For the year ended December 31, 2011

Transcription

1 audited ANNUAL Financial Statements For the year ended December 31, 2011 This report contains the audited annual financial statements of the investment fund. You can get a copy of the annual management report of fund performance at your request, and at no cost, by calling , by writing to us at AEGON Fund Management, 5000 Yonge Street, Toronto, Ontario, M2N 7J8 or by visiting our website at or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure.

2 Dear imaxxfunds Investor, For most investors, 2011 was a volatile year with a variety of events having a negative impact on equity markets around the world began with equity markets poised to continue their upward trend from the previous year. However, several risks materialized that negatively impacted investor sentiment. The first significant trigger affecting market sentiment was the tragic and unexpected earthquake and tsunami in Japan. Later in the year, the downgrade of the U.S. Government by Standard & Poor s from AAA to AA, took a further toll on equity markets. Even China, a pillar of strength over the last 5 years, saw its growth prospects slow as policymakers focused on reducing inflation. Since Canada is considerably exposed to the global economy, domestic prospects slowed as well. However, the over-riding concern throughout 2011 was the European sovereign debt crisis and the risk to the global economy. The correlation of stock price movements, regardless of the industry, to the sovereign debt crisis was so high in the latter half of 2011, that the financial media coined the term risk-on-trade to describe the simple act of making an investment. Investors exited the markets in droves. The negative performance of global stock and bond markets sent a clear message to European policymakers and they began to take meaningful action to tackle the issue during the second half of the year. However, progress has been slow due to existing structural and political obstacles. Resolving the European sovereign debt crisis will remain a key issue for In contrast to the performance of equity markets, 2011 proved to be another banner year for the Canadian bond market due to a significant drop in interest rates across the yield curve. Indeed, our imaxx Canadian Bond Fund, with its focus on corporate bonds and asset-backed securities was once again one of the best performing Canadian bond funds over the past year. The fund continues to be overweight in nongovernment debt, as our portfolio managers continue to believe that credit fundamentals are much stronger than their valuations would suggest. Despite the economic weakness and equity market volatility, corporate earnings have remained strong due to constrained costs structures and improved cash flows and balance sheets. AEGON Fund Management remains optimistic about the prospects for both equity and credit markets in the near future as; we believe this slowdown in the global economy to be temporary. At AEGON Fund Management, our core investment belief is that a balanced portfolio is the best way for investors to achieve their long-term financial goals, and our lineup of mutual funds continues to provide exceptional investment choices. Our funds are managed by some of the finest Canadian and international investment managers, all with proven, long-term track records. While our product line is strong, we also benefit from the strength of our global parent company, AEGON N.V., an international life insurance, pension and asset management company based in The Hague, serving millions of customers in over twenty markets in the Americas, Europe and Asia. Like all AEGON companies, we demonstrate our shared core values of respect, quality, transparency and trust by working together, bringing clarity and exceeding expectations. Creating a better future for all its stakeholders customers, consumers, employees, shareholders and business partners is central to AEGON s overall mission. We believe your financial advisor can assist you in structuring an investment portfolio that can help you meet your long-term financial goals. AEGON Fund Management s mutual fund offering, in partnership with your advisor, can be an integral part of your investment planning. We hope you find this report useful, and if you have any questions or would like more information about our mutual fund family, please contact us at imaxx-go ( ) or visit our website at imaxxwealth.com. We welcome your comments. On behalf of AEGON Fund Management, thank you for your continued support, and we look forward to serving you in the years to come. Sincerely yours, Doug Brooks Chairman, President and Chief Executive Officer AEGON Fund Management Inc.

3 INDEPENDENT AUDITORS REPORT To the unitholders of: imaxx Money Market Fund imaxx Canadian Balanced Fund imaxx Canadian Bond Fund imaxx Canadian Dividend Fund imaxx Canadian Fixed Pay Fund imaxx Canadian Equity Growth Fund imaxx Canadian Equity Value Fund imaxx Canadian Small Cap Fund imaxx U.S. Equity Growth Fund imaxx U.S. Equity Value Fund imaxx Global Equity Value Fund imaxx Global Equity Growth Fund imaxx TOP Conservative Portfolio imaxx TOP Balanced Portfolio imaxx TOP Income Portfolio imaxx TOP Growth Portfolio imaxx TOP Aggressive Growth Portfolio (collectively, the Funds ) We have audited the accompanying financial statements of each of the Funds, which comprise the statement of investment portfolio as at December 31, 2011, the statements of net assets as at December 31, 2011 and 2010, and the statements of operations and changes in net assets for the years then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as at December 31, 2011 and 2010, and the results of each of their operations and each of their changes in net assets for the years then ended in accordance with Canadian generally accepted accounting principles. Toronto, Canada March 20, 2012

4 STATEMENT OF INVESTMENT PORTFOLIO as at December 31, 2011 imaxx Money Market Fund Share/Par Value Fair Value % of Fair Value Average Cost % of Average Cost CASH AND OTHER NET ASSETS $12, % $12, % SHORT TERM -- CANADIAN Treasury Bills Canada Treasury Bill, 0.870%, February 02, ,000 24,983 24,892 Canada Treasury Bill, 0.831%, February 16, ,000 59,939 59,818 Canada Treasury Bill, 0.901%, March 01, , , ,137 Canada Treasury Bill, 0.909%, March 15, , , ,017 Canada Treasury Bill, 0.901%, March 29, , , ,391 Canada Treasury Bill, 0.901%, April 12, , , ,317 Canada Treasury Bill, 0.900%, April 26, , , ,354 Canada Treasury Bill, 0.911%, May 10, ,000 79,752 79,669 Canada Treasury Bill, 0.880%, May 24, , , ,138 Canada Treasury Bill, 0.870%, June 07, ,000 34,864 34,855 Canada Treasury Bill, 0.900%, June 21, , , ,390 Total 2,299, % 2,295, % Bankers' Acceptance Bank of Montreal, 1.090%, February 21, ,000 89,847 89,753 Bank Of Nova Scotia, 1.110%, March 13, ,000 89,784 89,754 Royal Bank of Canada, 1.102%, January 09, ,000 89,971 89,759 Toronto-Dominion Bank, 1.082%, February 27, ,000 89,835 89,758 Total 359, % 359, % Discount Commercial Paper Darwin Receivables Trust, 1.159%, March 27, ,000 89,734 89,744 Diversified Trust of Canada, 1.148%, March 16, ,000 89,768 89,754 OMERS Finance Trust, 1.102%, March 09, ,000 89,804 89,762 Summit Trust, 1.148%, March 02, ,000 89,811 89,752 Total Discount Commercial Paper 359, % 359, % TOTAL SHORT-TERM -- CANADIAN $3,018, % $3,014, % Transaction costs (Note 2) - - Total Investments $3,018, % $3,014, % TOTAL NET ASSETS $3,030, % $3,026, % Summary of Investment Portfolio The fair value percentage of total net assets by major portfolio category shown in the following table: Portfolio by Category Percentage of Net Assets (%) December 31, 2011 December 31, 2010 Treasury Bills Bankers' Acceptance Discount Commercial Paper

