iprofile TM Fixed Income Pool

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1 Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH 31, 2015 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Pool, including its strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Pool action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Pool and economic factors. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Pool. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. We stress that the above mentioned list of important factors is not exhaustive. We encourage you to consider these and other factors carefully before making any investment decisions and we urge you to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Pool has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance. This annual Management Report of Fund Performance contains financial highlights, but does not contain the complete audited annual financial statements of the investment fund. If the audited annual financial statements of your investment fund did not accompany the mailing of this report, you may receive a copy of them, at your request, and at no cost, by calling ( if you live in Québec) or by writing to us at 447 Portage Avenue, Winnipeg, Manitoba, R3B 3H5 (2001, boulevard Robert-Bourassa, bureau 2000, Montréal (Québec), H3A 2A6 if you live in Québec), or by visiting our website at or SEDAR at Securityholders may also use one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. Every effort has been made to ensure that the information contained in this Report is accurate as of March 31, 2015 (except when stated otherwise), however, the Pool cannot guarantee the accuracy or the completeness of this material. Please refer to the Pool s Prospectus and audited annual financial statements for more information. References to Consultant or Consultants mean Representative or Representatives in Québec. For current net asset values per security for the Pool and for more recent information on general market events, please visit our website at CAUTION REGARDING FUTURE PERFORMANCE Sales commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Pool s offering documents before investing. The indicated rates of return are the historical annual compounded total returns including changes in security value and reinvestment of all distributions (except for fee rebates) and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any investor that would have reduced returns. Mutual funds are not guaranteed. Their values change frequently and past performance may not be repeated. Copyright Investors Group Inc Trademarks owned by IGM Financial Inc. and licensed to its subsidiary corporations.

2 Management Discussion of Fund Performance This management discussion of Pool performance presents views of the portfolio management team about the significant factors and developments during the past year that have affected the Pool s performance and outlook. Please read the caution regarding forward-looking statements located on the first page of this document. Investment Objective and Strategies The Pool aims to provide interest income by investing primarily in bonds and debentures. To achieve the Pool s investment objective, the investments in the Pool are, in accordance with the iprofile model, allocated by the portfolio management team in a fixed percentage to specific Mandates, one of which is separately managed by an investment sub-advisor having a complementary management style. The Mandates for the iprofile Fixed Income Pool are: CANADIAN BOND MANDATE (43% WEIGHTING) The portfolio management team is currently making investment decisions concerning this Mandate without the assistance of a sub-advisor. The portfolio management team invests in a diversified selection of primarily Canadian government, and investment-grade Canadian corporate debt securities. INVESTORS REAL PROPERTY FUND MANDATE (10% WEIGHTING) The portfolio management team is currently making investment decisions concerning this Mandate without the assistance of an investment sub-advisor. To achieve the objectives of the Pool under this Mandate, the portfolio management team intends to expose the assets of the Pool allocated to this Mandate to the performance of the Investors Real Property Fund through direct investment in the Investors Real Property Fund, which is also managed by the portfolio management team. The Pool has received regulatory approval to invest in the Investors Real Property Fund. 10% of the assets of the Pool is allocated to this Mandate, subject to a permitted variation of up to 2.5% higher or lower to account for market fluctuations. The Pool s investment in the Investors Real Property Fund is passively managed, meaning that its investment in the Investors Real Property Fund will not vary by more than 2.5%, up or down from the Mandate Weighting shown above, in response to market fluctuations. Generally speaking, it is the Pool s intention that its investment in foreign securities will range from 0% to 30% of its assets, but the Pool may invest up to 50% of its assets in foreign securities from time to time. Risk The overall level of risk of investing in the Pool remains as discussed in the Prospectus, and is not expected to have significantly increased or decreased as a result of operations during the period. Accordingly, the Pool also remains suitable for the same investors as discussed in the Prospectus. GLOBAL BOND MANDATE (23% WEIGHTING) The sub-advisor is Baring International Investment Limited. The sub-advisor invests primarily in a diversified selection of global government and corporate debt securities (excluding Canadian government and Canadian corporate debt securities). HIGH YIELD BOND MANDATE (24% WEIGHTING) The portfolio management team is currently making investment decisions concerning this Mandate without the assistance of an investment sub-advisor. The portfolio management team invests primarily in a diversified selection of high-yielding North American debt securities. The portfolio management team intends to invest a portion (but not any fixed percentage) of the assets of the Pool allocated to this Mandate in the IG Putnam U.S. High Yield Income Fund, which is also managed by the portfolio management team.

