gold investment€¦ · portfolio will only invest in securities that meet the definition of...

GOLD INVESTMENT

PORTFOLIO MANAGER

mailto:[email protected]

Summary…………………………………………………………………………………………………………………………………………………………………........……………… 3

[GIM125] GIM Short Term Bond Portfolio ................…………………………………………………………………………….………………………………........…….. 5

[GIM150] GIM Diversified Bond Portfolio…………………………....................…………………………………………………………………………………………….. 6

[GIM200] GIM Yield Advantage Portfolio………………………….............…………………………………………………………………………………….........………. 7

[GIM245] GIM Balanced Income (USD) Portfolio…………………............…………………………………….........…………………………………………………… 8

[GIM250] GIM Balanced Income Portfolio……………………...........…………………………………………………………………..........……………………………… 9

[GIM285] GIM Balanced Growth (USD) Portfolio………………..............……………………………………………………………………….........………………… 10

[GIM290] GIM Balanced Growth Portfolio Class A…………............…………………………………………………………………………………….........………… 11

[GIM300] GIM Balanced Growth Portfolio Class R…………............…………………………………………………………………………………….........………… 12

[GIM410] GIM Blue Chip Equity Portfolio…………...........…………………………………………………………………………………………………….........……… 13

[GIM415] GIM REIT Portfolio..…………………………….............…………………………………………………………………………………………….........…..……… 14

[GIM500] GIM Emerging Equity Portfolio……………...........…………………………………………………………………………………………….........…………… 15

[GIM600] GIM Aristocrats Portfolio……………………............……………………………………………………………………………………………….........………… 16

[GIM700] GIM Technology Growth Portfolio…………..............………………………………………………………………………………………............................. 17

[GIM900] GIM Income50 Portfolio…………………...........…………………………………………………………………………………………………………........…… 18

[GIM911] GIM Physician Focus Portfolio…....................................…………………………………………………………………………………………........………… 19

Explanatory Notes………………………………………………………………………………………………………………………………………………………….......………. 20

Disclaimer………………………………………………………………………………………………………………………………………………………………………........…….. 23

TABLEOFCONTENTS

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Code Model Risk Bonds Stocks Objectives

125 Short-Term Bond Risk Free 100% 0%

The objective of the GIM Short Term Bond Portfolio is to maximize incomewhile preserving investment capital and maintaining liquidity by investing ingovernment and corporate debt instruments predominantly in domesticmarkets. This Model Portfolio utilizes exchange traded funds (ETFs*) howeverit may invest in individual fixed income instruments in order to fulfill itsinvestment objectives. The GIM Short Term Bond Portfolio will only invest insecurities that meet the definition of Qualified Investment for tax purposes.

150 Diversified Bond Very Low 100% 0%

The objective of the GIM Diversified Bond Portfolio is to maximize incomewhile preserving investment capital and maintaining liquidity by investing indomestic and global fixed income securities. This Model Portfolio utilizesexchange traded funds (ETFs*) however it may invest in individual fixedincome instruments in order to fulfill its investment objectives. The GIMDiversified Bond Portfolio will only invest in securities that meet the definitionof Qualified Investment for tax purposes.

200 Yield Advantage Very Low 80% 20%

The objective of the GIM Yield Advantage Portfolio is to maximize interestincome, generate capital gains and provide a high level of liquidity by investingin a diverse range of instruments including but not limited to fixed income,dividend paying equities and royalty corporations. This Model Portfolio utilizesexchange traded funds (ETFs*) however it may invest in individual stocks andbonds in order to fulfill its investment objectives. The GIM Yield AdvantagePortfolio will only invest in securities that meet the definition of QualifiedInvestment for tax purposes.

245 Balanced Income (USD) Low 50% 50%

The objective of the GIM Balanced Income (USD) Portfolio is to produceincome and capital appreciation, with an emphasis on monthly income, byinvesting in a diversified basket of USD denominated equity and fixed incomesecurities. This Model Portfolio utilizes exchange traded funds (ETFs*)however it may invest in individual stocks and bonds in order to fulfill itsinvestment objectives. The GIM Balanced Income (USD) Portfolio will onlyinvest in securities that meet the definition of Qualified Investment for taxpurposes.

250 Balanced Income Low 50% 50%

The objective of the GIM Balanced Income Portfolio is to produce income andcapital appreciation, with an emphasis on monthly income, by investing in adiversified basket of equity and fixed income securities. This Model Portfolioutilizes exchange traded funds (ETFs*) however it may invest in individualstocks and bonds in order to fulfill its investment objectives. The GIMBalanced Income Portfolio will only invest in securities that meet the definitionof Qualified Investment for tax purposes.

285 Balanced Growth (USD) Moderate 40% 60%

The objective of the GIM Balanced Growth (USD) Portfolio is to produceincome and capital appreciation, with an emphasis on growth, by investing in adiversified basket of equity and fixed income securities. This Model Portfolioutilizes exchange traded funds (ETFs*) however it may invest in individualstocks and bonds in order to fulfill its investment objectives. The GIMBalanced Growth (USD) Portfolio will only invest in securities that meet thedefinition of Qualified Investment for tax purposes.

290 Balanced Growth Moderate 30% 70%

The objective of the GIM Balanced Growth Portfolio is to produce income andcapital appreciation, with an emphasis on growth, by investing in a diversifiedbasket of equity and fixed income securities. This Model Portfolio utilizesexchange traded funds (ETFs*) however it may invest in individual stocks andbonds in order to fulfill its investment objectives. The GIM Balanced GrowthPortfolio will only invest in securities that meet the definition of QualifiedInvestment for tax purposes.

300 Balanced Growth Moderate 30% 70%

The objective of the GIM Balanced Growth (R) Portfolio is to produce incomeand capital appreciation, with an emphasis on growth, by investing in adiversified basket of equity and fixed income securities. This Model Portfolioutilizes exchange traded funds (ETFs*) however it may invest in individualstocks and bonds in order to fulfill its investment objectives. The GIMBalanced Growth (R) Portfolio will only invest in securities that meet thedefinition of Qualified Investment for tax purposes.

GIMModelPortfolio‐SummaryTarget

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Code Model Risk Bonds Stocks Objectives

410 Blue Chip Equity High 10% 90%

The objective of the GIM Blue Chip Equity Portfolio is to produce capitalappreciation, by investing in a diversified basket of global equity securities.The current allocation between North American and International securities isapproximately 65% and 35% respectively, with a 15% minimum allocation toEmerging Markets. This Model Portfolio utilizes exchange traded funds(ETFs*) however it may invest in individual stocks and bonds in order to fulfillits investment objectives. The GIM Blue Chip Equity Portfolio will only invest insecurities that meet the definition of Qualified Investment for tax purposes.

