Ninepoint Partners LP Ninepoint Corporate Class Inc.

Transcription

1 Ninepoint Partners LP Ninepoint Corporate Class Inc. NINEPOINT RESOURCE CLASS NINEPOINT DIVERSIFIED BOND CLASS NINEPOINT SHORT-TERM BOND CLASS NINEPOINT SILVER EQUITIES CLASS NINEPOINT ENHANCED EQUITY CLASS NINEPOINT ENHANCED BALANCED CLASS NINEPOINT REAL ASSET CLASS NINEPOINT ENHANCED U.S. EQUITY CLASS NINEPOINT FOCUSED GLOBAL DIVIDEND CLASS NINEPOINT FOCUSED U.S. DIVIDEND CLASS Interim Financial Statements June

2 Contents 3 Ninepoint Resource Class (formerly, Sprott Resource Class) 14 Ninepoint Diversified Bond Class (formerly, Sprott Diversified Bond Class) 23 Ninepoint Short-Term Bond Class (formerly, Sprott Short-Term Bond Class) 30 Ninepoint Silver Equities Class (formerly, Sprott Silver Equities Class) 38 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) 51 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) 63 Ninepoint Real Asset Class (formerly, Sprott Real Asset Class) 72 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) 84 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) 94 Ninepoint Focused U.S. Dividend Class (formerly, Sprott Focused U.S. Dividend Class) 103 Notes to Financial Statements These interim financial statements for the six-month period ended June 30, 2018, were not reviewed by the Funds auditors. 2

3 Ninepoint Resource Class (formerly, Sprott Resource Class) Statements of Financial Position (in Canadian Dollars) As at June 30, 2018 (unaudited) and December 31, Assets Current assets Investments (excluding derivatives) (note 3, 5) 35,718,075 41,102,381 Cash 2,229,913 2,940,920 Broker margin (note 11) 12 - Subscriptions receivable 1, ,966 Dividends receivable 8,650 8,050 Interest receivable Prepaid expenses 6,845 - Total assets 37,964,752 44,177,317 Liabilities Current liabilities Due to broker 215, ,875 Redemptions payable 89,727 4,319 Accrued expenses - 25,670 Incentive fees payable (note 12) - 1,416,133 Management fees payable (note 12) 73,358 - Total liabilities 378,920 2,200,997 Net Assets attributable to holders of redeemable shares 37,585,832 41,976,320 Net Assets attributable to holders of redeemable shares per series Series A 25,975,960 36,138,189 Series D 8,514 - Series F 11,601,358 5,838,131 Net Assets attributable to holders of redeemable shares per series per share (note 8) Series A Series D Series F See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Ninepoint Partners LP, by the Board of Directors of Ninepoint Corporate Class Inc. James Fox DIRECTOR Stuart J. Freeman DIRECTOR 3

4 Ninepoint Resource Class (formerly, Sprott Resource Class) Statements of Comprehensive Income (Loss) (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Income Net gain (loss) on investments and derivatives: (1) Interest income for distribution purposes (note 3) 3, Dividends (note 3) 27,565 93,899 Net realized gains on sales of investments 1,334,786 2,175,431 Net realized gains (losses) on option contracts (21,681) 2,846 Change in unrealized depreciation in the value of investments (11,062,816) (3,971,860) Change in unrealized appreciation (depreciation) on option contracts 21,681 (18,854) Net realized gains on foreign exchange 2,491 23,003 Other income 6,074 - Total loss (9,688,633) (1,694,776) Expenses (note 12, 13) Management fees 523, ,747 Transaction costs (note 3, 14) 163, ,290 Unitholder reporting costs 60,940 41,993 Administrative fees 21,034 18,391 Filing fees 17,335 8,618 Audit fees 9,793 7,016 Legal fees 5,917 4,938 Custodial fees 5,184 7,252 Directors' fees 4,047 3,383 Independent Review Committee fees (note 15) 1,809 2,535 Incentive fees (note 12) - 331,707 Withholding taxes - 1,324 Total expenses 813,488 1,523,194 Decrease in Net Assets attributable to holders of redeemable shares from operations (10,502,121) (3,217,970) Decrease in Net Assets attributable to holders of redeemable shares from operation per series Series A Series D Series F (5,715,948) (2,637,568) (337) - (4,785,836) (580,402) Weighted average number of redeemable shares Series A 3,108,521 4,437,333 Series D Series F 1,518,463 1,235,183 Decrease in Net Assets attributable to holders of redeemable shares from operations per series per share (note 3) Series A Series D Series F (1.84) (0.59) (0.38) - (3.15) (0.47) See accompanying notes which are an integral part of these financial statements 4

5 Ninepoint Resource Class (formerly, Sprott Resource Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Net Assets attributable to holders of redeemable shares, beginning of period Series A 36,138,189 27,528,426 Series D - - Series F 5,838,131 10,700,303 41,976,320 38,228,729 Decrease in Net Assets attributable to holders of redeemable shares from operations Series A Series D Series F (5,715,948) (2,637,568) (337) - (4,785,836) (580,402) (10,502,121) (3,217,970) Redeemable share transactions (note 8) Proceeds from redeemable shares issued Series A 2,104,845 39,241,197 Series D 8,851 - Series F 39,059,119 6,034,714 Redemption of redeemable shares Series A (6,551,126) (32,661,249) Series D Series F - - (28,510,056) (7,564,331) 6,111,633 5,050,331 Net increase (decrease) in Net Assets attributable to holders of redeemable shares Series A (10,162,229) 3,942,380 Series D 8,514 - Series F 5,763,227 (2,110,019) (4,390,488) 1,832,361 Net Assets attributable to holders of redeemable shares, end of period Series A 25,975,960 31,470,806 Series D 8,514 - Series F 11,601,358 8,590,284 37,585,832 40,061,090 5

6 Ninepoint Resource Class (formerly, Sprott Resource Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares continued Changes in outstanding redeemable shares of the Fund for the six-month periods ended June 30 (unaudited) were as follows: Series A Series D Series F Series A Series F Shares, beginning of period 3,386, ,951 3,198,234 1,179,779 Subscriptions 210, ,579,352 4,337, ,362 Reinvested distributions Redemptions (684,612) - (2,865,707) (3,641,448) (837,579) Shares, end of period 2,911, ,236,596 3,894,325 1,004,562 See accompanying notes which are an integral part of these financial statements 6

7 Ninepoint Resource Class (formerly, Sprott Resource Class) Statements of Cash Flows (in Canadian Dollars) For the six-month periods ended June 30 (unaudited) Cash flows from operating activities Decrease in net assets attributable to holders of redeemable shares from operations (10,502,121) (3,217,970) Adjustments for: Foreign exchange (gains) losses on cash (659) 31,334 Net realized (gains) on sales of investments (1,334,786) (2,175,431) Net realized (gains) losses on options contracts 21,681 (2,846) Change in unrealized depreciation in the value of investments 11,062,816 3,971,860 Change in unrealized (appreciation) depreciation on options contracts (21,681) 18,854 Purchases of investments (14,005,871) (50,803,659) Proceeds from sales of investments 44,408,313 83,130,269 Net increase (decrease) in other assets and liabilities (1,376,134) 330,484 Net cash provided by operating activities 28,251,558 31,282,895 Cash flows from financing activities Proceeds from redeemable shares issued 4,881,039 5,848,307 Redemption of redeemable shares (33,844,263) (38,782,914) Net cash used in financing activities (28,963,224) (32,934,607) Foreign exchange gains (loss) on cash 659 (31,334) Net decrease in cash (711,666) (1,651,712) Cash at beginning of period 2,940,920 3,375,778 Cash at end of period 2,229,913 1,692,732 Supplemental Information Interest received 3, Dividends received, net of withholding taxes 18,915 95,489 See accompanying notes which are an integral part of these financial statements 7

8 Ninepoint Resource Class (formerly, Sprott Resource Class) Schedule of Investment Portfolio As at June 30, 2018 (unaudited) Expiry Date Average Cost Fair Value SHARES EQUITIES [95.03%] MATERIALS [56.16%] 5,765 Alamos Gold Inc., Warrants Jan 7, ,730 55,000 Alio Gold Inc., Warrants Jul 20, , ,000 Alphamin Resources Corp., Warrants Jun 29, ,648 23, ,400 Argonaut Gold Inc. 968, ,584 1,250,000 Aurelius Minerals Inc., Warrants Dec 31, ,038 2,050 2,668,900 BonTerra Resources Inc. 1,464,653 1,080,905 2,958,026 Cardinal Resources Ltd. 1,271,930 1,266, ,700 Continental Gold Inc. 2,029,621 2,204, ,468 First Cobalt Corp. 200,475 96, ,000 Garibaldi Resources Corp., Warrants Oct 3, ,950 1,767,259 40,000 Garibaldi Resources Corp., Warrants Oct 28, ,032 7, ,000 Golden Predator Mining Corp., Warrants Jul 27, ,845-1,000,000 IDM Mining Ltd. 90,450 70,000 80,000 Kirkland Lake Gold Ltd. 728,080 2,227,200 3,289,474 Lithium Power International Ltd., Warrants Jul 6, , ,024 3,333,350 Lucky Minerals Inc. 466, ,335 3,333,350 Lucky Minerals Inc., Warrants Nov 23, ,717 21, ,000 M2 Cobalt Corp., Warrants Jan 17, ,400 33,500,000 Metal Tiger PLC., Warrants Apr 27, , , ,391 MGX Minerals Inc. 1,559, , ,000 MGX Minerals Inc.* Oct 26, , , ,395 MGX Minerals Inc., Warrants Dec 27, , , ,000 MGX Minerals Inc., Warrants Jun 26, , ,000 Millennial Lithium Corp., Warrants Sep 26, , ,352 71,750 Millennial Lithium Corp., Warrants Jul 13, , ,500 Neo Lithium Corp. 1,216,842 1,049,967 50,000 Nevsun Resources Ltd. 215, ,500 37,500 Osisko Gold Royalties Ltd., Warrants Feb 26, ,502 13, ,000 Osisko Metals Inc., Warrants Jul 18, ,925 7, ,900 Osisko Mining Inc., Warrants Aug 28, , ,100 Pretium Resources Inc. 1,960,901 1,780, ,000 Prosper Gold Corp., Warrants Aug 5, , ,000 Prosper Gold Corp., Warrants Nov 1, ,400,000 Purepoint Uranium Group Inc., Warrants Apr 26, ,544 4,344 1,500,000 Quest Rare Minerals Ltd., Warrants Feb 22, ,480,000 Rio2 Ltd. 1,302,400 1,272,800 1,653,300 Roxgold Inc. 2,284,275 1,851, ,100 Sabina Gold & Silver Corp. 1,119, , ,000 Shear Diamonds Ltd ,700 Tahoe Resources Inc. 1,522,617 1,550,859 21,438,344 21,108,166 ENERGY [30.66%] 250,000 Birchcliff Energy Ltd. 2,009,753 1,205,000 1,649,800 Blackbird Energy Inc. 829, , ,000 Cuda Energy Inc., Class A** 700, , ,551 Ikkuma Resources Corp. 728, ,543 1,187,000 Leucrotta Exploration Inc. 2,302,564 2,326, ,000 NexGen Energy Ltd. 1,019,367 1,215,000 90,500 Parex Resources Inc. 1,585,593 2,246,210 1,250,000 Pentanova Energy Corp., Warrants Jul 31, , ,000 Smart Sand Inc. 692, , ,200 Valeura Energy Inc. 575, , ,747 Yangarra Resources Ltd. 1,388,305 1,959,758 11,852,078 11,522,974 8

9 Ninepoint Resource Class (formerly, Sprott Resource Class) Schedule of Investment Portfolio continued As at June 30, 2018 (unaudited) Expiry Date Average Cost Fair Value SHARES HEALTH CARE [5.67%] 111,500 Hydropothecary Corp., Warrants Jan 30, ,100 1,872,481 Liberty Health Sciences Inc. 2,269,183 1,797, ,500 Liberty Health Sciences Inc., Warrants May 8, , ,500 Maricann Group Inc., Warrants Jan 9, ,699 2,269,183 2,131,805 INFORMATION TECHNOLOGY [2.54%] 22,500 BTL Group Ltd., Warrants Nov 23, , ,700,000 CryptoStar Inc.** 850, ,000 1,750,000 Fortress Blockchain Corp.** 875, , ,000 Hive Blockchain Technologies Ltd., Warrants Nov 14, ,179 32,800 20,000 Hut 8 Mining Corp.* Jul 6, ,000 57,774 2,020, ,893 TELECOMMUNICATION SERVICES [0.00%] 675,700 QYOU Media Inc., Warrants Nov 21, ,683 1,237 23,683 1,237 Total Equities 37,603,816 35,718,075 Transaction Costs (note 3) (57,621) Total Investments [95.03%] 37,546,195 35,718,075 Cash and Other Assets Less Liabilities [4.97%] 1,867,757 Total Net Assets attributable to holders of redeemable shares [100.00%] 37,585,832 * Securities that are restricted for resale until the date indicated, or under Rule 144 of the Securities Act of 1933 for those noted R1933. ** Private Company. See accompanying notes which are an integral part of these financial statements 9

10 Ninepoint Resource Class (formerly, Sprott Resource Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Financial Risk Management (note 6) Investment Objective The investment objective of the Fund is to seek to achieve long-term capital growth. The Fund invests primarily in equity and equity-related securities of companies in Canada and around the world that are involved directly or indirectly in the natural resource sector. The Schedule of Investment Portfolio represents the securities held by the Fund as at June 30, Significant risks that are relevant to the Fund are discussed here. General information on risk management is described in Note 6. Market Risk a) Other Price Risk As at June 30, 2018 and December 31, 2017, if the S&P/TSX Capped Materials Total Return Index and S&P/TSX Capped Energy Total Return Index were to fluctuate by 10%, with all other variables held constant, Net Assets attributable to holders of redeemable shares would increase or decrease by the amounts shown in the table below. This is a measure based on the historical relationship of the Fund s performance against the index noted above. The composition of this calculation contains several subjective components that, although reasonably estimated, could alter the resulting calculation should these components be modified based on revised assumptions. June 30, 2018 December 31, 2017 Impact ($ 000) As a % of Net Assets attributable to holders of redeemable shares Impact ($ 000) As a % of Net Assets attributable to holders of redeemable shares 4, % 4, % b) Currency Risk The tables below summarize the Fund s exposure to currency risk as at June 30, 2018 and December 31, The tables also illustrate the potential impact to the Fund s Net Assets attributable to holders of redeemable units as a result of 1% changes in these currencies relative to the Canadian dollar, with all other variables held constant. June 30, 2018 % of Net Assets attributable to holders of redeemable shares Impact on Net Assets attributable to holders of redeemable shares ($ 000) Currency Fair Value ($ 000) Australian Dollar 1, U.S. Dollar Pound Sterling Mexican Peso (190) (0.51) (2) 1, December 31, 2017 % of Net Assets attributable to holders of redeemable shares Impact on Net Assets attributable to holders of redeemable shares ($ 000) Currency Fair Value ($ 000) Australian Dollar 1, Pound Sterling ,

11 Ninepoint Resource Class (formerly, Sprott Resource Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) c) Interest Rate Risk As at June 30, 2018 and December 31, 2017, the Fund did not have a significant exposure to interest rate risk. Credit Risk As at June 30, 2018 and December 31, 2017, the Fund did not have a significant exposure to credit risk. Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable shares as at June 30, 2018 and December 31, June 30, 2018 December 31, 2017 Equities: Materials 56.16% 46.86% Energy 30.66% 26.49% Health Care 5.67% 18.45% Information Technology 2.54% 4.31% Telecommunication Services 0.00% Utilities 1.81% Cash and Other Assets Less Liabilities 4.97% 2.08% Total Net Assets attributable to holders of redeemable shares % % Fair Value Measurements (note 5) The Fund s assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at June 30, 2018 and December 31, 2017: June 30, 2018 Level 1 Level 2 Level 3 Total Equities Long 30,609, ,084 1,433,416 32,693,075 Warrants 214,432 2,810, ,025,000 30,824,007 3,460,377 1,433,691 35,718,075 December 31, 2017 Level 1 Level 2 Level 3 Total Equities Long 35,384,674 1,863,484 37,248,158 Warrants 2,480,391 1,373,832 3,854,223 37,865,065 3,237,316 41,102,381 During the six months ended June 30, 2018 and year ended December 31, 2017, there were no significant transfers between levels other than the transfers indicated below. The reconciliation of investments measured at fair value using unobservable inputs (Level 3) for the six months ended June 30, 2018 and year ended December 31, 2017, is presented as follows: 11

12 Ninepoint Resource Class (formerly, Sprott Resource Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) June 30, 2018 December 31, 2017 Warrants Equities Warrants Equities Balance at beginning of period Purchases 2,425,000 2,329,900 Sales (1,423,675) Net transfers in (out) 275 (333,600) Realized losses (656,025) Change in unrealized gains (991,584) 83,400 Balance at end of period 275 1,433,416 Change in unrealized gains during the year for investments held at end of period (991,584) The Fund s Level 3 securities consist of private warrant and private equity positions. The Manager determines the fair value by utilizing a variety of valuation techniques such as the use of comparable recent transactions, discounted cash flows and other techniques used by market participants. The significant unobservable input used in these valuation techniques can vary considerably over time depending on company specific factors and economic or market conditions. The potential impact of applying reasonable possible alternative assumptions for valuing material Level 3 financial assets or liabilities is as follows: June 30, 2018 Increase Decrease Impact on Net assets attributable to holders of redeemable units 0.44% (0.37%) December 31, 2017 Increase Decrease Impact on Net assets attributable to holders of redeemable units 0.00% (0.00%) Related Party Holdings Ninepoint Financial Group, the parent company of the Fund manager, and its respective subsidiaries, held the following investments in the Fund as at June 30, 2018 and December 31, 2017, respectively: June 30, 2018 December 31, 2017 Units held Class A Value of units held ($) 1,091 1,305 Management Fees (note 12) This fee differs among the series of shares of the Fund as set out in the chart below: Series A Series D Series F Series I* Up to 2.50% Up to 2.00% Up to 1.50% Negotiated by the Shareholder * The management fee for Series I shares of the Fund is negotiated by the investor and paid directly by the investor or by the Fund, and would not exceed the management fee for Series A shares of the Fund. 12

