Co-operators Life Insurance Company Pooled Investment Funds

Transcription

1 Pooled Investment Funds Financial Statements (unaudited) June 30, 2017

2 Pooled Investment Funds Table of Contents Co-operators Balanced Fund 1 Co-operators Canadian Equity Fund 7 Co-operators Canadian Fixed Income Fund 11 Co-operators Canadian Resource Fund 16 Co-operators Money Market Fund 20 Co-operators U.S. Equity Fund 24 Co-operators Global Equity Fund 28 Co-operators Bissett Canadian Dividend Fund 32 Co-operators Ethical Balanced Fund 36 Co-operators Ethical Canadian Equity Fund 39 Co-operators Ethical International Equity Fund 43 Co-operators Ethical Select Balanced Portfolio 46 Co-operators Ethical Select Conservative Portfolio 50 Co-operators Ethical Select Growth Portfolio 54 Co-operators Ethical Select Income Portfolio 58 Co-operators Fidelity Canadian Bond Fund 62 Co-operators Fidelity Global Fund 66 Co-operators Fidelity True North Fund 70 Co-operators Mawer Balanced Fund 74 Co-operators Mawer Canadian Equity Fund 78 Co-operators Mawer International Equity Fund 82 Co-operators Aggressive Balanced Fund 86 Co-operators Conservative Balanced Fund 89 Co-operators Aggressive Portfolio 92 Co-operators Conservative Portfolio 96 Co-operators Moderate Portfolio 100 Co-operators Very Aggressive Portfolio 104 Co-operators Very Conservative Portfolio 108 Notes to the Financial Statements 112 Schedule Schedule BlackRock is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used with permission. Fidelity Investments and True North are registered trademarks of FMR LLC. Franklin Bissett Investment Management is part of Franklin Templeton Investments Corp. Northwest Funds, NEI Investments and Ethical Funds are divisions of Northwest & Ethical Investments L.P. Northwest Funds, NEI Investments and Ethical Funds are registered marks and trademarks of Northwest & Ethical Investments L.P.

3 Co-operators Balanced Fund Fund managed by Addenda Capital Inc. Statement of Financial Position Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 (in thousands of dollars except per unit amounts) For the periods ended June $ $ (in thousands of dollars) $ $ Assets Current assets Net assets attributable to unitholders at beginning of year 124, ,992 Cash and cash equivalents (41) (179) Short-term notes 4,134 4,889 Investment income receivable unitholders 2,489 2,262 Receivables from investments sold 1, Bonds and debentures 44,948 43,288 Transactions with unitholders Stocks 79,004 75,956 Unitholders' contributions 6,313 4, , ,794 Unitholders' withdrawals (5,930) (5,193) Transfers (to) from other funds 797 (654) Liabilities Current liabilities Net increase (decrease) from unitholders' transactions 1,180 (1,088) Payments for investments purchased 1, Accounts payable for management and audit fees (note 7) Net increase (decrease) in net assets attributable to unitholders 3,669 1,174 1, Net assets attributable to unitholders at end of Net assets attributable to unitholders 127, ,196 period 127, ,166 Net assets attributable to unitholders per unit Statement of Cash Flows For the periods ended June Statement of Comprehensive Income (in thousands of dollars) $ $ For the periods ended June Cash flows from operating activities (in thousands of dollars except per unit amounts) $ $ unitholders 2,489 2,262 Investment income and gains Adjustments for: Dividend income Realized (gains) losses on sale of investments (852) 420 Interest income for allocation purposes Unrealized (gains) losses (727) (1,919) Foreign exchange gain (loss) Current receivables (662) (285) Other income 8 3 Current liabilities 1, Realized gains (losses) on sale of investments 852 (420) Purchases of investments (43,378) (44,141) Unrealized gains (losses) 755 1,957 Proceeds from the sale of investments 41,004 42,817 3,493 3,278 Net cash from operating activities (1,042) (328) Expenses Cash flows from financing activities Management fees (notes 7 and 9) Proceeds from the issuance of units 7,110 4,759 Audit, legal and other fees (note 9) 10 8 Amounts paid on redemption of units (5,930) (5,847) Transaction costs Net cash from financing activities 1,180 (1,088) 1,004 1,016 Net increase (decrease) in cash 138 (1,416) Cash at beginning of year (179) 1,330 unitholders 2,489 2,262 Cash at end of period (41) (86) unitholders per unit (note 12) Dividends received, net of withholding taxes Interest received See accompanying notes to the financial statements

