co-operators life insurance company pooled investment funds · 2020. 6. 16. · co-operators life...

Co-operators Life Insurance CompanyPooled Investment Funds

Financial Statements

December 31, 2019


Table of Contents

Auditor's Report 1Board Approval 4

Co-operators Balanced Fund 5Co-operators Canadian Equity Fund 10Co-operators Canadian Fixed Income Fund 14Co-operators Canadian Resource Fund 20Co-operators Money Market Fund 24Co-operators U.S. Equity Fund 28Co-operators Global Equity Fund 32Co-operators Bissett Canadian Dividend Fund 36Co-operators Ethical Balanced Fund 40Co-operators Ethical Canadian Equity Fund 43Co-operators Ethical International Equity Fund 47Co-operators Ethical Select Balanced Portfolio 50Co-operators Ethical Select Conservative Portfolio 54Co-operators Ethical Select Growth Portfolio 58Co-operators Ethical Select Income Portfolio 62Co-operators Fidelity Canadian Bond Fund 66Co-operators Fidelity Global Fund 70Co-operators Fidelity True North® Fund 74Co-operators Mawer Balanced Fund 78Co-operators Mawer Canadian Equity Fund 82Co-operators Mawer International Equity Fund 86Co-operators Aggressive Balanced Fund 90Co-operators Conservative Balanced Fund 93Co-operators Aggressive Portfolio 96Co-operators Conservative Portfolio 100Co-operators Moderate Portfolio 104Co-operators Very Aggressive Portfolio 108Co-operators Very Conservative Portfolio 112Co-operators Aviator™ Diversified Portfolio 116Co-operators Aviator™ Growth Portfolio 120Co-operators Aviator™ Income Plus Portfolio 123

Notes to the Financial Statements 126

Schedule 1 140Schedule 2 144

BlackRock® is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used with permission.Fidelity Investments® and True North® are registered trademarks of FMR LLC.Franklin Bissett Investment Management is part of Franklin Templeton Investments Corp.Northwest Funds, NEI Investments and Ethical Funds are divisions of Northwest & Ethical Investments L.P. Northwest Funds, NEI Investments and Ethical Fundsare registered marks and trademarks of Northwest & Ethical Investments L.P.

PricewaterhouseCoopers LLP One Lombard Place, Suite 2300, Winnipeg, Manitoba, Canada R3B 0X6 T: +1 204 926 2400, F: +1 204 944 1020

“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

Independent Auditor’s Report

To the Unitholders of

Co-operators Balanced Fund Co-operators Fidelity Global FundCo-operators Canadian Equity Fund Co-operators Fidelity True North® FundCo-operators Canadian Fixed Income Fund Co-operators Mawer Balanced FundCo-operators Canadian Resource Fund Co-operators Mawer Canadian Equity FundCo-operators Money Market Fund Co-operators Mawer International Equity FundCo-operators U.S. Equity Fund Co-operators Aggressive Balanced FundCo-operators Global Equity Fund Co-operators Conservative Balanced FundCo-operators Bissett Canadian Dividend Fund Co-operators Aggressive PortfolioCo-operators Ethical Balanced Fund Co-operators Conservative PortfolioCo-operators Ethical Canadian Equity Fund Co-operators Moderate PortfolioCo-operators Ethical International Equity Fund Co-operators Very Aggressive PortfolioCo-operators Ethical Select Balanced Portfolio Co-operators Ethical Select Conservative Portfolio Co-operators Ethical Select Growth Portfolio Co-operators Ethical Select Income Portfolio

Co-operators Very Conservative Portfolio Co-operators Aviator™ Diversified Portfolio Co-operators Aviator™ Growth Portfolio Co-operators Aviator™ Income Plus Portfolio

Co-operators Fidelity Canadian Bond Fund

(collectively, the Funds, individually the Fund)

Our opinion

In our opinion, the accompanying financial statements of each of the Funds present fairly, in all material respects, the financial position of each Fund as at December 31, 2019 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS).

What we have audited The financial statements of each of the Funds comprise:

the statement of financial position as at December 31, 2019;

the statement of comprehensive income for the year then ended;

the statement of changes in net assets attributable to unitholders for the year then ended;

the statement of cash flows for the year then ended; and

the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence We are independent of each of the Funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Other matter – unaudited information

We have not audited, reviewed, or attempted to verify the accuracy or completeness of the Top Holdings of Underlying Funds of each of the Funds (as applicable) as of December 31, 2019, the Financial Highlights of each of the Funds, Schedule 1 and Schedule 2 for the year then ended. Accordingly, we do not express an opinion thereon.

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the ability of each of the Funds to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate any of the Funds or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the financial reporting process of each of the Funds.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole for each Fund are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements of each of the Funds.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements of each of the Funds, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of each of the Funds.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of each of the Funds to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements of each of the Funds or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause any of the Funds to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements of each of the Funds, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Professional Accountants

Winnipeg, Manitoba February 13, 2020


Co-operators Balanced FundFund managed by Addenda Capital Inc.

Statement of Financial Position Statement of Changes in Net Assets Attributable to Unitholders

As at December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ For the years ended December 31 2019 2018

(in thousands of dollars) $ $AssetsCurrent assets

Cash and cash equivalents (68) (125) 120,263 132,091 Short-term notes 4,853 2,461 Investment income receivable 434 423 Receivables from investments sold 250 - 18,621 (6,157) Bonds and debentures 48,584 46,439 Stocks 81,830 71,219 Transactions with unitholders

135,883 120,417 Unitholders' contributions 9,768 11,043 Unitholders' withdrawals (12,492) (15,972)

Liabilities Transfers (to) from other funds (687) (742) Current liabilities

Payments for investments purchased 240 - (3,411) (5,671) Accounts payable for management and audit fees(note 8) 170 154

410 154 15,210 (11,828)

Net assets attributable to unitholders 135,473 120,263 135,473 120,263

Net assets attributable to unitholders per unit 284.71 254.36Statement of Cash Flows

Statement of Comprehensive Income For the years ended December 31 2019 2018(in thousands of dollars) $ $

For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ Cash flows from operating activities

Investment income and gains 18,621 (6,157) Dividend income 1,930 1,826 Adjustments for: Interest income for allocation purposes 1,498 1,615 Realized (gains) losses on sale of investments (2,588) (8,458) Foreign exchange gain (loss) 6 1,216 Unrealized (gains) losses (14,494) 17,311 Other income 23 18 Current receivables (261) 545 Realized gains (losses) on sale of investments 2,588 8,458 Current liabilities 256 (573) Unrealized gains (losses) 14,531 (17,278) Purchases of investments (180,771) (170,005)

20,576 (4,145) Proceeds from the sale of investments 182,705 172,607 Net cash from operating activities 3,468 5,270

ExpensesManagement fees (notes 8 and 10) 1,897 1,957 Cash flows from financing activitiesAudit, legal and other fees (note 10) 21 22 Proceeds from the issuance of units 9,768 11,043 Transaction costs 37 33 Amounts paid on redemption of units (13,179) (16,714)

1,955 2,012 Net cash from financing activities (3,411) (5,671)

Net increase (decrease) in cash 57 (401) 18,621 (6,157) Cash at beginning of year (125) 276

Cash at end of year (68) (125)

39.48 (12.92) Dividends received, net of withholding taxes 1,967 1,818 Interest received 1,189 1,514

Increase (decrease) in net assets attributable to unitholders

Increase (decrease) in net assets attributable to unitholders per unit (note 13)

Net assets attributable to unitholders at end of year

Net assets attributable to unitholders at beginning of year



Net increase (decrease) in net assets attributable to unitholders

Net increase (decrease) from unitholders' transactions

See accompanying notes to the financial statements.5


Co-operators Balanced FundSchedule of Investment PortfolioAs at December 31

Shares or Average Fair Shares or Average FairPar Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($)

CASH AND CASH EQUIVALENTS 125,000 BROOKFIELD RENEW, 3.38%, 2030-01-15 124,971 125,084 (205,735) CANADIAN DOLLAR (205,735) (205,735) 95,000 CAPITAL POWER LP, 4.284%, 2024-09-18 95,000 99,122 106,770 US DOLLARS 138,455 138,455 214,106 CORDELIO POWER INC, 4.087%, 2034-06-30 214,106 222,852 (98,965) (67,280) (67,280) 60,000 ENBRIDGE INC, 2.99%, 2029-10-03 59,959 59,095

150,000 ENBRIDGE INC, 5.375%, 2077-09-27 147,262 150,155 SHORT TERM NOTES 61,767 ENBRIDGE STHRN LIGHT, 4.014%, 2040-06-30 61,767 63,740 DISCOUNT NOTES 3.59% 67,608 FIRST NATIONS FIN, 4.136%, 2041-12-31 67,608 71,447

1,955,000 CANADA T BILLS T/B, 2020-03-19 1,942,521 1,942,521 85,000 GIBSON ENERGY INC, 3.6%, 2029-09-17 84,745 85,300 1,690,000 CANADA T BILLS T/B, 2020-05-14 1,677,848 1,677,848 225,000 INTER PIPELINE LTD, 3.484%, 2026-12-16 222,572 229,538

250,000 CANADA T BILLS T/B, 2020-06-11 248,100 248,100 94,194 NORTH BATTLEFORD PWR, 4.958%, 2032-12-31 94,200 104,650 1,000,000 CANADA T BILLS T/B, 2020-09-17 984,140 984,140 82,888 NORTHERN COURRIER PP, 3.365%, 2042-06-30 82,888 82,408 4,895,000 4,852,609 4,852,609 175,000 NORTHWESTERN HYDRO, 3.94%, 2038-12-31 175,000 186,207

105,000 PEMBINA PIPELINE, 3.31%, 2030-02-01 104,920 104,438 BONDS AND DEBENTURES 40,000 PEMBINA PIPELINE, 4.81%, 2044-03-25 39,963 44,004 CANADA 65,000 PEMBINA PIPELINE, 4.54%, 2049-04-03 64,936 69,329 FEDERAL GOVERNMENT 11.25% 115,000 SUNCOR ENERGY INC, 3.1%, 2029-05-24 114,725 116,412 REGULAR BONDS 115,000 TRANSCANADA PIPELINE, 3%, 2029-09-18 114,365 114,460

1,265,000 CANADA GOVT, 1%, 2027-06-01 1,221,645 1,201,763 45,000 TRANSCANADA PIPELINE, 4.34%, 2049-10-15 47,641 48,822 350,000 CANADA GOVT, 5.75%, 2029-06-01 482,776 471,268 95,000 TRANSCANADA TRUST, 4.65%, 2077-05-18 93,462 92,105 900,000 CANADA GOVT, 1.25%, 2030-06-01 874,508 860,472 2,885,655 2,881,031 3,004,662 250,000 CANADA GOVT, 4%, 2041-06-01 358,223 348,195

1,320,000 CANADA GOVT, 2.75%, 2048-12-01 1,662,736 1,613,885 FINANCIAL PRODUCTS 4.93%125,000 CANADA HOUSING TRUST, 1.45%, 2020-06-15 124,814 124,814 REGULAR BONDS

4,700,000 CANADA HOUSING TRUST, 2.35%, 2023-09-15 4,794,352 4,769,889 675,000 BANK OF MONTREAL, 2.85%, 2024-03-06 681,590 684,916 800,000 CANADA HOUSING TRUST, 1.8%, 2024-12-15 797,356 793,280 280,000 BANK OF MONTREAL FF, 3.34%, 2025-12-08 282,818 282,755

4,410,000 CANADA HOUSING TRUST, 2.55%, 2025-03-15 4,558,754 4,531,451 400,000 BANK OF NOVA SCOT FF, 2.836%, 2029-07-03 400,071 399,424 375,000 CANADA POST CORP, 4.36%, 2040-07-16 431,924 494,981 115,000 BANK OF NOVA SCOTIA, 2.49%, 2024-09-23 114,994 114,732

14,495,000 15,307,088 15,209,998 30,000 BANK OF NOVA SCOTIA, 3.1%, 2028-02-02 29,990 31,431 110,000 CAP DESJARDINS, 5.187%, 2020-05-05 120,307 111,147

PROVINCIAL GUARANTEED AND NON-GUARANTEED 11.04% 110,000 CENTRAL 1 CREDIT, 2.584%, 2023-12-06 110,000 109,715 REGULAR BONDS 225,000 CIBC, 2.43%, 2023-06-09 224,939 225,263

550,000 55 SCHOOL BOARD TR, 5.9%, 2033-06-02 578,194 742,423 265,000 CIBC, 2.35%, 2024-08-28 265,000 262,779 625,000 BC PROV, 4.3%, 2042-06-18 799,744 821,794 500,000 CIBC BANK FF, 2.95%, 2029-06-19 500,179 501,705

1,500,000 FINANCEMENT QUEBEC, 5.25%, 2034-06-01 1,934,385 1,985,265 125,000 FED CAISSE DESJARDIN, 2.417%, 2024-10-04 125,000 124,249 225,000 HOSP SICK CHILDREN, 3.416%, 2057-12-07 262,800 250,513 60,000 GENWORTH MI CANADA, 5.68%, 2020-06-15 59,970 60,875 550,000 HYDRO QUEBEC, 6%, 2040-02-15 837,011 846,797 75,000 GENWORTH MI CANADA, 4.242%, 2024-04-01 77,533 78,612 725,000 MANITOBA PROV, 4.65%, 2040-03-05 868,228 948,467 325,000 GM FINANCIAL CANADA, 3.25%, 2023-11-07 325,318 325,406 400,000 NEW BRUNSWICK PROV, 4.55%, 2037-03-26 511,152 499,188 60,000 HSBC BANK CANADA, 3.245%, 2023-09-15 60,702 61,663 220,000 NFLD & LABRADOR HYDR, 3.6%, 2045-12-01 220,257 246,948 180,000 IA FINANCIAL CORP FF, 3.072%, 2031-09-24 180,000 180,590 95,189 ONT SCHL FIN, 5.8%, 2028-11-07 109,989 108,553 110,000 IGM FINANCIAL, 4.206%, 2050-03-21 110,000 117,992

1,525,000 ONTARIO PROV, 2.65%, 2025-02-05 1,569,241 1,567,548 80,000 JOHN DEERE FINAN, 2.58%, 2026-10-16 79,959 79,312 275,000 ONTARIO PROV, 2.9%, 2028-06-02 290,824 287,793 210,000 MANULIFE FIN CORP, 3.317%, 2028-05-09 210,000 215,132

75,000 ONTARIO PROV, 6.5%, 2029-03-08 104,117 100,644 240,000 MANULIFE FIN CORP, 3.049%, 2029-08-20 238,441 243,773 1,100,000 ONTARIO PROV, 4.6%, 2039-06-02 1,462,584 1,444,322 75,000 NATIONAL BK CANADA, 2.545%, 2024-07-12 75,000 75,049 2,250,000 ONTARIO PROV, 2.9%, 2046-12-02 2,247,208 2,411,618 105,000 NATIONAL BK CANADA, 3.183%, 2028-02-01 103,037 106,346

875,000 OPB FINANCE TRUST, 1.88%, 2022-02-24 873,909 872,944 535,000 ROYAL BANK CANADA, 2.609%, 2024-11-01 538,257 537,108 100,000 OPB FINANCE TRUST, 2.98%, 2027-01-25 97,930 103,548 200,000 ROYAL BANK CANADA, 2.88%, 2029-12-23 199,982 199,980 225,000 OPB FINANCE TRUST, 3.89%, 2042-07-04 222,928 268,659 255,000 ROYAL BANK CANADA FF, 3.45%, 2026-09-29 257,672 259,995 800,000 QUEBEC PROV, 2.6%, 2025-07-06 809,462 822,528 300,000 ROYAL BANK CANADA FF, 2.74%, 2029-07-25 300,515 298,827 425,000 QUEBEC PROV, 6.25%, 2032-06-01 606,688 598,702 175,000 SUN LIFE FIN, 2.38%, 2029-08-13 174,991 172,890

12,540,189 14,406,651 14,928,254 175,000 TD BANK, 2.496%, 2024-12-02 175,891 174,944 50,000 TD BANK FF, 2.982%, 2025-09-30 50,000 50,286

PROVINCIAL GUARANTEED AND NON-GUARANTEED 0.73% 305,000 TD BANK FF, 3.589%, 2028-09-14 304,611 315,187 FOREIGN PAY 260,000 TD BANK FF, 3.06%, 2032-01-26 261,612 260,216

750,000 ONTARIO PROV US, 2.25%, 2022-05-18 993,113 982,492 6,610,000 6,638,379 6,662,299 750,000 993,113 982,492

MAPLES 0.44%MUNICIPAL 0.78% 160,000 BANK OF AMERICA CO, 3.407%, 2025-09-20 160,000 164,614 REGULAR BONDS 140,000 GOLDMAN SACHS GROUP, 3.307%, 2025-10-31 140,815 142,705

175,000 CITY OF TORONTO, 2.6%, 2039-09-24 173,756 170,053 110,000 MORGAN STANLEY, 3%, 2024-02-07 110,459 111,427 475,000 CITY OF TORONTO, 3.2%, 2048-08-01 467,847 518,064 175,000 WELLS FARGO & CO, 3.874%, 2025-05-21 183,001 182,009 350,000 SOUTH COAST BC TRAN, 3.25%, 2028-11-23 349,496 372,334 585,000 594,275 600,755

1,000,000 991,099 1,060,451 INDUSTRIAL PRODUCTS 0.74%

CORPORATE REGULAR BONDSCOMMUNICATION 0.59% 65,000 BROOKFIELD ASSET MGT, 3.8%, 2027-03-16 64,978 67,688 REGULAR BONDS 90,000 BROOKFIELD ASSET MGT, 5.95%, 2035-06-14 93,788 109,669

275,000 BELL CANADA, 2.9%, 2029-09-10 272,259 269,442 200,000 CAN NATL RAIL CO, 3.05%, 2050-02-08 200,546 198,302 140,000 ROGERS COMM INC, 3.25%, 2029-05-01 141,251 142,022 50,000 CCL INDUSTRIES INC, 3.864%, 2028-04-13 50,000 52,063 100,000 ROGERS COMM INC, 6.68%, 2039-11-04 119,152 139,662 100,000 LEISUREWRLD SNR CARE, 3.474%, 2021-02-03 106,276 101,158 100,000 SHAW COMMUNICATIONS, 3.3%, 2029-12-10 99,527 99,703 155,000 RELIANCE LP, 3.75%, 2026-03-15 156,529 158,542 100,000 TELUS CORP, 3.3%, 2029-05-02 99,175 101,329 235,000 SAPUTO INC, 2.876%, 2024-11-19 235,000 235,825 45,000 TELUS CORP, 3.95%, 2050-02-16 44,619 44,636 80,000 SIENNA SENIOR, 3.1%, 2024-11-04 80,000 80,502

760,000 775,983 796,794 975,000 987,117 1,003,749

ENERGY 2.22% INFRASTRUCTURE 0.93%REGULAR BONDS REGULAR BONDS

100,000 ALGONQUIN PWR CO, 4.6%, 2029-01-29 99,952 108,726 75,000 407 INTERNATIONAL, 3.72%, 2048-05-11 75,260 84,120 150,092 ALLIANCE PIPELINE, 7.217%, 2025-12-31 150,033 174,214 175,000 ALBERTA POWERLINE, 4.065%, 2054-03-01 183,772 197,349 210,000 ALTAGAS CANADA INC, 3.15%, 2026-04-06 209,987 213,763 175,000 FORTIS ALBERTA INC, 4.27%, 2045-09-22 190,348 210,361 145,000 ALTAGAS CANADA INC, 4.26%, 2028-12-05 146,097 157,879 25,000 FORTIS ALBERTA INC, 3.734%, 2048-09-18 25,000 27,964 35,000 ATCO LTD, 5.5%, 2078-11-01 35,000 38,251 100,000 GREATER TOR AIRPORT, 2.75%, 2039-10-17 99,862 98,905

105,000 BROOKFIELD REN ENG, 3.63%, 2027-01-15 104,948 108,640 100,000 HEALTH MTL COLL LP, 6.721%, 2049-09-30 134,832 137,206 125,000 BROOKFIELD RENEW, 4.25%, 2029-01-15 124,924 134,021 35,000 HYDRO ONE INC, 3.63%, 2049-06-25 39,174 38,727

See accompanying notes to the financial statements. 6


Co-operators Balanced FundSchedule of Investment PortfolioAs at December 31


55,000 HYDRO ONE INC, 3.64%, 2050-04-05 54,959 61,074 CONSUMER DISCRETIONARY 2.08%144,847 NOUV AUTO 30 FINAN, 4.115%, 2042-06-30 144,847 158,701 26,486 DOLLARAMA 584,848 1,178,627 184,156 SNC-LAVALIN MCGILL, 6.632%, 2044-06-30 184,156 243,149 5,370 GILDAN ACTIVEWEAR 139,493 205,403

1,069,003 1,132,210 1,257,556 2,580 MAGNA INTL INC 157,752 183,567 15,120 RESTAURANT BRANDS 1,134,479 1,251,331

INFRASTRUCTURE 0.24% 49,556 2,016,572 2,818,928 MAPLES

200,000 HEATHROW FUNDING LTD, 3.4%, 2028-03-08 202,531 205,062 CONSUMER STAPLES 2.02%110,000 HEATHROW FUNDING LTD, 3.782%, 2030-09-04 110,000 115,238 47,492 ALIMENT COUCHE-TARD 1,123,080 1,951,446 310,000 312,531 320,300 7,650 LOBLAW COS LTD 521,252 511,020

10,530 MAPLE LEAF FOODS 317,148 272,201 REAL ESTATE 1.28% 65,672 1,961,480 2,734,667 REGULAR BONDS

75,540 BANKERS HALL LP, 4.377%, 2023-11-20 75,540 76,838 HEALTH CARE 0.01%180,000 BROOKFIELD PPTY FIN, 4.346%, 2023-07-03 180,936 186,795 660 ANDLAUER HEALTHCARE 9,993 12,870 55,000 CHOICE PRO REIT, 3.546%, 2025-01-10 55,000 56,519 660 9,993 12,870

130,000 CHOICE PRO REIT, 3.532%, 2029-06-11 130,427 131,366 115,000 CT REAL EST INV TRST, 3.865%, 2027-12-07 121,300 119,610 FINANCIALS 14.55%91,436 FIFTH AVENUE LP, 4.71%, 2021-08-05 98,222 93,179 49,076 BANK OF NOVA SCOTIA 3,107,398 3,593,835

205,000 FIRST CAP REALTY, 3.456%, 2027-01-22 205,545 204,221 53,775 BROOKFIELD ASSET MGT 1,638,342 4,027,210 135,000 HCN CANADA HLDGS, 2.95%, 2027-01-15 134,853 134,954 26,720 ELEMENT FLEET MGT 285,757 293,920 68,923 SEC LP AND ARCI LTD, 5.188%, 2033-08-29 68,923 74,157 7,100 IA FINANCIAL CORP 349,566 505,520

160,000 SMARTCENTERS REIT, 2.757%, 2021-06-23 160,717 160,986 101,300 MANULIFE FINCL CORP 2,072,434 2,666,216 125,000 SMARTCENTERS REIT, 3.526%, 2029-12-20 125,000 125,656 41,743 ROYAL BANK CDA 2,892,148 4,284,919 240,000 VENTAS CAD FI, 2.79%, 2024-04-12 241,392 240,790 59,060 TORONTO DOMINION BK 2,215,827 4,300,159 120,197 WEM PROPERTY INC., 4.056%, 2024-02-13 120,197 123,293 338,774 12,561,472 19,671,779

1,701,096 1,718,052 1,728,364 INFORMATION TECHNOLOGY 4.54%

SECURITIZATION 0.76% 13,350 CGI INC 423,647 1,447,274 REGULAR BONDS 1,361 CONSTELLATION SFTWR 441,140 1,714,629

350,000 FAIR HYDRO TRUST, 3.357%, 2033-05-15 379,111 376,422 16,720 DESCARTES SYSTEMS 251,505 923,111 140,000 FAIR HYDRO TRUST, 3.52%, 2038-05-15 140,003 155,484 17,440 OPEN TEXT CORP 592,355 997,045 101,973 MCAP RMBS SER 18-1 A, 2.4%, 2022-10-01 100,280 101,662 2,037 SHOPIFY INC 369,466 1,051,296 99,728 MCAP RMBS SER 18-2 A, 2.75%, 2023-05-01 100,309 100,142 50,908 2,078,113 6,133,355

200,000 REAL EST AS LIQ TRU, 3.636%, 2027-06-12 200,892 204,426 90,000 WTH CAR RENTAL ULC, 2.781%, 2024-07-20 90,000 90,441 COMMUNICATION SERVICES 3.30%

981,701 1,010,595 1,028,577 37,945 BCE INC 2,200,207 2,280,495 25,580 ROGERS COMMUNICATION 1,327,720 1,645,306

44,662,644 TOTAL BONDS AND DEBENTURES 47,748,124 48,584,251 20,410 SHAW COMMUNICATIONS 518,644 536,783 83,935 4,046,571 4,462,584

STOCKSCANADIAN COMMON STOCKS UTILITIES 2.04%ENERGY 8.97% 26,300 EMERA INC 1,332,597 1,460,965

57,053 CDN NATURAL RES 2,144,491 2,391,662 24,255 FORTIS INC 1,285,209 1,302,979 47,400 CENOVUS ENERGY 570,258 623,784 50,555 2,617,806 2,763,944 63,310 ENBRIDGE INC 3,140,303 3,268,695 14,620 KEYERA CORP 409,931 495,618 1,048,015 TOTAL CANADIAN COMMON STOCKS 43,028,592 61,682,122 25,660 PEMBINA PIPELINE 1,098,305 1,234,759 52,800 SUNCOR ENERGY INC 1,990,259 2,239,776 U.S. POOLED FUNDS 14.90%27,171 TC ENERGY 1,237,932 1,873,712 1,961,881 ADDENDA POOLED FUND 16,303,329 20,148,130

288,014 10,591,479 12,128,006 1,961,881 16,303,329 20,148,130

MATERIALS 2.17% 1,961,881 TOTAL FOREIGN STOCKS (INCLUDING U.S) 16,303,329 20,148,130 9,021 CCL INDUSTRIES INC 432,772 497,779 8,219 FRANCO NEVADA CORP 883,332 1,100,195 3,009,896 TOTAL STOCKS 59,331,921 81,830,252

17,800 NUTRIEN LTD 1,129,706 1,105,380 5,934 WHEATON PRECIOUS MET 191,447 229,052 52,468,575 TOTAL INVESTMENTS 111,865,374 135,199,832

40,974 2,637,257 2,932,406 INVESTMENT INCOME RECEIVABLE 434,350 434,350 RECEIVABLES FROM INVESTMENTS SOLD 249,829 249,829

INDUSTRIALS 5.93% PAYABLES FOR INVESTMENTS PURCHASED (240,443) (240,443) 10,930 AIR CANADA 340,546 528,138 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (170,316) (170,316) 20,980 CDN NATL RAILWAY 1,648,487 2,459,066 NET ASSETS 112,138,794 135,473,252 4,053 CDN PACIFIC RAILWAY 613,172 1,339,517

21,140 TOROMONT INDS LTD 739,941 1,489,102 1.00 US = 1.296750 CA DECEMBER 31, 20199,384 WASTE CONNECTIONS 675,998 1,104,403

12,480 WSP GLOBAL INC 489,705 1,103,357 78,967 4,507,849 8,023,583



Co-operators Balanced FundFinancial Highlights (unaudited)For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5years.

The Fund's Net Asset Value per Unit

2019 2018 2017 2016 2015Net Asset Value per Unit (note 9)

Segment 1 Group Retirement Products 339.49 294.97 313.78 298.32 281.82 Segment 4 Versatile Asset® Participants 549.15 478.89 505.89 480.60 453.50 Segment 5 Versatile Asset® II Participants 247.82 216.75 229.64 218.79 207.05 Segment 6 Versatile Asset® III Participants 224.50 196.82 208.89 199.59 189.26 Segment 7 Versatile Asset® IV Participants 248.98 217.91 230.22 218.74 206.44 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 214.31 187.80 199.35 190.30 180.42 Segment 9 Versatile Portfolios™ Participants (No-Load) 209.44 183.80 195.42 186.84 177.41 Segment 10 Group Retirement Income Product 157.35 136.72 143.92 136.22 128.11 Segment 11 Versatile Portfolios™ TFSA 182.41 160.09 170.16 162.69 154.47 Segment 12 Versatile Portfolios™ Education Savings Plan 177.54 155.00 163.93 155.91 147.27 Segment 13 Versatile Portfolios Navigator™ 100/100 122.01 107.41 114.56 109.99 104.88 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 121.40 106.89 114.00 109.62 104.69 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 122.01 107.41 114.59 109.85 103.88 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 121.42 106.87 114.00 109.63 104.79 Segment 17 Versatile Portfolios Navigator™ 75/100 125.71 110.02 116.65 111.33 105.51 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 125.09 109.48 116.07 110.96 105.34 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 125.61 110.06 116.58 111.44 105.14 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 125.08 109.48 116.07 110.92 105.11 Segment 21 Versatile Portfolios Navigator™ 75/75 126.74 110.75 117.22 111.70 105.71 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 126.12 110.20 116.64 111.32 105.52 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 126.70 110.74 117.26 111.63 105.90 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 126.12 110.21 116.64 111.40 105.69

Ratios and Supplemental Data

2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 89,411,465 78,367,195 84,826,861 80,588,454 74,581,734 Segment 4 Versatile Asset® Participants 15,550,327 15,602,330 18,821,141 19,494,990 21,359,236 Segment 5 Versatile Asset® II Participants 6,470,877 6,280,243 7,357,380 7,465,043 7,728,492 Segment 6 Versatile Asset® III Participants 358,532 347,783 279,707 324,728 300,362 Segment 7 Versatile Asset® IV Participants 53,779 60,580 64,001 60,809 57,391 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 6,621,101 6,780,919 8,439,946 8,373,017 8,586,001 Segment 9 Versatile Portfolios™ Participants (No-Load) 2,067,794 1,768,707 2,035,738 2,097,846 2,269,447 Segment 10 Group Retirement Income Product 1,068,743 974,277 483,587 289,459 274,536 Segment 11 Versatile Portfolios™ TFSA 638,986 596,971 796,868 862,106 885,858 Segment 12 Versatile Portfolios™ Education Savings Plan 990,127 784,779 708,676 637,190 510,573 Segment 13 Versatile Portfolios Navigator™ 100/100 1,334,651 1,293,382 1,324,414 735,613 234,835 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 1,705,598 1,104,478 1,135,183 506,233 115,997 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 46,608 51,556 62,452 21,969 5,402 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 413,190 292,295 388,299 211,469 55,017 Segment 17 Versatile Portfolios Navigator™ 75/100 1,412,308 1,198,337 1,513,842 739,989 319,392 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3,266,090 2,000,561 1,250,192 626,507 344,878 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 49,363 46,115 50,597 28,194 8,516 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 640,650 460,901 275,554 65,441 21,969 Segment 21 Versatile Portfolios Navigator™ 75/75 1,514,092 1,318,795 1,327,976 689,864 291,982 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 1,541,973 808,755 728,167 328,390 110,695 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 70,320 51,824 67,661 62,179 19,167 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 405,464 305,934 234,103 73,526 15,642



Co-operators Balanced FundFinancial Highlights (unaudited)For the years ended December 31


Ratios and Supplemental Data (continued)

2019 2018 2017 2016 2015Number of units outstanding (schedule 2)

Segment 1 Group Retirement Products 263,372 265,682 270,337 270,142 264,643 Segment 4 Versatile Asset® Participants 28,317 32,580 37,204 40,564 47,099 Segment 5 Versatile Asset® II Participants 26,111 28,975 32,039 34,119 37,327 Segment 6 Versatile Asset® III Participants 1,597 1,767 1,339 1,627 1,587 Segment 7 Versatile Asset® IV Participants 216 278 278 278 278 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 30,895 36,108 42,337 44,000 47,588 Segment 9 Versatile Portfolios™ Participants (No-Load) 9,873 9,623 10,417 11,228 12,792 Segment 10 Group Retirement Income Product 6,792 7,126 3,360 2,125 2,143 Segment 11 Versatile Portfolios™ TFSA 3,503 3,729 4,683 5,299 5,735 Segment 12 Versatile Portfolios™ Education Savings Plan 5,577 5,063 4,323 4,087 3,467 Segment 13 Versatile Portfolios Navigator™ 100/100 10,939 12,041 11,561 6,688 2,239 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 14,049 10,333 9,958 4,618 1,108 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 382 480 545 200 52 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3,403 2,735 3,406 1,929 525 Segment 17 Versatile Portfolios Navigator™ 75/100 11,235 10,892 12,978 6,647 3,027 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 26,110 18,273 10,771 5,646 3,274 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 393 419 434 253 81 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 5,122 4,210 2,374 590 209 Segment 21 Versatile Portfolios Navigator™ 75/75 11,946 11,908 11,329 6,176 2,762 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 12,226 7,339 6,243 2,950 1,049 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 555 468 577 557 181 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3,215 2,776 2,007 660 148

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 2.22% 2.22% 2.21% 2.22% 2.22%Segment 5 Versatile Asset® II Participants 2.51% 2.51% 2.51% 2.51% 2.51%Segment 6 Versatile Asset® III Participants 2.76% 2.75% 2.75% 2.74% 2.74%Segment 7 Versatile Asset® IV Participants 2.23% 2.23% 2.23% 2.24% 2.23%Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.71% 2.71% 2.71% 2.71% 2.70%Segment 9 Versatile Portfolios™ Participants (No-Load) 2.87% 2.88% 2.87% 2.86% 2.86%Segment 11 Versatile Portfolios™ TFSA 2.86% 2.86% 2.85% 2.85% 2.85%Segment 12 Versatile Portfolios™ Education Savings Plan 2.34% 2.33% 2.33% 2.33% 2.33%Segment 13 Versatile Portfolios Navigator™ 100/100 3.19% 3.19% 3.30% 3.29% 3.28%Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.19% 3.19% 3.45% 3.45% 3.44%Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.19% 3.19% 3.30% 3.29% 3.28%Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.19% 3.19% 3.45% 3.45% 3.44%Segment 17 Versatile Portfolios Navigator™ 75/100 2.58% 2.58% 2.69% 2.68% 2.67%Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.58% 2.58% 2.84% 2.85% 2.84%Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.58% 2.58% 2.69% 2.68% 2.67%Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.58% 2.58% 2.84% 2.85% 2.84%Segment 21 Versatile Portfolios Navigator™ 75/75 2.42% 2.42% 2.53% 2.52% 2.51%Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.42% 2.42% 2.68% 2.68% 2.67%Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.42% 2.42% 2.53% 2.52% 2.51%Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.42% 2.42% 2.68% 2.68% 2.67%

Portfolio turnover rate (note 11) 95.73% 96.27% 45.21% 71.88% 56.90%



Co-operators Canadian Equity FundFund managed by Addenda Capital Inc.




Cash and cash equivalents 419 2,843 159,293 167,674 Short-term notes 6,213 10,235 Investment income receivable 378 425 Stocks 176,090 146,121 31,601 (21,473)

183,100 159,624 Fund of funds rebalancing (note 2) (9,496) 10,462

LiabilitiesCurrent liabilities Transactions with unitholders

Accounts payable for management and audit fees Unitholders' contributions 24,613 24,550 (note 8) 401 331 Unitholders' withdrawals (19,444) (19,604)

401 331 Transfers (to) from other funds (3,868) (2,316)


Net assets attributable to unitholders per unit 194.44 168.56 23,406 (8,381)

Statement of Comprehensive Income 182,699 159,293

For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ Statement of Cash Flows

Investment income and gains For the years ended December 31 2019 2018Dividend income 4,995 4,314 (in thousands of dollars) $ $Interest income for allocation purposes 97 50 Other income 20 13 Cash flows from operating activitiesRealized gains (losses) on sale of investments 1,554 (567) Unrealized gains (losses) 29,460 (21,040) 31,601 (21,473)

36,126 (17,230) Adjustments for: Realized (gains) losses on sale of investments (1,554) 567

Expenses Unrealized (gains) losses (29,358) 21,106 Management fees (notes 8 and 10) 4,404 4,160 Current receivables 47 (51) Audit, legal and other fees (note 10) 19 17 Current liabilities 70 (79) Transaction costs 102 66 Purchases of investments (124,185) (76,260)

4,525 4,243 Proceeds from the sale of investments 129,150 66,884 Net cash from operating activities 5,771 (9,306)

31,601 (21,473) Cash flows from financing activitiesProceeds from the issuance of units 24,613 35,012 Amounts paid on redemption of units (32,808) (21,920)

34.55 (25.06) Net cash from financing activities (8,195) 13,092

Net increase (decrease) in cash (2,424) 3,786 Cash at beginning of year 2,843 (943) Cash at end of year 419 2,843

Dividends received, net of withholding taxes 5,040 4,272 Interest received 16 -











Co-operators Canadian Equity FundSchedule of Investment PortfolioAs at December 31


CASH AND CASH EQUIVALENTS CONSUMER STAPLES 4.27%415,781 CANADIAN DOLLAR 415,781 415,781 135,314 ALIMENT COUCHE-TARD 3,193,602 5,560,052

2,921 US DOLLAR 3,787 3,787 21,860 LOBLAW COS LTD 1,490,535 1,460,248 418,702 419,568 419,568 30,110 MAPLE LEAF FOODS 898,672 778,344

187,284 5,582,809 7,798,644 SHORT TERM NOTES DISCOUNT NOTES 3.40% HEALTH CARE 0.02%

1,320,000 CANADA T BILLS T/B, DISC. 2020-03-19 1,312,994 1,312,994 1,910 ANDLAUER HEALTHCARE 28,650 37,245 3,980,000 CANADA T BILLS T/B, DISC. 2020-05-14 3,951,620 3,951,620 1,910 28,650 37,245

410,000 CANADA T BILLS T/B, DISC. 2020-06-11 406,884 406,884 550,000 CANADA T BILLS T/B, DISC. 2020-09-17 541,277 541,277 FINANCIALS 30.72%

6,260,000 6,212,775 6,212,775 140,083 BANK OF NOVA SCOTIA 8,801,218 10,258,278 153,570 BROOKFIELD ASSET MGT 4,735,979 11,500,857

STOCKS 76,280 ELEMENT FLEET MGT 832,886 839,080 CANADIAN COMMON STOCKS 20,290 IA FINANCIAL CORP 1,001,918 1,444,648 ENERGY 19.00% 288,960 MANULIFE FINCL CORP 6,137,770 7,605,427

162,879 CDN NATURAL RES 6,008,638 6,827,888 119,187 ROYAL BANK CDA 8,251,579 12,234,546 135,280 CENOVUS ENERGY 1,621,578 1,780,285 168,335 TORONTO DOMINION BK 6,325,443 12,256,471 180,840 ENBRIDGE INC 8,962,422 9,336,769 966,705 36,086,793 56,139,307 41,910 KEYERA CORP 1,197,931 1,420,749 73,250 PEMBINA PIPELINE 3,139,882 3,524,790 INFORMATION TECHNOLOGY 9.51%

150,900 SUNCOR ENERGY INC 5,638,914 6,401,178 38,190 CGI INC 1,213,628 4,140,178 78,677 TC ENERGY 3,575,457 5,425,566 3,788 CONSTELLATION SFTWR 1,191,947 4,772,236

823,736 30,144,822 34,717,225 47,510 DESCARTES SYSTEMS 706,855 2,623,027 49,830 OPEN TEXT CORP 1,674,127 2,848,781

MATERIALS 4.58% 5,798 SHOPIFY INC 1,031,263 2,992,348 25,746 CCL INDUSTRIES INC 1,226,459 1,420,664 145,116 5,817,820 17,376,570 23,467 FRANCO NEVADA CORP 2,523,456 3,141,293 50,810 NUTRIEN LTD 3,225,554 3,155,301 COMMUNICATION SERVICES 6.98%16,928 WHEATON PRECIOUS MET 545,845 653,421 108,371 BCE INC 6,291,937 6,513,097

116,951 7,521,314 8,370,679 73,100 ROGERS COMMUNICATION 3,798,430 4,701,792 58,310 SHAW COMMUNICATIONS 1,483,965 1,533,553

INDUSTRIALS 12.57% 239,781 11,574,332 12,748,442 31,290 AIR CANADA 979,440 1,511,933 60,030 CDN NATL RAILWAY 4,758,114 7,036,116 UTILITIES 4.32%11,647 CDN PACIFIC RAILWAY 1,790,664 3,849,334 75,080 EMERA INC 3,801,594 4,170,694 60,380 TOROMONT INDS LTD 2,094,381 4,253,167 69,250 FORTIS INC 3,666,945 3,720,110 26,830 WASTE CONNECTIONS 1,917,892 3,157,623 144,330 7,468,539 7,890,804 35,700 WSP GLOBAL INC 1,383,950 3,156,237

225,877 12,924,441 22,964,410 2,993,131 TOTAL CANADIAN COMMON STOCKS 122,924,101 176,089,592

CONSUMER DISCRETIONARY 4.40% 9,671,833 TOTAL INVESTMENTS 129,556,444 182,721,935 75,601 DOLLARAMA 1,675,865 3,364,245 INVESTMENT INCOME RECEIVABLE 377,711 377,711 15,310 GILDAN ACTIVEWEAR 401,313 585,608 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (400,448) (400,448)

7,360 MAGNA INTL INC 447,954 523,664 NET ASSETS 129,533,707 182,699,198 43,170 RESTAURANT BRANDS 3,249,449 3,572,749

141,441 5,774,581 8,046,266 1.00 US = 1.296750 CA DECEMBER 31, 2019



Co-operators Canadian Equity FundFinancial Highlights (unaudited)For the years ended December 31






2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 29,353,289 25,940,056 31,358,095 28,909,453 25,937,787 Segment 4 Versatile Asset® Participants 15,386,558 15,554,900 18,286,521 18,435,288 18,997,085 Segment 5 Versatile Asset® II Participants 11,200,515 10,493,970 13,114,052 13,095,158 12,375,145 Segment 6 Versatile Asset® III Participants 653,667 681,246 851,472 957,610 885,189 Segment 7 Versatile Asset® IV Participants 66,746 55,364 72,891 84,435 104,236 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 41,031,411 39,141,639 44,588,608 43,334,509 42,527,935 Segment 9 Versatile Portfolios™ Participants (No-Load) 10,699,322 10,014,276 11,270,883 11,086,227 11,467,304 Segment 10 Group Retirement Income Product 7,786,632 6,243,495 5,958,341 4,439,574 3,772,271 Segment 11 Versatile Portfolios™ TFSA 4,273,282 3,947,700 4,156,200 3,816,706 3,747,430 Segment 12 Versatile Portfolios™ Education Savings Plan 4,402,656 3,498,857 3,067,419 2,304,937 1,793,080 Segment 13 Versatile Portfolios Navigator™ 100/100 7,721,786 7,411,029 7,921,933 4,963,400 2,351,755 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 7,438,245 4,973,390 3,613,098 1,935,914 1,074,370 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 314,468 279,211 276,581 179,463 94,075 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2,117,770 1,713,323 1,248,025 596,397 224,608 Segment 17 Versatile Portfolios Navigator™ 75/100 7,188,993 6,769,009 6,665,353 3,975,879 2,013,901 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 11,133,840 6,908,340 3,678,731 1,499,676 612,353 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 354,395 330,731 358,099 229,845 72,538 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2,724,676 1,856,401 1,117,642 484,339 247,589 Segment 21 Versatile Portfolios Navigator™ 75/75 5,874,629 5,457,724 5,545,503 2,872,765 1,215,719 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 10,104,840 6,076,594 3,087,457 2,221,305 666,316 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 317,717 283,367 278,325 181,972 104,356 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2,873,657 1,978,596 1,278,983 592,032 235,793



Co-operators Canadian Equity FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 97,001 99,855 99,294 88,089 90,520 Segment 4 Versatile Asset® Participants 31,836 37,987 37,624 39,700 46,632 Segment 5 Versatile Asset® II Participants 35,759 40,557 43,775 46,383 49,963 Segment 6 Versatile Asset® III Participants 2,681 3,355 3,630 4,308 4,519 Segment 7 Versatile Asset® IV Participants 232 233 269 334 471 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 176,868 202,202 200,259 207,209 230,327 Segment 9 Versatile Portfolios™ Participants (No-Load) 50,683 56,851 55,488 58,024 67,852 Segment 10 Group Retirement Income Product 50,646 49,457 41,732 33,739 32,925 Segment 11 Versatile Portfolios™ TFSA 21,762 24,078 22,026 21,503 23,859 Segment 12 Versatile Portfolios™ Education Savings Plan 26,054 24,870 19,028 15,270 13,491 Segment 13 Versatile Portfolios Navigator™ 100/100 60,507 69,347 64,352 42,761 22,864 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 58,503 46,774 29,476 16,707 10,453 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2,468 2,617 2,250 1,547 915 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 16,639 16,088 10,178 5,143 2,183 Segment 17 Versatile Portfolios Navigator™ 75/100 54,616 61,818 53,154 33,826 19,450 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 84,873 63,307 29,434 12,776 5,918 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2,692 3,020 2,855 1,954 700 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 20,774 17,026 8,946 4,130 2,395 Segment 21 Versatile Portfolios Navigator™ 75/75 44,326 49,563 44,047 24,382 11,725 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 76,550 55,393 24,613 18,915 6,432 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2,392 2,570 2,208 1,544 1,006 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 21,744 18,034 10,197 5,037 2,277





Co-operators Canadian Fixed Income FundFund managed by Addenda Capital Inc.




