Investors Real Property FundOffering Mutual Fund Units

Simplified ProspectusJune 30, 2019

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Simplified Prospectus for Investors Real Property Fund Offering Mutual Fund Units*

June 30, 2019

Nosecuritiesregulatoryauthorityhasexpressedanopinionaboutthesemutualfundunitsanditisanoffencetoclaimotherwise. Neitherthemutualfundsecuritiesdescribedinthisdocument,noristhisFundregisteredwiththeU.S.SecuritiesandExchangeCommission.ThesecuritiesarebeingofferedonlyinCanadaunlessotherwisepermitted.

* OfferingSeriesA,SeriesB,SeriesC,SeriesJdsc,SeriesJnlandSeriesUUnits.SeriesCUnitsareofferedonlyforswitchesofunitsfromotherIGWealthManagementFundsthatwerepurchasedpriortoJuly28,2003,orunderinvestmentarrangementsenteredintopriortothatdate.

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General information about the Fund. . . . . . . . . . . . . . . . . . 4Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

What is a mutual fund and what are the risks of investing in a mutual fund? . . . . . . . . . . . . . 4

Whatisamutualfund?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Whataretherisksofinvestinginamutualfund? . . . . . . . . 4Generalrisksofinvestmentsinmutualfunds. . . . . . . . . . . . 4CREDITRISK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5DILUTIONRISK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5FIXEDINCOMEINVESTMENTRISK . . . . . . . . . . . . . . . . . . . . . 5INTERESTRATERISK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5MULTI-SERIESRISK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5RISKOFNOTBEINGABLETO SELLYOURINVESTMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

REALESTATEINVESTMENTTRUSTRISK. . . . . . . . . . . . . . . . 5EQUITYINVESTMENTRISK. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5FOREIGNCURRENCYRISK. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6FOREIGNINVESTMENTRISK . . . . . . . . . . . . . . . . . . . . . . . . . . 6TAXPOLICYRISK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6ETFRISK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6CYBERSECURITYRISK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

WhataretherisksofinvestinginthisFund?. . . . . . . . . . . . . 7COMPETITIONFORREALPROPERTYINVESTMENTS. . . . . 7GENERALRISKSOFINVESTMENTS INREALPROPERTY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

GOVERNMENTREGULATIONS. . . . . . . . . . . . . . . . . . . . . . . . . 7LARGEORDERRISK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7LEVERAGE........................................... 7LIQUIDITY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8NOMARKETFORUNITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8ONGOINGCOSTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8POTENTIALCONFLICTSOFINTEREST. . . . . . . . . . . . . . . . . . 8PROPERTYVALUATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8UNITHOLDERLIABILITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Organization and management of the Fund. . . . . . . . . . . 9Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9ManagerandRegistrar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9PortfolioAdvisor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9PrincipalDistributors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Custodian. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Auditor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10InvestorsGroupTrustCo.Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 10InvestorsGroupFunds IndependentReviewCommittee. . . . . . . . . . . . . . . . . . . . . . 10

Purchases, switches and redemptions. . . . . . . . . . . . . . . . 11BuyingUnitsoftheFund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Purchaseoptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12DSCSeriesUnits–SeriesA,SeriesJdsc and theDSCpurchaseoptionofSeriesCUnits. . . . . . . . . . . . 12

No-LoadSeriesUnits–SeriesB,SeriesJnl and theNo-LoadpurchaseoptionofSeriesCUnits . . . . . . . 13

SeriesCUnits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13SeriesJUnits–SeriesJnl (SeriesJdscavailableforswitchesonly). . . . . . . . . . . . . . 13

SeriesUUnits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Minimuminitialinvestment. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13SellingUnitsoftheFund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14SwitchingbetweenIGWealthManagementFunds. . . . . . . 14Short-termtrading. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Optional services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16RegisteredPlans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Automaticregularinvestmentsby Pre-AuthorizedContributions(PACs). . . . . . . . . . . . . . . . . . 16

Automaticswitching . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16AutomaticreinvestmentofDistributions. . . . . . . . . . . . . . . . 17IGWealthManagementCharitableGivingProgram . . . . . . 17

Table of Contents

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Fees and expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Fees and expenses paid by the Fund. . . . . . . . . . . . . . . . . . . . 18Fees and expenses paid by you......................... 19ServiceFeeRefunds(SeriesCUnitsonly)................ 21Impactofsalescharges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Dealer compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22PaymentstoyourIGConsultant. . . . . . . . . . . . . . . . . . . . . . . . 22Otherincentives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Dealer compensation from management fees. . . . . . . . . 22

Income tax considerations for investors. . . . . . . . . . . . . . 22UnitsheldinaRegisteredPlan. . . . . . . . . . . . . . . . . . . . . . . . . 23UnitsheldoutsideaRegisteredPlan. . . . . . . . . . . . . . . . . . . . 23DeductibilityofAdvisoryFees. . . . . . . . . . . . . . . . . . . . . . . . . . 24

What are your legal rights?. . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Guide to specific information about the Fund. . . . . . . . . 25Riskclassificationmethodology. . . . . . . . . . . . . . . . . . . . . . . . 26

Specific information about the Fund. . . . . . . . . . . . . . . . . . 29WhatdoestheFundinvestin? . . . . . . . . . . . . . . . . . . . . . . . . . 29Investmentobjective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

WhoshouldinvestinthisFund?. . . . . . . . . . . . . . . . . . . . . . . . 29Distributionpolicy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Fundexpensesindirectlybornebyinvestors . . . . . . . . . . . . 30

Investment restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Whatarethestandardmutualfundinvestmentrules? . . . 31Whatspecificinvestmentrestrictionsapply?. . . . . . . . . . . . 31

Liquid assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Real property investment procedures . . . . . . . . . . . . . . . . 33Directinvestment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Jointventure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Corporateownership. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Purchaseandleasebackofland. . . . . . . . . . . . . . . . . . . . . . . . 34Purchaseandleasebackoflandandimprovements . . . . . 34Propertymanagement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Saleofproperty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Realpropertyinvestmentcriteria. . . . . . . . . . . . . . . . . . . . . . . 34SHOPPINGCENTRESANDOTHERRETAILFACILITIES. . . . 35COMMERCIALOFFICEBUILDINGS...................... 35MIXED-USECOMMERCIALPROPERTIES . . . . . . . . . . . . . . . . 35SINGLE-ANDMULTI-TENANTINDUSTRIALBUILDINGS. . . 35MEDICALANDPROFESSIONALBUILDINGS . . . . . . . . . . . . . 35MULTI-TENANTRESIDENTIALBUILDINGS . . . . . . . . . . . . . . 35OTHERSPECIALPURPOSEPROPERTIES . . . . . . . . . . . . . . . 35OTHERPROPERTIES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35OTHERINVESTMENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Appraisers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

List of real properties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Additional information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

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IntroductionThisSimplifiedProspectus*containsselectedimportantinformationtohelpyoumakeaninformedinvestmentdecision and to assist you in understanding your rights as aninvestor.ItcontainsinformationabouttheFundandtherisksofinvestinginmutualfundsgenerallyaswellasthenamesofthefirmsresponsibleforthemanagementoftheFund.Informationabouttheinvestmentobjectiveandstrat-egies of the Fund may be found under Specific information about the FundlaterinthisSimplifiedProspectus.

AdditionalinformationabouttheFundisavailableinthefollowingdocuments:

• AnnualInformationForm;• themostrecentlyfiledFundFacts;• themostrecentlyfiledannualfinancialstatements;• anyinterimfinancialreportsoftheFundfiledaftertheannualfinancialstatementswerefiled;

• themostrecentlyfiledannualmanagementreportoffundperformance;and

• anyinterimmanagementreportoffundperformancefiledafterthatannualmanagementreportoffundperformance.

ThesedocumentsareincorporatedbyreferenceintothisSimplifiedProspectus,whichmeansthattheylegallyformpartofthisdocument,justasiftheywereprintedaspartofit.Youcangetacopyofanyofthesedocuments,atyourrequest,andatnocostby:

• writingtousat447PortageAvenue,Winnipeg,Manitoba,R3B3H5;

• callingustoll-free1-888-746-6344(orinQuebec,bycallingtoll-free1-800-661-4578);

• askingyourIGConsultant;or• bye-mailatcontact-e@investorsgroup.com(forserviceinEnglish)orcontact-f@investorsgroup.com(forserviceinFrench).

ThesedocumentsandotherinformationabouttheFundarealsoavailable:

• onourwebsiteatwww.investorsgroup.com;or• atwww.sedar.com.

TheFundisavailableforpurchaseonlythroughInvestorsGroupFinancialServicesInc.andInvestorsGroupSecurities

Inc.(the“PrincipalDistributors”).YougenerallycannotpurchasetheFundthroughanyotherdealers.

TheFundoffersoneclassofUnitsforretaildistributionwhichhasmultipleseries(eachcalleda“Series”).AdditionalSeriesmaybeissuedatanytimeinthefuturewithoutpriornotice.TheFundalsooffersotherNon-retailSeriesofunits,whicharenotofferedunderthisdocument,thatareopenforinvestmentbyotherIGWealthManagementFundsandotherqualifiedinvestors.TheFundmayofferdifferentpurchaseoptionswithineachSeriesofUnits.

What is a mutual fund and what are the risks of investing in a mutual fund?What is a mutual fund?Amutualfundisaconvenientwayforpersonswithsimilarinvestmentgoalstocombinetheirmoney.Themutualfundusesthismoneytobuydifferenttypesofinvestmentsonbehalfofalloftheinvestors.Whenitbuysinvestments,itfollowsitsinvestmentobjectiveandinvestmentstrategies.YouandtheotherinvestorsshareinanyprofitstheFundmakesorlossesitsuffers.

What are the risks of investing in a mutual fund?Therearemanypotentialadvantagesofinvestinginmutualfunds,buttherearealsoseveralrisksyoushouldknowabout.

Investinginmutualfundsisnotlikeputtingyourmoneyinasavingsaccount.UnlikeasavingsaccountoraGuaranteedInvestmentCertificate(GIC),theCanadaDepositInsuranceCorporationoranyothergovernmentdepositinsurerdoesnotinsuretheunitsofmutualfunds.

Thevalueofamutualfundchangesasthevalueofitsinvestmentschange.Asaresult,whenyousellyourunitsofamutualfund,youmayreceivelessthantheamountyouinvestedwhenyouboughttheunits.

General risks of investments in mutual fundsThereareinvestmentrisksthatmayapplytoinvestmentsinIGWealthManagementFunds,includingtheFund.Addition-ally,theremaynotalwaysbeavailablesuitablerealestateassetsinwhichtheFundmayinvest,andtheportfoliooftheFundmayincludeinvestmentsinshort-termcommercialpaper,governmentandcorporatebondsandmortgages,subjecttotheFundkeepingwithitsobjective(pleasesee

General information about the Fund

* InthisSimplifiedProspectus,you and your meanthepersonwhoinvestsintheFund.We, us, our and IG Wealth Management meananyoneofInvestorsGroupInc.anditssubsidiariesincludingtheManager,theTrusteeorthePrincipalDistributors,asappropriate.Referencesto“IGConsultant”mean“IGRepresentative”inQuebec.

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Investment objective)andotherinvestmentrestrictions(please see Other investments).Accordingly,inadditiontoGeneral risks of investments in real property,thevalueoftheFundmaychangeduetothefollowinginvestmentrisks,whicharenotlistedorrankedbyorderofimportance.

l CREDITRISK

Thisriskisassociatedwiththepossibilitythattheissueroffixedincomesecurities(includingspecialpurposevehicles)maynotmakeinterestpaymentsasrequiredbythetermsoftheirsecurities,orevenpaybackthemutualfund’soriginalinvestment.Thereisalsotheriskthatthevalueofdebtsecurities(especiallylower-rateddebtsecurities)mayfallifthemarketdeterminesthatahigherreturnisnecessarytocompensatefortheincreasedriskofowningthosesecurities.Adowngradeinanissuer’screditratingorotheradversenewsabouttheissuercanalsoreducethevalueofitsfixedincomesecurities.Inaddition,thevalueofcertaininvestments(includingasset-backedandmortgage-backedsecurities)maybeinfluencedbythemarket’sperceptionofthecreditworthi-nessofthesesecurities,thepartiesinvolvedinstructuringtheinvestmentorintheunderlyingassetsthemselves.

l DILUTIONRISK

Whenamutualfundhassignificantcashflowsrelativetoitssize,itmaybedifficultfortheportfoliomanagertofullyinvestitsassetspursuanttothemutualfund’sinvestmentstrategy.Thiscouldresultinthemutualfundholdingalargerthanexpectedproportionofitsassetsincash.Thiscoulddecreaserelativeperformanceofanymutualfundinarisingmarket.

l FIXEDINCOMEINVESTMENTRISK

TherearecertaingeneralinvestmentrisksapplicabletofixedincomeinvestmentsinadditiontoCredit risk and Interest rate risk.Thevalueoffixedincomeinvestmentsmaybeaffectedbydevelopmentsrelatingtotheissueraswellasbygeneralfinancial,politicalandeconomicconditions(asidefromchangesinthegenerallevelofinterestrates),andbyconditionsinthefixedincomemarkets.Ifamutualfundpurchasesinvestmentsthatrepresentaninterestin a pool of assets (for example, mortgages in the case of mortgage-backedsecurities),thenchangesinthemarket’sperceptionoftheissuersoftheseinvestments(orinthevalueoftheunderlyingassets)maycausethevalueoftheseinvestmentstofall.

Theabilityofamutualfundtosellaparticularfixedincomesecurityatitsfairvaluemaychangefromtimetotimebasedonprevailingmarketconditionsandperceptionsabouttheissuerorotherrecentevents(suchasmarketdisruptions,companytakeoversandchangesintaxpolicyorregulatory

requirements).Thiscanresultinthemutualfundnotbeingabletosellthatfixedincomesecurity,orhavingtosellitatareducedprice.

Inaddition,giventhatmostfixedincomesecuritiesmayhaveapredeterminedmaturitydate,thereisariskthatamutualfundmayhavetoreinvesttheprincipalatlowerprevailingmarketinterestratesatmaturity.Therealsoexiststheriskthatcertainfixedincomesecuritiesmaybeprepaidunexpectedlypriortomaturity.Ineitherevent,thiscouldresultinlessincomeandalowerpotentialforcapitalgains.

l INTERESTRATERISK

Thepriceoffixedincomedebtsecuritiesfluctuateswithmovementsinmarketinterestrates.Therefore,ifinterestrateschange,somemutualfundsareaffectedandthevalueoftheirinvestmentsmaychange.Generally,thevaluesofdebtsecuritiesfallwheninterestratesincrease.Debtsecur-itieswithlongermaturitieswillhaveagreaterinterestrateriskthaninvestmentswithshortermaturities.

l MULTI-SERIESRISK

TheFundoffersdifferentSeriesofUnits.EachSerieswillhaveitsownfeesandexpensesthatarespecificallyattrib-utabletoit.ThoseexpenseswillbedeductibleincalculatingtheUnitpriceonlyforthatSeries,therebyreducingthevalueoftheFund’sassetsattributabletothatSeries.Thoseexpenses,however,continuetobeliabilitiesoftheFundasawhole.Accordingly,theinvestmentperformance,expensesorliabilitiesofoneSeriesmayaffectthevalueofthesecur-itiesofanotherSeries.

l RISKOFNOTBEINGABLETOSELLYOURINVESTMENT

Inexceptionalcircumstanceswewon’tacceptanyorderstosellUnitsoftheFund.Thesecircumstancesareexplainedinthe section Purchases, switches and redemptions.

l REALESTATEINVESTMENTTRUSTRISK

AninvestmentinRealEstateInvestmentTrusts(“REITs”)issubjecttothegeneralrisksassociatedwithrealpropertyinvestments.Thevalueofarealpropertyandanyimprove-mentstheretomayalsodependonthecreditandfinancialstabilityofthetenants.AREIT’sincomeandfundsavailablefordistributiontoitsunitholderswouldbeadverselyaffectedifasignificantnumberoftenantsweretobecomeunabletomeettheirobligationstotheREIToriftheREITwereunabletoleaseasignificantamountofavailablespaceinitspropertiesoneconomicallyfavourableleaseterms.

l EQUITYINVESTMENTRISK

Thevalueofaninvestmentinanycompanymaychangeifthatcompany’sstockfallswiththerestofthestockmarket,

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regardlessofthefundamentalmeritsofinvestinginthatparticularcompany.Ifthereisnegativenewsorspecula-tionaboutacompanyinwhichamutualfundinvests,thecompany’ssecuritiesmaylosevalue,regardlessofthedirectionofthemarket.Thevalueofacompany’sequitysecuritiesmayalsobeaffectedbygeneralfinancial,politicalandeconomicconditionsinplaceswherethecompanyconductsitsbusiness.Also,theLiquiditymaychangefromtimetotimebasedonprevailingmarketconditionsandperceptionsabouttheissuerorotherrecentevents(suchasmarketdisruptions,companytakeoversandchangesintaxpolicyorregulatoryrequirements).

l FOREIGNCURRENCYRISK

Ifamutualfundinvestsinforeigncurrencyorbuysinvest-ments that are priced in foreign currency, changes in the valueoftheCanadiandollarcomparedtothevalueofforeigncurrenciesmayaffectthevalueofthemutualfund.

l FOREIGNINVESTMENTRISK

Mutualfundsthatholdforeigninvestmentsmaybeaffectedbythefollowingrisks:

• changing economic conditions in a particular foreign countrymayadverselyaffectthemutualfund;

• thereisoftenlessinformationavailableaboutforeigncompaniesandgovernments,andmanyofthesecompaniesandgovernmentshavedifferentaccounting,auditingandreportingstandardsthanexistinCanada;

• someforeignstockmarketshavelesstradingvolume,makingitmoredifficulttobuyorsellinvestments,orpotentiallycausingmorepricevolatility;

• thecountrymayimposewithholdingorothertaxesthatcouldreducethereturnontheinvestmentoritmayhaveforeigninvestmentorexchangelawsthatmakeitdifficulttosellaninvestment;and

• politicalorsocialinstabilityanddiplomaticdevelop-mentsmayadverselyaffecttheinvestmentsheldbythemutualfund.

l TAXPOLICYRISK

Allmutualfundsmaybeaffectedbychangesinthetaxlegislationthataffecttheentitiesinwhichthefundsinvestorthetaxationofthemutualfunds.

l ETFRISK

Amutualfundmayinvestinanothermutualfundwhosesecurities are listed for trading on an exchange (an “exchange-tradedfund”or“ETF”).TheinvestmentsofETFsmayincludestocks,bonds,commoditiesandotherfinancialinstruments.SomeETFs,knownasindexparticipation

units(“IPUs”),attempttoreplicatetheperformanceofawidelyquotedmarketindex.NotallETFsareIPUs.WhileinvestmentinanETFgenerallypresentsthesamerisksasinvestmentinaconventionalmutualfundthathasthesameinvestmentobjectivesandstrategies,italsocarriesthefollowingadditionalrisks,whichdonotapplytoinvestmentinconventionalmutualfunds:

TheperformanceofanETFmaybesignificantlydifferentfromtheperformanceoftheindex,assets,orfinancialmeasurethattheETFisseekingtotrack.Thereareseveralreasonsthatthismightoccur,includingthatETFsecuritiesmay trade at a premium or a discount to their net asset valueorthatETFsmayemploycomplexstrategies,suchasleverage,makingtrackingwithaccuracydifficult.

AnactivetradingmarketforETFsecuritiesmayfailtodeveloporfailtobemaintained.

ThereisnoassurancethattheETFwillcontinuetomeetthelistingrequirementsoftheexchangeonwhichitssecuritiesarelistedfortrading.

Also,commissionsmayapplytothepurchaseorsaleofETFsecurities.Therefore,investmentinETFsecuritiesmayproduceareturnthatisdifferentthanthechangeinthenetassetvalueofthesesecurities.

l CYBERSECURITYRISK

Duetothewidespreaduseoftechnologyinthecourseofbusiness,mutualfundshavebecomepotentiallymoresusceptibletooperationalrisksthroughbreachesincybersecurity.Cybersecurityistheriskofharm,loss,andliabilityresulting from a failure, disruption or breach of an organ-ization’sinformationtechnologysystems.Itreferstobothintentionalandunintentionaleventsthatmaycauseamutualfundtoloseproprietaryinformation,sufferdatacorruption,orloseoperationalcapacity,whichcouldcause us and/or a mutual fund to experience disruptions tobusinessoperations;reputationaldamage;difficultieswithamutualfund’sabilitytocalculateitsnetassetvalue;or incur regulatory penalties, additional compliance costs associatedwithcorrectivemeasures,and/orfinancialloss.Cyberattacksmayinvolveunauthorizedaccesstoamutualfund’sdigitalinformationsystems(e.g.,through“hacking”ormalicioussoftwarecoding)forpurposesofmisappropri-atingassetsorsensitiveinformation,orcorruptingdata,equipmentorsystems.Othercyberattacksdonotrequireunauthorizedaccess,suchasdenialofserviceattacks(i.e.,effortstomakenetworkservicesunavailabletointendedusers).Inaddition,cyberattacksonamutualfund’sthird-partyserviceproviders(e.g.,administrators,transferagents,custodiansandsub-advisors)orissuersthatamutualfundinvestsincanalsosubjectamutualfundtomanyofthe

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samerisksassociatedwithdirectcyberattacks.Wecannotcontrolthecybersecurityplansandsystemsofthefunds’thirdpartyserviceproviders,theissuersofsecuritiesinwhichtheIGWealthManagementFundsinvestorotherswhoseoperationsmayaffecttheIGWealthManagementFundsortheirsecurityholders.Wehaveestablishedriskmanagementsystemsdesignedtoreducetherisksasso-ciatedwithcybersecurityandmaintaincyberinsurancecoverage.However,thereisnoguaranteethatsucheffortswillbesuccessfulandasaresult,theIGWealthManagementFundsandtheirsecurityholderscouldbenegativelyaffected.

What are the risks of investing in this Fund?PleaseseeWho should invest in this Fund? for details pertainingtoassessmentofinvestmentrisklevelfortheFund.ThemethodologyusedtoidentifytheinvestmentriskleveloftheFundisavailableuponrequest,atnocost,bycontactingtheManagerasindicatedonthebackcoverofthisSimplifiedProspectus.