4 Co-operators Balanced Fund Schedule of Investment Portfolio As at June 30, 2017 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) CASH AND CASH EQUIVALENTS 80,000 BELL CANADA,4.45%, ,418 83,328 (482,000) CANADIAN DOLLAR (68,927) (68,927) 65,000 ROGERS COMM INC,5.34%, ,767 72,254 21,310 US DOLLARS 27,675 27, ,000 ROGERS COMM INC,6.68%, , ,519 (460,690) (41,252) (41,252) 45,000 SHAW COMMUNICATIONS,3.15%, ,951 46, ,000 SHAW COMMUNICATIONS,3.80%, , ,142 SHORT TERM NOTES 130,000 TELUS CORP,3.35%, , ,131 DISCOUNT NOTES 3.24% 40,000 TELUS CORP,5.15%, ,077 44,848 1,325,000 CANADA T BILLS T/B,DISC.%, ,321,121 1,321,121 60,000 TELUS CORP,4.70%, ,439 63,445 2,590,000 CANADA T BILLS T/B,DISC.%, ,583,438 2,583,438 1,070,000 1,121,055 1,171, ,000 CANADA T BILLS T/B,DISC.%, , ,331 4,145,000 4,133,890 4,133,890 ENERGY 1.78% REGULAR BONDS BONDS AND DEBENTURES 201,092 ALLIANCE PIPELINE,7.22%, , ,194 CANADA 70,000 ALTALINK LP,3.72%, ,000 72,993 FEDERAL GOVERNMENT 10.69% 105,000 BROOKFIELD REN ENG,3.63%, , ,744 REGULAR BONDS 55,000 CANADIAN NATURAL RES,2.05%, ,987 54, ,000 CANADA GOVT,1.50%, , ,061 80,000 CANADIAN NATURAL RES,3.42%, ,000 77, ,000 CANADA GOVT,2.25%, , , ,000 CU INC,3.76%, , ,006 1,845,000 CANADA GOVT,1.00%, ,753,274 1,719,153 55,000 ENBRIDGE INC,4.24%, ,391 53, ,000 CANADA GOVT,3.50%, ,322,398 1,239,243 90,000 ENBRIDGE PIPEL. INC.,8.20%, , ,552 1,135,000 CANADA GOVT,2.75%, ,306,321 1,295,296 65,000 ENBRIDGE PIPELINES,3.79%, ,584 69, ,000 CANADA HOUSING TRUST,1.70%, , ,088 71,627 ENBRIDGE STHRN LIGHT,4.01%, ,627 71,837 1,885,000 CANADA HOUSING TRUST,2.00%, ,931,893 1,914, ,000 FORTISBC ENERGY,2.58%, , , ,000 CANADA HOUSING TRUST,3.35%, , ,650 70,000 HUSKY ENERGY INC,3.60%, ,849 69,590 1,795,000 CANADA HOUSING TRUST,1.15%, ,766,421 1,752, ,125 INTER PIPELINE LTD,2.61%, , ,802 1,850,000 CANADA HOUSING TRUST,2.40%, ,955,079 1,905,519 45,000 INTER PIPELINE LTD,4.64%, ,000 48, ,000 CANADA HOUSING TRUST,2.90%, , , ,578 NORTH BATTLEFORD PWR,4.96%, , , ,000 CANADA POST CORP,4.36%, , , ,000 NORTH WEST REDWATER,4.15%, , ,562 95,000 MUSKRAT FALLS,3.63%, , ,479 50,000 PEMBINA PIPELINE,4.24%, ,962 52, ,000 PSP CAPITAL INC,3.03%, , , ,000 PEMBINA PIPELINE,4.81%, , , ,000 PSP CAPITAL INC,2.09%, , ,669 95,000 TRANSCANADA TRUST,4.65%, ,000 95,190 13,085,000 13,846,712 13,643,597 55,000 VERESEN INC,4.00%, ,799 56,570 40,000 VERESEN INC,3.06%, ,653 40,730 PROVINCIAL AND GUARANTEED 11.24% 65,000 WESTCOAST ENERGY,3.77%, ,365 68,296 REGULAR BONDS 2,158,422 2,200,352 2,270, , SCHOOL BOARD TR,5.90%, , , ,000 ALBERTA PROV,2.35%, , ,782 FINANCIAL PRODUCTS 5.34% 400,000 BC PROV,8.00%, , ,000 REGULAR BONDS 600,000 BC PROV,2.85%, , , ,000 BANK NOVA SCOTIA FF,3.04%, , ,587 1,530,000 BC PROV,4.30%, ,873,273 1,906, ,000 BANK OF MONTREAL,1.88%, , , ,000 CADILLAC FAIRVIEW FT,3.64%, , , ,000 BANK OF MONTREAL,1.61%, , , ,000 CADILLAC FAIRVIEW FT,4.31%, , ,857 70,000 BANK OF MONTREAL FF,3.34%, ,693 72, ,000 CDP FINANCIAL,4.60%, , , ,000 BANK OF NOVA SCOTIA,2.75%, , , ,000 MANITOBA PROV,4.40%, , , ,000 BANK OF NOVA SCOTIA,1.83%, , , ,000 MANITOBA PROV,4.65%, , , ,000 BANK OF NOVA SCOTIA,2.29%, , , ,000 NEW BRUNSWICK PROV,4.80%, , , ,000 CAP DESJARDINS,5.19%, , , ,000 NEWFOUNDLAND PROV,4.50%, , , ,000 CI FINANCIAL CORP,2.78%, , ,624 45,000 NFLD & LABRADOR HYDR,3.60%, ,642 47, ,000 CIBC,1.70%, , , ,000 NOVA SCOTIA PROV,5.80%, , , ,000 CIBC,1.66%, , , ,000 ONT SCHL FIN,5.70%, , , ,000 CIBC,1.64%, ,957 98, ,000 ONTARIO PROV,1.95%, , , ,000 CIBC,2.04%, , ,591 65,000 ONTARIO PROV,2.60%, ,921 66, ,000 CIBC FF,3.00%, , ,783 1,315,000 ONTARIO PROV,3.50%, ,422,416 1,442, ,000 EMPIRE LIFE INS,2.87%, , , ,000 ONTARIO PROV,3.45%, , ,005 95,000 GENWORTH MI CDA,5.68%, , , ,044 ONTARIO SCH BRDS,5.80%, , , ,000 GM FINANCIAL CAD,3.08%, , , ,000 OPB FINANCE TRUST,1.88%, , , ,000 HONDA CANADA FINANCE,2.16%, , , ,000 OPB FINANCE TRUST,2.95%, , , ,000 HSBC BANK CDA,2.45%, , , ,000 OPB FINANCE TRUST,3.89%, , , ,000 IGM FINANCIAL,7.35%, , , ,000 QUEBEC PROV,8.50%, ,255,630 1,207,580 45,000 INDUSTRIAL ALL. FF,3.30%, ,989 46,322 50,000 QUEBEC PROV,2.50%, ,938 50, ,000 MANUFACT LIFE INS FF,2.93%, , , ,000 QUEBEC PROV,6.25%, , , ,000 MANULIFE BK OF CDA,2.08%, , , ,000 QUEBEC PROV,5.00%, , , ,000 MANULIFE FIN CAP TR,7.41%, , , ,000 SASKATCHEWAN PROV,3.40%, , , ,000 ROYAL BANK CAD FF,3.31%, , ,811 11,694,044 13,471,684 13,782, ,000 ROYAL BANK CDA,2.82%, , , ,000 ROYAL BANK CDA,1.58%, , ,268 FOREIGN PAY 75,000 ROYAL BANK CDA FF,3.04%, ,273 76, ,000 ONTARIO PROV US,1.10%, , , ,000 ROYAL BANK CDA FF,3.45%, , , ,000 SUN LIFE CAP TRUS FF,5.86%, , ,431 MUNICIPAL 1.70% 75,000 SUN LIFE FIN,3.05%, ,892 76,286 REGULAR BONDS 115,000 TD BANK,1.99%, , , ,000 BC MUNI FINANCE,4.15%, , , ,000 TD BANK FF,2.98%, , , ,000 BC MUNI FINANCE,3.35%, , , ,000 TD BANK FF,4.86%, , , ,000 BC MUNI FINANCE,2.65%, , , ,000 TD CAPITAL SECUR. FF,7.24%, , , ,000 SOUTH COAST BC,3.05%, , ,942 95,000 TORONTO DOMINION BK,2.05%, ,594 95, ,000 SOUTH COAST BC TRAN,4.45%, , , ,000 TORONTO DOMINION BK,1.91%, , , ,000 TORONTO ON,4.50%, , ,077 6,145,000 6,240,541 6,308, ,000 YORK ON,4.00%, , ,000 2,025,000 2,125,675 2,171,402 MAPLES 150,000 GOLDMAN SACHS GROUP,2.43%, , ,260 CORPORATE 75,000 MET LIFE GLOB FUND,3.03%, ,000 77,232 COMMUNICATION 0.92% 100,000 MORGAN STANLEY,3.00%, , ,535 REGULAR BONDS 175,000 WELLS FARGO & CO,3.87%, , , ,000 BELL CANADA,4.70%, , , , , ,723 20,000 BELL CANADA,3.55%, ,925 20,797 See accompanying notes to the financial statements 2