13 Ninepoint Resource Class (formerly, Sprott Resource Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Flow-Through LP Mergers During the six months ended June 30, 2018 and year ended December 31, 2017, the Fund acquired all the assets of the flow-through partnerships listed below, and in exchange, the Fund issued shares to such partnerships. In turn, the shares were distributed to the limited partners of the partnerships. The Manager was the investment advisor to the limited partnerships. The General Partners of the limited partnerships were under common control of the Manager. Tax elections were made which allowed the transfer of assets to occur on a taxdeferred basis. Merger Date Flow-Through Partnerships Number of shares issued by the Fund Fair Value of Assets Acquired by the Fund January 24, 2017 Sprott 2015 Flow-Through LP 2,231,223 $20,184,313 January 24, 2017 Sprott 2016 Short Duration Flow-Through LP 1,959,840 $17,729,301 January 26, 2018 Sprott 2016-II Flow-Through LP 3,220,570 $35,285,206 Sharing Arrangements (note 14) The Fund paid $nil out of the total transaction costs incurred to certain brokers for research expenses provided to the portfolio manager during the six months ended June 30, 2018 (June 30, $5,888). Securities Lending (note 3) As at June 30, 2018 and December 31, 2017 the market values of securities loaned and related collateral amounts were as follows: June 30, 2018 December 31, 2017 Securities loaned 520,000 Collateral amounts 530,401 Collateral as a percentage of securities loaned 102% For the periods ended June 30, 2018 and 2017, securities lending income was as follows: Gross securities lending income Securities lending charges Net securities lending income June 30, 2018 June 30, 2017 Withholding taxes on securities lending income Net securities lending income received by the Fund For the period ended June 30, 2018 securities lending charges represent nil (June 30, 2017 nil) of the gross securities lending income. See accompanying generic notes which are an integral part of these financial statements 13

14 Ninepoint Diversified Bond Class (formerly, Sprott Diversified Bond Class) Statements of Financial Position (in Canadian Dollars) As at June 30, 2018 (unaudited) and December 31, Assets Current assets Investments (note 3, 5) 182,756,075 87,952,284 Subscriptions receivable 1,169,423 14,978 Other assets - 6,083 Total assets 183,925,498 87,973,345 Liabilities Current liabilities Bank indebtedness 69, ,681 Due to broker 742,826 45,154 Redemptions payable 1,079,310 24,402 Accrued expenses 21,685 - Management fees payable (note 12) 121,162 - Total liabilities 2,034, ,237 Net Assets attributable to holders of redeemable shares 181,890,536 87,635,108 Net Assets attributable to holders of redeemable shares per series Series A 20,979,658 16,158,334 Series D 12,014 - Series F 66,092,329 42,321,787 Series FT 10,012,113 9,945,123 Series P 148,652 93,653 Series T 3,707,144 3,805,841 Series PF 19,091,544 15,301,149 Series QF 61,847,082 9,221 Net Assets attributable to holders of redeemable shares per series per share (note 8) Series A Series D Series F Series FT Series P Series T Series PF Series QF See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Ninepoint Partners LP, by the Board of Directors of Ninepoint Corporate Class Inc. James Fox DIRECTOR Stuart J. Freeman DIRECTOR 14

15 Ninepoint Diversified Bond Class (formerly, Sprott Diversified Bond Class) Statements of Comprehensive Income (Loss) (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Income Net gain (loss) on investments: (1) Interest income for distribution purposes (note 3) 66 - Distribution income (note 3) 2,485,905 1,694,265 Net realized gains on sales of investments 16,744 72,777 Change in unrealized appreciation (depreciation) in the value of investments (1,604,154) 781,957 Other income 15,866 - Total income 914,427 2,548,999 Expenses (note 12, 13) Management fees 596, ,787 Unitholder reporting costs 57,852 34,758 Administrative fees 34,550 11,071 Filing fees 11,574 28,100 Legal fees 5,867 5,088 Directors' fees 4,012 3,063 Audit fees 2,052 2,656 Independent Review Committee fees (note 15) 1,793 2,593 Custodial fees 1,086 1,053 Total expenses 714, ,169 Expenses waived/absorbed by the Manager (note 13) - (49,845) Net expenses 714, ,324 Increase in Net Assets attributable to holders of redeemable shares from operations 199,540 2,122,675 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operation per series Series A (43,495) 379,914 Series D 14 - Series F 131,111 1,076,105 Series FT 28, ,676 Series P (200) (435) Series T (6,536) 112,793 Series PF 58, ,685 Series PFT - (331) Series QF 32,269 98,268 Weighted average number of redeemable shares Series A 1,423,635 1,137,402 Series D 1,200 - Series F 3,751,987 2,593,433 Series FT 1,045,261 1,009,004 Series P 11,224 4,200 Series T 410, ,445 Series PF 1,471, ,132 Series PFT - 5,879 Series QF 2,431, ,341 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operation per series per share (note 3) Series A (0.03) 0.33 Series D Series F Series FT Series P (0.02) (0.10) Series T (0.02) 0.26 Series PF Series PFT - (0.06) Series QF See accompanying notes which are an integral part of these financial statements 15

16 Ninepoint Diversified Bond Class (formerly, Sprott Diversified Bond Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Net Assets attributable to holders of redeemable shares, beginning of period Series A 16,158,334 13,572,523 Series D - - Series F 42,321,787 32,229,738 Series FT 9,945,123 6,139,303 Series P 93,653 - Series T 3,805,841 4,115,981 Series PF 15,301,149 6,734,641 Series PFT - - Series QF 9,221-87,635,108 62,792,186 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations Series A (43,495) 379,914 Series D 14 - Series F 131,111 1,076,105 Series FT 28, ,676 Series P (200) (435) Series T (6,536) 112,793 Series PF 58, ,685 Series PFT - (331) Series QF 32,269 98, ,540 2,122,675 Distributions to holders of redeemable shares From return of capital Series A Series D Series F Series FT Series P Series T Series PF Series PFT Series QF (283,192) (304,491) - - (104,945) (121,400) (388,137) (425,891) 16

17 Ninepoint Diversified Bond Class (formerly, Sprott Diversified Bond Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares continued (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Redeemable share transactions (note 8) Proceeds from redeemable shares issued Series A 8,015,600 4,589,903 Series D 12,000 - Series F 30,246,755 10,670,896 Series FT 1,622,064 7,155,953 Series P 55,199 92,689 Series T 327,273 60,340 Series PF 4,883,665 7,440,350 Series PFT - 58,787 Series QF 63,386,152 5,686,677 Reinvestments of distributions to holders of redeemable shares Series A - - Series D - - Series F - - Series FT 76 - Series P - - Series T Series PF - - Series PFT - - Series QF - - Redemption of redeemable shares Series A (3,150,781) (2,471,899) Series D - - Series F (6,607,324) (6,657,866) Series FT (1,300,304) (1,675,345) Series P - - Series T (314,815) (204,512) Series PF (1,151,301) (4,346,940) Series PFT Series QF - - (1,580,560) (109,540) 94,444,025 20,289,493 Net increase (decrease) in Net Assets attributable to holders of redeemable shares Series A 4,821,324 2,497,918 Series D 12,014 - Series F 23,770,542 5,089,135 Series FT 66,990 5,471,793 Series P 54,999 92,254 Series T (98,697) (152,779) Series PF 3,790,395 3,254,095 Series PFT - 58,456 Series QF 61,837,861 5,675,405 94,255,428 21,986,277 Net Assets attributable to holders of redeemable shares, end of period Series A 20,979,658 16,070,441 Series D 12,014 - Series F 66,092,329 37,318,873 Series FT 10,012,113 11,611,096 Series P 148,652 92,254 Series T 3,707,144 3,963,202 Series PF 19,091,544 9,988,736 Series PFT - 58,456 Series QF 61,847,082 5,675, ,890,536 84,778,463 17

18 Ninepoint Diversified Bond Class (formerly, Sprott Diversified Bond Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares continued Changes in outstanding redeemable shares of the Fund for the six-month periods ended June 30 (unaudited) were as follows: Series A Series D Series F Series FT Series P Series T Series PF Series Series QF Series A Series F Series FT Series P Series T Series PF Series Series QF PFT PFT Shares, beginning 1,221,185-3,080,669 1,043,264 9, ,064 1,358, ,069,023 2,469, , , , of period Subscriptions 605,788 1,200 2,196, ,836 5,470 36, ,500-6,083, , , ,483 9,272 6, ,890 5, ,323 Reinvested distributions Redemptions (238,154) - (479,807) (137,325) - (35,231) (101,926) - (151,729) (191,050) (500,007) (172,276) - (22,082) (400,511) - (10,737) Shares, end of period 1,588,819 1,200 4,796,994 1,077,783 14, ,856 1,689,072-5,932,299 1,231,814 2,768,846 1,204,686 9, , ,458 5, ,586 See accompanying notes which are an integral part of these financial statements 18

19 Ninepoint Diversified Bond Class (formerly, Sprott Diversified Bond Class) Statements of Cash Flows (in Canadian Dollars) For the six-month periods ended June 30 (unaudited) Cash flows from operating activities Increase in Net Assets attributable to holders of redeemable shares from operations 199,540 2,122,675 Adjustments for: Distribution income (2,485,905) (1,694,265) Net realized (gains) on sales of investments (16,744) (72,777) Change in unrealized (appreciation) depreciation in the value of investments 1,604,154 (781,957) Purchases of investments (94,053,471) (22,893,242) Proceeds from sales of investments 845,847 2,837,985 Net increase (decrease) in other assets and liabilities 148,930 57,895 Net cash used in operating activities (93,757,649) (20,423,686) Cash flows from financing activities Distributions paid to holders of redeemable shares, net of reinvested distributions (387,735) (425,891) Proceeds from redeemable shares issued 106,692,671 29,851,808 Redemption of redeemable shares (12,348,585) (8,975,369) Net cash provided by financing activities 93,956,351 20,450,548 Net increase in cash 198,702 26,862 Bank indebtedness at beginning of period (268,681) (103,088) Bank indebtedness at end of period (69,979) (76,226) See accompanying notes which are an integral part of these financial statements 19

20 Ninepoint Diversified Bond Class (formerly, Sprott Diversified Bond Class) Schedule of Investment Portfolio As at June 30, 2018 (unaudited) Average Cost Fair Value UNITS MUTUAL FUNDS [100.48%] 16,883,714 Ninepoint Diversified Bond Fund, Series I 182,685, ,756,075 Total Investments [100.48%] 182,685, ,756,075 Cash and Other Assets Less Liabilities [-0.48%] (865,539) Total Net Assets attributable to holders of redeemable shares [100.00%] 181,890,536 See accompanying notes which are an integral part of these financial statements 20

21 Ninepoint Diversified Bond Class (formerly, Sprott Diversified Bond Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Financial Risk Management (note 6) Investment Objective The Fund aims to provide income. It seeks a similar return to its underlying fund, Ninepoint Diversified Bond Fund, by investing substantially all of its assets in securities of that fund. The underlying fund invests primarily in debt and debt-like securities of corporate and government issuers from around the world. The Schedule of Investment Portfolio represents the securities held by the Fund as at June 30, Significant risks that are relevant to the Fund are discussed here. As the Fund invests in underlying funds, it may be indirectly exposed to other price risk, currency risk, interest rate risk, credit risk and concentration risk from these holdings. As at June 30, 2018, % (December 31, %) of the Fund s Net Assets attributable to holders of redeemable shares were invested in mutual fund units. Only direct exposure to significant risks that are relevant to the Fund are discussed here. For more information regarding the risks of the underlying funds, refer to each underlying fund s financial statements. General information on risk management is described in Note 6. Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable shares as at June 30, 2018 and December 31, June 30, 2018 December 31, 2017 Mutual Funds % % Cash and Other Assets Less Liabilities (0.48%) (0.36%) Total Net Assets attributable to holders of redeemable shares % % Fair Value Measurements (note 5) The Fund s assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at June 30, 2018 and December 31, 2017: June 30, 2018 Level 1 Level 2 Level 3 Total Mutual Funds 182,756, ,756,075 December 31, 2017 Level 1 Level 2 Level 3 Total Mutual Funds 87,952,284 87,952,284 During the six months ended June 30, 2018 and year ended December 31, 2017, there were no significant transfers between levels. 21

22 Ninepoint Diversified Bond Class (formerly, Sprott Diversified Bond Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Investments in Underlying Funds The Fund invests in redeemable units or shares of an investment fund managed by Ninepoint Partners LP (the Underlying Fund ) to gain exposure to the investment objective and strategies of the Underlying Fund. The Underlying Fund invests in a portfolio of assets to generate returns in the form of investment income and capital appreciation for its unitholders. The Underlying Fund finances its operations primarily through the issuance of redeemable units, which are puttable at the unitholder s option and entitle the unitholder to a proportionate share of the Underlying Fund s net assets. The Fund s interest in the Underlying Fund, held in the form of redeemable units, is reported in its Schedule of Investment Portfolio at fair value, which represents the Fund s maximum exposure to this investment. Distributions earned from the Underlying Fund are included in Distribution income in the Statements of Comprehensive Income. The total realized gains and change in unrealized losses arising from the Underlying Fund included in the Statements of Comprehensive Income for the period ended June 30, 2018 are $16,744 and $1,604,154, respectively (June 30, 2017 realized gains of $72,777 and change in unrealized gains of $781,957). The Fund does not provide any additional significant financial or other support to the Underlying Fund. The tables below set out the interest held by the Fund in the Underlying Fund: June 30, 2018 Underlying Fund Country of establishment and principal place of business Ownership interest Total Net Assets of Underlying Fund Carrying amount included in Statement of Financial Position Ninepoint Diversified Bond Fund Canada 63.54% $287,612,745 $182,756,075 $182,756,075 December 31, 2017 Underlying Fund Country of establishment and principal place of business Ownership interest Total Net Assets of Underlying Fund Carrying amount included in Statement of Financial Position Ninepoint Diversified Bond Fund Canada 46.69% $188,359,011 $87,952,284 $87,952,284 Management Fees (note 12) This fee differs among the series of shares of the Fund as set out in the chart below: Series A Series D Up to Up to 1.65% 1.20% Series I* Series F Series FT Series T Series P Series PT Series PF Negotiated Up to Up to Up to Up to Up to Up to by the 0.75% 0.75% 1.65% 1.55% 1.55% 0.65% Shareholder Series PFT Up to 0.65% Series Q Up to 1.45% Series QT Up to 1.45% Series QF Up to 0.55% * The management fee for Series I shares of the Fund is negotiated by the investor and paid directly by the investor or by the Fund and would not exceed the management fee for Series A shares of the Fund. Series QFT Up to 0.55% See accompanying generic notes which are an integral part of these financial statements 22

23 Ninepoint Short-Term Bond Class (formerly, Sprott Short-Term Bond Class) Statements of Financial Position (in Canadian Dollars) As at June 30, 2018 (unaudited) and December 31, Assets Current assets Investments (note 3, 5) 5,303,496 6,340,760 Cash 4,549 - Other assets Total assets 5,308,045 6,341,492 Liabilities Current liabilities Bank indebtedness - 3,245 Redemptions payable - 5,685 Accrued expenses Management fees payable (note 12) 2,612 - Total liabilities 3,516 8,930 Net Assets attributable to holders of redeemable shares 5,304,529 6,332,562 Net Assets attributable to holders of redeemable shares per series Series A 1,063,656 1,513,924 Series F 4,240,873 4,818,638 Net Assets attributable to holders of redeemable shares per series per share (note 8) Series A Series F See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Ninepoint Partners LP, by the Board of Directors of Ninepoint Corporate Class Inc. James Fox DIRECTOR Stuart J. Freeman DIRECTOR 23

24 Ninepoint Short-Term Bond Class (formerly, Sprott Short-Term Bond Class) Statements of Comprehensive Income (Loss) (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Income Net gain (loss) on investments: (1) Distribution income (note 3) 58,101 88,966 Net realized gains (losses) on sales of investments (5,898) 14,172 Change in unrealized appreciation (depreciation) in the value of investments 19,605 (17,580) Other income 4,548 - Total income 76,356 85,558 Expenses (note 12, 13) Management fees 17,384 29,511 Filing fees 14,752 8,572 Administrative fees 13,700 8,428 Unitholder reporting costs 11,496 8,197 Legal fees 6,051 5,053 Directors' fees 3,671 3,063 Audit fees 2,121 2,376 Independent Review Committee fees (note 15) 1,838 2,295 Custodial fees Total expenses 71,438 68,231 Expenses waived/absorbed by the Manager (note 13) (43,046) (38,463) Net expenses 28,392 29,768 Increase in Net Assets attributable to holders of redeemable shares from operations 47,964 55,790 Increase in Net Assets attributable to holders of redeemable shares from operations per series Series A 9,858 15,213 Series F 38,106 40,577 Weighted average number of redeemable shares Series A 102, ,875 Series F 407, ,744 Increase in Net Assets attributable to holders of redeemable shares from operations per series per share (note 3) Series A Series F See accompanying notes which are an integral part of these financial statements 24

25 Ninepoint Short-Term Bond Class (formerly, Sprott Short-Term Bond Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Net Assets attributable to holders of redeemable shares, beginning of period Series A 1,513,924 3,568,921 Series F 4,818,638 6,106,060 6,332,562 9,674,981 Increase in Net Assets attributable to holders of redeemable shares from operations Series A 9,858 15,213 Series F 38,106 40,577 47,964 55,790 Redeemable share transactions (note 8) Proceeds from redeemable shares issued Series A 165, ,974 Series F 370,378 5,473,674 Redemption of redeemable shares Series A Series F (625,187) (2,282,260) (986,249) (6,716,968) (1,075,997) (2,909,580) Net decrease in Net Assets attributable to holders of redeemable shares Series A Series F (450,268) (1,651,073) (577,765) (1,202,717) (1,028,033) (2,853,790) Net Assets attributable to holders of redeemable shares, end of period Series A 1,063,656 1,917,848 Series F 4,240,873 4,903,343 5,304,529 6,821,191 Changes in outstanding redeemable shares of the Fund for the six-month periods ended June 30 (unaudited) were as follows: Series A Series F Series A Series F Shares, beginning of period 139, , , ,745 Subscriptions 15,096 33,525 56, ,576 Redemptions (57,158) (89,313) (209,255) (610,542) Shares, end of period 97, , , ,779 See accompanying notes which are an integral part of these financial statements 25

26 Ninepoint Short-Term Bond Class (formerly, Sprott Short-Term Bond Class) Statements of Cash Flows (in Canadian Dollars) For the six-month periods ended June 30 (unaudited) Cash flows from operating activities Increase in Net Assets attributable to holders of redeemable shares from operations 47,964 55,790 Adjustments for: Distribution income (58,101) (88,966) Net realized (gains) losses on sales of investments 5,898 (14,172) Change in unrealized (appreciation) depreciation in the value of investments (19,605) 17,580 Purchases of investments (312,619) (4,788,006) Proceeds from sales of investments 1,421,691 7,410,380 Net increase (decrease) in other assets and liabilities 4,248 13,105 Net cash provided by operating activities 1,089,476 2,605,711 Cash flows from financing activities Proceeds from redeemable shares issued 332,422 6,089,648 Redemption of redeemable shares (1,414,104) (9,012,967) Net cash used in financing activities (1,081,682) (2,923,319) Net increase (decrease) in cash 7,794 (317,608) Cash (Bank indebtedness) at beginning of period (3,245) 278,509 Cash (Bank indebtedness) at end of period 4,549 (39,099) See accompanying notes which are an integral part of these financial statements 26

