000 Union Gas Limited 5.35 Apr. 27, 2018 140,194 137,713 55,000 Union Gas Limited 5.46 Sep. 11, 2036 71,587 67,196 20,000 Union Gas Limited 6.05 Sep. 2, 2038 28,270 26,363 73,118 University Health Network 5.64 Dec. 8, 2022 82,591 81,608 34,000 University of British Columbia 4.82 Jul. 26, 2035 43,155 39,370 83,000 University of British Columbia 6.65 Dec. 1, 2031 121,981 112,572 3,000 University of Guelph 6.24 Oct. 10, 2042 4,594 4,137 88,549 University of Ontario Institute of Technology 6.35 Oct. 15, 2034 111,407 106,590 22,000 University of Ottawa 3.26 Oct. 12, 2056 22,000 19,419 4,000 University of Ottawa 6.28 Apr. 15, 2043 6,220 5,609 91,000 University of Toronto 4.25 Dec. 7, 2051 112,582 97,170

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Corporate bonds... continued 16,000 University of Toronto 4.49 Dec. 13, 2046 20,309 17,830 29,000 University of Toronto 6.78 Jul. 18, 2031 42,365 38,956 135,000 University of Western Ontario 4.80 May 24, 2047 178,137 158,024 73,000 University of Windsor 5.37 Jun. 29, 2046 101,023 90,258 61,000 Vancouver Airport Authority 3.86 Nov. 10, 2045 71,162 63,402 6,000 Vancouver Airport Authority 4.42 Dec. 7, 2018 6,470 6,353 63,000 Ventas Canada Finance Limited 3.00 Sep. 30, 2019 64,733 64,612 49,000 Ventas Canada Finance Limited 3.30 Feb. 1, 2022 50,835 50,147 47,000 Ventas Canada Finance Limited 4.13 Sep. 30, 2024 50,568 49,356 74,000 Veresen Inc. 3.06 Jun. 13, 2019 73,285 74,859 101,000 Veresen Inc. 3.43 Nov. 10, 2021 100,991 101,444 14,000 Veresen Inc. 4.00 Nov. 22, 2018 14,232 14,447 90,000 VW Credit Canada Inc. 1.60 Apr. 4, 2018 89,661 90,016 49,000 VW Credit Canada Inc. 2.15 Jun. 24, 2020 48,950 48,758 138,000 VW Credit Canada Inc. 2.50 Oct. 1, 2019 139,600 139,607 75,000 VW Credit Canada Inc. 2.80 Aug. 20, 2018 76,388 76,281 234,000 Wells Fargo Canada Corporation 2.78 Nov. 15, 2018 242,112 239,764 320,000 Wells Fargo Canada Corporation 2.94 Jul. 25, 2019 334,979 330,570 152,000 Wells Fargo Canada Corporation 3.04 Jan. 29, 2021 161,707 158,425 111,000 Wells Fargo Canada Corporation 3.46 Jan. 24, 2023 121,740 117,565 86,000 Westcoast Energy Inc. 3.43 Sep. 12, 2024 89,631 87,988 43,000 Westcoast Energy Inc. 3.77 Dec. 8, 2025 45,566 44,518 67,000 Westcoast Energy Inc. 3.88 Oct. 28, 2021 72,171 71,469 95,000 Westcoast Energy Inc. 4.57 Jul. 2, 2020 103,663 102,707 46,000 Westcoast Energy Inc. 4.79 Oct. 28, 2041 49,671 47,577 52,000 Westcoast Energy Inc. 5.60 Jan. 16, 2019 56,639 55,806 14,000 Westcoast Energy Inc. 6.75 Dec. 15, 2027 17,879 17,315 96,000 Westcoast Energy Inc. 7.30 Dec. 18, 2026 126,419 123,448 48,000 Westcoast Energy Inc. 8.85 Jul. 21, 2025 67,483 67,125 73,000 WestJet Airlines Limited 3.29 Jul. 23, 2019 74,009 74,443 38,000 Wilfrid Laurier University 5.43 Feb. 1, 2045 52,768 46,536 1,000 Windsor Canada Utilities Limited 4.13 Nov. 6, 2042 1,107 970 107,455 Winnipeg Airport Authority Inc. 5.21 Sep. 28, 2040 129,621 120,360 25,601 Winnipeg Airport Authority Inc. 6.10 Nov. 20, 2040 33,514 31,049 25,000 York University 4.46 Feb. 26, 2054 31,770 27,735 18,000 York University 6.48 Mar. 7, 2042 28,507 25,739 Government debt instruments 71.2% 81,932,106 79,719,654 Federal government bonds 35.0% 91,188 Broadcast Centre Trust 7.53 May 1, 2027 122,772 117,195 17,000 Business Development Bank of Canada 4.35 Feb. 28, 2022 19,984 19,184 863,000 Canada Housing Trust 1.15 Dec. 15, 2021 861,300 846,935 1,020,000 Canada Housing Trust 1.20 Jun. 15, 2020 1,033,920 1,018,218 1,733,000 Canada Housing Trust 1.25 Dec. 15, 2020 1,759,450 1,726,784 2,015,000 Canada Housing Trust 1.25 Jun. 15, 2021 2,043,727 1,998,175 1,005,000 Canada Housing Trust 1.45 Jun. 15, 2020 1,028,265 1,011,714 810,000 Canada Housing Trust 1.50 Dec. 15, 2021 809,498 808,322 1,017,000 Canada Housing Trust 1.75 Jun. 15, 2018 1,038,771 1,031,312 871,000 Canada Housing Trust 1.90 Sep. 15, 2026 896,302 846,551 309,000 Canada Housing Trust 1.90 Sep. 15, 2026 303,355 300,326 1,977,000 Canada Housing Trust 1.95 Jun. 15, 2019 2,045,730 2,021,123 422,000 Canada Housing Trust (*) 1.95 Dec. 15, 2025 440,270 415,526 2,069,000 Canada Housing Trust 2.00 Dec. 15, 2019 2,152,488 2,120,786 1,121,000 Canada Housing Trust 2.05 Jun. 15, 2018 1,151,427 1,141,598 707,000 Canada Housing Trust 2.25 Dec. 15, 2025 755,879 713,279

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Federal government bonds... continued 1,814,000 Canada Housing Trust 2.35 Dec. 15, 2018 1,886,415 1,864,311 829,000 Canada Housing Trust 2.35 Sep. 15, 2023 893,821 856,316 1,251,000 Canada Housing Trust 2.40 Dec. 15, 2022 1,349,580 1,299,257 1,003,000 Canada Housing Trust 2.55 Mar. 15, 2025 1,098,705 1,041,057 1,294,000 Canada Housing Trust 2.65 Mar. 15, 2022 1,408,468 1,362,060 1,183,000 Canada Housing Trust 2.90 Jun. 15, 2024 1,325,799 1,261,164 427,000 Canada Housing Trust (*) 3.15 Sep. 15, 2023 483,755 462,430 831,000 Canada Housing Trust 3.35 Dec. 15, 2020 919,185 894,801 752,000 Canada Housing Trust 3.75 Mar. 15, 2020 831,414 812,520 1,451,000 Canada Housing Trust 3.80 Jun. 15, 2021 1,649,517 1,597,610 1,537,000 Canada Housing Trust 4.10 Dec. 15, 2018 1,662,861 1,631,364 118,000 Canada Post Corporation 4.08 Jul. 16, 2025 143,762 135,442 129,000 Canada Post Corporation 4.36 Jul. 16, 2040 180,335 159,156 91,020 CBC Monetization Trust 4.69 May 15, 2027 107,700 103,379 24,000 City of Vancouver 2.70 Dec. 15, 2026 23,971 23,831 230,000 CPPIB Capital Inc. 1.00 Jan. 15, 2019 230,407 229,575 149,000 CPPIB Capital Inc. 1.10 Jun. 10, 2019 149,492 148,638 220,000 CPPIB Capital Inc. 1.40 Jun. 4, 2020 222,640 219,600 30,000 Farm Credit Canada 4.55 Apr. 12, 2021 34,897 33,740 890,000 Government of Canada (*) 0.25 May 1, 2018 886,539 884,945 2,318,000 Government of Canada (*) 0.50 Aug. 1, 2018 2,313,915 2,309,695 2,175,000 Government of Canada (*) 0.50 Nov. 1, 2018 2,171,586 2,165,376 1,350,000 Government of Canada (*) 0.50 Feb. 1, 2019 1,341,938 1,342,535 725,000 Government of Canada 0.50 Mar. 1, 2022 712,520 699,868 1,807,000 Government of Canada (*) 0.75 Sep. 1, 2020 1,825,408 1,791,315 2,230,000 Government of Canada (*) 0.75 Mar. 1, 2021 2,253,566 2,201,175 1,546,000 Government of Canada (*) 0.75 Sep. 1, 2021 1,532,400 1,520,617 989,000 Government of Canada (*) 1.00 Jun. 1, 2027 958,751 911,218 1,814,000 Government of Canada 1.25 Feb. 1, 2018 1,834,939 1,826,092 1,492,000 Government of Canada 1.25 Mar. 1, 2018 1,511,212 1,502,222 1,721,000 Government of Canada (*) 1.25 Sep. 1, 2018 1,750,404 1,735,557 1,894,000 Government of Canada 1.50 Mar. 1, 2020 1,956,769 1,927,643 1,795,000 Government of Canada (*) 1.50 Jun. 1, 2023 1,849,942 1,806,422 2,122,000 Government of Canada (*) 1.50 Jun. 1, 2026 2,139,393 2,082,319 1,220,000 Government of Canada (*) 1.75 Mar. 1, 2019 1,261,808 1,245,393 1,857,000 Government of Canada (*) 1.75 Sep. 1, 2019 1,927,338 1,901,495 2,570,000 Government of Canada (*) 2.25 Jun. 1, 2025 2,877,633 2,694,932 2,285,000 Government of Canada 2.50 Jun. 1, 2024 2,589,047 2,442,001 1,827,000 Government of Canada 2.75 Jun. 1, 2022 2,051,120 1,969,372 1,602,000 Government of Canada 2.75 Dec. 1, 2048 2,002,780 1,760,289 503,000 Government of Canada 2.75 Dec. 1, 2064 714,066 569,609 1,976,000 Government of Canada (*) 3.25 Jun. 1, 2021 2,229,112 2,159,021 2,600,000 Government of Canada (*) 3.50 Jun. 1, 2020 2,900,843 2,821,174 2,258,000 Government of Canada 3.50 Dec. 1, 2045 3,166,749 2,807,198 3,468,000 Government of Canada 3.75 Jun. 1, 2019 3,794,738 3,710,924 2,648,000 Government of Canada (*) 4.00 Jun. 1, 2041 3,947,972 3,460,215 2,718,000 Government of Canada 4.25 Jun. 1, 2018 2,911,052 2,852,611 2,199,000 Government of Canada (*) 5.00 Jun. 1, 2037 3,546,831 3,161,680 1,866,000 Government of Canada 5.75 Jun. 1, 2029 2,863,135 2,633,044 1,890,000 Government of Canada 5.75 Jun. 1, 2033 3,103,888 2,812,745 456,000 Government of Canada 8.00 Jun. 1, 2023 680,881 639,905 603,000 Government of Canada 8.00 Jun. 1, 2027 1,032,350 954,735 59,000 Government of Canada (*) 9.00 Jun. 1, 2025 100,250 93,093 2,000 Government of Canada 9.25 Jun. 1, 2022 3,000 2,836 262,000 Maritime Link Financing Trust 3.50 Dec. 1, 2052 309,697 277,221 193,000 PSP Capital Inc. 1.34 Aug. 18, 2021 192,944 189,997 142,000 PSP Capital Inc. 2.09 Nov. 22, 2023 141,982 140,915

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Federal government bonds... continued 138,000 PSP Capital Inc. 3.03 Oct. 22, 2020 148,998 145,748 249,000 PSP Capital Inc. 3.29 Apr. 4, 2024 278,635 265,633 260,488 Royal Office Finance Limited Partnership 5.21 Nov. 12, 2032 338,514 315,844 101,220,507 97,007,908 Provincial government bonds 33.9% 91,000 Alberta Capital Finance Authority 4.45 Dec. 15, 2025 110,315 104,215 37,000 Centre Hospitalier de l'universite de Montreal 4.45 Oct. 1, 2049 46,167 41,050 227,000 Financement-Quebec 2.40 Dec. 1, 2018 235,302 232,855 262,000 Financement-Quebec 2.45 Dec. 1, 2019 274,388 270,601 318,000 Financement-Quebec 5.25 Jun. 1, 2034 436,004 400,560 25,000 Hydro One Inc. 1.48 Nov. 18, 2019 24,999 25,029 61,000 Hydro One Inc. 1.62 Apr. 30, 2020 61,538 61,017 78,000 Hydro One Inc. 1.84 Feb. 24, 2021 79,326 78,299 170,000 Hydro One Inc. 2.77 Feb. 24, 2026 179,239 171,230 254,000 Hydro One Inc. 2.78 Oct. 9, 2018 262,729 260,495 99,000 Hydro One Inc. 3.20 Jan. 13, 2022 107,614 105,074 80,000 Hydro One Inc. 3.72 Nov. 18, 2047 80,000 78,632 111,000 Hydro One Inc. 3.79 Jul. 31, 2062 121,150 108,319 10,000 Hydro One Inc. 3.91 Feb. 23, 2046 11,177 10,201 43,000 Hydro One Inc. 4.00 Dec. 22, 2051 48,720 44,076 68,000 Hydro One Inc. 4.17 Jun. 6, 2044 78,897 72,239 66,000 Hydro One Inc. 4.39 Sep. 26, 2041 78,623 72,329 4,000 Hydro One Inc. 4.40 Jun. 1, 2020 4,453 4,363 39,000 Hydro One Inc. 4.59 Oct. 9, 2043 47,960 44,127 24,000 Hydro One Inc. 4.89 Mar. 13, 2037 29,791 27,796 68,000 Hydro One Inc. 5.00 Oct. 19, 2046 89,967 82,800 38,000 Hydro One Inc. 5.36 May 20, 2036 49,534 46,420 139,000 Hydro One Inc. 5.49 Jul. 16, 2040 189,392 174,926 100,000 Hydro One Inc. 6.03 Mar. 3, 2039 143,240 132,696 84,000 Hydro One Inc. 6.35 Jan. 31, 2034 119,082 112,039 87,000 Hydro One Inc. 6.93 Jun. 1, 2032 127,670 120,200 65,000 Hydro One Inc. 7.35 Jun. 3, 2030 97,089 91,056 164,000 Hydro-Quebec 1.00 May 25, 2019 164,448 163,418 65,000 Hydro-Quebec 4.00 Feb. 15, 2055 86,908 76,023 248,000 Hydro-Quebec 5.00 Feb. 15, 2045 365,695 326,694 300,000 Hydro-Quebec 5.00 Feb. 15, 2050 459,374 407,516 122,000 Hydro-Quebec 6.00 Aug. 15, 2031 176,978 164,355 188,000 Hydro-Quebec 6.00 Feb. 15, 2040 298,950 271,129 3,000 Hydro-Quebec 6.50 Jan. 16, 2035 4,705 4,313 322,000 Hydro-Quebec 6.50 Feb. 15, 2035 507,695 466,412 172,000 Hydro-Quebec 9.63 Jul. 15, 2022 253,552 241,506 54,000 Hydro-Quebec 10.50 Oct. 15, 2021 79,314 75,607 566,000 Hydro-Quebec 11.00 Aug. 15, 2020 790,129 754,329 182,000 Labrador-Island Link Funding Trust 3.76 Jun. 1, 2033 221,308 200,509 234,000 Labrador-Island Link Funding Trust 3.85 Dec. 1, 2053 318,538 269,790 154,000 Labrador-Island Link Funding Trust 3.86 Dec. 1, 2045 202,631 174,891 173,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.63 Jun. 1, 2029 204,754 189,095 80,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.83 Jun. 1, 2037 99,550 89,061 262,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.86 Dec. 1, 2048 349,080 300,219 282,459 New Brunswick F-M Project Company Inc. 6.47 Nov. 30, 2027 361,334 346,411 49,000 Newfoundland and Labrador Hydro 3.60 Dec. 1, 2045 52,927 46,978 46,000 Newfoundland and Labrador Hydro 5.70 Jul. 14, 2033 62,025 57,334 234,000 Newfoundland and Labrador Hydro 6.65 Aug. 27, 2031 339,690 314,538

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 3,000 Newfoundland and Labrador Hydro 8.40 Feb. 27, 2026 4,539 4,276 4,000 Newfoundland and Labrador Hydro 10.25 Jul. 14, 2017 4,378 4,197 229,000 Ontario Electricity Financial Corporation 8.25 Jun. 22, 2026 357,573 335,740 16,000 Ontario Electricity Financial Corporation 8.40 Nov. 6, 2020 20,579 19,837 4,000 Ontario Electricity Financial Corporation 8.50 May 26, 2025 6,176 5,795 38,000 Ontario Electricity Financial Corporation 8.90 Aug. 18, 2022 54,498 51,940 2,000 Ontario Electricity Financial Corporation 9.00 May 26, 2025 3,169 2,972 10,000 Ontario Electricity Financial Corporation 10.13 Oct. 15, 2021 14,510 13,815 1,000 Ontario Electricity Financial Corporation 10.75 Aug. 6, 2021 1,466 1,396 13,968 Ontario School Boards Financing Corporation 4.79 Aug. 8, 2030 15,390 15,571 20,242 Ontario School Boards Financing Corporation 5.07 Apr. 18, 2031 24,003 22,819 77,843 Ontario School Boards Financing Corporation 5.38 Jun. 25, 2032 95,224 90,138 37,465 Ontario School Boards Financing Corporation 5.48 Nov. 26, 2029 46,478 44,356 78,000 Ontario School Boards Financing Corporation 5.70 Oct. 11, 2017 82,627 80,836 32,639 Ontario School Boards Financing Corporation 5.80 Nov. 7, 2028 40,437 38,830 136,888 Ontario School Boards Financing Corporation 5.90 Oct. 11, 2027 168,523 162,162 106,250 Ontario School Boards Financing Corporation 6.55 Oct. 19, 2026 132,721 127,434 4,903 Ontario School Boards Financing Corporation 7.20 Jun. 9, 2025 6,193 5,967 38,000 OPB Finance Trust 1.88 Feb. 24, 2022 38,467 37,742 108,000 OPB Finance Trust 2.90 May 24, 2023 115,583 111,558 67,000 OPB Finance Trust 3.89 Jul. 4, 2042 76,606 68,927 514,000 Province of Alberta 1.25 Jun. 1, 2020 517,704 511,508 509,000 Province of Alberta 1.35 Sep. 1, 2021 511,101 502,158 182,000 Province of Alberta 1.60 Jun. 15, 2018 184,926 183,855 117,000 Province of Alberta 2.00 Jun. 1, 2019 120,586 119,359 580,000 Province of Alberta 2.20 Jun. 1, 2026 583,770 563,407 617,000 Province of Alberta 2.35 Jun. 1, 2025 642,701 613,313 385,000 Province of Alberta 2.55 Dec. 15, 2022 410,559 397,534 261,000 Province of Alberta 2.90 Sep. 20, 2029 275,900 259,393 144,000 Province of Alberta 3.10 Jun. 1, 2024 158,779 152,108 827,000 Province of Alberta 3.30 Dec. 1, 2046 898,759 825,413 77,000 Province of Alberta 3.40 Dec. 1, 2023 86,461 83,047 449,000 Province of Alberta 3.45 Dec. 1, 2043 509,358 458,824 256,000 Province of Alberta 3.50 Jun. 1, 2031 286,322 267,821 213,000 Province of Alberta 3.90 Dec. 1, 2033 249,921 231,763 234,000 Province of Alberta 4.00 Dec. 1, 2019 257,379 252,069 114,000 Province of Alberta 4.50 Dec. 1, 2040 149,434 136,062 274,000 Province of British Columbia 2.25 Mar. 1, 2019 284,340 281,123 188,000 Province of British Columbia 2.30 Jun. 18, 2026 196,229 186,824 219,000 Province of British Columbia 2.70 Dec. 18, 2022 237,666 229,455 524,000 Province of British Columbia 2.80 Jun. 18, 2048 553,107 489,732 411,000 Province of British Columbia 2.85 Jun. 18, 2025 451,927 429,239 757,000 Province of British Columbia 3.20 Jun. 18, 2044 862,316 762,754 358,000 Province of British Columbia 3.25 Dec. 18, 2021 397,227 385,497 268,000 Province of British Columbia 3.30 Dec. 18, 2023 302,694 289,830 387,000 Province of British Columbia 3.70 Dec. 18, 2020 431,527 420,488 272,000 Province of British Columbia 4.10 Dec. 18, 2019 301,275 294,635 569,000 Province of British Columbia 4.30 Jun. 18, 2042 762,103 681,058 396,000 Province of British Columbia 4.65 Dec. 18, 2018 432,910 424,057 200,000 Province of British Columbia 4.70 Jun. 18, 2037 271,993 247,192 78,000 Province of British Columbia 4.80 Jun. 15, 2021 91,605 88,656 338,000 Province of British Columbia 4.95 Jun. 18, 2040 484,767 437,586 4,000 Province of British Columbia 5.30 Jun. 17, 2019 4,511 4,402 81,000 Province of British Columbia 5.40 Jun. 18, 2035 117,278 107,360 69,000 Province of British Columbia 5.60 Jun. 1, 2018 75,271 73,515 36,000 Province of British Columbia 5.62 Aug. 17, 2028 49,161 45,872 542,000 Province of British Columbia 5.70 Jun. 18, 2029 759,304 708,219 4,000 Province of British Columbia 6.15 Nov. 19, 2027 5,704 5,341

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 275,000 Province of British Columbia 6.35 Jun. 18, 2031 416,050 385,906 70,000 Province of British Columbia 8.00 Sep. 8, 2023 100,810 95,637 11,000 Province of British Columbia 8.75 Aug. 19, 2022 15,724 14,999 1,000 Province of British Columbia 9.00 Aug. 23, 2024 1,559 1,470 43,000 Province of British Columbia 9.95 May 15, 2021 60,791 57,989 104,000 Province of Manitoba 1.15 Nov. 21, 2019 103,856 103,613 189,000 Province of Manitoba 1.55 Sep. 5, 2021 191,828 188,007 82,000 Province of Manitoba 1.60 Sep. 5, 2020 83,606 82,367 81,000 Province of Manitoba 1.85 Sep. 5, 2018 82,791 82,158 366,000 Province of Manitoba 2.45 Jun. 2, 2025 383,795 365,947 190,000 Province of Manitoba 2.55 Jun. 2, 2023 202,215 195,058 265,000 Province of Manitoba 2.55 Jun. 2, 2026 277,004 264,582 342,000 Province of Manitoba 2.85 Sep. 5, 2046 348,818 307,555 104,000 Province of Manitoba 3.15 Sep. 5, 2052 113,140 98,205 111,000 Province of Manitoba 3.25 Sep. 5, 2029 121,449 113,829 167,000 Province of Manitoba 3.30 Jun. 2, 2024 186,537 178,259 87,000 Province of Manitoba 3.35 Mar. 5, 2043 96,437 86,059 102,000 Province of Manitoba 3.85 Dec. 1, 2021 115,505 112,067 310,000 Province of Manitoba 4.05 Sep. 5, 2045 389,509 346,461 262,000 Province of Manitoba 4.10 Mar. 5, 2041 323,783 291,824 158,000 Province of Manitoba 4.15 Jun. 3, 2020 176,410 172,188 112,000 Province of Manitoba 4.40 Sep. 5, 2025 134,973 128,087 71,000 Province of Manitoba 4.40 Mar. 5, 2042 92,093 82,643 140,000 Province of Manitoba 4.60 Mar. 5, 2038 182,207 165,697 160,000 Province of Manitoba 4.65 Mar. 5, 2040 211,795 191,745 27,000 Province of Manitoba 4.70 Mar. 5, 2050 38,240 33,734 182,000 Province of Manitoba 4.75 Feb. 11, 2020 205,540 200,594 27,000 Province of Manitoba 5.50 Nov. 15, 2018 29,887 29,216 147,000 Province of Manitoba 5.70 Mar. 5, 2037 215,481 196,784 93,000 Province of Manitoba 6.30 Mar. 5, 2031 135,615 126,291 11,000 Province of Manitoba 7.75 Dec. 22, 2025 16,375 15,444 8,000 Province of Manitoba 10.50 Mar. 5, 2031 15,733 14,670 119,000 Province of New Brunswick (*) 1.55 May 4, 2022 119,430 116,818 50,000 Province of New Brunswick 2.60 Aug. 14, 2026 52,034 49,702 168,000 Province of New Brunswick 2.85 Jun. 2, 2023 180,940 174,949 45,000 Province of New Brunswick 3.10 Aug. 14, 2048 44,783 41,489 174,000 Province of New Brunswick 3.35 Dec. 3, 2021 191,721 186,669 214,000 Province of New Brunswick 3.55 Jun. 3, 2043 237,380 213,902 54,000 Province of New Brunswick 3.55 Jun. 3, 2055 61,260 53,593 111,000 Province of New Brunswick 3.65 Jun. 3, 2024 125,863 120,760 191,000 Province of New Brunswick 3.80 Aug. 14, 2045 222,494 199,640 198,000 Province of New Brunswick 4.40 Jun. 3, 2019 217,247 212,980 184,000 Province of New Brunswick 4.45 Mar. 26, 2018 195,411 192,017 221,000 Province of New Brunswick 4.50 Jun. 2, 2020 249,186 243,189 155,000 Province of New Brunswick 4.55 Mar. 26, 2037 194,267 178,023 121,000 Province of New Brunswick 4.65 Sep. 26, 2035 152,863 140,508 185,000 Province of New Brunswick 4.80 Sep. 26, 2039 242,252 220,819 195,000 Province of New Brunswick 4.80 Jun. 3, 2041 258,038 234,092 91,000 Province of New Brunswick 5.50 Jan. 27, 2034 124,730 115,400 16,000 Province of New Brunswick 6.00 Dec. 27, 2017 17,221 16,808 130,000 Province of Newfoundland and Labrador 1.95 Jun. 2, 2022 132,061 129,159 142,000 Province of Newfoundland and Labrador 2.30 Jun. 2, 2025 142,936 136,481 161,000 Province of Newfoundland and Labrador 3.00 Jun. 2, 2026 169,741 161,669 312,000 Province of Newfoundland and Labrador 3.30 Oct. 17, 2046 319,409 284,551 62,000 Province of Newfoundland and Labrador 3.70 Oct. 17, 2048 61,952 61,245 77,000 Province of Newfoundland and Labrador 4.50 Apr. 17, 2037 92,929 84,861 112,000 Province of Newfoundland and Labrador 4.65 Oct. 17, 2040 139,955 126,640

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 9,000 Province of Newfoundland and Labrador 5.60 Oct. 17, 2033 12,073 11,141 11,000 Province of Newfoundland and Labrador 5.70 Oct. 17, 2035 15,163 13,914 45,000 Province of Newfoundland and Labrador 6.15 Apr. 17, 2028 60,848 57,061 6,000 Province of Newfoundland and Labrador 6.50 Oct. 17, 2029 8,451 7,897 5,000 Province of Newfoundland and Labrador 6.55 Oct. 17, 2030 7,135 6,636 15,000 Province of Newfoundland and Labrador 8.45 Feb. 5, 2026 22,777 21,461 1,000 Province of Newfoundland and Labrador 9.15 Jul. 7, 2025 1,545 1,459 30,000 Province of Newfoundland and Labrador 10.95 Apr. 15, 2021 43,155 41,093 64,000 Province of Nova Scotia 2.10 Jun. 1, 2027 63,963 60,292 63,000 Province of Nova Scotia 2.15 Jun. 1, 2025 64,482 61,303 33,000 Province of Nova Scotia 3.45 Jun. 1, 2045 37,186 33,088 253,000 Province of Nova Scotia 3.50 Jun. 2, 2062 298,577 256,288 216,000 Province of Nova Scotia 4.10 Jun. 1, 2021 245,316 238,244 212,000 Province of Nova Scotia 4.15 Nov. 25, 2019 233,825 229,027 147,000 Province of Nova Scotia 4.40 Jun. 1, 2042 189,862 170,703 96,000 Province of Nova Scotia 4.45 Oct. 24, 2021 111,198 107,757 154,000 Province of Nova Scotia 4.50 Jun. 1, 2037 195,844 178,857 132,000 Province of Nova Scotia 4.70 Jun. 1, 2041 176,631 159,441 76,000 Province of Nova Scotia 4.90 Jun. 1, 2035 100,325 91,980 72,000 Province of Nova Scotia 5.80 Jun. 1, 2033 102,365 94,750 46,000 Province of Nova Scotia 6.60 Jun. 1, 2027 65,561 61,930 54,000 Province of Nova Scotia 6.60 Dec. 1, 2031 81,193 75,531 151,000 Province of Ontario 1.35 Mar. 8, 2022 150,710 147,795 76,000 Province of Ontario 1.75 Oct. 9, 2018 77,599 77,029 141,000 Province of Ontario 1.95 Jan. 27, 2023 145,616 140,767 1,295,000 Province of Ontario 2.10 Sep. 8, 2018 1,331,356 1,319,210 712,000 Province of Ontario 2.10 Sep. 8, 2019 737,632 728,388 1,529,000 Province of Ontario 2.40 Jun. 2, 2026 1,582,786 1,517,954 2,376,000 Province of Ontario 2.60 Jun. 2, 2025 2,547,501 2,414,467 975,000 Province of Ontario 2.80 Jun. 2, 2048 964,400 897,770 2,400,000 Province of Ontario 2.85 Jun. 2, 2023 2,619,858 2,514,752 2,478,000 Province of Ontario 2.90 Dec. 2, 2046 2,651,916 2,322,549 2,284,000 Province of Ontario 3.15 Jun. 2, 2022 2,521,764 2,437,017 2,432,000 Province of Ontario 3.45 Jun. 2, 2045 2,864,719 2,528,259 2,244,000 Province of Ontario 3.50 Jun. 2, 2024 2,561,541 2,437,119 1,892,000 Province of Ontario 3.50 Jun. 2, 2043 2,225,556 1,978,648 1,639,000 Province of Ontario 4.00 Jun. 2, 2021 1,860,363 1,804,683 563,000 Province of Ontario 4.20 Mar. 8, 2018 595,231 585,111 2,094,000 Province of Ontario 4.20 Jun. 2, 2020 2,345,833 2,287,811 1,540,000 Province of Ontario 4.40 Jun. 2, 2019 1,693,073 1,658,549 991,000 Province of Ontario 4.60 Jun. 2, 2039 1,335,316 1,207,211 1,210,000 Province of Ontario 4.65 Jun. 2, 2041 1,651,043 1,497,111 1,071,000 Province of Ontario 4.70 Jun. 2, 2037 1,439,176 1,310,589 23,000 Province of Ontario 4.85 Jun. 2, 2020 26,332 25,624 237,000 Province of Ontario 5.50 Jun. 2, 2018 257,841 252,208 992,000 Province of Ontario 5.60 Jun. 2, 2035 1,452,516 1,330,418 24,000 Province of Ontario 5.75 Jul. 13, 2038 35,644 32,477 662,000 Province of Ontario 5.85 Mar. 8, 2033 967,592 894,072 410,000 Province of Ontario 6.20 Jun. 2, 2031 606,928 563,752 1,000 Province of Ontario 6.25 Aug. 25, 2028 1,422 1,328 847,000 Province of Ontario 6.50 Mar. 8, 2029 1,247,443 1,166,022 232,000 Province of Ontario 7.50 Feb. 7, 2024 330,136 312,205 631,000 Province of Ontario 7.60 Jun. 2, 2027 978,401 918,337 19,000 Province of Ontario 8.00 Jun. 2, 2026 29,593 27,795 2,000 Province of Ontario 8.00 Dec. 2, 2026 3,134 2,938 254,000 Province of Ontario 8.10 Sep. 8, 2023 367,222 348,174 31,000 Province of Ontario 8.25 Jun. 20, 2036 57,476 52,665 15,000 Province of Ontario 9.50 Jul. 13, 2022 21,982 20,934

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Provincial government bonds... continued 2,000 Province of Ontario (*) 9.50 Jun. 2, 2025 3,289 3,086 22,000 Province of Prince Edward Island 2.35 Aug. 25, 2025 22,569 21,420 51,000 Province of Prince Edward Island 3.60 Jan. 17, 2053 58,441 50,621 3,000 Province of Prince Edward Island 3.65 Jun. 27, 2042 3,338 2,986 48,000 Province of Prince Edward Island 3.70 Sep. 2, 2020 52,625 51,441 25,000 Province of Prince Edward Island 3.85 Jul. 17, 2054 30,144 26,051 24,000 Province of Prince Edward Island 4.60 May 19, 2041 30,854 27,764 46,000 Province of Prince Edward Island 4.65 Nov. 19, 2037 58,309 53,009 17,000 Province of Prince Edward Island 5.30 May 19, 2036 23,091 21,120 6,000 Province of Prince Edward Island 5.60 Feb. 21, 2034 8,274 7,616 11,000 Province of Prince Edward Island 5.70 Jun. 15, 2035 15,496 14,199 3,000 Province of Prince Edward Island 6.10 Jul. 29, 2027 4,130 3,872 44,000 Province of Prince Edward Island 6.25 Jan. 29, 2032 63,826 58,947 12,000 Province of Prince Edward Island 6.80 Feb. 21, 2030 17,766 16,505 1,204,000 Province of Quebec 2.50 Sep. 1, 2026 1,245,335 1,202,870 1,099,000 Province of Quebec 2.75 Sep. 1, 2025 1,189,434 1,127,994 1,251,000 Province of Quebec 3.00 Sep. 1, 2023 1,377,483 1,322,028 1,130,000 Province of Quebec 3.50 Dec. 1, 2022 1,273,900 1,228,700 1,857,000 Province of Quebec 3.50 Dec. 1, 2045 2,188,431 1,939,340 926,000 Province of Quebec 3.50 Dec. 1, 2048 1,057,905 975,747 1,251,000 Province of Quebec 3.75 Sep. 1, 2024 1,451,949 1,381,269 1,427,000 Province of Quebec 4.25 Dec. 1, 2021 1,649,706 1,597,215 1,274,000 Province of Quebec 4.25 Dec. 1, 2043 1,665,720 1,496,600 921,000 Province of Quebec 4.50 Dec. 1, 2018 1,001,161 981,601 982,000 Province of Quebec 4.50 Dec. 1, 2019 1,096,984 1,072,230 1,243,000 Province of Quebec 4.50 Dec. 1, 2020 1,423,582 1,384,582 810,000 Province of Quebec 5.00 Dec. 1, 2038 1,133,550 1,030,604 1,550,000 Province of Quebec 5.00 Dec. 1, 2041 2,226,322 2,005,234 263,000 Province of Quebec 5.35 Jun. 1, 2025 338,734 320,201 487,000 Province of Quebec 5.75 Dec. 1, 2036 729,184 667,018 529,000 Province of Quebec 6.00 Oct. 1, 2029 753,345 704,469 785,000 Province of Quebec 6.25 Jun. 1, 2032 1,176,077 1,090,584 1,000 Province of Quebec 8.50 Apr. 1, 2026 1,578 1,484 244,000 Province of Quebec 9.38 Jan. 16, 2023 363,235 346,029 1,000 Province of Quebec 9.50 Mar. 30, 2023 1,506 1,433 149,000 Province of Saskatchewan 1.95 Mar. 1, 2019 153,140 151,711 112,000 Province of Saskatchewan 2.55 Jun. 2, 2026 116,414 111,954 404,000 Province of Saskatchewan 2.75 Dec. 2, 2046 397,682 358,930 219,000 Province of Saskatchewan 3.20 Jun. 3, 2024 243,678 232,804 70,000 Province of Saskatchewan 3.30 Jun. 2, 2048 69,809 69,725 164,000 Province of Saskatchewan 3.40 Feb. 3, 2042 183,467 165,003 39,000 Province of Saskatchewan 3.90 Jul. 28, 2020 43,336 42,295 275,000 Province of Saskatchewan 3.90 Jun. 2, 2045 338,157 302,392 193,000 Province of Saskatchewan 4.75 Jun. 1, 2040 260,098 236,382 67,000 Province of Saskatchewan 5.00 Mar. 5, 2037 91,025 83,362 74,000 Province of Saskatchewan 5.60 Sep. 5, 2035 106,413 97,748 94,000 Province of Saskatchewan 5.75 Mar. 5, 2029 128,868 120,774 96,000 Province of Saskatchewan 5.80 Sep. 5, 2033 137,822 127,578 91,000 Province of Saskatchewan 6.40 Sep. 5, 2031 135,240 125,876 5,000 Province of Saskatchewan 9.60 Feb. 4, 2022 7,196 6,847 42,000 Yukon Development Corporation 5.00 Jun. 29, 2040 56,988 50,639 100,406,057 93,996,078 Municipal government bonds 2.3% 228,000 55 Ontario School Board Trust (The) 5.90 Jun. 2, 2033 323,168 297,619 190,000 City of Edmonton 8.50 Sep. 14, 2018 220,105 212,960 69,000 City of Montreal 2.75 Sep. 1, 2026 71,648 68,431