5 Co-operators Balanced Fund Schedule of Investment Portfolio As at June 30, 2017 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) INDUSTRIAL PRODUCTS 0.92% MATERIALS 5.91% REGULAR BONDS 14,770 AGNICO EAGLE MINES,0.40%,COMMON 887, ,011 85,000 ALIMENTATION COUCHE,3.60%, ,794 87,724 26,030 CCL INDUSTRIES INC,0.46%,CLASS B NON VTG 722,524 1,705, ,000 BMW CANADA INC,1.83%, , ,135 98,070 FIRST QUANTUM MNRL,0.01%,COMMON 1,483,707 1,075,828 50,000 BROOKFIELD AS MAN IN,5.95%, ,040 58,751 7,309 FRANCO NEVADA CORP,0.92%,COMMON 602, ,392 40,000 BROOKFIELD ASSET MMT,5.04%, ,984 44,508 8,800 INTERTAPE POLYMER,0.56%,COMMON 213, ,008 65,000 BROOKFIELD ASSET MMT,3.80%, ,978 66,574 38,310 MAG SILVER CORP,0.00%,COMMON 686, , ,000 LEISUREWRLD SNR CARE,3.47%, , ,037 20,115 METHANEX CORP,1.20%,COMMON 1,142,842 1,150,176 85,000 RELIANCE LP,4.08%, ,000 87,620 42,770 TECK RESOURCES LTD,0.20%,CLASS B SUB VTG 1,158, , ,000 SAPUTO INC,2.83%, , ,494 9,534 WHEATON PRECIOUS MET,0.28%,COMMON 212, , ,000 WESTJET AIRLINES LTD,3.29%, , , ,708 7,110,814 7,544,523 1,075,000 1,084,627 1,103,350 INDUSTRIALS 5.20% MAPLES 15,850 CDN NATL RAILWAY,1.65%,COMMON 933,099 1,664,566 75,000 ANHEUSER BUSCH INBEV,2.60%, ,981 74,151 4,053 CDN PACIFIC RAILWAY,2.25%,COMMON 525, ,321 12,226 NEW FLYER INDUSTRIES,1.30%,COMMON 392, ,182 INFRASTRUCTURE 1.43% 11,670 SNC-LAVALIN GROUP,1.09%,COMMON 595, ,637 REGULAR BONDS 14,138 STANTEC INC,0.50%,COMMON 454, ,475 60, INTERNATIONAL,4.45%, ,909 69,993 16,530 TOROMONT INDS LTD,0.76%,COMMON 354, ,506 25, INTERNATIONAL,3.83%, ,856 26,789 8,990 WASTE CONNECTIONS,0.48%,COMMON 519, ,174 60, INTERNATIONAL,3.60%, ,933 62,122 15,160 WSP GLOBAL INC,1.50%,COMMON 558, , ,000 ALECTRA INC,2.49%, , ,042 98,617 4,333,181 6,631, ,000 ALTALINK LP,2.75%, , ,363 55,000 ALTALINK LP,4.05%, ,438 60,701 CONSUMER DISCRETIONARY 2.39% 140,000 ENMAX CORP,3.81%, , ,386 11,740 DOLLARAMA,0.44%,COMMON 255,029 1,452,590 65,000 FORTIS ALBERTA INC,4.27%, ,203 74,425 26,730 GILDAN ACTIVEWEAR,0.37%,COMMON 675,921 1,063, ,000 FORTIS INC,2.85%, , ,746 7,610 MAGNA INTL INC,1.10%,COMMON 459, ,600 45,000 GREATER TOR AIRPORT,6.98%, ,150 66,506 2,752 SHAW COMMUNICATIONS,1.19%,CLASS B NON VTG 82,540 77,661 60,000 GREATER TOR AIRPORT,5.30%, ,247 81,919 48,832 1,472,650 3,050,705 85,000 HEALTH MTL COLL LP,6.72%, , ,541 58,649 HOSP. INF. PART(NOH),5.44%, ,649 69,144 CONSUMER STAPLES 2.00% 150,000 HYDRO ONE INC,3.91%, , ,670 27,751 ALIMENT COUCHE-TARD,0.36%,CLASS B SUB VTG 1,255,006 1,722,782 30,000 LOWER MATTAGAMI ENER,4.94%, ,000 37,485 5,640 LOBLAW COS LTD,1.08%,COMMON 301, ,475 80,000 NAV CANADA,3.53%, ,254 86,424 12,790 MAPLE LEAF FOODS,0.44%,COMMON 387, ,233 72,285 PLENARY HEALT HUMBER,4.90%, ,285 82,985 46,181 1,943,815 2,547, ,575 SNC-LAVALIN MCGILL,6.63%, , ,743 1,602,509 1,651,198 1,820,984 FINANCIALS 16.89% 52,876 BANK OF NOVA SCOTIA,3.04%,COMMON 3,213,584 4,121,684 REAL ESTATE 1.04% 53,795 BROOKFIELD ASSET MGT,0.56%,CLASS A LTD VTG 1,131,264 2,732,248 REGULAR BONDS 76,250 ECN CAPITAL CORP,0.04%,COMMON 217, ,950 79,782 BANKERS HALL LP,4.38%, ,782 81,500 76,250 ELEMENT FLEET MGT,0.30%,COMMON 823, , ,480 BROOKFIELD OFFICE PR,3.24%, , , ,690 MANULIFE FINCL CORP,0.82%,COMMON 2,318,481 2,855, ,000 CHOICE PRO REIT,3.20%, , ,342 31,810 POWER FINANCIAL CORP,1.65%,COMMON 1,146,002 1,057,683 60,000 CHOICE PRO REIT,5.27%, ,848 67,334 50,543 ROYAL BANK CDA,3.48%,COMMON 3,295,514 4,752,053 65,000 COMINAR REIT,4.94%, ,614 66,310 77,510 TORONTO DOMINION BK,2.40%,COMMON 2,490,578 5,062, ,000 CT REAL EST INV TRST,3.47%, ,000 98, ,724 14,636,193 21,560,068 99,762 FIFTH AVENUE LP,4.71%, , , ,000 FIRST CAP REALTY,3.60%, , ,384 INFORMATION TECHNOLOGY 2.74% 60,000 GRANITE REIT HLD LP,3.79%, ,000 61,334 16,200 CGI GROUP INC,0.00%,CLASS A SUB VTG 451,611 1,070, ,024 SCOTIA PLAZA,3.21%, , ,564 1,641 CONSTELLATION SFTWR,4.00%,COMMON 454,716 1,110,957 73,955 SEC LP AND ARCI LTD,5.19%, ,955 77,358 18,920 DESCARTES SYSTEMS,0.00%,COMMON 198, , ,152 WEM PROPERTY INC.,4.06%, , ,107 17,620 OPEN TEXT CORP,0.53%,COMMON 512, ,072 1,300,155 1,314,022 1,330,375 54,381 1,616,976 3,493,343 SECURITIZATION 0.16% TELECOMMUNICATION SERVICES 0.91% REGULAR BONDS 3,745 BCE INC,2.87%,COMMON 188, , ,000 GENESIS TRUST II,1.68%, , ,398 15,290 ROGERS COMMUNICATION,1.92%,CLASS B NON VTG 481, , , , ,398 19, ,656 1,155,221 41,365,130 TOTAL BONDS AND DEBENTURES 44,405,651 44,947,904 1,519,223 TOTAL CANADIAN COMMON STOCKS 45,365,036 59,597,467 STOCKS FOREIGN STOCKS (INCLUDING U.S.) CANADIAN COMMON STOCKS U.S - ENERGY 0.28% ENERGY 10.67% 1,616 APACHE CORP,1.00%,COMMON 99, ,591 53,120 ADVANTAGE OIL & GAS,0.00%,COMMON 370, ,738 3,033 SCHLUMBERGER LTD,2.00%,COMMON 265, ,341 11,410 ARC RESOURCES,0.60%,COMMON 359, ,400 4, , ,932 54,800 CDN NATURAL RES,1.10%,COMMON 1,977,441 2,048,972 22,600 CRESCENT POINT ENRGY,0.36%,COMMON 541, ,192 U.S - MATERIALS 0.36% 57,070 ENBRIDGE INC,2.44%,COMMON 2,903,063 2,948,235 2,309 MONSANTO CO,2.16%,COMMON 244, ,016 27,725 ENSIGN ENERGY SERVCS,0.48%,COMMON 349, , PRAXAIR INC,3.15%,COMMON 79,021 99,648 17,750 KEYERA CORP,1.68%,COMMON 491, ,313 2, , ,664 24,190 PEMBINA PIPELINE,2.04%,COMMON 1,032,559 1,037,993 11,380 PEYTO EXPLORATION,1.32%,COMMON 397, ,316 U.S. - INDUSTRIALS 1.34% 14,823 RAGING RIVER EXPL,0.00%,COMMON 141, , M COMPANY,4.70%,COMMON 111, ,691 15,556 SEVEN GENERATIONS,0.00%,CLASS A 427, , FEDEX CORP,2.00%,COMMON 72, ,808 60,740 SUNCOR ENERGY INC,1.28%,COMMON 2,220,592 2,299,008 1,452 FORTIVE CORPORATION,0.28%,COMMON STOCK 41, ,460 15,840 TOURMALINE OIL CORP,0.00%,COMMON 589, ,827 2,610 HONEYWELL INTL INC,2.66%,COMMON 154, ,800 33,001 TRANSCANADA CORP,2.50%,COMMON 1,468,374 2,037,482 3,546 NIELSEN HOLDINGS PLC,1.36%,SHS EUR , ,991 29,740 WHITECAP RESOURCES,0.28%,COMMON 310, ,095 1,269 STERICYCLE INC,0.00%,COMMON 165, , ,745 13,580,751 13,614,135 1,319 UNION PAC CORP,2.42%,COMMON 105, ,476 1,216 UNITED PARCEL SERVIC,3.32%,CLASS B 155, ,630 13, ,125 1,705,635 3 See accompanying notes to the financial statements