415 REIT High 0% 100%

The objective of the GIM REIT Portfolio is to produce income and capitalappreciation, with an emphasis on monthly income, by investing in adiversified portfolio of large capitalization, listed real estate investment trusts(REITs*). This Model Portfolio holds direct securities and may utilizeexchange traded funds (ETFs*) in order to fulfill its investment objective. ThisGIM REIT Portfolio will only invest in securities that meet the definition ofQualified Investment for tax purposes.

500 Emerging Equity High 10% 90%

The objective of the GIM Emerging Equity Portfolio is to produce capitalappreciation, by investing in a diversified basket of global equity securities.The long-term allocation is approximately 1/3 North American equities and 2/3International equities, with a 40% minimum allocation to Emerging Markets.This Model Portfolio utilizes exchange traded funds (ETFs*) however it mayinvest in individual stocks and bonds in order to fulfill its investment objectives.The GIM Emerging Equity Portfolio will only invest in securities that meet thedefinition of Qualified Investment for tax purposes.

600 Aristocrats High 0% 100%

The objective of the GIM Aristocrats Portfolio is to provide capital appreciationand dividend income by investing in a focused basket of equity securities. TheManager will evaluate a basket of equities and distill a portfolio of current andfuture Aristocrats. The GIM Aristocrats Portfolio is unconstrained; it may alsohold fixed cash, income or preferred share securities accross Canadian, U.S.,and international markets. This Model Portfolio holds securities directly butmay utilize exchange traded funds (ETFs*) to achieve its objectives. The GIMAristocrats Portfolio will only invest in securities that meet the definition ofQualified Investment for tax purposes.

700 Technology Growth High 15% 85%

The objective of the GIM Technology Growth Portfolio is to provide capitalappreciation by overweighting technology and growth equities whilemaintaining a globally diverse portfolio of equity and fixed income securities.This Model Portfolio holds equities and Exchange Traded funds (ETFs*) inorder to provide equity and fixed income exposure. The GIM TechnologyGrowth Portfolio will only invest in securities that meet the definition ofQualified Investment for tax purposes.

900 Income50 High 0% 100%

The objective of the GIM Income50 Portfolio is to produce income and capital appreciation, with an emphasis on income, by investing in a diversified basket of equity and fixed income securities. This Model Portfolio holds equities directly and may utilize exchange traded funds (ETFs*) in order to gain equity and fixed income exposure. The GIM Income50 Portfolio will only invest in securities that meet the definition of Qualified Investment for tax purposes.

911 Physician Focus High 15% 85%

The objective of the GIM Physician Focus Portfolio is to provide capital appreciation and global diversification by allocating to low cost equity and fixed income index funds. This Model Portfolio holds equities and Exchange Traded funds (ETFs*) in order to provide equity and fixed income exposure. The GIM Physician Focus Portfolio will only invest in securities that meet the definition of Qualified Investment for tax purposes.

GIMModelPortfolio‐SummaryTarget

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ModelPortfolioObjective CodeGIM125

CategoryBond

AssetAllocation GeographicalMix GIMInternalRiskScore

1 YR CANADIAN TREASURY BILL 99.8%

Portfolio Yield (%)* 0.28

Cash - Yield (%)* 0.00

FixedIncomeSectorWeightings* FixedIncomeCharacteristics

Government Debt Yield (%)* 0.28

Effective Maturity* 1.00

Modified Duration* 1.00

AAA

The objective of the GIM Short Term Bond Portfolio is to maximize income while preserving investment capitaland maintaining liquidity by investing in government and corporate debt instruments predominantly indomestic markets. This Model Portfolio utilizes exchange traded funds (ETFs*) however it may invest inindividual fixed income instruments in order to fulfill its investment objectives. The GIM Short Term BondPortfolio will only invest in securities that meet the definition of Qualified Investment for tax purposes.

Fixed Income 99.8%

0.2%

100.0%

FixedIncomeRatings* FixedIncomeStyleGrid

GIMShortTermBondPortfolio*June 30, 2020

TotalofPortfolio 100.0%PortfolioCharacteristics

CANADIAN DOLLAR 0.2%

Top5DirectHoldings

Low

Risk Free

Cash

Very High

High

Moderate

100.0%

Canada (100.0%)

Quality

Low

High

Med

Low

Med High

Interest-Rate Sensitivity

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CategoryBond


ISHARES 1-5 YEAR LAD GOV BOND ETF 40.0%

CANADIAN DOLLAR 0.3% Portfolio Yield (%)* 2.39


TotalofPortfolio 100.0%

Top10Indirect⁺FixedIncomeHoldings FixedIncomeSectorWeightings* FixedIncomeCharacteristics

CAN 1 09/01/22 2.42% Government Debt Yield (%)* 2.40

CAN 0 ¾ 09/01/21 2.24% Corporate Debt Effective Maturity* 3.38

CANHOU 2.4 12/15/22 2.19% Modified Duration* 2.99

CAN 2 09/01/23 2.12%

CAN 1 ½ 06/01/23 2.10%

CAN 2 ½ 06/01/24 2.09%

CAN 1 ½ 09/01/24 2.07%

CAN 2 ¼ 06/01/25 2.07% AAA

CAN 2 ¾ 06/01/22 1.95% AA

CANHOU 2.55 03/15/25 1.91% A

Totalofportfolio 21.16% BBB

NR

26.3%

5.7%

9.3%

GIMDiversifiedBondPortfolio*

ISHARES CDN SHORT TERM BOND ETF 29.8%PortfolioCharacteristics

ISHARES 1-5 YEAR LAD CORP BOND ETF 30.0%

Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

Cash

June 30, 2020

38.4%

20.3%

58.8%

41.2%


⁺These fixed income holdings are held indirectly by the Model Portfolio by virtue of investments in exchange traded funds noted above.

The objective of the GIM Diversified Bond Portfolio is to maximize income while preserving investment capitaland maintaining liquidity by investing in domestic and global fixed income securities. This Model Portfolioutilizes exchange traded funds (ETFs*) however it may invest in individual fixed income instruments in orderto fulfill its investment objectives. The GIM Diversified Bond Portfolio will only invest in securities that meetthe definition of Qualified Investment for tax purposes.