5 A0406YTD STATEMENTS OF NET ASSETS as at December 31 imaxx Money Market Fund Assets Investments at fair value (Note 2) $ 3,018,334 $ 3,835,383 Cash 6,634 1,945 Dividends and interest receivable - - Subscriptions receivable - - Receivable for securities sold - - Other receivables 5,951 6,545 Total assets $ 3,030,919 $ 3,843,873 Liabilities Bank overdraft - - Accrued expenses and other liabilities Payable for units redeemed - - Payable for investment purchases - - Other payables - - Total liabilities Net assets representing unitholders' equity $ 3,030,731 $ 3,843,558 Net assets Class A $ 2,290,215 $ 3,266,196 Class I 740, ,362 Number of units outstanding (Note 4) Class A 229, ,605 Class I 74,047 57,734 Net assets per unit (Note 9) Class A $ $ Class I Approved by AEGON Fund Management Inc. on behalf of the Funds: Approved by: Doug Brooks President and CEO Jim Whitney CFO

6 STATEMENTS OF OPERATIONS for the years ended December 31 imaxx Money Market Fund Investment income Interest on bonds and debentures $ - $ - Dividends - - Short-term interest 34,849 25,044 Distribution from underlying funds - - Other income Less foreign withholding taxes - - Total investment income 34,898 25,434 Expenses Management and advisory fees (Note 5) 26,664 37,087 Administration and recordkeeping 11,653 - Audit fees 6,297 6,984 Custodian fees 2,785 2,816 Goods and Services Tax/Harmonized Sales Tax 6,071 3,797 IRC fees 3,278 3,098 Other - 2 Total expenses 56,748 53,784 Expenses absorbed by manager (Note 5) (28,278) (30,102) Net expenses 28,470 23,682 Net investment income (loss) $ 6,428 $ 1,752 Realized and unrealized gain (loss) on investments Realized gain (loss) on sale of investments $ - $ - Exchange gain (loss) on foreign currencies & other net assets - - Net realized gain (loss) on sale of investments - - Change in unrealized appreciation (depreciation) of investments - - Exchange gain (loss) on foreign currencies & other net assets - - Net unrealized gain (loss) on investments - - Transaction Cost - - Net gain (loss) on investments $ - $ - Increase (decrease) in net assets from operations $ 6,428 $ 1,752 Increase (decrease) in net assets from operations Class A $ (4) $ (1,001) Class I 6,432 2,753 Increase (decrease) in net assets from operations per daily average number of units Class A $ - $ - Class I

7 STATEMENTS OF CHANGES IN NET ASSETS imaxx Money Market Fund Class A Class I Total Fund For the year ended December 31, 2011 Increase (decrease) in net assets from operations $ (4) $ 6,432 $ 6,428 Capital transactions (Note 4) Proceeds from units issued 1,638, ,955 2,130,942 Reinvested distributions - 6,274 6,274 Amounts paid for units redeemed (2,614,964) (335,096) (2,950,060) Net capital transactions (975,977) 163,133 (812,844) Distributions to unitholders From net investment income - (6,411) (6,411) From capital gains Return of capital Net distributions to unitholders - (6,411) (6,411) Total increase (decrease) in net assets (975,981) 163,154 (812,827) Net assets, beginning of the year 3,266, ,362 3,843,558 Total net assets, end of the year $ 2,290,215 $ 740,516 $ 3,030,731 For the year ended December 31, 2010 Increase (decrease) in net assets from operations $ (1,001) $ 2,753 $ 1,752 Capital transactions (Note 4) Proceeds from units issued 1,995, ,688 2,419,126 Reinvested distributions - 2,431 2,431 Amounts paid for units redeemed (4,216,525) (212,461) (4,428,986) Net capital transactions (2,221,087) 213,658 (2,007,429) Distributions to unitholders From net investment income - (2,804) (2,804) From capital gains Return of capital Net distributions to unitholders - (2,804) (2,804) Total increase (decrease) in net assets (2,222,088) 213,607 (2,008,481) Net assets, beginning of the year 5,488, ,755 5,852,039 Total net assets, end of the year $ 3,266,196 $ 577,362 $ 3,843,558