6 Co-operators Balanced Fund Schedule of Investment Portfolio As at June 30, 2017 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) U.S. - CONSUMER DISCRETIONARY 2.38% U.S - INFORMATION TECHNOLOGY 4.20% 4,894 CBS CORPORATION,0.72%,CLASS B 145, ,375 1,879 ADOBE SYSTEMS INC,0.00%,COMMON 73, ,126 3,413 COMCAST CORP,0.63%,CLASS A 150, ,511 2,038 AKAMAI TECH INC,0.00%,COMMON 94, ,782 4,412 DISCOVERY COMMUNIC,0.00%,COMMON SERIES A 157, ,945 1,287 ALLIANCE DATA SYSTEM,2.08%,COMMON 325, ,089 1,744 LOWES CO,1.64%,COMMON 152, ,578 4,257 AMPHENOL CORPORATION,0.64%,CLASS A 157, ,229 8,745 NIKE INC,0.72%,CLASS B 228, ,844 4,498 APPLE INC,2.52%,COMMON 167, , PRICELINE GRP,0.00%,COMMON 159, ,120 2,368 BROADCOM LIMITED,4.08%,NPV 136, ,488 5,577 TJX COMPANIES INC,1.25%,COMMON 158, ,572 4,307 COGNIZANT TECH SOLNS,0.15%,CLASS A 190, ,408 3,475 WALT DISNEY CO,1.56%,COMMON 187, ,414 1,875 F5 NETWORKS INC,0.00%,COMMON 281, ,399 32,449 1,339,458 3,032,359 1,807 INTUIT,1.36%,COMMON 93, ,649 7,494 MICROSOFT CORP,1.56%,COMMON 305, ,761 U.S. - CONSUMER STAPLES 1.39% 4,908 ORACLE CORP,0.76%,COMMON 106, ,593 4,040 CHURCH & DWIGHT INC,0.76%,COMMON 62, ,044 4,174 VISA INC,0.66%,CLASS A 111, ,414 1,008 COLGATE PALMOLIVE CO,1.60%,COMMON 45,358 97,043 40,892 2,043,324 5,363,297 1,712 COSTCO WHSL CORP,2.00%,COMMON 126, ,539 3,009 CVS HEALTH CORP,2.00%,COMMON 226, ,499 U.S. - OTHER 0.18% 4,614 HORMEL FOODS CORP,0.68%,COMMON 121, , SPDR S&P 500 ETF TR,4.63%,UNITS SER 1 S&P 187, ,491 4,944 MONDELEZ INTL INC,0.76%,COMMON 233, , , ,491 1,667 PEPSICO INC,3.22%,COMMON 201, ,050 20,994 1,018,574 1,770, ,460 TOTAL FOREIGN STOCKS (INCLUDING U.S) 9,670,267 19,406,774 U.S. - HEALTH CARE 2.78% 1,686,683 TOTAL STOCKS 55,035,303 79,004,241 2,521 AMERISOURCE-BERGEN,1.46%,COMMON 88, ,493 2,048 CELGENE CORP,0.00%,COMMON 293, ,394 46,736,123 TOTAL INVESTMENTS 103,533, ,044,783 2,907 DANAHER CORP,0.56%,COMMON 134, ,599 INVESTMENT INCOME RECEIVABLE 393, ,774 3,754 EXPRESS SCRIPTS HLDG,0.00%,COMMON 153, ,192 RECEIVABLES FOR INVESTMENTS SOLD 1,108,344 1,108,344 4,214 GILEAD SCIENCES INC,2.08%,COMMON 121, ,305 PAYMENTS FOR INVESTMENTS PURCHASED (1,521,417) (1,521,417) 2,799 JOHNSON & JOHNSON,3.36%,COMMON 231, ,955 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (160,662) (160,662) 475 MCKESSON CORP,1.12%,COMMON 132, ,508 NET ASSETS 103,353, ,864,822 1,620 STRYKER CORP,1.70%,COMMON 93, ,978 3,289 THERMO FISHER SCI,0.60%,COMMON 188, , US = CA JUNE 30, ,063 UNITEDHEALTH GRP INC,3.00%,COMMON 177, ,879 24,690 1,613,797 3,547,624 U.S. - FINANCIALS 2.31% 1,617 BERKSHIRE HATHAWAY,0.00%,CLASS B 194, , GOLDMAN SACHS GROUP,3.00%,COMMON 128, ,314 3,735 JPMORGAN CHASE & CO,2.00%,COMMON 245, , MOODYS CORP,1.52%,COMMON 84, ,401 3,111 PNC FINL SVCS GRP,2.20%,COMMON 261, ,345 4,434 SCHWAB CHARLES CORP,0.32%,COMMON 174, ,382 3,669 STATE STREET CORP,1.52%,COMMON 243, ,557 2,802 US BANCORP DEL,1.12%,COMMON 195, ,971 6,220 WELLS FARGO & CO,1.52%,COMMON 258, ,678 27,070 1,787,360 2,947,890 See accompanying notes to the financial statements 4

7 Co-operators Balanced Fund Financial Highlights For the periods ended June 30, 2017 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products Segment 4 Versatile Asset Participants Segment 5 Versatile Asset II Participants Segment 6 Versatile Asset III Participants Segment 7 Versatile Asset IV Participants Segment 8 Versatile Portfolios Participants (Back-end Load) Segment 9 Versatile Portfolios Participants (No-Load) Segment 10 Group Retirement Income Product Segment 11 Versatile Portfolios TFSA Segment 12 Versatile Portfolios Education Savings Plan Segment 13 Versatile Portfolios Navigator 100/ Segment 14 Versatile Portfolios Navigator 100/100 (No-Load) Segment 15 Versatile Portfolios Navigator 100/100 TFSA Segment 16 Versatile Portfolios Navigator 100/100 TFSA (No-Load) Segment 17 Versatile Portfolios Navigator 75/ Segment 18 Versatile Portfolios Navigator 75/100 (No-Load) Segment 19 Versatile Portfolios Navigator 75/100 TFSA Segment 20 Versatile Portfolios Navigator 75/100 TFSA (No-Load) Segment 21 Versatile Portfolios Navigator 75/ Segment 22 Versatile Portfolios Navigator 75/75 (No-Load) Segment 23 Versatile Portfolios Navigator 75/75 TFSA Segment 24 Versatile Portfolios Navigator 75/75 TFSA (No-Load) Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 82,059,312 80,588,454 74,581,734 73,076,669 65,672,069 Segment 4 Versatile Asset Participants 18,950,554 19,494,990 21,359,236 22,908,146 22,270,857 Segment 5 Versatile Asset II Participants 7,173,091 7,465,043 7,728,492 7,806,365 7,433,330 Segment 6 Versatile Asset III Participants 327, , , , ,572 Segment 7 Versatile Asset IV Participants 61,835 60,809 57,391 55,872 81,399 Segment 8 Versatile Portfolios Participants (Back-end Load) 8,138,458 8,373,017 8,586,001 9,363,058 7,484,432 Segment 9 Versatile Portfolios Participants (No-Load) 2,058,663 2,097,846 2,269,447 3,749,693 2,115,869 Segment 10 Group Retirement Income Product 427, , ,536 45,988 16,342 Segment 11 Versatile Portfolios TFSA 804, , , , ,731 Segment 12 Versatile Portfolios Education Savings Plan 663, , , , ,936 Segment 13 Versatile Portfolios Navigator 100/100 1,182, , , Segment 14 Versatile Portfolios Navigator 100/100 (No-Load) 1,052, , , Segment 15 Versatile Portfolios Navigator 100/100 TFSA 35,347 21,969 5, Segment 16 Versatile Portfolios Navigator 100/100 TFSA (No-Load) 293, ,469 55, Segment 17 Versatile Portfolios Navigator 75/100 1,343, , , Segment 18 Versatile Portfolios Navigator 75/100 (No-Load) 1,009, , , Segment 19 Versatile Portfolios Navigator 75/100 TFSA 31,385 28,194 8, Segment 20 Versatile Portfolios Navigator 75/100 TFSA (No-Load) 222,563 65,441 21, Segment 21 Versatile Portfolios Navigator 75/75 1,196, , , Segment 22 Versatile Portfolios Navigator 75/75 (No-Load) 684, , , Segment 23 Versatile Portfolios Navigator 75/75 TFSA 72,867 62,179 19, Segment 24 Versatile Portfolios Navigator 75/75 TFSA (No-Load) 215,197 73,526 15, See accompanying notes to the financial statements

