investment manager series (ims) (vios) · 2020. 10. 21. · investment manager series (ims) (vios)...

Semi-annual unaudited Financial Statements as at June 30, 2020

Investment Manager Series (IMS) (VIOs)

Dear Valued Investor: Market and economic outlook The first half of 2020 was nothing short of unprecedented after the COVID-19 pandemic and the draconian countermeasures to contain it roiled the global economy. The second quarter was the eye of the economic storm as government-mandated lockdowns and isolationist measures brought activity to a virtual halt in April. Fortunately, these strict containment measures proved successful in flattening the infection curve, which allowed major economies to progressively fire up their engines in May. In response, economic activity rebounded convincingly from the low point in April as social distancing measures were relaxed and pent-up demand was unleashed, while the massive wave of monetary and fiscal support helped to reignite the recovery through May and June. While the worst of the economic destruction is behind us, the shape of the recovery remains a subject of great debate. Factors that need to be considered in gauging both the speed and magnitude of the rebound include the proliferation of the virus, the availability of a viable medical treatment, the lasting damage to the labour market and the behaviour of consumers and businesses in the aftermath of the crisis. The initial bounce in activity resembles a sharp “V” shaped recovery, though it remains to be seen whether this rapid pace of acceleration can be sustained beyond the reopening phase without any notable setbacks. Somewhat worrisome is that the virus continues to circulate across the globe, which risks tempering the recovery as unnerved consumers and businesses may be reluctant to re-engage fully in the absence of a treatment or vaccine. Nonetheless, pledges for unrelenting policy stimulus will help to limit any material economic damage and will continue to be a crucial source of support in guiding the global economy out of the COVID-induced doldrums. After the deepest contraction since the Great Depression, the Canadian economy reversed course in May as the virus was brought under control and as the economy reopened, with measures of consumer spending, housing activity and business confidence staging a recovery from April’s historic lows. Fortunately, the fiscal taps were opened and helped to bridge the income gap for households and corporations, while the Bank of Canada stepped up with substantial firepower to stem the virus-related damage. Who we are…

With a national network of thousands of independent, professional advisors, ivari provides a full range of insurance products to help Canadians make the right choice for their protection needs. The people, products and service that make up ivari have stood the test of time and have been in the Canadian marketplace since 1928. We are committed to always being approachable and transparent in everything we do, and we will stand by our word. Visit us at ivari.ca. We thank you for your business and look forward to continuing to help you reach your financial goals. Sincerely yours,

Todd Lawrence President and Chief Executive Officer

Statements of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Statements of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units, and Statements of Cash Flows . . . . . . . . . . 85

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Management Expense Ratio (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

Products and Fund Options

Product Endeavour Discovery 2000 Omni Life Challenger Achiever Plus Page

Asset Allocation Fund • • • • • 4

Bond Fund • 8

Canadian Communications Fund • 9

Canadian Financial Services Fund • 10

Canadian Resources Fund • 11

Canadian Growth Fund • 12

Canadian Small Cap Fund • 13

Dividend Fund • • 14

T-Bill Fund • 19

Canadian-35 Index Fund • • 20

Can-Am Fund • • • • 21

Can-Asian Fund • • • • 22

Can-Daq 100 Fund • • • 23

Can-Euro Fund • • • 24

Can-Global Bond Fund • • • 25

American Asset Allocation Fund • 26

American Equity Index Fund • 27

Can-Emerge Fund • • • 28

European Equity Index Fund • 29

International Bond Index Fund • 30

Information Technology Fund • 31

International Brands Fund • 32

Equity Fund • • • • • 33

Mid-Term Bond Fund • • • • • 35

Semi-annual unaudited Financial Statementsas at June 30, 2020

Schedule of Investment Portfolio As at June 30, 2020 (unaudited)

Fair Value Fair Value Average Cost Average Cost

($) (%) ($) (%)

SHORT TERM INVESTMENTS -- CANADIANTreasury BillsCanadian Treasury Bill, 0.250%, August 27, 2020 200,000 199,936 199,866

199,936 0.87 199,866 0.97

TOTAL SHORT TERM INVESTMENTS -- CANADIAN 199,936 0.87 199,866 0.97

BONDS -- CANADIANCanadian Federal BondsCanadian Government Bond, 2.000%, September 01, 2023 236,000 248,584 242,861 Canadian Government Bond, 2.250%, March 01, 2024 185,000 198,023 198,126 Canadian Government Bond, 1.500%, September 01, 2024 408,000 427,667 409,889 Canadian Government Bond, 1.250%, March 01, 2025 100,000 104,171 103,950 Canadian Government Bond, 2.000%, June 01, 2028 100,000 112,084 104,190 Canadian Government Bond, 2.250%, June 01, 2029 162,000 187,051 171,636 Canadian Government Bond, 1.250%, June 01, 2030 99,000 105,909 105,292 Canadian Government Bond, 5.750%, June 01, 2033 169,000 274,955 265,947 Canadian Government Bond, 2.750%, December 01, 2048 451,000 647,215 537,722 Canadian Government Bond, 2.000%, December 01, 2051 269,000 342,235 297,769

2,647,894 11.55 2,437,382 11.80

Provincial BondsProvince of Manitoba, 3.400%, September 05, 2048 85,000 107,772 99,705

107,772 0.47 99,705 0.48

Corporate BondsAeroports de Montreal, 3.030%, April 21, 2050 400,000 433,439 400,000 AIMCo Realty Investors LP, 2.712%, June 01, 2029 264,000 282,256 264,000 bcIMC Realty Corp., 2.840%, June 03, 2025 120,000 128,130 123,622 British Columbia Ferry Services Inc., 2.794%, October 15, 2049 105,000 109,393 103,696 Canadian Western Bank, 2.606%, January 30, 2025 160,000 160,626 160,000 CARDS II Trust, 3.127%, November 15, 2024 240,000 254,021 240,000 Chip Mortgage Trust, 2.981%, November 15, 2021 110,000 111,226 110,000 CU Inc., 4.722%, September 09, 2043 181,000 246,626 235,570 Eagle Credit Card Trust, 3.562%, July 17, 2023 105,000 110,669 105,000 Eagle Credit Card Trust, 2.750%, July 17, 2024 325,000 326,947 325,000 Enbridge Gas Inc., 3.650%, April 01, 2050 165,000 200,110 164,642 ENMAX Corp., 3.836%, June 05, 2028 125,000 136,082 125,000 Federation des Caisses Desjardins du Quebec, 2.856%, May 26, 2030 300,000 309,738 300,000 FortisBC Energy Inc., 6.000%, October 02, 2037 110,000 162,135 148,866 Glacier Credit Card Trust, 3.430%, June 06, 2024 159,000 162,592 159,000 Hydro One Inc., 2.710%, February 28, 2050 199,000 204,742 198,837 Master Credit Card Trust II, 2.364%, January 21, 2022 315,000 318,506 309,197 Master Credit Card Trust II, 3.056%, January 21, 2022 375,000 375,964 364,019 NAV Canada, 2.924%, September 29, 2051 185,000 201,305 185,000 OMERS Realty Corp., 3.331%, June 05, 2025 145,000 157,963 145,000 Pembina Pipeline Corp., 3.310%, February 01, 2030 139,000 145,359 138,894 Reliance LP, 3.750%, March 15, 2026 200,000 206,948 199,352 Royal Bank of Canada, 2.328%, January 28, 2027 100,000 104,372 100,000 Royal Bank of Canada, 2.880%, December 23, 2029 100,000 103,933 102,033 Shaw Communications Inc., 6.750%, November 09, 2039 80,000 113,374 102,625 Teranet Holdings LP, 4.807%, December 16, 2020 49,000 49,735 52,804 Toronto-Dominion Bank, 3.105%, April 22, 2030 105,000 110,440 105,000 Toronto-Dominion Bank, 3.060%, January 26, 2032 395,000 418,129 394,858 Transcanada Trust, 4.650%, May 18, 2077 230,000 226,130 229,777 WTH Car Rental ULC, 2.781%, July 20, 2024 150,000 152,716 150,000

6,023,606 26.28 5,741,792 27.79

TOTAL BONDS -- CANADIAN 8,779,272 38.30 8,278,879 40.07

Asset Allocation FundShare/Par

Value

4



($) (%) ($) (%)


Value

BONDS -- FOREIGNBritainHeathrow Funding Ltd., 3.250%, May 21, 2025* 340,000 351,742 353,120

351,742 1.53 353,120 1.71United States of AmericaBank of America Corp., 2.932%, April 25, 2025* 215,000 224,676 215,000 Metropolitan Life Global Funding I, 3.394%, April 09, 2030* 300,000 329,168 328,170

553,844 2.42 543,170 2.63

TOTAL BONDS -- FOREIGN 905,586 3.95 896,290 4.34

TOTAL BONDS 9,684,858 42.25 9,175,169 44.41

MORTGAGE BACKED -- CANADIAN Institutional Mortgage Securities Canada Inc., 4.619%, January 12, 2023 49,000 49,151 47,675 Institutional Mortgage Securities Canada Inc., 4.240%, October 12, 2023 69,000 71,062 68,996 Institutional Mortgage Securities Canada Inc., 4.186%, May 12, 2024 115,000 117,013 114,995 MCAP CMBS Issuer Corp., 3.600%, April 12, 2054 145,000 148,995 143,448 MCAP RMBS Issuer Corp Mortgage Pass-Through Certificates, 2.750%, May 15, 2023 172,000 124,655 121,195 Real Estate Asset Liquidity Trust, 3.179%, January 12, 2026 355,000 364,976 354,971 Real Estate Asset Liquidity Trust, 3.400%, October 12, 2049 100,000 101,988 92,907

977,840 4.27 944,187 4.57

TOTAL MORTGAGE BACKED -- CANADIAN 977,840 4.27 944,187 4.57

EXCHANGE TRADED FUNDSFinancialsiShares S&P/TSX 60 Index ETF 2,590 60,969 60,033

60,969 0.27 60,033 0.29

IndustrialSPDR S&P 500 ETF Trust 1,690 709,896 528,368

709,896 3.10 528,368 2.56

TOTAL EXCHANGE TRADED FUNDS 770,865 3.37 588,401 2.85

EQUITIES -- CANADIANCommunication ServicesBCE Inc. 5,755 325,791 343,773 Rogers Communications Inc. 2,230 121,647 127,739 Shaw Communications Inc. 2,875 63,653 79,433 TELUS Corp. 8,095 184,161 179,728

695,252 3.03 730,673 3.54

Consumer DiscretionaryCanadian Tire Corp., Ltd. 365 42,756 56,115 Dollarama Inc. 1,840 83,076 43,652 Gildan Activewear Inc. 1,260 26,460 45,123 Magna International Inc. 1,790 108,116 104,009 Restaurant Brands International Inc. 1,910 141,111 117,103

401,519 1.75 366,002 1.77

Consumer StaplesAlimentation Couche-Tard Inc. 5,470 232,858 157,072 George Weston Ltd. 449 44,613 49,579 Loblaw Cos Ltd. 1,095 72,390 62,658 Metro Inc. 1,610 90,128 66,225 Saputo Inc. 1,510 48,818 68,218

488,807 2.13 403,752 1.95

5



($) (%) ($) (%)


Value

EnergyCameco Corp. 2,520 35,028 37,159 Canadian Natural Resources Ltd. 7,515 176,903 255,783 Cenovus Energy Inc. 6,490 41,147 98,055 Enbridge Inc. 12,890 532,098 660,957 Imperial Oil Ltd. 1,450 31,625 58,521 Inter Pipeline Ltd. 2,730 34,453 76,070 Pembina Pipeline Corp. 3,325 112,651 133,806 Suncor Energy Inc. 9,710 222,068 360,949 TC Energy Corp. 5,985 347,130 321,788

1,533,103 6.69 2,003,088 9.69

FinancialsBank of Montreal 4,070 292,918 333,543 Bank of Nova Scotia 7,715 431,654 502,734 Brookfield Asset Management Inc. 8,912 397,832 268,426 Canadian Imperial Bank of Commerce 2,835 257,248 327,143 Manulife Financial Corp. 12,347 228,049 244,585 National Bank of Canada 2,140 131,653 112,561 Power Corp of Canada 3,640 86,923 118,558 Royal Bank of Canada 9,060 833,700 620,291 Sun Life Financial Inc. 3,720 185,479 179,128 Toronto-Dominion Bank 11,475 694,467 527,255

3,539,923 15.45 3,234,224 15.64

Health CareBausch Health Cos Inc. 2,010 49,888 42,123 Canopy Growth Corp. 1,430 31,374 81,691

81,262 0.35 123,814 0.60

IndustrialCanadian National Railway Co. 4,525 543,498 311,821 Canadian Pacific Railway Ltd. 863 297,968 170,894 SNC-Lavalin Group Inc. 1,120 25,648 60,223 Thomson Reuters Corp. 1,073 98,941 61,293 Waste Connections Inc. 1,675 213,043 145,135

1,179,098 5.14 749,366 3.63

Information TechnologyCGI Inc. 1,465 125,199 77,260 Constellation Software Inc. 125 191,406 82,294 Open Text Corp. 1,730 99,683 74,815 Shopify Inc. 684 880,896 214,968

1,297,184 5.66 449,337 2.17

MaterialsAgnico Eagle Mines Ltd. 1,535 133,315 88,672 Barrick Gold Corp. 11,320 413,520 242,576 CCL Industries Ltd. 925 40,580 61,005 First Quantum Minerals Ltd. 4,390 47,412 55,608 Franco-Nevada Corp. 1,210 229,222 109,425 Kinross Gold Corp. 8,005 78,369 39,239 Kirkland Lake Gold Ltd. 1,640 91,660 98,284 Nutrien Ltd. 3,628 158,108 206,316 Teck Resources Ltd. 2,965 41,955 58,599 Wheaton Precious Metals Corp. 2,855 170,444 80,963

1,404,585 6.13 1,040,687 5.04

Real EstateCanadian Apartment Properties Real Estate Investment Trust 1,085 52,623 54,063

6



($) (%) ($) (%)


Value

52,623 0.23 54,063 0.26

UtilitiesAlgonquin Power & Utilities Corp. 3,355 58,880 61,623 Emera Inc. 1,560 83,070 74,101 Fortis Inc. 2,955 152,537 132,771

294,487 1.28 268,495 1.30

TOTAL EQUITIES -- CANADIAN 10,967,843 47.84 9,423,501 45.59

EQUITIES -- FOREIGNReal EstateUnited States of AmericaBrookfield Property Partners LP 2,240 30,083 57,137

30,083 0.13 57,137 0.28UtilitiesUnited States of AmericaBrookfield Infrastructure Partners LP 1,870 104,196 92,979

104,196 0.45 92,979 0.45

TOTAL EQUITIES -- FOREIGN 134,279 0.58 150,116 0.73

TOTAL EQUITIES 11,102,122 48.42 9,573,617 46.32

Transaction costs (Note 3) - - (5,177) (0.03)

TOTAL INVESTMENTS 22,735,621 99.18 20,476,063 99.09

CASH AND OTHER NET ASSETS (LIABILITIES) 187,995 0.82 187,995 0.91

TOTAL NET ASSETS 22,923,616 100.00 20,664,058 100.00See accompanying notes to the financial statements.

Summary of Investment PortfolioThe fair value percentages of total net assets by major portfolio category are shown in the following table.

30-Jun-20 31-Dec-19Corporate Bonds 26.28 23.19 Financials 15.45 18.49 Canadian Federal Bonds 11.55 11.31 Energy 6.69 9.70 Materials 6.13 5.13 Information Technology 5.66 3.37 Industrial 5.14 5.14 Canadian Mortgage Backed 4.27 4.97 Foreign Bonds 3.95 2.40 Exchange-Traded Funds 3.37 3.27 Communication Services 3.03 3.29 Consumer Staples 2.13 2.15 Consumer Discretionary 1.75 2.05 Utilities 1.73 1.53 Canadian Treasury Bills 0.87 2.05 Provincial Bonds 0.47 1.04 Real Estate 0.36 - Health Care 0.35 0.50 *Maple Bonds denominated in Canadian Dollars.

Portfolio by Category Net Assets (%)

7



($) (%) ($) (%)EXCHANGE-TRADED FUNDSFinancialsiShares Core Canadian Universe Bond Index ETF 8,773 294,334 271,237

294,334 99.74 271,237 99.77

TOTAL EXCHANGE-TRADED FUNDS 294,334 99.74 271,237 99.77

Transaction costs (Note 3) - - (152) (0.06)

TOTAL INVESTMENTS 294,334 99.74 271,085 99.71

CASH AND OTHER NET ASSETS (LIABILITIES) 770 0.26 770 0.29

TOTAL NET ASSETS 295,104 100.00 271,855 100.00See accompanying notes to the financial statements.


30-Jun-20 31-Dec-19Exchange-Traded Funds 99.74 99.60

Bond FundShare/Par

Value


8


Fair Value Fair Value Average Cost Average Cost($) (%) ($) (%)

EXCHANGE-TRADED FUNDSInformation TechnologyVanguard Telecommunications Services ETF 861 109,060 104,969

109,060 99.25 104,969 98.75




Net payable on foreign exchange forward contracts (Note 10) (544) (0.50) - - .CASH AND OTHER NET ASSETS (LIABILITIES) 1,365 1.25 1,365 1.28




Canadian Communications FundShare/Par

Value


9



EXCHANGE-TRADED FUNDSFinancialsiShares S&P/TSX Capped Financial Index Fund 4,998 162,035 143,739

162,035 98.87 143,739 98.83








Canadian Financial Services FundShare/Par

Value


10


Fair Value Fair Value Average Cost Average

Cost($) (%) ($) (%)

EXCHANGE-TRADED FUNDSFinancialsiShares S&P/TSX Capped Energy Fund 5,364 26,283 71,093 iShares S&P/TSX Capped Materials Index Fund 1,425 24,197 18,461

50,480 98.55 89,554 99.36


Transaction costs (Note 3) - - (162) -0.18






Canadian Resources FundShare/Par

Value


11



EXCHANGE-TRADED FUNDSFinancialsiShares S&P/TSX 60 Index ETF 10,510 247,405 198,186

247,405 98.98 198,186 98.85








Canadian Growth FundShare/Par

Value


12



EXCHANGE-TRADED FUNDSFinancialsiShares S&P/TSX SmallCap Index Fund 3,420 44,152 51,562

44,152 98.35 51,562 98.77





TOTAL NET ASSETS 44,893 100.00 52,204 100.00 See accompanying notes to the financial statements.



Canadian Small Cap FundShare/Par

Value


13



($) (%) ($) (%)BONDS -- CANADIANCanadian Federal BondsCanadian Government Bond, 0.750%, September 01, 2021 5,000 5,031 4,795 Canadian Government Bond, 1.000%, September 01, 2022 21,000 21,331 20,595 Canadian Government Bond, 2.000%, September 01, 2023 11,000 11,587 11,352 Canadian Government Bond, 2.250%, March 01, 2024 15,000 16,056 16,064 Canadian Government Bond, 1.500%, September 01, 2024 21,000 22,012 21,164 Canadian Government Bond, 2.000%, June 01, 2028 10,000 11,208 10,761 Canadian Government Bond, 2.250%, June 01, 2029 6,000 6,928 6,280 Canadian Government Bond, 1.250%, June 01, 2030 9,000 9,628 9,550 Canadian Government Bond, 5.750%, June 01, 2033 16,000 26,031 24,967 Canadian Government Bond, 2.750%, December 01, 2048 29,000 41,617 36,136 Canadian Government Bond, 2.000%, December 01, 2051 32,000 40,712 36,887

212,141 4.41 198,551 4.93

Provincial BondsProvince of Manitoba , 3.400%, September 05, 2048 8,000 10,143 9,384

10,143 0.21 9,384 0.23

Corporate BondsAeroports de Montreal, 3.030%, April 21, 2050 10,000 10,836 10,000 AIMCo Realty Investors LP, 2.712%, June 01, 2029 47,000 50,250 47,228 bcIMC Realty Corp., 2.840%, June 03, 2025 10,000 10,677 10,302 British Columbia Ferry Services Inc., 2.794%, October 15, 2049 10,000 10,418 9,876 Canadian Credit Card Trust II, 3.553%, May 24, 2023 10,000 10,000 10,000 Canadian Western Bank, 2.606%, January 30, 2025 5,000 5,020 5,000 Capital Power Corp., 4.986%, January 23, 2026 15,000 16,235 16,210 Capital Power Corp., 4.424%, February 08, 2030 8,000 8,516 7,999 CARDS II Trust, 3.127%, November 15, 2024 10,000 10,584 10,000 Chip Mortgage Trust, 2.981%, November 15, 2021 10,000 10,111 10,000 Co-operators Financial Services Ltd., 3.327%, May 13, 2030 10,000 10,088 10,000 CU Inc., 4.722%, September 09, 2043 18,000 24,526 23,427 Eagle Credit Card Trust, 3.562%, July 17, 2023 10,000 10,540 10,000 Eagle Credit Card Trust, 2.750%, July 17, 2024 35,000 35,210 35,000 Enbridge Gas Inc., 3.650%, April 01, 2050 15,000 18,192 14,967 ENMAX Corp., 3.836%, June 05, 2028 20,000 21,773 20,000 Equitable Bank, 2.948%, September 26, 2022 10,000 10,036 10,000 Federation des Caisses Desjardins du Quebec, 2.856%, May 26, 2030 33,000 34,071 33,000 FortisBC Energy Inc., 6.000%, October 02, 2037 10,000 14,740 13,533 Glacier Credit Card Trust, 3.430%, June 06, 2024 16,000 16,361 16,000 Hydro One Inc., 2.710%, February 28, 2050 15,000 15,433 14,988 Inter Pipeline Ltd., 4.232%, June 01, 2027 10,000 10,408 10,000 Liberty Utilities Canada LP, 3.315%, February 14, 2050 10,000 10,349 10,000 Master Credit Card Trust II, 2.364%, January 21, 2022 10,000 10,111 9,768 Master Credit Card Trust II, 3.056%, January 21, 2022 35,000 35,090 33,951 NAV Canada, 2.924%, September 29, 2051 16,000 17,410 16,000 OMERS Realty Corp., 3.331%, June 05, 2025 15,000 16,341 15,000 Pembina Pipeline Corp., 3.310%, February 01, 2030 13,000 13,595 12,990 Pembina Pipeline Corp., 4.670%, May 28, 2050 19,000 21,082 18,985 Reliance LP, 3.750%, March 15, 2026 20,000 20,695 19,935 Royal Bank of Canada, 2.328%, January 28, 2027 10,000 10,437 10,000 Royal Bank of Canada, 2.880%, December 23, 2029 21,000 21,826 21,202 Shaw Communications Inc., 6.750%, November 09, 2039 18,000 25,509 23,736 TELUS Corp., 3.950%, February 16, 2050 13,000 14,351 13,046 Teranet Holdings LP, 4.807%, December 16, 2020 4,000 4,060 4,311 Toronto-Dominion Bank, 3.105%, April 22, 2030 10,000 10,518 10,000 Toronto-Dominion Bank, 3.060%, January 26, 2032 38,000 40,225 37,986