8 STATEMENT OF INVESTMENT PORTFOLIO as at December 31, 2011 imaxx Canadian Bond Fund Share/Par Value Fair Value % of Fair Value Average Cost % of Average Cost CASH AND OTHER NET ASSETS $1,172, % $1,172, % SHORT TERM -- CANADIAN Canada Treasury Bill, 0.825%, March 29, , , ,254 Total 788, % 788, % TOTAL SHORT-TERM -- CANADIAN $788, % $788, % BONDS -- CANADIAN Canadian Federal Bonds Canadian Government Bond, 3.500%, June 01, , , ,053 Canadian Government Bond, 2.750%, September 01, ,494,000 7,990,665 7,953,890 Canadian Government Bond, 3.250%, June 01, ,580,000 11,760,762 11,117,619 Canadian Government Bond, 4.000%, June 01, ,842,000 8,981,237 7,869,492 Total 29,395, % 27,604, % Corporate Bonds American Express Canada Credit Corp., 4.853%, October 03, ,000,000 2,111,075 2,115,060 Bank of Montreal, 2.960%, August 02, ,000,000 2,038,874 2,021,900 Bank of Nova Scotia, 2.740%, December 01, ,000,000 2,019,291 1,999,900 Bell Canada, 4.400%, March 16, ,100,000 3,300,600 3,097,396 Cameco Corp., 5.670%, September 2, ,932,000 3,256,048 3,075,046 Canadian Credit Card Master Trust, 3.444%, July 24, ,751,000 1,822,973 1,751,000 Canadian Imperial Bank of Commerce, 3.400%, January 14, ,000,000 2,080,642 2,064,040 Canadian Tire Corp Ltd., 6.320%, February 24, ,526,000 1,673,513 1,643,044 Capital Desjardins Inc., FRN, 3.797%, November 23, ,500,000 1,528,758 1,523,070 CIBC Capital Trust, 9.976%, June 30, ,700,000 2,115,966 2,198,837 Consumers Waterheater Operating Trust, 6.750%, April 30, ,135,000 2,273,817 2,221,287 Eagle Credit Card Trust, 4.752%, December 17, ,000,000 2,037,732 2,000,000 Eagle Credit Card Trust, 5.484%, December 17, ,000,000 2,082,859 2,000,000 EPCOR Utilities Inc., 5.750%, November 24, ,280,000 1,527,615 1,355,072 ERAC Canada Finance Ltd., 5.380%, February 26, , , ,686 Glacier Credit Card Trust, 6.027%, February 20, , , ,583 Gloucester Credit Card Trust, 4.909%, November 15, ,026,000 1,049, ,603 Gloucester Credit Card Trust, 5.376%, May 15, , , ,275 Gloucester Credit Card Trust, 6.486%, May 15, ,785,000 2,859,977 2,732,112 Groupe Aeroplan Inc., 6.950%, January 26, ,300,000 1,374,241 1,319,920 Intact Financial Corp., 5.410%, September 3, ,700,000 1,854,044 1,761,353 Intact Financial Corp., 6.400%, November 23, ,500,000 1,682,917 1,490,160 Inter Pipeline Fund, 4.967%, February 02, ,000,000 4,402,190 4,000,000 Loblaw Cos Ltd., 6.540%, February 17, ,077,000 2,334,327 2,117,128 Rogers Communications Inc., 5.340%, March 22, ,150,000 2,333,945 2,209,426 Rogers Communications Inc., 6.680%, November 04, ,020,000 2,334,067 2,054,522 Scotiabank Tier I Trust, 7.802%, June 30, ,978,000 2,388,794 2,257,018 Toronto Hydro Corp, 5.540%, May 21, ,504,000 1,871,357 1,502,902 Toronto-Dominion Bank, 5.763%, December 18, ,050,000 2,288,766 2,009,298 VW Credit Canada Inc., 3.600%, February 01, ,125,000 1,157,455 1,123,931 Xceed Mortgage Trust, 6.415%, March 17, , , ,799 Total 59,703, % 56,295, % TOTAL BONDS -- CANADIAN $89,098, % $83,899, % BONDS -- FOREIGN Korea Korea Gas Corp., 4.580%, May 12, ,756,000 1,822,652 1,755,614 Total 1,822, % 1,755, % TOTAL BONDS -- FOREIGN $1,822, % $1,755, % MORTGAGE BACKED -- CANADIAN Canada Capital Auto Receivables Asset Trust, 4.146%, June 17, ,000,000 2,071,460 2,000,000 ClareGold Trust, FRN, 5.039%, May 15, ,250,000 3,393,455 3,115,028 Column Canada Issuer Corp., 4.934%, January 15, ,500,000 1,618,613 1,398,975 Falcon Trust Commercial Mortgage, 5.057%, January 15, ,000 77,844 76,645 Merrill Lynch Financial Assets Inc., 6.450%, June 12, ,984,000 2,035,884 1,885,338 Merrill Lynch Financial Assets Inc., 6.108%, March 12, ,000 41,269 39,468 Merrill Lynch Financial Assets Inc., 5.600%, October 12, ,039,000 1,053, ,355 Merrill Lynch Financial Assets Inc., FRN, 5.974%, October 12, , , ,946 Merrill Lynch Financial Assets Inc., FRN, 5.752%, February 12, ,036, , ,828 Merrill Lynch Financial Assets Inc., FRN, 5.350%, July 12, , , ,672 Merrill Lynch Financial Assets Inc., FRN, 4.942%, March 12, , , ,787 Merrill Lynch Financial Assets Inc., FRN, 5.139%, March 12, , , ,053 Real Estate Asset Liquidity Trust, 5.039%, April 12, ,416,000 1,444,360 1,270,684 Real Estate Asset Liquidity Trust, FRN, 6.183%, October 12, ,000 68,309 66,331 Real Estate Asset Liquidity Trust, FRN, 5.274%, September 12, , , ,096 Score Trust, 5.629%, February 20, , , ,632 Total 16,008, % 14,520, % TOTAL MORTGAGE BACKED -- CANADIAN $16,008, % $14,520, %

9 STATEMENT OF INVESTMENT PORTFOLIO as at December 31, 2011 imaxx Canadian Bond Fund Share/Par Value Fair Value % of Fair Value Average Cost % of Average Cost Transaction costs (Note 2) - - Total Investments $107,718, % $100,964, % TOTAL NET ASSETS $108,891, % $102,136, % Portfolio by Category Percentage of Net Assets (%) December 31, 2011 December 31, 2010 Corporate Bonds Canadian Federal Bonds Mortgage Backed Canadian Canadian Treasury Bill Canadian Provincial Bonds

10 A0406YTD STATEMENTS OF NET ASSETS as at December 31 imaxx Canadian Bond Fund Assets Investments at fair value (Note 2) $ 107,718,924 $ 102,734,512 Cash - 4,887 Dividends and interest receivable 987, ,900 Subscriptions receivable 253,345 5,297 Receivable for securities sold - - Other receivables 4, ,629 Total assets $ 108,964,982 $ 103,620,225 Liabilities Bank overdraft 64,747 - Accrued expenses and other liabilities 5,555 2,025 Payable for units redeemed 3,237 3,432 Payable for investment purchases - - Other payables 378 1,866 Total liabilities 73,917 7,323 Net assets representing unitholders' equity $ 108,891,065 $ 103,612,902 Net assets Class A $ 9,246,261 $ 4,494,849 Class F 1,178,171 - Class I 98,466,633 99,118,053 Number of units outstanding (Note 4) Class A 815, ,624 Class F 112,675 - Class I 8,082,354 8,600,697 Net assets per unit (Note 9) Class A $ $ Class F Class I Approved by AEGON Fund Management Inc. on behalf of the Funds: Approved by: Doug Brooks President and CEO Jim Whitney CFO