8 Co-operators Balanced Fund Financial Highlights For the periods ended June 30, 2017 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. Ratios and Supplemental Data (continued) Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 271, , , , ,153 Segment 4 Versatile Asset Participants 38,774 40,564 47,099 51,898 55,415 Segment 5 Versatile Asset II Participants 32,286 34,119 37,327 38,624 40,279 Segment 6 Versatile Asset III Participants 1,618 1,627 1,587 1,781 2,205 Segment 7 Versatile Asset IV Participants Segment 8 Versatile Portfolios Participants (Back-end Load) 42,156 44,000 47,588 53,062 46,364 Segment 9 Versatile Portfolios Participants (No-Load) 10,869 11,228 12,792 21,577 13,289 Segment 10 Group Retirement Income Product 3,078 2,125 2, Segment 11 Versatile Portfolios TFSA 4,877 5,299 5,735 5,407 3,462 Segment 12 Versatile Portfolios Education Savings Plan 4,190 4,087 3,467 2,973 2,606 Segment 13 Versatile Portfolios Navigator 100/100 10,627 6,688 2, Segment 14 Versatile Portfolios Navigator 100/100 (No-Load) 9,497 4,618 1, Segment 15 Versatile Portfolios Navigator 100/100 TFSA Segment 16 Versatile Portfolios Navigator 100/100 TFSA (No-Load) 2,648 1, Segment 17 Versatile Portfolios Navigator 75/100 11,899 6,647 3, Segment 18 Versatile Portfolios Navigator 75/100 (No-Load) 8,976 5,646 3, Segment 19 Versatile Portfolios Navigator 75/100 TFSA Segment 20 Versatile Portfolios Navigator 75/100 TFSA (No-Load) 1, Segment 21 Versatile Portfolios Navigator 75/75 10,553 6,176 2, Segment 22 Versatile Portfolios Navigator 75/75 (No-Load) 6,059 2,950 1, Segment 23 Versatile Portfolios Navigator 75/75 TFSA Segment 24 Versatile Portfolios Navigator 75/75 TFSA (No-Load) 1, Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.21% 2.22% 2.22% 2.22% 2.24% Segment 5 Versatile Asset II Participants 2.51% 2.51% 2.51% 2.52% 2.52% Segment 6 Versatile Asset III Participants 2.75% 2.74% 2.74% 2.74% 2.76% Segment 7 Versatile Asset IV Participants 2.23% 2.24% 2.23% 2.21% 2.23% Segment 8 Versatile Portfolios Participants (Back-end Load) 2.71% 2.71% 2.70% 2.71% 2.73% Segment 9 Versatile Portfolios Participants (No-Load) 2.87% 2.86% 2.86% 2.87% 2.87% Segment 11 Versatile Portfolios TFSA 2.85% 2.85% 2.85% 2.86% 2.86% Segment 12 Versatile Portfolios Education Savings Plan 2.33% 2.33% 2.33% 2.34% 2.35% Segment 13 Versatile Portfolios Navigator 100/ % 3.29% 3.28% - - Segment 14 Versatile Portfolios Navigator 100/100 (No-Load) 3.45% 3.45% 3.44% - - Segment 15 Versatile Portfolios Navigator 100/100 TFSA 3.30% 3.29% 3.28% - - Segment 16 Versatile Portfolios Navigator 100/100 TFSA (No-Load) 3.45% 3.45% 3.44% - - Segment 17 Versatile Portfolios Navigator 75/ % 2.68% 2.67% - - Segment 18 Versatile Portfolios Navigator 75/100 (No-Load) 2.84% 2.85% 2.84% - - Segment 19 Versatile Portfolios Navigator 75/100 TFSA 2.69% 2.68% 2.67% - - Segment 20 Versatile Portfolios Navigator 75/100 TFSA (No-Load) 2.84% 2.85% 2.84% - - Segment 21 Versatile Portfolios Navigator 75/ % 2.52% 2.51% - - Segment 22 Versatile Portfolios Navigator 75/75 (No-Load) 2.68% 2.68% 2.67% - - Segment 23 Versatile Portfolios Navigator 75/75 TFSA 2.53% 2.52% 2.51% - - Segment 24 Versatile Portfolios Navigator 75/75 TFSA (No-Load) 2.68% 2.68% 2.67% - - Portfolio turnover rate (note 10) 71.88% 71.88% 56.90% 61.60% 68.40% See accompanying notes to the financial statements 6

9 Co-operators Canadian Equity Fund Fund managed by Addenda Capital Inc. Statement of Financial Position Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 (in thousands of dollars except per unit amounts) For the periods ended June $ $ (in thousands of dollars) $ $ Assets Current assets Net assets attributable to unitholders at beginning of year 146, ,406 Cash and cash equivalents (2,381) 159 Short-term notes 14,087 1,501 Investment income receivable unitholders 600 6,192 Receivables from investments sold Stocks 145, ,358 Fund of funds rebalancing (note 2) 3,394 (3,468) 157, ,771 Transactions with unitholders Liabilities Unitholders' contributions 15,009 10,477 Current liabilities Unitholders' withdrawals (7,906) (7,181) Payments for investments purchased Transfers (to) from other funds (7) (1,255) Accounts payable for management and audit fees (note 7) Net increase (decrease) from unitholders' transactions 7,096 2, Net increase (decrease) in net assets Net assets attributable to unitholders 157, ,098 attributable to unitholders 11,090 4,765 Net assets attributable to unitholders at end of Net assets attributable to unitholders per unit period 157, ,171 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June For the periods ended June (in thousands of dollars except per unit amounts) $ $ (in thousands of dollars) $ $ Investment income and gains Cash flows from operating activities Dividend income 1,925 1,721 Interest income for allocation purposes 18 8 unitholders 600 6,192 Other income 9 4 Adjustments for: Realized gains (losses) on sale of investments 192 (1,389) Realized (gains) losses on sale of investments (192) 1,389 Unrealized gains (losses) 418 7,610 Unrealized (gains) losses (364) (7,525) 2,562 7,954 Current receivables (5) (720) Current liabilities 27 1,249 Expenses Purchases of investments (42,915) (54,571) Management fees (notes 7 and 9) 1,901 1,670 Proceeds from the sale of investments 29,819 56,509 Audit, legal and other fees (note 9) 7 7 Net cash from operating activities (13,030) 2,523 Transaction costs ,962 1,762 Cash flows from financing activities Proceeds from the issuance of units 18,403 7,009 Amounts paid on redemption of units (7,913) (8,436) unitholders 600 6,192 Net cash from financing activities 10,490 (1,427) unitholders per unit (note 12) Net increase (decrease) in cash (2,540) 1, Cash at beginning of year 159 (229) Cash at end of period (2,381) 867 Dividends received, net of withholding taxes 1,930 1,683 Interest received See accompanying notes to the financial statements