Cash and cash equivalents 1,163 (454) 196,972 200,000 Short-term notes 2,651 1,717 Investment income receivable 1,405 1,099 Bonds and debentures 226,834 195,033 9,864 (1,409)

232,053 197,395 Fund of funds rebalancing (note 2) 10,998 (6,139)


Payments for investments purchased 3,407 - Unitholders' contributions 40,280 37,491 Accounts payable for management and audit fees Unitholders' withdrawals (28,349) (28,720) (note 8) 495 423 Transfers (to) from other funds (1,614) (4,251)

3,902 423 10,317 4,520

Net assets attributable to unitholders 228,151 196,972

31,179 (3,028) Net assets attributable to unitholders per unit 125.72 122.70

228,151 196,972 Statement of Comprehensive Income

For the years ended December 31 2019 2018 Statement of Cash Flows(in thousands of dollars except per unit amounts) $ $

For the years ended December 31 2019 2018Investment income and gains (in thousands of dollars) $ $

Interest income for allocation purposes 6,167 6,709 Foreign exchange gain (loss) 49 272 Cash flows from operating activitiesOther income 29 32 Realized gains (losses) on sale of investments 6,171 (3,413) 9,864 (1,409) Unrealized gains (losses) 2,868 80 Adjustments for:

15,284 3,680 Realized (gains) losses on sale of investments (6,171) 3,413 Unrealized (gains) losses (2,868) (80)

Expenses Current receivables (306) 1,379 Management fees (notes 8 and 10) 5,397 5,067 Current liabilities 3,479 (1,401) Audit, legal and other fees (note 10) 23 22 Purchases of investments (515,503) (450,257)

5,420 5,089 Proceeds from the sale of investments 491,807 449,251 Net cash from operating activities (19,698) 896


5.80 (0.87) Net cash from financing activities 21,315 (1,619)

Net increase (decrease) in cash 1,617 (723) Cash at beginning of year (454) 269 Cash at end of year 1,163 (454)

Interest received 5,282 6,415











Co-operators Canadian Fixed Income FundSchedule of Investment PortfolioAs at December 31


CASH AND CASH EQUIVALENTS 951,580 CORDELIO POWER INC, 4.087%, 2034-06-30 951,580 990,452 1,164,133 CANADIAN DOLLAR 1,164,133 1,164,133 990,000 ENBRIDGE INC, 2.99%, 2029-10-03 987,301 975,071 1,164,133 1,164,133 1,164,133 915,000 ENBRIDGE INC, 5.375%, 2077-09-27 903,644 915,942

135,115 ENBRIDGE STHRN LIGHT, 4.014%, 2040-06-30 135,115 139,431 SHORT TERM NOTES 270,432 FIRST NATIONS FIN, 4.136%, 2041-12-31 270,432 285,788 DISCOUNT NOTES 1.17% 405,000 GIBSON ENERGY INC, 3.6%, 2029-09-17 403,785 406,430

2,030,000 CANADA T BILLS T/B, 2020-05-14 2,015,501 2,015,501 600,000 INTER PIPELINE LTD, 3.484%, 2026-12-16 593,526 612,102 640,000 CANADA T BILLS T/B, 2020-06-11 635,136 635,136 298,962 NORTH BATTLEFORD PWR, 4.958%, 2032-12-31 298,983 332,150

2,670,000 2,650,637 2,650,637 385,187 NORTHERN COURRIER PP, 3.365%, 2042-06-30 385,187 382,957 775,000 NORTHWESTERN HYDRO, 3.94%, 2038-12-31 775,000 824,631

BONDS AND DEBENTURES 485,000 PEMBINA PIPELINE, 3.31%, 2030-02-01 484,631 482,405 CANADA 210,000 PEMBINA PIPELINE, 4.81%, 2044-03-25 209,488 231,023 FEDERAL GOVERNMENT 31.04% 320,000 PEMBINA PIPELINE, 4.54%, 2049-04-03 319,686 341,312 REGULAR BONDS 535,000 SUNCOR ENERGY INC, 3.1%, 2029-05-24 533,721 541,570

7,635,000 CANADA GOVT, 1%, 2027-06-01 7,381,675 7,253,326 540,000 TRANSCANADA PIPELINE, 3%, 2029-09-18 536,959 537,462 1,600,000 CANADA GOVT, 5.75%, 2029-06-01 2,206,976 2,154,368 210,000 TRANSCANADA PIPELINE, 4.34%, 2049-10-15 222,325 227,835 3,450,000 CANADA GOVT, 1.25%, 2030-06-01 3,356,486 3,298,476 415,000 TRANSCANADA TRUST, 4.65%, 2077-05-18 407,956 402,355

950,000 CANADA GOVT, 4%, 2041-06-01 1,361,246 1,323,141 13,526,178 13,497,770 13,934,386 6,205,000 CANADA GOVT, 2.75%, 2048-12-01 7,785,849 7,586,481

200,000 CANADA GOVT, 2%, 2051-12-01 216,728 212,162 FINANCIAL PRODUCTS 13.67%1,250,000 CANADA HOUSING TRUST, 1.45%, 2020-06-15 1,248,175 1,248,138 REGULAR BONDS

19,475,000 CANADA HOUSING TRUST, 2.35%, 2023-09-15 19,876,699 19,764,593 2,510,000 BANK OF MONTREAL, 2.85%, 2024-03-06 2,531,250 2,546,872 10,200,000 CANADA HOUSING TRUST, 1.8%, 2024-12-15 10,168,945 10,114,320 870,000 BANK OF MONTREAL FF, 3.34%, 2025-12-08 880,761 878,561 15,000,000 CANADA HOUSING TRUST, 2.55%, 2025-03-15 15,513,332 15,413,100 820,000 BANK OF NOVA SCOT FF, 2.836%, 2029-07-03 819,867 818,819

1,650,000 CANADA POST CORP, 4.36%, 2040-07-16 2,062,197 2,177,918 600,000 BANK OF NOVA SCOTIA, 2.49%, 2024-09-23 599,031 598,602 67,615,000 71,178,308 70,546,023 545,000 CENTRAL 1 CREDIT, 2.584%, 2023-12-06 545,000 543,588

1,000,000 CIBC, 2.43%, 2023-06-09 999,730 1,001,170 PROVINCIAL GUARANTEED AND NON-GUARANTEED 31.49% 2,120,000 CIBC, 2.35%, 2024-08-28 2,120,000 2,102,234 REGULAR BONDS 1,400,000 CIBC BANK FF, 2.95%, 2029-06-19 1,399,930 1,404,774

1,700,000 55 SCHOOL BOARD TR, 5.9%, 2033-06-02 2,062,228 2,294,762 585,000 FED CAISSE DESJARDIN, 2.417%, 2024-10-04 585,000 581,484 2,975,000 BC PROV, 4.3%, 2042-06-18 3,789,730 3,911,738 159,000 GENWORTH MI CANADA, 5.68%, 2020-06-15 167,706 161,320 2,775,000 FINANCEMENT QUEBEC, 5.25%, 2034-06-01 3,515,612 3,672,740 350,000 GENWORTH MI CANADA, 4.242%, 2024-04-01 361,820 366,856 1,000,000 HOSP SICK CHILDREN, 3.416%, 2057-12-07 1,168,000 1,113,390 1,005,000 GM FINANCIAL CANADA, 3.25%, 2023-11-07 1,005,869 1,006,256 5,300,000 HYDRO QUEBEC, 6%, 2040-02-15 8,261,761 8,160,039 870,000 IA FINANCIAL CORP FF, 3.072%, 2031-09-24 870,000 872,854 3,125,000 MANITOBA PROV, 4.65%, 2040-03-05 3,787,030 4,088,219 525,000 IGM FINANCIAL, 4.206%, 2050-03-21 525,000 563,141 1,900,000 NEW BRUNSWICK PROV, 4.55%, 2037-03-26 2,421,297 2,371,143 370,000 JOHN DEERE FINAN, 2.58%, 2026-10-16 369,811 366,818 1,050,000 NFLD & LABRADOR HYDR, 3.6%, 2045-12-01 1,071,228 1,178,615 1,010,000 MANULIFE FIN CORP, 3.317%, 2028-05-09 1,011,104 1,034,684

301,431 ONT SCHL FIN, 5.8%, 2028-11-07 348,299 343,752 1,025,000 MANULIFE FIN CORP, 3.049%, 2029-08-20 1,018,169 1,041,113 8,250,000 ONTARIO PROV, 2.65%, 2025-02-05 8,502,252 8,480,175 300,000 NATIONAL BK CANADA, 2.545%, 2024-07-12 300,000 300,195 5,675,000 ONTARIO PROV, 2.9%, 2028-06-02 6,011,748 5,939,001 420,000 NATIONAL BK CANADA, 3.183%, 2028-02-01 412,146 425,384 1,500,000 ONTARIO PROV, 6.5%, 2029-03-08 2,053,798 2,012,880 2,955,000 ROYAL BANK CANADA, 2.609%, 2024-11-01 2,974,739 2,966,643 1,900,000 ONTARIO PROV, 4.6%, 2039-06-02 2,523,295 2,494,738 910,000 ROYAL BANK CANADA, 2.88%, 2029-12-23 909,918 909,909

12,225,000 ONTARIO PROV, 2.9%, 2046-12-02 12,417,830 13,103,122 1,090,000 ROYAL BANK CANADA FF, 3.45%, 2026-09-29 1,102,519 1,111,353 3,400,000 OPB FINANCE TRUST, 1.88%, 2022-02-24 3,403,266 3,392,010 1,165,000 ROYAL BANK CANADA FF, 2.74%, 2029-07-25 1,166,561 1,160,445 1,250,000 OPB FINANCE TRUST, 2.98%, 2027-01-25 1,224,125 1,294,350 975,000 SUN LIFE FIN, 2.38%, 2029-08-13 974,951 963,242 4,170,000 QUEBEC PROV, 2.6%, 2025-07-06 4,248,186 4,287,427 1,500,000 TD BANK, 2.496%, 2024-12-02 1,503,509 1,499,520 2,425,000 QUEBEC PROV, 6.25%, 2032-06-01 3,461,688 3,416,122 2,500,000 TD BANK FF, 2.982%, 2025-09-30 2,513,505 2,514,275

60,921,431 70,271,373 71,554,223 1,260,000 TD BANK FF, 3.589%, 2028-09-14 1,258,358 1,302,084 2,025,000 TD BANK FF, 3.06%, 2032-01-26 2,040,401 2,026,681

PROVINCIAL GUARANTEED AND NON-GUARANTEED 2.02% 30,864,000 30,966,655 31,068,877 FOREIGN PAY

3,500,000 ONTARIO PROV US, 2.25%, 2022-05-18 4,640,227 4,584,964 MAPLES 1.17%3,500,000 4,640,227 4,584,964 695,000 BANK OF AMERICA CO, 3.407%, 2025-09-20 695,000 715,044

670,000 GOLDMAN SACHS GROUP, 3.307%, 2025-10-31 673,816 682,944 MUNICIPAL 2.26% 535,000 MORGAN STANLEY, 3%, 2024-02-07 537,231 541,939 REGULAR BONDS 695,000 WELLS FARGO & CO, 3.874%, 2025-05-21 726,775 722,835

775,000 CITY OF TORONTO, 2.6%, 2039-09-24 769,490 753,091 2,595,000 2,632,822 2,662,762 2,575,000 CITY OF TORONTO, 3.2%, 2048-08-01 2,560,158 2,808,450 1,475,000 SOUTH COAST BC TRAN, 3.25%, 2028-11-23 1,472,876 1,569,120 INDUSTRIAL PRODUCTS 1.98%4,825,000 4,802,524 5,130,661 REGULAR BONDS

200,000 BROOKFIELD ASSET MGT, 3.8%, 2027-03-16 199,932 208,272 CORPORATE 590,000 BROOKFIELD ASSET MGT, 5.95%, 2035-06-14 652,584 718,939 COMMUNICATION 1.52% 765,000 CAN NATL RAIL CO, 3.05%, 2050-02-08 763,987 758,505 REGULAR BONDS 350,000 CCL INDUSTRIES INC, 3.864%, 2028-04-13 350,277 364,438

475,000 BELL CANADA, 2.9%, 2029-09-10 474,430 465,400 250,000 LEISUREWRLD SNR CARE, 3.474%, 2021-02-03 265,690 252,895 680,000 ROGERS COMM INC, 3.25%, 2029-05-01 686,198 689,819 675,000 RELIANCE LP, 3.75%, 2026-03-15 679,161 690,424 500,000 ROGERS COMM INC, 6.68%, 2039-11-04 621,273 698,310 1,140,000 SAPUTO INC, 2.876%, 2024-11-19 1,140,000 1,144,001 450,000 SHAW COMMUNICATIONS, 3.3%, 2029-12-10 447,872 448,664 350,000 SIENNA SENIOR, 3.1%, 2024-11-04 350,000 352,198 465,000 TELUS CORP, 3.3%, 2029-05-02 461,164 471,180 4,320,000 4,401,631 4,489,672 390,000 TELUS CORP, 5.15%, 2043-11-26 402,506 458,835 225,000 TELUS CORP, 3.95%, 2050-02-16 223,097 223,182 INFRASTRUCTURE 2.34%

3,185,000 3,316,540 3,455,390 REGULAR BONDS330,000 407 INTERNATIONAL, 3.72%, 2048-05-11 331,144 370,128

ENERGY 6.13% 635,000 ALBERTA POWERLINE, 4.065%, 2054-03-01 668,530 716,096 REGULAR BONDS 525,000 FORTIS ALBERTA INC, 4.27%, 2045-09-22 565,523 631,082

450,000 ALGONQUIN PWR CO, 4.6%, 2029-01-29 449,784 489,267 75,000 FORTIS ALBERTA INC, 3.734%, 2048-09-18 75,000 83,891 84,901 ALLIANCE PIPELINE, 7.217%, 2025-12-31 87,229 98,547 320,000 GREATER TOR AIRPORT, 2.75%, 2039-10-17 319,558 316,496

985,000 ALTAGAS CANADA INC, 3.15%, 2026-04-06 984,941 1,002,651 330,000 HEALTH MTL COLL LP, 6.721%, 2049-09-30 443,720 452,780 540,000 ALTAGAS CANADA INC, 4.26%, 2028-12-05 545,353 587,963 155,000 HYDRO ONE INC, 3.63%, 2049-06-25 173,487 171,504 135,000 ATCO LTD, 5.5%, 2078-11-01 135,000 147,539 250,000 HYDRO ONE INC, 3.64%, 2050-04-05 249,815 277,610 950,000 BROOKFIELD REN ENG, 3.63%, 2027-01-15 931,170 982,937 750,000 LOWER MATTAGAMI ENER, 4.944%, 2043-09-21 944,450 993,810 525,000 BROOKFIELD RENEW, 4.25%, 2029-01-15 524,680 562,889 654,307 NOUV AUTO 30 FINAN, 4.115%, 2042-06-30 654,307 716,892

1,000,000 BROOKFIELD RENEW, 3.38%, 2030-01-15 1,005,294 1,000,670 451,090 SNC-LAVALIN MCGILL, 6.632%, 2044-06-30 451,090 595,592 415,000 CAPITAL POWER LP, 4.284%, 2024-09-18 415,000 433,007 4,475,397 4,876,624 5,325,881



Co-operators Canadian Fixed Income FundSchedule of Investment PortfolioAs at December 31Shares or Average FairPar Value Investment Cost ($) Value ($)

MAPLES 0.64%950,000 HEATHROW FUNDING LTD, 3.4%, 2028-03-08 962,124 974,045 450,000 HEATHROW FUNDING LTD, 3.782%, 2030-09-04 450,000 471,429

1,400,000 1,412,124 1,445,474

REAL ESTATE 3.49%REGULAR BONDS

244,393 BANKERS HALL LP, 4.377%, 2023-11-20 244,393 248,594 870,000 BROOKFIELD PPTY FIN, 4.346%, 2023-07-03 874,329 902,843 245,000 CHOICE PRO REIT, 3.546%, 2025-01-10 245,000 251,767 850,000 CHOICE PRO REIT, 3.532%, 2029-06-11 852,716 858,934 570,000 CT REAL EST INV TRST, 3.865%, 2027-12-07 601,043 592,851 278,282 FIFTH AVENUE LP, 4.71%, 2021-08-05 298,936 283,589 860,000 FIRST CAP REALTY, 3.456%, 2027-01-22 862,079 856,732 640,000 HCN CANADA HLDGS, 2.95%, 2027-01-15 639,302 639,782 219,692 SEC LP AND ARCI LTD, 5.188%, 2033-08-29 219,692 236,376 715,000 SMARTCENTERS REIT, 2.757%, 2021-06-23 718,203 719,404 810,000 SMARTCENTERS REIT, 3.526%, 2029-12-20 810,000 814,253

1,150,000 VENTAS CAD FI, 2.79%, 2024-04-12 1,157,471 1,153,784 373,025 WEM PROPERTY INC., 4.056%, 2024-02-13 373,025 382,634

7,825,392 7,896,189 7,941,543

SECURITIZATION 2.07%REGULAR BONDS

1,850,000 FAIR HYDRO TRUST, 3.357%, 2033-05-15 1,971,296 1,989,657 395,000 FAIR HYDRO TRUST, 3.52%, 2038-05-15 395,008 438,687 469,076 MCAP RMBS SER 18-1 A, 2.4%, 2022-10-01 461,289 467,645 474,707 MCAP RMBS SER 18-2 A, 2.75%, 2023-05-01 477,470 476,677 870,000 REAL EST AS LIQ TRU, 3.636%, 2027-06-12 874,069 889,253 430,000 WTH CAR RENTAL ULC, 2.781%, 2024-07-20 430,000 432,107

4,488,783 4,609,132 4,694,026

209,541,181 TOTAL BONDS AND DEBENTURES 224,501,919 226,833,882

213,375,314 TOTAL INVESTMENTS 228,316,689 230,648,652 INVESTMENT INCOME RECEIVABLE 1,404,714 1,404,714 PAYABLES FOR INVESTMENTS PURCHASED (3,406,924) (3,406,924) ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (495,223) (495,223) NET ASSETS 225,819,256 228,151,219

1.00 US = 1.296750 CA DECEMBER 31, 2019



Co-operators Canadian Fixed Income FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 170.84 161.16 167.56 177.13 178.52 Segment 3 Group Retirement Products - 149.59 148.10 144.86 143.23 Segment 4 Versatile Asset® Participants 211.65 204.15 207.17 213.34 209.01 Segment 5 Versatile Asset® II Participants 166.08 158.49 160.13 161.52 161.33 Segment 6 Versatile Asset® III Participants 147.50 139.43 142.28 143.06 144.46 Segment 7 Versatile Asset® IV Participants 180.61 171.56 170.53 168.96 168.75 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 141.55 135.71 137.43 137.53 138.88 Segment 9 Versatile Portfolios™ Participants (No-Load) 143.27 137.47 139.33 139.42 141.02 Segment 10 Group Retirement Income Product 151.65 143.97 143.49 141.86 141.18 Segment 11 Versatile Portfolios™ TFSA 121.51 116.71 118.29 118.49 119.80 Segment 12 Versatile Portfolios™ Education Savings Plan 125.22 119.68 120.72 120.35 121.34 Segment 13 Versatile Portfolios Navigator™ 100/100 101.62 97.54 98.94 99.19 100.38 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 101.62 97.47 98.68 99.11 100.35 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 101.51 97.53 98.88 99.17 100.36 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 101.67 97.42 98.66 99.08 100.37 Segment 17 Versatile Portfolios Navigator™ 75/100 105.04 100.17 100.88 100.49 100.97 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 104.33 99.59 100.39 100.17 100.87 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 104.72 99.89 100.61 100.27 100.89 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 104.34 99.53 100.32 100.12 100.83 Segment 21 Versatile Portfolios Navigator™ 75/75 105.35 100.42 101.04 100.57 101.12 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 105.02 100.08 100.71 100.36 100.98 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 105.55 100.56 101.17 100.66 101.12 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 105.07 100.10 100.68 100.33 100.99 Segment 25 Aviator™ Portfolios Series 500 75/100 107.94 102.03 101.82 - - Segment 27 Aviator™ Portfolios Series 500 75/75 108.35 102.24 101.88 - - Segment 32 Aviator™ Portfolios Series 100 75/100 98.41 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 98.46 - - - -






2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 18,191,152 15,844,730 16,948,771 15,369,824 14,220,836 Segment 3 Group Retirement Products - 3,627,020 3,478,715 2,876,968 2,769,848 Segment 4 Versatile Asset® Participants 7,490,832 7,745,197 8,272,476 9,589,786 9,776,831 Segment 5 Versatile Asset® II Participants 6,679,626 6,591,724 7,708,841 7,964,435 7,397,274 Segment 6 Versatile Asset® III Participants 816,265 602,616 814,534 826,614 824,004 Segment 7 Versatile Asset® IV Participants 21,492 30,880 35,470 34,805 59,736 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 51,760,272 49,222,108 56,463,869 59,544,950 59,472,586 Segment 9 Versatile Portfolios™ Participants (No-Load) 14,820,973 14,625,941 17,173,538 18,930,217 19,038,141 Segment 10 Group Retirement Income Product 19,923,607 15,789,420 15,389,859 12,946,173 11,108,747 Segment 11 Versatile Portfolios™ TFSA 6,579,323 6,211,645 6,753,423 6,723,365 6,434,422 Segment 12 Versatile Portfolios™ Education Savings Plan 5,117,921 4,009,354 3,610,235 2,830,975 2,344,830 Segment 13 Versatile Portfolios Navigator™ 100/100 10,236,209 9,927,076 11,577,403 8,678,482 3,770,714 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 11,915,410 7,810,317 6,240,758 4,980,786 2,524,906 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 370,425 334,623 355,761 287,682 157,260 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3,540,652 2,754,461 2,133,970 1,491,536 650,127 Segment 17 Versatile Portfolios Navigator™ 75/100 14,626,254 13,790,729 15,628,612 12,684,770 3,522,669 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 19,134,438 12,350,177 8,485,592 5,075,737 1,624,490 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 519,298 471,403 559,604 451,198 146,292 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 4,732,667 3,070,366 2,358,829 1,327,863 481,137 Segment 21 Versatile Portfolios Navigator™ 75/75 7,405,118 6,932,664 7,408,161 4,737,970 2,186,534 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 14,462,788 9,169,861 5,541,252 3,479,761 1,390,324 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 533,961 471,506 499,293 406,065 208,508 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 4,445,292 2,969,483 2,083,325 1,140,715 451,414 Segment 25 Aviator™ Portfolios Series 500 75/100 3,202,362 1,986,586 546,375 - - Segment 27 Aviator™ Portfolios Series 500 75/75 1,677,080 805,720 131,123 - - Segment 32 Aviator™ Portfolios Series 100 75/100 95,264 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 52,773 - - - -







Segment 1 Group Retirement Products 106,481 98,316 101,152 86,773 79,658 Segment 3 Group Retirement Products - 24,246 23,489 19,860 19,339 Segment 4 Versatile Asset® Participants 35,392 37,939 39,930 44,950 46,776 Segment 5 Versatile Asset® II Participants 40,219 41,590 48,141 49,310 45,853 Segment 6 Versatile Asset® III Participants 5,534 4,322 5,725 5,778 5,704 Segment 7 Versatile Asset® IV Participants 119 180 208 206 354 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 365,665 362,688 410,861 432,963 428,224 Segment 9 Versatile Portfolios™ Participants (No-Load) 103,449 106,393 123,259 135,778 135,006 Segment 10 Group Retirement Income Product 131,377 109,669 107,257 91,260 78,683 Segment 11 Versatile Portfolios™ TFSA 54,146 53,223 57,091 56,743 53,708 Segment 12 Versatile Portfolios™ Education Savings Plan 40,872 33,500 29,906 23,522 19,325 Segment 13 Versatile Portfolios Navigator™ 100/100 100,727 101,776 117,019 87,492 37,566 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 117,260 80,127 63,243 50,257 25,161 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3,649 3,431 3,598 2,901 1,567 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 34,825 28,273 21,629 15,054 6,477 Segment 17 Versatile Portfolios Navigator™ 75/100 139,247 137,669 154,918 126,227 34,889 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 183,397 124,014 84,528 50,671 16,104 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 4,959 4,719 5,562 4,500 1,450 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 45,360 30,848 23,512 13,263 4,772 Segment 21 Versatile Portfolios Navigator™ 75/75 70,288 69,038 73,322 47,112 21,624 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 137,712 91,621 55,024 34,674 13,768 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 5,059 4,689 4,935 4,034 2,062 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 42,309 29,666 20,693 11,370 4,470 Segment 25 Aviator™ Portfolios Series 500 75/100 29,667 19,471 5,366 - - Segment 27 Aviator™ Portfolios Series 500 75/75 15,479 7,881 1,287 - - Segment 32 Aviator™ Portfolios Series 100 75/100 968 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 536 - - - -





Co-operators Canadian Resource FundFund managed by Addenda Capital Inc.




Cash and cash equivalents 79 48 19,929 26,329 Short-term notes 372 854 Investment income receivable 80 73 Stocks 22,000 18,998 3,763 (4,495)

22,531 19,973 Fund of funds rebalancing (note 2) (51) 177


Accounts payable for management and audit fees Unitholders' contributions 2,045 2,166 (note 8) 51 44 Unitholders' withdrawals (2,349) (3,403)

51 44 Transfers (to) from other funds (857) (845)

Net assets attributable to unitholders 22,480 19,929 (1,161) (2,082)

Net assets attributable to unitholders per unit 184.42 155.72 2,551 (6,400)



Investment income and gains For the years ended December 31 2019 2018Dividend income 723 696 (in thousands of dollars) $ $Interest income for allocation purposes 22 5 Other income 4 13 Cash flows from operating activitiesRealized gains (losses) on sale of investments (1,165) (625) Unrealized gains (losses) 4,831 (3,929) 3,763 (4,495)

4,415 (3,840) Adjustments for: Realized (gains) losses on sale of investments 1,165 625

Expenses Unrealized (gains) losses (4,764) 3,961 Management fees (notes 8 and 10) 579 618 Current receivables (7) 2 Audit, legal and other fees (note 10) 6 5 Current liabilities 7 (56) Transaction costs 67 32 Purchases of investments (40,495) (18,147)

652 655 Proceeds from the sale of investments 41,574 20,073 Net cash from operating activities 1,243 1,963


29.70 (34.55) Net cash from financing activities (1,212) (1,905)

Net increase (decrease) in cash 31 58 Cash at beginning of year 48 (10) Cash at end of year 79 48

Dividends received, net of withholding taxes 715 698











Co-operators Canadian Resource FundSchedule of Investment PortfolioAs at December 31

Shares or Average FairPar Value Investment Cost ($) Value ($)

CASH AND CASH EQUIVALENTS78,026 CANADIAN DOLLAR 78,026 78,026 78,026 78,026 78,026

SHORT TERM NOTES DISCOUNT NOTES 1.66%

375,000 CANADA T BILLS T/B, 2020-05-14 372,315 372,315 375,000 372,315 372,315

STOCKSCANADIAN COMMON STOCKSENERGY 63.99%

54,221 CDN NATURAL RES 1,999,178 2,272,944 68,180 CENOVUS ENERGY 893,314 897,249 43,200 ENBRIDGE INC 2,043,064 2,230,416 10,970 IMPERIAL OIL LTD 414,355 375,832 46,440 KEYERA CORP 1,556,859 1,574,316

2,370 PARKLAND FUEL CORP 110,537 112,954 42,410 PEMBINA PIPELINE 1,828,101 2,040,769 53,710 SUNCOR ENERGY INC 1,949,653 2,278,378 34,490 TC ENERGY 1,897,212 2,378,430

5,640 TOURMALINE OIL CORP 93,694 85,728 5,600 VERMILION ENERGY INC 136,732 118,776

367,231 12,922,699 14,365,792

MATERIALS 34.01%7,987 AGNICO EAGLE MINES 471,404 636,963

10,905 CCL INDUSTRIES INC 581,120 601,738 32,130 FIRST QUANTUM MNRL 408,726 420,903 11,030 FRANCO NEVADA CORP 1,113,161 1,476,476 18,980 INTERTAPE POLYMER 321,985 314,878 71,160 ISHARES S&P/TSX 1,079,912 1,158,485

4,020 KIRKLAND LAKE GOLD 217,774 230,024 22,527 NUTRIEN LTD 1,411,527 1,398,927

7,930 STELLA JONES INC 304,230 296,979 28,480 WHEATON PRECIOUS MET 945,944 1,099,328

215,149 6,855,783 7,634,701

582,380 TOTAL CANADIAN COMMON STOCKS 19,778,482 22,000,493

1,035,406 TOTAL INVESTMENTS 20,228,823 22,450,834 INVESTMENT INCOME RECEIVABLE 80,051 80,051 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (51,211) (51,211) NET ASSETS 20,257,663 22,479,674

1.00 US = 1.296750 CA DECEMBER 31, 2019



Co-operators Canadian Resource FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 301.24 249.59 295.69 306.34 255.86 Segment 4 Versatile Asset® Participants 253.11 212.98 258.72 269.23 224.61 Segment 5 Versatile Asset® II Participants 247.31 207.35 250.94 262.30 219.33 Segment 6 Versatile Asset® III Participants 209.85 176.88 217.03 227.11 187.78 Segment 7 Versatile Asset® IV Participants 234.33 203.33 267.00 303.80 239.67 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 217.63 182.83 224.19 234.73 196.60 Segment 9 Versatile Portfolios™ Participants (No-Load) 211.99 178.33 219.14 229.76 192.72 Segment 11 Versatile Portfolios™ TFSA 121.06 101.86 125.08 131.17 110.00 Segment 12 Versatile Portfolios™ Education Savings Plan 98.81 82.71 101.05 105.44 87.97 Segment 13 Versatile Portfolios Navigator™ 100/100 97.44 83.21 103.71 110.50 94.10 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 97.03 82.82 103.22 110.06 94.14 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 96.45 83.55 102.74 109.87 94.74 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 96.95 82.82 103.19 110.16 93.34 Segment 17 Versatile Portfolios Navigator™ 75/100 101.46 85.95 106.27 112.32 94.92 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 100.95 85.55 105.76 111.95 94.76 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 101.37 86.26 105.77 112.07 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 100.96 85.60 105.86 111.97 94.41 Segment 21 Versatile Portfolios Navigator™ 75/75 102.86 86.89 107.15 112.95 95.19 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 102.35 86.45 106.61 112.58 95.10 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 102.78 86.90 107.18 112.96 95.07 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 102.33 86.48 106.71 112.54 95.07


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 2,834,707 2,508,087 3,324,745 3,803,265 3,242,257 Segment 4 Versatile Asset® Participants 1,488,778 1,266,155 1,668,996 1,777,189 1,665,496 Segment 5 Versatile Asset® II Participants 1,111,431 1,017,654 1,531,461 1,565,127 1,548,056 Segment 6 Versatile Asset® III Participants 60,856 53,419 62,070 71,312 94,830 Segment 7 Versatile Asset® IV Participants 703 610 1,602 1,519 1,438 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 9,961,370 9,012,179 12,342,139 14,238,495 12,305,713 Segment 9 Versatile Portfolios™ Participants (No-Load) 2,306,274 2,001,229 2,617,181 2,706,843 2,933,369 Segment 11 Versatile Portfolios™ TFSA 1,152,393 1,070,430 1,420,891 1,614,921 1,350,081 Segment 12 Versatile Portfolios™ Education Savings Plan 369,445 340,122 431,164 444,335 287,749 Segment 13 Versatile Portfolios Navigator™ 100/100 337,712 407,739 433,321 334,047 110,946 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 53,563 164,721 231,326 70,660 17,510 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4,726 3,927 4,829 5,054 4,358 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 48,088 32,299 22,289 28,971 3,267 Segment 17 Versatile Portfolios Navigator™ 75/100 844,481 758,563 1,011,236 935,053 581,599 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 207,962 126,360 250,442 83,406 37,051 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 12,468 10,437 8,356 21,069 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 37,051 25,510 19,902 22,058 6,703 Segment 21 Versatile Portfolios Navigator™ 75/75 654,171 614,826 640,964 711,790 345,716 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 788,069 447,226 212,695 179,674 33,286 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 46,660 46,490 56,269 67,440 34,891 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 200,358 69,442 60,397 78,781 29,187



Co-operators Canadian Resource FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 9,410 10,049 11,244 12,415 12,672 Segment 4 Versatile Asset® Participants 5,882 5,945 6,451 6,601 7,415 Segment 5 Versatile Asset® II Participants 4,494 4,908 6,103 5,967 7,058 Segment 6 Versatile Asset® III Participants 290 302 286 314 505 Segment 7 Versatile Asset® IV Participants 3 3 6 5 6 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 45,771 49,293 55,051 60,658 62,594 Segment 9 Versatile Portfolios™ Participants (No-Load) 10,879 11,222 11,943 11,781 15,221 Segment 11 Versatile Portfolios™ TFSA 9,519 10,509 11,360 12,312 12,274 Segment 12 Versatile Portfolios™ Education Savings Plan 3,739 4,112 4,267 4,214 3,271 Segment 13 Versatile Portfolios Navigator™ 100/100 3,466 4,900 4,178 3,023 1,179 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 552 1,989 2,241 642 186 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 49 47 47 46 46 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 496 390 216 263 35 Segment 17 Versatile Portfolios Navigator™ 75/100 8,323 8,826 9,516 8,325 6,127 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2,060 1,477 2,368 745 391 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 123 121 79 188 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 367 298 188 197 71 Segment 21 Versatile Portfolios Navigator™ 75/75 6,360 7,076 5,982 6,302 3,632 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 7,700 5,173 1,995 1,596 350 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 454 535 525 597 367 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,958 803 566 700 307

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 2.23% 2.22% 2.22% 2.22% 2.22%Segment 5 Versatile Asset® II Participants 2.52% 2.52% 2.52% 2.52% 2.52%Segment 6 Versatile Asset® III Participants 2.77% 2.75% 2.75% 2.74% 2.74%Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.72% 2.71% 2.71% 2.71% 2.71%Segment 9 Versatile Portfolios™ Participants (No-Load) 2.88% 2.88% 2.87% 2.87% 2.87%Segment 11 Versatile Portfolios™ TFSA 2.87% 2.86% 2.86% 2.86% 2.86%Segment 12 Versatile Portfolios™ Education Savings Plan 2.35% 2.34% 2.34% 2.33% 2.33%Segment 13 Versatile Portfolios Navigator™ 100/100 4.40% 4.39% 4.50% 4.48% 4.47%Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4.39% 4.39% 4.64% 4.64% 4.64%Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4.40% 4.39% 4.50% 4.48% 4.47%Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4.39% 4.39% 4.64% 4.64% 4.64%Segment 17 Versatile Portfolios Navigator™ 75/100 3.57% 3.56% 3.67% 3.65% 3.65%Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.57% 3.56% 3.82% 3.82% 3.81%Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.57% 3.56% 3.67% 3.65% - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.57% 3.56% 3.82% 3.82% 3.81%Segment 21 Versatile Portfolios Navigator™ 75/75 3.29% 3.28% 3.39% 3.38% 3.37%Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3.29% 3.28% 3.54% 3.54% 3.54%Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3.29% 3.28% 3.39% 3.38% 3.37%Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3.29% 3.28% 3.54% 3.54% 3.54%




Co-operators Money Market FundFund managed by Addenda Capital Inc.




