INSTITUTIONAL CANADIAN EQUITY PORTFOLIO

SUMMARY OF INVESTMENT PORTFOLIO As at March 31, 2021 The Summary of Investment Portfolio may change due to ongoing portfolio transactions. Updates are available quarterly on our website at www.dynamic.ca 60 days after quarter end, except for June 30, which is the fiscal year end, when they are available after 90 days.

The total net asset value of the Fund as at March 31, 2021 was $105,544,000.

Percentage of net Percentage of net By Asset Type asset value † Top 25 Holdings asset value † Equities 98.0 Canadian National Railway Company 4.0 Cash and Short Term Instruments (Bank Overdraft) 1.7 -Dominion Bank (The) 3.9 Underlying Funds 0.2 Brookfield Asset Management Inc., Class "A" 3.8 Other Net Assets (Liabilities) 0.1 Intact Financial Corporation 3.6 Bank of Nova Scotia (The) 3.1 Royal Bank of 2.9 Percentage of net CCL Industries Inc., Class "B" 2.7 By Country / Region (1) asset value † Inc. 2.7 Canada 84.8 Limited 2.4 United States 13.4 Alimentation Couche-Tard Inc., Class "B", Subordinated Voting 2.3 Cash and Short Term Instruments (Bank Overdraft) 1.7 Microsoft Corporation 2.1

CGI Inc. 1.9 Percentage of net Ltd. 1.7 By Industry (1)(2) asset value † Cash and Short Term Instruments (Bank Overdraft) 1.7 Financials 25.6 Toromont Industries Ltd. 1.6 Industrials 17.4 1.6 Information Technology 12.2 Open Text Corporation 1.5 Consumer Staples 7.6 Inc. 1.5 Consumer Discretionary 7.1 Waste Connections, Inc. 1.5 Energy 6.4 Restaurant Brands International Inc. 1.4 Materials 6.0 Financial Corporation 1.4 Health Care 4.6 Fortis Inc. 1.4 Utilities 4.3 Alphabet Inc., Class "C" 1.3 Communication Services 4.3 Descartes Systems Group Inc. (The) 1.2 Real Estate 2.7 TC Energy Corporation 1.2 Cash and Short Term Instruments (Bank Overdraft) 1.7

(1) Excludes other net assets (liabilities) and derivatives. (2) Excludes bonds and debentures. † This refers to transactional net asset value.

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