27 Ninepoint Short-Term Bond Class (formerly, Sprott Short-Term Bond Class) Schedule of Investment Portfolio As at June 30, 2018 (unaudited) Average Cost Fair Value UNITS MUTUAL FUNDS [99.98%] 539,126 Ninepoint Short-Term Bond Fund, Series I 5,343,198 5,303,496 Total Investments [99.98%] 5,343,198 5,303,496 Cash and Other Assets Less Liabilities [0.02%] 1,033 Total Net Assets attributable to holders of redeemable shares [100.00%] 5,304,529 See accompanying notes which are an integral part of these financial statements 27

28 Ninepoint Short-Term Bond Class (formerly, Sprott Short-Term Bond Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Financial Risk Management (note 6) Investment Objective The Fund aims to preserve capital and maintain liquidity. It seeks a similar return to its underlying fund, Ninepoint Short-Term Bond Fund, by investing substantially all of its assets in securities of that fund. The underlying fund invests primarily in short-term debt securities issued by Canadian federal, provincial and municipal governments as well as corporate issuers. The Schedule of Investment Portfolio represents the securities held by the Fund as at June 30, Significant risks that are relevant to the Fund are discussed here. As the Fund invests in underlying funds, it may be indirectly exposed to other price risk, currency risk, interest rate risk, credit risk and concentration risk from these holdings. As at June 30, 2018, 99.98% (December 31, %) of the Fund s Net Assets attributable to holders of redeemable shares were invested in mutual fund units. Only direct exposure to significant risks that are relevant to the Fund are discussed here. For more information regarding the risks of the underlying funds, refer to each underlying fund s financial statements. General information on risk management is described in Note 6. Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable shares as at June 30, 2018 and December 31, June 30, 2018 December 31, 2017 Mutual Funds 99.98% % Cash and Other Assets Less Liabilities 0.02% (0.13%) Total Net Assets attributable to holders of redeemable shares % % Fair Value Measurements (note 5) The Fund s assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at June 30, 2018 and December 31, 2017: June 30, 2018 Level 1 Level 2 Level 3 Total Mutual Funds 5,303,496 5,303,496 December 31, 2017 Level 1 Level 2 Level 3 Total Mutual Funds 6,340,760 6,340,760 Investments in Underlying Funds The Fund invests in redeemable units or shares of an investment fund managed by Ninepoint Partners LP (the Underlying Fund ) to gain exposure to the investment objective and strategies of the Underlying Fund. The Underlying Fund invests in a portfolio of assets to generate returns in the form of investment income and capital appreciation for its unitholders. The Underlying Fund finances its operations primarily through the issuance of redeemable units, which are puttable at the unitholder s option and entitle the unitholder to a proportionate share of the Underlying Fund s net assets. The Fund s interest in the Underlying Fund, held in the form of redeemable units, is reported in its Schedule of Investment Portfolio at fair value, which represents the Fund s maximum exposure to this investment. Distributions earned from the Underlying Fund are included in Distribution income in the Statements of Comprehensive Income. The total realized losses and change in unrealized gains arising from the Underlying Fund included in the Statements of Comprehensive Income for the six months ended June 30, 2018 are $5,898 and $19,605, respectively (June 30, 2017 realized gains of $14,172 and change in unrealized losses of $17,580). The Fund does not provide any additional significant financial or other support to the Underlying Fund. The tables below set out the interest held by the Fund in the Underlying Fund: 28

29 Ninepoint Short-Term Bond Class (formerly, Sprott Short-Term Bond Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) June 30, 2018 Underlying Fund Country of establishment and principal place of business Ownership interest Total Net Assets Carrying amount of Underlying included in Statement Fund of Financial Position Ninepoint Short-Term Bond Fund Canada 45.23% $11,726,735 $5,303,496 $5,303,496 December 31, 2017 Underlying Fund Country of establishment and principal place of business Ownership interest Total Net Assets of Underlying Fund Carrying amount included in Statement of Financial Position Ninepoint Short-Term Bond Fund Canada 45.52% $13,929,198 $6,340,760 $6,340,760 During the six months ended June 30, 2018 and year ended December 31, 2017, there were no significant transfers between levels. Related Party Holdings Ninepoint Financial Group, the parent company of the Fund manager, and its respective subsidiaries, held the following investments in the Fund as at June 30, 2018 and December 31, 2017, respectively: June 30, 2018 December 31, 2017 Units held Class F Value of units held ($) 1,015 1,007 Management Fees (note 12) This fee differs among the series of shares of the Fund as set out in the chart below: Series A Series F Series I* Up to 0.75% Up to 0.50% Negotiated by the Shareholder * The management fee for Series I shares of the Fund is negotiated by the investor and paid directly by the investor or by the Fund, and would not exceed the management fee for Series A shares of the Fund. See accompanying generic notes which are an integral part of these financial statements 29

30 Ninepoint Silver Equities Class (formerly, Sprott Silver Equities Class) Statements of Financial Position (in Canadian Dollars) As at June 30, 2018 (unaudited) and December 31, Assets Current assets Investments (excluding derivatives) (note 3, 5) 108,106, ,105,798 Cash 6,541, ,296 Broker margin 29 - Subscriptions receivable 13, ,963 Dividends receivable Due from broker 5,407,817 - Prepaid expenses 3,849 - Total assets 120,073, ,147,057 Liabilities Current liabilities Due to broker 2,317,767 - Redemptions payable 36, ,673 Accrued expenses - 32,141 Management fees payable (note 12) 218,335 - Total liabilities 2,572, ,814 Net Assets attributable to holders of redeemable shares 117,501, ,912,243 Net Assets attributable to holders of redeemable shares per series Series A 66,811,352 60,276,028 Series D 13,257 - Series F 50,676,874 52,636,215 Net Assets attributable to holders of redeemable shares per series per share (note 8) Series A Series D Series F See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Ninepoint Partners LP, by the Board of Directors of Ninepoint Corporate Class Inc. James Fox DIRECTOR Stuart J. Freeman DIRECTOR 30

31 Ninepoint Silver Equities Class (formerly, Sprott Silver Equities Class) Statements of Comprehensive Income (Loss) (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Income Net gain (loss) on investments and derivatives: (1) Dividends (note 3) 454, ,516 Net realized losses on sales of investments (3,545,936) (4,311,783) Net realized gains (losses) on option contracts (52,821) 1,050,205 Net realized losses on forward currency contracts - (57,042) Change in unrealized appreciation (depreciation) in the value of investments (1,129,756) 2,082,172 Change in unrealized appreciation (depreciation) on option contracts 52,821 (439,606) Change in unrealized appreciation on forward currency contracts - 21,971 Net realized gains (losses) on foreign exchange 29,533 (411,526) Other income 59,150 - Total loss (4,132,133) (1,591,093) Expenses (note 12, 13) Management fees 1,335,610 1,543,485 Transaction costs (note 3, 14) 697,990 1,901,862 Unitholder reporting costs 73,588 41,984 Administrative fees 43,617 37,345 Filing fees 17,460 8,618 Custodial fees 10,867 11,743 Audit fees 6,809 6,978 Legal fees 5,811 4,911 Directors' fees 3,974 3,365 Independent Review Committee fees (note 15) 1,776 2,521 Withholding taxes 1,089 - Securities borrowing expense Total expenses 2,198,591 3,563,120 Decrease in Net Assets attributable to holders of redeemable shares from operations (6,330,724) (5,154,213) Decrease in Net Assets attributable to holders of redeemable shares from operations per series Series A Series D Series F (3,538,230) (2,737,768) (351) - (2,792,143) (2,416,445) Weighted average number of redeemable shares Series A 12,408,425 9,821,923 Series D 1,361 - Series F 8,978,520 10,765,828 Decrease in Net Assets attributable to holders of redeemable shares from operations per series per share (note 3) Series A Series D Series F (0.29) (0.28) (0.26) - (0.31) (0.22) See accompanying notes which are an integral part of these financial statements 31

32 Ninepoint Silver Equities Class (formerly, Sprott Silver Equities Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Net Assets attributable to holders of redeemable shares, beginning of period Series A 60,276,028 59,976,848 Series D - - Series F 52,636,215 68,142, ,912, ,118,918 Decrease in Net Assets attributable to holders of redeemable shares from operations Series A Series D Series F (3,538,230) (2,737,768) (351) - (2,792,143) (2,416,445) (6,330,724) (5,154,213) Redeemable share transactions (note 8) Proceeds from redeemable shares issued Series A 14,184,374 8,201,953 Series D 13,608 - Series F 1,778,183 8,078,724 Redemption of redeemable shares Series A (4,110,820) (3,951,865) Series D Series F - - (945,381) (2,133,524) 10,919,964 10,195,288 Net increase (decrease) in Net Assets attributable to holders of redeemable shares Series A 6,535,324 1,512,320 Series D 13,257 - Series F (1,959,341) 3,528,755 4,589,240 5,041,075 Net Assets attributable to holders of redeemable shares, end of period Series A 66,811,352 61,489,168 Series D 13,257 - Series F 50,676,874 71,670, ,501, ,159,993 Changes in outstanding redeemable shares of the Fund for six-month periods ended June 30 (unaudited) were as follows: Series A Series D Series F Series A Series F Shares, beginning of period 10,744,359-8,866,245 9,363,501 10,156,365 Subscriptions 2,639,424 1, ,566 1,174,993 1,173,346 Redemptions (761,365) - (166,742) (581,289) (306,257) Shares, end of period 12,622,418 1,361 9,002,069 9,957,205 11,023,454 See accompanying notes which are an integral part of these financial statements 32

33 Ninepoint Silver Equities Class (formerly, Sprott Silver Equities Class) Statements of Cash Flows (in Canadian Dollars) For the six-month periods ended June 30 (unaudited) Cash flows from operating activities Decrease in Net Assets attributable to holders of redeemable shares from operations (6,330,724) (5,154,213) Adjustments for: Foreign exchange (gains) on cash (3,172) (3,909) Net realized losses on sales of investments 3,545,936 4,311,783 Net realized (gains) losses on options contracts 52,821 (1,050,205) Change in unrealized (appreciation) depreciation in the value of investments 1,129,756 (2,082,172) Change in unrealized (appreciation) depreciation on option contracts (52,821) 439,606 Change in unrealized (appreciation) on forward currency contracts - (21,971) Purchases of investments (100,278,106) (244,657,748) Proceeds from sales of investments 96,511, ,796,678 Net increase (decrease) in other assets and liabilities 181,793 1,655,268 Net cash used in operating activities (5,242,618) (12,766,883) Cash flows from financing activities Proceeds from redeemable shares issued 15,881,478 15,501,093 Redemption of redeemable shares (5,002,511) (5,284,158) Net cash provided by financing activities 10,878,967 10,216,935 Foreign exchange gains on cash 3,172 3,909 Net increase (decrease) in cash 5,636,349 (2,549,948) Cash at beginning of period 902,296 3,884,729 Cash at end of period 6,541,817 1,338,690 Supplemental Information Dividends received, net of withholding taxes 453, ,928 See accompanying notes which are an integral part of these financial statements 33

34 Ninepoint Silver Equities Class (formerly, Sprott Silver Equities Class) Schedule of Investment Portfolio As at June 30, 2018 (unaudited) Expiry Date Average Cost Fair Value SHARES EQUITIES [92.00%] SILVER [92.00%] 618,200 Alexco Resource Corp. 1,116,510 1,069, ,000 Alio Gold Inc., Warrants Jul 20, ,900 1, ,100 Almaden Minerals Ltd. 1,506, , ,000 Almaden Minerals Ltd., Warrants Jun 1, , ,000 Americas Silver Corp. 1,998,010 1,644, ,458 Americas Silver Corp., Warrants Jun 14, ,610 1,391,900 Argonaut Gold Inc. 3,380,835 3,215, ,661 Azure Minerals Ltd., Warrants Aug 17, ,000,000 Canasil Resources Inc. 160,000 70,000 1,000,000 Canasil Resources Inc., Warrants Feb 28, ,432,444 Chakana Copper Corp.* Jul 24, ,289, ,644 1,500,000 China Silver Group Ltd. 631, , ,700 Coeur Mining Inc. 5,010,992 4,702, ,200 Compania de Minas Buenaventura S.A.A. 2,512,539 2,314,907 25,000 CSMall Group Ltd. - 7, ,400 Dalradian Resources Inc. 415, ,336 2,000,000 Discovery Metals Corp. 1,000, ,000 2,000,000 Discovery Metals Corp., Warrants Jul 15, ,360 4,105,000 Dolly Varden Silver Corp. 2,730,450 2,093, ,200 Dundee Precious Metals Inc. 2,314,840 2,198,628 2,139,066 Excellon Resources Inc. 3,644,204 2,973, ,783 Excellon Resources Inc., Warrants Jul 23, ,800 4, ,000 Excellon Resources Inc., Warrants Dec 31, , ,500 First Majestic Silver Corp. 3,205,740 3,575, ,367 Fortuna Silver Mines Inc. 3,546,666 3,645, ,998 Fresnillo PLC 12,372,569 10,336,437 77,800 Gold Resource Corp. 460, ,969 1,000,000 Golden Arrow Resources Corp., Warrants Jan 28, ,200 Great Panther Silver Ltd. 1,529,413 1,209, ,200 Hecla Mining Company 2,454,084 2,306,520 1,094,642 Hochschild Mining PLC 4,540,080 3,617, ,834 Industrias Penoles SAB de CV 7,017,577 5,768,569 2,664,000 Kootenay Silver Inc. 815, , ,000 Kootenay Silver Inc., Warrants Dec 6, , ,500 Kootenay Silver Inc., Warrants Apr 21, , ,426 MAG Silver Corp. 4,021,890 3,669,649 47,600 Newmont Mining Corp. 2,336,887 2,359, ,060 Pan American Silver Corp. 5,567,662 6,189, ,400 Pretium Resources Inc. 2,172,604 2,353,678 1,053,705 Sabina Gold & Silver Corp. 2,396,113 1,601, ,000 Santacruz Silver Mining Ltd., Warrants Jan 11, ,667 Silvercorp Metals Inc. 3,488,017 3,343,924 1,564,400 Silvercrest Metals Inc. 2,109,487 4,286, ,500 Silvercrest Metals Inc., Warrants Dec 6, , , ,000 Silvercrest Metals Inc., Warrants Dec 19, ,111 1,000,000 Skeena Resources Ltd.* Jul 31, , , ,000 Skeena Resources Ltd., Warrants Mar 30, , ,043 SSR Mining Inc. 5,129,970 5,240, ,100 Tahoe Resources Inc. 7,247,575 6,417,751 1,500,000 Tinka Resources Ltd. 754, , ,400 Wheaton Precious Metals Corp. 14,995,094 15,645,964 Total Equities 114,722, ,106,263 Transaction Costs (note 3) (390,128) Total Investments [92.00%] 114,332, ,106,263 Cash and Other Assets Less Liabilities [8.00%] 9,395,220 Total Net Assets attributable to holders of redeemable shares [100.00%] 117,501,483 * Securities that are restricted for resale until the date indicated, or under Rule 144 of the Securities Act of 1933 for those noted R1933. See accompanying notes which are an integral part of these financial statements 34

35 Ninepoint Silver Equities Class (formerly, Sprott Silver Equities Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Financial Risk Management (note 6) Investment Objective The investment objective of the Fund is to seek to achieve long-term capital growth by investing primarily in equity securities of companies that are directly or indirectly involved in the exploration, mining, production or distribution of silver. The Fund can also invest in silver and silver certificates. The Schedule of Investment Portfolio represents the securities held by the Fund as at June 30, Significant risks that are relevant to the Fund are discussed here. General information on risk management is described in Note 6. Market Risk a) Other Price Risk As at June 30, 2018 and December 31, 2017, if the MSCI ACWI Select Silver Miners IMI Net Return Index were to fluctuate by 10%, with all other variables held constant, Net Assets attributable to holders of redeemable shares would increase or decrease by the amounts shown in the table below. This is a measure based on the historical relationship of the Fund s performance against the index noted above. The composition of this calculation contains several subjective components that, although reasonably estimated, could alter the resulting calculation should these components be modified based on revised assumptions. June 30, 2018 December 31, 2017 Impact ($ 000) As a % of Net Assets attributable to holders of redeemable shares Impact ($ 000) As a % of Net Assets attributable to holders of redeemable shares 11, % 10, % b) Currency Risk The tables below summarize the Fund s exposure to currency risk as at June 30, 2018 and December 31, The tables also illustrate the potential impact to the Fund s Net Assets attributable to holders of redeemable units as a result of 1% changes in these currencies relative to the Canadian dollar, with all other variables held constant. June 30, 2018 Fair Value ($ 000) % of Net Assets attributable to holders of redeemable shares Impact on Net Assets attributable to holders of redeemable shares ($ 000) Currency U.S. Dollar 27, Pound Sterling 13, Mexican Peso 5, Hong Kong Dollar , December 31, 2017 % of Net Assets attributable to holders of redeemable shares Impact on Net Assets attributable to holders of redeemable shares ($ 000) Fair Value Currency ($ 000) U.S. Dollar 30, Pound Sterling 13, Mexican Peso 7, Hong Kong Dollar , c) Interest Rate Risk As at June 30, 2018 and December 31, 2017, the Fund did not have a significant exposure to interest rate risk. 35

36 Ninepoint Silver Equities Class (formerly, Sprott Silver Equities Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Credit Risk As at June 30, 2018, and December 31, 2017 the Fund did not have a significant exposure to credit risk. Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable shares as at June 30, 2018 and December 31, June 30, 2018 December 31, 2017 Equities: Silver and other metals 92.00% 99.29% Cash and Other Assets Less Liabilities 8.00% 0.71% Total Net Assets attributable to holders of redeemable shares % % Fair Value Measurements (note 5) The Fund s assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at June 30, 2018 and December 31, 2017: June 30, 2018 Level 1 Level 2 Level 3 Total Equities Long 106,073, , , ,259,479 Warrants 207, ,053 1, , ,281,101 1,020, , ,106,263 December 31, 2017 Level 1 Level 2 Level 3 Total Equities Long 108,924,685 2,102, ,027,153 Warrants 512, ,399 1,078, ,436,931 2,668, ,105,798 During the six months ended June 30, 2018 and year ended December 31, 2017, there were no significant transfers between levels other than the transfer indicated below. The reconciliation of investments measured at fair value using unobservable inputs (Level 3) for the period ended June 30, 2018 and year ended December 31, 2017 is presented as follows: June 30, 2018 December 31, 2017 Equities Warrants Equities Warrants Balance at beginning of period Purchases 1,289,200 Net transfers in 1,075 Change in unrealized gains (losses) (485,556) Balance at end of period 803,644 1,075 Change in unrealized gains (losses) during the year for investments held at end of period (485,556) 36