Cash and cash equivalents 97 (153) 21,192 19,169 Short-term notes 20,789 18,328 Investment income receivable 93 41 Bonds and debentures 2,001 3,001 145 91

22,980 21,217 Transactions with unitholders

Liabilities Unitholders' contributions 6,700 6,224 Current liabilities Unitholders' withdrawals (7,666) (5,902)

Accounts payable for management and audit fees Transfers (to) from other funds 2,581 1,610 (note 8) 28 25

28 25 1,615 1,932


Net assets attributable to unitholders per unit 108.65 108.7022,952 21,192

Statement of Comprehensive IncomeStatement of Cash Flows

For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ For the years ended December 31 2019 2018

(in thousands of dollars) $ $Investment income and gains

Interest income for allocation purposes 435 338 Cash flows from operating activitiesOther income 3 - Realized gains (losses) on sale of investments 12 (20) 145 91 Unrealized gains (losses) (2) 14 Adjustments for:

448 332 Realized (gains) losses on sale of investments (12) 20 Unrealized (gains) losses 2 (14)

Expenses Current receivables (52) 37 Management fees (notes 8 and 10) 299 237 Current liabilities 3 11 Audit, legal and other fees (note 10) 4 4 Purchases of investments (86,678) (95,525)

303 241 Proceeds from the sale of investments 85,227 93,401 Net cash from operating activities (1,365) (1,979)

145 91 Cash flows from financing activitiesProceeds from the issuance of units 9,281 7,834 Amounts paid on redemption of units (7,666) (5,902)

0.74 0.53 Net cash from financing activities 1,615 1,932

Net increase (decrease) in cash 250 (47) Cash at beginning of year (153) (106) Cash at end of year 97 (153)

Interest received 40 63











Co-operators Money Market FundSchedule of Investment PortfolioAs at December 31

Shares or Average FairPar Value Investment Cost ($) Value ($)

CASH AND CASH EQUIVALENTS96,790 CANADIAN DOLLAR 96,790 96,790 96,790 96,790 96,790

SHORT TERM NOTES DISCOUNT NOTES 90.83%

750,000 BANK NOVA SCOTIA B/A, 2020-07-27 736,020 736,020 1,000,000 BANK OF MONTREAL B/A, 2020-04-29 991,170 991,170 4,495,000 CANADA T BILLS T/B, 2020-03-19 4,466,482 4,466,482

230,000 CANADA T BILLS T/B, 2020-06-11 228,252 228,252 870,000 CANADA T BILLS T/B, 2020-09-17 856,541 856,541 750,000 CDN MAS.TRS ABCP D/N, 2020-11-02 735,623 735,623

1,100,000 CDN MAS.TRS ABCP D/N, 2020-12-08 1,078,066 1,078,066 500,000 KING ST.TR ABCP D/N, 2020-06-22 495,090 495,090

1,300,000 PLAZA TRUST ABCP D/N, 2020-03-16 1,293,331 1,293,331 1,000,000 PRIME TRST ABCP D/N, 2020-04-16 993,680 993,680

750,000 RIDGE TRST ABCP D/N, 2020-06-23 735,488 735,488 1,000,000 RIDGE TRST ABCP D/N, 2020-10-13 982,330 982,330

800,000 ROYAL BANK B/A, 2020-03-06 783,416 783,416 500,000 SAFE TRUST ABCP D/N, 2020-04-14 495,310 495,310

1,000,000 SAFE TRUST ABCP D/N, 2020-06-01 990,360 990,360 800,000 STABLE TRS ABCP D/N, 2020-06-17 792,256 792,256 850,000 STORM KG TR ABCP D/N, 2020-02-25 841,985 841,985

1,100,000 STORM KG TR ABCP D/N, 2020-06-30 1,083,149 1,083,149 750,000 SURE TRUST ABCP D/N, 2020-03-25 734,655 734,655 500,000 SURE TRUST ABCP D/N, 2020-06-16 494,795 494,795

1,000,000 TD BANK D/N, 2020-10-30 981,120 981,120 21,045,000 20,789,119 20,789,119

BONDS AND DEBENTURESFINANCIAL PRODUCTS 8.74%REGULAR BONDS

1,000,000 BANK OF NOVA SCOTIA, 2.13%, 2020-06-15 1,002,040 1,000,760 1,000,000 EAGLE CREDIT CD TR, 2.147%, 2020-09-17 1,000,560 1,000,210 2,000,000 2,002,600 2,000,970

23,141,790 TOTAL INVESTMENTS 22,888,509 22,886,879 INVESTMENT INCOME RECEIVABLE 93,300 93,300 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (27,913) (27,913) NET ASSETS 22,953,896 22,952,266

1.00 US = 1.296750 CA DECEMBER 31, 2019



Co-operators Money Market FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 125.73 124.37 123.78 126.08 126.76 Segment 4 Versatile Asset® Participants 131.85 131.25 130.83 130.52 128.23 Segment 5 Versatile Asset® II Participants 120.61 120.09 119.71 119.43 118.08 Segment 6 Versatile Asset® III Participants 107.38 107.28 106.98 106.83 102.77 Segment 7 Versatile Asset® IV Participants 125.26 123.57 122.46 122.14 121.91 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 107.37 106.88 106.53 106.28 104.20 Segment 9 Versatile Portfolios™ Participants (No-Load) 105.51 105.21 104.89 104.64 104.29 Segment 10 Group Retirement Income Product 103.61 102.63 96.95 102.78 101.68 Segment 11 Versatile Portfolios™ TFSA 98.84 98.45 98.12 97.88 95.69 Segment 12 Versatile Portfolios™ Education Savings Plan 101.53 100.96 100.60 100.36 99.84 Segment 13 Versatile Portfolios Navigator™ 100/100 101.09 100.96 100.68 100.44 100.31 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 101.09 100.97 100.68 100.47 100.18 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 101.12 100.99 100.77 100.47 100.32 Segment 17 Versatile Portfolios Navigator™ 75/100 101.55 101.02 100.68 100.44 100.17 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 101.54 101.02 100.67 100.43 100.24 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 100.27 101.09 - - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 101.54 101.05 100.67 100.47 125.00 Segment 21 Versatile Portfolios Navigator™ 75/75 101.70 101.07 100.68 100.45 100.20 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 101.70 101.07 100.67 100.44 100.18 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 101.63 100.99 100.74 97.50 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 101.71 101.07 100.70 100.39 93.50


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 5,529,426 5,272,421 5,208,980 4,687,319 4,804,846 Segment 4 Versatile Asset® Participants 473,744 523,830 599,976 1,013,091 164,777 Segment 5 Versatile Asset® II Participants 487,393 745,393 1,450,672 1,478,068 459,549 Segment 6 Versatile Asset® III Participants 26,522 253,173 249,476 24,999 45,527 Segment 7 Versatile Asset® IV Participants 66,636 72,163 71,517 71,332 80,947 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3,612,003 3,545,548 3,242,693 3,601,734 1,091,591 Segment 9 Versatile Portfolios™ Participants (No-Load) 902,000 1,097,508 1,681,301 1,867,020 384,848 Segment 10 Group Retirement Income Product 571,627 451,577 53,034 556,946 140,825 Segment 11 Versatile Portfolios™ TFSA 211,627 151,517 139,915 248,712 72,338 Segment 12 Versatile Portfolios™ Education Savings Plan 341,549 259,359 162,470 154,955 194,480 Segment 13 Versatile Portfolios Navigator™ 100/100 926,410 949,416 1,257,874 619,785 20,061 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 67,831 77,949 292,276 191,093 212,889 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 57,438 48,881 10,077 123,876 6,621 Segment 17 Versatile Portfolios Navigator™ 75/100 1,316,551 2,357,904 1,329,801 1,380,282 139,331 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3,613,622 2,280,324 1,302,505 306,424 41,197 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3,710 20,522 - - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 310,304 126,713 161,272 124,277 250 Segment 21 Versatile Portfolios Navigator™ 75/75 1,040,911 1,202,404 1,041,527 400,387 108,220 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2,896,503 1,555,259 801,457 550,399 91,762 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 52,642 52,314 52,387 195.00 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 443,972 148,371 60,220 64,048 561



Co-operators Money Market FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 43,980 42,394 42,083 37,177 37,906 Segment 4 Versatile Asset® Participants 3,593 3,991 4,586 7,762 1,285 Segment 5 Versatile Asset® II Participants 4,041 6,207 12,118 12,376 3,892 Segment 6 Versatile Asset® III Participants 247 2,360 2,332 234 443 Segment 7 Versatile Asset® IV Participants 532 584 584 584 664 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 33,642 33,172 30,438 33,889 10,476 Segment 9 Versatile Portfolios™ Participants (No-Load) 8,549 10,432 16,029 17,842 3,690 Segment 10 Group Retirement Income Product 5,517 4,400 547 5,419 1,385 Segment 11 Versatile Portfolios™ TFSA 2,141 1,539 1,426 2,541 756 Segment 12 Versatile Portfolios™ Education Savings Plan 3,364 2,569 1,615 1,544 1,948 Segment 13 Versatile Portfolios Navigator™ 100/100 9,164 9,404 12,494 6,171 200 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 671 772 2,903 1,902 2,125 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 568 484 100 1,233 66 Segment 17 Versatile Portfolios Navigator™ 75/100 12,965 23,341 13,208 13,742 1,391 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 35,587 22,573 12,938 3,051 411 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 37 203 - - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3,056 1,254 1,602 1,237 2 Segment 21 Versatile Portfolios Navigator™ 75/75 10,235 11,897 10,345 3,986 1,080 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 28,481 15,388 7,961 5,480 916 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 518 518 520 2 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 4,365 1,468 598 638 6

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 1.67% 1.42% 0.84% 0.78% 1.02%Segment 5 Versatile Asset® II Participants 1.68% 1.43% 0.85% 0.79% 1.03%Segment 6 Versatile Asset® III Participants 1.92% 1.48% 0.85% 0.79% 1.03%Segment 7 Versatile Asset® IV Participants 0.85% 0.85% 0.82% 0.79% 0.84%Segment 8 Versatile Portfolios™ Participants (Back-end Load) 1.67% 1.42% 0.84% 0.78% 1.02%Segment 9 Versatile Portfolios™ Participants (No-Load) 1.83% 1.45% 0.84% 0.78% 1.01%Segment 11 Versatile Portfolios™ TFSA 1.71% 1.43% 0.83% 0.78% 1.01%Segment 12 Versatile Portfolios™ Education Savings Plan 1.55% 1.39% 0.84% 0.78% 1.02%Segment 13 Versatile Portfolios Navigator™ 100/100 1.99% 1.47% 0.84% 0.78% 1.02%Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 1.99% 1.47% 0.84% 0.78% 1.02%Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1.99% 1.47% 0.84% 0.78% 1.02%Segment 17 Versatile Portfolios Navigator™ 75/100 1.60% 1.41% 0.84% 0.78% 1.02%Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 1.60% 1.41% 0.84% 0.78% 1.02%Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1.60% 1.41% - - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 1.60% 1.41% 0.84% 0.78% 1.02%Segment 21 Versatile Portfolios Navigator™ 75/75 1.49% 1.36% 0.84% 0.78% 1.02%Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 1.49% 1.36% 0.84% 0.78% 1.02%Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 1.49% 1.36% 0.84% 0.78% - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1.49% 1.36% 0.84% 0.78% 1.02%



Co-operators U.S. Equity FundFund managed by Addenda Capital Inc.




Cash and cash equivalents 294 1,002 41,523 38,781 Investment income receivable 39 43 Stocks 50,501 40,565

50,834 41,610 9,447 1,814

Liabilities Fund of funds rebalancing (note 2) (621) (634) Current liabilities

Payments for investments purchased 31 - Transactions with unitholdersAccounts payable for management and audit fees Unitholders' contributions 8,405 6,856 (note 8) 111 87 Unitholders' withdrawals (6,501) (6,263)

142 87 Transfers (to) from other funds (1,561) 969

Net assets attributable to unitholders 50,692 41,523 343 1,562

Net assets attributable to unitholders per unit 213.84 180.33 9,169 2,742



Investment income and gains For the years ended December 31 2019 2018Dividend income 722 550 (in thousands of dollars) $ $Foreign exchange gain (loss) 578 300 Other income 4 5 Cash flows from operating activitiesRealized gains (losses) on sale of investments 1,794 1,234 Unrealized gains (losses) 7,544 782 9,447 1,814

10,642 2,871 Adjustments for: Realized (gains) losses on sale of investments (1,794) (1,234)

Expenses Unrealized (gains) losses (7,527) (775) Management fees (notes 8 and 10) 1,172 1,046 Current receivables 4 103 Audit, legal and other fees (note 10) 6 4 Current liabilities 55 (136) Transaction costs 17 7 Purchases of investments (13,718) (5,192)

1,195 1,057 Proceeds from the sale of investments 13,103 5,114 Net cash from operating activities (430) (306)

9,447 1,814 Cash flows from financing activitiesProceeds from the issuance of units 8,405 7,825 Amounts paid on redemption of units (8,683) (6,897)

40.28 8.07 Net cash from financing activities (278) 928

Net increase (decrease) in cash (708) 622 Cash at beginning of year 1,002 380 Cash at end of year 294 1,002

Dividends received, net of withholding taxes 727 539 Interest received 1 -











Co-operators U.S. Equity FundSchedule of Investment PortfolioAs at December 31


CASH AND CASH EQUIVALENTS U.S. - FINANCIALS 11.56%81,838 CANADIAN DOLLAR 81,838 81,838 1,573 BERKSHIRE HATHAWAY 231,425 461,869

164,026 US DOLLARS 212,700 212,700 8,491 JPMORGAN CHASE & CO 760,529 1,534,562 245,864 294,538 294,538 1,298 MOODYS CORP 158,901 399,453

4,443 PNC FINL SVCS GRP 431,259 919,414 STOCKS 4,194 STATE STREET CORP 345,982 429,973 FOREIGN STOCKS (INCLUDING U.S.) 14,567 THE CHARLES SCHWAB 714,947 898,019 U.S - MATERIALS 1.85% 6,445 US BANCORP DEL 450,059 495,519

4,175 BALL CORP 363,590 350,011 10,453 WELLS FARGO & CO 539,763 728,984 1,757 INTL FLAVORS & FRAGR 302,505 293,958 51,464 3,632,865 5,867,793 1,062 LINDE PLC 228,124 292,947 6,994 894,219 936,916 U.S - INFORMATION TECHNOLOGY 29.14%

2,987 ADOBE INC 244,123 1,277,212 U.S. - INDUSTRIALS 6.36% 6,026 AKAMAI TECH INC 455,549 674,758

1,202 FEDEX CORP 206,305 235,628 6,667 AMPHENOL CORPORATION 353,104 935,349 6,326 FORTIVE CORPORATION 457,988 626,481 7,558 APPLE INC 652,098 2,875,369 5,596 HONEYWELL INTL INC 594,775 1,284,275 4,631 BROADCOM INC 521,033 1,896,998 3,282 UNION PAC CORP 425,757 769,047 5,930 COGNIZANT TECH SOLNS 362,879 476,917 2,053 UNITED PARCEL SERVIC 278,172 311,561 1,459 F5 NETWORKS INC 226,552 264,155

18,459 1,962,997 3,226,992 1,623 FISERV INC 247,306 243,210 2,916 INTUIT 256,494 989,988

U.S. - CONSUMER DISCRETIONARY 11.15% 13,446 MICROSOFT CORP 683,458 2,745,837 438 BOOKING HLDGS INC 662,080 1,166,232 9,962 ORACLE CORP 374,493 684,278

4,882 LOWES CO 501,820 757,852 7,103 VISA INC 391,977 1,729,975 12,270 NIKE INC 550,195 1,611,478 70,308 4,769,066 14,794,046

3,892 ROYAL CARIBBEAN CRUS 569,000 673,970 18,356 TJX COMPANIES INC 542,337 1,452,944 U.S. - COMMUNICATION SERVICES 7.46%39,838 2,825,432 5,662,476 726 ALPHABET INC 1,091,890 1,257,670

9,606 COMCAST CORP 478,117 559,923 U.S. - CONSUMER STAPLES 7.85% 15,347 DISCOVERY INC 564,706 651,168

7,389 CHURCH & DWIGHT INC 235,265 673,688 7,035 WALT DISNEY CO 602,655 1,318,677 3,024 COSTCO WHSL CORP 367,113 1,152,256 32,714 2,737,368 3,787,438

10,223 HORMEL FOODS CORP 363,187 597,876 10,924 MONDELEZ INTL INC 545,447 780,105 POOLED FUNDS 6.68%4,410 PEPSICO INC 631,609 781,284 330,235 ADDENDA POOLED FUND 3,229,375 3,391,450

35,970 2,142,621 3,985,209 330,235 3,229,375 3,391,450

U.S. - HEALTH CARE 16.15% OTHER 1.28%1,458 BECTON DICKINSON 467,213 513,957 1,556 SPDR S&P 500 ETF TR 620,139 649,491

11,183 CVS HEALTH CORP 936,202 1,076,885 1,556 620,139 649,491 4,577 DANAHER CORP 318,334 910,938 7,561 GILEAD SCIENCES INC 475,124 637,013 628,375 TOTAL FOREIGN STOCKS (INCLUDING U.S) 26,940,329 50,500,870 5,022 JOHNSON & JOHNSON 502,733 949,360 2,891 STRYKER CORP 287,463 786,745 874,239 TOTAL INVESTMENTS 27,234,867 50,795,408 5,537 THERMO FISHER SCI 578,263 2,330,518 INVESTMENT INCOME RECEIVABLE 38,632 38,632 2,608 UNITEDHEALTH GRP INC 560,915 993,643 PAYABLES FOR INVESTMENTS PURCHASED (30,977) (30,977)

40,837 4,126,247 8,199,059 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (110,678) (110,678) NET ASSETS 27,131,844 50,692,385

1.00 US = 1.296750 CA DECEMBER 31, 2019



Co-operators U.S. Equity FundFinancial Highlights (unaudited)For the years ended December 31






2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 11,151,865 9,379,782 10,077,538 9,195,932 9,308,195 Segment 4 Versatile Asset® Participants 2,784,272 2,605,271 2,694,522 2,572,998 3,031,402 Segment 5 Versatile Asset® II Participants 2,364,819 2,064,317 2,194,078 2,187,806 2,558,232 Segment 6 Versatile Asset® III Participants 136,255 154,633 184,235 301,085 360,454 Segment 7 Versatile Asset® IV Participants 29,619 24,205 25,540 23,646 23,555 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 11,711,050 11,244,700 11,324,132 11,540,705 12,850,314 Segment 9 Versatile Portfolios™ Participants (No-Load) 2,550,301 2,068,116 2,125,914 2,053,885 2,824,110 Segment 10 Group Retirement Income Product 168,771 124,907 121,420 39,293 38,568 Segment 11 Versatile Portfolios™ TFSA 1,487,044 1,287,056 1,288,148 1,208,976 1,372,911 Segment 12 Versatile Portfolios™ Education Savings Plan 927,048 686,324 542,485 398,288 339,633 Segment 13 Versatile Portfolios Navigator™ 100/100 2,060,726 1,938,721 1,839,601 1,172,088 840,091 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2,825,285 1,534,694 715,745 314,234 333,556 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 103,799 127,738 162,166 157,538 109,624 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 898,066 328,305 218,260 131,470 91,693 Segment 17 Versatile Portfolios Navigator™ 75/100 2,126,386 1,853,634 1,407,099 917,160 650,243 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2,722,737 1,568,103 915,629 410,742 946,424 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 58,873 46,860 38,459 21,684 4,660 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 703,016 327,631 121,236 86,151 52,667 Segment 21 Versatile Portfolios Navigator™ 75/75 1,972,287 1,373,576 1,176,820 1,111,294 454,753 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3,169,153 2,126,517 1,235,770 520,965 368,393 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 114,158 82,902 56,738 45,086 31,278 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 648,799 567,595 289,446 118,629 94,346



Co-operators U.S. Equity FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 42,330 43,925 49,070 45,475 45,373 Segment 4 Versatile Asset® Participants 6,731 7,757 8,415 8,757 10,279 Segment 5 Versatile Asset® II Participants 16,089 17,248 19,170 20,769 24,131 Segment 6 Versatile Asset® III Participants 499 690 871 1,527 1,802 Segment 7 Versatile Asset® IV Participants 103 104 114 115 114 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 44,277 52,110 54,798 60,566 66,852 Segment 9 Versatile Portfolios™ Participants (No-Load) 9,795 9,711 10,392 10,856 14,810 Segment 10 Group Retirement Income Product 1,043 880 912 251 255 Segment 11 Versatile Portfolios™ TFSA 4,428 4,691 4,894 4,975 5,593 Segment 12 Versatile Portfolios™ Education Savings Plan 2,485 2,264 1,875 1,498 1,271 Segment 13 Versatile Portfolios Navigator™ 100/100 13,309 15,178 14,866 10,149 7,125 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 18,336 12,074 5,812 2,730 2,834 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 670 1,000 1,311 1,364 930 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 5,828 2,583 1,772 1,142 779 Segment 17 Versatile Portfolios Navigator™ 75/100 13,186 14,047 11,096 7,812 5,469 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 16,968 11,942 7,256 3,510 7,973 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 365 355 303 185 39 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 4,381 2,495 961 736 444 Segment 21 Versatile Portfolios Navigator™ 75/75 12,066 10,296 9,205 9,413 3,814 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 19,483 16,019 9,714 4,427 3,095 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 698 621 444 382 262 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3,989 4,276 2,275 1,008 793





Co-operators Global Equity FundFund managed by Addenda Capital Inc.

Statement of Financial Position Statement of Changes in Net Assets Attributable to Fund of funds (note 2) UnitholdersAs at December 31 2019 2018 Fund of funds (note 2)(in thousands of dollars except per unit amounts) $ $ For the years ended December 31 2019 2018


Investment in investment fund units 12,272 7,051 7,039 5,249

LiabilitiesCurrent liabilities 1,355 88

Accounts payable (note 8) 18 12 Fund of funds rebalancing (note 2) 2,825 (195)

Net assets attributable to unitholders 12,254 7,039 Transactions with unitholders

Unitholders' contributions 2,911 2,901 Net assets attributable to unitholders per unit 129.12 114.27 Unitholders' withdrawals (1,601) (1,112)

Transfers (to) from other funds (275) 108

1,035 1,897 Statement of Comprehensive IncomeFund of funds (note 2)For the years ended December 31 2019 2018 5,215 1,790 (in thousands of dollars except per unit amounts) $ $

Investment income and gains 12,254 7,039 Distribution from underlying fund 174 95 Realized gains (losses) on sale of investments 197 439 Unrealized gains (losses) 1,152 (318) Statement of Cash Flows

1,523 216 Fund of funds (note 2)For the years ended December 31 2019 2018

Expenses (in thousands of dollars) $ $Management fees (note 10) 168 128

Cash flows from operating activities

1,355 88 1,355 88 Adjustments for:

Realized (gains) losses on sale of investments (197) (439) 20.49 1.57 Unrealized (gains) losses (1,152) 318

Current liabilities 6 5 Purchases of investments (5,553) (2,830) Proceeds from the sale of investments 1,855 1,251

Net cash from operating activities (3,686) (1,607)

Cash flows from financing activitiesDistribution (174) (95) Proceeds from the issuance of units 5,736 3,009 Amounts paid on redemption of units (1,876) (1,307)

Net cash from financing activities 3,686 1,607

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -











Co-operators Global Equity Fund

Schedule of Investment PortfolioAs at December 31, 2019(in thousands of dollars except unit amounts)

Number of Average FairInvestment Units Cost Value

Addenda Global Equity Pooled Fund 743,775 12,058,071 12,254,197

Top Holdings of Underlying Fund (unaudited)As at December 31, 2019

Addenda Global Equity Pooled Fund

Thermo Fisher Scientific Inc 3.85% Diageo 2.21%UnitedHealth Group Inc 3.72% International Flavors & Fragrance 2.13%Fiserv Inc 3.69% Heineken NV 2.10%Microsoft Corp 3.59% Prudential 2.05%Visa Inc 3.31% Walt Disney Co 2.04%Becton Dickinson 2.79% Middleby Corp 1.97%Nidec Corporation 2.75% Discovery Inc. 1.95%Wabtec 2.52% Bunzl 1.90%Linde PLC 2.42% United Parcel Service 1.88%United Technologies 2.32% SAP SE 1.77%Ball Corp 2.30% Danone 1.76%Royal Caribbean Cruise 2.22% Nike Inc 1.74%Fresenius SE&KGAA 2.22%



Co-operators Global Equity FundFinancial Highlights (unaudited)For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.



Segment 1 Group Retirement Products 133.08 112.39 109.75 100.37 101.78 Segment 2 Seed Money 164.97 137.06 132.56 118.23 118.49 Segment 10 Group Retirement Income Product 130.28 110.46 108.98 99.15 101.50 Segment 13 Versatile Portfolios Navigator™ 100/100 137.75 118.74 119.14 110.31 115.16 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 137.13 118.16 125.67 - - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 140.87 116.82 117.27 111.72 117.43 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 137.18 118.23 118.40 109.48 120.78 Segment 17 Versatile Portfolios Navigator™ 75/100 143.38 122.62 122.11 112.20 115.74 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 142.78 122.07 121.51 111.60 115.61 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 143.93 122.93 122.32 111.91 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 142.86 122.00 121.60 112.18 115.38 Segment 21 Versatile Portfolios Navigator™ 75/75 145.43 124.02 123.13 112.73 116.08 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 144.74 123.38 122.39 112.32 116.58 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 144.03 122.80 122.89 112.24 115.09 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 144.69 123.38 122.56 112.08 114.84 Segment 25 Aviator™ Portfolios Series 500 75/100 120.92 109.21 107.07 - - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 130.19 - - - - Segment 27 Aviator™ Portfolios Series 500 75/75 121.14 109.48 107.25 - - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 130.48 - - - - Segment 32 Aviator™ Portfolios Series 100 75/100 99.29 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 99.08 - - - -


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 4,526,982 3,837,327 4,003,184 2,629,157 2,502,328 Segment 2 Seed Money 193,178 203,938 197,251 295,563 296,219 Segment 10 Group Retirement Income Product 183,956 111,125 112,899 21,118 22,737 Segment 13 Versatile Portfolios Navigator™ 100/100 128,523 293,173 202,892 121,669 7,716 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 533,309 439,093 754 - - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2,113 1,285 1,290 2,011 822 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 56,108 50,366 17,641 5,255 1,087 Segment 17 Versatile Portfolios Navigator™ 75/100 91,474 79,947 147,015 65,078 147,337 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 317,268 79,834 28,799 13,280 31,445 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 14,969 10,572 8,440 7,610 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 82,573 84,305 26,145 13,350 17,884 Segment 21 Versatile Portfolios Navigator™ 75/75 303,073 295,168 170,036 159,281 82,300 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 445,942 185,199 35,982 25,721 4,430 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 5,761 4,912 5,407 8,867 6,675 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 182,454 124,239 38,238 8,182 2,871 Segment 25 Aviator™ Portfolios Series 500 75/100 3,340,208 945,962 211,676 - - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 6,249 - - - - Segment 27 Aviator™ Portfolios Series 500 75/75 1,726,187 292,209 41,075 - - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 8,351 - - - - Segment 32 Aviator™ Portfolios Series 100 75/100 47,558 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 57,961 - - - -



Co-operators Global Equity FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 34,016 34,142 36,474 26,195 24,585 Segment 2 Seed Money 1,171 1,488 1,488 2,500 2,500 Segment 10 Group Retirement Income Product 1,412 1,006 1,036 213 224 Segment 13 Versatile Portfolios Navigator™ 100/100 933 2,469 1,703 1,103 67 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3,889 3,716 6 - - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 15 11 11 18 7 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 409 426 149 48 9 Segment 17 Versatile Portfolios Navigator™ 75/100 638 652 1,204 580 1,273 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2,222 654 237 119 272 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 104 86 69 68 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 578 691 215 119 155 Segment 21 Versatile Portfolios Navigator™ 75/75 2,084 2,380 1,381 1,413 709 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3,081 1,501 294 229 38 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 40 40 44 79 58 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,261 1,007 312 73 25 Segment 25 Aviator™ Portfolios Series 500 75/100 27,623 8,662 1,977 - - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 48 - - - - Segment 27 Aviator™ Portfolios Series 500 75/75 14,250 2,669 383 - - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 64 - - - - Segment 32 Aviator™ Portfolios Series 100 75/100 479 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 585 - - - -

Management expense ratio (note 10)Segment 13 Versatile Portfolios Navigator™ 100/100 4.19% 4.18% 4.29% 4.28% 4.27%Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4.19% 4.18% 4.44% - - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4.19% 4.18% 4.29% 4.28% 4.27%Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4.19% 4.18% 4.44% 4.44% 4.43%Segment 17 Versatile Portfolios Navigator™ 75/100 3.36% 3.35% 3.47% 3.45% 3.44%Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.36% 3.35% 3.61% 3.61% 3.61%Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.36% 3.35% 3.47% 3.45% - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.36% 3.35% 3.61% 3.61% 3.61%Segment 21 Versatile Portfolios Navigator™ 75/75 3.08% 3.08% 3.19% 3.17% 3.17%Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3.08% 3.08% 3.34% 3.34% 3.33%Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3.08% 3.08% 3.19% 3.17% 3.17%Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3.08% 3.08% 3.34% 3.34% 3.33%




Co-operators Bissett Canadian Dividend FundUnderlying fund managed by Franklin Templeton Investments




LiabilitiesCurrent liabilities 3,766 (3,250)

Accounts payable 54 50 Fund of funds rebalancing (note 2) (306) 447



Transfers (to) from other funds (1,515) (1,780)

(1,640) 1,846 Statement of Comprehensive IncomeFund of funds (note 2)For the years ended December 31 2019 2018 1,820 (957) (in thousands of dollars except per unit amounts) $ $

Investment income and gains 24,565 22,745 Distribution from underlying fund 679 661 Realized gains (losses) on sale of investments 267 84 Unrealized gains (losses) 3,451 (3,378) Statement of Cash Flows

4,397 (2,633) Fund of funds (note 2)For the years ended December 31 2019 2018

Expenses (in thousands of dollars) $ $Management fees (note 10) 630 616 Audit, legal and other fees (note 10) 1 1 Cash flows from operating activities

631 617 3,766 (3,250)

Adjustments for: 3,766 (3,250) Realized (gains) losses on sale of investments (267) (84)

Unrealized (gains) losses (3,451) 3,378 Current liabilities 4 -

5.10 (4.80) Purchases of investments (2,184) (5,685) Proceeds from the sale of investments 4,757 4,009

Net cash from operating activities 2,625 (1,632)


Net cash from financing activities (2,625) 1,632












Co-operators Bissett Canadian Dividend Fund



Franklin Bissett Canadian Dividend Fund 1,148,248 22,558,668 24,564,676


Franklin Bissett Canadian Dividend Fund

Royal Bank of Canada 6.00% Brookfield Renewable Partners LP 2.97%Canadian National Railway Co. 5.00% Nutrien Ltd. 2.72%Canadian Imperial Bank of Commerce 4.82% Brookfield Property Partners LP 2.66%Enbridge Inc. 4.78% Manulife Financial Corp. 2.63%The Toronto-Dominion Bank 4.39% BCE Inc. 2.61%Bank of Montreal 3.82% Choice Properties Real Estate Investment Trust 2.51%Bank of Nova Scotia 3.80% Sun Life Financial Inc. 2.47%Canadian Utilities Ltd. A 3.66% RioCan Real Estate Investment Trust 2.47%Brookfield Infrastructure Partners LP 3.50% Alimentation Couche-Tard Inc. B 2.34%Rogers Communications Inc. B 3.41% Loblaw Companies Ltd. 2.30%Fortis Inc. 3.28% Inter Pipeline Ltd. 2.19%Metro Inc. A 3.19% Saputo Inc. 2.17%TELUS Corp. 3.19%



Co-operators Bissett Canadian Dividend FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 112.78 95.62 107.77 104.44 83.28 Segment 2 Seed Money 156.90 131.49 147.10 138.43 108.39 Segment 4 Versatile Asset® Participants 127.27 109.18 125.07 120.50 96.60 Segment 5 Versatile Asset® II Participants 126.58 108.69 124.59 120.13 96.37 Segment 6 Versatile Asset® III Participants 125.17 107.48 123.59 119.24 95.91 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 124.90 107.44 123.40 119.20 95.80 Segment 9 Versatile Portfolios™ Participants (No-Load) 124.02 106.80 122.79 118.74 95.52 Segment 10 Group Retirement Income Product 11.87 10.04 11.35 10.78 8.54 Segment 11 Versatile Portfolios™ TFSA 124.14 106.89 122.88 118.80 95.56 Segment 12 Versatile Portfolios™ Education Savings Plan 128.67 110.27 126.07 121.32 97.08 Segment 13 Versatile Portfolios Navigator™ 100/100 110.96 96.09 111.10 108.14 87.58 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 110.43 95.63 110.55 107.83 87.45 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 111.10 96.05 111.21 108.77 87.23 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 110.46 95.66 110.50 107.34 119.00 Segment 17 Versatile Portfolios Navigator™ 75/100 115.25 99.05 113.67 109.82 88.26 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 114.68 98.57 113.12 109.48 88.12 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 115.14 99.05 113.54 109.71 88.66 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 114.69 98.55 113.12 109.46 88.13 Segment 21 Versatile Portfolios Navigator™ 75/75 116.51 99.93 114.41 110.31 88.48 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 115.94 99.42 113.87 109.96 88.28 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 116.52 99.91 114.43 110.38 88.52 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 115.94 99.45 113.80 109.85 88.31


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 524,989 398,944 512,228 173,372 112,343 Segment 2 Seed Money 77,509 64,955 72,665 68,385 53,544 Segment 4 Versatile Asset® Participants 272,235 393,610 618,471 678,656 592,342 Segment 5 Versatile Asset® II Participants 518,074 482,918 814,835 809,921 639,019 Segment 6 Versatile Asset® III Participants 42,433 38,048 38,930 72,976 45,173 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 5,078,564 5,174,738 6,663,459 6,483,491 6,080,086 Segment 9 Versatile Portfolios™ Participants (No-Load) 1,583,652 1,510,144 2,703,693 2,489,465 2,759,979 Segment 10 Group Retirement Income Product 7,224,959 5,851,456 5,500,219 4,299,946 3,668,545 Segment 11 Versatile Portfolios™ TFSA 663,293 692,785 935,456 843,708 804,199 Segment 12 Versatile Portfolios™ Education Savings Plan 279,095 211,612 279,868 279,281 175,321 Segment 13 Versatile Portfolios Navigator™ 100/100 981,199 1,030,678 1,000,259 397,402 259,753 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 963,901 774,671 280,246 19,193 96,286 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 35,440 46,678 37,921 8,158 3,838 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 158,614 107,519 50,497 6,655 119 Segment 17 Versatile Portfolios Navigator™ 75/100 761,914 1,110,085 2,085,550 1,380,335 1,023,946 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2,891,393 3,139,181 742,827 144,955 193,164 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 45,827 37,046 49,391 12,617 7,802 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 183,278 206,763 163,684 42,362 23,708 Segment 21 Versatile Portfolios Navigator™ 75/75 900,006 568,678 659,468 416,869 213,676 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 989,167 654,214 348,668 447,957 77,507 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 103,352 72,833 34,100 28,367 11,596 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 285,782 177,421 109,477 49,873 29,231



Co-operators Bissett Canadian Dividend FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 4,655 4,172 4,753 1,660 1,349 Segment 2 Seed Money 494 494 494 494 494 Segment 4 Versatile Asset® Participants 2,139 3,605 4,945 5,632 6,132 Segment 5 Versatile Asset® II Participants 4,093 4,443 6,540 6,742 6,631 Segment 6 Versatile Asset® III Participants 339 354 315 612 471 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 40,662 48,163 53,999 54,391 63,467 Segment 9 Versatile Portfolios™ Participants (No-Load) 12,769 14,140 22,018 20,966 28,894 Segment 10 Group Retirement Income Product 608,552 582,597 484,750 398,720 429,545 Segment 11 Versatile Portfolios™ TFSA 5,343 6,481 7,613 7,102 8,416 Segment 12 Versatile Portfolios™ Education Savings Plan 2,169 1,919 2,220 2,302 1,806 Segment 13 Versatile Portfolios Navigator™ 100/100 8,843 10,726 9,003 3,675 2,966 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 8,729 8,101 2,535 178 1,101 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 319 486 341 75 44 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1,436 1,124 457 62 1 Segment 17 Versatile Portfolios Navigator™ 75/100 6,611 11,207 18,348 12,569 11,601 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 25,212 31,847 6,567 1,324 2,192 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 398 374 435 115 88 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 1,598 2,098 1,447 387 269 Segment 21 Versatile Portfolios Navigator™ 75/75 7,725 5,691 5,764 3,779 2,415 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 8,532 6,580 3,062 4,074 878 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 887 729 298 257 131 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2,465 1,784 962 454 331

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 2.81% 2.81% 2.81% 2.81% 2.81%Segment 5 Versatile Asset® II Participants 2.89% 2.89% 2.89% 2.89% 2.89%Segment 6 Versatile Asset® III Participants 3.09% 3.07% 3.07% 3.06% 3.06%Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.08% 3.08% 3.08% 3.08% 3.08%Segment 9 Versatile Portfolios™ Participants (No-Load) 3.18% 3.19% 3.19% 3.18% 3.18%Segment 11 Versatile Portfolios™ TFSA 3.17% 3.17% 3.17% 3.17% 3.17%Segment 12 Versatile Portfolios™ Education Savings Plan 2.66% 2.65% 2.65% 2.65% 2.65%Segment 13 Versatile Portfolios Navigator™ 100/100 3.77% 3.76% 3.87% 3.86% 3.85%Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.76% 3.76% 4.02% 4.02% 4.01%Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.77% 3.76% 3.87% 3.86% 3.85%Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.76% 3.76% 4.02% 4.02% 4.01%Segment 17 Versatile Portfolios Navigator™ 75/100 2.99% 2.99% 3.10% 3.09% 3.08%Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.99% 2.99% 3.25% 3.25% 3.24%Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.99% 2.99% 3.10% 3.09% 3.08%Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.99% 2.99% 3.25% 3.25% 3.24%Segment 21 Versatile Portfolios Navigator™ 75/75 2.77% 2.77% 2.88% 2.87% 2.86%Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.77% 2.77% 3.03% 3.03% 3.02%Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.77% 2.77% 2.88% 2.87% 2.86%Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.77% 2.77% 3.03% 3.03% 3.02%




Co-operators Ethical Balanced FundUnderlying fund managed by NEI Investments



Investment in investment fund units 385 379 378 396

LiabilitiesCurrent liabilities 45 (25)

Accounts payable 1 1 Transactions with unitholders

Net assets attributable to unitholders 384 378 Unitholders' contributions 54 18 Unitholders' withdrawals (76) (7) Transfers (to) from other funds (17) (4)

Net assets attributable to unitholders per unit 115.01 102.25(39) 7

Statement of Comprehensive Income 6 (18) Fund of funds (note 2)For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ 384 378

Investment income and gainsRealized gains (losses) on sale of investments 21 4 Statement of Cash FlowsUnrealized gains (losses) 36 (18) Fund of funds (note 2)

57 (14) For the years ended December 31 2019 2018(in thousands of dollars) $ $

ExpensesManagement fees (note 10) 12 11 Cash flows from operating activities

45 (25) 45 (25) Adjustments for:

Realized (gains) losses on sale of investments (21) (4) Unrealized (gains) losses (36) 18

12.34 (6.89) Purchases of investments (49) (17) Proceeds from the sale of investments 100 21

Net cash from operating activities 39 (7)

Cash flows from financing activitiesProceeds from the issuance of units 54 18 Amounts paid on redemption of units (93) (11)

Net cash from financing activities (39) 7


Increase (decrease) in net assets attributable to unitholdersIncrease (decrease) in net assets attributable to

unitholders









Co-operators Ethical Balanced Fund



NEI Balanced RS Fund 23,633 292,765 384,380


NEI Balanced RS Fund

NEI Global Total Return Bond Fund, Series I 24.90% Power Financial Corporation 1.10%NEI U.S. Equity RS Fund, Series I 8.90% Canada Housing Trust, Series 45, 2.650%, 2022-03-15 1.10%NEI Global Dividend RS Fund, Series I 6.00% Open Text 1.00%NEI Canadian Small Cap Equity RS Fund, Series I 5.00% Government of Canada, 2.000%, 2028-06-01 1.00%NEI Global Equity RS Fund, Series I 4.00% AltaGas 1.00%Government of Canada, 4.000%, 2041-06-01 3.40% Enbridge 1.00%Province of Ontario, 5.850%, 2033-03-08 2.50% Suncor Energy 1.00%iA Financial Group 1.50% Scotiabank 1.00%Province of Ontario, 2.600%, 2025-06-02 1.40% Province of British Columbia, 5.700%, 2029-06-18 0.90%Cash and Cash Equivalents 1.20% Saputo Group 0.90%Loblaw Companies 1.20% Toronto-Dominion Bank 0.90%Canadian Natural Resources 1.20% Province of British Columbia, 6.350%, 2031-06-18 0.90%Canadian Pacific Railway 1.10%



Co-operators Ethical Balanced FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 123.27 108.84 115.88 110.81 112.54 Segment 2 Seed Money 133.96 116.93 121.84 115.35 114.01 Segment 4 Versatile Asset® Participants 114.83 102.51 109.26 105.75 106.41 Segment 5 Versatile Asset® II Participants 113.82 101.78 108.47 105.20 106.48 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 112.39 100.54 107.46 104.32 105.73 Segment 9 Versatile Portfolios™ Participants (No-Load) 111.46 99.82 106.79 103.93 105.42 Segment 11 Versatile Portfolios™ TFSA 111.59 100.08 107.06 104.08 105.60 Segment 12 Versatile Portfolios™ Education Savings Plan 115.71 103.21 109.89 106.23 107.53


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 16,641 8,381 5,794 7,757 4,389 Segment 2 Seed Money 33,490 29,233 30,460 28,837 28,503 Segment 4 Versatile Asset® Participants 11,942 10,661 11,363 11,950 17,664 Segment 5 Versatile Asset® II Participants 52,472 52,213 55,209 53,021 53,773 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 140,150 162,276 177,523 224,403 344,786 Segment 9 Versatile Portfolios™ Participants (No-Load) 52,165 30,146 32,252 42,090 39,216 Segment 11 Versatile Portfolios™ TFSA 22,094 40,931 39,397 41,631 36,116 Segment 12 Versatile Portfolios™ Education Savings Plan 55,426 44,586 44,395 40,368 14,946

Number of units outstanding (schedule 2)Segment 1 Group Retirement Products 135 77 50 70 39 Segment 2 Seed Money 250 250 250 250 250 Segment 4 Versatile Asset® Participants 104 104 104 113 166 Segment 5 Versatile Asset® II Participants 461 513 509 504 505 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 1,247 1,614 1,652 2,151 3,261 Segment 9 Versatile Portfolios™ Participants (No-Load) 468 302 302 405 372 Segment 11 Versatile Portfolios™ TFSA 198 409 368 400 342 Segment 12 Versatile Portfolios™ Education Savings Plan 479 432 404 380 139

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 2.92% 2.92% 2.92% 2.92% 2.92%Segment 5 Versatile Asset® II Participants 3.00% 3.00% 3.00% 3.00% 3.00%Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.19% 3.19% 3.19% 3.19% 3.19%Segment 9 Versatile Portfolios™ Participants (No-Load) 3.29% 3.30% 3.29% 3.29% 3.29%Segment 11 Versatile Portfolios™ TFSA 3.28% 3.28% 3.28% 3.28% 3.28%Segment 12 Versatile Portfolios™ Education Savings Plan 2.77% 2.76% 2.76% 2.76% 2.76%




Co-operators Ethical Canadian Equity FundUnderlying fund managed by NEI Investments






Net assets attributable to unitholders 1,171 1,111 Unitholders' contributions 80 270 Unitholders' withdrawals (189) (331) Transfers (to) from other funds (22) (295)

Net assets attributable to unitholders per unit 141.52 118.11 (131) (356)

Statement of Comprehensive Income 60 (550) Fund of funds (note 2)For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ 1,171 1,111

Investment income and gainsDistribution from underlying fund 29 125 Statement of Cash FlowsRealized gains (losses) on sale of investments (10) 21 Fund of funds (note 2)Unrealized gains (losses) 208 (299) For the years ended December 31 2019 2018

227 (153) (in thousands of dollars) $ $

Expenses Cash flows from operating activitiesManagement fees (note 10) 36 41

191 (194) Adjustments for:

191 (194) Realized (gains) losses on sale of investments 10 (21) Unrealized (gains) losses (208) 299 Current liabilities - (1)


Net cash from operating activities 160 481

Cash flows from financing activitiesDistribution (29) (125) Proceeds from the issuance of units 80 270 Amounts paid on redemption of units (211) (626)

Net cash from financing activities (160) (481)












Co-operators Ethical Canadian Equity Fund



NEI Canadian Equity RS Fund 42,887 1,154,159 1,171,343


NEI Canadian Equity RS Fund

iA Financial Group 5.80% ATCO, Class I 3.00%Loblaw Companies 4.70% Canadian Imperial Bank of Commerce 3.00%Canadian Natural Resources 4.60% Canadian Utilities, Class A 2.70%Power Financial Corporation 4.50% TELUS 2.50%Canadian Pacific Railway 4.40% Empire Company, Class A 2.50%Open Text 4.10% Stantec 2.50%AltaGas 4.00% Royal Bank of Canada 2.50%Enbridge 4.00% Cenovus Energy 2.40%Scotiabank 3.90% Canadian National Railway Company 2.30%Suncor Energy 3.80% Choice Properties Real Estate Investment Trust, Units 2.10%Saputo Group 3.50% ARC Resources 2.10%Toronto-Dominion Bank 3.40% Finning International 2.00%CGI, Class A 3.10%