Dividend FundShare/Par

Value

14



($) (%) ($) (%)


Value

Transcanada Trust, 4.650%, May 18, 2077 30,000 29,495 29,968 WTH Car Rental ULC, 2.781%, July 20, 2024 20,000 20,362 20,000

685,481 14.27 654,408 16.23

TOTAL BONDS -- CANADIAN 907,765 18.89 862,343 21.39

BONDS -- FOREIGNAustraliaNational Australia Bank Ltd., 3.515%, June 12, 2030* 15,000 15,279 15,000

15,279 0.32 15,000 0.37BritainHeathrow Funding Ltd., 3.250%, May 21, 2025* 15,000 15,518 15,838

15,518 0.32 15,838 0.39United States of AmericaBank of America Corp., 2.932%, April 25, 2025* 20,000 20,900 20,000

20,900 0.43 20,000 0.50

TOTAL BONDS -- FOREIGN 51,697 1.07 50,838 1.26

TOTAL BONDS 959,462 19.96 913,181 22.65

MORTGAGE BACKED -- CANADIAN Institutional Mortgage Securities Canada Inc., 4.619%, January 12, 2023 4,000 4,012 3,892 Institutional Mortgage Securities Canada Inc., 4.240%, October 12, 2023 5,000 5,149 5,000 MCAP CMBS Issuer Corp., 3.600%, April 12, 2054 6,000 6,165 5,936 MCAP RMBS Issuer Corp Mortgage Pass-Through Certificates., 2.750%, May 15, 2023 16,000 11,596 11,274 Real Estate Asset Liquidity Trust, 3.179%, January 12, 2026 25,000 25,703 24,998 Real Estate Asset Liquidity Trust, 3.400%, October 12, 2049 10,000 10,199 9,291

62,824 1.31 60,391 1.50

TOTAL MORTGAGE BACKED -- CANADIAN 62,824 1.31 60,391 1.50

EXCHANGE-TRADED FUNDSFinancialsiShares S&P/TSX 60 Index ETF 2,715 63,911 62,946

63,911 1.33 62,946 1.56

IndustrialSPDR S&P 500 ETF Trust 170 71,410 44,855

71,410 1.49 44,855 1.11


EQUITIES -- CANADIANCommunication ServicesBCE Inc. 1,840 104,162 109,863 Rogers Communications Inc. 715 39,003 32,726 Shaw Communications Inc. 920 20,369 25,528 TELUS Corp. 2,589 58,900 32,182

222,434 4.63 200,299 4.97

Consumer DiscretionaryCanadian Tire Corp., Ltd. 115 13,471 14,576 Dollarama Inc. 585 26,413 22,398 Gildan Activewear Inc. 405 8,505 14,399 Magna International Inc. 575 34,730 31,063 Restaurant Brands International Inc. 610 45,067 33,804

128,186 2.67 116,240 2.88

15



($) (%) ($) (%)


Value

Consumer StaplesAlimentation Couche-Tard Inc. 1,745 74,285 41,811 George Weston Ltd. 143 14,208 15,791 Loblaw Cos Ltd. 350 23,139 20,159 Metro Inc. 515 28,830 22,127 Saputo Inc. 480 15,518 21,911

155,980 3.25 121,799 3.02

EnergyCameco Corp. 805 11,190 11,834 Canadian Natural Resources Ltd. 2,400 56,496 73,849 Cenovus Energy Inc. 2,075 13,156 32,865 Enbridge Inc. 4,120 170,074 201,873 Imperial Oil Ltd. 465 10,142 18,809 Inter Pipeline Ltd. 875 11,043 24,404 Pembina Pipeline Corp. 1,060 35,913 42,643 Suncor Energy Inc. 3,105 71,011 100,199 TC Energy Corp. 1,910 110,780 85,998

489,805 10.19 592,474 14.70

FinancialsBank of Montreal 1,300 93,561 103,067 Bank of Nova Scotia 2,465 137,917 165,000 Brookfield Asset Management Inc. 2,848 127,112 90,039 Canadian Imperial Bank of Commerce 905 82,120 104,645 Manulife Financial Corp. 3,947 72,901 76,078 National Bank of Canada 685 42,141 32,327 Power Corp of Canada 1,161 27,725 37,798 Royal Bank of Canada 2,898 266,673 147,855 Sun Life Financial Inc. 1,190 59,333 57,320 The Toronto-Dominion Bank 3,666 221,865 126,831

1,131,348 23.55 940,960 23.34

Health CareBausch Health Cos Inc. 640 15,885 13,075 Canopy Growth Corp. 455 9,983 25,697

25,868 0.54 38,772 0.96

IndustrialCanadian National Railway Co. 1,449 174,039 63,526 Canadian Pacific Railway Ltd. 276 95,295 55,597 SNC-Lavalin Group Inc. 355 8,130 19,616 Thomson Reuters Corp. 342 31,536 19,536 Waste Connections Inc. 535 68,047 46,363

377,047 7.85 204,638 5.08

Information TechnologyCGI Inc. 470 40,166 29,918 Constellation Software Inc. 40 61,250 26,129 Open Text Corp. 555 31,979 24,289 Shopify Inc. 219 282,040 68,095

415,435 8.65 148,431 3.68

16



($) (%) ($) (%)


Value

MaterialsAgnico Eagle Mines Ltd. 490 42,557 26,918 Barrick Gold Corp. 3,615 132,056 76,830 CCL Industries Inc. 295 12,942 19,443 First Quantum Minerals Ltd. 1,400 15,120 20,198 Franco-Nevada Corp. 385 72,934 35,015 Kinross Gold Corp. 2,560 25,062 12,669 Kirkland Lake Gold Ltd. 525 29,342 31,294 Nutrien Ltd. 1,158 50,466 66,490 Teck Resources Ltd. 945 13,372 29,085 Wheaton Precious Metals Corp. 910 54,327 25,998

448,178 9.33 343,940 8.53

Real Estate Canadian Apartment Properties Real Estate Investment Trust 345 16,733 17,190

16,733 0.35 17,190 0.43

UtilitiesAlgonquin Power & Utilities Corp. 1,070 18,779 19,653 Emera Inc. 500 26,625 23,596 Fortis Inc. 945 48,781 36,905

94,185 1.96 80,154 1.99


EQUITIES -- FOREIGNReal Estate United States of AmericaBrookfield Property Partners LP 715 9,602 18,238

9,602 0.20 18,238 0.45

UtilitiesUnited States of AmericaBrookfield Infrastructure Partners LP 600 33,432 30,115

33,432 0.70 30,115 0.75

TOTAL EQUITIES -- FOREIGN 43,034 0.90 48,353 1.20

TOTAL EQUITIES 3,548,233 73.87 2,853,250 70.78





17


Dividend Fund


30-Jun-20 31-Dec-19Financials 23.55 27.56Corporate Bonds 14.27 11.82Energy 10.19 14.47Materials 9.33 7.66Information Technology 8.65 5.02Industrial 7.85 7.65Communication Services 4.63 4.90Canadian Federal Bonds 4.41 4.09Consumer Staples 3.25 3.21 `Exchange-Traded Funds 2.82 2.77Consumer Discretionary 2.67 3.05Utilities 2.66 2.29Canadian Mortgage Backed 1.31 1.54Foreign Bonds 1.07 1.00Real Estate 0.55 - Health Care 0.54 0.74Provincial Bonds 0.21 0.52Canadian Treasury Bills - 1.38*Maple Bonds denominated in Canadian Dollars.

Portfolio by CategoryNet Assets (%)

18



SHORT TERM INVESTMENTS -- CANADIANTreasury BillsCanadian Treasury Bill, 1.314%, August 20, 2020 25,000 24,994 24,848 Canadian Treasury Bill, 0.251%, October 15, 2020 33,000 32,978 32,962

57,972 82.96 57,810 82.92


Transaction costs (Note 3) - - - -





30-Jun-20 31-Dec-19Canadian Treasury Bills 82.96 99.30

T-Bill FundShare/Par

Value


19



($) (%) ($) (%)EXCHANGE-TRADED FUNDSFinancialsiShares S&P/TSX 60 Index ETF 472,384 11,119,919 6,421,573

11,119,919 99.67 6,421,573 99.45

TOTAL EXCHANGE-TRADED FUNDS 11,119,919 99.67 6,421,573 99.45




TOTAL NET ASSETS 11,156,322 100.00 6,456,900 100.00 See accompanying notes to the financial statements.



Canadian-35 Index FundShare/Par

Value


20



SHORT TERM INVESTMENTS -- CANADIANTreasury BillsCanadian Treasury Bill, 0.201%, July 09, 2020 2,347,000 2,346,925 2,345,821 Canadian Treasury Bill, 0.200%, July 23, 2020 10,830,000 10,828,976 10,821,837 Canadian Treasury Bill, 0.229%, July 30, 2020 225,000 224,969 224,888 Canadian Treasury Bill, 0.168%, August 06, 2020 2,545,000 2,544,542 2,542,492 Canadian Treasury Bill, 0.211%, August 27, 2020 900,000 899,712 899,460 Canadian Treasury Bill, 0.203%, September 03, 2020 1,400,000 1,399,502 1,399,428 Canadian Treasury Bill, 0.191%, October 15, 2020 8,305,000 8,299,647 8,297,048 Canadian Treasury Bill, 0.202%, October 22, 2020 200,000 199,858 199,858

26,744,131 98.62 26,730,832 100.00

TOTAL SHORT TERM INVESTMENTS -- CANADIAN 26,744,131 98.62 26,730,832 100.00



Net receivable on futures contracts (Note 9) 375,556 1.38 - -

CASH AND OTHER NET ASSETS (LIABILITIES) (710) - (710) -



30-Jun-20 31-Dec-19Canadian Treasury Bills 98.62 99.80A portion or all of the above serves as collateral for the futures invested in by the Fund (See Note 8)

Can-Am FundShare/Par

Value


21

Schedule of Investment PortfolioAs at June 30, 2020 (unaudited)


SHORT TERM INVESTMENTS -- CANADIANTreasury BillsCanadian Treasury Bill, 0.202%, July 09, 2020 1,379,000 1,378,956 1,378,255 Canadian Treasury Bill, 0.200%, July 23, 2020 6,675,000 6,674,369 6,669,636 Canadian Treasury Bill, 0.168%, August 06, 2020 525,000 524,906 524,879 Canadian Treasury Bill, 0.191%, August 27, 2020 475,000 474,848 474,743 Canadian Treasury Bill, 0.200%, October 15, 2020 3,100,000 3,098,002 3,097,013

12,151,081 98.52 12,144,526 99.31









Can-Asian FundShare/Par

Value


22



SHORT TERM INVESTMENTS -- CANADIANTreasury BillsCanadian Treasury Bill, 0.201%, July 09, 2020 2,084,000 2,083,933 2,083,111Canadian Treasury Bill, 0.202%, July 23, 2020 6,400,000 6,399,396 6,395,070Canadian Treasury Bill, 0.168%, August 06, 2020 1,770,000 1,769,681 1,768,443Canadian Treasury Bill, 0.191%, August 27, 2020 175,000 174,944 174,894Canadian Treasury Bill, 0.203%, September 03, 2020 525,000 524,813 524,783Canadian Treasury Bill, 0.209%, September 17, 2020 525,000 524,773 524,749Canadian Treasury Bill, 0.251%, October 15, 2020 1,715,000 1,713,895 1,713,128

13,191,435 98.12 13,184,178 99.84









Can-Daq 100 FundShare/Par

Value


23



SHORT TERM INVESTMENTS -- CANADIANTreasury BillsCanadian Treasury Bill, 0.201%, July 09, 2020 1,509,000 1,508,952 1,508,241 Canadian Treasury Bill, 0.189%, July 23, 2020 5,035,000 5,034,523 5,030,940 Canadian Treasury Bill, 0.168%, August 06, 2020 225,000 224,960 224,948 Canadian Treasury Bill, 0.203%, September 03, 2020 525,000 524,813 524,783 Canadian Treasury Bill, 0.201%, October 15, 2020 1,845,000 1,843,811 1,843,176

9,137,059 100.30 9,132,088 99.95




Net payable on futures contracts (Note 9) (32,044) (0.35) - -





Can-Euro FundShare/Par

Value


24



($) (%) ($) (%)SHORT TERM INVESTMENTS -- CANADIANTreasury BillsCanadian Treasury Bill, 0.202%, July 09, 2020 34,000 33,999 33,982Canadian Treasury Bill, 0.307%, July 23, 2020 1,130,000 1,129,893 1,129,073Canadian Treasury Bill, 0.231%, October 15, 2020 200,000 199,871 199,806

1,363,763 97.22 1,362,861 97.07




Net payable on futures contracts (Note 9) (2,094) (0.15) - -





Can-Global Bond FundShare/Par

Value


25



($) (%) ($) (%)EXCHANGE-TRADED FUNDSIndustrialsSPDR S&P 500 ETF Trust 299 125,597 109,400

125,597 98.94 109,400 98.79


Transaction costs (Note 3) - - (12.00) (0.01)



TOTAL NET ASSETS 126,948 100.00 110,739 100.00 See accompanying notes to the financial statements.



American Asset Allocation FundShare/Par

Value


26



($) (%) ($) (%)EXCHANGE-TRADED FUNDSIndustrialSPDR S&P 500 ETF Trust 1,447 607,822 442,469

607,822 98.65 442,469 98.16


Transaction costs (Note 3) - - (20.00) -






American Equity Index FundShare/Par

Value


27



($) (%) ($) (%)EXCHANGE-TRADED FUNDSFinancialsiShares MSCI Emerging Markets Index ETF 21,013 1,143,364 671,191

1,143,364 98.63 671,191 97.75

TOTAL EXCHANGE-TRADED FUNDS 1,143,364 98.63 671,191 97.75


TOTAL INVESTMENTS 1,143,364 98.63 670,731 97.68


TOTAL NET ASSETS 1,159,245 100.00 686,612 100.00See accompanying notes to the financial statements.


Can-Emerge FundShare/Par

Value


28



EXCHANGE-TRADED FUNDSFinancialsiShares Core MSCI Europe ETF 800 46,537 43,557

46,537 97.84 43,557 97.76






Summary of Investment Portfolio The fair value percentages of total net assets by major portfolio category are shown in the following table.


European Equity Index FundShare/Par

Value


29



($) (%) ($) (%)EXCHANGE-TRADED FUNDSFinancialsiShares International Treasury Bond ETF 1,525 105,702 79,359

105,702 99.82 79,359 99.79








International Bond Index FundShare/Par

Value


30



($) (%) ($) (%)EXCHANGE-TRADED FUNDSInformation TechnologyTechnology Select Sector SPDR Fund 2,285 325,255 79,719

325,255 99.76 79,719 99.11








Information Technology FundShare/Par

Value


31



($) (%) ($) (%)EXCHANGE-TRADED FUNDSIndustrialSPDR S&P 500 ETF Trust 87 36,545 18,206

36,545 98.73 18,206 97.50








International Brands FundShare/Par

Value


32



($) (%) ($) (%)BONDS -- CANADIANCorporate BondsPreMD Inc. 186,381 - 181,207

- - 181,207 1.16

TOTAL BONDS -- CANADIAN - - 181,207 1.16

EQUITIES -- CANADIANCommunication ServicesCogeco Communications Inc. 3,840 375,322 367,477 Quebecor Inc. 17,515 510,387 513,202

885,709 5.48 880,679 5.63

Consumer DiscretionaryDollarama Inc. 8,000 361,200 316,149 Linamar Corp. 13,310 487,945 521,616

849,145 5.26 837,765 5.35

Consumer StaplesLoblaw Cos Ltd. 7,925 523,922 509,001 Maple Leaf Foods Inc. 18,270 520,330 524,640 Metro Inc. 7,105 397,738 369,082

1,441,990 8.93 1,402,723 8.96

EnergyCameco Corp. 26,875 373,563 373,840 Suncor Energy Inc. 33,395 545,673 539,817 TC Energy Corp. 32,330 383,757 373,890

1,302,993 8.07 1,287,547 8.22

FinancialsBank of Montreal 6,570 472,843 533,379 Brookfield Asset Management Inc. 10,432 465,684 312,124 Canadian Imperial Bank of Commerce 5,765 523,116 622,524 Element Fleet Management Corp. 39,355 398,273 392,334 IGM Financial Inc. 13,815 455,757 461,360 Intact Financial Corp. 3,000 387,150 395,153 National Bank of Canada 6,160 378,963 353,819 Onex Corp. 8,395 513,858 515,191 Sun Life Financial Inc. 9,415 469,432 460,810 TMX Group Ltd. 4,060 544,932 533,920

4,610,008 28.53 4,580,614 29.26

Health CarePreMD Inc. 249,096 - 5,366

- - 5,366 0.03

IndustrialRitchie Bros Auctioneers Inc. 9,175 506,919 510,596 Stantec Inc. 9,560 400,182 393,693 Toromont Industries Ltd. 6,895 463,896 475,391 Waste Connections Inc. 3,620 460,428 365,950

1,831,425 11.34 1,745,630 11.15

Information TechnologyConstellation Software Inc. 258 395,063 244,393 Enghouse Systems Ltd. 8,100 586,682 571,871

Equity FundShare/Par

Value

33



($) (%) ($) (%)

Equity FundShare/Par

Value

Kinaxis Inc. 2,725 528,759 497,753 1,510,504 9.35 1,314,017 8.39

MaterialsAgnico Eagle Mines Ltd. 6,140 533,258 445,280 Franco-Nevada Corp. 2,540 481,178 308,378 Nutrien Ltd. 9,403 409,783 502,617 Wheaton Precious Metals Corp. 8,215 490,436 343,086 Winpak Ltd. 8,955 372,438 369,444

2,287,093 14.15 1,968,805 12.59

Real EstateChoice Properties Real Estate Investment Trust 40,445 514,865 535,058 Northview Apartment Real Estate Investment Trust 11,335 394,231 391,498

909,096 5.63 926,556 5.92

UtilitiesHydro One Ltd. 17,675 450,536 452,051

450,536 2.79 452,051 2.89


TOTAL EQUITIES 16,078,499 99.53 15,401,753 98.39






30-Jun-20 31-Dec-19Financials 28.53 33.36Materials 14.15 9.25Industrial 11.34 9.27Information Technology 9.35 6.07Consumer Staples 8.93 3.88Energy 8.07 17.50Real Estate 5.63 - Communication Services 5.48 5.92Consumer Discretionary 5.26 3.70Utilities 2.79 2.76Exchange-Traded Funds - 7.10Health Care - 0.90


34



SHORT TERM INVESTMENTS -- CANADIANTreasury BillsCanadian Treasury Bill, 0.261%, October 15, 2020 80,000 79,948 79,913

79,948 0.74 79,913 0.78


BONDS -- CANADIANCanadian Federal BondsCanadian Government Bond, 1.500%, September 01, 2024 125,000 131,025 124,797 Canadian Government Bond, 1.250%, March 01, 2025 200,000 208,343 207,900 Canadian Government Bond, 2.250%, June 01, 2025 118,000 129,095 129,009 Canadian Government Bond, 0.500%, September 01, 2025 600,000 604,110 604,320 Canadian Government Bond, 2.250%, June 01, 2029 230,000 265,566 252,597 Canadian Government Bond, 1.250%, June 01, 2030 116,000 124,095 122,520 Canadian Government Bond, 5.750%, June 01, 2033 114,000 185,473 185,022 Canadian Government Bond, 2.750%, December 01, 2048 56,000 80,364 71,637 Canadian Government Bond, 2.000%, December 01, 2051 674,000 857,496 820,355

2,585,567 24.03 2,518,157 24.45

Corporate BondsAIMCo Realty Investors LP, 2.712%, June 01, 2029 739,000 790,102 739,000 bcIMC Realty Corp., 2.840%, June 03, 2025 500,000 533,874 515,090 British Columbia Ferry Services Inc., 2.794%, October 15, 2049 125,000 130,230 123,448 Canadian Credit Card Trust II, 2.303%, May 24, 2023 200,000 200,000 200,000 Canadian Western Bank, 2.606%, January 30, 2025 100,000 100,391 100,000 CARDS II Trust, 3.127%, November 15, 2024 100,000 105,842 100,000 Chip Mortgage Trust, 2.981%, November 15, 2021 73,000 73,813 73,000 CU Inc., 4.722%, September 09, 2043 381,000 519,140 495,868 Eagle Credit Card Trust, 3.562%, July 17, 2023 200,000 210,798 200,000 Eagle Credit Card Trust, 2.750%, July 17, 2024 100,000 100,599 100,000 Enbridge Gas Inc., 3.650%, April 01, 2050 210,000 254,686 209,544 Federation des Caisses Desjardins du Quebec, 2.856%, May 26, 2030 390,000 402,660 390,000 Fortified Trust, 3.308%, March 23, 2024 200,000 205,224 200,000 Glacier Credit Card Trust, 3.430%, June 06, 2024 154,000 157,479 154,000 Hydro One Inc., 2.710%, February 28, 2050 160,000 164,617 159,869 Leisureworld Senior Care LP, 3.474%, February 03, 2021 54,000 54,404 54,000 Master Credit Card Trust II, 2.364%, January 21, 2022 435,000 439,842 418,374 NAV Canada, 2.924%, September 29, 2051 185,000 201,305 185,000 OMERS Realty Corp., 3.331%, June 05, 2025 100,000 108,940 100,000 OMERS Realty Corp., 3.244%, October 04, 2027 300,000 333,573 300,000 Royal Bank of Canada, 2.328%, January 28, 2027 210,000 219,182 210,000 Toronto-Dominion Bank, 3.105%, April 22, 2030 105,000 110,440 105,000 Toronto-Dominion Bank, 3.060%, January 26, 2032 380,000 402,251 379,863 WTH Car Rental ULC, 2.477%, July 20, 2020 16,667 16,669 16,667 WTH Car Rental ULC, 2.781%, July 20, 2024 275,000 279,980 275,000

6,116,041 56.85 5,803,723 56.33

Provincial BondsProvince of Quebec , 3.500%, December 01, 2048 150,000 201,728 199,146

201,728 1.87 199,146 1.93

TOTAL BONDS -- CANADIAN 8,903,336 82.75 8,521,026 82.71

United States of AmericaBank of America Corp., 2.932%, April 25, 2025* 200,000 209,001 200,000 Metropolitan Life Global Funding I, 3.394%, April 09, 2030* 300,000 329,168 318,780

538,169 5.00 518,780 5.04

Mid-Term Bond FundShare/Par

Value

35



Mid-Term Bond FundShare/Par

ValueTOTAL BONDS -- FOREIGN 538,169 5.00 518,780 5.04

TOTAL BONDS 9,441,505 87.75 9,039,806 87.75

MORTGAGE BACKED -- CANADIAN Institutional Mortgage Securities Canada Inc., 4.240%, October 12, 2023 82,000 84,450 81,995 Institutional Mortgage Securities Canada Inc., 4.588%, November 12, 2023 300,000 321,099 288,329 Institutional Mortgage Securities Canada Inc., 4.186%, May 12, 2024 125,000 127,188 124,995 MCAP RMBS Issuer Corp Mortgage Pass-Through Certificates, 2.750%, May 15, 2023 166,000 120,306 116,967 Real Estate Asset Liquidity Trust, 3.179%, January 12, 2026 235,000 241,604 232,882 Real Estate Asset Liquidity Trust, 3.600%, February 12, 2026 175,000 177,625 172,837 Real Estate Asset Liquidity Trust, 3.450%, May 12, 2026 125,000 119,725 116,929

1,191,997 11.08 1,134,934 11.02

TOTAL MORTGAGE BACKED -- CANADIAN 1,191,997 11.08 1,134,934 11.02






30-Jun-20 31-Dec-19Corporate Bonds 56.85 60.60Canadian Federal Bonds 24.03 16.97Canadian Mortgage Backed 11.08 13.54Foreign Bonds 5.00 3.31Provincial Bonds 1.87 4.28Canadian Treasury Bills 0.74 0.35*Maple Bonds denominated in Canadian Dollars.