Fixed Income 99.8%

0.2%

Canada (99.7%) United States (0.3%)

Quality

Low

High

Med

Low

Med High


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CategoryBond & Equity Income


ISHARES CDN SHORT TERM BOND ETF 74.8%

VANGUARD S&P 500 INDEX ETF 7.0% Portfolio Yield (%)* 2.59



Top10Indirect⁺EquityHoldings EquitySectorWeightings EquityCharacteristics

CAN APARTMENT PROP REAL ESTA 0.70% Real Estate Dividend Yield (%)* 3.59

SHOPIFY INC - CLASS A 0.48% Financials P/E* 16.47

ROYAL BANK OF CANADA 0.46% Information Technology P/B* 1.57

ALLIED PROPERTIES REAL ESTAT 0.42% Health Care

MICROSOFT CORP 0.42% Industrials

APPLE INC 0.41% Materials

FIRSTSERVICE CORP 0.41% Consumer Discretionary EquityStyleGridRIOCAN REAL ESTATE INVST TR 0.41% Consumer Staples

TORONTO-DOMINION BANK 0.38% Communication Services

GRANITE REAL ESTATE INVESTME 0.32% Energy

Totalofportfolio 4.41%





CANHOU 2.4 12/15/22 1.63%

CAN 0 ¾ 09/01/21 1.54%

CAN 1 ¼ 03/01/25 1.50%

CAN 0 ½ 03/01/22 1.49%

CAN 1 ½ 05/01/22 1.48% AAA

ONT 2.6 06/02/25 1.45% AA

CAN 1 ½ 06/01/23 1.32% A


Below BBB

NR

The objective of the GIM Yield Advantage Portfolio is to maximize interest income, generate capital gains andprovide a high level of liquidity by investing in a diverse range of instruments including but not limited to fixedincome, dividend paying equities and royalty corporations. This Model Portfolio utilizes exchange traded funds(ETFs*) however it may invest in individual stocks and bonds in order to fulfill its investment objectives. The GIMYield Advantage Portfolio will only invest in securities that meet the definition of Qualified Investment for taxpurposes.

Fixed Income 76.5%

19.3%

15.7%

13.8%

June 30, 2020

23.7%

8.0%

5.7%

66.3%

33.7%

8.7%

8.4%

6.7%

6.4%

6.0%

5.9%


23.0%

Cash 0.5%

GIMYieldAdvantagePortfolio*

VANGUARD FTSE DEV ALL CAP EX US ETF 7.0%PortfolioCharacteristics

ISHARES CORE S&P/TSX INDEX ETF 7.0%

Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

Equity


⁺These equity holdings are held indirectly by the Model Portfolio by virtue of investments in exchange traded funds noted above.

11.2%

50.0%

1.6%

5.5%


West. Europe (2.9%) Asia Pacific (1.6%)

Mexico (0.0%) Africa / Middle East (0.0%)

East. Europe (0.0%) South & Central Amer. (0.0%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


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CategoryBalanced Income


VANGUARD S/T CORP BOND ETF 53.0%

VANGUARD DIVIDEND APPRECIATION ETF 6.0% Portfolio Yield (%)* 3.17

ISHARES U.S. PREFERRED STOCK ETF 5.0% Cash - Yield (%)* 0.00



AMERICAN TOWER CORP 1.11% Real Estate Dividend Yield (%)* 3.04

MICROSOFT CORP 1.03% Information Technology P/E* 21.60

APPLE INC 0.73% Health Care P/B* 2.29

CROWN CASTLE INTL CORP 0.67% Financials

PROLOGIS INC 0.67% Consumer Discretionary

EQUINIX INC 0.58% Industrials

AMAZON.COM INC 0.56% Consumer Staples EquityStyleGridJOHNSON & JOHNSON 0.42% Communication Services

VISA INC-CLASS A SHARES 0.39% Materials

PROCTER & GAMBLE CO/THE 0.37% Utilities



CVS 3.7 03/09/23 0.19% Corporate Debt Yield (%)* 3.31

BAC 3.004 12/20/23 0.18% Preferred Shares Effective Maturity* 3.77

AAPL 2.4 05/03/23 0.15% Government Debt Modified Duration* 2.91

GS 3 ½ 04/01/25 0.15%

GS 5 ¾ 01/24/22 0.15%

CVS 4.1 03/25/25 0.14%

DELL 5.45 06/15/23 0.12%

JPM 2.083 04/22/26 0.12%

ORCL 1.9 09/15/21 0.12%

AVGO 8 09/30/22 0.11%

Totalofportfolio 1.43% AAA

AA

A

BBB

Below BBB

NR



15.6%

10.3%

Fixed Income 57.6%

29.0%

41.7%

Cash 0.7%

June 30, 2020

Equity

2.3%

92.2%

7.8%

0.0%

8.8%

8.7%

7.3%

7.0%

6.1%

2.9%

FixedIncomeRatings*

FixedIncomeStyleGrid

The objective of the GIM Balanced Income (USD) Portfolio is to produce income and capital appreciation, with anemphasis on monthly income, by investing in a diversified basket of USD denominated equity and fixed incomesecurities. This Model Portfolio utilizes exchange traded funds (ETFs*) however it may invest in individual stocksand bonds in order to fulfill its investment objectives. The GIM Balanced Income (USD) Portfolio will only invest insecurities that meet the definition of Qualified Investment for tax purposes.

GIMBalancedIncome(USD)Portfolio*

VANGUARD REIT ETF 10.0%PortfolioCharacteristics

VANGUARD TOTAL WORLD STK ETF 25.8%

Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

2.0%

6.9%

42.3%

44.4%

3.4%

0.9%


Western Europe (8.9%) Asia Pacific (5.1%)

South & Central America (0.2%) Africa / Middle East (0.2%)

Central Asia (0.1%) Mexico (0.1%)

Eastern Europe (0.1%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


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CategoryBalanced Income




VANGUARD FTSE CDN CAP REIT INDEX ETF 6.9% Cash - Yield (%)* 0.00



ROYAL BANK OF CANADA 2.61% Financials Dividend Yield (%)* 4.33

TORONTO-DOMINION BANK 2.17% Real Estate P/E* 14.63

ENBRIDGE INC 1.62% Energy P/B* 1.44

BANK OF NOVA SCOTIA 1.35% Information Technology

CAN APARTMENT PROP REAL ESTA 1.24% Industrials

TC ENERGY CORP 1.07% Materials

BANK OF MONTREAL 0.91% Health Care EquityStyleGridCAN IMPERIAL BK OF COMMERCE 0.80% Communication Services

SHOPIFY INC - CLASS A 0.79% Consumer Discretionary

ALLIED PROPERTIES REAL ESTAT 0.76% Consumer Staples






CANHOU 2.4 12/15/22 1.15%

CAN 0 ¾ 09/01/21 1.09%

CAN 1 ¼ 03/01/25 1.06%

CAN 0 ½ 03/01/22 1.05%

CAN 1 ½ 05/01/22 1.04% AAA

ONT 2.6 06/02/25 1.02% AA

CAN 1 ½ 06/01/23 0.93% A


Below BBB

NR

The objective of the GIM Balanced Income Portfolio is to produce income and capital appreciation, with anemphasis on monthly income, by investing in a diversified basket of equity and fixed income securities. This ModelPortfolio utilizes exchange traded funds (ETFs*) however it may invest in individual stocks and bonds in order tofulfill its investment objectives. The GIM Balanced Income Portfolio will only invest in securities that meet thedefinition of Qualified Investment for tax purposes.