Co-operators Ethical Canadian Equity FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 130.56 110.71 127.95 124.52 105.32 Segment 2 Seed Money 181.65 150.41 171.29 163.80 136.17 Segment 4 Versatile Asset® Participants 153.75 131.09 151.85 147.53 126.66 Segment 5 Versatile Asset® II Participants 153.51 130.11 151.72 148.41 126.28 Segment 6 Versatile Asset® III Participants - - 149.90 147.16 - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 151.47 128.62 150.23 147.32 125.59 Segment 9 Versatile Portfolios™ Participants (No-Load) 150.43 127.80 149.51 146.75 125.16 Segment 11 Versatile Portfolios™ TFSA 150.88 127.90 149.45 146.89 125.23 Segment 12 Versatile Portfolios™ Education Savings Plan 156.47 132.08 154.13 149.99 127.22 Segment 13 Versatile Portfolios Navigator™ 100/100 110.49 94.49 111.04 111.14 96.25 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 109.72 94.41 109.93 100.00 - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 100.00 94.36 100.60 - 94.20 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) - 95.88 111.00 109.98 94.17 Segment 17 Versatile Portfolios Navigator™ 75/100 114.69 97.38 113.78 111.87 95.46 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 114.76 - - - - Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 116.71 102.00 114.38 110.00 109.50 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 113.94 96.95 112.96 111.50 95.31 Segment 21 Versatile Portfolios Navigator™ 75/75 115.81 98.17 114.42 112.22 95.63 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 115.51 98.13 113.58 112.84 96.28 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 116.49 97.90 114.10 111.90 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 115.20 97.99 114.39 110.82 91.67


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 9,531 7,196 11,004 8,218 2,633 Segment 2 Seed Money 63,033 52,194 59,436 81,900 68,086 Segment 4 Versatile Asset® Participants 19,373 15,731 13,059 2,803 41,292 Segment 5 Versatile Asset® II Participants 101,778 86,264 190,109 79,845 67,941 Segment 6 Versatile Asset® III Participants - - 20,686 36,054 - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 571,645 514,623 851,329 925,486 853,498 Segment 9 Versatile Portfolios™ Participants (No-Load) 65,739 74,252 100,769 68,241 91,114 Segment 11 Versatile Portfolios™ TFSA 34,702 32,230 70,391 70,066 57,983 Segment 12 Versatile Portfolios™ Education Savings Plan 21,906 15,453 15,721 13,349 11,704 Segment 13 Versatile Portfolios Navigator™ 100/100 37,456 141,738 18,987 1,556 385 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 17,885 9,630 6,596 6 - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 500 7,171 503 - 942 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 63 2,301 4,551 21,336 1,130 Segment 17 Versatile Portfolios Navigator™ 75/100 67,091 56,191 198,319 47,994 41,240 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 8,263 - - - - Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,634 510 10,180 1,320 219 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 34,981 24,528 21,915 25,756 21,731 Segment 21 Versatile Portfolios Navigator™ 75/75 50,376 41,920 49,544 49,714 10,424 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 30,842 8,930 11,131 6,432 5,488 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 9,086 979 1,141 1,119 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 25,459 18,912 5,262 3,768 275



Co-operators Ethical Canadian Equity FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 73 65 86 66 25 Segment 2 Seed Money 347 347 347 500 500 Segment 4 Versatile Asset® Participants 126 120 86 19 326 Segment 5 Versatile Asset® II Participants 663 663 1,253 538 538 Segment 6 Versatile Asset® III Participants - - 138 245 - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3,774 4,001 5,667 6,282 6,796 Segment 9 Versatile Portfolios™ Participants (No-Load) 437 581 674 465 728 Segment 11 Versatile Portfolios™ TFSA 230 252 471 477 463 Segment 12 Versatile Portfolios™ Education Savings Plan 140 117 102 89 92 Segment 13 Versatile Portfolios Navigator™ 100/100 339 1,500 171 14 4 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 163 102 60 0.06 - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 5 76 5 - 10 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1 24 41 194 12 Segment 17 Versatile Portfolios Navigator™ 75/100 585 577 1,743 429 432 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 72 - - - - Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 14 5 89 12 2 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 307 253 194 231 228 Segment 21 Versatile Portfolios Navigator™ 75/75 435 427 433 443 109 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 267 91 98 57 57 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 78 10 10 10 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 221 193 46 34 3

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 3.03% 3.03% 3.03% 3.03% 3.03%Segment 5 Versatile Asset® II Participants 3.11% 3.11% 3.11% 3.11% 3.11%Segment 6 Versatile Asset® III Participants - - 3.29% 3.28% - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.30% 3.30% 3.30% 3.30% 3.30%Segment 9 Versatile Portfolios™ Participants (No-Load) 3.40% 3.41% 3.40% 3.40% 3.40%Segment 11 Versatile Portfolios™ TFSA 3.39% 3.39% 3.39% 3.39% 3.39%Segment 12 Versatile Portfolios™ Education Savings Plan 2.88% 2.87% 2.87% 2.87% 2.87%Segment 13 Versatile Portfolios Navigator™ 100/100 4.12% 4.12% 4.23% 4.21% 4.20%Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4.12% 4.12% 4.37% 4.37% - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4.12% 4.12% 4.23% 4.21% 4.20%Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4.12% 4.12% 4.37% 4.37% 4.37%Segment 17 Versatile Portfolios Navigator™ 75/100 3.35% 3.34% 3.45% 3.44% 3.43%Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.34% - - - - Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.35% 3.34% 3.45% 3.44% 3.43%Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.34% 3.34% 3.60% 3.60% 3.60%Segment 21 Versatile Portfolios Navigator™ 75/75 3.12% 3.12% 3.23% 3.22% 3.21%Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3.12% 3.12% 3.38% 3.38% 3.38%Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3.12% 3.12% 3.23% 3.22% - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3.12% 3.12% 3.38% 3.38% 3.38%




Co-operators Ethical International Equity FundUnderlying fund managed by NEI Investments



Investment in investment fund units 364 367 366 456



Net assets attributable to unitholders 363 366 Unitholders' contributions 37 26 Unitholders' withdrawals (81) (118) Transfers (to) from other funds (16) 22

Net assets attributable to unitholders per unit 179.58 154.92(60) (70)

Statement of Comprehensive Income (3) (90) Fund of funds (note 2)For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ 363 366

Investment income and gainsDistribution from underlying fund 9 55 Statement of Cash FlowsRealized gains (losses) on sale of investments 10 25 Fund of funds (note 2)Unrealized gains (losses) 49 (88) For the years ended December 31 2019 2018




57 (20) Realized (gains) losses on sale of investments (10) (25) Unrealized (gains) losses (49) 88 Purchases of investments (35) (71)

24.90 (7.84) Proceeds from the sale of investments 106 153 Net cash from operating activities 69 125


Net cash from financing activities (69) (125)












Co-operators Ethical International Equity Fund



NEI International Equity RS Fund 20,179 323,993 363,119


NEI International Equity RS Fund

Cash and Cash Equivalents 5.00% Ingenico 2.90%Hoya 3.80% Air Water 2.90%SAP 3.70% Nidec 2.90%Experian 3.60% Sodexo 2.90%Smith & Nephew 3.60% Heineken 2.80%Linde 3.50% Grifols 2.80%Diageo 3.40% Bunzl 2.50%LVMH Moët Hennessy Louis Vuitton 3.40% Allianz 2.30%Prudential 3.30% Air Liquide 2.20%Reed Elsevier 3.30% Sanofi 2.20%Danone 3.20% Reckitt Benckiser Group 2.10%Fresenius SE & Co. 3.10% WPP 2.10%Terumo 2.90%



Co-operators Ethical International Equity FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 154.84 134.52 142.75 127.71 133.00 Segment 2 Seed Money 207.11 175.97 182.46 159.75 164.44 Segment 4 Versatile Asset® Participants 174.50 151.46 160.94 153.00 139.75 Segment 5 Versatile Asset® II Participants 172.69 150.84 160.07 143.95 152.05 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 170.81 149.10 158.87 142.87 151.03 Segment 9 Versatile Portfolios™ Participants (No-Load) 168.93 147.53 158.55 142.20 150.09 Segment 11 Versatile Portfolios™ TFSA 169.74 148.64 158.17 141.75 150.14 Segment 12 Versatile Portfolios™ Education Savings Plan 175.50 153.58 162.65 144.85 153.67


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 14,245 8,878 6,281.00 2,171.00 133.00 Segment 2 Seed Money 103,553 87,987 91,230 79,874 82,218 Segment 4 Versatile Asset® Participants 22,511 41,802 45,385 765 559 Segment 5 Versatile Asset® II Participants 26,249 41,782 18,088 27,638 28,281 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 114,102 117,636 221,307 177,022 169,912 Segment 9 Versatile Portfolios™ Participants (No-Load) 13,683 10,622 21,880 23,747 8,705 Segment 11 Versatile Portfolios™ TFSA 41,925 43,551 40,809 15,592 21,920 Segment 12 Versatile Portfolios™ Education Savings Plan 26,851 14,129 11,223 12,602 7,837

Number of units outstanding (schedule 2)Segment 1 Group Retirement Products 92 66 44 17 1.00 Segment 2 Seed Money 500 500 500 500 500 Segment 4 Versatile Asset® Participants 129 276 282 5 4 Segment 5 Versatile Asset® II Participants 152 277 113 192 186 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 668 789 1,393 1,239 1,125 Segment 9 Versatile Portfolios™ Participants (No-Load) 81 72 138 167 58 Segment 11 Versatile Portfolios™ TFSA 247 293 258 110 146 Segment 12 Versatile Portfolios™ Education Savings Plan 153 92 69 87 51

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 3.36% 3.36% 3.36% 3.36% 3.36%Segment 5 Versatile Asset® II Participants 3.44% 3.44% 3.45% 3.44% 3.44%Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.63% 3.63% 3.63% 3.63% 3.63%Segment 9 Versatile Portfolios™ Participants (No-Load) 3.73% 3.74% 3.73% 3.73% 3.72%Segment 11 Versatile Portfolios™ TFSA 3.72% 3.72% 3.72% 3.71% 3.71%Segment 12 Versatile Portfolios™ Education Savings Plan 3.21% 3.20% 3.20% 3.20% 3.20%




Co-operators Ethical Select Balanced PortfolioUnderlying fund managed by NEI Investments







Net assets attributable to unitholders per unit 135.69 122.07219 (22)






676 (249) Realized (gains) losses on sale of investments (116) (121) Unrealized (gains) losses (649) 387 Current liabilities 3 -


Net cash from operating activities (117) 220


Net cash from financing activities 117 (220)












Co-operators Ethical Select Balanced Portfolio



NEI Select Balanced RS Portfolio 424,353 5,224,373 6,414,508


NEI Select Balanced RS Portfolio

NEI Global Total Return Bond Fund, Series I 31.10% NEI Global Dividend RS Fund, Series I 8.00%NEI Canadian Bond Fund, Series I 16.00% NEI International Equity RS Fund, Series I 5.00%NEI Global Equity RS Fund, Series I 15.90% NEI Canadian Small Cap Equity RS Fund, Series I 4.00%NEI U.S. Equity RS Fund, Series I 10.90% Cash and Cash Equivalents 0.10%NEI Canadian Equity RS Fund, Series I 9.00%



Co-operators Ethical Select Balanced PortfolioFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 140.86 123.26 128.23 117.08 125.86 Segment 2 Seed Money 171.50 149.32 152.31 141.30 134.33 Segment 4 Versatile Asset® Participants 145.91 129.92 135.54 128.61 125.09 Segment 5 Versatile Asset® II Participants 145.06 129.56 135.20 128.30 125.08 Segment 6 Versatile Asset® III Participants 154.20 137.60 - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 143.20 127.85 133.76 127.24 124.04 Segment 9 Versatile Portfolios™ Participants (No-Load) 142.22 127.11 133.12 126.75 123.69 Segment 11 Versatile Portfolios™ TFSA 142.37 127.24 133.22 126.80 123.72 Segment 12 Versatile Portfolios™ Education Savings Plan 147.56 131.17 136.68 129.46 125.68 Segment 13 Versatile Portfolios Navigator™ 100/100 119.94 107.51 112.87 107.86 105.58 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 119.41 106.97 112.35 107.47 105.49 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - - 112.58 108.15 - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 119.39 106.71 112.13 107.65 105.11 Segment 17 Versatile Portfolios Navigator™ 75/100 123.60 110.09 114.93 109.21 106.28 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 122.95 109.56 114.37 108.80 124.00 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 125.55 113.63 123.80 94.33 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 123.05 109.55 114.45 108.88 105.94 Segment 21 Versatile Portfolios Navigator™ 75/75 124.61 110.82 115.47 109.54 109.89 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 123.98 110.29 114.92 109.18 106.34 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 127.33 113.27 118.00 111.65 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 123.95 110.25 114.89 109.01 105.29


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 21,692 4,807 2,821 1,405 881 Segment 2 Seed Money 42,876 37,331 38,077 35,324 33,583 Segment 4 Versatile Asset® Participants 354,112 307,658 317,987 298,764 296,592 Segment 5 Versatile Asset® II Participants 25,965 28,892 29,067 26,429 24,516 Segment 6 Versatile Asset® III Participants 771 688.00 - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2,145,686 2,012,943 2,124,346 2,105,916 2,580,592 Segment 9 Versatile Portfolios™ Participants (No-Load) 649,086 659,583 754,116 893,617 1,004,712 Segment 11 Versatile Portfolios™ TFSA 440,074 379,543 473,452 452,427 481,642 Segment 12 Versatile Portfolios™ Education Savings Plan 479,262 430,244 408,395 354,216 321,110 Segment 13 Versatile Portfolios Navigator™ 100/100 312,696 281,137 479,604 408,375 70,739 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 208,484 95,630 71,341 78,344 36,709 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - - 8,218 5,732 - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 65,544 19,101 8,634 21,314 4,625 Segment 17 Versatile Portfolios Navigator™ 75/100 213,336 187,820 201,811 96,653 13,604 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 223,036 186,901 112,886 46,238 124 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,381 909 619 283 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 64,846 62,007 51,615 60,209 23,519 Segment 21 Versatile Portfolios Navigator™ 75/75 294,327 277,050 289,141 162,557 989 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 656,597 406,309 299,378 269,455 121,443 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 1,910 1,699 1,770 2,233 50 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 212,827 139,684 117,758 29,434 3,685



Co-operators Ethical Select Balanced PortfolioFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 154 39 22 12 7 Segment 2 Seed Money 250 250 250 250 250 Segment 4 Versatile Asset® Participants 2,427 2,368 2,346 2,323 2,371 Segment 5 Versatile Asset® II Participants 179 223 215 206 196 Segment 6 Versatile Asset® III Participants 5 5 - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 14,984 15,744 15,882 16,551 20,804 Segment 9 Versatile Portfolios™ Participants (No-Load) 4,564 5,189 5,665 7,050 8,123 Segment 11 Versatile Portfolios™ TFSA 3,091 2,983 3,554 3,568 3,893 Segment 12 Versatile Portfolios™ Education Savings Plan 3,248 3,280 2,988 2,736 2,555 Segment 13 Versatile Portfolios Navigator™ 100/100 2,607 2,615 4,249 3,786 670 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 1,746 894 635 729 348 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - - 73 53 - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 549 179 77 198 44 Segment 17 Versatile Portfolios Navigator™ 75/100 1,726 1,706 1,756 885 128 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 1,814 1,706 987 425 1 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 11 8 5 3 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 527 566 451 553 222 Segment 21 Versatile Portfolios Navigator™ 75/75 2,362 2,500 2,504 1,484 9 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 5,296 3,684 2,605 2,468 1,142 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 15 15 15 20 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,717 1,267 1,025 270 35

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 3.03% 3.03% 3.03% 3.03% 3.03%Segment 5 Versatile Asset® II Participants 3.11% 3.11% 3.11% 3.11% 3.11%Segment 6 Versatile Asset® III Participants 3.31% 3.29% - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.30% 3.30% 3.30% 3.30% 3.30%Segment 9 Versatile Portfolios™ Participants (No-Load) 3.40% 3.41% 3.40% 3.40% 3.40%Segment 11 Versatile Portfolios™ TFSA 3.39% 3.39% 3.39% 3.39% 3.39%Segment 12 Versatile Portfolios™ Education Savings Plan 2.88% 2.87% 2.87% 2.87% 2.87%Segment 13 Versatile Portfolios Navigator™ 100/100 3.68% 3.67% 3.79% 3.77% 3.76%Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.68% 3.67% 3.93% 3.93% 3.93%Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - - 3.79% 3.76% - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.68% 3.67% 3.93% 3.93% 3.93%Segment 17 Versatile Portfolios Navigator™ 75/100 3.07% 3.07% 3.18% 3.16% 3.16%Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.07% 3.07% 3.33% 3.33% 3.32%Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.07% 3.07% 3.18% 3.16% - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.07% 3.07% 3.33% 3.33% 3.32%Segment 21 Versatile Portfolios Navigator™ 75/75 2.90% 2.90% 3.01% 3.00% 2.99%Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.90% 2.90% 3.16% 3.16% 3.16%Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.90% 2.90% 3.01% 2.99% 2.99%Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.90% 2.90% 3.16% 3.16% 3.16%




Co-operators Ethical Select Conservative PortfolioUnderlying fund managed by NEI Investments






Net assets attributable to unitholders 3,144 2,639 Unitholders' contributions 395 444 Unitholders' withdrawals (318) (348) Transfers (to) from other funds 133 (16)

Net assets attributable to unitholders per unit 118.53 107.02210 80






295 (97) Realized (gains) losses on sale of investments (21) (19) Unrealized (gains) losses (289) 158 Current liabilities 2 -
















Co-operators Ethical Select Conservative Portfolio



NEI Select Income and Growth RS Portfolio 244,219 2,898,523 3,144,255


NEI Select Income and Growth RS Portfolio

NEI Global Total Return Bond Fund, Series I 43.10% NEI Canadian Equity RS Fund, Series I 6.90%NEI Canadian Bond Fund, Series I 18.20% NEI Canadian Small Cap Equity RS Fund, Series I 3.00%NEI U.S. Equity RS Fund, Series I 10.20% NEI International Equity RS Fund, Series I 2.00%NEI Global Equity RS Fund, Series I 8.80% Cash and Cash Equivalents 0.80%NEI Global Dividend RS Fund, Series I 7.00%



Co-operators Ethical Select Conservative PortfolioFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 130.64 118.06 122.46 109.13 127.33 Segment 2 Seed Money 151.29 133.28 135.45 128.30 123.83 Segment 4 Versatile Asset® Participants 128.94 - - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 126.52 114.29 119.15 115.53 114.35 Segment 9 Versatile Portfolios™ Participants (No-Load) 125.45 113.57 118.57 115.09 114.01 Segment 11 Versatile Portfolios™ TFSA 125.78 113.70 118.63 115.13 114.11 Segment 12 Versatile Portfolios™ Education Savings Plan 130.27 117.37 121.69 117.53 115.94 Segment 13 Versatile Portfolios Navigator™ 100/100 114.91 103.82 108.22 105.08 104.11 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 114.34 103.20 107.56 103.50 103.83 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 98.00 104.50 84.50 100.50 128.50 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 114.36 103.28 107.80 104.96 103.82 Segment 17 Versatile Portfolios Navigator™ 75/100 117.14 105.42 109.46 105.40 123.50 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 116.52 104.91 108.96 105.47 104.41 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 117.14 105.44 109.50 105.91 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 116.70 105.37 109.00 105.66 104.23 Segment 21 Versatile Portfolios Navigator™ 75/75 117.79 105.88 109.84 105.99 - Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 117.19 105.35 109.29 105.63 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 117.19 105.41 109.36 105.79 109.17


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 13,978 5,785 2,939 873 382.00 Segment 2 Seed Money 46,899 41,317 41,990 64,148 61,916 Segment 4 Versatile Asset® Participants 66,275 - - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 314,536 330,540 345,301 315,165 362,365 Segment 9 Versatile Portfolios™ Participants (No-Load) 37,384 48,607 75,887 411,209 408,396 Segment 11 Versatile Portfolios™ TFSA 155,715 128,028 152,315 125,719 132,368 Segment 12 Versatile Portfolios™ Education Savings Plan 82,853 87,087 88,470 83,798 68,405 Segment 13 Versatile Portfolios Navigator™ 100/100 952,712 976,887 1,138,177 585,519 273,074 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 203,059 31,166 23,232 1,863 1,246 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 98 418 169 201 257 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 75,361 46,166 30,830 23,092 19,102 Segment 17 Versatile Portfolios Navigator™ 75/100 234,981 179,949 186,747 11,067 247 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 350,959 261,026 127,697 41,029 35,604 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 51,309 46,183 47,959 46,390 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 14,587 7,376 4,251 38,145 38,357 Segment 21 Versatile Portfolios Navigator™ 75/75 211,189 204,346 200,576 26,285 - Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 218,566 157,497 126,772 36,335 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 113,794 86,965 62,664 7,088 655



Co-operators Ethical Select Conservative PortfolioFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 107 49 24 8 3 Segment 2 Seed Money 310 310 310 500 500 Segment 4 Versatile Asset® Participants 514 - - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2,486 2,892 2,898 2,728 3,169 Segment 9 Versatile Portfolios™ Participants (No-Load) 298 428 640 3,573 3,582 Segment 11 Versatile Portfolios™ TFSA 1,238 1,126 1,284 1,092 1,160 Segment 12 Versatile Portfolios™ Education Savings Plan 636 742 727 713 590 Segment 13 Versatile Portfolios Navigator™ 100/100 8,291 9,409 10,517 5,572 2,623 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 1,776 302 216 18 12 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 1 4 2 2 2 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 659 447 286 220 184 Segment 17 Versatile Portfolios Navigator™ 75/100 2,006 1,707 1,706 105 2 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3,012 2,488 1,172 389 341 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 438 438 438 438 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 125 70 39 361 368 Segment 21 Versatile Portfolios Navigator™ 75/75 1,793 1,930 1,826 248 - Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 1,865 1,495 1,160 344 - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 971 825 573 67 6

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 2.92% - - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.19% 3.19% 3.19% 3.19% 3.19%Segment 9 Versatile Portfolios™ Participants (No-Load) 3.29% 3.30% 3.29% 3.29% 3.29%Segment 11 Versatile Portfolios™ TFSA 3.28% 3.28% 3.28% 3.28% 3.28%Segment 12 Versatile Portfolios™ Education Savings Plan 2.77% 2.76% 2.76% 2.76% 2.76%Segment 13 Versatile Portfolios Navigator™ 100/100 3.20% 3.20% 3.31% 3.30% 3.29%Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.20% 3.20% 3.46% 3.46% 3.45%Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.20% 3.20% 3.31% 3.30% 3.29%Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.20% 3.20% 3.46% 3.46% 3.45%Segment 17 Versatile Portfolios Navigator™ 75/100 2.81% 2.81% 2.92% 2.91% 2.90%Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.81% 2.81% 3.07% 3.08% 3.07%Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.81% 2.81% 2.92% 2.91% - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.81% 2.81% 3.07% 3.08% 3.07%Segment 21 Versatile Portfolios Navigator™ 75/75 2.70% 2.70% 2.81% 2.80% - Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.70% 2.70% 2.96% 2.97% - Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.70% 2.70% 2.96% 2.97% 2.96%




Co-operators Ethical Select Growth PortfolioUnderlying fund managed by NEI Investments







Net assets attributable to unitholders per unit 140.40 121.88290 133


Investment income and gainsDistribution from underlying fund - 144 Statement of Cash FlowsRealized gains (losses) on sale of investments 84 137 Fund of funds (note 2)Unrealized gains (losses) 622 (351) For the years ended December 31 2019 2018




568 (204) Realized (gains) losses on sale of investments (84) (137) Unrealized (gains) losses (622) 351 Current liabilities 2 1



Cash flows from financing activitiesDistribution - (144) Proceeds from the issuance of units 614 895 Amounts paid on redemption of units (324) (762)













Co-operators Ethical Select Growth Portfolio



NEI Select Growth RS Portfolio 249,176 3,526,843 4,481,367


NEI Select Growth RS Portfolio

NEI Global Equity RS Fund, Series I 22.70% NEI Global Total Return Bond Fund, Series I 9.70%NEI U.S. Equity RS Fund, Series I 16.70% NEI Canadian Bond Fund, Series I 6.80%NEI Canadian Equity RS Fund, Series I 12.70% NEI Canadian Small Cap Equity RS Fund, Series I 5.90%NEI International Equity RS Fund, Series I 11.80% Cash and Cash Equivalents 1.90%NEI Global Dividend RS Fund, Series I 11.80%



Co-operators Ethical Select Growth PortfolioFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 151.08 129.79 135.42 125.65 - Segment 2 Seed Money 189.34 160.27 164.71 150.95 142.40 Segment 4 Versatile Asset® Participants 159.68 138.32 145.76 136.43 131.90 Segment 5 Versatile Asset® II Participants 158.29 137.62 144.82 135.89 131.53 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 156.61 136.17 143.76 135.03 130.82 Segment 9 Versatile Portfolios™ Participants (No-Load) 155.44 135.33 143.10 134.47 130.44 Segment 11 Versatile Portfolios™ TFSA 155.59 135.55 143.20 134.64 130.43 Segment 12 Versatile Portfolios™ Education Savings Plan 161.28 139.67 146.86 137.46 132.73 Segment 13 Versatile Portfolios Navigator™ 100/100 127.57 111.16 117.59 110.80 107.55 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 126.95 110.61 116.99 111.21 - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 130.06 105.25 115.90 - - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 127.35 110.56 117.20 108.91 107.37 Segment 17 Versatile Portfolios Navigator™ 75/100 131.43 113.83 119.72 112.11 108.24 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 130.72 113.30 119.01 111.49 108.16 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 133.64 115.73 118.19 - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 130.86 113.15 119.03 111.93 108.37 Segment 21 Versatile Portfolios Navigator™ 75/75 132.49 114.59 120.29 112.50 108.15 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 131.85 114.07 119.78 112.40 107.93 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 129.50 112.00 117.50 113.70 109.65 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 131.87 113.98 119.72 112.00 109.29


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 53,786 41,144 32,094 9,801 - Segment 2 Seed Money 34,081 28,849 29,648 75,473 71,198 Segment 4 Versatile Asset® Participants 108,422 93,503 160,040 149,527 143,644 Segment 5 Versatile Asset® II Participants 32,291 29,038 30,122 53,677 51,429 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 1,391,148 1,108,535 1,517,485 1,506,075 1,514,757 Segment 9 Versatile Portfolios™ Participants (No-Load) 77,099 72,404 172,437 159,208 179,351 Segment 11 Versatile Portfolios™ TFSA 105,177 107,490 115,416 82,133 115,173 Segment 12 Versatile Portfolios™ Education Savings Plan 136,763 109,638 87,236 72,854 38,758 Segment 13 Versatile Portfolios Navigator™ 100/100 602,407 602,362 630,773 183,591 38,071 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 519,485 429,047 134,768 6,228 - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2,211 842 1,159 - - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 15,919 46,325 32,582 1,198 15,032 Segment 17 Versatile Portfolios Navigator™ 75/100 282,968 249,981 291,171 145,851 56,716 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 124,442 75,686 30,943 20,180 8,869 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2,940 2,546 2,482 - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 58,102 46,280 34,518 23,617 22,540 Segment 21 Versatile Portfolios Navigator™ 75/75 421,726 328,529 327,302 232,869 7,246 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 294,826 112,243 26,592 15,062 6,476 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 518 448 470 5,230 5,044 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 217,056 138,488 36,274 25,425 5,246



Co-operators Ethical Select Growth PortfolioFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 356 317 237 78 - Segment 2 Seed Money 180 180 180 500 500 Segment 4 Versatile Asset® Participants 679 676 1,098 1,096 1,089 Segment 5 Versatile Asset® II Participants 204 211 208 395 391 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 8,883 8,141 10,556 11,154 11,579 Segment 9 Versatile Portfolios™ Participants (No-Load) 496 535 1,205 1,184 1,375 Segment 11 Versatile Portfolios™ TFSA 676 793 806 610 883 Segment 12 Versatile Portfolios™ Education Savings Plan 848 785 594 530 292 Segment 13 Versatile Portfolios Navigator™ 100/100 4,722 5,419 5,364 1,657 354 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4,092 3,879 1,152 56 - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 17 8 10 - - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 125 419 278 11 140 Segment 17 Versatile Portfolios Navigator™ 75/100 2,153 2,196 2,432 1,301 524 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 952 668 260 181 82 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 22 22 21 - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 444 409 290 211 208 Segment 21 Versatile Portfolios Navigator™ 75/75 3,183 2,867 2,721 2,070 67 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2,236 984 222 134 60 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 4 4 4 46 46 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,646 1,215 303 227 48

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 3.25% 3.25% 3.25% 3.25% 3.25%Segment 5 Versatile Asset® II Participants 3.33% 3.33% 3.33% 3.33% 3.33%Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.52% 3.52% 3.52% 3.52% 3.52%Segment 9 Versatile Portfolios™ Participants (No-Load) 3.62% 3.63% 3.62% 3.62% 3.62%Segment 11 Versatile Portfolios™ TFSA 3.61% 3.61% 3.61% 3.61% 3.60%Segment 12 Versatile Portfolios™ Education Savings Plan 3.10% 3.09% 3.09% 3.09% 3.09%Segment 13 Versatile Portfolios Navigator™ 100/100 3.73% 3.73% 3.84% 3.82% 3.82%Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.73% 3.73% 3.99% 3.99% - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.73% 3.73% 3.84% - - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.73% 3.73% 3.99% 3.99% 3.98%Segment 17 Versatile Portfolios Navigator™ 75/100 3.12% 3.12% 3.23% 3.22% 3.21%Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.12% 3.12% 3.38% 3.38% 3.38%Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.12% 3.12% 3.23% - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.12% 3.12% 3.38% 3.38% 3.38%Segment 21 Versatile Portfolios Navigator™ 75/75 2.96% 2.96% 3.07% 3.05% 3.05%Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.96% 2.96% 3.22% 3.22% 3.21%Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.96% 2.96% 3.07% 3.05% 3.05%Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.96% 2.96% 3.22% 3.22% 3.21%




Co-operators Ethical Select Income PortfolioUnderlying fund managed by NEI Investments






Net assets attributable to unitholders 1,460 1,736 Unitholders' contributions 208 198 Unitholders' withdrawals (712) (222) Transfers (to) from other funds 76 481

Net assets attributable to unitholders per unit 116.73 105.82(428) 457

Statement of Comprehensive Income (276) 406 Fund of funds (note 2)For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ 1,460 1,736





152 (51) Realized (gains) losses on sale of investments (19) (4) Unrealized (gains) losses (130) 82 Current liabilities - 1


Net cash from operating activities 477 (389)


Net cash from financing activities (477) 389












Co-operators Ethical Select Income Portfolio



NEI Select Income RS Portfolio 129,000 1,395,149 1,460,280


NEI Select Income RS Portfolio

NEI Global Total Return Bond Fund, Series I 58.10% NEI U.S. Equity RS Fund, Series I 4.90%NEI Canadian Bond Fund, Series I 18.90% NEI Global Dividend RS Fund, Series I 4.90%NEI Canadian Equity RS Fund, Series I 5.00% NEI Canadian Small Cap Equity RS Fund, Series I 3.00%NEI Global Equity RS Fund, Series I 4.90% Cash and Cash Equivalents 0.30%



Co-operators Ethical Select Income PortfolioFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 126.07 114.36 118.18 114.21 110.23 Segment 2 Seed Money 141.51 126.34 127.88 121.50 116.89 Segment 4 Versatile Asset® Participants 120.49 110.03 113.91 110.56 108.78 Segment 5 Versatile Asset® II Participants 114.00 - - 110.36 108.66 Segment 6 Versatile Asset® III Participants 117.10 107.20 111.30 108.30 106.80 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 118.28 108.34 112.42 109.41 107.94 Segment 9 Versatile Portfolios™ Participants (No-Load) 117.46 107.66 111.91 109.02 107.65 Segment 11 Versatile Portfolios™ TFSA 117.44 107.73 111.90 109.22 107.93 Segment 12 Versatile Portfolios™ Education Savings Plan 122.00 110.95 114.94 111.62 109.69 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 112.80 103.32 107.26 105.07 103.18 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 113.63 103.74 107.32 105.23 104.62 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 112.74 103.30 107.02 104.22 102.98 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 115.03 104.90 108.49 104.93 104.40 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 114.95 105.84 109.47 108.43 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 114.90 105.05 108.48 105.45 103.95 Segment 21 Versatile Portfolios Navigator™ 75/75 119.50 104.74 110.31 106.00 - Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 115.62 105.35 108.85 105.70 123.00 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 116.82 105.60 109.10 105.79 103.66 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 114.90 106.10 108.23 104.36 103.75


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 34,542 20,471 14,536.00 7,538.00 3,858.00 Segment 2 Seed Money 42,312 37,777 38,237 60,751 58,446 Segment 4 Versatile Asset® Participants 13,495 12,323 12,758 12,383 12,183 Segment 5 Versatile Asset® II Participants 798 - - 50,212 49,441 Segment 6 Versatile Asset® III Participants 1,171 1,072 1,113 1,083 1,068 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 208,292 204,433 226,984 220,901 256,149 Segment 9 Versatile Portfolios™ Participants (No-Load) 182,177 129,194 242,061 405,660 518,558 Segment 11 Versatile Portfolios™ TFSA 35,583 40,506 38,604 28,398 21,262 Segment 12 Versatile Portfolios™ Education Savings Plan 30,501 25,185 24,482 22,213 20,292 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 187,358 491,988 489,764 1,576 6,810 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 11,477 14,005 11,912 13,470 5,440 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 59,864 59,813 5,672 8,442 5,149 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 53,949 45,946 42,311 8,814 4,489 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 9,886 6,139 6,349 759 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 45,502 33,407 32,652 75,715 29,313 Segment 21 Versatile Portfolios Navigator™ 75/75 956 3,666 2,868 2,226 - Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 525,609 598,290 127,789 127,575 123 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 8,995 8,448 8,728 8,463 8,811 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 7,813 3,077 3,247 1,461 2,490



Co-operators Ethical Select Income PortfolioFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 274 179 123 66 35 Segment 2 Seed Money 299 299 299 500 500 Segment 4 Versatile Asset® Participants 112 112 112 112 112 Segment 5 Versatile Asset® II Participants 7 - - 455 455 Segment 6 Versatile Asset® III Participants 10 10 10 10 10 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 1,761 1,887 2,019 2,019 2,373 Segment 9 Versatile Portfolios™ Participants (No-Load) 1,551 1,200 2,163 3,721 4,817 Segment 11 Versatile Portfolios™ TFSA 303 376 345 260 197 Segment 12 Versatile Portfolios™ Education Savings Plan 250 227 213 199 185 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 1,661 4,762 4,566 15 66 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 101 135 111 128 52 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 531 579 53 81 50 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 469 438 390 84 43 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 86 58 58 7 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 396 318 301 718 282 Segment 21 Versatile Portfolios Navigator™ 75/75 8 35 26 21 - Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 4,546 5,679 1,174 1,207 1 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 77 80 80 80 85 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 68 29 30 14 24

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 2.87% 2.86% 2.86% 2.86% 2.87%Segment 5 Versatile Asset® II Participants 2.94% - - 2.94% 2.94%Segment 6 Versatile Asset® III Participants 3.14% 3.12% 3.12% 3.12% 3.11%Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.14% 3.14% 3.14% 3.13% 3.13%Segment 9 Versatile Portfolios™ Participants (No-Load) 3.24% 3.25% 3.24% 3.23% 3.23%Segment 11 Versatile Portfolios™ TFSA 3.23% 3.23% 3.22% 3.22% 3.22%Segment 12 Versatile Portfolios™ Education Savings Plan 2.71% 2.71% 2.71% 2.70% 2.70%Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.15% 3.14% 3.41% 3.41% 3.40%Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.15% 3.14% 3.25% 3.24% 3.23%Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.15% 3.14% 3.41% 3.41% 3.40%Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.76% 2.76% 3.02% 3.02% 3.01%Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.76% 2.76% 2.87% 2.85% - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.76% 2.76% 3.02% 3.02% 3.01%Segment 21 Versatile Portfolios Navigator™ 75/75 2.65% 2.65% 2.76% 2.74% - Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.65% 2.65% 2.91% 2.91% 2.90%Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.65% 2.65% 2.76% 2.74% 2.74%Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.65% 2.65% 2.91% 2.91% 2.90%




Co-operators Fidelity Canadian Bond FundUnderlying fund managed by Fidelity Investments Canada ULC




LiabilitiesCurrent liabilities 2,049 (531)

Accounts payable 109 94 Fund of funds rebalancing (note 2) 1,436 (730)



Transfers (to) from other funds 1,025 (556)

2,947 1,220 Statement of Comprehensive IncomeFund of funds (note 2)For the years ended December 31 2019 2018 6,432 (41) (in thousands of dollars except per unit amounts) $ $

Investment income and gains 46,921 40,489 Distribution from underlying fund 1,448 1,362 Realized gains (losses) on sale of investments 182 (66) Unrealized gains (losses) 1,615 (705) Statement of Cash Flows

3,245 591 Fund of funds (note 2)For the years ended December 31 2019 2018

Expenses (in thousands of dollars) $ $Management fees (note 10) 1,194 1,121 Audit, legal and other fees (note 10) 2 1 Cash flows from operating activities

1,196 1,122 2,049 (531)

Adjustments for: 2,049 (531) Realized (gains) losses on sale of investments (182) 66

Unrealized (gains) losses (1,615) 705 Current liabilities 15 2


Net cash from operating activities (2,935) 872

Cash flows from financing activitiesDistribution (1,448) (1,362) Proceeds from the issuance of units 11,663 8,362 Amounts paid on redemption of units (7,280) (7,872)

Net cash from financing activities 2,935 (872)















Fidelity Canadian Bond Fund 3,217,876 45,705,716 46,921,158


Fidelity Canadian Bond Fund

Canada Govt 5% 6/1/37 1.98% Ontario Prov 2.6% 06/02/27 0.75%Alberta Prov 2.35% 6/1/25 1.73% Ontario Prov 5.6 6/2/35 0.75%Quebec Prov 5% 12/1/41 1.61% Saskatchewan Prov 2.65% 6/2/27 0.73%Ontario Prov 5.85 3/8/33 1.37% Ontario Prov 4.7 6/2/37 0.73%Quebec Prov 3.75% 9/1/24 1.23% Canada Housing 1 2.1% 9/29 144A 0.70%Ontario Prov 2.4% 06/02/26 1.22% Quebec Prov 3.5% 12/1/48 0.69%Canada Govt I/L 1.25% 12/01/47 1.11% Granite REIT 3.873% 11/30/23 0.69%Ontario Prov 3.5% 6/02/43 1.07% Ontario Prov CDA 2.9% 12/2/46 0.62%Canada Housing 2.65% 12/28 144A 1.02% Alberta Prov 3.05% 12/1/48 0.62%Canada Govt 3.5% 12/01/45 0.97% Ford Credit Canada Ltd 2.45% 5/20 0.61%Ontario Prov CDA 3.45% 6/2/45 0.96% Quebec Prov 2.75% 9/1/25 0.60%Quebec 4.25% 12/1/43 0.79% British Columbia Prov 3.2% 6/18/44 0.59%Ontario Prov CDA 2.7% 6/29 0.78%



Co-operators Fidelity Canadian Bond FundFinancial Highlights (unaudited)For the years ended December 31




Segment 4 Versatile Asset® Participants 151.18 143.90 145.61 144.77 145.17 Segment 5 Versatile Asset® II Participants 144.43 138.06 140.11 139.56 140.12 Segment 6 Versatile Asset® III Participants 139.54 133.55 135.80 136.33 136.72 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 141.08 134.80 136.90 136.63 137.48 Segment 9 Versatile Portfolios™ Participants (No-Load) 142.40 136.14 138.50 138.40 139.38 Segment 11 Versatile Portfolios™ TFSA 122.78 117.45 119.46 119.36 120.26 Segment 12 Versatile Portfolios™ Education Savings Plan 126.56 120.45 121.92 121.20 121.54 Segment 13 Versatile Portfolios Navigator™ 100/100 103.28 98.57 100.13 99.85 100.48 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 103.15 98.31 99.70 99.52 100.39 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 103.35 98.71 100.11 99.82 100.37 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 103.20 98.40 99.76 99.72 100.46 Segment 17 Versatile Portfolios Navigator™ 75/100 105.98 100.64 101.66 100.99 101.08 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 105.51 100.19 101.19 100.58 100.93 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 105.90 100.54 101.50 100.81 101.05 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 105.50 100.19 101.14 100.47 100.87 Segment 21 Versatile Portfolios Navigator™ 75/75 106.65 101.22 102.05 101.11 101.14 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 106.26 100.77 101.59 100.93 101.05 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 106.61 100.97 101.95 101.05 101.02 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 106.22 100.74 101.55 100.85 101.03


2019 2018 2017 2016 2015Net assets

Segment 4 Versatile Asset® Participants 1,023,769 1,191,341 1,410,521 1,826,251 2,017,072 Segment 5 Versatile Asset® II Participants 1,063,723 783,923 981,622 898,885 954,635 Segment 6 Versatile Asset® III Participants 106,748 101,899 113,938 81,117 84,906 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 11,358,891 11,319,339 13,058,279 14,449,478 15,128,256 Segment 9 Versatile Portfolios™ Participants (No-Load) 4,342,435 4,558,797 5,167,453 5,715,360 6,239,540 Segment 11 Versatile Portfolios™ TFSA 1,824,824 1,678,833 1,813,443 1,876,091 1,938,046 Segment 12 Versatile Portfolios™ Education Savings Plan 794,573 632,984 597,404 490,127 395,249 Segment 13 Versatile Portfolios Navigator™ 100/100 2,240,861 2,230,636 2,720,390 2,535,167 1,227,815 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3,572,447 2,445,178 1,946,861 2,439,524 1,131,013 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 62,633 61,696 62,771 72,867 40,449 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1,209,759 927,988 720,773 576,309 287,115 Segment 17 Versatile Portfolios Navigator™ 75/100 3,459,318 3,207,124 3,506,001 2,888,782 1,144,097 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 6,351,711 4,495,244 3,028,270 2,056,875 741,500 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 156,409 141,859 164,029 145,070 48,402 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 1,419,899 910,591 745,509 560,704 198,907 Segment 21 Versatile Portfolios Navigator™ 75/75 1,872,614 1,707,418 1,859,981 1,252,612 602,407 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 4,447,962 2,949,297 1,764,111 1,340,513 517,767 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 163,226 155,993 163,941 119,136 57,483 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,449,356 989,229 704,683 402,484 189,022



