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Ninepoint Diversified Bond

Class

Ninepoint Corporate Class Inc.

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE

DECEMBER 31

2019

The annual management report of fund performance is an analysis and explanation that is designed to complement and supplement an investment fund’s

financial statements. This report contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get

a copy of the annual financial statements at your request, and at no cost, by calling 1-888-362-7172, by visiting our website at www.ninepoint.com or SEDAR

at www.sedar.com or by writing to us at: Ninepoint Partners LP, Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2700, P.O. Box 27, Toronto,

Ontario M5J 2J1. Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and

procedures, proxy voting disclosure record or quarterly portfolio disclosure.

Ninepoint Diversified Bond Class December 31, 2019

NINEPOINT PARTNERS LP ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2019

Management Discussion of Fund Performance

Investment Objective and Strategies The investment objective of Ninepoint Diversified Bond Class (the “Fund”) is to provide income and maximize the total return of the Fund. It

seeks a similar return to its underlying fund, Ninepoint Diversified Bond Fund (the “Underlying Fund”) by investing substantially all of its

assets in securities of that fund. The Underlying Fund invests primarily in debt and debt-like securities of corporate and government issuers

from around the world. To achieve the Underlying Fund’s investment objective, it will take a flexible approach in investing in debt instruments

and the allocation will depend on the Portfolio Manager’s view of economic and market conditions. In addition, the Portfolio Manager will

select the Underlying Fund’s investments in an effort to take advantage of the credit cycle and the difference in currencies, interest rates and

credits between countries based on a global macroeconomic and political analysis.

Risk The risks of investing in the Fund are described in the Fund’s simplified prospectus. The Fund is suitable for investors the potential for capital

growth and who want to share in the opportunities offered by high yielding debt securities issued by companies and countries from around the

world. The Fund is suitable for investors with a low tolerance for risk and volatility and a medium to long term investment horizon. There were

no significant changes to the investment objective and strategies that affected the Fund’s overall level of risk during the year.

Results of Operations and Recent Developments The Fund, Series A, returned 3.0% in 2019, while its benchmark, Bloomberg Barclays Canada Aggregate Total Return Index, returned 6.9%.

A global economic slowdown and continued trade tensions between the U.S. and China negatively impacted market sentiment. This led central

bankers around the world to ease monetary policy, or at the very least, signal easing in the future. This resulted in a large drop in global bond

yields during the year.

After widening significantly at the end of 2018, credit spreads tightened over 2019 to approach cycle lows at year-end.

The Manager gradually increased the Fund’s duration (sensitivity to changes in interest rates) from 2.4 years in December 2018 to 6.5 years by

December 2019. Overall, the increase in duration contributed to performance, but volatility was higher than normal between August and

November as international bond yields responded to the developments in the U.S.-China trade negotiations.

The largest individual contributor to performance was the Fund’s position in long-term U.S. Treasury bonds (3.00%, 02/15/49), as duration

rallied throughout the year in response to ongoing uncertainty. Other individual contributors included shorter-term positions in GE Capital

Canada Funding Co. (4.60%, 01/26/22) and MCAP Commercial L.P. (5.00%, 12/14/22), as the companies benefited from operational

improvements and a general rally in higher-beta credit spreads.

The largest individual detractor from the Fund’s performance was a position in French Republic government bonds (0.50%, 05/25/29), which

was purchased immediately following an announcement by the European Central Bank (ECB) that it was increasing its bond purchases.

Shortly thereafter the ECB softened its message and longer-term European yields rose rapidly, hurting the position.

The second-largest detractor from performance was the Fund’s put spread position in iShares iBoxx $ High Yield Corporate Bond ETF, which

was a hedge against the overall corporate bond exposure of the Fund. High-yield bonds rallied towards the end of the year after the U.S. and

China reached a preliminary trade agreement and stock markets reached all-time highs.

During the year, the Manager increased the credit quality of the Fund by reducing the weighting in high-yield bonds to about 5% and

increasing the holdings in investment-grade corporate bonds and government bonds.