InadditiontoGeneral risks of investments in mutual funds, thevalueoftheinvestmentintheFundmaychangeduetothefollowinginvestmentrisksthatapplytotheFund,whicharenotlistedorrankedbyorderofimportance.

l COMPETITIONFORREALPROPERTYINVESTMENTS

TheFundcompetesforsuitablerealpropertyinvestmentswithindividuals,corporationsandinstitutions(bothCanadianandforeign)seekingsimilarinvestments.TheseinvestorsmayhavegreaterfinancialresourcesthantheFund,ormayoperatewithouttheFund’sinvestmentrestrictionsoraccordingtomoreflexibleconditions.TheFundcouldthereforebeplacedatacompetitivedisadvantageinacquiringproperties.

Anincreaseintheavailabilityofinvestmentfundsandanincrease in interest in real property could increase future competitionforrealpropertyinvestments.Althoughanyincrease in demand could result in an increase in the price ofrealpropertygenerally,whichmayincreasethevalueofpropertiesheld,itcouldalsohaveanegativeeffectontheprofitabilityofsubsequentinvestments.

l GENERALRISKSOFINVESTMENTSINREALPROPERTY

• Financialmarketsaffectinvestmentreturns,availabilityoffundsandLiquidity.

• Supplyanddemandaffectoccupancylevels,rentalrates,marketvalueandavailabilityofrealpropertyinvestments.

• Propertylocation,qualityandtenancyaffectperformance.

l GOVERNMENTREGULATIONS

TheFund’soperationsmaybeadverselyaffectedinthefuturebygovernmentalpoliciesrelatingtotheeconomy.Insomeprovinces,forexample,provincialgovernmentshave

institutedvariousprogramsofrentcontrolonresidentialbuildings.Thesecontrolsmaylimittheabilityoftheownersofsuchbuildingstoadjustrentstopayforincreasedoperatingcostsandasaresult,thenetreturnmaybereduced.

Inrecentyears,agenciesofthefederal,provincialandlocalgovernments,aswellasthegeneralpublic,havebecomeincreasinglyconcernedwiththeeffectofrealpropertydevelopmentsupontheenvironment.WhiletheFunddoesnotbelievethatecologicalandenvironmentalconcernswillhaveamaterialimpactonitsinvestments,particularlysinceitdoesnotintendtoengageinconstructionanddevelop-mentofnewprojects,otherthanasbasket-clauseinvest-mentsthatarelimitedto15%ofthenetassetvalueoftheFund (as disclosed under the heading What specific invest-ment restrictions apply? – Paragraph q)),therecanbenoassurancethattheFundwillnotbeadverselyaffectedinthefutureeitherbygovernmentalpoliciesorbypublicattitudestowardtheecologicalimpactofrealpropertyinvestments.

l LARGEORDERRISK

SomeIGWealthManagementFunds,includingcertainIGWealthManagementPortfoliosandtheiProfile™PrivateFixedIncomePool,investsomeoftheirassetsintheFund.ThiscouldresultintheseIGWealthManagementFundsholdingasignificantpercentageoftheUnitsoftheFund.IfinvestorsinanIGWealthManagementPortfolioortheiProfilePrivateFixedIncomePoolmakesignificantpurchasesorredemptions,theFundmighthavetobuyorsellasignificantportionofitsassets.ThiscouldresultintheFundbeingforcedtosellinvestmentsatunfavourablepricesorkeepalargeramountofitsassetsincashthanwouldotherwisebethecase.Theseconditionscouldimpactitsperformance.ThisriskmayoccurbecausevariousIGWealthManagementFundsheldUnitsrepresenting49.77%ofFundassetsonMay31,2019,butnosingleUnitholderheldmorethan10%oftheFundonthatdate,otherthan:17.56%byiProfileFixedIncomePrivatePool,and17.49%byInvestorsIncomePlusPortfolio.

l LEVERAGE

TheTrusteeintendstoleveragetheFund’srealpropertyportfolio by assuming or incurring mortgage indebtedness onlywhenitisadvantageous,suchasassumingafavourableexistingmortgageorwhengeneraleconomicconditionsmakefinancingbywayofmortgageindebtednessrelativelyattractive.Onsuchoccasions,theFundmayassumeorincurmortgage indebtedness on any real property only to the extentthatallindebtednessonanyindividualpropertydoesnotexceed75%ofthemarketvalueofthepropertyandthetotaloverallmortgageindebtednessoftheFunddoesnotexceed50%ofitscurrenttotalassetvalue.

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Leveragingisamethodofstructuringthefinancingofarealpropertybyassumingorincurringmortgageindebtedness.Itincreasesthepotentialforcapitalgainsandincreasedincome, but at the same time increases the possibility of sustaininglosses.Leveragingisnormallynotappropriateduring periods of high or escalating interest rates and shouldbeutilizedwithdueconsiderationforthevolatilityofmortgageinterestrates.Otherfactorsthatshouldbeconsideredaretherelativelyilliquidnatureofrealpropertyinvestmentsandthecashflowrequirementsfortheoperationandmaintenanceofrealproperty.Accordingly,theTrusteeintendstopursueaconservativepolicyastoleveragingofrealpropertyassetsoftheFund.

l LIQUIDITY

UnitsmayberedeemedatthedemandoftheUnitholderwithatleast30dayspriornoticeandarepayableaccordingtocertainconditions.(PleaseseeSelling Units of the Fund.)

Realestatebynatureisnotaliquidasset.Thereisnoformalmarketfortradinginrealpropertyandveryfewrecordsareavailabletothepublicwhichgivetermsandconditionsofrealpropertytransactions.Amutualfund,ontheotherhand,isconsideredtoberelativelyliquid,anditsunitsareoftenpurchasedbyinvestorswhopreferthehigherlevelofLiquidityofferedbysuchaninvestment.ToprovidesomedegreeofLiquidityinordertosatisfytheneedsoftheinvestors,withintheinherentrestrictionsofrealproperty,itistheintentionoftheManagertoholdsufficientliquidassetsintheportfoliotomeetnormalredemptionrequirements.(PleaseseeLiquid assets.)

AsdisclosedundertheheadingSelling Units of the Fund, if theFundwerepresentedwithahighnumberofredemptionrequests at the same time, it is possible that the liquid assets oftheFundwouldbeinsufficienttomeetallredemptionrequests.InsuchasituationtheManagermaydecidetodelayorsuspendredemptions.Accordingly,investorswhomayrequirequickaccesstotheirfundsshouldbearthisinmindwhenconsideringaninvestmentintheFund.

l NOMARKETFORUNITS

UnitsoftheFundaredistributedbythePrincipalDistributors.UnitsoftheFundareassignableandmaybetransferredonthebooksoftheFundbydeliverytotheManagerofallcertifi-catesrepresentingUnitstobetransferredtogetherwithanydocumentsthattheManagermayrequire.Therefore,valueforUnitsexceptwhereassignedmayonlyberecoveredatthedemandoftheUnitholderwhenredeemingsuchUnitswithinthespecificLiquidityrestrictionsoftheFund(pleasesee Selling Units of the Fund).Theserestrictionscouldaffectthetimingandamountofallowableredemptionsandsubse-quentlyrestrictthefinancialmaneuverabilityoftheinvestor.

Consequently,aninvestmentintheFund’sUnitsisrecom-mendedforlong-terminvestors.

l ONGOINGCOSTS

Certainsignificantcostsrelatingtorealpropertyinvest-ments, such as real estate taxes, maintenance costs and mortgage payments, must be paid regardless of any drop inincomefromaproperty.IftheFundisunabletopaythe mortgage on any property, a loss could result if the mortgageeexercisesitsrightsunderthemortgage.Inordertolimitsuchrisk,theFundintendstonormallyhaveasignifi-cantequityinvestmentinanyrealproperty.TheFundwill,however,incurorassumemortgageindebtednesswheretheManagerbelievesitisadvantageoustotheFundtodoso.(PleaseseeWhat specific investment restrictions apply?)

l POTENTIALCONFLICTSOFINTEREST

TheTrustee,theManagerandthePrincipalDistributorsareallrelatedcompanies.Toensurethatthislackofindepend-encedoesnothaveanadverseconsequenceontheFundoritsUnitholders,theTrustee,theManagerandthePrincipalDistributorsaresubjecttoanextensivesetofrestrictions,whicharesetoutundertheheadingInvestment restrictions.Inaddition,whereanyservicesareprovidedtotheFund,therateschargedmustbelowerthanorequaltotheprevailingmarketratesforsuchservices.

TheManagermayactasmanagerofaspecificpropertywhereitisinapositiontoprovidesuchservicesataratewhichisequaltoorlowerthantheprevailingmarketrate,butitisexpectedthatitwillbenecessarytoengagetheservicesofotherrealestatemanagementcompaniesinmanycases.Therealestatemanagementservicesthattheseothercompaniesprovidemayparallelthosewhichtheyprovidetootherclients.WheretheManageractsasthepropertymanagerforagivenpropertyitwillobtaintheopinionofanindependentexpertastothecapitalizationratetobeusedforthevaluationofthatproperty(asfurtherdescribed under the heading Valuation of Portfolio in the AnnualInformationForm).

Inaddition,wehaveappointedanindependentreviewcommittee,whichreviewsconflictsofinterest.(Pleaseseeheading Investors Group Funds Independent Review Committee.)

l PROPERTYVALUATIONS

UnitvaluesforeachSeriesoftheFundarederivedfromthecollectivevalueofalloftheFund’snetassetsincludingrealproperty.Unlikemarketablesecuritiessuchascommonstockandbonds,whosefairvalueisdeterminedbasedon actual recent trades of identical securities, and despite annualormorefrequentindependentappraisals,valuationofrealpropertyassetsareestimates.Actualproceedson

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Organization and management of the FundThetablebelowshowsthecompaniesresponsibleforprovidingimportantservicestotheFund,aswellasthefunctionsoftheInvestorsGroupFundsIndependentReviewCommittee.IGMFinancialInc.owns,directlyorindirectly,allofthecompanieslistedbelow,exceptthecustodianandtheauditor.

Role Service provided

TrusteeI.G.InvestmentManagement,Ltd.447PortageAvenueWinnipeg,Manitoba,R3B3H5

ResponsibleforsupervisionandtheoveralldirectionoftheFundonbehalfoftheFund’sinvestors.

Manager and RegistrarI.G.InvestmentManagement,Ltd. ManagestheoverallbusinessandoperationsoftheFund,andprovides

orarrangesfortheday-to-dayrecord-keepingandadministrativeservicesfortheFund,andmaintenanceofunitholderrecords.

Portfolio AdvisorI.G.InvestmentManagement,Ltd. Providesinvestmentadvisoryservicesincludingselectinginvestments

orreviewingtheselectionofinvestmentsbySub-advisors(ifany)forthe Fund, as indicated later in Specific information about the Fund.

eventualdispositionofrealpropertycouldbegreaterorlesserthanitsestimatedvalue.

AsfurtherdescribedundertheheadingValuation of Portfolio AssetsintheAnnualInformationForm,thevalueofeachrealproperty asset is based on an independent appraisal and is verifiedmonthlybycapitalizingtheprojectednetoperatingincomeofthatpropertyattheappropriatecapitalizationrateapplicabletothatproperty.InaccordancewiththeFund’svaluationpolicies,wheretheManagerisoftheopinionthattherehasbeensomefactororchangewhichhasmateriallyaffectedthevalueofthepropertyasexpressedinitsmostrecent appraisal and such appraisal is no longer considered tobereflectiveofthefairvalueoftheproperty,theManagermayestimatetheproperty’sfairvalueandwillorderaninterimreappraisalofthepropertytoconfirmitsvalue.TheManagerusescertainestablishedvaluationprocessestoestimatethefairvalueofaproperty,including,withoutlimit-ation,estimatedcapitalvaluesbasedonstabilizedannualincomeandestimatedcurrentcapitalizationratesuntilaninterimreappraisalofthepropertyisreceived.

AppraisalvaluesobtainedwillbereflectedinthenetassetvalueperunitcommencingwiththefirstValuationDayaftertheindependentappraisalismadeorupdated.

l UNITHOLDERLIABILITY

TheDeclarationofTrustprovidesthatUnitholdersshallnotbepersonallyliableforanyFund’sobligations,whethercontractual,statutoryortortious,anditfurtherprovidesthattheManagerwillindemnifyanyUnitholdersoutoftheFund’sassetsifanyclaim,suit,demandorotherwiseismadeagainstthatUnitholderarisingoutoftheownershipofUnitsinaFundandisbasedonactionsoftheFundortheassetsheldbytheFund.However,thereisstillariskthataUnitholdercouldbeheldpersonallyliableforaFund’sobligationsifclaimsarenotsatisfiedoutoftheassetsoftheFund.Somejurisdictions(includingManitoba)havelegis-lationtoeliminatethisriskforUnitholdersoftruststhatarereportingissuersorganizedinthatjurisdiction.

TheManagerintendstooperatetheFundstominimizethisrisk,includingrequiring(whereverfeasible)thatanywrittendocument or instrument creating a material obligation of theFundcontainaprovisionthatnopersonalliabilityshallattachtotheUnitholdersoftheFund.However,theManagershallnotbeliableforanyfailuretoincludesuchaprovisioninanydocumentorinstrument.

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IGIMhasretainedMackenzieFinancialCorporation(Mackenzie)forthenon-realpropertyassetsoftheFundandmayretainotherSub-advisors.TheseSub-advisors:

• selectinvestments;• makedecisionstobuy,sellorholdinvestments;• developinvestment-relatedstrategies;and/or• carryouttransactions.

WhenaSub-advisormakesdecisionsfortheFund,thesedecisionsareindependentofthedecisionstheymakeforotherclients.WearecompletelyresponsibleforeachdecisionmadebyourSub-advisorsfortheFundasrequiredbylaw.SometimesthereisonlyalimitedamountofaninvestmentavailableandtheSub-advisorwantstomakethesameinvestmentformorethanoneIGWealthManage-mentFundorforanotherclient.Ifthishappens,weor

Role Service provided

Principal DistributorsInvestorsGroupFinancialServicesInc.Winnipeg,Manitoba

InvestorsGroupSecuritiesInc.Winnipeg,Manitoba

OfferstheFundthroughitsIGConsultants.

OfferstheFundthroughitsIGConsultantsorthroughanInvestorsGroupSecuritiesInc.TradeCentre.

CustodianCanadianImperialBankofCommercethrough CIBCMellonGlobalCustodyServicesToronto,Ontario

HoldscustodyofthesecuritiesownedbytheFund.

AuditorDeloitteLLPWinnipeg,Manitoba

TheauditorauditstheannualfinancialstatementsoftheFundandprovidesanopiniononwhetherornottheannualfinancialstatementsarefairlypresentedinaccordancewithInternationalFinancialReportingStandards.

Investors Group Trust Co. Ltd.Winnipeg,Manitoba

HoldstitletocertainrealpropertyownedbytheFundasbaretrusteeonbehalfoftheTrusteefortheFund.

Investors Group Funds Independent Review Committee

ThemandateoftheInvestorsGroupFundsIndependentReviewCommittee(“IRC”)istoreview,andprovideinputon,ourwrittenpoliciesandproceduresthatdealwithconflictofinterestmattersinrespectoftheFund,andtoreviewsuchconflictofinterestmatters.ThisincludesreviewingtradesbetweenIGWealthManagementFunds,aswellastheFund’sholdings,purchasesandsalesofsecuritiesofcompaniesrelatedtotheManager.TheIRCmayalsoapprovecertainmergersinvolvingtheIGWealthManagementFunds,andanychangeinauditoroftheFund.*

EachmemberoftheIRCisindependentofIGIMandanypartyrelatedtoIGIM.TheIRCwillprepare,atleastannually,areportofitsactivitiesforunitholders.Thisreportwillbeavailableonourwebsiteat www.investorsgroup.comoryoumayrequestacopy,atnocosttoyou,bycontactingusatcontact-e@investorsgroup.com(forserviceinEnglish)orcontact-f@investorsgroup.com(forserviceinFrench).

AdditionalinformationabouttheIRC,includingthenamesofitsmembers,isavailableintheAnnualInformationForm(pleaseseeFund Governance).

* ThemergerorterminationoftheFund,andtheappointmentofadifferentauditoroftheFundwhenapprovedbytheIRC,mayoccurafterUnitholdersoftheFundreceive60dayspriorwrittennoticeprovidedcertainconditionsaremet.

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FundtodisposeofinvestmentsownedbyitorasaresultofwhichanysuchdisposalwouldbemateriallyprejudicialtoUnitholders.

Inaddition,shouldthetotalrequestsforredemptionexceedthecurrentLiquidityoftheFund,wewillhonourthese requests for redemption on a pro rata basis, up to thecurrentLiquidity.RequestsforredemptionbeyondthecurrentLiquidityoftheFundthataresubjecttosuspen-sionordelayoffurtherpaymentswillbecarriedforwardandhonouredassoonastheLiquiditypositionoftheFundpermits.Asredemptionrequestsaremet,theappropriatenumberofUnitswillbedeductedfromthetotalnumberofUnitsheldbyeachUnitholderontheUnitregister,andtheremainingUnitsshallremainrecordedonit.

IfwedecidetosuspendordelaypaymentforredeemedUnits,whichwillonlybedonewiththeconsentofthesecuritiesregulatoryauthoritieshavingjurisdiction,wewill,within10daysaftersuchdecision,sendnoticeofthedecisiontoeveryUnitholderwhohasgivennoticeofredemption.

Wewillnotcontinueanysuchsuspensionordelayinpayment:

• formorethansixmonthsbeyondthedateonwhichsuchredeemedUnitsareotherwisepayableunlesspriortosuchsix-monthperiodtheUnitholdershaveapprovedsuchsuspensionordelaybyamajorityoftwo-thirdsofthevotescastatameetingoftheUnitholderscalledforthatpurpose;or

• formorethan12monthsbeyondthedateonwhichsuchredeemedUnitsareotherwisepayable,unlesspriortotheexpiryofsuch12-monthperiodthecontinuationofsuchsuspensionordelayhasbeenapprovedbythesecuritiesregulatoryauthoritieshavingjurisdictionandby80%ofthevotescastatameetingofUnitholderscalledforthatpurpose.

IfapprovalforsuspensionordelayofredemptionpaymentsisnotachievedbytheappropriatemajorityofthevotescastatameetingoftheUnitholders,theTrusteeshallinformtheManagerofitsintentiontoterminatetheFundinaccordancewiththeDeclarationofTrust.TheFundmayenterintoanagreementwithanyUnitholder,atthetimeofsubscription,torestrictredemption,wherethesubscriberwouldbecometheholderofsuchnumberofUnitsthat,inouropinion,ademandforredemptionofallUnitsatanyonetimecouldplacetheFundandotherUnitholdersinapositionofunduerisk.SuchagreementwouldpermitpaymentofredeemedUnitstobedelayeduntil,ortheredemptionpricetobedeterminedafter,theexpirationofanagreedperiod.PaymentofredeemedUnitsthereafterwouldoccuraccordingtonormalredemptionpolicy.

theSub-advisorwillallocatetheinvestmentfairlytotheIGWealthManagementFundsandsuchotherclients.We may add, change or remove any Sub-advisor at any time without prior notice to you.

Purchases, switches and redemptionsTheUnitpriceistheamountyoupaytobuy,orreceivewhenyousell,aUnitoftheFund.EachSerieshasitsownfeesandexpenses,soeachSerieshasitsownpriceperUnit.TodeterminetheUnitpriceofeachSeries,wecalculatethetotalvalueoftheFund’sassets,minusitsliabilities,attrib-utabletothatSeries.ThenwedividethatamountbythenumberofUnitsheldbytheFund’sinvestorsinthatSeries.

WedeterminethenetassetvalueofeachSeriesoftheFundontheValuationDaysoftheFund.TheFund’sValuationDaysoccurtwicemonthlyduringeachcalendarmonth:onthe 15thdayofthemonth(unlessthatdayisnotaBusinessDayinwhichcasewewillmakethecalculationonthenextBusinessDay);andonthelastBusinessDayofthemonth.

AllpurchasesofFundUnits(includingswitchesfromanotherIGWealthManagementFund)aredoneatthepricecalcu-latedatthecloseofbusinessonthenextValuationDayfollowingthedayapurchaseorswitchorderissubmitted.IftheFundreceivesyourcompleteinstructionstobuyUnitsoftheFundby3:00p.m.CentralTime(the“Deadline”)onaValuationDay,we’llprocessyourorderusingthepriceatthecloseofbusinessthatday.Otherwise,we’llprocessyourorderthenextValuationDay,usingthepriceatthecloseofbusinessonthatday.AllinstructionstosellUnits(includingswitchestoanotherIGWealthManagementFund)mustbereceivednotlessthan30dayspriortotheValuationDayuponwhichthenetassetvalueforthesaleistobecalcu-lated.AllinstructionstobuyorselltheFundmustgenerallybemadethroughthePrincipalDistributors.

Weanticipatealwayshavingsufficientcashandmarketablesecurities on hand to enable us to pay the redemption price forallUnitsforwhichredemptionhasbeenrequested,butwemay,inoursolediscretionandjudgement,suspendthepaymentof,orfromtimetotimedelaythedatefixedforpaymentwithrespectto,redeemedUnitsunderthefollowingcircumstances:

• ifCanadiancharteredbanksareclosed(otherthanweekendandholidayclosingsinthenormalcourseofbusiness),inwhichcasethesuspensionordelayshallonlybeforthatperiodoftimeduringwhichsuchbanksareclosed;or

• subjecttotheconsentofthesecuritiesregulatoryauthor-itieshavingjurisdiction,wheninouropinioncircumstancesexistwhichmakeitnotreasonablypracticableforthe

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IfwesuspendredemptionofUnitsordelaypaymentforredeemedUnits:

• UnitholdersretainallrightswithrespecttotheirUnits,includingtherighttovoteandtoreceiveDistributions,notwithstandingthedeliverybysuchUnitholderofaredemptionrequest;and

• theredemptionpricepayabletoaUnitholderwhorequested redemption prior to or during the period of suspensionordelaywillbebaseduponthecomputationofnetassetvalueimmediatelypriortotheterminationofsuchsuspensionordelay.

FormoredetailsoncalculatingtheUnitprice,pleaseseeCalculation of Net Asset Value intheAnnualInformationForm.

Buying Units of the FundYoucanbuyUnitsoftheFundfromanIGConsultant,regis-teredwitheitherofthePrincipalDistributors,orthroughaTradeCentreofInvestorsGroupSecuritiesInc..GenerallyyoucannotpurchaseUnitsthroughanyotherdealers,unlessyouaremakinganinvestmentbyswitchingbetweenIGWealthManagementFundsorSeries.Inaddition,youmaynottransferUnitsoftheFundtoanaccountatanotherdealerifyourinvestmentisheldwithinanRESPaccount.YoumayrequestanotherIGConsultantwhoisregisteredinyourprovinceofresidencetoserviceyouraccount.IfyouwishtotransfertheseinvestmentstoanotherdealeryoumayhavetoredeemyourUnitsandyourinvestmentwillbesubjecttoanyapplicableredemptionfeesandtaxes.(Pleasesee Selling Units of the Fundformoreinformation.)