36

Statements of Financial Position As at June 30, 2020 (unaudited) and December 31, 2019

TCAA

2020 2019AssetsCurrent assetsNon-derivative financial assets at fair value through profit or loss $ 22,735,621 $ 23,483,534 Non-derivative financial assets pledged as collateral at fair value through profit or loss - - Cash and cash equivalents 113,192 30,326 Receivable for investments sold - - Interest receivable 50,738 48,387 Dividends receivable 32,544 30,148 Derivative assets - - Margin on futures contracts - - Other receivables 94 108

22,932,189 23,592,503

LiabilitiesCurrent liabilitiesPayable for investments purchased - - Management fees payable 6,119 6,409 Derivative liabilities - - Margin on futures contracts - - Other payable and accrued expenses 2,454 2,555

8,573 8,964

Net assets attributable to contractholders $ 22,923,616 $ 23,583,539

Net assets attributable to contractholders per classVIO $ 8,283,653 $ 8,474,868 VIO2 9,649,571 9,934,400 VIO3 4,990,392 5,174,271 VIO4 - -

Units outstandingVIO 392,036 395,740 VIO2 490,319 496,282 VIO3 247,686 252,681 VIO4 - -

Net assets attributable to contractholders per unit VIO $ 21.13 $ 21.42 VIO2 19.68 20.02 VIO3 20.15 20.48 VIO4 - -

See accompanying notes to the financial statements.

Asset Allocation Fund

37


AssetsCurrent assetsNon-derivative financial assets at fair value through profit or lossNon-derivative financial assets pledged as collateral at fair value through profit or loss Cash and cash equivalentsReceivable for investments soldInterest receivableDividends receivableDerivative assetsMargin on futures contractsOther receivables

LiabilitiesCurrent liabilitiesPayable for investments purchasedManagement fees payableDerivative liabilitiesMargin on futures contractsOther payable and accrued expenses

Net assets attributable to contractholders

Net assets attributable to contractholders per classVIOVIO2VIO3VIO4

Units outstandingVIOVIO2VIO3VIO4

Net assets attributable to contractholders per unit VIOVIO2VIO3VIO4

IBO

2020 2019

$ 294,334 $ 140,659 - -

881 295 - - - - - 329 - - - - 2 -

295,217 141,283

- - 69 33

- - - -

44 20 113 53

$ 295,104 $ 141,230

$ 295,104 $ 141,230 - - - - - -

17,659 8,914 - - - - - -

$ 16.71 $ 15.84 - - - - - -

See accompanying notes to the financial statements. See accompanying notes to the financial statements.

Bond Fund

38








COM

2020 2019

$ 109,060 $ 111,144 - -

1,409 245 - - - - - - - 2,743 - - 1 -

110,470 114,132

- - 29 31

544 - - -

16 17 589 48

$ 109,881 $ 114,084

$ 109,881 $ 114,084 - - - - - -

10,077 10,002 - - - - - -

$ 10.90 $ 11.41 - - - - - -


Canadian Communications Fund

39








FIN

2020 2019

$ 162,035 $ 193,667 - -

1,914 3,617 - - - - - 490 - - - - - 1

163,949 197,775

- - 35 44

- - - -

24 28 59 72

$ 163,890 $ 197,703

$ 16389000% $ 197,703 - - - - - -

6,705 6,676 - - - - - -

$ 24.44 $ 29.61 - - - - - -


Canadian Financial Services Fund

40








RES

2020 2019

$ 50,480 $ 66,989 - -

761 124 - - - - - 302 - - - - - 1

51,241 67,416

- - 11 15

- - - - 7 9

18 24

$ 51,223 $ 67,392

$ 51,223 $ 67,392 - - - - - -

5,274 5,348 - - - - - -

$ 9.71 $ 12.60 - - - - - -


Canadian Resources Fund

41








GRO

2020 2019

$ 247,405 $ 153,495 - -

2,655 1,925 - - - - - - - - - - 3 1

250,063 155,421

- - 65 41

- - - -

37 22 102 63

$ 249,961 $ 155,358

$ 249,961 $ 155,358 - - - - - -

57,945 33,780 - - - - - -

$ 4.31 $ 4.60 - - - - - -


Canadian Growth Fund

42








CAP

2020 2019

$ 44,152 $ 51,393 - -

757 89 - - - - - 122 - - - - - -

44,909 51,604

- - 10 11

- - - - 6 7

16 18

$ 44,893 $ 51,586

$ 44,893 $ 51,586 - - - - - -

2,550 2,493 - - - - - -

$ 17.61 $ 20.69 - - - - - -


Canadian Small Cap Fund

43








DIV

2020 2019

$ 4,705,840 $ 5,042,407 - -

84,504 5,020 - -

5,448 4,908 9,806 8,997

- - - -

23 33 4,805,621 5,061,365

- - 1,265 1,368

- - - -

648 694 1,913 2,062

$ 4,803,708 $ 5,059,303

$ 2,700,056 $ 2,846,578 831,946 866,750

1,271,706 1,345,975 - -

140,726 140,680 38,639 38,427 69,189 69,319

- -

$ 19.19 $ 20.23 21.53 22.56 18.38 19.42

- - See accompanying notes to the financial statements. See accompanying notes to the financial statements.

Dividend Fund

44








TBIL

2020 2019

$ 57,972 $ 69,727 - -

11,744 512 - - - - - - - - - -

184 - 69,900 70,239

- - 10 10

- - - - 9 8

19 18

$ 69,881 $ 70,221

$ 69,881 $ 70,221 - - - - - -

71,660 71,848 - - - - - -

$ 0.98 $ 0.98 - - - - - -


T-Bill Fund

45








TTSE

2020 2019

$ 11,119,919 $ 12,347,058 - -

40,253 6,489 - - - - - - - - - -

51 65 11,160,223 12,353,612

- - 2,661 3,021

- - - -

1,240 1,386 3,901 4,407

$ 11,156,322 $ 12,349,205

$ 3,326,024 $ 3,643,620 4,680,995 5,111,407 1,169,883 1,303,395 1,979,420 2,290,783

87,598 88,671 131,079 131,934 32,448 33,308 48,791 52,380

$ 37.97 $ 41.09 35.71 38.74 36.05 39.13 40.57 43.73


Canadian-35 Index Fund

46








AMF

2020 2019

$ 23,897,296 $ 27,871,585 2,846,835 1,441,901

9,179 3,194 - - - - - -

584,740 498,137 - -

206 241 27,338,256 29,815,058

- - 7,282 8,128

- - 209,184 430,782

2,813 3,105 219,279 442,015

$ 27,118,977 $ 29,373,043

$ 16,930,106 $ 18,369,392 4,384,888 4,690,606 5,243,683 5,714,800

560,300 598,245

1,325,915 1,344,791 341,010 340,909 391,700 400,021 46,886 46,612

$ 12.77 $ 13.66 12.86 13.76 13.39 14.29 11.95 12.83


Can-Am Fund

47








ASF

2020 2019

$ 10,772,125 $ 13,136,708 1,378,956 933,054

88,407 102 - - - - - - - 73,777

356,503 - 122 134

12,596,113 14,143,775

- - 3,304 3,787

257,951 - - 195,399

1,303 1,481 262,558 200,667

$ 12,333,555 $ 13,943,108

$ 9,996,460 $ 11,242,235 1,936,160 2,192,403

270,896 296,741 130,039 211,729

1,294,439 1,306,197 256,239 259,677 34,044 33,503 18,410 26,753

$ 7.72 $ 8.61 7.56 8.44 7.96 8.86 7.06 7.91


Can-Asian Fund

48








DAQ

2020 2019

$ 11,862,478 $ 11,515,796 1,328,957 624,359

25,802 3,809 - - - - - -

686,595 201,465 - -

108 115 13,903,940 12,345,544

- - 3,710 3,466

- - 455,016 178,112

1,529 1,429 460,255 183,007

$ 13,443,685 $ 12,162,537

$ 11,798,558 $ 10,708,953 987,068 862,639 658,059 590,945

- -

683,971 703,128 54,318 53,929 40,644 41,198

- -

$ 17.25 $ 15.23 18.17 16.00 16.19 14.34


Can-Daq 100 Fund

49








EUR

2020 2019

$ 7,868,100 $ 10,115,117 1,268,959 608,427

7,644 2,647 - - - - - -

585 18,211 - -

75 97 9,145,363 10,744,499

- - 2,366 2,828

- - 32,629 49,188 1,038 1,225

36,033 53,241

$ 9,109,330 $ 10,691,258

$ 5,166,549 $ 6,063,383 3,741,611 4,392,254

201,170 235,621 - -

461,857 465,222 355,652 356,896 20,236 20,210

- -

$ 11.19 $ 13.03 10.52 12.31 9.94 11.66


Can-Euro Fund

50








GBO

2020 2019

$ 1,329,764 $ 1,369,781 33,999 20,912 41,707 1,373

- - - - - -

11,600 - - 12,677

16 19 1,417,086 1,404,762

- - 385 383

- 14,224 13,694 -

192 187 14,271 14,794

$ 1,402,815 $ 1,389,968

$ 740,142 $ 717,538 263,111 298,917 399,562 373,513

- -

43,871 44,696 15,306 18,289 22,037 21,751

- -

$ 16.87 $ 16.05 17.19 16.34 18.13 17.17


Can-Global Bond Fund

51








AAA

2020 2019

$ 125,597 $ 124,806 - -

930 3,018 - - - -

473 526 - - - - 1 2

127,001 128,352

- - 34 36

- - - -

19 19 53 55

$ 126,948 $ 128,297

$ 126,948 $ 128,297 - - - - - -

5,449 5,488 - - - - - -

$ 23.30 $ 23.38 - - - - - -


American Asset Allocation Fund

52








AEI

2020 2019

$ 607,822 $ 162,373 - -

6,280 971 - - - -

2,289 673 - - - - - -

616,391 164,017

- - 169 46

- - - -

92 25 261 71

$ 616,130 $ 163,946

$ 616,130 $ 163,946 - - - - - -

30,912 8,447 - - - - - -

$ 19.93 $ 19.41 - - - - - -


American Equity Index Fund

53








EMR

2020 2019

$ 1,143,364 $ 1,279,797 - -

16,278 7,694 - - - - - - - - - -

11 14 1,159,653 1,287,505

- - 243 276

- - - -

165 180 408 456

$ 1,159,245 $ 1,287,049

$ 1,108,337 $ 1,233,252 50,908 53,797

- - - -

141,216 145,460 6,040 5,936

- - - -

$ 7.85 $ 8.48 8.43 9.06

- - - -


Can-Emerge Fund

54








EEI

2020 2019

$ 46,537 $ 51,673 - -

1,047 757 - - - - - - - - - - 1 1

47,585 52,431

- - 13 15

- - - - 7 8

20 23

$ 47,565 $ 52,408

$ 47,565 $ 52,408 - - - - - -

7,537 7,436 - - - - - -

$ 6.31 $ 7.05 - - - - - -


European Equity Index Fund

55








IBI

2020 2019

$ 105,702 $ 99,538 - -

226 1,594 - - - - - - - - - - 1 3

105,929 101,135

- - 25 24

- - - -

16 15 41 39

$ 105,888 $ 101,096

$ 105,888 $ 101,096 - - - - - -

11,415 11,412 - - - - - -

$ 9.28 $ 8.86 - - - - - -


International Bond Index Fund

56








ITF

2020 2019

$ 325,255 $ 280,632 - -

928 155 - - - - - - - - - - 4 2

326,187 280,789

- - 97 86

- - - -

49 43 146 129

$ 326,041 $ 280,660

$ 326,041 $ 280,660 - - - - - -

27,451 27,852 - - - - - -

$ 11.88 $ 10.08 - - - - - -


Information Technology Fund

57








BRN

2020 2019

$ 36,545 $ 35,062 - -

346 79 - - - -

139 145 - - - - 1 -

37,031 35,286

- - 11 11

- - - - 6 5

17 16

$ 37,014 $ 35,270

$ 37,014 $ 35,270 - - - - - -

2,874 2,714 - - - - - -

$ 12.88 $ 13.00 - - - - - -


International Brands Fund

58








ULE

2020 2019

$ 16,078,499 $ 17,708,789 - -

30,963 18,066 - - - -

50,976 40,837 - - - -

137 164 16,160,575 17,767,856

- - 4,730 5,308

- - - -

1,766 2,001 6,496 7,309

$ 16,154,079 $ 17,760,547

$ 14,036,568 $ 15,436,993 2,117,511 2,323,554

- - - -

725,161 734,568 101,448 102,932

- - - -

$ 19.36 $ 21.02 20.87 22.57

- - - -


Equity Fund

59








ULB

2020 2019

$ 10,713,450 $ 10,022,368 - -

6,098 3,438 - 254,973

44,083 45,120 - - - - - -

37 32 10,763,668 10,325,931

- 203,925 2,687 2,554

- - - -

1,263 1,173 3,950 207,652

$ 10,759,718 $ 10,118,279

$ 5,761,092 $ 5,496,999 3,860,182 3,641,374 1,138,444 979,906

- -

117,526 119,092 84,246 84,128 21,938 20,121

- -

$ 49.02 $ 46.16 45.82 43.28 51.89 48.70


Mid-Term Bond Fund

60

Statements of Comprehensive IncomeFor the six-month periods ended June 30 (unaudited)

TCAA

2020 2019IncomeNet foreign exchange gain (loss) on cash and cash equivalents $ (44) $ (25) Other income - 1,871 Net gain (loss) on investments 23,937 2,460,762

23,893 2,462,608

Expenses Management and advisory fees 277,715 280,396 Administration fees 63,074 74,190 Custodian fees 3,445 2,214 Transaction costs 203 968 Interest expense - - Goods and services tax / Harmonized sales tax 40,414 40,374 Other fees and expenses - 4

384,851 398,146

Expenses absorbed by manager - (9,742) 384,851 388,404

Withholding taxes 982 878

Increase (decrease) in net assets from operations attributable to contractholders $ (361,940) $ 2,073,326

Increase (decrease) in net assets from operations attributable to contractholders per class VIO ` $ (113,633) $ 760,582 VIO2 (160,093) 865,303 VIO3 (88,214) 447,441 VIO4 - -

Daily average number of unitsVIO 393,202 405,597 VIO2 492,245 511,292 VIO3 249,184 256,735 VIO4 - -

Increase (decrease) in net assets from operations attributable to contractholders per daily average number of units per class

VIO $ (0.29) $ 1.88 VIO2 (0.33) 1.69 VIO3 (0.35) 1.74 VIO4 - -

See accompanying notes to the financial statements.


61


IncomeNet foreign exchange gain (loss) on cash and cash equivalentsOther incomeNet gain (loss) on investments

Expenses Management and advisory feesAdministration feesCustodian feesTransaction costs Interest expenseGoods and services tax / Harmonized sales taxOther fees and expenses

Expenses absorbed by manager

Withholding taxes

Increase (decrease) in net assets from operations attributable to contractholders

Increase (decrease) in net assets from operations attributable to contractholders per class VIO `VIO2VIO3VIO4

Daily average number of unitsVIOVIO2VIO3VIO4


VIOVIO2VIO3VIO4

IBO

2020 2019

$ - $ - - -

21,077 8,304 21,077 8,304

2,270 1,329 12,115 12,147

91 18 31 6

- - 363 209

- - 14,870 13,709

(11,210) (11,586) 3,660 2,123

- -

$ 17,417 $ 6,181

$ 17,417 $ 6,181 - - - - - -

13,114 8,363 - - - - - -

$ 1.33 $ 0.74 - - - - - -


Bond Fund

62





Withholding taxes





VIOVIO2VIO3VIO4

COM

2020 2019

$ (76) $ (12) - -

(2,841) 15,174 (2,917) 15,162

1,332 1,279 12,375 12,801 1,028 24

4 - - 112

187 195 - -

14,926 14,411

(12,904) (12,254) 2,022 2,157

76 57

$ (5,015) $ 12,948

$ (5,015) $ 12,948 - - - - - -

10,033 9,937 - - - - - -

$ (0.50) $ 1.30 - - - - - -



63





Withholding taxes





VIOVIO2VIO3VIO4

FIN

2020 2019

$ - $ - - -

(31,625) 28,171 (31,625) 28,171

1,725 2,089 12,058 12,356

18 47 1 27 - 3

308 369 - -

14,110 14,891

(11,270) (11,463) 2,840 3,428

- -

$ (34,465) $ 24,743

$ (34,465) $ 24,743 - - - - - -

6,679 7,590 - - - - - -

$ (5.16) $ 3.26 - - - - - -


Canadian Financial Services

64





Withholding taxes





VIOVIO2VIO3VIO4

RES

2020 2019

$ - $ - - -

(14,512) 4,771 (14,512) 4,771

527 649 11,886 11,980

49 25 15 9

- - 79 95

- - 12,556 12,758

(11,687) (11,712) 869 1,046

- -

$ (15,381) $ 3,725

$ (15,381) $ 3,725 - - - - - -

5,299 5,508 - - - - - -

$ (2.90) $ 0.68 - - - - - -



65





Withholding taxes





VIOVIO2VIO3VIO4

GRO

2020 2019

$ - $ - - 1,851

17,795 19,165 17,795 21,016

2,386 1,695 12,096 12,305

26 2 34 1

- - 327 243

- - 14,869 14,246

(11,196) (11,679) 3,673 2,567

- -

$ 14,122 $ 18,449

$ 14,122 $ 18,449 - - - - - -

47,060 32,915 - - - - - -

$ 0.30 $ 0.56 - - - - - -



66





Withholding taxes





VIOVIO2VIO3VIO4

CAP

2020 2019

$ - $ - - -

(7,060) 5,355 (7,060) 5,355

434 517 11,872 11,944

8 33 - 20 - -

75 62 - -

12,389 12,576

(11,678) (11,746) 711 830

- -

$ (7,771) $ 4,525

$ (7,771) $ 4,525 - - - - - -

2,531 2,618 - - - - - -

$ (3.07) $ 1.73 - - - - - -



67





Withholding taxes





VIOVIO2VIO3VIO4

DIV

2020 2019

$ (10) $ (84) 1 162

(174,787) 631,023 (174,796) 631,101

57,950 60,535 23,072 27,592 2,703 1,264

65 275 - -

9,031 9,041 - 1

92,821 98,708

(6,211) (8,632) 86,610 90,076

98 269

$ (261,504) $ 540,756

$ (150,817) $ 309,420 (39,669) 94,233 (71,018) 137,103

- -

141,336 150,717 38,583 39,212 69,187 70,919

- -

$ (1.07) $ 2.05 (1.03) 2.40 (1.03) 1.93


Dividend Fund

68





Withholding taxes





VIOVIO2VIO3VIO4

TBIL

2020 2019

$ - $ - - -

496 608 496 608

436 440 11,726 11,994

81 229 - - - -

74 79 - -

12,317 12,742

(11,664) (11,906) 653 836

- -

$ (157) $ (228)

