Investors U.S. Dividend Registered Fund

IG MACKENZIE U.S. DIVIDEND REGISTERED FUND

ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022

MANAGEMENT REPORT

Management's Responsibility for Financial Reporting The accompanying financial statements have been prepared by I.G. Investment Management, Ltd., as Manager of IG Mackenzie U.S. Dividend Registered Fund (the "Fund"). The Manager is responsible for the integrity, objectivity and reliability of the data presented. This responsibility includes selecting appropriate accounting principles and making judgments and estimates consistent with International Financial Reporting Standards. The Manager is also responsible for the development of internal controls over the financial reporting process, which are designed to provide reasonable assurance that relevant and reliable financial information is produced. The Board of Directors (the "Board") of I.G. Investment Management, Ltd. is responsible for reviewing and approving the financial statements and overseeing the Manager's performance of its financial reporting responsibilities. The Board meets regularly with the Manager, internal auditors and external auditors to discuss internal controls over the financial reporting process, auditing matters and financial reporting issues. Deloitte LLP is the external auditor of the Fund. It is appointed by the Board. The external auditor has audited the financial statements in accordance with Canadian generally accepted auditing standards to enable it to express to the securityholders its opinion on the financial statements. Its report is set out below. On behalf of I.G. Investment Management, Ltd., Manager of the Fund

June 2, 2022

Damon Murchison President and Chief Executive Officer

Terry Rountes Chief Financial Officer, Funds

INDEPENDENT AUDITOR'S REPORT

To the Securityholders of IG Mackenzie U.S. Dividend Registered Fund (the "Fund")

Opinion

We have audited the financial statements of the Fund, which comprise the statements of financial position as at March 31, 2022 and 2021, and the statements of comprehensive income, changes in financial position and cash flows for the periods then ended, and indicated in note 1, and notes to the financial statements, including a summary of significant accounting policies (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as at March 31, 2022 and 2021, and its financial performance and its cash flows for the periods then ended, as indicated in note 1, in accordance with International Financial Reporting Standards ("IFRS").

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards ("Canadian GAAS"). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

Management is responsible for the other information. The other information comprises the Management Report of Fund Performance.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained the Management Report of Fund Performance prior to the date of this auditor's report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor's report. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, 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.

? Copyright Investors Group Inc. 2022

TM Trademarks, including IG Wealth Management, are owned by IGM Financial Inc. and licensed to its subsidiary corporations.

IG MACKENZIE U.S. DIVIDEND REGISTERED FUND

ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022

INDEPENDENT AUDITOR'S REPORT (cont'd)

In preparing the financial statements, management is responsible for assessing the Fund's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Fund's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ? Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain

audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ? Obtain an understanding of internal control relevant to the audit 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 Fund's internal control. ? Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. ? Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Fund to cease to continue as a going concern. ? Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Professional Accountants Licensed Public Accountants Toronto, Ontario June 13, 2022

IG MACKENZIE U.S. DIVIDEND REGISTERED FUND

ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022

STATEMENTS OF FINANCIAL POSITION

at March 31 (in $ 000 except per security amounts)

ASSETS Current assets Investments at fair value Cash and cash equivalents Dividends receivable Accounts receivable for investments sold Accounts receivable for securities issued Taxes recoverable Total assets

LIABILITIES Current liabilities Accounts payable for investments purchased Accounts payable for securities redeemed Due to manager Total liabilities Net assets attributable to securityholders

2022

2021

$

$

58,758 434 38 1 ? 622

59,853

56,777 ? 36

438 ?

622 57,873

1 ? 2 3 59,850

263 ? 2

265 57,608

STATEMENTS OF COMPREHENSIVE INCOME for the periods ended March 31 (in $ 000 except per security amounts)

Income Dividends Interest income Other changes in fair value of investments and other net assets

Net realized gain (loss) Net unrealized gain (loss) Securities lending income Total income (loss)

Expenses (note 6) Management fees Management fee rebates Service fees Service fee rebates Administration fees Trustee fees Commissions and other portfolio transaction costs Independent Review Committee fees Other Expenses before amounts absorbed by Manager Expenses absorbed by Manager Net expenses Increase (decrease) in net assets attributable to securityholders from operations before tax Foreign withholding tax expense (recovery) Foreign income taxes paid (recovered) Increase (decrease) in net assets attributable to securityholders from operations

2022 $

819 327

4,372 961 3

6,482

653 (2) 72 (14) 99 33 15 ? 1

857 ?

857

5,625 ? ?

5,625

2021 $

1,246 271

4,247 16,928

5 22,697

1,179 (479) 221 (115) 124

41 32 ? 5 1,008 ? 1,008

21,689 ? ?

21,689

Series A Series B Series C Series J DSC Series J NL Series U

Net assets attributable to securityholders (note 3)

per security

per series

2022 2021

2022 2021

12.08 11.17

7,039 11,270

12.08 11.17

3,053 4,468

11.88 10.98

2,201 3,301

12.07 11.16

2,293 7,338

12.07 11.16

995 2,361

12.03 11.13

44,269 28,870

59,850 57,608

Series A Series B Series C Series J DSC Series J NL Series U

Increase (decrease) in net assets attributable to

securityholders from operations (note 3)

per security

per series

2022 2021

2022 2021

1.24

2.87

970 4,268

1.19

2.92

363 1,870

1.20

2.96

286 6,422

1.66

2.91

645 3,083

1.41

2.89

184

941

1.00

2.72

3,177 5,105

5,625 21,689

The accompanying notes are an integral part of these financial statements.