WhenyoubuyUnitsoftheFund,youusuallyhavetogiveuswritteninstructionsandincludefullpaymentinCanadiandollarsforyourUnitswithyourorder,unlessyouraccountisNomineeHeld,inwhicheventyourpurchasemustbesettledwithintwoBusinessDays.

Inthecaseofpurchasesof$1millionormore,yourordermaynotbedeemedtobereceivedunlessthefullamountofthepaymentincashisreceivedbyusby10:00a.m.CentralTime.Ifthecashisreceivedafter10:00a.m.,theFundmaynotacceptyourorderuntilthenextBusinessDay.

YoucanalsogiveusinstructionstobuyUnitsoverthetelephone, or in some circumstances by email, if you arrange thisinadvancewithyourIGConsultant,providedthatsuitablepaymentarrangementsareinplace.IfyouraccountiswithInvestorsGroupSecuritiesInc.,youmaysubmitatraderequestdirectlythroughanInvestorsGroupSecuritiesInc.TradeCentre.

Ifyourchequeisreturnedbecauseofinsufficientmoneyinyourbankaccountorforanyotherreason,weselltheUnits

thatyouboughtonthenextValuationDay.Ifwesellthemformorethanyoupaid,theFundkeepsthedifference.Ifwesellthemforlessthanyoupaid,wechargeyouthediffer-enceplusanycostsandinterest.

WemaydeclineanyordertobuyUnitswithinoneBusinessDayofreceivingit.Ifwedodeclineyourorder,wewillpromptly return all of your money to you, but no interest ispayable.

WewillnotissueUnitsintheFundasconsiderationforrealpropertyorservicesnorwilltheFundacquirerealpropertyon the condition or understanding that the seller of the real propertywillpurchaseUnitsintheFund.

Purchase optionsYoumaypurchaseSeriesB,JnlorUUnitsfornewinvest-ments.SeriesCUnitsarereservedforinvestmentarrange-mentsenteredintopriortoJuly28,2003,orforswitchesofunitsfromotherIGWealthManagementFundspurchasedpriortoJuly28,2003,orunderinvestmentarrangementsenteredintopriortothatdate.PleaseseeAutomatic regular investments by Pre-Authorized Contributions (PACs) for more details.DSCSeriesUnitsaregenerallyonlyavailableforswitchesofinvestmentsmadeundertheDSCSeriesoftheFundandtheDSCseriesofanotherIGWealthManagementFund,andthereinvestmentofDistributionsmadefrominvestmentsheldintheDSCSeries.EachoftheseSeriesisdescribedinmoredetailbelow.

DSC Series Units – Series A, Series Jdsc and the DSC purchase option of Series C UnitsPurchasesofDSCSeriesUnitswillgenerallybeavailableonlyforswitchesofinvestmentsmadeundertheDSCSeriesoftheFundandtheDSCseriesofanotherIGWealthManage-mentFund,andthereinvestmentofDistributionsmadefrominvestmentsheldintheDSCSeries.UnitsacquiredinanyDSCSeriesunderthesecircumstanceswillnotbesubjecttoanyredemptionfeeunlessthoseUnitswereacquiredasaresultofswitchesofinvestmentsoriginallymadebeforeJanuary1,2017,thatwerestillsubjecttoaredemptionfee.

(SeriesUalsopermitsswitchesofDSCSeriesoftheFundandtheDSCseriesofanotherIGWealthManagementFund.PleaseseeSeries U Unitsbelowformoreinformation.)

AswitchfeemayapplyifyourUnitsareswitchedintoanotherIGWealthManagementFundwithin18months(548days)fromthedatetheUnitswerefirstacquired.DSCSeriesUnitspurchasedpriortoJanuary1,2017,mayalsohavearedemp-tionfeeshouldyouredeemwithinsevenyearsofthedateofpurchase(otherthanwhenyouswitchyourinvestmenttotheDSCseriesofanotherIGWealthManagementFund).

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No-Load Series Units – Series B, Series Jnl and the No-Load purchase option of Series C UnitsYoudon’tpayaredemptionfeewhenyousellUnitspurchasedunderthispurchaseoption.AswitchfeeorliquidityfeemayapplyifyourUnitsareswitchedintoanotherIGWealthManagementFundorredeemedwithin18months(548days)fromthedatetheUnitswerefirstacquired.Otherfeesmayalsoapply.(Formoredetails,seeFees and expenses.)SeriesBandSeriesJnl are the only optionavailableforinvestmentsintheFundsthatareheldwithinaGroupTFSAorGroupRRSP.

YoumayalsoelecttotransferanexistinginvestmentwithinSeriesCUnitsundertheNo-Loadpurchaseoption.(PleaseseeSeriesCbelowformoreinformation.)

(SeriesUalsoprovidesaNo-LoadpurchaseoptionforinvestorswhomeettheminimumrequirementsforthatSeries.PleaseseeSeries U Unitsformoreinformation.)

Series C UnitsSeriesCUnitsareavailableforinvestmentarrangementsenteredintopriortoJuly28,2003,orwhenswitchinginvestmentsfromotherIGWealthManagementFundspurchasedpriortoJuly28,2003,orwhenswitchinginvest-mentspurchasedunderinvestmentarrangementsenteredintopriortothatdate.TheseUnitsareavailableundertheNo-Loadpurchaseoption.(ADSCpurchaseoptionisavailableonlyforswitchesofinvestmentsmadeundertheDSCSeriesoftheFundandtheDSCseriesofanotherIGWealthManagementFund.)IfyouredeemSeriesCUnits,theredemptionfeeschedule(ifany)ineffectatthetimeoftheoriginalinvestmentintotheFundwillcontinuetoapply.PleaseseeAutomatic regular investments by Pre-Authorized Contributions (PACs)formoreinformationaboutPACs.Furthermore,theseUnitswillhavethesameServiceFeeRefundasexplainedunderService Fee Refunds.

Series J Units – Series Jnl (Series Jdsc available for switches only)SeriesJUnitsaregenerallyavailableifyou,*togetherwithmembersofyourHousehold,generallyhaveHouseholdInvestmentsof$500,000ormore.TheseUnitsareavailableundertheNo-Loadpurchaseoption.(TheDSCpurchaseoptionisavailableforswitchesfromotherDSCSeriesoftheFundortheDSCseriesofanotherIGWealthManagementFund.)Generally,theannualmanagementfeeforSeriesJUnitsislowerthanthefeeformostotherSeriesoftheFund.PleaseseeFees and expenses for more details. SeriesJdsc isnotavailableforinvestmentsthatareswitchedintoaGroupPlan.

Series U UnitsSeriesUUnitsaregenerallyavailabletocertainUnitholders*whohaveenteredintoanagreementwithaPrincipalDistributortopayaseparateaccountfeetothatPrincipalDistributor.TheseUnitsareonlyavailableforpurchaseundertheNo-Loadpurchaseoption,switchesintoSeriesUfromaDSCseriesofanotherInvestorsGroupFundareallowedandtheredemptionfeeschedule(ifany)continuesforthoseDSCinvestments.Generally,theannualmanage-mentfeeforSeriesUUnitsislowerthanthefeeforinvest-mentsinallotherSeries,butaseparateadvisoryfeeispayabletothePrincipalDistributorbasedonthelevelofyourHouseholdInvestmentsasexplainedunderFees and expenses paid by you. SeriesUisnotavailableforinvest-mentsthataremadewithinaGroupPlanorRESP.

IfyourSeriesUUnitswerepurchasedpriortoJanuary1,2017,theywillbesubjecttothesameredemptionfeeschedule(ifany)inplaceatthetimewhenyoufirstmadeyourinvestmentundertheDSCpurchaseoption.AswitchfeeorliquidityfeemayapplyifyourUnitsareswitchedintoanotherIGWealthManagementFundorredeemedwithin18months(548days)fromthedatetheUnitswerefirstacquired.PleaseseeFees and expensesformoredetails.

IfyourinvestmentisinSeriesUUnitsandyoubecomeanon-residentofCanada,youmayberequiredtoeitherredeemyourinvestmentorswitchintoanotherSeriesoftheFundoranotherIGWealthManagementFund.

PleaseseeDealer compensation for information about paymentstoyourIGConsultantwithregardtoeachpurchaseoption.

Minimum initial investmentBeforeyoucaninvestintheFundorSeries,youmayneedtohaveaminimumamountofHouseholdInvestments.

Whendeterminingwhetheryoumeettheminimuminvest-mentrequirementswithrespecttotheFundorSeries,weconsidertheamountofyourpurchase,togetherwithotherinvestmentsyouandothermembersofyourimmediateHouseholdhavemade(andcurrentlyown)intheFundandotherIGWealthManagementFunds.

OnceyouareeligibletoinvestdirectlyintheFundoraSeries,youmustmakeaninitialinvestmentofatleast$50intotheFundorSeries.However,ifyouopenaRRIForsimilarRegisteredPlanthereisa$5,000minimuminvest-mentrequirement.

* PleasespeaktoyourIGConsultanttodeterminewhetheryourspouse,parents(includingspouse’sparents)andchildren(includingspouse’schildren)arealsoeligibletoinvestinSeriesJnlorU,oriftheyareeligibletoswitchanexistingDSCinvestmentintoSeriesJdscorU.

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ThereisnominimuminvestmentrequirementtopurchasetheFundorSeriesifyouareamemberofaGroupPlan.

PleasespeaktoyourIGConsultanttodeterminewhetheryouareeligibletoinvestintheFundorSeriesoftheFund.

WemayredeemyourinvestmentintheFundandreturnthemoneylessanyredemptionfeesandwithholdingtaxiftheamountinvestedinyouraccountislessthan$250.TobuyadditionalUnitsoftheFund,youmustinvestatleast$50amongallyourIGWealthManagementFundswitheachinvestment,butthereisnominimumamountforreinvestedDistributions(orreinvestedServiceFeeRefundsinthecaseofSeriesCUnits,asexplainedlater).TheseminimumsdonotapplytoinvestmentswithinaGroupPlanorforinvest-mentspursuanttoaPACarrangement.

IfyouhaveinvestedinSeriesJdsc, JnlorUandnolongermeettheinvestmentrequirementduetooneormoreredemptionsfromanySeriesheldbyyouorothermembersofyourHousehold(otherthanpre-arrangedregularperiodicredemptionsrequiredbylaworredemptionsarisingfromthepaymentofSeriesUadvisoryfees),wereservetherightatourdiscretiontotransferyourinvestmentsintheseSeriestoanotherSeriesoftheFundwhichhasthesamepurchaseoption.Thistransferwilllikelyresultinanincreaseinfeespayablewithrespecttotheseinvestments.Alternatively,youmayberequiredtoredeemyourinvestment.

Selling Units of the FundYoumustgiveuscompletewritteninstructions(unlessyou’vemadearrangementswithyourIGConsultanttoprovideinstructionsoverthetelephone,orinsomecircum-stancesbyemailorotherpermittedways)tosellyourUnitsnotlessthan30dayspriortotheValuationDayuponwhichthenetassetvalueforthesaleistobecalculated.IfyouraccountiswithInvestorsGroupSecuritiesInc.,youmaysubmitatraderequestdirectlythroughoneofitsTradeCentres.YoucansellsomeorallofyourUnits,oryoucansellacertaindollaramountofUnits.Theminimumamountyoucansellis$100worthofinvestmentsfromallIGWealthManagementFundsheldinthesameaccount.

WhenyousellDSCSeriesUnitsoftheFundyoumayhavetopayaredemptionfee.WhenwereceiveyourinstructionstosellUnitsoftheFund,Unitswillgenerallyberedeemedinanorderthatreducesthepotentialthatredemptionfeesapply.Accordingly,investmentsthatarenotsubjecttoaredemp-tionfeewillberedeemedfirst,followedbythoseUnitsthathavethelowestredemptionfee.Also,awithholdingtaxmayapplyifyouaretakingmoneyoutofaRegisteredPlan(otherthanaTFSA).

WhenyousellyourUnits,wewillpaytheproceedstoyouwithintwoBusinessDaysofthedaytheUnitsaresold,orif

yourinvestmentisNomineeHeld,theredemptionproceedswillbepaidintothecashpositionofyouraccountfromwhichyoucanmakeasubsequentwithdrawal,unless:

• wehavenotreceivedcompleteinstructionsfromyou;• thereismissingdocumentation;• youhavenotreturnedanyUnitcertificatesissuedfortheUnitsyouareselling;

• thereareotherapplicablerestrictionsonourrecords;• yourpaymentforbuyingtheUnitsbeingsoldhasnotyetclearedyourbankaccount;or

• thereisanyotherreason,withtheconsentofTheManitobaSecuritiesCommission,tonotprocesstheredemption.

Ifanyoftheaboveconditionsapply,wewilleitherrepur-chasetheUnitswhichmayhavebeenredeemedaspartofyourredemptionrequestornotprocessyourorder.IfwerepurchasetheUnitsandtheredemptionproceedsexceedtherepurchaseamount,theFundwillkeeptheexcess.Iftheredemptionproceedsarelessthantherepurchaseamount,wewillpaythedifferenceandyouwillthenberequired to reimburse us for this amount and our expenses (includinginterest).

AredemptionfeemayapplywhenyousellUnitspurchasedundertheDSCpurchaseoption.Unitsthatarenotsubjecttoaredemptionfeewillberedeemedfirst,followedbythoseUnitsthathavethelowestredemptionfee.Also,awithholdingtaxmayapplyifyouaretakingmoneyoutofRegisteredPlan.Formoredetailsaboutfees,pleaseseeFees and expenses.

IfyourinvestmentisinaNomineeHeldaccount,theredemp-tionproceedswillbepaidintothecasepositionofyouraccount,fromwhichyoucanmakeasubsequentwithdrawal.

AtanytimeyoumayasktohaveyouraccountservicedbyanotherIGConsultantwhoisregisteredinyourprovinceofresidence.GenerallyyoumaynotholdUnitsoftheFundinaccountswithadealerotherthanthePrincipalDistributorsifyourinvestmentisheldwithinanRESPaccount.Ifyouwishtotransfertheseinvestmentstoanotherdealer,youmayhavetoredeemyourUnitsoftheFundandyourinvest-mentwillbesubjecttoanyapplicableredemptionfeesandtaxesthatmayapply.

Switching between IG Wealth Management FundsWhenyouswitch,yousellunitsofoneIGWealthManagementFundtobuyunitsofanotherIGWealthManagementFund.

UnlikeotherIGWealthManagementFunds,whicharevaluedeveryBusinessDay,theUnitsoftheFundarevaluedonlytwicepermonth.(PleaseseeCalculation of Net Asset Value intheAnnualInformationForm.)IfyouwishtoswitchyourinvestmentfromanotherIGWealthManagementFundto

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theFundonadayotherthanaValuationDayoftheFund,yourswitchwillnotoccuruntilthenextValuationDayoftheFund.Duringtheinterimyoumayelecttoswitchyourinvest-mentintoInvestorsCanadianMoneyMarketFund(oranyotherIGWealthManagementFund),subjecttotheminimumrequirementsofsuchfund,pendingtheinvestmentofthesemoniesintotheFund.PleasespeaktoyourIGConsultantformoredetails.

Thesameeligibilityrequirementsandminimuminvestmentamounts that usually apply to those purchases for buying and selling units of the Fund (including the requirement to submitsellinstructionsnotlessthan30daysinadvanceoftheapplicableValuationDay)alsoapplytoswitches,exceptthatyoucan:

• switchanyamountofyourinvestmentinoneIGWealthManagementFundtoanotherIGWealthManagementFundinyourIGWealthManagementPlan;and

• switchaninvestmentfromyourGroupPlaninanyamounttoanotherRegisteredPlaninvestmentifyounolongerqualifytoremainasamemberoftheGroupPlan.

Accordingly,theredemptionfeewillthenbepayablewhenyouselltheseUnits(otherthanincertaincircumstances.)For purposes of determining the amount of any redemption feethatmaybepayable,wewillusethedatewhenyouoriginallymadethatinvestmentundertheDSCpurchaseoption.Forexample,yougenerallydonothavetopayaredemptionfeeformakingredemptionsfromSeriesU,unlessyourinvestmentinSeriesUwasacquiredasaresultofaswitchfromaDSCSeriesoftheFundorseriesofanotherIGWealthManagementFund.

Whenswitchinginvestments,youusuallymustswitchwithinthesameSeriesoftheFundorseriesofanIGWealthManagementFund.(Forexample,youcansellaninvestmentpurchasedonaDSCbasisintheFundtopurchaseanotherIGWealthManagementFundonaDSCbasis,butgenerallyyoucannotswitchaninvestmentpurchasedonaDSCbasisforanotheronaNo-Loadbasis.)

YoumayswitchyourinvestmentsintheDSCpurchaseoptionofSeriesCUnitsintoSeriesJdscorUUnitsprovidedthatyoumeettheminimuminvestmentrequirementsforSeriesJdscorUUnits.OnceyouswitchyourinvestmentfromSeriesCUnitsintoSeriesJdsc, JnlorUUnitsyoucannotlaterswitchthatinvestmentbackintoSeriesCUnits.

WhenyouswitchbetweentheFundandanotherIGWealthManagementFundyouusuallymustswitchbetweenthesameSeries.Forexample,youcanswitchSeriesBUnitsoftheFundtoSeriesBunitsofanotherIGWealthManagement

Fundandviceversa.*OtherIGWealthManagementFundsmayhavedifferentpurchaseoptionsorSeriesofunitsthanthosedescribedabove.ThepermittedswitchestoandfromtheseotherIGWealthManagementFundsandtheFundaredisclosedintheprospectusorofferingmemorandum,asapplicable,fortheseotherIGWealthManagementFunds.

Generally,youdon’thavetopayafeeforswitchingUnitsoftheFundtoanotherIGWealthManagementFund;however,investmentsintheFundarerecommendedforlong-terminvestors.Asaresult,wemaychargeaswitchfeeofupto2%ofthenetassetvalueofUnitsswitchedfromtheFundtoanotherIGWealthManagementFund,iftheswitchoccurslessthan18months(548days)fromthedatesuchUnitswereacquired.Pleasesee Fees and expenses formoredetails.

TheswitchfeewillnotapplytoanySeriesoftheFund:

• switchedbytheUnitholderintoaRegisteredRetirementIncomeFundestablishedforthebenefitoftheUnitholder;

• switchedinconnectionwiththedeathoftheUnitholder;or• acquiredbywayofreinvestmentofincomeorServiceFeeRefund.

TheswitchfeewillbecalculatedbasedonthenetassetvalueoftheUnitsonthedateoftheswitch.AnyswitchfeechargedbyuswillberemittedtotheFund.

Wemayamendthisswitchfeeatanytimeinwhicheventwewillprovide30days’noticetoUnitholders.

PermissiontoswitchfromoneIGWealthManagementFundtoanotheratnoextrachargeisaprivilegeandnotarightandmaybecancelledatanytime,andaswitchfee,inadditiontotheswitchfeesetforthabove,maybechargedasdeterminedbyus,inwhichcasewewillprovide30days’noticetotheunitholders.

PleaseseeIncome tax considerations for investors for more detailsaboutthetaxconsiderationsthatmayariseifyouswitchyourinvestmentbetweenIGWealthManagementFunds.

Short-term tradingShort-termtradinghasthepotentialtoadverselyaffecttheinterestsofmutualfundsandtheirinvestorsbyincreasingtradingandothercostsandinterferingwiththeefficientmanagementofamutualfund’sportfolio.

Wehaveadoptedpoliciesandrelatedprocedurestopreventinappropriateshort-termtradinginalloftheIGWealthManagementFunds.ThisFundislesssusceptibletoshort-termtradingthanothermutualfundsbecause:i)sellinstructionsmustbeprovidednotlessthan30dayspriortotheValuationDayuponwhichthenetassetsforthesaleis

* AnexceptionalsoexistsforswitchesinvolvingtheIGWealthManagementCharitableGivingProgram

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calculated (please see Selling Units of the Fund);ii)theFundonlyhastwoValuationDayspermonth;iii)aswitchfeemayapplyforswitchesoutoftheFundintoanotherIGWealthManagementFundthatoccurwithin18monthsofpurchase;andiv)aliquidityfeemayapplyforredeemingUnitsoftheFundwithin18monthsofpurchase.(PleaseseeFees and expenses paid by you formoredetails.)

Optional servicesIGWealthManagementoffersavarietyofoptionalservicestoclients.Toapplyfortheseoptionalservices,completeanapplicationavailablefromyourIGConsultant.SomeoftheoptionalservicesmaynotbeavailableifyouraccountisNomineeHeld.

Registered PlansWeofferanumberofRegisteredPlansincludingbutnotlimitedtothefollowingtypes:

• RegisteredRetirementSavingsPlan(RRSP);• RegisteredRetirementIncomeFund(RRIF);• RegisteredEducationSavingsPlan(RESP);• LifeIncomeFund(LIF);• Locked-inRRSP;• Locked-inRetirementIncomeFund(LRIF);• PrescribedRetirementIncomeFund(PRIF);• RestrictedLifeIncomeFund(RLIF);• Locked-inRetirementAccount(LIRA);• Tax-FreeSavingsAccount(TFSA);• GroupRRSP*;and• GroupTFSA.

Employers,unionsandformalassociationsgenerallyconsistingofatleastfivememberscanalsoopenaGroupRRSPorGroupTFSA(“GroupPlan”)withus.IfyouparticipateinaGroupPlansponsoredbyyouremployer,rememberthatyouremployerdoesn’tmonitortheperformanceofanyofthefundsintheGroupPlan.Therefore,youmustmakeyourowndecisionstopurchaseUnitsoftheFundbasedonyourreviewoftheperformanceandanyotherinformationavailabletoyou.SeriesBandJnlUnitsaretheonlyoptionavailableforinvestmentintheFundwithinaGroupPlan.

IfyouareinvestinginUnitsoftheFundthroughaTFSA,RRSP,RRIFand/orRESP,youshouldconsultwithyourtaxadvisorastowhetherUnitsoftheFundorofaSeriesoftheFundwouldbea“prohibitedinvestment”foryourRegis-teredPlaninyourparticularcircumstances.PleaseseeUnits held in a Registered Plan in the Income tax considerations for investorssection.