Co-operators Fidelity Canadian Bond FundFinancial Highlights (unaudited)For the years ended December 31




Segment 4 Versatile Asset® Participants 6,772 8,279 9,687 12,615 13,895 Segment 5 Versatile Asset® II Participants 7,365 5,678 7,006 6,441 6,813 Segment 6 Versatile Asset® III Participants 765 763 839 595 621 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 80,513 83,974 95,387 105,757 110,041 Segment 9 Versatile Portfolios™ Participants (No-Load) 30,495 33,485 37,311 41,297 44,768 Segment 11 Versatile Portfolios™ TFSA 14,862 14,294 15,180 15,718 16,115 Segment 12 Versatile Portfolios™ Education Savings Plan 6,278 5,255 4,900 4,044 3,252 Segment 13 Versatile Portfolios Navigator™ 100/100 21,698 22,630 27,168 25,389 12,219 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 34,632 24,872 19,527 24,514 11,266 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 606 625 627 730 403 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 11,723 9,431 7,225 5,779 2,858 Segment 17 Versatile Portfolios Navigator™ 75/100 32,642 31,866 34,487 28,604 11,319 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 60,201 44,865 29,928 20,451 7,347 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,477 1,411 1,616 1,439 479 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 13,459 9,089 7,371 5,581 1,972 Segment 21 Versatile Portfolios Navigator™ 75/75 17,559 16,868 18,226 12,388 5,956 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 41,859 29,267 17,365 13,281 5,124 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 1,531 1,545 1,608 1,179 569 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 13,645 9,820 6,939 3,991 1,871





Co-operators Fidelity Global FundUnderlying fund managed by Fidelity Investments Canada ULC





Accounts payable 117 90 Fund of funds rebalancing (note 2) (671) (213)



Transfers (to) from other funds (668) 2,539


Investment income and gains 41,031 32,723 Distribution from underlying fund 862 440 Realized gains (losses) on sale of investments 1,216 1,167 Unrealized gains (losses) 5,526 (2,656) Statement of Cash Flows



1,233 1,062 6,371 (2,111)

Adjustments for: 6,371 (2,111) Realized (gains) losses on sale of investments (1,216) (1,167)

Unrealized (gains) losses (5,526) 2,656 Current liabilities 27 19
















Co-operators Fidelity Global Fund



Fidelity Global Fund 528,440 30,103,388 41,030,973


Fidelity Global Fund

Alphabet Inc CL A 2.98% Deutsche Boerse AG 1.44%Microsoft Corp 2.95% Cigna Corp 1.39%JPMorgan Chase & Co 2.57% Exelon Corp 1.37%Apple Inc 2.52% Bristol-Myers Squibb Co 1.36%Charter Communications Inc A 2.05% Orsted A/S 1.34%Royal Dutch Shell PLC CL B (UK) 1.82% Fidelity National Information Services Inc 1.33%Airbus SE 1.72% Intercontinental Exchange Inc 1.33%HCA Healthcare Inc 1.67% Visa Inc CL A 1.28%TDK Corp 1.61% Vonovia SE 1.25%Vinci SA 1.59% Marathon Petroleum Corp 1.23%CRH PLC (UK) 1.49% Global Payments Inc 1.20%Societe Generale SA CL A 1.45% Ebay Inc 1.18%Adobe Inc 1.44%



Co-operators Fidelity Global FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 168.46 142.00 151.45 131.33 130.98 Segment 3 Group Retirement Products 237.52 196.25 204.87 171.61 166.72 Segment 4 Versatile Asset® Participants 215.22 180.32 191.15 162.71 161.36 Segment 5 Versatile Asset® II Participants 213.59 180.03 191.59 163.39 161.80 Segment 6 Versatile Asset® III Participants 202.28 170.83 184.27 157.04 155.51 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 207.15 174.65 186.40 159.31 157.82 Segment 9 Versatile Portfolios™ Participants (No-Load) 214.97 179.72 194.12 166.94 165.81 Segment 10 Group Retirement Income Product 242.27 - - - - Segment 11 Versatile Portfolios™ TFSA 267.77 226.03 241.40 207.10 205.65 Segment 12 Versatile Portfolios™ Education Savings Plan 272.65 229.09 243.14 207.03 204.39 Segment 13 Versatile Portfolios Navigator™ 100/100 156.70 133.02 142.84 122.92 122.68 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 155.92 131.79 141.29 122.00 121.88 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 158.65 134.14 142.63 122.66 122.86 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 154.60 131.82 142.44 122.95 122.21 Segment 17 Versatile Portfolios Navigator™ 75/100 162.96 137.17 145.71 125.05 123.78 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 161.69 136.28 145.63 124.92 123.16 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 163.23 137.68 146.10 124.46 125.71 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 161.59 136.00 145.58 124.62 123.65 Segment 21 Versatile Portfolios Navigator™ 75/75 164.45 138.19 146.81 124.94 123.68 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 162.57 137.00 145.90 124.88 123.38 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 164.51 138.25 147.45 125.37 123.46 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 162.42 136.62 145.58 124.60 123.49


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 792,762 695,956 703,619 719,292 795,593 Segment 3 Group Retirement Products 1,643,848 1,335,089 1,371,998 1,392,788 1,338,903 Segment 4 Versatile Asset® Participants 1,715,538 1,570,020 1,655,139 1,394,430 1,186,138 Segment 5 Versatile Asset® II Participants 1,267,458 1,092,942 1,177,922 1,098,444 994,751 Segment 6 Versatile Asset® III Participants 63,515 58,424 62,100 51,352 45,410 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 10,698,417 9,826,333 9,651,109 8,691,308 8,425,658 Segment 9 Versatile Portfolios™ Participants (No-Load) 2,491,547 2,377,715 2,203,893 1,907,162 1,904,949 Segment 10 Group Retirement Income Product 21,562 - - - - Segment 11 Versatile Portfolios™ TFSA 1,119,540 1,028,898 1,004,937 768,549 681,528 Segment 12 Versatile Portfolios™ Education Savings Plan 1,161,222 831,840 683,459 479,065 344,395 Segment 13 Versatile Portfolios Navigator™ 100/100 2,614,023 2,273,223 2,131,189 1,203,375 391,102 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2,091,192 1,694,959 888,142 210,579 112,496 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 92,017 78,877 101,268 64,153 18,184 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 755,219 467,043 203,976 64,794 15,765 Segment 17 Versatile Portfolios Navigator™ 75/100 2,064,332 1,786,188 1,855,739 665,029 269,215 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3,160,281 1,859,763 606,689 108,682 59,854 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 79,494 71,458 68,813 28,378 3,520 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 700,174 472,044 159,411 49,350 32,520 Segment 21 Versatile Portfolios Navigator™ 75/75 2,263,104 1,953,666 1,840,001 1,122,556 393,563 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 4,938,317 2,300,709 884,457 350,668 79,336 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 105,122 93,458 62,223 47,013 26,174 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,192,289 854,174 391,472 122,607 48,778



Co-operators Fidelity Global FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 4,706 4,901 4,646 5,477 6,074 Segment 3 Group Retirement Products 6,921 6,803 6,697 8,116 8,031 Segment 4 Versatile Asset® Participants 7,971 8,707 8,659 8,570 7,351 Segment 5 Versatile Asset® II Participants 5,934 6,071 6,148 6,723 6,148 Segment 6 Versatile Asset® III Participants 314 342 337 327 292 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 51,646 56,262 51,775 54,556 53,389 Segment 9 Versatile Portfolios™ Participants (No-Load) 11,590 13,230 11,353 11,424 11,489 Segment 10 Group Retirement Income Product 89 - - - - Segment 11 Versatile Portfolios™ TFSA 4,181 4,552 4,163 3,711 3,314 Segment 12 Versatile Portfolios™ Education Savings Plan 4,259 3,631 2,811 2,314 1,685 Segment 13 Versatile Portfolios Navigator™ 100/100 16,682 17,089 14,920 9,790 3,188 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 13,412 12,861 6,286 1,726 923 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 580 588 710 523 148 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4,885 3,543 1,432 527 129 Segment 17 Versatile Portfolios Navigator™ 75/100 12,668 13,022 12,736 5,318 2,175 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 19,545 13,647 4,166 870 486 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 487 519 471 228 28 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 4,333 3,471 1,095 396 263 Segment 21 Versatile Portfolios Navigator™ 75/75 13,762 14,138 12,533 8,985 3,182 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 30,377 16,793 6,062 2,808 643 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 639 676 422 375 212 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 7,341 6,252 2,689 984 395





Co-operators Fidelity True North® FundUnderlying fund managed by Fidelity Investments Canada ULC





Accounts payable 196 165 Fund of funds rebalancing (note 2) (1,119) (7)



Transfers (to) from other funds (2,504) (116)

740 4,478 Statement of Comprehensive IncomeFund of funds (note 2)For the years ended December 31 2019 2018 10,430 538 (in thousands of dollars except per unit amounts) $ $

Investment income and gains 76,814 66,384 Distribution from underlying fund 3,903 3,687 Realized gains (losses) on sale of investments 1,713 1,324 Unrealized gains (losses) 7,346 (6,925) Statement of Cash Flows



2,153 2,019 10,809 (3,933)




Net cash from operating activities 4,282 (784)


Net cash from financing activities (4,282) 784












Co-operators Fidelity True North® Fund



Fidelity True North® Fund 1,468,079 62,566,883 76,813,724


Fidelity True North® Fund

Royal Bank of Canada 5.60% Barrick Gold Corp 2.17%Toronto-Dominion Bank 5.47% Canadian National Resources Ltd 2.06%Alimentation Couch CL B Sub Vtg 4.17% Brookfield Asset Inc Vtg CL A 1.88%Suncor Energy Inc 3.79% Weston George Ltd 1.87%Enbridge Inc 3.73% Thomson Reuters Corp 1.84%BCE Inc 3.65% SNC-Lavalin Group Inc 1.82%Canadian National Railway Co 3.50% Restaurant Brands International Inc 1.81%Metro Inc 3.45% Fortis Inc 1.74%CGI Inc CL A Sub Vtg 3.31% Intact Financial Corp 1.73%Power Corp of Canada Sub Vtg 2.94% Quebecor Inc CL B Sub Vtg 1.70%Constellation Software Inc 2.53% TMX Group Ltd 1.59%Hydro One Limited 2.36% Loblaw Cos Ltd 1.54%Franco-Nevada Corp (Cana) 2.21%



Co-operators Fidelity True North® FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 157.38 135.20 143.72 150.37 136.61 Segment 3 Group Retirement Products 172.54 145.83 152.18 143.84 129.62 Segment 4 Versatile Asset® Participants 311.64 267.25 282.85 271.20 247.88 Segment 5 Versatile Asset® II Participants 301.10 259.07 274.76 263.89 241.71 Segment 6 Versatile Asset® III Participants 280.70 242.29 257.93 248.60 224.85 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 293.64 252.77 268.61 258.42 237.11 Segment 9 Versatile Portfolios™ Participants (No-Load) 275.28 237.68 253.38 244.40 224.79 Segment 10 Group Retirement Income Product 177.83 152.04 160.35 153.64 139.32 Segment 11 Versatile Portfolios™ TFSA 233.28 201.17 214.12 206.36 189.61 Segment 12 Versatile Portfolios™ Education Savings Plan 199.08 170.81 180.97 173.48 158.68 Segment 13 Versatile Portfolios Navigator™ 100/100 124.28 107.08 114.49 110.47 101.69 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 123.17 106.01 113.49 110.07 101.56 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 124.05 106.99 114.29 110.24 101.66 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 123.80 106.98 113.71 110.00 101.61 Segment 17 Versatile Portfolios Navigator™ 75/100 127.43 109.54 115.96 111.65 102.50 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 127.38 109.10 115.50 111.37 102.10 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 128.41 110.19 116.60 112.26 102.78 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 127.15 109.28 115.58 111.14 102.28 Segment 21 Versatile Portfolios Navigator™ 75/75 129.12 110.74 117.14 112.04 102.47 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 128.51 110.16 116.68 111.76 102.60 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 129.10 110.88 117.15 112.27 102.59 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 128.48 110.06 116.50 111.82 102.33


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 7,019,654 6,003,098 6,585,878 5,190,132 5,067,914 Segment 3 Group Retirement Products 1,379,292 1,372,519 1,376,630 1,443,712 1,265,102 Segment 4 Versatile Asset® Participants 3,184,976 3,072,287 3,279,074 2,961,189 3,150,565 Segment 5 Versatile Asset® II Participants 2,582,831 2,487,096 2,672,023 2,505,603 2,456,517 Segment 6 Versatile Asset® III Participants 173,470 168,632 177,712 145,183 210,239 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 22,286,343 21,235,044 23,506,839 23,060,473 23,013,789 Segment 9 Versatile Portfolios™ Participants (No-Load) 5,879,782 5,563,527 6,519,943 6,253,824 6,505,086 Segment 10 Group Retirement Income Product 195,794 120,870 118,021 28,117 23,127 Segment 11 Versatile Portfolios™ TFSA 2,216,419 2,096,186 2,220,843 1,956,251 1,882,665 Segment 12 Versatile Portfolios™ Education Savings Plan 2,381,347 1,852,084 1,582,556 1,220,749 923,206 Segment 13 Versatile Portfolios Navigator™ 100/100 3,969,783 3,984,185 3,987,583 2,206,730 1,010,190 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3,825,537 2,711,285 1,803,327 605,266 411,210 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 183,965 166,692 158,402 93,373 50,116 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 874,910 710,882 547,288 235,288 67,165 Segment 17 Versatile Portfolios Navigator™ 75/100 4,005,929 3,630,868 3,859,517 1,947,059 932,949 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 5,330,265 3,344,784 1,727,297 543,935 240,538 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 162,824 146,220 165,683 84,759 20,556 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 1,301,374 835,205 529,799 215,051 113,224 Segment 21 Versatile Portfolios Navigator™ 75/75 3,092,993 2,829,925 2,875,033 1,732,421 765,560 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 5,207,048 2,982,679 1,433,794 740,046 225,828 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 145,362 117,862 124,887 78,812 47,604 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,413,826 951,812 593,584 259,203 106,116



Co-operators Fidelity True North® FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 44,604 44,400 45,824 34,516 37,097 Segment 3 Group Retirement Products 7,994 9,412 9,046 10,037 9,760 Segment 4 Versatile Asset® Participants 10,220 11,496 11,593 10,919 12,710 Segment 5 Versatile Asset® II Participants 8,578 9,600 9,725 9,495 10,163 Segment 6 Versatile Asset® III Participants 618 696 689 584 935 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 75,896 84,010 87,512 89,235 97,060 Segment 9 Versatile Portfolios™ Participants (No-Load) 21,359 23,408 25,732 25,588 28,939 Segment 10 Group Retirement Income Product 1,101 795 736 183 166 Segment 11 Versatile Portfolios™ TFSA 9,501 10,420 10,372 9,480 9,929 Segment 12 Versatile Portfolios™ Education Savings Plan 11,962 10,843 8,745 7,037 5,818 Segment 13 Versatile Portfolios Navigator™ 100/100 31,942 37,208 34,828 19,975 9,934 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 31,060 25,576 15,890 5,499 4,049 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 1,483 1,558 1,386 847 493 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 7,067 6,645 4,813 2,139 661 Segment 17 Versatile Portfolios Navigator™ 75/100 31,437 33,145 33,283 17,439 9,102 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 41,845 30,659 14,955 4,884 2,356 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,268 1,327 1,421 755 200 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 10,235 7,643 4,584 1,935 1,107 Segment 21 Versatile Portfolios Navigator™ 75/75 23,954 25,555 24,543 15,462 7,471 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 40,519 27,077 12,288 6,622 2,201 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 1,126 1,063 1,066 702 464 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 11,004 8,648 5,095 2,318 1,037





Co-operators Mawer Balanced FundUnderlying fund managed by Mawer Investment Management Ltd.






Net assets attributable to unitholders 142,769 97,833 Unitholders' contributions 35,318 29,641 Unitholders' withdrawals (12,829) (10,965) Transfers (to) from other funds 8,468 3,922


Statement of Comprehensive Income 44,936 20,203 Fund of funds (note 2)For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ 142,769 97,833

Investment income and gainsDistribution from underlying fund 3,042 3,102 Statement of Cash FlowsRealized gains (losses) on sale of investments 738 620 Fund of funds (note 2)Unrealized gains (losses) 13,654 (3,545) For the years ended December 31 2019 2018

17,434 177 (in thousands of dollars) $ $

Expenses Cash flows from operating activitiesManagement fees (note 10) 3,451 2,569 Audit, legal and other fees (note 10) 4 3 13,979 (2,395)

3,455 2,572 Adjustments for: Realized (gains) losses on sale of investments (738) (620) Unrealized (gains) losses (13,654) 3,545

13,979 (2,395) Current liabilities 114 56 Purchases of investments (33,507) (25,537) Proceeds from the sale of investments 5,891 5,455

15.76 (3.49) Net cash from operating activities (27,915) (19,496)














Co-operators Mawer Balanced Fund



Mawer Balanced Fund 4,647,618 122,911,938 142,768,587


Mawer Balanced Fund

Mawer Canadian Bond Fund Series O 30.02% Canadian Treasury Bill Feb 20, 2020 1.26%Mawer US Equity Fund Series O 19.98% Canadian Treasury Bill Feb 06, 2020 1.08%Mawer International Equity Fund Series O 18.19% Canadian Treasury Bill Jan 23, 2020 0.58%Mawer Canadian Equity Fund Series O 13.57% Canadian Treasury Bill Mar 05, 2020 0.45%Mawer Global Small Cap Fund Series O 7.62% Canadian Treasury Bill Mar 19, 2020 0.39%Mawer New Canada Fund Series O 3.48% Canadian Treasury Bill Apr 02, 2020 0.17%Mawer Global Bond Fund Series O 1.88% Mawer Canadian Money Market Fund Series O 0.05%Canadian Treasury Bill Jan 09, 2020 1.28%



Co-operators Mawer Balanced FundFinancial Highlights (unaudited)For the years ended December 31






2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 2,443,754 1,783,335 1,681,468 712,414 615,030 Segment 2 Seed Money 48,001 41,538 41,446 180,674 174,178 Segment 4 Versatile Asset® Participants 3,657,410 2,124,915 1,993,201 1,487,024 1,345,071 Segment 5 Versatile Asset® II Participants 1,513,515 922,651 683,023 498,465 1,113,098 Segment 6 Versatile Asset® III Participants 254,272 129,677 77,626 132,191 47,898 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 28,544,075 23,179,702 21,483,936 18,933,177 18,817,461 Segment 9 Versatile Portfolios™ Participants (No-Load) 5,003,650 4,376,516 4,395,866 3,798,899 3,963,873 Segment 10 Group Retirement Income Product 451,342 644,239 379,422 34,062 70,268 Segment 11 Versatile Portfolios™ TFSA 2,558,965 2,464,366 2,204,558 1,736,331 1,704,928 Segment 12 Versatile Portfolios™ Education Savings Plan 3,482,519 2,103,025 1,509,129 1,067,555 505,142 Segment 13 Versatile Portfolios Navigator™ 100/100 6,714,242 5,607,977 5,335,197 3,354,154 1,711,115 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 9,337,486 5,801,565 2,519,649 1,381,951 482,816 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 254,086 212,915 197,971 92,967 5,902 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1,550,367 1,077,643 609,793 304,148 80,957 Segment 17 Versatile Portfolios Navigator™ 75/100 15,312,112 13,658,870 13,823,596 10,561,764 7,297,806 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 22,924,188 11,263,156 5,109,693 3,026,733 1,633,876 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 644,497 586,603 632,857 540,246 212,429 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 5,148,849 3,045,348 1,663,153 753,372 287,037 Segment 21 Versatile Portfolios Navigator™ 75/75 8,624,632 7,115,026 6,708,530 4,657,915 2,053,363 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 19,173,261 8,429,882 4,742,340 1,688,426 742,825 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 299,110 264,993 227,986 156,132 37,185 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 4,828,254 2,999,510 1,609,218 1,026,563 307,194



Co-operators Mawer Balanced FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 16,626 13,876 13,204 5,083 4,493 Segment 2 Seed Money 207 207 207 1,000 1,000 Segment 4 Versatile Asset® Participants 20,814 13,657 12,546 10,113 9,274 Segment 5 Versatile Asset® II Participants 8,660 5,957 4,316 3,400 7,692 Segment 6 Versatile Asset® III Participants 1,473 846 495 908 333 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 165,554 151,428 137,084 130,190 130,836 Segment 9 Versatile Portfolios™ Participants (No-Load) 29,226 28,764 28,188 26,226 27,642 Segment 10 Group Retirement Income Product 2,378 3,862 2,244 219 462 Segment 11 Versatile Portfolios™ TFSA 14,933 16,184 14,128 11,981 11,885 Segment 12 Versatile Portfolios™ Education Savings Plan 19,598 13,386 9,422 7,213 3,465 Segment 13 Versatile Portfolios Navigator™ 100/100 51,946 48,686 45,071 30,390 15,603 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 72,596 50,615 21,390 12,562 4,410 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 1,966 1,848 1,672 842 54 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 12,054 9,402 5,177 2,765 739 Segment 17 Versatile Portfolios Navigator™ 75/100 114,978 115,776 114,697 94,543 66,134 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 172,988 95,942 42,605 27,183 14,832 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 4,839 4,972 5,251 4,836 1,925 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 38,854 25,941 13,868 6,766 2,606 Segment 21 Versatile Portfolios Navigator™ 75/75 64,235 59,915 55,388 41,557 18,576 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 143,507 71,339 39,348 15,114 6,732 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2,228 2,231 1,882 1,393 336 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 36,138 25,384 13,352 9,189 2,784





Co-operators Mawer Canadian Equity FundUnderlying fund managed by Mawer Investment Management Ltd.





Accounts payable 289 230 Fund of funds rebalancing (note 2) (2,073) 3,443



Transfers (to) from other funds (1,648) 334

6,163 8,656 Statement of Comprehensive IncomeFund of funds (note 2)For the years ended December 31 2019 2018 21,181 913 (in thousands of dollars except per unit amounts) $ $




3,115 2,837 17,091 (11,186)


















Co-operators Mawer Canadian Equity Fund



Mawer Canadian Equity Fund 1,555,294 92,388,279 112,252,232


Mawer Canadian Equity Fund

Brookfield Asset Management Inc CL A 5.15% Toromont Industries Ltd 2.83%Canadian Pacific Railway Ltd 4.71% First Capital REIT 2.58%Royal Bank of Canada 4.70% Canadian National Railway Co 2.58%Toronto-Dominion Bank 4.39% Nutrien Ltd 2.57%Canadian Natural Resources Ltd 3.90% Constellation Software Inc 2.52%TELUS Corp 3.80% Shaw Communications Inc 2.46%Suncor Energy Inc 3.56% Finning International Inc 2.44%Bank of Nova Scotia 3.25% CGI Group Inc Cl A 2.42%Bank of Montreal 3.20% Rogers Communications Inc 2.29%Thomson Reuters Corp 3.15% ATS Automation Tooling Systems Inc 2.22%TMX Group Limited 3.07% BCE Inc 2.18%Manulife Financial Corp 2.93% Shopify Inc 2.10%Loblaw Cos Ltd 2.87%



Co-operators Mawer Canadian Equity FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 128.76 146.70 164.33 150.33 131.35 Segment 2 Seed Money 233.77 192.27 211.41 192.67 165.29 Segment 4 Versatile Asset® Participants 184.06 155.03 174.52 163.13 143.29 Segment 5 Versatile Asset® II Participants 181.89 153.48 173.11 162.02 142.54 Segment 6 Versatile Asset® III Participants 179.77 151.83 171.46 160.77 141.71 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 179.69 151.84 171.56 160.87 141.78 Segment 9 Versatile Portfolios™ Participants (No-Load) 178.04 150.69 170.48 160.09 141.27 Segment 10 Group Retirement Income Product 198.85 166.19 185.49 - - Segment 11 Versatile Portfolios™ TFSA 178.38 150.90 170.67 160.20 141.33 Segment 12 Versatile Portfolios™ Education Savings Plan 184.43 155.30 174.84 163.36 143.46 Segment 13 Versatile Portfolios Navigator™ 100/100 127.99 108.45 123.01 115.91 102.50 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 127.47 108.04 122.69 115.72 102.39 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 127.79 108.29 122.84 115.73 102.40 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 128.03 108.31 122.72 115.81 102.55 Segment 17 Versatile Portfolios Navigator™ 75/100 131.85 111.10 125.15 117.30 103.10 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 131.68 110.99 124.94 117.23 103.04 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 131.79 110.98 125.08 117.15 103.05 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 131.60 110.75 124.78 116.95 102.90 Segment 21 Versatile Portfolios Navigator™ 75/75 132.74 111.78 125.78 117.51 103.21 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 132.49 111.50 125.41 117.43 103.20 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 133.39 112.18 126.02 117.80 103.43 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 132.61 111.48 125.36 117.33 103.16


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 1,000,052 334,189 323,232 280,060 222,116 Segment 2 Seed Money 30,156 24,803 27,272 192,671 165,292 Segment 4 Versatile Asset® Participants 3,895,097 3,661,676 4,062,559 3,673,578 3,668,413 Segment 5 Versatile Asset® II Participants 2,576,415 2,534,556 2,741,352 2,468,553 2,512,551 Segment 6 Versatile Asset® III Participants 353,965 310,640 336,399 332,956 227,589 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 32,883,907 30,136,571 34,014,622 33,221,753 32,120,068 Segment 9 Versatile Portfolios™ Participants (No-Load) 8,753,322 7,902,258 8,880,818 8,489,740 8,305,083 Segment 10 Group Retirement Income Product 119,506 161,200 193,471 - - Segment 11 Versatile Portfolios™ TFSA 3,669,312 3,297,823 3,658,416 3,383,685 3,063,988 Segment 12 Versatile Portfolios™ Education Savings Plan 3,594,347 2,641,483 2,319,293 1,730,616 1,314,945 Segment 13 Versatile Portfolios Navigator™ 100/100 6,795,627 6,563,386 6,980,157 4,463,338 1,939,564 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 6,779,583 4,228,535 2,867,649 1,801,717 922,348 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 275,903 242,794 240,400 168,502 88,881 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1,738,967 1,404,545 1,034,139 554,285 205,818 Segment 17 Versatile Portfolios Navigator™ 75/100 7,461,098 6,666,904 7,267,380 3,972,082 2,026,363 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 10,236,339 5,889,358 3,506,447 1,440,229 632,560 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 385,340 373,335 434,794 311,629 106,657 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2,535,734 1,658,338 1,131,212 533,530 280,089 Segment 21 Versatile Portfolios Navigator™ 75/75 6,643,498 5,519,393 5,706,303 3,453,475 1,525,426 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 9,469,675 5,451,459 2,918,198 1,522,565 597,308 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 299,853 252,736 261,242 148,665 80,051 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2,754,536 1,815,117 1,252,227 573,642 233,769



Co-operators Mawer Canadian Equity FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 7,767 2,278 1,967 1,863 1,691 Segment 2 Seed Money 129 129 129 1,000 1,000 Segment 4 Versatile Asset® Participants 21,162 23,619 23,279 22,519 25,601 Segment 5 Versatile Asset® II Participants 14,165 16,514 15,836 15,236 17,627 Segment 6 Versatile Asset® III Participants 1,969 2,046 1,962 2,071 1,606 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 183,008 198,474 198,267 206,509 226,553 Segment 9 Versatile Portfolios™ Participants (No-Load) 49,166 52,442 52,092 53,032 58,788 Segment 10 Group Retirement Income Product 601 970 1,043 - - Segment 11 Versatile Portfolios™ TFSA 20,570 21,855 21,436 21,122 21,679 Segment 12 Versatile Portfolios™ Education Savings Plan 19,489 17,009 13,265 10,594 9,166 Segment 13 Versatile Portfolios Navigator™ 100/100 53,093 60,519 56,743 38,507 18,923 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 53,184 39,137 23,373 15,570 9,008 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2,159 2,242 1,957 1,456 868 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 13,583 12,968 8,427 4,786 2,007 Segment 17 Versatile Portfolios Navigator™ 75/100 56,588 60,007 58,070 33,862 19,654 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 77,736 53,064 28,065 12,285 6,139 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2,924 3,364 3,476 2,660 1,035 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 19,268 14,974 9,066 4,562 2,722 Segment 21 Versatile Portfolios Navigator™ 75/75 50,048 49,377 45,369 29,390 14,780 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 71,476 48,890 23,269 12,966 5,788 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2,248 2,253 2,073 1,262 774 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 20,771 16,282 9,989 4,889 2,266





Co-operators Mawer International Equity FundUnderlying fund managed by Mawer Investment Management Ltd.





Accounts payable 332 273 Fund of funds rebalancing (note 2) (1,872) 1,498



Transfers (to) from other funds (1,786) 2,886





3,561 3,251 14,518 (6,397)


















Co-operators Mawer International Equity Fund



Mawer International Equity Fund 2,137,583 111,574,142 130,214,477


Mawer International Equity Fund

AON PLC 5.07% Compass Group PLC 2.14%Air Liquide SA 3.53% Deutsche Boerse AG 2.11%Intertek Group PLC 3.11% Sampo Oyj 2.08%RELX PLC 2.99% Sika AG 1.98%LVMH Moet Hennessy Louis Vuitton SE 2.96% Croda International PLC 1.95%Assa Abloy AB Class B 2.94% SAP SE 1.95%Wolters Kluwer NV 2.90% DBS Group Holdings Ltd 1.94%Tsuruha Holdings Inc. 2.86% Halma PLC 1.93%Bunzl PLC 2.78% Tencent Holdings Limited 1.91%InterContinental Hotels Group PLC 2.66% HDFC Bank Ltd 1.91%Roche Holding AG 2.31% Seven & I Holdings Co., Ltd. 1.88%Novartis AG ADR 2.25% Recordati SpA 1.80%Taiwan Semiconductor Manufacturing Company 2.19%



Co-operators Mawer International Equity FundFinancial Highlights (unaudited)For the years ended December 31






2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 4,402,820 3,297,501 3,451,422 2,261,110 2,052,156 Segment 2 Seed Money 59,391 51,394 53,037 86,127 193,647 Segment 4 Versatile Asset® Participants 4,087,817 4,001,013 4,164,178 3,826,423 3,807,608 Segment 5 Versatile Asset® II Participants 2,779,531 2,749,039 2,804,459 2,534,669 2,712,631 Segment 6 Versatile Asset® III Participants 297,561 313,793 338,408 268,553 322,298 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 33,837,260 32,722,930 34,733,752 33,301,015 32,756,826 Segment 9 Versatile Portfolios™ Participants (No-Load) 9,088,495 8,573,567 9,014,622 8,837,915 8,598,572 Segment 10 Group Retirement Income Product 3,439,838 2,757,998 2,570,819 2,006,333 1,704,495 Segment 11 Versatile Portfolios™ TFSA 4,140,675 3,856,794 3,787,405 3,354,268 3,153,694 Segment 12 Versatile Portfolios™ Education Savings Plan 3,910,369 3,009,344 2,551,694 1,890,776 1,419,338 Segment 13 Versatile Portfolios Navigator™ 100/100 8,338,975 7,907,057 8,010,615 5,211,940 2,105,316 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 7,366,755 4,858,107 3,287,390 1,916,241 1,035,149 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 322,048 290,950 342,208 220,347 92,156 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2,065,409 1,785,479 1,240,882 614,766 217,689 Segment 17 Versatile Portfolios Navigator™ 75/100 8,418,520 7,835,584 6,885,084 4,248,788 2,056,458 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 12,056,428 7,495,825 4,336,160 1,639,098 652,684 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 348,107 364,149 471,290 330,527 80,983 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2,745,722 1,900,177 1,277,470 559,080 282,368 Segment 21 Versatile Portfolios Navigator™ 75/75 6,885,273 6,337,789 6,130,573 3,932,142 1,720,365 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 11,912,198 7,381,694 3,459,704 1,671,907 624,832 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 357,463 309,338 349,182 248,501 113,954 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3,353,822 2,413,926 1,421,431 650,735 282,329



Co-operators Mawer International Equity FundFinancial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 33,193 27,709 27,844 22,127 19,513 Segment 2 Seed Money 227 227 227 456 1,000 Segment 4 Versatile Asset® Participants 20,455 22,588 22,241 24,688 23,410 Segment 5 Versatile Asset® II Participants 14,080 15,681 15,103 16,467 16,772 Segment 6 Versatile Asset® III Participants 1,529 1,812 1,842 1,759 2,006 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 173,501 188,653 188,751 217,906 203,591 Segment 9 Versatile Portfolios™ Participants (No-Load) 47,049 49,819 49,308 58,129 53,645 Segment 10 Group Retirement Income Product 195,928 182,674 163,355 159,680 131,001 Segment 11 Versatile Portfolios™ TFSA 21,398 22,384 20,698 22,048 19,667 Segment 12 Versatile Portfolios™ Education Savings Plan 19,535 16,963 13,607 12,187 8,720 Segment 13 Versatile Portfolios Navigator™ 100/100 58,885 62,514 59,443 46,402 17,733 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 52,060 38,521 24,450 17,074 8,730 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2,273 2,303 2,552 1,967 777 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 14,575 14,159 9,243 5,474 1,833 Segment 17 Versatile Portfolios Navigator™ 75/100 57,645 60,494 50,151 37,350 17,216 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 82,675 57,988 31,747 14,427 5,469 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2,373 2,808 3,442 2,910 678 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 18,804 14,705 9,354 4,930 2,369 Segment 21 Versatile Portfolios Navigator™ 75/75 46,756 48,594 44,487 34,524 14,397 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 81,237 56,852 25,200 14,683 5,226 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2,420 2,366 2,535 2,181 953 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 22,841 18,594 10,355 5,720 2,364





Co-operators Aggressive Balanced FundUnderlying funds managed by Addenda Capital Inc.






16,557 14,561 Unitholders' contributions 1,393 1,086 Unitholders' withdrawals (1,459) (1,483) Transfers (to) from other funds (268) (645)

Net assets attributable to unitholders per unit 256.85 222.07(334) (1,042)

Statement of Comprehensive Income 1,996 (1,743) Fund of Funds (note 2)For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ 16,557 14,561

Investment income and gainsDistribution from underlying fund 469 439 Statement of Cash FlowsRealized gains (losses) on sale of investments 271 (63) Fund of funds (note 2)Unrealized gains (losses) 1,853 (817) For the years ended December 31 2019 2018

2,593 (441) (in thousands of dollars) $ $

Expenses Cash flows from operating activitiesManagement fees (note 10) 262 259 Audit, legal and other fees (note 10) 1 1 2,330 (701)

263 260 Adjustments for: Realized (gains) losses on sale of investments (271) 63 Unrealized (gains) losses (1,853) 817

2,330 (701) Current liabilities 2 (1) Purchases of investments (1,390) (1,070) Proceeds from the sale of investments 1,985 2,373

35.65 (10.57) Net cash from operating activities 803 1,481

Cash flows from financing activitiesDistributions (469) (439) Proceeds from the issuance of units 1,393 1,086 Amounts paid on redemption of units (1,727) (2,128)

Net cash from financing activities (803) (1,481)







Net assets attributable to unitholders






Co-operators Aggressive Balanced FundUnderlying funds managed by Addenda Capital Inc.


Number of Average Fair % of NetInvestment Units Cost Value Assets

Co-operators Canadian Equity Fund 30,683 4,270,003 5,965,913 36.03%Co-operators Canadian Fixed Income Fund 48,727 6,219,043 6,125,997 37.00%Co-operators Canadian Resource Fund 7,227 1,170,436 1,332,852 8.05%Co-operators U.S. Equity Fund 14,648 1,766,407 3,132,282 18.92%

101,285 13,425,889 16,557,044 100.00%

Top Holdings of Underlying Funds (unaudited)As at December 31, 2019

Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund

Toronto Dominion Bank 6.70% Canada Housing Trust, 2.35%, 2023-09-15 8.69%Royal Bank of Canada 6.69% Canada Housing Trust, 2.55%, 2025-03-15 6.78%Brookfield Asset Management 6.29% Ontario Prov, 2.90%, 2046-12-02 5.77%Bank of Nova Scotia 5.61% Canada Housing Trust, 1.80%, 2024-12-15 4.45%Enbridge Inc 5.10% Ontario Prov, 2.65%, 2025-02-05 3.73%

Co-operators Canadian Resource Fund Co-operators U.S. Equity Fund

TC Energy 10.61% Addenda Pooled Fund 6.68%Suncor Energy Inc 10.16% Apple Inc 5.67%Cdn Natural Res 10.12% Microsoft Corp 5.41%Enbridge Inc 9.92% Thermo Fisher Sci 4.59%Pembina Pipeline 9.08% Broadcom Inc 3.74%



Co-operators Aggressive Balanced Fund

Financial Highlights (unaudited)For the years ended December 31




Segment 1 Group Retirement Products 275.37 236.83 245.60 230.37 213.66 Segment 4 Versatile Asset® Participants 272.53 236.29 248.91 238.26 223.50 Segment 5 Versatile Asset® II Participants 259.29 225.45 238.16 228.67 215.10 Segment 6 Versatile Asset® III Participants 227.96 198.55 210.27 202.42 190.67 Segment 7 Versatile Asset® IV Participants 256.85 222.35 235.27 224.89 210.64 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 218.46 190.32 201.44 193.77 182.62 Segment 9 Versatile Portfolios™ Participants (No-Load) 213.33 186.16 197.31 190.14 179.49 Segment 11 Versatile Portfolios™ TFSA 187.66 163.68 173.57 167.10 157.77 Segment 12 Versatile Portfolios™ Education Savings Plan 179.43 155.65 164.18 157.49 147.67


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 9,967,735 8,378,365 8,938,377 8,555,842 7,884,287 Segment 4 Versatile Asset® Participants 950,861 1,143,882 1,205,199 1,174,862 1,168,448 Segment 5 Versatile Asset® II Participants 2,089,630 1,905,078 2,208,708 2,282,621 2,262,640 Segment 6 Versatile Asset® III Participants 160,029 155,660 181,672 206,869 198,874 Segment 7 Versatile Asset® IV Participants 8,733 7,560 19,998 19,116 17,904 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2,460,998 2,162,400 2,980,112 2,979,463 2,981,082 Segment 9 Versatile Portfolios™ Participants (No-Load) 345,387 348,301 349,438 435,426 435,451 Segment 11 Versatile Portfolios™ TFSA 418,285 325,562 292,984 261,510 227,192 Segment 12 Versatile Portfolios™ Education Savings Plan 155,386 134,478 127,570 106,145 74,427

Number of units outstanding (schedule 2)Segment 1 Group Retirement Products 36,198 35,377 36,394 37,140 36,901 Segment 4 Versatile Asset® Participants 3,489 4,841 4,842 4,931 5,228 Segment 5 Versatile Asset® II Participants 8,059 8,450 9,274 9,982 10,519 Segment 6 Versatile Asset® III Participants 702 784 864 1,022 1,043 Segment 7 Versatile Asset® IV Participants 34 34 85 85 85 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 11,265 11,362 14,794 15,376 16,324 Segment 9 Versatile Portfolios™ Participants (No-Load) 1,619 1,871 1,771 2,290 2,426 Segment 11 Versatile Portfolios™ TFSA 2,229 1,989 1,688 1,565 1,440 Segment 12 Versatile Portfolios™ Education Savings Plan 866 864 777 674 504

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 2.21% 2.20% 2.20% 2.20% 2.21%Segment 5 Versatile Asset® II Participants 2.50% 2.50% 2.50% 2.50% 2.50%Segment 6 Versatile Asset® III Participants 2.75% 2.73% 2.73% 2.73% 2.72%Segment 7 Versatile Asset® IV Participants 2.05% 2.05% 2.05% 2.06% 2.06%Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.70% 2.70% 2.70% 2.69% 2.69%Segment 9 Versatile Portfolios™ Participants (No-Load) 2.86% 2.86% 2.86% 2.85% 2.85%Segment 11 Versatile Portfolios™ TFSA 2.85% 2.84% 2.84% 2.84% 2.84%Segment 12 Versatile Portfolios™ Education Savings Plan 2.33% 2.32% 2.32% 2.32% 2.32%




Co-operators Conservative Balanced FundUnderlying funds managed by Addenda Capital Inc.






10,462 9,747 Unitholders' contributions 549 625 Unitholders' withdrawals (1,396) (2,167) Transfers (to) from other funds 392 461

Net assets attributable to unitholders per unit 205.08 181.36(455) (1,081)

Statement of Comprehensive Income 715 (1,431) Fund of Funds (note 2)For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ 10,462 9,747

Investment income and gainsDistribution from underlying fund 293 321 Statement of Cash FlowsRealized gains (losses) on sale of investments 238 (75) Fund of funds (note 2)Unrealized gains (losses) 858 (365) For the years ended December 31 2019 2018

1,389 (119) (in thousands of dollars) $ $Expenses

Management fees (note 10) 218 230 Cash flows from operating activitiesAudit, legal and other fees (note 10) 1 1

219 231 1,170 (350) Adjustments for:

Realized (gains) losses on sale of investments (238) 75 1,170 (350) Unrealized (gains) losses (858) 365

Current liabilities 2 (1) Purchases of investments (1,067) (1,158)

22.72 (6.17) Proceeds from the sale of investments 1,739 2,471 Net cash from operating activities 748 1,402

Cash flows from financing activitiesDistributions (293) (321) Proceeds from the issuance of units 941 1,086 Amounts paid on redemption of units (1,396) (2,167)

Net cash from financing activities (748) (1,402)













Co-operators Conservative Balanced FundUnderlying funds managed by Addenda Capital Inc.