37 Ninepoint Silver Equities Class (formerly, Sprott Silver Equities Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) The Fund s Level 3 securities consist of private equity and warrant positions. The Manager determines their fair value by utilizing a variety of valuation techniques such as the use of comparable recent transactions, discounted cash flows and other techniques used by market participants. As at June 30, 2018 and December 31, 2017, these positions were not significant to the Fund and any changes in reasonable possible assumptions used in their valuation would not have a significant impact to the Net Assets attributable to holders of redeemable units of the Fund. Restricted Cash and Investments (note 11) As at June 30, 2018, restricted cash and investments held for the Fund totaled $29 (December 31, nil). Management Fees (note 12) This fee differs among the series of shares of the Fund as set out in the chart below: Series A Series D Series F Series I* Up to 2.50% Up to 2.00% Up to 1.50% Negotiated by the Shareholder * The management fee for Series I shares of the Fund is negotiated by the investor and paid directly by the investor or by the Fund, and would not exceed the management fee for Series A shares of the Fund. Sharing Arrangements (note 14) The Fund paid $3,829 out of the total transaction costs incurred to certain brokers for research expenses provided to the portfolio manager during the six months ended June 30, 2018 (June 30, $2,182). See accompanying generic notes which are an integral part of these financial statements 37

38 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Statements of Financial Position (in Canadian Dollars) As at June 30, 2018 (unaudited) and December 31, Assets Current assets Investments (excluding derivatives) (note 3, 5, 11) 364,111, ,237,353 Cash (note 11) 58,015,373 14,694,671 Options purchased (note 3, 5) 6,221,605 1,314,340 Broker margin (note 11) 6,717,320 13,251,918 Unrealized appreciation on forward currency contracts (note 3, 5) 192,339 4,043,573 Subscriptions receivable 300, ,431 Dividends receivable 676, ,463 Due from broker - 1,025,532 Total assets 436,235, ,579,281 Liabilities Current liabilities Options written (note 3, 5) 3,213, ,651 Unrealized depreciation on forward currency contracts (note 3, 5) 702,213 - Redemptions payable 1,304, ,663 Accrued expenses 21,875 66,882 Management fees payable (note 12) 602,828 - Total liabilities 5,844,370 1,186,196 Net Assets attributable to holders of redeemable shares 430,390, ,393,085 Net Assets attributable to holders of redeemable shares per series Series A 227,646, ,530,870 Series A1 10,533,424 13,064,269 Series F 172,470, ,209,668 Series F1 4,264,952 4,680,202 Series I 12,468 13,084 Series T 5,583,334 6,435,663 Series FT 9,879,015 11,459,329 Net Assets attributable to holders of redeemable shares per series per share (note 8) Series A Series A Series F Series F Series I Series T Series FT Series A $US Series F $US Series I $US Series T $US Series FT $US See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Ninepoint Partners LP, by the Board of Directors of Ninepoint Corporate Class Inc. James Fox DIRECTOR Stuart J. Freeman DIRECTOR 38

39 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Statements of Comprehensive Income (Loss) (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Income Net gain (loss) on investments and derivatives: (1) Interest income for distribution purposes (note 3) 705 1,344 Dividends (note 3) 4,056,739 6,248,767 Net realized gains on sales of investments 37,031,190 18,311,005 Net realized gains (losses) on forward currency contracts (2,204,922) 3,318,252 Net realized gains on option contracts 1,721,045 5,545,022 Change in unrealized depreciation in the value of investments (38,622,646) (23,201,546) Change in unrealized appreciation (depreciation) on forward currency contracts (4,553,447) 7,964,359 Change in unrealized appreciation (depreciation) on option contracts 1,639,933 (5,207,583) Securities lending income (note 3) - 91,587 Net realized gains (losses) on foreign exchange 1,165,482 (7,893,307) Other income 37,347 4,886 Total income 271,426 5,182,786 Expenses (note 12, 13) Management fees 3,987,033 5,686,463 Unitholder reporting costs 389, ,072 Transaction costs (note 3, 14) 263,415 69,930 Administrative fees 189, ,890 Withholding taxes 153, ,510 Custodial fees 17,843 28,253 Filing fees 15,797 24,143 Audit fees 14,509 22,748 Legal fees 5,833 41,495 Directors' fees 3,989 3,401 Independent Review Committee fees (note 15) 1,783 2,548 Total expenses 5,042,493 6,853,453 Decrease in Net Assets attributable to holders of redeemable shares from operations (4,771,067) (1,670,667) Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations per series Series A Series A1 Series F Series F1 Series I Series T Series FT (3,207,548) (1,784,549) (130,830) (80,328) (1,243,737) 146,301 (25,839) (5,427) (16) 53 (76,363) (65,619) (86,734) 118,902 Weighted average number of redeemable shares Series A 19,013,242 27,373,400 Series A1 889,020 1,651,949 Series F 13,049,076 18,954,729 Series F1 317, ,046 Series I Series T 681,028 1,304,345 Series FT 1,192,716 2,205,029 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations per series per share (note 3) Series A Series A1 Series F Series F1 Series I Series T Series FT (0.17) (0.07) (0.15) (0.05) (0.10) 0.01 (0.08) (0.01) (0.02) 0.06 (0.11) (0.05) (0.07) 0.05 See accompanying notes which are an integral part of these financial statements 39

40 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Net Assets attributable to holders of redeemable shares, beginning of period Series A 266,530, ,058,931 Series A1 13,064,269 24,059,318 Series F 192,209, ,740,441 Series F1 4,680,202 13,881,567 Series I 13,084 12,036 Series T 6,435,663 12,789,338 Series FT 11,459,329 25,839, ,393, ,381,194 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations Series A Series A1 Series F Series F1 Series I Series T Series FT Distributions to holders of redeemable shares Series A Series A1 Series F Series F1 Series I Series T Series FT (3,207,548) (1,784,549) (130,830) (80,328) (1,243,737) 146,301 (25,839) (5,427) (16) 53 (76,363) (65,619) (86,734) 118,902 (4,771,067) (1,670,667) (112) (750) - - (2,917) (3,938) - (245) - - (179,623) (347,260) (329,373) (575,191) (512,025) (927,384) 40

41 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares continued (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Redeemable share transactions (note 8) Proceeds from redeemable shares issued Series A 6,696,711 7,825,227 Series A1 149,350 17,150 Series F 14,380,045 21,136,234 Series F1-78,416 Series I - - Series T 124,284 37,141 Series FT 568,126 1,571,535 Reinvestments of distributions to holders of redeemable shares Series A Series A1 - - Series F 2,726 3,929 Series F1-238 Series I - - Series T 31,253 74,556 Series FT 40,406 50,840 Redemption of redeemable shares Series A (42,373,267) (92,760,196) Series A1 (2,549,365) (7,154,027) Series F (32,875,063) (83,135,160) Series F1 (389,411) (7,742,600) Series I (600) - Series T Series FT (751,880) (2,111,456) (1,772,739) (13,329,582) (58,719,336) (175,437,005) Net increase (decrease) in Net Assets attributable to holders of redeemable shares Series A Series A1 Series F Series F1 Series I Series T Series FT (38,884,128) (86,719,518) (2,530,845) (7,217,205) (19,738,946) (61,852,634) (415,250) (7,669,618) (616) 53 (852,329) (2,412,638) (1,580,314) (12,163,496) (64,002,428) (178,035,056) Net Assets attributable to holders of redeemable shares, end of period Series A 227,646, ,339,413 Series A1 10,533,424 16,842,113 Series F 172,470, ,887,807 Series F1 4,264,952 6,211,949 Series I 12,468 12,089 Series T 5,583,334 10,376,700 Series FT 9,879,015 13,676, ,390, ,346,138 41

42 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares continued Changes in outstanding redeemable shares of the Fund for the six-month periods ended June 30 (unaudited) were as follows: Shares, beginning of period Series A Series A1 Series F Series F1 Series I Series T Series FT Series A Series A1 Series F Series F1 Series I Series T Series FT 20,346, ,475 13,729, , ,123 1,232,925 31,003,809 1,917,440 21,503,638 1,050, ,423,696 2,774,573 Subscriptions 515,962 11,132 1,034, ,957 62, ,770 1,363 1,594,143 6,005-4, ,539 Reinvested distributions ,651 4, ,452 5,539 Redemptions (3,274,463) (193,928) (2,364,138) (27,731) (40) (86,019) (196,230) (7,410,957) (568,083) (6,262,857) (585,893) - (237,249) (1,433,925) Shares, end of period 17,587, ,679 12,400, , ,712 1,103,542 24,218,716 1,350,720 16,835, , ,199,057 1,515,726 See accompanying notes which are an integral part of these financial statements 42

43 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Statements of Cash Flows (in Canadian Dollars) For the six-month periods ended June 30 (unaudited) Cash flows from operating activities Decrease in net assets attributable to holders of redeemable shares from operations (4,771,067) (1,670,667) Adjustments for: Foreign exchange (gains) losses on cash (1,055,358) 1,044,134 Net realized (gains) on sales of investments (37,031,190) (18,311,005) Net realized (gains) on options contracts (1,721,045) (5,545,022) Change in unrealized depreciation in the value of investments 38,622,646 23,201,546 Change in unrealized (appreciation) depreciation on forward currency contracts 4,553,447 (7,964,359) Change in unrealized (appreciation) depreciation on option contracts (1,639,933) 5,207,583 Purchases of investments (208,471,301) (30,890,126) Proceeds from sales of investments 305,373, ,897,279 Net increase (decrease) in other assets and liabilities 7,313,973 (87,137,853) Net cash provided by operating activities 101,173,660 5,831,510 Cash flows from financing activities Distributions paid to holders of redeemable shares, net of reinvested distributions (437,552) (797,071) Proceeds from redeemable shares issued 15,360,923 16,538,472 Redemption of redeemable shares (73,831,687) (195,929,681) Net cash used in financing activities (58,908,316) (180,188,280) Foreign exchange gains (losses) on cash 1,055,358 (1,044,134) Net increase (decrease) in cash 42,265,344 (174,356,770) Cash at beginning of period 14,694, ,390,585 Cash at end of period 58,015,373 24,989,681 Supplemental Information Interest received 705 1,344 Dividends received, net of withholding taxes 4,124,814 5,934,455 See accompanying notes which are an integral part of these financial statements 43

44 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Schedule of Investment Portfolio As at June 30, 2018 (unaudited) Expiry Date Average Cost Fair Value SHARES EQUITIES [84.48%] ENERGY [23.52%] 944,900 AltaGas Ltd. 29,291,900 25,654,035 1,231,900 Crescent Point Energy Corp. 13,293,249 11,900, ,000 Inter Pipeline Ltd. 9,667,481 9,141, ,000 Parex Resources Inc. 13,119,958 19,781,540 2,029,300 Precision Drilling Corp. 8,115,418 8,827, ,000 ShawCor Ltd. 11,573,640 8,957, ,858 Suncor Energy Inc. 10,844,097 16,951,903 95,905, ,214,047 FINANCIALS [23.22%] 499,200 Bank of America Corp. 15,888,543 18,498, ,500 Canadian Imperial Bank of Commerce 20,991,556 21,785, ,800 Citigroup Inc. 16,931,942 16,256,725 1,988,800 ECN Capital Corp. 5,751,692 7,020, ,400 Intercontinental Exchange, Inc. 11,391,635 20,342, ,000 Manulife Financial Corp. 14,463,866 16,037,980 85,419,234 99,942,068 INFORMATION TECHNOLOGY [13.62%] 197,450 CGI Group Inc. 7,026,532 16,449,560 42,600 Facebook Inc. 8,811,367 10,881, ,300 Fiserv Inc. 10,573,486 14,930, ,000 Microsoft Corp. 12,152,496 13,092, ,508 Real Matters Inc. 7,179,605 3,257,596 45,743,486 58,611,930 CONSUMER DISCRETIONARY [5.43%] 341,800 Hudson's Bay Company 6,712,141 4,005,896 1,073,000 Roots Corp. 12,895,608 11,481,100 30,700 The Home Depot Inc. 5,000,844 7,873,554 24,608,593 23,360,550 HEALTH CARE [4.85%] 64,700 UnitedHealth Group Inc. 11,717,738 20,866,413 11,717,738 20,866,413 UTILITIES [4.60%] 392,400 Brookfield Infrastructure Partners L.P. 13,999,166 19,792,656 13,999,166 19,792,656 REAL ESTATE [3.98%] 685,300 Brookfield Property Partners L.P. 19,277,780 17,111,941 19,277,780 17,111,941 INDUSTRIALS [3.76%] 218,000 Air Canada 5,232,630 4,632,500 58,800 CSX Corp. 4,549,006 4,929,887 16,400 Northrop Grumman Corp. 3,474,572 6,633,558 13,256,208 16,195,945 MATERIALS [1.50%] 5,260,000 Sherritt International Corp. 7,364,000 5,838,600 2,630,000 Sherritt International Corp., Warrants Jan 25, ,200 7,364,000 6,469,800 TELECOMMUNICATION SERVICES [0.00%] 5,260,000 Trilogy International Partners Inc., Warrants Feb 7, ,180-11,180 Total Equities 317,291, ,576,530 44

45 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Schedule of Investment Portfolio continued As at June 30, 2018 (unaudited) Average Cost Fair Value UNITS FUNDS [0.12%] 1,500 SPDR S&P 500 ETF Trust 537, ,914 Total Funds 537, ,914 Transaction Costs (note 3) (302,600) Total Investments [84.60%] 317,526, ,111,444 Total unrealized appreciation on forward currency contracts [0.06%] (Schedule 1) 272,222 Total unrealized depreciation on forward currency contracts [-0.18%] (Schedule 1) (782,096) Options purchased [1.45%] (Schedule 2) 6,221,605 Options written [-0.75%] (Schedule 2) (3,213,140) Cash and Other Assets Less Liabilities [14.82%] 63,780,622 Total Net Assets attributable to holders of redeemable shares [100.00%] 430,390,657 See accompanying notes which are an integral part of these financial statements 45

46 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Forward Currency Contracts (Schedule 1) As at June 30, 2018 (unaudited) Unrealized Appreciation/ Settlement Contract Cost Forward Value (Depreciation) Bought ($) Sold ($) Date $(CAD) $(CAD) $(CAD) 32,956,644 Canadian Dollar (24,900,000) U.S. Dollar 21-Sep-18 (32,956,644) (32,684,422) 272,222 13,176,864 Canadian Dollar (10,100,000) U.S. Dollar 21-Sep-18 (13,176,864) (13,256,747) (79,883) 38,288,983 Canadian Dollar (29,350,000) U.S. Dollar 21-Sep-18 (38,288,983) (38,523,308) (234,325) 45,628,048 Canadian Dollar (35,120,000) U.S. Dollar 21-Sep-18 (45,628,048) (46,095,936) (467,888) Total (509,874) Option Contracts (Schedule 2) As at June 30, 2018 (unaudited) Options Purchased Premium Fair Number of Expiration Strike Paid Value Option Details Option Type Contracts Date Price ($) $(CAD) $(CAD) Canadian Natural Resources Limited Call 4, Jul CAD 442, ,445 CSX Corp. Put Aug USD 176,234 43,672 Energy Select Sector SPDR Fund Call Sep USD 159, ,032 Financial Select Sector SPDR Fund Call Jul USD 36,352 34,149 Industrial Select Sector SPDR Fund Call 2, Jul USD 143,914 69,428 Microsoft Corp. Put Sep USD 217, ,322 SPDR S&P 500 ETF Trust Call Jul USD 129, ,291 SPDR S&P 500 ETF Trust Call 2, Aug USD 446, ,037 SPDR S&P 500 ETF Trust Put 2, Aug USD 1,034,703 1,636,993 SPDR S&P 500 ETF Trust Put 4, Aug USD 1,613,604 1,044,179 SPDR S&P 500 ETF Trust Put 2, Sep USD 1,636,993 2,447,768 SPDR S&P 500 ETF Trust Put Sep USD 13,468 11,289 6,050,356 6,221,605 Options Written Premium Fair Number of Expiration Strike Received Value Option Details Option Type Contracts Date Price ($) $(CAD) $(CAD) Energy Select Sector SPDR Fund Call (419) 21-Sep USD (12,118) (8,813) Microsoft Corp. Put (438) 21-Sep USD (92,123) (57,289) Microsoft Corp. Call (438) 21-Sep USD (116,882) (106,806) SPDR S&P 500 ETF Trust Put (2,124) 17-Aug USD (503,723) (301,547) SPDR S&P 500 ETF Trust Put (2,937) 17-Aug USD (656,341) (1,011,538) SPDR S&P 500 ETF Trust Put (15) 21-Sep USD (6,467) (5,215) SPDR S&P 500 ETF Trust Put (2,937) 21-Sep USD (1,142,807) (1,721,932) (2,530,461) (3,213,140) See accompanying notes which are an integral part of these financial statements 46

47 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Financial Risk Management (note 6) Investment Objective The Fund seeks to achieve long-term capital growth by investing primarily in Canadian and U.S. equity securities. The Fund provides downside protection through the use of option strategies and tactical changes to the amount of its equity exposure, and is suitable for investors with a long-term time horizon. The Schedule of Investment Portfolio represents the securities held by the Fund as at June 30, Significant risks that are relevant to the Fund are discussed here. General information on risk management is described in Note 6. Market Risk a) Other Price Risk As at June 30, 2018 and December 31, 2017, if a blended index of the S&P/TSX Composite Total Return Index and S&P 500 Total Return Index in Canadian dollar terms were to fluctuate by 10%, with all other variables held constant, Net Assets attributable to holders of redeemable shares would increase or decrease by the amounts shown in the table below. This is a measure based on the historical relationship of the Fund s performance against the index noted above. The composition of this calculation contains several subjective components that, although reasonably estimated, could alter the resulting calculation should these components be modified based on revised assumptions. June 30, 2018 December 31, 2017 Impact ($ 000) As a % of Net Assets attributable to holders of redeemable shares Impact ($ 000) As a % of Net Assets attributable to holders of redeemable shares 23, % 26, % b) Currency Risk The tables below summarize the Fund s direct exposure to currency risk as at June 30, 2018 and December 31, The tables also illustrate the potential impact to the Fund s Net Assets attributable to holders of redeemable shares as a result of a 1% change in these currencies relative to the Canadian dollar, with all other variables held constant. June 30, 2018 Currency Fair Value ($ 000) Forward Currency Contracts ($ 000) Net Exposure ($ 000) % of Net Assets attributable to holders of redeemable shares Impact on Net Assets attributable to holders of redeemable shares ($ 000) U.S. Dollar 197,384 (130,758) 66, December 31, 2017 Currency Fair Value ($ 000) Forward Currency Contracts ($ 000) Net Exposure ($ 000) % of Net Assets attributable to holders of redeemable shares Impact on Net Assets attributable to holders of redeemable shares ($ 000) U.S. Dollar 204,064 (182,724) 21, Credit Risk As at June 30, 2018 and December 31, 2017, the Fund is exposed to credit risk from over-the-counter derivative contracts with counterparties. The credit risk is considered minimal as these counterparties have a minimum credit rating of AA- by S&P or equivalent. 47