10 Co-operators Canadian Equity Fund Schedule of Investment Portfolio As at June 30, 2017 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) CASH AND CASH EQUIVALENTS CONSUMER DISCRETIONARY 4.73% (2,354,602) CANADIAN DOLLAR (2,381,634) (2,381,634) 28,510 DOLLARAMA 571,208 3,527,542 (2,354,602) (2,381,634) (2,381,634) 65,230 GILDAN ACTIVEWEAR 1,656,470 2,596,154 18,550 MAGNA INTL INC 1,114,863 1,113,000 SHORT TERM NOTES 6,718 SHAW COMMUNICATIONS 201, ,582 DISCOUNT NOTES 8.96% 119,008 3,544,033 7,426, ,000 CANADA T BILLS T/B 319, ,885 1,700,000 CANADA T BILLS T/B 1,695,160 1,695,160 CONSUMER STAPLES 3.95% 8,275,000 CANADA T BILLS T/B 8,255,138 8,255,138 67,542 ALIMENT COUCHE-TARD 3,021,105 4,193,007 3,830,000 CANADA T BILLS T/B 3,817,067 3,817,067 13,730 LOBLAW COS LTD 724, ,521 14,125,000 14,087,250 14,087,250 31,250 MAPLE LEAF FOODS 938,569 1,021, ,522 4,683,829 6,204,403 STOCKS CANADIAN COMMON STOCKS FINANCIALS 33.45% ENERGY 21.18% 128,923 BANK OF NOVA SCOTIA 7,719,581 10,049, ,530 ADVANTAGE OIL & GAS 894,999 1,130, ,230 BROOKFIELD ASSET MGT 2,752,493 6,665,172 27,910 ARC RESOURCES 879, , ,040 ECN CAPITAL CORP 524, , ,700 CDN NATURAL RES 4,735,330 4,999, ,040 ELEMENT FLEET MGT 2,029,080 1,650,175 55,150 CRESCENT POINT ENRGY 1,326, , ,830 MANULIFE FINCL CORP 5,886,522 6,958, ,300 ENBRIDGE INC 7,062,186 7,196,238 77,830 POWER FINANCIAL CORP 2,799,894 2,587,848 67,575 ENSIGN ENERGY SERVCS 859, , ,287 ROYAL BANK CDA 7,949,006 11,591,444 43,500 KEYERA CORP 1,227,910 1,772, ,860 TORONTO DOMINION BK 5,968,934 12,336,335 59,040 PEMBINA PIPELINE 2,517,081 2,533,406 1,309,040 35,630,156 52,575,736 27,710 PEYTO EXPLORATION 977, ,908 36,174 RAGING RIVER EXPL 348, ,562 INFORMATION TECHNOLOGY 5.40% 37,334 SEVEN GENERATIONS 1,033, ,081 39,640 CGI GROUP INC 1,086,921 2,618, ,300 SUNCOR ENERGY INC 5,376,563 5,613,155 3,948 CONSTELLATION SFTWR 1,036,660 2,672,796 38,740 TOURMALINE OIL CORP 1,457,984 1,078,134 46,090 DESCARTES SYSTEMS 467,302 1,444,922 81,637 TRANSCANADA CORP 3,599,932 5,040,268 42,980 OPEN TEXT CORP 1,222,901 1,754,014 72,700 WHITECAP RESOURCES 757, , ,658 3,813,784 8,490,350 1,098,300 33,054,156 33,290,123 TELECOMMUNICATION SERVICES 1.80% MATERIALS 11.71% 9,141 BCE INC 456, ,834 36,050 AGNICO EAGLE MINES 2,163,152 2,106,402 37,450 ROGERS COMMUNICATION 1,175,795 2,293,813 63,210 CCL INDUSTRIES INC 1,657,416 4,140,887 46,591 1,632,150 2,827, ,360 FIRST QUANTUM MNRL 3,673,296 2,625,779 17,837 FRANCO NEVADA CORP 1,456,655 1,667,760 3,707,760 TOTAL CANADIAN COMMON STOCKS 110,086, ,424,205 21,700 INTERTAPE POLYMER 526, ,122 93,478 MAG SILVER CORP 1,680,551 1,576,039 15,478,158 TOTAL INVESTMENTS 121,792, ,129,821 49,075 METHANEX CORP 2,786,369 2,806,108 INVESTMENT INCOME RECEIVABLE 354, , ,360 TECK RESOURCES LTD 2,842,858 2,338,708 RECEIVABLES FROM INVESTMENTS SOLD 402, ,733 23,255 WHEATON PRECIOUS MET 510, ,816 PAYABLES FOR INVESTMENTS PURCHASED (375,701) (375,701) 648,325 17,297,331 18,395,621 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (324,107) (324,107) NET ASSETS 121,850, ,187,507 INDUSTRIALS 10.32% 38,680 CDN NATL RAILWAY 2,260,310 4,062, US = CA JUNE 30, ,907 CDN PACIFIC RAILWAY 1,302,185 2,063,826 29,813 NEW FLYER INDUSTRIES 917,447 1,612,287 28,470 SNC-LAVALIN GROUP 1,427,461 1,594,605 34,830 STANTEC INC 1,119,174 1,134,413 40,610 TOROMONT INDS LTD 833,121 1,929,787 21,956 WASTE CONNECTIONS 1,232,985 1,832,186 37,050 WSP GLOBAL INC 1,338,790 1,984, ,316 10,431,473 16,214,047 See accompanying notes to the financial statements 8

11 Co-operators Canadian Equity Fund Financial Highlights For the periods ended June 30, 2017 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products Segment 3 Group Retirement Products Segment 4 Versatile Asset Participants Segment 5 Versatile Asset II Participants Segment 6 Versatile Asset III Participants Segment 7 Versatile Asset IV Participants Segment 8 Versatile Portfolios Participants (Back-end Load) Segment 9 Versatile Portfolios Participants (No-Load) Segment 10 Group Retirement Income Product Segment 11 Versatile Portfolios TFSA Segment 12 Versatile Portfolios Education Savings Plan Segment 13 Versatile Portfolios Navigator 100/ Segment 14 Versatile Portfolios Navigator 100/100 (No-Load) Segment 15 Versatile Portfolios Navigator 100/100 TFSA Segment 16 Versatile Portfolios Navigator 100/100 TFSA (No-Load) Segment 17 Versatile Portfolios Navigator 75/ Segment 18 Versatile Portfolios Navigator 75/100 (No-Load) Segment 19 Versatile Portfolios Navigator 75/100 TFSA Segment 20 Versatile Portfolios Navigator 75/100 TFSA (No-Load) Segment 21 Versatile Portfolios Navigator 75/ Segment 22 Versatile Portfolios Navigator 75/75 (No-Load) Segment 23 Versatile Portfolios Navigator 75/75 TFSA Segment 24 Versatile Portfolios Navigator 75/75 TFSA (No-Load) Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 29,780,324 28,909,453 25,937,787 26,622,001 24,682,732 Segment 3 Group Retirement Products ,368,488 Segment 4 Versatile Asset Participants 18,205,418 18,435,288 18,997,085 20,909,914 21,102,051 Segment 5 Versatile Asset II Participants 13,021,260 13,095,158 12,375,145 14,085,747 15,376,576 Segment 6 Versatile Asset III Participants 991, , , , ,561 Segment 7 Versatile Asset IV Participants 85,041 84, , , ,352 Segment 8 Versatile Portfolios Participants (Back-end Load) 43,884,801 43,334,509 42,527,935 43,377,366 36,622,633 Segment 9 Versatile Portfolios Participants (No-Load) 11,263,676 11,086,227 11,467,304 11,923,601 9,860,204 Segment 10 Group Retirement Income Product 4,956,354 4,439,574 3,772,271 2,954,354 3,904,155 Segment 11 Versatile Portfolios TFSA 4,074,993 3,816,706 3,747,430 3,413,335 2,417,312 Segment 12 Versatile Portfolios Education Savings Plan 2,678,946 2,304,937 1,793,080 1,419,850 1,038,970 Segment 13 Versatile Portfolios Navigator 100/100 6,862,939 4,963,400 2,351,755 3,627 - Segment 14 Versatile Portfolios Navigator 100/100 (No-Load) 2,946,819 1,935,914 1,074,370 18,538 - Segment 15 Versatile Portfolios Navigator 100/100 TFSA 227, ,463 94, Segment 16 Versatile Portfolios Navigator 100/100 TFSA (No-Load) 963, , , Segment 17 Versatile Portfolios Navigator 75/100 5,615,638 3,975,879 2,013, Segment 18 Versatile Portfolios Navigator 75/100 (No-Load) 2,416,985 1,499, , Segment 19 Versatile Portfolios Navigator 75/100 TFSA 282, ,845 72, Segment 20 Versatile Portfolios Navigator 75/100 TFSA (No-Load) 863, , , Segment 21 Versatile Portfolios Navigator 75/75 4,454,213 2,872,765 1,215, Segment 22 Versatile Portfolios Navigator 75/75 (No-Load) 2,654,107 2,221, ,316 5,949 - Segment 23 Versatile Portfolios Navigator 75/75 TFSA 244, , , Segment 24 Versatile Portfolios Navigator 75/75 TFSA (No-Load) 937, , , See accompanying notes to the financial statements