Throughout 2019, the Fund was partially closed to new subscriptions in order to maintain the tax efficiency of the Fund.

The Fund’s net asset value decreased by -7.4% during the year, from $268.1 million as at December 31, 2018 to $248.2 million as at December

31, 2019. This change was predominantly due to net redemptions of $29.9 million and net realized and unrealized gains on investments of

$4.9 million.



Related Party Transactions MANAGEMENT FEES

The Fund pays a management fee to the Manager, at an annual rate of 1.65% for Series A and Series T shares, 1.20% for Series D shares,

0.75% for Series F and Series FT shares, 1.55% for Series P and Series PT shares, 0.65% for Series PF and PFT shares, 1.45% for Series Q and

QT shares, 0.55% for Series QF and QFT shares and as negotiated by the shareholders for Series I. The management fee is calculated and

accrued daily based on the daily net asset value of the applicable series of the Fund, and is paid monthly. For the year ended December 31,

2019, the Fund incurred management fees of $2,212,390 (including taxes). For the active series, the breakdown of the services received in

consideration of the management fees, as a percentage of management fees, is as follows:

Portfolio

Advisory

Trailing

Commissions

Ninepoint Diversified Bond Class – Series A 67% 33%

Ninepoint Diversified Bond Class – Series D 58% 42%

Ninepoint Diversified Bond Class – Series F 100% –

Ninepoint Diversified Bond Class – Series FT 100% –

Ninepoint Diversified Bond Class – Series T 72% 28%

Ninepoint Diversified Bond Class – Series P 42% 58%

Ninepoint Diversified Bond Class – Series PF 100% –

Ninepoint Diversified Bond Class – Series PT 63% 37%

Ninepoint Diversified Bond Class – Series Q 38% 62%

Ninepoint Diversified Bond Class – Series QF 100% –

Ninepoint Diversified Bond Class – Series QFT 100% –

Out of the management fees that the Manager received from the Fund, the Manager paid trailer commissions of $583 during the year ended

December 31, 2019 to Sightline Wealth Management (formerly, SP Wealth), an affiliate of the manager.

OPERATING EXPENSES

The Fund pays its own operating expenses, which include, but are not limited to, audit, legal, custodial, filing and administrative expenses as

well as shareholder reporting costs. The Manager pays certain of these expenses on behalf of the Fund and then is reimbursed by the Fund. At

its sole discretion, the Manager may waive or absorb a portion of the operating expenses of the Fund. Amounts waived or absorbed by the

Manager are reported in the Statements of Comprehensive Income. Waivers or absorptions can be terminated at any time without notice. For

the year ended December 31, 2019, the Manager did not absorb any expenses.

OTHER RELATED PARTY TRANSACTIONS

The Fund relied on the approval, positive recommendation or standing instruction from the Fund’s Independent Review Committee with

respect to any related party transactions.



Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial

performance for the years ended December 31 shown, unless otherwise indicated.

The Fund’s Net Assets per Share1

Series A

Dec 31,

2019

$

Dec 31,

2018

$

Dec 31,

2017

$

Dec 31,

2016

$

Dec 31,

2015

$

Net assets, beginning of period 13.12 13.23 12.70 12.08 11.88

Increase (decrease) from operations:

Total revenue 0.44 0.50 0.51 0.45 0.57

Total expenses (0.27) (0.27) (0.25) (0.23) (0.23)

Realized gains (losses) for the period 0.04 – 0.14 0.01 0.06

Unrealized gains (losses) for the period 0.24 (0.35) 0.11 0.38 (0.21)

Total increase (decrease) from operations2 0.45 (0.12) 0.51 0.61 0.19

Distributions: – – – – –

Total distributions3 – – – – –

Net assets, end of period 13.52 13.12 13.23 12.70 12.08

Series D

Dec 31,

2019

$

Dec 31,

20188

$

Net assets, beginning of period 9.97 10.00


Total revenue 0.34 0.26

Total expenses (0.16) (0.09)

Realized gains (losses) for the period 0.03 –

Unrealized gains (losses) for the period 0.19 (0.20)