48 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable shares as at June 30, 2018 and December 31, June 30, 2018 December 31, 2017 Equities: Energy 23.52% 20.42% Financials 23.22% 24.09% Information Technology 13.62% 13.07% Consumer Discretionary 5.43% 8.66% Health Care 4.85% 6.61% Utilities 4.60% 4.47% Real Estate 3.98% 3.86% Industrials 3.76% 6.45% Materials 1.50% Telecommunication Services 0.00% Consumer Staples 5.46% Funds 0.12% Unrealized appreciation on forward currency contracts 0.06% 0.82% Unrealized depreciation on forward currency contracts (0.18%) Options Purchased 1.45% 0.27% Options Written (0.75%) (0.07%) Cash and Other Assets Less Liabilities 14.82% 5.89% Total Net Assets attributable to holders of redeemable shares % % Fair Value Measurements (note 5) The Fund s financial assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at June 30, 2018 and December 31, 2017: June 30, 2018 Level 1 Level 2 Level 3 Total Equities Long 362,934, ,934,150 Warrants 642, ,380 Funds 534, ,914 Forward Currency Contracts (509,874) (509,874) Options Purchased 6,221,605 6,221,605 Options Written (3,213,140) (3,213,140) 367,119,909 (509,874) 366,610,035 December 31, 2017 Level 1 Level 2 Level 3 Total Equities Long 460,184, ,184,033 Warrants 53,320 53,320 Forward Currency Contracts 4,043,573 4,043,573 Options Purchased 1,314,340 1,314,340 Options Written (324,651) (324,651) 461,227,042 4,043, ,270,615 During the period ended June 30, 2018 and year ended December 31, 2017, there were no significant transfers between levels. 48

49 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Offsetting of Financial Instruments In the normal course of business, the Fund enters into various master netting arrangements or other similar agreements that do not meet the criteria for offsetting in the Statements of Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or termination of the contracts. The following table presents the over-the-counter derivatives that are offset, or subject to enforceable master netting agreements or other similar agreements but that are not offset, as at June 30, 2018 and December 31, The Net column shows what the impact on the Fund s Statements of Financial Position would be if all set-off rights were exercised. Financial assets and liabilities Amounts offset Amounts not offset Net Gross assets/liabilities Gross assets/liabilities offset Subject to Net master amounts netting presented arrangements Cash collateral received June 30, 2018 Derivative assets 272,222 (79,883) 192, ,339 Derivative liabilities 782,096 (79,883) 702, ,213 December 31, 2017 Derivative assets 4,043,573 4,043,573 4,043,573 Derivative liabilities Restricted Cash and Investments (note 11) As at June 30, 2018, restricted cash and investments held for the Fund totaled $16,483,004 (December 31, $13,251,918). Management Fees (note 12) This fee differs among the series of shares of the Fund as set out in the chart below: Series A Series A1 Series D Series F Series F1 Series I* Series T Series FT Up to 2.00% Up to 1.90% Up to 1.50% Up to 1.00% Up to 0.90% Negotiated by the Shareholder Up to 2.00% Up to 1.00% * The management fee for Series I shares of the Fund is negotiated by the investor and paid directly by the investor or by the Fund, and would not exceed the management fee for Series A shares of the Fund. Sharing Arrangements (note 14) The Fund paid $7,928 out of the total transaction costs incurred to certain brokers for research expenses provided to the portfolio manager during the six months ended June 30, 2018 (June 30, $5,189). Securities Lending (note 3) As at June 30, 2018 and December 31, 2017 the market values of securities loaned and related collateral amounts were as follows: June 30, 2018 December 31, 2017 Securities loaned Collateral amounts Collateral as a percentage of securities loaned 49

50 Ninepoint Enhanced Equity Class (formerly, Sprott Enhanced Equity Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) For the periods ended June 30, 2018 and 2017, securities lending income was as follows: Gross securities lending income Securities lending charges Net securities lending income June 30, 2018 June 30, ,166 (30,529) 91,587 Withholding taxes on securities lending income (9,424) Net securities lending income received by the Fund 82,163 For the period ended June 30, 2018 securities lending charges represented nil% (June 30, %) of the gross securities lending income. See accompanying generic notes which are an integral part of these financial statements 50

51 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Statements of Financial Position (in Canadian Dollars) As at June 30, 2018 (unaudited) and December 31, Assets Current assets Investments (excluding derivatives) (note 3, 5, 11) 14,907,450 16,522,019 Cash (note 11) 1,909,969 1,359,017 Subscriptions receivable ,100 Unrealized appreciation on forward currency contracts (note 3, 5) - 88,210 Options purchased (note 3, 5) 151,483 28,904 Broker margin (note 11) 157, ,336 Dividends receivable 11,781 16,947 Prepaid expenses 9,395 - Due from broker - 315,665 Total assets 17,148,154 18,520,198 Liabilities Current liabilities Due to broker - 689,065 Options written (note 3, 5) 78,441 6,744 Redemptions payable 321,956 2,900 Unrealized depreciation on forward currency contracts (note 3, 5) 4,911 - Accrued expenses - 20,431 Management fees payable (note 12) 18,558 - Total liabilities 423, ,140 Net Assets attributable to holders of redeemable shares 16,724,288 17,801,058 Net Assets attributable to holders of redeemable shares per series Series A 4,546,918 5,362,087 Series D 3,988 - Series F 10,696,884 10,515,785 Series FT 624, ,024 Series T 851,855 1,256,162 Net Assets attributable to holders of redeemable shares per series per share (note 8) Series A Series D Series F Series FT Series T See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Ninepoint Partners LP, by the Board of Directors of Ninepoint Corporate Class Inc. James Fox DIRECTOR Stuart J. Freeman DIRECTOR 51

52 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Statements of Comprehensive Income (Loss) (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Income Net gain (loss) on investments and derivatives: (1) Interest income for distribution purposes (note 3) 8 - Dividends (note 3) 91, ,854 Distribution income (note 3) 120, ,971 Net realized gains on sales of investments 580, ,628 Net realized gains on option contracts 39, ,241 Net realized gains (losses) on forward currency contracts (63,839) 72,965 Change in unrealized depreciation in the value of investments (642,225) (306,523) Change in unrealized appreciation (depreciation) on option contracts 35,172 (103,892) Change in unrealized appreciation (depreciation) on forward currency contracts (93,121) 165,574 Net realized gains (losses) on foreign exchange 21,845 (149,737) Other income 2, Total income 92, ,946 Expenses (note 12, 13) Management fees 118, ,587 Administrative fees 19,920 17,138 Unitholder reporting costs 14,839 14,784 Filing fees 13,764 14,442 Audit fees 6,774 6,909 Transaction costs (note 3, 14) 5,966 1,632 Legal fees 5,780 18,201 Directors' fees 3,953 3,331 Withholding taxes 3,662 5,153 Custodial fees 1,909 2,152 Independent Review Committee fees (note 15) 1,767 2,496 Total Expenses 197, ,825 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations (104,949) 223,121 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations per series Series A Series D Series F Series FT Series T (47,162) 75,513 (12) - (41,626) 128,237 (2,843) 8,075 (13,306) 11,296 Weighted average number of redeemable shares Series A 442, ,376 Series D Series F 917,025 1,068,662 Series FT 72,953 58,550 Series T 134, ,445 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations per series per share (note 3) Series A Series D Series F Series FT Series T (0.11) 0.11 (0.03) - (0.05) 0.12 (0.04) 0.14 (0.10) 0.07 See accompanying notes which are an integral part of these financial statements 52

53 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Net Assets attributable to holders of redeemable shares, beginning of period Series A 5,362,087 9,321,335 Series D - - Series F 10,515,785 12,758,511 Series FT 667, ,837 Series T 1,256,162 1,865,860 17,801,058 24,604,543 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations Series A Series D Series F Series FT Series T Distributions to holders of redeemable shares Series A Series D Series F Series FT Series T (47,162) 75,513 (12) - (41,626) 128,237 (2,843) 8,075 (13,306) 11,296 (104,949) 223, (865) (19,712) (15,734) (33,260) (42,873) (52,972) (59,472) Redeemable share transactions (note 8) Proceeds from redeemable shares issued Series A 427, ,647 Series D 4,000 - Series F 1,012,738 1,466,131 Series FT 51,575 22,773 Series T - 42,415 Reinvestments of distributions to holders of redeemable shares Series A - - Series D - - Series F Series FT 1,961 1,369 Series T 3,581 2,968 Redemption of redeemable shares Series A (1,195,632) (3,299,692) Series D - - Series F (790,013) (2,259,609) Series FT Series T (73,362) (222,296) (361,322) (558,883) (918,849) (4,529,312) Net increase (decrease) in Net Assets attributable to holders of redeemable shares Series A (815,169) (2,949,532) Series D 3, ,372 Series F 181,099 (665,241) Series FT (42,381) (205,813) Series T (404,307) (545,077) (1,076,770) (4,238,291) Net Assets attributable to holders of redeemable shares, end of period Series A 4,546,918 6,371,803 Series D 3,988 6,371,803 Series F 10,696,884 12,093,270 Series FT 624, ,024 Series T 851,855 1,320,783 16,724,288 26,610,683 53

54 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares continued Changes in outstanding redeemable shares of the Fund for the six-month periods ended June 30 (unaudited) were as follows: Series A Series D Series F Series FT Series T Series A Series F Series FT Series T Shares, beginning of period 481, ,322 73, , ,506 1,146,179 71, ,132 Subscriptions 38, ,873 5,769-25, ,092 2,476 4,843 Reinvested from distributions Redemptions (107,788) - (67,378) (8,197) (43,224) (304,661) (201,017) (24,190) (63,471) Shares, end of period 412, ,817 71, , ,246 1,073,331 50, ,845 See accompanying notes which are an integral part of these financial statements 54

55 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Statements of Cash Flows (in Canadian Dollars) For the six-month periods ended June 30 (unaudited) Cash flows from operating activities Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations (104,949) 223,121 Adjustments for: Foreign exchange (gains) losses on cash (17,584) 14,856 Distribution income (120,515) (211,971) Net realized (gains) on sales of investments (580,752) (352,628) Net realized (gains) on options contracts (39,169) (102,241) Change in unrealized depreciation in the value of investments 642, ,523 Change in unrealized (appreciation) depreciation on forward currency contracts 93,121 (165,574) Change in unrealized (appreciation) depreciation on options contracts (35,172) 103,892 Purchases of investments (5,181,143) (1,016,195) Proceeds from sales of investments 6,504,813 4,294,799 Net increase (decrease) in other assets and liabilities 9,458 (1,641,696) Net cash provided by operating activities 1,170,333 1,452,886 Cash flows from financing activities Distributions paid to holders of redeemable shares, net of reinvested distributions (47,430) (54,270) Proceeds from redeemable shares issued 1,400,888 1,132,938 Redemption of redeemable shares (1,990,423) (5,643,820) Net cash used in financing activities (636,965) (4,565,152) Foreign exchange gains (losses) on cash 17,584 (14,856) Net increase (decrease) in cash 533,368 (3,112,266) Cash at beginning of period 1,359,017 3,723,252 Cash at end of period 1,909, ,130 Supplemental Information Interest received 8 - Dividends received, net of withholding taxes 92, ,062 See accompanying notes which are an integral part of these financial statements 55

56 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Schedule of Investment Portfolio As at June 30, 2018 (unaudited) Expiry Date Average Cost Fair Value SHARES EQUITIES [50.29%] ENERGY [13.87%] 18,300 AltaGas Ltd. 566, ,845 30,900 Crescent Point Energy Corp. 331, ,494 8,600 Inter Pipeline Ltd. 224, ,904 18,900 Parex Resources Inc. 312, ,098 56,200 Precision Drilling Corp. 229, ,470 8,100 ShawCor Ltd. 261, ,712 7,330 Suncor Energy Inc. 257, ,155 2,182,640 2,319,678 FINANCIALS [13.75%] 11,500 Bank of America Corp. 366, ,155 4,400 Canadian Imperial Bank of Commerce 484, ,184 4,300 Citigroup Inc. 393, ,268 45,820 ECN Capital Corp. 150, ,745 4,800 Intercontinental Exchange, Inc. 304, ,087 15,600 Manulife Financial Corp. 339, ,472 2,039,606 2,301,911 INFORMATION TECHNOLOGY [8.46%] 4,800 CGI Group Inc. 222, ,888 1,000 Facebook Inc. 206, ,442 3,700 Fiserv Inc. 256, ,360 2,500 Microsoft Corp. 300, ,068 13,140 Real Matters Inc. 160,035 74,898 1,146,502 1,414,656 HEALTH CARE [3.09%] 1,600 UnitedHealth Group Inc. 316, , , ,016 CONSUMER DISCRETIONARY [2.87%] 27,400 Roots Corp. 331, , The Home Depot Inc. 128, , , ,401 UTILITIES [2.72%] 9,030 Brookfield Infrastructure Partners L.P. 333, , , ,473 REAL ESTATE [2.36%] 15,790 Brookfield Property Partners L.P. 456, , , ,276 INDUSTRIALS [2.32%] 4,900 Air Canada 117, ,126 1,400 CSX Corp. 108, , Northrop Grumman Corp. 99, , , ,343 MATERIALS [1.50%] 115,000 Sherritt International Corp. 161, ,650 57,500 Sherritt International Corp., Warrants Jan 25, , , ,450 TELECOMMUNICATION SERVICES [0.00%] 1,750 Trilogy International Partners Inc., Warrants Feb 7, Total Equities 7,421,342 8,411,432 56

57 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Schedule of Investment Portfolio continued As at June 30, 2018 (unaudited) Average Cost Fair Value UNITS MUTUAL FUNDS [38.84%] 600,127 Ninepoint Diversified Bond Fund, Series I 6,464,916 6,496,018 Total Mutual Funds 6,464,916 6,496,018 Transaction Costs (note 3) (7,326) Total Investments [89.13%] 13,878,932 14,907,450 Total unrealized appreciation on forward currency contracts [0.06%] (Schedule 1) 9,460 Total unrealized depreciation on forward currency contracts [-0.09%] (Schedule 1) (14,371) Options purchased [0.91%] (Schedule 2) 151,483 Options written [-0.47%] (Schedule 2) (78,441) Cash and Other Assets Less Liabilities [10.46%] 1,748,707 Total Net Assets attributable to holders of redeemable shares [100.00%] 16,724,288 See accompanying notes which are an integral part of these financial statements 57

58 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Forward Currency Contracts (Schedule 1) As at June 30, 2018 (unaudited) Unrealized Appreciation/ (Depreciation) Settlement Contract Cost Forward Value Bought ($) Sold ($) Date $(CAD) $(CAD) $(CAD) 770,797 Canadian Dollar (580,000) U.S. Dollar 21-Sep-18 (770,797) (761,337) 9,460 2,348,217 Canadian Dollar (1,800,000) U.S. Dollar 21-Sep-18 (2,348,217) (2,362,588) (14,371) Total (4,911) Option Contracts (Schedule 2) As at June 30, 2018 (unaudited) Options Purchased Premium Fair Number of Expiration Strike Paid Value Option Details Option Type Contracts Date Price ($) $(CAD) $(CAD) Canadian Natural Resources Limited Call Jul CAD 10,823 2,997 CSX Corp. Put Aug USD 4,196 1,040 Energy Select Sector SPDR Fund Call Sep USD 3,812 3,457 Financial Select Sector SPDR Fund Call Jul USD Industrial Select Sector SPDR Fund Call Jul USD 3,491 1,684 Microsoft Corp. Put Sep USD 5,466 3,926 SPDR S&P 500 ETF Trust Call Jul USD 3,076 2,629 SPDR S&P 500 ETF Trust Call Aug USD 10,826 9,703 SPDR S&P 500 ETF Trust Put Aug USD 25,352 40,117 SPDR S&P 500 ETF Trust Put Aug USD 38,779 25,108 SPDR S&P 500 ETF Trust Put Sep USD 40,131 60, , ,483 Options Written Premium Fair Number of Expiration Strike Received Value Option Details Option Type Contracts Date Price ($) $(CAD) $(CAD) Energy Select Sector SPDR Fund Call (10) 21-Sep USD (289) (210) Microsoft Corp. Put (11) 21-Sep USD (2,314) (1,439) Microsoft Corp. Call (11) 21-Sep USD (2,935) (2,682) SPDR S&P 500 ETF Trust Put (50) 17-Aug USD (11,858) (7,099) SPDR S&P 500 ETF Trust Put (72) 17-Aug USD (16,090) (24,798) SPDR S&P 500 ETF Trust Put (72) 21-Sep USD (28,016) (42,213) (61,502) (78,441) See accompanying notes which are an integral part of these financial statements 58