12 Co-operators Canadian Equity Fund Financial Highlights For the periods ended June 30, 2017 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. Ratios and Supplemental Data (continued) Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 97,392 88,089 90,520 92,550 91,451 Segment 3 Group Retirement Products ,345 Segment 4 Versatile Asset Participants 39,847 39,700 46,632 48,228 51,787 Segment 5 Versatile Asset II Participants 46,155 46,383 49,963 54,903 64,555 Segment 6 Versatile Asset III Participants 4,448 4,308 4,519 4,392 4,384 Segment 7 Versatile Asset IV Participants Segment 8 Versatile Portfolios Participants (Back-end Load) 209, , , , ,862 Segment 9 Versatile Portfolios Participants (No-Load) 58,927 58,024 67,852 68,292 60,698 Segment 10 Group Retirement Income Product 37,157 33,739 32,925 25,491 36,969 Segment 11 Versatile Portfolios TFSA 22,918 21,503 23,859 21,086 16,062 Segment 12 Versatile Portfolios Education Savings Plan 17,685 15,270 13,491 10,419 8,247 Segment 13 Versatile Portfolios Navigator 100/100 59,101 42,761 22, Segment 14 Versatile Portfolios Navigator 100/100 (No-Load) 25,470 16,707 10, Segment 15 Versatile Portfolios Navigator 100/100 TFSA 1,958 1, Segment 16 Versatile Portfolios Navigator 100/100 TFSA (No-Load) 8,314 5,143 2, Segment 17 Versatile Portfolios Navigator 75/100 47,620 33,826 19, Segment 18 Versatile Portfolios Navigator 75/100 (No-Load) 20,544 12,776 5, Segment 19 Versatile Portfolios Navigator 75/100 TFSA 2,394 1, Segment 20 Versatile Portfolios Navigator 75/100 TFSA (No-Load) 7,344 4,130 2, Segment 21 Versatile Portfolios Navigator 75/75 37,651 24,382 11, Segment 22 Versatile Portfolios Navigator 75/75 (No-Load) 22,514 18,915 6, Segment 23 Versatile Portfolios Navigator 75/75 TFSA 2,067 1,544 1, Segment 24 Versatile Portfolios Navigator 75/75 TFSA (No-Load) 7,952 5,037 2, Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.21% 2.21% 2.21% 2.22% 2.23% Segment 5 Versatile Asset II Participants 2.51% 2.51% 2.51% 2.51% 2.52% Segment 6 Versatile Asset III Participants 2.74% 2.73% 2.73% 2.74% 2.75% Segment 7 Versatile Asset IV Participants 2.22% 2.23% 2.23% 2.21% 2.22% Segment 8 Versatile Portfolios Participants (Back-end Load) 2.70% 2.70% 2.70% 2.71% 2.72% Segment 9 Versatile Portfolios Participants (No-Load) 2.86% 2.86% 2.86% 2.86% 2.87% Segment 11 Versatile Portfolios TFSA 2.85% 2.85% 2.85% 2.85% 2.85% Segment 12 Versatile Portfolios Education Savings Plan 2.33% 2.32% 2.32% 2.34% 2.34% Segment 13 Versatile Portfolios Navigator 100/ % 3.82% 3.81% 3.82% - Segment 14 Versatile Portfolios Navigator 100/100 (No-Load) 3.98% 3.99% 3.98% 3.98% - Segment 15 Versatile Portfolios Navigator 100/100 TFSA 3.84% 3.82% 3.81% - - Segment 16 Versatile Portfolios Navigator 100/100 TFSA (No-Load) 3.98% 3.99% 3.98% - - Segment 17 Versatile Portfolios Navigator 75/ % 3.05% 3.04% - - Segment 18 Versatile Portfolios Navigator 75/100 (No-Load) 3.21% 3.21% 3.21% 3.21% - Segment 19 Versatile Portfolios Navigator 75/100 TFSA 3.06% 3.05% 3.04% - - Segment 20 Versatile Portfolios Navigator 75/100 TFSA (No-Load) 3.21% 3.21% 3.21% - - Segment 21 Versatile Portfolios Navigator 75/ % 2.83% 2.82% - - Segment 22 Versatile Portfolios Navigator 75/75 (No-Load) 2.99% 2.99% 2.99% 2.99% - Segment 23 Versatile Portfolios Navigator 75/75 TFSA 2.84% 2.83% 2.82% - - Segment 24 Versatile Portfolios Navigator 75/75 TFSA (No-Load) 2.99% 2.99% 2.99% - - Portfolio turnover rate (note 10) 35.68% 35.68% 23.79% 56.10% 42.30% See accompanying notes to the financial statements 10

13 Co-operators Canadian Fixed Income Fund Fund managed by Addenda Capital Inc. Statement of Financial Position Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 (in thousands of dollars except per unit amounts) For the periods ended June $ $ (in thousands of dollars) $ $ Assets Current assets Net assets attributable to unitholders at beginning of year 182, ,383 Cash and cash equivalents (1,041) 619 Short-term notes 3,574 1,262 Investment income receivable 970 1,068 unitholders 2,650 5,062 Receivables from investments sold Bonds and debentures 189, ,696 Fund of funds rebalancing (note 2) 1,253 (1,220) 192, ,766 Transactions with unitholders Liabilities Unitholders' contributions 20,649 19,495 Current liabilities Unitholders' withdrawals (11,673) (10,678) Payments for investments purchased 1,209 1,209 Transfers (to) from other funds (3,738) 5,506 Accounts payable for management and audit fees (note 7) Net increase (decrease) from unitholders' transactions 5,238 14,323 1,616 1,592 Net increase (decrease) in net assets Net assets attributable to unitholders 191, ,174 attributable to unitholders 9,141 18,165 Net assets attributable to unitholders at end of Net assets attributable to unitholders per unit period 191, ,548 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June For the periods ended June (in thousands of dollars except per unit amounts) $ $ (in thousands of dollars) $ $ Investment income and gains Cash flows from operating activities Interest income for allocation purposes 2,881 2,397 Foreign exchange gain (loss) 68 (13) unitholders 2,650 5,062 Other income 7 5 Adjustments for: Realized gains (losses) on sale of investments (791) 771 Realized (gains) losses on sale of investments 791 (771) Unrealized gains (losses) 2,923 3,935 Unrealized (gains) losses (2,923) (3,935) 5,088 7,095 Current receivables Current liabilities 24 (123) Expenses Purchases of investments (105,504) (115,908) Management fees (notes 7 and 9) 2,429 2,026 Proceeds from the sale of investments 96, ,762 Audit, legal and other fees (note 9) 9 7 Net cash from operating activities (8,151) (13,869) 2,438 2,033 Cash flows from financing activities Proceeds from the issuance of units 21,902 18,275 unitholders 2,650 5,062 Amounts paid on redemption of units (15,411) (5,172) Net cash from financing activities 6,491 13,103 unitholders per unit (note 12) Net increase (decrease) in cash (1,660) (766) Cash at beginning of year Cash at end of period (1,041) (192) Interest received 2,918 2, See accompanying notes to the financial statements