Total increase (decrease) from operations2 0.40 (0.03)

Distributions: – –

Total distributions3 – –

Net assets, end of period 10.33 9.97

Series F

Dec 31,

2019

$

Dec 31,

2018

$

Dec 31,

2017

$

Dec 31,

2016

$

Dec 31,

2015

$



Total revenue 0.47 0.54 0.54 0.47 0.58

Total expenses (0.14) (0.13) (0.13) (0.12) (0.12)



Total increase (decrease) from operations2 0.58 – 0.67 0.77 (0.05)

Distributions: – – – – –

Total distributions3 – – – – –




Series I

Dec 31,

2015

$

Net assets, beginning of period 11.74


Total revenue 0.17

Total expenses –

Realized gains (losses) for the period 0.00

Unrealized gains (losses) for the period 0.31

Total increase (decrease) from operations2 0.48

Distributions: –

Total distributions3 –

Net assets, end of period –6

Series FT

Dec 31,

2019

$

Dec 31,

2018

$

Dec 31,

2017

$

Dec 31,

2016

$

Dec 31,

2015

$



Total revenue 0.30 0.35 0.38 0.34 0.47

Total expenses (0.09) (0.09) (0.09) (0.09) (0.10)

Realized gains (losses) for the period 0.02 – 0.10 (0.01) 0.04


Total increase (decrease) from operations2 0.41 0.01 0.47 0.59 (0.05)

Distributions:

Dividend distributions – – – – –

Return of capital 0.36 0.46 0.58 0.58 0.60

Total distributions3 0.36 0.46 0.58 0.58 0.60


Series T

Dec 31,

2019

$

Dec 31,

2018

$

Dec 31,

2017

$

Dec 31,

2016

$

Dec 31,

2015

$



Total revenue 0.29 0.33 0.36 0.31 0.48

Total expenses (0.17) (0.17) (0.17) (0.07) (0.19)



Total increase (decrease) from operations2 0.30 (0.07) 0.39 0.44 (0.08)

Distributions:

Dividend distributions – – – – –

Return of capital 0.34 0.44 0.55 0.56 0.58

Total distributions3 0.34 0.44 0.55 0.56 0.58




Series P

Dec 31,

2019

$

Dec 31,

2018

$

Dec 31,

20175

$

Net assets, beginning of period 10.02 10.10 10.00


Total revenue 0.34 0.39 0.21

Total expenses (0.20) (0.19) (0.10)

Realized gains (losses) for the period 0.02 – 0.10

Unrealized gains (losses) for the period 0.21 (0.28) (0.10)

Total increase (decrease) from operations2 0.37 (0.08) 0.11

Distributions: – – –

Total distributions3 – – –

Net assets, end of period 10.34 10.02 10.10

Series PF

Dec 31,

2019

$

Dec 31,

2018

$

Dec 31,

2017

$

Dec 31,

20164

$

Net assets, beginning of period 11.30 11.26 10.69 10.00


Total revenue 0.38 0.43 0.42 0.37

Total expenses (0.10) (0.10) (0.09) (0.20)

Realized gains (losses) for the period 0.03 – 0.17 0.01

Unrealized gains (losses) for the period 0.20 (0.31) (0.05) 0.50

Total increase (decrease) from operations2 0.51 0.02 0.45 0.68

Distributions: – – – –

Total distributions3 – – – –

Net assets, end of period 11.77 11.30 11.26 10.69

Series PT

Dec 31,

201911

$



Total revenue 0.27

Total expenses (0.16)


Unrealized gains (losses) for the period 0.02


Distributions:

Dividend distributions

Return of Capital

–

0.33

Total distributions3 0.33

Net assets, end of period 9.83



Series PFT

Dec 31,

2017

$



Total revenue 0.12

Total expenses (0.02)


Unrealized gains (losses) for the period (0.11)