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Municipal government bonds... continued 86,000 City of Montreal 3.00 Sep. 1, 2025 91,752 87,698 165,000 City of Montreal 3.50 Sep. 1, 2023 182,679 175,940 87,000 City of Montreal 3.50 Sep. 1, 2024 96,443 92,486 101,000 City of Montreal 4.10 Dec. 1, 2034 116,397 107,627 94,000 City of Montreal 4.25 Dec. 1, 2032 109,951 102,683 105,000 City of Montreal 4.50 Dec. 1, 2021 120,529 116,992 138,000 City of Montreal 5.00 Dec. 1, 2018 150,442 147,530 77,000 City of Montreal 5.45 Dec. 1, 2019 87,453 85,417 126,000 City of Montreal 6.00 Jun. 1, 2043 194,867 176,534 21,000 City of Ottawa 3.05 Apr. 23, 2046 21,408 18,928 30,000 City of Ottawa 3.10 Jul. 27, 2048 29,795 27,236 53,000 City of Ottawa 4.20 Jul. 30, 2053 67,759 59,203 29,000 City of Ottawa 4.40 Oct. 22, 2033 35,274 32,510 81,000 City of Ottawa 4.60 Jul. 14, 2042 104,928 94,693 1,000 City of Ottawa 5.05 Aug. 13, 2030 1,268 1,183 28,000 City of Toronto 2.40 Jun. 24, 2026 28,628 27,098 70,000 City of Toronto 2.45 Feb. 6, 2025 72,718 69,241 82,000 City of Toronto 2.95 Apr. 28, 2035 82,836 75,834 34,000 City of Toronto 3.25 Jun. 24, 2046 34,922 31,727 94,000 City of Toronto 3.40 May 21, 2024 104,448 99,705 103,000 City of Toronto 3.50 Dec. 6, 2021 113,837 110,506 44,000 City of Toronto 3.50 Jun. 2, 2036 47,814 43,704 47,000 City of Toronto 3.80 Dec. 13, 2042 54,137 48,371 99,000 City of Toronto 3.90 Sep. 29, 2023 113,177 108,543 48,000 City of Toronto 4.15 Mar. 10, 2044 58,734 52,325 116,000 City of Toronto 4.50 Dec. 2, 2019 128,742 125,973 105,000 City of Toronto 4.70 Jun. 10, 2041 136,944 123,352 27,000 City of Toronto 4.95 Jun. 27, 2018 29,089 28,531 130,000 City of Toronto 5.20 Jun. 1, 2040 179,747 162,489 43,221 City of Toronto 5.34 Jul. 18, 2027 51,476 49,666 10,000 City of Toronto 5.60 Dec. 18, 2018 11,094 10,844 21,000 City of Toronto 6.80 Jul. 26, 2021 26,493 25,485 15,000 City of Vancouver 2.90 Nov. 20, 2025 16,062 15,221 21,000 City of Vancouver 3.05 Oct. 16, 2024 22,842 21,803 57,000 City of Vancouver 3.45 Dec. 2, 2021 62,822 61,027 25,000 City of Vancouver 3.70 Oct. 18, 2052 29,123 25,336 33,000 City of Vancouver 3.75 Oct. 24, 2023 37,472 35,918 45,000 City of Vancouver 4.50 Jun. 1, 2020 50,530 49,287 27,000 City of Winnipeg 4.10 Jun. 1, 2045 30,961 28,826 10,000 City of Winnipeg 5.20 Jul. 17, 2036 13,466 12,322 13,000 City of Winnipeg 5.90 Feb. 2, 2029 17,620 16,459 1,000 City of Winnipeg 6.25 Nov. 17, 2017 1,072 1,046 59,000 Durham District School Board 6.75 Nov. 19, 2019 69,299 67,427 50,000 Hydro Ottawa Holding Inc. 2.61 Feb. 3, 2025 51,830 49,323 39,000 Hydro Ottawa Holding Inc. 3.64 Feb. 2, 2045 41,042 37,092 41,000 Hydro Ottawa Holding Inc. 3.99 May 14, 2043 45,581 41,393 98,000 Municipal Finance Authority of British Columbia 1.65 Apr. 19, 2021 99,525 97,600 27,000 Municipal Finance Authority of British Columbia 1.75 Oct. 15, 2020 27,528 27,102 109,000 Municipal Finance Authority of British Columbia (*) 2.05 Jun. 2, 2019 111,963 110,913 94,000 Municipal Finance Authority of British Columbia 2.35 Dec. 3, 2018 96,980 96,118 122,000 Municipal Finance Authority of British Columbia 2.50 Apr. 19, 2026 126,452 120,221 27,000 Municipal Finance Authority of British Columbia 2.65 Oct. 2, 2025 28,460 27,060 57,000 Municipal Finance Authority of British Columbia 2.95 Oct. 14, 2024 61,716 58,901 101,000 Municipal Finance Authority of British Columbia 3.35 Jun. 1, 2022 111,491 107,879 131,000 Municipal Finance Authority of British Columbia 3.75 Sep. 26, 2023 149,044 142,928 165,000 Municipal Finance Authority of British Columbia 4.15 Jun. 1, 2021 186,969 181,481 41,000 Municipal Finance Authority of British Columbia 4.45 Jun. 1, 2020 46,019 44,904 94,000 Municipal Finance Authority of British Columbia 4.60 Apr. 23, 2018 100,144 98,388

WindWise Canadian Universe Bond Index Securities Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Par Description Coupon rate/yield % Maturity date Average cost Fair Municipal government bonds... continued 17,000 Municipal Finance Authority of British Columbia 4.88 Jun. 3, 2019 18,827 18,434 12,000 Municipal Finance Authority of British Columbia 4.95 Dec. 1, 2027 15,183 14,294 77,000 Municipal Finance Authority of British Columbia 5.10 Nov. 20, 2018 84,356 82,635 2,000 Municipal Finance Authority of British Columbia 5.35 Dec. 2, 2024 2,530 2,404 45,000 Regional Municipality of Halton (The) 3.15 Apr. 6, 2045 46,629 41,403 44,000 Regional Municipality of Halton (The) 4.05 Oct. 11, 2041 52,557 46,984 5,000 Regional Municipality of Ottawa-Carleton (The) 5.88 Sep. 14, 2018 5,509 5,384 21,000 Regional Municipality of Peel (The) 2.30 Nov. 2, 2026 20,931 20,161 61,000 Regional Municipality of Peel (The) 3.50 Dec. 1, 2021 67,486 65,479 58,000 Regional Municipality of Peel (The) 3.85 Oct. 30, 2042 67,681 60,566 41,000 Regional Municipality of Peel (The) 4.25 Dec. 2, 2033 49,226 45,395 114,000 Regional Municipality of Peel (The) 5.10 Jun. 29, 2040 156,431 141,651 3,000 Regional Municipality Of Waterloo (The) 5.15 Nov. 29, 2018 3,288 3,217 33,000 Regional Municipality of York (The) 2.50 Jun. 2, 2026 34,121 32,361 66,000 Regional Municipality of York (The) 2.60 Dec. 15, 2025 69,098 65,519 69,000 Regional Municipality of York (The) 3.65 May 13, 2033 76,912 70,994 90,000 Regional Municipality of York (The) 4.00 Jun. 30, 2021 101,252 98,342 87,000 Regional Municipality of York (The) 4.00 May 31, 2032 100,928 93,557 98,000 Regional Municipality of York (The) 4.05 May 1, 2034 114,719 105,565 68,000 Regional Municipality of York (The) 4.50 Jun. 30, 2020 76,456 74,615 9,000 Regional Municipality of York (The) 5.00 Apr. 29, 2019 9,966 9,753 7,000 Regional Municipality of York (The) 7.25 Jun. 19, 2017 7,417 7,203 1,000 Simcoe County District School Board 6.80 Jun. 19, 2026 1,381 1,303 35,000 South Coast British Columbia Transportation Authority 3.05 Jun. 4, 2025 37,945 36,022 135,000 South Coast British Columbia Transportation Authority 3.80 Nov. 2, 2020 148,685 145,294 58,000 South Coast British Columbia Transportation Authority 3.85 Feb. 9, 2052 69,232 60,637 61,000 South Coast British Columbia Transportation Authority 4.45 Jun. 9, 2044 75,998 69,823 43,000 South Coast British Columbia Transportation Authority 4.65 Jun. 20, 2041 55,764 50,145 132,000 TCHC Issuer Trust 4.88 May 11, 2037 170,265 154,482 4,725 York Region District School Board 5.30 Jun. 3, 2025 5,516 5,323 44,296 York Region District School Board 6.45 Jun. 4, 2024 53,374 51,942 90,000 York Region District School Board 6.55 Apr. 12, 2023 116,417 110,939 6,852,795 6,466,865 Total investments 100.0% 290,411,465 277,190,505 (*), the fair of securities loaned by the Fund was 23,838,427. Securities with a market of 25,387,342 have been provided as collateral by borrowers to the Fund.

Notes to financial statements of WindWise Canadian Universe Bond Index Securities Lending Fund December 31, 2016 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match as closely as possible, the performance of the FTSE TMX Canada Universe Bond Index (the Index ) while minimizing transaction costs. Fair hierarchy The following table illustrates the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016: Level 1 Level 2 Level 3 Total Bonds 65,399,271 211,791,234-277,190,505 Currency risk, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

Notes to financial statements of WindWise Canadian Universe Bond Index Securities Lending Fund December 31, 2016 Total exposure December 31, 2016 Term to maturity Less than 1 year 1,123,198 1-5 years 123,309,961 5-10 years 66,710,022 10+ years 86,047,324 Total 277,190,505 Impact on net assets attributable to holders of redeemable units 20,875,000 Impact on net assets attributable to holders of redeemable units 7% Price risk The Fund s significant price risk exposures have been discussed in previous sections., the Fund did not have any other significant price risk. Credit risk The Fund s main credit risk concentration is in debt securities. The fair of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund. The Fund invests in financial assets whose credit ratings are set by Standard & Poor s or Moody s. When several credit ratings are available for a single security, Moody s credit rating with equivalent Standard & Poor s format is used. Generally, the higher a security s credit rating, the more likely the issuing entity will respect its commitments. The Fund s percentage of fixed income securities by rating category as at December 31, 2016: Rating % AAA 40 AA+/AA/AA 13 A+/A/A 36 BBB+/BBB/BBB 11 Total 100

Notes to financial statements of WindWise Canadian Universe Bond Index Securities Lending Fund December 31, 2016 The Fund enters into securities lending transactions with counterparties whereby it temporarily exchanges securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. CIBC Mellon Global Securities Services Company, as lending agent, indemnifies the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan., CIBC Mellon had a credit rating of AA- from Standard & Poor s. Liquidity risk, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector December 31, 2016 % Corporate bonds 29 Federal government bonds 35 Municipal government bonds 2 Provincial government bonds 34 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the period from July 8, 2016 (inception date) to December 31, 2016 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units (10,101,339) Average units outstanding during the period 30,238,641 Increase (decrease) in net assets attributable to holders of redeemable units per unit (0.33)

WindWise Global Managed Volatility Non-Lending Fund Statements of financial position As at December 31, 2016 2015 Assets Current assets Investments* 25,270,828 23,265,750 Cash 106,596 78,771 Receivable for investments sold - 1,484 Dividends receivable 63,126 57,399 Total assets 25,440,550 23,403,404 Liabilities Current liabilities Payable for investments purchased - 1,484 Accrued expenses 4,094 3,897 Total liabilities 4,094 5,381 Net assets attributable to holders of redeemable units 25,436,456 23,398,023 Number of redeemable units outstanding 2,349,783 2,129,392 Net assets attributable to holders of redeemable units per unit 10.83 10.99 * Investments at cost 19,903,906 17,561,914 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise Global Managed Volatility Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Dividends 787,810 717,716 Other changes in fair of investments Net realized gain (loss) 1,081,406 564,073 Net change in unrealized appreciation (depreciation) (341,902) 3,151,627 Other changes in fair of derivative financial instruments Net realized gain (loss) (232) (10,581) Total income (loss) 1,527,082 4,422,835 Expenses Audit fees 29,582 24,503 Custodial fees 37,149 24,059 Foreign withholding taxes 34,770 26,379 Interest expense 19 30 Other fees 197 - Proxy fees 1,045 - Regulatory fees 1,000 560 Transaction costs 6,098 7,000 Trustee fees 2,459 - Total expenses 112,319 82,531 Waivers and reimbursements (34,629) (24,503) Net expenses 77,690 58,028 Increase (decrease) in net assets attributable to holders of redeemable units 1,449,392 4,364,807 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 0.65 2.15

WindWise Global Managed Volatility Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 1,449,392 4,364,807 Distributions to holders of redeemable units From net investment income (715,678) (646,883) From capital gains (1,076,450) (550,415) Total distributions to holders of redeemable units (1,792,128) (1,197,298) Redeemable unit transactions Proceeds from redeemable units issued 1,100,271 4,813,887 Reinvestment of distributions to holders of redeemable units 1,792,128 1,197,298 Redemption of redeemable units (511,230) (474,703) Increase (decrease) from redeemable unit transactions 2,381,169 5,536,482 Net increase (decrease) in net assets attributable to holders of redeemable units 2,038,433 8,703,991 Net assets attributable to holders of redeemable units Beginning of year 23,398,023 14,694,032 Net assets attributable to holders of redeemable units End of year 25,436,456 23,398,023 Number of redeemable units outstanding Beginning of year 2,129,392 1,579,162 Issued 100,285 484,291 Reinvested 164,601 112,351 Redeemed (44,495) (46,412) Number of redeemable units outstanding End of year 2,349,783 2,129,392

WindWise Global Managed Volatility Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 1,449,392 4,364,807 Adjustments for: Net realized (gain) loss on investments (1,081,043) (551,571) Net change in unrealized (appreciation) depreciation on investments and derivatives 336,914 (3,146,480) Proceeds from sale of investments 5,823,966 5,001,146 Purchases of investments (7,084,915) (10,007,191) Dividends receivable (5,727) (24,216) Accrued expenses 197 2,068 Net cash from (used in) operating activities (561,216) (4,361,437) Cash flows from (used in) financing activities Proceeds from redeemable units issued 1,100,271 4,813,887 Redemption of redeemable units (511,230) (474,703) Net cash from (used in) financing activities 589,041 4,339,184 Net increase (decrease) in cash during the year 27,825 (22,253) Cash Beginning of year 78,771 101,024 Cash End of year 106,596 78,771 Dividends received, net of foreign withholding taxes* 747,313 667,121 Interest paid* (19) (30) * Included as part of cash flows from operating activities

WindWise Global Managed Volatility Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Equities 100.0% Average cost Fair Common stock 100.0% 12,361 AGL Energy Limited 177,304 265,151 1,300 AGNC Investment Corporation 31,686 31,607 5,164 Alliant Energy Corporation 171,539 262,395 1,100 Ally Financial Inc. 31,270 28,057 2,571 Altria Group Inc. 91,749 233,143 38,855 Alumina Limited 52,463 69,046 900 American Water Works Company Inc. 61,084 87,335 1,676 AmerisourceBergen Corporation 151,007 175,740 9,379 Antofagasta PLC 114,591 104,906 2,000 Arch Capital Group Limited 142,052 231,438 17,000 Ascendas Real Estate Investment Trust 33,955 35,821 1,100 Atmos Energy Corporation 107,059 109,383 9,172 Auckland International Airport Limited 25,735 53,605 62,509 AusNet Services Group 84,025 95,905 200 AutoZone Inc. 117,981 211,830 600 AvalonBay Communities Inc. 91,193 142,540 200 Baker Hughes Inc. 13,360 17,426 1,366 Baloise Holding AG 220,627 231,249 31,126 Bank Leumi Le-Israel B.M. 128,886 172,014 50 Barry Callebaut AG 78,372 82,203 981 Becton Dickinson and Company 89,381 217,793 300 Bed Bath & Beyond Inc. 22,227 16,350 800 Benesse Corporation 34,387 29,618 60,756 Bezeq Israeli Telecommunication Corporation Limited 121,674 154,966 7,105 Boliden AB 163,867 249,516 1,828 British American Tobacco PLC 100,760 139,991 2,000 Brother Industries Limited 41,040 48,498 2,440 Brown-Forman Corporation Cl. B 87,096 146,985 3,754 Caltex Australia Limited 112,478 111,037 900 Camden Property Trust 71,561 101,468 2,585 Campbell Soup Company 119,164 209,626 37,000 Capitaland Commercial Trust Management Limited 51,334 50,831 74,000 CapitaLand Mall Trust 130,649 129,482 300 Cardinal Health Inc. 35,195 28,955 500 CenterPoint Energy Inc. 16,214 16,522 3,777 Centrica PLC 22,018 14,652 566 CenturyLink Inc. 20,595 18,050 2,500 CH Robinson Worldwide Inc. 249,734 245,613 400 Chevron Corporation 59,481 63,137 20 Chocoladefabriken Lindt & Spruengli AG 77,684 139,205 1 Chocoladefabriken Lindt & Spruengli AG 44,072 81,676 3,786 Church & Dwight Company Inc. 136,777 224,362 1,264 Clorox Company (The) 121,303 203,444 18,500 CLP Holdings Limited 173,231 227,994 4,213 CMS Energy Corporation 135,202 235,146 17,807 Coca-Cola Amatil Limited 158,327 174,991 3,612 Coca-Cola HBC AG 104,585 105,940 2,750 Colgate-Palmolive Company 199,815 241,335 2,982 Colruyt SA 192,315 198,265 1,900 Conagra Brands Inc. 81,779 100,773 1,914 Consolidated Edison Inc. 118,784 189,120 1,100 Constellation Brands Inc. Cl. A 147,610 226,156 42,747 Contact Energy Limited 211,971 186,276 100 Cooper Companies Inc. (The) 23,875 23,459 900 Core Laboratories NV 131,444 144,882 300 Costco Wholesale Corporation 39,872 64,415

WindWise Global Managed Volatility Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 534 Coty Inc. Cl. A 15,628 13,112 253 Danone SA 20,561 21,543 2,311 DaVita Inc. 168,617 198,966 2,340 DENTSPLY SIRONA Inc. 103,871 181,160 2,300 Dick's Sporting Goods Inc. 139,780 163,782 800 Dollar General Corporation 84,839 79,465 244 Dominion Resources Inc. 14,487 25,061 1,511 Dr. Pepper Snapple Group Inc. 73,401 183,727 1,450 DTE Energy Company 102,648 191,555 47,435 DUET Group 109,300 126,210 633 Duke Energy Corporation 45,508 65,890 2,233 Edgewell Personal Care Company 284,230 218,573 1,500 Edison International 123,621 144,813 1,100 Entergy Corporation 113,653 108,380 2,441 Eversource Energy 112,272 180,796 3,800 Expeditors International of Washington Inc. 245,639 269,884 1,600 Exxon Mobil Corporation 188,594 193,669 800 FamilyMart UNY Holdings Company Limited 77,041 71,563 889 Federal Realty Investment Trust 100,207 169,423 3,400 FMC Technologies Inc. 163,529 162,002 187 Fonciere Des Regions 21,089 21,938 599 Fresenius Medical Care AG & Company KGaA 41,876 68,163 599 Fresnillo PLC 10,545 12,119 1,998 General Mills Inc. 94,993 165,508 3,514 Gjensidige Forsikring ASA 74,371 75,003 2,500 Halliburton Company 138,862 181,343 1,000 Hang Seng Bank Limited 20,464 24,959 35,560 Harvey Norman Holdings Limited 154,828 177,488 300 Helmerich & Payne Inc. 23,673 31,139 971 Henry Schein Inc. 102,333 197,551 1,300 Hershey Company (The) 150,096 180,316 190,911 HK Electric Investments and HK Electric Investments Limited 195,721 211,338 42,834 Hong Kong & China Gas Company Limited (The) 105,743 101,799 3,800 Hormel Foods Corporation 78,376 177,391 412 ICADE 40,717 39,506 379 Iliad SA 115,500 97,916 2,131 Imperial Brands PLC 78,582 125,093 5,445 Intu Properties PLC 29,179 25,381 2,584 Israel Chemicals Limited 19,837 14,226 11 Japan Prime Realty Investment Corporation 64,209 58,242 1,346 J.M. Smucker Company (The) 148,189 231,155 5,000 Kamigumi Company Limited 57,536 64,043 1,692 Kellogg Company 107,481 167,252 1,621 Kimberly-Clark Corporation 199,342 248,079 4,300 Kimco Realty Corporation 141,926 145,086 1,300 Kobe Steel Limited 19,190 16,696 1,349 Kuehne + Nagel International AG 192,750 239,585 945 Laboratory Corporation of America Holdings 88,212 162,695 900 Liberty Media Corp-Liberty SiriusXM 35,517 40,940 3,900 Liberty Property Trust 180,707 206,589 900 Macerich Company (The) 59,849 85,500 6,100 Maruichi Steel Tube Limited 169,552 266,871 1,747 McCormick & Company Inc. 135,637 218,655 1,500 McDonald's Holdings Company (Japan) Limited 55,925 52,775 3,600 Medipal Holdings Corporation 51,126 76,286 22,771 Mercury NZ Limited 63,396 63,029 2,200 Miraca Holdings Inc. 110,928 132,800 1,300 Mitsubishi Materials Corporation 50,165 53,660

WindWise Global Managed Volatility Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 11,246 Mizrahi Tefahot Bank Limited 138,367 220,815 1,504 Motorola Solutions Inc. 98,793 167,184 1,308 National Grid PLC 21,431 20,625 3,200 National Oilwell Varco Inc. 165,362 160,669 404 New World Development Company Limited 575 573 10,603 New York Community Bancorp Inc. 165,897 226,227 620 NEXT PLC 42,597 51,194 100 NextEra Energy Inc. 8,251 16,020 198 Nice Limited 9,416 18,117 20 Nippon Prologis REIT Inc. 60,080 54,937 500 Nippon Steel & Sumitomo Metal Corporation 14,322 14,987 47,586 Norsk Hydro ASA 239,993 306,187 2,949 Nucor Corporation 161,683 235,387 2,500 Occidental Petroleum Corporation 247,559 238,807 4,520 OGE Energy Corporation 155,613 202,759 20,258 Orkla ASA 218,808 246,809 3,757 Patterson Cos Inc. 169,203 206,722 11,361 People's United Financial Inc. 174,176 294,963 1,192 PepsiCo Inc. 93,347 167,254 1,531 Philip Morris International Inc. 147,857 187,842 1,800 Phillips 66 204,565 208,584 1,907 Pinnacle West Capital Corporation 112,604 199,553 100 Pioneer Natural Resources Company 23,620 24,148 740 Procter & Gamble Company (The) 70,477 83,439 3,200 Public Service Enterprise Group Inc. 192,107 188,305 2,500 Quest Diagnostics Inc. 207,126 308,106 181 Randgold Resources Limited 22,684 19,240 952 Red Electrica Corporation 26,726 24,137 1,934 Regency Centers Corporation 108,665 178,828 1,400 RenaissanceRe Holdings Limited 207,195 255,749 600 Ross Stores Inc. 24,410 52,784 30,971 Ryman Healthcare Limited 224,152 234,877 4,000 Sankyo Company Limited 164,700 173,617 2,702 SCANA Corporation 167,202 265,531 2,300 Schlumberger Limited 257,901 258,937 600 Sempra Energy 64,285 80,978 384 Severn Trent PLC 11,562 14,139 38,000 Shangri-La Asia Limited 61,573 53,766 2,700 Showa Shell Sekiyu K.K. 34,821 33,745 10,000 Singapore Exchange Limited 64,622 66,463 59,338 Singapore Press Holdings Limited 213,161 194,435 6,834 Sonic Healthcare Limited 97,135 142,014 722 Sonova Holding AG 82,903 117,559 3,092 Southern Company (The) 156,794 203,968 64,433 Spark New Zealand Limited 159,602 205,460 4,653 SSE PLC 111,632 119,742 1,800 Staples Inc. 23,312 21,846 61,216 StarHub Limited 221,611 159,676 2,882 Statoil ASA 62,058 71,123 8,000 Sumitomo Metal Mining Company Limited 137,826 138,618 66,000 Suntec Real Estate Investment Trust 103,809 101,087 4,200 Suzuken Company Limited 131,651 184,471 1,340 Swiss Prime Site AG 111,017 147,371 324 Swisscom AG 182,348 194,988 3,722 Sysco Corporation 146,270 276,373 200 Taisho Pharmaceutical Holdings Company Limited 18,644 22,306 17,540 Tate & Lyle PLC 217,931 205,635 19,300 TDC AS 126,719 133,128

WindWise Global Managed Volatility Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 2,042 Technip 145,208 195,859 4,301 Telefonica Deutschland Holding AG 26,268 24,760 6,606 Telenor ASA 144,952 132,766 21,661 Telstra Corporation Limited 107,793 107,273 3,017 Terna SpA 20,732 18,572 1,338 thyssenkrupp AG 43,044 42,848 1,000 Tractor Supply Company 53,897 101,665 7,047 Treasury Wine Estates Limited 32,905 73,083 3,800 UDR Inc. 108,339 185,902 30 United Urban Investment Corporation 49,211 61,364 1,500 Varian Medical Systems Inc. 165,227 180,599 1,089 Verizon Communications Inc. 54,675 77,956 2,398 Voestalpine AG 113,921 126,484 2,336 WEC Energy Group Inc. 103,616 183,732 500 Welltower Inc. 36,443 44,878 5,920 Weyerhaeuser Company 183,914 238,885 3,730 William Demant Holding AS 68,551 87,135 34,000 Wilmar International Limited 114,402 113,303 4,318 Wm Morrison Supermarkets PLC 13,938 16,507 647 Woolworths Limited 20,767 15,141 3,853 Xcel Energy Inc. 130,793 210,300 19,916,633 25,270,828 Adjustment for transaction costs (12,727) - Total investments 100.0% 19,903,906 25,270,828

Notes to financial statements of WindWise Global Managed Volatility Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to provide competitive returns and maintain low volatility, compared to the MSCI World ex Canada Index (the Index ) over the long term by constructing a portfolio of stocks with low expected volatility relative to the Index. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 25,270,828 - - 25,270,828 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 23,265,711 39-23,265,750 Currency risk The following tables summarize the Fund s exposure to currency risk: Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Net exposure Percentage of net assets % Australian dollar 1,357,340 12,072 - - 1,369,412 5 Danish krone 220,262 18 - - 220,280 1 Euro 879,991 3,332 - - 883,323 4 Hong Kong dollar 620,429 5,719 - - 626,148 3 Israeli new sheqel 580,138 4,368 - - 584,506 2 Japanese yen 1,555,097 12,691 - - 1,567,788 6 New Zealand dollar 743,247 7,337 - - 750,584 3 Norwegian krone 831,888 4,812 - - 836,700 3 Pound sterling 975,165 7,149 - - 982,314 4 Singapore dollar 851,099 7,656 - - 858,755 3 Swedish krona 249,516 5,290 - - 254,806 1 Swiss franc 1,233,834 19,619 - - 1,253,453 5 United States dollar 15,172,822 49,878 - - 15,222,700 60 25,270,828 139,941 - - 25,410,769 100

Notes to financial statements of WindWise Global Managed Volatility Non-Lending Fund December 31, 2016 and 2015 As at December 31, 2015 Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Net exposure Percentage of net assets % Australian dollar 1,350,048 8,859 - (1,484) 1,357,423 6 Danish krone 99,105 465 - - 99,570 - Euro 721,111 5,666 - - 726,777 3 Hong Kong dollar 1,120,431 2,918 - - 1,123,349 5 Israeli new sheqel 630,709 1,781 - - 632,490 3 Japanese yen 1,428,804 4,924 - - 1,433,728 6 New Zealand dollar 782,532 5,025 - - 787,557 3 Norwegian krone 272,040 2,183 - - 274,223 1 Pound sterling 1,057,823 8,403 - - 1,066,226 5 Singapore dollar 818,429 15,712 - - 834,141 3 Swiss franc 1,526,844 23,349 - - 1,550,193 7 United States dollar 13,457,874 55,618 - - 13,513,492 58 23,265,750 134,903 - (1,484) 23,399,169 100, had the Canadian dollar strengthened or weakened by 5% in relation to the foreign currencies, with all other variables held constant, the impact on net assets attributable to holders of redeemable units would have been approximately 1,271,000 (December 31, 2015 1,170,000). In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are non-interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant using a predicted tracking method, net assets attributable to holders of redeemable units would have increased or decreased by approximately 3,669,000 or 1,385,000 (December 31, 2015 3,615,000 or 1,038,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk and 2015, the Fund had no significant investments in either debt securities or derivative financial instruments. As a result, the Fund is not significantly exposed to credit risk. Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

Notes to financial statements of WindWise Global Managed Volatility Non-Lending Fund December 31, 2016 and 2015 Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Country 2016 % 2015 % United States 58 58 Japan 6 6 Australia 5 6 Switzerland 5 7 Singapore 3 3 Norway 3 1 New Zealand 3 3 United Kingdom 3 5 Hong Kong 3 5 Israel 2 3 Other countries 9 3 100 100 Sector 2016 % 2015 % Consumer discretionary 6 6 Consumer staples 24 25 Energy 8 5 Financials 7 18 Health care 11 13 Industrials 3 5 Information technology 1 2 Materials 7 5 Real estate 9 - Telecommunication services 5 6 Utilities 19 15 100 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the year ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 1,449,392 4,364,807 Average units outstanding during the year 2,214,758 2,029,157 Increase (decrease) in net assets attributable to holders of redeemable units per unit 0.65 2.15

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 850,817,003 727,362,649 Cash 5,202,489 2,539,002 Cash, segregated 456,817 440,742 Receivable for investments sold 129,152 676,513 Receivable for units sold 251,432 3,000 Dividends receivable 3,057,132 2,468,318 Forward foreign currency contracts, at fair - 39 Futures contracts, at fair - 88,104 Total assets 859,914,025 733,578,367 Liabilities Current liabilities Payable for units redeemed 54,725 1,513,507 Payable for investments purchased 2,857,230 43,660 Accrued expenses 92,572 175,063 Forward foreign currency contracts, at fair 6,390 610 Futures contracts, at fair 16,327 - Total liabilities 3,027,244 1,732,840 Net assets attributable to holders of redeemable units 856,886,781 731,845,527 Number of redeemable units outstanding 88,480,801 71,314,665 Net assets attributable to holders of redeemable units per unit 9.68 10.26 * Investments at cost 683,045,995 513,657,008 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Dividends 26,778,945 33,343,785 Interest for distribution purposes 11,179 922 Securities lending income 2,483 96,490 Other changes in fair of investments Net realized gain (loss) 8,006,893 119,283,737 Net change in unrealized appreciation (depreciation) (46,065,761) 21,279,116 Other changes in fair of derivatrive financial instruments Net realized gain (loss) 364,133 (1,208,468) Net change in unrealized appreciation (depreciation) (110,250) 136,116 Total income (loss) (11,012,378) 172,931,698 Expenses Audit fees 29,582 24,793 Custodial fees 446,412 789,827 Foreign withholding taxes 2,432,325 2,853,400 Interest expense 620 - Other fees 1,142 - Proxy fees 7,019 - Regulatory fees 24,403 12,158 Transaction costs 301,834 203,197 Trustee fees 2,473 - Total expenses 3,245,810 3,883,375 Waivers and reimbursements (35,875) - Net expenses 3,209,935 3,883,375 Increase (decrease) in net assets attributable to holders of redeemable units (14,222,313) 169,048,323 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year (0.18) 2.14

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units (14,222,313) 169,048,323 Distributions to holders of redeemable units From net investment income (23,288,825) (28,883,003) From capital gains (4,950,364) (110,042,330) From securities lending income (2,483) (96,490) Total distributions to holders of redeemable units (28,241,672) (139,021,823) Redeemable unit transactions Proceeds from redeemable units issued 179,613,624 88,622,235 Reinvestment of distribution to holders of redeemable units 28,239,189 138,925,333 Redemption of redeemable units (40,347,574) (477,879,774) Increase (decrease) from redeemable unit transactions 167,505,239 (250,332,206) Net increase (decrease) in net assets attributable to holders of redeemable units 125,041,254 (220,305,706) Net assets attributable to holders of redeemable units Beginning of year 731,845,527 952,151,233 Net assets attributable to holders of redeemable units End of year 856,886,781 731,845,527 Number of redeemable units outstanding Beginning of year 71,314,665 89,468,136 Issued 18,455,998 7,353,400 Reinvested 2,915,931 13,537,565 Redeemed (4,205,793) (39,044,436) Number of redeemable units outstanding End of year 88,480,801 71,314,665

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units (14,222,313) 169,048,323 Adjustments for: Net realized (gain) loss on investments (8,275,130) (118,259,152) Net change in unrealized (appreciation) depreciation on investments and derivatives 46,044,883 (21,249,896) Proceeds from sale of investments 57,264,643 267,842,037 Purchases of investments (215,017,569) (118,424,000) Cash, segregated (16,075) 1,060,263 Dividends receivable (588,814) (625,893) Accrued expenses (82,491) (10,169) Net cash from (used in) operating activities (134,892,866) 179,381,513 Cash flows from (used in) financing activities Proceeds from redeemable units issued 179,365,192 88,619,235 Distributions paid to holders of redeemable units, net of reinvested distributions (2,483) (96,490) Redemption of redeemable units (41,806,356) (271,719,785) Net cash from (used in) financing activities 137,556,353 (183,197,040) Net increase (decrease) in cash during the year 2,663,487 (3,815,527) Cash Beginning of year 2,539,002 6,354,529 Cash End of year 5,202,489 2,539,002 Interest received* 11,179 922 Dividends received, net of foreign withholding taxes* 23,757,806 29,864,492 Interest paid (620) - Redeemable units redeemed in kind - (204,687,876) * Included as part of cash flows from operating activities

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities 100.0% 50,937 3i Group PLC 291,591 594,219 96,910 ABB Limited 2,152,453 2,746,658 1,500 ABC-MART Inc. 74,524 114,173 50,135 Aberdeen Asset Management PLC 234,495 213,757 33,538 Abertis Infraestructuras SA 598,050 630,696 14,912 ABN AMRO Group NV 403,095 443,999 9,046 Accor SA 410,205 453,338 20,900 ACOM Company Limited 81,255 122,796 5,026 Actelion Limited 379,141 1,462,287 9,329 Actividades de Construccion y Servicios SA 321,408 396,132 8,647 Adecco Group AG 598,958 760,444 9,670 adidas AG 961,415 2,053,744 10,221 Admiral Group PLC 237,248 309,437 98,134 AEGON NV 677,568 725,687 3,516 Aena SA 463,225 644,786 34,100 Aeon Company Limited 485,873 649,278 6,500 AEON Financial Service Company Limited 152,875 155,227 5,500 AEON Mall Company Limited 132,337 103,963 8,826 AerCap Holdings NV 465,647 492,500 1,483 Aeroports de Paris 145,853 213,542 10,247 ageas SA/NV 475,023 545,123 35,163 AGL Energy Limited 533,538 754,267 632,151 AIA Group Limited 3,064,329 4,783,719 8,000 Air Water Inc. 120,168 194,083 30,258 Airbus Group SE 1,704,832 2,689,496 10,000 Aisin Seiki Company Limited 390,029 582,940 28,800 Ajinomoto Company Inc. 453,942 779,498 12,851 Akzo Nobel NV 859,834 1,079,555 16,151 Alfa Laval AB 318,307 359,534 8,900 Alfresa Holdings Corporation 141,097 197,908 54,000 All Nippon Airways Company Limited 158,397 195,454 23,806 Allianz SE 3,678,213 5,286,650 10,100 Alps Electric Company Limited 397,286 328,178 8,318 Alstom SA 363,758 307,964 5,893 Altice NV 271,032 157,791 19,478 Altice NV Cl. A 54,639 518,787 123,544 Alumina Limited 181,209 219,541 18,600 Amada Holdings Company Limited 178,060 279,087 22,559 Amadeus IT Holding SA 788,917 1,377,515 59,950 Amcor Limited 554,411 870,310 153,461 AMP Limited 785,143 751,055 3,569 Andritz AG 194,621 240,776 72,269 Anglo American PLC 2,218,572 1,389,154 39,473 Anheuser-Busch InBev SA/NV 3,791,865 5,614,055 20,029 Antofagasta PLC 279,430 224,028 65,000 Aozora Bank Limited 232,175 308,659 203 AP Moeller - Maersk A/S Cl. A 398,295 412,044 333 AP Moeller - Maersk A/S Cl. B 600,649 713,924 60,342 APA Group 415,543 502,162 95,524 ArcelorMittal 1,141,104 947,974 26,737 Aristocrat Leisure Limited 212,231 402,428 3,589 Arkema SA 329,299 471,814 4,854 Aryzta AG 255,810 287,253 54,000 Asahi Glass Company Limited 465,771 494,223 20,000 Asahi Group Holdings Limited 513,480 848,540 66,000 Asahi Kasei Corporation 458,070 773,655