Co-operators Canadian Equity Fund 17,238 2,395,726 3,351,730 32.04%Co-operators Canadian Fixed Income Fund 46,613 5,940,589 5,860,132 56.01%Co-operators U.S. Equity Fund 5,847 706,534 1,250,357 11.95%

69,698 9,042,849 10,462,219 100.00%




Co-operators U.S. Equity Fund

Addenda Pooled Fund 6.68%Apple Inc 5.67%Microsoft Corp 5.41%Thermo Fisher Sci 4.59%Broadcom Inc 3.74%



Co-operators Conservative Balanced Fund





Segment 1 Group Retirement Products 241.12 207.40 214.85 212.06 204.79 Segment 4 Versatile Asset® Participants 242.95 216.42 224.24 215.65 206.82 Segment 5 Versatile Asset® II Participants 231.58 206.92 214.99 207.35 199.47 Segment 6 Versatile Asset® III Participants 199.24 178.44 185.96 179.75 173.26 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 189.67 169.79 176.77 170.82 164.63 Segment 9 Versatile Portfolios™ Participants (No-Load) 185.37 166.21 173.30 167.74 161.91 Segment 10 Group Retirement Income Product 145.68 129.33 133.52 128.00 122.37 Segment 11 Versatile Portfolios™ TFSA 168.04 150.69 157.08 151.99 146.72 Segment 12 Versatile Portfolios™ Education Savings Plan 165.28 147.34 152.86 147.11 141.40


2019 2018 2017 2016 2015Net assets

Segment 1 Group Retirement Products 3,605,222 3,345,701 3,595,706 3,200,481 2,920,926 Segment 4 Versatile Asset® Participants 412,043 391,938 570,477 580,952 490,579 Segment 5 Versatile Asset® II Participants 640,325 598,628 628,847 645,281 619,966 Segment 6 Versatile Asset® III Participants 103,406 96,712 358,709 458,187 436,786 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 4,086,714 3,838,749 4,277,230 4,538,566 4,654,361 Segment 9 Versatile Portfolios™ Participants (No-Load) 714,406 639,745 896,675 934,964 1,045,778 Segment 10 Group Retirement Income Product 334,330 308,194 341,002 221,954 199,342 Segment 11 Versatile Portfolios™ TFSA 353,391 364,213 362,062 281,184 350,376 Segment 12 Versatile Portfolios™ Education Savings Plan 212,382 163,105 147,506 103,716 141,544

Number of units outstanding (schedule 2)Segment 1 Group Retirement Products 14,952 16,132 16,736 15,092 14,263 Segment 4 Versatile Asset® Participants 1,696 1,811 2,544 2,694 2,372 Segment 5 Versatile Asset® II Participants 2,765 2,893 2,925 3,112 3,108 Segment 6 Versatile Asset® III Participants 519 542 1,929 2,549 2,521 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 21,546 22,609 24,197 26,570 28,272 Segment 9 Versatile Portfolios™ Participants (No-Load) 3,854 3,849 5,174 5,574 6,459 Segment 10 Group Retirement Income Product 2,295 2,383 2,554 1,734 1,629 Segment 11 Versatile Portfolios™ TFSA 2,103 2,417 2,305 1,850 2,388 Segment 12 Versatile Portfolios™ Education Savings Plan 1,285 1,107 965 705 1,001

Management expense ratio (note 10)Segment 4 Versatile Asset® Participants 2.21% 2.20% 2.20% 2.20% 2.21%Segment 5 Versatile Asset® II Participants 2.50% 2.50% 2.50% 2.50% 2.50%Segment 6 Versatile Asset® III Participants 2.75% 2.73% 2.73% 2.73% 2.72%Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.70% 2.70% 2.70% 2.69% 2.69%Segment 9 Versatile Portfolios™ Participants (No-Load) 2.86% 2.86% 2.86% 2.85% 2.85%Segment 11 Versatile Portfolios™ TFSA 2.85% 2.84% 2.84% 2.84% 2.84%Segment 12 Versatile Portfolios™ Education Savings Plan 2.33% 2.32% 2.32% 2.32% 2.32%




Co-operators Aggressive PortfolioUnderlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and MawerInvestment Management Ltd.






164,258 133,862 Unitholders' contributions 26,265 26,976 Unitholders' withdrawals (12,542) (8,975) Transfers (to) from other funds (3,733) 1,157


Statement of Comprehensive Income 30,396 10,149 Fund of Funds (note 2)For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ 164,258 133,862

Investment income and gainsDistribution from underlying fund 5,039 4,995 Statement of Cash FlowsRealized gains (losses) on sale of investments 2,813 2,243 Fund of funds (note 2)Unrealized gains (losses) 17,271 (12,043) For the years ended December 31 2019 2018

25,123 (4,805) (in thousands of dollars) $ $Expenses

Management fees (note 10) 4,708 4,196 Cash flows from operating activitiesAudit, legal and other fees (note 10) 9 8

4,717 4,204 20,406 (9,009) Adjustments for:

Realized (gains) losses on sale of investments (2,813) (2,243) 20,406 (9,009) Unrealized (gains) losses (17,271) 12,043

Current liabilities 91 40 Purchases of investments (25,159) (29,010)

22.00 (10.89) Proceeds from the sale of investments 19,795 14,016 Net cash from operating activities (4,951) (14,163)

Cash flows from financing activitiesDistributions (5,039) (4,995) Proceeds from the issuance of units 26,265 28,133 Amounts paid on redemption of units (16,275) (8,975)














Co-operators Aggressive PortfolioUnderlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and MawerInvestment Management Ltd.



Co-operators BlackRock Canada Universe Bond Index Fund 555,449 16,248,129 16,441,299 10.01%Co-operators BlackRock U.S. Equity Index Fund 570,309 12,581,408 16,367,876 9.96%Co-operators Canadian Equity Fund 169,193 22,470,104 32,897,918 20.04%Co-operators Canadian Fixed Income Fund 130,718 15,889,471 16,433,836 10.00%Co-operators Fidelity Global Fund 88,943 12,121,874 16,415,333 9.99%Co-operators Fidelity True North® Fund 91,021 13,013,296 16,459,335 10.02%Co-operators Mawer Canadian Equity Fund 162,904 20,085,289 24,675,102 15.02%Co-operators Mawer International Equity Fund 182,901 20,842,849 24,567,222 14.96%

1,951,438 133,252,420 164,257,921 100.00%


Co-operators BlackRock Canada Universe Bond Index Fund Co-operators BlackRock U.S. Equity Index Fund

Government of Canada 3.50%, 2045-12-01 1.41% Apple Inc 4.54%Government of Canada 5.75%, 2029-06-01 1.34% Microsoft Corp 4.45%Government of Canada 2.75%, 2048-12-01 1.23% Amazon Com Inc 2.85%Government of Canada 0.75%, 2021-03-01 1.22% Facebook Class A Inc 1.82%Government of Canada 1.00%, 2022-09-01 1.20% Berkshire Hathaway Inc Class B 1.64%



Co-operators Fidelity Global Fund Co-operators Fidelity True North® Fund

Alphabet Inc CL A 2.98% Royal Bank of Canada 5.60%Microsoft Corp 2.95% Toronto-Dominion Bank 5.47%JPMorgan Chase & Co 2.57% Alimentation Couch CL B Sub Vtg 4.17%Apple Inc 2.52% Suncor Energy Inc 3.79%Charter Communications Inc A 2.05% Enbridge Inc 3.73%

Co-operators Mawer Canadian Equity Fund Co-operators Mawer International Equity Fund

Brookfield Asset Management Inc CL A 5.15% AON PLC 5.07%Canadian Pacific Railway Ltd 4.71% Air Liquide SA 3.53%Royal Bank of Canada 4.70% Intertek Group PLC 3.11%Toronto-Dominion Bank 4.39% RELX PLC 2.99%Canadian Natural Resources Ltd 3.90% LVMH Moet Hennessy Louis Vuitton SE 2.96%



Co-operators Aggressive Portfolio







2019 2018 2017 2016 2015Net assets

Segment 4 Versatile Asset® Participants 7,580,756 6,834,313 7,177,461 6,173,352 5,948,714 Segment 5 Versatile Asset® II Participants 4,587,274 4,222,635 4,444,273 4,139,699 3,840,276 Segment 6 Versatile Asset® III Participants 318,993 317,098 391,798 340,070 316,971 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 52,550,286 48,746,541 51,582,635 47,656,666 46,384,670 Segment 9 Versatile Portfolios™ Participants (No-Load) 13,052,785 11,250,945 12,058,384 10,889,518 10,485,608 Segment 11 Versatile Portfolios™ TFSA 3,720,341 3,377,689 3,593,923 3,222,685 2,896,377 Segment 12 Versatile Portfolios™ Education Savings Plan 6,379,456 4,747,232 4,024,221 2,898,428 2,174,320 Segment 13 Versatile Portfolios Navigator™ 100/100 11,322,130 10,247,791 10,520,427 6,045,594 2,135,058 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 8,311,130 5,022,097 2,787,909 536,523 217,962 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 529,464 458,396 446,309 211,843 92,041 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2,106,445 1,537,035 1,037,913 411,938 68,137 Segment 17 Versatile Portfolios Navigator™ 75/100 9,491,873 8,337,309 7,860,949 4,180,822 1,757,191 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 14,547,624 8,958,705 3,641,346 859,171 310,482 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 323,466 302,722 282,042 104,172 26,667 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3,120,861 1,990,082 947,081 370,536 241,195 Segment 21 Versatile Portfolios Navigator™ 75/75 9,517,382 8,220,824 8,241,050 4,142,515 1,812,077 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 13,649,971 6,988,082 3,304,540 1,962,002 377,198 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 474,047 429,569 394,002 258,277 125,932 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2,673,637 1,873,183 976,973 306,559 119,904








Segment 4 Versatile Asset® Participants 32,419 33,692 33,193 31,028 31,543 Segment 5 Versatile Asset® II Participants 20,055 21,231 20,911 21,118 20,618 Segment 6 Versatile Asset® III Participants 1,473 1,679 1,937 1,819 1,780 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 238,486 253,944 250,996 250,961 256,606 Segment 9 Versatile Portfolios™ Participants (No-Load) 60,600 59,869 59,837 58,391 58,977 Segment 11 Versatile Portfolios™ TFSA 17,961 18,693 18,552 17,979 16,951 Segment 12 Versatile Portfolios™ Education Savings Plan 31,860 27,313 21,705 16,980 13,430 Segment 13 Versatile Portfolios Navigator™ 100/100 86,965 90,132 86,215 53,429 19,755 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 64,163 44,397 22,963 4,758 2,021 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4,067 4,032 3,658 1,872 852 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 16,263 13,589 8,550 3,654 632 Segment 17 Versatile Portfolios Navigator™ 75/100 70,760 71,593 63,270 36,504 16,158 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 108,995 77,312 29,456 7,527 2,859 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2,412 2,600 2,270 910 245 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 23,385 17,176 7,662 3,246 2,222 Segment 21 Versatile Portfolios Navigator™ 75/75 70,385 70,143 66,015 36,056 16,637 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 101,454 59,925 26,604 17,135 3,469 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3,506 3,665 3,156 2,248 1,156 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 19,873 16,064 7,866 2,677 1,103





Co-operators Conservative PortfolioUnderlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and MawerInvestment Management Ltd.






183,145 155,742 Unitholders' contributions 31,681 29,951 Unitholders' withdrawals (24,221) (23,160) Transfers (to) from other funds 4,476 (1,167)


Statement of Comprehensive Income 27,403 3 Fund of Funds (note 2)For the years ended December 31 2019 2018(in thousands of dollars except per unit amounts) $ $ 183,145 155,742

Investment income and gainsDistribution from underlying fund 5,424 5,635 Statement of Cash FlowsRealized gains (losses) on sale of investments 3,087 819 Fund of funds (note 2)Unrealized gains (losses) 11,862 (7,542) For the years ended December 31 2019 2018



4,906 4,533 15,467 (5,621) Adjustments for:

Realized (gains) losses on sale of investments (3,087) (819) 15,467 (5,621) Unrealized (gains) losses (11,862) 7,542


12.58 (4.90) Proceeds from the sale of investments 28,537 29,724 Net cash from operating activities (6,512) 11















Co-operators Conservative PortfolioUnderlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and MawerInvestment Management Ltd.



Co-operators BlackRock Canada Universe Bond Index Fund 1,548,116 46,041,353 45,824,243 25.02%Co-operators BlackRock U.S. Equity Index Fund 635,815 14,259,157 18,247,902 9.96%Co-operators Canadian Equity Fund 94,313 12,729,623 18,338,249 10.01%Co-operators Canadian Fixed Income Fund 364,329 45,039,443 45,803,451 25.02%Co-operators Fidelity Canadian Bond Fund 155,533 17,885,546 18,332,696 10.01%Co-operators Mawer Canadian Equity Fund 121,077 15,173,181 18,339,481 10.01%Co-operators Mawer International Equity Fund 135,939 15,747,110 18,259,303 9.97%

3,055,122 166,875,413 183,145,325 100.00%






Co-operators Fidelity Canadian Bond Fund Co-operators Mawer Canadian Equity Fund

Canada Govt 5% 6/1/37 1.98% Brookfield Asset Management Inc CL A 5.15%Alberta Prov 2.35% 6/1/25 1.73% Canadian Pacific Railway Ltd 4.71%Quebec Prov 5% 12/1/41 1.61% Royal Bank of Canada 4.70%Ontario Prov 5.85 3/8/33 1.37% Toronto-Dominion Bank 4.39%Quebec Prov 3.75% 9/1/24 1.23% Canadian Natural Resources Ltd 3.90%


AON PLC 5.07%Air Liquide SA 3.53%Intertek Group PLC 3.11%RELX PLC 2.99%LVMH Moet Hennessy Louis Vuitton SE 2.96%



Co-operators Conservative Portfolio







2019 2018 2017 2016 2015Net assets

Segment 4 Versatile Asset® Participants 3,310,378 3,947,894 4,135,487 5,136,911 5,895,003 Segment 5 Versatile Asset® II Participants 2,503,803 2,318,637 3,371,178 3,249,475 2,994,331 Segment 6 Versatile Asset® III Participants 393,950 409,237 542,659 596,586 502,982 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 52,126,687 49,411,079 55,717,050 57,887,792 59,839,331 Segment 9 Versatile Portfolios™ Participants (No-Load) 15,030,641 14,763,833 16,542,615 18,771,043 19,016,712 Segment 11 Versatile Portfolios™ TFSA 8,582,677 7,816,969 7,892,268 8,089,519 8,201,125 Segment 12 Versatile Portfolios™ Education Savings Plan 4,151,888 3,177,148 3,179,779 2,487,958 2,160,817 Segment 13 Versatile Portfolios Navigator™ 100/100 11,804,172 11,969,395 12,901,588 13,438,276 6,687,892 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 12,033,073 8,526,539 6,585,694 6,979,476 2,659,253 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 310,333 279,379 306,987 420,685 258,874 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4,379,346 3,486,723 2,753,926 1,983,085 873,208 Segment 17 Versatile Portfolios Navigator™ 75/100 11,439,227 10,117,084 11,460,091 8,238,753 4,203,314 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 21,362,580 13,358,576 9,016,847 4,875,012 1,979,113 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 739,738 736,675 933,308 897,419 373,086 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 5,687,415 3,511,058 2,747,197 1,430,303 522,889 Segment 21 Versatile Portfolios Navigator™ 75/75 8,820,283 7,558,057 8,379,769 5,572,696 2,657,090 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 14,067,605 10,023,710 5,802,984 3,709,821 1,775,726 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 823,019 700,730 638,750 453,443 269,709 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 5,578,510 3,629,069 2,830,439 1,533,821 816,155








Segment 4 Versatile Asset® Participants 16,928 22,196 22,479 29,195 34,316 Segment 5 Versatile Asset® II Participants 13,223 13,446 18,876 18,998 17,908 Segment 6 Versatile Asset® III Participants 2,156 2,453 3,134 3,589 3,088 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 283,461 294,483 320,014 346,521 365,741 Segment 9 Versatile Portfolios™ Participants (No-Load) 83,628 89,889 96,908 114,427 118,185 Segment 11 Versatile Portfolios™ TFSA 52,387 52,219 50,737 54,126 55,948 Segment 12 Versatile Portfolios™ Education Savings Plan 25,732 21,659 20,967 17,160 15,273 Segment 13 Versatile Portfolios Navigator™ 100/100 101,033 112,137 116,337 125,999 63,884 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 103,496 80,274 59,674 65,653 25,443 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2,656 2,617 2,768 3,944 2,473 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 37,667 32,826 24,954 18,654 8,355 Segment 17 Versatile Portfolios Navigator™ 75/100 95,028 92,542 101,497 76,321 39,904 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 178,341 122,797 80,252 45,310 18,820 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 6,145 6,739 8,266 8,314 3,542 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 47,478 32,274 24,450 13,293 4,972 Segment 21 Versatile Portfolios Navigator™ 75/75 72,670 68,678 73,846 51,450 25,180 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 116,481 91,537 51,395 34,368 16,859 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 6,781 6,368 5,629 4,187 2,556 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 46,187 33,138 25,065 14,207 7,747





Co-operators Moderate PortfolioUnderlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and MawerInvestment Management Ltd.






273,104 228,714 Unitholders' contributions 48,946 48,898 Unitholders' withdrawals (28,299) (26,898) Transfers (to) from other funds (4,193) (3,122)






7,510 6,915 27,936 (11,531) Adjustments for:


















Co-operators Moderate PortfolioUnderlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and MawerInvestment Management Ltd.



Co-operators BlackRock Canada Universe Bond Index Fund 1,846,923 54,436,474 54,668,923 20.02%Co-operators BlackRock U.S. Equity Index Fund 948,167 21,070,067 27,212,391 9.96%Co-operators Canadian Equity Fund 210,969 28,224,423 41,020,794 15.02%Co-operators Canadian Fixed Income Fund 434,649 53,254,541 54,644,110 20.01%Co-operators Fidelity True North® Fund 151,327 21,794,074 27,364,448 10.02%Co-operators Mawer Canadian Equity Fund 180,557 22,425,507 27,349,041 10.01%Co-operators Mawer International Equity Fund 304,081 34,911,568 40,844,205 14.96%

4,076,673 236,116,654 273,103,912 100.00%






Co-operators Fidelity True North® Fund Co-operators Mawer Canadian Equity Fund

Royal Bank of Canada 5.60% Brookfield Asset Management Inc CL A 5.15%Toronto-Dominion Bank 5.47% Canadian Pacific Railway Ltd 4.71%Alimentation Couch CL B Sub Vtg 4.17% Royal Bank of Canada 4.70%Suncor Energy Inc 3.79% Toronto-Dominion Bank 4.39%Enbridge Inc 3.73% Canadian Natural Resources Ltd 3.90%





Co-operators Moderate Portfolio







2019 2018 2017 2016 2015Net assets

Segment 4 Versatile Asset® Participants 8,356,265 7,710,575 8,241,547 7,776,232 8,247,516 Segment 5 Versatile Asset® II Participants 6,260,379 6,953,695 7,145,281 6,616,282 6,590,033 Segment 6 Versatile Asset® III Participants 594,767 677,107 627,233 560,824 527,749 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 77,800,055 72,882,738 81,172,715 79,454,574 78,970,371 Segment 9 Versatile Portfolios™ Participants (No-Load) 18,829,412 17,933,431 20,268,807 19,338,554 19,633,378 Segment 11 Versatile Portfolios™ TFSA 8,506,112 8,109,078 8,836,333 7,809,663 7,272,467 Segment 12 Versatile Portfolios™ Education Savings Plan 11,304,580 8,953,756 7,766,631 5,932,617 4,579,842 Segment 13 Versatile Portfolios Navigator™ 100/100 20,868,476 20,441,842 22,210,581 10,908,835 4,515,837 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 19,429,137 11,780,196 10,170,223 3,864,147 2,676,183 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 850,148 735,442 741,866 397,960 205,265 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4,973,029 4,232,519 3,079,563 1,317,517 410,942 Segment 17 Versatile Portfolios Navigator™ 75/100 17,129,322 16,322,176 16,056,970 8,645,043 5,151,741 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 27,468,932 15,693,005 7,941,517 3,075,088 1,151,722 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 860,340 752,815 928,408 623,426 166,408 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 6,669,650 4,374,421 2,706,714 1,031,356 587,448 Segment 21 Versatile Portfolios Navigator™ 75/75 12,539,665 12,363,695 12,714,224 6,615,012 2,474,252 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 23,174,057 13,871,864 7,362,433 3,122,485 1,562,501 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 598,321 518,045 543,439 356,638 246,747 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 6,891,265 4,407,647 2,852,646 1,286,631 342,832








Segment 4 Versatile Asset® Participants 38,710 40,108 40,903 41,011 45,181 Segment 5 Versatile Asset® II Participants 30,093 37,465 36,661 36,005 37,183 Segment 6 Versatile Asset® III Participants 3,015 3,838 3,378 3,196 3,111 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 386,042 404,580 428,307 443,841 456,542 Segment 9 Versatile Portfolios™ Participants (No-Load) 95,588 101,692 109,073 110,003 115,406 Segment 11 Versatile Portfolios™ TFSA 46,662 49,695 51,400 48,028 46,221 Segment 12 Versatile Portfolios™ Education Savings Plan 63,538 56,503 46,757 37,949 30,430 Segment 13 Versatile Portfolios Navigator™ 100/100 170,528 186,615 192,464 99,832 42,671 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 159,574 108,091 88,578 35,485 25,335 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 6,948 6,715 6,430 3,643 1,940 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 40,846 38,838 26,823 12,100 3,890 Segment 17 Versatile Portfolios Navigator™ 75/100 135,863 145,491 136,670 78,171 48,382 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 218,959 140,581 67,931 27,898 10,834 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 6,824 6,710 7,902 5,637 1,563 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 53,159 39,183 23,151 9,356 5,526 Segment 21 Versatile Portfolios Navigator™ 75/75 98,638 109,474 107,674 59,611 23,195 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 183,217 123,453 62,668 28,235 14,674 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 4,707 4,588 4,603 3,214 2,314 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 54,484 39,227 24,281 11,634 3,220





Co-operators Very Aggressive PortfolioUnderlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and MawerInvestment Management Ltd.






54,082 44,121 Unitholders' contributions 7,964 8,824 Unitholders' withdrawals (4,209) (4,380) Transfers (to) from other funds (1,834) 1,393






1,628 1,476 8,040 (3,678) Adjustments for:



27.46 (13.81) Proceeds from the sale of investments 8,492 6,899 Net cash from operating activities (69) (4,039)


Net cash from financing activities 69 4,039













Co-operators Very Aggressive PortfolioUnderlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and MawerInvestment Management Ltd.



Co-operators BlackRock Canadian Equity Index Fund 133,970 4,937,020 5,424,426 10.03%Co-operators BlackRock U.S. Equity Index Fund 281,639 6,319,516 8,083,030 14.95%Co-operators Canadian Equity Fund 55,702 7,526,513 10,830,757 20.02%Co-operators Fidelity Global Fund 29,282 4,060,586 5,404,310 9.99%Co-operators Fidelity True North® Fund 44,949 6,535,330 8,128,190 15.03%Co-operators Mawer Canadian Equity Fund 53,632 6,725,359 8,123,615 15.02%Co-operators Mawer International Equity Fund 60,215 6,985,062 8,088,099 14.96%

659,389 43,089,386 54,082,427 100.00%


Co-operators BlackRock Canadian Equity Index Fund Co-operators BlackRock U.S. Equity Index Fund

Royal Bank of Canada 6.05% Apple Inc 4.54%Toronto Dominion Bank 5.45% Microsoft Corp 4.45%Enbridge Inc 4.30% Amazon Com Inc 2.85%Bank of Nova Scotia 3.67% Facebook Class A Inc 1.82%Canadian National Railway 3.47% Berkshire Hathaway Inc Class B 1.64%

Co-operators Canadian Equity Fund Co-operators Fidelity Global Fund

Toronto Dominion Bank 6.70% Alphabet Inc CL A 2.98%Royal Bank of Canada 6.69% Microsoft Corp 2.95%Brookfield Asset Management 6.29% JPMorgan Chase & Co 2.57%Bank of Nova Scotia 5.61% Apple Inc 2.52%Enbridge Inc 5.10% Charter Communications Inc A 2.05%

Co-operators Fidelity True North® Fund Co-operators Mawer Canadian Equity Fund

Royal Bank of Canada 5.60% Brookfield Asset Management Inc CL A 5.15%Toronto-Dominion Bank 5.47% Canadian Pacific Railway Ltd 4.71%Alimentation Couch CL B Sub Vtg 4.17% Royal Bank of Canada 4.70%Suncor Energy Inc 3.79% Toronto-Dominion Bank 4.39%Enbridge Inc 3.73% Canadian Natural Resources Ltd 3.90%





Co-operators Very Aggressive Portfolio







2019 2018 2017 2016 2015Net assets

Segment 4 Versatile Asset® Participants 3,316,828 2,733,000 2,833,316 2,388,013 2,167,342 Segment 5 Versatile Asset® II Participants 1,944,938 1,630,165 2,048,180 1,810,470 1,698,543 Segment 6 Versatile Asset® III Participants 135,999 114,297 145,502 98,681 79,551 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 16,701,763 15,370,227 17,115,203 15,471,582 14,663,689 Segment 9 Versatile Portfolios™ Participants (No-Load) 4,156,777 3,385,217 3,692,919 3,550,130 4,047,046 Segment 11 Versatile Portfolios™ TFSA 1,652,881 1,417,787 1,315,869 1,073,878 1,050,081 Segment 12 Versatile Portfolios™ Education Savings Plan 1,648,159 1,121,844 919,942 651,853 406,916 Segment 13 Versatile Portfolios Navigator™ 100/100 2,478,729 2,097,211 2,550,053 1,648,403 827,304 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2,998,036 2,754,467 928,019 439,058 114,514 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 190,907 158,011 149,260 121,033 56,292 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 646,141 572,769 391,651 114,053 54,208 Segment 17 Versatile Portfolios Navigator™ 75/100 3,321,491 2,671,950 2,749,826 1,349,521 753,179 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2,487,417 1,387,197 859,150 142,459 44,878 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 228,816 217,083 192,131 65,430 8,675 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 576,434 386,099 236,103 41,582 38,319 Segment 21 Versatile Portfolios Navigator™ 75/75 3,609,382 3,170,838 3,192,699 1,554,553 497,494 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 6,048,685 3,584,321 1,655,799 457,292 86,872 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 133,394 107,713 107,278 53,333 29,263 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,805,650 1,241,153 878,804 353,432 196,838








Segment 4 Versatile Asset® Participants 12,918 12,585 12,076 11,198 10,977 Segment 5 Versatile Asset® II Participants 7,664 7,578 8,790 8,528 8,621 Segment 6 Versatile Asset® III Participants 563 557 653 485 421 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 67,961 73,640 75,568 74,842 76,292 Segment 9 Versatile Portfolios™ Participants (No-Load) 17,306 16,569 16,630 17,489 21,411 Segment 11 Versatile Portfolios™ TFSA 7,133 7,194 6,144 5,486 5,762 Segment 12 Versatile Portfolios™ Education Savings Plan 7,580 6,097 4,624 3,603 2,428 Segment 13 Versatile Portfolios Navigator™ 100/100 18,348 18,186 20,276 14,273 7,659 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 22,299 24,001 7,414 3,813 1,062 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 1,413 1,370 1,187 1,048 521 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4,808 4,993 3,130 991 503 Segment 17 Versatile Portfolios Navigator™ 75/100 23,677 22,482 21,376 11,510 6,919 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 17,818 11,728 6,711 1,219 413 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,631 1,826 1,493 558 80 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 4,129 3,265 1,844 356 353 Segment 21 Versatile Portfolios Navigator™ 75/75 25,452 26,449 24,657 13,201 4,560 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 42,857 30,041 12,849 3,895 798 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 940 898 828 453 268 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 12,796 10,405 6,821 3,011 1,807





Co-operators Very Conservative PortfolioUnderlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and MawerInvestment Management Ltd.






127,457 109,820 Unitholders' contributions 28,407 24,164 Unitholders' withdrawals (20,476) (19,053) Transfers (to) from other funds 1,629 (1,624)



Investment income and gainsDistribution from underlying fund 3,651 3,724 Statement of Cash FlowsRealized gains (losses) on sale of investments 1,697 (211) Fund of funds (note 2)Unrealized gains (losses) 5,837 (2,986) For the years ended December 31 2019 2018

11,185 527 (in thousands of dollars) $ $Expenses


3,108 2,890 8,077 (2,363) Adjustments for:

Realized (gains) losses on sale of investments (1,697) 211 8,077 (2,363) Unrealized (gains) losses (5,837) 2,986


8.61 (2.70) Proceeds from the sale of investments 23,672 24,821 Net cash from operating activities (5,909) 237















Co-operators Very Conservative PortfolioUnderlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and MawerInvestment Management Ltd.



Co-operators BlackRock Canada Universe Bond Index Fund 1,292,399 38,169,385 38,255,002 30.01%Co-operators BlackRock U.S. Equity Index Fund 221,163 4,923,821 6,347,388 4.98%Co-operators Canadian Equity Fund 32,806 4,399,483 6,378,809 5.00%Co-operators Canadian Fixed Income Fund 304,149 37,330,218 38,237,646 30.01%Co-operators Fidelity Canadian Bond Fund 216,404 24,711,489 25,507,505 20.01%Co-operators Mawer Canadian Equity Fund 42,116 5,238,993 6,379,238 5.01%Co-operators Mawer International Equity Fund 47,285 5,441,434 6,351,349 4.98%

2,156,322 120,214,823 127,456,937 100.00%






Co-operators Fidelity Canadian Bond Fund Co-operators Mawer Canadian Equity Fund

Canada Govt 5% 6/1/37 1.98% Brookfield Asset Management Inc CL A 5.15%Alberta Prov 2.35% 6/1/25 1.73% Canadian Pacific Railway Ltd 4.71%Quebec Prov 5% 12/1/41 1.61% Royal Bank of Canada 4.70%Ontario Prov 5.85 3/8/33 1.37% Toronto-Dominion Bank 4.39%Quebec Prov 3.75% 9/1/24 1.23% Canadian Natural Resources Ltd 3.90%





Co-operators Very Conservative Portfolio







2019 2018 2017 2016 2015Net assets

Segment 4 Versatile Asset® Participants 2,210,383 2,591,867 2,542,195 3,278,471 3,670,890 Segment 5 Versatile Asset® II Participants 1,821,378 1,644,103 2,051,944 1,675,316 2,092,159 Segment 6 Versatile Asset® III Participants 283,984 263,192 261,164 74,627 131,955 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 27,600,553 27,778,929 32,176,683 35,962,092 37,515,060 Segment 9 Versatile Portfolios™ Participants (No-Load) 12,580,475 13,514,389 15,505,179 16,739,981 18,562,052 Segment 11 Versatile Portfolios™ TFSA 4,315,084 3,970,599 4,529,267 4,678,178 4,714,135 Segment 12 Versatile Portfolios™ Education Savings Plan 1,436,099 1,161,839 1,009,378 808,551 577,020 Segment 13 Versatile Portfolios Navigator™ 100/100 5,072,048 4,978,897 6,900,021 5,488,395 2,429,060 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 10,898,337 6,942,710 5,356,024 5,183,563 3,068,118 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 157,744 170,095 160,134 153,233 72,025 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3,788,460 2,850,739 2,131,006 1,826,690 950,222 Segment 17 Versatile Portfolios Navigator™ 75/100 10,098,159 9,493,323 10,732,101 9,781,373 3,478,988 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 19,125,975 14,056,603 9,746,280 6,304,335 2,583,054 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 385,070 318,752 332,866 263,652 54,458 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 4,037,314 2,630,148 2,149,505 1,396,173 605,515 Segment 21 Versatile Portfolios Navigator™ 75/75 4,691,847 4,713,665 5,022,435 2,813,611 1,257,903 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 14,310,544 9,411,178 5,655,658 4,704,119 1,637,676 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 372,146 335,325 401,371 261,559 75,528 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 4,271,337 2,993,754 2,032,810 1,142,228 500,049








Segment 4 Versatile Asset® Participants 12,893 16,221 15,569 20,565 23,241 Segment 5 Versatile Asset® II Participants 11,080 10,718 13,072 10,917 13,743 Segment 6 Versatile Asset® III Participants 1,824 1,807 1,748 510 907 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 171,865 185,012 209,026 238,519 250,356 Segment 9 Versatile Portfolios™ Participants (No-Load) 80,138 91,937 102,717 113,050 125,938 Segment 11 Versatile Portfolios™ TFSA 30,808 30,278 33,640 35,426 35,868 Segment 12 Versatile Portfolios™ Education Savings Plan 10,175 8,836 7,515 6,169 4,446 Segment 13 Versatile Portfolios Navigator™ 100/100 45,492 47,904 64,946 52,841 23,577 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 98,237 67,133 50,664 50,074 29,832 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 1,415 1,636 1,507 1,475 699 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 34,146 27,563 20,156 17,645 9,239 Segment 17 Versatile Portfolios Navigator™ 75/100 88,856 89,950 99,857 93,446 33,634 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 169,129 133,849 91,132 60,427 25,013 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3,389 3,020 3,097 2,519 527 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 35,702 25,045 20,100 13,383 5,864 Segment 21 Versatile Portfolios Navigator™ 75/75 41,060 44,468 46,579 26,821 12,147 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 125,869 89,233 52,718 44,998 15,844 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3,257 3,163 3,722 2,493 729 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 37,567 28,384 18,947 10,925 4,837





Co-operators AviatorTM Diversified PortfolioUnderlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments






23,478 15,513 Unitholders' contributions 12,133 15,129 Unitholders' withdrawals (6,115) (903) Transfers (to) from other funds 185 (253)



Investment income and gainsDistribution from underlying fund 702 297 Statement of Cash FlowsRealized gains (losses) on sale of investments 172 (14) Fund of funds (note 2)Unrealized gains (losses) 1,258 (729) For the years ended December 31 2019 2018



370 142 1,762 (588) Adjustments for:

Realized (gains) losses on sale of investments (172) 14 1,762 (588) Unrealized (gains) losses (1,258) 729




















Co-operators Bissett Canadian Equity Fund 10,804 1,821,214 1,755,905 7.48%Co-operators Commercial Mortgage Fund 234,945 2,655,295 2,354,149 10.03%Co-operators Concentrated Canadian Equity Fund 15,755 1,651,588 1,753,585 7.47%Co-operators Corporate Bond Fund 396,494 4,557,683 4,099,743 17.45%Co-operators Fidelity Global Real Estate Fund 71,715 1,171,596 1,176,119 5.01%Co-operators Franklin High Income Fund 226,321 1,922,229 1,763,043 7.51%Co-operators Global Equity Fund 18,032 1,657,763 2,328,255 9.92%Co-operators Preferred Share Equity Fund 511,321 5,309,660 4,734,828 20.17%Co-operators Small-Cap U.S. Equity Index Fund 14,841 1,689,311 1,749,216 7.45%Co-operators Templeton Emerging Markets Fund 25,445 548,959 582,184 2.48%Co-operators Templeton Global Bond Fund 102,395 1,377,108 1,180,613 5.03%

1,628,068 24,362,406 23,477,640 100.00%


Co-operators Bissett Canadian Equity Fund Co-operators Commercial Mortgage Fund

Brookfield Asset Management Inc. A 8.10% Addenda Pooled Fund - Commercial Mortgage DC 100.00%Canadian National Railway Co. 5.42%Royal Bank of Canada 5.15%Canadian Pacific Railway Ltd. 4.79%The Toronto-Dominion Bank 4.24%

Co-operators Concentrated Canadian Equity Fund Co-operators Corporate Bond Fund

Brookfield Asset Management 7.83% Royal Bank of Canada FF 2.74% Jul 25 24-29 3.39%Royal Bank of Canada 6.70% Bank of Montreal FF 3.34% Dec 08 20-25 2.49%Toronto Dominion Bank 6.44% CIBC 2.35% Aug 28 24 2.42%Canadian National Railway 5.54% Bank of Montreal 2.85% Mar 06 24 2.00%Enbridge Inc 5.19% CIBC FF 2.95% Jun 19 24-29 1.99%

Co-operators Fidelity Global Real Estate Fund Co-operators Franklin High Income Fund

Prologis Inc REIT 5.12% HCA Inc. Senior Bond, 5.875%, 02/01/2029 1.52%Digital Realty Trust Inc 3.12% Altice Luxembourg SA, 10.5%, 05/15/2027 1.51%Mitsui Fudosan Co 3.02% Sprint Corp. Senior Bond, 7.875%, 09/15/2023 1.45%Boston Properties Inc 2.82% TransDigm Inc., 6.25%, 03/15/2026 1.43%LEG Immobilien GmbH 2.49% Horizon Therapeutics USA Inc., 5.5%, 08/01/2027 1.42%

Co-operators Global Equity Fund Co-operators Preferred Share Equity Fund

Thermo Fisher Scientific Inc 3.85% Manulife Financial Corp 3.76%UnitedHealth Group Inc 3.72% Bank of Montreal 3.63%Fiserv Inc 3.69% Toronto Dominion Bank 3.60%Microsoft Corp 3.59% Enbridge Inc 3.43%Visa Inc 3.31% Pembina Pipeline 3.02%




Top Holdings of Underlying Funds (unaudited) continuedAs at December 31, 2019

Co-operators Small-Cap U.S. Equity Index Fund Co-operators Templeton Emerging Markets Fund

I-Shares - Russell 2000 ETF 99.35% Taiwan Semiconductor Manufacturing Co. Ltd. 8.15%CAD 3.09% Samsung Electronics Co. Ltd. 7.66%USD (2.44)% Tencent Holdings Ltd. 6.81%

Alibaba Group Holding Ltd. American Depositary Recei 5.15%ICICI Bank Ltd. 4.14%

Co-operators Templeton Global Bond Fund

Government of Indonesia, 8.375%, 03/15/2024 4.93%Korea Treasury Bond Senior Note, 1.375%, 09/10/2021 4.79%Government of India Senior Bond, 9.15%, 11/14/2024 4.06%Nota do Tesouro Nacional, 9.4614%, 01/01/2021 3.37%Korea Treasury Bond Senior Bond, 4.25%, 06/10/2021 3.32%



Co-operators AviatorTM Diversified Portfolio





Segment 25 Aviator™ Portfolios Series 500 75/100 107.19 98.19 102.58 - - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 107.16 - - - - Segment 27 Aviator™ Portfolios Series 500 75/75 107.60 98.41 102.63 - - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 107.69 - - - - Segment 32 Aviator™ Portfolios Series 100 75/100 100.38 - - - -


2019 2018 2017 2016 2015Net assets

Segment 25 Aviator™ Portfolios Series 500 75/100 15,064,427 11,242,163 1,316,184 - - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 63,013 - - - - Segment 27 Aviator™ Portfolios Series 500 75/75 8,065,625 4,270,473 811,774 - - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 84,210 - - - - Segment 32 Aviator™ Portfolios Series 100 75/100 200,365 - - - -

Number of units outstanding (schedule 2)Segment 25 Aviator™ Portfolios Series 500 75/100 140,537 114,491 12,831 - - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 588 - - - - Segment 27 Aviator™ Portfolios Series 500 75/75 74,958 43,396 7,910 - - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 782 - - - - Segment 32 Aviator™ Portfolios Series 100 75/100 1,996 - - - -

Management expense ratio (note 10)Segment 25 Aviator™ Portfolios Series 500 75/100 1.75% 1.76% 1.75% - - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 1.75% - - - - Segment 27 Aviator™ Portfolios Series 500 75/75 1.58% 1.59% 1.59% - - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 1.58% - - - - Segment 32 Aviator™ Portfolios Series 100 75/100 1.97% - - - -

Portfolio turnover rate (note 11) 57.04% 70.70% 158.69% - -

The Co-operators AviatorTM Diversified Portfolio only came into existence in 2017 and therefore comparative information for prior years is not applicable.