59 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Financial Risk Management (note 6) Investment Objective The Fund seeks to achieve long term capital growth and income. The Fund invests primarily in equities and fixed-income securities of Canadian issuers, and may invest a portion of its assets in foreign equities and fixed-income securities. The Fund will seek to enhance income generation by employing investment strategies such as short selling and options trading. The Schedule of Investment Portfolio represents the securities held by the Fund as at June 30, Significant risks that are relevant to the Fund are discussed here. As the Fund invests in underlying funds, it may be indirectly exposed to other price risk, currency risk, interest rate risk, credit risk and concentration risk from these holdings. As at June 30, 2018, 38.84% (December 31, %) of the Fund s Net Assets attributable to holders of redeemable shares were invested in mutual fund units. Only direct exposure to significant risks that are relevant to the Fund are discussed here. For more information regarding the risks of the underlying funds, refer to each underlying fund s financial statements. General information on risk management is described in Note 6. Market Risk a) Other Price Risk As at June 30, 2018 and December 31, 2017, if a blended index of the S&P/TSX Composite Total Return Index, S&P 500 Total Return Index, FTSE TMX Canada Universe Bond Index and FTSE TMX Canada 30 Day T-Bill Index were to fluctuate by 10%, with all other variables held constant, Net Assets attributable to holders of redeemable shares would increase or decrease by the amounts shown in the table below. This is a measure based on the historical relationship of the Fund s performance against the index noted above. The composition of this calculation contains several subjective components that, although reasonably estimated, could alter the resulting calculation should these components be modified based on revised assumptions. As at June 30, 2018, approximately 50.29% (December 31, %) of the Fund s Net Assets attributable to holders of redeemable shares were invested in equities that were exposed to market price fluctuations. June 30, 2018 December 31, 2017 Impact ($ 000) As a % of Net Assets attributable to holders of redeemable shares Impact ($ 000) As a % of Net Assets attributable to holders of redeemable shares % % b) Currency Risk The tables below summarize the Fund s direct exposure to currency risk as at June 30, 2018 and December 31, The tables also illustrate the potential impact to the Fund s Net Assets attributable to holders of redeemable shares as a result of a 1% change in these currencies relative to the Canadian dollar, with all other variables held constant. June 30, 2018 Currency Fair Value ($ 000) Forward Currency Contracts ($ 000) Net Exposure ($ 000) % of Net Assets attributable to holders of redeemable shares Impact on Net Assets attributable to holders of redeemable shares ($ 000) U.S. Dollar 4,678 (3,129) 1, December 31, 2017 Currency Fair Value ($ 000) Forward Currency Contracts ($ 000) Net Exposure ($ 000) % of Net Assets attributable to holders of redeemable shares Impact on Net Assets attributable to holders of redeemable shares ($ 000) U.S. Dollar 5,155 (3,858) 1,

60 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Credit Risk As at June 30, 2018 and December 31, 2017, the Fund is exposed to credit risk from over-the-counter derivative contracts with counterparties. The credit risk is considered minimal as these counterparties have a minimum credit rating of AA- by S&P or equivalent. Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable shares as at June 30, 2018 and December 31, June 30, 2018 December 31, 2017 Equities: Energy 13.87% 12.20% Financials 13.75% 15.41% Information Technology 8.46% 8.01% Health Care 3.09% 4.23% Consumer Discretionary 2.87% 4.15% Utilities 2.72% 2.86% Real Estate 2.36% 2.47% Industrials 2.32% 4.03% Other 0.85% Mutual Funds 38.84% 36.21% Unrealized appreciation on forward currency contracts 0.06% 0.50% Unrealized depreciation on forward currency contracts (0.09%) Options Purchased 0.91% 0.16% Options Written (0.47%) (0.04%) Cash and Other Assets Less Liabilities 10.46% 6.57% Total Net Assets attributable to holders of redeemable units % % Fair Value Measurements (note 5) The Fund s financial assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at June 30, 2018 and December 31, 2017: June 30, 2018 Level 1 Level 2 Level 3 Total Equities Long 8,397,404 8,397,404 Mutual Funds 6,496,018 6,496,018 Warrants 14,028 14,028 Forward Currency Contracts (4,911) (4,911) Options Purchased 151, ,483 Options Written (78,441) (78,441) 14,980,492 (4,911) 14,975,581 December 31, 2017 Level 1 Level 2 Level 3 Total Equities Long 10,076,000 10,076,000 Mutual Funds 6,444,934 6,444,934 Warrants 1,085 1,085 Forward Currency Contracts 88,210 88,210 Options Purchased 28,904 28,904 Options Written (6,744) (6,744) 16,544,179 88,210 16,632,389 60

61 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) During the period ended June 30, 2018 and year ended December 31, 2017, there were no significant transfers between levels. Investments in Underlying Funds The Fund invests in redeemable units or shares of an investment fund managed by Ninepoint Partners LP (the Underlying Fund ) to gain exposure to the investment objective and strategies of the Underlying Fund. The Underlying Fund invests in a portfolio of assets to generate returns in the form of investment income and capital appreciation for its unitholders. The Underlying Fund finances its operations primarily through the issuance of redeemable units, which are puttable at the unitholder s option and entitle the unitholder to a proportionate share of the Underlying Fund s net assets. The Fund s interest in the Underlying Fund, held in the form of redeemable units, is reported in its Schedule of Investment Portfolio at fair value, which represents the Fund s maximum exposure to this investment. Distributions earned from the Underlying Fund are included in Distribution income in the Statements of Comprehensive Income. The total realized gains and change in unrealized losses arising from the Underlying Fund included in the Statements of Comprehensive Income for the period ended June 30, 2018 are $nil and $69,431, respectively (June 30, 2017 realized gains of $16,052 and change in unrealized gains of $118,322). The Fund does not provide any additional significant financial or other support to the Underlying Fund. The tables below set out the interest held by the Fund in the Underlying Fund: June 30, 2018 Underlying Fund Country of establishment and principal place of business Ownership interest Total Net Assets of Underlying Fund Carrying amount included in Statement of Financial Position Ninepoint Diversified Bond Fund Canada 2.26% $287,612,745 $6,496,018 $6,496,018 December 31, 2017 Underlying Fund Country of establishment and principal place of business Ownership interest Total Net Assets of Underlying Fund Carrying amount included in Statement of Financial Position Ninepoint Diversified Bond Fund Canada 3.42% $188,359,011 $6,444,934 $6,444,934 Offsetting of Financial Instruments In the normal course of business, the Fund enters into various master netting arrangements or other similar agreements that do not meet the criteria for offsetting in the Statements of Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or termination of the contracts. The following table presents the over-the-counter derivatives that are offset, or subject to enforceable master netting agreements or other similar agreements but that are not offset, as at June 30, 2018 and December 31, The Net column shows what the impact on the Fund s Statements of Financial Position would be if all set-off rights were exercised. 61

62 Ninepoint Enhanced Balanced Class (formerly, Sprott Enhanced Balanced Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Financial assets and liabilities Amounts offset Amounts not offset Net Gross assets/liabilities Gross assets/liabilities offset Subject to Net master amounts netting presented arrangements Cash collateral received June 30, 2018 Derivative assets 9,460 (9,460) Derivative liabilities 14,371 (9,460) 4,911 4,911 December 31, 2017 Derivative assets 88,210 88,210 88,210 Derivative liabilities Restricted Cash and Investments (note 11) As at June 30, 2018, restricted cash and investments held for the Fund totaled $397,941 (December 31, $173,336). Management Fees (note 12) This fee differs among the series of shares of the Fund as set out in the chart below: Series A Series D Series I* Series F Series FT Series T Up to 1.90% Up to 1.40% Negotiated by the Shareholder Up to 0.90% Up to 0.90% Up to 1.90% * The management fee for Series I shares of the Fund is negotiated by the investor and paid directly by the investor or by the Fund, and would not exceed the management fee for Series A shares of the Fund. Sharing Arrangements (note 14) The Fund paid $193 out of the total transaction costs incurred to certain brokers for research expenses provided to the portfolio manager during the six months ended June 30, 2018 (June 30, $358). See accompanying generic notes which are an integral part of these financial statements 62

63 Ninepoint Real Asset Class (formerly, Sprott Real Asset Class) Statements of Financial Position (in Canadian Dollars) As at June 30, 2018 (unaudited) and December 31, Assets Current assets Investments (note 3, 5) 7,730,903 10,039,583 Cash 143, ,200 Dividends receivable 1,912 1,821 Prepaid expenses 14,821 - Total assets 7,890,902 10,202,604 Liabilities Current liabilities Redemptions payable - 5,663 Accrued expenses - 15,971 Management fees payable (note 12) 15,355 - Total liabilities 15,355 21,634 Net Assets attributable to holders of redeemable shares 7,875,547 10,180,970 Net Assets attributable to holders of redeemable shares per series Series A 6,947,616 8,975,887 Series F 927,931 1,205,083 Net Assets attributable to holders of redeemable shares per series per share (note 8) Series A Series F See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Ninepoint Partners LP, by the Board of Directors of Ninepoint Corporate Class Inc. James Fox DIRECTOR Stuart J. Freeman DIRECTOR 63

64 Ninepoint Real Asset Class (formerly, Sprott Real Asset Class) Statements of Comprehensive Income (Loss) (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Income Net gain (loss) on investments: (1) Interest income for distribution purposes (note 3) Distribution income (note 3) 97, ,314 Net realized losses on sales of investments (204,815) (1,780,565) Change in unrealized appreciation in the value of investments 186, ,270 Net realized gains (losses) on foreign exchange 5 (74,675) Other income 23,756 - Total income (loss) 102,264 (1,423,030) Expenses (note 12, 13) Management fees 105, ,786 Unitholder reporting costs 19,341 21,810 Filing fees 15,812 12,624 Administrative fees 8,950 7,410 Legal fees 5,818 9,790 Audit fees 4,490 4,727 Directors' fees 3,979 3,377 Independent Review Committee fees (note 15) 1,778 2,530 Custodial fees Total expenses 166, ,802 Decrease in Net Assets attributable to holders of redeemable shares from operations (64,333) (1,695,832) Decrease in Net Assets attributable to holders of redeemable shares from operations per series Series A Series F (60,198) (1,408,474) (4,135) (287,358) Weighted average number of redeemable shares Series A 870,746 1,512,439 Series F 108, ,471 Decrease in Net Assets attributable to holders of redeemable shares from operations per series per share (note 3) Series A Series F (0.07) (0.93) (0.04) (0.88) See accompanying notes which are an integral part of these financial statements 64

65 Ninepoint Real Asset Class (formerly, Sprott Real Asset Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Net Assets attributable to holders of redeemable shares, beginning of period Series A 8,975,887 16,257,725 Series F 1,205,083 4,198,009 10,180,970 20,455,734 Decrease in Net Assets attributable to holders of redeemable shares from operations Series A Series F Distributions to holders of redeemable shares From return of capital Series A Series F (60,198) (1,408,474) (4,135) (287,358) (64,333) (1,695,832) (128,898) (247,452) (16,729) (53,411) (145,627) (300,863) Redeemable share transactions (note 8) Proceeds from redeemable shares issued Series A 118,850 1,254,935 Series F 90,303 1,014,655 Reinvestments of distributions to holders of redeemable shares Series A 121, ,792 Series F 13,816 47,837 Redemption of redeemable shares Series A Series F (2,079,907) (3,680,391) (360,407) (2,561,653) (2,095,463) (3,690,825) Net decrease in Net Assets attributable to holders of redeemable shares Series A Series F (2,028,271) (3,847,590) (277,152) (1,839,930) (2,305,423) (5,687,520) Net Assets attributable to holders of redeemable shares, end of period Series A 6,947,616 12,410,135 Series F 927,931 2,358,079 7,875,547 14,768,214 65

66 Ninepoint Real Asset Class (formerly, Sprott Real Asset Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares continued Changes in outstanding redeemable shares of the Fund for the six-month periods ended June 30 (unaudited) were as follows: Series A Series F Series A Series F Shares, beginning of period 962, ,413 1,602, ,815 Subscriptions 13,137 9, ,280 99,495 Reinvested from distributions 13,642 1,487 24,320 4,815 Redemptions (232,278) (38,784) (376,877) (254,390) Shares, end of period 757,337 96,793 1,373, ,735 See accompanying notes which are an integral part of these financial statements 66

67 Ninepoint Real Asset Class (formerly, Sprott Real Asset Class) Statements of Cash Flows (in Canadian Dollars) For the six-month periods ended June 30 (unaudited) Cash flows from operating activities Decrease in Net Assets attributable to holders of redeemable shares from operations (64,333) (1,695,832) Adjustments for: Foreign exchange losses on cash 6 7 Distribution income (97,059) (197,314) Net realized losses on sales of investments 204,815 1,780,565 Change in unrealized (appreciation) in the value of investments (186,259) (234,270) Purchases of investments 88 (19,869,772) Proceeds from sales of investments 2,387,095 16,738,712 Net increase (decrease) in other assets and liabilities (15,528) 38,807 Net cash provided by (used in) operating activities 2,228,825 (3,439,097) Cash flows from financing activities Distributions paid to holders of redeemable shares, net of reinvested distributions (9,929) (19,234) Proceeds from redeemable shares issued 146,322 2,238,448 Redemption of redeemable shares (2,383,146) (6,112,907) Net cash used in financing activities (2,246,753) (3,893,693) Foreign exchange (losses) on cash (6) (7) Net decrease in cash (17,928) (7,332,790) Cash at beginning of period 161,200 7,547,566 Cash at end of period 143, ,769 Supplemental Information Interest received Dividends received, net of withholding taxes See accompanying notes which are an integral part of these financial statements 67

68 Ninepoint Real Asset Class (formerly, Sprott Real Asset Class) Schedule of Investment Portfolio As at June 30, 2018 (unaudited) Maturity Date Average Cost Fair Value PAR VALUE BONDS AND CONVERTIBLE DEBENTURES [0.00%] 31,300 Estrella International Energy Services Ltd, 4.00%** Dec 31, ,780 - Total Bonds and Convertible Debentures 18,780 - UNITS MUTUAL FUNDS [98.16%] 316,034 Ninepoint Energy Fund, Series I 2,748,182 2,247, ,543 Ninepoint Global Infrastructure Fund, Series I 1,882,924 1,888, ,707 Ninepoint Global Real Estate Fund, Series I 1,693,784 1,903, ,305 Ninepoint Gold and Precious Minerals Fund, Series I 1,790,239 1,691,396 Total Mutual Funds 8,115,129 7,730,903 Total Investments [98.16%] 8,133,909 7,730,903 Cash and Other Assets Less Liabilities [1.84%] 144,644 Total Net Assets attributable to holders of redeemable shares [100.00%] 7,875,547 ** Private Company. See accompanying notes which are an integral part of these financial statements 68

69 Ninepoint Real Asset Class (formerly, Sprott Real Asset Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Financial Risk Management (note 6) Investment Objective The investment objective of the Fund is to seek to provide total return over the long term by investing primarily in a portfolio of mutual funds that are managed by the Manager, its associates or its affiliates in various real asset sectors of the global economy. The Fund may also invest directly in equity securities and/or exchange-traded funds operating in, or providing exposure to, the real asset sector. The Schedule of Investment Portfolio represents the securities held by the Fund as at June 30, Significant risks that are relevant to the Fund are discussed here. As the Fund invests in underlying funds, it may be indirectly exposed to other price risk, currency risk, interest rate risk, credit risk and concentration risk from these holdings. As at June 30, 2018, 98.16% (December 31, %) of the Fund s Net Assets attributable to holders of redeemable shares were invested in mutual fund units. Only direct exposure to significant risks that are relevant to the Fund are discussed here. For more information regarding the risks of the underlying funds, refer to each underlying fund s financial statements. General information on risk management is described in Note 6. Market Risk a) Other Price Risk As at June 30, 2018 and December 31, 2017, the Fund did not have a significant exposure to other price risk. b) Currency Risk As at June 30, 2018 and December 31, 2017, the Fund did not have a significant exposure to currency risk. c) Interest Rate Risk As at June 30, 2018 and December 31, 2017, the Fund did not have a significant exposure to interest rate risk. Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable shares as at June 30, 2018 and December 31, June 30, 2018 December 31, 2017 Mutual Funds 98.16% 98.55% Bonds and Convertible Debentures 0.06% Cash and Other Assets Less Liabilities 1.84% 1.39% Total Net Assets attributable to holders of redeemable shares % % Fair Value Measurements (note 5) The Fund s assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at June 30, 2018 and December 31, 2017: June 30, 2018 Level 1 Level 2 Level 3 Total Bonds and Convertible Debentures Mutual Funds 7,730,903 7,730,903 7,730,903 7,730,903 December 31, 2017 Level 1 Level 2 Level 3 Total Bonds and Convertible Debentures 6,260 6,260 Mutual Funds 10,033,323 10,033,323 10,033,323 6,260 10,039,583 69

70 Ninepoint Real Asset Class (formerly, Sprott Real Asset Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) During the six months ended June 30, 2018 and year ended December 31, 2017, there were no significant transfers between levels. The reconciliation of investments measured at fair value using unobservable inputs (Level 3) for the six months ended June 30, 2018 and year ended December 31, 2017 is presented as follows: June 30, 2018 December 31, 2017 Bonds and Convertible Bonds and Convertible Debentures Debentures Balance at beginning of period 6,260 Purchases 18,780 Change in unrealized losses (6,260) (12,520) Balance at end of period 6,260 Change in unrealized losses during the year for investments held at end of period (6,260) (12,520) The Fund s Level 3 securities consist of private bond positions. The Manager determines their fair value by utilizing a variety of valuation techniques such as the use of comparable recent transactions, discounted cash flows and other techniques used by market participants. As at June 30, 2018 and December 31, 2017, these positions were not significant to the Fund and any changes in reasonable possible assumptions used in their valuation would not have a significant impact to the Net Assets attributable to holders of redeemable units of the Fund. Investments in Underlying Funds The Fund invests in redeemable units or shares of other investment funds managed by Ninepoint Partners LP (the Underlying Funds ) to gain exposure to the investment objective and strategies of the Underlying Funds. Each Underlying Fund invests in a portfolio of assets to generate returns in the form of investment income and capital appreciation for its unitholders. Each Underlying Fund finances its operations primarily through the issuance of redeemable units, which are puttable at the unitholder s option and entitle the unitholder to a proportionate share of the Underlying Fund s net assets. The Fund s interests in Underlying Funds, held in the form of redeemable units, are reported in its Schedule of Investment Portfolio at fair value, which represent the Fund s maximum exposure to these investments. Distributions earned from Underlying Funds are included in Distribution income in the Statements of Comprehensive Income. The total realized losses and change in unrealized gains arising from Underlying Funds included in the Statement of Comprehensive Income for the six months ended June 30, 2018 are $204,815 and $192,519, respectively (June 30, 2017 realized losses of $1,780,565 and change in unrealized gains of $246,790). The Fund does not provide any additional significant financial or other support to any Underlying Funds. The tables below set out the interest held by the Fund in Underlying Funds: June 30, 2018 Country of establishment and principal place of business Total Net Assets of Underlying Fund Carrying amount included in Statement of Financial Position Ownership Underlying Fund interest Ninepoint Energy Fund Canada 1.30% $172,665,872 $2,247,349 Ninepoint Global Infrastructure Fund Canada 15.32% $12,330,552 $1,888,661 Ninepoint Global Real Estate Fund Canada 12.91% $14,741,734 $1,903,497 Ninepoint Gold and Precious Minerals Fund Canada 1.37% $123,522,310 $1,691,396 December 31, 2017 Country of establishment and principal place of business Total Net Assets of Underlying Fund $7,730,903 Carrying amount included in Statement of Financial Position Ownership Underlying Fund interest Ninepoint Energy Fund Canada 1.72% $158,702,682 $2,735,927 Ninepoint Global Infrastructure Fund Canada 18.07% $13,400,793 $2,421,604 Ninepoint Global Real Estate Fund Canada 16.81% $14,825,169 $2,491,475 Ninepoint Gold and Precious Minerals Fund Canada 1.44% $165,423,202 $2,384,317 $10,033,323 70