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 122,900 Ascendas Real Estate Investment Trust 218,179 258,967 25,315 Ashtead Group PLC 480,385 662,789 8,100 ASICS Corporation 120,937 217,464 12,067 ASM Pacific Technology Limited 132,834 171,464 19,379 ASML Holding NV 1,496,862 2,923,390 51,569 Assa Abloy AB Cl. B 656,247 1,287,275 60,493 Assicurazioni Generali SpA 1,189,067 1,208,187 18,482 Associated British Foods PLC 527,999 840,682 111,200 Astellas Pharma Inc. 1,347,344 2,075,741 65,889 AstraZeneca PLC 3,956,938 4,844,975 10,474 ASX Limited 367,142 505,897 21,491 Atlantia SpA 471,776 676,669 34,556 Atlas Copco AB Cl. A 852,679 1,415,551 20,302 Atlas Copco AB Cl. B 458,207 745,039 4,623 Atos SE 384,757 655,545 47,306 Auckland International Airport Limited 128,049 276,478 110,672 Aurizon Holdings Limited 414,238 542,716 81,401 AusNet Services Group 81,635 124,891 153,615 Australia and New Zealand Banking Group Limited 3,884,231 4,537,705 48,771 Auto Trader Group PLC 380,498 330,541 208,077 Aviva PLC 1,443,742 1,677,096 101,158 AXA SA 2,415,835 3,431,899 2,303 Axel Springer SE 127,764 150,270 1,873 Azrieli Group 100,389 109,056 12,809 Babcock International Group PLC 175,410 202,278 162,706 BAE Systems PLC 1,052,574 1,594,772 2,490 Baloise Holding AG 288,985 421,529 343,171 Banco Bilbao Vizcaya Argentaria SA 3,035,536 3,113,394 278,800 Banco de Sabadell SA 670,309 521,732 157,990 Banco Popular Espanol SA 698,961 205,148 756,373 Banco Santander SA 5,269,931 5,305,479 57,844 Bank Hapoalim B.M. 281,706 461,764 76,864 Bank Leumi Le-Israel B.M. 310,162 424,779 64,283 Bank of East Asia Limited (The) 280,144 330,232 1,466,638 Bank of Ireland 413,090 485,437 16,000 Bank of Kyoto Limited (The) 158,887 159,682 17,840 Bank of Queensland Limited 209,215 205,631 253,218 Bankia SA 318,469 347,783 36,073 Bankinter SA 350,853 375,539 882,411 Barclays PLC 3,630,504 3,267,319 53,002 Barratt Developments PLC 588,622 406,116 122 Barry Callebaut AG 149,537 200,576 47,831 BASF SE 4,279,062 5,974,669 43,064 Bayer AG 4,529,714 6,038,290 17,015 Bayerische Motoren Werke AG 1,633,275 2,135,968 2,677 Bayerische Motoren Werke AG Non-Voting Preferred 179,832 275,282 5,258 Beiersdorf AG 427,240 599,446 25,555 Bendigo and Adelaide Bank Limited 246,672 315,402 3,500 Benesse Corporation 146,708 129,581 6,400 Berkeley Group Holdings PLC (The) 380,562 297,795 111,378 Bezeq Israeli Telecommunication Corporation Limited 202,099 284,084 168,562 BHP Billiton Limited 5,009,059 4,101,892 108,609 BHP Billiton PLC 2,760,981 2,351,340 55,205 BNP Paribas SA 3,453,957 4,728,104 191,924 BOC Hong Kong (Holdings) Limited 588,267 921,211 14,519 Boliden AB 261,880 509,883 197 Bollore SA 859 911 41,969 Bollore SA 284,091 198,869

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 64,584 Boral Limited 301,530 339,286 10,969 Bouygues SA 467,281 528,220 977,599 BP PLC 7,537,899 8,255,254 81,987 Brambles Limited 589,045 987,211 8,083 Brenntag AG 386,448 603,672 33,400 Bridgestone Corporation 1,050,928 1,618,293 97,047 British American Tobacco PLC 5,472,949 7,431,994 49,061 British Land Company PLC 486,643 511,767 12,000 Brother Industries Limited 167,668 290,987 440,593 BT Group PLC 2,354,629 2,678,709 17,468 Bunzl PLC 335,107 610,464 23,340 Burberry Group PLC 490,743 578,979 13,018 Bureau Veritas SA 299,520 338,994 172,666 CaixaBank SA 717,130 766,886 4,100 Calbee Inc. 122,539 172,537 14,219 Caltex Australia Limited 389,681 420,574 54,850 Canon Inc. 2,248,587 2,078,012 8,443 Cap Gemini SA 616,800 957,183 35,271 Capita Group PLC (The) 470,948 310,351 96,000 Capitaland Commercial Trust Management Limited 126,475 131,886 135,747 CapitaLand Limited 354,495 380,544 120,688 CapitaLand Mall Trust 196,061 211,175 5,569 Carlsberg A/S Cl. B 531,082 645,706 9,994 Carnival PLC 437,976 683,130 28,849 Carrefour SA 831,141 934,052 3,190 Casino Guichard-Perrachon SA 279,498 205,710 12,600 Casio Computer Company Limited 173,412 239,475 55,355 Cathay Pacific Airways Limited 112,915 97,662 7,400 Central Japan Railway Company 937,630 1,636,165 284,722 Centrica PLC 1,361,388 1,104,492 28,042 Challenger Limited 223,646 306,069 6,725 Check Point Software Technologies Limited 752,596 761,708 32,742 Cheung Kong Infrastructure Holdings Limited 269,230 349,428 138,357 Cheung Kong Property Holdings Limited 825,806 1,137,938 38,000 Chiba Bank Limited (The) 251,042 313,270 5 Chocoladefabriken Lindt & Spruengli AG 368,037 408,378 55 Chocoladefabriken Lindt & Spruengli AG 259,654 382,813 5,268 Chr Hansen Holding AS 438,527 391,938 2,842 Christian Dior SE 446,307 800,971 33,600 Chubu Electric Power Company Inc. 643,493 630,872 11,728 Chugai Pharmaceutical Company Limited 310,945 452,410 7,800 Chugoku Bank Limited (The) 103,743 150,488 14,800 Chugoku Electric Power Company Inc. (The) 267,004 233,300 5,135 CIMIC Group Limited 122,466 174,224 18,177 City Developments Limited 152,100 139,708 142,163 CK Hutchison Holdings Limited 378,348 2,161,435 84,756 CLP Holdings Limited 780,748 1,044,533 53,721 CNH Industrial NV 495,200 628,032 9,650 CNP Assurances SA 189,421 240,234 82,560 Cobham PLC 256,248 223,954 30,731 Coca-Cola Amatil Limited 356,720 301,996 11,352 Coca-Cola European Partners PLC 588,163 482,034 9,510 Coca-Cola HBC AG 268,203 278,929 3,024 Cochlear Limited 239,894 359,864 6,236 Coloplast AS Cl. B 345,165 565,028 3,369 Colruyt SA 171,715 223,996 116,300 ComfortDelGro Corporation Limited 200,926 266,651 56,043 Commerzbank AG 938,804 574,400

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 88,853 Commonwealth Bank of Australia 5,658,049 7,110,423 25,590 Compagnie de Saint-Gobain SA 1,278,141 1,601,869 26,845 Compagnie Financiere Richemont SA 1,937,256 2,389,170 9,367 Compagnie Generale des Etablissements Michelin Series B 847,316 1,400,458 84,387 Compass Group PLC 1,234,958 2,098,923 25,429 Computershare Limited 244,280 307,674 59,000 Concordia Financial Group Limited 324,028 381,652 35,307 Contact Energy Limited 150,147 153,855 5,652 Continental AG 871,667 1,468,608 3,822 Covestro AG 228,363 352,370 58,478 Credit Agricole SA 708,764 974,389 8,435 Credit Saison Company Limited 180,624 201,436 102,576 Credit Suisse Group AG 2,825,269 1,977,414 43,757 CRH PLC 1,183,939 2,039,686 6,450 Croda International PLC 267,446 341,591 19,771 Crown Resorts Limited 195,228 222,321 24,034 CSL Limited 1,419,196 2,343,400 6,300 CYBERDYNE Inc. 163,279 119,665 26,000 Dai Nippon Printing Company Limited 264,859 345,280 14,400 Daicel Corporation 157,366 213,584 55,700 Dai-ichi Life Insurance Company Limited (The) 871,114 1,246,276 31,124 Daiichi Sankyo Company Limited 658,995 855,819 12,100 Daikin Industries Limited 594,536 1,493,494 50,162 Daimler AG 3,629,656 5,017,780 3,600 Daito Trust Construction Company Limited 407,931 727,675 29,200 Daiwa House Industry Company Limited 602,023 1,073,015 65 Daiwa House REIT Investment Corporation 240,014 220,919 87,000 Daiwa Securities Group Inc. 496,607 720,524 30,828 Danone SA 2,336,127 2,625,042 35,437 Danske Bank AS 847,857 1,443,976 125 Dassault Aviation SA 184,079 187,700 6,677 Dassault Systemes SA 370,533 683,682 93,671 DBS Group Holdings Limited 1,197,307 1,507,723 4,652 DCC PLC 562,545 465,604 5,700 DeNA Company Limited 234,301 167,383 25,000 DENSO Corporation 1,004,829 1,455,338 11,200 Dentsu Inc. 455,352 708,267 71,143 Deutsche Bank Aktiengesellschaft 2,994,854 1,735,864 9,966 Deutsche Boerse AG 767,802 1,093,053 11,496 Deutsche Lufthansa AG 211,371 199,520 49,864 Deutsche Post AG 1,349,574 2,203,044 170,683 Deutsche Telekom AG 2,807,869 3,948,529 17,500 Deutsche Wohnen AG 500,810 738,638 52,452 Dexus Property Group 333,780 489,982 131,211 Diageo PLC 3,665,094 4,587,678 68,382 Direct Line Insurance Group PLC 358,672 418,580 29,617 Distribuidora Internacional de Alimentacion SA 202,740 195,428 47,733 Dixons Carphone PLC 310,135 280,477 50,626 DNB ASA 686,718 1,012,737 3,371 Domino's Pizza Enterprises Limited 223,551 212,740 6,500 Don Quijote Holdings Company Limited 195,860 323,233 4,581 DONG Energy AS 210,442 233,201 9,917 DSV AS 337,417 592,748 133,332 DUET Group 310,872 354,755 2,330 Dufry AG 406,769 390,446 103,486 E.ON SE 2,327,608 980,733 17,100 East Japan Railway Company 1,402,523 1,985,791 7,562 easyjet PLC 168,048 125,934

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 10,604 Edenred 291,548 282,507 121,474 EDP-Energias de Portugal SA 449,092 497,252 2,958 Eiffage SA 288,771 277,191 13,050 Eisai Company Limited 632,108 1,006,514 1,294 Elbit Systems Limited 177,061 175,847 8,060 Electric Power Development Company Limited 259,020 249,289 12,577 Electricite de France SA 435,108 172,205 13,108 Electrolux AB Cl. B 333,495 437,885 7,830 Elisa OYJ Cl. A 214,143 342,560 407 EMS-Chemie Holding AG 149,161 277,911 11,951 Enagas SA 334,380 407,818 17,203 Endesa SA 444,637 489,705 401,589 Enel SpA 2,004,447 2,378,937 75,082 ENGIE SA 2,064,067 1,287,161 133,805 Eni SpA 3,012,795 2,927,906 16,153 Erste Group Bank AG 578,360 635,745 10,617 Essilor International SA 1,132,697 1,612,124 1,997 Eurazeo SA 122,510 156,997 582 Eurofins Scientific SE 345,481 333,405 9,786 Eutelsat Communications SA 339,307 254,624 8,132 Evonik Industries AG 369,459 326,441 5,638 EXOR NV 225,177 326,807 49,417 Experian PLC 802,571 1,288,906 4,400 FamilyMart UNY Holdings Company Limited 255,024 393,594 10,000 FANUC Corporation 1,821,298 2,278,296 2,800 Fast Retailing Company Limited 811,001 1,346,672 6,643 Ferrari NV 334,529 519,618 25,771 Ferrovial SA 425,875 619,508 48,113 Fiat Chrysler Automobiles NV 323,501 589,692 114,500 First Pacific Company Limited 132,411 107,342 34,483 Fletcher Building Limited 207,408 341,803 2,801 Flight Centre Travel Group Limited 96,702 85,134 1,584 Fonciere Des Regions 144,409 185,829 82,921 Fortescue Metals Group Limited 360,161 474,267 23,358 Fortum OYJ 559,348 481,382 2,118 Fraport AG Frankfurt Airport Services Worldwide 153,136 168,277 11,278 Fresenius Medical Care AG & Company KGaA 856,716 1,283,372 21,058 Fresenius SE & Company KGaA 1,070,796 2,211,905 10,555 Fresnillo PLC 200,031 213,557 2,133 Frutarom Industries Limited 154,546 146,492 3,225 FUCHS PETROLUB SE 153,268 181,920 27,000 Fuji Electric Holdings Company Limited 79,124 188,128 31,600 Fuji Heavy Industries Limited 688,365 1,733,818 22,600 FUJIFILM Holdings Corporation 712,983 1,152,439 97,000 Fujitsu Limited 544,311 724,381 39,000 Fukuoka Financial Group Inc. 170,221 232,728 78,125 G4S PLC 327,749 304,227 122,000 Galaxy Entertainment Group Limited 489,402 713,253 191 Galenica AG 363,534 289,571 26,414 Galp Energia SGPS SA 443,989 530,165 18,418 Gas Natural SDG SA 361,583 466,587 9,523 GEA Group AG 412,468 514,959 1,950 Geberit AG 516,652 1,050,290 2,182 Gecina SA 330,868 405,704 4,275 Gemalto NV 301,404 332,094 2,964 Genmab A/S 526,176 661,393 332,000 Genting Singapore PLC 371,701 278,903 9,948 Getinge AB Cl. B 253,093 214,548

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 476 Givaudan SA 649,273 1,171,980 9,306 Gjensidige Forsikring ASA 132,324 198,628 90,152 GKN PLC 355,293 495,520 253,811 GlaxoSmithKline PLC 6,207,167 6,569,491 638,594 Glencore PLC 3,379,922 2,934,900 140,000 Global Logistic Properties Limited 272,010 285,903 346,226 Golden Agri-Resources Limited 186,222 138,196 92,647 Goodman Group 392,680 641,452 94,642 GPT Group (The) 353,071 462,270 15,834 Grifols SA 257,345 422,851 4,267 Groupe Bruxelles Lambert SA 389,819 481,154 22,626 Groupe Eurotunnel SA 241,291 289,123 50,062 H&M Hennes & Mauritz AB Cl. B 1,810,122 1,872,639 19,000 Hachijuni Bank Limited (The) 121,226 148,115 11,900 Hakuhodo DY Holdings Inc. 92,200 197,027 7,900 Hamamatsu Photonics K.K. 181,707 279,311 39,197 Hammerson PLC 337,224 372,175 48,000 Hang Lung Group Limited 238,237 224,167 119,508 Hang Lung Properties Limited 432,439 339,833 39,530 Hang Seng Bank Limited 645,785 986,643 13,000 Hankyu Hanshin Holdings Inc. 410,585 560,519 3,200 Hannover Rueck SE 275,458 465,305 13,059 Hargreaves Lansdown PLC 189,854 262,489 28,086 Harvey Norman Holdings Limited 67,046 140,183 83,261 Healthscope Limited 206,169 185,149 7,740 HeidelbergCement AG 595,818 970,323 5,311 Heineken Holding NV 338,954 496,861 11,856 Heineken NV 806,887 1,195,029 57,541 Henderson Land Development Company Limited 384,885 410,552 9,121 Henkel AG & Company KGaA Preferred 823,862 1,461,084 5,391 Henkel AG & Company KGaA 401,644 754,764 1,373 Hermes International 593,622 757,408 13,429 Hexagon AB 431,386 645,259 1,000 Hikari Tsushin Inc. 90,410 125,211 6,898 Hikma Pharmaceuticals PLC 293,135 216,378 12,000 Hino Motors Limited 118,159 164,189 1,800 Hirose Electric Company Limited 221,029 299,887 29,000 Hiroshima Bank Limited (The) 148,371 182,057 3,100 Hisamitsu Pharmaceutical Company Inc. 155,409 208,513 4,800 Hitachi Chemical Company Limited 84,962 161,319 6,200 Hitachi Construction Machinery Company Limited 144,268 180,426 3,600 Hitachi High-Technologies Corporation 90,301 195,164 248,000 Hitachi Limited 1,582,910 1,802,125 11,000 Hitachi Metals Limited 153,010 200,338 136,653 HK Electric Investments and HK Electric Investments Limited 146,168 151,275 148,640 HKT Trust and HKT Limited 174,600 244,502 1,133 HOCHTIEF AG 193,250 213,226 9,900 Hokuriku Electric Power Company 176,254 149,115 85,000 Honda Motor Company Limited 3,155,730 3,337,534 394,833 Hong Kong & China Gas Company Limited (The) 877,789 938,355 60,942 Hong Kong Exchanges and Clearing Limited 1,341,826 1,931,119 62,000 Hongkong Land Holdings Limited 539,278 526,308 2,500 Hoshizaki Corporation 250,199 265,887 20,900 Hoya Corporation 626,620 1,180,137 1,034,857 HSBC Holdings PLC 10,550,130 11,264,706 3,709 HUGO BOSS AG 460,562 304,966 15,100 Hulic CompanyLimited 129,092 180,388 19,902 Husqvarna AB Cl. B 133,893 208,150

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 264,000 Hutchison Port Holdings Trust 215,499 154,006 30,636 Hysan Development Company Limited 118,007 169,835 284,735 Iberdrola SA 1,990,809 2,510,742 4,214 ICA Gruppen AB 188,445 172,871 1,735 ICADE 176,848 166,364 4,100 Idemitsu Kosan Company Limited 101,481 146,373 79,000 IHI Corporation 241,498 276,132 7,000 Iida Group Holdings Company Limited 154,398 178,435 1,296 Iliad SA 271,580 334,826 1,646 Imerys 103,633 167,795 13,746 IMI PLC 233,403 236,892 50,037 Imperial Brands PLC 2,318,957 2,937,253 92,091 Incitec Pivot Limited 311,589 321,931 57,394 Industria de Diseno Textil SA 1,555,689 2,632,740 9,286 Industrivarden AB 171,674 232,758 58,258 Infineon Technologies AG 634,510 1,360,496 203,626 ING Groep NV 2,492,087 3,850,872 2,701 Ingenico Group SA 420,905 289,861 21,991 Inmarsat PLC 246,803 273,851 7,100 innogy SE 386,765 331,511 49,700 INPEX Corporation 733,267 669,159 126,581 Insurance Australia Group Limited 566,017 736,273 9,432 InterContinental Hotels Group PLC 352,775 568,600 45,209 International Consolidated Airlines Group SA 237,848 327,984 8,529 Intertek Group PLC 363,966 491,974 42,344 Intesa Sanpaolo SpA 131,348 133,804 668,280 Intesa Sanpaolo SpA 1,877,639 2,293,210 45,145 Intu Properties PLC 271,855 210,436 33,623 Investec PLC 256,645 298,636 23,499 Investor AB Cl. B 622,301 1,181,152 15,940 Isetan Mitsukoshi Holdings Limited 182,103 230,927 23,348 Israel Chemicals Limited 297,865 128,541 8,846 ISS A/S 356,136 401,178 32,000 Isuzu Motors Limited 393,582 544,905 77,100 ITOCHU Corporation 913,769 1,375,822 189,715 ITV PLC 384,011 648,861 11,500 J. Front Retailing Company Limited 169,977 208,255 81,979 J. Sainsbury PLC 426,419 338,661 24,111 James Hardie Industries PLC 244,522 514,385 6,000 Japan Airlines Corporation 205,601 235,591 2,200 Japan Airport Terminal Company Limited 149,533 106,872 28,100 Japan Exchange Group Inc. 310,255 539,559 21,500 Japan Post Bank Company Limited 404,421 346,826 22,900 Japan Post Holdings Company Limited 462,706 384,155 42 Japan Prime Realty Investment Corporation 151,003 222,380 69 Japan Real Estate Investment Corporation 375,548 505,364 140 Japan Retail Fund Investment Corporation 269,316 380,854 56,600 Japan Tobacco Inc. 1,929,653 2,501,589 5,180 Jardine Cycle & Carriage Limited 174,680 198,249 12,800 Jardine Matheson Holdings Limited 1,005,523 948,391 3,429 JCDecaux SA 97,222 135,467 13,526 Jeronimo Martins SGPS SA 240,671 282,008 27,400 JFE Holdings Inc. 628,854 560,772 11,558 JGC Corporation 306,342 282,263 10,189 Johnson Matthey PLC 450,558 537,245 10,900 JSR Corporation 213,264 230,977 10,600 JTEKT Corporation 157,240 227,910 11,686 Julius Baer Gruppe AG 498,799 697,420

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 111,000 JX Holdings Inc. 631,254 631,366 10,557 K+S AG 494,982 338,820 47,000 Kajima Corporation 211,940 437,182 6,900 Kakaku.com Inc. 149,918 153,434 12,000 Kamigumi Company Limited 110,398 153,703 16,000 Kaneka Corporation 132,022 175,135 37,100 Kansai Electric Power Company Inc. 626,127 545,156 11,100 Kansai Paint Company Limited 129,544 274,779 26,400 Kao Corporation 1,024,453 1,681,931 78,000 Kawasaki Heavy Industries Limited 289,247 329,137 12,971 KBC Group NV 581,310 1,079,361 95,700 KDDI Corporation 2,032,344 3,256,465 25,000 Keihan Holdings CompanyLimited 168,217 220,758 25,680 Keihin Electric Express Railway Company Limited 244,403 400,083 28,000 Keio Corporation 224,682 309,384 6,500 Keisei Electric Railway Company Limited 127,608 212,026 77,539 Keppel Corporation Limited 535,713 416,741 3,915 Kering 707,855 1,181,183 8,204 Kerry Group PLC 456,311 787,934 31,320 Kerry Properties Limited 106,198 114,036 2,575 Keyence Corporation 1,206,524 2,374,475 8,000 Kikkoman Corporation 165,344 344,015 118,127 Kingfisher PLC 596,704 685,693 12,771 Kinnevik AB 331,576 411,545 95,310 Kintetsu Group Holdings Company Limited 415,587 488,753 42,600 Kirin Holdings Company Limited 636,242 931,369 11,462 Klepierre 530,526 605,463 15,700 Kobe Steel Limited 243,516 201,636 6,000 Koito Manufacturing Company Limited 168,313 427,030 47,500 Komatsu Limited 1,234,991 1,445,925 4,500 Konami Holdings Corporation 127,986 244,214 17,385 KONE OYJ Cl. B 641,440 1,046,822 22,100 Konica Minolta Inc. 210,608 295,013 67,616 Koninklijke Ahold Delhaize NV 1,252,888 1,915,689 9,410 Koninklijke DSM NV 585,777 758,148 177,414 Koninklijke KPN NV 822,540 706,165 48,992 Koninklijke Philips NV 1,421,318 2,009,637 3,385 Koninklijke Vopak NV 185,451 214,861 1,500 KOSE Corporation 179,296 167,466 54,600 Kubota Corporation 683,944 1,047,454 2,847 Kuehne + Nagel International AG 396,961 505,632 17,500 Kuraray Company Limited 246,472 353,328 4,600 Kurita Water Industries Limited 115,313 136,139 16,600 Kyocera Corporation 834,357 1,109,302 13,024 Kyowa Hakko Kirin Company Limited 195,628 241,992 23,200 Kyushu Electric Power Company Inc. 363,910 338,239 18,000 Kyushu Financial Group Inc. 165,560 164,120 2,099 L E Lundbergforetagen AB 164,446 173,051 9,492 LafargeHolcim Limited 647,235 670,167 13,841 LafargeHolcim Limited Cl. B 919,080 979,803 5,656 Lagardere SCA 204,029 211,167 20,289 L'Air Liquide SA 2,407,487 3,031,968 41,340 Land Securities Group PLC 606,758 730,244 4,495 LANXESS AG 325,134 396,425 3,200 Lawson Inc. 236,290 302,071 306,842 Legal and General Group PLC 838,815 1,258,942 13,785 Legrand SA 617,098 1,051,944 29,300 LendLease Group 287,153 415,967

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 21,485 Leonardo-Finmeccanica SpA 270,109 405,402 325,026 Li & Fung Limited 424,502 191,708 9,543 Linde AG 1,693,669 2,107,086 2,000 LINE Corporation 104,040 92,213 115,645 Link (The) 527,149 1,008,148 13,000 Lion Corporation 285,284 286,986 14,500 LIXIL Group Corporation 344,945 442,471 3,350,121 Lloyds Banking Group PLC 3,630,490 3,470,166 16,288 London Stock Exchange Group PLC 519,667 786,498 2,756 Lonza Group AG 308,460 641,111 13,142 L'Oreal SA 2,159,765 3,223,332 10,140 Lundin Petroleum AB 231,127 296,525 8,867 Luxottica Group SpA 401,073 640,903 14,561 LVMH Moet Hennessy Louis Vuitton SE 2,632,801 3,736,139 10,300 M3 Inc. 179,559 348,770 2,400 Mabuchi Motor Company Limited 85,169 168,328 15,767 Macquarie Group Limited 739,077 1,333,860 5,900 Makita Corporation 336,677 531,165 1,742 MAN SE 206,303 232,430 60,214 MAPFRE SA 239,864 246,996 20,171 Marine Harvest ASA 445,426 489,299 81,305 Marks & Spencer Group PLC 532,888 471,548 86,400 Marubeni Corporation 580,477 658,434 10,600 Marui Group CompanyLimited 139,075 208,044 2,600 Maruichi Steel Tube Limited 75,542 113,748 30,000 Mazda Motor Corporation 438,786 659,516 3,100 McDonald's Holdings Company (Japan) Limited 77,355 109,068 51,471 Mebuki Financial Group Inc. 219,712 256,252 134,973 Medibank Private Limited 301,342 369,606 18,012 Mediclinic International PLC 325,470 230,121 30,880 Mediobanca Societa Per Azioni 285,837 338,730 8,100 Medipal Holdings Corporation 128,146 171,643 38,004 Meggitt PLC 257,680 288,804 6,000 MEIJI Holdings Company Limited 262,219 631,921 10,448 Melco Crown Entertainment Limited ADR 216,285 222,780 6,687 Merck KGaA 497,996 937,818 29,716 Mercury NZ Limited 77,621 82,252 65,640 Meridian Energy Limited 133,395 159,590 34,468 Merlin Entertainments PLC 243,399 256,222 9,720 METRO AG 453,508 434,252 5,358 Metso OYJ 200,375 205,384 45,959 MGM China Holdings Limited 79,861 127,827 3,296 Millicom International Cellular SA 306,995 189,413 16,000 Minebea Company Limited 222,569 201,626 2,600 Miraca Holdings Inc. 115,743 156,945 182,410 Mirvac Group 255,098 377,287 14,600 MISUMI Group Inc. 353,312 322,979 70,900 Mitsubishi Chemical Holdings Corporation 440,754 617,919 77,700 Mitsubishi Corporation 1,780,538 2,224,521 99,200 Mitsubishi Electric Corporation 1,086,461 1,858,584 65,947 Mitsubishi Estate Company Limited 1,447,637 1,764,822 9,000 Mitsubishi Gas Chemical Company Inc. 116,974 206,444 166,000 Mitsubishi Heavy Industries Limited 819,917 1,016,542 6,000 Mitsubishi Logistics Corporation 73,266 114,036 5,300 Mitsubishi Materials Corporation 176,638 218,769 35,000 Mitsubishi Motors Corporation 410,926 268,015 11,100 Mitsubishi Tanabe Pharma Corporation 196,207 292,646 664,120 Mitsubishi UFJ Financial Group Inc. 4,039,488 5,499,406

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 25,300 Mitsubishi UFJ Lease & Finance Company Limited 115,804 175,701 87,500 Mitsui & Company Limited 1,386,788 1,616,739 44,000 Mitsui Chemicals Inc. 157,901 265,600 46,000 Mitsui Fudosan Company Limited 1,154,026 1,430,676 57,000 Mitsui O.S.K. Lines Limited 280,856 212,342 2,300 mixi Inc. 116,646 112,920 7,461 Mizrahi Tefahot Bank Limited 86,171 146,497 1,258,360 Mizuho Financial Group Inc. 2,588,465 3,035,474 9,218 Mobileye NV 473,547 471,232 19,265 Mondi PLC 539,087 531,844 26,214 MS & AD Insurance Group Holdings Inc. 678,825 1,092,289 77,468 MTR Corporation Limited 336,747 505,162 8,274 Muenchener Rueckversicherungs-Gesellschaft AG 1,571,371 2,102,506 10,000 Murata Manufacturing Company Limited 977,833 1,799,411 5,600 Nabtesco Corporation 120,888 175,071 49,000 Nagoya Railroad Company Limited 227,178 318,318 9,950 NAMCO BANDAI Holdings Inc. 176,749 368,951 139,480 National Australia Bank Limited 3,721,208 4,154,025 196,444 National Grid PLC 2,630,694 3,097,658 50,454 Natixis SA 276,297 382,521 137,000 NEC Corporation 393,901 488,313 6,812 Neste Oyj 164,605 351,692 161,853 Nestle SA 11,607,376 15,600,649 306,932 New World Development Company Limited 425,631 435,334 39,697 Newcrest Mining Limited 1,030,438 780,596 17,114 NEX Group PLC 203,210 131,730 9,000 NEXON Company Limited 161,559 175,296 7,073 NEXT PLC 417,015 584,030 13,900 NGK Insulators Limited 247,543 362,312 9,000 NGK Spark Plug Company Limited 179,919 268,842 9,000 NH Foods Limited 190,808 326,481 3,252 Nice Limited 166,461 297,565 12,300 NIDEC Corporation 818,284 1,426,255 18,200 Nikon Corporation 416,643 380,226 5,900 Nintendo Company Limited 1,216,312 1,664,726 72 Nippon Building Fund Inc. 423,058 535,615 21,000 Nippon Electric Glass Company Limited 180,643 152,599 41,000 Nippon Express Company Limited 184,900 296,518 8,200 Nippon Paint Holdings Company Limited 177,020 300,289 74 Nippon Prologis REIT Inc. 162,263 203,266 41,700 Nippon Steel & Sumitomo Metal Corporation 1,339,966 1,249,951 36,200 Nippon Telegraph and Telephone Corporation 1,207,908 2,044,481 91,000 Nippon Yusen Kabushiki Kaisha 318,163 227,048 6,600 Nissan Chemical Industries Limited 296,538 296,334 126,920 Nissan Motor Company Limited 1,348,364 1,715,413 10,200 Nisshin Seifun Group Inc. 123,194 205,705 3,000 Nissin Foods Holdings Company Limited 139,706 211,790 4,200 Nitori Holdings Company Limited 319,115 645,167 8,600 Nitto Denko Corporation 525,081 886,867 18,525 NKSJ Holdings Inc. 536,330 843,470 16,041 NN Group NV 634,950 730,490 4,600 NOK Corporation 87,066 125,138 60,316 Nokia OYJ 474,372 389,550 247,490 Nokia OYJ 1,964,475 1,606,111 5,784 Nokian Renkaat OYJ 238,370 289,782 187,400 Nomura Holdings Inc. 1,184,768 1,484,800 5,800 Nomura Real Estate Holdings Inc. 123,960 132,575 197 Nomura Real Estate Master Fund Inc. 340,807 400,465

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 6,490 Nomura Research Institute Limited 154,892 265,651 159,937 Nordea Bank AB 1,828,216 2,391,650 71,677 Norsk Hydro ASA 389,527 461,198 116,169 Novartis AG 8,827,052 11,358,216 100,312 Novo Nordisk AS Cl. B 3,942,687 4,860,326 12,013 Novozymes AS Cl. B 397,844 556,460 24,100 NSK Limited 234,681 375,190 6,700 NTT Data Corporation 285,533 435,251 71,200 NTT DOCOMO Inc. 1,478,071 2,180,054 4,104 Numericable-SFR SA 195,959 155,748 82,164 NWS Holdings Limited 138,801 179,637 15,507 NXP Semiconductors NV 1,895,602 2,038,183 35,300 Obayashi Corporation 281,132 453,361 3,200 OBIC Company Limited 230,211 188,013 14,500 Odakyu Electric Railway Company Limited 284,959 385,620 72,010 Oil Search Limited 551,489 501,367 45,833 Oji Holdings Corporation 233,548 250,843 255,324 Old Mutual PLC 741,403 877,064 15,200 Olympus Corporation 536,420 706,059 10,200 OMRON Corporation 309,199 525,991 7,967 OMV AG 310,136 378,191 21,400 Ono Pharmaceutical Company Limited 393,131 628,790 2,000 Oracle Corporation Japan 96,654 135,444 102,483 Orange SA 1,905,906 2,092,489 20,057 Orica Limited 460,358 344,343 11,300 Oriental Land Company Limited 453,294 858,288 92,187 Origin Energy Limited 822,025 589,927 5,046 Orion OYJ 125,488 301,842 68,100 ORIX Corporation 864,856 1,428,197 42,893 Orkla ASA 405,908 522,578 98,000 Osaka Gas Company Limited 416,378 506,604 4,356 OSRAM Licht AG 239,914 306,994 3,000 OTSUKA Corporation 115,077 188,335 20,100 Otsuka Holdings Company Limited 684,144 1,177,025 166,382 Oversea-Chinese Banking Corporation Limited 1,252,467 1,377,649 4,282 Paddy Power Betfair PLC 904,873 614,762 113,200 Panasonic Corporation 1,287,422 1,548,200 5,796 Pandora AS 632,746 1,018,788 1,651 Pargesa Holding SA 139,408 144,432 4,900 Park24 Company Limited 102,091 178,596 907 Partners Group Holding AG 305,745 571,156 201,442 PCCW Limited 95,036 146,341 43,061 Pearson PLC 740,621 584,041 10,881 Pernod Ricard SA 1,241,025 1,584,491 16,198 Persimmon PLC 370,562 476,699 12,487 Petrofac Limited 260,415 179,812 25,629 Peugeot SA 446,046 561,717 1,000 Pola Orbis Holdings Inc. 113,253 110,954 8,034 Porsche Automobil Holding SE 545,444 587,967 28,545 Poste Italiane SpA 281,430 254,571 71,814 Power Assets Holdings Limited 621,414 849,013 12,518 ProSiebenSat.1 Media AG 573,600 648,230 7,866 Provident Financial PLC 546,376 371,353 8,404 Proximus SADP 305,283 325,235 134,497 Prudential PLC 2,296,738 3,627,220 10,399 Prysmian SpA 218,006 358,902 9,801 Publicis Groupe SA 630,395 908,736 26,077 Qantas Airways Limited 59,680 84,323