11 STATEMENTS OF OPERATIONS for the years ended December 31 imaxx Canadian Bond Fund Investment income Interest on bonds and debentures $ 4,870,289 $ 3,840,236 Dividends - - Short-term interest 6,193 4,769 Distribution from underlying funds - - Other income 2,635 2,835 Less foreign withholding taxes - - Total investment income 4,879,117 3,847,840 Expenses Management and advisory fees (Note 5) 309, ,240 Administration and recordkeeping 165, ,361 Audit fees 6,297 6,984 Custodian fees 5,696 5,985 Goods and Services Tax/Harmonized Sales Tax 50,967 30,127 IRC fees 3,278 3,098 Other 1, Total expenses 541, ,690 Expenses absorbed by manager (Note 5) (15,269) (17,680) Net expenses 526, ,010 Net investment income (loss) $ 4,352,495 $ 3,441,830 Realized and unrealized gain (loss) on investments Realized gain (loss) on sale of investments $ 1,231,372 $ 838,041 Exchange gain (loss) on foreign currencies & other net assets - - Net realized gain (loss) on sale of investments 1,231, ,041 Change in unrealized appreciation (depreciation) of investments 4,868,713 1,773,432 Exchange gain (loss) on foreign currencies & other net assets - - Net unrealized gain (loss) on investments 4,868,713 1,773,432 Transaction Cost - - Net gain (loss) on investments $ 6,100,085 $ 2,611,473 Increase (decrease) in net assets from operations $ 10,452,580 $ 6,053,303 Increase (decrease) in net assets from operations Class A $ 494,515 $ 307,269 Class F 12,799 - Class I 9,945,266 5,746,034 Increase (decrease) in net assets from operations per daily average number of units Class A $ 0.94 $ 0.78 Class F Class I

12 STATEMENTS OF CHANGES IN NET ASSETS For the year ended December 31, 2011 imaxx Canadian Bond Fund Class A Class F Class I Total Fund Increase (decrease) in net assets from operations $ 494,515 $ 12,799 $ 9,945,266 $ 10,452,580 Capital transactions (Note 4) Proceeds from units issued 6,501,493 1,172,968 9,945,026 17,619,487 Reinvested distributions 151,777 3,270 4,337,836 4,492,883 Amounts paid for units redeemed (2,231,630) (4,445) (20,541,720) (22,777,795) Net capital transactions 4,421,640 1,171,793 (6,258,858) (665,425) Distributions to unitholders From net investment income (164,744) (6,420) (4,337,828) (4,508,992) From capital gains Return of capital Net distributions to unitholders (164,744) (6,420) (4,337,828) (4,508,992) Total increase (decrease) in net assets 4,751,411 1,178,172 (651,420) 5,278,163 Net assets, beginning of the year 4,494,849-99,118, ,612,902 Total net assets, end of the year $ 9,246,260 $ 1,178,172 $ 98,466,633 $ 108,891,065 For the year ended December 31, 2010 Increase (decrease) in net assets from operations $ 307,269 $ - $ 5,746,034 $ 6,053,303 Capital transactions (Note 4) Proceeds from units issued 1,442,245-84,302,455 85,744,700 Reinvested distributions 141,546-3,696,797 3,838,343 Amounts paid for units redeemed (1,288,415) - (11,816,399) (13,104,814) Net capital transactions 295,376-76,182,853 76,478,229 Distributions to unitholders From net investment income (122,564) - (3,030,181) (3,152,745) From capital gains (30,432) - (666,758) (697,190) Return of capital Net distributions to unitholders (152,996) - (3,696,939) (3,849,935) Total increase (decrease) in net assets 449,649-78,231,948 78,681,597 Net assets, beginning of the year 4,045,200-20,886,105 24,931,305 Total net assets, end of the year $ 4,494,849 $ - $ 99,118,053 $ 103,612,902

13 STATEMENT OF INVESTMENT PORTFOLIO as at December 31, 2011 imaxx Canadian Fixed Pay Fund Share/Par Value Fair Value % of Fair Value Average Cost % of Average Cost CASH AND OTHER NET ASSETS $530, % $530, % SHORT TERM -- CANADIAN Canada Treasury Bill, 0.870%, February 02, ,935,000 1,933,659 1,930,865 Canada Treasury Bill, 0.879%, February 16, ,285,000 1,283,703 1,282,137 Canada Treasury Bill, 0.833%, March 01, ,750,000 1,747,652 1,746,301 Canada Treasury Bill, 0.821%, March 15, ,215,000 3,209,621 3,208,014 Canada Treasury Bill, 0.825%, March 29, ,940,000 1,936,091 1,935,713 Total 10,110, % 10,103, % TOTAL SHORT-TERM -- CANADIAN $10,110, % $10,103, % BONDS -- CANADIAN Canadian Federal Bonds Canadian Government Bond, 3.500%, June 1, , , ,370 Canadian Government Bond, 2.750%, September 01, ,136,000 3,343,838 3,332,739 Canadian Government Bond, 3.250%, June 1, ,980,000 5,535,785 5,324,979 Canadian Government Bond, 4.000%, June 1, ,772,000 3,638,700 3,250,327 Total 12,880, % 12,271, % Corporate Bonds Aeroports De Montreal, 5.670%, October 16, , , ,338 American Express Canada Credit Corp., 4.853%, October 03, , , ,271 Bank of Montreal, 2.960%, August 02, , , ,475 Bank of Montreal, 3.979%, July 8, ,000,000 1,036,457 1,000,040 Bank of Nova Scotia, 4.940%, April 15, , , ,837 Cameco Corp., 5.670%, September 2, ,000,000 1,110,521 1,004,240 Canadian Imperial Bank of Commerce, 3.400%, January 14, , , ,414 Canadian Tire Corp Ltd., 6.320%, February 24, , , ,845 Daimler Canada Finance Inc., 3.160%, April 14, , , ,951 Eagle Credit Card Trust, 5.484%, December 17, , , ,000 EPCOR Utilities Inc., 5.750%, November 24, , , ,926 ERAC Canada Finance Ltd., 5.380%, February 26, , , ,490 Ford Floorplan Auto Securitization Trust, 4.168%, June 15, , , ,000 Gloucester Credit Card Trust, 6.486%, May 15, ,247,000 1,280,572 1,345,132 Groupe Aeroplan Inc., 9.000%, April 23, ,000,000 1,014,920 1,000,000 Hydro Ottawa Holdings Inc., 4.930%, February 9, ,171,000 1,273,998 1,181,533 Intact Financial Corp., 5.410%, September 3, , , ,632 Intact Financial Corp., 6.400%, November 23, , , ,736 Inter Pipeline Fund, 3.839%, July 30, , , ,000 Leisureworld Senior Care LP, 4.814%, November 24, , , ,000 Rogers Communications Inc., 5.340%, March 22, , , ,029 Rogers Communications Inc., 6.680%, November 4, , , ,187 Scotiabank Tier I Trust, 7.802%, June 30, ,000 1,118, ,242 TD Capital Trust IV, FRN, 9.523%, June 30, , , ,537 Toronto Hydro Corp, 5.540%, May 21, , , ,557 TransCanada PipeLines Ltd., 3.650%, November 15, , , ,269 VW Credit Canada Inc., 3.600%, February 1, , , ,551 Total 20,071, % 18,917, % TOTAL BONDS -- CANADIAN $32,952, % $31,188, % BONDS -- FOREIGN Korea Korea Gas Corp., 4.580%, May 12, , , ,873 Total 600, % 578, % TOTAL BONDS -- FOREIGN $600, % $578, % MORTGAGE BACKED -- CANADIAN Canada Capital Auto Receivables Asset Trust, 4.111%, October 17, , , ,000 Falcon Trust Commercial Mortgage, 5.057%, January 15, ,000 17,236 16,729 Merrill Lynch Financial Assets Inc., 5.354%, March 12, ,000, , ,968 Merrill Lynch Financial Assets Inc., 6.450%, June 12, ,000 88,249 84,510 Merrill Lynch Financial Assets Inc., 6.108%, March 12, , , ,404 Merrill Lynch Financial Assets Inc., 4.931%, November 12, , , ,016 Real Estate Asset Liquidity Trust, 5.083%, October 12, ,000, , ,721 Score Trust, 5.629%, February 20, , , ,358 Total 2,992, % 3,044, % TOTAL MORTGAGE BACKED -- CANADIAN $2,992, % $3,044, % MORTGAGE BACKED -- FOREIGN Real Estate Asset Liquidity Trust, 4.618%, September 12, ,500,000 1,620,474 1,499,921 Total 1,620, % 1,499, % TOTAL MORTGAGE BACKED -- FOREIGN $1,620, % $1,499, % EQUITIES -- CANADIAN Consumer Discretionary Cineplex Inc. 129,591 3,327,897 2,074,166 K-Bro Linen Inc. 33, , ,178 Total 4,052, % 2,691, %