$ (157) $ (228) - - - - - -

71,727 72,910 - - - - - -

$ - $ - - - - - - -


T-Bill Fund

69





Withholding taxes





VIOVIO2VIO3VIO4

TTSE

2020 2019

$ - $ - - -

(754,427) 1,725,073 (754,427) 1,725,073

123,549 133,717 37,958 45,910

259 323 149 471

3 1 18,489 19,558

- - 180,407 199,980

(1,503) (7,417) 178,904 192,563

- -

$ (933,331) $ 1,532,510

$ (272,515) $ 445,189 (399,476) 635,161 (105,052) 155,234 (156,288) 296,926

88,392 92,260 131,264 141,052 32,721 34,204 49,589 56,266

$ (3.08) $ 4.83 (3.04) 4.50 (3.21) 4.54 (3.15) 5.28



70





Withholding taxes





VIOVIO2VIO3VIO4

AMF

2020 2019

$ - $ - - -

(1,458,734) 4,357,648 (1,458,734) 4,357,648

333,418 333,987 75,725 86,142 2,070 1,806

- - 288 -

43,712 43,250 - -

455,213 465,185

(2,419) (13,450) 452,794 451,735

- -

$ (1,911,528) $ 3,905,913

$ (1,222,172) $ 2,448,761 (304,237) 630,562 (344,852) 749,555 (40,267) 77,035

1,334,589 1,405,874 340,356 359,495 392,416 408,392 46,597 48,975

$ (0.92) $ 1.74 (0.89) 1.75 (0.88) 1.84 (0.86) 1.57


Can-Am Fund

71





Withholding taxes





VIOVIO2VIO3VIO4

ASF

2020 2019

$ - $ - - -

(1,209,912) 1,307,453 (1,209,912) 1,307,453

149,797 163,375 41,066 52,962 1,813 1,672

- - 165 -

18,509 20,379 - -

211,350 238,388

(7,926) (16,867) 203,424 221,521

- -

$ (1,413,336) $ 1,085,932

$ (1,141,371) $ 878,694 (225,236) 170,950 (30,288) 27,193 (16,441) 9,095

1,293,195 1,336,254 256,112 270,199 33,846 38,294 20,057 16,557

$ (0.88) $ 0.66 (0.88) 0.63 (0.89) 0.71 (0.82) 0.55


Can-Asian Fund

72





Withholding taxes





VIOVIO2VIO3VIO4

DAQ

2020 2019

$ - $ - - -

1,780,237 2,015,628 1,780,237 2,015,628

155,775 136,009 45,361 44,066 1,785 1,433

1 - 165 -

20,774 17,543 - -

223,861 199,051

(8,269) (11,557) 215,592 187,494

- -

$ 1,564,645 $ 1,828,134

$ 1,371,504 $ 1,608,120 118,195 135,328 74,946 84,686

- -

693,226 724,835 54,224 57,368 40,484 41,741

- -

$ 1.98 $ 2.22 2.18 2.36 1.85 2.03


Can-Daq 100 Fund

73





Withholding taxes





VIOVIO2VIO3VIO4

EUR

2020 2019

$ - $ - - -

(1,374,027) 1,601,312 (1,374,027) 1,601,312

109,443 119,091 36,555 46,975 1,666 1,347

- - 146 -

14,665 15,537 - -

162,475 182,950

(8,429) (16,385) 154,046 166,565

- -

$ (1,528,073) $ 1,434,747

$ (851,049) $ 820,785 (643,575) 584,979 (33,449) 28,983

- -

462,307 489,883 355,726 373,515 19,994 20,380

- -

$ (1.84) $ 1.68 (1.81) 1.57 (1.67) 1.42


Can-Euro Fund

74





Withholding taxes





VIOVIO2VIO3VIO4

GBO

2020 2019

$ - $ - - -

98,161 91,339 98,161 91,339

17,575 16,838 20,838 22,149

747 683 - - - -

2,288 2,081 - -

41,448 41,751

(15,855) (17,475) 25,593 24,276

- -

$ 72,568 $ 67,063

$ 36,298 $ 34,360 15,329 14,316 20,941 18,387

- -

44,149 45,983 16,611 18,649 21,910 20,934

- -

$ 0.82 $ 0.75 0.92 0.77 0.96 0.88



75





Withholding taxes





VIOVIO2VIO3VIO4

AAA

2020 2019

$ 132 $ (73) - -

1,953 13,554 2,085 13,481

1,547 1,434 12,378 12,504

2 53 - 29 - 9

224 193 - -

14,151 14,222

(11,801) (12,043) 2,350 2,179

173 172

$ (438) $ 11,130

$ (438) $ 11,130 - - - - - -

5,470 5,440 - - - - - -

$ - $ 2.05 - - - - - -



76





Withholding taxes





VIOVIO2VIO3VIO4

AEI

2020 2019

$ (132) $ (106) - -

103,437 17,561 103,305 17,455

4,711 1,821 12,745 12,579

70 2 8 -

40 - 937 323

- - 18,511 14,725

(11,046) (11,928) 7,465 2,797

520 203

$ 95,320 $ 14,455

$ 95,320 $ 14,455 - - - - - -

19,893 8,388 - - - - - -

$ 4.79 $ 1.72 - - - - - -



77





Withholding taxes





VIOVIO2VIO3VIO4

EMR

2020 2019

$ (186) $ (117) - -

(78,219) 71,966 (78,405) 71,849

11,015 12,139 15,951 17,669

105 42 11 32

- - 1,639 1,708

- - 28,721 31,590

(10,762) (12,112) 17,959 19,478

985 1,391

$ (97,349) $ 50,980

$ (93,508) $ 48,358 (3,841) 2,622

- - - -

143,343 151,124 6,027 6,087

- - - -

$ (0.65) $ 0.32 (0.64) 0.43

- - - -


Can-Emerge Fund

78





Withholding taxes





VIOVIO2VIO3VIO4

EEI

2020 2019

$ (1) $ (3) - -

(4,487) 4,654 (4,488) 4,651

589 595 11,878 11,934

1 - - - - -

75 78 - -

12,543 12,607

(11,658) (11,721) 885 886

97 189

$ (5,470) $ 3,576

$ (5,470) $ 3,576 - - - - - -

7,482 7,297 - - - - - -

$ (0.73) $ 0.49 - - - - - -



79





Withholding taxes





VIOVIO2VIO3VIO4

IBI

2020 2019

$ 33 $ (142) - -

6,517 309 6,550 167

1,124 1,098 12,351 12,466

1 1 - - - -

173 80 - -

13,649 13,645

(11,860) (12,009) 1,789 1,636

- -

$ 4,761 $ (1,469)

$ 4,761 $ (1,469) - - - - - -

11,412 11,260 - - - - - -

$ 0.42 $ (0.13) - - - - - -



80





Withholding taxes





VIOVIO2VIO3VIO4

ITF

2020 2019

$ (58) $ - - 478

56,095 44,596 56,037 45,074

4,032 3,258 12,230 12,555

121 29 1 4 - -

548 485 - -

16,932 16,331

(11,041) (11,526) 5,891 4,805

316 248

$ 49,830 $ 40,021

$ 49,830 $ 40,021 - - - - - -

27,610 28,692 - - - - - -

$ 1.80 $ 1.39 - - - - - -



81





Withholding taxes





VIOVIO2VIO3VIO4

BRN

2020 2019

$ (21) $ (6) - -

766 3,780 745 3,774

490 444 11,990 12,022

26 14 - - - -

61 58 - -

12,567 12,538

(11,859) (11,894) 708 644

50 43

$ (13) $ 3,087

$ (13) $ 3,087 - - - - - -

2,793 2,721 - - - - - -

$ - $ 1.13 - - - - - -



82





Withholding taxes





VIOVIO2VIO3VIO4

ULE

2020 2019

$ (1,630) $ (36) - 3,519

(1,072,884) 2,403,498 (1,074,514) 2,406,981

219,014 228,337 50,962 58,675 2,242 839 5,516 1,203

12 14 28,327 29,112

- - 306,073 318,180

(5,347) (9,616) 300,726 308,564

581 1,210

$ (1,375,821) $ 2,097,207

$ (1,199,578) $ 1,815,416 (176,243) 281,791

- - - -

728,310 752,141 102,750 105,525

- - - -

$ (1.65) $ 2.41 (1.72) 2.67

- - - -


Equity Fund

83





Withholding taxes





VIOVIO2VIO3VIO4

ULB

2020 2019

$ - $ - - -

794,607 684,890 794,607 684,890

118,365 114,331 38,481 40,373

718 869 - - 1 2

18,382 17,737 - -

175,947 173,312

(3,721) (7,994) 172,226 165,318

- -

$ 622,381 $ 519,572

$ 336,147 $ 282,372 215,520 182,111 70,714 55,089

- -

118,109 119,915 83,870 87,990 21,087 20,805

- -

$ 2.85 $ 2.35 2.57 2.07 3.35 2.65


Mid-Term Bond Fund

84

Statements of Changes in Net Assets Attributable to ContractholdersFor the six-month periods ended June 30 (unaudited)

TCAA

2020 2019Net assets attributable to contractholders, beginning of period $ 23,583,539 $ 21,954,273

Increase (decrease) in net assets from operations attributable to contractholders (361,940) 2,073,326

Redeemable unit transactionsProceeds from redeemable units issued 1,382,943 1,428,337 Reinvestments of distributions to contractholders - - Redemption of redeemable units (1,680,926) (1,843,567)

(297,983) (415,230)

Net increase (decrease) in net assets attributable to contractholders (659,923) 1,658,096

Net assets attributable to contractholders, end of period $ 22,923,616 $ 23,612,369 -

Statements of Cash FlowsFor the six-month periods ended June 30 (unaudited)

2020 2019Cash and cash equivalents, beginning of period $ 30,326 $ 24,361

Cash flows from operating activitiesIncrease (decrease) in net assets attributable to contractholders (361,940) 2,073,326 Adjustments:Foreign exchange unrealized (gain) loss on cash and cash equivalents 7 14 Net realized (gain) loss on sale of investments (171,052) (78,220) Change in unrealized (appreciation) depreciation of investments 504,611 (2,004,436) Purchases of investments (5,868,551) (8,168,874) Proceeds from sales and maturities of investments 6,282,702 8,620,944 Adjustment for non cash income distributions from underlying funds - 573 Transaction costs 203 968 (Increase) Decrease in receivable for investments sold - (462,570) (Increase) Decrease in interest receivable (2,351) 3,108 (Increase) Decrease in dividends receivable (2,396) 608 (Increase) Decrease in derivative assets - - (Increase) Decrease in margin on futures contracts - - (Increase) Decrease in other receivables 14 42 Increase (Decrease) in payables for investments purchased - 445,000 Increase (Decrease) in redemptions payable - - Increase (Decrease) in distributions payable - - Increase (Decrease) in management fees payable (290) (2,733) Increase (Decrease) in derivative liabilities - - Increase (Decrease) from margin on futures contracts - - Increase (Decrease) in other payable and accrued expenses (101) (961) Net cash provided by (used in) operating activities 380,856 426,789

Cash flows from financing activitiesProceeds from redeemable units issued 1,382,943 1,428,337 Payments on redemption of redeemable units (1,680,926) (1,843,567) Distributions paid to contractholders, net of reinvested distributions - - Net cash provided by (used in) financing activities (297,983) (415,230)

Net increase (decrease) in cash and cash equivalents 82,873 11,559

Foreign exchange unrealized gain (loss) on cash and cash equivalents (7) (14)

Cash and cash equivalents, end of period $ 113,192 $ 35,906

Other cash flow information:Interest received $ 149,122 $ 386,213 Dividends received, net of withholding taxes 202,829 395,862 Interest paid - -



85


Net assets attributable to contractholders, beginning of period


Redeemable unit transactionsProceeds from redeemable units issuedReinvestments of distributions to contractholdersRedemption of redeemable units

Net increase (decrease) in net assets attributable to contractholders

Net assets attributable to contractholders, end of period


Cash and cash equivalents, beginning of period

Cash flows from operating activitiesIncrease (decrease) in net assets attributable to contractholdersAdjustments:Foreign exchange unrealized (gain) loss on cash and cash equivalentsNet realized (gain) loss on sale of investmentsChange in unrealized (appreciation) depreciation of investmentsPurchases of investmentsProceeds from sales and maturities of investmentsAdjustment for non cash income distributions from underlying fundsTransaction costs(Increase) Decrease in receivable for investments sold(Increase) Decrease in interest receivable(Increase) Decrease in dividends receivable(Increase) Decrease in derivative assets(Increase) Decrease in margin on futures contracts(Increase) Decrease in other receivablesIncrease (Decrease) in payables for investments purchasedIncrease (Decrease) in redemptions payableIncrease (Decrease) in distributions payableIncrease (Decrease) in management fees payableIncrease (Decrease) in derivative liabilitiesIncrease (Decrease) from margin on futures contractsIncrease (Decrease) in other payable and accrued expensesNet cash provided by (used in) operating activities

Cash flows from financing activitiesProceeds from redeemable units issuedPayments on redemption of redeemable unitsDistributions paid to contractholders, net of reinvested distributionsNet cash provided by (used in) financing activities

Net increase (decrease) in cash and cash equivalents

Foreign exchange unrealized gain (loss) on cash and cash equivalents

Cash and cash equivalents, end of period

Other cash flow information:Interest receivedDividends received, net of withholding taxesInterest paid

IBO

2020 2019$ 141,230 $ 126,789

17,417 6,181

146,768 12,023 - -

(10,311) (8,762) 136,457 3,261

153,874 9,442

$ 295,104 $ 136,231 -

2020 2019$ 295 $ 4,433

17,417 6,181

- - (122) 66

(17,958) (6,537) (227,749) (6,344)

92,123 - - 66

31 6 - - - -

329 297 - - - -

(2) 1 - - - - - -

36 (14) - - - -

24 16 (135,871) (6,262)

146,768 12,023 (10,311) (8,762)

- - 136,457 3,261

586 (3,001)

- -

$ 881 $ 1,432

$ 6 $ - 3,320 3,771

- -

Bond Fund

Bond Fund

86















COM

2020 2019$ 114,084 $ 92,473

(5,015) 12,948

7,420 7,746 - -

(6,608) (7,400) 812 346

(4,203) 13,294

$ 109,881 $ 105,767 -

2020 2019$ 245 $ 3,382

(5,015) 12,948

94 (1,132) 1,255 -

(3,835) (10,775) (5,145) - 9,805 -

- - 4 - - - - - - -

2,743 (2,500) - -

(1) 1 - - - - - -

(2) (11) 544 (1,909)

- - (1) 11

446 (3,367)

7,420 7,746 (6,608) (7,400)

- - 812 346

1,258 (3,021)

(94) 1,132

$ 1,409 $ 1,493

$ 2 $ - 432 2,190

- 1



87















FIN

2020 2019$ 197,703 $ 213,227

(34,465) 24,743

7,443 8,526 - -

(6,791) (39,385) 652 (30,859)

(33,813) (6,116)

$ 163,890 $ 207,111 -

2020 2019$ 3,617 $ 1,624

(34,465) 24,743

- - - (7,697)

34,522 (17,263) (2,891) -

- 33,524 - - 1 27 - - - -

490 584 - - - - 1 1 - - - - - -

(9) (23) - - - -

(4) 16 (2,355) 33,912

7,443 8,526 (6,791) (39,385)

- - 652 (30,859)

(1,703) 3,053

- -

$ 1,914 $ 4,677

$ 9 $ - 3,377 8,394

- -



88















RES

2020 2019$ 67,392 $ 64,931

(15,381) 3,725

5,060 5,099 - -

(5,848) (9,368) (788) (4,269)

(16,169) (544)

$ 51,223 $ 64,387 -

2020 2019$ 124 $ 1,131

(15,381) 3,725

- - (1,069) 1,919 16,207 (6,119) (8,313) (5) 9,669 4,882

- 5 15 9

- - - -

302 72 - - - - 1 1 - - - - - -

(4) (7) - - - -

(2) 3 1,425 4,485

5,060 5,099 (5,848) (9,368)

- - (788) (4,269)

637 216

- -

$ 761 $ 1,347

$ - $ - 928 1,078

- 1



89















GRO

2020 2019$ 155,358 $ 127,955

14,122 18,449

88,018 9,313 - -

(7,537) (8,474) 80,481 839

94,603 19,288

$ 249,961 $ 147,243 -

2020 2019$ 1,925 $ 5,868

14,122 18,449

- (1) - 214

(14,447) (17,347) (79,497) (5,072)

- - - 214

34 1 - - - - - - - - - -

(2) (2) - - - - - -

24 (14) - - - -

15 16 (79,751) (3,542)

88,018 9,313 (7,537) (8,474)

- - 80,481 839

730 (2,703)

- 1

$ 2,655 $ 3,166

$ 7 $ - 3,342 3,920

- -



90















CAP

2020 2019$ 51,586 $ 53,146

(7,771) 4,525

2,760 2,809 - -

(1,682) (9,480) 1,078 (6,671)

(6,693) (2,146)

$ 44,893 $ 51,000 -

2020 2019$ 89 $ 1,681

(7,771) 4,525

- - - 303

7,709 (4,835) (468) (1,521)

- 8,401 - - - 20 - - - -

122 131 - - - - - 1 - - - - - -

(1) (6) - - - -

(1) 2 (410) 7,021

2,760 2,809 (1,682) (9,480)

- - 1,078 (6,671)

668 350

- -

$ 757 $ 2,031

$ 1 $ - 770 1,249

- -



91















DIV

2020 2019$ 5,059,303 $ 4,666,399

(261,504) 540,756

307,780 261,411 - -

(301,871) (312,540) 5,909 (51,129)

(255,595) 489,627

$ 4,803,708 $ 5,156,026 -

2020 2019$ 5,020 $ 19,085

(261,504) 540,756

- 72 (2,036) (15,295)

257,411 (531,011) (788,852) (854,905) 869,979 982,195

- 111 65 275

- (51,929) (540) 273 (809) 315

- - - -

10 11 - 50,000 - - - -

(103) (560) - - - -

(46) 129 73,575 120,437

307,780 261,411 (301,871) (312,540)

- - 5,909 (51,129)

79,484 69,308

- (72)

$ 84,504 $ 88,321

$ 14,889 $ 36,828 64,341 127,180

- -

Dividend Fund

Dividend Fund

92















TBIL

2020 2019$ 70,221 $ 79,219

(157) (228)

7,148 7,460 - -

(7,331) (16,317) (183) (8,857)

(340) (9,085)

$ 69,881 $ 70,134 -

2020 2019$ 512 $ 582

(157) (228)

- - - -

(45) 10 (72,757) (78,372) 84,557 87,317

- - - - - - - - - - - - - -

(184) - - - - - - - - (6) - - - - 1 5

11,415 8,726

7,148 7,460 (7,331) (16,317)

- - (183) (8,857)

11,232 (131)

- -

$ 11,744 $ 451

$ 544 $ 938 - - - -

T-Bill Fund

T-Bill Fund

93















TTSE

2020 2019$ 12,349,205 $ 11,164,187

(933,331) 1,532,510

525,135 537,454 - -

(784,687) (687,470) (259,552) (150,016)

(1,192,883) 1,382,494

$ 11,156,322 $ 12,546,681 -

2020 2019$ 6,489 $ 16,672

(933,331) 1,532,510

- - (132,279) (94,383)

1,076,869 (1,448,280) (89,769) (295,055) 372,169 434,583

- 19,150 149 471

- - - - - - - - - -

14 25 - - - - - -

(360) (1,178) - - - -

(146) (25) 293,316 147,818

525,135 537,454 (784,687) (687,470)

- - (259,552) (150,016)

33,764 (2,198)

- -

$ 40,253 $ 14,474

$ 237 $ 1,215 189,926 348,728

3 -



94















AMF

2020 2019$ 29,373,043 $ 24,684,723

(1,911,528) 3,905,913

1,258,787 1,282,303 - -

(1,601,325) (1,998,230) (342,538) (715,927)

(2,254,066) 3,189,986

$ 27,118,977 $ 27,874,709 -

2020 2019$ 3,194 $ 22,131

(1,911,528) 3,905,913

- - - -

(3,069) 2,992 (64,691,278) (39,320,885) 67,263,702 36,081,307

- - - - - - - - - -

(86,603) (467,514) - 1,178,662

35 82 - - - - - -

(846) (2,945) - (991,716)

(221,598) 341,831 (292) (324)

348,523 727,403

1,258,787 1,282,303 (1,601,325) (1,998,230)

- - (342,538) (715,927)

5,985 11,476

- -

$ 9,179 $ 33,607

$ 157,941 $ 341,310 - -

288 507

Can-Am Fund

Can-Am Fund

95















ASF

2020 2019$ 13,943,108 $ 12,825,753

(1,413,336) 1,085,932

640,883 725,867 - -

(837,100) (1,104,025) (196,217) (378,158)

(1,609,553) 707,774

$ 12,333,555 $ 13,533,527 -

2020 2019$ 102 $ 33,319

(1,413,336) 1,085,932

- - - -

(1,413) 2,249 (29,213,525) (18,692,601) 31,133,619 17,839,816

- - - - - - - - - -

73,777 (87,082) (356,503) 451,101

12 59 - - - - - -

(483) (1,624) 257,951 (379,669)

(195,399) 149,227 (178) (391)

284,522 367,017

640,883 725,867 (837,100) (1,104,025)

- - (196,217) (378,158)

88,305 (11,141)

- -

$ 88,407 $ 22,178

$ 73,600 $ 183,025 - -

165 300

Can-Asian Fund

Can-Asian Fund

96















DAQ

2020 2019$ 12,162,537 $ 9,527,252

1,564,645 1,828,134

336,803 280,298 - -

(620,300) (478,011) (283,497) (197,713)

1,281,148 1,630,421

$ 13,443,685 $ 11,157,673 -

2020 2019$ 3,809 $ 11,567

1,564,645 1,828,134

- - - -

(1,457) 1,304 (31,026,759) (15,783,100) 29,976,935 14,146,158

- - 1 - - - - - - -

(485,130) (187,961) - 297,837 7 35 - - - - - -

244 (1,113) - (236,652)