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 71,466 QBE Insurance Group Limited 1,040,066 861,915 12,071 Qiagen NV 274,529 455,537 6,755 Raiffeisen International Bank-Holding AG 198,371 166,062 48,200 Rakuten Inc. 568,828 634,831 7,440 Ramsay Health Care Limited 228,532 493,443 4,885 Randgold Resources Limited 451,984 519,280 6,322 Randstad Holding NV 319,020 460,796 2,665 REA Group Limited 103,566 142,927 32,971 Reckitt Benckiser Group PLC 2,546,554 3,762,178 19,000 Recruit Holdings Company Limited 840,514 1,024,572 22,589 Red Electrica Corporation 384,209 572,731 51,271 Relx NV 864,241 1,159,617 56,290 RELX PLC 746,897 1,351,574 1,292 Remy Cointreau SA 133,644 148,064 9,926 Renault SA 680,521 1,186,525 57,303 Repsol SA 1,117,620 1,087,738 57,303 Repsol SA, Rights 26,833 28,531 115,200 Resona Holdings Inc. 642,669 794,068 14,880 Rexel SA 304,587 329,075 34,000 Ricoh Company Limited 422,018 386,235 1,700 Rinnai Corporation 133,583 184,322 21,880 Rio Tinto Limited 1,314,635 1,272,675 64,529 Rio Tinto PLC 3,286,080 3,377,350 36,550 Roche Holding AG 8,635,775 11,217,570 4,600 Rohm Company Limited 281,907 355,950 4,362,134 Rolls-Royce Holdings PLC 7,056 7,228 94,829 Rolls-Royce Holdings PLC 1,169,063 1,049,682 178,175 Royal Bank of Scotland Group PLC (The) 1,453,949 663,127 4,601 Royal Boskalis Westminster NV 199,394 214,699 225,137 Royal Dutch Shell PLC Cl. A 7,608,071 8,366,033 194,960 Royal Dutch Shell PLC Cl. B 6,513,065 7,604,878 47,993 Royal Mail PLC 490,879 367,497 53,867 RSA Insurance Group PLC 467,876 523,071 1,932 RTL Group SA 247,753 190,555 25,751 RWE AG 1,139,365 430,350 1,518 Ryanair Holdings PLC 43,242 169,494 18,028 Ryman Healthcare Limited 118,314 136,720 1,200 Ryohin Keikaku Company Limited 348,292 316,098 16,022 Safran SA 906,249 1,550,580 56,190 Sage Group PLC (The) 393,055 609,875 342,804 Saipem SpA 721,001 259,414 23,007 Sampo OYJ 847,509 1,385,996 126,096 Sands China Limited 479,801 735,018 55,353 Sandvik AB 775,344 920,883 2,500 Sankyo Company Limited 126,158 108,511 60,403 Sanofi 5,544,530 6,570,211 18,100 Santen Pharmaceutical Company Limited 162,092 297,598 98,288 Santos Limited 711,878 383,681 51,180 SAP AG 4,032,503 5,994,839 37,300 SATS Limited 168,061 167,926 12,077 SBI Holdings Inc. 175,592 206,484 274,112 Scentre Group 1,252,387 1,235,064 9,275 Schaeffler AG 193,456 184,391 3,940 Schibsted ASA 181,286 121,601 4,589 Schibsted ASA Cl. B 202,217 130,836 2,036 Schindler Holding AG 268,948 482,487 947 Schindler Holding AG 132,641 222,294 27,941 Schneider Electric SE 2,117,306 2,612,784

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 1,408 Schneider Electric SE 135,659 129,970 6,685 Schroders PLC 232,609 332,103 8,701 SCOR SE 269,260 404,049 1,225 SEB SA 222,994 223,089 10,800 SECOM Company Limited 624,101 1,061,462 17,218 Securitas AB Cl. B 215,809 364,478 15,667 SEEK Limited 173,925 226,377 9,300 Sega Sammy Holdings Inc. 175,885 185,951 44,291 SEGRO PLC 266,056 336,214 9,000 SEIBU Holdings Inc. 205,431 216,895 13,800 Seiko Epson Corporation 240,835 392,709 21,600 Sekisui Chemical Company Limited 219,860 462,930 31,400 Sekisui House Limited 442,022 702,388 57,566 Sembcorp Industries Limited 195,121 152,292 19,030 SES SA 532,864 563,247 38,700 Seven & i Holdings Company Limited 1,520,253 1,981,435 28,100 Seven Bank Limited 76,265 108,235 12,355 Severn Trent PLC 348,428 454,912 284 SGS SA 571,970 776,443 66,233 Shangri-La Asia Limited 141,737 93,712 71,000 Sharp Corporation 124,533 220,413 12,000 Shimadzu Corporation 132,671 256,908 1,100 Shimamura Company Limited 122,375 184,529 3,900 Shimano Inc. 365,477 822,394 28,000 Shimizu Corporation 176,311 344,153 20,000 Shin-Etsu Chemical Company Limited 1,284,957 2,085,017 97,000 Shinsei Bank Limited 197,246 218,597 15,400 Shionogi & Company Limited 475,736 991,396 46,945 Shire PLC 2,919,589 3,643,733 19,900 Shiseido Company Limited 413,757 676,925 29,000 Shizuoka Bank Limited (The) 305,644 327,435 8,100 Showa Shell Sekiyu K.K. 78,904 101,235 39,831 Siemens AG 4,430,163 6,580,495 112 Sika AG 336,962 722,946 25,913 Singapore Airlines Limited 242,251 232,601 44,490 Singapore Exchange Limited 259,556 295,694 78,891 Singapore Press Holdings Limited 248,636 258,505 74,532 Singapore Technologies Engineering Limited 210,614 223,467 409,450 Singapore Telecommunications Limited 1,137,663 1,387,270 163,115 Sino Land Company Limited 300,326 327,844 109,008 SJM Holdings Limited 140,387 114,638 78,474 Skandinaviska Enskilda Banken AB Cl. A 727,900 1,106,868 17,827 Skanska AB 343,042 566,054 20,945 SKF AB Cl. B 491,624 518,195 53,495 Sky PLC 708,377 878,470 3,000 SMC Corporation 674,212 962,541 46,274 Smith & Nephew PLC 603,811 936,252 20,750 Smiths Group PLC 377,878 486,880 126,818 Snam SpA 718,236 702,096 1,555 Societe BIC 164,547 284,066 40,065 Societe Generale SA 1,917,813 2,649,078 4,899 Sodexo SA 450,982 756,701 50,100 SoftBank Group Corporation 2,454,339 4,472,963 3,400 Sohgo Security Services Company Limited 221,893 175,721 3,876 Solvay SA Cl. A 479,986 610,476 21,454 Sonic Healthcare Limited 317,864 445,826 2,798 Sonova Holding AG 356,934 455,580 65,000 Sony Corporation 1,814,059 2,447,602

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 8,100 Sony Financial Holdings Inc. 152,969 169,874 176,184 South32 Limited 380,108 470,482 102,791 South32 Limited 220,279 275,086 100,943 Spark New Zealand Limited 182,276 321,881 51,834 SSE PLC 1,257,976 1,333,910 27,773 St. James's Place PLC 516,589 466,660 168,523 Standard Chartered PLC 3,020,685 1,853,130 103,223 Standard Life PLC 532,008 636,297 7,200 Stanley Electric Company Limited 130,720 264,496 27,000 StarHub Limited 77,376 70,427 9,800 Start Today Company Limited 201,927 227,498 59,378 Statoil ASA 1,427,400 1,465,341 34,006 STMicroelectronics NV 344,391 518,283 128,685 Stockland 484,356 572,317 27,664 Stora Enso OYJ 254,262 399,517 17,362 Suez Environnement Company SA 295,268 344,181 83,000 Sumitomo Chemical Company Limited 416,739 530,602 61,500 Sumitomo Corporation 838,710 972,639 7,600 Sumitomo Dainippon Pharma Company Limited 78,992 175,641 39,200 Sumitomo Electric Industries Limited 556,608 760,131 26,000 Sumitomo Heavy Industries Limited 152,853 225,105 26,000 Sumitomo Metal Mining Company Limited 385,421 450,508 70,000 Sumitomo Mitsui Financial Group Inc. 2,802,131 3,589,624 17,319 Sumitomo Mitsui Trust Holdings Inc. 725,605 832,965 19,000 Sumitomo Realty & Development Company Limited 560,179 678,533 8,100 Sumitomo Rubber Industries Limited 99,966 172,854 74,373 Sun Hung Kai Properties Limited 1,115,595 1,260,690 66,731 Suncorp Group Limited 700,141 876,088 2,000 Sundrug Company Limited 216,560 186,035 132,700 Suntec Real Estate Investment Trust 223,338 203,246 7,400 Suntory Beverage & Food Limited 335,467 413,083 9,000 Suruga Bank Limited 118,660 269,981 3,700 Suzuken Company Limited 119,899 162,510 18,300 Suzuki Motor Corporation 485,778 865,628 31,274 Svenska Cellulosa Aktiebolaget SCA Cl. B 688,317 1,187,852 80,458 Svenska Handelsbanken AB Cl. A 1,039,851 1,503,634 1,612 Swatch Group AG (The) 692,237 673,620 2,763 Swatch Group AG (The) Cl. B 215,145 226,946 46,572 Swedbank AB 947,644 1,514,532 9,534 Swedish Match AB 338,238 407,861 28,919 Swire Pacific Limited Cl. A 327,898 370,404 54,538 Swire Properties Limited 190,383 201,874 1,679 Swiss Life Holding AG 353,409 638,479 3,710 Swiss Prime Site AG 347,357 408,020 16,652 Swiss Re Limited 1,419,370 2,120,291 1,343 Swisscom AG 651,364 808,235 54,040 Sydney Airport 202,173 314,330 6,441 Symrise AG 480,281 526,867 4,764 Syngenta AG 1,837,209 2,530,109 8,100 Sysmex Corporation 329,047 630,507 30,600 T&D Holdings Inc. 424,257 543,759 39,427 Tabcorp Holdings Limited 48,186 184,154 59,000 Taiheiyo Cement Corporation 146,502 250,998 55,000 Taisei Corporation 211,649 517,288 1,800 Taisho Pharmaceutical Holdings Company Limited 136,338 200,752 6,100 Taiyo Nippon Sanso Corporation 85,337 94,965 17,000 Takashimaya Company Limited 154,439 188,427 37,200 Takeda Pharmaceutical Company Limited 1,922,867 2,068,024

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 647 Taro Pharmaceutical Industries Limited 123,509 91,338 22,222 Tate & Lyle PLC 253,177 260,525 71,716 Tatts Group Limited 201,901 311,988 172,427 Taylor Wimpey PLC 596,816 438,585 43,400 TDC AS 356,129 299,365 6,400 TDK Corporation 439,817 591,633 5,817 Technip 536,977 557,940 73,000 Techtronic Industries Company Limited 283,235 351,022 10,200 Teijin Limited 185,558 277,831 17,242 Tele2 AB Cl. B 270,319 185,929 529,756 Telecom Italia SpA 717,418 627,185 334,612 Telecom Italia SpA di Risp Non Convertible 367,175 325,157 157,804 Telefonaktiebolaget LM Ericsson 1,820,950 1,246,267 36,860 Telefonica Deutschland Holding AG 239,979 212,199 245,077 Telefonica SA 3,879,891 3,057,494 2,539 Telenet Group Holding NV 121,972 189,336 38,898 Telenor ASA 727,286 781,762 134,882 TeliaSonera AB 916,600 730,933 220,701 Telstra Corporation Limited 890,529 1,092,994 25,026 Tenaris SA 467,204 600,714 79,514 Terna SpA 383,558 489,471 17,700 Terumo Corporation 606,583 878,153 420,903 Tesco PLC 2,196,774 1,442,706 1,400 Teva Pharmaceutical Industries Limited ADR 68,900 68,058 46,669 Teva Pharmaceutical Industries Limited 2,566,337 2,248,988 5,501 Thales SA 309,593 716,865 6,900 THK Company Limited 159,131 205,160 19,227 thyssenkrupp AG 541,577 615,719 53,000 Tobu Railway Company Limited 275,139 353,443 5,470 Toho Company Limited 117,666 207,862 20,000 Toho Gas Company Limited 133,239 218,689 24,100 Tohoku Electric Power Company Inc. 365,247 409,273 35,000 Tokio Marine Holdings Inc. 1,206,851 1,930,027 76,300 Tokyo Electric Power Company Holdings Inc. 628,248 414,078 8,100 Tokyo Electron Limited 550,231 1,028,648 106,000 Tokyo Gas Company Limited 557,136 644,608 10,500 Tokyo Tatemono Company Limited 174,097 188,697 57,000 Tokyu Corporation 391,578 562,968 23,700 Tokyu Fudosan Holdings Corporation 52,686 188,024 14,000 TonenGeneral Sekiyu K.K. 148,652 198,315 26,000 Toppan Printing Company Limited 226,462 333,621 76,000 Toray Industries Inc. 600,963 826,823 208,108 Toshiba Corporation 939,507 677,399 117,252 TOTAL SA 6,644,864 8,080,198 7,600 TOTO Limited 184,680 404,149 7,700 Toyo Seikan Group Holdings Limited 121,244 193,180 4,500 Toyo Suisan Kaisha Limited 127,685 219,120 2,900 Toyoda Gosei Company Limited 62,955 91,162 8,500 Toyota Industries Corporation 326,971 544,365 138,900 Toyota Motor Corporation 7,732,281 10,984,505 10,400 Toyota Tsusho Corporation 242,536 364,113 13,987 TP ICAP PLC 96,253 100,425 15,726 TPG Telecom Limited 112,968 104,147 104,907 Transurban Group 754,185 1,051,302 11,999 Travis Perkins PLC 336,910 288,703 39,228 Treasury Wine Estates Limited 247,356 406,828 6,200 Trend Micro Inc. 236,922 296,196 6,549 Tryg A 108,625 159,092

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 2,000 Tsuruha Holdings Inc. 278,392 255,252 26,238 TUI AG 536,986 505,651 190,674 UBS Group AG 3,097,761 4,012,858 6,590 UCB SA 410,173 567,765 5,040 Umicore SA 268,614 386,032 5,248 Unibail-Rodamco SE 1,245,803 1,683,200 21,100 Unicharm Corporation 436,786 620,461 272,439 UniCredit SpA 1,872,461 1,053,567 85,477 Unilever NV 3,530,356 4,729,194 66,929 Unilever PLC 2,776,153 3,651,576 52,226 UnipolSai SpA 182,250 149,961 6,573 United Internet AG 230,829 344,884 66,734 United Overseas Bank Limited 1,049,508 1,263,702 163 United Urban Investment Corporation 259,263 333,411 35,631 United Utilities Group PLC 468,537 531,977 24,840 UOL Group Limited 126,637 138,117 27,732 UPM-Kymmene OYJ 479,794 915,538 11,000 USS Company Limited 134,547 235,499 12,338 Valeo SA 562,165 953,041 24,050 Veolia Environnement SA 593,895 550,242 11,415 Vestas Wind Systems A/S 736,858 996,718 176,261 Vicinity Centres 440,024 511,765 26,034 VINCI SA 1,670,303 2,382,537 53,310 Vivendi SA 1,261,063 1,361,447 23,727 Vocus Communications Limited 174,389 89,166 1,386,534 Vodafone Group PLC 5,299,594 4,591,715 5,642 Voestalpine AG 227,457 297,591 1,677 Volkswagen AG 326,622 324,381 9,524 Volkswagen AG 1,693,142 1,796,416 79,482 Volvo AB Cl. B 1,102,138 1,248,388 24,020 Vonovia SE 926,609 1,050,017 8,019 Wartsila OYJ Cl. B 338,872 484,104 11,522 Weir Group PLC (The) 337,679 360,853 1,580 Wendel SA 181,926 255,669 59,290 Wesfarmers Limited 2,188,438 2,426,160 8,600 West Japan Railway Company 471,025 709,276 102,027 Westfield Corporation 668,414 929,312 173,348 Westpac Banking Corporation 4,627,527 5,487,567 424,633 WH Group Limited 395,219 460,520 70,902 Wharf (Holdings) Limited (The) 475,259 632,199 41,000 Wheelock & Company Limited 146,788 309,553 9,535 Whitbread PLC 371,444 596,613 6,255 William Demant Holding AS 114,184 146,120 41,580 William Hill PLC 274,049 199,950 93,000 Wilmar International Limited 339,828 309,916 110,449 Wm Morrison Supermarkets PLC 485,322 422,231 13,046 Wolseley PLC 575,030 1,072,690 15,641 Wolters Kluwer nv 420,341 761,500 39,119 Woodside Petroleum Limited 1,414,282 1,183,664 67,605 Woolworths Limited 1,795,487 1,582,120 94,820 Worldpay Group PLC 506,030 424,075 65,920 WPP PLC 1,058,426 1,983,688 77,459 Wynn Macau Limited 178,933 165,331 77,800 Yahoo Japan Corporation 354,289 401,645 4,300 Yakult Honsha Company Limited 181,169 267,969 34,000 Yamada Denki Company Limited 208,573 246,284 10,000 Yamaguchi Financial Group Inc. 103,344 146,367 8,200 Yamaha Corporation 135,942 336,588

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities... continued 14,900 Yamaha Motor Company Limited 280,503 440,972 17,700 Yamato Holdings Company Limited 341,355 483,645 7,000 Yamazaki Baking Company Limited 147,524 181,735 84,000 Yangzijiang Shipbuilding (Holdings) Limited 81,936 63,548 9,520 Yara International ASA 431,019 504,282 12,900 YASKAWA Electric Corporation 151,169 269,650 12,600 Yokogawa Electric Corporation 154,624 245,270 6,400 Yokohama Rubber Company Limited (The) 141,544 154,237 37,768 Yue Yuen Industrial (Holdings) Limited 136,759 183,895 4,363 Zalando SE 193,413 223,958 9,041 Zardoya Otis SA 129,855 102,690 10,840 Zodiac Aerospace 296,731 334,487 7,751 Zurich Insurance Group AG 2,163,057 2,867,724 683,729,725 850,817,003 Adjustment for transaction costs (683,730) - Total investments 100.0% 683,045,995 850,817,003.

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Index futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized loss MSCI EAFE Mini Futures 51 March 2017 USD 1,676 (16,327) Futures contracts, at fair (16,327), 456,817 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 5,730,012. Legend USD = United States d0llar

WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued Forward foreign currency contracts The following forward foreign currency contracts were open as at December 31, 2016: Counterparty Credit rating for counterparty Settlement date Currency buys Par Currency sells Par Forward rate Current rate Unrealized loss BNP Paribas SA A Jan. 3, 2017 EUR 598,718 CAD (850,000) 1.420 1.415 (3,022) BNP Paribas SA A Jan. 4, 2017 CHF 188,975 CAD (250,000) 1.323 1.320 (588) BNP Paribas SA A Jan. 4, 2017 GBP 571,945 CAD (950,000) 1.661 1.657 (2,186) Westpac Banking Corporation AA- Jan. 4, 2017 AUD 30,895 CAD (30,000) 0.971 0.971 (4) Westpac Banking Corporation AA- Jan. 6, 2017 JPY 66,898,839 CAD (770,000) 0.012 0.012 (590) (6,390) Legend AUD = Australian dollar CAD = Canadian dollar CHF = Swiss franc EUR = Euro GBP = Pound sterling JPY = Japanese yen

Notes to financial statements of WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to match as closely as possible, the performance of the MSCI EAFE Index (the Index ). Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 850,809,775 7,228-850,817,003 Forward foreign currency contracts - (6,390) - (6,390) Futures contracts (16,327) - - (16,327) 850,793,448 838-850,794,286 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 727,359,155 3,494-727,362,649 Forward foreign currency contracts - (571) - (571) Futures contracts 88,104 - - 88,104 727,447,259 2,923-727,450,182

Notes to financial statements of WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Currency risk The following tables summarize the Fund s exposure to currency risk: Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Forward foreign currency contracts Net exposure Percentage of net assets % Australian dollar 62,933,053 185,279 - (68,100) 29,996 63,080,228 7 Danish krone 14,098,005 105,476 - - - 14,203,481 2 Euro 262,020,246 533,825 - (846,120) 846,978 262,554,929 30 Hong Kong dollar 25,978,399 23,041 - - - 26,001,440 3 Israeli new sheqel 4,423,614 29,149 - - - 4,452,763 1 Japanese yen 204,769,557 287,689 - (765,398) 769,410 205,061,258 24 New Zealand dollar 1,472,579 3,978 - - - 1,476,557 - Norwegian krone 5,688,262 21,302 - - - 5,709,564 1 Pound sterling 156,004,940 599,132 - (921,507) 947,814 156,630,379 18 Singapore dollar 10,359,006 47,887 - - - 10,406,893 1 Swedish krona 24,246,602 31,644 - - - 24,278,246 3 Swiss franc 72,878,742 1,684,634 - (256,105) 249,412 74,556,683 9 United States dollar 5,943,998 2,152,387 - - - 8,096,385 1 850,817,003 5,705,423 - (2,857,230) 2,843,610 856,508,806 100 As at December 31, 2015 Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Forward foreign currency contracts Net exposure Percentage of net assets % Australian dollar 49,779,851 479,642 - (43,660) - 50,215,833 7 Danish krone 13,866,538 80,709 - - - 13,947,247 2 Euro 219,828,038 773,309 - - (430,034) 220,171,313 30 Hong Kong dollar 22,235,271 267,914 - - (219,390) 22,283,795 3 Israeli new sheqel 4,738,033 72,275 - - - 4,810,308 1 Japanese yen 170,817,790 254,201 - - - 171,071,991 23 New Zealand dollar 1,148,933 10,995 - - - 1,159,928 - Norwegian krone 4,006,158 21,345 - - - 4,027,503 1 Pound sterling 141,081,438 901,316 - - - 141,982,754 20 Singapore dollar 8,992,803 82,467 - - - 9,075,270 1 Swedish krona 20,969,601 10,181 - - - 20,979,782 3 Swiss franc 67,850,326 1,398,250 - - (300,005) 68,948,571 9 United States dollar 2,047,869 665,645 - - - 2,713,514-727,362,649 5,018,249 - (43,660) (949,429) 731,387,809 100, had the Canadian dollar strengthened or weakened by 5% in relation to the foreign currencies, with all other variables held constant, the impact on net assets attributable to holders of redeemable units would have been approximately 42,825,000 (December 31, 2015 36,617,000). In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

Notes to financial statements of WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 85,082,000 (December 31, 2015 72,736,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk Effective July 8, 2016, the Fund no longer participates in securities lending. Prior to that date, the Fund entered into securities lending transactions with counterparties whereby it temporarily exchanged securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. The former securities lending agent, State Street Bank and Trust Company, indemnified the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan. As at December 31, 2015, State Street Bank and Trust Company had a credit rating of A from Standard & Poor s., the counterparties to the derivative financial instruments had a credit rating of at least BBB+ from Standard & Poor s (December 31, 2015 at least BBB+). Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

Notes to financial statements of WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Country 2016 % 2015 % Japan 24 23 United Kingdom 16 18 France 10 10 Germany 9 9 Switzerland 9 10 Australia 7 7 Netherlands 5 3 Hong Kong 3 3 Spain 3 3 Sweden 3 3 Italy 2 2 Other countries 9 9 100 100 Sector 2016 % 2015 % Consumer discretionary 12 13 Consumer staples 11 13 Energy 6 5 Financials 21 26 Health care 11 10 Industrials 14 13 Information technology 5 5 Materials 8 6 Real estate 4 - Telecommunication services 5 5 Utilities 3 4 100 100

Notes to financial statements of WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units (14,222,313) 169,048,323 Average units outstanding during the year 80,066,643 78,975,126 Increase (decrease) in net assets attributable to holders of redeemable units per unit (0.18) 2.14

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 1,303,287,765 1,352,719,516 Cash 6,688,979 7,804,870 Cash, segregated 585,896 1,972,180 Receivable for investments sold - 15,282 Receivable for units sold - 6,000 Dividends receivable 1,687,656 1,814,099 Futures contracts, at fair - 70,956 Total assets 1,312,250,296 1,364,402,903 Liabilities Current liabilities Payable for units redeemed 672,647 956,106 Payable for investments purchased - 20,410 Accrued expenses 43,599 37,019 Distributions payable - 1,968,199 Futures contracts, at fair 55,550 - Total liabilities 771,796 2,981,734 Net assets attributable to holders of redeemable units 1,311,478,500 1,361,421,169 Number of redeemable units outstanding 11,743,562 11,285,343 Net assets attributable to holders of redeemable units per unit 111.68 120.64 * Investments at cost 932,741,927 704,319,835 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Dividends 29,557,892 45,261,367 Interest for distribution purposes 267 1,590 Securities lending income 4,097 4,891 Other changes in fair of investments Net realized gain (loss) 335,767,530 311,702,291 Net change in unrealized appreciation (depreciation) (277,977,003) (44,032,395) Other changes in fair of derivative financial instruments Net realized gain (loss) 926,742 139,632 Net change in unrealized appreciation (depreciation) (126,506) (25,028) Total income (loss) 88,153,019 313,052,348 Expenses Audit fees 29,582 24,793 Custodial fees 156,841 371,801 Foreign withholding taxes - 3,535 Interest expense 2,286 - Other fees 247 - Proxy fees 826 - Regulatory fees 21,873 6,371 Transaction costs 29,013 51,271 Trustee fees 2,470 - Total expenses 243,138 457,771 Waivers and reimbursements (16,322) - Net expenses 226,816 457,771 Increase (decrease) in net assets attributable to holders of redeemable units 87,926,203 312,594,577 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 8.66 22.90

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 87,926,203 312,594,577 Distributions to holders of redeemable units From net investment income (30,331,668) (45,295,023) From capital gains (158,283,060) - From securities lending income (4,097) (4,891) Total distributions to holders of redeemable units (188,618,825) (45,299,914) Redeemable unit transactions Proceeds from redeemable units issued 636,068,061 106,782,260 Reinvestment of distributions to holders of redeemable units 187,362,110 43,326,824 Redemption of redeemable units (772,680,218) (731,341,523) Increase (decrease) from redeemable unit transactions 50,749,953 (581,232,439) Net increase (decrease) in net assets attributable to holders of redeemable units (49,942,669) (313,937,776) Net assets attributable to holders of redeemable units Beginning of year 1,361,421,169 1,675,358,945 Net assets attributable to holders of redeemable units End of year 1,311,478,500 1,361,421,169 Number of redeemable units outstanding Beginning of year 11,285,343 16,335,929 Issued 5,363,284 960,340 Reinvested 1,670,359 359,153 Redeemed (6,575,424) (6,370,079) Number of redeemable units outstanding End of year 11,743,562 11,285,343

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 87,926,203 312,594,577 Adjustments for: Net realized (gain) loss on investments (335,642,816) (310,760,516) Net change in unrealized (appreciation) depreciation on investments and derivatives 277,980,349 44,177,043 Proceeds from sale of investments 340,002,982 609,028,557 Purchases of investments (120,001,057) (171,032,469) Cash, segregated 1,604,945 (142,282) Dividends receivable 129,047 451,360 Accrued expenses 28,535 (63,551) Net cash from (used in) operating activities 252,028,188 484,252,719 Cash flows from (used in) financing activities Proceeds from redeemable units issued 85,230,967 96,184,459 Distributions paid to holders of redeemable units, net of reinvested distributions (3,224,914) (4,891) Redemption of redeemable units (335,150,132) (576,898,100) Net cash from (used in) financing activities (253,144,079) (480,718,532) Net increase (decrease) in cash during the year (1,115,891) 3,534,187 Cash Beginning of year 7,804,870 4,270,683 Cash End of year 6,688,979 7,804,870 Interest received* 267 1,590 Dividends received, net of foreign withholding taxes* 29,686,939 45,709,192 Interest paid* (2,286) - Redeemable units issued in kind 550,843,094 10,591,801 Redeemable units redeemed in kind (437,813,545) (154,400,417) * Included as part of cash flows from operating activities

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities 100.0% Common stock 100.0% 30,563 3M Company 5,065,215 7,318,961 75,105 Abbott Laboratories 2,780,706 3,868,638 81,560 AbbVie Inc. 4,804,911 6,849,128 31,577 Accenture PLC Cl. A 3,385,359 4,960,026 34,393 Activision Blizzard Inc. 1,698,088 1,665,492 2,223 Acuity Brands Inc. 719,321 688,229 25,339 Adobe Systems Inc. 2,099,620 3,498,330 3,880 Advance Auto Parts Inc. 816,305 879,978 31,940 AES Corporation (The) 530,882 497,721 17,993 Aetna Inc. 1,769,071 2,992,301 2,729 Affiliated Managers Group Inc. 559,059 531,758 20,183 Aflac Inc. 1,417,804 1,883,822 16,048 Agilent Technologies Inc. 671,827 980,505 10,882 Air Products and Chemicals Inc. 1,579,713 2,098,809 8,705 Akamai Technologies Inc. 487,066 778,412 6,270 Alaska Air Group Inc. 527,212 746,076 5,680 Albemarle Corporation 606,827 655,686 11,598 Alexion Pharmaceuticals Inc. 1,677,325 1,902,970 4,581 Allegion PLC 271,936 393,174 19,085 Allergan PLC 5,488,933 5,374,983 2,919 Alliance Data Systems Corporation 817,857 894,469 11,583 Alliant Energy Corporation 594,296 588,560 18,958 Allstate Corporation (The) 1,252,350 1,884,399 14,980 Alphabet Inc. Cl. A 12,169,105 15,919,472 14,964 Alphabet Inc. Cl. C 7,671,845 15,488,476 98,030 Altria Group Inc. 5,210,678 8,889,537 19,925 Amazon.com Inc. 11,638,313 20,036,842 12,138 Ameren Corporation 621,700 853,926 26,195 American Airlines Group Inc. 1,548,041 1,640,164 25,296 American Electric Power Company Inc. 1,634,767 2,135,805 39,205 American Express Company 2,706,231 3,894,820 48,883 American International Group Inc. 2,079,592 4,281,367 21,718 American Tower Corporation Cl. A 2,309,451 3,077,922 8,876 American Water Works Company Inc. 862,287 861,313 7,774 Ameriprise Financial Inc. 652,917 1,156,585 8,038 AmerisourceBergen Corporation 585,794 842,838 11,235 AMETEK Inc. 622,209 732,241 37,442 Amgen Inc. 5,373,355 7,341,437 15,455 Amphenol Corporation Cl. A 790,222 1,392,782 28,654 Anadarko Petroleum Corporation 2,131,465 2,679,476 15,210 Analog Devices Inc. 903,747 1,481,257 13,519 Anthem Inc. 1,689,431 2,606,501 13,549 Aon PLC 1,258,495 2,026,487 19,037 Apache Corporation 1,609,122 1,620,362 7,918 Apartment Investment and Management Company Cl. A 370,725 482,608 269,142 Apple Inc. 24,054,250 41,803,246 54,204 Applied Materials Inc. 1,357,817 2,345,715 28,375 Archer Daniels Midland Company 1,272,315 1,737,087 21,381 Arconic Inc. 983,885 531,597 8,260 Arthur J Gallagher & Company 521,003 575,565 2,734 Assurant Inc. 221,897 340,465 309,655 AT&T Inc. 13,915,347 17,661,129 9,893 Autodesk Inc. 501,982 981,891

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 23,068 Automatic Data Processing Inc. 2,010,104 3,179,534 3,478 AutoNation Inc. 203,166 226,912 1,414 AutoZone Inc. 867,233 1,497,635 6,787 AvalonBay Communities Inc. 1,255,525 1,612,367 4,079 Avery Dennison Corporation 285,813 384,113 21,790 Baker Hughes Inc. 1,308,486 1,898,520 8,524 Ball Corporation 541,058 858,133 509,346 Bank of America Corporation 9,144,346 15,095,592 52,732 Bank of New York Mellon Corporation (The) 2,241,522 3,350,536 24,648 Baxter International Inc. 1,024,652 1,465,623 41,558 BB&T Corporation 1,714,943 2,620,488 10,681 Becton Dickinson and Company 1,684,056 2,371,298 7,992 Bed Bath & Beyond Inc. 418,786 435,566 95,731 Berkshire Hathaway Inc. Cl. B 13,859,642 20,923,382 13,640 Best Buy Company Inc. 560,638 780,516 10,900 Biogen Inc. 2,582,814 4,145,215 6,089 BlackRock Inc. Cl. A 1,999,867 3,107,358 29,169 Boeing Company (The) 3,715,349 6,089,748 9,441 BorgWarner Inc. 349,236 499,344 7,833 Boston Properties Inc. 1,059,694 1,321,249 68,437 Boston Scientific Corporation 1,438,710 1,985,146 83,909 Bristol-Myers Squibb Company 5,489,820 6,576,029 20,215 Broadcom Limited 3,063,483 4,792,116 8,672 Brown-Forman Corporation Cl. B 346,424 522,401 3,694 C.R. Bard Inc. 665,592 1,112,929 14,900 CA Inc. 518,162 634,817 24,010 Cabot Oil & Gas Corporation 614,817 752,160 10,258 Campbell Soup Company 636,647 831,855 24,728 Capital One Financial Corporation 1,802,660 2,893,008 16,531 Cardinal Health Inc. 1,204,144 1,595,496 9,973 CarMax Inc. 471,636 861,171 21,174 Carnival Corporation 1,029,071 1,478,264 29,841 Caterpillar Inc. 2,737,379 3,711,295 15,487 CBRE Group Inc. 470,298 654,011 19,928 CBS Corporation Cl. B 948,615 1,700,209 39,406 Celgene Corporation 3,486,597 6,116,857 8,232 Centene Corporation 716,155 623,843 20,337 CenterPoint Energy Inc. 488,930 672,005 28,268 CenturyLink Inc. 1,230,454 901,471 14,957 Cerner Corporation 817,499 950,151 11,213 CF Industries Holdings Inc. 347,653 473,371 7,318 CH Robinson Worldwide Inc. 551,175 718,959 61,614 Charles Schwab Corporation (The) 1,780,925 3,261,306 11,000 Charter Communications Inc. 3,948,397 4,247,266 40,960 Chesapeake Energy Corporation 662,713 385,604 95,146 Chevron Corporation 11,204,569 15,017,995 1,464 Chipotle Mexican Grill Inc. Cl. A 571,726 740,791 23,679 Chubb Limited 3,143,718 4,195,434 12,540 Church & Dwight Company Inc. 775,351 743,133 13,166 Cigna Corporation 1,479,551 2,355,169 4,791 Cimarex Energy Company 732,621 873,154 7,122 Cincinnati Financial Corporation 470,915 723,485 4,369 Cintas Corporation 332,952 677,072 252,374 Cisco Systems Inc. 7,781,103 10,227,843 143,829 Citigroup Inc. 8,484,068 11,462,970 24,974 Citizens Financial Group Inc. 717,666 1,193,298

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 8,206 Citrix Systems Inc. 674,426 982,826 6,392 Clorox Company (The) 753,031 1,028,810 17,386 CME Group Inc. Cl. A 1,848,551 2,689,442 13,956 CMS Energy Corporation 518,751 778,947 14,690 Coach Inc. 746,444 689,895 195,169 Coca-Cola Company (The) 8,978,335 10,851,383 31,114 Cognizant Technology Solutions Corporation Cl. A 1,620,440 2,337,876 45,327 Colgate-Palmolive Company 3,246,168 3,977,821 119,841 Comcast Corporation Cl. A 6,918,090 11,097,217 8,164 Comerica Inc. 397,002 745,691 20,233 Conagra Brands Inc. 862,013 1,073,129 7,231 Concho Resources Inc. 1,045,588 1,285,840 63,198 ConocoPhillips 3,287,505 4,249,449 15,083 Consolidated Edison Inc. 1,148,369 1,490,330 8,886 Constellation Brands Inc. Cl. A 1,079,620 1,826,929 2,500 Cooper Companies Inc. (The) 600,648 586,475 49,168 Corning Inc. 1,120,674 1,600,285 22,223 Costco Wholesale Corporation 3,348,412 4,771,623 23,574 Coty Inc. Cl. A 666,721 578,851 18,200 Crown Castle International Corporation 1,744,042 2,117,805 6,310 CSRA Inc. 184,220 269,431 46,518 CSX Corporation 1,236,344 2,241,420 7,998 Cummins Inc. 897,375 1,465,884 54,246 CVS Health Corporation 4,544,960 5,740,434 17,454 D.R. Horton Inc. 605,714 639,705 31,116 Danaher Corporation 2,048,753 3,248,116 5,754 Darden Restaurants Inc. 324,911 561,137 8,408 DaVita Inc. 633,485 723,890 14,849 Deere & Company 1,308,928 2,051,861 13,592 Delphi Automotive PLC 825,278 1,227,626 37,071 Delta Air Lines Inc. 1,391,203 2,445,435 11,696 DENTSPLY SIRONA Inc. 772,969 905,490 26,030 Devon Energy Corporation 1,413,711 1,594,227 8,159 Digital Realty Trust Inc. 1,047,466 1,075,124 19,842 Discover Financial Services 936,378 1,918,251 7,174 Discovery Communications Inc. Cl. A 189,744 263,703 10,549 Discovery Communications Inc. Cl. C 247,127 378,850 13,062 Dollar General Corporation 1,108,587 1,297,469 11,675 Dollar Tree Inc. 1,032,384 1,208,389 31,997 Dominion Resources Inc. 2,421,467 3,286,445 7,659 Dover Corporation 508,084 769,614 57,124 Dow Chemical Company (The) 2,913,198 4,383,403 9,275 Dr. Pepper Snapple Group Inc. 682,191 1,127,775 8,976 DTE Energy Company 776,471 1,185,791 35,151 Duke Energy Corporation 3,015,622 3,658,948 1,707 Dun & Bradstreet Corporation (The) 207,454 277,722 13,722 E*Trade Financial Corporation 363,198 637,625 44,297 E. I. du Pont de Nemours and Company 2,969,432 4,360,290 7,348 Eastman Chemical Company 470,911 741,122 22,406 Eaton Corporation PLC 1,471,727 2,015,891 51,730 ebay Inc. 1,216,527 2,059,670 13,515 Ecolab Inc. 1,483,376 2,124,529 16,436 Edison International 1,154,359 1,586,767 10,622 Edwards Lifesciences Corporation 876,459 1,334,722 14,861 Electronic Arts Inc. 908,225 1,569,635 49,513 Eli Lilly & Company 3,771,501 4,883,677