71 Ninepoint Real Asset Class (formerly, Sprott Real Asset Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Management Fees (note 12) This fee differs among the series of shares of the Fund as set out in the chart below: Series A Series F Series I* Up to 2.25% Up to 1.25% Negotiated by the Shareholder * The management fee for Series I shares of the Fund is negotiated by the investor and paid directly by the investor or by the Fund, and would not exceed the management fee for Series A shares of the Fund. Related Party Holdings Ninepoint Financial Group, the parent company of the Fund manager, and its respective subsidiaries, held the following investments in the Fund as at June 30, 2018 and December 31, 2017, respectively: June 30, 2018 December 31, 2017 Shares held Series A Value of shares held ($) 1,041 1,040 See accompanying generic notes which are an integral part of these financial statements 71

72 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Statements of Financial Position (in U.S. Dollars) As at June 30, 2018 (unaudited) and December 31, Assets Current assets Investments (excluding derivatives) (note 3, 5, 11) 11,391,455 10,706,252 Cash (note 11) 5,051,754 6,134,048 Unrealized appreciation on forward currency contracts (note 3, 5) 131, ,695 Options purchased (note 3, 5) 259,450 47,953 Broker margin (note 11) 300, ,823 Subscriptions receivable 112 7,291 Dividends receivable 18,793 15,660 Total assets 17,152,851 17,413,722 Liabilities Current liabilities Options written (note 3, 5) 132,539 11,856 Redemptions payable 43,753 - Accrued expenses 14,217 26,711 Management fees payable (note 12) 24,161 - Total liabilities 214,670 38,567 Net Assets attributable to holders of redeemable shares 16,938,181 17,375,155 Net Assets attributable to holders of redeemable shares per series Series A 2,878,796 3,614,520 Series AH 7,947,761 5,344,964 Series D 3,050 - Series F 4,532,389 5,406,604 Series FH 1,202,843 2,570,049 Series FT 251, ,384 Series T 121, ,634 Net Assets attributable to holders of redeemable shares per series per share (note 8) Series A Series AH Series D Series F Series FH Series FT Series T Series AH $CAD Series FH $CAD See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Ninepoint Partners LP, by the Board of Directors of Ninepoint Corporate Class Inc. James Fox DIRECTOR Stuart J. Freeman DIRECTOR 72

73 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Statements of Comprehensive Income (Loss) (in U.S. Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Income Net gain (loss) on investments and derivatives: (1) Interest income for distribution purposes (note 3) - 73 Dividends (note 3) 121, ,234 Net realized gains on sales of investments 740, ,497 Net realized gains on option contracts 93, ,001 Net realized gains (losses) on forward currency contracts (384,944) 89,091 Change in unrealized appreciation (depreciation) in the value of investments (816,437) 593,104 Change in unrealized appreciation (depreciation) on option contracts 47,551 (122,518) Change in unrealized appreciation (depreciation) on forward currency contracts (38,408) 123,049 Net realized losses on foreign exchange (7,356) (14,991) Other income 1,352 - Total income (loss) (243,638) 1,154,540 Expenses (note 12, 13) Management fees 148, ,816 Unitholder reporting costs 24,216 24,952 Administrative fees 22,011 19,907 Filing fees 9,483 12,460 Withholding taxes 7,162 10,244 Audit fees 2,960 4,063 Directors' fees 3,078 3,337 Transaction costs (note 3, 14) 3,112 1,384 Legal fees 4,836 19,696 Custodial fees 1,640 1,803 Independent Review Committee fees (note 15) 813 2,500 Total expenses 227, ,162 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations (471,404) 900,378 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations per series Series A (14,802) 184,438 Series AH (374,610) 230,585 Series D 13 - Series F (3,280) 279,176 Series FH (78,493) 174,456 Series FT (63) 24,369 Series T (169) 7,354 Weighted average number of redeemable shares Series A 307, ,131 Series AH 655, ,536 Series D Series F 464, ,462 Series FH 165, ,738 Series FT 30,525 72,589 Series T 14,450 24,130 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations per series per share (note 3) Series A (0.05) 0.32 Series AH (0.57) 0.74 Series D Series F (0.01) 0.37 Series FH (0.47) 0.69 Series FT (0.00) 0.34 Series T (0.01) 0.30 See accompanying notes which are an integral part of these financial statements 73

74 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (in U.S. Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Net Assets attributable to holders of redeemable shares, beginning of period Series A 3,614,520 5,972,609 Series AH 5,344,964 2,005,714 Series D - - Series F 5,406,604 8,313,522 Series FH 2,570,049 2,954,274 Series FT 286,384 1,248,906 Series T 152, ,806 17,375,155 20,724,831 Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations Series A (14,802) 184,438 Series AH (374,610) 230,585 Series D 13 - Series F (3,280) 279,176 Series FH (78,493) 174,456 Series FT (63) 24,369 Series T (169) 7,354 (471,404) 900,378 Distributions to holders of redeemable shares From net investment income Series A Series AH Series D Series F Series FH Series FT Series T (8,367) (16,234) (3,781) (6,086) (12,148) (22,320) Redeemable share transactions (note 8) Proceeds from redeemable shares issued Series A 170, ,852 Series AH 3,293,195 2,354,030 Series D 3,037 - Series F 541, ,147 Series FH 98, ,827 Series FT 1,545 7,368 Series T - - Reinvestments of distributions to holders of redeemable shares Series A - - Series AH - - Series D - - Series F - - Series FH - - Series FT 6,452 5,405 Series T Redemption of redeemable shares Series A (891,187) (1,880,862) Series AH (315,788) (490,748) Series D - - Series F (1,412,397) (2,994,680) Series FH (1,387,344) (1,013,786) Series FT Series T (34,376) (780,714) (27,373) (79,822) 46,578 (3,166,158) 74

75 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares continued (in U.S. Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Net increase (decrease) in Net Assets attributable to holders of redeemable shares Series A (735,724) (1,057,572) Series AH 2,602,797 2,093,867 Series D 3,050 - Series F (874,215) (1,845,357) Series FH (1,367,206) (641,503) Series FT Series T (34,809) (759,806) (30,867) (77,729) (436,974) (2,288,100) Net Assets attributable to holders of redeemable shares, end of period Series A 2,878,796 4,915,037 Series AH 7,947,761 4,099,581 Series D 3,050 - Series F 4,532,389 6,468,165 Series FH 1,202,843 2,312,771 Series FT 251, ,100 Series T 121, ,077 16,938,181 18,436,731 75

76 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares continued Changes in outstanding redeemable shares of the Fund for the six-month periods ended June 30 (unaudited) were as follows: Series A Series AH Series D Series F Series Series Series T Series A Series AH Series F Series FH FT FH Series FT Series T Shares, beginning of period 351, , , ,568 31,113 17, , , , , ,146 26,584 Subscriptions 16, , ,003 8, , ,265 89,594 20, Reinvested distributions Redemptions (86,297) (29,387) - (133,316) (124,529) (3,797) (3,011) (196,799) (51,050) (308,122) (103,136) (87,825) (9,152) Shares, end of period 281, , , ,593 28,201 14, , , , ,606 54,761 17,527 See accompanying notes which are an integral part of these financial statements 76

77 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Statements of Cash Flows (in U.S. Dollars) For the six-month periods ended June 30 (unaudited) Cash flows from operating activities Increase (decrease) in Net Assets attributable to holders of redeemable shares from operations (471,404) 900,378 Adjustments for: Foreign exchange (gains) on cash (61) (53) Net realized (gains) on sales of investments (740,153) (167,497) Net realized (gains) on options contracts (93,075) (166,001) Change in unrealized (appreciation) depreciation in the value of investments 816,437 (593,104) Change in unrealized (appreciation) depreciation on forward currency contracts 38,408 (123,049) Change in unrealized (appreciation) depreciation on options contracts (47,551) 122,518 Purchases of investments (13,929,579) (1,310,801) Proceeds from sales of investments 13,217,904 3,672,283 Net increase (decrease) in other assets and liabilities 41,357 (1,217,754) Net cash provided by (used in) operating activities (1,167,717) 1,116,920 Cash flows from financing activities Distributions paid to holders of redeemable shares, net of reinvested distributions (5,240) (16,090) Proceeds from redeemable shares issued 3,922,010 3,960,702 Redemption of redeemable shares (3,831,408) (7,110,902) Net cash provided by (used in) financing activities 85,362 (3,166,290) Foreign exchange gains on cash Net decrease in cash (1,082,355) (2,049,370) Cash at beginning of period 6,134,048 8,036,352 Cash at end of period 5,051,754 5,987,035 Supplemental Information Interest received - 73 Dividends received, net of withholding taxes 111, ,324 See accompanying notes which are an integral part of these financial statements 77

78 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Schedule of Investment Portfolio (in U.S. Dollars) As at June 30, 2018 (unaudited) Average Cost Fair Value SHARES EQUITIES [55.93%] FINANCIALS [12.95%] 21,600 Bank of America Corp. 552, ,904 7,600 Citigroup Inc. 559, ,592 11,700 Intercontinental Exchange, Inc. 584, ,535 12,000 Manulife Financial Corp. 205, ,640 1,901,993 2,193,671 INFORMATION TECHNOLOGY [10.17%] 2,100 Facebook Inc. 346, ,072 8,200 Fiserv Inc. 432, ,538 5,700 Microsoft Corp. 521, ,077 1,100 Visa Inc. 131, ,695 1,432,560 1,723,382 ENERGY [9.83%] 34,800 AltaGas Ltd. 821, ,745 15,100 Canadian Natural Resources Ltd. 435, ,657 14,100 Crescent Point Energy Corp. 129, ,615 15,900 Inter Pipeline Ltd. 332, , Suncor Energy Inc ,720,103 1,665,864 UTILITIES [7.80%] 34,425 Brookfield Infrastructure Partners L.P. 874,083 1,321, ,083 1,321,920 REAL ESTATE [5.62%] 50,020 Brookfield Property Partners L.P. 1,122, ,380 1,122, ,380 HEALTH CARE [5.08%] 3,510 UnitedHealth Group Inc. 487, , , ,143 INDUSTRIALS [2.75%] 3,000 CSX Corp. 180, , Northrop Grumman Corp. 161, , , ,193 CONSUMER DISCRETIONARY [1.73%] 1,500 The Home Depot Inc. 189, , , ,650 Total Equities 8,069,723 9,475,203 UNITS FUNDS [11.31%] 3,800 Energy Select Sector SPDR Fund 259, ,572 6,000 SPDR S&P 500 ETF Trust 1,594,925 1,627,680 Total Funds 1,854,845 1,916,252 Transaction Costs (note 3) (5,683) Total Investments [67.24%] 9,918,885 11,391,455 Total unrealized appreciation on forward currency contracts [0.78%] (Schedule 1) 131,627 Total unrealized depreciation on forward currency contracts [0.00%] (Schedule 1) (340) Options purchased [1.53%] (Schedule 2) 259,450 Options written [-0.78%] (Schedule 2) (132,539) Cash and Other Assets Less Liabilities [31.23%] 5,288,528 Total Net Assets attributable to holders of redeemable shares [100.00%] 16,938,181 See accompanying notes which are an integral part of these financial statements 78

79 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Forward Currency Contracts (Schedule 1) (in U.S. Dollars) As at June 30, 2018 (unaudited) Settlement Contract Cost Forward Value Unrealized Appreciation/ (Depreciation) Bought ($) Sold ($) Date $(USD) $(USD) $(USD) 10,502,143 Canadian Dollar (7,879,676) U.S. Dollar 31-Jul-18 (7,879,676) (7,765,570) 114,092 1,613,903 Canadian Dollar (1,210,899) U.S. Dollar 31-Jul-18 (1,210,899) (1,193,364) 17,535 26,884 U.S. Dollar (35,765) Canadian Dollar 31-Jul-18 26,884 26,544 (340) Total 131,287 Option Contracts (Schedule 2) (in U.S. Dollars) As at June 30, 2018 (unaudited) Options Purchased Premium Fair Number of Expiration Strike Paid Value Option Details Option Type Contracts Date Price ($) $(USD) $(USD) Canadian Natural Resources Call Jul ,134 4,745 CSX Corp. Put Aug ,840 1,695 Energy Select Sector SPDR Call Sep ,526 5,918 Financial Select Sector SPDR Call Jul ,485 1,395 Industrial Select Sector SPDR Call Jul ,877 2,835 SPDR S&P 500 ETF Trust Call Jul ,265 4,500 SPDR S&P 500 ETF Trust Call Aug ,225 16,335 SPDR S&P 500 ETF Trust Put Aug ,272 65,296 SPDR S&P 500 ETF Trust Put Aug ,090 19,482 SPDR S&P 500 ETF Trust Put Sep ,296 97,636 SPDR S&P 500 ETF Trust Put Sep ,906 20,038 SPDR S&P 500 ETF Trust Put Sep ,685 19, , ,450 Options Written Premium Fair Number of Expiration Strike Received Value Option Details Option Type Contracts Date Price ($) $(USD) $(USD) Energy Select Sector SPDR Call (23) 21-Sep (506) (368) SPDR S&P 500 ETF Trust Put (51) 17-Aug (9,201) (5,508) SPDR S&P 500 ETF Trust Put (154) 17-Aug (26,180) (40,348) SPDR S&P 500 ETF Trust Put (25) 21-Sep (5,379) (8,350) SPDR S&P 500 ETF Trust Put (35) 21-Sep (11,481) (9,258) SPDR S&P 500 ETF Trust Put (154) 21-Sep (45,607) (68,707) (98,354) (132,539) See accompanying notes which are an integral part of these financial statements 79

80 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) (in U.S. Dollars) Financial Risk Management (note 6) Investment Objective The Fund seeks to achieve long-term capital growth by investing primarily in U.S. equity securities. The Fund provides downside protection through the use of option strategies and tactical changes to the amount of its equity exposure, and is suitable for investors with a long-term horizon. The Schedule of Investment Portfolio represents the securities held by the Fund as at June 30, Significant risks that are relevant to the Fund are discussed here. General information on risk management is described in Note 6. Market Risk a) Other Price Risk As at June 30, 2018 and December 31, 2017, if the S&P 500 Total Return Index were to fluctuate by 10%, with all other variables held constant, Net Assets attributable to holders of redeemable units would increase or decrease by the amounts shown in the table below. This is a measure based on the historical relationship of the Fund s performance against the index noted above. The composition of this calculation contains several subjective components that, although reasonably estimated, could alter the resulting estimate should these components be modified based on revised assumptions. June 30, 2018 December 31, 2017 Impact ($ 000) As a % of Net Assets attributable to holders of redeemable units Impact ($ 000) As a % of Net Assets attributable to holders of redeemable units % % b) Currency Risk The tables below summarize the Fund s exposure to currency risk as at June 30, 2018 and December 31, The tables also illustrate the potential impact to the Fund s Net Assets attributable to holders of redeemable units as a result of 1% changes in these currencies relative to the U.S. dollar, with all other variables held constant. June 30, 2018 Currency Fair Value ($ 000) Forward Currency Contracts ($ 000) Net Exposure ($ 000) % of Net Assets attributable to holders of redeemable units Impact on Net Assets attributable to holders of redeemable units ($ 000) Canadian Dollar 1,160 9,190 10, % 103 December 31, 2017 Currency Fair Value ($ 000) Forward Currency Contracts ($ 000) Net Exposure ($ 000) % of Net Assets attributable to holders of redeemable units Impact on Net Assets attributable to holders of redeemable units ($ 000) Canadian Dollar 1,108 7,909 9, % 90 80

81 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) (in U.S. Dollars) c) Interest Rate Risk As at June 30, 2018 and December 31, 2017, the Fund did not have a significant exposure to interest rate risk. Credit Risk As at June 30, 2018 and December 31, 2017, the Fund is exposed to credit risk from over-the-counter derivative contracts with counterparties. The credit risk is considered minimal as these counterparties have a minimum credit rating of AA- by S&P or equivalent. Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable shares as at June 30, 2018 and December 31, June 30, 2018 December 31, 2017 Equities: Financials 12.95% 14.42% Information Technology 10.17% 5.51% Energy 9.83% 9.52% Utilities 7.80% 8.87% Real Estate 5.62% 6.38% Health Care 5.08% 5.67% Industrials 2.75% 6.87% Consumer Discretionary 1.73% 4.37% Funds 11.31% Unrealized appreciation on forward currency contracts 0.78% 0.98% Unrealized depreciation on forward currency contracts (0.00%) Options Purchased 1.53% 0.28% Options Written (0.78%) (0.07%) Cash and Other Assets Less Liabilities 31.23% 37.20% Total Net Assets attributable to holders of redeemable shares % % Fair Value Measurements (note 5) The Fund s assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at June 30, 2018 and December 31, 2017: June 30, 2018 Level 1 Level 2 Level 3 Total Equities Long 9,475,203 9,475,203 Funds 1,916,252 1,916,252 Forward Currency Contracts 131, ,287 Options Purchased 259, ,450 Options Written (132,539) (132,539) 11,518, ,287 11,649,653 December 31, 2017 Level 1 Level 2 Level 3 Total Equities Long 10,706,252 10,706,252 Forward Currency Contracts 169, ,695 Options Purchased 47,953 47,953 Options Written (11,856) (11,856) 10,742, ,695 10,912,044 81

82 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) (in U.S. Dollars) During the six months period ended June 30, 2018 and year ended December 31, 2017, there were no significant transfers between levels. Offsetting of Financial Instruments In the normal course of business, the Fund enters into various master netting arrangements or other similar agreements that do not meet the criteria for offsetting in the Statements of Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or termination of the contracts. The following table presents the over-the-counter derivatives that are offset, or subject to enforceable master netting agreements or other similar agreements but that are not offset, as at June 30, 2018 and December 31, The Net column shows what the impact on the Fund s Statements of Financial Position would be if all set-off rights were exercised. Financial assets and liabilities Amounts offset Amounts not offset Net Gross assets/liabilities Gross assets/liabilities offset Subject to Net master amounts netting presented arrangements Cash collateral received June 30, 2018 Derivative assets 131,627 (340) 131, ,287 Derivative liabilities 340 (340) December 31, 2017 Derivative assets 169, , ,695 Derivative liabilities Restricted Cash and Investments (note 11) As at June 30, 2018, restricted cash and investments held for the Fund totaled $441,592 (December 31, $332,823). Management Fees (note 12) This fee differs among the series of shares of the Fund as set out in the chart below: Series A Series AH Series D Series F Series FH Series FT Series I* Series T Up to 2.00% Up to 2.00% Up to 1.50% Up to 1.00% Up to 1.00% Up to 1.00% Negotiated by the Shareholder Up to 2.00% * The management fee for Series I shares of the Fund is negotiated by the investor and paid directly by the investor or by the Fund, and would not exceed the management fee for Series A shares of the Fund. 82