Automatic regular investments by Pre-Authorized Contributions (PACs)PACsenableyoutomakeregularinvestmentswithoutwritingchequesorsendinginwrittenrequests.Wecanarrangewithyoutowithdrawmoneyfromyourbank,trustcompanyorcreditunionaccounttomakeinvestments(ontheapplicableValuationDayfortheFund)annually,quarterly,monthlyormoreoften.However,youmustinvestatleast$50amongyourIGWealthManagementFundswitheachinvestment.YoucanincreaseordecreaseyourregularinvestmentsunderaPACandmakeadditionallumpsuminvestmentsatanytime.

PACstoacquireSeriesCUnitsoftheFundaregenerallyonlypermittedifyouhadestablishedaPACarrangementtopurchaseSeriesCUnitsoftheFundoranotherIGWealthManagementFundpriortoJuly28,2003.ThetotaldollaramountofyourinvestmentinSeriesCunitsofIGWealthManagementFundsthroughaPACcannotbeincreased,butwedoallowyoufromtimetotimetore-allocatewhichIGWealthManagementFundsyoupurchasethroughyourSeriesCPAC.Youcannotmakeadditionallumpsuminvest-mentsinSeriesCunits.PACsareonlypermittedfortheNo-LoadpurchaseoptionofSeriesC.

ExemptivereliefhasbeengiventotheFundinalljurisdic-tionsfromhavingtodeliverannuallyacopyofthemostrecentFundFactstoanypersoninvestingthroughaPAC,unlessthepersonrequeststoreceiveacopy.Accordingly,annuallywewillsendyouacopyoftheFundFactsforyourSeriesoftheFundifyouinvestthroughaPACarrangementandifyourequestedtoreceiveit.(PleasecontactyourIGConsultantformoreinformation.)YoumayalsorequesttoreceiveacopyoftheSimplifiedProspectus(includinganyamendments).Thesedocumentsmaybefoundonourwebsite(www.investorsgroup.com),andontheSEDARwebsite(www.sedar.com).

Automatic switchingYoucanarrangetoswitchUnitsoftheFundthroughautomaticswitching,alsoknownasSystematicTransferandExchangePlan(STEP),oraScheduledSwitchifyouraccountisNomineeHeld.GenerallyyoucanautomaticallyswitchUnitsoftheFundforaninvestmentunderthesamepurchaseoptionofanotherIGWealthManagementFund,providedthatyoumeetanyeligibilityrequirementsandtheminimuminvestmentamount.

YoucanswitchUnitsasoftenasmonthly(weeklyforNomineeHeldaccounts),butyoumustswitchatleastquarterlyeachyearforClientNameaccounts(otherthanforthewithdrawalsmadefromaRRIForasimilarRegistered

* SeriesUisnotavailableforGroupPlansorRESPs.

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Plan,inwhichcaseanannualorsemi-annualSTEPcanbesetupforyou).ForNomineeHeldaccounts,youcanswitchUnitsatleastannually.Youcanalsoaskustoswitchaddi-tionalUnitsatanyothertime.AsmentionedunderFees and expenses,youdonotnormallyhavetopayafeewhenswitchingbetweenIGWealthManagementFunds.

ForaSTEPyoucanautomaticallyswitchUnitswithinthesameRegisteredPlan,andfromanon-registeredaccountintoaRegisteredPlan,exceptforanRESPoraRRIFandsimilarRegisteredPlans.IftheautomaticswitchiscomingoutofanaccountthatisnotaRegisteredPlan,thenthetransfercanbetoanyaccountexceptforaRRIFandsimilarRegisteredPlans.YoucanalsosetupaSTEPtoautomaticallyswitchUnitsheldwithinaTFSAtoanotherRegisteredPlan,andfromaRRIFtoanon-registeredaccountorTFSA.

ScheduledSwitchesautomaticallyswitchUnitswithinthesameRegisteredPlanornon-registeredaccountanddonotusethe12%annualfeefreeredemptionamount.

Automatic reinvestment of DistributionsTheFundmayearnrental,interest,orotherincomefromitsinvestments.Itmayalsorealizecapitalgainswhenitsellsinvestmentsataprofit.WhentheFundmakesapaymenttoyou,suchasincome(afterdeductingexpenses)andnetrealizedcapitalgains,orareturnofcapital,thesepaymentsare called Distributions.IfyoudonotreinvestDistributions,including those that comprise a return of capital, this could reducethevalueofyourinvestment.

WeautomaticallyreinvestyourDistributionstobuyaddi-tionalUnitsofthesameSeriesoftheFund.YoumayrequestthatwedirectyourDistributionstobuyunitsinapermittedSeriesofanotherIGWealthManagementFund.IfyourinvestmentisnotheldinaRegisteredPlan,youcanaskustopayDistributionstoyouincash,themoneywillbedepositedintoyourbankaccount(or,atyourrequestwewillsendyouacheque)forClientNameaccountsortothecashpositionofyouraccountifyourinvestmentisNomineeHeldfromwhichyoucanmakeasubsequentwithdrawal.IftheFundisheldwithinaRegisteredPlan(asidefromaTFSA),DistributionsmustbereinvestedintoyourRegisteredPlan.DistributionsfrominvestmentsinaTFSAaccountmaygenerallybepaidouttoyou.

UnitsacquiredwithreinvestedDistributionsaresubjecttothesamefeesandexpensesthatapplytootherUnitsunderthesamepurchaseoption,excepttheyarenotsubjecttoaredemptionfeeifinvestedinaDSCpurchaseoption.AllUnitswithreinvestedDistributionsundertheDSCpurchaseoptionofSeriesCwillreceiveafullServiceFeeRefund.(PleaseseeService Fee Refundsformoredetails.)

IG Wealth Management Charitable Giving ProgramTheIGWealthManagementCharitableGivingProgram(the“Program”)isadonor-advisedcharitablegivingprogramdevelopedbyIGwiththeStrategicCharitableGivingFoun-dation(the“Foundation”),anon-profitcharitablecorpor-ationregisteredasapublicfoundationwiththeCanadaRevenueAgencyandwiththeQuebecMinistryofRevenue.YourIGConsultantcanprovideyouwithadditionaldetailsabouttheProgram,includinghowtodonateunitsofanyIGWealthManagementFundstotheFoundationandthecurrentlistof“EligibleFunds”.

TheProgramallowsyoutomakeirrevocabledonationstotheFoundationand,insodoing,establishaCharitableGivingAccount(the“Account”)withintheProgramtoholdtheproceedsofyourdonation.TheFoundationwillinvesttheproceedsinapermittedIGWealthManagementFund(the“EligibleFund”)andmakegrantsoveraperiodofyearstoCanadiancharitiesandotherpermittedentitiesassetoutin the Tax Act(the“EligibleCharities”).AnAccountmayonlyinvestinasingleEligibleFundatanytime.

YourinitialdonationundertheProgrammustbeatleast$10,000(comprisedofcash,securities,insuranceand/or donationoflifeinsurancefromalivingperson).SubsequentdonationstotheAccountmustbeatleast$500(althoughyoumaymakesubsequentsmallerdonationstopaythepremiumsassociatedwithadonatedlifeinsurancepolicy).DonorsareusuallyentitledtoataxreceiptforthemarketvalueoftheirdonationonthedateitisacceptedbytheFoundation.

AlthoughtheFoundationistheowneroftheassetsyoudonate,itwillgenerallyactonyourrecommendations(orthoseofpersonsauthorizedbyyou)withrespecttoselectingtheEligibleFundandEligibleCharitiesthatyouwishtoreceiveannualgrants,andalsowithrespecttodetermininghowtheAccountwillbemanagedafteryourlifetime.

TheProgramfacilitatesphilanthropyandoffersdonorsbenefitssimilartohavingtheirownprivatefoundation,withouttheinitialadministrativecostsandresponsibilities.AnannualcharitableadministrationfeeappliestoallassetsheldintheAccount,otherthandonationsoflifeinsurancepoliciesforwhichtheproceedshavenotyetbeenpaid.Inaddition,eachAccountintheProgrampaysaproratashareoftheFoundation’sannualoperatingexpenses,includinggrantactivitychargesspecifictoeachAccount.Thesefeeswillbeautomaticallydeductedsemi-annuallyfromtheAccount.TheFoundationreservestherighttochangethesefeesatanytimewithappropriatenotice.

YoushouldconsultyourtaxadvisoraboutthetaxbenefitsandconsequencesofmakingadonationtotheFounda-tion.FurtherinformationabouttheProgramcanbefoundonourwebsiteatwww.investorsgroup.com.

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Fees and expensesTherearecertainfeesandexpensesassociatedwithinvestingintheFund,plusapplicableSalesTaxes.ThefollowingtableslistthefeesandexpensesyoumaypayifyouinvestintheFund.TheFundpayssomeofthesefeesandexpenses,whichreducesthevalueofyourinvestment.Youmaypayotherfeesandexpensesdirectly,includingaccountadministrativeortransactionfeespayabletothePrincipalDistributorsthatmaynotbedirectlyassociatedwithyourinvestmentintheFund.

Fees and expenses paid by the Fund

Management fee EachSeriesoftheFundpaysanannualmanagementfeeofitsaveragenetassetscalculateddaily,paidsemi-monthlyoneachValuationDayofeachmonthformanagementservicesprovidedtotheFundasfollows:

• SeriesA,BandC–2.00%• SeriesJdsc and Jnl–1.75%• SeriesU–0.90%

Managementfeesareusedtopaycostsincurredinprovidinginvestmentadvisoryservicesandmanage-mentservices,andinpartfordistribution-relatedservicesincludingthecostoffinancialplanningservices,IGConsultantcommissionsandbonuses,marketingandotherFundpromotionalactivitiesandeducationalconferences.

Operating expenses Administration feeTheFundpaysanadministrationfeecalculatedasanannualpercentage(accruedandpayabledaily)ofthenetassetvalueofeachSeriesoftheFund,asfollows:

• SeriesA,B,Jdsc, JnlandU–0.16%ofnetassets• SeriesC–0.13%ofnetassets

Inexchangeforthisfee,theManagerpayscostsandexpensesrequiredtooperatetheFundincludingaudit,accounting,legal,record-keeping,transferagency,prospectusandregulatoryfilingfees(includinganyportionoftheManager’sregistrationfeesattributabletotheFund),custodysafekeepingfeesandotherexpensesthatarenototherwiseincludedinthemanagementfee,exceptforcertainFundCostsasexplainedbelow.

Fund CostsFundCostsareallocatedamongtheSeriesoftheFundonafairandreasonablebasis.EachSerieswillbear,separately,anyexpensethatcanbespecificallyattributedtothatSeries.CommonexpenseswillbeallocatedamongallIGWealthManagementFundsorSeriesinthemannerwhichwedeterminetobethemostappropriatebasedonthenatureoftheexpense.FundCostsincludethefollowingfeesandexpenses:

• anyregulatoryfeeincreasesandcostsofcomplyingwithadditionalregulatoryrequirementsafterJuly25,2007;

• feesrelatedtoexternalservicesthatarenotcommonlychargedintheCanadianmutualfundindustryasofJuly25,2007;

• taxes(including,butnotlimitedto,SalesTaxes);• interestandborrowingcosts;• anannualtrusteefee,forprovidingsupervisionandoveralldirectiontotheFundonbehalfoftheFund’sinvestors,of0.05%ofitsaveragenetassetscalculatedandpayablesemi-monthly;

• brokeragefeesandothersecuritiestransactionexpenses;• theportionofthememberfeesandanyexpensesincurredinconnectionwiththeIRCpayablebytheFund(“IRCCosts”);

• appraisalfees;and• servicefees(pleaseseebelow).

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Operating expenses (cont’d)

WemayabsorbcertainoperatingexpensesorwaiveaportionoftheFund’smanagementfee(oradmin-istrationfee)toensurethattheFundremainscompetitive.Thereisnoassurancethatthiswilloccurinthefuture.

IRC costsIRCCostsinclude,withoutlimitation,anannualretainerof$40,000permember($50,000fortheChair),aper meeting fee for each meeting attended, reimbursement of reasonable expenses incurred by members oftheIRCintheperformanceoftheirduties(suchastravelandaccommodation),CPPpaymentsmadeonbehalfoftheIRCmembers,liabilityinsuranceandexpensespaiddirectlytoserviceprovidersforservicesprovidedtoanyIRCmember.ForthefinancialyearendedMarch31,2019,IRCCostsforIGWealthManage-mentFundswereapproximately$365,796.TheManagerdoesnotintendtoreimbursetheFundforanyofitsIRCCosts.

SeetheFund GovernancesectionoftheAnnualInformationFormformoredetailsabouttheIRC.

Service feeInaddition,theFund(withtheexceptionofSeriesUUnits)paysaservicefee.TheleveloftheservicefeeisdifferentforeachSeries,asfollows:

Series Service fee as a percentage of net asset valueA,B,Jdsc, and Jnl 0.30%annually,accruedandpayablesemi-monthly

C 0.50%annually,payablequarterlyonoraboutthelastBusinessDayofJanuary,April,Julyand October

TheservicefeeisintendedtocompensatethePrincipalDistributorsforprovidingorarrangingfortheprovisionofservicestotheFund,includingtheissue,granting,allotment,acceptance,endorsement,renewal,processing,variation,transferofownership,orredemptionofUnits.ForSeriesCUnits,youmayreceivesomeoralloftheservicefeebackfromtheFund.Formoredetails,pleaseseeService Fee Refunds.

Management fee and expense reductions

TheManagermaynegotiateareductioninthemanagementfee(oradministrationfee)and/oranyotheroperatingexpenseswhicharechargedtotheFundwithrespecttoanyparticularUnitholder’sinvestmentintheFund.ThisistypicallyavailableforUnitholderswith$1,000,000ormoreinHouseholdInvestmentsortoaccommodatespecialsituationssuchasinvestmentbypensionfund,insurersorotherqualifiedinvestors.ThelevelofreductionwillgenerallybebasedonaUnitholder’sassetlevel,thetypesofinvestmentspurchasedandthelevelofservicerequiredbytheUnitholderfromIGWealthManagement.TheManagermaydiscontinuethesereductionsatanytimebygivingwrittennoticetotheUnitholder.PleasespeaktoyourIGConsultantifyouwishtodeterminewhetheramanagementfee and/orexpensereductionisavailableinyourcircumstances.

ETF fees and expenses

Toachieveitsinvestmentobjective,theFundmayinvestinexchange-tradedfunds(“ETFs”),whichhavetheirownfeesandexpensesthatreducetheirvalue.Generally,theManagerhasdeterminedthatfeesandexpensespaidbyanETFwhichisanindexparticipationunitarenotduplicativewiththefeespaidbytheIGWealthManagementFunds,andareadditionalindirectcostsofthefunds.However,wheresuchETFsaremanagedbyMackenzieInvestments(“Mackenzie”)whichisouraffiliate,wehaveenteredintoanarrangementwithMackenziewheretheIGWealthManagementFundsarefullyreimbursedforallmanagementfeespaidforatleastoneyearfromthedateofthisprospectus.Thisarrangementissubjecttochangethereafter.

Fees and expenses paid by you

Initial sales charges (payable at purchase)

None.

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Switch fee Youmayhavetopayaswitchfeeofupto2%ofthenetassetvalueofanyUnitsoftheFundacquiredbyyou,otherthanbywayofareinvestmentofincomeortheServiceFeeRefund,thatareswitchedtoanotherIGWealthManagementFundiftheswitchoccurslessthan18months(548days)fromthedatetheUnitsintheFundwereacquired.(PleaseseeSwitching between IG Wealth Management Funds.)AnyswitchfeechargedbyuswillbepaidtotheFund.

Liquidity fee Generally,youdon’thavetopayafeeforredeemingUnitsoftheFundundertheNo-Loadpurchaseoption;however,investmentsintheFundarerecommendedforlong-terminvestors.Asaresult,forUnitsacquiredundertheNo-Loadpurchaseoption,theFundmaychargealiquidityfeeofupto2%ofthenetassetvalueofSeriesB,SeriesJnl,theNo-LoadpurchaseoptionofSeriesC,orSeriesUUnitsredeemedfromtheFund,iftheredemptionoccurslessthan18months(548days)fromthedatesuchUnitswereacquired.

ForUnitsacquiredundertheNo-Loadpurchaseoption,theliquidityfeewillnotapplytoUnits:

• redeemedinconnectionwiththedeathoftheUnitholder;• acquiredbywayofreinvestmentofDistributionsorservicefeerefund;• acquiredbywayofgovernmentgrantwithinanRESP;• heldwithinSeriesUacquiredthroughaswitchfromanIGWealthManagementFundundertheDSCpurchaseoption;

• redeemedasasystematicwithdrawal;• redeemedforpaymentoffees;or• redeemedasagrantwithinanIGWealthManagementCharitableGivingProgramaccount.

TheliquidityfeewillbecalculatedbasedonthenetassetvalueoftheUnitsonthedateoftheredemp-tion.AnyliquidityfeewillbepaidtotheFund.

Redemption fee ThereisgenerallynoredemptionfeepayablewhensellingUnits,unlessyourUnitswereacquiredundertheDSCpurchaseoptionafterDecember31,2016.IfyourinvestmentwasacquiredasaresultofaswitchofaninvestmentmadeundertheDSCpurchaseoption,theredemptionfeescheduleineffectatthetimethatyoumadeyouroriginalinvestmentwillapplybasedonthenumberofyearsyouhaveheldyourinvestmentasshownbelow:

When you sell your Units You pay

During3rdyearafteryouboughtthem 5.0%oftheamountyousellDuring4thyearafteryouboughtthem 4.5%oftheamountyousellDuring5thyearafteryouboughtthem 4.0%oftheamountyousellDuring6thyearafteryouboughtthem 3.0%oftheamountyousellDuring7thyearafteryouboughtthem 1.5%oftheamountyousellMorethan7yearsafteryouboughtthem nofee

For more details, please see Impact of sales charges.

However,youwon’thavetopayafeeformakingredemptionsinthesecircumstances,if:

• theredemptionfeepursuanttothescheduleapplicabletoyouroriginalinvestmenthasexpired;or• yousellUnitswithinaGroupPlan,althoughafeemayapplytoallotherredemptionsfromaGroupRRSP,asdescribedbelowunderFees for Group Plans, unless the redemption fee schedule that applies tothoseUnitshasexpired.

ForpurchasesmadebyindividualinvestorsafterJune30,2016,anyapplicableredemptionfeeswillbewaivedupondeath(oruponthedeathofthelastsurvivingownerforjointlyheldaccounts).

IfyouswitchinvestmentssubjecttoaredemptionfeefromanIGWealthManagementFundtoaGuaran-teedInvestmentFund(GIF),orviceversa,wemaywaivetheredemptionfee,althougharedemptionfeemaybepayablewhenyouredeemyourGIF.

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Service Fee Refunds (Series C Units only)SeriesCUnitsoftheFundmaypayaquarterlyservicefeetothePrincipalDistributorsonoraboutthelastBusinessDayofJanuary,April,JulyandOctober.Theamountofthisservicefee is described under Fees and expenses paid by the Fund.

TheFundwillpaybackaportionofthisservicefee(referredtoasa“ServiceFeeRefund”or“Refund”)if:

• youinvestinSeriesCUnitsoftheFundthatpaysaservicefee;and

• thetotalvalueofyourHouseholdInvestmentsinSeriesCisatleast$150,000inwhichcaseyouwillreceiveafullRefundregardlessoftheamountofyourinvestmentsinSeriesC;or

• thetotalvalueofyourHouseholdInvestmentsinSeriesCisbelow$150,000,inwhichcaseyouwillreceivearefundof80%oftheservicefee;or

• yourinvestmentwasmadeinanIGWealthManagementFundpriortoOctober1,1994,andyouareswitchingintoanotherIGWealthManagementFundthatchargesaservicefee,inwhichcaseyouwillreceiveafullrefundwithrespecttothatinvestment.

ThefollowingtableshowstheamountofyourRefundforyourSeriesCinvestments:

Total value of your Series C Investments* Amount of Refund**$150,000andover Fullrefundofservicefees Lessthan$150,000 80%refundofservicefees

** ForthepurposeofdeterminingyourRefund,yourSeriesCInvestments(includingUnitsdesignatedasC)heldbyyouandmembersofyourHouseholdinclude:(i)SeriesCinanyIGWealthManagementFund;(ii)UnitsdesignatedasC;and(iii)anyinvestmentsinanySeriesoftheInvestorsGroupCorporateClassFundsmadepriortoJuly28,2003.

** IfyourinvestmentwasoriginallymadeinanIGWealthManagementFundpriortoOctober1,1994,youwillreceiveafullRefundofanyservicefeespaidwithrespecttothatinvestmentregardlessofthetotalvalueofyourHouseholdInvestments.

Forexample,ifyourtotalHouseholdInvestmentsarelessthan$150,000andyourinvestmentsinSeriesCintheFundisequalto$100,000,andtheFundpaysaservicefeeof0.50%,thentheFundwillpayaservicefeeofapproximately$500($100,000x0.50%)eachyearbasedonthecurrentvalueofyourinvestmentsandyouwouldreceiveaRefundofapproximately$400(80%).

TheRefundisusedtobuyadditionalSeriesCUnitswithinthesamepurchaseoptionoftheFund,oriftheIGWealthManagementFundsareheldwithinthesameRegisteredPlanaccount(includingyourTFSA),theRefundmaybereinvestedinthesamepurchaseoptionoftheIGWealthManagementFundinyouraccountthatdistributesthelargestServiceFeeRefund.Youdon’thavetopayanyredemptionfeeontheseadditionalSeriesCUnits.

Inordertominimizetransactionalprocessingcosts,inthefuturewemayconsolidatetheRefundsofallyourinvest-mentsinIGWealthManagementFundsheldwithinthesameIGnon-RegisteredPlanaccount.Also,wemayelecttoestablish a transactional minimum amount for the processing ofRefunds,inwhichcasewewillnotifyyouinadvance.

Impact of sales chargesAredemptionfeewillapplyifyourinvestmentwasacquiredasaresultofaswitchofaninvestmentmadeundertheDSCpurchaseoptioninwhicheventtheredemptionfeescheduleineffectatthetimethatyoumadeyouroriginalinvestmentwillcontinuetoapply.

Fees for Group Plans

Youdon’thavetopayaseparatefeeforopeningaGroupPlanwithus.However,youmayhavetopayafeewhenyouredeeminvestmentsmadebeforeJanuary1,2017,fromyourGroupRRSPPlanwithinaDSCSeriesasfollows:

• upto1%ofthevalueofanyinvestmentinanaccountheldwithinaGroupRRSPifyouredeemthemwithinfiveyearsafteritwasacquiredbytheGroupRRSP;or

• theamountofanyredemptionfeeapplicabletoanyinvestmentswitchedintoanaccountheldwithinaGroupRRSPwheretheoriginalredemptionfeescheduleforsuchinvestmenthasnotyetexpired.