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 32,991 Emerson Electric Company 2,047,080 2,466,524 10,583 Endo International PLC 750,694 233,748 8,686 Entergy Corporation 782,250 855,805 5,833 Envision Healthcare Corporation 526,802 495,076 29,396 EOG Resources Inc. 2,555,831 3,985,514 8,903 EQT Corporation 644,966 780,835 5,959 Equifax Inc. 577,699 944,813 3,672 Equinix Inc. 1,462,021 1,760,007 18,483 Equity Residential 1,317,812 1,595,267 3,396 Essex Property Trust Inc. 821,562 1,058,853 11,215 Estee Lauder Companies Inc. Cl. A (The) 916,599 1,150,400 15,758 Eversource Energy 829,381 1,167,135 47,364 Exelon Corporation 2,194,921 2,254,236 6,147 Expedia Inc. 632,649 933,816 8,760 Expeditors International of Washington Inc. 465,253 622,153 31,147 Express Scripts Holding Company 2,383,676 2,873,337 6,125 Extra Space Storage Inc. 750,652 634,444 209,213 Exxon Mobil Corporation 21,363,115 25,323,805 3,279 F5 Networks Inc. 440,353 636,378 118,086 Facebook Inc. Cl. A 13,335,770 18,219,229 14,422 Fastenal Company 612,122 908,622 3,480 Federal Realty Investment Trust 743,784 663,207 12,535 FedEx Corporation 1,905,203 3,130,034 16,531 Fidelity National Information Services Inc. 1,131,010 1,676,855 37,749 Fifth Third Bancorp 793,155 1,365,310 4,080 First Solar Inc. 428,402 175,580 21,342 FirstEnergy Corporation 1,043,282 886,383 10,678 Fiserv Inc. 845,206 1,521,901 7,033 FLIR Systems Inc. 260,607 341,330 6,635 Flowserve Corporation 313,903 427,543 6,720 Fluor Corporation 395,360 473,303 6,793 FMC Corporation 325,734 515,248 12,061 FMC Technologies Inc. 430,711 574,677 6,559 Foot Locker Inc. 521,260 623,545 199,361 Ford Motor Company 3,025,096 3,242,993 15,408 Fortive Corporation 681,075 1,108,151 7,843 Fortune Brands Home & Security Inc. 592,422 562,285 16,824 Franklin Resources Inc. 673,047 892,997 61,501 Freeport-McMoRan Inc. Cl. B 1,836,986 1,087,857 59,040 Frontier Communications Corporation 446,186 267,614 10,592 Gap Inc. (The) 297,015 318,747 6,074 Garmin Limited 304,246 394,977 14,268 General Dynamics Corporation 1,848,041 3,303,694 446,041 General Electric Company 14,601,624 18,901,960 28,881 General Growth Properties Inc. 894,055 967,497 30,321 General Mills Inc. 1,980,987 2,511,690 69,373 General Motors Company 2,702,759 3,241,258 7,349 Genuine Parts Company 656,026 941,583 66,973 Gilead Sciences Inc. 4,917,504 6,431,591 7,298 Global Payments Inc. 699,082 679,314 18,551 Goldman Sachs Group Inc. (The) 3,399,878 5,956,994 13,015 Goodyear Tire & Rubber Company (The) 362,649 538,798 9,831 H&R Block Inc. 261,389 303,097 44,176 Halliburton Company 2,158,814 3,204,412 18,965 Hanesbrands Inc. 745,079 548,590 8,892 Harley-Davidson Inc. 476,465 695,682

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 3,606 Harman International Industries Inc. 358,148 537,550 6,416 Harris Corporation 496,351 881,670 18,629 Hartford Financial Services Group Inc. (The) 910,041 1,190,412 5,947 Hasbro Inc. 454,976 620,393 14,463 HCA Holdings Inc. 1,391,126 1,435,663 23,161 HCP Inc. 1,015,624 923,105 5,042 Helmerich & Payne Inc. 344,302 523,346 4,124 Henry Schein Inc. 831,023 839,031 7,028 Hershey Company (The) 649,171 974,817 13,023 Hess Corporation 892,208 1,087,863 82,904 Hewlett Packard Enterprise Company 1,893,426 2,572,668 14,011 Hologic Inc. 655,333 753,833 61,293 Home Depot Inc. (The) 6,802,521 11,020,971 38,209 Honeywell International Inc. 4,041,013 5,936,175 14,283 Hormel Foods Corporation 400,943 666,758 36,451 Host Hotels & Resorts Inc. 684,323 920,948 86,634 HP Inc. 1,543,586 1,724,119 7,685 Humana Inc. 1,048,362 2,102,727 54,711 Huntington Bancshares Inc. 580,759 969,954 15,831 Illinois Tool Works Inc. 1,472,352 2,599,846 7,259 Illumina Inc. 1,559,522 1,246,429 12,625 Ingersoll-Rand PLC 756,402 1,270,484 238,389 Intel Corporation 8,317,102 11,595,213 29,665 Intercontinental Exchange Inc. 1,491,732 2,244,514 43,511 International Business Machines Corporation 7,906,116 9,685,587 3,846 International Flavors & Fragrances Inc. 406,208 607,729 20,260 International Paper Company 899,707 1,441,623 20,689 Interpublic Group of Companies Inc. (The) 434,122 649,510 12,155 Intuit Inc. 1,106,672 1,868,196 1,925 Intuitive Surgical Inc. 1,100,445 1,637,123 20,394 Invesco Limited 611,129 829,780 12,671 Iron Mountain Inc. 564,363 551,915 5,984 Jacobs Engineering Group Inc. 356,502 457,416 4,308 JB Hunt Transport Services Inc. 455,606 560,797 5,928 J.M. Smucker Company (The) 810,712 1,018,044 137,201 Johnson & Johnson 15,900,966 21,197,880 47,952 Johnson Controls International PLC 2,731,217 2,648,765 180,501 JPMorgan Chase & Company 11,935,944 20,887,432 18,796 Juniper Networks Inc. 519,412 712,332 5,349 Kansas City Southern 633,106 608,653 12,688 Kellogg Company 1,003,403 1,254,194 54,987 KeyCorp 769,726 1,347,236 18,338 Kimberly-Clark Corporation 2,232,595 2,806,459 21,331 Kimco Realty Corporation 640,378 719,725 98,286 Kinder Morgan Inc. 3,492,394 2,729,711 7,626 KLA-Tencor Corporation 536,691 804,648 8,392 Kohl's Corporation 445,296 555,727 30,492 Kraft Heinz Company (The) 2,485,607 3,570,628 46,691 Kroger Company (The) 1,451,530 2,160,842 11,635 L Brands Inc. 682,773 1,027,309 3,952 L-3 Communications Holdings Inc. 521,011 806,157 4,990 Laboratory Corporation of America Holdings 661,965 859,098 8,158 Lam Research Corporation 572,977 1,156,716 6,514 Leggett & Platt Inc. 275,100 426,996 10,454 Lennar Corporation Cl. A 532,493 601,850 14,881 Leucadia National Corporation 395,359 463,981

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 14,318 Level 3 Communications Inc. 898,486 1,082,177 11,918 Lincoln National Corporation 586,876 1,059,169 12,378 Linear Technology Corporation 572,563 1,034,980 14,752 LKQ Corporation 618,698 606,354 12,589 Lockheed Martin Corporation 2,665,475 4,219,607 13,866 Loews Corporation 628,742 870,804 44,299 Lowe's Companies Inc. 3,060,368 4,225,038 16,609 LyondellBasell Industries NV Cl. A 1,276,009 1,910,621 7,809 M&T Bank Corporation 1,054,035 1,638,176 5,785 Macerich Company (The) 525,181 549,575 15,449 Macy's Inc. 626,745 741,907 5,619 Mallinckrodt PLC 443,856 375,412 41,147 Marathon Oil Corporation 955,398 955,169 26,258 Marathon Petroleum Corporation 847,656 1,772,989 16,049 Marriott International Inc. Cl. A 1,145,952 1,779,481 26,432 Marsh & McLennan Companies Inc. 1,625,916 2,395,838 3,174 Martin Marietta Materials Inc. 607,238 942,941 16,528 Masco Corporation 467,847 700,853 47,801 MasterCard Inc. Cl. A 3,768,662 6,618,690 17,102 Mattel Inc. 593,940 631,849 5,761 McCormick & Company Inc. 493,637 721,048 41,991 McDonald's Corporation 4,828,896 6,854,300 11,389 McKesson Corporation 1,956,425 2,145,124 9,230 Mead Johnson Nutrition Company Cl. A 821,443 875,860 68,918 Medtronic PLC 6,030,365 6,583,254 138,683 Merck & Company Inc. 9,162,015 10,948,692 56,015 MetLife Inc. 2,742,544 4,048,158 1,300 Mettler-Toledo International Inc. 679,616 729,703 8,937 Michael Kors Holdings Limited 694,560 515,114 10,786 Microchip Technology Inc. 537,930 927,902 51,437 Micron Technology Inc. 736,300 1,512,033 392,313 Microsoft Corporation 20,153,579 32,692,559 5,600 Mid-America Apartment Communities Inc. 663,639 735,367 3,297 Mohawk Industries Inc. 697,974 882,874 9,068 Molson Coors Brewing Company Cl. B 826,239 1,183,352 78,747 Mondelez International Inc. Cl. A 3,094,151 4,681,410 22,361 Monsanto Company 2,429,064 3,154,955 20,013 Monster Beverage Corporation 1,048,553 1,190,016 8,286 Moody's Corporation 758,348 1,047,523 72,805 Morgan Stanley 2,440,686 4,125,085 17,425 Mosaic Company (The) 848,229 685,377 8,316 Motorola Solutions Inc. 634,168 924,404 7,822 Murphy Oil Corporation 383,803 326,544 23,224 Mylan NV 1,077,281 1,188,164 5,577 Nasdaq Inc. 309,093 501,993 18,463 National Oilwell Varco Inc. 915,867 927,007 17,150 Navient Corporation 258,379 377,874 13,874 NetApp Inc. 478,414 656,224 21,909 Netflix Inc. 1,708,273 3,637,376 24,526 Newell Brands Inc. 1,182,858 1,468,565 9,426 Newfield Exploration Company 543,379 511,950 26,327 Newmont Mining Corporation 1,328,213 1,202,869 19,690 News Corporation Cl. A 240,865 302,604 5,964 News Corporation Cl. B 111,893 94,377 23,812 NextEra Energy Inc. 2,712,400 3,814,726 16,513 Nielsen Holdings PLC 913,733 928,973

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 66,992 NIKE Inc. Cl. B 3,187,468 4,566,548 17,083 NiSource Inc. 338,959 507,209 21,083 Noble Energy Inc. 998,572 1,076,084 6,032 Nordstrom Inc. 278,653 387,716 14,475 Norfolk Southern Corporation 1,283,971 2,097,822 10,530 Northern Trust Corporation 736,851 1,257,498 8,865 Northrop Grumman Corporation 1,457,708 2,765,006 16,407 NRG Energy Inc. 403,722 269,752 16,456 Nucor Corporation 981,169 1,313,506 27,524 NVIDIA Corporation 1,248,353 3,939,887 39,031 Occidental Petroleum Corporation 3,451,713 3,728,358 11,979 Omnicom Group Inc. 892,912 1,367,244 10,099 ONEOK Inc. 426,560 777,519 150,535 Oracle Corporation 6,296,258 7,762,092 4,810 O'Reilly Automotive Inc. 1,001,448 1,795,870 17,289 PACCAR Inc. 1,012,718 1,481,548 6,617 Parker-Hannifin Corporation 708,401 1,242,322 4,054 Patterson Cos Inc. 194,218 223,064 15,884 Paychex Inc. 884,823 1,296,819 56,114 PayPal Holdings Inc. 2,016,636 2,970,184 7,945 Pentair PLC 469,397 597,406 15,566 People's United Financial Inc. 292,275 404,136 72,072 PepsiCo Inc. 7,664,071 10,112,715 5,270 PerkinElmer Inc. 248,637 368,561 6,980 Perrigo Company PLC 1,008,665 779,077 305,786 Pfizer Inc. 11,198,715 13,319,214 26,001 PG&E Corporation 1,649,967 2,118,967 78,009 Philip Morris International Inc. 7,697,620 9,571,132 22,694 Phillips 66 1,598,995 2,629,784 5,149 Pinnacle West Capital Corporation 376,814 538,802 8,728 Pioneer Natural Resources Company 1,321,839 2,107,663 10,058 Pitney Bowes Inc. 307,494 204,887 24,488 PNC Financial Services Group Inc. (The) 2,206,144 3,840,923 12,990 PPG Industries Inc. 1,174,562 1,650,742 34,158 PPL Corporation 1,325,894 1,559,748 14,619 Praxair Inc. 1,786,796 2,297,488 2,489 Priceline Group Inc. (The) 2,855,692 4,893,523 12,898 Principal Financial Group Inc. 563,474 1,000,797 134,843 Procter & Gamble Company (The) 12,549,857 15,204,288 28,758 Progressive Corporation (The) 886,571 1,369,090 26,560 Prologis Inc. 1,420,297 1,880,289 21,962 Prudential Financial Inc. 1,787,551 3,064,790 25,590 Public Service Enterprise Group Inc. 1,178,755 1,505,851 7,445 Public Storage 1,664,720 2,231,450 16,235 PulteGroup Inc. 375,492 400,168 3,697 PVH Corporation 457,541 447,397 6,809 Qorvo Inc. 610,154 481,489 75,077 QUALCOMM Inc. 4,756,341 6,564,467 7,818 Quanta Services Inc. 228,291 365,379 7,044 Quest Diagnostics Inc. 556,615 868,120 2,891 Ralph Lauren Corporation 342,538 350,168 9,048 Range Resources Corporation 522,213 416,918 15,075 Raytheon Company 1,734,144 2,870,719 13,340 Realty Income Corporation 1,003,844 1,028,295 8,857 Red Hat Inc. 553,629 827,874 3,751 Regeneron Pharmaceuticals Inc. 1,300,926 1,846,565

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 61,862 Regions Financial Corporation 721,614 1,191,306 11,676 Republic Services Inc. 553,346 893,295 42,317 Reynolds American Inc. 1,939,778 3,180,226 6,971 Robert Half International Inc. 264,831 456,018 6,377 Rockwell Automation Inc. 658,435 1,149,372 6,483 Rockwell Collins Inc. 529,208 806,458 4,968 Roper Technologies Inc. 758,394 1,219,741 20,413 Ross Stores Inc. 958,609 1,795,790 8,471 Royal Caribbean Cruises Limited 758,915 931,977 2,523 Ryder System Inc. 173,880 251,865 12,874 S&P Global Inc. 1,268,895 1,856,643 32,146 salesforce.com inc. 2,169,189 2,951,269 6,745 SCANA Corporation 456,997 662,846 69,913 Schlumberger Limited 6,198,241 7,870,886 4,919 Scripps Networks Interactive Inc. Cl. A 324,412 470,801 14,522 Seagate Technology PLC 512,334 743,350 9,809 Sealed Air Corporation 391,565 596,419 12,631 Sempra Energy 1,306,333 1,704,721 4,198 Sherwin-Williams Company (The) 1,047,098 1,512,933 3,502 Signet Jewelers Limited 482,822 442,679 16,018 Simon Property Group Inc. 3,203,029 3,816,518 9,060 Skyworks Solutions Inc. 937,243 907,113 5,375 SL Green Realty Corporation 832,831 775,236 2,866 Snap-on Inc. 342,939 658,268 50,127 Southern Company (The) 2,728,957 3,306,690 30,562 Southwest Airlines Company 984,563 2,042,701 22,384 Southwestern Energy Company 594,139 324,795 36,056 Spectra Energy Corporation 1,352,418 1,986,821 14,285 St. Jude Medical Inc. 987,103 1,536,192 7,503 Stanley Black & Decker Inc. 752,572 1,153,999 32,816 Staples Inc. 541,902 398,271 74,054 Starbucks Corporation 3,517,957 5,513,698 18,453 State Street Corporation 1,161,906 1,923,290 4,054 Stericycle Inc. 426,632 418,837 15,891 Stryker Corporation 1,669,223 2,553,226 25,367 SunTrust Banks Inc. 1,151,692 1,865,910 30,327 Symantec Corporation 756,871 971,607 39,056 Synchrony Financial 1,111,633 1,899,679 25,252 Sysco Corporation 1,221,187 1,875,060 12,192 T. Rowe Price Group Inc. 948,746 1,230,507 28,353 Target Corporation 2,156,177 2,746,386 18,288 TE Connectivity Limited 1,055,967 1,699,100 11,363 TEGNA Inc. 426,551 325,948 6,972 Teradata Corporation 259,405 254,034 5,576 Tesoro Corporation 379,781 653,924 50,950 Texas Instruments Inc. 2,954,277 4,985,785 13,373 Textron Inc. 498,990 870,868 20,189 Thermo Fisher Scientific Inc. 2,748,864 3,820,206 5,397 Tiffany & Company 339,451 560,411 38,607 Time Warner Inc. 2,760,075 4,997,736 33,281 TJX Companies Inc. (The) 2,100,818 3,353,163 5,734 Torchmark Corporation 299,400 567,183 7,781 Total System Services Inc. 361,296 511,614 6,670 Tractor Supply Company 650,498 678,106 2,590 TransDigm Group Inc. 905,558 864,718 21,379 Transocean Limited 700,626 422,600

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 14,242 Travelers Companies Inc. (The) 1,516,450 2,338,128 5,933 TripAdvisor Inc. 384,651 368,941 52,653 Twenty-First Century Fox Inc. Cl. A 1,421,600 1,979,913 25,494 Twenty-First Century Fox Inc. Cl. B 955,146 931,643 14,542 Tyson Foods Inc. Cl. A 791,198 1,202,856 81,264 U.S. Bancorp 3,496,630 5,598,256 13,751 UDR Inc. 642,873 672,720 3,074 Ulta Salon Cosmetics & Fragrance Inc. 917,946 1,050,962 9,427 Under Armour Inc. Cl. A 506,799 367,252 9,493 Under Armour Inc. Cl. C 184,280 320,429 41,391 Union Pacific Corporation 3,490,447 5,755,007 14,841 United Continental Holdings Inc. 1,034,466 1,450,496 35,090 United Parcel Service Inc. Cl. B 3,876,180 5,394,665 4,508 United Rentals Inc. 501,681 638,279 38,397 United Technologies Corporation 4,168,868 5,644,586 47,877 UnitedHealth Group Inc. 5,674,345 10,275,440 4,369 Universal Health Services Inc. Cl. B 645,995 623,285 11,361 Unum Group 361,272 669,303 4,873 Urban Outfitters Inc. 192,603 186,115 22,509 Valero Energy Corporation 1,032,213 2,062,287 4,865 Varian Medical Systems Inc. 388,983 585,743 18,361 Ventas Inc. 1,302,519 1,539,431 4,680 VeriSign Inc. 310,129 477,424 8,104 Verisk Analytics Inc. Cl. A 872,100 882,145 205,458 Verizon Communications Inc. 11,852,940 14,707,762 12,380 Vertex Pharmaceuticals Inc. 1,176,939 1,223,084 16,950 VF Corporation 868,343 1,212,688 17,293 Viacom Inc. Cl. B 920,030 813,996 93,885 Visa Inc. Cl. A 6,161,564 9,823,067 8,957 Vornado Realty Trust 942,430 1,253,670 6,449 Vulcan Materials Company 715,416 1,082,351 2,796 W.W. Grainger Inc. 617,239 870,839 43,609 Walgreens Boots Alliance Inc. 3,373,999 4,839,958 76,496 Wal-Mart Stores Inc. 6,026,790 7,090,673 73,633 Walt Disney Company (The) 6,484,110 10,291,260 20,878 Waste Management Inc. 1,296,127 1,985,370 3,973 Waters Corporation 506,043 716,029 15,579 WEC Energy Group Inc. 903,323 1,225,329 227,916 Wells Fargo & Company 11,474,495 16,844,193 17,979 Welltower Inc. 1,423,788 1,613,732 14,121 Western Digital Corporation 730,991 1,286,767 24,532 Western Union Company (The) 549,867 714,558 12,598 WestRock Company 700,049 857,736 36,765 Weyerhaeuser Company 1,246,327 1,483,548 3,852 Whirlpool Corporation 581,983 938,974 15,407 Whole Foods Market Inc. 626,439 635,550 33,366 Williams Companies Inc. (The) 970,922 1,393,374 6,351 Willis Towers Watson PLC 1,066,271 1,041,460 5,676 Wyndham Worldwide Corporation 378,927 581,313 4,048 Wynn Resorts Limited 415,138 469,626 25,487 Xcel Energy Inc. 990,144 1,391,099 42,895 Xerox Corporation 512,064 502,188 12,384 Xilinx Inc. 584,594 1,002,599 12,925 XL Group Limited 504,912 645,830 9,463 Xylem Inc. 404,405 628,426 44,983 Yahoo! Inc. 1,581,864 2,332,747

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 18,035 Yum! Brands Inc. 1,426,449 1,531,689 9,942 Zimmer Biomet Holdings Inc. 1,214,019 1,375,937 10,177 Zions Bancorporation 320,859 587,404 24,969 Zoetis Inc. 1,139,717 1,792,435 932,759,649 1,303,287,765 Adjustment for transaction costs (17,722) - Total investments 100.0% 932,741,927 1,303,287,765

WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized loss S&P 500 E-Mini Index Futures 57 March 2017 USD 2,236 (55,550) Futures contracts, at fair (55,550) As at December 31 2016, 585,896 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 8,546,740. Legend USD = United States dollar

Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P 500 Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 1,303,287,765 - - 1,303,287,765 Futures contracts (55,550) - - (55,550) 1,303,232,215 - - 1,303,232,215 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 1,352,719,516 - - 1,352,719,516 Futures contracts 70,956 - - 70,956 Currency risk The following tables summarize the Fund s exposure to currency risk: 1,352,790,472 - - 1,352,790,472 Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Net exposure Percentage of net assets % United States dollar 1,303,287,765 8,480,447 - - 1,311,768,212 100 As at December 31, 2015 Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Net exposure Percentage of net assets % United States dollar 1,352,719,516 10,072,819 - (20,410) 1,362,771,925 100

Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015, had the Canadian dollar strengthened or weakened by 5% in relation to the United States dollar, with all other variables held constant, the impact on net assets attributable to holders of redeemable units would have been approximately 65,588,000 (December 31, 2015 68,139,000). In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are non-interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 130,329,000 (December 31, 2015 135,272,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk Effective July 15, 2016 the Fund no longer participates in securities lending. Prior to that date, the Fund entered into securities lending transactions with counterparties whereby it temporarily exchanged securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. The former securities lending agent, State Street Bank and Trust Company, indemnified the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan. As at December 31, 2015, State Street Bank and Trust Company had a credit rating of A from Standard & Poor s., the counterparty to the derivative financial instruments had a credit rating of BBB+ from Standard & Poor s (December 31, 2015 BBB+). Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations December 31, 2016 and 2015 Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector December 31, 2016 % December 31, 2015 % Consumer discretionary 12 14 Consumer staples 9 9 Energy 8 6 Financials 15 18 Health care 13 15 Industrials 10 11 Information technology 21 19 Materials 3 3 Real estate 3 - Telecommunication services 3 2 Utilities 3 3 100 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 87,926,203 312,594,577 Average units outstanding during the year 10,149,861 13,650,792 Increase (decrease) in net assets attributable to holders of redeemable units per unit 8.66 22.90

WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 565,448,134 429,030,731 Cash 541,372 4,191,429 Cash, segregated - 570,026 Receivable for investments sold 500,000 20,365,872 Dividends receivable 28,797 602,462 Forward foreign currency contracts, at fair 1,285,844 333,748 Futures contracts, at fair - 35,423 Total assets 567,804,147 455,129,691 Liabilities Current liabilities Payable for units redeemed 588,165 905,640 Payable for investments purchased - 163,692 Accrued expenses 38,768 17,055 Forward foreign currency contracts, at fair 29,171 19,493,401 Total liabilities 656,104 20,579,788 Net assets attributable to holders of redeemable units 567,148,043 434,549,903 Number of redeemable units outstanding 71,215,797 40,366,622 Net assets attributable to holders of redeemable units per unit 7.96 10.77 * Investments at cost 596,019,741 259,364,533 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Dividends 6,309,380 14,173,215 Income from underlying funds 6,331,229 - Interest for distribution purposes - 1,483 Other changes in fair of investments Net realized gain (loss) 237,405,554 112,170,553 Net change in unrealized appreciation (depreciation) (200,278,610) (24,117,966) Other changes in fair of derivative financial instruments Net realized gain (loss) (9,556,726) (83,616,585) Net change in unrealized appreciation (depreciation) 20,380,903 (10,716,122) Total income (loss) 60,591,730 7,894,578 Expenses Audit fees 29,582 24,793 Custodial fees 79,326 156,623 Foreign withholding taxes 70,165 1,062 Interest expense 60 - Other fees 1,198 - Proxy fees 1,350 - Regulatory fees 26,603 4,413 Transaction costs 10,057 17,124 Trustee fees 2,239 - Total expenses 220,580 204,015 Waivers and reimbursements (16,680) - Net expenses 203,900 204,015 Increase (decrease) in net assets attributable to holders of redeemable units 60,387,830 7,690,563 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.31 0.18

WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 60,387,830 7,690,563 Distributions to holders of redeemable units From net investment income (12,169,960) (14,098,869) From capital gains (178,047,674) (25,092,769) Total distributions to holders of redeemable units (190,217,634) (39,191,638) Redeemable unit transactions Proceeds from redeemable units issued 108,775,600 44,498,265 Reinvestment of distribution to holders of redeemable units 190,217,634 39,191,638 Redemption of redeemable units (36,565,290) (173,447,655) Increase (decrease) from redeemable unit transactions 262,427,944 (89,757,752) Net increase (decrease) in net assets attributable to holders of redeemable units 132,598,140 (121,258,827) Net assets attributable to holders of redeemable units Beginning of year 434,549,903 555,808,730 Net assets attributable to holders of redeemable units End of year 567,148,043 434,549,903 Number of redeemable units outstanding Beginning of year 40,366,622 47,355,163 Issued 10,213,083 3,813,770 Reinvested 23,883,834 3,640,448 Redeemed (3,247,742) (14,442,759) Number of redeemable units outstanding End of year 71,215,797 40,366,622

WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 60,387,830 7,690,563 Adjustments for: Net realized (gain) loss on investments (240,064,590) (111,653,859) Net change in unrealized (appreciation) depreciation on investments and derivatives 179,856,902 34,867,324 Proceeds from sale of investments 97,725,674 201,020,535 Purchases of investments (168,282,883) (83,189,547) Reinvestment of income distributions from underlying fund (6,331,229) - Cash, segregated 570,026 (64,608) Dividends receivable 573,665 146,321 Accrued expenses 21,713 (22,852) Net cash from (used in) operating activities (75,542,892) 48,793,877 Cash flows from (used in) financing activities Proceeds from redeemable units issued 108,775,600 22,272,253 Redemption of redeemable units (36,882,765) (70,518,964) Net cash from (used in) financing activities 71,892,835 (48,246,711) Net increase (decrease) in cash during the year (3,650,057) 547,166 Cash Beginning of year 4,191,429 3,644,263 Cash End of year 541,372 4,191,429 Interest received* - 1,483 Dividends received, net of foreign withholding taxes* 6,812,880 14,318,474 Interest paid* (60) - Redeemable units issued in kind - 22,226,012 Redeemable units redeemed in kind - (102,023,051) * Included as part of cash flows from operating activities

WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Investment in underlying funds 100.0% Equity funds 100.0% 5,063,273 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations 596,019,741 565,448,134 Total investments 100.0% 596,019,741 565,448,134

WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations Schedule of investment portfolio... continued Forward foreign currency contracts The following forward foreign currency contracts were open as at December 31, 2016: Counterparty Credit rating for counterparty Settlement date Currency buys Par Currency sells Par Forward rate Current rate Unrealized gain (loss) Bank of America, N.A. A+ Jan. 5, 2017 CAD 108,911,573 USD (81,034,191) 0.744 0.746 247,560 Bank of Montreal A+ Jan. 5, 2017 CAD 108,912,384 USD (81,034,191) 0.744 0.746 248,370 Goldman Sachs & Co. BBB+ Jan. 5, 2017 CAD 108,913,194 USD (81,034,191) 0.744 0.746 249,180 Goldman Sachs & Co. BBB+ Feb. 3, 2017 CAD 111,420,908 USD (83,119,537) 0.746 0.746 720 HSBC Bank USA, N.A. AA- Jan. 5, 2017 CAD 108,913,194 USD (81,034,191) 0.744 0.746 249,180 Royal Bank of Canada AA- Jan. 5, 2017 CAD 16,621,000 USD (12,367,110) 0.744 0.746 37,139 Royal Bank of Canada AA- Jan. 5, 2017 USD 1,940,382 CAD (2,599,000) 1.339 1.341 2,984 Westpac Banking Corporation AA- Jan. 5, 2017 CAD 108,914,008 USD (81,034,193) 0.744 0.746 249,991 Westpac Banking Corporation AA- Feb. 3, 2017 CAD 111,420,909 USD (83,119,537) 0.746 0.746 720 1,285,844 Bank of America, N.A. A+ Feb. 3, 2017 CAD 9,419,000 USD (7,026,949) 0.746 0.746 (494) Goldman Sachs & Co. BBB+ Jan. 5, 2017 USD 83,119,537 CAD (111,464,546) 1.341 1.341 (4,156) Royal Bank of Canada AA- Jan. 5, 2017 USD 83,119,537 CAD (111,465,793) 1.341 1.341 (5,403) Royal Bank of Canada AA- Feb. 3, 2017 CAD 111,418,415 USD (83,119,537) 0.746 0.746 (1,773) Societe Generale A Jan. 5, 2017 USD 83,119,537 CAD (111,466,042) 1.341 1.341 (5,652) Societe Generale A Feb. 3, 2017 CAD 111,420,077 USD (83,119,537) 0.746 0.746 (111) UBS AG A+ Jan. 5, 2017 USD 83,119,537 CAD (111,466,624) 1.341 1.341 (6,234) UBS AG A+ Feb. 3, 2017 CAD 111,419,412 USD (83,119,537) 0.746 0.746 (776) Westpac Banking Corporation AA- Jan. 5, 2017 USD 83,119,537 CAD (111,464,962) 1.341 1.341 (4,572) (29,171) Legend CAD = Canadian dollar USD = United States dollar

Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P 500 Index (the Index ) hedged to Canadian dollars while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Investment in underlying funds - 565,448,134-565,448,134 Forward foreign currency contracts - 1,256,673-1,256,673-566,704,807-566,704,807 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 429,030,731 - - 429,030,731 Forward foreign currency contracts - (19,159,653) - (19,159,653) Futures contracts 35,423 - - 35,423 429,066,154 (19,159,653) - 409,906,501 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in United States dollars but hedged to Canadian dollars through the use of forward foreign currency contracts. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations December 31, 2016 and 2015 Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 56,545,000 (December 31, 2015 42,903,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk, the counterparties to derivative financial instruments had a credit rating of at least BBB+ from Standard & Poor s (December 31, 2015 at least BBB+). Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk, a single underlying fund, WindWise S&P 500 Index Non-lending Fund for Exempt Organizations, comprises 100% of the Fund s investments. As such, the Fund is exposed to the concentration risk of the underlying fund. Refer to the Concentration risk note for WindWise S&P 500 Index Non-lending fund for Exempt Organizations, contained in this publication, for details. the Fund owns 43% of the underlying fund. The following is a summary of the Fund s concentration risk as a percentage of investments as at December 31, 2015: Sector 2015 % Consumer discretionary 14 Consumer staples 9 Energy 7 Financials 17 Health care 14 Industrials 11 Information technology 17 Materials 3 Telecommunication services 5 Utilities 3 Total 100

Notes to financial statements of WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations December 31, 2016 and 2015 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 60,387,830 7,690,563 Average units outstanding during the year 45,984,016 42,378,331 Increase (decrease) in net assets attributable to holders of redeemable units per unit 1.31 0.18

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Statement of financial position Assets Current assets Investments* 460,130,558 Cash 3,844,586 Cash, segregated 281,650 Interest receivable 1,743 Dividends receivable 607,511 Total assets 464,866,048 Liabilities Current liabilities Payable for investments purchased 798,330 Accrued expenses 36,946 Futures contracts, at fair 24,756 Total liabilities 860,032 Net assets attributable to holders of redeemable units 464,006,016 Number of redeemable units outstanding 43,258,723 Net assets attributable to holders of redeemable units per unit 10.73 * Investments at cost 428,348,447 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Statement of comprehensive income For the period from July 8 to December 31, 2016 Investment income Dividends 5,238,038 Securities lending income 6,688 Other changes in fair of investments Net realized gain (loss) 2,087,367 Net change in unrealized appreciation (depreciation) 31,765,075 Other changes in fair of derivative financial instruments Net realized gain (loss) 91,724 Net change in unrealized appreciation (depreciation) (24,756) Total income (loss) 39,164,136 Expenses Audit fees 24,582 Custodial fees 26,124 Foreign with holding taxes 1,367 Interest expense 352 Other fees 29 Proxy fees 525 Transaction costs 1,469 Trustee fees 2,404 Total expenses 56,852 Waivers and reimbursements (4,416) Net expenses 52,436 Increase (decrease) in net assets attributable to holders of redeemable units 39,111,700 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the period 0.89

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Statement of changes in net assets attributable to holders of redeemable units For the period from July 8 to December 31, 2016 Increase (decrease) in net assets attributable to holders of redeemable units 39,111,700 Distributions to holders of redeemable units From net investment income (4,828,448) From capital gains (1,947,977) From securities lending income (6,688) Total distributions to holders of redeemable units (6,783,113) Redeemable unit transactions Proceeds from redeemable units issued 441,089,816 Reinvestment of distributions to holders of redeemable units 6,783,113 Redemption of redeemable units (16,195,500) Increase (decrease) from redeemable unit transactions 431,677,429 Net increase (decrease) in net assets attributable to holders of redeemable units 464,006,016 Net assets attributable to holders of redeemable units Beginning of period - Net assets attributable to holders of redeemable units End of period 464,006,016 Number of redeemable units outstanding Beginning of period - Issued 44,104,590 Reinvested 632,382 Redeemed (1,478,249) Number of redeemable units outstanding End of period 43,258,723

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Statement of cash flows For the period from July 8 to December 31, 2016 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 39,111,700 Adjustments for: Net realized (gain) loss on investments (1,844,382) Net change in unrealized (appreciation) depreciation on investments and derivatives (31,757,355) Proceeds from sale of investments 19,082,194 Purchases of investments (7,568,256) Cash, segregated (281,650) Dividends receivable 8,316 Interest receivable (1,743) Accrued expenses 14,991 Net cash from (used in) operating activities 16,763,815 Cash flows from (used in) financing activities Proceeds from redeemable units issued 3,276,271 Redemption of redeemable units (16,195,500) Net cash from (used in) financing activities (12,919,229) Net increase (decrease) in cash during the period 3,844,586 Cash Beginning of period - Cash End of period 3,844,586 Dividends received, net of foreign withholding taxes* 5,244,987 Interest paid* (352) Redeemable units issued in kind 437,813,545 * Included as part of cash flows from operating activities