3 Results of Operations CHANGES IN NET ASSETS The Pool s net assets increased by 65.9% during the period to $365.8 million. This change was comprised primarily of gains of $21.5 million from investment operations and an increase of $123.8 million due to net securityholder subscriptions. This level of securityholder activity relative to net assets is unusual, but the Manager does not believe that net securityholder activity had a significant impact on the Pool s performance. FEES AND EXPENSES The management expense ratios (MERs) for all series are generally similar to the MERs for the 12-month period ended March 31, Total expenses paid vary period to period mainly as a result of changes in average assets in each series. Average net assets of the Pool for the period were $280.0 million, an increase of 54.1% compared to the period ended March 31, INVESTMENT PERFORMANCE In accordance with National Instrument , the following comparison to broad-based indices has been included to help you understand the Pool s performance relative to the general performance of the markets, but the portfolio management team cautions that the Pool s mandate may be different from the indices shown. For a description of the indices, see Annual Compound Returns. Also, investors cannot invest in an index without incurring fees and expenses, which are not reflected in the index returns. For the returns of all series and for longer-term performance of the Pool, see the Past Performance section of this report. Performance will vary by series primarily because fees and expenses may differ between series, or because securities of a series were not issued and outstanding for the entire reporting period. See Series Information for the annual expense rates for each series. For the year ended March 31, 2015, the Series I securities returned 7.5% (after deducting fees and expenses paid by the Pool). In comparison, the FTSE TMX Canada Universe Bond Index returned 10.3% and the Citigroup World BIG Index $ CAD returned 10.3%. The Canadian bond component of the Pool underperformed the FTSE TMX Canada Universe Bond Index. The Pool was negatively affected by below-index exposure to long-term bonds, which generally outperformed bonds of other maturities. The Pool s Canadian high-yield bond component underperformed the FTSE TMX Canada Universe Bond Index. High-yield bonds generally underperformed the broader index and the Pool was generally composed of lower-than-index exposure to long-term bonds, which produced higher returns than bonds of shorter maturities. The global fixed-income component slightly outperformed the Citigroup World BIG Index $ CAD. Currency strategy was the principal source of relative outperformance. As the U.S. dollar rose against major currencies, an overweight position relative to the index in U.S. dollar-denominated investments helped performance. In the property sector, Pool investments underperformed the FTSE TMX Canada Universe Bond Index as returns from real estate investments generally underperformed other fixed-income investments. This portion of the Pool continued to provide stable distributions of rental income. Recent Developments (BASED ON INFORMATION AS AT APRIL 24, 2015) Canada s bond market advanced over the period as yields fell and bond prices rose. A surprise rate cut by the Bank of Canada in January in response to a sharp drop in oil prices late in 2014 drove yields lower as the market adjusted to lower growth and inflation expectations. Additional actions by other central banks globally to force bond yields lower to combat disappointing global economic growth also contributed to positive returns. Government and corporate bonds both gained, with the best returns coming from long-term bonds. Global bond markets advanced. Mixed economic data, low inflation and accommodative central bank monetary policy kept yields low and supported prices. Yields in some countries fell to record lows. Toward the end of the period, the European Central Bank initiated a massive bondbuying program to stimulate the economy and battle deflation. This pushed European yields lower and put pressure on global yields. Prices for quality institutional grade commercial real estate in Canada remained high, and the portfolio management team expects this to continue. Other Developments UPCOMING MERGER Investors Group proposes to merge Investors Capital Yield Class Series I into this Pool on or about May 15, Aside from increasing the size of the Pool, the merger is not a material transaction for the Pool. INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Effective April 1, 2014, the Pool adopted IFRS as its basis of accounting as required by the Canadian Accounting Standards Board (AcSB). Previously, the Pool prepared its financial statements in accordance with Canadian generally accepted accounting principles as defined in Part V of the Chartered Professional Accountant (CPA) Handbook (Canadian GAAP). The financial statements for the period ended March 31, 2015, including comparative information, are the first annual financial statements prepared on an IFRS basis. The impact of the change from Canadian GAAP to IFRS has been applied retrospectively and is disclosed in the notes to the financial statements. Key changes to the financial statements as a result of the implementation of IFRS are: Statement of Financial Position replaces the Statement of Net Assets: - For financial reporting purposes, generally the Pool now values its exchange-traded investments at closing price, which is determined to be the price within the bid/ask range that represents the best estimate of fair value. This eliminates the difference under Canadian GAAP between net assets and net asset value as at the financial statement reporting dates. - The Pool s issued and redeemable securities have been classified as a financial liability. Statement of Comprehensive Income replaces the Statement of Operations. Statement of Changes in Financial Position replaces the Statement of Changes in Net Assets. The Pool now presents a Statement of Cash Flows. Other notable changes to the financial statements include reclassification of certain balances, changes to the format of the financial statements, and additional or enhanced information in the notes to the financial statements, including a detailed note and reconciliation on the Pool s transition from Canadian GAAP to IFRS.