Fixed Income 53.8%

27.5%

16.5%

11.8%

June 30, 2020

23.7%

8.0%

3.8%

66.4%

33.6%

9.8%

6.1%

6.1%

5.7%

5.4%

4.1%


45.7%

Cash 0.5%

GIMBalancedIncomePortfolio*

VANGUARD FTSE CDN HIGH DIV YIELD ETF 11.9%PortfolioCharacteristics


Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

Equity



11.2%

50.0%

1.6%

5.4%



Mexico (0.0%) Africa / Middle East (0.0%)

East. Europe (0.0%) South & Central Amer. (0.0%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


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CategoryBalanced Growth


VANGUARD TOTAL WORLD STK ETF 39.8%

VANGUARD GLOBAL ex-US REIT ETF 5.0% Portfolio Yield (%)* 2.85

VANGUARD REIT ETF 5.0% Cash - Yield (%)* 0.00



MICROSOFT CORP 1.96% Real Estate Dividend Yield (%)* 2.81

APPLE INC 1.13% Information Technology P/E* 18.70

JOHNSON & JOHNSON 0.95% Health Care P/B* 2.13

VISA INC-CLASS A SHARES 0.90% Consumer Discretionary

PROCTER & GAMBLE CO/THE 0.87% Financials

AMAZON.COM INC 0.86% Industrials

WALMART INC 0.84% Consumer Staples EquityStyleGridUNITEDHEALTH GROUP INC 0.83% Communication Services

HOME DEPOT INC 0.81% Materials

AMERICAN TOWER CORP 0.61% Utilities



CVS 3.7 03/09/23 0.12% Corporate Debt Yield (%)* 3.00

BAC 3.004 12/20/23 0.11% Effective Maturity* 3.18

AAPL 2.4 05/03/23 0.09% Modified Duration* 2.73

CVS 4.1 03/25/25 0.09%

GS 3 ½ 04/01/25 0.09%

GS 5 ¾ 01/24/22 0.09%

JPM 2.083 04/22/26 0.08%

T 3.4 05/15/25 0.08%

DELL 5.45 06/15/23 0.07%

GS 2.876 10/31/22 0.07%


AA

A

BBB

Below BBB

NR 0.1%

7.3%

45.3%

44.7%

1.5%

1.0%

3.6%

FixedIncomeRatings*


The objective of the GIM Balanced Growth (USD) Portfolio is to produce income and capital appreciation, with anemphasis on growth, by investing in a diversified basket of equity and fixed income securities. This Model Portfolioutilizes exchange traded funds (ETFs*) however it may invest in individual stocks and bonds in order to fulfill itsinvestment objectives. The GIM Balanced Growth (USD) Portfolio will only invest in securities that meet thedefinition of Qualified Investment for tax purposes.

GIMBalancedGrowth(USD)Portfolio*

VANGUARD DIVIDEND APPRECIATION ETF 17.0%PortfolioCharacteristics

VANGUARD S/T CORP BOND ETF 33.0%

Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

10.0%

9.6%

9.5%

8.8%

6.7%

3.1%

100.0%

Cash 1.2%

June 30, 2020

Fixed Income



17.3%

12.1%

Equity 60.4%

17.4%

38.4%



Africa / Middle East (0.4%) South & Central Amer. (0.2%)

Central Asia (0.2%) East. Europe (0.1%)

Mexico (0.1%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


of 24







ISHARES CORE S&P/TSX INDEX ETF 10.2% Portfolio Yield (%)* 3.22

VANGUARD FTSE CDN HIGH DIV YIELD ETF 10.2% Cash - Yield (%)* 0.00




TORONTO-DOMINION BANK 1.82% Information Technology P/E* 16.18

MICROSOFT CORP 1.47% Real Estate P/B* 1.66

APPLE INC 1.45% Health Care

ENBRIDGE INC 1.39% Energy

BANK OF NOVA SCOTIA 1.13% Industrials

AMAZON.COM INC 1.09% Communication Services EquityStyleGridCAN APARTMENT PROP REAL ESTA 1.04% Consumer Discretionary

TC ENERGY CORP 0.91% Consumer Staples

BANK OF MONTREAL 0.77% Materials






CANHOU 2.4 12/15/22 0.72%

CAN 0 ¾ 09/01/21 0.68%

CAN 1 ¼ 03/01/25 0.66%

CAN 0 ½ 03/01/22 0.65%

CAN 1 ½ 05/01/22 0.65% AAA

ONT 2.6 06/02/25 0.64% AA

CAN 1 ½ 06/01/23 0.58% A


Below BBB

NR

The objective of the GIM Balanced Growth Portfolio is to produce income and capital appreciation, with anemphasis on growth, by investing in a diversified basket of equity and fixed income securities. This ModelPortfolio utilizes exchange traded funds (ETFs*) however it may invest in individual stocks and bonds in order tofulfill its investment objectives. The GIM Balanced Growth Portfolio will only invest in securities that meet thedefinition of Qualified Investment for tax purposes.