Distributions: –

Total distributions3 –

Net assets, end of period –7

Series Q

Dec 31,

2019

$

Dec 31,

201810

$








Distributions: – –

Total distributions3 – –


Series QF

Dec 31,

2019

$

Dec 31,

2018

$

Dec 31,

20175

$

Net assets, beginning of period 10.42 10.38 10.00


Total revenue 0.36 0.43 0.35

Total expenses (0.09) (0.08) (0.05)

Realized gains (losses) for the period 0.03 – 0.02

Unrealized gains (losses) for the period 0.16 (0.36) 0.15

Total increase (decrease) from operations2 0.46 (0.01) 0.47

Distributions: – – –

Total distributions3 – – –

Net assets, end of period 10.87 10.42 10.38



Series QFT

Dec 31,

2019

$

Dec 31,

20189

$








Distributions:

Dividend distributions

–

–

Return of capital 0.39 0.13

Total distributions3 0.39 0.13


1 This information is derived from the Fund’s audited annual financial statements.

2 The increase/decrease from operations is based on the weighted average number of shares outstanding over the financial period. Net assets and distributions are based on the actual number of

shares outstanding at the relevant time. This table is not intended to be a reconciliation of beginning to ending net assets per share.

3 Distributions were reinvested in additional shares of the Fund, except for Series T, FT, PT, PFT, QT and QFT which distributes in cash.

4 Information provided is for the period from February 8, 2016 (first issuance) to December 31, 2016 for Series PF.

5 Information provided is for the period from March 21, 2017 (first issuance) for Series QF, and May 26, 2017 (first issuance) for Series P, to December 31, 2017.

6 All outstanding Series I shares were fully redeemed during the year ended December 31, 2015.

7 Information provided is for the period from May 30, 2017 (first issuance) to December 31, 2017 for Series PFT. All outstanding Series PFT shares were fully redeemed during the year ended

December 31, 2017.