276,904 183,591 100 7

305,490 248,240

336,803 280,298 (620,300) (478,011)

- - (283,497) (197,713)

21,993 50,527

- -

$ 25,802 $ 62,094

$ 66,128 $ 136,329 - -

165 263

Can-Daq 100 Fund

Can-Daq 100 Fund

97















EUR

2020 2019$ 10,691,258 $ 9,408,861

(1,528,073) 1,434,747

430,318 427,563 - -

(484,173) (732,689) (53,855) (305,126)

(1,581,928) 1,129,621

$ 9,109,330 $ 10,538,482 -

2020 2019$ 2,647 $ 12,976

(1,528,073) 1,434,747

- - - -

(1,161) 948 (20,972,571) (14,591,355) 22,560,217 13,505,312

- - - - - - - - - -

17,626 (26,964) - 70,804

22 38 - - - - - -

(462) (1,076) - (87,830)

(16,559) - (187) (364)

58,852 304,260

430,318 427,563 (484,173) (732,689)

- - (53,855) (305,126)

4,997 (866)

- -

$ 7,644 $ 12,110

$ 53,981 $ 139,237 - -

146 146

Can-Euro Fund

Can-Euro Fund

98















GBO

2020 2019$ 1,389,968 $ 1,356,795

72,568 67,063

64,060 65,692 - -

(123,781) (77,905) (59,721) (12,213)

12,847 54,850

$ 1,402,815 $ 1,411,645 -

2020 2019$ 1,373 $ 26,284

72,568 67,063

- - - -

(180) 76 (2,731,703) (1,652,289) 2,758,813 1,596,346

- - - - - - - - - -

(11,600) 3,092 12,677 -

3 8 - - - - - - 2 (179)

(14,224) - 13,694 (5,021)

5 85 100,055 9,181

64,060 65,692 (123,781) (77,905)

- - (59,721) (12,213)

40,334 (3,032)

- -

$ 41,707 $ 23,252

$ 7,246 $ 17,604 - - - 4



99















AAA

2020 2019$ 128,297 $ 119,651

(438) 11,130

4,860 15,431 - -

(5,771) (23,596) (911) (8,165)

(1,349) 2,965

$ 126,948 $ 122,616 -

2020 2019$ 3,018 $ 1,599

(438) 11,130

(140) 700 - (45,816)

(792) 33,427 1 (115,255) - 124,823 - - - 29 - - - -

53 (236) - - - - 1 - - - - - - -

(2) (15) - - - - - 11

(1,317) 8,798

4,860 15,431 (5,771) (23,596)

- - (911) (8,165)

(2,228) 633

140 (700)

$ 930 $ 1,532

$ 7 $ 26 1,034 2,171

- 2



100















AEI

2020 2019$ 163,946 $ 136,867

95,320 14,455

378,140 16,202 - -

(21,276) (16,014) 356,864 188

452,184 14,643

$ 616,130 $ 151,510 -

2020 2019$ 971 $ 3,110

95,320 14,455

271 98 (4,567) -

(95,393) (16,184) (350,539) -

5,042 - - - 8 - - - - -

(1,616) 30 - - - - - (1) - - - - - -

123 (16) - - - -

67 18 (351,284) (1,600)

378,140 16,202 (21,276) (16,014)

- - 356,864 188

5,580 (1,412)

(271) (98)

$ 6,280 $ 1,600

$ 10 $ 39 1,330 2,185

40 -



101















EMR

2020 2019$ 1,287,049 $ 1,242,919

(97,349) 50,980

44,461 44,314 - -

(74,916) (64,803) (30,455) (20,489)

(127,804) 30,491

$ 1,159,245 $ 1,273,410 -

2020 2019$ 7,694 $ 22,820

(97,349) 50,980

- 91 (19,802) (20,463) 104,608 (42,229)

- - 51,616 45,226

- - 11 32

- (25,238) - - - - - - - - 3 5 - - - - - -

(33) (125) - - - -

(15) 111 39,039 8,390

44,461 44,314 (74,916) (64,803)

- - (30,455) (20,489)

8,584 (12,099)

- (91)

$ 16,278 $ 10,630

$ 20 $ 58 5,583 23,001

- -

Can-Emerge Fund

Can-Emerge Fund

102















EEI

2020 2019$ 52,408 $ 45,263

(5,470) 3,576

2,356 2,299 - -

(1,729) (1,710) 627 589

(4,843) 4,165

$ 47,565 $ 49,428 -

2020 2019$ 757 $ 1,508

(5,470) 3,576

- 1 - -

5,136 (3,393) - - - - - - - - - - - - - - - - - - - 1 - - - - - -

(2) (5) - - - -

(1) 2 (337) 182

2,356 2,299 (1,729) (1,710)

- - 627 589

290 771

- (1)

$ 1,047 $ 2,278

$ 2 $ - 549 1,489

- -



103















IBI

2020 2019$ 101,096 $ 106,182

4,761 (1,469)

1,133 1,006 - -

(1,102) (1,014) 31 (8)

4,792 (1,477)

$ 105,888 $ 104,705 -

2020 2019$ 1,594 $ 1,638

4,761 (1,469)

(35) 139 (89) (711)

(6,425) 410 - -

350 3,312 - - - - - - - - - - - - - - 2 - - - - - - - 1 (13) - - - - 1 5

(1,434) 1,673

1,133 1,006 (1,102) (1,014)

- - 31 (8)

(1,403) 1,665

35 (139)

$ 226 $ 3,164

$ 4 $ 14 - 275 - 1



104















ITF

2020 2019$ 280,660 $ 216,224

49,830 40,021

11,763 10,504 - -

(16,212) (16,654) (4,449) (6,150)

45,381 33,871

$ 326,041 $ 250,095 -

2020 2019$ 155 $ 5,913

49,830 40,021

23 (24) (6,751) (4,797)

(47,238) (38,142) - -

9,365 7,408 - - 1 4 - - - - - - - - - -

(2) - - - - - - -

11 (27) - - - - 6 28

5,245 4,471

11,763 10,504 (16,212) (16,654)

- - (4,449) (6,150)

796 (1,679)

(23) 24

$ 928 $ 4,258

$ 1 $ - 1,788 2,903

- -



105















BRN

2020 2019$ 35,270 $ 30,717

(13) 3,087

2,505 919 - -

(748) (2,074) 1,757 (1,155)

1,744 1,932

$ 37,014 $ 32,649 -

2020 2019$ 79 $ 880

(13) 3,087

- - (378) (825) (56) (2,671)

(1,836) - 787 1,801

- - - - - - - - 6 15 - - - -

(1) - - - - - - - - (4) - - - - 1 2

(1,490) 1,405

2,505 919 (748) (2,074)

- - 1,757 (1,155)

267 250

- -

$ 346 $ 1,130

$ - $ - 288 489

- -



106















ULE

2020 2019$ 17,760,547 $ 15,596,087

(1,375,821) 2,097,207

1,440,780 1,462,501 - -

(1,671,427) (1,718,560) (230,647) (256,059)

(1,606,468) 1,841,148

$ 16,154,079 $ 17,437,235 -

2020 2019$ 18,066 $ 21,838

(1,375,821) 2,097,207

(435) 46 (1,463,649) (13,019) 2,825,995 (2,104,816)

(13,104,735) (1,037,525) 13,367,163 1,490,019

- 834 5,516 1,203

- (179,222) - -

(10,139) 1,585 - - - -

27 60 - - - - - -

(578) (2,022) - - - -

(235) (109) 243,109 254,241

1,440,780 1,462,501 (1,671,427) (1,718,560)

- - (230,647) (256,059)

12,462 (1,818)

435 (46)

$ 30,963 $ 19,974

$ 122 $ 1,169 278,621 544,801

12 -

Equity Fund

Equity Fund

107















ULB

2020 2019$ 10,118,279 $ 10,023,737

622,381 519,572

684,118 569,751 - -

(665,060) (776,614) 19,058 (206,863)

641,439 312,709

$ 10,759,718 $ 10,336,446 -

2020 2019$ 3,438 $ 7,306

622,381 519,572

- - (321,770) (117,427) (323,477) (412,684)

(7,054,845) (8,416,255) 7,009,010 8,655,314

- - - -

254,973 (78,684) 1,037 3,918

- - - - - -

(5) 15 (203,925) 75,000

- - - -

133 (1,229) - - - -

90 948 (16,398) 228,488

684,118 569,751 (665,060) (776,614)

- - 19,058 (206,863)

2,660 21,625

- -

$ 6,098 $ 28,931

$ 150,462 $ 329,200 - - 1 38

Mid-Term Bond Fund

Mid-Term Bond Fund

108

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020 1. General information Investment Manager Series (“IMS”) segregated funds, which consist of the funds listed below (collectively, the “Funds”), are separate investment accounts established by ivari (“the Manager”). The Funds and their assets are owned by the Manager and are segregated from the Manager’s other assets. The Funds are not separate legal entities. The contract holders do not acquire any interest in them. The Funds invest in equity securities, investment grade debt securities, and derivatives to generate returns in the form of investment income and capital appreciation for the contract holders who are the ultimate beneficiaries of the Funds.

The Funds’ registered office is at 5000 Yonge Street, Toronto, Ontario, M2N 7J8, Canada.

The Manager is the sponsor of the Funds and provides general management and administrative services required by the Funds in their day-to-day operations, including providing or arranging the provision of investment advice, establishing brokerage arrangements relating to the purchase and sale of the investment portfolio of the Funds, and bookkeeping, recordkeeping and other administrative and operational services for the Funds.

The Manager has selected Fiera Capital (formally Foresters Asset Manager Inc (“FAM”), to provide investment advisory services to the Funds. Fiera Capital serves as the portfolio manager of the Funds. Also the Manager has selected RBC Investor & Treasury Services as the custodian and administrator of the Funds.

The inception date of each Fund reported in these financial statements is as follows:

Fund Inception Date Asset Allocation Fund April 1987 Bond Fund December 1986 Canadian Communications Fund October 1998 Canadian Financial Services Fund October 1998 Canadian Resources Fund October 1998 Canadian Growth Fund July 1974 Canadian Small Cap Fund October 1998 Dividend Fund May 1994 T-Bill Fund December 1986 Canadian-35 Index Fund April 1989 Can-Am Fund October 1992 Can-Asian Fund August 1993 Can-Daq 100 Fund November 1996 Can-Euro Fund June 1995 Can-Global Bond Fund May 1996 American Asset Allocation Fund November 1998 American Equity Index Fund November 1998 Can-Emerge Fund June 1996 European Equity Index Fund November 1998 International Bond Index Fund November 1998 Information Technology Fund November 1998 International Brands Fund October 1998 Equity Fund April 1987 Mid-Term Bond Fund March 1988 These unaudited interim financial statements were authorized for issue by the Manager effective September 25, 2020.

2. Basis of presentation These unaudited interim financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as published by the International Accounting Standards Board (“IASB”) and use the historical cost basis, except for financial assets and liabilities measured at fair value.

These financial statements are presented in Canadian dollars, the functional currency of the Funds, and all values are rounded to the nearest dollar except where otherwise indicated.

3. Summary of significant accounting policies Financial instruments The Funds recognize financial instruments at fair value upon initial recognition, plus transaction costs in the case of financial instruments measured at amortized cost. Purchases and sales of financial assets are recognized at their trade date. The Funds’ investments and derivative assets and liabilities are measured as fair value through profit or loss (“FVTPL”), including investments in debt securities which have been designated as FVTPL. The Funds’ obligation for net assets attributable to contract holders (“NAAC”) is presented at the redemption amount. All other financial assets and liabilities are measured at amortized cost.

Financial assets and liabilities are offset and the net amount presented in the statements of financial position when, and only when, the Funds have a legal right to offset the amounts and intend either to settle on a net basis or to realize the asset and settle the liability simultaneously.

109

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020 Valuation of investments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair values of financial assets and liabilities traded in active markets (such as publicly traded derivatives and marketable securities) are based on quoted market prices at the close of trading on the reporting date. The Funds use the closing bid prices for financial assets and closing ask prices for financial liabilities. The Funds’ policy is to recognize transfers in and out of the fair value hierarchy levels as at the end of the reporting period for transfers between Level 1 and 2 and as at the date of the transfer for transfers in and out of Level 3.

The Canadian Life and Health Insurance Association (“CLHIA”) requires the Net Asset Value (“NAV”) of a segregated fund for contract holder transactions be based on fair value of the segregated fund’s assets and liabilities, in accordance with the valuation rules set out in the Funds’ information folder. The NAAC per unit and NAV per unit are disclosed in Note 13. The Funds have not changed their methodology with respect to calculating NAV. The fair values of the investments on the schedule of investment portfolio, for reporting NAAC for financial reporting purposes and for calculating daily NAVs, are determined as follows: a) Securities listed on a recognized public stock exchange are stated at their bid prices on the valuation date for reporting NAAC and at their close

prices on the valuation date for determining daily NAV.

b) Securities not listed on a recognized public stock exchange are valued based upon available public quotations in common use or at prices estimated to be fair value as determined by the Manager of the applicable Fund.

c) Short term investments are stated at amortized cost which, given the short term nature of the investments, approximates fair value.

d) Bonds are stated at their bid prices on the valuation date for reporting NAAC. They are valued at the average of the closing bid and ask prices provided by recognized investment dealers on the valuation date for determining daily NAV. For both NAAC and NAV, unlisted convertible debentures are valued at cost, if the underlying security is less than the conversion price; or if the underlying security is greater than the conversion price, at the market value of the underlying security multiplied by the number of shares to be received.

e) Mutual fund units held are priced using the NAV per unit as of the valuation date of the particular fund.

f) Futures contracts are valued at the settlement prices established on each day by the Board of Trade or exchange on which they are traded. The value of a contract is a gain or loss that would be realized upon closure. Gains or losses on open contracts are marked-to-market daily and are recorded in the statements of comprehensive income.

g) Foreign exchange forward contracts are valued at the gain or loss that would arise as a result of closing the position at the valuation date. Gains or losses are marked-to-market daily and recorded in the statements of comprehensive income.

Financial assets and liabilities at FVTPL The Funds’ assets and liabilities are classified as FVTPL. Investments are classified based on both the Funds’ business model for managing those assets and the contractual cash flow characteristics of the financial assets. The portfolios of financial assets are managed and evaluated on a fair value basis using an income and capital appreciation objective. The cash flows from the Funds’ securities are only incidental to achieving the Funds business model’s objective. During 2020 and 2019, the Funds’ financial instruments were all designated as FVTPL.

Investment transactions, income recognition and transaction cost Investment transactions are recorded on the trade date, which is the date on which the Fund commits to purchase or sell the investment. Interest income from interest bearing investments is recognized using the effective interest method. Dividend income from financial assets as FVTPL is recognized when the Funds’ right to receive payments is established. Distributions from underlying funds are recorded on the distribution date. Realized gains and losses from investment transactions are calculated on an average cost basis. Unrealized gains and losses are determined using the difference between the fair value and average cost.

Transaction costs are costs incurred to acquire financial assets or liabilities. They include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs are included in the cost of investments purchased or are a reduction in the proceeds received on the sale of an investment. These costs are immediately recognized in profit or loss as an expense in the statements of comprehensive income.

Receivable for investments sold / payable for investments purchased Receivable for investments sold and payable for investments purchased represent investment transactions that have been contracted for but not yet settled or delivered on the statements of financial position date respectively. These amounts are recognized initially at fair value and subsequently measured at amortized cost, less provisions for impairment for amounts receivable for investments sold. A provision for credit loss is measured at an amount equal to 12-month expected credit losses at initial recognition, if the credit risk has increased significantly after initial recognition. A provision for credit losses equal to the lifetime expected credit losses will be established at each reporting date. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganization, and default in payments are considered indicators that the amount due from a specific broker is impaired. If such evidence exists, the Fund recognizes an impairment loss as the difference between the amortized cost of the financial asset and the present value of the estimated future cash flows, discounted using the instrument’s original effective interest rate. Impairment losses on financial assets at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized.

110

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020 The Fund considers the probability of default close to zero and the counterparties have a strong capacity to meet their contractual obligations in the near term. Given the limited exposure of the Funds to credit risk, no loss allowance has been recognized as any such impairment would not have a significant impact on the financial statements.

Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held on call with banks and bank overdrafts. Bank overdrafts are shown in current liabilities in the statements of financial position.

Other assets and liabilities Dividends and interest receivable, receivable for investments sold and other receivables are categorized as loans and receivables and recorded at cost or amortized cost. Management fees payable, payable for investments purchased and other payable and accrued expenses are categorized as other liabilities and recorded at cost or amortized cost. Other assets and liabilities are short term in nature and cost or amortized cost approximates fair value.

Translation of foreign currencies

a) The fair value of investments and other assets and liabilities denominated in foreign currencies are translated into Canadian dollars at the prevailing rates on each valuation date.

b) Purchases and sales of investments, dividends and interest income denominated in foreign currencies are translated into Canadian dollars at the prevailing rates of exchange on the dates of the related transactions.

c) Foreign currency gains and losses resulting from translations are reported in the statements of comprehensive income. Foreign currency gains and losses relating to cash and cash equivalents are presented in the statements of comprehensive income within net foreign exchange gain or loss on cash and cash equivalents. Foreign currency gains and losses relating to financial assets and liabilities carried as FVTPL are presented in the statements of comprehensive income within net gain or loss on investments.

Contract holder transactions For each unit issued, the Funds receive an amount equal to the NAV per unit on the valuation date, which is included in NAAC. Units are redeemable at the option of the contract holder at their NAV per unit on the valuation date as determined in Note 7. For each unit redeemed, NAAC is reduced by the NAV of the unit on the redemption date.

Increase (decrease) in net assets from operations attributable to contract holders Income not distributed is included in NAAC. Movements in NAAC are recognized in the statements of changes in net assets attributable to contract holders.

Increase (decrease) in net assets from operations attributable to contract holders per daily average number of units in the statements of comprehensive income represents the increase (decrease) in NAAC, divided by the average daily number of units outstanding for each class of units.

Unit valuation A new NAV is calculated on every valuation date for each class of units. A valuation date is each day that the Manager is open for business and on which the Toronto Stock Exchange is open for trading. The NAV of a specific class of units is computed by calculating the value of the class’s proportionate share of the assets and liabilities of the respective fund attributable only to that class. Expenses directly attributable to a class are charged directly to that class. Other expenses, income, and realized and unrealized capital gains and losses are allocated proportionately to each class based on the relative NAV of each class.

Withholding taxes The Funds may incur withholding taxes imposed by certain countries on investment income and capital gains. Such income and gains are recorded on a gross basis and the related withholding taxes are shown separately in the statements of comprehensive income.

Income and expense allocation Where a Fund offers more than one class of units, realized gains (losses), changes in unrealized appreciation (depreciation) on investments, income and expenses that are common to the Fund as a whole are allocated daily to each class based on the proportionate share of the NAV of the class. The proportionate share of each class is determined by adding the current day’s net contract holder transactions of the class to the prior day’s NAV of the class. Any income or expense amounts that are unique to a particular class (for example, management fees) are accounted for separately in that particular class so as not to affect the NAV of the other classes.

Critical accounting estimates and assumptions The preparation of financial statements in compliance with IFRS requires management to exercise its judgment in applying its accounting policies and to make estimates and assumptions about the future. The most significant accounting judgments and estimates that the Funds have made in preparing the financial statements related to the fair values of some financial instruments are as follows:

111

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020 a) The Funds may, from time to time, hold financial instruments that are not quoted in active markets, such as over-the-counter derivatives. Fair

values of such instruments are determined using valuation techniques and may be determined using reputable pricing sources (such as pricing agencies) or indicative prices from market makers. Broker quotes as obtained from the pricing sources may be indicative and not executable or binding. Where no market data is available, the Manager may value positions using its own models, which are usually based on valuation methods and techniques generally recognized as standard within the industry. The models used to determine fair values are validated and periodically reviewed by experienced personnel of the Manager, independent of the party that created them. The models used for private equity securities are based mainly on earnings multiples adjusted for lack of marketability and control premiums. The models used for debt securities are based on net present value of estimated future cash flows, adjusted as appropriate for liquidity, and credit and market risk factors.

b) Models use observable data, to the extent practicable. However, areas such as credit risk (both own and counterparty), volatilities and correlations require the Manager to make estimates. Changes in assumptions about these factors could affect the reported fair values of financial instruments.

c) The Manager considers observable data to be market data that is readily available, regularly distributed and updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Refer to Note 16 for further information about the fair value measurement of the Funds’ financial instruments.

Critical judgments In classifying and measuring financial instruments held by the Funds, the Manager is required to make significant judgments about whether or not the business of the Funds is to invest on a total return basis for the purpose of applying the fair value option for the financial assets under IFRS 9, Financial Instruments. The most significant judgment made includes the determination that the fair value option can be applied to financial instruments and they are designated at FVTPL

4. Charges for investment management and operating expenses Each Fund class pays a management fee for the provision of fund management services. These services include investment advisory and portfolio management services, costs incurred to manage the Funds that are not directly related to a specific Fund such as overhead costs and, for some classes of the Funds, distribution-related expenses. The daily management fee applicable to each Fund class and payable to the Manager is calculated on each valuation date and is equal to the product of the NAV of each Fund class on such date and the number of days lapsed since the last valuation date, multiplied by the Manager’s effective daily management fee rate applicable to each Fund class.

In addition to the management fees payable, each Fund is accountable for its operating expenses, including applicable taxes. Operating expenses include audit fees, trustee and custodial expenses, accounting and record keeping costs, legal expenses, permitted prospectus preparation and filing expenses, bank-related fees and interest charges, contract holder report costs, fund-related administration costs, and other day-to-day operating expenses. The Manager may, at its discretion, pay certain expenses of a Fund and/or may reimburse a Fund for expenses that it has paid.

Several of the expenses incurred by a Fund relate to services provided by third-party, non-affiliated entities. Examples of such services include audit, trustee, custodial, accounting, and banking services. These services are incurred directly by each Fund.