Equity 65.6%

21.0%

14.3%

11.0%

June 30, 2020

23.7%

8.0%

5.5%

66.4%

33.6%

8.9%

8.2%

8.0%

7.6%

6.7%

5.6%


33.5%

Cash 0.9%

GIMBalancedGrowthPortfolio(ClassA)*


VANGUARD S&P 500 INDEX ETF 24.6%

Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

Fixed Income



11.2%

50.0%

1.6%

5.4%



Africa / Middle East (0.0%) East. Europe (0.0%)

Mexico (0.0%) South & Central Amer. (0.0%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


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VANGUARD TOTAL INTERNATIONAL ETF 13.8% Portfolio Yield (%)* 3.28

VANGUARD FTSE CDN HIGH DIV YIELD ETF 6.0% Cash - Yield (%)* 0.00




BCE INC 2.65% Communication Services P/E* 15.51

MICROSOFT CORP 2.24% Information Technology P/B* 1.73

TORONTO-DOMINION BANK 2.21% Industrials

TELUS CORP 1.65% Health Care

JPMORGAN CHASE & CO 1.56% Real Estate

ROGERS COMMUNICATIONS INC-B 1.53% Energy EquityStyleGridABBOTT LABORATORIES 1.49% Consumer Discretionary

UNION PACIFIC CORP 1.46% Materials

LOCKHEED MARTIN CORP 1.45% Consumer Staples






CANHOU 2.4 12/15/22 0.59%

CAN 0 ¾ 09/01/21 0.56%

CAN 0 ½ 03/01/22 0.54%

CAN 1 ¼ 03/01/25 0.54%

CAN 1 ½ 05/01/22 0.53% AAA

ONT 2.6 06/02/25 0.52% AA

CAN 1 ½ 06/01/23 0.48% A


Below BBB

NR

GIMBalancedGrowthPortfolio(ClassR)*



The objective of the GIM Balanced Growth (R) Portfolio is to produce income and capital appreciation, with anemphasis on growth, by investing in a diversified basket of equity and fixed income securities. This ModelPortfolio utilizes exchange traded funds (ETFs*) however it may invest in individual stocks and bonds in order tofulfill its investment objectives. The GIM Balanced Growth (R) Portfolio will only invest in securities that meet thedefinition of Qualified Investment for tax purposes.

Equity 70.8%

25.4%

13.2%

12.3%

June 30, 2020

16.1%

4.1%

65.9%

34.1%

7.4%

7.3%

6.7%

5.8%

47.2%

PortfolioCharacteristicsSPDR S&P 500 ETF 14.0%

Top5DirectHoldings

9.9%

Cash 0.8%


Very High

High

Moderate

Low

Very Low

Fixed Income

22.3%

0.0%

3.4%

11.0%

5.2%


28.4%


Asia Pacific (6.9%) West. Europe (4.7%)

Africa / Middle East (0.6%) Central Asia (0.5%)

South & Central Amer. (0.4%) East. Europe (0.3%)

Mexico (0.1%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


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CategoryGlobal Equity Focus



VANGUARD FTSE EMERGING MARKETS ETF 16.0% Portfolio Yield (%)* 3.43

ALLIANCEBERNSTEIN GL HI INC 7.3% Cash - Yield (%)* 0.00



SHOPIFY INC - CLASS A 2.98% Financials Dividend Yield (%)* 3.32

ROYAL BANK OF CANADA 2.82% Information Technology P/E* 16.48

TORONTO-DOMINION BANK 2.36% Industrials P/B* 1.78

CANADIAN NATL RAILWAY CO 1.84% Materials

ENBRIDGE INC 1.80% Consumer Discretionary

MICROSOFT CORP 1.74% Communication Services

APPLE INC 1.71% Energy EquityStyleGridBANK OF NOVA SCOTIA 1.46% Health Care

BARRICK GOLD CORP 1.40% Consumer Staples

BROOKFIELD ASSET MANAGE-CL A 1.34% Utilities



COSTER 6 ¼ 01/15/34 0.58% Corporate Debt Yield (%)* 5.73

RUTMAR 6 ¾ 02/15/44 0.47% Government Debt Effective Maturity* 7.06

T 2 ¼ 02/15/27 0.19% Securitized Debt Modified Duration* 4.08

INDOGB 8 ⅛ 05/15/24 0.14% Syndicated Loans

T 2 ⅞ 08/15/28 0.13% U.S. Municipal Debt

BNTNF 10 01/01/21 0.12% Preferred Shares

ARGENT 6 ⅞ 01/26/27 0.06%

OMAN 4 ⅛ 01/17/23 0.06%

T 6 ¼ 05/15/30 0.06%

UKRAIN 7 ¾ 09/01/23 0.06%


AA

A

BBB

Below BBB

NR



15.5%

10.0%

0.3%

0.2%

Equity 93.4%

20.9%

5.7%

Cash 0.9%

June 30, 2020

Fixed Income

3.7%

51.7%

35.8%

7.4%

9.1%

8.6%

8.1%

7.8%

7.3%

6.4%

FixedIncomeRatings*


The objective of the GIM Blue Chip Equity Portfolio is to produce capital appreciation, by investing in a diversifiedbasket of global equity securities. The current allocation between North American and International securities isapproximately 65% and 35% respectively, with a 15% minimum allocation to Emerging Markets. This ModelPortfolio utilizes exchange traded funds (ETFs*) however it may invest in individual stocks and bonds in order tofulfill its investment objectives. The GIM Blue Chip Equity Portfolio will only invest in securities that meet thedefinition of Qualified Investment for tax purposes.

GIMBlueChipEquityPortfolio*

ISHARES CORE S&P/TSX INDEX ETF 23.5%PortfolioCharacteristics

VANGUARD FTSE DEV ALL CAP EX US ETF 24.0%

Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

11.6%

4.6%

0.7%

0.0%

4.3%

78.6%

4.7%



South & Central Amer. (2.4%) Africa / Middle East (1.9%)


Mexico (0.3%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


of 24




CategoryREIT Sector - Income Focus


RIOCAN REAL ESTATE INVST TR 7.3%

H&R REAL ESTATE INV-REIT UTS 6.5% Portfolio Yield (%)* 6.19

WPT INDUSTRIAL REAL ESTATE I 6.5% Cash - Yield (%)* 0.00


IndustryBreakdown EquityCharacteristics EquitySectorWeightings

Retail Dividend Yield (%)* 6.76 Real Estate

Diversified P/E* 11.52

Multi-Residential P/B* 0.87

Industrial P/FFO* 9.49

Health Care FFO Payout Ratio* 91.89

Cloud Total Debt to Total Capital* 49.71

Office Total Debt to Total Assets* 45.99 EquityStyleGridOther Weighted Average Market Cap* $7.30B1.5%

4.8%

4.0%

31.1%

18.3%

16.0%

15.5%

8.8%

The objective of the GIM REIT Portfolio is to produce income and capital appreciation, with an emphasis onmonthly income, by investing in a diversified portfolio of large capitalization, listed real estate investment trusts(REITs*). This Model Portfolio holds direct securities and may utilize exchange traded funds (ETFs*) in order tofulfill its investment objective. This GIM REIT Portfolio will only invest in securities that meet the definition ofQualified Investment for tax purposes.