Thesefeesareinadditiontoanywithholdingtaxesthatmayapply.ThereisgenerallynofeeforredeemingfromaGroupTFSA.

Advisory fee (Series U)

YoupayanadvisoryfeedirectlytothePrincipalDistributorsforinvestmentadviceandadministrativeservicesifyourinvestmentisheldwiththem.Theadvisoryfeeisbased,amongotherthings,onthemarketvalueofyourSeriesUinvestmentsinyouraccount(s).TheratepayablegenerallydependsonyourHouseholdInvestments,thetypesofinvestmentspurchasedandthelevelofserviceprovidedtoyou.TheadvisoryfeewillbecalculateddailyandpaidmonthlyanditwillbecollectedviaredemptionofUnitsfromyouraccount.Formoredetails,pleasecontactyourIGConsultant.

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Dealer compensationPayments to your IG ConsultantYourIGConsultantreceivescompensationforthesaleoftheFundasfollows:

• yourIGConsultantmayreceiveasalesbonusofupto2.50%oftheamountyouinvest;

• ifyourIGConsultanthasbeenwithusforlessthanfouryears,heorshemayreceiveanadditionalpaymentofupto40%ofhisorherearningstohelpestablishtheirpractice;

• ifyourIGConsultanthasbeenwithusformorethanfouryears,heorshemayreceiveanadditionalannualpaymentofupto0.09%ofyourinvestment;and

• inaddition,anannualtrailingcommissionofupto0.70%ofyourinvestment.

Wedon’tpayyourIGConsultantasalesbonusonreinvestedDistributions.

TheamountofthesalesbonusandthetrailingcommissionsvaryamongIGConsultantsdependingonvariousfactorsthatmayinclude,butarenotlimitedto,assetsserviced,salesvolumes,lengthofserviceandprofessionalqualifications.Wemaychangetheseamountsatanytimewithoutpriornotice.

Other incentivesThePrincipalDistributorsmayfromtimetotimereimburseyourIGConsultantforalloraportionofhisorhermarketingcosts,includingadvertising.ThePrincipalDistributorsmayalsopayalloraportionofthecostforyourIGConsultantto attend educational or business courses or conferences

ThefollowingtableshowstheredemptionfeesyouwouldpaytosellUnits,if:

• youinvest$1,000*intheFund;• yourinvestmentgrowsby5%eachyear;• youholdtheinvestmentforone,three,fiveortenyears;and• yousellyourUnitsimmediatelybeforetheendofeachofthesetimeperiods. When you buy When you sell your Units after your Units 1 year 3 years 5 years 10 years

InvestmentsswitchedintotheFundorSeriesthatwereoriginally Nolonger Nolonger $58 $51 None madeundertheDSCpurchaseoptionbeforeJanuary1,2017** applicable applicable

InvestmentsswitchedintotheFundorSeriesthatwereoriginally None None None None None madeundertheDSCpurchaseoptionthroughPre-authorized ContributionArrangementsafterDecember31,2016

Allotherinvestments None None None None None

thatwesponsor,includingannualbusinessconferences.ThePrincipalDistributorsmayalsopayprizeawardsandperformancebonusestoyourIGConsultant,orprovidepracticecreditsthatmaybepaidincashorusedtowardsavarietyofbusiness,benefitandeducation-relatedexpenses,basedonthedollaramountofthevariousproductsandinvestmentsdistributedbytheIGConsultantduringtheyear.YourIGConsultantmayalsoreceivebonusesforcareerachievementssuchasobtaininganeducationaldesignation,license,programcompletion.SomeprizesandbonusespaidforIGWealthManagementFundsmaybehigherthanthosepaidforotherproducts.YourIGConsultantmayown,directlyorindirectly,sharesofIGMFinancialInc.

Dealer compensation from management feesApproximately48%ofthemanagementfeesearnedfromIGWealthManagementFundsinthecalendaryearendedDecember31,2018,wasspentbythePrincipalDistributorstooffsetthecostofcommissions,salesbonuses,marketingand educational conferences, and other promotional expensesofthePrincipalDistributors.

Income tax considerations for investorsThefollowingisageneralsummaryoftheprincipalCanadianfederalincometaxconsiderationsapplicabletotheFundandtoindividualinvestors(otherthantrusts)whoareresidentinCanada,dealatarm’slengthwiththeFundandholdUnitsoftheFundascapitalproperty.

** Notethatminimuminitialeligibilityandinvestmentrequirementsmustbemet.Pleasesee Minimum initial investmentformoredetails.** Youdon’thavetopayaredemptionfeewhenyousellinvestmentsacquiredundertheDSCoptionofaFundpurchasedafterDecember31,2016(otherthan

UnitsacquiredbyswitchesofinvestmentsoriginallymadeundertheDSCpurchaseoptionbeforethatdate)thatwerestillsubjecttoaredemptionfee,ormorethansevenyearsfromthedateyourinvestmentsweremadeundertheDSCoptionifyouroriginalinvestmentwasbeforeJanuary1,2017,aftersevenyearsfromthedateyoubuythem,orsuchshorterperiodasmayapplyiftheseUnitswerepurchasedbyswitchinganinvestmentthatwasalreadysubjecttoaredemptionfee.PleaseseeFees and expenses.

23

Fund’sincomeandcapitalgains,andthen,ifnecessary,asareturnofcapital.

YouwillreceiveataxslipeachyearthatshowsyourshareoftheFund’sDistributionsof:

• dividendsfromCanadiancorporationsincludingeligibledividends;

• capitalgains;• otherincome;and• returnofcapital.

Generally,whereaDistributiontoyouexceedsyourshareoftheFund’snetincomeandnetcapitalgains,theexcesswillbeconsideredtobeareturnofcapital,unlesstheFundelectstoconsideralloraportionofthatDistributiontobeincome.Youwillnotbetaxedonareturnofcapital,butitwillreducetheadjustedcostbaseofyourUnits,unlesstheDistributionisreinvested.IfareturnofcapitalDistributionreducestheadjustedcostbasesothatitbecomesanegativeamount,youwillbedeemedtorealizeacapitalgainequaltosuchamountandtheresultingnegativecostbasewillbeincreasedbacktozero.ServiceFeeRefundsdistributedtoeligibleholdersofSeriesCUnitsarealsoareturnofcapitalandwillnotbeincludedinyourincome.

OnereasonDistributionsfromtheFundmayexceedyourallocation of income from the Fund in a particular year is becausetheFundhasclaimedcapitalcostallowanceindeterminingitstaxableincomeforthatyear.TheportionoftheDistributionthatisinexcessofyourshareofincomeistreatedasareturnofcapital.IfyousubsequentlyredeemyourUnitsintheFund,yourshareofpreviouslyclaimedcapitalcostallowance,whichwaspreviouslytreatedasareturnofcapital,willbedesignatedtoyouasincomefortaxpurposes.ThisdesignationwillresultinacorrespondingincreaseintheadjustedcostbaseofyourUnitsimmediatelypriortotheredemptionoccurring.

TheFundintendstomaketheappropriatedesignationssothat(a)taxabledividendsfromtaxableCanadiancorpora-tionsand(b)realizedcapitalgainsdistributedbytheFundwillretaintheiridentityfortaxpurposesinyourhands,andyouwillbeprovidedwithataxslipeachyearthatshowsyourshareofsuchdesignationsfromtheFund.

Bymakingsuchdesignations,taxabledividendsonsharesoftaxableCanadiancorporationsdistributedtoyouwillbeeligibleforthedividendgross-upandtaxcreditrulescontained in the Tax Act and only the taxable portion of capitalgainsdistributedtoyouwillberequiredtobeincludedincomputingyourincomefortaxpurposes.WhereDistributionsaredesignatedasforeignincome,youwillbetreatedashavingpaidyourproportionateshareofany

Thissummarytakesintoaccountthecurrentprovisionsofthe Tax Actandtheregulationsthereunder,aswellasallpubliclyannouncedproposalsbytheMinisterofFinanceto amend the Tax Actandregulationsasofthedatehereof.ThissummaryalsotakesintoaccountthecurrentpublishedadministrativepracticesandpoliciesoftheCanadaRevenueAgency.Thissummarydoesnottakeintoaccountprovincialorforeignincometaxlegislationorconsiderations.

ThissectionisageneralsummaryofhowyourinvestmentsintheFundaretaxed.Thissummarydoesnotdealwithallpossibletaxconsiderations.Therefore,please consult with your tax advisor about your own circumstances.

Units held in a Registered PlanTheFundqualifiesasamutualfundtrustfortaxpurposesand,assuch,isaqualifiedinvestmentforRegisteredPlans.For the purpose of this summary, it is assumed that the Fund willcontinuetoqualifyasamutualfundtrust.TheFundisaneligibleinvestmentforRegisteredRetirementSavingsPlans(RRSPs),RegisteredRetirementIncomeFunds(RRIFs),RegisteredEducationSavingsPlans(RESPs),Tax-FreeSavingsAccounts(TFSAs),andothertax-deferredRegisteredPlansundertheTax Act.

IfyouholdyourinvestmentinaRegisteredPlan,ingeneralyoudon’thavetopaytaxesonincomeorcapitalgainspaidtoyourRegisteredPlan;howeverwithdrawalsfromaRegis-teredPlanmaybesubjecttotax.Pleaseconsultwithyourtaxadvisoraboutthesespecialrules.

IfUnitsoftheFundarea“prohibitedinvestment”foryourTFSA,RRSP,RRIForRESPsthatacquiresUnitsyouwillbesubjecttoapenaltytaxassetoutintheTax Act.A“prohibitedinvestment”mayincludeaUnitoftheFund,ifyouhavesignificantinterest,whichingeneraltermsmeanstheownership,eitheraloneortogetherwithpersonsandpartnershipswithwhomyoudonotdealatarm’slength,of10%ormoreoftheFund.However,UnitsoftheFundwillnotbea“prohibitedinvestment”foranyTFSA,RRSP,RRIForRESPsatanytimebeforetheendofthe24-monthperiodthatbeginsonthefirstdayofthetaxationyearoftheFund,providedthattheFundqualifiesasamutualfundtrustandcomplieswiththeNationalInstrumentduringsuchtime.Pleaseconsultwithyourtaxadvisorinthisregard.

Units held outside a Registered PlanIfyouholdUnitsoutsideaRegisteredPlan,thenyouwillberequired to include in computing income the net income and a portion of the net capital gain (the taxable capital gain)oftheFunddistributedtoyouintheyear,whetherornotsuchDistributionsarereinvestedinadditionalUnitsoftheFund.Distributionsinrespectofmanagementfeeand/oroperatingexpensereductionswillbepaidfirstoutofthe

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foreign taxes paid by the Fund on that income, and you may be entitled to claim a foreign tax credit in respect of thatincome.

TheFundwillgenerallybesubjecttolossrestrictionruleswhenanyperson,togetherwithotherpersonswithwhomthatpersonisaffiliated,oranygroupofpersonsactinginconcert,acquiresunitsoftheFundhavinggreaterthan50%ofthefairmarketvalueofallunitsoftheFund.InsuchcircumstancestheFundwillhaveadeemedyearendfortax purposes that may result in increased distributions to Unitholders.Inaddition,accruedlossesnototherwiseoffsetagainstdeemedcapitalgainsandcertainotherrealizedlossesoftheFundwillgenerallybeunavailableforusebytheFundinfuturetaxationyears.

Deductibility of Advisory FeesTheadvisoryfeespaidforSeriesUUnitsheldoutsideaRegisteredPlanwillgenerallybedeductibleforincometaxpurposes.AdvisoryfeesforSeriesUUnitsheldinaRegis-teredPlanwillnotbedeductibleforincometaxpurposes.Pleaseconsultyourtaxadvisoraboutthedeductibilityoftheseadvisoryfees.

What are your legal rights?Securitieslegislationinsomeprovincesandterritoriesgivesyoutherighttowithdraw(the“WithdrawalRight”)fromanagreementtobuymutualfundswithintwoBusinessDaysofreceivingtheSimplifiedProspectus,orFundFacts,ortocancelyourpurchasewithin48hoursofreceivingconfirma-tionofyourorder.

Securitieslegislationinsomeprovincesandterritoriesalsoallowsyoutocancelanagreementtobuymutualfundunitsandgetyourmoneyback,ortomakeaclaimfordamages,iftheSimplifiedProspectus,AnnualInformationForm,FundFactsorfinancialstatementsmisrepresentanyfactsaboutthefund(the“MisrepresentationRight”).Theserightsmustusuallybeexercisedwithincertaintimelimits.

IfyousetupaPACintotheFund,youwillnothaveaWith-drawalRightforyourpurchasesotherthaninrespectofyourinitialpurchase,unlessyourequesttoreceivethemostrecentcopyoftheFundFactsofyourSeriesoftheFundannually,butyouwillhaveaMisrepresentationRightwhetherornotyoureceiveannuallythemostrecentcopyofthatFundFacts.

For more information, refer to the securities legislation of yourprovinceorterritory,orconsultyourlawyer.

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Guide to specific information about the Fund

ThefollowingisanoverviewoftheinformationabouttheFund described in Specific information about the Fund.

1 Fund detailsThissectionisaquickoverviewoftheFund.Ittellsyouthatthisisarealpropertyfund.Italsotellsyou:

• wheneachSerieswasstarted;• thatitiseligibleforRegisteredPlans;• thenatureofthesecuritiesofferedbytheSimplifiedProspectus;

• thenameofthePortfolioAdvisorandManager;and• thenameoftheSub-advisor(s)hiredtoselectinvestments.

A Sub-advisor may be added, changed or removed at any time without prior notice if this is deemed

to be in the best interests of the Fund. If this occurs the Portfolio Advisor of the Fund may take over the provision of day-to-day investment advisory services, or another Sub-advisor may be retained to provide those services.

2 What does the Fund invest in?ThissectiongivesyouinformationabouttheinvestmentobjectiveandstrategiesoftheFund.TheinvestmentobjectiveinformationdescribesthebasicgoaloftheFundaswellasthetypeofsecuritiesinwhichitmayprimarilyinvest.TheinvestmentstrategiesdetailhowtheManagerplanstoachievetheinvestmentobjective.

TheFundfollowsstandardinvestmentRulesformutualfunds, except that it has obtained an exemption order

1 Fund details

2 What does the Fund invest in?

3 Who should invest in this Fund?

4 Distribution policy

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Specific information about the Fund

Fund detailsType of fund Real Property

Date started January 2, 1984 (Series C Units)* July 31, 2003 (Series A Units) July 13, 2012 (Series Jdsc Units) July 12, 2013 (Series U Units) January 16, 2017 (Series B Units) January 16, 2017 (Series Jnl Units)

Eligible for Registered Plans Yes**

Type of securities Series A, B, C, Jdsc, Jnl and U mutual fund trust units

Portfolio Advisor I.G. Investment Management, Ltd. and Manager (Winnipeg, Manitoba)

Sub-advisor Mackenzie Financial Corporation (Toronto, Ontario)***

* Series C Units were created by the consolidation of two former classes of units in 2003.

** Subject to prohibited investment rules for Registered Plans. See Income tax considerations for investors if you have a Registered Plan.

*** The non-real property assets of the Fund may be allocated to the Sub-advisor.

What does the Fund invest in?Investment objectiveThe principal objective of the Fund is long-term capital growth combined with a continued income stream through invest-ments in real property located in Canada. To achieve this objective the Fund has assembled and intends to continue to assemble a diversified portfolio of income-producing real properties with a better-than-average growth potential.

Subject to other investment restrictions, the Fund may also invest in non-Canadian assets, where it is deemed that the potential for growth provides a supplement to the Fund’s Canadian holdings.

To change its fundamental investment objective, the Fund needs the approval of a majority of its investors who vote at a meeting held for this purpose, unless we are required by law to make the change. In all other respects, however, the Fund’s investment practices may be changed without restriction so long as the Fund conforms with the Rules and the documents establishing the Fund by amending its Simpli-fied Prospectus and Fund Facts and, in certain situations, by mailing notice of the change to each Unitholder at least 21 days before the effective date of the change. When a meeting for the Fund is held, Unitholders will receive all the disclosure and notice material and will be able to vote at the meeting.

Who should invest in this Fund?Before you invest in any mutual fund, you should consider how it would work with your other investments and your tolerance for risk. The investment risk level of this Fund is required to be determined in accordance with a stan-dardized risk classification methodology that is based on the Fund’s historical volatility as measured by the 10-year standard deviation of the returns of the Fund. Using this methodology, we have classified the Fund as having a low level of volatility based on the Fund’s historical perform-ance. For more information about this classification and methodology, please see Risk classification methodology under Guide to specific information about the Fund.

You should consider investing in this Fund if you are comfortable with the risks for this investment and:

• your long-term investment goal is income with a growth component.

Distribution policyThe Fund’s policy is on the Valuation Day at the end of each month to distribute income earned by each Series of the Fund, other than net realized capital gains, among Unitholders of that Series of the Fund in proportion to the number of Units held at the time of distribution. Unless it is specifically directed to pay such income to a Unitholder, the Manager will automatically reinvest such income in addi-tional Units. If the Manager is directed to pay such income to a Unitholder it will do so within seven Business Days after the valuation date on which it becomes payable.

The Manager may accumulate all net realized capital gains and may, in its discretion, distribute such net realized capital gains on a Valuation Day which occurs in the month of December of each year among Unitholders of each Series of the Fund in proportion to the number of Units held at the time of distribution. Such capital gains Distributions will be automatically reinvested in further Units unless a Unitholder has directed the Manager to pay out capital gains Distribu-tions to that Unitholder.

Investors Real Property Fund

1

2

3

4

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amutualfund,youshouldthinkabouthowcomfortableyouarewithrisk,andhowlongyouwanttokeepyourmoneyintheinvestment.Anyinvestmentyoumakeshouldbeinkeepingwithyourlong-terminvestmentgoals.

Risk classification methodologyOnemeasureoftheriskassociatedwithaninvestmentinmutualfundsisthedifferenceintheirreturnsfromyeartoyear(oftenreferredtoas“volatility”).Onthisbasis,ageneralvolatilityriskratingcanbedeterminedfortheFundbasedonitshistoricalperformancesupplementedwherenecessary by the historical performance of a comparable referenceindex(orindicesasapplicable)and/oracompar-ablemutualfundhavingsimilarinvestmentobjectives,strat-egiesandriskcharacteristics.

ThemethodologyusedtodeterminethevolatilityriskratingoftheFundisthestandardizedinvestmentriskmethodologyasmandatedbytheRulesforallinvestmentfunds.Thismethodologyentailsassessingtherisklevelofeachmutualfundusingafive-categoryscalerankingfrom“low”to“high”basedonthestandarddeviationoftheFund’sreturnsovera10-yearperiod.Therisklevelandstandarddeviationrangesmaychangeinthefuture,andcurrentlyareasfollows:

• Low–0tolessthan6%;• LowtoMedium–6%tolessthan11%;• Medium–11%tolessthan16%;• MediumtoHigh–16%tolessthan20%;and• High–20%orgreater.

Theseassessmentsarereviewedannually.

TheManagerassessestheFundusingtheserisklevels.Forexample,aninvestorina“low”volatilitymutualfundwithan expected annual long term return of 5% can expect its performancetobeintherangebetween-1%and+11%,whereasa“high”volatilitymutualfundwiththesamelong-termexpectedreturncanexpectitsperformancetovaryinarangethatisgreaterthan-15%and+25%inanyyear, based on its past performance history as supple-mented(wherenecessary)bythatofareferenceindexorthepastperformanceofanotherreasonablycomparableinvest-mentfund.Theexpectedreturnsusedinthisexampleareforillustrativepurposesonlyandarenotintendedtorepresent

allowingittoinvestinrealproperty,andwillcontinuetodosounlessithaspermissionfromtheCanadiansecuritiesregulatorstodeviatefromtheseRules.InkeepingwiththeRules,theFundmayholdcashandcash-likeinvestmentssuchasgovernment-issuedtreasurybillsandothermoneymarketinstruments,toagreaterorlesserextentdependingonprevailingmarketconditions,availableinvestmentopportunities,andanticipatedcashneeds.Ifnecessary,theFundmaytemporarilydepartfromitsinvestmentobjectivesandstrategiesbyinvestingintheseshort-termdebtinstru-mentsandcash.

TheIGWealthManagementFundshavereceivedregulatoryapprovaltoinvestincertainexchange-tradedfunds(ETFs)managedbyMackenzieFinancialCorporation(“Mackenzie”)noworinthefuture(each,an“UnderlyingMackenzieETF”),providedthattheinvestmentintheUnderlyingMackenzieETFisinaccordancewiththeinvestmentobjectivesoftheFund.Subjecttocertainconditions*,thisreliefpermitstheIGWealthManagementFunds:

• topurchaseanUnderlyingMackenzieETFortoenterintoaspecifiedderivativestransactionwithrespecttoanUnder-lyingMackenzieETFeventhoughmorethan10%ofthenetassetvalueofaFundwillbeinvested,directlyorindirectly,insecuritiesoftheUnderlyingMackenzieETF;

• topurchaseasecurityofanUnderlyingMackenzieETFsuchthat,afterthepurchase,aFundwouldholdsecuritiesrepresentingmorethan10%ofthevotesattachingtotheoutstandingvotingsecuritiesofthatUnderlyingMackenzieETF;ortheoutstandingequitysecuritiesoftheUnderlyingMackenzieETF((i)and(ii)collectivelyreferredtoasthe“ConcentrationRestriction”)**;

• topurchaseandholdasecurityofanUnderlyingMackenzieETFthatisnotofferedunderasimplifiedprospectuspreparedinaccordancewiththemutualfundprospectusdisclosurerules(referredtoasNI81-101);and

• topaybrokeragecommissionsinrelationtothepurchaseandsaleofanUnderlyingMackenzieETFonarecognizedexchangeinCanada.