IG MACKENZIE U.S. DIVIDEND REGISTERED FUND

ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022

STATEMENTS OF CHANGES IN FINANCIAL POSITION for the periods ended March 31 (in $ 000 except per security amounts)

NET ASSETS ATTRIBUTABLE TO SECURITYHOLDERS Beginning of period Increase (decrease) in net assets from operations Distributions paid to securityholders:

Investment income Capital gains Management fee rebates Service fee rebates Total distributions paid to securityholders Security transactions: Proceeds from securities issued Reinvested distributions Payments on redemption of securities Total security transactions Increase (decrease) in net assets attributable to securityholders End of period

Increase (decrease) in fund securities (in thousands) (note 7): Securities outstanding, beginning of period Issued Reinvested distributions Redeemed Securities outstanding ? end of period

Total

2022

2021

57,608 5,625

72,304 21,689

(1,017) ? (2)

(14) (1,033)

(537) ?

(479) (115) (1,131)

18,620 1,029 (21,999) (2,350) 2,242 59,850

20,191 1,127 (56,572) (35,254) (14,696) 57,608

Series A

2022

2021

11,270 970

16,297 4,268

(47)

(34)

?

?

?

?

?

?

(47)

(34)

64 47 (5,265) (5,154) (4,231) 7,039

313 34 (9,608) (9,261) (5,027) 11,270

Securities

1,009 1,917

6

30

4

3

(436)

(941)

583 1,009

Series B

2022

2021

4,468 363

7,337 1,870

(19)

(14)

?

?

?

?

?

?

(19)

(14)

296 19 (2,074) (1,759) (1,415) 3,053

550 14 (5,289) (4,725) (2,869) 4,468

400

863

25

54

1

1

(173)

(518)

253

400

Series C

2022

2021

3,301 286

20,395 6,422

(4)

?

?

?

?

(477)

(14)

(115)

(18)

(592)

65 14 (1,447) (1,368) (1,100) 2,201

68 588 (23,580) (22,924) (17,094) 3,301

301 5 1

(122) 185

2,438 7 61

(2,205) 301

Series J DSC

2022

2021

7,338 645

11,923 3,083

(25)

(50)

?

?

(2)

(2)

?

?

(27)

(52)

91 27 (5,781) (5,663) (5,045) 2,293

195 52 (7,863) (7,616) (4,585) 7,338

658 1,404

7

18

2

5

(477)

(769)

190

658

NET ASSETS ATTRIBUTABLE TO SECURITYHOLDERS Beginning of period Increase (decrease) in net assets from operations Distributions paid to securityholders:

Investment income Capital gains Management fee rebates Service fee rebates Total distributions paid to securityholders Security transactions: Proceeds from securities issued Reinvested distributions Payments on redemption of securities Total security transactions Increase (decrease) in net assets attributable to securityholders End of period

Increase (decrease) in fund securities (in thousands) (note 7): Securities outstanding, beginning of period Issued Reinvested distributions Redeemed Securities outstanding ? end of period

Series J NL

2022

2021

2,361 184

3,533 941

(10)

(16)

?

?

?

?

?

?

(10)

(16)

128 10 (1,678) (1,540) (1,366) 995

169 16 (2,282) (2,097) (1,172) 2,361

Series U

2022

2021

28,870 3,177

12,819 5,105

(912)

(423)

?

?

?

?

?

?

(912)

(423)

17,976 912

(5,754) 13,134 15,399 44,269

18,896 423

(7,950) 11,369 16,051 28,870

Series X

2022

2021

212

416

10

16

1

2

(141)

(222)

82

212

2,595 1,493

72 (481) 3,679

1,513 1,824

40 (782) 2,595

Series X

2022

2021

Series X

2022

2021

The accompanying notes are an integral part of these financial statements.

IG MACKENZIE U.S. DIVIDEND REGISTERED FUND

ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022

STATEMENTS OF CASH FLOWS

for the periods ended March 31 (in $ 000)

Cash flows from operating activities Net increase (decrease) in net assets attributable to securityholders from operations Adjustments for:

Net realized loss (gain) on investments Change in net unrealized loss (gain) on investments Distributions received in-kind from underlying funds Purchase of investments Proceeds from sale and maturity of investments (Increase) decrease in accounts receivable and other assets Increase (decrease) in accounts payable and other liabilities Net cash provided by (used in) operating activities

Cash flows from financing activities Proceeds from securities issued Payments on redemption of securities Distributions paid net of reinvestments Net cash provided by (used in) financing activities

Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Effect of exchange rate fluctuations on cash and cash equivalents Cash and cash equivalents, end of period

Cash Cash equivalents Cash and cash equivalents, end of period

Supplementary disclosures on cash flow from operating activities: Dividends received Foreign taxes paid Interest received Interest paid

2022 $

5,625

(4,259) (961) (355)

(26,451) 30,220

(2) ? 3,817

11,876 (15,255)

(4) (3,383)

434 ?

? 434

434 ?

434

817 ?

327 ?

2021 $

21,689

(4,101) (16,928)

(431) (30,595) 66,540

62 (2) 36,234

3,102 (39,483)

(4) (36,385)

(151) 151

? ?

? ? ?

1,308 ?

271 ?

The accompanying notes are an integral part of these financial statements.

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