14 STATEMENT OF INVESTMENT PORTFOLIO as at December 31, 2011 imaxx Canadian Fixed Pay Fund Share/Par Value Fair Value % of Fair Value Average Cost % of Average Cost Energy ARC Resources Ltd. 227,325 5,683,125 4,666,050 Baytex Energy Corp. 101,623 5,783,365 2,894,777 Crescent Point Energy Corp. 138,551 6,211,241 3,530,859 Enbridge Inc. 128,820 4,906,754 4,164,286 Gibson Energy Inc. 33, , ,452 Inter Pipeline Fund LP 325,918 6,065,334 3,636,695 Keyera Corp. 156,165 7,770,769 3,066,820 Pembina Pipeline Corp. 140,562 4,169,069 3,434,829 TransCanada Corp. 67,722 3,013,629 2,332,510 Vermilion Energy Inc. 92,640 4,186,402 2,541,062 Total 48,424, % 30,900, % Financials Allied Properties Real Estate Investment Trust 224,034 5,656,859 4,834,467 Bank of Montreal 103,134 5,760,034 5,968,060 Boardwalk Real Estate Investment Trust 95,708 4,827,512 3,214,556 Calloway Real Estate Investment Trust 172,511 4,618,119 3,209,112 Canadian Imperial Bank of Commerce 69,322 5,112,498 5,130,168 Cominar Real Estate Investment Trust 125 2,751 1,565 Dundee Real Estate Investment Trust 105,243 3,438,289 3,302,295 First Capital Realty Inc. 201,895 3,492,784 2,864,060 H&R Real Estate Investment Trust 215,096 4,998,831 4,094,251 National Bank of Canada 55,479 4,002,255 4,261,124 NorthWest Healthcare Properties Real Estate Investment Trust 4,900 56,301 49,459 Power Corp. of Canada 121,959 2,898,965 3,388,376 Primaris Retail Real Estate Investment Trust 80,000 1,648,800 1,669,414 RioCan Real Estate Investment Trust 210,212 5,551,699 4,493,395 TMX Group Inc. 53,646 2,233,819 2,171,103 Toronto-Dominion Bank 90,361 6,890,026 6,790,387 Total 61,189, % 55,441, % Industrial Genivar Inc. 115,611 3,041,725 3,070,930 Horizon North Logistics Inc. 479,500 2,234,470 2,244,992 Wajax Corp. 74,032 2,848,751 2,821,880 Westshore Terminals Investment Corp. 170,622 3,893,594 3,982,598 Total 12,018, % 12,120, % Materials Barrick Gold Corp. 102,746 4,739,673 4,196,875 Franco-Nevada Corp. 89,510 3,471,198 3,802,494 Labrador Iron Ore Royalty Corp. 104,272 3,895,602 2,232,572 New Gold Inc., Warrants, June 28, , , ,502 Total 12,585, % 10,424, % Utilities AltaGas Ltd. 238,214 7,584,734 4,584,213 Total 7,584, % 4,584, % TOTAL EQUITIES -- CANADIAN $145,855, % $116,162, % Transaction costs (Note 2) - (208,021) (0.13%) Total Investments $194,132, % $162,369, % TOTAL NET ASSETS $194,662, % $162,900, % Summary of Investment Portfolio The fair value percentage of total net assets by major portfolio category shown in the following table: Portfolio by Category Percentage of Net Assets (%) December 31, 2011 December 31, 2010 Financials Energy Corporate Bonds Canadian Federal Bonds Materials Industrial Treasury Bill Utilities Mortgage Backed Consumer Discretionary

15 A0406YTD STATEMENTS OF NET ASSETS as at December 31 imaxx Canadian Fixed Pay Fund Assets Investments at fair value (Note 2) $ 194,132,369 $ 158,338,269 Cash 41,019 70,686 Dividends and interest receivable 1,000, ,215 Subscriptions receivable 39,850 22,889 Receivable for securities sold - 22,078 Other receivables ,681 Total assets $ 195,214,170 $ 159,419,818 Liabilities Bank overdraft - - Accrued expenses and other liabilities 17,457 15,360 Payable for units redeemed 2, Payable for investment purchases 531,404 - Other payables - - Total liabilities 551,333 16,000 Net assets representing unitholders' equity $ 194,662,837 $ 159,403,818 Net assets Class A $ 85,329,619 $ 73,163,248 Class F 182,536 46,043 Class I 109,150,682 86,194,527 Number of units outstanding (Note 4) Class A 8,603,772 7,265,448 Class F 18,607 4,683 Class I 9,087,975 7,305,999 Net assets per unit (Note 9) Class A $ 9.92 $ Class F Class I Approved by AEGON Fund Management Inc. on behalf of the Funds: Approved by: Doug Brooks President and CEO Jim Whitney CFO