3 Who should invest in this Fund?ThissectiontellsyouthekindofpersonforwhomtheFundismostsuitable.Whenyou’redecidingwhethertopurchase

* Theseconditionsincludethat:anIGWealthManagementFundnotsellsecuritiesofanUnderlyingMackenzieETFshort;theUnderlyingMackenzieETFnotbeacommoditypoolgovernedbyNI81-104Commodity Pools;theUnderlyingMackenzieETFmustcomplywiththerequirementsoftheRuleregardingthepurchaseofphysicalcommodities,theuseofspecifiedderivatives,andwithrespecttotheuseofleverageunlessithasobtainedanyexemptiverelieffromtheserequirements;andtheinvestmentbyanIGWealthManagementFundinsecuritiesofanUnderlyingMackenzieETFismadeincompliancewiththefund-of-fundinvestmentrequirementsintheRule,withtheexceptionof(1)therequirementfortheUnderlyingMackenzieETFtofileasimplifiedprospectuspreparedinaccordancewiththemutualfundprospectusdisclosurerule,and(2)intherequirementthattheIGWealthManagementFundnotpayanysaleschargesorredemptionfeesinrespectonlyofbrokeragefeesincurredforthepurchaseandsaleofanUnderlyingMackenzieETFbytheFund.

** InconnectionwiththeConcentrationRestrictionrequirements,foreachinvestmentinanUnderlyingMackenzieETFtheIGWealthManagementFundmust,totheextentapplicable,limititsindirectholdingsinsecuritiesofanissuerheldbyoneormoreUnderlyingMackenzieETFsasrequiredby,andinaccordancewith,theapplicableprovisionsoftheRule.

27

theexpectedfutureperformancesoftheFund.Pleasekeepin mind that past performance does not necessarily indicate futureperformance.TheFund’sinvestmentrisklevelmaybeincreasedifdoingsoisreasonableinthecircumstances.

Itisimportanttonotethatamutualfund’shistoricalvolatilitymaynotbeindicativeofitsfuturevolatility.ThemethodologyusedtoidentifytheinvestmentriskleveloftheFundisavailableuponrequest,atnocost,bycontactingtheManagerasindicatedonthebackcoverofthisSimplifiedProspectus.

InadditiontoassessingthevolatilityriskoftheFundwhendeterminingwhetheritissuitableforyou,itisalsoimportanttokeepinmindthelevelofvolatilityassociatedwithanymutualfundmaymoderatetheoverallvolatilityriskassociatedwithyourwholeinvestmentportfolio,totheextentthatthevolatilityofyourFundcouldoffsetthe

volatilityofotherinvestmentsinyourportfolio.WhethertheFundissuitableforyouwilldependonyourowncircum-stances.YourIGConsultantcanhelpyouevaluatewhetheraparticularFundissuitableforyou.

4 Distribution policyThissectiontellsyouhowoftentheFunddistributesincomeandcapitalgains.TheamountofDistributionstobepaidbyaSeriesmaybeaffectedbythelevelofexpenseschargedtoeachSeriesrelativetothetotalexpensesoftheFund.

DistributionsarealwaysreinvestedintothesameSeriesoftheFundunlessyouaskustopaythemtoyou(ifyourinvestmentisnotheldwithinaRegisteredPlan).TheManagermayelecttodeclareDistributionsmoreorlessfrequently if this is deemed to be in the best interests of the FundanditsUnitholders.ReturnsofcapitalreducethenetassetvalueoftheFund,whichcouldresultinthedepletion

5 Fund expenses indirectly borne by investors 30 Investors Real Property Fund

Fund expenses indirectly borne by investorsEstimated cumulative expenses payable by each Series of securities of the Fund for each $1,000 investment (see Guide to specific information about the Fund for an explan-ation of assumptions used in this example) for the time periods shown:

Fees and expenses paid

over 1 year over 3 years over 5 years over 10 years

Series A $26 $82 $144 $327

Series B $26 $82 $143 $326

Series C $28 $87 $153 $348

Series Jdsc $23 $74 $129 $294

Series Jnl $23 $73 $129 $293

Series U $12 $37 $64 $146

The most current fees payable by each Series are provided under Fees and expenses.

Please see the Annual Information Form under Significant Changes for more details about these fee reductions.

5

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ofyourinvestmentandreducetheFund’sabilitytogeneratethesameleveloffutureincome.PleaseseeAutomatic rein-vestment of Distributions and Income tax considerations for investorsformoreinformation.

5 Fund expenses indirectly borne by investorsThistablehelpsyoucomparethecostofinvestingintheFundwiththecostofinvestinginothersimilarmutualfunds.ItshowsthefeesandexpensespaidbytheFundassuming:

• youinvest$1,000onJanuary1st;

• theFundhasatotalreturnof10%eachyear,notincludingsaleschargesorotheroptionalexpenses;

• allDistributionsarereinvestedeachyear;and• eachSeriesoftheFundhasthesameannualizedmanage-mentexpenseratio,afteranyfeeorexpensereductions,eachyearasitdidforthefiscalyearendedMarch31,2019.

TheseFundexpensesexcludetheadvisoryfeespaiddirectlybysecurityholderstothePrincipalDistributorsforSeriesU.

Youcanalsofindinformationaboutfeesandexpensesunder Fees and expenses.

29

Specific information about the Fund

Fund detailsTypeoffund RealProperty

Datestarted January2,1984(SeriesCUnits)* July31,2003(SeriesAUnits) July13,2012(SeriesJdscUnits) July12,2013(SeriesUUnits) January16,2017(SeriesBUnits) January16,2017(SeriesJnlUnits)

EligibleforRegisteredPlans Yes**

Typeofsecurities SeriesA,B,C,Jdsc, JnlandUmutualfund trust units

PortfolioAdvisor I.G.InvestmentManagement,Ltd. andManager (Winnipeg,Manitoba)

Sub-advisor MackenzieFinancialCorporation(Toronto,Ontario)***

*SeriesCUnitswerecreatedbytheconsolidationoftwoformerclassesofunitsin2003.

**SubjecttoprohibitedinvestmentrulesforRegisteredPlans.SeeIncome tax considerations for investors ifyouhaveaRegisteredPlan.

***Thenon-realpropertyassetsoftheFundmaybeallocatedtotheSub-advisor.

What does the Fund invest in?Investment objectiveTheprincipalobjectiveoftheFundislong-termcapitalgrowthcombinedwithacontinuedincomestreamthroughinvest-mentsinrealpropertylocatedinCanada.ToachievethisobjectivetheFundhasassembledandintendstocontinuetoassembleadiversifiedportfolioofincome-producingrealpropertieswithabetter-than-averagegrowthpotential.

Subjecttootherinvestmentrestrictions,theFundmayalsoinvestinnon-Canadianassets,whereitisdeemedthatthepotentialforgrowthprovidesasupplementtotheFund’sCanadianholdings.

Tochangeitsfundamentalinvestmentobjective,theFundneedstheapprovalofamajorityofitsinvestorswhovoteatameetingheldforthispurpose,unlesswearerequiredbylawtomakethechange.Inallotherrespects,however,theFund’sinvestmentpracticesmaybechangedwithoutrestrictionsolongastheFundconformswiththeRulesandthedocumentsestablishingtheFundbyamendingitsSimpli-fiedProspectusandFundFactsand,incertainsituations,bymailingnoticeofthechangetoeachUnitholderatleast21daysbeforetheeffectivedateofthechange.WhenameetingfortheFundisheld,Unitholderswillreceiveallthedisclosureandnoticematerialandwillbeabletovoteatthemeeting.

Who should invest in this Fund?Beforeyouinvestinanymutualfund,youshouldconsiderhowitwouldworkwithyourotherinvestmentsandyourtoleranceforrisk.TheinvestmentrisklevelofthisFundisrequiredtobedeterminedinaccordancewithastan-dardizedriskclassificationmethodologythatisbasedontheFund’shistoricalvolatilityasmeasuredbythe10-yearstandarddeviationofthereturnsoftheFund.Usingthismethodology,wehaveclassifiedtheFundashavingalow levelofvolatilitybasedontheFund’shistoricalperform-ance.Formoreinformationaboutthisclassificationandmethodology, please see Risk classification methodology under Guide to specific information about the Fund.

YoushouldconsiderinvestinginthisFundifyouarecomfortablewiththerisksforthisinvestmentand:

• yourlong-terminvestmentgoalisincomewithagrowthcomponent.

Distribution policyTheFund’spolicyisontheValuationDayattheendofeachmonthtodistributeincomeearnedbyeachSeriesoftheFund,otherthannetrealizedcapitalgains,amongUnitholdersofthatSeriesoftheFundinproportiontothenumberofUnitsheldatthetimeofdistribution.UnlessitisspecificallydirectedtopaysuchincometoaUnitholder,theManagerwillautomaticallyreinvestsuchincomeinaddi-tionalUnits.IftheManagerisdirectedtopaysuchincometoaUnitholderitwilldosowithinsevenBusinessDaysafterthevaluationdateonwhichitbecomespayable.

TheManagermayaccumulateallnetrealizedcapitalgainsandmay,initsdiscretion,distributesuchnetrealizedcapitalgainsonaValuationDaywhichoccursinthemonthofDecemberofeachyearamongUnitholdersofeachSeriesoftheFundinproportiontothenumberofUnitsheldatthetimeofdistribution.SuchcapitalgainsDistributionswillbeautomaticallyreinvestedinfurtherUnitsunlessaUnitholderhasdirectedtheManagertopayoutcapitalgainsDistribu-tionstothatUnitholder.

Investors Real Property Fund

30 Investors Real Property Fund

Fund expenses indirectly borne by investorsEstimatedcumulativeexpensespayablebyeachSeriesofsecuritiesoftheFundforeach$1,000investment(seeGuide to specific information about the Fund for an explan-ationofassumptionsusedinthisexample)forthetimeperiodsshown:

Fees and expenses paid

over 1 year over 3 years over 5 years over 10 years

SeriesA $26 $82 $144 $327

SeriesB $26 $82 $143 $326

SeriesC $28 $87 $153 $348

SeriesJdsc $23 $74 $129 $294

SeriesJnl $23 $73 $129 $293

SeriesU $12 $37 $64 $146

ThemostcurrentfeespayablebyeachSeriesareprovidedunder Fees and expenses.

PleaseseetheAnnualInformationFormunderSignificant Changesformoredetailsaboutthesefeereductions.

31

What are the standard mutual fund investment rules?EverymutualfundmustcomplywiththeRules,whicharedesigned,inpart,toensurethatinvestmentsbymutualfundsarediversifiedandrelativelyliquid.TheFundhasreceivedapprovalfromtheCanadiansecuritiesregulatorstovaryfromtheRulestoallowittoinvestinrealproperty,as explained under Exemptions and ApprovalsintheAnnualInformationForm.

What specific investment restrictions apply?TheFundissubjecttothefollowinginvestmentrestrictions:

a) itmayinvestonlyinamortgagewhere:i) themortgageistakenbackbytheFundaspart

consideration for the sale of the property by theFund;

ii) themortgageisafirstchargeontheproperty;iii) theamountofthemortgageloanisnotmore

than75%ofthefairmarketvalueofthepropertysecuring the mortgage, as determined by an appraisal of the real property at the time of thedisposition;

iv) thetermofthemortgageisfiveyearsorlessandtheamortizationperiodis30yearsorless;

v) themortgageisregisteredontitletotherealpropertywhichitissecuritytherefore;and

vi) theaggregatevalueoftheinvestmentsoftheFundinmortgagesaftergivingeffecttotheproposedinvestmentwillnotexceed10%ofthenetassetvalueoftheFund.

b) itwillnot,exceptaspermittedforink)below,makeorsellanyinvestmentinrealpropertywhere(i)theManageroranyaffiliateorassociateoftheManager;(ii)theTrusteeoranyaffiliateorassociateoftheTrustee;(iii)apromoteroranyaffiliateorassociateofapromoter;(iv)asubstantialsecurityholderoftheFund,Managerorpromoteroranyaffiliateorassociateofsuchsubstantialsecurityholder;or(v)anofficer,directororemployeeoftheFund,oftheManagerorofthepromoterorofanyaffiliateoftheFund,Managerorpromoter:i) hasorexpectstoobtaindirectlyorindirectly

an interest in the transaction (other than usual brokeragefeesorcommissions,propertymanage-ment fees, or management fees paid to the Managerpursuanttothemanagementagreement);

ii) hasatanytimeintheperiodof24monthspreceding the date of the transaction had a direct orindirectmaterialfinancialinterestintherealpropertybeingacquiredordisposedof;or

iii) hasaninterestinamortgageontherealpropertybeing acquired (other than an interest as lender if the lending of money on the security of mortgages is part of the ordinary business of the lender andthemortgagewasmadeinthecourseofthelender’sbusiness).

c) itwillonlyassumeorincurmortgageindebtednesswheretheaggregateofthedebtoftheFundbywayofmortgagesaftertheproposedborrowingasapercentageofthecurrentvalueofthetotalassetvalueoftheFundwillnotbeinexcessof50%.

d) itwillonlyassumeorincuranyindebtednessunderamortgageonthesecurityofanyrealpropertywheretheamount of all indebtedness secured thereon is not in excessof75%ofthevalueofthatproperty.

e) itwillonlyleaseorsubleasetoanypersonanyrealproperty,premisesorspaceifthatpersonanditsaffili-ateswould,afterthecontemplatedleaseorsublease,be leasing and subleasing real property, premises or spacehavingafairmarketvaluenetofencumbrancesnotinexcessof20%ofthenetassetvalueoftheFund.

f) itwillonlyenterintoanytransactioninvolvingthepurchaseoflandorlandandimprovementsonitandtheleasingofitbacktothesellerifthetenantanditsaffiliateswouldnot,aftertakingintoaccountthefairmarketvaluenetofencumbrancesofthepropertywhichisthesubjectofthecontemplatedlease,beleasingrealpropertyhavingavalueinexcessof20%ofthenetassetvalueoftheFundpursuanttoallsuchtransactions.

g) itmaynotborrowmoneyfortheFundexceptfortheredemptionofUnits.Suchloans,inanyevent,maynotexceed10%oftheFund’snetassets(takenatmarketvalueatthetimeofborrowing).Forthepurposeofthissection, a mortgage entered into in the normal course ofoperationoftheFundwillnotconstituteaborrowing.

h) itwillonlyacquireanysingleinvestmentinrealproperty,andwillonlyinvestinanyjointventure,part-nership, corporation or other business association or activity,whereinanysuchcasethecosttotheFundofsuch acquisition (net of the amount of encumbrances assumed)ortheamountofsuchinvestment,asthecasemaybe,willnotexceedthegreaterof:i) $5,000,000;or

Investment restrictions

32

ii) 20%ofthenetassetvalueoftheFund; aftergivingeffecttothecontemplatedacquisition

orinvestment.i) itwillnotengageinconstructionordevelopmentof

real property except to the extent necessary to maintain its real properties in good repair, or to enhance the income-producingabilityofpropertiesownedbytheFund.

j) itmayinvestinajointventurearrangementonlyif:i) itsinterestinthejointventurearrangementis

notsubjecttoanyrestrictionontransferotherthanarightoffirstrefusal,ifany,infavourofthejointventures;

ii) ithasarightoffirstrefusaltobuytheinterestsofjointventures;and

iii) thejointventurearrangementprovidesanappro-priatebuy-sellmechanismtoenabletheFundtocausethejointventurestopurchasetheFund’sinterestortoselltheirintereststotheFund.

k) itmaynotenterajointventureagreementwith:i) theManageroranyaffiliateorassociateof

theManager;ii) theTrusteeoranyaffiliateorassociateof

theTrustee;iii) apromoteroranyaffiliateorassociateof

apromoter;iv) asubstantialsecurityholderoftheFund,Manager

orpromoteroranyaffiliateorassociateofsuchsubstantialsecurityholder;or

v) anofficer,directororemployeeoftheFund,oftheManagerorofthepromoterorofanyaffiliateoftheFund,theManagerorpromoter;

unlesstheagreementisapprovedbytheFund’sIRCandisotherwisenotprohibitedbytheRules.

l) subjecttoparagraphq)belowitmaynotholdsecuritiesofacorporationotherthanajointventurecorporationoracorporationwhollyownedbytheFundformedandoperated solely for the purpose of holding a particular realpropertyorproperties.

m) itwillnotinvestinrightstoorinterestsinmineralorother natural resources, including oil or gas except as incidentaltoaninvestmentinrealproperty.

n) itwillnotinvestinsinglefamilyhomes,residentialcondominiums,mobileparksorhospitals.

o) itwillnotendorseorguaranteethesecuritiesorobliga-tionsofanycorporation,firmorpersonwhatsoever.

p) theTrusteeorManagerwillonlysignawrittendocumentcreatinganobligationoftheFund:

i) wheretheobligationbeingcreatedisorincludesthe granting by the Fund of a lease, sublease or mortgage;or

ii) wheretheobligationbeingcreatedisorincludesanyotherobligationoftheFundwhichinthesolejudgementoftheTrusteeorManagerconstitutesamaterialobligation;

if the instrument creating the obligation contains a term orotherprovisiontotheeffectthattheobligationbeingcreated is not personally binding upon, and that resort shall not be had to, nor shall recourse or satisfaction besoughtfrom,theprivatepropertyofUnitholdersoftheFund,butthepropertyoftheFundoraspecificportionthereofonlyshallbebound.Inanyothercase,theTrusteeorManagermay,initsabsoluteanduncon-trolled discretion, but is not required or obligated to,includesuchatermorprovisioninthedocumentcreatinganobligationoftheFund.

q) itmayinvestorexpendanamount(which,inthecaseofanamountinvestedtoacquirerealproperty,isthepurchase price less the amount of any indebtedness assumed or incurred by the Fund and secured by a mortgageonsuchproperty),upto15%ofthenetassetvalueoftheFundininvestmentsortransactionswhichdonotcomplywithparagraphsa),e),f),i)andl)above.

Thelimitationcontainedinparagraphse)andf)shallnotapplywherethepersontowhomtheleaseorsubleaseismadeis,orwheretheleaseorsubleaseisguaranteedby:

i) theGovernmentofCanada,anyprovinceofCanada,anymunicipalityinCanada,oranyagencythereof;or

ii) anycorporation,thepreferredsharesorcommonsharesofwhichare,atthetimeoftheleaseorsublease,authorizedasaninvestmentforinsurancecompaniespursuant to the Insurance Companies Act(Canada);or

iii) anycorporation,thebonds,debenturesorotherevidencesofindebtednessofwhichareauthorizedasaninvestmentforinsurancecompaniespursuanttotheInsurance Companies Act(Canada).

Withtheexceptionofmortgageinvestmentsasnotedunderthe headings What is a mutual fund? and What are the risks of investing in a mutual fund? – Leverage,andwiththeexceptionofinvestmentsinnon-incomeproducingprop-erties as noted under the heading Real property investment procedures – Other properties,andnon-complyinginvest-mentsasprovidedforinparagraphq)above,thereisnolimitationontheproportionoftheassetsoftheFundwhichmaybeinvestedineachtypeofinvestment(forexample,retail,commercial,industrialorresidentialrealproperty)whichtheFundispermittedtopurchase,andthereareno

33

restrictionsrelatingtotheconcentrationofinvestmentsoftheFundinaparticularclassorkindofinvestmentalthoughitistheintentiontoinvestprimarilyinrealproperty.

ThetitletoallrealpropertyownedbytheFundwillbeheldbyandregisteredinthenameoftheFund,theTrustee,acorporationwhollyownedbytheFund(eitheraloneorjointlywithjointventures),abaretrusteeonbehalfoftheTrustee,orinthenameofajointventurecorporation.

Indeterminingcompliancewiththeinvestmentrestrictionsset forth in this section, the assets, liabilities and trans-actionsofacorporationwhollyownedbytheFundshallbedeemedtobethoseoftheFund.

Liquid assetsInordertoprovidesomedegreeofLiquiditytomeetredemptionrequests,theManagermaintainsaportionoftheFund’sassetsintheformofliquidassets,namely:

• cashordepositswithaCanadiancharteredbankorwithanytrustcompanyregisteredunderthelawsofanyprovinceofCanadawhicharecashableorsaleablepriortomaturity;

• debtsecuritiesissuedorguaranteedbytheGovernmentofCanadaoranyoftheCanadianprovincesorterritories;and

• moneymarketinstrumentsmaturingpriortooneyearfromthedateofissue.

Inaddition,nomorethan20%oftheminimumamountrequiredtobemaintainedinliquidassetsmaybeinvestedin the securities of any one issuer except for securities issued orguaranteedbytheGovernmentofCanadaorofaprovinceorterritoryofCanadaorshort-termpaperandcertificatesofdepositissuedorguaranteedbyaCanadiancharteredbankwhosesecuritiesarelistedandpostedfortradingontheTSX.

TheFundwillnotinvestinrealpropertiesifsuchacquisitioncouldhavetheeffectofreducingtheFund’sliquidassetsto an amount less than the amount established by the followingformula:

Net assets of the Fund Minimum amount to be (Market value) maintained as liquid assets$10,000,000to$20,000,000 10%ofnetassetvalueoftheFund

$20,000,000to$30,000,000 $2,000,000plus9%ofnetassetvalueoftheFundover$20,000,000

$30,000,000to$40,000,000 $2,900,000plus8%ofnetassetvalueoftheFundover$30,000,000

$40,000,000to$50,000,000 $3,700,000plus7%ofnetassetvalueoftheFundover$40,000,000

$50,000,000ormore $4,400,000plus6%ofnetassetvalueoftheFundover$50,000,000

Intheeventthatthevalueoftheliquidassetsfallsbelowtherequiredamount,theFundmayborrowanamountupto10%ofthenetassetvalueoftheFundtopayredeemedUnits.

Real property investment proceduresPotentialrealpropertyinvestmentsmaybeidentifiedthroughrealestateagents,aRealEstateManager,otherbusinesscontacts,orbytheManagerdirectly.

Havingidentifiedapotentialinvestment,theeconomicfeasibilityofacquiringtherealpropertywillthenbeassessedbytheManager.Aspartofthisanalysis,theinvest-mentvalueofthepropertywillbedeterminedbycapital-izingtheincomestreamatasuitablerateasdescribedunder the heading Calculation of Net Asset Value in the AnnualInformationForm.

Oncetheeconomicviabilityoftheproposedrealpropertyinvestmenthasbeendetermined,followingreceiptofapprovalinaccordancewiththeproceduresestablishedbytheManager,aninvestmentmaythenbemadeeitherdirectlybytheFund,orjointlywithanotherinvestor.

Tenantmixisanimportantconsiderationinreducingriskandmaintainingvalue.Everyeffortwillbemadetoacquirepropertieshavingtenantsofthehighestpossiblefinancialstrength.Agoodqualitytenantenhancesthevalueofarealpropertybecauseitislesslikelytodefaultonitsobli-gationsunderthelease.Preferencewillalsobegiventoamultiple-tenant,ratherthanasingle-tenantbuilding.Ingeneral,multiple-tenantbuildingsreducetheriskofdefaultcomparedwithsingle-tenantbuildingsandprovideagreaterhedgeagainstinflationthroughmorefrequentleaseadjust-mentsuponrenewal.