8 Information provided is for the period from May 23, 2018 (first issuance) to December 31, 2018 for Series D.

9 Information provided is for the period from September 6, 2018 (first issuance) to December 31, 2018 for Series QFT.

10 Information provided is for the period from September 7, 2018 (first issuance) to December 31, 2018 for Series Q.

11 Information provided is for the period from March 19, 2019 (first issuance) to December 31, 2019 for Series PT.



Ratios and Supplemental Data

Series A

Dec 31,

2019

Dec 31,

2018

Dec 31,

2017

Dec 31,

2016

Dec 31,

2015

Total net asset value (000s)1 $15,780 $19,570 $16,158 $13,573 $12,399

Number of shares outstanding1 1,167,228 1,491,373 1,221,185 1,069,023 1,026,131

Management expense ratio2 2.02% 2.15% 2.17% 2.15% 2.19%

Management expense ratio before waivers or

absorptions3

2.02%

2.15%

2.31%

2.36%

2.50%

Trading expense ratio4 0.00% 0.01% 0.02% 0.01% 0.00%

Portfolio turnover rate5 18.56% 4.69% 18.55% 13.45% 16.06%

Net asset value per share1 $13.52 $13.12 $13.23 $12.70 $12.08

Series D

Dec 31,

2019

Dec 31,

2018

Total net asset value (000s)1 $12 $14

Number of shares outstanding1 1,200 1,399

Management expense ratio2 1.52% 1.63%


absorptions3

1.52%

1.63%

Trading expense ratio4 0.00% 0.01%

Portfolio turnover rate5 18.56% 4.69%

Net asset value per share1 $10.33 $9.97

Series F

Dec 31,

2019

Dec 31,

2018

Dec 31,

2017

Dec 31,

2016

Dec 31,

2015


Number of shares outstanding1 5,616,124 6,416,472 3,080,669 2,469,373 1,699,009



absorptions3

1.06%

1.14%

1.31%

1.39%

1.52%




Series FT

Dec 31,

2019

Dec 31,

2018

Dec 31,

2017

Dec 31,

2016

Dec 31,

2015


Number of shares outstanding1 1,046,887 1,446,438 1,043,264 638,479 613,988



absorptions3

1.03%

1.17%

1.33%

1.40%

1.53%






Series T

Dec 31,

2019

Dec 31,

2018

Dec 31,

2017

Dec 31,

2016

Dec 31,

2015


Number of shares outstanding1 399,127 425,621 422,064 448,185 568,651



absorptions3

1.95%

2.10%

2.26%

2.39%

2.50%




Series P

Dec 31,

2019

Dec 31,

2018

Dec 31,

2017

Total net asset value (000s)1 $85 $176 $94

Number of shares outstanding1 8,231 17,565 9,272

Management expense ratio2 1.92% 2.07% 1.98%


absorptions3

1.92%

2.07%

2.13%

Trading expense ratio4 0.00% 0.01% 0.02%

Portfolio turnover rate5 18.56% 4.69% 18.55%

Net asset value per share1 $10.34 $10.02 $10.10

Series PF

Dec 31,

2019

Dec 31,

2018

Dec 31,

2017

Dec 31,

2016

Total net asset value (000s)1 $16,301 $21,758 $15,301 $6,735

Number of shares outstanding1 1,384,999 1,926,115 1,358,498 630,079

Management expense ratio2 0.89% 1.02% 1.06% 1.09%


absorptions3

0.89%

1.02%

1.20%

1.30%

Trading expense ratio4 0.00% 0.01% 0.02% 0.01%

Portfolio turnover rate5 18.56% 4.69% 18.55% 13.45%

Net asset value per share1 $11.77 $11.30 $11.26 $10.69

Series PT

Dec 31,

2019

Total net asset value (000s)1 $985

Number of shares outstanding1 100,175

Management expense ratio2 1.96%


absorptions3 1.96%

Trading expense ratio4 0.00%

Portfolio turnover rate5 18.56%

Net asset value per share1 $9.83

Series Q

Dec 31,

2019

Dec 31,

2018

Total net asset value (000s)1 $1,834 $1,649

Number of shares outstanding1 179,175 166,232



absorptions3

1.81%

1.95%






Series QF

Dec 31,

2019

Dec 31,

2018

Dec 31,

2017

Total net asset value (000s)1 $107,005 $109,533 $9

Number of shares outstanding1 9,843,154 10,507,951 888

Management expense ratio2 0.86% 0.90% 0.85%


absorptions3

0.86%

0.90%

0.99%

Trading expense ratio4 0.00% 0.01% 0.02%

Portfolio turnover rate5 18.56% 4.69% 18.55%

Net asset value per share1 $10.87 $10.42 $10.38

Series QFT

Dec 31,

2019

Dec 31,

2018

Total net asset value (000s)1 $12,891 $10,304

Number of shares outstanding1 1,310,945 1,050,740



absorptions3

0.79%

0.90%




1 The information is provided as at December 31 for the years shown.

2 Management expense ratio (“MER”) is based on total expenses (excluding commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of

daily average net asset value during the period.

3 The Manager may waive or absorb a portion of the operating expenses of the Fund. Waivers and absorption can be terminated at any time.

4 The trading expense ratio (“TER”) represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. The

TER includes dividend expense and securities borrowing expense paid by the Fund in connection with securities sold short. As a result of the Fund’s investment in the Underlying Fund, the TER

includes costs that are indirectly incurred by the Fund attributable to its investment in the Underlying Fund.

5 The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio advisor trades its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and

selling all of the securities in its portfolio once in the course of the year. The higher the Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and

the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of the Fund. As this Fund

only invests in units of the Underlying Fund, the portfolio turnover rate relates to the additional purchases and sales of these units resulting from shareholder subscriptions and redemptions.



Past Performance The indicated rates of return are the historical total returns including changes in share values and assume reinvestment of all distributions in

additional shares of the relevant Series of the Fund. These returns do not take into account sales, redemption, distribution or optional charges

or income taxes payable by any shareholder that may reduce returns. Please note that past performance is not indicative of future performance.

All rates of return are calculated based on the Net Asset Value of the particular Series of the Fund.

Year-by-Year Returns The following chart indicates the performance of each Series of the Fund for the years ended December 31 shown, unless otherwise indicated.