As well, a number of expenses paid by a Fund relate to services provided by the Manager. Such services include mail service, call center services, contract holder record keeping services, financial reporting and financial control services, as well as the Manager’s indirect costs associated with the provision of these services. Indirect costs incurred by the Manager include costs associated with its premises, human resources and management oversight.

The costs of services provided by the Manager are allocated to each Fund proportionate to the time and effort required to support the Funds’ day- to- day operations. The asset under management is included in determining an appropriate allocation of costs.

The Manager, at its discretion, may waive or absorb a portion of the operating expenses otherwise payable by a Fund class. These waivers may be terminated at any time by the Manager.

For details of the management expense ratios, refer to unaudited financial information section.

5. Soft dollar brokerage commissions on securities transactions Soft dollar brokerage commissions represent the value of payment in-kind provided to securities dealers for their services. There was no soft dollar compensation paid to brokerage firms for the periods ended June 30, 2020 and December 31, 2019.

6. Brokerage commissions on securities transactions A broker is an individual or party (brokerage firm) that arranges transactions between a buyer and a seller for a commission, typically paid when the transaction is executed. Brokerage commissions paid for the periods ended June 30, 2020 and 2019 were as follows:

Fund 2020 2019 Asset Allocation Fund $ 203 $ 968 Bond Fund 31 6 Canadian Communications Fund 4 - Canadian Financial Services Fund 1 27 Canadian Resources Fund 15 9

112

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020

Fund 2020 2019 Canadian Growth Fund 34 1 Canadian Small Cap Fund - 20 Dividend Fund 65 275 Canadian-35 Index Fund 149 471 American Asset Allocation Fund - 29 American Equity Index Fund 8 - Can-Daq 100 Fund 1 - Can-Emerge Fund 11 32 European Equity Index Fund - - International Bond Index Fund - - Information Technology Fund 1 4 Equity Fund 5,516 1,203

7. Redemption of units Contract holders may, on any valuation date, redeem all or any part of their units at the then current NAV per unit as follows: a) Complete a redemption order along with all necessary supporting documentation (“redemption application”) and send the redemption

application to their dealer or broker who will forward it to the Manager; or

b) Place a wire order through a dealer or broker (“redemption request”). The same documents as described above must be provided in order to complete the redemption process.

The NAV per unit is calculated on the same day if the redemption request or redemption application is received at or prior to 4:00 p.m. (ET). Payment for units redeemed will be made by the Funds within three business days from the date the redemption order is processed.

8. Short term investments used to cover margin on futures contracts A number of the Funds have short term investments that are held by an unrelated brokerage company as collateral to cover the initial margins on the futures contracts they hold.

The following chart summarizes, by Fund, the value of short term investments held as collateral as at June 30, 2020.

Fund Par Value (000’s)

Average Cost (000’s)

Fair Value (000’s)

Can-Am Fund $2,847 $2,845 $2,847 Can-Asian Fund 1,379 1,378 1,379 Can-Daq 100 Fund 1,329 1,328 1,329 Can-Euro Fund 1,269 1,268 1,269 Can-Global Bond Fund 34 34 34

The following chart summarizes, by Fund, the value of short term investments held as collateral as at December 31, 2019.

Fund Par Value (000’s)

Average Cost (000’s)

Fair Value (000’s)

Can-Am Fund $1,448 $1,442 $1,442 Can-Asian Fund 937 933 933 Can-Daq 100 Fund 627 624 624 Can-Euro Fund 611 608 608 Can-Global Bond Fund 21 21 21

9. Futures contracts Futures are contractual obligations to buy or sell financial instruments on a future date at specified prices established in an organized market. The futures contracts are collateralized by short term investments.

The following is a list of the Funds with futures contracts as at June 30, 2020.

Fund Futures Contracts Expiry Number of Market Price Contract Notional Net Gain Long Positions Date Contracts Original Currency Value (Cdn$) (Loss) (Cdn$)

Can-Am Fund S&P 500 Future Sep-20 129 US$ 3,090 27,147,537 584,741 Can-Asian Fund Nikkei 225 (SGX) Sep-20 44 ¥22,260 6,182,715 (214,693) Can-Asian Fund Hang Seng Index Future Jul-20 29 HK$ 24,247 6,178,412 (43,262) Can-Daq 100 Fund Nasdaq 100 Future Sep-20 49 US$10,147 13,544,143 686,601 Can-Euro Fund Amsterdam Index Future Jul-20 6 €560 1,027,153 6,619

113

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020 Can-Euro Fund IBEX 35 Index Future Jul-20 5 €7,210 551,452 (11,144) Can-Euro Fund CAC 40 10 Euro Future Jul-20 13 €4,914 977,123 7,434 Can-Euro Fund FTSE 100 Index Future Sep-20 34 £6,148 3,517,486 (12,016) Can-Euro Fund DAX Index Future Sep-20 3 €12,326 1,414,102 10,838 Can-Euro Fund FTSE/MIB Index Future Sep-20 4 €19,289 590,139 (1,448) Can-Euro Fund Swiss Market Index Future Sep-20 7 CHF10,008 1,006,979 302 Can-Global Bond Fund Long Gilt Future Sep-20 1 £138 231,633 1,010 Can-Global Bond Fund US 10 Year Note (CGT) Sep-20 3 US$139 568,656 2,235 Can-Global Bond Fund 10 YR Mini JGB Future Sep-20 1 ¥152 191,749 316 Can-Global Bond Fund Euro Bund Future Sep-20 1 €177 270,028 5,736 Can-Global Bond Fund Australian 10 year Bond Future Sep-20 1 A$99 92,939 2,683 Can-Global Bond Fund Canada 10 Year Bond Future Sep-20 1 CAD$154

153,820 (380)

The following is a list of the Funds with futures contracts as at December 31, 2019.

Fund Futures Contracts Expiry Number of Market Price Contract Notional Net Gain Long Positions Date Contracts Original Currency Value (Cdn$) (Loss) (Cdn$)

Can-Am Fund S&P 500 Future Mar-20 28 US$ 3,231 29,329,502 498,137 Can-Asian Fund Nikkei 225 (SGX) Mar-20 49 ¥23,375 6,833,307 877 Can-Asian Fund Hang Seng Index Future Jan-20 30 HK$ 28,270 7,057,252 72,899 Can-Daq 100 Fund Nasdaq 100 Future Mar-20 53 US$8,752 12,030,449 201,464 Can-Euro Fund Amsterdam Index Future Jan-20 7 €605 1,232,141 (3,403) Can-Euro Fund IBEX 35 Index Future Jan-20 5 €9,528 693,471 (3,743) Can-Euro Fund CAC 40 10 Euro Future Jan-20 14 €5,970 1,216,592 1,528 Can-Euro Fund FTSE 100 Index Future Mar-20 34 £7,499 4,379,984 22,195 Can-Euro Fund DAX Index Future Mar-20 3 €13,247 1,446,122 (4,858) Can-Euro Fund FTSE/MIB Index Future Mar-20 4 €23,410 681,513 (4,221) Can-Euro Fund Swiss Market Index Future Mar-20 8 CHF10,522 1,127,229 10,713 Can-Global Bond Fund Long Gilt Future Mar-20 1 £131 225,694 (2,405) Can-Global Bond Fund US 10 Year Note (CGT) Mar-20 3 US$128 499,593 (4,559) Can-Global Bond Fund 10 YR Mini JGB Future Mar-20 1 ¥152 181,283 (418) Can-Global Bond Fund Euro Bund Future Mar-20 1 €170 248,166 (1,878) Can-Global Bond Fund Australian 10 year Bond Future Mar-20 1 A$99 89,893 (2,465) Can-Global Bond Fund Canada 10 Year Bond Future Mar-20 1 CAD$137 137,480 (2,500)

For the futures contracts that are currently held in the Funds, their respective exchanges are:

Futures Contracts Exchange Amsterdam Index Future Euronext Derivatives Amsterdam (EOE) Australian 10 year Bond Future ASX Trade24 (SFE) CAC 40 10 Euro Future Canada 10 Year Bond Future

Euronext Derivatives Paris (EOP) Montreal Exchange (MSE)

DAX Index Future Eurex (EUX) Euro-Bund Future Eurex (EUX) FTSE 100 Index Future FTSE/MIB Index Future

ICE Futures Europe Financials (ICF) Borsa Italiana (IDEM) (MIL)

Hang Seng Index Future Hong Kong Futures Exchange (HKG) IBEX 35 Index Future Meff Renta Variable (Madrid) (MFM) Long Gilt Future ICE Futures Europe Financials (ICF) Nasdaq 100 Future Chicago Mercantile Exchange (CME) Nikkei 225 (SGX) Singapore Exchange (SGX) 10 YR Mini JGB Future Singapore Exchange (SGX) S&P 500 Future Chicago Mercantile Exchange (CME) Swiss Market Index Future Eurex (EUX) US 10 Year Note (CGT) Chicago Board of Trade (CBT)

10. Foreign exchange forward contracts Foreign exchange forward contracts are over-the-counter contracts in which one party contracts with another to exchange a specified amount of one currency for a specified amount of a second currency at a future date or range of dates.

114

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020 The following is a list of the Funds with foreign exchange forward contracts as at June 30, 2020.

Fund Expiry Date

Market Rate

Pay Currency

Pay Amount

Receive Currency

Receive Amount

Net Gain (Loss) (Cdn$)

Canadian Communications Fund Sept-20 0.7343 USD $82,000 CAD 111,121 (544)

The following is a list of the Funds with foreign exchange forward contracts as at December 31, 2019.

Fund Expiry Date

Market Rate

Pay Currency

Pay Amount

Receive Currency

Receive Amount

Net Gain (Loss) (Cdn$)

Canadian Communications Fund Mar-20 0.7714 USD $86,000 CAD $114,244 $2,743

The counterparty on all forward contracts is rated A+.

11. Offsetting of financial assets and liabilities Financial assets and liabilities are presented gross in the Funds’ statements of financial position unless both of the following criteria are met:

a) The Fund has a legally enforceable right to set off the recognized amounts; and

b) The Fund intends to either settle on a net basis or realize the assets and settle the liability simultaneously.

If both of the criteria are met, the amounts are set off and presented net in the statements of financial position. The following table shows the gross amounts of foreign exchange forward contracts’ assets and liabilities before offsetting and the amounts that satisfy the above mentioned criteria to offset under IFRS. Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements and collateral received or pledged, are also shown in the table to show the total net exposure of the Funds.

The following chart presents, by Fund, the effect or potential effects of netting arrangements on foreign exchange forward contracts held as at June 30, 2020 Amounts Offset Amounts not Offset

Gross Amounts of Recognized

Financial Assets (000’s)


Financial Liabilities Offset (000’s)

Net Amounts Presented in

Statements of Financial Position

(000’s)

Master Netting

Arrangements (000’s)

Cash Collateral (Received) / Pledged (000’s)

Net Amounts (000’s)


Counterparty A $(1) $- $(1) $- $- $(1)

(1) - (1) - - (1)

The following chart presents, by Fund, the effect or potential effects of netting arrangements on foreign exchange forward contracts held as at December 31, 2019.

Amounts Offset Amounts not Offset


Financial Assets (000’s)


Financial Liabilities Offset (000’s)

Net Amounts Presented in

Statements of Financial Position

(000’s)

Master Netting

Arrangements (000’s)

Cash Collateral (Received) / Pledged (000’s)

Net Amounts (000’s)


Counterparty A $ 3 $- $3 $- $- $ 3

3 - 3 - - 3

12. Redeemable units The Funds issue single or multiple classes of redeemable units which do not have identical rights. Such units are classified as financial liabilities. Each Fund is authorized to issue an unlimited number of units which do not have any nominal or par value. Units can be redeemed to the Funds at any business date for cash equal to a proportionate unit of the Funds’ NAV attributable to the unit class.

The units are entitled to participate in the notional distribution of the Fund, if any. If the contract holder redeems units, they are entitled to a proportionate share of NAV, represented by the Funds’ NAV per unit. The relevant movements are shown in the statements of changes in net assets attributable to contract holders. The Funds’ NAAC are managed according to the investment objectives of the Funds. To ensure the liquidity of the Fund, fund activity may involve the disposal of investments.

Units of a fund are issued and redeemed based on the Funds’ NAVs per unit at the time of issue or redemption. The Funds’ NAV per unit is calculated for each class by dividing the Funds’ total NAV with the total number of outstanding redeemable units for each class.

115

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020 The following chart summarizes, by Fund, redeemable unit transactions for the period ended June 30, 2020.

Fund Class Units outstanding, beginning of period

Units issued, including transfers in and

reinvested distributions

Units redeemed, including transfers out

Units outstanding, end of period

Asset Allocation VIO 395,740 22,205 (25,909) 392,036 Fund VIO2 496,282 31,013 (36,976) 490,319

VIO3 252,681 16,319 (21,314) 247,686 Bond Fund VIO 8,914 9,379 (634) 17,659 Canadian VIO 10,002 707 (632) 10,077 Communications Fund Canadian Financial VIO 6,676 292 (263) 6,705 Services Fund Canadian Resources VIO 5,348 517 (591) 5,274 Fund Canadian Growth VIO 33,780 25,981 (1,816) 57,945 Fund Canadian Small Cap VIO 2,493 158 (101) 2,550 Fund Dividend Fund VIO 140,680 10,109 (10,063) 140,726 VIO2 38,427 1,932 (1,720) 38,639 VIO3 69,319 4,072 (4,202) 69,189 T-Bill Fund VIO 71,848 7,327 (7,515) 71,660 Canadian-35 Index VIO 88,671 3,866 (4,939) 87,598 Fund VIO2 131,934 7,159 (8,014) 131,079 VIO3 33,308 1,475 (2,335) 32,448 VIO4 52,380 1,861 (5,450) 48,791 Can-Am Fund VIO 1,344,791 66,176 (85,052) 1,325,915 VIO2 340,909 16,524 (16,423) 341,010 VIO3 400,021 16,557 (24,878) 391,700 VIO4 46,612 1,661 (1,387) 46,886 Can-Asian Fund VIO 1,306,197 76,058 (87,816) 1,294,439 VIO2 259,677 14,523 (17,961) 256,239 VIO3 33,503 904 (363) 34,044 VIO4 26,753 986 (9,329) 18,410 Can-Daq 100 Fund VIO 703,128 19,205 (38,362) 683,971 VIO2 53,929 1,029 (640) 54,318 VIO3 41,198 1,720 (2,274) 40,644 Can-Euro Fund VIO 465,222 21,290 (24,655) 461,857 VIO2 356,896 17,289 (18,533) 355,652 VIO3 20,210 1,208 (1,182) 20,236 Can-Global Bond VIO 44,696 2,098 (2,923) 43,871 Fund VIO2 18,289 1,205 (4,188) 15,306 VIO3 21,751 475 (189) 22,037 American Asset VIO 5,488 206 (245) 5,449 Allocation Fund American Equity VIO 8,447 23,581 (1,116) 30,912 Index Fund

116



Units issued, including transfers in and


Units redeemed, including transfers out


Can-Emerge Fund VIO 145,460 5,590 (9,834) 141,216 VIO2 5,936 163 (59) 6,040 European Equity VIO 7,436 375 (274) 7,537 Index Fund International Bond VIO 11,412 123 (120) 11,415 Index Fund Information Technology VIO 27,852 1,137 (1,538) 27,451 Fund International Brands VIO 2,714 220 (60) 2,874 Fund Equity Fund VIO 734,568 67,916 (77,323) 725,161 VIO2 102,932 6,926 (8,410) 101,448 Mid-Term Bond VIO 119,092 6,660 (8,226) 117,526 Fund VIO2 84,128 5,112 (4,994) 84,246 VIO3 20,121 2,890 (1,073) 21,938

The following chart summarizes, by Fund, redeemable unit transactions for the year ended December 31, 2019.


Units issued, including transfers-in and


Units redeemed, including transfers-out


Asset Allocation VIO 411,825 47,333 (63,418) 395,740 Fund VIO2 516,079 64,190 (83,987) 496,282

VIO3 257,688 34,893 (39,900) 252,681 Bond Fund VIO 8,277 1,803 (1,166) 8,914 Canadian VIO 9,855 1,414 (1,267) 10,002 Communications Fund Canadian Financial VIO 8,375 483 (2,182) 6,676 Services Fund Canadian Resources VIO 5,768 868 (1,288) 5,348 Fund Canadian Growth Fund VIO 32,836 4,440 (3,496) 33,780 Canadian Small Cap VIO 2,880 246 (633) 2,493 Fund Dividend Fund VIO 151,266 15,730 (26,316) 140,680 VIO2 39,425 2,893 (3,891) 38,427 VIO3 71,800 8,972 (11,453) 69,319 T-Bill Fund VIO 80,441 15,461 (24,054) 71,848 Canadian-35 Index VIO 92,479 7,305 (11,113) 88,671 Fund VIO2 142,396 14,057 (24,519) 131,934 VIO3 34,554 2,922 (4,168) 33,308 VIO4 56,579 3,709 (7,908) 52,380 Can-Am Fund VIO 1,425,717 133,842 (214,768) 1,344,791 VIO2 364,204 34,267 (57,562) 340,909 VIO3 411,874 32,659 (44,512) 400,021 VIO4 48,935 2,960 (5,283) 46,612 Can-Asian Fund VIO 1,351,105 143,862 (188,770) 1,306,197

117



Units issued, including transfers-in and


Units redeemed, including transfers-out


VIO2 275,610 31,946 (47,879) 259,677 VIO3 39,838 1,773 (8,108) 33,503 VIO4 16,712 12,231 (2,190) 26,753 Can-Daq 100 Fund VIO 733,306 37,274 (67,452) 703,128 VIO2 58,109 2,165 (6,345) 53,929 VIO3 42,159 2,611 (3,572) 41,198 Can-Euro Fund VIO 495,784 38,768 (69,330) 465,222 VIO2 382,753 30,554 (56,411) 356,896 VIO3 20,481 1,900 (2,171) 20,210 Can-Global Bond VIO 46,409 5,002 (6,715) 44,696 Fund VIO2 18,936 1,990 (2,637) 18,289 VIO3 20,769 1,384 (402) 21,751 American Asset VIO 5,939 928 (1,379) 5,488 Allocation Fund American Equity VIO 8,382 2,132 (2,067) 8,447 Index Fund Can-Emerge Fund VIO 151,778 12,434 (18,752) 145,460 VIO2 6,618 249 (931) 5,936 European Equity VIO 7,253 735 (552) 7,436 Index Fund International Bond VIO 11,260 384 (232) 11,412 Index Fund Information Technology VIO 29,143 2,493 (3,784) 27,852 Fund International Brands VIO 2,802 150 (238) 2,714 Fund Equity Fund VIO 756,761 133,304 (155,497) 734,568 VIO2 107,401 13,326 (17,795) 102,932 Mid-Term Bond VIO 120,326 14,368 (15,602) 119,092 Fund VIO2 89,526 11,717 (17,115) 84,128 VIO3 20,913 2,088 (2,880) 20,121

13. NAAC per unit and NAV per unit The following table provides a comparison of NAAC per unit and NAV per unit as at June 30, 2020 and December 31, 2019. Note 3 includes a description of the underlying differences.

Fund Class NAAC Per Unit NAV Per Unit

2020 2019 2020 2019 Asset Allocation Fund VIO $21.13 $21.42 $21.15 $21.43 VIO2 19.68 20.02 19.70 20.03 VIO3 20.15 20.48 20.17 20.49 Bond Fund VIO 16.71 15.84 16.72 15.86 Canadian Communications Fund VIO 10.90 11.41 10.91 11.40 Canadian Financial Services Fund VIO 24.44 29.61 24.47 29.62 Canadian Resources Fund VIO 9.71 12.60 9.74 12.61 Canadian Growth Fund VIO 4.31 4.60 4.32 4.60 Canadian Small Cap Fund VIO 17.61 20.69 17.55 20.79 Dividend Fund VIO 19.19 20.23 19.21 20.24

118


Fund Class NAAC Per Unit NAV Per Unit

2020 2019 2020 2019 VIO2 21.53 22.56 21.55 22.56 VIO3 18.38 19.42 18.40 19.42 T-Bill Fund VIO 0.98 0.98 0.97 0.98 Canadian-35 Index Fund VIO 37.97 41.09 37.99 41.12 VIO2 35.71 38.74 35.73 38.77 VIO3 36.05 39.13 36.07 39.16 VIO4 40.57 43.73 40.59 43.77 Can-Am Fund VIO 12.77 13.66 12.77 13.66 VIO2 12.86 13.76 12.86 13.76 VIO3 13.39 14.29 13.39 14.29 VIO4 11.95 12.83 11.95 12.84 Can-Asian Fund VIO 7.72 8.61 7.72 8.61 VIO2 7.56 8.44 7.56 8.44 VIO3 7.96 8.86 7.96 8.86 VIO4 7.06 7.91 7.06 7.91 Can-Daq 100 Fund VIO 17.25 15.23 17.25 15.23 VIO2 18.17 16.00 18.17 16.00 VIO3 16.19 14.34 16.19 14.34 Can-Euro Fund VIO 11.19 13.03 11.19 13.03 VIO2 10.52 12.31 10.52 12.31 VIO3 9.94 11.66 9.94 11.66 Can-Global Bond Fund VIO 16.87 16.05 16.87 16.05 VIO2 17.19 16.34 17.19 16.35 VIO3 18.13 17.17 18.13 17.17 American Asset Allocation Fund VIO 23.30 23.38 23.29 23.37 American Equity Index Fund VIO 19.93 19.41 19.93 19.41 Can-Emerge Fund VIO 7.85 8.48 7.86 8.48 VIO2 8.43 9.06 8.44 9.07 European Equity Index Fund VIO 6.31 7.05 6.32 7.06 International Bond Index Fund VIO 9.28 8.86 9.28 8.86 Information Technology Fund VIO 11.88 10.08 11.88 10.07 International Brands Fund VIO 12.88 13.00 12.88 12.99 Equity Fund VIO 19.36 21.02 19.37 21.02 VIO2 20.87 22.57 20.89 22.58 Mid-Term Bond Fund VIO 49.02 46.16 49.07 46.20 VIO2 45.82 43.28 45.87 43.33 VIO3 51.89 48.70 51.95 48.75

14. Management and advisory fees The following table shows the summary of portfolio management and advisory management fees paid for the period ended June 30, 2020 and 2019 and the balances outstanding as at June 30, 2020 and December 31, 2019, by Fund, that are included in accrued expenses and other liabilities in the statements of financial position.