83 Ninepoint Enhanced U.S. Equity Class (formerly, Sprott Enhanced U.S. Equity Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) (in U.S. Dollars) Related Party Holdings Ninepoint Financial Group, the parent company of the Fund manager, and its respective subsidiaries, held the following investments in the Fund as at June 30, 2018 and December 31, 2017, respectively: June 30, 2018 December 31, 2017 Shares held Series A Value of shares held ($USD) 1,032 1,038 Sharing Arrangements (note 14) The Fund paid $119 out of the total transaction costs incurred to certain brokers for research expenses provided to the portfolio manager during six months ended June 30, 2018 (June 30, 2017 $168). See accompanying generic notes which are an integral part of these financial statements 83

84 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) Statements of Financial Position (in Canadian Dollars) As at June 30, 2018 (unaudited) and December 31, Assets Current assets Investments (excluding derivatives) (note 3, 5, 11) 26,373,575 29,796,867 Cash (note 11) 448,009 - Unrealized appreciation on forward currency contracts (note 3, 5) 6,874 14,302 Subscriptions receivable 21, Dividends receivable 97,023 87,263 Due from broker 1,064,947 - Other assets Total assets 28,011,572 29,899,399 Liabilities Current liabilities Bank indebtedness - 151,490 Redemptions payable 85,535 56,105 Accrued expenses Management fees payable (note 12) 40,938 - Total liabilities 127, ,595 Net Assets attributable to holders of redeemable shares 27,884,344 29,691,804 Net Assets attributable to holders of redeemable shares per series Series A 9,114,213 9,467,015 Series A1 8,707,469 9,428,881 Series F 6,108,699 5,998,148 Series F1 2,375,252 3,068,433 Series PF 1,578,711 1,729,327 Net Assets attributable to holders of redeemable shares per series per share (note 8) Series A Series A Series F Series F Series PF See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Ninepoint Partners LP, by the Board of Directors of Ninepoint Corporate Class Inc. James Fox DIRECTOR Stuart J. Freeman DIRECTOR 84

85 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) Statements of Comprehensive Income (Loss) (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Income Net gain (loss) on investments and derivatives: (1) Interest income for distribution purposes (note 3) Dividends (note 3) 338, ,155 Net realized gains on sales of investments 599,825 1,145,709 Net realized losses on forward currency contracts (357,570) (253,864) Net realized gains on option contracts - 13,437 Change in unrealized appreciation in the value of investments 1,149,506 1,209,407 Change in unrealized appreciation (depreciation) on forward currency contracts (7,428) 54,074 Net realized gains (losses) on foreign exchange 3,426 (103,995) Other income 1,148 - Total income 1,727,653 2,486,378 Expenses (note 12, 13) Management fees 259, ,576 Unitholder reporting costs 30,643 25,482 Transaction costs (note 3, 14) 29,857 56,081 Administrative fees 17,040 10,969 Withholding taxes 15,896 29,036 Filing fees 12,153 12,344 Legal fees 5,915 2,641 Directors' fees 4,034 3,063 Audit fees 3,879 2,819 Custodial fees 3,302 3,929 Independent Review Committee fees (note 15) 1,803 2,593 Total expenses 384, ,533 Expenses waived/absorbed by the Manager (note 13) - (33,441) Net expenses 384, ,092 Increase in Net Assets attributable to holders of redeemable shares from operations 1,343,417 2,089,286 Increase in Net Assets attributable to holders of redeemable shares from operation per series Series A 417, ,511 Series A1 409, ,204 Series F 296, ,306 Series F1 134, ,303 Series PF 84, ,962 Weighted average number of redeemable shares Series A 875, ,434 Series A1 847,172 1,200,639 Series F 537, ,669 Series F1 237, ,682 Series PF 149, ,594 Increase in Net Assets attributable to holders of redeemable shares from operations per series per share (note 3) Series A Series A Series F Series F Series PF See accompanying notes which are an integral part of these financial statements 85

86 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares (in Canadian Dollars, except share amounts) For the six-month periods ended June 30 (unaudited) Net Assets attributable to holders of redeemable shares, beginning of period Series A 9,467,015 5,919,454 Series A1 9,428,881 13,577,790 Series F 5,998,148 7,978,648 Series F1 3,068,433 3,330,661 Series PF 1,729,327 1,790,349 29,691,804 32,596,902 Increase in Net Assets attributable to holders of redeemable shares from operations Series A 417, ,511 Series A1 409, ,204 Series F 296, ,306 Series F1 134, ,303 Series PF 84, ,962 1,343,417 2,089,286 Distributions to holders of redeemable shares Series A Series A1 Series F Series F1 Series PF (160,561) (125,334) (154,894) (196,528) (101,272) (130,727) (46,181) (54,372) (28,874) (31,866) (491,782) (538,827) Redeemable share transactions (note 8) Proceeds from redeemable shares issued Series A 871,507 2,803,448 Series A1 3,000 64,122 Series F 630,130 2,359,914 Series F1 20,195 34,300 Series PF - 72,727 Reinvestments of distributions to holders of redeemable shares Series A 138, ,827 Series A1 125, ,422 Series F 75, ,814 Series F1 33,335 47,813 Series PF 10,338 29,221 Redemption of redeemable shares Series A (1,619,595) (671,487) Series A1 (1,104,637) (3,925,552) Series F (790,196) (2,833,622) Series F1 Series PF (835,171) (581,667) (217,024) (86,459) (2,659,095) (2,284,179) Net increase (decrease) in Net Assets attributable to holders of redeemable shares Series A (352,802) 2,518,965 Series A1 (721,412) (3,079,332) Series F 110,551 36,685 Series F1 (693,181) (322,623) Series PF (150,616) 112,585 (1,807,460) (733,720) Net Assets attributable to holders of redeemable shares, end of period Series A 9,114,213 8,438,419 Series A1 8,707,469 10,498,458 Series F 6,108,699 8,015,333 Series F1 2,375,252 3,008,038 Series PF 1,578,711 1,902,934 27,884,344 31,863,182 86

87 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares continued Changes in outstanding redeemable shares of the Fund for the six-month periods ended June 30 (unaudited) were as follows: Series A Series A1 Series F Series F1 Series PF Series A Series A1 Series F Series F1 Series PF Shares, beginning of period 897, , , , , ,723 1,415, , , ,179 Subscriptions 80, ,965 1, ,137 6, ,428 3,297 6,956 Reinvested distributions 12,893 11,683 6,800 2, ,360 17,875 10,910 4,423 2,807 Redemptions (149,922) (102,134) (71,564) (71,291) (19,162) (66,737) (394,656) (284,729) (53,523) (8,158) Shares, end of period 841, , , , , ,483 1,045, , , ,784 See accompanying notes which are an integral part of these financial statements 87

88 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) Statements of Cash Flows (in Canadian Dollars) As at June 30, 2018 (unaudited) and December 31, Cash flows from operating activities Increase in net assets attributable to holders of redeemable shares from operations 1,343,417 2,089,286 Adjustments for: Foreign exchange (gains) losses on cash (6,798) 9,435 Net realized (gains) on sales of investments (599,825) (1,145,709) Net realized (gains) on options contracts - (13,437) Change in unrealized (appreciation) in the value of investments (1,149,506) (1,209,407) Change in unrealized (appreciation) depreciation on forward currency contracts 7,428 (54,074) Purchases of investments (10,812,497) (16,742,289) Proceeds from sales of investments 14,920,173 19,768,203 Net increase (decrease) in other assets and liabilities 32,850 (43,630) Net cash provided by operating activities 3,735,242 2,658,378 Cash flows from financing activities Distributions paid to holders of redeemable shares, net of reinvested distributions (109,086) (58,730) Proceeds from redeemable shares issued 1,353,087 5,193,285 Redemption of redeemable shares (4,386,542) (8,199,756) Net cash used in financing activities (3,142,541) (3,065,201) Foreign exchange gains (losses) on cash 6,798 (9,435) Net increase (decrease) in cash 592,701 (406,823) Cash (bank indebtedness) at beginning of period (151,490) 2,807,385 Cash at end of period 448,009 2,391,127 Supplemental Information Interest received Dividends received, net of withholding taxes 313, ,047 See accompanying notes which are an integral part of these financial statements 88

89 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) Schedule of Investment Portfolio As at June 30, 2018 (unaudited) Average Cost Fair Value SHARES EQUITIES [94.59%] INFORMATION TECHNOLOGY [25.18%] 858 Alphabet Inc. 950,837 1,258,318 13,400 InterXion Holding N.V. 832,610 1,099,522 5,954 Mastercard Inc. 800,383 1,538,122 13,340 Microsoft Corp. 1,345,535 1,729,227 8,002 Visa Inc. 887,519 1,393,239 4,816,884 7,018,428 INDUSTRIALS [15.14%] 20,018 Ashtead Group PLC 462, ,439 2,100 Boeing Company 976, ,190 2,789 FedEx Corp. 644, ,462 3,222 Raytheon Company 651, ,206 8,621 Waste Connections Inc. 639, ,125 3,375,754 4,219,422 ENERGY [13.46%] 12,300 Canadian Natural Resources Ltd. 566, ,635 20,700 Royal Dutch Shell PLC 883, ,538 22,000 Suncor Energy Inc. 935,763 1,177,000 12,700 Total S.A. 901,161 1,017,801 3,286,194 3,752,974 CONSUMER DISCRETIONARY [11.67%] 2,200 Adidas AG 702, ,326 6,800 Hilton Worldwide Holdings Inc. 723, ,603 1,100 Kering S.A. 717, ,553 4,288 The Home Depot Inc. 795,933 1,099,733 2,939,225 3,255,215 HEALTH CARE [7.83%] 2,600 Thermo Fisher Scientific Inc. 702, ,966 4,577 UnitedHealth Group Inc. 834,360 1,476,129 1,537,292 2,184,095 FINANCIALS [7.78%] 8,917 Intercontinental Exchange Inc. 685, ,138 9,535 JPMorgan Chase and Co. 972,936 1,306,061 1,658,926 2,168,199 CONSUMER STAPLES [4.86%] 1,850 Constellation Brands Inc. 496, ,272 3,000 Costco Wholesale Corp. 716, ,140 1,213,369 1,356,412 TELECOMMUNICATION SERVICES [3.76%] 31,633 Cellnex Telecom S.A. 915,716 1,048, ,716 1,048,817 REAL ESTATE [3.00%] 4,900 Prologis Inc. 412, ,127 6,600 Vonovia SE 418, , , ,064 UTILITIES [1.91%] 38,000 E.ON SE 554, , , ,949 Total Equities 21,129,428 26,373,575 Transaction Costs (note 3) (25,754) Total Investments [94.59%] 21,103,674 26,373,575 Total unrealized appreciation on forward currency contracts [0.02%] (Schedule 1) 6,874 Cash and Other Assets Less Liabilities [5.39%] 1,503,895 Total Net Assets attributable to holders of redeemable shares [100.00%] 27,884,344 See accompanying notes which are an integral part of these financial statements 89

90 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) Forward Currency Contracts (Schedule 1) As at June 30, 2018 (unaudited) Settlement Contract Cost Forward Value Unrealized Appreciation Bought ($) Sold ($) Date $(CAD) $(CAD) $(CAD) 874,997 Canadian Dollar (500,000) Pound Sterling 27-Jul-18 (874,997) (868,123) 6,874 Total 6,874 See accompanying notes which are an integral part of these financial statements 90

91 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) Financial Risk Management (note 6) Investment Objective The Fund seeks to provide consistent income and capital appreciation by investing primarily in a diversified portfolio of dividend yielding global equities. The Schedule of Investment Portfolio represents the securities held by the Fund as at June 30, Significant risks that are relevant to the Fund are discussed here. General information on risk management is described in Note 6. Market Risk a) Other Price Risk As at June 30, 2018 and December 31, 2017, if the S&P Global 1200 Total Return Index were to fluctuate by 10%, with all other variables held constant, Net Assets attributable to holders of redeemable units would increase or decrease by the amounts shown in the table below. This is a measure based on the historical relationship of the Fund s performance against the index noted above. The composition of this calculation contains several subjective components that, although reasonably estimated, could alter the resulting estimate should these components be modified based on revised assumptions. b) Currency Risk June 30, 2018 December 31, 2017 Impact ($ 000) As a % of Net Assets attributable to holders of redeemable units Impact ($ 000) As a % of Net Assets attributable to holders of redeemable units 2, % 2, % The tables below summarize the Fund s exposure to currency risk as at June 30, 2018 and December 31, The tables also illustrate the potential impact to the Fund s Net Assets attributable to holders of redeemable units as a result of 1% changes in these currencies relative to the Canadian dollar, with all other variables held constant. June 30, 2018 Forward Currency Contracts ($ 000) % of Net Assets attributable to holders of redeemable shares Impact on Net Assets attributable to holders of redeemable shares ($ 000) Currency Fair Value ($ 000) Net Exposure ($ 000) U.S. Dollar 20,112 20, Euro 4,530 4, Pound Sterling 1,764 (868) Swiss Franc ,441 (868) 25, December 31, 2017 Forward Currency Contracts ($ 000) % of Net Assets attributable to holders of redeemable shares Impact on Net Assets attributable to holders of redeemable shares ($ 000) Currency Fair Value ($ 000) Net Exposure ($ 000) U.S. Dollar 16,292 16, Euro 7,274 7, Swiss Franc 1,881 1, Japanese Yen 1,048 1, Pound Sterling 1,762 (865) ,257 (865) 27,

92 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) c) Interest Rate Risk As at June 30, 2018 and December 31, 2017, the Fund did not have a significant exposure to interest rate risk. Credit Risk As at June 30, 2018 and December 31, 2017, the Fund is exposed to credit risk from over-the-counter derivative contracts with counterparties. The credit risk is considered minimal as these counterparties have a minimum credit rating of AA- by S&P or equivalent. Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable shares as at June 30, 2018 and December 31, June 30, 2018 December 31, 2017 Equities - Long: Information Technology 25.18% 19.44% Industrials 15.14% 25.93% Energy 13.46% 7.47% Consumer Discretionary 11.67% 5.67% Health Care 7.83% 4.27% Financials 7.78% 27.21% Consumer Staples 4.86% 3.43% Telecommunication Services 3.76% 4.24% Real Estate 3.00% Utilities 1.91% 2.69% Unrealized appreciation on forward currency contracts 0.02% 0.05% Cash and Other Assets Less Liabilities 5.39% (0.40%) Total Net Assets attributable to holders of redeemable shares % % The Fund s investment portfolio is concentrated in the following geographic segments as at June 30, 2018 and December 31, June 30, 2018 December 31, 2017 United States 58.95% 45.29% Canada 9.37% 11.03% France 6.58% 10.31% United Kingdom 6.33% 5.94% Germany 5.66% 7.11% Netherlands 3.94% 3.97% Spain 3.76% 6.94% Switzerland 6.24% Japan 3.52% Unrealized appreciation on forward currency contracts 0.02% 0.05% Cash and Other Assets Less Liabilities 5.39% (0.40%) Total Net Assets attributable to holders of redeemable shares % % Fair Value Measurements (note 5) The Fund s assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at June 30, 2018 and December 31, 2017: June 30, 2018 Level 1 Level 2 Level 3 Total Equities Long 26,373,575 26,373,575 Forward Currency Contracts 6,874 6,874 26,373,575 6,874 26,380,449 92

93 Ninepoint Focused Global Dividend Class (formerly, Sprott Focused Global Dividend Class) Notes to financial statements Fund specific information June 30, 2018 (unaudited) December 31, 2017 Level 1 Level 2 Level 3 Total Equities Long 29,796,867 29,796,867 Forward Currency Contracts 14,302 14,302 29,796,867 14,302 29,811,169 During the period ended June 30, 2018 and year ended December 31, 2017, there were no significant transfers between levels. Management Fees (note 12) This fee differs among the series of shares of the Fund as set out in the chart below: Series A Series A1 Series D Series F Series F1 Series I* Series P Series PF Series Q Series QF Up to 2.00% Up to 1.95% Up to 1.50% Up to 1.00% Up to 0.95% Negotiated by the Shareholder Up to 1.80% Up to 0.80% Up to 1.70% Up to 0.70% * The management fee for Series I shares of the Fund is negotiated by the investor and paid directly by the investor or by the Fund, and would not exceed the management fee for Series A shares of the Fund. Related Party Holdings Ninepoint Financial Group, the parent company of the Fund manager, and its respective subsidiaries, held the following investments in the Fund as at June 30, 2018 and December 31, 2017, respectively: June 30, 2018 December 31, 2017 Shares held Series A Series F Value of shares held ($) 2,180 2,081 Fund Merger During the year ended December 31, 2017, the Fund acquired all the assets of the below fund (the Acquired Fund ), and in exchange, the Fund issued shares to this fund. In turn, those shares were distributed to the shareholders of the Acquired Fund. The Manager was the investment advisor to the Acquired Fund. Transfer Date Acquired Fund Fair Value of Assets Acquired by the Fund Number of shares issued by the Fund to the Acquired Fund December 4, 2017 Sprott Focused Global Balanced Class $6,265, ,395 Sharing Arrangements (note 14) The Fund paid $1,847 out of the total transaction costs incurred to certain brokers for research expenses provided to the portfolio manager during the six months ended June 30, 2018 (June 30, $7,192). See accompanying generic notes which are an integral part of these financial statements 93

94 Ninepoint Focused U.S. Dividend Class (formerly, Sprott Focused U.S. Dividend Class) Statements of Financial Position (in Canadian Dollars) As at June 30, 2018 (unaudited) and December 31, Assets Current assets Investments (note 3, 5) 10,240,559 10,783,582 Cash 57, ,667 Subscriptions receivable - 55 Dividends receivable 1,898 1,824 Due from broker 153,617 - Total assets 10,453,784 11,572,128 Liabilities Current liabilities Redemptions payable 73,556 70,880 Accrued expenses 4, Management fees payable (note 12) 14,746 - Total liabilities 93,021 71,261 Net Assets attributable to holders of redeemable shares 10,360,763 11,500,867 Net Assets attributable to holders of redeemable shares per series Series A 2,854,079 2,808,816 Series A1 3,127,990 3,779,558 Series F 2,849,307 3,079,969 Series F1 1,529,387 1,832,524 Net Assets attributable to holders of redeemable shares per series per share (note 8) Series A Series A Series F Series F See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Ninepoint Partners LP, by the Board of Directors of Ninepoint Corporate Class Inc. James Fox DIRECTOR Stuart J. Freeman DIRECTOR 94