Equity 99.7%

100.0%

June 30, 2020

0.3%

GIMREITPortfolio*

CHOICE PROPERTIES REIT 6.5%PortfolioCharacteristics

SMARTCENTRES REAL ESTATE INV 7.3%

Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

Cash


Western Europe (0.0%)

Market Cap

Value Blend Growth

Large

Mid

Small

of 24






VANGUARD FTSE EMERGING MARKETS ETF 43.8%





ALIBABA GROUP HOLDING-SP ADR 2.93% Financials Dividend Yield (%)* 3.32

TENCENT HOLDINGS LTD 2.83% Information Technology P/E* 15.80

TAIWAN SEMICONDUCTOR MANUFAC 1.28% Consumer Discretionary P/B* 1.73

SHOPIFY INC - CLASS A 1.10% Communication Services

ROYAL BANK OF CANADA 1.05% Industrials

MICROSOFT CORP 0.96% Materials

APPLE INC 0.92% Health Care EquityStyleGridTORONTO-DOMINION BANK 0.87% Consumer Staples

TAIWAN SEMICONDUCTOR-SP ADR 0.74% Energy

AMAZON.COM INC 0.72% Utilities





T 2 ¼ 02/15/27 0.10% Securitized Debt Modified Duration* 3.41

INDOGB 8 ⅛ 05/15/24 0.08% Syndicated Loans

BNTNF 10 01/01/21 0.07% U.S. Municipal Debt

T 2 ⅞ 08/15/28 0.07% Preferred Shares

SFRFP 7 ⅜ 05/01/26 0.04%

INDOGB 8 ¼ 05/15/29 0.03%

S 7 ⅞ 09/15/23 0.03%

T 5 ¼ 02/15/29 0.03%


AA

A

BBB

Below BBB

NR

87.4%

6.9%

0.2%

0.0%



2.1%

0.0%

0.0%

2.7%

GIMEmergingEquityPortfolio*



Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

Fixed Income 5.8%

Cash 1.8%

June 30, 2020

2.9%

3.4%

77.5%

16.3%

3.9%

10.1%

8.0%

7.8%

7.0%

6.7%

6.6%

FixedIncomeRatings*


19.9%

15.0%

12.4%

The objective of the GIM Emerging Equity Portfolio is to produce capital appreciation, by investing in a diversifiedbasket of global equity securities. The long-term allocation is approximately 1/3 North American equities and 2/3International equities, with a 40% minimum allocation to Emerging Markets. This Model Portfolio utilizes exchangetraded funds (ETFs*) however it may invest in individual stocks and bonds in order to fulfill its investmentobjectives. The GIM Emerging Equity Portfolio will only invest in securities that meet the definition of QualifiedInvestment for tax purposes.

Equity 92.4%

Canada (17.0%) Asia Pacific (31.2%)

United States (19.9%) West. Europe (8.3%)

Africa / Middle East (3.9%) Central Asia (3.9%)

South & Central Amer. (3.6%) East. Europe (1.9%)

Mexico (0.9%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


of 24








Top10DirectHoldings EquitySectorWeightings EquityCharacteristics

MICROSOFT CORP 2.12% Financials Dividend Yield (%)* 3.58

JOHNSON & JOHNSON 2.12% Industrials P/E* 16.17

WALMART INC 2.12% Real Estate P/B* 1.54

MASTERCARD INC - A 2.12% Information Technology

TAIWAN SEMICONDUCTOR-SP ADR 2.12% Utilities

JPMORGAN CHASE & CO 2.12% Consumer Staples

MEDTRONIC PLC 2.12% Consumer Discretionary EquityStyleGridUNION PACIFIC CORP 2.12% Communication Services

LOCKHEED MARTIN CORP 2.12% Energy

BLACKROCK INC 2.12% Health Care


The objective of the GIM Aristocrats Portfolio is to provide capital appreciation and dividend income by investingin a focused basket of equity securities. The Manager will evaluate a basket of equities and distill a portfolio ofcurrent and future Aristocrats. The GIM Aristocrats Portfolio is unconstrained; it may also hold fixed cash,income or preferred share securities accross Canadian, U.S., and international markets. This Model Portfolio holdssecurities directly but may utilize exchange traded funds (ETFs*) to achieve its objectives. The GIM AristocratsPortfolio will only invest in securities that meet the definition of Qualified Investment for tax purposes.

Equity 99.6%

4.3%

27.7%

19.1%

10.6%

8.5%

8.5%

6.4%

4.3%

4.3%

4.3%

Cash 0.4%

GIMAristocratsPortfolio*

PortfolioCharacteristics

Very High

High

Moderate

Low

Very Low

June 30, 2020


Western Europe (2.1%) Asia Pacific (2.1%)

Market Cap

Value Blend Growth

Large

Mid

Small

of 24







ISHARES CDN SHORT TERM BOND ETF 8.0% Portfolio Yield (%)* 3.12




MICROSOFT CORP 3.86% Information Technology Dividend Yield (%)* 3.05

BROOKFIELD ASSET MANAGE-CL A 2.70% Financials P/E* 18.34

LOCKHEED MARTIN CORP 2.56% Communication Services P/B* 2.02

MARKEL CORP 2.50% Real Estate

SHOPIFY INC - CLASS A 2.45% Industrials

ENBRIDGE INC 2.27% Consumer Discretionary

TENCENT HOLDINGS LTD-UNS ADR 2.25% Health Care EquityStyleGridSALESFORCE.COM INC 2.20% Energy

JPMORGAN CHASE & CO 2.17% Consumer Staples

DIGITAL REALTY TRUST INC 2.02% Materials



COSTER 6 ¼ 01/15/34 0.61% Government Debt Yield (%)* 3.82

RUTMAR 6 ¾ 02/15/44 0.49% Corporate Debt Effective Maturity* 4.99

CAN 1 09/01/22 0.23% Modified Duration* 3.41

CAN 1 ¾ 03/01/23 0.21%

T 2 ¼ 02/15/27 0.19%

CANHOU 2.9 06/15/24 0.18%

CAN 0 ¾ 09/01/21 0.17%

CANHOU 2.4 12/15/22 0.17% AAA

CAN 0 ½ 03/01/22 0.16% AA

CAN 1 ¼ 03/01/25 0.16% A


Below BBB

NR

The objective of the GIM Technology Growth Portfolio is to provide capital appreciation by overweightingtechnology and growth equities while maintaining a globally diverse portfolio of equity and fixed incomesecurities. This Model Portfolio holds equities and Exchange Traded funds (ETFs*) in order to provide equity andfixed income exposure. The GIM Technology Growth Portfolio will only invest in securities that meet the definitionof Qualified Investment for tax purposes.