Whereverpossible,allleaseswillbewrittenona“net”basis,wherebyapplicableoperatingcostsarepassedontothetenantandaprovisionismadeforperiodicreview.ThevalueoftheleasetotheFundislesssusceptibletoeitheranincreaseinoperatingcostsorlossofvaluethroughinfla-tionarypressuresusingthismethodofleasing.

Thefollowingisabriefdescriptionoftheprincipalmethodsofinvestmentplanned.

Direct investmentTheFundmaydirectlyacquireupto100%ownershipofarealproperty.InsuchcasestheManagerwouldberespon-sibleforactingasRealEstateManagertoproviderealestatemanagementservicesrelatedtotheday-to-dayoperationoftherealpropertyorengageotherpersonstoactasRealEstateManageroftheindividualrealproperties.

34

Joint ventureTheFundmayalsopurchaserealpropertywithanotherperson,suchasapropertydeveloper,withownershipofthepropertybeingbytenancy-in-common.TheFundwill,whenenteringintosuchtransactions,ensurethatapropermechanismexiststofacilitatethedissolutionofthejointventureshouldthisbecomeadvisable.InsuchacasetheManagermaysuperviseandmaintainthepropertyormay,togetherwiththeotherownerorpartner,engageaRealEstateManager.Inanysuchcase,theFundwouldpartici-pate directly in rental income or loss and in any appreciation ordepreciationofthepropertyvalue.

Corporate ownershipTheFundmaypurchaseall,orinthecaseofajointventure,aportionofthesharesofaprivatecompanywhichwasformed and operated only for the purpose of holding a particular property and by doing so may obtain an indirect interestinrealproperty.TheFundwill,whenmakinganysuchinvestment,ensurethatapropermechanismexiststofacilitatetheterminationoftheinvestmentshouldthisbecomeadvisable.

Purchase and leaseback of landTheFundmaypurchasethelandonwhichimprovementsare situated and simultaneously lease it (for example, backtothevendor)underalong-termnetleasegenerallyprovidingforafixedbasicrentorafixedbasicrentplusanadditionalamountbaseduponapercentageofrevenuesreceivedbythetenantfromtheproperty.Insomecases,theinterestoftheFundinsuchpropertycouldbesubjecttoamortgage.Uponterminationofthelease,theimprovementsontheleasedlandwouldbecomethepropertyoftheFund.

Purchase and leaseback of land and improvementsTheFundmayalsopurchaseandleasebackboththelandandimprovementssituatedonit.Suchtransactionsmayinvolvethesubsequentsaleoftheimprovementstothetenantortoanotherentity.Asinlandpurchaseandleasebacktrans-actions, the interest of the Fund in such properties may be subjecttoamortgage.TheFundcouldshareintheproceedsofanyfuturemortgagefinancingandrefinancing,whicharenotusedtoconstructadditionalimprovementsorreduceexistingmortgageindebtedness,orinothercapitalreceipts.Inthesetransactions,therewouldgenerallybealong-termleasewithscheduledincreasesinrent.

Property managementTheManagerisresponsibleforactingasRealEstateManagertoproviderealestatemanagementservicesrelatedtotheday-to-dayoperationofrealpropertyassetsoftheFund.TheManagermayalsoretainotherpersonstoactasRealEstateManagerforsomeoralloftherealproperties.IftheManager

providestheserealestatemanagementservicesdirectly,theManagershallbeentitledtochargeaseparatefeefortheseservices,whichshallbelessthanorequaltotheprevailingmarketratesforsuchservices.Anycostsassociatedwithrealestatemanagementservicesforaparticularrealpropertyis deducted as an expense from the gross property income forthatrealproperty.TheRealEstateManagerisrespon-sibleforallactivitiesrelatedtotheoperationofarealpropertyincluding:

• maintenanceandrepairs;• negotiationsandrenewalsofleases;and• keepingofallnecessarybooksofrecordrelatedtothoseactivities.

TheRealEstateManagermayalsoprovideexpertopiniononappropriatecapitalizationratesandstabilizedincomeestimatesforvaluationpurposesofpropertiesunderitsmanagement.(Pleasesee Trustee, Manager and Portfolio Advisor – I.G. Investment Management, Ltd. – Real Estate Management Services intheAnnualInformationForm.)

Sale of propertyWhereitisadvantageoustotheFundtodisposeofarealproperty,itmaybesoldthrougheithertheeffortsofindependentagents,aRealEstateManager,businesscontactsorbytheManagerdirectly.

Real property investment criteriaRealpropertyinvestmentsareselectedonthebasisofabilitytomaintainvalue,toprovideincomefromoperationssuffi-cienttomeetinvestmentobjectivesandtorealizelong-termcapitalgrowthinexcessofinflation.

Toachievetheseobjectivesaconservativerisk-averseinvestmentpolicywillbefollowedinordertoincuraslittleriskaspossibleconsistentwiththeinvestmentobjectivesoftheFund.

Theinvestmentportfoliowillbecomprisedofrealpropertyassetsthatarediverseastotypeofpropertyandgeographiclocation.Throughthisformofdiversification,theimpactofexternalsocialandeconomicinfluencesbeyondthecontroloftheManagerarereducedtoaminimum.Theportfoliowillincluderetail,commercial,industrialandmaytoalesser degree include residential real properties in principal citiesinAtlantic,CentralandWesternCanada.Invest-mentsoutsideofCanadamayalsobeconsidered,butthetotalnon-CanadianassetswillbelimitedtothemaximumallowedundertheTax ActfortheinvestmentofmoneybelongingtoRegisteredPlans,subjecttootherinvestmentrestrictionsthatapplytotheFund.

ThefollowingisabriefdescriptionoftheprincipaltypesofrealpropertyinvestmentsthattheFundcaninvestin.

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l SHOPPINGCENTRESANDOTHERRETAILFACILITIES

Localandregionalshoppingcentresandotherretailpremisesgenerallyoffertheadvantageofabasicminimumrent, net of such expenses as maintenance and taxes, and potentiallyapercentageshareofthesalesvolumeorprofitsoftheretailoutlet.Emphasiswillbegiventocentreswithmajoranchortenantssuchassupermarketsandnationalretailchains,toensurethequalityoftheretailservicesofferedbythecentre,thequalityofitstenantsandthereturnonsaleswhichisdesirable.

l COMMERCIALOFFICEBUILDINGS

TheFundseekstoacquireofficebuildingsinurbancentresbased on location, the credit rating of tenants, the terms of the existingleasesandthepotentialforincomegrowththroughthemanagementofleasesandforcapitalappreciation.

l MIXED-USECOMMERCIALPROPERTIES

Mixed-usecommercialpropertiesmaybeselectedforthecomplementary tenant mix and for their income and capital appreciationpotential.

l SINGLE-ANDMULTI-TENANTINDUSTRIALBUILDINGS

TheFundseekstoacquirebuildingsinsuitableindustriallocationswherecreditworthytenantswithnetleaseswillbetheoccupants.

l MEDICALANDPROFESSIONALBUILDINGS

Medicalandprofessionalbuildingsmaybepurchasedforthehighcreditratingofthetenantsandthelong-andshort-termprospectsforincomegrowth.Prioritywillbegiventolocationsadjacenttomajorurbanorregionalmedicalcentres,hospitalcomplexesoruniversity,medical,teachingandclinicalfacilities.

l MULTI-TENANTRESIDENTIALBUILDINGS

TheFundintendstoconcentrateonretail,commercialand industrial properties, rather than residential proper-ties.However,multi-tenantresidentialbuildings,suchasapartment buildings, may be chosen for their high occupancy rateandfortheirabilitytoprovideanincreasingincomeasaresultofshort-termtenancies.Suchinvestmentswouldhavetobewelllocated,well-appointedandwellmanaged.Rentcontrolsandgovernmentlegislationandresidentialpolicieswillbeconsidered,asthesecouldadverselyaffectboththeimmediateandlong-termprospectsofsuchinvestments.

l OTHERSPECIALPURPOSEPROPERTIES

TheFundmayinvestinhotels,motorhotels,restaurants,theatrefacilitiesandotherspecializedrealestateproperties.

Becauseofthemorelimitedusesorincreasedriskfactorsinvolvedintheownershipofsuchproperties,itisintendedthatthesepropertieswillconstitutenomorethan10%ofthetotalportfoliooftheFund.Hotelormotorhotelinvest-mentswillnotbeconsideredunlesstherearemanagementarrangementswithrecognizedhoteloperators.

l OTHERPROPERTIES

TheFunddoesnotintendtoinvestinsinglefamilyhomes,residentialcondominiumsorhighlyspecializedinvestmentssuch as hospitals, special purpose buildings and mobile homeparks.Thelatterinvestmentsareconsideredtoospeculativeforthelong-terminvestorsforwhomtheFundisdesigned.

TheFundintendstoinvestonlyinincome-producingrealproperty.TheFund,otherthanasbasket-clauseinvest-mentswhicharelimitedto15%ofthenetassetvalueoftheFund (as disclosed under the heading What specific invest-ment restrictions apply? – Paragraph q)),willnotbecomeactivelyinvolvedinconstructionorrealestatedevelopmentexceptforanyadditionsorimprovementstopropertyheldby the Fund that are necessary in order to maintain the realpropertyorthepurchaseofwhichistoenhancetheincome-producingabilityforpropertiesownedbytheFund.

Riskaversionisfurtherprovidedbyinvestingprimarilyinincome-producingrealproperty.Currentvalueandfutureappreciationareadirectresultoftheincome-producingcapacity.ExceptasprovidedforinParagraphq) under the heading What specific investment restrictions apply?, the Fundmayinvestinvacantlandonlywhenincludedaspartofanoverallincome-producingasset,andonlywhenthelandcomponentprovidesadvantageouspotentialforfurtherdevelopmentoftheincome-producingcomponent.

l OTHERINVESTMENTS

AlthoughitistheprincipalintentionthattheFundinvestinrealpropertyassets,certaincircumstanceswillmakeitdesirablefortheFundtoinvestinmoreliquidassets.Itmay,forexample,notalwaysbepossibletosatisfythedemandforinvestmentsinrealpropertywiththeavailablesupplyofrealpropertyassets.Further,itwillnotalwaysbepossibletoimmediatelyreinvestcashgeneratedfromrealpropertyoperationsintonewrealpropertyassets.Tomaintainasatisfactoryoverallrateofreturnfortheportfolio,thesecashreservesmaybeinvestedinshort-termnotesormoneymarketinstrumentsmaturingpriortooneyearfromthedateofissue,governmentsecuritiesorcorporatebonds,subjectalwaystotheinvestmentrestrictionssetoutunderthe heading Investment restrictions.

36

AppraisersTheFundisrequiredtoappointoneormoreindependentprofessional appraisers to appraise the interest of the Fund initsrealpropertyinvestments.AllappraisersappointedarerequiredtobemembersoftheAppraisalInstituteofCanadaandarecipientoftheAccreditedAppraiserCanadianInstitutedesignation.Inaddition,suchappraisersmusthaveatleastfiveyears’experienceinappraisingthetypeofpropertybeingappraisedintheparticularprovincewherethepropertybeingappraisedislocated.Theinstructionstoappraisersrequiretheappraisertoarriveatanestimateofthepricethatapropertycouldbeexpectedtorealizeifsoldincurrentmarketcircumstancesatthetimeoftheappraisal,assumingthatthepropertyisofferedforsalefornotmorethan12monthsandistobesoldwithinthatperiod.

Thefollowingsummarizestheappraisedvalues,asatthedatesofeachrealpropertyappraisal,andcurrentvaluesofreal property held by the Fund by geographic location as of May31,2019:

Appraised Current Income-producing Properties Value ValueBritishColumbia $ 633,750,000 $ 636,081,000

Alberta $ 978,520,000 $ 973,603,000

Saskatchewan $ 8,800,000 $ 8,810,000

Manitoba $ 181,900,000 $ 183,460,000

Ontario $ 1,668,866,000 $ 1,800,125,000

Quebec $ 541,648,000 $ 663,246,000

NovaScotia $ 20,450,000 $ 20,433,000

Total Income- producing Properties $ 4,033,934,000 $ 4,285,756,000

Property Under DevelopmentAlberta $ 0.00 $ 13,819,000

Ontario $ 153,700,000 $ 178,754,000

Total Properties Under Development $ 153,700,000 $ 192,573,000

List of real propertiesThefollowingliststherealpropertiesinwhichtheFundhasaninterestandsetsoutcertainrelevantinformationconcerningeach.

AddressType of Property and % Ownership

Date of Acquisition

Cost at Acquisition

Cost at May 31, 2019

Date of Current

Appraisal Appraiser

1111FlintRoadNorthYork,Ontario

Multi-TenantIndustrial/Office(50%)

Nov-30-84 $3,298,223 $4,480,457 Nov-30-18 Cushman& WakefieldLtd.

61RaddallAvenueDartmouth,NovaScotia

Multi-TenantIndustrial/Office(100%)

Dec-12-86 $2,851,970 $3,938,858 Dec-12-18 AltusGroupLimited

TuxedoParkS.C.2025CorydonAvenueWinnipeg,Manitoba

Multi-TenantRetail(100%)

Jun-30-87 $14,740,355 $25,316,720 Jun-30-18 AltusGroupLimited

AirportBusinessCentre2103–2121AirportDriveSaskatoon,Saskatchewan

Multi-TenantOffice(100%)

Mar-17-89 $3,093,823 $4,712,741 Mar-17-19 BrunsdonLawrek&AssociatesLtd.

2616–18thStreetNECalgary,Alberta

Multi-TenantIndustrial/Office(100%)

Jul-31-90 $2,012,884 $3,076,774 Jul-31-18 AltusGroupLimited

2HanoverRoadBrampton,Ontario

Multi-unitResidential(100%)

Aug-11-94(50%)Nov-30-07(50%)

$25,437,797 $37,988,256 Aug-11-18 AltusGroupLimited

4HanoverRoadBrampton,Ontario

Multi-unitResidential(100%)

Aug-11-94(50%)Nov-30-07(50%)

$31,023,897 $43,466,390 Aug-11-18 AltusGroupLimited

LakeBonavistaPromenade755LakeBonavistaDriveSECalgary,Alberta

Multi-TenantRetail(100%)

Aug-21-96 $12,313,380 $16,261,293 Aug-21-18 Cushman& WakefieldLtd.

MarketplaceatCallingwood6655–178thStreetNWEdmonton,Alberta

Multi-TenantRetail(100%)

Sep-30-97 $25,000,000 $37,979,578 Sep-30-18 Cushman& WakefieldLtd.

37

AddressType of Property and % Ownership

Date of Acquisition

Cost at Acquisition

Cost at May 31, 2019

Date of Current

Appraisal Appraiser

WestwoodPlateauVillageS.C.1410ParkwayBoulevardCoquitlam,BritishColumbia

Multi-TenantRetail(100%)

May-15-98 $6,521,473 $10,632,849 May-15-19 BurgessCawleySullivan& AssociatesLtd.

HeritageVillageShoppingCentre2011–111thStreetEdmonton,Alberta

Multi-TenantRetail(100%)

Nov-9-98 $10,496,488 $12,035,204 Nov-9-18 Cushman& WakefieldLtd.

BarrhavenCrossing3500FallowfieldRoadOttawa,Ontario

Multi-TenantRetail(100%)

Jan-6-99 $12,675,049 $15,297,607 Jan-6-19 JuteauJohnsonCombaInc.

2750SheffieldRoadOttawa,Ontario

Multi-TenantIndustrial/Office(100%)

Mar-9-99 $2,311,000 $2,967,573 Mar-9-19 JuteauJohnsonCombaInc.

FleetwoodParkVillage15910–15980FraserHighwaySurrey,BritishColumbia

Multi-TenantRetail(100%)

May-20-99 $17,019,219 $21,742,436 May-20-19 BurgessCawleySullivan& AssociatesLtd.

RiverbendShoppingCentre8338–18thStreetSEand30,32,36,38and 40RiverglenDr.SECalgary,Alberta

Multi-TenantRetail(100%)

Aug-1-99 $21,309,387 $23,693,172 Aug-1-18 Cushman& WakefieldLtd.

51CitationDriveVaughan,Ontario

SingleTenantIndustrial(100%)

Jul-28-99 $998,063 $1,492,130 May-31-19 Cushman& WakefieldLtd.

84CitationDriveVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-28-99 $2,525,376 $3,369,824 May-31-19 Cushman& WakefieldLtd.

91CitationDriveVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-28-99 $3,695,146 $4,753,068 May-31-19 Cushman& WakefieldLtd.

101CitationDriveVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-28-99 $1,698,041 $2,752,969 May-31-19 Cushman& WakefieldLtd.

110CitationDriveVaughan,Ontario

SingleTenantIndustrial(100%)

Jul-28-99 $2,635,382 $3,348,029 May-31-19 Cushman& WakefieldLtd.

131CitationDriveVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-28-99 $1,358,417 $1,828,227 May-31-19 Cushman& WakefieldLtd.

147CitationDriveVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-28-99 $1,238,461 $1,645,236 May-31-19 Cushman& WakefieldLtd.

75FernstaffCourtVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-28-99 $2,397,104 $3,798,307 May-31-19 Cushman& WakefieldLtd.

140FernstaffCourtVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-28-99 $2,616,177 $3,318,733 May-31-19 Cushman& WakefieldLtd.

20StaffernDriveVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-28-99 $4,195,144 $4,967,556 May-31-19 Cushman& WakefieldLtd.

DouglasSquare11520–11566–24thStreetSECalgary,Alberta

Multi-TenantRetail(100%)

Aug-16-02 $22,576,216 $24,200,978 Aug-16-18 Cushman& WakefieldLtd.

KentCorporateCentre605–655WestKentAvenue &8755–8765AshStreetVancouver,BritishColumbia

Multi-Tenant Industrial/Office(100%)

Oct-18-02 $15,259,841 $19,062,980 Oct-18-18 BurgessCawleySullivan& AssociatesLtd.

DeerpointTechCentre7911–8thStreetNE&7912&787810thStreetNECalgary,Alberta

Multi-Tenant Industrial/Office(100%)

Jan-15-03 $16,877,589 $17,944,242 Jan-15-19 Cushman& WakefieldLtd.

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AddressType of Property and % Ownership

Date of Acquisition

Cost at Acquisition

Cost at May 31, 2019

Date of Current

Appraisal Appraiser

TrenantParkSquare5201LadnerTrunkRoadDelta,BritishColumbia

Multi-TenantRetail(100%)

Apr-7-03 $29,500,858 $35,431,610 Apr-7-19 BurgessCawleySullivan& AssociatesLtd.

BramroseSquare285–295QueenStreetEBrampton,Ontario

Multi-TenantRetail(100%)

Aug-18-04 $32,915,130 $37,251,467 Aug-18-18 Leonard,McCoubrey&AssociatesLtd.

PanoramaVillage15127&15157–56thAvenueSurrey,BritishColumbia

Multi-TenantRetail(100%)

Sep-2-04 $16,697,785 $27,683,453 Sep-2-18 BurgessCawleySullivan& AssociatesLtd.

ScottsdaleCentre7017–7155–120thStreetDelta,BritishColumbia

Multi-TenantRetail(100%)

Jan-6-05 $41,870,382 $46,562,800 Jan-6-19 BurgessCawleySullivan& AssociatesLtd.

5600–5630TimberleaBlvdMississauga,Ontario

Multi-TenantIndustrial/Office(100%)

Apr-12-05 $9,731,688 $12,371,706 Apr-12-19 Cushman& WakefieldLtd.

2670PlymouthDriveOakville,Ontario

SingleTenantIndustrial/Office(100%)

Apr-12-05 $6,804,878 $7,795,586 Apr-12-19 Cushman& WakefieldLtd.

VaughanBusinessPark8520/8540/8560JaneStreetVaughan,Ontario

Multi-TenantIndustrial/Retail(100%)

Jul-27-06 $13,100,351 $13,818,618 Jul-27-18 Cushman& WakefieldLtd.

1240/1260/1290CreditstoneRoadVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-27-06 $10,747,907 $11,773,951 Jul-27-18 Cushman& WakefieldLtd.

150–160ConfederationParkwayVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-27-06 $4,849,394 $5,627,643 Jul-27-18 Cushman& WakefieldLtd.

299BasalticRoadVaughan,Ontario

Multi-TenantIndustrial(100%)

Jul-27-06 $3,211,090 $3,364,229 Jul-27-18 Cushman& WakefieldLtd.

LondonPlaza5951No.3Road&7997WestminsterHwy.Richmond,BritishColumbia

Multi-TenantRetail/Office(100%)

Aug-9-06 $37,793,224 $40,859,869 Aug-9-18 BurgessCawleySullivan& AssociatesLtd.

YongeNortonCentre5255YongeStreetToronto,Ontario

Multi-TenantOffice(50%)

Nov-1-06 $57,971,380 $36,063,584 Nov-1-18 Cushman& WakefieldLtd.

7100Jean-TalonStreetEastMontreal,Quebec

Multi-TenantOffice(100%)

Nov-10-06 $23,402,591 $30,191,129 Nov-10-18 AltusGroupLimited

2550–2560DanielJohnsonLaval,Quebec

Multi-TenantOffice(100%)

Nov-10-06 $27,545,418 $33,117,423 Nov-10-18 AltusGroupLimited

1425Trans-CanadaHwy.Dorval,Quebec

Multi-TenantOffice(100%)

Nov-10-06 $10,688,488 $15,295,520 Nov-10-18 AltusGroupLimited

700ClaysonRoadToronto,Ontario

SingleTenant Industrial(100%)

Oct-1-07 $50,030,270 $51,972,175 Oct-1-18 AltusGroupLimited

25–49ColdwaterRoadToronto,Ontario

Multi-TenantIndustrial(100%)

Dec-18-07 $7,272,025 $8,284,425 Dec-18-18 Cushman& WakefieldLtd.

LesGaleriesTerrebonne1125,1185,& 1345MoodyBlvd.Terrebonne,Quebec

Multi-TenantRetail(50%)

Dec-19-07 $48,564,123 $63,613,269 Dec-19-18 AltusGroupLimited

104WalkerDriveBrampton,Ontario

SingleTenantIndustrial(100%)

May-1-08 $19,417,696 $23,668,696 May-1-19 Cushman& WakefieldLtd.

80WalkerDriveBrampton,Ontario

Multi-TenantIndustrial(100%)

May-1-08 $6,657,829 $7,712,143 May-1-19 Cushman& WakefieldLtd.