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock 100.0% 10,545 3M Company 2,444,019 2,525,225 26,519 Abbott Laboratories 1,453,643 1,365,987 28,609 AbbVie Inc. 2,401,364 2,402,485 10,866 Accenture PLC Cl. A 1,636,715 1,706,801 12,388 Activision Blizzard Inc. 684,765 599,893 777 Acuity Brands Inc. (*) 269,051 240,555 8,630 Adobe Systems Inc. 1,093,029 1,191,467 1,320 Advance Auto Parts Inc. 284,743 299,374 11,905 AES Corporation (The) 191,925 185,516 6,350 Aetna Inc. 972,187 1,056,028 971 Affiliated Managers Group Inc. 176,423 189,204 7,465 Aflac Inc. 708,106 696,761 5,932 Agilent Technologies Inc. 353,030 362,435 3,907 Air Products and Chemicals Inc. 739,527 753,542 3,175 Akamai Technologies Inc. 234,239 283,912 2,330 Alaska Air Group Inc. (*) 182,508 277,250 2,020 Albemarle Corporation 220,925 233,184 4,053 Alexion Pharmaceuticals Inc. 659,868 665,006 1,722 Allegion PLC 157,147 147,794 6,526 Allergan PLC (*) 2,054,542 1,837,943 1,092 Alliance Data Systems Corporation 287,159 334,621 4,117 Alliant Energy Corporation 218,455 209,195 6,780 Allstate Corporation (The) 618,021 673,923 5,331 Alphabet Inc. Cl. A 5,032,613 5,665,334 5,249 Alphabet Inc. Cl. C 4,856,508 5,432,973 34,332 Altria Group Inc. 3,137,122 3,113,288 6,997 Amazon.com Inc. 6,838,876 7,036,275 4,365 Ameren Corporation 303,583 307,084 8,847 American Airlines Group Inc. 347,765 553,943 8,885 American Electric Power Company Inc. 822,107 750,183 13,406 American Express Company 1,078,684 1,331,819 17,016 American International Group Inc. 1,180,336 1,490,329 7,686 American Tower Corporation Cl. A 1,143,137 1,089,277 3,224 American Water Works Company Inc. 351,676 312,852 2,647 Ameriprise Financial Inc. 314,645 393,810 2,714 AmerisourceBergen Corporation 290,931 284,581 4,213 AMETEK Inc. 252,712 274,582 13,066 Amgen Inc. 2,754,410 2,561,915 5,565 Amphenol Corporation Cl. A 417,700 501,510 10,209 Anadarko Petroleum Corporation 757,310 954,658 5,526 Analog Devices Inc. (*) 417,521 538,161 4,758 Anthem Inc. 822,777 917,356 4,784 Aon PLC 685,919 715,530 6,789 Apache Corporation 490,116 577,856 3,086 Apartment Investment and Management Company Cl. A 183,899 188,094 95,130 Apple Inc. 12,062,440 14,775,631 19,682 Applied Materials Inc. 642,069 851,752 10,618 Archer Daniels Midland Company 604,119 650,023 7,913 Arconic Inc. 305,045 196,741 3,340 Arthur J Gallagher & Company 212,846 232,734 1,122 Assurant Inc. 126,896 139,723 108,597 AT&T Inc. 6,048,106 6,193,814 3,254 Autodesk Inc. 234,787 322,963 7,837 Automatic Data Processing Inc. (*) 968,800 1,080,198

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 1,299 AutoNation Inc. 86,299 84,749 545 AutoZone Inc. 580,724 577,236 2,470 AvalonBay Communities Inc. 597,748 586,790 1,726 Avery Dennison Corporation 166,791 162,535 7,194 Baker Hughes Inc. 411,285 626,799 3,234 Ball Corporation (*) 303,085 325,575 178,604 Bank of America Corporation 3,077,991 5,293,323 18,363 Bank of New York Mellon Corporation (The) 924,873 1,166,766 8,961 Baxter International Inc. 547,014 532,840 14,832 BB&T Corporation 683,564 935,249 3,838 Becton Dickinson and Company 882,102 852,078 2,778 Bed Bath & Beyond Inc. 161,619 151,402 33,655 Berkshire Hathaway Inc. Cl. B 6,328,398 7,355,782 4,428 Best Buy Company Inc. 179,332 253,382 3,941 Biogen Inc. 1,295,953 1,498,742 2,080 BlackRock Inc. Cl. A 939,560 1,061,472 10,030 Boeing Company (The) 1,707,400 2,094,010 3,118 BorgWarner Inc. (*) 124,727 164,914 2,741 Boston Properties Inc. 478,184 462,344 24,487 Boston Scientific Corporation 765,815 710,292 29,335 Bristol-Myers Squibb Company 2,889,722 2,299,012 6,911 Broadcom Limited 1,414,168 1,638,304 3,606 Brown-Forman Corporation Cl. B 231,850 217,225 1,320 C.R. Bard Inc. 412,821 397,690 5,326 CA Inc. (*) 235,355 226,915 8,197 Cabot Oil & Gas Corporation 272,874 256,787 3,238 Campbell Soup Company 284,308 262,580 8,349 Capital One Financial Corporation 706,962 976,776 5,878 Cardinal Health Inc. 618,255 567,317 3,602 CarMax Inc. (*) 248,255 311,033 7,133 Carnival Corporation 415,545 497,991 10,553 Caterpillar Inc. (*) 1,068,412 1,312,466 5,275 CBRE Group Inc. 180,848 222,761 6,682 CBS Corporation Cl. B 499,092 570,092 13,592 Celgene Corporation 1,868,044 2,109,839 3,068 Centene Corporation 284,758 232,501 7,768 CenterPoint Energy Inc. 242,939 256,682 9,624 CenturyLink Inc. (*) 380,575 306,911 5,356 Cerner Corporation (*) 424,861 340,243 4,227 CF Industries Holdings Inc. (*) 137,507 178,448 2,581 CH Robinson Worldwide Inc. 251,377 253,571 21,708 Charles Schwab Corporation (The) 730,886 1,149,031 3,900 Charter Communications Inc. 1,396,480 1,505,849 11,913 Chesapeake Energy Corporation (*) 66,096 112,151 33,729 Chevron Corporation 4,631,591 5,323,839 548 Chipotle Mexican Grill Inc. Cl. A(*) 286,626 277,291 8,370 Chubb Limited 1,426,462 1,482,993 4,738 Church & Dwight Company Inc. 314,025 280,779 4,624 Cigna Corporation 784,175 827,153 1,709 Cimarex Energy Company 264,846 311,463 2,666 Cincinnati Financial Corporation 264,087 270,824 1,566 Cintas Corporation 204,161 242,686 88,528 Cisco Systems Inc. 3,395,583 3,587,733

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 50,295 Citigroup Inc. 2,762,852 4,008,441 8,626 Citizens Financial Group Inc. 224,058 412,164 2,813 Citrix Systems Inc. 307,507 336,911 2,340 Clorox Company (The) 423,690 376,630 6,097 CME Group Inc. Cl. A 789,047 943,146 5,040 CMS Energy Corporation 300,143 281,305 5,031 Coach Inc. 273,603 236,274 68,539 Coca-Cola Company (The) 4,069,983 3,810,764 10,948 Cognizant Technology Solutions Corporation Cl. A 829,906 822,622 16,118 Colgate-Palmolive Company 1,566,022 1,414,488 42,068 Comcast Corporation Cl. A 3,694,277 3,895,476 3,176 Comerica Inc. 172,472 290,092 7,879 Conagra Brands Inc. 497,976 417,891 2,574 Concho Resources Inc. 402,616 457,717 22,376 ConocoPhillips 1,238,549 1,504,568 5,604 Consolidated Edison Inc. 589,436 553,723 3,175 Constellation Brands Inc. Cl. A 689,630 652,768 900 Cooper Companies Inc. (The) 216,233 211,131 16,210 Corning Inc. (*) 443,534 527,591 7,613 Costco Wholesale Corporation 1,648,112 1,634,629 8,545 Coty Inc. Cl. A 262,227 209,819 6,166 Crown Castle International Corporation 811,506 717,494 2,489 CSRA Inc. 78,200 106,278 16,198 CSX Corporation 562,327 780,483 2,594 Cummins Inc. 389,335 475,432 18,700 CVS Health Corporation 2,367,217 1,978,876 5,974 D.R. Horton Inc. 264,380 218,952 10,807 Danaher Corporation 1,143,482 1,128,114 2,074 Darden Restaurants Inc. 168,345 202,259 2,944 DaVita Inc. 300,755 253,465 4,991 Deere & Company 528,813 689,665 4,947 Delphi Automotive PLC 419,800 446,812 12,752 Delta Air Lines Inc. 623,579 841,202 4,222 DENTSPLY SIRONA Inc. 350,211 326,862 9,667 Devon Energy Corporation 475,378 592,063 2,641 Digital Realty Trust Inc. 380,976 348,009 6,805 Discover Financial Services 489,579 657,882 2,714 Discovery Communications Inc. Cl. A (*) 90,987 99,762 4,306 Discovery Communications Inc. Cl. C 137,710 154,643 4,319 Dollar General Corporation (*) 533,062 429,013 4,201 Dollar Tree Inc. 522,676 434,813 11,139 Dominion Resources Inc. (*) 1,139,693 1,144,098 2,808 Dover Corporation 258,458 282,162 19,580 Dow Chemical Company (The) 1,265,698 1,502,469 3,323 Dr. Pepper Snapple Group Inc. 422,352 404,054 3,224 DTE Energy Company 418,248 425,912 12,426 Duke Energy Corporation 1,398,526 1,293,451 665 Dun & Bradstreet Corporation (The) 107,746 108,193 5,031 E*Trade Financial Corporation 155,300 233,777 15,185 E. I. du Pont de Nemours and Company 1,265,541 1,494,706 2,676 Eastman Chemical Company 239,935 269,902 7,775 Eaton Corporation PLC 629,973 699,525 19,087 ebay Inc. 614,667 759,964

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 4,763 Ecolab Inc. 742,929 748,733 5,890 Edison International 602,484 568,633 3,808 Edwards Lifesciences Corporation 521,815 478,499 5,584 Electronic Arts Inc. 571,841 589,788 17,535 Eli Lilly & Company 1,827,833 1,729,551 11,628 Emerson Electric Company 813,133 869,350 4,117 Endo International PLC 93,847 90,933 3,217 Entergy Corporation 340,473 316,961 2,140 Envision Healthcare Corporation 193,272 181,633 10,426 EOG Resources Inc. 1,140,102 1,413,559 3,044 EQT Corporation (*) 309,417 266,973 2,155 Equifax Inc. 372,907 341,680 1,237 Equinix Inc. 630,394 592,900 6,639 Equity Residential 612,466 573,012 1,204 Essex Property Trust Inc. 364,459 375,400 4,000 Estee Lauder Companies Inc. Cl. A (The) 486,833 410,308 5,897 Eversource Energy 459,673 436,768 16,665 Exelon Corporation 787,450 793,152 2,112 Expedia Inc. 302,427 320,843 3,453 Expeditors International of Washington Inc. 225,560 245,239 10,739 Express Scripts Holding Company 1,094,972 990,682 2,175 Extra Space Storage Inc. 265,398 225,292 74,040 Exxon Mobil Corporation 9,057,490 8,962,037 1,193 F5 Networks Inc. 182,852 231,534 41,402 Facebook Inc. Cl. A 6,358,383 6,387,824 5,229 Fastenal Company 309,482 329,440 1,320 Federal Realty Investment Trust 289,856 251,561 4,227 FedEx Corporation 864,090 1,055,497 5,947 Fidelity National Information Services Inc. 591,464 603,246 13,872 Fifth Third Bancorp 313,126 501,724 1,503 First Solar Inc. (*) 89,684 64,681 7,736 FirstEnergy Corporation 364,628 321,294 4,014 Fiserv Inc. 576,149 572,103 2,714 FLIR Systems Inc. 112,935 131,717 2,585 Flowserve Corporation (*) 154,889 166,571 2,525 Fluor Corporation 170,392 177,841 2,639 FMC Corporation (*) 160,508 200,168 4,532 FMC Technologies Inc. 156,324 215,938 2,641 Foot Locker Inc. (*) 198,402 251,072 70,480 Ford Motor Company 1,207,246 1,146,494 5,403 Fortive Corporation 354,919 388,587 2,757 Fortune Brands Home & Security Inc. 217,218 197,656 6,658 Franklin Resources Inc. 296,045 353,398 20,946 Freeport-McMoRan Inc. Cl. B(*) 308,464 370,502 23,185 Frontier Communications Corporation (*) 150,784 105,092 4,099 Gap Inc. (The)(*) 121,757 123,352 2,333 Garmin Limited 132,402 151,709 5,195 General Dynamics Corporation 954,971 1,202,880 158,058 General Electric Company 6,660,342 6,698,052 10,529 General Growth Properties Inc. 426,834 352,715 10,753 General Mills Inc. 1,019,573 890,743 24,119 General Motors Company 936,097 1,126,892 2,786 Genuine Parts Company (*) 382,681 356,953

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 23,167 Gilead Sciences Inc. 2,623,779 2,224,787 2,769 Global Payments Inc. 266,463 257,745 6,496 Goldman Sachs Group Inc. (The) 1,278,281 2,085,959 4,798 Goodyear Tire & Rubber Company (The) 166,567 198,629 4,068 H&R Block Inc. (*) 125,574 125,419 15,530 Halliburton Company 915,090 1,126,506 6,835 Hanesbrands Inc. (*) 234,957 197,712 3,265 Harley-Davidson Inc. (*) 208,195 255,443 1,428 Harman International Industries Inc. 137,810 212,874 2,376 Harris Corporation 261,787 326,504 6,340 Hartford Financial Services Group Inc. (The) 361,549 405,133 2,017 Hasbro Inc. (*) 223,579 210,414 5,437 HCA Holdings Inc. 556,432 539,701 8,593 HCP Inc. 404,123 342,483 1,957 Helmerich & Payne Inc. (*) 170,167 203,131 1,476 Henry Schein Inc. 349,046 300,293 2,542 Hershey Company (The) 368,225 352,588 4,887 Hess Corporation 363,293 408,231 30,023 Hewlett Packard Enterprise Company 748,017 931,671 5,489 Hologic Inc. 261,724 295,324 21,485 Home Depot Inc. (The) 3,776,861 3,863,175 13,362 Honeywell International Inc. 2,077,899 2,075,929 4,873 Hormel Foods Corporation 233,446 227,481 13,544 Host Hotels & Resorts Inc. 297,038 342,194 30,878 HP Inc. 528,503 614,509 2,681 Humana Inc. 554,825 733,560 20,374 Huntington Bancshares Inc. 236,842 361,204 5,450 Illinois Tool Works Inc. 772,780 895,026 2,641 Illumina Inc. 488,143 453,481 4,585 Ingersoll-Rand PLC 394,420 461,400 83,690 Intel Corporation 3,726,818 4,070,672 10,660 Intercontinental Exchange Inc. 716,679 806,557 15,262 International Business Machines Corporation 3,084,735 3,397,335 1,528 International Flavors & Fragrances Inc. 258,991 241,448 7,343 International Paper Company 410,771 522,499 7,746 Interpublic Group of Companies Inc. (The) 240,528 243,178 4,217 Intuit Inc. 637,237 648,143 689 Intuitive Surgical Inc. 612,036 585,963 7,553 Invesco Limited 253,314 307,312 4,311 Iron Mountain Inc. 224,800 187,776 2,216 Jacobs Engineering Group Inc. 148,612 169,391 1,592 JB Hunt Transport Services Inc. 177,073 207,240 2,142 J.M. Smucker Company (The) 431,873 367,856 48,166 Johnson & Johnson 7,742,943 7,441,761 17,124 Johnson Controls International PLC 1,037,491 945,893 63,897 JPMorgan Chase & Company 5,190,427 7,394,110 6,393 Juniper Networks Inc. 189,564 242,282 1,936 Kansas City Southern 228,508 220,294 4,565 Kellogg Company 493,653 451,245 19,618 KeyCorp 287,962 480,660 6,487 Kimberly-Clark Corporation 1,154,105 992,775 7,877 Kimco Realty Corporation 325,097 265,776 34,930 Kinder Morgan Inc. 855,250 970,116

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 2,511 KLA-Tencor Corporation 242,325 264,945 2,818 Kohl's Corporation (*) 144,882 186,611 10,756 Kraft Heinz Company (The) 1,264,618 1,259,533 17,227 Kroger Company (The)(*) 853,455 797,259 3,998 L Brands Inc. 361,921 353,002 1,441 L-3 Communications Holdings Inc. 282,315 293,945 1,846 Laboratory Corporation of America Holdings 326,828 317,815 2,892 Lam Research Corporation (*) 321,214 410,054 2,421 Leggett & Platt Inc. 164,831 158,698 3,333 Lennar Corporation Cl. A 214,406 191,885 6,026 Leucadia National Corporation 137,678 187,887 5,282 Level 3 Communications Inc. 364,457 399,222 4,220 Lincoln National Corporation 214,699 375,037 4,559 Linear Technology Corporation 282,236 381,198 5,748 LKQ Corporation 248,888 236,261 4,378 Lockheed Martin Corporation 1,440,701 1,467,427 4,692 Loews Corporation 250,378 294,664 15,222 Lowe's Companies Inc. 1,640,110 1,451,805 6,165 LyondellBasell Industries NV Cl. A 619,078 709,192 2,862 M&T Bank Corporation 434,203 600,392 2,209 Macerich Company (The) 252,897 209,855 5,563 Macy's Inc. 250,122 267,152 1,981 Mallinckrodt PLC 161,470 132,353 15,652 Marathon Oil Corporation 305,583 363,339 9,564 Marathon Petroleum Corporation 455,545 645,779 5,855 Marriott International Inc. Cl. A 534,337 649,191 9,425 Marsh & McLennan Companies Inc. 828,413 854,297 1,126 Martin Marietta Materials Inc. 289,823 334,515 6,028 Masco Corporation 254,149 255,611 16,739 MasterCard Inc. Cl. A 1,939,802 2,317,739 6,146 Mattel Inc. 262,341 227,070 2,063 McCormick & Company Inc. 288,743 258,205 14,560 McDonald's Corporation 2,311,257 2,376,667 4,064 McKesson Corporation 1,025,247 765,456 3,401 Mead Johnson Nutrition Company Cl. A 397,686 322,730 24,185 Medtronic PLC 2,796,354 2,310,224 48,684 Merck & Company Inc. 3,782,199 3,843,486 19,827 MetLife Inc. 1,017,029 1,432,881 500 Mettler-Toledo International Inc. 261,391 280,655 3,198 Michael Kors Holdings Limited 210,200 184,327 3,879 Microchip Technology Inc. (*) 263,285 333,704 18,405 Micron Technology Inc. 303,938 541,030 138,740 Microsoft Corporation 9,510,062 11,561,599 2,100 Mid-America Apartment Communities Inc. 248,865 275,763 1,141 Mohawk Industries Inc. 289,951 305,538 3,265 Molson Coors Brewing Company Cl. B 438,179 426,075 27,027 Mondelez International Inc. Cl. A 1,630,381 1,606,721 7,893 Monsanto Company 1,060,519 1,113,638 7,599 Monster Beverage Corporation 535,301 451,853 3,018 Moody's Corporation 382,007 381,538 25,191 Morgan Stanley 869,252 1,427,306 6,303 Mosaic Company (The)(*) 210,154 247,916 2,857 Motorola Solutions Inc. 248,163 317,583

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 2,883 Murphy Oil Corporation (*) 115,666 120,356 8,301 Mylan NV 485,748 424,688 2,096 Nasdaq Inc. 180,690 188,664 6,823 National Oilwell Varco Inc. (*) 290,971 342,575 5,969 Navient Corporation 99,118 131,518 5,236 NetApp Inc. 168,137 247,657 7,752 Netflix Inc. 984,565 1,287,002 8,859 Newell Brands Inc. 569,593 530,458 3,699 Newfield Exploration Company 212,103 200,902 9,451 Newmont Mining Corporation 508,783 431,812 6,984 News Corporation Cl. A 106,651 107,333 2,136 News Corporation Cl. B 33,653 33,801 8,327 NextEra Energy Inc. 1,415,756 1,334,001 6,485 Nielsen Holdings PLC 448,652 364,827 23,364 NIKE Inc. Cl. B 1,728,846 1,592,620 5,825 NiSource Inc. 199,171 172,949 7,808 Noble Energy Inc. 367,613 398,523 2,308 Nordstrom Inc. 121,772 148,350 5,026 Norfolk Southern Corporation 568,365 728,404 3,992 Northern Trust Corporation 337,087 476,727 3,058 Northrop Grumman Corporation 888,223 953,795 6,228 NRG Energy Inc. 122,815 102,396 5,633 Nucor Corporation 392,067 449,622 9,384 NVIDIA Corporation (*) 634,272 1,343,260 13,800 Occidental Petroleum Corporation 1,374,755 1,318,217 4,318 Omnicom Group Inc. (*) 469,655 492,843 3,810 ONEOK Inc. 236,117 293,331 52,720 Oracle Corporation 2,819,489 2,718,421 1,760 O'Reilly Automotive Inc. 646,258 657,117 6,285 PACCAR Inc. 428,647 538,581 2,404 Parker-Hannifin Corporation 350,217 451,344 1,513 Patterson Cos Inc. (*) 98,655 83,250 5,772 Paychex Inc. 463,222 471,244 19,903 PayPal Holdings Inc. 973,006 1,053,491 3,251 Pentair PLC 261,329 244,451 6,097 People's United Financial Inc. 118,317 158,295 25,301 PepsiCo Inc. 3,584,562 3,550,086 1,961 PerkinElmer Inc. 138,439 137,144 2,595 Perrigo Company PLC 318,278 289,642 107,221 Pfizer Inc. 5,066,913 4,670,258 8,966 PG&E Corporation 760,615 730,690 27,308 Philip Morris International Inc. 3,675,698 3,350,491 7,634 Phillips 66 747,712 884,629 2,018 Pinnacle West Capital Corporation 214,342 211,168 3,151 Pioneer Natural Resources Company 641,621 760,913 3,889 Pitney Bowes Inc. 90,583 79,221 8,513 PNC Financial Services Group Inc. (The) 898,082 1,335,257 4,894 PPG Industries Inc. 680,878 621,919 12,214 PPL Corporation 598,709 557,725 5,155 Praxair Inc. 773,987 810,148 900 Priceline Group Inc. (The) 1,565,698 1,769,454 5,060 Principal Financial Group Inc. (*) 279,012 392,621 47,857 Procter & Gamble Company (The) 5,394,946 5,396,139

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 10,481 Progressive Corporation (The) 462,055 498,972 9,486 Prologis Inc. 615,059 671,552 7,441 Prudential Financial Inc. 691,224 1,038,389 9,149 Public Service Enterprise Group Inc. 552,385 538,375 2,680 Public Storage 902,469 803,262 6,287 PulteGroup Inc. (*) 168,486 154,965 1,459 PVH Corporation 185,801 176,563 2,291 Qorvo Inc. (*) 167,942 162,005 25,921 QUALCOMM Inc. 1,848,432 2,266,440 2,579 Quanta Services Inc. 82,209 120,531 2,565 Quest Diagnostics Inc. 275,999 316,117 1,012 Ralph Lauren Corporation 123,487 122,577 3,086 Range Resources Corporation 178,205 142,198 5,060 Raytheon Company 916,979 963,571 4,660 Realty Income Corporation 426,300 359,209 3,265 Red Hat Inc. (*) 310,562 305,183 1,425 Regeneron Pharmaceuticals Inc. (*) 705,503 701,508 23,411 Regions Financial Corporation 258,555 450,837 4,412 Republic Services Inc. 303,446 337,548 14,969 Reynolds American Inc. 1,040,694 1,124,957 2,615 Robert Half International Inc. 132,289 171,064 2,351 Rockwell Automation Inc. 355,940 423,737 2,343 Rockwell Collins Inc. 257,845 291,459 1,823 Roper Technologies Inc. 405,628 447,582 7,310 Ross Stores Inc. 556,616 643,082 3,029 Royal Caribbean Cruises Limited 271,031 333,250 955 Ryder System Inc. 80,778 95,336 4,763 S&P Global Inc. 678,546 686,903 11,035 salesforce.com inc. 1,168,039 1,013,104 2,594 SCANA Corporation 254,850 254,918 24,495 Schlumberger Limited 2,523,848 2,757,675 1,889 Scripps Networks Interactive Inc. Cl. A(*) 159,212 180,798 5,284 Seagate Technology PLC 166,014 270,477 3,579 Sealed Air Corporation 220,256 217,615 4,256 Sempra Energy 630,900 574,404 1,423 Sherwin-Williams Company (The) 570,761 512,840 1,398 Signet Jewelers Limited 154,086 176,718 5,490 Simon Property Group Inc. 1,569,311 1,308,071 3,340 Skyworks Solutions Inc. (*) 274,952 334,410 1,825 SL Green Realty Corporation (*) 253,091 263,220 1,058 Snap-on Inc. 221,733 243,003 17,837 Southern Company (The) 1,261,722 1,176,640 10,595 Southwest Airlines Company 562,050 708,148 9,133 Southwestern Energy Company (*) 153,809 132,521 12,555 Spectra Energy Corporation 597,353 691,828 5,089 St. Jude Medical Inc. 536,599 547,265 2,700 Stanley Black & Decker Inc. 406,199 415,274 12,762 Staples Inc. 147,793 154,886 25,572 Starbucks Corporation 1,890,951 1,903,966 6,251 State Street Corporation 435,408 651,519 1,643 Stericycle Inc. (*) 225,100 169,746 5,666 Stryker Corporation 906,688 910,363 9,036 SunTrust Banks Inc. 489,989 664,657

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 11,055 Symantec Corporation 299,447 354,177 13,443 Synchrony Financial 480,406 653,866 8,670 Sysco Corporation 585,295 643,782 4,486 T. Rowe Price Group Inc. 429,930 452,760 9,731 Target Corporation 908,026 942,584 6,469 TE Connectivity Limited 486,992 601,021 4,391 TEGNA Inc. 135,832 125,956 2,641 Teradata Corporation 89,646 96,228 2,204 Tesoro Corporation 209,728 258,474 17,553 Texas Instruments Inc. 1,453,247 1,717,674 4,863 Textron Inc. 235,385 316,685 7,111 Thermo Fisher Scientific Inc. 1,420,796 1,345,559 1,972 Tiffany & Company 158,311 204,768 13,516 Time Warner Inc. 1,378,829 1,749,667 11,344 TJX Companies Inc. (The) 1,172,097 1,142,943 2,046 Torchmark Corporation 164,172 202,382 3,046 Total System Services Inc. 215,275 200,280 2,330 Tractor Supply Company 285,653 236,879 810 TransDigm Group Inc. (*) 285,979 270,433 6,210 Transocean Limited (*) 98,651 122,754 4,866 Travelers Companies Inc. (The) 751,863 798,858 2,231 TripAdvisor Inc. 195,978 138,734 18,209 Twenty-First Century Fox Inc. Cl. A 660,019 684,714 8,006 Twenty-First Century Fox Inc. Cl. B 293,500 292,568 4,834 Tyson Foods Inc. Cl. A 437,211 399,849 28,025 U.S. Bancorp 1,470,185 1,930,635 5,049 UDR Inc. 245,049 247,005 926 Ulta Salon Cosmetics & Fragrance Inc. 303,923 316,588 3,573 Under Armour Inc. Cl. A(*) 189,028 139,195 3,598 Under Armour Inc. Cl. C 173,166 121,448 14,496 Union Pacific Corporation 1,720,275 2,015,525 4,859 United Continental Holdings Inc. 263,740 474,898 12,068 United Parcel Service Inc. Cl. B 1,729,494 1,855,310 1,592 United Rentals Inc. 140,492 225,408 13,457 United Technologies Corporation 1,825,365 1,978,258 16,783 UnitedHealth Group Inc. 3,107,852 3,601,995 1,631 Universal Health Services Inc. Cl. B 292,733 232,680 4,495 Unum Group 183,516 264,811 1,825 Urban Outfitters Inc. 69,470 69,702 7,777 Valero Energy Corporation 485,729 712,533 1,788 Varian Medical Systems Inc. (*) 198,850 215,274 6,061 Ventas Inc. 576,037 508,169 1,729 VeriSign Inc. (*) 193,669 176,382 2,796 Verisk Analytics Inc. Cl. A 305,136 304,353 71,996 Verizon Communications Inc. 5,266,359 5,153,852 4,433 Vertex Pharmaceuticals Inc. 516,039 437,959 6,140 VF Corporation 514,610 439,286 6,249 Viacom Inc. Cl. B 369,606 294,146 32,913 Visa Inc. Cl. A 3,291,280 3,443,645 2,870 Vornado Realty Trust (*) 377,281 401,701 2,392 Vulcan Materials Company 386,906 401,455 1,027 W.W. Grainger Inc. 309,724 319,868 14,993 Walgreens Boots Alliance Inc. 1,604,842 1,664,003

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 26,473 Wal-Mart Stores Inc. 2,557,909 2,453,872 25,862 Walt Disney Company (The) 3,371,312 3,614,583 7,472 Waste Management Inc. 661,056 710,541 1,454 Waters Corporation 278,793 262,045 5,699 WEC Energy Group Inc. 484,956 448,241 79,978 Wells Fargo & Company 5,002,355 5,910,795 6,442 Welltower Inc. (*) 637,452 578,211 5,091 Western Digital Corporation 328,761 463,914 8,864 Western Union Company (The)(*) 226,992 258,187 4,568 WestRock Company 230,431 311,013 13,511 Weyerhaeuser Company 542,240 545,198 1,380 Whirlpool Corporation 309,478 336,392 5,809 Whole Foods Market Inc. (*) 255,254 239,625 12,613 Williams Companies Inc. (The) 351,859 526,723 2,114 Willis Towers Watson PLC 345,950 346,661 2,036 Wyndham Worldwide Corporation 192,755 208,519 1,451 Wynn Resorts Limited 170,409 168,337 9,098 Xcel Energy Inc. 530,852 496,576 16,862 Xerox Corporation (*) 210,498 197,410 4,596 Xilinx Inc. 282,482 372,088 5,333 XL Group Limited 229,941 266,477 3,215 Xylem Inc. 195,246 213,504 15,794 Yahoo! Inc. 779,982 819,052 5,870 Yum! Brands Inc. 658,739 498,531 3,651 Zimmer Biomet Holdings Inc. 596,664 505,285 3,970 Zions Bancorporation 128,523 229,144 9,153 Zoetis Inc. 583,518 657,061 428,348,875 460,130,558 Adjustment for transaction costs (428) - Total investments 100.0% 428,348,447 460,130,558 ( * ), the fair of securities loaned by the Fund was 18,549,542. Securities with a market of 20,048,301 have been provided as collateral by borrowers to the Fund.

WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized loss S&P 500 E-Mini Index Futures 26 March 2017 USD 2,236 (24,756) Futures contracts, at fair (24,756) As at December 31 2016, 281,650 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 3,898,513 Legend USD = United States dollar

Notes to financial statements of WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations December 31, 2016 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P 500 Index (the Index ) while minimizing transaction costs. Fair hierarchy The following table illustrates the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016: Level 1 Level 2 Level 3 Total Equities 460,130,558 - - 460,130,558 Futures contracts (24,756) - - (24,756) 460,105,802 - - 460,105,802 Currency risk The following table summarizes the Fund s exposure to currency risk: Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Forward foreign currency contracts Net exposure Percentage of net assets % United States dollar 460,130,558 3,976,309 - (798,330) - 463,308,537 100 460,130,558 3,976,309 - (798,330) - 463,308,537 100, had the Canadian dollar strengthened or weakened by 5% in relation to the United States dollar, with all other variables held constant, the impact on net assets attributable to holders of redeemable units would have been approximately 23,165,000. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Interest rate risk, the majority of the Fund s financial assets and financial liabilities are non interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

Notes to financial statements of WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations December 31, 2016 Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 46,013,000. In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk The Fund enters into securities lending transactions with counterparties whereby it temporarily exchanges securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. CIBC Mellon Global Securities Services Company, as lending agent, indemnifies the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan., CIBC Mellon had a credit rating of AA- from Standard & Poor s., the counterparty to the derivative financial instruments had a credit rating of BBB+ from Standard & Poor s. Liquidity risk, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

Notes to financial statements of WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations December 31, 2016 Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector December 31, 2016 % Consumer discretionary 12 Consumer staples 9 Energy 8 Financials 15 Health care 13 Industrials 10 Information technology 21 Materials 3 Real estate 3 Telecommunication services 3 Utilities 3 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the period from July 8, 2016 (inception date) to December 31, 2016 is calculated as follows: Increase (decrease) in net assets attributable to holders of redeemable units 39,111,700 Average units outstanding during the year 43,907,764 Increase (decrease) in net assets attributable to holders of redeemable units per unit 0.89

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 309,182,588 370,264,303 Cash 8,496,960 8,700,878 Cash, segregated 655,144 926,553 Receivable for investments sold 49 225,031 Interest receivable 5,151 - Dividends receivable 381,927 537,583 Futures contracts, at fair - 79,873 Total assets 318,721,819 380,734,221 Liabilities Current liabilities Payable for investments purchased 46,113 81,483 Accrued expenses 57,136 12,093 Futures contracts, at fair 125,757 - Total liabilities 229,006 93,576 Net assets attributable to holders of redeemable units 318,492,813 380,640,645 Number of redeemable units outstanding 21,094,384 22,327,923 Net assets attributable to holders of redeemable units per unit 15.10 17.05 * Investments at cost 202,711,724 238,787,507 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Dividends 5,633,389 8,299,232 Interest for distribution purposes 379 - Securities lending income 35,945 31,709 Other changes in fair of investments and derivatives Net realized gain (loss) 64,536,831 32,572,133 Net change in unrealized appreciation (depreciation) (25,420,432) 15,874,191 Other changes in fair of derivative financial instruments Net realized gain (loss) 1,714,409 (353,861) Net change in unrealized appreciation (depreciation) (205,630) (120,724) Total income (loss) 46,294,891 56,302,680 Expenses Audit fees 29,582 24,793 Custodial fees 103,561 88,262 Other fees 30 - Proxy fees 973 - Regulatory fees 8,610 345 Transaction costs 22,357 12,631 Trustee fees 2,554 - Total expenses 167,667 126,031 Waivers and reimbursements (8,117) - Net expenses 159,550 126,031 Increase (decrease) in net assets attributable to holders of redeemable units 46,135,341 56,176,649 Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 2.58 2.81

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 46,135,341 56,176,649 Distributions to holders of redeemable units From net investment income (7,605,202) (7,413,840) From capital gains (68,700,078) (32,336,452) From securities lending income (35,945) (31,709) Total distributions to holders of redeemable units (76,341,225) (39,782,001) Redeemable unit transactions Proceeds from redeemable units issued 33,949,731 31,709 Reinvestment of distribution to holders of redeemable units 76,336,095 39,750,292 Redemption of redeemable units (142,227,774) - Increase (decrease) from redeemable unit transactions (31,941,948) 39,782,001 Net increase (decrease) in net assets attributable to holders of redeemable units (62,147,832) 56,176,649 Net assets attributable to holders of redeemable units Beginning of year 380,640,645 324,463,996 Net assets attributable to holders of redeemable units End of year 318,492,813 380,640,645 Number of redeemable units outstanding Beginning of year 22,327,923 19,994,478 Issued 2,122,451 1,745 Reinvested 5,055,880 2,331,700 Redeemed (8,411,870) - Number of redeemable units outstanding End of year 21,094,384 22,327,923

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 46,135,341 56,176,649 Adjustments for: Net realized (gain) loss on investments (64,127,213) (31,348,935) Net change in unrealized (appreciation) depreciation on investments and derivatives 25,211,562 (15,411,475) Proceeds from sale of investments 200,543,265 75,374,996 Purchases of investments (71,015,150) (82,785,494) Cash, segregated 271,409 259,381 Dividends receivable 155,656 (250,047) Interest receivable (5,151) - Accrued expenses 45,043 (9,600) Net cash from (used in) operating activities 137,214,762 2,005,475 Cash flows from (used in) financing activities Proceeds from redeemable units issued 4,814,224 31,709 Distributions paid to holders of redeemable units, net of reinvested distributions (5,130) (31,709) Redemption of redeemable units (142,227,774) - Net cash from (used in) financing activities (137,418,680) - Net increase (decrease) in cash during the year (203,918) 2,005,475 Cash Beginning of year 8,700,878 6,695,403 Cash End of year 8,496,960 8,700,878 Interest received 379 - Dividends received, net of foreign withholding taxes* 5,789,045 8,049,185 Redeemable units issued in kind 29,135,507 - * Included as part of cash flows from operating activities