Equity 83.7%

22.3%

22.1%

10.0%

June 30, 2020

15.6%

4.8%

3.5%

51.7%

42.2%

9.8%

7.7%

7.5%

5.6%

5.5%

4.0%


15.0%

Cash 1.3%

GIMTechnologyGrowthPortfolio*



Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

Fixed Income



6.0%

62.5%

6.1%

5.0%





Mexico (0.2%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


of 24




CategoryEquity Income




Top5DirectHoldings EquitySectorWeightings EquityCharacteristics

MICROSOFT CORP 2.12% Real Estate Dividend Yield (%)* 5.90

JOHNSON & JOHNSON 2.12% Financials P/E* 12.37

JPMORGAN CHASE & CO 2.12% Communication Services P/B* 1.12

VERIZON COMMUNICATIONS INC 2.12% Utilities

AT&T INC 2.12% Information Technology

Totalofportfolio 10.60% Consumer Staples

Energy EquityStyleGridHealth Care

Others

Consumer Discretionary




T 2 ¼ 02/15/27 0.05% Modified Duration* 4.02

BNTNF 10 01/01/21 0.04%

INDOGB 8 ⅛ 05/15/24 0.04%

T 2 ⅞ 08/15/28 0.04%

ALTICE 7 ½ 05/15/26 0.03%

CHTR 5 02/01/28 0.03% AAA

CHTR 5 ⅛ 05/01/27 0.03% AA

CHTR 5 ¾ 02/15/26 0.03% A


Below BBB

NR

The objective of the GIM Income50 Portfolio is to produce income and capital appreciation, with an emphasison income, by investing in a diversified basket of equity and fixed income securities. This Model Portfolioholds equities directly and may utilize exchange traded funds (ETFs*) in order to gain equity and fixed incomeexposure. The GIM Income50 Portfolio will only invest in securities that meet the definition of QualifiedInvestment for tax purposes.

Equity 97.8%

40.9%

34.1%

6.8%

June 30, 2020

4.9%

0.0%

0.0%

65.5%

29.9%

6.8%

4.5%

2.3%

2.3%

2.3%

0.0%


1.8%

Funds 0.0%

GIMIncome50Portfolio*

PortfolioCharacteristics

Very High

High

Moderate

Low

Very Low

Fixed Income


0.0%

83.6%

8.9%

2.6%


West. Europe (2.3%) South & Central Amer. (0.4%)

Africa / Middle East (0.1%) East. Europe (0.1%)

Asia Pacific (0.1%) Mexico (0.0%)

Central Asia (0.0%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


of 24







ISHARES CORE S&P/TSX INDEX ETF 10.0% Portfolio Yield (%)* 3.25

VANGUARD FTSE CDN CAP REIT INDEX ETF 8.0% Cash - Yield (%)* 0.00



MICROSOFT CORP 2.10% Information Technology Dividend Yield (%)* 3.28

APPLE INC 2.02% Financials P/E* 16.96

AMAZON.COM INC 1.57% Real Estate P/B* 1.82

CAN APARTMENT PROP REAL ESTA 1.39% Consumer Discretionary

ALIBABA GROUP HOLDING-SP ADR 1.20% Health Care

TENCENT HOLDINGS LTD 1.16% Communication Services

ALLIED PROPERTIES REAL ESTAT 0.84% Industrials EquityStyleGridRIOCAN REAL ESTATE INVST TR 0.82% Consumer Staples

FIRSTSERVICE CORP 0.80% Materials

FACEBOOK INC-CLASS A 0.74% Energy



COSTER 6 ¼ 01/15/34 0.61% Government Debt Yield (%)* 3.64

RUTMAR 6 ¾ 02/15/44 0.49% Corporate Debt Effective Maturity* 4.76

CAN 1 09/01/22 0.21% Modified Duration* 3.22

CAN 1 ¾ 03/01/23 0.19%

T 2 ¼ 02/15/27 0.19%

CANHOU 2.9 06/15/24 0.17%

CANHOU 2.4 12/15/22 0.16%

CAN 0 ½ 03/01/22 0.15% AAA

CAN 0 ¾ 09/01/21 0.15% AA

CAN 1 ¼ 03/01/25 0.15% A


Below BBB

NR

The objective of the GIM Physician Focus Portfolio is to provide capital appreciation and global diversification byallocating to low cost equity and fixed income index funds. This Model Portfolio holds equities and ExchangeTraded funds (ETFs*) in order to provide equity and fixed income exposure. The GIM Physician Focus Portfoliowill only invest in securities that meet the definition of Qualified Investment for tax purposes.

Equity 83.2%

17.6%

14.5%

12.3%

June 30, 2020

15.3%

4.9%

4.8%

51.5%

42.2%

10.1%

9.6%

8.9%

7.5%

6.2%

5.3%


14.4%

Cash 2.4%

GIMPhysicianFocusPortfolio*



Top5DirectHoldings

Very High

High

Moderate

Low

Very Low

Fixed Income



5.8%

63.0%

6.2%

4.7%





Mexico (0.3%)

Market Cap

Value Blend Growth

Large

Mid

Small

Quality

Low

High

Med

Low

Med High


of 24



EXPLANATORYNOTES

CashYield(%)‐EffectiveAsoftheReportDateCanadian dollar credit balances receive interest limited to the greater of Prime minus 2.75% or zero. The CAD prime rate is currently set at 2.45%US dollar credit balances receive interest limited to the greater of Prime minus 4.00% or zero. The US prime rate is currently set at 3.25%

CreditQuality("Quality")An individual bond or bond mutual fund's credit quality is determined by private independent rating agencies such as Standard & Poor's, Moody's and Fitch. Their credit quality designations range from high ('AAA' to 'AA') to medium ('A' to 'BBB') to low ('BB', 'B', 'CCC', 'CC' to 'C'). Investors interested in the safety of their bond investments should stick to investment grade bonds ('AAA', 'AA', 'A', and 'BBB'), while other investors willing and able to accept a higher level of risk could consider lower credit-quality bonds. Source - Bloomberg

DerivativesGIM Model Portfolios do not make direct use of derivatives. However, ETFs held within the managed portfolios may gain exposure to securities directly and/or through the use of derivatives.

