Investors North American Equity Fund

IG MACKENZIE NORTH AMERICAN EQUITY FUND

Annual Management Report of Fund Performance

For the Year Ended March 31, 2023

This Annual Management Report of Fund Performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You may obtain a copy of the annual financial statements, at no cost, by calling 1-888-746-6344 (1-800-661-4578 if you live in Quebec) or by writing to us at 447 Portage Avenue, Winnipeg, Manitoba, R3B 3H5 (2001, boulevard Robert-Bourassa, bureau 2000, Montreal (Quebec), H3A 2A6 if you live in Quebec), or by visiting the SEDAR website at . Securityholders may also contact us using one of these methods to request a copy of the investment fund's interim financial report, proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure. For more information, please refer to the Fund's Simplified Prospectus, Annual Information Form and Fund Facts, which may also be obtained, at no cost, using any of the methods outlined above. For the Fund's current net asset values per security and for more recent information on general market events, please visit our website at ig.ca. References to "Consultant" or "Consultants" mean "Representative" or "Representatives" in Quebec. A NOTE ON FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements that reflect our current expectations or forecasts of future events. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", "preliminary", "typical" and other similar expressions. In addition, these statements may relate to future corporate actions, future financial performance of a fund or a security and their future investment strategies and prospects. Forwardlooking statements are inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual events, results, performance or prospects to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, the volatility of global equity and capital markets, business competition, technological change, changes in government regulations, changes in securities laws and regulations, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, outbreaks of disease or pandemics (such as COVID-19), and the ability of manager to attract or retain key employees. The foregoing list of important risks, uncertainties and assumptions is not exhaustive. Please consider these and other factors carefully and do not place undue reliance on forward-looking statements. The forward-looking information contained in this report is current only as of the date of this report. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

? Copyright Investors Group Inc. 2023 TM Trademarks, including IG Wealth Management, are owned by

IGM Financial Inc. and licensed to its subsidiary corporations.

IG MACKENZIE NORTH AMERICAN EQUITY FUND

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE | For the Year Ended March 31, 2023

Management Discussion of Fund Performance

June 2, 2023

This Management Discussion of Fund Performance presents the portfolio management team's view on the significant factors and developments that have affected the Fund's performance and outlook in the year ended March 31, 2023 (the "period"). If the Fund was established during the period, "period" represents the period since inception.

In this report, "IGIM" and "the Manager" refer to I.G. Investment Management, Ltd., the manager of the Fund. In addition, net asset value ("NAV") refers to the value of the Fund as calculated for transaction purposes, on which the discussion of Fund performance is based.

Please read A Note on Forward-Looking Statements on the first page of this document.

Investment Objective and Strategies

The Fund aims to provide long-term capital growth by investing primarily in the common shares of North American companies diversified by industry and geography.

Risk

The risks of the Fund remain as discussed in the Fund's Simplified Prospectus.

The Fund is suitable for long-term investors looking for capital growth who have a medium tolerance for risk.

Results of Operations

Investment Performance

In accordance with National Instrument 81-106, the following comparison to one or more market indices has been included to help you understand the Fund's performance relative to the general performance of the markets. However, the portfolio management team cautions that the Fund's mandate may be different from the index or indices shown. For a description of the index or indices, see Annual Compound Returns. Also, it is important to note that investors cannot invest in an index. Indirect investments in an index are available; however, there are fees and transaction costs and other variables that will impact returns when investing in these products. Index returns included in the comparison below do not reflect these costs and variables. In addition, unlike the index, the Fund may be subject to valuation adjustments as the result of non-North American equities held by the Underlying Funds in which the Fund invests, as outlined in the Underlying Funds' valuation policies. A fair value adjustment can either positively or negatively impact the Fund's rate of return.

For the returns of all series and for longer-term performance of the Fund, 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, 2023, the Series F (formerly Series U) securities returned ?2.0% (after deducting fees and expenses paid by the Fund). In comparison, the S&P/TSX Composite Index (Canadian index) returned ?5.2% and the S&P 500 Index (U.S. index) returned ?0.1%.

Canadian and U.S. equities fell over the period, driven lower by rising interest rates, volatile commodity prices and forecasts of economic weakness. Employment remained strong and high inflation persisted. In response, the U.S. Federal Reserve and the Bank of Canada raised their policy rates significantly. Energy prices were relatively high, bolstered by the Russia-Ukraine war. In Canada, resilient consumer spending supported consumer discretionary and consumer staples stocks. In the United States, large-capitalization value stocks outperformed growth stocks as bond yields rose.