4 Related Party Transactions I.G. Investment Management, Ltd. is the Manager, Trustee and Portfolio Advisor of the Pool. The Pool is offered through the Consultants of Investors Group Financial Services Inc. and Investors Group Securities Inc., together referred to as the Distributors. The Manager, Portfolio Advisor, Distributors and Trustee are, indirectly, wholly owned subsidiaries of IGM Financial Inc. The following sub-advisor has been retained to provide investment services to the Pool: Baring International Investment Limited. The Pool paid a pool advisory fee to the Portfolio Advisor for investment management and portfolio advisory services (see Management Fees). The Pool also paid the Manager an administration fee for administrative services. The Trustee is responsible for the overall direction and management of the affairs of the Pool. The Pool paid the Trustee a fee for its services. See Series Information for the annual rates paid by each series (as a percent of average net assets) for these fees. As at March 31, 2015, the Pool has investments in other Investors Group funds. These investments are in accordance with standing instructions approved by the Investors Group Funds Independent Review Committee. No commissions or other transaction fees were paid by the Pool in relation to these holdings. Please see Summary of Investment Portfolio below, for more details. IGM Financial Inc. is a subsidiary of Power Financial Corporation and Power Corporation of Canada. Power Financial Corporation also owns a majority of Great-West Lifeco Inc. and its related companies and, therefore, those companies are considered affiliates of the Manager. As at March 31, 2015, the Pool held bonds issued by Power Corporation of Canada valued at $1.0 million. This investment is in accordance with standing instructions approved by the Investors Group Funds Independent Review Committee and represents 0.3% of the Pool s net assets. Management Fees The Pool pays Investors Group a pool advisory fee. The fee paid by each series is calculated as a percentage of the net asset value of the series as of the close of business on each business day (see Series Information for rates payable by each series). Fees were used to pay costs incurred in providing investment management services. Securityholders in the iprofile Program also pay a program advisory fee directly to Investors Group. This fee is not included in the Pool s expenses. Distribution-related services, including the cost of financial planning services, Consultant commissions and bonuses, marketing and other promotional activities and educational conferences, were paid for by Investors Group out of the program advisory fee and other revenue sources.