16 STATEMENTS OF OPERATIONS for the years ended December 31 imaxx Canadian Fixed Pay Fund Investment income Interest on bonds and debentures $ 1,578,773 $ 1,693,571 Dividends 6,495,641 8,290,197 Short-term interest 56,403 13,806 Distribution from underlying funds - - Other income 7,266 3,940 Less foreign withholding taxes - (1,967) Total investment income 8,138,083 9,999,547 Expenses Management and advisory fees (Note 5) 2,105,809 1,903,902 Administration and recordkeeping 599, ,820 Audit fees 6,297 6,984 Custodian fees 9,967 10,078 Goods and Services/Harmonized Sales Tax 285, ,244 IRC fees 3,278 3,098 Other 72 11,711 Total expenses 3,009,836 2,677,837 Expenses absorbed by manager (Note 5) (57,056) (57,586) Net expenses 2,952,780 2,620,251 Net investment income (loss) $ 5,185,303 $ 7,379,296 Realized and unrealized gain (loss) on investments Realized gain (loss) on sale of investments $ 3,720,082 $ 12,472,091 Exchange gain (loss) on foreign currencies & other net assets (240) 1,140 Net realized gain (loss) on sale of investments 3,719,842 12,473,231 Change in unrealized appreciation (depreciation) of investments 7,880,867 8,889,597 Exchange gain (loss) on foreign currencies & other net assets - 74 Net unrealized gain (loss) on investments 7,880,867 8,889,671 Transaction Cost (104,745) (174,914) Net gain (loss) on investments $ 11,495,964 $ 21,187,988 Increase (decrease) in net assets from operations $ 16,681,267 $ 28,567,284 Increase (decrease) in net assets from operations Class A $ 6,743,630 $ 11,765,026 Class F 6,923 6,758 Class I 9,930,714 16,795,500 Increase (decrease) in net assets from operations per daily average number of units Class A $ 0.86 $ 1.62 Class F Class I

17 STATEMENTS OF CHANGES IN NET ASSETS For the year ended December 31, 2011 imaxx Canadian Fixed Pay Fund Class A Class F Class I Total Fund Increase (decrease) in net assets from operations $ 6,743,630 $ 6,923 $ 9,930,714 $ 16,681,267 Capital transactions (Note 4) Proceeds from units issued 35,599, ,221 26,060,346 61,810,061 Reinvested distributions 2,182,402 3,004 7,057,781 9,243,187 Amounts paid for units redeemed (24,813,328) (12,040) (12,454,456) (37,279,824) Net capital transactions 12,968, ,185 20,663,671 33,773,424 Distributions to unitholders From net investment income (2,256,467) (3,474) (2,284,100) (4,544,041) From capital gains Return of capital (5,289,360) (8,141) (5,354,130) (10,651,631) Net distributions to unitholders (7,545,827) (11,615) (7,638,230) (15,195,672) Total increase (decrease) in net assets 12,166, ,493 22,956,155 35,259,019 Net assets, beginning of the year 73,163,248 46,043 86,194, ,403,818 Total net assets, end of the year $ 85,329,619 $ 182,536 $ 109,150,682 $ 194,662,837 For the year ended December 31, 2010 Increase (decrease) in net assets from operations $ 11,765,026 $ 6,758 $ 16,795,500 $ 28,567,284 Capital transactions (Note 4) Proceeds from units issued 16,930,626 44,007 9,581,592 26,556,225 Reinvested distributions 2,405, ,863,419 10,269,186 Amounts paid for units redeemed (19,492,631) (28,097) (50,313,755) (69,834,483) Net capital transactions (156,318) 15,990 (32,868,744) (33,009,072) Distributions to unitholders From net investment income (2,595,900) (1,256) (2,924,578) (5,521,734) From capital gains Return of capital (4,383,508) (2,120) (4,938,513) (9,324,141) Net distributions to unitholders (6,979,408) (3,376) (7,863,091) (14,845,875) Total increase (decrease) in net assets 4,629,300 19,372 (23,936,335) (19,287,663) Net assets, beginning of the year 68,533,948 26, ,130, ,691,481 Total net assets, end of the year $ 73,163,248 $ 46,043 $ 86,194,527 $ 159,403,818

18 STATEMENT OF INVESTMENT PORTFOLIO as at December 31, 2011 imaxx Canadian Balanced Fund Share/Par Value Fair Value % of Fair Value Average Cost % of Average Cost CASH AND OTHER NET ASSETS $28, % $28, % SHORT TERM -- CANADIAN Canada Treasury Bill, 0.871%, January 19, ,000 9,996 9,978 Canada Treasury Bill, 0.887%, February 16, ,000 49,950 49,889 Total 59, % 59, % TOTAL SHORT-TERM -- CANADIAN $59, % $59, % BONDS -- CANADIAN Canadian Federal Bonds Canadian Government Bond, 3.500%, June 1, ,000 15,532 15,540 Canadian Government Bond, 2.750%, September 01, ,000 75,706 75,297 Canadian Government Bond, 3.250%, June 1, ,000 34,460 33,787 Canadian Government Bond, 4.000%, June 1, , , ,785 Total 298, % 273, % Corporate Bonds Algonquin Credit Card Trust, 5.092%, June 15, ,000 59,969 60,000 Bank of Nova Scotia, 4.940%, April 15, ,000 31,764 29,991 Cameco Corp., 5.670%, September 2, ,000 44,421 40,672 Canadian Tire Corp Ltd., 6.320%, February 24, ,000 16,450 16,151 CIBC Capital Trust, 9.976%, June 30, ,000 62,233 57,060 Eagle Credit Card Trust, 5.484%, December 17, ,000 31,243 30,000 EnerCare Solutions Inc., 6.750%, April 30, ,000 10,650 10,758 EPCOR Utilities Inc., 5.750%, November 24, ,000 23,869 21,173 Ford Floorplan Auto Securitization Trust, 4.168%, June 15, ,000 41,186 40,000 Glacier Credit Card Trust, 6.027%, February 20, ,000 18,672 18,474 Glacier Credit Card Trust, 4.128%, November 20, ,000 29,014 28,000 Gloucester Credit Card Trust, 5.376%, May 15, ,000 75,252 65,951 Gloucester Credit Card Trust, 6.486%, May 15, ,000 30,808 29,355 Intact Financial Corp., 5.410%, September 3, ,000 54,530 49,977 Intact Financial Corp., 6.400%, November 23, ,000 39,268 34,770 Inter Pipeline Fund, 3.839%, July 30, ,000 26,099 25,000 Rogers Communications Inc., 5.340%, March 22, ,000 37,994 35,967 Rogers Communications Inc., 6.680%, November 4, ,000 11,555 10,171 Royal Bank of Canada, FRN, 5.000%, June 6, ,000 26,027 26,198 TD Capital Trust IV, FRN, 9.523%, June 30, ,000 23,632 23,302 Union Gas Ltd., 4.640%, June 30, ,000 44,011 43,052 VW Credit Canada Inc., 3.600%, February 1, ,000 15,433 14,985 Total 754, % 711, % TOTAL BONDS -- CANADIAN $1,053, % $984, % BONDS -- FOREIGN Korea Korea Gas Corp., 4.580%, May 12, ,000 22,835 21,995 Total 22, % 21, % TOTAL BONDS -- FOREIGN $22, % $21, % MORTGAGE BACKED -- CANADIAN ClareGold Trust, 5.063%, May 15, ,000 43,854 38,636 Merrill Lynch Financial Assets Inc., 4.942%, March 12, ,000 24,526 24,998 Merrill Lynch Financial Assets Inc., 5.139%, March 12, ,000 23,652 24,998 Total 92, % 88, % TOTAL MORTGAGE BACKED -- CANADIAN $92, % $88, % EQUITIES -- CANADIAN Consumer Discretionary Canadian Tire Corp Ltd., Class A ,684 30,615 Corus Entertainment Inc., Class B 1,005 20,623 21,604 Magna International Inc ,152 31,590 Thomson Reuters Corp ,541 32,356 Total 103, % 116, % Consumer Staples Metro Inc., Class A ,593 31,966 Total 40, % 31, % Energy ARC Resources Ltd. 1,137 28,425 27,298 Baytex Energy Corp ,048 28,927 Calfrac Well Services Ltd ,461 21,610 Canadian Natural Resources Ltd. 1,998 76,044 64,555 Cenovus Energy Inc. 1,287 43,539 34,398 Crescent Point Energy Corp ,798 28,040