Co-operators AviatorTM Growth PortfolioUnderlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments






10,793 6,111 Unitholders' contributions 7,085 7,003 Unitholders' withdrawals (3,026) (2,340) Transfers (to) from other funds (201) -




999 (338) (in thousands of dollars) $ $Expenses


175 122 824 (460) Adjustments for:

Realized (gains) losses on sale of investments (91) 3 824 (460) Unrealized (gains) losses (640) 509

















Co-operators AviatorTM Growth PortfolioUnderlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments



Co-operators Bissett Canadian Equity Fund 6,625 999,839 1,076,749 9.98%Co-operators Commercial Mortgage Fund 70,235 710,401 703,756 6.52%Co-operators Concentrated Canadian Equity Fund 9,662 908,622 1,075,326 9.96%Co-operators Fidelity Global Real Estate Fund 65,965 1,077,668 1,081,822 10.02%Co-operators Franklin High Income Fund 138,784 1,055,142 1,081,126 10.02%Co-operators Global Equity Fund 12,439 1,031,432 1,606,188 14.88%Co-operators Preferred Share Equity Fund 235,162 2,185,577 2,177,604 20.18%Co-operators Small-Cap U.S. Equity Index Fund 9,101 928,340 1,072,647 9.94%Co-operators Templeton Emerging Markets Fund 16,383 316,811 374,854 3.47%Co-operators Templeton Global Bond Fund 47,093 566,916 542,978 5.03%

611,449 9,780,748 10,793,050 100.00%


Co-operators Bissett Canadian Equity Fund Co-operators Commercial Mortgage Fund

Brookfield Asset Management Inc. A 8.10% Addenda Pooled Fund - Commercial Mortgage DC 100.00%Canadian National Railway Co. 5.42%Royal Bank of Canada 5.15%Canadian Pacific Railway Ltd. 4.79%The Toronto-Dominion Bank 4.24%

Co-operators Concentrated Canadian Equity Fund Co-operators Fidelity Global Real Estate Fund

Brookfield Asset Management 7.83% Prologis Inc REIT 5.12%Royal Bank of Canada 6.70% Digital Realty Trust Inc 3.12%Toronto Dominion Bank 6.44% Mitsui Fudosan Co 3.02%Canadian National Railway 5.54% Boston Properties Inc 2.82%Enbridge Inc 5.19% LEG Immobilien GmbH 2.49%

Co-operators Franklin High Income Fund Co-operators Global Equity Fund

HCA Inc. Senior Bond, 5.875%, 02/01/2029 1.52% Thermo Fisher Scientific Inc 3.85%Altice Luxembourg SA, 10.5%, 05/15/2027 1.51% UnitedHealth Group Inc 3.72%Sprint Corp. Senior Bond, 7.875%, 09/15/2023 1.45% Fiserv Inc 3.69%TransDigm Inc., 6.25%, 03/15/2026 1.43% Microsoft Corp 3.59%Horizon Therapeutics USA Inc., 5.5%, 08/01/2027 1.42% Visa Inc 3.31%

Co-operators Preferred Share Equity Fund Co-operators Small-Cap U.S. Equity Index Fund

Manulife Financial Corp 3.76% I-Shares - Russell 2000 ETF 99.35%Bank of Montreal 3.63% CAD 3.09%Toronto Dominion Bank 3.60% USD -(2.44%)Enbridge Inc 3.43%Pembina Pipeline 3.02%

Co-operators Templeton Emerging Markets Fund Co-operators Templeton Global Bond Fund

Taiwan Semiconductor Manufacturing Co. Ltd. 8.15% Government of Indonesia, 8.375%, 03/15/2024 4.93%Samsung Electronics Co. Ltd. 7.66% Korea Treasury Bond Senior Note, 1.375%, 09/10/2021 4.79%Tencent Holdings Ltd. 6.81% Government of India Senior Bond, 9.15%, 11/14/2024 4.06%Alibaba Group Holding Ltd. 5.15% Nota do Tesouro Nacional, 9.4614%, 01/01/2021 3.37%ICICI Bank Ltd. 4.14% Korea Treasury Bond Senior Bond, 4.25%, 06/10/2021 3.32%



Co-operators AviatorTM Growth Portfolio





Segment 25 Aviator™ Portfolios Series 500 75/100 107.65 97.26 103.28 - - Segment 27 Aviator™ Portfolios Series 500 75/75 108.08 97.49 - - - Segment 32 Aviator™ Portfolios Series 100 75/100 100.49 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 100.66 - - - -


2019 2018 2017 2016 2015Net assets

Segment 25 Aviator™ Portfolios Series 500 75/100 7,047,247 5,075,999 1,907,774 - - Segment 27 Aviator™ Portfolios Series 500 75/75 3,418,008 1,034,809 - - - Segment 32 Aviator™ Portfolios Series 100 75/100 26,631 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 301,164 - - - -

Number of units outstanding (schedule 2)Segment 25 Aviator™ Portfolios Series 500 75/100 65,466 52,192 18,472 - - Segment 27 Aviator™ Portfolios Series 500 75/75 31,626 10,615 - - - Segment 32 Aviator™ Portfolios Series 100 75/100 265 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 2,992 - - - -

Management expense ratio (note 10)Segment 25 Aviator™ Portfolios Series 500 75/100 1.97% 1.98% 1.97% - - Segment 27 Aviator™ Portfolios Series 500 75/75 1.80% 1.81% - - - Segment 32 Aviator™ Portfolios Series 100 75/100 2.19% - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 2.02% - - - -


The Co-operators AviatorTM Growth Portfolio only came into existence in 2017 and therefore comparative information for prior years is not applicable.



Co-operators AviatorTM Income Plus PortfolioUnderlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments






25,254 14,052 Unitholders' contributions 14,228 15,987 Unitholders' withdrawals (3,979) (5,394) Transfers (to) from other funds 16 254





Management fees (note 10) 293 143 Cash flows from operating activitiesAudit, legal and other fees (note 10) 1 -

294 143 937 (188) Adjustments for:

Realized (gains) losses on sale of investments (212) 60 937 (188) Unrealized (gains) losses (337) 344

















Co-operators AviatorTM Income Plus PortfolioUnderlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments



Co-operators Bissett Canadian Equity Fund 7,747 1,055,263 1,259,035 4.99%Co-operators Bissett Canadian Short Term Bond Fund 121,160 1,257,671 1,264,908 5.01%Co-operators Canadian Fixed Income Fund 39,990 4,033,377 5,027,480 19.91%Co-operators Commercial Mortgage Fund 379,040 3,455,571 3,797,985 15.04%Co-operators Corporate Bond Fund 609,209 5,649,410 6,299,216 24.93%Co-operators Franklin High Income Fund 162,279 1,113,601 1,264,153 5.01%Co-operators Global Equity Fund 9,697 1,230,309 1,252,070 4.96%Co-operators Preferred Share Equity Fund 412,461 3,460,270 3,819,385 15.12%Co-operators Templeton Global Bond Fund 110,130 1,196,227 1,269,801 5.03%

1,851,713 22,451,699 25,254,033 100.00%


Co-operators Bissett Canadian Equity Fund Co-operators Bissett Canadian Short Term Bond Fund

Brookfield Asset Management Inc. A 8.10% Province of Ontario, 3.15%, 06/02/2022 3.99%Canadian National Railway Co. 5.42% Canada Housing Trust, 1.25%, 06/15/2021 3.27%Royal Bank of Canada 5.15% U.S. Treasury Note, 1.5%, 10/31/2024 2.61%Canadian Pacific Railway Ltd. 4.79% Province of Ontario, 4.2%, 06/02/2020 2.09%The Toronto-Dominion Bank 4.24% Canada Housing Trust, 3.75%, 03/15/2020 1.79%

Co-operators Canadian Fixed Income Fund Co-operators Commercial Mortgage Fund

Canada Housing Trust, 2.35%, 2023-09-15 8.69% Addenda Pooled Fund - Commercial Mortgage DC 100.00%Canada Housing Trust, 2.55%, 2025-03-15 6.78%Ontario Prov, 2.90%, 2046-12-02 5.77%Canada Housing Trust, 1.80%, 2024-12-15 4.45%Ontario Prov, 2.65%, 2025-02-05 3.73%

Co-operators Corporate Bond Fund Co-operators Franklin High Income Fund

Royal Bank of Canada FF 2.74% Jul 25 24-29 3.39% HCA Inc. Senior Bond, 5.875%, 02/01/2029 1.52%Bank of Montreal FF 3.34% Dec 08 20-25 2.49% Altice Luxembourg SA, 10.5%, 05/15/2027 1.51%CIBC 2.35% Aug 28 24 2.42% Sprint Corp. Senior Bond, 7.875%, 09/15/2023 1.45%Bank of Montreal 2.85% Mar 06 24 2.00% TransDigm Inc., 6.25%, 03/15/2026 1.43%CIBC FF 2.95% Jun 19 24-29 1.99% Horizon Therapeutics USA Inc., 5.5%, 08/01/2027 1.42%

Co-operators Global Equity Fund Co-operators Preferred Share Equity Fund

Thermo Fisher Scientific Inc 3.85% Manulife Financial Corp 3.76%UnitedHealth Group Inc 3.72% Bank of Montreal 3.63%Fiserv Inc 3.69% Toronto Dominion Bank 3.60%Microsoft Corp 3.59% Enbridge Inc 3.43%Visa Inc 3.31% Pembina Pipeline 3.02%

Co-operators Templeton Global Bond Fund

Government of Indonesia, 8.375%, 03/15/2024 4.93%Korea Treasury Bond Senior Note, 1.375%, 09/10/2021 4.79%Government of India Senior Bond, 9.15%, 11/14/2024 4.06%Nota do Tesouro Nacional, 9.4614%, 01/01/2021 3.37%Korea Treasury Bond Senior Bond, 4.25%, 06/10/2021 3.32%



Co-operators AviatorTM Income Plus Portfolio





Segment 25 Aviator™ Portfolios Series 500 75/100 105.29 99.69 101.37 - - Segment 27 Aviator™ Portfolios Series 500 75/75 105.68 99.89 101.42 - - Segment 32 Aviator™ Portfolios Series 100 75/100 99.84 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 99.85 - - - -


2019 2018 2017 2016 2015Net assets

Segment 25 Aviator™ Portfolios Series 500 75/100 16,086,103 9,997,537 2,737,926 - - Segment 27 Aviator™ Portfolios Series 500 75/75 8,424,309 4,054,801 654,956 - - Segment 32 Aviator™ Portfolios Series 100 75/100 478,530 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 265,091 - - - -

Number of units outstanding (schedule 2)Segment 25 Aviator™ Portfolios Series 500 75/100 152,780 100,287 27,009 - - Segment 27 Aviator™ Portfolios Series 500 75/75 79,718 40,592 6,458 - - Segment 32 Aviator™ Portfolios Series 100 75/100 4,793 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 2,655 - - - -

Management expense ratio (note 10)Segment 25 Aviator™ Portfolios Series 500 75/100 1.59% 1.60% 1.60% - - Segment 27 Aviator™ Portfolios Series 500 75/75 1.43% 1.44% 1.43% - - Segment 32 Aviator™ Portfolios Series 100 75/100 1.81% - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 1.65% - - - -


The Co-operators AviatorTM Income Plus Portfolio only came into existence in 2017 and therefore comparative information for prior years is not applicable.


Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements 1. Description of the funds

The Pooled Fund Accounts (the Funds) are established as segregated funds by Co-operators Life Insurance Company (the Company) in accordance with Section 451 of the Insurance Companies Act (Canada). The Company is the sole issuer of the individual variable insurance contracts providing for investment in each Fund. The assets of the Funds are owned by the Company and are segregated from other assets. The Funds themselves are not separate legal entities. The Company is domiciled in Canada and the address of the Company’s registered office is 1920 College Avenue, Regina, Saskatchewan. The Company’s common shares are 100% owned by Co-operators Financial Services Limited (CFSL), which in turn is owned 100% by the Co-operators Group Limited (CGL). Segregated funds consist of a specified group of assets that are segregated from the other assets of the Company. The fair value of the net assets determines the aggregate liability of the Company in respect of the arrangements it supports. Segments of the Funds represent various options available to the unitholders with separate terms and assets notionally separated for valuation purposes. The segments represented in these financial statements are as follows:

Segment 1 - Group Retirement Products - unitholders are groups that are provided a full service plan, including investment management and full administrative services. Segment 2 - Seed Money - sole unitholder is the Company which provides seed capital upon the inception of new funds. Segment 3 - Group Retirement Products - unitholders are groups that are provided investment management services only. Segment 4 - Versatile Asset® Participants - unitholders are individual contractholders. Segment 5 - Versatile Asset® II Participants - unitholders are individual contractholders. Segment 6 - Versatile Asset® III Participants - unitholders are individual contractholders. Segment 7 - Versatile Asset® IV Participants - unitholders are individual contractholders. Segment 8 - Versatile Portfolios™ Participants - unitholders are individual contractholders of an individual variable insurance contract with a back-end load option. Segment 9 - Versatile Portfolios™ Participants - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 10 - Co-operators Group Retirement Income Product – unitholders are retired employees of the Company. Segment 11 - Versatile Portfolios™ Tax Free Savings Account – unitholders are individual contractholders of an individual variable insurance contract. Segment 12 - Versatile Portfolios™ Education Savings Plan – unitholders are individual contractholders of an individual variable insurance contract. Segment 13 - Versatile Portfolios Navigator™ 100/100 - unitholders are individual contractholders of an individual variable insurance contract. Segment 14 - Versatile Portfolios Navigator™ 100/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 15 - Versatile Portfolios Navigator™ Tax Free Savings Account 100/100 - unitholders are individual contractholders of an individual variable insurance contract. Segment 16 - Versatile Portfolios Navigator™ Tax Free Savings Account 100/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 17 - Versatile Portfolios Navigator™ 75/100 - unitholders are individual contractholders of an individual variable insurance contract. Segment 18 - Versatile Portfolios Navigator™ 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 19 - Versatile Portfolios Navigator™ Tax Free Savings Account 75/100 - unitholders are individual contractholders of an individual variable insurance contract. Segment 20 - Versatile Portfolios Navigator™ Tax Free Savings Account 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 21 - Versatile Portfolios Navigator™ 75/75 - unitholders are individual contractholders of an individual variable insurance contract. Segment 22 - Versatile Portfolios Navigator™ 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 23 - Versatile Portfolios Navigator™ Tax Free Savings Account 75/75 - unitholders are individual contractholders of an individual variable insurance contract. Segment 24 - Versatile Portfolios Navigator™ Tax Free Savings Account 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 25 - AviatorTM Portfolios Series 500 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 26 - AviatorTM Portfolios Series 500 Tax Free Savings Account 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option.

126


Notes to the Financial Statements

1. Description of the funds (continued)

Segment 27 - AviatorTM Portfolios Series 500 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 28 - AviatorTM Portfolios Series 500 Tax Free Savings Account 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 32 - AviatorTM Portfolios Series 100 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 34 - AviatorTM Portfolios Series 100 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option.

The Funds are open-ended with the value of the assets held in each Fund described for reporting purposes by reference to notional units (units) of the Fund. Such units represent simply a means of measuring the liability of the Company to the unitholder in respect of the Fund. Transactions with unitholders occur at the notional net asset value per unit. The Funds statements include two types of funds. The asset based funds directly hold investment assets which include cash, short-term notes, bonds and debentures, and stocks. The fund of funds are segregated funds which invest entirely in units of one or more underlying funds. Contributions, withdrawals and transfers from or to the unitholders between funds are used to acquire or redeem units in the Funds. The unit value is determined by dividing the market value of the fund, reduced by applicable fees and expenses, by the total number of units outstanding in the Funds.

The investment portfolios within each fund are professionally managed by:

Addenda Capital Inc. (Addenda) BlackRock Asset Management Canada Limited Fidelity Investments Canada ULC Franklin Templeton Investments Mawer Investment Management Ltd. NEI Investments

All fund managers are independent of the Company with the exception of Addenda, a significantly-controlled subsidiary of CFSL.

2. Fund of funds Fund of funds are segregated funds that invest solely in underlying segregated funds, underlying pooled funds or underlying mutual funds.

Each fund of funds has a target portfolio mix of underlying funds. As each underlying fund moves separately in the market, the portfolio mix will shift due to market changes. On a weekly basis, units of the underlying funds are bought or sold to bring the fund back to its target portfolio mix. These actions are shown as Fund of funds rebalancing on the Statement of Changes in Net Assets.

As the fund of funds’ assets are invested in underlying funds, the fund of funds pay their portion of the management fees and operating expenses of the underlying fund. To avoid duplication of fees and expenses, the fund of funds are directly charged only for those operating expenses that are specifically related to the operation of the fund. All such charges are included in the management expense ratio of the fund of funds.

3. Summary of significant accounting policies

Basis of preparation and statement of compliance These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") which was adopted by the Funds for fiscal years beginning January 1, 2014. References to IFRS are based on Canadian Generally Accepted Accounting Principles for publicly accountable enterprises as set out in Part 1 of the Chartered Professional Accountants of Canada (CPA) Handbook - Accounting. Part 1 of the CPA Handbook incorporates IFRS as issued by the International Accounting Standards Board (IASB).

127



3. Summary of significant accounting policies (continued)

Under IFRS, IAS 32 “Financial instruments: presentation” requires that units or shares of an entity which include a contractual obligation for the issuer to repurchase or redeem them for cash or another financial asset be classified as financial liability. As an exception, the Funds' units that meet the definition of a financial liability can be classified as equity if it meets certain conditions outlined in IAS 32. The Funds’ units do not meet the criteria in IAS 32 for classification as equity and therefore, have been classified as financial liabilities. Classification of financial instruments The Fund classifies its investments based on both the Fund’s business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and overall performance is evaluated on a fair value basis. The contractual cash flows of the Fund’s debt instruments are solely principal and interest, however, these instruments are not held for the purpose of collecting contractual cash flows. The collection of contractual cash flows is only incidental to achieving the Fund’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss (FVTPL). All other financial assets, including investment income receivable and receivables from investments sold, and liabilities, including payments for investments purchased and accounts payable, are held for collection or payment of contractual cash flows, and are measured at amortized cost. Valuation of financial instruments

Under IFRS, the Fund measures the fair values of its investments using the guidance in IFRS 13 “Fair Value Measurement” which requires that if an asset or a liability has a bid price and an ask price, then its fair value is to be based on a price within the bid-ask spread that is most representative of fair value. It also allows the use of mid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair value measurements within a bid-ask spread. Consistent with industry practice, the Funds use bid price to determine the unit value used for purchase and redemption of units. A reconciliation of the trading net asset value (ask price) and GAAP net asset value (bid price) as stated in the financial statements has been provided in Note 6. Asset based funds

Investments are designated as fair value through profit or loss in accordance with IAS 39 “Financial Instruments: Recognition and Measurement”, and therefore, are recorded at fair value. The fair value of investments traded in active markets is based on quoted market prices at the close of trading on the reporting date. The quoted market price used for investments held by the pooled investment funds is the current bid price. The fair value of investments that are not traded in an active market is determined by using various valuation techniques. Short-term notes are valued at cost. The cost of short-term notes together with accrued interest approximates their fair value. Bonds and debentures are valued at their fair value based on the closing bid price from available public quotations of recognized dealers. Stocks are valued at their closing bid market value based on major securities exchange listings. There are no assets that are valued by other than quoted values.

Fund of funds

Investments in underlying funds are carried at the quoted market value of the units of the underlying funds held.

Receivables and Other financial liabilities carried at amortized cost The Funds adopted ‘Investment Entities’, the amendment to IFRS 10, IFRS 12, and IAS 27, for the annual period beginning January 1, 2014. The amendments define an investment entity and introduce an exception to consolidating particular subsidiaries for investment entities. The Funds have applied the exception to consolidation by accounting for its investments in underlying funds at fair value through profit or loss.

Cash and cash equivalents Cash and cash equivalents include short-term investments with a maturity of three months or less from the date of

acquisition.

128

Co-operators Life Insurance Company Pooled Investment Funds Notes to the Financial Statements 3. Summary of significant accounting policies (continued)

Increase (decrease) in net assets attributable to unitholders per unit The increase (decrease) in net assets attributable to unitholders per unit is calculated by dividing the increase (decrease) in net assets attributable to unitholders by the weighted average number of units outstanding during the year. Refer to Note 13 for the calculation. Foreign currency

Monetary assets and liabilities in foreign currencies are translated into Canadian dollars, which is the Funds’ functional and presentation currency, at the closing rate of exchange on the valuation date. Purchases and sales of investments, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. Foreign exchange gains and losses are presented as “Foreign exchange gain (loss)” in the Statement of Comprehensive Income. Investment transactions and income recognition

Investment transactions are accounted for on the trade date, and realized gains and losses from such transactions are calculated on an average cost basis. Unrealized gains and losses are calculated by the change in fair value compared to the change in average cost. Dividend income is recorded on the ex-dividend date. Interest income is recognized pro rata over the term of the investment net of the amortization of the premium or discount. Dividends, interest and capital gains from underlying funds are recorded in the period to which the distribution relates. Earnings The earnings of each segregated fund are re-invested in the Fund, and result in higher unit values. Transaction costs

Brokerage commissions and other transaction costs incurred in the purchase or sale of investments in the Funds are included in transaction costs and are expensed in the period incurred. Funds that invest only in units of an underlying investment fund are not subject to transaction costs. Tax status

The Funds are deemed to be inter-vivos trusts under the provisions of the Income Tax Act (Canada). Income of a segregated fund is deemed to be allocated to the unitholders and therefore the segregated funds will not have taxable income. In addition, capital gains and losses are deemed to be those of the unitholders and not of the Funds. Realized gains or losses may be reduced by the amount of gains or losses realized by unitholders on the redemption of their investments. As a result, no provision for income tax is required in the financial statements of the Funds.

Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. The fair value of investments is a financial statement component subject to management judgment and estimates. Actual results could differ from these estimates. Changes in estimates are recorded in the accounting period in which they are determined.

4. Adoption of new and amended accounting standards IFRS 9 “Financial Instruments: Prepayment Features with Negative Compensation” The amendments made to IFRS 9 Financial Instruments in October 2017 enable entities to measure certain prepayable financial assets with negative compensation at amortized cost. These assets, which include some loan and debt securities, would otherwise have to be measured at fair value through profit and loss. To qualify for amortized cost measurement, the negative compensation must be 'reasonable compensation for early termination of the contract' and the asset must be held within a 'held to collect' business model. The Fund has determined there are no impacts of these amendments on its financial statements.

129


Notes to the Financial Statements 5. Future changes in accounting policies

IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”

Amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" were issued in October 2018. The amendments are effective for annual periods beginning on or after January 1, 2020. The amendments update the definition of 'material' and the meaning of 'primary users of general purpose financial statements'. The Fund is currently evaluating the impact that these amendments will have on its financial statements.

Conceptual Framework for Financial Reporting In March 2018, the IASB revised its conceptual framework for financial reporting. The revised framework includes a new chapter on measurement, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics (e.g., the roles of stewardship, prudence, and measurement uncertainty in financial reporting). The IASB has also issued amendments that update references to the framework in certain standards. The amendments are effective for annual periods beginning on or after January 1, 2020. The Company is currently evaluating the impact these amendments will have on its consolidated financial statements.

6. Reconciliation of trading net asset value to GAAP net asset value

The difference between trading net asset value used for unitholder valuations and GAAP net asset value reflected in the financial statements is as follows (in thousands of dollars, except per unit figures):

Trading GAAP Trading GAAPnet asset IAS 39 net asset net asset net asset

value adjustment value value valueCo-operators Balanced Fund 135,631$ (158)$ 135,473$ 285.04$ 284.71$ Co-operators Canadian Equity Fund 183,020 (321) 182,699 194.78 194.44 Co-operators Canadian Fixed Income Fund 228,351 (200) 228,151 125.83 125.72 Co-operators Canadian Resource Fund 22,521 (41) 22,480 184.76 184.42 Co-operators Money Market Fund 22,952 (0) 22,952 108.65 108.65 Co-operators U.S. Equity Fund 50,714 (22) 50,692 213.93 213.84

Net assets as at December 31, 2019Net assets per unit as at

December 31, 2019

Trading GAAP Trading GAAPnet asset IAS 39 net asset net asset net asset

value adjustment value value valueCo-operators Balanced Fund 120,421$ (158)$ 120,263$ 254.70$ 254.36$ Co-operators Canadian Equity Fund 159,609 (316) 159,293 168.90 168.56 Co-operators Canadian Fixed Income Fund 197,146 (174) 196,972 122.81 122.70 Co-operators Canadian Resource Fund 19,977 (48) 19,929 156.10 155.72 Co-operators Money Market Fund 21,193 (1) 21,192 108.71 108.70 Co-operators U.S. Equity Fund 41,516 7 41,523 180.29 180.33

Net assets per unit as at December 31, 2018Net assets as at December 31, 2018

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7. Financial risk management

There are several types of risk to which a segregated fund or an underlying fund may be subject. These include credit risk, market risk and liquidity risk. The Company sets the risk management policy for those funds managed by Addenda. A segregated fund which invests in the units of an underlying fund will be subject to the same investment risks as the underlying fund. Risks for funds managed by other than Addenda will be subject to the risk management policy of the fund manager of the underlying fund. To understand those risks and how they are managed, unitholders should consult the financial statements of those underlying funds.

The Funds are also exposed to operational risks such as custody risk. Custody risk is the risk of loss of securities held in custody occasioned by the insolvency or negligence of the custodian. Although an appropriate legal framework is in place that reduces the risk of loss of value of the securities held by the custodian, in the event of its failure, the ability of the Fund to transfer the securities might be temporarily impaired. The risk management policy for Addenda is outlined below. To minimize exposure to financial risk, the following investments and practices are prohibited: a) Short sales; b) Margin trading; c) Commodities; d) Lending money, except in connection with the acquisition of publicly distributed bonds, debentures or other corporate

or government obligations; and e) Use of derivatives for speculation. Credit risk Credit risk refers to the risk of financial loss from the failure of a counterparty/debtor to honour its obligation to the Funds. The Funds are exposed to credit risk principally through investments in fixed income securities. There is an increased chance of credit risk when there is a concentration of investments made in entities in similar industry sectors, in the same geographical area or within a single entity. The investment policy manages credit risk on the bond portfolio by setting portfolio limits for composition, issuer type, bond quality, single issuer, corporate sector, and general guidelines for geographic exposure. The bond portfolio remains very high quality. The percentage of bonds rated A or better are:

December 31 December 312019 2018

Co-operators Balanced Fund 84.3% 90.2%Co-operators Canadian Fixed Income Fund 85.8% 89.9%Co-operators Money Market Fund 100.0% 100.0%

Short-term securities are only purchased from an approved list of investments within single issuer and quality limits (R-1 by Dominion Bond Rating Service). Bonds, debentures, notes and mortgage-backed securities are eligible to be purchased in the Canadian bond portfolio. Units or warrants are eligible only if they convert to any of the items mentioned above. There is no limit for Canadian bonds rated BBB or better, Canadian bonds rated BB or lower are not purchased unless they are convertible to the above mentioned items. The bond investments in the securities of one issuer will not be more than 10% of the total fair value of the fund unless guaranteed by the Government of Canada or one of the provinces of Canada. U.S. bonds, debentures and notes are eligible to be purchased if rated A or better by Moody’s Investor Service or Standard & Poor’s. Credit risk is also minimized through the use of guarantees. The guarantor will provide the investor with the applicable investment return, per the agreement. There is, however, still a risk that the guarantor will not be able to fulfill the guarantee.

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Notes to the Financial Statements 7. Financial risk management (continued)

The Company’s credit risk exposure is the carrying value of the invested assets. Investments in Canadian equities will only be made in shares which are publicly traded on a prescribed Canadian stock exchange, relatively liquid, and for which material information is attainable. Convertibles, warrants, rights, receipts or units are allowed to be purchased as long as the underlying security is stocks. Investments in U.S. equities will be in shares listed on the New York Stock Exchange (NYSE), American Stock Exchange (AMEX) or National Association of Securities Dealers Automated Quotation System (NASDAQ). Convertibles, warrants, rights, receipts or units will be allowed to be purchased as long as the underlying security is a qualified stock. Investments in Global equities will be in shares listed on stock exchanges anywhere in the world. This primarily includes, but is not limited to the Toronto Stock Exchange (TSX), NYSE, NASDAQ, AMEX, Frankfurt Stock Exchange, London Stock Exchange, Paris Stock Exchange, Tokyo Stock Exchange, and Singapore Stock Exchange. Convertibles, warrants, rights, receipts or units will be allowed to be purchased as long as the underlying security is a qualified stock. A single stock investment will not be more than 10% of the fair value of all stocks held by the Fund and no more than 10% of any class of the outstanding voting securities of a single issuer may be acquired. The Funds may use derivatives, such as options, forwards, and futures to hedge against potential loss. The Funds may also use derivatives for non-hedging purposes in order to invest indirectly in securities or financial markets, to gain exposure to other currencies and to provide protection for the Funds’ assets. Any use of derivatives will be consistent with the investment objectives of the Funds and will comply with Canadian securities regulations. The Funds will not use derivatives for speculation. These practices are put in place to minimize the Funds’ exposure to risk due to: the risk that changes in the value of a hedging instrument will not match those of the investment being hedged; a market may not exist when the Funds want to close out their position in a derivative; the Funds could experience a loss if the other party to a derivative is unable to fulfil its obligations and the Funds could experience a loss if they have an open position in certain derivatives with a dealer who goes bankrupt. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk is comprised of three types of risks: a) Equity Risk

Equity risk is where fluctuations in the value of equity securities affects the level and timing of recognition of gains and losses on securities held, and causes changes in realized and unrealized gains and losses.

The following table represents the fair value of stocks, the percentage of the fair value of stocks in total investments, and the estimated effect on net assets of a 10% movement in stock markets with all other variables held constant (in thousands of dollars):

Fair value

Percentage of total

investments

Effect of 10% movement on

net assetsDecember 31 December 31 December 31

2019 2019 2019Co-operators Balanced Fund 81,830$ 60.52% 8,183$ Co-operators Canadian Equity Fund 176,090 96.37% 17,609 Co-operators Canadian Resource Fund 22,000 97.99% 2,200 Co-operators U.S. Equity Fund 50,501 99.48% 5,050

Fair valuePercentage of

total investments

Effect of 10% movement on net

assetsDecember 31 December 31 December 31

2018 2018 2018Co-operators Balanced Fund 71,219$ 59.35% 7,122$ Co-operators Canadian Equity Fund 146,121 91.79% 14,612 Co-operators Canadian Resource Fund 18,998 95.47% 1,900 Co-operators U.S. Equity Fund 40,565 97.59% 4,056

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b) Foreign Exchange Risk

Foreign exchange risk represents the risk that the Funds incur losses due to exposure to foreign currency fluctuations. The Funds’ foreign exchange risk is related to its stock holdings. A 10% change in the value of the United States dollar would affect the net assets by (in thousands of dollars):


Co-operators Balanced Fund 2,015$ 1,768$ Co-operators U.S. Equity Fund 5,050 4,056

c) Interest Rate Risk

Interest rate risk is the potential for financial loss arising from changes in interest rates. This risk arises when the asset cash flows do not coincide with the cash flows arising from the liabilities, as this may result in the need to either sell assets to meet portfolio payments and expenses or reinvest excess asset cash flows under unfavorable interest environments. The value of a fund that invests in fixed income securities, such as bonds, treasury bills and commercial paper, is directly affected by changes in the general level of interest rates. As interest rates increase, the price of these types of securities tends to fall. Conversely, if interest rates fall, the price of fixed income securities increases. As a result, funds that invest in certain fixed income securities can experience gains or losses during periods of changing interest rates. Many kinds of fixed income securities have prepayment terms which allow the issuer to repay the principal prior to maturity. During periods of falling interest rates, the Funds may be compelled to unexpectedly reinvest in securities with lower interest rates. The impact on the net assets of the Funds from a 1% move in interest rate would be (in thousands of dollars):


Co-operators Balanced Fund 4,083$ 3,707$ Co-operators Canadian Fixed Income Fund 18,978 15,642 Co-operators Money Market Fund 98 87

The following tables represents the exposure to debt instruments by maturity date (in thousands of dollars):

Less than 1 year 1 - 3 years 4 - 5 years

6 - 10 years

Greater than 10

Co-operators Balanced Fund 5,482$ 9,065$ 13,111$ 6,996$ 18,783$ Co-operators Canadian Equity Fund 6,213 - - - - Co-operators Canadian Fixed Income Fund 7,453 37,518 62,368 41,060 81,086 Co-operators Canadian Resource Fund 372 - - - - Co-operators Money Market Fund 22,790 - - - -

Less than 1 year 1 - 3 years 4 - 5 years 6 - 10 years

Greater than 10

Co-operators Balanced Fund 3,042$ 9,042$ 12,102$ 5,778$ 18,936$ Co-operators Canadian Equity Fund 10,235 - - - - Co-operators Canadian Fixed Income Fund 5,485 29,625 55,869 26,130 79,641 Co-operators Canadian Resource Fund 854 - - - - Co-operators Money Market Fund 21,329 - - - -

December 31, 2018

December 31, 2019

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Liquidity risk Liquidity risk is the risk of having insufficient cash resources to meet financial obligations or selling assets on a forced basis. The Funds are exposed to liquidity risk due to the possibility of daily cash redemptions of units, redemption of units in an illiquid market and the risk of fund managers not having the liquidity for payout. The Funds mitigate this risk by investing in liquid investments that are traded in an active market and can be readily disposed. All financial liabilities mature in less than three months.

8. Related party transactions

The Company provided capital to seed these funds at inception. The number of units held by the Company in the Funds is as follows:


Co-operators Bissett Canadian Dividend Fund 494 494 Co-operators Ethical Balanced Fund 250 250 Co-operators Ethical Canadian Equity Fund 347 347 Co-operators Ethical International Equity Fund 500 500 Co-operators Ethical Select Balanced Portfolio 250 250 Co-operators Ethical Select Conservative Portfolio 310 310 Co-operators Ethical Select Grow th Portfolio 180 180 Co-operators Ethical Select Income Portfolio 299 299 Co-operators Global Equity Fund 1,171 1,488 Co-operators Maw er Balanced Fund 207 207 Co-operators Maw er Canadian Equity Fund 129 129 Co-operators Maw er International Equity Fund 227 227

The Company ensures the daily administration of the Funds and provides the Funds, or ensures the Funds are provided, with all services required to function properly. The Funds paid the Company for management services which are in the normal course of operations and are established at terms and conditions using available market information as follows (in thousands of dollars):

Paid Payable Paid PayableCo-operators Balanced Fund 1,731$ 170$ 1,808$ 154$ Co-operators Canadian Equity Fund 4,010 401 3,835 331 Co-operators Canadian Fixed Income Fund 4,910 495 4,651 423 Co-operators Canadian Resource Fund 528 51 575 44 Co-operators Money Market Fund 271 28 213 25 Co-operators U.S. Equity Fund 1,063 111 961 87 Co-operators Global Equity Fund 150 18 116 12

12,663$ 1,274$ 12,159$ 1,076$

December 2019 December 2018

9. Trading net asset value per unit

The trading net asset value is calculated for each segment by dividing the trading net asset value by the number of units outstanding. The trading net asset value per unit is determined as of the close of each business day. The units of the funds are sold and redeemable at the current trading net asset value per unit at the option of the unitholder.

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10. Management expense ratio

Each fund is responsible for the payment of all third party expenses relating to its operations, including but not limited to, legal, accounting, audit, trustee, custodial fees and costs of regulatory documentation.

Management fees cover the charges incurred by the Funds for the investment and administration of the segregated funds, and are calculated based on the net asset value of the segregated funds. The management expense ratio is calculated by dividing all fees, charges and other expenses paid or payable by the segregated fund (plus taxes), during the financial year by the average net asset value of the segregated fund. Management expense ratios are calculated for individual retirement and investment services only.

11. Portfolio turnover rate The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio advisor manages 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 a 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 a fund. The portfolio turnover rate is disclosed in the first full year after the underlying fund’s inception. The Fund may not have a fiscal year end of December 31, therefore the reported portfolio rates are not necessarily as at December 31. The portfolio turnover ratio is not required to be disclosed for money market funds.

12. Fair value estimation

The Fund is responsible for determining the fair value of its investment portfolio by utilizing market-driven measurements obtained from active markets where available, by considering other observable and unobservable inputs and by employing valuation techniques that make use of current market data. Assets and liabilities recorded at fair value in the statement of net assets are measured and classified in a hierarchy consisting of three levels for disclosure purposes. The three levels are based on the significance and reliability of the inputs to the respective valuation techniques. The input levels are defined as follows: Level 1 - Quoted prices Level 1 – Quoted prices represents unadjusted quoted prices for identical instruments exchanged in active markets. The fair value is determined based on quoted prices in active markets obtained from external pricing sources. The investments classified within Level 1 are valued at the bid price recorded by the securities exchanges on which such investments are principally traded at the financial reporting date. Securities not traded on the valuation date are valued at the last recorded bid price used on the previous valuation day if the former is not available. Level 2 - Significant other observable inputs Level 2 – Significant other observable inputs includes directly or indirectly observable inputs other than quoted prices for identical instruments exchanged in active markets. These inputs include quoted prices for similar instruments exchanged in active markets; quoted prices for identical or similar instruments exchanged in inactive markets; inputs other than quoted prices that are observable for the instruments, such as interest rates and yield curves, volatilities, prepayment spreads, loss severities, credit risks and default rates where available; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Investment funds classified in Level 2 were fair valued using the net asset value of the investment fund, as reported by the respective investee fund administrator. For these investment funds management believes the Fund could have redeemed its investment at the net asset value per unit at the financial statement date.

135

Co-operators Life Insurance Company Pooled Investment Funds Notes to the Financial Statements

12. Fair value estimation (continued)

Level 3 - Significant unobservable inputs Level 3 – Significant unobservable inputs includes inputs that are not based on observable market data. Management is required to use its own assumptions regarding unobservable inputs as there is little, if any, market activity in these assets or liabilities or related observable inputs that can be corroborated at the measurement date. Unobservable inputs require significant management judgment or estimation to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities. To verify pricing, the Company assesses the reasonability of the fair values by comparing to industry accepted valuation models, to movements in credit spreads and to recent transaction prices for similar assets where available. The following table summarizes the inputs used in valuing the Fund’s investments at fair value as at (in thousands of dollars):

Level 1 Level 2 Level 3Fair Value

Total

Co-operators Balanced FundCash and cash equivalents (68)$ -$ -$ (68)$ Short-term notes - 4,853 - 4,853 Bonds and debentures - 48,584 - 48,584 Stocks 81,830 - - 81,830

81,762$ 53,437$ -$ 135,199$

Co-operators Canadian Equity FundCash and cash equivalents 419$ -$ -$ 419$ Short-term notes - 6,213 - 6,213 Stocks 176,090 - - 176,090

176,509$ 6,213$ -$ 182,722$

Co-operators Canadian Fixed Income FundCash and cash equivalents 1,163$ -$ -$ 1,163$ Short-term notes - 2,651 - 2,651 Bonds and debentures - 226,834 - 226,834

1,163$ 229,485$ -$ 230,648$

Co-operators Canadian Resource FundCash and cash equivalents 79$ -$ -$ 79$ Short-term notes - 372 - 372 Stocks 22,000 - - 22,000

22,079$ 372$ -$ 22,451$

Co-operators Money Market FundCash and cash equivalents 97$ -$ -$ 97$ Short-term notes - 20,789 - 20,789 Bonds and debentures - 2,001 - 2,001

97$ 22,790$ -$ 22,887$

Co-operators U.S. Equity FundCash and cash equivalents 294$ -$ -$ 294$ Stocks 50,501 - - 50,501

50,795$ -$ -$ 50,795$

December 31, 2019

136


12. Fair value estimation (continued)

Level 1 Level 2 Level 3Fair Value

Total

Co-operators Balanced FundCash and cash equivalents (125)$ -$ -$ (125)$ Short-term notes - 2,461 - 2,461 Bonds and debentures - 46,439 - 46,439 Stocks 71,219 - - 71,219

71,094$ 48,900$ -$ 119,994$

Co-operators Canadian Equity FundCash and cash equivalents 2,843$ -$ -$ 2,843$ Short-term notes - 10,235 - 10,235 Stocks 146,121 - - 146,121

148,964$ 10,235$ -$ 159,199$

Co-operators Canadian Fixed Income FundCash and cash equivalents (454)$ -$ -$ (454)$ Short-term notes - 1,717 - 1,717 Bonds and debentures - 195,033 - 195,033

(454)$ 196,750$ -$ 196,296$

Co-operators Canadian Resource FundCash and cash equivalents 48$ -$ -$ 48$ Short-term notes - 854 - 854 Stocks 18,998 - - 18,998

19,046$ 854$ -$ 19,900$

Co-operators Money Market FundCash and cash equivalents (153)$ -$ -$ (153)$ Short-term notes - 18,328 - 18,328 Bonds and debentures - 3,001 - 3,001

(153)$ 21,329$ -$ 21,176$

Co-operators U.S. Equity FundCash and cash equivalents 1,002$ -$ -$ 1,002$ Stocks 40,565 - - 40,565

41,567$ -$ -$ 41,567$

December 31, 2018

All Fund of funds investment in investment funds units have been classified as Level 2. During the years ended December 31, 2019 and 2018 there were no financial assets transferred between Level 1, Level 2 or Level 3.

137


13. Increase (decrease) in net assets attributable to unitholders per unit

The increase (decrease) in net assets attributable to unitholders per unit as of December 31 is as follows (in thousands of dollars except per unit amounts):

Increase (decrease) Weighted Increase (decrease)in net assets average units in net assets

attributable outstanding attributable toto unitholders during the period unitholders per unit

Co-operators Balanced Fund 2019 18,621 471,603 39.48 2018 (6,157) 476,624 (12.92)

Co-operators Canadian Equity Fund 2019 31,601 914,737 34.55 2018 (21,473) 856,736 (25.06)

Co-operators Canadian Fixed Income Fund 2019 9,864 1,700,841 5.80 2018 (1,409) 1,626,612 (0.87)

Co-operators Canadian Resource Fund 2019 3,763 126,700 29.70 2018 (4,495) 130,096 (34.55)

Co-operators Money Market Fund 2019 145 195,157 0.74 2018 91 172,874 0.53

Co-operators U.S. Equity Fund 2019 9,447 234,541 40.28 2018 1,814 224,674 8.07

Co-operators Global Equity Fund 2019 1,355 66,120 20.49 2018 88 55,896 1.57

Co-operators Bissett Canadian Dividend Fund 2019 3,766 738,367 5.10 2018 (3,250) 676,820 (4.80)

Co-operators Ethical Balanced Fund 2019 45 3,648 12.34 2018 (25) 3,630 (6.89)

Co-operators Ethical Canadian Equity Fund 2019 191 8,420 22.68 2018 (194) 9,731 (19.94)

Co-operators Ethical International Equity Fund 2019 57 2,289 24.90 2018 (20) 2,551 (7.84)

Co-operators Ethical Select Balanced Portfolio 2019 676 46,164 14.64 2018 (249) 44,722 (5.57)

Co-operators Ethical Select Conservative Portfolio 2019 295 25,676 11.49 2018 (97) 22,820 (4.25)

Co-operators Ethical Select Grow th Portfolio 2019 568 30,894 18.39 2018 (204) 30,381 (6.71)

Co-operators Ethical Select Income Portfolio 2019 152 14,476 10.50 2018 (51) 12,831 (3.97)

Co-operators Fidelity Canadian Bond Fund 2019 2,049 371,369 5.52 2018 (531) 351,618 (1.51)

Co-operators Fidelity Global Fund 2019 6,371 217,632 29.27 2018 (2,111) 189,082 (11.16)

Co-operators Fidelity True North® Fund 2019 10,809 413,049 26.17 2018 (3,933) 393,467 (10.00)

Co-operators Maw er Balanced Fund 2019 13,979 887,140 15.76 2018 (2,395) 685,484 (3.49)

Co-operators Maw er Canadian Equity Fund 2019 17,091 715,282 23.89 2018 (11,186) 655,302 (17.07)

Co-operators Maw er International Equity Fund 2019 14,518 946,624 15.34 2018 (6,397) 850,013 (7.53)

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13. Increase (decrease) in net assets attributable to unitholders per unit (continued)

Increase (decrease) Weighted Increase (decrease)in net assets average units in net assets

attributable outstanding attributable toto unitholders during the period unitholders per unit

Co-operators Aggressive Balanced Fund 2019 2,330 65,350 35.65 2018 (701) 66,296 (10.57)

Co-operators Conservative Balanced Fund 2019 1,170 51,491 22.72 2018 (350) 56,760 (6.17)

Co-operators Aggressive Portfolio 2019 20,406 927,589 22.00 2018 (9,009) 827,573 (10.89)

Co-operators Conservative Portfolio 2019 15,467 1,229,311 12.58 2018 (5,621) 1,147,412 (4.90)

Co-operators Moderate Portfolio 2019 27,936 1,703,815 16.40 2018 (11,531) 1,578,233 (7.31)

Co-operators Very Aggressive Portfolio 2019 8,040 292,827 27.46 2018 (3,678) 266,289 (13.81)

Co-operators Very Conservative Portfolio 2019 8,077 938,198 8.61 2018 (2,363) 873,861 (2.70)

Co-operators Aviator™ Diversif ied Portfolio 2019 1,762 211,569 8.33 2018 (588) 80,613 (7.29)

Co-operators Aviator™ Grow th Portfolio 2019 824 87,947 9.37 2018 (460) 59,316 (7.76)

Co-operators Aviator™ Income Plus Portfolio 2019 937 185,249 5.06 2018 (188) 91,302 (2.06)

14. Capital Management

Units issued and outstanding are considered to be capital of the Funds. The Funds are not subject to externally imposed capital requirements and have no legal restrictions on the issue, repurchase or resale of redeemable units. The capital received by a Fund is managed to achieve its investment objective while maintaining liquidity to satisfy unitholder redemptions. Units are redeemable at the NAV per unit of the respective Fund. A right to redeem units of a Fund may be suspended with the approval of the Canadian Securities Administrators. Changes in the units issued and outstanding of each Fund for the period and the year ended December 31, 2019, if applicable, are reported in the Statements of Changes in Net Assets Attributable to Unitholders.