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Equities 100.0% Common stock 100.0% 15,096 3D Systems Corporation 618,818 269,049 9,002 Aaron's Inc. (*) 226,469 386,188 5,731 ABIOMED Inc. 712,677 866,009 16,635 ACI Worldwide Inc. (*) 229,999 404,897 11,008 Acxiom Corporation (*) 212,704 395,629 107,932 Advanced Micro Devices Inc. 523,733 1,641,377 21,825 AECOM 520,529 1,064,200 9,563 AGCO Corporation 421,744 742,023 12,437 Akorn Inc. (*) 610,712 364,095 6,513 Alexander & Baldwin Inc. (*) 162,054 391,906 11,262 Alexandria Real Estate Equities Inc. 980,956 1,678,386 10,623 Align Technology Inc. 807,873 1,369,465 2,190 Alleghany Corporation 920,131 1,785,987 15,395 Allegheny Technologies Inc. 527,216 328,882 26,233 Allscripts Healthcare Solutions Inc. (*) 449,492 359,185 8,373 AMC Networks Inc. 499,809 587,706 18,764 American Campus Communities Inc. 903,371 1,252,386 24,225 American Eagle Outfitters Inc. 445,913 492,827 10,365 American Financial Group Inc. 509,960 1,224,867 12,292 ANSYS Inc. 825,881 1,524,622 20,924 A.O. Smith Corporation 673,546 1,328,647 8,894 AptarGroup Inc. 503,067 876,060 25,211 Aqua America Inc. 581,643 1,015,629 27,054 ARRIS International PLC 987,191 1,093,140 12,711 Arrow Electronics Inc. 546,403 1,215,386 8,832 Ashland Global Holdings Inc. 713,359 1,294,448 8,571 Aspen Insurance Holdings Limited (*) 321,684 632,178 21,002 Associated Banc-Corp 319,082 695,669 14,802 Atmos Energy Corporation 759,388 1,471,894 12,500 Avis Budget Group Inc. 622,442 614,871 18,116 Avnet Inc. 685,935 1,156,659 61,937 Avon Products Inc. 543,696 418,625 14,451 B/E Aerospace Inc. 482,877 1,166,453 12,113 BancorpSouth Inc. 278,244 504,381 6,072 Bank of Hawaii Corporation 352,229 722,190 12,862 Bank of the Ozarks Inc. 715,713 907,103 5,951 Belden Inc. 495,652 596,709 13,290 Bemis Company Inc. 662,100 852,275 6,369 Big Lots Inc. 244,345 428,851 2,980 Bio-Rad Laboratories Inc. Cl. A 378,042 728,451 5,345 Bio-Techne Corporation 473,879 737,076 7,550 Black Hills Corporation 346,389 621,063 1,330 Boston Beer Company Inc. Cl. A (The)(*) 478,848 302,944 7,018 Brinker International Inc. (*) 202,875 466,151 16,909 Broadridge Financial Solutions Inc. 650,405 1,503,406 57,100 Brocade Communications Systems Inc. 680,240 956,409 16,342 Brown & Brown Inc. 449,956 983,127 12,713 Brunswick Corporation 653,947 929,840 2,595 Buffalo Wild Wings Inc. (*) 609,643 537,316 7,334 Cabela's Inc. Cl. A(*) 429,711 575,855 694 Cable One Inc. 227,396 578,637 8,871 Cabot Corporation 343,714 601,247

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 40,659 Cadence Design Systems Inc. 596,433 1,375,139 10,383 CalAtlantic Group Inc. (*) 543,906 473,559 12,427 Camden Property Trust 836,532 1,401,046 11,901 Care Capital Properties Inc. 507,861 398,996 9,171 Carlisle Companies Inc. 600,987 1,356,431 6,606 Carpenter Technology Corporation 266,739 320,429 7,019 Carter's Inc. 496,072 813,174 5,606 Casey's General Stores Inc. (*) 708,088 893,731 17,727 Catalent Inc. (*) 712,150 640,915 10,569 Cathay General Bancorp 200,387 539,020 11,558 CBOE Holdings Inc. (*) 493,871 1,145,284 21,237 CDK Global Inc. 889,569 1,699,964 4,613 CEB Inc. 198,941 374,888 6,723 Charles River Laboratories International Inc. 360,151 686,920 6,302 Cheesecake Factory Inc. (The) 221,193 506,064 10,000 Chemical Financial Corporation 607,418 726,447 18,322 Chico's FAS Inc. 290,794 353,573 1,769 Churchill Downs Inc. 293,377 356,915 19,766 Ciena Corporation (*) 388,937 647,041 14,997 Cinemark Holdings Inc. (*) 466,622 771,486 9,050 Cirrus Logic Inc. 669,234 686,198 6,874 CLARCOR Inc. (*) 382,278 760,240 7,414 Clean Harbors Inc. (*) 348,407 553,303 24,586 CNO Financial Group Inc. (*) 550,137 631,396 12,169 Cognex Corporation (*) 596,128 1,038,230 12,348 Commerce Bancshares Inc. 537,196 957,292 16,406 Commercial Metals Company 301,573 479,188 19,910 Communications Sales & Leasing Inc. 724,116 678,455 5,933 Commvault Systems Inc. 435,009 408,962 4,800 Compass Minerals International Inc. (*) 432,483 504,342 19,963 Computer Sciences Corporation 853,125 1,590,755 6,430 comscore Inc. 343,498 272,313 25,100 CONSOL Energy Inc. (*) 351,964 613,628 13,560 Convergys Corporation 245,823 446,615 14,458 Copart Inc. (*) 470,551 1,074,339 16,705 CoreCivic Inc. 569,827 547,959 12,225 CoreLogic Inc. 339,810 603,803 13,417 Corporate Office Properties Trust 441,970 561,737 48,500 Cousins Properties Inc. 636,691 553,498 3,415 Cracker Barrel Old Country Store Inc. (*) 656,312 764,716 7,121 Crane Company 339,479 688,718 14,190 Cree Inc. (*) 718,128 502,188 10,710 CST Brands Inc. (*) 386,160 691,561 7,945 Cullen/Frost Bankers Inc. 501,473 940,059 6,309 Curtiss-Wright Corporation 617,963 832,193 45,522 Cypress Semiconductor Corporation 807,799 698,381 20,373 Dana Inc. 515,469 518,557 12,900 DCT Industrial Trust Inc. 682,127 828,302 12,867 Dean Foods Company (*) 474,685 375,820 4,601 Deckers Outdoor Corporation 301,045 341,766 6,903 Deluxe Corporation 241,043 662,913 56,449 Denbury Resources Inc. 433,472 278,579 8,086 DeVry Education Group Inc. 209,918 338,324 9,100 Diamond Offshore Drilling Inc. (*) 210,640 216,003 12,447 Dick's Sporting Goods Inc. 507,645 886,348 10,691 Diebold Nixdorf Inc. (*) 345,738 360,580

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 6,830 Domino's Pizza Inc. 643,174 1,458,538 8,875 Domtar Corporation 431,037 464,528 18,764 Donaldson Company Inc. (*) 587,661 1,058,878 20,464 Douglas Emmett Inc. (*) 793,893 1,003,325 5,337 Dril-Quip Inc. 422,299 429,789 4,577 DST Systems Inc. 409,247 657,685 50,333 Duke Realty Corporation 927,107 1,792,775 13,037 Dunkin' Brands Group Inc. 837,230 916,823 4,500 Dycom Industries Inc. (*) 502,959 484,528 6,852 Eagle Materials Inc. 506,603 905,380 20,427 East West Bancorp Inc. 584,212 1,392,418 16,092 Eaton Vance Corporation (*) 572,874 903,778 8,227 Edgewell Personal Care Company 499,972 805,285 10,400 Education Realty Trust Inc. 575,643 589,955 8,615 EMCOR Group Inc. 556,743 817,501 9,151 Endurance Specialty Holdings Limited (*) 819,205 1,133,928 13,761 Energen Corporation 708,675 1,064,253 8,811 Energizer Holdings Inc. 175,428 527,111 6,200 EnerSys 579,007 649,363 42,940 Ensco PLC (*) 576,086 559,723 9,078 EPR Properties 728,929 873,732 13,200 Equity One Inc. 359,539 543,270 4,201 Esterline Technologies Corporation 347,081 502,531 5,836 Everest Re Group Limited 769,824 1,693,626 29,544 F.N.B. Corporation 488,602 635,108 5,659 FactSet Research Systems Inc. 674,075 1,240,271 4,382 Fair Isaac Corporation 231,835 700,594 13,234 Federated Investors Inc. Cl. B 345,049 501,898 15,562 First American Financial Corporation (*) 397,006 764,447 33,049 First Horizon National Corporation 426,125 886,850 16,600 First Industrial Realty Trust Inc. 503,913 624,433 25,906 Flowers Foods Inc. (*) 436,772 693,783 20,872 Fortinet Inc. 618,800 843,071 5,942 Fossil Group Inc. 293,514 206,066 6,051 FTI Consulting Inc. (*) 281,563 365,810 24,540 Fulton Financial Corporation 277,165 618,696 14,500 GameStop Corporation Cl. A 600,266 491,186 11,758 Gartner Inc. 624,301 1,593,678 5,642 GATX Corporation (*) 228,131 465,927 8,744 Genesee & Wyoming Inc. Cl. A 715,710 813,911 40,624 Gentex Corporation 528,974 1,072,688 70,520 Genworth Financial Inc. Cl. A 400,388 360,315 10,200 Globus Medical Inc. Cl. A 315,988 339,369 7,893 Graco Inc. 431,391 879,500 661 Graham Holdings Company Cl. B(*) 293,306 453,810 5,611 Granite Construction Inc. (*) 225,807 413,855 30,576 Great Plains Energy Inc. 876,163 1,121,458 3,632 Greif Inc. Cl. A(*) 193,989 249,915 21,880 Gulfport Energy Corporation (*) 1,145,074 634,965 14,698 Hain Celestial Group Inc. (The) 745,951 769,311 6,623 Halyard Health Inc. 279,629 328,448 11,820 Hancock Holding Company 399,290 683,187 6,049 Hanover Insurance Group Inc. (The) 370,311 738,274 15,367 Hawaiian Electric Industries Inc. (*) 435,242 681,504 16,400 Healthcare Realty Trust Inc. 658,845 666,834 12,700 HealthSouth Corporation (*) 688,011 702,372

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 4,000 Helen of Troy Limited (*) 537,943 453,007 8,529 Herman Miller Inc. 215,488 391,173 14,236 Highwoods Properties Inc. 619,998 973,841 8,465 Hill-Rom Holdings Inc. 330,530 637,301 6,350 HNI Corporation (*) 233,293 476,196 24,995 HollyFrontier Corporation (*) 846,129 1,098,100 23,272 Hospitality Properties Trust 656,887 990,571 4,497 HSN Inc. 223,340 206,853 7,324 Hubbell Inc. 635,777 1,146,210 6,586 Huntington Ingalls Industries Inc. 513,414 1,626,795 7,160 IDACORP Inc. (*) 379,934 773,434 10,806 IDEX Corporation (*) 575,405 1,305,094 12,745 IDEXX Laboratories Inc. 639,072 2,004,342 10,285 Ingredion Inc. 686,159 1,723,536 19,000 Integrated Device Technology Inc. 233,632 600,308 4,849 InterDigital Inc. 210,491 594,026 8,265 International Bancshares Corporation 192,413 452,218 3,715 International Speedway Corporation Cl. A 123,065 183,338 19,456 Intersil Corporation Cl. A 303,073 581,840 5,265 IPG Photonics Corporation (*) 501,926 696,955 12,543 ITT Inc. 358,788 648,778 43,641 J.C. Penney Company Inc. (*) 491,070 486,341 6,800 j2 Global Inc. (*) 703,651 745,946 26,337 Jabil Circuit Inc. (*) 645,907 836,006 11,095 Jack Henry & Associates Inc. 553,239 1,320,953 4,593 Jack in the Box Inc. 510,530 687,640 20,165 Janus Capital Group Inc. 192,559 358,851 45,989 JetBlue Airways Corporation 760,988 1,382,721 6,334 John Wiley & Sons Inc. Cl. A 316,648 462,934 6,422 Jones Lang LaSalle Inc. 636,710 870,179 13,956 Joy Global Inc. 313,433 524,039 18,182 Kate Spade & Company 730,045 455,230 11,814 KB Home (*) 179,085 250,480 20,197 KBR Inc. 440,094 452,052 6,930 Kemper Corporation (*) 213,088 411,701 11,354 Kennametal Inc. 366,686 475,974 24,138 Keysight Technologies Inc. 877,523 1,183,781 13,098 Kilroy Realty Corporation (*) 843,732 1,286,115 7,640 Kirby Corporation (*) 442,804 681,334 7,433 KLX Inc. (*) 129,296 449,658 12,572 Knowles Corporation 390,182 281,725 11,749 Lamar Advertising Company Cl. A(*) 511,448 1,059,433 19,700 Lamb Weston Holdings Inc. 806,394 999,947 2,802 Lancaster Colony Corporation 222,093 531,290 5,927 Landstar System Inc. 318,958 677,999 16,053 LaSalle Hotel Properties 605,086 655,954 12,800 Legg Mason Inc. 548,940 513,418 20,271 Leidos Holdings Inc. 912,576 1,390,211 5,504 Lennox International Inc. 454,433 1,130,569 20,840 Liberty Property Trust 777,927 1,103,926 6,597 Life Storage Inc. 861,673 754,287 5,675 LifePoint Health Inc. (*) 274,838 432,274 8,783 Lincoln Electric Holdings Inc. 380,175 903,053 3,200 Littelfuse Inc. 644,905 651,300 6,259 LivaNova PLC 522,692 377,462 18,761 Live Nation Entertainment Inc. (*) 504,521 669,241

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 20,217 Louisiana-Pacific Corporation 239,511 513,230 12,691 Mack-Cali Realty Corporation 390,725 493,899 10,134 Manhattan Associates Inc. (*) 726,204 720,688 9,513 ManpowerGroup Inc. 664,905 1,133,751 5,379 MarketAxess Holdings Inc. 752,277 1,059,809 9,214 MAXIMUS Inc. 718,711 689,365 10,097 MB Financial Inc. 506,283 639,522 27,701 MDU Resources Group Inc. 703,376 1,068,760 45,500 Medical Properties Trust Inc. (*) 853,070 750,519 13,174 MEDNAX Inc. (*) 633,118 1,177,682 15,550 Mentor Graphics Corporation 274,503 769,279 5,165 Mercury General Corporation (*) 253,075 417,046 5,185 Meredith Corporation 222,530 411,290 16,323 Microsemi Corporation 723,905 1,181,401 4,939 Minerals Technologies Inc. 214,382 511,661 6,035 Molina Healthcare Inc. (*) 517,092 439,139 5,300 Monolithic Power Systems Inc. 533,977 582,323 4,393 MSA Safety Inc. 173,572 408,439 6,343 MSC Industrial Direct Company Inc. Cl. A 455,537 785,895 13,352 MSCI Inc. Cl. A 719,641 1,410,611 5,154 Murphy USA Inc. (*) 261,866 424,867 40,200 Nabors Industries Limited (*) 625,565 884,127 12,085 National Fuel Gas Company (*) 710,938 917,941 14,975 National Instruments Corporation (*) 425,968 618,934 20,842 National Retail Properties Inc. 826,725 1,235,397 17,580 NCR Corporation 410,666 956,229 13,038 NetScout Systems Inc. (*) 602,177 550,765 7,765 NeuStar Inc. Cl. A 235,139 347,803 12,200 New Jersey Resources Corporation (*) 552,280 580,809 69,170 New York Community Bancorp Inc. 1,154,581 1,475,818 17,224 New York Times Company Cl. A (The) 201,820 307,207 1,323 NewMarket Corporation 402,475 751,981 34,399 Noble Corporation PLC (*) 564,966 273,094 7,583 Nordson Corporation 450,964 1,139,457 6,900 NorthWestern Corporation 539,221 526,232 15,234 NOW Inc. 490,864 418,193 7,152 NuVasive Inc. (*) 633,493 646,063 501 NVR Inc. 542,987 1,121,344 13,908 Oceaneering International Inc. 592,693 526,154 74,764 Office Depot Inc. (*) 450,005 453,185 28,373 OGE Energy Corporation 778,966 1,272,760 7,268 Oil States International Inc. (*) 218,232 380,123 9,877 Old Dominion Freight Line Inc. (*) 643,153 1,136,336 34,605 Old Republic International Corporation (*) 510,908 881,734 23,463 Olin Corporation 515,511 805,820 27,746 Omega Healthcare Investors Inc. 990,299 1,163,146 7,410 ONE Gas Inc. 355,126 635,582 8,334 Orbital ATK Inc. (*) 518,068 980,498 10,602 Oshkosh Corporation Cl. B 455,270 918,613 8,692 Owens & Minor Inc. 306,220 411,355 23,000 Owens-Illinois Inc. 563,282 536,997 13,269 Packaging Corporation of America 584,047 1,509,320 17,103 PacWest Bancorp 873,977 1,248,635 3,128 Panera Bread Company Cl. A(*) 430,214 860,312 3,800 Papa John's International Inc. 442,273 436,115 16,422 Parametric Technology Corporation 424,512 1,018,991

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 7,526 PAREXEL International Corporation (*) 656,533 663,295 21,071 Patterson-UTI Energy Inc. 405,313 760,686 4,722 Plantronics Inc. 169,209 346,764 11,337 PNM Resources Inc. 251,333 521,479 8,501 Polaris Industries Inc. (*) 677,191 939,268 11,939 PolyOne Corporation 486,580 512,986 5,861 Pool Corporation 644,800 820,101 9,249 Post Holdings Inc. (*) 515,716 997,107 5,731 Potlatch Corporation 213,344 320,103 7,500 Prestige Brands Holdings Inc. 538,782 524,015 6,550 Primerica Inc. 253,492 607,405 11,300 PrivateBancorp Inc. 533,876 821,188 9,871 Prosperity Bancshares Inc. 555,404 950,188 33,995 QEP Resources Inc. 696,266 839,293 13,300 Quality Care Properties Inc. 265,156 276,457 17,919 Raymond James Financial Inc. 756,254 1,664,577 17,402 Rayonier Inc. 433,518 620,763 6,381 Regal Beloit Corporation 415,912 592,589 14,825 Regency Centers Corporation (*) 891,127 1,370,800 9,148 Reinsurance Group of America Inc. 645,582 1,543,673 10,312 Reliance Steel & Aluminum Company 625,311 1,099,951 5,846 RenaissanceRe Holdings Limited (*) 686,868 1,067,934 19,981 ResMed Inc. 907,406 1,662,662 5,400 Restoration Hardware Holdings Inc. (*) 304,069 222,319 13,584 Rollins Inc. 241,478 615,364 17,837 Rowan Companies PLC Cl. A(*) 521,864 451,855 9,285 Royal Gold Inc. 697,664 788,812 18,975 RPM International Inc. 650,764 1,369,781 20,500 Sally Beauty Holdings Inc. 765,559 726,326 6,399 Science Applications International Corporation 287,159 727,701 6,306 Scotts Miracle-Gro Company Cl. A (The) 365,796 808,034 19,100 SEI Investments Company 609,258 1,264,310 33,709 Senior Housing Properties Trust (*) 794,243 855,739 6,327 Sensient Technologies Corporation 270,934 666,737 27,062 Service Corporation International 401,462 1,030,678 7,626 Signature Bank 768,148 1,536,072 5,271 Silgan Holdings Inc. (*) 256,722 361,775 5,900 Silicon Laboratories Inc. 301,732 514,293 18,917 Skechers U.S.A. Inc. Cl. A(*) 858,213 623,561 60,813 SLM Corporation 600,991 898,717 13,710 SM Energy Company (*) 683,282 633,942 12,113 Snyder's-Lance Inc. 524,416 622,800 14,160 Sonoco Products Company (*) 559,223 1,000,734 6,494 Sotheby's Cl. A(*) 201,942 347,132 6,785 Southwest Gas Holdings Inc. 690,756 697,167 18,941 Sprouts Farmers Market Inc. (*) 639,457 480,584 34,623 Steel Dynamics Inc. 705,048 1,652,021 12,122 STERIS PLC 739,388 1,095,506 9,379 Stifel Financial Corporation 517,665 628,257 21,554 Superior Energy Services Inc. (*) 527,224 487,916 7,429 SVB Financial Group 604,013 1,710,190 4,963 Synaptics Inc. (*) 534,981 356,609 4,148 SYNNEX Corporation (*) 523,684 673,195 21,513 Synopsys Inc. 788,188 1,698,112 17,405 Synovus Financial Corporation 395,668 958,847 13,608 Tanger Factory Outlet Centers Inc. (*) 546,237 652,950

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 8,584 Taubman Centers Inc. 592,880 851,051 24,231 TCF Financial Corporation 371,213 636,577 5,044 Tech Data Corporation (*) 304,431 572,797 4,950 Teledyne Technologies Inc. 616,909 816,498 6,280 Teleflex Inc. 658,120 1,357,172 13,235 Telephone and Data Systems Inc. 424,471 512,408 7,165 Tempur Sealy International Inc. (*) 406,757 656,077 11,300 Tenet Healthcare Corporation (*) 458,904 224,883 28,590 Teradyne Inc. 575,233 973,852 15,019 Terex Corporation 365,663 635,053 9,100 Texas Roadhouse Inc. Cl. A 519,250 588,699 6,809 Thor Industries Inc. (*) 327,309 913,578 14,004 Time Inc. (*) 349,653 335,224 9,891 Timken Company (The) 229,096 526,594 21,220 Toll Brothers Inc. 608,875 882,170 2,439 Tootsie Roll Industries Inc. 75,211 130,015 15,502 Toro Company (The) 762,680 1,163,142 8,048 TreeHouse Foods Inc. (*) 818,175 779,130 20,660 TRI Pointe Group Inc. (*) 381,772 318,066 35,539 Trimble Navigation Limited 797,398 1,436,936 21,654 Trinity Industries Inc. (*) 354,100 806,125 7,004 Triumph Group Inc. 384,043 248,907 9,649 Trustmark Corporation 233,482 461,304 7,161 Tupperware Brands Corporation (*) 440,825 505,323 4,735 Tyler Technologies Inc. (*) 670,331 906,571 24,520 UGI Corporation 689,117 1,515,228 4,145 Ultimate Software Group Inc. (The)(*) 749,588 1,013,620 6,200 UMB Financial Corporation 645,279 641,215 31,217 Umpqua Holdings Corporation 637,139 786,198 7,160 United Natural Foods Inc. (*) 410,866 458,204 24,488 United States Steel Corporation 655,553 1,084,036 6,025 United Therapeutics Corporation (*) 553,186 1,158,889 13,033 Urban Edge Properties 383,458 480,817 36,020 Valley National Bancorp (*) 448,953 562,266 3,204 Valmont Industries Inc. 383,889 605,408 10,376 Valspar Corporation (The) 578,505 1,441,706 11,522 VCA Inc. 423,588 1,060,751 11,739 Vectren Corporation 432,912 820,976 15,684 VeriFone Systems Inc. 553,402 372,916 15,400 Versum Materials Inc. 566,367 579,706 7,300 ViaSat Inc. 690,066 648,272 19,001 Vishay Intertechnology Inc. (*) 200,387 412,797 8,319 Vista Outdoor Inc. 208,230 411,664 13,825 W. R. Berkley Corporation (*) 552,615 1,233,096 12,653 Wabtec Corporation (*) 622,046 1,408,709 11,773 Waddell & Reed Financial Inc. Cl. A(*) 422,503 308,027 12,645 Washington Federal Inc. (*) 271,651 582,493 26,295 Washington Prime Group Inc. 541,648 367,087 3,664 Watsco Inc. Cl. A 343,342 727,803 5,268 WebMD Health Corporation 429,734 350,195 13,022 Webster Financial Corporation (*) 327,926 947,900 16,760 Weingarten Realty Investors 503,580 804,416 6,284 WellCare Health Plans Inc. 404,515 1,155,195 28,378 Wendy's Company (The)(*) 199,472 514,521 6,292 Werner Enterprises Inc. 159,721 227,401 10,406 West Pharmaceutical Services Inc. 826,916 1,183,800

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 20,150 Westar Energy Inc. 741,581 1,522,699 11,276 Western Refining Inc. 496,552 572,356 5,456 WEX Inc. 433,943 816,551 7,263 WGL Holdings Inc. 359,978 742,971 25,165 WhiteWave Foods Company Cl. A (The) 943,014 1,876,362 11,570 Williams-Sonoma Inc. 502,116 750,817 16,183 WisdomTree Investments Inc. (*) 417,624 241,763 7,906 Woodward Inc. 302,817 732,092 9,977 World Fuel Services Corporation 465,842 614,260 6,218 Worthington Industries Inc. 133,081 395,585 48,866 WPX Energy Inc. (*) 817,338 954,798 7,499 Zebra Technologies Corporation Cl. A(*) 368,621 862,448 202,718,414 309,182,588 Adjustment for transaction costs (6,690) - Total investments 100.0% 202,711,724 309,182,588 ( * ), the fair of securities loaned by the Fund was 49,021,187. Securities with a market of 52,305,507 have been provided as collateral by borrowers to the Fund.

WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized (loss) S&P Midcap 400 E-Mini Index Futures 42 March 2017 USD 1,659 (125,757) Futures contracts, at fair (125,757), 655,144 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 9,344,731. Legend USD = United States dollar

Notes to financial statements of WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P MidCap 400 Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 309,182,588 - - 309,182,588 Futures contracts (125,757) - - (125,757) 309,056,831 - - 309,056,831 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 370,264,303 - - 370,264,303 Futures contracts 79,873 - - 79,873 370,344,176 - - 370,344,176 Currency risk The following tables summarize the Fund s exposure to currency risk: Currency Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Forward foreign currency contracts Net exposure Percentage of net assets % United States dollar 309,182,588 9,424,297 - (46,113) - 318,560,772 100 As at December 31, 2015 Financial assets at FVTPL Other assets Financial liabilities at FVTPL Other liabilities Forward foreign currency contracts Net exposure Percentage of net assets % United States dollar 370,264,303 10,325,823 - (81,483) - 380,508,643 100

Notes to financial statements of WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations December 31, 2016 and 2015, had the Canadian dollar strengthened or weakened by 5% in relation to the United States dollar, with all other variables held constant, the impact on net assets attributable to holders of redeemable units would have been approximately 15,928,000 (December 31, 2015 19,025,000). In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are non-interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 30,918,000 (December 31, 2015 37,026,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk The Fund enters into securities lending transactions with counterparties whereby it temporarily exchanges securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. CIBC Mellon Global Securities Services Company, as lending agent, indemnifies the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan., CIBC Mellon had a credit rating of AA- from Standard & Poor s. Prior to July 8, 2016, State Street Bank and Trust Company served as the lending agent. As at December 31, 2015, State Street Bank and Trust Company had a credit rating of A from Standard & Poor s., the counterparty to the derivative financial instruments had a credit rating of BBB+ from Standard & Poor s (December 31, 2015 BBB+).

Notes to financial statements of WindWise S&P MidCap 400 Index Securities Lending Fund for Exempt Organizations December 31, 2016 and 2015 Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Consumer discretionary 11 10 Consumer staples 4 7 Energy 4 3 Financials 17 27 Health care 8 6 Industrials 15 30 Information technology 17 8 Materials 8 4 Real estate 10 - Telecommunication services 1 - Utilities 5 5 100 100 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 46,135,341 56,176,649 Average units outstanding during the year 17,892,782 19,990,112 Increase (decrease) in net assets attributable to holders of redeemable units per unit 2.58 2.81

WindWise S&P/TSX Capped Composite Index Non-Lending Fund Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 526,097,588 578,609,661 Cash 1,534,132 1,611,996 Cash, segregated 146,182 103,355 Dividends receivable 1,307,902 1,555,203 Other assets - 25,792 Futures contracts, at fair - 11,743 Total assets 529,085,804 581,917,750 Liabilities Current liabilities Payable for investments purchased 909,317 957,425 Accrued expenses 3,995 185,523 Forward foreign currency contracts, at fair - 377 Futures contracts, at fair 17,540 - Total liabilities 930,852 1,143,325 Net assets attributable to holders of redeemable units 528,154,952 580,774,425 Number of redeemable units outstanding 68,835,206 77,246,058 Net assets attributable to holders of redeemable units per unit 7.67 7.52 * Investments at cost 505,175,970 593,303,613 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise S&P/TSX Capped Composite Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Dividends 15,935,769 3,206,740 Interest for distribution purposes 302,291 71,351 Foreign withholding taxes - 294 Other changes in fair of investments Net realized gain (loss) 52,217,742 10,037,290 Net change in unrealized appreciation (depreciation) 35,612,653 (26,410,799) Other changes in fair of derivative financial instruments Net realized gain (loss) 480,019 (22,508) Net change in unrealized appreciation (depreciation) (28,906) (4,934) Total income (loss) 104,519,568 (13,122,566) Expenses Audit fees 29,582 24,503 Custodial fees 84,651 35,782 Foreign withholding taxes 20 - Other fees 30 - Proxy fees 1,686 - Regulatory fees 372 171,085 Transaction costs 66,009 31,251 Trustee fees 2,431 - Total expenses 184,781 262,621 Waivers and reimbursements (6,670) (25,792) Net expenses 178,111 236,829 Increase (decrease) in net assets attributable to holders of redeemable units 104,341,457 (13,359,395) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.55 (1.22)

WindWise S&P/TSX Capped Composite Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 104,341,457 (13,359,395) Distributions to holders of redeemable units From net investment income (16,374,272) (1,969,763) From capital gains (68,493,157) (9,842,281) Total distributions to holders of redeemable units (84,867,429) (11,812,044) Redeemable unit transactions Proceeds from redeemable units issued 513,793,123 569,935,734 Reinvestment of distributions to holders of redeemable units 84,867,429 11,812,044 Redemption of redeemable units (670,754,053) (64,508,238) Increase (decrease) from redeemable unit transactions (72,093,501) 517,239,540 Net increase (decrease) in net assets attributable to holders of redeemable units (52,619,473) 492,068,101 Net assets attributable to holders of redeemable units Beginning of year 580,774,425 88,706,324 Net assets attributable to holders of redeemable units End of year 528,154,952 580,774,425 Number of redeemable units outstanding Beginning of year 77,246,058 10,273,734 Issued 59,887,962 72,620,815 Reinvested 11,021,851 1,557,886 Redeemed (79,320,665) (7,206,377) Number of redeemable units outstanding End of year 68,835,206 77,246,058

WindWise S&P/TSX Capped Composite Index Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 104,341,457 (13,359,395) Adjustments for: Net realized (gain) loss on investments (52,228,665) (10,008,587) Net change in unrealized (appreciation) depreciation on investments and derivatives (35,586,664) 26,417,987 Proceeds from sale of investments 193,210,375 3,611,722 Purchases of investments (52,104,403) (77,191,575) Cash, segregated (42,827) (39,577) Dividends receivable 247,301 (1,353,402) Other assets 25,792 (25,792) Accrued expenses (181,528) 183,492 Net cash from (used in) operating activities 157,680,838 (71,765,127) Cash flows from (used in) financing activities Proceeds from redeemable units issued 4,606,953 75,509,161 Redemption of redeemable units (162,365,655) (2,459,327) Net cash from (used in) financing activities (157,758,702) 73,049,834 Net increase (decrease) in cash during the year (77,864) 1,284,707 Cash Beginning of year 1,611,996 327,289 Cash End of year 1,534,132 1,611,996 Interest received* 302,291 71,351 Dividends received, net of foreign withholding taxes* 16,183,050 1,853,632 Redeemable units issued in kind 509,186,170 494,426,573 Redeemable units redeemed in kind (508,388,398) (62,048,911) * Included as part of cash flows from operating activities

WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Equities 100.0% Average cost Fair Common stock 100.0% 47,700 Advantage Oil & Gas Limited 430,408 435,024 16,500 Aecon Group Inc. 291,614 251,625 58,847 Agnico Eagle Mines Limited 4,146,476 3,321,913 36,133 Agrium Inc. 4,327,940 4,876,510 39,190 Aimia Inc. 331,169 348,007 71,791 Air Canada 729,258 981,383 84,451 Alacer Gold Corporation 281,415 189,170 68,976 Alamos Gold Inc. 730,004 638,718 10,500 Alaris Royalty Corporation 237,057 251,475 70,951 Algonquin Power & Utilities Corporation 838,227 808,132 109,904 Alimentation Couche-Tard Inc. Cl. B 6,944,959 6,690,956 21,964 Allied Properties Real Estate Investment Trust 809,472 789,606 43,127 AltaGas Limited 1,434,553 1,462,005 9,400 Altus Group Limited 276,905 291,024 27,358 Amaya Inc. 579,696 520,076 92,015 ARC Resources Limited 2,131,877 2,126,467 40,611 Artis Real Estate Investment Trust 505,221 515,760 54,200 Asanko Gold Inc. 294,059 223,304 19,422 ATCO Limited NV Cl. I 899,593 867,387 21,599 ATS Automation Tooling Systems Inc. 242,456 270,419 248,211 B2Gold Corporation 841,221 791,793 9,500 Badger Daylighting Limited 266,686 304,950 168,882 Bank of Montreal 14,439,961 16,308,935 315,866 Bank of Nova Scotia (The) 22,127,912 23,614,142 304,995 Barrick Gold Corporation 6,975,690 6,554,343 54,130 Baytex Energy Corporation 310,281 355,093 227,557 BCE Inc. 13,801,038 13,205,133 57,131 Birchcliff Energy Limited 502,057 535,317 124,787 BlackBerry Limited 1,306,864 1,153,032 9,475 Boardwalk Real Estate Investment Trust 479,968 460,959 502,436 Bombardier Inc. Cl. B 834,251 1,085,262 59,845 Bonavista Energy Corporation 248,812 287,854 6,400 Bonterra Energy Corporation 166,918 186,176 4,644 Boyd Group Income Fund 375,545 397,341 227,384 Brookfield Asset Management Inc. Cl. A 10,531,936 10,073,111 5,051 Brookfield Business Partners Limited Partnership 210,795 162,945 55,997 Brookfield Property Partners Limited Partnership 1,692,126 1,642,392 29,542 Brookfield Renewable Energy Partners Limited Partnership 1,175,836 1,177,249 8,026 BRP Inc. 210,811 227,537 69,982 CAE Inc. 1,293,275 1,314,262 103,011 Cameco Corporation 1,206,536 1,446,274 35,102 Canadian Apartment Properties Real Estate Investment Trust 1,045,540 1,101,150 65,500 Canadian Energy Services & Technology Corporation 335,170 501,730 103,772 Canadian Imperial Bank of Commerce 10,475,201 11,369,260 200,575 Canadian National Railway Company 16,936,734 18,123,957 289,049 Canadian Natural Resources Limited 12,029,465 12,368,407 38,186 Canadian Pacific Railway Limited 7,544,902 7,314,910 18,989 Canadian Real Estate Investment Trust 892,257 879,191 17,987 Canadian Tire Corporation Limited Cl. A 2,336,555 2,505,049 31,232 Canadian Utilities Limited Cl. A 1,156,115 1,130,286 23,554 Canadian Western Bank 593,317 714,628 18,763 Canfor Corporation 271,753 286,511 22,384 Capital Power Corporation 455,702 519,980 7,203 CCL Industries Inc. Cl. B 1,844,170 1,900,151

WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 32,253 Celestica Inc. 455,079 513,145 218,107 Cenovus Energy Inc. 4,121,831 4,427,572 55,368 Centerra Gold Inc. 389,204 348,265 71,069 CGI Group Inc. Cl. A 4,431,978 4,579,686 49,507 Chartwell Retirement Residences 759,529 725,278 17,780 Chemtrade Logistics Income Fund 324,140 336,753 70,765 CI Financial Corporation 1,794,209 2,042,986 16,542 Cineplex Inc. 834,057 847,281 5,939 Cogeco Communications Inc. 385,290 393,399 8,993 Colliers International Group Inc. 497,058 445,064 44,888 Cominar Real Estate Investment Trust 655,693 660,751 20,624 Computer Modelling Group Limited 203,246 187,885 5,162 Constellation Software Inc. 3,046,304 3,149,439 29,399 Corus Entertainment Inc. Cl. B 351,713 370,427 35,667 Cott Corporation 657,959 542,138 141,108 Crescent Point Energy Corporation 2,476,429 2,575,221 40,531 Crew Energy Inc. 270,520 304,388 22,649 Crombie Real Estate Investment Trust 318,646 307,573 19,679 Descartes Systems Group Inc. (The) 553,252 563,410 45,450 Detour Gold Corporation 1,269,904 831,281 27,577 DH Corporation 776,399 614,416 34,000 DHX Media Limited Cl. B 239,993 239,700 28,257 Dollarama Inc. 2,920,351 2,779,924 21,879 Dominion Diamond Corporation 274,900 284,646 7,500 Dorel Industries Inc. Cl. B 262,709 291,000 32,700 Dream Global Real Estate Investment Trust 287,906 309,015 28,111 Dream Office Real Estate Investment Trust 469,857 549,570 108,735 ECN Capital Corporation 416,971 358,826 185,805 Eldorado Gold Corporation 974,068 802,678 100,635 Element Fleet Management Corporation 1,276,800 1,253,912 52,263 Emera Inc. 2,454,764 2,372,218 41,484 Empire Company Limited Cl. A 840,907 652,128 245,377 Enbridge Inc. 14,032,391 13,863,800 25,648 Enbridge Income Fund Holdings Inc. 859,579 891,781 254,158 Encana Corporation 3,365,406 4,005,530 17,500 Endeavour Mining Corporation 429,345 351,050 26,900 Enercare Inc. 506,136 479,896 23,063 Enerflex Limited 334,269 393,224 62,417 Enerplus Corporation 512,774 795,193 4,788 Enghouse Systems Limited 255,848 267,841 35,851 Ensign Energy Services Inc. 273,974 336,282 6,700 Exchange Income Corporation 284,343 279,725 25,400 Extendicare Inc. 238,362 250,952 6,029 Fairfax Financial Holdings Limited 4,524,151 3,909,806 43,761 Finning International Inc. 1,065,762 1,150,477 35,878 First Capital Realty Inc. 792,428 741,598 43,900 First Majestic Silver Corporation 582,680 450,414 179,892 First Quantum Minerals Limited 1,891,496 2,401,558 8,048 FirstService Corporation 483,868 512,980 104,662 Fortis Inc. 4,414,002 4,339,287 38,000 Fortuna Silver Mines Inc. 271,331 288,420 46,543 Franco-Nevada Corporation 4,260,239 3,736,472 26,319 Freehold Royalties Limited 336,835 372,940 10,212 Genworth MI Canada Inc. 335,927 343,736 12,307 George Weston Limited 1,349,176 1,397,952 36,684 Gibson Energy Inc. 637,097 696,262

WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 60,450 Gildan Activewear Inc. 2,220,383 2,060,740 222,800 Goldcorp Inc. 4,809,442 4,072,784 100,834 Gran Tierra Energy Inc. 397,966 409,386 12,208 Granite Real Estate Investment Trust 489,623 547,285 12,500 Great Canadian Gaming Corporation 282,713 312,250 72,520 Great-West Lifeco Inc. 2,349,693 2,550,528 44,900 Guyana Goldfields Inc. 369,628 274,788 74,143 H&R Real Estate Investment Trust 1,642,325 1,658,579 15,600 Home Capital Group Inc. 417,411 488,904 61,165 HudBay Minerals Inc. 302,363 469,747 29,259 Hudson's Bay Company 500,964 385,926 78,467 Husky Energy Inc. 1,271,215 1,278,227 43,300 Hydro One Limited 1,121,808 1,021,014 116,680 IAMGOLD Corporation 626,468 605,569 21,229 IGM Financial Inc. 762,284 810,948 66,398 Imperial Oil Limited 2,765,172 3,101,451 26,744 Industrial Alliance Insurance and Financial Services Inc. 1,262,749 1,427,862 26,612 Innergex Renewable Energy Inc. 387,343 373,366 34,265 Intact Financial Corporation 3,252,476 3,292,866 93,713 Inter Pipeline Limited 2,587,982 2,777,653 17,230 Interfor Corporation 251,295 258,967 18,235 Intertain Group Limited (The) 205,161 171,044 15,111 Intertape Polymer Group Inc. 342,549 380,495 143,500 Ivanhoe Mines Limited Cl. A 326,547 364,490 20,000 Jean Coutu Group (PJC) Inc. Cl. A (The) 404,776 418,400 23,647 Just Energy Group Inc. 159,880 173,569 40,530 Kelt Exploration Limited 229,124 274,388 48,240 Keyera Corporation 2,050,320 1,951,790 6,400 Kinaxis Inc. 416,711 400,000 324,124 Kinross Gold Corporation 1,768,641 1,358,080 47,100 Kirkland Lake Gold Limited 442,354 330,642 39,400 Klondex Mines Limited 296,477 246,250 26,300 Knight Therapeutics Inc. 264,273 282,462 17,863 Labrador Iron Ore Royalty Corporation 246,341 332,609 8,750 Laurentian Bank of Canada 440,233 505,137 11,798 Linamar Corporation 641,318 680,627 55,067 Loblaw Companies Limited 3,727,308 3,900,946 77,300 Lucara Diamond Corporation 302,948 234,992 163,951 Lundin Mining Corporation 837,748 1,049,286 9,441 MacDonald Dettwiler and Associates Limited 753,441 631,508 19,800 MAG Silver Corporation 396,327 292,644 95,470 Magna International Inc. 5,269,271 5,565,901 19,284 Manitoba Telecom Services Inc. 718,782 732,021 515,827 Manulife Financial Corporation 9,564,499 12,333,424 22,692 Maple Leaf Foods Inc. 672,872 638,099 23,801 Martinrea International Inc. 196,881 204,451 44,905 MEG Energy Corporation 281,763 414,473 23,348 Methanex Corporation 1,103,966 1,374,964 61,567 METRO INC. 2,651,343 2,472,531 21,000 Milestone Apartments Real Estate Investment Trust 397,202 399,000 22,363 Mitel Networks Corporation 218,619 203,951 14,600 Morneau Shepell Inc. 276,254 280,174 26,779 Mullen Group Limited 437,233 531,028 88,423 National Bank of Canada 4,103,990 4,821,706 82,654 Nevsun Resources Limited 333,080 343,014 12,600 New Flyer Industries Inc. 504,943 514,584

WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 133,005 New Gold Inc. 753,425 626,454 10,324 Norbord Inc. 345,223 350,087 12,450 North West Company Inc. (The) 324,106 342,624 29,249 Northland Power Inc. 710,551 681,502 11,967 Northview Apartment Real Estate Investment Trust 254,661 240,178 60,166 Novagold Resources Inc. 443,170 369,419 44,313 NuVista Energy Limited 295,221 307,532 157,733 OceanaGold Corporation 631,617 616,736 21,505 Onex Corporation 1,801,007 1,965,127 31,727 Open Text Corporation 2,668,580 2,630,803 27,433 Osisko Gold Royalties Limited 397,412 359,098 39,582 Pan American Silver Corporation 906,774 801,535 39,518 Parex Resources Inc. 650,230 667,854 24,750 Parkland Fuel Corporation 763,216 696,218 18,850 Pason Systems Inc. 319,982 370,214 103,122 Pembina Pipeline Corporation 4,109,460 4,326,999 42,875 Peyto Exploration & Development Corporation 1,575,436 1,423,879 219,754 Potash Corporation of Saskatchewan Inc. 4,759,972 5,337,825 95,144 Power Corporation of Canada 2,667,998 2,859,077 63,222 Power Financial Corporation 1,933,798 2,121,730 53,019 PrairieSky Royalty Limited 1,419,637 1,693,427 75,908 Precision Drilling Corporation 420,097 555,647 6,900 Premium Brands Holdings Corporation 427,571 475,824 38,282 Pretium Resources Inc. 517,539 425,696 167,411 ProMetic Life Sciences Inc. 489,398 373,327 62,607 Pure Industrial Real Estate Trust 342,873 349,973 21,651 Quebecor Inc. Cl. B 860,583 808,015 55,784 Raging River Exploration Inc. 600,647 589,079 61,223 Restaurant Brands International Inc. 3,516,351 3,915,211 84,763 RioCan Real Estate Investment Trust 2,289,946 2,257,239 27,722 Ritchie Bros. Auctioneers Inc. 1,233,656 1,262,737 93,774 Rogers Communications Inc. Cl. B 5,227,529 4,856,555 388,478 Royal Bank of Canada 31,423,965 35,300,996 15,950 Russel Metals Inc. 332,730 408,001 41,400 Sandstorm Gold Limited 275,695 218,178 56,414 Saputo Inc. 2,531,309 2,680,229 41,741 Secure Energy Services Inc. 393,627 488,787 83,450 SEMAFO Inc. 450,206 368,849 65,051 Seven Generations Energy Limited 2,007,571 2,036,747 105,659 Shaw Communications Inc. Cl. B 2,835,188 2,846,453 16,705 ShawCor Limited Cl. A 533,985 598,707 9,300 Sierra Wireless Inc. 176,962 195,486 30,750 Silver Standard Resources Inc. 482,152 369,307 115,239 Silver Wheaton Corporation 4,071,040 2,989,300 9,600 Sleep Country Canada Holdings Inc. 306,087 276,288 29,982 Smart Real Estate Investment Trust 1,023,708 968,119 39,139 SNC-Lavalin Group Inc. 1,980,894 2,261,843 86,200 Spartan Energy Corporation 288,948 287,046 29,608 Stantec Inc. 908,547 1,004,303 10,929 Stella-Jones Inc. 504,853 476,286 160,380 Sun Life Financial Inc. 6,801,282 8,267,589 435,442 Suncor Energy Inc. 15,869,128 19,115,904 36,766 Superior Plus Corporation 431,689 468,767 56,000 Surge Energy Inc. 150,828 185,360 80,900 Tahoe Resources Inc. 1,384,064 1,023,385 121,744 Teck Resources Limited Cl. B 2,879,481 3,271,261

WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 154,857 TELUS Corporation 6,680,050 6,620,137 74,828 Thomson Reuters Corporation 4,017,351 4,396,894 7,450 TMX Group Limited 444,512 532,824 33,267 TORC Oil & Gas Limited 264,835 275,118 20,465 Torex Gold Resources Inc. 572,637 425,467 20,291 Toromont Industries Limited 784,499 859,324 485,825 Toronto-Dominion Bank (The) 28,209,456 32,171,331 64,173 Tourmaline Oil Corporation 2,269,686 2,304,452 74,430 TransAlta Corporation 435,921 553,015 23,100 TransAlta Renewables Inc. 336,470 331,254 225,834 TransCanada Corporation 13,908,826 13,671,990 16,266 Transcontinental Inc. Cl. A 292,720 360,943 23,549 TransForce Inc. 636,666 821,625 30,455 Tricon Capital Group Inc. 284,173 288,104 256,730 Turquoise Hill Resources Limited 1,011,033 1,106,506 10,900 Uni-Select Inc. 341,846 321,441 78,221 Valeant Pharmaceuticals International Inc. 2,934,708 1,522,963 81,161 Veresen Inc. 1,049,431 1,064,021 30,645 Vermilion Energy Inc. 1,542,763 1,731,136 45,842 Waste Connections Inc. 4,466,693 4,828,996 18,720 West Fraser Timber Company 760,442 898,747 109,976 Western Forest Products Inc. 233,436 207,855 31,071 WestJet Airlines Limited 718,635 715,876 14,433 Westshore Terminals Investment Corporation 342,266 373,670 95,637 Whitecap Resources Inc. 1,071,987 1,162,946 7,900 Winpak Limited 353,798 358,818 16,462 WSP Global Inc. 679,371 735,687 246,338 Yamana Gold Inc. 1,404,197 928,694 505,211,335 526,097,588 Adjustment for transaction costs (35,365) - Total investments 100.0% 505,175,970 526,097,588

WindWise S&P/TSX Capped Composite Index Non-Lending Fund Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized loss S&P TSE 60 Index Futures 10 March 2017 CAD 897 (17,540) Futures contracts, at fair (17,540), 146,182 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 1,793,800. Legend CAD = Canadian dollar

Notes to financial statements of WindWise S&P/TSX Capped Composite Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P/TSX Capped Composite Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 526,097,588 - - 526,097,588 Futures contracts (17,540) - - (17,540) 526,080,048 - - 526,080,048 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 578,609,661 - - 578,609,661 Forward foreign currency contracts - (377) - (377) Futures contracts 11,743 - - 11,743 578,621,404 (377) - 578,621,027 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

Notes to financial statements of WindWise S&P/TSX Capped Composite Index Non-Lending Fund December 31, 2016 and 2015 Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 52,610,000 (December 31, 2015 57,861,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant. Credit risk, the counterparty to the derivative financial instruments had a credit rating of BBB+ from Standard & Poor s (December 31, 2015 BBB+). Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Consumer discretionary 5 8 Consumer staples 4 3 Energy 21 18 Financials 35 39 Health care 1 3 Industrials 9 8 Information technology 2 3 Materials 12 9 Real estate 3 - Telecommunication services 5 6 Utilities 3 3 100 100

Notes to financial statements of WindWise S&P/TSX Capped Composite Index Non-Lending Fund December 31, 2016 and 2015 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 104,341,457 (13,359,395) Average units outstanding during the year 67,349,259 10,933,127 Increase (decrease) in net assets attributable to holders of redeemable units per unit 1.55 (1.22)

WindWise S&P/TSX Composite Index Non-Lending Fund Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 650,476,730 620,199,730 Cash 1,234,307 1,884,874 Cash, segregated 149,633 379,218 Receivable for units sold - 13,000 Dividends receivable 1,623,520 1,722,196 Total assets 653,484,190 624,199,018 Liabilities Current liabilities Payable for units redeemed 154,500 - Payable for investments purchased - 1,007,220 Accrued expenses 36,973 28,649 Futures contracts, at fair 9,090 5,315 Total liabilities 200,563 1,041,184 Net assets attributable to holders of redeemable units 653,283,627 623,157,834 Number of redeemable units outstanding 72,096,853 80,804,210 Net assets attributable to holders of redeemable units per unit 9.06 7.71 * Investments at cost 541,856,749 608,900,230 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director

WindWise S&P/TSX Composite Index Non-Lending Fund Statements of comprehensive income For the years ended December 31, 2016 2015 Investment income Dividends 18,612,223 22,638,409 Interest for distribution purposes 348,968 424,374 Securities lending income - 21,490 Foreign withholding taxes - 3,905 Other changes in fair of investments Net realized gain (loss) 6,364,066 29,987,075 Net change in unrealized appreciation (depreciation) 97,318,300 (112,883,574) Other changes in fair of derivative financial instruments Net realized gain (loss) 358,433 (247,678) Net change in unrealized appreciation (depreciation) (3,775) (206,072) Total income (loss) 122,998,215 (60,262,071) Expenses Audit fees 29,582 24,793 Custodial fees 87,727 143,562 Other fees 30 - Proxy fees 1,686 - Regulatory fees 7,690 12,141 Transaction costs 57,129 80,568 Trustee fees 2,657 - Total expenses 186,501 261,064 Waivers and reimbursements (6,670) - Net expenses 179,831 261,064 Increase (decrease) in net assets attributable to holders of redeemable units 122,818,384 (60,523,135) Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.62 (0.67)

WindWise S&P/TSX Composite Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31, 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 122,818,384 (60,523,135) Distributions to holders of redeemable units From net investment income (19,142,973) (22,871,364) From securities lending income - (21,490) Total distributions to holders of redeemable units (19,142,973) (22,892,854) Redeemable unit transactions Proceeds from redeemable units issued 30,474,678 94,060,848 Reinvestment of distribution to holders of redeemable units 19,142,973 22,871,364 Redemption of redeemable units (123,167,269) (309,367,086) Increase (decrease) from redeemable unit transactions (73,549,618) (192,434,874) Net increase (decrease) in net assets attributable to holders of redeemable units 30,125,793 (275,850,863) Net assets attributable to holders of redeemable units Beginning of year 623,157,834 899,008,697 Net assets attributable to holders of redeemable units End of year 653,283,627 623,157,834 Number of redeemable units outstanding Beginning of year 80,804,210 102,943,666 Issued 3,452,090 10,538,706 Reinvested 2,112,632 2,965,709 Redeemed (14,272,079) (35,643,871) Number of redeemable units outstanding End of year 72,096,853 80,804,210

WindWise S&P/TSX Composite Index Non-Lending Fund Statements of cash flows For the years ended December 31, 2016 2015 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 122,818,384 (60,523,135) Adjustments for: Net realized (gain) loss on investments (6,369,112) (29,751,989) Net change in unrealized (appreciation) depreciation on investments and derivatives (97,316,706) 113,089,777 Proceeds from sale of investments 153,752,545 140,283,175 Purchases of investments (81,347,172) (83,879,484) Cash, segregated 229,585 527,670 Dividends receivable 98,676 368,512 Accrued expenses 8,324 (25,915) Net cash from (used in) operating activities 91,874,524 80,088,611 Cash flows from (used in) financing activities Proceeds from redeemable units issued 30,487,678 46,079,547 Distributions paid to holders of redeemable units, net of reinvested distributions - (21,490) Redemption of redeemable units (123,012,769) (127,560,310) Net cash from (used in) financing activities (92,525,091) (81,502,253) Net increase (decrease) in cash during the year (650,567) (1,413,642) Cash Beginning of year 1,884,874 3,298,516 Cash End of year 1,234,307 1,884,874 Interest received* 348,968 424,374 Dividends received, net of foreign withholding taxes* 18,710,899 23,010,826 Redeemable units issued in kind - 47,968,301 Redeemable units redeemed in kind - (184,906,276) * Included as part of cash flows from operating activities

WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock 100.0% 59,418 Advantage Oil & Gas Limited 309,149 541,892 18,069 Aecon Group Inc. 195,297 275,552 72,638 Agnico Eagle Mines Limited 3,162,869 4,100,415 44,622 Agrium Inc. 4,167,599 6,022,185 48,775 Aimia Inc. 659,996 433,122 89,369 Air Canada 396,303 1,221,674 91,464 Alacer Gold Corporation 565,323 204,879 86,115 Alamos Gold Inc. 922,738 797,425 11,419 Alaris Royalty Corporation 388,286 273,485 91,090 Algonquin Power & Utilities Corporation 792,440 1,037,515 135,609 Alimentation Couche-Tard Inc. Cl. B 3,089,464 8,255,876 28,218 Allied Properties Real Estate Investment Trust 780,510 1,014,437 53,147 AltaGas Limited 1,836,730 1,801,683 11,000 Altus Group Limited 309,928 340,560 34,100 Amaya Inc. 1,116,396 648,241 113,538 ARC Resources Limited 2,717,847 2,623,863 50,052 Artis Real Estate Investment Trust 579,299 635,660 66,000 Asanko Gold Inc. 352,935 271,920 24,867 ATCO Limited NV Cl. I 921,543 1,110,560 23,545 ATS Automation Tooling Systems Inc. 323,340 294,783 302,326 B2Gold Corporation 886,796 964,420 11,729 Badger Daylighting Limited 338,738 376,501 208,650 Bank of Montreal 13,580,545 20,149,331 390,452 Bank of Nova Scotia (The) 22,590,186 29,190,192 376,184 Barrick Gold Corporation 11,365,377 8,084,194 66,750 Baytex Energy Corporation 2,458,969 437,880 281,260 BCE Inc. 12,552,557 16,321,518 71,030 Birchcliff Energy Limited 633,158 665,551 153,648 BlackBerry Limited 2,766,873 1,419,708 11,870 Boardwalk Real Estate Investment Trust 656,533 577,476 641,887 Bombardier Inc. Cl. B 2,288,321 1,386,476 71,945 Bonavista Energy Corporation 1,238,762 346,055 7,932 Bonterra Energy Corporation 389,646 230,742 5,800 Boyd Group Income Fund 351,855 496,248 280,748 Brookfield Asset Management Inc. Cl. A 7,240,168 12,437,136 6,019 Brookfield Business Partners Limited Partnership 124,138 194,173 68,968 Brookfield Property Partners Limited Partnership 1,556,902 2,022,831 37,631 Brookfield Renewable Energy Partners Limited Partnership 1,259,648 1,499,595 9,957 BRP Inc. 295,333 282,281 86,156 CAE Inc. 996,900 1,618,010 127,128 Cameco Corporation 2,662,354 1,784,877 44,943 Canadian Apartment Properties Real Estate Investment Trust 943,364 1,409,862 78,073 Canadian Energy Services & Technology Corporation 472,922 598,039 128,307 Canadian Imperial Bank of Commerce 10,523,036 14,057,315 247,927 Canadian National Railway Company 12,546,237 22,402,684 357,247 Canadian Natural Resources Limited 11,938,066 15,286,599 47,279 Canadian Pacific Railway Limited 5,762,018 9,056,765 24,365 Canadian Real Estate Investment Trust 970,627 1,128,100 21,819 Canadian Tire Corporation Limited Cl. A 1,705,192 3,038,732 38,515 Canadian Utilities Limited Cl. A 1,299,408 1,393,858 28,686 Canadian Western Bank 812,168 870,333 23,378 Canfor Corporation 356,587 356,982 27,822 Capital Power Corporation 654,403 646,305 8,866 CCL Industries Inc. Cl. B 609,636 2,338,851 40,119 Celestica Inc. 591,620 638,293 268,787 Cenovus Energy Inc. 7,901,358 5,456,376 71,272 Centerra Gold Inc. 805,141 448,301 87,739 CGI Group Inc. Cl. A 2,647,939 5,653,901

WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 63,647 Chartwell Retirement Residences 519,685 932,429 22,091 Chemtrade Logistics Income Fund 466,299 418,404 86,314 CI Financial Corporation 2,439,590 2,491,885 21,077 Cineplex Inc. 694,195 1,079,564 7,368 Cogeco Communications Inc. 358,811 488,056 10,481 Colliers International Group Inc. 297,825 518,705 57,339 Cominar Real Estate Investment Trust 954,254 844,030 24,006 Computer Modelling Group Limited 302,785 218,695 6,320 Constellation Software Inc. 1,444,012 3,855,958 36,571 Corus Entertainment Inc. Cl. B 721,909 460,795 44,479 Cott Corporation 475,839 676,081 174,323 Crescent Point Energy Corporation 5,976,512 3,181,395 45,546 Crew Energy Inc. 385,395 342,050 29,383 Crombie Real Estate Investment Trust 371,154 399,021 24,461 Descartes Systems Group Inc. (The) 377,832 700,318 56,691 Detour Gold Corporation 1,041,942 1,036,878 34,417 DH Corporation 960,106 766,811 42,000 DHX Media Limited Cl. B 404,064 296,100 34,430 Dollarama Inc. 1,124,082 3,387,223 27,172 Dominion Diamond Corporation 383,022 353,508 8,353 Dorel Industries Inc. Cl. B 266,068 324,096 42,107 Dream Global Real Estate Investment Trust 374,560 397,911 34,968 Dream Office Real Estate Investment Trust 957,828 683,624 122,844 ECN Capital Corporation 364,877 405,385 231,827 Eldorado Gold Corporation 2,752,845 1,001,493 124,044 Element Fleet Management Corporation 1,449,321 1,545,588 64,532 Emera Inc. 2,477,424 2,929,107 51,758 Empire Company Limited Cl. A 1,238,679 813,636 303,293 Enbridge Inc. 13,041,954 17,136,055 32,957 Enbridge Income Fund Holdings Inc. 933,712 1,145,915 313,861 Encana Corporation 5,823,610 4,946,449 21,300 Endeavour Mining Corporation 445,137 427,278 33,500 Enercare Inc. 487,705 597,640 28,320 Enerflex Limited 356,245 482,856 79,946 Enerplus Corporation 1,421,865 1,018,512 5,900 Enghouse Systems Limited 311,745 330,046 39,783 Ensign Energy Services Inc. 597,373 373,165 8,700 Exchange Income Corporation 369,679 363,225 28,106 Extendicare Inc. 215,975 277,687 7,428 Fairfax Financial Holdings Limited 3,451,405 4,817,058 53,928 Finning International Inc. 1,270,448 1,417,767 46,110 First Capital Realty Inc. 858,752 953,094 52,409 First Majestic Silver Corporation 653,842 537,716 222,159 First Quantum Minerals Limited 3,890,613 2,965,823 10,461 FirstService Corporation 192,996 666,784 128,953 Fortis Inc. 4,755,188 5,346,391 49,100 Fortuna Silver Mines Inc. 348,364 372,669 57,443 Franco-Nevada Corporation 3,020,939 4,611,524 29,880 Freehold Royalties Limited 538,048 423,400 13,072 Genworth MI Canada Inc. 337,230 440,004 15,227 George Weston Limited 1,184,197 1,729,635 47,160 Gibson Energy Inc. 1,077,205 895,097 74,578 Gildan Activewear Inc. 1,560,590 2,542,364 275,259 Goldcorp Inc. 9,793,464 5,031,735 130,755 Gran Tierra Energy Inc. 743,071 530,865 15,155 Granite Real Estate Investment Trust 483,839 679,399 16,500 Great Canadian Gaming Corporation 343,838 412,170 88,932 Great-West Lifeco Inc. 2,385,273 3,127,738

WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 52,800 Guyana Goldfields Inc. 496,716 323,136 91,342 H&R Real Estate Investment Trust 1,909,218 2,043,321 19,452 Home Capital Group Inc. 571,807 609,626 78,771 HudBay Minerals Inc. 780,335 604,961 33,713 Hudson's Bay Company 640,852 444,674 96,736 Husky Energy Inc. 2,547,947 1,575,829 55,300 Hydro One Limited 1,353,675 1,303,974 145,246 IAMGOLD Corporation 1,666,748 753,827 27,174 IGM Financial Inc. 1,189,173 1,038,047 81,915 Imperial Oil Limited 3,613,491 3,826,250 32,999 Industrial Alliance Insurance and Financial Services Inc. 1,169,663 1,761,817 30,210 Innergex Renewable Energy Inc. 315,544 423,846 42,272 Intact Financial Corporation 2,751,923 4,062,339 115,877 Inter Pipeline Limited 2,161,238 3,434,594 21,910 Interfor Corporation 353,941 329,307 20,400 Intertain Group Limited (The) 378,814 191,352 18,012 Intertape Polymer Group Inc. 273,190 453,542 165,700 Ivanhoe Mines Limited Cl. A 309,445 420,878 24,780 Jean Coutu Group (PJC) Inc. Cl. A (The) 377,741 518,398 29,188 Just Energy Group Inc. 298,220 214,240 46,086 Kelt Exploration Limited 526,282 312,002 59,449 Keyera Corporation 1,709,386 2,405,307 7,400 Kinaxis Inc. 353,241 462,500 399,313 Kinross Gold Corporation 3,506,457 1,673,121 57,901 Kirkland Lake Gold Limited 571,767 406,465 47,900 Klondex Mines Limited 348,113 299,375 34,000 Knight Therapeutics Inc. 343,291 365,160 20,284 Labrador Iron Ore Royalty Corporation 630,753 377,688 11,297 Laurentian Bank of Canada 543,091 652,176 15,215 Linamar Corporation 475,952 877,753 67,661 Loblaw Companies Limited 3,226,575 4,793,105 95,600 Lucara Diamond Corporation 356,349 290,624 209,033 Lundin Mining Corporation 1,026,567 1,337,811 11,721 MacDonald Dettwiler and Associates Limited 730,797 784,018 23,200 MAG Silver Corporation 388,078 342,896 117,868 Magna International Inc. 3,815,774 6,871,704 24,740 Manitoba Telecom Services Inc. 775,623 939,130 637,483 Manulife Financial Corporation 10,497,579 15,242,219 28,271 Maple Leaf Foods Inc. 406,549 794,981 28,948 Martinrea International Inc. 283,606 248,663 53,141 MEG Energy Corporation 1,740,299 490,491 28,817 Methanex Corporation 1,106,929 1,697,033 74,853 METRO INC. 1,559,857 3,006,096 27,000 Milestone Apartments Real Estate Investment Trust 468,312 513,000 27,598 Mitel Networks Corporation 311,176 251,694 17,100 Morneau Shepell Inc. 318,110 328,149 33,348 Mullen Group Limited 684,721 661,291 109,030 National Bank of Canada 4,323,184 5,945,406 95,317 Nevsun Resources Limited 452,575 395,566 16,100 New Flyer Industries Inc. 470,471 657,524 165,662 New Gold Inc. 1,435,320 780,268 12,886 Norbord Inc. 395,998 436,964 15,572 North West Company Inc. (The) 331,502 428,541 37,664 Northland Power Inc. 654,898 877,571 15,798 Northview Apartment Real Estate Investment Trust 396,918 317,066 69,220 Novagold Resources Inc. 406,572 425,011 57,959 NuVista Energy Limited 422,228 402,235 197,091 OceanaGold Corporation 511,435 770,626

WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 26,482 Onex Corporation 1,206,600 2,419,925 39,144 Open Text Corporation 1,445,167 3,245,820 33,946 Osisko Gold Royalties Limited 546,704 444,353 50,621 Pan American Silver Corporation 991,239 1,025,075 50,800 Parex Resources Inc. 637,521 858,520 31,926 Parkland Fuel Corporation 594,222 898,078 24,245 Pason Systems Inc. 413,598 476,172 127,376 Pembina Pipeline Corporation 4,009,017 5,344,697 52,888 Peyto Exploration & Development Corporation 1,378,890 1,756,410 271,015 Potash Corporation of Saskatchewan Inc. 10,856,714 6,582,954 117,521 Power Corporation of Canada 3,176,274 3,531,506 78,012 Power Financial Corporation 2,294,142 2,618,083 65,298 PrairieSky Royalty Limited 1,954,106 2,085,618 97,793 Precision Drilling Corporation 905,336 715,845 8,200 Premium Brands Holdings Corporation 427,243 565,472 49,933 Pretium Resources Inc. 530,725 555,255 208,500 ProMetic Life Sciences Inc. 552,659 464,955 81,600 Pure Industrial Real Estate Trust 396,820 456,144 27,773 Quebecor Inc. Cl. B 586,942 1,036,488 70,903 Raging River Exploration Inc. 530,292 748,736 75,456 Restaurant Brands International Inc. 3,329,577 4,825,411 104,714 RioCan Real Estate Investment Trust 2,542,675 2,788,534 34,236 Ritchie Bros. Auctioneers Inc. 799,833 1,559,450 115,525 Rogers Communications Inc. Cl. B 4,740,314 5,983,040 480,195 Royal Bank of Canada 29,729,809 43,635,320 19,808 Russel Metals Inc. 505,112 506,689 50,400 Sandstorm Gold Limited 360,738 265,608 69,526 Saputo Inc. 1,722,955 3,303,180 53,543 Secure Energy Services Inc. 641,300 626,989 104,409 SEMAFO Inc. 554,328 461,488 80,125 Seven Generations Energy Limited 1,678,623 2,508,714 130,341 Shaw Communications Inc. Cl. B 3,054,986 3,511,387 20,865 ShawCor Limited Cl. A 755,456 747,802 10,000 Sierra Wireless Inc. 490,044 210,200 38,265 Silver Standard Resources Inc. 581,272 459,563 142,167 Silver Wheaton Corporation 4,004,389 3,687,812 11,700 Sleep Country Canada Holdings Inc. 365,396 336,726 38,375 Smart Real Estate Investment Trust 983,070 1,239,129 48,347 SNC-Lavalin Group Inc. 2,183,651 2,793,973 100,900 Spartan Energy Corporation 324,646 335,997 37,806 Stantec Inc. 829,332 1,282,380 13,600 Stella-Jones Inc. 611,925 592,688 197,946 Sun Life Financial Inc. 6,073,573 10,204,116 538,154 Suncor Energy Inc. 19,699,857 23,624,961 45,771 Superior Plus Corporation 472,323 583,580 74,916 Surge Energy Inc. 510,062 247,972 103,237 Tahoe Resources Inc. 1,584,281 1,305,948 149,952 Teck Resources Limited Cl. B 4,434,668 4,029,210 190,907 TELUS Corporation 6,150,243 8,161,274 92,496 Thomson Reuters Corporation 3,184,087 5,435,065 9,692 TMX Group Limited 481,681 693,172 43,600 TORC Oil & Gas Limited 522,053 360,572 25,373 Torex Gold Resources Inc. 434,847 527,505 25,428 Toromont Industries Limited 551,597 1,076,876 600,488 Toronto-Dominion Bank (The) 26,290,099 39,764,315 79,268 Tourmaline Oil Corporation 2,800,967 2,846,514 96,006 TransAlta Corporation 1,512,391 713,325 28,800 TransAlta Renewables Inc. 346,515 412,992

WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio... continued (showing percentage of total fair of investments) Number of shares Description Average cost Fair Common stock... continued 279,124 TransCanada Corporation 13,684,425 16,898,167 20,188 Transcontinental Inc. Cl. A 248,688 447,972 28,080 TransForce Inc. 499,902 979,711 33,800 Tricon Capital Group Inc. 371,733 319,748 327,196 Turquoise Hill Resources Limited 1,745,966 1,410,215 13,400 Uni-Select Inc. 375,439 395,166 96,382 Valeant Pharmaceuticals International Inc. 9,328,354 1,876,558 104,167 Veresen Inc. 1,512,612 1,365,629 37,881 Vermilion Energy Inc. 1,943,113 2,139,898 56,629 Waste Connections Inc. 4,287,664 5,965,299 22,335 West Fraser Timber Company 753,076 1,072,303 124,200 Western Forest Products Inc. 296,498 234,738 38,698 WestJet Airlines Limited 727,282 891,602 18,008 Westshore Terminals Investment Corporation 435,268 466,227 118,054 Whitecap Resources Inc. 1,375,666 1,435,537 9,800 Winpak Limited 467,631 445,116 21,268 WSP Global Inc. 683,970 950,467 314,743 Yamana Gold Inc. 3,439,796 1,186,581 541,952,675 650,476,730 Adjustment for transaction costs (95,926) - Total investments 100.0% 541,856,749 650,476,730

WindWise S&P/TSX Composite Index Non-Lending Fund Schedule of investment portfolio... continued Open futures contracts The following futures contracts were open as at December 31, 2016: Futures contracts Number of contracts buy (sell) Expiration date Local currency Contract price Unrealized loss S&P TSE 60 Index Futures 12 March 2017 CAD 897 (9,090) Futures contracts, at fair (9,090) As at December 31 2016, 149,633 of cash was pledged to cover margin requirements for open futures contracts. The net notional of open futures contracts as at December 31, 2016 was 2,152,560. Legend CAD = Canadian d0llar

Notes to financial statements of WindWise S&P/TSX Composite Index Non-Lending Fund December 31, 2016 and 2015 Investment strategy As indicated in the Fund Declaration, the Fund seeks to track as nearly as practically possible the composite price and yield performance of the S&P/TSX Composite Index (the Index ) while minimizing transaction costs. Fair hierarchy The following tables illustrate the classification of the Fund s financial assets and financial liabilities measured at fair within the fair hierarchy as at December 31, 2016 and 2015: Level 1 Level 2 Level 3 Total Equities 650,476,730 - - 650,476,730 Futures contracts (9,090) - - (9,090) 650,467,640 - - 650,467,640 As at December 31, 2015 Level 1 Level 2 Level 3 Total Equities 620,199,730 - - 620,199,730 Futures contracts (5,315) - - (5,315) 620,194,415 - - 620,194,415 Currency risk and 2015, the majority of the Fund s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk. Interest rate risk and 2015, the majority of the Fund s financial assets and financial liabilities are noninterest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Price risk The most significant exposure to price risk arises from the Fund s investment in equity securities. As at December 31, 2016, had the prices of the securities on the Fund s benchmark increased or decreased by 10%, with all other variables held constant, net assets attributable to holders of redeemable units would have increased or decreased by approximately 65,048,000 (December 31, 2015 62,020,000). In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant.

Notes to financial statements of WindWise S&P/TSX Composite Index Non-Lending Fund December 31, 2016 and 2015 Credit risk Effective July 8, 2016 the Fund no longer participates in securities lending. Prior to that date, the Fund entered into securities lending transactions with counterparties whereby it temporarily exchanged securities for collateral with a commitment by the counterparty to deliver the same securities at a future date. Credit risk associated with these transactions is considered minimal, as all counterparties have a sufficient, approved credit rating and the of cash or securities held as collateral must be at least 105% of the fair of the securities loaned. The former securities lending agent, State Street Bank and Trust Company, indemnified the Fund for replacement of any loaned securities (or, in certain circumstances, return of equivalent cash ) due to borrower default on a security loan. As at December 31, 2015, State Street Bank and Trust Company had a credit rating of A from Standard & Poor s., the counterparty to the derivative financial instruments had a credit rating of BBB+ from Standard & Poor s (December 31, 2015 BBB+). Liquidity risk and 2015, the majority of the Fund s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk. Concentration risk The following is a summary of the Fund s concentration risk as a percentage of investments: Sector 2016 % 2015 % Consumer discretionary 5 8 Consumer staples 4 3 Energy 21 19 Financials 35 38 Health care 1 3 Industrials 9 8 Information technology 2 3 Materials 12 9 Real estate 3 - Telecommunication services 5 6 Utilities 3 3 100 100

Notes to financial statements of WindWise S&P/TSX Composite Index Non-Lending Fund December 31, 2016 and 2015 Increase (decrease) in net assets attributable to holders of redeemable units per unit The increase (decrease) in net assets attributable to holders of redeemable units per unit for the years ended December 31, 2016 and 2015 is calculated as follows: 2016 2015 Increase (decrease) in net assets attributable to holders of redeemable units 122,818,384 (60,523,135) Average units outstanding during the year 75,957,032 90,558,105 Increase (decrease) in net assets attributable to holders of redeemable units per unit 1.62 (0.67)

WindWise U.S. Managed Volatility Non-Lending Fund Statements of financial position As at December 31, Assets 2016 2015 Current assets Investments* 127,076,201 119,665,832 Cash 266,605 296,447 Receivable for investments sold 14,712,791 - Receivable for units sold 285 - Dividends receivable 473,873 408,368 Forward foreign currency contracts, at fair 6,974 - Total assets 142,536,729 120,370,647 Liabilities Current liabilities Payable for units redeemed 1,042,830 134 Payable for investments purchased 13,915,503 - Accrued expenses 29,491 2,716 Total liabilities 14,987,824 2,850 Net assets attributable to holders of redeemable units 127,548,905 120,367,797 Number of redeemable units outstanding 9,487,425 9,430,210 Net assets attributable to holders of redeemable units per unit 13.45 12.76 *Investments at cost 107,535,640 105,047,212 Approved by the Manager, State Street Global Advisors Ltd. Kelly Corwin, Senior Managing Director Matthew DeWolfe, Managing Director