The chart shows, in percentage terms, how much an investment made on the first day of each period would have grown or decreased by the last

day of each period. Returns are not shown for a Series in any period in which there were zero outstanding shares as at the end of the period.

1.1

10.6

2.9 3.3

1.7

5.1

4.2

-0.8

3.0

-0.3

3.5

-0.1

11.3

3.7

4.1

2.6

6.1

5.3

0.2

4.1

6.5

4.8

5.2

0.3

11.4

3.6 4.0

2.6

6.1

5.3

0.2

4.1

-0.3

10.6

2.9 3.3

1.7

5.0

4.3

-0.8

3.1

1.0

-0.8

3.1

6.9

5.4

0.3

4.2

-0.8

3.6 3.8

0.4

4.3

-0.6

4.3

1.6

-2

0

2

4

6

8

10

12

14

2011* 2012** 2013 2014 2015 2016*** 2017**** 2018***** 2019******

Ret

urn

(%

)

Series A Series D Series F Series I Series FT Series T

Series P Series PF Series Q Series QF Series QFT Series PT

* Return from October 17, 2011 (launch date) for Series A, November 1, 2011 for Series T, November 2, 2011 for Series F, and October 27, 2011 for Series FT, to December 31, 2011

(not annualized).

** Return from June 27, 2012 to December 31, 2012 for Series I (not annualized).

*** Return from February 8, 2016 to December 31, 2016 for Series PF (not annualized).

**** Return from March 21, 2017 for Series QF, and May 26, 2017 for Series P to December 31, 2017 (not annualized).

***** Return from May 23, 2018 for Series D, September 6, 2018 for Series QFT, and September 7, 2018 for Series Q to December 31, 2018 (not annualized).

****** Return from March 19, 2019 to December 31, 2019 for Series PT (not annualized).



Annual Compound Returns The following table illustrates the annual compound total return for each Series of units of the Fund for the periods shown. As a basis of

performance comparison, the annual compound return of the Fund is compared to that of Bloomberg Barclays Canada Aggregate Treasury

Total Return Index (CAD) (the “Index”). The Index measures the investment grade, Canadian dominated, fixed-rate bond market and it

includes treasuries, government-related, corporate and securitized issues from developed and emerging markets issuers. Since the Fund does

not necessarily invest in the same securities or in the same proportion as the Index, the performance of the Fund is not expected to equal the

performance of the Index.

1-Year

3-Year

5-Year

Since

Inception*

Ninepoint Diversified Bond Class – Series A 3.0% 2.1% 2.6% 3.7%

Bloomberg Barclays Canada Aggregate Treasury Total Return Index (CAD) 6.9% 3.5% 3.1% 3.5%

Ninepoint Diversified Bond Class – Series D 3.5% – – 2.0%

Bloomberg Barclays Canada Aggregate Treasury Total Return Index (CAD) 6.9% – – 5.9%

Ninepoint Diversified Bond Class – Series F 4.1% 3.1% 3.6% 4.5%


Ninepoint Diversified Bond Class – Series FT 4.1% 3.1% 3.6% 4.5%


Ninepoint Diversified Bond Class – Series T 3.1% 2.2% 2.6% 3.6%


Ninepoint Diversified Bond Class – Series P 3.1% – – 1.3%


Ninepoint Diversified Bond Class – Series PF 4.2% 3.3% – 4.3%

Bloomberg Barclays Canada Aggregate Treasury Total Return Index (CAD) 6.9% 3.5% – 2.7%

Ninepoint Diversified Bond Class – Series PT – – – 1.6%

Bloomberg Barclays Canada Aggregate Treasury Total Return Index (CAD) – – – 4.2%

Ninepoint Diversified Bond Class – Series Q 3.6% – – 1.8%


Ninepoint Diversified Bond Class – Series QF 4.3% – – 3.1%


Ninepoint Diversified Bond Class – Series QFT 4.3% – – 2.8%


* Since launch date of October 17, 2011 for Series A, November 2, 2011 for Series F, November 1, 2011 for Series T, October 27, 2011 for Series FT, February 8, 2016 for Series PF, March 21,

2017 for Series QF, May 26, 2017 for Series P, May 23, 2018 for Series D, September 6, 2018 for Series QFT, September 7, 2018 for Series Q and March 19, 2019 for Series PT. Returns for

Series I and Series PFT are not shown as there were no Series I and Series PFT shares outstanding as at December 31, 2019.