19 STATEMENT OF INVESTMENT PORTFOLIO as at December 31, 2011 imaxx Canadian Balanced Fund Share/Par Value Fair Value % of Fair Value Average Cost % of Average Cost Enbridge Inc. 1,116 42,508 23,508 EnCana Corp ,796 29,341 MEG Energy Corp ,243 30,773 Progress Energy Resources Corp. 1,554 20,575 13,282 Suncor Energy Inc. 2,309 67,838 75,894 Talisman Energy Inc. 1,975 25,636 24,941 Tourmaline Oil Corp. 1,248 33,234 26,227 TransCanada Corp ,203 15,637 Total 485, % 444, % Financials Bank of Montreal 1,017 56,799 56,367 Bank of Nova Scotia 1,245 63,209 47,726 Canadian Imperial Bank of Commerce ,889 15,825 Home Capital Group Inc ,904 15,604 Intact Financial Corp ,570 32,808 Manulife Financial Corp. 1,635 17,707 39,065 National Bank of Canada ,742 25,238 Onex Corp ,277 14,037 Power Corp. of Canada 1,617 38,436 36,922 Royal Bank of Canada 2, ,743 97,160 Toronto-Dominion Bank 1, ,299 97,277 Total 541, % 478, % Industrial CAE Inc. 2,251 22,172 28,880 Canadian National Railway Co ,919 25,846 SNC-Lavalin Group Inc ,589 31,583 Total 98, % 86, % Information Technology CGI Group Inc., Class A 1,836 35,233 18,303 Total 35, % 18, % Materials Agrium Inc ,485 13,291 Barrick Gold Corp. 1,759 81,143 76,238 First Quantum Minerals Ltd. 1,115 22,300 23,490 Franco-Nevada Corp ,686 24,715 Goldcorp Inc. 1,823 82,236 67,077 Kinross Gold Corp. 1,708 19,830 33,562 Kinross Gold Corp., Warrants, September 17, Potash Corp. of Saskatchewan Inc ,512 33,479 Teck Resources Ltd., Class B ,337 28,907 Total 330, % 301, % Telecommunication Services Rogers Communications Inc., Class B ,385 17,277 TELUS Corp ,356 27,860 Total 57, % 45, % TOTAL EQUITIES -- CANADIAN $1,692, % $1,521, % EQUITIES -- FOREIGN Financials Wells Fargo & Co. 1,377 38,643 37,762 Total 38, % 37, % TOTAL EQUITIES -- FOREIGN $38, % $37, % Transaction costs (Note 2) - (2,241) (0.08%) Total Investments $2,959, % $2,712, % TOTAL NET ASSETS $2,987, % $2,740, % Summary of Investment Portfolio The fair value percentage of total net assets by major portfolio category shown in the following table: Portfolio by Category Percentage of Net Assets (%) December 31, 2011 December 31, 2010 Corporate Bonds Financials Energy Materials Canadian Federal Government Consumer Discretionary Industrial Mortgage Backed Canadian Treasury Bill Telecommunication Services Consumer Staples Information Technology

20 A0406YTD STATEMENTS OF NET ASSETS as at December 31 imaxx Canadian Balanced Fund Assets Investments at fair value (Note 2) $ 2,959,348 $ 3,513,653 Cash 13,716 10,090 Dividends and interest receivable 14,802 13,040 Subscriptions receivable - - Receivable for securities sold 22,047 16,080 Other receivables Total assets $ 3,009,916 $ 3,553,187 Liabilities Bank overdraft - - Accrued expenses and other liabilities Payable for units redeemed - - Payable for investment purchases 22,211 - Other payables - - Total liabilities 22, Net assets representing unitholders' equity $ 2,987,475 $ 3,552,876 Net assets Class A $ 1,612,429 $ 2,189,109 Class I 17,266 5,740 Class I - seed 1,357,780 1,358,027 Number of units outstanding (Note 4) Class A 157, ,361 Class I 1, Class I - seed 126, ,188 Net assets per unit (Note 9) Class A $ $ Class I Class I - seed Approved by AEGON Fund Management Inc. on behalf of the Funds: Approved by: Doug Brooks President and CEO Jim Whitney CFO