2611HopewellPlaceNECalgary,Alberta

Multi-TenantIndustrial(100%)

May-26-08 $13,584,395 $13,962,067 May-26-19 AltusGroupLimited

39

AddressType of Property and % Ownership

Date of Acquisition

Cost at Acquisition

Cost at May 31, 2019

Date of Current

Appraisal Appraiser

430326thStreetNECalgary,Alberta

Multi-TenantIndustrial(100%)

May-26-08 $13,764,318 $14,381,676 May-26-19 AltusGroupLimited

LincolnPark37RichardWaySWCalgary,Alberta

Multi-TenantOffice(100%)

May-26-08 $12,437,919 $13,032,221 May-26-19 AltusGroupLimited

1TorontoStreetToronto,Ontario

Multi-TenantOffice(100%)

Nov-25-08 $125,640,627 $140,793,575 Nov-25-18 Cushman& WakefieldLtd.

LesGaleriesChagnon1200Alphonse-DesjardinsBlvd.Lévis,Quebec

Multi-TenantRetail(96.5%)

Dec-12-08 $79,650,171 $87,720,746 Dec-12-18 AltusGroupLimited

3699–63rdAvenueNECalgary,Alberta

SingleTenantOffice(100%)

Dec-1-08 $102,865,449 $104,049,876 Mar-25-19 Cushman& WakefieldLtd.

PanoramaPhaseII5615–152ndStreetSurrey,BritishColumbia

Multi-Tenant Retail(100%)

Sep-2-04 $3,826,828 $19,527,266 Sep-2-18 BurgessCawleySullivan& AssociatesLtd.

140QuarryParkBlvd.SECalgary,Alberta

Multi-TenantOffice(100%)

Mar-31-10 $36,316,418 $36,672,955 Mar-31-19 AltusGroupLimited

1090HomerStreetVancouver,BritishColumbia

Multi-TenantOffice(100%)

Jan-26-12 $39,225,920 $40,563,368 Jan-26-19 BurgessCawleySullivan& AssociatesLtd.

330St.MaryAvenueWinnipeg,Manitoba

Multi-Tenant Office(100%)

Jul-19-12 $26,421,187 $39,352,454 Jul-19-18 AltusGroupLimited

175HargraveStreetWinnipeg,Manitoba

Multi-Tenant Office(100%)

Jul-19-12 $13,280,387 $15,670,300 Jul-19-18 AltusGroupLimited

767-805MemorialAvenueThunderBay,Ontario

Multi-Tenant Retail(100%)

Apr-29-13 $65,253,224 $67,753,555 Apr-29-19 Leonard,McCoubrey&AssociatesLtd.

7861-787882ndStreet& 7848HoskinsStreetDelta,BritishColumbia

Multi-TenantIndustrial/Office(100%)

Jul-22-13 $44,045,816 $45,633,701 Jul-22-18 BurgessCawleySullivan& AssociatesLtd.

LaurentianPlace1331–1385BaselineRoadOttawa,Ontario

Multi-TenantRetail(50%)

Aug-29-13 $51,888,047 $54,265,215 Aug-29-18 JuteauJohnsonCombaInc.

HarrisBuilding67328thStreetNECalgary,Alberta

Multi-TenantIndustrial(100%)

Nov-4-13 $26,672,813 $28,889,978 Nov-4-18 Cushman& WakefieldLtd.

PlainsMidstreamPlaza607–8thAvenueSWCalgary,Alberta

Multi-TenantOffice(100%)

Oct-17-13 $141,656,765 $151,638,292 Oct-17-18 Cushman& WakefieldLtd.

CargillBuilding240GrahamAvenueWinnipeg,Manitoba

Multi-TenantOffice/Retail(100%)

Mar-31-14 $43,584,523 $48,365,151 Mar-31-19 AltusGroupLimited

8131&8183WigginsStreetBurnaby,BritishColumbia

Multi-TenantIndustrial/Office(100%)

Feb-11-14 $49,469,866 $50,151,512 Feb-11-19 BurgessCawleySullivan& AssociatesLtd.

NorthwestBusinessParkSite114835–14903137thAvenueNW15505–137thAvenueNW14904–15222135thAvenueNW13340–13503149thStreetNWEdmonton,Alberta

Multi-TenantIndustrial/Office(100%)

Oct-26-11 $105,553,657 $108,925,565 Oct-26-18 AltusGroupLimited

2618HopewellPlaceNECalgary,Alberta

Multi-TenantOffice(100%)

Jun-24-14 $29,342,496 $29,766,445 Jun-24-18 AltusGroupLimited

40

AddressType of Property and % Ownership

Date of Acquisition

Cost at Acquisition

Cost at May 31, 2019

Date of Current

Appraisal Appraiser

2728HopewellPlaceNECalgary,Alberta

Multi-TenantOffice(100%)

Jun-24-14 $35,249,155 $35,463,412 Mar-25-19 AltusGroupLimited

NorthwestBusinessPark Site513425/13435/13455 149thStreetNWEdmonton,Alberta

Multi-TenantIndustrial(100%)

Dec-11-12 $20,845,175 $26,857,798 Dec-11-18 AltusGroupLimited

LyndenParkMall84LyndenRoadBrantford,Ontario

Multi-TenantRetail(97.5%)

Aug-18-14 $111,040,248 $116,323,759 Aug-18-18 Leonard,McCoubrey&AssociatesLtd.

CapilanoMall5004-98thAvenueNWEdmonton,Alberta

Multi-TenantRetail(50%) Sep-10-14 $35,110,905 $38,170,509 Sep-10-18 AltusGroupLimited

LachenaiePowerCentre1001ruedesMigrateursTerrebonne,Quebec

Multi-TenantRetail(50%) Sep-10-14 $28,925,514 $33,595,277 Sep-10-18 AltusGroupLimited

TransamericaTower5000YongeStreetToronto,Ontario

Multi-TenantOffice(50%) Oct-29-14 $128,000,426 $132,283,827 Oct-29-18 Cushman& WakefieldLtd.

AgincourtMall3850SheppardAvenueEastToronto,Ontario

Multi-TenantRetail(45%) Jan-14-15 $45,190,243 $47,729,296 Jan-14-19 Leonard,McCoubrey&AssociatesLtd.

300HorseshoeLakeDriveHalifax,NovaScotia

Multi-TenantOffice(100%)

Feb-2-15 $7,190,953 $7,235,081 Feb-2-19 AltusGroupLimited

103GarlandAvenueDartmouth,NovaScotia

Multi-TenantOffice(100%)

Feb-2-15 $9,569,934 $9,575,081 Feb-2-19 AltusGroupLimited

GreatPlainsIVIndustrialPark7720–788057thStreetSE7785–62ndStreetSE5820–602076thAvenueSE 5800–79thAvenueSE5805–76thAvenueSECalgary,Alberta

Multi-TenantIndustrial/Office(100%)

Nov-30-11 $28,239,735 $100,430,745 Apr-30-19 AltusGroupLimited

FedEXDistributionCentre684972ndStreetDelta,BritishColumbia

SingleTenantIndustrial(100%)

Aug-2-16 $62,063,274 $62,475,354 Aug-2-18 BurgessCawleySullivan& AssociatesLtd.

OrleansGardens ShoppingCentre1615Orleans,Blvd. Ottawa,Ontario

Multi-TenantRetail(75%)

Sep-12-16 $33,655,370 $34,036,545 Sep-12-18 JuteauJohnsonCombaInc.

NorthwestBusinessPark Site713420149thStreetNWEdmonton,Alberta

Multi-TenantIndustrial(100%)

Dec-11-12 $13,503,117 $43,433,183 Dec-11-18 AltusGroupLimited

1350&1360René-LévesqueBlvd.W.&1025Lucien-l’AllierStreetMontreal,Quebec

Multi-TenantOffice(50%)

Dec-14-16 $195,845,461 $211,643,046 Dec-14-18 AltusGroupLimited

17700Trans-CanadaHighwayKirkland,Quebec

SingleTenantIndustrial(50%)

Dec-21-16 $5,089,619 $5,429,895 Dec-21-18 Cushman& WakefieldLtd.

3000Louis-A.-AmosStreetLachine,Quebec

SingleTenantIndustrial(85%)

Dec-21-16 $14,584,159 $15,419,762 Dec-21-18 Cushman& WakefieldLtd.

17550Trans-CanadaHighwayKirkland,Quebec

SingleTenantIndustrial(75%)

Dec-21-16 $5,837,034 $6,419,024 Dec-21-18 Cushman& WakefieldLtd.

41

AddressType of Property and % Ownership

Date of Acquisition

Cost at Acquisition

Cost at May 31, 2019

Date of Current

Appraisal Appraiser

20975-21225DaoustStreetSainte-Anne-de-Bellevue,Quebec

Multi-TenantIndustrial(50%)

Dec-21-16 $4,777,783 $5,387,061 Dec-21-18 Cushman& WakefieldLtd.

21050-21100DaoustStreetSainte-Anne-de-Bellevue,Quebec

Multi-TenantIndustrial(50%)

Dec-21-16 $7,163,334 $7,710,998 Dec-21-18 Cushman& WakefieldLtd.

MintoPlace407LaurierAvenueWest427LaurierAvenueWest344SlaterStreet180KentStreetOttawa,Ontario

Multi-TenantOffice(33.3%)

Mar-31-17 $192,072,438 $133,699,747 Mar-31-19 JuteauJohnsonCombaInc.

55UniversityAvenueToronto,Ontario

Multi-TenantOffice(100%)

Mar-27-18 $203,033,883 $204,618,178 Mar-27-19 Cushman& WakefieldLtd.

BridgwaterTownCentre350-400NorthTownRoadWinnipeg,Manitoba

Multi-TenantRetail(100%)

Jun-15-15 $7,697,459 $51,824,831 Jun-15-18 AltusGroupLimited

8020FifthLineHaltonHills,Ontario

SingleTenantIndustrial(100%)

Dec-16-15 $22,181,773 $30,384,274 Dec-16-18 AltusGroupLimited

2233SheppardAve.WestToronto,Ontario

Multi-TenantRe-development(100%)

Oct-1-07 $88,293,549 $148,580,637 Oct-1-18 AltusGroupLimited

8300/8400ParkhillDriveMilton,Ontario

Multi-TenantIndustrial(100%)

Apr-28-16 $7,772,065 $35,239,145 Apr-28-19 AltusGroupLimited

Block6&7No5SideRoadMilton,Ontario

Land(100%) Apr-28-16 $2,744,682 $4,460,035 Apr-28-19 AltusGroupLimited

11319DerryRoadMilton,Ontario

Land(100%) Sep-7-16 $19,090,625 $22,297,405 Sep-7-18 AltusGroupLimited

DynamicFundsTower1AdelaideStreetEast,20VictoriaSt.&85YongeSt.Toronto,Ontario

Multi-TenantOffice (25%)

Feb-27-19 $124,031,475 $124,088,487 N/A* N/A*

11400SteelesAvenue11368&11416SteelesAvenueHaltonHills,Ontario

Multi-TenantIndustrial(100%)

May-27-15 $16,229,000 $63,054,451 May-27-19 AltusGroupLimited

RockhillApartments4850-4874delaCôte-des-NeigesRoad

Multi-TenantResidential(50%)

May-6-19 $134,099,042 $134,077,088 N/A* N/A*

12010JasperAvenueNWEdmonton,Alberta

Land(100%) Sept-17-18 $11,233,120 $13,818,909 N/A* N/A*

N/A*–Notapplicable.FirstappraisalsinceacquisitionisnotdueasofMay31,2019.

42

Additional informationAn explanation of some terms used in this Simplified Prospectus.

Business DaymeansanydaytheheadofficeoftheFundisopenforbusiness,unlessotherwisedeterminedbytheTrustee.

Client Name meansinvestmentsregistereddirectlyinthenameoftheinvestorwhoisalsothebeneficialowneroftheinvestments.

CustodianmeanstheCanadianImperialBankofCommercethroughCIBCMellonGlobalCustodyServices.

DeadlinereferstothetimebywhichordersmustbereceivedtoobtainthatValuationDay’sprice,usuallybeing3:00p.m.CentralTimeorearlieratthediscretionoftheManagerif,forexample,theTorontoStockExchangeclosesearlieronanyValuationDay.

Declaration of Trust means the declaration of trust declared bytheTrusteedatedasofDecember31,2010,asmaybeamendedorrestatedfromtimetotime,pursuanttowhichtheFundwasestablished.

Deferred Sales Charge or DSC refers to units or shares of an IGWealthManagementFundthatyoupreviouslypurchasedthatmaybesubjecttoaredemptionfeewhenyousell(otherthanwhenyouswitchtoanotherIGWealthManage-mentFund).

DistributionsarepaymentstheFundmakestoUnitholders.TheFundmayearnrental,interest,orotherincomefromitsinvestments.Itmayalsorealizecapitalgainswhenitsellsinvestmentsataprofit.WhentheFundmakesapaymenttoyou,suchasincome(afterdeductingexpenses)andnetrealizedcapitalgains,orareturnofcapital,thesepaymentsare called Distributions.

DSC Series meansSeriesA,SeriesJdscandtheDSCpurchaseoptionofSeriesCUnits.DSCSeriesaregenerallyonlyavailableforswitchesofinvestmentsmadeundertheDSCSeriesoftheFundandtheDSCseriesofanotherIGWealthManagementFund,andthereinvestmentofDistributionsmadefrominvestmentsheldintheDSCSeries.ThisoptionwasavailableforinvestmentpriortoJanuary1,2017,andforinvestmentsmadepursuanttoanautomatedPre-authorizedContribution(PAC)thatwasestablishedbeforeJanuary1,2017,untilJune30,2017.

FundmeansInvestorsRealPropertyFund.

Fund Costs has the meaning described under Fees and expenses paid by the Fund inthisSimplifiedProspectus.

Group PlanmeansaGroupRRSPorGroupTFSA.

Group RRSPmeansaRegisteredRetirementSavingsPlanthatissponsoredbyanemployer,unionorformalassociationgenerallyconsistingofatleastfivemembers,whichisadministeredbyatrusteethatisanaffiliateofIGWealthManagement.

Group TFSAmeansaTax-FreeSavingsAccountthatissponsored by an employer, union or formal association generallyconsistingofatleastfivemembers,whichisadminis-teredbyatrusteethatisanaffiliateofIGWealthManagement.

Guaranteed Investment Funds or GIFs means the family ofsegregatedfundsnamedthe“IG/GWLGuaranteedInvestmentFunds”whichareissuedbyTheGreat-WestLifeAssuranceCompany(anditsaffiliates),andareavailableexclusivelythroughIGConsultants.

Householdincludesindividualsresidingatthesameprimaryresidencewho,generally,areadvisedbythesameIGConsultant,andeffectiveSeptember1,2019,youmayelect,inthemannerprescribedbythePrincipalDistributors,to include your parents, grandparents, children and/or grandchildren not residing at the same primary residence and insomecases,corporationsandfoundations.ThePrincipalDistributorshavefulldiscretiontorefusetoallowanaccounttobeconsideredpartoftheHouseholdandmaychangeorwaivetheHouseholdrequirementsatitsdiscretion.YouaresolelyresponsibleforensuringyourIGConsultantisawareofallpersonsandaccountsthatyouwishtoincludeinyourHousehold,bothnowandinthefuture.

Household InvestmentsincludeinvestmentsmadeandstillheldbyaHouseholdinallIGWealthManagementFunds,GIFs,IG/GWLSegregatedFunds,anddiscretionarymanagedaccountsthatmaybeofferedbyIGSI,exceptforthepurposesofdeterminingtheadvisoryfeespayableforSeriesUwhereGIFs,IG/GWLSegregatedFunds,investmentsinRDSPSeriesissuedbysomeIGWealthManagementFunds,andseparatelymanagedaccountsarenotincluded.EffectiveSeptember1,2019,allinvestmentsheldbyyourHouseholdinaccountswithIGSI(includingseparatelymanagedaccounts)orIGFS,(otherthaninvestmentsinRDSPSeriesissuedbysomeIGWealthManagementFunds),areincludedforpurposesofdeterminingtheadvisoryfeespayableforSeriesU.

IG/GWL Segregated Funds refers to the family of segregated fundsnamed“IG/GWLSegregatedFunds”whichareissuedbyTheGreat-WestLifeAssuranceCompany(anditsaffiliates),andareavailableexclusivelythroughIGConsultants.

IGFS meansInvestorsGroupFinancialServicesInc.

IGIMmeansI.G.InvestmentManagement,Ltd.

43

IGSImeansInvestorsGroupSecuritiesInc.

IG Wealth Management Funds means this Fund, and any otherIGWealthManagementsponsoredmutualfundsdistributedthroughyourIGConsultant.

IG Wealth Management Portfolio(s) refers to any one or moreoftheIGWealthManagementFundsthatisdefinedasbeingaIGWealthManagementPortfoliounderitsownseparateprospectus.

Income FundsreferstoanyoneormoreoftheIGWealthManagementFundsthatisdefinedasbeinganIncomeFundunderitsownseparateprospectus.

iProfile™ Private Pools refers to any one or more of the iProfilefamilyofpools,eachofwhichisamutualfundtrustandofferedunderitsownseparateprospectus.

IRCmeanstheInvestorsGroupFundsIndependentReviewCommittee.

LiquidityreferstotheeasewithwhichtheFundcanbuyorsellapropertyorsecurityatitsfairmarketprice.

Management Expense Ratio or MERshowsthefeesandoperatingexpensesofeachSeriesasanannualizedpercentageofitsaveragenetassetsforitsfinancialyear.

ManagermeansI.G.InvestmentManagement,Ltd.

Money Market Funds refers to any one or more of the IGWealthManagementFundsthatisdefinedasaMoneyMarketFundunderitsownseparateprospectus.

National InstrumentmeansNationalInstrument81-102,aregulatoryrulethatgovernstheinvestmentsandadminis-trationofmutualfunds.

No-Loadmeansyoudonotpayasaleschargewhenyoubuyunits,oraredemptionfeewhenyousellthoseunitsofapplicableIGWealthManagementFunds.Otherfeesandexpensesstillapply.

No-Load SeriesmeansSeriesB,SeriesJnlandtheNo-LoadpurchaseoptionofSeriesCUnits.

Non-retail Series referstounits(orshares)thatmaybeofferedbytheIGWealthManagementFundsfromtimetotimewithoutaprospectusforinvestmentbyIGWealthManagementFundsandotherqualifiedinvestors.

Nominee Held referstoinvestmentsregisteredinthenameoftheapplicablePrincipalDistributor,oritsserviceproviders,onbehalfoftheinvestorwhoisthebeneficialowneroftheinvestment.

Portfolio AdvisormeansI.G.InvestmentManagement,Ltd.

Principal Distributors refers to either one, or both, of the following(dependingonthecontext):

• InvestorsGroupFinancialServicesInc.;and• InvestorsGroupSecuritiesInc.

Real Estate Manager means a company engaged for the purposeofprovidingrealestatemanagementservicesforaparticularpropertyorproperties.

Registered Planreferstowhenaninvestmentisheldwithina pension plan or another plan registered under the Tax Act.ExamplesofRegisteredPlansinclude:

• RegisteredRetirementSavingsPlans(RRSPs)orsimilarRegisteredPlans,including:

– Locked-inRetirementAccounts(LIRAs); – Locked-inRegisteredRetirementSavingsPlans(Locked-inRRSPs);and

– RestrictedLocked-inSavingsPlans(RLSPs);• RegisteredRetirementIncomeFunds(RRIFs)orsimilarRegisteredPlans,including:

– LifeIncomeFunds(LIFs); – Locked-inRetirementIncomeFunds(LRIFs); – PrescribedRetirementIncomeFunds(PRIFs);and – RestrictedLifeIncomeFunds(RLIFs);

• RegisteredEducationSavingsPlans(RESPs);• Tax-FreeSavingsAccounts(TFSAs);• GroupRRSPs;and• GroupTFSAs.*

RulesreferstothestandardinvestmentrulesapplicabletoallmutualfundsinCanada,includingthoseintheNationalInstrument,unlesstheFundhasobtainedregulatoryapprovaltomakeotherinvestments.

Sales Taxes meansGoodsandServicesTax(GST),HarmonizedSalesTax(HST)andQuebecSalesTax(QST),asapplicable.

Scheduled Switch means a transfer by systemic transaction wherethemoneyismovedfromonefundtoanotherfundwithinthesameaccount,andwherebothfundsbelongtothesamefundcompanyforNomineeHeldaccounts.

Series means any one or more of the particular classes ofunits(orshares,asapplicable)beingofferedbytheIGWealthManagementFunds.EachSerieshasitsownfees,expenses,andprice.

* TheseRegisteredPlansarenoteligibletoholdinvestmentsinSeriesU.

44

Systemic Transfer and Exchange Program (STEPs) means atransferofIGWealthManagementFundsbyasystemictransactionwherethemoneyismovedfromonefundtoanotherfund,withinthesameaccountoradifferentaccount.

Tax Act means the Income Tax Act(Canada)asitmaybeamendedfromtimetotime.

TrusteemeansI.G.InvestmentManagement,Ltd.

Units means any one or more of the mutual fund units of theFund.

UnitholdermeansapersonholdingUnitsoftheFund.

Valuation Day(s)meansthedaythenetassetvalueofeachSeriesoftheFundisdetermined,whichoccurstwiceduringeachcalendarmonthonthefollowingdays:

• on the 15th day of the month, unless that day is not a BusinessDayinwhichcasewewillmakethecalculationthenextBusinessDay;and

• onthelastBusinessDayofthemonth.

Simplified Prospectus ofInvestors Real Property Fund

Additional information about the Fund is available in the following documents:

• Annual Information Form;

• The most recently filed Fund Facts;

• The most recently filed annual financial statements;

• Any interim financial reports of the Fund filed after the annual financial statements were filed;

• The most recently filed annual management report of fund performance; and

• Any interim management report of fund performance filed after that annual management report of fund performance.

These documents are incorporated by reference into this Simplified Prospectus, which means that they are legally part of this document, just as if they were printed as part of it. You can get a copy of these documents, at your request, at no cost by:

Writing to IG Wealth Management 447 Portage Avenue Winnipeg, Manitoba, R3B 3H5

Calling toll free 1.888.746.6344 1.800.661.4578 in Quebec

Asking your IG Consultant

By e-mail at contact-e@investorsgroup.com (for service in English) contact-f@investorsgroup.com (for service in French)

These documents, and other information about the Fund, such as information circulars and material contracts, are also available on our website at www.investorsgroup.com, or at www.sedar.com.

™Trademarks, including IG Wealth Management, are owned by IGM Financial Inc. and licensed to its subsidiary corporations.“Simplified Prospectus” © Investors Group Inc. 2019 F79 (06/2019-PW)

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