5 Summary of Investment Portfolio AT MARCH 31, 2015 The largest holdings of the Pool (up to 25) at the end of the period, and the major asset classes in which the Pool was invested, are indicated below. The Pool held no short positions at the end of the period. This summary of investment portfolio may change due to ongoing portfolio transactions. The Pool s summary of investment portfolio will be updated as at the end of the next quarter. Please see the front page for information about how it can be obtained. Summary of Top 25 Holdings % of net asset value Investors Real Property Fund Series P 9.4 IG Putnam U.S. High Yield Income Fund Series P 9.0 Cash and cash equivalents 2.1 Canada Housing Trust No % Government of Canada 2.25% Province of Quebec 6.25% United States Treasury 4.50% Province of Ontario 4.00% Bank of Montreal 2.84% City of Montreal 3.50% Province of Ontario 3.15% United States Treasury Note/Bond 2.75% Province of Ontario 5.85% United States Treasury Note/Bond 2.625% Government of Mexico 8.00% United States Treasury Note/Bond 4.25% United Kingdom Treasury 2.00% Government of Canada 1.75% Rogers Communications Inc. 6.68% Bonos y Oblig Del Estado 3.80% TD Capital Trust IV 9.523% Perpetual ) Callable Aimia Inc. 5.60% Callable 0.7 OPB Finance Trust 3.89% Province of Quebec 9.375% Home Trust Co. 2.35% Summary of Composition of the Portfolio BY ASSET TYPE % of net asset value Fixed Income 78.8 Mutual Funds 18.4 Equities Cash and cash equivalents 2.1 Other net assets (liabilities) 0.2 Total FIXED INCOME BY CURRENCY Canadian dollars 55.3 United States dollars 9.3 Euro 5.2 United Kingdom pounds 2.8 Japanese yen 2.5 Other BY SECTOR Corporate 35.8 Foreign Governments 22.1 Provincial Governments 10.5 Federal Government 7.0 Municipal Governments 2.5 Mortgage Backed 0.6 Supranational Series Information AT MARCH 31, 2015 Inception Pool advisory Administration Trustee Series date 1 fee (%) fee (%) fee (%) Series I n/a 0.25 up to Series Ti 03/01/ up to Inception dates of the series are shown if within the Financial years detailed in Past Performance.

6 Past Performance It is important to remember that past performance doesn t necessarily indicate future performance. The returns presented below: assume that all distributions, except for fee rebates, are reinvested into the Pool; do not include sales charges, income taxes, optional expenses or advisory fees payable directly by securityholders in certain series, that reduce returns; show performance based on Canadian dollar returns; and show performance for each of the past 10 financial years, or since the series started. Financial years are as follows: to 2008 nths ended September six months ended March to 2015 nths ended March 31 Inception dates of the series within these periods are shown in Series Information. Performance during these periods may have been impacted by the following events: In December 2005, the Pool s assets were reallocated to permit the Pool s investment in the Investors Real Property Fund mandate. Year-by-Year Returns These bar charts show how much an investment in securities made on the first day of each financial year would have increased or decreased by the end of the respective period. For the first year of a series, the percentage shown will be the actual return of the series from its inception date. The charts illustrate how the Pool s performance has changed over time. SERIES I SERIES Ti % mo % mo. Annual Compound Returns The following table compares the historical annual compound returns for each series with the index (or indices) shown below, for the periods shown ending March 31, For a discussion of the Pool s recent performance relative to the index (or indices), see Results of Operations. Since (%) 1 yr 3 yrs 5 yrs 10 yrs inception Series I n/a Series Ti 7.5 n/a n/a n/a 5.7 FTSE TMX Canada Universe Bond Index Citigroup WorldBIG Index $ CAD The annual compound return since inception for the index presented in the table corresponds to Series Ti. The FTSE TMX Canada Universe Bond Total Return Index is designed to be a broad measure of the Canadian investmentgrade fixed income market weighted by market cap. The World Broad Investment-Grade Bond (WorldBIG) Total Return Index $ CAD is a multi-asset, multi-currency benchmark which provides a broad-based measure of the global fixed income markets and includes government, governmentsponsored/supranational, collateralized, and corporate debt.