Management and Advisory Fees

Fund Management and Advisory Fees Balances Outstanding

2020 2019 2020 2019 Asset Allocation Fund 22,551 $22,775 497 $521 Bond Fund 158 96 5 2 Canadian Communications Fund 160 153 4 4 Canadian Financial Services Fund 258 313 5 7 Canadian Resources Fund 80 98 2 2 Canadian Growth Fund 295 209 8 5 Canadian Small Cap Fund 65 77 1 2 Dividend Fund 7,128 7,441 156 168 T-Bill Fund 18 18 - - Canadian-35 Index Fund 5,576 6,042 120 137

119


Fund Management and Advisory Fees Balances Outstanding

2020 2019 2020 2019 Can-Am Fund 13,250 13,267 289 323 Can-Asian Fund 6,121 6,680 135 155 Can-Daq 100 Fund 6,013 5,251 143 134 Can-Euro Fund qwaer 4,587 4,992 99 119 Can-Global Bond Fund 702 671 15 15 American Asset Allocation Fund 185 174 4 4 American Equity Index Fund 188 73 7 2 Can-Emerge Fund 577 634 13 14 European Equity Index Fund 23 24 1 1 International Bond Index Fund 52 51 1 1 Information Technology Fund 437 353 11 9 International Brands Fund 52 47 1 1 Equity Fund 24,231 25,261 522 587 Mid-Term Bond Fund 7,768 7,480 176 167

15. Financial risk management

Coronavirus 19 (COVID-19) Impact

Since the outbreak of COVID-19, emergency measures taken in response to the spread of COVID-19 have resulted in significant disruption to business operations globally, resulting in an economic slowdown. Global equity and capital markets have also experienced significant volatility and weakness. The governments have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. These developments are constantly evolving and the duration and impact of the COVID-19 pandemic is highly uncertain and cannot be predicted at this time but could have a material impact on the future performance of the Funds. In the face of the current environment of heightened uncertainty and market volatility, the Manager continues to closely monitor its impact on the Funds’ risk exposures from the portfolio holdings.

Risk Management

Each Fund’s activities expose it to a variety of financial risks: market risk (including price risk, interest rate risk and currency risk), credit risk, liquidity risk and concentration risk.

The management of these risks is carried out by the Manager under policies approved by the Fund Management Review Committee. These policies provide written principles for overall risk management, as well as policies covering specific areas, such as foreign currency risk, interest rate risk, credit risk, the use of derivative financial instruments and non-derivative financial instruments, and the investment of excess liquidity.

The overall risk management program seeks to maximize the returns derived for the level of risk to which the Funds are exposed and minimize potential adverse effects from the unpredictability of financial markets on the Funds’ financial performance and allows the use of derivative financial instruments to both moderate and create certain risk exposures.

All securities investments represent a risk of loss of capital. The maximum loss of capital on long equity and debt securities is limited to the fair value of those positions. On long futures and forward currency contracts, the maximum loss of capital is limited to the notional contract value of those positions. The maximum loss of capital on short futures positions can be unlimited.

The value of the investments may change due to one or more of the following investment risks:

Price risk Price risk arises from investments held by the Funds for which prices in the future are uncertain. The Funds invest in equity securities (also called stocks or shares) that expose the Funds to equity securities price risk. The market value, or price, of a stock is affected by developments at the investee company and by general economic and financial conditions in that company’s industry and in the countries in which the investee company operates or is listed for trading on stock exchanges. General investor sentiment, as well as specific circumstances and events, may also impact the value of a stock.

The portfolio manager manages this risk through diversification and by a careful selection of securities and other financial instruments within specified limits. The maximum risk resulting from investments in financial instruments is the fair value of the securities and other financial instruments acquired by the Funds. The Funds’ overall market positions are monitored daily by the Funds’ portfolio manager or sub-advisor if applicable.

The Funds’ returns are not perfectly correlated with the return of their benchmark, therefore, the percentage change in the value of the Funds will differ from that of their benchmarks.

As at June 30, 2020, had the benchmark of each of the following Funds increased or decreased by 3 percent, with all other variables held constant, the NAACs of those Funds would have increased or decreased by approximately the amounts shown in the table below.

120


Fund Equity Exposure (000’s) Benchmark

Impact on NAAC (000’s)

Impact on NAAC

(%)

Asset Allocation Fund $11,873 50% FTSE Canada Universe Bond Index 50% S&P/TSX Composite Total Return Index $344 1.50

Bond Fund 294 FTSE Canada Universe Bond Index 10 3.34

Canadian Communications Fund 109 MSCI US Investable Market (IMI) Index Communication Services 25/50 GR Index 3 2.89

Canadian Financial Services Fund 162 S&P/TSX Capped Financials Total Return Index 5 2.92

Canadian Resources Fund 50 65% S&P/TSX Capped Energy Total Return Index 35% S&P/TSX Capped Materials Total Return Index 1 2.73

Canadian Growth Fund 247 S&P/TSX Composite Total Return Index 6 2.59 Canadian Small Cap Fund 44 S&P/TSX Small Cap Total Return Index 1 2.88 Dividend Fund 3,684 S&P/TSX 60 Total Return Index 89 1.86 Canadian-35 Index Fund 11,120 S&P/TSX 60 Total Return Index 334 2.99 American Asset Allocation Fund 126 S&P 500 Total Return Index 4 2.84 American Equity Index Fund 608 S&P 500 Total Return Index 17 2.74 Can-Emerge Fund 1,143 MSCI Emerging Markets GR Index 34 2.90 European Equity Index Fund 47 MSCI Europe GR Index 1 2.99

International Bond Index Fund 106 S&P International Sovereign Ex- U.S. Bond Total Return Index 3 3.08

Information Technology Fund 325 Nasdaq 100 Total Return Index 10 3.03 International Brands Fund 37 S&P 500 Total Return Index 1 2.88 Equity Fund 16,078 S&P/TSX Composite Total Return Index 435 2.69

Certain Funds that invest in underlying mutual funds are exposed to indirect equity price risk in the event that the underlying mutual funds invest in equity securities.

As at December 31, 2019, had the benchmark of each of the following Funds increased or decreased by 3 percent, with all other variables held constant, the NAAC of those Funds would have increased or decreased by approximately the amounts shown in the table below.

Fund Equity Exposure

(000’s) Benchmark Impact on

NAAC (000’s)

Impact on NAAC

(%)

Asset Allocation Fund $12,882 50% FTSE Canada Universe Bond Index 50% S&P/TSX Composite Total Return Index $395 1.68

Bond Fund 141 FTSE Canada Universe Bond Index 4 2.99

Canadian Communications Fund 111 MSCI US Investable Market (IMI) Index Communication Services 25/50 GR Index 3 2.72

Canadian Financial Services Fund 194 S&P/TSX Capped Financials Total Return Index 6 2.88

Canadian Resources Fund 67 65% S&P/TSX Capped Energy Total Return Index 35% S&P/TSX Capped Materials Total Return Index 2 2.69

Canadian Growth Fund 153 S&P/TSX Composite Total Return Index 4 2.83 Canadian Small Cap Fund 51 S&P/TSX Small Cap Total Return Index 2 2.91 Dividend Fund 4,012 S&P/TSX 60 Total Return Index 94 1.85 Canadian-35 Index Fund 12,347 S&P/TSX 60 Total Return Index 367 2.97 American Asset Allocation Fund 125 S&P 500 Total Return Index 4 2.84 American Equity Index Fund 162 S&P 500 Total Return Index 5 2.91 Can-Emerge Fund 1,280 MSCI Emerging Markets GR Index 39 2.99 European Equity Index Fund 52 MSCI Europe GR Index 2 2.86

International Bond Index Fund 100 S&P International Sovereign Ex- U.S. Bond Total Return Index 3 2.97

Information Technology Fund 281 Nasdaq 100 Total Return Index 8 3.02 International Brands Fund 35 S&P 500 Total Return Index 1 2.90 Equity Fund 17,709 S&P/TSX Composite Total Return Index 520 2.93

Interest rate risk Interest rate risk arises from the effects of fluctuations in the prevailing levels of market interest rates on the fair value of financial assets and liabilities and future cash flows. The Funds hold fixed income securities that expose the Funds to interest rate risk. An increase in prevailing interest rates will generally cause the value of fixed income securities to decline, while a decrease in such rates will generally cause the value of such securities to increase. Accordingly, the portion of a Fund that is invested in fixed income securities will reflect this inverse relationship between interest rates and the price of securities. In addition, the longer the time to maturity of a particular debt instrument held by a Fund, the greater price volatility it will have.

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Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020 The portfolio manager manages this risk by measuring the mismatch of the interest rate sensitivity gap of financial assets and liabilities and calculating the average effective duration of the portfolio of fixed income securities. The average effective duration of each Fund’s portfolio is a measure of the sensitivity of the fair value of the Funds’ fixed income securities to changes in market interest rates.

The impact is calculated using the expected maturity date. The term to maturity is based on the contractual maturity date.

As at June 30, 2020, had market interest rates increased or decreased by 1 percent, with all other variables held constant, the NAAC of the following Funds would have decreased or increased by approximately the amounts shown in the table below.

Term to Maturity Total Impact on NAAC Fund Less than 1 year 1 – 5 years Greater than 5 years

(000’s) (000’s) (000’s) (000’s) (000’s) (%) Asset Allocation Fund $250 $4,176 $6,437 $10,863 $919 4.00 Dividend Fund 4 334 685 1,022 88 1.83 T-Bill Fund 58 - - 58 - 0.14 Can-Am Fund 26,744 - - 26,744 39 0.14 Can-Asian Fund 12,151 - - 12,151 15 0.12 Can-Daq 100 Fund 13,191 - - 13,191 14 0.10 Can-Euro Fund 9,137 - - 9,137 10 0.11 Can-Global Bond Fund 1,364 - - 1,364 1 0.07 Mid-Term Bond Fund 151 3,847 6,715 10,713 908 8.43

Certain Funds that invest in underlying mutual funds are exposed to indirect interest rate risk in the event that the underlying mutual funds invest in fixed income securities.

As at December 31, 2019, had market interest rates increased or decreased by 1 percent, with all other variables held constant, the NAAC of the following Funds would have decreased or increased by approximately the amounts shown in the table below.

Term to Maturity Total Impact on NAAC Fund Less than 1 year 1 – 5 years Greater than 5 years

(000’s) (000’s) (000’s) (000’s) (000’s) (%) Asset Allocation Fund $601 $3,580 $6,420 $10,601 $814 3.45 Dividend Fund 80 286 664 1,030 77 1.52 T-Bill Fund 70 - - 70 - 0.28 Can-Am Fund 29,313 - - 29,313 71 0.24 Can-Asian Fund 14,070 - - 14,070 31 0.22 Can-Daq 100 Fund 12,140 - - 12,140 28 0.23 Can-Euro Fund 10,724 - - 10,724 25 0.23 Can-Global Bond Fund 1,391 - - 1,391 3 0.22 Mid-Term Bond Fund 135 3,608 6,280 10,023 804 7.95

Foreign currency risk Foreign currency risk arises as the value of future transactions, recognized monetary assets and liabilities denominated in currencies other than the Canadian dollar fluctuate due to changes in foreign exchange rates. The Funds hold both monetary and non-monetary assets denominated in currencies other than the Canadian dollar and the related foreign currency exposure amounts are based on the fair value of the investments, cash balances, dividends and interest receivable, receivables for investments sold and payable for investments purchased that are denominated in foreign currencies. The Manager monitors the exposure on all foreign currency denominated assets and liabilities. The value of these foreign currency holdings may be affected by changes in the value of the Canadian dollar compared to the value of these foreign currencies. For example, if the U.S. dollar rises relative to the Canadian dollar, the value of U.S. securities held in a Fund will be worth more in Canadian dollars. The inverse is also true – if the U.S. dollar falls, a Fund’s U.S. holdings will be worth less in Canadian dollars. As at June 30, 2020, had exchange rates increased or decreased by 10 percent, with all other variables held constant, the NAAC of the following Funds would have increased or decreased by approximately the amounts shown in the table below.

Fund Foreign Currency Exposure (000’s)


Impact on NAAC (%)

Asset Allocation Fund $720 72 0.31 American Asset Allocation Fund 127 13 9.99 American Equity Index Fund 610 61 9.91 Can-Emerge Fund 1,143 114 9.85 European Equity Index Fund 47 5 9.77 International Bond Index Fund 106 11 9.99 Information Technology Fund 325 33 9.98 International Brands Fund 37 4 9.91 Equity Fund 11 1 0.01 Dividend Fund 74 7 0.15

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Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020 Certain Funds that invest in underlying mutual funds are exposed to indirect foreign currency risk in the event that the underlying mutual funds’ investments are denominated in currencies other than their functional currency.

As at December 31, 2019, had exchange rates increased or decreased by 10 percent, with all other variables held constant, the NAAC of the following Funds would have increased or decreased by approximately the amounts shown in the table below.

Fund Foreign Currency Exposure (000’s)


Impact on NAAC (%)

Asset Allocation Fund $715 71 0.30 American Asset Allocation Fund 128 13 9.99 American Equity Index Fund 163 16 9.95 Can-Emerge Fund 1,280 128 9.94 European Equity Index Fund 52 5 9.85 International Bond Index Fund 100 10 9.90 Information Technology Fund 281 28 10.00 International Brands Fund 35 4 9.98 Equity Fund 839 84 0.47 Dividend Fund 73 7 0.14

Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

The main concentration to which the Funds are exposed arises from the Funds’ investment in fixed income securities. A fixed income security issued by a company or a government contains a promise by the issuer to pay interest and repay a specified amount on the maturity date. Credit risk involves the risk that such a company will not live up to its obligations. If the credit quality of the issuer begins to deteriorate, it will lower the market value of the security, and vice versa. The risk is lower among companies that have received good credit ratings from recognized credit rating agencies. The risk is greater among companies that have a low credit rating or none at all.

To manage this risk, the Funds invest in fixed income securities that have a minimum credit rating of BBB/Baa as designated by a well-known rating agency in keeping with the credit standards set out in the prospectus.

The Funds are also exposed to counterparty credit risk on derivative products, cash and cash equivalents, receivable for investments sold and other receivable balances. The risk is managed by using reputable scheduled banks and brokers.

The Funds enter into two types of derivative transactions: futures contracts and foreign exchange forward contracts. The counterparty credit risk for futures contracts is mitigated by margin requirements and minimal because a clearing house guarantees against default risk by taking both sides of the trade and marking to market their positions every night. Mark to market is the process of converting daily gains and losses into actual cash gains and losses. As one party loses on the trade the other party gains, and the clearing house moves the payments for the counterparty through this process. The counterparty credit risk for foreign exchange forward contracts is managed by using counterparties with minimum credit ratings from S&P of A within predetermined limits. The minimum credit rating of the counterparty to the Funds’ foreign exchange forward contracts was A+ as at June 30, 2020 (December 31, 2019 – A+).

As June 30, 2020 the following table outlines the amount and percentage of fixed income securities by credit rating held by each Fund.

Fund AAA (000’s) % AA

(000’s) % A (000’s) % BBB

(000’s) % <BBB or Unrated (000’s)

% Total (000’s)

Total %

Asset Allocation Fund $3,601 33 $1,598 15 $3,600 33 $2,064 19 $- - $10,863 100 Dividend Fund 280 27 120 12 290 28 332 33 - - 1,022 100 T-Bill Fund 58 100 - - - - - - - - 58 100 Can-Am Fund 26,744 100 - - - - - - - - 26,744 100 Can-Asian Fund 12,151 100 - - - - - - - - 12,151 100 Can-Daq 100 Fund 13,191 100 - - - - - - - - 13,191 100 Can-Euro Fund 9,137 100 - - - - - - - - 9,137 100 Can-Global Bond Fund 1,364 100 - - - - - - - - 1,364 100 Mid-Term Bond Fund 3,381 32 3,331 31 3,599 34 403 3 - - 10,714 100

Certain Funds that invest in underlying mutual funds are exposed to indirect credit risk in the event that the underlying mutual funds invest in debt securities and trading derivatives.

As at December 31, 2019, the following table outlines the amount and percentage of fixed income securities by credit rating held by each Fund.


(000’s) % A (000’s) % BBB


% Total (000’s)

Total %

Asset Allocation Fund $4,110 39 $1,480 14 $3,141 29 $1,871 18 $- - $10,602 100 Dividend Fund 360 35 151 15 250 24 234 23 34 3 1,029 100 T-Bill Fund 70 100 - - - - - - - - 70 100 Can-Am Fund 29,313 100 - - - - - - - - 29,313 100

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(000’s) % A (000’s) % BBB


% Total (000’s)

Total %

Can-Asian Fund 14,070 100 - - - - - - - - 14,070 100 Can-Daq 100 Fund 12,140 100 - - - - - - - - 12,140 100 Can-Euro Fund 10,724 100 - - - - - - - - 10,724 100 Can-Global Bond Fund 1,391 100 - - - - - - - - 1,391 100 Mid-Term Bond Fund 2,664 27 3,224 32 4,134 41 - - - - 10,022 100

Liquidity risk Liquidity risk is the risk that the Funds may not be able to generate sufficient cash resources to settle their obligations in full as they fall due or can only do so on terms that are materially disadvantageous.

The Funds are exposed to the daily settlement of margin calls on futures contracts and the daily cash redemptions of their redeemable units. Units are redeemable on demand at the then current NAV per class unit.

The Funds’ listed securities are considered readily realizable as the majority are listed on the Toronto Stock Exchange. The Funds may invest in derivative contracts and fixed income securities that are traded over the counter and unlisted equity investments that are not traded in an active market. As a result, the Funds may be unable to quickly liquidate their investments in these instruments at an amount close to their fair value to meet their liquidity requirements, or may be unable to respond to specific events such as deterioration in the creditworthiness of any particular issuer.

The Funds’ policy to manage this risk is to invest the majority of their assets in investments that are traded in active markets and can be readily disposed of. In addition, each Fund retains sufficient cash and cash equivalents to maintain liquidity. The Manager monitors the Funds’ liquidity position on a daily basis.

Certain Funds that invest in underlying mutual funds are exposed to indirect liquidity risk in the event that the underlying mutual funds invest in securities that cannot be readily converted to cash as needed.

The contractual maturity of the Funds’ financial liabilities is less than three months.

Concentration risk Concentration risk arises from financial instruments that have similar characteristics and are affected similarly by changes in economic or other conditions. A summary of concentration of risks is disclosed in each Fund’s schedule of investment portfolio.

Capital risk management Redeemable units issued and outstanding are considered to be the capital of the Funds. The Funds do not have any specific capital requirements on the subscription and redemption of the units, other than certain minimum subscription requirements. Contract holders are entitled to require payment of the NAV per unit of that Fund for all or any of the units of such contract holders by giving written notice to the Manager.

16. Fair value disclosure The following describes the three levels of the fair value hierarchy for fair value measurements based on the transparency of inputs to the valuation for assets or liabilities as of the measurement date. The hierarchy provides the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are as follows:

Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Manager has the ability to access at the measurement date

Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly as prices or indirectly derived from prices

Level 3 Inputs that are unobservable. There is little if any market activity. Inputs into the determination of fair value require significant management judgment or estimation

If inputs of different levels are used to measure an asset’s or liability’s fair value, the classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement. Where there is a significant impact to the fair value estimate of Level 3 financial instruments in applying reasonable possible alternative assumptions, a range in fair value will be disclosed in the financial statements.

Fair value hierarchy The following fair value hierarchy table presents information about the Funds’ assets measured at fair value as of June 30, 2020.