Within the S&P/TSX Composite Index, consumer staples, consumer discretionary and industrials were the strongest sectors, while health care, real estate and financials were the weakest.

Within the S&P 500 Index, energy, consumer staples and industrials were the strongest sectors in Canadian dollar terms, while real estate, consumer discretionary and communication services were the weakest.

The Canadian portion of the Fund outperformed the Canadian index, with an overweight position and stock selection in the industrials sector and stock selection in the financials sector contributing to performance.

The U.S. portion of the Fund underperformed the U.S. index, with stock selection in the energy and health care sectors detracting from performance. An underweight position and stock selection in the consumer discretionary sector contributed to performance in the U.S. portion of the Fund.

Net Assets

The Fund's net assets decreased by 13.2% during the period to $1.7 billion. This change was composed primarily of $59.0 million in net losses (including any interest and/or dividend income) from investment performance, after deducting fees and expenses, and a decrease of $205.7 million due to net securityholder activity (including sales, redemptions and cash distributions).

Fees and Expenses

The management expense ratio ("MER") for each series during the year ended March 31, 2023, was generally similar to the MER for the year ended March 31, 2022. Total expenses paid vary from period to period mainly as a result of changes in average assets in each series. The MERs for all series are presented in the Financial Highlights section of this report.

Recent Developments

Late in the period, global economic growth picked up, supported by a warm winter in Europe and the end of China's "zero-COVID-19" policy. The portfolio management team responsible for asset allocation decisions for the Fund expects that over the coming months, the U.S. economy will continue overheating and the global macroeconomic environment will remain one of high inflation and resilient growth. The team believes China's reopening, if successful, will both keep global inflation elevated and support the global economy. At period-end, improving Purchasing Managers' Index and transportation data suggested the Chinese economy was strengthening slowly but surely.

The team believes that as a result of the March banking crisis, the U.S. Federal Reserve will be more hesitant to aggressively raise interest rates to bring inflation down. In Canada, if inflation remains above 2%, strong employment continues and the housing market responds to the pause in the Bank of Canada's cycle of interest rate increases, the team does not expect lower rates despite market expectations for cuts in summer 2023.

IG MACKENZIE NORTH AMERICAN EQUITY FUND

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE | For the Year Ended March 31, 2023

Other Developments

On February 16, 2023, the IG Wealth Management Funds Independent Review Committee approved a proposal to wind up Investors Group Corporate Class Inc. because it is in a taxable position. As a result of this wind-up, IG Mackenzie North American Equity Class, IG Mackenzie North American Equity Class II, IG Mackenzie North American Equity Class III, IG Mackenzie North American Equity Class IV and IG Mackenzie North American Equity Class V merged into the Fund, which has a substantially similar investment objective and is managed by the same subadvisor. These mergers took place on a tax-deferred basis on May 19, 2023. As the Terminating Funds invested all of their net assets in Series P of the Fund prior to the merger, the merger was effected by exchanging these Series P securities for other securities of the Fund at fair market value, effectively resulting in no change to the net assets of the Fund. All costs and expenses associated with the merger were borne by the Manager. The Manager does not consider these mergers to be a material change for the Fund's investors.

Effective March 31, 2023, KPMG LLP was appointed as the auditor of the Fund.

Related Party Transactions

I.G. Investment Management, Ltd. is the Manager, Trustee and Portfolio Advisor of the Fund. The Fund 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 provided investment services to the Fund:

? Mackenzie Financial Corporation

Mackenzie Financial Corporation is a wholly owned subsidiary of IGM Financial Inc.

The Fund paid a management fee to the Manager and Portfolio Advisor for management and portfolio advisory services (see Management Fees).

The Fund also paid the Manager an administration fee and in exchange the Manager paid the operating costs and expenses of the Fund, except for certain specified costs.

The Fund paid the Distributors a service fee as compensation for providing or arranging for the provision of services to the Fund, including the issue or allotment of securities. A portion of the service fee for Series C is rebated by the Distributors to the Fund, for distribution to Series C securityholders quarterly, as outlined in the Prospectus.

The Trustee is responsible for the overall direction of the affairs of the Fund. The Fund paid the Trustee a fee for its services.

See Series Information for the annual rates paid by each series (as a percentage of average net assets) for these fees.

Securityholders in Series F (formerly Series U) also pay an advisory fee directly to the Distributors. This fee is not included in the Fund's expenses.

During the period, the Fund invested in other funds also managed by the Manager or affiliates of the Manager. At March 31, 2023, the Fund had $119.9 million (6.9% of the Fund's NAV) invested in underlying funds managed by Mackenzie. The Manager relied on standing instructions approved by the IG Wealth Management Funds Independent Review Committee for the execution of all such transactions.