139


Schedule 1 (unaudited)

Increase (decrease) in net assets attributable to unitholders per unit by segment

Increase (decrease) in net assets attributable to unitholders per unit by segment is as follows:

Increase (decrease) in net assets attributable to unitholders per unit

Segment 4

Segment 5

Segment 6

Segment 7

Segment 8

Segment 9

Segment 11

Co-operators Balanced Fund 2019 69.03 32.31 28.06 31.02 27.98 29.64 24.23 2018 (22.04) (10.34) (12.59) (11.13) (9.13) (8.87) (7.57)

Co-operators Canadian Equity Fund 2019 76.16 51.12 36.98 49.68 38.39 35.10 33.18 2018 (55.87) (33.56) (27.49) (28.54) (26.81) (24.74) (23.55)

Co-operators Canadian Fixed Income Fund 2019 8.66 6.96 8.15 6.58 6.13 6.07 5.30 2018 (1.36) (1.02) (0.87) (1.09) (0.89) (0.89) (0.78)

Co-operators Canadian Resource Fund 2019 40.75 38.12 32.91 39.15 34.21 34.21 19.11 2018 (46.44) (43.47) (41.02) (27.45) (39.47) (40.60) (22.18)

Co-operators Money Market Fund 2019 0.86 0.65 0.08 0.73 0.70 0.72 0.76 2018 0.55 0.41 0.47 0.53 0.50 0.64 0.47

Co-operators U.S. Equity Fund 2019 69.71 26.16 37.27 53.05 45.58 47.49 61.08 2018 13.61 4.77 9.36 9.53 9.26 9.03 11.42

Co-operators Bissett Canadian Dividend Fund 2019 12.90 18.38 18.75 - 17.79 18.23 17.40 2018 (12.31) (12.37) (15.85) - (14.44) (12.13) (14.07)

Co-operators Ethical Balanced Fund 2019 13.44 13.13 - - 10.86 13.19 8.71 2018 (6.77) (6.75) - - (6.68) (6.59) (6.99)

Co-operators Ethical Canadian Equity Fund 2019 25.89 25.03 - - 23.77 23.72 27.07 2018 (24.75) (22.52) - - (20.53) (21.26) (16.27)

Co-operators Ethical International Equity Fund 2019 12.90 19.08 - - 24.37 29.42 22.08 2018 (8.15) (9.01) - - (6.37) (6.10) (8.49)

Co-operators Ethical Select Balanced Portfolio 2019 15.27 14.25 16.25 - 14.67 14.77 15.88 2018 (5.89) (5.95) (15.52) - (5.70) (5.59) (5.23)

Co-operators Ethical Select Conservative Portfolio 2019 36.58 - - - 11.07 10.29 11.94 2018 - - - - (4.16) (3.69) (3.95)

Co-operators Ethical Select Growth Portfolio 2019 20.27 19.77 - - 20.87 19.74 18.80 2018 (5.78) (7.82) - - (6.20) (4.77) (7.62)

Co-operators Ethical Select Income Portfolio 2019 12.54 13.84 12.19 - 12.10 10.27 10.52 2018 (3.23) - (3.15) - (3.03) (2.25) (3.47)

Co-operators Fidelity Canadian Bond Fund 2019 5.96 8.70 6.01 - 5.99 5.91 5.52 2018 (1.76) (1.69) (1.58) - (1.64) (1.68) (1.47)

Co-operators Fidelity Global Fund 2019 31.90 32.13 30.44 - 30.33 30.60 39.35 2018 (11.61) (11.41) (11.18) - (11.76) (12.02) (14.89)

Co-operators Fidelity True North® Fund 2019 41.66 39.30 38.62 - 39.45 36.79 31.90 2018 (15.56) (15.03) (14.52) - (14.61) (13.76) (11.86)

Co-operators Mawer Balanced Fund 2019 18.91 19.01 17.24 - 17.01 16.75 16.21 2018 (3.86) (3.91) (4.04) - (3.87) (3.64) (3.82)

Co-operators Mawer Canadian Equity Fund 2019 26.32 25.44 27.07 - 26.40 26.30 26.68 2018 (18.95) (18.77) (18.60) - (18.70) (18.60) (18.66)

Co-operators Mawer International Equity Fund 2019 20.59 20.66 20.62 - 20.60 20.71 20.99 2018 (10.14) (9.99) (9.89) - (10.06) (9.93) (10.18)

Co-operators Aggressive Balanced Fund 2019 - 30.19 35.70 29.17 36.15 30.41 - 2018 - (11.40) (10.54) (9.17) (4.85) (8.96) -

Co-operators Conservative Balanced Fund 2019 - 26.93 24.95 20.84 - 21.28 15.98 2018 - (7.14) (7.14) (4.22) - (5.68) (5.12)

Co-operators Aggressive Portfolio 2019 - 28.47 27.87 26.26 - 26.52 - 2018 - (13.70) (13.30) (12.13) - (12.89) -

Co-operators Conservative Portfolio 2019 - 13.72 15.92 14.30 - 15.09 - 2018 - (6.18) (5.42) (4.92) - (5.81) -

Co-operators Moderate Portfolio 2019 - 21.37 19.02 19.07 - 20.13 - 2018 - (9.25) (8.77) (9.33) - (8.79) -

Co-operators Very Aggressive Portfolio 2019 - 38.14 37.65 36.10 - 35.14 - 2018 - (18.13) (17.63) (16.57) - (16.81) -

Co-operators Very Conservative Portfolio 2019 - 9.89 10.41 9.87 - 9.90 - 2018 - (3.34) (3.23) (3.15) - (3.04) -

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Increase (decrease) in net assets attributable to unitholders per unit by segment (continued)


Segment 12

Segment 13

Segment 14

Segment 15

Segment 16

Segment 17

Segment 18

Co-operators Balanced Fund 2019 25.57 16.74 20.41 14.51 18.72 16.93 21.32 2018 (8.25) (5.63) (5.52) (5.45) (4.71) (5.18) (6.59)

Co-operators Canadian Equity Fund 2019 30.72 21.18 25.77 21.82 22.84 22.40 27.24 2018 (22.14) (15.27) (17.87) (15.76) (18.06) (16.02) (19.96)

Co-operators Canadian Fixed Income Fund 2019 5.87 4.32 5.29 4.48 4.87 4.55 5.53 2018 (0.87) (0.62) (0.78) (0.66) (0.78) (0.67) (0.81)

Co-operators Canadian Resource Fund 2019 15.24 13.60 8.31 16.45 17.51 16.30 16.51 2018 (18.56) (21.37) (16.89) (18.80) (20.65) (17.99) (14.29)

Co-operators Money Market Fund 2019 0.78 0.64 0.52 - 0.55 0.54 0.88 2018 0.49 0.40 0.16 - 0.55 0.70 0.66

Co-operators U.S. Equity Fund 2019 69.41 25.06 34.02 - 39.77 28.74 34.95 2018 14.70 5.52 5.25 - 4.27 6.28 8.16

Co-operators Global Equity Fund 2019 - 8.19 15.74 19.47 14.91 15.80 24.35 2018 - 1.53 2.03 1.46 1.99 1.09 2.23

Co-operators Bissett Canadian Dividend Fund 2019 21.16 15.69 18.05 12.78 18.12 12.53 15.82 2018 (14.22) (13.51) (17.87) (15.44) (21.25) (9.74) (29.98)

Co-operators Ethical Balanced Fund 2019 14.32 - - - - - - 2018 (7.05) - - - - - -

Co-operators Ethical Canadian Equity Fund 2019 28.13 10.37 19.84 3.02 0.86 18.86 43.46 2018 (24.99) (23.92) (17.89) (29.13) (16.08) (10.06) -

Co-operators Ethical International Equity Fund 2019 36.97 - - - - - - 2018 (9.52) - - - - - -

Co-operators Ethical Select Balanced Portfolio 2019 15.22 12.26 19.74 - 14.39 13.10 12.39 2018 (6.18) (4.34) (5.37) - (6.03) (4.84) (5.81)

Co-operators Ethical Select Conservative Portfolio 2019 10.74 10.17 13.61 3.06 21.56 12.23 11.83 2018 (4.31) (3.61) (5.00) (3.07) (4.66) (3.88) (21.61)

Co-operators Ethical Select Growth Portfolio 2019 22.03 15.84 16.46 31.14 14.11 16.32 17.26 2018 (8.81) (6.24) (7.90) (6.77) (6.88) (6.39) (9.64)

Co-operators Ethical Select Income Portfolio 2019 13.28 - 7.21 11.60 11.82 - 11.46 2018 (3.36) - (3.08) (3.35) (5.14) - (3.47)

Co-operators Fidelity Canadian Bond Fund 2019 5.94 4.37 5.43 4.27 5.01 4.66 5.43 2018 (1.58) (1.13) (1.48) (1.26) (1.48) (1.26) (1.50)

Co-operators Fidelity Global Fund 2019 45.44 23.89 25.01 23.23 25.83 24.99 28.94 2018 (16.79) (8.94) (10.61) (7.20) (11.73) (8.77) (12.69)

Co-operators Fidelity True North® Fund 2019 29.53 16.57 19.65 17.18 18.04 17.68 21.03 2018 (11.19) (6.36) (7.34) (6.59) (7.25) (6.38) (8.14)

Co-operators Mawer Balanced Fund 2019 20.84 12.94 15.04 12.82 15.51 12.85 16.99 2018 (4.58) (2.92) (3.96) (2.53) (3.49) (2.83) (3.86)

Co-operators Mawer Canadian Equity Fund 2019 29.90 18.42 22.66 19.07 20.10 19.84 24.08 2018 (21.52) (13.42) (16.08) (13.99) (16.27) (13.76) (17.36)

Co-operators Mawer International Equity Fund 2019 23.43 15.09 18.24 15.26 16.05 15.84 18.99 2018 (11.51) (7.43) (8.70) (7.51) (8.69) (7.90) (9.10)

Co-operators Aggressive Balanced Fund 2019 28.93 25.85 - - - - - 2018 (8.76) (7.93) - - - - -

Co-operators Conservative Balanced Fund 2019 17.15 20.42 - - - - - 2018 (5.16) (5.55) - - - - -

Co-operators Aggressive Portfolio 2019 25.15 26.77 15.89 19.21 15.74 17.47 16.73 2018 (12.00) (13.27) (7.71) (9.89) (7.98) (9.32) (8.01)

Co-operators Conservative Portfolio 2019 13.89 14.44 9.26 10.77 9.86 10.94 10.53 2018 (5.38) (5.28) (3.72) (4.59) (3.78) (4.35) (3.76)

Co-operators Moderate Portfolio 2019 17.97 19.18 12.03 15.34 13.01 12.99 12.65 2018 (8.01) (8.67) (5.40) (5.90) (5.59) (6.25) (5.69)

Co-operators Very Aggressive Portfolio 2019 34.98 35.43 20.19 17.73 19.28 17.77 21.30 2018 (17.79) (17.33) (9.06) (11.96) (9.54) (10.83) (10.05)

Co-operators Very Conservative Portfolio 2019 9.17 9.53 6.86 8.76 6.17 7.64 7.03 2018 (2.68) (2.99) (1.83) (2.62) (2.25) (2.70) (2.19)

141





Segment 19

Segment 20

Segment 21

Segment 22

Segment 23

Segment 24

Co-operators Balanced Fund 2019 15.76 18.81 17.19 22.99 18.28 18.64 2018 (5.48) (7.35) (5.88) (5.56) (5.17) (6.38)

Co-operators Canadian Equity Fund 2019 22.31 26.27 22.33 27.58 22.54 25.68 2018 (15.88) (18.62) (16.04) (21.56) (16.60) (19.30)

Co-operators Canadian Fixed Income Fund 2019 4.60 5.50 4.55 5.61 4.65 5.41 2018 (0.66) (0.76) (0.68) (0.92) (0.69) (0.82)

Co-operators Canadian Resource Fund 2019 20.42 16.16 16.66 22.00 14.96 20.44 2018 (20.24) (24.22) (19.98) (28.94) (19.77) (23.22)

Co-operators Money Market Fund 2019 0.16 1.09 0.62 0.84 0.64 0.89 2018 0.47 0.42 0.44 0.47 0.43 0.52

Co-operators U.S. Equity Fund 2019 30.05 42.05 32.14 36.34 32.32 30.03 2018 6.30 8.03 6.32 8.45 6.33 8.78

Co-operators Global Equity Fund 2019 16.39 16.48 14.50 22.68 15.93 18.08 2018 1.57 2.88 1.84 2.62 1.54 2.10

Co-operators Bissett Canadian Dividend Fund 2019 18.15 14.79 19.40 20.24 18.55 19.01 2018 (13.37) (17.50) (13.59) (20.44) (14.53) (22.30)

Co-operators Ethical Canadian Equity Fund 2019 26.64 20.30 19.06 34.45 25.99 19.67 2018 (2.12) (19.30) (17.11) (15.60) (17.10) (23.43)

Co-operators Ethical Select Balanced Portfolio 2019 14.55 12.73 13.00 14.98 13.42 15.87 2018 (5.86) (5.38) (5.08) (6.23) (5.11) (5.40)

Co-operators Ethical Select Conservative Portfolio 2019 10.99 16.49 10.63 11.48 - 12.09 2018 (3.88) (5.32) (3.80) (4.41) - (4.76)

Co-operators Ethical Select Growth Portfolio 2019 16.94 17.29 17.27 19.33 16.41 18.68 2018 (6.52) (7.14) (6.55) (7.28) (6.31) (9.50)

Co-operators Ethical Select Income Portfolio 2019 13.72 14.85 4.52 10.46 12.00 15.95 2018 (3.11) (3.21) (3.26) (8.86) (3.10) (3.35)

Co-operators Fidelity Canadian Bond Fund 2019 4.65 5.70 4.62 5.75 4.55 5.58 2018 (1.28) (1.41) (1.26) (1.70) (1.30) (1.53)

Co-operators Fidelity Global Fund 2019 24.54 26.92 24.94 31.49 24.84 27.05 2018 (8.95) (11.74) (8.67) (12.18) (9.36) (11.55)

Co-operators Fidelity True North® Fund 2019 17.98 21.08 17.76 21.77 18.39 20.32 2018 (6.30) (7.58) (6.59) (9.00) (6.56) (7.96)

Co-operators Mawer Balanced Fund 2019 12.87 15.84 13.41 17.00 12.92 15.56 2018 (2.70) (3.79) (2.97) (3.52) (2.83) (3.86)

Co-operators Mawer Canadian Equity Fund 2019 19.36 23.11 20.07 23.96 20.19 22.77 2018 (13.45) (16.08) (13.90) (18.64) (14.19) (16.43)

Co-operators Mawer International Equity Fund 2019 15.07 18.33 15.90 19.03 16.23 18.04 2018 (6.67) (8.72) (7.89) (9.80) (7.16) (9.06)

Co-operators Aggressive Portfolio 2019 19.89 16.52 15.74 16.86 21.01 16.10 2018 (10.47) (8.07) (7.98) (7.92) (10.55) (8.14)

Co-operators Conservative Portfolio 2019 12.25 9.80 9.86 10.59 11.76 10.31 2018 (4.53) (3.63) (3.78) (3.91) (5.22) (4.20)

Co-operators Moderate Portfolio 2019 16.24 13.00 13.01 12.39 15.50 13.11 2018 (7.00) (5.35) (5.59) (5.67) (7.81) (5.77)

Co-operators Very Aggressive Portfolio 2019 22.83 19.87 19.28 20.80 25.02 21.53 2018 (12.06) (10.28) (9.54) (10.29) (12.59) (10.33)

Co-operators Very Conservative Portfolio 2019 8.34 7.32 6.17 6.62 9.02 7.18 2018 (2.67) (2.48) (2.25) (2.20) (2.97) (2.18)

142





Segment 25

Segment 26

Segment 27

Segment 28

Segment 32

Segment 34

Co-operators Aviator™ Diversified Portfolio 2019 7.94 13.10 9.01 10.46 15.41 - 2018 (7.35) - (7.16) - - -

Co-operators Aviator™ Growth Portfolio 2019 8.31 - 11.55 - 18.48 46.08 2018 (7.08) - (14.55) - - -

Co-operators Aviator™ Income Plus Portfolio 2019 4.51 - 6.19 - 12.13 8.89 2018 (2.00) - (2.21) - - -

143



Redeemable units

During the periods ended December 31 the number of units issued, redeemed and outstanding are as follows:

Units Unitsoustanding Units Units outstanding

beginning of year issued redeemed end of year

Co-operators Balanced Fund

Segment 1 Group Retirement Products 2019 265,682 13,711 16,021 263,372 2018 270,337 15,365 20,020 265,682

Segment 4 Versatile Asset® Participants 2019 32,580 623 4,886 28,317 2018 37,204 500 5,124 32,580

Segment 5 Versatile Asset® II Participants 2019 28,975 509 3,373 26,111 2018 32,039 393 3,457 28,975

Segment 6 Versatile Asset® III Participants 2019 1,767 72 242 1,597 2018 1,339 485 57 1,767

Segment 7 Versatile Asset® IV Participants 2019 278 - 62 216 2018 278 - - 278

Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2019 36,108 581 5,794 30,895 2018 42,337 1,241 7,470 36,108

Segment 9 Versatile Portfolios™ Participants (No-Load) 2019 9,623 1,027 777 9,873 2018 10,417 883 1,677 9,623

Segment 10 Co-operators Group Retirement Income Product 2019 7,126 658 992 6,792 2018 3,360 5,285 1,519 7,126

Segment 11 Versatile Portfolios™ TFSA 2019 3,729 485 711 3,503 2018 4,683 761 1,715 3,729

Segment 12 Versatile Portfolios™ Education Savings Plan 2019 5,063 759 245 5,577 2018 4,323 1,078 338 5,063

Segment 13 Versatile Portfolios Navigator™ 100/100 2019 12,041 317 1,419 10,939 2018 11,561 1,676 1,196 12,041

Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2019 10,333 4,859 1,143 14,049 2018 9,958 3,571 3,196 10,333

Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 480 52 150 382 2018 545 118 183 480

Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2019 2,735 839 171 3,403 2018 3,406 870 1,541 2,735

Segment 17 Versatile Portfolios Navigator™ 75/100 2019 10,892 1,360 1,017 11,235 2018 12,978 368 2,454 10,892



Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2019 4,210 2,245 1,333 5,122 2018 2,374 3,233 1,397 4,210

Segment 21 Versatile Portfolios Navigator™ 75/75 2019 11,908 652 614 11,946 2018 11,329 2,471 1,892 11,908



Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2019 2,776 1,663 1,224 3,215 2018 2,007 1,392 623 2,776

144



Redeemable units (continued)



Co-operators Canadian Equity Fund


Segment 4 Versatile Asset® Participants 2019 37,987 2,856 9,007 31,836 2018 37,624 6,233 5,870 37,987

Segment 5 Versatile Asset® II Participants 2019 40,557 2,270 7,068 35,759 2018 43,775 4,691 7,909 40,557


Segment 7 Versatile Asset® IV Participants 2019 233 - 1 232 2018 269 3 39 233

Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2019 202,202 22,599 47,933 176,868 2018 200,259 41,434 39,491 202,202

Segment 9 Versatile Portfolios™ Participants (No-Load) 2019 56,851 8,135 14,303 50,683 2018 55,488 13,875 12,512 56,851

Segment 10 Co-operators Group Retirement Income Product 2019 49,457 13,020 11,831 50,646 2018 41,732 15,397 7,672 49,457

Segment 11 Versatile Portfolios™ TFSA 2019 24,078 5,304 7,620 21,762 2018 22,026 8,258 6,206 24,078

Segment 12 Versatile Portfolios™ Education Savings Plan 2019 24,870 6,675 5,491 26,054 2018 19,028 8,764 2,922 24,870

Segment 13 Versatile Portfolios Navigator™ 100/100 2019 69,347 8,380 17,220 60,507 2018 64,352 18,317 13,322 69,347


Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 2,617 629 778 2,468 2018 2,250 844 477 2,617










145






Co-operators Canadian Fixed Income Fund


Segment 3 Group Retirement - Investment Mgmt Only 2019 24,246 764 25,010 - 2018 23,489 1,554 797 24,246



Segment 6 Versatile Asset® III Participants 2019 4,322 2,239 1,027 5,534 2018 5,725 948 2,351 4,322

Segment 7 Versatile Asset® IV Participants 2019 180 4 65 119 2018 208 8 36 180








Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 3,431 1,089 871 3,649 2018 3,598 964 1,131 3,431




Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2019 4,719 1,240 1,000 4,959 2018 5,562 1,322 2,165 4,719




Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2019 4,689 1,194 824 5,059 2018 4,935 1,202 1,448 4,689


Segment 25 Aviator™ Portfolios Series 500 75/100 2019 19,471 18,672 8,476 29,667 2018 5,366 22,662 8,557 19,471


Segment 32 Aviator™ Portfolios Series 100 75/100 2019 - 969 1 968 2018 - - - -

Segment 34 Aviator™ Portfolios Series 100 75/75 2019 - 536 - 536 2018 - - - -

146






Co-operators Canadian Resource Fund


Segment 4 Versatile Asset® Participants 2019 5,945 1,141 1,204 5,882 2018 6,451 415 921 5,945

Segment 5 Versatile Asset® II Participants 2019 4,908 460 874 4,494 2018 6,103 236 1,431 4,908

Segment 6 Versatile Asset® III Participants 2019 302 29 41 290 2018 286 34 18 302

Segment 7 Versatile Asset® IV Participants 2019 3 1 1 3 2018 6 2 5 3




Segment 12 Versatile Portfolios™ Education Savings Plan 2019 4,112 476 849 3,739 2018 4,267 694 849 4,112

Segment 13 Versatile Portfolios Navigator™ 100/100 2019 4,900 140 1,574 3,466 2018 4,178 996 274 4,900

Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2019 1,989 192 1,629 552 2018 2,241 116 368 1,989

Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 47 2 - 49 2018 47 1 1 47

Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2019 390 107 1 496 2018 216 183 9 390

Segment 17 Versatile Portfolios Navigator™ 75/100 2019 8,826 101 604 8,323 2018 9,516 574 1,264 8,826

Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2019 1,477 907 324 2,060 2018 2,368 197 1,088 1,477



Segment 21 Versatile Portfolios Navigator™ 75/75 2019 7,076 90 806 6,360 2018 5,982 1,593 499 7,076

Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2019 5,173 3,903 1,376 7,700 2018 1,995 3,491 313 5,173


Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2019 803 1,368 213 1,958 2018 566 484 247 803

147






Co-operators Money Market Fund


Segment 4 Versatile Asset® Participants 2019 3,991 2,143 2,541 3,593 2018 4,586 - 595 3,991

Segment 5 Versatile Asset® II Participants 2019 6,207 1,866 4,032 4,041 2018 12,118 191 6,102 6,207

Segment 6 Versatile Asset® III Participants 2019 2,360 14 2,127 247 2018 2,332 104 76 2,360

Segment 7 Versatile Asset® IV Participants 2019 584 - 52 532 2018 584 - - 584



Segment 10 Co-operators Group Retirement Income Product 2019 4,400 29,829 28,712 5,517 2018 547 13,027 9,174 4,400

Segment 11 Versatile Portfolios™ TFSA 2019 1,539 1,667 1,065 2,141 2018 1,426 553 440 1,539

Segment 12 Versatile Portfolios™ Education Savings Plan 2019 2,569 1,195 400 3,364 2018 1,615 1,741 787 2,569


Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2019 772 874 975 671 2018 2,903 1,303 3,434 772

Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2019 484 1,069 985 568 2018 100 734 350 484



Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2019 203 20 186 37 2018 - 203 - 203

Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2019 1,254 2,218 416 3,056 2018 1,602 488 836 1,254



Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2019 518 - - 518 2018 520 - 2 518

Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2019 1,468 4,554 1,657 4,365 2018 598 1,994 1,124 1,468

148






Co-operators U.S. Equity Fund


Segment 4 Versatile Asset® Participants 2019 7,757 1,272 2,298 6,731 2018 8,415 713 1,371 7,757



Segment 7 Versatile Asset® IV Participants 2019 104 - 1 103 2018 114 3 13 104



Segment 10 Co-operators Group Retirement Income Product 2019 880 578 415 1,043 2018 912 281 313 880





Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 1,000 202 532 670 2018 1,311 80 391 1,000

Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2019 2,583 4,002 757 5,828 2018 1,772 3,802 2,991 2,583

Segment 17 Versatile Portfolios Navigator™ 75/100 2019 14,047 3,014 3,875 13,186 2018 11,096 3,084 133 14,047



Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2019 2,495 2,690 804 4,381 2018 961 1,742 208 2,495

Segment 21 Versatile Portfolios Navigator™ 75/75 2019 10,296 2,566 796 12,066 2018 9,205 2,393 1,302 10,296




149






Co-operators Global Equity Fund


Segment 2 Seed Money 2019 1,488 - 317 1,171 2018 1,488 - - 1,488

Segment 10 Co-operators Group Retirement Income Product 2019 1,006 825 419 1,412 2018 1,036 225 255 1,006

Segment 13 Versatile Portfolios Navigator™ 100/100 2019 2,469 133 1,669 933 2018 1,703 1,169 403 2,469

Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2019 3,716 770 597 3,889 2018 6 4,281 571 3,716

Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 11 4 - 15 2018 11 - - 11


Segment 17 Versatile Portfolios Navigator™ 75/100 2019 652 855 869 638 2018 1,204 316 868 652

Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2019 654 2,141 573 2,222 2018 237 483 66 654

Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2019 86 18 - 104 2018 69 17 - 86


Segment 21 Versatile Portfolios Navigator™ 75/75 2019 2,380 192 488 2,084 2018 1,381 1,072 73 2,380

Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2019 1,501 1,868 288 3,081 2018 294 1,245 38 1,501

Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2019 40 - - 40 2018 44 - 4 40

Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2019 1,007 776 522 1,261 2018 312 792 97 1,007


Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 2019 - 51 3 48 2018 - 1 1 -

Segment 27 Aviator™ Portfolios Series 500 75/75 2019 2,669 13,665 2,084 14,250 2018 383 2,623 337 2,669


Segment 32 Aviator™ Portfolios Series 100 75/100 2019 - 480 1 479 2018 - - - -


150






Co-operators Bissett Canadian Dividend Fund

Segment 1 Group Retirement Products 2019 4,172 686 203 4,655 2018 4,753 718 1,299 4,172

Segment 2 Seed Money 2019 494 - - 494 2018 494 - - 494

Segment 4 Versatile Asset® Participants 2019 3,605 110 1,576 2,139 2018 4,945 318 1,658 3,605


Segment 6 Versatile Asset® III Participants 2019 354 - 15 339 2018 315 39 - 354


Segment 9 Versatile Portfolios™ Participants (No-Load) 2019 14,140 447 1,818 12,769 2018 22,018 668 8,546 14,140


Segment 11 Versatile Portfolios™ TFSA 2019 6,481 423 1,561 5,343 2018 7,613 829 1,961 6,481




Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 486 93 260 319 2018 341 145 - 486

Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2019 1,124 639 327 1,436 2018 457 894 227 1,124

Segment 17 Versatile Portfolios Navigator™ 75/100 2019 11,207 155 4,751 6,611 2018 18,348 657 7,798 11,207



Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2019 2,098 513 1,013 1,598 2018 1,447 1,382 731 2,098

Segment 21 Versatile Portfolios Navigator™ 75/75 2019 5,691 2,693 659 7,725 2018 5,764 989 1,062 5,691

Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2019 6,580 2,739 787 8,532 2018 3,062 3,825 307 6,580


Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2019 1,784 916 235 2,465 2018 962 1,297 475 1,784

151






Co-operators Ethical Balanced Fund

Segment 1 Group Retirement Products 2019 77 58 - 135 2018 50 27 - 77


Segment 4 Versatile Asset® Participants 2019 104 - - 104 2018 104 - - 104

Segment 5 Versatile Asset® II Participants 2019 513 4 56 461 2018 509 4 - 513

Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2019 1,614 59 426 1,247 2018 1,652 62 100 1,614

Segment 9 Versatile Portfolios™ Participants (No-Load) 2019 302 216 50 468 2018 302 - - 302

Segment 11 Versatile Portfolios™ TFSA 2019 409 117 328 198 2018 368 46 5 409

Segment 12 Versatile Portfolios™ Education Savings Plan 2019 432 47 - 479 2018 404 28 - 432

152






Co-operators Ethical Canadian Equity Fund

Segment 1 Group Retirement Products 2019 65 61 53 73 2018 86 59 80 65


Segment 4 Versatile Asset® Participants 2019 120 6 - 126 2018 86 89 55 120

Segment 5 Versatile Asset® II Participants 2019 663 - - 663 2018 1,253 49 639 663

Segment 6 Versatile Asset® III Participants 2019 - - - - 2018 138 1 139 -

Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2019 4,001 73 300 3,774 2018 5,667 114 1,780 4,001

Segment 9 Versatile Portfolios™ Participants (No-Load) 2019 581 50 194 437 2018 674 77 170 581


Segment 12 Versatile Portfolios™ Education Savings Plan 2019 117 23 - 140 2018 102 23 8 117

Segment 13 Versatile Portfolios Navigator™ 100/100 2019 1,500 12 1,173 339 2018 171 1,421 92 1,500

Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2019 102 103 42 163 2018 60 42 - 102

Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 76 - 71 5 2018 5 71 - 76


Segment 17 Versatile Portfolios Navigator™ 75/100 2019 577 8 - 585 2018 1,743 40 1,206 577

Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2019 - 72 - 72 2018 - - - -

Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2019 5 9 - 14 2018 89 13 97 5


Segment 21 Versatile Portfolios Navigator™ 75/75 2019 427 10 2 435 2018 433 4 10 427

Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2019 91 176 - 267 2018 98 22 29 91



153






Co-operators Ethical International Equity Fund



Segment 4 Versatile Asset® Participants 2019 276 - 147 129 2018 282 - 6 276


Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2019 789 6 127 668 2018 1,393 127 731 789



Segment 12 Versatile Portfolios™ Education Savings Plan 2019 92 61 - 153 2018 69 33 10 92

154






Co-operators Ethical Select Balanced Portfolio



Segment 4 Versatile Asset® Participants 2019 2,368 634 575 2,427 2018 2,346 22 - 2,368

Segment 5 Versatile Asset® II Participants 2019 223 9 53 179 2018 215 9 1 223

Segment 6 Versatile Asset® III Participants 2019 5 - - 5 2018 - 5 - 5


Segment 9 Versatile Portfolios™ Participants (No-Load) 2019 5,189 37 662 4,564 2018 5,665 118 594 5,189

Segment 11 Versatile Portfolios™ TFSA 2019 2,983 543 435 3,091 2018 3,554 449 1,020 2,983



Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2019 894 951 99 1,746 2018 635 259 - 894

Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 - - - - 2018 73 8 81 -


Segment 17 Versatile Portfolios Navigator™ 75/100 2019 1,706 20 - 1,726 2018 1,756 23 73 1,706

Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2019 1,706 1,006 898 1,814 2018 987 766 47 1,706



Segment 21 Versatile Portfolios Navigator™ 75/75 2019 2,500 19 157 2,362 2018 2,504 73 77 2,500

Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2019 3,684 1,825 213 5,296 2018 2,605 1,289 210 3,684

Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2019 15 - - 15 2018 15 - - 15

Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2019 1,267 577 127 1,717 2018 1,025 381 139 1,267

155






Co-operators Ethical Select Conservative Portfolio

Segment 1 Group Retirement Products 2019 49 58 - 107 2018 24 38 13 49


Segment 4 Versatile Asset® Participants 2019 - 514 - 514 2018 - - - -

Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2019 2,892 372 778 2,486 2018 2,898 66 72 2,892


Segment 11 Versatile Portfolios™ TFSA 2019 1,126 269 157 1,238 2018 1,284 173 331 1,126

Segment 12 Versatile Portfolios™ Education Savings Plan 2019 742 73 179 636 2018 727 109 94 742

Segment 13 Versatile Portfolios Navigator™ 100/100 2019 9,409 34 1,152 8,291 2018 10,517 33 1,141 9,409

Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2019 302 1,625 151 1,776 2018 216 86 - 302



Segment 17 Versatile Portfolios Navigator™ 75/100 2019 1,707 301 2 2,006 2018 1,706 1 - 1,707

Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2019 2,488 587 63 3,012 2018 1,172 2,262 946 2,488



Segment 21 Versatile Portfolios Navigator™ 75/75 2019 1,930 - 137 1,793 2018 1,826 273 169 1,930

Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2019 1,495 781 411 1,865 2018 1,160 719 384 1,495


156






Co-operators Ethical Select Growth Portfolio



Segment 4 Versatile Asset® Participants 2019 676 3 - 679 2018 1,098 3 425 676


Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2019 8,141 1,418 676 8,883 2018 10,556 621 3,036 8,141

Segment 9 Versatile Portfolios™ Participants (No-Load) 2019 535 31 70 496 2018 1,205 105 775 535




Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2019 3,879 528 315 4,092 2018 1,152 2,821 94 3,879




Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2019 668 493 209 952 2018 260 455 47 668

Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2019 22 - - 22 2018 21 1 - 22



Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2019 984 1,517 265 2,236 2018 222 767 5 984


Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2019 1,215 630 199 1,646 2018 303 1,162 250 1,215

157






Co-operators Ethical Select Income Portfolio



Segment 4 Versatile Asset® Participants 2019 112 - - 112 2018 112 - - 112

Segment 5 Versatile Asset® II Participants 2019 - 7 - 7 2018 - - - -

Segment 6 Versatile Asset® III Participants 2019 10 - - 10 2018 10 - - 10

Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2019 1,887 - 126 1,761 2018 2,019 54 186 1,887

Segment 9 Versatile Portfolios™ Participants (No-Load) 2019 1,200 1,194 843 1,551 2018 2,163 - 963 1,200


Segment 12 Versatile Portfolios™ Education Savings Plan 2019 227 24 1 250 2018 213 14 - 227

Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2019 4,762 981 4,082 1,661 2018 4,566 796 600 4,762

Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 135 2 36 101 2018 111 24 - 135


Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2019 438 158 127 469 2018 390 102 54 438



Segment 21 Versatile Portfolios Navigator™ 75/75 2019 35 1 28 8 2018 26 9 - 35

Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2019 5,679 193 1,326 4,546 2018 1,174 4,579 74 5,679

Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2019 80 - 3 77 2018 80 - - 80


158







Segment 4 Versatile Asset® Participants 2019 8,279 973 2,480 6,772 2018 9,687 1,937 3,345 8,279






Segment 12 Versatile Portfolios™ Education Savings Plan 2019 5,255 1,948 925 6,278 2018 4,900 1,491 1,136 5,255













159






Co-operators Fidelity Global Fund

Segment 1 Group Retirement Products 2019 4,901 341 536 4,706 2018 4,646 914 659 4,901

Segment 3 Group Retirement - Investment Mgmt Only 2019 6,803 212 94 6,921 2018 6,697 203 97 6,803


Segment 5 Versatile Asset® II Participants 2019 6,071 760 897 5,934 2018 6,148 1,238 1,315 6,071




Segment 10 Co-operators Group Retirement Income Product 2019 - 178 89 89 2018 - - - -















160






Co-operators Fidelity True North® Fund


Segment 3 Group Retirement - Investment Mgmt Only 2019 9,412 754 2,172 7,994 2018 9,046 751 385 9,412


Segment 5 Versatile Asset® II Participants 2019 9,600 771 1,793 8,578 2018 9,725 1,328 1,453 9,600




Segment 10 Co-operators Group Retirement Income Product 2019 795 538 232 1,101 2018 736 161 102 795















161






Co-operators Mawer Balanced Fund

Segment 1 Group Retirement Products 2019 13,876 3,153 403 16,626 2018 13,204 2,009 1,337 13,876



Segment 5 Versatile Asset® II Participants 2019 5,957 3,426 723 8,660 2018 4,316 1,907 266 5,957

Segment 6 Versatile Asset® III Participants 2019 846 678 51 1,473 2018 495 351 - 846



Segment 10 Co-operators Group Retirement Income Product 2019 3,862 - 1,484 2,378 2018 2,244 2,306 688 3,862















162






Co-operators Mawer Canadian Equity Fund

Segment 1 Group Retirement Products 2019 2,278 6,006 517 7,767 2018 1,967 603 292 2,278







Segment 10 Co-operators Group Retirement Income Product 2019 970 427 796 601 2018 1,043 - 73 970















163























Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2019 2,808 551 986 2,373 2018 3,442 876 1,510 2,808






164






Co-operators Aggressive Balanced Fund


Segment 4 Versatile Asset® Participants 2019 4,841 342 1,694 3,489 2018 4,842 64 65 4,841

Segment 5 Versatile Asset® II Participants 2019 8,450 98 489 8,059 2018 9,274 142 966 8,450


Segment 7 Versatile Asset® IV Participants 2019 34 - - 34 2018 85 - 51 34

Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2019 11,362 218 315 11,265 2018 14,794 434 3,866 11,362

Segment 9 Versatile Portfolios™ Participants (No-Load) 2019 1,871 137 389 1,619 2018 1,771 236 136 1,871



Co-operators Conservative Balanced Fund


Segment 4 Versatile Asset® Participants 2019 1,811 9 124 1,696 2018 2,544 13 746 1,811

Segment 5 Versatile Asset® II Participants 2019 2,893 23 151 2,765 2018 2,925 616 648 2,893

Segment 6 Versatile Asset® III Participants 2019 542 191 214 519 2018 1,929 25 1,412 542


Segment 9 Versatile Portfolios™ Participants (No-Load) 2019 3,849 275 270 3,854 2018 5,174 103 1,428 3,849

Segment 10 Co-operators Group Retirement Income Product 2019 2,383 - 88 2,295 2018 2,554 725 896 2,383


Segment 12 Versatile Portfolios™ Education Savings Plan 2019 1,107 282 104 1,285 2018 965 275 133 1,107

165








Segment 5 Versatile Asset® II Participants 2019 21,231 524 1,700 20,055 2018 20,911 1,547 1,227 21,231





Segment 12 Versatile Portfolios™ Education Savings Plan 2019 27,313 5,710 1,163 31,860 2018 21,705 6,016 408 27,313













166









Segment 6 Versatile Asset® III Participants 2019 2,453 26 323 2,156 2018 3,134 412 1,093 2,453















Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2019 6,368 753 340 6,781 2018 5,629 1,041 302 6,368


167
















Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2019 6,715 1,181 948 6,948 2018 6,430 735 450 6,715




Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2019 6,710 1,135 1,021 6,824 2018 7,902 727 1,919 6,710






168







Segment 4 Versatile Asset® Participants 2019 12,585 564 231 12,918 2018 12,076 792 283 12,585


Segment 6 Versatile Asset® III Participants 2019 557 6 - 563 2018 653 43 139 557





Segment 13 Versatile Portfolios Navigator™ 100/100 2019 18,186 973 811 18,348 2018 20,276 3,298 5,388 18,186




Segment 17 Versatile Portfolios Navigator™ 75/100 2019 22,482 2,455 1,260 23,677 2018 21,376 1,222 116 22,482



Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2019 3,265 1,383 519 4,129 2018 1,844 1,743 322 3,265





169








Segment 5 Versatile Asset® II Participants 2019 10,718 1,034 672 11,080 2018 13,072 791 3,145 10,718

Segment 6 Versatile Asset® III Participants 2019 1,807 18 1 1,824 2018 1,748 59 - 1,807




Segment 12 Versatile Portfolios™ Education Savings Plan 2019 8,836 2,380 1,041 10,175 2018 7,515 2,212 891 8,836

Segment 13 Versatile Portfolios Navigator™ 100/100 2019 47,904 503 2,915 45,492 2018 64,946 2,590 19,632 47,904












170






Co-operators Aviator™ Diversified Portfolio


Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 2019 - 588 - 588 2018 - 24 24 -

Segment 27 Aviator™ Portfolios Series 500 75/75 2019 43,396 40,374 8,812 74,958 2018 7,910 35,807 321 43,396


Segment 32 Aviator™ Portfolios Series 100 75/100 2019 - 1,996 - 1,996 2018 - - - -

Co-operators Aviator™ Growth Portfolio


Segment 27 Aviator™ Portfolios Series 500 75/75 2019 10,615 31,703 10,692 31,626 2018 - 10,709 94 10,615



Co-operators Aviator™ Income Plus Portfolio





171

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