Fund Level 1 (000’s)

Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

Asset Allocation Fund Bonds $ - $9,685 $ - $ 9,685 Equities 11,102 - - 11,102

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Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

Exchange-Traded Funds 771 - - 771 Mortgage Backed Securities - 978 - 978 Short Term Notes - 200 - 200 Total Investments 11,873 10,863 - 22,736 Total Percentage 52% 48% - 100%

Bond Fund Exchange-Traded Funds 294 - - 294 Total Investments 294 - - 294 Total Percentage 100% - - 100% Canadian Communications Fund Exchange-Traded Funds 109 - - 109 Derivative Assets (Liabilities) - (1) - (1) Total Investments 109 (1) - 108 Total Percentage 101% (1%) - 100% Canadian Financial Services Fund

Exchange-Traded Funds 162 - - 162 Total Investments 162 - - 162 Total Percentage 100% - - 100% Canadian Resources Fund Exchange-Traded Funds 50 - - 50 Total Investments 50 - - 50 Total Percentage 100% - - 100% Canadian Growth Fund Exchange-Traded Funds 247 - - 247 Total Investments 247 - - 247 Total Percentage 100% - - 100% Canadian Small Cap Fund - Exchange-Traded Funds 44 - - 44 Total Investments 44 - - 44 Total Percentage 100% - - 100% Dividend Fund Bonds - 949 10 959 Equities 3,549 - - 3,549 Exchange-Traded Funds 135 - - 135 Mortgage Backed Securities - 63 - 63 Short Term Notes - - - - Total Investments 3,684 1,012 10 4,706 Total Percentage 78% 22% - 100% T-Bill Fund Short Term Notes - 58 - 58 Total Investments - 58 - 58 Total Percentage - 100% - 100%

Canadian-35 Index Fund Exchange-Traded Funds 11,120 - - 11,120 Total Investments 11,120 - - 11,120 Total Percentage 100% - - 100%

Can-Am Fund Short Term Notes - 26,744 - 26,744 Derivative Assets (Liabilities) 376 - - 376 Total Investments 376 26,744 - 27,120

Total Percentage 1% 99% - 100%

125



Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

Can-Asian Fund Short Term Notes - 12,151 - 12,151 Derivative Assets (Liabilities) 99 - - 99 Total Investments 99 12,151 - 12,250 Total Percentage 1% 99% - 100% Can-Daq 100 Fund Short Term Notes - 13,191 - 13,191 Derivative Assets (Liabilities) 232 - - 232 Total Investments 232 13,191 - 13,423

Total Percentage 2% 98% - 100%

Can-Euro Fund Short Term Notes - 9,137 - 9,137 Derivative Assets (Liabilities) (32) - - (32) Total Investments (32) 9,137 - 9,105 Total Percentage - 100% - 100%

Can-Global Bond Fund Short Term Notes - 1,364 - 1,364 Derivative Assets (Liabilities) (2) - - (2) Total Investments (2) 1,364 - 1,362 Total Percentage - 100% - 100% American Asset Allocation Fund Exchange-Traded Funds 126 - - 126 Total Investments 126 - - 126 Total Percentage 100% - - 100%

American Equity Index Fund Exchange-Traded Funds 608 - - 608 Total Investments 608 - - 608 Total Percentage 100% - - 100%

Can-Emerge Fund Exchange-Traded Funds 1,143 - - 1,143 Total Investments 1,143 - - 1,143 Total Percentage 100% - - 100%

European Equity Index Fund Exchange-Traded Funds 47 - - 47 Total Investments 47 - - 47 Total Percentage 100% - - 100%

International Bond Index Fund Exchange-Traded Funds 106 - - 106 Total Investments 106 - - 106 Total Percentage 100% - - 100%

Information Technology Fund Exchange-Traded Funds 325 - - 325 Total Investments 325 - - 325 Total Percentage 100% - - 100%

International Brands Fund Exchange-Traded Funds 37 - - 37 Total Investments 37 - - 37 Total Percentage 100% - - 100%

Equity Fund Equities 16,078 - - 16,078

126



Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

Exchange-Traded Funds - - - - Total Investments 16,078 - - 16,078

Total Percentage 100% - - 100%

Mid-Term Bond Fund Bonds - 9,241 200 9,441 Mortgage Backed Securities - 871 321 1,192 Short Term Notes - 80 - 80 Total Investments - 10,192 521 10,713 Total Percentage - 95% 5% 100%

The following fair value hierarchy table presents information about the Funds’ assets measured at fair value as of December 31, 2019.


Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

Asset Allocation Fund Bonds $ - $ 8,946 $- $ 8,946 Equities 12,110 - - 12,110 Exchange-Traded Funds 772 - - 772 Mortgage Backed Securities - 1,173 - 1,173 Short Term Notes - 483 - 483 Total Investments 12,882 10,602 - 23,484 Total Percentage 55% 45% - 100%

Bond Fund Exchange-Traded Funds 141 - - 141 Total Investments 141 - - 141 Total Percentage 100% - - 100% Canadian Communications Fund Exchange-Traded Funds 111 - - 111 Derivative Assets (Liabilities) - 3 - 3 Total Investments 111 3 - 114 Total Percentage 97% 3% - 100% Canadian Financial Services Fund Exchange-Traded Funds 194 - - 194 Total Investments 194 - - 194 Total Percentage 100% - - 100% Canadian Resources Fund Exchange-Traded Funds 67 - - 67 Total Investments 67 - - 67 Total Percentage 100% - - 100% Canadian Growth Fund Exchange-Traded Funds 153 - - 153 Total Investments 153 - - 153 Total Percentage 100% - - 100% Canadian Small Cap Fund - Exchange-Traded Funds 51 - - 51 Total Investments 51 - - 51 Total Percentage 100% - - 100% Dividend Fund Bonds - 882 - 882 Equities 3,872 - - 3,872 Exchange-Traded Funds 140 - - 140 Mortgage Backed Securities - 78 - 78 Short Term Notes - 70 - 70 Total Investments 4,012 1,030 - 5,042

127



Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

Total Percentage 80% 20% - 100% T-Bill Fund Short Term Notes - 70 - 70 Total Investments - 70 - 70 Total Percentage - 100% - 100%

Canadian-35 Index Fund Exchange-Traded Funds 12,347 - - 12,347 Total Investments 12,347 - - 12,347 Total Percentage 100% - - 100%

Can-Am Fund Short Term Notes - 29,313 - 29,313 Derivative Assets (Liabilities) 67 - - 67 Total Investments 67 29,313 - 29,380

Total Percentage - 100% - 100%

Can-Asian Fund Short Term Notes - 14,070 - 14,070 Derivative Assets (Liabilities) (122) - - (122) Total Investments (122) 14,070 - 13,948 Total Percentage (1%) 101% - 100% Can-Daq 100 Fund Short Term Notes - 12,140 - 12,140 Derivative Assets (Liabilities) 23 - - 23 Total Investments 23 12,140 - 12,163

Total Percentage - 100% - 100%

Can-Euro Fund Short Term Notes - 10,724 - 10,724 Derivative Assets (Liabilities) (31) - - (31) Total Investments (31) 10,724 - 10,693 Total Percentage - 100% - 100%

Can-Global Bond Fund Short Term Notes - 1,391 - 1,391 Derivative Assets (Liabilities) (2) - - (2) Total Investments (2) 1,391 - 1,389 Total Percentage - 100% - 100% American Asset Allocation Fund Exchange-Traded Funds 125 - - 125 Total Investments 125 - - 125 Total Percentage 100% - - 100%

American Equity Index Fund Exchange-Traded Funds 162 - - 162 Total Investments 162 - - 162 Total Percentage 100% - - 100%

Can-Emerge Fund Exchange-Traded Funds 1,280 - - 1,280 Total Investments 1,280 - - 1,280 Total Percentage 100% - - 100%

European Equity Index Fund Exchange-Traded Funds 52 - - 52 Total Investments 52 - - 52 Total Percentage 100% - - 100%

128



Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

International Bond Index Fund Exchange-Traded Funds 100 - - 100 Total Investments 100 - - 100 Total Percentage 100% - - 100%

Information Technology Fund Exchange-Traded Funds 281 - - 281 Total Investments 281 - - 281 Total Percentage 100% - - 100%

International Brands Fund Exchange-Traded Funds 35 - - 35 Total Investments 35 - - 35 Total Percentage 100% - - 100%

Equity Fund Equities 16,447 - - 16,447 Exchange-Traded Funds 1,262 - - 1,262 Total Investments 17,709 - - 17,709

Total Percentage 100% - - 100%

Mid-Term Bond Fund Bonds - 8,618 - 8,618 Mortgage Backed Securities - 1,369 - 1,369 Short Term Notes - 35 - 35 Total Investments - 10,022 - 10,022 Total Percentage - 100% - 100%

All fair value measurements are performed on a regular basis. The carrying value of cash and cash equivalents, receivable for investments sold, subscription receivable, interest receivable, dividends receivable, other receivables, payable for investments purchased, redemptions payable, management fees payable, other payable and accrued expenses and the Funds’ obligation for NAAC approximate their fair values due to their short term nature. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1 and reclassified into Level 2 or Level 3, as appropriate.

a) Equities The Funds’ equity positions are classified as Level 1 when the security is actively traded and a reliable price is observable. Certain of the Funds’ equities do not trade frequently and therefore observable prices may not be available. In such cases, fair value is determined using observable market data (e.g., transactions for similar securities of the same issuer) and the fair value is classified as Level 2, unless the determination of fair value requires significant unobservable data, in which case the measurement is classified as Level 3.

b) Bonds and short term investments Bonds include primarily government and corporate bonds, which are valued at the mean of bid/ask prices provided by recognized investment dealers for NAV purposes and at bid price for NAAC. Unlisted convertible debentures are valued at cost, if the underlying security is less than the conversion price; if the underlying security is greater than the conversion price, at the intrinsic or market value less conversion cost of the underlying security multiplied by the number of shares to be received. Short term notes and treasury bills are stated at amortized cost, which approximates fair market value. The inputs that are significant to valuation are generally observable and therefore the Funds’ bonds and short term investments have been classified as Level 2 unless the determination of inputs to the fair value requires significant unobservable data in which case the measurement is classified as Level 3.

c) Derivative assets and liabilities Derivative assets and liabilities consist of foreign currency forward contracts and futures contracts. Foreign currency forward contracts are valued based primarily on the contract notional amount, the difference between the contract rate and the forward market rate for the same currency, interest rates and credit spreads. Contracts for which counterparty credit spreads are observable and reliable, or for which the credit-related inputs are determined not to be significant to fair value, are classified as Level 2. Futures contracts are classified as Level 1 when a reliable price is observable, and valued at fair value. The resulting unrealized gain (loss) is shown as an asset (liability) in the statements of financial position.

Movements between Level 1 and Level 2 financial instruments There were no transfers between Level 1 and 2 for the six month period ended June 30, 2020 and year-ended December 31, 2019.

Valuation of Level 3 financial instruments a) Corporate bonds

Valuations of corporate bonds are performed daily. Valuations are determined by applying yield and spread to quoted price by broker or dealer.

129

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2020 b) Mortgage backed securities

Valuations of mortgage-backed securities are performed daily. Valuations are determined by applying yield and spread to quoted price by broker or dealer.

c) Equity securities Valuations of equity securities are performed daily and based on manager assumption.

The chart below provides information about the valuation techniques and resulting fair values used for Level 3 financial instruments as at June 30, 2020 and December 31, 2019 of the years shown.

2020 2019 Valuation Technique Fair Value

(000’s) Valuation Technique Fair Value (000’s)

Mortgage-backed securities

Broker quotes with manager assumption $321 Broker quotes with manager assumption $-

Equity securities Manager assumption - Manager assumption -

Bond securities Broker quotes with manager assumption 210 Broker quotes with manager assumption -

The following is a reconciliation of Level 3 fair value measurements from December 31, 2019 to June 30, 2020.

Bonds

(000’s) Equities (000’s)

Mortgage Backed Securities (000’s)

Total (000’s)

Mid-Term Bond Fund Beginning balance (December 31, 2019) $- $- $- $- Purchases 200 - - 200 Sales (205) - - (205) Net transfers into and/or out of Level 3 204 - 311 515 Net realized gain (losses) 5 - - 5 Change in unrealized appreciation (depreciation) (4) - 10 6 Ending balance (June 30, 2020) 200 - 321 521 Dividend Fund Beginning balance (December 31, 2019)** - - - - Purchases 10 - - 10 Sales - - - - Net transfers into and/or out of Level 3 - - - - Net realized gain (losses) - - - - Change in unrealized appreciation (depreciation) - - - - Ending balance (June 30, 2020) 10 - - 10 Asset Allocation Fund Beginning balance (December 31, 2019)** - - - - Purchases - - - - Sales - - - - Net transfers into and/or out of Level 3 - - - - Net realized gain (losses) - - - - Change in unrealized appreciation (depreciation) - - - - Ending balance (June 30, 2020) - - - -

The following is a reconciliation of Level 3 fair value measurements from December 31, 2018 to December 31, 2019.

Bonds (000’s)

Equities (000’s)


Total (000’s)

Mid-Term Bond Fund Beginning balance (December 31, 2018) $200 $- $299 $499 Purchases - - - - Sales - - - - Net transfers into and/or out of Level 3 (204) - (305) (509) Net realized gain (losses) 4 - 6 10 Change in unrealized appreciation (depreciation) - - - - Ending balance (December 31, 2019) - - - -

130


Bonds (000’s)

Equities (000’s)


Total (000’s)

Dividend Fund Beginning balance (December 31, 2018)** - - - - Purchases - - - - Sales (13) - - (13) Net transfers into and/or out of Level 3 13 - - 13 Net realized gain (losses) - - - - Change in unrealized appreciation (depreciation) - - - - Ending balance (December 31, 2019) - - - - Asset Allocation Fund Beginning balance (December 31, 2018)** - - - - Purchases - - - - Sales (133) - - (133) Net transfers into and/or out of Level 3 133 - - 133 Net realized gain (losses) - - - - Change in unrealized appreciation (depreciation) - - - - Ending balance (December 31, 2019) - - - -

17. Income Taxes The Funds are deemed to be inter-vivo trusts under the provisions of the Income Tax Act (Canada). Taxable income earned by the trusts is deemed to be payable to the contract holders and therefore deductible by the trusts. In addition, capital gains or capital losses from the disposition of any property are deemed to have been realized by contract holders directly and not by the trusts. As a result, no provision for income taxes is required in the financial statements of the Funds.

Any non-capital losses arising in taxation years that begin after 2017 may be carried forward to reduce future taxable income, subject to the applicable restrictions of non-capital losses under the Act, until their expiry dates. The details by fund as at December 31, 2019 are shown below.

American Asset Allocation Fund (3) (3) (6) (3)

American Equity Index Fund (3) (4) (7) (3) Can-Am Fund - - - (1,251) Can-Asian Fund (343) - (343) (1,452) International Brands Fund (1) (1) (2) (1) Asset Allocation Fund - - - - Canadian Small Cap Fund - - - - Canadian Communications Fund (8) (3) (11) (8) Can-Daq 100 Fund - - - (160) Dividend Fund - - - - European Equity Index Fund (1) - (1) (1) Can-Emerge Fund (20) (10) (30) (20) Can-Euro Fund - - - (1,263) Canadian Financial Services Fund - - - - Can-Global Bond Fund (48) - (48) (48) Canadian Growth Fund - (2) (2) - International Bond Index Fund (3) (3) (6) (3) Bond Fund (1) (1) (2) (1) Information Technology Fund (7) (8) (15) (7) Canadian Resources Fund (1) (1) (2) (1) T-Bill Fund (1) (1) (2) (1) Canadian-35 Index Fund - (118) (118) - Mid-Term Bond Fund (22) (40) (62) (22) Equity Fund - - - -

Fund Expiry 2038 Expiry 2039

Total Non-Capital Loss Carryforward

as Dec 31, 2019

Total Non-Capital Loss Carryforward as

Dec 31, 2018

(000’s) (000’s) (000’s) (000’s)

131


18. Comparative Figures The comparative financial statement figures, including the accompanying notes, include reclassifications to be consistent with the presentation of the current year financial statements.

19. Subsequent Events The Manager will be closing 12 Segregated funds (collectively “Terminating Funds”) on or about November 17, 2020 and merge into an active segregated fund, named Asset Allocation Fund (“Continuing Fund”). The Continuing Fund will acquire all of the assets and assume all of the liabilities of the corresponding Terminating Funds at their net asset value in exchange for units in the Continuing Fund. The termination is processed at Market Value resulting in realized gain(loss) for the Terminating Funds as at date of transfer for tax purposes.

Terminating Funds Net Asset Value

Continuing Fund Net Asset Value

(000’s) (000’s) 6/30/2020 6/30/2020

American Asset Allocation Fund $127 American Equity Index Fund 616 Bond Fund 295 Canadian Communication Fund 110 Canadian Financial Services Fund 164 Canadian Growth Fund 250 Asset Allocation Fund $22,924 Canadian Resources Fund 51 Canadian Small Cap Fund 45 European Equity Index Fund 47 Information Technology Fund 326 International Bond Index Fund 106 International Brands Fund 37

132

2020* 2019 2018 2017 2016 2015 2020* 2019 2018 2017 2016 2015VIO 2.99 2.99 2.99 2.99 2.99 2.99 2.99 3.23 3.10 3.02 3.04 3.01

VIO2 3.71 3.71 3.69 3.66 3.70 3.58 3.71 3.82 3.69 3.69 3.75 3.60VIO3 3.55 3.56 3.54 3.49 3.54 3.32 3.55 3.66 3.53 3.52 3.59 3.35

Bond Fund VIO 3.55 3.57 3.53 3.64 3.63 3.06 14.17 19.70 20.43 18.60 17.49 17.07Canadian Communications Fund VIO 3.90 3.96 3.92 4.01 4.03 3.45 28.13 26.04 25.50 24.60 24.62 25.02Canadian Financial Services Fund VIO 3.97 4.00 3.95 4.05 4.04 3.47 17.06 14.49 11.87 10.53 12.19 11.21Canadian Resources Fund VIO 3.91 3.94 3.88 3.97 3.95 3.42 48.07 37.96 30.54 28.22 27.52 25.98Canadian Growth Fund VIO 3.89 3.94 3.88 3.97 3.95 3.37 15.26 18.83 19.71 20.19 19.46 17.47Canadian Small Cap Fund VIO 3.96 3.88 3.85 3.95 3.99 3.43 58.02 47.18 39.96 39.89 41.17 41.06

VIO 3.79 3.77 3.75 3.74 3.74 3.33 3.79 3.86 3.73 3.98 4.00 3.78VIO2 2.44 2.44 2.44 2.44 2.44 2.44 3.54 3.69 3.58 2.68 2.71 2.89VIO3 4.13 4.13 4.15 4.25 4.24 3.68 4.41 4.59 4.46 4.49 4.51 4.13

T-Bill Fund VIO 1.88 2.45 2.36 2.46 2.45 1.95 35.40 33.82 30.82 45.04 45.54 28.23VIO 3.28 3.29 3.27 3.23 3.26 3.07 3.28 3.40 3.26 3.28 3.33 3.19

VIO2 3.77 3.77 3.75 3.72 3.74 3.62 3.77 3.88 3.75 3.77 3.81 3.74VIO3 3.86 3.88 3.83 3.91 3.92 3.36 3.86 4.06 3.94 3.95 3.99 3.48VIO4 2.50 2.50 2.50 2.50 2.50 2.49 2.65 2.91 2.81 2.55 2.57 2.61VIO 3.49 3.49 3.47 3.44 3.46 3.43 3.49 3.61 3.48 3.49 3.53 3.46VIO2 3.54 3.54 3.51 3.49 3.53 3.31 3.54 3.64 3.52 3.54 3.60 3.34VIO3 3.00 3.00 3.00 3.00 2.99 2.99 3.00 3.27 3.15 3.05 3.06 3.02VIO4 4.28 4.25 4.28 4.37 4.36 3.81 5.17 5.35 5.39 4.42 4.43 3.85VIO 3.24 3.24 3.23 3.24 3.23 3.23 3.24 3.45 3.32 3.40 3.46 3.39

VIO2 3.75 3.78 3.73 3.67 3.79 3.28 3.75 3.86 3.73 3.83 4.02 3.44VIO3 2.98 2.97 2.97 2.98 2.97 2.96 6.02 5.84 5.68 3.13 3.20 3.12VIO4 4.29 4.31 4.34 4.43 4.41 3.86 9.72 9.58 10.94 4.58 4.64 4.02VIO 3.60 3.57 3.55 3.55 3.58 3.42 3.60 3.68 3.56 3.76 3.85 3.73

VIO2 2.99 2.99 2.99 2.99 2.98 2.98 4.04 4.41 4.45 3.20 3.26 3.29VIO3 4.29 4.26 4.29 4.39 4.38 3.83 5.56 5.93 6.11 4.60 4.65 4.14VIO 3.00 2.98 2.98 2.99 2.99 2.98 3.08 3.34 3.22 3.20 3.26 3.27

VIO2 3.81 3.82 3.77 3.72 3.78 3.42 3.81 3.90 3.77 3.93 4.05 3.71VIO3 4.31 4.30 4.32 4.42 4.41 3.86 10.51 9.86 10.02 4.63 4.68 4.14VIO 3.94 3.95 3.91 4.02 4.01 3.47 5.11 5.30 5.41 6.19 6.17 5.65

VIO2 3.77 3.80 3.74 3.83 3.82 3.29 7.69 7.43 7.40 6.00 5.99 5.47VIO3 3.00 2.98 2.98 2.99 2.98 2.99 6.11 6.44 7.02 5.16 5.15 5.17

American Asset Allocation Fund VIO 3.91 3.93 3.89 4.00 3.99 3.41 23.04 22.60 21.87 24.73 25.79 29.42American Equity Index Fund VIO 4.07 4.02 3.98 4.09 4.08 3.50 9.95 18.64 19.72 22.33 19.83 17.48

VIO 3.91 3.93 3.90 3.99 3.99 3.43 4.58 4.71 4.51 5.50 5.69 5.18VIO2 2.99 2.97 2.97 2.98 2.99 3.00 31.56 29.33 26.09 4.49 4.69 4.74

European Equity Index Fund VIO 3.87 3.91 3.84 3.94 3.93 3.41 53.55 48.75 45.86 47.98 54.24 50.89International Bond Index Fund VIO 3.82 3.67 3.63 3.75 3.71 3.18 26.54 25.42 25.72 25.83 20.28 20.74Information Technology Fund VIO 4.19 4.23 4.26 4.36 4.35 3.78 11.78 12.82 13.21 14.60 17.04 17.74International Brands Fund VIO 4.16 4.18 4.20 4.30 4.26 3.71 72.13 72.03 74.37 84.97 100.11 110.24

VIO 3.77 3.76 3.73 3.72 3.76 3.64 3.77 3.87 3.73 3.79 3.86 3.71VIO2 2.99 2.99 2.99 3.00 2.99 2.99 3.49 3.72 3.59 3.07 3.09 3.06VIO 3.16 3.18 3.17 3.11 3.10 2.97 3.16 3.28 3.16 3.18 3.18 3.08

VIO2 3.81 3.82 3.80 3.74 3.71 3.51 3.81 3.92 3.79 3.81 3.80 3.62VIO3 2.49 2.49 2.49 2.50 2.49 2.49 3.19 3.52 3.40 2.57 2.58 2.60

* 2020 MERs are represented by the annualized half year ratios.

Management Expense Ratio (unaudited)

The following table presents the Investment Managements Series ("IMS") management expense ratio ("MER") before and after waived expenses, applied to each Fund and expressed as a percentage of each Fund’s annual average NAV for each of the last five fiscal years or since inception, whichever is applicable.

Class / GuaranteeFund


With GST/HST before waived expenses (%)With GST/HST after waived expenses (%)

Equity Fund

Mid-Term Bond Fund

Can-Euro Fund


Can-Emerge Fund

Dividend Fund


Can-Am Fund

Can-Asian Fund

Can-Daq 100 Fund

133

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