Investment, if any, in unlisted open-ended funds managed by the Manager and/or affiliates of the Manager will be in series that do not pay fees. The exchange-traded funds (ETFs) into which the Fund may invest may have their own fees and expenses which reduce the value of the ETF. Generally, the Manager has determined that fees paid by an ETF are not duplicative with the fees paid by the Fund. However, where the ETF is managed by Mackenzie Financial Corporation, the ETF may distribute a fee rebate to the Fund to offset fees paid within the ETF.

IGM Financial Inc. is a subsidiary of Power Corporation of Canada. Companies related to Power Corporation of Canada are therefore considered affiliates of the Manager. As at March 31, 2023, the Fund held the following investments in companies affiliated with the Manager: common shares of Power Corporation of Canada valued at $11,278,553. The Manager relied on the standing instructions approved by the IG Wealth Management Funds Independent Review Committee for investment in related issuers. This investment represented 0.7% of the Fund's net assets.

Certain other investment funds, distributed by IG Wealth Management, and other qualified investors may invest in Series P or S of this Fund. As at March 31, 2023, these series comprised approximately 12.7% of the Fund's net assets. The Manager relied on standing instructions approved by the IG Wealth Management Funds Independent Review Committee for the execution of all such transactions, which are based on the net asset value per security determined in accordance with the stated policies of the Fund on each transaction day. Investments by other investment funds in the Fund increase the risk of large redemption or purchase orders, which could result in larger than normal cash positions in the Fund for short periods of time. This could have an impact on the Fund's operations. However, the Manager uses various strategies to minimize the potential dilutive impact associated with large cash positions. These strategies may include transferring securities in-kind where possible, utilizing ETFs to maintain market exposure in lieu of cash and spreading transactions in smaller increments over a period of time.

The Manager relied on an approval issued by the IG Wealth Management Funds Independent Review Committee to proceed with the mergers of IG Mackenzie North American Equity Class, IG Mackenzie North American Equity Class II, IG Mackenzie North American Equity Class III, IG Mackenzie North American Equity Class IV and IG Mackenzie North American Equity Class V into the Fund on May 19, 2023.

The Manager relied on an approval provided by the IG Wealth Management Funds' Independent Review Committee to appoint KPMG LLP as the auditor of the Fund, effective March 31, 2023.

Past Performance

The Fund's past performance information is presented in the following charts and table. It assumes all distributions made by the Fund in the periods presented are reinvested in additional securities of the relevant series of the Fund. The charts and table do not take into account sales, redemption, distribution or optional charges, or income taxes payable by any investor that would have reduced returns. The past performance of the Fund is not necessarily an indication of how it will perform in the future.

If you hold this Fund outside of a registered plan, income and capital gains distributions paid to you increase your income for tax purposes whether paid to you in cash or reinvested in additional securities of the Fund. The amount of reinvested taxable distributions is added to the adjusted cost base of the securities that you own. This would decrease your capital gain or increase your capital loss when you later redeem from the Fund, thereby ensuring that you are not taxed on this amount again. Please consult your tax advisor regarding your personal tax situation.

3300%% 19.7 1155%%

1144..22

2200..99 22..99 55..44

00%%

??1155%%

??22..55

IG MACKENZIE NORTH AMERICAN EQUITY FUND??3300%%

??1111..66

1144..88 ??22..00

Mar-14 MMaarr--1155 MMaarr--1166 MMaarr--1177 MMaarr--1188 MMaarr--1199 MMaarr--2200 MMaarr--2211 MMaarr--2222 MMaarr--2233

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE | For the Year Ended March 31, 2023

Year-by-Year Returns

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

SSeerriieess AA

7755%%

6600%%

4455%% 3300%%

2277..11

1155%%

1122..77

00%%

1199..22 11..44 33..99

4400..55 1133..00

??1155%%

??33..99

??3300%%

??1133..00

??33..55

MMaarr--1144 MMaarr--1155 MMaarr--1166 MMaarr--1177 MMaarr--1188 MMaarr--1199 MMaarr--2200 MMaarr--2211 MMaarr--2222 MMaarr--2233

SSeerriieess BB

75%

60%

45% 30%

2277..00

15%

1122..66

0%

19.1 11..44 33..88

4400..55 1133..00

?15%

?4.0

?30%

??1133..00

??33..55

MMaarr--1144 MMaarr--1155 Mar-16 Mar-17 MMaarr--1188 MMaarr--1199 MMaarr--2200 MMaarr--2211 MMaarr--2222 MMaarr--2233