7 Financial Highlights The following tables show selected key financial information about the Pool and are intended to help you understand the Pool s financial performance for up to the past five financial years. Footnotes are presented after Ratios and Supplemental Data. Net Assets per Security 1 SERIES I 6 mo Sep. 30 (in $) Net assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses (0.08) (0.07) (0.07) (0.07) (0.07) Realized gains (losses) for the period Unrealized gains (losses) for the period Total increase (decrease) from operations Distributions: From net investment income (excluding dividends) (0.35) (0.34) (0.37) (0.39) (0.41) From dividends - (0.01) (0.01) - - From capital gains (0.03) Return of capital Total annual distributions (0.35) (0.35) (0.38) (0.39) (0.44) Net assets at period end mo SERIES Ti TI Sep. 30 (in $) Net assets, beginning of period n/a n/a Increase (decrease) from operations: Total revenue n/a n/a 3 Total expenses (0.06) (0.06) (0.01) n/a n/a Realized gains (losses) for the period n/a n/a Unrealized gains (losses) for the period (0.02) n/a n/a 4 Total increase (decrease) from operations n/a n/a Distributions: From net investment income (excluding dividends) (0.35) (0.19) (0.03) n/a n/a From dividends n/a n/a From capital gains n/a n/a Return of capital (0.01) (0.17) - n/a n/a 5 Total annual distributions (0.36) (0.36) (0.03) n/a n/a Net assets at period end n/a n/a

8 Ratios and Supplemental Data SERIES I 6 mo Sep Total net asset value (pricing NAV) ($000 s) 351, , , , ,485 Number of securities outstanding (000 s) 28,997 18,358 13,415 12,900 12,118 6 Management expense ratio (%) Management expense ratio before waivers or absorptions (%) Trading expense ratio (%) Portfolio turnover rate (%) Net asset value per security (pricing NAV) ($) SERIES Ti TI 6 mo Sep Total net asset value (pricing NAV) ($000 s) 13,844 7,051 1 n/a n/a Number of securities outstanding (000 s) 1, n/a n/a 6 Management expense ratio (%) n/a n/a Management expense ratio before waivers or absorptions (%) n/a n/a 7 Trading expense ratio (%) n/a n/a 8 Portfolio turnover rate (%) n/a n/a 2 Net asset value per security (pricing NAV) ($) n/a n/a 1 These calculations are prescribed by securities regulations and are not intended to be a reconciliation between opening and closing net assets per security. This information is derived from the Pool s audited annual financial statements. The financial information presented for the periods ended March 31, 2015 and 2014 is determined in accordance with IFRS. Information for periods prior to April 1, 2013 is derived from financial statements prepared in accordance with Canadian GAAP. 2 Prior to April 1, 2013, the net assets per security presented in the financial statements may be different from the net asset value calculated for Pool pricing purposes. This difference was due to the requirements of Canadian GAAP which may have resulted in a different valuation of investments held by the Pool in accordance with Canadian GAAP than the market value used to determine net asset value of the Pool for the purchase and redemption of the Pool s securities (pricing NAV). The pricing NAV per security at the end of the period is disclosed in Ratios and Supplemental Data. 3 Effective April 1, 2013, commissions and other portfolio transaction costs are included in total expenses. Prior to April 1, 2013, these costs were reported within realized and unrealized gains (losses) for the period for the purposes of these tables. 4 Net asset value and distributions are based on the actual number of securities outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of securities outstanding over the financial period. In the period a series is established, the financial information is provided from the date of inception to the end of the period. 5 Distributions were paid in cash, reinvested in additional securities of the Pool, or both. 6 Management expense ratio (MER) is based on total expenses, excluding commissions and other portfolio transaction costs, for the stated period and is expressed as an annualized percentage of daily average net assets during the period, except as noted. In the period a series is established, the MER is annualized from the date of inception to the end of the period. Where a Pool directly or indirectly via derivative contract invests in securities of an Underlying Fund, the MERs presented for the Pool include the portion of MERs of the Underlying Fund(s) attributable to this investment. Correspondingly, the MERs presented for the Pool exclude any management or other fees that are waived as a result of its investment in the Underlying Fund(s). Certain expenses that are non-recurring and/or otherwise uncertain as to their future timing and amount have not been annualized. 7 The trading expense ratio (TER) represents total commissions and other portfolio transaction costs incurred as an annualized percentage of daily average net assets during the period. Where a Pool invests in securities of an Underlying Fund, the TERs presented for the Pool include the portion of TERs of the Underlying Fund(s) attributable to this investment. 8 The Pool s portfolio turnover rate indicates how actively the Pool s Portfolio Advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Pool buying and selling all of the securities in its portfolio once in the course of the period. Generally, the higher a Pool s portfolio turnover rate in a period, the greater the trading costs payable by the Pool in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of a Pool. Transactions incurred to realign the Pool s portfolio after a fund merger, if any, are excluded from the portfolio turnover rate.