21 STATEMENTS OF OPERATIONS for the years ended December 31 imaxx Canadian Balanced Fund Investment income Interest on bonds and debentures $ 61,676 $ 67,655 Dividends 42,998 44,348 Short-term interest Distribution from underlying funds - - Other income Less foreign withholding taxes - - Total investment income 105, ,791 Expenses Management and advisory fees (Note 5) 34,982 38,308 Administration and recordkeeping 14,112 15,985 Audit fees 6,297 6,984 Custodian fees 2,548 3,230 Goods and Services Tax/Harmonized Sales Tax 7,312 5,518 IRC fees 3,278 3,098 Other Total expenses 68,543 73,141 Expenses absorbed by manager (Note 5) (20,191) (22,380) Net expenses 48,352 50,761 Net investment income (loss) $ 56,939 $ 62,030 Realized and unrealized gain (loss) on investments Realized gain (loss) on sale of investments $ 18,660 $ 234,538 Exchange gain (loss) on foreign currencies & other net assets (276) 3 Net realized gain (loss) on sale of investments 18, ,541 Change in unrealized appreciation (depreciation) of investments (119,861) 56,352 Exchange gain (loss) on foreign currencies & other net assets - - Net unrealized gain (loss) on investments (119,861) 56,352 Transaction Cost (782) (1,888) Net gain (loss) on investments $ (102,259) $ 289,005 Increase (decrease) in net assets from operations $ (45,320) $ 351,035 Increase (decrease) in net assets from operations Class A $ (44,900) $ 182,660 Class I (174) 305 Class I - seed (246) 168,070 Increase (decrease) in net assets from operations per daily average number of units Class A $ (0.24) $ 0.91 Class I (0.17) 1.02 Class I - seed

22 STATEMENTS OF CHANGES IN NET ASSETS imaxx Canadian Balanced Fund Class A Class I Class I - Seed Total Fund For the year ended December 31, 2011 Increase (decrease) in net assets from operations $ (44,900) $ (174) $ (246) $ (45,320) Capital transactions (Note 4) Proceeds from units issued 290,108 11, ,808 Reinvested distributions 9, ,449 56,293 Amounts paid for units redeemed (820,271) - - (820,271) Net capital transactions (520,786) 12,167 46,449 (462,170) Distributions to unitholders From net investment income (10,994) (467) (46,450) (57,911) From capital gains Return of capital Net distributions to unitholders (10,994) (467) (46,450) (57,911) Total increase (decrease) in net assets (576,680) 11,526 (247) (565,401) Net assets, beginning of the year 2,189,109 5,740 1,358,027 3,552,876 Total net assets, end of the year $ 1,612,429 $ 17,266 $ 1,357,780 $ 2,987,475 For the year ended December 31, 2010 Increase (decrease) in net assets from operations $ 182,660 $ 305 $ 168,070 $ 351,035 Capital transactions (Note 4) Proceeds from units issued 399,357 5, ,792 Reinvested distributions 20, ,997 63,135 Amounts paid for units redeemed (543,050) - (1,050,000) (1,593,050) Net capital transactions (122,720) 5,600 (1,008,003) (1,125,123) Distributions to unitholders From net investment income (23,716) (165) (41,997) (65,878) From capital gains Return of capital Net distributions to unitholders (23,716) (165) (41,997) (65,878) Total increase (decrease) in net assets 36,224 5,740 (881,930) (839,966) Net assets, beginning of the year 2,152,885-2,239,957 4,392,842 Total net assets, end of the year $ 2,189,109 $ 5,740 $ 1,358,027 $ 3,552,876

23 STATEMENT OF INVESTMENT PORTFOLIO as at December 31, 2011 imaxx Canadian Small Cap Fund Share/Par Value Fair Value % of Fair Value Average Cost % of Average Cost CASH AND OTHER NET ASSETS $4, % $4, % SHORT TERM -- CANADIAN Canada Treasury Bill, 0.870%, February 02, ,000 74,849 74,849 Total 74, % 74, % TOTAL SHORT-TERM -- CANADIAN $74, % $74, % EQUITIES -- CANADIAN Consumer Discretionary Astral Media Inc., Class A ,119 11,678 Bauer Performance Sports Ltd. 3,333 20,731 24,998 Cogeco Cable Inc ,513 12,796 Corus Entertainment Inc., Class B ,468 12,987 Glentel Inc ,159 5,042 Linamar Corp ,551 15,940 Sigma Industries Inc., Warrants, March 15, , The Keg Royalties Income Fund 1,308 16,612 17,244 Total 106, % 100, % Consumer Staples Atrium Innovations Inc ,795 10,144 The Jean Coutu Group PJC Inc. 1,232 15,696 8,977 Total 24, % 19, % Energy ARC Resources Ltd. 1,022 25,550 21,318 Baytex Energy Corp ,406 25,988 Bellatrix Exploration Ltd. 4,400 21,604 19,958 BlackPearl Resources Inc. 6,907 28,388 14,867 Calfrac Well Services Ltd. 1,185 33,666 30,648 Celtic Exploration Ltd. 1,283 29,214 13,577 Keyera Corp ,692 23,589 MEG Energy Corp ,708 20,870 Pinecrest Energy Inc. 11,500 27,255 27,998 Tourmaline Oil Corp. 1,110 29,559 28,950 Vermilion Energy Inc ,363 21,227 Total 304, % 248, % Financials Canadian Western Bank ,169 13,371 FirstService Corp ,655 10,926 Guardian Capital Group Ltd., Class A 3,070 28,735 25,684 Home Capital Group Inc ,720 13,081 Intact Financial Corp ,148 20,721 Laurentian Bank of Canada ,196 32,238 Morguard Corp ,976 18,246 RioCan Real Estate Investment Trust 1,000 26,410 25,930 Total 207, % 160, % Health Care SXC Health Solutions Corp ,384 11,593 Total 31, % 11, % Industrial Progressive Waste Solutions Ltd. 1,063 21,186 16,954 Stantec Inc ,650 20,906 Wajax Corp ,240 19,151 Total 61, % 57, % Materials Augusta Resource Corp. 4,500 14,265 18,615 CCL Industries Inc ,621 9,858 Detour Gold Corp. 1,214 30,435 10,281 IAMGOLD Corp. 1,045 16,877 16,780 Kinross Gold Corp., Warrants, September 17, Labrador Iron Ore Royalty Corp ,689 28,556 Major Drilling Group International Inc. 1,233 19,062 5,446 Northern Dynasty Minerals Ltd. 1,000 6,150 11,383 Orbite Aluminae Inc. 7,400 17,464 27,160 Osisko Mining Corp. 1,633 16,003 15,097 Tigray Resources Inc Total 171, % 144, % Utilities AltaGas Ltd. 1,202 38,273 32,906 Total 38, % 32, % TOTAL EQUITIES -- CANADIAN $944, % $774, %