SSeerriieess CC

7755%%

6600%%

4455%% 3300%%

2266..66

1155%%

1122..22

00%%

1188..88 11..00 33..55

4400..00 1122..66

??1155%%

??44..22

??3300%%

??1133..33

??33..88

MMaarr--1144 MMaarr--1155 MMaarr--1166 MMaarr--1177 MMaarr--1188 MMaarr--1199 MMaarr--2200 MMaarr--2211 MMaarr--2222 MMaarr--2233

SSeerriieess FF ((ffoorrmmeerrllyy SSeerriieess UU))

7755%%

6600%% 4455%%

4422..77

3300%% 1199..77 1155%%

1144..22

2200..99 22..99 55..44

1144..88

00%%

??1155%%

??22..55

??3300%%

??1111..66

??22..00

MMaarr--1144 MMaarr--1155 MMaarr--1166 MMaarr--1177 MMaarr--1188 MMaarr--1199 MMaarr--2200 MMaarr--2211 MMaarr--2222 MMaarr--2233

SSeerriieess JJ DDSSCC

7755%%

6600%%

4455%% 3300%%

2277..44

1155%%

1133..00

00%%

1199..66 11..66 44..11

4400..99 1133..33

??1155%%

??33..66

??3300%%

??1122..77

??33..22

MMaarr--1144 MMaarr--1155 MMaarr--1166 MMaarr--1177 MMaarr--1188 MMaarr--1199 MMaarr--2200 MMaarr--2211 MMaarr--2222 MMaarr--2233

SSeerriieess JJ NNLL

7755%%

6600%%

4455%% 3300%%

2277..33

1155%%

1122..88

00%%

1199..44 11..66 44..11

4400..99 1133..33

??1155%%

??33..77

??3300%%

??1122..77

??33..33

MMaarr--1144 MMaarr--1155 MMaarr--1166 MMaarr--1177 MMaarr--1188 MMaarr--1199 MMaarr--2200 MMaarr--2211 MMaarr--2222 MMaarr--2233

SSeerriieess PP

7755%%

6600%%

4455%% 3300%%

2277..55

1155%%

1155..66

2222..33 44..00 66..55

4444..22 1166..00

00%%

??1155%%

??11..44

??3300%%

??1100..77

??11..00

MMaarr--1144 MMaarr--1155 MMaarr--1166 MMaarr--1177 MMaarr--1188 MMaarr--1199 MMaarr--2200 MMaarr--2211 MMaarr--2222 MMaarr--2233

SSeerriieess SS

7755%% 6600%% 4455%% 3300%% 1155%% 00%% ??1155%% ??3300%%

4411..44

33..44

1133..88

??1122..44

??22..99

MMaarr--1199 MMaarr--2200 MMaarr--2211 MMaarr--2222 MMaarr--2233

SSeerriieess JJ DDSSCC

IG MACKENZIE NORTH AMERICAN EQUITY FUND

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE | For the Year Ended March 31, 2023

Annual Compound Returns

The following table compares the historical annual compound total returns for each series of the Fund with the relevant index or indices shown below for each of the periods ended March 31, 2023. Investors cannot invest in an index without incurring fees, expenses and commissions, which are not reflected in these performance figures.

All index returns are calculated in Canadian dollars on a total return basis, meaning that all dividend payments, interest income accruals and interest payments are reinvested.

(%)

Series A Series B Series C Series F (formerly Series U) Series J DSC Series J NL Series P Series S

1 3 5 10 Since Yr Yr Yr Yr Inception

?3.5 15.3 6.7 8.7

n/a

?3.5 15.3 6.7 8.7

n/a

?3.8 14.9 6.4 8.3

n/a

?2.0 17.1 8.4 n/a

9.8

?3.2 15.6 7.0 9.0

n/a

?3.3 15.6 7.0 8.9

n/a

?1.0 18.3 9.5 n/a

11.5

?2.9 16.1 n/a n/a

8.8

S&P/TSX Composite Index S&P 500 Index

?5.2 18.0 8.8 7.9 ?0.1 17.0 12.3 15.5

Note 1 Note 2

The S&P/TSX Composite Index is a capitalization weighted index that represents some of the largest float adjusted stocks trading on the Toronto Stock Exchange.

The S&P 500 Index is a market capitalization weighted index of 500 widely held securities, designed to measure broad U.S. equity performance.

(1) The return of the S&P/TSX Composite Index since inception for each applicable series is as follows: Series F (formerly Series U) 8.2%, Series P 8.5%, Series S 9.6%.

(2) The return of the S&P 500 Index since inception for each applicable series is as follows: Series F (formerly Series U) 14.8%, Series P 15.4%, Series S 13.0%.

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