Summary of Investment Portfolio

As at December 31, 2019

Portfolio Allocation The top 25 long holdings of the Underlying Fund, as a percentage of the net asset

value of the Underlying Fund are as follows:

% of

Net Asset Value Issuer

% of

Net Asset Value

Long Positions Cash 10.5

Mutual Funds 100.1 Government of Canada, 2.750%, Dec 1, 2048 5.6

Total Long Positions 100.1 Enbridge Inc., 0.000%, Feb 6, 2020 4.9

Bank Indebtedness (0.1) French Republic Government Bond OAT, 1.500%, May 25, 2050 4.3

Other Net Liabilities (0.0) Bundesrepublik Deutschland Bundesanleihe, 0.250%, Feb 15, 2029 3.5

Total Net Asset Value 100.0 Enbridge Inc., 0.000%, Jan 9, 2020 2.3

Empire Life Insurance Co., 3.383%, Dec 16, 2026 2.1

GE Capital Canada Funding Co., 4.600%, Jan 26, 2022 1.9

Fairfax Financial Holdings Ltd., 4.500%, Mar 22, 2023 1.7

SNC Lavalin Group Inc., 3.235%, Mar 2, 2023 1.7

MCAP Commercial L.P., 5.000%, Dec 14, 2022 1.4

Government of Canada, 0.000%, Jan 6, 2020 1.4

Brookfield Infrastructure Finance ULC, 3.410%, Oct 9, 2029 1.4

First National Financial Corp., 4.010%, Apr 09, 2020 1.3

Classic RMBS Trust, 3.064%, Aug 16, 2049 1.3

AltaGas Canada Inc. 1.3

Shaw Communications Inc., 4.350%, Jan 31, 2024 1.2

Genworth MI Canada Inc., 4.242%, Apr 1, 2024 1.2

Dollarama Inc., 3.550%, Nov 6, 2023 1.2

General Motors Financial of Canada Ltd., 3.000%, Feb 16, 2021 1.2

AT&T Inc., 3.825%, Nov 25, 2020 1.2

Canadian Natural Resources Ltd., Series 2, 2.890%, Aug 14, 2020 1.2

Nissan Canada Financial Services Inc., 3.150%, Sep 14, 2021 1.2

Enbridge Inc., 0.000%, Jan 23, 2020 1.2

Ford Credit Canada Co., 2.710%, Feb 23, 2022 1.1

Top 25 long positions as a percentage of net asset value 57.3

This summary of investment portfolio may change due to the ongoing portfolio

transactions of the Fund. Quarterly updates of the Fund’s investment portfolio are

available on the Internet at www.ninepoint.com. In addition, the simplified

prospectus and other information about the underlying funds are available on the

internet at www.ninepoint.com or www.sedar.com.

Corporate Information

Corporate Address

Ninepoint Partners LP

Royal Bank Plaza, South Tower

200 Bay Street, Suite 2700, P.O. Box 27

Toronto, Ontario M5J 2J1

T 416.362.7172

TOLL-FREE 1.888.362.7172

F 416.628.2397

E [email protected]

For additional information visit our website:

www.ninepoint.com

Call our mutual fund information line for daily closing prices:

416.362.7172 or 1.888.362.7172

Auditors

KPMG LLP

Bay Adelaide Centre

333 Bay Street

Suite 4600

Toronto, Ontario M5H 2S5

Legal Counsel

Borden Ladner Gervais LLP

Bay Adelaide Centre, East Tower

22 Adelaide Street West

Suite 3400

Toronto, Ontario M5H 4E3

M 18 E

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