14 Co-operators Canadian Fixed Income Fund Schedule of Investment Portfolio As at June 30, 2017 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) CASH AND CASH EQUIVALENTS CORPORATE (2,129,056) CANADIAN DOLLAR (1,040,704) (1,040,704) COMMUNICATION 2.61% (2,129,056) (1,040,704) (1,040,704) REGULAR BONDS 915,000 BELL CANADA,4.700%, ,916 1,018,047 SHORT TERM NOTES 495,000 BELL CANADA,3.550%, , ,726 DISCOUNT NOTES 1.87% 335,000 BELL CANADA,4.450%, , ,936 1,610,000 CANADA T BILLS T/B,DISC., ,609,420 1,609, ,000 ROGERS COMM INC,6.680%, , ,333 1,185,000 CANADA T BILLS T/B,DISC., ,182,483 1,182, ,000 SHAW COMMUNICATIONS,3.150%, , , ,000 CANADA T BILLS T/B,DISC., , , ,000 SHAW COMMUNICATIONS,3.800%, , ,384 3,580,000 3,574,332 3,574, ,000 TELUS CORP,3.350%, , , ,000 TELUS CORP,3.750%, , ,192 BONDS AND DEBENTURES 390,000 TELUS CORP,5.150%, , ,264 CANADA 250,000 TELUS CORP,4.700%, , ,355 FEDERAL GOVERNMENT 28.80% 4,610,000 4,774,113 4,977,592 REGULAR BONDS 520,000 CANADA GOVT,1.500%, , ,177 ENERGY 4.87% 160,000 CANADA GOVT,2.250%, , ,322 REGULAR BONDS 6,045,000 CANADA GOVT,1.000%, ,711,238 5,632, ,000 ALLIANCE PIPELINE,4.928%, , ,650 5,330,000 CANADA GOVT,3.500%, ,281,247 6,844, ,750 ALLIANCE PIPELINE,7.217%, , ,172 3,140,000 CANADA GOVT,2.750%, ,585,663 3,583, ,000 ALTALINK LP,3.717%, , ,759 7,090,000 CANADA HOUSING TRUST,2.000%, ,265,175 7,202, ,000 BROOKFIELD REN ENG,3.630%, , ,191 5,540,000 CANADA HOUSING TRUST,3.350%, ,102,156 5,875, ,000 CANADIAN NATURAL RES,2.050%, , ,756 6,450,000 CANADA HOUSING TRUST,1.150%, ,342,244 6,295, ,000 CANADIAN NATURAL RES,3.420%, , ,136 7,100,000 CANADA HOUSING TRUST,2.400%, ,392,549 7,313, ,000 CU INC,3.763%, , ,538 5,100,000 CANADA HOUSING TRUST,2.900%, ,477,694 5,402, ,000 CU INC,3.857%, , ,202 1,500,000 CANADA POST CORP,4.360%, ,862,562 1,885, ,000 ENBRIDGE INC,4.240%, , , ,000 MUSKRAT FALLS,3.630%, , , ,000 ENBRIDGE PIPEL. INC.,8.200%, , ,042 2,025,000 PSP CAPITAL INC,3.030%, ,114,717 2,114, ,000 ENBRIDGE PIPELINES,3.790%, , ,784 1,800,000 PSP CAPITAL INC,2.090%, ,799,766 1,790, ,000 ENBRIDGE PIPELINES,4.130%, , ,992 52,085,000 55,926,938 54,944, ,683 ENBRIDGE STHRN LIGHT,4.014%, , , ,000 FORTISBC ENERGY,2.580%, , ,392 PROVINCIAL AND GUARANTEED 33.25% 290,000 HUSKY ENERGY INC,3.600%, , ,301 REGULAR BONDS 150,000 INTER PIPELINE LTD,3.776%, , ,817 1,350, SCHOOL BOARD TR,5.900%, ,612,719 1,814, ,511 INTER PIPELINE LTD,2.608%, , , ,000 ALBERTA PROV,2.350%, , , ,000 INTER PIPELINE LTD,4.637%, , ,794 1,025,000 BC PROV,8.000%, ,424,852 1,373, ,746 NORTH BATTLEFORD PWR,4.958%, , ,068 1,150,000 BC PROV,2.850%, ,203,419 1,199, ,000 NORTH WEST REDWATER,4.150%, , ,068 6,825,000 BC PROV,4.300%, ,284,190 8,503, ,000 PEMBINA PIPELINE,4.240%, , , ,000 CADILLAC FAIRVIEW FT,3.640%, , , ,000 PEMBINA PIPELINE,4.810%, , ,415 2,325,000 CADILLAC FAIRVIEW FT,4.310%, ,525,380 2,518, ,000 TRANSCANADA PIPELINE,3.690%, , ,958 1,575,000 CDP FINANCIAL,4.600%, ,763,071 1,708, ,000 TRANSCANADA TRUST,4.650%, , ,830 1,000,000 MANITOBA PROV,4.400%, ,151,891 1,146, ,000 VERESEN INC,4.000%, , ,567 1,075,000 MANITOBA PROV,4.650%, ,249,077 1,354, ,000 VERESEN INC,3.060%, , , ,000 NEW BRUNSWICK PROV,4.800%, ,101 1,087, ,000 WESTCOAST ENERGY,3.770%, , , ,000 NEWFOUNDLAND PROV,6.150%, , ,209 8,964,690 9,088,839 9,282, ,000 NEWFOUNDLAND PROV,4.500%, , , ,000 NFLD & LABRADOR HYDR,3.600%, , ,515 FINANCIAL PRODUCTS 17.02% 825,000 NOVA SCOTIA PROV,5.800%, ,102,843 1,128,493 REGULAR BONDS 925,000 ONT SCHL FIN,5.700%, ,017, ,368 1,035,000 BANK NOVA SCOTIA FF,3.036%, ,048,348 1,059,343 1,800,000 ONTARIO PROV,1.950%, ,803,240 1,794, ,000 BANK OF MONTREAL,1.880%, , ,202 2,825,000 ONTARIO PROV,2.600%, ,876,986 2,885, ,000 BANK OF MONTREAL,1.610%, , ,803 2,300,000 ONTARIO PROV,2.400%, ,312,901 2,301, ,000 BANK OF MONTREAL FF,3.340%, , ,254 4,225,000 ONTARIO PROV,3.500%, ,539,952 4,635,965 1,840,000 BANK OF NOVA SCOTIA,2.750%, ,875,456 1,865,998 2,125,000 ONTARIO PROV,3.450%, ,161,969 2,320, ,000 BANK OF NOVA SCOTIA,1.900%, , , ,138 ONTARIO SCH BRDS,5.800%, , , ,000 BANK OF NOVA SCOTIA,1.830%, , ,224 2,725,000 OPB FINANCE TRUST,1.880%, ,734,955 2,702, ,000 BANK OF NOVA SCOTIA,2.290%, , ,421 1,775,000 OPB FINANCE TRUST,2.950%, ,841,851 1,823, ,000 CAP DESJARDINS,5.187%, , ,827 1,675,000 OPB FINANCE TRUST,3.890%, ,702,305 1,834, ,000 CI FINANCIAL CORP,2.775%, , ,495 2,000,000 QUEBEC PROV,8.500%, ,073,538 2,945, ,000 CIBC,1.700%, , ,078 4,050,000 QUEBEC PROV,2.500%, ,132,063 4,087,867 1,155,000 CIBC,1.660%, ,154,769 1,152,263 2,100,000 QUEBEC PROV,6.250%, ,913,255 2,986,263 1,260,000 CIBC,1.640%, ,245,242 1,241,982 1,280,000 QUEBEC PROV,5.000%, ,769,600 1,736, ,000 CIBC,2.040%, , ,977 2,450,000 QUEBEC PROV FRN,1.107%, ,461,977 2,459, ,000 CIBC FF,3.000%, , , ,000 SASKATCHEWAN PROV,3.400%, , , ,000 EMPIRE LIFE INS,2.870%, , ,588 53,671,138 60,335,708 61,034, ,000 GENWORTH MI CDA,5.680%, , , ,000 GM FINANCIAL CAD,3.080%, , ,747 FOREIGN PAY 655,000 HONDA CANADA FINANCE,2.155%, , ,116 1,840,000 ONTARIO PROV US,1.100%, ,400,272 2,388, ,000 HSBC BANK CDA,2.449%, , , ,000 IGM FINANCIAL,7.350%, , ,470 MUNICIPAL 4.07% 335,000 INDUSTRIAL ALL. FF,3.300%, , ,839 REGULAR BONDS 790,000 MANUFACT LIFE INS FF,2.926%, , , ,000 BC MUNI FINANCE,4.150%, , , ,000 MANULIFE BK OF CDA,2.082%, , ,051 2,125,000 BC MUNI FINANCE,3.350%, ,269,351 2,257,196 1,050,000 MANULIFE FIN CAP TR,7.405%, ,166,502 1,176, ,000 BC MUNI FINANCE,2.650%, , , ,000 ROYAL BANK CAD FF,3.310%, , , ,000 SOUTH COAST BC,3.050%, , ,220 1,280,000 ROYAL BANK CDA,2.820%, ,304,275 1,297, ,000 SOUTH COAST BC TRAN,4.450%, , , ,000 ROYAL BANK CDA,1.583%, , , ,000 TORONTO ON,4.500%, ,925 1,063, ,000 ROYAL BANK CDA FF,3.040%, , , ,000 YORK ON,4.000%, ,038,163 1,035,955 1,250,000 ROYAL BANK CDA FF,2.990%, ,298,625 1,279, ,000 YORK ON,4.000%, , ,045 1,595,000 ROYAL BANK CDA FF,3.450%, ,604,060 1,648,384 7,225,000 7,539,233 7,769, ,000 SUN LIFE CAP TRUS FF,5.863%, , ,126 See accompanying notes to the financial statements 12