DividendYield(Equity)The annual dividend per share divided by the price per share, expressed as a percentage. Source - Bloomberg

EffectiveMaturityFor a portfolio of bonds, average effective maturity is the weighted average of the maturities of the underlying bonds. The measure is computed by weighing each bond's maturity by its market value with respect to the portfolio and the likelihood of any of the bonds being called. Source - Investopedia (Via Bloomberg)

ExchangeTradedFund(ETF)ETFs are index-based investment products that allow you to buy or sell shares of entire portfolios of stock in a single security. ETFs are unique in that they combine the opportunities of indexing with the advantages of stock trading. Source - Bloomberg

FixedIncome(FixedIncomeSectorWeightings)An investment that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity. Unlike a variable-income security, where payments change based on some underlying measure such as short-term interest rates, the payments of a fixed-income security are known in advance. Source - Bloomberg. (This pertains to Corporate Debt, Preferred Shares, Government Debt, Securitized Debt, Syndicated Loans, US Municipal Debt, to name a few).

FixedIncomeRatingsA ranking of a bond's quality, based on its value as a sound investment. Bonds are rated from a high of "AAA" (highly unlikely to default) through a low of "D" (companies already in default). The rating is based on such factors as the issuer's reputation, management, debts, and its record in paying interest. Source - Bloomberg

FundsRepresents ETFs that Bloomberg does not have sufficient look-through capabilities.

FundsfromOperationsRepresents net income after preferred dividends plus depreciation on real estate income-producing assets, gains or losses from party sales, non-recurring gains or charges (excluding impairment of real estate assets), and debt restructuring. Source - Bloomberg

FundsfromOperationsPayoutRatio(FFOPayoutRatio)Common dividends paid out to shareholders as a proportion of funds from operations. Source - Bloomberg

FXConversionsAll figures are in Canadian Dollars unless otherwise noted. FX conversions are performed by Bloomberg.

GeographicalMixRead as follows: Canada vs. World (left pie chart); World is further broken down by region in descending order (right pie chart); figures illustrated below the pie charts are read from left to right.

GIMBalancedGrowthPortfolio(ClassR)GIM300 is typically reserved for clients with investable funds in excess of $250,000. Additional risks in GIM300 include but are not limited to company specific risks due to direct security holdings as well as foreign exchange risk.

gold-im.com of 24


EXPLANATORYNOTES

InterestRateSensitivityA measure of how much the price of a fixed-income asset will fluctuate as a result of changes in the interest rate environment. Securities that are more sensitive will have greater price fluctuations than those with less sensitivity. This type of sensitivity must be taken into account when selecting a bond or other fixed-income instrument that the investor may sell in the secondary market. Source - Bloomberg

MarketCapitalizationThe company's worth calculated by multiplying the shares outstanding by the price per share. For companies with multiple shares, the market cap is equal to the market capitalizations of all common stock classes. For indices, this equals the sum of the current market values of the securities used to compute the index. Source - Bloomberg

ModelPortfolioThe model portfolios presented in our factsheets do not represent composite portfolios, pooled funds or mutual funds. Portfolios that follow the model portfolio are rebalanced at a minimum when the model portfolio is rebalanced.

ModifiedDurationThe percentage price change of a security for a given change in yield. The higher the duration of a security, the higher its risk. Source - Bloomberg

ParValueThe stated amount of a bond. If the bond sold above the stated amount, it would be selling at a premium. If it sold below that amount, it would be selling at a discount. Source - Bloomberg

PortfolioYieldCalculated by taking the weighted average of the cash, bond, and equity yield (dividend yield).

PricetoBook(P/B)The ratio of a stock's price divided by the book value per share. For indices, the price-to book value ratio is the average of the index member's capitalization divided by their book value. Book value is the value per share if the index members were liquidated. Calculated as: P/B Ratio = Stock Price/(Total Assets – Intangible Assets & Liabilities) Source - Bloomberg

PricetoEarnings(P/E)The relationship between a security's earnings per share and its current price. Used to compare the attractiveness of bonds, money markets, and stocks. Calculated as: Market Value Per Share/Earnings Per Share Source - Bloomberg

PricetoFFO(P/FFO)Price as of the latest period end date divided by trailing 12 month Funds From Operations per share. Source - Bloomberg

PrimeRateThe interest rate on loans that commercial banks quote as an indication of the rate being charged on loans to its best commercial customers. Source - Bloomberg

QualifiedInvestmentAn investment in properties, including money, guaranteed investment certificates, government and corporate bonds, mutual funds, and securities listed on a designated stock exchange. The types of investments that qualify for TFSAs are generally similar to those that qualify for registered retirement savings plans.

gold-im.com of 24


EXPLANATORYNOTES

REIT(RealEstateInvestmentTrust)A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. REITs receive special tax considerations and typically offer investors high yields as well as a highly liquid method of investing in real estate. Among other things, REITs invest in shopping malls, office buildings, apartments, warehouses and hotels. Source - Bloomberg

SourcingModel portfolio holdings are loaded individually into Bloomberg. Thereafter, Bloomberg provides the specific security statistics which are shown in the individual model portfolio fact cards.

Top10IndirectEquityHoldingsAll GIM Model Portfolios report indirect exposure to underlying securities except for GIM300R, GIM800 and GIM900, where the top ten indirect equity holdings may include indirect and total blended – direct and indirect – exposure.

TotalDebttoTotalAssetsA metric used to measure a company's financial risk by determining how much of the compny's assets have been financed by debt. Calculated by addition short-term and long-term debt and then dividing by the company's total assets. Source - Bloomberg

TotalDebttoTotalCapitalMeasure of a company's financial leverage that presents its total debt as a percentage of total capital. Calcualted as: Total Debt X100/Total Capital. Source - Bloomberg

Yield(Bond)The annual rate of return based on the price. It is calculated as {(stated coupon * par value)/price] *100. Source - Bloomberg

gold-im.com of 24


DISCLAIMER

Gold Investment Management Ltd. ("GIM") is registered as a portfolio manager with the securities regulatory authorities of Alberta, British Columbia, Saskatchewan, Manitoba, Ontario and Quebec and as an investment adviser with the U.S. Securities and Exchange Commission. This report is provided to you for informational purposes only. For greater certainty, the information contained herein should not be construed as a recommendation of specific model portfolios or investment actions. The third party information contained herein have been compiled from sources believed to be reliable, however, GIM makes no representation or warranty, express or implied, as to their accuracy or completeness. Any market prices and estimates in this report are for informational purposes only.

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GOLD INVESTMENT MANAGEMENT LTD. EDMONTON – HEAD OFFICE Suite 2740 Manulife Place 10180 – 101 Street NW Edmonton, AB T5J 3S4

Telephone: 780.436.9955 Toll Free Tel: 1.888.436.9955 Toll Free Fax: 1.866.541.7947 E-mail: [email protected] Web: gold-im.com


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